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

 

 

Annual Report

 

July 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

STRIVE ETFs

 

TABLE OF CONTENTS

 

    Page
Letter to Shareholders   1 – 4
Sector Allocations   5 – 20
Index Overview   21
Schedules of Investments   22 – 131
Statements of Assets and Liabilities   132 – 133
Statements of Operations   134 – 135
Statements of Changes in Net Assets   136 – 137
Financial Highlights   138
Notes to Financial Statements   139 – 155
Report of Independent Registered Public Accounting Firm   156 – 157
Expense Example   158 – 159
Liquidity Risk Management Program   160
Federal Tax Information   161
Management of the Funds   162 – 163
Information About Portfolio Holdings   164
Information About Proxy Voting   164
Privacy Policy   164

 

 

 

 

STRIVE ETFs

 

LETTER TO SHAREHOLDERS

JULY 31, 2023

 

 

 

6555 Longshore Street, Suite 220

Dublin, OH 43017

Phone: 872-270-5406

www.strivefunds.com

 

July 31, 2023

 

Dear Strive ETF Shareholders,

 

Thank you for your investment in the Strive U.S. Energy ETF (DRLL), Strive 500 ETF (STRV), Strive U.S. Semiconductor ETF (SHOC), Strive 1000 Dividend Growth ETF (STXD), Strive 1000 Growth ETF (STXG), Strive 1000 Value ETF (STXV), Strive Small-Cap ETF (STXK), and Strive Emerging Markets Ex-China ETF (STXE), collectively referred to as the “Funds”. The information presented in this letter relates to the operations of the Funds for their fiscal periods beginning on their respective inceptions through July 31, 2023. The inception dates are as follows: DRLL: August 8, 2022, STRV: September 14, 2022, SHOC: October 5, 2022, STXD: November 9, 2022, STXG: November 9, 2022, STXV: November 9, 2022, STXK: November 9, 2022, and STXE: January 30, 2023.

 

DRLL is a passively managed exchange-traded fund (“ETF”) that seeks to track the investment results of the Solactive United States Energy Regulated Capped Index (the “Index”), which measures the performance of the energy sector of the U.S. equity market as defined by Solactive AG. The Index includes large, and mid-capitalization companies.

 

STRV is a passively managed ETF that seeks to track the investment results of the Solactive GBS United States 500 Index (the “Index”), which is a float-adjusted, capitalization weighted index consisting of equity securities of the 500 largest companies in the U.S. stock market.

 

SHOC is a passively managed ETF that seeks to track the investment results of the Solactive United States Semiconductors 30 Capped Index (the “Index”), which measures the performance of the largest thirty (30) U.S. companies in the U.S. semiconductor sector as defined by Solactive AG. The Index includes large, mid, and small capitalization companies.

 

STXD is a passively managed ETF that seeks to track the investment results of the Bloomberg US 1000 Dividend Growth Index (the “Index”). The Index is a subset of the Bloomberg US 1000 Growth Index, which measures the performance of large- and mid-capitalization growth companies in the U.S. equity market as determined by Bloomberg.

 

STXG is a passively managed exchange-traded fund (“ETF”) that seeks to track the investment results of the Bloomberg US 1000 Growth Index (the “Index”), which measures the performance of large- and mid-capitalization growth companies in the U.S. equity market as determined by Bloomberg. The Index includes large- and mid-capitalization companies.

 

STXV is a passively managed ETF that seeks to track the investment results of the Bloomberg US 1000 Value Index (the “Index”), which measures the performance of the large- and mid-capitalization value sector of the U.S. equity market as determined by Bloomberg. The Index includes large- and mid-capitalization companies.

 

1

 

 

STRIVE ETFs

 

LETTER TO SHAREHOLDERS (CONTINUED)

JULY 31, 2023

 

 

STXK is a passively managed ETF that, as of January 25, 2023, seeks to track the investment results of the Bloomberg US 600 Index (the “Index”), which measures the performance of the small-capitalization sector in the U.S. equity market as determined by Bloomberg. Prior to January 25, 2023, the ETF sought to track the investment results of the Bloomberg US 2000 Index, which measures the performance of the small- and mid-capitalization sectors of the U.S. equity market as determined by Bloomberg and includes small- and mid-capitalization companies.

 

STXE is a passively managed ETF that seeks to track the investment results of the Bloomberg Emerging Markets ex China Large & Mid Cap Index (the “Index”), which tracks large and mid-capitalization equity securities across 24 emerging market economies, excluding China. Components of the Index are selected and weighted according to free-float market capitalization.

 

Strive launched eight passively managed ETFs during its first fiscal year ending July 31, 2023. One of Strive’s core differentiators is our approach to shareholder voting and engagement, in which we are unapologetically committed to shareholder primacy and believe the purpose of a for-profit company is to maximize long-run value to investors. We leverage our voice and vote to maximize long-run client value by mandating the corporate pursuit of excellence through our variety of investment funds and client solutions.

 

DRLL

For FY 2023, DRLL was up 20.15% at its market price and up 20.22% at net asset value (“NAV”). Over the period, DRLL underperformed the Solactive United States Energy Regulated Capped Index, which was up 20.60%.

 

DRLL distributes income to shareholders on a quarterly basis.

 

STRV 

For FY 2023, STRV was up 17.92% at its market price and up 17.85% at net asset value (“NAV”). Over the period, STRV underperformed the Solactive GBS United States 500 Index, which was up 17.95%.

 

STRV distributes income to shareholders on a quarterly basis.

 

SHOC 

For FY 2023, SHOC was up 47.06% at its market price and up 47.03% at net asset value (“NAV”). Over the period, SHOC underperformed the Solactive United States Semiconductors 30 Capped Index, which was up 47.62%.

 

SHOC distributes income to shareholders on a quarterly basis.

 

STXD

For FY 2023, STXD was up 14.97% at its market price and up 14.90% at net asset value (“NAV”). Over the period, STXD underperformed the Bloomberg US 1000 Dividend Growth Index, which was up 15.22%.

 

STXD distributes income to shareholders on a quarterly basis.

 

STXG 

For FY 2023, STXG was up 31.78% at its market price and up 31.88% at net asset value (“NAV”). Over the period, STXG underperformed the Bloomberg US 1000 Growth Index, which was up 32.12%.

 

STXG distributes income to shareholders on a quarterly basis.

 

2

 

 

STRIVE ETFs

 

LETTER TO SHAREHOLDERS (CONTINUED)

JULY 31, 2023

 

 

STXV

For FY 2023, STXV was up 8.93% at its market price and up 9.03% at net asset value (“NAV”). Over the period, STXV underperformed the Bloomberg US 1000 Value Index, which was up 9.16%.

 

STXV distributes income to shareholders on a quarterly basis.

 

STXK 

For FY 2023, STXK was up 16.33% at its market price and up 16.20% at net asset value (“NAV”). Over the period, STXK underperformed the Bloomberg US 600 Index, which was up 17.12%.

 

STXK distributes income to shareholders on a quarterly basis.

 

STXE

For FY 2023, STXE was up 8.24% at its market price and up 7.49% at net asset value (“NAV”). Over the period, STXE outperformed the Bloomberg Emerging Markets ex China Large & Mid Cap Index, which was up 7.64%.

 

STXE distributes income to shareholders on a quarterly basis.

 

We appreciate your continued investment in the Funds and thank you for being clients of Strive. We remain committed to maximizing shareholder value above any other non-pecuniary factors.

 

Sincerely,

 

/s/ Matthew Cole

 

Matthew Cole, CFA

Portfolio Manager

Chief Executive Officer and Chief Investment Officer

Strive Asset Management, LLC

 

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

 

Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. ETF shares may only be redeemed at NAV by authorized participants in large creation units. There can be no guarantee that an active trading market for shares will exist. The trading of shares may incur brokerage commissions.

 

Any offering must be preceded or accompanied by a prospectus.

 

Investments involve risk and principal loss is possible. There can be no assurance that the Fund will achieve its investment objective. The Fund is subject to the following principal risks, among others:

 

Please refer to the prospectus for each respective ETF for additional risk information.

 

3

 

 

STRIVE ETFs

 

LETTER TO SHAREHOLDERS (CONTINUED)

JULY 31, 2023

 

 

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. We make no representation or warranty as to the accuracy or completeness of the information contained in this report, including third-party data sources. The views expressed are as of the publication date and subject to change at any time. No part of this material may be reproduced in any form or referred to in any other publication without express written permission. References to other funds should not be interpreted as an offer or recommendation of these securities.

 

The Funds are distributed by Quasar Distributors, LLC. The Funds’ investment adviser is Empowered Funds, LLC dba EA Advisers. The Funds’ investment sub-adviser is Strive Asset Management, LLC.

 

4

 

 

STRIVE ETFs

 

Strive U.S. Energy ETF

Growth of $10,000 (Unaudited)

 

 

    Average
Annual
Return*
    Since
Inception
    (August 9,
2022)
Strive U.S. Energy ETF - NAV   20.22%
Strive U.S. Energy ETF - MKT   20.15%
Solactive United States Energy Regulated Capped Index TR   20.60%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on August 9, 2022. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

5

 

 

STRIVE ETFs

 

Strive U.S. Energy ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Energy     92.8 %2
Utilities     6.0 %
Industrials     0.7 %
Materials     0.1 %
Other3     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. 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.

 

6

 

 

STRIVE ETFs

 

Strive 500 ETF

Growth of $10,000 (Unaudited)

 

 

    Average
Annual
Return*
    Since
Inception
    (September 15,
2022)
Strive 500 ETF - NAV   17.85%
Strive 500 ETF - MKT   17.92%
Solactive GBS United States 500 Index TR   17.95%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on September 15, 2022. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

7

 

 

STRIVE ETFs

 

Strive 500 ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Information Technology     28.9 %2
Health Care     13.0 %
Financials     12.4 %
Consumer Discretionary     10.4 %
Communication Services     8.8 %
Industrials     8.5 %
Consumer Staples     6.3 %
Energy     4.3 %
Utilities     2.4 %
Materials     2.4 %
Real Estate     2.2 %
Other3     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. 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.

 

8

 

 

STRIVE ETFs

 

Strive U.S. Semiconductor ETF

Growth of $10,000 (Unaudited)

 

 

   

Average

Annual
Return*

    Since
Inception
    (October 6,
2022)
Strive U.S. Semiconductor ETF - NAV   47.03%
Strive U.S. Semiconductor ETF - MKT   47.06%
Solactive United States Semiconductors 30 Capped Index TR   47.62%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on October 6, 2022. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

9

 

 

STRIVE ETFs

 

Strive U.S. Semiconductor ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Information Technology     99.8 %2
Other3     0.2 %
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.

 

10

 

 

STRIVE ETFs

 

Strive Emerging Markets Ex-China ETF

Growth of $10,000 (Unaudited)

 

 

    Average
Annual
Return*
    Since
Inception
    (January 31,
2023)
Strive Emerging Markets Ex-China ETF - NAV   7.49%
Strive Emerging Markets Ex-China ETF - MKT   8.24%
Bloomberg Emerging Markets Ex-China Large & Mid-Cap Net Return Index   7.64%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on January 31, 2023. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

11

 

 

STRIVE ETFs

 

Strive Emerging Markets Ex-China ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Financials     27.5 %2
Information Technology     23.7 %
Materials     9.7 %
Energy     9.2 %
Industrials     8.1 %
Consumer Staples     5.8 %
Communication Services     4.9 %
Consumer Discretionary     4.8 %
Utilities     2.5 %
Health Care     2.3 %
Real Estate     1.1 %
Other3     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. 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.

 

12

 

 

STRIVE ETFs

 

Strive 1000 Dividend Growth ETF

Growth of $10,000 (Unaudited)

 

 

    Average
Annual
Return*
    Since
Inception
    (November 10,
2022)
Strive 1000 Dividend Growth ETF - NAV   14.90%
Strive 1000 Dividend Growth ETF - MKT   14.97%
Bloomberg US 1000 Dividend Growth Total Return Index   15.22%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on November 10, 2022. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

13

 

 

STRIVE ETFs

 

Strive 1000 Dividend Growth ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Health Care     23.5 %
Information Technology     23.4 %
Industrials     13.3 %
Financials     11.7 %
Consumer Staples     8.8 %
Consumer Discretionary     7.2 %
Real Estate     3.2 %
Utilities     3.1 %
Energy     2.9 %
Materials     2.3 %
Communication Services     0.1 %
Other2     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.
2. Cash, cash equivalents, short-term investments and other assets less liabilities.

 

14

 

 

STRIVE ETFs

 

Strive 1000 Growth ETF

Growth of $10,000 (Unaudited)

 

 

   

Average

Annual
Return*

    Since
Inception
    (November 10,
2022)
Strive 1000 Growth ETF - NAV   31.88%
Strive 1000 Growth ETF - MKT   31.78%
Bloomberg US 1000 Growth Total Return Index   32.12%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on November 10, 2022. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

15

 

 

STRIVE ETFs

 

Strive 1000 Growth ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Information Technology     36.8 %2
Health Care     13.8 %
Consumer Discretionary     13.2 %
Communication Services     8.5 %
Financials     8.2 %
Industrials     8.2 %
Consumer Staples     5.7 %
Real Estate     2.4 %
Materials     1.4 %
Utilities     0.8 %
Energy     0.8 %
Other3     0.2 %
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.

 

16

 

 

STRIVE ETFs

 

Strive 1000 Value ETF

Growth of $10,000 (Unaudited)

 

 

    Average
Annual
Return*
    Since
Inception
    (November 10,
2022)
Strive 1000 Value ETF - NAV   9.03%
Strive 1000 Value ETF - MKT   8.93%
Bloomberg US 1000 Value Total Return Index   9.16%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on November 10, 2022. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

17

 

 

STRIVE ETFs

 

Strive 1000 Value ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Financials     21.6 %
Energy     11.9 %
Industrials     11.8 %
Health Care     11.5 %
Communication Services     8.0 %
Consumer Staples     7.7 %
Information Technology     7.5 %
Utilities     5.9 %
Consumer Discretionary     5.7 %
Real Estate     4.1 %
Materials     3.7 %
Other2     0.6 %
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.

 

18

 

 

STRIVE ETFs

 

Strive Small-Cap ETF

Growth of $10,000 (Unaudited)

 

 

    Average
Annual
Return*
    Since
Inception
    (November 10,
2022)
Strive Small-Cap ETF - NAV   16.20%
Strive Small-Cap ETF - MKT   16.33%
Bloomberg US 600 Total Return Index   17.12%

 

See “Index Overview” section for a description of the Index.

 

* This chart assumes an initial gross investment of $10,000 made on November 10, 2022. Returns shown include the dividends. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Investment return and principal value will fluctuate, so that your shares, when redeemed, may be worth more or less than the original cost.

 

19

 

 

STRIVE ETFs

 

Strive Small-Cap ETF

Tabular Presentation of Schedule of Investments

As of July 31, 2023

 

Sector1   % Net
Assets
 
Industrials     18.2 %
Information Technology     15.9 %
Financials     15.0 %
Health Care     12.5 %
Consumer Discretionary     11.2 %
Real Estate     6.6 %
Materials     5.2 %
Energy     5.1 %
Utilities     4.0 %
Consumer Staples     3.8 %
Communication Services     1.9 %
Other2     0.6 %
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.

 

20

 

 

STRIVE ETFs

 

INDEX OVERVIEW (UNAUDITED)

July 31, 2023

 

 

Solactive United States Energy Regulated Capped Index

The Solactive United States Energy Regulated Capped Index is a subset of the GBS Index Universe of the Solactive GBS United States 1000 Index with selection criteria contingent on being assigned to one of the following national industries, according to the North America Industry Classification System (NAICS): Crude Petroleum Extraction, Natural Gas Extraction, Bituminous Coal and Lignite Surface Mining, Bituminous Coal Underground Mining, Anthracite Mining, Drilling Oil and Gas Wells, Support Activities for Oil and Gas Operations, Support Activities for Coal Mining, Hydroelectric Power Generation, Nuclear Electric Power Generation, Solar Electric Power Generation, Wind Electric Power Generation, Geothermal Electric Power Generation, and Biomass Electric Power Generation.

 

The Solactive GBS United States 1000 Index intends to track the performance of the largest 1000 companies from the US stock market and is based on the Solactive Global Benchmark Series. Constituents are selected based on company market capitalization and weighted by free float market capitalization. The index is calculated as a net total return index in USD and is reconstituted quarterly.

 

Solactive GBS United States 500 Index

The Solactive GBS United States 500 Index intends to track the performance of the largest 500 companies from the US stock market and is based on the Solactive Global Benchmark Series. Constituents are selected based on company market capitalization and weighted by free float market capitalization. The index is calculated as a total return index in USD and is reconstituted quarterly.

 

Solactive United States Semiconductors 30 Capped Index

The Solactive United States Semiconductors 30 Capped Index is a representation of the largest 30 securities in the semiconductors industry in the United States stock market. To be eligible for inclusion in the index, securities must be assigned either to the Semiconductor and Related Device Manufacturing Industry or to the Semiconductor Machinery Manufacturing.

 

Bloomberg Emerging Markets Ex-China Large & Mid-Cap Index

The Bloomberg Emerging Markets ex China Large & Mid Cap Index is a float market-cap-weighted equity benchmark that covers 85% market cap of the measured market.

 

Bloomberg US 1000 Dividend Growth Index

The Bloomberg US 1000 Dividend Growth Index aims to track a subset of stocks in the Bloomberg US 1000 Growth Index which have increased their trailing full year dividend payment for five consecutive years and have a calculated five year dividend growth rate greater than the benchmark index.

 

Bloomberg US 1000 Growth Index

The Bloomberg US 1000 Growth Index provides exposure to companies with superior growth factor scores based on their earnings yield, valuation, dividend yield, and growth.

 

Bloomberg US 1000 Value Index

The Bloomberg US 1000 Value Index provides exposure to companies with superior value factor scores based on their earnings yield, valuation, dividend yield, and growth.

 

Bloomberg US 600 Index

The Bloomberg US 600 Index is a float market-cap-weighted benchmark of the lower 600 in capitalization of the Bloomberg US 1500 Index.

 

The Bloomberg US 1500 Index is a float market-cap-weighted benchmark of the 1500 most highly capitalized US companies.

 

21

 

 

Strive U.S. Energy ETF
Schedule of Investments
July 31, 2023

 

Shares       Value
COMMON STOCKS - 99.6%       
Aerospace & Defense - 0.3%       
  17,063     BWX Technologies, Inc.   $ 1,177,347  
       
Construction & Engineering - 0.2%       
  36,107     MDU Resources Group, Inc.     798,687  
       
Construction Materials - 0.1%       
  8,904     Knife River Corp. (a)     387,057  
         
Electric Utilities - 2.5%       
  187,935     Exelon Corp.     7,866,959  
  9,455     IDACORP, Inc.     972,163  
            8,839,122  
Electrical Components & Equipment - 0.2%       
  38,453     Sunrun, Inc. (a)     729,838  
       
Gas Utilities - 2.1%       
  58,117     APA Corp     2,353,157  
  27,017     Atmos Energy Corp     3,288,239  
  16,255     National Fuel Gas Co.     863,303  
  13,143     Southwest Gas Holdings, Inc.     866,649  
            7,371,348  
Independent Power Producers & Energy Traders - 0.8%       
  125,470     AES Corp.     2,713,916  
       
Integrated Oil & Gas - 37.8%       
  328,380     Chevron Corp.     53,742,671  
  690,287     Exxon Mobil Corp.     74,026,378  
  133,453     Occidental Petroleum Corp.     8,424,888  
            136,193,937  
Multi-Utilities - 0.6%       
  77,427     NiSource, Inc.     2,155,568  
       
Oil & Gas Drilling - 0.5%       
  18,691     Helmerich & Payne, Inc.     836,796  
  19,347     Noble Corp. PLC ADR (b)     1,011,268  
            1,848,064  
Oil & Gas Equipment & Services - 6.6%       
  170,473     Halliburton Co.     6,662,085  
  72,484     NOV, Inc.     1,455,479  
  268,649     Schlumberger Ltd. ADR (b)     15,672,983  
            23,790,547  
Oil & Gas Exploration & Production - 27.0%       
  59,327     Antero Midstream Corp     708,364  
  48,009     Antero Resources Corp (a)     1,284,241  
  21,287     Chesapeake Energy Corp.     1,795,345  
  7,643     Chord Energy Corp.     1,198,728  

 

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

 

22

 

 

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

 

Shares       Value
  12,398     Civitas Resources, Inc.   $ 928,114  
  230,070     ConocoPhillips     27,083,840  
  142,735     Coterra Energy, Inc.     3,930,922  
  122,810     Devon Energy Corp.     6,631,740  
  32,958     Diamondback Energy, Inc.     4,855,372  
  111,113     EOG Resources, Inc.     14,725,806  
  63,914     EQT Corp.     2,695,893  
  52,263     Hess Corp.     7,929,865  
  34,481     Magnolia Oil & Gas Corp. - Class A     763,754  
  117,959     Marathon Oil Corp.     3,098,783  
  20,718     Matador Resources Co.     1,152,542  
  27,599     Murphy Oil Corp.     1,194,209  
  45,813     Ovintiv, Inc.     2,111,521  
  16,251     PDC Energy, Inc.     1,233,288  
  39,431     Permian Resources Corp.     460,948  
  44,262     Pioneer Natural Resources Co.     9,988,605  
  43,651     Range Resources Corp.     1,371,951  
  22,471     SM Energy Co.     815,473  
  181,066     Southwestern Energy Co. (a)     1,173,308  
            97,132,612  
Oil & Gas Refining & Marketing - 9.3%       
  31,916     Brookfield Renewable Corp - Class A ADR (b)(c)     994,822  
  29,813     HF Sinclair Corp.     1,552,959  
  84,331     Marathon Petroleum Corp.     11,217,710  
  21,440     PBF Energy, Inc. - Class A     1,017,114  
  87,773     Phillips 66     9,791,078  
  70,024     Valero Energy Corp.     9,026,794  
            33,600,477  
Oil & Gas Storage & Transportation - 11.2%       
  190,772     Baker Hughes Co     6,827,730  
  45,539     Cheniere Energy, Inc.     7,370,942  
  17,915     DT Midstream, Inc.     958,811  
  43,651     EnLink Midstream LLC     506,352  
  7,630     Hess Midstream LP - Class A     237,980  
  371,865     Kinder Morgan, Inc.     6,585,729  
  14,417     New Fortress Energy, Inc.     411,605  
  84,076     ONEOK, Inc.     5,636,455  
  33,868     Plains GP Holdings LP - Class A     531,389  
  42,135     Targa Resources Corp.     3,454,649  
  230,375     Williams Cos., Inc.     7,936,419  
            40,458,061  
Renewable Electricity - 0.4%       
  5,604     Clearway Energy, Inc. - Class A     138,251  
  14,606     Clearway Energy, Inc. - Class C     385,744  
  15,919     NextEra Energy Partners LP     866,789  
            1,390,784  
      TOTAL COMMON STOCKS (Cost $337,756,725)     358,587,365  

 

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

 

23

 

 

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

 

Shares       Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 0.0% (d)      
  48,000     First American Government Obligations Fund - Class X, 5.14% (e)   $ 48,000  
      TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $48,000)     48,000  
             
MONEY MARKET FUNDS - 0.4%      
  1,435,943     First American Government Obligations Fund - Class X, 5.14% (e)     1,435,943  
      TOTAL MONEY MARKET FUNDS (Cost $1,435,943)     1,435,943  
             
      TOTAL INVESTMENTS (Cost $339,240,668) - 100.0%   $ 360,071,308  
      Other Assets in Excess of Liabilities - 0.0% (d)     132,068  
      TOTAL NET ASSETS - 100.0%   $ 360,203,376  

 

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 July 31, 2023. Total loaned securities had a market value of $46,755 as of July 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 500 ETF
Schedule of Investments
July 31, 2023

 

Shares       Value
COMMON STOCKS - 97.3%       
Advertising - 0.1%       
  1,236     Omnicom Group, Inc.   $ 104,590  
  2,752     Trade Desk, Inc. - Class A (a)     251,148  
            355,738  
Aerospace & Defense - 1.6%       
  471     Axon Enterprise, Inc. (a)     87,573  
  3,902     Boeing Co. (a)     931,993  
  1,433     General Dynamics Corp.     320,390  
  488     HEICO Corp. - Class A     68,491  
  395     HEICO Corp.     69,512  
  2,616     Howmet Aerospace, Inc.     133,782  
  1,204     L3Harris Technologies, Inc.     228,146  
  1,617     Lockheed Martin Corp.     721,780  
  943     Northrop Grumman Corp.     419,635  
  9,460     RTX Corp.     831,818  
  351     TransDigm Group, Inc.     315,802  
            4,128,922  
Agricultural & Farm Machinery - 0.3%       
  1,748     Deere & Co.     750,941  
       
Agricultural Products & Services - 0.1%       
  3,471     Archer-Daniels-Midland Co.     294,896  
       
Air Freight & Logistics - 0.6%       
  1,032     Expeditors International of Washington, Inc.     131,374  
  1,491     FedEx Corp.     402,495  
  4,710     United Parcel Service, Inc. - Class B     881,382  
            1,415,251  
Apparel Retail - 0.4%       
  2,254     Ross Stores, Inc.     258,399  
  7,426     TJX Cos., Inc.     642,572  
            900,971  
Apparel, Accessories & Luxury Goods - 0.1%       
  708     Lululemon Athletica, Inc. (a)     267,999  
       
Application Software - 2.9%       
  2,950     Adobe, Inc. (a)     1,611,201  
  603     Ansys, Inc. (a)     206,286  
  176     Aspen Technology, Inc. (a)     31,416  
  879     Atlassian Corp. - Class A (a)     159,925  
  1,376     Autodesk, Inc. (a)     291,698  
  1,376     Bentley Systems, Inc. - Class B     74,139  
  1,720     Cadence Design Systems, Inc. (a)     402,497  
  2,021     Datadog, Inc. - Class A (a)     235,891  
  181     Fair Isaac Corp. (a)     151,673  
  309     HubSpot, Inc. (a)     179,390  

 

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

 

25

 

 

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

 

Shares       Value
  1,758     Intuit, Inc.   $ 899,569  
  11,008     Palantir Technologies, Inc. - Class A (a)     218,399  
  688     Roper Technologies, Inc.     339,218  
  6,301     Salesforce, Inc. (a)     1,417,788  
  1,032     Splunk, Inc. (a)     111,797  
  995     Synopsys, Inc. (a)     449,541  
  237     Tyler Technologies, Inc. (a)     94,001  
  1,275     Workday, Inc. - Class A (a)     302,341  
  1,376     Zoom Video Communications, Inc. - Class A (a)     100,930  
            7,277,700  
Asset Management & Custody Banks - 1.0%       
  688     Ameriprise Financial, Inc.     239,734  
  898     Ares Management Corp. - Class A     89,100  
  5,018     Bank of New York Mellon Corp.     227,616  
  964     BlackRock, Inc.     712,251  
  4,472     Blackstone, Inc.     468,621  
  2,752     Blue Owl Capital, Inc.     33,905  
  1,892     Franklin Resources, Inc.     55,322  
  4,138     KKR & Co., Inc.     245,714  
  1,230     Northern Trust Corp.     98,548  
  2,236     State Street Corp.     161,976  
  1,500     T. Rowe Price Group, Inc.     184,890  
            2,517,677  
Automobile Manufacturers - 2.2%       
  25,112     Ford Motor Co.     331,730  
  8,819     General Motors Co.     338,385  
  3,612     Lucid Group, Inc. (a)     27,487  
  3,276     Rivian Automotive, Inc. - Class A (a)     90,549  
  17,740     Tesla, Inc. (a)     4,744,208  
            5,532,359  
Automotive Parts & Equipment - 0.1%       
  1,720     Aptiv PLC ADR (a)(b)     188,323  
  258     Mobileye Global, Inc. - Class A (a)     9,850  
            198,173  
Automotive Retail - 0.2%       
  99     AutoZone, Inc. (a)     245,690  
  379     O’Reilly Automotive, Inc. (a)     350,874  
            596,564  
Biotechnology - 2.1%       
  11,411     AbbVie, Inc.     1,706,857  
  805     Alnylam Pharmaceuticals, Inc. (a)     157,297  
  3,440     Amgen, Inc.     805,476  
  906     Biogen, Inc. (a)     244,792  
  1,204     BioMarin Pharmaceutical, Inc. (a)     105,868  
  7,966     Gilead Sciences, Inc.     606,531  
  1,405     Horizon Therapeutics PLC ADR (a)(b)     140,879  
  1,204     Incyte Corp. (a)     76,719  

 

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

 

26

 

 

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

 

Shares       Value
  2,105     Moderna, Inc. (a)   $ 247,674  
  635     Regeneron Pharmaceuticals, Inc. (a)     471,113  
  860     Seagen, Inc. (a)     164,931  
  1,681     Vertex Pharmaceuticals, Inc. (a)     592,284  
            5,320,421  
Broadcasting - 0.1%       
  1,910     Fox Corp. - Class A     63,890  
  860     Fox Corp. - Class B     27,013  
  3,647     Paramount Global - Class B     58,461  
            149,364  
Broadline Retail - 3.4%       
  58,387     Amazon.com, Inc. (a)     7,805,174  
  6,978     Coupang, Inc. (a)     126,651  
  16     Dillard’s, Inc. - Class A     5,489  
  3,612     eBay, Inc.     160,770  
  729     Etsy, Inc. (a)     74,103  
  275     MercadoLibre, Inc. (a)     340,464  
            8,512,651  
Building Products - 0.4%       
  252     Carlisle Cos., Inc.     69,854  
  5,332     Carrier Global Corp.     317,521  
  4,472     Johnson Controls International PLC ADR (b)     311,028  
  194     Lennox International, Inc.     71,283  
  1,496     Trane Technologies PLC ADR (b)     298,362  
            1,068,048  
Cable & Satellite - 0.6%       
  660     Charter Communications, Inc. - Class A (a)     267,425  
  27,005     Comcast Corp. - Class A     1,222,246  
  4,313     Sirius XM Holdings, Inc.     21,996  
            1,511,667  
Cargo Ground Transportation - 0.1%       
  516     JB Hunt Transport Services, Inc.     105,233  
  579     Old Dominion Freight Line, Inc.     242,885  
            348,118  
Casinos & Gaming - 0.1%       
  2,064     Las Vegas Sands Corp.     123,448  
  1,926     MGM Resorts International     97,783  
            221,231  
Commercial & Residential Mortgage Finance - 0.0% (c)       
  688     Rocket Cos., Inc. - Class A (a)(d)     7,520  
       
Commodity Chemicals - 0.2%       
  4,489     Dow, Inc.     253,494  
  1,576     LyondellBasell Industries N.V. - Class A ADR (b)     155,803  
            409,297  

 

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

 

27

 

 

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

 

Shares       Value
Communications Equipment - 0.8%       
  1,548     Arista Networks, Inc. (a)   $ 240,079  
  26,739     Cisco Systems, Inc.     1,391,498  
  1,051     Motorola Solutions, Inc.     301,248  
  12     Ubiquiti, Inc.     2,132  
            1,934,957  
Computer & Electronics Retail - 0.0% (c)       
  1,231     Best Buy Co., Inc.     102,235  
       
Construction & Engineering - 0.1%       
  875     Quanta Services, Inc.     176,418  
       
Construction Machinery & Heavy Transportation Equipment - 0.6%       
  3,301     Caterpillar, Inc.     875,326  
  881     Cummins, Inc.     229,765  
  3,311     PACCAR, Inc.     285,176  
  1,233     Westinghouse Air Brake Technologies Corp.     146,037  
            1,536,304  
Construction Materials - 0.1%       
  382     Martin Marietta Materials, Inc.     170,548  
  860     Vulcan Materials Co.     189,630  
            360,178  
Consumer Electronics - 0.0% (c)       
  1,032     Garmin Ltd. ADR (b)     109,278  
         
Consumer Finance - 0.5%       
  3,810     American Express Co.     643,433  
  2,408     Capital One Financial Corp.     281,784  
  1,720     Discover Financial Services     181,546  
  2,975     Synchrony Financial     102,757  
            1,209,520  
Consumer Staples Merchandise Retail - 1.5%       
  2,822     Costco Wholesale Corp.     1,582,211  
  1,395     Dollar General Corp.     235,560  
  1,246     Dollar Tree, Inc. (a)     192,295  
  2,924     Target Corp.     399,038  
  9,261     Walmart, Inc.     1,480,463  
            3,889,567  
Copper - 0.2%       
  9,116     Freeport-McMoRan, Inc.     407,029  
  526     Southern Copper Corp.     45,993  
            453,022  
Data Processing & Outsourced Services - 0.1%       
  719     Broadridge Financial Solutions, Inc.     120,734  
  1,376     SS&C Technologies Holdings, Inc.     80,152  
            200,886  

 

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

 

28

 

 

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

 

Shares       Value
Distillers & Vintners - 0.2%       
  1,892     Brown-Forman Corp. - Class B   $ 133,575  
  1,046     Constellation Brands, Inc. - Class A     285,349  
            418,924  
Distributors - 0.1%       
  860     Genuine Parts Co.     133,919  
  254     Pool Corp.     97,724  
            231,643  
Diversified Banks - 2.8%       
  45,881     Bank of America Corp.     1,468,192  
  12,384     Citigroup, Inc.     590,221  
  4,300     Fifth Third Bancorp     125,130  
  18,835     JPMorgan Chase & Co.     2,975,177  
  5,848     KeyCorp     71,989  
  2,580     PNC Financial Services Group, Inc.     353,176  
  9,514     U.S. Bancorp     377,516  
  24,670     Wells Fargo & Co.     1,138,767  
            7,100,168  
Diversified Financial Services - 0.1%       
  2,669     Apollo Global Management, Inc.     218,084  
       
Diversified Support Services - 0.2%       
  545     Cintas Corp.     273,612  
  2,869     Copart, Inc. (a)     253,591  
            527,203  
Drug Retail - 0.1%       
  4,472     Walgreens Boots Alliance, Inc.     134,026  
       
Electric Utilities - 1.6%       
  1,548     Alliant Energy Corp.     83,190  
  3,412     American Electric Power Co., Inc.     289,133  
  390     Avangrid, Inc.     14,461  
  2,064     Constellation Energy Corp.     199,486  
  4,988     Duke Energy Corp.     466,977  
  2,408     Edison International     173,280  
  1,311     Entergy Corp.     134,640  
  1,400     Evergy, Inc.     83,958  
  2,236     Eversource Energy     161,730  
  6,611     Exelon Corp.     276,736  
  3,440     FirstEnergy Corp.     135,502  
  13,003     NextEra Energy, Inc.     953,120  
  10,070     PG&E Corp. (a)     177,333  
  4,644     PPL Corp.     127,849  
  7,120     Southern Co.     515,061  
  3,440     Xcel Energy, Inc.     215,791  
            4,008,247  

 

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

 

29

 

 

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

 

Shares       Value
Electrical Components & Equipment - 0.5%       
  1,405     AMETEK, Inc.   $ 222,833  
  2,580     Eaton Corp. PLC ADR (b)     529,726  
  3,784     Emerson Electric Co.     345,668  
  749     Rockwell Automation, Inc.     251,881  
            1,350,108  
Electronic Components - 0.2%       
  3,784     Amphenol Corp. - Class A     334,165  
  5,416     Corning, Inc.     183,819  
            517,984  
Electronic Equipment & Instruments - 0.2%       
  1,217     Keysight Technologies, Inc. (a)     196,034  
  259     Teledyne Technologies, Inc. (a)     99,593  
  1,548     Trimble, Inc. (a)     83,282  
  344     Zebra Technologies Corp. - Class A (a)     105,938  
            484,847  
Electronic Manufacturing Services - 0.1%       
  775     Jabil, Inc.     85,769  
  2,064     TE Connectivity Ltd. ADR (b)     296,163  
            381,932  
Environmental & Facilities Services - 0.3%       
  1,376     Republic Services, Inc.     207,927  
  1,548     Rollins, Inc.     63,205  
  2,611     Waste Management, Inc.     427,656  
            698,788  
Fertilizers & Agricultural Chemicals - 0.2%       
  1,227     CF Industries Holdings, Inc.     100,712  
  4,644     Corteva, Inc.     262,061  
  747     FMC Corp.     71,884  
  2,236     Mosaic Co.     91,139  
            525,796  
Financial Exchanges & Data - 1.0%       
  2,262     CME Group, Inc.     450,048  
  228     FactSet Research Systems, Inc.     99,189  
  3,612     Intercontinental Exchange, Inc.     414,658  
  1,032     Moody’s Corp.     364,038  
  518     MSCI, Inc.     283,905  
  2,236     Nasdaq, Inc.     112,896  
  2,075     S&P Global, Inc.     818,608  
  688     Tradeweb Markets, Inc. - Class A     56,272  
            2,599,614  
Food Distributors - 0.1%       
  3,268     Sysco Corp.     249,381  

 

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

 

30

 

 

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

 

Shares       Value
Food Retail - 0.1%       
  1,032     Albertsons Cos., Inc. - Class A   $ 22,425  
  4,544     Kroger Co.     221,020  
            243,445  
Footwear - 0.3%       
  7,836     NIKE, Inc. - Class B     865,016  
       
Gas Utilities - 0.0% (c)       
  967     Atmos Energy Corp.     117,694  
       
Gold - 0.1%       
  4,988     Newmont Corp.     214,085  
       
Health Care Distributors - 0.3%       
  1,065     AmerisourceBergen Corp.     199,048  
  1,588     Cardinal Health, Inc.     145,254  
  899     McKesson Corp.     361,758  
            706,060  
Health Care Equipment - 2.5%       
  11,124     Abbott Laboratories     1,238,435  
  3,268     Baxter International, Inc.     147,812  
  1,900     Becton Dickinson and Co.     529,378  
  9,116     Boston Scientific Corp. (a)     472,665  
  2,447     Dexcom, Inc. (a)     304,798  
  3,956     Edwards Lifesciences Corp. (a)     324,669  
  2,446     GE HealthCare Technologies, Inc.     190,788  
  1,548     Hologic, Inc. (a)     122,942  
  516     IDEXX Laboratories, Inc. (a)     286,241  
  414     Insulet Corp. (a)     114,575  
  2,257     Intuitive Surgical, Inc. (a)     732,171  
  8,477     Medtronic PLC ADR (b)     743,942  
  913     ResMed, Inc.     203,006  
  692     STERIS PLC ADR (b)     156,081  
  2,075     Stryker Corp.     588,076  
  261     Teleflex, Inc.     65,555  
  1,376     Zimmer Biomet Holdings, Inc.     190,094  
            6,411,228  
Health Care Facilities - 0.1%       
  1,376     HCA Healthcare, Inc.     375,387  
       
Health Care Services - 0.6%