Trajan Wealth ETF

Q1 Holdings

Holdings As of 12/31/2022
Ticker	CUSIP	Description	Quantity	% Net Assets
OLN 5	680665AK2	Olin Corp	845,200	3.6%
SBBA	80918T208	Scorpio Tankers	31,513	3.55%
BY 5	118230AM3	Buckeye Partners	934,000	3.21%
FTAIP	34960P200	Fortress Transportation Part	30,785	3.16%
SEAL A	Y8564M204	Seapeak LLC	30,580	3.13%
MTVD 685	61980AAD5	MOTIVA ENTERPRISES	650,000	3.04%
FCX 5	35671DBC8	Freeport McMoran	722,000	3.03%
HPQ 6	428236BR3	HP Inc	665,600	2.98%
DCOMP	25432X201	Dime Community Bancorp	34,671	2.92%
ATCO	Y0436Q109	Atlas Corp	40,790	2.86%
ABR F	038923850	ARBOR REALTY ABR	31,676	2.62%
DX C	26817Q878	Dynex Capital	26,180	2.61%
VMI 5	920253AE1	Valmont Industries Inc	636,800	2.53%
TMUS 3.6	87264ABY0	T-Mobile USA Inc	824,800	2.53%
INN E	866082605	Summit Hotel Properties	30,021	2.5%
CODI C	20451Q401	Compass Diversified Holdings	23,978	2.5%
AGM F	313148843	Farmer Mac	28,599	2.49%
IVR B	46131B407	Invesco Mortgage Capital	27,507	2.47%
VLO	91913Y100	Valero Energy	4,236	2.45%
AIG	026874784	American Intl Group	8,413	2.43%
KREFP	48251K209	KKR REAL ESTATE FIN	31,368	2.36%
FLO	343498101	Flowers Foods Inc	17,764	2.33%
BMY	110122108	Bristol-Meyers Squibb	7,018	2.3%
WMB	969457100	Williams Co INC	15,267	2.29%
NLY I	035710847	Annaly Capital	22,425	2.29%
CLECLI 4	18600TAA0	Cleveland Clinic	569,200	2.26%
SON	835495102	Sonoco Products Co.	8,059	2.23%
AHL D	G05384162	Aspen Insurance Holdings	26,672	2.2%
OGE	670837103	OGE Energy Corp	11,967	2.16%
BG	G16962105	Bunge Ltd.	4,719	2.15%
BKH	092113109	Black Hills Corp	6,619	2.12%
ATH A	G0684D305	Athene Holding Ltd	21,457	2.1%
PEB-G	70509V803	Pebblebrook Hotel	24,950	2.07%
AVGO	11135F101	Broadcom Inc.	803	2.05%
O	756109104	Realty Income Corporation	6,771	1.96%
CMRE E	Y1771G201	Costamare Inc	16,207	1.88%
PLYM A	729640201	Plymouth Industrial	15,686	1.79%
ZION	989701107	989701107	7,162	1.61%
MPW	58463J304	Medical Properties Trust	30,215	1.54%
VFC	918204108	918204108	10,918	1.38%
BX	09260D107	BLACKSTONE ORD	3,843	1.3%
AAL 3	90346WAA1	US Airways 2013-1A PT Trust	243,497	1.02%

Serial Number RCTWO1123002

Important Risk Information

Investments in the Fund are subject to investment risks, including the possible loss of some or the entire principal amount invested. There can be no assurance that the Fund will be successful in meeting its investment objective.

Investment in the Fund is also subject to the following risks:

Preferred Securities Risk: Preferred securities may be subject to redemption, including at the issuer’s call, and the Fund may not be able to reinvest the proceeds at comparable or favorable rates of return. These securities are generally subordinated to bonds and other debt securities in an issuer’s capital structure in terms of priority for corporate income and liquidation payments. These securities may trade less frequently and in a more limited volume and may be subject to more abrupt or erratic price movements than other securities.
Fixed Income Risk: When investing in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.
Junk Bond Risk: The Fund may invest in junk bonds that are considered speculative. Junk bonds are subject to the increased risk of an issuer’s inability to meet principal and interest payment obligations and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to factors such as corporate developments, interest rate sensitivity, negative perceptions of the junk bond market, and less secondary market liquidity.

More information about these risks can be found in the Fund’s prospectus.

While the shares of the Fund are tradeable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress. ETFs trade like stocks, are subject to investment risks, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns. More information about these risks can be found in the Fund’s prospectus.

An investor should consider the investment objectives, risks, and charges, and expenses of the Fund before investing. The prospectus contains this and other information about the Fund. A copy of the prospectus is available at https://trajanwealthetf.com/ or by calling Shareholder Services at 800-773-3863. The prospectus should be read carefully before investing. Current and future holdings are subject to change and risk.

The Trajan Wealth Income Opportunities ETF is distributed by Capital Investment Group, Inc., Member FINRA/SIPC, 100 E. Six Forks Road, Suite 200, Raleigh, North Carolina 27609. There is no affiliation between Trajan Wealth, LLC, including their principals, and Capital Investment Group, Inc.

*Advisory services offered through Trajan Wealth L.L.C., an SEC Registered Investment Advisor. Fiduciary advisor not dually licensed as a securities broker and not able to sell securities for a commission.

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