NPORT-EX 2 noble.htm NOBLE ETF - 11/30/22 PART F

Noble Absolute Return ETF
  
         
SCHEDULE OF INVESTMENTS at November 30, 2022 (Unaudited)
  
                 
 
    
Shares
    
Value
  
Common Stocks - 12.1%
              
Chemicals - 8.3%
              
Ecovyst, Inc. (1)(2)
        
180,000
    
$
1,672,200
  
                       
Distribution & Wholesale - 0.2%
                    
A-Mark Precious Metals, Inc.
        
1,000
      
34,500
  
                       
Entertainment - 0.3%
                    
DraftKings, Inc. - Class A (1)
        
3,881
      
59,457
  
                       
Oil & Gas - 2.8%
                    
Antero Resources Corp. (1)(2)
        
100
      
3,655
  
APA Corp. (2)
        
100
      
4,685
  
Marathon Oil Corp. (2)
        
100
      
3,063
  
Northern Oil and Gas, Inc. (2)
        
15,000
      
545,850
  
                   
557,253
  
Retail - 0.5%
                    
The Container Store Group, Inc. (1)(2)
        
20,000
      
95,000
  
Total Common Stocks
                    
(Cost $2,279,534)
                
2,418,410
  
                     
Exchange Traded Funds - 94.5%
                    
Direxion Daily 20 Year Plus Treasury Bull 3x Shares
        
200,000
      
1,690,000
  
Invesco QQQ Trust Series 1
        
6,000
      
1,760,160
  
iShares 20+ Year Treasury Bond ETF (2)
        
150,000
      
15,409,500
  
iShares Russell 1000 Value ETF
        
100
      
15,899
  
SPDR S&P Oil & Gas Exploration & Production ETF (2)
        
100
      
15,212
  
VanEck Gold Miners ETF
        
100
      
2,905
  
VanEck Oil Services ETF (2)
        
100
      
30,415
  
Total Exchange Traded Funds
                    
(Cost $18,916,509)
                
18,924,091
  
                     
 
   
Notional Amount
  
Contracts (3)
          
Options Purchased - 0.7%
                    
Put Options - 0.7%
                    
Internet - 0.7%
                    
Robinhood Markets, Inc.
                    
Expiration: 12/16/2022, Strike Price: $11.00 (4)
  
$
959,000
      
1,000
      
152,000
  
Total Options Purchased
                        
(Cost $147,339)
                    
152,000
  
 
 
        
Shares
          
Short-Term Invesments - 20.6%
                        
Money Market Funds - 20.6%
                        
Federated Hermes Treasury Obligations Fund, Service Shares, 3.410% (2)(5)
            
3,000,000
      
3,000,000
  
First American Government Obligations Fund, Class X, 3.668% (5)
            
1,116,793
      
1,116,793
  
                       
4,116,793
  
Total Short-Term Investments
                        
(Cost $4,116,793)
                    
4,116,793
  
                         
Total Investments in Securities - 127.9%
                        
(Cost $25,460,175)
                    
25,611,294
  
Liabilites in Excess of Other Assets - (27.9)%
                    
(5,587,462
)
Total Net Assets -  100.0%
                  
$
20,023,832
  

(1) 
Non income producing security.
                        
(2) 
All or a portion of the shares of this security have been committed as collateral for securities sold short.
                  
(3) 
100 shares per contract.
                        
(4) 
Held in connection with a written option contract. See the Options Written for further information.
                  
(5) 
The rate shown is the annualized seven-day effective yield as of November 30, 2022.
                  


Noble Absolute Return ETF
   
SCHEDULE OF SECURITIES SOLD SHORT at November 30, 2022 (Unaudited)
           
 
Shares
 
Value
Common Stocks (1) - 138.2%
      
Auto Manufacturers - 15.6%
      
Lucid Group, Inc.
20,100
  
$
  203,814
Rivian Automotive, Inc. - Class A
100
  
                   3,204
Tesla, Inc.
15,000
  
            2,920,500
         
            3,127,518
Banks - 5.8%
      
SVB Financial Group
5,000
  
            1,158,900
           
Building Materials - 2.9%
      
Trex Co., Inc.
12,460
  
               571,789
           
Commercial Services - 6.3%
      
Affirm Holdings, Inc. - Class A
75,000
  
            1,044,000
Avis Budget Group, Inc.
100
  
                 22,360
Toast, Inc. - Class A
10,000
  
               183,600
         
            1,249,960
Distribution & Wholesale - 2.5%
      
Pool Corp.
1,500
  
               494,115
           
Diversified Financials Services - 20.9%
      
Coinbase Global, Inc. - Class A
91,615
  
            4,189,554
           
Energy - Alternate Sources - 9.8%
      
Plug Power, Inc.
100
  
                   1,596
Sunrun, Inc.
60,100
  
            1,958,058
         
            1,959,654
Entertainment - 15.3%
      
DraftKings, Inc. - Class A
200,000
  
            3,064,000
           
Food - 0.0% (2)
      
Beyond Meat, Inc.
100
  
                   1,459
           
Healthcare - Products - 0.1%
      
Align Technology, Inc.
100
  
                 19,666
Novocure Ltd.
100
  
                   7,684
         
                 27,350
Household Products & Wares - 0.1%
      
Helen of Troy Ltd.
100
  
                   9,854
           
Internet - 42.1%
      
DoorDash, Inc. - Class A
100
  
                   5,825
Robinhood Markets, Inc. - Class A
200,000
  
            1,918,000
Roku, Inc. - Class A
100,000
  
            5,937,000
Zillow Group, Inc. - Class C
15,100
  
               573,498
         
            8,434,323
Leisure Time - 2.8%
      
Peloton Interactive, Inc. - Class A
50,100
  
               570,138
           
Real Estate Investment Trusts (REITs) - 0.4%
      
Digital Realty Trust, Inc.
100
  
                 11,246
Equinix, Inc.
100
  
                 69,065
Medical Properties Trust, Inc.
100
  
                   1,312
         
                 81,623
Retail - 12.4%
      
Carvana Co. - Class A
30,100
  
               232,071
Floor & Decor Holdings, Inc.
15,000
  
            1,119,450
Freshpet, Inc.
100
  
                   6,702
Portillo’s, Inc. - Class A
20,000
  
               403,800
Warby Parker, Inc. - Class A
42,500
  
               723,775
         
            2,485,798
Software - 1.2%
      
ROBLOX Corp. - Class A
100
  
                   3,177
Twilio, Inc. - Class A
5,000
  
               245,100
         
               248,277
Total Common Stock
    
 
(Proceeds $28,250,231)
    
          27,674,312
       
Exchange Traded Funds (1) - 46.8%
      
ARK Innovation ETF
250,000
  
            9,370,000
ProShares UltraPro QQQ
100
  
                   2,356
Total Exchange Traded Funds
    
 
(Proceeds $9,641,265)
    
            9,372,356
       
Total Securities Sold Short - 185.0%
      
(Proceeds $37,940,616)
    
$
  37,046,668
           
Percentages are stated as a percent of net assets.
      
           
 
(1)
Non-income producing security.
      
 
(2)
Does not round to 0.1% or (0.1)%, as applicable.
      

 
Noble Absolute Return ETF
       
SCHEDULE OF OPTIONS WRITTEN at November 30, 2022 (Unaudited)
 
          
 
Contracts (1)
 
Notional Amount
 
Value
Options Written - 0.2%
        
Put Options - 0.2%
        
Internet - 0.2%
        
Robinhood Markets, Inc.
          
Expiration: 12/16/2022, Strike Price: $9.00
1,000
  
$
  959,000  
$
  32,000
Total Put Options Written
        
 
(Premium $49,120)
        
$
  32,000
 
          
Percentages are stated as a percent of net assets.
          
(1)  100 shares per contract.
          

 
Summary of Fair Value Exposure at November 30, 2022 (Unaudited)
           
The Noble Absolute Return ETF  (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. 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 spreads, 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 inputs used to value the Fund’s investments, securities sold short and options written as of November 30, 2022:

Investments in Securities
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks (1)
  
$
2,418,410
    
$
–
    
$
–
    
$
2,418,410
Exchange Traded Funds
    
18,924,091
      
–
      
–
      
18,924,091
Options Purchased
    
152,000
      
–
      
–
      
152,000
Short-Term Investments
    
4,116,793
      
–
      
–
      
4,116,793
Total Investments in Securities
  
$
25,611,294
    
$
–
    
$
–
    
$
25,611,294
                               
Securities Sold Short
Level 1
  
Level 2
  
Level 3
  
Total
Common Stocks (1)
  
$
27,674,312
    
$
–
    
$
–
    
$
27,674,312
Exchange Traded Funds
    
9,372,356
      
–
      
–
      
9,372,356
Total Securities Sold Short
  
$
37,046,668
    
$
–
    
$
–
    
$
37,046,668
                               
Options Written
Level 1
  
Level 2
  
Level 3
  
Total
Options Written (1)
  
$
32,000
      
–
    
$
–
    
$
32,000
Total Options Written
  
$
32,000
    
$
–
    
$
–
    
$
32,000
                               
(1) See applicable Schedule of Investments, Schedule of Securities Sold Short, or Schedule of Options Written for the industry breakout.