# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0001752724-25-179869
**Filing Date:** 2025-7
**Character Count:** 160218
**Document Hash:** abf1b68dedd3c7a7945678811be2a858
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-179869.hdr.sgml**: 20250728

**ACCESSION NUMBER**: 0001752724-25-179869

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250728

**DATE AS OF CHANGE**: 20250728

**PERIOD START**: 20250831

**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:** 251153571

**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 Berman China Equity ETF (Series ID: S000081048)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000243703 | Neuberger Berman China Equity ETF | NBCE            |

## Nport-Ex

Schedule of Investments China Equity ETF^ (Unaudited)

May 31, 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 95.0%** | **Common Stocks 95.0%** | **Common Stocks 95.0%** |
| **Automobile Components 3.4%** | **Automobile Components 3.4%** | **Automobile Components 3.4%** |
| 3900 | &nbsp;&nbsp; Changzhou Xingyu Automotive <br> Lighting Systems Co. Ltd. Class A<br>| &nbsp;&nbsp; $75669 |
| 31100 | &nbsp;&nbsp; Zhejiang Shuanghuan Driveline Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 137387 |
|  |  | &nbsp;&nbsp; **213056** |
| **Automobiles 1.6%** | **Automobiles 1.6%** | **Automobiles 1.6%** |
| 2000 | BYD Co. Ltd. Class A | &nbsp;&nbsp; **97789** |
| **Banks 13.8%** | **Banks 13.8%** | **Banks 13.8%** |
| 54400 | Bank of Hangzhou Co. Ltd. Class A | &nbsp;&nbsp; 125783 |
| 99400 | Bank of Jiangsu Co. Ltd. Class A | &nbsp;&nbsp; 151474 |
| 137900 | Bank of Qingdao Co. Ltd. Class A | &nbsp;&nbsp; 95502 |
| 37300 | &nbsp;&nbsp; China Merchants Bank Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 224826 |
| 151600 | &nbsp;&nbsp; Chongqing Rural Commercial Bank <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 152540 |
| 106900 | &nbsp;&nbsp; Industrial & Commercial Bank of <br> China Ltd. Class A<br>| &nbsp;&nbsp; 104893 |
|  |  | &nbsp;&nbsp; **855018** |
| **Beverages 5.7%** | **Beverages 5.7%** | **Beverages 5.7%** |
| 2800 | &nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 124353 |
| 848 | Kweichow Moutai Co. Ltd. Class A | &nbsp;&nbsp; 179126 |
| 1858 | &nbsp;&nbsp; Shanxi Xinghuacun Fen Wine <br> Factory Co. Ltd. Class A<br>| &nbsp;&nbsp; 47524 |
|  |  | &nbsp;&nbsp; **351003** |
| **Biotechnology 2.0%** | **Biotechnology 2.0%** | **Biotechnology 2.0%** |
| 3869 | BeOne Medicines Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; **123610** |
| **Capital Markets 4.3%** | **Capital Markets 4.3%** | **Capital Markets 4.3%** |
| 47600 | &nbsp;&nbsp; China Galaxy Securities Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 104445 |
| 24400 | CITIC Securities Co. Ltd. Class A | &nbsp;&nbsp; 86421 |
| 1500 | &nbsp;&nbsp; Hong Kong Exchanges & Clearing <br> Ltd.<br>| &nbsp;&nbsp; 75716 |
|  |  | &nbsp;&nbsp; **266582** |
| **Chemicals 1.9%** | **Chemicals 1.9%** | **Chemicals 1.9%** |
| 25300 | &nbsp;&nbsp; Guangzhou Tinci Materials <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; 59165 |
| 25840 | Satellite Chemical Co. Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; 59998 |
|  |  | &nbsp;&nbsp; **119163** |
| **Electrical Equipment 5.2%** | **Electrical Equipment 5.2%** | **Electrical Equipment 5.2%** |
| 5700 | &nbsp;&nbsp; Contemporary Amperex Technology <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; 197771 |
| 12400 | Sieyuan Electric Co. Ltd. Class A | &nbsp;&nbsp; 123960 |
|  |  | &nbsp;&nbsp; **321731** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Electronic Equipment, Instruments & Components 5.9%** | **Electronic Equipment, Instruments & Components 5.9%** | **Electronic Equipment, Instruments & Components 5.9%** |
| 101900 | &nbsp;&nbsp; BOE Technology Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; $53741 |
| 27900 | &nbsp;&nbsp; Luxshare Precision Industry Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 117713 |
| 33600 | &nbsp;&nbsp; Shenzhen Sunlord Electronics Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 128939 |
| 20000 | Unisplendour Corp. Ltd. Class A | &nbsp;&nbsp; 66701 |
|  |  | &nbsp;&nbsp; **367094** |
| **Energy Equipment & Services 1.1%** | **Energy Equipment & Services 1.1%** | **Energy Equipment & Services 1.1%** |
| 14800 | &nbsp;&nbsp; Yantai Jereh Oilfield Services Group <br> Co. Ltd. Class A<br>| &nbsp;&nbsp; **70906** |
| **Entertainment 0.5%** | **Entertainment 0.5%** | **Entertainment 0.5%** |
| 12500 | &nbsp;&nbsp; Beijing Enlight Media Co. Ltd. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; **30394** |
| **Financial Services 2.1%** | **Financial Services 2.1%** | **Financial Services 2.1%** |
| 158900 | &nbsp;&nbsp; Jiangsu Financial Leasing Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **131658** |
| **Food Products 1.8%** | **Food Products 1.8%** | **Food Products 1.8%** |
| 12700 | &nbsp;&nbsp; Yantai China Pet Foods Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **110796** |
| **Health Care Equipment & Supplies 1.0%** | **Health Care Equipment & Supplies 1.0%** | **Health Care Equipment & Supplies 1.0%** |
| 1900 | &nbsp;&nbsp; Shenzhen Mindray Bio-Medical <br> Electronics Co. Ltd. Class A<br>| &nbsp;&nbsp; **59561** |
| **Hotels, Restaurants & Leisure 1.6%** | **Hotels, Restaurants & Leisure 1.6%** | **Hotels, Restaurants & Leisure 1.6%** |
| 2200 | Yum China Holdings, Inc. | &nbsp;&nbsp; **97247** |
| **Household Durables 2.2%** | **Household Durables 2.2%** | **Household Durables 2.2%** |
| 12400 | Midea Group Co. Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; **136059** |
| **Independent Power and Renewable Electricity** <br> **Producers 3.3%** | **Independent Power and Renewable Electricity** <br> **Producers 3.3%** | **Independent Power and Renewable Electricity** <br> **Producers 3.3%** |
| 48900 | &nbsp;&nbsp; China Yangtze Power Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; **204957** |
| **Insurance 2.3%** | **Insurance 2.3%** | **Insurance 2.3%** |
| 29600 | &nbsp;&nbsp; China Pacific Insurance Group Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; **141441** |
| **Interactive Media & Services 1.0%** | **Interactive Media & Services 1.0%** | **Interactive Media & Services 1.0%** |
| 76000 | Meitu, Inc.<sup>\*(a)</sup> | &nbsp;&nbsp; **63874** |
| **Machinery 8.3%** | **Machinery 8.3%** | **Machinery 8.3%** |
| 23940 | Hangcha Group Co. Ltd. Class A | &nbsp;&nbsp; 64159 |
| 13100 | &nbsp;&nbsp; Neway Valve Suzhou Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 57216 |
| 57300 | &nbsp;&nbsp; Riyue Heavy Industry Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 92567 |
| 24400 | Sany Heavy Industry Co. Ltd. Class A | &nbsp;&nbsp; 63766 |
| 8100 | &nbsp;&nbsp; Shenzhen Inovance Technology Co. <br> Ltd. Class A<sup>\*</sup><br>| &nbsp;&nbsp; 73948 |
| 55000 | Weichai Power Co. Ltd. Class A | &nbsp;&nbsp; 114804 |

---

See Notes to Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Machinery – cont'd** | **Machinery – cont'd** | **Machinery – cont'd** |
| 18300 | &nbsp;&nbsp; Wuxi Lead Intelligent Equipment Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; $50618 |
|  |  | &nbsp;&nbsp; **517078** |
| **Media 0.8%** | **Media 0.8%** | **Media 0.8%** |
| 22100 | &nbsp;&nbsp; Southern Publishing & Media Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; **48431** |
| **Metals & Mining 6.0%** | **Metals & Mining 6.0%** | **Metals & Mining 6.0%** |
| 49900 | &nbsp;&nbsp; Baoshan Iron & Steel Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 46678 |
| 39300 | &nbsp;&nbsp; Chifeng Jilong Gold Mining Co. Ltd. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 143230 |
| 51000 | China Hongqiao Group Ltd. | &nbsp;&nbsp; 91189 |
| 93500 | CMOC Group Ltd. Class A | &nbsp;&nbsp; 93431 |
|  |  | &nbsp;&nbsp; **374528** |
| **Oil, Gas & Consumable Fuels 0.9%** | **Oil, Gas & Consumable Fuels 0.9%** | **Oil, Gas & Consumable Fuels 0.9%** |
| 39300 | &nbsp;&nbsp; COSCO SHIPPING Energy <br> Transportation Co. Ltd. Class A<br>| &nbsp;&nbsp; **55089** |
| **Paper & Forest Products 0.9%** | **Paper & Forest Products 0.9%** | **Paper & Forest Products 0.9%** |
| 36900 | &nbsp;&nbsp; Hangzhou Huawang New Material <br> Technology Co. Ltd. Class A<br>| &nbsp;&nbsp; **55617** |
| **Passenger Airlines 0.9%** | **Passenger Airlines 0.9%** | **Passenger Airlines 0.9%** |
| 52100 | Air China Ltd. Class A<sup>\*</sup> | &nbsp;&nbsp; **57991** |
| **Personal Care Products 2.8%** | **Personal Care Products 2.8%** | **Personal Care Products 2.8%** |
| 12200 | Giant Biogene Holding Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 110469 |
| 7300 | Shanghai Chicmax Cosmetic Co. Ltd. | &nbsp;&nbsp; 61073 |
|  |  | &nbsp;&nbsp; **171542** |
| **Pharmaceuticals 2.8%** | **Pharmaceuticals 2.8%** | **Pharmaceuticals 2.8%** |
| 17200 | &nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 130672 |
| 5300 | &nbsp;&nbsp; Yunnan Baiyao Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 41545 |
|  |  | &nbsp;&nbsp; **172217** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Real Estate Management & Development 0.5%** | **Real Estate Management & Development 0.5%** | **Real Estate Management & Development 0.5%** |
| 27600 | &nbsp;&nbsp; Poly Developments & Holdings <br> Group Co. Ltd. Class A<br>| &nbsp;&nbsp; **$31142** |
| **Semiconductors & Semiconductor Equipment 4.8%** | **Semiconductors & Semiconductor Equipment 4.8%** | **Semiconductors & Semiconductor Equipment 4.8%** |
| 900 | &nbsp;&nbsp; Cambricon Technologies Corp. Ltd. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 75402 |
| 10856 | &nbsp;&nbsp; Montage Technology Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 114989 |
| 1900 | &nbsp;&nbsp; NAURA Technology Group Co. Ltd. <br> Class A<br>| &nbsp;&nbsp; 110372 |
|  |  | &nbsp;&nbsp; **300763** |
| **Software 2.5%** | **Software 2.5%** | **Software 2.5%** |
| 1400 | &nbsp;&nbsp; Beijing Kingsoft Office Software, Inc. <br> Class A<br>| &nbsp;&nbsp; 54752 |
| 64000 | &nbsp;&nbsp; Kingdee International Software <br> Group Co. Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; 100394 |
|  |  | &nbsp;&nbsp; **155146** |
| **Technology Hardware, Storage & Peripherals 3.1%** | **Technology Hardware, Storage & Peripherals 3.1%** | **Technology Hardware, Storage & Peripherals 3.1%** |
| 3900 | &nbsp;&nbsp; Anker Innovations Technology Co. <br> Ltd. Class A<br>| &nbsp;&nbsp; 55209 |
| 21600 | Xiaomi Corp. Class B<sup>\*(a)</sup> | &nbsp;&nbsp; 140353 |
|  |  | &nbsp;&nbsp; **195562** |
| **Total Common Stocks (Cost $5,290,240)** | **Total Common Stocks (Cost $5,290,240)** | &nbsp;&nbsp; **5897045** |
| **Short-Term Investments 8.1%** | **Short-Term Investments 8.1%** | **Short-Term Investments 8.1%** |
| **Investment Companies 8.1%** | **Investment Companies 8.1%** | **Investment Companies 8.1%** |
| 500182 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.27%<sup>(b)</sup> <br>**(Cost $500,182)**<br>| &nbsp;&nbsp; **500182** |
| **Total Investments 103.1% (Cost $5,790,422)** | **Total Investments 103.1% (Cost $5,790,422)** | &nbsp;&nbsp; **6397227** |
| Liabilities Less Other Assets (3.1)% | Liabilities Less Other Assets (3.1)% | &nbsp;&nbsp; (190234)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$6206993** |

---

&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 May 31, 2025 amounted to $314,696, which represents 5.1% of net assets of the Fund. 

(b) Represents 7-day effective yield as of May 31, 2025.

See Notes to Schedule of Investments

------

Schedule of Investments China Equity 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>|
| China | $5821329 | 93.8% |
| Hong Kong | 75716 | 1.2% |
| Short-Term Investments and Other Liabilities—Net | 309948 | 5.0% |
|  | **$6206993** | **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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $5897045 | $— | $— | $5897045 |
| Short-Term Investments |  | 500182 |  | 500182 |
| **Total Investments** | **$5897045** | **$500182** | **$—** | **$6397227** |

---

&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)

May 31, 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** |
| **Asset-Backed Securities 15.2%** | **Asset-Backed Securities 15.2%** | **Asset-Backed Securities 15.2%** |
| **Automobiles 12.3%** | **Automobiles 12.3%** |  |
| $125901 | Ally Auto Receivables Trust, Series 2024-1, Class A2, 5.32%, due 1/15/2027 | &nbsp;&nbsp; $125998 |
| 916904 | BMW Vehicle Lease Trust, Series 2024-2, Class A2A, 4.29%, due 1/25/2027 | &nbsp;&nbsp; 914925 |
| 754935 | BofA Auto Trust, Series 2024-1A, Class A2, 5.57%, due 12/15/2026 | &nbsp;&nbsp; 756290<br> <sup>(a)</sup><br>|
| 1103425 | Capital One Prime Auto Receivables Trust, Series 2024-1, Class A2A, 4.61%, due 10/15/2027 | &nbsp;&nbsp; 1103468 |
| CarMax Auto Owner Trust |  |  |
| 121212 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 5.30%, due 3/15/2027 | &nbsp;&nbsp; 121362 |
| 607726 | &nbsp;&nbsp;&nbsp; Series 2024-4, Class A2A, 4.67%, due 12/15/2027 | &nbsp;&nbsp; 607848 |
| Citizens Auto Receivables Trust |  |  |
| 44545 | &nbsp;&nbsp;&nbsp; Series 2023-2, Class A2A, 6.09%, due 10/15/2026 | &nbsp;&nbsp; 44576<br> <sup>(a)</sup><br>|
| 833105 | &nbsp;&nbsp;&nbsp; Series 2024-2, Class A2A, 5.54%, due 11/16/2026 | &nbsp;&nbsp; 834343<br> <sup>(a)</sup><br>|
| Ford Credit Auto Lease Trust |  |  |
| 78966 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.24%, due 7/15/2026 | &nbsp;&nbsp; 78991 |
| 1107000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.57%, due 8/15/2027 | &nbsp;&nbsp; 1106538 |
| Ford Credit Auto Owner Trust |  |  |
| 878100 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.32%, due 1/15/2027 | &nbsp;&nbsp; 879360 |
| 1733000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.47%, due 12/15/2027 | &nbsp;&nbsp; 1731061 |
| 51847 | GECU Auto Receivables Trust, Series 2023-1A, Class A2, 5.95%, due 3/15/2027 | &nbsp;&nbsp; 51896<br> <sup>(a)</sup><br>|
| 744015 | &nbsp;&nbsp; GM Financial Consumer Automobile Receivables Trust, Series 2024-3, Class A2A, 5.35%, due <br> 6/16/2027<br>| &nbsp;&nbsp; 745577 |
| 660765 | Honda Auto Receivables Owner Trust, Series 2024-4, Class A2, 4.56%, due 3/15/2027 | &nbsp;&nbsp; 660481 |
| 175785 | Huntington Auto Trust, Series 2024-1A, Class A2, 5.50%, due 3/15/2027 | &nbsp;&nbsp; 176012<br> <sup>(a)</sup><br>|
| 243786 | Hyundai Auto Lease Securitization Trust, Series 2024-A, Class A2A, 5.15%, due 6/15/2026 | &nbsp;&nbsp; 243974<br> <sup>(a)</sup><br>|
| Hyundai Auto Receivables Trust |  |  |
| 459816 | &nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.80%, due 1/15/2027 | &nbsp;&nbsp; 460554 |
| 282132 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.29%, due 4/15/2027 | &nbsp;&nbsp; 282662 |
| 324946 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 5.15%, due 6/15/2027 | &nbsp;&nbsp; 325696 |
| 473133 | &nbsp;&nbsp;&nbsp; Series 2024-C, Class A2A, 4.53%, due 9/15/2027 | &nbsp;&nbsp; 473039 |
| 841000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.33%, due 12/15/2027 | &nbsp;&nbsp; 839067 |
| Nissan Auto Receivables Owner Trust |  |  |
| 899883 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 4.51%, due 6/15/2027 | &nbsp;&nbsp; 899325 |
| 1489000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.50%, due 2/15/2028 | &nbsp;&nbsp; 1489830 |
| 1107670 | Porsche Innovative Lease Owner Trust, Series 2024-2A, Class A2A, 4.47%, due 12/21/2026 | &nbsp;&nbsp; 1107197<br> <sup>(a)</sup><br>|
| 686000 | SBNA Auto Lease Trust, Series 2025-A, Class A2, 4.68%, due 4/20/2027 | &nbsp;&nbsp; 685555<br> <sup>(a)</sup><br>|
| 1336470 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A2, 5.71%, due 10/20/2027 | &nbsp;&nbsp; 1339925<br> <sup>(a)</sup><br>|
| Tesla Auto Lease Trust |  |  |
| 22602 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.37%, due 6/22/2026 | &nbsp;&nbsp; 22620<br> <sup>(a)</sup><br>|
| 292259 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2A, 4.79%, due 1/20/2027 | &nbsp;&nbsp; 292245<br> <sup>(a)</sup><br>|
| Toyota Auto Receivables Owner Trust |  |  |
| 89375 | &nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.60%, due 8/17/2026 | &nbsp;&nbsp; 89418 |
| 695438 | &nbsp;&nbsp;&nbsp; Series 2024-D, Class A2A, 4.55%, due 8/16/2027 | &nbsp;&nbsp; 695236 |
| 1568000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.48%, due 11/15/2027 | &nbsp;&nbsp; 1566455 |
| 1000000 | Toyota Lease Owner Trust, Series 2025-A, Class A2A, 4.58%, due 7/20/2027 | &nbsp;&nbsp; 1001261<br> <sup>(a)</sup><br>|
| 241920 | Volkswagen Auto Lease Trust, Series 2024-A, Class A2A, 5.40%, due 12/21/2026 | &nbsp;&nbsp; 242508 |
| Volkswagen Auto Loan Enhanced Trust |  |  |
| 1594408 | &nbsp;&nbsp;&nbsp; Series 2024-1, Class A2A, 4.65%, due 11/22/2027 | &nbsp;&nbsp; 1595274 |
| 1615000 | &nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A, 4.51%, due 1/20/2028 | &nbsp;&nbsp; 1615459 |
| World Omni Auto Receivables Trust |  |  |
| 17935 | &nbsp;&nbsp;&nbsp; Series 2023-C, Class A2A, 5.57%, due 12/15/2026 | &nbsp;&nbsp; 17942 |
| 784000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.49%, due 4/17/2028 | &nbsp;&nbsp; 783833 |

---

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** |  |
| $323000 | &nbsp;&nbsp; World Omni Automobile Lease Securitization Trust, Series 2025-A, Class A2A, 4.35%, due <br> 12/15/2027<br>| &nbsp;&nbsp; $322503 |
|  |  | &nbsp;&nbsp; **26330304** |
| **Other 2.9%** | **Other 2.9%** |  |
| 202316 | Amur Equipment Finance Receivables XI LLC, Series 2022-2A, Class A2, 5.30%, due 6/21/2028 | &nbsp;&nbsp; 202708<br> <sup>(a)</sup><br>|
| 211271 | Amur Equipment Finance Receivables XIII LLC, Series 2024-1A, Class A2, 5.38%, due 1/21/2031 | &nbsp;&nbsp; 212886<br> <sup>(a)</sup><br>|
| 227959 | Auxilior Term Funding LLC, Series 2024-1A, Class A2, 5.84%, due 3/15/2027 | &nbsp;&nbsp; 229116<br> <sup>(a)</sup><br>|
| 499120 | CCG Receivables Trust, Series 2023-1, Class A2, 5.82%, due 9/16/2030 | &nbsp;&nbsp; 501750<br> <sup>(a)</sup><br>|
| CNH Equipment Trust |  |  |
| 70435 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2, 5.19%, due 7/15/2027 | &nbsp;&nbsp; 70510 |
| 356597 | &nbsp;&nbsp;&nbsp; Series 2024-B, Class A2B, (30 day USD SOFR Average + 0.40%), 4.73%, due 10/15/2027 | &nbsp;&nbsp; 356596<br> <sup>(b)</sup><br>|
| 1098000 | &nbsp;&nbsp;&nbsp; Series 2025-A, Class A2A, 4.30%, due 8/15/2028 | &nbsp;&nbsp; 1096415 |
| 259189 | Daimler Trucks Retail Trust, Series 2024-1, Class A2, 5.60%, due 4/15/2026 | &nbsp;&nbsp; 259446 |
| 380638 | Dell Equipment Finance Trust, Series 2024-1, Class A2, 5.58%, due 3/22/2030 | &nbsp;&nbsp; 381525<br> <sup>(a)</sup><br>|
| DLLAA LLC |  |  |
| 76336 | &nbsp;&nbsp;&nbsp; Series 2023-1A, Class A2, 5.93%, due 7/20/2026 | &nbsp;&nbsp; 76455<br> <sup>(a)</sup><br>|
| 292000 | &nbsp;&nbsp;&nbsp; Series 2025-1A, Class A2, 4.70%, due 10/20/2027 | &nbsp;&nbsp; 292017<br> <sup>(a)</sup><br>|
| 548300 | Dllad LLC, Series 2024-1A, Class A2, 5.50%, due 8/20/2027 | &nbsp;&nbsp; 550598<br> <sup>(a)</sup><br>|
| 54883 | DLLST LLC, Series 2024-1A, Class A2, 5.33%, due 1/20/2026 | &nbsp;&nbsp; 54921<br> <sup>(a)</sup><br>|
| John Deere Owner Trust |  |  |
| 20854 | &nbsp;&nbsp;&nbsp; Series 2023-C, Class A2, 5.76%, due 8/17/2026 | &nbsp;&nbsp; 20864 |
| 345055 | &nbsp;&nbsp;&nbsp; Series 2024-A, Class A2A, 5.19%, due 2/16/2027 | &nbsp;&nbsp; 345537 |
| Verizon Master Trust |  |  |
| 474000 | &nbsp;&nbsp;&nbsp; Series 2023-5, Class A1B, (30 day USD SOFR Average + 0.68%), 5.01%, due 9/8/2028 | &nbsp;&nbsp; 474955<br> <sup>(b)</sup><br>|
| 1113000 | &nbsp;&nbsp;&nbsp; Series 2024-3, Class A1B, (30 day USD SOFR Average + 0.58%), 4.91%, due 4/22/2030 | &nbsp;&nbsp; 1116104<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **6242403** |
| **Total Asset-Backed Securities (Cost $32,556,388)** | **Total Asset-Backed Securities (Cost $32,556,388)** | &nbsp;&nbsp; **32572707** |
| **Corporate Bonds 60.3%** | **Corporate Bonds 60.3%** | **Corporate Bonds 60.3%** |
| **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** | **Aerospace & Defense 2.2%** |
| 2514000 | General Electric Co., (3 mo. USD Term SOFR + 0.64%), 4.90%, due 5/5/2026 | &nbsp;&nbsp; 2515345<br> <sup>(b)</sup><br>|
| 2262000 | RTX Corp., 3.95%, due 8/16/2025 | &nbsp;&nbsp; 2257358 |
|  |  | &nbsp;&nbsp; **4772703** |
| **Agriculture 1.2%** | **Agriculture 1.2%** | **Agriculture 1.2%** |
| 2520000 | &nbsp;&nbsp; Philip Morris International, Inc., (Secured Overnight Financing Rate + 0.83%), 5.17%, due <br> 4/28/2028<br>| &nbsp;&nbsp; **2531799**<br> <sup>(b)</sup><br>|
| **Auto Manufacturers 0.8%** | **Auto Manufacturers 0.8%** | **Auto Manufacturers 0.8%** |
| 1700000 | &nbsp;&nbsp; Toyota Motor Credit Corp., (Secured Overnight Financing Rate Index + 0.45%), 4.80%, due <br> 4/10/2026<br>| &nbsp;&nbsp; **1700338**<br> <sup>(b)</sup><br>|
| **Banks 19.5%** | **Banks 19.5%** | **Banks 19.5%** |
| Bank of America Corp. |  |  |
| 3235000 | &nbsp;&nbsp;&nbsp; 1.20%, due 10/24/2026 | &nbsp;&nbsp; 3189425<br> <sup>(c)</sup><br>|
| 945000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 1.35%), 5.70%, due 9/15/2027 | &nbsp;&nbsp; 952232<br> <sup>(b)</sup><br>|
| 4550000 | Citibank NA, (Secured Overnight Financing Rate + 0.71%), 5.06%, due 11/19/2027 | &nbsp;&nbsp; 4545439<br> <sup>(b)</sup><br>|
| 1895000 | Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 5.15%, due 1/28/2028 | &nbsp;&nbsp; 1893456<br> <sup>(b)</sup><br>|
| 3050000 | Goldman Sachs Bank USA, (Secured Overnight Financing Rate + 0.75%), 5.10%, due 5/21/2027 | &nbsp;&nbsp; 3051588<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** |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
| $910000 | Goldman Sachs Group, Inc., (Secured Overnight Financing Rate + 1.85%), 6.20%, due 3/15/2028 | &nbsp;&nbsp; $923772<br> <sup>(b)</sup><br>|
| JPMorgan Chase & Co. |  |  |
| 3095000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.77%), 5.11%, due 9/22/2027 | &nbsp;&nbsp; 3100055<br> <sup>(b)</sup><br>|
| 1305000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 1.20%), 5.54%, due 1/23/2028 | &nbsp;&nbsp; 1311864<br> <sup>(b)</sup><br>|
| 4090000 | Morgan Stanley Bank NA, (Secured Overnight Financing Rate + 0.69%), 5.03%, due 10/15/2027 | &nbsp;&nbsp; 4090693<br> <sup>(b)</sup><br>|
| 1835000 | Nordea Bank Abp, (Secured Overnight Financing Rate + 0.74%), 5.09%, due 3/19/2027 | &nbsp;&nbsp; 1843032<br> <sup>(a)(b)</sup><br>|
| 2595000 | PNC Bank NA, (Secured Overnight Financing Rate + 0.50%), 4.84%, due 1/15/2027 | &nbsp;&nbsp; 2595523<br> <sup>(b)</sup><br>|
| State Street Corp. |  |  |
| 700000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.85%), 5.19%, due 8/3/2026 | &nbsp;&nbsp; 702904<br> <sup>(b)</sup><br>|
| 2795000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.64%), 4.98%, due 10/22/2027 | &nbsp;&nbsp; 2791723<br> <sup>(b)</sup><br>|
| 3705000 | U.S. Bank NA, (Secured Overnight Financing Rate + 0.69%), 5.03%, due 10/22/2027 | &nbsp;&nbsp; 3702986<br> <sup>(b)</sup><br>|
| UBS Group AG |  |  |
| 1495000 | &nbsp;&nbsp;&nbsp; 2.19%, due 6/5/2026 | &nbsp;&nbsp; 1494707<br> <sup>(a)(c)</sup><br>|
| 1420000 | &nbsp;&nbsp;&nbsp; 1.31%, due 2/2/2027 | &nbsp;&nbsp; 1387150<br> <sup>(a)(c)</sup><br>|
| 4345000 | Wells Fargo & Co., (Secured Overnight Financing Rate + 0.78%), 5.10%, due 1/24/2028 | &nbsp;&nbsp; 4327837<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **41904386** |
| **Beverages 2.3%** | **Beverages 2.3%** | **Beverages 2.3%** |
| 2155000 | Keurig Dr. Pepper, Inc., (Secured Overnight Financing Rate + 0.58%), 4.93%, due 11/15/2026 | &nbsp;&nbsp; 2158211<br> <sup>(b)</sup><br>|
| 2775000 | &nbsp;&nbsp; Pepsico Singapore Financing I Pte. Ltd., (Secured Overnight Financing Rate Index + 0.56%), 4.91%, <br> due 2/16/2027<br>| &nbsp;&nbsp; 2775122<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **4933333** |
| **Biotechnology 0.9%** | **Biotechnology 0.9%** | **Biotechnology 0.9%** |
| 1835000 | Amgen, Inc., 5.51%, due 3/2/2026 | &nbsp;&nbsp; **1835454** |
| **Commercial Services 0.7%** | **Commercial Services 0.7%** | **Commercial Services 0.7%** |
| 1520000 | PayPal Holdings, Inc., (Secured Overnight Financing Rate + 0.67%), 5.02%, due 3/6/2028 | &nbsp;&nbsp; **1521261**<br> <sup>(b)</sup><br>|
| **Diversified Financial Services 3.8%** | **Diversified Financial Services 3.8%** | **Diversified Financial Services 3.8%** |
| 3830000 | American Express Co., (Secured Overnight Financing Rate Index + 1.00%), 5.35%, due 2/16/2028 | &nbsp;&nbsp; 3849175<br> <sup>(b)</sup><br>|
| 3440000 | Capital One Financial Corp., 4.99%, due 7/24/2026 | &nbsp;&nbsp; 3439973<br> <sup>(c)</sup><br>|
| 755000 | Mastercard, Inc., (Secured Overnight Financing Rate Index + 0.44%), 4.79%, due 3/15/2028 | &nbsp;&nbsp; 755137<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **8044285** |
| **Electric 3.1%** | **Electric 3.1%** | **Electric 3.1%** |
| 1735000 | &nbsp;&nbsp; Consolidated Edison Co. of New York, Inc., (Secured Overnight Financing Rate Index + 0.52%), <br> 4.87%, due 11/18/2027<br>| &nbsp;&nbsp; 1730888<br> <sup>(b)</sup><br>|
| 1800000 | Georgia Power Co., (Secured Overnight Financing Rate Index + 0.28%), 4.63%, due 9/15/2026 | &nbsp;&nbsp; 1799550<br> <sup>(b)</sup><br>|
| 3105000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., (Secured Overnight Financing Rate Index + 0.76%), 5.11%, <br> due 1/29/2026<br>| &nbsp;&nbsp; 3113579<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **6644017** |
| **Healthcare - Services 1.5%** | **Healthcare - Services 1.5%** | **Healthcare - Services 1.5%** |
| 3281000 | UnitedHealth Group, Inc., (Secured Overnight Financing Rate + 0.50%), 4.84%, due 7/15/2026 | &nbsp;&nbsp; **3281931**<br> <sup>(b)</sup><br>|
| **Insurance 4.3%** | **Insurance 4.3%** | **Insurance 4.3%** |
| 2175000 | Athene Global Funding, (Secured Overnight Financing Rate Index + 0.83%), 5.18%, due 1/7/2027 | &nbsp;&nbsp; 2177355<br> <sup>(a)(b)</sup><br>|
| 2190000 | Corebridge Global Funding, (Secured Overnight Financing Rate + 1.30%), 5.65%, due 9/25/2026 | &nbsp;&nbsp; 2205418<br> <sup>(a)(b)</sup><br>|
| 730000 | &nbsp;&nbsp; Marsh & McLennan Cos., Inc., (Secured Overnight Financing Rate Index + 0.70%), 5.04%, due <br> 11/8/2027<br>| &nbsp;&nbsp; 730655<br> <sup>(b)</sup><br>|
| New York Life Global Funding |  |  |
| 2480000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.58%), 4.93%, due 8/28/2026 | &nbsp;&nbsp; 2486144<br> <sup>(a)(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** |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
| $1605000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.41%), 4.75%, due 2/5/2027 | &nbsp;&nbsp; $1601937<br> <sup>(a)(b)</sup><br>|
|  |  | &nbsp;&nbsp; **9201509** |
| **Machinery - Construction & Mining 1.8%** | **Machinery - Construction & Mining 1.8%** | **Machinery - Construction & Mining 1.8%** |
| 3845000 | &nbsp;&nbsp; Caterpillar Financial Services Corp., (Secured Overnight Financing Rate + 0.52%), 4.87%, due <br> 5/14/2027<br>| &nbsp;&nbsp; **3848029**<br> <sup>(b)</sup><br>|
| **Machinery - Diversified 1.8%** | **Machinery - Diversified 1.8%** | **Machinery - Diversified 1.8%** |
| John Deere Capital Corp. |  |  |
| 3035000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.44%), 4.79%, due 3/6/2026 | &nbsp;&nbsp; 3040128<br> <sup>(b)</sup><br>|
| 845000 | &nbsp;&nbsp;&nbsp; (Secured Overnight Financing Rate + 0.60%), 4.95%, due 6/11/2027 | &nbsp;&nbsp; 847144<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **3887272** |
| **Media 0.8%** | **Media 0.8%** | **Media 0.8%** |
| 1625000 | TCI Communications, Inc., 7.88%, due 2/15/2026 | &nbsp;&nbsp; **1661588** |
| **Miscellaneous Manufacturer 1.0%** | **Miscellaneous Manufacturer 1.0%** | **Miscellaneous Manufacturer 1.0%** |
| 2205000 | Siemens Funding BV, (Secured Overnight Financing Rate + 0.64%), 4.99%, due 5/26/2028 | &nbsp;&nbsp; **2206513**<br> <sup>(a)(b)</sup><br>|
| **Oil & Gas 1.1%** | **Oil & Gas 1.1%** | **Oil & Gas 1.1%** |
| 2350000 | Chevron USA, Inc., (Secured Overnight Financing Rate Index + 0.36%), 4.71%, due 2/26/2027 | &nbsp;&nbsp; **2350352**<br> <sup>(b)</sup><br>|
| **Pharmaceuticals 3.2%** | **Pharmaceuticals 3.2%** | **Pharmaceuticals 3.2%** |
| 2090000 | Bristol-Myers Squibb Co., (Secured Overnight Financing Rate + 0.49%), 4.84%, due 2/20/2026 | &nbsp;&nbsp; 2093519<br> <sup>(b)</sup><br>|
| CVS Health Corp. |  |  |
| 1615000 | &nbsp;&nbsp;&nbsp; 3.88%, due 7/20/2025 | &nbsp;&nbsp; 1612859 |
| 940000 | &nbsp;&nbsp;&nbsp; 5.00%, due 2/20/2026 | &nbsp;&nbsp; 941288 |
| 2315000 | GlaxoSmithKline Capital PLC, (Secured Overnight Financing Rate + 0.50%), 4.85%, due 3/12/2027 | &nbsp;&nbsp; 2320579<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **6968245** |
| **Pipelines 1.1%** | **Pipelines 1.1%** | **Pipelines 1.1%** |
| 120000 | Enbridge Energy Partners LP, 5.88%, due 10/15/2025 | &nbsp;&nbsp; 120198 |
| 2180000 | Enterprise Products Operating LLC, 3.70%, due 2/15/2026 | &nbsp;&nbsp; 2167502 |
|  |  | &nbsp;&nbsp; **2287700** |
| **Real Estate Investment Trusts 2.0%** | **Real Estate Investment Trusts 2.0%** | **Real Estate Investment Trusts 2.0%** |
| 4324000 | Simon Property Group LP, 3.50%, due 9/1/2025 | &nbsp;&nbsp; **4313197** |
| **Retail 0.9%** | **Retail 0.9%** | **Retail 0.9%** |
| 1850000 | Walmart, Inc., (Secured Overnight Financing Rate Index + 0.43%), 4.77%, due 4/28/2027 | &nbsp;&nbsp; **1854699**<br> <sup>(b)</sup><br>|
| **Semiconductors 2.2%** | **Semiconductors 2.2%** | **Semiconductors 2.2%** |
| 2125000 | Broadcom, Inc., 3.15%, due 11/15/2025 | &nbsp;&nbsp; 2111148 |
| 2710000 | Intel Corp., 4.88%, due 2/10/2026 | &nbsp;&nbsp; 2711562 |
|  |  | &nbsp;&nbsp; **4822710** |
| **Software 1.4%** | **Software 1.4%** | **Software 1.4%** |
| 3130000 | Oracle Corp., 1.65%, due 3/25/2026 | &nbsp;&nbsp; **3053653** |
| **Telecommunications 2.7%** | **Telecommunications 2.7%** | **Telecommunications 2.7%** |
| 4770000 | AT&T, Inc., 1.70%, due 3/25/2026 | &nbsp;&nbsp; 4658346 |
| T-Mobile USA, Inc. |  |  |
| 330000 | &nbsp;&nbsp;&nbsp; 2.25%, due 2/15/2026 | &nbsp;&nbsp; 324331 |
| 150000 | &nbsp;&nbsp;&nbsp; 2.63%, due 4/15/2026 | &nbsp;&nbsp; 147675 |

---

See Notes to Consolidated Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Telecommunications – cont'd** | **Telecommunications – cont'd** | **Telecommunications – cont'd** |
| $765000 | Verizon Communications, Inc., 1.45%, due 3/20/2026 | &nbsp;&nbsp; $747132 |
|  |  | &nbsp;&nbsp; **5877484** |
| **Total Corporate Bonds (Cost $129,492,527)** | **Total Corporate Bonds (Cost $129,492,527)** | &nbsp;&nbsp; **129502458** |
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 17.4%** | **Short-Term Investments 17.4%** | **Short-Term Investments 17.4%** |
| **Investment Companies 17.4%** | **Investment Companies 17.4%** | **Investment Companies 17.4%** |
| 37494385 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27%<sup>(d)</sup> <br> **(Cost $37,494,385)**<br>| &nbsp;&nbsp; **37494385** |
| **Total Investments 92.9% (Cost $199,543,300)** | **Total Investments 92.9% (Cost $199,543,300)** | &nbsp;&nbsp; **199569550** |
| Other Assets Less Liabilities 7.1% | Other Assets Less Liabilities 7.1% | &nbsp;&nbsp; 15188322<br> <sup>(e)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$214757872** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 May 31, 2025, these securities amounted to $24,460,126, which represents 11.4% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security. The interest rate shown was the current rate as
 of May 31, 2025 and changes periodically.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;(d) Represents 7-day effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Includes the impact of the Fund's open positions in derivatives at May 31, 2025.

See Notes to Consolidated Schedule of Investments

------

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

Derivative Instruments

**Futures contracts ("futures")**

At May 31, 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>|
| 6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1433075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $74082 |
| 6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | RBOB Gasoline | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5331955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (599990)<br>|
| 6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | Sugar 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5365976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178006)<br>|
| 6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144020)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | Brent Crude | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10300300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226785 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | Canola | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34511 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | Cocoa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2839390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459366 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | Cocoa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 969431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116854 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | Coffee Robusta 10tn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1127500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (207526)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | Coffee'c' | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8218800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1026789)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8322 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | Iron Ore | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6830 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1854799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48298)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | Lean Hogs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6295500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256628 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | Low Sulphur Gasoil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9511075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1199533)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4360121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (242929)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | Platinum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3850385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287715 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10911572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (331928)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | Rapeseed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7425)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | Silver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7431525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (198145)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42590)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2560194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22804 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8510 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | White Sugar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1785375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130158)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9271890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1781914)<br>|
| 8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | Cattle Feeder | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5528263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69906 |
| 8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | Gold 100 Oz | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39121720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459874 |
| 8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10048800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146306 |
| 8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 | Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11015120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (718882)<br>|
| 8/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | New York Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6905909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (858060)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16198538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (589381)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3116420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88531)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | Palladium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1356040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (981)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 | Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9420065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6684 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81025)<br>|
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12488)<br>|
| 10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | WTI Crude | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5645400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126633 |
| 11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (384555)<br>|
| 11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 | Soybean | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8830050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151572)<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>|
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 | Corn | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10633625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(596394)<br>|
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | ECX Emission | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2718199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79272 |
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | Phelix DE Base | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1708816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52120 |
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64700)<br>|
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$243000905** | &nbsp;&nbsp;&nbsp;&nbsp; **$(7240225)**<br>|

---

&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>|
| 6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1433075)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8074)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1854799)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35079)<br>|
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4360121)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109049 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10911572)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50752 |
| 7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9271890)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656707 |
| 9/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (245483)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2499)<br>|
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | Cotton No.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1930875)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| 12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (142750)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp;&nbsp;&nbsp; **$(30150565)**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **$771782** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp;&nbsp;&nbsp; **$(6468443)**<br>|

---

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Asset-Backed Securities<sup>#</sup> <br>| $— | $32572707 | $— | $32572707 |
| Corporate Bonds<sup>#</sup> <br>|  | 129502458 |  | 129502458 |
| Short-Term Investments |  | 37494385 |  | 37494385 |
| **Total Investments** | **$—** | **$199569550** | **$—** | **$199569550** |

---

&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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Assets | $3263029 | $— | $— | $3263029 |
| &nbsp;&nbsp;&nbsp; Liabilities | (9731472)<br>|  |  | (9731472)<br>|
| **Total** | **$(6468443)**<br>| **$—** | **$—** | **$(6468443)**<br>|

---

&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)

May 31, 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 98.8%** | **Common Stocks 98.8%** | **Common Stocks 98.8%** |
| **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** | **Aerospace & Defense 2.4%** |
| 4922 | Boeing Co.<sup>\*</sup> | &nbsp;&nbsp; $1020429 |
| 9840 | General Electric Co. | &nbsp;&nbsp; 2419754 |
| 9289 | Howmet Aerospace, Inc. | &nbsp;&nbsp; 1578108 |
| 11549 | RTX Corp. | &nbsp;&nbsp; 1576208 |
|  |  | &nbsp;&nbsp; **6594499** |
| **Automobile Components 0.2%** | **Automobile Components 0.2%** | **Automobile Components 0.2%** |
| 4177 | Aptiv PLC<sup>\*</sup> | &nbsp;&nbsp; 279065 |
| 7820 | Mobileye Global, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 127075 |
|  |  | &nbsp;&nbsp; **406140** |
| **Automobiles 2.0%** | **Automobiles 2.0%** | **Automobiles 2.0%** |
| 13072 | General Motors Co. | &nbsp;&nbsp; 648502 |
| 14161 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4906220 |
|  |  | &nbsp;&nbsp; **5554722** |
| **Banks 4.2%** | **Banks 4.2%** | **Banks 4.2%** |
| 61849 | Bank of America Corp. | &nbsp;&nbsp; 2729396 |
| 8067 | Citizens Financial Group, Inc. | &nbsp;&nbsp; 325504 |
| 17769 | JPMorgan Chase & Co. | &nbsp;&nbsp; 4691016 |
| 4111 | PNC Financial Services Group, Inc. | &nbsp;&nbsp; 714533 |
| 43405 | Wells Fargo & Co. | &nbsp;&nbsp; 3245826 |
|  |  | &nbsp;&nbsp; **11706275** |
| **Beverages 0.9%** | **Beverages 0.9%** | **Beverages 0.9%** |
| 35653 | Coca-Cola Co. | &nbsp;&nbsp; **2570581** |
| **Biotechnology 0.6%** | **Biotechnology 0.6%** | **Biotechnology 0.6%** |
| 2416 | BioMarin Pharmaceutical, Inc.<sup>\*</sup> | &nbsp;&nbsp; 140297 |
| 8214 | Ionis Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 275251 |
| 855 | Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 419190 |
| 1982 | Vertex Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp; 876143 |
|  |  | &nbsp;&nbsp; **1710881** |
| **Broadline Retail 3.7%** | **Broadline Retail 3.7%** | **Broadline Retail 3.7%** |
| 50072 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **10265261** |
| **Building Products 0.5%** | **Building Products 0.5%** | **Building Products 0.5%** |
| 1773 | Builders FirstSource, Inc.<sup>\*</sup> | &nbsp;&nbsp; 190916 |
| 2755 | Trane Technologies PLC | &nbsp;&nbsp; 1185394 |
|  |  | &nbsp;&nbsp; **1376310** |
| **Capital Markets 3.8%** | **Capital Markets 3.8%** | **Capital Markets 3.8%** |
| 3175 | Ares Management Corp. Class A | &nbsp;&nbsp; 525462 |
| 4374 | Bank of New York Mellon Corp. | &nbsp;&nbsp; 387580 |
| 912 | Blackrock, Inc. | &nbsp;&nbsp; 893660 |
| 3077 | Brookfield Corp. | &nbsp;&nbsp; 177604 |
| 12056 | Intercontinental Exchange, Inc. | &nbsp;&nbsp; 2167669 |
| 6565 | KKR & Co., Inc. | &nbsp;&nbsp; 797385 |
| 1157 | LPL Financial Holdings, Inc. | &nbsp;&nbsp; 447944 |
| 1585 | Moody's Corp. | &nbsp;&nbsp; 759722 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Capital Markets – cont'd** | **Capital Markets – cont'd** | **Capital Markets – cont'd** |
| 8934 | Morgan Stanley | &nbsp;&nbsp; $1143820 |
| 7707 | Nasdaq, Inc. | &nbsp;&nbsp; 643843 |
| 4215 | S&P Global, Inc. | &nbsp;&nbsp; 2161705 |
| 2575 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 371959 |
|  |  | &nbsp;&nbsp; **10478353** |
| **Chemicals 1.0%** | **Chemicals 1.0%** | **Chemicals 1.0%** |
| 1733 | Ecolab, Inc. | &nbsp;&nbsp; 460319 |
| 7207 | Element Solutions, Inc. | &nbsp;&nbsp; 154086 |
| 4429 | Linde PLC | &nbsp;&nbsp; 2070912 |
|  |  | &nbsp;&nbsp; **2685317** |
| **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** | **Commercial Services & Supplies 0.6%** |
| 3389 | Republic Services, Inc. | &nbsp;&nbsp; 871956 |
| 4448 | Waste Connections, Inc. | &nbsp;&nbsp; 876656 |
|  |  | &nbsp;&nbsp; **1748612** |
| **Communications Equipment 0.2%** | **Communications Equipment 0.2%** | **Communications Equipment 0.2%** |
| 932 | Motorola Solutions, Inc. | &nbsp;&nbsp; **387134** |
| **Construction Materials 0.2%** | **Construction Materials 0.2%** | **Construction Materials 0.2%** |
| 1203 | Martin Marietta Materials, Inc. | &nbsp;&nbsp; **658703** |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| 3314 | Costco Wholesale Corp. | &nbsp;&nbsp; 3447157 |
| 10427 | Dollar Tree, Inc.<sup>\*</sup> | &nbsp;&nbsp; 941141 |
|  |  | &nbsp;&nbsp; **4388298** |
| **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** | **Containers & Packaging 0.3%** |
| 4012 | Avery Dennison Corp. | &nbsp;&nbsp; 713053 |
| 4305 | Ball Corp. | &nbsp;&nbsp; 230662 |
|  |  | &nbsp;&nbsp; **943715** |
| **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** | **Diversified Telecommunication Services 0.4%** |
| 43037 | AT&T, Inc. | &nbsp;&nbsp; **1196429** |
| **Electric Utilities 1.5%** | **Electric Utilities 1.5%** | **Electric Utilities 1.5%** |
| 7736 | Alliant Energy Corp. | &nbsp;&nbsp; 481411 |
| 5659 | American Electric Power Co., Inc. | &nbsp;&nbsp; 585650 |
| 2294 | Constellation Energy Corp. | &nbsp;&nbsp; 702308 |
| 4508 | Duke Energy Corp. | &nbsp;&nbsp; 530682 |
| 3636 | Entergy Corp. | &nbsp;&nbsp; 302806 |
| 7326 | FirstEnergy Corp. | &nbsp;&nbsp; 307253 |
| 11803 | NextEra Energy, Inc. | &nbsp;&nbsp; 833764 |
| 15767 | PG&E Corp. | &nbsp;&nbsp; 266147 |
| 4835 | TXNM Energy, Inc. | &nbsp;&nbsp; 274096 |
|  |  | &nbsp;&nbsp; **4284117** |
| **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** | **Electrical Equipment 1.0%** |
| 5233 | Eaton Corp. PLC | &nbsp;&nbsp; 1675606 |
| 14652 | nVent Electric PLC | &nbsp;&nbsp; 964102 |
|  |  | &nbsp;&nbsp; **2639708** |

---

See Notes to Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** | **Electronic Equipment, Instruments & Components 0.6%** |
| 14510 | Amphenol Corp. Class A | &nbsp;&nbsp; $1304884 |
| 2035 | CDW Corp. | &nbsp;&nbsp; 367033 |
|  |  | &nbsp;&nbsp; **1671917** |
| **Energy Equipment & Services 0.1%** | **Energy Equipment & Services 0.1%** | **Energy Equipment & Services 0.1%** |
| 10009 | Baker Hughes Co. | &nbsp;&nbsp; **370833** |
| **Entertainment 2.4%** | **Entertainment 2.4%** | **Entertainment 2.4%** |
| 1560 | Electronic Arts, Inc. | &nbsp;&nbsp; 224297 |
| 3281 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3960921 |
| 3351 | TKO Group Holdings, Inc. | &nbsp;&nbsp; 528821 |
| 18018 | Walt Disney Co. | &nbsp;&nbsp; 2036755 |
|  |  | &nbsp;&nbsp; **6750794** |
| **Financial Services 3.4%** | **Financial Services 3.4%** | **Financial Services 3.4%** |
| 3697 | Apollo Global Management, Inc. | &nbsp;&nbsp; 483161 |
| 6892 | Fiserv, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1121949 |
| 6351 | MasterCard, Inc. Class A | &nbsp;&nbsp; 3719145 |
| 11115 | Visa, Inc. Class A | &nbsp;&nbsp; 4059087 |
|  |  | &nbsp;&nbsp; **9383342** |
| **Food Products 0.4%** | **Food Products 0.4%** | **Food Products 0.4%** |
| 8657 | Nestle SA ADR | &nbsp;&nbsp; 922057 |
| 18133 | Utz Brands, Inc. | &nbsp;&nbsp; 239900 |
|  |  | &nbsp;&nbsp; **1161957** |
| **Gas Utilities 0.1%** | **Gas Utilities 0.1%** | **Gas Utilities 0.1%** |
| 10407 | UGI Corp. | &nbsp;&nbsp; **375276** |
| **Ground Transportation 1.1%** | **Ground Transportation 1.1%** | **Ground Transportation 1.1%** |
| 9729 | Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 794373 |
| 6850 | Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 1097164 |
| 14598 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1228568 |
|  |  | &nbsp;&nbsp; **3120105** |
| **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** | **Health Care Equipment & Supplies 2.9%** |
| 17130 | Abbott Laboratories | &nbsp;&nbsp; 2288225 |
| 17609 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; 1853523 |
| 10895 | Cooper Cos., Inc.<sup>\*</sup> | &nbsp;&nbsp; 743911 |
| 6582 | Dexcom, Inc.<sup>\*</sup> | &nbsp;&nbsp; 564736 |
| 20410 | Medtronic PLC | &nbsp;&nbsp; 1693622 |
| 10302 | Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 949535 |
|  |  | &nbsp;&nbsp; **8093552** |
| **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** | **Health Care Providers & Services 1.7%** |
| 1983 | Cigna Group | &nbsp;&nbsp; 627897 |
| 11525 | CVS Health Corp. | &nbsp;&nbsp; 738061 |
| 1118 | McKesson Corp. | &nbsp;&nbsp; 804412 |
| 2722 | Quest Diagnostics, Inc. | &nbsp;&nbsp; 471832 |
| 2018 | RadNet, Inc.<sup>\*</sup> | &nbsp;&nbsp; 116015 |
| 1498 | Tenet Healthcare Corp.<sup>\*</sup> | &nbsp;&nbsp; 252817 |
| 5735 | UnitedHealth Group, Inc. | &nbsp;&nbsp; 1731454 |
|  |  | &nbsp;&nbsp; **4742488** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Health Care REITs 0.3%** | **Health Care REITs 0.3%** | **Health Care REITs 0.3%** |
| 14314 | Ventas, Inc. | &nbsp;&nbsp; **$920104** |
| **Health Care Technology 0.1%** | **Health Care Technology 0.1%** | **Health Care Technology 0.1%** |
| 5304 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **212054** |
| **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** | **Hotels, Restaurants & Leisure 2.6%** |
| 284 | Booking Holdings, Inc. | &nbsp;&nbsp; 1567376 |
| 70017 | Carnival Corp.<sup>\*</sup> | &nbsp;&nbsp; 1625795 |
| 2028 | Darden Restaurants, Inc. | &nbsp;&nbsp; 434418 |
| 27117 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 972958 |
| 5329 | Las Vegas Sands Corp. | &nbsp;&nbsp; 219341 |
| 4114 | McDonald's Corp. | &nbsp;&nbsp; 1291179 |
| 11315 | Wynn Resorts Ltd. | &nbsp;&nbsp; 1024460 |
|  |  | &nbsp;&nbsp; **7135527** |
| **Household Durables 0.2%** | **Household Durables 0.2%** | **Household Durables 0.2%** |
| 3571 | Lennar Corp. Class A | &nbsp;&nbsp; 378812 |
| 1221 | Toll Brothers, Inc. | &nbsp;&nbsp; 127289 |
|  |  | &nbsp;&nbsp; **506101** |
| **Household Products 1.1%** | **Household Products 1.1%** | **Household Products 1.1%** |
| 7354 | Colgate-Palmolive Co. | &nbsp;&nbsp; 683481 |
| 13645 | Procter & Gamble Co. | &nbsp;&nbsp; 2318149 |
|  |  | &nbsp;&nbsp; **3001630** |
| &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;&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>**Independent Power and Renewable**<br> **Electricity Producers 0.2%**  | &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;&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>**Independent Power and Renewable**<br> **Electricity Producers 0.2%**  | &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;&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>**Independent Power and Renewable**<br> **Electricity Producers 0.2%**  |
| 152 | Talen Energy Corp.<sup>\*</sup> | &nbsp;&nbsp; 37081 |
| 3446 | Vistra Corp. | &nbsp;&nbsp; 553324 |
|  |  | &nbsp;&nbsp; **590405** |
| **Industrial Conglomerates 0.6%** | **Industrial Conglomerates 0.6%** | **Industrial Conglomerates 0.6%** |
| 11760 | 3M Co. | &nbsp;&nbsp; **1744596** |
| **Industrial REITs 0.2%** | **Industrial REITs 0.2%** | **Industrial REITs 0.2%** |
| 5741 | Prologis, Inc. | &nbsp;&nbsp; **623473** |
| **Insurance 4.3%** | **Insurance 4.3%** | **Insurance 4.3%** |
| 6181 | Allstate Corp. | &nbsp;&nbsp; 1297206 |
| 27400 | &nbsp;&nbsp; American International Group, <br> Inc.<br>| &nbsp;&nbsp; 2319136 |
| 9619 | Aon PLC Class A | &nbsp;&nbsp; 3579038 |
| 3145 | Assurant, Inc. | &nbsp;&nbsp; 638372 |
| 6500 | Globe Life, Inc. | &nbsp;&nbsp; 792155 |
| 7326 | MetLife, Inc. | &nbsp;&nbsp; 575677 |
| 33335 | Unum Group | &nbsp;&nbsp; 2723803 |
|  |  | &nbsp;&nbsp; **11925387** |
| **Interactive Media & Services 7.1%** | **Interactive Media & Services 7.1%** | **Interactive Media & Services 7.1%** |
| 25451 | Alphabet, Inc. Class C | &nbsp;&nbsp; 4399205 |
| 44685 | Alphabet, Inc. Class A | &nbsp;&nbsp; 7674202 |
| 10582 | Match Group, Inc. | &nbsp;&nbsp; 316825 |
| 11222 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 7266133 |
|  |  | &nbsp;&nbsp; **19656365** |

---

See Notes to Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **IT Services 0.6%** | **IT Services 0.6%** | **IT Services 0.6%** |
| 3301 | Accenture PLC Class A | &nbsp;&nbsp; $1045823 |
| 717 | Gartner, Inc.<sup>\*</sup> | &nbsp;&nbsp; 312913 |
| 1287 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; 191699 |
|  |  | &nbsp;&nbsp; **1550435** |
| **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** |
| 2883 | Agilent Technologies, Inc. | &nbsp;&nbsp; 322665 |
| 6777 | Avantor, Inc.<sup>\*</sup> | &nbsp;&nbsp; 87491 |
| 4779 | Danaher Corp. | &nbsp;&nbsp; 907532 |
| 1996 | IQVIA Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 280099 |
| 2458 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 990132 |
|  |  | &nbsp;&nbsp; **2587919** |
| **Machinery 1.6%** | **Machinery 1.6%** | **Machinery 1.6%** |
| 3247 | Caterpillar, Inc. | &nbsp;&nbsp; 1130053 |
| 2068 | Deere & Co. | &nbsp;&nbsp; 1046946 |
| 11234 | Ingersoll Rand, Inc. | &nbsp;&nbsp; 917144 |
| 2189 | Parker-Hannifin Corp. | &nbsp;&nbsp; 1455028 |
|  |  | &nbsp;&nbsp; **4549171** |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| 2530 | Sherwin-Williams Co. | &nbsp;&nbsp; **907789** |
| **Metals & Mining 0.7%** | **Metals & Mining 0.7%** | **Metals & Mining 0.7%** |
| 4259 | Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 502519 |
| 15454 | Freeport-McMoRan, Inc. | &nbsp;&nbsp; 594670 |
| 3100 | Nucor Corp. | &nbsp;&nbsp; 339016 |
| 3297 | Steel Dynamics, Inc. | &nbsp;&nbsp; 405762 |
|  |  | &nbsp;&nbsp; **1841967** |
| **Mortgage Real Estate Investment Trusts 0.1%** | **Mortgage Real Estate Investment Trusts 0.1%** | **Mortgage Real Estate Investment Trusts 0.1%** |
| 16135 | Starwood Property Trust, Inc. | &nbsp;&nbsp; **318666** |
| **Multi-Utilities 0.6%** | **Multi-Utilities 0.6%** | **Multi-Utilities 0.6%** |
| 14784 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 550556 |
| 3270 | DTE Energy Co. | &nbsp;&nbsp; 446845 |
| 3321 | &nbsp;&nbsp; Public Service Enterprise Group, <br> Inc.<br>| &nbsp;&nbsp; 269101 |
| 4167 | Sempra | &nbsp;&nbsp; 327485 |
|  |  | &nbsp;&nbsp; **1593987** |
| **Oil, Gas & Consumable Fuels 2.7%** | **Oil, Gas & Consumable Fuels 2.7%** | **Oil, Gas & Consumable Fuels 2.7%** |
| 1265 | Cheniere Energy, Inc. | &nbsp;&nbsp; 299792 |
| 9732 | Chevron Corp. | &nbsp;&nbsp; 1330364 |
| 8724 | ConocoPhillips | &nbsp;&nbsp; 744593 |
| 2383 | Diamondback Energy, Inc. | &nbsp;&nbsp; 320633 |
| 1267 | DT Midstream, Inc. | &nbsp;&nbsp; 132706 |
| 5361 | EOG Resources, Inc. | &nbsp;&nbsp; 582044 |
| 7846 | EQT Corp. | &nbsp;&nbsp; 432550 |
| 24264 | Exxon Mobil Corp. | &nbsp;&nbsp; 2482207 |
| 3899 | Phillips 66 | &nbsp;&nbsp; 442459 |
| 2372 | Shell PLC ADR | &nbsp;&nbsp; 157074 |
| 1287 | Targa Resources Corp. | &nbsp;&nbsp; 203256 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 7385 | Williams Cos., Inc. | &nbsp;&nbsp; $446866 |
|  |  | &nbsp;&nbsp; **7574544** |
| **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** | **Passenger Airlines 0.1%** |
| 4491 | Delta Air Lines, Inc. | &nbsp;&nbsp; **217319** |
| **Personal Care Products 0.4%** | **Personal Care Products 0.4%** | **Personal Care Products 0.4%** |
| 15328 | Unilever PLC ADR | &nbsp;&nbsp; **978539** |
| **Pharmaceuticals 3.0%** | **Pharmaceuticals 3.0%** | **Pharmaceuticals 3.0%** |
| 7027 | AstraZeneca PLC ADR | &nbsp;&nbsp; 511776 |
| 17769 | Bristol-Myers Squibb Co. | &nbsp;&nbsp; 857887 |
| 4634 | Eli Lilly & Co. | &nbsp;&nbsp; 3418363 |
| 15547 | Johnson & Johnson | &nbsp;&nbsp; 2413050 |
| 13177 | Merck & Co., Inc. | &nbsp;&nbsp; 1012521 |
| 1354 | Novo Nordisk AS ADR | &nbsp;&nbsp; 96811 |
|  |  | &nbsp;&nbsp; **8310408** |
| **Professional Services 0.9%** | **Professional Services 0.9%** | **Professional Services 0.9%** |
| 265 | Amentum Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 5468 |
| 1487 | CACI International, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 636436 |
| 555 | Equifax, Inc. | &nbsp;&nbsp; 146626 |
| 4351 | Jacobs Solutions, Inc. | &nbsp;&nbsp; 549531 |
| 8547 | TransUnion | &nbsp;&nbsp; 731880 |
| 1688 | Verisk Analytics, Inc. | &nbsp;&nbsp; 530268 |
|  |  | &nbsp;&nbsp; **2600209** |
| **Residential REITs 0.3%** | **Residential REITs 0.3%** | **Residential REITs 0.3%** |
| 6235 | Equity LifeStyle Properties, Inc. | &nbsp;&nbsp; 396359 |
| 3256 | Equity Residential | &nbsp;&nbsp; 228376 |
| 8140 | Invitation Homes, Inc. | &nbsp;&nbsp; 274318 |
|  |  | &nbsp;&nbsp; **899053** |
| **Semiconductors & Semiconductor Equipment 10.1%** | **Semiconductors & Semiconductor Equipment 10.1%** | **Semiconductors & Semiconductor Equipment 10.1%** |
| 5944 | Analog Devices, Inc. | &nbsp;&nbsp; 1271897 |
| 641 | ASML Holding NV | &nbsp;&nbsp; 472269 |
| 25539 | Broadcom, Inc. | &nbsp;&nbsp; 6182226 |
| 10411 | Lam Research Corp. | &nbsp;&nbsp; 841105 |
| 122222 | NVIDIA Corp. | &nbsp;&nbsp; 16515859 |
| 6898 | QUALCOMM, Inc. | &nbsp;&nbsp; 1001589 |
| 9955 | Texas Instruments, Inc. | &nbsp;&nbsp; 1820272 |
|  |  | &nbsp;&nbsp; **28105217** |
| **Software 11.3%** | **Software 11.3%** | **Software 11.3%** |
| 1576 | Autodesk, Inc.<sup>\*</sup> | &nbsp;&nbsp; 466685 |
| 3256 | &nbsp;&nbsp; Check Point Software <br> Technologies Ltd.<sup>\*</sup><br>| &nbsp;&nbsp; 745233 |
| 4648 | &nbsp;&nbsp; Crowdstrike Holdings, Inc. <br> Class A<sup>\*</sup><br>| &nbsp;&nbsp; 2190928 |
| 3091 | Intuit, Inc. | &nbsp;&nbsp; 2328976 |
| 39268 | Microsoft Corp. | &nbsp;&nbsp; 18077417 |
| 13747 | Oracle Corp. | &nbsp;&nbsp; 2275541 |
| 7447 | Salesforce, Inc. | &nbsp;&nbsp; 1976210 |

---

See Notes to Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 2393 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; $2419538 |
| 2262 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1049523 |
|  |  | &nbsp;&nbsp; **31530051** |
| **Specialized REITs 0.2%** | **Specialized REITs 0.2%** | **Specialized REITs 0.2%** |
| 13028 | Four Corners Property Trust, Inc. | &nbsp;&nbsp; 359703 |
| 9094 | Weyerhaeuser Co. | &nbsp;&nbsp; 235626 |
|  |  | &nbsp;&nbsp; **595329** |
| **Specialty Retail 2.7%** | **Specialty Retail 2.7%** | **Specialty Retail 2.7%** |
| 8906 | Home Depot, Inc. | &nbsp;&nbsp; 3279991 |
| 860 | O'Reilly Automotive, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1176050 |
| 12962 | TJX Cos., Inc. | &nbsp;&nbsp; 1644878 |
| 2198 | Ulta Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp; 1036269 |
| 16945 | Warby Parker, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 358725 |
|  |  | &nbsp;&nbsp; **7495913** |
| **Technology Hardware, Storage & Peripherals 5.8%** | **Technology Hardware, Storage & Peripherals 5.8%** | **Technology Hardware, Storage & Peripherals 5.8%** |
| 79626 | Apple, Inc. | &nbsp;&nbsp; **15992882** |
| **Textiles, Apparel & Luxury Goods 0.2%** | **Textiles, Apparel & Luxury Goods 0.2%** | **Textiles, Apparel & Luxury Goods 0.2%** |
| 10969 | NIKE, Inc. Class B | &nbsp;&nbsp; **664612** |
| **Tobacco 0.9%** | **Tobacco 0.9%** | **Tobacco 0.9%** |
| 13245 | Philip Morris International, Inc. | &nbsp;&nbsp; **2391915** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** | **Trading Companies & Distributors 0.2%** |
| 927 | United Rentals, Inc. | &nbsp;&nbsp; **$656668** |
| **Wireless Telecommunication Services 0.7%** | **Wireless Telecommunication Services 0.7%** | **Wireless Telecommunication Services 0.7%** |
| 8233 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **1994033** |
| **Total Common Stocks (Cost $251,695,908)** | **Total Common Stocks (Cost $251,695,908)** | &nbsp;&nbsp; **274937587** |
| **Exchange-Traded Funds 0.9%** | **Exchange-Traded Funds 0.9%** | **Exchange-Traded Funds 0.9%** |
| 8133 | &nbsp;&nbsp; iShares Russell 1000 ETF <br>**(Cost $2,616,574)**<br>| &nbsp;&nbsp; **2635743** |
| **Short-Term Investments 0.3%** | **Short-Term Investments 0.3%** | **Short-Term Investments 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| 658507 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.27%<sup>(a)</sup> <br>**(Cost $658,507)**<br>| &nbsp;&nbsp; **658507** |
| **Total Investments 100.0%** <br> **(Cost $254,970,989)** | **Total Investments 100.0%** <br> **(Cost $254,970,989)** | &nbsp;&nbsp; **278231837** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 127963 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$278359800** |

---

&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 May 31, 2025.

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $274937587 | $— | $— | $274937587 |
| Exchange-Traded Funds | 2635743 |  |  | 2635743 |
| Short-Term Investments |  | 658507 |  | 658507 |
| **Total Investments** | **$277573330** | **$658507** | **$—** | **$278231837** |

---

&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)

May 31, 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 97.3%** | **Common Stocks 97.3%** | **Common Stocks 97.3%** |
| **Aerospace & Defense 5.9%** | **Aerospace & Defense 5.9%** | **Aerospace & Defense 5.9%** |
| 2462 | HEICO Corp. | &nbsp;&nbsp; $737714 |
| 369 | TransDigm Group, Inc. | &nbsp;&nbsp; 541850 |
|  |  | &nbsp;&nbsp; **1279564** |
| **Automobiles 1.9%** | **Automobiles 1.9%** | **Automobiles 1.9%** |
| 1212 | Tesla, Inc.<sup>\*</sup> | &nbsp;&nbsp; **419910** |
| **Broadline Retail 4.7%** | **Broadline Retail 4.7%** | **Broadline Retail 4.7%** |
| 4954 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1015620** |
| **Capital Markets 9.1%** | **Capital Markets 9.1%** | **Capital Markets 9.1%** |
| 11638 | Robinhood Markets, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 769854 |
| 8329 | Tradeweb Markets, Inc. Class A | &nbsp;&nbsp; 1203124 |
|  |  | &nbsp;&nbsp; **1972978** |
| **Electric Utilities 4.7%** | **Electric Utilities 4.7%** | **Electric Utilities 4.7%** |
| 3327 | Constellation Energy Corp. | &nbsp;&nbsp; **1018561** |
| **Entertainment 6.5%** | **Entertainment 6.5%** | **Entertainment 6.5%** |
| 2142 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; **1424730** |
| **Financial Services 2.5%** | **Financial Services 2.5%** | **Financial Services 2.5%** |
| 12736 | Toast, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **537204** |
| **Ground Transportation 2.8%** | **Ground Transportation 2.8%** | **Ground Transportation 2.8%** |
| 7317 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; **615799** |
| **Health Care Equipment & Supplies 5.6%** | **Health Care Equipment & Supplies 5.6%** | **Health Care Equipment & Supplies 5.6%** |
| 2225 | Intuitive Surgical, Inc.<sup>\*</sup> | &nbsp;&nbsp; **1228956** |
| **Hotels, Restaurants & Leisure 3.6%** | **Hotels, Restaurants & Leisure 3.6%** | **Hotels, Restaurants & Leisure 3.6%** |
| 22066 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **791728** |
| **Interactive Media & Services 1.8%** | **Interactive Media & Services 1.8%** | **Interactive Media & Services 1.8%** |
| 3571 | Reddit, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **401202** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Semiconductors & Semiconductor Equipment 28.5%** | **Semiconductors & Semiconductor Equipment 28.5%** | **Semiconductors & Semiconductor Equipment 28.5%** |
| 4997 | Advanced Micro Devices, Inc.<sup>\*</sup> | &nbsp;&nbsp; $553318 |
| 6162 | ARM Holdings PLC ADR<sup>\*</sup> | &nbsp;&nbsp; 767415 |
| 963 | ASML Holding NV | &nbsp;&nbsp; 709509 |
| 1924 | Broadcom, Inc. | &nbsp;&nbsp; 465743 |
| 812 | Monolithic Power Systems, Inc. | &nbsp;&nbsp; 537463 |
| 3701 | Nova Ltd.<sup>\*</sup> | &nbsp;&nbsp; 790608 |
| 17718 | NVIDIA Corp. | &nbsp;&nbsp; 2394233 |
|  |  | &nbsp;&nbsp; **6218289** |
| **Software 19.7%** | **Software 19.7%** | **Software 19.7%** |
| 636 | AppLovin Corp. Class A<sup>\*</sup> | &nbsp;&nbsp; 249948 |
| 982 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 579282 |
| 940 | Intuit, Inc. | &nbsp;&nbsp; 708262 |
| 1509 | Microsoft Corp. | &nbsp;&nbsp; 694683 |
| 3892 | Palo Alto Networks, Inc.<sup>\*</sup> | &nbsp;&nbsp; 748899 |
| 5715 | Procore Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 383876 |
| 908 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 918070 |
|  |  | &nbsp;&nbsp; **4283020** |
| **Total Common Stocks (Cost $17,241,719)** | **Total Common Stocks (Cost $17,241,719)** | &nbsp;&nbsp; **21207561** |
| **Short-Term Investments 2.7%** | **Short-Term Investments 2.7%** | **Short-Term Investments 2.7%** |
| **Investment Companies 2.7%** | **Investment Companies 2.7%** | **Investment Companies 2.7%** |
| 582610 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.27%<sup>(a)</sup> <br>**(Cost $582,610)**<br>| &nbsp;&nbsp; **582610** |
| **Total Investments 100.0%** <br> **(Cost $17,824,329)** | **Total Investments 100.0%** <br> **(Cost $17,824,329)** | &nbsp;&nbsp; **21790171** |
| Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | Liabilities Less Other Assets (0.0)%<sup>‡</sup>  | &nbsp;&nbsp; (5183)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$21784988** |

---

&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 May 31, 2025.

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $21207561 | $— | $— | $21207561 |
| Short-Term Investments |  | 582610 |  | 582610 |
| **Total Investments** | **$21207561** | **$582610** | **$—** | **$21790171** |

---

&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 Growth ETF^ (Unaudited)

May 31, 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 100.4%** | **Common Stocks 100.4%** | **Common Stocks 100.4%** |
| **Aerospace & Defense 1.4%** | **Aerospace & Defense 1.4%** | **Aerospace & Defense 1.4%** |
| 593 | General Electric Co. | &nbsp;&nbsp; **$145825** |
| **Biotechnology 1.2%** | **Biotechnology 1.2%** | **Biotechnology 1.2%** |
| 664 | AbbVie, Inc. | &nbsp;&nbsp; **123577** |
| **Broadline Retail 8.6%** | **Broadline Retail 8.6%** | **Broadline Retail 8.6%** |
| 4385 | Amazon.com, Inc.<sup>\*</sup> | &nbsp;&nbsp; **898969** |
| **Capital Markets 4.2%** | **Capital Markets 4.2%** | **Capital Markets 4.2%** |
| 1921 | &nbsp;&nbsp; Brookfield Asset Management Ltd. <br> Class A<br>| &nbsp;&nbsp; 107768 |
| 144 | CME Group, Inc. | &nbsp;&nbsp; 41616 |
| 1305 | KKR & Co., Inc. | &nbsp;&nbsp; 158505 |
| 268 | S&P Global, Inc. | &nbsp;&nbsp; 137447 |
|  |  | &nbsp;&nbsp; **445336** |
| **Commercial Services & Supplies 0.5%** | **Commercial Services & Supplies 0.5%** | **Commercial Services & Supplies 0.5%** |
| 216 | Waste Management, Inc. | &nbsp;&nbsp; **52049** |
| **Consumer Staples Distribution & Retail 3.3%** | **Consumer Staples Distribution & Retail 3.3%** | **Consumer Staples Distribution & Retail 3.3%** |
| 167 | Costco Wholesale Corp. | &nbsp;&nbsp; 173710 |
| 1743 | Walmart, Inc. | &nbsp;&nbsp; 172069 |
|  |  | &nbsp;&nbsp; **345779** |
| **Containers & Packaging 0.6%** | **Containers & Packaging 0.6%** | **Containers & Packaging 0.6%** |
| 360 | Avery Dennison Corp. | &nbsp;&nbsp; **63983** |
| **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** | **Electrical Equipment 1.1%** |
| 1694 | nVent Electric PLC | &nbsp;&nbsp; **111465** |
| **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** | **Electronic Equipment, Instruments & Components 1.2%** |
| 1370 | Amphenol Corp. Class A | &nbsp;&nbsp; **123204** |
| **Entertainment 4.0%** | **Entertainment 4.0%** | **Entertainment 4.0%** |
| 304 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 366998 |
| 74 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; 49220 |
|  |  | &nbsp;&nbsp; **416218** |
| **Financial Services 5.3%** | **Financial Services 5.3%** | **Financial Services 5.3%** |
| 431 | MasterCard, Inc. Class A | &nbsp;&nbsp; 252394 |
| 832 | Visa, Inc. Class A | &nbsp;&nbsp; 303838 |
|  |  | &nbsp;&nbsp; **556232** |
| **Ground Transportation 1.4%** | **Ground Transportation 1.4%** | **Ground Transportation 1.4%** |
| 1210 | Uber Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 101834 |
| 222 | Union Pacific Corp. | &nbsp;&nbsp; 49208 |
|  |  | &nbsp;&nbsp; **151042** |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |
| 2017 | Boston Scientific Corp.<sup>\*</sup> | &nbsp;&nbsp; **212309** |
| **Health Care Technology 1.0%** | **Health Care Technology 1.0%** | **Health Care Technology 1.0%** |
| 2523 | Waystar Holding Corp.<sup>\*</sup> | &nbsp;&nbsp; **100870** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Hotels, Restaurants & Leisure 1.3%** | **Hotels, Restaurants & Leisure 1.3%** | **Hotels, Restaurants & Leisure 1.3%** |
| 798 | Chipotle Mexican Grill, Inc.<sup>\*</sup> | &nbsp;&nbsp; $39964 |
| 306 | McDonald's Corp. | &nbsp;&nbsp; 96038 |
|  |  | &nbsp;&nbsp; **136002** |
| **Household Products 0.4%** | **Household Products 0.4%** | **Household Products 0.4%** |
| 249 | Procter & Gamble Co. | &nbsp;&nbsp; **42303** |
| **Interactive Media & Services 12.1%** | **Interactive Media & Services 12.1%** | **Interactive Media & Services 12.1%** |
| 3010 | Alphabet, Inc. Class A | &nbsp;&nbsp; 516937 |
| 3402 | Match Group, Inc. | &nbsp;&nbsp; 101856 |
| 1006 | Meta Platforms, Inc. Class A | &nbsp;&nbsp; 651375 |
|  |  | &nbsp;&nbsp; **1270168** |
| **IT Services 0.4%** | **IT Services 0.4%** | **IT Services 0.4%** |
| 255 | Cloudflare, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **42302** |
| **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** | **Life Sciences Tools & Services 0.4%** |
| 112 | Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; **45116** |
| **Machinery 0.3%** | **Machinery 0.3%** | **Machinery 0.3%** |
| 96 | Caterpillar, Inc. | &nbsp;&nbsp; **33411** |
| **Media 1.0%** | **Media 1.0%** | **Media 1.0%** |
| 1352 | Trade Desk, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **101697** |
| **Multi-Utilities 0.9%** | **Multi-Utilities 0.9%** | **Multi-Utilities 0.9%** |
| 2546 | CenterPoint Energy, Inc. | &nbsp;&nbsp; **94813** |
| **Oil, Gas & Consumable Fuels 0.6%** | **Oil, Gas & Consumable Fuels 0.6%** | **Oil, Gas & Consumable Fuels 0.6%** |
| 1031 | Williams Cos., Inc. | &nbsp;&nbsp; **62386** |
| **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** |
| 220 | Eli Lilly & Co. | &nbsp;&nbsp; **162287** |
| **Professional Services 0.7%** | **Professional Services 0.7%** | **Professional Services 0.7%** |
| 298 | Equifax, Inc. | &nbsp;&nbsp; **78729** |
| **Semiconductors & Semiconductor Equipment 13.2%** | **Semiconductors & Semiconductor Equipment 13.2%** | **Semiconductors & Semiconductor Equipment 13.2%** |
| 503 | Analog Devices, Inc. | &nbsp;&nbsp; 107632 |
| 72 | ASML Holding NV | &nbsp;&nbsp; 53047 |
| 2090 | Broadcom, Inc. | &nbsp;&nbsp; 505926 |
| 5350 | NVIDIA Corp. | &nbsp;&nbsp; 722946 |
|  |  | &nbsp;&nbsp; **1389551** |
| **Software 21.3%** | **Software 21.3%** | **Software 21.3%** |
| 204 | Crowdstrike Holdings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 96159 |
| 187 | HubSpot, Inc.<sup>\*</sup> | &nbsp;&nbsp; 110311 |
| 2732 | Microsoft Corp. | &nbsp;&nbsp; 1257704 |
| 689 | Salesforce, Inc. | &nbsp;&nbsp; 182840 |
| 195 | ServiceNow, Inc.<sup>\*</sup> | &nbsp;&nbsp; 197163 |
| 482 | Synopsys, Inc.<sup>\*</sup> | &nbsp;&nbsp; 223638 |
| 672 | Workday, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 166461 |
|  |  | &nbsp;&nbsp; **2234276** |
| **Specialty Retail 4.6%** | **Specialty Retail 4.6%** | **Specialty Retail 4.6%** |
| 1589 | Chewy, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 71902 |

---

See Notes to Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Specialty Retail – cont'd** | **Specialty Retail – cont'd** | **Specialty Retail – cont'd** |
| 636 | Home Depot, Inc. | &nbsp;&nbsp; $234233 |
| 1398 | TJX Cos., Inc. | &nbsp;&nbsp; 177406 |
|  |  | &nbsp;&nbsp; **483541** |
| **Technology Hardware, Storage & Peripherals 4.7%** | **Technology Hardware, Storage & Peripherals 4.7%** | **Technology Hardware, Storage & Peripherals 4.7%** |
| 2447 | Apple, Inc. | &nbsp;&nbsp; **491480** |
| **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** | **Textiles, Apparel & Luxury Goods 0.4%** |
| 609 | NIKE, Inc. Class B | &nbsp;&nbsp; **36899** |
| **Tobacco 0.8%** | **Tobacco 0.8%** | **Tobacco 0.8%** |
| 447 | Philip Morris International, Inc. | &nbsp;&nbsp; **80724** |
| **Total Common Stocks (Cost $10,292,669)** | **Total Common Stocks (Cost $10,292,669)** | &nbsp;&nbsp; **10532543** |

---

---

| | |
|:---|:---|
| **Number of Shares** | **Value** |
| **Short-Term Investments 0.4%** | **Short-Term Investments 0.4%** |
| **Investment Companies 0.4%** | **Investment Companies 0.4%** |
| 40837<br> &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.27%<sup>(a)</sup> <br>**(Cost $40,837)**<br>| &nbsp;&nbsp; **$40837** |
| **Total Investments 100.8%** <br> **(Cost $10,333,506)** | &nbsp;&nbsp; **10573380** |
| Liabilities Less Other Assets (0.8)% | &nbsp;&nbsp; (85587)<br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$10487793** |

---

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

\* Non-income producing security. <br> (a) Represents 7-day effective yield as of May 31, 2025.

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $10532543 | $— | $— | $10532543 |
| Short-Term Investments |  | 40837 |  | 40837 |
| **Total Investments** | **$10532543** | **$40837** | **$—** | **$10573380** |

---

&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)

May 31, 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%** |
| **Automobile Components 4.0%** | **Automobile Components 4.0%** | **Automobile Components 4.0%** |
| 24200 | Niterra Co. Ltd. | &nbsp;&nbsp; $782701 |
| 12600 | Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 265844 |
|  |  | &nbsp;&nbsp; **1048545** |
| **Automobiles 2.5%** | **Automobiles 2.5%** | **Automobiles 2.5%** |
| 34000 | Toyota Motor Corp. | &nbsp;&nbsp; **654269** |
| **Banks 6.5%** | **Banks 6.5%** | **Banks 6.5%** |
| 49500 | &nbsp;&nbsp; Mitsubishi UFJ Financial Group, <br> Inc.<br>| &nbsp;&nbsp; 696773 |
| 85100 | Resona Holdings, Inc. | &nbsp;&nbsp; 756701 |
| 6100 | Shiga Bank Ltd. | &nbsp;&nbsp; 261135 |
|  |  | &nbsp;&nbsp; **1714609** |
| **Beverages 0.6%** | **Beverages 0.6%** | **Beverages 0.6%** |
| 12000 | Asahi Group Holdings Ltd. | &nbsp;&nbsp; **158949** |
| **Broadline Retail 5.2%** | **Broadline Retail 5.2%** | **Broadline Retail 5.2%** |
| 20500 | &nbsp;&nbsp; Pan Pacific International Holdings <br> Corp.<br>| &nbsp;&nbsp; 675142 |
| 18100 | Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 696855 |
|  |  | &nbsp;&nbsp; **1371997** |
| **Building Products 3.6%** | **Building Products 3.6%** | **Building Products 3.6%** |
| 23200 | Sanwa Holdings Corp. | &nbsp;&nbsp; 804047 |
| 3200 | &nbsp;&nbsp; Takasago Thermal Engineering <br> Co. Ltd.<br>| &nbsp;&nbsp; 147886 |
|  |  | &nbsp;&nbsp; **951933** |
| **Capital Markets 1.7%** | **Capital Markets 1.7%** | **Capital Markets 1.7%** |
| 71800 | Nomura Holdings, Inc. | &nbsp;&nbsp; **443239** |
| **Chemicals 3.6%** | **Chemicals 3.6%** | **Chemicals 3.6%** |
| 7500 | Mitsubishi Gas Chemical Co., Inc. | &nbsp;&nbsp; 115892 |
| 75000 | Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 567862 |
| 23600 | Osaka Soda Co. Ltd. | &nbsp;&nbsp; 265037 |
|  |  | &nbsp;&nbsp; **948791** |
| **Commercial Services & Supplies 2.1%** | **Commercial Services & Supplies 2.1%** | **Commercial Services & Supplies 2.1%** |
| 26300 | Daiei Kankyo Co. Ltd. | &nbsp;&nbsp; **554714** |
| **Construction & Engineering 3.7%** | **Construction & Engineering 3.7%** | **Construction & Engineering 3.7%** |
| 25400 | Kinden Corp. | &nbsp;&nbsp; 691243 |
| 18100 | Obayashi Corp. | &nbsp;&nbsp; 274277 |
|  |  | &nbsp;&nbsp; **965520** |
| **Electrical Equipment 2.6%** | **Electrical Equipment 2.6%** | **Electrical Equipment 2.6%** |
| 7600 | Fuji Electric Co. Ltd. | &nbsp;&nbsp; 339556 |
| 6500 | Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 354599 |
|  |  | &nbsp;&nbsp; **694155** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Electronic Equipment, Instruments & Components 2.7%** | **Electronic Equipment, Instruments & Components 2.7%** | **Electronic Equipment, Instruments & Components 2.7%** |
| 1000 | Keyence Corp. | &nbsp;&nbsp; $422114 |
| 12100 | Yokogawa Electric Corp. | &nbsp;&nbsp; 298432 |
|  |  | &nbsp;&nbsp; **720546** |
| **Financial Services 1.3%** | **Financial Services 1.3%** | **Financial Services 1.3%** |
| 15900 | ORIX Corp. | &nbsp;&nbsp; **338785** |
| **Ground Transportation 2.1%** | **Ground Transportation 2.1%** | **Ground Transportation 2.1%** |
| 25900 | East Japan Railway Co. | &nbsp;&nbsp; **545377** |
| **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** | **Health Care Equipment & Supplies 2.0%** |
| 2600 | Hoya Corp. | &nbsp;&nbsp; 309247 |
| 11400 | Terumo Corp. | &nbsp;&nbsp; 210816 |
|  |  | &nbsp;&nbsp; **520063** |
| **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** |
| 47900 | Resorttrust, Inc. | &nbsp;&nbsp; **544095** |
| **Household Durables 3.7%** | **Household Durables 3.7%** | **Household Durables 3.7%** |
| 10500 | Sekisui House Ltd. | &nbsp;&nbsp; 239560 |
| 27400 | Sony Group Corp. | &nbsp;&nbsp; 725487 |
|  |  | &nbsp;&nbsp; **965047** |
| **Household Products 0.9%** | **Household Products 0.9%** | **Household Products 0.9%** |
| 21600 | Lion Corp. | &nbsp;&nbsp; **234621** |
| **Industrial Conglomerates 2.4%** | **Industrial Conglomerates 2.4%** | **Industrial Conglomerates 2.4%** |
| 22800 | Hitachi Ltd. | &nbsp;&nbsp; **641084** |
| **Insurance 5.0%** | **Insurance 5.0%** | **Insurance 5.0%** |
| 31200 | Tokio Marine Holdings, Inc. | &nbsp;&nbsp; **1325233** |
| **IT Services 5.2%** | **IT Services 5.2%** | **IT Services 5.2%** |
| 20000 | NEC Corp. | &nbsp;&nbsp; 526078 |
| 27800 | SCSK Corp. | &nbsp;&nbsp; 848326 |
|  |  | &nbsp;&nbsp; **1374404** |
| **Machinery 10.3%** | **Machinery 10.3%** | **Machinery 10.3%** |
| 25500 | Amada Co. Ltd. | &nbsp;&nbsp; 262540 |
| 9100 | Daifuku Co. Ltd. | &nbsp;&nbsp; 244615 |
| 3800 | FANUC Corp. | &nbsp;&nbsp; 102147 |
| 12100 | Hoshizaki Corp. | &nbsp;&nbsp; 453661 |
| 26100 | Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 607993 |
| 8400 | Toyota Industries Corp. | &nbsp;&nbsp; 1057479 |
|  |  | &nbsp;&nbsp; **2728435** |
| **Media 1.8%** | **Media 1.8%** | **Media 1.8%** |
| 5000 | Fuji Media Holdings, Inc. | &nbsp;&nbsp; 99795 |
| 6000 | Nippon Television Holdings, Inc. | &nbsp;&nbsp; 136641 |
| 7500 | TBS Holdings, Inc. | &nbsp;&nbsp; 241322 |
|  |  | &nbsp;&nbsp; **477758** |
| **Metals & Mining 0.9%** | **Metals & Mining 0.9%** | **Metals & Mining 0.9%** |
| 42500 | JX Advanced Metals Corp. | &nbsp;&nbsp; **231794** |

---

See Notes to Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** | **Pharmaceuticals 1.5%** |
| 3800 | Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; $200253 |
| 7600 | Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 202920 |
|  |  | &nbsp;&nbsp; **403173** |
| **Professional Services 1.7%** | **Professional Services 1.7%** | **Professional Services 1.7%** |
| 7600 | Recruit Holdings Co. Ltd. | &nbsp;&nbsp; **458921** |
| **Real Estate Management & Development 4.4%** | **Real Estate Management & Development 4.4%** | **Real Estate Management & Development 4.4%** |
| 38000 | Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 367073 |
| 106400 | Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 780836 |
|  |  | &nbsp;&nbsp; **1147909** |
| **Semiconductors & Semiconductor Equipment 0.8%** | **Semiconductors & Semiconductor Equipment 0.8%** | **Semiconductors & Semiconductor Equipment 0.8%** |
| 1300 | Tokyo Electron Ltd. | &nbsp;&nbsp; **207790** |
| **Specialty Retail 3.5%** | **Specialty Retail 3.5%** | **Specialty Retail 3.5%** |
| 2200 | Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 219702 |
| 64400 | USS Co. Ltd. | &nbsp;&nbsp; 700413 |
|  |  | &nbsp;&nbsp; **920115** |
| **Textiles, Apparel & Luxury Goods 1.8%** | **Textiles, Apparel & Luxury Goods 1.8%** | **Textiles, Apparel & Luxury Goods 1.8%** |
| 19700 | Asics Corp. | &nbsp;&nbsp; **476842** |
| **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** | **Trading Companies & Distributors 2.7%** |
| 8900 | ITOCHU Corp. | &nbsp;&nbsp; 478724 |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** | **Trading Companies & Distributors – cont'd** |
| 11400 | Mitsui & Co. Ltd. | &nbsp;&nbsp; $239971 |
|  |  | &nbsp;&nbsp; **718695** |
| **Transportation Infrastructure 3.1%** | **Transportation Infrastructure 3.1%** | **Transportation Infrastructure 3.1%** |
| 99700 | Mitsubishi Logistics Corp. | &nbsp;&nbsp; **808921** |
| **Wireless Telecommunication Services 1.5%** | **Wireless Telecommunication Services 1.5%** | **Wireless Telecommunication Services 1.5%** |
| 22800 | KDDI Corp. | &nbsp;&nbsp; **395964** |
| **Total Common Stocks (Cost $22,768,790)** | **Total Common Stocks (Cost $22,768,790)** | &nbsp;&nbsp; **25692293** |
| **Short-Term Investments 4.5%** | **Short-Term Investments 4.5%** | **Short-Term Investments 4.5%** |
| **Investment Companies 4.5%** | **Investment Companies 4.5%** | **Investment Companies 4.5%** |
| 1180395 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.27%<sup>(a)</sup> <br>**(Cost $1,180,395)**<br>| &nbsp;&nbsp; **1180395** |
| **Total Investments 102.0%** <br> **(Cost $23,949,185)** | **Total Investments 102.0%** <br> **(Cost $23,949,185)** | &nbsp;&nbsp; **26872688** |
| Liabilities Less Other Assets (2.0)% | Liabilities Less Other Assets (2.0)% | &nbsp;&nbsp; (527682)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$26345006** |

---

&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;(a) Represents 7-day effective yield as of May 31, 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 | $25692293 | 97.5% |
| Short-Term Investments and Other Liabilities—Net | 652713 | 2.5% |
|  | **$26345006** | **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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $25692293 | $— | $— | $25692293 |
| Short-Term Investments |  | 1180395 |  | 1180395 |
| **Total Investments** | **$25692293** | **$1180395** | **$—** | **$26872688** |

---

&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 Next Generation Connected Consumer ETF^ (Unaudited)

May 31, 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 95.1%** | **Common Stocks 95.1%** | **Common Stocks 95.1%** |
| **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** | **Aerospace & Defense 2.6%** |
| 780 | General Electric Co. | &nbsp;&nbsp; **$191810** |
| **Beverages 3.8%** | **Beverages 3.8%** | **Beverages 3.8%** |
| 77757 | Becle SAB de CV<sup>(a)</sup> | &nbsp;&nbsp; 93568 |
| 5354 | Keurig Dr. Pepper, Inc. | &nbsp;&nbsp; 180269 |
|  |  | &nbsp;&nbsp; **273837** |
| **Consumer Staples Distribution & Retail 4.9%** | **Consumer Staples Distribution & Retail 4.9%** | **Consumer Staples Distribution & Retail 4.9%** |
| 1855 | Dollar Tree, Inc.<sup>\*</sup> | &nbsp;&nbsp; 167432 |
| 729 | PriceSmart, Inc. | &nbsp;&nbsp; 78717 |
| 1094 | Walmart, Inc. | &nbsp;&nbsp; 108000 |
|  |  | &nbsp;&nbsp; **354149** |
| **Entertainment 9.2%** | **Entertainment 9.2%** | **Entertainment 9.2%** |
| 197 | Netflix, Inc.<sup>\*</sup> | &nbsp;&nbsp; 237824 |
| 648 | Spotify Technology SA<sup>\*</sup> | &nbsp;&nbsp; 431011 |
|  |  | &nbsp;&nbsp; **668835** |
| **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** | **Health Care Equipment & Supplies 4.1%** |
| 1066 | EssilorLuxottica SA | &nbsp;&nbsp; **296182** |
| **Hotels, Restaurants & Leisure 23.0%** | **Hotels, Restaurants & Leisure 23.0%** | **Hotels, Restaurants & Leisure 23.0%** |
| 6428 | Basic-Fit NV<sup>\*(a)(b)</sup> | &nbsp;&nbsp; 168599 |
| 13103 | Carnival Corp.<sup>\*</sup> | &nbsp;&nbsp; 304252 |
| 1302 | Cava Group, Inc.<sup>\*</sup> | &nbsp;&nbsp; 105813 |
| 6541 | Cie des Alpes | &nbsp;&nbsp; 135617 |
| 7961 | DraftKings, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 285641 |
| 20575 | eDreams ODIGEO SA<sup>\*</sup> | &nbsp;&nbsp; 181054 |
| 4900 | Las Vegas Sands Corp. | &nbsp;&nbsp; 201684 |
| 909 | McDonald's Corp. | &nbsp;&nbsp; 285290 |
|  |  | &nbsp;&nbsp; **1667950** |
| **Insurance 3.8%** | **Insurance 3.8%** | **Insurance 3.8%** |
| 1296 | Allstate Corp. | &nbsp;&nbsp; **271992** |
| **Interactive Media & Services 5.2%** | **Interactive Media & Services 5.2%** | **Interactive Media & Services 5.2%** |
| 1141 | Alphabet, Inc. Class C | &nbsp;&nbsp; 197222 |
| 5993 | Match Group, Inc. | &nbsp;&nbsp; 179430 |
|  |  | &nbsp;&nbsp; **376652** |
| **IT Services 2.4%** | **IT Services 2.4%** | **IT Services 2.4%** |
| 1191 | Wix.com Ltd.<sup>\*</sup> | &nbsp;&nbsp; **177400** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Passenger Airlines 1.4%** | **Passenger Airlines 1.4%** | **Passenger Airlines 1.4%** |
| 2054 | Delta Air Lines, Inc. | &nbsp;&nbsp; **$99393** |
| **Personal Care Products 3.9%** | **Personal Care Products 3.9%** | **Personal Care Products 3.9%** |
| 4410 | Unilever PLC | &nbsp;&nbsp; **279681** |
| **Specialty Retail 14.2%** | **Specialty Retail 14.2%** | **Specialty Retail 14.2%** |
| 916 | Home Depot, Inc. | &nbsp;&nbsp; 337353 |
| 1750 | TJX Cos., Inc. | &nbsp;&nbsp; 222075 |
| 604 | Ulta Beauty, Inc.<sup>\*</sup> | &nbsp;&nbsp; 284762 |
| 8623 | Warby Parker, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 182549 |
|  |  | &nbsp;&nbsp; **1026739** |
| **Textiles, Apparel & Luxury Goods 6.3%** | **Textiles, Apparel & Luxury Goods 6.3%** | **Textiles, Apparel & Luxury Goods 6.3%** |
| 373 | Kering SA | &nbsp;&nbsp; 72999 |
| 2842 | Moncler SpA | &nbsp;&nbsp; 177676 |
| 2324 | NIKE, Inc. Class B | &nbsp;&nbsp; 140811 |
| 9500 | PRADA SpA | &nbsp;&nbsp; 62153 |
|  |  | &nbsp;&nbsp; **453639** |
| **Tobacco 6.1%** | **Tobacco 6.1%** | **Tobacco 6.1%** |
| 2455 | Philip Morris International, Inc. | &nbsp;&nbsp; **443349** |
| **Wireless Telecommunication Services 4.2%** | **Wireless Telecommunication Services 4.2%** | **Wireless Telecommunication Services 4.2%** |
| 1245 | T-Mobile U.S., Inc. | &nbsp;&nbsp; **301539** |
| **Total Common Stocks (Cost $5,648,725)** | **Total Common Stocks (Cost $5,648,725)** | &nbsp;&nbsp; **6883147** |
| **Short-Term Investments 7.3%** | **Short-Term Investments 7.3%** | **Short-Term Investments 7.3%** |
| **Investment Companies 7.3%** | **Investment Companies 7.3%** | **Investment Companies 7.3%** |
| 343328 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, 4.27%<sup>(c)</sup><br>| &nbsp;&nbsp; 343328 |
| 181881 | &nbsp;&nbsp; State Street Navigator Securities <br> Lending Government Money Market <br> Portfolio, 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 181881 |
| **Total Short-Term Investments** <br> **(Cost $525,209)** | **Total Short-Term Investments** <br> **(Cost $525,209)** | &nbsp;&nbsp; **525209** |
| **Total Investments 102.4% (Cost $6,173,934)** | **Total Investments 102.4% (Cost $6,173,934)** | &nbsp;&nbsp; **7408356** |
| Liabilities Less Other Assets (2.4)% | Liabilities Less Other Assets (2.4)% | &nbsp;&nbsp; (174353)<br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$7234003** |

---

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

\* Non-income producing security.

(a) All or a portion of this security is on loan at May 31, 2025. Total value of all such securities at May 31, 2025 amounted to $195,676, collateralized by cash collateral of $181,881 and non-cash (U.S. Treasury Securities) collateral of $22,812 for the Fund. 

See Notes to Schedule of Investments

------

Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 May 31, 2025 amounted to $168,599, which represents 2.3% of net
 assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents 7-day effective yield as of May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents investment of cash collateral received from securities lending.

---

| | | |
|:---|:---|:---|
| **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 | $5238218 | 72.4% |
| France | 504798 | 7.0% |
| United Kingdom | 279681 | 3.9% |
| Italy | 239829 | 3.3% |
| Spain | 181054 | 2.5% |
| Israel | 177400 | 2.4% |
| Netherlands | 168599 | 2.3% |
| Mexico | 93568 | 1.3% |
| Short-Term Investments and Other Liabilities—Net | 350856 | 4.9% |
|  | **$7234003** | **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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $6883147 | $— | $— | $6883147 |
| Short-Term Investments |  | 525209 |  | 525209 |
| **Total Investments** | **$6883147** | **$525209** | **$—** | **$7408356** |

---

&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)

May 31, 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 93.7%** | **U.S. Treasury Obligations 93.7%** | **U.S. Treasury Obligations 93.7%** |
| U.S. Treasury Notes |  |  |
| $15000000 | 2.88%, due 6/15/2025 | &nbsp;&nbsp; $14990625 |
| 53100000 | 3.50%, due 9/15/2025 | &nbsp;&nbsp; 52966213<br> <sup>(a)</sup><br>|
| 57200000 | 4.00%, due 12/15/2025 | &nbsp;&nbsp; 57152520<br> <sup>(a)</sup><br>|
| 119200000 | 4.63%, due 3/15/2026 - 9/15/2026 | &nbsp;&nbsp; 119795133 |
| 58500000 | 4.13%, due 6/15/2026 | &nbsp;&nbsp; 58488574 |
| 60300000 | 4.38%, due 12/15/2026 | &nbsp;&nbsp; 60625054 |
| 55200000 | 4.25%, due 3/15/2027 | &nbsp;&nbsp; 55484625 |
| **Total U.S. Treasury Obligations (Cost $419,078,148)** | **Total U.S. Treasury Obligations (Cost $419,078,148)** | &nbsp;&nbsp; **419502744** |
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 5.9%** | **Short-Term Investments 5.9%** | **Short-Term Investments 5.9%** |
| **Investment Companies 5.9%** | **Investment Companies 5.9%** | **Investment Companies 5.9%** |
| 26361733 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, 4.27%<sup>(b)</sup> <br>**(Cost $26,361,733)**<br>| &nbsp;&nbsp; **26361733** |
| **Total Investments 99.6% (Cost $445,439,881)** | **Total Investments 99.6% (Cost $445,439,881)** | &nbsp;&nbsp; **445864477** |
| Other Assets Less Liabilities 0.4% | Other Assets Less Liabilities 0.4% | &nbsp;&nbsp; 1967360<br> <sup>(c)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$447831837** |

---

&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 May 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes the impact of the Fund's open positions in derivatives at May 31, 2025.

See Notes to Schedule of Investments

------

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

Derivative Instruments

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

At May 31, 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;&nbsp; 236 | &nbsp;&nbsp; $(13909604) | &nbsp;&nbsp; $566 | &nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(9440) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp; (20510772) | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17748) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp; (13379153) | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97496) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp; (26581489) | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (211744) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp; (32180694) | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (279825) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; (5127693) | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52809) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; (2888011) | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 6/6/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32316) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; (3772096) | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 6/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8992) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp; (24106051) | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 6/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (166463) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp; (23988173) | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 6/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (224257) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp; (38781862) | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 6/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (407960) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp; (11905678) | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 6/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (141400) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp; (10667959) | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 6/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (142718) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; (105265054) | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (961761) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; (1650292) | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18102) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; (1355597) | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20597) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; (2534377) | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40377) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; (3831035) | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 6/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63960) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; (1355597) | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15238) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; (92828925) | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp; (1265512) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; (3477401) | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53366) |
| SPDR S&P 500 ETF Trust | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp; (15265201) | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 6/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp; (243978) |
| **Total options written (premium received $7,087,778)** | **Total options written (premium received $7,087,778)** | **Total options written (premium received $7,087,778)** | **Total options written (premium received $7,087,778)** | **Total options written (premium received $7,087,778)** | &nbsp;&nbsp; **$(4476059)** |

---

At May 31, 2025, the Fund had securities pledged in the amount of $104,923,049 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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $419502744 | $— | $419502744 |
| Short-Term Investments |  | 26361733 |  | 26361733 |
| **Total Investments** | **$—** | **$445864477** | **$—** | **$445864477** |

---

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Options Written |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Liabilities | $(4476059)<br>| $— | $— | $(4476059)<br>|
| **Total** | **$(4476059)**<br>| **$—** | **$—** | **$(4476059)**<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)

May 31, 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 96.3%** | **Common Stocks 96.3%** | **Common Stocks 96.3%** |
| **Banks 5.9%** | **Banks 5.9%** | **Banks 5.9%** |
| 60654 | &nbsp;&nbsp; Community Financial System, <br> Inc.<br>| &nbsp;&nbsp; $3411181 |
| 18658 | Cullen/Frost Bankers, Inc. | &nbsp;&nbsp; 2369193 |
| 47618 | Prosperity Bancshares, Inc. | &nbsp;&nbsp; 3316593 |
| 8165 | UMB Financial Corp. | &nbsp;&nbsp; 841975 |
|  |  | &nbsp;&nbsp; **9938942** |
| **Building Products 3.5%** | **Building Products 3.5%** | **Building Products 3.5%** |
| 18890 | Armstrong World Industries, Inc. | &nbsp;&nbsp; 2939851 |
| 14108 | &nbsp;&nbsp; Simpson Manufacturing Co., <br> Inc.<br>| &nbsp;&nbsp; 2196615 |
| 14378 | Trex Co., Inc.<sup>\*</sup> | &nbsp;&nbsp; 803299 |
|  |  | &nbsp;&nbsp; **5939765** |
| **Commercial Services & Supplies 5.9%** | **Commercial Services & Supplies 5.9%** | **Commercial Services & Supplies 5.9%** |
| 42102 | Brady Corp. Class A | &nbsp;&nbsp; 2937457 |
| 54766 | Rollins, Inc. | &nbsp;&nbsp; 3135353 |
| 86883 | Tetra Tech, Inc. | &nbsp;&nbsp; 3035692 |
| 6564 | VSE Corp. | &nbsp;&nbsp; 853911 |
|  |  | &nbsp;&nbsp; **9962413** |
| **Construction & Engineering 4.6%** | **Construction & Engineering 4.6%** | **Construction & Engineering 4.6%** |
| 38125 | Arcosa, Inc. | &nbsp;&nbsp; 3289044 |
| 14279 | Valmont Industries, Inc. | &nbsp;&nbsp; 4541293 |
|  |  | &nbsp;&nbsp; **7830337** |
| **Consumer Staples Distribution & Retail 1.3%** | **Consumer Staples Distribution & Retail 1.3%** | **Consumer Staples Distribution & Retail 1.3%** |
| 5166 | Casey's General Stores, Inc. | &nbsp;&nbsp; **2261468** |
| **Containers & Packaging 2.5%** | **Containers & Packaging 2.5%** | **Containers & Packaging 2.5%** |
| 27130 | AptarGroup, Inc. | &nbsp;&nbsp; **4297392** |
| **Diversified Consumer Services 1.9%** | **Diversified Consumer Services 1.9%** | **Diversified Consumer Services 1.9%** |
| 24341 | &nbsp;&nbsp; Bright Horizons Family <br> Solutions, Inc.<sup>\*</sup><br>| &nbsp;&nbsp; **3144857** |
| **Electric Utilities 1.6%** | **Electric Utilities 1.6%** | **Electric Utilities 1.6%** |
| 42148 | Alliant Energy Corp. | &nbsp;&nbsp; **2622870** |
| **Electronic Equipment, Instruments & Components 2.1%** | **Electronic Equipment, Instruments & Components 2.1%** | **Electronic Equipment, Instruments & Components 2.1%** |
| 17225 | Littelfuse, Inc. | &nbsp;&nbsp; **3532159** |
| **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** | **Energy Equipment & Services 1.3%** |
| 56142 | Tidewater, Inc.<sup>\*</sup> | &nbsp;&nbsp; **2229399** |
| **Financial Services 1.1%** | **Financial Services 1.1%** | **Financial Services 1.1%** |
| 20204 | Shift4 Payments, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; **1915137** |
| **Health Care Equipment & Supplies 2.3%** | **Health Care Equipment & Supplies 2.3%** | **Health Care Equipment & Supplies 2.3%** |
| 56382 | Haemonetics Corp.<sup>\*</sup> | &nbsp;&nbsp; **3817625** |
| **Health Care Providers & Services 2.6%** | **Health Care Providers & Services 2.6%** | **Health Care Providers & Services 2.6%** |
| 7606 | Chemed Corp. | &nbsp;&nbsp; **4372233** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** | **Hotels, Restaurants & Leisure 2.1%** |
| 18348 | Texas Roadhouse, Inc. | &nbsp;&nbsp; **$3581713** |
| **Household Durables 1.0%** | **Household Durables 1.0%** | **Household Durables 1.0%** |
| 10394 | Installed Building Products, Inc. | &nbsp;&nbsp; **1657635** |
| **Insurance 3.3%** | **Insurance 3.3%** | **Insurance 3.3%** |
| 50040 | RLI Corp. | &nbsp;&nbsp; 3846575 |
| 925 | &nbsp;&nbsp; White Mountains Insurance <br> Group Ltd.<br>| &nbsp;&nbsp; 1650940 |
|  |  | &nbsp;&nbsp; **5497515** |
| **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** | **Life Sciences Tools & Services 0.9%** |
| 31201 | Bio-Techne Corp. | &nbsp;&nbsp; **1510128** |
| **Machinery 15.8%** | **Machinery 15.8%** | **Machinery 15.8%** |
| 22643 | Crane Co. | &nbsp;&nbsp; 3881010 |
| 57651 | Enerpac Tool Group Corp. | &nbsp;&nbsp; 2472075 |
| 172169 | Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp; 3641375 |
| 26345 | ITT, Inc. | &nbsp;&nbsp; 3965976 |
| 5452 | Kadant, Inc. | &nbsp;&nbsp; 1711437 |
| 15797 | Lincoln Electric Holdings, Inc. | &nbsp;&nbsp; 3058141 |
| 11569 | RBC Bearings, Inc.<sup>\*</sup> | &nbsp;&nbsp; 4232750 |
| 48650 | Toro Co. | &nbsp;&nbsp; 3686697 |
|  |  | &nbsp;&nbsp; **26649461** |
| **Marine Transportation 2.4%** | **Marine Transportation 2.4%** | **Marine Transportation 2.4%** |
| 36596 | Kirby Corp.<sup>\*</sup> | &nbsp;&nbsp; **4048981** |
| **Media 1.8%** | **Media 1.8%** | **Media 1.8%** |
| 17882 | &nbsp;&nbsp; Nexstar Media Group, Inc. <br> Class A<br>| &nbsp;&nbsp; **3047450** |
| **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** | **Oil, Gas & Consumable Fuels 3.6%** |
| 130974 | CNX Resources Corp.<sup>\*</sup> | &nbsp;&nbsp; 4227841 |
| 108976 | Sitio Royalties Corp. Class A | &nbsp;&nbsp; 1860220 |
|  |  | &nbsp;&nbsp; **6088061** |
| **Professional Services 2.0%** | **Professional Services 2.0%** | **Professional Services 2.0%** |
| 46829 | UL Solutions, Inc. Class A | &nbsp;&nbsp; **3348274** |
| **Real Estate Management & Development 3.8%** | **Real Estate Management & Development 3.8%** | **Real Estate Management & Development 3.8%** |
| 27537 | Colliers International Group, Inc. | &nbsp;&nbsp; 3317658 |
| 17792 | FirstService Corp. | &nbsp;&nbsp; 3120628 |
|  |  | &nbsp;&nbsp; **6438286** |
| **Semiconductors & Semiconductor Equipment 5.2%** | **Semiconductors & Semiconductor Equipment 5.2%** | **Semiconductors & Semiconductor Equipment 5.2%** |
| 30464 | Entegris, Inc. | &nbsp;&nbsp; 2094095 |
| 49942 | Lattice Semiconductor Corp.<sup>\*</sup> | &nbsp;&nbsp; 2244394 |
| 24115 | MKS, Inc. | &nbsp;&nbsp; 1982012 |
| 48055 | Power Integrations, Inc. | &nbsp;&nbsp; 2389775 |
|  |  | &nbsp;&nbsp; **8710276** |
| **Software 10.2%** | **Software 10.2%** | **Software 10.2%** |
| 60327 | Bentley Systems, Inc. Class B | &nbsp;&nbsp; 2879408 |
| 13714 | Commvault Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2511719 |

---

See Notes to Schedule of Investments

------

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

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 2174 | Fair Isaac Corp.<sup>\*</sup> | &nbsp;&nbsp; $3752933 |
| 12882 | Manhattan Associates, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2431864 |
| 15846 | SPS Commerce, Inc.<sup>\*</sup> | &nbsp;&nbsp; 2230483 |
| 6065 | Tyler Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp; 3499444 |
|  |  | &nbsp;&nbsp; **17305851** |
| **Specialty Retail 2.7%** | **Specialty Retail 2.7%** | **Specialty Retail 2.7%** |
| 4730 | Murphy USA, Inc. | &nbsp;&nbsp; 2018716 |
| 54052 | Tractor Supply Co. | &nbsp;&nbsp; 2616117 |
|  |  | &nbsp;&nbsp; **4634833** |
| **Trading Companies & Distributors 3.3%** | **Trading Companies & Distributors 3.3%** | **Trading Companies & Distributors 3.3%** |
| 44323 | Core & Main, Inc. Class A<sup>\*</sup> | &nbsp;&nbsp; 2429344 |
| 7144 | Watsco, Inc. | &nbsp;&nbsp; 3168864 |
|  |  | &nbsp;&nbsp; **5598208** |

---

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Water Utilities 1.6%** | **Water Utilities 1.6%** | **Water Utilities 1.6%** |
| 33418 | American States Water Co. | &nbsp;&nbsp; **$2635678** |
| **Total Common Stocks (Cost $170,935,482)** | **Total Common Stocks (Cost $170,935,482)** | &nbsp;&nbsp; **162616947** |
| **Short-Term Investments 3.7%** | **Short-Term Investments 3.7%** | **Short-Term Investments 3.7%** |
| **Investment Companies 3.7%** | **Investment Companies 3.7%** | **Investment Companies 3.7%** |
| 6195153 | &nbsp;&nbsp; State Street Institutional <br> Treasury Money Market Fund <br> Premier Class, 4.22%<sup>(a)</sup> <br>**(Cost $6,195,153)**<br>| &nbsp;&nbsp; **6195153** |
| **Total Investments 100.0%** <br> **(Cost $177,130,635)** | **Total Investments 100.0%** <br> **(Cost $177,130,635)** | &nbsp;&nbsp; **168812100** |
| Other Assets Less Liabilities 0.0%<sup>‡</sup>  | Other Assets Less Liabilities 0.0%<sup>‡</sup>  | &nbsp;&nbsp; 2929 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$168815029** |

---

&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 May 31, 2025.

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 May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $162616947 | $— | $— | $162616947 |
| Short-Term Investments |  | 6195153 |  | 6195153 |
| **Total Investments** | **$162616947** | **$6195153** | **$—** | **$168812100** |

---

&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

------

May 31, 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 Berman China Equity ETF, Neuberger Berman Commodity Strategy ETF ("Commodity Strategy ETF"), Neuberger Berman Core Equity ETF, Neuberger Berman Disrupters ETF, Neuberger Berman Growth ETF, Neuberger Berman Japan Equity ETF, Neuberger Berman Next Generation Connected Consumer ETF, Neuberger Berman Option Strategy ETF and Neuberger Berman 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.

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 on the basis of 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 May 31, 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; $37738588 | &nbsp;&nbsp;&nbsp;&nbsp; 17.6<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 China Equity ETF

- **b. EDGAR series identifier (if any):** S000081048

- **c. LEI of Series:** 254900GB9HHI3NWE2L10

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

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**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:** $6287773.27

**Total Liabilities:** $80684.10

**Net Assets:** $6207089.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243703 | 1.28%                | -2.69%               | 1.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19999.54                | $54118.19                                  |
| Month 2  | $-17263.00               | $-153585.44                                |
| Month 3  | $-29065.08               | $124841.44                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hong Kong Exchanges & Clearing Ltd                  | Hong Kong Exchanges & Clearing Ltd                           | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      1500 | NS      | $75716.42     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc                              | Yum China Holdings Inc                                       | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | US        |      2200 | NS      | $97246.56     | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Enlight Media Co Ltd                        | Beijing Enlight Media Co Ltd                                 | CUSIP: 000000000<br>LEI: 3003001OIMLU5YWOKG42 | Long             | EC               | CORP              | CN        |     12500 | NS      | $30394.29     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                                         | Xiaomi Corp                                                  | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | KY        |     21600 | NS      | $140352.76    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangcha Group Co Ltd                                | Hangcha Group Co Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     23940 | NS      | $64158.52     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Contemporary Amperex Technology Co Ltd              | Contemporary Amperex Technology Co Ltd                       | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |      5700 | NS      | $197771.09    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Chongqing Rural Commercial Bank Co Ltd              | Chongqing Rural Commercial Bank Co Ltd                       | CUSIP: 000000000<br>LEI: 300300C1126750000027 | Long             | EC               | CORP              | CN        |    151600 | NS      | $152540.49    | 2.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd                              | Kweichow Moutai Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       848 | NS      | $179125.92    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Inovance Technology Co Ltd                 | Shenzhen Inovance Technology Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8100 | NS      | $73948.07     | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd                         | China Merchants Bank Co Ltd                                  | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |     37300 | NS      | $224826.03    | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Technology Co Ltd                           | Montage Technology Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     10856 | NS      | $114988.96    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NAURA Technology Group Co Ltd                       | NAURA Technology Group Co Ltd                                | CUSIP: 000000000<br>LEI: 300300JI5I0B95GO5C39 | Long             | EC               | CORP              | CN        |      1900 | NS      | $110372.09    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Chifeng Jilong Gold Mining Co Ltd                   | Chifeng Jilong Gold Mining Co Ltd                            | CUSIP: 000000000<br>LEI: 300300PUFBCIZ7STN538 | Long             | EC               | CORP              | CN        |     31500 | NS      | $114802.99    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Riyue Heavy Industry Co Ltd                         | Riyue Heavy Industry Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     57300 | NS      | $92566.86     | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambricon Technologies Corp Ltd                     | Cambricon Technologies Corp Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |       900 | NS      | $75402.00     | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd                                  | Midea Group Co Ltd                                           | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     12400 | NS      | $136058.73    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Hangzhou Co Ltd                             | Bank of Hangzhou Co Ltd                                      | CUSIP: 000000000<br>LEI: 300300C1092033000075 | Long             | EC               | CORP              | CN        |     43800 | NS      | $101273.78    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Hengrui Pharmaceuticals Co Ltd              | Jiangsu Hengrui Pharmaceuticals Co Ltd                       | CUSIP: 000000000<br>LEI: 2549003BT1XS3SE3E448 | Long             | EC               | CORP              | CN        |     17200 | NS      | $130671.59    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou Huawang New Material Technology Co Ltd     | Hangzhou Huawang New Material Technology Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     36900 | NS      | $55616.56     | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                                          | BYD Co Ltd                                                   | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      2000 | NS      | $97789.13     | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Changzhou Xingyu Automotive Lighting Systems Co Ltd | Changzhou Xingyu Automotive Lighting Systems Co Ltd          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      3900 | NS      | $75669.30     | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Ltd                                      | CMOC Group Ltd                                               | CUSIP: 000000000<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |     93500 | NS      | $93431.22     | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Lead Intelligent Equipment Co Ltd              | Wuxi Lead Intelligent Equipment Co Ltd                       | CUSIP: 000000000<br>LEI: 836800J7WO9E2EF72B65 | Long             | EC               | CORP              | CN        |     18300 | NS      | $50618.16     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangsu Financial Leasing Co Ltd                    | Jiangsu Financial Leasing Co Ltd                             | CUSIP: 000000000<br>LEI: 300300D3002932000087 | Long             | EC               | CORP              | CN        |    158900 | NS      | $131657.67    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Yunnan Baiyao Group Co Ltd                          | Yunnan Baiyao Group Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5300 | NS      | $41544.97     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Luxshare Precision Industry Co Ltd                  | Luxshare Precision Industry Co Ltd                           | CUSIP: 000000000<br>LEI: 300300QLLDUELXN16530 | Long             | EC               | CORP              | CN        |     27900 | NS      | $117713.35    | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Meitu Inc                                           | Meitu Inc                                                    | CUSIP: 000000000<br>LEI: 529900P2POH56W116T02 | Long             | EC               | CORP              | KY        |     76000 | NS      | $63873.69     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Unisplendour Corp Ltd                               | Unisplendour Corp Ltd                                        | CUSIP: 000000000<br>LEI: 300300Z3RHZRXCNTRC53 | Long             | EC               | CORP              | CN        |     20000 | NS      | $66700.90     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Jiangsu Co Ltd                              | Bank of Jiangsu Co Ltd                                       | CUSIP: 000000000<br>LEI: 300300C1086832000046 | Long             | EC               | CORP              | CN        |     99400 | NS      | $151473.50    | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| China Pacific Insurance Group Co Ltd                | China Pacific Insurance Group Co Ltd                         | CUSIP: 000000000<br>LEI: 529900BA5ILEL308WX03 | Long             | EC               | CORP              | CN        |     29600 | NS      | $141441.44    | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sany Heavy Industry Co Ltd                          | Sany Heavy Industry Co Ltd                                   | CUSIP: 000000000<br>LEI: 3003001FS86S7NYOHV89 | Long             | EC               | CORP              | CN        |     24400 | NS      | $63765.84     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BeOne Medicines Ltd                                 | BeOne Medicines Ltd                                          | CUSIP: 000000000<br>LEI: 549300JFUK6FRD5MH739 | Long             | EC               | CORP              | CH        |      3869 | NS      | $123609.54    | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Baoshan Iron & Steel Co Ltd                         | Baoshan Iron & Steel Co Ltd                                  | CUSIP: 000000000<br>LEI: 300300PYAP4PEHORZT21 | Long             | EC               | CORP              | CN        |     49900 | NS      | $46677.58     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Yantai China Pet Foods Co Ltd                       | Yantai China Pet Foods Co Ltd                                | CUSIP: 000000000<br>LEI: 655600CR5H76LMBJYO93 | Long             | EC               | CORP              | CN        |     12700 | NS      | $110796.50    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingdee International Software Group Co Ltd         | Kingdee International Software Group Co Ltd                  | CUSIP: 000000000<br>LEI: 529900SWRZN94C5SZO63 | Long             | EC               | CORP              | KY        |     64000 | NS      | $100394.08    | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Yantai Jereh Oilfield Services Group Co Ltd         | Yantai Jereh Oilfield Services Group Co Ltd                  | CUSIP: 000000000<br>LEI: 300300QPHWK638H2EU20 | Long             | EC               | CORP              | CN        |     14800 | NS      | $70905.58     | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                        | State Street Institutional US Government Money Market Fund   | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    328968 | NS      | $328968.08    | 5.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Kingsoft Office Software Inc                | Beijing Kingsoft Office Software Inc                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1400 | NS      | $54752.20     | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Chicmax Cosmetic Co Ltd                    | Shanghai Chicmax Cosmetic Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      7300 | NS      | $61073.06     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| China Galaxy Securities Co Ltd                      | China Galaxy Securities Co Ltd                               | CUSIP: 000000000<br>LEI: 3003008KFQXO06OK8582 | Long             | EC               | CORP              | CN        |     47600 | NS      | $104444.78    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Giant Biogene Holding Co ltd                        | Giant Biogene Holding Co ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |     12200 | NS      | $110469.19    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIC Securities Co Ltd                             | CITIC Securities Co Ltd                                      | CUSIP: 000000000<br>LEI: 300300E1006744000068 | Long             | EC               | CORP              | CN        |     24400 | NS      | $86420.83     | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| China Hongqiao Group Ltd                            | China Hongqiao Group Ltd                                     | CUSIP: 000000000<br>LEI: 3003009Q4IBFSDE24571 | Long             | EC               | CORP              | KY        |     51000 | NS      | $91188.74     | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Shuanghuan Driveline Co Ltd                | Zhejiang Shuanghuan Driveline Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     31100 | NS      | $137386.78    | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Air China Ltd                                       | Air China Ltd                                                | CUSIP: 000000000<br>LEI: 213800I9TWC9K22N4502 | Long             | EC               | CORP              | CN        |     52100 | NS      | $57990.92     | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Satellite Chemical Co Ltd                           | Satellite Chemical Co Ltd                                    | CUSIP: 000000000<br>LEI: 300300EB6R0AX600R053 | Long             | EC               | CORP              | CN        |     25840 | NS      | $59997.95     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Weichai Power Co Ltd                                | Weichai Power Co Ltd                                         | CUSIP: 000000000<br>LEI: 529900OKTPKBG85F9502 | Long             | EC               | CORP              | CN        |     55000 | NS      | $114804.38    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanxi Xinghuacun Fen Wine Factory Co Ltd           | Shanxi Xinghuacun Fen Wine Factory Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1858 | NS      | $47524.66     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| China Yangtze Power Co Ltd                          | China Yangtze Power Co Ltd                                   | CUSIP: 000000000<br>LEI: 3003008VX8JFJXA6QP74 | Long             | EC               | CORP              | CN        |     48900 | NS      | $204957.46    | 3.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial & Commercial Bank of China Ltd           | Industrial & Commercial Bank of China Ltd                    | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |    106900 | NS      | $104892.65    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| BOE Technology Group Co Ltd                         | BOE Technology Group Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    101900 | NS      | $53741.00     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Sieyuan Electric Co Ltd                             | Sieyuan Electric Co Ltd                                      | CUSIP: 000000000<br>LEI: 836800H6UQQUWN4PSZ32 | Long             | EC               | CORP              | CN        |     12400 | NS      | $123960.42    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| COSCO SHIPPING Energy Transportation Co Ltd         | COSCO SHIPPING Energy Transportation Co Ltd                  | CUSIP: 000000000<br>LEI: 529900IGB8FVHRCR1W95 | Long             | EC               | CORP              | CN        |     39300 | NS      | $55088.62     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Publishing & Media Co Ltd                  | Southern Publishing & Media Co Ltd                           | CUSIP: 000000000<br>LEI: 30030038NR4CDSDY3592 | Long             | EC               | CORP              | CN        |     22100 | NS      | $48430.88     | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Sunlord Electronics Co Ltd                 | Shenzhen Sunlord Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     33600 | NS      | $128938.42    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Neway Valve Suzhou Co Ltd                           | Neway Valve Suzhou Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     13100 | NS      | $57215.80     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Anker Innovations Technology Co Ltd                 | Anker Innovations Technology Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      3900 | NS      | $55209.36     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd     | Shenzhen Mindray Bio-Medical Electronics Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1900 | NS      | $59560.74     | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastroc Beverage Group Co Ltd                       | Eastroc Beverage Group Co Ltd                                | CUSIP: 000000000<br>LEI: 836800LQ338417RCIL29 | Long             | EC               | CORP              | CN        |      2800 | NS      | $124352.91    | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Poly Developments and Holdings Group Co Ltd         | Poly Developments and Holdings Group Co Ltd                  | CUSIP: 000000000<br>LEI: 300300W9OF1ZRGUDVU96 | Long             | EC               | CORP              | CN        |     27600 | NS      | $31142.08     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangzhou Tinci Materials Technology Co Ltd         | Guangzhou Tinci Materials Technology Co Ltd                  | CUSIP: 000000000<br>LEI: 836800Y28XV3QK34CB65 | Long             | EC               | CORP              | CN        |     25300 | NS      | $59165.48     | 0.95%             |  |  |  | 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        |    171214 | NS      | $171214.39    | 2.76%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-27

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

**Signature:** John McGovern

**Name of Signer:** John McGovern

**Title:** Treasuer