Senior Secured Credit Opportunities ETF

About the Fund

Senior Secured Credit Opportunities (“SECD”) seeks to preserve capital and generate consistent income through a disciplined, fundamental and active investment process. The Fund is an actively-managed ETF that seeks to achieve its investment objective by investing at least 80% of its assets in a diversified portfolio of senior secured floating-rate bank loans and high yield senior secured bonds.

SECD’s portfolio will be comprised of approximately 50-100 individual instruments, with a target allocation of one to two percent of the Fund’s portfolio to any specific company. SECD will generally invest at least 90% of its assets in companies domiciled in the United States and Canada while the Fund’s securities will be exclusively U.S. dollar-denominated. The fund will not target a specific duration or maturity for its portfolio and investments are typically held to a refinancing or maturity.

Fund Documents

Fund Details

New column	New column	wdt_ID
Fund Inception	12/5/2022	1
Ticker	SECD	2
Primary Exchange	NYSE	3
CUSIP	88634T501	4
NAV Symbol	SECD.NV	6
Expense Ratio	0.95%	7

Name	value	date
30-Day SEC Yield	6.21	05/31/2023

* The 30-Day Yield represents net investment income earned by the Fund over the 30-Day period ended on the date indicated by the Yield, expressed as an annual percentage rate based on the Fund’s share price at the end of the 30-Day period. The 30-Day unsubsidized SEC Yield does not reflect any fee waivers/reimbursements/limits in effect.

Fund Data & Pricing

Name
06/02/2023

Name	value
Net Assets	$497.99K
NAV	$19.92
Shares Outstanding	25,000.00
Premium/discount Percentage	0.06%
Closing Price	$19.93
Median 30 Day Spread	0.35%

*30 Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

Month-End

Quarter-End

Month-End

Name
05/31/2023

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	Since Inception Cumulative	Since Inception Annualized	Date
Senior Secured Credit Opportunities ETF	SECD NAV	0.78	1.18	–	2.1	–	–	–	1.97	–	05/31/2023
Senior Secured Credit Opportunities ETF	SECD MKT	1.18	1.37	–	2.18	–	–	–	2.22	–	05/31/2023
Bloomberg Global Aggregate		-1.95	1.59	1.99	1.44	–	–	–	0.28		05/31/2023

Quarter-End

Name
03/31/2023

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	1 Year	3 Year	5 Year	Since Inception Cumulative	Since Inception Annualized	Date
Senior Secured Credit Opportunities ETF	SECD NAV	-0.3	0.61	–	0.61	–	–	–	0.48	–	03/31/2023
Senior Secured Credit Opportunities ETF	SECD MKT	-0.26	0.54	–	0.54	–	–	–	0.58	–	03/31/2023
Bloomberg Global Aggregate		3.16	3.01	–	3.01	–	–	–	1.83		03/31/2023

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833)-555-0123.

Short-term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on historical returns. Returns beyond 1 year are annualized.

A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

Holdings

Holdings are subject to change without notice.

Name
06/05/2023

Security Name	Date	Account	StockTicker	CUSIP	Shares	Price	Market Value	Weightings	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
ADTALEM ESCROW CORPORATION 5.5% 03/01/2028	06/05/2023	SECD	00737WAA7	00737WAA7	25,000.00	93.36	23,340.38	4.69%	497,990	25,000	1
BLUELINX HLDGS INC 6% 11/15/2029	06/05/2023	SECD	09624HAA7	09624HAA7	25,000.00	85.63	21,408.38	4.30%	497,990	25,000	1
LSB INDS INC 6.25% 10/15/2028	06/05/2023	SECD	502160AN4	502160AN4	25,000.00	90.35	22,587.64	4.54%	497,990	25,000	1
STRATHCONA RESOURCES LIMITED SR 144A NT 26 6.875% 08/01/2026	06/05/2023	SECD	86304TAA6	86304TAA6	25,000.00	84.29	21,071.25	4.23%	497,990	25,000	1
TITAN INTL INC ILL 7% 04/30/2028	06/05/2023	SECD	88830MAM4	88830MAM4	25,000.00	91.09	22,771.88	4.57%	497,990	25,000	1
TURNING PT BRANDS INC 5.625% 02/15/2026	06/05/2023	SECD	90041LAF2	90041LAF2	25,000.00	92.03	23,008.69	4.62%	497,990	25,000	1
UNISYS CORP 6.875% 11/01/2027	06/05/2023	SECD	909214BV9	909214BV9	25,000.00	75.12	18,779.25	3.77%	497,990	25,000	1
VAREX IMAGING CORP 7.875% 10/15/2027	06/05/2023	SECD	92214XAC0	92214XAC0	50,000.00	99.78	49,887.64	10.02%	497,990	25,000	1
VECTOR GROUP LTD 5.75% 02/01/2029	06/05/2023	SECD	92240MBL1	92240MBL1	25,000.00	87.96	21,990.14	4.42%	497,990	25,000	1
WARRIOR MET COAL INC 7.875% 12/01/2028	06/05/2023	SECD	93627CAB7	93627CAB7	25,000.00	100.60	25,150.86	5.05%	497,990	25,000	1
WINNEBAGO INDS INC 6.25% 07/15/2028	06/05/2023	SECD	974637AC4	974637AC4	25,000.00	96.98	24,244.75	4.87%	497,990	25,000	1
Cash & Other	06/05/2023	SECD	Cash&Other	Cash&Other	223,821.54	1.00	223,821.54	44.94%	497,990	25,000	1	Y

Distribution Detail

EX Date	declared_date	Record Date	Payable Date	Amount	dividend_frequency	dividend_type
04/25/2023	04/24/2023	04/26/2023	04/28/2023	0.0934	Monthly	Income
03/28/2023	03/27/2023	03/29/2023	03/31/2023	0.0969	Monthly	Income
02/23/2023	02/22/2023	02/24/2023	02/28/2023	0.0800	Monthly	Income
01/26/2023	01/25/2023	01/27/2023	01/31/2023	0.0605	Monthly	Income
12/27/2022	12/23/2022	12/28/2022	12/30/2022	0.0976	Monthly	Income

Purchase

The Fund (SECD) is available through various channels including via phone (833) 794-0140, broker-dealers, investment advisers, and other financial services firms, including: