NPORT-EX 2 stance.htm NPORT-EX

STANCE EQUITY ESG LARGE CAP CORE ETF
PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2022 (UNAUDITED)

   
NUMBER OF
        
   
SHARES
    
VALUE
  
Common Stocks — 99.7%
            
Aerospace & Defense — 3.6%
            
Howmet Aerospace, Inc. (United States)
    
43,342
    
$
1,632,693
  
Automobiles — 0.4%
                
Tesla, Inc. (United States)*
    
982
      
191,195
  
Biotechnology — 8.8%
                
Incyte Corp. (United States)*
    
20,408
      
1,625,905
  
Regeneron Pharmaceuticals, Inc. (United States)*
    
1,913
      
1,438,002
  
Vertex Pharmaceuticals, Inc. (United States)*
    
2,951
      
933,697
  
             
3,997,604
  
Capital Markets — 3.6%
                
MSCI, Inc. (United States)
    
3,248
      
1,649,432
  
Clothing Stores — 3.8%
                
Charter Communications, Inc., Class A (United States)*
    
4,412
      
1,726,372
  
Communications Equipment — 3.7%
                
Cisco Systems, Inc. (United States)
    
33,907
      
1,685,856
  
Electric Utilities — 5.6%
                
Constellation Energy Corp. (United States)
    
15,181
      
1,459,198
  
NRG Energy, Inc. (United States)
    
25,877
      
1,098,478
  
             
2,557,676
  
Electronic Equipment, Instruments & Components — 4.0%
                
Keysight Technologies, Inc. (United States)*
    
8,624
      
1,559,995
  
Zebra Technologies Corp., Class A (United States)*
    
888
      
240,009
  
             
1,800,004
  
Entertainment — 2.8%
                
Take-Two Interactive Software, Inc. (United States)*
    
12,287
      
1,298,613
  
Food Products — 3.1%
                
Tyson Foods, Inc., Class A (United States)
    
21,052
      
1,395,327
  
Health Care Equipment & Supplies — 3.3%
                
Abbott Laboratories (United States)
    
14,069
      
1,513,543
  
Health Care Providers & Services — 7.2%
                
AmerisourceBergen Corp. (United States)
    
10,066
      
1,718,165
  
Humana, Inc. (United States)
    
2,804
      
1,541,920
  
             
3,260,085
  
Household Products — 3.7%
                
Kimberly-Clark Corp. (United States)
    
12,292
      
1,667,164
  
Interactive Media & Services — 3.1%
                
Alphabet, Inc., Class A (United States)*
    
14,200
      
1,434,058
  
Internet & Direct Marketing Retail — 0.7%
                
Etsy, Inc. (United States)*
    
2,293
      
302,882
  
IT Services — 4.9%
                
Cognizant Technology Solutions Corp., Class A (United States)
    
10,990
      
683,688
  
Fiserv, Inc. (United States)*
    
14,692
      
1,533,257
  
             
2,216,945
  
Life Sciences Tools & Services — 3.1%
                
Danaher Corp. (United States)
    
5,230
      
1,429,934
  
Machinery — 7.1%
                
Fortive Corp. (United States)
    
23,038
      
1,556,217
  
Otis Worldwide Corp. (United States)
    
21,311
      
1,664,176
  
             
3,220,393
  
Metals & Mining — 3.4%
                
Nucor Corp. (United States)
    
10,183
      
1,526,941
  
Pharmaceuticals — 3.5%
                
Pfizer, Inc. (United States)
    
31,586
      
1,583,406
  
Semiconductors & Semiconductor Equipment — 3.3%
                
Enphase Energy, Inc. (United States)*
    
2,961
      
949,267
  
Lam Research Corp. (United States)
    
612
      
289,097
  
Monolithic Power Systems, Inc. (United States)
    
641
      
244,836
  
             
1,483,200
  
Software — 0.9%
                
Adobe, Inc. (United States)*
    
434
      
149,700
  
Autodesk, Inc. (United States)*
    
1,239
      
250,216
  
             
399,916
  
Specialty Retail — 10.5%
                
AutoZone, Inc. (United States)*
    
641
      
1,653,139
  
Home Depot, Inc., (The) (United States)
    
4,916
      
1,592,735
  
Lowe's Cos, Inc. (United States)
    
7,172
      
1,524,408
  
             
4,770,282
  
Technology Hardware, Storage & Peripherals — 4.1%
                
Apple, Inc. (United States)
    
9,925
      
1,469,198
  
HP, Inc. (United States)
    
13,255
      
398,180
  
             
1,867,378
  
Textiles, Apparel & Luxury Goods — 1.5%
                
NIKE, Inc., Class B (United States)
    
6,343
      
695,764
  
Total Common Stocks (Cost $40,647,331)
            
45,306,663
  
                 
Money Market Funds — 0.3%
                
U.S. Bank Money Market Deposit Account, 3.50% (United States)(a)
    
143,194
      
143,194
  
Total Money Market Funds (Cost $143,194)
            
143,194
  
                 
Total Investments (Cost $40,790,525) — 100.0%
            
45,449,857
  
Other Assets in Excess of Liabilities — 0.0%
            
13,762
  
NET ASSETS — 100.0%
                
(Applicable to 1,690,000 shares outstanding)
          
$
45,463,619
  

*
Non-income producing security.
              
(a)
The rate shown is as of November 30, 2022.
            
                 
 The accompanying notes are an integral part of the consolidated portfolio of investments.


STANCE EQUITY ESG LARGE CAP CORE ETF
NOTES TO THE PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2022 (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  November 30, 2022, 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
  
$
45,306,663
    
$
45,306,663
    
$
-
    
$
-
  
Short-Term Investments
    
143,194
      
143,194
      
-
      
-
  
Total Investments*
  
$
45,449,857
    
$
45,449,857
    
$
-
    
$
-
  
                                 
* Please refer to Portfolio 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.
                 
During the current fiscal period, the Fund had no Level 3 purchases, sales, or 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.