UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23084
Series Portfolios Trust
(Exact name of Registrant as specified in charter)
(Exact name of Registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Ryan Roell, President
Series Portfolios Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Ave, 5th Fl
Milwaukee, WI 53202
(Name and address of agent for service)
(Name and address of agent for service)
(414) 516-1709
Registrant's telephone number, including area code
Date of fiscal year end: September 30, 2023
Date of reporting period: September 30, 2023
Item 1. Reports to Stockholders.
(a) |
Unusual Whales Subversive Democratic Trading ETF
Ticker Symbol: NANC
Unusual Whales Subversive Republican Trading ETF
Ticker Symbol: KRUZ
Annual Report
September 30, 2023
https://www.subversiveetfs.com/
(This Page Intentionally Left Blank.)
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Unusual Whales Subversive Democratic Trading ETF (NANC)
For the period since inception of February 6, 2023, through September 30, 2023, the Unusual Whales Subversive Democratic Trading ETF had a market return of 7.80% and an NAV return of 7.72% compared to a return of the S&P 500 Index of 5.47%. The Fund NAV outperformed the subindex, the S&P 500 Index, by 170 basis points from Fund inception through September 30, 2023. NANC has continued to outperform the S&P 500 Index during the period which was largely characterized by the Silicon Valley Bank mini panic of mid-March.
From a sector perspective, Communication Services and Energy, led the way with contributions to the overall return of portfolio of 0.19% and 0.10% respectively; while Information Technology and Consumer Discretionary detracted -1.39% and -0.69% respectively from the overall performance of the portfolio.
Individually, the following positions contributed the most to the overall return of the portfolio: Google (0.52%), NVIDIA (0.24%), and CrowdStrike (0.18%).
Individually, the following positions detracted the most from the overall return of the portfolio: Apple (-0.85%), Microsoft (-0.72%), and Disney (-0.17%).
As of September 30, 2023, the Fund NAV was leading the S&P 500 Index by 194 basis points since inception.
Unusual Whales Subversive Republican Trading ETF (KRUZ)
For the period since inception of February 6, 2023 through September 30, 2023, the Unusual Whales Republican Trading ETF had a market return of -1.20% and an NAV return of -1.30% compared to a return of the S&P 500 Index of 5.47%. The Fund NAV underperformed the S&P 500 Index, by 638 basis points during the quarter.
While Democrats have a larger concentration in the technology space, the holdings of Republican members of congress are focused on energy and manufacturing which have lagged the A.I. driven outperformance of the broader market in general in 2023.
From a sector perspective, Energy led the way with a contribution to the overall return of portfolio of 0.72%; while Industrials and Consumer Discretionary detracted -0.67% and -0.68% respectively from the overall performance of the portfolio.
Individually, the following positions contributed the most to the overall return of the portfolio: ConocoPhillips (0.21%), EPAM Systems (0.14%), and Shell (0.14%).
Individually, the following positions detracted the most from the overall return of the portfolio: SolarEdge Tech (-0.26%), RTX Corp (-0.23%), and Paypal Holdings (-0.20%).
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (877-291-4040).
Basis Points: A basis point is one hundredth of 1 percentage point. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form.
1
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Value of $10,000 Investment (Unaudited)
The chart assumes an initial investment of $10,000. Performance reflects waivers of fees and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-800-617-0004. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Rates of Return (%) – As of September 30, 2023
Since Inception(1) | |
Unusual Whales Subversive Democratic Trading ETF – NAV | 7.72% |
Unusual Whales Subversive Democratic Trading ETF – Market | 7.80% |
S&P 500 Index(2) | 5.47% |
(1) | Commencement date of the Fund was February 6, 2023. |
(2) | The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. One cannot invest directly in an index. |
2
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Value of $10,000 Investment (Unaudited)
The chart assumes an initial investment of $10,000. Performance reflects waivers of fees and operating expenses in effect. In the absence of such waivers, total return would be reduced. Past performance is not predictive of future performance. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-800-617-0004. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Rates of Return (%) – As of September 30, 2023
Since Inception(1) | |
Unusual Whales Subversive Republican Trading ETF – NAV | -1.30% |
Unusual Whales Subversive Republican Trading ETF – Market | -1.20% |
S&P 500® Index(2) | 5.47% |
(1) | Commencement date of the Fund was February 6, 2023. |
(2) | The S&P 500® Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalization stocks. One cannot invest directly in an index. |
3
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Expense Examples (Unaudited)
September 30, 2023
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including broker commissions on the purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund specific expenses. The Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (April 1, 2023 – September 30, 2023).
ACTUAL EXPENSES
The first line of each table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES
The second line of each table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs may have been higher.
Unusual Whales Subversive Democratic Trading ETF
Expenses Paid | |||
Beginning | Ending | During Period(1) | |
Account Value | Account Value | (4/1/2023 – | |
(4/1/2023) | (9/30/2023) | 9/30/2023) | |
Actual(2) | $1,000.00 | $1,067.70 | $3.89 |
Hypothetical (5% annual return before expenses) | $1,000.00 | $1,021.31 | $3.80 |
(1) | Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.75%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
(2) | Based on the actual NAV return for the six-month period ended September 30, 2023 of 6.77%. |
Unusual Whales Subversive Republican Trading ETF
Expenses Paid | |||
Beginning | Ending | During Period(3) | |
Account Value | Account Value | (4/1/2023 – | |
(4/1/2023) | (9/30/2023) | 9/30/2023) | |
Actual(4) | $1,000.00 | $1,015.20 | $3.79 |
Hypothetical (5% annual return before expenses) | $1,000.00 | $1,021.31 | $3.80 |
(3) | Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.75%, multiplied by the average account value over the period, multiplied by 183/365 to reflect the one-half year period. |
(4) | Based on the actual NAV return for the six-month period ended September 30, 2023 of 1.52%. |
4
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Sector Allocation of Portfolio(1) (% of Net Assets) (Unaudited)
September 30, 2023
Top 10 Equity Holdings(1)(2) (% of Net Assets) (Unaudited)
September 30, 2023
Microsoft Corp. | 10.42% | |
Amazon.com, Inc. | 7.43% | |
Apple, Inc. | 6.55% | |
Salesforce, Inc. | 4.87% | |
Alphabet, Inc., Class C | 4.75% | |
NVIDIA Corp. | 4.57% | |
Walt Disney Co. | 1.75% | |
Crowdstrike Holdings, Inc., Class A | 1.46% | |
Tesla, Inc. | 1.14% | |
API Group Corp. | 0.92% |
(1) | Fund Holdings and Sector allocations are subject to change at anytime and are not recommendations to buy or sell any security. |
(2) | Data expressed excludes PIMCO Enhanced Short Maturity Active ETF. Please refer to the Schedule of Investments for more details on the Fund’s individual holdings. |
5
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Sector Allocation of Portfolio(1) (% of Net Assets) (Unaudited)
September 30, 2023
Top 10 Equity Holdings(1) (% of Net Assets) (Unaudited)
September 30, 2023
Conocophillips | 2.66% | |
Shell plc – ADR | 2.08% | |
Accenture plc, Class A | 1.96% | |
NGL Energy Partners LP | 1.88% | |
Philip Morris International, Inc. | 1.69% | |
Fedex Corp. | 1.64% | |
Comfort System USA, Inc. | 1.64% | |
Intel Corp. | 1.59% | |
United Therapeutics Corp. | 1.55% | |
Paypal Holdings, Inc. | 1.52% |
(1) | Fund Holdings and Sector allocations are subject to change at anytime and are not recommendations to buy or sell any security. |
6
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments
September 30, 2023
Shares | Value | |||||||
COMMON STOCKS – 91.21% | ||||||||
Aerospace & Defense – 0.29% | ||||||||
Boeing Co. (a) | 7 | $ | 1,342 | |||||
Embraer SA – ADR | 266 | 3,650 | ||||||
General Dynamics Corp. | 48 | 10,606 | ||||||
HEICO Corp. | 14 | 1,809 | ||||||
Hexcel Corp. | 14 | 912 | ||||||
Huntington Ingalls Industries, Inc. | 5 | 1,023 | ||||||
Lockheed Martin Corp. | 8 | 3,272 | ||||||
Raytheon Technologies Corp. | 18 | 1,295 | ||||||
TransDigm Group, Inc. (a) | 2 | 1,686 | ||||||
Woodward, Inc. | 14 | 1,740 | ||||||
27,335 | ||||||||
Air Freight & Logistics – 0.85% | ||||||||
CH Robinson Worldwide, Inc. | 14 | 1,206 | ||||||
Expeditors International of Washington, Inc. | 28 | 3,210 | ||||||
FedEx Corp. | 31 | 8,213 | ||||||
United Parcel Service, Inc., Class B | 431 | 67,179 | ||||||
79,808 | ||||||||
Automobile Components – 0.21% | ||||||||
Aptiv PLC (a)(b) | 75 | 7,394 | ||||||
BorgWarner, Inc. | 154 | 6,218 | ||||||
Goodyear Tire & Rubber Co. | 56 | 696 | ||||||
Lear Corp. | 32 | 4,294 | ||||||
QuantumScape Corp. (a) | 112 | 749 | ||||||
19,351 | ||||||||
Automobiles – 1.48% | ||||||||
Ford Motor Co. | 2,082 | 25,858 | ||||||
General Motors Co. | 59 | 1,945 | ||||||
Harley-Davidson, Inc. | 28 | 926 | ||||||
Lucid Group, Inc. (a) | 196 | 1,096 | ||||||
Rivian Automotive, Inc., Class A (a) | 84 | 2,040 | ||||||
Tesla, Inc. (a) | 430 | 107,594 | ||||||
139,459 | ||||||||
Banks – 2.15% | ||||||||
Ameris Bancorp | 42 | 1,612 | ||||||
Bank of America Corp. | 989 | 27,079 | ||||||
Bank of Hawaii Corp. | 28 | 1,391 | ||||||
Bank of Nova Scotia (b) | 14 | 638 | ||||||
Cadence Bank | 93 | 1,973 |
The accompanying notes are an integral part of these financial statements.
7
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Banks – 2.15% (Continued) | ||||||||
Canadian Imperial Bank of Commerce (b) | 216 | $ | 8,340 | |||||
Cathay General Bancorp | 42 | 1,460 | ||||||
Citigroup, Inc. | 252 | 10,365 | ||||||
Citizens Financial Group, Inc. | 154 | 4,127 | ||||||
Comerica, Inc. | 56 | 2,327 | ||||||
Cullen/Frost Bankers, Inc. | 28 | 2,554 | ||||||
Fifth Third Bancorp | 336 | 8,511 | ||||||
First Horizon Corp. | 687 | 7,571 | ||||||
Huntington Bancshares, Inc. | 799 | 8,310 | ||||||
JPMorgan Chase & Co. | 98 | 14,212 | ||||||
KeyCorp | 378 | 4,067 | ||||||
M&T Bank Corp. | 14 | 1,770 | ||||||
OceanFirst Financial Corp. | 56 | 810 | ||||||
Pacific Premier Bancorp, Inc. | 42 | 914 | ||||||
PacWest Bancorp | 42 | 332 | ||||||
PNC Financial Services Group, Inc. | 35 | 4,297 | ||||||
Regions Financial Corp. | 56 | 963 | ||||||
Seacoast Banking Corp. of Florida | 98 | 2,152 | ||||||
Synovus Financial Corp. | 28 | 778 | ||||||
Toronto-Dominion Bank (b) | 255 | 15,365 | ||||||
Truist Financial Corp. | 748 | 21,400 | ||||||
US Bancorp | 143 | 4,728 | ||||||
Wells Fargo & Co. | 1,022 | 41,760 | ||||||
Western Alliance Bancorp | 14 | 644 | ||||||
Zions Bancorp NA | 56 | 1,954 | ||||||
202,404 | ||||||||
Beverages – 0.77% | ||||||||
Ambev SA – ADR | 406 | 1,047 | ||||||
Anheuser-Busch InBev SA – ADR | 28 | 1,548 | ||||||
Brown-Forman Corp. | 18 | 1,046 | ||||||
Coca-Cola Co. | 401 | 22,447 | ||||||
Constellation Brands, Inc. | 2 | 503 | ||||||
Diageo PLC – ADR | 65 | 9,698 | ||||||
Fomento Economico Mexicano SAB de CV – ADR | 28 | 3,056 | ||||||
Keurig Dr Pepper, Inc. | 42 | 1,326 | ||||||
Molson Coors Beverage Co. | 42 | 2,671 | ||||||
Monster Beverage Corp. (a) | 140 | 7,413 | ||||||
PepsiCo, Inc. | 131 | 22,197 | ||||||
72,952 | ||||||||
The accompanying notes are an integral part of these financial statements.
8
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Biotechnology – 1.21% | ||||||||
AbbVie, Inc. | 191 | $ | 28,470 | |||||
Alnylam Pharmaceuticals, Inc. (a) | 4 | 708 | ||||||
Amgen, Inc. | 132 | 35,477 | ||||||
Arcutis Biotherapeutics, Inc. (a) | 56 | 297 | ||||||
BioCryst Pharmaceuticals, Inc. (a) | 70 | 496 | ||||||
Biogen, Inc. (a) | 18 | 4,626 | ||||||
Genmab AS – ADR (a) | 28 | 988 | ||||||
Gilead Sciences, Inc. | 47 | 3,522 | ||||||
Halozyme Therapeutics, Inc. (a) | 14 | 535 | ||||||
Incyte Corp. (a) | 28 | 1,618 | ||||||
Insmed, Inc. (a) | 14 | 354 | ||||||
Intellia Therapeutics, Inc. (a) | 28 | 885 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 28 | 1,270 | ||||||
Moderna, Inc. (a) | 28 | 2,892 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 16 | 13,167 | ||||||
Sarepta Therapeutics, Inc. (a) | 26 | 3,152 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 46 | 15,996 | ||||||
114,453 | ||||||||
Broadline Retail – 7.59% | ||||||||
Amazon.com, Inc. (a) | 5,507 | 700,050 | ||||||
Etsy, Inc. (a) | 79 | 5,102 | ||||||
Macy’s, Inc. (a) | 210 | 2,438 | ||||||
MercadoLibre, Inc. (a)(b) | 6 | 7,607 | ||||||
Qurate Retail, Inc. (a) | 1,190 | 722 | ||||||
715,919 | ||||||||
Building Products – 0.42% | ||||||||
Advanced Drainage Systems, Inc. | 14 | 1,594 | ||||||
Allegion PLC (b) | 14 | 1,459 | ||||||
Builders FirstSource, Inc. (a) | 34 | 4,233 | ||||||
Carlisle Cos., Inc. | 1 | 259 | ||||||
Carrier Global Corp. | 154 | 8,500 | ||||||
Fortune Brands Innovations, Inc. | 23 | 1,430 | ||||||
Johnson Controls International PLC (b) | 112 | 5,960 | ||||||
Lennox International, Inc. | 3 | 1,123 | ||||||
Masco Corp. | 42 | 2,245 | ||||||
Trane Technologies PLC (b) | 60 | 12,174 | ||||||
38,977 | ||||||||
Capital Markets – 2.18% | ||||||||
Ameriprise Financial, Inc. | 28 | 9,231 | ||||||
The accompanying notes are an integral part of these financial statements.
9
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Capital Markets – 2.18% (Continued) | ||||||||
Ares Management Corp. | 56 | $ | 5,761 | |||||
Bank of New York Mellon Corp. | 282 | 12,027 | ||||||
BlackRock, Inc. | 21 | 13,576 | ||||||
Blackstone, Inc. | 135 | 14,464 | ||||||
Carlyle Group, Inc. | 28 | 844 | ||||||
Cboe Global Markets, Inc. | 14 | 2,187 | ||||||
Charles Schwab Corp. | 300 | 16,471 | ||||||
CME Group, Inc. | 22 | 4,405 | ||||||
Franklin Resources, Inc. | 56 | 1,376 | ||||||
Goldman Sachs Group, Inc. | 7 | 2,265 | ||||||
Interactive Brokers Group, Inc., Class A | 14 | 1,212 | ||||||
Intercontinental Exchange, Inc. | 102 | 11,222 | ||||||
KKR & Co., Inc. | 98 | 6,037 | ||||||
LPL Financial Holdings, Inc. | 42 | 9,981 | ||||||
Moody’s Corp. | 14 | 4,426 | ||||||
Morgan Stanley | 575 | 46,961 | ||||||
MSCI, Inc. | 6 | 3,078 | ||||||
Nasdaq, Inc. | 287 | 13,945 | ||||||
Northern Trust Corp. | 56 | 3,891 | ||||||
Open Lending Corp. (a) | 28 | 205 | ||||||
Raymond James Financial, Inc. | 42 | 4,218 | ||||||
S&P Global, Inc. | 21 | 7,674 | ||||||
State Street Corp. | 42 | 2,812 | ||||||
Stifel Financial Corp. | 14 | 860 | ||||||
T Rowe Price Group, Inc. | 42 | 4,405 | ||||||
UBS Group AG (b) | 14 | 345 | ||||||
XP, Inc. (b) | 56 | 1,291 | ||||||
205,170 | ||||||||
Chemicals – 1.16% | ||||||||
Air Products and Chemicals, Inc. | 50 | 14,170 | ||||||
Celanese Corp., Class A | 42 | 5,272 | ||||||
CF Industries Holdings, Inc. | 51 | 4,373 | ||||||
Chemours Co. | 42 | 1,178 | ||||||
Corteva, Inc. | 252 | 12,892 | ||||||
Dow, Inc. | 42 | 2,166 | ||||||
DuPont de Nemours, Inc. | 237 | 17,677 | ||||||
Eastman Chemical Co. | 28 | 2,148 | ||||||
Ecolab, Inc. | 56 | 9,486 | ||||||
FMC Corp. | 14 | 938 | ||||||
International Flavors & Fragrances, Inc. | 28 | 1,909 |
The accompanying notes are an integral part of these financial statements.
10
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Chemicals – 1.16% (Continued) | ||||||||
Linde PLC (b) | 30 | $ | 11,171 | |||||
Minerals Technologies, Inc. | 42 | 2,300 | ||||||
Mosaic Co. | 112 | 3,987 | ||||||
PPG Industries, Inc. | 102 | 13,240 | ||||||
Scotts Miracle-Gro Co. | 14 | 724 | ||||||
Sherwin-Williams Co. | 14 | 3,571 | ||||||
Westlake Corp. | 14 | 1,745 | ||||||
108,947 | ||||||||
Commercial Services & Supplies – 0.40% | ||||||||
Cintas Corp. | 14 | 6,734 | ||||||
Copart, Inc. (a) | 208 | 8,963 | ||||||
GFL Environmental, Inc. (b) | 112 | 3,557 | ||||||
Republic Services, Inc. | 56 | 7,981 | ||||||
Stericycle, Inc. (a) | 14 | 626 | ||||||
Tetra Tech, Inc. | 14 | 2,128 | ||||||
Waste Connections, Inc. (b) | 5 | 672 | ||||||
Waste Management, Inc. | 48 | 7,317 | ||||||
37,978 | ||||||||
Communications Equipment – 0.76% | ||||||||
Arista Networks, Inc. (a) | 56 | 10,301 | ||||||
Cisco Systems, Inc. | 778 | 41,826 | ||||||
CommScope Holding Co., Inc. (a) | 56 | 188 | ||||||
EMCORE Corp. (a) | 490 | 233 | ||||||
Infinera Corp. (a) | 1,652 | 6,905 | ||||||
Juniper Networks, Inc. | 42 | 1,167 | ||||||
Lumentum Holdings, Inc. (a) | 28 | 1,265 | ||||||
Motorola Solutions, Inc. | 31 | 8,439 | ||||||
Telefonaktiebolaget LM Ericsson – ADR | 84 | 408 | ||||||
Viavi Solutions, Inc. (a) | 182 | 1,663 | ||||||
72,395 | ||||||||
Construction & Engineering – 1.13% | ||||||||
Ameresco, Inc., Class A (a) | 20 | 771 | ||||||
API Group Corp. (a) | 3,360 | 87,124 | ||||||
Argan, Inc. | 28 | 1,275 | ||||||
EMCOR Group, Inc. | 14 | 2,945 | ||||||
Quanta Services, Inc. | 70 | 13,095 | ||||||
WillScot Mobile Mini Holdings Corp. (a) | 28 | 1,165 | ||||||
106,375 |
The accompanying notes are an integral part of these financial statements.
11
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Construction Materials – 0.54% | ||||||||
Eagle Materials, Inc. | 14 | $ | 2,331 | |||||
Martin Marietta Materials, Inc. | 6 | 2,463 | ||||||
Vulcan Materials Co. | 226 | 45,657 | ||||||
50,451 | ||||||||
Consumer Finance – 1.05% | ||||||||
Ally Financial, Inc. | 247 | 6,590 | ||||||
American Express Co. | 431 | 64,300 | ||||||
Capital One Financial Corp. | 98 | 9,511 | ||||||
Discover Financial Services | 141 | 12,215 | ||||||
OneMain Holdings, Inc. | 56 | 2,245 | ||||||
Synchrony Financial | 126 | 3,852 | ||||||
98,713 | ||||||||
Consumer Staples Distribution & Retail – 1.44% | ||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | 28 | 1,998 | ||||||
Casey’s General Stores, Inc. | 4 | 1,086 | ||||||
Costco Wholesale Corp. | 70 | 39,547 | ||||||
Dollar General Corp. | 92 | 9,734 | ||||||
Dollar Tree, Inc. (a) | 99 | 10,539 | ||||||
Kroger Co. | 112 | 5,012 | ||||||
Performance Food Group Co. (a) | 84 | 4,944 | ||||||
Sysco Corp. | 93 | 6,143 | ||||||
Target Corp. | 144 | 15,922 | ||||||
US Foods Holding Corp. (a) | 56 | 2,223 | ||||||
Walgreens Boots Alliance, Inc. | 311 | 6,917 | ||||||
Walmart, Inc. | 196 | 31,346 | ||||||
135,411 | ||||||||
Containers & Packaging – 0.74% | ||||||||
AptarGroup, Inc. | 14 | 1,751 | ||||||
Avery Dennison Corp. | 14 | 2,557 | ||||||
Ball Corp. | 520 | 25,885 | ||||||
Berry Global Group, Inc. | 331 | 20,492 | ||||||
Graphic Packaging Holding Co. | 213 | 4,746 | ||||||
International Paper Co. | 28 | 993 | ||||||
Packaging Corp. of America | 14 | 2,150 | ||||||
Sealed Air Corp. | 70 | 2,300 | ||||||
Silgan Holdings, Inc. | 36 | 1,552 | ||||||
Westrock Co. | 197 | 7,053 | ||||||
69,479 |
The accompanying notes are an integral part of these financial statements.
12
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Distributors – 0.09% | ||||||||
Genuine Parts Co. | 14 | $ | 2,021 | |||||
LKQ Corp. | 84 | 4,159 | ||||||
Pool Corp. | 6 | 2,137 | ||||||
8,317 | ||||||||
Diversified Consumer Services – 0.00% | ||||||||
WW International, Inc. (a) | 42 | 465 | ||||||
Diversified Telecommunication Services – 0.34% | ||||||||
AT&T, Inc. | 427 | 6,414 | ||||||
BCE, Inc. (b) | 28 | 1,069 | ||||||
Liberty Global PLC (a)(b) | 266 | 4,937 | ||||||
Lumen Technologies, Inc. | 370 | 525 | ||||||
Telkom Indonesia Persero Tbk PT – ADR | 42 | 1,012 | ||||||
Verizon Communications, Inc. | 584 | 18,927 | ||||||
32,884 | ||||||||
Electric Utilities – 0.31% | ||||||||
Alliant Energy Corp. | 14 | 678 | ||||||
American Electric Power Co., Inc. | 42 | 3,159 | ||||||
Avangrid, Inc. | 14 | 422 | ||||||
Constellation Energy Corp. | 21 | 2,291 | ||||||
Duke Energy Corp. | 33 | 2,913 | ||||||
Edison International | 14 | 886 | ||||||
Entergy Corp. | 28 | 2,590 | ||||||
Eversource Energy | 28 | 1,628 | ||||||
FirstEnergy Corp. | 70 | 2,393 | ||||||
NextEra Energy, Inc. | 101 | 5,786 | ||||||
Portland General Electric Co. | 70 | 2,834 | ||||||
PPL Corp. | 42 | 990 | ||||||
Southern Co. | 28 | 1,812 | ||||||
Xcel Energy, Inc. | 14 | 801 | ||||||
29,183 | ||||||||
Electrical Equipment – 0.92% | ||||||||
Acuity Brands, Inc. | 1 | 170 | ||||||
AMETEK, Inc. | 73 | 10,787 | ||||||
ChargePoint Holdings, Inc. (a) | 252 | 1,252 | ||||||
Eaton Corp. PLC (b) | 73 | 15,569 | ||||||
Emerson Electric Co. | 84 | 8,112 | ||||||
Plug Power, Inc. (a) | 70 | 532 | ||||||
Regal Rexnord Corp. | 32 | 4,572 | ||||||
Rockwell Automation, Inc. | 18 | 5,146 |
The accompanying notes are an integral part of these financial statements.
13
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Electrical Equipment – 0.92% (Continued) | ||||||||
Sensata Technologies Holding PLC (b) | 798 | $ | 30,180 | |||||
Shoals Technologies Group, Inc. (a) | 145 | 2,646 | ||||||
Vertiv Holdings Co. | 196 | 7,291 | ||||||
86,257 | ||||||||
Electronic Equipment, Instruments & Components – 0.29% | ||||||||
Advanced Energy Industries, Inc. | 14 | 1,444 | ||||||
Amphenol Corp., Class A | 70 | 5,879 | ||||||
CDW Corp. | 14 | 2,825 | ||||||
Coherent Corp. (a) | 28 | 914 | ||||||
Corning, Inc. | 199 | 6,063 | ||||||
Jabil, Inc. | 28 | 3,553 | ||||||
Keysight Technologies, Inc. (a) | 18 | 2,382 | ||||||
Teledyne Technologies, Inc. (a) | 2 | 817 | ||||||
Vontier Corp. | 112 | 3,463 | ||||||
27,340 | ||||||||
Energy Equipment & Services – 0.18% | ||||||||
Baker Hughes Co. | 14 | 494 | ||||||
ChampionX Corp. | 270 | 9,618 | ||||||
Patterson-UTI Energy, Inc. | 364 | 5,038 | ||||||
TechnipFMC PLC (b) | 84 | 1,709 | ||||||
16,859 | ||||||||
Entertainment – 2.33% | ||||||||
Activision Blizzard, Inc. | 98 | 9,175 | ||||||
Electronic Arts, Inc. | 42 | 5,057 | ||||||
Liberty Media Corp.-Liberty Formula One (a) | 90 | 5,365 | ||||||
Lions Gate Entertainment Corp., Class A (a)(b) | 777 | 6,589 | ||||||
Lions Gate Entertainment Corp., Class B (a)(b) | 1,631 | 12,836 | ||||||
Live Nation Entertainment, Inc. | 14 | 1,163 | ||||||
Netflix, Inc. (a) | 21 | 7,930 | ||||||
Playtika Holding Corp. (a) | 112 | 1,079 | ||||||
ROBLOX Corp., Class A (a) | 115 | 3,330 | ||||||
Walt Disney Co. (a) | 2,031 | 164,612 | ||||||
Warner Bros Discovery, Inc. (a) | 224 | 2,433 | ||||||
219,569 | ||||||||
Financial Services – 1.84% | ||||||||
Apollo Global Management, Inc. | 54 | 4,847 | ||||||
Berkshire Hathaway, Inc., Class B (a) | 215 | 75,315 | ||||||
Block, Inc. (a) | 29 | 1,284 | ||||||
Equitable Holdings, Inc. | 42 | 1,192 | ||||||
Fidelity National Information Services, Inc. | 84 | 4,643 |
The accompanying notes are an integral part of these financial statements.
14
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Financial Services – 1.84% (Continued) | ||||||||
Flywire Corp. (a) | 98 | $ | 3,125 | |||||
Global Payments, Inc. | 37 | 4,269 | ||||||
Jack Henry & Associates, Inc. | 14 | 2,116 | ||||||
Mastercard, Inc., Class A | 89 | 35,236 | ||||||
MGIC Investment Corp. | 196 | 3,271 | ||||||
PayPal Holdings, Inc. (a) | 210 | 12,277 | ||||||
Shift4 Payments, Inc. (a) | 14 | 775 | ||||||
Visa, Inc., Class A | 92 | 21,161 | ||||||
Voya Financial, Inc. | 57 | 3,788 | ||||||
WEX, Inc. (a) | 2 | 376 | ||||||
173,675 | ||||||||
Food Products – 0.49% | ||||||||
Archer-Daniels-Midland Co. | 129 | 9,730 | ||||||
Beyond Meat, Inc. (a) | 42 | 404 | ||||||
Conagra Brands, Inc. | 70 | 1,919 | ||||||
Darling Ingredients, Inc. (a) | 30 | 1,566 | ||||||
General Mills, Inc. | 64 | 4,095 | ||||||
Hershey Co. | 4 | 800 | ||||||
Hormel Foods Corp. | 45 | 1,711 | ||||||
J M Smucker Co. | 18 | 2,212 | ||||||
Kellanova | 14 | 833 | ||||||
Kraft Heinz Co. | 126 | 4,239 | ||||||
Lamb Weston Holdings, Inc. | 98 | 9,062 | ||||||
Mondelez International, Inc., Class A | 80 | 5,552 | ||||||
Tyson Foods, Inc., Class A | 42 | 2,121 | ||||||
Utz Brands, Inc. | 112 | 1,504 | ||||||
45,748 | ||||||||
Gas Utilities – 0.11% | ||||||||
Atmos Energy Corp. | 28 | 2,966 | ||||||
Brookfield Infrastructure Corp. (b) | 42 | 1,484 | ||||||
Northwest Natural Holding Co. | 134 | 5,113 | ||||||
9,563 | ||||||||
Ground Transportation – 0.51% | ||||||||
CSX Corp. | 219 | 6,734 | ||||||
JB Hunt Transport Services, Inc. | 14 | 2,639 | ||||||
Norfolk Southern Corp. | 35 | 6,893 | ||||||
Old Dominion Freight Line, Inc. | 28 | 11,456 | ||||||
Uber Technologies, Inc. (a) | 144 | 6,623 | ||||||
U-Haul Holding Co. (a) | 14 | 764 | ||||||
The accompanying notes are an integral part of these financial statements.
15
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Ground Transportation – 0.51% (Continued) | ||||||||
Union Pacific Corp. | 64 | $ | 13,032 | |||||
48,141 | ||||||||
Health Care Equipment & Supplies – 1.22% | ||||||||
Abbott Laboratories | 184 | 17,819 | ||||||
Alcon, Inc. (a) | 28 | 2,158 | ||||||
Artivion, Inc. (a) | 719 | 10,900 | ||||||
Baxter International, Inc. | 304 | 11,473 | ||||||
Becton Dickinson & Co. | 18 | 4,654 | ||||||
Boston Scientific Corp. (a) | 144 | 7,603 | ||||||
DENTSPLY SIRONA, Inc. | 42 | 1,435 | ||||||
Dexcom, Inc. | 36 | 3,359 | ||||||
Edwards Lifesciences Corp. (a) | 84 | 5,820 | ||||||
Globus Medical, Inc. (a) | 32 | 1,589 | ||||||
Haemonetics Corp. (a) | 14 | 1,254 | ||||||
ICU Medical, Inc. (a) | 4 | 476 | ||||||
IDEXX Laboratories, Inc. (a) | 5 | 2,186 | ||||||
Insulet Corp. (a) | 4 | 638 | ||||||
Integra LifeSciences Holdings Corp. (a) | 42 | 1,604 | ||||||
Intuitive Surgical, Inc. (a) | 9 | 2,631 | ||||||
Koninklijke Philips NV (a)(b) | 231 | 4,606 | ||||||
Medtronic PLC (b) | 224 | 17,552 | ||||||
ResMed, Inc. | 14 | 2,070 | ||||||
Stryker Corp. | 54 | 14,757 | ||||||
Teleflex, Inc. | 2 | 393 | ||||||
114,977 | ||||||||
Health Care Providers & Services – 1.41% | ||||||||
Cardinal Health, Inc. | 28 | 2,431 | ||||||
Centene Corp. (a) | 112 | 7,715 | ||||||
Chemed Corp. | 2 | 1,039 | ||||||
Cigna Group | 28 | 8,010 | ||||||
CVS Health Corp. | 203 | 14,173 | ||||||
DaVita, Inc. (a) | 14 | 1,323 | ||||||
Elevance Health, Inc. | 42 | 18,288 | ||||||
Fresenius Medical Care AG & Co. KGaA – ADR | 28 | 603 | ||||||
HCA Healthcare, Inc. | 74 | 18,203 | ||||||
HealthEquity, Inc. (a) | 42 | 3,068 | ||||||
Humana, Inc. | 17 | 8,271 | ||||||
Laboratory Corp. of America Holdings | 8 | 1,608 | ||||||
McKesson Corp. | 22 | 9,567 | ||||||
Molina Healthcare, Inc. (a) | 21 | 6,886 |
The accompanying notes are an integral part of these financial statements.
16
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Health Care Providers & Services – 1.41% (Continued) | ||||||||
NeoGenomics, Inc. (a) | 126 | $ | 1,550 | |||||
Quest Diagnostics, Inc. | 28 | 3,412 | ||||||
UnitedHealth Group, Inc. | 49 | 24,705 | ||||||
US Physical Therapy, Inc. | 23 | 2,110 | ||||||
132,962 | ||||||||
Health Care REITs – 0.04% | ||||||||
Ventas, Inc. | 84 | 3,539 | ||||||
Health Care Technology – 0.01% | ||||||||
Phreesia, Inc. (a) | 28 | 523 | ||||||
Veeva Systems, Inc., Class A (a) | 3 | 610 | ||||||
1,133 | ||||||||
Hotels, Restaurants & Leisure – 2.15% | ||||||||
Airbnb, Inc. (a) | 42 | 5,763 | ||||||
Aramark | 28 | 972 | ||||||
Booking Holdings, Inc. (a) | 1 | 3,084 | ||||||
Caesars Entertainment, Inc. (a) | 42 | 1,947 | ||||||
Carnival Corp. (a)(b) | 51 | 700 | ||||||
Chipotle Mexican Grill, Inc. (a) | 1 | 1,832 | ||||||
Choice Hotels International, Inc. | 1 | 123 | ||||||
Darden Restaurants, Inc. | 14 | 2,005 | ||||||
Domino’s Pizza, Inc. | 60 | 22,727 | ||||||
DoorDash, Inc. (a) | 42 | 3,338 | ||||||
Expedia Group, Inc. (a) | 28 | 2,886 | ||||||
Full House Resorts, Inc. (a) | 350 | 1,495 | ||||||
Hilton Worldwide Holdings, Inc. | 14 | 2,103 | ||||||
Las Vegas Sands Corp. | 84 | 3,851 | ||||||
Marriott International, Inc., Class A | 90 | 17,690 | ||||||
Marriott Vacations Worldwide Corp. | 120 | 12,076 | ||||||
McDonald’s Corp. | 134 | 35,300 | ||||||
MGM Resorts International | 279 | 10,256 | ||||||
Planet Fitness, Inc., Class A (a) | 29 | 1,426 | ||||||
Restaurant Brands International, Inc. (a)(b) | 196 | 13,057 | ||||||
Royal Caribbean Cruises Ltd. (a)(b) | 14 | 1,290 | ||||||
Sabre Corp. (a) | 56 | 251 | ||||||
Starbucks Corp. | 487 | 44,447 | ||||||
Vail Resorts, Inc. | 1 | 222 | ||||||
Wyndham Hotels & Resorts, Inc. | 14 | 974 | ||||||
Wynn Resorts Ltd. | 98 | 9,056 | ||||||
Yum! Brands, Inc. | 28 | 3,498 | ||||||
202,369 |
The accompanying notes are an integral part of these financial statements.
17
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Household Durables – 0.97% | ||||||||
DR Horton, Inc. | 333 | $ | 35,787 | |||||
Helen of Troy Ltd. (a)(b) | 14 | 1,632 | ||||||
iRobot Corp. (a) | 28 | 1,061 | ||||||
Lennar Corp. | 85 | 9,250 | ||||||
Mohawk Industries, Inc. (a) | 193 | 16,561 | ||||||
Newell Brands, Inc. | 140 | 1,264 | ||||||
NVR, Inc. (a) | 2 | 11,927 | ||||||
PulteGroup, Inc. | 70 | 5,184 | ||||||
Sony Group Corp. – ADR | 42 | 3,461 | ||||||
Tempur Sealy International, Inc. | 112 | 4,854 | ||||||
Toll Brothers, Inc. | 14 | 1,035 | ||||||
Whirlpool Corp. | 1 | 134 | ||||||
92,150 | ||||||||
Household Products – 0.79% | ||||||||
Central Garden & Pet Co. (a) | 42 | 1,684 | ||||||
Church & Dwight Co., Inc. | 19 | 1,741 | ||||||
Clorox Co. | 21 | 2,752 | ||||||
Colgate-Palmolive Co. | 224 | 15,929 | ||||||
Kimberly-Clark Corp. | 28 | 3,384 | ||||||
Procter & Gamble Co. | 336 | 49,008 | ||||||
74,498 | ||||||||
Independent Power & Renewable Elec Producers – 0.02% | ||||||||
Atlantica Sustainable Infrastructure PLC (b) | 70 | 1,337 | ||||||
Clearway Energy, Inc. | 42 | 837 | ||||||
2,174 | ||||||||
Industrial Conglomerates – 0.23% | ||||||||
3M Co. | 84 | 7,864 | ||||||
General Electric Co. | 23 | 2,543 | ||||||
Honeywell International, Inc. | 62 | 11,454 | ||||||
21,861 | ||||||||
Industrial REITs – 0.12% | ||||||||
Americold Realty Trust, Inc. | 126 | 3,832 | ||||||
Prologis, Inc. | 42 | 4,712 | ||||||
STAG Industrial, Inc. | 70 | 2,416 | ||||||
10,960 | ||||||||
Insurance – 1.67% | ||||||||
Aflac, Inc. | 126 | 9,671 | ||||||
Allstate Corp. | 166 | 18,494 | ||||||
The accompanying notes are an integral part of these financial statements.
18
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Insurance – 1.67% (Continued) | ||||||||
American International Group, Inc. | 119 | $ | 7,211 | |||||
Aon PLC (b) | 37 | 11,996 | ||||||
Arthur J Gallagher & Co. | 42 | 9,573 | ||||||
Brighthouse Financial, Inc. (a) | 14 | 685 | ||||||
Chubb Ltd. (b) | 15 | 3,123 | ||||||
Cincinnati Financial Corp. | 14 | 1,432 | ||||||
Fidelity National Financial, Inc. | 28 | 1,156 | ||||||
Hartford Financial Services Group, Inc. | 14 | 993 | ||||||
Horace Mann Educators Corp. | 28 | 823 | ||||||
Lincoln National Corp. | 70 | 1,728 | ||||||
Loews Corp. | 56 | 3,545 | ||||||
Manulife Financial Corp. (b) | 56 | 1,024 | ||||||
Markel Group, Inc. (a) | 2 | 2,945 | ||||||
Marsh & McLennan Cos., Inc. | 107 | 20,362 | ||||||
MetLife, Inc. | 42 | 2,642 | ||||||
Principal Financial Group, Inc. | 84 | 6,054 | ||||||
Progressive Corp. | 212 | 29,531 | ||||||
Prudential Financial, Inc. | 56 | 5,314 | ||||||
Reinsurance Group of America, Inc. | 14 | 2,033 | ||||||
Travelers Cos., Inc. | 28 | 4,573 | ||||||
Unum Group | 84 | 4,132 | ||||||
W R Berkley Corp. | 75 | 4,762 | ||||||
Willis Towers Watson PLC (b) | 19 | 3,970 | ||||||
157,772 | ||||||||
Interactive Media & Services – 5.30% | ||||||||
Alphabet, Inc., Class C (a) | 3,395 | 447,630 | ||||||
Cargurus, Inc. (a) | 28 | 491 | ||||||
IAC, Inc. (a) | 42 | 2,116 | ||||||
Match Group, Inc. (a) | 65 | 2,546 | ||||||
Meta Platforms, Inc., Class A (a) | 131 | 39,328 | ||||||
Pinterest, Inc. (a) | 84 | 2,271 | ||||||
Snap, Inc. – Class A (a) | 168 | 1,497 | ||||||
TripAdvisor, Inc. (a) | 112 | 1,857 | ||||||
ZoomInfo Technologies, Inc. (a) | 84 | 1,378 | ||||||
499,114 | ||||||||
IT Services – 1.18% | ||||||||
Accenture PLC, Class A (b) | 111 | 34,089 | ||||||
Cloudflare, Inc., Class A (a) | 56 | 3,530 | ||||||
Cognizant Technology Solutions Corp., Class A | 42 | 2,845 | ||||||
DXC Technology Co. (a) | 218 | 4,541 |
The accompanying notes are an integral part of these financial statements.
19
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
IT Services – 1.18% (Continued) | ||||||||
EPAM Systems, Inc. (a) | 1 | $ | 256 | |||||
Gartner, Inc. (a) | 34 | 11,683 | ||||||
GoDaddy, Inc. (a) | 14 | 1,043 | ||||||
International Business Machines Corp. | 255 | 35,776 | ||||||
Kyndryl Holdings, Inc. (a) | 148 | 2,235 | ||||||
MongoDB, Inc. (a) | 14 | 4,842 | ||||||
Okta, Inc. (a) | 14 | 1,141 | ||||||
Rackspace Technology, Inc. (a) | 196 | 461 | ||||||
Shopify, Inc. (a)(b) | 48 | 2,619 | ||||||
Snowflake, Inc. (a) | 14 | 2,139 | ||||||
Thoughtworks Holding, Inc. (a) | 126 | 514 | ||||||
Twilio, Inc. (a) | 14 | 819 | ||||||
VeriSign, Inc. (a) | 14 | 2,835 | ||||||
111,368 | ||||||||
Leisure Products – 0.18% | ||||||||
Hasbro, Inc. | 14 | 926 | ||||||
Mattel, Inc. (a) | 364 | 8,019 | ||||||
Peloton Interactive, Inc., Class A (a) | 126 | 636 | ||||||
Topgolf Callaway Brands Corp. (a) | 532 | 7,363 | ||||||
16,944 | ||||||||
Life Sciences Tools & Services – 0.76% | ||||||||
Agilent Technologies, Inc. | 70 | 7,827 | ||||||
Avantor, Inc. (a) | 1,242 | 26,180 | ||||||
Azenta, Inc. (a) | 14 | 703 | ||||||
Bio-Rad Laboratories, Inc., Class A (a) | 7 | 2,509 | ||||||
Bio-Techne Corp. | 14 | 953 | ||||||
Bruker Corp. | 42 | 2,617 | ||||||
Charles River Laboratories International, Inc. (a) | 6 | 1,176 | ||||||
CryoPort, Inc. (a) | 28 | 384 | ||||||
Danaher Corp. | 26 | 6,451 | ||||||
Illumina, Inc. (a) | 4 | 549 | ||||||
IQVIA Holdings, Inc. (a) | 14 | 2,755 | ||||||
Medpace Holdings, Inc. (a) | 14 | 3,390 | ||||||
Mettler-Toledo International, Inc. (a) | 1 | 1,108 | ||||||
Thermo Fisher Scientific, Inc. | 23 | 11,642 | ||||||
West Pharmaceutical Services, Inc. | 8 | 3,002 | ||||||
71,246 | ||||||||
Machinery – 1.69% | ||||||||
Caterpillar, Inc. | 95 | 25,935 | ||||||
Deere & Co. | 40 | 15,095 |
The accompanying notes are an integral part of these financial statements.
20
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Machinery – 1.69% (Continued) | ||||||||
Dover Corp. | 14 | $ | 1,953 | |||||
Flowserve Corp. | 112 | 4,454 | ||||||
Fortive Corp. | 78 | 5,784 | ||||||
IDEX Corp. | 14 | 2,912 | ||||||
Illinois Tool Works, Inc. | 61 | 14,049 | ||||||
Ingersoll Rand, Inc. | 28 | 1,784 | ||||||
ITT, Inc. | 14 | 1,371 | ||||||
Kadant, Inc. | 14 | 3,158 | ||||||
Oshkosh Corp. | 246 | 23,476 | ||||||
Otis Worldwide Corp. | 14 | 1,124 | ||||||
PACCAR, Inc. | 14 | 1,190 | ||||||
Parker-Hannifin Corp. | 107 | 41,680 | ||||||
Pentair PLC (b) | 56 | 3,626 | ||||||
Snap-on, Inc. | 14 | 3,571 | ||||||
Terex Corp. | 28 | 1,613 | ||||||
Xylem, Inc. | 74 | 6,736 | ||||||
159,511 | ||||||||
Media – 0.81% | ||||||||
Charter Communications, Inc. (a) | 6 | 2,639 | ||||||
Comcast Corp. | 431 | 19,111 | ||||||
Fox Corp. | 42 | 1,213 | ||||||
iHeartMedia, Inc. (a) | 7,314 | 23,111 | ||||||
Interpublic Group of Cos., Inc. | 42 | 1,204 | ||||||
Liberty Broadband Corp. (a) | 36 | 3,273 | ||||||
Liberty Media Corp.-Liberty SiriusXM (a) | 626 | 15,938 | ||||||
News Corp. | 70 | 1,404 | ||||||
Nexstar Media Group, Inc., Class A | 14 | 2,007 | ||||||
Omnicom Group, Inc. | 14 | 1,043 | ||||||
Paramount Global | 144 | 1,858 | ||||||
Sirius XM Holdings, Inc. | 210 | 949 | ||||||
Trade Desk, Inc. (a) | 28 | 2,188 | ||||||
75,938 | ||||||||
Metals & Mining – 0.50% | ||||||||
Alamos Gold, Inc. (b) | 280 | 3,161 | ||||||
Alcoa Corp. | 126 | 3,662 | ||||||
Barrick Gold Corp. (b) | 294 | 4,278 | ||||||
BHP Group Ltd. – ADR | 28 | 1,593 | ||||||
Cleveland-Cliffs, Inc. (a) | 224 | 3,501 | ||||||
Freeport-McMoRan, Inc. (b) | 140 | 5,221 | ||||||
Newmont Corp. | 28 | 1,035 |
The accompanying notes are an integral part of these financial statements.
21
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Metals & Mining – 0.50% (Continued) | ||||||||
Nucor Corp. | 56 | $ | 8,755 | |||||
Pan American Silver Corp. (b) | 42 | 608 | ||||||
Reliance Steel & Aluminum Co. | 6 | 1,573 | ||||||
Rio Tinto PLC – ADR | 114 | 7,255 | ||||||
Royal Gold, Inc. | 28 | 2,977 | ||||||
Steel Dynamics, Inc. | 14 | 1,501 | ||||||
United States Steel Corp. | 56 | 1,819 | ||||||
46,939 | ||||||||
Miscellaneous Intermediation – 0.03% | ||||||||
SOFI TECHNOLOGIES INC COM (a) | 353 | 2,820 | ||||||
Mortgage Real Estate Investment Trusts (REITs) – 0.03% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 14 | 297 | ||||||
Rithm Capital Corp. | 238 | 2,211 | ||||||
2,508 | ||||||||
Multi-Utilities – 0.21% | ||||||||
Ameren Corp. | 28 | 2,095 | ||||||
CenterPoint Energy, Inc. | 70 | 1,880 | ||||||
CMS Energy Corp. | 14 | 744 | ||||||
Dominion Energy, Inc. | 201 | 8,978 | ||||||
National Grid PLC – ADR | 14 | 849 | ||||||
Public Service Enterprise Group, Inc. | 17 | 967 | ||||||
Sempra Energy | 64 | 4,354 | ||||||
19,867 | ||||||||
Office REITs – 0.04% | ||||||||
Alexandria Real Estate Equities, Inc. | 14 | 1,401 | ||||||
Douglas Emmett, Inc. | 134 | 1,711 | ||||||
Paramount Group, Inc. | 154 | 711 | ||||||
3,823 | ||||||||
Oil, Gas & Consumable Fuels – 0.79% | ||||||||
Antero Midstream Corp. | 266 | 3,187 | ||||||
Berry Corp. | 1,120 | 9,184 | ||||||
BP PLC – ADR | 129 | 4,994 | ||||||
Cheniere Energy, Inc. | 5 | 830 | ||||||
Chevron Corp. | 60 | 10,116 | ||||||
Clean Energy Fuels Corp. (a) | 126 | 483 | ||||||
ConocoPhillips | 67 | 8,027 | ||||||
Diamondback Energy, Inc. | 28 | 4,337 | ||||||
Enbridge, Inc. (b) | 20 | 664 |
The accompanying notes are an integral part of these financial statements.
22
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Oil, Gas & Consumable Fuels – 0.79% (Continued) | ||||||||
Equinor ASA – ADR | 97 | $ | 3,181 | |||||
Exxon Mobil Corp. | 28 | 3,292 | ||||||
Hess Corp. | 28 | 4,284 | ||||||
Kinder Morgan, Inc. | 58 | 962 | ||||||
Matador Resources Co. | 84 | 4,996 | ||||||
Murphy Oil Corp. | 56 | 2,540 | ||||||
ONEOK, Inc. | 56 | 3,552 | ||||||
Pioneer Natural Resources Co. | 20 | 4,591 | ||||||
Suncor Energy, Inc. (b) | 42 | 1,444 | ||||||
Williams Cos., Inc. | 112 | 3,773 | ||||||
74,437 | ||||||||
Passenger Airlines – 0.10% | ||||||||
Alaska Air Group, Inc. (a) | 28 | 1,038 | ||||||
Allegiant Travel Co. | 1 | 77 | ||||||
American Airlines Group, Inc. (a) | 56 | 717 | ||||||
Delta Air Lines, Inc. | 28 | 1,036 | ||||||
Southwest Airlines Co. | 28 | 758 | ||||||
United Airlines Holdings, Inc. (a) | 140 | 5,922 | ||||||
9,548 | ||||||||
Personal Care Products – 0.17% | ||||||||
Coty, Inc. (a) | 168 | 1,843 | ||||||
Estee Lauder Cos., Inc. | 57 | 8,239 | ||||||
Haleon PLC – ADR | 247 | 2,058 | ||||||
Unilever PLC – ADR | 70 | 3,458 | ||||||
15,598 | ||||||||
Pharmaceuticals – 1.39% | ||||||||
AstraZeneca PLC – ADR | 44 | 2,980 | ||||||
Bristol-Myers Squibb Co. | 208 | 12,072 | ||||||
Catalent, Inc. (a) | 14 | 637 | ||||||
Elanco Animal Health, Inc. (a) | 1,876 | 21,087 | ||||||
Eli Lilly & Co. | 46 | 24,709 | ||||||
Intra-Cellular Therapies, Inc. (a) | 28 | 1,459 | ||||||
Johnson & Johnson | 123 | 19,157 | ||||||
Merck & Co., Inc. | 102 | 10,501 | ||||||
Nektar Therapeutics (a) | 56 | 33 | ||||||
Novartis AG – ADR | 114 | 11,612 | ||||||
Novo Nordisk AS – ADR | 30 | 2,728 | ||||||
Pfizer, Inc. | 271 | 8,989 | ||||||
Sanofi – ADR | 84 | 4,506 | ||||||
The accompanying notes are an integral part of these financial statements.
23
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Pharmaceuticals – 1.39% (Continued) | ||||||||
Viatris, Inc. | 420 | $ | 4,141 | |||||
Zoetis, Inc. | 37 | 6,437 | ||||||
131,048 | ||||||||
Professional Services – 0.88% | ||||||||
Automatic Data Processing, Inc. | 42 | 10,104 | ||||||
Broadridge Financial Solutions, Inc. | 64 | 11,459 | ||||||
CACI International, Inc., Class A (a) | 3 | 942 | ||||||
Equifax, Inc. | 14 | 2,565 | ||||||
Jacobs Solutions, Inc. | 14 | 1,911 | ||||||
Leidos Holdings, Inc. | 28 | 2,580 | ||||||
Paychex, Inc. | 28 | 3,229 | ||||||
Paycom Software, Inc. | 2 | 519 | ||||||
Paycor HCM, Inc. (a) | 42 | 959 | ||||||
Science Applications International Corp. | 14 | 1,478 | ||||||
SS&C Technologies Holdings, Inc. | 805 | 42,294 | ||||||
TransUnion | 14 | 1,005 | ||||||
Verisk Analytics, Inc. | 16 | 3,780 | ||||||
82,825 | ||||||||
Real Estate Management & Development – 0.06% | ||||||||
CBRE Group, Inc. (a) | 28 | 2,068 | ||||||
CoStar Group, Inc. (a) | 42 | 3,230 | ||||||
Cushman & Wakefield PLC (a)(b) | 56 | 427 | ||||||
Zillow Group, Inc., Class C (a) | 14 | 646 | ||||||
6,371 | ||||||||
Residential REITs – 0.15% | ||||||||
American Homes 4 Rent | 28 | 943 | ||||||
Apartment Investment and Management Co. (a) | 154 | 1,047 | ||||||
Equity Residential | 126 | 7,397 | ||||||
Invitation Homes, Inc. | 28 | 887 | ||||||
Mid-America Apartment Communities, Inc. | 14 | 1,801 | ||||||
Sun Communities, Inc. | 14 | 1,657 | ||||||
UDR, Inc. | 28 | 999 | ||||||
14,731 | ||||||||
Retail REITs – 0.08% | ||||||||
Agree Realty Corp. | 14 | 773 | ||||||
NNN REIT, Inc. | 28 | 990 | ||||||
Regency Centers Corp. | 16 | 951 | ||||||
Simon Property Group, Inc. | 42 | 4,537 | ||||||
7,251 | ||||||||
The accompanying notes are an integral part of these financial statements.
24
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment – 7.62% | ||||||||
Advanced Micro Devices, Inc. (a) | 130 | $ | 13,367 | |||||
Allegro MicroSystems, Inc. (a) | 31 | 990 | ||||||
Analog Devices, Inc. | 60 | 10,505 | ||||||
Applied Materials, Inc. | 202 | 27,967 | ||||||
ASML Holding NV (b) | 18 | 10,597 | ||||||
Broadcom, Inc. | 4 | 3,322 | ||||||
Enphase Energy, Inc. (a) | 28 | 3,364 | ||||||
First Solar, Inc. (a) | 16 | 2,585 | ||||||
Infineon Technologies AG – ADR | 90 | 2,985 | ||||||
Intel Corp. | 1,437 | 51,085 | ||||||
KLA Corp. | 21 | 9,632 | ||||||
Lam Research Corp. | 39 | 24,444 | ||||||
Marvell Technology, Inc. | 47 | 2,544 | ||||||
Microchip Technology, Inc. | 310 | 24,196 | ||||||
Micron Technology, Inc. | 554 | 37,689 | ||||||
NVIDIA Corp. | 990 | 430,641 | ||||||
NXP Semiconductors NV (b) | 46 | 9,196 | ||||||
ON Semiconductor Corp. (a) | 154 | 14,314 | ||||||
QUALCOMM, Inc. | 171 | 18,991 | ||||||
Skyworks Solutions, Inc. | 28 | 2,761 | ||||||
Teradyne, Inc. | 1 | 100 | ||||||
Texas Instruments, Inc. | 108 | 17,173 | ||||||
718,448 | ||||||||
Software – 18.17% | ||||||||
ACI Worldwide, Inc. (a) | 28 | 632 | ||||||
Adobe, Inc. (a) | 20 | 10,198 | ||||||
Alteryx, Inc. (a) | 28 | 1,055 | ||||||
ANSYS, Inc. (a) | 1 | 298 | ||||||
Appfolio, Inc. (a) | 5 | 913 | ||||||
Aspen Technology, Inc. (a) | 14 | 2,860 | ||||||
Autodesk, Inc. (a) | 14 | 2,897 | ||||||
BILL Holdings, Inc. (a) | 28 | 3,040 | ||||||
Cadence Design Systems, Inc. (a) | 14 | 3,280 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 820 | 137,251 | ||||||
Datadog, Inc. (a) | 28 | 2,551 | ||||||
Descartes Systems Group, Inc. (a)(b) | 28 | 2,055 | ||||||
DocuSign, Inc. (a) | 14 | 588 | ||||||
Elastic NV (a)(b) | 14 | 1,137 | ||||||
Everbridge, Inc. (a) | 84 | 1,883 | ||||||
Fortinet, Inc. (a) | 37 | 2,171 |
The accompanying notes are an integral part of these financial statements.
25
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Software – 18.17% (Continued) | ||||||||
Gen Digital, Inc. | 154 | $ | 2,723 | |||||
Guidewire Software, Inc. (a) | 14 | 1,260 | ||||||
HubSpot, Inc. (a) | 3 | 1,478 | ||||||
Intuit, Inc. | 59 | 30,145 | ||||||
LiveRamp Holdings, Inc. (a) | 28 | 808 | ||||||
Marin Software, Inc. (a) | 42 | 18 | ||||||
Microsoft Corp. | 3,111 | 982,297 | ||||||
Oracle Corp. | 70 | 7,414 | ||||||
Palo Alto Networks, Inc. (a) | 14 | 3,282 | ||||||
RingCentral, Inc. (a) | 14 | 415 | ||||||
Roper Technologies, Inc. | 28 | 13,560 | ||||||
Salesforce, Inc. (a) | 2,263 | 458,890 | ||||||
SAP SE – ADR | 14 | 1,810 | ||||||
ServiceNow, Inc. (a) | 35 | 19,564 | ||||||
Synopsys, Inc. (a) | 7 | 3,213 | ||||||
Tyler Technologies, Inc. (a) | 7 | 2,703 | ||||||
Unity Software, Inc. (a) | 42 | 1,318 | ||||||
VMware, Inc. (a) | 14 | 2,331 | ||||||
Workday, Inc. (a) | 23 | 4,942 | ||||||
Zoom Video Communications, Inc., Class A (a) | 14 | 979 | ||||||
Zscaler, Inc. (a) | 14 | 2,178 | ||||||
1,714,137 | ||||||||
Specialized REITs – 0.13% | ||||||||
American Tower Corp. | 14 | 2,302 | ||||||
Crown Castle, Inc. | 14 | 1,288 | ||||||
Digital Realty Trust, Inc. | 1 | 121 | ||||||
Equinix, Inc. | 1 | 726 | ||||||
Farmland Partners, Inc. | 84 | 862 | ||||||
Iron Mountain, Inc. | 42 | 2,497 | ||||||
Lamar Advertising Co. | 14 | 1,169 | ||||||
National Storage Affiliates Trust | 84 | 2,667 | ||||||
VICI Properties, Inc. | 42 | 1,222 | ||||||
12,854 | ||||||||
Specialty Retail – 1.47% | ||||||||
Advance Auto Parts, Inc. | 14 | 783 | ||||||
AutoZone, Inc. (a) | 3 | 7,620 | ||||||
Bath & Body Works, Inc. | 442 | 14,940 | ||||||
Best Buy Co., Inc. | 14 | 973 | ||||||
CarMax, Inc. (a) | 271 | 19,168 | ||||||
Chewy, Inc. (a) | 28 | 511 |
The accompanying notes are an integral part of these financial statements.
26
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Specialty Retail – 1.47% (Continued) | ||||||||
Dick’s Sporting Goods, Inc. | 14 | $ | 1,520 | |||||
Gap, Inc. | 14 | 149 | ||||||
Home Depot, Inc. | 115 | 34,748 | ||||||
Leslie’s, Inc. (a) | 28 | 158 | ||||||
Lowe’s Cos., Inc. | 110 | 22,862 | ||||||
O’Reilly Automotive, Inc. (a) | 1 | 909 | ||||||
Revolve Group, Inc. (a) | 28 | 381 | ||||||
Ross Stores, Inc. | 25 | 2,824 | ||||||
TJX Cos., Inc. | 316 | 28,086 | ||||||
Ulta Beauty, Inc. (a) | 4 | 1,598 | ||||||
Wayfair, Inc. (a) | 28 | 1,696 | ||||||
138,926 | ||||||||
Technology Hardware, Storage & Peripherals – 7.25% | ||||||||
Apple, Inc. | 3,604 | 617,042 | ||||||
Dell Technologies, Inc. | 210 | 14,469 | ||||||
Hewlett Packard Enterprise Co. | 546 | 9,484 | ||||||
HP, Inc. | 426 | 10,948 | ||||||
NetApp, Inc. | 56 | 4,249 | ||||||
Pure Storage, Inc. (a) | 84 | 2,992 | ||||||
Quantum Corp. (a) | 672 | 410 | ||||||
Seagate Technology Holdings PLC (b) | 312 | 20,576 | ||||||
Western Digital Corp. (a) | 56 | 2,555 | ||||||
Xerox Holdings Corp. | 42 | 659 | ||||||
683,384 | ||||||||
Textiles, Apparel & Luxury Goods – 0.39% | ||||||||
Carter’s, Inc. | 238 | 16,457 | ||||||
NIKE, Inc., Class A | 177 | 16,924 | ||||||
Tapestry, Inc. | 46 | 1,323 | ||||||
Under Armour, Inc. (a) | 266 | 1,770 | ||||||
36,474 | ||||||||
Tobacco – 0.93% | ||||||||
Altria Group, Inc. | 154 | 6,476 | ||||||
Philip Morris International, Inc. | 878 | 81,285 | ||||||
87,761 | ||||||||
Trading Companies & Distributors – 0.29% | ||||||||
Air Lease Corp. | 14 | 552 | ||||||
Fastenal Co. | 42 | 2,295 | ||||||
Ferguson PLC (b) | 29 | 4,770 | ||||||
United Rentals, Inc. | 28 | 12,447 |
The accompanying notes are an integral part of these financial statements.
27
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Trading Companies & Distributors – 0.29% (Continued) | ||||||||
Watsco, Inc. | 3 | $ | 1,133 | |||||
WESCO International, Inc. | 36 | 5,178 | ||||||
WW Grainger, Inc. | 1 | 692 | ||||||
27,067 | ||||||||
Water Utilities – 0.02% | ||||||||
American Water Works Co., Inc. | 14 | 1,734 | ||||||
Wireless Telecommunication Services – 0.18% | ||||||||
TIM SA/Brazil (b) | 301 | 4,485 | ||||||
T-Mobile US, Inc. (a) | 84 | 11,764 | ||||||
Vodafone Group PLC (b) | 92 | 872 | ||||||
17,121 | ||||||||
Total Common Stocks | ||||||||
(Cost $8,187,275) | 8,597,766 | |||||||
EXCHANGE TRADED FUNDS – 8.69% | ||||||||
Equity – 2.48% | ||||||||
Fidelity Dividend ETF for Rising Rates | 653 | 25,970 | ||||||
First Trust Institutional Preferred Securities and Income ETF | 476 | 8,035 | ||||||
First Trust Preferred Securities and Income ETF | 224 | 3,577 | ||||||
Franklin U.S. Large Cap Multifactor Index ETF | 28 | 1,206 | ||||||
Global X Variable Rate Preferred ETF | 378 | 8,679 | ||||||
Invesco Variable Rate Preferred ETF | 392 | 8,769 | ||||||
iShares Core MSCI EAFE ETF | 14 | 901 | ||||||
iShares Core S&P 500 ETF | 14 | 6,012 | ||||||
iShares Core S&P Small-Cap ETF | 14 | 1,321 | ||||||
iShares ESG Aware MSCI USA ETF | 14 | 1,315 | ||||||
iShares Expanded Tech-Software Sector ETF | 90 | 30,713 | ||||||
iShares Global Healthcare ETF | 14 | 1,154 | ||||||
iShares MSCI EAFE Growth ETF | 14 | 1,208 | ||||||
iShares MSCI USA Min Vol Factor ETF | 14 | 1,013 | ||||||
iShares MSCI USA Value Factor ETF | 14 | 1,270 | ||||||
iShares U.S. Medical Devices ETF | 14 | 679 | ||||||
iShares US Telecommunications ETF | 28 | 596 | ||||||
Nuveen ESG Large-Cap Growth ETF | 515 | 30,885 | ||||||
SPDR Blackstone Senior Loan ETF | 28 | 1,174 | ||||||
Schwab US Dividend Equity ETF | 549 | 38,847 | ||||||
SPDR Dow Jones Industrial Average ETF Trust | 34 | 11,388 | ||||||
SPDR Portfolio S&P 500 Growth ETF | 540 | 32,011 | ||||||
VanEck Durable High Dividend ETF | 140 | 4,237 | ||||||
Vanguard FTSE Developed Markets ETF | 28 | 1,224 | ||||||
Vanguard FTSE Emerging Markets ETF | 28 | 1,098 |
The accompanying notes are an integral part of these financial statements.
28
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Equity – 2.48% (Continued) | ||||||||
Vanguard S&P 500 ETF | 14 | $ | 5,498 | |||||
Virtus Real Asset Income ETF | 168 | 3,714 | ||||||
Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 28 | 747 | ||||||
233,241 | ||||||||
Fixed Income – 6.21% | ||||||||
Franklin U.S. Core Bond ETF | 42 | 861 | ||||||
iShares 20+ Year Treasury Bond ETF | 14 | 1,242 | ||||||
iShares 7-10 Year Treasury Bond ETF | 14 | 1,282 | ||||||
iShares US Treasury Bond ETF | 42 | 926 | ||||||
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund | 5,805 | 581,313 | ||||||
585,624 | ||||||||
Total Exchange Traded Funds | ||||||||
(Cost $816,257) | 818,865 | |||||||
CLOSED END FUNDS – 0.05% | ||||||||
Business Development Companies – 0.05% | ||||||||
Ares Capital Corp. | 56 | 1,090 | ||||||
FS KKR Capital Corp. | 42 | 827 | ||||||
Golub Capital BDC, Inc. | 210 | 3,081 | ||||||
Total Closed End Funds | ||||||||
(Cost $4,770) | 4,998 | |||||||
SHORT-TERM INVESTMENT – 0.02% | ||||||||
Money Market Fund – 0.02% | ||||||||
First American Government Obligations Fund, Class X, 5.26% (c) | 1,529 | 1,529 | ||||||
Total Short-Term Investment | ||||||||
(Cost $1,529) | 1,529 | |||||||
Total Investments | ||||||||
(Cost $9,009,831) – 99.97% | 9,423,158 | |||||||
Other Assets and Liabilities, Net – 0.03% | 2,535 | |||||||
Total Net Assets – 100.00% | $ | 9,425,693 |
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
PLC – Public Liability Company
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day effective yield as of September 30, 2023. |
The Global Industry Classification Standard (“GICS”®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use.
The accompanying notes are an integral part of these financial statements.
29
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments
September 30, 2023
Shares | Value | |||||||
COMMON STOCKS – 96.10% | ||||||||
Aerospace & Defense – 2.46% | ||||||||
Boeing Co. (a) | 49 | $ | 9,392 | |||||
General Dynamics Corp. | 8 | 1,768 | ||||||
Hexcel Corp. | 8 | 521 | ||||||
Lockheed Martin Corp. | 77 | 31,490 | ||||||
Raytheon Technologies Corp. | 488 | 35,121 | ||||||
Woodward, Inc. | 345 | 42,870 | ||||||
121,162 | ||||||||
Air Freight & Logistics – 1.74% | ||||||||
FedEx Corp. | 306 | 81,065 | ||||||
United Parcel Service, Inc., Class B | 32 | 4,988 | ||||||
86,053 | ||||||||
Automobile Components – 0.13% | ||||||||
Gentex Corp. | 8 | 260 | ||||||
Goodyear Tire & Rubber Co. | 51 | 634 | ||||||
LCI Industries | 49 | 5,754 | ||||||
6,648 | ||||||||
Automobiles – 0.42% | ||||||||
Ferrari NV (b) | 1 | 296 | ||||||
Ford Motor Co. | 1,241 | 15,414 | ||||||
NIO, Inc. – ADR (a) | 8 | 72 | ||||||
Stellantis NV (b) | 187 | 3,577 | ||||||
Tesla, Inc. (a) | 6 | 1,501 | ||||||
Workhorse Group, Inc. (a) | 56 | 23 | ||||||
20,883 | ||||||||
Banks – 3.11% | ||||||||
Bank of America Corp. | 243 | 6,653 | ||||||
Bank of Nova Scotia (b) | 8 | 365 | ||||||
Citigroup, Inc. | 752 | 30,930 | ||||||
Citizens Financial Group, Inc. | 8 | 214 | ||||||
Community Trust Bancorp, Inc. | 8 | 274 | ||||||
Farmers & Merchants Bancorp, Inc. | 111 | 1,946 | ||||||
Fifth Third Bancorp | 8 | 203 | ||||||
First Guaranty Bancshares, Inc. | 16 | 176 | ||||||
JPMorgan Chase & Co. | 207 | 30,019 | ||||||
KeyCorp | 16 | 172 | ||||||
New York Community Bancorp, Inc. | 46 | 522 | ||||||
PNC Financial Services Group, Inc. | 7 | 859 | ||||||
Regions Financial Corp. | 16 | 275 | ||||||
Royal Bank of Canada (b) | 32 | 2,798 |
The accompanying notes are an integral part of these financial statements.
30
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Banks – 3.11% (Continued) | ||||||||
Southern States Bancshares, Inc. | 199 | $ | 4,495 | |||||
Synovus Financial Corp. | 68 | 1,890 | ||||||
United Bankshares, Inc. | 382 | 10,539 | ||||||
US Bancorp | 128 | 4,232 | ||||||
Wells Fargo & Co. | 1,210 | 49,442 | ||||||
Zions Bancorp NA | 225 | 7,850 | ||||||
153,854 | ||||||||
Beverages – 0.62% | ||||||||
Coca-Cola Co. | 232 | 12,987 | ||||||
Constellation Brands, Inc. | 16 | 4,021 | ||||||
Keurig Dr Pepper, Inc. | 188 | 5,935 | ||||||
Monster Beverage Corp. (a) | 121 | 6,407 | ||||||
PepsiCo, Inc. | 8 | 1,356 | ||||||
30,706 | ||||||||
Biotechnology – 2.21% | ||||||||
AbbVie, Inc. | 75 | 11,180 | ||||||
Amgen, Inc. | 43 | 11,557 | ||||||
Gilead Sciences, Inc. | 8 | 600 | ||||||
Humacyte, Inc. (a) | 240 | 703 | ||||||
Neurocrine Biosciences, Inc. (a) | 70 | 7,875 | ||||||
United Therapeutics Corp. (a) | 339 | 76,569 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 1 | 348 | ||||||
108,832 | ||||||||
Broadline Retail – 1.54% | ||||||||
Alibaba Group Holding Ltd. – ADR (a) | 8 | 694 | ||||||
Amazon.com, Inc. (a) | 570 | 72,459 | ||||||
Etsy, Inc. (a) | 49 | 3,164 | ||||||
Qurate Retail, Inc. (a) | 144 | 87 | ||||||
76,404 | ||||||||
Building Products – 1.22% | ||||||||
A O Smith Corp. | 32 | 2,116 | ||||||
Allegion PLC (b) | 8 | 834 | ||||||
Carlisle Cos., Inc. | 89 | 23,074 | ||||||
Fortune Brands Innovations, Inc. | 210 | 13,054 | ||||||
Lennox International, Inc. | 2 | 749 | ||||||
Owens Corning | 27 | 3,683 | ||||||
Simpson Manufacturing Co., Inc. | 107 | 16,030 | ||||||
Trex Co., Inc. (a) | 8 | 493 | ||||||
60,033 |
The accompanying notes are an integral part of these financial statements.
31
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Capital Markets – 1.44% | ||||||||
Ameriprise Financial, Inc. | 1 | $ | 330 | |||||
Bank of New York Mellon Corp. | 8 | 341 | ||||||
BlackRock, Inc. | 7 | 4,525 | ||||||
Cboe Global Markets, Inc. | 8 | 1,250 | ||||||
Charles Schwab Corp. | 507 | 27,835 | ||||||
CME Group, Inc. | 14 | 2,803 | ||||||
Coinbase Global, Inc. (a) | 8 | 601 | ||||||
Goldman Sachs Group, Inc. | 8 | 2,589 | ||||||
Houlihan Lokey, Inc. | 126 | 13,497 | ||||||
Intercontinental Exchange, Inc. | 41 | 4,511 | ||||||
KKR & Co., Inc. | 72 | 4,435 | ||||||
LPL Financial Holdings, Inc. | 2 | 475 | ||||||
Moody’s Corp. | 4 | 1,265 | ||||||
Morgan Stanley | 8 | 653 | ||||||
Nasdaq, Inc. | 8 | 389 | ||||||
S&P Global, Inc. | 3 | 1,096 | ||||||
T Rowe Price Group, Inc. | 36 | 3,775 | ||||||
Victory Capital Holdings, Inc., Class A | 16 | 533 | ||||||
70,903 | ||||||||
Chemicals – 2.57% | ||||||||
Air Products and Chemicals, Inc. | 5 | 1,417 | ||||||
Albemarle Corp. | 12 | 2,040 | ||||||
Cabot Corp. | 16 | 1,108 | ||||||
Chemours Co. | 54 | 1,515 | ||||||
Dow, Inc. | 1,383 | 71,308 | ||||||
Linde PLC (b) | 124 | 46,171 | ||||||
Mosaic Co. | 8 | 285 | ||||||
PPG Industries, Inc. | 8 | 1,038 | ||||||
Sherwin-Williams Co. | 6 | 1,530 | ||||||
126,412 | ||||||||
Commercial Services & Supplies – 0.15% | ||||||||
Republic Services, Inc. | 8 | 1,140 | ||||||
Waste Management, Inc. | 40 | 6,098 | ||||||
7,238 | ||||||||
Communications Equipment – 1.19% | ||||||||
Arista Networks, Inc. (a) | 259 | 47,638 | ||||||
Cisco Systems, Inc. | 200 | 10,752 | ||||||
Motorola Solutions, Inc. | 2 | 544 | ||||||
58,934 |
The accompanying notes are an integral part of these financial statements.
32
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Construction & Engineering – 1.87% | ||||||||
AECOM | 1 | $ | 83 | |||||
Comfort Systems USA, Inc. | 475 | 80,944 | ||||||
Quanta Services, Inc. | 38 | 7,109 | ||||||
Valmont Industries, Inc. | 17 | 4,084 | ||||||
92,220 | ||||||||
Construction Materials – 0.00% | ||||||||
Vulcan Materials Co. | 1 | 202 | ||||||
Consumer Finance – 1.09% | ||||||||
Ally Financial, Inc. | 18 | 480 | ||||||
American Express Co. | 24 | 3,581 | ||||||
Capital One Financial Corp. | 410 | 39,791 | ||||||
Discover Financial Services | 16 | 1,386 | ||||||
FirstCash Holdings, Inc. | 60 | 6,023 | ||||||
Katapult Holdings, Inc. (a) | 243 | 2,488 | ||||||
53,749 | ||||||||
Consumer Staples Distribution & Retail – 2.17% | ||||||||
BJ’s Wholesale Club Holdings, Inc. (a) | 270 | 19,270 | ||||||
Costco Wholesale Corp. | 72 | 40,677 | ||||||
Dollar General Corp. | 2 | 212 | ||||||
Dollar Tree, Inc. (a) | 301 | 32,041 | ||||||
Ingles Markets, Inc. | 8 | 603 | ||||||
Kroger Co. | 16 | 716 | ||||||
Sysco Corp. | 8 | 528 | ||||||
Target Corp. | 19 | 2,101 | ||||||
Walgreens Boots Alliance, Inc. | 85 | 1,890 | ||||||
Walmart, Inc. | 58 | 9,276 | ||||||
107,314 | ||||||||
Containers & Packaging – 0.70% | ||||||||
AptarGroup, Inc. | 85 | 10,628 | ||||||
Avery Dennison Corp. | 39 | 7,124 | ||||||
Ball Corp. | 40 | 1,991 | ||||||
Crown Holdings, Inc. | 17 | 1,504 | ||||||
International Paper Co. | 8 | 284 | ||||||
TriMas Corp. | 525 | 13,000 | ||||||
34,531 | ||||||||
Diversified Consumer Services – 0.03% | ||||||||
Chegg, Inc. | 56 | 500 | ||||||
Service Corp. International | 16 | 914 | ||||||
1,414 |
The accompanying notes are an integral part of these financial statements.
33
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Diversified Telecommunication Services – 1.24% | ||||||||
AT&T, Inc. | 3,787 | $ | 56,881 | |||||
Verizon Communications, Inc. | 136 | 4,408 | ||||||
61,289 | ||||||||
Electric Utilities – 0.76% | ||||||||
American Electric Power Co., Inc. | 24 | 1,805 | ||||||
Duke Energy Corp. | 27 | 2,383 | ||||||
NextEra Energy, Inc. | 536 | 30,707 | ||||||
Southern Co. | 8 | 518 | ||||||
Via Renewables, Inc. | 2 | 15 | ||||||
Xcel Energy, Inc. | 40 | 2,289 | ||||||
37,717 | ||||||||
Electrical Equipment – 1.90% | ||||||||
AMETEK, Inc. | 8 | 1,182 | ||||||
Ballard Power Systems, Inc. (a)(b) | 96 | 352 | ||||||
Emerson Electric Co. | 317 | 30,613 | ||||||
FuelCell Energy, Inc. (a) | 192 | 246 | ||||||
Generac Holdings, Inc. (a) | 8 | 872 | ||||||
Ideal Power, Inc. (a) | 56 | 548 | ||||||
Nuvve Holding Corp. (a) | 96 | 33 | ||||||
nVent Electric PLC (b) | 398 | 21,090 | ||||||
Plug Power, Inc. (a) | 24 | 182 | ||||||
Regal Rexnord Corp. | 41 | 5,858 | ||||||
Rockwell Automation, Inc. | 116 | 33,160 | ||||||
94,136 | ||||||||
Electronic Equipment, Instruments & Components – 1.19% | ||||||||
Amphenol Corp., Class A | 19 | 1,596 | ||||||
Arrow Electronics, Inc. (a) | 76 | 9,518 | ||||||
Corning, Inc. | 56 | 1,706 | ||||||
CTS Corp. | 83 | 3,464 | ||||||
ePlus, Inc. (a) | 137 | 8,702 | ||||||
Fabrinet (a)(b) | 43 | 7,165 | ||||||
Insight Enterprises, Inc. (a) | 109 | 15,860 | ||||||
Keysight Technologies, Inc. (a) | 2 | 265 | ||||||
Plexus Corp. (a) | 106 | 9,856 | ||||||
Vuzix Corporation (a) | 72 | 261 | ||||||
58,393 | ||||||||
Energy Equipment & Services – 0.12% | ||||||||
Baker Hughes Co. | 112 | 3,956 | ||||||
Halliburton Co. | 48 | 1,944 | ||||||
5,900 |
The accompanying notes are an integral part of these financial statements.
34
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Entertainment – 1.10% | ||||||||
Activision Blizzard, Inc. | 25 | $ | 2,341 | |||||
Electronic Arts, Inc. | 16 | 1,926 | ||||||
Netflix, Inc. (a) | 49 | 18,503 | ||||||
ROBLOX Corp., Class A (a) | 24 | 695 | ||||||
Take-Two Interactive Software, Inc. (a) | 3 | 421 | ||||||
Walt Disney Co. (a) | 148 | 11,995 | ||||||
Warner Bros Discovery, Inc. (a) | 1,701 | 18,473 | ||||||
54,354 | ||||||||
Financial Services – 5.21% | ||||||||
Berkshire Hathaway, Inc., Class B (a) | 30 | 10,509 | ||||||
Block, Inc. (a) | 108 | 4,780 | ||||||
Equitable Holdings, Inc. | 759 | 21,548 | ||||||
Euronet Worldwide, Inc. (a) | 25 | 1,985 | ||||||
Fidelity National Information Services, Inc. | 941 | 52,009 | ||||||
FleetCor Technologies, Inc. (a) | 127 | 32,428 | ||||||
Global Payments, Inc. | 8 | 923 | ||||||
Mastercard, Inc., Class A | 74 | 29,297 | ||||||
PayPal Holdings, Inc. (a) | 1,281 | 74,888 | ||||||
Visa, Inc., Class A | 123 | 28,291 | ||||||
256,658 | ||||||||
Food Products – 1.58% | ||||||||
Conagra Brands, Inc. | 122 | 3,345 | ||||||
General Mills, Inc. | 68 | 4,351 | ||||||
Hershey Co. | 13 | 2,601 | ||||||
Mondelez International, Inc. | 8 | 555 | ||||||
Tyson Foods, Inc., Class A | 1,332 | 67,253 | ||||||
78,105 | ||||||||
Gas Utilities – 1.91% | ||||||||
National Fuel Gas Co. | 1,351 | 70,130 | ||||||
Suburban Propane Partners LP | 1,510 | 24,236 | ||||||
94,366 | ||||||||
Ground Transportation – 0.18% | ||||||||
ArcBest Corp. | 46 | 4,676 | ||||||
CSX Corp. | 16 | 492 | ||||||
Old Dominion Freight Line, Inc. | 1 | 409 | ||||||
Union Pacific Corp. | 17 | 3,462 | ||||||
9,039 | ||||||||
The accompanying notes are an integral part of these financial statements.
35
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Health Care Equipment & Supplies – 1.08% | ||||||||
Abbott Laboratories | 42 | $ | 4,068 | |||||
Align Technology, Inc. | 8 | 2,443 | ||||||
Asensus Surgical, Inc. | 520 | 140 | ||||||
Becton Dickinson & Co. | 2 | 517 | ||||||
Boston Scientific Corp. | 403 | 21,278 | ||||||
DENTSPLY SIRONA, Inc. | 16 | 547 | ||||||
Dexcom, Inc. | 97 | 9,050 | ||||||
Edwards Lifesciences Corp. | 16 | 1,108 | ||||||
Intuitive Surgical, Inc. | 6 | 1,754 | ||||||
Koninklijke Philips NV (a) | 158 | 3,151 | ||||||
Masimo Corp. | 49 | 4,296 | ||||||
Medtronic PLC | 52 | 4,074 | ||||||
Zimmer Biomet Holdings, Inc. | 8 | 898 | ||||||
53,324 | ||||||||
Health Care Providers & Services – 3.41% | ||||||||
Centene Corp. (a) | 67 | 4,615 | ||||||
Cigna Group | 2 | 572 | ||||||
CVS Health Corp. | 226 | 15,779 | ||||||
Elevance Health, Inc. | 170 | 74,021 | ||||||
Fresenius Medical Care AG & Co. KGaA | 104 | 2,240 | ||||||
HealthEquity, Inc. | 16 | 1,169 | ||||||
Henry Schein, Inc. | 271 | 20,122 | ||||||
McKesson Corp. | 14 | 6,088 | ||||||
Quest Diagnostics, Inc. | 22 | 2,681 | ||||||
UnitedHealth Group, Inc. | 80 | 40,335 | ||||||
167,622 | ||||||||
Health Care REITs – 0.00% | ||||||||
Medical Properties Trust, Inc. | 16 | 87 | ||||||
Hotels, Restaurants & Leisure – 2.16% | ||||||||
Airbnb, Inc. | 8 | 1,098 | ||||||
Booking Holdings, Inc. | 3 | 9,252 | ||||||
Chipotle Mexican Grill, Inc. | 8 | 14,654 | ||||||
Domino’s Pizza, Inc. | 6 | 2,273 | ||||||
DraftKings, Inc. | 24 | 707 | ||||||
Hilton Worldwide Holdings, Inc. | 80 | 12,014 | ||||||
Hyatt Hotels Corp. | 26 | 2,758 | ||||||
Las Vegas Sands Corp. | 857 | 39,284 | ||||||
McDonald’s Corp. | 13 | 3,425 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 88 | 1,450 | ||||||
Penn Entertainment, Inc. | 8 | 184 |
The accompanying notes are an integral part of these financial statements.
36
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Hotels, Restaurants & Leisure – 2.16% (Continued) | ||||||||
Restaurant Brands International, Inc. (b) | 34 | $ | 2,265 | |||||
Starbucks Corp. | 117 | 10,679 | ||||||
Wynn Resorts Ltd. | 71 | 6,561 | ||||||
106,604 | ||||||||
Household Durables – 0.24% | ||||||||
Garmin Ltd. (b) | 14 | 1,473 | ||||||
LGI Homes, Inc. (a) | 96 | 9,551 | ||||||
PulteGroup, Inc. | 8 | 592 | ||||||
Sony Group Corp. – ADR | 1 | 82 | ||||||
11,698 | ||||||||
Household Products – 0.26% | ||||||||
Church & Dwight Co., Inc. | 5 | 458 | ||||||
Clorox Co. | 39 | 5,111 | ||||||
Kimberly-Clark Corp. | 23 | 2,780 | ||||||
Procter & Gamble Co. | 30 | �� | 4,376 | |||||
12,725 | ||||||||
Independent Power & Renewable Elec Producers – 0.08% | ||||||||
AES Corp. | 16 | 243 | ||||||
Clearway Energy, Inc. | 189 | 3,765 | ||||||
4,008 | ||||||||
Industrial Conglomerates – 0.86% | ||||||||
3M Co. | 8 | 749 | ||||||
General Electric Co. | 130 | 14,372 | ||||||
Honeywell International, Inc. | 148 | 27,341 | ||||||
42,462 | ||||||||
Insurance – 3.10% | ||||||||
Aflac, Inc. | 8 | 614 | ||||||
Allstate Corp. | 513 | 57,153 | ||||||
Chubb Ltd. (b) | 88 | 18,320 | ||||||
Fidelity National Financial, Inc. | 8 | 330 | ||||||
Hartford Financial Services Group, Inc. | 8 | 567 | ||||||
Marsh & McLennan Cos., Inc. | 106 | 20,172 | ||||||
Old Republic International Corp. | 48 | 1,293 | ||||||
Primerica, Inc. | 104 | 20,177 | ||||||
Progressive Corp. | 29 | 4,040 | ||||||
Selective Insurance Group, Inc. | 21 | 2,167 | ||||||
Willis Towers Watson PLC (b) | 134 | 28,000 | ||||||
152,833 | ||||||||
The accompanying notes are an integral part of these financial statements.
37
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Interactive Media & Services – 1.46% | ||||||||
Alphabet, Inc., Class A (a) | 345 | $ | 45,146 | |||||
Alphabet, Inc., Class C (a) | 50 | 6,593 | ||||||
IAC, Inc. (a) | 242 | 12,194 | ||||||
Liberty TripAdvisor Holdings, Inc. (a) | 88 | 43 | ||||||
Meta Platforms, Inc., Class A (a) | 27 | 8,106 | ||||||
72,082 | ||||||||
IT Services – 3.50% | ||||||||
Accenture PLC, Class A (b) | 315 | 96,740 | ||||||
EPAM Systems, Inc. (a) | 234 | 59,831 | ||||||
International Business Machines Corp. | 72 | 10,102 | ||||||
VeriSign, Inc. (a) | 32 | 6,481 | ||||||
173,154 | ||||||||
Leisure Products – 0.02% | ||||||||
Peloton Interactive, Inc., Class A (a) | 48 | 242 | ||||||
Polaris, Inc. | 8 | 834 | ||||||
1,076 | ||||||||
Life Sciences Tools & Services – 0.88% | ||||||||
Agilent Technologies, Inc. | 11 | 1,230 | ||||||
Danaher Corp. | 23 | 5,706 | ||||||
ICON PLC (a)(b) | 8 | 1,970 | ||||||
Illumina, Inc. (a) | 20 | 2,746 | ||||||
IQVIA Holdings, Inc. (a) | 76 | 14,953 | ||||||
Thermo Fisher Scientific, Inc. | 33 | 16,704 | ||||||
Waters Corp. (a) | 1 | 274 | ||||||
43,583 | ||||||||
Machinery – 2.35% | ||||||||
AGCO Corp. | 41 | 4,849 | ||||||
Caterpillar, Inc. | 8 | 2,184 | ||||||
CNH Industrial NV (b) | 624 | 7,550 | ||||||
Crane Co. | 16 | 1,421 | ||||||
Cummins, Inc. | 6 | 1,371 | ||||||
Deere & Co. | 8 | 3,019 | ||||||
Donaldson Co., Inc. | 249 | 14,850 | ||||||
Dover Corp. | 82 | 11,440 | ||||||
EnPro Industries, Inc. | 8 | 970 | ||||||
Gates Industrial Corp. PLC (a)(b) | 480 | 5,573 | ||||||
IDEX Corp. | 1 | 208 | ||||||
Illinois Tool Works, Inc. | 29 | 6,679 | ||||||
ITT, Inc. | 49 | 4,798 |
The accompanying notes are an integral part of these financial statements.
38
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Machinery – 2.35% (Continued) | ||||||||
Oshkosh Corp. | 398 | $ | 37,981 | |||||
Otis Worldwide Corp. | 56 | 4,497 | ||||||
PACCAR, Inc. | 55 | 4,676 | ||||||
Parker-Hannifin Corp. | 8 | 3,116 | ||||||
Stanley Black & Decker, Inc. | 8 | 669 | ||||||
115,851 | ||||||||
Marine Transportation – 0.02% | ||||||||
Castor Maritime, Inc. (a)(b) | 40 | 17 | ||||||
Golden Ocean Group Ltd. (b) | 112 | 883 | ||||||
900 | ||||||||
Media – 1.00% | ||||||||
Charter Communications, Inc. (a) | 28 | 12,315 | ||||||
Comcast Corp. | 152 | 6,740 | ||||||
DISH Network Corp., Class A (a) | 420 | 2,461 | ||||||
Interpublic Group of Cos., Inc. | 394 | 11,292 | ||||||
Liberty Broadband Corp. (a) | 148 | 13,515 | ||||||
Liberty Media Corp.-Liberty SiriusXM (a) | 16 | 407 | ||||||
Omnicom Group, Inc. | 22 | 1,639 | ||||||
Paramount Global | 80 | 1,032 | ||||||
49,401 | ||||||||
Metals & Mining – 2.22% | ||||||||
Barrick Gold Corp. (b) | 432 | 6,286 | ||||||
BHP Group Ltd. – ADR | 8 | 455 | ||||||
Cleveland-Cliffs, Inc. (a) | 3,970 | 62,051 | ||||||
Freeport-McMoRan, Inc. | 314 | 11,709 | ||||||
Nucor Corp. | 174 | 27,205 | ||||||
Reliance Steel & Aluminum Co. | 1 | 262 | ||||||
Rio Tinto PLC – ADR | 8 | 509 | ||||||
Royal Gold, Inc. | 8 | 851 | ||||||
109,328 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) – 0.04% | ||||||||
Arlington Asset Investment Corp. (a) | 343 | 1,468 | ||||||
Blackstone Mortgage Trust, Inc. | 8 | 174 | ||||||
Chimera Investment Corp. | 48 | 262 | ||||||
1,904 | ||||||||
Multi-Utilities – 0.04% | ||||||||
CenterPoint Energy, Inc. | 56 | 1,503 | ||||||
CMS Energy Corp. | 8 | 425 | ||||||
1,928 |
The accompanying notes are an integral part of these financial statements.
39
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Oil, Gas & Consumable Fuels – 11.26% | ||||||||
Alliance Resource Partners LP | 236 | $ | 5,317 | |||||
Antero Midstream Corp. | 32 | 383 | ||||||
Chevron Corp. | 358 | 60,366 | ||||||
Chord Energy Corp. | 18 | 2,917 | ||||||
Civitas Resources, Inc. | 8 | 647 | ||||||
ConocoPhillips | 1,094 | 131,062 | ||||||
Coterra Energy, Inc. | 62 | 1,677 | ||||||
Cross Timbers Royalty Trust | 62 | 1,208 | ||||||
CrossAmerica Partners LP | 104 | 2,256 | ||||||
Devon Energy Corp. | 419 | 19,986 | ||||||
Energy Transfer LP | 1,405 | 19,712 | ||||||
EOG Resources, Inc. | 18 | 2,282 | ||||||
Exxon Mobil Corp. | 138 | 16,226 | ||||||
Green Plains Partners LP | 232 | 3,452 | ||||||
Kinder Morgan, Inc. | 16 | 265 | ||||||
NGL Energy Partners LP (a) | 23,953 | 92,698 | ||||||
Occidental Petroleum Corp. | 35 | 2,271 | ||||||
ONEOK, Inc. | 535 | 33,924 | ||||||
Pembina Pipeline Corp. (b) | 120 | 3,607 | ||||||
Permian Resources Corp. | 109 | 1,522 | ||||||
Phillips 66 | 67 | 8,050 | ||||||
Pioneer Natural Resources Co. | 2 | 459 | ||||||
Plains All American Pipeline LP | 150 | 2,298 | ||||||
Shell PLC (a) | 1,592 | 102,494 | ||||||
Summit Midstream Partners LP (a) | 8 | 111 | ||||||
Tellurian, Inc. (a) | 256 | 297 | ||||||
TotalEnergies SE – ADR | 32 | 2,104 | ||||||
USD Partners LP | 589 | 353 | ||||||
Valero Energy Corp. | 8 | 1,134 | ||||||
Williams Cos., Inc. | 1,093 | 36,823 | ||||||
555,901 | ||||||||
Paper & Forest Products – 0.01% | ||||||||
Sylvamo Corp. | 8 | 352 | ||||||
Passenger Airlines – 0.93% | ||||||||
American Airlines Group, Inc. (a) | 568 | 7,276 | ||||||
Delta Air Lines, Inc. | 545 | 20,165 | ||||||
Southwest Airlines Co. | 602 | 16,296 | ||||||
United Airlines Holdings, Inc. (a) | 56 | 2,369 | ||||||
46,106 |
The accompanying notes are an integral part of these financial statements.
40
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Personal Care Products – 0.01% | ||||||||
Beauty Health Co. (a) | 32 | $ | 192 | |||||
Estee Lauder Cos., Inc. | 1 | 145 | ||||||
337 | ||||||||
Pharmaceuticals – 1.48% | ||||||||
Acasti Pharma, Inc. (a)(b) | 12 | 33 | ||||||
AstraZeneca PLC – ADR | 194 | 13,138 | ||||||
Bristol-Myers Squibb Co. | 37 | 2,147 | ||||||
Eli Lilly & Co. | 5 | 2,686 | ||||||
GSK PLC – ADR | 112 | 4,060 | ||||||
Johnson & Johnson | 270 | 42,052 | ||||||
Merck & Co., Inc. | 48 | 4,942 | ||||||
Novartis AG – ADR | 8 | 815 | ||||||
Pfizer, Inc. | 16 | 531 | ||||||
Takeda Pharmaceutical Co. Ltd. – ADR | 24 | 371 | ||||||
Zoetis, Inc. | 14 | 2,436 | ||||||
73,211 | ||||||||
Professional Services – 0.64% | ||||||||
Automatic Data Processing, Inc. | 17 | 4,090 | ||||||
Booz Allen Hamilton Holding Corp. | 24 | 2,622 | ||||||
FTI Consulting, Inc. (a) | 16 | 2,855 | ||||||
Genpact Ltd. (b) | 41 | 1,484 | ||||||
Jacobs Solutions, Inc. | 4 | 546 | ||||||
KBR, Inc. | 85 | 5,010 | ||||||
Paychex, Inc. | 5 | 577 | ||||||
Paycom Software, Inc. | 1 | 259 | ||||||
RELX PLC – ADR | 16 | 539 | ||||||
Robert Half International, Inc. | 188 | 13,776 | ||||||
31,758 | ||||||||
Real Estate Management & Development – 0.01% | ||||||||
Kennedy-Wilson Holdings, Inc. | 48 | 708 | ||||||
Residential REITs – 0.01% | ||||||||
Equity LifeStyle Properties, Inc. | 8 | 510 | ||||||
Retail REITs – 1.10% | ||||||||
Simon Property Group, Inc. | 502 | 54,231 | ||||||
Semiconductors & Semiconductor Equipment – 6.12% | ||||||||
Advanced Micro Devices, Inc. (a) | 24 | 2,468 | ||||||
Applied Materials, Inc. | 24 | 3,323 | ||||||
ASML Holding NV (b) | 68 | 40,029 | ||||||
The accompanying notes are an integral part of these financial statements.
41
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Semiconductors & Semiconductor Equipment – 6.12% (Continued) | ||||||||
Broadcom, Inc. | 21 | $ | 17,442 | |||||
Daqo New Energy Corp. – ADR | 8 | 242 | ||||||
Entegris, Inc. | 212 | 19,909 | ||||||
Intel Corp. | 2,212 | 78,636 | ||||||
KLA Corp. | 13 | 5,963 | ||||||
Lam Research Corp. | 1 | 627 | ||||||
Micron Technology, Inc. | 40 | 2,721 | ||||||
MKS Instruments, Inc. | 8 | 692 | ||||||
NVIDIA Corp. | 73 | 31,754 | ||||||
QUALCOMM, Inc. | 360 | 39,982 | ||||||
Skyworks Solutions, Inc. | 8 | 789 | ||||||
SolarEdge Technologies, Inc. (a) | 14 | 1,813 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR | 8 | 695 | ||||||
Teradyne, Inc. | 8 | 804 | ||||||
Texas Instruments, Inc. | 338 | 53,745 | ||||||
301,634 | ||||||||
Software – 4.67% | ||||||||
Adobe, Inc. (a) | 70 | 35,693 | ||||||
Autodesk, Inc. (a) | 186 | 38,486 | ||||||
C3.ai, Inc. (a) | 24 | 612 | ||||||
Cadence Design Systems, Inc. (a) | 108 | 25,304 | ||||||
Clear Secure, Inc. | 56 | 1,066 | ||||||
Crowdstrike Holdings, Inc., Class A (a) | 32 | 5,356 | ||||||
Fortinet, Inc. (a) | 28 | 1,643 | ||||||
Gen Digital, Inc. | 852 | 15,063 | ||||||
Intuit, Inc. | 55 | 28,102 | ||||||
Microsoft Corp. | 115 | 36,311 | ||||||
Oracle Corp. | 59 | 6,249 | ||||||
Progress Software Corp. | 154 | 8,097 | ||||||
PTC, Inc. (a) | 64 | 9,068 | ||||||
Salesforce, Inc. (a) | 13 | 2,636 | ||||||
ServiceNow, Inc. (a) | 22 | 12,297 | ||||||
VMware, Inc. (a) | 22 | 3,663 | ||||||
Zoom Video Communications, Inc., Class A (a) | 8 | 560 | ||||||
230,206 | ||||||||
Specialized REITs – 0.04% | ||||||||
American Tower Corp. | 2 | 329 | ||||||
Crown Castle, Inc. | 11 | 1,012 | ||||||
Iron Mountain, Inc. | 8 | 476 | ||||||
1,817 |
The accompanying notes are an integral part of these financial statements.
42
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Special Purpose Acquisition Companies – 0.01% | ||||||||
Digital World Acquisition Corp. (a) | 16 | $ | 263 | |||||
Specialty Retail – 2.84% | ||||||||
Advance Auto Parts, Inc. | 59 | 3,300 | ||||||
AutoZone, Inc. | 1 | 2,540 | ||||||
Bath & Body Works, Inc. | 980 | 33,124 | ||||||
CarMax, Inc. | 51 | 3,607 | ||||||
Five Below, Inc. | 37 | 5,953 | ||||||
GameStop Corp., Class A | 8 | 132 | ||||||
Gap, Inc. | 16 | 170 | ||||||
Home Depot, Inc. | 130 | 39,281 | ||||||
Lowe’s Cos., Inc. | 12 | 2,494 | ||||||
O’Reilly Automotive, Inc. | 35 | 31,810 | ||||||
Penske Automotive Group, Inc. | 69 | 11,527 | ||||||
RH | 1 | 264 | ||||||
TJX Cos., Inc. (a) | 69 | 6,133 | ||||||
140,335 | ||||||||
Technology Hardware, Storage & Peripherals – 0.58% | ||||||||
Apple, Inc. | 111 | 19,004 | ||||||
NetApp, Inc. | 78 | 5,919 | ||||||
Seagate Technology Holdings PLC | 8 | 528 | ||||||
Western Digital Corp. | 72 | 3,285 | ||||||
28,736 | ||||||||
Textiles, Apparel & Luxury Goods – 0.46% | ||||||||
Crocs, Inc. | 8 | 706 | ||||||
NIKE, Inc., Class A | 8 | 765 | ||||||
Skechers USA, Inc. | 404 | 19,776 | ||||||
Tapestry, Inc. | 12 | 345 | ||||||
Under Armour, Inc. | 153 | 1,048 | ||||||
VF Corp. | 8 | 141 | ||||||
22,781 | ||||||||
Tobacco – 1.89% | ||||||||
Altria Group, Inc. | 171 | 7,191 | ||||||
British American Tobacco PLC | 56 | 1,759 | ||||||
Philip Morris International, Inc. | 899 | 83,229 | ||||||
Universal Corp. | 16 | 755 | ||||||
92,934 | ||||||||
Trading Companies & Distributors – 1.10% | ||||||||
AerCap Holdings NV (a) | 191 | 11,970 | ||||||
Applied Industrial Technologies, Inc. | 108 | 16,698 |
The accompanying notes are an integral part of these financial statements.
43
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Trading Companies & Distributors – 1.10% (Continued) | ||||||||
Beacon Roofing Supply, Inc. (a) | 263 | $ | 20,295 | |||||
MSC Industrial Direct Co., Inc. | 24 | 2,356 | ||||||
WESCO International, Inc. | 17 | 2,445 | ||||||
WW Grainger, Inc. | 1 | 692 | ||||||
54,456 | ||||||||
Wireless Telecommunication Services – 0.36% | ||||||||
T-Mobile US, Inc. (a) | 126 | 17,646 | ||||||
Total Common Stocks | ||||||||
(Cost $4,712,099) | 4,741,941 | |||||||
EXCHANGE TRADED FUNDS – 3.37% | ||||||||
Equity – 2.61% | ||||||||
Direxion Daily Financial Bull 3X Shares | 16 | 940 | ||||||
Energy Select Sector SPDR Fund | 8 | 723 | ||||||
Fidelity Dividend ETF for Rising Rates | 108 | 4,295 | ||||||
Fidelity International Multifactor ETF | 16 | 396 | ||||||
Fidelity MSCI Consumer Discretionary Index ETF | 40 | 2,794 | ||||||
Fidelity MSCI Health Care Index ETF | 94 | 5,695 | ||||||
Fidelity MSCI Information Technology Index ETF | 81 | 9,957 | ||||||
Fidelity MSCI Materials Index ETF | 32 | 1,414 | ||||||
Fidelity Nasdaq Composite Index ETF | 8 | 416 | ||||||
Fidelity Quality Factor ETF | 209 | 10,303 | ||||||
First Trust Value Line Dividend Index Fund | 48 | 1,795 | ||||||
Franklin FTSE United Kingdom ETF | 16 | 383 | ||||||
InfraCap MLP ETF | 1,071 | 37,431 | ||||||
Invesco Aerospace & Defense ETF | 8 | 638 | ||||||
Invesco QQQ Trust Series 1 | 8 | 2,866 | ||||||
iPath Series B S&P 500 VIX Short-Term Futures ETN (a) | 1 | 23 | ||||||
iShares Core Dividend Growth ETF | 480 | 23,774 | ||||||
iShares Core MSCI Europe ETF | 8 | 397 | ||||||
iShares Core S&P Small-Cap ETF | 8 | 755 | ||||||
iShares MSCI EAFE ETF | 75 | 5,169 | ||||||
iShares Russell 1000 ETF | 1 | 235 | ||||||
iShares S&P 500 Growth ETF | 8 | 547 | ||||||
Schwab International Equity ETF | 8 | 272 | ||||||
SPDR Gold Shares (a) | 24 | 4,115 | ||||||
SPDR S&P 500 ETF Trust | 2 | 855 | ||||||
SPDR S&P Bank ETF | 8 | 295 | ||||||
SPDR S&P MidCap 400 ETF Trust | 1 | 457 | ||||||
Strategy Shares NASDAQ 7 HANDL ETF | 96 | 1,835 |
The accompanying notes are an integral part of these financial statements.
44
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
Equity – 2.61% (Continued) | ||||||||
United States Oil Fund LP (a) | 8 | $ | 647 | |||||
US Global Jets ETF (a) | 24 | 409 | ||||||
Vanguard Growth ETF | 8 | 2,178 | ||||||
Vanguard Russell 1000 | 38 | 7,397 | ||||||
129,406 | ||||||||
Fixed Income – 0.76% | ||||||||
Columbia Diversified Fixed Income Allocation ETF | 80 | 1,347 | ||||||
Federated Hermes Short Duration High Yield ETF | 16 | 357 | ||||||
First Trust Enhanced Short Maturity ETF | 177 | 10,517 | ||||||
iShares 0-5 Year High Yield Corporate Bond ETF | 16 | 656 | ||||||
iShares 10-20 Year Treasury Bond ETF | 8 | 788 | ||||||
iShares 20+ Year Treasury Bond ETF | 8 | 710 | ||||||
iShares TIPS Bond ETF | 211 | 21,885 | ||||||
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund | 8 | 729 | ||||||
Schwab US TIPS ETF | 8 | 404 | ||||||
37,393 | ||||||||
Total Exchange Traded Funds | ||||||||
(Cost $165,239) | 166,799 | |||||||
CLOSED END FUNDS – 0.08% | ||||||||
Equity – 0.07% | ||||||||
BlackRock Utilities Infrastructure & Power Opportunities Trust | 8 | 159 | ||||||
Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 104 | 1,245 | ||||||
First Trust MLP and Energy Income Fund | 112 | 886 | ||||||
Sprott Focus Trust, Inc. | 124 | 931 | ||||||
Virtus Artificial Intelligence & Technology Opportunities Fund | 8 | 132 | ||||||
3,353 | ||||||||
Business Development Companies – 0.01% | ||||||||
Ares Capital Corp. | 16 | 312 | ||||||
Golub Capital BDC, Inc. | 24 | 352 | ||||||
Hercules Capital, Inc. | 8 | 131 | ||||||
795 | ||||||||
Total Closed End Funds | ||||||||
(Cost $4,387) | 4,148 |
The accompanying notes are an integral part of these financial statements.
45
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Schedule of Investments – Continued
September 30, 2023
Shares | Value | |||||||
SHORT-TERM INVESTMENT – 0.34% | ||||||||
Money Market Fund – 0.34% | ||||||||
First American Government Obligations Fund, Class X, 5.26% (c) | 17,020 | $ | 17,020 | |||||
Total Short-Term Investment | ||||||||
(Cost $17,020) | 17,020 | |||||||
Total Investments | ||||||||
(Cost $4,898,745) – 99.89% | 4,929,908 | |||||||
Other Assets and Liabilities, Net – 0.11% | 5,337 | |||||||
Total Net Assets – 100.00% | $ | 4,935,245 |
ADR – American Depositary Receipt
REIT – Real Estate Investment Trust
PLC – Public Liability Company
(a) | Non-income producing security. |
(b) | Foreign issued security. |
(c) | The rate quoted is the annualized seven-day effective yield as of September 30, 2023. |
The Global Industry Classification Standard (“GICS”®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use.
The accompanying notes are an integral part of these financial statements.
46
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Statement of Assets and Liabilities
September 30, 2023
Unusual Whales | Unusual Whales | |||||||
Subversive Democratic | Subversive Republican | |||||||
Trading ETF | Trading ETF | |||||||
ASSETS: | ||||||||
Investments, at value (Cost $9,009,831, $4,898,745) | $ | 9,423,158 | $ | 4,929,908 | ||||
Dividends and interest receivable | 6,255 | 4,999 | ||||||
Receivable from Adviser (See Note 3) | — | 338 | ||||||
Total assets | 9,429,413 | 4,935,245 | ||||||
LIABILITIES: | ||||||||
Payable to Adviser | 3,720 | — | ||||||
Total liabilities | 3,720 | — | ||||||
NET ASSETS | $ | 9,425,693 | $ | 4,935,245 | ||||
NET ASSETS CONSIST OF: | ||||||||
Paid-in capital | $ | 8,991,376 | $ | 4,935,618 | ||||
Total distributable earnings (accumulated loss) | 434,317 | (373 | ) | |||||
Net Assets | $ | 9,425,693 | $ | 4,935,245 | ||||
Shares issued and outstanding(1) | 350,000 | 200,000 | ||||||
Net asset value, redemption price and offering price per share | $ | 26.93 | $ | 24.68 |
(1) | Unlimited shares authorized without par value. |
The accompanying notes are an integral part of these financial statements.
47
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Statement of Operations
For the Period Ended September 30, 2023(1)
Unusual Whales | Unusual Whales | |||||||
Subversive Democratic | Subversive Republican | |||||||
Trading ETF | Trading ETF | |||||||
INVESTMENT INCOME: | ||||||||
Dividend income (Net of foreign withholding taxes of $356, $173) | $ | 59,776 | $ | 62,398 | ||||
Interest income | 4,350 | 441 | ||||||
Total investment income | 64,126 | 62,839 | ||||||
EXPENSES: | ||||||||
Investment advisory fees (See Note 3) | 36,463 | 22,727 | ||||||
Net expenses | 36,463 | 22,727 | ||||||
NET INVESTMENT INCOME | 27,663 | 40,112 | ||||||
REALIZED AND UNREALIZED | ||||||||
GAIN (LOSS) ON INVESTMENTS: | ||||||||
Net realized loss on investments | (8,562 | ) | (71,648 | ) | ||||
Net change in unrealized appreciation on investments | 413,327 | 31,163 | ||||||
Net realized and unrealized gain (loss) on investments | 404,765 | (40,485 | ) | |||||
NET INCREASE (DECREASE) IN | ||||||||
NET ASSETS RESULTING FROM OPERATIONS | $ | 432,428 | $ | (373 | ) |
(1) | Commencement date of the Funds was February 6, 2023. |
The accompanying notes are an integral part of these financial statements.
48
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Statement of Changes in Net Assets
For the Period | ||||
Inception(1) through | ||||
September 30, 2023 | ||||
OPERATIONS: | ||||
Net investment income | $ | 27,663 | ||
Net realized loss on investments | (8,562 | ) | ||
Net change in unrealized appreciation (depreciation) on investments | 413,327 | |||
Net increase in net assets resulting from operations | 432,428 | |||
CAPITAL SHARE TRANSACTIONS: | ||||
Net increase in net assets resulting from capital share transactions | 8,993,265 | |||
TOTAL INCREASE IN NET ASSETS | 9,425,693 | |||
NET ASSETS: | ||||
Beginning of period | — | |||
End of period | $ | 9,425,693 |
(1) | Commencement date of the Fund was February 6, 2023. |
(2) | A summary of capital share transactions is as follows: |
SHARE TRANSACTIONS: | Shares | Amount | ||||||
Issued | 375,000 | $ | 9,597,018 | |||||
Redeemed | (25,000 | ) | (603,753 | ) | ||||
Net increase in shares outstanding | 350,000 | $ | 8,993,265 |
The accompanying notes are an integral part of these financial statements.
49
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Statement of Changes in Net Assets
For the Period | ||||
Inception(1) through | ||||
September 30, 2023 | ||||
OPERATIONS: | ||||
Net investment income | $ | 40,112 | ||
Net realized loss on investments | (71,648 | ) | ||
Net change in unrealized appreciation (depreciation) on investments | 31,163 | |||
Net decrease in net assets resulting from operations | (373 | ) | ||
CAPITAL SHARE TRANSACTIONS: | ||||
Net increase in net assets resulting from capital share transactions | 4,935,618 | |||
TOTAL INCREASE IN NET ASSETS | 4,935,245 | |||
NET ASSETS: | ||||
Beginning of period | — | |||
End of period | $ | 4,935,245 |
(1) | Commencement date of the Fund was February 6, 2023. |
(2) | A summary of capital share transactions is as follows: |
SHARE TRANSACTIONS: | Shares | Amount | ||||||
Issued | 200,000 | $ | 4,935,618 | |||||
Net increase in shares outstanding | 200,000 | $ | 4,935,618 |
The accompanying notes are an integral part of these financial statements.
50
UNUSUAL WHALES SUBVERSIVE DEMOCRATIC TRADING ETF
Financial Highlights
For a Fund share outstanding throughout the period.
For the Period | ||||
Inception(1) through | ||||
September 30, 2023 | ||||
PER SHARE DATA: | ||||
Net asset value, beginning of period | $ | 25.00 | ||
INVESTMENT OPERATIONS: | ||||
Net investment income(2) | 0.10 | |||
Net realized and unrealized gain on investments | 1.83 | |||
Total from investment operations | 1.93 | |||
LESS DISTRIBUTIONS FROM: | ||||
Net investment income | — | |||
Net realized gains | — | |||
Total distributions paid | — | |||
Net Asset Value, end of period | $ | 26.93 | ||
TOTAL RETURN, AT NAV(3) | 7.72 | % | ||
TOTAL RETURN, AT MARKET(3) | 7.80 | % | ||
SUPPLEMENTAL DATA AND RATIOS: | ||||
Net assets, end of period (in thousands) | $ | 9,426 | ||
Ratio of expenses to average net assets(4)(5) | 0.75 | % | ||
Ratio of net investment income to average net assets(4)(5) | 0.57 | % | ||
Portfolio turnover rate(3)(6)(7) | 44 | % |
(1) | Commencement date of the Fund was February 6, 2023. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Not annualized for period less than one year. |
(4) | Annualized for period less that one year. |
(5) | These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. |
(6) | Excludes impact of in-kind transactions. |
(7) | The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold short). The denominator includes the average fair value of long positions throughout the period. |
The accompanying notes are an integral part of these financial statements.
51
UNUSUAL WHALES SUBVERSIVE REPUBLICAN TRADING ETF
Financial Highlights
For a Fund share outstanding throughout the period.
For the Period | ||||
Inception(1) through | ||||
September 30, 2023 | ||||
PER SHARE DATA: | ||||
Net asset value, beginning of period | $ | 25.00 | ||
INVESTMENT OPERATIONS: | ||||
Net investment income(2) | 0.21 | |||
Net realized and unrealized loss on investments | (0.53 | ) | ||
Total from investment operations | (0.32 | ) | ||
LESS DISTRIBUTIONS FROM: | ||||
Net investment income | — | |||
Net realized gains | — | |||
Total distributions paid | — | |||
Net Asset Value, end of period | $ | 24.68 | ||
TOTAL RETURN, AT NAV(3) | -1.30 | % | ||
TOTAL RETURN, AT MARKET(3) | -1.20 | % | ||
SUPPLEMENTAL DATA AND RATIOS: | ||||
Net assets, end of period (in thousands) | $ | 4,935 | ||
Ratio of expenses to average net assets(4)(5) | 0.75 | % | ||
Ratio of net investment income to average net assets(4)(5) | 1.32 | % | ||
Portfolio turnover rate(3)(6)(7) | 46 | % |
(1) | Commencement date of the Fund was February 6, 2023. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Not annualized for period less than one year. |
(4) | Annualized for period less that one year. |
(5) | These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. |
(6) | Excludes impact of in-kind transactions. |
(7) | The numerator for the portfolio turnover rate includes the lesser of purchases or sales (excluding short-term investments and securities sold short). The denominator includes the average fair value of long positions throughout the period. |
The accompanying notes are an integral part of these financial statements.
52
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements
September 30, 2023
1. ORGANIZATION
Series Portfolios Trust (the “Trust”) was organized as a Delaware statutory trust under a Declaration of Trust dated July 27, 2015. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Unusual Whales Subversive Democratic Trading ETF (“Democratic Trading ETF”) and the Unusual Whales Subversive Republican Trading ETF (“Republican Trading ETF”) (each separately a “Fund,” or collectively, the “Funds”) each has its own investment objectives and policies with the Trust. The Funds commenced operations on February 6, 2023. The Funds’ investment adviser, Subversive Capital Advisor LLC (the “Adviser”) is responsible for providing management oversight, investment advisory services, day-to-day management of the Funds’ assets, as well as compliance, sales, marketing, and operations services to the Funds. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (the “Codification”) Topic 946, Financial Services – Investment Companies. The Funds do not hold themselves out as related to any other series of the Trust for purposes of investment and investor services, nor do they share the same investment adviser with any other series of the Trust. Organizational costs that were incurred to establish the Funds to enable them to legally do business were paid for by the Adviser. These payments are not recoupable by the Adviser.
The Democratic Trading ETF seeks to achieve long-term capital appreciation by investing primarily in equity securities of publicly traded companies that sitting Democratic members of United States Congress and/or their families also have reported to have invested in through public disclosure filings made by such Congresspersons pursuant to the Stop Trading on Congressional Knowledge Act (“STOCK Act”). The Fund will focus on the equity securities purchased or sold by members of Congress who are registered members of the Democratic Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Democratic Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Democratic Party).
The Republican Trading ETF seeks to achieve long-term capital appreciation by investing primarily in equity securities of publicly traded companies that sitting Republican members of United States Congress and/or their families also have reported to have invested in through public disclosure filings made by such Congresspersons pursuant to the Stop Trading on Congressional Knowledge Act (“STOCK Act”). The Fund will focus on the equity securities purchased or sold by members of Congress who are registered members of the Republican Party and their families. The Fund will not consider investments by any U.S. Congressperson who is not registered as a member of the Republican Party (e.g., a U.S. Congressperson who is registered as an Independent but who may caucus as member of the Republican Party).
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”).
A. Investment Valuation – The following is a summary of the Funds’ pricing procedures. It is intended to be a general discussion and may not necessarily reflect all the pricing procedures followed by the Funds. Equity securities, including common stocks, preferred stocks, and real estate investment trusts (“REITS”) that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and the
53
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements – Continued
September 30, 2023
Nasdaq Capital Market® exchanges (collectively “Nasdaq”), are valued at the last reported sale price on that exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchanged traded equity security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy.
Investments in registered open-end investment companies (including money market funds), other than exchange traded funds, are valued at their reported net asset values (“NAV”). To the extent these securities are valued at their NAV per share, they are categorized in Level 1 of the fair value hierarchy.
The Board of Trustees (the “Board”) has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Funds’ NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of the portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers, or independent pricing services are unreliable.
The Funds have adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion in changes in valuation techniques and related inputs during the period and expanded disclosure of valuation Levels for major security types. These inputs are summarized in the three broad Levels listed below:
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
54
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements – Continued
September 30, 2023
The following is a summary of the inputs used to value the Funds’ securities by Level within the fair value hierarchy as of September 30, 2023:
Democratic Trading ETF
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 8,597,766 | $ | — | $ | — | $ | 8,597,766 | ||||||||
Exchange Traded Funds | 818,865 | — | — | 818,865 | ||||||||||||
Closed End Funds | 4,998 | — | — | 4,998 | ||||||||||||
Short-Term Investment | 1,529 | — | — | 1,529 | ||||||||||||
Total Investments in Securities | $ | 9,423,158 | $ | — | $ | — | $ | 9,423,158 | ||||||||
Republican Trading ETF | ||||||||||||||||
Investments at Fair Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 4,741,941 | $ | — | $ | — | $ | 4,741,941 | ||||||||
Exchange Traded Funds | 166,799 | — | — | 166,799 | ||||||||||||
Closed End Funds | 4,148 | — | — | 4,148 | ||||||||||||
Short-Term Investment | 17,020 | — | — | 17,020 | ||||||||||||
Total Investments in Securities | $ | 4,929,908 | $ | — | $ | — | $ | 4,929,908 |
As of the period ended September 30, 2023, the Funds did not hold any Level 3 securities, nor were there any transfers into or out of Level 3.
Refer to each Fund’s Schedule of Investments for further information on the classification of investments.
B. Foreign Securities and Currency Translation – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal year- end, resulting from changes in exchange rates.
Investments in foreign securities entail certain risks. There may be a possibility of nationalization or expropriation of assets, confiscatory taxation, political or financial instability, and diplomatic developments that could affect the value of the Funds’ investments in certain foreign countries. Since foreign securities normally are denominated and traded in foreign currencies, the value of the Funds’ assets may be affected favorably or unfavorably by currency exchange rates, currency exchange control regulations, foreign withholding taxes, and restrictions or prohibitions on the repatriation of foreign currencies. There may be less information publicly available about a foreign issuer than
55
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements – Continued
September 30, 2023
about a U.S. issuer, and foreign issuers are not generally subject to accounting, auditing, and financial reporting standards, and practices comparable to those in the United States. The securities of some foreign issuers are less liquid and at times more volatile than securities of comparable U.S. issuers.
C. Cash and Cash Equivalents – The Funds consider highly liquid short-term fixed income investments purchased with an original maturity of less than three months and money market funds to be cash equivalents. Cash equivalents are included in short term investments on the Schedule of Investments as well as in investments on the Statement of Assets and Liabilities. Temporary cash overdrafts are reported as payable to custodian.
D. Guarantees and Indemnifications – In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.
E. Security Transactions, Income and Expenses – The Funds follow industry practice and records security transactions on the trade date. Realized gains and losses on sales of securities are calculated on the basis of identified cost. Dividend income is recorded on the ex-dividend date and interest income and expense is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. Discounts and premiums on securities purchased are amortized over the expected life of the respective securities. Interest income is accounted for on the accrual basis and includes amortization of premiums and accretion of discounts on the effective interest method.
F. Share Valuation – The NAV per share of the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Funds, rounded to the nearest cent. The Funds’ shares will not be priced on days which the Cboe BZX Exchange, Inc. is closed for trading.
G. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
H. Statement of Cash Flows – Pursuant to the Cash Flows Topic of the Codification, the Funds qualify for an exemption from the requirement to provide a statement of cash flows and have elected not to provide a statement of cash flows.
3. RELATED PARTY TRANSACTIONS
The Trust has an agreement with the Adviser to furnish investment advisory services to the Funds’. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, a unified management fee (accrued daily) based upon the average daily net assets of the Funds at the annual rate of 0.75%.
The Adviser has retained Tidal Investments, LLC (“sub-adviser”) to serve as sub-adviser to the Funds. The sub-adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. Fees associated with these services are paid to the sub-adviser by the Adviser.
56
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements – Continued
September 30, 2023
Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds except for the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Trust under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act. The receivable from Adviser for $338 as of September 30, 2023 for the Republican Trading ETF, consists of fees payable to the Adviser and trust level expenses paid by the Fund and will be reimbursed by the Adviser. The net amount is the result of the timing in the payments of the invoices and the reimbursement from the Adviser, which was paid shortly after the Fund’s fiscal year end.
The Advisory Agreement continues in effect for an initial two year period, and from year to year thereafter only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Funds’ outstanding voting securities and by a majority of the Independent Trustees, who are not parties to the Advisory Agreement or interested persons of any such party, in each case cast in person at a meeting called for the purpose of voting on the Advisory Agreement. The Advisory Agreement is terminable without penalty by the Trust on behalf of a Fund on not more than 60 days’, nor less than 30 days’, written notice to the Adviser when authorized either by a majority vote of the Fund’s shareholders or by a vote of a majority of the Trustees, or by the Adviser on not more than 60 days’ written notice to the Trust, and will automatically terminate in the event of its “assignment” (as defined in the 1940 Act). The Advisory Agreement provides that the Adviser shall not be liable under such agreement for any error of judgment or mistake of law or for any loss arising out of any investment or for any act or omission in the execution of portfolio transactions for the Funds, except for willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties thereunder.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services” or “Administrator”) acts as the Funds’ Administrator, transfer agent, and fund accountant. U.S. Bank N.A. (the “Custodian”) serves as the custodian to the Funds. The Custodian is an affiliate of the Administrator. The Administrator performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Board; monitors the activities of the Funds’ custodian; coordinates the payment of the Funds’ expenses and reviews the Funds’ expense accruals. The officers of the Trust, including the Chief Compliance Officer, are employees of the Administrator. A trustee of the Trust is an officer of the Administrator. As compensation for its services, the Administrator is entitled to a monthly fee at an annual rate based upon the average daily net assets of the Funds, subject to annual minimums. The Adviser has agreed to pay all expenses of the Funds’ Administrator, transfer agent, fund accountant and custodian in accordance with the Investment Advisory Agreement.
Quasar Distributors, LLC is the Funds’ distributor (the “Distributor”). The Distributor is not affiliated with the Adviser, Fund Services, or its affiliated companies.
4. TAX FOOTNOTE
Federal Income Taxes – The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income or excise tax provision is required. As of, and during the period ended March 31, 2023, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority and did not have liabilities for any unrecognized tax benefits. The Funds
57
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements – Continued
September 30, 2023
recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by taxing authorities for the tax periods since the commencement of operations.
At September 30, 2023, the components of accumulated earnings (losses) on a tax basis were as follows:
Democratic Trading ETF | Republican Trading ETF | |||||||
Tax Cost of Investments* | $ | 9,075,027 | $ | 4,960,518 | ||||
Gross unrealized appreciation | $ | 862,815 | $ | 333,750 | ||||
Gross unrealized depreciation | (514,684 | ) | (364,360 | ) | ||||
Net unrealized appreciation(depreciation) | 348,131 | (30,610 | ) | |||||
Undistributed ordinary income | 90,574 | 40,113 | ||||||
Undistributed long-term capital gains | 141 | — | ||||||
Distributable earnings | 90,715 | 40,113 | ||||||
Other accumulated losses | (4,529 | ) | (9,876 | ) | ||||
Total accumulated gain (loss) | $ | 434,317 | $ | (373 | ) |
* | Represents cost for federal income tax purposes and differs from cost for financial reporting purposes due to wash sales. |
As of September 30, 2023, the Republican Trading ETF had $9,669 in short-term capital loss carryovers, which will be permitted to be carried over for an unlimited period. A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. For the taxable year ended September 30, 2023, the Funds had no deferred qualified late year losses. Qualified late year losses are certain ordinary losses which occur during the portion of the Funds’ taxable year subsequent to December 31.
Distributions to Shareholders – The Funds intend to distribute all net investment income and net realized gains at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Funds. For the period ended September 30, 2023, paid-in capital was decreased by $1,889 and distributable earnings was increased $1,889 for the Democratic Trading ETF in relation to Redemption in Kinds (RIKs) and RIKs on wash sales. There were no reclassifications needed for the Republican Trading ETF.
For the period ended September 30, 2023, the Funds did not make any distributions to shareholders.
5. DISTRIBUTION FEES
The Board has adopted a Distribution and Service Plan pursuant to Rule 12b-1 under the 1940 Act (“the Plan”). In accordance with the Plan, the Funds are authorized to pay an amount up to 0.25% of the Funds’ average daily net assets each year for certain distribution-related activities. As authorized by the Board, no Rule 12b-1 fees are currently paid by the Funds and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, they will be paid out of the Funds’ assets. The Adviser and its affiliates may, out of their own resources, pay amounts to third parties for distribution or marketing services on behalf of the Funds.
58
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements – Continued
September 30, 2023
6. CAPITAL SHARE TRANSACTIONS
Shares of the Funds are listed and trade on the Cboe BZX Exchange, Inc. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in blocks of 25,000 shares called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Funds is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the creation order costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee, payable to the Fund, may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by the Funds, if any, are displayed in the Capital Shares Transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
7. INVESTMENT TRANSACTIONS
The aggregate purchases and sales, excluding short-term investments, by the Funds for the period ended September 30, 2023, were as follows:
U.S. Government Securities | Other Securities | ||||
Purchases | Sales | Purchases* | Sales** | ||
Democratic Trading ETF | — | — | 4,226,404 | 3,444,998 | |
Republican Trading ETF | — | — | 2,957,738 | 2,203,414 |
* | Purchases exclude subscriptions in-kind of $8,822,547 and $4,224,038 for the Democratic Trading ETF and Republican Trading ETF, respectively. |
** | Sales exclude redemptions in-kind of $582,527 for the Democratic Trading ETF. |
8. OTHER REGULATORY MATTERS
In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
59
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Notes to the Financial Statements – Continued
September 30, 2023
9. SUBSEQUENT EVENTS
As of November 20, 2023, Cullen Small no longer serves as Vice President, Treasurer, and Principal Financial Officer of the Trust. As of November 20, 2023, Douglas Schafer has replaced Mr. Small as Vice President, Treasurer, and Principal Financial Officer of the Trust. These changes were approved by the Board on October 26, 2023.
As of October 26, 2023, Leone Logan was approved as an Assistant Treasurer of the Trust. This change was approved by the Board on October 26, 2023.
Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no other subsequent events to report that would have a material impact on the Fund’s financial statements and notes to the financial statements.
60
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Report of Independent Registered Public Accounting Firm
To the Shareholders of Subversive ETFs and
Board of Trustees of Series Portfolios Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Unusual Whales Subversive Democratic Trading ETF and Unusual Whales Subversive Republican Trading ETF (“Subversive ETFs” or the “Funds”), each a series of Series Portfolios Trust, as of September 30, 2023, the related statements of operations and changes in net assets, the related notes, and the financial highlights for the period February 6, 2023 (commencement of operations) through September 30, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, the results of their operations, the changes in net assets, and the financial highlights for the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
We have served as the auditor of one or more of Subversive Capital Advisor LLC’s investment companies since 2022.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
November 29, 2023
61
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Additional Information (Unaudited)
September 30, 2023
TRUSTEES AND EXECUTIVE OFFICERS
The Board oversees the management and operations of the Trust. The Board, in turn, elects the officers of the Trust, who are responsible for the day-to-day operations of the Trust and its separate series. The current Trustees and officers of the Trust, their year of birth, positions with the Trust, terms of office with the Trust and length of time served, principal occupations during the past five years and other directorships are set forth in the table below. Unless noted otherwise, the principal business address of each Trustee is c/o U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202.
Number of | ||||||
Portfolios | ||||||
in Fund | Other | |||||
Positions | Term of Office | Complex(2) | Directorships | |||
Name and | with | and Length of | Principal Occupations | Overseen | Held During | |
Year of Birth | the Trust | Time Served | During Past Five Years | by Trustees | Past Five Years | |
Independent Trustees of the Trust(1) | ||||||
Koji Felton | Trustee | Indefinite Term; | Retired. | 2 | Independent | |
(born 1961) | Since | Trustee, Listed | ||||
September | Funds Trust | |||||
2015. | (15 portfolios) | |||||
(Since 2019). | ||||||
Debra McGinty-Poteet | Trustee | Indefinite Term; | Retired. | 2 | Independent | |
(born 1956) | Since | Trustee, F/m | ||||
September | Funds Trust | |||||
2015. | (3 portfolios) | |||||
(Since May | ||||||
2015). | ||||||
Daniel B. Willey | Trustee | Indefinite Term; | Retired. Chief Compliance | 2 | None | |
(born 1955) | Since | Officer, United Nations | ||||
September | Joint Staff Pension Fund | |||||
2015. | (2009 – 2017). | |||||
Interested Trustee | ||||||
Elaine E. Richards(3) | Chair, | Indefinite Term; | Senior Vice President, | 2 | None | |
(born 1968) | Trustee | Since | U.S. Bancorp Fund | |||
July 2021 | Services, LLC (since 2007). | |||||
Officers of the Trust | ||||||
Ryan L. Roell | President and | Indefinite Term; | Vice President, | Not | Not | |
(born 1973) | Principal | Since | U.S. Bancorp Fund Services, | Applicable | Applicable | |
Executive | July 2019. | LLC (since 2005). | ||||
Officer | ||||||
Cullen O. Small(4) | Vice | Indefinite Term; | Vice President, | Not | Not | |
(born 1987) | President, | Since | U.S. Bancorp Fund Services, | Applicable | Applicable | |
Treasurer and | January 2019. | LLC (since 2010). | ||||
Principal | ||||||
Financial | ||||||
Officer |
62
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Additional Information (Unaudited) – Continued
September 30, 2023
Number of | ||||||
Portfolios | ||||||
in Fund | Other | |||||
Positions | Term of Office | Complex(2) | Directorships | |||
Name and | with | and Length of | Principal Occupations | Overseen | Held During | |
Year of Birth | the Trust | Time Served | During Past Five Years | by Trustees | Past Five Years | |
Douglas Schafer(4) | Vice | Indefinite Term; | Assistant Vice President, | Not | Not | |
(born 1970) | President, | Since | U.S. Bancorp Fund Services, | Applicable | Applicable | |
Treasurer and | November 2023. | LLC (since 2002). | ||||
Principal | ||||||
Financial | ||||||
Officer | ||||||
Donna Barrette | Vice | Indefinite Term; | Senior Vice President | Not | Not | |
(born 1966) | President, | Since | and Compliance Officer, | Applicable | Applicable | |
Chief | November 2019. | U.S. Bancorp Fund Services, | ||||
Compliance | LLC (since 2004). | |||||
Officer and | ||||||
Anti-Money | ||||||
Laundering | ||||||
Officer | ||||||
Adam W. Smith | Secretary | Indefinite Term; | Vice President, | Not | Not | |
(born 1981) | Since | U.S. Bancorp Fund Services, | Applicable | Applicable | ||
June 2019. | LLC (since 2012). | |||||
Richard E. Grange | Assistant | Indefinite Term; | Officer, U.S. Bank | Not | Not | |
(born 1982) | Treasurer | Since | U.S. Bancorp Fund Services, | Applicable | Applicable | |
October 2022. | LLC (since 2017). | |||||
Leone Logan(4) | Assistant | Indefinite Term; | Officer, U.S. Bank | Not | Not | |
(born 1986) | Treasurer | Since | U.S. Bancorp Fund Services, | Applicable | Applicable | |
November 2023. | LLC (since 2022): Senior | |||||
Financial Reporting Analyst, | ||||||
BNY Mellon (2014-2022) |
(1) | The Trustees of the Trust who are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”). |
(2) | As of the date September 30, 2023, the Trust was comprised of 18 portfolios (including the Fund) managed by unaffiliated investment advisers. The term “Fund Complex” applies only to the Fund. The Fund does not hold itself out as related to any other series within the Trust for investment purposes, nor does it share the same investment adviser with any other series within the Trust. |
(3) | Ms. Richards, as a result of her employment with U.S. Bancorp Fund Services, LLC, which acts as transfer agent, administrator, and fund accountant to the Trust, is considered to be an “interested person” of the Trust, as defined by the 1940 Act. |
(4) | Refer to Note 8 in Notes to the Financial Statements. |
63
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Additional Information (Unaudited) – Continued
September 30, 2023
AVAILABILITY OF FUND PORTFOLIO INFORMATION
The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT, which is available on the SEC’s website at https://www.sec.gov/. The Funds’ Part F of Form N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. For information on the Public Reference Room call 1-800-SEC-0330. In addition, the Funds’ Part F of Form N-PORT is available without charge upon request by calling 1-800-617-0004.
AVAILABILITY OF PROXY VOTING INFORMATION
A description of the Funds’ Proxy Voting Policies and Procedures is available without charge, upon request, by calling 1-800-617-0004. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent period ended June 30, is available (1) without charge, upon request, by calling 1-800-617-0004, or on the SEC’s website at https://www.sec.gov/.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of the Funds trade on the exchange at a price about (i.e. at a premium) or below (i.e. at a discount) the NAV of the Funds are available, without charge on the Funds’ website at https://www.subversiveetfs.com/.
64
UNUSUAL WHALES SUBVERSIVE CONGRESSIONAL TRADING ETFs
Privacy Notice (Unaudited)
The Funds collect non-public information about you from the following sources:
• | Information we receive about you on applications or other forms; | |
• | Information you give us orally; and/or | |
• | Information about your transactions with us or others |
The Funds do not disclose any non-public personal information about our customers or former customers without the customer���s authorization, except as permitted by law. The Funds may share information with affiliated and unaffiliated third parties with whom we have contracts for servicing the Fund. The Funds will provide unaffiliated third parties with only the information necessary to carry out their assigned responsibilities. The Funds maintain physical, electronic and procedural safeguards to guard your personal information and require third parties to treat your personal information with the same high degree of confidentiality.
In the event that you hold shares of a Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your non-public personal information would be shared with unaffiliated third parties.
With respect to the Funds, issues and redemptions of their shares at net asset value (“NAV”) occur only in large aggregations of a specified number of shares (e.g., 25,000) called “Creation Units.” Only Authorized Participants (“APs”) may acquire shares directly from an ETF, and only APs may tender their ETF shares for redemption directly to the ETF, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC, a clearing agency that is registered with the SEC; or (ii) a DTC participant. In addition, each AP must execute a Participant Agreement that has been agreed to by the Funds’ distributor, and that has been accepted by the Funds’ transfer agent, with respect to purchases and redemptions of Creation Units.
Because of this structure, the Funds do not have any information regarding any “consumers” as defined in Rule 3 of Regulation S-P with respect to any ETFs, and consequently is not required by Regulation S-P to deliver a notice of the Funds’ privacy policy to any ETF shareholders.
65
INVESTMENT ADVISER
Subversive Capital Advisor, LLC
217 Centre Street, Suite 122
New York, NY 10013
DISTRIBUTOR
Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, WI 53202
CUSTODIAN
U.S. Bank N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212
ADMINISTRATOR, FUND ACCOUNTANT AND TRANSFER AGENT
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Cohen & Company, Ltd.
342 North Water Street, Suite 830
Milwaukee, WI 53202
LEGAL COUNSEL
Goodwin Procter LLP
1900 N Street, NW
Washington, DC 20001
This report should be accompanied or preceded by a prospectus.
The Funds’ Statement of Additional Information contains additional information about the
Funds’ trustees and is available without charge upon request by calling 1-800-617-0004.
(b) | Not applicable. |
Item 2. Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. The Registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
File: A copy of the Registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The Registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Debra McGinty-Poteet is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N‑CSR.
Item 4. Principal Accountant Fees and Services.
The Registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. “Audit services” refer to performing an audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the past fiscal year. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning; including reviewing the Funds’ tax returns and distribution calculations. There were no “other services” provided by the principal accountant. For the fiscal period ended September 30, 2023, the Funds’ principal accountant was Cohen & Company, Ltd. The following table details the aggregate fees billed, audit-related fees, tax fees and other fees by the principal accountant.
FYE 09/30/2023 | ||
(a)Audit Fees | $29,000 | |
(b)Audit-Related Fees | $0 | |
(c)Tax Fees | $7,000 | |
(d)All Other Fees | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the Registrant, including services provided to any entity affiliated with the Registrant.
(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 09/30/2023 | ||
Audit-Related Fees | 0% | |
Tax Fees | 0% | |
All Other Fees | 0% |
(f) All of the principal accountant’s hours spent on auditing the Registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the Registrant’s accountant for services to the Registrant and to the Registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser).
Non-Audit Related Fees | FYE 09/30/2023 | |
Registrant | $0 | |
Registrant’s Investment Adviser | $0 |
(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) The Registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The members of the audit committee, all Independent Trustees, are as follows: Koji Felton, Debra McGinty-Poteet and Daniel B. Willey.
(b) Not applicable.
Item 6. Investments.
(a) | Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the Registrant’s independent public accountant. There was no change in the Registrant’s independent public accountant for the period covered by this report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Series Portfolios Trust
By (Signature and Title) /s/Ryan Roell
Ryan Roell, President
Date 12/7/2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By (Signature and Title) /s/Ryan Roell
Ryan Roell, President
Date 12/7/2023
By (Signature and Title) /s/Douglas Schafer
Douglas Schafer, Treasurer
Date 12/7/2023