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Arch Indices VOI Absolute Income ETF | ||||||||
Schedule of Investments | ||||||||
December 31, 2023 (Unaudited) | ||||||||
Security | Shares | Value | ||||||
Closed-End Funds — 9.0% | ||||||||
Financials — 9.0% | ||||||||
Ares Capital Corp. | 956 | $ | 19,150 | |||||
Blue Owl Capital Corp. | 774 | 11,424 | ||||||
Main Street Capital Corp. | 135 | 5,836 | ||||||
Oaktree Specialty Lending Corp. | 82 | 1,674 | ||||||
Prospect Capital Corp. | 1,651 | 9,889 | ||||||
Total Financials | 47,973 | |||||||
Total Closed-End Funds (Cost — $44,959) | 47,973 | |||||||
Exchange Traded Funds — 19.6% | ||||||||
iShares Broad USD High Yield Corporate Bond ETF | 335 | 12,177 | ||||||
Janus Henderson AAA CLO ETF | 1,093 | 54,979 | ||||||
Vanguard Intermediate-Term Bond ETF | 48 | 3,666 | ||||||
Vanguard Intermediate-Term Corporate Bond ETF | 54 | 4,389 | ||||||
Vanguard Intermediate-Term Treasury ETF | 11 | 653 | ||||||
Vanguard Short-Term Inflation-Protected Securities ETF | 417 | 19,803 | ||||||
Vanguard Tax-Exempt Bond Index ETF | 85 | 4,339 | ||||||
Vanguard Total Bond Market ETF | 59 | 4,339 | ||||||
Total Exchange Traded Funds (Cost — $102,195) | 104,345 |
Security | Shares | Value |
Common Stocks — 69.8% | ||
Communications — 3.7% | ||
BCE, Inc. | 260 | 10,240 |
Cogent Communications Holdings, Inc. | 9 | 685 |
Omnicom Group, Inc. | 8 | 692 |
Telefonica Brasil SA, ADR | 66 | 722 |
Telefonica SA, ADR | 487 | 1,899 |
Verizon Communications, Inc. | 65 | 2,450 |
Vodafone Group PLC, ADR | 342 | 2,975 |
Total Communications | 19,663 | |
Consumer Discretionary — 5.0% | ||
Buckle, Inc. | 185 | 8,791 |
Cracker Barrel Old Country Store, Inc. | 21 | 1,619 |
Darden Restaurants, Inc. | 4 | 657 |
Ford Motor Co. | 393 | 4,791 |
Leggett & Platt, Inc. | 32 | 837 |
Magna International, Inc. | 23 | 1,359 |
McDonald's Corp. | 5 | 1,483 |
Newell Brands, Inc. | 309 | 2,682 |
Restaurant Brands International, Inc. | 10 | 781 |
Stellantis NV | 47 | 1,096 |
Wendy's Co. | 127 | 2,474 |
Total Consumer Discretionary | 26,570 | |
Consumer Staples — 26.5% | ||
Altria Group, Inc. | 928 | 37,435 |
Ambev SA, ADR | 2,578 | 7,218 |
B&G Foods, Inc. | 80 | 840 |
British American Tobacco PLC, ADR | 1,494 | 43,758 |
Clorox Co. | 6 | 856 |
Coca-Cola Co. | 20 | 1,179 |
Coca-Cola Europacific Partners PLC | 17 | 1,135 |
Conagra Brands, Inc. | 188 | 5,388 |
Kimberly-Clark Corp. | 101 | 12,273 |
Kraft Heinz Co. | 96 | 3,550 |
Nu Skin Enterprises, Inc., Class A | 45 | 874 |
Tyson Foods, Inc., Class A | 19 | 1,021 |
Universal Corp./VA | 331 | 22,283 |
Walgreens Boots Alliance, Inc. | 153 | 3,995 |
Total Consumer Staples | 141,805 | |
Energy — 3.2% | ||
Baker Hughes Co. | 18 | 615 |
CVR Energy, Inc. | 41 | 1,242 |
Enbridge, Inc. | 227 | 8,176 |
Equinor ASA, ADR | 68 | 2,152 | ||||||
Kinder Morgan, Inc. | 99 | 1,747 | ||||||
TC Energy Corp. | 45 | 1,759 | ||||||
TotalEnergies SE, ADR | 15 | 1,011 | ||||||
Total Energy | 16,702 | |||||||
Financials — 9.7% | ||||||||
American Financial Group, Inc./OH | 47 | 5,588 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 90 | 1,914 | ||||||
Blackstone Secured Lending Fund | 771 | 21,309 | ||||||
Canadian Imperial Bank of Commerce | 50 | 2,406 | ||||||
Citigroup, Inc. | 47 | 2,418 | ||||||
CME Group, Inc. | 19 | 4,001 | ||||||
HSBC Holdings PLC, ADR | 25 | 1,014 | ||||||
Huntington Bancshares, Inc./OH | 126 | 1,603 | ||||||
Manulife Financial Corp. | 89 | 1,967 | ||||||
PNC Financial Services Group, Inc. | 6 | 929 | ||||||
Redwood Trust, Inc. | 104 | 771 | ||||||
Rithm Capital Corp. | 259 | 2,766 | ||||||
RLI Corp. | 13 | 1,731 | ||||||
Royal Bank of Canada | 8 | 809 | ||||||
United Bankshares, Inc./WV | 27 | 1,014 | ||||||
Virtu Financial, Inc., Class A | 79 | 1,601 | ||||||
Total Financials | 51,841 | |||||||
Health Care — 3.1% | ||||||||
AbbVie, Inc. | 16 | 2,480 | ||||||
Bristol-Myers Squibb Co. | 45 | 2,309 | ||||||
Cardinal Health, Inc. | 8 | 806 | ||||||
Gilead Sciences, Inc. | 11 | 891 | ||||||
GSK PLC, ADR | 29 | 1,075 | ||||||
Medtronic PLC | 11 | 906 | ||||||
Novartis AG, ADR | 9 | 909 | ||||||
Organon & Co. | 100 | 1,442 | ||||||
Pfizer, Inc. | 90 | 2,590 | ||||||
Premier, Inc., Class A | 82 | 1,834 | ||||||
Viatris, Inc. | 154 | 1,668 | ||||||
Total Health Care | 16,910 | |||||||
Industrials — 2.5% | ||||||||
3M Co. | 52 | 5,685 | ||||||
Deluxe Corp. | 29 | 622 | ||||||
Frontline PLC | 47 | 942 | ||||||
Lockheed Martin Corp. | 8 | 3,626 | ||||||
Nordic American Tankers Ltd. | 556 | 2,336 | ||||||
Total Industrials | 13,211 | |||||||
Materials — 4.1% | ||||||||
B2Gold Corp. | 534 | 1,687 | ||||||
Boise Cascade Co. | 9 | 1,164 |
Dow, Inc. | 149 | 8,170 | ||||||||
FMC Corp. | 10 | 631 | ||||||||
International Flavors & Fragrances, Inc. | 12 | 972 | ||||||||
Newmont Corp. | 20 | 828 | ||||||||
Rio Tinto PLC, ADR | 71 | 5,288 | ||||||||
Sibanye Stillwater Ltd., ADR | 145 | 787 | ||||||||
Sociedad Quimica y Minera de Chile SA, ADR | 37 | 2,228 | ||||||||
Total Materials | 21,755 | |||||||||
Real Estate — 2.3% | ||||||||||
Apple Hospitality REIT, Inc. | 47 | 781 | ||||||||
Easterly Government Properties, Inc. | 60 | 806 | ||||||||
Gaming and Leisure Properties, Inc. | 32 | 1,579 | ||||||||
Omega Healthcare Investors, Inc. | 35 | 1,073 | ||||||||
Physicians Realty Trust | 154 | 2,050 | ||||||||
Service Properties Trust | 105 | 897 | ||||||||
Spirit Realty Capital, Inc. | 38 | 1,660 | ||||||||
WP Carey, Inc. | 54 | 3,500 | ||||||||
Total Real Estate | 12,346 | |||||||||
Technology — 6.0% | ||||||||||
ASE Technology Holding Co. Ltd., ADR | 105 | 988 | ||||||||
Corning, Inc. | 48 | 1,462 | ||||||||
International Business Machines Corp. | 50 | 8,177 | ||||||||
Nokia Oyj, ADR | 789 | 2,698 | ||||||||
Thomson Reuters Corp. | 63 | 9,213 | ||||||||
United Microelectronics Corp., ADR | 538 | 4,551 | ||||||||
Western Union Co. | 251 | 2,992 | ||||||||
Xerox Holdings Corp. | 91 | 1,668 | ||||||||
Total Technology | 31,749 | |||||||||
Utilities — 3.7% | ||||||||||
Atlantica Sustainable Infrastructure PLC | 176 | 3,783 | ||||||||
Brookfield Renewable Corp., Class A | 53 | 1,526 | ||||||||
Dominion Energy, Inc. | 55 | 2,585 | ||||||||
National Grid PLC, ADR | 45 | 3,060 | ||||||||
PNM Resources, Inc. | 207 | 8,611 | ||||||||
Total Utilities | 19,565 | |||||||||
Total Common Stocks (Cost — $343,409) | 372,117 | |||||||||
Foreign Common Stocks — 0.7% | ||||||||||
Financials — 0.4% | ||||||||||
Bancolombia SA, ADR | 50 | 1,538 | ||||||||
Total Financials | 1,538 | |||||||||
Materials — 0.1% | ||||||||||
Gerdau SA, ADR | 154 | 747 | ||||||||
Total Materials | 747 |
Utilities — 0.2% | ||||||||||||
Cia Energetica de Minas Gerais, ADR | 536 | 1,244 | ||||||||||
Total Utilities | 1,244 | |||||||||||
Total Foreign Common Stocks (Cost — $3,244) | 3,529 | |||||||||||
Short-Term Investments — 0.1% | ||||||||||||
Money Market Funds — 0.10% | ||||||||||||
First American Government Obligations Fund - Class X - 5.30% (a) | 582 | 582 | ||||||||||
Total Money Market Funds (Cost — $582) | 582 | |||||||||||
Total Short-Term Investments (Cost — $582) | 582 | |||||||||||
Total Investments — 99.2% (Cost — $494,389) | 528,546 | |||||||||||
Other Assets in Excess of Liabilities — 0.8% | 4,286 | |||||||||||
Total Net Assets — 100.0% | $ | 532,832 |
The Accompanying Notes are an Integral Part of these Financial Statements. | |||
ADR American Depositary Receipt | |||
CLO Collateralized Loan Obligation | |||
Plc Public Limited Company | |||
REIT Real Estate Investment Trust |
(a) | The rate reported is the annualized seven-day yield as of December 31, 2023. |
SECURITIES VALUATION
The Fund has 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 of 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 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 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 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. |
Following is a description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis.
Equity Securities: Equity securities, including common stocks, preferred stocks, foreign-issued common stocks, exchange-traded funds, closed- end mutual funds and real estate investment trusts (REITs), that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ Global Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the- counter securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. Over-the-counter securities which are not traded in the NASDAQ Global Market System shall be valued at the mean between the bid and asked prices. 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.
Debt Securities: Debt securities, including corporate bonds, asset-backed securities, mortgage-backed securities, municipal bonds, U.S. Treasuries, and U.S. government agency issues, are generally valued at market on the basis of valuations furnished by an independent pricing service that utilizes both dealer-supplied valuations and formula-based techniques. The pricing service may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data, such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued primarily using dealer quotations. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 2 of the fair value hierarchy.
Registered Investment Companies: Investments in registered investment companies (e.g., mutual funds) are generally priced at the ending NAV provided by the applicable registered investment company’s service agent and will be classified in Level 1 of the fair value hierarchy.
Short-Term Debt Securities: Short-term debt instruments having a maturity of less than 60 days are valued at the evaluated mean price supplied by an approved pricing service. Pricing services may use various valuation methodologies including matrix pricing and other analytical pricing models as well as market transactions and dealer quotations. In the absence of prices from a pricing service, the securities will be priced in accordance with the procedures adopted by the Board. Short-term debt securities are generally classified in Level 1 or Level 2 of the fair value hierarchy depending on the inputs used and market activity levels for specific securities.
In the absence of prices from a pricing service or in the event that market quotations are not readily available, fair value will be determined under the Fund’s valuation procedures adopted pursuant to Rule 2a-5. Pursuant to those procedures, the Board has appointed the Advisor as the Fund’s valuation designee (the “Valuation Designee”) to perform all fair valuations of the Fund’s portfolio investments, subject to the Board’s oversight. As the Valuation Designee, the Advisor has established procedures for its fair valuation of the Fund’s portfolio investments. These procedures address, among other things, determining when market quotations are not readily available or reliable and the methodologies to be used for determining the fair value of investments, as well as the use and oversight of third-party pricing services for fair valuation.
Depending on the relative significance of the valuation inputs, fair valued securities may be classified in either Level 2 or Level 3 of the fair value hierarchy.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the fair valuation hierarchy of the Fund’s securities as of December 31, 2023:
Arch Indices VOI Absolute Income ETF | ||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets: | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Closed-End Funds | $ | 47,973 | $ | – | $ | – | $ | 47,973 | ||||||||
Common Stocks | 372,117 | – | – | 372,117 | ||||||||||||
Exchange-Traded Funds | 104,345 | – | – | 104,345 | ||||||||||||
Foreign Common Stocks | 3,529 | – | – | 3,529 | ||||||||||||
Total Long-Term Investments | 527,964 | – | – | 527,964 | ||||||||||||
Short-Term Investment | 582 | – | – | 582 | ||||||||||||
Total Investments | $ | 528,546 | $ | – | $ | – | $ | 528,546 |
See Schedule of Investments for additional detailed categorizations. |