# EDGAR Filing Document

**Accession Number:** 0001873280
**File Stem:** 0001145549-23-001963
**Filing Date:** 2023-1
**Character Count:** 23285
**Document Hash:** ad3e95ae8aaf4e04ff83b5ce1b2605b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-001963.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001145549-23-001963

**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:** 23543282

**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 Hotel & Lodging Sector ETF (Series ID: S000073958)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000231234 | Kelly Hotel & Lodging Sector ETF | HOTL            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| Kelly Hotel & Lodging Sector ETF | Kelly Hotel & Lodging Sector ETF | Kelly Hotel & Lodging Sector 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 99.3%** | **COMMON STOCKS 99.3%** |  |
|  | *Consumer Discretionary Services 53.9%* |  |
| 808 | Accor SA <sup>(a)(b)</sup> | $20982 |
| 134 | Choice Hotels International, Inc. | 16511 |
| 830 | Dalata Hotel Group PLC <sup>(a)(b)</sup> | 2948 |
| 28 | Fattal Holdings 1998 Ltd. <sup>(a)(b)</sup> | 2808 |
| 450 | Hilton Grand Vacations, Inc. <sup>(a)</sup> | 19809 |
| 518 | Hilton Worldwide Holdings, Inc. | 73877 |
| 330 | Hyatt Hotels Corp. - Class A <sup>(a)</sup> | 33106 |
| 542 | InterContinental Hotels Group PLC <sup>(b)</sup> | 30963 |
| 428 | Marriott International, Inc. - Class A | 70770 |
| 152 | Marriott Vacations Worldwide Corp. | 22645 |
| 420 | Melia Hotels International SA <sup>(a)(b)</sup> | 2251 |
| 542 | Playa Hotels & Resorts NV <sup>(a)</sup> | 3333 |
| 300 | Resorttrust, Inc. <sup>(b)</sup> | 5235 |
| 584 | Scandic Hotels Group AB <sup>(a)(b)</sup> | 1934 |
| 342 | Travel + Leisure Co. | 13294 |
| 844 | Whitbread PLC <sup>(b)</sup> | 25972 |
| 374 | Wyndham Hotels & Resorts, Inc. | 27422 |
|  |  | 373860 |
|  | *Media 8.6%* |  |
| 582 | Airbnb, Inc. - Class A <sup>(a)</sup> | 59446 |
|  | *Real Estate 36.8%* |  |
| 896 | Apple Hospitality REIT, Inc. | 15286 |
| 3400 | CDL Hospitality Trusts <sup>(b)</sup> | 2928 |
| 200 | Chatham Lodging Trust <sup>(a)</sup> | 2674 |
| 872 | DiamondRock Hospitality Co. | 8205 |
| 614 | Gaming and Leisure Properties, Inc. | 32302 |
| 1 | Hoshino Resorts REIT, Inc. <sup>(b)</sup> | 4938 |
| 1668 | Host Hotels & Resorts, Inc. | 31592 |
| 18 | Japan Hotel REIT Investment Corp. <sup>(b)</sup> | 9636 |
| 364 | Pandox AB <sup>(a)(b)</sup> | 4454 |
| 922 | Park Hotels & Resorts, Inc. | 11829 |
| 544 | Pebblebrook Hotel Trust | 9058 |
| 668 | RLJ Lodging Trust | 8096 |
| 224 | Ryman Hospitality Properties, Inc. | 20503 |
| 674 | Service Properties Trust | 5291 |
| 436 | Summit Hotel Properties, Inc. | 3728 |
| 876 | Sunstone Hotel Investors, Inc. | 9627 |
| 1996 | VICI Properties, Inc. | 68263 |
| 476 | Xenia Hotels & Resorts, Inc. <sup>(a)</sup> | 7340 |
|  |  | 255750 |
|  | **Total Common Stocks** |  |
|  | (Cost $767,241) | **689056** |

| | | |
|:---|:---|:---|
| Kelly Hotel & Lodging Sector ETF | Kelly Hotel & Lodging Sector ETF | Kelly Hotel & Lodging Sector 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 0.7%** | **MONEY MARKET FUNDS 0.7%** |  |
| 5010 | First American Government Obligations Fund - Class X, 3.67% <sup>(c)</sup> | $5010 |
|  | **Total Money Market Funds** |  |
|  | (Cost $5,010) | **5010** |
|  | **Total Investments 100.0%** |  |
|  | (Cost $772,251) | **694066** |
|  | Other Assets in Excess of Liabilities 0.0% <sup>(d)</sup> | 169 |
|  | **TOTAL NET ASSETS 100.0%** | $**694235** |

---

---

| |
|:---|
| <sup>(a)</sup> Non-Income Producing. |
| <sup>(b)</sup> U.S.-dollar denominated security of a foreign issuer. |
| <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 Hotel & Lodging Sector 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> | $689056 | $- | $- | $689056 |
| Money Market Funds | 5010 | - | - | 5010 |
| **Total** | $694066 | $- | $- | $694066 |
| <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 Hotel & Lodging Sector ETF

- **b. EDGAR series identifier (if any):** S000073958

- **c. LEI of Series:** 549300W7LRVTFGL01Y90

**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:** $694672.36

**Total Liabilities:** $437.03

**Net Assets:** $694235.33

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000231234 | -10.00%              | 13.24%               | 2.63%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-73527.51               | $11783.18                                  |
| Month 2  | $-17.38                  | $79278.52                                  |
| Month 3  | $0.00                    | $17612.65                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Apple Hospitality REIT Inc     | Apple Hospitality REIT Inc                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |       896 | NS      | $15285.76     | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust          | Chatham Lodging Trust                      | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       200 | NS      | $2674.00      | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International In | Choice Hotels International Inc            | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |       134 | NS      | $16511.48     | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co     | DiamondRock Hospitality Co                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |       872 | NS      | $8205.52      | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Government Obli | First American Government Obligations Fund | CUSIP: 31846V336<br>LEI: 549300R5MYM6VZF1RM44 | Long             | STIV             | RF                | US        |      5010 | NS      | $5010.35      | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties  | Gaming and Leisure Properties Inc          | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |       614 | NS      | $32302.54     | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Inc     | Hilton Grand Vacations Inc                 | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |       450 | NS      | $19809.00     | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Worldwide Holdings Inc  | Hilton Worldwide Holdings Inc              | CUSIP: 43300A203<br>LEI: 549300HVGPK36ICB0B89 | Long             | EC               | CORP              | US        |       518 | NS      | $73877.16     | 10.64%            |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc      | Host Hotels & Resorts Inc                  | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |      1668 | NS      | $31591.92     | 4.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyatt Hotels Corp              | Hyatt Hotels Corp                          | CUSIP: 448579102<br>LEI: T27JQIMTYSH41TCD5186 | Long             | EC               | CORP              | US        |       330 | NS      | $33105.60     | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott Vacations Worldwide C | Marriott Vacations Worldwide Corp          | CUSIP: 57164Y107<br>LEI: 549300WA6BT5H4F7IO94 | Long             | EC               | CORP              | US        |       152 | NS      | $22644.96     | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD              | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Long             | EC               | CORP              | US        |       428 | NS      | $70769.80     | 10.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Melia Hotels International SA  | Melia Hotels International SA              | CUSIP: N/A<br>LEI: 959800JRKSZ6YZD4EL80       | Long             | EC               | CORP              | ES        |       420 | NS      | $2250.93      | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Accor SA                       | Accor SA                                   | CUSIP: N/A<br>LEI: 969500QZC2Q0TK11NV07       | Long             | EC               | CORP              | FR        |       808 | NS      | $20982.04     | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Resorttrust Inc                | Resorttrust Inc                            | CUSIP: N/A<br>LEI: 353800FM9MYWH105SE11       | Long             | EC               | CORP              | JP        |       300 | NS      | $5235.06      | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc      | Park Hotels & Resorts Inc                  | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |       922 | NS      | $11829.26     | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust        | Pebblebrook Hotel Trust                    | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |       544 | NS      | $9057.60      | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust              | RLJ Lodging Trust                          | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       668 | NS      | $8096.16      | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties Inc           | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |       224 | NS      | $20502.72     | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust       | Service Properties Trust                   | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |       674 | NS      | $5290.90      | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc    | Summit Hotel Properties Inc                | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |       436 | NS      | $3727.80      | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc   | Sunstone Hotel Investors Inc               | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |       876 | NS      | $9627.24      | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co            | Travel + Leisure Co                        | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |       342 | NS      | $13293.54     | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc            | VICI Properties Inc                        | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      1996 | NS      | $68263.20     | 9.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc   | Wyndham Hotels & Resorts Inc               | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |       374 | NS      | $27421.68     | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc     | Xenia Hotels & Resorts Inc                 | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |       476 | NS      | $7339.92      | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Hotel REIT Investment Co | Japan Hotel REIT Investment Corp           | CUSIP: N/A<br>LEI: 353800L8KG849FP1JI68       | Long             | EC               | CORP              | JP        |        18 | NS      | $9635.95      | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| CDL Hospitality Trusts         | CDL Hospitality Trusts                     | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | SG        |      3400 | NS      | $2927.83      | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitbread PLC                  | Whitbread PLC                              | CUSIP: N/A<br>LEI: 21380099VMZKRMN3EX36       | Long             | EC               | CORP              | GB        |       844 | NS      | $25972.32     | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoshino Resorts REIT Inc       | Hoshino Resorts REIT Inc                   | CUSIP: N/A<br>LEI: 353800DF2MUZWFL4IL56       | Long             | EC               | CORP              | JP        |         1 | NS      | $4937.65      | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Fattal Holdings 1998 Ltd       | Fattal Holdings 1998 Ltd                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |        28 | NS      | $2807.87      | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| InterContinental Hotels Group  | InterContinental Hotels Group PLC          | CUSIP: N/A<br>LEI: 2138007ZFQYRUSLU3J98       | Long             | EC               | CORP              | GB        |       542 | NS      | $30963.13     | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Dalata Hotel Group PLC         | Dalata Hotel Group PLC                     | CUSIP: N/A<br>LEI: 635400L2CWET7ONOBJ04       | Long             | EC               | CORP              | IE        |       830 | NS      | $2948.41      | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Scandic Hotels Group AB        | Scandic Hotels Group AB                    | CUSIP: N/A<br>LEI: 529900JY9ZBGUXGRKQ86       | Long             | EC               | CORP              | SE        |       584 | NS      | $1933.74      | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Pandox AB                      | Pandox AB                                  | CUSIP: N/A<br>LEI: 549300K4HA8EBLSL3B97       | Long             | EC               | CORP              | SE        |       364 | NS      | $4454.51      | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Playa Hotels & Resorts NV      | Playa Hotels & Resorts NV                  | CUSIP: N/A<br>LEI: 529900BUP3KWPCJNLS49       | Long             | EC               | CORP              | US        |       542 | NS      | $3333.30      | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                     | Airbnb Inc                                 | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |       582 | NS      | $59445.48     | 8.56%             |  |  |  | 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