NPORT-EX 2 large-cap.htm NPORT-EX

SGI U.S. Large Cap Core ETF
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 98.5%
  
Shares
    
Value
 
Aerospace/Defense - 1.8%
        
Northrop Grumman Corp.
    
2,806
    
$
1,373,958
  
TransDigm Group, Inc.
    
273
      
342,061
  
             
1,716,019
  
                 
Auto Manufacturers - 0.7%
          
Ford Motor Co.
    
15,443
      
171,881
  
General Motors Co.
    
8,660
      
481,409
  
             
653,290
  
                 
Banks - 3.2%
          
Bank of America Corp.
    
44,818
      
2,129,303
  
Citigroup, Inc.
    
2,873
      
203,610
  
Citizens Financial Group, Inc.
    
2,114
      
101,768
  
JPMorgan Chase & Co.
    
803
      
200,525
  
Morgan Stanley
    
3,695
      
486,299
  
             
3,121,505
  
                 
Biotechnology - 1.7%
          
Amgen, Inc.
    
3,236
      
915,367
  
United Therapeutics Corp. (a)
    
1,944
      
720,233
  
             
1,635,600
  
                 
Building Materials - 2.9%
          
Builders FirstSource, Inc. (a)
    
2,729
      
508,877
  
Louisiana-Pacific Corp.
    
4,375
      
517,125
  
Masco Corp.
    
2,483
      
200,030
  
Owens Corning
    
6,275
      
1,290,266
  
Trane Technologies PLC
    
893
      
371,684
  
             
2,887,982
  
                 
Chemicals - 1.0%
          
DuPont de Nemours, Inc.
    
2,505
      
209,393
  
Ecolab, Inc.
    
3,196
      
795,069
  
             
1,004,462
  
                 
Commercial Services - 1.4%
          
Automatic Data Processing, Inc.
    
3,191
      
979,414
  
Cintas Corp.
    
884
      
199,598
  
S&P Global, Inc.
    
364
      
190,194
  
             
1,369,206
  
                 
Cosmetics & Personal Care - 0.7%
          
Colgate-Palmolive Co.
    
7,472
      
722,019
  
                 
Diversified Financial Services - 3.0%
          
American Express Co.
    
785
      
239,174
  
Ameriprise Financial, Inc.
    
413
      
237,050
  
Mastercard, Inc. - Class A
    
3,761
      
2,004,387
  
Synchrony Financial
    
7,504
      
506,670
  
             
2,987,281
  
                 
Electric - 2.7%
          
American Electric Power Co., Inc.
    
2,287
      
228,380
  
CMS Energy Corp.
    
14,500
      
1,010,795
  
Edison International
    
4,668
      
409,617
  
Vistra Corp.
    
6,326
      
1,011,148
  
             
2,659,940
  
                 
Electronics - 1.0%
          
Amphenol Corp. - Class A
    
13,559
      
985,061
  
                 
Environmental Control - 0.2%
          
Waste Management, Inc.
    
869
      
198,323
  
                 
Food - 0.8%
          
Sysco Corp.
    
2,561
      
197,479
  
Tyson Foods, Inc., - Class A
    
9,218
      
594,561
  
             
792,040
  
                 
Freight & Logistics - 3.3%
          
CSX Corp.
    
6,060
      
221,493
  
FedEx Corp.
    
665
      
201,275
  
Union Pacific Corp.
    
5,689
      
1,391,871
  
United Parcel Service, Inc. - Class B
    
10,353
      
1,405,109
  
             
3,219,748
  
                 
Healthcare-Products - 1.6%
          
Intuitive Surgical, Inc. (a)
    
1,823
      
988,066
  
ResMed, Inc.
    
2,490
      
620,060
  
             
1,608,126
  
                 
Healthcare-Services - 3.3%
          
Elevance Health, Inc.
    
815
      
331,672
  
HCA Healthcare, Inc.
    
2,793
      
913,926
  
Universal Health Services, Inc. - Class B
    
9,681
      
1,984,605
  
             
3,230,203
  
                 
Home Builders - 0.2%
          
NVR, Inc. (a)
    
21
      
193,947
  
                 
Household Products/Wares - 0.3%
          
Kimberly-Clark Corp.
    
1,884
      
262,535
  
                 
Insurance - 8.2%
          
Allstate Corp., (The)
    
13,638
      
2,828,385
  
Berkshire Hathaway, Inc. - Class B (a)
    
6,292
      
3,039,162
  
Hartford Financial Services Group Inc., (The)
    
2,001
      
246,743
  
MetLife, Inc.
    
2,473
      
218,193
  
Progressive Corp.
    
6,559
      
1,763,584
  
             
8,096,067
  
                 
IT Services & Consulting - 1.1%
          
Accenture PLC - Class A
    
506
      
183,359
  
Cognizant Technology Solutions Corp. - Class A
    
2,317
      
186,495
  
GoDaddy, Inc. - Class A (a)
    
3,372
      
666,206
  
             
1,036,060
  
                 
Leisure Time - 0.4%
          
Royal Caribbean Cruises Ltd.
    
1,680
      
410,021
  
                 
Lodging - 0.4%
          
Hilton Worldwide Holdings, Inc.
    
1,550
      
392,832
  
                 
Machinery-Construction & Mining - 0.4%
          
Caterpillar, Inc.
    
961
      
390,272
  
                 
Machinery-Diversified - 0.5%
          
Westinghouse Air Brake Technologies Corp.
    
2,469
      
495,331
  
                 
Media - 0.7%
          
Comcast Corp. - Class A
    
6,287
      
271,536
  
Fox Corp. - Class B
    
4,513
      
201,866
  
Walt Disney Co.
    
2,123
      
249,389
  
             
722,791
  
                 
Mining - 0.4%
          
Freeport-McMoRan, Inc.
    
4,760
      
210,392
  
Newmont Corp.
    
5,250
      
220,185
  
             
430,577
  
                 
Oil & Gas - 2.3%
          
Diamondback Energy, Inc.
    
3,481
      
618,191
  
EOG Resources, Inc.
    
3,651
      
486,532
  
Exxon Mobil Corp.
    
2,415
      
284,873
  
ONEOK, Inc.
    
7,260
      
824,736
  
             
2,214,332
  
                 
Online Services - 10.1%
          
Amazon.com, Inc. (a)
    
22,022
      
4,578,154
  
Booking Holdings, Inc.
    
197
      
1,024,790
  
Meta Platforms, Inc. - Class A
    
7,017
      
4,030,003
  
Netflix, Inc. (a)
    
283
      
250,967
  
             
9,883,914
  
                 
Pharmaceuticals - 2.8%
          
Eli Lilly & Co.
    
2,226
      
1,770,449
  
Merck & Co., Inc.
    
9,251
      
940,272
  
             
2,710,721
  
                 
Pipelines - 0.5%
          
Targa Resources Corp.
    
2,547
      
520,352
  
                 
Private Equity - 0.3%
          
KKR & Co., Inc.
    
1,941
      
316,131
  
                 
Real Estate - 0.3%
          
CBRE Group, Inc. - Class A (a)
    
1,936
      
271,021
  
                 
REITS - 3.1%
          
Equity Residential
    
2,640
      
202,382
  
Essex Property Trust, Inc.
    
650
      
201,799
  
Simon Property Group, Inc.
    
13,354
      
2,451,794
  
Welltower, Inc.
    
1,448
      
200,085
  
             
3,056,060
  
                 
Retail - 4.7%
          
Costco Wholesale Corp.
    
3,091
      
3,004,081
  
Home Depot, Inc.
    
1,640
      
703,773
  
Target Corp.
    
3,438
      
454,882
  
Texas Roadhouse, Inc.
    
1,092
      
224,155
  
TJX Cos., Inc.
    
1,714
      
215,432
  
             
4,602,323
  
                 
Semiconductors - 13.0%
          
Applied Materials, Inc.
    
9,593
      
1,675,993
  
KLA-Tencor Corp.
    
291
      
188,286
  
Lam Research Corp.
    
13,018
      
961,770
  
Micron Technology, Inc.
    
2,090
      
204,715
  
Monolithic Power Systems, Inc.
    
816
      
463,194
  
NVIDIA Corp.
    
41,115
      
5,684,149
  
QUALCOMM, Inc.
    
22,453
      
3,559,474
  
             
12,737,581
  
                 
Software - 8.5%
          
Autodesk, Inc. (a)
    
697
      
203,454
  
Fiserv, Inc. (a)
    
1,376
      
304,041
  
Microsoft Corp.
    
14,281
      
6,047,432
  
Oracle Corp.
    
3,356
      
620,323
  
PTC, Inc. (a)
    
2,634
      
526,958
  
Salesforce.com, Inc.
    
1,866
      
615,762
  
             
8,317,970
  
                 
Technology - 8.7%
          
Alphabet, Inc. - Class A
    
27,763
      
4,690,559
  
Apple, Inc.
    
14,955
      
3,549,270
  
Zebra Technologies Corp., - Class A (a)
    
859
      
349,613
  
             
8,589,442
  
                 
Telecommunications - 2.3%
          
Arista Networks, Inc. (a)
    
2,715
      
1,101,801
  
Motorola Solutions, Inc.
    
1,973
      
985,908
  
T-Mobile US, Inc.
    
877
      
216,567
  
             
2,304,276
  
TOTAL COMMON STOCKS (Cost $92,362,880)
      
96,745,361
  
                 
TOTAL INVESTMENTS - 98.5% (Cost $92,362,880)
      
96,745,361
  
Other Assets in Excess of Liabilities - 1.5%
      
1,505,890
  
TOTAL NET ASSETS - 100.0%
          
$
98,251,251
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
SGI U.S. Large Cap Core ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 speeds, 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 fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
96,745,361
    
$
–
    
$
–
    
$
96,745,361
  
Total Investments
  
$
96,745,361
    
$
–
    
$
–
    
$
96,745,361
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.