The Cannabis ETF

Semi-Annual Report 2022

For the fiscal period from March 1, 2022 through August 31, 2022 (Unaudited)

The Cannabis ETF

This report and the financial statements contained herein are submitted for the general information of the shareholders of The Cannabis ETF (the "ETF" or "Fund"). The ETF's shares are not deposits or obligations of, or guaranteed by, any depository institution. The ETF's shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.

Statements in this Semi-Annual Report that reflect projections or expectations of future financial or economic performance of The Cannabis ETF (the "ETF or "Fund") and of the market in general and statements of the ETF's plans and objectives for future operations are forward-looking statements. No assurance can be given that actual results or events will not differ materially from those projected, estimated, assumed or anticipated in any such forward-looking statements. Important factors that could result in such differences, in addition to the other factors noted with such forward-looking statements, include, without limitation, general economic conditions such as inflation, recession and interest rates. Past performance is not a guarantee of future results.

An investor should consider the investment objectives, risks, charges and expenses of the ETF carefully before investing. The prospectus contains this and other information about the ETF. A copy of the prospectus is available at or by calling The Nottingham Company at 800-773-3863. The prospectus should be read carefully before investing.

For More Information on The Cannabis ETF:

See Our Web site @ or

Call Our Administrative Services Group at 800-773-3863.

The Cannabis ETF

Schedule of Investments (Unaudited)

As of August 31, 2022

COMMON STOCKS - 99.25%

Consumer Discretionary - 13.76% * cbdMD, Inc. * Charlottes Web Holdings, Inc. * Greenlane Holdings, Inc. (a) * Grow Generation Corp. * Hydrofarm Holdings Group, Inc. (a) * Leafly Holdings, Inc.

Consumer Staples - 5.68% * Village Farms International, Inc.

Financials - 8.07% AFC Gamma, Inc.

Health Care - 55.94% * Amyris, Inc. * Aurora Cannabis, Inc. * Auxly Cannabis Group * Canopy Growth Corp. * Cardiol Therapeutics, Inc. - Class A * Clever Leaves Holdings * Cronos Group, Inc. * Fire & Flower Holdings Corp. * High Tide, Inc. * Nova Cannabis, Inc. * Organigram Holdings, Inc. * The Valens Co., Inc. (a) * Tilray, Inc.

Industrials - 7.69% * Agrify Corp. PerkinElmer, Inc. * Waters Corp. (a)

Information Technology - 3.21% * WM Technology, Inc.

Materials - 4.90% The Scotts Miracle-Gro Corp.

Total Common Stocks (Cost $124,456,260) See Notes to Financial Statements

Shares

1,160,374 1,299,439

102,292 395,235 231,822 238,743

700,862

151,583

228,842 552,295 13,529,795 683,302 370,488 1,367,346 802,507 936,632 674,709 1,359,162 2,211,364 1,180,158 623,645

381,546 8,408 3,702

399,939

23,907

Value (Note 1)

$

463,105

722,130

269,028

1,877,366

788,195

377,214

4,497,039

1,857,284 1,857,284

2,636,028 2,636,028

672,795 883,672 514,989 2,514,551 417,419 1,119,856 2,447,646 1,889,521 991,313 1,013,991 2,366,159 1,078,098 2,369,851 18,279,863

270,936 1,135,584 1,105,417 2,511,937

1,047,840 1,047,840

1,600,574 1,600,574

32,430,566 (Continued)

The Cannabis ETF

Schedule of Investments - Continued (Unaudited)

As of August 31, 2022

Value (Note 1)

Investments, at Value (Cost $96,674,639) - 99.25% Other Assets Less Liabilities - 0.75%

Net Assets - 100%

$ 32,430,566 245,774

$ 32,676,340

(a) All or a portion of the security is on loan. The total value of the securities on loan as of August 31, 2022 is $2,319,320 (Note 6).

* Non income-producing investment

Summary of Investments by Sector

Consumer Discretionary Consumer Staples Financials Health Care Industrials Information Technology Materials Other Assets Less Liabililties Total Net Assets

% of Net Assets

13.76% $ 5.68% 8.07%

55.94% 7.69% 3.21% 4.90% 0.75%

100.00% $

Value 4,497,039 1,857,284 2,636,028 18,279,863 2,511,937 1,047,840 1,600,574

245,774 32,676,340

See Notes to Financial Statements

The Cannabis ETF

Statement of Assets and Liabilities (Unaudited)

As of August 31, 2022

Assets: Investments, at value (cost $96,674,639) Cash Collateral for securities on loan (uninvested cash) Receivables: Securities lending income Dividends

Total assets

Liabilities: Payables: Return of collateral received for securities on loan Accrued expenses: Advisory fee

Total liabilities

Total Net Assets

Net Assets Consist of: Paid in Capital Accumulated Deficit

Total Net Assets Shares Outstanding, no par value (unlimited authorized shares) Net Asset Value, Offering Price, and Redemption Price Per Share

$ 32,430,566 205,146

2,319,320

48,356 15,934

35,019,322

2,319,320

23,662

2,342,982

$

32,676,340

$ 164,849,234 (132,172,894)

$

32,676,340

8,875,000

$

3.68

See Notes to Financial Statements

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