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May 25, 2022 9:29 AM EDT

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    NPORT-P
    false
    
      
      
        
          0001755351
          XXXXXXXX
        
      
      
      
      
        S000069236
        C000221147
      
      
    
  
  
    
      Emles Trust
      811-23431
      0001755351
      549300JRCLKDU3X4FS78
      5323 Anita Street
      Dallas
      
      75206
      833-673-2661
      Emles Real Estate Credit ETF
      S000069236
      549300VYTS0FMS3COK46
      2022-06-30
      2022-03-31
      N
    
    
      4583443.88
      1882.86
      4581561.02
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      15457.01
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
        
        
        
        
      
      
      
      
      
    
    
      
        NATIONAL RETAIL PROPERTIES, INC.
        5493008JKH5SOTI0JS97
        NATIONAL RETAIL PROPERTIES INC
        637417AQ9
        
          
        
        30000.00000000
        PA
        USD
        26372.13000000
        0.575614509658
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-04-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORPORATION
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP
        03027XBC3
        
          
        
        49000.00000000
        PA
        USD
        42739.11000000
        0.932850393423
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-06-15
          Fixed
          2.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OFFICE PROPERTIES INCOME TRUST
        N/A
        OFFICE PROPERTIES INCOME TRUST
        81618TAC4
        
          
        
        43000.00000000
        PA
        USD
        42960.16000000
        0.937675168189
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOSTON PROPERTIES LIMITED PARTNERSHIP
        BVHHEFJI6SHNOKQT2572
        BOSTON PROPERTIES LP
        10112RBD5
        
          
        
        76000.00000000
        PA
        USD
        73511.76000000
        1.604513389194
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-01-30
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REGENCY CENTERS, L.P.
        5493008PTR2GAOYBXW28
        REGENCY CENTERS LP
        75884RAW3
        
          
        
        30000.00000000
        PA
        USD
        30793.60000000
        0.672120263499
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2047-02-01
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PROLOGIS, L.P.
        GL16H1DHB0QSHP25F723
        PROLOGIS LP
        74340XBM2
        
          
        
        63000.00000000
        PA
        USD
        58537.78000000
        1.277681989707
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-04-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REALTY INCOME CORPORATION
        549300CUWDAUZSH43859
        REALTY INCOME CORP
        756109AU8
        
          
        
        38000.00000000
        PA
        USD
        38240.88000000
        0.834669228087
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERVICE PROPERTIES TRUST
        529900IS770AG1K9QG27
        SERVICE PROPERTIES TRUST
        81761LAA0
        
          
        
        53000.00000000
        PA
        USD
        55639.40000000
        1.214420145385
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-09-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PARK INTERMEDIATE HOLDINGS LLC
        549300HJUVLG7EAGZV92
        PARK INTERMEDIATE HOLDINGS LLC
        70052LAB9
        
          
        
        49000.00000000
        PA
        USD
        48755.00000000
        1.064156949720
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-10-01
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SABRA HEALTH CARE LIMITED PARTNERSHIP
        549300OVKLRFSIQG0H81
        SABRA HEALTH CARE LP
        14162VAB2
        
          
        
        34000.00000000
        PA
        USD
        34821.27000000
        0.760030693643
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-08-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPT OPERATING PARTNERSHIP, L.P.
        WUQXXXF7PXTUPGROE843
        MPT OPERATING PARTNERSHIP LP MPT FINANCE CORP
        55342UAJ3
        
          
        
        58000.00000000
        PA
        USD
        57420.00000000
        1.253284628303
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ERP OPERATING LIMITED PARTNERSHIP
        DX5HQV5MLU50FEWZ5072
        ERP OPERATING LP
        26884ABK8
        
          
        
        25000.00000000
        PA
        USD
        25862.57000000
        0.564492536214
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-12-01
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLTOWER INC
        T6IZ0MBEG5ACZDTR7D06
        WELLTOWER INC
        95040QAC8
        
          
        
        47000.00000000
        PA
        USD
        48290.41000000
        1.054016519461
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MID-AMERICA APARTMENTS, L.P.
        549300FXWGE3QSYCUJ38
        MID AMERICA APARTMENTS LP
        59523UAL1
        
          
        
        25000.00000000
        PA
        USD
        25378.49000000
        0.553926705094
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-06-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UDR, INC.
        P3CH2EG5X6Z1XWU1OO74
        UDR INC
        90265EAT7
        
          
        
        75000.00000000
        PA
        USD
        64648.39000000
        1.411055963628
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-08-01
          Fixed
          2.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALEXANDRIA REAL ESTATE EQUITIES, INC.
        MGCJBT4MKTQBVLNUIS88
        ALEXANDRIA REAL ESTATE EQUITIES INC
        015271AU3
        
          
        
        47000.00000000
        PA
        USD
        51966.83000000
        1.134260348670
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-12-15
          Fixed
          4.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PULTEGROUP, INC.
        N/A
        PULTEGROUP INC
        745867AX9
        
          
        
        22000.00000000
        PA
        USD
        23209.77000000
        0.506590873693
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-01-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AVALONBAY COMMUNITIES, INC.
        K9G90K85RBWD2LAGQX17
        AVALONBAY COMMUNITIES INC
        05348EBC2
        
          
        
        29000.00000000
        PA
        USD
        28689.23000000
        0.626188975215
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VENTAS REALTY, LIMITED PARTNERSHIP
        32SXKSJ72K64GM3HOU64
        VENTAS REALTY LP
        92277GAT4
        
          
        
        29000.00000000
        PA
        USD
        28480.91000000
        0.621642053345
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-01-15
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SPIRIT REALTY, L.P.
        549300GTBVIBJRX5BW73
        SPIRIT REALTY LP
        84861TAG3
        
          
        
        29000.00000000
        PA
        USD
        27660.87000000
        0.603743350339
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-02-15
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUINIX, INC.
        549300EVUN2BTLJ3GT74
        EQUINIX INC
        29444UBF2
        
          
        
        35000.00000000
        PA
        USD
        32666.83000000
        0.713006546401
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-07-15
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CORECIVIC, INC.
        529900JFA3K6PTLT8B15
        CORECIVIC INC
        21871NAB7
        
          
        
        87000.00000000
        PA
        USD
        90288.60000000
        1.970695132201
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-04-15
          Fixed
          8.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WEYERHAEUSER COMPANY
        08IRJODWFYBI7QWRGS31
        WEYERHAEUSER CO
        962166BY9
        
          
        
        50000.00000000
        PA
        USD
        51494.72000000
        1.123955782215
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-04-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REALTY INCOME CORPORATION
        549300CUWDAUZSH43859
        REALTY INCOME CORP
        756109AR5
        
          
        
        21000.00000000
        PA
        USD
        21680.10000000
        0.473203345003
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-10-15
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
        549300U6G4UOCMLQK204
        MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP M
        55303XAJ4
        
          
        
        49000.00000000
        PA
        USD
        51756.25000000
        1.129664098635
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-02-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLP Capital, L.P.
        2549005PXW31DRW8EC44
        GLP CAPITAL LP GLP FINANCING II INC
        361841AK5
        
          
        
        35000.00000000
        PA
        USD
        37669.57000000
        0.822199460741
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-06-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VENTAS REALTY, LIMITED PARTNERSHIP
        32SXKSJ72K64GM3HOU64
        VENTAS REALTY LP
        92277GAJ6
        
          
        
        29000.00000000
        PA
        USD
        28750.38000000
        0.627523673143
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-10-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SBA Communications Corporation
        5299001HX8ZN8Y8QIT49
        SBA COMMUNICATIONS CORP
        78410GAD6
        
          
        
        88000.00000000
        PA
        USD
        85710.24000000
        1.870764999655
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-02-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP, L.P.
        MR92GTD0MJTTTTQDVG45
        SIMON PROPERTY GROUP LP
        828807DG9
        
          
        
        63000.00000000
        PA
        USD
        61891.19000000
        1.350875601783
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-09-13
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP, L.P.
        MR92GTD0MJTTTTQDVG45
        SIMON PROPERTY GROUP LP
        828807DK0
        
          
        
        49000.00000000
        PA
        USD
        46179.02000000
        1.007932008291
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-07-15
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LENNAR CORPORATION
        529900G61XVRLX5TJX09
        LENNAR CORP
        526057CD4
        
          
        
        40000.00000000
        PA
        USD
        41731.47000000
        0.910857016152
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-11-29
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PHYSICIANS REALTY L.P.
        549300P6Q1UMT0X60U20
        PHYSICIANS REALTY LP
        71951QAC6
        
          
        
        50000.00000000
        PA
        USD
        45116.05000000
        0.984730964032
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-11-01
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REALTY INCOME CORPORATION
        549300CUWDAUZSH43859
        REALTY INCOME CORP
        756109AS3
        
          
        
        42000.00000000
        PA
        USD
        41413.99000000
        0.903927500238
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-01-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EPR PROPERTIES
        549300YSSXFHMPOWZ492
        EPR PROPERTIES
        26884UAD1
        
          
        
        29000.00000000
        PA
        USD
        28638.22000000
        0.625075599233
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CYRUSONE LP
        549300TDXOX1X4TWIB58
        CYRUSONE LP CYRUSONE FINANCE CORP
        23283PAR5
        
          
        
        42000.00000000
        PA
        USD
        43260.00000000
        0.944219662493
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-15
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTERNATIONAL CORP.
        54930012H97VSM0I2R19
        CROWN CASTLE INTERNATIONAL CORP
        22822VAV3
        
          
        
        50000.00000000
        PA
        USD
        45232.87000000
        0.987280750000
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-15
          Fixed
          1.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REALTY INCOME CORPORATION
        549300CUWDAUZSH43859
        REALTY INCOME CORP
        756109AV6
        
          
        
        35000.00000000
        PA
        USD
        35442.54000000
        0.773590919018
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMEGA HEALTHCARE INVESTORS, INC.
        549300OJ7ENK42CZ8E73
        OMEGA HEALTHCARE INVESTORS INC
        681936BL3
        
          
        
        35000.00000000
        PA
        USD
        33073.85000000
        0.721890418039
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-10-01
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        THE HOWARD HUGHES CORPORATION
        549300BVHY25JZC1KI49
        HOWARD HUGHES CORP
        44267DAF4
        
          
        
        50000.00000000
        PA
        USD
        47025.00000000
        1.026396893869
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-02-01
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP, L.P.
        MR92GTD0MJTTTTQDVG45
        SIMON PROPERTY GROUP LP
        828807CV7
        
          
        
        70000.00000000
        PA
        USD
        70700.12000000
        1.543144786053
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-09-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KIMCO REALTY CORPORATION
        549300EA7I6T15IBYS12
        KIMCO REALTY CORP
        49446RAU3
        
          
        
        35000.00000000
        PA
        USD
        34872.51000000
        0.761149089748
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-01
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOSTON PROPERTIES LIMITED PARTNERSHIP
        BVHHEFJI6SHNOKQT2572
        BOSTON PROPERTIES LP
        10112RBC7
        
          
        
        47000.00000000
        PA
        USD
        44483.69000000
        0.970928681421
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-15
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALEXANDRIA REAL ESTATE EQUITIES, INC.
        MGCJBT4MKTQBVLNUIS88
        ALEXANDRIA REAL ESTATE EQUITIES INC
        015271AL3
        
          
        
        62000.00000000
        PA
        USD
        62460.70000000
        1.363306081209
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-04-30
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        PUBLIC STORAGE
        74460DAC3
        
          
        
        34000.00000000
        PA
        USD
        34064.04000000
        0.743502920757
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-09-15
          Fixed
          3.09400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NVR, Inc.
        529900RWXR4JI3JYTV70
        NVR INC
        62944TAF2
        
          
        
        66000.00000000
        PA
        USD
        61607.90000000
        1.344692338071
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-05-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DUKE REALTY LIMITED PARTNERSHIP
        2549009GZDBNY1KE9O81
        DUKE REALTY LP
        26441YBC0
        
          
        
        25000.00000000
        PA
        USD
        23968.14000000
        0.523143528927
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-15
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAMDEN PROPERTY TRUST
        5493002MYX22OHYJBD89
        CAMDEN PROPERTY TRUST
        133131AZ5
        
          
        
        49000.00000000
        PA
        USD
        47098.92000000
        1.028010317758
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-05-15
          Fixed
          2.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CTR PARTNERSHIP, L.P.
        254900L7G64R08G6RJ22
        CTR PARTNERSHIP LP
        126458AE8
        
          
        
        30000.00000000
        PA
        USD
        28200.00000000
        0.615510736993
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2028-06-30
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORPORATION
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP
        03027XBR0
        
          
        
        50000.00000000
        PA
        USD
        45680.83000000
        0.997058203537
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-09-15
          Fixed
          1.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRIXMOR OPERATING PARTNERSHIP LP
        549300CJHBL7JBUA6503
        BRIXMOR OPERATING PARTNERSHIP LP
        11120VAH6
        
          
        
        49000.00000000
        PA
        USD
        50264.35000000
        1.097100961453
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-05-15
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMEGA HEALTHCARE INVESTORS, INC.
        549300OJ7ENK42CZ8E73
        OMEGA HEALTHCARE INVESTORS INC
        681936BK5
        
          
        
        38000.00000000
        PA
        USD
        38685.23000000
        0.844367887519
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLP Capital, L.P.
        2549005PXW31DRW8EC44
        GLP CAPITAL LP GLP FINANCING II INC
        361841AP4
        
          
        
        47000.00000000
        PA
        USD
        45618.67000000
        0.995701460721
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-01-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLTOWER INC
        T6IZ0MBEG5ACZDTR7D06
        WELLTOWER INC
        42217KBF2
        
          
        
        67000.00000000
        PA
        USD
        68103.20000000
        1.486462795163
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HEALTHPEAK PROPERTIES, INC.
        PZ9HF5U52KPF0MH0QN75
        HEALTHPEAK PROPERTIES INC
        40414LAQ2
        
          
        
        43000.00000000
        PA
        USD
        42989.37000000
        0.938312723814
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-07-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        W.P. CAREY INC.
        54930042CRNE713E3Q67
        WP CAREY INC
        92936UAA7
        
          
        
        34000.00000000
        PA
        USD
        34894.52000000
        0.761629493696
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-04-01
          Fixed
          4.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOST HOTELS & RESORTS, L.P.
        FXB7X4WXVA8QPMNOGS12
        HOST HOTELS RESORTS LP
        44107TAZ9
        
          
        
        89000.00000000
        PA
        USD
        84869.09000000
        1.852405536661
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-09-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTERNATIONAL CORP.
        54930012H97VSM0I2R19
        CROWN CASTLE INTERNATIONAL CORP
        22822VAR2
        
          
        
        49000.00000000
        PA
        USD
        46879.73000000
        1.023226140508
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-07-01
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP, L.P.
        MR92GTD0MJTTTTQDVG45
        SIMON PROPERTY GROUP LP
        828807DM6
        
          
        
        40000.00000000
        PA
        USD
        36000.82000000
        0.785776285480
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-02-01
          Fixed
          2.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KILROY REALTY, L.P.
        5493008CT3N3JR7P1552
        KILROY REALTY LP
        49427RAQ5
        
          
        
        28000.00000000
        PA
        USD
        24340.00000000
        0.531259976539
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2032-11-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FEDERAL REALTY INTERIM REAL ESTATE INVESTMENT TRUST
        549300LI6XZ51GOCJ427
        FEDERAL REALTY INVESTMENT TRUST
        313747BA4
        
          
        
        20000.00000000
        PA
        USD
        19629.86000000
        0.428453531761
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-06-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALEXANDRIA REAL ESTATE EQUITIES, INC.
        MGCJBT4MKTQBVLNUIS88
        ALEXANDRIA REAL ESTATE EQUITIES INC
        015271AX7
        
          
        
        119000.00000000
        PA
        USD
        100072.29000000
        2.184240034415
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-05-18
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERVICE PROPERTIES TRUST
        529900IS770AG1K9QG27
        SERVICE PROPERTIES TRUST
        44106MAZ5
        
          
        
        53000.00000000
        PA
        USD
        51097.30000000
        1.115281446147
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2024-10-01
          Fixed
          4.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ERP OPERATING LIMITED PARTNERSHIP
        DX5HQV5MLU50FEWZ5072
        ERP OPERATING LP
        26884ABL6
        
          
        
        42000.00000000
        PA
        USD
        41170.30000000
        0.898608570753
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUINIX, INC.
        549300EVUN2BTLJ3GT74
        EQUINIX INC
        29444UBG0
        
          
        
        30000.00000000
        PA
        USD
        27320.30000000
        0.596309857726
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-07-15
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRIXMOR OPERATING PARTNERSHIP LP
        549300CJHBL7JBUA6503
        BRIXMOR OPERATING PARTNERSHIP LP
        11120VAE3
        
          
        
        25000.00000000
        PA
        USD
        25242.41000000
        0.550956538389
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-03-15
          Fixed
          3.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MID-AMERICA APARTMENTS, L.P.
        549300FXWGE3QSYCUJ38
        MID AMERICA APARTMENTS LP
        59523UAQ0
        
          
        
        38000.00000000
        PA
        USD
        39133.55000000
        0.854153198640
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-03-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIFE STORAGE LP
        X0MIGH67XZCB7HL1A534
        LIFE STORAGE LP
        53227JAA2
        
          
        
        35000.00000000
        PA
        USD
        35452.74000000
        0.773813550561
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-12-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TOLL BROTHERS FINANCE CORP.
        N/A
        TOLL BROTHERS FINANCE CORP
        88947EAU4
        
          
        
        58000.00000000
        PA
        USD
        56085.36000000
        1.224153945678
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-11-01
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES L.P.
        254900X4QE7SGKQLLN38
        VICI PROPERTIES LP VICI NOTE CO INC
        92564RAB1
        
          
        
        63000.00000000
        PA
        USD
        63000.00000000
        1.375077178389
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-12-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EPR PROPERTIES
        549300YSSXFHMPOWZ492
        EPR PROPERTIES
        26884UAF6
        
          
        
        35000.00000000
        PA
        USD
        32765.83000000
        0.715167381967
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOSTON PROPERTIES LIMITED PARTNERSHIP
        BVHHEFJI6SHNOKQT2572
        BOSTON PROPERTIES LP
        10112RBA1
        
          
        
        63000.00000000
        PA
        USD
        66210.92000000
        1.445160715113
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-12-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LAMAR MEDIA CORP.
        N/A
        LAMAR MEDIA CORP
        513075BR1
        
          
        
        31000.00000000
        PA
        USD
        29435.90000000
        0.642486258973
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2028-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        D.R. HORTON, INC.
        529900ZIUEYVSB8QDD25
        DR HORTON INC
        23331ABP3
        
          
        
        30000.00000000
        PA
        USD
        26836.87000000
        0.585758213911
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-10-15
          Fixed
          1.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EQUINIX, INC.
        549300EVUN2BTLJ3GT74
        EQUINIX INC
        29444UBQ8
        
          
        
        93000.00000000
        PA
        USD
        85426.80000000
        1.864578461949
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-05-15
          Fixed
          1.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REALTY INCOME CORPORATION
        549300CUWDAUZSH43859
        REALTY INCOME CORP
        756109BE3
        
          
        
        44000.00000000
        PA
        USD
        46100.14000000
        1.006210324357
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-11-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        M.D.C. HOLDINGS, INC.
        5299005FV4VNV75R8R35
        MDC HOLDINGS INC
        552676AQ1
        
          
        
        40000.00000000
        PA
        USD
        41093.79000000
        0.896938615913
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2043-01-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIGITAL REALTY TRUST, L.P.
        CD4SPTZ3YBTHY0C1AH38
        DIGITAL REALTY TRUST LP
        25389JAU0
        
          
        
        58000.00000000
        PA
        USD
        57743.80000000
        1.260352088467
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-07-01
          Fixed
          3.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTERNATIONAL CORP.
        54930012H97VSM0I2R19
        CROWN CASTLE INTERNATIONAL CORP
        22822VAL5
        
          
        
        58000.00000000
        PA
        USD
        59636.06000000
        1.301653731984
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-02-15
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ERP OPERATING LIMITED PARTNERSHIP
        DX5HQV5MLU50FEWZ5072
        ERP OPERATING LP
        26884ABM4
        
          
        
        42000.00000000
        PA
        USD
        39580.93000000
        0.863917992736
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-02-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORPORATION
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP
        03027XBG4
        
          
        
        53000.00000000
        PA
        USD
        45121.14000000
        0.984842061538
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-10-15
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VENTAS REALTY, LIMITED PARTNERSHIP
        32SXKSJ72K64GM3HOU64
        VENTAS REALTY LP
        92277GAG2
        
          
        
        34000.00000000
        PA
        USD
        34812.39000000
        0.759836873241
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TAYLOR MORRISON COMMUNITIES, INC.
        549300O1Z08HI2MRK572
        TAYLOR MORRISON COMMUNITIES INC
        87724RAJ1
        
          
        
        58000.00000000
        PA
        USD
        56840.00000000
        1.240625187613
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-08-01
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRON MOUNTAIN INCORPORATED
        SQL3F6CKNNBM3SQGHX24
        IRON MOUNTAIN INC
        46284VAN1
        
          
        
        70000.00000000
        PA
        USD
        64645.70000000
        1.410997250015
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2031-02-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORPORATION
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP
        03027XAW0
        
          
        
        100000.00000000
        PA
        USD
        99524.88000000
        2.172291923332
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2029-08-15
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SITE CENTERS CORP.
        W2AVA6SODOQ1LCYJQR54
        SITE CENTERS CORP
        23317HAF9
        
          
        
        29000.00000000
        PA
        USD
        30059.12000000
        0.656089046261
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-06-01
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROWN CASTLE INTERNATIONAL CORP.
        54930012H97VSM0I2R19
        CROWN CASTLE INTERNATIONAL CORP
        22822VAW1
        
          
        
        91000.00000000
        PA
        USD
        78707.03000000
        1.717908583044
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-04-01
          Fixed
          2.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN TOWER CORPORATION
        5493006ORUSIL88JOE18
        AMERICAN TOWER CORP
        03027XAK6
        
          
        
        118000.00000000
        PA
        USD
        116575.16000000
        2.544441937826
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-10-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRIXMOR OPERATING PARTNERSHIP LP
        549300CJHBL7JBUA6503
        BRIXMOR OPERATING PARTNERSHIP LP
        11120VAA1
        
          
        
        47000.00000000
        PA
        USD
        47391.06000000
        1.034386747074
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2025-02-01
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXTRA SPACE STORAGE LP
        549300YNKSKNZFR8UC42
        EXTRA SPACE STORAGE LP
        30225VAF4
        
          
        
        40000.00000000
        PA
        USD
        36090.07000000
        0.787724311483
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-06-01
          Fixed
          2.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SIMON PROPERTY GROUP, L.P.
        MR92GTD0MJTTTTQDVG45
        SIMON PROPERTY GROUP LP
        828807DE4
        
          
        
        49000.00000000
        PA
        USD
        48780.14000000
        1.064705670994
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2027-12-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OUTFRONT MEDIA CAPITAL LLC
        5493005WC7J0FDMW0610
        OUTFRONT MEDIA CAPITAL LLC C
        69007TAE4
        
          
        
        23000.00000000
        PA
        USD
        21395.75000000
        0.466996945071
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2029-01-15
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CBRE SERVICES, INC.
        549300CTE3HOMEUMM603
        CBRE SERVICES INC
        12505BAE0
        
          
        
        55000.00000000
        PA
        USD
        49700.68000000
        1.084797949498
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-04-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES L.P.
        254900X4QE7SGKQLLN38
        VICI PROPERTIES LP VICI NOTE CO INC
        92564RAE5
        
          
        
        63000.00000000
        PA
        USD
        60817.68000000
        1.327444504929
        Long
        DBT
        CORP
        US
        
        Y
        
        2
        
          2030-08-15
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLTOWER INC
        T6IZ0MBEG5ACZDTR7D06
        WELLTOWER INC
        95040QAL8
        
          
        
        15000.00000000
        PA
        USD
        13978.25000000
        0.305097977282
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-01-15
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AVALONBAY COMMUNITIES, INC.
        K9G90K85RBWD2LAGQX17
        AVALONBAY COMMUNITIES INC
        05348EBG3
        
          
        
        47000.00000000
        PA
        USD
        44033.85000000
        0.961110193835
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-03-01
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UDR, INC.
        P3CH2EG5X6Z1XWU1OO74
        UDR INC
        90265EAR1
        
          
        
        25000.00000000
        PA
        USD
        23728.13000000
        0.517904921410
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-08-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VENTAS REALTY, LIMITED PARTNERSHIP
        32SXKSJ72K64GM3HOU64
        VENTAS REALTY LP
        92277GAV9
        
          
        
        34000.00000000
        PA
        USD
        36186.98000000
        0.789839529410
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-11-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PROLOGIS, L.P.
        GL16H1DHB0QSHP25F723
        PROLOGIS LP
        74340XBR1
        
          
        
        49000.00000000
        PA
        USD
        41725.00000000
        0.910715797909
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2030-10-15
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-05-02
      Emles Trust
      Peter Sattelmair
      Peter Sattelmair
      Treasurer
    
  
  XXXX

Schedule of Investments	March 31, 2022 (Unaudited)
Emles @Home ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Information Technology		50.2
Industrials		16.9
Communication Services		14.1
Consumer Staples		11.2
Consumer Discretionary		7.6
Total		100.0

Country	Percentage of Investments (%)
United States		90.6
Canada		5.7
Taiwan		3.7
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2022, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares	Security Description	Value ($)
Common Stocks (99.6%)

Communication Services (14.1%)
1,434	Comcast Corp.		67,140
267	Meta Platforms, Inc.^(a)		59,370
219	Netflix, Inc.^(a)		82,036
1,255	ROBLOX Corp., Class A^(a)		58,031
2,709	TripAdvisor, Inc.^(a)		73,468
1,100	Verizon Communications, Inc.		56,034
			396,079
Consumer Discretionary (7.6%)
570	Etsy, Inc.^(a)		70,840
216	Lululemon Athletica, Inc.^(a)		78,890
1,074	YETI Holdings, Inc.^(a)		64,418
			214,148
Consumer Staples (11.1%)
898	Procter & Gamble Co. (The)		137,214
434	Sanderson Farms, Inc.		81,371
639	Walmart, Inc.		95,160
			313,745
Industrials (16.8%)
2,112	GXO Logistics, Inc.^(a)		150,670
595	Insperity, Inc.		59,750
355	JB Hunt Transport Services, Inc.		71,280
1,708	Korn Ferry		110,918
753	TFI International, Inc.		80,202
			472,820
Information Technology (50.0%)
119	Adobe, Inc.^(a)		54,219
535	Akamai Technologies, Inc.^(a)		63,874
691	Analog Devices, Inc.		114,139
657	Apple, Inc.		114,719
133	Broadcom, Inc.		83,747
545	Crowdstrike Holdings, Inc., Class A^(a)		123,759
456	Microsoft Corp.		140,589
632	NVIDIA Corp.		172,448
191	Palo Alto Networks, Inc.^(a)		118,899
639	Paychex, Inc.		87,204
528	PayPal Holdings, Inc.^(a)		61,063
757	QUALCOMM, Inc.		115,685
1,001	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		104,364
228	Workday, Inc., Class A^(a)		54,597
			1,409,306
Total Common Stocks (Cost $2,789,554)			2,806,098

Total Investments (Cost $2,789,554) — 99.6%			2,806,098
Other assets in excess of liabilities — 0.4%			11,450
Net Assets — 100.0%		$	2,817,548

(a)

Non-income producing

ADR

American Depositary Receipt

Schedule of Investments	March 31, 2022 (Unaudited)
Emles Made in America ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Consumer Staples		40.0
Materials		27.5
Industrials		26.7
Consumer Discretionary		3.7
Health Care		1.8
Real Estate		0.3
Total		100.0

Shares	Security Description	Value ($)
Common Stocks (99.7%)

Consumer Discretionary (3.6%)
248	LCI Industries		25,745
473	Polaris, Inc.^(a)		49,816
478	Skyline Champion Corp.^(b)		26,233
316	Sleep Number Corp.^(b)		16,024
637	Vista Outdoor, Inc.^(b)		22,734
386	Winnebago Industries, Inc.		20,856
			161,408
Consumer Staples (39.9%)
4,198	Altria Group, Inc.		219,345
2,802	BellRing Brands, Inc.^(b)		64,670
95	Boston Beer Co., Inc. (The), Class A^(b)		36,905
2,075	Campbell Soup Co.		92,483
325	Central Garden & Pet Co.^(b)		14,287
1,502	Church & Dwight Co., Inc.		149,269
3,409	Conagra Brands, Inc.		114,440
1,753	Flowers Foods, Inc.		45,069
851	Hershey Co. (The)		184,352
3,068	Hormel Foods Corp.		158,125
719	J M Smucker Co. (The)		97,360
5,781	Keurig Dr Pepper, Inc.		219,100
242	Lancaster Colony Corp.		36,094
485	Post Holdings, Inc.^(b)		33,591
1,632	Reynolds Consumer Products, Inc.		47,883
185	Sanderson Farms, Inc.		34,686
267	Seneca Foods Corp.^(b)		13,761
696	TreeHouse Foods, Inc.^(b)		22,453
1,813	Tyson Foods, Inc.		162,499
2,022	Vector Group, Ltd.		24,345
			1,770,717
Health Care (1.8%)
603	Emergent BioSolutions, Inc.^(b)		24,759
316	United Therapeutics Corp.^(b)		56,694
			81,453
Industrials (26.6%)
512	Advanced Drainage Systems, Inc.		60,831
277	American Woodmark Corp.^(b)		13,559
388	Apogee Enterprises, Inc.		18,414
444	Arcosa, Inc.		25,419
372	Atkore, Inc.^(b)		36,620
727	BWX Technologies, Inc.		39,156
1,109	Cornerstone Building Brands, Inc.^(b)		26,971
197	Encore Wire Corp.		22,472

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Made in America ETF

Shares	Security Description	Value ($)
Common Stocks (continued)

Industrials (continued)
913	Fortune Brands Home & Security, Inc.		67,818
913	General Dynamics Corp.		220,197
582	HNI Corp.		21,563
363	Hubbell, Inc.		66,709
270	Huntington Ingalls Industries, Inc.		53,849
257	Lennox International, Inc.		66,270
536	Mueller Industries, Inc.		29,035
484	Northrop Grumman Corp.		216,455
500	Oshkosh Corp.		50,325
1,183	REV Group, Inc.		15,852
341	Simpson Manufacturing Co., Inc.		37,183
495	SPX Corp.^(b)		24,458
388	Steel Partners Holdings, LP		16,125
483	UFP Industries, Inc.		37,268
1,010	Wabash National Corp.		14,988
			1,181,537
Materials (27.4%)
488	Clearwater Paper Corp.^(b)		13,679
2,781	Cleveland-Cliffs, Inc.^(b)		89,576
313	Eagle Materials, Inc.		40,177
712	Louisiana-Pacific Corp.		44,229
385	Martin Marietta Materials, Inc.		148,183
1,610	Nucor Corp.		239,326
422	Olympic Steel, Inc.		16,230
598	Packaging Corp. of America		93,354
413	Reliance Steel & Aluminum Co.		75,723
467	Scotts Miracle-Gro Co. (The)		57,422
1,232	Steel Dynamics, Inc.		102,786
1,078	Summit Materials, Inc.^(b)		33,483
827	Vulcan Materials Co.		151,920
1,843	Westrock Co.		86,676
468	Worthington Industries, Inc.		24,060
			1,216,824
Real Estate (0.4%)
2,069	Douglas Elliman, Inc.		15,104

Total Common Stocks (Cost $3,767,218)			4,427,043

Total Investments (Cost $3,767,218) — 99.7%			4,427,043
Other assets in excess of liabilities — 0.3%			13,756
Net Assets — 100.0%		$	4,440,799

(a)	This security or a partial position of this security was on loan as of March 31, 2022. The total value of securities on loan as of March 31, 2022 was $49,079.
(b)	Non-income producing

LP	Limited Partnership

Schedule of Investments	March 31, 2022 (Unaudited)
Emles Real Estate Credit ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Real Estate		89.5
Consumer Discretionary		6.8
Industrials		2.0
Financials		1.1
Communication Services		0.6
Total		100.0

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (98.7%)

Communication Services (0.6%)
31,000	Lamar Media Corp., 3.75%, 2/15/28, Callable 2/15/23 @ 102		29,436

Consumer Discretionary (6.7%)
30,000	D.R. Horton, Inc., 1.40%, 10/15/27, Callable 8/15/27 @ 100		26,837
40,000	Lennar Corp., 4.75%, 11/29/27, Callable 5/29/27 @ 100		41,731
40,000	MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100		41,094
66,000	NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100		61,608
22,000	PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100		23,210
58,000	Taylor Morrison Communities, Inc., 5.13%, 8/1/30, Callable 2/1/30 @ 100^(a)		56,840
58,000	Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100		56,085
			307,405
Financials (1.1%)
49,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer, 5.88%, 10/1/28, Callable 10/1/23 @ 103^(a)		48,755

Industrials (2.0%)
87,000	CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104		90,288

Real Estate (88.3%)
119,000	Alexandria Real Estate Equities, Inc., 3.00%, 5/18/51, Callable 11/18/50 @ 100		100,072
62,000	Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25, Callable 2/28/25 @ 100		62,461
47,000	Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30, Callable 9/15/30 @ 100		51,967
50,000	American Tower Corp., 1.45%, 9/15/26, Callable 8/15/26 @ 100		45,681
53,000	American Tower Corp., 1.88%, 10/15/30, Callable 7/15/30 @ 100		45,121

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)

Real Estate (continued)
49,000	American Tower Corp., 2.10%, 6/15/30, Callable 3/15/30 @ 100		42,739
118,000	American Tower Corp., 3.38%, 10/15/26, Callable 7/15/26 @ 100		116,575
100,000	American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100		99,525
47,000	AvalonBay Communities, Inc., 2.30%, 3/1/30, Callable 12/1/29 @ 100		44,034
29,000	AvalonBay Communities, Inc., 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN		28,689
47,000	Boston Properties, LP, 2.90%, 3/15/30, Callable 12/15/29 @ 100		44,484
76,000	Boston Properties, LP, 3.25%, 1/30/31, Callable 10/30/30 @ 100		73,512
63,000	Boston Properties, LP, 4.50%, 12/1/28, Callable 9/1/28 @ 100		66,211
47,000	Brixmor Operating Partnership, LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		47,391
25,000	Brixmor Operating Partnership, LP, 3.90%, 3/15/27, Callable 12/15/26 @ 100		25,242
49,000	Brixmor Operating Partnership, LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100		50,264
49,000	Camden Property Trust, 2.80%, 5/15/30, Callable 2/15/30 @ 100		47,099
55,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		49,701
50,000	Crown Castle International Corp., 1.05%, 7/15/26, Callable 6/15/26 @ 100		45,233
91,000	Crown Castle International Corp., 2.10%, 4/1/31, Callable 1/1/31 @ 100		78,707
49,000	Crown Castle International Corp., 3.30%, 7/1/30, Callable 4/1/30 @ 100		46,880
58,000	Crown Castle International Corp., 4.30%, 2/15/29, Callable 11/15/28 @ 100		59,636
30,000	CTR Partnership, LP, 3.88%, 6/30/28, Callable 3/30/28 @ 100^(a)		28,200

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)

Real Estate (continued)
42,000	CyrusOne, LP / CyrusOne Finance Corp., 3.45%, 11/15/29		43,260
58,000	Digital Realty Trust, LP, 3.60%, 7/1/29, Callable 4/1/29 @ 100		57,744
25,000	Duke Realty, LP, 2.88%, 11/15/29, Callable 8/15/29 @ 100		23,968
35,000	EPR Properties, 3.75%, 8/15/29, Callable 5/15/29 @ 100		32,766
29,000	EPR Properties, 4.50%, 6/1/27, Callable 3/1/27 @ 100		28,638
35,000	Equinix, Inc., 1.25%, 7/15/25, Callable 6/15/25 @ 100		32,667
93,000	Equinix, Inc., 1.45%, 5/15/26, Callable 4/15/26 @ 100		85,427
30,000	Equinix, Inc., 1.80%, 7/15/27, Callable 5/15/27 @ 100		27,320
42,000	ERP Operating, LP, 2.50%, 2/15/30, Callable 11/15/29 @ 100		39,581
42,000	ERP Operating, LP, 3.00%, 7/1/29, Callable 4/1/29 @ 100		41,170
25,000	ERP Operating, LP, 4.15%, 12/1/28, Callable 9/1/28 @ 100		25,863
40,000	Extra Space Storage, LP, 2.55%, 6/1/31, Callable 3/1/31 @ 100		36,090
20,000	Federal Realty Investment Trust, 3.50%, 6/1/30, Callable 3/1/30 @ 100		19,630
47,000	GLP Capital, LP / GLP Financing II, Inc., 4.00%, 1/15/30, Callable 10/15/29 @ 100		45,619
35,000	GLP Capital, LP / GLP Financing II, Inc., 5.75%, 6/1/28, Callable 3/3/28 @ 100		37,670
43,000	Healthpeak Properties, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100		42,989
89,000	Host Hotels & Resorts, LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		84,869
50,000	Howard Hughes Corp. (The), 4.38%, 2/1/31, Callable 2/1/26 @ 102^(a)		47,025
70,000	Iron Mountain, Inc., 4.50%, 2/15/31, Callable 2/15/26 @ 102^(a)		64,646
28,000	Kilroy Realty, LP, 2.50%, 11/15/32, Callable 8/15/32 @ 100		24,340
35,000	Kimco Realty Corp., 3.30%, 2/1/25, Callable 12/1/24 @ 100		34,873
35,000	Life Storage, LP, 3.88%, 12/15/27, Callable 9/15/27 @ 100		35,453
49,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100		51,756
25,000	Mid-America Apartments, LP, 3.75%, 6/15/24, Callable 3/15/24 @ 100		25,378
38,000	Mid-America Apartments, LP, 3.95%, 3/15/29, Callable 12/15/28 @ 100		39,134
58,000	MPT Operating Partnership, LP / MPT Finance Corp., 4.63%, 8/1/29, Callable 8/1/24 @ 102		57,420
30,000	National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100		26,372
43,000	Office Properties Income Trust, 4.50%, 2/1/25, Callable 11/1/24 @ 100		42,960

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)

Real Estate (continued)
35,000	Omega Healthcare Investors, Inc., 3.63%, 10/1/29, Callable 7/1/29 @ 100		33,074
38,000	Omega Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100		38,685
23,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 4.25%, 1/15/29, Callable 1/15/24 @ 102^(a)		21,396
50,000	Physicians Realty, LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100		45,116
49,000	Prologis, LP, 1.25%, 10/15/30, Callable 7/15/30 @ 100		41,725
63,000	Prologis, LP, 2.25%, 4/15/30, Callable 1/15/30 @ 100		58,538
34,000	Public Storage, 3.09%, 9/15/27, Callable 6/15/27 @ 100		34,064
42,000	Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100		41,414
38,000	Realty Income Corp., 3.65%, 1/15/28, Callable 10/15/27 @ 100		38,241
35,000	Realty Income Corp., 3.88%, 4/15/25, Callable 2/15/25 @ 100		35,443
21,000	Realty Income Corp., 4.13%, 10/15/26, Callable 7/15/26 @ 100		21,680
44,000	Realty Income Corp., 4.63%, 11/1/25, Callable 9/1/25 @ 100		46,100
30,000	Regency Centers, LP, 4.40%, 2/1/47, Callable 8/1/46 @ 100		30,794
34,000	Sabra Health Care, LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100		34,821
88,000	SBA Communications Corp., 3.88%, 2/15/27, Callable 2/15/23 @ 102		85,710
53,000	Service Properties Trust, 4.35%, 10/1/24, Callable 9/1/24 @ 100		51,097
53,000	Service Properties Trust, 7.50%, 9/15/25, Callable 6/15/25 @ 100		55,639
63,000	Simon Property Group, LP, 2.00%, 9/13/24, Callable 6/13/24 @ 100		61,891
40,000	Simon Property Group, LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100		36,001
49,000	Simon Property Group, LP, 2.65%, 7/15/30, Callable 4/15/30 @ 100		46,179
49,000	Simon Property Group, LP, 3.38%, 12/1/27, Callable 9/1/27 @ 100		48,780
70,000	Simon Property Group, LP, 3.50%, 9/1/25, Callable 6/1/25 @ 100		70,700
29,000	SITE Centers Corp., 4.70%, 6/1/27, Callable 3/1/27 @ 100		30,059
29,000	Spirit Realty, LP, 3.20%, 2/15/31, Callable 11/15/30 @ 100		27,661
75,000	UDR, Inc., 2.10%, 8/1/32, Callable 5/1/32 @ 100		64,648
25,000	UDR, Inc., 3.00%, 8/15/31, Callable 5/15/31 @ 100		23,728
29,000	Ventas Realty, LP, 2.65%, 1/15/25, Callable 12/15/24 @ 100		28,481
29,000	Ventas Realty, LP, 3.25%, 10/15/26, Callable 7/15/26 @ 100		28,750

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Real Estate Credit ETF

Principal Amount ($)	Security Description	Value ($)
Corporate Bonds (continued)

Real Estate (continued)
34,000	Ventas Realty, LP, 4.13%, 1/15/26, Callable 10/15/25 @ 100		34,812
34,000	Ventas Realty, LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		36,187
63,000	VICI Properties, LP / VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102^(a)		60,818
63,000	VICI Properties, LP / VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102^(a)		63,000
15,000	Welltower, Inc., 2.75%, 1/15/31, Callable 10/15/30 @ 100		13,978
67,000	Welltower, Inc., 4.00%, 6/1/25, Callable 3/1/25 @ 100		68,103
47,000	Welltower, Inc., 4.25%, 4/1/26, Callable 1/1/26 @ 100		48,290
50,000	Weyerhaeuser Co., 4.00%, 4/15/30, Callable 1/15/30 @ 100		51,495
34,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		34,895
			4,046,045
Total Corporate Bonds (Cost $4,880,709)			4,521,929

Total Investments (Cost $4,880,709) — 98.7%			4,521,929
Other assets in excess of liabilities — 1.3%			59,632
Net Assets — 100.0%		$	4,581,561

(a)

Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at March 31, 2022 was $390,680 and represents 8.5% of the net assets of the fund.

LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note

Schedule of Investments	March 31, 2022 (Unaudited)
Emles Luxury Goods ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Consumer Discretionary		72.2
Consumer Staples		19.8
Information Technology		8.0
Total		100.0

Country	Percentage of Investments (%)
United States		29.5
France		26.5
Germany		12.2
Italy		10.8
United Kingdom		6.5
Japan		4.8
Switzerland		3.2
Canada		2.8
China		1.4
Brazil		1.2
Hong Kong		1.1
Total		100.0

Portfolio holdings and allocations are subject to change. As of March 31, 2022, percentages in the tables above are based on total investments. Such total investments may differ from the percentages set forth in the following Schedule of Investments which are computed using the Fund’s total net assets.

Shares	Security Description	Value ($)
Common Stocks (99.9%)

Consumer Discretionary (72.2%)
437	adidas AG		103,031
1,320	Bayerische Motoren Werke AG		115,439
1,146	Brunello Cucinelli SpA^(a)		67,707
2,963	Burberry Group PLC		65,307
2,256	Canada Goose Holdings, Inc.^(a)		59,333
1,217	Capri Holdings, Ltd.^(a)		62,542
36,291	Chow Tai Fook Jewellery Group, Ltd.		66,081
273	Christian Dior SE		187,870
991	Cie Financiere Richemont SA		127,072
1,967	Daimler AG		139,653
5,353	Ermenegildo Zegna Holditalia SpA^(a)(b)		56,474
750	EssilorLuxottica SA		138,774
1,837	Fast Retailing Co., Ltd. ADR		94,293
471	Ferrari NV		104,130
149	Hermes International		214,110
1,154	HUGO BOSS AG		67,589
218	Kering SA		139,640
9,758	Li Ning Co., Ltd.		84,230
299	Lululemon Athletica, Inc.^(a)		109,204
603	LVMH Moet Hennessy Louis Vuitton SE		435,698
1,280	Moncler SpA		72,263
4,315	MYT Netherlands Parent BV ADR^(a)		52,772
1,697	NIKE, Inc.		228,348
823	Porsche Automobil Holding SE		80,491
13,152	Prada SpA		83,550
528	Ralph Lauren Corp.		59,896
1,159	Revolve Group Inc.^(a)		62,227
175	RH^(a)		57,066
3,102	Salvatore Ferragamo SpA^(a)		59,295
1,570	Sanlorenzo SpA Ameglia		64,197
226	Swatch Group AG (The)		64,761

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Luxury Goods ETF

Shares	Security Description	Value ($)
Common Stocks (continued)

Consumer Discretionary (continued)
1,745	Tapestry, Inc.		64,827
511	Tesla, Inc.^(a)		550,654
1,323	Tod’s SpA^(a)		60,118
562	Volkswagen AG		98,173
4,064	Watches of Switzerland Group PLC^(a)(c)		61,000
421	Williams-Sonoma, Inc.^(b)		61,045
1,297	Zalando SE^(a)(c)		66,383
			4,285,243
Consumer Staples (19.8%)
1,107	Brown-Forman Corp.		74,191
6,191	Davide Campari-Milano NV		72,707
3,796	Diageo PLC		193,099
422	Estee Lauder Cos. (The)		114,919
8,421	Kao Corp. ADR		67,663
2,441	Kose Corp. ADR		50,480
678	L’Oreal SA		274,478
13,352	Natura & Co. Holding SA^(a)		73,195
527	Pernod Ricard SA		116,862
323	Remy Cointreau SA		67,205
1,363	Shiseido Co., Ltd. ADR		68,832
			1,173,631
Information Technology (7.9%)
2,703	Apple, Inc.		471,971

Total Common Stocks (Cost $6,119,761)			5,930,845

Total Investments (Cost $6,119,761) — 99.9%			5,930,845
Other assets in excess of liabilities — 0.1%			8,105
Net Assets — 100.0%		$	5,938,950

(a)	Non-income producing
(b)	This security or a partial position of this security was on loan as of March 31, 2022. The total value of securities on loan as of March 31, 2022 was $69,340.
(c)	Rule 144A, Section 4(2), or other security which is restricted as to resale to institutional investors. The Fund’s Advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The aggregate value of these securities at March 31, 2022 was $127,383 and represents 2.1% of the net assets of the fund.

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Special Assessment

Schedule of Investments	March 31, 2022 (Unaudited)
Emles Federal Contractors ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Industrials		87.0
Information Technology		7.9
Real Estate		2.6
Health Care		2.5
Total		100.0

Shares	Security Description	Value ($)
Common Stocks (99.9%)

Health Care (2.6%)
2,075	Emergent BioSolutions, Inc.^(a)		85,200

Industrials (86.8%)
1,052	Ameresco, Inc.^(a)		83,634
1,460	Booz Allen Hamilton Holding Corp.		128,246
341	CACI International, Inc.^(a)		102,730
2,957	Fluor Corp.^(a)		84,836
1,255	General Dynamics Corp.		302,681
1,603	Honeywell International, Inc.		311,912
526	Huntington Ingalls Industries, Inc.		104,905
1,179	Jacobs Engineering Group, Inc.		162,478
1,931	KBR, Inc.		105,684
4,264	Kratos Defense & Security Solutions, Inc.^(a)		87,327
614	L3Harris Technologies, Inc.		152,561
1,347	Leidos Holdings, Inc.		145,503
665	Lockheed Martin Corp.		293,531
959	ManTech International Corp.		82,656
665	Northrop Grumman Corp.		297,401
2,414	Parsons Corp.^(a)		93,422
2,999	Raytheon Technologies Corp.		297,111
1,073	Science Applications International Corp.		98,898
			2,935,516
Information Technology (7.9%)
1,259	Maximus, Inc.		94,362
367	Teledyne Technologies, Inc.^(a)		173,455
			267,817
Real Estate (2.6%)
13,140	GEO Group, Inc. (The)^(a)(b)		86,855

Total Common Stocks (Cost $3,208,661)			3,375,388

Total Investments (Cost $3,208,661) — 99.9%			3,375,388
Other assets in excess of liabilities — 0.1%			5,058
Net Assets — 100.0%		$	3,380,446

(a)	Non-income producing
(b)	This security or a partial position of this security was on loan as of March 31, 2022. The total value of securities on loan as of March 31, 2022 was $2,466.

Schedule of Investments	March 31, 2022 (Unaudited)
Emles Alpha Opportunities ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Consumer Discretionary		71.7
Communication Services		9.9
Information Technology		4.9
Industrials		3.5
Financials		2.3
Consumer Staples		0.8
Real Estate		0.5
Energy		0.3
Materials		(1.0	)
Mutual Fund		7.1
Total		100.0

Country	Percentage of Investments (%)
United States		97.4
China		2.1
Cayman Islands		0.5
Total		100.0

Shares	Security Description	Value ($)
Common Stocks (98.6%)

Communication Services (9.4%)
217,297	Lions Gate Entertainment Corp., Class A^(a)		3,531,076
92,850	Lions Gate Entertainment Corp., Class B^(a)		1,395,536
			4,926,612
Consumer Discretionary (71.7%)
9,397	Alibaba Group Holding, Ltd. ADR^(a)		1,022,394
13,300	Big Lots Inc.		460,180
9,140	Bloomin’ Brands, Inc.		200,532
7,940	Brinker International, Inc.^(a)		302,990
3,656	Caesars Entertainment, Inc.^(a)		282,828
119,028	Camping World Holdings, Inc., Class A^(b)		3,326,833
6,396	Cheesecake Factory, Inc. (The)^(a)		254,497
79,092	Children’s Place, Inc. (The)^(a)		3,899,236
3,065	Darden Restaurants, Inc.		407,492
16,175	Dave & Buster’s Entertainment, Inc.^(a)		794,192
18,052	Dine Brands Global, Inc.		1,407,152
18,276	Ethan Allen Interiors, Inc.		476,454
70,204	Gap, Inc. (The)		988,472
2,000	Hibbett Inc.		88,680
93,485	Kohl’s Corp.		5,652,104
211,826	Lazydays Holdings, Inc.^(a)(b)		4,274,649
2,740	Lennar Corp., Class A		222,406
20,909	Macy’s, Inc.		509,343
912	Marriott International, Inc., Class A^(a)		160,284
14,872	MGM Resorts International		623,732
2,284	Mohawk Industries, Inc.^(a)		283,673
14,763	Newell Brands, Inc.		316,076
9,140	Nordstrom, Inc.^(b)		247,785
24,500	Party City Holdco Inc.^(a)		87,710
70,776	Purple Innovation, Inc.^(a)(b)		414,040
14,545	Red Robin Gourmet Burgers, Inc.^(a)		245,229

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Alpha Opportunities ETF

Shares	Security Description	Value ($)
Common Stocks (continued)

Consumer Discretionary (continued)
7,312	Red Rock Resorts, Inc., Class A		355,071
3,208	RH^(a)		1,046,097
80,500	Signet Jewelers, Ltd.		5,852,349
30,979	Thor Industries, Inc.^(b)		2,438,047
18,320	Winnebago Industries, Inc.^(b)		989,830
1,828	Wynn Resorts, Ltd.^(a)		145,765
			37,776,122
Consumer Staples (0.7%)
11,626	Chefs’ Warehouse, Inc. (The)^(a)		379,008

Energy (0.3%)
1,828	Exxon Mobil Corp.		150,975

Financials (1.7%)
24,632	Invesco, Ltd.		568,014
25,913	OppFi, Inc.^(a)(b)		88,882
5,440	Wells Fargo & Co.		263,622
			920,518
Industrials (9.4%)
4,590	AAR Corp.^(a)		222,294
71,186	Fluor Corp.^(a)(b)		2,042,326
3,380	HEICO Corp., Class A		428,685
3,149	Science Applications International Corp.		290,243
29,876	Spirit AeroSystems Holdings, Inc., Class A		1,460,638
184	TransDigm Group, Inc.^(a)		119,883
14,560	Triumph Group, Inc.^(a)		368,077
			4,932,146
Information Technology (4.9%)
9,731	Comtech Telecommunications Corp.		152,679
191,285	LGL Group, Inc. (The)		2,094,571
11,880	Xerox Holdings Corp.		239,620
800	Zoom Video Communications, Inc.^(a)		93,784
			2,580,654

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Alpha Opportunities ETF

Shares	Security Description	Value ($)
Common Stocks (continued)

Real Estate (0.5%)
2,328	Howard Hughes Corp. (The)^(a)		241,204

Total Common Stocks (Cost $60,448,420)			51,907,239

Mutual Funds (4.4%)
26,266	Direxion Daily Small Capital Bull 3X Shares^(b)		1,654,495
675,750	Dreyfus Government Cash Management		675,750

Total Mutual Fund (Cost $2,731,470)			2,330,245

Purchased Options (2.3%)

Total Purchased Options (Cost $1,942,453)			1,207,000

Warrants (1.9%)
155,365	Lazydays Holdings, Inc. Exp 03/15/23		630,004
211,739	LGL Group, Inc. (The) Exp 11/17/25		110,094
470,880	OppFi, Inc. Exp 08/31/27		242,692
64,800	PMV Consumer Acquisition Corp. Exp 08/31/27		15,711

Total Warrant (Cost $1,974,558)			998,501

Total Investments (Cost $67,096,901) — 107.2%			56,442,985

Securities Sold Short (Proceeds $6,415,849) — (13.0)%			(6,869,129	)
Other assets in excess of liabilities — 5.8%			3,074,646
Net Assets — 100.0%		$	52,648,502

(a)	Non-income producing
(b)	This security or a partial position of this security was on loan as of March 31, 2022. The total value of securities on loan as of March 31, 2022 was $3,371,714.

ADR	American Depositary Receipt

Schedule of Investments (continued)	March 31, 2022 (Unaudited)
Emles Alpha Opportunities ETF

Shares		Security Description	Value ($)
Securities Sold Short ((13.0)%)

Consumer Discretionary ((5.5)%)
(2,700	)	Tesla, Inc.^(a)		(2,909,520	)

Industrials ((6.1)%)
(3,200	)	AeroVironment, Inc.^(a)		(301,248	)
(2,300	)	Deere & Co.		(955,558	)
(1,000	)	L3Harris Technologies, Inc.		(248,470	)
(2,200	)	Lockheed Martin Corp.		(971,080	)
(1,100	)	Northrop Grumman Corp.		(491,942	)
(2,450	)	Raytheon Technologies Corp.		(242,721	)
				(3,211,019	)
Information Technology ((0.5)%)
(770	)	Fortinet, Inc.^(a)		(263,140	)

Materials ((0.9)%)
(7,300	)	Mosaic Co. (The)		(485,450	)

Total Securities Sold Short (Proceeds $(6,415,849))			$	(6,869,129	)

Written Options

Exchange-traded options

Description	Put/ Call	Number of Contracts	*Notional Amount ($)^()**			Strike Price ($)		Expiration Date	Value ($)
Signet Jewelers, Ltd.	Call	(400)		(52,000	)		130.00	4/15/22		(4,000	)
Total (Premiums Received $170,344)			$	(52,000	)				$	(4,000	)

Purchased Options

Description	Put/ Call	Number of Contracts	*Notional Amount ($)^()**		Strike Price ($)		Expiration Date	Value ($)
Alibaba Group Holding	Call	200		30,000		150.00	1/20/23		170,000
Alibaba Group Holding-SP ADR	Call	100		10,000		100.00	1/20/23		255,000
Dick’s Sporting Goods Inc.	Call	200		20,000		100.00	1/20/23		310,000
Thor Industries, Inc.	Call	400		28,000		70.00	6/20/22		472,000
Total			$	88,000				$	1,207,000

(a)	Non-income producing

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

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