# EDGAR Filing Document

**Accession Number:** 0002051630
**File Stem:** 0001410368-25-029320
**Filing Date:** 2025-11
**Character Count:** 218402
**Document Hash:** 608c9cd50d3ed5c91129602dfaa1ea9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-029320.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001410368-25-029320

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lazard Active ETF Trust
- **CENTRAL INDEX KEY:** 0002051630

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24041
- **FILM NUMBER:** 251510770

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LAZARD ASSET MANAGEMENT LLC
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112
- **BUSINESS PHONE:** (800) 823-6300

**MAIL ADDRESS:**
- **STREET 1:** C/O LAZARD ASSET MANAGEMENT LLC
- **STREET 2:** 30 ROCKEFELLER PLAZA
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10112

## Series and Classes Contracts Data

### Lazard US Systematic Small Cap Equity ETF (Series ID: S000094313)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000262801 | Lazard US Systematic Small Cap Equity ETF | SYZ             |

## Nport-Ex

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF<br> REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 812-15842

Lazard Active ETF Trust<br> (Exact name of Registrant as specified in charter)

30 Rockefeller Plaza <br> New York, New York 10112 <br> (Address of principal executive offices) (Zip code)

Mark R. Anderson, Esq. <br> Lazard Asset Management LLC

30 Rockefeller Plaza <br> New York, New York 10112 <br> (Name and address of agent for service)

Registrant's telephone number, including area code: (212) 632-6000

Date of fiscal year end: 12/31

Date of reporting period: 9/30/2025

**Item 1. Schedule of Investments.** 

Lazard Equity Megatrends ETF

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Common Stocks \| 97.2%** |  |  |
| **Brazil \| 0.8%** |  |  |
| MercadoLibre, Inc. (\*) | 136 | $317824 |
| **Denmark \| 0.5%** |  |  |
| Novo Nordisk AS, Class B | 3654 | 198236 |
| **France \| 3.1%** |  |  |
| EssilorLuxottica SA | 2514 | 815290 |
| LVMH Moet Hennessy Louis Vuitton SE | 592 | 362060 |
|  |  | 1177350 |
| **Germany \| 5.1%** |  |  |
| SAP SE | 2486 | 665707 |
| Siemens AG | 2876 | 774536 |
| Siemens Healthineers AG (#) | 8904 | 481470 |
|  |  | 1921713 |
| **India \| 1.8%** |  |  |
| Reliance Industries Ltd. GDR (#) | 11111 | 677771 |
| **Ireland \| 1.2%** |  |  |
| Accenture PLC, Class A | 1807 | 445606 |
| **Japan \| 7.1%** |  |  |
| FANUC Corp. | 20800 | 600261 |
| Keyence Corp. | 1700 | 635176 |
| Mitsubishi Electric Corp. | 29900 | 769948 |
| Sony Financial Group, Inc. (\*), (¢) | 4758 | 16605 |
| Sony Group Corp. ADR | 23791 | 684943 |
|  |  | 2706933 |
| **Netherlands \| 1.5%** |  |  |
| Wolters Kluwer NV | 4115 | 561600 |
| **Singapore \| 0.9%** |  |  |
| Sea Ltd. ADR (\*) | 1870 | 334225 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Sweden \| 3.8%** |  |  |
| Atlas Copco AB, A Shares | 33361 | $563637 |
| Hexagon AB, B Shares | 73285 | 871930 |
|  |  | 1435567 |
| **Switzerland \| 1.9%** |  |  |
| TE Connectivity PLC | 3334 | 731913 |
| **Taiwan \| 4.4%** |  |  |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 5974 | 1668478 |
| **United Kingdom \| 2.2%** |  |  |
| London Stock Exchange Group PLC | 2966 | 340042 |
| RELX PLC | 10347 | 495478 |
|  |  | 835520 |
| **United States \| 62.9%** |  |  |
| Alphabet, Inc., Class A | 3861 | 938609 |
| Amazon.com, Inc. (\*) | 5725 | 1257038 |
| Analog Devices, Inc. | 2928 | 719410 |
| Apple, Inc. | 3428 | 872872 |
| Applied Materials, Inc. | 4134 | 846395 |
| Autodesk, Inc. (\*) | 2321 | 737312 |
| Boston Scientific Corp. (\*) | 4086 | 398916 |
| Broadcom, Inc. | 3486 | 1150066 |
| CyberArk Software Ltd. (\*) | 497 | 240126 |
| Danaher Corp. | 2917 | 578325 |
| Dolby Laboratories, Inc., Class A | 6349 | 459477 |
| Electronic Arts, Inc. | 4389 | 885261 |
| Eli Lilly & Co. | 577 | 440251 |
| Equifax, Inc. | 1946 | 499207 |
| Experian PLC | 13976 | 700302 |
| GE HealthCare Technologies, Inc. | 7736 | 580974 |
| Intercontinental Exchange, Inc. | 3843 | 647469 |
| Intuit, Inc. | 771 | 526524 |
| IQVIA Holdings, Inc. (\*) | 3129 | 594322 |
| Keysight Technologies, Inc. (\*) | 3584 | 626913 |
| Labcorp Holdings, Inc. | 2487 | 713918 |
| Marsh & McLennan Cos., Inc. | 3145 | 633812 |
| Marvell Technology, Inc. | 8743 | 735024 |
| Mastercard, Inc., Class A | 989 | 562553 |

---

Lazard Equity Megatrends ETF

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Meta Platforms, Inc., Class A | 940 | $690317 |
| Microsoft Corp. | 2780 | 1439901 |
| NVIDIA Corp. | 4369 | 815168 |
| PTC, Inc. (\*) | 3492 | 708946 |
| Rockwell Automation, Inc. | 1649 | 576375 |
| S&P Global, Inc. | 1283 | 624449 |
| Salesforce, Inc. | 1385 | 328245 |
| Schneider Electric SE | 2019 | 563664 |
| ServiceNow, Inc. (\*) | 205 | 188657 |
| Stryker Corp. | 1106 | 408855 |
| Thermo Fisher Scientific, Inc. | 1357 | 658172 |
| Visa, Inc., A Shares | 1561 | 532894 |
|  |  | 23880719 |
| **Total Common Stocks**<br> (Cost $29,363,064) |  | 36893455 |
| **Description** | **Principal<br> Amount<br> (000)** | **Fair<br> Value** |
| **Repurchase Agreements \| 2.8%** |  |  |
| Fixed Income Clearing Corp.,<br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $1,034,100 United States Treasury Note, 4.625%, 02/15/35, with a fair value of $1,081,362) Proceeds of $1,060,123<br> (Cost $1,060,000) | $1060 | $1060000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Shares** | **Fair<br> Value** |
| **Short-Term Investments \| 0.2%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $61,733) |  | 61733 | $61733 |
| **Total Investments \| 100.2%**<br> (Cost and short proceeds $30,484,797) |  |  | $**38015188** |
| **Liabilities in Excess of Cash and Other Assets \| (0.2)%** | **Liabilities in Excess of Cash and Other Assets \| (0.2)%** |  | **(68375)** |
| **Net Assets \| 100.0%** |  |  | $**37946813** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 3.1% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Common Stocks \| 97.3%** |  |  |
| **Australia \| 3.6%** |  |  |
| Alkane Resources Ltd. (\*) | 690633 | $524086 |
| Beach Energy Ltd. | 618578 | 469407 |
| Brambles Ltd. | 231398 | 3803303 |
| Catalyst Metals Ltd. (\*) | 150531 | 788139 |
| Catapult Sports Ltd. (\*) | 133294 | 607783 |
| IRESS Ltd. | 147448 | 861900 |
| Northern Star Resources Ltd. | 105584 | 1660525 |
| Perseus Mining Ltd. | 358664 | 1164752 |
| Qantas Airways Ltd. | 568515 | 4114473 |
| Ramelius Resources Ltd. | 255895 | 658026 |
| REA Group Ltd. | 6784 | 1038867 |
|  |  | 15691261 |
| **Belgium \| 0.4%** |  |  |
| Colruyt Group NV | 9852 | 388031 |
| Proximus SADP | 139910 | 1223093 |
|  |  | 1611124 |
| **Brazil \| 0.5%** |  |  |
| Cia De Sanena Do Parana | 213042 | 1482139 |
| Vale SA | 61883 | 669081 |
|  |  | 2151220 |
| **Canada \| 7.9%** |  |  |
| Agnico Eagle Mines Ltd. | 22112 | 3725063 |
| ARC Resources Ltd. | 38170 | 696244 |
| Barrick Mining Corp. | 45277 | 1487431 |
| Brookfield Infrastructure Corp., Class A | 12540 | 515155 |
| Cameco Corp. | 6786 | 569646 |
| Canadian Natural Resources Ltd. | 81588 | 2609362 |
| Celestica, Inc. (\*) | 2056 | 506050 |
| Dollarama, Inc. | 27400 | 3614342 |
| Fairfax Financial Holdings Ltd. | 1567 | 2742081 |
| Hudbay Minerals, Inc. | 80046 | 1212714 |
| Kinross Gold Corp. | 109755 | 2724549 |
| Loblaw Cos. Ltd. | 181733 | 7030823 |
| Lundin Gold, Inc. | 16307 | 1056779 |
| Magna International, Inc. | 42890 | 2032605 |
| Metro, Inc. | 5863 | 393858 |
| Shopify, Inc., Class A (\*) | 8936 | 1327877 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Suncor Energy, Inc. | 44332 | $1855610 |
| Torex Gold Resources, Inc. (\*) | 17540 | 729132 |
|  |  | 34829321 |
| **Chile \| 0.1%** |  |  |
| Latam Airlines Group SA | 23506259 | 534152 |
| **China \| 10.3%** |  |  |
| Alibaba Group Holding Ltd. ADR | 8004 | 1430555 |
| Alibaba Group Holding Ltd. | 230800 | 5250578 |
| Bank of Shanghai Co. Ltd., Class A | 1422799 | 1790879 |
| BOC Hong Kong Holdings Ltd. | 857500 | 4027177 |
| BYD Co. Ltd., Class H | 43500 | 616125 |
| China Life Insurance Co. Ltd., Class H | 306000 | 869184 |
| China Pacific Insurance Group Co. Ltd., Class H | 123400 | 491354 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 617000 | 476604 |
| CITIC Ltd. | 612000 | 898288 |
| Contemporary Amperex Technology Co. Ltd., Class H | 7900 | 580285 |
| H World Group Ltd. ADR | 28939 | 1131804 |
| Huaxia Bank Co. Ltd., Class A | 645100 | 596304 |
| JD.com, Inc., Class A | 108250 | 1926974 |
| Kanzhun Ltd. ADR (\*) | 27143 | 634061 |
| Kuaishou Technology (#) | 124000 | 1348311 |
| Meituan, Class B (#), (\*) | 32700 | 439200 |
| Midea Group Co. Ltd., Class H | 62100 | 656486 |
| NetEase, Inc. | 92600 | 2818323 |
| New China Life Insurance Co. Ltd., Class H | 93200 | 552942 |
| PDD Holdings, Inc. ADR (\*) | 12318 | 1628070 |
| PetroChina Co. Ltd., Class H | 622000 | 566007 |
| Ping An Insurance Group Co. of China Ltd., Class H | 366500 | 2498949 |
| Pop Mart International Group Ltd. (#) | 27400 | 939582 |
| Qfin Holdings, Inc. ADR | 26583 | 765059 |
| Rockchip Electronics Co. Ltd., Class A | 18500 | 586177 |
| Tencent Holdings Ltd. | 97400 | 8299856 |
| Tencent Music Entertainment Group ADR | 27101 | 632537 |
| Xiaomi Corp., Class B (#), (\*) | 246800 | 1712920 |
| Zijin Mining Group Co. Ltd., Class H | 234000 | 980464 |
|  |  | 45145055 |
| **Denmark \| 0.5%** |  |  |
| Novo Nordisk AS, Class B | 36030 | 1954688 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **France \| 7.7%** |  |  |
| Air France-KLM (\*) | 30136 | $404557 |
| Airbus SE | 10881 | 2523793 |
| BNP Paribas SA | 101238 | 9198761 |
| Carrefour SA | 157321 | 2383668 |
| Covivio SA REIT | 9839 | 661279 |
| Gaztransport Et Technigaz SA | 6452 | 1194781 |
| L'Oreal SA | 3999 | 1731517 |
| Orange SA | 54808 | 889356 |
| Safran SA | 1474 | 519758 |
| Societe Generale SA | 50784 | 3363068 |
| TotalEnergies SE | 61270 | 3724158 |
| Unibail-Rodamco-Westfield REIT | 6463 | 679210 |
| Vinci SA | 45325 | 6281647 |
|  |  | 33555553 |
| **Germany \| 3.5%** |  |  |
| Allianz SE | 1594 | 669392 |
| Continental AG | 7938 | 523439 |
| Deutsche Bank AG | 110199 | 3878040 |
| Friedrich Vorwerk Group SE | 7998 | 769667 |
| IONOS Group SE (\*) | 15085 | 704564 |
| Mercedes-Benz Group AG | 21660 | 1360838 |
| Rheinmetall AG | 1025 | 2390082 |
| Scout24 SE (#) | 5811 | 727857 |
| Siemens AG | 1857 | 500109 |
| Siemens Energy AG (\*) | 10472 | 1223323 |
| TAG Immobilien AG | 28632 | 494546 |
| TUI AG (\*) | 244950 | 2228273 |
|  |  | 15470130 |
| **Greece \| 0.7%** |  |  |
| Alpha Bank SA | 278256 | 1181600 |
| National Bank of Greece SA | 58791 | 854167 |
| OPAP SA | 43105 | 1006383 |
|  |  | 3042150 |
| **Hong Kong \| 1.0%** |  |  |
| Prudential PLC | 179306 | 2512878 |
| WH Group Ltd. (#) | 1660500 | 1799138 |
|  |  | 4312016 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Hungary \| 0.2%** |  |  |
| OTP Bank Nyrt | 10775 | $932443 |
| **India \| 4.3%** |  |  |
| Adani Ports & Special Economic Zone Ltd. | 56349 | 890719 |
| Axis Bank Ltd. GDR | 12319 | 788416 |
| Bajaj Finance Ltd. | 48012 | 540149 |
| Canara Bank | 1438269 | 2003950 |
| Dr. Reddy's Laboratories Ltd. ADR | 129304 | 1807670 |
| Indus Towers Ltd. (\*) | 602534 | 2326972 |
| Infosys Ltd. ADR | 54789 | 891417 |
| Life Insurance Corp. of India | 89578 | 908353 |
| Reliance Industries Ltd. GDR (#) | 9839 | 600179 |
| State Bank of India GDR | 56033 | 5508044 |
| Tata Motors Ltd. | 99117 | 759323 |
| Union Bank of India Ltd. | 578876 | 903044 |
| Vedanta Ltd. | 101042 | 530083 |
| WAAREE Energies Ltd. | 15106 | 566275 |
|  |  | 19024594 |
| **Indonesia \| 0.4%** |  |  |
| Indofood Sukses Makmur Tbk. PT | 1538500 | 667006 |
| Japfa Comfeed Indonesia Tbk. PT | 8312400 | 977636 |
|  |  | 1644642 |
| **Ireland \| 0.1%** |  |  |
| AIB Group PLC | 61566 | 558103 |
| **Israel \| 0.6%** |  |  |
| Nice Ltd. ADR (\*) | 15086 | 2184151 |
| Wix.com Ltd. (\*) | 2774 | 492746 |
|  |  | 2676897 |
| **Italy \| 3.5%** |  |  |
| Banca Monte dei Paschi di Siena SpA | 55948 | 495671 |
| Ferrari NV | 4587 | 2218410 |
| Intesa Sanpaolo SpA | 340191 | 2244052 |
| Leonardo SpA | 51027 | 3238862 |
| Lottomatica Group SpA | 55551 | 1496044 |
| Nexi SpA (#) | 208426 | 1179441 |
| Telecom Italia SpA (\*) | 1822821 | 953750 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| UniCredit SpA | 46488 | $3521570 |
|  |  | 15347800 |
| **Japan \| 13.3%** |  |  |
| Advantest Corp. | 26700 | 2648576 |
| Asahi Kasei Corp. | 112500 | 887065 |
| Chiyoda Corp. (\*) | 464500 | 1236067 |
| Chugai Pharmaceutical Co. Ltd. | 40500 | 1768250 |
| Daiichi Sankyo Co. Ltd. | 31700 | 711552 |
| Denso Corp. | 139400 | 2015700 |
| Fujita Kanko, Inc. | 6500 | 461692 |
| Hachijuni Bank Ltd. | 62100 | 650077 |
| Hitachi Ltd. | 29700 | 790337 |
| Hyakugo Bank Ltd. | 62700 | 388465 |
| Japan Airlines Co. Ltd. | 210900 | 4259842 |
| Japan Post Holdings Co. Ltd. | 676600 | 6734618 |
| Japan Tobacco, Inc. | 57900 | 1906150 |
| Kyoto Financial Group, Inc. | 30000 | 639063 |
| Mitsubishi Electric Corp. | 199475 | 5136631 |
| Mitsui Fudosan Co. Ltd. | 91900 | 1003722 |
| Mizuho Financial Group, Inc. | 93100 | 3144414 |
| MS&AD Insurance Group Holdings, Inc. | 123900 | 2815509 |
| NTT, Inc. | 1967700 | 2061165 |
| ORIX Corp. | 32200 | 846399 |
| Sanki Engineering Co. Ltd. | 60100 | 2006250 |
| SoftBank Corp. | 614500 | 905824 |
| Sompo Holdings, Inc. | 91000 | 2819007 |
| Sony Financial Group, Inc. (\*) | 60800 | 67517 |
| Sony Group Corp. | 60800 | 1753375 |
| Sumitomo Osaka Cement Co. Ltd. | 31500 | 829705 |
| Suzuki Motor Corp. | 97900 | 1432190 |
| T&D Holdings, Inc. | 61300 | 1503393 |
| Tokyo Electron Ltd. | 25300 | 4515746 |
| Toyota Motor Corp. | 122800 | 2369358 |
|  |  | 58307659 |
| **Malaysia \| 0.2%** |  |  |
| 99 Speed Mart Retail Holdings Bhd. | 844100 | 549563 |
| Tenaga Nasional Bhd. | 153800 | 483126 |
|  |  | 1032689 |
| **Mexico \| 0.4%** |  |  |
| Cemex SAB de CV ADR | 130707 | 1175056 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Gentera SAB de CV | 240140 | $622078 |
|  |  | 1797134 |
| **Netherlands \| 2.2%** |  |  |
| ASML Holding NV | 4622 | 4497286 |
| EXOR NV | 17544 | 1715101 |
| Koninklijke Ahold Delhaize NV | 25550 | 1034232 |
| Koninklijke Heijmans NV | 7491 | 521074 |
| Wolters Kluwer NV | 14959 | 2041548 |
|  |  | 9809241 |
| **New Zealand \| 0.2%** |  |  |
| Xero Ltd. (\*) | 7376 | 769930 |
| **Norway \| 0.1%** |  |  |
| Kongsberg Gruppen ASA | 13631 | 435728 |
| **Philippines \| 0.4%** |  |  |
| International Container Terminal Services, Inc. | 212550 | 1722312 |
| **Poland \| 0.4%** |  |  |
| PGE Polska Grupa Energetyczna SA (\*) | 377659 | 1118033 |
| Tauron Polska Energia SA (\*) | 246582 | 618248 |
|  |  | 1736281 |
| **Portugal \| 0.8%** |  |  |
| EDP SA | 745236 | 3535008 |
| **Saudi Arabia \| 0.7%** |  |  |
| Al Babtain Power & Telecommunication Co. | 36858 | 568074 |
| Electrical Industries Co. | 571683 | 1667701 |
| Etihad Etisalat Co. | 51113 | 920667 |
|  |  | 3156442 |
| **Singapore \| 1.1%** |  |  |
| Sea Ltd. ADR (\*) | 10880 | 1944582 |
| Singapore Technologies Engineering Ltd. | 155100 | 1035845 |
| United Overseas Bank Ltd. | 69300 | 1858823 |
|  |  | 4839250 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **South Africa \| 0.8%** |  |  |
| Gold Fields Ltd. ADR | 51018 | $2140715 |
| Harmony Gold Mining Co. Ltd. ADR | 81259 | 1474851 |
|  |  | 3615566 |
| **South Korea \| 3.7%** |  |  |
| Hana Financial Group, Inc. | 47761 | 2968361 |
| KB Financial Group, Inc. | 8315 | 684496 |
| Korea Electric Power Corp. | 103443 | 2657867 |
| Samsung Electronics Co. Ltd. | 114824 | 6866280 |
| SK Hynix, Inc. | 12310 | 3048876 |
|  |  | 16225880 |
| **Spain \| 1.7%** |  |  |
| Acciona SA | 4955 | 995001 |
| Banco Bilbao Vizcaya Argentaria SA | 140085 | 2689562 |
| Banco Santander SA | 369540 | 3853174 |
|  |  | 7537737 |
| **Sweden \| 1.8%** |  |  |
| Betsson AB, Class B | 70804 | 1169138 |
| Boliden AB (\*) | 33006 | 1343037 |
| Plejd AB (\*) | 5406 | 534559 |
| Saab AB, Class B | 31422 | 1919377 |
| Skanska AB, B Shares | 83422 | 2163361 |
| Telefonaktiebolaget LM Ericsson ADR | 84966 | 702669 |
|  |  | 7832141 |
| **Switzerland \| 1.6%** |  |  |
| ABB Ltd. | 66797 | 4812171 |
| International Workplace Group PLC | 304593 | 915251 |
| UBS Group AG | 33557 | 1371128 |
|  |  | 7098550 |
| **Taiwan \| 6.0%** |  |  |
| Accton Technology Corp. | 67000 | 2297231 |
| Arcadyan Technology Corp. | 83000 | 597759 |
| Asia Vital Components Co. Ltd. | 15000 | 482807 |
| Asustek Computer, Inc. | 37000 | 814588 |
| Delta Electronics, Inc. | 126000 | 3530547 |
| International Games System Co. Ltd. | 30000 | 774657 |
| MediaTek, Inc. | 93000 | 4012566 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br>Value** |
| Realtek Semiconductor Corp. | 29000 | $523328 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 308000 | 13187873 |
|  |  | 26221356 |
| **Thailand \| 0.2%** |  |  |
| Advanced Info Service PCL | 92400 | 829761 |
| **Turkey \| 0.1%** |  |  |
| Turk Hava Yollari AO | 63697 | 482547 |
| **United Arab Emirates \| 0.5%** |  |  |
| Adnoc Gas PLC | 618785 | 596379 |
| Emaar Properties PJSC | 458695 | 1629722 |
|  |  | 2226101 |
| **United Kingdom \| 9.9%** |  |  |
| Anglogold Ashanti PLC | 14157 | 995662 |
| AstraZeneca PLC ADR | 67697 | 5193714 |
| Barclays PLC | 467947 | 2391380 |
| British American Tobacco PLC ADR | 9067 | 481276 |
| Currys PLC | 338403 | 636438 |
| Drax Group PLC | 60347 | 568289 |
| Dunelm Group PLC | 55115 | 833992 |
| Games Workshop Group PLC | 3394 | 663901 |
| HSBC Holdings PLC | 274303 | 3858981 |
| Imperial Brands PLC | 55106 | 2342809 |
| International Consolidated Airlines Group SA | 489532 | 2549286 |
| J Sainsbury PLC | 519956 | 2337969 |
| NatWest Group PLC | 757943 | 5322307 |
| Next PLC | 19230 | 3203688 |
| Rightmove PLC | 48845 | 465958 |
| Rolls-Royce Holdings PLC | 245939 | 3940036 |
| Sage Group PLC | 50482 | 747575 |
| Standard Chartered PLC | 208714 | 4033486 |
| Tesco PLC | 96652 | 579675 |
| Vodafone Group PLC | 1899987 | 2203850 |
|  |  | 43350272 |
| **United States \| 5.9%** |  |  |
| Buzzi SpA | 8246 | 453060 |
| GSK PLC | 257984 | 5468411 |
| Holcim AG | 20157 | 1705992 |

---

*Lazard International Dynamic Equity ETF*

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Novartis AG | 69575 | $8754916 |
| Paysafe Ltd. (\*) | 36586 | 472691 |
| Roche Holding AG | 17857 | 5833010 |
| Sanofi SA | 5539 | 511229 |
| Shell PLC | 33145 | 1180907 |
| Spotify Technology SA (\*) | 783 | 546534 |
| Titan SA | 17533 | 716924 |
|  |  | 25643674 |
| **Total Common Stocks**<br> (Cost $395,715,324) |  | 426686408 |
| **Preferred Stocks \| 1.0%** |  |  |
| **Brazil \| 0.8%** |  |  |
| Banco Bradesco SA | 136936 | 454864 |
| Petroleo Brasileiro SA - Petrobras | 524154 | 3096372 |
|  |  | 3551236 |
| **Germany \| 0.2%** |  |  |
| Volkswagen AG | 8936 | 965561 |
| **Total Preferred Stocks**<br> (Cost $4,317,158) |  | 4516797 |
| **Warrants \| 0.0%** |  |  |
| **Canada \| 0.0%** |  |  |
| Constellation Software, Inc., <br> Expires 03/31/40i (\*), (¢)<br> (Cost $0) | 26 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal<br> Amount<br> (000)** | **Principal<br> Amount<br> (000)** | **Fair<br> Value** |
| **Repurchase Agreements \| 1.3%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $6,027,600 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $5,967,177) Proceeds of $5,850,681<br> (Cost $5,850,000) | $| 5850 | $5850000 |
| **Description** |  | **Shares** | **Fair<br> Value** |
| **Short-Term Investments \| 0.1%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $310,340) |  | 310340 | $310340 |
| **Total Investments \| 99.7%**<br> (Cost $406,192,822) |  |  | $**437363545** |
| **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **Cash and Other Assets in Excess of Liabilities \| 0.3%** | **1357829** |
| **Net Assets \| 100.0%** |  |  | $**438721374** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 2.0% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

*Lazard Japanese Equity ETF*

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair <br> Value** |
| **Common Stocks \| 98.8%** |  |  |
| **Japan \| 98.8%** |  |  |
| Daifuku Co. Ltd. | 19800 | $635890 |
| Daiichi Sankyo Co. Ltd. | 43300 | 971930 |
| Daikin Industries Ltd. | 8600 | 994603 |
| Daiwa House Industry Co. Ltd. | 14000 | 504317 |
| Denso Corp. | 57700 | 834332 |
| Disco Corp. | 2000 | 629854 |
| East Japan Railway Co. | 37600 | 921637 |
| FANUC Corp. | 18900 | 545430 |
| FUJIFILM Holdings Corp. | 37800 | 942152 |
| Fujitsu Ltd. | 41500 | 979016 |
| Hitachi Ltd. | 57300 | 1524793 |
| Inpex Corp. | 61800 | 1118539 |
| Kakaku.com, Inc. | 30900 | 531233 |
| Kansai Electric Power Co., Inc. | 98400 | 1411520 |
| Koito Manufacturing Co. Ltd. | 27000 | 409886 |
| Komatsu Ltd. | 34200 | 1194922 |
| Makita Corp. | 23300 | 758234 |
| MatsukiyoCocokara & Co. | 36700 | 746500 |
| Mitsubishi Corp. | 79000 | 1888811 |
| Mitsubishi Electric Corp. | 47800 | 1230886 |
| Mitsubishi Logistics Corp. | 45500 | 373557 |
| Mitsubishi UFJ Financial Group, Inc. | 189000 | 3063723 |
| Mitsui Chemicals, Inc. | 22800 | 571524 |
| Mitsui Fudosan Co. Ltd. | 103000 | 1124955 |
| Mizuho Financial Group, Inc. | 63600 | 2148064 |
| Murata Manufacturing Co. Ltd. | 31200 | 594804 |
| Nippon Sanso Holdings Corp. | 30300 | 1076508 |
| Nissan Chemical Corp. | 8700 | 316342 |
| Nitori Holdings Co. Ltd. | 18500 | 357448 |
| Nitto Denko Corp. | 37400 | 890651 |
| Nomura Holdings, Inc. | 80700 | 593153 |
| NTT, Inc. | 1388300 | 1454244 |
| Okamura Corp. | 12100 | 192374 |
| ORIX Corp. | 35100 | 922627 |
| Recruit Holdings Co. Ltd. | 8600 | 463702 |
| Rengo Co. Ltd. | 71700 | 453887 |
| Resona Holdings, Inc. | 145000 | 1483038 |
| Rinnai Corp. | 22100 | 524648 |
| Seven & i Holdings Co. Ltd. | 80100 | 1079860 |
| Shimizu Corp. | 86900 | 1223608 |
| Shin-Etsu Chemical Co. Ltd. | 36800 | 1209266 |
| SMC Corp. | 2000 | 615228 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Shares** | **Fair <br> Value** |
| SoftBank Group Corp. |  | 15400 | $1948397 |
| Sony Financial Group, Inc. (\*) |  | 91300 | 101386 |
| Sony Group Corp. |  | 91300 | 2632946 |
| SUMCO Corp. |  | 37600 | 401498 |
| Sumitomo Forestry Co. Ltd. |  | 84300 | 1005481 |
| Sumitomo Mitsui Financial Group, Inc. |  | 80900 | 2287561 |
| Suzuki Motor Corp. |  | 92100 | 1347341 |
| Takeda Pharmaceutical Co. Ltd. |  | 52000 | 1519315 |
| TDK Corp. |  | 83200 | 1210382 |
| THK Co. Ltd. |  | 23200 | 642817 |
| Tokio Marine Holdings, Inc. |  | 42900 | 1821039 |
| Tokyo Electron Ltd. |  | 8700 | 1552846 |
| Toyo Suisan Kaisha Ltd. |  | 10200 | 730372 |
| Toyota Motor Corp. |  | 56300 | 1086277 |
| Toyota Tsusho Corp. |  | 27100 | 752711 |
| Yakult Honsha Co. Ltd. |  | 52000 | 849091 |
|  |  |  | 59397156 |
| **Total Common Stocks** <br> (Cost $49,929,634) |  |  | 59397156 |
| **Description** | **Principal** <br> **Amount** <br> **(000)** | **Principal** <br> **Amount** <br> **(000)** | **Fair** <br> **Value** |
| **Repurchase Agreements \| 0.4%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $278,200 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $275,414) Proceeds of $270,031 <br> (Cost $270,000) | $| 270 | $270000 |
| **Total Investments \| 99.2%** <br> (Cost $50,199,634) |  |  | $**59667156** |
| **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **Cash and Other Assets in Excess of Liabilities \| 0.8%** | **451957** |
| **Net Assets \| 100.0%** |  |  | $**60119113** |

---

(\*) Non-income producing security.

*Lazard Next Gen Technologies ETF*

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair <br> Value** |
| **Common Stocks \| 98.9%** |  |  |
| **Canada \| 1.7%** |  |  |
| Shopify, Inc., Class A (\*) | 5465 | $812154 |
| **China \| 4.2%** |  |  |
| Alibaba Group Holding Ltd. ADR | 5637 | 1007501 |
| Tencent Holdings Ltd. ADR | 11404 | 971050 |
|  |  | 1978551 |
| **Israel \| 1.0%** |  |  |
| Mobileye Global, Inc., Class A (\*) | 35439 | 500399 |
| **Italy \| 1.8%** |  |  |
| Prysmian SpA | 8595 | 850144 |
| **Japan \| 3.3%** |  |  |
| Advantest Corp. | 16000 | 1587162 |
| **Netherlands \| 4.0%** |  |  |
| Adyen NV (#), (\*) | 458 | 734575 |
| Nebius Group NV (\*) | 10257 | 1151553 |
|  |  | 1886128 |
| **South Korea \| 1.8%** |  |  |
| SK Hynix, Inc. | 3480 | 861908 |
| **Taiwan \| 4.0%** |  |  |
| King Yuan Electronics Co. Ltd. | 111000 | 597283 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 4642 | 1296464 |
|  |  | 1893747 |
| **United Kingdom \| 1.7%** |  |  |
| RELX PLC | 16841 | 806450 |
| **United States \| 75.4%** |  |  |
| Advanced Micro Devices, Inc. (\*) | 3697 | 598138 |
| Alphabet, Inc., Class A | 4389 | 1066966 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair <br> Value** |
| Amazon.com, Inc. (\*) | 3637 | $798576 |
| Ambarella, Inc. (\*) | 9697 | 800196 |
| Amphenol Corp., Class A | 10522 | 1302098 |
| AppLovin Corp., Class A (\*) | 1417 | 1018171 |
| Arista Networks, Inc. (\*) | 7245 | 1055669 |
| Autodesk, Inc. (\*) | 2440 | 775115 |
| Block, Inc. (\*) | 6187 | 447135 |
| Broadcom, Inc. | 3553 | 1172170 |
| Cadence Design Systems, Inc. (\*) | 2003 | 703574 |
| Cloudflare, Inc., Class A (\*) | 4933 | 1058572 |
| Crowdstrike Holdings, Inc., Class A (\*) | 1934 | 948395 |
| CyberArk Software Ltd. (\*) | 1870 | 903491 |
| Datadog, Inc., Class A (\*) | 7071 | 1006910 |
| Doximity, Inc., Class A (\*) | 7394 | 540871 |
| Dynatrace, Inc. (\*) | 14802 | 717157 |
| Eaton Corp. PLC | 2421 | 906059 |
| Fiserv, Inc. (\*) | 3132 | 403809 |
| International Business Machines Corp. | 2756 | 777633 |
| JFrog Ltd. (\*) | 6902 | 326672 |
| Manhattan Associates, Inc. (\*) | 2650 | 543197 |
| Mastercard, Inc., Class A | 1588 | 903270 |
| Meta Platforms, Inc., Class A | 1848 | 1357134 |
| Microsoft Corp. | 3476 | 1800394 |
| NVIDIA Corp. | 13187 | 2460430 |
| Okta, Inc. (\*) | 5072 | 465102 |
| Oracle Corp. | 5064 | 1424199 |
| Palantir Technologies, Inc., Class A (\*) | 5503 | 1003857 |
| Palo Alto Networks, Inc. (\*) | 6884 | 1401720 |
| PTC, Inc. (\*) | 3337 | 677478 |
| Salesforce, Inc. | 2999 | 710763 |
| Samsara, Inc., Class A (\*) | 13939 | 519228 |
| ServiceNow, Inc. (\*) | 861 | 792361 |
| Snowflake, Inc. (\*) | 4312 | 972572 |
| Synopsys, Inc. (\*) | 1202 | 593055 |
| Tempus AI, Inc. (\*) | 11522 | 929941 |
| Trimble, Inc. (\*) | 5502 | 449238 |
| Twilio, Inc., Class A (\*) | 5220 | 522470 |
| Uber Technologies, Inc. (\*) | 9622 | 942667 |
|  |  | 35796453 |
| **Total Common Stocks** <br> (Cost $32,306,017) |  | 46973096 |

---

*Lazard Next Gen Technologies ETF*

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Principal** <br> **Amount** <br> **(000)** | **Principal** <br> **Amount** <br> **(000)** | **Fair** <br> **Value** |
| **Repurchase Agreements \| 0.4%** |  |  |  |
| Fixed Income Clearing Corp., <br> 4.19%, 10/01/25 (Dated 09/30/25, collateralized by $216,400 United States Treasury Note, 3.875%, 08/15/34, with a fair value of $214,255) Proceeds of $210,024<br> (Cost $210,000) | $| 210 | $210000 |
| **Description** | **Shares** | **Shares** | **Fair** <br> **Value** |
| **Short-Term Investments \| 0.7%** |  |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield) <br> (Cost $314,218) |  | 314218 | 314218 |
| **Total Investments \| 100.0%** <br> (Cost $32,830,235) |  |  | $**47497314** |
| **Liabilities in Excess of Cash and Other Assets \| 0.0%** | **Liabilities in Excess of Cash and Other Assets \| 0.0%** | **Liabilities in Excess of Cash and Other Assets \| 0.0%** | **(6988)** |
| **Net Assets \| 100.0%** |  |  | $**47490326** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 1.5% of net assets of the Portfolio. |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Closed-End Management Investment Companies \| 0.2%** | **Closed-End Management Investment Companies \| 0.2%** | **Closed-End Management Investment Companies \| 0.2%** |
| ASA Gold & Precious Metals Ltd. | 1654 | $75753 |
| Kayne Anderson Energy Infrastructure Fund | 2594 | 32088 |
| **Total Closed-End Management Investment Companies**<br> (Cost $66,252) |  | 107841 |
| **Common Stocks \| 96.8%** |  |  |
| **Aerospace & Defense \| 0.3%** |  |  |
| AerSale Corp. (\*) | 10408 | 85242 |
| Innovative Solutions & Support, Inc. (\*) | 5596 | 69894 |
|  |  | 155136 |
| **Air Freight & Logistics \| 0.0%** |  |  |
| Radiant Logistics, Inc. (\*) | 1860 | 10974 |
| **Automobile Components \| 1.5%** |  |  |
| Autoliv, Inc. | 858 | 105963 |
| Dorman Products, Inc. (\*) | 445 | 69367 |
| Fox Factory Holding Corp. (\*) | 1670 | 40564 |
| Garrett Motion, Inc. | 8106 | 110403 |
| Gentex Corp. | 6511 | 184261 |
| Lear Corp. | 1813 | 182406 |
| Motorcar Parts of America, Inc. (\*) | 1871 | 30946 |
| Strattec Security Corp. (\*) | 1763 | 119990 |
|  |  | 843900 |
| **Banks \| 3.9%** |  |  |
| 1st Source Corp. | 2023 | 124536 |
| Axos Financial, Inc. (\*) | 1085 | 91845 |
| BancFirst Corp. | 685 | 86618 |
| Bank of NT Butterfield & Son Ltd. | 4713 | 202282 |
| Capital City Bank Group, Inc. | 549 | 22943 |
| Central Pacific Financial Corp. | 3136 | 95146 |
| Commerce Bancshares, Inc. | 1363 | 81453 |
| Community Financial System, Inc. | 1379 | 80865 |
| Community Trust Bancorp, Inc. | 1465 | 81967 |
| First BanCorp | 4390 | 96799 |
| First Business Financial Services, Inc. | 196 | 10047 |
| First Financial Corp. | 1062 | 59939 |
| HomeTrust Bancshares, Inc. | 1290 | 52813 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Intercorp Financial Services, Inc. | 2359 | $95162 |
| Northrim BanCorp, Inc. | 1656 | 35869 |
| Popular, Inc. | 879 | 111642 |
| Republic Bancorp, Inc., Class A | 1113 | 80414 |
| Sierra Bancorp | 606 | 17519 |
| South Plains Financial, Inc. | 1226 | 47385 |
| Southern Missouri Bancorp, Inc. | 1210 | 63598 |
| Synovus Financial Corp. | 1733 | 85056 |
| Trustmark Corp. | 4485 | 177606 |
| UMB Financial Corp. | 1073 | 126990 |
| Unity Bancorp, Inc. | 1206 | 58937 |
| Western Alliance Bancorp | 1077 | 93397 |
| Zions Bancorp NA | 2080 | 117686 |
|  |  | 2198514 |
| **Beverages \| 0.4%** |  |  |
| Coca-Cola Consolidated, Inc. | 867 | 101578 |
| Primo Brands Corp. | 4694 | 103737 |
|  |  | 205315 |
| **Biotechnology \| 2.9%** |  |  |
| ACADIA Pharmaceuticals, Inc. (\*) | 9316 | 198803 |
| BioCryst Pharmaceuticals, Inc. (\*) | 2306 | 17503 |
| BioMarin Pharmaceutical, Inc. (\*) | 5801 | 314182 |
| Caris Life Sciences, Inc. | 2964 | 89661 |
| Exact Sciences Corp. (\*) | 2423 | 132562 |
| Exelixis, Inc. (\*) | 3255 | 134431 |
| Kiniksa Pharmaceuticals International PLC (\*) | 7414 | 287886 |
| MiMedx Group, Inc. (\*) | 23341 | 162920 |
| Rigel Pharmaceuticals, Inc. (\*) | 2257 | 63941 |
| United Therapeutics Corp. (\*) | 588 | 246495 |
| XOMA Royalty Corp. (\*) | 112 | 4316 |
|  |  | 1652700 |
| **Building Products \| 2.9%** |  |  |
| Apogee Enterprises, Inc. | 2751 | 119861 |
| AZZ, Inc. | 924 | 100836 |
| CSW Industrials, Inc. | 728 | 176722 |
| Gibraltar Industries, Inc. (\*) | 2951 | 185323 |
| Hayward Holdings, Inc. (\*) | 6780 | 102514 |
| Insteel Industries, Inc. | 3808 | 145999 |
| Masterbrand, Inc. (\*) | 19429 | 255880 |
| Resideo Technologies, Inc. (\*) | 9154 | 395270 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Zurn Elkay Water Solutions Corp. | 2223 | $104548 |
|  |  | 1586953 |
| **Capital Markets \| 1.4%** |  |  |
| BGC Group, Inc., Class A | 8821 | 83447 |
| Federated Hermes, Inc. | 3859 | 200398 |
| MarketAxess Holdings, Inc. | 480 | 83640 |
| Morningstar, Inc. | 384 | 89092 |
| SEI Investments Co. | 1207 | 102414 |
| Virtu Financial, Inc., Class A | 4035 | 143242 |
|  |  | 702233 |
| **Chemicals \| 2.6%** |  |  |
| AdvanSix, Inc. | 4509 | 87384 |
| Avient Corp. | 2877 | 94797 |
| Cabot Corp. | 2087 | 158716 |
| ICL Group Ltd. | 33002 | 205272 |
| LSB Industries, Inc. (\*) | 3118 | 24570 |
| Methanex Corp. | 6226 | 247546 |
| Minerals Technologies, Inc. | 1472 | 91441 |
| NewMarket Corp. | 126 | 104354 |
| Perimeter Solutions, Inc. (\*) | 17045 | 381638 |
|  |  | 1395718 |
| **Commercial Services & Supplies \| 3.3%** | **Commercial Services & Supplies \| 3.3%** |  |
| Brady Corp., Class A | 666 | 51968 |
| Deluxe Corp. | 2294 | 44412 |
| Ennis, Inc. | 957 | 17494 |
| Healthcare Services Group, Inc. (\*) | 12129 | 204131 |
| Interface, Inc. | 13491 | 390430 |
| Liquidity Services, Inc. (\*) | 6858 | 188115 |
| OPENLANE, Inc. (\*) | 13068 | 376097 |
| Steelcase, Inc., Class A | 15443 | 265620 |
| Tetra Tech, Inc. | 5116 | 170772 |
| UniFirst Corp. | 571 | 95465 |
|  |  | 1804504 |
| **Communications Equipment \| 2.6%** | **Communications Equipment \| 2.6%** |  |
| AudioCodes Ltd. | 3087 | 29388 |
| Aviat Networks, Inc. (\*) | 1390 | 31873 |
| Calix, Inc. (\*) | 1842 | 113044 |
| Gilat Satellite Networks Ltd. (\*) | 13990 | 182150 |
| Harmonic, Inc. (\*) | 27098 | 275858 |
| Ituran Location & Control Ltd. | 3701 | 132200 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| NETGEAR, Inc. (\*) | 1913 | $61962 |
| NetScout Systems, Inc. (\*) | 11134 | 287591 |
| Ribbon Communications, Inc. (\*) | 13361 | 50772 |
| Viavi Solutions, Inc. (\*) | 17651 | 223991 |
|  |  | 1388829 |
| **Construction & Engineering \| 2.0%** | **Construction & Engineering \| 2.0%** |  |
| Arcosa, Inc. | 1122 | 105143 |
| Bowman Consulting Group Ltd. (\*) | 2606 | 110390 |
| Dycom Industries, Inc. (\*) | 395 | 115245 |
| Great Lakes Dredge & Dock Corp. (\*) | 9245 | 110848 |
| IES Holdings, Inc. (\*) | 687 | 273186 |
| NWPX Infrastructure, Inc. (\*) | 1892 | 100144 |
| Primoris Services Corp. | 2092 | 287294 |
|  |  | 1102250 |
| **Construction Materials \| 0.8%** |  |  |
| Eagle Materials, Inc. | 438 | 102072 |
| Smith-Midland Corp. (\*) | 1060 | 39114 |
| U.S. Lime & Minerals, Inc. | 2222 | 292304 |
|  |  | 433490 |
| **Consumer Finance \| 0.7%** |  |  |
| FirstCash Holdings, Inc. | 679 | 107567 |
| OneMain Holdings, Inc. | 1697 | 95813 |
| PROG Holdings, Inc. | 5606 | 181410 |
|  |  | 384790 |
| **Consumer Staples Distribution & Retail \| 0.5%** | **Consumer Staples Distribution & Retail \| 0.5%** |  |
| Guardian Pharmacy Services, Inc., Class A (\*) | 1115 | 29246 |
| PriceSmart, Inc. | 1387 | 168091 |
| Village Super Market, Inc., Class A | 1514 | 56563 |
|  |  | 253900 |
| **Containers & Packaging \| 1.1%** |  |  |
| Ardagh Metal Packaging SA | 22885 | 91311 |
| Crown Holdings, Inc. | 1102 | 106442 |
| Greif, Inc., Class A | 2820 | 168523 |
| Sealed Air Corp. | 3430 | 121250 |
| Silgan Holdings, Inc. | 2111 | 90794 |
| Sonoco Products Co. | 166 | 7153 |
|  |  | 585473 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Distributors \| 0.1%** |  |  |
| Weyco Group, Inc. | 1244 | $37432 |
| **Diversified Consumer Services \| 3.9%** | **Diversified Consumer Services \| 3.9%** |  |
| ADT, Inc. | 19960 | 173852 |
| Adtalem Global Education, Inc. (\*) | 2929 | 452384 |
| Afya Ltd., Class A | 6134 | 95691 |
| American Public Education, Inc. (\*) | 270 | 10657 |
| Coursera, Inc. (\*) | 8170 | 95671 |
| Frontdoor, Inc. (\*) | 3067 | 206378 |
| Graham Holdings Co., Class B | 91 | 107135 |
| Grand Canyon Education, Inc. (\*) | 494 | 108443 |
| Laureate Education, Inc. (\*) | 7589 | 239357 |
| Perdoceo Education Corp. | 7710 | 290359 |
| Strategic Education, Inc. | 1735 | 149227 |
| Udemy, Inc. (\*) | 12275 | 86048 |
| Universal Technical Institute, Inc. (\*) | 2991 | 97357 |
|  |  | 2112559 |
| **Diversified REITs \| 0.4%** |  |  |
| Alexander & Baldwin, Inc. | 4621 | 84056 |
| Broadstone Net Lease, Inc. | 5284 | 94425 |
|  |  | 178481 |
| **Diversified Telecommunication Services \| 0.7%** | **Diversified Telecommunication Services \| 0.7%** |  |
| GCI Liberty, Inc., Class C (\*) | 333 | 12411 |
| IDT Corp., Class B | 3622 | 189467 |
| Liberty Global Ltd., Class A (\*) | 18457 | 211517 |
|  |  | 413395 |
| **Electric Utilities \| 0.2%** |  |  |
| OGE Energy Corp. | 2148 | 99388 |
| **Electrical Equipment \| 2.0%** |  |  |
| Acuity, Inc. | 598 | 205945 |
| Allient, Inc. | 37 | 1656 |
| Atkore, Inc. | 1731 | 108603 |
| Electrovaya, Inc. (\*) | 3737 | 22011 |
| Generac Holdings, Inc. (\*) | 1734 | 290272 |
| Power Solutions International, Inc. (\*) | 2764 | 271480 |
| Regal Rexnord Corp. | 672 | 96392 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| Sensata Technologies Holding PLC | 3154 | $| 96355 |
|  |  |  | 1092714 |
| **Electronic Equipment, Instruments & Components \| 4.7%** | **Electronic Equipment, Instruments & Components \| 4.7%** | **Electronic Equipment, Instruments & Components \| 4.7%** | **Electronic Equipment, Instruments & Components \| 4.7%** |
| Advanced Energy Industries, Inc. | 207 |  | 35219 |
| Arrow Electronics, Inc. (\*) | 1445 |  | 174845 |
| Belden, Inc. | 605 |  | 72763 |
| Cognex Corp. | 2339 |  | 105957 |
| Coherent Corp. (\*) | 2769 |  | 298277 |
| CTS Corp. | 4042 |  | 161437 |
| Daktronics, Inc. (\*) | 2568 |  | 53723 |
| Itron, Inc. (\*) | 1898 |  | 236415 |
| Kimball Electronics, Inc. (\*) | 6423 |  | 191791 |
| Littelfuse, Inc. | 676 |  | 175091 |
| Novanta, Inc. (\*) | 185 |  | 18528 |
| PC Connection, Inc. | 3516 |  | 217957 |
| Rogers Corp. (\*) | 1331 |  | 107092 |
| Sanmina Corp. (\*) | 831 |  | 95656 |
| ScanSource, Inc. (\*) | 2818 |  | 123964 |
| TD SYNNEX Corp. | 716 |  | 117245 |
| TTM Technologies, Inc. (\*) | 6784 |  | 390758 |
| Vontier Corp. | 2363 |  | 99175 |
|  |  |  | 2675893 |
| **Energy Equipment & Services \| 1.4%** | **Energy Equipment & Services \| 1.4%** |  |  |
| Archrock, Inc. | 3892 |  | 102399 |
| Cactus, Inc., Class A | 2152 |  | 84939 |
| Enerflex Ltd. | 5960 |  | 64249 |
| Flowco Holdings, Inc., Class A | 6371 |  | 94609 |
| Ranger Energy Services, Inc., Class A | 4467 |  | 62717 |
| Schlumberger NV | 2707 |  | 93040 |
| Select Water Solutions, Inc. | 10599 |  | 113303 |
| Weatherford International PLC | 1680 |  | 114962 |
|  |  |  | 730218 |
| **Entertainment \| 0.1%** |  |  |  |
| CuriosityStream, Inc. | 15527 |  | 82293 |
| **Financial Services \| 1.4%** |  |  |  |
| Banco Latinoamericano de Comercio Exterior SA | 2041 |  | 93825 |
| Burford Capital Ltd. | 7255 |  | 86770 |
| Cass Information Systems, Inc. | 1513 |  | 59506 |
| EVERTEC, Inc. | 2277 |  | 76917 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| Jack Henry & Associates, Inc. | 596 | $88762 |
| MGIC Investment Corp. | 4108 | 116544 |
| NMI Holdings, Inc. (\*) | 5032 | 192927 |
| Paymentus Holdings, Inc., Class A (\*) | 2449 | 74939 |
|  |  | 790190 |
| **Food Products \| 1.5%** |  |  |
| Dole PLC | 9540 | 128218 |
| Fresh Del Monte Produce, Inc. | 4523 | 157039 |
| Lifeway Foods, Inc. (\*) | 3849 | 106848 |
| Marzetti Co. | 557 | 96244 |
| Mission Produce, Inc. (\*) | 4275 | 51385 |
| Seaboard Corp. | 28 | 102116 |
| Seneca Foods Corp., Class A (\*) | 834 | 90022 |
| Simply Good Foods Co. (\*) | 2965 | 73591 |
|  |  | 805463 |
| **Gas Utilities \| 0.4%** |  |  |
| MDU Resources Group, Inc. | 6020 | 107216 |
| National Fuel Gas Co. | 1126 | 104009 |
|  |  | 211225 |
| **Ground Transportation \| 0.5%** |  |  |
| Covenant Logistics Group, Inc. | 3153 | 68294 |
| Landstar System, Inc. | 751 | 92043 |
| Ryder System, Inc. | 662 | 124880 |
|  |  | 285217 |
| **Health Care Equipment & Supplies \| 4.4%** | **Health Care Equipment & Supplies \| 4.4%** |  |
| Align Technology, Inc. (\*) | 1379 | 172678 |
| AtriCure, Inc. (\*) | 2864 | 100956 |
| Avanos Medical, Inc. (\*) | 17225 | 199121 |
| Bioventus, Inc., Class A (\*) | 7441 | 49780 |
| Cerus Corp. (\*) | 44032 | 70011 |
| Dentsply Sirona, Inc. | 5584 | 70861 |
| Electromed, Inc. (\*) | 7051 | 173102 |
| Globus Medical, Inc., Class A (\*) | 4650 | 266306 |
| LeMaitre Vascular, Inc. | 2558 | 223851 |
| LivaNova PLC (\*) | 3103 | 162535 |
| NeuroPace, Inc. (\*) | 6258 | 64520 |
| Novocure Ltd. (\*) | 6422 | 82972 |
| Omnicell, Inc. (\*) | 5122 | 155965 |
| Penumbra, Inc. (\*) | 613 | 155285 |
| SANUWAVE Health, Inc. (\*) | 1520 | 56970 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| SI-BONE, Inc. (\*) | 5038 | $74159 |
| Teleflex, Inc. | 2064 | 252551 |
| Zimvie, Inc. (\*) | 5411 | 102484 |
|  |  | 2434107 |
| **Health Care Providers & Services \| 1.4%** | **Health Care Providers & Services \| 1.4%** |  |
| Addus HomeCare Corp. (\*) | 865 | 102061 |
| Chemed Corp. | 307 | 137456 |
| Encompass Health Corp. | 857 | 108856 |
| Enhabit, Inc. (\*) | 19642 | 157332 |
| Pediatrix Medical Group, Inc. (\*) | 6311 | 105709 |
| Universal Health Services, Inc., Class B | 625 | 127775 |
| Viemed Healthcare, Inc. (\*) | 6148 | 41745 |
|  |  | 780934 |
| **Health Care REITs \| 0.6%** |  |  |
| American Healthcare REIT, Inc. | 2448 | 102840 |
| CareTrust REIT, Inc. | 2853 | 98942 |
| Healthcare Realty Trust, Inc. | 5285 | 95289 |
|  |  | 297071 |
| **Health Care Technology \| 0.9%** |  |  |
| Doximity, Inc., Class A (\*) | 3461 | 253172 |
| HealthStream, Inc. | 2513 | 70967 |
| TruBridge, Inc. (\*) | 3261 | 65774 |
| Waystar Holding Corp. (\*) | 2743 | 104015 |
|  |  | 493928 |
| **Hotels, Restaurants & Leisure \| 3.3%** | **Hotels, Restaurants & Leisure \| 3.3%** |  |
| Accel Entertainment, Inc. (\*) | 17321 | 191743 |
| Aramark | 2821 | 108326 |
| Boyd Gaming Corp. | 2991 | 258572 |
| Churchill Downs, Inc. | 876 | 84981 |
| Monarch Casino & Resort, Inc. | 3270 | 346097 |
| Nathan's Famous, Inc. | 930 | 102988 |
| Red Rock Resorts, Inc., Class A | 1698 | 103680 |
| Sportradar Group AG, Class A (\*) | 10422 | 280352 |
| Texas Roadhouse, Inc. | 643 | 106834 |
| Travel & Leisure Co. | 1553 | 92388 |
| Wyndham Hotels & Resorts, Inc. | 1088 | 86931 |
|  |  | 1762892 |
| **Household Durables \| 2.0%** |  |  |
| Cavco Industries, Inc. (\*) | 558 | 324047 |

---

Lazard US Systematic Small Cap Equity ETF

**Portfolio of Investments** **(continued)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| Flexsteel Industries, Inc. | 1797 | $| 83291 |
| Hamilton Beach Brands Holding Co., Class A | 3186 |  | 45783 |
| Mohawk Industries, Inc. (\*) | 806 |  | 103910 |
| Taylor Morrison Home Corp. (\*) | 4745 |  | 313217 |
| Tri Pointe Homes, Inc. (\*) | 6671 |  | 226614 |
|  |  |  | 1096862 |
| **Household Products \| 0.5%** |  |  |  |
| Central Garden & Pet Co., Class A (\*) | 3237 |  | 95589 |
| Oil-Dri Corp. of America | 2332 |  | 142345 |
|  |  |  | 237934 |
| **Independent Power & Renewable Electricity Producers \| 0.7%** | **Independent Power & Renewable Electricity Producers \| 0.7%** | **Independent Power & Renewable Electricity Producers \| 0.7%** | **Independent Power & Renewable Electricity Producers \| 0.7%** |
| Brookfield Renewable Corp. | 3109 |  | 107012 |
| Clearway Energy, Inc., Class A | 3568 |  | 96086 |
| ReNew Energy Global PLC, Class A (\*) | 23654 |  | 182136 |
|  |  |  | 385234 |
| **Industrial REITs \| 0.5%** |  |  |  |
| EastGroup Properties, Inc. | 469 |  | 79383 |
| First Industrial Realty Trust, Inc. | 1307 |  | 67271 |
| LXP Industrial Trust | 11139 |  | 99805 |
| STAG Industrial, Inc. | 1974 |  | 69662 |
|  |  |  | 316121 |
| **Insurance \| 2.2%** |  |  |  |
| Assurant, Inc. | 428 |  | 92705 |
| Axis Capital Holdings Ltd. | 1216 |  | 116493 |
| Brighthouse Financial, Inc. (\*) | 2666 |  | 141511 |
| Globe Life, Inc. | 946 |  | 135250 |
| Hamilton Insurance Group Ltd., Class B (\*) | 7347 |  | 182206 |
| Hanover Insurance Group, Inc. | 661 |  | 120057 |
| Kemper Corp. | 1379 |  | 71087 |
| Old Republic International Corp. | 2397 |  | 101801 |
| RenaissanceRe Holdings Ltd. | 398 |  | 101064 |
| RLI Corp. | 1282 |  | 83612 |
| Selective Insurance Group, Inc. | 1164 |  | 94365 |
|  |  |  | 1240151 |
| **Interactive Media & Services \| 0.8%** | **Interactive Media & Services \| 0.8%** |  |  |
| Cargurus, Inc. (\*) | 5566 |  | 207222 |
| EverQuote, Inc., Class A (\*) | 1633 |  | 37347 |
| Taboola.com Ltd. (\*) | 49713 |  | 169521 |
|  |  |  | 414090 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **IT Services \| 0.6%** |  |  |
| ASGN, Inc. (\*) | 2552 | $120837 |
| Backblaze, Inc., Class A (\*) | 17901 | 166121 |
| CI&T, Inc., Class A (\*) | 2422 | 12473 |
| EPAM Systems, Inc. (\*) | 156 | 23523 |
| Unisys Corp. (\*) | 18401 | 71764 |
|  |  | 394718 |
| **Leisure Products \| 0.2%** |  |  |
| JAKKS Pacific, Inc. | 7080 | 132608 |
| **Life Sciences Tools & Services \| 0.7%** | **Life Sciences Tools & Services \| 0.7%** |  |
| Adaptive Biotechnologies Corp. (\*) | 2241 | 33525 |
| Avantor, Inc. (\*) | 6925 | 86424 |
| Bio-Techne Corp. | 442 | 24588 |
| Charles River Laboratories International, Inc. (\*) | 291 | 45530 |
| CryoPort, Inc. (\*) | 5823 | 55202 |
| Qiagen NV | 2329 | 104060 |
|  |  | 349329 |
| **Machinery \| 4.3%** |  |  |
| Alamo Group, Inc. | 861 | 164365 |
| Atmus Filtration Technologies, Inc. | 2294 | 103436 |
| Enerpac Tool Group Corp. | 2600 | 106600 |
| Franklin Electric Co., Inc. | 1250 | 119000 |
| Hyster-Yale, Inc. | 268 | 9878 |
| JBT Marel Corp. | 751 | 105478 |
| Kennametal, Inc. | 3739 | 78257 |
| Lincoln Electric Holdings, Inc. | 452 | 106595 |
| Lindsay Corp. | 1503 | 211262 |
| Luxfer Holdings PLC | 9957 | 138402 |
| Mueller Industries, Inc. | 4665 | 471678 |
| Nordson Corp. | 469 | 106440 |
| Proto Labs, Inc. (\*) | 4919 | 246098 |
| SPX Technologies, Inc. (\*) | 484 | 90402 |
| Stanley Black & Decker, Inc. | 333 | 24752 |
| Tennant Co. | 1242 | 100677 |
| Toro Co. | 1356 | 103327 |
| Trinity Industries, Inc. | 1456 | 40826 |
| Worthington Enterprises, Inc. | 1362 | 75577 |
|  |  | 2403050 |

---

*Lazard US Systematic Small Cap Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Marine Transportation \| 0.6%** |  |  |  |
| Danaos Corp. | 1315 | $| 118100 |
| Global Ship Lease, Inc., Class A | 2742 |  | 84180 |
| Kirby Corp. (\*) | 1044 |  | 87122 |
|  |  |  | 289402 |
| **Media \| 0.5%** |  |  |  |
| DoubleVerify Holdings, Inc. (\*) | 3941 |  | 47213 |
| John Wiley & Sons, Inc., Class A | 482 |  | 19507 |
| Liberty Broadband Corp., Class C (\*) | 3833 |  | 243549 |
|  |  |  | 310269 |
| **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** | **Mortgage Real Estate Investment Trusts (REITs) \| 0.0%** |
| Angel Oak Mortgage REIT, Inc. | 1475 |  | 13821 |
| **Office REITs \| 0.4%** |  |  |  |
| COPT Defense Properties | 2526 |  | 73406 |
| Cousins Properties, Inc. | 2909 |  | 84186 |
| Postal Realty Trust, Inc., Class A | 4429 |  | 69491 |
|  |  |  | 227083 |
| **Oil, Gas & Consumable Fuels \| 2.7%** | **Oil, Gas & Consumable Fuels \| 2.7%** |  |  |
| Antero Midstream Corp. | 3941 |  | 76613 |
| Baytex Energy Corp. | 42612 |  | 99712 |
| Bw Lpg Ltd. (#) | 11785 |  | 168290 |
| California Resources Corp. | 2098 |  | 111572 |
| Chord Energy Corp. | 956 |  | 94998 |
| DHT Holdings, Inc. | 8482 |  | 101360 |
| DT Midstream, Inc. | 1004 |  | 113512 |
| Granite Ridge Resources, Inc. | 17863 |  | 96639 |
| Hafnia Ltd. | 22601 |  | 135380 |
| Hess Midstream LP, Class A | 2594 |  | 89623 |
| Ovintiv, Inc. | 2543 |  | 102686 |
| SandRidge Energy, Inc. | 8028 |  | 90556 |
| VAALCO Energy, Inc. | 21064 |  | 84677 |
|  |  |  | 1365618 |
| **Passenger Airlines \| 0.7%** |  |  |  |
| Alaska Air Group, Inc. (\*) | 688 |  | 34249 |
| Copa Holdings SA, Class A | 2581 |  | 306674 |
| SkyWest, Inc. (\*) | 512 |  | 51517 |
|  |  |  | 392440 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Personal Care Products \| 0.1%** |  |  |  |
| Nature's Sunshine Products, Inc. (\*) | 3535 | $| 54863 |
| **Pharmaceuticals \| 0.9%** |  |  |  |
| Phibro Animal Health Corp., Class A | 6223 |  | 251783 |
| Prestige Consumer Healthcare, Inc. (\*) | 1100 |  | 68640 |
| SNDL, Inc. (\*) | 51808 |  | 138845 |
|  |  |  | 459268 |
| **Professional Services \| 4.3%** |  |  |  |
| Barrett Business Services, Inc. | 1174 |  | 52032 |
| CRA International, Inc. | 525 |  | 109478 |
| ExlService Holdings, Inc. (\*) | 3368 |  | 148293 |
| Genpact Ltd. | 6084 |  | 254859 |
| Huron Consulting Group, Inc. (\*) | 1814 |  | 266241 |
| IBEX Holdings Ltd. (\*) | 4299 |  | 174195 |
| Insperity, Inc. | 334 |  | 16433 |
| KBR, Inc. | 3413 |  | 161401 |
| Kelly Services, Inc., Class A | 12295 |  | 161310 |
| Korn Ferry | 3047 |  | 213229 |
| Paylocity Holding Corp. (\*) | 539 |  | 85847 |
| TaskUS, Inc., Class A (\*) | 5834 |  | 104137 |
| TELUS International CDA, Inc. (\*) | 17570 |  | 78714 |
| Verra Mobility Corp. (\*) | 3930 |  | 97071 |
| Willdan Group, Inc. (\*) | 4053 |  | 391885 |
|  |  |  | 2315125 |
| **Real Estate Management & Development \| 0.9%** | **Real Estate Management & Development \| 0.9%** | **Real Estate Management & Development \| 0.9%** | **Real Estate Management & Development \| 0.9%** |
| Colliers International Group, Inc. | 571 |  | 89196 |
| Cushman & Wakefield PLC (\*) | 7149 |  | 113812 |
| FirstService Corp. | 435 |  | 82863 |
| Real Brokerage, Inc. (\*) | 19475 |  | 81406 |
| Seaport Entertainment Group, Inc. (\*) | 3162 |  | 72473 |
| St. Joe Co. | 1741 |  | 86145 |
|  |  |  | 525895 |
| **Residential REITs \| 0.3%** |  |  |  |
| Elme Communities | 6228 |  | 105004 |
| UMH Properties, Inc. | 5425 |  | 80561 |
|  |  |  | 185565 |

---

*Lazard US Systematic Small Cap Equity ETF*

**Portfolio of Investments (continued)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Retail REITs \| 1.2%** |  |  |  |
| Brixmor Property Group, Inc. | 3627 | $| 100395 |
| Federal Realty Investment Trust | 619 |  | 62711 |
| InvenTrust Properties Corp. | 3536 |  | 101200 |
| Kite Realty Group Trust | 3167 |  | 70624 |
| Regency Centers Corp. | 1378 |  | 100456 |
| Tanger, Inc. | 2852 |  | 96512 |
| Urban Edge Properties | 4388 |  | 89822 |
|  |  |  | 621720 |
| **Semiconductors & Semiconductor Equipment \| 3.3%** | **Semiconductors & Semiconductor Equipment \| 3.3%** | **Semiconductors & Semiconductor Equipment \| 3.3%** | **Semiconductors & Semiconductor Equipment \| 3.3%** |
| Cirrus Logic, Inc. (\*) | 1748 |  | 219007 |
| Cohu, Inc. (\*) | 5331 |  | 108379 |
| Diodes, Inc. (\*) | 4517 |  | 240350 |
| MACOM Technology Solutions Holdings, Inc. (\*) | 1458 |  | 181506 |
| Onto Innovation, Inc. (\*) | 2992 |  | 386626 |
| Power Integrations, Inc. | 1221 |  | 49096 |
| Qorvo, Inc. (\*) | 1215 |  | 110662 |
| Rambus, Inc. (\*) | 5416 |  | 564347 |
| Universal Display Corp. | 152 |  | 21832 |
|  |  |  | 1881805 |
| **Software \| 8.4%** |  |  |  |
| ACI Worldwide, Inc. (\*) | 3606 |  | 190289 |
| Adeia, Inc. | 12016 |  | 201869 |
| Aduro Clean Technologies, Inc. | 1628 |  | 21815 |
| Agilysys, Inc. (\*) | 1664 |  | 175136 |
| Alarm.com Holdings, Inc. (\*) | 2884 |  | 153083 |
| Blackbaud, Inc. (\*) | 1542 |  | 99166 |
| Braze, Inc., Class A (\*) | 4669 |  | 132786 |
| CCC Intelligent Solutions Holdings, Inc. (\*) | 10633 |  | 96867 |
| Cellebrite DI Ltd. (\*) | 6699 |  | 124133 |
| Cognyte Software Ltd. (\*) | 7820 |  | 65688 |
| Commvault Systems, Inc. (\*) | 1571 |  | 296573 |
| Consensus Cloud Solutions, Inc. (\*) | 4486 |  | 131754 |
| CoreCard Corp. (\*) | 716 |  | 19275 |
| Docebo, Inc. (\*) | 3403 |  | 93004 |
| Dolby Laboratories, Inc., Class A | 2555 |  | 184905 |
| Elastic NV (\*) | 2292 |  | 193651 |
| Freshworks, Inc., Class A (\*) | 4486 |  | 52800 |
| Intapp, Inc. (\*) | 2316 |  | 94724 |
| JFrog Ltd. (\*) | 3635 |  | 172045 |
| Karooooo Ltd. | 1082 |  | 61804 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| Lightspeed Commerce, Inc. (\*) | 7919 | $| 91464 |
| LiveRamp Holdings, Inc. (\*) | 8276 |  | 224611 |
| Magic Software Enterprises Ltd. | 1707 |  | 34840 |
| Mitek Systems, Inc. (\*) | 20066 |  | 196045 |
| N-Able, Inc. (\*) | 28004 |  | 218431 |
| OneSpan, Inc. | 11258 |  | 178890 |
| Open Text Corp. | 1555 |  | 58126 |
| Q2 Holdings, Inc. (\*) | 999 |  | 72318 |
| Radware Ltd. (\*) | 6982 |  | 184953 |
| Red Violet, Inc. | 677 |  | 35373 |
| Sapiens International Corp. NV | 3066 |  | 131838 |
| SentinelOne, Inc., Class A (\*) | 8842 |  | 155708 |
| SPS Commerce, Inc. (\*) | 1261 |  | 131321 |
| Tenable Holdings, Inc. (\*) | 3445 |  | 100456 |
| Weave Communications, Inc. (\*) | 2540 |  | 16967 |
| Workiva, Inc. (\*) | 2897 |  | 249374 |
| Yext, Inc. (\*) | 6162 |  | 52500 |
|  |  |  | 4694582 |
| **Specialized REITs \| 0.8%** |  |  |  |
| EPR Properties | 1578 |  | 91540 |
| Four Corners Property Trust, Inc. | 3601 |  | 87864 |
| Millrose Properties, Inc. | 2841 |  | 95486 |
| Rayonier, Inc. | 3425 |  | 90899 |
|  |  |  | 365789 |
| **Specialty Retail \| 1.1%** |  |  |  |
| Asbury Automotive Group, Inc. (\*) | 621 |  | 151803 |
| AutoNation, Inc. (\*) | 1093 |  | 239116 |
| Haverty Furniture Cos., Inc. | 4369 |  | 95812 |
| Murphy USA, Inc. | 231 |  | 89688 |
|  |  |  | 576419 |
| **Technology Hardware, Storage & Peripherals \| 0.2%** | **Technology Hardware, Storage & Peripherals \| 0.2%** | **Technology Hardware, Storage & Peripherals \| 0.2%** | **Technology Hardware, Storage & Peripherals \| 0.2%** |
| Diebold Nixdorf, Inc. (\*) | 2132 |  | 121588 |
| **Textiles, Apparel & Luxury Goods \| 1.0%** | **Textiles, Apparel & Luxury Goods \| 1.0%** | **Textiles, Apparel & Luxury Goods \| 1.0%** | **Textiles, Apparel & Luxury Goods \| 1.0%** |
| Figs, Inc., Class A (\*) | 27585 |  | 184544 |
| Gildan Activewear, Inc. | 3366 |  | 194555 |
| Kontoor Brands, Inc. | 1344 |  | 107211 |
| Superior Group of Cos., Inc. | 4487 |  | 48101 |
|  |  |  | 534411 |

---

*Lazard US Systematic Small Cap Equity ETF*

**Portfolio of Investments (concluded)**

**September 30, 2025 (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** | **Fair<br> Value** |
| **Trading Companies & Distributors \| 1.8%** |  |  |  |
| BlueLinx Holdings, Inc. (\*) | 567 | $| 41436 |
| Boise Cascade Co. | 1521 |  | 117604 |
| DNOW, Inc. (\*) | 15199 |  | 231785 |
| GATX Corp. | 884 |  | 154523 |
| Global Industrial Co. | 2438 |  | 89401 |
| Hudson Technologies, Inc. (\*) | 13977 |  | 138792 |
| Karat Packaging, Inc. | 5733 |  | 144529 |
|  |  |  | 918070 |
| **Wireless Telecommunication Services \| 0.3%** | **Wireless Telecommunication Services \| 0.3%** | **Wireless Telecommunication Services \| 0.3%** | **Wireless Telecommunication Services \| 0.3%** |
| Millicom International Cellular SA | 1901 |  | 92274 |
| Spok Holdings, Inc. | 4348 |  | 75003 |
|  |  |  | 167277 |
| **Total Common Stocks**<br> (Cost $46,889,452) |  |  | 52979186 |
| **Rights \| 0.0%** |  |  |  |
| **Biotechnology \| 0.0%** |  |  |  |
| Epizyme, Inc. CVR,<br> Expires 2099 (\*), (¢) | 41136 |  | 823 |
| **Consumer Staples Distribution \| 0.0%** | **Consumer Staples Distribution \| 0.0%** | **Consumer Staples Distribution \| 0.0%** | **Consumer Staples Distribution \| 0.0%** |
| Walgreens Boots Alliance, Inc. CVR,<br> Expires 2099 (\*) | 15004 |  | 7952 |
| **Paper & Forest Products \| 0.0%** |  |  |  |
| Resolute Forest Products, Inc. CVR,<br> Expires 2099 (\*), (¢) | 10077 |  | 0 |
| **Pharmaceuticals \| 0.0%** |  |  |  |
| Adamas Pharmaceuticals, Inc. CVR,<br> Expires 2099 (\*), (¢) | 1139 |  | 0 |
| **Total Rights**<br> (Cost $23,152) |  |  | 8775 |

---

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair<br> Value** |
| **Short-Term Investments \| 0.8%** |  |  |
| State Street Institutional Treasury Plus Money Market Fund, Premier Class, 4.07% (7 day yield)<br> (Cost $451,828) | 451828 | $451828 |
| **Total Investments \| 97.8%**<br> (Cost $47,430,684) |  | $**53547630** |
| **Cash and Other Assets in Excess of Liabilites \| 2.2%** | **Cash and Other Assets in Excess of Liabilites \| 2.2%** | **1189501** |
| **Net Assets \| 100.0%** |  | $**54737131** |

---

---

| | |
|:---|:---|
| (\*) | Non-income producing security. |
| (#) | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At September 30, 2025, these securities amounted to 0.3% of net assets of the Portfolio. |
| (¢) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |

---

*Lazard Active ETF Trust* <br> **Notes to Portfolio of Investments**<br> **September 30, 2025 (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Asset Class/Sector | Lazard Equity <br> Megatrends <br> ETF | Lazard<br> International<br> Dynamic<br> Equity ETF | Lazard<br> Japanese <br> Equity ETF | Lazard<br> Next Gen<br> Technologies<br> ETF |
| &nbsp;&nbsp;&nbsp;Communication Services | 6.6% | 6.7% | 6.5% | 7.2% |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 7.8 | 10.8 | 13.7 | 4.8 |
| &nbsp;&nbsp;&nbsp;Consumer Staples |  | 5.4 | 5.6 |  |
| &nbsp;&nbsp;&nbsp;Energy | 1.8 | 4.0 | 1.9 |  |
| &nbsp;&nbsp;&nbsp;Financials | 8.8 | 24.5 | 20.7 | 5.3 |
| &nbsp;&nbsp;&nbsp;Health Care | 15.5 | 7.4 | 4.1 | 3.1 |
| &nbsp;&nbsp;&nbsp;Industrials | 16.0 | 15.1 | 23.2 | 7.4 |
| &nbsp;&nbsp;&nbsp;Information Technology | 40.7 | 13.6 | 10.5 | 71.1 |
| &nbsp;&nbsp;&nbsp;Materials |  | 6.9 | 7.6 |  |
| &nbsp;&nbsp;&nbsp;Real Estate |  | 1.3 | 2.7 |  |
| &nbsp;&nbsp;&nbsp;Utilities |  | 2.6 | 2.3 |  |
| &nbsp;&nbsp;&nbsp;Warrants |  | 0.0 |  |  |
| Other (includes short-term investments) | 2.8 | 1.7 | 1.2 | 1.1 |
| Total | 100.0% | 100.0% | 100.0% | 100.0% |

---

---

| | |
|:---|:---|
| Asset Class/Sector | Lazard US<br> Systematic<br> Small Cap<br> Equity ETF |
| &nbsp;&nbsp;&nbsp;Closed-End Management |  |
| &nbsp;&nbsp;&nbsp;Investment Companies | 0.2% |
| &nbsp;&nbsp;&nbsp;Communication Services | 2.4 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | 13.1 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | 3.0 |
| &nbsp;&nbsp;&nbsp;Energy | 4.1 |
| &nbsp;&nbsp;&nbsp;Financials | 9.6 |
| &nbsp;&nbsp;&nbsp;Health Care | 11.2 |
| &nbsp;&nbsp;&nbsp;Industrials | 22.7 |
| &nbsp;&nbsp;&nbsp;Information Technology | 19.8 |
| &nbsp;&nbsp;&nbsp;Materials | 4.5 |
| &nbsp;&nbsp;&nbsp;Real Estate | 5.1 |
| &nbsp;&nbsp;&nbsp;Utilities | 1.3 |
| Other (includes short-term investments) | 3.0 |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| **<u>Security Abbreviations:</u>** | **<u>Security Abbreviations:</u>** |
| ADR | — American Depositary Receipt |
| CVR | — Contingent Value Rights |
| GDR | — Global Depositary Receipt |
| PJSC | — Public Joint Stock Company |
| REITs | — Real Estate Investment Trust |

---

Various inputs are used in determining the fair value of investments and derivative financial instruments. For information about the Fund's policy regarding valuation of investments and derivative financial instruments, refer to notes to the financial statements.

**Item 2. Controls and Procedures.**

(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes to the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Lazard Active ETF Trust

---

| | |
|:---|:---|
| By: | /s/ Nathan A. Paul |
|  | Nathan A. Paul |
|  | Chief Executive Officer |
| Date: | November 24, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Nathan A. Paul |
|  | Nathan A. Paul |
|  | Chief Executive Officer |
| Date: | November 24, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Christina Kennedy |
|  | Christina Kennedy |
|  | Chief Financial Officer |
| Date: | November 24, 2025 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Lazard Active ETF Trust

- **b. Investment Company Act file number:** 811-24041

- **c. CIK number of Registrant:** 0002051630

- **d. LEI of Registrant:** 254900CR1PMVJV76SB71

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

  - **Street Address 1:** 30 ROCKEFELLER PLAZA

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10112

  - **Telephone number:** 212-632-6000

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

- **a. Name of Series:** Lazard US Systematic Small Cap Equity ETF

- **b. EDGAR series identifier (if any):** S000094313

- **c. LEI of Series:** 5299009UH7IB7U2VOF34

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $54866477.73

**Total Liabilities:** $129228.41

**Net Assets:** $54737249.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000262801 | -1.01%               | 7.55%                | 0.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $730760.42               | $-1273448.63                               |
| Month 2  | $385257.26               | $3233209.57                                |
| Month 3  | $1001560.82              | $-685066.88                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MiMedx Group Inc                              | MiMedx Group Inc                                           | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23341 | NS      | $162920.18    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SANUWAVE Health Inc                           | SANUWAVE Health Inc                                        | CUSIP: 80303D305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1520 | NS      | $56969.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| OPENLANE Inc                                  | OPENLANE Inc                                               | CUSIP: 48238T109<br>LEI: 5493004HKD20LBSG7D03 | Long             | EC               | CORP              | US        |     13068 | NS      | $376097.04    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                                  | AdvanSix Inc                                               | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |      4509 | NS      | $87384.42     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                  | Nordson Corp                                               | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |       469 | NS      | $106439.55    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| First BanCorp/Puerto Rico                     | First BanCorp/Puerto Rico                                  | CUSIP: 318672706<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |      4390 | NS      | $96799.50     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles River Laboratories International Inc  | Charles River Laboratories International Inc               | CUSIP: 159864107<br>LEI: 549300BSQ0R4UZ5KX287 | Long             | EC               | CORP              | US        |       291 | NS      | $45529.86     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc                              | EPAM Systems Inc                                           | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |       156 | NS      | $23523.24     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp                        | Primoris Services Corp                                     | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |      2092 | NS      | $287294.36    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| BancFirst Corp                                | BancFirst Corp                                             | CUSIP: 05945F103<br>LEI: 549300EJEHGBP4IO2J30 | Long             | EC               | CORP              | US        |       685 | NS      | $86618.25     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                                  | Assurant Inc                                               | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |       428 | NS      | $92704.80     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Open Text Corp                                | Open Text Corp                                             | CUSIP: 683715106<br>LEI: 549300HP7ONDQODZJV16 | Long             | EC               | CORP              | CA        |      1555 | NS      | $58125.90     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearway Energy Inc                           | Clearway Energy Inc                                        | CUSIP: 18539C105<br>LEI: 549300LHAZ9HA9G3XC48 | Long             | EC               | CORP              | US        |      3568 | NS      | $96086.24     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Rigel Pharmaceuticals Inc                     | Rigel Pharmaceuticals Inc                                  | CUSIP: 766559702<br>LEI: 529900KPTNUS5J8K9K66 | Long             | EC               | CORP              | US        |      2257 | NS      | $63940.81     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc                        | Laureate Education Inc                                     | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |      7589 | NS      | $239357.06    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                           | Viavi Solutions Inc                                        | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |     17651 | NS      | $223991.19    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                          | TTM Technologies Inc                                       | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |      6784 | NS      | $390758.40    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease Inc                         | Global Ship Lease Inc                                      | CUSIP: 000000000<br>LEI: 254900GLZ0J5N8UZM071 | Long             | EC               | CORP              | MH        |      2742 | NS      | $84179.40     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                            | Aviat Networks Inc                                         | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |      1390 | NS      | $31872.70     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| DENTSPLY SIRONA Inc                           | DENTSPLY SIRONA Inc                                        | CUSIP: 24906P109<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | EC               | CORP              | US        |      5584 | NS      | $70860.96     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardagh Metal Packaging SA                     | Ardagh Metal Packaging SA                                  | CUSIP: 000000000<br>LEI: 5493009WKQTU4FN9G032 | Long             | EC               | CORP              | LU        |     22885 | NS      | $91311.15     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| LSB Industries Inc                            | LSB Industries Inc                                         | CUSIP: 502160104<br>LEI: 5493001H215A0HG0MI71 | Long             | EC               | CORP              | US        |      3118 | NS      | $24569.84     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc                          | NetScout Systems Inc                                       | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     11134 | NS      | $287591.22    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Cos Inc                     | Superior Group of Cos Inc                                  | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |      4532 | NS      | $48583.04     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Steelcase Inc                                 | Steelcase Inc                                              | CUSIP: 858155203<br>LEI: GIE4CCPBJDI8SMV1OX95 | Long             | EC               | CORP              | US        |     15443 | NS      | $265619.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc                | Nature's Sunshine Products Inc                             | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3535 | NS      | $54863.20     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                     | DoubleVerify Holdings Inc                                  | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3941 | NS      | $47213.18     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp                          | Waystar Holding Corp                                       | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2743 | NS      | $104014.56    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabot Corp                                    | Cabot Corp                                                 | CUSIP: 127055101<br>LEI: K05C0SER542GQ6VLRO68 | Long             | EC               | CORP              | US        |      2087 | NS      | $158716.35    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rogers Corp                                   | Rogers Corp                                                | CUSIP: 775133101<br>LEI: PW0CN80KNFR7RUOOKJ84 | Long             | EC               | CORP              | US        |      1331 | NS      | $107092.26    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Magic Software Enterprises Ltd                | Magic Software Enterprises Ltd                             | CUSIP: 559166103<br>LEI: 529900PT36UHAIVEFN60 | Long             | EC               | CORP              | IL        |      1707 | NS      | $34839.87     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Colliers International Group Inc              | Colliers International Group Inc                           | CUSIP: 194693107<br>LEI: D3O8K13PHLEXXD1DT480 | Long             | EC               | CORP              | CA        |       571 | NS      | $89195.91     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorcar Parts of America Inc                 | Motorcar Parts of America Inc                              | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |      1871 | NS      | $30946.34     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marzetti Company/The                          | Marzetti Company/The                                       | CUSIP: 513847103<br>LEI: 529900X4O13HED1ZAS58 | Long             | EC               | CORP              | US        |       557 | NS      | $96244.03     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| DHT Holdings Inc                              | DHT Holdings Inc                                           | CUSIP: 000000000<br>LEI: 549300SMD6IVZYT74K40 | Long             | EC               | CORP              | MH        |      8482 | NS      | $101359.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Enhabit Inc                                   | Enhabit Inc                                                | CUSIP: 29332G102<br>LEI: 549300RFQ78SLDFSHF49 | Long             | EC               | CORP              | US        |     19642 | NS      | $157332.42    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| First Business Financial Services Inc         | First Business Financial Services Inc                      | CUSIP: 319390100<br>LEI: 549300BXKLW2T50TKU95 | Long             | EC               | CORP              | US        |       196 | NS      | $10046.96     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Jack Henry & Associates Inc                   | Jack Henry & Associates Inc                                | CUSIP: 426281101<br>LEI: 529900X1QS8C54W0JB21 | Long             | EC               | CORP              | US        |       596 | NS      | $88762.28     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co                       | Central Garden & Pet Co                                    | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |      3237 | NS      | $95588.61     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp                        | Liberty Broadband Corp                                     | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |      3833 | NS      | $243548.82    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Electromed Inc                                | Electromed Inc                                             | CUSIP: 285409108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7179 | NS      | $176244.45    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                    | Tanger Inc                                                 | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               |  | US        |      2852 | NS      | $96511.68     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Kontoor Brands Inc                            | Kontoor Brands Inc                                         | CUSIP: 50050N103<br>LEI: 549300M0CPXV65RFF271 | Long             | EC               | CORP              | US        |      1344 | NS      | $107210.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Adeia Inc                                     | Adeia Inc                                                  | CUSIP: 00676P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12016 | NS      | $201868.80    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Toro Co/The                                   | Toro Co/The                                                | CUSIP: 891092108<br>LEI: YJKE4YIT6BWQHVEW0D14 | Long             | EC               | CORP              | US        |      1356 | NS      | $103327.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| SI-BONE Inc                                   | SI-BONE Inc                                                | CUSIP: 825704109<br>LEI: 549300J8JGYVJJHV9C31 | Long             | EC               | CORP              | US        |      5038 | NS      | $74159.36     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc                  | BioCryst Pharmaceuticals Inc                               | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |      6486 | NS      | $49228.74     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensata Technologies Holding PLC              | Sensata Technologies Holding PLC                           | CUSIP: 000000000<br>LEI: 529900MS7KFYCY9MS037 | Long             | EC               | CORP              | GB        |      3154 | NS      | $96354.70     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Haverty Furniture Cos Inc                     | Haverty Furniture Cos Inc                                  | CUSIP: 419596101<br>LEI: 529900CVFMMIRXZVPD70 | Long             | EC               | CORP              | US        |      4369 | NS      | $95812.17     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaos Corp                                   | Danaos Corp                                                | CUSIP: 000000000<br>LEI: 734IM3DNDNT36T7YTD24 | Long             | EC               | CORP              | MH        |      1315 | NS      | $118100.15    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                           | Virtu Financial Inc                                        | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      4035 | NS      | $143242.50    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                           | Exact Sciences Corp                                        | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      2423 | NS      | $132562.33    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Omnicell Inc                                  | Omnicell Inc                                               | CUSIP: 68213N109<br>LEI: 5493008RH0GTKHHPZI77 | Long             | EC               | CORP              | US        |      5122 | NS      | $155964.90    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Workiva Inc                                   | Workiva Inc                                                | CUSIP: 98139A105<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | EC               | CORP              | US        |      2897 | NS      | $249373.76    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Avient Corp                                   | Avient Corp                                                | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |      2877 | NS      | $94797.15     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Lightspeed Commerce Inc                       | Lightspeed Commerce Inc                                    | CUSIP: 53229C107<br>LEI: 254900T8MDWRTGMFZ257 | Long             | EC               | CORP              | CA        |      7919 | NS      | $91464.45     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelly Services Inc                            | Kelly Services Inc                                         | CUSIP: 488152208<br>LEI: 25490035B2ZPL6RM1974 | Long             | EC               | CORP              | US        |     12856 | NS      | $168670.72    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige Consumer Healthcare Inc              | Prestige Consumer Healthcare Inc                           | CUSIP: 74112D101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1100 | NS      | $68640.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibraltar Industries Inc                      | Gibraltar Industries Inc                                   | CUSIP: 374689107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2936 | NS      | $184380.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| JAKKS Pacific Inc                             | JAKKS Pacific Inc                                          | CUSIP: 47012E403<br>LEI: 549300UEF3348JRXQ295 | Long             | EC               | CORP              | US        |      7080 | NS      | $132608.40    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Latinoamericano de Comercio Exterior SA | Banco Latinoamericano de Comercio Exterior SA              | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      2041 | NS      | $93824.77     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Consolidated Inc                    | Coca-Cola Consolidated Inc                                 | CUSIP: 191098102<br>LEI: 57VG5X0E00X0QJU7CQ58 | Long             | EC               | CORP              | US        |       867 | NS      | $101577.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstCash Holdings Inc                        | FirstCash Holdings Inc                                     | CUSIP: 33768G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       679 | NS      | $107567.18    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd                   | Bowman Consulting Group Ltd                                | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2606 | NS      | $110390.16    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc               | Four Corners Property Trust Inc                            | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               |  | US        |      3601 | NS      | $87864.40     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Gildan Activewear Inc                         | Gildan Activewear Inc                                      | CUSIP: 375916103<br>LEI: 549300SB3IBI34M00Z45 | Long             | EC               | CORP              | CA        |      3366 | NS      | $194554.80    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc                      | MarketAxess Holdings Inc                                   | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |       480 | NS      | $83640.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Global Ltd                            | Liberty Global Ltd                                         | CUSIP: 000000000<br>LEI: 213800HRMKKTYH7SKA24 | Long             | EC               | CORP              | BM        |     18457 | NS      | $211517.22    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ennis Inc                                     | Ennis Inc                                                  | CUSIP: 293389102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       957 | NS      | $17493.96     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                               | Schlumberger NV                                            | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | CW        |      2707 | NS      | $93039.59     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Industrial Co                          | Global Industrial Co                                       | CUSIP: 37892E102<br>LEI: 5493000GO8Z3HEWCGE46 | Long             | EC               | CORP              | US        |      2438 | NS      | $89401.46     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxfer Holdings PLC                           | Luxfer Holdings PLC                                        | CUSIP: 000000000<br>LEI: 21380045UF5SJYZOXE41 | Long             | EC               | CORP              | GB        |      9957 | NS      | $138402.30    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Missouri Bancorp Inc                 | Southern Missouri Bancorp Inc                              | CUSIP: 843380106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1210 | NS      | $63597.60     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                              | IES Holdings Inc                                           | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |       687 | NS      | $273185.55    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognyte Software Ltd                          | Cognyte Software Ltd                                       | CUSIP: 000000000<br>LEI: 2549006L803IRJC67B33 | Long             | EC               | CORP              | IL        |      7820 | NS      | $65688.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                                  | AtriCure Inc                                               | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |      2864 | NS      | $100956.00    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc                 | Universal Health Services Inc                              | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |       625 | NS      | $127775.00    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmonic Inc                                  | Harmonic Inc                                               | CUSIP: 413160102<br>LEI: 549300LRGRD8XC9BTL66 | Long             | EC               | CORP              | US        |     27098 | NS      | $275857.64    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                       | Cushman & Wakefield PLC                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      7149 | NS      | $113812.08    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries Inc                      | Flexsteel Industries Inc                                   | CUSIP: 339382103<br>LEI: 894500J5Y3ZZOOJXXN24 | Long             | EC               | CORP              | US        |      1854 | NS      | $85932.90     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveRamp Holdings Inc                         | LiveRamp Holdings Inc                                      | CUSIP: 53815P108<br>LEI: 254900GXS75LG1X7RF88 | Long             | EC               | CORP              | US        |      8276 | NS      | $224610.64    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Holdings Inc       | MACOM Technology Solutions Holdings Inc                    | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1458 | NS      | $181506.42    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                            | UMH Properties Inc                                         | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               |  | US        |      5425 | NS      | $80561.25     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                                 | ICL Group Ltd                                              | CUSIP: 000000000<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |     33002 | NS      | $205272.44    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ExlService Holdings Inc                       | ExlService Holdings Inc                                    | CUSIP: 302081104<br>LEI: 81E3DTNF6OSH489ZOV15 | Long             | EC               | CORP              | US        |      3368 | NS      | $148293.04    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                                     | JFrog Ltd                                                  | CUSIP: 000000000<br>LEI: 2549002N8E00AY49G567 | Long             | EC               | CORP              | IL        |      3635 | NS      | $172044.55    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AudioCodes Ltd                                | AudioCodes Ltd                                             | CUSIP: 000000000<br>LEI: 529900TA48138NEVR854 | Long             | EC               | CORP              | IL        |      3087 | NS      | $29388.24     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc             | Atmus Filtration Technologies Inc                          | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2294 | NS      | $103436.46    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                      | Dole PLC                                                   | CUSIP: 000000000<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |      9331 | NS      | $125408.64    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                   | BioMarin Pharmaceutical Inc                                | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      5781 | NS      | $313098.96    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaboard Corp                                 | Seaboard Corp                                              | CUSIP: 811543107<br>LEI: 87Q3KOXT29OW9W9YPT70 | Long             | EC               | CORP              | US        |        28 | NS      | $102116.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                                       | Aramark                                                    | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Long             | EC               | CORP              | US        |      2821 | NS      | $108326.40    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                          | Regency Centers Corp                                       | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               |  | US        |      1378 | NS      | $100456.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| KBR Inc                                       | KBR Inc                                                    | CUSIP: 48242W106<br>LEI: 254900OFQDXZRKRCV808 | Long             | EC               | CORP              | US        |      3413 | NS      | $161400.77    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc                        | Power Integrations Inc                                     | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Long             | EC               | CORP              | US        |      1106 | NS      | $44472.26     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Belden Inc                                    | Belden Inc                                                 | CUSIP: 077454106<br>LEI: 68BKYO1JC791TTJHUE82 | Long             | EC               | CORP              | US        |       605 | NS      | $72763.35     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cirrus Logic Inc                              | Cirrus Logic Inc                                           | CUSIP: 172755100<br>LEI: 549300NKSJEM5ZZSSV18 | Long             | EC               | CORP              | US        |      1748 | NS      | $219006.92    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Cohu Inc                                      | Cohu Inc                                                   | CUSIP: 192576106<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | EC               | CORP              | US        |      5331 | NS      | $108379.23    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc                          | Red Rock Resorts Inc                                       | CUSIP: 75700L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1698 | NS      | $103679.88    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc                      | Franklin Electric Co Inc                                   | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |      1250 | NS      | $119000.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Adaptive Biotechnologies Corp                 | Adaptive Biotechnologies Corp                              | CUSIP: 00650F109<br>LEI: 549300ZTF7OT1FW66Q96 | Long             | EC               | CORP              | US        |      2241 | NS      | $33525.36     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Qorvo Inc                                     | Qorvo Inc                                                  | CUSIP: 74736K101<br>LEI: 254900YAUJV2EUEVBR11 | Long             | EC               | CORP              | US        |      1215 | NS      | $110662.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc                             | Willdan Group Inc                                          | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      4053 | NS      | $391884.57    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| IDT Corp                                      | IDT Corp                                                   | CUSIP: 448947507<br>LEI: 549300JNTN7ZMJDFCL56 | Long             | EC               | CORP              | US        |      3622 | NS      | $189466.82    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Angel Oak Mortgage REIT Inc                   | Angel Oak Mortgage REIT Inc                                | CUSIP: 03464Y108<br>LEI: 5493008M8D7W7VZZ7V36 | Long             | EC               |  | US        |      1475 | NS      | $13820.75     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG                           | Sportradar Group AG                                        | CUSIP: 000000000<br>LEI: 549300H1P33YOAT7Z533 | Long             | EC               | CORP              | CH        |     10422 | NS      | $280351.80    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc                   | Worthington Enterprises Inc                                | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Long             | EC               | CORP              | US        |      1362 | NS      | $75577.38     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| TD SYNNEX Corp                                | TD SYNNEX Corp                                             | CUSIP: 87162W100<br>LEI: 5493004HI6PFLF46NS53 | Long             | EC               | CORP              | US        |       716 | NS      | $117245.00    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                                 | BGC Group Inc                                              | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |      8821 | NS      | $83446.66     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc                 | Consensus Cloud Solutions Inc                              | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4486 | NS      | $131753.82    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                                     | Lear Corp                                                  | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |      1813 | NS      | $182405.93    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                                | Tetra Tech Inc                                             | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |      5116 | NS      | $170772.08    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                                  | Novocure Ltd                                               | CUSIP: 000000000<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |      6422 | NS      | $82972.24     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp                     | California Resources Corp                                  | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      2098 | NS      | $111571.64    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Intapp Inc                                    | Intapp Inc                                                 | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2316 | NS      | $94724.40     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc                | Advanced Energy Industries Inc                             | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |       207 | NS      | $35218.98     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Churchill Downs Inc                           | Churchill Downs Inc                                        | CUSIP: 171484108<br>LEI: 529900FODTBQC8MIS994 | Long             | EC               | CORP              | US        |       876 | NS      | $84980.76     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                                 | Frontdoor Inc                                              | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      3067 | NS      | $206378.43    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Brighthouse Financial Inc                     | Brighthouse Financial Inc                                  | CUSIP: 10922N103<br>LEI: 5493003T8SZSHOGGAW52 | Long             | EC               | CORP              | US        |      2666 | NS      | $141511.28    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Taboola.com Ltd                               | Taboola.com Ltd                                            | CUSIP: 000000000<br>LEI: 984500F5945AFAFFCB30 | Long             | EC               | CORP              | IL        |     49713 | NS      | $169521.33    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| MGIC Investment Corp                          | MGIC Investment Corp                                       | CUSIP: 552848103<br>LEI: 254900S8483WM4M98R28 | Long             | EC               | CORP              | US        |      4108 | NS      | $116543.96    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings Inc                 | Lincoln Electric Holdings Inc                              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |       452 | NS      | $106595.16    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc                | Community Financial System Inc                             | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |      1379 | NS      | $80864.56     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ituran Location and Control Ltd               | Ituran Location and Control Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |      3701 | NS      | $132199.72    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc                          | Tri Pointe Homes Inc                                       | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6671 | NS      | $226613.87    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp                      | Fox Factory Holding Corp                                   | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Long             | EC               | CORP              | US        |      1670 | NS      | $40564.30     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp                        | Synovus Financial Corp                                     | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      1733 | NS      | $85055.64     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                                 | Coherent Corp                                              | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Long             | EC               | CORP              | US        |      2769 | NS      | $298276.68    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Trustmark Corp                                | Trustmark Corp                                             | CUSIP: 898402102<br>LEI: 5493000HPQ4D2RZ79739 | Long             | EC               | CORP              | US        |      4485 | NS      | $177606.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Allient Inc                                   | Allient Inc                                                | CUSIP: 019330109<br>LEI: 549300I2LHAWYGNBPM97 | Long             | EC               | CORP              | US        |        37 | NS      | $1655.75      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc                   | Asbury Automotive Group Inc                                | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |       621 | NS      | $151803.45    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                  | State Street Institutional Treasury Plus Money Market Fund | CUSIP: 857492854<br>LEI: 549300PNASLVKQG64331 | Long             | STIV             | RF                | US        |    451828 | NS      | $451827.71    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kemper Corp                                   | Kemper Corp                                                | CUSIP: 488401100<br>LEI: 549300FNI1JKTRY2PV09 | Long             | EC               | CORP              | US        |      1379 | NS      | $71087.45     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Holdings Inc                            | Crown Holdings Inc                                         | CUSIP: 228368106<br>LEI: NYLWZIOY8PUNIT4JOE22 | Long             | EC               | CORP              | US        |      1102 | NS      | $106442.18    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Axos Financial Inc                            | Axos Financial Inc                                         | CUSIP: 05465C100<br>LEI: 529900D8M56422GK9O25 | Long             | EC               | CORP              | US        |      1085 | NS      | $91845.25     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Udemy Inc                                     | Udemy Inc                                                  | CUSIP: 902685106<br>LEI: 2549000T304QU9SAM180 | Long             | EC               | CORP              | US        |     12275 | NS      | $86047.75     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                   | Pediatrix Medical Group Inc                                | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6311 | NS      | $105709.25    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corp                                  | Vontier Corp                                               | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |      2363 | NS      | $99175.11     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA                              | Copa Holdings SA                                           | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      2581 | NS      | $306674.42    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| TaskUS Inc                                    | TaskUS Inc                                                 | CUSIP: 87652V109<br>LEI: 549300VFPOK2Y6GLWE32 | Long             | EC               | CORP              | US        |      5834 | NS      | $104136.90    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Bancorp                                | Sierra Bancorp                                             | CUSIP: 82620P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       606 | NS      | $17519.46     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Dorman Products Inc                           | Dorman Products Inc                                        | CUSIP: 258278100<br>LEI: 2549000O0BBUX740XR59 | Long             | EC               | CORP              | US        |       445 | NS      | $69366.60     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindsay Corp                                  | Lindsay Corp                                               | CUSIP: 535555106<br>LEI: 549300ZFO0QG5H8TPI61 | Long             | EC               | CORP              | US        |      1503 | NS      | $211261.68    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrett Business Services Inc                 | Barrett Business Services Inc                              | CUSIP: 068463108<br>LEI: 529900HXB6TMG0SR9Y34 | Long             | EC               | CORP              | US        |      1174 | NS      | $52031.68     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                  | Rayonier Inc                                               | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               |  | US        |      3425 | NS      | $90899.50     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                         | Radiant Logistics Inc                                      | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |      2177 | NS      | $12844.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                              | DT Midstream Inc                                           | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1004 | NS      | $113512.24    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Burford Capital Ltd                           | Burford Capital Ltd                                        | CUSIP: 000000000<br>LEI: 549300FUKUWFYJMT2277 | Long             | EC               | CORP              | GG        |      7255 | NS      | $86769.80     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings Inc                          | Generac Holdings Inc                                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |      1734 | NS      | $290271.60    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Ranger Energy Services Inc                    | Ranger Energy Services Inc                                 | CUSIP: 75282U104<br>LEI: 549300J7RIVGVAN0RE23 | Long             | EC               | CORP              | US        |      4467 | NS      | $62716.68     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Dolby Laboratories Inc                        | Dolby Laboratories Inc                                     | CUSIP: 25659T107<br>LEI: 549300X04FB2QPCJ5J24 | Long             | EC               | CORP              | US        |      2555 | NS      | $184905.35    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Lime & Minerals Inc             | United States Lime & Minerals Inc                          | CUSIP: 911922102<br>LEI: 549300VGDEEG8RT7VC89 | Long             | EC               | CORP              | US        |      2222 | NS      | $292304.10    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                                      | CTS Corp                                                   | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |      4042 | NS      | $161437.48    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp                      | United Therapeutics Corp                                   | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |       588 | NS      | $246495.48    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryder System Inc                              | Ryder System Inc                                           | CUSIP: 783549108<br>LEI: ZXJ6Y2OSPZXIVGRILD15 | Long             | EC               | CORP              | US        |       662 | NS      | $124879.68    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| CoreCard Corp                                 | CoreCard Corp                                              | CUSIP: 45816D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       716 | NS      | $19274.72     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                                  | Archrock Inc                                               | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      3892 | NS      | $102398.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                    | InvenTrust Properties Corp                                 | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               |  | US        |      3536 | NS      | $101200.32    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                      | Western Alliance Bancorp                                   | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      1077 | NS      | $93397.44     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc                    | ACADIA Pharmaceuticals Inc                                 | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |      9000 | NS      | $192060.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd                             | IBEX Holdings Ltd                                          | CUSIP: 000000000<br>LEI: 5493000GRFLPVYU2CX17 | Long             | EC               | CORP              | BM        |      4299 | NS      | $174195.48    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AZZ Inc                                       | AZZ Inc                                                    | CUSIP: 002474104<br>LEI: 549300HD1X2NFLWPYC83 | Long             | EC               | CORP              | US        |       924 | NS      | $100836.12    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc                           | Mission Produce Inc                                        | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |      4275 | NS      | $51385.50     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Sealed Air Corp                               | Sealed Air Corp                                            | CUSIP: 81211K100<br>LEI: Q0M0CZB4YN6JZ65WXI09 | Long             | EC               | CORP              | US        |      3430 | NS      | $121250.50    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Addus HomeCare Corp                           | Addus HomeCare Corp                                        | CUSIP: 006739106<br>LEI: 52990090ZT33AKPDBX62 | Long             | EC               | CORP              | US        |       865 | NS      | $102061.35    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N-able Inc/US                                 | N-able Inc/US                                              | CUSIP: 62878D100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28004 | NS      | $218431.20    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Kayne Anderson Energy Infrastructure Fund     | Kayne Anderson Energy Infrastructure Fund                  | CUSIP: 486606106<br>LEI: 549300H9ZCLGQEKXQY57 | Long             | EC               | RF                | US        |      2594 | NS      | $32087.78     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                          | Align Technology Inc                                       | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      1379 | NS      | $172678.38    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Insperity Inc                                 | Insperity Inc                                              | CUSIP: 45778Q107<br>LEI: 5299000Q0KW7HY5DB751 | Long             | EC               | CORP              | US        |       334 | NS      | $16432.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Insurance Group Ltd                  | Hamilton Insurance Group Ltd                               | CUSIP: 000000000<br>LEI: 549300W92BN1FIEXG871 | Long             | EC               | CORP              | BM        |      7347 | NS      | $182205.60    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                                  | Penumbra Inc                                               | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |       613 | NS      | $155285.16    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| TruBridge Inc                                 | TruBridge Inc                                              | CUSIP: 205306103<br>LEI: 5493005Q6CJC78TGL805 | Long             | EC               | CORP              | US        |      3384 | NS      | $68255.28     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                             | Cellebrite DI Ltd                                          | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Long             | EC               | CORP              | IL        |      6699 | NS      | $124132.47    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcosa Inc                                    | Arcosa Inc                                                 | CUSIP: 039653100<br>LEI: 549300WFHLTCZV7D6V29 | Long             | EC               | CORP              | US        |      1122 | NS      | $105142.62    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Solutions International Inc             | Power Solutions International Inc                          | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |      2764 | NS      | $271480.08    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Regal Rexnord Corp                            | Regal Rexnord Corp                                         | CUSIP: 758750103<br>LEI: QH78R09VCJGQKPBPYU33 | Long             | EC               | CORP              | US        |       672 | NS      | $96391.68     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CRA International Inc                         | CRA International Inc                                      | CUSIP: 12618T105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       525 | NS      | $109478.25    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hafnia Ltd                                    | Hafnia Ltd                                                 | CUSIP: 000000000<br>LEI: 5493001KCFT0SCGJ2647 | Long             | EC               | CORP              | SG        |     22601 | NS      | $135379.99    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp                            | UMB Financial Corp                                         | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |      1073 | NS      | $126989.55    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                       | Kite Realty Group Trust                                    | CUSIP: 49803T300<br>LEI: 549300OVTYLM7DH6CM14 | Long             | EC               |  | US        |      3167 | NS      | $70624.10     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                                    | Cactus Inc                                                 | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      2152 | NS      | $84939.44     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Millicom International Cellular SA            | Millicom International Cellular SA                         | CUSIP: 000000000<br>LEI: 549300CTHC1CP86P2G96 | Long             | EC               | CORP              | LU        |      1901 | NS      | $92274.54     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Strattec Security Corp                        | Strattec Security Corp                                     | CUSIP: 863111100<br>LEI: 549300Z394OP8S8TSR40 | Long             | EC               | CORP              | US        |      1763 | NS      | $119989.78    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp                     | Brookfield Renewable Corp                                  | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | CA        |      3109 | NS      | $107011.78    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust               | Federal Realty Investment Trust                            | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               |  | US        |       619 | NS      | $62710.89     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc                    | Huron Consulting Group Inc                                 | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      1814 | NS      | $266240.78    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA                              | Zions Bancorp NA                                           | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      2080 | NS      | $117686.40    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Weave Communications Inc                      | Weave Communications Inc                                   | CUSIP: 94724R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4325 | NS      | $28891.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                                  | Coursera Inc                                               | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Long             | EC               | CORP              | US        |      8170 | NS      | $95670.70     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Avanos Medical Inc                            | Avanos Medical Inc                                         | CUSIP: 05350V106<br>LEI: 549300YCXWOM7NEWMQ58 | Long             | EC               | CORP              | US        |     17225 | NS      | $199121.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc                         | Viemed Healthcare Inc                                      | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      6148 | NS      | $41744.92     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Northrim BanCorp Inc                          | Northrim BanCorp Inc                                       | CUSIP: 666762109<br>LEI: 5493006X7RLLTZ3SG075 | Long             | EC               | CORP              | US        |      1656 | NS      | $35868.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The                      | Simply Good Foods Co/The                                   | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2965 | NS      | $73591.30     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennametal Inc                                | Kennametal Inc                                             | CUSIP: 489170100<br>LEI: 549300GZDSG25XUV0Y08 | Long             | EC               | CORP              | US        |      3739 | NS      | $78257.27     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilat Satellite Networks Ltd                  | Gilat Satellite Networks Ltd                               | CUSIP: 000000000<br>LEI: 529900RVHDCYJ5YWHP12 | Long             | EC               | CORP              | IL        |     13990 | NS      | $182149.80    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Solutions and Support Inc          | Innovative Solutions and Support Inc                       | CUSIP: 45769N105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5596 | NS      | $69894.04     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| South Plains Financial Inc                    | South Plains Financial Inc                                 | CUSIP: 83946P107<br>LEI: 549300SNEBP48642N493 | Long             | EC               | CORP              | US        |      1226 | NS      | $47384.90     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Resideo Technologies Inc                      | Resideo Technologies Inc                                   | CUSIP: 76118Y104<br>LEI: 5493006TKFPYISY2DS54 | Long             | EC               | CORP              | US        |      9154 | NS      | $395269.72    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Karat Packaging Inc                           | Karat Packaging Inc                                        | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |      5733 | NS      | $144528.93    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Cavco Industries Inc                          | Cavco Industries Inc                                       | CUSIP: 149568107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       558 | NS      | $324047.34    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Insteel Industries Inc                        | Insteel Industries Inc                                     | CUSIP: 45774W108<br>LEI: 52990026LKY4MOX3L174 | Long             | EC               | CORP              | US        |      3808 | NS      | $145998.72    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Corp               | Zurn Elkay Water Solutions Corp                            | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |      2223 | NS      | $104547.69    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                    | Brixmor Property Group Inc                                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               |  | US        |      3627 | NS      | $100395.36    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMA Royalty Corp                             | XOMA Royalty Corp                                          | CUSIP: 98419J206<br>LEI: 549300U6ZVYFCWNBJ613 | Long             | EC               | CORP              | US        |       112 | NS      | $4316.48      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| John Wiley & Sons Inc                         | John Wiley & Sons Inc                                      | CUSIP: 968223206<br>LEI: 5493003XM719UN7E8P64 | Long             | EC               | CORP              | US        |       482 | NS      | $19506.54     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                                  | Doximity Inc                                               | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3461 | NS      | $253172.15    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Greif Inc                                     | Greif Inc                                                  | CUSIP: 397624107<br>LEI: 54930070FVGKR0Z1FI24 | Long             | EC               | CORP              | US        |      2820 | NS      | $168523.20    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| OneSpan Inc                                   | OneSpan Inc                                                | CUSIP: 68287N100<br>LEI: 984500E502E6DC354D26 | Long             | EC               | CORP              | US        |     11258 | NS      | $178889.62    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute Inc             | Universal Technical Institute Inc                          | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |      2991 | NS      | $97357.05     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                                  | LivaNova PLC                                               | CUSIP: 000000000<br>LEI: 2138001K2FX6SHK2B339 | Long             | EC               | CORP              | GB        |      3103 | NS      | $162535.14    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Display Corp                        | Universal Display Corp                                     | CUSIP: 91347P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       152 | NS      | $21831.76     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                                     | Calix Inc                                                  | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |      1842 | NS      | $113043.54    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA EPIZYME INC                            | Epizyme, Inc.                                              | CUSIP: 294CVR014<br>LEI: 549300TNFWF88O4U4605 | N/A              | DE               |  | US        |     41136 | NS      | $822.72       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| COPT Defense Properties                       | COPT Defense Properties                                    | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               |  | US        |      2526 | NS      | $73405.56     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                                      | DNOW Inc                                                   | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     15199 | NS      | $231784.75    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| SNDL Inc                                      | SNDL Inc                                                   | CUSIP: 83307B101<br>LEI: 984500EBVC4BEACF6F53 | Long             | EC               | CORP              | CA        |     51808 | NS      | $138845.44    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc                  | Adtalem Global Education Inc                               | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |      2929 | NS      | $452384.05    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Afya Ltd                                      | Afya Ltd                                                   | CUSIP: 000000000<br>LEI: 54930008Y7J8Z1BSDT57 | Long             | EC               | CORP              | KY        |      6134 | NS      | $95690.40     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc                    | Stanley Black & Decker Inc                                 | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Long             | EC               | CORP              | US        |       333 | NS      | $24751.89     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                  | American Healthcare REIT Inc                               | CUSIP: 398182303<br>LEI: 2549004GGE2APGNT6O92 | Long             | EC               |  | US        |      2448 | NS      | $102840.48    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                       | Millrose Properties Inc                                    | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               |  | US        |      2841 | NS      | $95486.01     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BW LPG Ltd                                    | BW LPG Ltd                                                 | CUSIP: 000000000<br>LEI: 5493006WBEME88YFDW23 | Long             | EC               | CORP              | SG        |     11785 | NS      | $168289.80    | 0.31%             |  |  |  | Yes           |                  1 | On Loan: No      |
| CONTRA WALGREENS BOOTS                        | CONTRA WALGREENS BOOTS                                     | CUSIP: 931CVR013<br>LEI: 549300RPTUOIXG4LIH86 | N/A              | DE               |  | US        |     15004 | NS      | $7952.12      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd                     | Axis Capital Holdings Ltd                                  | CUSIP: 000000000<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | BM        |      1216 | NS      | $116492.80    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ASGN Inc                                      | ASGN Inc                                                   | CUSIP: 00191U102<br>LEI: LZBNYYCBUKY537072438 | Long             | EC               | CORP              | US        |      2451 | NS      | $116054.85    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                                  | Sanmina Corp                                               | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |       831 | NS      | $95656.41     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                         | BlueLinx Holdings Inc                                      | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |       567 | NS      | $41436.36     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Eagle Materials Inc                           | Eagle Materials Inc                                        | CUSIP: 26969P108<br>LEI: 529900KRXRGXL61SG039 | Long             | EC               | CORP              | US        |       438 | NS      | $102071.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Selective Insurance Group Inc                 | Selective Insurance Group Inc                              | CUSIP: 816300107<br>LEI: 549300R3WGJWLE40R258 | Long             | EC               | CORP              | US        |      1164 | NS      | $94365.48     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| EverQuote Inc                                 | EverQuote Inc                                              | CUSIP: 30041R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1550 | NS      | $35448.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Alaska Air Group Inc                          | Alaska Air Group Inc                                       | CUSIP: 011659109<br>LEI: 529900G48RT4KWLC6C27 | Long             | EC               | CORP              | US        |       688 | NS      | $34248.64     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                             | Mitek Systems Inc                                          | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     20066 | NS      | $196044.82    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                | EPR Properties                                             | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               |  | US        |      1578 | NS      | $91539.78     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                      | Broadstone Net Lease Inc                                   | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               |  | US        |      5284 | NS      | $94425.08     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AerSale Corp                                  | AerSale Corp                                               | CUSIP: 00810F106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10408 | NS      | $85241.52     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                                    | Rambus Inc                                                 | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |      5416 | NS      | $564347.20    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Deluxe Corp                                   | Deluxe Corp                                                | CUSIP: 248019101<br>LEI: KWGNKB8TX9LE5TV29231 | Long             | EC               | CORP              | US        |      2294 | NS      | $44411.84     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| ScanSource Inc                                | ScanSource Inc                                             | CUSIP: 806037107<br>LEI: 7FHBAN017QDY4K2KP156 | Long             | EC               | CORP              | US        |      2818 | NS      | $123963.82    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                                   | NETGEAR Inc                                                | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |      1913 | NS      | $61962.07     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                              | Elme Communities                                           | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               |  | US        |      6228 | NS      | $105004.08    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| GATX Corp                                     | GATX Corp                                                  | CUSIP: 361448103<br>LEI: 549300IHYHCQP2PIR591 | Long             | EC               | CORP              | US        |       884 | NS      | $154523.20    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc                    | Select Water Solutions Inc                                 | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |     10599 | NS      | $113303.31    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| RLI Corp                                      | RLI Corp                                                   | CUSIP: 749607107<br>LEI: 529900AMTJE5ECN9PS55 | Long             | EC               | CORP              | US        |      1282 | NS      | $83612.04     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NewMarket Corp                                | NewMarket Corp                                             | CUSIP: 651587107<br>LEI: 54930082CG88ERDREQ47 | Long             | EC               | CORP              | US        |       126 | NS      | $104354.46    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kirby Corp                                    | Kirby Corp                                                 | CUSIP: 497266106<br>LEI: I7NO6FZO5GUCG585T325 | Long             | EC               | CORP              | US        |      1044 | NS      | $87121.80     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshworks Inc                                | Freshworks Inc                                             | CUSIP: 358054104<br>LEI: 254900ULRGCUEIK0K191 | Long             | EC               | CORP              | US        |      4486 | NS      | $52800.22     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                            | Globus Medical Inc                                         | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |      4650 | NS      | $266305.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                           | Texas Roadhouse Inc                                        | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |       643 | NS      | $106834.45    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Diebold Nixdorf Inc                           | Diebold Nixdorf Inc                                        | CUSIP: 253651202<br>LEI: 549300XZK6EWDBAZSY16 | Long             | EC               | CORP              | US        |      2132 | NS      | $121587.96    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                          | SPX Technologies Inc                                       | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |       484 | NS      | $90401.52     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Nathan's Famous Inc                           | Nathan's Famous Inc                                        | CUSIP: 632347100<br>LEI: 54930034SKNSF1JIE673 | Long             | EC               | CORP              | US        |       930 | NS      | $102988.20    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                                    | Diodes Inc                                                 | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      4517 | NS      | $240349.57    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc                          | OneMain Holdings Inc                                       | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |      1697 | NS      | $95812.62     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ReNew Energy Global PLC                       | ReNew Energy Global PLC                                    | CUSIP: 000000000<br>LEI: 254900SL77LA2KAG7R65 | Long             | EC               | CORP              | GB        |     23654 | NS      | $182135.80    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                        | Paymentus Holdings Inc                                     | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2449 | NS      | $74939.40     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                       | Alexander & Baldwin Inc                                    | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               |  | US        |      4621 | NS      | $84055.99     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| OGE Energy Corp                               | OGE Energy Corp                                            | CUSIP: 670837103<br>LEI: CE5OG6JPOZMDSA0LAQ19 | Long             | EC               | CORP              | US        |      2148 | NS      | $99387.96     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Accel Entertainment Inc                       | Accel Entertainment Inc                                    | CUSIP: 00436Q106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17321 | NS      | $191743.47    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc                          | Dycom Industries Inc                                       | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |       395 | NS      | $115245.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Caris Life Sciences Inc                       | Caris Life Sciences Inc                                    | CUSIP: 142152107<br>LEI: 549300LX5LO78M5VPY43 | Long             | EC               | CORP              | US        |      2964 | NS      | $89661.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| TELUS International CDA Inc                   | TELUS International CDA Inc                                | CUSIP: 87975H100<br>LEI: 549300VLM68O3RZJ7X31 | Long             | EC               | CORP              | CA        |     17570 | NS      | $78713.60     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc             | First Industrial Realty Trust Inc                          | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               |  | US        |      1307 | NS      | $67271.29     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                                  | Cargurus Inc                                               | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |      5566 | NS      | $207222.18    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                                   | Popular Inc                                                | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |       879 | NS      | $111641.79    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| SandRidge Energy Inc                          | SandRidge Energy Inc                                       | CUSIP: 80007P869<br>LEI: W1MKPVGS6I5155L7VV67 | Long             | EC               | CORP              | US        |      8028 | NS      | $90555.84     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| PC Connection Inc                             | PC Connection Inc                                          | CUSIP: 69318J100<br>LEI: 5299005WPRNIXDV2KM73 | Long             | EC               | CORP              | US        |      3516 | NS      | $217956.84    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Trust Bancorp Inc                   | Community Trust Bancorp Inc                                | CUSIP: 204149108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1465 | NS      | $81966.75     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Ribbon Communications Inc                     | Ribbon Communications Inc                                  | CUSIP: 762544104<br>LEI: 549300L1E8Z8RL7CUL52 | Long             | EC               | CORP              | US        |     13361 | NS      | $50771.80     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Daktronics Inc                                | Daktronics Inc                                             | CUSIP: 234264109<br>LEI: 549300IOLZ3SG5YUJ288 | Long             | EC               | CORP              | US        |      2480 | NS      | $51881.60     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NMI Holdings Inc                              | NMI Holdings Inc                                           | CUSIP: 629209305<br>LEI: 529900KNNGFXJX1C3Z08 | Long             | EC               | CORP              | US        |      5032 | NS      | $192926.88    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                           | Silgan Holdings Inc                                        | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |      2111 | NS      | $90794.11     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc                    | Grand Canyon Education Inc                                 | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |       494 | NS      | $108442.88    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                                      | Yext Inc                                                   | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |      5958 | NS      | $50762.16     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Real Brokerage Inc/The                        | Real Brokerage Inc/The                                     | CUSIP: 75585H206<br>LEI: 254900X7DGVQ8SUIC387 | Long             | EC               | CORP              | CA        |     19475 | NS      | $81405.50     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ASA Gold and Precious Metals Ltd              | ASA Gold and Precious Metals Ltd                           | CUSIP: 000000000<br>LEI: 254900VOUR4617HGCL14 | Long             | EC               | RF                | BM        |      1654 | NS      | $75753.20     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Covenant Logistics Group Inc                  | Covenant Logistics Group Inc                               | CUSIP: 22284P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3153 | NS      | $68293.98     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc                | Guardian Pharmacy Services Inc                             | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1115 | NS      | $29246.45     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                                | AutoNation Inc                                             | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1093 | NS      | $239115.61    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| GCI Liberty Inc                               | GCI Liberty Inc                                            | CUSIP: 36164V800<br>LEI: 5493003JDENERRDYFN86 | Long             | EC               | CORP              | US        |       333 | NS      | $12410.91     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                                   | Autoliv Inc                                                | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | US        |       858 | NS      | $105963.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Masterbrand Inc                               | Masterbrand Inc                                            | CUSIP: 57638P104<br>LEI: 549300E0Y4BR5Z9RDZ64 | Long             | EC               | CORP              | US        |     19429 | NS      | $255879.93    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| CuriosityStream Inc                           | CuriosityStream Inc                                        | CUSIP: 23130Q107<br>LEI: 549300MSP5P41EYSIZ09 | Long             | EC               | CORP              | US        |     15527 | NS      | $82293.10     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognex Corp                                   | Cognex Corp                                                | CUSIP: 192422103<br>LEI: 549300JQTYZCLC43S226 | Long             | EC               | CORP              | US        |      2339 | NS      | $105956.70    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp                        | Paylocity Holding Corp                                     | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |       539 | NS      | $85846.53     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Littelfuse Inc                                | Littelfuse Inc                                             | CUSIP: 537008104<br>LEI: 549300MY7HLQFYTPCX75 | Long             | EC               | CORP              | US        |       676 | NS      | $175090.76    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Oil-Dri Corp of America                       | Oil-Dri Corp of America                                    | CUSIP: 677864100<br>LEI: 549300RSG5KPUH16WH66 | Long             | EC               | CORP              | US        |      2332 | NS      | $142345.28    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp                         | Antero Midstream Corp                                      | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3941 | NS      | $76613.04     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Verra Mobility Corp                           | Verra Mobility Corp                                        | CUSIP: 92511U102<br>LEI: 549300XX5EKGLR0M4152 | Long             | EC               | CORP              | US        |      3930 | NS      | $97071.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Korn Ferry                                    | Korn Ferry                                                 | CUSIP: 500643200<br>LEI: 549300FOD20OM0GT5G40 | Long             | EC               | CORP              | US        |      3047 | NS      | $213229.06    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Acuity Inc                                    | Acuity Inc                                                 | CUSIP: 00508Y102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       598 | NS      | $205945.22    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerflex Ltd                                  | Enerflex Ltd                                               | CUSIP: 29269R105<br>LEI: 54930014N7872VUS3F89 | Long             | EC               | CORP              | CA        |      5960 | NS      | $64248.80     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                         | Urban Edge Properties                                      | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               |  | US        |      4388 | NS      | $89822.36     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Trinity Industries Inc                        | Trinity Industries Inc                                     | CUSIP: 896522109<br>LEI: R1JB4KXN77XFCXOQKV49 | Long             | EC               | CORP              | US        |      1456 | NS      | $40826.24     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                                  | Agilysys Inc                                               | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      1664 | NS      | $175136.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SentinelOne Inc                               | SentinelOne Inc                                            | CUSIP: 81730H109<br>LEI: 984500DCD44DBF954221 | Long             | EC               | CORP              | US        |      8842 | NS      | $155707.62    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Zimvie Inc                                    | Zimvie Inc                                                 | CUSIP: 98888T107<br>LEI: 549300GFKURT1J6XR665 | Long             | EC               | CORP              | US        |      5411 | NS      | $102484.34    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimball Electronics Inc                       | Kimball Electronics Inc                                    | CUSIP: 49428J109<br>LEI: 549300COBYN2GZCBIU87 | Long             | EC               | CORP              | US        |      6423 | NS      | $191790.78    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hayward Holdings Inc                          | Hayward Holdings Inc                                       | CUSIP: 421298100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6780 | NS      | $102513.60    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                             | Chord Energy Corp                                          | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |       956 | NS      | $94997.72     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp                     | Taylor Morrison Home Corp                                  | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |      4745 | NS      | $313217.45    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co                            | Graham Holdings Co                                         | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |        91 | NS      | $107135.21    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowco Holdings Inc                           | Flowco Holdings Inc                                        | CUSIP: 342909108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6371 | NS      | $94609.35     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp                       | Perdoceo Education Corp                                    | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      7710 | NS      | $290358.60    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                               | Bio-Techne Corp                                            | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Long             | EC               | CORP              | US        |       442 | NS      | $24588.46     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital City Bank Group Inc                   | Capital City Bank Group Inc                                | CUSIP: 139674105<br>LEI: 254900NVLVUJQZKTQE82 | Long             | EC               | CORP              | US        |       549 | NS      | $22942.71     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA ADAMAS PHARMACE                        | CONTRA ADAMAS PHARMACE                                     | CUSIP: 005CVR022<br>LEI: N/A                  | N/A              | DE               |  | US        |      1139 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Methanex Corp                                 | Methanex Corp                                              | CUSIP: 59151K108<br>LEI: 549300TSJHRXT9QXRD13 | Long             | EC               | CORP              | CA        |      6226 | NS      | $247545.76    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemed Corp                                   | Chemed Corp                                                | CUSIP: 16359R103<br>LEI: 54930020031IDJT2IM79 | Long             | EC               | CORP              | US        |       307 | NS      | $137456.18    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CCC Intelligent Solutions Holdings Inc        | CCC Intelligent Solutions Holdings Inc                     | CUSIP: 12510Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10633 | NS      | $96866.63     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                                     | Braze Inc                                                  | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Long             | EC               | CORP              | US        |      4669 | NS      | $132786.36    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Perimeter Solutions Inc                       | Perimeter Solutions Inc                                    | CUSIP: 71385M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17045 | NS      | $381637.55    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                                | Globe Life Inc                                             | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |       946 | NS      | $135249.62    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Seaport Entertainment Group Inc               | Seaport Entertainment Group Inc                            | CUSIP: 812215200<br>LEI: 2549006G3SN205YAST27 | Long             | EC               | CORP              | US        |      3162 | NS      | $72473.04     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| QIAGEN NV                                     | QIAGEN NV                                                  | CUSIP: 000000000<br>LEI: 54930036WK3GMCN17Z57 | Long             | EC               | CORP              | NL        |      2329 | NS      | $104059.72    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Pacific Financial Corp                | Central Pacific Financial Corp                             | CUSIP: 154760409<br>LEI: 549300W3YEAOZ4KGG849 | Long             | EC               | CORP              | US        |      3136 | NS      | $95146.24     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Elastic NV                                    | Elastic NV                                                 | CUSIP: 000000000<br>LEI: 2549003I48WHHH937I59 | Long             | EC               | CORP              | NL        |      2292 | NS      | $193651.08    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Docebo Inc                                    | Docebo Inc                                                 | CUSIP: 25609L105<br>LEI: 98450059461F12KCE754 | Long             | EC               | CORP              | CA        |      3439 | NS      | $93987.87     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Landstar System Inc                           | Landstar System Inc                                        | CUSIP: 515098101<br>LEI: 254900CUQXQRL09MEI52 | Long             | EC               | CORP              | US        |       751 | NS      | $92042.56     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyster-Yale Inc                               | Hyster-Yale Inc                                            | CUSIP: 449172105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       268 | NS      | $9878.48      | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Public Education Inc                 | American Public Education Inc                              | CUSIP: 02913V103<br>LEI: 254900GZNX6TJQGM4S17 | Long             | EC               | CORP              | US        |       270 | NS      | $10656.90     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                                   | Novanta Inc                                                | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |       185 | NS      | $18527.75     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs Inc                                | Proto Labs Inc                                             | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |      4919 | NS      | $246097.57    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc                        | Mueller Industries Inc                                     | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |      4665 | NS      | $471678.15    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp                              | Boyd Gaming Corp                                           | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |      2991 | NS      | $258571.95    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Federated Hermes Inc                          | Federated Hermes Inc                                       | CUSIP: 314211103<br>LEI: R05X5UQ874RGFF7HHD84 | Long             | EC               | CORP              | US        |      3859 | NS      | $200397.87    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Smith-Midland Corp                            | Smith-Midland Corp                                         | CUSIP: 832156103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1060 | NS      | $39114.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| LeMaitre Vascular Inc                         | LeMaitre Vascular Inc                                      | CUSIP: 525558201<br>LEI: 549300FZUBUB7MHY8R17 | Long             | EC               | CORP              | US        |      2558 | NS      | $223850.58    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Radware Ltd                                   | Radware Ltd                                                | CUSIP: 000000000<br>LEI: 254900LYRZOTBQ99ZG59 | Long             | EC               | CORP              | IL        |      6982 | NS      | $184953.18    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Travel + Leisure Co                           | Travel + Leisure Co                                        | CUSIP: 894164102<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | EC               | CORP              | US        |      1553 | NS      | $92387.97     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisys Corp                                   | Unisys Corp                                                | CUSIP: 909214306<br>LEI: 549300T21W22FIJJOW08 | Long             | EC               | CORP              | US        |     18401 | NS      | $71763.90     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamo Group Inc                               | Alamo Group Inc                                            | CUSIP: 011311107<br>LEI: 54930080C93RVZRSDV26 | Long             | EC               | CORP              | US        |       861 | NS      | $164364.90    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron Inc                                     | Itron Inc                                                  | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |      1898 | NS      | $236414.88    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                                 | St Joe Co/The                                              | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |      1741 | NS      | $86144.68     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tennant Co                                    | Tennant Co                                                 | CUSIP: 880345103<br>LEI: JYAIRLT8DVP6DP8UT336 | Long             | EC               | CORP              | US        |      1242 | NS      | $100676.52    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc                             | ACI Worldwide Inc                                          | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      3606 | NS      | $190288.62    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Seneca Foods Corp                             | Seneca Foods Corp                                          | CUSIP: 817070501<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       834 | NS      | $90021.96     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc                            | Garrett Motion Inc                                         | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |      8106 | NS      | $110403.72    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc                       | MDU Resources Group Inc                                    | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6020 | NS      | $107216.20    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Karooooo Ltd                                  | Karooooo Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |      1082 | NS      | $61803.84     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Figs Inc                                      | Figs Inc                                                   | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     27585 | NS      | $184543.65    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| PROG Holdings Inc                             | PROG Holdings Inc                                          | CUSIP: 74319R101<br>LEI: 549300DHYTLBOVRXIG52 | Long             | EC               | CORP              | US        |      5606 | NS      | $181410.16    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercorp Financial Services Inc              | Intercorp Financial Services Inc                           | CUSIP: 000000000<br>LEI: 5299004181WFTEWB1398 | Long             | EC               | CORP              | PA        |      2359 | NS      | $95162.06     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Bancorp Inc/KY                       | Republic Bancorp Inc/KY                                    | CUSIP: 760281204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1113 | NS      | $80414.25     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthStream Inc                              | HealthStream Inc                                           | CUSIP: 42222N103<br>LEI: 529900OJ88H8635JNH64 | Long             | EC               | CORP              | US        |      2513 | NS      | $70967.12     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gentex Corp                                   | Gentex Corp                                                | CUSIP: 371901109<br>LEI: 549300S3UD8XV1MN0287 | Long             | EC               | CORP              | US        |      6511 | NS      | $184261.30    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc                   | Fresh Del Monte Produce Inc                                | CUSIP: 000000000<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | KY        |      4523 | NS      | $157038.56    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                          | LXP Industrial Trust                                       | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               |  | US        |     11139 | NS      | $99805.44     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| 1st Source Corp                               | 1st Source Corp                                            | CUSIP: 336901103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2023 | NS      | $124535.88    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis Inc                                  | Exelixis Inc                                               | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |      3255 | NS      | $134431.50    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                                       | ADT Inc                                                    | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19960 | NS      | $173851.60    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC                 | Weatherford International PLC                              | CUSIP: 000000000<br>LEI: 529900LPBDSCQDJKHQ39 | Long             | EC               | CORP              | IE        |      1680 | NS      | $114962.40    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Backblaze Inc                                 | Backblaze Inc                                              | CUSIP: 05637B105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17901 | NS      | $166121.28    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Avantor Inc                                   | Avantor Inc                                                | CUSIP: 05352A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6925 | NS      | $86424.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Bancorp Inc                             | Unity Bancorp Inc                                          | CUSIP: 913290102<br>LEI: 549300Q90ZRNUR65PL93 | Long             | EC               | CORP              | US        |      1206 | NS      | $58937.22     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                             | Hess Midstream LP                                          | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2594 | NS      | $89622.70     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc                        | Liquidity Services Inc                                     | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |      6858 | NS      | $188114.94    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ovintiv Inc                                   | Ovintiv Inc                                                | CUSIP: 69047Q102<br>LEI: 2549003MEX7YMKLGI239 | Long             | EC               | CORP              | US        |      2543 | NS      | $102686.34    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PriceSmart Inc                                | PriceSmart Inc                                             | CUSIP: 741511109<br>LEI: 549300JVYOSTGVSDZS46 | Long             | EC               | CORP              | US        |      1387 | NS      | $168090.53    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERTEC Inc                                   | EVERTEC Inc                                                | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | PR        |      2277 | NS      | $76917.06     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                      | EastGroup Properties Inc                                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               |  | US        |       469 | NS      | $79382.94     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Monarch Casino & Resort Inc                   | Monarch Casino & Resort Inc                                | CUSIP: 609027107<br>LEI: 549300AK5FF7KY11V997 | Long             | EC               | CORP              | US        |      3270 | NS      | $346096.80    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc                     | Minerals Technologies Inc                                  | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |      1472 | NS      | $91440.64     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc                       | NWPX Infrastructure Inc                                    | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |      1892 | NS      | $100143.56    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO                    | Commerce Bancshares Inc/MO                                 | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1363 | NS      | $81452.88     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc                       | Strategic Education Inc                                    | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |      1735 | NS      | $149227.35    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Cass Information Systems Inc                  | Cass Information Systems Inc                               | CUSIP: 14808P109<br>LEI: 549300G7XPIPR7SJ2F38 | Long             | EC               | CORP              | US        |      1513 | NS      | $59506.29     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| UniFirst Corp/MA                              | UniFirst Corp/MA                                           | CUSIP: 904708104<br>LEI: 5493003XBTNWBC8UK019 | Long             | EC               | CORP              | US        |       571 | NS      | $95465.49     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                                 | Interface Inc                                              | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |     13491 | NS      | $390429.54    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SkyWest Inc                                   | SkyWest Inc                                                | CUSIP: 830879102<br>LEI: 529900UYS2KGS6Z42P09 | Long             | EC               | CORP              | US        |       512 | NS      | $51517.44     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc                      | Village Super Market Inc                                   | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |      1514 | NS      | $56563.04     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Kiniksa Pharmaceuticals International Plc     | Kiniksa Pharmaceuticals International Plc                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      7414 | NS      | $287885.62    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Corp                          | First Financial Corp                                       | CUSIP: 320218100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1062 | NS      | $59939.28     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Teleflex Inc                                  | Teleflex Inc                                               | CUSIP: 879369106<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | EC               | CORP              | US        |      2064 | NS      | $252551.04    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc                 | Healthcare Services Group Inc                              | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     12129 | NS      | $204131.07    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Postal Realty Trust Inc                       | Postal Realty Trust Inc                                    | CUSIP: 73757R102<br>LEI: 5493007B7ZZSIJRGWC41 | Long             | EC               |  | US        |      4429 | NS      | $69491.01     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CI&T Inc                                      | CI&T Inc                                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      2422 | NS      | $12473.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                             | Primo Brands Corp                                          | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |      4694 | NS      | $103737.40    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| HomeTrust Bancshares Inc                      | HomeTrust Bancshares Inc                                   | CUSIP: 437872104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1290 | NS      | $52812.60     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                             | Spok Holdings Inc                                          | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |      4348 | NS      | $75003.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| JBT Marel Corp                                | JBT Marel Corp                                             | CUSIP: 477839104<br>LEI: 5493007CT6ATBZ2L6826 | Long             | EC               | CORP              | US        |       751 | NS      | $105477.95    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Great Lakes Dredge & Dock Corp                | Great Lakes Dredge & Dock Corp                             | CUSIP: 390607109<br>LEI: 549300H65E3MZ1CX0P05 | Long             | EC               | CORP              | US        |      9245 | NS      | $110847.55    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Aduro Clean Technologies Inc                  | Aduro Clean Technologies Inc                               | CUSIP: 007408206<br>LEI: 984500CDD5XBB88E4636 | Long             | EC               | CORP              | CA        |      1588 | NS      | $21279.20     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Enterprises Inc                        | Apogee Enterprises Inc                                     | CUSIP: 037598109<br>LEI: 549300579S7QW8V4IJ60 | Long             | EC               | CORP              | US        |      2751 | NS      | $119861.07    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                           | STAG Industrial Inc                                        | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               |  | US        |      1974 | NS      | $69662.46     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Murphy USA Inc                                | Murphy USA Inc                                             | CUSIP: 626755102<br>LEI: 549300Y081F8XIKQIO72 | Long             | EC               | CORP              | US        |       231 | NS      | $89688.06     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Brady Corp                                    | Brady Corp                                                 | CUSIP: 104674106<br>LEI: 549300G2LEQOFQC8GY34 | Long             | EC               | CORP              | US        |       633 | NS      | $49392.99     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc                         | Commvault Systems Inc                                      | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |      1571 | NS      | $296573.38    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp                       | Enerpac Tool Group Corp                                    | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |      2600 | NS      | $106600.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NeuroPace Inc                                 | NeuroPace Inc                                              | CUSIP: 641288105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6258 | NS      | $64519.98     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerus Corp                                    | Cerus Corp                                                 | CUSIP: 157085101<br>LEI: 254900BIEY9XIDA04Q21 | Long             | EC               | CORP              | US        |     45553 | NS      | $72429.27     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp                         | Encompass Health Corp                                      | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |       857 | NS      | $108856.14    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Violet Inc                                | Red Violet Inc                                             | CUSIP: 75704L104<br>LEI: 549300T4EGADG881UU63 | Long             | EC               | CORP              | US        |       677 | NS      | $35373.25     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Phibro Animal Health Corp                     | Phibro Animal Health Corp                                  | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |      6223 | NS      | $251782.58    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc                  | Wyndham Hotels & Resorts Inc                               | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |      1088 | NS      | $86931.20     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstService Corp                             | FirstService Corp                                          | CUSIP: 33767E202<br>LEI: 5493000XUDIV75BCF118 | Long             | EC               | CORP              | CA        |       435 | NS      | $82863.15     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sapiens International Corp NV                 | Sapiens International Corp NV                              | CUSIP: 000000000<br>LEI: 2549009P4ZS02GC5QV68 | Long             | EC               | CORP              | KY        |      3066 | NS      | $131838.00    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Lifeway Foods Inc                             | Lifeway Foods Inc                                          | CUSIP: 531914109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3849 | NS      | $106848.24    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                   | Healthcare Realty Trust Inc                                | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               |  | US        |      5285 | NS      | $95288.55     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| CONTRA RESOLUTE FOREST                        | CONTRA RESOLUTE FOREST                                     | CUSIP: 761CVR042<br>LEI: N/A                  | N/A              | DE               |  | US        |     10077 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Cousins Properties Inc                        | Cousins Properties Inc                                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               |  | US        |      2909 | NS      | $84186.46     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Electrovaya Inc                               | Electrovaya Inc                                            | CUSIP: 28617B606<br>LEI: 529900I7K6S0AGKS2R30 | Long             | EC               | CORP              | CA        |      3663 | NS      | $21575.07     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CryoPort Inc                                  | CryoPort Inc                                               | CUSIP: 229050307<br>LEI: 9845004D8538BT8JF626 | Long             | EC               | CORP              | US        |      5823 | NS      | $55202.04     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc                               | Morningstar Inc                                            | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |       384 | NS      | $89091.84     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Baytex Energy Corp                            | Baytex Energy Corp                                         | CUSIP: 07317Q105<br>LEI: 549300R5LTV2H7I1I079 | Long             | EC               | CORP              | CA        |     42612 | NS      | $99712.08     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                            | CareTrust REIT Inc                                         | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               |  | US        |      2853 | NS      | $98942.04     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Atkore Inc                                    | Atkore Inc                                                 | CUSIP: 047649108<br>LEI: 52990002TI38AM4RPV48 | Long             | EC               | CORP              | US        |      1731 | NS      | $108602.94    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                               | Q2 Holdings Inc                                            | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |       999 | NS      | $72317.61     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Beach Brands Holding Co              | Hamilton Beach Brands Holding Co                           | CUSIP: 40701T104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3207 | NS      | $46084.59     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Boise Cascade Co                              | Boise Cascade Co                                           | CUSIP: 09739D100<br>LEI: 549300Z8B8LSRHC7XA55 | Long             | EC               | CORP              | US        |      1521 | NS      | $117603.72    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Ridge Resources Inc                   | Granite Ridge Resources Inc                                | CUSIP: 387432107<br>LEI: 254900CAHJQKOQ1YZC67 | Long             | EC               | CORP              | US        |     17863 | NS      | $96638.83     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                                 | Blackbaud Inc                                              | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |      1542 | NS      | $99166.02     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Technologies Inc                       | Hudson Technologies Inc                                    | CUSIP: 444144109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13977 | NS      | $138791.61    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of NT Butterfield & Son Ltd/The          | Bank of NT Butterfield & Son Ltd/The                       | CUSIP: 000000000<br>LEI: 549300V8RVM0EMTDPF28 | Long             | EC               | CORP              | BM        |      4713 | NS      | $202281.96    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc                        | Alarm.com Holdings Inc                                     | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |      2884 | NS      | $153082.72    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mohawk Industries Inc                         | Mohawk Industries Inc                                      | CUSIP: 608190104<br>LEI: 549300JI1115MG3Q6322 | Long             | EC               | CORP              | US        |       806 | NS      | $103909.52    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bioventus Inc                                 | Bioventus Inc                                              | CUSIP: 09075A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7441 | NS      | $49780.29     | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Corp               | Old Republic International Corp                            | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      2397 | NS      | $101800.59    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenable Holdings Inc                          | Tenable Holdings Inc                                       | CUSIP: 88025T102<br>LEI: 5493004S5OMPESF0EF83 | Long             | EC               | CORP              | US        |      3445 | NS      | $100456.20    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd                                   | Genpact Ltd                                                | CUSIP: 000000000<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | BM        |      6084 | NS      | $254858.76    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Onto Innovation Inc                           | Onto Innovation Inc                                        | CUSIP: 683344105<br>LEI: 254900RXZVN73CHOO062 | Long             | EC               | CORP              | US        |      2992 | NS      | $386626.24    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/The               | Hanover Insurance Group Inc/The                            | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |       661 | NS      | $120057.43    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| RenaissanceRe Holdings Ltd                    | RenaissanceRe Holdings Ltd                                 | CUSIP: 000000000<br>LEI: EK6GB9U3U58PDI411C94 | Long             | EC               | CORP              | BM        |       398 | NS      | $101064.14    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| National Fuel Gas Co                          | National Fuel Gas Co                                       | CUSIP: 636180101<br>LEI: 8JB38FFW1Y3C1HM8E841 | Long             | EC               | CORP              | US        |      1126 | NS      | $104008.62    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Arrow Electronics Inc                         | Arrow Electronics Inc                                      | CUSIP: 042735100<br>LEI: 549300YNNLBXT8N8R512 | Long             | EC               | CORP              | US        |      1445 | NS      | $174845.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                            | SEI Investments Co                                         | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |      1207 | NS      | $102413.95    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc                           | CSW Industrials Inc                                        | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Long             | EC               | CORP              | US        |       728 | NS      | $176722.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyco Group Inc                               | Weyco Group Inc                                            | CUSIP: 962149100<br>LEI: 549300I10J38MHJELM87 | Long             | EC               | CORP              | US        |      1244 | NS      | $37431.96     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| SPS Commerce Inc                              | SPS Commerce Inc                                           | CUSIP: 78463M107<br>LEI: 2549006XVF9GCCETDQ72 | Long             | EC               | CORP              | US        |      1261 | NS      | $131320.54    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc                             | VAALCO Energy Inc                                          | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |     21064 | NS      | $84677.28     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-04

**Name of Applicant:** Lazard Active ETF Trust

**Signature:** Christina Kennedy

**Name of Signer:** Christina Kennedy

**Title:** Chief Financial Officer