NPORT-EX 2 390053HighYieldETF.htm

 

High Yield ETF

SCHEDULE OF INVESTMENTS

March 31, 2021 (Unaudited)

 

 

Principal
Amount

     

Value

 
     CORPORATE BONDS — 52.6%     
     AEROSPACE/DEFENSE — 0.4%     
$250,000   TransDigm UK Holdings PLC
6.875%, 5/15/2026«		  $263,906 
 164,000   Triumph Group, Inc.
6.250%, 9/15/2024«,¤		   167,026 
         430,932 
     AIRLINES — 1.1%     
 655,000   American Airlines, Inc.
11.750%, 7/15/2025¤		   810,562 
 514,000   United Airlines Holdings, Inc.
4.875%, 1/15/2025		   524,540 
         1,335,102 
     AUTO MANUFACTURERS — 2.4%     
 664,000   Ford Motor Co.
4.750%, 1/15/2043		   669,744 
 684,000   JB Poindexter & Co., Inc.
7.125%, 4/15/2026«,¤		   724,185 
 175,000   Navistar International Corp.
6.625%, 11/1/2025«,¤		   181,786 
 956,000   PM General Purchaser LLC
9.500%, 10/1/2028«,¤		   1,021,725 
 175,000   Wabash National Corp.
5.500%, 10/1/2025«,¤		   179,575 
         2,777,015 
     AUTO PARTS & EQUIPMENT — 1.7%     
 400,000   Adient Global Holdings Ltd.
4.875%, 8/15/2026«,¤		   411,000 
 778,000   American Axle & Manufacturing, Inc.
6.250%, 4/1/2025«		   802,313 
 149,000   Goodyear Tire & Rubber Co.
4.875%, 3/15/2027«		   153,563 
 55,000   Meritor, Inc.
6.250%, 2/15/2024«		   56,111 
 600,000   Tenneco, Inc.
5.000%, 7/15/2026«		   566,625 
         1,989,612 
     BANKS — 0.3%     
 300,000   Freedom Mortgage Corp.
7.625%, 5/1/2026«,¤		   315,180 
           
     BUILDING MATERIALS — 0.4%     
 411,000   Patrick Industries, Inc.
7.500%, 10/15/2027«,¤		   449,531

 

 

 

 

 

 

High Yield ETF

SCHEDULE OF INVESTMENTS - Continued

March 31, 2021 (Unaudited)

 

 

Principal
Amount

     

Value

 
     CORPORATE BONDS - (Continued)     
     CHEMICALS — 2.8%     
$514,000   Cornerstone Chemical Co.
6.750%, 8/15/2024«,¤		  $486,319 
 1,105,000   CVR Partners LP / CVR Nitrogen Finance Corp.
9.250%, 6/15/2023«,¤		   1,116,050 
 579,000   Olin Corp.
5.625%, 8/1/2029«		   625,222 
 414,000   TPC Group, Inc.
10.500%, 8/1/2024«,¤		   374,877 
 701,000   Venator Finance Sarl / Venator Materials LLC
5.750%, 7/15/2025«,¤		   681,722 
         3,284,190 
     COAL — 1.3%     
 616,000   Alliance Resource Operating Partners LP / Alliance Resource Finance Corp.
7.500%, 5/1/2025«,¤		   574,950 
 569,000   SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.
7.500%, 6/15/2025«,¤		   592,116 
 348,000   Warrior Met Coal, Inc.
8.000%, 11/1/2024«,¤		   356,971 
         1,524,037 
     COMMERCIAL SERVICES — 3.9%     
 234,000   Harsco Corp.
5.750%, 7/31/2027«,¤		   239,996 
     Hertz Corp.     
 172,000   6.250%, 10/15/2022«,†   171,247 
 172,000   5.500%, 10/15/2024«,†,¤   171,033 
 316,000   Korn Ferry
4.625%, 12/15/2027«,¤		   323,110 
 780,000   MPH Acquisition Holdings LLC
5.750%, 11/1/2028«,¤		   765,843 
 1,977,000   Quad/Graphics, Inc.
7.000%, 5/1/2022		   1,960,166 
 689,000   Sabre GLBL, Inc.
7.375%, 9/1/2025«,¤		   751,871 
 234,000   Sotheby's
7.375%, 10/15/2027«,¤		   253,434 
         4,636,700 
     COMPUTERS — 1.5%     
 214,000   Diebold Nixdorf, Inc.
9.375%, 7/15/2025«,¤		   238,744 
 214,000   NCR Corp.
5.250%, 10/1/2030«,¤		   217,103 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited)

 

 

Principal
Amount

     

Value

 
     CORPORATE BONDS - (Continued)     
     COMPUTERS - (Continued)     
$1,274,600   Vericast Corp.
8.375%, 8/15/2022«,¤		  $1,295,312 
         1,751,159 
     COSMETICS/PERSONAL CARE — 0.4%     
 500,000   Coty, Inc.
6.500%, 4/15/2026«,¤		   504,635 
           
     DISTRIBUTION/WHOLESALE — 0.8%     
 164,000   Core & Main Holdings LP
8.625%, 9/15/2024«,¤		   166,955 
 292,000   Performance Food Group, Inc.
5.500%, 6/1/2024«,¤		   293,642 
 150,000   Resideo Funding, Inc.
6.125%, 11/1/2026«,¤		   158,387 
 364,000   Wolverine Escrow LLC
9.000%, 11/15/2026«,¤		   364,337 
         983,321 
     DIVERSIFIED FINANCIAL SERVICES — 2.2%     
 1,032,000   Curo Group Holdings Corp.
8.250%, 9/1/2025«,¤		   1,036,221 
 534,000   Enova International, Inc.
8.500%, 9/1/2024«,¤		   549,296 
 395,000   Oxford Finance LLC / Oxford Finance Co.-Issuer II, Inc.
6.375%, 12/15/2022«,¤		   402,234 
 1,271,000   Voyager Aviation Holdings LLC / Voyager Finance Co.
9.000%, 8/15/2021«,¤		   657,743 
         2,645,494 
     ELECTRIC — 1.1%     
 616,000   Calpine Corp.
4.500%, 2/15/2028«,¤		   622,098 
 224,084   NSG Holdings LLC / NSG Holdings, Inc.
7.750%, 12/15/2025¤		   239,210 
 535,000   Talen Energy Supply LLC
6.500%, 6/1/2025«		   430,675 
         1,291,983 
     ELECTRONICS — 0.6%     
 701,000   ADT Security Corp.
4.875%, 7/15/2032¤		   713,268 
           
     ENGINEERING & CONSTRUCTION — 0.9%     
 504,000   PowerTeam Services LLC
9.033%, 12/4/2025«,¤		   560,851

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited) 

 

 

Principal
Amount		      Value 
    CORPORATE BONDS - (Continued)    
    ENGINEERING & CONSTRUCTION - (Continued)    
$472,000   Tutor Perini Corp.
6.875%, 5/1/2025«,¤		  $488,662 
         1,049,513 
     ENTERTAINMENT — 0.6%     
 172,000   Jacobs Entertainment, Inc.
7.875%, 2/1/2024«,¤		   179,507 
 164,000   Scientific Games International, Inc.
8.250%, 3/15/2026«,¤		   176,170 
 316,000   Speedway Motorsports LLC / Speedway Funding II, Inc.
4.875%, 11/1/2027«,¤		   316,790 
         672,467 
     FOOD — 0.4%     
 86,000   Ingles Markets, Inc.
5.750%, 6/15/2023«		   86,913 
 431,000   Pilgrim's Pride Corp.
5.750%, 3/15/2025«,¤		   440,417 
         527,330 
     FOREST PRODUCTS & PAPER — 0.2%     
 175,000   Schweitzer-Mauduit International, Inc.
6.875%, 10/1/2026«,¤		   186,123 
           
     HEALTHCARE-SERVICES — 0.6%     
 214,000   CHS/Community Health Systems, Inc.
8.000%, 12/15/2027«,¤		   234,980 
 175,000   Magellan Health, Inc.
4.900%, 9/22/2024«,α		   188,234 
 214,000   MEDNAX, Inc.
6.250%, 1/15/2027«,¤		   229,102 
         652,316 
     HOME BUILDERS — 1.7%     
 116,000   Beazer Homes USA, Inc.
7.250%, 10/15/2029«		   126,730 
 172,000   LGI Homes, Inc.
6.875%, 7/15/2026«,¤		   179,955 
 316,000   M/I Homes, Inc.
4.950%, 2/1/2028«		   327,850 
 649,000   MDC Holdings, Inc.
6.000%, 1/15/2043«		   820,336 
 500,000   New Home Co., Inc.
7.250%, 10/15/2025«,¤		   518,855 
         1,973,726 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited) 

 

 

Principal
Amount		      Value 
     CORPORATE BONDS - (Continued)     
     INSURANCE — 0.5%     
$610,000   Genworth Holdings, Inc.
6.500%, 6/15/2034		  $601,231 
           
     INTERNET — 0.9%     
 559,000   Netflix, Inc.
4.875%, 6/15/2030«,¤		   644,410 
 383,000   Photo Holdings Merger Sub, Inc.
8.500%, 10/1/2026«,¤		   415,735 
         1,060,145 
     INVESTMENT COMPANIES — 0.6%     
 634,000   Icahn Enterprises LP / Icahn Enterprises Finance Corp.
5.250%, 5/15/2027«		   656,190 
           
     IRON/STEEL — 1.3%     
 749,000   Allegheny Technologies, Inc.
7.875%, 8/15/2023«		   814,391 
 301,000   Cleveland-Cliffs, Inc.
6.250%, 10/1/2040		   288,748 
 464,000   United States Steel Corp.
6.250%, 3/15/2026«		   471,830 
         1,574,969 
     LEISURE TIME — 1.1%     
 363,964   Carlson Travel, Inc.
6.750%, 12/15/2025«,¤		   334,847 
 464,000   NCL Corp. Ltd.
3.625%, 12/15/2024«,¤		   438,770 
 564,000   Royal Caribbean Cruises Ltd.
3.700%, 3/15/2028«		   520,885 
         1,294,502 
     LODGING — 0.8%     
 234,000   Arrow Bidco LLC
9.500%, 3/15/2024«,¤		   232,513 
 703,000   Marriott Ownership Resorts, Inc. / ILG LLC
6.500%, 9/15/2026«		   735,405 
         967,918 
     MACHINERY-CONSTRUCTION & MINING — 0.3%     
 354,000   Terex Corp.
5.625%, 2/1/2025«,¤		   363,958 
           
     MEDIA — 3.2%     
 316,000   CCO Holdings LLC / CCO Holdings Capital Corp.
4.750%, 3/1/2030«,¤		   327,850 
 314,000   Clear Channel Worldwide Holdings, Inc.
9.250%, 2/15/2024«		   327,243 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited)

 

 

Principal
Amount		      Value 
     CORPORATE BONDS - (Continued)     
     MEDIA - (Continued)     
$792,000   Diamond Sports Group LLC / Diamond Sports Finance Co.
6.625%, 8/15/2027«,¤		  $416,790 
 264,000   Dish Network Corp.
3.375%, 8/15/2026*		   254,443 
 234,000   Houghton Mifflin Harcourt Publishers, Inc.
9.000%, 2/15/2025«,¤		   250,965 
 329,764   iHeartCommunications, Inc.
8.375%, 5/1/2027«		   354,496 
 234,000   McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance
7.875%, 5/15/2024«,¤		   231,343 
 463,000   Meredith Corp.
6.875%, 2/1/2026«		   475,443 
 264,000   Sinclair Television Group, Inc.
5.125%, 2/15/2027«,¤		   258,225 
 621,000   TEGNA, Inc.
5.000%, 9/15/2029«		   645,033 
 173,000   Univision Communications, Inc.
5.125%, 2/15/2025«,¤		   175,055 
         3,716,886 
     METAL FABRICATE/HARDWARE — 0.6%     
 734,000   Park-Ohio Industries, Inc.
6.625%, 4/15/2027«		   743,175 
           
     MINING — 1.5%     
 400,000   Alcoa Nederland Holding B.V.
6.125%, 5/15/2028«,¤		   436,430 
 175,000   Freeport-McMoRan, Inc.
5.000%, 9/1/2027«		   186,134 
 188,000   Joseph T Ryerson & Son, Inc.
8.500%, 8/1/2028«,¤		   210,912 
 854,000   JW Aluminum Continuous Cast Co.
10.250%, 6/1/2026«,¤		   906,145 
         1,739,621 
     MISCELLANEOUS MANUFACTURING — 2.3%     
 91,493   Anagram International, Inc. / Anagram Holdings LLC
10.000%, 8/15/2026«,¤		   90,121 
 690,000   FXI Holdings, Inc.
7.875%, 11/1/2024«,¤		   712,425 
 1,164,000   LSB Industries, Inc.
9.625%, 5/1/2023«,¤		   1,197,587 
 3,065,000   Techniplas LLC
10.000%, 5/1/2020«,†,¤		   689,625 
         2,689,758 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited)

 

 

Principal
Amount		      Value 
     CORPORATE BONDS - (Continued)     
     OIL & GAS — 0.8%     
$1,902,000   Mesquite Energy, Inc.
7.250%, 2/15/2023«,†,¤		  $12,363 
 948,000   Par Petroleum LLC / Par Petroleum Finance Corp.
7.750%, 12/15/2025«,¤		   963,405 
         975,768 
     OIL & GAS SERVICES — 0.3%     
 1,978,000   Basic Energy Services, Inc.
10.750%, 10/15/2023«,¤		   405,490 
           
     PACKAGING & CONTAINERS — 0.7%     
 164,000   Graham Packaging Co., Inc.
7.125%, 8/15/2028«,¤		   174,762 
 164,000   LABL Escrow Issuer LLC
10.500%, 7/15/2027«,¤		   182,938 
 464,000   Mauser Packaging Solutions Holding Co.
7.250%, 4/15/2025«,¤		   464,580 
         822,280 
     PHARMACEUTICALS — 2.0%     
 459,000   Bausch Health Cos., Inc.
6.250%, 2/15/2029«,¤		   487,775 
 500,000   Endo Dac / Endo Finance LLC / Endo Finco, Inc.
6.000%, 6/30/2028«,¤		   405,500 
 1,374,000   HLF Financing Sarl LLC / Herbalife International, Inc.
7.250%, 8/15/2026«,¤		   1,441,415 
         2,334,690 
     PIPELINES — 0.6%     
 234,000   Antero Midstream Partners LP / Antero Midstream Finance Corp.
5.750%, 3/1/2027«,¤		   234,490 
 472,000   NGL Energy Partners LP / NGL Energy Finance Corp.
7.500%, 11/1/2023«		   456,365 
         690,855 
     REAL ESTATE — 1.1%     
 728,000   Hunt Cos., Inc.
6.250%, 2/15/2026«,¤		   751,587 
 404,000   Kennedy-Wilson, Inc.
5.875%, 4/1/2024«		   407,955 
 164,000   Realogy Group LLC / Realogy Co.-Issuer Corp.
9.375%, 4/1/2027«,¤		   181,935 
         1,341,477 
     REITS — 3.1%     
 516,000   Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL
5.750%, 5/15/2026«,¤		   531,802 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited) 

 

 

Principal
Amount		      Value 
     CORPORATE BONDS - (Continued)     
     REITS - (Continued)     
$583,000   CoreCivic, Inc.
4.750%, 10/15/2027«		  $521,056 
 428,000   GEO Group, Inc.
6.000%, 4/15/2026«		   308,160 
 690,000   Granite Point Mortgage Trust I
6.375%, 10/1/2023*		   665,850 
 316,000   Iron Mountain, Inc.
5.250%, 3/15/2028«,¤		   328,838 
 292,000   RHP Hotel Properties LP / RHP Finance Corp.
5.000%, 4/15/2023«		   292,905 
     Service Properties Trust     
 214,000   4.350%, 10/1/2024«   213,013 
 614,000   4.950%, 2/15/2027«   608,627 
 213,000   Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC
6.000%, 4/15/2023«,¤		   216,861 
         3,687,112 
     RETAIL — 1.8%     
 472,000   GameStop Corp.
10.000%, 3/15/2023«,¤		   494,125 
 551,000   Michaels Stores, Inc.
8.000%, 7/15/2027«,¤		   609,786 
 164,823   Party City Holdings, Inc.
5.210% (6-Month US LIBOR+500 basis points), 7/15/2025«,@,¤		   152,049 
 879,000   Staples, Inc.
10.750%, 4/15/2027«,¤		   869,112 
         2,125,072 
     SOFTWARE — 1.6%     
 665,000   Donnelley Financial Solutions, Inc.
8.250%, 10/15/2024«		   694,925 
 214,000   J2 Global, Inc.
1.750%, 11/1/2026*,¤		   251,851 
 865,000   Veritas US, Inc. / Veritas Bermuda Ltd.
7.500%, 9/1/2025«,¤		   900,682 
         1,847,458 
     TELECOMMUNICATIONS — 1.4%     
 301,000   CommScope, Inc.
8.250%, 3/1/2027«,¤		   322,448 
 579,000   Embarq Corp.
7.995%, 6/1/2036		   667,315 
 399,000   Plantronics, Inc.
5.500%, 5/31/2023«,¤		   401,438

 

 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited)

 

 

Principal
Amount		      Value 
     CORPORATE BONDS - (Continued)     
     TELECOMMUNICATIONS - (Continued)     
$264,000   Viasat, Inc.
6.500%, 7/15/2028«,¤		  $278,415 
         1,669,616 
     TOYS/GAMES/HOBBIES — 0.2%     
 164,000   Mattel, Inc.
6.200%, 10/1/2040		   192,700 
           
     TRUCKING & LEASING — 0.6%     
 733,000   Fortress Transportation & Infrastructure Investors LLC
6.750%, 3/15/2022«,¤		   734,374 
           
     CORPORATE BONDS     
     (Cost $66,960,569)   61,928,879 
           
     TERM LOANS — 18.3%     
     ADVERTISING — 0.9%     
 1,000,000   Advantage Sales & Marketing, Inc.
5.360% (1-Month US LIBOR+525 basis points), 10/28/2027«,@		   1,000,090 
           
     AUTO PARTS & EQUIPMENT — 1.5%     
 740,610   First Brands Group LLC
7.610% (1-Month US LIBOR+750 basis points), 2/2/2024«,@		   756,037 
 994,898   GC EOS Buyer, Inc.
4.690% (3-Month US LIBOR+450 basis points), 8/1/2025«,@		   984,576 
         1,740,613 
     BEVERAGES — 0.6%     
 750,000   Blue Ribbon LLC
4.190% (3-Month US LIBOR+400 basis points), 11/15/2021«,@		   735,938 
           
     COMMERCIAL SERVICES — 1.8%     
 987,500   AQ Carver Buyer, Inc.
5.110% (1-Month US LIBOR+500 basis points), 9/23/2025«,@		   985,031 
 719,344   MRO Holdings, Inc.
5.190% (3-Month US LIBOR+500 basis points), 6/4/2026@		   696,267 
 500,000   National Intergovernmental Purchasing Alliance Co.
7.690% (3-Month US LIBOR+750 basis points), 5/22/2026«,@		   480,000 
         2,161,298 
     DIVERSIFIED FINANCIAL SERVICES — 3.3%     
 994,962   Advisor Group Holdings, Inc.
4.610% (1-Month US LIBOR+450 basis points), 7/31/2026«,@		   995,898 
 1,000,000   Edelman Financial Center LLC
6.940% (3-Month US LIBOR+675 basis points), 7/20/2026«,@		   1,002,500 
 1,901,796   PGX Holdings, Inc.
5.440% (3-Month US LIBOR+525 basis points), 9/29/2023«,@		   1,820,171 
         3,818,569 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited) 

 

 

Principal
Amount		      Value 
     TERM LOANS - (Continued)     
     FOOD SERVICE — 0.8%     
$986,996   TKC Holdings, Inc.
3.940% (3-Month US LIBOR+375 basis points), 2/1/2023«,@		  $966,107 
           
     HEALTHCARE-SERVICES — 3.2%     
 732,120   Air Methods Corp.
3.690% (3-Month US LIBOR+350 basis points), 4/22/2024@		   710,388 
 1,000,000   MED ParentCo LP
8.360% (1-Month US LIBOR+825 basis points), 8/30/2027«,@		   997,815 
 1,069,939   Sound Inpatient Physicians Holdings LLC
6.940% (3-Month US LIBOR+675 basis points), 6/26/2026«,@		   1,074,400 
 1,000,000   Upstream Newco, Inc.
8.610% (1-Month US LIBOR+850 basis points), 11/20/2027«,@		   975,000 
         3,757,603 
     INVESTMENT COMPANIES — 0.8%     
 976,667   Cardinal Parent, Inc.
7.860% (1-Month US LIBOR+775 basis points), 11/13/2028@		   942,483 
           
     MISCELLANEOUS MANUFACTURING — 0.4%     
 489,994   Rohm Holding GmbH
5.110% (1-Month US LIBOR+500 basis points), 7/31/2026«,@		   489,840 
           
     OIL & GAS — 1.7%     
 895,623   CITGO Petroleum Corp.
6.440% (3-Month US LIBOR+625 basis points), 3/28/2024«,@		   898,605 
 1,250,000   Gulf Finance LLC
5.440% (3-Month US LIBOR+525 basis points), 8/25/2023«,@		   1,040,400 
         1,939,005 
     RETAIL — 0.8%     
 1,000,000   JP Intermediate B LLC
5.690% (3-Month US LIBOR+550 basis points), 11/15/2025«,@		   958,750 
           
     SOFTWARE — 1.7%     
 1,000,000   QuickBase, Inc.
8.110% (1-Month US LIBOR+800 basis points), 4/2/2027@		   991,250 
 1,000,000   TIBCO Software, Inc.
7.860% (1-Month US LIBOR+775 basis points), 3/3/2028«,@		   1,013,190 
         2,004,440 
     TRANSPORTATION — 0.8%     
 995,950   Odyssey Logistics & Technology Corp.
4.190% (3-Month US LIBOR+400 basis points), 10/12/2024«,@		   982,006 
     TOTAL TERM LOANS     
     (Cost $20,629,283)   21,496,742 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited) 

 

 

Principal
Amount		      Value 
     FOREIGN BONDS — 10.5%     
     AGRICULTURE — 1.4%     
$1,598,000   Cooke Omega Investments, Inc. / Alpha VesselCo Holdings, Inc.
8.500%, 12/15/2022 (Canada)«,¤		  $1,647,937 
           
     AIRLINES — 0.3%     
 292,000   Air Canada
7.750%, 4/15/2021 (Canada)¤		   292,569 
 172,000   Virgin Australia Holdings Pty Ltd.
7.875%, 10/15/2021 (Australia)¤		   15,911 
         308,480 
     AUTO MANUFACTURERS — 0.6%     
 764,000   Mclaren Finance PLC
5.750%, 8/1/2022 (United Kingdom)«,¤		   750,630 
           
     CHEMICALS — 0.2%     
 234,000   Nufarm Australia Ltd. / Nufarm Americas, Inc.
5.750%, 4/30/2026 (Australia)«,¤		   240,187 
           
     COMMERCIAL SERVICES — 0.7%     
 774,000   Cimpress PLC
7.000%, 6/15/2026 (Netherlands)«,¤		   819,867 
           
     DIVERSIFIED FINANCIAL SERVICES — 0.5%     
 656,350   Global Aircraft Leasing Co., Ltd.
6.500%, 9/15/2024 (Cayman Islands)«,¤		   630,260 
           
     ELECTRIC — 0.3%     
 316,000   TransAlta Corp.
6.500%, 3/15/2040 (Canada)		   355,895 
           
     FOOD — 2.0%     
 300,000   FAGE International S.A. / FAGE USA Dairy Industry, Inc.
5.625%, 8/15/2026 (Luxembourg)«,¤		   310,125 
 1,850,000   JBS USA LUX S.A. / JBS USA Finance, Inc.
6.750%, 2/15/2028 (Brazil)«,¤		   2,037,867 
         2,347,992 
     FOREST PRODUCTS & PAPER — 0.6%     
 640,000   Mercer International, Inc.
5.500%, 1/15/2026 (Canada)«		   657,200 
           
     GAS — 0.3%     
 348,000   Rockpoint Gas Storage Canada Ltd.
7.000%, 3/31/2023 (Canada)«,¤		   351,263 
           
     IRON/STEEL — 0.4%     
 234,000   Infrabuild Australia Pty Ltd.
12.000%, 10/1/2024 (Australia)«,¤		   235,170 
 249,000   Mineral Resources Ltd.
8.125%, 5/1/2027 (Australia)«,¤		   275,894 
         511,064 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Continued 

March 31, 2021 (Unaudited)

 

 

Principal
Amount		      Value 
     FOREIGN BONDS - (Continued)     
     MINING — 0.2%     
$234,000   Mountain Province Diamonds, Inc.
8.000%, 12/15/2022 (Canada)«,¤		  $215,792 
           
     OIL & GAS — 1.0%     
 1,249,000   Frontera Energy Corp.
9.700%, 6/25/2023 (Colombia)«,¤		   1,244,629 
           
     OIL & GAS SERVICES — 1.4%     
 240,116   Calfrac Holdings LP
10.875%, 3/15/2026 (Canada)«,¤		   181,288 
 1,509,000   Welltec A/S
9.500%, 12/1/2022 (Denmark)«,¤		   1,493,910 
         1,675,198 
     PACKAGING & CONTAINERS — 0.3%     
 316,000   Cascades, Inc./Cascades USA, Inc.
5.375%, 1/15/2028 (Canada)«,¤		   332,393 
           
     TELECOMMUNICATIONS — 0.3%     
 300,000   C&W Senior Financing DAC
6.875%, 9/15/2027 (Ireland)«,¤		   320,438 
           
     TOTAL FOREIGN BONDS     
     (Cost $12,327,955)   12,409,225 

 

Number
of Shares		        
     CLOSED-END FUNDS — 5.8%     
     FIXED INCOME — 5.8%     
 67,463   AllianceBernstein Global High Income Fund, Inc.   799,437 
 27,018   Ares Dynamic Credit Allocation Fund   406,081 
 140,000   BlackRock Corporate High Yield Fund, Inc.   1,643,600 
 85,657   PGIM Global High Yield Fund   1,278,002 
 81,390   PGIM High Yield Bond Fund, Inc.   1,274,567 
 56,194   Voya Prime Rate Trust   260,740 
 241,565   Western Asset High Income Opportunity Fund, Inc.   1,227,150 
     TOTAL CLOSED-END FUNDS     
     (Cost $6,280,664)   6,889,577 
     EXCHANGE-TRADED FUNDS — 0.4%     
 20,422   Global X Nasdaq 100 Covered Call ETF   460,925 
     Total Exchange-Traded Funds     
     (Cost $435,552)   460,925 
     COMMON STOCKS — 1.2%     
     OIL & GAS SERVICES — 0.1%     
 38,773   Calfrac Well Services Ltd.*   120,197 

 

 

 

 

High Yield ETF 

SCHEDULE OF INVESTMENTS - Concluded 

March 31, 2021 (Unaudited)

 

 

Number
of Shares		      Value 
     COMMON STOCKS - (Continued)     
     OIL & GAS SERVICES - (Continued)     
 24,686   Hi-Crush Holdings, Inc.*  $0 
         120,197 
     REITS — 1.1%     
 143,472   Annaly Capital Management, Inc. - REIT   1,233,859 
     RETAIL — 0.0%     
 19,290   Party City Holdings, Inc.*   22,183 
     TOTAL COMMON STOCKS     
     (Cost $1,101,406)   1,376,239 
     SHORT-TERM INVESTMENTS — 12.2%     
 14,330,221   JPMorgan U.S. Government Money Market Fund - Class L, 0.02%#   14,330,221 
     TOTAL SHORT-TERM INVESTMENTS     
     (Cost $14,330,221)   14,330,221 
           
     TOTAL INVESTMENTS — 101.0%     
     (Cost $122,065,650)   118,891,808 
           
     Liabilities in Excess of Other Assets — (1.0)%   (1,231,711)
     TOTAL NET ASSETS — 100.0%  $117,660,097 

 

* Non-income producing security.
« Callable.
¤ Security was purchased (sold) pursuant to Rule 144A under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $53,447,316, which represents approximately 45.4% of net assets as of March 31, 2021.
† Security is in default.
α Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2021.
@ Float rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
# The rate is the annualized seven-day yield at period end.
   
  The 1-Month US LIBOR rate as of March 31, 2021 is 0.111%.
  The 3-Month US LIBOR rate as of March 31, 2021 is 0.194%.
  The 6-Month US LIBOR rate as of March 31, 2021 is 0.205%.