NPORT-EX 2 roe.htm NPORT-EX Document
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF
SCHEDULE OF INVESTMENTS
February 29, 2024 (Unaudited)

COMMON STOCKS - 96.5%
SharesValue
Advertising - 1.8%
Interpublic Group of Cos., Inc.21,833 685,556 
Omnicom Group, Inc.8,316 735,051 
1,420,607 
Aerospace & Defense - 0.9%
Lockheed Martin Corp.1,643 703,598 
Agricultural & Farm Machinery - 0.8%
AGCO Corp.5,992 657,322 
Agricultural Products & Services - 1.4%
Archer-Daniels-Midland Co.9,513 505,235 
Bunge Global SA6,949 655,777 
1,161,012 
Air Freight & Logistics - 0.9%
Expeditors International of Washington, Inc.5,840 698,464 
Apparel Retail - 2.1%
Ross Stores, Inc.5,418 807,065 
TJX Cos., Inc.8,121 805,116 
1,612,181 
Application Software - 1.0%
Intuit, Inc.1,187 786,850 
Asset Management & Custody Banks - 1.0%
Ameriprise Financial, Inc.1,910 778,058 
Biotechnology - 1.8%
Amgen, Inc.2,639 722,638 
Gilead Sciences, Inc.9,022 650,486 
1,373,124 
Building Products - 3.0%
Allegion PLC6,123 782,948 
Builders FirstSource, Inc.(a)
4,325 844,154 
Owens Corning4,685 701,719 
2,328,821 
Cable & Satellite - 1.6%
Charter Communications, Inc. - Class A(a)
1,921 564,640 
Comcast Corp. - Class A16,448 704,796 
1,269,436 




1
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 29, 2024 (Unaudited)
COMMON STOCKS - 96.5% (CONTINUED)
SharesValue
Communications Equipment - 1.9%
Cisco Systems, Inc.14,580 $705,235 
Motorola Solutions, Inc.2,321 766,835 
1,472,070 
Computer & Electronics Retail - 1.0%
Best Buy Co., Inc.9,390 759,463 
Construction Machinery & Heavy Transportation Equipment - 1.1%
Caterpillar, Inc.2,544 849,594 
Consumer Finance - 2.1%
Discover Financial Services6,760 815,932 
Synchrony Financial19,232 794,282 
1,610,214 
Electric Utilities - 0.8%
Xcel Energy, Inc.11,718 617,421 
Electronic Components - 1.0%
Amphenol Corp. - Class A7,276 794,830 
Electronic Equipment & Instruments - 0.9%
Keysight Technologies, Inc.(a)
4,569 704,997 
Electronic Manufacturing Services - 1.9%
Jabil, Inc.5,418 780,680 
TE Connectivity Ltd.5,112 733,879 
1,514,559 
Fertilizers & Agricultural Chemicals - 1.0%
CF Industries Holdings, Inc.9,598 774,751 
Food Distributors - 1.0%
Sysco Corp.9,897 801,360 
Food Retail - 1.1%
Kroger Co.16,559 821,492 
Health Care Distributors - 3.3%
Cardinal Health, Inc.7,377 826,076 
Cencora, Inc.3,688 868,893 
McKesson Corp.1,671 871,276 
2,566,245 




2
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 29, 2024 (Unaudited)
COMMON STOCKS - 96.5% (CONTINUED)
SharesValue
Health Care Services - 1.1%
The Cigna Group2,497 $839,342 
Home Improvement Retail - 2.0%
Home Depot, Inc.2,052 781,012 
Lowe's Cos., Inc.3,200 770,144 
1,551,156 
Homebuilding - 2.8%
DR Horton, Inc.4,749 709,691 
Lennar Corp. - Class A4,683 742,302 
PulteGroup, Inc.6,987 757,251 
2,209,244 
Homefurnishing Retail - 1.1%
Williams-Sonoma, Inc.3,512 827,181 
Household Products - 0.9%
Kimberly-Clark Corp.6,074 735,987 
Integrated Telecommunication Services - 1.0%
Verizon Communications, Inc.19,357 774,667 
Interactive Home Entertainment - 0.9%
Electronic Arts, Inc.5,194 724,459 
Interactive Media & Services - 1.0%
Alphabet, Inc. - Class A(a)
5,516 763,745 
IT Consulting & Other Services - 2.0%
Accenture PLC - Class A2,093 784,415 
Cognizant Technology Solutions Corp. - Class A9,533 753,298 
1,537,713 
Life & Health Insurance - 3.9%
Aflac, Inc.9,011 727,548 
Globe Life, Inc.5,957 756,122 
Principal Financial Group, Inc.9,126 737,928 
Unum Group16,614 821,563 
3,043,161 
Life Sciences Tools & Services - 2.0%
Agilent Technologies, Inc.5,247 720,728 
Bruker Corp.9,764 844,976 
1,565,704 




3
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 29, 2024 (Unaudited)
COMMON STOCKS - 96.5% (CONTINUED)
SharesValue
Managed Health Care - 2.6%
Elevance Health, Inc.1,551 $777,439 
Humana, Inc.1,572 550,703 
UnitedHealth Group, Inc.1,374 678,206 
2,006,348 
Movies & Entertainment - 1.1%
Netflix, Inc.(a)
1,461 880,866 
Multi-Utilities - 1.8%
Consolidated Edison, Inc.8,020 699,424 
Public Service Enterprise Group, Inc.11,764 734,074 
1,433,498 
Oil & Gas Exploration & Production - 2.0%
Devon Energy Corp.16,358 720,733 
Ovintiv, Inc.16,918 835,919 
1,556,652 
Oil & Gas Refining & Marketing - 2.0%
Phillips 665,364 764,424 
Valero Energy Corp.5,672 802,361 
1,566,785 
Pharmaceuticals - 2.1%
Eli Lilly & Co.1,274 960,188 
Pfizer, Inc.26,169 695,049 
1,655,237 
Property & Casualty Insurance - 2.2%
Hartford Financial Services Group, Inc.9,082 870,418 
W R Berkley Corp.10,366 866,598 
1,737,016 
Regional Banks - 0.9%
Regions Financial Corp.37,512 698,849 
Reinsurance - 1.0%
Everest Group Ltd.2,038 751,777 
Restaurants - 2.0%
Domino's Pizza, Inc.1,814 813,307 
Yum! Brands, Inc.5,631 779,443 
1,592,750 




4
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 29, 2024 (Unaudited)
COMMON STOCKS - 96.5% (CONTINUED)
SharesValue
Semiconductor Materials & Equipment - 4.3%
Applied Materials, Inc.4,449 $897,008 
KLA Corp.1,231 839,911 
Lam Research Corp.930 872,573 
Teradyne, Inc.6,848 709,384 
3,318,876 
Semiconductors - 9.1%
Broadcom, Inc.636 827,112 
Microchip Technology, Inc.7,751 652,169 
Monolithic Power Systems, Inc.1,134 816,525 
NVIDIA Corp.1,479 1,170,066 
NXP Semiconductors NV3,056 763,175 
ON Semiconductor Corp.(a)
8,397 662,691 
QUALCOMM, Inc.5,083 802,047 
Skyworks Solutions, Inc.6,413 672,852 
Texas Instruments, Inc.4,268 714,164 
7,080,801 
Steel - 1.0%
Steel Dynamics, Inc.5,741 768,261 
Systems Software - 1.9%
Gen Digital, Inc.31,262 671,820 
Microsoft Corp.1,945 804,530 
1,476,350 
Technology Distributors - 1.0%
CDW Corp.3,274 806,092 
Technology Hardware, Storage & Peripherals - 4.4%
Apple, Inc.3,684 665,883 
NetApp, Inc.8,195 730,338 
Super Micro Computer, Inc.(a)
2,337 2,024,123 
3,420,344 
Tobacco - 1.8%
Altria Group, Inc.17,306 707,988 
Philip Morris International, Inc.7,651 688,284 
1,396,272 
Trading Companies & Distributors - 2.2%
United Rentals, Inc.1,249 865,894 
WW Grainger, Inc.882 858,592 
1,724,486 




5
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 29, 2024 (Unaudited)
COMMON STOCKS - 96.5% (CONTINUED)
SharesValue
Transaction & Payment Processing Services - 1.0%
Visa, Inc. - Class A2,828 $799,306 
TOTAL COMMON STOCKS (Cost $66,698,166)
75,319,394 
REAL ESTATE INVESTMENT TRUSTS - 2.9%
Host Hotels & Resorts, Inc.36,717 761,511 
Simon Property Group, Inc.4,981 737,885 
Weyerhaeuser Co.21,699 746,012 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,970,168)
2,245,408 
SHORT-TERM INVESTMENTS - 0.5%
Money Market Funds - 0.5%
 
First American Government Obligations Fund - Class X, 5.23%(b)
355,018 355,018 
TOTAL SHORT-TERM INVESTMENTS (Cost $355,018)
355,018 
TOTAL INVESTMENTS - 99.9% (Cost $69,023,352)
$77,919,820 
Other Assets in Excess of Liabilities - 0.1%87,866 
TOTAL NET ASSETS - 100.0% $78,007,686 

Percentages are stated as a percent of net assets.

PLC - Public Limited Company
SA - Sociedad Anónima

(a)Non-income producing security.
(b)The rate shown represents the 7-day effective yield as of February 29, 2024.

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.














6
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF


SIGNIFICANT ACCOUNTING POLICIES (UNAUDITED)
 
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).  

A.Security Valuation. Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® (“NASDAQ”) are valued at the last reported sale price on the 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 most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities. Fair values for long-term debt securities, including asset-backed securities (“ABS”), collateralized loan obligations (“CLO”), collateralized mortgage obligations (“CMO”), corporate obligations, whole loans, and mortgage-backed securities (“MBS”) are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs, including but not limited to, benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and pricing models such as yield measurers calculated using factors such as cash flows, financial or collateral performance and other reference data. In addition to these inputs, MBS and ABS may utilize cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information. Reverse repurchase agreements are priced at their acquisition cost, and assessed for credit adjustments, which represents fair value. Futures contracts are carried at fair value using the primary exchange’s closing (settlement) price.

Subject to its oversight, the Trust’s Board of Trustees (the “Board”) has delegated primary responsibility for determining or causing to be determined the value of the Fund’s investments to Empowered Funds, LLC dba EA Advisers (the “Adviser”), pursuant to the Trust’s valuation policy and procedures, which have been adopted by the Trust and approved by the Board. In accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the “valuation designee” of the Fund. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust’s fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust’s valuation policies during these periodic reports. The use of fair value pricing by the Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of February 29, 2024, the Fund did not hold any securities that required fair valuation due to unobservable inputs.
 
As described above, the Fund may use various methods to measure the fair value of their investments on a recurring basis. 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 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.
 
7
ASTORIA US EQUAL WEIGHT QUALITY KINGS ETF

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
 
 
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
 
The following is a summary of the fair value classification of the Fund’s investments as of February 29, 2024:

DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Assets:
Common Stocks$75,319,394 $— $— $75,319,394 
Real Estate Investment Trusts2,245,408 — — 2,245,408 
Money Market Funds355,018 — — 355,018 
Total Investments in Securities
$77,919,820 $— $— $77,919,820 
 
 *
For further detail, see the Schedule of Investments.
 
During the fiscal period ended February 29, 2024, the Fund did not invest in any Level 3 investments and recognized no transfers to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

8