ANNUAL REPORT
For the Year Ended July 31, 2022
American Conservative Values ETF
ANNUAL REPORT
For the Year Ended July 31, 2022
American Conservative Values ETF
1
ANNUAL REPORT
American Conservative Values ETF
Dear Shareholders,
Welcome to our community of politically conservative investors.
Since the American Conservative Values ETF’s (ACVF) inception to date (10/28/2020 until 07/31/2022), nearly all major stock indexes produced positive results. The large-cap S&P 500® Index, a stock market index tracking the stock performance of 500 large companies listed on exchanges in the United States and the Russell 1000® Index, a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000® Index, repeatedly reached record highs into year end 2021, before entering a significant market correction in 2022. The S&P 500® was in a drawdown of over -20% in early June, which is widely considered the definition of a bear market before recovering somewhat during July.
Acknowledging the difficult market environment, I am extremely pleased with our performance to date (Table 2) as well as our boycotted companies (Table 1). ACVF is actively managed and endeavors to balance performance, competitive with large-cap benchmarks such as the S&P 500®, with the sense of purpose and advocacy of boycotting companies that are most hostile to conservative values. Maximizing the economic value of these boycotts while also preserving predictable large cap performance is our goal.
This trailing 12-month period, particularly year to date was difficult for US large- cap stocks and most market sectors. The market has sold off in reaction to rising inflation, the war in Ukraine and the Fed’s raising short term interest rates to contain inflation, which increases the probability of an economic recession. The factor that most significantly affected ACVF’s relative performance vs. the S&P 500® during this period was the relative performance of the companies we are boycotting (the “Boycotts”), which are S&P 500® constituents. ACVF’s out performance of the S&P 500® during this period was due to the company and sector miss- weights introduced to the Fund portfolio by avoiding ownership of the Boycotts. On average the Boycotts underperformed the S&P 500® during this period by a weighted average of almost -7.0%. Performance of each of the Boycotts is contained in Table 1.
During this period, ACVF initiated new Boycotts on American Express, Bank of America, Lowe’s, Nasdaq, Warner Bros Discovery and Netflix and ended Boycotts on Wells Fargo and 3M.
2
ANNUAL REPORT
American Conservative Values ETF
Shareholder
Letter - continued (unaudited)July 31,
2022
Table 1
For the trailing one year Period of (7/31/2021 until 07/31/2022)
|
Boycotted Company |
|
% Return |
|
Return +/- |
|
PROGRESSIVE CORP |
|
23.2 |
|
27.8 |
|
COCA-COLA CO/THE |
|
16.0 |
|
20.6 |
|
APPLE INC |
|
12.1 |
|
16.7 |
|
JOHNSON & JOHNSON |
|
4.0 |
|
8.6 |
|
LOWE’S COS INC* |
|
1.0 |
|
5.7 |
|
NASDAQ INC* |
|
-1.9 |
|
2.7 |
|
DICK’S SPORTING GOODS, INC |
|
-4.6 |
|
0.0 |
|
AT&T INC |
|
-5.2 |
|
-0.6 |
|
WALMART INC |
|
-6.0 |
|
-1.3 |
|
AMERICAN EXPRESS CO* |
|
-8.6 |
|
-4.0 |
|
GOLDMAN SACHS GROUP INC |
|
-9.1 |
|
-4.4 |
|
BANK OF AMERICA CORP* |
|
-10.0 |
|
-5.4 |
|
VERIZON COMMUNICATIONS INC |
|
-13.1 |
|
-8.5 |
|
ALPHABET INC-CL A |
|
-13.7 |
|
-9.0 |
|
ALPHABET INC-CL C |
|
-13.7 |
|
-9.1 |
|
AMAZONCOM INC |
|
-18.9 |
|
-14.3 |
|
DELTA AIR LINES INC |
|
-20.3 |
|
-15.7 |
|
BLACKROCK INC |
|
-21.0 |
|
-16.4 |
|
JPMORGAN CHASE & CO |
|
-21.8 |
|
-17.2 |
|
SALESFORCE INC |
|
-23.9 |
|
-19.3 |
|
THE NEW YORK TIMES COMPANY |
|
-26.5 |
|
-21.8 |
|
STARBUCKS CORP |
|
-28.8 |
|
-24.1 |
|
NIKE INC -CL B |
|
-30.8 |
|
-26.2 |
|
COMCAST CORP-CLASS A |
|
-34.8 |
|
-30.2 |
|
GENERAL MOTORS CO |
|
-36.2 |
|
-31.6 |
|
WARNER BROS DISCOVERY INC* |
|
-39.5 |
|
0.48 |
|
WALT DISNEY CO/THE |
|
-39.7 |
|
-35.1 |
|
TWITTER INC |
|
-40.3 |
|
-35.7 |
|
META PLATFORMS INC-CLASS A |
|
-55.4 |
|
-50.7 |
|
NETFLIX INC* |
|
-56.6 |
|
-51.9 |
*Denoted Companies Boycott period was less than 1 year
3
ANNUAL REPORT
American Conservative Values ETF
Shareholder
Letter - continued (unaudited)July 31,
2022
In furtherance of the goal of maximizing the economic value of these boycotts while also preserving predictable large-cap performance, the management team seeks to control ACVF’s risk to the S&P 500® by employing portfolio construction which is diversified among economic sector and style factors, resulting in an ETF solidly within the large-cap blend style box. By monitoring the risks created by our boycotts and utilizing such a portfolio construction, the resulting performance should produce returns consistent with the large cap blend style universe and large-cap indexes, a high correlation to the S&P 500® as well as beta close to 1.0. Beta measures the sensitivity of an investment to the movement of its benchmark. A beta higher than 1.0 indicates the investment has been more volatile than the benchmark and a beta of less than 1.0 indicates the investment has been less volatile than the benchmark.
This was accomplished while also avoiding ownership of 29 of the companies most hostile to conservative values (chart includes 2 share classes of Google/Alphabet), which represented on average close to 27% of the S&P 500® company weights.
Since Inception (10/28/2020 until 07/31/2022), a $10,000(A) investment in ACVF would have returned a profit of $2,552, which is $48 dollars greater than the return of the S&P 500® for a $10,000 investment for that same period. We achieved these results, while also keeping approximately $2,700 of your investment out of the companies we believe are most hostile to conservative values.
(A)This illustrates the performance of a hypothetical $10,000 investment made in Fund two years ago. It assumes reinvestment of dividends and capital gains, but does reflect the effect of any applicable sales charges or redemption fees. This does not imply any future performance.
Thank you for your continued support and confidence in the American Conservative Values ETF (ACVF).
Sincerely,
William E. Flaig, Jr.
Founder and
CEO
Ridgeline Research
LLC
4
ANNUAL REPORT
American Conservative Values ETF
Shareholder
Letter - continued (unaudited)July 31,
2022
Investment Objective
The American Conservative Values ETF (the “Fund”) seeks to achieve long-term capital appreciation with capital preservation as a secondary objective.
Table 2
PERFORMANCE (as of July 31, 2022)
|
|
3 MONTH |
|
6 MONTH |
|
1 YEAR |
|
YTD |
|
SINCE |
|
ACVF – Market (Close) |
-0.10% |
|
-7.33% |
|
-4.13% |
|
-12.62% |
|
16.17% |
|
ACVF – NAV |
-0.12% |
|
-7.35% |
|
-4.06% |
|
-12.59% |
|
16.17% |
|
S&P 500® – Total Return |
-0.39% |
|
-7.81% |
|
-4.64% |
|
-12.58% |
|
15.97% |
The performance data quoted represents past performance and is no guarantee of future results. 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. Current performance may be lower or higher that the performance data quoted. For the most recent month-end performance, please call 1-888-909-6030.
*Since Inception Returns are Annualized
CURRENT BOYCOTTS (as of July 31, 2022)
|
ALPHABET INC-CL A |
JPMORGAN CHASE & CO |
|
ALPHABET INC-CL C |
LOWE’S COS INC |
|
AMAZON.COM INC |
META PLATFORMS INC-CLASS A |
|
AMERICAN EXPRESS CO |
NASDAQ INC |
|
APPLE INC |
NETFLIX INC |
|
AT&T INC |
NIKE INC -CL B |
|
BANK OF AMERICA CORP |
PROGRESSIVE CORP |
|
BLACKROCK INC |
SALESFORCE INC |
|
COCA-COLA CO/THE |
STARBUCKS CORP |
|
COMCAST CORP-CLASS A |
THE NEW YORK TIMES COMPANY |
|
DELTA AIR LINES INC |
TWITTER INC |
|
DICK’S SPORTING GOODS, INC. |
VERIZON COMMUNICATIONS INC |
|
GENERAL MOTORS CO |
WALMART INC |
|
GOLDMAN SACHS GROUP INC |
WALT DISNEY CO/THE |
|
JOHNSON & JOHNSON |
WARNER BROS DISCOVERY INC |
5
ANNUAL REPORT
American Conservative Values ETF
Shareholder
Letter - continued (unaudited)July 31,
2022
Important Disclosure Statement
Must be preceded or accompanied by a current prospectus.
An investment in the Fund is subject to risks, including the possible loss of the principal amount invested. Overall stock market risks may affect the value of individual securities in which the Fund invests. The Fund is actively managed, the Adviser’s investment decisions impact the Fund’s performance. The Fund and Adviser are new, the ETF has only recently commenced operations. This Fund may not be suitable for all investors.
Fund holdings are subject to change and are not a recommendation to buy or sell any security. Please see the Schedule of Investments for a complete list of holdings.
The ACVF ETF is distributed by Foreside Fund Services, LLC.
6
ANNUAL REPORT
American Conservative Values ETF
Important Disclosure Statements (unaudited)
The American Conservative Values ETF’s (the “Fund”) prospectus contains important information about the Fund’s investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. To obtain the Fund’s prospectus containing this and other important information, please call 888-909-6030. Please read the prospectus carefully before you invest. Foreside Fund Services, LLC is the distributor and Ridgeline Research LLC is the investment advisor.
The performance data quoted represents past performance and is not a guarantee of future results. Current performance of the Fund may be lower or higher than the performance data quoted. Investment returns 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. Information provided with respect to the Fund’s Performance Data, Portfolio Holdings, Sector Weightings, Number of Holdings and Expense Ratios are as of July 31, 2022 and are subject to change at any time. For most recent information, please call 888-909-6030.
7
ANNUAL REPORT
American Conservative Values ETF
(unaudited)
|
|
|
Total Return |
|
Average Annual Return |
|
American Conservative Values ETF |
|
(4.06%) |
|
13.83% |
|
S&P 500® Index |
|
(4.64%) |
|
13.58% |
Performance figures assume the reinvestment of all dividends and distributions and do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. This does not imply any future performance.
The S&P 500® Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.
8
ANNUAL REPORT
American Conservative Values ETF
Portfolio
Compositionas of July 31, 2022
(unaudited)
|
Holdings by Sector/Asset Class |
|
Percentage of |
|
COMMON STOCKS: |
|
|
|
Software & Services |
|
16.15% |
|
Healthcare |
|
15.51% |
|
Information Technology |
|
12.59% |
|
Financials |
|
11.59% |
|
Consumer Discretionary |
|
10.04% |
|
Consumer Staples |
|
8.90% |
|
Industrials |
|
8.28% |
|
Communication Services |
|
4.08% |
|
Energy |
|
4.08% |
|
Utilities |
|
3.18% |
|
Materials |
|
2.77% |
|
Real Estate |
|
2.46% |
|
|
|
99.63% |
See Notes to Financial Statements
9
ANNUAL REPORT
American Conservative Values ETF
Schedule of
InvestmentsJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
99.63% |
COMMON STOCKS |
|
|
|
|
|
|
|
|
|
|
|
|
4.08% |
COMMUNICATION SERVICES |
|
|
|
|
|
|
Activision Blizzard, Inc. |
|
1,393 |
|
$111,370 |
|
|
Charter Communications, Inc.* |
|
449 |
|
194,013 |
|
|
DISH Network Corp.* |
|
1,681 |
|
29,199 |
|
|
Electronic Arts, Inc. |
|
339 |
|
44,487 |
|
|
Fox Corp. - Class A |
|
1,433 |
|
47,447 |
|
|
Fox Corp. - Class B |
|
1,357 |
|
41,931 |
|
|
IAC/InterActive Corp.* |
|
460 |
|
31,510 |
|
|
The Interpublic Group of Cos, Inc. |
|
3,019 |
|
90,178 |
|
|
Live Nation Entertainment, Inc.* |
|
381 |
|
35,810 |
|
|
Lumen Technologies, Inc. |
|
2,220 |
|
24,176 |
|
|
Match Group, Inc.* |
|
575 |
|
42,153 |
|
|
News Corp. -Class A |
|
2,069 |
|
35,463 |
|
|
News Corp. - Class B |
|
1,878 |
|
32,452 |
|
|
Omnicom Group, Inc. |
|
1,373 |
|
95,890 |
|
|
Paramount Global |
|
2,008 |
|
47,489 |
|
|
Spotify Technology SA* |
|
306 |
|
34,584 |
|
|
Take-Two Interactive Software* |
|
209 |
|
27,741 |
|
|
T-Mobile US, Inc.* |
|
2,511 |
|
359,224 |
|
|
Vimeo, Inc.* |
|
630 |
|
3,503 |
|
|
|
|
|
|
1,328,620 |
|
|
|
|
|
|
|
|
10.04% |
CONSUMER DISCRETIONARY |
|
|
|
|
|
|
Advance Auto Parts, Inc. |
|
86 |
|
16,651 |
|
|
Aptiv PLC* |
|
339 |
|
35,558 |
|
|
AutoZone, Inc.* |
|
2 |
|
4,275 |
|
|
Bath & Body Works, Inc. |
|
365 |
|
12,972 |
|
|
Best Buy Co., Inc. |
|
297 |
|
22,866 |
|
|
Booking Holdings, Inc.* |
|
86 |
|
166,469 |
|
|
BorgWarner, Inc. |
|
377 |
|
14,499 |
|
|
CarMax, Inc.* |
|
170 |
|
16,922 |
|
|
Carnival Corp.* |
|
928 |
|
8,408 |
|
|
Chipotle Mexican Grill, Inc.* |
|
43 |
|
67,261 |
|
|
DR Horton, Inc. |
|
340 |
|
26,530 |
|
|
Darden Restaurants, Inc. |
|
173 |
|
21,537 |
|
|
Dollar General Corp. |
|
423 |
|
105,086 |
See Notes to Financial Statements
10
ANNUAL REPORT
American Conservative Values ETF
Schedule of
Investments - continuedJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
|
Dollar Tree, Inc.* |
|
295 |
|
$48,781 |
|
|
Domino’s Pizza, Inc. |
|
43 |
|
16,861 |
|
|
eBay, Inc. |
|
700 |
|
34,041 |
|
|
Etsy, Inc.* |
|
511 |
|
53,001 |
|
|
Expedia Group, Inc.* |
|
558 |
|
59,176 |
|
|
Ford Motor Co. |
|
5,245 |
|
77,049 |
|
|
The Gap, Inc. |
|
295 |
|
2,838 |
|
|
Garmin Ltd. |
|
589 |
|
57,498 |
|
|
Genuine Parts Co. |
|
213 |
|
32,561 |
|
|
Hasbro, Inc. |
|
88 |
|
6,927 |
|
|
Hilton Worldwide Holdings, Inc. |
|
339 |
|
43,416 |
|
|
The Home Depot, Inc. |
|
1,903 |
|
572,689 |
|
|
Las Vegas Sands Corp.* |
|
509 |
|
19,184 |
|
|
Lennar Corp. |
|
252 |
|
21,420 |
|
|
LKQ Corp.* |
|
252 |
|
13,820 |
|
|
Marriott International, Inc./MD |
|
808 |
|
128,327 |
|
|
McDonald’s Corp. |
|
960 |
|
252,835 |
|
|
MGM Resorts International |
|
1,060 |
|
34,694 |
|
|
Norwegian Cruise Line Holdings* |
|
255 |
|
3,098 |
|
|
O’Reilly Automotive, Inc.* |
|
86 |
|
60,509 |
|
|
Pool Corp. |
|
43 |
|
15,381 |
|
|
PulteGroup, Inc. |
|
130 |
|
5,671 |
|
|
PVH Corp. |
|
85 |
|
5,263 |
|
|
Ralph Lauren Corp. |
|
42 |
|
4,142 |
|
|
Ross Stores, Inc. |
|
426 |
|
34,617 |
|
|
Royal Caribbean Cruises Ltd.* |
|
213 |
|
8,245 |
|
|
Tapestry, Inc. |
|
256 |
|
8,609 |
|
|
Target Corp. |
|
627 |
|
102,439 |
|
|
Tesla, Inc.* |
|
912 |
|
813,002 |
|
|
The TJX Cos, Inc. |
|
1,553 |
|
94,981 |
|
|
Tractor Supply Co. |
|
130 |
|
24,892 |
|
|
Ulta Beauty, Inc.* |
|
43 |
|
16,723 |
|
|
Under Armour, Inc. - Class A* |
|
169 |
|
1,565 |
|
|
Under Armour, Inc. - Class C* |
|
208 |
|
1,718 |
|
|
VF Corp. |
|
338 |
|
15,102 |
|
|
Wynn Resorts Ltd.* |
|
125 |
|
7,935 |
|
|
YUM! Brands, Inc. |
|
384 |
|
47,055 |
|
|
|
|
|
|
3,265,099 |
|
|
|
|
|
|
|
See Notes to Financial Statements
11
ANNUAL REPORT
American Conservative Values ETF
Schedule of
Investments - continuedJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
8.90% |
CONSUMER STAPLES |
|
|
|
|
|
|
Altria Group, Inc. |
|
1,987 |
|
$87,150 |
|
|
Archer-Daniels-Midland Co. |
|
1,102 |
|
91,213 |
|
|
Brown-Forman Corp. |
|
263 |
|
19,520 |
|
|
Church & Dwight Co., Inc. |
|
213 |
|
18,738 |
|
|
The Clorox Co. |
|
36 |
|
5,106 |
|
|
Colgate-Palmolive Co. |
|
884 |
|
69,606 |
|
|
Constellation Brands, Inc. |
|
335 |
|
82,514 |
|
|
Costco Wholesale Corp. |
|
1,346 |
|
728,590 |
|
|
The Estee Lauder Cos., Inc. |
|
213 |
|
58,170 |
|
|
General Mills, Inc. |
|
510 |
|
38,143 |
|
|
The Hershey Co. |
|
129 |
|
29,407 |
|
|
Kimberly-Clark Corp. |
|
296 |
|
39,010 |
|
|
The Kraft Heinz Co. |
|
805 |
|
29,648 |
|
|
The Kroger Co. |
|
1,095 |
|
50,852 |
|
|
McCormick & Co., Inc./MD |
|
170 |
|
14,850 |
|
|
Mondelez International, Inc. |
|
2,024 |
|
129,617 |
|
|
Monster Beverage Corp.* |
|
802 |
|
79,895 |
|
|
PepsiCo, Inc. |
|
2,600 |
|
454,896 |
|
|
Philip Morris International, Inc. |
|
1,436 |
|
139,507 |
|
|
The Procter & Gamble Co. |
|
4,368 |
|
606,759 |
|
|
Sysco Corp. |
|
600 |
|
50,940 |
|
|
Tyson Foods, Inc. |
|
337 |
|
29,659 |
|
|
Walgreens Boots Alliance, Inc. |
|
1,100 |
|
43,582 |
|
|
|
|
|
|
2,897,372 |
|
|
|
|
|
|
|
|
4.08% |
ENERGY |
|
|
|
|
|
|
Baker Hughes Co. |
|
885 |
|
22,736 |
|
|
Chevron Corp. |
|
2,192 |
|
359,006 |
|
|
ConocoPhillips |
|
932 |
|
90,805 |
|
|
EOG Resources, Inc. |
|
465 |
|
51,717 |
|
|
Exxon Mobil Corp. |
|
4,827 |
|
467,881 |
|
|
Halliburton Co. |
|
841 |
|
24,641 |
|
|
Hess Corp. |
|
127 |
|
14,284 |
|
|
Kinder Morgan, Inc. |
|
1,942 |
|
34,937 |
|
|
Marathon Petroleum Corp. |
|
848 |
|
77,728 |
|
|
Occidental Petroleum Corp. |
|
849 |
|
55,822 |
|
|
ONEOK, Inc. |
|
377 |
|
22,522 |
See Notes to Financial Statements
12
ANNUAL REPORT
American Conservative Values ETF
Schedule of
Investments - continuedJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
|
Pioneer Natural Resources Co. |
|
85 |
|
$20,141 |
|
|
Schlumberger NV |
|
1,601 |
|
59,285 |
|
|
The Williams Cos., Inc. |
|
800 |
|
27,272 |
|
|
|
|
|
|
1,328,777 |
|
|
|
|
|
|
|
|
11.59% |
FINANCIALS |
|
|
|
|
|
|
Aflac, Inc. |
|
844 |
|
48,361 |
|
|
The Allstate Corp. |
|
380 |
|
44,449 |
|
|
American International Group, Inc. |
|
1,179 |
|
61,037 |
|
|
Ameriprise Financial, Inc. |
|
174 |
|
46,966 |
|
|
Aon PLC |
|
213 |
|
61,992 |
|
|
Arthur J Gallagher & Co. |
|
86 |
|
15,393 |
|
|
Bank of New York Mellon Corp. |
|
1,228 |
|
53,369 |
|
|
Berkshire Hathaway, Inc. - Class B* |
|
2,814 |
|
845,888 |
|
|
Capital One Financial Corp. |
|
428 |
|
47,007 |
|
|
Cboe Global Markets, Inc. |
|
88 |
|
10,857 |
|
|
The Charles Schwab Corp. |
|
2,698 |
|
186,297 |
|
|
Chubb Ltd. |
|
633 |
|
119,409 |
|
|
Cincinnati Financial Corp. |
|
173 |
|
16,840 |
|
|
Citigroup, Inc. |
|
3,105 |
|
161,150 |
|
|
Citizens Financial Group, Inc. |
|
716 |
|
27,187 |
|
|
CME Group, Inc. |
|
463 |
|
92,359 |
|
|
Discover Financial Services |
|
174 |
|
17,574 |
|
|
Fifth Third BanCorp |
|
1,183 |
|
40,364 |
|
|
First Republic Bank/California |
|
255 |
|
41,491 |
|
|
Franklin Resources, Inc. |
|
250 |
|
6,863 |
|
|
Hartford Financial Services Group |
|
298 |
|
19,212 |
|
|
Huntington Bancshares, Inc. |
|
1,311 |
|
17,423 |
|
|
Intercontinental Exchange, Inc. |
|
717 |
|
73,127 |
|
|
Invesco Ltd. |
|
132 |
|
2,342 |
|
|
KeyCorp |
|
888 |
|
16,250 |
|
|
Lincoln National Corp. |
|
208 |
|
10,679 |
|
|
Loews Corp. |
|
203 |
|
11,825 |
|
|
MarketAxess Holdings, Inc. |
|
43 |
|
11,644 |
|
|
Marsh & McLennan Cos., Inc. |
|
547 |
|
89,686 |
|
|
MetLife, Inc. |
|
1,476 |
|
93,357 |
|
|
Moody’s Corp. |
|
248 |
|
76,942 |
|
|
Morgan Stanley |
|
2,569 |
|
216,567 |
See Notes to Financial Statements
13
ANNUAL REPORT
American Conservative Values ETF
Schedule of
Investments - continuedJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
|
MSCI, Inc. |
|
45 |
|
$21,660 |
|
|
Northern Trust Corp. |
|
337 |
|
33,626 |
|
|
PNC Financial Services Group |
|
769 |
|
127,608 |
|
|
Principal Financial Group, Inc. |
|
171 |
|
11,447 |
|
|
Prudential Financial, Inc. |
|
799 |
|
79,892 |
|
|
Raymond James Financial, Inc. |
|
255 |
|
25,110 |
|
|
Regions Financial Corp. |
|
1,518 |
|
32,151 |
|
|
Rocket Cos., Inc. |
|
3,103 |
|
29,541 |
|
|
S&P Global, Inc. |
|
574 |
|
216,358 |
|
|
State Street Corp. |
|
507 |
|
36,017 |
|
|
SVB Financial Group* |
|
86 |
|
34,705 |
|
|
Synchrony Financial |
|
87 |
|
2,913 |
|
|
T Rowe Price Group, Inc. |
|
298 |
|
36,794 |
|
|
The Travelers Cos., Inc. |
|
339 |
|
53,799 |
|
|
Truist Financial Corp. |
|
2,024 |
|
102,151 |
|
|
US Bancorp |
|
2,424 |
|
114,413 |
|
|
Wells Fargo & Co. |
|
4,607 |
|
202,109 |
|
|
Willis Towers Watson PLC |
|
130 |
|
26,902 |
|
|
|
|
|
|
3,771,103 |
|
|
|
|
|
|
|
|
15.51% |
HEALTHCARE |
|
|
|
|
|
|
Abbott Laboratories |
|
2,091 |
|
227,584 |
|
|
AbbVie, Inc. |
|
2,155 |
|
309,264 |
|
|
Agilent Technologies, Inc. |
|
213 |
|
28,563 |
|
|
Align Technology, Inc.* |
|
86 |
|
24,163 |
|
|
AmerisourceBergen Corp. |
|
255 |
|
37,212 |
|
|
Amgen, Inc. |
|
667 |
|
165,062 |
|
|
AstraZeneca PLC |
|
722 |
|
47,818 |
|
|
Baxter International, Inc. |
|
83 |
|
4,869 |
|
|
Becton Dickinson and Co. |
|
298 |
|
72,804 |
|
|
Biogen, Inc.* |
|
213 |
|
45,808 |
|
|
Boston Scientific Corp.* |
|
1,560 |
|
64,038 |
|
|
Bristol-Myers Squibb Co. |
|
2,866 |
|
211,453 |
|
|
Cardinal Health, Inc. |
|
249 |
|
14,830 |
|
|
Catalent, Inc.* |
|
86 |
|
9,727 |
|
|
Centene Corp.* |
|
462 |
|
42,952 |
See Notes to Financial Statements
14
ANNUAL REPORT
American Conservative Values ETF
Schedule of
Investments - continuedJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
|
Cigna Corp. |
|
503 |
|
$138,506 |
|
|
The Cooper Cos., Inc. |
|
43 |
|
14,061 |
|
|
CVS Health Corp. |
|
1,481 |
|
141,702 |
|
|
Danaher Corp. |
|
963 |
|
280,686 |
|
|
Dexcom, Inc.* |
|
344 |
|
28,236 |
|
|
Edwards Lifesciences Corp.* |
|
595 |
|
59,821 |
|
|
Elevance Health, Corp. |
|
213 |
|
101,622 |
|
|
Eli Lilly & Co. |
|
1,047 |
|
345,185 |
|
|
Embecta Corp.* |
|
59 |
|
1,736 |
|
|
Gilead Sciences, Inc. |
|
1,689 |
|
100,918 |
|
|
HCA Healthcare, Inc. |
|
254 |
|
53,955 |
|
|
Hologic, Inc.* |
|
127 |
|
9,065 |
|
|
Humana, Inc. |
|
125 |
|
60,250 |
|
|
IDEXX Laboratories, Inc.* |
|
45 |
|
17,963 |
|
|
Illumina, Inc.* |
|
170 |
|
36,836 |
|
|
Incyte Corp.* |
|
132 |
|
10,254 |
|
|
Intuitive Surgical, Inc.* |
|
393 |
|
90,457 |
|
|
IQVIA Holdings, Inc.* |
|
169 |
|
40,606 |
|
|
Laboratory Corporation of America |
|
86 |
|
22,548 |
|
|
McKesson Corp. |
|
213 |
|
72,757 |
|
|
Medtronic PLC |
|
1,540 |
|
142,481 |
|
|
Merck & Co., Inc. |
|
3,163 |
|
282,582 |
|
|
Mettler-Toledo International, Inc.* |
|
1 |
|
1,350 |
|
|
Pfizer, Inc. |
|
6,556 |
|
331,144 |
|
|
Regeneron Pharmaceuticals, Inc.* |
|
132 |
|
76,783 |
|
|
ResMed, Inc. |
|
87 |
|
20,925 |
|
|
Stryker Corp. |
|
380 |
|
81,605 |
|
|
Thermo Fisher Scientific, Inc. |
|
457 |
|
273,473 |
|
|
UnitedHealth Group, Inc. |
|
1,047 |
|
567,830 |
|
|
Veeva Systems, Inc.* |
|
292 |
|
65,285 |
|
|
Vertex Pharmaceuticals, Inc.* |
|
463 |
|
129,830 |
|
|
West Pharmaceutical Services, Inc. |
|
43 |
|
14,773 |
|
|
Zimmer Biomet Holdings, Inc. |
|
137 |
|
15,123 |
|
|
Zimvie Inc. |
|
13 |
|
252 |
|
|
Zoetis, Inc. |
|
594 |
|
108,435 |
|
|
|
|
|
|
5,045,182 |
|
|
|
|
|
|
|
See Notes to Financial Statements
15
ANNUAL REPORT
American Conservative Values ETF
Schedule of
Investments - continuedJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
8.28% |
INDUSTRIALS |
|
|
|
|
|
|
3M Co. |
|
327 |
|
$46,839 |
|
|
American Airlines Group, Inc.* |
|
2,194 |
|
30,080 |
|
|
AMETEK, Inc. |
|
167 |
|
20,625 |
|
|
The Boeing Co.* |
|
575 |
|
91,603 |
|
|
Canadian Pacific Railway Ltd. |
|
124 |
|
9,780 |
|
|
Carrier Global Corp. |
|
465 |
|
18,846 |
|
|
Caterpillar, Inc. |
|
633 |
|
125,492 |
|
|
CH Robinson Worldwide, Inc. |
|
132 |
|
14,612 |
|
|
Cintas Corp. |
|
86 |
|
36,592 |
|
|
Copart, Inc.* |
|
251 |
|
32,153 |
|
|
CSX Corp. |
|
2,528 |
|
81,730 |
|
|
Cummins, Inc. |
|
213 |
|
47,139 |
|
|
Deere & Co. |
|
338 |
|
115,995 |
|
|
Eaton Corp. PLC |
|
466 |
|
69,150 |
|
|
Emerson Electric Co. |
|
758 |
|
68,273 |
|
|
Equifax, Inc. |
|
128 |
|
26,740 |
|
|
Expeditors International of Washington, Inc. |
|
172 |
|
18,275 |
|
|
Fastenal Co. |
|
636 |
|
32,665 |
|
|
FedEx Corp. |
|
255 |
|
59,438 |
|
|
Fortive Corp. |
|
300 |
|
19,335 |
|
|
General Dynamics Corp. |
|
211 |
|
47,827 |
|
|
General Electric Co. |
|
1,179 |
|
87,140 |
|
|
Honeywell International, Inc. |
|
960 |
|
184,762 |
|
|
JB Hunt Transport Services, Inc. |
|
43 |
|
7,881 |
|
|
Illinois Tool Works, Inc. |
|
255 |
|
52,979 |
|
|
Ingersoll Rand, Inc. |
|
340 |
|
16,932 |
|
|
Jacobs Engineering Group, Inc. |
|
125 |
|
17,163 |
|
|
Johnson Controls International |
|
1,102 |
|
59,409 |
|
|
L3Harris Technologies, Inc. |
|
254 |
|
60,952 |
|
|
Lockheed Martin Corp. |
|
292 |
|
120,833 |
|
|
Nielsen Holdings PLC |
|
256 |
|
6,131 |
|
|
Norfolk Southern Corp. |
|
298 |
|
74,849 |
|
|
Northrop Grumman Corp. |
|
171 |
|
81,892 |
|
|
Old Dominion Freight Line, Inc. |
|
87 |
|
26,405 |
|
|
Otis Worldwide Corp. |
|
250 |
|
19,543 |
|
|
PACCAR, Inc. |
|
382 |
|
34,961 |
See Notes to Financial Statements
16
ANNUAL REPORT
American Conservative Values ETF
Schedule of
Investments - continuedJuly 31, 2022
|
|
Security Description |
|
Number of |
|
Fair |
|
|
Parker-Hannifin Corp. |
|
129 |
|
$37,293 |
|
|
Quanta Services, Inc. |
|
43 |
|
5,965 |
|
|
Raytheon Technologies Corp. |
|
1,688 |
|
157,338 |
|
|
Republic Services, Inc. |
|
130 |
|
18,026 |
|
|
Rockwell Automation, Inc. |
|
43 |
|
10,977 |
|
|
Southwest Airlines Co.* |
|
846 |
|
32,250 |
|
|
Stanley Black & Decker, Inc. |
|
170 |
|
16,546 |
|
|
Trane Technologies PLC |
|
210 |
|
30,868 |
|
|
TransDigm Group, Inc.* |
|
43 |
|
26,761 |
|
|
Union Pacific Corp. |
|
753 |
|
171,157 |
|
|
United Airlines Holdings, Inc.* |
|
296 |
|
10,878 |
|
|
United Parcel Service, Inc. |
|
750 |
|
146,168 |
|
|
Verisk Analytics, Inc. |
|
214 |
|
40,714 |
|
|
Westinghouse Air Brake Technologies Corp. |
|
167 |
|
15,609 |
|
|
Waste Management, Inc. |
|
468 |
|
77,014 |
|
|
WW Grainger, Inc. |
|
43 |
|
23,372 |
|
|
Xylem, Inc. |
|
87 |
|
8,007 |
|
|
|
|
|
|
2,693,964 |
|
|
|
|
|
|
|
|
12.59% |
INFORMATION TECHNOLOGY |
|
|
|
|
|
|
Advanced Micro Devices, Inc.* |
|
2,802 |
|
264,705 |
|
|
Amphenol Corp. |
|
672 |
|
51,831 |
|
|
Analog Devices, Inc. |
|
421 |
|
72,395 |
|
|
Applied Materials, Inc. |
|
1,364 |
|
144,557 |
|
|
Arista Networks, Inc.* |
|
1,344 |
|
156,751 |
|
|
Broadcom, Inc. |
|
419 |
|
224,366 |
|
|
CDW Corp./DE |
|
130 |
|
23,599 |
|
|
Cisco Systems, Inc. |
|
10,410 |
|
472,302 |
|
|
Corning, Inc. |
|
806 |
|
29,629 |
|
|
F5 Networks, Inc.* |
|
44 |
|
7,364 |
|
|
Hewlett Packard Enterprise Co. |
|
1,439 |
< |