AI Powered Equity ETF

Schedule of Investments

December 31, 2023 (Unaudited)

COMMON STOCKS - 99.9%

Shares

Value

Bermuda - 1.0%

Insurance - 1.0%

Arch Capital Group, Ltd.^(a)

8,804

Axis Capital Holdings Ltd.

2,492

Everest Group Ltd.

1,125

Total Bermuda

Curacao - 1.0%

Energy Equipment & Services - 1.0%

Schlumberger NV

22,169

Ireland - 3.8%

Energy Equipment & Services - 3.5%

Weatherford International PLC^(a)

39,690

$–

Pharmaceuticals - 0.3%

Perrigo Co. PLC

10,315

Total Ireland

United Kingdom - 1.0%

Insurance - 1.0%

Aon PLC - Class A

4,063

United States - 93.1%^(b)

Aerospace & Defense - 0.1%

Curtiss-Wright Corp.

493

$–

Automobile Components - 0.6%

Fox Factory Holding Corp.^(a)

7,274

Visteon Corp.^(a)

1,202

Automobiles - 4.9%

General Motors Co.

16,453

Lucid Group, Inc.^(a)

271,452

Tesla, Inc.^(a)(c)

15,421

Banks - 1.2%

First Citizens BancShares, Inc. - Class A

808

New York Community Bancorp, Inc.

22,417

Beverages - 8.2%

Brown-Forman Corp. - Class B

7,676

Celsius Holdings, Inc.^(a)

43,073

Constellation Brands, Inc. - Class A

16,783

Keurig Dr Pepper, Inc.

35,425

Monster Beverage Corp.^(a)

20,550

Biotechnology - 0.4%

BioMarin Pharmaceutical, Inc.^(a)

5,033

$–

Capital Markets - 0.5%

LPL Financial Holdings, Inc.

2,514

$–

Chemicals - 5.5%

Air Products and Chemicals, Inc.

14,655

Huntsman Corp.

36,353

Livent Corp.^(a)

77,900

Communications Equipment - 0.7%

Ciena Corp.^(a)

17,481

$–

Construction & Engineering - 0.1%

MDU Resources Group, Inc.

7,199

$–

Consumer Staples Distribution & Retail - 1.0%

Kroger Co.

25,243

$–

Distributors - 0.5%

Genuine Parts Co.

3,773

$–

Electric Utilities - 0.3%

Evergy, Inc.

5,723

$–

Electrical Equipment - 2.0%

Plug Power, Inc.^(a)(c)

245,874

Rockwell Automation, Inc.

2,966

Sensata Technologies Holding PLC

7,354

Electronic Equipment, Instruments & Components - 0.7%

Corning, Inc.

25,594

$–

Energy Equipment & Services - 2.9%

Baker Hughes Co.

34,054

Halliburton Co.

32,033

Helmerich & Payne, Inc.^(c)

16,284

NOV, Inc.

20,846

Entertainment - 1.0%

Warner Bros Discovery, Inc.^(a)(c)

101,392

$–

Financial Services - 0.3%

Western Union Co.

25,964

$–

Food Products - 1.2%

Darling Ingredients, Inc.^(a)

7,161

Flowers Foods, Inc.

3,911

J M Smucker Co.

3,415

McCormick & Co., Inc.

7,834

Gas Utilities - 0.1%

ONE Gas, Inc.

1,571

$–

Health Care Equipment & Supplies - 3.1%

Align Technology, Inc.^(a)(c)

2,711

Becton Dickinson & Co.

4,720

Envista Holdings Corp.^(a)

15,221

QuidelOrtho Corp.^(a)

17,938

Health Care Providers & Services - 2.5%

agilon health, Inc.^(a)(c)

103,080

HealthEquity, Inc.^(a)

3,275

Humana, Inc.

2,621

Option Care Health, Inc.^(a)

5,728

Health Care Technology - 1.6%

Doximity, Inc. - Class A^(a)(c)

64,992

$–

Hotels, Restaurants & Leisure - 6.3%

Boyd Gaming Corp.

4,528

Choice Hotels International, Inc.

1,235

DraftKings, Inc. - Class A^(a)

33,023

Las Vegas Sands Corp.

83,330

Marriott Vacations Worldwide Corp.

15,590

Wendy's Co.

11,587

Household Durables - 0.4%

Mohawk Industries, Inc.^(a)

4,839

$–

Household Products - 1.0%

Procter & Gamble Co.

8,053

$–

Insurance - 2.9%

Aflac, Inc.

8,811

Arthur J Gallagher & Co.

3,220

Brown & Brown, Inc.

4,635

Kinsale Capital Group, Inc.^(c)

1,178

Marsh & McLennan Cos., Inc.

6,241

IT Services - 1.0%

MongoDB, Inc.^(a)

2,814

$–

Leisure Products - 1.9%

Hasbro, Inc.

9,424

Mattel, Inc.^(a)

17,984

Polaris, Inc.^(c)

14,367

Life Sciences Tools & Services - 0.5%

Bio-Rad Laboratories, Inc. - Class A^(a)

1,700

$–

Media - 4.4%

Charter Communications, Inc. - Class A^(a)

3,001

Fox Corp. - Class A

41,805

Liberty Broadband Corp. - Class C^(a)

6,334

Nexstar Media Group, Inc. - Class A^(c)

6,035

The Trade Desk, Inc. - Class A^(a)(c)

15,846

Metals & Mining - 0.2%

Royal Gold, Inc.

2,332

$–

Multi-Utilities - 0.6%

WEC Energy Group, Inc.

7,580

$–

Oil, Gas & Consumable Fuels - 12.8%

APA Corp.^(c)

108,113

Chesapeake Energy Corp.

10,639

DT Midstream, Inc.

2,031

EOG Resources, Inc.

32,427

Exxon Mobil Corp.

11,563

Hess Corp.

5,721

HF Sinclair Corp.

8,889

Marathon Oil Corp.

47,268

Murphy Oil Corp.

5,940

ONEOK, Inc.

10,009

Ovintiv, Inc.

26,162

Passenger Airlines - 1.0%

United Airlines Holdings, Inc.^(a)

28,167

$–

Pharmaceuticals - 6.9%

Catalent, Inc.^(a)

48,556

Eli Lilly and Co.

9,400

Organon & Co.

16,154

Professional Services - 4.2%

FTI Consulting, Inc.^(a)

788

Paycom Software, Inc.

14,195

Paylocity Holding Corp.^(a)

10,419

Semiconductors & Semiconductor Equipment - 1.5%

Axcelis Technologies, Inc.^(a)

2,426

NVIDIA Corp.

2,377

Silicon Laboratories, Inc.^(a)

1,344

Software - 2.9%

BILL Holdings, Inc.^(a)(c)

8,767

Box, Inc. - Class A^(a)

10,565

Confluent, Inc. - Class A^(a)

38,622

Five9, Inc.^(a)

3,140

Fortinet, Inc.^(a)

19,806

Specialty Retail - 2.8%

AutoNation, Inc.^(a)

2,705

AutoZone, Inc.^(a)

459

Best Buy Co., Inc.

12,928

CarMax, Inc.^(a)

8,162

Textiles, Apparel & Luxury Goods - 0.4%

Crocs, Inc.^(a)

4,283

$–

Tobacco - 1.0%

Altria Group, Inc.

29,248

$–

Trading Companies & Distributors - 0.2%

MSC Industrial Direct Co., Inc. - Class A

2,133

$–

Water Utilities - 0.8%

Essential Utilities, Inc.

23,613

Total United States

 106,164,666

TOTAL COMMON STOCKS (Cost $112,179,618)

 113,905,197

SHORT-TERM INVESTMENTS - 6.8%

Investments Purchased with Proceeds from Securities Lending - 6.7%

 

Mount Vernon Liquid Assets Portfolio, LLC, 5.61%^(d)

7,626,669

Money Market Funds - 0.1%

 

First American Government Obligations Fund - Class X, 5.28%^(d)

111,937

TOTAL SHORT-TERM INVESTMENTS (Cost $7,738,606)

TOTAL INVESTMENTS - 106.7% (Cost $119,918,224)

121,643,803

Liabilities in Excess of Other Assets - (6.7)%

(7,619,173)

TOTAL NET ASSETS - 100.0%

 

114,024,630

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

(c)

All or a portion of this security is on loan as of December 31, 2023. The total market value of these securities was $7,315,018 which represented 6.4% of net assets.

(d)

The rate shown represents the 7-day effective yield as of December 31, 2023.

The following is a summary of significant accounting policies consistently followed by ETFMG Prime Junior Silver Miners ETF (“SILJ”), ETFMG Prime Cyber Security ETF (“HACK”), ETFMG Prime Mobile Payments ETF (“IPAY”), ETFMG Travel Tech ETF (“AWAY”), ETFMG Treatments, Testing and Advancements ETF (“GERM”), ETFMG Alternative Harvest U.S. ETF (“MJUS”), ETFMG Alternative Harvest ETF (“MJ”), ETFMG Wedbush ETFMG Video Game Tech ETF (“GAMR”), Wedbush ETFMG Global Cloud Technology ETF (“IVES”), BlueStar Israel Technology ETF (“ITEQ”), Etho Climate Leadership U.S. ETF (“ETHO”) and AI Powered Equity ETF (“AIEQ”)(each a “Fund,” or collectively the “Funds”).

 

Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.

 

 

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ 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 availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2023:

(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.