UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number: 811-22310
ETF Managers Trust
_________________________________
(Exact name of registrant as specified in charter)
30 Maple Street, Suite 2
Summit, NJ 07901
_______________________________________
(Address of principal executive offices) (Zip code)
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
_______________________________________
(Name and address of agent for service)
(908) 897-0518
_________________________________________________
Registrant's telephone number, including area code
Date of fiscal year end: September 30, 2020
Date of reporting period: December 31, 2019
Item 1. Schedule of Investments.
AI Powered Equity ETF
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Schedule of Investments
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December 31, 2019 (Unaudited)
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Shares
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Value
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COMMON STOCKS - 96.7%
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Canada - 0.6%
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Commercial Services & Supplies - 0.6%
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Waste Connections, Inc.
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7,014
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$
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636,801
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United States - 96.1%
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Aerospace & Defense - 3.5%
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Huntington Ingalls Industries, Inc.
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1,290
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323,635
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Lockheed Martin Corp.
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2,943
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1,145,945
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Northrop Grumman Corp.
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1,328
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456,792
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Raytheon Co.
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5,586
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1,227,467
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United Technologies Corp.
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6,576
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984,822
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Total Aerospace & Defense
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4,138,661
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Automobiles - 0.3%
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Tesla, Inc. (a)(b)
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903
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377,752
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Banks - 2.8%
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CIT Group, Inc.
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17,269
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787,984
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Hancock Whitney Corp.
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17,753
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779,002
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KeyCorp
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29,626
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599,630
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PNC Financial Services Group Inc.
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2,092
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333,946
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SVB Financial Group (b)
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3,017
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757,388
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Total Banks
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3,257,950
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Beverages - 2.1%
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Brown-Forman Corp. - Class B (a)
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18,369
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1,241,743
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Constellation Brands, Inc. - Class A
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3,694
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700,937
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Monster Beverage Corp. (b)
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5,152
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327,410
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Total Beverages
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2,270,090
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Biotechnology - 1.3%
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ACADIA Pharmaceuticals, Inc. (b)
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10,932
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467,671
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Exelixis, Inc. (b)
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61,296
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1,080,035
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Total Biotechnology
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1,547,706
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Capital Markets - 2.2%
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Cboe Global Markets, Inc.
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9,133
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1,095,959
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CME Group, Inc.
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2,986
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599,350
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Moody's Corp.
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3,655
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867,734
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Total Capital Markets
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2,563,043
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Chemicals - 1.0%
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Ecolab, Inc.
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4,429
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854,753
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Element Solutions, Inc. (b)
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20,405
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238,330
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Total Chemicals
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1,093,083
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Commercial Services & Supplies - 1.2%
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Waste Management, Inc. (b)
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12,309
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1,402,734
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Communications Equipment - 1.0%
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Arista Networks, Inc. (a)(b)
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3,144
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639,490
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Motorola Solutions, Inc.
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3,153
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508,074
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Total Communications Equipment
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1,147,564
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Construction & Engineering - 0.3%
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MasTec, Inc. (a)(b)
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6,027
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386,692
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Construction Materials - 1.9%
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Martin Marietta Materials, Inc. (a)
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5,482
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1,532,987
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Vulcan Materials Co.
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5,625
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809,944
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Total Construction Materials
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2,342,931
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Consumer Finance - 1.0%
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Discover Financial Services
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13,496
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1,144,731
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Diversified Consumer Services - 0.3%
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ServiceMaster Global Holdings, Inc. (b)
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9,394
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363,172
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Electric Utilities - 2.8%
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Alliant Energy Corp.
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8,066
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441,372
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Duke Energy Corp.
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5,068
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462,252
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Eversource Energy
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13,597
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1,156,696
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Exelon Corp.
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17,795
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811,274
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NextEra Energy, Inc.
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1,722
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417,000
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Total Electric Utilities
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3,288,594
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Electronic Equipment, Instruments & Components - 2.2%
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Amphenol Corp. - Class A
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9,895
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1,070,936
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Dolby Laboratories, Inc. - Class A
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8,175
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562,440
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Trimble, Inc. (b)
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6,238
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260,062
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Zebra Technologies Corp. - Class A (b)
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2,305
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588,789
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Total Electronic Equipment, Instruments & Components
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2,482,227
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Entertainment - 2.5%
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Activision Blizzard, Inc.
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14,385
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854,757
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Netflix, Inc. (a)(b)
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2,668
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863,285
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Roku, Inc. (a)(b)
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1,592
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213,169
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Take-Two Interactive Software, Inc. (b)
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7,534
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922,387
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Total Entertainment
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2,853,598
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Food & Staples Retailing - 1.3%
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Costco Wholesale Corp.
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2,533
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744,499
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Sysco Corp.
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9,386
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802,879
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Total Food & Staples Retailing
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1,547,378
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Food Products - 1.0%
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Archer Daniels Midland Co.
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7,167
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332,190
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Campbell Soup Co. (a)
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17,331
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856,498
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Total Food Products
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1,188,688
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Gas Utilities - 0.5%
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Atmos Energy Corp.
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5,065
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566,571
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Health Care Equipment & Supplies - 3.9%
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Align Technology, Inc. (b)
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892
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248,904
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Baxter International, Inc.
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4,500
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376,290
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Danaher Corp.
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3,431
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526,590
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DexCom, Inc. (a)(b)
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4,811
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1,052,358
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Globus Medical, Inc. - Class A (b)
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14,830
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873,190
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Haemonetics Corp. (b)
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7,836
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900,356
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Stryker Corp.
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2,058
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432,057
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Total Health Care Equipment & Supplies
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4,409,745
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Health Care Providers & Services - 2.8%
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Centene Corp. (a)(b)
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10,610
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667,051
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Cigna Corp.
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3,374
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689,949
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UnitedHealth Group, Inc.
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5,901
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1,734,776
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Total Health Care Providers & Services
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3,091,776
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Health Care Technology - 1.4%
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Teladoc Health, Inc. (a)(b)
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9,756
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|
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816,772
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Veeva Systems, Inc. - Class A (b)
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5,462
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|
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768,285
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Total Health Care Technology
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1,585,057
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Hotels, Restaurants & Leisure - 4.3%
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Chipotle Mexican Grill, Inc. (a)(b)
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892
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746,702
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Domino's Pizza, Inc.
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2,288
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|
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672,169
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Las Vegas Sands Corp.
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11,949
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|
|
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824,959
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Marriott International Inc. - Class A (a)
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6,224
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942,500
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Vail Resorts, Inc. (a)
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4,451
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|
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1,067,483
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Yum! Brands, Inc.
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5,856
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589,875
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Total Hotels, Restaurants & Leisure
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4,843,688
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Household Durables - 0.7%
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NVR, Inc. (b)
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221
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841,659
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Household Products - 0.6%
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Kimberly-Clark Corp.
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5,003
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688,163
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Insurance - 2.5%
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Loews Corp.
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10,384
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|
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545,056
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MetLife, Inc.
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12,261
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|
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624,943
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Prudential Financial, Inc.
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17,557
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|
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1,645,794
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Total Insurance
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|
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2,815,793
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Interactive Media & Services - 5.6%
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Alphabet, Inc. - Class A (b)
|
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2,712
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|
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|
3,632,425
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Facebook, Inc. - Class A (b)
|
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|
10,041
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|
|
|
2,060,915
|
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IAC/InterActiveCorp. (b)
|
|
|
2,987
|
|
|
|
744,092
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Total Interactive Media & Services
|
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|
|
|
|
|
6,437,432
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Internet & Direct Marketing Retail - 3.6%
|
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|
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Amazon.com, Inc. (b)
|
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|
1,782
|
|
|
|
3,292,851
|
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Booking Holdings, Inc. (a)(b)
|
|
|
197
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|
|
|
404,585
|
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Wayfair, Inc. - Class A (a)(b)
|
|
|
4,604
|
|
|
|
416,063
|
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Total Internet & Direct Marketing Retail
|
|
|
|
|
|
|
4,113,499
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IT Services - 4.8%
|
|
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Cognizant Technology Solutions Corp. - Class A
|
|
|
13,662
|
|
|
|
847,317
|
|
Fiserv, Inc. (b)
|
|
|
7,640
|
|
|
|
883,413
|
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FleetCor Technologies, Inc. (b)
|
|
|
2,310
|
|
|
|
664,633
|
|
Leidos Holdings, Inc.
|
|
|
5,935
|
|
|
|
580,977
|
|
MasterCard, Inc. - Class A
|
|
|
6,363
|
|
|
|
1,899,928
|
|
Visa, Inc. - Class A (a)
|
|
|
4,085
|
|
|
|
767,572
|
|
Total IT Services
|
|
|
|
|
|
|
5,643,840
|
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Life Sciences Tools & Services - 1.8%
|
|
|
|
|
|
|
|
|
IQVIA Holdings, Inc. (b)
|
|
|
4,227
|
|
|
|
653,114
|
|
Thermo Fisher Scientific, Inc.
|
|
|
4,471
|
|
|
|
1,452,494
|
|
Total Life Sciences Tools & Services
|
|
|
|
|
|
|
2,105,608
|
|
Machinery - 1.5%
|
|
|
|
|
|
|
|
|
Allison Transmission Holdings, Inc.
|
|
|
21,634
|
|
|
|
1,045,355
|
|
Fortive Corp. (a)
|
|
|
8,530
|
|
|
|
651,607
|
|
Total Machinery
|
|
|
|
|
|
|
1,696,962
|
|
Media - 0.6%
|
|
|
|
|
|
|
|
|
Liberty Broadband Corp. - Class C (b)
|
|
|
5,038
|
|
|
|
633,529
|
|
Metals & Mining - 0.3%
|
|
|
|
|
|
|
|
|
Newmont Goldcorp Corp.
|
|
|
6,685
|
|
|
|
290,463
|
|
Multiline Retail - 1.8%
|
|
|
|
|
|
|
|
|
Dollar General Corp.
|
|
|
5,981
|
|
|
|
932,917
|
|
Dollar Tree, Inc. (b)
|
|
|
3,558
|
|
|
|
334,630
|
|
Target Corp.
|
|
|
6,321
|
|
|
|
810,415
|
|
Total Multiline Retail
|
|
|
|
|
|
|
2,077,962
|
|
Multi-Utilities - 1.3%
|
|
|
|
|
|
|
|
|
DTE Energy Co.
|
|
|
6,924
|
|
|
|
899,220
|
|
Sempra Energy
|
|
|
3,613
|
|
|
|
547,297
|
|
Total Multi-Utilities
|
|
|
|
|
|
|
1,446,517
|
|
Oil, Gas & Consumable Fuels - 1.9%
|
|
|
|
|
|
|
|
|
ONEOK, Inc. (a)
|
|
|
9,064
|
|
|
|
685,873
|
|
Parsley Energy, Inc. - Class A
|
|
|
63,068
|
|
|
|
1,192,615
|
|
Williams Cos., Inc.
|
|
|
10,630
|
|
|
|
252,144
|
|
Total Oil, Gas & Consumable Fuels
|
|
|
|
|
|
|
2,130,632
|
|
Personal Products - 0.8%
|
|
|
|
|
|
|
|
|
Estee Lauder Cos., Inc. - Class A
|
|
|
4,388
|
|
|
|
906,298
|
|
Pharmaceuticals - 1.9%
|
|
|
|
|
|
|
|
|
Catalent, Inc. (b)
|
|
|
11,939
|
|
|
|
672,166
|
|
Johnson & Johnson
|
|
|
10,690
|
|
|
|
1,559,350
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
2,231,516
|
|
Professional Services - 1.0%
|
|
|
|
|
|
|
|
|
Verisk Analytics, Inc.
|
|
|
7,498
|
|
|
|
1,119,751
|
|
Real Estate Investment Trusts (REITs) - 1.3%
|
|
|
|
|
|
|
|
|
Invitation Homes, Inc.
|
|
|
25,579
|
|
|
|
766,603
|
|
Medical Properties Trust, Inc. (a)
|
|
|
33,467
|
|
|
|
706,488
|
|
Total Equity Real Estate Investment Trusts (REITs)
|
|
|
|
|
|
|
1,473,091
|
|
Road & Rail - 0.6%
|
|
|
|
|
|
|
|
|
Union Pacific Corp.
|
|
|
3,659
|
|
|
|
661,511
|
|
Semiconductors & Semiconductor Equipment - 4.3%
|
|
|
|
|
|
|
|
|
Broadcom, Inc. (a)
|
|
|
985
|
|
|
|
311,280
|
|
KLA Corp.
|
|
|
4,332
|
|
|
|
771,832
|
|
Microchip Technology, Inc. (a)
|
|
|
3,722
|
|
|
|
389,768
|
|
NVIDIA Corp.
|
|
|
3,949
|
|
|
|
929,200
|
|
Qualcomm, Inc.
|
|
|
15,433
|
|
|
|
1,361,653
|
|
Skyworks Solutions, Inc.
|
|
|
3,703
|
|
|
|
447,619
|
|
Xilinx, Inc.
|
|
|
7,013
|
|
|
|
685,661
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
4,897,013
|
|
Software - 10.8%
|
|
|
|
|
|
|
|
|
Alteryx, Inc. - Class A (a)(b)
|
|
|
9,958
|
|
|
|
996,497
|
|
Citrix Systems, Inc.
|
|
|
9,751
|
|
|
|
1,081,386
|
|
Coupa Software, Inc. (a)(b)
|
|
|
4,965
|
|
|
|
726,131
|
|
Everbridge, Inc. (b)
|
|
|
3,736
|
|
|
|
291,707
|
|
Fair Isaac Corp. (b)
|
|
|
886
|
|
|
|
331,966
|
|
Guidewire Software, Inc. (a)(b)
|
|
|
4,298
|
|
|
|
471,791
|
|
Intuit, Inc.
|
|
|
10,267
|
|
|
|
2,689,236
|
|
New Relic, Inc. (a)(b)
|
|
|
16,590
|
|
|
|
1,090,130
|
|
Paylocity Holding Corp. (a)(b)
|
|
|
6,204
|
|
|
|
749,567
|
|
Q2 Holdings, Inc. (a)(b)
|
|
|
6,170
|
|
|
|
500,264
|
|
salesforce.com, Inc. (b)
|
|
|
5,277
|
|
|
|
858,251
|
|
Splunk, Inc. (b)
|
|
|
6,164
|
|
|
|
923,182
|
|
SS&C Technologies Holdings, Inc.
|
|
|
24,428
|
|
|
|
1,499,880
|
|
Zendesk, Inc. (a)(b)
|
|
|
3,338
|
|
|
|
255,791
|
|
Total Software
|
|
|
|
|
|
|
12,465,779
|
|
Specialty Retail - 2.0%
|
|
|
|
|
|
|
|
|
Aaron's, Inc. (a)
|
|
|
8,802
|
|
|
|
502,682
|
|
AutoZone, Inc. (b)
|
|
|
403
|
|
|
|
480,098
|
|
RH (a)(b)
|
|
|
2,413
|
|
|
|
515,176
|
|
Ross Stores, Inc.
|
|
|
7,001
|
|
|
|
815,056
|
|
Total Specialty Retail
|
|
|
|
|
|
|
2,313,012
|
|
Technology Hardware, Storage & Peripherals - 2.3%
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
2,252
|
|
|
|
661,300
|
|
NetApp, Inc. (a)
|
|
|
23,845
|
|
|
|
1,484,351
|
|
Pure Storage, Inc. - Class A (b)
|
|
|
25,697
|
|
|
|
439,676
|
|
Total Technology Hardware, Storage & Peripherals
|
|
|
|
|
|
|
2,585,327
|
|
Textiles, Apparel & Luxury Goods - 0.8%
|
|
|
|
|
|
|
|
|
Tapestry, Inc.
|
|
|
33,781
|
|
|
|
911,074
|
|
Trading Companies & Distributors - 0.9%
|
|
|
|
|
|
|
|
|
Fastenal Co.
|
|
|
27,066
|
|
|
|
1,000,089
|
|
Water Utilities - 0.8%
|
|
|
|
|
|
|
|
|
Aqua America, Inc. (a)
|
|
|
19,381
|
|
|
|
909,744
|
|
Total United States
|
|
|
|
|
|
|
110,289,695
|
|
TOTAL COMMON STOCKS (Cost $102,626,333)
|
|
|
|
|
|
|
110,926,496
|
|
|
|
|
|
|
|
|
|
|
CLOSED-ENDED FUNDS - 0.6%
|
|
|
|
|
|
|
|
|
United States - 0.6%
|
|
|
|
|
|
|
|
|
Ares Capital Corp. (a)
|
|
|
37,859
|
|
|
|
706,070
|
|
TOTAL CLOSED-ENDED FUNDS (Cost $657,025)
|
|
|
|
|
|
|
706,070
|
|
|
|
|
|
|
|
|
|
|
RIGHTS - 0%
|
|
|
|
|
|
|
|
|
United States - 0.0%
|
|
|
|
|
|
|
|
|
NewStar Financial, Inc. (b)(c)
|
|
|
115,783
|
|
|
|
0
|
|
TOTAL RIGHTS (Cost $0)
|
|
|
|
|
|
|
0
|
|
SHORT-TERM INVESTMENTS - 2.7%
|
|
|
|
|
|
|
|
|
Money Market Funds - 2.7%
|
|
|
|
|
|
|
|
|
Invesco Advisers, Inc. STIT-Treasury Portfolio - Institutional Class - 1.49% (d)
|
|
|
3,113,936
|
|
|
|
3,113,936
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $3,113,936)
|
|
|
|
|
|
|
3,113,936
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 18.5%
|
|
|
|
|
|
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC, 1.80% (d)
|
|
|
21,172,581
|
|
|
|
21,172,581
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $21,172,581)
|
|
|
|
|
|
|
21,172,581
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost $127,569,875) - 118.5%
|
|
|
|
|
|
|
135,919,083
|
|
Liabilities in Excess of Other Assets - (18.5)%
|
|
|
|
|
|
|
(21,223,594
|
)
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
114,695,489
|
|
|
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
|
|
|
|
|
|
(a)
|
|
All or a portion of this security was out on loan at December 31, 2019.
|
|
(b)
|
|
Non-income producing security.
|
|
(c)
|
|
Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.
|
|
(d)
|
|
The rate quote is the annualized seven-day yield at December 31, 2019.
|
|
|
|
|
|
|
|
|
|
|
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. 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. Bancorp Fund Services, LLC., doing business as U.S. Bank Global Fund Services ("Fund Services").
|
|
BlueStar Israel Technology ETF
|
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
|
|
December 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - 99.8%
|
|
|
|
|
|
|
Guernsey - 7.5%
|
|
|
|
|
|
|
IT Services - 7.5%
|
|
|
|
|
|
|
Amdocs, Ltd.
|
|
|
93,511
|
|
|
$
|
6,750,558
|
|
|
|
|
|
|
|
|
|
|
Israel - 58.9%
|
|
|
|
|
|
|
|
|
Aerospace & Defense - 4.5%
|
|
|
|
|
|
|
|
|
Elbit Systems, Ltd.
|
|
|
23,730
|
|
|
|
3,694,220
|
|
RADA Electronic Industries, Ltd. (a)
|
|
|
63,043
|
|
|
|
327,193
|
|
Total Aerospace & Defense
|
|
|
|
|
|
|
4,021,413
|
|
Biotechnology - 1.6%
|
|
|
|
|
|
|
|
|
Galmed Pharmaceuticals, Ltd. (a)
|
|
|
37,856
|
|
|
|
218,808
|
|
Intec Pharma, Ltd. (a)(b)
|
|
|
302,909
|
|
|
|
151,455
|
|
Kamada, Ltd. (a)
|
|
|
45,011
|
|
|
|
308,911
|
|
UroGen Pharma, Ltd. (a)(b)
|
|
|
21,494
|
|
|
|
717,254
|
|
Total Biotechnology
|
|
|
|
|
|
|
1,396,428
|
|
Communications Equipment - 3.6%
|
|
|
|
|
|
|
|
|
AudioCodes, Ltd.
|
|
|
26,745
|
|
|
|
687,080
|
|
Ceragon Networks, Ltd. (a)(b)
|
|
|
147,100
|
|
|
|
308,910
|
|
Ituran Location and Control, Ltd.
|
|
|
25,434
|
|
|
|
639,156
|
|
Radware, Ltd. (a)
|
|
|
44,216
|
|
|
|
1,139,889
|
|
Silicom, Ltd. (a)
|
|
|
11,154
|
|
|
|
370,982
|
|
Total Communications Equipment
|
|
|
|
|
|
|
3,146,017
|
|
Health Care Equipment & Supplies - 1.2%
|
|
|
|
|
|
|
|
|
Brainsway, Ltd. (a)
|
|
|
47,402
|
|
|
|
230,744
|
|
Inmode, Ltd. (a)(b)
|
|
|
14,731
|
|
|
|
577,455
|
|
Intercure, Ltd. (a)
|
|
|
184,572
|
|
|
|
199,094
|
|
Total Health Care Equipment & Supplies
|
|
|
|
|
|
|
1,007,293
|
|
Household Durables - 0.5%
|
|
|
|
|
|
|
|
|
Maytronics, Ltd.
|
|
|
58,051
|
|
|
|
484,980
|
|
Independent Power and Renewable Electricity Producers - 1.7%
|
|
|
|
|
|
|
|
|
Energix-Renewable Energies, Ltd. (a)
|
|
|
208,997
|
|
|
|
623,971
|
|
Enlight Renewable Energy, Ltd. (a)
|
|
|
713,653
|
|
|
|
896,897
|
|
Total Independent Power and Renewable Electricity Producers
|
|
|
|
|
|
|
1,520,868
|
|
Internet & Direct Marketing Retail - 0.5%
|
|
|
|
|
|
|
|
|
Fiverr International, Ltd. (a)
|
|
|
17,231
|
|
|
|
404,929
|
|
IT Services - 8.2%
|
|
|
|
|
|
|
|
|
Formula Systems 1985, Ltd.
|
|
|
8,905
|
|
|
|
605,993
|
|
Matrix IT, Ltd.
|
|
|
37,572
|
|
|
|
756,271
|
|
Splitit Payments, Ltd. (a)
|
|
|
506,911
|
|
|
|
234,778
|
|
Wix.com, Ltd. (a)
|
|
|
45,212
|
|
|
|
5,533,045
|
|
Total IT Services
|
|
|
|
|
|
|
7,130,087
|
|
Life Sciences Tools & Services - 0.6%
|
|
|
|
|
|
|
|
|
Compugen, Ltd. (a)(b)
|
|
|
89,365
|
|
|
|
532,615
|
|
Machinery - 1.7%
|
|
|
|
|
|
|
|
|
Kornit Digital, Ltd. (a)(b)
|
|
|
42,865
|
|
|
|
1,467,269
|
|
Pharmaceuticals - 0.8%
|
|
|
|
|
|
|
|
|
Foamix Pharmaceuticals, Ltd. (a)(b)
|
|
|
114,087
|
|
|
|
379,910
|
|
Redhill Biopharma, Ltd. - ADR (a)(b)
|
|
|
56,431
|
|
|
|
342,536
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
722,446
|
|
Semiconductors & Semiconductor Equipment - 10.8%
|
|
|
|
|
|
|
|
|
Camtek, Ltd.
|
|
|
36,594
|
|
|
|
396,313
|
|
Mellanox Technologies, Ltd. (a)
|
|
|
50,078
|
|
|
|
5,868,140
|
|
Nova Measuring Instruments, Ltd. (a)
|
|
|
27,404
|
|
|
|
1,042,738
|
|
Tower Semiconductor, Ltd. (a)
|
|
|
94,930
|
|
|
|
2,269,820
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
9,577,011
|
|
Software - 21.9% (d)
|
|
|
|
|
|
|
|
|
Allot Communications, Ltd. (a)
|
|
|
49,336
|
|
|
|
419,356
|
|
Check Point Software Technologies, Ltd. (a)(b)
|
|
|
57,479
|
|
|
|
6,377,870
|
|
CyberArk Software, Ltd. (a)
|
|
|
35,926
|
|
|
|
4,188,253
|
|
Hilan, Ltd.
|
|
|
17,507
|
|
|
|
704,680
|
|
Magic Software Enterprises, Ltd.
|
|
|
39,358
|
|
|
|
382,946
|
|
Nice, Ltd. (a)
|
|
|
44,572
|
|
|
|
6,913,030
|
|
Tufin Software Technologies, Ltd. (a)
|
|
|
22,065
|
|
|
|
388,123
|
|
Total Software
|
|
|
|
|
|
|
19,374,258
|
|
Technology Hardware, Storage & Peripherals - 1.3%
|
|
|
|
|
|
|
|
|
Stratasys, Ltd. (a)(b)
|
|
|
56,129
|
|
|
|
1,135,209
|
|
Total Israel
|
|
|
|
|
|
|
51,920,823
|
|
|
|
|
|
|
|
|
|
|
Jersey - 7.4%
|
|
|
|
|
|
|
|
|
Health Care Equipment & Supplies - 7.2%
|
|
|
|
|
|
|
|
|
Novocure, Ltd. (a)
|
|
|
76,355
|
|
|
|
6,434,436
|
|
Interactive Media & Services - 0.2%
|
|
|
|
|
|
|
|
|
XLMedia PLC
|
|
|
361,960
|
|
|
|
210,960
|
|
Total Jersey
|
|
|
|
|
|
|
6,645,396
|
|
|
|
|
|
|
|
|
|
|
United Kingdom - 3.9%
|
|
|
|
|
|
|
|
|
Communications Equipment - 0.3%
|
|
|
|
|
|
|
|
|
BATM Advanced Communications (a)
|
|
|
617,552
|
|
|
|
304,301
|
|
Diversified Financial Services - 1.4%
|
|
|
|
|
|
|
|
|
Plus500, Ltd.
|
|
|
106,683
|
|
|
|
1,252,035
|
|
Hotels, Restaurants & Leisure - 1.0%
|
|
|
|
|
|
|
|
|
888 Holdings PLC
|
|
|
394,167
|
|
|
|
861,493
|
|
Media - 0.4%
|
|
|
|
|
|
|
|
|
Tremore International, Ltd. (a)
|
|
|
161,195
|
|
|
|
341,633
|
|
Software - 0.8% (d)
|
|
|
|
|
|
|
|
|
Sapiens International Corp. NV
|
|
|
30,471
|
|
|
|
688,251
|
|
Total United Kingdom
|
|
|
|
|
|
|
3,447,713
|
|
|
|
|
|
|
|
|
|
|
United States - 22.1%
|
|
|
|
|
|
|
|
|
Biotechnology - 0.9%
|
|
|
|
|
|
|
|
|
BrainStorm Cell Therapeutics, Inc. (a)(b)
|
|
|
60,313
|
|
|
|
258,140
|
|
Oncocyte Corp. (a)
|
|
|
134,213
|
|
|
|
301,979
|
|
Pluristem Therapeutics, Inc. (a)
|
|
|
59,090
|
|
|
|
235,278
|
|
Total Biotechnology
|
|
|
|
|
|
|
795,397
|
|
Communications Equipment - 0.4%
|
|
|
|
|
|
|
|
|
Gilat Satellite Networks, Ltd.
|
|
|
45,159
|
|
|
|
357,264
|
|
Electric Utilities - 3.8%
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc.
|
|
|
44,527
|
|
|
|
3,357,609
|
|
Electronic Equipment, Instruments & Components - 0.4%
|
|
|
|
|
|
|
|
|
Powerfleet, Inc. (a)
|
|
|
54,897
|
|
|
|
357,379
|
|
Semiconductors & Semiconductor Equipment - 6.4%
|
|
|
|
|
|
|
|
|
CEVA, Inc. (a)
|
|
|
26,317
|
|
|
|
709,506
|
|
DSP Group, Inc. (a)
|
|
|
31,855
|
|
|
|
501,398
|
|
SolarEdge Technologies, Inc. (a)
|
|
|
46,671
|
|
|
|
4,437,945
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
5,648,849
|
|
Software - 10.2% (d)
|
|
|
|
|
|
|
|
|
ForeScout Technologies, Inc. (a)
|
|
|
38,757
|
|
|
|
1,271,230
|
|
LivePerson, Inc. (a)
|
|
|
60,369
|
|
|
|
2,223,652
|
|
Varonis Systems, Inc. (a)
|
|
|
29,083
|
|
|
|
2,260,040
|
|
Verint Systems, Inc. (a)
|
|
|
59,493
|
|
|
|
3,293,532
|
|
Total Software
|
|
|
|
|
|
|
9,048,454
|
|
Total United States
|
|
|
|
|
|
|
19,564,952
|
|
TOTAL COMMON STOCKS (Cost $70,054,109)
|
|
|
|
|
|
|
88,329,442
|
|
SHORT-TERM INVESTMENTS - 0.4%
|
|
|
|
|
|
|
|
|
Money Market Funds - 0.4%
|
|
|
|
|
|
|
|
|
Invesco Advisers, Inc. STIT-Treasury Portfolio - Institutional Class 1.49% (c)
|
|
|
321,442
|
|
|
|
321,442
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $321,442)
|
|
|
|
|
|
|
321,442
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 11.6%
|
|
|
|
|
|
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC, 1.80% (c)
|
|
|
10,281,900
|
|
|
|
10,281,900
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $10,281,900)
|
|
|
|
|
|
|
10,281,900
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost $80,657,451) - 111.8%
|
|
|
|
|
|
|
98,932,784
|
|
Liabilities in Excess of Other Assets - (11.8)%
|
|
|
|
|
|
|
(10,434,643
|
)
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
88,498,141
|
|
Percentages are stated as a percent of net assets.
|
|
|
|
|
|
ADR
|
American Depositary Receipt
|
|
|
|
|
|
|
(a)
|
Non-income producing security.
|
|
|
|
|
|
|
(b)
|
All or a portion of this security was out on loan as of December 31, 2019.
|
|
|
|
|
|
|
(c)
|
The rate quoted is the annualized seven-day yield at December 31, 2019.
|
|
|
|
|
|
|
(d)
|
As of December 31, 2019, the Fund had a significant portion of its assets invested in the Software Industry.
|
|
|
Etho Climate Leadership U.S. ETF
|
|
|
|
|
|
|
Schedule of Investments
|
|
|
|
|
|
|
December 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - 99.3%
|
|
|
|
|
|
|
Bermuda - 1.5%
|
|
|
|
|
|
|
Capital Markets - 0.7%
|
|
|
|
|
|
|
Invesco, Ltd.
|
|
|
13,249
|
|
|
$
|
238,217
|
|
Lazard, Ltd. - Class A
|
|
|
7,010
|
|
|
|
280,120
|
|
Total Capital Markets
|
|
|
|
|
|
|
518,337
|
|
Chemicals - 0.4%
|
|
|
|
|
|
|
|
|
Axalta Coating Systems, Ltd. (a)
|
|
|
9,810
|
|
|
|
298,224
|
|
Insurance - 0.4%
|
|
|
|
|
|
|
|
|
White Mountains Insurance Group, Ltd.
|
|
|
269
|
|
|
|
300,072
|
|
Total Bermuda
|
|
|
|
|
|
|
1,116,633
|
|
|
|
|
|
|
|
|
|
|
Ireland - 0.8%
|
|
|
|
|
|
|
|
|
Machinery - 0.4%
|
|
|
|
|
|
|
|
|
Ingersoll-Rand PLC
|
|
|
2,300
|
|
|
|
305,716
|
|
Technology Hardware, Storage & Peripherals - 0.4%
|
|
|
|
|
|
|
|
|
Seagate Technology PLC
|
|
|
5,269
|
|
|
|
313,506
|
|
Total Ireland
|
|
|
|
|
|
|
619,222
|
|
|
|
|
|
|
|
|
|
|
Switzerland - 0.8%
|
|
|
|
|
|
|
|
|
Electronic Equipment, Instruments & Components - 0.4%
|
|
|
|
|
|
|
|
|
TE Connectivity, Ltd.
|
|
|
3,084
|
|
|
|
295,571
|
|
Insurance - 0.4%
|
|
|
|
|
|
|
|
|
Chubb, Ltd.
|
|
|
1,771
|
|
|
|
275,674
|
|
Total Switzerland
|
|
|
|
|
|
|
571,245
|
|
|
|
|
|
|
|
|
|
|
United States - 96.2%
|
|
|
|
|
|
|
|
|
Airlines - 0.7%
|
|
|
|
|
|
|
|
|
Southwest Airlines Co.
|
|
|
4,783
|
|
|
|
258,186
|
|
United Airlines Holdings, Inc. (a)
|
|
|
3,096
|
|
|
|
272,727
|
|
Total Airlines
|
|
|
|
|
|
|
530,913
|
|
Auto Components - 0.5%
|
|
|
|
|
|
|
|
|
Gentex Corp. (b)
|
|
|
12,399
|
|
|
|
359,323
|
|
Automobiles - 0.5%
|
|
|
|
|
|
|
|
|
Tesla, Inc. (a)(b)
|
|
|
882
|
|
|
|
368,967
|
|
Banks - 2.4%
|
|
|
|
|
|
|
|
|
Bank of Hawaii Corp.
|
|
|
3,172
|
|
|
|
301,848
|
|
Commerce Bancshares, Inc. (b)
|
|
|
4,498
|
|
|
|
305,608
|
|
First Republic Bank
|
|
|
2,467
|
|
|
|
289,749
|
|
KeyCorp
|
|
|
15,950
|
|
|
|
322,827
|
|
Popular, Inc.
|
|
|
4,785
|
|
|
|
281,119
|
|
SVB Financial Group (a)
|
|
|
1,106
|
|
|
|
277,650
|
|
Total Banks
|
|
|
|
|
|
|
1,778,801
|
|
Biotechnology - 1.4%
|
|
|
|
|
|
|
|
|
Agios Pharmaceuticals, Inc. (a)
|
|
|
3,660
|
|
|
|
174,765
|
|
Alnylam Pharmaceuticals, Inc. (a)(b)
|
|
|
2,642
|
|
|
|
304,279
|
|
Ionis Pharmaceuticals, Inc. (a)
|
|
|
3,047
|
|
|
|
184,069
|
|
Seattle Genetics, Inc. (a)(b)
|
|
|
3,373
|
|
|
|
385,399
|
|
Total Biotechnology
|
|
|
|
|
|
|
1,048,512
|
|
Building Products - 2.7%
|
|
|
|
|
|
|
|
|
A.O. Smith Corp. (b)
|
|
|
4,667
|
|
|
|
222,336
|
|
Apogee Enterprises, Inc.
|
|
|
6,879
|
|
|
|
223,568
|
|
Armstrong World Industries, Inc.
|
|
|
3,120
|
|
|
|
293,186
|
|
Lennox International, Inc. (b)
|
|
|
932
|
|
|
|
227,380
|
|
Masco Corp.
|
|
|
6,524
|
|
|
|
313,087
|
|
Simpson Manufacturing Co., Inc.
|
|
|
4,311
|
|
|
|
345,872
|
|
Trex Co., Inc. (a)(b)
|
|
|
4,025
|
|
|
|
361,766
|
|
Total Building Products
|
|
|
|
|
|
|
1,987,195
|
|
Capital Markets - 5.4%
|
|
|
|
|
|
|
|
|
Affiliated Managers Group, Inc.
|
|
|
2,319
|
|
|
|
196,512
|
|
Ameriprise Financial, Inc.
|
|
|
1,945
|
|
|
|
323,998
|
|
Cboe Global Markets, Inc.
|
|
|
2,601
|
|
|
|
312,120
|
|
CME Group, Inc.
|
|
|
1,509
|
|
|
|
302,886
|
|
E*TRADE Financial Corp.
|
|
|
5,355
|
|
|
|
242,956
|
|
Eaton Vance Corp. (b)
|
|
|
6,203
|
|
|
|
289,618
|
|
FactSet Research Systems, Inc.
|
|
|
995
|
|
|
|
266,959
|
|
Federated Investors, Inc. - Class B
|
|
|
8,527
|
|
|
|
277,895
|
|
Intercontinental Exchange, Inc.
|
|
|
3,261
|
|
|
|
301,806
|
|
Morningstar, Inc.
|
|
|
2,018
|
|
|
|
305,344
|
|
Nasdaq, Inc.
|
|
|
2,845
|
|
|
|
304,700
|
|
S&P Global, Inc.
|
|
|
1,208
|
|
|
|
329,843
|
|
SEI Investments Co.
|
|
|
4,747
|
|
|
|
310,834
|
|
T. Rowe Price Group, Inc.
|
|
|
2,492
|
|
|
|
303,625
|
|
Total Capital Markets
|
|
|
|
|
|
|
4,069,096
|
|
Chemicals - 2.0%
|
|
|
|
|
|
|
|
|
Albemarle Corp. (b)
|
|
|
3,034
|
|
|
|
221,603
|
|
Ecolab, Inc.
|
|
|
1,404
|
|
|
|
270,958
|
|
Ingevity Corp. (a)
|
|
|
2,334
|
|
|
|
203,945
|
|
International Flavors & Fragrances, Inc. (b)
|
|
|
1,933
|
|
|
|
249,396
|
|
Intrepid Potash, Inc. (a)
|
|
|
65,259
|
|
|
|
176,852
|
|
RPM International, Inc. (b)
|
|
|
4,431
|
|
|
|
340,123
|
|
Total Chemicals
|
|
|
|
|
|
|
1,462,877
|
|
Commercial Services & Supplies - 2.1%
|
|
|
|
|
|
|
|
|
Brink's Co.
|
|
|
3,290
|
|
|
|
298,337
|
|
Copart, Inc. (a)
|
|
|
4,079
|
|
|
|
370,944
|
|
Herman Miller, Inc.
|
|
|
7,082
|
|
|
|
294,965
|
|
SP Plus Corp. (a)
|
|
|
7,248
|
|
|
|
307,533
|
|
Stericycle, Inc. (a)(b)
|
|
|
4,539
|
|
|
|
289,634
|
|
Total Commercial Services & Supplies
|
|
|
|
|
|
|
1,561,413
|
|
Communications Equipment - 1.4%
|
|
|
|
|
|
|
|
|
Ciena Corp. (a)
|
|
|
6,622
|
|
|
|
282,693
|
|
Cisco Systems, Inc.
|
|
|
4,800
|
|
|
|
230,208
|
|
F5 Networks, Inc. (a)
|
|
|
1,576
|
|
|
|
220,088
|
|
Motorola Solutions, Inc.
|
|
|
1,766
|
|
|
|
284,574
|
|
Total Communications Equipment
|
|
|
|
|
|
|
1,017,563
|
|
Construction & Engineering - 0.9%
|
|
|
|
|
|
|
|
|
EMCOR Group, Inc.
|
|
|
3,484
|
|
|
|
300,669
|
|
Northwest Pipe Co. (a)
|
|
|
10,344
|
|
|
|
344,559
|
|
Total Construction & Engineering
|
|
|
|
|
|
|
645,228
|
|
Consumer Finance - 0.8%
|
|
|
|
|
|
|
|
|
American Express Co.
|
|
|
2,346
|
|
|
|
292,054
|
|
Capital One Financial Corp.
|
|
|
3,046
|
|
|
|
313,463
|
|
Total Consumer Finance
|
|
|
|
|
|
|
605,517
|
|
Containers & Packaging - 1.4%
|
|
|
|
|
|
|
|
|
AptarGroup, Inc.
|
|
|
2,331
|
|
|
|
269,510
|
|
Avery Dennison Corp.
|
|
|
2,196
|
|
|
|
287,281
|
|
Ball Corp.
|
|
|
4,285
|
|
|
|
277,111
|
|
Sonoco Products Co.
|
|
|
4,050
|
|
|
|
249,966
|
|
Total Containers & Packaging
|
|
|
|
|
|
|
1,083,868
|
|
Distributors - 0.7%
|
|
|
|
|
|
|
|
|
Genuine Parts Co.
|
|
|
2,226
|
|
|
|
236,468
|
|
LKQ Corp. (a)
|
|
|
8,717
|
|
|
|
311,197
|
|
Total Distributors
|
|
|
|
|
|
|
547,665
|
|
Diversified Consumer Services - 0.3%
|
|
|
|
|
|
|
|
|
H&R Block, Inc.
|
|
|
10,475
|
|
|
|
245,953
|
|
Diversified Financial Services - 0.4%
|
|
|
|
|
|
|
|
|
MSCI, Inc.
|
|
|
1,243
|
|
|
|
320,918
|
|
Diversified Telecommunication Services - 0.4%
|
|
|
|
|
|
|
|
|
Zayo Group Holdings, Inc. (a)
|
|
|
8,698
|
|
|
|
301,386
|
|
Electrical Equipment - 0.7%
|
|
|
|
|
|
|
|
|
First Solar, Inc. (a)(b)
|
|
|
4,675
|
|
|
|
261,613
|
|
Rockwell Automation, Inc.
|
|
|
1,417
|
|
|
|
287,183
|
|
Total Electrical Equipment
|
|
|
|
|
|
|
548,796
|
|
Electronic Equipment, Instruments & Components - 4.3%
|
|
|
|
|
|
|
|
|
Badger Meter, Inc.
|
|
|
4,461
|
|
|
|
289,653
|
|
CDW Corp.
|
|
|
2,571
|
|
|
|
367,242
|
|
Dolby Laboratories, Inc. - Class A
|
|
|
3,939
|
|
|
|
271,003
|
|
IPG Photonics Corp. (a)
|
|
|
1,627
|
|
|
|
235,785
|
|
Itron, Inc. (a)
|
|
|
5,416
|
|
|
|
454,672
|
|
Keysight Technologies, Inc. (a)(b)
|
|
|
2,836
|
|
|
|
291,059
|
|
Littelfuse, Inc.
|
|
|
1,354
|
|
|
|
259,020
|
|
National Instruments Corp.
|
|
|
5,619
|
|
|
|
237,908
|
|
OSI Systems, Inc. (a)
|
|
|
2,818
|
|
|
|
283,885
|
|
Trimble, Inc. (a)
|
|
|
6,114
|
|
|
|
254,893
|
|
Zebra Technologies Corp. - Class A (a)(b)
|
|
|
1,175
|
|
|
|
300,142
|
|
Total Electronic Equipment, Instruments & Components
|
|
|
|
|
|
|
3,245,262
|
|
Entertainment - 1.5%
|
|
|
|
|
|
|
|
|
Activision Blizzard, Inc. (b)
|
|
|
5,431
|
|
|
|
322,709
|
|
Electronic Arts, Inc. (a)
|
|
|
2,430
|
|
|
|
261,249
|
|
Netflix, Inc. (a)(b)
|
|
|
687
|
|
|
|
222,293
|
|
Walt Disney Co.
|
|
|
2,230
|
|
|
|
322,525
|
|
Total Entertainment
|
|
|
|
|
|
|
1,128,776
|
|
Food & Staples Retailing - 1.2%
|
|
|
|
|
|
|
|
|
Northern Trust Corp.
|
|
|
2,756
|
|
|
|
292,797
|
|
PriceSmart, Inc.
|
|
|
4,214
|
|
|
|
299,278
|
|
Sysco Corp.
|
|
|
3,836
|
|
|
|
328,132
|
|
Total Food & Staples Retailing
|
|
|
|
|
|
|
920,207
|
|
Food Products - 0.4%
|
|
|
|
|
|
|
|
|
Hain Celestial Group, Inc. (a)(b)
|
|
|
10,693
|
|
|
|
277,537
|
|
Health Care Equipment & Supplies - 4.5%
|
|
|
|
|
|
|
|
|
Align Technology, Inc. (a)
|
|
|
863
|
|
|
|
240,812
|
|
Becton Dickinson & Co. (b)
|
|
|
991
|
|
|
|
269,522
|
|
Boston Scientific Corp. (a)
|
|
|
6,444
|
|
|
|
291,398
|
|
Cooper Cos.
|
|
|
828
|
|
|
|
266,028
|
|
DexCom, Inc. (a)
|
|
|
2,126
|
|
|
|
465,042
|
|
Edwards Lifesciences Corp. (a)
|
|
|
1,330
|
|
|
|
310,276
|
|
GenMark Diagnostics, Inc. (a)
|
|
|
34,881
|
|
|
|
167,778
|
|
IDEXX Laboratories, Inc. (a)(b)
|
|
|
1,102
|
|
|
|
287,765
|
|
Intuitive Surgical, Inc. (a)
|
|
|
442
|
|
|
|
261,288
|
|
ResMed, Inc. (b)
|
|
|
2,387
|
|
|
|
369,914
|
|
Stryker Corp.
|
|
|
1,249
|
|
|
|
262,215
|
|
Varian Medical Systems, Inc. (a)
|
|
|
1,738
|
|
|
|
246,813
|
|
Total Health Care Equipment & Supplies
|
|
|
|
|
|
|
3,438,851
|
|
Health Care Providers & Services - 3.5%
|
|
|
|
|
|
|
|
|
AMN Healthcare Services, Inc. (a)
|
|
|
5,252
|
|
|
|
327,252
|
|
Anthem, Inc.
|
|
|
860
|
|
|
|
259,746
|
|
Centene Corp. (a)(b)
|
|
|
4,658
|
|
|
|
292,848
|
|
Henry Schein, Inc. (a)
|
|
|
4,111
|
|
|
|
274,286
|
|
Humana, Inc. (b)
|
|
|
928
|
|
|
|
340,130
|
|
Laboratory Corp. of America Holdings (a)
|
|
|
1,615
|
|
|
|
273,210
|
|
MEDNAX, Inc. (a)
|
|
|
9,119
|
|
|
|
253,417
|
|
Quest Diagnostics, Inc.
|
|
|
2,850
|
|
|
|
304,352
|
|
UnitedHealth Group, Inc.
|
|
|
1,001
|
|
|
|
294,274
|
|
Total Health Care Providers & Services
|
|
|
|
|
|
|
2,619,515
|
|
Health Care Technology - 0.8%
|
|
|
|
|
|
|
|
|
Allscripts Healthcare Solutions, Inc. (a)(b)
|
|
|
25,922
|
|
|
|
254,424
|
|
Cerner Corp.
|
|
|
4,341
|
|
|
|
318,586
|
|
Total Health Care Technology
|
|
|
|
|
|
|
573,010
|
|
Hotels, Restaurants & Leisure - 0.4%
|
|
|
|
|
|
|
|
|
Chipotle Mexican Grill, Inc. (a)(b)
|
|
|
356
|
|
|
|
298,011
|
|
Household Durables - 2.3%
|
|
|
|
|
|
|
|
|
Leggett & Platt, Inc. (b)
|
|
|
5,940
|
|
|
|
301,930
|
|
PulteGroup, Inc.
|
|
|
8,890
|
|
|
|
344,932
|
|
Stanley Black & Decker, Inc.
|
|
|
1,828
|
|
|
|
302,973
|
|
Tempur Sealy International, Inc. (a)
|
|
|
4,285
|
|
|
|
373,052
|
|
TopBuild Corp. (a)
|
|
|
3,902
|
|
|
|
402,218
|
|
Total Household Durables
|
|
|
|
|
|
|
1,725,105
|
|
Household Products - 0.3%
|
|
|
|
|
|
|
|
|
Church & Dwight Co., Inc.
|
|
|
3,483
|
|
|
|
244,994
|
|
Independent Power and Renewable Electricity Producers - 0.9%
|
|
|
|
|
|
|
|
|
Ormat Technologies, Inc.
|
|
|
4,493
|
|
|
|
334,818
|
|
Pattern Energy Group, Inc. - Class A (b)
|
|
|
11,515
|
|
|
|
308,084
|
|
Total Independent Power and Renewable Electricity Producers
|
|
|
|
|
|
|
642,902
|
|
Industrial Conglomerates - 0.7%
|
|
|
|
|
|
|
|
|
Nordstrom, Inc. (b)
|
|
|
5,661
|
|
|
|
231,705
|
|
Teleflex, Inc. (b)
|
|
|
816
|
|
|
|
307,175
|
|
Total Industrial Conglomerates
|
|
|
|
|
|
|
538,880
|
|
Insurance - 1.9%
|
|
|
|
|
|
|
|
|
Aflac, Inc. (b)
|
|
|
4,981
|
|
|
|
263,495
|
|
Cincinnati Financial Corp.
|
|
|
2,894
|
|
|
|
304,304
|
|
Globe Life, Inc.
|
|
|
3,116
|
|
|
|
327,960
|
|
Marsh & McLennan Cos., Inc.
|
|
|
2,742
|
|
|
|
305,486
|
|
Travelers Cos., Inc.
|
|
|
1,811
|
|
|
|
248,016
|
|
Total Insurance
|
|
|
|
|
|
|
1,449,261
|
|
Interactive Media & Services - 0.2%
|
|
|
|
|
|
|
|
|
TripAdvisor, Inc.
|
|
|
4,805
|
|
|
|
145,976
|
|
Internet & Direct Marketing Retail - 1.0%
|
|
|
|
|
|
|
|
|
Amazon.com, Inc. (a)
|
|
|
142
|
|
|
|
262,393
|
|
Booking Holdings, Inc. (a)(b)
|
|
|
144
|
|
|
|
295,738
|
|
Expedia Group, Inc. (b)
|
|
|
2,081
|
|
|
|
225,039
|
|
Total Internet & Direct Marketing Retail
|
|
|
|
|
|
|
783,170
|
|
IT Services - 3.9%
|
|
|
|
|
|
|
|
|
Broadridge Financial Solutions, Inc. (b)
|
|
|
2,395
|
|
|
|
295,878
|
|
Cognizant Technology Solutions Corp. - Class A
|
|
|
3,430
|
|
|
|
212,729
|
|
Fidelity National Information Services, Inc.
|
|
|
2,190
|
|
|
|
304,607
|
|
Fiserv, Inc. (a)(b)
|
|
|
2,803
|
|
|
|
324,111
|
|
FleetCor Technologies, Inc. (a)
|
|
|
998
|
|
|
|
287,145
|
|
Global Payments, Inc.
|
|
|
1,806
|
|
|
|
329,702
|
|
MasterCard, Inc. - Class A
|
|
|
1,051
|
|
|
|
313,818
|
|
Paychex, Inc.
|
|
|
3,116
|
|
|
|
265,047
|
|
PayPal Holdings, Inc. (a)
|
|
|
2,382
|
|
|
|
257,661
|
|
Visa, Inc. - Class A (b)
|
|
|
1,585
|
|
|
|
297,822
|
|
Total IT Services
|
|
|
|
|
|
|
2,888,520
|
|
Leisure Products - 0.4%
|
|
|
|
|
|
|
|
|
Hasbro, Inc. (b)
|
|
|
3,001
|
|
|
|
316,936
|
|
Life Sciences Tools & Services - 2.8%
|
|
|
|
|
|
|
|
|
Agilent Technologies, Inc.
|
|
|
3,084
|
|
|
|
263,096
|
|
Bio-Techne Corp.
|
|
|
1,243
|
|
|
|
272,851
|
|
Illumina, Inc. (a)(b)
|
|
|
790
|
|
|
|
262,075
|
|
IQVIA Holdings, Inc. (a)
|
|
|
1,719
|
|
|
|
265,603
|
|
Mettler-Toledo International, Inc. (a)(b)
|
|
|
336
|
|
|
|
266,542
|
|
PerkinElmer, Inc. (b)
|
|
|
2,565
|
|
|
|
249,062
|
|
Thermo Fisher Scientific, Inc.
|
|
|
898
|
|
|
|
291,732
|
|
Waters Corp. (a)(b)
|
|
|
982
|
|
|
|
229,444
|
|
Total Life Sciences Tools & Services
|
|
|
|
|
|
|
2,100,405
|
|
Machinery - 5.6%
|
|
|
|
|
|
|
|
|
Deere & Co. (b)
|
|
|
1,554
|
|
|
|
269,246
|
|
Donaldson Co., Inc.
|
|
|
4,960
|
|
|
|
285,795
|
|
Dover Corp.
|
|
|
2,650
|
|
|
|
305,439
|
|
Fortive Corp.
|
|
|
2,950
|
|
|
|
225,351
|
|
Graco, Inc.
|
|
|
5,015
|
|
|
|
260,780
|
|
ITT, Inc.
|
|
|
4,280
|
|
|
|
316,335
|
|
Lincoln Electric Holdings, Inc. (b)
|
|
|
2,965
|
|
|
|
286,804
|
|
Lindsay Corporation
|
|
|
2,660
|
|
|
|
255,333
|
|
Mueller Water Products, Inc. - Class A
|
|
|
24,820
|
|
|
|
297,344
|
|
Parker-Hannifin Corp.
|
|
|
1,448
|
|
|
|
298,027
|
|
Snap-on, Inc. (b)
|
|
|
1,590
|
|
|
|
269,346
|
|
Toro Co.
|
|
|
3,608
|
|
|
|
287,449
|
|
WABCO Holdings, Inc. (a)
|
|
|
1,872
|
|
|
|
253,656
|
|
Watts Water Technologies, Inc. - Class A
|
|
|
3,162
|
|
|
|
315,441
|
|
Xylem, Inc.
|
|
|
3,137
|
|
|
|
247,164
|
|
Total Machinery
|
|
|
|
|
|
|
4,173,510
|
|
Media - 1.7%
|
|
|
|
|
|
|
|
|
Charter Communications, Inc. - Class A (a)
|
|
|
726
|
|
|
|
352,168
|
|
Discovery Communications, Inc. (a)
|
|
|
9,732
|
|
|
|
296,729
|
|
Liberty Broadband Corp. (a)
|
|
|
2,696
|
|
|
|
339,022
|
|
Omnicom Group, Inc. (b)
|
|
|
3,421
|
|
|
|
277,169
|
|
Total Media
|
|
|
|
|
|
|
1,265,088
|
|
Metals & Mining - 0.4%
|
|
|
|
|
|
|
|
|
Reliance Steel & Aluminum Co.
|
|
|
2,754
|
|
|
|
329,819
|
|
Personal Products - 0.4%
|
|
|
|
|
|
|
|
|
Estee Lauder Cos., Inc. - Class A
|
|
|
1,493
|
|
|
|
308,364
|
|
Pharmaceuticals - 1.6%
|
|
|
|
|
|
|
|
|
Bristol-Myers Squibb Co. (b)
|
|
|
5,404
|
|
|
|
346,883
|
|
Merck & Co, Inc.
|
|
|
2,996
|
|
|
|
272,486
|
|
Pfizer, Inc.
|
|
|
5,894
|
|
|
|
230,927
|
|
Zoetis, Inc.
|
|
|
2,460
|
|
|
|
325,581
|
|
Total Pharmaceuticals
|
|
|
|
|
|
|
1,175,877
|
|
Professional Services - 0.8%
|
|
|
|
|
|
|
|
|
CoStar Group, Inc. (a)
|
|
|
541
|
|
|
|
323,681
|
|
Verisk Analytics, Inc.
|
|
|
1,863
|
|
|
|
278,220
|
|
Total Professional Services
|
|
|
|
|
|
|
601,901
|
|
Real Estate Investment Trusts (REITs) - 6.0%
|
|
|
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc.
|
|
|
1,751
|
|
|
|
282,927
|
|
AvalonBay Communities, Inc.
|
|
|
1,241
|
|
|
|
260,238
|
|
Crown Castle International Corp. (b)
|
|
|
1,948
|
|
|
|
276,908
|
|
Duke Realty Corp.
|
|
|
8,166
|
|
|
|
283,114
|
|
Equity Commonwealth
|
|
|
7,814
|
|
|
|
256,534
|
|
Equity Residential
|
|
|
3,310
|
|
|
|
267,845
|
|
Essex Property Trust, Inc.
|
|
|
858
|
|
|
|
258,138
|
|
Extra Space Storage, Inc.
|
|
|
2,453
|
|
|
|
259,086
|
|
Federal Realty Investment Trust
|
|
|
1,805
|
|
|
|
232,358
|
|
Gladstone Land Corp.
|
|
|
19,801
|
|
|
|
256,819
|
|
Prologis, Inc.
|
|
|
3,470
|
|
|
|
309,315
|
|
Realty Income Corp. (b)
|
|
|
3,406
|
|
|
|
250,784
|
|
Regency Centers Corp.
|
|
|
3,585
|
|
|
|
226,178
|
|
SBA Communications Corp.
|
|
|
1,237
|
|
|
|
298,104
|
|
Simon Property Group, Inc.
|
|
|
1,378
|
|
|
|
205,267
|
|
UDR, Inc.
|
|
|
5,661
|
|
|
|
264,369
|
|
Welltower, Inc. (b)
|
|
|
3,232
|
|
|
|
264,313
|
|
Total Real Estate Investment Trusts (REITs)
|
|
|
|
|
|
|
4,452,297
|
|
Real Estate Management & Development - 0.8%
|
|
|
|
|
|
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
1,600
|
|
|
|
278,544
|
|
St. Joe Co. (a)(b)
|
|
|
14,996
|
|
|
|
297,371
|
|
Total Real Estate Management & Development
|
|
|
|
|
|
|
575,915
|
|
Road & Rail - 0.5%
|
|
|
|
|
|
|
|
|
Amerco
|
|
|
670
|
|
|
|
251,800
|
|
Lyft, Inc. - Class A (a)
|
|
|
3,157
|
|
|
|
135,814
|
|
Total Road & Rail
|
|
|
|
|
|
|
387,614
|
|
Semiconductors & Semiconductor Equipment - 9.1%
|
|
|
|
|
|
|
|
|
Advanced Micro Devices, Inc. (a)
|
|
|
9,695
|
|
|
|
444,613
|
|
Analog Devices, Inc.
|
|
|
2,362
|
|
|
|
280,700
|
|
Applied Materials, Inc.
|
|
|
6,276
|
|
|
|
383,087
|
|
Cree, Inc. (a)(b)
|
|
|
4,319
|
|
|
|
199,322
|
|
Cypress Semiconductor Corp.
|
|
|
17,082
|
|
|
|
398,523
|
|
Intel Corp. (b)
|
|
|
4,641
|
|
|
|
277,764
|
|
KLA Corp. (b)
|
|
|
2,087
|
|
|
|
371,841
|
|
Lam Research Corp.
|
|
|
1,423
|
|
|
|
416,085
|
|
Maxim Integrated Products, Inc.
|
|
|
4,706
|
|
|
|
289,466
|
|
Microchip Technology, Inc.
|
|
|
3,087
|
|
|
|
323,271
|
|
Micron Technology, Inc. (a)
|
|
|
5,985
|
|
|
|
321,873
|
|
NVIDIA Corp.
|
|
|
1,376
|
|
|
|
323,773
|
|
ON Semiconductor Corp. (a)
|
|
|
12,020
|
|
|
|
293,048
|
|
Power Integrations, Inc.
|
|
|
3,545
|
|
|
|
350,636
|
|
Qorvo, Inc. (a)
|
|
|
3,444
|
|
|
|
400,296
|
|
Skyworks Solutions, Inc.
|
|
|
3,019
|
|
|
|
364,937
|
|
SunPower Corp. (a)(b)
|
|
|
38,924
|
|
|
|
303,607
|
|
Teradyne, Inc.
|
|
|
6,377
|
|
|
|
434,848
|
|
Texas Instruments, Inc.
|
|
|
2,351
|
|
|
|
301,610
|
|
Universal Display Corp.
|
|
|
1,617
|
|
|
|
333,215
|
|
Total Semiconductors & Semiconductor Equipment
|
|
|
|
|
|
|
6,812,515
|
|
Software - 3.7%
|
|
|
|
|
|
|
|
|
Adobe Systems, Inc. (a)
|
|
|
924
|
|
|
|
304,744
|
|
Ansys, Inc. (a)
|
|
|
1,349
|
|
|
|
347,246
|
|
Autodesk, Inc. (a)
|
|
|
1,585
|
|
|
|
290,784
|
|
Cadence Design System, Inc. (a)
|
|
|
3,892
|
|
|
|
269,949
|
|
Intuit, Inc.
|
|
|
948
|
|
|
|
248,310
|
|
Palo Alto Networks, Inc. (a)
|
|
|
1,018
|
|
|
|
235,413
|
|
salesforce.com, Inc. (a)
|
|
|
1,557
|
|
|
|
253,230
|
|
ServiceNow, Inc. (a)
|
|
|
999
|
|
|
|
282,038
|
|
Splunk, Inc. (a)
|
|
|
1,979
|
|
|
|
296,395
|
|
Workday, Inc. - Class A (a)
|
|
|
1,277
|
|
|
|
210,003
|
|
Total Software
|
|
|
|
|
|
|
2,738,112
|
|
Specialty Retail - 4.0%
|
|
|
|
|
|
|
|
|
Advance Auto Parts, Inc.
|
|
|
1,448
|
|
|
|
231,912
|
|
American Eagle Outfitters, Inc. (b)
|
|
|
11,870
|
|
|
|
174,489
|
|
Foot Locker, Inc. (b)
|
|
|
4,325
|
|
|
|
168,632
|
|
The Gap, Inc. (b)
|
|
|
10,161
|
|
|
|
179,646
|
|
Guess?, Inc.
|
|
|
12,744
|
|
|
|
285,211
|
|
Lowe's Cos., Inc.
|
|
|
2,275
|
|
|
|
272,454
|
|
Ross Stores, Inc.
|
|
|
2,665
|
|
|
|
310,259
|
|
The Home Depot, Inc.
|
|
|
1,300
|
|
|
|
283,894
|
|
TJX Cos., Inc.
|
|
|
4,672
|
|
|
|
285,272
|
|
Ulta Beauty, Inc. (a)(b)
|
|
|
707
|
|
|
|
178,970
|
|
Urban Outfitters, Inc. (a)(b)
|
|
|
8,344
|
|
|
|
231,713
|
|
Williams-Sonoma, Inc.
|
|
|
4,445
|
|
|
|
326,440
|
|
Total Specialty Retail
|
|
|
|
|
|
|
2,928,892
|
|
Technology Hardware, Storage & Peripherals - 1.2%
|
|
|
|
|
|
|
|
|
Apple, Inc.
|
|
|
1,306
|
|
|
|
383,506
|
|
Hewlett Packard Enterprise Co.
|
|
|
16,209
|
|
|
|
257,075
|
|
HP, Inc.
|
|
|
12,882
|
|
|
|
264,725
|
|
Total Technology Hardware, Storage & Peripherals
|
|
|
|
|
|
|
905,306
|
|
Textiles, Apparel & Luxury Goods - 1.7%
|
|
|
|
|
|
|
|
|
Hanesbrands, Inc.
|
|
|
14,043
|
|
|
|
208,539
|
|
Lululemon Athletica, Inc. (a)(b)
|
|
|
1,508
|
|
|
|
349,358
|
|
Nike, Inc. - Class B
|
|
|
2,947
|
|
|
|
298,561
|
|
Ralph Lauren Corp. (b)
|
|
|
1,926
|
|
|
|
225,766
|
|
Tapestry, Inc.
|
|
|
7,752
|
|
|
|
209,071
|
|
Total Textiles, Apparel & Luxury Goods
|
|
|
|
|
|
|
1,291,295
|
|
Thrifts & Mortgage Finance - 0.3%
|
|
|
|
|
|
|
|
|
Capitol Federal Financial, Inc.
|
|
|
18,923
|
|
|
|
259,813
|
|
Trading Companies & Distributors - 0.8%
|
|
|
|
|
|
|
|
|
MSC Industrial Direct Co., Inc. - Class A
|
|
|
3,014
|
|
|
|
236,509
|
|
United Rentals, Inc. (a)(b)
|
|
|
2,226
|
|
|
|
371,230
|
|
Total Trading Companies & Distributors
|
|
|
|
|
|
|
607,739
|
|
Water Utilities - 1.9%
|
|
|
|
|
|
|
|
|
American States Water Co.
|
|
|
3,482
|
|
|
|
301,680
|
|
American Water Works Co., Inc.
|
|
|
2,384
|
|
|
|
292,874
|
|
Aqua America, Inc.
|
|
|
6,840
|
|
|
|
321,071
|
|
California Water Service Group
|
|
|
4,572
|
|
|
|
235,732
|
|
Middlesex Water Co.
|
|
|
4,435
|
|
|
|
281,933
|
|
Total Water Utilities
|
|
|
|
|
|
|
1,433,290
|
|
Total United States
|
|
|
|
|
|
|
72,068,656
|
|
TOTAL COMMON STOCKS (Cost $64,207,848)
|
|
|
|
|
|
|
74,375,756
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT COMPANIES - 0.4%
|
|
|
|
|
|
|
|
|
Money Markets - 0.4%
|
|
|
|
|
|
|
|
|
Oaktree Specialty Lending Corp.
|
|
|
48,948
|
|
|
|
267,256
|
|
TOTAL INVESTMENT COMPANIES (Cost $259,324)
|
|
|
|
|
|
|
267,256
|
|
|
|
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 0.5%
|
|
|
|
|
|
|
|
|
Money Market Funds - 0.5%
|
|
|
|
|
|
|
|
|
Invesco Advisers, Inc. STIT-Treasury Portfolio - Institutional Class, 1.49% (c)
|
|
|
389,625
|
|
|
|
389,625
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $389,625)
|
|
|
|
|
|
|
389,625
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL - 20.6%
|
|
|
|
|
|
|
|
|
Mount Vernon Liquid Assets Portfolio, LLC, 1.80% (c)
|
|
|
15,404,352
|
|
|
|
15,404,352
|
|
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $15,404,352)
|
|
|
|
|
|
|
15,404,352
|
|
|
|
|
|
|
|
|
|
|
Total Investments (Cost $80,261,149) - 120.8%
|
|
|
|
|
|
|
90,436,989
|
|
Liabilities in Excess of Other Assets - (20.8)%
|
|
|
|
|
|
|
(15,568,059
|
)
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
|
$
|
74,868,930
|
|
Percentages are stated as a percent of net assets.
|
|
|
(a)
|
Non-income producing security.
|
|
|
|
(b)
|
All or a portion of this security was out on loan as of December 31, 2019.
|
|
|
|
(c)
|
The rate quoted is the annualized seven-day yield at December 31, 2019.
|
|
|
|
|
|
|
|
The following is a summary of significant accounting policies consistently followed AI Powered Equity ETF (“AIEQ”), BlueStar Israel Technology ETF (“ITEQ”) and Etho Climate Leadership U.S. ETF (“ETHO”), (each a “Fund,” or collectively
the “Funds”). These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
|
|
|
|
|
|
Security Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities
traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 pm
Eastern Time if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price. For securities traded on NASDAQ, the NASDAQ Official Closing
Price will be used.
Securities for which quotations are not readily available are valued at their respective fair values as determined in good faith by the Board of Trustees (the “Board”). When a security is “fair valued,”
consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Funds’ Board. The use of fair value pricing by a Fund may
cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations. As of December 31, 2019, ETHO and ITEQ did not hold any fair valued securities. As of
December 31, 2019, AIEQ held one security that was fair valued by the Board.
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The
three levels of inputs are:
|
|
|
|
|
|
|
Level 1
|
Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
|
|
|
Level 2
|
Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical
instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
|
|
|
Level 3
|
Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in
valuing the asset or liability and would be based on the best information available.
|
|
|
|
|
|
|
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet
established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the
determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value
measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AIEQ
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
110,926,496
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
110,926,496
|
|
Closed-End Funds
|
|
|
706,070
|
|
|
|
-
|
|
|
|
-
|
|
|
|
706,070
|
|
Rights
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
(1)
|
|
|
-
|
|
Short Term Investments
|
|
|
3,113,936
|
|
|
|
-
|
|
|
|
-
|
|
|
|
3,113,936
|
|
Investments Purchased with Securities Lending Collateral*
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
21,172,581
|
|
Total Investments in Securities
|
|
$
|
114,746,502
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
135,919,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITEQ
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
88,329,442
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
88,329,442
|
|
Short Term Investments
|
|
|
321,442
|
|
|
|
-
|
|
|
|
-
|
|
|
|
321,442
|
|
Investments Purchased with Securities Lending Collateral*
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
10,281,900
|
|
Total Investments in Securities
|
|
$
|
88,650,884
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
98,932,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ETHO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets^
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Common Stocks
|
|
$
|
74,375,756
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
74,375,756
|
|
Closed-End Funds
|
|
|
267,256
|
|
|
|
-
|
|
|
|
-
|
|
|
|
267,256
|
|
Short Term Investments
|
|
|
389,625
|
|
|
|
-
|
|
|
|
-
|
|
|
|
389,625
|
|
Investments Purchased with Securities Lending Collateral*
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
15,404,352
|
|
Total Investments in Securities
|
|
$
|
75,032,637
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
90,436,989
|
|
^
|
See Schedule of Investments for classifications by country and industry
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes a security valued at $0. AIEQ had a level 3 security at the end of the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The security classified as Level 3 is deemed immaterial.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Certain investments that are measured at fair value used the net asset value per share (or its equivalent) practical expediant have not been
|
|
|
|
|
|
|
categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value
|
|
|
|
|
|
|
hierarchy to the amounts presented in the Schedules of Investments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item 2. Controls and Procedures.
(a)
|
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
(the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
Item 3. Exhibits.
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
(Registrant) ETF Managers Trust
By (Signature and Title) /s/ Samuel Masucci, III
Samuel Masucci, III, Principal Executive Officer
Date February 25, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
By (Signature and Title)* /s/ Samuel Masucci, III
Samuel Masucci, III, Principal Executive Officer
Date February 25, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities
and on the dates indicated.
By (Signature and Title)* /s/ John A. Flanagan
John A. Flanagan, Principal Financial Officer
Date February 25, 2020
* Print the name and title of each signing officer under his or her signature.