Emles Trust NPORTP Emles Luxury Goods ETF (Sep 2022 report)

Schedule of Investments	September 30, 2022 (Unaudited)
Emles @Home ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Information Technology		46.8
Industrials		16.5
Consumer Discretionary		13.7
Communication Services		13.0
Consumer Staples		10.0
Total		100.0

Country	Percentage of Investments (%)
United States		90.5
Canada		6.0
Taiwan		3.5
Total		100.0

Portfolio holdings and allocations are subject to change. As of September 30, 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 (12.9%)
	430	Comcast Corp.		12,612
	395	Match Group, Inc.^(a)		18,861
	98	Meta Platforms, Inc.^(a)		13,297
	595	ROBLOX Corp., Class A^(a)		21,325
	973	TripAdvisor, Inc.^(a)		21,484
	356	Verizon Communications, Inc.		13,517
				101,096
Consumer Discretionary (13.6%)
	437	Etsy, Inc.^(a)		43,757
	298	Expedia Group, Inc.^(a)		27,920
	74	Lululemon Athletica, Inc.^(a)		20,687
	495	YETI Holdings, Inc.^(a)		14,117
				106,481
Consumer Staples (10.0%)
	350	Procter & Gamble Co. (The)		44,188
	262	Walmart, Inc.		33,981
				78,169
Industrials (16.5%)
	958	GXO Logistics, Inc.^(a)		33,587
	188	Insperity, Inc.		19,193
	136	JB Hunt Transport Services, Inc.		21,273
	608	Korn Ferry		28,546
	286	TFI International, Inc.		25,877
				128,476
Information Technology (46.6%)
	42	Adobe, Inc.^(a)		11,558
	182	Akamai Technologies, Inc.^(a)		14,618
	224	Analog Devices, Inc.		31,212
	254	Apple, Inc.		35,103
	48	Broadcom, Inc.		21,313
	209	Crowdstrike Holdings, Inc., Class A^(a)		34,445
	171	Microsoft Corp.		39,826
	276	NVIDIA Corp.		33,504
	210	Palo Alto Networks, Inc.^(a)		34,396
	258	Paychex, Inc.		28,950
	298	QUALCOMM, Inc.		33,668

Schedule of Investments (continued)	September 30, 2022 (Unaudited)
Emles @Home ETF

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

Information Technology (continued)
	400	Taiwan Semiconductor Manufacturing Co., Ltd. ADR		27,424
	118	Workday, Inc., Class A^(a)		17,962
				363,979
Total Common Stocks (Cost $1,054,796)				778,201

Total Investments (Cost $1,054,796) — 99.6%				778,201
Other assets in excess of liabilities — 0.4%				3,141
Net Assets — 100.0%			$	781,342

(a)	Non-income producing

ADR	American Depositary Receipt

Schedule of Investments	September 30, 2022 (Unaudited)
Emles Made in America ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Consumer Staples		40.5
Industrials		28.8
Materials		24.4
Consumer Discretionary		4.0
Health Care		2.3
Total		100.0

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

Consumer Discretionary (4.0%)
	134	LCI Industries		13,596
	228	Polaris, Inc.		21,808
	275	Skyline Champion Corp.^(a)		14,539
	211	Sleep Number Corp.^(a)		7,134
	392	Vista Outdoor, Inc.^(a)		9,533
	217	Winnebago Industries, Inc.		11,547
				78,157
Consumer Staples (40.4%)
	2,349	Altria Group, Inc.		94,853
	49	Boston Beer Co., Inc. (The), Class A^(a)		15,859
	1,066	Campbell Soup Co.		50,230
	205	Central Garden & Pet Co.^(a)		7,388
	818	Church & Dwight Co., Inc.		58,438
	1,597	Conagra Brands, Inc.		52,110
	899	Flowers Foods, Inc.		22,196
	454	Hershey Co. (The)		100,093
	1,853	Hormel Foods Corp.		84,200
	367	J M Smucker Co. (The)		50,430
	2,759	Keurig Dr Pepper, Inc.		98,827
	119	Lancaster Colony Corp.		17,883
	256	Post Holdings, Inc.^(a)		20,969
	842	Reynolds Consumer Products, Inc.		21,900
	158	Seneca Foods Corp.^(a)		7,970
	332	TreeHouse Foods, Inc.^(a)		14,084
	959	Tyson Foods, Inc.		63,227
				780,657
Health Care (2.3%)
	440	Emergent BioSolutions, Inc.^(a)		9,236
	164	United Therapeutics Corp.^(a)		34,338
				43,574
Industrials (28.8%)
	254	Advanced Drainage Systems, Inc.		31,590
	179	American Woodmark Corp.^(a)		7,851
	231	Apogee Enterprises, Inc.		8,829
	247	Arcosa, Inc.		14,123
	203	Atkore, Inc.^(a)		15,795
	386	BWX Technologies, Inc.		19,443
	115	Encore Wire Corp.		13,287
	469	Fortune Brands Home & Security, Inc.		25,181
	464	General Dynamics Corp.		98,447
	332	HNI Corp.		8,801
	175	Hubbell, Inc.		39,025
	145	Huntington Ingalls Industries, Inc.		32,117

Schedule of Investments (continued)	September 30, 2022 (Unaudited)
Emles Made in America ETF

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

Industrials (continued)
	124	Lennox International, Inc.		27,611
	275	Mueller Industries, Inc.		16,346
	217	Northrop Grumman Corp.		102,059
	275	Oshkosh Corp.		19,330
	757	REV Group, Inc.		8,350
	202	Simpson Manufacturing Co., Inc.		15,837
	236	SPX Technologies, Inc.^(a)		13,032
	213	Steel Partners Holdings, LP		8,840
	278	UFP Industries, Inc.		20,060
	576	Wabash National Corp.		8,963
				554,917
Materials (24.4%)
	224	Clearwater Paper Corp.^(a)		8,422
	1,877	Cleveland-Cliffs, Inc.^(a)		25,283
	172	Eagle Materials, Inc.		18,435
	365	Louisiana-Pacific Corp.		18,684
	199	Martin Marietta Materials, Inc.		64,096
	760	Nucor Corp.		81,312
	286	Olympic Steel, Inc.		6,524
	317	Packaging Corp. of America		35,596
	214	Reliance Steel & Aluminum Co.		37,324
	302	Scotts Miracle-Gro Co. (The)		12,911
	617	Steel Dynamics, Inc.		43,776
	562	Summit Materials, Inc.^(a)		13,466
	418	Vulcan Materials Co.		65,923
	910	Westrock Co.		28,110
	287	Worthington Industries, Inc.		10,946
				470,808
Total Common Stocks (Cost $1,898,559)				1,928,113

Total Investments (Cost $1,898,559) — 99.9%				1,928,113
Other assets in excess of liabilities — 0.1%				1,433
Net Assets — 100.0%			$	1,929,546

(a)	Non-income producing

LP	Limited Partnership

Schedule of Investments	September 30, 2022 (Unaudited)
Emles Real Estate Credit ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Real Estate		89.6
Consumer Discretionary		6.5
Industrials		2.1
Financials		1.1
Communication Services		0.7
Total		100.0

Principal Amount ($)		Security Description	Value ($)
Corporate Bonds (99.0%)

Communication Services (0.7%)
	31,000	Lamar Media Corp., 3.75%, 2/15/28, Callable 2/15/23 @ 102		27,079

Consumer Discretionary (6.4%)
	30,000	D.R. Horton, Inc., 1.40%, 10/15/27, Callable 8/15/27 @ 100		24,215
	40,000	Lennar Corp., 4.75%, 11/29/27, Callable 5/29/27 @ 100		36,978
	40,000	MDC Holdings, Inc., 6.00%, 1/15/43, Callable 10/15/42 @ 100		30,080
	66,000	NVR, Inc., 3.00%, 5/15/30, Callable 11/15/29 @ 100		53,862
	22,000	PulteGroup, Inc., 5.00%, 1/15/27, Callable 10/15/26 @ 100		21,344
	58,000	Taylor Morrison Communities, Inc., 5.13%, 8/1/30, Callable 2/1/30 @ 100^(a)		46,818
	58,000	Toll Brothers Finance Corp., 3.80%, 11/1/29, Callable 8/1/29 @ 100		46,933
				260,230
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)		42,617

Industrials (2.1%)
	87,000	CoreCivic, Inc., 8.25%, 4/15/26, Callable 4/15/24 @ 104		86,492

Real Estate (88.7%)
	119,000	Alexandria Real Estate Equities, Inc., 3.00%, 5/18/51, Callable 11/18/50 @ 100		72,093
	62,000	Alexandria Real Estate Equities, Inc., 3.45%, 4/30/25, Callable 2/28/25 @ 100		59,402
	47,000	Alexandria Real Estate Equities, Inc., 4.90%, 12/15/30, Callable 9/15/30 @ 100		44,427
	50,000	American Tower Corp., 1.45%, 9/15/26, Callable 8/15/26 @ 100		42,553
	53,000	American Tower Corp., 1.88%, 10/15/30, Callable 7/15/30 @ 100		39,204

Schedule of Investments (continued)	September 30, 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		37,517
	118,000	American Tower Corp., 3.38%, 10/15/26, Callable 7/15/26 @ 100		107,877
	100,000	American Tower Corp., 3.80%, 8/15/29, Callable 5/15/29 @ 100		87,691
	47,000	AvalonBay Communities, Inc., 2.30%, 3/1/30, Callable 12/1/29 @ 100		38,698
	29,000	AvalonBay Communities, Inc., 3.20%, 1/15/28, Callable 10/15/27 @ 100, MTN		26,364
	47,000	Boston Properties, LP, 2.90%, 3/15/30, Callable 12/15/29 @ 100		37,785
	76,000	Boston Properties, LP, 3.25%, 1/30/31, Callable 10/30/30 @ 100		61,813
	63,000	Boston Properties, LP, 4.50%, 12/1/28, Callable 9/1/28 @ 100		58,006
	47,000	Brixmor Operating Partnership, LP, 3.85%, 2/1/25, Callable 11/1/24 @ 100		45,169
	25,000	Brixmor Operating Partnership, LP, 3.90%, 3/15/27, Callable 12/15/26 @ 100		22,750
	49,000	Brixmor Operating Partnership, LP, 4.13%, 5/15/29, Callable 2/15/29 @ 100		42,575
	49,000	Camden Property Trust, 2.80%, 5/15/30, Callable 2/15/30 @ 100		41,114
	55,000	CBRE Services, Inc., 2.50%, 4/1/31, Callable 1/1/31 @ 100		41,828
	50,000	Crown Castle, Inc., 1.05%, 7/15/26, Callable 6/15/26 @ 100		42,252
	91,000	Crown Castle, Inc., 2.10%, 4/1/31, Callable 1/1/31 @ 100		68,169
	65,000	Crown Castle, Inc., 2.90%, 4/1/41, Callable 10/1/40 @ 100		42,208
	49,000	Crown Castle, Inc., 3.30%, 7/1/30, Callable 4/1/30 @ 100		41,012
	58,000	Crown Castle, Inc., 4.30%, 2/15/29, Callable 11/15/28 @ 100		53,185
	30,000	CTR Partnership, LP/CareTrust Capital Corp., 3.88%, 6/30/28, Callable 3/30/28 @ 100^(a)		24,682

Schedule of Investments (continued)	September 30, 2022 (Unaudited)
Emles Real Estate Credit ETF

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

Real Estate (continued)
	58,000	Digital Realty Trust, LP, 3.60%, 7/1/29, Callable 4/1/29 @ 100		50,823
	25,000	Duke Realty, LP, 2.88%, 11/15/29, Callable 8/15/29 @ 100		21,279
	35,000	EPR Properties, 3.75%, 8/15/29, Callable 5/15/29 @ 100		26,891
	29,000	EPR Properties, 4.50%, 6/1/27, Callable 3/1/27 @ 100		25,046
	35,000	Equinix, Inc., 1.25%, 7/15/25, Callable 6/15/25 @ 100		31,306
	93,000	Equinix, Inc., 1.45%, 5/15/26, Callable 4/15/26 @ 100		80,560
	30,000	Equinix, Inc., 1.80%, 7/15/27, Callable 5/15/27 @ 100		25,083
	45,000	Equinix, Inc., 3.40%, 2/15/52, Callable 8/15/51 @ 100		29,649
	42,000	ERP Operating, LP, 2.50%, 2/15/30, Callable 11/15/29 @ 100		34,492
	42,000	ERP Operating, LP, 3.00%, 7/1/29, Callable 4/1/29 @ 100		36,416
	25,000	ERP Operating, LP, 4.15%, 12/1/28, Callable 9/1/28 @ 100		22,983
	40,000	Extra Space Storage, LP, 2.55%, 6/1/31, Callable 3/1/31 @ 100		30,738
	20,000	Federal Realty Investment Trust, 3.50%, 6/1/30, Callable 3/1/30 @ 100		17,006
	47,000	GLP Capital, LP / GLP Financing II, Inc., 4.00%, 1/15/30, Callable 10/15/29 @ 100		39,252
	35,000	GLP Capital, LP / GLP Financing II, Inc., 5.75%, 6/1/28, Callable 3/3/28 @ 100		32,774
	43,000	Healthpeak Properties, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100		40,063
	89,000	Host Hotels & Resorts, LP, 3.50%, 9/15/30, Callable 6/15/30 @ 100		70,950
	50,000	Howard Hughes Corp. (The), 4.38%, 2/1/31, Callable 2/1/26 @ 102^(a)		35,915
	70,000	Iron Mountain, Inc., 4.50%, 2/15/31, Callable 2/15/26 @ 102^(a)		54,123
	28,000	Kilroy Realty, LP, 2.50%, 11/15/32, Callable 8/15/32 @ 100		20,118
	35,000	Kimco Realty Corp., 3.30%, 2/1/25, Callable 12/1/24 @ 100		33,627
	35,000	Life Storage, LP, 3.88%, 12/15/27, Callable 9/15/27 @ 100		31,887
	25,000	Mid-America Apartments, LP, 3.75%, 6/15/24, Callable 3/15/24 @ 100		24,449
	38,000	Mid-America Apartments, LP, 3.95%, 3/15/29, Callable 12/15/28 @ 100		34,542
	58,000	MPT Operating Partnership, LP / MPT Finance Corp., 4.63%, 8/1/29, Callable 8/1/24 @ 102		46,665
	30,000	National Retail Properties, Inc., 3.50%, 4/15/51, Callable 10/15/50 @ 100		20,096
	43,000	Office Properties Income Trust, 4.50%, 2/1/25, Callable 11/1/24 @ 100		38,229

Schedule of Investments (continued)	September 30, 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		28,480
	38,000	Omega Healthcare Investors, Inc., 4.75%, 1/15/28, Callable 10/15/27 @ 100		34,848
	23,000	Outfront Media Capital LLC / Outfront Media Capital Corp., 4.25%, 1/15/29, Callable 1/15/24 @ 102^(a)		18,066
	50,000	Physicians Realty, LP, 2.63%, 11/1/31, Callable 8/1/31 @ 100		37,913
	49,000	Prologis, LP, 1.25%, 10/15/30, Callable 7/15/30 @ 100		36,496
	63,000	Prologis, LP, 2.25%, 4/15/30, Callable 1/15/30 @ 100		51,439
	34,000	Public Storage, 3.09%, 9/15/27, Callable 6/15/27 @ 100		31,127
	42,000	Realty Income Corp., 3.00%, 1/15/27, Callable 10/15/26 @ 100		38,209
	38,000	Realty Income Corp., 3.65%, 1/15/28, Callable 10/15/27 @ 100		34,901
	35,000	Realty Income Corp., 3.88%, 4/15/25, Callable 2/15/25 @ 100		34,042
	21,000	Realty Income Corp., 4.13%, 10/15/26, Callable 7/15/26 @ 100		20,114
	44,000	Realty Income Corp., 4.63%, 11/1/25, Callable 9/1/25 @ 100		43,332
	30,000	Regency Centers, LP, 4.40%, 2/1/47, Callable 8/1/46 @ 100		23,299
	34,000	Sabra Health Care, LP, 5.13%, 8/15/26, Callable 5/15/26 @ 100		31,911
	88,000	SBA Communications Corp., 3.88%, 2/15/27, Callable 2/15/23 @ 102		78,597
	53,000	Service Properties Trust, 4.35%, 10/1/24, Callable 9/1/24 @ 100		46,612
	53,000	Service Properties Trust, 7.50%, 9/15/25, Callable 6/15/25 @ 100		49,555
	63,000	Simon Property Group, LP, 2.00%, 9/13/24, Callable 6/13/24 @ 100		59,515
	40,000	Simon Property Group, LP, 2.20%, 2/1/31, Callable 11/1/30 @ 100		30,548
	49,000	Simon Property Group, LP, 2.65%, 7/15/30, Callable 4/15/30 @ 100		39,496
	49,000	Simon Property Group, LP, 3.38%, 12/1/27, Callable 9/1/27 @ 100		44,247
	70,000	Simon Property Group, LP, 3.50%, 9/1/25, Callable 6/1/25 @ 100		66,846
	29,000	SITE Centers Corp., 4.70%, 6/1/27, Callable 3/1/27 @ 100		26,890
	29,000	Spirit Realty, LP, 3.20%, 2/15/31, Callable 11/15/30 @ 100		22,563
	75,000	UDR, Inc., 2.10%, 8/1/32, Callable 5/1/32 @ 100		54,150
	25,000	UDR, Inc., 3.00%, 8/15/31, Callable 5/15/31 @ 100		19,901

Schedule of Investments (continued)	September 30, 2022 (Unaudited)
Emles Real Estate Credit ETF

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

Real Estate (continued)
	29,000	Ventas Realty, LP, 2.65%, 1/15/25, Callable 12/15/24 @ 100		27,277
	29,000	Ventas Realty, LP, 3.25%, 10/15/26, Callable 7/15/26 @ 100		26,626
	34,000	Ventas Realty, LP, 4.13%, 1/15/26, Callable 10/15/25 @ 100		32,554
	34,000	Ventas Realty, LP, 4.75%, 11/15/30, Callable 8/15/30 @ 100		31,294
	63,000	VICI Properties, LP / VICI Note Co., Inc., 4.13%, 8/15/30, Callable 2/15/25 @ 102^(a)		52,619
	63,000	VICI Properties, LP / VICI Note Co., Inc., 4.63%, 12/1/29, Callable 12/1/24 @ 102^(a)		54,722
	49,000	VICI Properties, LP / VICI Note Co., Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100^(a)		46,172
	15,000	Welltower, Inc., 2.75%, 1/15/31, Callable 10/15/30 @ 100		11,852
	67,000	Welltower, Inc., 4.00%, 6/1/25, Callable 3/1/25 @ 100		64,228
	47,000	Welltower, Inc., 4.25%, 4/1/26, Callable 1/1/26 @ 100		45,055
	50,000	Weyerhaeuser Co., 4.00%, 4/15/30, Callable 1/15/30 @ 100		44,199
	34,000	WP Carey, Inc., 4.60%, 4/1/24, Callable 1/1/24 @ 100		33,743
				3,606,774
Total Corporate Bonds (Cost $4,901,614)				4,023,192

Total Investments (Cost $4,901,614) — 99.0%				4,023,192
Other assets in excess of liabilities — 1.0%				40,970
Net Assets — 100.0%			$	4,064,162

(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 September 30, 2022 was $375,734 and represents 9.3% of the net assets of the fund.

LLC	Limited Liability Corporation
LP	Limited Partnership
MTN	Medium Term Note

Schedule of Investments
Emles Luxury Goods ETF

September 30, 2022 (Unaudited)

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Consumer Discretionary		70.4
Consumer Staples		21.7
Information Technology		7.8
Short-Term Investment		0.1
Total		100.0

Country	Percentage of Investments (%)
United States		27.8
France		26.5
Italy		11.3
Germany		11.2
Japan		6.8
United Kingdom		6.5
Switzerland		3.3
Canada		2.5
Hong Kong		1.6
China		1.4
Brazil		1.1
Total		100.0

Portfolio holdings and allocations are subject to change. As of September 30, 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 (99.3%)

Consumer Discretionary (70.0%)
	550	Adidas AG		64,054
	1,278	Bayerische Motoren Werke AG		87,627
	1,044	Brunello Cucinelli SpA		51,189
	3,011	Burberry Group PLC		60,770
	2,864	Canada Goose Holdings, Inc.^(a)		43,813
	1,196	Capri Holdings, Ltd.^(a)		45,974
	37,993	Chow Tai Fook Jewellery Group, Ltd.		71,534
	255	Christian Dior SE		148,763
	999	Cie Financiere Richemont SA		95,693
	5,247	Ermenegildo Zegna Holditalia SpA		56,405
	757	EssilorLuxottica SA		104,083
	1,935	Fast Retailing Co., Ltd. ADR		102,652
	447	Ferrari NV		83,946
	140	Hermes International		166,913
	1,023	HUGO BOSS AG		48,165
	212	Kering SA		95,234
	8,641	Li Ning Co., Ltd.		66,157
	254	Lululemon Athletica, Inc.^(a)		71,008
	561	LVMH Moet Hennessy Louis Vuitton SE		335,467
	1,966	Mercedes-Benz Group AG		100,826
	1,423	Moncler SpA		59,094
	4,100	MYT Netherlands Parent BV ADR^(a)		47,232
	1,655	NIKE, Inc.		137,564
	909	Porsche Automobil Holding SE		51,792
	11,976	Prada SpA		55,533
	585	Ralph Lauren Corp.		49,684
	2,054	Revolve Group, Inc.^(a)		44,551
	216	RH^(a)		53,151
	3,510	Salvatore Ferragamo SpA		49,722
	1,551	Sanlorenzo SpA Ameglia		50,066
	251	Swatch Group AG (The)		57,251

Schedule of Investments (continued)
Emles Luxury Goods ETF

September 30, 2022 (Unaudited)

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

Consumer Discretionary (continued)
	1,719	Tapestry, Inc.		48,871
	1,383	Tesla, Inc.^(a)		366,841
	1,303	Tod’s SpA^(a)		53,587
	541	Volkswagen AG		66,991
	5,604	Watches of Switzerland Group PLC^(a)(b)		42,163
	410	Williams-Sonoma, Inc.		48,318
	2,562	Zalando SE^(a)(b)		50,775
				3,233,459
Consumer Staples (21.6%)
	998	Brown-Forman Corp.		66,437
	6,592	Davide Campari-Milano NV		58,844
	3,618	Diageo PLC		153,372
	433	Estee Lauder Cos., Inc. (The)		93,485
	8,752	Kao Corp. ADR		71,241
	3,270	Kose Corp. ADR		67,493
	661	L’Oreal SA		213,853
	18,720	Natura & Co. Holding SA		50,980
	517	Pernod Ricard SA		95,649
	336	Remy Cointreau SA		56,254
	1,963	Shiseido Co., Ltd. ADR		68,921
				996,529
Information Technology (7.7%)
	2,589	Apple, Inc.		357,800

Total Common Stocks (Cost $6,165,681)				4,587,788

Short-Term Investment (0.1%)
	290	iPath S&P 500 VIX Short-Term Futures ETN		6,151

Total Short-Term Investment (Cost $6,397)				6,151

Total Investments (Cost $6,172,078) — 99.4%				4,593,939
Other assets in excess of liabilities — 0.6%				23,953
Net Assets — 100.0%			$	4,617,892

(a)	Non-income producing
(b)	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 September 30, 2022 was $92,938 and represents 2.0% of the net assets of the fund.

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Special Assessment

Schedule of Investments	September 30, 2022 (Unaudited)
Emles Federal Contractors ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Industrials		68.3
Information Technology		24.7
Health Care		4.7
Real Estate		2.0
Short-Term Investment		0.3
Total		100.0

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

Health Care (4.7%)
	5,758	Emergent BioSolutions, Inc.^(a)		120,860
	2,196	Quidelortho Corp.^(a)		156,970
				277,830
Industrials (68.3%)
	1,953	Ameresco, Inc.^(a)		129,835
	6,113	Fluor Corp.^(a)		152,153
	2,516	General Dynamics Corp.		533,820
	973	Huntington Ingalls Industries, Inc.		215,519
	1,361	ICF International, Inc.		148,376
	2,475	Jacobs Solutions, Inc.		268,513
	11,292	Kratos Defense & Security Solutions, Inc.^(a)		114,727
	2,451	L3Harris Technologies, Inc.		509,391
	1,365	Lockheed Martin Corp.		527,286
	1,170	Northrop Grumman Corp.		550,274
	4,064	Parsons Corp.^(a)		159,309
	6,617	Raytheon Technologies Corp.		541,668
	1,472	Tetra Tech, Inc.		189,196
				4,040,067
Information Technology (24.6%)
	2,778	Booz Allen Hamilton Holding Corp.		256,548
	702	CACI International, Inc.^(a)		183,264
	4,091	KBR, Inc.		176,813
	2,852	Leidos Holdings, Inc.		249,464
	2,687	Maximus, Inc.		155,497
	1,899	Science Applications International Corp.		167,929
	795	Teledyne Technologies, Inc.^(a)		268,289
				1,457,804
Real Estate (2.0%)
	15,705	GEO Group, Inc. (The)^(a)		120,929

Total Common Stocks (Cost $6,453,918)				5,896,630

Short-Term Investment (0.3%)
	760	iPath S&P 500 VIX Short-Term Futures ETN		16,120

Total Short-Term Investment (Cost $16,339)				16,120

Total Investments (Cost $6,470,257) — 99.9%				5,912,750
Other assets in excess of liabilities — 0.1%				5,194
Net Assets — 100.0%			$	5,917,944

(a)	Non-income producing

Schedule of Investments	September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF

Schedule of Investments Summary Table

Holdings by Sector	Percentage of Investments (%)
Consumer Discretionary		69.0
Short-Term Investment		10.6
Communication Services		6.1
Industrials		5.2
Information Technology		4.7
Financials		1.7
Warrants		1.5
Consumer Staples		0.9
Real Estate		0.2
Purchased Options		0.1
Total		100.0

Country	Percentage of Investments (%)
United States		96.5
China		3.3
Cayman Islands		0.2
Total		100.0

Shares		Security Description	Value ($)
Common Stocks (89.7%)

Communication Services (6.2%)
	12,402	Altice USA, Inc., Class A^(a)		72,304
	189,810	Lions Gate Entertainment Corp., Class A^(a)		1,410,288
	89,410	Lions Gate Entertainment Corp., Class B^(a)		621,400
				2,103,992
Consumer Discretionary (70.6%)
	11,042	Alibaba Group Holding, Ltd. ADR^(a)		883,250
	7,752	Big Lots, Inc.		121,009
	8,800	Bloomin’ Brands, Inc.		161,304
	4,731	Brinker International, Inc.^(a)		118,180
	3,520	Caesars Entertainment, Inc.^(a)		113,555
	114,620	Camping World Holdings, Inc., Class A		2,902,178
	6,160	Cheesecake Factory, Inc. (The)		180,365
	80,056	Children’s Place, Inc. (The)^(a)		2,472,930
	2,953	Darden Restaurants, Inc.		373,023
	3,826	Dave & Buster’s Entertainment, Inc.^(a)		118,721
	17,384	Dine Brands Global, Inc.		1,104,928
	17,600	Ethan Allen Interiors, Inc.		372,064
	42,474	Gap, Inc. (The)		348,712
	1,924	Hibbett, Inc.		95,834
	90,901	Kohl’s Corp.		2,286,160
	253,900	Lazydays Holdings, Inc.^(a)		3,427,650
	2,640	Lennar Corp., Class A		196,812
	26,772	Macy’s, Inc.		419,517
	880	Marriott International, Inc., Class A		123,323
	14,320	MGM Resorts International		425,590
	2,200	Mohawk Industries, Inc.^(a)		200,618
	14,215	Newell Brands, Inc.		197,446
	8,800	Nordstrom, Inc.		147,224
	23,592	Party City Holdco, Inc.^(a)		37,275

Schedule of Investments (continued)	September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF

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

Consumer Discretionary (continued)
	101,310	Purple Innovation, Inc.^(a)		410,306
	14,005	Red Robin Gourmet Burgers, Inc.^(a)		94,254
	7,040	Red Rock Resorts, Inc., Class A		241,190
	1,930	RH^(a)		474,915
	59,670	Signet Jewelers, Ltd.		3,412,527
	19,972	Thor Industries, Inc.		1,397,641
	17,640	Winnebago Industries, Inc.		938,624
	1,760	Wynn Resorts, Ltd.^(a)		110,933
				23,908,058
Consumer Staples (1.0%)
	11,194	Chefs’ Warehouse, Inc. (The)^(a)		324,290

Financials (1.6%)
	23,720	Invesco, Ltd.		324,964
	11,781	OppFi, Inc.^(a)		27,096
	5,240	Wells Fargo & Co.		210,753
				562,813
Industrials (5.3%)
	4,421	AAR Corp.^(a)		158,360
	24,783	Fluor Corp.^(a)		616,849
	3,256	HEICO Corp., Class A		373,203
	19,189	Spirit AeroSystems Holdings, Inc., Class A		420,623
	176	TransDigm Group, Inc.		92,368
	14,020	Triumph Group, Inc.^(a)		120,432
				1,781,835
Information Technology (4.8%)
	100,512	LGL Group, Inc. (The)		1,137,796
	3,033	Science Applications International Corp.		268,208
	11,440	Xerox Holdings Corp.		149,635
	772	Zoom Video Communications, Inc.^(a)		56,811
				1,612,450
Real Estate (0.2%)
	1,134	Howard Hughes Corp. (The)^(a)		62,812

Total Common Stocks (Cost $30,342,291)				30,356,250

Schedule of Investments (continued)	September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF

Shares		Security Description	Value ($)
Short-Term Investment (10.8%)
	3,630,922	Dreyfus Government Cash Management Institutional Shares		3,630,922

Total Short-Term Investment (Cost $3,630,922)				3,630,922

Purchased Options (0.1%)

Total Purchased Options (Cost $670,437)				44,700

Warrants (1.6%)
	246,517	Lazydays Holdings, Inc. Exp 03/15/23^(a)		337,728
	203,895	LGL Group, Inc. (The) Exp 11/17/25^(a)		83,587
	414,562	OppFi, Inc. Exp 08/31/27^(a)		99,495
	60,845	PMV Consumer Acquisition Corp. Exp 08/31/27^(a)		2,635

Total Warrants (Cost $1,662,693)				523,445

Total Investments (Cost $36,306,343) — 102.2%				34,555,317
Other assets in excess of liabilities — 2.2%				(890,575	)
Net Assets — 100.0%			$	33,664,742

(a)

Non-income producing

ADR	American Depositary Receipt
ETF	Exchange Traded Fund

Schedule of Investments (continued)	September 30, 2022 (Unaudited)
Emles Alpha Opportunities ETF

Shares			Security Description	Value ($)
Securities Sold Short ((23.3)%)

Consumer Discretionary ((6.3)%)
	(7,243	)	Tesla, Inc.^(a)		(1,921,206	)
	(500	)	Ulta Beauty, Inc.^(a)		(200,595	)
					(2,121,801	)
Exchange Traded-Fund ((4.1)%)
	(8,435	)	iShares Russell 2000 ETF		(1,391,100	)

Financials ((0.1)%)
	(675	)	Coinbase Global, Inc., Class A^(a)		(43,531	)

Industrials ((11.2)%)
	(1,750	)	Deere & Co.		(584,307	)
	(1,000	)	L3Harris Technologies, Inc.		(207,830	)
	(2,440	)	Lockheed Martin Corp.		(942,548	)
	(900	)	Norfolk Southern Corp.		(188,685	)
	(1,815	)	Northrop Grumman Corp.		(853,631	)
	(800	)	Parker-Hannifin Corp.		(193,848	)
	(2,450	)	Raytheon Technologies Corp.		(200,557	)
	(9,900	)	Textron, Inc.		(576,774	)
					(3,748,180	)
Materials ((1.5)%)
	(2,225	)	CF Industries Holdings, Inc.		(214,156	)
	(6,000	)	Mosaic Co. (The)		(289,980	)
					(504,136	)
Total Securities Sold Short (Proceeds $(8,609,295))					(7,808,748	)

Purchased Options

Description	Put/ Call	Number of Contracts	Notional Amount ($)^*		Strike Price ($)		Expiration Date	Value ($)
Alibaba Group Holding	Call	200		3,000,000		150.00	1/20/23		8,200
Alibaba Group Holding-SP ADR	Call	100		1,000,000		100.00	1/20/23		36,500
Total (Cost $670,437)				4,000,000					44,700

(a)	Non-income producing

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

Emles Trust NPORT-PEmles Luxury Goods ETF (Sep 2022 report)