# EDGAR Filing Document

**Accession Number:** 0001873280
**File Stem:** 0001145549-23-001964
**Filing Date:** 2023-1
**Character Count:** 19281
**Document Hash:** ce1df96e8b4ea0049548dbde0b5a9aa9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-001964.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001145549-23-001964

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kelly Strategic ETF Trust
- **CENTRAL INDEX KEY:** 0001873280
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23723
- **FILM NUMBER:** 23543284

**BUSINESS ADDRESS:**
- **STREET 1:** 7887 EAST BELLEVIEW AVE.,SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80111
- **BUSINESS PHONE:** 212-951-0499

**MAIL ADDRESS:**
- **STREET 1:** 7887 EAST BELLEVIEW AVE.,SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80111

## Series and Classes Contracts Data

### Kelly Residential & Apartment Real Estate ETF (Series ID: S000073959)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000231235 | Kelly Residential & Apartment Real Estate ETF | RESI            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| Kelly Residential & Apartment Real Estate ETF | Kelly Residential & Apartment Real Estate ETF | Kelly Residential & Apartment Real Estate ETF |
| **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** | **SCHEDULE OF INVESTMENTS** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |
| *Number of Shares* |  | *Value* |
| **COMMON STOCKS 99.1%** | **COMMON STOCKS 99.1%** |  |
|  | *Real Estate 99.1%* |  |
| 384 | American Homes 4 Rent - Class A | $12699 |
| 333 | Apartment Income REIT Corp. | 12671 |
| 635 | Apartment Investment and Management Co. - Class A | 5321 |
| 113 | AvalonBay Communities, Inc. | 19764 |
| 168 | Boardwalk Real Estate Investment Trust <sup>(a)</sup> | 6176 |
| 66 | BRT Apartments Corp. | 1362 |
| 106 | Camden Property Trust | 12755 |
| 400 | Canadian Apartment Properties REIT <sup>(a)</sup> | 12894 |
| 68 | Centerspace | 4386 |
| 390 | Elme Communities | 7706 |
| 194 | Equity LifeStyle Properties, Inc. | 12885 |
| 311 | Equity Residential | 20171 |
| 86 | Essex Property Trust, Inc. | 18953 |
| 700 | Independence Realty Trust, Inc. | 12684 |
| 613 | InterRent Real Estate Investment Trust <sup>(a)</sup> | 5666 |
| 625 | Invitation Homes, Inc. | 20394 |
| 516 | Killam Apartment Real Estate Investment Trust <sup>(a)</sup> | 6470 |
| 137 | Mid-America Apartment Communities, Inc. | 22589 |
| 179 | Minto Apartment Real Estate Investment Trust <sup>(a)</sup> | 1916 |
| 103 | NexPoint Residential Trust, Inc. | 4953 |
| 148 | Sun Communities, Inc. | 21741 |
| 1199 | Tricon Residential, Inc. <sup>(a)</sup> | 10197 |
| 303 | UDR, Inc. | 12565 |
| 231 | UMH Properties, Inc. | 4068 |
| 343 | Veris Residential, Inc. <sup>(b)</sup> | 5509 |
|  |  | 276495 |
|  | **Total Common Stocks** |  |
|  | (Cost $362,333) | **276495** |

| | | |
|:---|:---|:---|
| Kelly Residential & Apartment Real Estate ETF | Kelly Residential & Apartment Real Estate ETF | Kelly Residential & Apartment Real Estate ETF |
| **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** | **SCHEDULE OF INVESTMENTS (continued)** |
| November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) | November 30, 2022 (Unaudited) |
| *Number of Shares* |  | *Value* |
| **MONEY MARKET FUNDS 0.9%** | **MONEY MARKET FUNDS 0.9%** |  |
| 2398 | First American Government Obligations Fund - Class X, 3.67% <sup>(c)</sup> | $2398 |
|  | **Total Money Market Funds** |  |
|  | (Cost $2,398) | **2398** |
|  | **Total Investments 100.0%** |  |
|  | (Cost $364,731) | **278893** |
|  | Other Assets in Excess of Liabilities 0.0% <sup>(d)</sup> | 127 |
|  | **TOTAL NET ASSETS 100.0%** | $**279020** |

---

---

| |
|:---|
| <sup>(a)</sup> U.S.-dollar denominated security of a foreign issuer. |
| <sup>(b)</sup> Non-Income Producing. |
| <sup>(c)</sup> 7-day yield. |
| <sup>(d)</sup> Rounds to less than 0.1%. |

---

------

---

| |
|:---|
| **Investment Valuation** |
| The net asset value ("NAV") per share of the Kelly Residential & Apartment Real Estate ETF (the "Fund") is calculated each business day as of the close of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern Time. The Fund's NAV per share is computed by dividing the Fund's net assets by the number of shares outstanding. When calculating the NAV of the Fund's shares, securities held by the Fund are valued at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Over-the-counter ("OTC") securities and instruments not traded on an exchange are generally valued at the last traded price. In the absence of a recorded transaction sale price or if the last sale price is unavailable, OTC securities are valued at the mean between last bid and ask, as quoted. If an ask price for an OTC security is unavailable, last bid price is used. Such valuations would typically be categorized as Level 1 or Level 2 in the fair value hierarchy described below. |
| When reliable market quotations are not readily available, securities are priced at their fair value in accordance with the Kelly Strategic ETF Trust's valuation guidelines, which were approved by the Board of Trustees (the "Board"). The Fund may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments, and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate the Fund's NAV and the prices used by the Fund's Index. This may adversely affect the Fund's ability to track its Index. |
| The Fund discloses the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Fund (observable inputs) and (2) the Fund's own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:<br>Level 1 — Unadjusted quoted prices in active markets for identical assets.<br> Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).<br> Level 3 — Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. |
| The following is a summary of inputs used to value the Fund's investments as of November 30, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments at Value | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks <sup>(a)</sup> | $276495 | $- | $- | $276495 |
| Money Market Funds | 2398 | - | - | 2398 |
| **Total** | $278893 | $- | $- | $278893 |
| <sup>(a)</sup> See the Fund's Schedule of Investments for sector classifications. |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Kelly Strategic ETF Trust

- **b. Investment Company Act file number:** 811-23723

- **c. CIK number of Registrant:** 0001873280

- **d. LEI of Registrant:** 549300DBTMGXJIJI8N21

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 7887 East Belleview Ave.

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80111

  - **Telephone number:** 212-951-0499

**Item A.2. Information about the Series.**

- **a. Name of Series:** Kelly Residential & Apartment Real Estate ETF

- **b. EDGAR series identifier (if any):** S000073959

- **c. LEI of Series:** 54930031JBHBZ30UJB88

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $279183.36

**Total Liabilities:** $163.39

**Net Assets:** $279019.97

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231235 | -8.64%               | -0.78%               | 3.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9728.05                | $-17338.13                                 |
| Month 2  | $-321.32                 | $-2550.41                                  |
| Month 3  | $1.24                    | $9010.89                                   |

### Schedule of Portfolio Investments

| Name                           | Title                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Killam Apartment Real Estate I | Killam Apartment Real Estate Investment Trust | CUSIP: 49410M102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       516 | NS      | $6470.46      | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent          | American Homes 4 Rent                         | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |       384 | NS      | $12698.88     | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Manag | Apartment Investment and Management Co        | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |       635 | NS      | $5321.30      | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp     | Apartment Income REIT Corp                    | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       333 | NS      | $12670.65     | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc      | AvalonBay Communities Inc                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |       113 | NS      | $19763.70     | 7.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BRT Apartments Corp            | BRT Apartments Corp                           | CUSIP: 055645303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        66 | NS      | $1361.58      | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust          | Camden Property Trust                         | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |       106 | NS      | $12754.98     | 4.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                    | Centerspace                                   | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |        68 | NS      | $4386.00      | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Apartment Properties  | Canadian Apartment Properties REIT            | CUSIP: 134921105<br>LEI: 549300B1MYVTQEB2DI90 | Long             | EC               | CORP              | CA        |       400 | NS      | $12893.71     | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties In | Equity LifeStyle Properties Inc               | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |       194 | NS      | $12885.48     | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential             | Equity Residential                            | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |       311 | NS      | $20171.46     | 7.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc       | Essex Property Trust Inc                      | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |        86 | NS      | $18952.68     | 6.79%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund    | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |      2398 | NS      | $2397.85      | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc  | Independence Realty Trust Inc                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |       700 | NS      | $12684.00     | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes Inc                          | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       625 | NS      | $20393.75     | 7.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc          | Veris Residential Inc                         | CUSIP: 554489104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       343 | NS      | $5508.58      | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communit | Mid-America Apartment Communities Inc         | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |       137 | NS      | $22588.56     | 8.10%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc | NexPoint Residential Trust Inc                | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |       103 | NS      | $4953.27      | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc            | Sun Communities Inc                           | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |       148 | NS      | $21741.20     | 7.79%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                        | UDR Inc                                       | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |       303 | NS      | $12565.41     | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc             | UMH Properties Inc                            | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |       231 | NS      | $4067.91      | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities               | Elme Communities                              | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |       390 | NS      | $7706.40      | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Boardwalk Real Estate Investme | Boardwalk Real Estate Investment Trust        | CUSIP: 096631106<br>LEI: 549300RMNRTTJRCOYW23 | Long             | EC               | CORP              | CA        |       168 | NS      | $6176.23      | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| InterRent Real Estate Investme | InterRent Real Estate Investment Trust        | CUSIP: 46071W205<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       613 | NS      | $5665.63      | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Tricon Residential Inc         | Tricon Residential Inc                        | CUSIP: 89612W102<br>LEI: 984500EFFDE9C3A9G721 | Long             | EC               | CORP              | CA        |      1199 | NS      | $10197.29     | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Minto Apartment Real Estate In | Minto Apartment Real Estate Investment Trust  | CUSIP: 60448E103<br>LEI: 8945004CL5S09C4BXW65 | Long             | EC               | CORP              | CA        |       179 | NS      | $1915.83      | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-23

**Name of Applicant:** Kelly Strategic ETF Trust

**Signature:** /s/ Marcie McVeigh

**Name of Signer:** Kelly Strategic ETF Trust

**Title:** Treasurer