NPORT-EX 2 stance-equity.htm NPORT-EX

STANCE EQUITY ESG LARGE CAP CORE ETF
        
             
SCHEDULE OF INVESTMENTS
        
MAY 31, 2021 (UNAUDITED)
        
         
   
NUMBER OF
        
   
SHARES
    
VALUE
  
Common Stocks — 99.4%
            
Air Freight & Logistics — 2.0%
            
Expeditors International of Washington, Inc.
    
5,381
    
$
676,338
  
Auto Components — 3.5%
                
Aptiv PLC (Ireland)*
    
1,992
      
299,637
  
BorgWarner, Inc.
    
17,022
      
873,058
  
             
1,172,695
  
Automobiles — 1.0%
                
Ford Motor Co.*
    
22,142
      
321,723
  
Biotechnology — 0.4%
                
Biogen, Inc.*
    
484
      
129,460
  
Building Products — 3.4%
                
Allegion PLC (Ireland)
    
8,029
      
1,127,914
  
Capital Markets — 8.1%
                
Goldman Sachs Group Inc., (The)
    
210
      
78,124
  
MarketAxess Holdings, Inc.
    
1,545
      
720,804
  
Moody's Corp.
    
2,948
      
988,612
  
S&P Global, Inc.
    
1,846
      
700,502
  
T Rowe Price Group, Inc.
    
1,189
      
227,515
  
             
2,715,557
  
Chemicals — 1.2%
                
Ecolab, Inc.
    
1,126
      
242,180
  
Mosaic Co., (The)
    
4,319
      
156,089
  
             
398,269
  
Commercial Services & Supplies — 0.4%
                
Copart, Inc.*
    
950
      
122,560
  
Communications Equipment — 1.7%
                
Juniper Networks, Inc.
    
21,116
      
555,984
  
Construction & Engineering — 0.6%
                
Quanta Services, Inc.
    
2,051
      
195,563
  
Containers & Packaging — 1.9%
                
Sealed Air Corp.
    
11,185
      
635,979
  
Distributors — 4.4%
                
Genuine Parts Co.
    
6,279
      
823,302
  
Pool Corp.
    
1,496
      
653,079
  
             
1,476,381
  
Electrical Equipment — 0.5%
                
Rockwell Automation, Inc.
    
646
      
170,363
  
Electronic Equipment, Instruments & Components — 2.7%
                
Amphenol Corp., Class A
    
9,536
      
641,392
  
Keysight Technologies, Inc.*
    
1,811
      
257,850
  
             
899,242
  
Entertainment — 2.3%
                
Activision Blizzard, Inc.
    
4,040
      
392,890
  
Walt Disney Co., (The)*
    
2,196
      
392,316
  
             
785,206
  
Equity Real Estate Investment Trusts (REITs) — 1.4%
                
Host Hotels & Resorts, Inc.*
    
11,735
      
201,490
  
Iron Mountain, Inc.
    
5,832
      
253,925
  
             
455,415
  
Food & Staples Retailing — 3.0%
                
Kroger Co., (The)
    
27,290
      
1,009,184
  
Food Products — 2.4%
                
Hormel Foods Corp.
    
16,524
      
802,075
  
Health Care Equipment & Supplies — 5.3%
                
Boston Scientific Corp.*
    
3,066
      
130,459
  
Hologic, Inc.*
    
5,555
      
350,298
  
West Pharmaceutical Services, Inc.
    
3,720
      
1,292,737
  
             
1,773,494
  
Health Care Providers & Services — 0.8%
                
Quest Diagnostics, Inc.
    
2,030
      
267,290
  
Hotels, Restaurants & Leisure — 2.0%
                
Hilton Worldwide Holdings, Inc.*
    
3,038
      
380,570
  
Marriott International, Inc., Class A*
    
519
      
74,518
  
Wynn Resorts Ltd.*
    
1,501
      
197,937
  
             
653,025
  
Household Durables — 2.7%
                
Garmin Ltd. (Switzerland)
    
3,423
      
486,887
  
Whirlpool Corp.
    
1,732
      
410,640
  
             
897,527
  
Industrial Conglomerates — 2.1%
                
General Electric Co.
    
40,031
      
562,836
  
Roper Technologies, Inc.
    
317
      
142,653
  
             
705,489
  
Internet & Direct Marketing Retail — 5.9%
                
eBay, Inc.
    
16,499
      
1,004,459
  
Etsy, Inc.*
    
5,930
      
976,849
  
             
1,981,308
  
IT Services — 1.4%
                
DXC Technology Co.*
    
12,116
      
459,439
  
Life Sciences Tools & Services — 0.7%
                
Illumina, Inc.*
    
241
      
97,759
  
Waters Corp.*
    
459
      
147,913
  
             
245,672
  
Machinery — 6.5%
                
Dover Corp.
    
7,419
      
1,116,559
  
Illinois Tool Works, Inc.
    
878
      
203,485
  
Parker-Hannifin Corp.
    
639
      
196,908
  
Pentair PLC (Ireland)
    
3,171
      
218,704
  
Xylem Inc.
    
3,573
      
422,043
  
             
2,157,699
  
Media — 2.1%
                
Omnicom Group, Inc.
    
8,692
      
714,830
  
Personal Products — 0.5%
                
Estee Lauder Cos., Inc., (The), Class A
    
581
      
178,088
  
Pharmaceuticals — 5.3%
                
Eli Lilly and Co.
    
6,134
      
1,225,205
  
Zoetis, Inc.
    
3,039
      
536,931
  
             
1,762,136
  
Professional Services — 1.7%
                
Verisk Analytics, Inc.
    
3,299
      
570,166
  
Semiconductors & Semiconductor Equipment — 4.5%
                
Advanced Micro Devices, Inc.*
    
2,631
      
210,691
  
Applied Materials, Inc.
    
939
      
129,704
  
Lam Research Corp.
    
292
      
189,756
  
Maxim Integrated Products, Inc.
    
5,900
      
601,859
  
Micron Technology, Inc.*
    
2,787
      
234,498
  
Teradyne, Inc.
    
1,002
      
132,615
  
             
1,499,123
  
Software — 8.7%
                
Adobe, Inc.*
    
1,693
      
854,254
  
ANSYS, Inc.*
    
549
      
185,529
  
Autodesk, Inc.*
    
700
      
200,102
  
Cadence Design Systems, Inc.*
    
3,494
      
443,703
  
Citrix Systems, Inc.
    
7,131
      
819,780
  
Microsoft Corp.
    
1,611
      
402,234
  
             
2,905,602
  
Specialty Retail — 5.1%
                
Tractor Supply Co.
    
4,466
      
811,472
  
Ulta Beauty, Inc.*
    
2,574
      
888,957
  
             
1,700,429
  
Technology Hardware, Storage & Peripherals — 0.3%
                
NetApp, Inc.
    
1,463
      
113,192
  
Textiles, Apparel & Luxury Goods — 2.9%
                
NIKE, Inc., Class B
    
2,867
      
391,231
  
PVH Corp.*
    
2,536
      
291,184
  
Tapestry, Inc.*
    
6,406
      
287,565
  
             
969,980
  
Total Common Stocks (Cost $31,821,328)
            
33,204,397
  
                 
Short-Term Investments — 0.5%
                
U.S. Bank Money Market Deposit Account, 0.01% (a)
    
180,334
      
180,334
  
Total Short-Term Investments (Cost $180,334)
            
180,334
  
                 
Total Investments (Cost $32,001,662) — 99.9%
            
33,384,731
  
Other Assets in Excess of Liabilities  — 0.1%
            
16,974
  
NET ASSETS — 100.0%
                
(Applicable to 1,305,000 shares outstanding)
          
$
33,401,705
  

*
Non-income producing security.
      
(a)
Seven-day yield as of May 31, 2021.
      
PLC
Public Limited Company
      
         
The accompanying notes are an integral part of the portfolio of investments.

 
STANCE EQUITY ESG LARGE CAP CORE ETF
  
NOTES TO THE SCHEDULE OF INVESTMENTS
  
MAY 31, 2021
  
(UNAUDITED)
  
                       
PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.
  
                       
FAIR VALUE  MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:
  
                       
•  Level 1 — Prices are determined using quoted prices in active markets for identical securities.
  
                       
•  Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  
                       
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
  
                       
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
  
                       
The following is a summary of the inputs used, as of May 31, 2021, in valuing the Fund's investments carried at fair value:
  

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
  
STANCE EQUITY ESG LARGE CAP CORE ETF
                        
Common Stocks
  
$
33,204,397
    
$
33,204,397
    
$
-
    
$
-
  
Short-Term Investments
    
180,334
      
180,334
      
-
      
-
  
Total Investments*
  
$
33,384,731
    
$
33,384,731
    
$
-
    
$
-
  

* Please refer to Schedule of Investments for further details.
  
                       
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
  
                       
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
  
 
 
                       
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only if the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
  
 
 
 
                       
For the period ended May 31, 2021, the Fund had no significant Level 3 transfers.
  
                       
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.