VSLU

Applied Finance Valuation Large Cap ETF

Inception Date:

4/29/2021

Management Style:

Active

CUSIP:

26923N405

Total Gross Expense Ratio:

0.490%

Asset Class:

Equity

Exchange:

NYSE Arca, Inc.

Advisor:

Applied Finance Advisors, LLC

As Of Date:

1/20/2022

NAV ($):

$26.77

Market Price ($):

$26.80

Premium / Discount:

0.096

30 Day Median Bid/Ask Spread:

0.003519

Shares Outstanding:

400,000

Total Net Assets:

$10,709,440.00

Quarter End Performance

As of 12/31/2021	YTD	1m	3m	6m	1y	Since Inception
VSLU NAV		5.91%	10.81%	11.31%		13.95%
VSLU Market Price		5.94%	10.79%	11.36%		14.16%

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 833-356-0909. The Fund’s total expense ratio is 0.49%

NAV returns are based on the fund’s reported net asset value (NAV). NAV is typically calculated at 4:00 pm Eastern time on each business day NYSE Arca is open for trading. Market price performance is based on the trade price at which shares are bought and sold on the NYSE Arca using the last share trade. Performance of less than one year is cumulative.

Premium Discount

Number of Days at	2022 Cumul.	Q1 2022	2021 Cumul.	Q4 2021	Q3 2021	Q2 2021
Premium	10	10	158	53	63	42
NAV	0	0	0	0	0	0
Discount	3	3	13	11	1	1

Premium - The number of trading days the ETF's closing price exceeds its NAV.
NAV - This is determined by adding up the value of all the assets in the fund, including assets and cash, subtracting any liabilities, and then dividing that value by the number of outstanding shares in the ETF.
Discount - The number of trading days the ETF's closing price is below its NAV.

From 1/1/2020 to 1/20/2022 :

Days traded at Premium
Days traded at NAV
Days traded at Discount

As of Date	Discount Premium

Holdings

As Of Date	Ticker	Name	Weight	Market Value	FIGI	Shares Held
1/20/2022	A	AGILENT TECHNOLOGIES INC	0.06 %	6,137.12	BBG000C2V3D6	44
1/20/2022	AAP	ADVANCE AUTO PARTS INC	0.04 %	4,586.60	BBG000F7RCJ1	20
1/20/2022	AAPL	APPLE INC	6.43 %	688,638.86	BBG000B9XRY4	4,186
1/20/2022	ABBV	ABBVIE INC	2.09 %	224,022.52	BBG0025Y4RY4	1,684
1/20/2022	ABC	AMERISOURCEBERGEN CORP	0.25 %	26,974.64	BBG000MDCQC2	203
1/20/2022	ABMD	ABIOMED INC	0.01 %	605.50	BBG000C101X4	2
1/20/2022	ABT	ABBOTT LABORATORIES COMMON STOCK USD 0	0.34 %	36,664.74	BBG000B9ZXB4	294
1/20/2022	ACN	ACCENTURE PLC-CL A	0.64 %	68,538.00	BBG000D9D830	200
1/20/2022	ADBE	ADOBE SYSTEMS INC	0.76 %	81,736.00	BBG000BB5006	160
1/20/2022	ADI	ANALOG DEVICES INC	0.09 %	9,359.17	BBG000BB6G37	59
1/20/2022	ADM	ARCHER-DANIELS-MIDLAND CO	0.03 %	3,444.50	BBG000BB6WG8	50
1/20/2022	ADSK	AUTODESK INC	0.03 %	3,028.92	BBG000BM7HL0	12
1/20/2022	AES	LIBERTY MEDIA COR-SIRIUSXM A	0.07 %	7,718.70	BBG000C23KJ3	330
1/20/2022	AFL	AFLAC INC	0.15 %	15,846.40	BBG000BBBNC6	256
1/20/2022	AJG	ARTHUR J GALLAGHER & CO	0.03 %	3,736.08	BBG000BBHXQ3	24
1/20/2022	AKAM	AKAMAI TECHNOLOGIES INC	0.04 %	4,077.72	BBG000BJQWD2	36
1/20/2022	ALGN	Align Technology Inc.	0.04 %	4,416.39	BBG000BRNLL2	9
1/20/2022	ALL	ALLSTATE CORP	0.30 %	32,620.77	BBG000BVMGF2	273
1/20/2022	ALLE	Allegion Public Limited Company	0.05 %	5,796.00	BBG003PS7JV1	48
1/20/2022	AMAT	APPLIED MATERIALS INC	0.31 %	33,674.30	BBG000BBPFB9	242
1/20/2022	AMCR	AMCOR PLC	0.05 %	5,434.24	BBG00LNJRQ09	448
1/20/2022	AME	AMETEK INC	0.12 %	13,115.52	BBG000B9XG87	96
1/20/2022	AMGN	AMGEN INC	0.76 %	81,259.50	BBG000BBS2Y0	355
1/20/2022	AMZN	AMAZON.COM INC	3.32 %	354,901.95	BBG000BVPV84	117
1/20/2022	ANET	ARISTA NETWORKS INC	0.06 %	5,975.06	BBG000N2HDY5	49
1/20/2022	ANTM	ANTHEM INC	0.14 %	14,487.04	BBG000BCG930	32
1/20/2022	AON	Aon plc	0.87 %	93,236.25	BBG00SSQFPK6	345
1/20/2022	AOS	AO Smith Corp	0.03 %	2,971.98	BBG000BC1L02	38
1/20/2022	APH	AMPHENOL CORP-CL A	0.09 %	9,349.20	BBG000B9YJ35	120
1/20/2022	AVB	AVALONBAY COMMUNITIES INC	0.01 %	1,460.22	BBG000BLPBL5	6
1/20/2022	AVY	AVERY DENNISON CORP	0.05 %	4,873.44	BBG000BCQ4P6	24
1/20/2022	AXP	AMERICAN EXPRESS CO	0.77 %	82,712.88	BBG000BCQZS4	514
1/20/2022	AZO	AUTOZONE INC	0.42 %	44,452.33	BBG000C7LMS8	23
1/20/2022	BAX	BAXTER INTERNATIONAL INC	0.07 %	6,965.19	BBG000BCVJ77	81
1/20/2022	BBY	BEST BUY CO INC	0.16 %	16,797.30	BBG000BCWCG1	177
1/20/2022	BF/B	BROWN-FORMAN CORP	0.06 %	6,562.71	BBG000BD2NY8	99
1/20/2022	BIIB	BIOGEN INC	0.26 %	28,012.84	BBG000C17X76	124
1/20/2022	BIO	Bio-Rad Laboratories Inc	0.01 %	587.40	BBG000DY28W5	1
1/20/2022	BLL	BALL CORP	0.06 %	5,885.10	BBG000BDDNH5	65
1/20/2022	BMY	BRISTOL-MYERS SQUIBB CO	1.18 %	126,189.32	BBG000DQLV23	1,954
1/20/2022	CAG	CONAGRA BRANDS INC	0.04 %	4,643.95	BBG000BDXGP9	131
1/20/2022	CAH	CARDINAL HEALTH INC	0.13 %	14,141.14	BBG000D898T9	274
1/20/2022	CARR	CARRIER GLOBAL CORP-W/I	0.14 %	15,369.60	BBG00RP5HYS8	320
1/20/2022	CAT	CATERPILLAR INC	0.28 %	29,894.94	BBG000BF0K17	138
1/20/2022	CBOE	CBOE HOLDINGS INC	0.12 %	12,516.40	BBG000QH56C1	104
1/20/2022	CBRE	CBRE GROUP INC - A	0.18 %	19,244.03	BBG000C04224	193
1/20/2022	CCI	CROWN CASTLE INTL CORP	0.12 %	12,715.50	BBG000FV1Z23	70
1/20/2022	CDNS	CADENCE DESIGN SYS INC	0.05 %	5,411.16	BBG000C13CD9	36
1/20/2022	CE	Celanese Corp	0.09 %	9,239.44	BBG000JYP7L8	56
1/20/2022	CERN	CERNER CORP	0.12 %	13,174.56	BBG000BFDLV8	144
1/20/2022	CF	CF INDUSTRIES HOLDINGS INC	0.04 %	4,243.80	BBG000BWJFZ4	66
1/20/2022	CHD	CHURCH & DWIGHT CO INC	0.14 %	14,991.06	BBG000BFJT36	147
1/20/2022	CHRW	C.H. ROBINSON WORLDWIDE INC	0.08 %	8,403.20	BBG000BTCH57	80
1/20/2022	CHTR	CHARTER COMMUNICATIONS INC-A	0.22 %	24,030.72	BBG000VPGNR2	42
1/20/2022	CI	CIGNA CORP	0.13 %	13,702.23	BBG00KXRCDP0	57
1/20/2022	CL	COLGATE-PALMOLIVE CO	0.36 %	38,896.43	BBG000BFQYY3	467
1/20/2022	CLX	CLOROX COMPANY	0.05 %	5,631.36	BBG000BFS7D3	32
1/20/2022	CMCSA	COMCAST CORP-CLASS A	0.46 %	49,316.04	BBG000BFT2L4	982
1/20/2022	CME	CME GROUP INC	0.09 %	9,248.00	BBG000BHLYP4	40
1/20/2022	CMG	CHIPOTLE MEXICAN GRILL INC	0.01 %	1,420.44	BBG000QX74T1	1
1/20/2022	CNP	CENTERPOINT ENERGY INC	0.09 %	10,149.33	BBG000FDBX90	373
1/20/2022	COO	The Cooper Companies Inc.	0.01 %	1,574.16	BBG000BG3445	4
1/20/2022	COP	CONOCOPHILLIPS	0.24 %	25,689.00	BBG000BQQH30	300
1/20/2022	COST	COSTCO WHOLESALE CORP	0.58 %	62,283.78	BBG000F6H8W8	129
1/20/2022	CP	CANADIAN PACIFIC RAILWAY LTD	0.06 %	6,873.30	BBG000BCVMH9	90
1/20/2022	CPB	CAMPBELL SOUP CO	0.04 %	4,303.68	BBG000BG4202	96
1/20/2022	CPRT	COPART INC	0.12 %	12,326.40	BBG000BM9RH1	96
1/20/2022	CSCO	CISCO SYSTEMS INC	0.59 %	62,784.48	BBG000C3J3C9	1,081
1/20/2022	CSX	CSX CORP	0.40 %	42,851.84	BBG000BGJRC8	1,216
1/20/2022	CTAS	CINTAS CORP	0.09 %	9,887.80	BBG000H3YXF8	26
1/20/2022	CTRA	COTERRA ENERCOTERRA ENERG	0.04 %	4,226.33	BBG000C3GN47	211
1/20/2022	CTSH	COGNIZANT TECH SOLUTIONS-A	0.11 %	11,311.08	BBG000BBDV81	132
1/20/2022	CTXS	CITRIX SYSTEMS INC	0.04 %	4,096.80	BBG000FQ6PY6	40
1/20/2022	CVS	CVS HEALTH CORP	0.42 %	45,461.16	BBG000BGRY34	444
1/20/2022	CVX	CHEVRON CORP	0.54 %	58,059.40	BBG000K4ND22	452
1/20/2022	D	DOMINION RESOURCES INC/VA	0.10 %	10,677.15	BBG000BGVW60	135
1/20/2022	DE	DEERE & CO	0.25 %	27,156.52	BBG000BH1NH9	74
1/20/2022	DFS	DISCOVER FINANCIAL SERVICES	0.32 %	33,988.80	BBG000QBR5J5	291
1/20/2022	DG	DOLLAR GEN CORP NEW	0.23 %	25,027.80	BBG000NV1KK7	118
1/20/2022	DGX	QUEST DIAGNOSTICS INC	0.10 %	10,973.60	BBG000BN84F3	80
1/20/2022	DISCA	DISCOVERY COMMUNICATIONS-A	0.13 %	13,387.63	BBG000CHWP52	487
1/20/2022	DLTR	DOLLAR TREE INC	0.12 %	12,669.03	BBG000BSC0K9	99
1/20/2022	DOV	DOVER CORP	0.05 %	5,764.44	BBG000BHB3M6	33
1/20/2022	DPZ	Dominos Pizza INC	0.23 %	24,422.58	BBG000P458P3	54
1/20/2022	DRI	DARDEN RESTAURANTS INC	0.03 %	2,992.66	BBG000BBNYF6	22
1/20/2022	DVA	DAVITA INC	0.04 %	4,047.43	BBG000MQ1SN9	37
1/20/2022	DVN	DEVON ENERGY CORP	0.03 %	2,917.80	BBG000BBVJZ8	60
1/20/2022	EA	ELECTRONIC ARTS INC	0.11 %	11,527.04	BBG000BP0KQ8	83
1/20/2022	EBAY	EBAY INC	0.12 %	13,356.20	BBG000C43RR5	220
1/20/2022	ECL	ECOLAB INC	0.07 %	7,674.12	BBG000BHKYH4	36
1/20/2022	EL	ESTEE LAUDER	0.25 %	27,095.40	BBG000FKJRC5	90
1/20/2022	EMN	EASTMAN CHEMICAL CO	0.02 %	1,954.72	BBG000BLW530	16
1/20/2022	EMR	EMERSON ELECTRIC CO	0.10 %	10,676.10	BBG000BHX7N2	114
1/20/2022	EOG	EOG RESOURCES INC	0.21 %	21,942.00	BBG000BZ9223	212
1/20/2022	EQR	EQUITY RESIDENTIAL	0.06 %	6,007.80	BBG000BG8M31	68
1/20/2022	ESS	ESSEX PROPERTY TRUST INC	0.02 %	1,678.90	BBG000CGJMB9	5
1/20/2022	ETN	EATON CORP PLC	0.05 %	5,314.98	BBG000BJ3PD2	33
1/20/2022	EVRG	Evergy Inc.	0.02 %	2,313.36	BBG00H433CR2	36
1/20/2022	EW	EDWARDS LIFESCIENCES CORP	0.14 %	14,907.24	BBG000BRXP69	129
1/20/2022	EXPD	EXPEDITORS INTL WASH INC	0.06 %	6,905.95	BBG000BJ5GK2	59
1/20/2022	FANG	DIAMONDBACK ENERGY INC	0.09 %	9,265.16	BBG002PHSYX9	76
1/20/2022	FAST	FASTENAL CO	0.05 %	5,560.83	BBG000BJ8YN7	99
1/20/2022	FB	META PLATFORMS INC COMMON STOCK USD.000006	5.51 %	590,067.84	BBG000MM2P62	1,864
1/20/2022	FCX	FREEPORT-MCMORAN INC	0.16 %	17,276.00	BBG000BJDB15	400
1/20/2022	FDX	FEDEX CORP	0.27 %	29,085.84	BBG000BJF1Z8	116
1/20/2022	FIS	FIDELITY NATIONAL INFO SERV	0.51 %	54,902.00	BBG000BK2F42	485
1/20/2022	FISV	FISERV INC	0.61 %	65,374.50	BBG000BJKPG0	615
1/20/2022	FLT	FLEETCOR TECHNOLOGIES INC	0.19 %	20,789.51	BBG000GPXKX9	89
1/20/2022	FMC	FMC CORP	0.08 %	9,071.07	BBG000BJP882	83
1/20/2022	FOXA	FOX CORP - CLASS A	0.10 %	10,998.72	BBG00JHNJW99	288
1/20/2022	FTNT	FORTINET INC	0.03 %	2,744.91	BBG000BCMBG4	9
1/20/2022	FTV	FORTIVE CORP	0.06 %	6,061.35	BBG00BLVZ228	85
1/20/2022	GD	GENERAL DYNAMICS CORP	0.18 %	18,808.20	BBG000BK67C7	90
1/20/2022	GIS	GENERAL MILLS INC	0.14 %	14,928.64	BBG000BKCFC2	218
1/20/2022	GL	GLOBE LIFE INC	0.02 %	1,652.96	BBG000BVD6X4	16
1/20/2022	GLW	CORNING INC	0.05 %	5,796.45	BBG000BKFZM4	165
1/20/2022	GNRC	GENERAC HOLDINGS INC	0.05 %	5,113.98	BBG000PQ4W72	18
1/20/2022	GOOGL	ALPHABET INC-CL A	5.63 %	602,549.90	BBG009S39JX6	226
1/20/2022	GPC	GENUINE PARTS CO	0.05 %	5,391.50	BBG000BKL348	41
1/20/2022	GPN	GLOBAL PAYMENTS INC	0.22 %	24,046.76	BBG000CX0P89	166
1/20/2022	GRMN	GARMIN LTD	0.06 %	6,780.95	BBG000C4LN67	55
1/20/2022	GWW	WW GRAINGER INC	0.07 %	7,855.36	BBG000BKR1D6	16
1/20/2022	HAL	HALLIBURTON CO	0.02 %	2,448.18	BBG000BKTFN2	87
1/20/2022	HCA	HCA HEALTHCARE INC	0.31 %	33,465.64	BBG000QW7VC1	139
1/20/2022	HD	HOME DEPOT INC	1.87 %	199,959.76	BBG000BKZB36	572
1/20/2022	HIG	HARTFORD FINANCIAL SVCS GRP	0.04 %	3,839.40	BBG000G0Z878	54
1/20/2022	HOLX	HOLOGIC INC	0.15 %	16,205.20	BBG000C3NTN5	232
1/20/2022	HON	HONEYWELL INTERNATIONAL INC	0.39 %	41,366.16	BBG000H556T9	198
1/20/2022	HPQ	HP INC	0.48 %	51,095.65	BBG000KHWT55	1,415
1/20/2022	HSIC	HENRY SCHEIN INC	0.03 %	3,039.33	BBG000BNMMJ3	41
1/20/2022	HSY	HERSHEY CO/THE	0.15 %	15,932.80	BBG000BLHRS2	80
1/20/2022	HUM	HUMANA INC	0.06 %	6,894.18	BBG000BLKK03	18
1/20/2022	IBM	International Business Machines Corporation	0.32 %	34,274.84	BBG000BLNNH6	262
1/20/2022	IDXX	IDEXX LABS	0.09 %	9,200.70	BBG000BLRT07	18
1/20/2022	IEX	IDEX CORP	0.02 %	2,161.00	BBG000C1HN22	10
1/20/2022	IFF	INTERNATIONAL FLAVORS & FRAGRANCES	0.01 %	705.00	BBG000BLSL58	5
1/20/2022	ILMN	ILLUMINA INC	0.03 %	3,043.52	BBG000DSMS70	8
1/20/2022	INFO	IHS MARKIT LTD	0.15 %	16,041.20	BBG006G063F9	136
1/20/2022	INTC	INTEL CORP	1.35 %	144,098.76	BBG000C0G1D1	2,769
1/20/2022	INTU	INTUIT INC	0.21 %	22,329.42	BBG000BH5DV1	41
1/20/2022	IP	INTERNATIONAL PAPER CO	0.08 %	8,092.56	BBG000BM5SR2	168
1/20/2022	IPG	Interpublic Group of Companies Inc.	0.04 %	4,358.42	BBG000C90DH9	121
1/20/2022	IPGP	IPG PHOTONICS CORP	0.01 %	750.45	BBG000DCGRL8	5
1/20/2022	IQV	IQVIA HOLDINGS INC COMMON STOCK USD.01	0.35 %	37,882.00	BBG00333FYS2	155
1/20/2022	IRM	IRON MOUNTAIN INC	0.04 %	3,833.10	BBG000KCZPC3	90
1/20/2022	ISRG	INTUITIVE SURGICAL INC	0.08 %	8,196.44	BBG000BJPDZ1	28
1/20/2022	IT	Gartner Inc	0.09 %	9,755.55	BBG000BB65D0	35
1/20/2022	ITW	ILLINOIS TOOL WORKS	0.26 %	27,332.05	BBG000BMBL90	115
1/20/2022	IVZ	INVESCO LTD	0.01 %	882.96	BBG000BY2Y78	39
1/20/2022	J	JACOBS ENGINEERING GROUP INC	0.01 %	1,138.77	BBG000BMFFQ0	9
1/20/2022	JBHT	JB Hunt Transport Services, Inc.	0.07 %	7,615.58	BBG000BMDBZ1	38
1/20/2022	JKHY	JACK HENRY	0.02 %	1,956.96	BBG000BMH2Q7	12
1/20/2022	JNJ	JOHNSON & JOHNSON	2.23 %	239,116.75	BBG000BMHYD1	1,447
1/20/2022	JNPR	JUNIPER NETWORKS INC	0.02 %	2,331.70	BBG000BY33P5	70
1/20/2022	K	KELLOGG CO	0.06 %	6,811.39	BBG000BMKDM3	103
1/20/2022	KD-W	KYNDRYL HOLDINGS INC-W/I	0.01 %	867.00	BBG012W99DN6	51
1/20/2022	KEYS	KEYSIGHT TEC	0.05 %	5,856.84	BBG0059FN811	33
1/20/2022	KHC	KRAFT HEINZ CO/THE	0.11 %	11,488.60	BBG005CPNTQ2	310
1/20/2022	KIM	KIMCO REALTY CORP	0.01 %	1,230.32	BBG000CN3S73	52
1/20/2022	KLAC	KLA Corporation	0.46 %	49,059.84	BBG000BMTFR4	128
1/20/2022	KMB	Kimberly-Clark Corp	0.18 %	18,828.81	BBG000BMW2Z0	133
1/20/2022	KMX	CARMAX INC	0.08 %	9,015.10	BBG000BLMZK6	85
1/20/2022	KO	COCA-COLA CO/THE	0.58 %	61,965.00	BBG000BMX289	1,020
1/20/2022	KR	KROGER CO	0.14 %	14,606.43	BBG000BMY992	309
1/20/2022	LEG	LEGGETT & PLATT INC	0.01 %	629.12	BBG000BN53G7	16
1/20/2022	LEN	LENNAR CORP-A	0.06 %	6,310.26	BBG000BN5HF7	66
1/20/2022	LH	Laboratory Corp. of America Holdings	0.20 %	21,669.60	BBG000D9DMK0	80
1/20/2022	LHX	L3HARRIS TECHNOLOGIES INC	0.17 %	17,956.80	BBG000BLGFJ9	80
1/20/2022	LIN	LINDE PLC COMMON STOCK EUR.001	0.02 %	2,251.76	BBG00GVR8YQ9	7
1/20/2022	LKQ	LKQ CORP	0.06 %	5,993.12	BBG000PXDL44	112
1/20/2022	LLY	ELI LILLY & CO	0.67 %	71,480.22	BBG000BNBDC2	294
1/20/2022	LMT	LOCKHEED MARTIN CORP	0.57 %	60,771.06	BBG000C1BW00	162
1/20/2022	LOW	LOWES COS INC	0.65 %	69,418.30	BBG000BNDN65	310
1/20/2022	LRCX	LAM RESEARCH CORP	0.58 %	61,967.00	BBG000BNFLM9	100
1/20/2022	LW	LAMB WESTON	0.02 %	2,351.88	BBG003CVMLQ2	36
1/20/2022	MA	MASTERCARD INC - A	3.82 %	409,136.00	BBG000F1ZSQ2	1,124
1/20/2022	MAA	MID-AMERICA APARTMENT COMM	0.01 %	1,223.70	BBG000BLMY92	6
1/20/2022	MAR	Marriott International, Inc Class A	0.09 %	9,402.00	BBG000BGD7W6	60
1/20/2022	MAS	MASCO CORP	0.18 %	18,955.74	BBG000BNNKG9	291
1/20/2022	MCD	MCDONALDS CORP	0.55 %	58,726.16	BBG000BNSZP1	232
1/20/2022	MCHP	MICROCHIP TECHNOLOGY INC	0.11 %	11,465.35	BBG000BHCP19	155
1/20/2022	MCK	MCKESSON CORP	0.35 %	37,776.00	BBG000DYGNW7	150
1/20/2022	MCO	Moodys Corporation	1.58 %	169,182.30	BBG000F86GP6	490
1/20/2022	MDLZ	MONDELEZ INTERNATIONAL INC-A	0.22 %	23,512.72	BBG000D4LWF6	347
1/20/2022	MDT	MEDTRONIC PLC	0.15 %	16,022.61	BBG000BNWG87	151
1/20/2022	MHK	MOHAWK INDUSTRIES INC	0.03 %	2,742.61	BBG000FLZN98	17
1/20/2022	MKTX	MarketAxess Holdings Inc.	0.02 %	2,585.03	BBG000BJBZ23	7
1/20/2022	MLM	MARTIN MARIETTA MATERIALS	0.06 %	6,263.20	BBG000BGYMH7	16
1/20/2022	MMC	MARSH & MCLENNAN COS	0.31 %	33,694.47	BBG000BP4MH0	213
1/20/2022	MMM	3M CO	0.30 %	32,457.59	BBG000BP52R2	187
1/20/2022	MNST	MONSTER BEVERAGE CORP	0.51 %	54,499.47	BBG008NVB1C0	631
1/20/2022	MO	ALTRIA GROUP INC	0.85 %	91,399.28	BBG000BP6LJ8	1,816
1/20/2022	MPWR	MONOLITHIC POWER SYSTEMS INC	0.01 %	808.32	BBG000C30L48	2
1/20/2022	MRK	MERCK & CO. INC.	1.59 %	169,655.75	BBG000BPD168	2,101
1/20/2022	MRO	MARATHON OIL CORP	0.02 %	1,905.36	BBG000C8H633	102
1/20/2022	MSCI	MSCI INC	0.17 %	18,570.60	BBG000RTDY25	36
1/20/2022	MSFT	MICROSOFT CORP	6.06 %	648,440.00	BBG000BPH459	2,150
1/20/2022	MSI	MOTOROLA SOLUTIONS INC	0.09 %	9,315.15	BBG000BP8Z50	39
1/20/2022	MTD	METTLER-TOLEDO	0.16 %	17,646.36	BBG000BZCKH3	12
1/20/2022	MU	MICRON TECHNOLOGY INC	0.29 %	31,390.83	BBG000C5Z1S3	369
1/20/2022	NEM	NEWMONT GOLDCORP CORPORATION COM	0.14 %	15,513.12	BBG000BPWXK1	243
1/20/2022	NI	NISOURCE INC	0.01 %	723.84	BBG000BPZBB6	26
1/20/2022	NKE	NIKE INC -CL B	0.54 %	58,233.84	BBG000C5HS04	408
1/20/2022	NLOK	Nortonlifelock Inc	0.02 %	2,549.16	BBG000BH2JM1	97
1/20/2022	NLSN	Nielsen Holdings PLC	0.09 %	9,297.45	BBG0088CYPX8	485
1/20/2022	NOC	NORTHROP GRUMMAN CORP	0.30 %	31,792.80	BBG000BQ2C28	80
1/20/2022	NSC	NORFOLK SOUTHERN CORP	0.32 %	33,784.41	BBG000BQ5DS5	121
1/20/2022	NWL	NEWELL BRANDS INC	0.00 %	484.47	BBG000BQC9V2	21
1/20/2022	NXPI	NXP Semiconductors NV	0.32 %	33,933.70	BBG000BND699	170
1/20/2022	ODFL	Old Dominion Freight Line Inc.	0.06 %	6,446.79	BBG000CHSS88	21
1/20/2022	OGN	ORGANON CO WI	0.05 %	5,250.30	BBG00ZQRGW24	165
1/20/2022	OMC	OMNICOM GROUP	0.20 %	20,924.58	BBG000BS9489	277
1/20/2022	ORCL	ORACLE CORP	0.98 %	105,219.84	BBG000BQLTW7	1,272
1/20/2022	ORLY	OREILLY AUTOMOTIVE INC	0.59 %	62,861.82	BBG000BGYWY6	97
1/20/2022	OTIS	OTIS WORLDWIDE CORP-W/I	0.39 %	41,598.26	BBG00RP60KV0	506
1/20/2022	OXY	OCCIDENTAL PETROLEUM CORP	0.16 %	17,160.45	BBG000BQQ2S6	491
1/20/2022	PAYC	PAYCOM SOFTWARE INC	0.01 %	656.54	BBG0064N0ZZ5	2
1/20/2022	PAYX	PAYCHEX INC	0.06 %	6,170.49	BBG000BQSQ38	51
1/20/2022	PCAR	PACCAR INC	0.11 %	11,906.70	BBG000BQVTF5	129
1/20/2022	PEG	PUBLIC SERVICE ENTERPRISE GP	0.06 %	6,493.41	BBG000BQZMH4	99
1/20/2022	PFE	PFIZER INC	1.18 %	125,828.40	BBG000BR2B91	2,328
1/20/2022	PG	PROCTER & GAMBLE CO/THE	1.49 %	159,894.00	BBG000BR2TH3	987
1/20/2022	PGR	PROGRESSIVE CORP	0.82 %	87,665.06	BBG000BR37X2	818
1/20/2022	PH	PARKER-HANNIFIN CORP COMMON STOCK USD 0.5	0.16 %	16,654.19	BBG000BR3KL6	53
1/20/2022	PHM	PULTEGROUP INC	0.10 %	10,631.11	BBG000BR54L0	203
1/20/2022	PKG	Packaging Corp. of America	0.03 %	3,515.72	BBG000BB8SW7	26
1/20/2022	PKI	PERKINELMER INC	0.09 %	9,982.98	BBG000FXW512	57
1/20/2022	PLD	PROLOGIS INC	0.05 %	5,394.90	BBG000B9Z0J8	35
1/20/2022	PM	PHILIP MORRIS INTERNATIONAL	0.91 %	97,021.02	BBG000J2XL74	951
1/20/2022	PNR	Pentair plc	0.02 %	2,449.86	BBG000C221G9	38
1/20/2022	POOL	POOL CORP	0.05 %	5,717.16	BBG000BCVG28	12
1/20/2022	PPG	PPG INDUSTRIES INC	0.08 %	8,943.20	BBG000BRJ809	56
1/20/2022	PSA	PUBLIC STORAGE	0.07 %	7,400.82	BBG000BPPN67	21
1/20/2022	PWR	QUANTA SERVICES INC	0.04 %	3,999.20	BBG000BBL8V7	40
1/20/2022	QCOM	QUALCOMM INC	0.43 %	45,787.50	BBG000CGC1X8	275
1/20/2022	QRVO	QORVO INC	0.06 %	6,034.60	BBG007TJF1N7	44
1/20/2022	REG	REGENCY CENTERS CORP	0.00 %	282.24	BBG000BL46Q4	4
1/20/2022	REGN	REGENERON PHARMACEUTICALS	0.52 %	55,294.20	BBG000C734W3	90
1/20/2022	RHI	ROBERT HALF INTL INC	0.03 %	3,048.64	BBG000BS5DR2	28
1/20/2022	RMD	RESMED INC	0.05 %	4,997.16	BBG000L4M7F1	21
1/20/2022	ROK	ROCKWELL AUTOMATION INC	0.08 %	8,157.50	BBG000BBCDZ2	26
1/20/2022	ROL	Rollins Inc	0.02 %	1,709.10	BBG000BSBBP1	54
1/20/2022	RTX	RAYTHEON TECHNOLOGIES CORP	0.15 %	15,993.16	BBG000BW8S60	181
1/20/2022	SEE	SEALED AIR CORP	0.04 %	3,881.70	BBG000C22QV7	57
1/20/2022	SHW	SHERWIN-WILLIAMS CO/THE	0.38 %	40,481.76	BBG000BSXQV7	136
1/20/2022	SJM	J M Smucker Co COM STK NPV	0.07 %	7,198.14	BBG000BT1715	51
1/20/2022	SNA	SNAP-ON INC	0.04 %	4,404.12	BBG000BT7JW9	21
1/20/2022	SNPS	SYNOPSYS INC	0.06 %	5,889.24	BBG000BSFRF3	19
1/20/2022	SO	SOUTHERN CO/THE	0.18 %	19,277.92	BBG000BT9DW0	284
1/20/2022	SPGI	S&P GLOBAL INC	2.52 %	270,015.08	BBG000BP1Q11	646
1/20/2022	SRE	SEMPRA ENERGY	0.16 %	17,264.64	BBG000C2ZCH8	128
1/20/2022	STX	SEAGATE TECHNOLOGY-ORDINARY SHARES	0.08 %	9,038.70	BBG0113JGQF0	90
1/20/2022	STZ	CONSTELLATION BRANDS INC-A	0.09 %	9,249.20	BBG000J1QLT0	38
1/20/2022	SWKS	SKYWORKS SOLUTIONS INC	0.04 %	4,718.67	BBG000KLB4Q1	33
1/20/2022	SYF	SYNCHRONY FINANCIAL	0.36 %	38,837.60	BBG00658F3P3	860
1/20/2022	SYK	STRYKER CORP	0.13 %	14,393.12	BBG000DN7P92	56
1/20/2022	SYY	SYSCO CORP	0.08 %	8,973.45	BBG000BTVJ25	115
1/20/2022	T	AT&T INC	0.89 %	94,732.12	BBG000BSJK37	3,506
1/20/2022	TDY	TELEDYNE TECH	0.03 %	3,343.76	BBG000BMT9T6	8
1/20/2022	TECH	BIO-TECHNE CORP	0.01 %	1,508.88	BBG000C15114	4
1/20/2022	TEL	TE CONNECTIVITY LTD	0.07 %	7,854.00	BBG000RGM5P1	51
1/20/2022	TER	TERADYNE INC	0.08 %	8,728.80	BBG000BV4DR6	60
1/20/2022	TGT	TARGET CORP	0.43 %	46,117.76	BBG000H8TVT2	208
1/20/2022	TPR	TAPESTRY INC COMMON STOCK USD.01	0.04 %	4,705.28	BBG000BY29C7	128
1/20/2022	TRMB	TRIMBLE INC	0.05 %	5,812.80	BBG000BNPS52	80
1/20/2022	TROW	T ROWE PRICE GROUP INC	0.26 %	28,014.30	BBG000BVMPN3	170
1/20/2022	TRV	The Travelers Companies Inc.	0.04 %	4,459.86	BBG000BJ81C1	27
1/20/2022	TSN	TYSON FOODS INC-CL A	0.11 %	11,850.26	BBG000DKCC19	131
1/20/2022	TTWO	TAKE-TWO INTERACTIVE SOFTWRE	0.09 %	9,703.14	BBG000BS1YV5	59
1/20/2022	TXN	TEXAS INSTRUMENTS INC	0.61 %	65,217.20	BBG000BVV7G1	376
1/20/2022	UDR	UDR INC	0.03 %	2,721.12	BBG000C41023	48
1/20/2022	UHS	UNIVERSAL HEALTH SERVICES-B	0.03 %	2,687.79	BBG000CB8Q50	21
1/20/2022	ULTA	Ulta Beauty Inc.	0.06 %	6,104.87	BBG00FWQ4VD6	17
1/20/2022	UNH	UNITEDHEALTH GROUP INC	0.74 %	79,173.00	BBG000CH5208	171
1/20/2022	UNP	UNION PACIFIC CORP	0.92 %	98,522.49	BBG000BW3299	407
1/20/2022	UPS	UNITED PARCEL SERVICE-CL B	0.35 %	37,625.94	BBG000L9CV04	186
1/20/2022	URI	UNITED RENTALS INC	0.13 %	13,512.84	BBG000BXMFC3	44
1/20/2022	V	VISA INC-CLASS A SHARES	1.35 %	144,686.25	BBG000PSKYX7	675
1/20/2022	VIAC	VIACOMCBS INC	0.11 %	12,210.26	BBG000C496P7	362
1/20/2022	VRSK	VERISK ANALYTICS INC	0.22 %	23,565.57	BBG000BCZL41	119
1/20/2022	VRSN	VERISIGN INC	0.21 %	22,302.59	BBG000BGKHZ3	103
1/20/2022	VRTX	VERTEX PHARMACEUTICALS INC	0.24 %	25,604.32	BBG000C1S2X2	112
1/20/2022	VTR	Ventas Inc.	0.03 %	3,593.80	BBG000FRVHB9	70
1/20/2022	VTRS	VIATRIS INC	0.05 %	5,211.84	BBG00Y4RQNH4	356
1/20/2022	WAB	WABTEC CORP	0.05 %	4,961.52	BBG000BDD940	54
1/20/2022	WAT	WATERS CORP	0.05 %	5,062.72	BBG000FQRVM3	16
1/20/2022	WBA	WALGREENS BOOTS ALLIANCE INC	0.17 %	17,868.48	BBG000BWLMJ4	336
1/20/2022	WDC	WESTERN DIGITAL CORP	0.13 %	14,380.80	BBG000BWNFZ9	240
1/20/2022	WFC	WELLS FARGO & CO	0.01 %	1,540.00	BBG000BWQFY7	28
1/20/2022	WHR	WHIRLPOOL CORP	0.04 %	4,430.80	BBG000BWSV34	22
1/20/2022	WLTW	WILLIS TOWERS WATSON PLC	0.07 %	7,988.40	BBG000DB3KT1	35
1/20/2022	WM	WASTE MANAGEMENT INC	0.00 %	153.23	BBG000BWVSR1	1
1/20/2022	WMB	Williams Companies Inc.	0.09 %	9,810.57	BBG000BWVCP8	341
1/20/2022	WMT	WAL-MART STORES INC	1.35 %	144,750.50	BBG000BWXBC2	1,025
1/20/2022	WRB	W.R. Berkley Corporation	0.02 %	1,832.60	BBG000BD1HP2	22
1/20/2022	WRK	WESTROCK CO	0.00 %	497.64	BBG008NXC572	11
1/20/2022	WST	WEST PHARMACEUTICAL SERVICES	0.01 %	1,494.36	BBG000BX24N8	4
1/20/2022	WU	WESTERN UNION CO	0.06 %	6,847.50	BBG000BB5373	375
1/20/2022	WY	WEYERHAEUSER CO	0.04 %	4,403.35	BBG000BX3BL3	115
1/20/2022	XLNX	XILINX INC	0.09 %	9,466.11	BBG000C0F570	51
1/20/2022	YUM	YUM! BRANDS INC	0.19 %	20,150.06	BBG000BH3GZ2	163
1/20/2022	ZBH	ZIMMER BIOMET HOLDINGS INC	0.02 %	1,968.64	BBG000BKPL53	16
1/20/2022	ZBRA	ZEBRA TECHNOLOGIES CORP-CL A	0.08 %	8,022.72	BBG000CC7LQ7	16
1/20/2022		CASH AND CASH EQUIVALENTS	0.61 %	65,759.69

Portfolio holdings will change and should not be considered investment advice or a recommendation to buy, sell or hold any particular security.

Risk Considerations

Investing involves risk, including the possible loss of principal. Shares of the ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The prices of securities in the Fund’s portfolio will fluctuate due to market conditions and may affect its value. The fund is subject to the risks of the underlying securities it invests in such as convertible securities in which market value may change based on the issuer’s credit rating or the ability of the issuer to pay interest and dividends. Investments in preferred securities may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock tends to fall. The price of a warrant and rights may not necessarily move parallel to the price of the underlying security and is generally more volatile.

The Fund is a non-diversified portfolio, which means that it can take larger positions in a smaller number of securities than a portfolio that is diversified. This can increase the risk that the value of the Fund could go down because of the poor performance of a limited number of investments. The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision.

The Applied Finance Valuation Large Cap ETF is distributed by Foreside Fund Services, LLC, not an adviser affiliate.

Applied Finance Advisors, LLC is the Adviser to the fund.