NPORT-EX 2 sgilargecap-core.htm NPORT-EX

SGI U.S. LARGE CAP CORE ETF
PORTFOLIO OF INVESTMENTS
MAY 31, 2023 (UNAUDITED)
           
   
NUMBER
      
   
OF SHARES
    
VALUE
COMMON STOCKS - 98.2%
          
Aerospace/Defense — 0.6%
          
General Dynamics Corp.
    
506
    
$
103,315
Lockheed Martin Corp.
    
476
      
211,349
             
314,664
Agriculture, Construction, and Mining Machinery Manufacturing — 0.2%
              
AGCO Corp.
    
1,147
      
126,491
Airlines — 0.4%
              
Copa Holdings SA, Class A, (Panama)
    
1,157
      
121,554
Delta Air Lines, Inc.*
    
3,029
      
110,043
             
231,597
Apparel — 0.3%
              
Skechers USA, Inc., Class A*
    
2,777
      
142,654
Auto Manufacturers — 0.6%
              
Ford Motor Co.
    
13,219
      
158,628
General Motors Co.
    
5,620
      
182,144
             
340,772
Auto Parts & Equipment — 0.2%
              
LEAR Corp.
    
817
      
100,213
Banks — 2.5%
              
Bank of America Corp.
    
14,754
      
410,014
Bank of New York Mellon Corp, (The)
    
2,655
      
106,731
Citigroup, Inc.
    
3,313
      
146,832
JPMorgan Chase & Co.
    
4,546
      
616,938
US Bancorp
    
3,620
      
108,238
             
1,388,753
Beverages — 3.1%
              
Coca-Cola Co., (The)
    
19,838
      
1,183,535
Monster Beverage Corp.*
    
1,901
      
111,437
PepsiCo, Inc.
    
2,332
      
425,240
             
1,720,212
Biotechnology — 0.7%
              
Corteva, Inc.
    
4,296
      
229,793
Exelixis, Inc.*
    
5,121
      
98,733
Incyte Corp.*
    
1,274
      
78,415
             
406,941
Building Materials — 0.5%
              
Carrier Global Corp.
    
2,644
      
108,140
Vulcan Materials Co.
    
729
      
142,520
             
250,660
Chemicals — 0.3%
              
FMC Corp.
    
817
      
85,033
PPG Industries, Inc.
    
817
      
107,264
             
192,297
Commercial Services — 0.6%
              
PayPal Holdings, Inc.*
    
5,703
      
353,529
Computers — 1.4%
              
Accenture PLC, Class A, (Ireland)
    
400
      
122,368
Crowdstrike Holdings, Inc., Class A*
    
2,846
      
455,730
Fortinet, Inc.*
    
1,784
      
121,901
Leidos Holdings, Inc.
    
1,193
      
93,126
             
793,125
Cosmetics & Personal Care — 1.1%
              
Colgate-Palmolive Co.
    
2,648
      
196,958
Procter & Gamble Co., (The)
    
2,937
      
418,523
             
615,481
Data Processing, Hosting, and Related Services — 0.3%
              
Airbnb, Inc., Class A*
    
1,634
      
179,364
Distribution/Wholesale — 0.2%
              
WESCO International, Inc.
    
817
      
112,239
Diversified Financial Services — 2.7%
              
American Express Co.
    
817
      
129,544
Cboe Global Markets, Inc.
    
817
      
108,187
LPL Financial Holdings, Inc.
    
431
      
83,950
Mastercard, Inc., Class A
    
3,167
      
1,156,018
             
1,477,699
Electric — 0.8%
              
American Electric Power Co., Inc.
    
4,022
      
334,309
Eversource Energy
    
2,020
      
139,845
             
474,154
Electronics — 0.2%
              
Allegion PLC, (Ireland)
    
1,006
      
105,368
Engineering & Construction — 0.4%
              
Jacobs Solutions, Inc.
    
931
      
102,037
TopBuild Corp.*
    
720
      
145,195
             
247,232
Environmental Control — 0.2%
              
Republic Services, Inc.
    
765
      
108,347
Food — 2.2%
              
Hershey Co., (The)
    
403
      
104,659
Ingredion, Inc.
    
870
      
91,002
Lamb Weston Holdings, Inc.
    
962
      
106,975
Sysco Corp.
    
11,437
      
800,018
US Foods Holding Corp.*
    
2,687
      
106,889
             
1,209,543
Gas — 0.2%
              
National Fuel Gas Co.
    
1,809
      
92,096
Health Care Providers & Services — 1.7%
              
Anthem, Inc.
    
2,193
      
982,069
Healthcare-Products — 2.7%
              
Edwards Lifesciences Corp.*
    
1,224
      
103,098
IDEXX Laboratories, Inc.*
    
2,853
      
1,325,989
ResMed, Inc.
    
431
      
90,850
             
1,519,937
Healthcare-Services — 4.6%
              
Centene Corp.*
    
6,341
      
395,742
Humana, Inc.
    
476
      
238,890
Molina Healthcare, Inc.*
    
431
      
118,051
UnitedHealth Group, Inc.
    
3,730
      
1,817,405
             
2,570,088
Home Builders — 0.2%
              
DR Horton, Inc.
    
975
      
104,169
Industrial Machinery Manufacturing — 0.2%
              
Applied Materials, Inc.
    
948
      
126,368
Insurance — 11.5%
              
American Financial Group, Inc.
    
817
      
91,725
American International Group, Inc.
    
23,377
      
1,235,007
Arch Capital Group Ltd., (Bermuda)*
    
1,430
      
99,671
Arthur J Gallagher & Co.
    
862
      
172,684
Axis Capital Holdings Ltd., (Bermuda)
    
1,855
      
96,275
Berkshire Hathaway, Inc., Class B*
    
5,528
      
1,774,930
Chubb Ltd., (Switzerland)
    
1,218
      
226,304
CNA Financial Corp.
    
2,633
      
97,052
Everest Re Group, Ltd., (Bermuda)
    
431
      
146,549
MetLife, Inc.
    
7,905
      
391,693
Progressive Corp., (The)
    
6,129
      
783,960
Prudential Financial, Inc.
    
16,655
      
1,310,582
             
6,426,432
Insurance Carriers — 0.5%
              
Globe Life, Inc.
    
997
      
102,870
W R Berkley Corp.
    
2,774
      
154,456
             
257,326
Internet — 13.9%
              
Alphabet, Inc., Class A*
    
26,661
      
3,275,837
Amazon.com, Inc.*
    
23,309
      
2,810,599
Booking Holdings, Inc.*
    
370
      
928,245
Expedia Group, Inc.*
    
2,364
      
226,259
Netflix, Inc.*
    
694
      
274,290
Okta, Inc.*
    
1,272
      
115,625
Spotify Technology SA, (Luxembourg)*
    
817
      
121,651
             
7,752,506
Leisure Time — 0.4%
              
Brunswick Corp.
    
1,589
      
119,970
Planet Fitness, Inc., Class A*
    
1,456
      
93,097
             
213,067
Lodging — 0.5%
              
Hilton Worldwide Holdings, Inc.
    
1,248
      
169,878
Marriott International Inc., Class A
    
586
      
98,325
             
268,203
Machinery-Construction & Mining — 1.4%
              
Caterpillar, Inc.
    
1,129
      
232,292
Oshkosh Corp.
    
7,075
      
522,347
             
754,639
Management of Companies and Enterprises — 0.1%
              
Abbott Laboratories
    
817
      
83,334
Media — 0.5%
              
Comcast Corp., Class A
    
6,599
      
259,671
Mining — 0.2%
              
Newmont Corp.
    
2,921
      
118,447
Oil & Gas — 0.4%
              
Chevron Corp.
    
716
      
107,844
ConocoPhillips
    
1,137
      
112,904
             
220,748
Pharmaceuticals — 4.3%
              
AbbVie, Inc.
    
752
      
103,746
Bristol-Myers Squibb Co.
    
12,082
      
778,564
CVS Health Corp.
    
1,584
      
107,760
Dexcom, Inc.*
    
817
      
95,801
Eli Lilly & Co.
    
279
      
119,819
Merck & Co., Inc.
    
8,692
      
959,684
Pfizer, Inc.
    
6,617
      
251,578
             
2,416,952
Private Equity — 0.2%
              
Ares Management Corp., Class A
    
1,194
      
103,985
Real Estate — 0.5%
              
CBRE Group, Inc., Class A*
    
3,929
      
294,361
REITS — 5.7%
              
American Tower Corp.
    
542
      
99,966
Equinix, Inc.
    
331
      
246,777
Kilroy Realty Corp.
    
3,304
      
89,670
Kimco Realty Corp.
    
51,392
      
944,585
Public Storage
    
4,839
      
1,370,889
Rexford Industrial Realty, Inc.
    
1,998
      
108,771
SBA Communications Corp.
    
573
      
127,080
Simon Property Group, Inc.
    
1,634
      
171,815
             
3,159,553
Retail — 7.8%
              
AutoZone, Inc.*
    
47
      
112,182
Bath & Body Works, Inc.
    
11,563
      
407,480
Chipotle Mexican Grill, Inc.*
    
46
      
95,518
Costco Wholesale Corp.
    
231
      
118,170
Home Depot, Inc., (The)
    
1,769
      
501,423
Lowe’s Cos, Inc.
    
1,724
      
346,748
McDonald’s Corp.
    
3,909
      
1,114,495
O’Reilly Automotive, Inc.*
    
133
      
120,140
Ross Stores, Inc.
    
2,382
      
246,823
Starbucks Corp.
    
1,020
      
99,593
Wal-Mart Stores, Inc.
    
5,423
      
796,476
Yum! Brands, Inc.
    
2,882
      
370,885
             
4,329,933
Semiconductor and Other Electronic Component Manufacturing — 0.2%
              
Analog Devices, Inc.
    
573
      
101,816
Semiconductors — 6.2%
              
Lam Research Corp.
    
399
      
246,063
NVIDIA Corp.
    
7,399
      
2,799,338
QUALCOMM, Inc.
    
817
      
92,656
Texas Instruments, Inc.
    
1,683
      
292,640
             
3,430,697
Software — 10.3%
              
Cadence Design Systems, Inc.*
    
514
      
118,688
Elastic NV, (Netherlands)*
    
1,733
      
126,197
Five9, Inc.*
    
1,508
      
99,694
HubSpot, Inc.*
    
284
      
147,109
Intuit, Inc.
    
2,088
      
875,123
Microsoft Corp.
    
7,334
      
2,408,412
MSCI, Inc.
    
260
      
122,338
Paychex, Inc.
    
992
      
104,091
Paycom Software, Inc.
    
5,148
      
1,442,109
Salesforce.com, Inc.*
    
431
      
96,277
Workday, Inc., Class A*
    
837
      
177,436
             
5,717,474
Telecommunications — 3.6%
              
Arista Networks, Inc.*
    
3,066
      
509,998
Cisco Systems, Inc.
    
29,713
      
1,475,845
             
1,985,843
Transportation — 0.9%
              
CSX Corp.
    
8,986
      
275,600
Union Pacific Corp.
    
1,182
      
227,559
             
503,159
TOTAL COMMON STOCKS
              
(Cost $53,858,580)
            
54,684,208
SHORT-TERM INVESTMENTS - 1.7%
              
U.S. Bank Money Market Deposit Account, 5.00% (a)
    
955,887
      
955,887
TOTAL SHORT-TERM INVESTMENTS
              
(Cost $955,887)
            
955,887
TOTAL INVESTMENTS - 99.9%
              
(Cost $54,814,467)
            
55,640,095
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
            
30,537
NET ASSETS - 100.0%
          
$
55,670,632

                     
*
Non-income producing security.
                  
(a)
The rate shown is as of May 31, 2023.
                  
ETF
Exchange-Traded Funds
                  
REIT
Real Estate Investment Trust
                  
                     
 The accompanying notes are an integral part of the portfolio of investments.
  


SGI U.S. LARGE CAP CORE ETF
NOTES TO THE PORTFOLIO OF INVESTMENTS
MAY 31, 2023 (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, 2023, in valuing the Fund’s investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
SGI U.S. LARGE CAP CORE ETF
                      
Common Stocks
  
$
54,684,208
    
$
54,684,208
    
$
-
    
$
-
Short-Term Investments
    
955,887
      
955,887
      
-
      
-
Total Investments*
  
$
55,640,095
    
$
55,640,095
    
$
-
    
$
-

* 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.