0001752724-22-272952.txt : 20221129 0001752724-22-272952.hdr.sgml : 20221129 20221129095909 ACCESSION NUMBER: 0001752724-22-272952 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221129 DATE AS OF CHANGE: 20221129 PERIOD START: 20230630 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Emles Trust CENTRAL INDEX KEY: 0001755351 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23431 FILM NUMBER: 221428981 BUSINESS ADDRESS: STREET 1: 5323 ANITA STREET CITY: DALLAS STATE: TX ZIP: 75206 BUSINESS PHONE: 917.363.8224 MAIL ADDRESS: STREET 1: 5323 ANITA STREET CITY: DALLAS STATE: TX ZIP: 75206 FORMER COMPANY: FORMER CONFORMED NAME: Yleana Trust DATE OF NAME CHANGE: 20181005 0001755351 S000070038 Emles Federal Contractors ETF C000222946 Emles Federal Contractors ETF FEDX NPORT-P 1 primary_doc.xml NPORT-P false 0001755351 XXXXXXXX S000070038 C000222946 Emles Trust 811-23431 0001755351 549300JRCLKDU3X4FS78 5323 Anita Street Dallas 75206 833-673-2661 Emles Federal Contractors ETF S000070038 5493002GPEDO03MYTX37 2023-06-30 2022-09-30 Y 5920891.64 2947.59 5917944.05 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 6902.59 N BARCLAYS PLC 213800LBQA1Y9L22JB70 IPATH SERIES B S P 500 VIX SHORT TERM FUTURES ETN 06747R477 760.00000000 NS USD 16119.60000000 0.272385136861 Long RF GB N 1 N N N KBR, INC. 254900OFQDXZRKRCV808 KBR INC 48242W106 4091.00000000 NS USD 176813.02000000 2.987744029110 Long EC CORP US N 1 N N N GENERAL DYNAMICS CORPORATION 9C1X8XOOTYY2FNYTVH06 GENERAL DYNAMICS CORP 369550108 2516.00000000 NS USD 533819.72000000 9.020357669653 Long EC CORP US N 1 N N N HUNTINGTON INGALLS INDUSTRIES, INC. 5TZLZ6WJTBVJ0QWBG121 HUNTINGTON INGALLS INDUSTRIES INC 446413106 973.00000000 NS USD 215519.50000000 3.641796850039 Long EC CORP US N 1 N N N JACOBS SOLUTIONS INC. N/A JACOBS SOLUTIONS INC 46982L108 2475.00000000 NS USD 268512.75000000 4.537264085827 Long EC CORP US N 1 N N N MAXIMUS, INC. 549300DQCDS8HJ7QF202 MAXIMUS INC 577933104 2687.00000000 NS USD 155496.69000000 2.627545794387 Long EC CORP US N 1 N N N ICF INTERNATIONAL, INC. 5493003KYFDDC5B3WY64 ICF INTERNATIONAL INC 44925C103 1361.00000000 NS USD 148376.22000000 2.507225799135 Long EC CORP US N 1 N N N LEIDOS HOLDINGS, INC. 549300IUTGTP6EJP8124 LEIDOS HOLDINGS 525327102 2852.00000000 NS USD 249464.44000000 4.215390309409 Long EC CORP US N 1 N N N FLUOR CORPORATION. CQ7WZ4NOFWT7FAE6Q943 FLUOR CORP 343412102 6113.00000000 NS USD 152152.57000000 2.571037656227 Long EC CORP US N 1 N N N BOOZ ALLEN HAMILTON HOLDING CORPORATION 529900JPV47PIUWMA015 BOOZ ALLEN HAMILTON HOLDING CORP 099502106 2778.00000000 NS USD 256548.30000000 4.335091677657 Long EC CORP US N 1 N N N PARSONS CORPORATION 549300ZXH0VRBSEPX752 PARSONS CORP 70202L102 4064.00000000 NS USD 159308.80000000 2.691961915388 Long EC CORP US N 1 N N N AMERESCO, INC. 529900NZXZGBCBXYY327 AMERESCO INC 02361E108 1953.00000000 NS USD 129835.44000000 2.193928143000 Long EC CORP US N 1 N N N Northrop Grumman Corporation RIMU48P07456QXSO0R61 NORTHROP GRUMMAN CORP 666807102 1170.00000000 NS USD 550274.40000000 9.298404908035 Long EC CORP US N 1 N N N L3HARRIS TECHNOLOGIES, INC. 549300UTE50ZMDBG8A20 L3HARRIS TECHNOLOGIES INC 502431109 2451.00000000 NS USD 509391.33000000 8.607572591025 Long EC CORP US N 1 N N N RAYTHEON TECHNOLOGIES CORPORATION I07WOS4YJ0N7YRFE7309 RAYTHEON TECHNOLOGIES CORP 75513E101 6617.00000000 NS USD 541667.62000000 9.152969602678 Long EC CORP US N 1 N N N TELEDYNE TECHNOLOGIES INCORPORATED 549300VSMO9KYQWDND94 TELEDYNE TECHNOLOGIES INC 879360105 795.00000000 NS USD 268288.65000000 4.533477297744 Long EC CORP US N 1 N N N KRATOS DEFENSE & SECURITY SOLUTIONS, INC. 5493000EKBN0UY1F3F88 KRATOS DEFENSE SECURITY SOLUTIONS INC 50077B207 11292.00000000 NS USD 114726.72000000 1.938624614066 Long EC CORP US N 1 N N N CACI INTERNATIONAL INC. SYRPI2D1O9WRTS2WX210 CACI INTERNATIONAL INC 127190304 702.00000000 NS USD 183264.12000000 3.096753170554 Long EC CORP US N 1 N N N LOCKHEED MARTIN CORPORATION DPRBOZP0K5RM2YE8UU08 LOCKHEED MARTIN CORP 539830109 1365.00000000 NS USD 527285.85000000 8.909949900590 Long EC CORP US N 1 N N N TETRA TECH, INC. 549300UJ1LP7JGJC5P32 TETRA TECH INC 88162G103 1472.00000000 NS USD 189196.16000000 3.196991360538 Long EC CORP US N 1 N N N QUIDELORTHO CORPORATION 549300YU8CMO9HF53113 QUIDELORTHO CORP 219798105 2196.00000000 NS USD 156970.08000000 2.652442785429 Long EC CORP US N 1 N N N SCIENCE APPLICATIONS INTERNATIONAL CORPORATION 549300LZPNZIXQGZPZ48 SCIENCE APPLICATIONS INTERNATIONAL CORP 808625107 1899.00000000 NS USD 167928.57000000 2.837616722652 Long EC CORP US N 1 N N N EMERGENT BIOSOLUTIONS INC. 549300YW6TUOX8BE5103 EMERGENT BIOSOLUTIONS INC 29089Q105 5758.00000000 NS USD 120860.42000000 2.042270406392 Long EC CORP US N 1 N N N THE GEO GROUP, INC. 54930024XOXET7NQVZ63 GEO GROUP INC THE 36162J106 15705.00000000 NS USD 120928.50000000 2.043420805913 Long EC CORP US N 1 N N N 2022-10-31 Emles Trust Peter Sattelmair Peter Sattelmair Treasurer XXXX NPORT-EX 2 2116_0001755351.htm

 

Schedule of Investments

 September 30, 2022 (Unaudited)
Emles @Home ETF  

 

Schedule of Investments Summary Table

 

Holdings by Sector  Percentage of
Investments (%)		 
Information Technology   46.8 
Industrials   16.5 
Consumer Discretionary   13.7 
Communication Services   13.0 
Consumer Staples   10.0 
Total   100.0 

 

Country  Percentage of
Investments (%)		 
United States   90.5 
Canada   6.0 
Taiwan   3.5 
Total   100.0 

 

Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

 

Shares  Security Description  Value ($) 
Common Stocks (99.6%) 
  
Communication Services (12.9%)     
 430  Comcast Corp.   12,612 
 395  Match Group, Inc.(a)   18,861 
 98  Meta Platforms, Inc.(a)   13,297 
 595  ROBLOX Corp., Class A(a)   21,325 
 973  TripAdvisor, Inc.(a)   21,484 
 356  Verizon Communications, Inc.   13,517 
        101,096 
Consumer Discretionary (13.6%)     
 437  Etsy, Inc.(a)   43,757 
 298  Expedia Group, Inc.(a)   27,920 
 74  Lululemon Athletica, Inc.(a)   20,687 
 495  YETI Holdings, Inc.(a)   14,117 
        106,481 
Consumer Staples (10.0%)     
 350  Procter & Gamble Co. (The)   44,188 
 262  Walmart, Inc.   33,981 
        78,169 
Industrials (16.5%)     
 958  GXO Logistics, Inc.(a)   33,587 
 188  Insperity, Inc.   19,193 
 136  JB Hunt Transport Services, Inc.   21,273 
 608  Korn Ferry   28,546 
 286  TFI International, Inc.   25,877 
        128,476 
Information Technology (46.6%)     
 42  Adobe, Inc.(a)   11,558 
 182  Akamai Technologies, Inc.(a)   14,618 
 224  Analog Devices, Inc.   31,212 
 254  Apple, Inc.   35,103 
 48  Broadcom, Inc.   21,313 
 209  Crowdstrike Holdings, Inc., Class A(a)   34,445 
 171  Microsoft Corp.   39,826 
 276  NVIDIA Corp.   33,504 
 210  Palo Alto Networks, Inc.(a)   34,396 
 258  Paychex, Inc.   28,950 
 298  QUALCOMM, Inc.   33,668 

 

 

 

 

Schedule of Investments (continued)

 September 30, 2022 (Unaudited)
Emles @Home ETF  

 

Shares  Security Description  Value ($) 
Common Stocks (continued) 
  
Information Technology (continued)     
 400  Taiwan Semiconductor Manufacturing Co., Ltd. ADR   27,424 
 118  Workday, Inc., Class A(a)   17,962 
        363,979 
Total Common Stocks (Cost $1,054,796)   778,201 
          
Total Investments (Cost $1,054,796) — 99.6%   778,201 
Other assets in excess of liabilities — 0.4%   3,141 
Net Assets — 100.0%  $781,342 

 

(a) Non-income producing

 

ADR American Depositary Receipt

 

 

 

 

Schedule of Investments September 30, 2022 (Unaudited)

Emles Made in America ETF

  

 

Schedule of Investments Summary Table

 

Holdings by Sector  Percentage of
Investments (%)		 
Consumer Staples   40.5 
Industrials   28.8 
Materials   24.4 
Consumer Discretionary   4.0 
Health Care   2.3 
Total   100.0 

 

Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund's total net assets.

 

Shares  Security Description  Value ($) 
Common Stocks (99.9%)     
          
Consumer Discretionary (4.0%)     
 134  LCI Industries   13,596 
 228  Polaris, Inc.   21,808 
 275  Skyline Champion Corp.(a)   14,539 
 211  Sleep Number Corp.(a)   7,134 
 392  Vista Outdoor, Inc.(a)   9,533 
 217  Winnebago Industries, Inc.   11,547 
        78,157 
Consumer Staples (40.4%)     
 2,349  Altria Group, Inc.   94,853 
 49  Boston Beer Co., Inc. (The), Class A(a)   15,859 
 1,066  Campbell Soup Co.   50,230 
 205  Central Garden & Pet Co.(a)   7,388 
 818  Church & Dwight Co., Inc.   58,438 
 1,597  Conagra Brands, Inc.   52,110 
 899  Flowers Foods, Inc.   22,196 
 454  Hershey Co. (The)   100,093 
 1,853  Hormel Foods Corp.   84,200 
 367  J M Smucker Co. (The)   50,430 
 2,759  Keurig Dr Pepper, Inc.   98,827 
 119  Lancaster Colony Corp.   17,883 
 256  Post Holdings, Inc.(a)   20,969 
 842  Reynolds Consumer Products, Inc.   21,900 
 158  Seneca Foods Corp.(a)   7,970 
 332  TreeHouse Foods, Inc.(a)   14,084 
 959  Tyson Foods, Inc.   63,227 
        780,657 
Health Care (2.3%)     
 440  Emergent BioSolutions, Inc.(a)   9,236 
 164  United Therapeutics Corp.(a)   34,338 
        43,574 
Industrials (28.8%)     
 254  Advanced Drainage Systems, Inc.   31,590 
 179  American Woodmark Corp.(a)   7,851 
 231  Apogee Enterprises, Inc.   8,829 
 247  Arcosa, Inc.   14,123 
 203  Atkore, Inc.(a)   15,795 
 386  BWX Technologies, Inc.   19,443 
 115  Encore Wire Corp.   13,287 
 469  Fortune Brands Home & Security, Inc.   25,181 
 464  General Dynamics Corp.   98,447 
 332  HNI Corp.   8,801 
 175  Hubbell, Inc.   39,025 
 145  Huntington Ingalls Industries, Inc.   32,117 

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)

Emles Made in America ETF

  

 

Shares  Security Description  Value ($) 
Common Stocks (continued)     
      
Industrials (continued)     
 124  Lennox International, Inc.   27,611 
 275  Mueller Industries, Inc.   16,346 
 217  Northrop Grumman Corp.   102,059 
 275  Oshkosh Corp.   19,330 
 757  REV Group, Inc.   8,350 
 202  Simpson Manufacturing Co., Inc.   15,837 
 236  SPX Technologies, Inc.(a)   13,032 
 213  Steel Partners Holdings, LP   8,840 
 278  UFP Industries, Inc.   20,060 
 576  Wabash National Corp.   8,963 
        554,917 
Materials (24.4%)     
 224  Clearwater Paper Corp.(a)   8,422 
 1,877  Cleveland-Cliffs, Inc.(a)   25,283 
 172  Eagle Materials, Inc.   18,435 
 365  Louisiana-Pacific Corp.   18,684 
 199  Martin Marietta Materials, Inc.   64,096 
 760  Nucor Corp.   81,312 
 286  Olympic Steel, Inc.   6,524 
 317  Packaging Corp. of America   35,596 
 214  Reliance Steel & Aluminum Co.   37,324 
 302  Scotts Miracle-Gro Co. (The)   12,911 
 617  Steel Dynamics, Inc.   43,776 
 562  Summit Materials, Inc.(a)   13,466 
 418  Vulcan Materials Co.   65,923 
 910  Westrock Co.   28,110 
 287  Worthington Industries, Inc.   10,946 
        470,808 
Total Common Stocks (Cost $1,898,559)   1,928,113 
          
Total Investments (Cost $1,898,559) — 99.9%   1,928,113 
Other assets in excess of liabilities — 0.1%   1,433 
Net Assets — 100.0%  $1,929,546 

 

(a) Non-income producing

 

LP Limited Partnership

 

 

 

 

Schedule of Investments September 30, 2022 (Unaudited)

Emles Real Estate Credit ETF

  

 

Schedule of Investments Summary Table

 

Holdings by Sector  Percentage of
Investments (%)		 
Real Estate   89.6 
Consumer Discretionary   6.5 
Industrials   2.1 
Financials   1.1 
Communication Services   0.7 
Total   100.0 

 

Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

 

Principal Amount ($)  Security Description  Value ($) 
Corporate Bonds (99.0%) 
    
Communication Services (0.7%)     
 31,000  Lamar Media Corp., 3.75%, 2/15/28, Callable 2/15/23 @ 102   27,079 
          
Consumer Discretionary (6.4%)     
 30,000  D.R. Horton, Inc., 1.40%, 10/15/27, Callable 8/15/27 @ 100   24,215 
 40,000  Lennar Corp., 4.75%, 11/29/27, Callable 5/29/27 @ 100   36,978 
 40,000  MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100   30,080 
 66,000  NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100   53,862 
 22,000  PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100   21,344 
 58,000  Taylor Morrison Communities, Inc., 5.13%, 8/1/30, Callable 2/1/30 @ 100(a)   46,818 
 58,000  Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100   46,933 
        260,230 
Financials (1.1%)     
 49,000  Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.88%, 10/1/28, Callable 10/1/23 @ 103(a)   42,617 
          
Industrials (2.1%)     
 87,000  CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104   86,492 
          
Real Estate (88.7%)     
 119,000  Alexandria Real Estate Equities, Inc., 3.00%, 5/18/51, Callable 11/18/50 @ 100   72,093 
 62,000  Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25, Callable 2/28/25 @ 100   59,402 
 47,000  Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30, Callable 9/15/30 @ 100   44,427 
 50,000  American Tower Corp., 1.45%, 9/15/26, Callable 8/15/26 @ 100   42,553 
 53,000  American Tower Corp., 1.88%, 10/15/30, Callable 7/15/30 @ 100   39,204 

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)
Emles Real Estate Credit ETF  

 

Principal Amount ($)  Security Description  Value ($) 
Corporate Bonds (continued)     
      
Real Estate (continued)     
 49,000  American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100   37,517 
 118,000  American Tower Corp., 3.38%, 10/15/26, Callable 7/15/26 @ 100   107,877 
 100,000  American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100   87,691 
 47,000  AvalonBay Communities, Inc., 2.30%, 3/1/30, Callable 12/1/29 @ 100   38,698 
 29,000  AvalonBay Communities, Inc., 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN   26,364 
 47,000  Boston Properties, LP, 2.90%, 3/15/30, Callable 12/15/29 @ 100   37,785 
 76,000  Boston Properties, LP, 3.25%, 1/30/31, Callable 10/30/30 @ 100   61,813 
 63,000  Boston Properties, LP, 4.50%, 12/1/28, Callable 9/1/28 @ 100   58,006 
 47,000  Brixmor Operating Partnership, LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100   45,169 
 25,000  Brixmor Operating Partnership, LP, 3.90%, 3/15/27, Callable 12/15/26 @ 100   22,750 
 49,000  Brixmor Operating Partnership, LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100   42,575 
 49,000  Camden Property Trust, 2.80%, 5/15/30, Callable 2/15/30 @ 100   41,114 
 55,000  CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100   41,828 
 50,000  Crown Castle, Inc., 1.05%, 7/15/26, Callable 6/15/26 @ 100   42,252 
 91,000  Crown Castle, Inc., 2.10%, 4/1/31, Callable 1/1/31 @ 100   68,169 
 65,000  Crown Castle, Inc., 2.90%, 4/1/41, Callable 10/1/40 @ 100   42,208 
 49,000  Crown Castle, Inc., 3.30%, 7/1/30, Callable 4/1/30 @ 100   41,012 
 58,000  Crown Castle, Inc., 4.30%, 2/15/29, Callable 11/15/28 @ 100   53,185 
 30,000  CTR Partnership, LP/CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100(a)   24,682 

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)
Emles Real Estate Credit ETF  

 

Principal Amount ($)  Security Description  Value ($) 
Corporate Bonds (continued)     
      
Real Estate (continued)     
 58,000  Digital Realty Trust, LP, 3.60%, 7/1/29, Callable 4/1/29 @ 100   50,823 
 25,000  Duke Realty, LP, 2.88%, 11/15/29, Callable 8/15/29 @ 100   21,279 
 35,000  EPR Properties, 3.75%, 8/15/29, Callable 5/15/29 @ 100   26,891 
 29,000  EPR Properties, 4.50%, 6/1/27, Callable 3/1/27 @ 100   25,046 
 35,000  Equinix, Inc., 1.25%, 7/15/25, Callable 6/15/25 @ 100   31,306 
 93,000  Equinix, Inc., 1.45%, 5/15/26, Callable 4/15/26 @ 100   80,560 
 30,000  Equinix, Inc., 1.80%, 7/15/27, Callable 5/15/27 @ 100   25,083 
 45,000  Equinix, Inc., 3.40%, 2/15/52, Callable 8/15/51 @ 100   29,649 
 42,000  ERP Operating, LP, 2.50%, 2/15/30, Callable 11/15/29 @ 100   34,492 
 42,000  ERP Operating, LP, 3.00%, 7/1/29, Callable 4/1/29 @ 100   36,416 
 25,000  ERP Operating, LP, 4.15%, 12/1/28, Callable 9/1/28 @ 100   22,983 
 40,000  Extra Space Storage, LP, 2.55%, 6/1/31, Callable 3/1/31 @ 100   30,738 
 20,000  Federal Realty Investment Trust, 3.50%, 6/1/30, Callable 3/1/30 @ 100   17,006 
 47,000  GLP Capital, LP / GLP Financing II, Inc., 4.00%, 1/15/30, Callable 10/15/29 @ 100   39,252 
 35,000  GLP Capital, LP / GLP Financing II, Inc., 5.75%, 6/1/28, Callable 3/3/28 @ 100   32,774 
 43,000  Healthpeak Properties, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100   40,063 
 89,000  Host Hotels & Resorts, LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100   70,950 
 50,000  Howard Hughes Corp. (The), 4.38%, 2/1/31, Callable 2/1/26 @ 102(a)   35,915 
 70,000  Iron Mountain, Inc., 4.50%, 2/15/31, Callable 2/15/26 @ 102(a)   54,123 
 28,000  Kilroy Realty, LP, 2.50%, 11/15/32, Callable 8/15/32 @ 100   20,118 
 35,000  Kimco Realty Corp., 3.30%, 2/1/25, Callable 12/1/24 @ 100   33,627 
 35,000  Life Storage, LP, 3.88%, 12/15/27, Callable 9/15/27 @ 100   31,887 
 25,000  Mid-America Apartments, LP, 3.75%, 6/15/24, Callable 3/15/24 @ 100   24,449 
 38,000  Mid-America Apartments, LP, 3.95%, 3/15/29, Callable 12/15/28 @ 100   34,542 
 58,000  MPT Operating Partnership, LP / MPT Finance Corp., 4.63%, 8/1/29, Callable 8/1/24 @ 102   46,665 
 30,000  National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100   20,096 
 43,000  Office Properties Income Trust, 4.50%, 2/1/25, Callable 11/1/24 @ 100   38,229 

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)
Emles Real Estate Credit ETF  

 

Principal Amount ($)  Security Description  Value ($) 
Corporate Bonds (continued)     
      
Real Estate (continued)     
 35,000  Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100   28,480 
 38,000  Omega Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100   34,848 
 23,000  Outfront Media Capital LLC / Outfront Media Capital Corp., 4.25%, 1/15/29, Callable 1/15/24 @ 102(a)   18,066 
 50,000  Physicians Realty, LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100   37,913 
 49,000  Prologis, LP, 1.25%, 10/15/30, Callable 7/15/30 @ 100   36,496 
 63,000  Prologis, LP, 2.25%, 4/15/30, Callable 1/15/30 @ 100   51,439 
 34,000  Public Storage, 3.09%, 9/15/27, Callable 6/15/27 @ 100   31,127 
 42,000  Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100   38,209 
 38,000  Realty Income Corp., 3.65%, 1/15/28, Callable 10/15/27 @ 100   34,901 
 35,000  Realty Income Corp., 3.88%, 4/15/25, Callable 2/15/25 @ 100   34,042 
 21,000  Realty Income Corp., 4.13%, 10/15/26, Callable 7/15/26 @ 100   20,114 
 44,000  Realty Income Corp., 4.63%, 11/1/25, Callable 9/1/25 @ 100   43,332 
 30,000  Regency Centers, LP, 4.40%, 2/1/47, Callable 8/1/46 @ 100   23,299 
 34,000  Sabra Health Care, LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100   31,911 
 88,000  SBA Communications Corp., 3.88%, 2/15/27, Callable 2/15/23 @ 102   78,597 
 53,000  Service Properties Trust, 4.35%, 10/1/24, Callable 9/1/24 @ 100   46,612 
 53,000  Service Properties Trust, 7.50%, 9/15/25, Callable 6/15/25 @ 100   49,555 
 63,000  Simon Property Group, LP, 2.00%, 9/13/24, Callable 6/13/24 @ 100   59,515 
 40,000  Simon Property Group, LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100   30,548 
 49,000  Simon Property Group, LP, 2.65%, 7/15/30, Callable 4/15/30 @ 100   39,496 
 49,000  Simon Property Group, LP, 3.38%, 12/1/27, Callable 9/1/27 @ 100   44,247 
 70,000  Simon Property Group, LP, 3.50%, 9/1/25, Callable 6/1/25 @ 100   66,846 
 29,000  SITE Centers Corp., 4.70%, 6/1/27, Callable 3/1/27 @ 100   26,890 
 29,000  Spirit Realty, LP, 3.20%, 2/15/31, Callable 11/15/30 @ 100   22,563 
 75,000  UDR, Inc., 2.10%, 8/1/32, Callable 5/1/32 @ 100   54,150 
 25,000  UDR, Inc., 3.00%, 8/15/31, Callable 5/15/31 @ 100   19,901 

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)
Emles Real Estate Credit ETF  

 

Principal Amount ($)  Security Description  Value ($) 
Corporate Bonds (continued)     
      
Real Estate (continued)     
 29,000  Ventas Realty, LP, 2.65%, 1/15/25, Callable 12/15/24 @ 100   27,277 
 29,000  Ventas Realty, LP, 3.25%, 10/15/26, Callable 7/15/26 @ 100   26,626 
 34,000  Ventas Realty, LP, 4.13%, 1/15/26, Callable 10/15/25 @ 100   32,554 
 34,000  Ventas Realty, LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100   31,294 
 63,000  VICI Properties, LP / VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102(a)   52,619 
 63,000  VICI Properties, LP / VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102(a)   54,722 
 49,000  VICI Properties, LP / VICI Note Co., Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100(a)   46,172 
 15,000  Welltower, Inc., 2.75%, 1/15/31, Callable 10/15/30 @ 100   11,852 
 67,000  Welltower, Inc., 4.00%, 6/1/25, Callable 3/1/25 @ 100   64,228 
 47,000  Welltower, Inc., 4.25%, 4/1/26, Callable 1/1/26 @ 100   45,055 
 50,000  Weyerhaeuser Co., 4.00%, 4/15/30, Callable 1/15/30 @ 100   44,199 
 34,000  WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100   33,743 
        3,606,774 
Total Corporate Bonds (Cost $4,901,614)   4,023,192 
          
Total Investments (Cost $4,901,614) — 99.0%   4,023,192 
Other assets in excess of liabilities — 1.0%   40,970 
Net Assets — 100.0%  $4,064,162 

 

(a) Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at September 30, 2022 was $375,734 and represents 9.3% of the net assets of the fund.

 

LLC Limited Liability Corporation
LP Limited Partnership
MTN Medium Term Note

 

 

 

 

Schedule of Investments
Emles Luxury Goods ETF		September 30, 2022 (Unaudited)

 

Schedule of Investments Summary Table

 

Holdings by Sector  Percentage of
Investments (%)		 
Consumer Discretionary   70.4 
Consumer Staples   21.7 
Information Technology   7.8 
Short-Term Investment   0.1 
Total   100.0 

 

Country  Percentage of
Investments (%)		 
United States   27.8 
France   26.5 
Italy   11.3 
Germany   11.2 
Japan   6.8 
United Kingdom   6.5 
Switzerland   3.3 
Canada   2.5 
Hong Kong   1.6 
China   1.4 
Brazil   1.1 
Total   100.0 

 

Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the tables above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

 

Shares  Security Description  Value ($) 
Common Stocks (99.3%)     
        
Consumer Discretionary (70.0%)     
  550  Adidas AG   64,054 
  1,278  Bayerische Motoren Werke AG   87,627 
  1,044  Brunello Cucinelli SpA   51,189 
  3,011  Burberry Group PLC   60,770 
  2,864  Canada Goose Holdings, Inc.(a)   43,813 
  1,196  Capri Holdings, Ltd.(a)   45,974 
  37,993  Chow Tai Fook Jewellery Group, Ltd.   71,534 
  255  Christian Dior SE   148,763 
  999  Cie Financiere Richemont SA   95,693 
  5,247  Ermenegildo Zegna Holditalia SpA   56,405 
  757  EssilorLuxottica SA   104,083 
  1,935  Fast Retailing Co., Ltd. ADR   102,652 
  447  Ferrari NV   83,946 
  140  Hermes International   166,913 
  1,023  HUGO BOSS AG   48,165 
  212  Kering SA   95,234 
  8,641  Li Ning Co., Ltd.   66,157 
  254  Lululemon Athletica, Inc.(a)   71,008 
  561  LVMH Moet Hennessy Louis Vuitton SE   335,467 
  1,966  Mercedes-Benz Group AG   100,826 
  1,423  Moncler SpA   59,094 
  4,100  MYT Netherlands Parent BV ADR(a)   47,232 
  1,655  NIKE, Inc.   137,564 
  909  Porsche Automobil Holding SE   51,792 
  11,976  Prada SpA   55,533 
  585  Ralph Lauren Corp.   49,684 
  2,054  Revolve Group, Inc.(a)   44,551 
  216  RH(a)   53,151 
  3,510  Salvatore Ferragamo SpA   49,722 
  1,551  Sanlorenzo SpA Ameglia   50,066 
  251  Swatch Group AG (The)   57,251 

 

 

 

 

Schedule of Investments (continued)
Emles Luxury Goods ETF		September 30, 2022 (Unaudited)

 

Shares  Security Description  Value ($) 
Common Stocks (continued)      
       
Consumer Discretionary (continued)     
  1,719  Tapestry, Inc.   48,871 
  1,383  Tesla, Inc.(a)   366,841 
  1,303  Tod’s SpA(a)   53,587 
  541  Volkswagen AG   66,991 
  5,604  Watches of Switzerland Group PLC(a)(b)   42,163 
  410  Williams-Sonoma, Inc.   48,318 
  2,562  Zalando SE(a)(b)   50,775 
         3,233,459 
Consumer Staples (21.6%)     
  998  Brown-Forman Corp.   66,437 
  6,592  Davide Campari-Milano NV   58,844 
  3,618  Diageo PLC   153,372 
  433  Estee Lauder Cos., Inc. (The)   93,485 
  8,752  Kao Corp. ADR   71,241 
  3,270  Kose Corp. ADR   67,493 
  661  L’Oreal SA   213,853 
  18,720  Natura & Co. Holding SA   50,980 
  517  Pernod Ricard SA   95,649 
  336  Remy Cointreau SA   56,254 
  1,963  Shiseido Co., Ltd. ADR   68,921 
         996,529 
Information Technology (7.7%)     
  2,589  Apple, Inc.   357,800 
           
Total Common Stocks (Cost $6,165,681)   4,587,788 
        
Short-Term Investment (0.1%)     
  290  iPath S&P 500 VIX Short-Term Futures ETN   6,151 
           
Total Short-Term Investment (Cost $6,397)   6,151 
           
Total Investments (Cost $6,172,078) — 99.4%   4,593,939 
Other assets in excess of liabilities — 0.6%   23,953 
Net Assets — 100.0%  $4,617,892 

 

(a) Non-income producing
(b) Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at September 30, 2022 was $92,938 and represents 2.0% of the net assets of the fund.

 

ADR American Depositary Receipt
PLC Public Limited Company
SA Special Assessment

 

 

 

 

Schedule of Investments September 30, 2022 (Unaudited)
Emles Federal Contractors ETF  

 

Schedule of Investments Summary Table

 

Holdings by Sector  Percentage of
Investments (%)		 
Industrials   68.3 
Information Technology   24.7 
Health Care   4.7 
Real Estate   2.0 
Short-Term Investment   0.3 
Total   100.0 

 

Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

 

Shares  Security Description  Value ($) 
Common Stocks (99.6%)     
      
Health Care (4.7%)     
  5,758  Emergent BioSolutions, Inc.(a)   120,860 
  2,196  Quidelortho Corp.(a)   156,970 
         277,830 
Industrials (68.3%)     
  1,953  Ameresco, Inc.(a)   129,835 
  6,113  Fluor Corp.(a)   152,153 
  2,516  General Dynamics Corp.   533,820 
  973  Huntington Ingalls Industries, Inc.   215,519 
  1,361  ICF International, Inc.   148,376 
  2,475  Jacobs Solutions, Inc.   268,513 
  11,292  Kratos Defense & Security Solutions, Inc.(a)   114,727 
  2,451  L3Harris Technologies, Inc.   509,391 
  1,365  Lockheed Martin Corp.   527,286 
  1,170  Northrop Grumman Corp.   550,274 
  4,064  Parsons Corp.(a)   159,309 
  6,617  Raytheon Technologies Corp.   541,668 
  1,472  Tetra Tech, Inc.   189,196 
         4,040,067 
Information Technology (24.6%)     
  2,778  Booz Allen Hamilton Holding Corp.   256,548 
  702  CACI International, Inc.(a)   183,264 
  4,091  KBR, Inc.   176,813 
  2,852  Leidos Holdings, Inc.   249,464 
  2,687  Maximus, Inc.   155,497 
  1,899  Science Applications International Corp.   167,929 
  795  Teledyne Technologies, Inc.(a)   268,289 
         1,457,804 
Real Estate (2.0%)     
  15,705  GEO Group, Inc. (The)(a)   120,929 
           
Total Common Stocks (Cost $6,453,918)   5,896,630 
        
Short-Term Investment (0.3%)     
  760  iPath S&P 500 VIX Short-Term Futures ETN   16,120 
           
Total Short-Term Investment (Cost $16,339)   16,120 
           
Total Investments (Cost $6,470,257) — 99.9%   5,912,750 
Other assets in excess of liabilities — 0.1%   5,194 
Net Assets — 100.0%  $5,917,944 

 

(a)Non-income producing

 

 

 

 

Schedule of Investments September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF  

 

Schedule of Investments Summary Table

 

Holdings by Sector  Percentage of
Investments (%)		 
Consumer Discretionary   69.0 
Short-Term Investment   10.6 
Communication Services   6.1 
Industrials   5.2 
Information Technology   4.7 
Financials   1.7 
Warrants   1.5 
Consumer Staples   0.9 
Real Estate   0.2 
Purchased Options   0.1 
Total   100.0 

 

Country  Percentage of
Investments (%)		 
United States   96.5 
China   3.3 
Cayman Islands   0.2 
Total   100.0 

 

Portfolio holdings and allocations are subject to change. As of September 30, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

 

Shares  Security Description  Value ($) 
Common Stocks (89.7%)     
      
Communication Services (6.2%)     
  12,402  Altice USA, Inc., Class A(a)   72,304 
  189,810  Lions Gate Entertainment Corp., Class A(a)   1,410,288 
  89,410  Lions Gate Entertainment Corp., Class B(a)   621,400 
         2,103,992 
Consumer Discretionary (70.6%)     
  11,042  Alibaba Group Holding, Ltd. ADR(a)   883,250 
  7,752  Big Lots, Inc.   121,009 
  8,800  Bloomin’ Brands, Inc.   161,304 
  4,731  Brinker International, Inc.(a)   118,180 
  3,520  Caesars Entertainment, Inc.(a)   113,555 
  114,620  Camping World Holdings, Inc., Class A   2,902,178 
  6,160  Cheesecake Factory, Inc. (The)   180,365 
  80,056  Children’s Place, Inc. (The)(a)   2,472,930 
  2,953  Darden Restaurants, Inc.   373,023 
  3,826  Dave & Buster’s Entertainment, Inc.(a)   118,721 
  17,384  Dine Brands Global, Inc.   1,104,928 
  17,600  Ethan Allen Interiors, Inc.   372,064 
  42,474  Gap, Inc. (The)   348,712 
  1,924  Hibbett, Inc.   95,834 
  90,901  Kohl’s Corp.   2,286,160 
  253,900  Lazydays Holdings, Inc.(a)   3,427,650 
  2,640  Lennar Corp., Class A   196,812 
  26,772  Macy’s, Inc.   419,517 
  880  Marriott International, Inc., Class A   123,323 
  14,320  MGM Resorts International   425,590 
  2,200  Mohawk Industries, Inc.(a)   200,618 
  14,215  Newell Brands, Inc.   197,446 
  8,800  Nordstrom, Inc.   147,224 
  23,592  Party City Holdco, Inc.(a)   37,275 

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF  

 

Shares  Security Description  Value ($) 
Common Stocks (continued)     
      
Consumer Discretionary (continued)     
 101,310  Purple Innovation, Inc.(a)   410,306 
 14,005  Red Robin Gourmet Burgers, Inc.(a)   94,254 
 7,040  Red Rock Resorts, Inc., Class A   241,190 
 1,930  RH(a)   474,915 
 59,670  Signet Jewelers, Ltd.   3,412,527 
 19,972  Thor Industries, Inc.   1,397,641 
 17,640  Winnebago Industries, Inc.   938,624 
 1,760  Wynn Resorts, Ltd.(a)   110,933 
        23,908,058 
Consumer Staples (1.0%)     
 11,194  Chefs’ Warehouse, Inc. (The)(a)   324,290 
          
Financials (1.6%)     
 23,720  Invesco, Ltd.   324,964 
 11,781  OppFi, Inc.(a)   27,096 
 5,240  Wells Fargo & Co.   210,753 
        562,813 
Industrials (5.3%)     
 4,421  AAR Corp.(a)   158,360 
 24,783  Fluor Corp.(a)   616,849 
 3,256  HEICO Corp., Class A   373,203 
 19,189  Spirit AeroSystems Holdings, Inc., Class A   420,623 
 176  TransDigm Group, Inc.   92,368 
 14,020  Triumph Group, Inc.(a)   120,432 
        1,781,835 
Information Technology (4.8%)     
 100,512  LGL Group, Inc. (The)   1,137,796 
 3,033  Science Applications International Corp.   268,208 
 11,440  Xerox Holdings Corp.   149,635 
 772  Zoom Video Communications, Inc.(a)   56,811 
        1,612,450 
Real Estate (0.2%)     
 1,134  Howard Hughes Corp. (The)(a)   62,812 
          
Total Common Stocks (Cost $30,342,291)   30,356,250 

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF  

 

Shares  Security Description  Value ($) 
Short-Term Investment (10.8%)     
  3,630,922  Dreyfus Government Cash Management Institutional Shares   3,630,922 
      
Total Short-Term Investment (Cost $3,630,922)   3,630,922 
           
Purchased Options (0.1%)     
      
Total Purchased Options (Cost $670,437)   44,700 
      
Warrants (1.6%)     
  246,517  Lazydays Holdings, Inc. Exp 03/15/23(a)   337,728 
  203,895  LGL Group, Inc. (The) Exp 11/17/25(a)   83,587 
  414,562  OppFi, Inc. Exp 08/31/27(a)   99,495 
  60,845  PMV Consumer Acquisition Corp. Exp 08/31/27(a)   2,635 
           
Total Warrants (Cost $1,662,693)   523,445 
           
Total Investments (Cost $36,306,343) — 102.2%   34,555,317 
Other assets in excess of liabilities — 2.2%   (890,575)
Net Assets — 100.0%  $33,664,742 

 

(a)Non-income producing

 

ADR American Depositary Receipt
ETF Exchange Traded Fund

 

 

 

 

Schedule of Investments (continued) September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF  

 

Shares  Security Description  Value ($) 
Securities Sold Short ((23.3)%)     
      
Consumer Discretionary ((6.3)%)     
 (7,243) Tesla, Inc.(a)   (1,921,206)
 (500) Ulta Beauty, Inc.(a)   (200,595)
        (2,121,801)
Exchange Traded-Fund ((4.1)%)     
 (8,435) iShares Russell 2000 ETF   (1,391,100)
      
Financials ((0.1)%)     
 (675) Coinbase Global, Inc., Class A(a)   (43,531)
      
Industrials ((11.2)%)     
 (1,750) Deere & Co.   (584,307)
 (1,000) L3Harris Technologies, Inc.   (207,830)
 (2,440) Lockheed Martin Corp.   (942,548)
 (900) Norfolk Southern Corp.   (188,685)
 (1,815) Northrop Grumman Corp.   (853,631)
 (800) Parker-Hannifin Corp.   (193,848)
 (2,450) Raytheon Technologies Corp.   (200,557)
 (9,900) Textron, Inc.   (576,774)
        (3,748,180)
Materials ((1.5)%)     
 (2,225) CF Industries Holdings, Inc.   (214,156)
 (6,000) Mosaic Co. (The)   (289,980)
        (504,136)
Total Securities Sold Short (Proceeds $(8,609,295))   (7,808,748)

 

Purchased Options

 

Description  Put/ Call  Number of
Contracts		  Notional
Amount ($)*		   Strike
Price ($)		   Expiration
Date		    Value ($) 
Alibaba Group Holding  Call  200   3,000,000    150.00   1/20/23     8,200 
Alibaba Group Holding-SP ADR  Call  100   1,000,000    100.00   1/20/23     36,500 
Total (Cost $670,437)         4,000,000              44,700 

 

(a) Non-income producing
   
* Notional Amount is expressed as the number of contracts multiplied by the contract size, multiplied by strike price of the underlying asset.