1
QUARTERLY REPORT
HEDGEYE QUALITY GROWTH ETF
Schedule of InvestmentsJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
93.61% |
|
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.40% |
|
COMMUNICATION SERVICES |
|
|
|
|
|
|
|
|
Alphabet, Inc. Class A |
|
16,677 |
|
$5,939,180 |
|
|
|
|
Liberty Media Corp-Liberty Formula |
|
8,955 |
|
878,754 |
|
|
|
|
Pinterest, Inc.(A) |
|
52,307 |
|
1,255,891 |
|
|
|
|
|
|
|
|
8,073,825 |
|
|
|
|
|
|
|
|
|
|
|
11.17% |
|
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
|
|
Amazon.com, Inc.(A) |
|
25,560 |
|
6,941,585 |
|
|
|
|
Caesars Entertainment, Inc.(A) |
|
43,210 |
|
1,285,498 |
|
|
|
|
Kontoor Brands, Inc. |
|
10,067 |
|
843,011 |
|
|
|
|
MGM Resorts International(A) |
|
33,657 |
|
1,500,093 |
|
|
|
|
Victoria’s Secret & Co.(A) |
|
21,414 |
|
1,898,994 |
|
|
|
|
Viking Holdings Ltd.(A) |
|
15,581 |
|
1,625,877 |
|
|
|
|
|
|
|
|
14,095,058 |
|
|
|
|
|
|
|
|
|
|
|
4.65% |
|
CONSUMER STAPLES |
|
|
|
|
|
|
|
|
The Coca-Cola Co. |
|
23,428 |
|
2,052,059 |
|
|
|
|
elf Beauty, Inc.(A) |
|
16,608 |
|
1,376,637 |
|
|
|
|
Philip Morris International, Inc. |
|
12,770 |
|
2,436,771 |
|
|
|
|
|
|
|
|
5,865,467 |
|
|
|
|
|
|
|
|
|
|
|
4.09% |
|
ENERGY |
|
|
|
|
|
|
|
|
ExxonMobil Holdings Corp. |
|
16,293 |
|
2,532,584 |
|
|
|
|
Valero Energy Corp. |
|
8,390 |
|
2,625,231 |
|
|
|
|
|
|
|
|
5,157,815 |
|
|
|
|
|
|
|
|
|
|
|
9.80% |
|
FINANCIALS |
|
|
|
|
|
|
|
|
Bank of New York Mellon |
|
11,378 |
|
1,778,723 |
|
|
|
|
Citizens Financial Group |
|
27,846 |
|
1,995,166 |
|
|
|
|
JPMorgan Chase & Co. |
|
10,436 |
|
3,671,280 |
|
|
|
|
Morgan Stanley |
|
8,370 |
|
1,761,215 |
|
|
|
|
Visa, Inc. Class A |
|
8,622 |
|
3,156,773 |
|
|
|
|
|
|
|
|
12,363,157 |
|
2
QUARTERLY REPORT
HEDGEYE QUALITY GROWTH ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
11.75% |
|
HEALTH CARE |
|
|
|
|
|
|
|
|
Bruker Corp. |
|
14,922 |
|
$937,698 |
|
|
|
|
Eli Lilly & Co. |
|
2,969 |
|
3,410,906 |
|
|
|
|
Illumina, Inc.(A) |
|
4,557 |
|
934,641 |
|
|
|
|
Johnson & Johnson |
|
12,229 |
|
3,134,904 |
|
|
|
|
Merck & Company, Inc. |
|
14,961 |
|
1,947,922 |
|
|
|
|
Thermo Fisher Scientific, Inc. |
|
4,490 |
|
2,578,607 |
|
|
|
|
UnitedHealth Group, Inc. |
|
4,533 |
|
1,878,475 |
|
|
|
|
|
|
|
|
14,823,153 |
|
|
|
|
|
|
|
|
|
|
|
8.94% |
|
INDUSTRIALS |
|
|
|
|
|
|
|
|
ATI, Inc.(A) |
|
8,894 |
|
1,667,091 |
|
|
|
|
CSX Corp. |
|
41,432 |
|
2,088,173 |
|
|
|
|
General Electric Co. |
|
7,990 |
|
2,876,959 |
|
|
|
|
Lockheed Martin Corp. |
|
3,258 |
|
1,898,567 |
|
|
|
|
PACCAR, Inc. |
|
11,252 |
|
1,492,915 |
|
|
|
|
Waste Connections, Inc. |
|
7,488 |
|
1,253,341 |
|
|
|
|
|
|
|
|
11,277,046 |
|
|
|
|
|
|
|
|
|
|
|
33.41% |
|
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
|
|
Advanced Micro Devices(A) |
|
5,471 |
|
2,605,017 |
|
|
|
|
Apple, Inc. |
|
31,942 |
|
9,867,203 |
|
|
|
|
Applied Materials, Inc. |
|
4,242 |
|
2,153,536 |
|
|
|
|
Cisco Systems, Inc. |
|
19,447 |
|
2,255,658 |
|
|
|
|
Cloudflare, Inc.(A) |
|
7,087 |
|
1,977,131 |
|
|
|
|
Datadog, Inc. Class A(A) |
|
5,159 |
|
1,382,457 |
|
|
|
|
Dell Technologies |
|
3,267 |
|
1,324,344 |
|
|
|
|
Microsoft Corp. |
|
17,692 |
|
8,221,826 |
|
|
|
|
Nvidia Corp. |
|
34,935 |
|
7,013,201 |
|
|
|
|
Palo Alto Networks, Inc.(A) |
|
5,564 |
|
1,846,302 |
|
|
|
|
Seagate Technology Holdings plc |
|
2,185 |
|
1,870,644 |
|
|
|
|
Snowflake, Inc.(A) |
|
5,557 |
|
1,629,757 |
|
|
|
|
|
|
|
|
42,147,076 |
|
|
|
|
|
|
|
|
|
|
3
QUARTERLY REPORT
HEDGEYE QUALITY GROWTH ETF
Schedule of Investments - continuedJuly 31, 2026 (unaudited)
|
|
|
|
|
Shares |
|
Value |
|
|
0.99% |
|
MATERIALS |
|
|
|
|
|
|
|
|
CF Industries Holdings, Inc. |
|
10,029 |
|
$1,255,531 |
|
|
|
|
|
|
|
|
|
|
|
2.41% |
|
REAL ESTATE |
|
|
|
|
|
|
|
|
Lamar Advertising Co. REIT |
|
7,975 |
|
1,275,681 |
|
|
|
|
Prologis, Inc. REIT |
|
12,203 |
|
1,764,676 |
|
|
|
|
|
|
|
|
3,040,357 |
|
|
|
|
|
|
|
|
|
|
|
93.61% |
|
TOTAL COMMON STOCKS |
|
118,098,485 |
|
||
|
|
|
(Cost: $107,393,533) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9.75% |
|
MONEY MARKET FUND |
|
|
|
|
|
|
|
|
First American Money Market Funds 3.583%(B) |
|
12,306,559 |
|
12,306,559 |
|
|
|
|
(Cost: $12,306,559) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103.36% |
|
TOTAL INVESTMENTS |
|
130,405,044 |
|
||
|
|
|
(Cost: $119,700,091) |
|
|
|
|
|
|
(3.36%) |
|
Liabilities in excess of other assets |
|
(4,239,314 |
) |
||
|
100.00% |
|
NET ASSETS |
|
$126,165,730 |
|
||
(A)Non-income producing
(B)Effective 7 day yield as of July 31, 2026
REIT - Real Estate Investment Trust.
4
QUARTERLY REPORT
HEDGEYE QUALITY GROWTH ETF
Schedule of 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 |
|
$118,098,485 |
|
$— |
|
$— |
|
$118,098,485 |
|
Money Market Funds |
|
12,306,559 |
|
— |
|
— |
|
12,306,559 |
|
|
|
$130,405,044 |
|
$— |
|
$— |
|
$130,405,044 |
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 $119,700,091, and the related net unrealized appreciation (depreciation) consists of:
|
|
Gross unrealized appreciation |
|
$11,034,363 |
|
|
|
Gross unrealized depreciation |
|
(329,410 |
) |
|
|
Net unrealized appreciation (depreciation) |
|
$10,704,953 |