2021 SEMI-ANNUAL REPORT

Emles Trust

Emles Alpha Opportunities ETF (EOPS)

Emles Federal Contractors ETF (FEDX)

Emles Luxury Goods ETF (LUXE)

Emles Made in America ETF (AMER)

Emles Real Estate Credit ETF (REC)

Emles @Home ETF (LIV)

This report is submitted for the general information of shareholders of the Funds. It is not authorized for distribution unless preceded or
accompanied by a current prospectus for the Funds.

 

 

www.emles.com

Dear Shareholder,

Looking back at 2021, many of us have the shared reflection that it feels like a repeat of the prior year, just without the huge sell-off we experienced in March of 2020. Certainly, 2021 had many of the same qualities as 2020 for investors on a personal level (fear, frustration, and anxiety), but we saw a difference on both a personal level and in financial terms as the themes of reopening versus staying at home struggled to establish dominance. Despite the many challenges the pandemic has presented and continues to present, we have seen an incredible response to our collective hopefulness towards the future in how people and companies alike have used these challenging times to create new opportunities and continue progress in an effort for recovery. Who could have imagined the S&P 500 Index would return in excess of 26% in 2021 in light of everything happening in the United States and indeed the world?

At Emles, we have worked hard to maintain this mentality of hopefulness and progress to continue to build this company and tap into new opportunities that all investors can participate in. 2021 was our first full calendar year for our ETF lineup. It offered us an opportunity to build on our initial launch from Q4 of 2020 and to evaluate where we could refine or strengthen our investment products to best serve our shareholders. In response to this, we launched Emles Alpha Opportunities ETF (EOPS), our first actively managed, long-short equity and options-based ETF and made the decision to liquidate the Emles Protective Allocation ETF. We look to always put our shareholders first, whether it is offering a new and differentiated strategy, providing access to a new asset class or vehicle, or critically reviewing our product set. These are the values we carry daily at our core and appreciate the trust you place in us to help you towards fulfilling your financial goals.

With the addition of our latest ETF, Emles Alpha Opportunities ETF (EOPS), we have been able to further expand our depth of solutions to offer an innovative long-short equity ETF with an overlay of options. EOPS is driven by fundamental research and catalyst trading of deep value stocks, all within an active ETF investment vehicle. We believe that this product will provide a credible solution to investors looking for total returns in all types of market cycles.

But this is not where the story ends; in this first full year of our ETFs being available on the market, we saw exciting responses and interest to the strategies we offer. The Mutual Fund Industry and ETF Awards, organized by Fund Intelligence, awarded our Emles Real Estate Credit ETF (REC) as a 2021 winner in the category “Newcomer Fixed Income ETF of the Year” and our affiliate index provider (Emles Indexing) also won the 2021 Index Provider of the Year award.

 

   

The Emles Made in America ETF (AMER) delivered approximately 28% on a total return basis in 2021, while indirectly being a potential beneficiary, along with the Emles Federal Contractors ETF (FEDX), of the $1.2 trillion infrastructure package signed into law in mid-November.

As we examine the outlook for the year ahead, it is difficult to discern if we will experience a three-peat of 2020, or whether the year will be defined as the year where “normality,” or a redefined normality, returns. The Federal Reserve’s tapering plans and inflation fears will likely influence markets through the lens of increased volatility to some degree throughout the year, and in terms of our product development initiatives internally at Emles, we are considering where we may be able to add value for investors and address some of these concerns. If we feel we can make a meaningful impact with the launch of additional products to address investor needs, we will not hesitate to execute. It is who we are, and what we stand for.

I would like to thank you for your continued belief in, and support of our products, and we will continue to work towards our shared goal of creating additional shareholder wealth to help achieve your investment goals.

Gabriel Hammond

Chief Executive Officer

Emles Advisors

Investing involves risk, including possible loss of principal. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below their net asset value. Events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Global events such as the current novel coronavirus (COVID-19), terrorist attacks, natural disasters, climate change and climate related events, social and political discord or debt crises and downgrades, among others, may result in market volatility and have long term effects on both the U.S. and global financial markets. The Funds are non-diversified, which means they may invest more of their assets in the securities of a single issuer or a smaller number of issuers than a diversified fund. As a result, the Funds may be more exposed to the risks affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Funds’ volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Funds’ performance.

 

 

www.emles.com

TABLE OF CONTENTS

 

Page

Expense Examples

 

1

Schedules of Investments

   

Emles Alpha Opportunities ETF (EOPS)

 

2

Emles Federal Contractors ETF (FEDX)

 

5

Emles Luxury Goods ETF (LUXE)

 

6

Emles Made in America ETF (AMER)

 

8

Emles Real Estate Credit ETF (REC)

 

10

Emles @Home ETF (LIV)

 

13

Statements of Assets and Liabilities

 

14

Statements of Operations

 

16

Statements of Changes in Net Assets

 

18

Financial Highlights

 

21

Notes to Financial Statements

 

27

 

 

December 31, 2021

Expense Examples (Unaudited)

As a Fund shareholder, you may incur two types of costs: (1) transaction costs, including commissions on trading, as applicable, and (2) ongoing costs, including advisory fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds.

The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the six-month period ended December 31, 2021.

Actual Expenses

The table below provides information about actual account values and actual expenses. You may use the information below, 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 table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each 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 this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of 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 commissions on trading. Further, the expenses do not include any brokerage commissions on investors’ purchases or redemptions of Fund shares as described in each Fund’s prospectus. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    

 

    

 

Beginning
Account
Value
07/01/2021

 

Ending
Account
Value
12/31/2021

 

Expenses
Paid
During
Period

 

Annualized
Expense Ratio
During
Period

Emles Alpha Opportunities ETF

 

Actual

 

$

               1,000.00

 

$

            974.50

 

$

                 8.71

(a)

 

1.75

%

   

Hypothetical

 

 

1,000.00

 

 

1,016.38

 

 

8.89

(b)

 

1.75

 

Emles Federal Contractors ETF

 

Actual

 

 

1,000.00

 

 

964.70

 

 

2.97

(a)

 

0.60

 

   

Hypothetical

 

 

1,000.00

 

 

1,022.18

 

 

3.06

(b)

 

0.60

 

Emles Luxury Goods ETF

 

Actual

 

 

1,000.00

 

 

985.80

 

 

3.00

(a)

 

0.60

 

   

Hypothetical

 

 

1,000.00

 

 

1,022.18

 

 

3.06

(b)

 

0.60

 

Emles Made in America ETF

 

Actual

 

 

1,000.00

 

 

1,070.80

 

 

2.56

(a)

 

0.49

 

   

Hypothetical

 

 

1,000.00

 

 

1,022.74

 

 

2.50

(b)

 

0.49

 

Emles Real Estate Credit ETF

 

Actual

 

 

1,000.00

 

 

1,045.20

 

 

2.42

(a)

 

0.48

 

   

Hypothetical

 

 

1,000.00

 

 

1,022.79

 

 

2.45

(b)

 

0.48

 

Emles @Home ETF

 

Actual

 

 

1,000.00

 

 

963.80

 

 

2.43

(a)

 

0.49

 

   

Hypothetical

 

 

1,000.00

 

 

1,022.74

 

 

2.50

(b)

 

0.49

 

(a)    Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

(b)   Expenses are equal to the Fund’s annualized expense ratio multiplied by the average hypothetical account value over the period, multiplied by 184/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

1

Schedule of Investments

 

December 31, 2021 (Unaudited)

Emles Alpha Opportunities ETF

   

Schedule of Investments Summary Table

Holdings by Sector

Percentage of Investments (%)

Consumer Discretionary

67.2

Industrials

8.5

Mutual Fund

8.0

Communication Services

7.0

Information Technology

4.4

Financials

2.5

Real Estate

0.9

Consumer Staples

0.7

Materials

0.6

Energy

0.2

Total

100.0

Country

Percentage of Investments (%)

United States

95.5

China

2.0

Canada

1.5

Cayman Islands

0.7

Bermuda

0.3

 

100.0

Portfolio holdings and allocations are subject to change. As of December 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares

 

Security Description

 

Value ($)

Common Stocks (96.8%)

   

Communication Services (8.4%)

   

209,249

 

Lions Gate Entertainment Corp.,
Class A
(a)

 

3,481,903

89,410

 

Lions Gate Entertainment Corp.,
Class B
(a)

 

1,376,020

       

4,857,923

     

Consumer Discretionary (72.0%)

   

8,181

 

Alibaba Group Holding, Ltd. ADR(a)

 

971,821

8,800

 

Bloomin’ Brands, Inc.(a)

 

184,624

2,640

 

Brinker International, Inc.(a)

 

96,598

3,520

 

Caesars Entertainment, Inc.(a)

 

329,226

114,620

 

Camping World Holdings, Inc., Class A

 

4,630,648

6,160

 

Cheesecake Factory, Inc. (The)(a)(b)

 

241,164

76,164

 

Children’s Place, Inc. (The)(a)(b)

 

6,039,044

2,953

 

Darden Restaurants, Inc.

 

444,840

15,575

 

Dave & Buster’s Entertainment, Inc.(a)

 

598,080

17,384

 

Dine Brands Global, Inc.

 

1,317,880

17,600

 

Ethan Allen Interiors, Inc.

 

462,704

61,056

 

Gap, Inc. (The)

 

1,077,638

90,021

 

Kohl’s Corp.(b)

 

4,446,137

203,982

 

Lazydays Holdings, Inc.(a)(b)

 

4,393,772

2,640

 

Lennar Corp., Class A

 

306,662

Shares

 

Security Description

 

Value ($)

Common Stocks (continued)

   

Consumer Discretionary (continued)

   

20,133

 

Macy’s, Inc.

 

527,082

880

 

Marriott International, Inc., Class A(a)

 

145,411

14,320

 

MGM Resorts International

 

642,682

2,200

 

Mohawk Industries, Inc.(a)

 

400,796

14,215

 

Newell Brands, Inc.

 

310,456

8,800

 

Nordstrom, Inc.(a)

 

199,056

38,304

 

Purple Innovation, Inc.(a)

 

508,294

14,005

 

Red Robin Gourmet Burgers, Inc.(a)

 

231,503

7,040

 

Red Rock Resorts, Inc., Class A

 

387,270

2,800

 

RH(a)(b)

 

1,500,632

77,520

 

Signet Jewelers, Ltd.

 

6,746,567

36,349

 

Thor Industries, Inc.(b)

 

3,771,936

8,976

 

Winnebago Industries, Inc.

 

672,482

1,760

 

Wynn Resorts, Ltd.(a)

 

149,670

       

41,734,675

     

Consumer Staples (0.6%)

   

11,194

 

Chefs’ Warehouse, Inc. (The)(a)

 

372,760

     

Energy (0.2%)

   

1,760

 

Exxon Mobil Corp.

 

107,694

See accompanying notes to financial statements

2

Schedule of Investments (Continued)

 

December 31, 2021 (Unaudited)

Emles Alpha Opportunities ETF

   

Shares

 

Security Description

 

Value ($)

Common Stocks (continued)

   

Financials (1.5%)

   

23,720

 

Invesco, Ltd.

 

546,034

24,953

 

OppFi, Inc.(a)(b)

 

113,287

5,240

 

Wells Fargo & Co.

 

251,415

       

910,736

     

Industrials (8.0%)

   

8,800

 

AAR Corp.(a)

 

343,464

68,550

 

Fluor Corp.(a)

 

1,697,984

3,256

 

HEICO Corp., Class A

 

418,461

948

 

Lockheed Martin Corp.

 

336,929

28,768

 

Spirit AeroSystems Holdings, Inc., Class A

 

1,239,613

176

 

TransDigm Group, Inc.(a)

 

111,985

28,030

 

Triumph Group, Inc.(a)

 

519,396

       

4,667,832

     

Information Technology (4.8%)

   

9,371

 

Comtech Telecommunications Corp.(b)

 

221,999

184,201

 

LGL Group, Inc. (The)(a)

 

2,099,891

3,033

 

Science Applications International Corp.

 

253,528

11,440

 

Xerox Holdings Corp.

 

259,002

       

2,834,420

     

Materials (0.5%)

   

7,040

 

Mosaic Co. (The)

 

276,602

     

Real Estate (0.8%)

   

4,400

 

Howard Hughes Corp. (The)(a)

 

447,832

Total Common Stocks (Cost $33,567,066)

 

56,210,474

Shares

 

Security Description

 

Value ($)

Common Stocks (continued)

 

 

 

 

Mutual Fund (3.8%)

 

 

 

 

25,985

 

Direxion Daily Small Capital Bull 3X Shares

 

 

2,202,229

 

Total Mutual Fund (Cost $2,040,254)

 

 

2,202,229

 

       

 

 

 

Purchased Options (3.2%)

 

 

 

 

Total Purchased Options (Cost $2,796,321)

 

 

1,858,900

 

   

 

 

 

Warrants (2.2%)

 

 

 

 

149,609

 

Lazydays Holdings, Inc. Exp 03/15/23

 

 

794,423

 

203,895

 

LGL Group, Inc. (The) Exp 11/17/25

 

 

158,610

 

453,440

 

OppFi, Inc. Exp 08/31/27

 

 

310,561

 

62,400
    

 

PMV Consumer Acquisition Corp. Exp 08/31/27

 

 

38,598

 

Total Warrants (Cost $1,569,748)

 

 

1,302,192

 

Total Investments (Cost $39,973,389) — 106.0%

 

 

61,573,795

 

Securities Sold Short
(Proceeds $11,348,906) — (20.2)%

 

 

(11,740,460

)

Other assets in excess of liabilities — 14.2%

 

 

8,231,863

 

Net Assets — 100.0%

 

$

58,065,198

 

ADR  American Depositary Receipt

(a)     Non-income producing

(b)    This security or a partial position of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021 was $3,994,991.

See accompanying notes to financial statements

3

Schedule of Investments (Continued)

 

December 31, 2021 (Unaudited)

Emles Alpha Opportunities ETF

   

Shares

 

Security Description

 

Value ($)

Securities Sold Short ((20.3)%)

   

 

Communication Services ((2.4)%)

   

 

(13,305)

 

ROBLOX Corp., Class A(a)

 

(1,372,544

)

     

 

Consumer Discretionary ((15.8)%)

   

 

(2,313)

 

Carvana Co.(a)

 

(536,130

)

(13,500)

 

Fisker, Inc.(a)

 

(212,355

)

(13,800)

 

Lucid Group, Inc.(a)

 

(525,090

)

(2,100)

 

Peloton Interactive, Inc., Class A(a)

 

(75,096

)

(4,585)

 

Rivian Automotive, Inc., Class A(a)

 

(475,419

)

(5,710)

 

Tesla, Inc.(a)

 

(6,034,214

)

(4,050)

 

Wayfair, Inc., Class A(a)

 

(769,379

)

(3,250)

 

Wingstop, Inc.

 

(561,600

)

       

(9,189,283

)

     

 

Industrials ((0.7)%)

   

 

(1,495)

 

Avis Budget Group, Inc.(a)

 

(310,018

)

(5,000)

 

Plug Power, Inc.(a)

 

(141,150

)

       

(451,168

)

     

 

Information Technology ((1.3)%)

   

 

(1,775)

 

Fortinet, Inc.(a)

 

(637,935

)

(65)

 

Shopify, Inc., Class A(a)

 

(89,530

)

       

(727,465

)

Total Securities Sold Short
(Proceeds $(11,348,906))

 

(11,740,460

)

Written Options

Exchange-traded options

Description

 

Put/Call

 

Number of
Contracts

 

Notional
Amount ($)*

 

Strike
Price ($)

 

Expiration
Date

 

Value ($)

Signet Jewelers, Ltd.

 

Call

 

(400

)

 

(52,000

)

 

130.00

 

4/18/22

 

(66,000

)

Signet Jewelers, Ltd.

 

Call

 

(400

)

 

(52,000

)

 

130.00

 

1/24/22

 

(2,000

)

Tesla Motors Inc.

 

Put

 

(50

)

 

(47,500

)

 

950.00

 

1/3/22

 

(50

)

Total (Premiums Received $253,477)

       

 

 

(151,500

)

         

(68,050

)

Purchased Options

Description

 

Put/Call

 

Number of
Contracts

 

Notional
Amount ($)*

 

Strike
Price ($)

 

Expiration
Date

 

Value ($)

Alibaba Group Holding

 

Call

 

200

 

30,000

 

150.00

 

1/24/22

 

9,200

Alibaba Group Holding

 

Call

 

100

 

17,000

 

170.00

 

1/24/22

 

1,700

Alibaba Group Holding-SP ADR

 

Call

 

100

 

10,000

 

100.00

 

1/23/23

 

350,000

Camping World Holdings, Inc.

 

Call

 

200

 

7,000

 

35.00

 

1/24/22

 

108,000

Children’s Place, Inc. (The)

 

Call

 

200

 

15,000

 

75.00

 

1/24/22

 

120,000

Kohl’s Corp.

 

Call

 

400

 

18,000

 

45.00

 

1/24/22

 

220,000

Lions Gate Entertainment-A

 

Call

 

1500

 

18,000

 

12.00

 

3/21/22

 

750,000

Lions Gate Entertainment-A

 

Call

 

400

 

6,400

 

16.00

 

3/21/22

 

64,000

Signet Jewelers, Ltd.

 

Call

 

200

 

15,000

 

75.00

 

1/24/22

 

236,000

Total

         

136,400

         

1,858,900

(a)     Non-income producing.

*      Notional Amount is expressed as the number of contracts multiplied by the strike price of the underlying asset.

See accompanying notes to financial statements

4

Schedule of Investments

 

December 31, 2021 (Unaudited)

Emles Federal Contractors ETF

   

Schedule of Investments Summary Table

Holdings by Sector

Percentage of Investments (%)

Industrials

68.0

Information Technology

27.1

Health Care

2.6

Real Estate

2.3

Total

100.0

Portfolio holdings and allocations are subject to change. As of December 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares

 

Security Description

 

Value ($)

Common Stocks (99.7%)

 

 

 

Health Care (2.6%)

 

 

 

1,085

 

Emergent BioSolutions, Inc.(a)

 

 

47,165

   

 

 

Industrials (67.8%)

 

 

 

567

 

Ameresco, Inc.(a)

 

 

46,177

1,939

 

Fluor Corp.(a)

 

 

48,029

805

 

General Dynamics Corp.

 

 

167,818

789

 

Honeywell International, Inc.

 

 

164,514

316

 

Huntington Ingalls Industries, Inc.

 

 

59,010

632

 

Jacobs Engineering Group, Inc.

 

 

87,993

2,257

 

Kratos Defense & Security Solutions, Inc.(a)

 

 

43,786

396

 

L3Harris Technologies, Inc.

 

 

84,443

473

 

Lockheed Martin Corp.

 

 

168,109

442

 

Northrop Grumman Corp.

 

 

171,085

1,420

 

Parsons Corp.(a)

 

 

47,783

1,886

 

Raytheon Technologies Corp.

 

 

162,309

       

 

1,251,056

   

 

 

Information Technology (27.0%)

 

 

 

851

 

Booz Allen Hamilton Holding Corp.

 

 

72,156

205

 

CACI International, Inc.(a)

 

 

55,188

1,224

 

KBR, Inc.

 

 

58,287

837

 

Leidos Holdings, Inc.

 

 

74,409

625

 

ManTech International Corp.

 

 

45,581

668

 

MAXIMUS, Inc.

 

 

53,220

623

 

Science Applications International Corp.

 

 

52,077

199

 

Teledyne Technologies, Inc.(a)

 

 

86,941

       

 

497,859

   

 

 

Real Estate (2.3%)

 

 

 

5,577

 

GEO Group, Inc. (The)

 

 

43,222

Total Common Stocks (Cost $1,870,041)

 

 

1,839,302

Total Investments (Cost $1,870,041) — 99.7%

 

 

1,839,302

Other assets in excess of liabilities — 0.3%

 

 

5,189

Net Assets — 100.0%

 

$

1,844,491

(a)     Non-income producing

See accompanying notes to financial statements

5

Schedule of Investments

 

December 31, 2021 (Unaudited)

Emles Luxury Goods ETF

   

Schedule of Investments Summary Table

Holdings by Sector

Percentage of Investments (%)

Consumer Discretionary

69.3

Consumer Staples

24.5

Health Care

3.1

Information Technology

3.1

Total

100.0

Country

Percentage of Investments (%)

United States

22.4

France

20.2

Germany

15.1

Italy

10.5

United Kingdom

10.2

Japan

7.8

Switzerland

4.7

Canada

3.7

China

1.9

Hong Kong

1.9

Brazil

1.6

 

100.0

Portfolio holdings and allocations are subject to change. As of December 31, 2021, percentages in the tables above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares

 

Security Description

 

Value ($)

Common Stocks (99.9%)

   

Consumer Discretionary (69.3%)

   

796

 

adidas AG

 

229,200

2,340

 

Bayerische Motoren Werke AG

 

235,477

650

 

Brunello Cucinelli SpA(a)

 

44,868

6,714

 

Burberry Group PLC

 

165,279

3,244

 

Canada Goose Holdings, Inc.(a)

 

120,396

2,451

 

Capri Holdings, Ltd.(a)

 

159,094

94,505

 

Chow Tai Fook Jewellery Group, Ltd.

 

169,947

59

 

Christian Dior SE

 

48,979

1,718

 

Cie Financiere Richemont SA

 

258,223

2,867

 

Daimler AG

 

220,368

2,061

 

Ermenegildo Zegna Holditalia SpA(a)

 

21,599

4,677

 

Farfetch, Ltd.(a)(b)

 

156,352

3,905

 

Fast Retailing Co., Ltd. ADR

 

221,257

851

 

Ferrari NV

 

220,165

155

 

Hermes International

 

270,745

2,465

 

HUGO BOSS AG

 

149,972

Shares

 

Security Description

 

Value ($)

Common Stocks (continued)

   

Consumer Discretionary (continued)

   

349

 

Kering SA

 

280,557

15,945

 

Li Ning Co., Ltd.

 

174,558

559

 

Lululemon Athletica, Inc.(a)

 

218,821

346

 

LVMH Moet Hennessy Louis Vuitton SE

 

286,054

2,363

 

Moncler SpA

 

172,035

485

 

Myt Netherlands Parent BV ADR(a)(b)

 

10,287

1,659

 

NIKE, Inc.

 

276,506

1,756

 

Porsche Automobil Holding SE

 

166,624

25,132

 

Prada SpA

 

160,857

1,274

 

Ralph Lauren Corp.

 

151,428

9,225

 

RealReal, Inc. (The)(a)

 

107,102

271

 

RH(a)(b)

 

145,240

3,443

 

Salvatore Ferragamo SpA(a)

 

88,214

533

 

Swatch Group AG (The)

 

163,208

3,811

 

Tapestry, Inc.

 

154,727

278

 

Tesla, Inc.(a)

 

293,785

See accompanying notes to financial statements

6

Schedule of Investments (Continued)

 

December 31, 2021 (Unaudited)

Emles Luxury Goods ETF

   

Shares

 

Security Description

 

Value ($)

Common Stocks (continued)

 

 

 

Consumer Discretionary (continued)

 

 

 

1,270

 

Tod’s SpA(a)

 

 

71,173

1,001

 

Volkswagen AG

 

 

202,033

7,891

 

Watches of Switzerland Group PLC(a)(c)

 

 

151,769

930

 

Williams-Sonoma, Inc.

 

 

157,291

2,068

 

Zalando SE(a)(c)

 

 

167,303

       

 

6,291,493

   

 

 

Consumer Staples (24.4%)

 

 

 

2,571

 

Brown-Forman Corp.(b)

 

 

187,323

11,791

 

Davide Campari-Milano NV

 

 

172,370

5,346

 

Diageo PLC

 

 

292,241

744

 

Estee Lauder Cos. (The)

 

 

275,429

17,221

 

Kao Corp. ADR

 

 

179,959

6,344

 

Kose Corp. ADR

 

 

143,882

587

 

L’Oreal SA

 

 

278,330

32,987

 

Natura & Co. Holding SA(a)

 

 

150,603

1,004

 

Pernod Ricard SA

 

 

241,481

549

 

Remy Cointreau SA

 

 

133,605

2,925

 

Shiseido Co., Ltd. ADR

 

 

163,411

       

 

2,218,634

   

 

 

Health Care (3.1%)

 

 

 

1,330

 

EssilorLuxottica SA

 

 

283,197

   

 

 

Information Technology (3.1%)

 

 

 

1,598

 

Apple, Inc.

 

 

283,757

Total Common Stocks (Cost $8,407,038)

 

 

9,077,081

Total Investments (Cost $8,407,038) — 99.9%

 

 

9,077,081

Other assets in excess of liabilities — 0.1%

 

 

6,637

Net Assets — 100.0%

 

$

9,083,718

(a)     Non-income producing

(b)    This security or a partial position of this security was on loan as of December 31, 2021. The total value of securities on loan as of December 31, 2021 was $454,911.

(c)     Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at December 31, 2021 was $319,072 and represents 3.50% of the net assets of the Fund.

ADR  American Depositary Receipt

PLC  Public Limited Company

SA     Special Assessment

See accompanying notes to financial statements

7

Schedule of Investments

 

December 31, 2021 (Unaudited)

Emles Made in America ETF

   

Schedule of Investments Summary Table

Holdings by Sector

Percentage of Investments (%)

Consumer Staples

38.5

Industrials

28.2

Materials

26.7

Consumer Discretionary

4.3

Health Care

2.1

Real Estate

0.2

Total

100.0

Portfolio holdings and allocations are subject to change. As of December 31, 2021, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares

 

Security Description

 

Value ($)

Common Stocks (99.8%)

   

Consumer Discretionary (4.3%)

   

171

 

LCI Industries

 

26,654

389

 

Polaris, Inc.

 

42,755

371

 

Skyline Champion Corp.(a)

 

29,301

208

 

Sleep Number Corp.(a)

 

15,933

518

 

Vista Outdoor, Inc.(a)

 

23,864

290

 

Winnebago Industries, Inc.

 

21,727

       

160,234

     

Consumer Staples (38.4%)

   

3,976

 

Altria Group, Inc.

 

188,423

61

 

Boston Beer Co., Inc., Class A(a)

 

30,811

1,648

 

Campbell Soup Co.

 

71,622

210

 

Central Garden & Pet Co.(a)

 

11,052

1,241

 

Church & Dwight Co., Inc.

 

127,203

2,569

 

Conagra Brands, Inc.

 

87,731

1,377

 

Flowers Foods, Inc.

 

37,826

752

 

Hershey Co.

 

145,489

2,703

 

Hormel Foods Corp.

 

131,933

590

 

J M Smucker Co. (The)

 

80,134

5,125

 

Keurig Dr Pepper, Inc.

 

188,908

183

 

Lancaster Colony Corp.

 

30,305

386

 

Post Holdings, Inc.(a)

 

43,514

1,312

 

Reynolds Consumer Products, Inc.

 

41,197

154

 

Sanderson Farms, Inc.

 

29,426

208

 

Seneca Foods Corp.(a)

 

9,974

468

 

TreeHouse Foods, Inc.(a)

 

18,968

1,496

 

Tyson Foods, Inc.

 

130,391

1,292

 

Vector Group, Ltd.

 

14,832

       

1,419,739

Shares

 

Security Description

 

Value ($)

Common Stocks (continued)

   

Health Care (2.1%)

   

471

 

Emergent BioSolutions, Inc.(a)

 

20,474

271

 

United Therapeutics Corp.(a)

 

58,558

       

79,032

     

Industrials (28.2%)

   

382

 

Advanced Drainage Systems, Inc.

 

52,002

198

 

American Woodmark Corp.(a)

 

12,909

299

 

Apogee Enterprises, Inc.

 

14,397

370

 

Arcosa, Inc.