# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0001410368-26-007359
**Filing Date:** 2026-1
**Character Count:** 146414
**Document Hash:** dfbe7ce9d068eeadb480b958cbeab07d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-007359.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0001410368-26-007359

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Neuberger Berman ETF Trust
- **CENTRAL INDEX KEY:** 0001506001

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23761
- **FILM NUMBER:** 26559220

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104
- **BUSINESS PHONE:** 212-476-8800

**MAIL ADDRESS:**
- **STREET 1:** 1290 AVENUE OF THE AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10104

## Series and Classes Contracts Data

### Neuberger Disrupters ETF (Series ID: S000075396)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000234392 | Neuberger Disrupters ETF | NBDS            |

## Nport-Ex

Schedule of Investments China Equity ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 97.7%** | **Common Stocks 97.7%** | **Common Stocks 97.7%** |
| **Air Freight & Logistics 1.0%** | **Air Freight & Logistics 1.0%** | **Air Freight & Logistics 1.0%** |
| 42000 | Jiangsu Azure Corp. Class A | &nbsp;&nbsp; **$96061** |
| **Automobile Components 1.6%** | **Automobile Components 1.6%** | **Automobile Components 1.6%** |
| 34000 | Minth Group Ltd. | &nbsp;&nbsp; **148650** |
| **Automobiles 0.4%** | **Automobiles 0.4%** | **Automobiles 0.4%** |
| 2500 | BYD Co. Ltd. Class A | &nbsp;&nbsp; **33653** |
| **Banks 10.6%** | **Banks 10.6%** | **Banks 10.6%** |
| 65900 | Bank of Hangzhou Co. Ltd. Class A | &nbsp;&nbsp; 145318 |
| 97600 | Bank of Jiangsu Co. Ltd. Class A | &nbsp;&nbsp; 147990 |
| 61700 | &nbsp;&nbsp; China Merchants Bank Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 374831 |
| 145300 | &nbsp;&nbsp; Chongqing Rural Commercial Bank <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 133587 |
| 167700 | &nbsp;&nbsp; Industrial & Commercial Bank of <br> China Ltd. Class A<br>| &nbsp;&nbsp; 192371 |
|  |  | &nbsp;&nbsp; **994097** |
| **Beverages 5.2%** | **Beverages 5.2%** | **Beverages 5.2%** |
| 3400 | &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 126797 |
| 1048 | Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp; 215014 |
| 5358 | &nbsp;&nbsp; Shanxi Xinghuacun Fen Wine <br> Factory Co. Ltd. Class A<br>| &nbsp;&nbsp; 147252 |
|  |  | &nbsp;&nbsp; **489063** |
| **Biotechnology 3.3%** | **Biotechnology 3.3%** | **Biotechnology 3.3%** |
| 17500 | 3SBio, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 70262 |
| 3534 | BeOne Medicines Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; 144811 |
| 8000 | Innovent Biologics, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 96689 |
|  |  | &nbsp;&nbsp; **311762** |
| **Capital Markets 4.7%** | **Capital Markets 4.7%** | **Capital Markets 4.7%** |
| 37700 | &nbsp;&nbsp; China Galaxy Securities Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 84786 |
| 52400 | &nbsp;&nbsp; China International Capital Corp. <br> Ltd. Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 127605 |
| 23900 | &nbsp;&nbsp; East Money Information Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 79104 |
| 49400 | Huatai Securities Co. Ltd. Class A | &nbsp;&nbsp; 147434 |
|  |  | &nbsp;&nbsp; **438929** |
| **Chemicals 5.0%** | **Chemicals 5.0%** | **Chemicals 5.0%** |
| 43900 | &nbsp;&nbsp; Guangzhou Tinci Materials <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; 256139 |
| 13800 | &nbsp;&nbsp; Xinxiang Richful Lube Additive Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 108859 |
| 21300 | Zhejiang Juhua Co. Ltd. Class A | &nbsp;&nbsp; 100988 |
|  |  | &nbsp;&nbsp; **465986** |
| **Communications Equipment 3.3%** | **Communications Equipment 3.3%** | **Communications Equipment 3.3%** |
| 4200 | Zhongji Innolight Co. Ltd. Class A | &nbsp;&nbsp; **305648** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Electrical Equipment 9.5%** | **Electrical Equipment 9.5%** | **Electrical Equipment 9.5%** |
| 7520 | &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; $396959 |
| 15000 | Sieyuan Electric Co. Ltd. Class A | &nbsp;&nbsp; 304460 |
| 7400 | &nbsp;&nbsp; Sungrow Power Supply Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 191440 |
|  |  | &nbsp;&nbsp; **892859** |
| **Electronic Equipment, Instruments & Components 5.0%** | **Electronic Equipment, Instruments & Components 5.0%** | **Electronic Equipment, Instruments & Components 5.0%** |
| 15400 | &nbsp;&nbsp; Chaozhou Three-Circle Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 95843 |
| 8700 | &nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 74720 |
| 46500 | Kingboard Laminates Holdings Ltd. | &nbsp;&nbsp; 67608 |
| 28000 | &nbsp;&nbsp; Luxshare Precision Industry Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 228835 |
|  |  | &nbsp;&nbsp; **467006** |
| **Energy Equipment & Services 1.8%** | **Energy Equipment & Services 1.8%** | **Energy Equipment & Services 1.8%** |
| 21600 | &nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; **172405** |
| **Entertainment 0.3%** | **Entertainment 0.3%** | **Entertainment 0.3%** |
| 270000 | Damai Entertainment Holdings Ltd.<sup>\*</sup> | &nbsp;&nbsp; **30864** |
| **Food Products 1.5%** | **Food Products 1.5%** | **Food Products 1.5%** |
| 17300 | &nbsp;&nbsp; Yantai China Pet Foods Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **137937** |
| **Health Care Equipment & Supplies 0.7%** | **Health Care Equipment & Supplies 0.7%** | **Health Care Equipment & Supplies 0.7%** |
| 2300 | &nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd. Class A<br>| &nbsp;&nbsp; **66369** |
| **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** | **Hotels, Restaurants & Leisure 1.0%** |
| 29200 | Guming Holdings Ltd.<sup>\*</sup> | &nbsp;&nbsp; **94660** |
| **Household Durables 2.0%** | **Household Durables 2.0%** | **Household Durables 2.0%** |
| 16700 | Midea Group Co. Ltd. Class A | &nbsp;&nbsp; **188639** |
| **Independent Power and Renewable Electricity** <br> **Producers 3.0%** | **Independent Power and Renewable Electricity** <br> **Producers 3.0%** | **Independent Power and Renewable Electricity** <br> **Producers 3.0%** |
| 70100 | &nbsp;&nbsp; China Yangtze Power Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **277429** |
| **Insurance 4.2%** | **Insurance 4.2%** | **Insurance 4.2%** |
| 35800 | &nbsp;&nbsp; China Pacific Insurance Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 175964 |
| 26500 | &nbsp;&nbsp; Ping An Insurance Group Co. of <br> China Ltd. Class A<br>| &nbsp;&nbsp; 221112 |
|  |  | &nbsp;&nbsp; **397076** |
| **Interactive Media & Services 1.4%** | **Interactive Media & Services 1.4%** | **Interactive Media & Services 1.4%** |
| 2060 | Bilibili, Inc. Class Z<sup>\*</sup> | &nbsp;&nbsp; 54610 |
| 72000 | Meitu, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; 79530 |
|  |  | &nbsp;&nbsp; **134140** |

---

See Notes to Schedule of Investments

------

Schedule of Investments China Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** | **Life Sciences Tools & Services 0.8%** |
| 10000 | &nbsp;&nbsp; Hangzhou Tigermed Consulting Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; **$72151** |
| **Machinery 7.6%** | **Machinery 7.6%** | **Machinery 7.6%** |
| 3995 | &nbsp;&nbsp; Leader Harmonious Drive Systems <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 83026 |
| 23200 | &nbsp;&nbsp; Neway Valve Suzhou Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 161549 |
| 29500 | Sany Heavy Industry Co. Ltd. Class A | &nbsp;&nbsp; 84788 |
| 20200 | &nbsp;&nbsp; Shanghai Hanbell Precise Machinery <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 64001 |
| 6500 | &nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 64964 |
| 66600 | Weichai Power Co. Ltd. Class A | &nbsp;&nbsp; 163064 |
| 15600 | &nbsp;&nbsp; Zhejiang Sanhua Intelligent Controls <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 94837 |
|  |  | &nbsp;&nbsp; **716229** |
| **Metals & Mining 6.2%** | **Metals & Mining 6.2%** | **Metals & Mining 6.2%** |
| 47600 | &nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 215449 |
| 34000 | China Hongqiao Group Ltd. | &nbsp;&nbsp; 134763 |
| 10800 | &nbsp;&nbsp; China Rare Earth Resources & <br> Technology Co. Ltd. Class A<sup>\*</sup><br>| &nbsp;&nbsp; 71507 |
| 70600 | CMOC Group Ltd. Class A | &nbsp;&nbsp; 162073 |
|  |  | &nbsp;&nbsp; **583792** |
| **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** | **Oil, Gas & Consumable Fuels 1.2%** |
| 68800 | &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd. Class A<br>| &nbsp;&nbsp; **117555** |
| **Personal Care Products 1.0%** | **Personal Care Products 1.0%** | **Personal Care Products 1.0%** |
| 8800 | &nbsp;&nbsp; Shanghai Chicmax Cosmetic Co. Ltd. <br> Class H<br>| &nbsp;&nbsp; **98389** |
| **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** | **Pharmaceuticals 1.4%** |
| 15400 | &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; **135226** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** |
| 15000 | China Resources Land Ltd. | &nbsp;&nbsp; **$58106** |
| **Semiconductors & Semiconductor Equipment 10.4%** | **Semiconductors & Semiconductor Equipment 10.4%** | **Semiconductors & Semiconductor Equipment 10.4%** |
| 1217 | &nbsp;&nbsp; Cambricon Technologies Corp. Ltd. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 229116 |
| 33200 | Flat Glass Group Co. Ltd. Class A | &nbsp;&nbsp; 75793 |
| 10000 | &nbsp;&nbsp; Hua Hong Semiconductor Ltd. <br> Class H<sup>\*(a)</sup><br>| &nbsp;&nbsp; 95687 |
| 10843 | &nbsp;&nbsp; Montage Technology Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 181741 |
| 2265 | &nbsp;&nbsp; NAURA Technology Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 137087 |
| 8838 | &nbsp;&nbsp; Smartsens Technology Shanghai Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 118021 |
| 14900 | &nbsp;&nbsp; Yangzhou Yangjie Electronic <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; 136315 |
|  |  | &nbsp;&nbsp; **973760** |
| **Technology Hardware, Storage & Peripherals 3.0%** | **Technology Hardware, Storage & Peripherals 3.0%** | **Technology Hardware, Storage & Peripherals 3.0%** |
| 7900 | Huaqin Technology Co. Ltd. Class A | &nbsp;&nbsp; 98031 |
| 9700 | Ugreen Group Ltd. Class A | &nbsp;&nbsp; 86094 |
| 18800 | Xiaomi Corp. Class B<sup>\*(a)</sup> | &nbsp;&nbsp; 99049 |
|  |  | &nbsp;&nbsp; **283174** |
| **Total Common Stocks (Cost $7,530,902)** | **Total Common Stocks (Cost $7,530,902)** | &nbsp;&nbsp; **9181615** |
| **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** | **Short-Term Investments 3.0%** |
| **Investment Companies 3.0%** | **Investment Companies 3.0%** | **Investment Companies 3.0%** |
| 282900 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.94%<sup>(c)</sup> <br>**(Cost $282,900)**<br>| &nbsp;&nbsp; **282900** |
| **Total Investments 100.7% (Cost $7,813,802)** | **Total Investments 100.7% (Cost $7,813,802)** | &nbsp;&nbsp; **9464515** |
| Liabilities Less Other Assets (0.7)% | Liabilities Less Other Assets (0.7)% | &nbsp;&nbsp; (67375)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$9397140** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at November 30, 2025 amounted to $568,822, which represents 6.1% of net assets of the Fund. 

(b) Security fair valued as of November 30, 2025 in accordance with procedures approved by the valuation designee. Total value of all such securities at November 30, 2025 amounted to $127,605, which represents 1.4% of net assets of the Fund. 

(c) Represents 7-day effective yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

See Notes to Schedule of Investments

------

Schedule of Investments China Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| China | $8843672 | 94.1% |
| Hong Kong | 193132 | 2.1% |
| United States | 144811 | 1.5% |
| Short-Term Investments and Other Liabilities—Net | 215525 | 2.3% |
|  | **$9397140** | **100.0%** |

---

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $9181615 | $— | $— | $9181615 |
| Short-Term Investments |  | 282900 |  | 282900 |
| **Total Investments** | **$9181615** | **$282900** | **$—** | **$9464515** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **U.S. Treasury Obligations 5.1%** | **U.S. Treasury Obligations 5.1%** | **U.S. Treasury Obligations 5.1%** |
| $15000000 | U.S. Treasury Bills, 3.83%, due 1/8/2026 **(Cost $14,939,366)** | &nbsp;&nbsp; **$14939817**<br> <sup>(a)</sup><br>|
| **Asset-Backed Securities 14.3%** | **Asset-Backed Securities 14.3%** | **Asset-Backed Securities 14.3%** |
| **Automobiles 11.9%** | **Automobiles 11.9%** |  |
| 1853000 | Ally Auto Receivables Trust, Series 2025-1, Class A2, 4.03%, due 7/17/2028 | &nbsp;&nbsp; 1853594 |
| BMW Vehicle Lease Trust |  |  |
| 409557 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 4.29%, due 1/25/2027 | &nbsp;&nbsp; 409809 |
| 641769 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.43%, due 9/27/2027 | &nbsp;&nbsp; 643286 |
| 502849 | Capital One Prime Auto Receivables Trust, Series 2024-1, Class A2A, 4.61%, due 10/15/2027 | &nbsp;&nbsp; 503504 |
| CarMax Auto Owner Trust |  |  |
| 298101 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2A, 4.67%, due 12/15/2027 | &nbsp;&nbsp; 298556 |
| 674000 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2A, 4.42%, due 8/15/2028 | &nbsp;&nbsp; 675951 |
| 848308 | Ford Credit Auto Lease Trust, Series 2025-A, Class A2A, 4.57%, due 8/15/2027 | &nbsp;&nbsp; 850162 |
| Ford Credit Auto Owner Trust |  |  |
| 1477248 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.47%, due 12/15/2027 | &nbsp;&nbsp; 1480574 |
| 1742000 | &nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 3.88%, due 6/15/2028 | &nbsp;&nbsp; 1741333 |
| GM Financial Consumer Automobile Receivables Trust |  |  |
| 166195 | &nbsp;&nbsp;&nbsp; Series 2024-3, Class A2A, 5.35%, due 6/16/2027 | &nbsp;&nbsp; 166405 |
| 907000 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2A, 4.32%, due 6/16/2028 | &nbsp;&nbsp; 909064 |
| Honda Auto Receivables Owner Trust |  |  |
| 266982 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2, 4.56%, due 3/15/2027 | &nbsp;&nbsp; 267241 |
| 2081000 | &nbsp;&nbsp;&nbsp; Series 2025-3, Class A2A, 4.19%, due 3/21/2028 | &nbsp;&nbsp; 2085209 |
| 766000 | Hyundai Auto Lease Securitization Trust, Series 2025-C, Class A2A, 4.37%, due 1/18/2028 | &nbsp;&nbsp; 768674<br> <sup>(b)</sup><br>|
| Hyundai Auto Receivables Trust |  |  |
| 33925 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.29%, due 4/15/2027 | &nbsp;&nbsp; 33945 |
| 124859 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.15%, due 6/15/2027 | &nbsp;&nbsp; 125068 |
| 245855 | &nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.53%, due 9/15/2027 | &nbsp;&nbsp; 246224 |
| 706767 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.33%, due 12/15/2027 | &nbsp;&nbsp; 707253 |
| 1705000 | &nbsp;&nbsp;&nbsp; Series 2025-D, Class A2A, 4.03%, due 11/15/2028 | &nbsp;&nbsp; 1707294 |
| 1943000 | Mercedes-Benz Auto Lease Trust, Series 2025-B, Class A2A, 3.86%, due 3/15/2028 | &nbsp;&nbsp; 1941998 |
| Nissan Auto Receivables Owner Trust |  |  |
| 398260 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 4.51%, due 6/15/2027 | &nbsp;&nbsp; 398657 |
| 1489000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.50%, due 2/15/2028 | &nbsp;&nbsp; 1492691 |
| 512000 | PenFed Auto Receivables Owner Trust, Series 2025-A, Class A2, 4.12%, due 9/15/2028 | &nbsp;&nbsp; 512286<br> <sup>(b)</sup><br>|
| 305576 | Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A2A, 4.47%, due 12/21/2026 | &nbsp;&nbsp; 305670<br> <sup>(b)</sup><br>|
| 302887 | SBNA Auto Lease Trust, Series 2025-A, Class A2, 4.68%, due 4/20/2027 | &nbsp;&nbsp; 303222<br> <sup>(b)</sup><br>|
| SFS Auto Receivables Securitization Trust |  |  |
| 452920 | &nbsp;&nbsp;&nbsp; Series 2025-2A, Class A2, 4.52%, due 11/20/2028 | &nbsp;&nbsp; 453566<br> <sup>(b)</sup><br>|
| 2191000 | &nbsp;&nbsp;&nbsp; Series 2025-3A, Class A2, 4.11%, due 3/20/2029 | &nbsp;&nbsp; 2191745<br> <sup>(b)</sup><br>|
| 291000 | &nbsp;&nbsp; Stellantis Financial Underwritten Enhanced Lease Trust, Series 2025-BA, Class A2, 4.31%, due <br> 5/22/2028<br>| &nbsp;&nbsp; 291865<br> <sup>(b)</sup><br>|
| 87910 | Tesla Auto Lease Trust, Series 2024-B, Class A2A, 4.79%, due 1/20/2027 | &nbsp;&nbsp; 87977<br> <sup>(b)</sup><br>|
| Toyota Auto Receivables Owner Trust |  |  |
| 327331 | &nbsp;&nbsp;&nbsp; Series 2024-D, Class A2A, 4.55%, due 8/16/2027 | &nbsp;&nbsp; 327782 |
| 981239 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.48%, due 11/15/2027 | &nbsp;&nbsp; 982392 |
| 1900000 | &nbsp;&nbsp;&nbsp; Series 2025-C, Class A2A, 4.29%, due 6/15/2028 | &nbsp;&nbsp; 1903814 |
| Toyota Lease Owner Trust |  |  |
| 645915 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.58%, due 7/20/2027 | &nbsp;&nbsp; 647721<br> <sup>(b)</sup><br>|
| 1497000 | &nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 3.91%, due 5/22/2028 | &nbsp;&nbsp; 1496691<br> <sup>(b)</sup><br>|
| 1509000 | USAA Auto Owner Trust, Series 2025-A, Class A2, 3.98%, due 3/15/2028 | &nbsp;&nbsp; 1509203<br> <sup>(b)</sup><br>|

---

See Notes to Consolidated Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Automobiles – cont'd** | **Automobiles – cont'd** |  |
| $831020 | USB Auto Owner Trust, Series 2025-1A, Class A2, 4.51%, due 6/15/2028 | &nbsp;&nbsp; $832888<br> <sup>(b)</sup><br>|
| Volkswagen Auto Lease Trust |  |  |
| 74536 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.40%, due 12/21/2026 | &nbsp;&nbsp; 74644 |
| 1277000 | &nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 3.97%, due 4/20/2028 | &nbsp;&nbsp; 1277065 |
| Volkswagen Auto Loan Enhanced Trust |  |  |
| 916195 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 4.65%, due 11/22/2027 | &nbsp;&nbsp; 918326 |
| 1288376 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.51%, due 1/20/2028 | &nbsp;&nbsp; 1291007 |
| 499565 | World Omni Auto Receivables Trust, Series 2025-A, Class A2A, 4.49%, due 4/17/2028 | &nbsp;&nbsp; 500279 |
| 251244 | &nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A2A, 4.35%, due <br> 12/15/2027<br>| &nbsp;&nbsp; 251635 |
|  |  | &nbsp;&nbsp; **35466270** |
| **Other 2.2%** | **Other 2.2%** |  |
| 86031 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, due 6/21/2028 | &nbsp;&nbsp; 86219<br> <sup>(b)</sup><br>|
| 155661 | Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, due 1/21/2031 | &nbsp;&nbsp; 157396<br> <sup>(b)</sup><br>|
| 69462 | Auxilior Term Funding LLC, Series 2024-1A, Class A2, 5.84%, due 3/15/2027 | &nbsp;&nbsp; 69648<br> <sup>(b)</sup><br>|
| 233257 | CCG Receivables Trust, Series 2023-1, Class A2, 5.82%, due 9/16/2030 | &nbsp;&nbsp; 234215<br> <sup>(b)</sup><br>|
| CNH Equipment Trust |  |  |
| 163109 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2B, (30 day USD SOFR Average + 0.40%), 4.54%, due 10/15/2027 | &nbsp;&nbsp; 163108<br> <sup>(c)</sup><br>|
| 891028 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.30%, due 8/15/2028 | &nbsp;&nbsp; 892584 |
| 237304 | DLLAA LLC, Series 2025-1A, Class A2, 4.70%, due 10/20/2027 | &nbsp;&nbsp; 238024<br> <sup>(b)</sup><br>|
| 306739 | Dllad LLC, Series 2024-1A, Class A2, 5.50%, due 8/20/2027 | &nbsp;&nbsp; 308160<br> <sup>(b)</sup><br>|
| 478000 | DLLAD LLC, Series 2025-1A, Class A2, 4.46%, due 11/20/2028 | &nbsp;&nbsp; 480429<br> <sup>(b)</sup><br>|
| 380000 | HPEFS Equipment Trust, Series 2025-1A, Class A2, 4.49%, due 9/20/2032 | &nbsp;&nbsp; 381398<br> <sup>(b)</sup><br>|
| John Deere Owner Trust |  |  |
| 39623 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.19%, due 2/16/2027 | &nbsp;&nbsp; 39640 |
| 909000 | &nbsp;&nbsp;&nbsp; Series 2025-B, Class A2A, 4.28%, due 7/17/2028 | &nbsp;&nbsp; 911420 |
| 768000 | Kubota Credit Owner Trust, Series 2025-2A, Class A2, 4.48%, due 4/17/2028 | &nbsp;&nbsp; 771557<br> <sup>(b)</sup><br>|
| 1113000 | &nbsp;&nbsp; Verizon Master Trust, Series 2024-3, Class A1B, (30 day USD SOFR Average + 0.58%), 4.72%, due <br> 4/22/2030<br>| &nbsp;&nbsp; 1115317<br> <sup>(c)</sup><br>|
| 602000 | Volvo Financial Equipment LLC, Series 2025-2A, Class A2, 3.96%, due 6/15/2028 | &nbsp;&nbsp; 601970<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **6451085** |
| **Total Credit Card 0.2%** | **Total Credit Card 0.2%** |  |
| 553000 | &nbsp;&nbsp; Evergreen Credit Card Trust, Series 2025-1A, Class A, (Secured Overnight Financing Rate + 0.59%), <br> 4.83%, due 10/15/2029<br>| &nbsp;&nbsp; **552780**<br> <sup>(b)(c)</sup><br>|
| **Total Asset-Backed Securities (Cost $42,406,514)** | **Total Asset-Backed Securities (Cost $42,406,514)** | &nbsp;&nbsp; **42470135** |
| **Corporate Bonds 56.1%** | **Corporate Bonds 56.1%** | **Corporate Bonds 56.1%** |
| **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** | **Aerospace & Defense 2.0%** |
| 3235000 | Boeing Co., 2.20%, due 2/4/2026 | &nbsp;&nbsp; 3221990 |
| 2649000 | General Electric Co., (3 mo. USD Term SOFR + 0.64%), 4.54%, due 5/5/2026 | &nbsp;&nbsp; 2653189<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **5875179** |
| **Agriculture 1.5%** | **Agriculture 1.5%** | **Agriculture 1.5%** |
| Philip Morris International, Inc. |  |  |
| 1875000 | &nbsp;&nbsp;&nbsp; 4.88%, due 2/13/2026 | &nbsp;&nbsp; 1876647 |
| 2520000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.83%), 4.89%, due 4/28/2028 | &nbsp;&nbsp; 2536250<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **4412897** |

---

See Notes to Consolidated Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Auto Manufacturers 1.3%** | **Auto Manufacturers 1.3%** | **Auto Manufacturers 1.3%** |
| $2185000 | General Motors Financial Co., Inc., 5.40%, due 4/6/2026 | &nbsp;&nbsp; $2194152 |
| 1700000 | &nbsp;&nbsp; Toyota Motor Credit Corp., (Secured Overnight Financing Rate Index + 0.45%), 4.54%, due <br> 4/10/2026<br>| &nbsp;&nbsp; 1701551<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **3895703** |
| **Banks 19.7%** | **Banks 19.7%** | **Banks 19.7%** |
| Bank of America Corp. |  |  |
| 4775000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 1.35%), 5.48%, due 9/15/2027 | &nbsp;&nbsp; 4807586<br> <sup>(c)</sup><br>|
| 1190000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 1.05%), 5.10%, due 2/4/2028 | &nbsp;&nbsp; 1196939<br> <sup>(c)</sup><br>|
| 5040000 | &nbsp;&nbsp; Bank of New York Mellon Corp., (Secured Overnight Financing Rate Index + 0.68%), 4.85%, due <br> 6/9/2028<br>| &nbsp;&nbsp; 5049169<br> <sup>(c)</sup><br>|
| 3565000 | Citibank NA, (Secured Overnight Financing Rate + 0.71%), 4.77%, due 11/19/2027 | &nbsp;&nbsp; 3572315<br> <sup>(c)</sup><br>|
| 1710000 | Citigroup, Inc., (Secured Overnight Financing Rate + 1.14%), 5.19%, due 5/7/2028 | &nbsp;&nbsp; 1720128<br> <sup>(c)</sup><br>|
| 2120000 | Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 4.88%, due 1/28/2028 | &nbsp;&nbsp; 2123240<br> <sup>(c)</sup><br>|
| Goldman Sachs Group, Inc. |  |  |
| 1045000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.82%), 4.98%, due 9/10/2027 | &nbsp;&nbsp; 1046607<br> <sup>(c)</sup><br>|
| 4005000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 1.85%), 5.99%, due 3/15/2028 | &nbsp;&nbsp; 4065382<br> <sup>(c)</sup><br>|
| JPMorgan Chase & Co. |  |  |
| 3095000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.77%), 4.88%, due 9/22/2027 | &nbsp;&nbsp; 3102285<br> <sup>(c)</sup><br>|
| 2530000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 1.20%), 5.27%, due 1/23/2028 | &nbsp;&nbsp; 2549554<br> <sup>(c)</sup><br>|
| Morgan Stanley Bank NA |  |  |
| 1200000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.69%), 4.77%, due 10/15/2027 | &nbsp;&nbsp; 1202407<br> <sup>(c)</sup><br>|
| 4360000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.87%), 4.94%, due 5/26/2028 | &nbsp;&nbsp; 4372349<br> <sup>(c)</sup><br>|
| 1835000 | Nordea Bank Abp, (Secured Overnight Financing Rate + 0.74%), 4.86%, due 3/19/2027 | &nbsp;&nbsp; 1843655<br> <sup>(b)(c)</sup><br>|
| 3775000 | PNC Bank NA, (Secured Overnight Financing Rate + 0.73%), 4.81%, due 7/21/2028 | &nbsp;&nbsp; 3774347<br> <sup>(c)</sup><br>|
| State Street Corp. |  |  |
| 700000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.85%), 4.89%, due 8/3/2026 | &nbsp;&nbsp; 702121<br> <sup>(c)</sup><br>|
| 2795000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.64%), 4.71%, due 10/22/2027 | &nbsp;&nbsp; 2806828<br> <sup>(c)</sup><br>|
| 4865000 | Truist Bank, (Secured Overnight Financing Rate + 0.77%), 4.84%, due 7/24/2028 | &nbsp;&nbsp; 4866641<br> <sup>(c)</sup><br>|
| 3705000 | U.S. Bank NA, (Secured Overnight Financing Rate + 0.69%), 4.76%, due 10/22/2027 | &nbsp;&nbsp; 3715063<br> <sup>(c)</sup><br>|
| 1420000 | UBS Group AG, 1.31%, due 2/2/2027 | &nbsp;&nbsp; 1412531<br> <sup>(b)(d)</sup><br>|
| 4345000 | Wells Fargo & Co., (Secured Overnight Financing Rate + 0.78%), 4.85%, due 1/24/2028 | &nbsp;&nbsp; 4353923<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **58283070** |
| **Beverages 0.9%** | **Beverages 0.9%** | **Beverages 0.9%** |
| 2775000 | &nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd., (Secured Overnight Financing Rate Index + 0.56%), 4.62%, <br> due 2/16/2027<br>| &nbsp;&nbsp; **2780739**<br> <sup>(c)</sup><br>|
| **Commercial Services 0.6%** | **Commercial Services 0.6%** | **Commercial Services 0.6%** |
| 1875000 | PayPal Holdings, Inc., (Secured Overnight Financing Rate + 0.67%), 4.84%, due 3/6/2028 | &nbsp;&nbsp; **1879626**<br> <sup>(c)</sup><br>|
| **Diversified Financial Services 2.6%** | **Diversified Financial Services 2.6%** | **Diversified Financial Services 2.6%** |
| 3830000 | American Express Co., (Secured Overnight Financing Rate Index + 1.00%), 5.06%, due 2/16/2028 | &nbsp;&nbsp; 3850714<br> <sup>(c)</sup><br>|
| 3025000 | Capital One Financial Corp., 7.15%, due 10/29/2027 | &nbsp;&nbsp; 3101455<br> <sup>(d)</sup><br>|
| 755000 | Mastercard, Inc., (Secured Overnight Financing Rate Index + 0.44%), 4.58%, due 3/15/2028 | &nbsp;&nbsp; 756653<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **7708822** |
| **Electric 2.4%** | **Electric 2.4%** | **Electric 2.4%** |
| 2175000 | &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., (Secured Overnight Financing Rate Index + 0.52%), <br> 4.58%, due 11/18/2027<br>| &nbsp;&nbsp; 2179422<br> <sup>(c)</sup><br>|
| 1800000 | Georgia Power Co., (Secured Overnight Financing Rate Index + 0.28%), 4.42%, due 9/15/2026 | &nbsp;&nbsp; 1799992<br> <sup>(c)</sup><br>|

---

See Notes to Consolidated Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** |
| $3105000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., (Secured Overnight Financing Rate Index + 0.76%), 4.82%, <br> due 1/29/2026<br>| &nbsp;&nbsp; $3108012<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **7087426** |
| **Healthcare - Services 1.1%** | **Healthcare - Services 1.1%** | **Healthcare - Services 1.1%** |
| 3281000 | UnitedHealth Group, Inc., (Secured Overnight Financing Rate + 0.50%), 4.59%, due 7/15/2026 | &nbsp;&nbsp; **3284889**<br> <sup>(c)</sup><br>|
| **Insurance 4.0%** | **Insurance 4.0%** | **Insurance 4.0%** |
| Athene Global Funding |  |  |
| 1540000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate Index + 0.83%), 4.93%, due 1/7/2027 | &nbsp;&nbsp; 1543835<br> <sup>(b)(c)</sup><br>|
| 1535000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate Index + 1.00%), 5.12%, due 9/18/2028 | &nbsp;&nbsp; 1537564<br> <sup>(b)(c)</sup><br>|
| 2190000 | Corebridge Global Funding, (Secured Overnight Financing Rate + 1.30%), 5.41%, due 9/25/2026 | &nbsp;&nbsp; 2204538<br> <sup>(b)(c)</sup><br>|
| 730000 | &nbsp;&nbsp; Marsh & McLennan Cos., Inc., (Secured Overnight Financing Rate Index + 0.70%), 4.75%, due <br> 11/8/2027<br>| &nbsp;&nbsp; 733726<br> <sup>(c)</sup><br>|
| New York Life Global Funding |  |  |
| 2480000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.58%), 4.65%, due 8/28/2026 | &nbsp;&nbsp; 2485161<br> <sup>(b)(c)</sup><br>|
| 1605000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.41%), 4.46%, due 2/5/2027 | &nbsp;&nbsp; 1606562<br> <sup>(b)(c)</sup><br>|
| 1815000 | &nbsp;&nbsp; Principal Life Global Funding II, (Secured Overnight Financing Rate + 0.81%), 4.87%, due <br> 8/18/2028<br>| &nbsp;&nbsp; 1817995<br> <sup>(b)(c)</sup><br>|
|  |  | &nbsp;&nbsp; **11929381** |
| **Internet 1.0%** | **Internet 1.0%** | **Internet 1.0%** |
| 2810000 | Alphabet, Inc., (Secured Overnight Financing Rate + 0.52%), 4.57%, due 11/15/2028 | &nbsp;&nbsp; **2825480**<br> <sup>(c)</sup><br>|
| **Machinery - Construction & Mining 1.3%** | **Machinery - Construction & Mining 1.3%** | **Machinery - Construction & Mining 1.3%** |
| Caterpillar Financial Services Corp. |  |  |
| 2915000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.52%), 4.58%, due 5/14/2027 | &nbsp;&nbsp; 2923650<br> <sup>(c)</sup><br>|
| 1035000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.58%), 4.64%, due 11/14/2028 | &nbsp;&nbsp; 1039813<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **3963463** |
| **Machinery - Diversified 1.3%** | **Machinery - Diversified 1.3%** | **Machinery - Diversified 1.3%** |
| John Deere Capital Corp. |  |  |
| 3035000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.44%), 4.63%, due 3/6/2026 | &nbsp;&nbsp; 3037430<br> <sup>(c)</sup><br>|
| 845000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.60%), 4.77%, due 6/11/2027 | &nbsp;&nbsp; 848955<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **3886385** |
| **Media 0.6%** | **Media 0.6%** | **Media 0.6%** |
| 1625000 | TCI Communications, Inc., 7.88%, due 2/15/2026 | &nbsp;&nbsp; **1638225** |
| **Miscellaneous Manufacturer 0.8%** | **Miscellaneous Manufacturer 0.8%** | **Miscellaneous Manufacturer 0.8%** |
| 2205000 | Siemens Funding BV, (Secured Overnight Financing Rate + 0.64%), 4.71%, due 5/26/2028 | &nbsp;&nbsp; **2213981**<br> <sup>(b)(c)</sup><br>|
| **Oil & Gas 1.4%** | **Oil & Gas 1.4%** | **Oil & Gas 1.4%** |
| Chevron USA, Inc. |  |  |
| 2350000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate Index + 0.36%), 4.43%, due 2/26/2027 | &nbsp;&nbsp; 2354416<br> <sup>(c)</sup><br>|
| 1725000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.57%), 4.62%, due 8/13/2028 | &nbsp;&nbsp; 1732595<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **4087011** |
| **Pharmaceuticals 5.3%** | **Pharmaceuticals 5.3%** | **Pharmaceuticals 5.3%** |
| 2090000 | Bristol-Myers Squibb Co., (Secured Overnight Financing Rate + 0.49%), 4.55%, due 2/20/2026 | &nbsp;&nbsp; 2091497<br> <sup>(c)</sup><br>|
| 940000 | CVS Health Corp., 5.00%, due 2/20/2026 | &nbsp;&nbsp; 941009 |
| 1395000 | Eli Lilly & Co., (Secured Overnight Financing Rate + 0.53%), 4.71%, due 10/15/2028 | &nbsp;&nbsp; 1403726<br> <sup>(c)</sup><br>|
| 2830000 | GlaxoSmithKline Capital PLC, (Secured Overnight Financing Rate + 0.50%), 4.65%, due 3/12/2027 | &nbsp;&nbsp; 2840114<br> <sup>(c)</sup><br>|
| 1145000 | Merck & Co., Inc., (Secured Overnight Financing Rate + 0.46%), 4.62%, due 9/15/2027 | &nbsp;&nbsp; 1151366<br> <sup>(c)</sup><br>|

---

See Notes to Consolidated Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** | **Pharmaceuticals – cont'd** |
| $2630000 | Novartis Capital Corp., (Secured Overnight Financing Rate + 0.52%), 4.57%, due 11/5/2028 | &nbsp;&nbsp; $2651250<br> <sup>(c)</sup><br>|
| 1400000 | Pfizer, Inc., (Secured Overnight Financing Rate + 0.50%), 4.56%, due 11/15/2027 | &nbsp;&nbsp; 1403465<br> <sup>(c)</sup><br>|
| 3110000 | Sanofi SA, (Secured Overnight Financing Rate + 0.46%), 4.51%, due 11/3/2027 | &nbsp;&nbsp; 3122759<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **15605186** |
| **Pipelines 1.6%** | **Pipelines 1.6%** | **Pipelines 1.6%** |
| 2635000 | Enbridge, Inc., 5.90%, due 11/15/2026 | &nbsp;&nbsp; 2676511 |
| 2180000 | Enterprise Products Operating LLC, 3.70%, due 2/15/2026 | &nbsp;&nbsp; 2177231 |
|  |  | &nbsp;&nbsp; **4853742** |
| **Retail 0.7%** | **Retail 0.7%** | **Retail 0.7%** |
| 2070000 | Walmart, Inc., (Secured Overnight Financing Rate Index + 0.43%), 4.50%, due 4/28/2027 | &nbsp;&nbsp; **2076891**<br> <sup>(c)</sup><br>|
| **Semiconductors 0.9%** | **Semiconductors 0.9%** | **Semiconductors 0.9%** |
| 2710000 | Intel Corp., 4.88%, due 2/10/2026 | &nbsp;&nbsp; **2713196** |
| **Software 1.8%** | **Software 1.8%** | **Software 1.8%** |
| Oracle Corp. |  |  |
| 3485000 | &nbsp;&nbsp;&nbsp; 1.65%, due 3/25/2026 | &nbsp;&nbsp; 3457106 |
| 905000 | &nbsp;&nbsp;&nbsp; 2.65%, due 7/15/2026 | &nbsp;&nbsp; 896664 |
| 1070000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.76%), 4.81%, due 8/3/2028 | &nbsp;&nbsp; 1072731<br> <sup>(c)</sup><br>|
|  |  | &nbsp;&nbsp; **5426501** |
| **Telecommunications 3.3%** | **Telecommunications 3.3%** | **Telecommunications 3.3%** |
| 4770000 | AT&T, Inc., 1.70%, due 3/25/2026 | &nbsp;&nbsp; 4734094 |
| 540000 | NTT Finance Corp., (Secured Overnight Financing Rate + 1.08%), 5.17%, due 7/16/2028 | &nbsp;&nbsp; 545247<br> <sup>(b)(c)</sup><br>|
| T-Mobile USA, Inc. |  |  |
| 2214000 | &nbsp;&nbsp;&nbsp; 2.25%, due 2/15/2026 | &nbsp;&nbsp; 2204224 |
| 150000 | &nbsp;&nbsp;&nbsp; 2.63%, due 4/15/2026 | &nbsp;&nbsp; 149226 |
| 2160000 | Verizon Communications, Inc., 1.45%, due 3/20/2026 | &nbsp;&nbsp; 2158097 |
|  |  | &nbsp;&nbsp; **9790888** |
| **Total Corporate Bonds (Cost $165,925,745)** | **Total Corporate Bonds (Cost $165,925,745)** | &nbsp;&nbsp; **166218681** |
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 14.2%** | **Short-Term Investments 14.2%** | **Short-Term Investments 14.2%** |
| **Investment Companies 14.2%** | **Investment Companies 14.2%** | **Investment Companies 14.2%** |
| 42201052 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 3.94%<sup>(e)</sup> <br> **(Cost $42,201,052)**<br>| &nbsp;&nbsp; **42201052** |
| **Total Investments 89.7% (Cost $265,472,677)** | **Total Investments 89.7% (Cost $265,472,677)** | &nbsp;&nbsp; **265829685** |
| Other Assets Less Liabilities 10.3% | Other Assets Less Liabilities 10.3% | &nbsp;&nbsp; 30427079<br> <sup>(f)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$296256764** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Rate shown was the discount rate at the date of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended,
 or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from
 registration, may only be sold to qualified institutional investors or may have other restrictions on resale.
 At November 30, 2025, these securities amounted to $30,494,373, which represents 10.3% of net assets of
 the Fund.

See Notes to Consolidated Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. The interest rate shown was the current rate as
 of November 30, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Security issued at a fixed coupon rate, which converts to a variable rate at a future
 date. Rate shown is the rate in effect as of period end.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Represents 7-day effective yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Includes the impact of the Fund's open positions in derivatives at November 30, 2025.

See Notes to Consolidated Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

At November 30, 2025, open positions in futures for the Fund were as follows:

**Long Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10941860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1420027 |
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | New York Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6674384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50423 |
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | RBOB Gasoline | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7726803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (118735)<br>|
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2158420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150783 |
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | WTI Crude | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15808500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (817785)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 | Brent Crude | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19954340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (652947)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | Canola | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51730 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | Cattle Feeder | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3887700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (337474)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | Coffee Robusta 10tn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1643400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86903 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10928288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215555 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | Iron Ore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16092)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3435723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82951)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | Low Sulphur Gasoil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12055500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73392 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4336365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (231081)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | Platinum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2274750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382486 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17540530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1290854 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | Rapeseed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50984 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8193164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446361 |
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11199310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864724 |
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | Gold 100 Oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63823500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3140000 |
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 | Lean Hogs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9752400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127558)<br>|
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11763900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (556953)<br>|
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24390740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1540867)<br>|
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 | Sugar 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5604581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (389232)<br>|
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | White Sugar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113713)<br>|
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | Cocoa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3082240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (491350)<br>|
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | Cocoa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1940180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54150)<br>|
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | Coffee'c' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8719950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118887 |
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10908417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344072 |
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97443)<br>|
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70762)<br>|
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Palladium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23300 |
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | Red Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10352)<br>|
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | Silver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19721235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2816357 |
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2561180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35272 |
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44396 |
| 3/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1144920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51966)<br>|
| 5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11166750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273357 |
| 5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 | Corn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15563862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427090 |
| 5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3493760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140708)<br>|

---

See Notes to Consolidated Schedule of Investments

------

Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont'd)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of**<br> **Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional**<br> **Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and**<br> **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | Soybean | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15595875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1299100 |
| 5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3582552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179209 |
| 5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3353)<br>|
| 5/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10694)<br>|
| 11/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1491696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (173389)<br>|
| 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | ECX Emission | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61491 |
| 12/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | Phelix DE Base | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3503313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$375372979** | &nbsp;&nbsp;&nbsp;&nbsp; **$8759838** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Short Futures:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Number of** <br>**Contracts**<br>| **Open Contracts** | &nbsp;&nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Value and** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(10941860)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1265767)<br>|
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2158420)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138021)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10928288)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (870320)<br>|
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3435723)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104935 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4336365)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113439 |
| 1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3436512)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21526 |
| 2/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11199310)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (364321)<br>|
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$(46436478)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$(2398529)**<br>|
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp;&nbsp;&nbsp; **$6361309** |

---

The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $14939817 | $— | $14939817 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 42470135 |  | 42470135 |
| Corporate Bonds<sup>#</sup> <br>|  | 166218681 |  | 166218681 |
| Short-Term Investments |  | 42201052 |  | 42201052 |
| **Total Investments** | **$—** | **$265829685** | **$—** | **$265829685** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Consolidated Schedule of Investments provides information on the industry or sector categorization.

The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund's derivatives as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets | $15089293 | $— | $— | $15089293 |
| &nbsp;&nbsp;&nbsp; Liabilities | (8727984)<br>|  |  | (8727984)<br>|
| **Total** | **$6361309** | **$—** | **$—** | **$6361309** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

@ Futures are reported at the cumulative unrealized appreciation/(depreciation) of the instrument.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Consolidated Schedule of Investments

------

Schedule of Investments Core Equity ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 98.6%** | **Common Stocks 98.6%** | **Common Stocks 98.6%** |
| **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** |
| 14011 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $2648079 |
| 19817 | General Electric Co. | &nbsp;&nbsp; 5914384 |
| 18671 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 3819900 |
| 23652 | RTX Corp. | &nbsp;&nbsp; 4136971 |
|  |  | &nbsp;&nbsp; **16519334** |
| **Automobile Components 0.1%** | **Automobile Components 0.1%** | **Automobile Components 0.1%** |
| 8940 | Aptiv PLC<sup>\*</sup> | &nbsp;&nbsp; 693297 |
| 10920 | Mobileye Global, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 129074 |
|  |  | &nbsp;&nbsp; **822371** |
| **Automobiles 2.2%** | **Automobiles 2.2%** | **Automobiles 2.2%** |
| 27709 | General Motors Co. | &nbsp;&nbsp; 2037166 |
| 30232 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; 13004899 |
|  |  | &nbsp;&nbsp; **15042065** |
| **Banks 3.8%** | **Banks 3.8%** | **Banks 3.8%** |
| 117226 | Bank of America Corp. | &nbsp;&nbsp; 6289175 |
| 30232 | Citigroup, Inc. | &nbsp;&nbsp; 3132035 |
| 41390 | JPMorgan Chase & Co. | &nbsp;&nbsp; 12958381 |
| 43908 | Wells Fargo & Co. | &nbsp;&nbsp; 3769502 |
|  |  | &nbsp;&nbsp; **26149093** |
| **Beverages 1.0%** | **Beverages 1.0%** | **Beverages 1.0%** |
| 51149 | Coca-Cola Co. | &nbsp;&nbsp; 3740015 |
| 20155 | PepsiCo, Inc. | &nbsp;&nbsp; 2997855 |
|  |  | &nbsp;&nbsp; **6737870** |
| **Biotechnology 0.8%** | **Biotechnology 0.8%** | **Biotechnology 0.8%** |
| 3390 | BioMarin Pharmaceutical, Inc.<sup>\*</sup> | &nbsp;&nbsp; 189603 |
| 12305 | Cytokinetics, Inc.<sup>\*</sup> | &nbsp;&nbsp; 838340 |
| 13781 | Ionis Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1140102 |
| 1682 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 1312279 |
| 5047 | Vertex Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2188430 |
|  |  | &nbsp;&nbsp; **5668754** |
| **Broadline Retail 3.7%** | **Broadline Retail 3.7%** | **Broadline Retail 3.7%** |
| 108405 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **25282214** |
| **Building Products 0.4%** | **Building Products 0.4%** | **Building Products 0.4%** |
| 3941 | Builders FirstSource, Inc.<sup>\*</sup> | &nbsp;&nbsp; 442299 |
| 5888 | Trane Technologies PLC | &nbsp;&nbsp; 2481674 |
|  |  | &nbsp;&nbsp; **2923973** |
| **Capital Markets 3.9%** | **Capital Markets 3.9%** | **Capital Markets 3.9%** |
| 16775 | Bank of New York Mellon Corp. | &nbsp;&nbsp; 1880477 |
| 1749 | Blackrock, Inc. | &nbsp;&nbsp; 1831728 |
| 19221 | &nbsp;&nbsp; Brookfield Asset Management <br> Ltd. Class A<br>| &nbsp;&nbsp; 1013716 |
| 29477 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 4636732 |
| 11846 | KKR & Co., Inc. | &nbsp;&nbsp; 1448884 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Capital Markets – cont'd** | **Capital Markets – cont'd** | **Capital Markets – cont'd** |
| 2788 | Moody's Corp. | &nbsp;&nbsp; $1368295 |
| 30381 | Morgan Stanley | &nbsp;&nbsp; 5154440 |
| 3100 | MSCI, Inc. | &nbsp;&nbsp; 1747532 |
| 20544 | Nasdaq, Inc. | &nbsp;&nbsp; 1867860 |
| 8099 | S&P Global, Inc. | &nbsp;&nbsp; 4040024 |
| 12305 | StepStone Group, Inc. Class A | &nbsp;&nbsp; 777184 |
| 10209 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 1111352 |
|  |  | &nbsp;&nbsp; **26878224** |
| **Chemicals 0.7%** | **Chemicals 0.7%** | **Chemicals 0.7%** |
| 3629 | Ecolab, Inc. | &nbsp;&nbsp; 998556 |
| 15404 | Element Solutions, Inc. | &nbsp;&nbsp; 399272 |
| 8411 | Linde PLC | &nbsp;&nbsp; 3451201 |
|  |  | &nbsp;&nbsp; **4849029** |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| 6152 | Republic Services, Inc. | &nbsp;&nbsp; 1335353 |
| 7835 | Waste Connections, Inc. | &nbsp;&nbsp; 1383269 |
|  |  | &nbsp;&nbsp; **2718622** |
| **Communications Equipment 0.1%** | **Communications Equipment 0.1%** | **Communications Equipment 0.1%** |
| 2335 | Motorola Solutions, Inc. | &nbsp;&nbsp; **863203** |
| **Construction Materials 0.3%** | **Construction Materials 0.3%** | **Construction Materials 0.3%** |
| 3100 | Martin Marietta Materials, Inc. | &nbsp;&nbsp; **1932044** |
| **Consumer Staples Distribution & Retail 1.2%** | **Consumer Staples Distribution & Retail 1.2%** | **Consumer Staples Distribution & Retail 1.2%** |
| 7258 | Costco Wholesale Corp. | &nbsp;&nbsp; 6630836 |
| 13987 | Dollar Tree, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1549900 |
|  |  | &nbsp;&nbsp; **8180736** |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |
| 7860 | Avery Dennison Corp. | &nbsp;&nbsp; 1354828 |
| 17374 | Ball Corp. | &nbsp;&nbsp; 860534 |
|  |  | &nbsp;&nbsp; **2215362** |
| **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** |
| 100465 | AT&T, Inc. | &nbsp;&nbsp; **2614099** |
| **Electric Utilities 1.5%** | **Electric Utilities 1.5%** | **Electric Utilities 1.5%** |
| 16423 | Alliant Energy Corp. | &nbsp;&nbsp; 1140905 |
| 7835 | American Electric Power Co., Inc. | &nbsp;&nbsp; 969738 |
| 4735 | Constellation Energy Corp. | &nbsp;&nbsp; 1725245 |
| 11199 | Duke Energy Corp. | &nbsp;&nbsp; 1388004 |
| 7835 | Entergy Corp. | &nbsp;&nbsp; 764069 |
| 15934 | FirstEnergy Corp. | &nbsp;&nbsp; 760370 |
| 32192 | NextEra Energy, Inc. | &nbsp;&nbsp; 2777848 |
| 45901 | PG&E Corp. | &nbsp;&nbsp; 739924 |
|  |  | &nbsp;&nbsp; **10266103** |
| **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** |
| 10780 | Eaton Corp. PLC | &nbsp;&nbsp; 3728694 |

---

See Notes to Schedule of Investments

------

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Electrical Equipment – cont'd** | **Electrical Equipment – cont'd** | **Electrical Equipment – cont'd** |
| 30497 | nVent Electric PLC | &nbsp;&nbsp; $3271413 |
|  |  | &nbsp;&nbsp; **7000107** |
| **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** | **Electronic Equipment, Instruments & Components 0.8%** |
| 33425 | Amphenol Corp. Class A | &nbsp;&nbsp; 4709583 |
| 3629 | CDW Corp. | &nbsp;&nbsp; 523374 |
|  |  | &nbsp;&nbsp; **5232957** |
| **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** | **Energy Equipment & Services 0.2%** |
| 26603 | Baker Hughes Co. | &nbsp;&nbsp; **1335471** |
| **Entertainment 2.1%** | **Entertainment 2.1%** | **Entertainment 2.1%** |
| 7100 | Electronic Arts, Inc. | &nbsp;&nbsp; 1434413 |
| 6993 | TKO Group Holdings, Inc. | &nbsp;&nbsp; 1355873 |
| 41004 | Walt Disney Co. | &nbsp;&nbsp; 4283688 |
| 315402 | Warner Bros Discovery, Inc.<sup>\*</sup> | &nbsp;&nbsp; 7569648 |
|  |  | &nbsp;&nbsp; **14643622** |
| **Financial Services 2.7%** | **Financial Services 2.7%** | **Financial Services 2.7%** |
| 15136 | MasterCard, Inc. Class A | &nbsp;&nbsp; 8332822 |
| 31580 | Visa, Inc. Class A | &nbsp;&nbsp; 10561615 |
|  |  | &nbsp;&nbsp; **18894437** |
| **Food Products 0.4%** | **Food Products 0.4%** | **Food Products 0.4%** |
| 40254 | &nbsp;&nbsp; Mondelez International, Inc. <br> Class A<br>| &nbsp;&nbsp; 2317423 |
| 23340 | Utz Brands, Inc. | &nbsp;&nbsp; 226164 |
|  |  | &nbsp;&nbsp; **2543587** |
| **Gas Utilities 0.1%** | **Gas Utilities 0.1%** | **Gas Utilities 0.1%** |
| 15934 | UGI Corp. | &nbsp;&nbsp; **630190** |
| **Ground Transportation 1.1%** | **Ground Transportation 1.1%** | **Ground Transportation 1.1%** |
| 8099 | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 587745 |
| 26465 | CSX Corp. | &nbsp;&nbsp; 935802 |
| 8411 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 1137924 |
| 31073 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2720131 |
| 8676 | Union Pacific Corp. | &nbsp;&nbsp; 2011357 |
|  |  | &nbsp;&nbsp; **7392959** |
| **Health Care Equipment & Supplies 2.5%** | **Health Care Equipment & Supplies 2.5%** | **Health Care Equipment & Supplies 2.5%** |
| 37226 | Abbott Laboratories | &nbsp;&nbsp; 4798431 |
| 3364 | Align Technology, Inc.<sup>\*</sup> | &nbsp;&nbsp; 495147 |
| 32756 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; 3327355 |
| 19298 | Cooper Cos., Inc.<sup>\*</sup> | &nbsp;&nbsp; 1503893 |
| 13987 | Dexcom, Inc.<sup>\*</sup> | &nbsp;&nbsp; 887755 |
| 41696 | Medtronic PLC | &nbsp;&nbsp; 4391840 |
| 19298 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 1881941 |
|  |  | &nbsp;&nbsp; **17286362** |
| **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** | **Health Care Providers & Services 1.3%** |
| 4205 | Cigna Group | &nbsp;&nbsp; 1165962 |
| 16510 | CVS Health Corp. | &nbsp;&nbsp; 1326743 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Health Care Providers & Services – cont'd** | **Health Care Providers & Services – cont'd** | **Health Care Providers & Services – cont'd** |
| 4472 | Encompass Health Corp. | &nbsp;&nbsp; $519736 |
| 1947 | McKesson Corp. | &nbsp;&nbsp; 1715541 |
| 3265 | Quest Diagnostics, Inc. | &nbsp;&nbsp; 617673 |
| 4205 | RadNet, Inc.<sup>\*</sup> | &nbsp;&nbsp; 348132 |
| 2801 | Tenet Healthcare Corp.<sup>\*</sup> | &nbsp;&nbsp; 607369 |
| 7258 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 2393471 |
|  |  | &nbsp;&nbsp; **8694627** |
| **Health Care REITs 0.5%** | **Health Care REITs 0.5%** | **Health Care REITs 0.5%** |
| 20137 | Ventas, Inc. | &nbsp;&nbsp; 1623646 |
| 8644 | Welltower, Inc. | &nbsp;&nbsp; 1799854 |
|  |  | &nbsp;&nbsp; **3423500** |
| **Health Care Technology 0.1%** | **Health Care Technology 0.1%** | **Health Care Technology 0.1%** |
| 7835 | Doximity, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 403032 |
| 9781 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; 361017 |
|  |  | &nbsp;&nbsp; **764049** |
| **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** | **Hotels, Restaurants & Leisure 2.0%** |
| 585 | Booking Holdings, Inc. | &nbsp;&nbsp; 2875094 |
| 69934 | Carnival Corp.<sup>\*</sup> | &nbsp;&nbsp; 1802898 |
| 6429 | Darden Restaurants, Inc. | &nbsp;&nbsp; 1154520 |
| 48630 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1612571 |
| 9748 | Las Vegas Sands Corp. | &nbsp;&nbsp; 664424 |
| 4939 | Marriott International, Inc. Class A | &nbsp;&nbsp; 1505358 |
| 8702 | McDonald's Corp. | &nbsp;&nbsp; 2713457 |
| 11037 | Wynn Resorts Ltd. | &nbsp;&nbsp; 1420241 |
|  |  | &nbsp;&nbsp; **13748563** |
| **Household Durables 0.2%** | **Household Durables 0.2%** | **Household Durables 0.2%** |
| 4735 | Lennar Corp. Class A | &nbsp;&nbsp; 621706 |
| 5888 | Toll Brothers, Inc. | &nbsp;&nbsp; 823319 |
|  |  | &nbsp;&nbsp; **1445025** |
| **Household Products 1.0%** | **Household Products 1.0%** | **Household Products 1.0%** |
| 26871 | Colgate-Palmolive Co. | &nbsp;&nbsp; 2160160 |
| 34020 | Procter & Gamble Co. | &nbsp;&nbsp; 5040403 |
|  |  | &nbsp;&nbsp; **7200563** |
| **Independent Power and Renewable Electricity** <br> **Producers 0.1%** | **Independent Power and Renewable Electricity** <br> **Producers 0.1%** | **Independent Power and Renewable Electricity** <br> **Producers 0.1%** |
| 5447 | Vistra Corp. | &nbsp;&nbsp; **974250** |
| **Industrial Conglomerates 0.6%** | **Industrial Conglomerates 0.6%** | **Industrial Conglomerates 0.6%** |
| 23710 | 3M Co. | &nbsp;&nbsp; **4079305** |
| **Industrial REITs 0.3%** | **Industrial REITs 0.3%** | **Industrial REITs 0.3%** |
| 16510 | Prologis, Inc. | &nbsp;&nbsp; **2122030** |
| **Insurance 3.5%** | **Insurance 3.5%** | **Insurance 3.5%** |
| 45471 | &nbsp;&nbsp; American International Group, <br> Inc.<br>| &nbsp;&nbsp; 3463071 |
| 27192 | Aon PLC Class A | &nbsp;&nbsp; 9623793 |
| 11199 | MetLife, Inc. | &nbsp;&nbsp; 857395 |

---

See Notes to Schedule of Investments

------

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
| 93921 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp; $5453993 |
| 61835 | Unum Group | &nbsp;&nbsp; 4697605 |
|  |  | &nbsp;&nbsp; **24095857** |
| **Interactive Media & Services 9.0%** | **Interactive Media & Services 9.0%** | **Interactive Media & Services 9.0%** |
| 54001 | Alphabet, Inc. Class C | &nbsp;&nbsp; 17286800 |
| 88282 | Alphabet, Inc. Class A | &nbsp;&nbsp; 28266131 |
| 25434 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 16479960 |
|  |  | &nbsp;&nbsp; **62032891** |
| **IT Services 0.0%**<sup>‡</sup> | **IT Services 0.0%**<sup>‡</sup> | **IT Services 0.0%**<sup>‡</sup> |
| 2788 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; **266839** |
| **Life Sciences Tools & Services 1.2%** | **Life Sciences Tools & Services 1.2%** | **Life Sciences Tools & Services 1.2%** |
| 6701 | Agilent Technologies, Inc. | &nbsp;&nbsp; 1028604 |
| 9521 | Avantor, Inc.<sup>\*</sup> | &nbsp;&nbsp; 111681 |
| 10839 | Danaher Corp. | &nbsp;&nbsp; 2458068 |
| 3941 | IQVIA Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 906469 |
| 6120 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 3615880 |
|  |  | &nbsp;&nbsp; **8120702** |
| **Machinery 1.6%** | **Machinery 1.6%** | **Machinery 1.6%** |
| 6993 | Caterpillar, Inc. | &nbsp;&nbsp; 4026290 |
| 4470 | Deere & Co. | &nbsp;&nbsp; 2076270 |
| 12305 | Ingersoll Rand, Inc. | &nbsp;&nbsp; 988584 |
| 4735 | Parker-Hannifin Corp. | &nbsp;&nbsp; 4080149 |
|  |  | &nbsp;&nbsp; **11171293** |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| 6152 | Sherwin-Williams Co. | &nbsp;&nbsp; **2114381** |
| **Metals & Mining 0.7%** | **Metals & Mining 0.7%** | **Metals & Mining 0.7%** |
| 8940 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 1559404 |
| 6729 | Nucor Corp. | &nbsp;&nbsp; 1073209 |
| 7631 | Southern Copper Corp. | &nbsp;&nbsp; 1028596 |
| 6993 | Steel Dynamics, Inc. | &nbsp;&nbsp; 1173635 |
|  |  | &nbsp;&nbsp; **4834844** |
| **Mortgage Real Estate Investment Trusts 0.1%** | **Mortgage Real Estate Investment Trusts 0.1%** | **Mortgage Real Estate Investment Trusts 0.1%** |
| 27003 | &nbsp;&nbsp; Blackstone Mortgage Trust, Inc. <br> Class A<br>| &nbsp;&nbsp; 525748 |
| 29862 | Starwood Property Trust, Inc. | &nbsp;&nbsp; 547669 |
|  |  | &nbsp;&nbsp; **1073417** |
| **Multi-Utilities 0.4%** | **Multi-Utilities 0.4%** | **Multi-Utilities 0.4%** |
| 17523 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 700570 |
| 12305 | Sempra | &nbsp;&nbsp; 1165530 |
| 10093 | WEC Energy Group, Inc. | &nbsp;&nbsp; 1131122 |
|  |  | &nbsp;&nbsp; **2997222** |
| **Oil, Gas & Consumable Fuels 2.6%** | **Oil, Gas & Consumable Fuels 2.6%** | **Oil, Gas & Consumable Fuels 2.6%** |
| 2788 | Cheniere Energy, Inc. | &nbsp;&nbsp; 581186 |
| 20716 | Chevron Corp. | &nbsp;&nbsp; 3130809 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Oil, Gas & Consumable Fuels – cont'd** | **Oil, Gas & Consumable Fuels – cont'd** | **Oil, Gas & Consumable Fuels – cont'd** |
| 18457 | ConocoPhillips | &nbsp;&nbsp; $1636951 |
| 5047 | Diamondback Energy, Inc. | &nbsp;&nbsp; 770122 |
| 3871 | DT Midstream, Inc. | &nbsp;&nbsp; 470172 |
| 11403 | EOG Resources, Inc. | &nbsp;&nbsp; 1229813 |
| 16510 | EQT Corp. | &nbsp;&nbsp; 1004799 |
| 51213 | Exxon Mobil Corp. | &nbsp;&nbsp; 5936611 |
| 4741 | Hess Midstream LP Class A | &nbsp;&nbsp; 159677 |
| 8411 | Phillips 66 | &nbsp;&nbsp; 1151971 |
| 5020 | Shell PLC ADR | &nbsp;&nbsp; 370325 |
| 3941 | Targa Resources Corp. | &nbsp;&nbsp; 690897 |
| 19563 | Williams Cos., Inc. | &nbsp;&nbsp; 1191974 |
|  |  | &nbsp;&nbsp; **18325307** |
| **Passenger Airlines 0.2%** | **Passenger Airlines 0.2%** | **Passenger Airlines 0.2%** |
| 18769 | Delta Air Lines, Inc. | &nbsp;&nbsp; **1203093** |
| **Pharmaceuticals 3.7%** | **Pharmaceuticals 3.7%** | **Pharmaceuticals 3.7%** |
| 15038 | AstraZeneca PLC ADR | &nbsp;&nbsp; 1394323 |
| 24609 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1210763 |
| 10358 | Eli Lilly & Co. | &nbsp;&nbsp; 11139718 |
| 32756 | Johnson & Johnson | &nbsp;&nbsp; 6777872 |
| 46166 | Merck & Co., Inc. | &nbsp;&nbsp; 4839582 |
| 4322 | Roche Holding AG ADR | &nbsp;&nbsp; 206721 |
|  |  | &nbsp;&nbsp; **25568979** |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| 3100 | CACI International, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1913010 |
| 9252 | Jacobs Solutions, Inc. | &nbsp;&nbsp; 1247262 |
| 19298 | TransUnion | &nbsp;&nbsp; 1641295 |
| 5083 | Verisk Analytics, Inc. | &nbsp;&nbsp; 1144031 |
|  |  | &nbsp;&nbsp; **5945598** |
| **Residential REITs 0.3%** | **Residential REITs 0.3%** | **Residential REITs 0.3%** |
| 33020 | Invitation Homes, Inc. | &nbsp;&nbsp; 931164 |
| 6487 | Sun Communities, Inc. | &nbsp;&nbsp; 835785 |
|  |  | &nbsp;&nbsp; **1766949** |
| **Retail REITs 0.2%** | **Retail REITs 0.2%** | **Retail REITs 0.2%** |
| 17928 | Realty Income Corp. | &nbsp;&nbsp; 1032832 |
| 9517 | Regency Centers Corp. | &nbsp;&nbsp; 677230 |
|  |  | &nbsp;&nbsp; **1710062** |
| **Semiconductors & Semiconductor Equipment 12.5%** | **Semiconductors & Semiconductor Equipment 12.5%** | **Semiconductors & Semiconductor Equipment 12.5%** |
| 14554 | Analog Devices, Inc. | &nbsp;&nbsp; 3861758 |
| 1106 | ASML Holding NV | &nbsp;&nbsp; 1172360 |
| 56438 | Broadcom, Inc. | &nbsp;&nbsp; 22742257 |
| 30497 | Lam Research Corp. | &nbsp;&nbsp; 4757532 |
| 277153 | NVIDIA Corp. | &nbsp;&nbsp; 49056081 |
| 14487 | QUALCOMM, Inc. | &nbsp;&nbsp; 2435120 |
| 15712 | Texas Instruments, Inc. | &nbsp;&nbsp; 2643858 |
|  |  | &nbsp;&nbsp; **86668966** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Software 10.4%** | **Software 10.4%** | **Software 10.4%** |
| 8676 | Autodesk, Inc.<sup>\*</sup> | &nbsp;&nbsp; $2631778 |
| 11728 | &nbsp;&nbsp; Check Point Software <br> Technologies Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; 2190439 |
| 7082 | &nbsp;&nbsp; Crowdstrike Holdings, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 3605871 |
| 1417 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 2558861 |
| 3364 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1235664 |
| 5283 | Intuit, Inc. | &nbsp;&nbsp; 3349845 |
| 83691 | Microsoft Corp. | &nbsp;&nbsp; 41176809 |
| 26603 | Oracle Corp. | &nbsp;&nbsp; 5372476 |
| 15404 | Salesforce, Inc. | &nbsp;&nbsp; 3551238 |
| 5047 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4100233 |
| 4205 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1757732 |
|  |  | &nbsp;&nbsp; **71530946** |
| **Specialized REITs 0.1%** | **Specialized REITs 0.1%** | **Specialized REITs 0.1%** |
| 19298 | Weyerhaeuser Co. | &nbsp;&nbsp; **428609** |
| **Specialty Retail 2.5%** | **Specialty Retail 2.5%** | **Specialty Retail 2.5%** |
| 19563 | Home Depot, Inc. | &nbsp;&nbsp; 6982426 |
| 30497 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3101545 |
| 25636 | TJX Cos., Inc. | &nbsp;&nbsp; 3894621 |
| 3100 | Ulta Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1670373 |
| 26292 | Valvoline, Inc.<sup>\*</sup> | &nbsp;&nbsp; 823202 |
| 33597 | Warby Parker, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 665557 |
|  |  | &nbsp;&nbsp; **17137724** |
| **Technology Hardware, Storage & Peripherals 6.6%** | **Technology Hardware, Storage & Peripherals 6.6%** | **Technology Hardware, Storage & Peripherals 6.6%** |
| 164669 | Apple, Inc. | &nbsp;&nbsp; **45917951** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** |
| 38187 | NIKE, Inc. Class B | &nbsp;&nbsp; **$2468026** |
| **Tobacco 0.5%** | **Tobacco 0.5%** | **Tobacco 0.5%** |
| 20502 | Philip Morris International, Inc. | &nbsp;&nbsp; **3228655** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |
| 1947 | United Rentals, Inc. | &nbsp;&nbsp; **1587155** |
| **Wireless Telecommunication Services 0.5%** | **Wireless Telecommunication Services 0.5%** | **Wireless Telecommunication Services 0.5%** |
| 17951 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **3751938** |
| **Total Common Stocks (Cost $584,666,234)** | **Total Common Stocks (Cost $584,666,234)** | &nbsp;&nbsp; **681022104** |
| **Exchange-Traded Funds 1.3%** | **Exchange-Traded Funds 1.3%** | **Exchange-Traded Funds 1.3%** |
| 22959 | &nbsp;&nbsp; iShares Russell 1000 ETF <br>**(Cost $8,148,412)**<br>| &nbsp;&nbsp; **8596768** |
| **Short-Term Investments 0.1%** | **Short-Term Investments 0.1%** | **Short-Term Investments 0.1%** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| 665835 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.94%<sup>(a)</sup> <br>**(Cost $665,835)**<br>| &nbsp;&nbsp; **665835** |
| **Total Investments 100.0%** <br> **(Cost $593,480,481)** | **Total Investments 100.0%** <br> **(Cost $593,480,481)** | &nbsp;&nbsp; **690284707** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 314152 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$690598859** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of November 30, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments Core Equity ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $681022104 | $— | $— | $681022104 |
| Exchange-Traded Funds | 8596768 |  |  | 8596768 |
| Short-Term Investments |  | 665835 |  | 665835 |
| **Total Investments** | **$689618872** | **$665835** | **$—** | **$690284707** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Disrupters ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 97.5%** | **Common Stocks 97.5%** | **Common Stocks 97.5%** |
| **Aerospace & Defense 3.1%** | **Aerospace & Defense 3.1%** | **Aerospace & Defense 3.1%** |
| 2810 | HEICO Corp. | &nbsp;&nbsp; **$890517** |
| **Automobiles 2.1%** | **Automobiles 2.1%** | **Automobiles 2.1%** |
| 1384 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; **595355** |
| **Broadline Retail 3.6%** | **Broadline Retail 3.6%** | **Broadline Retail 3.6%** |
| 4493 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1047857** |
| **Capital Markets 7.5%** | **Capital Markets 7.5%** | **Capital Markets 7.5%** |
| 11205 | Robinhood Markets, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1439730 |
| 6625 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 721198 |
|  |  | &nbsp;&nbsp; **2160928** |
| **Consumer Finance 1.6%** | **Consumer Finance 1.6%** | **Consumer Finance 1.6%** |
| 12990 | &nbsp;&nbsp; Figure Technology Solutions, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; **470758** |
| **Electric Utilities 4.3%** | **Electric Utilities 4.3%** | **Electric Utilities 4.3%** |
| 3433 | Constellation Energy Corp. | &nbsp;&nbsp; **1250848** |
| **Entertainment 4.7%** | **Entertainment 4.7%** | **Entertainment 4.7%** |
| 2271 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; **1360034** |
| **Ground Transportation 2.5%** | **Ground Transportation 2.5%** | **Ground Transportation 2.5%** |
| 8357 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **731572** |
| **Health Care Equipment & Supplies 5.1%** | **Health Care Equipment & Supplies 5.1%** | **Health Care Equipment & Supplies 5.1%** |
| 2541 | Intuitive Surgical, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1457213** |
| **Interactive Media & Services 3.1%** | **Interactive Media & Services 3.1%** | **Interactive Media & Services 3.1%** |
| 4079 | Reddit, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **882981** |
| **IT Services 8.7%** | **IT Services 8.7%** | **IT Services 8.7%** |
| 7145 | Shopify, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 1133483 |
| 5398 | Snowflake, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1356193 |
|  |  | &nbsp;&nbsp; **2489676** |
| **Semiconductors & Semiconductor Equipment 29.8%** | **Semiconductors & Semiconductor Equipment 29.8%** | **Semiconductors & Semiconductor Equipment 29.8%** |
| 5705 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1241009 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** | **Semiconductors & Semiconductor Equipment – cont'd** |
| 7038 | ARM Holdings PLC ADR<sup>\*</sup> | &nbsp;&nbsp; $954071 |
| 782 | ASML Holding NV | &nbsp;&nbsp; 828920 |
| 2493 | Broadcom, Inc. | &nbsp;&nbsp; 1004579 |
| 928 | Monolithic Power Systems, Inc. | &nbsp;&nbsp; 861342 |
| 4225 | Nova Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1321749 |
| 13352 | NVIDIA Corp. | &nbsp;&nbsp; 2363304 |
|  |  | &nbsp;&nbsp; **8574974** |
| **Software 19.1%** | **Software 19.1%** | **Software 19.1%** |
| 728 | AppLovin Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 436422 |
| 1410 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 517921 |
| 841 | Intuit, Inc. | &nbsp;&nbsp; 533261 |
| 1725 | Microsoft Corp. | &nbsp;&nbsp; 848717 |
| 1576 | Palantir Technologies, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 265477 |
| 3831 | Palo Alto Networks, Inc.<sup>\*</sup> | &nbsp;&nbsp; 728388 |
| 10674 | Procore Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 790517 |
| 761 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 618244 |
| 8636 | ServiceTitan, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 771713 |
|  |  | &nbsp;&nbsp; **5510660** |
| **Specialty Retail 2.3%** | **Specialty Retail 2.3%** | **Specialty Retail 2.3%** |
| 1764 | Carvana Co.<sup>\*</sup> | &nbsp;&nbsp; **660618** |
| **Total Common Stocks (Cost $21,098,008)** | **Total Common Stocks (Cost $21,098,008)** | &nbsp;&nbsp; **28083991** |
| **Short-Term Investments 2.5%** | **Short-Term Investments 2.5%** | **Short-Term Investments 2.5%** |
| **Investment Companies 2.5%** | **Investment Companies 2.5%** | **Investment Companies 2.5%** |
| 731300 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.94%<sup>(a)</sup> <br>**(Cost $731,300)**<br>| &nbsp;&nbsp; **731300** |
| **Total Investments 100.0%** <br> **(Cost $21,829,308)** | **Total Investments 100.0%** <br> **(Cost $21,829,308)** | &nbsp;&nbsp; **28815291** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (7397)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$28807894** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of November 30, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments Disrupters ETF^ (Unaudited) (cont'd)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| United States | $24799839 | 86.1% |
| Israel | 1321749 | 4.6% |
| Canada | 1133483 | 3.9% |
| Netherlands | 828920 | 2.9% |
| Short-Term Investments and Other Liabilities—Net | 723903 | 2.5% |
|  | **$28807894** | **100.0%** |

---

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $28083991 | $— | $— | $28083991 |
| Short-Term Investments |  | 731300 |  | 731300 |
| **Total Investments** | **$28083991** | **$731300** | **$—** | **$28815291** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Growth ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 99.0%** | **Common Stocks 99.0%** | **Common Stocks 99.0%** |
| **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** |
| 129 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $24381 |
| 927 | General Electric Co. | &nbsp;&nbsp; 276663 |
|  |  | &nbsp;&nbsp; **301044** |
| **Biotechnology 1.3%** | **Biotechnology 1.3%** | **Biotechnology 1.3%** |
| 712 | AbbVie, Inc. | &nbsp;&nbsp; **162122** |
| **Broadline Retail 6.6%** | **Broadline Retail 6.6%** | **Broadline Retail 6.6%** |
| 3637 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **848221** |
| **Capital Markets 3.6%** | **Capital Markets 3.6%** | **Capital Markets 3.6%** |
| 2688 | &nbsp;&nbsp; Brookfield Asset Management Ltd. <br> Class A<sup>(a)</sup><br>| &nbsp;&nbsp; 141765 |
| 117 | CME Group, Inc. | &nbsp;&nbsp; 32931 |
| 1212 | KKR & Co., Inc. | &nbsp;&nbsp; 148240 |
| 276 | S&P Global, Inc. | &nbsp;&nbsp; 137677 |
|  |  | &nbsp;&nbsp; **460613** |
| **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** | **Commercial Services & Supplies 0.4%** |
| 236 | Waste Management, Inc. | &nbsp;&nbsp; **51417** |
| **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** |
| 182 | Costco Wholesale Corp. | &nbsp;&nbsp; 166273 |
| 1310 | Walmart, Inc. | &nbsp;&nbsp; 144768 |
|  |  | &nbsp;&nbsp; **311041** |
| **Electric Utilities 0.5%** | **Electric Utilities 0.5%** | **Electric Utilities 0.5%** |
| 808 | NextEra Energy, Inc. | &nbsp;&nbsp; **69722** |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| 1847 | nVent Electric PLC | &nbsp;&nbsp; **198128** |
| **Electronic Equipment, Instruments & Components 1.5%** | **Electronic Equipment, Instruments & Components 1.5%** | **Electronic Equipment, Instruments & Components 1.5%** |
| 1359 | Amphenol Corp. Class A | &nbsp;&nbsp; **191483** |
| **Entertainment 3.9%** | **Entertainment 3.9%** | **Entertainment 3.9%** |
| 2890 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 310906 |
| 209 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; 125164 |
| 623 | Walt Disney Co. | &nbsp;&nbsp; 65085 |
|  |  | &nbsp;&nbsp; **501155** |
| **Financial Services 4.8%** | **Financial Services 4.8%** | **Financial Services 4.8%** |
| 618 | MasterCard, Inc. Class A | &nbsp;&nbsp; 340228 |
| 825 | Visa, Inc. Class A | &nbsp;&nbsp; 275913 |
|  |  | &nbsp;&nbsp; **616141** |
| **Ground Transportation 0.5%** | **Ground Transportation 0.5%** | **Ground Transportation 0.5%** |
| 294 | Union Pacific Corp. | &nbsp;&nbsp; **68158** |
| **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** | **Health Care Equipment & Supplies 1.4%** |
| 1726 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; **175327** |
| **Health Care Technology 0.8%** | **Health Care Technology 0.8%** | **Health Care Technology 0.8%** |
| 2750 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **101503** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** | **Hotels, Restaurants & Leisure 0.7%** |
| 289 | McDonald's Corp. | &nbsp;&nbsp; **$90116** |
| **Interactive Media & Services 12.1%** | **Interactive Media & Services 12.1%** | **Interactive Media & Services 12.1%** |
| 3298 | Alphabet, Inc. Class A | &nbsp;&nbsp; 1055954 |
| 760 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 492442 |
|  |  | &nbsp;&nbsp; **1548396** |
| **IT Services 0.3%** | **IT Services 0.3%** | **IT Services 0.3%** |
| 179 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **35838** |
| **Leisure Products 0.1%** | **Leisure Products 0.1%** | **Leisure Products 0.1%** |
| 2116 | Peloton Interactive, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **14368** |
| **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** | **Life Sciences Tools & Services 0.7%** |
| 157 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; **92760** |
| **Machinery 1.5%** | **Machinery 1.5%** | **Machinery 1.5%** |
| 330 | Caterpillar, Inc. | &nbsp;&nbsp; **190001** |
| **Media 0.3%** | **Media 0.3%** | **Media 0.3%** |
| 888 | Trade Desk, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **35129** |
| **Multi-Utilities 1.5%** | **Multi-Utilities 1.5%** | **Multi-Utilities 1.5%** |
| 4924 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **196862** |
| **Oil, Gas & Consumable Fuels 0.6%** | **Oil, Gas & Consumable Fuels 0.6%** | **Oil, Gas & Consumable Fuels 0.6%** |
| 1166 | Williams Cos., Inc. | &nbsp;&nbsp; **71044** |
| **Pharmaceuticals 2.8%** | **Pharmaceuticals 2.8%** | **Pharmaceuticals 2.8%** |
| 332 | Eli Lilly & Co. | &nbsp;&nbsp; **357056** |
| **Professional Services 0.5%** | **Professional Services 0.5%** | **Professional Services 0.5%** |
| 300 | Equifax, Inc. | &nbsp;&nbsp; **63711** |
| **Semiconductors & Semiconductor Equipment 16.5%** | **Semiconductors & Semiconductor Equipment 16.5%** | **Semiconductors & Semiconductor Equipment 16.5%** |
| 414 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; 90057 |
| 107 | ASML Holding NV | &nbsp;&nbsp; 113420 |
| 1602 | Broadcom, Inc. | &nbsp;&nbsp; 645542 |
| 7127 | NVIDIA Corp. | &nbsp;&nbsp; 1261479 |
|  |  | &nbsp;&nbsp; **2110498** |
| **Software 17.6%** | **Software 17.6%** | **Software 17.6%** |
| 362 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 184316 |
| 190 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 69791 |
| 2893 | Microsoft Corp. | &nbsp;&nbsp; 1423385 |
| 154 | Salesforce, Inc. | &nbsp;&nbsp; 35503 |
| 236 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 191729 |
| 527 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 220291 |
| 602 | Workday, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 129803 |
|  |  | &nbsp;&nbsp; **2254818** |
| **Specialty Retail 4.3%** | **Specialty Retail 4.3%** | **Specialty Retail 4.3%** |
| 2278 | Chewy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 79206 |
| 703 | Home Depot, Inc. | &nbsp;&nbsp; 250915 |
| 1464 | TJX Cos., Inc. | &nbsp;&nbsp; 222411 |
|  |  | &nbsp;&nbsp; **552532** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Growth ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** | **Technology Hardware, Storage & Peripherals 6.9%** |
| 3165 | Apple, Inc. | &nbsp;&nbsp; **$882560** |
| **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** |
| 726 | NIKE, Inc. Class B | &nbsp;&nbsp; **46921** |
| **Tobacco 0.5%** | **Tobacco 0.5%** | **Tobacco 0.5%** |
| 387 | Philip Morris International, Inc. | &nbsp;&nbsp; **60945** |
| **Total Common Stocks (Cost $10,845,640)** | **Total Common Stocks (Cost $10,845,640)** | &nbsp;&nbsp; **12659630** |
| **Short-Term Investments 2.6%** | **Short-Term Investments 2.6%** | **Short-Term Investments 2.6%** |
| **Investment Companies 2.6%** | **Investment Companies 2.6%** | **Investment Companies 2.6%** |
| 202191 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.94%<sup>(b)</sup><br>| &nbsp;&nbsp; 202191 |

---

---

| | |
|:---|:---|
| **Number of Shares** | **Value** |
| **Investment Companies – cont'd** | **Investment Companies – cont'd** |
| 134829<br> &nbsp;&nbsp; State Street Navigator Securities <br> Lending Government Money <br> Market Portfolio, 4.02%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; $134829 |
| **Total Short-Term Investments** <br> **(Cost $337,020)** | &nbsp;&nbsp; **337020** |
| **Total Investments 101.6%** <br> **(Cost $11,182,660)** | &nbsp;&nbsp; **12996650** |
| Liabilities Less Other Assets (1.6)% | &nbsp;&nbsp; (205907)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$12790743** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

(a) All or a portion of this security is on loan at November 30, 2025. Total value of all such securities at November 30, 2025 amounted to $133,538 for the Fund. 

(b) Represents 7-day effective yield as of November 30, 2025.

(c) Represents investment of cash collateral received from securities lending.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $12659630 | $— | $— | $12659630 |
| Short-Term Investments |  | 337020 |  | 337020 |
| **Total Investments** | **$12659630** | **$337020** | **$—** | **$12996650** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Japan Equity ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 97.2%** | **Common Stocks 97.2%** | **Common Stocks 97.2%** |
| **Automobile Components 6.1%** | **Automobile Components 6.1%** | **Automobile Components 6.1%** |
| 43400 | Niterra Co. Ltd. | &nbsp;&nbsp; $1875645 |
| 37000 | Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 1455213 |
|  |  | &nbsp;&nbsp; **3330858** |
| **Automobiles 3.4%** | **Automobiles 3.4%** | **Automobiles 3.4%** |
| 91800 | Toyota Motor Corp. | &nbsp;&nbsp; **1841997** |
| **Banks 6.0%** | **Banks 6.0%** | **Banks 6.0%** |
| 91100 | &nbsp;&nbsp; Mitsubishi UFJ Financial Group, <br> Inc.<br>| &nbsp;&nbsp; 1413993 |
| 128000 | Resona Holdings, Inc. | &nbsp;&nbsp; 1303036 |
| 12500 | Shiga Bank Ltd. | &nbsp;&nbsp; 544383 |
|  |  | &nbsp;&nbsp; **3261412** |
| **Broadline Retail 1.3%** | **Broadline Retail 1.3%** | **Broadline Retail 1.3%** |
| 118000 | &nbsp;&nbsp; Pan Pacific International Holdings <br> Corp.<br>| &nbsp;&nbsp; **715754** |
| **Building Products 2.0%** | **Building Products 2.0%** | **Building Products 2.0%** |
| 28100 | Sanwa Holdings Corp. | &nbsp;&nbsp; 724366 |
| 12800 | &nbsp;&nbsp; Takasago Thermal Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 372343 |
|  |  | &nbsp;&nbsp; **1096709** |
| **Capital Markets 1.5%** | **Capital Markets 1.5%** | **Capital Markets 1.5%** |
| 106400 | Nomura Holdings, Inc. | &nbsp;&nbsp; **802395** |
| **Chemicals 2.8%** | **Chemicals 2.8%** | **Chemicals 2.8%** |
| 28700 | Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 495826 |
| 110200 | Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 718481 |
| 20600 | Osaka Soda Co. Ltd. | &nbsp;&nbsp; 290648 |
|  |  | &nbsp;&nbsp; **1504955** |
| **Commercial Services & Supplies 2.6%** | **Commercial Services & Supplies 2.6%** | **Commercial Services & Supplies 2.6%** |
| 60500 | Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; **1443336** |
| **Construction & Engineering 5.1%** | **Construction & Engineering 5.1%** | **Construction & Engineering 5.1%** |
| 36400 | Kinden Corp. | &nbsp;&nbsp; 1511577 |
| 15000 | Taisei Corp. | &nbsp;&nbsp; 1282503 |
|  |  | &nbsp;&nbsp; **2794080** |
| **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** | **Electrical Equipment 1.6%** |
| 12700 | Fuji Electric Co. Ltd. | &nbsp;&nbsp; **884949** |
| **Electronic Equipment, Instruments & Components 4.6%** | **Electronic Equipment, Instruments & Components 4.6%** | **Electronic Equipment, Instruments & Components 4.6%** |
| 6900 | Ibiden Co. Ltd. | &nbsp;&nbsp; 524990 |
| 1000 | Keyence Corp. | &nbsp;&nbsp; 340336 |
| 56200 | TDK Corp. | &nbsp;&nbsp; 921250 |
| 21700 | Yokogawa Electric Corp. | &nbsp;&nbsp; 693777 |
|  |  | &nbsp;&nbsp; **2480353** |
| **Financial Services 2.4%** | **Financial Services 2.4%** | **Financial Services 2.4%** |
| 28700 | ORIX Corp. | &nbsp;&nbsp; 779904 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Financial Services – cont'd** | **Financial Services – cont'd** | **Financial Services – cont'd** |
| 40000 | Tokyo Century Corp. | &nbsp;&nbsp; $506084 |
|  |  | &nbsp;&nbsp; **1285988** |
| **Ground Transportation 2.7%** | **Ground Transportation 2.7%** | **Ground Transportation 2.7%** |
| 56600 | East Japan Railway Co. | &nbsp;&nbsp; **1466656** |
| **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** |
| 5800 | Hoya Corp. | &nbsp;&nbsp; 871077 |
| 21000 | Terumo Corp. | &nbsp;&nbsp; 328167 |
|  |  | &nbsp;&nbsp; **1199244** |
| **Health Care Providers & Services 0.4%** | **Health Care Providers & Services 0.4%** | **Health Care Providers & Services 0.4%** |
| 12300 | As One Corp. | &nbsp;&nbsp; **192055** |
| **Hotels, Restaurants & Leisure 1.4%** | **Hotels, Restaurants & Leisure 1.4%** | **Hotels, Restaurants & Leisure 1.4%** |
| 63000 | Resorttrust, Inc. | &nbsp;&nbsp; **784776** |
| **Household Durables 3.3%** | **Household Durables 3.3%** | **Household Durables 3.3%** |
| 61700 | Sony Group Corp. | &nbsp;&nbsp; **1807849** |
| **Industrial Conglomerates 2.3%** | **Industrial Conglomerates 2.3%** | **Industrial Conglomerates 2.3%** |
| 39600 | Hitachi Ltd. | &nbsp;&nbsp; **1259977** |
| **Insurance 3.2%** | **Insurance 3.2%** | **Insurance 3.2%** |
| 49000 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp; **1728840** |
| **IT Services 2.5%** | **IT Services 2.5%** | **IT Services 2.5%** |
| 36400 | NEC Corp. | &nbsp;&nbsp; **1373334** |
| **Machinery 11.9%** | **Machinery 11.9%** | **Machinery 11.9%** |
| 84800 | Amada Co. Ltd. | &nbsp;&nbsp; 1009084 |
| 15500 | Daifuku Co. Ltd. | &nbsp;&nbsp; 490493 |
| 50100 | Ebara Corp. | &nbsp;&nbsp; 1311700 |
| 15700 | FANUC Corp. | &nbsp;&nbsp; 505368 |
| 21700 | Hoshizaki Corp. | &nbsp;&nbsp; 732413 |
| 48500 | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 1226012 |
| 6700 | Organo Corp. | &nbsp;&nbsp; 572851 |
| 5400 | Toyota Industries Corp. | &nbsp;&nbsp; 604534 |
|  |  | &nbsp;&nbsp; **6452455** |
| **Media 1.9%** | **Media 1.9%** | **Media 1.9%** |
| 21100 | Nippon Television Holdings, Inc. | &nbsp;&nbsp; 540540 |
| 13900 | TBS Holdings, Inc. | &nbsp;&nbsp; 517756 |
|  |  | &nbsp;&nbsp; **1058296** |
| **Metals & Mining 2.5%** | **Metals & Mining 2.5%** | **Metals & Mining 2.5%** |
| 103900 | UACJ Corp. | &nbsp;&nbsp; **1372779** |
| **Pharmaceuticals 3.3%** | **Pharmaceuticals 3.3%** | **Pharmaceuticals 3.3%** |
| 7000 | Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 375420 |
| 9000 | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 222723 |
| 68800 | Sumitomo Pharma Co. Ltd.<sup>\*</sup> | &nbsp;&nbsp; 1202920 |
|  |  | &nbsp;&nbsp; **1801063** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Japan Equity ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Professional Services 1.3%** | **Professional Services 1.3%** | **Professional Services 1.3%** |
| 14000 | Recruit Holdings Co. Ltd. | &nbsp;&nbsp; **$717843** |
| **Real Estate Management & Development 7.6%** | **Real Estate Management & Development 7.6%** | **Real Estate Management & Development 7.6%** |
| 70000 | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 821987 |
| 36000 | &nbsp;&nbsp; Sumitomo Realty & Development <br> Co. Ltd.<br>| &nbsp;&nbsp; 1738901 |
| 166800 | Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 1551131 |
|  |  | &nbsp;&nbsp; **4112019** |
| **Semiconductors & Semiconductor Equipment 3.4%** | **Semiconductors & Semiconductor Equipment 3.4%** | **Semiconductors & Semiconductor Equipment 3.4%** |
| 1600 | Disco Corp. | &nbsp;&nbsp; 448111 |
| 2600 | Kioxia Holdings Corp.<sup>\*</sup> | &nbsp;&nbsp; 156626 |
| 6100 | Tokyo Electron Ltd. | &nbsp;&nbsp; 1242346 |
|  |  | &nbsp;&nbsp; **1847083** |
| **Specialty Retail 2.3%** | **Specialty Retail 2.3%** | **Specialty Retail 2.3%** |
| 112000 | USS Co. Ltd. | &nbsp;&nbsp; **1249545** |
| **Textiles, Apparel & Luxury Goods 1.6%** | **Textiles, Apparel & Luxury Goods 1.6%** | **Textiles, Apparel & Luxury Goods 1.6%** |
| 35700 | Asics Corp. | &nbsp;&nbsp; **855346** |
| **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** |
| 15300 | ITOCHU Corp. | &nbsp;&nbsp; 917177 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** |
| 21000 | Mitsui & Co. Ltd. | &nbsp;&nbsp; $557749 |
|  |  | &nbsp;&nbsp; **1474926** |
| **Wireless Telecommunication Services 1.3%** | **Wireless Telecommunication Services 1.3%** | **Wireless Telecommunication Services 1.3%** |
| 42000 | KDDI Corp. | &nbsp;&nbsp; **723447** |
| **Total Common Stocks (Cost $46,361,010)** | **Total Common Stocks (Cost $46,361,010)** | &nbsp;&nbsp; **52920319** |
| **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** | **Short-Term Investments 2.4%** |
| **Investment Companies 2.4%** | **Investment Companies 2.4%** | **Investment Companies 2.4%** |
| 1290658 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 3.94%<sup>(a)</sup> <br>**(Cost $1,290,658)**<br>| &nbsp;&nbsp; **1290658** |
| **Total Investments 99.6%** <br> **(Cost $47,651,668)** | **Total Investments 99.6%** <br> **(Cost $47,651,668)** | &nbsp;&nbsp; **54210977** |
| Other Assets Less Liabilities 0.4% | Other Assets Less Liabilities 0.4% | &nbsp;&nbsp; 233343 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$54444320** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** | **POSITIONS BY COUNTRY** |
| **Country** | **Investments at** <br>**Value**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| Japan | $52920319 | 97.2% |
| Short-Term Investments and Other Assets—Net | 1524001 | 2.8% |
|  | **$54444320** | **100.0%** |

---

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $52920319 | $— | $— | $52920319 |
| Short-Term Investments |  | 1290658 |  | 1290658 |
| **Total Investments** | **$52920319** | **$1290658** | **$—** | **$54210977** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Option Strategy ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **U.S. Treasury Obligations 93.4%** | **U.S. Treasury Obligations 93.4%** | **U.S. Treasury Obligations 93.4%** |
| U.S. Treasury Notes |  |  |
| $57200000 | 4.00%, due 12/15/2025 | &nbsp;&nbsp; $57199161<br> <sup>(a)</sup><br>|
| 170400000 | 4.63%, due 3/15/2026 - 6/15/2027 | &nbsp;&nbsp; 171808737 |
| 58500000 | 4.13%, due 6/15/2026 | &nbsp;&nbsp; 58628883 |
| 60300000 | 4.38%, due 12/15/2026 | &nbsp;&nbsp; 60759347 |
| 55200000 | 4.25%, due 3/15/2027 | &nbsp;&nbsp; 55657125<br> <sup>(a)</sup><br>|
| 20100000 | 3.38%, due 9/15/2027 | &nbsp;&nbsp; 20047394 |
| **Total U.S. Treasury Obligations (Cost $423,145,371)** | **Total U.S. Treasury Obligations (Cost $423,145,371)** | &nbsp;&nbsp; **424100647** |
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 5.8%** | **Short-Term Investments 5.8%** | **Short-Term Investments 5.8%** |
| **Investment Companies 5.8%** | **Investment Companies 5.8%** | **Investment Companies 5.8%** |
| 26151371 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 3.94%<sup>(b)</sup> <br>**(Cost $26,151,371)**<br>| &nbsp;&nbsp; **26151371** |
| **Total Investments 99.2% (Cost $449,296,742)** | **Total Investments 99.2% (Cost $449,296,742)** | &nbsp;&nbsp; **450252018** |
| Other Assets Less Liabilities 0.8% | Other Assets Less Liabilities 0.8% | &nbsp;&nbsp; 3672692<br> <sup>(c)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$453924710** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of this security is pledged as collateral for options written.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents 7-day effective yield as of November 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the impact of the Fund's open positions in derivatives at November 30, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments Option Strategy ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Written option contracts ("options written")**

At November 30, 2025, the Fund had outstanding options written as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount**<br>| **Exercise** <br>**Price**<br>| **Expiration** <br>**Date**<br>| **Value** |
| **Puts** | **Puts** | **Puts** | **Puts** | **Puts** | **Puts** |
| **Index** | **Index** | **Index** | **Index** | **Index** | **Index** |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1499 | &nbsp;&nbsp; $(102440161) | &nbsp;&nbsp; $666 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp;&nbsp; $(105680) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5193764) | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9690) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (888407) | &nbsp;&nbsp; 676 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2503) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8405697) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35978) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (546712) | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 12/5/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3184) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2665221) | &nbsp;&nbsp; 666 | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9282) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (136678) | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (678) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; (12369359) | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69142) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp;&nbsp; (57473099) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (458765) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; (14419529) | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (129659) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; (28839058) | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 12/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (275355) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; (13052749) | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56441) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; (74831205) | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (337807) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; (28018990) | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (131815) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (273356) | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1458) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (273356) | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1520) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1640136) | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13416) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp; (24192006) | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (135582) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2323526) | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18207) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8200680) | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74940) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp; (37313094) | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (466284) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp;&nbsp; (41891807) | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 12/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (544957) |
| **Total options written (premium received $7,831,371)** | **Total options written (premium received $7,831,371)** | **Total options written (premium received $7,831,371)** | **Total options written (premium received $7,831,371)** | **Total options written (premium received $7,831,371)** | &nbsp;&nbsp; **$(2882343)** |

---

At November 30, 2025, the Fund had securities pledged in the amount of $101,590,101 to cover collateral requirements for options written.

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $424100647 | $— | $424100647 |
| Short-Term Investments |  | 26151371 |  | 26151371 |
| **Total Investments** | **$—** | **$450252018** | **$—** | **$450252018** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Option Strategy ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's derivatives as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities | $(2882343)<br>| $— | $— | $(2882343)<br>|
| **Total** | **$(2882343)**<br>| **$—** | **$—** | **$(2882343)**<br>|

---

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

Schedule of Investments Small-Mid Cap ETF^ (Unaudited)

November 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 96.9%** | **Common Stocks 96.9%** | **Common Stocks 96.9%** |
| **Aerospace & Defense 0.7%** | **Aerospace & Defense 0.7%** | **Aerospace & Defense 0.7%** |
| 7140 | VSE Corp. | &nbsp;&nbsp; **$1286557** |
| **Banks 6.5%** | **Banks 6.5%** | **Banks 6.5%** |
| 65886 | &nbsp;&nbsp; Community Financial System, <br> Inc.<br>| &nbsp;&nbsp; 3739689 |
| 43429 | Glacier Bancorp, Inc. | &nbsp;&nbsp; 1837047 |
| 51722 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 3553819 |
| 30481 | UMB Financial Corp. | &nbsp;&nbsp; 3385829 |
|  |  | &nbsp;&nbsp; **12516384** |
| **Building Products 3.3%** | **Building Products 3.3%** | **Building Products 3.3%** |
| 20522 | Armstrong World Industries, Inc. | &nbsp;&nbsp; 3893844 |
| 15332 | &nbsp;&nbsp; Simpson Manufacturing Co., <br> Inc.<br>| &nbsp;&nbsp; 2566270 |
|  |  | &nbsp;&nbsp; **6460114** |
| **Commercial Services & Supplies 4.7%** | **Commercial Services & Supplies 4.7%** | **Commercial Services & Supplies 4.7%** |
| 51281 | Brady Corp. Class A | &nbsp;&nbsp; 4012225 |
| 22232 | &nbsp;&nbsp; Casella Waste Systems, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 2142943 |
| 48613 | Rollins, Inc. | &nbsp;&nbsp; 2988727 |
|  |  | &nbsp;&nbsp; **9143895** |
| **Construction & Engineering 4.7%** | **Construction & Engineering 4.7%** | **Construction & Engineering 4.7%** |
| 41413 | Arcosa, Inc. | &nbsp;&nbsp; 4412141 |
| 11368 | Valmont Industries, Inc. | &nbsp;&nbsp; 4694643 |
|  |  | &nbsp;&nbsp; **9106784** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| 5622 | Casey's General Stores, Inc. | &nbsp;&nbsp; **3207126** |
| **Containers & Packaging 1.9%** | **Containers & Packaging 1.9%** | **Containers & Packaging 1.9%** |
| 29482 | AptarGroup, Inc. | &nbsp;&nbsp; **3677879** |
| **Diversified Consumer Services 1.5%** | **Diversified Consumer Services 1.5%** | **Diversified Consumer Services 1.5%** |
| 28156 | &nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **2893310** |
| **Electric Utilities 2.1%** | **Electric Utilities 2.1%** | **Electric Utilities 2.1%** |
| 45796 | Alliant Energy Corp. | &nbsp;&nbsp; 3181448 |
| 7146 | IDACORP, Inc. | &nbsp;&nbsp; 941700 |
|  |  | &nbsp;&nbsp; **4123148** |
| **Electronic Equipment, Instruments & Components 1.8%** | **Electronic Equipment, Instruments & Components 1.8%** | **Electronic Equipment, Instruments & Components 1.8%** |
| 13758 | Littelfuse, Inc. | &nbsp;&nbsp; **3522323** |
| **Energy Equipment & Services 1.9%** | **Energy Equipment & Services 1.9%** | **Energy Equipment & Services 1.9%** |
| 66489 | Tidewater, Inc.<sup>\*</sup> | &nbsp;&nbsp; **3591736** |
| **Financial Services 1.9%** | **Financial Services 1.9%** | **Financial Services 1.9%** |
| 21164 | Jack Henry & Associates, Inc. | &nbsp;&nbsp; **3692695** |
| **Gas Utilities 1.1%** | **Gas Utilities 1.1%** | **Gas Utilities 1.1%** |
| 55563 | UGI Corp. | &nbsp;&nbsp; **2197517** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** |
| 52902 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; **$4303578** |
| **Health Care Providers & Services 1.6%** | **Health Care Providers & Services 1.6%** | **Health Care Providers & Services 1.6%** |
| 7288 | Chemed Corp. | &nbsp;&nbsp; **3200817** |
| **Hotels, Restaurants & Leisure 1.2%** | **Hotels, Restaurants & Leisure 1.2%** | **Hotels, Restaurants & Leisure 1.2%** |
| 12920 | Texas Roadhouse, Inc. | &nbsp;&nbsp; **2264230** |
| **Household Durables 1.0%** | **Household Durables 1.0%** | **Household Durables 1.0%** |
| 7283 | Installed Building Products, Inc. | &nbsp;&nbsp; **1951990** |
| **Insurance 8.3%** | **Insurance 8.3%** | **Insurance 8.3%** |
| 237049 | Hagerty, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 3166975 |
| 60111 | Ryan Specialty Holdings, Inc. | &nbsp;&nbsp; 3490646 |
| 50967 | &nbsp;&nbsp; Stewart Information Services <br> Corp.<br>| &nbsp;&nbsp; 3905601 |
| 2724 | &nbsp;&nbsp; White Mountains Insurance <br> Group Ltd.<br>| &nbsp;&nbsp; 5514057 |
|  |  | &nbsp;&nbsp; **16077279** |
| **Life Sciences Tools & Services 4.3%** | **Life Sciences Tools & Services 4.3%** | **Life Sciences Tools & Services 4.3%** |
| 54363 | Bio-Techne Corp. | &nbsp;&nbsp; 3506957 |
| 21617 | Revvity, Inc. | &nbsp;&nbsp; 2257031 |
| 109549 | Stevanato Group SpA | &nbsp;&nbsp; 2559065 |
|  |  | &nbsp;&nbsp; **8323053** |
| **Machinery 13.3%** | **Machinery 13.3%** | **Machinery 13.3%** |
| 17536 | Crane Co. | &nbsp;&nbsp; 3213472 |
| 75588 | Enerpac Tool Group Corp. | &nbsp;&nbsp; 2862517 |
| 21566 | Esab Corp. | &nbsp;&nbsp; 2420568 |
| 168707 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; 3839771 |
| 19491 | ITT, Inc. | &nbsp;&nbsp; 3589462 |
| 10439 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 2499410 |
| 10247 | RBC Bearings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4559608 |
| 40124 | Toro Co. | &nbsp;&nbsp; 2798248 |
|  |  | &nbsp;&nbsp; **25783056** |
| **Marine Transportation 2.3%** | **Marine Transportation 2.3%** | **Marine Transportation 2.3%** |
| 39764 | Kirby Corp.<sup>\*</sup> | &nbsp;&nbsp; **4514009** |
| **Media 2.7%** | **Media 2.7%** | **Media 2.7%** |
| 63034 | John Wiley & Sons, Inc. Class A | &nbsp;&nbsp; 2291916 |
| 15428 | &nbsp;&nbsp; Nexstar Media Group, Inc. <br> Class A<br>| &nbsp;&nbsp; 2964336 |
|  |  | &nbsp;&nbsp; **5256252** |
| **Oil, Gas & Consumable Fuels 3.5%** | **Oil, Gas & Consumable Fuels 3.5%** | **Oil, Gas & Consumable Fuels 3.5%** |
| 119780 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 4652255 |
| 57467 | Viper Energy, Inc. Class A | &nbsp;&nbsp; 2099270 |
|  |  | &nbsp;&nbsp; **6751525** |
| **Professional Services 1.5%** | **Professional Services 1.5%** | **Professional Services 1.5%** |
| 32281 | UL Solutions, Inc. Class A | &nbsp;&nbsp; **2944350** |

---

See Notes to Schedule of Investments

------

Schedule of Investments Small-Mid Cap ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Real Estate Management & Development 3.1%** | **Real Estate Management & Development 3.1%** | **Real Estate Management & Development 3.1%** |
| 23080 | Colliers International Group, Inc. | &nbsp;&nbsp; $3323289 |
| 16949 | FirstService Corp. | &nbsp;&nbsp; 2658451 |
|  |  | &nbsp;&nbsp; **5981740** |
| **Semiconductors & Semiconductor Equipment 5.0%** | **Semiconductors & Semiconductor Equipment 5.0%** | **Semiconductors & Semiconductor Equipment 5.0%** |
| 27237 | Entegris, Inc. | &nbsp;&nbsp; 2101062 |
| 39301 | Lattice Semiconductor Corp.<sup>\*</sup> | &nbsp;&nbsp; 2759323 |
| 19288 | MKS, Inc. | &nbsp;&nbsp; 3016451 |
| 52207 | Power Integrations, Inc. | &nbsp;&nbsp; 1754155 |
|  |  | &nbsp;&nbsp; **9630991** |
| **Software 7.2%** | **Software 7.2%** | **Software 7.2%** |
| 54749 | Bentley Systems, Inc. Class B | &nbsp;&nbsp; 2297268 |
| 26190 | BlackLine, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1492568 |
| 10795 | Commvault Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1333182 |
| 1320 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; 2383696 |
| 12443 | Manhattan Associates, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2195567 |
| 18144 | SPS Commerce, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1511758 |
| 5724 | Tyler Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2688105 |
|  |  | &nbsp;&nbsp; **13902144** |
| **Specialty Retail 2.2%** | **Specialty Retail 2.2%** | **Specialty Retail 2.2%** |
| 3442 | Murphy USA, Inc. | &nbsp;&nbsp; 1325411 |
| 53395 | Tractor Supply Co. | &nbsp;&nbsp; 2924978 |
|  |  | &nbsp;&nbsp; **4250389** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Trading Companies & Distributors 2.1%** | **Trading Companies & Distributors 2.1%** | **Trading Companies & Distributors 2.1%** |
| 48139 | Core & Main, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; $2327039 |
| 5221 | Watsco, Inc. | &nbsp;&nbsp; 1808555 |
|  |  | &nbsp;&nbsp; **4135594** |
| **Water Utilities 1.6%** | **Water Utilities 1.6%** | **Water Utilities 1.6%** |
| 42887 | American States Water Co. | &nbsp;&nbsp; **3163774** |
| **Total Common Stocks (Cost $184,776,103)** | **Total Common Stocks (Cost $184,776,103)** | &nbsp;&nbsp; **187854239** |
| **Short-Term Investments 3.1%** | **Short-Term Investments 3.1%** | **Short-Term Investments 3.1%** |
| **Investment Companies 3.1%** | **Investment Companies 3.1%** | **Investment Companies 3.1%** |
| 6097889 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 3.88%<sup>(a)</sup> <br>**(Cost $6,097,889)**<br>| &nbsp;&nbsp; **6097889** |
| **Total Investments 100.0%** <br> **(Cost $190,873,992)** | **Total Investments 100.0%** <br> **(Cost $190,873,992)** | &nbsp;&nbsp; **193952128** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (70603)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$193881525** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;‡ Represents less than 0.05% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of November 30, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments Small-Mid Cap ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund's investments as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $187854239 | $— | $— | $187854239 |
| Short-Term Investments |  | 6097889 |  | 6097889 |
| **Total Investments** | **$187854239** | **$6097889** | **$—** | **$193952128** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The Schedule of Investments provides information on the industry or sector categorization.

^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.

See Notes to Schedule of Investments

------

November 30, 2025

Notes to Schedule of Investments ETF Trust<sup>ß</sup> (Unaudited)

In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger China Equity ETF, Neuberger Commodity Strategy ETF ("Commodity Strategy ETF"), Neuberger Core Equity ETF, Neuberger Disrupters ETF, Neuberger Growth ETF, Neuberger Japan Equity ETF, Neuberger Option Strategy ETF and Neuberger Small-Mid Cap ETF (each individually a "Fund," and collectively, the "Funds") are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. Prior to December 18, 2025, each Fund included "Neuberger Berman" in place of"Neuberger" in its name.

ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – unadjusted quoted prices in active markets for identical investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

The value of the Funds' investments in equity securities, exchange-traded funds and exchange-traded options written, for which market quotations are readily available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.

The value of the Funds' investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:

*Corporate Bonds.* Inputs used to value corporate debt securities generally include relevant credit information, observed market movements, sector news, U.S. Treasury yield curve or relevant benchmark curve, and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available ("Other Market Information").

*U.S. Treasury Obligations.* Inputs used to value U.S. Treasury securities generally include quotes from several inter-dealer brokers and Other Market Information.

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

ßNotes to Consolidated Schedule of Investments for Commodity Strategy ETF

------

Notes to Schedule of Investments ETF Trust<sup>ß</sup> (Unaudited) (cont'd)

*Asset-Backed Securities*. Inputs used to value asset-backed securities generally include models that consider several factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.

The value of futures contracts is determined by Management by obtaining valuations from independent pricing services at the settlement price at the market close (Level 1 inputs).

Management has developed a process to periodically review information provided by independent pricing services for all types of securities.

Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs), when available.

If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Funds' Board of Trustees designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.

The value of the Funds' investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time, on days the New York Stock Exchange is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). Management has also approved the use of ICE to evaluate the prices of foreign debt securities as of the time at which a Fund's share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund's share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time at which a Fund's share price is calculated, Management has determined based on available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade.

Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded.

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

ßNotes to Consolidated Schedule of Investments for Commodity Strategy ETF

------

Notes to Schedule of Investments ETF Trust<sup>ß</sup> (Unaudited) (cont'd)

Commodity Strategy ETF invests in commodity-related instruments through Neuberger Berman Cayman Commodity Fund I Ltd. (the "CS Subsidiary"), which is organized under the laws of the Cayman Islands. Commodity Strategy ETF is and expects to remain the sole shareholder of the CS Subsidiary. The CS Subsidiary is governed by its own Board of Directors.

As of November 30, 2025, the value of Commodity Strategy ETF's investment in the CS Subsidiary was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Investment in** <br>**CS Subsidiary**<br>| &nbsp;&nbsp;&nbsp; **Percentage of** <br>**Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $63262061 | &nbsp;&nbsp;&nbsp;&nbsp; 21.4<br> %<br>|

---

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

ßNotes to Consolidated Schedule of Investments for Commodity Strategy ETF

------

Notes to Schedule of Investments ETF Trust<sup>ß</sup> (Unaudited) (cont'd)

Legend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Other Abbreviations:** | **Other Abbreviations:** |
| ADR | = American Depositary Receipt |
| Management | = Neuberger Berman Investment Advisers LLC |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| SOFR | = Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| USD | = United States Dollar |

---

For information on the Funds' significant accounting policies, please refer to the Funds' most recent financial statements and other information.

ßNotes to Consolidated Schedule of Investments for Commodity Strategy ETF

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Neuberger Berman ETF Trust

- **b. Investment Company Act file number:** 811-23761

- **c. CIK number of Registrant:** 0001506001

- **d. LEI of Registrant:** 549300GPREY1N686GS02

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

  - **Street Address 1:** 1290 AVENUE OF THE AMERICAS

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10104

  - **Telephone number:** 877-628-2583

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

- **a. Name of Series:** Neuberger Berman Disrupters ETF

- **b. EDGAR series identifier (if any):** S000075396

- **c. LEI of Series:** 54930018DYG5QY854U45

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $28822919.81

**Total Liabilities:** $15025.58

**Net Assets:** $28807894.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234392 | 4.98%                | 6.30%                | -6.91%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $1306781.31                                |
| Month 2  | $273742.23               | $1520784.14                                |
| Month 3  | $-154804.98              | $-1974427.07                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Advanced Micro Devices Inc      | Advanced Micro Devices Inc                                   | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      5705 | NS      | $1241008.65   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                  | Amazon.com Inc                                               | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      4493 | NS      | $1047857.46   | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                   | AppLovin Corp                                                | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |       728 | NS      | $436421.44    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC                | ARM Holdings PLC                                             | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Long             | EC               | CORP              | GB        |      7038 | NS      | $954071.28    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                    | Broadcom Inc                                                 | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2493 | NS      | $1004579.28   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                      | Carvana Co                                                   | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Long             | EC               | CORP              | US        |      1764 | NS      | $660618.00    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp       | Constellation Energy Corp                                    | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |      3433 | NS      | $1250847.88   | 4.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Figure Technology Solutions Inc | Figure Technology Solutions Inc                              | CUSIP: 349381103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12990 | NS      | $470757.60    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                      | HEICO Corp                                                   | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      2810 | NS      | $890517.10    | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                     | HubSpot Inc                                                  | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      1410 | NS      | $517921.20    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                      | Intuit Inc                                                   | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |       841 | NS      | $533261.28    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc          | Intuitive Surgical Inc                                       | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      2541 | NS      | $1457212.68   | 5.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                  | Microsoft Corp                                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1725 | NS      | $848717.25    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc    | Monolithic Power Systems Inc                                 | CUSIP: 609839105<br>LEI: 529900TB7085LSZ1XU31 | Long             | EC               | CORP              | US        |       928 | NS      | $861341.76    | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                     | NVIDIA Corp                                                  | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     13352 | NS      | $2363304.00   | 8.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc       | Palantir Technologies Inc                                    | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |      1576 | NS      | $265477.20    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc          | Palo Alto Networks Inc                                       | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      3831 | NS      | $728388.03    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc        | Procore Technologies Inc                                     | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |     10674 | NS      | $790516.44    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit Inc                      | Reddit Inc                                                   | CUSIP: 75734B100<br>LEI: 529900APN1YHPBHPI679 | Long             | EC               | CORP              | US        |      4079 | NS      | $882981.13    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Robinhood Markets Inc           | Robinhood Markets Inc                                        | CUSIP: 770700102<br>LEI: 213800FS5AO3YWIE6F63 | Long             | EC               | CORP              | US        |     11205 | NS      | $1439730.45   | 5.00%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors    | State Street Institutional U.S. Government Money Market Fund | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    731300 | NS      | $731300.26    | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| ServiceNow Inc                  | ServiceNow Inc                                               | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       761 | NS      | $618244.01    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc                | ServiceTitan Inc                                             | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8636 | NS      | $771712.96    | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Shopify Inc                     | Shopify Inc                                                  | CUSIP: 82509L107<br>LEI: 549300HGQ43STJLLP808 | Long             | EC               | CORP              | CA        |      7145 | NS      | $1133482.80   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                   | Snowflake Inc                                                | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |      5398 | NS      | $1356193.52   | 4.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                       | Tesla Inc                                                    | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |      1384 | NS      | $595355.28    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc            | Tradeweb Markets Inc                                         | CUSIP: 892672106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6625 | NS      | $721197.50    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc           | Uber Technologies Inc                                        | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |      8357 | NS      | $731571.78    | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA           | Spotify Technology SA                                        | CUSIP: 000000000<br>LEI: 549300B4X0JHWV0DTD60 | Long             | EC               | CORP              | LU        |      2271 | NS      | $1360033.77   | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                        | Nova Ltd                                                     | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      4225 | NS      | $1321749.00   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                 | ASML Holding NV                                              | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       782 | NS      | $828920.00    | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-26

**Name of Applicant:** Neuberger Berman ETF Trust

**Signature:** John McGovern

**Name of Signer:** John McGovern

**Title:** Treasuer