Strive U.S. Energy ETF

 

Strive 500 ETF

 

Strive U.S. Semiconductor ETF

 

Strive Emerging Markets Ex-China ETF

 

Strive 1000 Dividend Growth ETF

 

Strive 1000 Growth ETF

 

Strive 1000 Value ETF

 

Strive Small-Cap ETF

 

Semi-Annual Report

 

January 31, 2023

 

 

 

 

 

 

 

 

STRIVE ETFs

 

TABLE OF CONTENTS

 

    Page
Sector Allocations   1
Schedules of Investments   5 – 100
Statements of Assets and Liabilities   101
Statements of Operations   103
Statements of Changes in Net Assets   105
Financial Highlights   107
Notes to Financial Statements   108 – 120
Expense Example   121
Liquidity Risk Management Program   123
Management of the Funds   124 – 125
Board Review and Approval of Advisory and Sub-Advisory Agreements   126 – 127
Information About Portfolio Holdings   128
Information About Proxy Voting   128
Privacy Policy   128

 

 

 

 

STRIVE ETFs

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive U.S. Energy ETF

 

Sector1   % Net
Assets
 
Energy     93.2 %
Utilities     5.7 %
Industrials     0.8 %
Other2     0.3 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive 500 ETF

 

Sector1   % Net
Assets
 
Information Technology     27.2 %2 
Health Care     14.7 %
Financials     11.3 %
Consumer Discretionary     10.5 %
Industrials     8.1 %
Communication Services     8.0 %
Consumer Staples     6.6 %
Energy     5.1 %
Utilities     2.8 %
Real Estate     2.7 %
Materials     2.5 %
Other3     0.5 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. For purposes of the Fund’s compliance with its concentration limits, the Fund uses various sub-classifications and none of the Fund’s holdings in the sub-classifications exceed 25% of the Fund’s total assets.
3. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

1

 

 

STRIVE ETFs

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive U.S. Semiconductor ETF

 

Sector1   % Net
Assets
 
Information Technology     99.7 %
Other2     0.3 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive Emerging Markets Ex-China ETF

 

Sector1   % Net
Assets
 
Financials     30.2 %2 
Information Technology     27.3 %2 
Materials     9.9 %
Energy     8.6 %
Industrials     6.3 %
Communication Services     5.0 %
Consumer Staples     4.3 %
Consumer Discretionary     3.6 %
Health Care     1.4 %
Real Estate     0.7 %
Utilities     0.6 %
Other3     2.1 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. For purposes of the Fund’s compliance with its concentration limits, the Fund uses various sub-classifications and none of the Fund’s holdings in the sub-classifications exceed 25% of the Fund’s total assets.
3. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

2

 

 

STRIVE ETFs

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive 1000 Dividend Growth ETF

 

Sector1   % Net
Assets
 
Information Technology     27.6 %2 
Health Care     22.4 %
Industrials     12.8 %
Financials     10.1 %
Consumer Discretionary     8.5 %
Consumer Staples     8.2 %
Real Estate     4.2 %
Materials     2.7 %
Utilities     2.6 %
Communication Services     0.5 %
Energy     0.1 %
Other3     0.3 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. For purposes of the Fund’s compliance with its concentration limits, the Fund uses various sub-classifications and none of the Fund’s holdings in the sub-classifications exceed 25% of the Fund’s total assets.
3. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive 1000 Growth ETF

 

Sector1   % Net
Assets
 
Information Technology     36.3 %2 
Health Care     16.1 %
Consumer Discretionary     12.5 %
Communication Services     8.7 %
Industrials     8.2 %
Financials     5.9 %
Consumer Staples     5.7 %
Real Estate     3.2 %
Materials     1.5 %
Utilities     1.0 %
Energy     0.6 %
Other3     0.3 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. For purposes of the Fund’s compliance with its concentration limits, the Fund uses various sub-classifications and none of the Fund’s holdings in the sub-classifications exceed 25% of the Fund’s total assets.
3. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

3

 

 

STRIVE ETFs

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive 1000 Value ETF

 

Sector1   % Net
Assets
 
Financials     22.2 %
Energy     13.0 %
Health Care     12.0 %
Industrials     10.9 %
Consumer Discretionary     7.8 %
Consumer Staples     7.5 %
Information Technology     7.2 %
Utilities     5.9 %
Communication Services     5.5 %
Materials     4.1 %
Real Estate     3.5 %
Other2     0.4 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

 

Tabular Presentation of Schedule of Investments

As of January 31, 2023 (Unaudited)

Strive Small-Cap ETF

 

Sector1   % Net
Assets
 
Industrials     17.8 %
Information Technology     15.1 %
Financials     14.7 %
Consumer Discretionary     12.9 %
Health Care     12.7 %
Real Estate     7.2 %
Energy     5.7 %
Materials     5.0 %
Utilities     3.6 %
Consumer Staples     3.3 %
Communication Services     1.6 %
Other2     0.4 %
Total     100.0 %

 

1. Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment adviser’s internal sector classifications.
2. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

4

 

 

Strive U.S. Energy ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 99.7%      
Aerospace & Defense - 0.3%       
18,128     BWX Technologies, Inc.   $ 1,103,270  
               
Construction & Engineering - 0.3%       
40,250     MDU Resources Group, Inc.     1,244,127  
               
Electric Utilities - 2.3%       
197,039     Exelon Corp.     8,313,075  
10,010     IDACORP, Inc.     1,059,158  
            9,372,233  
Electrical Components & Equipment - 0.3%       
41,056     Sunrun, Inc. (a)     1,078,952  
               
Gas Utilities - 1.3%       
27,703     Atmos Energy Corp.     3,256,211  
17,969     National Fuel Gas Co.     1,043,280  
12,836     Southwest Gas Holdings, Inc.     859,113  
            5,158,604  
Independent Power Producers & Energy Traders - 0.9%       
130,702     AES Corp.     3,582,542  
               
Integrated Oil & Gas - 42.0%       
370,088     Chevron Corp.     64,402,714  
801,122     Exxon Mobil Corp.     92,938,163  
186,612     Occidental Petroleum Corp.     12,090,591  
            169,431,468  
Multi-Utilities - 0.5%       
80,760     NiSource, Inc.     2,241,090  
               
Oil & Gas Equipment & Services - 7.8%       
202,045     Baker Hughes Co.     6,412,908  
167,846     Halliburton Co.     6,918,612  
77,942     NOV, Inc.     1,904,902  
283,164     Schlumberger Ltd. ADR (b)     16,134,685  
            31,371,107  
Oil & Gas Exploration & Production - 26.2%       
53,726     Antero Resources Corp. (a)   1,549,458  
65,110     APA Corp.     2,886,326  
22,951     Chesapeake Energy Corp.     1,990,311  
7,585     Chord Energy Corp.     1,087,158  
14,307     Civitas Resources, Inc.     952,131  
245,097     ConocoPhillips     29,869,971  
154,955     Coterra Energy, Inc.     3,878,524  
130,311     Devon Energy Corp.     8,240,868  

 

The accompanying notes are an integral part of these financial statements.

 

5

 

 

Strive U.S. Energy ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
35,464     Diamondback Energy, Inc.   $ 5,182,000  
117,141     EOG Resources, Inc.     15,491,897  
66,980     EQT Corp.     2,188,237  
56,022     Hess Corp.     8,412,264  
135,174     Marathon Oil Corp.     3,713,230  
22,005     Matador Resources Co.     1,455,851  
29,460     Murphy Oil Corp.     1,284,751  
50,611     Ovintiv, Inc.     2,491,580  
18,992     PDC Energy, Inc.     1,286,328  
45,423     Pioneer Natural Resources Co.     10,463,188  
50,695     Range Resources Corp.     1,268,389  
23,657     SM Energy Co.     777,606  
221,589     Southwestern Energy Co. (a)     1,223,171  
            105,693,239  
Oil & Gas Refining & Marketing - 8.7%       
30,955     HF Sinclair Corp.     1,761,339  
99,724     Marathon Petroleum Corp.     12,816,528  
96,208     Phillips 66     9,646,776  
78,759     Valero Energy Corp.     11,028,623  
            35,253,266  
Oil & Gas Storage & Transportation - 8.4%       
49,663     Cheniere Energy, Inc.     7,588,010  
18,826     DT Midstream, Inc.     1,029,029  
8,532     Hess Midstream LP - Class A     263,468  
395,335     Kinder Morgan, Inc.     7,234,630  
9,626     New Fortress Energy, Inc.     373,393  
89,103     ONEOK, Inc.     6,101,773  
44,417     Targa Resources Corp.     3,332,163  
243,758     Williams Cos., Inc.     7,858,758  
            33,781,224  
Renewable Electricity - 0.7%       
25,471     Brookfield Renewable Corp. - Class A ADR (b)     802,846  
6,892     Clearway Energy, Inc. - Class A     220,889  
16,262     Clearway Energy, Inc. - Class C     549,493  
16,666     NextEra Energy Partners LP     1,221,618  
            2,794,846  
      TOTAL COMMON STOCKS (Cost $366,636,750)     402,105,968  
               
MONEY MARKET FUNDS - 0.3%      
1,227,547     First American Government Obligations Fund - Class X, 4.14% (c)   1,227,547  
      TOTAL MONEY MARKET FUNDS (Cost $1,227,547)     1,227,547  
               
      TOTAL INVESTMENTS (Cost $367,864,297) - 100.0%   $ 403,333,515  
      Other Assets in Excess of Liabilities - 0.0% (d)     119,446  
      TOTAL NET ASSETS - 100.0%   $ 403,452,961  

 

The accompanying notes are an integral part of these financial statements.

 

6

 

 

Strive U.S. Energy ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

(a) Non-income producing security.
(b) Foreign issued security.
(c) Rate shown is the 7-day effective yield.
(d) Represents less than 0.05% of net assets.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

7

 

 

Strive 500 ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 96.9%
Advertising - 0.1%
648     Omnicom Group, Inc.   $ 55,722  
1,408     Trade Desk, Inc. - Class A (a)     71,386  
            127,108  
Aerospace & Defense - 1.8% 
1,936     Boeing Co. (a)     412,368  
792     General Dynamics Corp.     184,584  
231     HEICO Corp. - Class A     30,880  
126     HEICO Corp.     21,540  
616     L3Harris Technologies, Inc.     132,329  
856     Lockheed Martin Corp.     396,551  
449     Northrop Grumman Corp.     201,170  
4,840     Raytheon Technologies Corp.     483,274  
176     TransDigm Group, Inc.     126,324  
            1,989,020  
Agricultural & Farm Machinery - 0.3% 
908     Deere & Co.     383,939  
 
Agricultural Products - 0.1% 
1,848     Archer-Daniels-Midland Co.     153,107  
 
Air Freight & Logistics - 0.6% 
528     Expeditors International of Washington, Inc.     57,103  
792     FedEx Corp.     153,537  
2,376     United Parcel Service, Inc. - Class B     440,106  
            650,746  
Airlines - 0.2% 
2,112     Delta Air Lines, Inc. (a)     82,579  
1,936     Southwest Airlines Co.     69,251  
1,056     United Airlines Holdings, Inc. (a)     51,702  
            203,532  
Apparel Retail - 0.4% 
1,144     Ross Stores, Inc.     135,209  
3,608     TJX Cos., Inc.     295,351  
            430,560  
Apparel, Accessories & Luxury Goods - 0.1% 
380     Lululemon Athletica, Inc. (a)     116,614  
1,144     VF Corp.     35,395  
            152,009  
Application Software - 2.5% 
1,507     Adobe, Inc. (a)   558,102  
277     Ansys, Inc. (a)     73,782  
92     Aspen Technology, Inc. (a)     18,285  
459     Atlassian Corp. - Class A (a)     74,184  
704     Autodesk, Inc. (a)     151,473  

 

The accompanying notes are an integral part of these financial statements.

 

8

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
704     Bentley Systems, Inc. - Class B   $ 27,491  
306     Bill.com Holdings, Inc. (a)     35,380  
880     Cadence Design Systems, Inc. (a)     160,890  
900     Datadog, Inc. - Class A (a)     67,329  
639     DocuSign, Inc. (a)     38,749  
134     HubSpot, Inc. (a)     46,499  
889     Intuit, Inc.     375,754  
5,632     Palantir Technologies, Inc. - Class A (a)     43,817  
147     Paycom Software, Inc. (a)     47,619  
352     Roper Technologies, Inc.     150,216  
3,168     Salesforce, Inc. (a)     532,129  
528     Splunk, Inc. (a)     50,567  
478     Synopsys, Inc. (a)     169,092  
126     Tyler Technologies, Inc. (a)     40,669  
704     Unity Software, Inc. (a)     25,006  
640     Workday, Inc. - Class A (a)     116,115  
704     Zoom Video Communications, Inc. - Class A (a)     52,800  
            2,855,948  
Asset Management & Custody Banks - 1.1% 
352     Ameriprise Financial, Inc.     123,242  
478     Ares Management Corp. - Class A     39,669  
2,376     Bank of New York Mellon Corp.     120,154  
458     BlackRock, Inc.     347,718  
2,288     Blackstone, Inc.     219,556  
1,408     Blue Owl Capital, Inc.     17,713  
968     Franklin Resources, Inc.     30,202  
2,382     KKR & Co., Inc.     132,939  
642     Northern Trust Corp.     62,255  
1,144     State Street Corp.     104,482  
704     T. Rowe Price Group, Inc.     81,995  
            1,279,925  
Auto Parts & Equipment - 0.1% 
880     Aptiv PLC ADR (a)(b)     99,519  
 
Automobile Manufacturers - 1.7% 
12,848     Ford Motor Co.     173,576  
4,535     General Motors Co.     178,316  
1,848     Lucid Group, Inc. (a)(c)     21,603  
1,680     Rivian Automotive, Inc. - Class A (a)     32,592  
8,595     Tesla, Inc. (a)     1,488,826  
            1,894,913  
Automotive Retail - 0.3% 
52     AutoZone, Inc. (a)   126,820  
528     CarMax, Inc. (a)     37,198  
201     O’Reilly Automotive, Inc. (a)     159,262  
            323,280  

 

The accompanying notes are an integral part of these financial statements.

 

9

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Biotechnology - 2.5%
5,781     AbbVie, Inc.   $ 854,143  
375     Alnylam Pharmaceuticals, Inc. (a)     84,900  
1,760     Amgen, Inc.     444,224  
458     Biogen, Inc. (a)     133,232  
616     BioMarin Pharmaceutical, Inc. (a)     71,056  
4,102     Gilead Sciences, Inc.     344,322  
733     Horizon Therapeutics PLC ADR (a)(b)     80,425  
616     Incyte Corp. (a)     52,446  
1,144     Moderna, Inc. (a)     201,413  
323     Regeneron Pharmaceuticals, Inc. (a)     244,986  
440     Seagen, Inc. (a)     61,371  
818     Vertex Pharmaceuticals, Inc. (a)     264,296  
            2,836,814  
Broadcasting - 0.1% 
986     Fox Corp. - Class A     33,465  
440     Fox Corp. - Class B     13,948  
25     Paramount Global - Class A     666  
1,883     Paramount Global - Class B     43,610  
            91,689  
Building Products - 0.4% 
148     Carlisle Cos., Inc.     37,127  
2,728     Carrier Global Corp.     124,206  
2,288     Johnson Controls International PLC ADR (b)     159,176  
737     Trane Technologies PLC ADR (b)     132,011  
            452,520  
Cable & Satellite - 0.7% 
321     Charter Communications, Inc. - Class A (a)     123,364  
14,287     Comcast Corp. - Class A     562,193  
46     Liberty Broadband Corp. - Class A (a)     4,123  
388     Liberty Broadband Corp. - Class C (a)     34,835  
2,213     Sirius XM Holdings, Inc.     12,813  
            737,328  
Casinos & Gaming - 0.1% 
1,056     Las Vegas Sands Corp. (a)     62,304  
1,002     MGM Resorts International     41,493  
            103,797  
Commodity Chemicals - 0.2% 
2,376     Dow, Inc.     141,016  
820     LyondellBasell Industries N.V. - Class A ADR (b)     79,286  
            220,302  
Communications Equipment - 0.7% 
792     Arista Networks, Inc. (a)   99,808  
12,320     Cisco Systems, Inc.     599,614  
528     Motorola Solutions, Inc.     135,701  
12     Ubiquiti, Inc.     3,506  
            838,629  

 

The accompanying notes are an integral part of these financial statements.

 

10

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Computer & Electronics Retail - 0.1% 
643     Best Buy Co., Inc.   $ 57,047  
 
Construction Machinery & Heavy Trucks - 0.6% 
1,705     Caterpillar, Inc.     430,154  
440     Cummins, Inc.     109,798  
1,056     PACCAR, Inc.     115,431  
560     Westinghouse Air Brake Technologies Corp.     58,134  
            713,517  
Construction Materials - 0.1% 
192     Martin Marietta Materials, Inc.     69,051  
440     Vulcan Materials Co.     80,665  
            149,716  
Construction & Engineering - 0.1% 
455     Quanta Services, Inc.     69,246  
 
Consumer Electronics - 0.0% (d) 
528     Garmin Ltd. ADR (b)     52,209  
 
Consumer Finance - 0.5% 
1,785     American Express Co.     312,250  
1,232     Capital One Financial Corp.     146,608  
880     Discover Financial Services     102,722  
1,547     Synchrony Financial     56,821  
            618,401  
Copper - 0.2% 
4,664     Freeport-McMoRan, Inc.     208,108  
274     Southern Copper Corp.     20,608  
            228,716  
Data Processing & Outsourced Services - 3.3% 
1,340     Automatic Data Processing, Inc.     302,585  
1,672     Block, Inc. (a)     136,636  
473     Broadridge Financial Solutions, Inc.     71,120  
1,936     Fidelity National Information Services, Inc.     145,277  
1,936     Fiserv, Inc. (a)     206,532  
228     FleetCor Technologies, Inc. (a)     47,609  
880     Global Payments, Inc.     99,194  
2,777     Mastercard, Inc. - Class A     1,029,156  
1,056     Paychex, Inc.     122,348  
3,784     PayPal Holdings, Inc. (a)     308,358  
704     SS&C Technologies Holdings, Inc.     42,486  
5,336     Visa, Inc. - Class A     1,228,401  
            3,739,702  
Distillers & Vintners - 0.2% 
142     Brown-Forman Corp. - Class A   9,443  
968     Brown-Forman Corp. - Class B     64,449  
459     Constellation Brands, Inc. - Class A     106,268  
            180,160  

 

The accompanying notes are an integral part of these financial statements.

 

11

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Distributors - 0.1%
440     Genuine Parts Co.   $ 73,841  
116     Pool Corp.     44,731  
            118,572  
Diversified Banks - 2.9% 
23,081     Bank of America Corp.     818,914  
6,336     Citigroup, Inc.     330,866  
9,540     JPMorgan Chase & Co.     1,335,218  
4,312     U.S. Bancorp     214,738  
12,442     Wells Fargo & Co.     583,157  
            3,282,893  
Diversified Support Services - 0.2% 
274     Cintas Corp.     121,585  
1,408     Copart, Inc. (a)     93,787  
            215,372  
Drug Retail - 0.1% 
2,288     Walgreens Boots Alliance, Inc.     84,336  
 
Electric Utilities - 1.8% 
792     Alliant Energy Corp.     42,792  
1,672     American Electric Power Co., Inc.     157,101  
222     Avangrid, Inc.     9,362  
1,056     Constellation Energy Corp.     90,140  
2,552     Duke Energy Corp.     261,452  
1,232     Edison International     84,885  
647     Entergy Corp.     70,057  
728     Evergy, Inc.     45,609  
1,144     Eversource Energy     94,186  
3,168     Exelon Corp.     133,658  
1,760     FirstEnergy Corp.     72,072  
6,424     NextEra Energy, Inc.     479,423  
5,280     PG&E Corp. (a)     83,952  
2,376     PPL Corp.     70,330  
3,432     Southern Co.     232,278  
1,760     Xcel Energy, Inc.     121,035  
            2,048,332  
Electrical Components & Equipment - 0.6% 
733     AMETEK, Inc.     106,226  
1,320     Eaton Corp. PLC ADR (b)     214,117  
1,936     Emerson Electric Co.     174,666  
198     Generac Holdings, Inc. (a)     23,879  
367     Rockwell Automation, Inc.     103,505  
            622,393  
Electronic Components - 0.2% 
1,936     Amphenol Corp. - Class A   154,435  
2,464     Corning, Inc.     85,279  
            239,714  

 

The accompanying notes are an integral part of these financial statements.

 

12

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Electronic Equipment & Instruments - 0.2% 
563     Keysight Technologies, Inc. (a)   $ 100,974  
136     Teledyne Technologies, Inc. (a)     57,699  
792     Trimble, Inc. (a)     45,984  
176     Zebra Technologies Corp. - Class A (a)     55,648  
            260,305  
Electronic Manufacturing Services - 0.1% 
1,056     TE Connectivity Ltd. ADR (b)     134,270  
 
Environmental & Facilities Services - 0.3% 
704     Republic Services, Inc.     87,873  
792     Rollins, Inc.     28,829  
1,351     Waste Management, Inc.     209,040  
            325,742  
Fertilizers & Agricultural Chemicals - 0.2% 
639     C.F. Industries Holdings, Inc.     54,123  
2,376     Corteva, Inc.     153,133  
1,144     Mosaic Co.     56,674  
            263,930  
Financial Exchanges & Data - 1.1% 
1,170     CME Group, Inc.     206,692  
459     Coinbase Global, Inc. - Class A (a)(c)     26,842  
116     FactSet Research Systems, Inc.     49,061  
1,848     Intercontinental Exchange, Inc.     198,752  
528     Moody’s Corp.     170,412  
264     MSCI, Inc.     140,332  
1,144     Nasdaq, Inc.     68,857  
1,079     S&P Global, Inc.     404,560  
352     Tradeweb Markets, Inc. - Class A     26,238  
            1,291,746  
Food Distributors - 0.1% 
1,672     Sysco Corp.     129,513  
 
Food Retail - 0.1% 
528     Albertsons Cos., Inc. - Class A     11,194  
2,112     Kroger Co.     94,259  
            105,453  
Footwear - 0.5% 
4,098     Nike, Inc. - Class B     521,798  
 
Gas Utilities - 0.0% (d) 
440     Atmos Energy Corp.     51,718  
 
General Merchandise Stores - 0.5% 
723     Dollar General Corp.     168,893  
704     Dollar Tree, Inc. (a)     105,727  
1,496     Target Corp.     257,521  
            532,141  

 

The accompanying notes are an integral part of these financial statements.

 

13

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Gold - 0.1%
2,552     Newmont Corp.   $ 135,077  
 
Health Care Distributors - 0.3% 
528     AmerisourceBergen Corp.     89,211  
832     Cardinal Health, Inc.     64,272  
451     McKesson Corp.     170,785  
            324,268  
Health Care Equipment - 2.6% 
5,720     Abbott Laboratories     632,346  
1,672     Baxter International, Inc.     76,394  
914     Becton Dickinson and Co.     230,529  
4,664     Boston Scientific Corp. (a)     215,710  
1,271     Dexcom, Inc. (a)     136,111  
2,024     Edwards Lifesciences Corp. (a)     155,241  
1,170     GE HealthCare Technologies, Inc. (a)     81,338  
792     Hologic, Inc. (a)     64,445  
264     IDEXX Laboratories, Inc. (a)     126,852  
214     Insulet Corp. (a)     61,486  
1,165     Intuitive Surgical, Inc. (a)     286,229  
4,312     Medtronic PLC ADR (b)     360,871  
460     ResMed, Inc.     105,050  
305     Steris PLC ADR (b)     62,986  
1,074     Stryker Corp.     272,592  
138     Teleflex, Inc.     33,592  
704     Zimmer Biomet Holdings, Inc.     89,647  
            2,991,419  
Health Care Facilities - 0.2% 
704     HCA Healthcare, Inc.     179,569  
 
Health Care Services - 0.7% 
987     Cigna Corp.     312,553  
4,312     CVS Health Corp.     380,405  
282     Laboratory Corp. of America Holdings     71,098  
370     Quest Diagnostics, Inc.     54,938  
            818,994  
Health Care Supplies - 0.1% 
229     Align Technology, Inc. (a)     61,768  
143     Cooper Cos., Inc.     49,897  
            111,665  
Health Care Technology - 0.1% 
440     Veeva Systems, Inc. - Class A (a)     75,042  
 
Home Improvement Retail - 1.3% 
3,367     Home Depot, Inc.     1,091,480  
2,024     Lowe’s Cos., Inc.     421,498  
            1,512,978  

 

The accompanying notes are an integral part of these financial statements.

 

14

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Homebuilding - 0.2%
1,056     D.R. Horton, Inc.   $ 104,217  
792     Lennar Corp. - Class A     81,101  
39     Lennar Corp. - Class B     3,368  
8     NVR, Inc. (a)     42,160  
            230,846  
Hotels, Resorts & Cruise Lines - 0.7% 
1,174     Airbnb, Inc. - Class A (a)     130,443  
122     Booking Holdings, Inc. (a)     296,960  
3,124     Carnival Corp. ADR (a)(b)     33,802  
478     Expedia Group, Inc. (a)     54,635  
880     Hilton Worldwide Holdings, Inc.     127,679  
968     Marriott International, Inc. - Class A     168,606  
            812,125  
Household Products - 1.4% 
792     Church & Dwight Co., Inc.     64,041  
384     Clorox Co.     55,561  
2,728     Colgate-Palmolive Co.     203,318  
1,096     Kimberly-Clark Corp.     142,491  
7,832     Procter & Gamble Co.     1,115,120  
            1,580,531  
Hypermarkets & Super Centers - 1.2% 
1,440     Costco Wholesale Corp.     736,042  
4,589     Walmart, Inc.     660,219  
            1,396,261  
Independent Power Producers & Energy Traders - 0.1% 
2,112     AES Corp.     57,890  
 
Industrial Conglomerates - 0.8% 
1,848     3M Co.     212,668  
3,520     General Electric Co.     283,290  
2,200     Honeywell International, Inc.     458,656  
            954,614  
Industrial Gases - 0.7% 
724     Air Products and Chemicals, Inc.     232,049  
1,614     Linde PLC ADR (b)     534,137  
            766,186  
Industrial Machinery - 0.7% 
458     Dover Corp.     69,538  
1,144     Fortive Corp.     77,826  
235     IDEX Corp.     56,325  
880     Illinois Tool Works, Inc.     207,715  
1,320     Ingersoll Rand, Inc.     73,920  
1,408     Otis Worldwide Corp.     115,780  
395     Parker-Hannifin Corp.     128,770  
468     Stanley Black & Decker, Inc.     41,797  
616     Xylem, Inc.     64,070  
            835,741  

 

The accompanying notes are an integral part of these financial statements.

 

15

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Insurance Brokers - 0.7% 
644     Aon PLC - Class A ADR (b)   $ 205,230  
704     Arthur J. Gallagher & Co.     137,787  
792     Brown & Brown, Inc.     46,380  
1,612     Marsh & McLennan Cos., Inc.     281,955  
352     Willis Towers Watson PLC ADR (b)     89,475  
            760,827  
Integrated Oil & Gas - 2.5% 
6,290     Chevron Corp.     1,094,586  
13,728     Exxon Mobil Corp.     1,592,585  
3,080     Occidental Petroleum Corp.     199,553  
            2,886,724  
Integrated Telecommunication Services - 0.9% 
23,232     AT&T, Inc.     473,236  
13,728     Verizon Communications, Inc.     570,673  
            1,043,909  
Interactive Home Entertainment - 0.3% 
2,288     Activision Blizzard, Inc.     175,192  
880     Electronic Arts, Inc.     113,238  
1,080     Roblox Corp. - Class A (a)     40,187  
528     Take-Two Interactive Software, Inc. (a)     59,785  
            388,402  
Interactive Media & Services - 4.4% 
19,647     Alphabet, Inc. - Class A (a)     1,941,909  
17,633     Alphabet, Inc. - Class C (a)     1,761,008  
968     Match Group, Inc. (a)     52,388  
7,480     Meta Platforms, Inc. - Class A (a)     1,114,296  
1,848     Pinterest, Inc. - Class A (a)     48,584  
3,344     Snap, Inc. - Class A (a)     38,657  
933     ZoomInfo Technologies, Inc. (a)     26,339  
            4,983,181  
Internet & Direct Marketing Retail - 3.0% 
29,174     Amazon.com, Inc. (a)     3,008,715  
286     Chewy, Inc. - Class A (a)     12,887  
2,728     Coupang, Inc. (a)     46,076  
819     DoorDash, Inc. - Class A (a)     47,436  
1,848     eBay, Inc.     91,476  
393     Etsy, Inc. (a)     54,069  
141     MercadoLibre, Inc. (a)     166,618  
            3,427,277  
Internet Services & Infrastructure - 0.4% 
528     Akamai Technologies, Inc. (a)   46,966  
901     Cloudflare, Inc. - Class A (a)     47,672  
211     MongoDB, Inc. (a)     45,198  
477     Okta, Inc. (a)     35,112  
880     Snowflake, Inc. - Class A (a)     137,667  
564     Twilio, Inc. - Class A (a)     33,750  

 

The accompanying notes are an integral part of these financial statements.

 

16

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
292     VeriSign, Inc. (a)   $ 63,671  
            410,036  
Investment Banking & Brokerage - 1.2% 
5,018     Charles Schwab Corp.     388,494  
1,107     Goldman Sachs Group, Inc.     404,952  
300     Interactive Brokers Group, Inc. - Class A     23,982  
264     LPL Financial Holdings, Inc.     62,600  
4,324     Morgan Stanley     420,855  
616     Raymond James Financial, Inc.     69,466  
            1,370,349  
IT Consulting & Other Services - 1.1% 
2,171     Accenture PLC - Class A ADR (b)     605,818  
1,672     Cognizant Technology Solutions Corp. - Class A     111,606  
176     EPAM Systems, Inc. (a)     58,546  
264     Gartner, Inc. (a)     89,269  
2,929     International Business Machines Corp.     394,624  
            1,259,863  
Life & Health Insurance - 0.4% 
1,936     Aflac, Inc.     142,296  
2,024     MetLife, Inc.     147,792  
792     Principal Financial Group, Inc.     73,300  
1,232     Prudential Financial, Inc.     129,286  
            492,674  
Life Sciences Tools & Services - 1.8% 
968     Agilent Technologies, Inc.     147,213  
2,024     Avantor, Inc. (a)     48,374  
57     Bio-Rad Laboratories, Inc. - Class A (a)     26,645  
146     Charles River Laboratories International, Inc. (a)     35,515  
2,171     Danaher Corp.     573,969  
528     Illumina, Inc. (a)     113,098  
616     IQVIA Holdings, Inc. (a)     141,317  
60     Mettler-Toledo International, Inc. (a)     91,975  
392     PerkinElmer, Inc.     53,912  
1,273     Thermo Fisher Scientific, Inc.     726,030  
190     Waters Corp. (a)     62,430  
230     West Pharmaceutical Services, Inc.     61,088  
            2,081,566  
Managed Health Care - 2.0% 
1,848     Centene Corp. (a)   140,892  
792     Elevance Health, Inc.     395,992  
399     Humana, Inc.     204,168  
184     Molina Healthcare, Inc. (a)     57,377  
3,048     UnitedHealth Group, Inc.     1,521,531  
            2,319,960  
Metal & Glass Containers - 0.1% 
1,056     Ball Corp.     61,501  

 

The accompanying notes are an integral part of these financial statements.

 

17

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Movies & Entertainment - 1.2% 
528     Live Nation Entertainment, Inc. (a)   $ 42,499  
1,421     Netflix, Inc. (a)     502,835  
383     Spotify Technology S.A. ADR (a)(b)     43,172  
5,984     Walt Disney Co. (a)     649,204  
7,216     Warner Bros Discovery, Inc. (a)     106,941  
374     Warner Music Group Corp. - Class A     13,632  
            1,358,283  
Multi-line Insurance - 0.2% 
2,552     American International Group, Inc.     161,337  
1,056     Hartford Financial Services Group, Inc.     81,956  
            243,293  
Multi-Sector Holdings - 1.2% 
4,251     Berkshire Hathaway, Inc. - Class B (a)     1,324,272  
 
Multi-Utilities - 0.8% 
880     Ameren Corp.     76,446  
2,024     CenterPoint Energy, Inc.     60,963  
968     CMS Energy Corp.     61,168  
1,144     Consolidated Edison, Inc.     109,035  
2,734     Dominion Energy, Inc.     173,992  
616     DTE Energy Co.     71,684  
1,584     Public Service Enterprise Group, Inc.     98,097  
1,056     Sempra Energy     169,308  
1,056     WEC Energy Group, Inc.     99,253  
            919,946  
Oil & Gas Equipment & Services - 0.4% 
3,168     Baker Hughes Co.     100,552  
2,728     Halliburton Co.     112,448  
4,576     Schlumberger Ltd. ADR (b)     260,740  
            473,740  
Oil & Gas Exploration & Production - 1.3% 
4,148     ConocoPhillips   505,517  
2,552     Coterra Energy, Inc.     63,877  
2,112     Devon Energy Corp.     133,563  
562     Diamondback Energy, Inc.     82,119  
1,884     EOG Resources, Inc.     249,159  
1,090     EQT Corp.     35,610  
880     Hess Corp.     132,141  
2,288     Marathon Oil Corp.     62,851  
729     Pioneer Natural Resources Co.     167,925  
17     Texas Pacific Land Corp.     33,929  
            1,466,691  
Oil & Gas Refining & Marketing - 0.5% 
1,615     Marathon Petroleum Corp.     207,560  
1,584     Phillips 66     158,828  
1,320     Valero Energy Corp.     184,840  
            551,228  

 

The accompanying notes are an integral part of these financial statements.

 

18

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Oil & Gas Storage & Transportation - 0.4% 
798     Cheniere Energy, Inc.   $ 121,926  
6,512     Kinder Morgan, Inc.     119,170  
1,408     ONEOK, Inc.     96,420  
3,960     Williams Cos., Inc.     127,670  
            465,186  
Other Diversified Financial Services - 0.1% 
1,408     Apollo Global Management, Inc.     99,658  
 
Packaged Foods & Meats - 0.9% 
639     Campbell Soup Co.     33,183  
1,584     Conagra Brands, Inc.     58,909  
1,936     General Mills, Inc.     151,705  
463     Hershey Co.     103,990  
968     Hormel Foods Corp.     43,860  
306     J.M. Smucker Co.     46,757  
880     Kellogg Co.     60,350  
2,552     Kraft Heinz Co.     103,433  
792     McCormick & Co., Inc.     59,495  
4,488     Mondelez International, Inc. - Class A     293,695  
968     Tyson Foods, Inc. - Class A     63,646  
            1,019,023  
Paper Packaging - 0.1% 
4,928     Amcor PLC ADR (b)     59,432  
1,232     International Paper Co.     51,522  
            110,954  
Personal Products - 0.2% 
704     Estee Lauder Cos., Inc. - Class A     195,064  
 
Pharmaceuticals - 4.4% 
6,952     Bristol-Myers Squibb Co.   505,063  
551     Catalent, Inc. (a)     29,506  
2,766     Eli Lilly & Co.     951,919  
8,624     Johnson & Johnson     1,409,334  
8,289     Merck & Co., Inc.     890,321  
18,304     Pfizer, Inc.     808,305  
1,186     Royalty Pharma PLC - Class A ADR (b)     46,479  
3,960     Viatris, Inc.     48,154  
1,532     Zoetis, Inc.     253,531  
            4,942,612  
Property & Casualty Insurance - 1.0% 
880     Allstate Corp.     113,054  
1,144     Arch Capital Group Ltd. ADR (a)(b)     73,616  
1,257     Chubb Ltd. ADR (b)     285,955  
528     Cincinnati Financial Corp.     59,743  
644     Loews Corp.     39,593  
34     Markel Corp. (a)     47,905  
1,936     Progressive Corp.     263,974  

 

The accompanying notes are an integral part of these financial statements.

 

19

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
792     Travelers Cos., Inc.   $ 151,367  
641     W.R. Berkley Corp.     44,960  
            1,080,167  
Railroads - 0.7% 
7,040     CSX Corp.     217,677  
745     Norfolk Southern Corp.     183,128  
2,024     Union Pacific Corp.     413,281  
            814,086  
Real Estate Services - 0.1% 
1,056     CBRE Group, Inc. - Class A (a)     90,299  
 
Regional Banks - 0.9% 
1,584     Citizens Financial Group, Inc.     68,619  
2,200     Fifth Third Bancorp     79,838  
616     First Republic Bank     86,782  
4,576     Huntington Bancshares, Inc.     69,418  
2,992     KeyCorp     57,416  
554     M&T Bank Corp.     86,424  
1,320     PNC Financial Services Group, Inc.     218,368  
2,992     Regions Financial Corp.     70,432  
198     Signature Bank     25,532  
189     SVB Financial Group (a)     57,161  
4,312     Truist Financial Corp.     212,970  
            1,032,960  
Research & Consulting Services - 0.3% 
1,320     CoStar Group, Inc. (a)   102,828  
384     Equifax, Inc.     85,325  
392     Jacobs Solutions, Inc.     48,432  
616     TransUnion     44,198  
528     Verisk Analytics, Inc.     95,985  
            376,768  
Restaurants - 1.3% 
88     Chipotle Mexican Grill, Inc. (a)     144,881  
384     Darden Restaurants, Inc.     56,820  
110     Domino’s Pizza, Inc.     38,830  
2,412     McDonald’s Corp.     644,969  
3,696     Starbucks Corp.     403,381  
1,320     Yum China Holdings, Inc.     81,325  
968     Yum! Brands, Inc.     126,334  
            1,496,540  
Semiconductor Equipment - 0.8% 
2,816     Applied Materials, Inc.     313,956  
440     Enphase Energy, Inc. (a)     97,407  
457     KLA Corp.     179,363  
440     Lam Research Corp.     220,044  
176     SolarEdge Technologies, Inc. (a)     56,167  
528     Teradyne, Inc.     53,698  
            920,635  

 

The accompanying notes are an integral part of these financial statements.

 

20

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Semiconductors - 4.5% 
5,280     Advanced Micro Devices, Inc. (a)   $ 396,792  
1,672     Analog Devices, Inc.     286,698  
1,283     Broadcom, Inc.     750,568  
315     First Solar, Inc. (a)     55,944  
218     GlobalFoundries, Inc. ADR (a)(b)(c)     12,923  
13,376     Intel Corp.     378,006  
2,728     Marvell Technology, Inc.     117,713  
1,760     Microchip Technology, Inc.     136,611  
3,608     Micron Technology, Inc.     217,562  
132     Monolithic Power Systems, Inc.     56,306  
7,832     NVIDIA Corp.     1,530,138  
1,408     ON Semiconductor Corp. (a)     103,418  
3,678     Qualcomm, Inc.     489,946  
528     Skyworks Solutions, Inc.     57,906  
2,992     Texas Instruments, Inc.     530,212  
            5,120,743  
Soft Drinks - 1.6% 
12,761     Coca-Cola Co.     782,505  
2,816     Keurig Dr. Pepper, Inc.     99,348  
1,232     Monster Beverage Corp. (a)     128,227  
4,526     PepsiCo, Inc.     774,037  
            1,784,117  
Specialty Chemicals - 0.7% 
370     Albemarle Corp.   104,136  
303     Celanese Corp.     37,330  
1,496     DuPont de Nemours, Inc.     110,629  
826     Ecolab, Inc.     127,890  
821     International Flavors & Fragrances, Inc.     92,330  
792     PPG Industries, Inc.     103,229  
792     Sherwin-Williams Co.     187,379  
            762,923  
Specialty Stores - 0.1% 
352     Tractor Supply Co.     80,252  
146     Ulta Beauty, Inc. (a)     75,038  
            155,290  
Steel - 0.1% 
880     Nucor Corp.     148,738  
 
Systems Software - 6.3% 
704     Crowdstrike Holdings, Inc. - Class A (a)     74,554  
2,200     Fortinet, Inc. (a)     115,148  
24,152     Microsoft Corp.     5,985,107  
5,026     Oracle Corp.     444,600  
934     Palo Alto Networks, Inc. (a)     148,170  
654     ServiceNow, Inc. (a)     297,655  
729     VMware, Inc. - Class A (a)     89,281  

 

The accompanying notes are an integral part of these financial statements.

 

21

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
274     Zscaler, Inc. (a)   $ 34,020  
            7,188,535  
Technology Distributors - 0.1% 
440     CDW Corp.     86,253  
 
Technology Hardware, Storage & Peripherals - 7.0% 
52,953     Apple, Inc.     7,640,588  
792     Dell Technologies, Inc. - Class C     32,171  
4,224     Hewlett Packard Enterprise Co.     68,133  
3,344     HP, Inc.     97,444  
704     NetApp, Inc.     46,626  
616     Seagate Technology Holdings PLC ADR (b)     41,752  
1,006     Western Digital Corp. (a)     44,214  
            7,970,928  
Thrifts & Mortgage Finance - 0.0% (d) 
352     Rocket Cos., Inc. - Class A (c)     3,312  
 
Tobacco - 0.7% 
5,808     Altria Group, Inc.     261,592  
5,079     Philip Morris International, Inc.     529,435  
            791,027  
Trading Companies & Distributors - 0.2% 
1,848     Fastenal Co.     93,416  
211     United Rentals, Inc. (a)     93,040  
134     W.W. Grainger, Inc.     78,990  
            265,446  
Trucking - 0.3% 
264     J.B. Hunt Transport Services, Inc.   49,909  
308     Old Dominion Freight Line, Inc.     102,638  
6,172     Uber Technologies, Inc. (a)     190,900  
            343,447  
Water Utilities - 0.1% 
616     American Water Works Co., Inc.     96,398  
 
Wireless Telecommunication Services - 0.3% 
2,061     T-Mobile U.S., Inc. (a)     307,728  
      TOTAL COMMON STOCKS (Cost $104,165,256)     110,137,392  
               
REAL ESTATE INVESTMENT TRUSTS - 2.6% 
Diversified REITs - 0.1% 
616     W.P. Carey, Inc.     52,686  
 
Health Care REITs - 0.2% 
1,760     Healthpeak Properties, Inc.     48,365  
1,320     Ventas, Inc.     68,389  
1,496     Welltower, Inc.     112,260  
            229,014  

 

The accompanying notes are an integral part of these financial statements.

 

22

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Industrial REITs - 0.4% 
2,997     Prologis, Inc.   $ 387,452  
 
Office REITs - 0.1% 
528     Alexandria Real Estate Equities, Inc.     84,871  
459     Boston Properties, Inc.     34,214  
            119,085  
Residential REITs - 0.4% 
440     AvalonBay Communities, Inc.     78,074  
352     Camden Property Trust     43,370  
1,232     Equity Residential     78,417  
207     Essex Property Trust, Inc.     46,796  
2,024     Invitation Homes, Inc.     65,780  
368     Mid-America Apartment Communities, Inc.     61,353  
378     Sun Communities, Inc.     59,293  
1,056     UDR, Inc.     44,975  
            478,058  
Retail REITs - 0.2% 
2,027     Realty Income Corp.     137,491  
1,056     Simon Property Group, Inc.     135,654  
            273,145  
Specialized REITs - 1.2% 
1,523     American Tower Corp.   340,223  
1,408     Crown Castle, Inc.     208,539  
915     Digital Realty Trust, Inc.     104,877  
293     Equinix, Inc.     216,272  
440     Extra Space Storage, Inc.     69,445  
478     Public Storage     145,475  
352     SBA Communications Corp.     104,731  
3,168     VICI Properties, Inc.     108,282  
2,464     Weyerhaeuser Co.     84,836  
            1,382,680  
      TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,712,832)     2,922,120  
               
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0% (d)
40,470     First American Government Obligations Fund - Class X, 4.14% (e)     40,470  
      TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $40,470)     40,470  
               
MONEY MARKET FUNDS - 0.4%
516,930     First American Government Obligations Fund - Class X, 4.14% (e)     516,930  
      TOTAL MONEY MARKET FUNDS (Cost $516,930)     516,930  
               
      TOTAL INVESTMENTS (Cost $107,435,488) - 99.9%   $ 113,616,912  
      Other Assets in Excess of Liabilities - 0.1%     67,537  
      TOTAL NET ASSETS - 100.0%   $ 113,684,449  

 

The accompanying notes are an integral part of these financial statements.

 

23

 

 

Strive 500 ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a) Non-income producing security.
(b) Foreign issued security.
(c) This security or a portion of this security was out on loan as of January 31, 2023. Total loaned securities had a market value of $40,943 as of January 31, 2023.
(d) Represents less than 0.05% of net assets.
(e) Rate shown is the 7-day effective yield.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

24

 

 

Strive U.S. Semiconductor ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 99.7%       
Electronic Manufacturing Services - 4.3%       
5,835     TE Connectivity Ltd. ADR (a)   $ 741,920  
               
Semiconductor Equipment - 19.8%       
7,731     Applied Materials, Inc.     861,929  
2,442     Enphase Energy, Inc. (b)     540,610  
2,737     Entegris, Inc.     220,903  
2,091     KLA Corp.     820,676  
1,708     Lam Research Corp.     854,171  
1,191     MKS Instruments, Inc.     121,863  
            3,420,152  
Semiconductors - 75.6%       
10,134     Advanced Micro Devices, Inc. (b)     761,570  
4,537     Analog Devices, Inc.     777,959  
2,371     Broadcom, Inc.     1,387,059  
1,003     Cirrus Logic, Inc. (b)     90,661  
771     Diodes, Inc. (b)     68,766  
1,842     First Solar, Inc. (b)     327,139  
1,259     GlobalFoundries, Inc. ADR (a)(b)(c)     74,634  
41,686     Intel Corp.     1,178,046  
2,545     Lattice Semiconductor Corp. (b)     192,886  
14,275     Marvell Technology, Inc.     615,966  
9,954     Microchip Technology, Inc.     772,629  
12,594     Micron Technology, Inc.     759,418  
810     Monolithic Power Systems, Inc.     345,514  
8,688     NVIDIA Corp.     1,697,375  
7,881     ON Semiconductor Corp. (b)     578,859  
1,001     Power Integrations, Inc.     86,176  
1,863     Qorvo, Inc. (b)     202,434  
9,256     Qualcomm, Inc.     1,232,992  
581     Silicon Laboratories, Inc. (b)     91,165  
2,878     Skyworks Solutions, Inc.     315,630  
700     Synaptics, Inc. (b)     87,521  
6,892     Texas Instruments, Inc.     1,221,331  
2,242     Wolfspeed, Inc. (b)     172,656  
            13,038,386  
      TOTAL COMMON STOCKS (Cost $15,153,142)     17,200,458  
               
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%      
66,916     First American Government Obligations Fund - Class X, 4.14% (d)   66,916  
      TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $66,916)     66,916  

 

The accompanying notes are an integral part of these financial statements.

 

25

 

 

Strive U.S. Semiconductor ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
MONEY MARKET FUNDS - 0.3%      
41,760     First American Government Obligations Fund - Class X, 4.14% (d)   $ 41,760  
      TOTAL MONEY MARKET FUNDS (Cost $41,760)     41,760  
               
      TOTAL INVESTMENTS (Cost $15,261,818) - 100.4%   $ 17,309,134  
      Other Liabilities in Excess of Assets - (0.4%)     (63,102 )
      TOTAL NET ASSETS - 100.0%   $ 17,246,032  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

(a) Foreign issued security.
(b) Non-income producing security.
(c) This security or a portion of this security was out on loan as of January 31, 2023. Total loaned securities had a market value of $67,520 as of January 31, 2023.
(d) Rate shown is the 7-day effective yield.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

26

 

 

Strive Emerging Markets Ex-China ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 94.0%       
Brazil - 5.5%       
138,623     Ambev S.A.   $ 373,572  
186,078     B3 S.A. - Brasil Bolsa Balcao     475,431  
44,705     Banco do Brasil S.A.     359,574  
117,983     Banco Santander Brasil S.A.     673,086  
25,831     Localiza Rent a Car S.A.     301,344  
115,954     Petroleo Brasileiro S.A.     673,617  
24,768     Suzano S.A.     226,636  
119,122     Vale S.A.     2,226,483  
47,444     WEG S.A.     358,239  
            5,667,982  
Cayman Islands - 0.3%       
39,825     Chailease Holding Co., Ltd.     298,439  
               
Chile - 0.2%       
1,736,754     Banco de Chile     189,784  
               
India - 22.3%       
10,473     Adani Enterprises Ltd.     380,155  
15,924     Adani Green Energy Ltd. (a)     237,882  
22,029     Asian Paints Ltd.     732,926  
87,506     Axis Bank Ltd.     930,934  
8,366     Bajaj Finance Ltd.     601,079  
70,981     Bharti Airtel Ltd.     667,368  
32,849     HCL Technologies Ltd.     449,942  
143,869     HDFC Bank Ltd.     2,815,787  
26,654     Hindustan Unilever Ltd.     838,298  
55,707     Housing Development Finance Corp. Ltd.     1,783,460  
209,847     ICICI Bank Ltd.     2,130,775  
109,356     Infosys Ltd.     2,047,203  
241,803     ITC Ltd.     1,039,919  
42,460     Kotak Mahindra Bank Ltd.     897,100  
33,259     Larsen & Toubro Ltd.     862,401  
32,633     Mahindra & Mahindra Ltd.     549,169  
4,142     Maruti Suzuki India Ltd.     449,712  
98,290     Reliance Industries Ltd.     2,823,916  
104,859     State Bank of India     708,414  
33,005     Sun Pharmaceutical Industries Ltd.     416,748  
29,650     Tata Consultancy Services Ltd.     1,215,513  
12,386     Titan Co., Ltd.     359,378  
            22,938,079  
Indonesia - 2.9%       
678,746     Astra International Tbk PT     271,680  
1,857,308     Bank Central Asia Tbk PT     1,050,079  
629,810     Bank Mandiri Persero Tbk PT     418,053  
2,523,127     Bank Rakyat Indonesia Persero Tbk PT     770,909  

 

The accompanying notes are an integral part of these financial statements.

 

27

 

 

Strive Emerging Markets Ex-China ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
1,688,815     Telkom Indonesia Persero Tbk PT   $ 433,752  
            2,944,473  
Malaysia - 1.5%       
176,568     CIMB Group Holdings Bhd     238,004  
29,317     Hong Leong Bank Bhd     141,027  
179,760     Malayan Banking Bhd     368,306  
141,438     Press Metal Aluminium Holdings Bhd     171,751  
432,080     Public Bank Bhd     429,472  
73,957     Tenaga Nasional Bhd     163,318  
            1,511,878  
Mexico - 3.9%       
467,131     America Movil S.A.B. de C.V.     487,709  
459,353     Cemex S.A.B. de C.V. (a)     244,429  
68,516     Fomento Economico Mexicano S.A.B. de C.V.     599,890  
71,305     Grupo Carso S.A.B. de C.V.     357,841  
91,433     Grupo Financiero Banorte S.A.B. de C.V.     757,471  
199,526     Grupo Mexico S.A.B. de C.V. - Class B     887,406  
163,287     Wal-Mart de Mexico S.A.B. de C.V.     637,782  
            3,972,528  
Philippines - 1.3%       
312,652     Ayala Land, Inc.     167,694  
94,843     Bank of the Philippine Islands     182,299  
112,095     BDO Unibank, Inc.     251,984  
24,927     SM Investments Corp.     419,804  
460,125     SM Prime Holdings, Inc.     310,807  
            1,332,588  
Poland - 0.9%       
33,919     Polski Koncern Naftowy ORLEN S.A.     508,350  
54,139     Powszechna Kasa Oszczednosci Bank Polski S.A.     401,946  
            910,296  
Qatar - 1.6%       
107,788     Industries Qatar Q.S.C.     415,850  
80,277     Qatar Islamic Bank S.A.Q.     433,596  
161,416     Qatar National Bank Q.P.S.C.     797,827  
            1,647,273  
Republic of Korea - 13.9%       
2,664     Celltrion, Inc.     349,491  
7,261     Hana Financial Group, Inc.     287,363  
1,477     Hyundai Mobis Co., Ltd.     246,407  
3,240     Hyundai Motor Co.     439,260  
7,663     Kakao Corp.     381,968  
8,778     KB Financial Group, Inc.     398,352  
6,192     Kia Corp.     335,790  
2,707     KT&G Corp.     203,278  
1,189     LG Chem Ltd.     666,025  
2,869     LG Corp.     192,850  
2,705     LG Electronics, Inc.     219,817  

 

The accompanying notes are an integral part of these financial statements.

 

28

 

 

Strive Emerging Markets Ex-China ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
656     LG Energy Solution Ltd. (a)   $ 277,461  
3,605     Naver Corp.     592,639  
1,681     POSCO Holdings, Inc.     410,083  
492     Samsung Biologics Co., Ltd. (a)(b)     316,737  
2,090     Samsung C&T Corp.     201,059  
133,537     Samsung Electronics Co., Ltd.     6,612,889  
1,311     Samsung SDI Co., Ltd.     729,043  
12,464     Shinhan Financial Group Co., Ltd.     420,425  
13,532     SK Hynix, Inc.     972,221  
            14,253,158  
Saudi Arabia - 9.0%       
104,060     Al Rajhi Bank (a)     2,273,626  
57,524     Alinma Bank     503,507  
70,439     Riyad Bank     578,077  
23,248     Saudi Arabian Mining Co. (a)     456,535  
368,350     Saudi Arabian Oil Co. (b)     3,233,982  
25,872     Saudi Basic Industries Corp.     639,045  
80,895     Saudi National Bank     1,019,540  
51,866     Saudi Telecom Co.     509,954  
            9,214,266  
South Africa - 3.6%       
25,246     Absa Group Ltd.     288,515  
12,752     AngloGold Ashanti Ltd.     265,264  
2,172     Capitec Bank Holdings Ltd.     223,660  
130,181     FirstRand Ltd.     482,193  
26,987     Gold Fields Ltd.     306,023  
23,898     Impala Platinum Holdings Ltd.     276,544  
48,028     MTN Group Ltd.     405,395  
4,507     Naspers Ltd.     866,833  
14,590     Sasol Ltd.     262,687  
36,804     Standard Bank Group Ltd.     366,411  
            3,743,525  
Taiwan - 19.2%       
98,066     ASE Technology Holding Co., Ltd.     326,615  
220,247     Cathay Financial Holding Co., Ltd.     312,124  
442,136     China Development Financial Holding Corp.     194,378  
307,895     China Steel Corp.     324,559  
137,193     Chunghwa Telecom Co., Ltd.     514,045  
498,162     CTBC Financial Holding Co., Ltd.     379,117  
50,571     Delta Electronics, Inc.     486,762  
344,234     E.Sun Financial Holding Co., Ltd.     280,890  
43,639     Evergreen Marine Corp. Taiwan Ltd.     220,920  
280,662     First Financial Holding Co., Ltd.     243,973  
89,289     Formosa Chemicals & Fibre Corp.     214,710  
127,350     Formosa Plastics Corp.     378,763  
192,235     Fubon Financial Holding Co., Ltd.     385,430  
312,080     Hon Hai Precision Industry Co., Ltd.     1,036,282  

 

The accompanying notes are an integral part of these financial statements.

 

29

 

 

Strive Emerging Markets Ex-China ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
263,313     Hua Nan Financial Holdings Co., Ltd. - Class C   $ 199,513  
39,785     MediaTek, Inc.     951,395  
279,924     Mega Financial Holding Co., Ltd.     297,871  
128,991     Nan Ya Plastics Corp.     323,927  
253,593     Taiwan Cooperative Financial Holding Co., Ltd.     223,398  
63,572     Taiwan Mobile Co., Ltd.     200,297  
635,560     Taiwan Semiconductor Manufacturing Co., Ltd.     11,049,536  
126,694     Uni-President Enterprises Corp.     283,980  
317,657     United Microelectronics Corp.     516,292  
11,853     Yageo Corp.     213,176  
318,231     Yuanta Financial Holding Co., Ltd.     238,475  
            19,796,428  
Thailand - 3.7%       
35,753     Advanced Info Service PCL     211,204  
142,835     Airports of Thailand PCL (a)     321,281  
62,284     Bangkok Bank PCL     299,061  
357,619     Bangkok Dusit Medical Services PCL     322,301  
163,540     CP All PCL     329,458  
15,952     Delta Electronics Thailand PCL     434,923  
148,734     Gulf Energy Development PCL     242,183  
81,237     Kasikornbank PCL     356,842  
45,463     PTT Exploration & Production PCL     236,198  
449,861     PTT PCL     453,132  
116,006     SCB X PCL     365,484  
25,081     Siam Cement PCL     255,293  
            3,827,360  
Turkey - 0.8%       
78,522     Akbank T.A.S.     70,886  
11,399     BIM Birlesik Magazalar AS     75,451  
45,790     Enka Insaat ve Sanayi AS     72,254  
42,475     Eregli Demir ve Celik Fabrikalari T.A.S.     86,037  
25,542     KOC Holding AS     103,815  
11,669     Sasa Polyester Sanayi AS (a)     62,225  
17,878     Turk Hava Yollari A.O. (a)     130,787  
3,769     Turkiye Petrol Rafinerileri AS (a)     118,505  
33,488     Turkiye Sise ve Cam Fabrikalari AS     70,397  
            790,357  
United Arab Emirates - 3.4%       
40,249     Alpha Dhabi Holding PJSC (a)     262,987  
180,145     Emaar Properties PJSC     272,687  
71,307     Emirates NBD Bank PJSC     251,402  
101,004     Emirates Telecommunications Group Co. PJSC     706,706  
150,041     First Abu Dhabi Bank PJSC     555,541  
13,861     International Holding Co. PJSC (a)     1,510,215  
            3,559,538  
      TOTAL COMMON STOCKS (Cost $96,781,158)     96,597,952  

 

The accompanying notes are an integral part of these financial statements.

 

30

 

 

Strive Emerging Markets Ex-China ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
PREFERRED STOCKS - 3.9%       
Brazil - 2.4%       
163,389     Banco Bradesco S.A.   $ 452,866  
35,683     Gerdau S.A.     231,265  
151,757     Itau Unibanco Holding S.A.     757,245  
162,637     Itausa S.A.     272,968  
143,771     Petroleo Brasileiro S.A.     741,470  
            2,455,814  
Chile - 0.5%       
5,741     Sociedad Quimica y Minera de Chile S.A. - Class B     558,456  
               
Republic of Korea - 1.0%       
23,240     Samsung Electronics Co., Ltd.     1,037,669  
      TOTAL PREFERRED STOCKS (Cost $4,051,807)     4,051,939  
               
      TOTAL INVESTMENTS (Cost $100,832,965) - 97.9%   $ 100,649,891  
      Other Assets in Excess of Liabilities - 2.1%     2,135,298  
      TOTAL NET ASSETS - 100.0%   $ 102,785,189  

 

Percentages are stated as a percent of net assets.

 

(a) Non-income producing security.
(b) 144A restricted security.

 

The accompanying notes are an integral part of these financial statements.

 

31

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 95.5%      
Aerospace & Defense - 2.3%       
34     BWX Technologies, Inc.   $ 2,069  
14     Curtiss-Wright Corp.     2,321  
93     General Dynamics Corp.     21,675  
28     HEICO Corp. - Class A     3,743  
16     HEICO Corp.     2,735  
73     L3Harris Technologies, Inc.     15,682  
101     Lockheed Martin Corp.     46,789  
54     Northrop Grumman Corp.     24,194  
            119,208  
Agricultural & Farm Machinery - 0.1%       
40     Toro Co.     4,461  
               
Air Freight & Logistics - 1.1%       
62     Expeditors International of Washington, Inc.     6,705  
282     United Parcel Service, Inc. - Class B     52,235  
            58,940  
Apparel, Accessories & Luxury Goods - 0.1%       
134     VF Corp.     4,146  
               
Application Software - 1.2%       
106     Intuit, Inc.     44,803  
41     Roper Technologies, Inc.     17,497  
            62,300  
Asset Management & Custody Banks - 1.3%      
41     Ameriprise Financial, Inc.     14,355  
54     BlackRock, Inc.     40,997  
46     SEI Investments Co.     2,872  
85     T. Rowe Price Group, Inc.     9,900  
            68,124  
Auto Parts & Equipment - 0.0% (a)      
90     Gentex Corp.     2,656  
               
Biotechnology - 2.9%       
681     AbbVie, Inc.     100,618  
206     Amgen, Inc.     51,994  
            152,612  
Building Products - 0.8%      
49     A.O. Smith Corp.   3,317  
28     Advanced Drainage Systems, Inc.     2,824  
33     Allegion PLC ADR (b)     3,879  
20     Carlisle Cos., Inc.     5,017  
49     Fortune Brands Innovations, Inc.     3,161  
12     Lennox International, Inc.     3,127  
86     Masco Corp.     4,575  
49     Masterbrand, Inc. (c)     451  

 

The accompanying notes are an integral part of these financial statements.

 

32

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
89     Trane Technologies PLC ADR (b)   $ 15,942  
            42,293  
Cable & Satellite - 0.1%       
2     Cable One, Inc.     1,580  
261     Sirius XM Holdings, Inc.     1,511  
            3,091  
Casinos & Gaming - 0.1%       
13     Churchill Downs, Inc.     3,225  
               
Communications Equipment - 1.6%       
1,446     Cisco Systems, Inc.     70,377  
64     Motorola Solutions, Inc.     16,449  
            86,826  
Construction Machinery & Heavy Trucks - 1.0%      
203     Caterpillar, Inc.     51,215  
               
Construction Materials - 0.3%       
24     Martin Marietta Materials, Inc.     8,631  
49     Vulcan Materials Co.     8,983  
            17,614  
Consumer Finance - 0.2%       
104     Discover Financial Services     12,140  
               
Data Processing & Outsourced Services - 6.4%       
160     Automatic Data Processing, Inc.     36,130  
45     Broadridge Financial Solutions, Inc.     6,766  
28     Jack Henry & Associates, Inc.     5,043  
328     Mastercard, Inc. - Class A     121,557  
124     Paychex, Inc.     14,367  
85     SS&C Technologies Holdings, Inc.     5,130  
629     Visa, Inc. - Class A     144,802  
            333,795  
Distillers & Vintners - 0.4%       
117     Brown-Forman Corp. - Class B     7,790  
56     Constellation Brands, Inc. - Class A     12,965  
            20,755  
Distributors - 0.1%       
15     Pool Corp.     5,784  
               
Diversified Banks - 1.8%       
2,697     Bank of America Corp.     95,690  
               
Electric Utilities - 1.7%       
96     Alliant Energy Corp.   5,187  
132     Eversource Energy     10,868  
20     IDACORP, Inc.     2,116  
756     NextEra Energy, Inc.     56,420  

 

The accompanying notes are an integral part of these financial statements.

 

33

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
210     Xcel Energy, Inc.   $ 14,442  
            89,033  
Electrical Components & Equipment - 0.9%       
153     Eaton Corp. PLC ADR (b)     24,818  
20     Hubbell, Inc.     4,578  
25     Regal Rexnord Corp.     3,480  
44     Rockwell Automation, Inc.     12,409  
            45,285  
Electronic Components - 0.6%       
228     Amphenol Corp. - Class A     18,188  
285     Corning, Inc.     9,864  
9     Littelfuse, Inc.     2,310  
            30,362  
Electronic Equipment & Instruments - 0.1%      
64     Cognex Corp.     3,503  
50     National Instruments Corp.     2,700  
            6,203  
Electronic Manufacturing Services - 0.3%      
125     TE Connectivity Ltd. ADR (b)     15,894  
               
Environmental & Facilities Services - 0.7%      
80     Republic Services, Inc.     9,986  
20     Tetra Tech, Inc.     3,110  
157     Waste Management, Inc.     24,293  
            37,389  
Fertilizers & Agricultural Chemicals - 0.0% (a)      
14     Scotts Miracle-Gro Co.     1,011  
               
Financial Exchanges & Data - 3.0%      
41     Cboe Global Markets, Inc.     5,038  
137     CME Group, Inc.     24,202  
15     FactSet Research Systems, Inc.     6,344  
213     Intercontinental Exchange, Inc.     22,908  
14     MarketAxess Holdings, Inc.     5,094  
60     Moody’s Corp.     19,365  
9     Morningstar, Inc.     2,186  
30     MSCI, Inc.     15,947  
153     Nasdaq, Inc.     9,209  
129     S&P Global, Inc.     48,367  
            158,660  
Food Distributors - 0.3%      
193     Sysco Corp.     14,950  
               
Food Retail - 0.1%      
14     Casey’s General Stores, Inc.     3,303  

 

The accompanying notes are an integral part of these financial statements.

 

34

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Footwear - 1.2%      
485     Nike, Inc. - Class B   $ 61,755  
               
Gas Utilities - 0.1%      
53     Atmos Energy Corp.     6,230  
               
General Merchandise Stores - 0.6%      
177     Target Corp.     30,469  
               
Gold - 0.1%      
25     Royal Gold, Inc.     3,176  
               
Health Care Equipment - 3.4%      
670     Abbott Laboratories     74,068  
193     Baxter International, Inc.     8,818  
512     Medtronic PLC ADR (b)     42,849  
56     ResMed, Inc.     12,789  
38     Steris PLC ADR (b)     7,847  
128     Stryker Corp.     32,488  
            178,859  
 Health Care Services - 0.2%       
6     Chemed Corp.     3,031  
44     Quest Diagnostics, Inc.     6,533  
            9,564  
Home Improvement Retail - 3.4%      
397     Home Depot, Inc.     128,695  
240     Lowe’s Cos., Inc.     49,980  
            178,675  
Homebuilding - 0.2%      
124     D.R. Horton, Inc.     12,238  
               
Homefurnishing Retail - 0.1%      
25     Williams-Sonoma, Inc.     3,373  
               
Household Products - 2.8%      
93     Church & Dwight Co., Inc.     7,520  
48     Clorox Co.     6,945  
916     Procter & Gamble Co.     130,420  
            144,885  
Human Resource & Employment Services - 0.1%      
41     Robert Half International, Inc.     3,442  
               
Hypermarkets & Super Centers - 1.7%      
171     Costco Wholesale Corp.     87,405  
               
Industrial Conglomerates - 1.5%      
213     3M Co.     24,512  

 

The accompanying notes are an integral part of these financial statements.

 

35

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
259     Honeywell International, Inc.   $ 53,996  
            78,508  
Industrial Gases - 0.5%      
85     Air Products and Chemicals, Inc.     27,243  
               
Industrial Machinery - 1.7%      
46     Donaldson Co., Inc.   2,868  
53     Dover Corp.     8,047  
64     Graco, Inc.     4,372  
29     IDEX Corp.     6,951  
105     Illinois Tool Works, Inc.     24,784  
32     ITT, Inc.     2,931  
22     Lincoln Electric Holdings, Inc.     3,671  
20     Nordson Corp.     4,866  
49     Parker-Hannifin Corp.     15,974  
20     Snap-on, Inc.     4,975  
57     Stanley Black & Decker, Inc.     5,091  
69     Xylem, Inc.     7,177  
            91,707  
Insurance Brokers - 1.7%      
77     Aon PLC - Class A ADR (b)     24,538  
80     Arthur J. Gallagher & Co.     15,658  
89     Brown & Brown, Inc.     5,212  
190     Marsh & McLennan Cos., Inc.     33,233  
42     Willis Towers Watson PLC ADR (b)     10,676  
            89,317  
Interactive Home Entertainment - 0.4%      
273     Activision Blizzard, Inc.     20,904  
               
Investment Banking & Brokerage - 1.0%      
18     Houlihan Lokey, Inc.     1,783  
510     Morgan Stanley     49,638  
            51,421  
IT Consulting & Other Services - 0.1%      
46     Amdocs Ltd. ADR (b)     4,229  
               
Leisure Products - 0.0% (a)      
28     Brunswick Corp.     2,361  
       
Life & Health Insurance - 0.0% (a)      
14     Primerica, Inc.     2,264  
               
Life Sciences Tools & Services - 1.4%      
256     Danaher Corp.     67,681  
28     West Pharmaceutical Services, Inc.     7,437  
            75,118  
Managed Health Care - 4.8%      
92     Elevance Health, Inc.     45,999  

 

The accompanying notes are an integral part of these financial statements.

 

36

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
48     Humana, Inc.   $ 24,562  
360     UnitedHealth Group, Inc.     179,708  
            250,269  
Metal & Glass Containers - 0.1%      
120     Ball Corp.     6,989  
               
Multi-Utilities - 0.5%      
98     Ameren Corp.   8,513  
112     CMS Energy Corp.     7,077  
121     WEC Energy Group, Inc.     11,373  
            26,963  
Oil & Gas Exploration & Production - 0.1%      
2     Texas Pacific Land Corp.     3,992  
               
Packaged Foods & Meats - 1.2%      
68     Flowers Foods, Inc.     1,883  
56     Hershey Co.     12,578  
109     Hormel Foods Corp.     4,939  
8     Lancaster Colony Corp.     1,535  
96     McCormick & Co., Inc.     7,211  
526     Mondelez International, Inc. - Class A     34,421  
            62,567  
Paper Packaging - 0.1%      
30     Avery Dennison Corp.     5,683  
               
Pharmaceuticals - 9.7%      
327     Eli Lilly & Co.     112,537  
1,015     Johnson & Johnson     165,871  
972     Merck & Co., Inc.     104,402  
2,187     Pfizer, Inc.     96,578  
164     Zoetis, Inc.     27,140  
            506,528  
Property & Casualty Insurance - 0.2%      
60     Cincinnati Financial Corp.     6,789  
9     Erie Indemnity Co. - Class A     2,199  
17     RLI Corp.     2,252  
            11,240  
Railroads - 1.8%      
808     CSX Corp.     24,983  
89     Norfolk Southern Corp.     21,877  
233     Union Pacific Corp.     47,576  
            94,436  
Regional Banks - 0.9%      
44     Commerce Bancshares, Inc.     2,929  
22     Cullen/Frost Bankers, Inc.     2,866  
5     First Citizens BancShares, Inc. - Class A     3,888  
53     First Financial Bankshares, Inc.     1,888  
69     First Republic Bank     9,721  

 

The accompanying notes are an integral part of these financial statements.

 

37

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
154     PNC Financial Services Group, Inc.   $ 25,476  
            46,768  
Research & Consulting Services - 0.1%      
50     Booz Allen Hamilton Holding Corp.     4,732  
               
Restaurants - 2.4%      
13     Domino’s Pizza, Inc.   4,589  
284     McDonald’s Corp.     75,942  
433     Starbucks Corp.     47,258  
            127,789  
Semiconductor Equipment - 0.9%      
55     KLA Corp.     21,586  
53     Lam Research Corp.     26,505  
            48,091  
Semiconductors - 4.8%      
197     Analog Devices, Inc.     33,780  
153     Broadcom, Inc.     89,507  
432     Qualcomm, Inc.     57,547  
61     Skyworks Solutions, Inc.     6,690  
349     Texas Instruments, Inc.     61,846  
            249,370  
Soft Drinks - 1.7%      
530     PepsiCo, Inc.     90,641  
               
Specialized Consumer Services - 0.1%      
58     Service Corp. International     4,301  
               
Specialty Chemicals - 1.6%      
45     Albemarle Corp.     12,665  
18     Ashland, Inc.     1,967  
38     Celanese Corp.     4,682  
97     Ecolab, Inc.     15,018  
98     International Flavors & Fragrances, Inc.     11,021  
90     PPG Industries, Inc.     11,731  
49     RPM International, Inc.     4,406  
92     Sherwin-Williams Co.     21,766  
            83,256  
Specialty Stores - 0.2%      
42     Tractor Supply Co.     9,576  
               
Systems Software - 6.0%      
22     Dolby Laboratories, Inc. - Class A     1,750  
1,051     Microsoft Corp.     260,448  
598     Oracle Corp.     52,899  
            315,097  
Technology Distributors - 0.2%      
52     CDW Corp.     10,194  

 

The accompanying notes are an integral part of these financial statements.

 

38

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Technology Hardware, Storage & Peripherals - 5.4%      
1,912     Apple, Inc.   $ 275,882  
84     NetApp, Inc.     5,563  
            281,445  
Trading Companies & Distributors - 0.5%      
220     Fastenal Co.   11,121  
13     Watsco, Inc.     3,736  
17     W.W. Grainger, Inc.     10,021  
            24,878  
Trucking - 0.2%      
32     J.B. Hunt Transport Services, Inc.     6,050  
13     Landstar System, Inc.     2,247  
            8,297  
Water Utilities - 0.3%      
69     American Water Works Co., Inc.     10,798  
90     Essential Utilities, Inc.     4,206  
            15,004  
      TOTAL COMMON STOCKS (Cost $4,852,148)     4,998,214  
               
REAL ESTATE INVESTMENT TRUSTS - 4.2%      
Diversified REITs - 0.1%      
100     STORE Capital Corp.     3,221  
               
Industrial REITs - 1.1%      
16     EastGroup Properties, Inc.     2,692  
50     First Industrial Realty Trust, Inc.     2,667  
357     Prologis, Inc.     46,153  
70     Rexford Industrial Realty, Inc.     4,443  
            55,955  
Office REITs - 0.2%      
62     Alexandria Real Estate Equities, Inc.     9,966  
58     Cousins Properties, Inc.     1,590  
44     Kilroy Realty Corp.     1,806  
            13,362  
Residential REITs - 0.6%      
65     Equity LifeStyle Properties, Inc.     4,666  
25     Essex Property Trust, Inc.     5,652  
44     Mid-America Apartment Communities, Inc.     7,336  
46     Sun Communities, Inc.     7,216  
124     UDR, Inc.     5,281  
            30,151  

 

The accompanying notes are an integral part of these financial statements.

 

39

 

 

Strive 1000 Dividend Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Specialized REITs - 2.2%      
180     American Tower Corp.   $ 40,210  
166     Crown Castle, Inc.     24,586  
85     CubeSmart     3,892  
110     Digital Realty Trust, Inc.     12,608  
35     Equinix, Inc.     25,835  
50     Extra Space Storage, Inc.     7,891  
33     National Storage Affiliates Trust     1,346  
            116,368  
      TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $201,624)     219,057  
               
MONEY MARKET FUNDS - 0.2%      
10,765     First American Government Obligations Fund - Class X, 4.14% (d)   10,765  
      TOTAL MONEY MARKET FUNDS (Cost $10,765)     10,765  
               
      TOTAL INVESTMENTS (Cost $5,064,537) - 99.9%   $ 5,228,036  
      Other Assets in Excess of Liabilities - 0.1%     3,331  
      TOTAL NET ASSETS - 100.0%   $ 5,231,367  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a) Represents less than 0.05% of net assets.
(b) Foreign issued security.
(c) Non-income producing security.
(d) Rate shown is the 7-day effective yield. 

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

40

 

 

Strive 1000 Growth ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 96.6%       
Advertising - 0.1%       
72     Trade Desk, Inc. - Class A (a)   $ 3,650  
       
Aerospace & Defense - 1.5%       
12     Axon Enterprise, Inc. (a)     2,345  
66     Boeing Co. (a)     14,058  
12     BWX Technologies, Inc.     730  
3     Curtiss-Wright Corp.     497  
15     General Dynamics Corp.     3,496  
12     HEICO Corp. - Class A     1,604  
6     HEICO Corp.     1,026  
15     Hexcel Corp.     1,059  
24     Howmet Aerospace, Inc.     977  
3     Huntington Ingalls Industries, Inc.     662  
27     L3Harris Technologies, Inc.     5,800  
24     Lockheed Martin Corp.     11,118  
21     Northrop Grumman Corp.     9,409  
6     Textron, Inc.     437  
9     TransDigm Group, Inc.     6,460  
6     Woodward, Inc.     614  
            60,292  
Agricultural & Farm Machinery - 0.5%       
39     Deere & Co.     16,491  
15     Toro Co.     1,673  
            18,164  
Agricultural Products - 0.0% (b)       
24     Darling Ingredients, Inc. (a)     1,591  
       
Air Freight & Logistics - 0.4%       
9     C.H. Robinson Worldwide, Inc.     902  
24     Expeditors International of Washington, Inc.     2,596  
9     GXO Logistics, Inc. (a)     471  
66     United Parcel Service, Inc. - Class B     12,225  
            16,194  
Airlines - 0.0% (b)       
6     Delta Air Lines, Inc. (a)     235  
       
Apparel Retail - 0.4%       
9     Burlington Stores, Inc. (a)     2,068  
33     Ross Stores, Inc.     3,900  
129     TJX Cos., Inc.     10,560  
            16,528  
Apparel, Accessories & Luxury Goods - 0.2%       
3     Columbia Sportswear Co.   288  
21     Lululemon Athletica, Inc. (a)     6,444  
21     Under Armour, Inc. - Class A (a)     260  
24     Under Armour, Inc. - Class C (a)     262  
            7,254  

 

The accompanying notes are an integral part of these financial statements.

 

41

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Application Software - 4.1%       
18     ACI Worldwide, Inc. (a)   $ 503  
78     Adobe, Inc. (a)     28,887  
15     Ansys, Inc. (a)     3,995  
30     AppLovin Corp. - Class A (a)     381  
12     Asana, Inc. - Class A (a)     186  
24     Atlassian Corp. - Class A (a)     3,879  
36     Autodesk, Inc. (a)     7,746  
36     Bentley Systems, Inc. - Class B     1,406  
15     Bill.com Holdings, Inc. (a)     1,734  
24     Black Knight, Inc. (a)     1,454  
45     Cadence Design Systems, Inc. (a)     8,227  
24     Ceridian HCM Holding, Inc. (a)     1,735  
15     Confluent, Inc. - Class A (a)     347  
12     Coupa Software, Inc. (a)     959  
42     Datadog, Inc. - Class A (a)     3,142  
33     DocuSign, Inc. (a)     2,001  
45     Dropbox, Inc. - Class A (a)     1,045  
33     Dynatrace, Inc. (a)     1,268  
12     Elastic N.V. ADR (a)(c)     706  
3     Fair Isaac Corp. (a)     1,998  
12     Five9, Inc. (a)     945  
6     Guidewire Software, Inc. (a)     439  
6     HashiCorp, Inc. - Class A (a)     193  
9     HubSpot, Inc. (a)     3,123  
45     Intuit, Inc.     19,020  
9     Manhattan Associates, Inc. (a)     1,173  
36     Nutanix, Inc. - Class A (a)     1,003  
276     Palantir Technologies, Inc. - Class A (a)   2,147  
9     Paycom Software, Inc. (a)     2,915  
6     Paylocity Holding Corp. (a)     1,250  
6     Pegasystems, Inc.     233  
12     Procore Technologies, Inc. (a)     671  
18     PTC, Inc. (a)     2,428  
15     Qualtrics International, Inc. - Class A (a)     237  
15     RingCentral, Inc. - Class A (a)     585  
18     Roper Technologies, Inc.     7,682  
162     Salesforce, Inc. (a)     27,211  
12     Samsara, Inc. - Class A (a)     164  
21     Smartsheet, Inc. - Class A (a)     907  
27     Splunk, Inc. (a)     2,586  
24     Synopsys, Inc. (a)     8,490  
6     Tyler Technologies, Inc. (a)     1,937  
33     Unity Software, Inc. (a)     1,172  
33     Workday, Inc. - Class A (a)     5,987  
36     Zoom Video Communications, Inc. - Class A (a)     2,700  
            166,797  
Asset Management & Custody Banks - 0.8%       
24     Ares Management Corp. - Class A     1,992  

 

The accompanying notes are an integral part of these financial statements.

 

42

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
12     BlackRock, Inc.   $ 9,111  
117     Blackstone, Inc.     11,227  
63     Blue Owl Capital, Inc.     793  
120     KKR & Co., Inc.     6,697  
12     SEI Investments Co.     749  
6     TPG, Inc.     193  
            30,762  
Auto Parts & Equipment - 0.1%       
33     Aptiv PLC ADR (a)(c)     3,732  
24     Gentex Corp.     708  
36     QuantumScape Corp. (a)(d)     306  
            4,746  
Automobile Manufacturers - 1.9%       
51     Lucid Group, Inc. (a)     596  
102     Rivian Automotive, Inc. - Class A (a)     1,979  
432     Tesla, Inc. (a)     74,831  
            77,406  
Automotive Retail - 0.5%       
3     Advance Auto Parts, Inc.   457  
3     AutoZone, Inc. (a)     7,317  
12     CarMax, Inc. (a)     845  
6     Carvana Co. (a)     61  
12     O’Reilly Automotive, Inc. (a)     9,508  
            18,188  
Biotechnology - 2.6%       
168     AbbVie, Inc.     24,822  
21     Alnylam Pharmaceuticals, Inc. (a)     4,754  
60     Amgen, Inc.     15,144  
15     Apellis Pharmaceuticals, Inc. (a)     791  
18     Arrowhead Pharmaceuticals, Inc. (a)     630  
6     Biogen, Inc. (a)     1,745  
6     Biohaven Ltd. ADR (a)(c)     115  
30     BioMarin Pharmaceutical, Inc. (a)     3,461  
12     CRISPR Therapeutics AG ADR (a)(c)     612  
15     Denali Therapeutics, Inc. (a)     454  
30     Exact Sciences Corp. (a)     2,026  
51     Exelixis, Inc. (a)     899  
15     Fate Therapeutics, Inc. (a)     89  
24     Halozyme Therapeutics, Inc. (a)     1,242  
39     Horizon Therapeutics PLC ADR (a)(c)     4,279  
30     Incyte Corp. (a)     2,554  
12     Intellia Therapeutics, Inc. (a)     509  
21     Ionis Pharmaceuticals, Inc. (a)     837  
9     Mirati Therapeutics, Inc. (a)     481  
39     Moderna, Inc. (a)     6,866  
15     Natera, Inc. (a)     644  
15     Neurocrine Biosciences, Inc. (a)     1,664  
12     Novavax, Inc. (a)(d)     131  

 

The accompanying notes are an integral part of these financial statements.

 

43

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
15     Regeneron Pharmaceuticals, Inc. (a)   $ 11,377  
6     Sarepta Therapeutics, Inc. (a)     750  
24     Seagen, Inc. (a)     3,348  
12     Ultragenyx Pharmaceutical, Inc. (a)     544  
3     United Therapeutics Corp. (a)     790  
42     Vertex Pharmaceuticals, Inc. (a)     13,570  
            105,128  
Brewers - 0.0% (b)      
3     Boston Beer Co., Inc. - Class A (a)     1,166  
       
Broadcasting - 0.0% (b)      
3     Nexstar Media Group, Inc.     614  
       
Building Products - 0.5%       
12     A.O. Smith Corp.   812  
12     Advanced Drainage Systems, Inc.     1,210  
12     Allegion PLC ADR (c)     1,411  
6     Armstrong World Industries, Inc.     464  
9     Carlisle Cos., Inc.     2,258  
75     Carrier Global Corp.     3,415  
3     Fortune Brands Innovations, Inc.     194  
39     Johnson Controls International PLC ADR (c)     2,713  
3     Lennox International, Inc.     782  
18     Masco Corp.     958  
3     Masterbrand, Inc. (a)     28  
21     Trane Technologies PLC ADR (c)     3,762  
18     Trex Co., Inc. (a)     949  
            18,956  
Cable & Satellite - 0.2%       
18     Charter Communications, Inc. - Class A (a)     6,918  
3     Liberty Broadband Corp. - Class A (a)     269  
21     Liberty Broadband Corp. - Class C (a)     1,885  
45     Sirius XM Holdings, Inc.     261  
            9,333  
Casinos & Gaming - 0.1%       
12     Boyd Gaming Corp.     748  
6     Churchill Downs, Inc.     1,489  
60     DraftKings, Inc. - Class A (a)     899  
            3,136  
Commodity Chemicals - 0.0% (b)       
12     Olin Corp.     775  
       
Communications Equipment - 0.6%       
39     Arista Networks, Inc. (a)     4,915  
24     Ciena Corp. (a)     1,248  
189     Cisco Systems, Inc.     9,199  
9     F5, Inc. (a)     1,329  
9     Juniper Networks, Inc.     291  

 

The accompanying notes are an integral part of these financial statements.

 

44

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
9     Lumentum Holdings, Inc. (a)   $ 542  
24     Motorola Solutions, Inc.     6,168  
            23,692  
Computer & Electronics Retail - 0.0% (b)       
15     GameStop Corp. - Class A (a)(d)     328  
       
Construction Machinery & Heavy Trucks - 0.2%       
33     Caterpillar, Inc.     8,326  
6     Westinghouse Air Brake Technologies Corp.     623  
            8,949  
Construction Materials - 0.2%       
3     Eagle Materials, Inc.   438  
9     Martin Marietta Materials, Inc.     3,237  
21     Vulcan Materials Co.     3,850  
            7,525  
Construction & Engineering - 0.2%       
9     AECOM     785  
3     EMCOR Group, Inc.     445  
24     Quanta Services, Inc.     3,653  
36     WillScot Mobile Mini Holdings Corp. (a)     1,745  
            6,628  
Consumer Electronics - 0.0% (b)       
18     Garmin Ltd. ADR (c)     1,780  
       
Consumer Finance - 0.2%       
42     American Express Co.     7,347  
6     SLM Corp.     105  
            7,452  
Data Processing & Outsourced Services - 4.7%       
30     Affirm Holdings, Inc. (a)     486  
69     Automatic Data Processing, Inc.     15,581  
84     Block, Inc. (a)     6,864  
18     Broadridge Financial Solutions, Inc.     2,706  
3     Concentrix Corp.     425  
6     Euronet Worldwide, Inc. (a)     676  
12     Fidelity National Information Services, Inc.     900  
99     Fiserv, Inc. (a)     10,561  
12     FleetCor Technologies, Inc. (a)     2,506  
27     Genpact Ltd. ADR (c)     1,277  
24     Global Payments, Inc.     2,705  
12     Jack Henry & Associates, Inc.     2,161  
144     Mastercard, Inc. - Class A     53,366  
3     Maximus, Inc.     225  
54     Paychex, Inc.     6,256  
192     PayPal Holdings, Inc. (a)     15,646  
30     SS&C Technologies Holdings, Inc.     1,811  
39     Toast, Inc. - Class A (a)     870  
273     Visa, Inc. - Class A     62,847  

 

The accompanying notes are an integral part of these financial statements.

 

45

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
6     WEX, Inc. (a)   $ 1,110  
            188,979  
Distillers & Vintners - 0.2%       
51     Brown-Forman Corp. - Class B     3,396  
18     Constellation Brands, Inc. - Class A     4,167  
            7,563  
Distributors - 0.1%       
6     Genuine Parts Co.   1,007  
9     LKQ Corp.     531  
6     Pool Corp.     2,314  
            3,852  
Diversified Support Services - 0.3%       
15     Cintas Corp.     6,656  
72     Copart, Inc. (a)     4,796  
18     IAA, Inc. (a)     751  
            12,203  
Education Services - 0.0% (b)       
6     Bright Horizons Family Solutions, Inc. (a)     461  
       
Electric Utilities - 0.7%       
15     Alliant Energy Corp.     810  
9     American Electric Power Co., Inc.     846  
48     Constellation Energy Corp.     4,097  
3     Evergy, Inc.     188  
18     Eversource Energy     1,482  
3     IDACORP, Inc.     317  
252     NextEra Energy, Inc.     18,807  
3     PNM Resources, Inc.     148  
15     Southern Co.     1,015  
33     Xcel Energy, Inc.     2,269  
            29,979  
Electrical Components & Equipment - 0.6%       
3     Acuity Brands, Inc.     566  
36     AMETEK, Inc.     5,217  
30     ChargePoint Holdings, Inc. (a)(d)     364  
30     Eaton Corp. PLC ADR (c)     4,866  
54     Emerson Electric Co.     4,872  
9     Generac Holdings, Inc. (a)     1,085  
6     Hubbell, Inc.     1,373  
96     Plug Power, Inc. (a)     1,634  
15     Rockwell Automation, Inc.     4,230  
9     Sensata Technologies Holding PLC ADR (c)     458  
51     Vertiv Holdings Co.     725  
            25,390  
Electronic Components - 0.2%       
99     Amphenol Corp. - Class A     7,897  
18     Coherent Corp. (a)     781  
15     Corning, Inc.     519  

 

The accompanying notes are an integral part of these financial statements.

 

46

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
3     Littelfuse, Inc.   $ 770  
            9,967  
Electronic Equipment & Instruments - 0.4%       
27     Cognex Corp.   1,478  
30     Keysight Technologies, Inc. (a)     5,381  
9     National Instruments Corp.     486  
9     Teledyne Technologies, Inc. (a)     3,818  
42     Trimble, Inc. (a)     2,439  
3     Vontier Corp.     69  
9     Zebra Technologies Corp. - Class A (a)     2,846  
            16,517  
Environmental & Facilities Services - 0.4%       
6     Clean Harbors, Inc. (a)     782  
30     Republic Services, Inc.     3,745  
39     Rollins, Inc.     1,420  
9     Tetra Tech, Inc.     1,400  
66     Waste Management, Inc.     10,212  
            17,559  
Fertilizers & Agricultural Chemicals - 0.2%       
15     C.F. Industries Holdings, Inc.     1,271  
81     Corteva, Inc.     5,220  
15     FMC Corp.     1,997  
            8,488  
Financial Exchanges & Data - 1.5%       
15     Cboe Global Markets, Inc.     1,843  
33     CME Group, Inc.     5,830  
6     FactSet Research Systems, Inc.     2,538  
75     Intercontinental Exchange, Inc.     8,066  
6     MarketAxess Holdings, Inc.     2,183  
27     Moody’s Corp.     8,714  
3     Morningstar, Inc.     729  
12     MSCI, Inc.     6,379  
54     Nasdaq, Inc.     3,250  
57     S&P Global, Inc.     21,372  
18     Tradeweb Markets, Inc. - Class A     1,342  
            62,246  
Food Distributors - 0.1%       
36     Sysco Corp.     2,789  
24     U.S. Foods Holding Corp. (a)     915  
            3,704  
Food Retail - 0.0% (b)       
3     Casey’s General Stores, Inc.     708  
       
Footwear - 0.7%       
3     Deckers Outdoor Corp. (a)     1,282  
210     Nike, Inc. - Class B     26,739  
27     On Holding AG - Class A ADR (a)(c)     626  
3     Skechers USA, Inc. - Class A (a)     144  
            28,791  

 

The accompanying notes are an integral part of these financial statements.

 

47

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Gas Utilities - 0.0% (b)      
6     Atmos Energy Corp.   $ 705  
       
General Merchandise Stores - 0.5%       
39     Dollar General Corp.     9,110  
33     Dollar Tree, Inc. (a)     4,956  
27     Target Corp.     4,648  
            18,714  
Gold - 0.1%       
30     Newmont Corp.     1,588  
9     Royal Gold, Inc.     1,143  
            2,731  
Health Care Distributors - 0.0% (b)       
12     Henry Schein, Inc. (a)     1,034  
       
Health Care Equipment - 3.4%       
291     Abbott Laboratories     32,170  
54     Baxter International, Inc.     2,467  
33     Becton Dickinson and Co.     8,323  
237     Boston Scientific Corp. (a)     10,961  
66     Dexcom, Inc. (a)     7,068  
102     Edwards Lifesciences Corp. (a)     7,823  
21     Envista Holdings Corp. (a)     819  
12     Globus Medical, Inc. - Class A (a)     906  
36     Hologic, Inc. (a)     2,929  
15     IDEXX Laboratories, Inc. (a)     7,208  
12     Insulet Corp. (a)     3,448  
9     Integra LifeSciences Holdings Corp. (a)     516  
60     Intuitive Surgical, Inc. (a)     14,741  
9     Masimo Corp. (a)     1,531  
69     Medtronic PLC ADR (c)     5,775  
15     Novocure Ltd. ADR (a)(c)     1,368  
6     Penumbra, Inc. (a)     1,502  
9     QuidelOrtho Corp. (a)     770  
24     ResMed, Inc.     5,481  
6     Shockwave Medical, Inc. (a)     1,128  
18     Steris PLC ADR (c)     3,717  
51     Stryker Corp.     12,944  
12     Tandem Diabetes Care, Inc. (a)     489  
6     Teleflex, Inc.     1,461  
9     Zimmer Biomet Holdings, Inc.     1,146  
            136,691  
Health Care Facilities - 0.0% (b)       
9     Acadia Healthcare Co., Inc. (a)     756  
       
Health Care Services - 0.3%       
33     agilon health, Inc. (a)   718  
6     Amedisys, Inc. (a)     580  

 

The accompanying notes are an integral part of these financial statements.

 

48

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
3     Chemed Corp.   $ 1,515  
9     Cigna Corp.     2,850  
15     Guardant Health, Inc. (a)     471  
6     Laboratory Corp. of America Holdings     1,513  
6     LHC Group, Inc. (a)     952  
18     Oak Street Health, Inc. (a)     523  
24     Option Care Health, Inc. (a)     693  
3     Quest Diagnostics, Inc.     445  
48     R1 RCM, Inc. (a)     687  
            10,947  
Health Care Supplies - 0.2%       
12     Align Technology, Inc. (a)     3,237  
9     Cooper Cos., Inc.     3,140  
6     Dentsply Sirona, Inc.     221  
3     ICU Medical, Inc. (a)     580  
            7,178  
Health Care Technology - 0.1%       
15     Doximity, Inc. - Class A (a)     529  
15     Teladoc Health, Inc. (a)     441  
24     Veeva Systems, Inc. - Class A (a)     4,093  
            5,063  
Home Improvement Retail - 1.4%       
18     Floor & Decor Holdings, Inc. - Class A (a)     1,634  
114     Home Depot, Inc.     36,955  
78     Lowe’s Cos., Inc.     16,243  
            54,832  
Homebuilding - 0.0% (b)       
6     TopBuild Corp. (a)     1,200  
       
Homefurnishing Retail - 0.0% (b)       
3     RH (a)     936  
       
Hotels, Resorts & Cruise Lines - 0.9%       
57     Airbnb, Inc. - Class A (a)     6,333  
6     Booking Holdings, Inc. (a)     14,605  
6     Choice Hotels International, Inc.     737  
45     Hilton Worldwide Holdings, Inc.     6,529  
6     Hyatt Hotels Corp. - Class A (a)     655  
48     Marriott International, Inc. - Class A     8,361  
6     Wyndham Hotels & Resorts, Inc.     465  
            37,685  
Household Products - 1.6%       
39     Church & Dwight Co., Inc.   3,154  
12     Clorox Co.     1,736  
117     Colgate-Palmolive Co.     8,720  
33     Kimberly-Clark Corp.     4,290  
330     Procter & Gamble Co.     46,985  
3     Reynolds Consumer Products, Inc.     89  
            64,974  

 

The accompanying notes are an integral part of these financial statements.

 

49

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Human Resource & Employment Services - 0.0% (b)      
3     Robert Half International, Inc.   $ 252  
6     TriNet Group, Inc. (a)     453  
            705  
Hypermarkets & Super Centers - 1.2%       
12     BJ’s Wholesale Club Holdings, Inc. (a)     870  
75     Costco Wholesale Corp.     38,335  
72     Walmart, Inc.     10,359  
            49,564  
Independent Power Producers & Energy Traders - 0.0% (b)       
33     Vistra Corp.     761  
       
Industrial Conglomerates - 0.4%       
72     Honeywell International, Inc.     15,011  
       
Industrial Gases - 0.2%       
27     Air Products and Chemicals, Inc.     8,654  
       
Industrial Machinery - 0.9%       
6     Chart Industries, Inc. (a)     804  
15     Donaldson Co., Inc.     935  
15     Dover Corp.     2,277  
3     Flowserve Corp.     103  
21     Fortive Corp.     1,429  
27     Graco, Inc.     1,845  
12     IDEX Corp.     2,876  
33     Illinois Tool Works, Inc.     7,789  
60     Ingersoll Rand, Inc.     3,360  
6     ITT, Inc.     550  
6     Lincoln Electric Holdings, Inc.     1,001  
6     Middleby Corp. (a)     933  
9     Nordson Corp.     2,190  
51     Otis Worldwide Corp.     4,194  
9     Parker-Hannifin Corp.     2,934  
12     Pentair PLC ADR (c)     665  
3     RBC Bearings, Inc. (a)     732  
24     Xylem, Inc.     2,496  
            37,113  
Insurance Brokers - 0.9%       
33     Aon PLC - Class A ADR (c)   10,516  
33     Arthur J. Gallagher & Co.     6,459  
39     Brown & Brown, Inc.     2,284  
84     Marsh & McLennan Cos., Inc.     14,692  
15     Ryan Specialty Holdings, Inc. (a)     639  
            34,590  
Interactive Home Entertainment - 0.5%       
120     Activision Blizzard, Inc.     9,188  
45     Electronic Arts, Inc.     5,791  

 

The accompanying notes are an integral part of these financial statements.

 

50

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
18     Playtika Holding Corp. (a)   $ 189  
51     Roblox Corp. - Class A (a)     1,898  
27     Take-Two Interactive Software, Inc. (a)     3,057  
            20,123  
Interactive Media & Services - 6.2%       
999     Alphabet, Inc. - Class A (a)     98,741  
876     Alphabet, Inc. - Class C (a)     87,486  
15     Bumble, Inc. - Class A (a)     386  
6     IAC, Inc. (a)     339  
27     Match Group, Inc. (a)     1,461  
369     Meta Platforms, Inc. - Class A (a)     54,970  
96     Pinterest, Inc. - Class A (a)     2,524  
171     Snap, Inc. - Class A (a)     1,977  
3     Ziff Davis, Inc. (a)     268  
45     ZoomInfo Technologies, Inc. (a)     1,270  
            249,422  
Internet & Direct Marketing Retail - 4.0%       
1,479     Amazon.com, Inc. (a)     152,529  
15     Chewy, Inc. - Class A (a)     676  
51     DoorDash, Inc. - Class A (a)     2,954  
45     eBay, Inc.     2,228  
21     Etsy, Inc. (a)     2,889  
12     Wayfair, Inc. - Class A (a)     726  
            162,002  
Internet Services & Infrastructure - 0.6%       
27     Akamai Technologies, Inc. (a)     2,402  
42     Cloudflare, Inc. - Class A (a)     2,222  
27     GoDaddy, Inc. - Class A (a)     2,218  
12     MongoDB, Inc. (a)     2,571  
24     Okta, Inc. (a)     1,767  
45     Snowflake, Inc. - Class A (a)     7,040  
27     Twilio, Inc. - Class A (a)     1,616  
15     VeriSign, Inc. (a)     3,271  
            23,107  
Investment Banking & Brokerage - 0.5%       
216     Charles Schwab Corp.   16,723  
6     Houlihan Lokey, Inc.     594  
12     LPL Financial Holdings, Inc.     2,845  
            20,162  
IT Consulting & Other Services - 1.1%       
111     Accenture PLC - Class A ADR (c)     30,975  
12     Amdocs Ltd. ADR (c)     1,103  
36     Cognizant Technology Solutions Corp. - Class A     2,403  
9     EPAM Systems, Inc. (a)     2,994  
12     Gartner, Inc. (a)     4,058  
6     Globant S.A. ADR (a)(c)     973  
            42,506  

 

The accompanying notes are an integral part of these financial statements.

 

51

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Leisure Facilities - 0.1%       
15     Planet Fitness, Inc. - Class A (a)   $ 1,270  
6     Vail Resorts, Inc.     1,574  
            2,844  
Leisure Products - 0.1%       
6     Hasbro, Inc.     355  
60     Mattel, Inc. (a)     1,228  
3     Polaris, Inc.     345  
15     YETI Holdings, Inc. (a)     671  
            2,599  
Life Sciences Tools & Services - 2.9%       
15     10X Genomics, Inc. - Class A (a)     702  
51     Agilent Technologies, Inc.     7,756  
102     Avantor, Inc. (a)     2,438  
3     Bio-Rad Laboratories, Inc. - Class A (a)     1,402  
24     Bio-Techne Corp.     1,912  
18     Bruker Corp.     1,262  
9     Charles River Laboratories International, Inc. (a)     2,189  
111     Danaher Corp.     29,346  
15     ICON PLC ADR (a)(c)     3,461  
24     Illumina, Inc. (a)     5,141  
30     IQVIA Holdings, Inc. (a)     6,882  
12     Maravai LifeSciences Holdings, Inc. - Class A (a)     176  
3     Mettler-Toledo International, Inc. (a)     4,599  
21     PerkinElmer, Inc.     2,888  
39     QIAGEN N.V. ADR (a)(c)     1,911  
9     Repligen Corp. (a)     1,668  
15     Sotera Health Co. (a)     259  
15     Syneos Health, Inc. (a)     539  
66     Thermo Fisher Scientific, Inc.     37,642  
9     Waters Corp. (a)     2,957  
12     West Pharmaceutical Services, Inc.     3,187  
            118,317  
Managed Health Care - 2.6%       
9     Centene Corp. (a)   686  
27     Elevance Health, Inc.     13,500  
15     HealthEquity, Inc. (a)     913  
18     Humana, Inc.     9,211  
6     Molina Healthcare, Inc. (a)     1,871  
156     UnitedHealth Group, Inc.     77,874  
            104,055  
Metal & Glass Containers - 0.1%       
6     AptarGroup, Inc.     694  
48     Ball Corp.     2,796  
9     Crown Holdings, Inc.     793  
            4,283  

 

The accompanying notes are an integral part of these financial statements.

 

52

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Movies & Entertainment - 1.3%      
21     Endeavor Group Holdings, Inc. - Class A (a)   $ 471  
3     Liberty Media Corp. - Liberty Formula One - Class A (a)     191  
18     Liberty Media Corp. - Liberty Formula One - Class C (a)     1,274  
72     Netflix, Inc. (a)     25,478  
21     Roku, Inc. (a)     1,208  
18     Spotify Technology S.A. ADR (a)(c)     2,029  
195     Walt Disney Co. (a)     21,156  
21     Warner Music Group Corp. - Class A     765  
            52,572  
Multi-line Insurance - 0.0% (b)       
3     Assurant, Inc.     398  
       
Multi-Sector Holdings - 1.1%       
141     Berkshire Hathaway, Inc. - Class B (a)     43,924  
       
Multi-Utilities - 0.2%       
15     Ameren Corp.     1,303  
21     CMS Energy Corp.     1,327  
24     Dominion Energy, Inc.     1,527  
3     DTE Energy Co.     349  
15     Public Service Enterprise Group, Inc.     929  
9     Sempra Energy     1,443  
24     WEC Energy Group, Inc.     2,256  
            9,134  
Office Services & Supplies - 0.0% (b)       
6     MSA Safety, Inc.     818  
       
Oil & Gas Equipment & Services - 0.2%       
27     Baker Hughes Co.     857  
75     Halliburton Co.     3,092  
57     NOV, Inc.     1,393  
81     Schlumberger Ltd. ADR (c)     4,615  
            9,957  
Oil & Gas Exploration & Production - 0.2%       
9     Chesapeake Energy Corp.   780  
48     Hess Corp.     7,208  
3     Matador Resources Co.     198  
            8,186  
Oil & Gas Storage & Transportation - 0.2%       
24     Cheniere Energy, Inc.     3,667  
9     New Fortress Energy, Inc.     349  
36     Targa Resources Corp.     2,701  
            6,717  
Other Diversified Financial Services - 0.1%       
48     Apollo Global Management, Inc.     3,397  
6     Corebridge Financial, Inc.     131  
            3,528  

 

The accompanying notes are an integral part of these financial statements.

 

53

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Packaged Foods & Meats - 0.6%       
9     Campbell Soup Co.   $ 467  
12     Flowers Foods, Inc.     332  
45     General Mills, Inc.     3,526  
24     Hershey Co.     5,390  
30     Hormel Foods Corp.     1,359  
12     Kellogg Co.     823  
21     Lamb Weston Holdings, Inc.     2,098  
3     Lancaster Colony Corp.     576  
33     McCormick & Co., Inc.     2,479  
135     Mondelez International, Inc. - Class A     8,834  
3     Post Holdings, Inc. (a)     285  
            26,169  
Paper Packaging - 0.1%       
45     Amcor PLC ADR (c)     543  
9     Avery Dennison Corp.     1,705  
24     Graphic Packaging Holding Co.     578  
18     Sealed Air Corp.     986  
3     Sonoco Products Co.     183  
            3,995  
Personal Products - 0.3%       
15     BellRing Brands, Inc. (a)     425  
36     Estee Lauder Cos., Inc. - Class A     9,975  
15     Olaplex Holdings, Inc. (a)     95  
            10,495  
Pharmaceuticals - 4.0%       
186     Bristol-Myers Squibb Co.   13,513  
27     Catalent, Inc. (a)     1,446  
57     Elanco Animal Health, Inc. (a)     783  
141     Eli Lilly & Co.     48,525  
9     Jazz Pharmaceuticals PLC ADR (a)(c)     1,410  
288     Johnson & Johnson     47,065  
225     Merck & Co., Inc.     24,167  
231     Pfizer, Inc.     10,201  
48     Royalty Pharma PLC - Class A ADR (c)     1,881  
72     Zoetis, Inc.     11,915  
            160,906  
Property & Casualty Insurance - 0.6%       
21     Arch Capital Group Ltd. ADR (a)(c)     1,351  
6     Chubb Ltd. ADR (c)     1,365  
15     Cincinnati Financial Corp.     1,697  
3     Erie Indemnity Co. - Class A     733  
3     Markel Corp. (a)     4,227  
90     Progressive Corp.     12,271  
6     RLI Corp.     795  
3     Selective Insurance Group, Inc.     285  
15     W.R. Berkley Corp.     1,052  
            23,776  

 

The accompanying notes are an integral part of these financial statements.

 

54

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Publishing - 0.0% (b)       
21     New York Times Co. - Class A   $ 732  
6     News Corp. - Class A     122  
3     News Corp. - Class B     61  
            915  
Railroads - 0.7%       
270     CSX Corp.     8,348  
24     Norfolk Southern Corp.     5,899  
63     Union Pacific Corp.     12,864  
            27,111  
Real Estate Development - 0.0% (b)       
3     Howard Hughes Corp. (a)     256  
               
Real Estate Services - 0.1%       
24     CBRE Group, Inc. - Class A (a)     2,052  
6     Zillow Group, Inc. - Class A (a)     258  
27     Zillow Group, Inc. - Class C (a)     1,194  
            3,504  
Regional Banks - 0.2%       
9     Commerce Bancshares, Inc.   599  
24     First Financial Bankshares, Inc.     855  
24     First Republic Bank     3,381  
3     Signature Bank     387  
6     SVB Financial Group (a)     1,815  
3     Western Alliance Bancorp     226  
            7,263  
Reinsurance - 0.0% (b)      
6     RenaissanceRe Holdings Ltd. ADR (c)     1,174  
               
Renewable Electricity - 0.0% (b)      
12     NextEra Energy Partners LP     880  
       
Research & Consulting Services - 0.7%      
18     Booz Allen Hamilton Holding Corp.     1,704  
3     CACI International, Inc. - Class A (a)     924  
42     Clarivate PLC ADR (a)(c)     467  
66     CoStar Group, Inc. (a)     5,141  
42     Dun & Bradstreet Holdings, Inc.     615  
21     Equifax, Inc.     4,666  
6     FTI Consulting, Inc. (a)     957  
18     Jacobs Solutions, Inc.     2,224  
18     KBR, Inc.     922  
15     Leidos Holdings, Inc.     1,483  
33     TransUnion     2,368  
27     Verisk Analytics, Inc.     4,908  
            26,379  

 

The accompanying notes are an integral part of these financial statements.

 

55

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Restaurants - 1.2%       
3     Aramark   $ 134  
3     Chipotle Mexican Grill, Inc. (a)     4,939  
3     Darden Restaurants, Inc.     444  
6     Domino’s Pizza, Inc.     2,118  
6     Dutch Bros, Inc. - Class A (a)     229  
81     McDonald’s Corp.     21,659  
132     Starbucks Corp.     14,406  
9     Texas Roadhouse, Inc.     904  
21     Wendy’s Co.     468  
39     Yum! Brands, Inc.     5,090  
            50,391  
Semiconductor Equipment - 1.1%      
120     Applied Materials, Inc.   13,379  
21     Enphase Energy, Inc. (a)     4,649  
24     Entegris, Inc.     1,937  
24     KLA Corp.     9,420  
21     Lam Research Corp.     10,502  
3     MKS Instruments, Inc.     307  
9     SolarEdge Technologies, Inc. (a)     2,872  
27     Teradyne, Inc.     2,746  
            45,812  
Semiconductors - 5.3%      
270     Advanced Micro Devices, Inc. (a)     20,290  
51     Analog Devices, Inc.     8,745  
60     Broadcom, Inc.     35,101  
9     Cirrus Logic, Inc. (a)     814  
9     First Solar, Inc. (a)     1,598  
12     GlobalFoundries, Inc. ADR (a)(c)(d)     711  
24     Lattice Semiconductor Corp. (a)     1,819  
105     Marvell Technology, Inc.     4,531  
63     Microchip Technology, Inc.     4,890  
6     Monolithic Power Systems, Inc.     2,559  
399     NVIDIA Corp.     77,953  
63     ON Semiconductor Corp. (a)     4,627  
15     Qorvo, Inc. (a)     1,630  
186     Qualcomm, Inc.     24,777  
6     Silicon Laboratories, Inc. (a)     941  
3     Skyworks Solutions, Inc.     329  
6     Synaptics, Inc. (a)     750  
114     Texas Instruments, Inc.     20,202  
6     Universal Display Corp.     795  
21     Wolfspeed, Inc. (a)     1,617  
            214,679  
Soft Drinks - 1.7%      
6     Celsius Holdings, Inc. (a)     602  
480     Coca-Cola Co.     29,434  
51     Keurig Dr. Pepper, Inc.     1,799  

 

The accompanying notes are an integral part of these financial statements.

 

56

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
63     Monster Beverage Corp. (a)   $ 6,557  
183     PepsiCo, Inc.     31,297  
            69,689  
Specialized Consumer Services - 0.0% (b)      
24     Service Corp. International     1,780  
       
Specialized Finance - 0.0% (b)      
90     SoFi Technologies, Inc. (a)     624  
       
Specialty Chemicals - 0.6%      
18     Albemarle Corp.   5,066  
3     Ashland, Inc.     328  
12     Axalta Coating Systems Ltd. ADR (a)(c)     361  
33     Ecolab, Inc.     5,109  
174     Ginkgo Bioworks Holdings, Inc. (a)     339  
9     International Flavors & Fragrances, Inc.     1,012  
18     PPG Industries, Inc.     2,346  
15     RPM International, Inc.     1,349  
39     Sherwin-Williams Co.     9,227  
            25,137  
Specialty Stores - 0.3%       
9     Five Below, Inc. (a)     1,774  
18     Tractor Supply Co.     4,104  
9     Ulta Beauty, Inc. (a)     4,626  
            10,504  
Systems Software - 9.0%       
36     Crowdstrike Holdings, Inc. - Class A (a)     3,812  
9     Dolby Laboratories, Inc. - Class A     716  
114     Fortinet, Inc. (a)     5,967  
51     Gen Digital, Inc.     1,174  
9     Gitlab, Inc. - Class A (a)     445  
1,245     Microsoft Corp.     308,523  
3     Monday.com Ltd. ADR (a)(c)     391  
213     Oracle Corp.     18,842  
48     Palo Alto Networks, Inc. (a)     7,615  
33     SentinelOne, Inc. - Class A (a)     498  
33     ServiceNow, Inc. (a)     15,019  
15     Teradata Corp. (a)     523  
42     UiPath, Inc. - Class A (a)     645  
15     Zscaler, Inc. (a)     1,862  
            366,032  
Technology Distributors - 0.1%       
21     CDW Corp.     4,117  
       
Technology Hardware, Storage & Peripherals - 9.1%      
2,547     Apple, Inc.     367,507  
15     NetApp, Inc.     993  
45     Pure Storage, Inc. - Class A (a)     1,302  
            369,802  

 

The accompanying notes are an integral part of these financial statements.

 

57

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Tobacco - 0.0% (b)       
9     Philip Morris International, Inc.   $ 938  
               
Trading Companies & Distributors - 0.4%       
96     Fastenal Co.   4,853  
18     Ferguson PLC ADR (c)     2,562  
6     SiteOne Landscape Supply, Inc. (a)     909  
3     United Rentals, Inc. (a)     1,323  
3     Watsco, Inc.     862  
6     W.W. Grainger, Inc.     3,537  
            14,046  
Trucking - 0.5%       
99     Grab Holdings Ltd. - Class A ADR (a)(c)     375  
15     J.B. Hunt Transport Services, Inc.     2,836  
3     Landstar System, Inc.     518  
48     Lyft, Inc. - Class A (a)     780  
18     Old Dominion Freight Line, Inc.     5,998  
3     Saia, Inc. (a)     818  
303     Uber Technologies, Inc. (a)     9,372  
            20,697  
Water Utilities - 0.1%       
27     American Water Works Co., Inc.     4,225  
30     Essential Utilities, Inc.     1,402  
            5,627  
Wireless Telecommunication Services - 0.4%       
105     T-Mobile U.S., Inc. (a)     15,678  
      TOTAL COMMON STOCKS (Cost $3,607,330)     3,916,550  
               
REAL ESTATE INVESTMENT TRUSTS - 3.1%      
Diversified REITs - 0.0% (b)      
3     W.P. Carey, Inc.     257  
               
Health Care REITs - 0.1%       
24     Healthcare Realty Trust, Inc.     517  
9     Healthpeak Properties, Inc.     247  
9     Ventas, Inc.     466  
45     Welltower, Inc.     3,377  
            4,607  
Industrial REITs - 0.6%       
12     Americold Realty Trust, Inc.     377  
6     EastGroup Properties, Inc.     1,009  
21     First Industrial Realty Trust, Inc.     1,120  
150     Prologis, Inc.     19,392  
30     Rexford Industrial Realty, Inc.     1,904  
18     STAG Industrial, Inc.     641  
            24,443  

 

The accompanying notes are an integral part of these financial statements.

 

58

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Office REITs - 0.1%       
12     Alexandria Real Estate Equities, Inc.   $ 1,929  
18     Cousins Properties, Inc.     494  
            2,423  
Residential REITs - 0.6%       
48     American Homes 4 Rent - Class A   1,646  
18     Apartment Income REIT Corp.     689  
15     AvalonBay Communities, Inc.     2,662  
15     Camden Property Trust     1,848  
27     Equity LifeStyle Properties, Inc.     1,938  
36     Equity Residential     2,291  
6     Essex Property Trust, Inc.     1,356  
102     Invitation Homes, Inc.     3,315  
18     Mid-America Apartment Communities, Inc.     3,001  
21     Sun Communities, Inc.     3,294  
39     UDR, Inc.     1,661  
            23,701  
Retail REITs - 0.1%       
6     Agree Realty Corp.     448  
3     Federal Realty Investment Trust     335  
3     National Retail Properties, Inc.     142  
39     Realty Income Corp.     2,645  
6     Regency Centers Corp.     400  
            3,970  
Specialized REITs - 1.6%       
78     American Tower Corp.     17,424  
72     Crown Castle, Inc.     10,664  
27     CubeSmart     1,236  
36     Digital Realty Trust, Inc.     4,126  
15     Equinix, Inc.     11,072  
21     Extra Space Storage, Inc.     3,314  
27     Iron Mountain, Inc.     1,474  
3     Lamar Advertising Co. - Class A     320  
9     Life Storage, Inc.     972  
15     National Storage Affiliates Trust     612  
24     Public Storage     7,304  
15     Rayonier, Inc.     546  
18     SBA Communications Corp.     5,356  
42     VICI Properties, Inc.     1,436  
            65,856  
      TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $113,471)     125,257  
               
RIGHTS - 0.0% (b)      
Health Care Equipment - 0.0% (b)       
4     Abiomed, Inc. (a)(e)(f)     -  
      TOTAL RIGHTS (Cost $0)     -  

 

The accompanying notes are an integral part of these financial statements.

 

59

 

 

Strive 1000 Growth ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0% (b)      
1,453     First American Government Obligations Fund - Class X, 4.14% (g)   $ 1,453  
      TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,453)     1,453  
               
MONEY MARKET FUNDS - 0.3%      
13,553     First American Government Obligations Fund - Class X, 4.14% (g)     13,553  
      TOTAL MONEY MARKET FUNDS (Cost $13,553)     13,553  
               
      TOTAL INVESTMENTS (Cost $3,735,807) - 100.0%   $ 4,056,813  
      Liabilities in Excess of Other Assets - (0.0%) (b)     (414 )
      TOTAL NET ASSETS - 100.0%   $ 4,056,399  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a) Non-income producing security.
(b) Represents less than 0.05% of net assets.
(c) Foreign issued security.
(d) This security or a portion of this security was out on loan as of January 31, 2023. Total loaned securities had a market value of $1,470 as of January 31, 2023.
(e) Value determined using significant unobservable inputs.
(f) Security is deemed to be illiquid. The total value of illiquid securities represents 0.0% of net assets.
(g) Rate shown is the 7-day effective yield.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

60

 

 

Strive 1000 Value ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 96.3%       
Advertising - 0.2%       
76     Interpublic Group of Cos., Inc.   $ 2,771  
40     Omnicom Group, Inc.     3,440  
            6,211  
Aerospace & Defense - 2.4%       
40     Boeing Co. (a)     8,520  
4     BWX Technologies, Inc.     243  
2     Curtiss-Wright Corp.     332  
30     General Dynamics Corp.     6,992  
44     Howmet Aerospace, Inc.     1,790  
4     Huntington Ingalls Industries, Inc.     882  
6     L3Harris Technologies, Inc.     1,289  
24     Lockheed Martin Corp.     11,118  
2     Northrop Grumman Corp.     896  
290     Raytheon Technologies Corp.     28,956  
36     Textron, Inc.     2,623  
4     Woodward, Inc.     409  
            64,050  
Agricultural & Farm Machinery - 0.2%       
12     AGCO Corp.     1,658  
10     Deere & Co.     4,228  
2     Toro Co.     223  
            6,109  
Agricultural Products - 0.5%       
108     Archer-Daniels-Midland Co.     8,948  
30     Bunge Ltd. ADR (b)     2,973  
4     Darling Ingredients, Inc. (a)     265  
12     Ingredion, Inc.     1,234  
            13,420  
Air Freight & Logistics - 0.9%       
14     C.H. Robinson Worldwide, Inc.     1,402  
6     Expeditors International of Washington, Inc.     649  
48     FedEx Corp.     9,305  
12     GXO Logistics, Inc. (a)     628  
68     United Parcel Service, Inc. - Class B     12,596  
            24,580  
Airlines - 0.1%       
6     Alaska Air Group, Inc. (a)   308  
32     American Airlines Group, Inc. (a)     516  
26     Delta Air Lines, Inc. (a)     1,017  
28     Southwest Airlines Co.     1,002  
16     United Airlines Holdings, Inc. (a)     783  
            3,626  
Alternative Carriers - 0.0% (c)       
200     Lumen Technologies, Inc.     1,050  

 

The accompanying notes are an integral part of these financial statements.

 

61

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Aluminum - 0.1%       
36     Alcoa Corp.   $ 1,881  
       
Apparel Retail - 0.4%       
2     Burlington Stores, Inc. (a)     460  
52     Gap, Inc.     706  
28     Ross Stores, Inc.     3,309  
64     TJX Cos., Inc.     5,239  
            9,714  
Apparel, Accessories & Luxury Goods - 0.4%       
28     Capri Holdings Ltd. ADR (a)(b)     1,862  
4     Columbia Sportswear Co.     384  
68     Hanesbrands, Inc.     574  
18     Levi Strauss & Co. - Class A     331  
14     PVH Corp.     1,259  
8     Ralph Lauren Corp.     991  
50     Tapestry, Inc.     2,278  
12     Under Armour, Inc. - Class A (a)     149  
14     Under Armour, Inc. - Class C (a)     153  
68     VF Corp.     2,104  
            10,085  
Application Software - 0.0% (c)       
28     CCC Intelligent Solutions Holdings, Inc. (a)     259  
10     Guidewire Software, Inc. (a)     732  
54     Pagaya Technologies Ltd. - Class A ADR (a)(b)     58  
            1,049  
Asset Management & Custody Banks - 1.8%       
8     Affiliated Managers Group, Inc.   1,382  
22     Ameriprise Financial, Inc.     7,703  
144     Bank of New York Mellon Corp.     7,282  
14     BlackRock, Inc.     10,629  
8     Blue Owl Capital, Inc.     101  
50     Carlyle Group, Inc.     1,799  
58     Franklin Resources, Inc.     1,810  
88     Invesco Ltd. ADR (b)     1,629  
40     Northern Trust Corp.     3,879  
10     SEI Investments Co.     624  
68     State Street Corp.     6,210  
44     T. Rowe Price Group, Inc.     5,125  
4     TPG, Inc.     129  
            48,302  
Auto Parts & Equipment - 0.2%       
14     Aptiv PLC ADR (a)(b)     1,583  
48     BorgWarner, Inc.     2,269  
16     Gentex Corp.     472  
12     Lear Corp.     1,749  
            6,073  

 

The accompanying notes are an integral part of these financial statements.

 

62

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Automobile Manufacturers - 0.9%       
778     Ford Motor Co.   $ 10,511  
260     General Motors Co.     10,223  
48     Lucid Group, Inc. (a)     561  
10     Thor Industries, Inc.     953  
            22,248  
Automotive Retail - 0.3%       
8     Advance Auto Parts, Inc.     1,218  
8     AutoNation, Inc. (a)     1,014  
16     CarMax, Inc. (a)     1,127  
10     Carvana Co. (a)     102  
6     Lithia Motors, Inc.     1,579  
4     Murphy USA, Inc.     1,088  
6     Penske Automotive Group, Inc.     767  
            6,895  
Biotechnology - 2.5%       
148     AbbVie, Inc.     21,867  
34     Amgen, Inc.     8,582  
22     Biogen, Inc. (a)     6,400  
246     Gilead Sciences, Inc.     20,649  
22     Moderna, Inc. (a)     3,873  
2     Regeneron Pharmaceuticals, Inc. (a)     1,517  
8     Sarepta Therapeutics, Inc. (a)     1,000  
6     United Therapeutics Corp. (a)     1,579  
            65,467  
Brewers - 0.1%       
36     Molson Coors Beverage Co. - Class B   1,893  
       
Broadcasting - 0.2%       
62     Fox Corp. - Class A     2,104  
28     Fox Corp. - Class B     888  
2     Nexstar Media Group, Inc.     410  
2     Paramount Global - Class A     53  
100     Paramount Global - Class B     2,316  
            5,771  
Building Products - 0.9%       
10     A.O. Smith Corp.     677  
4     Allegion PLC ADR (b)     470  
2     Armstrong World Industries, Inc.     155  
34     Builders FirstSource, Inc. (a)     2,710  
80     Carrier Global Corp.     3,642  
22     Fortune Brands Innovations, Inc.     1,419  
92     Johnson Controls International PLC ADR (b)     6,400  
4     Lennox International, Inc.     1,042  
26     Masco Corp.     1,383  
22     Masterbrand, Inc. (a)     202  
18     Owens Corning     1,740  
20     Trane Technologies PLC ADR (b)     3,582  
            23,422  

 

The accompanying notes are an integral part of these financial statements.

 

63

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Cable & Satellite - 1.4%       
42     Altice USA, Inc. - Class A (a)   $ 206  
880     Comcast Corp. - Class A     34,628  
50     DISH Network Corp. - Class A (a)     720  
16     Liberty Media Corp. - Liberty SiriusXM - Class A (a)     650  
30     Liberty Media Corp. - Liberty SiriusXM - Class C (a)     1,209  
90     Sirius XM Holdings, Inc.     521  
            37,934  
Casinos & Gaming - 0.5%       
40     Caesars Entertainment, Inc. (a)     2,082  
66     Las Vegas Sands Corp. (a)     3,894  
70     MGM Resorts International     2,899  
32     Penn Entertainment, Inc. (a)     1,134  
20     Wynn Resorts Ltd. (a)     2,073  
            12,082  
Commodity Chemicals - 0.6%       
140     Dow, Inc.     8,309  
50     LyondellBasell Industries N.V. - Class A ADR (b)     4,834  
12     Olin Corp.     775  
6     Westlake Corp.     737  
            14,655  
Communications Equipment - 1.1%       
526     Cisco Systems, Inc.   25,600  
2     F5, Inc. (a)     295  
54     Juniper Networks, Inc.     1,744  
2     Lumentum Holdings, Inc. (a)     120  
6     Motorola Solutions, Inc.     1,542  
            29,301  
Computer & Electronics Retail - 0.2%       
40     Best Buy Co., Inc.     3,549  
32     GameStop Corp. - Class A (a)(d)     700  
            4,249  
Construction Machinery & Heavy Trucks - 1.3%       
20     Allison Transmission Holdings, Inc.     902  
66     Caterpillar, Inc.     16,651  
28     Cummins, Inc.     6,987  
12     Oshkosh Corp.     1,209  
62     PACCAR, Inc.     6,777  
26     Westinghouse Air Brake Technologies Corp.     2,699  
            35,225  
Construction Materials - 0.0% (c)       
4     Eagle Materials, Inc.     584  
       
Construction & Engineering - 0.1%       
16     AECOM     1,396  
8     EMCOR Group, Inc.     1,186  
40     MDU Resources Group, Inc.     1,236  
            3,818  

 

The accompanying notes are an integral part of these financial statements.

 

64

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Consumer Electronics - 0.0% (c)       
10     Garmin Ltd. ADR (b)   $ 989  
       
Consumer Finance - 1.3%       
60     Ally Financial, Inc.     1,949  
60     American Express Co.     10,496  
74     Capital One Financial Corp.     8,806  
54     Discover Financial Services     6,303  
22     OneMain Holdings, Inc.     949  
44     SLM Corp.     773  
94     Synchrony Financial     3,453  
            32,729  
Copper - 0.5%       
282     Freeport-McMoRan, Inc.     12,583  
       
Data Processing & Outsourced Services - 0.5%       
4     Concentrix Corp.   567  
4     Euronet Worldwide, Inc. (a)     451  
106     Fidelity National Information Services, Inc.     7,954  
6     Genpact Ltd. ADR (b)     284  
28     Global Payments, Inc.     3,156  
6     Maximus, Inc.     449  
6     SS&C Technologies Holdings, Inc.     362  
76     Western Union Co.     1,077  
            14,300  
Department Stores - 0.1%       
26     Kohl’s Corp.     842  
52     Macy’s, Inc.     1,229  
            2,071  
Distillers & Vintners - 0.1%       
6     Constellation Brands, Inc. - Class A     1,389  
       
Distributors - 0.2%       
18     Genuine Parts Co.     3,021  
42     LKQ Corp.     2,476  
            5,497  
Diversified Banks - 7.5%       
1,390     Bank of America Corp.     49,317  
370     Citigroup, Inc.     19,321  
574     JPMorgan Chase & Co.     80,337  
262     U.S. Bancorp     13,048  
748     Wells Fargo & Co.     35,059  
            197,082  
Diversified Chemicals - 0.0% (c)       
36     Huntsman Corp.     1,141  
       
Diversified Support Services - 0.0% (c)       
4     IAA, Inc. (a)     167  

 

The accompanying notes are an integral part of these financial statements.

 

65

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Drug Retail - 0.2%       
140     Walgreens Boots Alliance, Inc.   $ 5,160  
       
Education Services - 0.0% (c)       
4     Bright Horizons Family Solutions, Inc. (a)     307  
       
Electric Utilities - 3.7%       
30     Alliant Energy Corp.   1,621  
92     American Electric Power Co., Inc.     8,644  
14     Avangrid, Inc.     590  
8     Constellation Energy Corp.     683  
150     Duke Energy Corp.     15,367  
76     Edison International     5,236  
40     Entergy Corp.     4,331  
40     Evergy, Inc.     2,506  
46     Eversource Energy     3,787  
190     Exelon Corp.     8,016  
108     FirstEnergy Corp.     4,423  
20     Hawaiian Electric Industries, Inc.     845  
8     IDACORP, Inc.     846  
92     NextEra Energy, Inc.     6,866  
46     NRG Energy, Inc.     1,574  
40     OGE Energy Corp.     1,573  
316     PG&E Corp. (a)     5,024  
22     Pinnacle West Capital Corp.     1,640  
14     PNM Resources, Inc.     693  
18     Portland General Electric Co.     856  
142     PPL Corp.     4,203  
188     Southern Co.     12,724  
70     Xcel Energy, Inc.     4,814  
            96,862  
Electrical Components & Equipment - 0.7%       
4     Acuity Brands, Inc.     754  
2     AMETEK, Inc.     290  
12     ChargePoint Holdings, Inc. (a)(d)     146  
44     Eaton Corp. PLC ADR (b)     7,137  
52     Emerson Electric Co.     4,691  
4     Hubbell, Inc.     916  
14     Regal Rexnord Corp.     1,949  
4     Rockwell Automation, Inc.     1,128  
18     Sensata Technologies Holding PLC ADR (b)     915  
40     Sunrun, Inc. (a)     1,051  
            18,977  
Electronic Components - 0.2%       
4     Coherent Corp. (a)     174  
126     Corning, Inc.     4,361  
            4,535  

 

The accompanying notes are an integral part of these financial statements.

 

66

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Electronic Equipment & Instruments - 0.1%       
14     National Instruments Corp.   $ 756  
28     Vontier Corp.     645  
            1,401  
Electronic Manufacturing Services - 0.2%       
90     Flex Ltd. ADR (a)(b)   2,102  
4     IPG Photonics Corp. (a)     448  
24     Jabil, Inc.     1,887  
            4,437  
Environmental & Facilities Services - 0.1%       
2     Clean Harbors, Inc. (a)     261  
4     Republic Services, Inc.     499  
16     Stericycle, Inc. (a)     861  
4     Waste Management, Inc.     619  
            2,240  
Fertilizers & Agricultural Chemicals - 0.4%       
22     C.F. Industries Holdings, Inc.     1,863  
46     Corteva, Inc.     2,965  
8     FMC Corp.     1,065  
72     Mosaic Co.     3,567  
6     Scotts Miracle-Gro Co.     433  
            9,893  
Financial Exchanges & Data - 0.4%       
4     Cboe Global Markets, Inc.     492  
30     CME Group, Inc.     5,300  
28     Coinbase Global, Inc. - Class A (a)(d)     1,637  
18     Intercontinental Exchange, Inc.     1,936  
2     Nasdaq, Inc.     120  
            9,485  
Food Distributors - 0.3%       
30     Performance Food Group Co. (a)     1,840  
58     Sysco Corp.     4,493  
14     US Foods Holding Corp. (a)     534  
            6,867  
Food Retail - 0.3%       
32     Albertsons Cos., Inc. - Class A     678  
6     Casey’s General Stores, Inc.     1,415  
128     Kroger Co.     5,713  
            7,806  
Footwear - 0.0% (c)       
22     Skechers USA, Inc. - Class A (a)     1,059  
       
Gas Utilities - 0.2%       
20     Atmos Energy Corp.     2,351  
16     National Fuel Gas Co.     929  
42     UGI Corp.     1,673  
            4,953  

 

The accompanying notes are an integral part of these financial statements.

 

67

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
General Merchandise Stores - 0.4%       
2     Dollar Tree, Inc. (a)   $ 300  
58     Target Corp.     9,984  
            10,284  
Gold - 0.2%       
118     Newmont Corp.   6,246  
2     Royal Gold, Inc.     254  
            6,500  
Health Care Distributors - 0.8%       
32     AmerisourceBergen Corp.     5,407  
54     Cardinal Health, Inc.     4,171  
12     Henry Schein, Inc. (a)     1,034  
28     McKesson Corp.     10,603  
            21,215  
Health Care Equipment - 1.2%       
34     Baxter International, Inc.     1,553  
16     Becton Dickinson and Co.     4,036  
8     Envista Holdings Corp. (a)     312  
71     GE HealthCare Technologies, Inc. (a)     4,936  
8     Hologic, Inc. (a)     651  
2     Integra LifeSciences Holdings Corp. (a)     115  
180     Medtronic PLC ADR (b)     15,064  
2     QuidelOrtho Corp. (a)     171  
4     Stryker Corp.     1,015  
2     Teleflex, Inc.     487  
30     Zimmer Biomet Holdings, Inc.     3,820  
            32,160  
Health Care Facilities - 0.6%       
8     Acadia Healthcare Co., Inc. (a)     672  
20     Encompass Health Corp.     1,249  
44     HCA Healthcare, Inc.     11,223  
20     Tenet Healthcare Corp. (a)     1,097  
12     Universal Health Services, Inc. - Class B     1,779  
            16,020  
Health Care Services - 1.8%       
54     Cigna Corp.     17,100  
258     CVS Health Corp.     22,761  
10     DaVita, Inc. (a)     824  
12     Laboratory Corp. of America Holdings     3,025  
22     Premier, Inc. - Class A     734  
18     Quest Diagnostics, Inc.     2,673  
            47,117  
Health Care Supplies - 0.1%       
36     Dentsply Sirona, Inc.     1,326  
2     ICU Medical, Inc. (a)     386  
            1,712  

 

The accompanying notes are an integral part of these financial statements.

 

68

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Health Care Technology - 0.0% (c)       
10     Teladoc Health, Inc. (a)   $ 294  
       
Home Furnishings - 0.1%       
26     Leggett & Platt, Inc.   951  
10     Mohawk Industries, Inc. (a)     1,201  
34     Tempur Sealy International, Inc.     1,386  
            3,538  
Home Improvement Retail - 1.1%       
66     Home Depot, Inc.     21,395  
34     Lowe’s Cos., Inc.     7,080  
            28,475  
Homebuilding - 0.6%       
64     D.R. Horton, Inc.     6,316  
50     Lennar Corp. - Class A     5,120  
2     Lennar Corp. - Class B     173  
46     PulteGroup, Inc.     2,617  
22     Toll Brothers, Inc.     1,309  
            15,535  
Homefurnishing Retail - 0.1%       
2     RH (a)     624  
14     Williams-Sonoma, Inc.     1,889  
            2,513  
Hotels, Resorts & Cruise Lines - 0.7%       
2     Booking Holdings, Inc. (a)     4,868  
190     Carnival Corp. ADR (a)(b)     2,056  
30     Expedia Group, Inc. (a)     3,429  
2     Hyatt Hotels Corp. - Class A (a)     218  
8     Marriott Vacations Worldwide Corp.     1,280  
82     Norwegian Cruise Line Holdings Ltd. ADR (a)(b)     1,247  
42     Royal Caribbean Cruises Ltd. ADR (a)(b)     2,727  
16     Travel + Leisure Co.     678  
10     Wyndham Hotels & Resorts, Inc.     775  
            17,278  
Household Appliances - 0.1%       
10     Whirlpool Corp.     1,556  
       
Household Products - 0.7%       
10     Clorox Co.     1,447  
28     Colgate-Palmolive Co.     2,087  
30     Kimberly-Clark Corp.     3,900  
82     Procter & Gamble Co.     11,675  
6     Reynolds Consumer Products, Inc.     179  
            19,288  
Housewares & Specialties - 0.0% (c)       
74     Newell Brands, Inc.     1,181  

 

The accompanying notes are an integral part of these financial statements.

 

69

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Human Resource & Employment Services - 0.1%      
10     ManpowerGroup, Inc.   $ 872  
16     Robert Half International, Inc.     1,343  
2     TriNet Group, Inc. (a)     151  
            2,366  
Hypermarkets & Super Centers - 1.1%       
12     BJ’s Wholesale Club Holdings, Inc. (a)   870  
196     Walmart, Inc.     28,199  
            29,069  
Independent Power Producers & Energy Traders - 0.2%       
128     AES Corp.     3,508  
46     Vistra Corp.     1,061  
            4,569  
Industrial Conglomerates - 1.5%       
110     3M Co.     12,659  
214     General Electric Co.     17,223  
48     Honeywell International, Inc.     10,007  
            39,889  
Industrial Gases - 0.1%       
10     Air Products and Chemicals, Inc.     3,205  
       
Industrial Machinery - 1.0%       
8     Crane Holdings Co.     927  
8     Donaldson Co., Inc.     499  
8     Dover Corp.     1,215  
22     Flowserve Corp.     757  
44     Fortive Corp.     2,993  
22     Gates Industrial Corp. PLC ADR (a)(b)     291  
2     Graco, Inc.     137  
16     Illinois Tool Works, Inc.     3,777  
8     Ingersoll Rand, Inc.     448  
10     ITT, Inc.     916  
2     Lincoln Electric Holdings, Inc.     334  
4     Middleby Corp. (a)     622  
22     Otis Worldwide Corp.     1,809  
14     Parker-Hannifin Corp.     4,564  
20     Pentair PLC ADR (b)     1,108  
10     Snap-on, Inc.     2,487  
30     Stanley Black & Decker, Inc.     2,679  
10     Symbotic, Inc. (a)     157  
8     Xylem, Inc.     832  
            26,552  
Insurance Brokers - 0.2%       
2     Arthur J. Gallagher & Co.     391  
22     Willis Towers Watson PLC ADR (b)     5,592  
            5,983  

 

The accompanying notes are an integral part of these financial statements.

 

70

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Integrated Oil & Gas - 6.4%       
356     Chevron Corp.   $ 61,951  
832     Exxon Mobil Corp.     96,520  
142     Occidental Petroleum Corp.     9,200  
            167,671  
Integrated Telecommunication Services - 2.4%       
1,408     AT&T, Inc.   28,681  
48     Frontier Communications Parent, Inc. (a)     1,421  
776     Verizon Communications, Inc.     32,258  
            62,360  
Interactive Home Entertainment - 0.0% (c)       
10     Playtika Holding Corp. (a)     105  
       
Interactive Media & Services - 0.2%       
8     IAC, Inc. (a)     452  
22     Match Group, Inc. (a)     1,191  
14     Meta Platforms, Inc. - Class A (a)     2,086  
4     Ziff Davis, Inc. (a)     358  
            4,087  
Internet & Direct Marketing Retail - 0.1%       
58     eBay, Inc.     2,871  
       
Internet Services & Infrastructure - 0.0% (c)       
2     VeriSign, Inc. (a)     436  
       
Investment Banking & Brokerage - 2.5%       
44     Charles Schwab Corp.     3,406  
6     Evercore, Inc. - Class A     779  
68     Goldman Sachs Group, Inc.     24,875  
4     Houlihan Lokey, Inc.     396  
18     Interactive Brokers Group, Inc. - Class A     1,439  
32     Jefferies Financial Group, Inc.     1,257  
22     Lazard Ltd. - Class A ADR (b)     882  
266     Morgan Stanley     25,890  
38     Raymond James Financial, Inc.     4,285  
116     Robinhood Markets, Inc. - Class A (a)     1,208  
20     Stifel Financial Corp.     1,348  
20     Virtu Financial, Inc. - Class A     386  
            66,151  
IT Consulting & Other Services - 1.2%       
10     Amdocs Ltd. ADR (b)     919  
60     Cognizant Technology Solutions Corp. - Class A     4,005  
46     DXC Technology Co. (a)     1,322  
178     International Business Machines Corp.     23,982  
            30,228  
Leisure Products - 0.1%       
14     Brunswick Corp.     1,181  

 

The accompanying notes are an integral part of these financial statements.

 

71

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
20     Hasbro, Inc.   $ 1,183  
8     Polaris, Inc.     919  
            3,283  
Life & Health Insurance - 1.3%       
114     Aflac, Inc.   8,379  
3     F&G Annuities & Life, Inc.     64  
18     Globe Life, Inc.     2,175  
30     Lincoln National Corp.     1,063  
120     MetLife, Inc.     8,762  
6     Primerica, Inc.     971  
50     Principal Financial Group, Inc.     4,627  
74     Prudential Financial, Inc.     7,766  
34     Unum Group     1,429  
            35,236  
Life Sciences Tools & Services - 0.0% (c)       
8     Maravai LifeSciences Holdings, Inc. - Class A (a)     117  
2     Syneos Health, Inc. (a)     72  
            189  
Managed Health Care - 0.7%       
102     Centene Corp. (a)     7,776  
14     Elevance Health, Inc.     7,000  
4     Humana, Inc.     2,047  
4     Molina Healthcare, Inc. (a)     1,247  
            18,070  
Metal & Glass Containers - 0.1%       
4     AptarGroup, Inc.     463  
8     Ball Corp.     466  
26     Berry Global Group, Inc.     1,605  
14     Crown Holdings, Inc.     1,234  
            3,768  
Motorcycle Manufacturers - 0.0% (c)       
26     Harley-Davidson, Inc.     1,197  
       
Movies & Entertainment - 1.0%       
102     AMC Entertainment Holdings, Inc. - Class A (a)     546  
2     Liberty Media Corp. - Liberty Formula One - Class A (a)     127  
16     Liberty Media Corp. - Liberty Formula One - Class C (a)     1,133  
30     Live Nation Entertainment, Inc. (a)     2,415  
2     Madison Square Garden Sports Corp.     364  
128     Walt Disney Co. (a)     13,887  
436     Warner Bros Discovery, Inc. (a)     6,462  
            24,934  
Multi-line Insurance - 0.6%       
154     American International Group, Inc.     9,736  
6     Assurant, Inc.     796  
64     Hartford Financial Services Group, Inc.     4,967  
            15,499  

 

The accompanying notes are an integral part of these financial statements.

 

72

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Multi-Sector Holdings - 1.0%       
80     Berkshire Hathaway, Inc. - Class B (a)   $ 24,922  
       
Multi-Utilities - 1.8%       
34     Ameren Corp.   2,954  
12     Black Hills Corp.     869  
122     CenterPoint Energy, Inc.     3,675  
34     CMS Energy Corp.     2,148  
70     Consolidated Edison, Inc.     6,672  
132     Dominion Energy, Inc.     8,400  
30     DTE Energy Co.     3,491  
80     NiSource, Inc.     2,220  
82     Public Service Enterprise Group, Inc.     5,078  
52     Sempra Energy     8,337  
36     WEC Energy Group, Inc.     3,384  
            47,228  
Office Services & Supplies - 0.0% (c)       
2     MSA Safety, Inc.     273  
       
Oil & Gas Equipment & Services - 0.7%       
164     Baker Hughes Co.     5,205  
76     Halliburton Co.     3,133  
8     NOV, Inc.     196  
180     Schlumberger Ltd. ADR (b)     10,256  
            18,790  
Oil & Gas Exploration & Production - 3.5%       
52     Antero Resources Corp. (a)     1,500  
66     APA Corp.     2,926  
16     Chesapeake Energy Corp.     1,388  
254     ConocoPhillips     30,955  
152     Coterra Energy, Inc.     3,805  
128     Devon Energy Corp.     8,095  
34     Diamondback Energy, Inc.     4,968  
114     EOG Resources, Inc.     15,076  
66     EQT Corp.     2,156  
138     Marathon Oil Corp.     3,791  
18     Matador Resources Co.     1,191  
50     Ovintiv, Inc.     2,461  
20     PDC Energy, Inc.     1,355  
46     Pioneer Natural Resources Co.     10,596  
50     Range Resources Corp.     1,251  
216     Southwestern Energy Co. (a)     1,192  
3     Vitesse Energy, Inc. (a)     48  
            92,754  
Oil & Gas Refining & Marketing - 1.4%       
30     HF Sinclair Corp.     1,707  
106     Marathon Petroleum Corp.     13,623  

 

The accompanying notes are an integral part of these financial statements.

 

73

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
96     Phillips 66   $ 9,626  
80     Valero Energy Corp.     11,202  
            36,158  
Oil & Gas Storage & Transportation - 1.0%       
18     Cheniere Energy, Inc.   2,750  
20     DT Midstream, Inc.     1,093  
8     Hess Midstream LP - Class A     247  
390     Kinder Morgan, Inc.     7,137  
88     ONEOK, Inc.     6,026  
240     Williams Cos., Inc.     7,738  
            24,991  
Other Diversified Financial Services - 0.2%       
8     Apollo Global Management, Inc.     566  
8     Corebridge Financial, Inc.     174  
76     Equitable Holdings, Inc.     2,437  
20     Voya Financial, Inc.     1,395  
            4,572  
Packaged Foods & Meats - 1.4%       
30     Campbell Soup Co.     1,558  
94     Conagra Brands, Inc.     3,496  
22     Flowers Foods, Inc.     609  
64     General Mills, Inc.     5,015  
22     Hormel Foods Corp.     997  
20     J.M. Smucker Co.     3,056  
38     Kellogg Co.     2,606  
152     Kraft Heinz Co.     6,161  
4     Lamb Weston Holdings, Inc.     400  
2     Lancaster Colony Corp.     384  
8     McCormick & Co., Inc.     601  
108     Mondelez International, Inc. - Class A     7,068  
8     Pilgrim’s Pride Corp. (a)     194  
8     Post Holdings, Inc. (a)     760  
56     Tyson Foods, Inc. - Class A     3,682  
            36,587  
Paper Packaging - 0.5%       
244     Amcor PLC ADR (b)     2,943  
6     Avery Dennison Corp.     1,137  
32     Graphic Packaging Holding Co.     771  
74     International Paper Co.     3,095  
18     Packaging Corp. of America     2,569  
8     Sealed Air Corp.     438  
18     Sonoco Products Co.     1,100  
50     Westrock Co.     1,962  
            14,015  
Personal Products - 0.0% (c)       
4     BellRing Brands, Inc. (a)     113  
70     Coty, Inc. - Class A (a)     697  
            810  

 

The accompanying notes are an integral part of these financial statements.

 

74

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Pharmaceuticals - 4.3%       
200     Bristol-Myers Squibb Co.   $ 14,530  
20     Elanco Animal Health, Inc. (a)     275  
2     Jazz Pharmaceuticals PLC ADR (a)(b)     313  
180     Johnson & Johnson     29,416  
232     Merck & Co., Inc.     24,919  
50     Organon & Co.     1,507  
26     Perrigo Co. PLC ADR (b)     973  
840     Pfizer, Inc.     37,094  
10     Royalty Pharma PLC - Class A ADR (b)     392  
238     Viatris, Inc.     2,894  
            112,313  
Property & Casualty Insurance - 2.0%       
54     Allstate Corp.     6,937  
14     American Financial Group, Inc.     1,996  
44     Arch Capital Group Ltd. ADR (a)(b)     2,831  
16     Axis Capital Holdings Ltd. ADR (b)     1,001  
70     Chubb Ltd. ADR (b)     15,924  
14     Cincinnati Financial Corp.     1,584  
52     Fidelity National Financial, Inc.     2,290  
20     First American Financial Corp.     1,237  
6     Hanover Insurance Group, Inc.     807  
42     Loews Corp.     2,582  
56     Old Republic International Corp.     1,478  
10     Progressive Corp.     1,364  
10     Selective Insurance Group, Inc.     950  
46     Travelers Cos., Inc.     8,792  
22     W.R. Berkley Corp.     1,543  
            51,316  
Publishing - 0.1%       
8     New York Times Co. - Class A     279  
68     News Corp. - Class A     1,378  
22     News Corp. - Class B     450  
            2,107  
Railroads - 0.7%       
102     CSX Corp.     3,154  
18     Norfolk Southern Corp.     4,425  
48     Union Pacific Corp.     9,801  
            17,380  
Real Estate Development - 0.0% (c)       
4     Howard Hughes Corp. (a)     342  
       
Real Estate Services - 0.2%       
34     CBRE Group, Inc. - Class A (a)     2,907  
10     Jones Lang LaSalle, Inc. (a)     1,849  
            4,756  
Regional Banks - 3.1%       
22     Bank OZK   1,005  

 

The accompanying notes are an integral part of these financial statements.

 

75

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
6     BOK Financial Corp.   $ 603  
98     Citizens Financial Group, Inc.     4,245  
26     Comerica, Inc.     1,906  
12     Commerce Bancshares, Inc.     799  
10     Cullen/Frost Bankers, Inc.     1,303  
28     East West Bancorp, Inc.     2,199  
134     Fifth Third Bancorp     4,863  
2     First Citizens BancShares, Inc. - Class A     1,555  
106     First Horizon Corp.     2,621  
8     First Republic Bank     1,127  
278     Huntington Bancshares, Inc.     4,217  
182     KeyCorp     3,493  
34     M&T Bank Corp.     5,304  
14     Pinnacle Financial Partners, Inc.     1,102  
82     PNC Financial Services Group, Inc.     13,565  
16     Popular, Inc. ADR (b)     1,098  
18     Prosperity Bancshares, Inc.     1,365  
182     Regions Financial Corp.     4,284  
8     Signature Bank     1,032  
14     SouthState Corp.     1,114  
2     SVB Financial Group (a)     605  
28     Synovus Financial Corp.     1,175  
260     Truist Financial Corp.     12,841  
42     Umpqua Holdings Corp.     764  
26     United Bankshares, Inc.     1,045  
34     Webster Financial Corp.     1,790  
16     Western Alliance Bancorp     1,206  
12     Wintrust Financial Corp.     1,098  
30     Zions Bancorp NA     1,595  
            80,919  
Reinsurance - 0.2%       
8     Everest Re Group Ltd. ADR (b)     2,798  
14     Reinsurance Group of America, Inc.     2,125  
            4,923  
Renewable Electricity - 0.0% (c)       
6     Clearway Energy, Inc. - Class A     192  
16     Clearway Energy, Inc. - Class C     541  
2     NextEra Energy Partners LP     147  
            880  
Research & Consulting Services - 0.2%       
2     Booz Allen Hamilton Holding Corp.   189  
2     CACI International, Inc. - Class A (a)     616  
32     Clarivate PLC ADR (a)(b)     356  
4     Jacobs Solutions, Inc.     494  
6     KBR, Inc.     307  
10     Leidos Holdings, Inc.     988  
10     Science Applications International Corp.     1,038  
            3,988  

 

The accompanying notes are an integral part of these financial statements.

 

76

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Restaurants - 1.1%       
48     Aramark   $ 2,137  
20     Darden Restaurants, Inc.     2,959  
50     McDonald’s Corp.     13,370  
68     Starbucks Corp.     7,422  
4     Texas Roadhouse, Inc.     402  
6     Wendy’s Co.     134  
10     Yum! Brands, Inc.     1,305  
            27,729  
Semiconductor Equipment - 0.2%       
30     Applied Materials, Inc.     3,345  
2     Lam Research Corp.     1,000  
8     MKS Instruments, Inc.     819  
            5,164  
Semiconductors - 2.5%       
42     Analog Devices, Inc.     7,202  
8     Broadcom, Inc.     4,680  
2     Cirrus Logic, Inc. (a)     181  
6     First Solar, Inc. (a)     1,066  
808     Intel Corp.     22,834  
44     Marvell Technology, Inc.     1,899  
34     Microchip Technology, Inc.     2,639  
216     Micron Technology, Inc.     13,025  
12     ON Semiconductor Corp. (a)     881  
4     Qorvo, Inc. (a)     435  
26     Skyworks Solutions, Inc.     2,851  
46     Texas Instruments, Inc.     8,152  
            65,845  
Soft Drinks - 1.0%       
198     Coca-Cola Co.     12,141  
108     Keurig Dr. Pepper, Inc.     3,810  
56     PepsiCo, Inc.     9,577  
            25,528  
Specialized Consumer Services - 0.1%       
40     ADT, Inc.     352  
32     H&R Block, Inc.     1,247  
2     Service Corp. International     148  
            1,747  
Specialized Finance - 0.0% (c)       
34     SoFi Technologies, Inc. (a)   236  
       
Specialty Chemicals - 0.9%       
6     Ashland, Inc.     656  
30     Axalta Coating Systems Ltd. ADR (a)(b)     903  
20     Celanese Corp.     2,464  
92     DuPont de Nemours, Inc.     6,803  
26     Eastman Chemical Co.     2,292  
12     Ecolab, Inc.     1,858  

 

The accompanying notes are an integral part of these financial statements.

 

77

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
42     International Flavors & Fragrances, Inc.   $ 4,723  
24     PPG Industries, Inc.     3,128  
8     RPM International, Inc.     719  
            23,546  
Specialty Stores - 0.1%       
42     Bath & Body Works, Inc.     1,932  
10     Dick’s Sporting Goods, Inc.     1,308  
            3,240  
Steel - 0.7%       
92     Cleveland-Cliffs, Inc. (a)     1,964  
52     Nucor Corp.     8,789  
12     Reliance Steel & Aluminum Co.     2,729  
36     Steel Dynamics, Inc.     4,343  
            17,825  
Systems Software - 0.4%       
2     Dolby Laboratories, Inc. - Class A     159  
48     Gen Digital, Inc.     1,104  
46     Oracle Corp.     4,069  
2     Teradata Corp. (a)     70  
10     UiPath, Inc. - Class A (a)     154  
44     VMware, Inc. - Class A (a)     5,389  
            10,945  
Technology Distributors - 0.1%       
14     Arrow Electronics, Inc. (a)     1,645  
8     TD SYNNEX Corp.     817  
            2,462  
Technology Hardware, Storage & Peripherals - 0.7%       
50     Dell Technologies, Inc. - Class C     2,031  
256     Hewlett Packard Enterprise Co.     4,129  
180     HP, Inc.     5,245  
24     NetApp, Inc.     1,590  
40     Seagate Technology Holdings PLC ADR (b)     2,711  
60     Western Digital Corp. (a)     2,637  
            18,343  
Thrifts & Mortgage Finance - 0.1%       
20     Essent Group Ltd. ADR (b)   881  
60     MGIC Investment Corp.     847  
90     New York Community Bancorp, Inc.     899  
34     Radian Group, Inc.     751  
22     Rocket Cos., Inc. - Class A     207  
10     TFS Financial Corp.     143  
16     UWM Holdings Corp.     73  
            3,801  
Tobacco - 1.8%       
358     Altria Group, Inc.     16,124  
294     Philip Morris International, Inc.     30,647  
            46,771  

 

The accompanying notes are an integral part of these financial statements.

 

78

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Trading Companies & Distributors - 0.4%       
20     Air Lease Corp.   $ 899  
20     Ferguson PLC ADR (b)     2,847  
10     MSC Industrial Direct Co., Inc. - Class A     827  
10     United Rentals, Inc. (a)     4,409  
2     Watsco, Inc.     575  
            9,557  
Trucking - 0.3%       
6     Avis Budget Group, Inc. (a)     1,200  
406     Grab Holdings Ltd. - Class A ADR (a)(b)     1,539  
44     Hertz Global Holdings, Inc. (a)     793  
30     Knight-Swift Transportation Holdings, Inc.     1,773  
4     Landstar System, Inc.     691  
22     RXO, Inc. (a)     403  
18     U-Haul Holding Co. - Series N     1,112  
2     U-Haul Holding Co.     134  
22     XPO, Inc. (a)     877  
            8,522  
Water Utilities - 0.0% (c)       
4     American Water Works Co., Inc.     626  
10     Essential Utilities, Inc.     467  
            1,093  
Wireless Telecommunication Services - 0.0% (c)       
2     T-Mobile U.S., Inc. (a)     299  
      TOTAL COMMON STOCKS (Cost $2,361,612)     2,526,685  
               
REAL ESTATE INVESTMENT TRUSTS - 3.3%      
Diversified REITs - 0.2%       
52     STORE Capital Corp.     1,675  
32     W.P. Carey, Inc.     2,737  
            4,412  
Health Care REITs - 0.5%       
46     Healthcare Realty Trust, Inc.   990  
96     Healthpeak Properties, Inc.     2,638  
116     Medical Properties Trust, Inc.     1,502  
46     Omega Healthcare Investors, Inc.     1,354  
68     Ventas, Inc.     3,523  
36     Welltower, Inc.     2,701  
            12,708  
Hotel & Resort REITs - 0.1%       
138     Host Hotels & Resorts, Inc.     2,601  
42     Park Hotels & Resorts, Inc.     618  
            3,219  
Industrial REITs - 0.1%       
40     Americold Realty Trust, Inc.     1,256  
2     First Industrial Realty Trust, Inc.     107  
4     Prologis, Inc.     517  

 

The accompanying notes are an integral part of these financial statements.

 

79

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
14     STAG Industrial, Inc.   $ 498  
            2,378  
Mortgage REITs - 0.2%       
102     AGNC Investment Corp.     1,183  
80     Annaly Capital Management, Inc.     1,878  
32     Blackstone Mortgage Trust, Inc. - Class A     763  
92     Rithm Capital Corp.     866  
58     Starwood Property Trust, Inc.     1,212  
            5,902  
Office REITs - 0.3%       
18     Alexandria Real Estate Equities, Inc.     2,893  
26     Boston Properties, Inc.     1,938  
6     Cousins Properties, Inc.     165  
34     Douglas Emmett, Inc.     570  
20     Highwoods Properties, Inc.     607  
22     Kilroy Realty Corp.     903  
12     SL Green Realty Corp.     494  
34     Vornado Realty Trust     829  
            8,399  
Residential REITs - 0.3%       
10     Apartment Income REIT Corp.     383  
10     AvalonBay Communities, Inc.     1,774  
4     Camden Property Trust     493  
28     Equity Residential     1,782  
4     Essex Property Trust, Inc.     904  
2     Mid-America Apartment Communities, Inc.     333  
18     UDR, Inc.     767  
            6,436  
Retail REITs - 0.9%       
10     Agree Realty Corp.   746  
60     Brixmor Property Group, Inc.     1,412  
12     Federal Realty Investment Trust     1,338  
118     Kimco Realty Corp.     2,650  
32     National Retail Properties, Inc.     1,515  
74     Realty Income Corp.     5,019  
28     Regency Centers Corp.     1,866  
64     Simon Property Group, Inc.     8,222  
26     Spirit Realty Capital, Inc.     1,141  
            23,909  
Specialized REITs - 0.7%       
12     CubeSmart     550  
14     Digital Realty Trust, Inc.     1,605  
2     Extra Space Storage, Inc.     316  
48     Gaming and Leisure Properties, Inc.     2,571  
26     Iron Mountain, Inc.     1,419  
12     Lamar Advertising Co. - Class A     1,279  
4     Life Storage, Inc.     432  

 

The accompanying notes are an integral part of these financial statements.

 

80

 

 

Strive 1000 Value ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
10     Rayonier, Inc.   $ 364  
140     VICI Properties, Inc.     4,785  
146     Weyerhaeuser Co.     5,027  
            18,348  
      TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $77,045)     85,711  
               
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.1%      
2,280     First American Government Obligations Fund - Class X, 4.14% (e)     2,280  
      TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,280)     2,280  
               
MONEY MARKET FUNDS - 0.3%      
7,436     First American Government Obligations Fund - Class X, 4.14% (e)     7,436  
      TOTAL MONEY MARKET FUNDS (Cost $7,436)     7,436  
               
      TOTAL INVESTMENTS (Cost $2,448,373) - 100.0%   $ 2,622,112  
      Other Assets in Excess of Liabilities - 0.0% (c)     593  
      TOTAL NET ASSETS - 100.0%   $ 2,622,704  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a) Non-income producing security.
(b) Foreign issued security.
(c) Represents less than 0.05% of net assets.
(d) This security or a portion of this security was out on loan as of January 31, 2023. Total loaned securities had a market value of $2,310 as of January 31, 2023.
(e) Rate shown is the 7-day effective yield. 

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

81

 

 

Strive Small-Cap ETF
Schedule of Investments
January 31, 2023 (Unaudited)

 

Shares         Value  
COMMON STOCKS - 93.3%
Aerospace & Defense - 1.5%       
171     Aerojet Rocketdyne Holdings, Inc. (a)   $ 9,562  
206     BWX Technologies, Inc.     12,537  
190     Hexcel Corp.     13,410  
127     Mercury Systems, Inc. (a)     6,348  
65     Moog, Inc. - Class A     6,196  
84     Parsons Corp. (a)     3,656  
235     Spirit AeroSystems Holdings, Inc. - Class A     8,495  
            60,204  
Air Freight & Logistics - 0.8%       
163     Air Transport Services Group, Inc. (a)     4,615  
60     Forward Air Corp.     6,471  
264     GXO Logistics, Inc. (a)     13,815  
74     Hub Group, Inc. - Class A (a)     6,310  
            31,211  
Airlines - 0.2%       
18     Copa Holdings S.A. - Class A ADR (a)(b)     1,657  
83     Frontier Group Holdings, Inc. (a)     1,044  
182     JetBlue Airways Corp. (a)     1,456  
509     Joby Aviation, Inc. (a)     2,250  
61     Spirit Airlines, Inc.     1,210  
            7,617  
Alternative Carriers - 0.2%       
96     Cogent Communications Holdings, Inc.     6,583  
1,561     Globalstar, Inc. (a)     2,201  
            8,784  
Aluminum - 0.1%       
226     Arconic Corp. (a)     5,313  
               
Apparel Retail - 0.6%       
205     Foot Locker, Inc.     8,920  
517     Gap, Inc.     7,016  
162     Victoria’s Secret & Co. (a)     6,828  
            22,764  
Apparel, Accessories & Luxury Goods - 1.1%       
86     Carter’s, Inc.     7,170  
73     Columbia Sportswear Co.     7,001  
778     Hanesbrands, Inc.     6,566  
146     PVH Corp.     13,125  
423     Under Armour, Inc. - Class A (a)     5,241  
436     Under Armour, Inc. - Class C (a)     4,752  
            43,855  
Application Software - 5.4%       
254     ACI Worldwide, Inc. (a)     7,094  
106     Alarm.com Holdings, Inc. (a)     5,682  
115     Altair Engineering, Inc. - Class A (a)     6,107  
132     Alteryx, Inc. - Class A (a)     7,325  

 

The accompanying notes are an integral part of these financial statements.

 

82

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
40     Appfolio, Inc. - Class A (a)   $ 4,493  
118     Asana, Inc. - Class A (a)     1,829  
117     Blackbaud, Inc. (a)     7,279  
123     Blackline, Inc. (a)     8,831  
308     Box, Inc. - Class A (a)     9,853  
79     Braze, Inc. - Class A (a)     2,528  
178     Clear Secure, Inc. - Class A     5,587  
54     Clearwater Analytics Holdings, Inc. - Class A (a)     1,057  
171     Coupa Software, Inc. (a)     13,666  
135     Cvent Holding Corp. (a)     1,089  
157     DoubleVerify Holdings, Inc. (a)     4,269  
50     EngageSmart, Inc. (a)     985  
122     Envestnet, Inc. (a)     7,930  
62     EverCommerce, Inc. (a)     640  
304     Freshworks, Inc. - Class A (a)     4,919  
36     Instructure Holdings, Inc. (a)     973  
145     Jamf Holding Corp. (a)     2,881  
21     MicroStrategy, Inc. - Class A (a)     5,286  
164     nCino, Inc. (a)     4,690  
294     NCR Corp. (a)     8,061  
117     New Relic, Inc. (a)     7,143  
519     Nutanix, Inc. - Class A (a)     14,465  
182     PagerDuty, Inc. (a)     5,422  
121     Paycor HCM, Inc. (a)     3,038  
94     Pegasystems, Inc.     3,655  
188     PowerSchool Holdings, Inc. - Class A (a)     4,234  
123     Q2 Holdings, Inc. (a)     4,025  
188     RingCentral, Inc. - Class A (a)     7,338  
285     Smartsheet, Inc. - Class A (a)     12,315  
214     Sprinklr, Inc. - Class A (a)     2,127  
102     Sprout Social, Inc. - Class A (a)     6,525  
81     SPS Commerce, Inc. (a)     11,022  
143     Verint Systems, Inc. (a)     5,430  
103     Workiva, Inc. (a)     8,913  
            218,706  
Asset Management & Custody Banks - 1.3%       
86     Affiliated Managers Group, Inc.     14,856  
147     Artisan Partners Asset Management, Inc. - Class A     5,413  
56     Cohen & Steers, Inc.     4,114  
188     Federated Hermes, Inc.     7,388  
108     Focus Financial Partners, Inc. - Class A (a)     4,876  
71     Hamilton Lane, Inc. - Class A     5,528  
298     Janus Henderson Group PLC ADR (b)     7,724  
117     StepStone Group, Inc. - Class A     3,415  
            53,314  
Auto Parts & Equipment - 1.4%       
211     Adient PLC ADR (a)(b)     9,499  
288     Dana, Inc.     5,224  

 

The accompanying notes are an integral part of these financial statements.

 

83

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
59     Dorman Products, Inc. (a)   $ 5,727  
95     Fox Factory Holding Corp. (a)     11,219  
56     LCI Industries     6,284  
483     Luminar Technologies, Inc. (a)     3,222  
504     QuantumScape Corp. (a)(c)     4,289  
63     Visteon Corp. (a)     9,849  
            55,313  
Automobile Manufacturers - 0.3%       
362     Fisker, Inc. (a)(c)     2,697  
116     Thor Industries, Inc.     11,058  
            13,755  
Automotive Retail - 0.6%       
50     Asbury Automotive Group, Inc. (a)     11,000  
85     Camping World Holdings, Inc. - Class A     2,160  
217     Carvana Co. (a)     2,207  
34     Group 1 Automotive, Inc.     7,271  
            22,638  
Biotechnology - 3.4%       
269     Acadia Pharmaceuticals, Inc. (a)     5,119  
365     Alkermes PLC ADR (a)(b)     10,454  
624     Amicus Therapeutics, Inc. (a)     8,137  
227     Arrowhead Pharmaceuticals, Inc. (a)     7,943  
150     Beam Therapeutics, Inc. (a)     6,518  
133     Blueprint Medicines Corp. (a)     6,216  
136     Cerevel Therapeutics Holdings, Inc. (a)     4,644  
205     Cytokinetics, Inc. (a)     8,708  
221     Denali Therapeutics, Inc. (a)     6,690  
561     EQRx, Inc. (a)     1,374  
183     Fate Therapeutics, Inc. (a)     1,091  
296     Insmed, Inc. (a)     6,373  
161     Intellia Therapeutics, Inc. (a)     6,833  
62     Karuna Therapeutics, Inc. (a)     12,362  
112     Mirati Therapeutics, Inc. (a)     5,982  
200     Natera, Inc. (a)     8,586  
175     Novavax, Inc. (a)(c)     1,909  
86     ProKidney Corp. ADR (a)(b)     897  
160     PTC Therapeutics, Inc. (a)     7,342  
199     Relay Therapeutics, Inc. (a)     4,271  
123     Twist Bioscience Corp. (a)     3,529  
147     Ultragenyx Pharmaceutical, Inc. (a)     6,664  
228     Vir Biotechnology, Inc. (a)     6,737  
            138,379  
Brewers - 0.2%       
21     Boston Beer Co., Inc. - Class A (a)     8,161  
               
Broadcasting - 0.2%       
498     TEGNA, Inc.     9,925  

 

The accompanying notes are an integral part of these financial statements.

 

84

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Building Products - 1.2%       
95     AAON, Inc.   $ 7,250  
101     Armstrong World Industries, Inc.     7,818  
247     AZEK Co., Inc. (a)     5,960  
215     Hayward Holdings, Inc. (a)     2,900  
322     Resideo Technologies, Inc. (a)     6,192  
98     Simpson Manufacturing Co., Inc.     10,497  
322     Zurn Elkay Water Solutions Corp. - Class C     7,039  
            47,656  
Cable & Satellite - 0.1%       
485     Altice USA, Inc. - Class A (a)     2,377  
               
Casinos & Gaming - 0.7%       
230     International Game Technology PLC (b)     6,084  
210     Light & Wonder, Inc. (a)     13,702  
111     Red Rock Resorts, Inc. - Class A     4,996  
209     Sportradar Holding AG - Class A ADR (a)(b)     2,623  
            27,405  
Coal & Consumable Fuels - 0.5%       
41     Arch Resources, Inc.     6,069  
62     Consol Energy, Inc.     3,585  
69     Enviva, Inc.     3,138  
261     Peabody Energy Corp. (a)     7,279  
            20,071  
Commercial Printing - 0.1%       
99     Brady Corp. - Class A     5,294  
               
Commodity Chemicals - 0.3%       
125     Cabot Corp.     9,416  
256     Tronox Holdings PLC ADR (b)     4,390  
            13,806  
Communications Equipment - 0.6%       
129     Calix, Inc. (a)     6,791  
155     NetScout Systems, Inc. (a)     4,976  
168     Viasat, Inc. (a)     5,788  
504     Viavi Solutions, Inc. (a)     5,695  
            23,250  
Construction Machinery & Heavy Trucks - 0.5%       
215     Allison Transmission Holdings, Inc.     9,692  
133     Federal Signal Corp.     7,082  
677     Nikola Corp. (a)(c)     1,835  
            18,609  
Construction Materials - 0.5%       
82     Eagle Materials, Inc.     11,979  
269     Summit Materials, Inc. - Class A (a)     8,839  
            20,818  

 

The accompanying notes are an integral part of these financial statements.

 

85

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Construction & Engineering - 1.2%       
71     Ameresco, Inc. - Class A (a)   $ 4,577  
435     API Group Corp. (a)     9,674  
107     Arcosa, Inc.     6,342  
80     Comfort Systems USA, Inc.     9,683  
64     Dycom Industries, Inc. (a)     6,104  
315     Fluor Corp. (a)     11,576  
            47,956  
Consumer Electronics - 0.1%       
282     Sonos, Inc. (a)     5,200  
               
Consumer Finance - 0.9%       
85     FirstCash Holdings, Inc.     7,835  
226     Navient Corp.     4,287  
28     Nelnet, Inc. - Class A     2,674  
254     OneMain Holdings, Inc.     10,958  
557     SLM Corp.     9,786  
            35,540  
Data Processing & Outsourced Services - 1.6%       
106     Euronet Worldwide, Inc. (a)     11,944  
149     Evertec, Inc. ADR (b)     5,504  
72     ExlService Holdings, Inc. (a)     12,283  
180     Flywire Corp. (a)     4,855  
1,001     Marqeta, Inc. - Class A (a)     6,637  
135     Maximus, Inc.     10,105  
1     Paysafe Ltd. ADR (a)(b)     14  
112     Shift4 Payments, Inc. - Class A (a)     7,172  
42     TTEC Holdings, Inc.     2,135  
341     Verra Mobility Corp. (a)     5,262  
            65,911  
Department Stores - 0.7%       
8     Dillard’s, Inc. - Class A     3,146  
258     Kohl’s Corp.     8,351  
602     Macy’s, Inc.     14,225  
214     Nordstrom, Inc.     4,182  
            29,904  
Distillers & Vintners - 0.1%       
32     MGP Ingredients, Inc.     3,121  
               
Diversified Real Estate Activities - 0.1%       
82     St. Joe Co.     3,862  
               
Diversified Support Services - 0.6%       
789     Aurora Innovation, Inc. (a)     1,436  
139     Driven Brands Holdings, Inc. (a)     4,057  
299     IAA, Inc. (a)     12,477  
34     UniFirst Corp.     6,747  
            24,717  

 

The accompanying notes are an integral part of these financial statements.

 

86

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Education Services - 0.7%       
276     Chegg, Inc. (a)   $ 5,730  
212     Coursera, Inc. (a)     3,381  
58     Duolingo, Inc. (a)     5,538  
8     Graham Holdings Co. - Class B     5,226  
71     Grand Canyon Education, Inc. (a)     8,276  
            28,151  
Electric Utilities - 1.2%       
128     Allete, Inc.     7,918  
246     Hawaiian Electric Industries, Inc.     10,398  
81     MGE Energy, Inc.     5,922  
92     Otter Tail Corp.     5,902  
191     PNM Resources, Inc.     9,451  
224     Portland General Electric Co.     10,658  
            50,249  
Electrical Components & Equipment - 1.6%       
93     Atkore, Inc. (a)     12,113  
590     ChargePoint Holdings, Inc. (a)(c)     7,163  
40     Encore Wire Corp.     6,457  
90     EnerSys     7,472  
137     Shoals Technologies Group, Inc. - Class A (a)     3,821  
191     SunPower Corp. (a)     3,329  
463     Sunrun, Inc. (a)     12,168  
697     Vertiv Holdings Co.     9,911  
50     Vicor Corp. (a)     3,472  
            65,906  
Electronic Components - 0.5%       
96     Belden, Inc.     7,785  
42     Rogers Corp. (a)     5,863  
291     Vishay Intertechnology, Inc.     6,661  
            20,309  
Electronic Equipment & Instruments - 1.1%       
83     Advanced Energy Industries, Inc.     7,697  
66     Badger Meter, Inc.     7,649  
101     Itron, Inc. (a)     5,804  
297     National Instruments Corp.     16,038  
353     Vontier Corp.     8,130  
            45,318  
Electronic Manufacturing Services - 0.3%       
62     Plexus Corp. (a)     5,951  
126     Sanmina Corp. (a)     7,677  
            13,628  
Environmental & Facilities Services - 1.0%       
147     ABM Industries, Inc.     6,896  
113     Casella Waste Systems, Inc. - Class A (a)     9,054  
114     Clean Harbors, Inc. (a)     14,854  
206     Stericycle, Inc. (a)     11,085  
            41,889  

 

The accompanying notes are an integral part of these financial statements.

 

87

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Fertilizers & Agricultural Chemicals - 0.2%       
86     Scotts Miracle-Gro Co.   $ 6,208  
               
Food Distributors - 0.1%       
128     United Natural Foods, Inc. (a)     5,327  
               
Food Retail - 0.3%       
200     Grocery Outlet Holding Corp. (a)     6,078  
239     Sprouts Farmers Market, Inc. (a)     7,636  
            13,714  
Footwear - 0.5%       
134     Crocs, Inc. (a)     16,317  
162     Steven Madden Ltd.     5,808  
            22,125  
Forest Products - 0.3%       
165     Louisiana-Pacific Corp.     11,235  
               
Gas Utilities - 1.1%       
39     Chesapeake Utilities Corp.     4,917  
217     New Jersey Resources Corp.     10,833  
120     ONE Gas, Inc.     9,883  
274     South Jersey Industries, Inc.     9,889  
115     Spire, Inc.     8,305  
            43,827  
General Merchandise Stores - 0.2%       
130     Ollie’s Bargain Outlet Holdings, Inc. (a)     7,119  
               
Health Care Distributors - 0.3%       
158     AdaptHealth Corp. (a)     3,386  
165     Owens & Minor, Inc. (a)     3,257  
194     Patterson Cos., Inc.     5,857  
            12,500  
Health Care Equipment - 2.6%       
102     AtriCure, Inc. (a)     4,415  
110     Axonics, Inc. (a)     6,754  
68     CONMED Corp.     6,512  
107     Enovis Corp. (a)     6,736  
102     Glaukos Corp. (a)     5,003  
96     Inari Medical, Inc. (a)     5,477  
156     Inmode Ltd. ADR (a)(b)     5,468  
73     Integer Holdings Corp. (a)     4,804  
165     Integra LifeSciences Holdings Corp. (a)     9,454  
66     iRhythm Technologies, Inc. (a)     6,488  
120     LivaNova PLC ADR (a)(b)     6,744  
116     NuVasive, Inc. (a)     5,290  
98     Omnicell, Inc. (a)     5,436  
81     Penumbra, Inc. (a)     20,283  
144     Tandem Diabetes Care, Inc. (a)     5,867  
            104,731  

 

The accompanying notes are an integral part of these financial statements.

 

88

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Health Care Facilities - 0.9%       
347     Cano Health, Inc. (a)   $ 479  
221     Encompass Health Corp.     13,801  
119     Ensign Group, Inc.     11,097  
223     Select Medical Holdings Corp.     6,483  
89     Surgery Partners, Inc. (a)     2,955  
            34,815  
Health Care Services - 1.6%       
403     1Life Healthcare, Inc. (a)     6,444  
75     Agiliti, Inc. (a)     1,384  
72     Amedisys, Inc. (a)     6,960  
97     AMN Healthcare Services, Inc. (a)     9,296  
87     Apollo Medical Holdings, Inc. (a)     3,101  
21     CorVel Corp. (a)     3,741  
219     Guardant Health, Inc. (a)     6,883  
67     LHC Group, Inc. (a)     10,626  
126     MSP Recovery, Inc. (a)     146  
261     Premier, Inc. - Class A     8,707  
115     Privia Health Group, Inc. (a)     3,110  
163     Signify Health, Inc. - Class A (a)     4,639  
            65,037  
Health Care Supplies - 1.4%       
115     Haemonetics Corp. (a)     9,729  
51     ICU Medical, Inc. (a)     9,855  
151     Lantheus Holdings, Inc. (a)     8,683  
125     Merit Medical Systems, Inc. (a)     8,919  
471     Neogen Corp. (a)     10,084  
107     STAAR Surgical Co. (a)     7,549  
            54,819  
Health Care Technology - 0.4%       
269     Certara, Inc. (a)     5,219  
71     Definitive Healthcare Corp. (a)     879  
195     Evolent Health, Inc. - Class A (a)     6,283  
166     GoodRx Holdings, Inc. - Class A (a)     928  
814     Multiplan Corp. (a)     1,074  
122     Schrodinger, Inc. (a)     2,950  
            17,333  
Heavy Electrical Equipment - 0.2%       
361     Bloom Energy Corp. - Class A (a)     9,000  
65     NuScale Power Corp. (a)     693  
            9,693  
Home Furnishings - 0.6%       
291     Leggett & Platt, Inc.     10,639  
380     Tempur Sealy International, Inc.     15,485  
            26,124  
Homebuilding - 1.2%       
53     Installed Building Products, Inc.     5,835  

 

The accompanying notes are an integral part of these financial statements.

 

89

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
171     KB Home   $ 6,575  
46     LGI Homes, Inc. (a)     5,237  
128     MDC Holdings, Inc.     4,833  
81     Meritage Homes Corp. (a)     8,723  
119     Skyline Champion Corp. (a)     7,015  
232     Taylor Morrison Home Corp. (a)     8,306  
            46,524  
Hotels, Resorts & Cruise Lines - 0.8%       
194     Hilton Grand Vacations, Inc. (a)     9,188  
946     Norwegian Cruise Line Holdings Ltd. ADR (a)(b)     14,389  
184     Travel + Leisure Co.     7,796  
            31,373  
Household Appliances - 0.2%       
54     Helen of Troy Ltd. ADR (a)(b)     6,108  
               
Household Products - 0.4%       
89     Central Garden & Pet Co. - Class A (a)     3,527  
21     Central Garden & Pet Co. (a)     881  
90     Spectrum Brands Holdings, Inc.     6,109  
30     WD-40 Co.     5,236  
            15,753  
Human Resource & Employment Services - 1.3%       
634     Alight, Inc. - Class A (a)     5,953  
110     ASGN, Inc. (a)     10,004  
81     Insperity, Inc.     8,955  
118     Korn Ferry     6,371  
116     ManpowerGroup, Inc.     10,111  
83     TriNet Group, Inc. (a)     6,262  
271     Upwork, Inc. (a)     3,512  
            51,168  
Industrial Machinery - 3.1%       
70     Albany International Corp. - Class A     7,851  
145     Altra Industrial Motion Corp.     8,855  
106     Crane Holdings Co.     12,286  
114     Esab Corp.     6,590  
271     Evoqua Water Technologies Corp. (a)     13,146  
293     Flowserve Corp.     10,085  
88     Franklin Electric Co., Inc.     7,946  
231     Gates Industrial Corp. PLC ADR (a)(b)     3,052  
137     Hillenbrand, Inc.     6,420  
71     John Bean Technologies Corp.     7,933  
26     Kadant, Inc.     5,298  
124     Mueller Industries, Inc.     8,128  
99     SPX Technologies, Inc. (a)     7,426  
147     Timken Co.     12,105  
61     Watts Water Technologies, Inc. - Class A     9,975  
            127,096  

 

The accompanying notes are an integral part of these financial statements.

 

90

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Insurance Brokers - 0.1%       
133     BRP Group, Inc. - Class A (a)   $ 3,810  
46     Hagerty, Inc. - Class A (a)     442  
            4,252  
Interactive Home Entertainment - 0.1%       
397     Playtika Holding Corp. (a)     4,165  
               
Interactive Media & Services - 0.5%       
158     Angi, Inc. (a)     460  
222     Cargurus, Inc. (a)     3,918  
224     TripAdvisor, Inc. (a)     5,219  
103     Ziff Davis, Inc. (a)     9,216  
            18,813  
Internet & Direct Marketing Retail - 0.3%       
168     Wayfair, Inc. - Class A (a)     10,164  
               
Internet Services & Infrastructure - 0.2%       
140     DigitalOcean Holdings, Inc. (a)     4,109  
108     Squarespace, Inc. - Class A (a)     2,562  
            6,671  
Investment Banking & Brokerage - 0.9%       
73     Evercore, Inc. - Class A     9,476  
244     Lazard Ltd. - Class A ADR (b)     9,780  
143     Moelis & Co. - Class A     6,685  
51     PJT Partners, Inc. - Class A     4,082  
220     Virtu Financial, Inc. - Class A     4,248  
            34,271  
IT Consulting & Other Services - 0.3%       
453     Kyndryl Holdings, Inc. (a)     6,066  
76     Perficient, Inc. (a)     5,635  
192     Thoughtworks Holding, Inc. (a)     2,074  
            13,775  
Leisure Facilities - 0.2%       
111     Life Time Group Holdings, Inc. (a)     2,086  
88     SeaWorld Entertainment, Inc. (a)     5,490  
            7,576  
Leisure Products - 0.7%       
71     Acushnet Holdings Corp.     3,333  
687     Peloton Interactive, Inc. - Class A (a)     8,883  
312     Topgolf Callaway Brands Corp. (a)     7,641  
193     YETI Holdings, Inc. (a)     8,639  
            28,496  
Life & Health Insurance - 0.9%       
158     American Equity Investment Life Holding Co.     7,529  
160     Brighthouse Financial, Inc. (a)     9,003  
84     Primerica, Inc.     13,587  
83     Trupanion, Inc. (a)     4,899  
            35,018  

 

The accompanying notes are an integral part of these financial statements.

 

91

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Life Sciences Tools & Services - 0.8%       
198     10X Genomics, Inc. - Class A (a)   $ 9,272  
166     Azenta, Inc. (a)     9,279  
54     Medpace Holdings, Inc. (a)     11,938  
            30,489  
Managed Health Care - 0.5%       
188     Alignment Healthcare, Inc. (a)     2,322  
186     HealthEquity, Inc. (a)     11,318  
166     Progyny, Inc. (a)     5,709  
            19,349  
Marine - 0.4%       
133     Kirby Corp. (a)     9,414  
86     Matson, Inc.     5,686  
            15,100  
Metal & Glass Containers - 0.4%       
306     Ardagh Metal Packaging S.A. ADR (b)     1,720  
55     Greif, Inc. - Class A     3,929  
10     Greif, Inc. - Class B     824  
189     Silgan Holdings, Inc.     10,185  
            16,658  
Motorcycle Manufacturers - 0.3%       
299     Harley-Davidson, Inc.     13,763  
               
Movies & Entertainment - 0.4%       
244     Cinemark Holdings, Inc. (a)     2,913  
36     Madison Square Garden Sports Corp.     6,546  
96     World Wrestling Entertainment, Inc. - Class A     8,124  
            17,583  
Multi-Utilities - 0.6%       
163     Avista Corp.     6,504  
146     Black Hills Corp.     10,567  
129     NorthWestern Corp.     7,327  
            24,398  
Office Services & Supplies - 0.3%       
84     MSA Safety, Inc.     11,457  
               
Oil & Gas Drilling - 0.7%       
211     Helmerich & Payne, Inc.     10,221  
478     Patterson-UTI Energy, Inc.     8,030  
135     Valaris Ltd. ADR (a)(b)     9,806  
            28,057  
Oil & Gas Equipment & Services - 0.8%       
136     Cactus, Inc. - Class A     7,359  
447     ChampionX Corp.     14,760  
372     Liberty Energy, Inc.     5,889  
479     NexTier Oilfield Solutions, Inc. (a)     4,512  
            32,520  

 

The accompanying notes are an integral part of these financial statements.

 

92

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Oil & Gas Exploration & Production - 2.4%       
168     California Resources Corp.   $ 7,179  
136     Callon Petroleum Co. (a)     5,787  
89     Chord Energy Corp.     12,756  
115     Civitas Resources, Inc.     7,653  
410     CNX Resources Corp. (a)     6,859  
203     Comstock Resources, Inc.     2,466  
87     Crescent Energy Co. - Class A     1,049  
109     Denbury, Inc. (a)     9,459  
31     HighPeak Energy, Inc.     867  
378     Magnolia Oil & Gas Corp. - Class A     8,925  
336     Murphy Oil Corp.     14,653  
161     Sitio Royalties Corp. - Class A     4,278  
271     SM Energy Co.     8,908  
167     Viper Energy Partners LP     5,302  
            96,141  
Oil & Gas Refining & Marketing - 0.3%       
66     CVR Energy, Inc.     2,191  
248     PBF Energy, Inc. - Class A     10,414  
            12,605  
Oil & Gas Storage & Transportation - 1.0%       
716     Antero Midstream Corp.     7,804  
218     DT Midstream, Inc.     11,916  
970     Equitrans Midstream Corp.     7,033  
40     Excelerate Energy, Inc. - Class A     932  
225     Golar LNG Ltd. ADR (a)(b)     5,274  
36     Kinetik Holdings, Inc.     1,126  
116     Scorpio Tankers, Inc. ADR (b)     5,553  
            39,638  
Other Diversified Financial Services - 0.2%       
170     Jackson Financial, Inc. - Class A     7,487  
               
Packaged Foods & Meats - 1.6%       
88     Cal-Maine Foods, Inc.     5,035  
104     Freshpet, Inc. (a)     6,586  
304     Hostess Brands, Inc. (a)     7,032  
26     J&J Snack Foods Corp.     3,726  
44     Lancaster Colony Corp.     8,444  
122     Post Holdings, Inc. (a)     11,584  
1     Seaboard Corp.     3,921  
218     Simply Good Foods Co. (a)     7,913  
34     Tootsie Roll Industries, Inc.     1,521  
124     TreeHouse Foods, Inc. (a)     6,005  
158     Utz Brands, Inc.     2,632  
            64,399  
Personal Products - 0.4%       
293     BellRing Brands, Inc. (a)   8,309  
239     Herbalife Nutrition Ltd. ADR (a)(b)     4,199  

 

The accompanying notes are an integral part of these financial statements.

 

93

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
41     Inter Parfums, Inc.   $ 4,847  
            17,355  
Pharmaceuticals - 0.8%       
103     Arvinas, Inc. (a)     3,375  
207     Corcept Therapeutics, Inc. (a)     4,732  
62     Harmony Biosciences Holdings, Inc. (a)     2,987  
194     Intra-Cellular Therapies, Inc. (a)     9,296  
100     Pacira BioSciences, Inc. (a)     3,927  
111     Prestige Consumer Healthcare, Inc. (a)     7,299  
57     Tricida, Inc. (a)     2  
            31,618  
Property & Casualty Insurance - 1.8%       
132     Assured Guaranty Ltd. ADR (b)     8,263  
172     Axis Capital Holdings Ltd. ADR (b)     10,762  
73     Hanover Insurance Group, Inc.     9,824  
140     Kemper Corp.     8,222  
60     Mercury General Corp.     2,144  
99     RLI Corp.     13,113  
134     Selective Insurance Group, Inc.     12,730  
6     White Mountains Insurance Group Ltd. ADR (b)     9,168  
            74,226  
Publishing - 0.1%       
96     John Wiley & Sons, Inc. - Class A     4,397  
               
Real Estate Development - 0.2%       
81     Howard Hughes Corp. (a)     6,925  
               
Real Estate Operating Companies - 0.3%       
361     DigitalBridge Group, Inc.     5,343  
264     Kennedy-Wilson Holdings, Inc.     4,720  
656     WeWork, Inc. - Class A (a)     1,043  
            11,106  
Real Estate Services - 0.3%       
366     Cushman & Wakefield PLC ADR (a)(b)     5,281  
311     Newmark Group, Inc. - Class A     2,665  
1,115     Opendoor Technologies, Inc. (a)     2,442  
            10,388  
Regional Banks - 6.6%       
147     Ameris Bancorp     6,933  
324     Associated Banc-Corp     7,261  
165     Atlantic Union Bankshares Corp.     6,384  
40     BancFirst Corp.     3,445  
89     Bank of Hawaii Corp.     6,808  
249     Bank OZK     11,372  
173     BankUnited, Inc.     6,512  
403     Cadence Bank     10,309  
157     Cathay General Bancorp     6,902  
176     Columbia Banking System, Inc.     5,440  

 

The accompanying notes are an integral part of these financial statements.

 

94

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
119     Community Bank System, Inc.   $ 6,867  
297     CVB Financial Corp.     7,193  
362     Eastern Bankshares, Inc.     5,854  
409     First BanCorp ADR (b)     5,501  
286     First Hawaiian, Inc.     7,848  
178     First Interstate BancSystem, Inc. - Class A     6,387  
131     First Merchants Corp.     5,586  
779     FNB Corp.     11,116  
369     Fulton Financial Corp.     6,173  
187     Hancock Whitney Corp.     9,627  
427     Home BancShares, Inc.     10,192  
101     Independent Bank Corp.     8,049  
79     Independent Bank Group, Inc.     4,843  
125     International Bancshares Corp.     5,859  
649     Old National Bancorp     11,357  
209     Pacific Premier Bancorp, Inc.     6,759  
265     PacWest Bancorp     7,330  
112     ServisFirst Bancshares, Inc.     7,636  
69     Silvergate Capital Corp. - Class A (a)(c)     983  
276     Simmons First National Corp. - Class A     6,158  
110     Texas Capital Bancshares, Inc. (a)     7,268  
89     UMB Financial Corp.     8,027  
484     Umpqua Holdings Corp.     8,809  
296     United Bankshares, Inc.     11,899  
232     United Community Banks, Inc.     7,549  
135     Wintrust Financial Corp.     12,348  
            268,584  
Reinsurance - 0.1%       
24     Enstar Group Ltd. ADR (a)(b)     5,815  
               
Renewable Electricity - 0.3%       
97     Ormat Technologies, Inc.     8,977  
222     Sunnova Energy International, Inc. (a)     4,325  
            13,302  
Research & Consulting Services - 0.7%       
110     CBIZ, Inc. (a)     5,235  
114     Exponent, Inc.     11,690  
124     Science Applications International Corp.     12,869  
            29,794  
Restaurants - 0.7%       
149     Krispy Kreme, Inc.     1,818  
73     Papa John’s International, Inc.     6,547  
373     Wendy’s Co.     8,318  
67     Wingstop, Inc.     10,617  
            27,300  
Security & Alarm Services - 0.2%       
102     Brink’s Co.     6,691  

 

The accompanying notes are an integral part of these financial statements.

 

95

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
Semiconductor Equipment - 0.9%       
239     Amkor Technology, Inc.   $ 6,993  
73     Axcelis Technologies, Inc. (a)     8,026  
172     FormFactor, Inc. (a)     4,840  
127     Kulicke & Soffa Industries, Inc.     6,490  
110     Onto Innovation, Inc. (a)     8,652  
            35,001  
Semiconductors - 2.0%       
82     Ambarella, Inc. ADR (a)(b)     7,367  
126     Cirrus Logic, Inc. (a)     11,389  
99     Diodes, Inc. (a)     8,830  
114     MACOM Technology Solutions Holdings, Inc. (a)     7,640  
163     MaxLinear, Inc. (a)     6,716  
126     Power Integrations, Inc.     10,847  
247     Rambus, Inc. (a)     9,996  
141     Semtech Corp. (a)     4,657  
73     Silicon Laboratories, Inc. (a)     11,454  
34     SiTime Corp. (a)     3,918  
            82,814  
Silver - 0.2%       
1,238     Hecla Mining Co.     7,638  
               
Soft Drinks - 0.2%       
11     Coca-Cola Consolidated, Inc.     5,575  
53     National Beverage Corp. (a)     2,343  
            7,918  
Specialized Consumer Services - 0.0% (d)       
180     Mister Car Wash, Inc. (a)     1,849  
               
Specialty Chemicals - 2.2%       
202     Avient Corp.     8,185  
72     Balchem Corp.     9,405  
172     Diversey Holdings Ltd. ADR (a)(b)     1,044  
517     Element Solutions, Inc.     10,588  
2,490     Ginkgo Bioworks Holdings, Inc. (a)     4,856  
119     HB Fuller Co.     8,223  
80     Ingevity Corp. (a)     6,595  
55     Innospec, Inc.     6,216  
400     Livent Corp. (a)     10,368  
16     NewMarket Corp.     5,512  
31     Quaker Chemical Corp.     6,103  
94     Sensient Technologies Corp.     7,115  
48     Stepan Co.     5,272  
            89,482  
Specialty Stores - 0.8%       
177     Academy Sports & Outdoors, Inc.     10,340  
316     Leslie’s, Inc. (a)     4,895  
177     National Vision Holdings, Inc. (a)     7,275  

 

The accompanying notes are an integral part of these financial statements.

 

96

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
179     Petco Health & Wellness Co., Inc. (a)   $ 2,093  
98     Signet Jewelers Ltd. ADR (b)     7,527  
            32,130  
Steel - 0.8%       
34     Alpha Metallurgical Resources, Inc.     5,472  
291     ATI, Inc. (a)     10,589  
261     Commercial Metals Co.     14,164  
69     Worthington Industries, Inc.     3,924  
            34,149  
Systems Software - 1.4%       
90     Appian Corp. - Class A (a)     3,723  
99     CommVault Systems, Inc. (a)     6,161  
190     KnowBe4, Inc. - Class A (a)     4,729  
35     Monday.com Ltd. ADR (a)(b)     4,557  
78     Qualys, Inc. (a)     8,998  
128     Rapid7, Inc. (a)     5,103  
248     Tenable Holdings, Inc. (a)     9,977  
227     Teradata Corp. (a)     7,918  
241     Varonis Systems, Inc. (a)     6,227  
            57,393  
Technology Distributors - 0.5%       
212     Avnet, Inc.     9,727  
78     Insight Enterprises, Inc. (a)     8,792  
            18,519  
Technology Hardware, Storage & Peripherals - 0.3%       
102     Super Micro Computer, Inc. (a)     7,378  
245     Xerox Holdings Corp.     4,013  
            11,391  
Thrifts & Mortgage Finance - 1.9%       
128     Axos Financial, Inc. (a)     6,159  
87     Columbia Financial, Inc. (a)     1,727  
67     Enact Holdings, Inc.     1,685  
237     Essent Group Ltd. ADR (b)     10,435  
676     MGIC Investment Corp.     9,545  
146     Mr. Cooper Group, Inc. (a)     6,715  
1,494     New York Community Bancorp, Inc.     14,925  
58     PennyMac Financial Services, Inc.     3,910  
360     Radian Group, Inc.     7,956  
116     TFS Financial Corp.     1,653  
69     Walker & Dunlop, Inc.     6,581  
141     WSFS Financial Corp.     6,812  
            78,103  
Tires & Rubber - 0.2%       
634     Goodyear Tire & Rubber Co. (a)     7,133  
               
Trading Companies & Distributors - 2.2%       
232     Air Lease Corp.     10,433  
86     Applied Industrial Technologies, Inc.     12,316  

 

The accompanying notes are an integral part of these financial statements.

 

97

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
112     Beacon Roofing Supply, Inc. (a)   $ 6,371  
87     Boise Cascade Co.     6,522  
79     GATX Corp.     9,042  
56     Herc Holdings, Inc.     8,698  
103     MSC Industrial Direct Co., Inc. - Class A     8,518  
94     Rush Enterprises, Inc. - Class A     5,058  
11     Rush Enterprises, Inc. - Class B     640  
137     Triton International Ltd. ADR (b)     9,678  
375     Univar Solutions, Inc. (a)     12,930  
            90,206  
Trucking - 0.7%       
677     Lyft, Inc. - Class A (a)     11,001  
108     Ryder System, Inc.     10,196  
90     Schneider National, Inc. - Class B     2,385  
126     Werner Enterprises, Inc.     5,918  
            29,500  
Water Utilities - 0.4%       
83     American States Water Co.     7,816  
121     California Water Service Group     7,402  
            15,218  
Wireless Telecommunication Services - 0.0% (d)       
33     United States Cellular Corp. (a)     807  
      TOTAL COMMON STOCKS (Cost $3,560,994)     3,773,112  
               
REAL ESTATE INVESTMENT TRUSTS - 6.3%       
Diversified REITs - 0.3%       
336     Broadstone Net Lease, Inc.     6,085  
317     Essential Properties Realty Trust, Inc.     8,077  
            14,162  
Health Care REITs - 0.5%       
96     National Health Investors, Inc.     5,648  
505     Physicians Realty Trust     8,009  
512     Sabra Health Care REIT, Inc.     6,912  
            20,569  
Hotel & Resort REITs - 0.9%       
458     Apple Hospitality REIT, Inc.     8,120  
468     Park Hotels & Resorts, Inc.     6,884  
292     Pebblebrook Hotel Trust     4,789  
118     Ryman Hospitality Properties, Inc.     10,961  
470     Sunstone Hotel Investors, Inc.     5,165  
            35,919  
Industrial REITs - 0.6%       
62     Innovative Industrial Properties, Inc.     5,566  
616     LXP Industrial Trust     7,115  
166     Terreno Realty Corp.     10,695  
            23,376  
Mortgage REITs - 1.0%       
369     Arbor Realty Trust, Inc.     5,509  

 

The accompanying notes are an integral part of these financial statements.

 

98

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Shares         Value  
365     Blackstone Mortgage Trust, Inc. - Class A   $ 8,702  
512     Chimera Investment Corp.     3,732  
266     Claros Mortgage Trust, Inc.     4,453  
194     Hannon Armstrong Sustainable Infrastructure Capital, Inc.     7,161  
1,044     Rithm Capital Corp.     9,824  
            39,381  
Office REITs - 1.2%       
251     Corporate Office Properties Trust     7,046  
339     Cousins Properties, Inc.     9,295  
382     Douglas Emmett, Inc.     6,398  
234     Equity Commonwealth     5,972  
233     Highwoods Properties, Inc.     7,076  
256     JBG SMITH Properties     5,156  
147     SL Green Realty Corp.     6,049  
            46,992  
Residential REITs - 0.2%       
496     Independence Realty Trust, Inc.     9,340  
               
Retail REITs - 0.8%       
489     Kite Realty Group Trust     10,611  
480     Macerich Co.     6,595  
261     Phillips Edison & Co., Inc.     8,749  
412     SITE Centers Corp.     5,624  
            31,579  
Specialized REITs - 0.8%       
166     EPR Properties     7,052  
181     Four Corners Property Trust, Inc.     5,206  
327     Outfront Media, Inc.     6,507  
178     PotlatchDeltic Corp.     8,713  
58     Safehold, Inc.     2,028  
529     Uniti Group, Inc.     3,486  
            32,992  
      TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $235,751)     254,310  
               
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.4%      
16,973     First American Government Obligations Fund - Class X, 4.14% (e)     16,973  
      TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $16,973)     16,973  
               
MONEY MARKET FUNDS - 0.5%      
22,998     First American Government Obligations Fund - Class X, 4.14% (e)     22,998  
      TOTAL MONEY MARKET FUNDS (Cost $22,998)     22,998  
               
      TOTAL INVESTMENTS (Cost $3,836,716) - 100.5%   $ 4,067,393  
      Liabilities in Excess of Other Assets - (0.5%)     (21,372 )
      TOTAL NET ASSETS - 100.0%   $ 4,046,021  

 

The accompanying notes are an integral part of these financial statements.

 

99

 

 

Strive Small-Cap ETF
Schedule of Investments (Continued)
January 31, 2023 (Unaudited)

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a) Non-income producing security.
(b) Foreign issued security.
(c) This security or a portion of this security was out on loan as of January 31, 2023. Total loaned securities had a market value of $17,277 as of January 31, 2023.
(d) Represents less than 0.05% of net assets.
(e) Rate shown is the 7-day effective yield.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).

 

GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

100

 

 

STRIVE ETFs

 

STATEMENTS OF ASSETS AND LIABILITIES

January 31, 2023 (Unaudited)

 

 

    Strive U.S.
Energy ETF
    Strive 500
ETF
    Strive U.S.
Semiconductor
ETF
    Strive
Emerging
Markets
Ex-China ETF
 
Assets:                                
Investments in securities, at value   $ 403,333,515     $ 113,616,912     $ 17,309,134     $ 100,649,891  
Receivable for return of capital     155,656       2,504       -       -  
Dividends and interest receivable     101,546       80,957       8,951       -  
Securities lending income receivable (Note 4)     94       230       61       -  
Receivable for fund shares sold     -       1,273,290       -       102,973,800  
Total assets     403,590,811       114,973,893       17,318,146       203,623,691  
                                 
Liabilities:                                
Accrued investment advisory fees     137,850       4,787       5,198       22  
Payable for investment securities purchased     -       1,244,187       -       100,834,629  
Due to securities lending agent (Note 4)     -       40,470       66,916       -  
Spot trade payable     -       -       -       3,851  
Total liabilities     137,850       1,289,444       72,114       100,838,502  
Net Assets   $ 403,452,961     $ 113,684,449     $ 17,246,032     $ 102,785,189  
                                 
Net Assets Consist of:                                
Paid-in capital   $ 364,047,487     $ 107,151,725     $ 15,250,708     $ 102,973,800  
Total distributable earnings (accumulated deficit)     39,405,474       6,532,724       1,995,324       (188,611 )
Net Assets:   $ 403,452,961     $ 113,684,449     $ 17,246,032     $ 102,785,189  
                                 
Calculation of Net Asset Value Per Share:                                
Net Assets   $ 403,452,961     $ 113,684,449     $ 17,246,032     $ 102,785,189  
Shares Outstanding (unlimited shares of beneficial interest authorized, no par value)     13,370,000       4,400,000       620,000       4,100,000  
Net Asset Value per Share   $ 30.18     $ 25.84     $ 27.82     $ 25.07  
                                 
Cost of Investments in Securities   $ 367,864,297     $ 107,435,488     $ 15,261,818     $ 100,832,965  

 

The accompanying notes are an integral part of these financial statements.

 

101

 

 

STRIVE ETFs

 

STATEMENTS OF ASSETS AND LIABILITIES

January 31, 2023 (Unaudited)

 

 

    Strive 1000
Dividend
Growth ETF
    Strive 1000
Growth ETF
    Strive 1000
Value ETF
    Strive
Small-Cap
ETF
 
Assets:                                
Investments in securities, at value   $ 5,228,036     $ 4,056,813     $ 2,622,112     $ 4,067,393  
Dividends and interest receivable     4,341       1,487       3,088       795  
Securities lending income receivable (Note 4)     4       7       22       147  
Receivable for return of capital     -       -       154       104  
Receivable for investments sold     -       -       -       5  
Cash     -       -       -       2  
Total assets     5,232,381       4,058,307       2,625,376       4,068,446  
                                 
Liabilities:                                
Accrued investment advisory fees     1,014       455       392       533  
Due to securities lending agent (Note 4)     -       1,453       2,280       16,973  
Payable for investment securities purchased     -       -       -       4,919  
Total liabilities     1,014       1,908       2,672       22,425  
Net Assets   $ 5,231,367     $ 4,056,399     $ 2,622,704     $ 4,046,021  
                                 
Net Assets Consist of:                                
Paid-in capital   $ 5,066,090     $ 3,734,215     $ 2,445,000     $ 3,681,266  
Total distributable earnings (accumulated deficit)     165,277       322,184       177,704       364,755  
Net Assets:   $ 5,231,367     $ 4,056,399     $ 2,622,704     $ 4,046,021  
                                 
Calculation of Net Asset Value Per Share:                                
Net Assets   $ 5,231,367     $ 4,056,399     $ 2,622,704     $ 4,046,021  
Shares Outstanding (unlimited shares of beneficial interest authorized, no par value)     200,000       150,000       100,000       150,000  
Net Asset Value per Share   $ 26.16     $ 27.04     $ 26.23     $ 26.97  
                                 
Cost of Investments in Securities   $ 5,064,537     $ 3,735,807     $ 2,448,373     $ 3,836,716  

 

The accompanying notes are an integral part of these financial statements.

 

102

 

 

STRIVE ETFs

 

STATEMENTS OF OPERATIONS

For the Period Ended January 31, 2023 (Unaudited)

 

 

    Strive U.S.
Energy ETF(1)
    Strive 500
ETF(2)
    Strive U.S.
Semiconductor
ETF(3)
    Strive
Emerging
Markets
Ex-China ETF(4)
 
Investment Income:                                
Dividend income (net of foreign withholding tax of $2,892, $0, $0, and $0, respectively)   $ 5,341,571     $ 432,752     $ 50,400     $ -  
Interest income     18,692       3,882       431       -  
Securities lending income     122       285       85       -  
Total investment income     5,360,385       436,919       50,916       -  
                                 
Expenses:                                
Investment advisory fees     673,433       14,968       13,841       22  
Net expenses     673,433       14,968       13,841       22  
                                 
Net Investment Income (Loss)     4,686,952       421,951       37,075       (22 )
                                 
Realized and Unrealized Gain (Loss) on Investments:                                
Net realized gain (loss) on:                                
Investments     3,849,012       267,288       (56,244 )     -  
      3,849,012       267,288       (56,244 )     -  
Net change in unrealized appreciation (depreciation) on:                                
Investments     35,469,218       6,181,424       2,047,316       (189,006 )
Foreign currency     -       -       -       417  
      35,469,218       6,181,424       2,047,316       (188,589 )
Net realized and unrealized gain (loss) on investments:     39,318,230       6,448,712       1,991,072       (188,589 )
Net Increase (Decrease) in Net Assets Resulting from Operations   $ 44,005,182     $ 6,870,663     $ 2,028,147     $ (188,611 )

 

(1) The Fund commenced operations on August 9, 2022.
(2) The Fund commenced operations on September 15, 2022.
(3) The Fund commenced operations on October 6, 2022.
(4) The Fund commenced operations on January 31, 2023.

 

The accompanying notes are an integral part of these financial statements.

 

103

 

 

STRIVE ETFs

 

STATEMENTS OF OPERATIONS

For the Period Ended January 31, 2023 (Unaudited)

 

 

    Strive 1000
Dividend
Growth ETF(1)
    Strive 1000
Growth ETF(1)
    Strive 1000
Value ETF(1)
    Strive
Small-Cap
ETF(1)
 
Investment Income:                                
Dividend income (net of foreign withholding tax of $0, $0, $1, and $6, respectively)   $ 13,191     $ 6,102     $ 16,563     $ 9,874  
Interest income     66       78       71       103  
Securities lending income     5       9       28       181  
Total investment income     13,262       6,189       16,662       10,158  
                                 
Expenses:                                
Investment advisory fees     2,305       1,122       1,042       1,182  
Net expenses     2,305       1,122       1,042       1,182  
                                 
Net Investment Income     10,957       5,067       15,620       8,976  
                                 
Realized and Unrealized Gain on Investments:                                
Net realized gain (loss) on:                                
Investments     (1,957 )     46       8       132,624  
      (1,957 )     46       8       132,624  
Net change in unrealized appreciation on:                                
Investments     163,499       321,006       173,739       230,677  
      163,499       321,006       173,739       230,677  
Net realized and unrealized gain on investments:     161,542       321,052       173,747       363,301  
Net Increase in Net Assets Resulting from Operations   $ 172,499     $ 326,119     $ 189,367     $ 372,277  

 

(1) The Fund commenced operations on November 10, 2022.

 

The accompanying notes are an integral part of these financial statements.

 

104

 

 

STRIVE ETFs

 

STATEMENTS OF CHANGES IN NET ASSETS

 

 



Strive U.S.
Energy ETF

For the
Period Ended
January 31,
2023
(Unaudited)(1)

Strive 500
ETF

For the
Period Ended
January 31,
2023
(Unaudited)(2)

Strive U.S.
Semiconductor
ETF

For the
Period Ended
January 31,
2023
(Unaudited)(3)


Strive
Emerging
Markets Ex-
China ETF

For the
Period Ended
January 31,
2023
(Unaudited)(4)

Increase (Decrease) in Net Assets from:                                
Operations:                                
Net investment income (loss)   $ 4,686,952     $ 421,951     $ 37,075     $ (22 )
Net realized gain (loss) on investments     3,849,012       267,288       (56,244 )     -  
Net change in unrealized appreciation (depreciation) on investments     35,469,218       6,181,424       2,047,316       (188,589 )
Net increase (decrease) in net assets resulting from operations     44,005,182       6,870,663       2,028,147       (188,611 )
                                 
Distributions to Shareholders:                                
Net investment income     (4,599,708 )     (337,939 )     (32,823 )     -  
Total distributions to shareholders     (4,599,708 )     (337,939 )     (32,823 )     -  
                                 
Capital Share Transactions:                                
Proceeds from shares sold     409,305,361       112,000,165       17,252,966       102,973,800  
Payments for shares redeemed     (45,257,875 )     (4,848,440 )     (2,002,258 )     -  
Transaction fees (See Note 1)     1       -       -       -  
Net increase in net assets derived from net change in capital share transactions     364,047,487       107,151,725       15,250,708       102,973,800  
                                 
Net Increase in Net Assets     403,452,961       113,684,449       17,246,032       102,785,189  
                                 
Net Assets:                                
Beginning of period     -       -       -       -  
End of period   $ 403,452,961     $ 113,684,449     $ 17,246,032     $ 102,785,189  
                                 
Changes in Shares Outstanding:                                
Shares outstanding, beginning of period     -       -       -       -  
Shares sold     14,990,000       4,600,000       710,000       4,100,000  
Shares repurchased     (1,620,000 )     (200,000 )     (90,000 )     -  
Shares outstanding, end of period     13,370,000       4,400,000       620,000       4,100,000  

 

(1) The Fund commenced operations on August 9, 2022.
(2) The Fund commenced operations on September 15, 2022.
(3) The Fund commenced operations on October 6, 2022.
(4) The Fund commenced operations on January 31, 2023.

 

The accompanying notes are an integral part of these financial statements.

 

105

 

 

STRIVE ETFs

 

STATEMENTS OF CHANGES IN NET ASSETS

 

 

    Strive 1000
Dividend
Growth ETF
    Strive 1000
Growth ETF
    Strive 1000
Value ETF
    Strive
Small-Cap
ETF
 
    For the
Period Ended
January 31,
2023
(Unaudited)(1)
    For the
Period Ended
January 31,
2023
(Unaudited)(1)
    For the
Period Ended
January 31,
2023
(Unaudited)(1)
    For the
Period Ended
January 31,
2023
(Unaudited)(1)
 
Increase (Decrease) in Net Assets from:                                
Operations:                                
Net investment income   $ 10,957     $ 5,067     $ 15,620     $ 8,976  
Net realized gain (loss) on investments     (1,957 )     46       8       132,624  
Net change in unrealized appreciation on investments     163,499       321,006       173,739       230,677  
Net increase in net assets resulting from operations     172,499       326,119       189,367       372,277  
                                 
Distributions to Shareholders:                                
Net investment income     (7,222 )     (3,935 )     (11,663 )     (7,522 )
Total distributions to shareholders     (7,222 )     (3,935 )     (11,663 )     (7,522 )
                                 
Capital Share Transactions:                                
Proceeds from shares sold     5,066,090       3,734,215       2,445,000       4,996,380  
Payments for shares redeemed     -       -       -       (1,315,115 )
Transaction fees (See Note 1)     -       -       -       1  
Net increase in net assets derived from net change in capital share transactions     5,066,090       3,734,215       2,445,000       3,681,266  
                                 
Net Increase in Net Assets     5,231,367       4,056,399       2,622,704       4,046,021  
                                 
Net Assets:                                
Beginning of period     -       -       -       -  
End of period   $ 5,231,367     $ 4,056,399     $ 2,622,704     $ 4,046,021  
                                 
Changes in Shares Outstanding:                                
Shares outstanding, beginning of period     -       -       -       -  
Shares sold     200,000       150,000       100,000       200,000  
Shares repurchased     -       -       -       (50,000 )
Shares outstanding, end of period     200,000       150,000       100,000       150,000  

 

(1) The Fund commenced operations on November 10, 2022.

 

The accompanying notes are an integral part of these financial statements.

 

106

 

 

STRIVE ETFs

 

FINANCIAL HIGHLIGHTS

For the Period Ended January 31, 2023 (Unaudited)

 

 

    Net
Asset
Value,
Beginning
of Period
  Net
Investment
Income
(Loss)(1)
  Net
Realized
and
Unrealized
Gain (Loss)
on
Investments
  Net
Increase in
Net Asset
Value
Resulting
from
Operations
  Distributions
from Net
Investment
Income
  Total
Distributions
  Net
Asset
Value,
End of
Period
  Total
Return(2)
  Net
Assets,
End of
Period
(000’s)
  Net
Expenses(3)(4)
  Net
Investment
Income
(Loss)(3)
  Portfolio
Turnover
Rate(5)
Strive U.S. Energy ETF                                                
August 9, 2022(6) to January 31, 2023   $25.12   0.40   5.01   5.41   (0.35)   (0.35)   $30.18   21.55%   $403,453   0.41%   2.85%   2%
Strive 500 ETF                                                
September 15, 2022(6) to January 31, 2023   $25.10   0.14   0.69   0.83   (0.09)   (0.09)   $25.84   3.32%   $113,684   0.05%   1.21%   1%
Strive U.S. Semiconductor ETF                                                
October 6, 2022(6) to January 31, 2023   $25.07   0.09   2.72   2.81   (0.06)   (0.06)   $27.82   11.22%   $17,246   0.40%   0.72%   10%
Strive Emerging Markets Ex-China ETF                                                
January 31, 2023(6)   $25.17   (0.00)(7)   (0.10)   (0.10)   -   -   $25.07   (0.22%)   $102,785   0.32%   (0.00%)   0%⁽⁸⁾
Strive 1000 Dividend Growth ETF                                                
November 10, 2022(6) to January 31, 2023   $24.59   0.10   1.54   1.64   (0.07)   (0.07)   $26.16   6.67%   $5,231   0.35%   0.78%   2%
Strive 1000 Growth ETF                                                
November 10, 2022(6) to January 31, 2023   $24.51   0.05   2.52   2.57   (0.04)   (0.04)   $27.04   10.51%   $4,056   0.18%   0.38%   0%⁽⁸⁾
Strive 1000 Value ETF                                                
November 10, 2022(6) to January 31, 2023   $24.45   0.16   1.74   1.90   (0.12)   (0.12)   $26.23   7.77%   $2,623   0.18%   1.27%   0%⁽⁸⁾
Strive Small-Cap ETF                                                
November 10, 2022(6) to January 31, 2023   $24.32   0.08   2.65   2.73   (0.08)   (0.08)   $26.97   11.25%   $4,046   0.18%   0.64%   26%

 

(1) Net investment income per share represents net investment income divided by the daily average shares of beneficial interest outstanding throughout the period.
(2) All returns reflect reinvested dividends, if any, but do not reflect the impact of taxes. Total return for a period of less than one year is not annualized.
(3) For periods of less than one year, these ratios are annualized.
(4) Net expenses include effects of any reimbursement or recoupment.
(5) Portfolio turnover is not annualized and is calculated without regard to short-term securities having a maturity of less than one year.
(6) Commencement of operations.
(7) Rounds to less than $0.005.
(8) Amounts less than 0.5% are displayed as 0%.

 

The accompanying Notes to the Financial Statements are an integral part of these Financial Statements.

 

107

 

 

STRIVE ETFs

 

NOTES TO THE FINANCIAL STATEMENTS

JANUARY 31, 2023 (UNAUDITED)

 

 

NOTE 1 – ORGANIZATION

 

Each of Strive U.S. Energy ETF, Strive 500 ETF, Strive U.S. Semiconductor ETF, Strive Emerging Markets Ex-China ETF, Strive 1000 Dividend Growth ETF, Strive 1000 Growth ETF, Strive 1000 Value ETF, and Strive Small-Cap ETF (individually a “Fund” or collectively the “Funds”) is a series of the EA Series Trust (the “Trust”), which was organized as a Delaware statutory trust on October 11, 2013. The Trust is registered with the Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). Each of the Strive Energy ETF and the Strive Semiconductor ETF is considered non-diversified under the 1940 Act. Non-diversified funds generally hold securities of fewer issuers than diversified funds and may be more susceptible to the risks associated with these particular issuers, or to a single economic, political or regulatory occurrence affecting these issuers. Each Fund qualifies as an investment company as defined in the Financial Accounting Standards Codification Topic 946-Financial Services - Investment Companies. The investment objective of each Fund is to seek to track the total return performance, before fees and expenses, of its particular index. The underlying index for each Fund is defined below:

 

Fund   Index
Strive U.S. Energy ETF   Solactive United States Energy Regulated Capped Index
Strive 500 ETF   Solactive GBS United States 500 Index
Strive U.S. Semiconductor ETF   Solactive United States Semiconductors 30 Capped Index
Strive Emerging Markets Ex-China ETF   Solactive GBS Emerging Markets ex China Large and Mid Cap Index
Strive 1000 Dividend Growth ETF   Bloomberg U.S. 1000 Dividend Growth Index
Strive 1000 Growth ETF   Bloomberg U.S. 1000 Growth Index
Strive 1000 Value ETF   Bloomberg U.S. 1000 Value Index
Strive Small-Cap ETF   Bloomberg U.S. 600 Index

 

Strive U.S. Energy ETF commenced operations on August 9, 2022. Strive 500 ETF commenced operations on September 15, 2022. Strive U.S. Semiconductor ETF commenced operations on October 6, 2022. Strive 1000 Dividend Growth ETF, Strive 1000 Growth ETF, Strive 1000 Value ETF, and Strive Small-Cap ETF commenced operations on November 10, 2022. Strive Emerging Markets Ex-China ETF commenced operations on January 31, 2023. Each Fund manages to its respective index. A short description of each index is as follows:

 

The Solactive United States Energy Regulated Capped Index, Solactive GBS United States 500 Index, Solactive United States Semiconductors 30 Capped Index, and Solactive GBS Emerging Markets ex China Large and Mid Cap Index are based on proprietary methodologies developed by Solactive AG, licensed to Strive Assets Management, LLC.

 

The Bloomberg U.S. 1000 Dividend Growth Index, Bloomberg U.S. 1000 Growth Index, Bloomberg U.S. 1000 Value Index, and Bloomberg U.S. 2000 Index are based on proprietary methodologies developed by Bloomberg Index Services Limited, licensed to Strive Assets Management, LLC.

 

Effective January 25, 2022, Strive Small-Cap ETF changed its name from Strive 2000 ETF to Strive Small-Cap ETF, and its Index from Bloomberg U.S. 2000 Index to the Bloomberg U.S. 600 Index.

 

Shares of the Strive U.S. Energy ETF, Strive 500 ETF, Strive U.S. Semiconductor ETF, and Strive Emerging Markets Ex-China ETF are listed and traded on the NYSE Arca, Inc. Shares of Strive 1000 Dividend Growth ETF, Strive 1000 Growth ETF, Strive 1000 Value ETF, and Strive Small-Cap ETF are listed and traded on the Nasdaq Stock Market.

 

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JANUARY 31, 2023 (UNAUDITED)

 

Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in blocks of a specified number of shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day in share amounts less than a Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

The size of a Creation Unit for each Fund is illustrated in the table below.

 

Fund   Size of
Creation Unit
(Shares)
 
Strive U.S. Energy ETF     10,000  
Strive 500 ETF     50,000  
Strive U.S. Semiconductor ETF     10,000  
Strive Emerging Markets Ex-China ETF     100,000  
Strive 1000 Dividend Growth ETF     50,000  
Strive 1000 Growth ETF     50,000  
Strive 1000 Value ETF     50,000  
Strive Small-Cap ETF     50,000  

 

Authorized Participants may be required to pay a transaction fee to compensate the Trust or its custodian for costs incurred in connection with creation and redemption transactions. The standard transaction fee, which is payable to the Trust’s custodian, typically applies to in-kind purchases of the Funds effected through the clearing process on any business day, regardless of the number of Creation Units purchased or redeemed that day (“Standard Transaction Fees”). Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions fees. Certain fund deposits consisting of cash-in-lieu or cash value may be subject to a variable charge (“Variable Transaction Fees”), which is payable to the Fund, of up to 2.00% of the value of the order in addition to the Standard Transaction Fees. Variable Transaction Fees received by the Fund, if any, are displayed in the Capital Share Transactions sections of the Statements of Changes in Net Assets.

 

Because, among other things, the Funds impose transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Funds in effecting trades, the Board determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Funds’ Shares.

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

 

A. Security Valuation. Equity securities that are traded on a national securities exchange, except those listed on the NASDAQ Global Market® (“NASDAQ”) are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on NASDAQ will be valued at the

 

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NASDAQ Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or NASDAQ security does not trade, then the most recent quoted bid for exchange-traded or the mean between the most recent quoted bid and ask price for NASDAQ securities will be used. Equity securities that are not traded on a listed exchange are generally valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value. Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value, with the exception of exchange-traded open-end investment companies which are priced as equity securities.

 

Subject to its oversight, the Trust’s Board of Trustees (the “Board”) has delegated primary responsibility for determining or causing to be determined the value of the Fund’s investments to Empowered Funds, LLC d/b/a EA Advisers (the “Adviser”), pursuant to the Trust’s valuation policy and procedures, which have been adopted by the Trust and approved by the Board. Effective September 8, 2022, and in accordance with Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the “valuation designee” of the Fund. If the Adviser, as valuation designee, determines that reliable market quotations are not readily available for an investment, the investment is valued at fair value as determined in good faith by the Adviser in accordance with the Trust’s fair valuation policy and procedures. The Adviser will provide the Board with periodic reports, no less frequently than quarterly, that discuss the functioning of the valuation process, if applicable, and that identify issues and valuation problems that have arisen, if any. As appropriate, the Adviser and the Board will review any securities valued by the Adviser in accordance with the Trust’s valuation policies during these periodic reports. The use of fair value pricing by the 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 January 31, 2023, the Funds did not hold any securities that were fair valued under the Trust’s valuation policies and procedures.

 

As described above, the Funds may use various methods to measure the fair value of their investments on a recurring basis. 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.

 

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JANUARY 31, 2023 (UNAUDITED)

 

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 fair value classification of the Funds’ investments as of January 31, 2023:

 

  DESCRIPTION   LEVEL 1     LEVEL 2     LEVEL 3     TOTAL  
  Strive U.S. Energy ETF                                
  Assets*                                
  Common Stocks   $ 402,105,968     $ -     $ -     $ 402,105,968  
  Money Market Funds     1,227,547       -       -       1,227,547  
  Total Investments in Securities   $ 403,333,515     $ -     $ -     $ 403,333,515  
                                   
  Strive 500 ETF                                
  Assets*                                
  Common Stocks   $ 110,137,392     $ -     $ -     $ 110,137,392  
  Real Estate Invesment Trusts     2,922,120       -       -       2,922,120  
  Investments Purchased with Proceeds from Securities Lending     40,470       -       -       40,470  
  Money Market Funds     516,930       -       -       516,930  
  Total Investments in Securities   $ 113,616,912     $ -     $ -     $ 113,616,912  
                                   
  Strive U.S. Semiconductor ETF                                
  Assets*                                
  Common Stocks   $ 17,200,458     $ -     $ -     $ 17,200,458  
  Investments Purchased with Proceeds from Securities Lending     66,916       -       -       66,916  
  Money Market Funds     41,760       -       -       41,760  
  Total Investments in Securities   $ 17,309,134     $ -     $ -     $ 17,309,134  
                                   
  Strive Emerging Markets Ex-China ETF                                
  Assets*                                
  Common Stocks   $ 96,597,952     $ -     $ -     $ 96,597,952  
  Preferred Stocks     4,051,939       -       -       4,051,939  
  Total Investments in Securities   $ 100,649,891     $ -     $ -     $ 100,649,891  
                                   
  Strive 1000 Dividend Growth ETF                                
  Assets*                                
  Common Stocks   $ 4,998,214     $ -     $ -     $ 4,998,214  
  Real Estate Invesment Trusts     219,057       -       -       219,057  
  Money Market Funds     10,765       -       -       10,765  
  Total Investments in Securities   $ 5,228,036     $ -     $ -     $ 5,228,036  

 

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JANUARY 31, 2023 (UNAUDITED)

 

  Strive 1000 Growth ETF                                
  Assets*                                
  Common Stocks   $ 3,916,550     $ -     $ -     $ 3,916,550  
  Real Estate Invesment Trusts     125,257       -       -       125,257  
  Investments Purchased with Proceeds from Securities Lending     1,453       -       -       1,453  
  Money Market Funds     13,553       -       -       13,553  
  Total Investments in Securities   $ 4,056,813     $ -     $ -     $ 4,056,813  
                                   
  Strive 1000 Value ETF                                
  Assets*                                
  Common Stocks   $ 2,526,685     $ -     $ -     $ 2,526,685  
  Real Estate Invesment Trusts     85,711       -       -       85,711  
  Investments Purchased with Proceeds from Securities Lending     2,280       -       -       2,280  
  Money Market Funds     7,436       -       -       7,436  
  Total Investments in Securities   $ 2,622,112     $ -     $ -     $ 2,622,112  
                                   
  Strive Small-Cap ETF                                
  Assets*                                
  Common Stocks   $ 3,773,112     $ -     $ -     $ 3,773,112  
  Real Estate Invesment Trusts     254,310       -       -       254,310  
  Investments Purchased with Proceeds from Securities Lending     16,973       -       -       16,973  
  Money Market Funds     22,998       -       -       22,998  
  Total Investments in Securities   $ 4,067,393     $ -     $ -     $ 4,067,393  

 

* For further detail on each asset class, see the Schedule of Investments

 

During the fiscal period ended January 31, 2023, Strive 1000 Growth ETF did invest in a Level 3 investment and recognized the transfer to/from Level 3. Transfers between levels are recognized at the end of the reporting period.

 

      Strive 1000
Growth ETF
 
      Rights  
  Value, Beginning of Period   $ -  
  Purchases     -  
  Proceeds from Sales     -  
  Net Realized Gains (Losses)     -  
  Return of Capital     -  
  Change in Unrealized Appreciation (Depreciation)     -  
  Transfers In/(Out) of Level 3     -  
  Value, End of Year     -  

 

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JANUARY 31, 2023 (UNAUDITED)

 

B. Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts using the spot rate of exchange at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

 

The Funds isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. That portion of gains (losses) attributable to the changes in market prices and the portion of gains (losses) attributable to changes in foreign exchange rates are included on the “Statement of Operations” under “Net realized gain (loss) – Foreign currency” and “Change in Net Unrealized Appreciation (Depreciation) – Foreign Currency,” respectively.

 

Each Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

 

C. Federal Income Taxes. Each Fund intends to continue to comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, as necessary to qualify as a regulated investment company and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to a Fund. Therefore, no federal income tax provision is required. As of and during the fiscal period ended January 31, 2023, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal period ended January 31, 2023, the Funds did not have liabilities for any unrecognized tax benefits. A Fund would/will recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Funds’ Statement of Operations. During the fiscal period ended January 31, 2023, the Funds did not incur any interest or penalties. Each Fund is subject to examination by U.S. taxing authorities for the tax periods since each Fund’s commencement of operations.

 

Each Fund may be subject to taxes imposed on realized and unrealized gains on securities of certain foreign countries in which the Fund invests. The foreign tax expense, if any, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

 

D. Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date, net of any foreign taxes withheld at source. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.

 

Distributions to shareholders from net investment income and from net realized gains on securities for each Fund are declared and paid on a quarterly basis. Distributions are recorded on the ex-dividend date. The Funds may distribute more frequently, if necessary, for tax purposes.

 

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E. Use of Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates.

 

F. Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for regular trading. The offering and redemption price per share for each Fund is equal to the Fund’s net asset value per share.

 

G. Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Additionally, as is customary, the Trust’s organizational documents permit the Trust to indemnify its officers and trustees against certain liabilities under certain circumstances. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Funds.

 

H. Reclassification of Capital Accounts. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. No reclassifications were made for the fiscal period ended January 31, 2023.

 

NOTE 3 – RISKS

 

An investment in the Fund involves risk, including those described below. There is no assurance that the Fund will achieve its investment objective. An investor may lose money by investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. More complete risk descriptions are set forth below under the heading “Additional Information About the Fund’s Risks”.

 

The Strive U.S. Energy ETF and the Strive U.S. Semiconductor ETF are subject to non-diversification risk. Because the Funds are non-diversified, they may be more sensitive to economic, business, political or other changes affecting individual issuers or investments than a diversified fund, which may result in greater fluctuation in the value of the Funds’ Shares and greater risk of loss.

 

The Strive U.S. Energy ETF is subject to energy sector risk. The market value of securities in the energy sector may decline for many reasons including, fluctuations in energy prices and supply and demand of energy fuels caused by geopolitical events, the success of exploration projects, weather or meteorological events, taxes, increased governmental or environmental regulation, resource depletion, rising interest rates, declines in domestic or foreign production, accidents or catastrophic events that result in injury, loss of life or property, pollution or other environmental damage claims, terrorist threats or attacks, among other factors. Markets for various energy-related commodities can have significant volatility and are subject to control or manipulation by large producers or purchasers. Companies in the energy sector may need to make substantial expenditures, and may incur significant amounts of debt, to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through acquisitions, or through long-term contracts to acquire reserves. Factors adversely affecting producers, refiners, distributors, or others in the energy sector may adversely affect companies that service or supply those entities, either because demand for those services or products is curtailed, or those services or products come under price pressure. Issuers in the energy sector may also be impacted by changing investor and consumer preferences arising from the sector’s potential exposure to sustainability and environmental concerns.

 

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The Strive U.S. Semiconductor ETF is subject to semiconductor sector risk. The semiconductor sector is highly cyclical and periodically experiences significant economic downturns characterized by diminished product demand, resulting in production overcapacity and excess inventory, which can result in rapid erosion of product selling prices. The sector has experienced significant downturns, often in connection with, or in anticipation of, maturing product cycles of both semiconductor companies’ and their customers’ products and the decline in general economic conditions. The Strive U.S. Semiconductor ETF is also subject to technology sector risk. The Fund will have exposure to companies operating in the technology sector. Technology companies, including information technology companies, may have limited product lines, financial resources and/or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights.

 

The Strive 1000 Growth ETF is subject to growth investing risk. The Fund invests in growth securities, which may be more volatile than other types of investments, may perform differently than the market as a whole and may underperform when compared to securities with different investment parameters. Under certain market conditions, growth securities have performed better during the later stages of economic recovery (although there is no guarantee that they will continue to do so). Therefore, growth securities may go in and out of favor over time.

 

The Strive 1000 Value ETF is subject to value investing risk. Securities issued by companies that may be perceived as undervalued may be appropriately valued. Value securities may fail to appreciate for long periods of time or may never realize their full potential value. In addition, the Fund’s ability to realize any benefits of investing in value securities may depend on the Fund’s ability to stay invested until the market’s perception of such securities change. Value securities have generally performed better than non-value securities during periods of economic recovery (although there is no assurance that they will continue to do so). Value securities may go in and out of favor over time.

 

The Strive Emerging Markets Ex-China ETF is subject to emerging markets risk. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to those securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political and economic uncertainty, (iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for shares and cause the Fund to decline in value.

 

See the Funds’ Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Fund.

 

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JANUARY 31, 2023 (UNAUDITED)

 

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS.

 

Empowered Funds, LLC d/b/a EA Advisers (the “Adviser”) serves as the investment adviser to the Funds. Pursuant to an investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. Under the Advisory Agreement, the Adviser is also responsible for arranging transfer agency, custody, fund administration and accounting, and other non-distribution related services necessary for the Funds to operate. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser agrees to pay all expenses incurred by the Funds except for the fee paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes (including tax-related services), interest (including borrowing costs), litigation expense (including class action-related services) and other non-routine or extraordinary expenses.

 

U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”), doing business as U.S. Bank Global Fund Services, acts as the Funds’ Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the trustees; monitors the activities of the Funds’ Custodian, transfer agent and fund accountant. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of the Administrator, serves as the Funds’ Custodian.

 

The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds.

 

Strive Asset Management, LLC, serves as a discretionary investment sub-adviser to the Funds. Pursuant to an investment sub-advisory agreement (the “Sub-Advisory Agreement”) among the Trust, the Adviser and the Sub-Adviser, the Sub-Adviser is responsible for determining the investment exposures for the Funds, subject to the overall supervision and oversight of the Adviser and the Board.

 

At a Board meeting held on July 26, 2022, the Board of Trustees of the Trust (the “Trustees”) including each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act, approved the Advisory Agreement and Sub-Advisory Agreement for the Strive U.S. Energy ETF, Strive 500 ETF, Strive U.S. Semiconductor ETF, and Strive Emerging Markets Ex-China ETF. The Trustees also met at a special meeting held on January 9, 2023 to consider an amendment to the Advisory Agreement for the Strive Emerging Markets Ex-China ETF to increase the Fund’s investment advisory fee prior to the Fund’s commencement of operations.

 

At a Board meeting held on November 4, 2022, the Trustees including each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act, approved the Advisory Agreement and Sub-Advisory Agreement for the Strive 1000 Dividend Growth ETF, Strive 1000 Growth ETF, Strive 1000 Value ETF, and Strive Small-Cap ETF.

 

The table below represents the annual rate (after fee waivers) based on average daily net assets that each Fund pays the Adviser monthly:

 

Strive U.S. Energy ETF     0.41 %
Strive 500 ETF     0.0545 %
Strive U.S. Semiconductor ETF     0.40 %
Strive Emerging Markets Ex-China ETF     0.32 %
Strive 1000 Dividend Growth ETF     0.35 %
Strive 1000 Growth ETF     0.18 %
Strive 1000 Value ETF     0.18 %
Strive Small-Cap ETF     0.18 %

 

116

 

 

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

JANUARY 31, 2023 (UNAUDITED)

 

NOTE 5 – SECURITIES LENDING

 

The Funds may lend up to 33⅓% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss on the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand.

 

The securities lending agreement provides that, in the event of a borrower’s material default, the Securities Lending Agent shall take all actions the Securities Lending Agent deems appropriate to liquidate the collateral, purchase replacement securities at the Securities Lending Agent’s expense, or pay the Fund an amount equal to the market value of the loaned securities, subject to certain limitations which are set forth in detail in the securities lending agreement between the Funds and the Securities Lending Agent.

 

As of the end of the current fiscal period, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested by the Securities Lending Agent in accordance with the Trust approved investment guidelines. Those guidelines require the cash collateral to be invested in readily marketable, high quality, short-term obligations; however, such investments are subject to risk of payment delays or default on the part of the issuer or counterparty or otherwise may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities, although the Funds are indemnified from this risk by contract with the Securities Lending Agent.

 

As of the end of the current fiscal period, the value of the securities on loan and payable for collateral due to broker were as follows:

 

    Value of     Payable for  
    Securities     Collateral  
    on Loan     Received*  
Strive U.S. Energy ETF   $ -     $ -  
Strive 500 ETF     40,943       40,470  
Strive U.S. Semiconductor ETF     67,520       66,916  
Strive Emerging Markets Ex-China ETF     -       -  
Strive 1000 Dividend Growth ETF     -       -  
Strive 1000 Growth ETF     1,470       1,453  
Strive 1000 Value ETF     2,310       2,280  
Strive Small-Cap ETF     17,277       16,973  

 

* The cash collateral received was invested in the First American Money Market Government Obligations Fund as shown on the Schedule of Investments. The investment objective is to seek maximum current income to the extent consistent with the preservation of capital and maintenance of liquidity.

 

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

JANUARY 31, 2023 (UNAUDITED)

 

The interest income earned by the Funds on the investment of cash collateral received from borrowers for the securities loaned to them (“Securities Lending Income, Net”) is reflected in the Funds’ Statement of Operations. Net securities lending income earned on collateral investments and recognized by the Funds during the current fiscal period, was as follows:

 

Strive U.S. Energy ETF   $ 122  
Strive 500 ETF     285  
Strive U.S. Semiconductor ETF     85  
Strive Emerging Markets Ex-China ETF     -  
Strive 1000 Dividend Growth ETF     5  
Strive 1000 Growth ETF     9  
Strive 1000 Value ETF     28  
Strive Small-Cap ETF     181  

 

NOTE 6 – PURCHASES AND SALES OF SECURITIES

 

For the fiscal period ended January 31, 2023, purchases and sales of securities for the Funds, excluding short-term securities and in-kind transactions, were as follows:

 

    Purchases     Sales  
Strive U.S. Energy ETF   $ 14,705,310     $ 5,706,536  
Strive 500 ETF     1,254,813       650,188  
Strive U.S. Semiconductor ETF     1,470,374       925,866  
Strive Emerging Markets Ex-China ETF     83,306,196       -  
Strive 1000 Dividend Growth ETF     63,085       48,620  
Strive 1000 Growth ETF     -       3,254  
Strive 1000 Value ETF     70       827  
Strive Small-Cap ETF     1,892,273       585,932  

 

For the fiscal period ended January 31, 2023, in-kind transactions associated with creations and redemptions were as follows:

 

    Purchases     Sales  
Strive U.S. Energy ETF   $ 399,208,244     $ 45,037,565  
Strive 500 ETF     110,790,720       4,779,558  
Strive U.S. Semiconductor ETF     16,661,365       1,996,487  
Strive Emerging Markets Ex-China ETF     17,526,769       -  
Strive 1000 Dividend Growth ETF     5,041,264       -  
Strive 1000 Growth ETF     3,724,014       -  
Strive 1000 Value ETF     2,439,582       -  
Strive Small-Cap ETF     3,667,309       1,309,215  

 

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

JANUARY 31, 2023 (UNAUDITED)

 

For the fiscal period ended January 31, 2023, short term and long-term gains on in-kind transactions were as follows:

 

    Short Term     Long Term  
Strive U.S. Energy ETF   $ 4,166,651     $ -  
Strive 500 ETF     292,737       -  
Strive U.S. Semiconductor ETF     71,782       -  
Strive Emerging Markets Ex-China ETF     -       -  
Strive 1000 Dividend Growth ETF     -       -  
Strive 1000 Growth ETF     -       -  
Strive 1000 Value ETF     -       -  
Strive Small-Cap ETF     168,240       -  

 

There were no purchases or sales of U.S. Government securities during the fiscal period.

 

NOTE 7 – TAX INFORMATION

 

As of July 31, 2022, the Funds had not commenced operations. Tax information will be presented within the Funds’ first annual report as of July 31, 2023.

 

NOTE 8 – DISTRIBUTIONS TO SHAREHOLDERS

 

The tax character of distributions paid by the Funds during the fiscal period ended January 31, 2023, was as follows:

 

    Fiscal Period
Ended
January 31,
2023
 
    Ordinary
Income
 
Strive U.S. Energy ETF     4,599,708  
Strive 500 ETF     337,939  
Strive U.S. Semiconductor ETF     32,823  
Strive Emerging Markets Ex-China ETF     -  
Strive 1000 Dividend Growth ETF     7,222  
Strive 1000 Growth ETF     3,935  
Strive 1000 Value ETF     11,663  
Strive Small-Cap ETF     7,522  

 

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

JANUARY 31, 2023 (UNAUDITED)

 

NOTE 9 – SUBSEQUENT EVENTS

 

In preparing these financial statements, management of the Funds has evaluated events and transactions for potential recognition or disclosure through date the financial statements were issued. Except as noted below, there were no transactions that occurred during the period subsequent to January 31, 2023, that materially impacted the amounts or disclosures in the Funds’ financial statements.

 

Strive 500 ETF, Strive 1000 Growth ETF, and Strive 1000 Value ETF (the “Funds”) held positions in Silicon Valley Bank at the end of the semi-annual period. On March 10, 2023, regulators halted trading in shares of SVB Financial Group (ticker: SIVB), the bank’s parent company, and closed the bank to protect depositors. In addition, the Funds held positions in New York-based Signature Bank (ticker: SBNY) at the end of the semi-annual period. On March 12, 2023, SNBY was also shut down by regulators and placed into FDIC receivership. As a result of these actions, both SIVB and SNBY were removed from the Funds’ indices. Subsequently, the Funds sold their holdings in both SIVB and SNBY on March 28, 2023.

 

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EXPENSE EXAMPLE

JANUARY 31, 2023 (UNAUDITED)

 

 

As a shareholder of the Strive U.S. Energy ETF, Strive 500 ETF, Strive U.S. Semiconductor ETF, Strive Emerging Markets Ex-China ETF, Strive 1000 Dividend Growth ETF, Strive 1000 Growth ETF, Strive 1000 Value ETF, and/or Strive Small-Cap ETF, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in each Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

 

The example is based on an investment of $1,000 invested at the beginning of the most recent six-month period and held the entire period (August 1, 2022 to January 31, 2023).

 

Actual Expenses

 

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Fiscal Period” to estimate the expenses you paid on your account during this period.

 

Hypothetical Example for Comparison Purposes

 

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each of the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund compared to other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher. The information assumes the reinvestment of all dividends and distributions.

 

  Annualized
Expense
Ratio
  Beginning
Account
Value
Ending
Account
Value
Expenses
Paid During
the Period
Strive U.S. Energy ETF1                              
Actual   0.41%     $ 1,000.00     $ 1,215.50     $ 2.19  
Hypothetical (5% annual return before expenses)   0.41%       1,000.00       1,023.14       2.09  
                               
Strive 500 ETF2                              
Actual   0.05%     $ 1,000.00     $ 1,033.20     $ 0.19  
Hypothetical (5% annual return before expenses)   0.05%       1,000.00       1,024.95       0.26  
                               
Strive U.S. Semiconductor ETF3                              
Actual   0.40%     $ 1,000.00     $ 1,112.20     $ 1.37  
Hypothetical (5% annual return before expenses)   0.40%       1,000.00       1,023.19       2.04  

 

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  Annualized
Expense
Ratio
  Beginning
Account
Value
Ending
Account
Value
Expenses
Paid During
the Period
Strive Emerging Markets Ex-China ETF4                              
Actual   0.32%     $ 1,000.00     $ 997.80     $ 0.01  
Hypothetical (5% annual return before expenses)   0.32%       1,000.00       1,023.59       1.63  
                               
Strive 1000 Dividend Growth ETF5                              
Actual   0.35%     $ 1,000.00     $ 1,066.70     $ 0.82  
Hypothetical (5% annual return before expenses)   0.35%       1,000.00       1,023.44       1.79  
                               
Strive 1000 Growth ETF5                              
Actual   0.18%     $ 1,000.00     $ 1,105.10     $ 0.43  
Hypothetical (5% annual return before expenses)   0.18%       1,000.00       1,024.30       0.92  
                               
Strive 1000 Value ETF5                              
Actual   0.18%     $ 1,000.00     $ 1,077.70     $ 0.43  
Hypothetical (5% annual return before expenses)   0.18%       1,000.00       1,024.30       0.92  
                               
Strive Small-Cap ETF5                              
Actual   0.18%     $ 1,000.00     $ 1,112.50     $ 0.43  
Hypothetical (5% annual return before expenses)   0.18%       1,000.00       1,024.30       0.92  

 

1. The inception date for the Strive U.S. Energy ETF was August 9, 2022. Actual expenses paid during the period are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 176/365 (to reflect the period).
2. The inception date for the Strive 500 ETF was September 15, 2022. Actual expenses paid during the period are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 139/365 (to reflect the period).
3. The inception date for the Strive U.S. Semiconductor ETF was October 6, 2022. Actual expenses paid during the period are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 118/365 (to reflect the period).
4. The inception date for the Strive Emerging Markets Ex-China ETF was January 31, 2023. Actual expenses paid during the period are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 1/365 (to reflect the period).
5. The inception date for the Strive 1000 Dividend Growth ETF, Strive 1000 Growth ETF, Strive 1000 Value ETF, and Strive Small-Cap ETF was November 10, 2022. Actual expenses paid during the period are equal to the annualized net expense ratio for the class, multiplied by the average account value over the period, multiplied by 83/365 (to reflect the period).

 

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REVIEW OF LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)

 

 

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust, on behalf of the series of the Trust covered by this shareholder report (each a “Fund”, and collectively, the “Funds”), has adopted a liquidity risk management program (“the Program”) to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a Fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect each Fund’s particular risks, but not to eliminate all adverse impacts of liquidity risk, which would be incompatible with the nature of the Fund.

 

During the period, the Trust’s Board of Trustees had designated Sean Hegarty and Wm. Joshua Russell of the Adviser as the Program Administrators, responsible for administering the Program and its policies and procedures.

 

At the July 26, 2022, meeting of the Board of Trustees of the Trust, the Program Administrator provided the Trustees with a report pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the period ended March 31, 2022. The report concluded that the Program is adequately operating, and its implementation has been effective. The report reflected that there were no liquidity events that impacted the Funds’ ability to timely meet redemptions without dilution to existing shareholders. The report further described material changes that were made to the Program since its implementation.

 

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the prospectus for more information regarding the Funds’ exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

 

The Strive Funds were analyzed at the Board of Trustee meeting on which each respective Fund was approved.

 

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MANAGEMENT OF THE FUNDS

 

 

The table below sets forth certain information about each of the Trust’s executive officers as well as its affiliated and independent Trustees.

 

Name,
Address, and
Year of Birth
Position(s)
Held with
Trust
Term of
Office and
Length of
Time
Served
Principal Occupation
During Past 5 Years
Number of
Funds in
Fund
Complex
Overseen
by Trustee
Other Directorships
Held by Trustee
During Past 5 Years
Independent Trustees

Daniel Dorn

Born: 1975

Trustee Since 2014 Associate Professor of Finance, Drexel University, LeBow College of Business (2003 – present). 33 None

Michael S. Pagano, Ph.D., CFA

Born: 1962

Trustee Since 2014 The Robert J. and Mary Ellen Darretta Endowed Chair in Finance, Villanova University (1999 – present); Co-Editor of the Financial Review (2023 – present); Founder, Michael S. Pagano, LLC (business consulting firm) (2008 – present). 33

Citadel Federal Credit Union (pro bono service for non-profit)

Chukwuemeka (Emeka) O. Oguh

Born: 1983

Trustee Since 2018 Co-founder and CEO, PeopleJoy (2016 – present). 33 None
Interested Trustee*

Wesley R. Gray, Ph.D.

Born: 1980

Trustee and President Since 2014 Founder and Executive Managing Member, EA Advisers (2013 – present); Founder and Executive Managing Member, Empirical Finance, LLC d/b/a Alpha Architect (2010 – present). 33 None

 

* Dr. Gray is an “interested person,” as defined by the Investment Company Act, because of his employment with and ownership interest in the Adviser.

 

Additional information about the Affiliated Trustee and Independent Trustees is available in the Statement of Additional Information (SAI).

 

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MANAGEMENT OF THE FUNDS (CONTINUED)

 

 

Officers

 

Name,
Address, and
Year of Birth
Position(s)
Held with
Trust
Term of
Office and
Length of
Time
Served
Principal Occupation
During Past 5 Years

John Vogel, Ph.D.

Born: 1983

Treasurer and Chief Financial Officer Since 2014 Managing Member, EA Advisers (2013 – present); Managing Member, Empirical Finance, LLC d/b/a Alpha Architect (2012 – present).

Jessica D. Leighty

Born: 1981

Chief Compliance Officer Since 2022 Chief Compliance Officer, Alpha Architect (2021 – Present), Chief Compliance Officer, Snow Compliance (2015 – 2021)

Patrick R. Cleary

Born: 1982

Secretary Since 2015 Chief Operating Officer and Managing Member, Alpha Architect, LLC (2014 – present); Chief Executive Officer of EA Advisers (2021 – present).

Sean Hegarty

Born: 1993

Assistant Treasurer Since 2022 Chief Operating Officer, EA Advisers (2022 – present); Assistant Vice President – Fund Administration, U.S. Bank Global Fund Services (2018 – 2022); Staff Accountant, Cohen & Company (2015 – 2018)

 

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BOARD REVIEW AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

 

The Board (the members of which are referred to as “Trustees”) of the EA Series Trust (the “Trust”) met virtually on both July 26, 2022 and November 4, 2022 to consider the approval of Advisory Agreement between the Trust, on behalf of the Strive U.S. Energy ETF, the Strive 500 ETF, the Strive U.S. Semiconductor ETF, the Strive Emerging Markets Ex-China ETF, the Strive 1000 Dividend Growth ETF, the Strive 1000 Growth ETF, the Strive 1000 Value ETF, and the Strive Small-Cap ETF (each a “New Fund” and collectively, the “New Funds”), and Empowered Funds, LLC (the “Adviser”), as well as to consider the approval of the Sub-Advisory Agreement between the Adviser and Strive Asset Management, LLC (the “Sub-Adviser”). The Board also met at a special meeting held on January 9, 2023 to consider an amendment to the Advisory Agreement for the Strive Emerging Markets Ex-China ETF to increase the Fund’s investment advisory fee prior to the Fund’s commencement of operations. In accordance with Section 15(c) of the 1940 Act, the Board requested, reviewed and considered materials furnished by the Adviser and Sub-Adviser relevant to the Board’s consideration of whether to approve the Advisory Agreement and Sub-Advisory Agreement. In connection with considering approval of both the Advisory Agreement and Sub-Advisory Agreement, the Trustees who are not “interested persons” of the Trust, as that term is defined in the 1940 Act (the “Independent Trustees”), met in executive session with counsel to the Independent Trustees and separately with Trust counsel who each provided assistance and advice. In reaching the decision to approve both the Advisory Agreements and Sub-Advisory Agreements the Board considered and reviewed information provided by the Adviser and Sub-Adviser, including among other things information about its personnel, operations, financial condition, and compliance and risk management. The Board also reviewed copies of the proposed Advisory Agreement and Sub-Advisory Agreement. During their review and consideration, the Board focused on and reviewed the factors they deemed relevant, including:

 

Nature, Quality and Extent of Services. The Board was presented and considered information concerning the nature, quality and extent of the overall services expected to be provided by the Adviser to the New Funds. In this connection, the Board considered the responsibilities of the Adviser, recognizing that the Adviser had invested significant time and effort in structuring the Trust and the New Funds, and arranging service providers for the New Funds. In addition, the Board considered that the Adviser is responsible for providing investment advisory oversight services to the New Funds, executing all New Fund transactions, monitoring compliance with the New Funds’ objectives, policies, and restrictions, and carrying out directives of the Board. The Board also considered the services expected to be provided by the Adviser in the oversight of the Trust’s administrator, transfer agent and custodian. In addition, the Board evaluated the integrity of each of the Adviser’s and Sub-Adviser’s personnel, the experience of the portfolio manager in managing assets and the adequacy of each of the Adviser’s and Sub-Adviser’s resources. The Board also considered the Adviser’s ongoing oversight responsibilities vis-à-vis the Strive Sub-Adviser, to include the augmented resources mentioned above. The Board also considered that the Strive Sub-Adviser would provide its services to the New Funds as a discretionary investment sub-adviser, while each New Fund is passive and tracks a third-party index.

 

Performance. Performance information was not available for each New Fund as each had not yet commenced operations.

 

Comparative Fees and Expenses. In considering the advisory fees and sub-advisory fees, the Board reviewed and considered the fees in light of the nature, quality and extent of the services expected to be provided by the Adviser and Strive Sub-Adviser, respectively. With respect to the advisory fees and expense ratios for the Funds, the Board also considered the fees and expense ratios versus the fees and expenses charged to other exchange-traded funds and mutual funds. The Board noted that there were several comparable funds available for comparison, with the fees charged within a reasonable range as compared to the peers. Nevertheless, the peers under consideration were quite large and likely enjoyed material economies of scale that are not currently available to the Adviser and Sub-Adviser. With respect to the sub-advisory fees, the Board noted that they were payable solely out of the unitary management fee payable to the Adviser. The Adviser also presented two sets of peer analysis – the first being a mix of active and passive funds, with the second being an active only peer group. The Adviser also noted that the Funds had been priced at parity with comparable ETF products.

 

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BOARD REVIEW AND APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

 

The Board considered, among other information, the data provided in the third-party report. Fee information was provided in quartiles, ranging from quartile one (the least expensive) to quartile four (the most expensive).

 

The Board considered the third-party peer group analysis that included comparison of the New Funds’ anticipated total expense ratios (for both gross and net) and management fees against funds that were both exchanged-traded funds and mutual funds. The Board was agreeable to the fee levels.

 

Additionally, at a special meeting of the Board held on January 9, 2023, the Board considered a proposal to amend the fee schedule for the previously approved Strive Emerging Markets ex-China ETF. The Board was provided with updated fee analysis and other information and data to support the fee proposal. In connection with the Board’s deliberations, it considered that certain costs for the Fund were higher than initially anticipated (e.g., custody costs). The Board also considered that the Fund had not yet launched and the initial fee that was approved would make the Fund more difficult for the Fund’s Sub-Adviser to support at the previously approved fee levels. The Board considered the third-party peer group analysis that included comparison of the New Funds’ anticipated total expense ratios (for both gross and net) and management fees against funds that were both exchanged-traded funds and mutual funds. The Board was agreeable to the fee levels.

 

Costs and Profitability. The Board further considered information regarding the potential profits, if any, that may be realized by each of the Adviser and the Strive Sub-Adviser in connection with providing their respective services to each New Fund. The Board reviewed estimated profit and loss information provided by the Adviser with respect to each New Fund and estimated data regarding the proposed sub-advisory fee and the costs associated with the personnel, systems, and equipment necessary to manage each New Fund and to meet the regulatory and compliance requirements adopted by the SEC and other regulatory bodies as well as other expenses the Adviser would pay in accordance with the Advisory Agreement. The Board also took into consideration that the Adviser agreed to pay all expenses incurred by each New Fund except for the fees paid to the Adviser pursuant to the Advisory Agreement, payments under any distribution plan adopted pursuant to Rule 12b-1, brokerage expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs), litigation expenses and other non-routine or extraordinary expenses. The Board also considered the respective financial obligations of the Adviser and the Strive Sub-Adviser, as sponsor of the Fund. They also considered each New Fund’s projected asset totals over the first two years of operations.

 

Other Benefits. The Board further considered the extent to which the Adviser or Strive Sub-Adviser might derive ancillary benefits from each New Fund’s operations. For example, the Adviser may engage in soft dollar transactions in the future, although it did not currently plan to do so. In addition, the Adviser may benefit from continued growth in the Trust by potentially negotiating better fee arrangements with key vendors serving the Funds.

 

Economies of Scale. The Board also considered whether economies of scale would be realized by the New Fund as its assets grow larger, including the extent to which this is reflected in the level of fees to be charged. The Board also noted that the proposed advisory and sub-advisory fees do not include breakpoints but concluded that it was premature to meaningfully evaluate potential economies of scale.

 

Conclusion. No single factor was determinative of the Board’s decision to approve both the Advisory Agreement and Sub-Advisory Agreement; rather, the Board based its determination on the total mix of information available to it. Based on a consideration of all the factors in their totality, the Board, including a majority of the Independent Trustees, approved both the Advisory Agreement and Sub-Advisory Agreement, including the compensation payable under the Agreements.

 

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INFORMATION ABOUT PORTFOLIO HOLDINGS (UNAUDITED)

 

 

The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Form N-PORT is available without charge, upon request, by calling (215) 882-9983. Furthermore, you may obtain the Form N-PORT on the SEC’s website at www.sec.gov. Each Funds’ portfolio holdings are posted on their website at https://strivefunds.com/.

 

INFORMATION ABOUT PROXY VOTING (UNAUDITED)

 

 

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling (215) 882-9983, by accessing the SEC’s website at www.sec.gov, or by accessing the Funds’ website at https://strivefunds.com/.

 

When available, information regarding how the Funds voted proxies relating to portfolio securities during the twelve months ending June 30 is (1) available by calling (215) 882-9983 and (2) the SEC’s website at www.sec.gov.

 

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (UNAUDITED)

 

 

Information regarding how often shares of each Fund trade on an exchange at a price above (i.e., at premium) or below (i.e., at a discount) the NAV of each Fund is available, without charge, on the Funds’ website at https://strivefunds.com/.

 

PRIVACY POLICY (UNAUDITED)

 

 

EA Series Trust (the “Trust”) is strongly committed to preserving and safeguarding the personal financial information of any customers of the Trust. Confidentiality is extremely important to us.

 

Regulation S-P requires, among others, each investment company to “adopt written policies and procedures that address administrative, technical, and physical safeguards for the protection of customer records and information.” However, Pursuant to Regulation S-P’s definition of “customer,” the Trust currently does not have, nor does it anticipate having in the future, any customers. In addition, the Trust does not collect any non-public personal information from any consumers.

 

Nonetheless, the Trust has instituted certain technical, administrative and physical safeguards through which the Trust would seek to protect personal financial information about any customers from unauthorized use and access. First, technical procedures are used in order to limit the accessibility and exposure of Trust-maintained information contained in electronic form. If customer information were obtained by the Trust, such technical procedures would cover such information.

 

Second, administrative procedures that are in place, would be used to control the number and type of employees, affiliated and nonaffiliated persons, to whom customer information (if the Trust were to obtain any) would be accessible.

 

Third, physical safeguards have been established, which if customer information were obtained by the Trust, to prevent access to such information contained in hard-copy form.

 

As these procedures illustrate, the Trust realizes the importance of information confidentiality and security and emphasizes practices which are aimed at achieving those goals.

 

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Adviser

Empowered Funds, LLC d/b/a EA Advisers

19 East Eagle Road

Havertown, Pennsylvania 19083

 

Sub-Adviser

Strive Asset Management, LLC

6515 Longshore Loop, Suite 100

Dublin, Ohio 43017

 

Distributor

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, Wisconsin 53202

 

Custodian and Securities Lending Agent

U.S. Bank National Association Custody Operations

1555 North River Center Drive, Suite 302

Milwaukee, Wisconsin 53212

 

Transfer Agent

U.S. Bank Global Fund Services, LLC

615 East Michigan Street

Milwaukee, Wisconsin 53202

 

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.

342 North Water Street, Suite 830

Milwaukee, Wisconsin 53202

 

Legal Counsel

Practus, LLP

11300 Tomahawk Creek Parkway, Suite 310

Leawood, Kansas 66211

 

 

 

 

 

 

 

 

 

 

 

 

Strive U.S. Energy ETF

Symbol – DRLL

CUSIP – 02072L722

 

Strive 500 ETF

Symbol – STRV

CUSIP – 02072L680

 

Strive U.S. Semiconductor ETF

Symbol – SHOC

CUSIP – 02072L672

 

Strive Emerging Markets Ex-China ETF

Symbol – STXE

CUSIP – 02072L698

 

Strive 1000 Dividend Growth ETF

Symbol – STXD

CUSIP – 02072L581

 

Strive 1000 Growth ETF

Symbol – STXG

CUSIP – 02072L615

 

Strive 1000 Value ETF

Symbol – STXV

CUSIP – 02072L599

 

Strive Small-Cap ETF

Symbol – STXK

CUSIP – 02072L573