NPORT-EX 2 GFGF.htm NPORT-EX Document


GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS
February 28, 2025 (Unaudited)

COMMON STOCKS - 85.6%

Shares

Value  
Asset Management & Custody Banks - 1.6%

KKR & Co., Inc.

4,219 

$572,054 





Broadline Retail - 3.2%

Amazon.com, Inc. (a)

5,230 

1,110,224 





Consumer Finance - 1.5%

American Express Co.

1,768 

532,097 





Diversified Financial Services - 1.7%

Apollo Global Management, Inc.

4,004 

597,677 





Financial Exchanges & Data - 5.3%

Moody's Corp.

2,218 

1,117,739 
S&P Global, Inc.

1,413 

754,175 




1,871,914 





Health Care Equipment - 2.2%

Intuitive Surgical, Inc. (a)

1,325 

759,424 





Human Resource & Employment Services - 2.7%

Paychex, Inc.

6,168 

935,501 





Insurance Brokers - 9.4%

Arthur J Gallagher & Co.

4,048 

1,367,172 
Brown & Brown, Inc.

16,208 

1,921,296 




3,288,468 





Interactive Media & Services - 8.1%

Alphabet, Inc. - Class A

11,600 

1,975,248 
Meta Platforms, Inc. - Class A

1,295 

865,319 




2,840,567 





Investment Banking & Brokerage - 3.2%

Charles Schwab Corp.

7,716 

613,653 
Goldman Sachs Group, Inc.

850

528,947 




1,142,600 





Managed Health Care - 2.4%

UnitedHealth Group, Inc.

1,758 

834,980 







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GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
COMMON STOCKS - 85.6% (CONTINUED)

Shares

Value  
Multi-Sector Holdings - 4.4%

Berkshire Hathaway, Inc. - Class B (a)

2,995 

$1,538,921 





Pharmaceuticals - 2.1%

Novo Nordisk AS - ADR

8,219 

745,052 





Semiconductor Materials & Equipment - 1.9%

ASML Holding NV

952

675,044 





Semiconductors - 9.2%

NVIDIA Corp.

15,388 

1,922,269 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

7,275 

1,313,356 




3,235,625 





Soft Drinks & Non-alcoholic Beverages - 2.0%

Monster Beverage Corp. (a)

12,650 

691,322 





Systems Software - 7.9%

Microsoft Corp.

6,942 

2,755,905 





Technology Hardware, Storage & Peripherals - 3.6%

Apple, Inc.

5,212 

1,260,470 





Trading Companies & Distributors - 2.5%

Fastenal Co.

11,766 

891,039 





Transaction & Payment Processing Services - 10.7%

Jack Henry & Associates, Inc.

4,355 

755,984 
Mastercard, Inc. - Class A

2,452 

1,413,112 
Visa, Inc. - Class A

4,326 

1,569,084 




3,738,180 
TOTAL COMMON STOCKS (Cost $22,234,472)

30,017,064 





SHORT-TERM INVESTMENTS - 14.4%


Money Market Funds - 14.4%


 
First American Government Obligations Fund - Class X, 4.29% (b)

5,030,640 

5,030,640 
TOTAL SHORT-TERM INVESTMENTS (Cost $5,030,640)

5,030,640 





TOTAL INVESTMENTS - 100.0% (Cost $27,265,112)

$35,047,704 
Other Assets in Excess of Liabilities - 0.0% (c)

980 
TOTAL NET ASSETS - 100.0%

 

$35,048,684 


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GURU FAVORITE STOCKS ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
February 28, 2025 (Unaudited)
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
NV - Naamloze Vennootschap
(a)

Non-income producing security.
(b)

The rate shown represents the 7-day annualized effective yield as of February 28, 2025.
(c)

Represents less than 0.05% of net assets.

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


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GURU FAVORITE STOCKS ETF

Summary of Fair Value Disclosures as of February 28, 2025 (Unaudited)

Guru Favorite Stocks ETF (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. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
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.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of February 28, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Assets
Common Stocks
$30,017,064 

$— $— 

$30,017,064 
Money Market Funds
5,030,640

— — 

5,030,640
Total Investments$35,047,704 

$— $— 

$35,047,704 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended February 28, 2025, 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.


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