BlueStar Israel Technology ETF
|
||||||||
Schedule of Investments
|
||||||||
December 31, 2023 (Unaudited)
|
||||||||
COMMON STOCKS - 99.6%
|
Shares
|
Value
|
||||||
Cayman Islands - 0.9%
|
||||||||
Software - 0.9%(e)
|
||||||||
Sapiens International Corp. NV
|
28,046
|
$
|
811,651
|
|||||
Gibraltar - 0.5%
|
||||||||
Hotels, Restaurants & Leisure - 0.5%
|
||||||||
888 Holdings PLC(a)
|
363,436
|
442,638
|
||||||
Guernsey - 7.1%
|
||||||||
IT Services - 7.1%
|
||||||||
Amdocs, Ltd.
|
68,896
|
6,055,269
|
||||||
Israel - 75.7%(b)
|
||||||||
Aerospace & Defense - 4.7%
|
||||||||
Elbit Systems, Ltd.(c)
|
18,907
|
4,031,918
|
||||||
$
|
–
|
|||||||
Automobile Components - 1.2%
|
||||||||
Mobileye Global, Inc. - Class A(a)(c)
|
24,159
|
1,046,568
|
||||||
$
|
–
|
|||||||
Biotechnology - 0.0%(d)
|
||||||||
Pluri, Inc.(a)
|
1
|
1
|
||||||
$
|
–
|
|||||||
Broadline Retail - 3.3%
|
||||||||
Global-e Online, Ltd.(a)
|
71,464
|
2,832,118
|
||||||
$
|
–
|
|||||||
Communications Equipment - 0.8%
|
||||||||
AudioCodes, Ltd.
|
24,934
|
300,953
|
||||||
Gilat Satellite Networks, Ltd.(a)
|
58,121
|
355,120
|
||||||
656,073
|
||||||||
Electronic Equipment, Instruments & Components - 0.6%
|
||||||||
Innoviz Technologies, Ltd.(a)(c)
|
203,681
|
515,313
|
||||||
$
|
–
|
|||||||
Financial Services - 1.3%
|
||||||||
Plus500, Ltd.
|
52,105
|
1,104,491
|
||||||
$
|
–
|
|||||||
Health Care Equipment & Supplies - 2.3%
|
||||||||
Inmode, Ltd.(a)(c)
|
69,541
|
1,546,592
|
||||||
Nano-X Imaging, Ltd.(a)(c)
|
67,455
|
429,688
|
||||||
1,976,280
|
||||||||
Household Durables - 0.6%
|
||||||||
Maytronics, Ltd.
|
46,794
|
530,299
|
||||||
$
|
–
|
|||||||
Independent Power and Renewable Electricity Producers - 2.5%
|
||||||||
Energix-Renewable Energies, Ltd.
|
231,405
|
849,421
|
||||||
Enlight Renewable Energy, Ltd.(a)
|
61,494
|
1,191,471
|
||||||
2,040,892
|
||||||||
Interactive Media & Services - 0.9%
|
||||||||
Taboola.com, Ltd.(a)
|
186,635
|
808,130
|
||||||
$
|
–
|
|||||||
IT Services - 7.1%
|
||||||||
Formula Systems 1985, Ltd.
|
6,899
|
442,269
|
||||||
Matrix IT, Ltd.
|
29,111
|
548,361
|
||||||
One Software Technologies, Ltd.
|
31,749
|
405,221
|
||||||
Wix.com, Ltd.(a)
|
37,688
|
4,636,378
|
||||||
6,032,229
|
||||||||
Machinery - 1.8%
|
||||||||
Kornit Digital, Ltd.(a)
|
38,528
|
738,196
|
||||||
Stratasys, Ltd.(a)(c)
|
54,022
|
771,435
|
||||||
1,509,631
|
||||||||
Media - 1.8%
|
||||||||
Perion Network, Ltd.(a)
|
38,898
|
1,200,781
|
||||||
Tremor International, Ltd.(a)
|
131,991
|
343,214
|
||||||
1,543,995
|
||||||||
Professional Services - 1.6%
|
||||||||
Fiverr International, Ltd.(a)(c)
|
32,134
|
874,687
|
||||||
Hilan, Ltd.
|
10,484
|
551,050
|
||||||
1,425,737
|
||||||||
Semiconductors & Semiconductor Equipment - 11.9%
|
||||||||
Camtek, Ltd.(a)(c)
|
21,417
|
1,485,911
|
||||||
Nova, Ltd.(a)
|
15,106
|
2,075,413
|
||||||
SolarEdge Technologies, Inc.(a)(c)
|
42,902
|
4,015,627
|
||||||
Tower Semiconductor, Ltd.(a)
|
84,164
|
2,568,686
|
||||||
10,145,637
|
||||||||
Software - 32.6%(e)
|
||||||||
Cellebrite DI, Ltd.(a)
|
60,081
|
520,301
|
||||||
Check Point Software Technologies, Ltd.(a)
|
40,584
|
6,200,829
|
||||||
Cognyte Software, Ltd.(a)
|
62,354
|
400,936
|
||||||
CyberArk Software, Ltd.(a)(c)
|
29,248
|
6,406,773
|
||||||
JFrog, Ltd.(a)
|
74,055
|
2,563,044
|
||||||
Magic Software Enterprises, Ltd.
|
30,000
|
288,354
|
||||||
Monday.com, Ltd.(a)(c)
|
20,382
|
3,827,943
|
||||||
Nice, Ltd. - ADR(a)(c)
|
29,541
|
5,893,725
|
||||||
Pagaya Technologies, Ltd. - Class A(a)
|
311,910
|
430,436
|
||||||
Radware, Ltd.(a)
|
26,664
|
444,756
|
||||||
Riskified, Ltd. - Class A(a)
|
102,175
|
478,179
|
||||||
WalkMe, Ltd.(a)
|
33,952
|
362,268
|
||||||
27,817,544
|
||||||||
Technology Hardware, Storage & Peripherals - 0.7%
|
||||||||
Nano Dimension, Ltd. - ADR(a)(c)
|
232,089
|
557,014
|
||||||
Total Israel
|
64,573,870
|
|||||||
Jersey - 0.8%
|
||||||||
Health Care Equipment & Supplies - 0.8%
|
||||||||
Novocure, Ltd.(a)
|
46,402
|
692,782
|
||||||
Luxembourg - 0.5%
|
||||||||
Hotels, Restaurants & Leisure - 0.5%
|
||||||||
NEOGAMES SA(a)
|
15,677
|
448,833
|
||||||
United States - 14.1%
|
||||||||
Aerospace & Defense - 1.2%
|
||||||||
Leonardo DRS, Inc.(a)
|
49,974
|
1,001,479
|
||||||
$
|
–
|
|||||||
Biotechnology - 0.5%
|
||||||||
UroGen Pharma, Ltd.(a)
|
28,862
|
432,930
|
||||||
$
|
–
|
|||||||
Electronic Equipment, Instruments & Components - 0.5%
|
||||||||
Vishay Precision Group, Inc.(a)
|
12,765
|
434,904
|
||||||
$
|
–
|
|||||||
Entertainment - 0.8%
|
||||||||
Playtika Holding Corp.(a)
|
73,585
|
641,661
|
||||||
$
|
–
|
|||||||
Financial Services - 1.3%
|
||||||||
Payoneer Global, Inc.(a)
|
206,023
|
1,073,380
|
||||||
$
|
–
|
|||||||
Independent Power and Renewable Electricity Producers - 3.0%
|
||||||||
Ormat Technologies, Inc.
|
33,867
|
2,606,053
|
||||||
$
|
–
|
|||||||
Insurance - 0.8%
|
||||||||
Lemonade, Inc.(a)(c)
|
43,590
|
703,107
|
||||||
$
|
–
|
|||||||
Semiconductors & Semiconductor Equipment - 0.5%
|
||||||||
CEVA, Inc.(a)
|
18,912
|
429,492
|
||||||
$
|
–
|
|||||||
Software - 5.5%(e)
|
||||||||
LivePerson, Inc.(a)
|
90,363
|
342,476
|
||||||
SentinelOne, Inc. - Class A(a)(c)
|
162,116
|
4,448,462
|
||||||
4,790,938
|
||||||||
Total United States
|
12,113,944
|
|||||||
TOTAL COMMON STOCKS (Cost $107,416,067)
|
85,138,987
|
|||||||
SHORT-TERM INVESTMENTS - 26.9%
|
||||||||
Investments Purchased with Proceeds from Securities Lending - 26.5%
|
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.61%(f)
|
22,697,410
|
22,697,410
|
||||||
Money Market Funds - 0.4%
|
||||||||
First American Government Obligations Fund - Class X, 5.28%(f)
|
366,664
|
366,664
|
||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $23,064,074)
|
23,064,074
|
|||||||
TOTAL INVESTMENTS - 126.5% (Cost $130,480,141)
|
108,203,061
|
|||||||
Liabilities in Excess of Other Assets - (26.5)%
|
(22,699,912
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
85,503,149
|
||||||
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.
|
ADR - American Depositary Receipt
|
PLC - Public Limited Company
|
SA - Sociedad Anónima
|
(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 $21,780,553 which represented 25.5% of net assets.
|
(d)
|
Represents less than 0.05% of net assets.
|
(e)
|
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those
industries or sectors.
|
(f)
|
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.
Securities for which quotations are not readily available are valued at their respective fair values as determined in good
faith by ETF Managers Group, LLC (the “Adviser”), using procedures adopted by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and
circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may cause the net asset value of its shares
to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2023, AIEQ, HACK, AWAY, MJUS, IVES, ITEQ and ETHO did not hold any fair valued securities. As of
December 31, 2023, SILJ held three fair valued securities, IPAY, MJ, GERM, and GAMR held one fair valued security.
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:
|
BlueStar Israel Technology ETF
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investments:
|
||||||||||||||||
Common Stocks
|
$
|
85,138,987
|
$
|
–
|
$
|
–
|
$
|
85,138,987
|
||||||||
Investments Purchased with Proceeds from Securities Lending(a)
|
–
|
–
|
–
|
22,697,410
|
||||||||||||
Money Market Funds
|
366,664
|
–
|
–
|
366,664
|
||||||||||||
Total Investments
|
$
|
85,505,651
|
$
|
–
|
$
|
–
|
$
|
108,203,061
|
||||||||
Refer to the Schedule of Investments for industry classifications.
|
(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.
|