NPORT-EX 2 FDIV04302025.htm NPORT-EX Document


MARKETDESK FOCUSED U.S. DIVIDEND ETF
SCHEDULE OF INVESTMENTS
April 30, 2025 (Unaudited)

COMMON STOCKS - 99.8%

Shares

Value  
Aerospace & Defense - 1.0%

Lockheed Martin Corp.

1,839

$878,582 





Agricultural & Farm Machinery - 2.0%

Toro Co.

25,823

1,763,195 





Air Freight & Logistics - 3.0%

FedEx Corp.

4,222

888,013 
United Parcel Service, Inc. - Class B

18,530

1,765,909 




2,653,922 





Asset Management & Custody Banks - 2.0%

T Rowe Price Group, Inc.

20,028

1,773,479 





Automobile Manufacturers - 1.0%

Thor Industries, Inc.

12,138

879,034 





Automotive Parts & Equipment - 2.0%

Gentex Corp.

40,321

878,192 
LCI Industries

11,342

874,241 




1,752,433 





Biotechnology - 1.0%

Amgen, Inc.

3,026

880,324 





Broadcasting - 1.0%

Nexstar Media Group, Inc.

5,876

879,402 





Building Products - 2.0%

A.O. Smith Corp.

25,888

1,756,760 





Cable & Satellite - 2.0%

Comcast Corp. - Class A

51,753

1,769,953 





Cargo Ground Transportation - 1.0%

Knight-Swift Transportation Holdings, Inc.

22,665

887,788 





Commercial & Residential Mortgage Finance - 1.0%

Essent Group Ltd.

15,401

876,779 







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MARKETDESK FOCUSED U.S. DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)
COMMON STOCKS - 99.8% (CONTINUED)

Shares

Value  
Commodity Chemicals - 1.0%

Cabot Corp.

11,223

$881,455 





Computer & Electronics Retail - 2.0%

Best Buy Co., Inc.

26,528

1,769,152 





Construction Machinery & Heavy Transportation Equipment - 2.0%

Oshkosh Corp.

20,824

1,744,218 





Consumer Staples Merchandise Retail - 2.0%

Target Corp.

18,189

1,758,876 





Distillers & Vintners - 3.0%

Brown-Forman Corp. - Class B

50,404

1,756,076 
Constellation Brands, Inc. - Class A

4,671

875,999 




2,632,075 





Distributors - 1.0%

Genuine Parts Co.

7,477

878,921 






Diversified Financial Services - 2.0%

Voya Financial, Inc.

29,906

1,770,435 





Electric Utilities - 2.0%

NextEra Energy, Inc.

26,404

1,765,900 





Electrical Components & Equipment - 1.0%

Rockwell Automation, Inc.

3,572

884,713 





Fertilizers & Agricultural Chemicals - 1.0%

CF Industries Holdings, Inc.

11,226

879,782 





Food Distributors - 1.0%

Sysco Corp.

12,293

877,720 





Footwear - 2.0%

NIKE, Inc. - Class B

31,363

1,768,873 





Home Improvement Retail - 1.0%

Home Depot, Inc.

2,450

883,201 







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MARKETDESK FOCUSED U.S. DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)
COMMON STOCKS - 99.8% (CONTINUED)

Shares

Value  
Homebuilding - 2.0%

Lennar Corp. - Class A

16,275

$1,767,628 





Household Products - 4.0%

Clorox Co.

12,330

1,754,559 
Kimberly-Clark Corp.

6,653

876,733 
Procter & Gamble Co.

5,404

878,528 




3,509,820 





Human Resource & Employment Services - 7.0%

Automatic Data Processing, Inc.

5,822

1,750,093 
Insperity, Inc.

27,124

1,763,331 
Korn Ferry

14,214

877,004 
Robert Half, Inc.

39,875

1,766,463 




6,156,891 





Industrial Machinery & Supplies & Components - 2.0%

Illinois Tool Works, Inc.

3,683

883,589 
Snap-on, Inc.

2,840

891,220 




1,774,809 





Integrated Oil & Gas - 1.0%

Chevron Corp.

6,456

878,403 





IT Consulting & Other Services - 2.0%

Accenture PLC - Class A

5,888

1,761,395 





Life & Health Insurance - 1.0%

Principal Financial Group, Inc.

11,887

881,421 





Managed Health Care - 2.0%

UnitedHealth Group, Inc.

4,266

1,755,203 





Movies & Entertainment - 1.0%

Warner Music Group Corp. - Class A

28,851

878,513 





Oil & Gas Exploration & Production - 4.9%

California Resources Corp.

25,319

873,759 
Chord Energy Corp.

9,717

876,765 
Civitas Resources, Inc.

31,990

871,727 
Matador Resources Co.

22,213

878,302 
Northern Oil & Gas, Inc.

36,494

886,804 




4,387,357 







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MARKETDESK FOCUSED U.S. DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)
COMMON STOCKS - 99.8% (CONTINUED)

Shares

Value  

Other Specialty Retail - 4.0%

Dick's Sporting Goods, Inc.

9,430

$1,770,388 
Tractor Supply Co.

34,816

1,762,386 




3,532,774 





Packaged Foods & Meats - 7.9%

Flowers Foods, Inc.

99,320

1,747,039 
General Mills, Inc.

30,766

1,745,663 
Hershey Co.

10,485

1,752,987 
Lamb Weston Holdings, Inc.

33,242

1,755,510 




7,001,199 





Paper & Plastic Packaging Products & Materials - 2.0%

Avery Dennison Corp.

10,257

1,755,075 





Paper Products - 1.0%

Sylvamo Corp.

14,734

878,441 





Pharmaceuticals - 5.0%

Bristol-Myers Squibb Co.

34,924

1,753,185 
Johnson & Johnson

5,618

878,149 
Merck & Co., Inc.

20,638

1,758,358 




4,389,692 





Property & Casualty Insurance - 2.0%

American Financial Group, Inc.

13,893

1,759,687 





Rail Transportation - 2.0%

CSX Corp.

62,797

1,762,712 





Semiconductors - 4.0%

QUALCOMM, Inc.

5,970

886,306 
Skyworks Solutions, Inc.

13,963

897,542 
Texas Instruments, Inc.

11,087

1,774,474 




3,558,322 





Soft Drinks & Non-alcoholic Beverages - 2.0%

PepsiCo, Inc.

12,904

1,749,524 





Specialty Chemicals - 3.0%

Eastman Chemical Co.

11,445

881,265 


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MARKETDESK FOCUSED U.S. DIVIDEND ETF
SCHEDULE OF INVESTMENTS (CONTINUED)
April 30, 2025 (Unaudited)
COMMON STOCKS - 99.8% (CONTINUED)

Shares

Value  
Specialty Chemicals - 3.0% (Continued)
PPG Industries, Inc.

16,150

$1,758,089 




2,639,354 
TOTAL COMMON STOCKS (Cost $98,699,006)

88,025,192 





SHORT-TERM INVESTMENTS - 0.2%


Money Market Funds - 0.2%


 
First American Government Obligations Fund - Class X, 4.25% (a)

177,295

177,295 
TOTAL SHORT-TERM INVESTMENTS (Cost $177,295)

177,295 





TOTAL INVESTMENTS - 100.0% (Cost $98,876,301)

$88,202,487 
Other Assets in Excess of Liabilities - 0.0% (b)

14,334 
TOTAL NET ASSETS - 100.0%

 

$88,216,821 

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

(a)

The rate shown represents the 7-day annualized effective yield as of April 30, 2025.
(b)

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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MARKETDESK FOCUSED U.S. DIVIDEND ETF

Summary of Fair Value Disclosures as of April 30, 2025 (Unaudited)

MarketDesk Focused U.S. Dividend 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 April 30, 2025:
DESCRIPTIONLEVEL 1LEVEL 2LEVEL 3TOTAL
Assets
Common Stocks
$88,025,192 

$— $— 

$88,025,192 
Money Market Funds
177,295

— — 

177,295
Total Investments$88,202,487 

$— $— 

$88,202,487 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

During the fiscal period ended April 30, 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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