Annual Report
May 31, 2023

SHP ETF Trust

FIS Biblically Responsible Risk Managed ETF

| PRAY

| NYSE Arca

FIS Knights of Columbus Global Belief ETF

| KOCG

| NYSE Arca

SHP ETF Trust

Table of Contents

 

Page

Shareholder Letter

1

Management Discussion of Fund Performance

2

FIS Biblically Responsible Risk Managed ETF

2

FIS Knights of Columbus Global Belief ETF

4

Portfolio Allocations by Sector and Country

7

FIS Biblically Responsible Risk Managed ETF

7

FIS Knights of Columbus Global Belief ETF

8

Schedule of Investments

9

FIS Biblically Responsible Risk Managed ETF

9

FIS Knights of Columbus Global Belief ETF

11

Statements of Assets and Liabilities

14

Statements of Operations

15

Statements of Changes in Net Assets

16

FIS Biblically Responsible Risk Managed ETF

16

FIS Knights of Columbus Global Belief ETF

17

Financial Highlights

18

FIS Biblically Responsible Risk Managed ETF

18

FIS Knights of Columbus Global Belief ETF

19

Notes to the Financial Statements

20

Report of Independent Registered Public Accounting Firm

27

Board of Trustees and Officers

28

Shareholder Expense Examples

30

Board Approval of Investment Advisory Agreement and Sub-Advisory Agreements

31

Liquidity Risk Management Program

35

Additional Information

36

 

1

Shareholder Letter (Unaudited)

SHP ETF Trust

May 31, 2023

Dear Shareholder,

The fiscal year ended May 31, 2023, continued to reveal fresh challenges for global markets but more recently investors began to express signs of optimism. Most readings of inflation appeared to have peaked, and several have declined as tighter monetary policy and easing supply chain constraints have worked their way through the system. Additionally, energy prices have declined significantly from their highs which has served as tailwind to economic activity as well.

Early 2023 equity markets were climbing higher only to be stopped short by the collapse of several high-profile regional banks. Financial stocks swooned over fears of a broader banking crisis. However, the Federal Reserve provided a backstop to depositors to ease fears and prevent a larger “run” on the banking system. Once these fears were quelled, investor sentiment turned positive, especially fueled by Technology stocks. Companies with any link to AI (Artificial Intelligence) have been the biggest beneficiaries. In the U.S. this has led to a relatively small number of large growth-oriented companies accounting for much of the stock market gains over the past year.

Despite the headwinds of inflation, restrictive monetary policy, narrow equity markets and geopolitical concerns, the U.S. economy has proved to be much more resilient than many expected. While unemployment has ticked up slightly, jobs have been plentiful and consumer spending has held up quite well. Corporate earnings have also exceeded most expectations, which has helped fuel the positive investor sentiment we’ve observed of late.

From the vantage point of a values-based investment firm, we have witnessed a rising backlash towards companies that have supported cultural views that are in sharp contrast with traditional values. Investors have voted with their capital and punished the stocks of these companies. Additionally, consumers have changed their purchasing habits to avoid the products and services of companies causing further financial pain. More investors are recognizing the power they have to make in impact through their investment choices.

We remain committed to providing investment strategies that can help our shareholders meet their financial goals while investing in companies that align with their faith values. We encourage you to visit www.FaithInvestorServices.com to share your feedback.

Sincerely,

Chief Executive Officer
Faith Investor Services, LLC

Must be preceded or accompanied by a current prospectus.

Distributed by Foreside Fund Services, LLC.

 

2

Management Discussion of
Fund Performance
(Unaudited)

FIS Biblically Responsible Risk Managed ETF

May 31, 2023

MARKET OVERVIEW

The FIS Biblically Responsible Risk Managed ETF (PRAY) was proudly launched on February 8, 2022, to provide investors a vehicle in which to invest according to their Christian values. 2022 provided an interesting time in the markets, with economic, social, and geopolitical pressures spanning the globe, resulting in a year that was anything but dull. We believe market concerns around global inflation, rising interest rates across the world, and slowing global economic growth will continue to be front and center.

With this as the backdrop, global markets produced mild returns for fiscal year ended May 31, 2023, with the benchmark MSCI World Index returning 2.07%, while PRAY produced market value return of -2.08% and a net asset value (“NAV”) return of -2.29%. International markets held up better than US markets over this period, with the MSCI EAFE Index posting a return of 3.26% versus the S&P500 Index return of 1.15%. The Fund’s market value per share as of the market close of the last trading day of the reporting period was $22.54.

PERFORMANCE REVIEW

For the fiscal year ended May 31, 2023, the three sectors that contributed most to performance were materials, utilities, consumer discretionary. Outperformance within the materials sector was driven by stock selection. Standout contributors within the materials sector were Holcim Ltd., Valvoline Inc., and Graphic Packaging Holding Co. Relative outperformance within the utilities sector was driven by not owning any companies within the sector during this period of time. PRAY’S outperformance within the consumer discretionary sector was driven by being overweight the sector versus the market and from stock selection. The companies who contributed the most in the consumer discretionary sector were Toll Brothers, Inc., TJX Companies Inc., and Booking Holdings Inc. Additional contributors during the period were technology holdings, NVIDIA Corp, a computer graphics and software enabler company, ON Semiconductor Corp., and Palo Alto Networks, Inc.

Those sectors that detracted most from performance were financials, healthcare, and information technology. Our exposure to regional banks within the financial sector, had the largest negative impact on the portfolio overall. Within the health care sector, stock selection was the main culprit with our holdings in Fresenius Medical Care, a dialysis company, Pacira Biosciences, focusing on non-opioid pain management, and Charles River Laboratories, a contract research organization, detracting the most from Fund performance within this sector. Being underweight information technology compared to the MSCI World Index detracted the most from performance, while from a security selection perspective, the Fund’s holding in Fidelity National Information Services weighed negatively on the Fund’s performance.

OUTLOOK

We believe financial markets will likely experience continued volatility in the months ahead as global markets navigate lingering albeit slowing inflationary pressures, a higher interest rate environment, and continued geopolitical tensions. With overall markets recovering over the last few months, we anticipate global stock markets could have a productive conclusion to the year as continued visibility around global inflation, employment, and economic growth becomes clearer. With this as our backdrop, we are seeing potentially attractive investment opportunities in specific industries within the global marketplace and are working diligently to find ethically grounded, high-quality stocks with attractive opportunities to grow cash flow and improve returns.

FIS Biblically Responsible Risk Managed ETF Risks:

Market Risk. The prices of securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. Emerging Markets Securities Risk. The Fund’s investments in emerging markets securities are considered speculative and subject to heightened risks in addition to the general risks of investing in foreign securities. Unlike more established markets, emerging markets may have governments that are less stable, markets that are less liquid and economies that are less developed. Active Management Risk. The Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Catholic Values Investing Risk. The Fund considers the USCCB Guidelines in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies which have been identified as being in conflict with the USCCB Guidelines. This means that the Fund may underperform other similar mutual funds that do not consider the USCCB Guidelines when making investment decisions.

 

3

Management Discussion of
Fund Performance
(Unaudited) (Continued)

FIS Biblically Responsible Risk Managed ETF

May 31, 2023

Average Annual Total Returns as of 5/31/23

1 Year

Since
Inception*

FIS Biblically Responsible Risk Managed ETF (PRAY)

Net Asset Value

-2.29%

-6.91%

Market Value

-2.08%

-6.76%

MSCI WORLD Index Net (USD)(1) 

2.07%

-4.79%

*FIS Biblically Responsible Risk Managed ETF’s inception date is 2/8/22.

(1)The MSCI World Index Net (USD) captures large and mid cap representation across 23 Developed Markets countries. With 1,517 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.faithinvestorservices.com.

As stated in the current prospectus, the expense ratio is 0.68%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

NAV returns are based on the dollar value of a single share of the Fund, calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV return is based on the NAV of the Fund, and the Market value return is based on the market price per share of the Fund. The NAV is typically calculated at 4:00 p.m. Eastern Time on each business day the New York Stock Exchange (“NYSE”) is open for trading. Market value returns are based on the closing price at 4:00 p.m. Eastern time on the NYSE Arca, Inc. Exchange. Market value performance does not represent the returns you would receive if you traded shares at other times. NAV and Market value returns assume that dividends and capital gain distributions have been reinvested in the Fund on ex-date for NAV returns at NAV and payment date for Market value returns at Market price.

The returns in 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. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, taxes, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees, expenses and taxes reduce Fund returns. One cannot invest directly in an index.

 

4

Management Discussion of
Fund Performance
(Unaudited)

FIS Knights of Columbus Global Belief ETF

May 31, 2023

MARKET OVERVIEW

After declining through the first half of 2022, global equity markets took a breather and saw a modest recovery in the summer of 2022. Unfortunately, in mid-Augst the markets continued their earlier sell-off and finally bottomed in early October. Since that time, equity markets began a path of recovery that has continued through the end of the fiscal year.

Most central banks continued their march to higher rates without flinching, which was the primary source of pressure on both equities and bonds. In the past several months signs emerged that inflation pressures had peaked in many areas. Energy costs are well off their highs and food inflation has receded significantly as well.

In March 2023, the markets were faced with a new crisis as poor deposit and liability management caused the collapse of SVB Financial, Signature Bank and First Republic. Collectively, these three banks had over $530 billion in deposits which exceeded all failed lenders in the 2008 financial crisis. Fears of a much broader banking crisis put rate increases on hold and, for a brief time, caused interest rates to recede. The Fed’s backing of depositor assets and the absence of any additional failures saw fears recede and allowed equity markets to advance.

PERFORMANCE REVIEW

From June 1, 2022, through May 31, 2023, the Fund’s market value return was -1.67% and its net asset value (“NAV”) return was. -2.06%, compared to 0.85% for the MSCI ACWI Index benchmark. While the Fund underperformed the benchmark for the entire period, the 2023 calendar period has seen the Fund improve its relative performance. The Fund’s market value per share as of the market close of the last trading day of the reporting period was $21.27.

Regionally, positive contributors were Pacific Rim nations (including Japan), and the U.K. Primary detractors were the U.S., Canada and EMEA (Europe, Middle East, Africa).

From a Sector perspective, Communication Services, Consumer Discretionary and Technology were all positive contributors to absolute and relative performance. Health Care continued to represent a challenge for Fund performance as did Financials and Basic Materials holdings.

OUTLOOK

The U.S. economy has held up quite well despite the persistent manner which the Fed has raised interest rates to combat inflation. Money supply, as measured by M2, has shrunk dramatically. Historically this condition has been a precursor to an economic recession. A recession in the next 12 months continues to be a likely scenario but many view the severity of a downturn could be much milder than initially anticipated.

China continues to represent a wildcard to the global economic view. If China continues to expand their money supply and generally ease monetary conditions, it may continue to keep inflationary pressures at the forefront for policy makers at home as well as abroad. In general, production statistics are decelerating so it does appear that we are seeing some economic slowdown. We could see clarity on this front in the next several months as earnings are released and corporate management give guidance on the current outlook for their industries.

The Fund continues to be well diversified by Sector and Geographic region. When there is an elevated level of uncertainty, the risk/reward balance does not favor extreme positions relative to the benchmark.

FIS Knights of Columbus Global Belief ETF Risks:

Market Risk. The prices of securities held by the Fund may decline in response to certain events taking place around the world, including those directly involving the companies whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional, or global political, social or economic instability; and currency, interest rate and commodity price fluctuations. Foreign and Emerging Markets Risks. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid, and more volatile than securities markets in more developed markets. Active Management Risk. The Fund is actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected

 

5

returns, which may cause the Fund to fail to meet its investment objective or to underperform its benchmark index or funds with similar investment objectives and strategies. Christian Values Investing Risk. The Fund considers Christian values in its investment process and may choose not to purchase, or may sell, otherwise profitable investments in companies. This means that the Fund may underperform other similar funds that do not consider Christian values when making investment decisions. Depositary Receipts. The Fund will invest in stocks of foreign corporations, customarily be in the form of depositary receipts including American Depositary Receipts (ADR) and Global Depositary Receipts (GDR), which are subject to many of the risks associated with investing directly in foreign securities, including political, economic, and currency risk. Underlying Fund Risk. To the extent that the Fund invests in other funds, a shareholder will bear two layers of asset-based expenses, which could reduce returns compared to a direct investment in the underlying funds.

Management Discussion of
Fund Performance
(Unaudited) (Continued)

FIS Knights of Columbus Global Belief ETF

May 31, 2023

 

6

Management Discussion of
Fund Performance
(Unaudited) (Continued)

FIS Knights of Columbus Global Belief ETF

May 31, 2023

Average Annual Total Returns as of 5/31/23

1 Year

Since
Inception*

FIS Knights of Columbus Global Belief ETF (KOCG)

Net Asset Value

-2.06%

-7.12%

Market Value

-1.67%

-7.11%

MSCI ACWI Index Net (USD)(1) 

0.85%

-4.37%

*FIS Knights of Columbus Global Belief ETF’s inception date is 7/14/21.

(1)The MSCI ACWI Index Net (USD) captures large and mid cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 2,935 constituents, the index covers approximately 85% of the global investable equity opportunity set.

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit www.faithinvestorservices.com.

As stated in the current prospectus, the expense ratio is 0.75%. Please refer to the Financial Highlights herein for the most recent expense ratio information.

NAV returns are based on the dollar value of a single share of the Fund, calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV return is based on the NAV of the Fund, and the Market value return is based on the market price per share of the Fund. The NAV is typically calculated at 4:00 p.m. Eastern Time on each business day the New York Stock Exchange (“NYSE”) is open for trading. Market value returns are based on the closing price at 4:00 p.m. Eastern time on the NYSE Arca, Inc. Exchange. Market value performance does not represent the returns you would receive if you traded shares at other times. NAV and Market value returns assume that dividends and capital gain distributions have been reinvested in the Fund on ex-date for NAV returns at NAV and payment date for Market value returns at Market price.

The returns in 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. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, taxes, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees, expenses and taxes reduce Fund returns. One cannot invest directly in an index.

 

7

Portfolio Allocations by
Sector and Country

FIS Biblically Responsible Risk Managed ETF

May 31, 2023  

Portfolio Allocations by
Sector and Country
(Unaudited)

FIS Biblically Responsible Risk Managed ETF

May 31, 2023  

ALLOCATION BY SECTOR

Sector

Percentage of
Total Net Assets

Information Technology

 19.3%

Health Care

 14.4%

Industrials

 13.8%

Consumer Discretionary

  13.8%

Financials

  8.1%

Consumer Staples 

  5.5%

Energy

5.1%

Materials 

  4.2%

Communication Services

  3.6%

Real Estate 

1.2%

Money Market Fund and Other Assets and Liabilities

  11.0%

Total

100.0%

 

 

ALLOCATION BY COUNTRY

Country

Percentage of
Total Net Assets

United States

 72.1%

Switzerland

  4.4%

United Kingdom

  4.0%

Canada

  3.8%

Israel

  2.7%

France

  2.5%

Netherlands

  1.8%

Hong Kong

  1.7%

Ireland

  1.7%

India

  1.6%

Luxembourg

  1.1%

Taiwan, Province of China

  0.9%

Sweden

  0.7%

Germany

  0.3%

Other(1) 

  0.7%

Total

100.0%

 

(1)Includes cash and net other assets (liabilities).

 

8

Portfolio Allocations by
Sector and Country

FIS Knights of Columbus Global Belief ETF

May 31, 2023  

Portfolio Allocations by
Sector and Country
(Unaudited)

FIS Knights of Columbus Global Belief ETF

May 31, 2023  

ALLOCATION BY SECTOR

Sector

Percentage of
Total Net Assets

Information Technology

 21.4%

Financials

 13.5%

Health Care

 11.3%

Communication Services 

  9.5%

Consumer Discretionary

  9.4%

Consumer Staples 

  8.4%

Industrials

7.8%

Energy

  5.2%

Materials 

  4.7%

Utilities

  2.7%

Real Estate 

1.6%

Money Market Fund and Other Assets and Liabilities

  4.5%

Total

  100.0%

 

 

ALLOCATION BY COUNTRY

Country

Percentage of
Total Net Assets

United States

 57.5%

France

  5.4%

Japan

  5.2%

Canada

  4.5%

Cayman Islands

  3.7%

Ireland

  3.5%

Switzerland

  2.4%

United Kingdom

  2.3%

Australia

  1.7%

Taiwan, Province of China

  1.7%

Spain

  1.6%

Netherlands

  1.4%

Brazil

  1.3%

Germany

  1.2%

Singapore

1.1%

Denmark

0.9%

South Korea

0.8%

Sweden

0.8%

India

0.8%

Norway

0.7%

South Africa

0.7%

China

0.5%

Other(1) 

0.3%

Total

100.0%

 

(1)Includes cash and net other assets (liabilities).

Schedule of Investments

FIS Biblically Responsible Risk Managed ETF

May 31, 2023  

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

 

9

Investments

Number of
Shares

 

Value

 

COMMON STOCKS — 89.0% 

Automobile Components — 0.9% 

Gentex Corp. 

7,890

$207,191

 

Automobiles — 0.3% 

Dr. Ing. h.c. F. Porsche AG - ADR*^

5,000

61,950

 

Banks -—2.5% 

HDFC Bank Ltd. - ADR^ 

5,731

369,076

KeyCorp 

21,412

199,988

 

569,064

Biotechnology — 1.0% 

BioMarin Pharmaceutical Inc.*

1,262

109,718

Vertex Pharmaceuticals Inc.*

353

114,220

 

223,938

Capital Markets — 2.8% 

Ares Management Corp., Class A  

2,729

237,669

FactSet Research Systems Inc. 

1,010

388,739

 

626,408

Commercial Services & Supplies — 3.5% 

GFL Environmental, Inc. - ADR^ 

16,569

598,804

Republic Services, Inc. 

1,419

200,973

 

799,777

Construction Materials — 2.0% 

Holcim Ltd. - ADR^ 

37,440

461,261

 

Consumer Staples Distribution & Retail — 3.2% 

Casey’s General Stores, Inc. 

2,020

455,813

Kroger Co. (The) 

5,930

268,807

 

724,620

Containers & Packaging — 2.1% 

Graphic Packaging Holding Co. 

20,200

482,780

 

Diversified Telecommunication Services — 2.9% 

Cogent Communications Holdings, Inc. 

6,565

403,879

Orange S.A. - SP-ADR^

21,109

253,941

 

657,820

Energy Equipment & Services — 2.9% 

SBM Offshore N.V.^

29,173

395,297

Tenaris S.A. - ADR^ 

10,327

255,697

 

650,994

Food Products — 1.0% 

Nestle S.A. - SP-ADR^

1,919

227,843

Investments

Number of
Shares

 

Value

 

Ground Transportation — 2.4% 

Canadian Pacific Kansas City Ltd. - ADR^ 

3,535

$269,367

Old Dominion Freight Line, Inc. 

873

271,014

 

540,381

Health Care Equipment & Supplies — 7.5% 

Edwards Lifesciences Corp.*

3,333

280,739

Intuitive Surgical, Inc.*

1,751

539,028

Medtronic plc - ADR^ 

4,646

384,503

Zimmer Biomet Holdings, Inc. 

3,939

501,592

 

1,705,862

Health Care Providers & Services — 4.4% 

Chemed Corp. 

909

485,197

Humana Inc. 

1,010

506,889

 

992,086

Hotels, Restaurants & Leisure — 3.0% 

Booking Holdings Inc.*

202

506,772

Domino’s Pizza, Inc. 

611

177,098

 

683,870

Household Durables — 2.2% 

Toll Brothers, Inc. 

7,207

487,914

 

Household Products — 1.3% 

Reckitt Benckiser Group plc - SP-ADR^

19,393

304,276

 

Industrial Conglomerates — 1.0% 

Honeywell International Inc. 

1,224

234,518

 

Insurance — 2.8% 

AIA Group Ltd. - SP-ADR^ 

10,141

391,240

Progressive Corp. (The) 

1,924

246,099

 

637,339

IT Services — 1.4% 

Capgemini SE ^

1,818

315,533

 

Leisure Products — 1.4% 

Polaris Inc. 

2,912

313,652

 

Machinery — 2.1% 

AGCO Corp. 

2,223

245,152

Nordson Corp. 

1,093

238,197

 

483,349

Oil, Gas & Consumable Fuels — 2.2% 

ConocoPhillips 

2,811

279,132

EOG Resources, Inc. 

2,129

228,420

 

507,552

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

 

10

Schedule of Investments (Continued)

FIS Biblically Responsible Risk Managed ETF

May 31, 2023  

Investments

Number of
Shares

 

Value

 

COMMON STOCKS — 89.0% (Continued)

Pharmaceuticals — 1.5% 

Zoetis, Inc. 

2,135

$348,026

 

Professional Services — 4.8% 

Experian plc^

9,898

347,419

FTI Consulting, Inc.*

1,212

227,868

ManpowerGroup, Inc. 

3,535

248,051

RELX plc - SP-ADR^ 

8,181

256,065

 

1,079,403

Real Estate Investment Trust — 1.2% 

Crown Castle, Inc. 

2,479

280,648

 

Semiconductors & Semiconductor Equipment — 8.6% 

NVIDIA Corp. 

2,388

903,476

ON Semiconductor Corp.*

6,208

518,989

Skyworks Solutions, Inc. 

3,306

342,204

Taiwan Semiconductor Manufacturing Co., Ltd. - SP- ADR^ 

2,020

199,152

 

1,963,821

Software — 6.9% 

Check Point Software Technologies Ltd. - ADR*^

2,728

340,482

Nice Ltd. - SP-ADR*^

1,348

277,607

Palo Alto Networks, Inc.*

2,668

569,325

ServiceNow, Inc.*

715

389,518

 

1,576,932

Specialty Retail — 6.1% 

Lowe’s Companies., Inc. 

2,333

469,236

TJX Companies Inc. (The) 

5,858

449,836

Valvoline Inc. 

11,859

456,571

 

1,375,643

Technology Hardware, Storage & Peripherals — 2.4% 

Logitech International S.A. - ADR^ 

4,782

305,283

NetApp, Inc. 

3,440

228,244

 

533,527

Wireless Telecommunication Services — 0.7% 

Tele2 AB, Class B^

16,665

150,977

 

TOTAL COMMON STOCKS
(Cost $
19,715,632)

20,208,955

 

SHORT-TERM INVESTMENTS — 10.3%

Money Market Fund

First American Treasury Obligations Fund - Class X, 5.013% (a)

2,338,881

2,338,881

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,338,881)

2,338,881

 

Investments


 

 

Value

 

TOTAL INVESTMENTS
(Cost $
22,054,513) — 99.3%

$22,547,836

OTHER ASSETS LESS LIABILITIES — 0.7% 

169,692

NET ASSETS — 100.0%

$22,717,528

*Non-income producing security.

^Foreign security.

(a)7-day net yield.

ADR - American Depositary Receipt

plc - Public Limited Company

SP-ADR - Sponsored American Depositary Receipt

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

Schedule of Investments

FIS Knights of Columbus Global Belief ETF

May 31, 2023  

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

 

11

Investments

Number of
Shares

 

Value

 

COMMON STOCKS — 95.5% 

Automobile Components — 0.6% 

Magna International, Inc.^

2,444

$118,092

 

Automobiles — 1.7% 

Mercedes-Benz Group AG^

3,036

225,823

Tesla, Inc.*

421

85,854

 

311,677

Banks — 6.5% 

Bank of Montreal*^

2,314

192,740

BNP Paribas S.A.^

2,820

162,375

CaixaBank S.A.^

48,000

175,369

Citizens Financial Group, Inc. 

4,984

128,487

KB Financial Group, Inc. - ADR^ 

4,272

153,792

United Overseas Bank Ltd.^

10,235

211,144

Wells Fargo & Co. 

5,052

201,120

 

1,225,027

Beverages — 1.2% 

Pernod Ricard S.A.^

1,045

225,154

 

Biotechnology — 3.5% 

BeiGene Ltd.*^

5,100

86,778

Genmab A/S*^

440

171,649

Gilead Sciences, Inc. 

2,440

187,734

Horizon Therapeutics plc - ADR*^

2,184

218,465

 

664,626

Broadline Retail — 2.1% 

Alibaba Group Holding Ltd.*^

9,200

91,550

MercadoLibre, Inc.*

167

206,913

PDD Holdings, Inc. - ADR*^

1,630

106,472

 

404,935

Capital Markets — 0.8% 

Franklin Resources, Inc. 

5,874

141,035

 

Chemicals — 2.3% 

Chemours Co. (The) 

3,295

87,284

Nutrien Ltd.^

1,961

103,179

Shin-Etsu Chemical Co., Ltd.^

7,700

236,817

 

427,280

Construction & Engineering — 3.3% 

AECOM 

2,201

171,788

Quanta Services, Inc. 

1,201

213,274

Stantec, Inc.^

4,183

241,846

 

626,908

Consumer Finance — 1.1% 

American Express Co. 

1,355

214,849

Investments

Number of
Shares

 

Value

 

Consumer Staples Distribution & Retail — 1.4% 

BJ’s Wholesale Club Holdings, Inc.*

2,194

$137,454

Target Corp. 

1,019

133,418

 

270,872

Diversified Telecommunication Services — 0.9% 

Nippon Telegraph & Telephone Corp.^

6,100

172,676

 

Electric Utilities — 1.6% 

Entergy Corp. 

1,205

118,331

Exelon Corp. 

4,450

176,442

 

294,773

Electrical Equipment — 0.9% 

Fuji Electric Co., Ltd.^

4,005

168,266

 

Electronic Equipment, Instruments & Components — 1.1% 

Keyence Corp.^

430

208,668

 

Entertainment — 1.4% 

Netflix, Inc.*

665

262,828

 

Financial Services — 3.5% 

Berkshire Hathaway, Inc., Class B*

1,157

371,490

Visa, Inc., Class A  

1,335

295,075

 

666,565

 

Food Products — 4.0% 

Campbell Soup Co. 

3,070

155,188

Darling Ingredients, Inc.*

2,710

171,760

General Mills, Inc. 

2,035

171,266

Nestle S.A.^

2,193

258,847

 

757,061

Ground Transportation — 1.0% 

CSX Corp. 

6,201

190,185

 

Health Care Equipment & Supplies — 3.6% 

Hoya Corp.^

1,604

201,655

ICU Medical, Inc.*

767

134,141

Medtronic plc - ADR^ 

2,000

165,520

Sonova Holding AG^

731

186,638

 

687,954

Health Care Providers & Services — 1.9% 

AmerisourceBergen Corp. 

1,244

211,667

Quest Diagnostics, Inc. 

1,152

152,813

 

364,480

Hotels, Restaurants & Leisure — 1.9% 

Darden Restaurants, Inc. 

1,246

197,516

MGM Resorts International 

4,020

157,946

 

355,462

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

 

12

Schedule of Investments (Continued)

FIS Knights of Columbus Global Belief ETF

May 31, 2023  

Investments

Number of
Shares

 

Value

 

COMMON STOCKS — 95.5% (Continued)

Insurance — 1.6% 

Hartford Financial Services Group, Inc. (The) 

2,473

$169,450

MAPFRE S.A.^

67,000

131,286

 

300,736

Interactive Media & Services — 6.5% 

Alphabet, Inc., Class A*

4,318

530,553

Baidu, Inc., Class A*^

9,167

139,819

Meta Platforms, Inc., Class A*

1,664

440,494

Tencent Holdings Ltd.^

3,150

124,982

 

1,235,848

IT Services — 2.2% 

Accenture plc, Class A - ADR^ 

890

272,269

Infosys Ltd. - SP-ADR^ 

9,237

147,422

 

419,691

Machinery — 1.2% 

Caterpillar, Inc. 

1,068

219,741

 

Marine Transportation — 0.5% 

COSCO SHIPPING Holdings Co., Ltd.^

107,789

95,008

 

Metals & Mining — 1.6% 

BHP Group Ltd.^

5,874

159,733

Boliden AB ^

4,895

148,623

 

308,356

Multi-Utilities — 1.1% 

Veolia Environnement S.A.^

7,064

207,401

 

Oil, Gas & Consumable Fuels - 5.2% 

Canadian Natural Resources Ltd.^

3,486

187,546

Cheniere Energy, Inc. 

1,082

151,231

ConocoPhillips 

1,933

191,947

Equinor ASA ^

5,418

137,967

Pioneer Natural Resources Co. 

710

141,602

Woodside Energy Group Ltd.^

7,671

170,275

 

980,568

Paper & Forest Products — 0.8% 

Suzano S.A. - SP-ADR^ 

17,500

155,225

 

Personal Care Products - 1.8% 

Natura & Co. Holding S.A. - ADR*^

17,200

93,224

Unilever plc^

5,032

251,276

344,500

Investments

Number of
Shares

 

Value

 

Pharmaceuticals — 2.3% 

Ipsen S.A.^

1,780

$205,136

Zoetis, Inc. 

1,351

220,226

 

425,362

Real Estate Investment Trust — 0.8% 

VICI Properties, Inc. 

4,814

148,897

 

Real Estate Management & Development — 0.8% 

CK Asset Holdings Ltd.^

28,678

154,595

 

Semiconductors & Semiconductor Equipment — 6.4% 

ASML Holding N.V.^

380

272,036

Broadcom, Inc. 

460

371,662

NVIDIA Corp. 

688

260,298

Taiwan Semiconductor Manufacturing Co., Ltd. - SP-ADR^ 

3,204

315,882

 

1,219,878

Software — 6.6% 

Microsoft Corp. 

3,204

1,052,162

ServiceNow, Inc.*

356

193,942

 

1,246,104

Specialty Retail — 1.0% 

Tractor Supply Co. 

940

197,015

 

Technology Hardware, Storage & Peripherals — 5.1% 

Apple, Inc. 

5,458

967,430

 

Textiles, Apparel & Luxury Goods — 2.1% 

Deckers Outdoor Corp.*

366

173,850

LVMH Moet Hennessy Louis Vuitton SE^

254

220,395

 

394,245

Trading Companies & Distributors — 0.9% 

Ferguson plc^

1,225

177,258

 

Wireless Telecommunication Services — 0.7% 

MTN Group Ltd.^

20,234

124,541

 

TOTAL COMMON STOCKS
(Cost $18,432,129)

18,081,772

 

SHORT-TERM INVESTMENTS — 4.1%

Money Market Fund

First American Treasury Obligations Fund - Class X, 5.013% (a)

768,902

768,902

TOTAL SHORT-TERM INVESTMENTS
(Cost $768,902)

768,902

 

Schedule of Investments (Continued)

FIS Knights of Columbus Global Belief ETF

May 31, 2023  

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

 

13

Investments

 

 

Value

 

TOTAL INVESTMENTS
(Cost $19,201,031) — 99.6%

$18,850,674

OTHER ASSETS LESS LIABILITIES — 0.4% 

78,724

NET ASSETS — 100.0%

$18,929,398

*Non-income producing security.

^