SonicSharesTM Airlines, Hotels, Cruise Lines ETF | ||||||||
SCHEDULE OF INVESTMENTS at June 30, 2021 (Unaudited) | ||||||||
Shares | Value | |||||||
Common Stocks - 99.9% | ||||||||
Airlines - 44.8% | ||||||||
Air Canada (1) | 756 | $ | 15,568 | |||||
Air China Ltd. - H Shares | 34,816 | 25,599 | ||||||
Air France-KLM (1) | 4,998 | 24,123 | ||||||
Alaska Air Group, Inc. (1) | 879 | 53,013 | ||||||
Allegiant Travel Co. (1) | 138 | 26,772 | ||||||
American Airlines Group, Inc. (1) | 6,855 | 145,395 | ||||||
ANA Holdings, Inc. | 3,483 | 81,968 | ||||||
Cathay Pacific Airways Ltd. | 48,700 | 41,138 | ||||||
China Eastern Airlines Corp. Ltd. - H Shares | 40,850 | 17,306 | ||||||
China Southern Airlines Co. Ltd. - H Shares (1) | 32,164 | 19,963 | ||||||
Copa Holdings SA - Class A (1) | 249 | 18,757 | ||||||
Delta Air Lines, Inc. (1) | 4,155 | 179,745 | ||||||
Deutsche Lufthansa AG | 4,451 | 50,093 | ||||||
easyJet PLC | 3,354 | 41,459 | ||||||
International Consolidated Airlines Group SA | 59,872 | 144,097 | ||||||
Japan Airlines Co. Ltd. | 3,221 | 69,679 | ||||||
JET2 PLC | 1,626 | 26,584 | ||||||
JetBlue Airways Corp. (1) | 2,326 | 39,030 | ||||||
Qantas Airways Ltd. | 14,665 | 51,305 | ||||||
Ryanair Holdings PLC (1) | 9,678 | 183,175 | ||||||
Singapore Airlines Ltd. | 22,230 | 80,208 | ||||||
SkyWest, Inc. (1) | 390 | 16,797 | ||||||
Southwest Airlines Co. (1) | 3,254 | 172,755 | ||||||
Spirit Airlines, Inc. (1) | 799 | 24,322 | ||||||
United Airlines Holdings, Inc. (1) | 2,902 | 151,746 | ||||||
Wizz Air Holdings PLC (1) | 624 | 40,248 | ||||||
1,740,845 | ||||||||
Entertainment - 1.3% | ||||||||
Marriott Vacations Worldwide Corp. (1) | 302 | 48,109 | ||||||
Leisure Time - 14.5% | ||||||||
Carnival Corp. (1) | 6,244 | 164,592 | ||||||
Fosun Tourism Group | 10,000 | 15,967 | ||||||
Norwegian Cruise Line Holdings Ltd. (1) | 5,909 | 173,784 | ||||||
Royal Caribbean Cruises Ltd. (1) | 2,010 | 171,413 | ||||||
TUI AG (1) | 7,688 | 39,322 | ||||||
565,078 | ||||||||
Lodging - 25.5% | ||||||||
Accor SA | 1,917 | 71,588 | ||||||
Choice Hotels International, Inc. | 400 | 47,544 | ||||||
Hilton Grand Vacations, Inc. (1) | 651 | 26,945 | ||||||
Hilton Worldwide Holdings, Inc. (1) | 1,531 | 184,669 | ||||||
Huazhu Group Ltd. - ADR (1) | 3,331 | 175,910 | ||||||
Hyatt Hotels Corp. - Class A (1) | 319 | 24,767 | ||||||
InterContinental Hotels Group PLC | 1,285 | 85,385 | ||||||
Marriott International, Inc. (1) | 1,342 | 183,210 | ||||||
Resorttrust, Inc. | 840 | 13,729 | ||||||
Shangri-La Asia Ltd. | 28,420 | 27,813 | ||||||
Travel + Leisure Co. | 629 | 37,394 | ||||||
Whitbread PLC (1) | 1,482 | 63,917 | ||||||
Wyndham Hotels & Resorts, Inc. | 702 | 50,748 | ||||||
993,619 | ||||||||
Real Estate - 0.5% | ||||||||
Great Eagle Holdings Ltd. | 6,000 | 20,397 | ||||||
Real Estate Investment Trusts (REITs) - 13.3% | ||||||||
Apple Hospitality REIT, Inc. | 1,748 | 26,674 | ||||||
DiamondRock Hospitality Co. (1) | 1,731 | 16,791 | ||||||
Host Hotels & Resorts, Inc. (1) | 4,954 | 84,664 | ||||||
Japan Hotel REIT Investment Corp. | 36 | 21,602 | ||||||
MGM Growth Properties, LLC - Class A | 1,143 | 41,856 | ||||||
Park Hotels & Resorts, Inc. (1) | 1,733 | 35,717 | ||||||
Pebblebrook Hotel Trust | 994 | 23,409 | ||||||
RLJ Lodging Trust | 1,234 | 18,794 | ||||||
Ryman Hospitality Properties, Inc. (1) | 407 | 32,137 | ||||||
Service Properties Trust | 1,308 | 16,481 | ||||||
Sunstone Hotel Investors, Inc. (1) | 1,602 | 19,897 | ||||||
VICI Properties, Inc. | 5,278 | 163,723 | ||||||
Xenia Hotels & Resorts, Inc. (1) | 860 | 16,108 | ||||||
517,853 | ||||||||
Total Common Stocks | ||||||||
(Cost $4,106,419) | 3,885,901 | |||||||
Short-Term Investments - 0.0% (2) | ||||||||
Money Market Funds - 0.0% (2) | ||||||||
First American Government Obligations Fund - Class X, 0.026% (3) | 1,345 | 1,345 | ||||||
Total Short-Term Investments | ||||||||
(Cost $1,345) | 1,345 | |||||||
Total Investments in Securities - 99.9% | ||||||||
(Cost $4,107,764) | 3,887,246 | |||||||
Other Assets in Excess of Liabilities - 0.1% | 4,098 | |||||||
Total Net Assets - 100.0% | $ | 3,891,344 |
(1) | Non-income producing security. | ||||
(2) | Does not round to 0.1% or (0.1)%, as applicable. | ||||
(3) | The rate shown is the annualized seven-day effective yield as of June 30, 2021. |
Summary of Fair Value Exposure at June 30, 2021 (Unaudited) | ||||||||||||||||||||
The SonicSharesTM Airlines, Hotels, Cruise Lines ETF (the "Fund") utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | ||||||||||||||||||||
• Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has 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 spreads, 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 Fund’s 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 following is a summary of the inputs used to value the Fund's investments as of June 30, 2021: | ||||||||||||||||||||
Investments in Securities | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks (1) | $ | – | $ | 3,885,901 | $ | – | $ | – | $ | 3,885,901 | ||||||||||
Short-Term Investments | – | 1,345 | – | – | 1,345 | |||||||||||||||
Total Investments in Securities | $ | – | $ | 3,887,246 | $ | – | $ | – | $ | 3,887,246 | ||||||||||
(1) See Schedule of Investments for the industry breakout. | ||||||||||||||||||||