High Yield ETF SCHEDULE OF INVESTMENTS | September 30, 2021 (Unaudited) |
Principal Amount / Number of Shares | Value | |||||||
CORPORATE BONDS – 53.3% | ||||||||
AEROSPACE/DEFENSE – 0.3% | ||||||||
TransDigm UK Holdings PLC, 6.88%, 5/15/2026(a) | $ | 250,000 | $ | 263,125 | ||||
Triumph Group, Inc., 6.25%, 9/15/2024(a)(b) | 164,000 | 164,162 | ||||||
427,287 | ||||||||
AIRLINES – 1.0% | ||||||||
American Airlines, Inc., 11.75%, 7/15/2025(b) | 655,000 | 811,381 | ||||||
United Airlines Holdings, Inc., 4.88%, 1/15/2025 | 514,000 | 527,493 | ||||||
1,338,874 | ||||||||
AUTO MANUFACTURERS – 2.0% | ||||||||
Ford Motor Co., 4.75%, 1/15/2043 | 664,000 | 696,788 | ||||||
JB Poindexter & Co., Inc., 7.13%, 4/15/2026(a)(b) | 684,000 | 720,765 | ||||||
PM General Purchaser LLC, 9.50%, 10/1/2028(a)(b) | 956,000 | 1,010,779 | ||||||
Wabash National Corp., 5.50%, 10/1/2025(a)(b) | 175,000 | 177,520 | ||||||
2,605,852 | ||||||||
AUTO PARTS & EQUIPMENT – 1.6% | ||||||||
Adient Global Holdings Ltd., 4.88%, 8/15/2026(a)(b) | 400,000 | 410,180 | ||||||
Dealer Tire LLC / DT Issuer LLC, 8.00%, 2/1/2028(a)(b) | 300,000 | 314,566 | ||||||
Goodyear Tire & Rubber Co. (The), 4.88%, 3/15/2027(a) | 149,000 | 160,920 | ||||||
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/2029(a)(b) | 350,000 | 363,767 | ||||||
Tenneco, Inc., 5.00%, 7/15/2026(a) | 600,000 | 591,798 | ||||||
Wheel Pros, Inc., 6.50%, 5/15/2029(a)(b) | 300,000 | 290,627 | ||||||
2,131,858 | ||||||||
BANKS – 0.2% | ||||||||
Freedom Mortgage Corp., 7.63%, 5/1/2026(a)(b) | 300,000 | 306,030 | ||||||
BUILDING MATERIALS – 0.3% | ||||||||
Patrick Industries, Inc., 7.50%, 10/15/2027(a)(b) | 411,000 | 444,626 | ||||||
CHEMICALS – 1.9% | ||||||||
Cornerstone Chemical Co., 6.75%, 8/15/2024(a)(b) | 514,000 | 437,758 | ||||||
CVR Partners LP / CVR Nitrogen Finance Corp., 9.25%, 6/15/2023(a)(b) | 137,000 | 137,563 | ||||||
Olin Corp., 5.63%, 8/1/2029(a) | 579,000 | 637,259 | ||||||
SCIH Salt Holdings, Inc., 6.63%, 5/1/2029(a)(b) | 300,000 | 288,381 | ||||||
TPC Group, Inc., 10.50%, 8/1/2024(a)(b) | 414,000 | 383,602 |
Principal Amount / Number of Shares | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
CHEMICALS (Continued) | ||||||||
Venator Finance Sarl / Venator Materials LLC, 5.75%, 7/15/2025(a)(b) | $ | 701,000 | $ | 663,490 | ||||
2,548,053 | ||||||||
COAL – 0.7% | ||||||||
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 7.50%, 5/1/2025(a)(b) | 616,000 | 626,780 | ||||||
Warrior Met Coal, Inc., 8.00%, 11/1/2024(a)(b) | 348,000 | 353,655 | ||||||
980,435 | ||||||||
COMMERCIAL SERVICES – 3.3% | ||||||||
ADT Security Corp. (The), 4.88%, 7/15/2032(b) | 701,000 | 708,010 | ||||||
CoreCivic, Inc., 4.75%, 10/15/2027(a) | 583,000 | 511,979 | ||||||
Korn Ferry, 4.63%, 12/15/2027(a)(b) | 616,000 | 639,870 | ||||||
MPH Acquisition Holdings LLC, 5.75%, 11/1/2028(a)(b) | 780,000 | 735,922 | ||||||
Sabre GLBL, Inc., 7.38%, 9/1/2025(a)(b) | 689,000 | 736,334 | ||||||
Sotheby's, 7.38%, 10/15/2027(a)(b) | 234,000 | 247,747 | ||||||
WW International, Inc., 4.50%, 4/15/2029(a)(b) | 750,000 | 734,063 | ||||||
4,313,925 | ||||||||
COMPUTERS – 1.9% | ||||||||
Dell International LLC / EMC Corp., 8.35%, 7/15/2046(a) | 400,000 | 648,940 | ||||||
Diebold Nixdorf, Inc., 9.38%, 7/15/2025(a)(b) | 214,000 | 234,465 | ||||||
NCR Corp., 5.25%, 10/1/2030(a)(b) | 214,000 | 224,763 | ||||||
Vericast Corp., 11.00%, 9/15/2026(a)(b) | 1,286,740 | 1,353,110 | ||||||
2,461,278 | ||||||||
COSMETICS/PERSONAL CARE – 0.4% | ||||||||
Coty, Inc., 6.50%, 4/15/2026(a)(b) | 500,000 | 512,950 | ||||||
DISTRIBUTION/WHOLESALE – 0.3% | ||||||||
Wolverine Escrow LLC, 9.00%, 11/15/2026(a)(b) | 364,000 | 335,233 | ||||||
DIVERSIFIED FINANCIAL SERVICES – 2.0% | ||||||||
Coinbase Global, Inc., 0.50%, 6/1/2026(b) | 500,000 | 502,250 | ||||||
Enova International, Inc., 8.50%, 9/1/2024(a)(b) | 534,000 | 545,494 | ||||||
Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc., 6.38%, 12/15/2022(a)(b) | 395,000 | 398,200 | ||||||
PRA Group, Inc., 7.38%, 9/1/2025(a)(b) | 750,000 | 803,438 | ||||||
Voyager Aviation Holdings LLC, 8.50%, 5/9/2026(a)(b) | 459,000 | 421,706 | ||||||
2,671,088 |
High Yield ETF SCHEDULE OF INVESTMENTS (Continued) | September 30, 2021 (Unaudited) |
Principal Amount / Number of Shares | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
ELECTRIC – 1.4% | ||||||||
Calpine Corp., 4.50%, 2/15/2028(a)(b) | $ | 616,000 | $ | 629,090 | ||||
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/2025(b) | 200,255 | 216,488 | ||||||
PG&E Corp., 5.00%, 7/1/2028(a) | 750,000 | 762,810 | ||||||
Talen Energy Supply LLC, 6.50%, 6/1/2025(a) | 535,000 | 267,045 | ||||||
1,875,433 | ||||||||
ENGINEERING & CONSTRUCTION – 1.4% | ||||||||
Artera Services LLC, 9.03%, 12/4/2025(a)(b) | 504,000 | 547,470 | ||||||
Tutor Perini Corp., 6.88%, 5/1/2025(a)(b) | 472,000 | 483,210 | ||||||
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 9/15/2028(a)(b) | 750,000 | 780,938 | ||||||
1,811,618 | ||||||||
ENTERTAINMENT – 0.8% | ||||||||
Allen Media LLC / Allen Media Co.-Issuer, Inc., 10.50%, 2/15/2028(a)(b) | 350,000 | 359,928 | ||||||
Jacobs Entertainment, Inc., 7.88%, 2/1/2024(a)(b) | 172,000 | 177,805 | ||||||
Scientific Games International, Inc., 8.25%, 3/15/2026(a)(b) | 164,000 | 174,250 | ||||||
Speedway Motorsports LLC / Speedway Funding II, Inc., 4.88%, 11/1/2027(a)(b) | 316,000 | 322,865 | ||||||
1,034,848 | ||||||||
ENVIRONMENTAL CONTROL – 0.4% | ||||||||
Harsco Corp., 5.75%, 7/31/2027(a)(b) | 234,000 | 242,775 | ||||||
Madison IAQ LLC, 5.88%, 6/30/2029(a)(b) | 350,000 | 353,082 | ||||||
595,857 | ||||||||
FOOD – 0.9% | ||||||||
Kraft Heinz Foods Co., 6.50%, 2/9/2040 | 500,000 | 711,006 | ||||||
Land O'Lakes Capital Trust I, 7.45%, 3/15/2028(b) | 415,000 | 481,796 | ||||||
1,192,802 | ||||||||
FOREST PRODUCTS & PAPER – 0.1% | ||||||||
Schweitzer-Mauduit International, Inc., 6.88%, 10/1/2026(a)(b) | 175,000 | 182,238 | ||||||
HEALTHCARE-SERVICES – 0.7% | ||||||||
CHS/Community Health Systems, Inc., 8.00%, 12/15/2027(a)(b) | 214,000 | 233,527 | ||||||
LifePoint Health, Inc., 5.38%, 1/15/2029(a)(b) | 350,000 | 341,000 | ||||||
Magellan Health, Inc., 4.90%, 9/22/2024(a) | 175,000 | 192,500 | ||||||
MEDNAX, Inc., 6.25%, 1/15/2027(a)(b) | 214,000 | 225,235 | ||||||
992,262 |
Principal Amount / Number of Shares | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
HOME BUILDERS – 1.4% | ||||||||
Beazer Homes USA, Inc., 7.25%, 10/15/2029(a) | $ | 116,000 | $ | 127,940 | ||||
M/I Homes, Inc., 4.95%, 2/1/2028(a) | 316,000 | 331,010 | ||||||
MDC Holdings, Inc., 6.00%, 1/15/2043(a) | 649,000 | 818,334 | ||||||
New Home Co., Inc. (The), 7.25%, 10/15/2025(a)(b) | 500,000 | 526,760 | ||||||
1,804,044 | ||||||||
INSURANCE – 0.5% | ||||||||
Genworth Holdings, Inc., 6.50%, 6/15/2034 | 610,000 | 635,458 | ||||||
INTERNET – 0.8% | ||||||||
Netflix, Inc., 4.88%, 6/15/2030(a)(b) | 559,000 | 658,921 | ||||||
Photo Holdings Merger Sub, Inc., 8.50%, 10/1/2026(a)(b) | 383,000 | 414,598 | ||||||
1,073,519 | ||||||||
INVESTMENT COMPANIES – 0.5% | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/2027(a) | 634,000 | 659,886 | ||||||
IRON/STEEL – 1.0% | ||||||||
Allegheny Technologies, Inc., 7.88%, 8/15/2023(a) | 749,000 | 843,561 | ||||||
Cleveland-Cliffs, Inc., 6.25%, 10/1/2040 | 301,000 | 327,144 | ||||||
United States Steel Corp., 6.25%, 3/15/2026(a) | 178,000 | 183,954 | ||||||
1,354,659 | ||||||||
LEISURE TIME – 1.3% | ||||||||
Carnival Corp., 5.75%, 3/1/2027(a)(b) | 650,000 | 671,937 | ||||||
NCL Corp. Ltd., 3.63%, 12/15/2024(a)(b) | 464,000 | 441,380 | ||||||
Royal Caribbean Cruises Ltd., 3.70%, 3/15/2028(a) | 564,000 | 541,085 | ||||||
1,654,402 | ||||||||
LODGING – 0.2% | ||||||||
Arrow Bidco LLC, 9.50%, 3/15/2024(a)(b) | 234,000 | 239,039 | ||||||
MEDIA – 2.6% | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/2030(a)(b) | 616,000 | 644,379 | ||||||
Diamond Sports Group LLC / Diamond Sports Finance Co., 6.63%, 8/15/2027(a)(b) | 792,000 | 347,831 | ||||||
DISH Network Corp., 3.38%, 8/15/2026 | 264,000 | 275,088 | ||||||
Houghton Mifflin Harcourt Publishers, Inc., 9.00%, 2/15/2025(a)(b) | 234,000 | 249,163 | ||||||
iHeartCommunications, Inc., 8.38%, 5/1/2027(a) | 329,764 | 352,848 | ||||||
Meredith Corp., 6.88%, 2/1/2026(a) | 463,000 | 478,626 |
High Yield ETF SCHEDULE OF INVESTMENTS (Continued) | September 30, 2021 (Unaudited) |
Principal Amount / Number of Shares | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
MEDIA (Continued) | ||||||||
Sinclair Television Group, Inc., 5.13%, 2/15/2027(a)(b) | $ | 264,000 | $ | 262,493 | ||||
TEGNA, Inc., 5.00%, 9/15/2029(a) | 621,000 | 640,437 | ||||||
Univision Communications, Inc., 5.13%, 2/15/2025(a)(b) | 173,000 | 175,811 | ||||||
3,426,676 | ||||||||
METAL FABRICATE/HARDWARE – 0.6% | ||||||||
Park-Ohio Industries, Inc., 6.63%, 4/15/2027(a) | 734,000 | 734,000 | ||||||
MINING – 1.7% | ||||||||
Alcoa Nederland Holding BV, 6.13%, 5/15/2028(a)(b) | 400,000 | 434,000 | ||||||
Century Aluminum Co., 7.50%, 4/1/2028(a)(b) | 600,000 | 637,362 | ||||||
Freeport-McMoRan, Inc., 5.00%, 9/1/2027(a) | 175,000 | 182,656 | ||||||
Joseph T Ryerson & Son, Inc., 8.50%, 8/1/2028(a)(b) | 124,000 | 137,695 | ||||||
JW Aluminum Continuous Cast Co., 10.25%, 6/1/2026(a)(b) | 854,000 | 918,310 | ||||||
2,310,023 | ||||||||
MISCELLANEOUS MANUFACTURING – 1.6% | ||||||||
Anagram International, Inc. / Anagram Holdings LLC, 10.00%, 8/15/2026(a)(b) | 93,780 | 92,539 | ||||||
FXI Holdings, Inc., 7.88%, 11/1/2024(a)(b) | 690,000 | 704,662 | ||||||
LSB Industries, Inc., 9.63%, 5/1/2023(a)(b) | 1,164,000 | 1,213,598 | ||||||
Techniplas LLC, 5/1/2020*(a)(b)(c) | 3,065,000 | 113,763 | ||||||
2,124,562 | ||||||||
OIL & GAS – 5.1% | ||||||||
Encino Acquisition Partners Holdings LLC, 8.50%, 5/1/2028(a)(b) | 600,000 | 614,265 | ||||||
Hilcorp Energy I LP / Hilcorp Finance Co., 5.75%, 2/1/2029(a)(b) | 750,000 | 771,562 | ||||||
Marathon Oil Corp., 6.60%, 10/1/2037 | 600,000 | 796,510 | ||||||
Marathon Petroleum Corp., 5.00%, 9/15/2054(a) | 500,000 | 598,013 | ||||||
Mesquite Energy, Inc., 2/15/2023(a)(b)(c) | 1,902,000 | 12,363 | ||||||
Moss Creek Resources Holdings, Inc., 7.50%, 1/15/2026(a)(b) | 350,000 | 324,910 | ||||||
Occidental Petroleum Corp., 7.15%, 5/15/2028 | 750,000 | 882,098 | ||||||
Par Petroleum LLC / Par Petroleum Finance Corp., 7.75%, 12/15/2025(a)(b) | 948,000 | 949,337 | ||||||
PBF Holding Co. LLC / PBF Finance Corp. | ||||||||
9.25%, 5/15/2025(a)(b) | 750,000 | 711,649 | ||||||
7.25%, 6/15/2025(a) | 250,000 | 168,675 |
Principal Amount / Number of Shares | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
OIL & GAS (Continued) | ||||||||
Southwestern Energy Co., 8.38%, 9/15/2028(a) | $ | 750,000 | $ | 850,485 | ||||
6,679,867 | ||||||||
OIL & GAS SERVICES – 2.0% | ||||||||
Basic Energy Services, Inc., 10.75%, 10/15/2023(a)(b)(c) | 1,978,000 | 247,250 | ||||||
Bristow Group, Inc., 6.88%, 3/1/2028(a)(b) | 600,000 | 625,200 | ||||||
Newpark Resources, Inc., 4.00%, 12/1/2021 | 600,000 | 597,005 | ||||||
Oil States International, Inc., 1.50%, 2/15/2023 | 600,000 | 563,090 | ||||||
Weatherford International Ltd., 11.00%, 12/1/2024(a)(b) | 600,000 | 632,811 | ||||||
2,665,356 | ||||||||
PACKAGING & CONTAINERS – 0.5% | ||||||||
Graham Packaging Co., Inc., 7.13%, 8/15/2028(a)(b) | 164,000 | 172,643 | ||||||
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/2025(a)(b) | 464,000 | 461,773 | ||||||
634,416 | ||||||||
PHARMACEUTICALS – 0.6% | ||||||||
Bausch Health Cos., Inc., 6.25%, 2/15/2029(a)(b) | 459,000 | 454,841 | ||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 6.00%, 6/30/2028(a)(b) | 500,000 | 364,380 | ||||||
819,221 | ||||||||
PIPELINES – 5.2% | ||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 3/1/2027(a)(b) | 234,000 | 242,026 | ||||||
EQM Midstream Partners LP, 6.50%, 7/1/2027(a)(b) | 750,000 | 844,500 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/2027(a) | 600,000 | 609,909 | ||||||
Golar LNG Ltd., 2.75%, 2/15/2022 | 498,000 | 496,717 | ||||||
Holly Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/2028(a)(b) | 750,000 | 761,438 | ||||||
New Fortress Energy, Inc., 6.50%, 9/30/2026(a)(b) | 600,000 | 574,500 | ||||||
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/2023(a) | 472,000 | 459,452 | ||||||
Oasis Midstream Partners LP / OMP Finance Corp., 8.00%, 4/1/2029(a)(b) | 600,000 | 624,951 | ||||||
Plains All American Pipeline LP, Series B, 6.13%, (3-Month US LIBOR + 4.11%)(a)(d)(e) | 702,000 | 638,820 | ||||||
Rockies Express Pipeline LLC, 4.80%, 5/15/2030(a)(b) | 750,000 | 782,175 |
High Yield ETF SCHEDULE OF INVESTMENTS (Continued) | September 30, 2021 (Unaudited) |
Principal Amount / Number of Shares | Value | |||||||
CORPORATE BONDS (Continued) | ||||||||
PIPELINES (Continued) | ||||||||
Western Midstream Operating LP, 6.50%, 2/1/2050(a) | $ | 750,000 | $ | 883,950 | ||||
6,918,438 | ||||||||
REAL ESTATE – 0.7% | ||||||||
Howard Hughes Corp. (The), 4.13%, 2/1/2029(a)(b) | 750,000 | 752,812 | ||||||
Realogy Group LLC / Realogy Co.-Issuer Corp., 9.38%, 4/1/2027(a)(b) | 164,000 | 180,400 | ||||||
933,212 | ||||||||
REITS – 2.1% | ||||||||
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 5/15/2026(a)(b) | 516,000 | 537,285 | ||||||
Granite Point Mortgage Trust, Inc., 6.38%, 10/1/2023 | 690,000 | 696,900 | ||||||
Iron Mountain, Inc., 5.25%, 3/15/2028(a)(b) | 616,000 | 644,490 | ||||||
Service Properties Trust | ||||||||
4.35%, 10/1/2024(a) | 214,000 | 216,943 | ||||||
4.95%, 2/15/2027(a) | 614,000 | 613,625 | ||||||
2,709,243 | ||||||||
RETAIL – 0.8% | ||||||||
Party City Holdings, Inc., 5.75%, (6-Month US LIBOR + 5.00%), 7/15/2025(a)(b)(d) | 164,823 | 155,204 | ||||||
Staples, Inc., 10.75%, 4/15/2027(a)(b) | 879,000 | 857,025 | ||||||
1,012,229 | ||||||||
SOFTWARE – 1.4% | ||||||||
Donnelley Financial Solutions, Inc., 8.25%, 10/15/2024(a) | 665,000 | 683,643 | ||||||
J2 Global, Inc., 1.75%, 11/1/2026(b) | 214,000 | 268,896 | ||||||
Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/2025(a)(b) | 865,000 | 900,681 | ||||||
1,853,220 | ||||||||
TELECOMMUNICATIONS – 0.9% | ||||||||
CommScope, Inc., 8.25%, 3/1/2027(a)(b) | 301,000 | 314,921 | ||||||
Embarq Corp., 8.00%, 6/1/2036 | 579,000 | 621,846 | ||||||
Viasat, Inc., 6.50%, 7/15/2028(a)(b) | 264,000 | 278,380 | ||||||
1,215,147 | ||||||||
TOYS/GAMES/HOBBIES – 0.2% | ||||||||
Mattel, Inc., 6.20%, 10/1/2040 | 164,000 | 211,023 | ||||||
TOTAL CORPORATE BONDS | ||||||||
(Cost $75,675,479) | 70,430,187 |
Principal Amount / Number of Shares | Value | |||||||
TERM LOANS – 19.1% | ||||||||
ADVERTISING – 0.8% | ||||||||
Advantage Sales & Marketing, Inc., 6.00%, (3-Month US LIBOR + 5.25%), 10/4/2021(d) | $ | 992,500 | $ | 998,882 | ||||
AUTO PARTS & EQUIPMENT – 1.3% | ||||||||
First Brands Group LLC, 6.00%, (3-Month US LIBOR + 5.00%), 10/29/2021(d) | 736,907 | 745,934 | ||||||
GC EOS Buyer, Inc., 4.58%, (1-Month US LIBOR + 4.50%), 10/29/2021(d) | 989,796 | 990,103 | ||||||
1,736,037 | ||||||||
COMMERCIAL SERVICES – 1.6% | ||||||||
AQ Carver Buyer, Inc., 6.00%, (3-Month US LIBOR + 5.00%), 12/31/2021(d) | 980,000 | 982,450 | ||||||
MRO Holdings, Inc., 5.15%, (3-Month US LIBOR + 5.00%), 12/31/2021(d) | 715,683 | 717,325 | ||||||
National Intergovernmental Purchasing Alliance Co., 7.65%, (3-Month US LIBOR + 7.50%), 5/22/2026(d) | 493,407 | 482,305 | ||||||
2,182,080 | ||||||||
COMPUTERS – 1.5% | ||||||||
Redstone Holdco 2 LP, 8.50%, (3-Month US LIBOR + 7.75%), 10/27/2021(d) | 1,000,000 | 977,500 | ||||||
Vision Solutions, Inc., 8.00%, (3-Month US LIBOR + 7.25%), 11/24/2021(d) | 1,000,000 | 1,005,000 | ||||||
1,982,500 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.8% | ||||||||
Edelman Financial Engines Center LLC, 6.83%, (1-Month US LIBOR + 6.75%), 7/20/2026(d) | 1,000,000 | 1,009,060 | ||||||
ENTERTAINMENT – 0.8% | ||||||||
AP Core Holdings II, LLC, 6.25%, (1-Month US LIBOR + 5.50%), 9/1/2027(d) | 1,000,000 | 1,004,065 | ||||||
FOOD – 0.8% | ||||||||
Balrog Acquisition, Inc., 8/2/2029(f) | 1,000,000 | 1,000,000 | ||||||
FOOD SERVICE – 0.7% | ||||||||
TKC Holdings, Inc., 6.50%, (3-Month US LIBOR + 5.50%), 12/31/2021(d) | 995,595 | 995,441 | ||||||
HEALTHCARE-SERVICES – 2.9% | ||||||||
Air Methods Corp., 4.50%, (3-Month US LIBOR + 3.50%), 12/31/2021(d) | 728,317 | 723,536 | ||||||
MED ParentCo LP, 8.33%, (1-Month US LIBOR + 8.25%), 10/29/2021(d) | 1,000,000 | 1,002,500 |
High Yield ETF SCHEDULE OF INVESTMENTS (Continued) | September 30, 2021 (Unaudited) |
Principal Amount / Number of Shares | Value | |||||||
TERM LOANS (Continued) | ||||||||
HEALTHCARE-SERVICES (Continued) | ||||||||
Sound Inpatient Physicians, 6.83%, (1-Month US LIBOR + 6.75%), 10/29/2021(d) | $ | 1,069,939 | $ | 1,073,501 | ||||
Upstream Newco, Inc., 8.58%, (1-Month US LIBOR + 8.50%), 11/20/2027(d) | 1,000,000 | 990,000 | ||||||
3,789,537 | ||||||||
INVESTMENT COMPANIES – 0.7% | ||||||||
Cardinal Parent, Inc., 8.50%, (3-Month US LIBOR + 7.75%), 11/12/2021(d) | 976,667 | 974,225 | ||||||
MEDIA – 0.8% | ||||||||
Directv Financing LLC, 5.75%, (3-Month US LIBOR + 5.00%), 12/30/2021(d) | 1,000,000 | 1,001,770 | ||||||
MISCELLANEOUS MANUFACTURING – 0.4% | ||||||||
Rohm Holding GmbH, 4.90%, (6-Month US LIBOR + 4.75%), 1/31/2022(d) | 488,750 | 489,056 | ||||||
OIL & GAS – 1.6% | ||||||||
CITGO Petroleum Corp., 7.25%, (3-Month US LIBOR + 6.25%), 10/29/2021(d) | 891,053 | 894,025 | ||||||
Gulf Finance LLC, 6.25%, (1-Month US LIBOR + 5.25%), 8/25/2023(d) | 1,240,455 | 1,195,873 | ||||||
2,089,898 | ||||||||
RETAIL – 0.7% | ||||||||
JP Intermediate B LLC, 6.50%, (3-Month US LIBOR + 5.50%), 10/29/2021(d) | 969,500 | 921,025 | ||||||
SOFTWARE – 3.0% | ||||||||
Help/Systems Holdings, Inc., 7.50%, (3-Month US LIBOR + 6.75%), 10/29/2021(d) | 1,000,000 | 1,012,500 | ||||||
Mandolin Technology Intermediate Holdings, Inc., 7.00%, (3-Month US LIBOR + 6.50%), 10/29/2021(d) | 1,000,000 | 1,003,750 | ||||||
Quartz Holding Co., 8.09%, (1-Month US LIBOR + 8.00%), 10/27/2021(d) | 1,000,000 | 991,250 | ||||||
TIBCO Software, Inc., 7.34%, (1-Month US LIBOR + 7.25%), 10/29/2021(d) | 1,000,000 | 1,012,750 | ||||||
4,020,250 | ||||||||
TRANSPORTATION – 0.7% | ||||||||
Odyssey Logistics & Technology Corp., 5.00%, (3-Month US LIBOR + 4.00%), 10/29/2021(d) | 990,816 | 980,041 | ||||||
TOTAL TERM LOANS | ||||||||
(Cost $24,377,814) | 25,173,867 |
Principal Amount / Number of Shares | Value | |||||||
FOREIGN BONDS – 13.4% | ||||||||
AEROSPACE/DEFENSE – 0.6% | ||||||||
Rolls-Royce PLC, 5.75%, 10/15/2027 (United Kingdom)(a)(b) | $ | 750,000 | $ | 829,688 | ||||
AGRICULTURE – 1.2% | ||||||||
Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc., 8.50%, 12/15/2022 (Canada)(a)(b) | 1,598,000 | 1,632,053 | ||||||
AIRLINES – 0.0% | ||||||||
Virgin Australia Holdings Pty Ltd., 7.88%, 10/15/2021 (Australia)(b) | 172,000 | 13,760 | ||||||
AUTO PARTS & EQUIPMENT – 0.7% | ||||||||
IHO Verwaltungs GmbH, 6.38%, 5/15/2029 (Germany)(a)(b) | 850,000 | 929,148 | ||||||
BUILDING MATERIALS – 0.4% | ||||||||
West China Cement Ltd., 4.95%, 7/8/2026 (China)(a) | 500,000 | 486,523 | ||||||
CHEMICALS – 0.2% | ||||||||
Nufarm Australia Ltd. / Nufarm Americas, Inc., 5.75%, 4/30/2026 (Australia)(a)(b) | 234,000 | 240,727 | ||||||
COMMERCIAL SERVICES – 1.1% | ||||||||
Airswift Global AS, 8.67%, (3-Month US LIBOR + 8.50%), 5/12/2025 (United Kingdom)(b)(d) | 300,000 | 304,500 | ||||||
Cimpress PLC, 7.00%, 6/15/2026 (Ireland)(a)(b) | 774,000 | 808,211 | ||||||
eHi Car Services Ltd., 7.75%, 11/14/2024 (China)(a) | 350,000 | 352,071 | ||||||
1,464,782 | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.5% | ||||||||
Global Aircraft Leasing Co. Ltd., 7.25%, 9/15/2024 (Cayman Islands)(a)(b) | 656,350 | 645,684 | ||||||
ELECTRIC – 0.3% | ||||||||
TransAlta Corp., 6.50%, 3/15/2040 (Canada) | 316,000 | 374,300 | ||||||
ENTERTAINMENT – 0.5% | ||||||||
Merlin Entertainments Ltd., 5.75%, 6/15/2026 (United Kingdom)(a)(b) | 600,000 | 620,571 | ||||||
FOOD – 1.8% | ||||||||
FAGE International SA / FAGE USA Dairy Industry, Inc., 5.63%, 8/15/2026 (Luxembourg)(a)(b) | 300,000 | 308,967 | ||||||
JBS USA LUX SA / JBS USA Finance, Inc., 6.75%, 2/15/2028(a)(b) | 1,850,000 | 2,009,581 | ||||||
2,318,548 |
High Yield ETF SCHEDULE OF INVESTMENTS (Continued) | September 30, 2021 (Unaudited) |
Principal Amount / Number of Shares | Value | |||||||
FOREIGN BONDS (Continued) | ||||||||
FOREST PRODUCTS & PAPER – 0.5% | ||||||||
Mercer International, Inc., 5.50%, 1/15/2026 (Germany)(a) | $ | 640,000 | $ | 654,400 | ||||
GAS – 0.3% | ||||||||
Rockpoint Gas Storage Canada Ltd., 7.00%, 3/31/2023 (Canada)(a)(b) | 348,000 | 353,655 | ||||||
IRON/STEEL – 0.6% | ||||||||
Infrabuild Australia Pty Ltd., 12.00%, 10/1/2024 (Australia)(a)(b) | 534,000 | 567,335 | ||||||
Mineral Resources Ltd., 8.13%, 5/1/2027 (Australia)(a)(b) | 249,000 | 270,760 | ||||||
838,095 | ||||||||
MINING – 0.9% | ||||||||
China Hongqiao Group Ltd., 6.25%, 6/8/2024 (China) | 500,000 | 510,574 | ||||||
Teck Resources Ltd., 6.25%, 7/15/2041 (Canada)(a) | 500,000 | 671,728 | ||||||
1,182,302 | ||||||||
OIL & GAS – 0.9% | ||||||||
Cenovus Energy, Inc., 6.75%, 11/15/2039 (Canada) | 500,000 | 680,197 | ||||||
Petrobras Global Finance BV, 7.25%, 3/17/2044 (Brazil) | 500,000 | 578,210 | ||||||
1,258,407 | ||||||||
OIL & GAS SERVICES – 0.1% | ||||||||
Calfrac Holdings LP, 10.88%, 3/15/2026 (Canada)(a)(b) | 240,116 | 184,271 | ||||||
PACKAGING & CONTAINERS – 0.8% | ||||||||
ARD Finance SA, 6.50%, 6/30/2027 (Luxembourg)(a)(b) | 350,000 | 371,875 | ||||||
Cascades, Inc./Cascades USA, Inc., 5.38%, 1/15/2028 (Canada)(a)(b) | 616,000 | 648,352 | ||||||
1,020,227 | ||||||||
PHARMACEUTICALS – 0.5% | ||||||||
Cheplapharm Arzneimittel GmbH, 5.50%, 1/15/2028 (Germany)(a)(b) | 650,000 | 674,258 | ||||||
REAL ESTATE – 0.4% | ||||||||
Sunac China Holdings Ltd., 6.50%, 1/10/2025 (China)(a) | 300,000 | 242,983 | ||||||
Wanda Properties Overseas Ltd., 6.88%, 7/23/2023 (China) | 350,000 | 341,637 | ||||||
584,620 | ||||||||
TELECOMMUNICATIONS – 0.7% | ||||||||
C&W Senior Financing DAC, 6.88%, 9/15/2027 (Panama)(a)(b) | 300,000 | 315,750 |
Principal Amount / Number of Shares | Value | |||||||
FOREIGN BONDS (Continued) | ||||||||
TELECOMMUNICATIONS (Continued) | ||||||||
Telecom Italia Capital SA, 7.20%, 7/18/2036 (Italy) | $ | 500,000 | $ | 613,125 | ||||
928,875 | ||||||||
TRANSPORTATION – 0.4% | ||||||||
Diana Shipping, Inc., 8.38%, 6/22/2026 (Greece)(b) | 500,000 | 521,563 | ||||||
TOTAL FOREIGN BONDS | ||||||||
(Cost $17,548,461) | 17,756,457 | |||||||
CLOSED-END FUNDS – 6.4% | ||||||||
FIXED INCOME – 6.4% | ||||||||
AllianceBernstein Global High Income Fund, Inc. | 67,463 | 827,771 | ||||||
Ares Dynamic Credit Allocation Fund, Inc. | 27,018 | 437,422 | ||||||
BlackRock Corporate High Yield Fund, Inc. | 63,317 | 772,467 | ||||||
PGIM Global High Yield Fund, Inc. | 165,657 | 2,551,118 | ||||||
PGIM High Yield Bond Fund, Inc. | 150,000 | 2,436,000 | ||||||
Saba Capital Income & Opportunities Fund | 28,978 | 131,850 | ||||||
Western Asset High Income Opportunity Fund, Inc. | 241,565 | 1,253,722 | ||||||
8,410,350 | ||||||||
TOTAL CLOSED-END FUNDS | ||||||||
(Cost $7,659,419) | 8,410,350 | |||||||
COMMON STOCKS – 1.0% | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.0% | ||||||||
Voyager Aviation Holdings LLC*(g)(h) | 4,080 | 0 | ||||||
OIL & GAS SERVICES – 0.1% | ||||||||
Calfrac Well Services Ltd.* | 38,773 | 105,851 | ||||||
Hi-Crush Holdings, Inc.* | 24,686 | 0 | ||||||
105,851 | ||||||||
REITS – 0.9% | ||||||||
Annaly Capital Management, Inc., REIT | 143,472 | 1,208,034 | ||||||
RETAIL – 0.0% | ||||||||
Party City Holdings, Inc.* | 19,290 | 27,199 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,101,447) | 1,341,084 | |||||||
PREFERRED STOCKS – 0.9% | ||||||||
BANKS – 0.9% | ||||||||
Bank of America Corp., 7.25%, Series L | 400 | 576,968 | ||||||
Wells Fargo & Co., 7.50%, Series L | 400 | 592,800 |
High Yield ETF SCHEDULE OF INVESTMENTS (Concluded) | September 30, 2021 (Unaudited) |
Principal Amount / Number of Shares | Value | |||||||
PREFERRED STOCKS (Continued) | ||||||||
BANKS (Continued) | ||||||||
$ | 1,169,768 | |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $1,143,319) | 1,169,768 | |||||||
UNITS – 0.0% | ||||||||
DIVERSIFIED FINANCIAL SERVICES – 0.0% | ||||||||
Voyager Aviation Holdings LLC*(g)(h) | 24,481 | 0 | ||||||
TOTAL UNITS | ||||||||
(Cost $612,025) | 0 | |||||||
EXCHANGE-TRADED FUNDS – 0.3% | ||||||||
Global X Nasdaq 100 Covered Call ETF | ||||||||
(Cost $435,552) | 20,422 | 450,509 | ||||||
SHORT-TERM INVESTMENTS – 5.0% | ||||||||
JPMorgan U.S. Government Money Market Fund - Institutional Class, 0.01%(i) | 6,651,508 | 6,651,508 | ||||||
TOTAL SHORT TERM INVESTMENTS | ||||||||
(Cost $6,651,508) | 6,651,508 | |||||||
TOTAL INVESTMENTS – 99.4% | ||||||||
(Cost $135,205,024) | 131,383,730 | |||||||
Other Assets in Excess of Liabilities – 0.6% | 663,663 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 132,047,393 |
* | Non-income producing security. |
(a) | Callable. |
(b) | Security was purchased (sold) pursuant to Rule 144A under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $58,988,502, which represents 44.7% of net assets as of September 30, 2021. |
(c) | Security is in default. |
(d) | Floating rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at September 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(e) | Perpetual, callable security with no stated maturity date. |
(f) | This loan will settle after September 30, 2021 at which time the interest rate will be determined. |
(g) | Securities valued at fair value by the Trust’s Valuation Committee in accordance with procedures approved by, and under the general supervision of, the Trust’s Board of Trustees. The total value of these securities is $0 which represents approximately –% of net assets as of September 30, 2021. |
(h) | Level 3 security. The total value of these securities is $0. |
(i) | The rate is the annualized seven-day yield at period end. |
The 1-Month US LIBOR rate as of September 30, 2021 is 0.080%. |
The 3-Month US LIBOR rate as of September 30, 2021 is 0.130%. |
The 6-Month US LIBOR rate as of September 30, 2021 is 0.158%. |