BTS Asset Management, Inc. Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IEI	iShares 3-7 Year Treasury Bond ETF	806,289	$94,840	54.3%	$117.63	—	ETF	464288661
SHY	iShares 1-3 Year Treasury Bond ETF	544,131	$44,706	25.6%	$82.16	—	ETF	464287457
BND	Vanguard Total Bond Market ETF	135,850	$10,030	5.7%	$68.62	—	ETF	921937835
VIG	Vanguard Dividend Appreciation Index Fund ETF	20,230	$3,116	1.8%	$152.57	—	ETF	921908844
VGIT	Vanguard Intermediate-Term Treasury ETF	50,622	$3,035	1.7%	$59.96	—	ETF	92206C706
EEM	iShares MSCI Emerging Markets ETF	35,031	$1,382	0.8%	$38.44	—	ETF	464287234
VBR	Vanguard Small Cap Value Index Fund ETF	7,176	$1,139	0.7%	$159.49	—	ETF	922908611
BIL	SPDR Bloomberg 1-3 Month T-Bill ETF	11,276	$1,035	0.6%	$91.82	—	ETF	78468R663
USHY	iShares Broad USD High Yield Corporate Bond ETF	27,036	$961	0.5%	$35.01	—	ETF	46435U853
MUB	iShares National Muni Bond ETF	8,053	$868	0.5%	$114.00	—	ETF	464288414
VCIT	Vanguard Intermediate-Term Corporate Bond ETF	10,317	$828	0.5%	$93.26	—	ETF	92206C870
SPHY	SPDR Portfolio High Yield Bond ETF	29,976	$689	0.4%	$22.66	—	ETF	78468R606
JAAA	Janus Henderson AAA CLO ETF	13,650	$676	0.4%	$49.03	—	ETF	47103U845
VFH	Vanguard Financials Index Fund ETF	8,322	$648	0.4%	$83.02	—	ETF	92204A405
JEPQ	JPMorgan Nasdaq Equity Premium Income ETF	13,041	$588	0.3%	$42.89	—	ETF	46654Q203
AMLP	Alerian MLP ETF	14,247	$551	0.3%	$34.11	—	ETF	00162Q452
MBB	iShares MBS ETF	5,771	$547	0.3%	$108.69	—	ETF	464288588
SRLN	SPDR Blackstone Senior Loan ETF	13,026	$540	0.3%	$44.71	—	ETF	78467V608
TFLO	iShares Treasury Floating Rate Bond ETF	10,660	$539	0.3%	$50.44	—	ETF	46434V860
IDV	iShares International Select Dividend ETF	19,576	$538	0.3%	$27.15	—	ETF	464288448
JEPI	JPMorgan Equity Premium Income ETF	9,431	$515	0.3%	$57.00	—	ETF	46641Q332
SGOV	iShares 0-3 Month Treasury Bond ETF	4,900	$493	0.3%	$100.58	—	ETF	46436E718
IYJ	iShares US Industrial ETF	4,767	$478	0.3%	$96.82	—	ETF	464287754
VHT	Vanguard Health Care Index Fund ETF	1,876	$447	0.3%	$248.88	—	ETF	92204A504
CWB	SPDR Bloomberg Convertible Securities ETF	6,229	$418	0.2%	$69.24	—	ETF	78464A359
HYMB	SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	16,436	$412	0.2%	$38.14	—	ETF	78464A284
IHY	VanEck International High Yield Bond ETF	20,356	$410	0.2%	$23.70	—	ETF	92189F445
PCEF	Invesco CEF Income Composite ETF	22,177	$404	0.2%	$23.58	—	ETF	46138E404
FLOT	iShares Floating Rate Bond ETF	7,990	$403	0.2%	$49.95	—	ETF	46429B655
VRP	Invesco Variable Rate Preferred ETF	18,034	$399	0.2%	$26.22	—	ETF	46138G870
SPHD	Invesco S&P 500 High Dividend Low Volatility ETF	8,866	$374	0.2%	$44.50	—	ETF	46138E362
VGT	Vanguard Information Technology Index Fund ETF	727	$280	0.2%	$321.54	—	ETF	92204A702
REZ	iShares Residential and Multisector Real Estate ETF	3,881	$274	0.2%	$84.96	—	ETF	464288562
GOVT	iShares US Treasury Bond ETF	11,678	$273	0.2%	$23.25	—	ETF	46429B267
EMB	iShares JP Morgan USD Emerging Markets Bond ETF	3,148	$272	0.2%	$58.39	—	ETF	464288281
AGZ	iShares Agency Bond ETF	2,501	$271	0.2%	$119.50	—	ETF	464288166
SDOG	ALPS Sector Dividend Dogs ETF	5,147	$264	0.2%	$53.09	—	ETF	00162Q858
REM	iShares Mortgage Real Estate ETF	11,415	$249	0.1%	$24.47	—	ETF	46435G342
DIV	Global SuperDividend US ETF	14,218	$248	0.1%	$20.65	—	ETF	37950E291
VDC	Vanguard Consumer Staples Index Fund ETF	1,212	$234	0.1%	$193.45	—	ETF	92204A207
VPU	Vanguard Utilities Index Fund ETF	1,519	$224	0.1%	$154.96	—	ETF	92204A876
GLD	SPDR Gold Shares ETF	1,099	$201	0.1%	$183.16	—	ETF	78463V107