1
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of InvestmentsJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
88.50% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.33% |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
Pinterest, Inc.(A) |
|
12,340 |
|
$296,283 |
|
|
|
|
|
|
|
|
|
|
|
12.58% |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
BJ’s Restaurants, Inc.(A) |
|
4,502 |
|
304,380 |
|
|
|
|
Caesars Entertainment, Inc.(A) |
|
15,023 |
|
446,934 |
|
|
|
|
CarMax, Inc.(A) |
|
6,795 |
|
389,082 |
|
|
|
|
Kontoor Brands, Inc. |
|
3,664 |
|
306,823 |
|
|
|
|
Levi Strauss & Co. |
|
13,643 |
|
334,526 |
|
|
|
|
MGM Resorts International(A) |
|
7,302 |
|
325,450 |
|
|
|
|
RH(A) |
|
1,814 |
|
300,253 |
|
|
|
|
Victoria’s Secret & Co.(A) |
|
4,365 |
|
387,088 |
|
|
|
|
|
|
|
|
2,794,536 |
|
|
|
|
|
|
|
|
|
|
|
8.22% |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
The Chefs’ Warehouse, Inc.(A) |
|
2,410 |
|
277,993 |
|
|
|
|
Dollar Tree, Inc.(A) |
|
2,280 |
|
290,039 |
|
|
|
|
elf Beauty, Inc.(A) |
|
3,822 |
|
316,806 |
|
|
|
|
The JM Smucker Co. |
|
2,777 |
|
331,185 |
|
|
|
|
Philip Morris International, Inc. |
|
3,202 |
|
611,006 |
|
|
|
|
|
|
|
|
1,827,029 |
|
|
|
|
|
|
|
|
|
|
|
7.39% |
|
ENERGY |
|
|
|
|
|
|
|
|
Antero Midstream Corp. |
|
15,553 |
|
341,699 |
|
|
|
|
Diamondback Energy, Inc. |
|
1,695 |
|
344,000 |
|
|
|
|
ExxonMobil Holdings Corp. |
|
3,988 |
|
619,895 |
|
|
|
|
Marathon Petroleum Corp. |
|
1,061 |
|
335,775 |
|
|
|
|
|
|
|
|
1,641,369 |
|
|
|
|
|
|
|
|
|
|
|
11.67% |
|
FINANCIALS |
|
|
|
|
|
|
|
|
Block, Inc.(A) |
|
4,674 |
|
379,716 |
|
|
|
|
Chubb Ltd. |
|
1,005 |
|
352,433 |
|
|
|
|
JPMorgan Chase & Co. |
|
1,663 |
|
585,027 |
|
2
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
|
|
State Street Corp. |
|
3,389 |
|
$624,118 |
|
|
|
|
Visa, Inc. Class A |
|
1,779 |
|
651,345 |
|
|
|
|
|
|
|
|
2,592,639 |
|
|
|
|
|
|
|
|
|
|
|
15.64% |
|
HEALTH CARE |
|
|
|
|
|
|
|
|
10x Genomics, Inc.(A) |
|
7,613 |
|
359,866 |
|
|
|
|
Bruker Corp. |
|
5,561 |
|
349,453 |
|
|
|
|
Eli Lilly & Co. |
|
483 |
|
554,890 |
|
|
|
|
Illumina, Inc.(A) |
|
1,770 |
|
363,027 |
|
|
|
|
Jazz Pharmaceuticals plc(A) |
|
1,101 |
|
278,399 |
|
|
|
|
Johnson & Johnson |
|
1,806 |
|
462,968 |
|
|
|
|
LifeStance Health Group, Inc.(A) |
|
25,793 |
|
270,311 |
|
|
|
|
Novo Nordisk A/S |
|
9,550 |
|
449,614 |
|
|
|
|
UnitedHealth Group, Inc. |
|
932 |
|
386,221 |
|
|
|
|
|
|
|
|
3,474,749 |
|
|
|
|
|
|
|
|
|
|
|
9.24% |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
CSX Corp. |
|
11,107 |
|
559,793 |
|
|
|
|
Lockheed Martin Corp. |
|
777 |
|
452,789 |
|
|
|
|
PACCAR, Inc. |
|
2,514 |
|
333,558 |
|
|
|
|
TransUnion |
|
4,240 |
|
333,349 |
|
|
|
|
Xylem, Inc. |
|
3,192 |
|
373,368 |
|
|
|
|
|
|
|
|
2,052,857 |
|
|
|
|
|
|
|
|
|
|
|
10.60% |
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
Cisco Systems, Inc. |
|
2,937 |
|
340,663 |
|
|
|
|
Cloudflare, Inc.(A) |
|
1,278 |
|
356,536 |
|
|
|
|
CrowdStrike Holdings, Inc.(A) |
|
2,070 |
|
395,080 |
|
|
|
|
Datadog, Inc. Class A(A) |
|
1,315 |
|
352,381 |
|
|
|
|
Palo Alto Networks, Inc.(A) |
|
1,276 |
|
423,415 |
|
|
|
|
Snowflake, Inc.(A) |
|
1,659 |
|
486,552 |
|
|
|
|
|
|
|
|
2,354,627 |
|
|
|
|
|
|
|
|
|
|
3
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
4.93% |
|
MATERIALS |
|
|
|
|
|
|
|
|
Air Products and Chemicals, Inc. |
|
1,143 |
|
$337,059 |
|
|
|
|
The Scotts Miracle-Gro Co. |
|
4,797 |
|
315,067 |
|
|
|
|
Sensient Technologies Corp. |
|
3,591 |
|
444,099 |
|
|
|
|
|
|
|
|
1,096,225 |
|
|
4.64% |
|
REAL ESTATE |
|
|
|
|
|
|
|
|
Apple Hospitality REIT, Inc. |
|
21,101 |
|
348,378 |
|
|
|
|
Compass, Inc.(A) |
|
29,186 |
|
332,429 |
|
|
|
|
Lamar Advertising Co. REIT |
|
2,195 |
|
351,112 |
|
|
|
|
|
|
|
|
1,031,919 |
|
|
|
|
|
|
|
|
|
|
|
2.26% |
|
UTILITIES |
|
|
|
|
|
|
|
|
Duke Energy Corp. |
|
4,002 |
|
501,971 |
|
|
|
|
|
|
|
|
|
|
|
88.50% |
|
TOTAL COMMON STOCKS |
|
19,664,204 |
|
||
|
|
|
(Cost: $18,342,055) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.79% |
|
MONEY MARKET FUND |
|
|
|
|
|
|
|
|
First American Money Market Funds 3.583%(B) |
|
2,175,075 |
|
2,175,075 |
|
|
|
|
(Cost: $2,175,075) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98.29% |
|
TOTAL INVESTMENTS |
|
21,839,279 |
|
||
|
|
|
(Cost: $20,517,130) |
|
|
|
|
|
|
1.71% |
|
Other assets, net of liabilities(C) |
|
380,897 |
|
||
|
100.00% |
|
NET ASSETS |
|
$22,220,176 |
|
||
4
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
SWAP CONTRACTS
TOTAL RETURN SWAP CONTRACTS
|
|
|
Counterparty |
|
Reference |
|
Pay/ |
|
Financing |
|
Pay/ |
|
Termination |
|
Notional |
|
Unrealized |
|
|
|
|
Clear Street Derivatives, LLC. |
|
Acadia Healthcare Company, Inc. |
|
Receive |
|
OBFR01(D) +100bps |
|
Monthly |
|
8/17/27 |
|
$324,635 |
|
$(22,527 |
) |
|
|
|
Clear Street Derivatives, LLC. |
|
Citizens Financial Group, Inc. |
|
Receive |
|
OBFR01(D) +100bps |
|
Monthly |
|
7/13/27 |
|
473,033 |
|
43,881 |
|
|
|
|
Clear Street Derivatives, LLC. |
|
Rockwell Automation, Inc. |
|
Receive |
|
OBFR01(D) +100bps |
|
Monthly |
|
7/13/27 |
|
234,759 |
|
12,974 |
|
|
0.15% |
|
TOTAL RETURN SWAP CONTRACTS |
|
$1,032,427 |
|
$34,328 |
|
||||||||||
(A)Non-income producing.
(B)Effective 7 day yield as of July 31, 2026.
(C)Includes cash which is being held as collateral for total return swap contracts.
(D)OBFR01 - Overnight Bank Funding Rate, 3.63% as of July 31, 2026.
REIT - Real Estate Investment Trust.
5
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of Short InvestmentsJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
(15.78%) |
|
SECURITIES SOLD SHORT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14.53%) |
|
COMMON STOCKS SOLD SHORT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2.70%) |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
AppLovin Corp.(A) |
|
(279 |
) |
$(110,456 |
) |
|
|
|
fuboTV, Inc.(A) |
|
(9,940 |
) |
(87,969 |
) |
|
|
|
Netflix, Inc.(A) |
|
(2,182 |
) |
(156,471 |
) |
|
|
|
Paramount Skydance Corp.(A) |
|
(8,607 |
) |
(68,512 |
) |
|
|
|
Roblox Corp.(A) |
|
(1,600 |
) |
(56,960 |
) |
|
|
|
The Trade Desk, Inc.(A) |
|
(6,668 |
) |
(120,291 |
) |
|
|
|
|
|
|
|
(600,659 |
) |
|
|
|
|
|
|
|
|
|
|
(5.22%) |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
Boot Barn Holdings, Inc.(A) |
|
(723 |
) |
(107,720 |
) |
|
|
|
Carvana Co.(A) |
|
(1,820 |
) |
(113,495 |
) |
|
|
|
Dave & Buster’s Entertainment(A) |
|
(13,371 |
) |
(144,942 |
) |
|
|
|
Flutter Entertainment plc(A) |
|
(1,053 |
) |
(110,007 |
) |
|
|
|
Kura Sushi USA, Inc.(A) |
|
(1,654 |
) |
(76,200 |
) |
|
|
|
Lennar Corp.(A) |
|
(1,352 |
) |
(111,337 |
) |
|
|
|
NIKE, Inc.(A) |
|
(3,389 |
) |
(141,355 |
) |
|
|
|
Ollie’s Bargain Outlet, Inc.(A) |
|
(1,824 |
) |
(134,009 |
) |
|
|
|
Tesla, Inc.(A) |
|
(358 |
) |
(111,413 |
) |
|
|
|
Wingstop, Inc.(A) |
|
(840 |
) |
(108,772 |
) |
|
|
|
|
|
|
|
(1,159,250 |
) |
|
|
|
|
|
|
|
|
|
|
(2.19%) |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
Albertsons Cos, Inc.(A) |
|
(6,736 |
) |
(78,003 |
) |
|
|
|
Beyond Meat, Inc.(A) |
|
(200,202 |
) |
(113,314 |
) |
|
|
|
The Hershey Company(A) |
|
(372 |
) |
(65,119 |
) |
|
|
|
The Marzetti Company(A) |
|
(1,233 |
) |
(131,771 |
) |
|
|
|
Walmart, Inc.(A) |
|
(880 |
) |
(97,856 |
) |
|
|
|
|
|
|
|
(486,063 |
) |
|
|
|
|
|
|
|
|
|
6
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of Short Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
(0.89%) |
|
FINANCIALS |
|
|
|
|
|
|
|
|
Adyen NV(A) |
|
(14,177 |
) |
$(143,188 |
) |
|
|
|
Coinbase Global, Inc.(A) |
|
(376 |
) |
(54,994 |
) |
|
|
|
|
|
|
|
(198,182 |
) |
|
(0.50%) |
|
HEALTH CARE |
|
|
|
|
|
|
|
|
HCA Healthcare, Inc.(A) |
|
(278 |
) |
(111,920 |
) |
|
|
|
|
|
|
|
|
|
|
(0.25%) |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
Saia, Inc.(A) |
|
(161 |
) |
(55,968 |
) |
|
|
|
|
|
|
|
|
|
|
(2.10%) |
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
CoreWeave, Inc.(A) |
|
(1,805 |
) |
(129,545 |
) |
|
|
|
Oracle Corp.(A) |
|
(868 |
) |
(112,727 |
) |
|
|
|
Pegasystems, Inc.(A) |
|
(3,696 |
) |
(112,913 |
) |
|
|
|
Strategy, Inc. Class A(A) |
|
(1,191 |
) |
(111,096 |
) |
|
|
|
|
|
|
|
(466,281 |
) |
|
|
|
|
|
|
|
|
|
|
(0.68%) |
|
REAL ESTATE |
|
|
|
|
|
|
|
|
Zillow Group, Inc.(A) |
|
(4,471 |
) |
(152,282 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14.54%) |
|
TOTAL COMMON STOCKS SOLD SHORT |
|
(3,230,605 |
) |
||
|
|
|
(Proceeds Received: $3,525,415) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1.25%) |
|
EXCHANGE TRADED FUNDS |
|
|
|
|
|
|
(0.50%) |
|
DEVELOPED ECONOMIES |
|
|
|
|
|
|
|
|
Goldman Sachs Hedge Industry |
|
(657 |
) |
(110,369 |
) |
|
|
|
|
|
|
|
|
|
|
(0.75%) |
|
SECTOR FUNDS |
|
|
|
|
|
|
|
|
Technology Select Sector SPDR Fund(A) |
|
(953 |
) |
(167,109 |
) |
|
|
|
|
|
|
|
|
|
|
(1.25%) |
|
TOTAL EXCHANGE TRADED FUNDS SOLD SHORT |
|
(277,478 |
) |
||
|
|
|
(Proceeds Received: $274,166) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(15.79%) |
|
TOTAL SECURITIES SOLD SHORT |
|
$(3,508,083 |
) |
||
|
|
|
(Proceeds Received: $3,799,581) |
|
|
|
|
|
(A)Non-income producing.
7
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of Short Investments - continuedJuly 31, 2026 (unaudited)
In accordance with U.S. GAAP, “fair value” is defined as the price that a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. U.S. GAAP established a three-tier hierarchy of inputs to establish a classification of fair value measurements for disclosure purposes. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following summarizes the inputs used to value the Fund’s investments as of July 31, 2026:
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
|
|
|
|
|
Quoted Prices |
|
Other |
|
Significant |
|
Total |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$19,664,204 |
|
$— |
|
$— |
|
$19,664,204 |
|
|
Money Market Funds |
|
2,175,075 |
|
— |
|
— |
|
2,175,075 |
|
|
Net Unrealized Appreciation Of |
|
34,328 |
|
— |
|
— |
|
34,328 |
|
|
|
|
$21,873,607 |
|
$— |
|
$— |
|
$21,873,607 |
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
Common Stocks |
|
$(3,230,605 |
) |
$— |
|
$— |
|
$(3,230,605 |
) |
|
Exchange Traded Funds Sold Short |
|
(277,478 |
) |
— |
|
— |
|
(277,478 |
) |
|
|
|
$(3,508,083 |
) |
$— |
|
$— |
|
$(3,508,083 |
) |
8
QUARTERLY REPORT
HEDGEYE 130/30 EQUITY ETF
Schedule of Short Investments - continuedJuly 31, 2026 (unaudited)
The cost of investments for Federal income tax purposes has been estimated a/o July 31, 2026, since the final tax characteristics cannot be determined until fiscal year end. Cost of securities for Federal income tax purposes is $16,717,549, and the related net unrealized appreciation (depreciation) consists of:
|
|
|
Gross unrealized appreciation |
|
$1,820,162 |
|
|
|
|
Gross unrealized depreciation |
|
(172,186 |
) |
|
|
|
Net unrealized appreciation (depreciation) |
|
$1,647,975 |