# EDGAR Filing Document

**Accession Number:** 0001506001
**File Stem:** 0002071111-25-000022
**Filing Date:** 2025-6
**Character Count:** 386323
**Document Hash:** e7490b3d0b8d5f06b4eda9d80cb6d50a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071111-25-000022.hdr.sgml**: 20250626

**ACCESSION NUMBER**: 0002071111-25-000022

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250626

**DATE AS OF CHANGE**: 20250626

**EFFECTIVENESS DATE**: 20250626

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23761
- **FILM NUMBER:** 251081415

**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 Energy Transition & Infrastructure ETF (Series ID: S000075395)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000234391 | Neuberger Berman Energy Transition & Infrastructure ETF | NBET            |

### Neuberger Berman Short Duration Income ETF (Series ID: S000084439)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000248822 | Neuberger Berman Short Duration Income ETF | NBSD            |

### Neuberger Berman Flexible Credit Income ETF (Series ID: S000085536)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000250828 | Neuberger Berman Flexible Credit Income ETF | NBFC            |

### Neuberger Berman Total Return Bond ETF (Series ID: S000089168)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000255680 | Neuberger Berman Total Return Bond ETF | NBTR            |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

As filed with the Securities and Exchange Commission on June 26, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF

#### REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-23761

#### NEUBERGER BERMAN ETF TRUST
(Exact Name of Registrant as specified in charter)

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

(Address of Principal Executive Offices – Zip Code)

Joseph V. Amato

Chief Executive Officer and President

Neuberger Berman ETF Trust

c/o Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104-0002

Lori L. Schneider, Esq.

K&L Gates LLP

1601 K Street, N.W.

Washington, D.C. 20006-1600

(Names and Addresses of agents for service)

Registrant's telephone number, including area code: (212) 476-8800

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

#### Item 1. Reports to Shareholders.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following are copies of the semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Act.

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

**# Neuberger Berman

# Energy Transition & Infrastructure ETF
![Image](ic71c9062db7ee710f8a7807a.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# NBET \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at nb.com/nbet. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup> |
| Energy Transition & Infrastructure ETF | $29 | 0.57% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $19951765 |
| Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 15% |

---

## What did the Fund invest in?

### Top Ten Securities

### (as a % of Total Investments<sup>Footnote Reference \*</sup>)

---

| | |
|:---|:---|
| Targa Resources Corp. | 7.9% |
| Energy Transfer LP | 7.1% |
| Enterprise Products Partners LP | 6.9% |
| Cheniere Energy, Inc. | 6.8% |
| Williams Cos., Inc. | 5.6% |
| DT Midstream, Inc. | 5.4% |
| Clearway Energy, Inc. Class C | 4.4% |
| Antero Resources Corp. | 4.3% |
| Western Midstream Partners LP | 4.1% |
| Antero Midstream Corp. | 3.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Sector Allocation

### (as a % of Total Investments<sup>Footnote Reference \*</sup>)

---

| | |
|:---|:---|
| Energy | 82.4% |
| Utilities | 14.9% |
| Materials | 2.2% |
| Short-Term Investments | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbet.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0223 06/25

# Neuberger Berman

# Short Duration Income ETF
![Image](ic71c9062db7ee710f8a7807a.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# NBSD \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at nb.com/nbsd. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup> |
| Short Duration Income ETF | $18 | 0.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $251176073 |
| Number of Portfolio Holdings | 492 |
| Portfolio Turnover Rate | 32% |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>Footnote Reference \*</sup>)

---

| | |
|:---|:---|
| State Street Institutional U.S. Government Money Market Fund Premier Class | 12.1% |
| Federal Home Loan Mortgage Corp. | 6.1% |
| Federal National Mortgage Association | 3.8% |
| Federal National Mortgage Association Connecticut Avenue Securities | 3.1% |
| Mizuho Floater Residual Trust Revenue | 2.1% |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust | 2.0% |
| Goldman Sachs Group, Inc. | 1.3% |
| Citigroup, Inc. | 1.3% |
| Boeing Co. | 1.2% |
| Government National Mortgage Association | 1.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 37.6% |
| Mortgage-Backed Securities | 27.1% |
| Asset-Backed Securities | 17.2% |
| Municipal Notes | 2.1% |
| Loan Assignments | 1.7% |
| Short-Term Investments | 11.8% |
| Other Assets Less Liabilities | 2.5%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbsd.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0322 06/25

# Neuberger Berman

# Flexible Credit Income ETF
![Image](ic71c9062db7ee710f8a7807a.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# NBFC \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of November 1, 2024 to April 30, 2025. You can find additional information about the Fund at nb.com/nbfc. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the past six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*</sup> |
| Flexible Credit Income ETF | $20 | 0.40% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $52319366 |
| Number of Portfolio Holdings | 359 |
| Portfolio Turnover Rate | 31% |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>Footnote Reference \*</sup>)

---

| | |
|:---|:---|
| Ballyrock CLO 27 Ltd. | 2.4% |
| Wellington Management CLO 3 Ltd. | 2.4% |
| Symphony CLO 45 Ltd. | 2.3% |
| AGL CLO 33 Ltd. | 2.3% |
| Bausch & Lomb Corp. | 1.6% |
| CSC Holdings LLC | 1.2% |
| CCO Holdings LLC/CCO Holdings Capital Corp. | 1.0% |
| Trident TPI Holdings, Inc. | 1.0% |
| Charles Schwab Corp. | 1.0% |
| Cornerstone Generation LLC | 1.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 63.1% |
| Asset-Backed Securities | 13.3% |
| Loan Assignments | 11.7% |
| Foreign Government Securities | 6.2% |
| Mortgage-Backed Securities | 5.8% |
| Short-Term Investments | 0.3% |
| Liabilities Less Other Assets | (0.4)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbfc.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0334 06/25

# Neuberger Berman

# Total Return Bond ETF
![Image](ic71c9062db7ee710f8a7807a.jpg)

Semi-Annual Shareholder Report

April 30, 2025

# NBTR \| NYSE Arca, Inc.
This semi-annual shareholder report contains important information about the Fund for the period of December 17, 2024 to April 30, 2025. You can find additional information about the Fund at nb.com/nbtr. You can also request this information by contacting your financial intermediary or investment provider or at 800.877.9700 or fundinfo@nb.com.

## What were the Fund's costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment<sup>Footnote Reference\*</sup> | Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference\*\*</sup> |
| Total Return Bond ETF | $14 | 0.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Expenses for a full reporting period would be higher. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Annualized. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Net Assets | $51159081 |
| Number of Portfolio Holdings | 409 |
| Portfolio Turnover Rate | 76% |

---

## What did the Fund invest in?

### Top Ten Issuers

### (as a % of Total Investments<sup>Footnote Reference \*</sup>)

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp. | 7.6% |
| Federal National Mortgage Association | 7.2% |
| U.S. Treasury | 2.7% |
| Federal National Mortgage Association Connecticut Avenue Securities | 2.1% |
| Warnermedia Holdings, Inc. | 1.6% |
| JPMorgan Chase & Co. | 1.6% |
| Foundry JV Holdco LLC | 1.5% |
| State Street Institutional U.S. Government Money Market Fund Premier Class | 1.4% |
| Goldman Sachs Group, Inc. | 1.3% |
| Government National Mortgage Association | 1.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Derivatives (other than options purchased), if any, are excluded from this calculation. |

---

### Portfolio by Investment Type

### (as a % of Total Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 51.6% |
| Mortgage-Backed Securities | 27.8% |
| Asset-Backed Securities | 12.3% |
| Foreign Government Securities | 4.7% |
| U.S. Treasury Obligations | 2.7% |
| U.S. Government Agency Securities | 0.1% |
| Short-Term Investments | 1.4% |
| Liabilities Less Other Assets | (0.6)%<sup>Footnote Reference\*\*</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Includes the impact of the Fund's open positions in derivatives (other than options purchased), if any. |

---

#### Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial information, holdings, and proxy voting information, please visit nb.com/nbtr.

## Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive individual copies of your shareholder report, please contact your financial intermediary or investment provider (e.g. an insurance company, broker-dealer or bank).

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund name in this piece is either a service mark or registered service mark of Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA.<sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

## Z0628 06/25**

(b) Not applicable to the Registrant.

#### Item 2. Code of Ethics.
The Board of Trustees ("Board") of Neuberger Berman ETF Trust ("Registrant") has adopted a code of ethics that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions ("Code of Ethics"). During the period covered by this Form N-CSR, there were no substantive amendments to the Code of Ethics and there were no waivers from the Code of Ethics granted to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

A copy of the[Code of Ethics is incorporated by reference to Neuberger Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025).](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.htm)The Code of Ethics is also available, without charge, by calling 1-800-877-9700 (toll-free).

#### Item 3. Audit Committee Financial Expert.
Not applicable to semi-annual reports on Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Not applicable to semi-annual reports on Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to semi-annual reports on Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

#### Item 6. Investments.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The complete schedule of investments for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
![](imgbfe726d51.jpg)

Neuberger Berman

ETF Trust

---

| |
|:---|
| Energy Transition & Infrastructure ETF  |
| Flexible Credit Income ETF  |
| Short Duration Income ETF  |
| Total Return Bond ETF  |

---

![](imgdf83dd8d2.jpg)

Semi-Annual Financial Statements and Other Information

April 30, 2025

------

![](img7f76af9e3.gif)

Contents

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

---

| | |
|:---|:---|
| **[LEGEND (Form N-CSR Item 7)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_LEG-TOC-Legend-1121_1)** | 1 |
| **[SCHEDULE OF INVESTMENTS (Form N-CSR Item 7)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_1)** | 2 |
| [Energy Transition & Infrastructure ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_1) | 2 |
| [Flexible Credit Income ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_3) | 4 |
| [Positions by Country](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_16) | 17 |
| [Short Duration Income ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_20) | 21 |
| [Positions by Country](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_36) | 37 |
| [Total Return Bond ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_39) | 40 |
| [Positions by Country](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOI-TOC-SOI-1121_52) | 53 |
| **[FINANCIAL STATEMENTS (Form N-CSR Item 7)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_FS-StatementofAssetsandLiabilities-Intro-1121_1)** | 56 |
| **[Remuneration paid to directors, officers, and others (Form N-CSR](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOPI-StatementofOperations-Intro-1121_1)**<br> **[Item 10)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOPI-StatementofOperations-Intro-1121_1)**<br>| 57 |
| [Energy Transition & Infrastructure ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOPI-StatementofOperations-Intro-1121_1) | 57 |
| [Flexible Credit Income ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOPI-StatementofOperations-Intro-1121_1) | 57 |
| [Short Duration Income ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOPI-StatementofOperations-Intro-1121_1) | 57 |
| [Total Return Bond ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_SOPI-StatementofOperations-Intro-1121_1) | 57 |
| **[NOTES TO FINANCIAL STATEMENTS (Form N-CSR](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_NTF-TOC-NTFS_1)**<br> **[Item 7)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_NTF-TOC-NTFS_1)**<br>| 60 |
| **[FINANCIAL HIGHLIGHTS (Form N-CSR Item 7)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_FIHIPIV-TOC-PivotedFinancialHighlights-Name-1121_2)** | 79 |
| [Energy Transition & Infrastructure ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_FIHIPIV-TOC-PivotedFinancialHighlights-Name-1121_2) | 79 |
| [Flexible Credit Income ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_FIHIPIV-TOC-PivotedFinancialHighlights-Name-1121_2) | 79 |
| [Short Duration Income ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_FIHIPIV-TOC-PivotedFinancialHighlights-Name-1121_2) | 79 |
| [Total Return Bond ETF](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_FIHIPIV-TOC-PivotedFinancialHighlights-Name-1121_2) | 79 |
| **[Directory (Form N-CSR Item 7)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_DIRECT-Directory_1)** | 82 |
| **[Changes in and disagreements with accountants (Form N-CSR Item 8)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_DISCLOSE-Changesinanddisagreements_1)** | N/A |
| **[Proxy Disclosures (Form N-CSR Item 9)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_DISCLOSE-Changesinanddisagreements_1)** | N/A |
| **[Total Return Bond ETF: Initial Board Consideration of the Management](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_DISCLOSE-Changesinanddisagreements_1)**<br> **[Agreement (Form N-CSR Item 11)](#xx_bedb9921-f549-4f9f-9000-453cbb623acd_DISCLOSE-Changesinanddisagreements_1)**<br>| 83 |

---

The "Neuberger Berman" name and logo and "Neuberger Berman Investment Advisers LLC" name are registered service marks of Neuberger Berman Group LLC. The individual Fund names in this piece are either service marks or registered service marks of Neuberger Berman Group LLC or Neuberger Berman Investment Advisers LLC, an affiliate of Neuberger Berman BD LLC, distributor, member FINRA. <sup>©</sup>2025 Neuberger Berman BD LLC, distributor. All rights reserved.

------

Legend April 30, 2025 (Unaudited)

**Neuberger Berman ETF Trust** 

---

| | |
|:---|:---|
| **Clearinghouses:** | **Clearinghouses:** |
| ICE CC | = ICE Clear Credit LLC |
| **Counterparties:** | **Counterparties:** |
| JPM | = JPMorgan Chase Bank N.A. |
| RBC | = Royal Bank of Canada |
| SCB | = Standard Chartered Bank |
| UBS | = UBS AG |
| **Index Periods/Payment Frequencies:** | **Index Periods/Payment Frequencies:** |
| 3M | = 3 Months |
| **Other Abbreviations:** | **Other Abbreviations:** |
| CJSC | = Closed Joint Stock Company |
| JSC | = Joint Stock Company |
| Management or NBIA | = Neuberger Berman Investment Advisers LLC |
| **Reference Rate Benchmarks:** | **Reference Rate Benchmarks:** |
| SOFR | = Secured Overnight Financing Rate |
| **Currency Abbreviations:** | **Currency Abbreviations:** |
| EUR | = Euro |
| GBP | = Pound Sterling |
| USD | = United States Dollar |

---

------

Schedule of Investments Energy Transition & Infrastructure ETF^ (Unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| **Number of Shares** | **Number of Shares** | **Value** |
| **Common Stocks 76.6%** | **Common Stocks 76.6%** | **Common Stocks 76.6%** |
| **Chemicals 2.2%** | **Chemicals 2.2%** | **Chemicals 2.2%** |
| 678 | Air Products & Chemicals, Inc. | &nbsp;&nbsp; $183799 |
| 571 | Linde PLC | &nbsp;&nbsp; 258795 |
|  |  | &nbsp;&nbsp; **442594** |
| **Energy Equipment & Services 2.6%** | **Energy Equipment & Services 2.6%** | **Energy Equipment & Services 2.6%** |
| 12020 | Noble Corp. PLC | &nbsp;&nbsp; 261315 |
| 7280 | Tidewater, Inc. | &nbsp;&nbsp; 263463<br> <sup>\*</sup><br>|
|  |  | &nbsp;&nbsp; **524778** |
| <br> **Independent Power and Renewable**<br> **Electricity Producers 6.9%**  | <br> **Independent Power and Renewable**<br> **Electricity Producers 6.9%**  | <br> **Independent Power and Renewable**<br> **Electricity Producers 6.9%**  |
| 17487 | Brookfield Renewable Corp. | &nbsp;&nbsp; 497680 |
| 29633 | Clearway Energy, Inc. Class C | &nbsp;&nbsp; 869432 |
|  |  | &nbsp;&nbsp; **1367112** |
| **Multi-Utilities 8.0%** | **Multi-Utilities 8.0%** | **Multi-Utilities 8.0%** |
| 13319 | CenterPoint Energy, Inc. | &nbsp;&nbsp; 516511 |
| 2626 | DTE Energy Co. | &nbsp;&nbsp; 359762 |
| 9641 | Sempra | &nbsp;&nbsp; 716037 |
|  |  | &nbsp;&nbsp; **1592310** |
| **Oil, Gas & Consumable Fuels 56.9%** | **Oil, Gas & Consumable Fuels 56.9%** | **Oil, Gas & Consumable Fuels 56.9%** |
| 46800 | Antero Midstream Corp. | &nbsp;&nbsp; 774540 |
| 24771 | Antero Resources Corp. | &nbsp;&nbsp; 862774<br> <sup>\*</sup><br>|
| 9880 | California Resources Corp. | &nbsp;&nbsp; 340959 |
| 5908 | Cheniere Energy, Inc. | &nbsp;&nbsp; 1365398 |
| 2760 | Chevron Corp. | &nbsp;&nbsp; 375526 |
| 4449 | ConocoPhillips | &nbsp;&nbsp; 396495 |
| 11056 | DT Midstream, Inc. | &nbsp;&nbsp; 1074643 |
| 12507 | EQT Corp. | &nbsp;&nbsp; 618346 |
| 5097 | Exxon Mobil Corp. | &nbsp;&nbsp; 538396 |
| 5325 | Hess Midstream LP Class A | &nbsp;&nbsp; 197930 |
| 12187 | Kinetik Holdings, Inc. | &nbsp;&nbsp; 503811 |
| 11906 | Occidental Petroleum Corp. | &nbsp;&nbsp; 469215 |
| 4106 | ONEOK, Inc. | &nbsp;&nbsp; 337349 |
| 6027 | Pembina Pipeline Corp. | &nbsp;&nbsp; 230231 |
| 9230 | Targa Resources Corp. | &nbsp;&nbsp; 1577407 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 12865 | Tourmaline Oil Corp. | &nbsp;&nbsp; $568315 |
| 19129 | Williams Cos., Inc. | &nbsp;&nbsp; 1120385 |
|  |  | &nbsp;&nbsp; **11351720** |
| **Total Common Stocks (Cost $15,513,669)** | **Total Common Stocks (Cost $15,513,669)** | &nbsp;&nbsp; **15278514** |
| **Number of Units** | **Number of Units** |  |
| **Master Limited Partnerships and Limited** <br>**Partnerships 22.8%** | **Master Limited Partnerships and Limited** <br>**Partnerships 22.8%** | **Master Limited Partnerships and Limited** <br>**Partnerships 22.8%** |
| **Oil, Gas & Consumable Fuels 22.8%** | **Oil, Gas & Consumable Fuels 22.8%** | **Oil, Gas & Consumable Fuels 22.8%** |
| 85800 | Energy Transfer LP | &nbsp;&nbsp; 1419132 |
| 46337 | Enterprise Products Partners LP | &nbsp;&nbsp; 1385476 |
| 6630 | MPLX LP | &nbsp;&nbsp; 337666 |
| 31306 | Plains GP Holdings LP Class A | &nbsp;&nbsp; 583544<br> <sup>\*</sup><br>|
| 21998 | Western Midstream Partners LP | &nbsp;&nbsp; 827125 |
| **Total Master Limited Partnerships and** <br> **Limited Partnerships (Cost $4,740,238)** | **Total Master Limited Partnerships and** <br> **Limited Partnerships (Cost $4,740,238)** | &nbsp;&nbsp; **4552943** |
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 0.5%** | **Short-Term Investments 0.5%** | **Short-Term Investments 0.5%** |
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
| 107022 | &nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund Premier Class, <br> 4.29%<sup>(a)</sup> **(Cost $107,022)**<br>| &nbsp;&nbsp; **107022** |
| **Total Investments 99.9%** <br> **(Cost $20,360,929)** | **Total Investments 99.9%** <br> **(Cost $20,360,929)** | &nbsp;&nbsp; **19938479** |
| Other Assets Less Liabilities 0.1% | Other Assets Less Liabilities 0.1% | &nbsp;&nbsp; 13286 |
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$19951765** |

---

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

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

See Notes to Financial Statements

------

Schedule of Investments Energy Transition & Infrastructure ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| Common Stocks<sup>#</sup> <br>| $15278514 | $— | $— | $15278514 |
| Master Limited Partnerships and Limited <br>Partnerships<sup>#</sup> <br>| 4552943 |  |  | 4552943 |
| Short-Term Investments |  | 107022 |  | 107022 |
| **Total Investments** | **$19831457** | **$107022** | **$—** | **$19938479** |

---

&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 Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Mortgage-Backed Securities 5.8%** | **Mortgage-Backed Securities 5.8%** | **Mortgage-Backed Securities 5.8%** |
| **Collateralized Mortgage Obligations 1.3%** | **Collateralized Mortgage Obligations 1.3%** | **Collateralized Mortgage Obligations 1.3%** |
| $130000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2022-HQA1, Class B1, (30 day <br> USD SOFR Average + 7.00%), 11.35%, due 3/25/2042<br>| &nbsp;&nbsp; $140725<br> <sup>(b)(c)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |  |
| 135000 | Series 2023-R05, Class 1B1, (30 day USD SOFR Average + 4.75%), 9.10%, due 6/25/2043 | &nbsp;&nbsp; 144268<br> <sup>(b)(c)</sup><br>|
| 67000 | Series 2025-R02, Class 1M2, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2045 | &nbsp;&nbsp; 66665<br> <sup>(b)(c)</sup><br>|
| 47000 | Series 2025-R02, Class 1B1, (30 day USD SOFR Average + 1.95%), 6.30%, due 2/25/2045 | &nbsp;&nbsp; 46172<br> <sup>(b)(c)</sup><br>|
| 100000 | &nbsp;&nbsp; Morgan Stanley Residential Mortgage Loan Trust, Series 2025-NQM2, Class M1, 6.52%, due <br> 1/25/2070<br>| &nbsp;&nbsp; 100534<br> <sup>(b)(d)</sup><br>|
| 96982 | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.55%, due 3/25/2032 | &nbsp;&nbsp; 96348<br> <sup>(b)</sup><br>|
| 81775 | Verus Securitization Trust, Series 2024-4, Class A2, 6.57%, due 6/25/2069 | &nbsp;&nbsp; 82651<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **677363** |
| **Commercial Mortgage-Backed 4.5%** | **Commercial Mortgage-Backed 4.5%** | **Commercial Mortgage-Backed 4.5%** |
| 100000 | BAMLL Trust, Series 2024-BHP, Class B, (1 mo. USD Term SOFR + 2.90%), 7.22%, due 8/15/2039 | &nbsp;&nbsp; 99980<br> <sup>(b)(c)</sup><br>|
|  | BANK |  |
| 75000 | Series 2023-BNK45, Class C, 6.49%, due 2/15/2056 | &nbsp;&nbsp; 74700<br> <sup>(d)</sup><br>|
| 75000 | Series 2024-BNK47, Class C, 6.83%, due 6/15/2057 | &nbsp;&nbsp; 77213<br> <sup>(d)</sup><br>|
|  | BANK5 |  |
| 90000 | Series 2024-5YR7, Class D, 4.00%, due 6/15/2057 | &nbsp;&nbsp; 79172<br> <sup>(b)</sup><br>|
| 75000 | Series 2024-5YR7, Class B, 6.94%, due 6/15/2057 | &nbsp;&nbsp; 78429 |
| 100000 | &nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2025-IND, Class D, (1 mo. USD Term SOFR + 2.25%), <br> 6.57%, due 3/15/2042<br>| &nbsp;&nbsp; 96034<br> <sup>(b)(c)</sup><br>|
|  | BX Commercial Mortgage Trust |  |
| 100000 | Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.84%, due 9/15/2036 | &nbsp;&nbsp; 97922<br> <sup>(b)(c)</sup><br>|
| 72000 | Series 2024-GPA2, Class C, (1 mo. USD Term SOFR + 2.19%), 6.51%, due 11/15/2041 | &nbsp;&nbsp; 71820<br> <sup>(b)(c)</sup><br>|
|  | BX Trust |  |
| 100000 | Series 2024-VLT4, Class E, (1 mo. USD Term SOFR + 2.89%), 7.21%, due 7/15/2029 | &nbsp;&nbsp; 95996<br> <sup>(b)(c)</sup><br>|
| 123000 | Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.31%, due 3/15/2030 | &nbsp;&nbsp; 118546<br> <sup>(b)(c)</sup><br>|
| 75000 | Series 2024-BIO, Class B, (1 mo. USD Term SOFR + 1.94%), 6.26%, due 2/15/2041 | &nbsp;&nbsp; 74250<br> <sup>(b)(c)</sup><br>|
| 100000 | COMM Mortgage Trust, Series 2024-CBM, Class D, 8.19%, due 12/10/2041 | &nbsp;&nbsp; 100510<br> <sup>(b)(d)</sup><br>|
| 60000 | &nbsp;&nbsp; CONE Trust, Series 2024-DFW1, Class D, (1 mo. USD Term SOFR + 3.04%), 7.36%, due <br> 8/15/2041<br>| &nbsp;&nbsp; 59404<br> <sup>(b)(c)</sup><br>|
| 100000 | Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class D, 3.67%, due 9/10/2035 | &nbsp;&nbsp; 97416<br> <sup>(b)(d)</sup><br>|
| 161000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), 6.57%, <br> due 3/15/2042<br>| &nbsp;&nbsp; 157579<br> <sup>(b)(c)</sup><br>|
| 100000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.56%, due <br> 1/5/2039<br>| &nbsp;&nbsp; 84528<br> <sup>(b)(d)</sup><br>|
| 100000 | &nbsp;&nbsp; Morgan Stanley Capital I Trust, Series 2021-230P, Class B, (1 mo. USD Term SOFR + 1.56%), <br> 5.89%, due 12/15/2038<br>| &nbsp;&nbsp; 93208<br> <sup>(b)(c)</sup><br>|
| 100000 | &nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), <br> 6.76%, due 2/15/2042<br>| &nbsp;&nbsp; 96744<br> <sup>(b)(c)</sup><br>|
| 73045 | One Market Plaza Trust, Series 2017-1MKT, Class A, 3.61%, due 2/10/2032 | &nbsp;&nbsp; 68883<br> <sup>(b)</sup><br>|
| 100000 | &nbsp;&nbsp; ONE Mortgage Trust, Series 2021-PARK, Class D, (1 mo. USD Term SOFR + 1.61%), 5.94%, due <br> 3/15/2036<br>| &nbsp;&nbsp; 92517<br> <sup>(b)(c)</sup><br>|
| 100000 | ORL Trust, Series 2024-GLKS, Class D, (1 mo. USD Term SOFR + 2.79%), 7.11%, due 12/15/2039 | &nbsp;&nbsp; 98875<br> <sup>(b)(c)</sup><br>|
| 124000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/2041 | &nbsp;&nbsp; 129346<br> <sup>(b)</sup><br>|
| 80000 | SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 8.24%, due 4/15/2042 | &nbsp;&nbsp; 79874<br> <sup>(b)(c)</sup><br>|
| 17000 | &nbsp;&nbsp; SFO Commercial Mortgage Trust, Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), <br> 6.84%, due 5/15/2038<br>| &nbsp;&nbsp; 16235<br> <sup>(b)(c)</sup><br>|
| 100000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, (1 mo. USD Term SOFR + 1.99%), <br> 6.31%, due 12/15/2039<br>| &nbsp;&nbsp; 97222<br> <sup>(b)(c)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $| 100000 | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class D, 6.93%, due 7/15/2035 | &nbsp;&nbsp; $99238<br> <sup>(b)(d)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2335641** |
| **Total Mortgage-Backed Securities (Cost $3,039,423)** | **Total Mortgage-Backed Securities (Cost $3,039,423)** | **Total Mortgage-Backed Securities (Cost $3,039,423)** | &nbsp;&nbsp; **3013004** |
| **Asset-Backed Securities 13.3%** | **Asset-Backed Securities 13.3%** | **Asset-Backed Securities 13.3%** | **Asset-Backed Securities 13.3%** |
| **Home Equity 0.2%** | **Home Equity 0.2%** | **Home Equity 0.2%** | **Home Equity 0.2%** |
|  | 100000 | &nbsp;&nbsp; OBX Trust, Series 2025-HE1, Class M1, (30 day USD SOFR Average + 1.90%), 6.25%, due <br> 2/25/2055<br>| &nbsp;&nbsp; **99453**<br> <sup>(b)(c)</sup><br>|
| **Other 13.1%** | **Other 13.1%** | **Other 13.1%** | **Other 13.1%** |
|  | 500000 | &nbsp;&nbsp; AB BSL CLO 5 Ltd., Series 2024-5A, Class D1, (3 mo. USD Term SOFR + 3.10%), 7.41%, due <br> 1/20/2038<br>| &nbsp;&nbsp; 483713<br> <sup>(b)(c)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; AGL CLO 33 Ltd., Series 2024-33A, Class E, (3 mo. USD Term SOFR + 5.50%), 9.77%, due <br> 7/21/2037<br>| &nbsp;&nbsp; 1202068<br> <sup>(b)(c)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; Ballyrock CLO 27 Ltd., Series 2024-27A, Class C1, (3 mo. USD Term SOFR + 2.90%), 7.18%, due <br> 10/25/2037<br>| &nbsp;&nbsp; 1244500<br> <sup>(b)(c)</sup><br>|
|  | 62000 | Blue Stream Issuer LLC, Series 2024-1A, Class A2, 5.41%, due 11/20/2054 | &nbsp;&nbsp; 62050<br> <sup>(b)</sup><br>|
|  | 85093 | Business Jet Securities LLC, Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 86189<br> <sup>(b)</sup><br>|
|  | 85907 | Crockett Partners Equipment Co. IIA LLC, Series 2024-1C, Class B, 6.78%, due 1/20/2031 | &nbsp;&nbsp; 87222<br> <sup>(b)</sup><br>|
|  | 100000 | Foundation Finance Trust, Series 2024-2A, Class B, 4.93%, due 3/15/2050 | &nbsp;&nbsp; 99389<br> <sup>(b)</sup><br>|
|  | 100000 | GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class D, 6.22%, due 3/25/2060 | &nbsp;&nbsp; 100560<br> <sup>(b)</sup><br>|
|  | 100000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035 | &nbsp;&nbsp; 101597<br> <sup>(b)</sup><br>|
|  | 88991 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.40%, due 11/25/2031 | &nbsp;&nbsp; 89687<br> <sup>(b)</sup><br>|
|  | 500000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2021-23A, Class D1R, (3 mo. USD Term SOFR + 2.75%), 7.03%, due <br> 1/17/2037<br>| &nbsp;&nbsp; 491124<br> <sup>(b)(c)</sup><br>|
|  |  | Sierra Timeshare Receivables Funding LLC |  |
|  | 43690 | Series 2023-3A, Class C, 7.12%, due 9/20/2040 | &nbsp;&nbsp; 45088<br> <sup>(b)</sup><br>|
|  | 62820 | Series 2024-2A, Class C, 5.83%, due 6/20/2041 | &nbsp;&nbsp; 63387<br> <sup>(b)</sup><br>|
|  | 99500 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 7/30/2054 | &nbsp;&nbsp; 100633<br> <sup>(b)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; Symphony CLO 45 Ltd., Series 2024-45A, Class E, (3 mo. USD Term SOFR + 5.75%), 10.01%, due <br> 10/15/2037<br>| &nbsp;&nbsp; 1209311<br> <sup>(b)(c)</sup><br>|
|  | 1250000 | &nbsp;&nbsp; Wellington Management CLO 3 Ltd., Series 2024-3A, Class D1, (3 mo. USD Term SOFR + 3.00%), <br> 7.27%, due 7/18/2037<br>| &nbsp;&nbsp; 1244500<br> <sup>(b)(c)</sup><br>|
|  |  | Ziply Fiber Issuer LLC |  |
|  | 50000 | Series 2024-1A, Class A2, 6.64%, due 4/20/2054 | &nbsp;&nbsp; 51234<br> <sup>(b)</sup><br>|
|  | 75000 | Series 2024-1A, Class B, 7.81%, due 4/20/2054 | &nbsp;&nbsp; 78012<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **6840264** |
| **Total Asset-Backed Securities (Cost $7,058,161)** | **Total Asset-Backed Securities (Cost $7,058,161)** | **Total Asset-Backed Securities (Cost $7,058,161)** | &nbsp;&nbsp; **6939717** |
| **Corporate Bonds 63.1%** | **Corporate Bonds 63.1%** | **Corporate Bonds 63.1%** | **Corporate Bonds 63.1%** |
| **Advertising 0.5%** | **Advertising 0.5%** | **Advertising 0.5%** | **Advertising 0.5%** |
|  | 260000 | Clear Channel Outdoor Holdings, Inc., 9.00%, due 9/15/2028 | &nbsp;&nbsp; **269114**<br> <sup>(b)</sup><br>|
| **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** | **Aerospace & Defense 1.3%** |
|  | 5000 | AAR Escrow Issuer LLC, 6.75%, due 3/15/2029 | &nbsp;&nbsp; 5119<br> <sup>(b)</sup><br>|
|  | 300000 | Boeing Co., 3.63%, due 2/1/2031 | &nbsp;&nbsp; 280292 |
|  | 170000 | Bombardier, Inc., 7.25%, due 7/1/2031 | &nbsp;&nbsp; 174055<br> <sup>(b)</sup><br>|
|  | 230000 | Goat Holdco LLC, 6.75%, due 2/1/2032 | &nbsp;&nbsp; 224825<br> <sup>(b)</sup><br>|
|  | 5000 | TransDigm, Inc., 4.63%, due 1/15/2029 | &nbsp;&nbsp; 4809 |
|  |  |  | &nbsp;&nbsp; **689100** |

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Airlines 0.5%** | **Airlines 0.5%** | **Airlines 0.5%** |
| $240000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 4/20/2029 | &nbsp;&nbsp; $232777<br> <sup>(b)</sup><br>|
| 25000 | Latam Airlines Group SA, 7.88%, due 4/15/2030 | &nbsp;&nbsp; 24469<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **257246** |
| **Auto Manufacturers 0.9%** | **Auto Manufacturers 0.9%** | **Auto Manufacturers 0.9%** |
| 235000 | Ford Motor Credit Co. LLC, 7.20%, due 6/10/2030 | &nbsp;&nbsp; 241944 |
| 240000 | General Motors Financial Co., Inc., 5.80%, due 6/23/2028 | &nbsp;&nbsp; 244834 |
|  |  | &nbsp;&nbsp; **486778** |
| **Auto Parts & Equipment 0.5%** | **Auto Parts & Equipment 0.5%** | **Auto Parts & Equipment 0.5%** |
| 170000 | IHO Verwaltungs GmbH, 6.38% Cash/7.13% PIK, due 5/15/2029 | &nbsp;&nbsp; 164635<br> <sup>(b)(e)</sup><br>|
| 105000 | ZF North America Capital, Inc., 6.88%, due 4/23/2032 | &nbsp;&nbsp; 92157<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **256792** |
| **Banks 4.3%** | **Banks 4.3%** | **Banks 4.3%** |
| 200000 | ABN AMRO Bank NV, 6.38%, due 9/22/2034 | &nbsp;&nbsp; 225996<br> <sup>(f)(g)(h)</sup><br>|
| $200000 | Banco Santander SA, 6.35%, due 3/14/2034 | &nbsp;&nbsp; 204327 |
| 75000 | Bank of America Corp., 6.63%, due 5/1/2030 | &nbsp;&nbsp; 75034<br> <sup>(f)(g)</sup><br>|
| 245000 | Citizens Financial Group, Inc., 5.84%, due 1/23/2030 | &nbsp;&nbsp; 250795<br> <sup>(f)</sup><br>|
| 200000 | ING Groep NV, 4.25%, due 5/16/2031 | &nbsp;&nbsp; 161455<br> <sup>(f)(g)</sup><br>|
| 245000 | Lloyds Banking Group PLC, 5.68%, due 1/5/2035 | &nbsp;&nbsp; 248132<br> <sup>(f)</sup><br>|
| 240000 | M&T Bank Corp., 3.50%, due 9/1/2026 | &nbsp;&nbsp; 219609<br> <sup>(f)(g)</sup><br>|
| 310000 | Morgan Stanley, 2.48%, due 9/16/2036 | &nbsp;&nbsp; 258613<br> <sup>(f)</sup><br>|
| 245000 | NatWest Group PLC, 5.81%, due 9/13/2029 | &nbsp;&nbsp; 253323<br> <sup>(f)</sup><br>|
| 85000 | PNC Financial Services Group, Inc., 3.40%, due 9/15/2026 | &nbsp;&nbsp; 79942<br> <sup>(f)(g)</sup><br>|
| 265000 | Santander U.K. Group Holdings PLC, 3.82%, due 11/3/2028 | &nbsp;&nbsp; 258565<br> <sup>(f)</sup><br>|
|  |  | &nbsp;&nbsp; **2235791** |
| **Building Materials 1.3%** | **Building Materials 1.3%** | **Building Materials 1.3%** |
| 110000 | EMRLD Borrower LP/Emerald Co-Issuer, Inc., 6.75%, due 7/15/2031 | &nbsp;&nbsp; 112173<br> <sup>(b)</sup><br>|
| 145000 | Jeld-Wen, Inc., 7.00%, due 9/1/2032 | &nbsp;&nbsp; 127345<br> <sup>(b)</sup><br>|
| 70000 | MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, due 2/1/2030 | &nbsp;&nbsp; 63082<br> <sup>(b)</sup><br>|
|  | Quikrete Holdings, Inc. |  |
| 140000 | 6.38%, due 3/1/2032 | &nbsp;&nbsp; 140789<br> <sup>(b)</sup><br>|
| 70000 | 6.75%, due 3/1/2033 | &nbsp;&nbsp; 70262<br> <sup>(b)</sup><br>|
|  | Standard Industries, Inc. |  |
| 5000 | 4.38%, due 7/15/2030 | &nbsp;&nbsp; 4663<br> <sup>(b)</sup><br>|
| 160000 | 3.38%, due 1/15/2031 | &nbsp;&nbsp; 141273<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **659587** |
| **Chemicals 0.8%** | **Chemicals 0.8%** | **Chemicals 0.8%** |
| 105000 | Avient Corp., 6.25%, due 11/1/2031 | &nbsp;&nbsp; 103878<br> <sup>(b)</sup><br>|
|  | INEOS Finance PLC |  |
| 20000 | 6.75%, due 5/15/2028 | &nbsp;&nbsp; 19526<br> <sup>(b)</sup><br>|
| 35000 | 7.50%, due 4/15/2029 | &nbsp;&nbsp; 32874<br> <sup>(b)</sup><br>|
|  | Olympus Water U.S. Holding Corp. |  |
| 105000 | 9.75%, due 11/15/2028 | &nbsp;&nbsp; 109406<br> <sup>(b)</sup><br>|
| 5000 | 7.25%, due 6/15/2031 | &nbsp;&nbsp; 5000<br> <sup>(b)</sup><br>|
| 150000 | WR Grace Holdings LLC, 7.38%, due 3/1/2031 | &nbsp;&nbsp; 150801<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **421485** |
| **Commercial Services 3.7%** | **Commercial Services 3.7%** | **Commercial Services 3.7%** |
| 135000 | Allied Universal Holdco LLC, 7.88%, due 2/15/2031 | &nbsp;&nbsp; 137884<br> <sup>(b)</sup><br>|
| 120000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, due 6/1/2029 | &nbsp;&nbsp; 112533<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Commercial Services – cont'd** | **Commercial Services – cont'd** | **Commercial Services – cont'd** | **Commercial Services – cont'd** |
| $| 125000 | Block, Inc., 6.50%, due 5/15/2032 | &nbsp;&nbsp; $127535<br> <sup>(b)</sup><br>|
|  | 275000 | Boost Newco Borrower LLC, 7.50%, due 1/15/2031 | &nbsp;&nbsp; 290195<br> <sup>(b)</sup><br>|
|  | 190000 | Champions Financing, Inc., 8.75%, due 2/15/2029 | &nbsp;&nbsp; 167279<br> <sup>(b)</sup><br>|
|  |  | Garda World Security Corp. |  |
|  | 60000 | 7.75%, due 2/15/2028 | &nbsp;&nbsp; 61935<br> <sup>(b)</sup><br>|
|  | 80000 | 6.00%, due 6/1/2029 | &nbsp;&nbsp; 74829<br> <sup>(b)</sup><br>|
|  | 110000 | 8.25%, due 8/1/2032 | &nbsp;&nbsp; 108063<br> <sup>(b)</sup><br>|
|  | 205000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 1/15/2028 | &nbsp;&nbsp; 204831<br> <sup>(b)</sup><br>|
|  | 5000 | United Rentals North America, Inc., 6.13%, due 3/15/2034 | &nbsp;&nbsp; 5054<br> <sup>(b)</sup><br>|
|  | 200000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 208910<br> <sup>(b)</sup><br>|
|  | 5000 | VM Consolidated, Inc., 5.50%, due 4/15/2029 | &nbsp;&nbsp; 4821<br> <sup>(b)</sup><br>|
|  | 290000 | Wand NewCo 3, Inc., 7.63%, due 1/30/2032 | &nbsp;&nbsp; 298753<br> <sup>(b)</sup><br>|
|  | 110000 | Williams Scotsman, Inc., 7.38%, due 10/1/2031 | &nbsp;&nbsp; 114096<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1916718** |
| **Computers 1.0%** | **Computers 1.0%** | **Computers 1.0%** | **Computers 1.0%** |
|  | 275000 | Ahead DB Holdings LLC, 6.63%, due 5/1/2028 | &nbsp;&nbsp; 265906<br> <sup>(b)</sup><br>|
|  | 5000 | Amentum Holdings, Inc., 7.25%, due 8/1/2032 | &nbsp;&nbsp; 5086<br> <sup>(b)</sup><br>|
|  | 70000 | Booz Allen Hamilton, Inc., 5.95%, due 4/15/2035 | &nbsp;&nbsp; 69556 |
|  | 175000 | Fortress Intermediate 3, Inc., 7.50%, due 6/1/2031 | &nbsp;&nbsp; 178890<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **519438** |
| **Cosmetics - Personal Care 0.4%** | **Cosmetics - Personal Care 0.4%** | **Cosmetics - Personal Care 0.4%** | **Cosmetics - Personal Care 0.4%** |
|  | 60000 | Opal Bidco SAS, 6.50%, due 3/31/2032 | &nbsp;&nbsp; 60015<br> <sup>(b)</sup><br>|
|  | 135000 | Perrigo Finance Unlimited Co., 6.13%, due 9/30/2032 | &nbsp;&nbsp; 134007 |
|  |  |  | &nbsp;&nbsp; **194022** |
| **Distribution - Wholesale 0.9%** | **Distribution - Wholesale 0.9%** | **Distribution - Wholesale 0.9%** | **Distribution - Wholesale 0.9%** |
|  | 60000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 2/1/2028 | &nbsp;&nbsp; 58205<br> <sup>(b)</sup><br>|
|  | 195000 | Resideo Funding, Inc., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 193438<br> <sup>(b)</sup><br>|
|  | 210000 | Windsor Holdings III LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 221034<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **472677** |
| **Diversified Financial Services 3.6%** | **Diversified Financial Services 3.6%** | **Diversified Financial Services 3.6%** | **Diversified Financial Services 3.6%** |
|  | 275000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.00%, due 10/29/2028 | &nbsp;&nbsp; 259719 |
|  | 280000 | Ally Financial, Inc., 4.70%, due 5/15/2026 | &nbsp;&nbsp; 257235<br> <sup>(f)(g)</sup><br>|
|  |  | Capital One Financial Corp. |  |
|  | 180000 | 7.62%, due 10/30/2031 | &nbsp;&nbsp; 200506<br> <sup>(f)</sup><br>|
|  | 140000 | 6.18%, due 1/30/2036 | &nbsp;&nbsp; 138256<br> <sup>(f)</sup><br>|
|  | 530000 | Charles Schwab Corp., 4.00%, due 6/1/2026 | &nbsp;&nbsp; 513246<br> <sup>(f)(g)</sup><br>|
|  |  | Jane Street Group/JSG Finance, Inc. |  |
|  | 5000 | 7.13%, due 4/30/2031 | &nbsp;&nbsp; 5157<br> <sup>(b)</sup><br>|
|  | 215000 | 6.75%, due 5/1/2033 | &nbsp;&nbsp; 216013<br> <sup>(b)</sup><br>|
|  | 110000 | OneMain Finance Corp., 6.63%, due 5/15/2029 | &nbsp;&nbsp; 110321 |
|  | 120000 | PennyMac Financial Services, Inc., 6.88%, due 2/15/2033 | &nbsp;&nbsp; 119832<br> <sup>(b)</sup><br>|
|  | 40000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, due 9/15/2029 | &nbsp;&nbsp; 41074<br> <sup>(b)</sup><br>|
|  | 30000 | SLM Corp., 6.50%, due 1/31/2030 | &nbsp;&nbsp; 30968 |
|  |  |  | &nbsp;&nbsp; **1892327** |
| **Electric 5.5%** | **Electric 5.5%** | **Electric 5.5%** | **Electric 5.5%** |
|  | 380000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 387263<br> <sup>(b)</sup><br>|
|  | 5000 | Calpine Corp., 5.00%, due 2/1/2031 | &nbsp;&nbsp; 4809<br> <sup>(b)</sup><br>|
|  | 105000 | CenterPoint Energy, Inc., 6.70%, due 5/15/2055 | &nbsp;&nbsp; 103617<br> <sup>(f)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** | **Electric – cont'd** |
| $| 100000 | CMS Energy Corp., 6.50%, due 6/1/2055 | &nbsp;&nbsp; $97494<br> <sup>(f)</sup><br>|
|  | 105000 | Dominion Energy, Inc., 6.63%, due 5/15/2055 | &nbsp;&nbsp; 103235<br> <sup>(f)</sup><br>|
|  | 215000 | Electricite de France SA, 9.13%, due 3/15/2033 | &nbsp;&nbsp; 240472<br> <sup>(b)(f)(g)</sup><br>|
|  | 320000 | Lightning Power LLC, 7.25%, due 8/15/2032 | &nbsp;&nbsp; 331530<br> <sup>(b)</sup><br>|
|  |  | NextEra Energy Capital Holdings, Inc. |  |
|  | 100000 | 6.38%, due 8/15/2055 | &nbsp;&nbsp; 100211<br> <sup>(f)</sup><br>|
|  | 80000 | 6.50%, due 8/15/2055 | &nbsp;&nbsp; 80444<br> <sup>(f)</sup><br>|
|  |  | NRG Energy, Inc. |  |
|  | 190000 | 10.25%, due 3/15/2028 | &nbsp;&nbsp; 208154<br> <sup>(b)(f)(g)</sup><br>|
|  | 5000 | 5.75%, due 7/15/2029 | &nbsp;&nbsp; 4976<br> <sup>(b)</sup><br>|
|  | 60000 | 6.00%, due 2/1/2033 | &nbsp;&nbsp; 59370<br> <sup>(b)</sup><br>|
|  | 225000 | Pacific Gas & Electric Co., 6.95%, due 3/15/2034 | &nbsp;&nbsp; 241291 |
|  | 200000 | Saavi Energia SARL, 8.88%, due 2/10/2035 | &nbsp;&nbsp; 201000<br> <sup>(b)</sup><br>|
|  | 135000 | Southern Co., 6.38%, due 3/15/2055 | &nbsp;&nbsp; 137526<br> <sup>(f)</sup><br>|
|  | 240000 | Vistra Corp., 7.00%, due 12/15/2026 | &nbsp;&nbsp; 242375<br> <sup>(b)(f)(g)</sup><br>|
|  | 130000 | Vistra Operations Co. LLC, 7.75%, due 10/15/2031 | &nbsp;&nbsp; 137460<br> <sup>(b)</sup><br>|
|  | 200000 | Zorlu Enerji Elektrik Uretim AS, 11.00%, due 4/23/2030 | &nbsp;&nbsp; 183242<br> <sup>(h)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2864469** |
| **Electrical Components & Equipment 0.0%**<sup>‡</sup> | **Electrical Components & Equipment 0.0%**<sup>‡</sup> | **Electrical Components & Equipment 0.0%**<sup>‡</sup> | **Electrical Components & Equipment 0.0%**<sup>‡</sup> |
|  | 5000 | WESCO Distribution, Inc., 6.63%, due 3/15/2032 | &nbsp;&nbsp; **5086**<br> <sup>(b)</sup><br>|
| **Engineering & Construction 0.3%** | **Engineering & Construction 0.3%** | **Engineering & Construction 0.3%** | **Engineering & Construction 0.3%** |
|  | 125000 | Arcosa, Inc., 6.88%, due 8/15/2032 | &nbsp;&nbsp; 127374<br> <sup>(b)</sup><br>|
|  | 50000 | Artera Services LLC, 8.50%, due 2/15/2031 | &nbsp;&nbsp; 47439<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **174813** |
| **Entertainment 3.3%** | **Entertainment 3.3%** | **Entertainment 3.3%** | **Entertainment 3.3%** |
|  | 5000 | Caesars Entertainment, Inc., 4.63%, due 10/15/2029 | &nbsp;&nbsp; 4616<br> <sup>(b)</sup><br>|
|  |  | Churchill Downs, Inc. |  |
|  | 110000 | 4.75%, due 1/15/2028 | &nbsp;&nbsp; 106595<br> <sup>(b)</sup><br>|
|  | 5000 | 5.75%, due 4/1/2030 | &nbsp;&nbsp; 4890<br> <sup>(b)</sup><br>|
|  | 165000 | 6.75%, due 5/1/2031 | &nbsp;&nbsp; 166646<br> <sup>(b)</sup><br>|
|  | 5000 | Live Nation Entertainment, Inc., 4.75%, due 10/15/2027 | &nbsp;&nbsp; 4894<br> <sup>(b)</sup><br>|
|  | 220000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 5/1/2029 | &nbsp;&nbsp; 207693<br> <sup>(b)</sup><br>|
|  | 60000 | Penn Entertainment, Inc., 4.13%, due 7/1/2029 | &nbsp;&nbsp; 52627<br> <sup>(b)</sup><br>|
|  | 115000 | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc., 6.63%, due 3/1/2030 | &nbsp;&nbsp; 109456<br> <sup>(b)</sup><br>|
|  | 325000 | SeaWorld Parks & Entertainment, Inc., 5.25%, due 8/15/2029 | &nbsp;&nbsp; 308904<br> <sup>(b)</sup><br>|
|  | 330000 | Six Flags Entertainment Corp., 7.25%, due 5/15/2031 | &nbsp;&nbsp; 334532<br> <sup>(b)</sup><br>|
|  | 5000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, due <br> 5/1/2032<br>| &nbsp;&nbsp; 5045<br> <sup>(b)</sup><br>|
|  |  | Warnermedia Holdings, Inc. |  |
|  | 300000 | 4.28%, due 3/15/2032 | &nbsp;&nbsp; 256884 |
|  | 230000 | 5.05%, due 3/15/2042 | &nbsp;&nbsp; 173365 |
|  |  |  | &nbsp;&nbsp; **1736147** |
| **Environmental Control 0.4%** | **Environmental Control 0.4%** | **Environmental Control 0.4%** | **Environmental Control 0.4%** |
|  | 220000 | Madison IAQ LLC, 5.88%, due 6/30/2029 | &nbsp;&nbsp; **208040**<br> <sup>(b)</sup><br>|
| **Food 0.4%** | **Food 0.4%** | **Food 0.4%** | **Food 0.4%** |
|  |  | Post Holdings, Inc. |  |
|  | 155000 | 6.38%, due 3/1/2033 | &nbsp;&nbsp; 153258<br> <sup>(b)</sup><br>|
|  | 35000 | 6.25%, due 10/15/2034 | &nbsp;&nbsp; 34709<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Food – cont'd** | **Food – cont'd** | **Food – cont'd** | **Food – cont'd** |
| $| 5000 | U.S. Foods, Inc., 5.75%, due 4/15/2033 | &nbsp;&nbsp; $4898<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **192865** |
| **Healthcare - Products 0.7%** | **Healthcare - Products 0.7%** | **Healthcare - Products 0.7%** | **Healthcare - Products 0.7%** |
|  | 210000 | Bausch & Lomb Corp., 8.38%, due 10/1/2028 | &nbsp;&nbsp; 218148<br> <sup>(b)</sup><br>|
|  | 170000 | Medline Borrower LP, 5.25%, due 10/1/2029 | &nbsp;&nbsp; 161438<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **379586** |
| **Healthcare - Services 1.4%** | **Healthcare - Services 1.4%** | **Healthcare - Services 1.4%** | **Healthcare - Services 1.4%** |
|  |  | Acadia Healthcare Co., Inc. |  |
|  | 15000 | 5.50%, due 7/1/2028 | &nbsp;&nbsp; 14685<br> <sup>(b)</sup><br>|
|  | 30000 | 5.00%, due 4/15/2029 | &nbsp;&nbsp; 28361<br> <sup>(b)</sup><br>|
|  | 35000 | 7.38%, due 3/15/2033 | &nbsp;&nbsp; 34970<br> <sup>(b)</sup><br>|
|  | 265000 | HCA, Inc., 4.13%, due 6/15/2029 | &nbsp;&nbsp; 257788 |
|  |  | LifePoint Health, Inc. |  |
|  | 50000 | 9.88%, due 8/15/2030 | &nbsp;&nbsp; 53186<br> <sup>(b)</sup><br>|
|  | 45000 | 10.00%, due 6/1/2032 | &nbsp;&nbsp; 43650<br> <sup>(b)</sup><br>|
|  | 60000 | Molina Healthcare, Inc., 6.25%, due 1/15/2033 | &nbsp;&nbsp; 59549<br> <sup>(b)</sup><br>|
|  | 130000 | Surgery Center Holdings, Inc., 7.25%, due 4/15/2032 | &nbsp;&nbsp; 129705<br> <sup>(b)</sup><br>|
|  | 40000 | Team Health Holdings, Inc., 9.00% Cash/4.50% PIK, due 6/30/2028 | &nbsp;&nbsp; 42900<br> <sup>(b)(e)</sup><br>|
|  | 65000 | Tenet Healthcare Corp., 6.13%, due 10/1/2028 | &nbsp;&nbsp; 64844 |
|  |  |  | &nbsp;&nbsp; **729638** |
| **Home Builders 0.7%** | **Home Builders 0.7%** | **Home Builders 0.7%** | **Home Builders 0.7%** |
|  | 140000 | Beazer Homes USA, Inc., 7.50%, due 3/15/2031 | &nbsp;&nbsp; 135265<br> <sup>(b)</sup><br>|
|  | 275000 | LGI Homes, Inc., 7.00%, due 11/15/2032 | &nbsp;&nbsp; 253688<br> <sup>(b)</sup><br>|
|  | 5000 | Taylor Morrison Communities, Inc., 5.75%, due 1/15/2028 | &nbsp;&nbsp; 5002<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **393955** |
| **Insurance 3.0%** | **Insurance 3.0%** | **Insurance 3.0%** | **Insurance 3.0%** |
|  | 120000 | Acrisure LLC/Acrisure Finance, Inc., 8.25%, due 2/1/2029 | &nbsp;&nbsp; 122781<br> <sup>(b)</sup><br>|
|  |  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |
|  | 85000 | 6.75%, due 10/15/2027 | &nbsp;&nbsp; 84389<br> <sup>(b)</sup><br>|
|  | 285000 | 6.75%, due 4/15/2028 | &nbsp;&nbsp; 287052<br> <sup>(b)</sup><br>|
|  | 5000 | 7.00%, due 1/15/2031 | &nbsp;&nbsp; 5074<br> <sup>(b)</sup><br>|
|  | 30000 | 6.50%, due 10/1/2031 | &nbsp;&nbsp; 29938<br> <sup>(b)</sup><br>|
|  | 30000 | 7.38%, due 10/1/2032 | &nbsp;&nbsp; 30317<br> <sup>(b)</sup><br>|
|  |  | AmWINS Group, Inc. |  |
|  | 100000 | 6.38%, due 2/15/2029 | &nbsp;&nbsp; 101192<br> <sup>(b)</sup><br>|
|  | 185000 | 4.88%, due 6/30/2029 | &nbsp;&nbsp; 176625<br> <sup>(b)</sup><br>|
|  | 135000 | BroadStreet Partners, Inc., 5.88%, due 4/15/2029 | &nbsp;&nbsp; 130346<br> <sup>(b)</sup><br>|
|  | 320000 | HUB International Ltd., 7.25%, due 6/15/2030 | &nbsp;&nbsp; 331918<br> <sup>(b)</sup><br>|
|  | 175000 | Panther Escrow Issuer LLC, 7.13%, due 6/1/2031 | &nbsp;&nbsp; 179287<br> <sup>(b)</sup><br>|
|  | 60000 | Reinsurance Group of America, Inc., 6.65%, due 9/15/2055 | &nbsp;&nbsp; 58138<br> <sup>(f)</sup><br>|
|  | 45000 | Ryan Specialty LLC, 5.88%, due 8/1/2032 | &nbsp;&nbsp; 44447<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1581504** |
| **Internet 0.2%** | **Internet 0.2%** | **Internet 0.2%** | **Internet 0.2%** |
|  | 110000 | Gen Digital, Inc., 6.25%, due 4/1/2033 | &nbsp;&nbsp; **109703**<br> <sup>(b)</sup><br>|
| **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** | **Investment Companies 0.5%** |
|  | 255000 | Ares Capital Corp., 5.95%, due 7/15/2029 | &nbsp;&nbsp; **258133** |

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Iron - Steel 0.1%** | **Iron - Steel 0.1%** | **Iron - Steel 0.1%** |
| $42761 | Samarco Mineracao SA, 4.00% Cash/5.00% PIK, due 6/30/2031 | &nbsp;&nbsp; **$40246**<br> <sup>(e)(h)</sup><br>|
| **Leisure Time 1.1%** | **Leisure Time 1.1%** | **Leisure Time 1.1%** |
|  | Carnival Corp. |  |
| 110000 | 6.00%, due 5/1/2029 | &nbsp;&nbsp; 109352<br> <sup>(b)</sup><br>|
| 120000 | 6.13%, due 2/15/2033 | &nbsp;&nbsp; 118985<br> <sup>(b)</sup><br>|
| 100000 | NCL Corp. Ltd., 7.75%, due 2/15/2029 | &nbsp;&nbsp; 103204<br> <sup>(b)</sup><br>|
|  | Viking Cruises Ltd. |  |
| 5000 | 7.00%, due 2/15/2029 | &nbsp;&nbsp; 5018<br> <sup>(b)</sup><br>|
| 225000 | 9.13%, due 7/15/2031 | &nbsp;&nbsp; 240569<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **577128** |
| **Lodging 0.4%** | **Lodging 0.4%** | **Lodging 0.4%** |
| 200000 | Fortune Star BVI Ltd., 5.05%, due 1/27/2027 | &nbsp;&nbsp; **188001**<br> <sup>(h)</sup><br>|
| **Machinery - Construction & Mining 0.4%** | **Machinery - Construction & Mining 0.4%** | **Machinery - Construction & Mining 0.4%** |
|  | Terex Corp. |  |
| 195000 | 5.00%, due 5/15/2029 | &nbsp;&nbsp; 186513<br> <sup>(b)</sup><br>|
| 5000 | 6.25%, due 10/15/2032 | &nbsp;&nbsp; 4785<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **191298** |
| **Machinery - Diversified 0.6%** | **Machinery - Diversified 0.6%** | **Machinery - Diversified 0.6%** |
| 165000 | Chart Industries, Inc., 7.50%, due 1/1/2030 | &nbsp;&nbsp; 171186<br> <sup>(b)</sup><br>|
| 125000 | SPX FLOW, Inc., 8.75%, due 4/1/2030 | &nbsp;&nbsp; 126039<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **297225** |
| **Media 1.8%** | **Media 1.8%** | **Media 1.8%** |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 260000 | 5.00%, due 2/1/2028 | &nbsp;&nbsp; 253670<br> <sup>(b)</sup><br>|
| 30000 | 6.38%, due 9/1/2029 | &nbsp;&nbsp; 30269<br> <sup>(b)</sup><br>|
| 55000 | 4.75%, due 3/1/2030 | &nbsp;&nbsp; 51922<br> <sup>(b)</sup><br>|
| 80000 | 4.50%, due 8/15/2030 | &nbsp;&nbsp; 74287<br> <sup>(b)</sup><br>|
| 50000 | 4.25%, due 2/1/2031 | &nbsp;&nbsp; 45176<br> <sup>(b)</sup><br>|
| 80000 | 4.50%, due 5/1/2032 | &nbsp;&nbsp; 71078 |
| 20000 | 4.25%, due 1/15/2034 | &nbsp;&nbsp; 16848<br> <sup>(b)</sup><br>|
| 175000 | CSC Holdings LLC, 11.75%, due 1/31/2029 | &nbsp;&nbsp; 165448<br> <sup>(b)</sup><br>|
| 65000 | Midcontinent Communications, 8.00%, due 8/15/2032 | &nbsp;&nbsp; 66267<br> <sup>(b)</sup><br>|
| 200000 | VTR Finance NV, 6.38%, due 7/15/2028 | &nbsp;&nbsp; 187973<br> <sup>(h)</sup><br>|
|  |  | &nbsp;&nbsp; **962938** |
| **Mining 1.8%** | **Mining 1.8%** | **Mining 1.8%** |
| 75000 | Capstone Copper Corp., 6.75%, due 3/31/2033 | &nbsp;&nbsp; 73692<br> <sup>(b)</sup><br>|
| 200000 | Cia de Minas Buenaventura SAA, 6.80%, due 2/4/2032 | &nbsp;&nbsp; 198502<br> <sup>(b)</sup><br>|
|  | FMG Resources August 2006 Pty. Ltd. |  |
| 95000 | 4.38%, due 4/1/2031 | &nbsp;&nbsp; 85978<br> <sup>(b)</sup><br>|
| 55000 | 6.13%, due 4/15/2032 | &nbsp;&nbsp; 54202<br> <sup>(b)</sup><br>|
|  | Kaiser Aluminum Corp. |  |
| 175000 | 4.63%, due 3/1/2028 | &nbsp;&nbsp; 168376<br> <sup>(b)</sup><br>|
| 5000 | 4.50%, due 6/1/2031 | &nbsp;&nbsp; 4493<br> <sup>(b)</sup><br>|
| 200000 | Navoi Mining & Metallurgical Combinat, 6.95%, due 10/17/2031 | &nbsp;&nbsp; 201551<br> <sup>(h)</sup><br>|
| 160000 | Novelis Corp., 6.88%, due 1/30/2030 | &nbsp;&nbsp; 162305<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **949099** |

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Miscellaneous Manufacturer 1.2%** | **Miscellaneous Manufacturer 1.2%** | **Miscellaneous Manufacturer 1.2%** |
| $95000 | Amsted Industries, Inc., 6.38%, due 3/15/2033 | &nbsp;&nbsp; $95428<br> <sup>(b)</sup><br>|
| 215000 | Axon Enterprise, Inc., 6.25%, due 3/15/2033 | &nbsp;&nbsp; 219134<br> <sup>(b)</sup><br>|
| 80000 | Calderys Financing II LLC, 11.75% Cash/12.50% PIK, due 6/1/2028 | &nbsp;&nbsp; 78558<br> <sup>(b)(e)</sup><br>|
| 50000 | Calderys Financing LLC, 11.25%, due 6/1/2028 | &nbsp;&nbsp; 52827<br> <sup>(b)</sup><br>|
| 220000 | Hillenbrand, Inc., 3.75%, due 3/1/2031 | &nbsp;&nbsp; 191006 |
|  |  | &nbsp;&nbsp; **636953** |
| **Office - Business Equipment 0.5%** | **Office - Business Equipment 0.5%** | **Office - Business Equipment 0.5%** |
| 275000 | CDW LLC/CDW Finance Corp., 3.25%, due 2/15/2029 | &nbsp;&nbsp; **256150** |
| **Oil & Gas 4.2%** | **Oil & Gas 4.2%** | **Oil & Gas 4.2%** |
| 330000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, due 6/30/2029 | &nbsp;&nbsp; 320211<br> <sup>(b)</sup><br>|
| 200000 | Azule Energy Finance PLC, 8.13%, due 1/23/2030 | &nbsp;&nbsp; 192800<br> <sup>(b)</sup><br>|
| 185366 | Borr IHC Ltd./Borr Finance LLC, 10.00%, due 11/15/2028 | &nbsp;&nbsp; 157654<br> <sup>(h)</sup><br>|
| 220000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; 209702<br> <sup>(b)</sup><br>|
|  | Hilcorp Energy I LP/Hilcorp Finance Co. |  |
| 135000 | 6.25%, due 4/15/2032 | &nbsp;&nbsp; 117433<br> <sup>(b)</sup><br>|
| 100000 | 8.38%, due 11/1/2033 | &nbsp;&nbsp; 95096<br> <sup>(b)</sup><br>|
| 50000 | 6.88%, due 5/15/2034 | &nbsp;&nbsp; 42490<br> <sup>(b)</sup><br>|
| 200000 | NewCo Holding USD 20 SARL, 9.38%, due 11/7/2029 | &nbsp;&nbsp; 197500<br> <sup>(b)</sup><br>|
| 80000 | Noble Finance II LLC, 8.00%, due 4/15/2030 | &nbsp;&nbsp; 76221<br> <sup>(b)</sup><br>|
| 200000 | Petroleos Mexicanos, 7.69%, due 1/23/2050 | &nbsp;&nbsp; 145920 |
| 200000 | SierraCol Energy Andina LLC, 6.00%, due 6/15/2028 | &nbsp;&nbsp; 183964<br> <sup>(h)</sup><br>|
| 200000 | Trident Energy Finance PLC, 12.50%, due 11/30/2029 | &nbsp;&nbsp; 188746<br> <sup>(b)</sup><br>|
| 172000 | Vista Energy Argentina SAU, 7.63%, due 12/10/2035 | &nbsp;&nbsp; 164346<br> <sup>(b)</sup><br>|
| 100000 | YPF SA, 9.50%, due 1/17/2031 | &nbsp;&nbsp; 103162<br> <sup>(h)</sup><br>|
|  |  | &nbsp;&nbsp; **2195245** |
| **Oil & Gas Services 0.5%** | **Oil & Gas Services 0.5%** | **Oil & Gas Services 0.5%** |
| 75000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, due 9/1/2032 | &nbsp;&nbsp; 74578<br> <sup>(b)</sup><br>|
| 90000 | Aris Water Holdings LLC, 7.25%, due 4/1/2030 | &nbsp;&nbsp; 89309<br> <sup>(b)</sup><br>|
| 90000 | Star Holding LLC, 8.75%, due 8/1/2031 | &nbsp;&nbsp; 82463<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **246350** |
| **Packaging & Containers 1.7%** | **Packaging & Containers 1.7%** | **Packaging & Containers 1.7%** |
|  | Mauser Packaging Solutions Holding Co. |  |
| 85000 | 7.88%, due 4/15/2027 | &nbsp;&nbsp; 85224<br> <sup>(b)</sup><br>|
| 240000 | 9.25%, due 4/15/2027 | &nbsp;&nbsp; 220204<br> <sup>(b)</sup><br>|
| 5000 | Sealed Air Corp., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 5086<br> <sup>(b)</sup><br>|
| 210000 | Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, due 2/15/2031 | &nbsp;&nbsp; 218683<br> <sup>(b)</sup><br>|
| 55000 | Trident TPI Holdings, Inc., 12.75%, due 12/31/2028 | &nbsp;&nbsp; 57697<br> <sup>(b)</sup><br>|
|  | Trivium Packaging Finance BV |  |
| 5000 | 5.50%, due 8/15/2026 | &nbsp;&nbsp; 4951<br> <sup>(b)</sup><br>|
| 300000 | 8.50%, due 8/15/2027 | &nbsp;&nbsp; 296515<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **888360** |
| **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** | **Pharmaceuticals 0.4%** |
| 160000 | 1261229 BC Ltd., 10.00%, due 4/15/2032 | &nbsp;&nbsp; 156668<br> <sup>(b)</sup><br>|
| 40000 | CVS Health Corp., 6.75%, due 12/10/2054 | &nbsp;&nbsp; 39731<br> <sup>(f)</sup><br>|
|  |  | &nbsp;&nbsp; **196399** |
| **Pipelines 4.3%** | **Pipelines 4.3%** | **Pipelines 4.3%** |
|  | Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |
| 5000 | 5.38%, due 6/15/2029 | &nbsp;&nbsp; 4880<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Pipelines – cont'd** | **Pipelines – cont'd** | **Pipelines – cont'd** |
| $240000 | 6.63%, due 2/1/2032 | &nbsp;&nbsp; $242481<br> <sup>(b)</sup><br>|
| 5000 | DT Midstream, Inc., 4.13%, due 6/15/2029 | &nbsp;&nbsp; 4693<br> <sup>(b)</sup><br>|
| 250000 | Energy Transfer LP, 5.55%, due 5/15/2034 | &nbsp;&nbsp; 246045 |
| 220000 | Excelerate Energy LP, 8.00%, due 5/15/2030 | &nbsp;&nbsp; 223482<br> <sup>(b)(i)</sup><br>|
| 200000 | Galaxy Pipeline Assets Bidco Ltd., 2.63%, due 3/31/2036 | &nbsp;&nbsp; 168252<br> <sup>(h)</sup><br>|
|  | Genesis Energy LP/Genesis Energy Finance Corp. |  |
| 100000 | 7.75%, due 2/1/2028 | &nbsp;&nbsp; 99619 |
| 145000 | 8.00%, due 5/15/2033 | &nbsp;&nbsp; 140637 |
| 260000 | Harvest Midstream I LP, 7.50%, due 9/1/2028 | &nbsp;&nbsp; 263170<br> <sup>(b)</sup><br>|
| 145000 | Howard Midstream Energy Partners LLC, 7.38%, due 7/15/2032 | &nbsp;&nbsp; 148420<br> <sup>(b)</sup><br>|
| 255000 | Kinetik Holdings LP, 5.88%, due 6/15/2030 | &nbsp;&nbsp; 249148<br> <sup>(b)</sup><br>|
| 200000 | Southern Gas Corridor CJSC, 6.88%, due 3/24/2026 | &nbsp;&nbsp; 202000<br> <sup>(h)</sup><br>|
| 230000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/2030 | &nbsp;&nbsp; 214162<br> <sup>(b)</sup><br>|
| 50000 | TransMontaigne Partners LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 50324<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **2257313** |
| **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** |
| 105000 | Blackstone Mortgage Trust, Inc., 7.75%, due 12/1/2029 | &nbsp;&nbsp; 109055<br> <sup>(b)</sup><br>|
| 115000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, due <br> 10/1/2028<br>| &nbsp;&nbsp; 112224<br> <sup>(b)</sup><br>|
|  | Starwood Property Trust, Inc. |  |
| 125000 | 7.25%, due 4/1/2029 | &nbsp;&nbsp; 129628<br> <sup>(b)</sup><br>|
| 95000 | 6.50%, due 7/1/2030 | &nbsp;&nbsp; 95551<br> <sup>(b)</sup><br>|
| 148000 | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC, 10.50%, due 2/15/2028 | &nbsp;&nbsp; 157144<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **603602** |
| **Retail 1.0%** | **Retail 1.0%** | **Retail 1.0%** |
| 125000 | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/2030 | &nbsp;&nbsp; 113754<br> <sup>(b)</sup><br>|
| 110000 | Bath & Body Works, Inc., 6.63%, due 10/1/2030 | &nbsp;&nbsp; 111937<br> <sup>(b)</sup><br>|
| 105000 | Beacon Roofing Supply, Inc., 6.75%, due 4/30/2032 | &nbsp;&nbsp; 105271<br> <sup>(b)</sup><br>|
| 205000 | Cougar JV Subsidiary LLC, 8.00%, due 5/15/2032 | &nbsp;&nbsp; 212572<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **543534** |
| **Savings & Loans 0.5%** | **Savings & Loans 0.5%** | **Savings & Loans 0.5%** |
| 200000 | Coventry Building Society, 8.75%, due 6/11/2029 | &nbsp;&nbsp; **272433**<br> <sup>(f)(g)(h)</sup><br>|
| **Semiconductors 1.2%** | **Semiconductors 1.2%** | **Semiconductors 1.2%** |
|  | Foundry JV Holdco LLC |  |
| $250000 | 6.15%, due 1/25/2032 | &nbsp;&nbsp; 259709<br> <sup>(b)</sup><br>|
| 200000 | 6.30%, due 1/25/2039 | &nbsp;&nbsp; 207567<br> <sup>(b)</sup><br>|
| 190000 | Intel Corp., 4.75%, due 3/25/2050 | &nbsp;&nbsp; 149059 |
|  |  | &nbsp;&nbsp; **616335** |
| **Software 1.3%** | **Software 1.3%** | **Software 1.3%** |
| 180000 | AthenaHealth Group, Inc., 6.50%, due 2/15/2030 | &nbsp;&nbsp; 172053<br> <sup>(b)</sup><br>|
| 110000 | Cloud Software Group, Inc., 6.50%, due 3/31/2029 | &nbsp;&nbsp; 110040<br> <sup>(b)</sup><br>|
| 55000 | Ellucian Holdings, Inc., 6.50%, due 12/1/2029 | &nbsp;&nbsp; 54946<br> <sup>(b)</sup><br>|
| 25000 | Rackspace Finance LLC, 3.50%, due 5/15/2028 | &nbsp;&nbsp; 8899<br> <sup>(b)</sup><br>|
| 320000 | UKG, Inc., 6.88%, due 2/1/2031 | &nbsp;&nbsp; 329214<br> <sup>(b)</sup><br>|
|  |  | &nbsp;&nbsp; **675152** |
| **Telecommunications 2.3%** | **Telecommunications 2.3%** | **Telecommunications 2.3%** |
|  | Bell Telephone Co. of Canada or Bell Canada |  |
| 55000 | 6.88%, due 9/15/2055 | &nbsp;&nbsp; 54936<br> <sup>(f)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Telecommunications – cont'd** | **Telecommunications – cont'd** | **Telecommunications – cont'd** | **Telecommunications – cont'd** |
| $| 70000 | 7.00%, due 9/15/2055 | &nbsp;&nbsp; $69464<br> <sup>(f)</sup><br>|
|  | 105000 | CommScope LLC, 9.50%, due 12/15/2031 | &nbsp;&nbsp; 107412<br> <sup>(b)</sup><br>|
|  | 65000 | Consolidated Communications, Inc., 6.50%, due 10/1/2028 | &nbsp;&nbsp; 63810<br> <sup>(b)</sup><br>|
|  | 210000 | EchoStar Corp., 10.75%, due 11/30/2029 | &nbsp;&nbsp; 222082 |
|  |  | Level 3 Financing, Inc. |  |
|  | 45000 | 4.88%, due 6/15/2029 | &nbsp;&nbsp; 39262<br> <sup>(b)</sup><br>|
|  | 50000 | 11.00%, due 11/15/2029 | &nbsp;&nbsp; 55875<br> <sup>(b)</sup><br>|
|  | 105000 | 10.50%, due 5/15/2030 | &nbsp;&nbsp; 113512<br> <sup>(b)</sup><br>|
|  |  | Rogers Communications, Inc. |  |
|  | 55000 | 7.00%, due 4/15/2055 | &nbsp;&nbsp; 55411<br> <sup>(f)</sup><br>|
|  | 50000 | 7.13%, due 4/15/2055 | &nbsp;&nbsp; 49819<br> <sup>(f)</sup><br>|
|  | 99000 | Telecom Argentina SA, 9.50%, due 7/18/2031 | &nbsp;&nbsp; 103653<br> <sup>(b)</sup><br>|
|  | 105000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/1/2031 | &nbsp;&nbsp; 107490<br> <sup>(b)</sup><br>|
|  | 165000 | Zayo Group Holdings, Inc., 4.00%, due 3/1/2027 | &nbsp;&nbsp; 151963<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1194689** |
| **Transportation 0.6%** | **Transportation 0.6%** | **Transportation 0.6%** | **Transportation 0.6%** |
|  | 295000 | XPO, Inc., 7.13%, due 2/1/2032 | &nbsp;&nbsp; **302189**<br> <sup>(b)</sup><br>|
| **Total Corporate Bonds (Cost $33,065,600)** | **Total Corporate Bonds (Cost $33,065,600)** | **Total Corporate Bonds (Cost $33,065,600)** | &nbsp;&nbsp; **32995653** |
| **Loan Assignments**<sup>(c)</sup> **11.7%** | **Loan Assignments**<sup>(c)</sup> **11.7%** | **Loan Assignments**<sup>(c)</sup> **11.7%** | **Loan Assignments**<sup>(c)</sup> **11.7%** |
| **Capital Markets 1.4%** | **Capital Markets 1.4%** | **Capital Markets 1.4%** | **Capital Markets 1.4%** |
|  | 250000 | &nbsp;&nbsp; Edelman Financial Center LLC, Second Lien Term Loan, (1 mo. USD Term SOFR + 5.25%), 9.57%, <br> due 10/6/2028<br>| &nbsp;&nbsp; 242813 |
|  | 498750 | &nbsp;&nbsp; Focus Financial Partners LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 7.07%, due <br> 9/15/2031<br>| &nbsp;&nbsp; 492176 |
|  |  |  | &nbsp;&nbsp; **734989** |
| **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** | **Containers & Packaging 0.9%** |
|  | 497503 | Trident TPI Holdings, Inc., Term Loan B7, (3 mo. USD Term SOFR), due 9/15/2028 | &nbsp;&nbsp; **480429**<br> <sup>(j)(k)</sup><br>|
| **Diversified Consumer Services 0.2%** | **Diversified Consumer Services 0.2%** | **Diversified Consumer Services 0.2%** | **Diversified Consumer Services 0.2%** |
|  | 117550 | &nbsp;&nbsp; Ascend Learning LLC, Second Lien Term Loan, (1 mo. USD Term SOFR + 5.75%), 10.17%, due <br> 12/10/2029<br>| &nbsp;&nbsp; **115162** |
| **Diversified Telecommunication Services 2.8%** | **Diversified Telecommunication Services 2.8%** | **Diversified Telecommunication Services 2.8%** | **Diversified Telecommunication Services 2.8%** |
|  | 479661 | CommScope, Inc., Term Loan, (1 mo. USD Term SOFR + 5.25%), 9.57%, due 12/17/2029 | &nbsp;&nbsp; 470217 |
|  |  | CSC Holdings LLC |  |
|  | 249342 | Term Loan B5, (3 mo. USD Term SOFR + 1.50%), 9.00%, due 4/15/2027 | &nbsp;&nbsp; 239820 |
|  | 249363 | Term Loan B6, (1 mo. USD Term SOFR + 4.50%), 8.82%, due 1/18/2028 | &nbsp;&nbsp; 242365 |
|  |  | Lumen Technologies, Inc. |  |
|  | 249366 | Term Loan B1, (1 mo. USD Term SOFR), due 4/15/2029 | &nbsp;&nbsp; 237990<br> <sup>(j)(k)</sup><br>|
|  | 249366 | Term Loan B2, (1 mo. USD Term SOFR + 2.35%), 6.79%, due 4/15/2030 | &nbsp;&nbsp; 237209 |
|  | 35000 | Zayo Group Holdings, Inc., Term Loan, (1 mo. USD Term SOFR), due 3/9/2027 | &nbsp;&nbsp; 32475<br> <sup>(j)(k)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1460076** |
| **Electric Utilities 1.9%** | **Electric Utilities 1.9%** | **Electric Utilities 1.9%** | **Electric Utilities 1.9%** |
|  | 500000 | Cornerstone Generation LLC, Term Loan B, (1 mo. USD Term SOFR), due 10/28/2031 | &nbsp;&nbsp; 499895<br> <sup>(j)(k)</sup><br>|
|  |  | Lightstone Holdco LLC |  |
|  | 467568 | Term Loan B, (3 mo. USD Term SOFR + 5.75%), 10.03%, due 1/29/2027 | &nbsp;&nbsp; 465580 |
|  | 26448 | Term Loan C, (3 mo. USD Term SOFR + 5.75%), 10.03%, due 1/29/2027 | &nbsp;&nbsp; 26336 |
|  |  |  | &nbsp;&nbsp; **991811** |

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount**<sup>(a)</sup> | **Principal Amount**<sup>(a)</sup> | **Value** |
| **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** | **Health Care Equipment & Supplies 2.2%** |
| $496256 | &nbsp;&nbsp; Auris Luxembourg III SARL, Term Loan B4, (3 mo. USD Term SOFR + 3.75%, 6 mo. USD Term SOFR <br> + 3.75%), 7.88% – 8.05%, due 2/28/2029<br>| &nbsp;&nbsp; $489641<br> <sup>(l)</sup><br>|
| 643384 | Bausch & Lomb Corp., Term Loan, (1 mo. USD Term SOFR + 3.25%), 7.67%, due 5/10/2027 | &nbsp;&nbsp; 635085 |
|  |  | &nbsp;&nbsp; **1124726** |
| **Insurance 1.0%** | **Insurance 1.0%** | **Insurance 1.0%** |
| 497487 | AssuredPartners, Inc., Term Loan B5, (1 mo. USD Term SOFR + 3.50%), 7.82%, due 2/14/2031 | &nbsp;&nbsp; **497358** |
| **IT Services 0.9%** | **IT Services 0.9%** | **IT Services 0.9%** |
| 500000 | QualityTech LP, Term Loan B, (1 mo. USD Term SOFR + 3.50%), 7.82%, due 10/30/2031 | &nbsp;&nbsp; **496250**<br> <sup>(m)</sup><br>|
| **Software 0.4%** | **Software 0.4%** | **Software 0.4%** |
| 250000 | Cloudera, Inc., Second Lien Term Loan, (1 mo. USD Term SOFR + 6.00%), 10.42%, due 10/8/2029 | &nbsp;&nbsp; **234168** |
| **Total Loan Assignments (Cost $6,198,884)** | **Total Loan Assignments (Cost $6,198,884)** | &nbsp;&nbsp; **6134969** |
| **Foreign Government Securities 6.2%** | **Foreign Government Securities 6.2%** | **Foreign Government Securities 6.2%** |
|  | Argentine Republic Government International Bonds |  |
| 228800 | 0.75%, due 7/9/2030 | &nbsp;&nbsp; 175032<br> <sup>(n)</sup><br>|
| 173954 | 4.13%, due 7/9/2046 | &nbsp;&nbsp; 113140<br> <sup>(n)</sup><br>|
| 250000 | Colombia Government International Bonds, 4.50%, due 3/15/2029 | &nbsp;&nbsp; 234648 |
| 280000 | Dominican Republic International Bonds, 5.50%, due 2/22/2029 | &nbsp;&nbsp; 275730<br> <sup>(h)</sup><br>|
|  | Ecuador Government International Bonds |  |
| 73904 | 6.90%, due 7/31/2030 | &nbsp;&nbsp; 55232<br> <sup>(h)</sup><br>|
| 173365 | 5.50%, due 7/31/2035 | &nbsp;&nbsp; 103969<br> <sup>(h)(n)</sup><br>|
| 200000 | Egypt Government International Bonds, 8.70%, due 3/1/2049 | &nbsp;&nbsp; 150000<br> <sup>(h)</sup><br>|
| 200000 | El Salvador Government International Bonds, 9.50%, due 7/15/2052 | &nbsp;&nbsp; 199242<br> <sup>(h)</sup><br>|
|  | Ghana Government International Bonds |  |
| 5280 | 0.00%, due 7/3/2026 | &nbsp;&nbsp; 4984<br> <sup>(b)</sup><br>|
| 53240 | 5.00%, due 7/3/2029 | &nbsp;&nbsp; 45443<br> <sup>(b)(n)</sup><br>|
| 76560 | 5.00%, due 7/3/2035 | &nbsp;&nbsp; 52061<br> <sup>(b)(n)</sup><br>|
| 200000 | Guatemala Government Bonds, 5.25%, due 8/10/2029 | &nbsp;&nbsp; 196747<br> <sup>(h)</sup><br>|
|  | Ivory Coast Government International Bonds |  |
| 200000 | 5.88%, due 10/17/2031 | &nbsp;&nbsp; 206544<br> <sup>(h)</sup><br>|
| 100000 | 4.88%, due 1/30/2032 | &nbsp;&nbsp; 97882<br> <sup>(h)</sup><br>|
| $200000 | Mongolia Government International Bonds, 3.50%, due 7/7/2027 | &nbsp;&nbsp; 184319<br> <sup>(h)</sup><br>|
| 200000 | Nigeria Government International Bonds, 8.38%, due 3/24/2029 | &nbsp;&nbsp; 189428<br> <sup>(h)</sup><br>|
| 220000 | Panama Government International Bonds, 3.16%, due 1/23/2030 | &nbsp;&nbsp; 192464 |
| 200000 | Republic of South Africa Government International Bonds, 4.85%, due 9/30/2029 | &nbsp;&nbsp; 188480 |
| 38000 | Romania Government International Bonds, 3.63%, due 3/27/2032 | &nbsp;&nbsp; 31530<br> <sup>(b)</sup><br>|
|  | Sri Lanka Government International Bonds |  |
| 38918 | 4.00%, due 4/15/2028 | &nbsp;&nbsp; 35660<br> <sup>(b)</sup><br>|
| 41436 | 3.10%, due 1/15/2030 | &nbsp;&nbsp; 33759<br> <sup>(b)(n)</sup><br>|
| 81276 | 3.35%, due 3/15/2033 | &nbsp;&nbsp; 56284<br> <sup>(b)(n)</sup><br>|
| 54880 | 3.60%, due 6/15/2035 | &nbsp;&nbsp; 35365<br> <sup>(b)(n)</sup><br>|
| 76208 | 3.60%, due 2/15/2038 | &nbsp;&nbsp; 53346<br> <sup>(b)(n)</sup><br>|
| 200000 | Turkiye Government International Bonds, 9.38%, due 3/14/2029 | &nbsp;&nbsp; 215610 |
| 159882 | Zambia Government International Bonds, 5.75%, due 6/30/2033 | &nbsp;&nbsp; 138889<br> <sup>(h)(n)</sup><br>|
| **Total Foreign Government Securities (Cost $3,137,111)** | **Total Foreign Government Securities (Cost $3,137,111)** | &nbsp;&nbsp; **3265788** |

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Number of Shares** | **Value** |
| **Short-Term Investments 0.3%** | **Short-Term Investments 0.3%** |
| **Investment Companies 0.3%** | **Investment Companies 0.3%** |
| 170572<br> &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.29%<sup>(o)</sup> **(Cost $170,572)**<br>| &nbsp;&nbsp; **$170572** |
| **Total Investments 100.4% (Cost $52,669,751)** | &nbsp;&nbsp; **52519703** |
| Liabilities Less Other Assets (0.4)% | &nbsp;&nbsp; (200337)<sup>(p)</sup><br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$52319366** |

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Principal amount is stated in the currency in which the security is denominated.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only be sold to qualified institutional investors or may have other restrictions on resale. At April 30, 2025, these securities amounted to $32,732,575, which represents 62.6% of net assets of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Payment-in-kind (PIK) security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(h) 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 April 30, 2025 amounted to $3,912,456, which represents 7.5% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(i) When-issued security. Total value of all such securities at April 30, 2025 amounted to $223,482, which represents 0.4% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(j) All or a portion of this security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of this security had not settled as of April 30, 2025 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

&nbsp;&nbsp;&nbsp;&nbsp;(l) The stated interest rates represent the range of rates at April 30, 2025 of the underlying contracts within the Loan Assignment.

&nbsp;&nbsp;&nbsp;&nbsp;(m) Value determined using significant unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;(n) Step Bond. Coupon rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown was the current rate as of April 30, 2025.

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

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

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

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

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income 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>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $35861445 | 68.5<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 4147003 | 7.9<br> %<br>|
| Jersey | &nbsp;&nbsp; 1728213 | 3.3<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 1032453 | 2.0<br> %<br>|
| Canada | &nbsp;&nbsp; 835958 | 1.6<br> %<br>|
| Netherlands | &nbsp;&nbsp; 688917 | 1.3<br> %<br>|
| Argentina | &nbsp;&nbsp; 659333 | 1.2<br> %<br>|
| Mexico | &nbsp;&nbsp; 504574 | 1.0<br> %<br>|
| Denmark | &nbsp;&nbsp; 489641 | 0.9<br> %<br>|
| Brazil | &nbsp;&nbsp; 426492 | 0.8<br> %<br>|
| Colombia | &nbsp;&nbsp; 418612 | 0.8<br> %<br>|
| Turkey | &nbsp;&nbsp; 398852 | 0.8<br> %<br>|
| France | &nbsp;&nbsp; 353314 | 0.7<br> %<br>|
| Cote D'Ivoire | &nbsp;&nbsp; 304426 | 0.6<br> %<br>|
| Dominican Republic | &nbsp;&nbsp; 275730 | 0.5<br> %<br>|
| Ireland | &nbsp;&nbsp; 259719 | 0.5<br> %<br>|
| Germany | &nbsp;&nbsp; 256792 | 0.5<br> %<br>|
| Sri Lanka | &nbsp;&nbsp; 214414 | 0.4<br> %<br>|
| Chile | &nbsp;&nbsp; 212442 | 0.4<br> %<br>|
| Spain | &nbsp;&nbsp; 204327 | 0.4<br> %<br>|
| Azerbaijan | &nbsp;&nbsp; 202000 | 0.4<br> %<br>|
| Uzbekistan | &nbsp;&nbsp; 201551 | 0.4<br> %<br>|
| El Salvador | &nbsp;&nbsp; 199242 | 0.4<br> %<br>|
| Peru | &nbsp;&nbsp; 198502 | 0.4<br> %<br>|
| Guatemala | &nbsp;&nbsp; 196747 | 0.4<br> %<br>|
| Angola | &nbsp;&nbsp; 192800 | 0.4<br> %<br>|
| Panama | &nbsp;&nbsp; 192464 | 0.4<br> %<br>|
| Nigeria | &nbsp;&nbsp; 189428 | 0.4<br> %<br>|
| South Africa | &nbsp;&nbsp; 188480 | 0.3<br> %<br>|
| China | &nbsp;&nbsp; 188001 | 0.3<br> %<br>|
| Mongolia | &nbsp;&nbsp; 184319 | 0.3<br> %<br>|
| United Arab Emirates | &nbsp;&nbsp; 168252 | 0.3<br> %<br>|
| Ecuador | &nbsp;&nbsp; 159201 | 0.3<br> %<br>|
| Egypt | &nbsp;&nbsp; 150000 | 0.3<br> %<br>|
| Australia | &nbsp;&nbsp; 140180 | 0.3<br> %<br>|
| Zambia | &nbsp;&nbsp; 138889 | 0.3<br> %<br>|
| Ghana | &nbsp;&nbsp; 102488 | 0.2<br> %<br>|
| Luxembourg | &nbsp;&nbsp; 52400 | 0.1<br> %<br>|
| Romania | &nbsp;&nbsp; 31530 | 0.1<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; (29765)<br>| &nbsp;&nbsp; (0.1)%<br>|
|  | &nbsp;&nbsp; **$52319366** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

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

**Long Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 6/2025 | &nbsp;&nbsp; 8 | U.S. Treasury Long Bond | &nbsp;&nbsp; $933000 | &nbsp;&nbsp; $14264 |
| 6/2025 | &nbsp;&nbsp; 3 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp; 336656 | &nbsp;&nbsp; 7696 |
| 6/2025 | &nbsp;&nbsp; 13 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp; 1419539 | &nbsp;&nbsp; 11580 |
| 6/2025 | &nbsp;&nbsp; 22 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp; 2524156 | &nbsp;&nbsp; 64124 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$5213351** | &nbsp;&nbsp; **$97664** |

---

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

**Short Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 6/2025 | &nbsp;&nbsp; 1 | Euro-Bobl | &nbsp;&nbsp; $(135523) | &nbsp;&nbsp; $(3614) |
| 6/2025 | &nbsp;&nbsp; 1 | Euro-Oat | &nbsp;&nbsp; (142331) | &nbsp;&nbsp; (1076) |
| 6/2025 | &nbsp;&nbsp; 4 | Euro-Schatz | &nbsp;&nbsp; (487443) | &nbsp;&nbsp; (2968) |
| 6/2025 | &nbsp;&nbsp; 1 | Long Gilt | &nbsp;&nbsp; (124634) | &nbsp;&nbsp; (2719) |
| 6/2025 | &nbsp;&nbsp; 16 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp; (3330375) | &nbsp;&nbsp; (33234) |
| 6/2025 | &nbsp;&nbsp; 2 | U.S. Treasury Ultra Bond | &nbsp;&nbsp; (242063) | &nbsp;&nbsp; (1899) |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(4462369)** | &nbsp;&nbsp; **$(45510)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$52154** |

---

At April 30, 2025, the Fund had $133,023 deposited in a segregated account to cover margin requirements on open futures.

For the six months ended April 30, 2025, the average notional value for the months where the Fund had futures outstanding was $6,423,174 for long positions and $(3,460,223) for short positions.

**Forward foreign currency contracts ("forward FX contracts")**

At April 30, 2025, open forward FX contracts for the Fund were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net** <br>**Unrealized** <br>**Appreciation/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| EUR | 236 | USD | 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| USD | 41 | EUR | 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| USD | 261589 | EUR | 234106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4809)<br>|
| USD | 5499 | EUR | 4995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185)<br>|
| USD | 312138 | EUR | 283516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10484)<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Currency Purchased** | **Currency Purchased** | **Currency Sold** | **Currency Sold** | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp; **Settlement**<br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Net**<br> **Unrealized**<br> **Appreciation/**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| USD | 387526 | GBP | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(12398)<br>|
| **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** | **Total unrealized depreciation** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$(27878)**<br>|

---

For the six months ended April 30, 2025, the average notional value for the months where the Fund had forward FX contracts outstanding was $1,298,600.

**Credit default swap contracts ("credit default swaps")**

At April 30, 2025, the Fund had outstanding credit default swaps as follows:

**Centrally Cleared Credit Default Swaps — Sell Protection**<br>

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Clearinghouse** | **Reference** <br>**Entity**<br>| **Notional** <br>**Amount** | **Notional** <br>**Amount** | **Financing** <br>**Rate** <br>**Received** <br>**by** <br>**the Fund**<br>| **Maturity** <br>**Date**<br>| **Upfront** <br>**Payments/** <br>**(Receipts)**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Accrued** <br>**Net** <br>**Interest** <br>**Receivable/** <br>**(Payable)**<br>| **Value** |
| ICE CC | CDX North America <br>High Yield <br>Index, Ser. 44.V1<br>| USD | 2459000 | 5.00%<br> 3M | 6/20/2030 | $126501 | $(33523)<br>| $14344 | $107322 |

---

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

At April 30, 2025 the Fund had $138,353 deposited in a segregated account to cover margin requirements for centrally cleared swaps.

For the six months ended April 30, 2025, the average notional value for the months where the Fund had credit default swaps was $2,459,000 for sell protection.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Mortgage-Backed Securities<sup>#</sup> <br>| $— | $3013004 | $— | $3013004 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 6939717 |  | 6939717 |
| Corporate Bonds<sup>#</sup> <br>|  | 32995653 |  | 32995653 |
| Loan Assignments |  |  |  |  |
| IT Services |  |  | 496250 | 496250 |
| Other Loan Assignments<sup>#</sup> <br>|  | 5638719 |  | 5638719 |
| Total Loan Assignments |  | 5638719 | 496250 | 6134969 |
| Foreign Government Securities |  | 3265788 |  | 3265788 |
| Short-Term Investments |  | 170572 |  | 170572 |
| **Total Investments** | **$—** | **$52023453** | **$496250** | **$52519703** |

---

&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.

See Notes to Financial Statements

------

Schedule of Investments Flexible Credit Income ETF^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value:

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(000's** <br>**omitted)**<br>| **Beginning** <br>**balance as** <br>**of 11/1/2024**<br>| **Accrued** <br>**discounts/** <br>**(premiums)**<br>| **Realized** <br>**gain/(loss)**<br>| **Change** <br>**in unrealized** <br>**appreciation/** <br>**(depreciation)**<br>| **Purchases** | **Sales**  | **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance** <br>**as of** <br>**4/30/2025**<br>| **Net change in** <br>**unrealized** <br>**appreciation/** <br>**(depreciation)** <br>**from** <br>**investments** <br>**still held as of** <br>**4/30/2025**<br>|
| **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** |
| Loan Assignments<sup>(1)(2)</sup> <br>| $239 | $— | $— | $1 | $— | $— | $495 | $(239)<br>| $496 | $1 |
| **Total** | **$239** | **$—** | **$—** | **$1** | **$—** | **$—** | **$495** | **$(239)**<br>| **$496** | **$1** |
| (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. |
| (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. | (2) Transfers out of Level 3 were attributable to observable market data becoming available for those <br> securities. Transfers in or out of Level 3 represent the beginning value of any security where a change <br> in the pricing level occurred from the beginning to the end of the period. |

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $97664 | $— | $— | $97664 |
| Liabilities | (45510)<br>|  |  | (45510)<br>|
| Forward FX Contracts<sup>@</sup> |  |  |  |  |
| Liabilities |  | (27878)<br>|  | (27878)<br>|
| Swaps |  |  |  |  |
| Assets |  | 107322 |  | 107322 |
| **Total** | **$52154** | **$79444** | **$—** | **$131598** |

---

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

@ Futures and forward FX contracts 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 Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) April 30, 2025

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Mortgage-Backed Securities 27.1%** | **Mortgage-Backed Securities 27.1%** |
| **Collateralized Mortgage Obligations 13.6%** | **Collateralized Mortgage Obligations 13.6%** |
| $339519 | BRAVO Residential Funding Trust, Series 2024-NQM6, Class A1, 5.41%, due 8/1/2064<br> &nbsp;&nbsp; $339161<br> <sup>(a)</sup><br>|
|  | Chase Home Lending Mortgage Trust |
| 171649 | Series 2024-2, Class A6A, 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 172430<br> <sup>(a)(b)</sup><br>|
| 310928 | Series 2024-4, Class A6, 6.00%, due 3/25/2055<br> &nbsp;&nbsp; 313722<br> <sup>(a)(b)</sup><br>|
| 185961 | Series 2024-10, Class A4A, 5.50%, due 10/25/2055<br> &nbsp;&nbsp; 185941<br> <sup>(a)(b)</sup><br>|
| 373440 | Series 2024-11, Class A4, 6.00%, due 11/25/2055<br> &nbsp;&nbsp; 377078<br> <sup>(a)(b)</sup><br>|
|  | COLT Mortgage Loan Trust |
| 703727 | Series 2021-5, Class A1, 1.73%, due 11/26/2066<br> &nbsp;&nbsp; 628377<br> <sup>(a)(b)</sup><br>|
| 223537 | Series 2024-2, Class A1, 6.13%, due 4/25/2069<br> &nbsp;&nbsp; 224927<br> <sup>(a)</sup><br>|
| 190731 | Series 2024-2, Class A3, 6.43%, due 4/25/2069<br> &nbsp;&nbsp; 191851<br> <sup>(a)</sup><br>|
| 389000 | COOPR Residential Mortgage Trust, Series 2025-CES1, Class A1A, 5.65%, due 5/25/2060<br> &nbsp;&nbsp; 388999<br> <sup>(a)</sup><br>|
| 190000 | EFMT, Series 2024-INV2, Class M1, 5.73%, due 10/25/2069<br> &nbsp;&nbsp; 187974<br> <sup>(a)(b)</sup><br>|
| 623438 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1, 2.21%, due 1/25/2067<br> &nbsp;&nbsp; 543000<br> <sup>(a)(b)</sup><br>|
|  | Federal Home Loan Mortgage Corp. REMIC |
| 952171 | Series 5475, Class FA, (30 day USD SOFR Average + 1.10%), 5.45%, due 11/25/2054<br> &nbsp;&nbsp; 943257<br> <sup>(c)</sup><br>|
| 705497 | Series 5474, Class FB, (30 day USD SOFR Average + 1.15%), 5.50%, due 11/25/2054<br> &nbsp;&nbsp; 699571<br> <sup>(c)</sup><br>|
| 994455 | Series 5487, Class FA, (30 day USD SOFR Average + 1.40%), 5.75%, due 12/25/2054<br> &nbsp;&nbsp; 993957<br> <sup>(c)</sup><br>|
| 1073326 | Series 5518, Class FD, (30 day USD SOFR Average + 1.70%), 6.00%, due 3/25/2055<br> &nbsp;&nbsp; 1075245<br> <sup>(c)</sup><br>|
|  | Federal Home Loan Mortgage Corp. STACR REMIC Trust |
| 528188 | Series 2021-DNA6, Class M2, (30 day USD SOFR Average + 1.50%), 5.85%, due 10/25/2041<br> &nbsp;&nbsp; 527364<br> <sup>(a)(c)</sup><br>|
| 785000 | Series 2022-DNA2, Class M1B, (30 day USD SOFR Average + 2.40%), 6.75%, due 2/25/2042<br> &nbsp;&nbsp; 801312<br> <sup>(a)(c)</sup><br>|
| 408000 | Series 2022-DNA2, Class M2, (30 day USD SOFR Average + 3.75%), 8.10%, due 2/25/2042<br> &nbsp;&nbsp; 423126<br> <sup>(a)(c)</sup><br>|
| 469000 | Series 2022-HQA1, Class M2, (30 day USD SOFR Average + 5.25%), 9.60%, due 3/25/2042<br> &nbsp;&nbsp; 496956<br> <sup>(a)(c)</sup><br>|
| 333000 | Series 2022-HQA3, Class M1B, (30 day USD SOFR Average + 3.55%), 7.90%, due 8/25/2042<br> &nbsp;&nbsp; 347346<br> <sup>(a)(c)</sup><br>|
| 390000 | Series 2022-DNA6, Class M2, (30 day USD SOFR Average + 5.75%), 10.10%, due 9/25/2042<br> &nbsp;&nbsp; 425006<br> <sup>(a)(c)</sup><br>|
| 860000 | Series 2024-DNA1, Class M2, (30 day USD SOFR Average + 1.95%), 6.30%, due 2/25/2044<br> &nbsp;&nbsp; 863749<br> <sup>(a)(c)</sup><br>|
| 505000 | Series 2024-DNA2, Class M2, (30 day USD SOFR Average + 1.70%), 6.05%, due 5/25/2044<br> &nbsp;&nbsp; 504056<br> <sup>(a)(c)</sup><br>|
| 485000 | Series 2025-HQA1, Class M2, (30 day USD SOFR Average + 1.65%), 6.00%, due 2/25/2045<br> &nbsp;&nbsp; 481062<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |
| 171047 | Series 2016-C01, Class 2M2, (30 day USD SOFR Average + 7.06%), 11.42%, due 8/25/2028<br> &nbsp;&nbsp; 176178<br> <sup>(c)</sup><br>|
| 441335 | Series 2018-C02, Class 2M2, (30 day USD SOFR Average + 2.31%), 6.67%, due 8/25/2030<br> &nbsp;&nbsp; 447994<br> <sup>(c)</sup><br>|
| 176523 | Series 2021-R01, Class 1M2, (30 day USD SOFR Average + 1.55%), 5.90%, due 10/25/2041<br> &nbsp;&nbsp; 176715<br> <sup>(a)(c)</sup><br>|
| 515000 | Series 2021-R01, Class 1B1, (30 day USD SOFR Average + 3.10%), 7.45%, due 10/25/2041<br> &nbsp;&nbsp; 523209<br> <sup>(a)(c)</sup><br>|
| 375000 | Series 2021-R03, Class 1M2, (30 day USD SOFR Average + 1.65%), 6.00%, due 12/25/2041<br> &nbsp;&nbsp; 375704<br> <sup>(a)(c)</sup><br>|
| 1505000 | Series 2022-R01, Class 1M2, (30 day USD SOFR Average + 1.90%), 6.25%, due 12/25/2041<br> &nbsp;&nbsp; 1511565<br> <sup>(a)(c)</sup><br>|
| 500000 | Series 2022-R02, Class 2M2, (30 day USD SOFR Average + 3.00%), 7.35%, due 1/25/2042<br> &nbsp;&nbsp; 510000<br> <sup>(a)(c)</sup><br>|
| 625000 | Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.45%, due 3/25/2042<br> &nbsp;&nbsp; 641749<br> <sup>(a)(c)</sup><br>|
| 725000 | Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 7.85%, due 3/25/2042<br> &nbsp;&nbsp; 749019<br> <sup>(a)(c)</sup><br>|
| 495000 | Series 2022-R07, Class 1M2, (30 day USD SOFR Average + 4.65%), 9.00%, due 6/25/2042<br> &nbsp;&nbsp; 524393<br> <sup>(a)(c)</sup><br>|
| 79000 | Series 2022-R08, Class 1M2, (30 day USD SOFR Average + 3.60%), 7.95%, due 7/25/2042<br> &nbsp;&nbsp; 82012<br> <sup>(a)(c)</sup><br>|
| 435000 | Series 2022-R08, Class 1B1, (30 day USD SOFR Average + 5.60%), 9.95%, due 7/25/2042<br> &nbsp;&nbsp; 466538<br> <sup>(a)(c)</sup><br>|
| 592133 | Series 2023-R01, Class 1M1, (30 day USD SOFR Average + 2.40%), 6.75%, due 12/25/2042<br> &nbsp;&nbsp; 605892<br> <sup>(a)(c)</sup><br>|
| 244000 | Series 2023-R02, Class 1M2, (30 day USD SOFR Average + 3.35%), 7.70%, due 1/25/2043<br> &nbsp;&nbsp; 253455<br> <sup>(a)(c)</sup><br>|
| 174000 | Series 2025-R01, Class 1B1, (30 day USD SOFR Average + 1.70%), 6.05%, due 1/25/2045<br> &nbsp;&nbsp; 169874<br> <sup>(a)(c)</sup><br>|
| 500000 | Series 2025-R02, Class 1M2, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2045<br> &nbsp;&nbsp; 497500<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association REMIC |
| 1015489 | Series 2024-40, Class FA, (30 day USD SOFR Average + 1.15%), 5.50%, due 3/25/2054<br> &nbsp;&nbsp; 1007838<br> <sup>(c)</sup><br>|
| 1250000 | Series 2025-33, Class FE, (30 day USD SOFR Average + 1.45%), 5.79%, due 8/25/2054<br> &nbsp;&nbsp; 1250715<br> <sup>(c)(d)</sup><br>|
| 1061862 | Series 2025-1, Class AF, (30 day USD SOFR Average + 1.85%), 6.00%, due 2/25/2055<br> &nbsp;&nbsp; 1063671<br> <sup>(c)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** | **Collateralized Mortgage Obligations – cont'd** |
| $| 342256 | GCAT Trust, Series 2021-NQM5, Class A1, 1.26%, due 7/25/2066 | &nbsp;&nbsp; $285981<br> <sup>(a)(b)</sup><br>|
|  |  | Government National Mortgage Association REMIC |  |
|  | 1016618 | Series 2024-184, Class FN, (30 day USD SOFR Average + 1.20%), 5.55%, due 11/20/2054 | &nbsp;&nbsp; 1012200<br> <sup>(c)</sup><br>|
|  | 1018275 | Series 2024-187, Class FB, (30 day USD SOFR Average + 1.20%), 5.55%, due 11/20/2054 | &nbsp;&nbsp; 1014740<br> <sup>(c)</sup><br>|
|  | 1015974 | Series 2025-4, Class FY, (30 day USD SOFR Average + 1.60%), 5.95%, due 1/20/2055 | &nbsp;&nbsp; 1016262<br> <sup>(c)</sup><br>|
|  |  | JP Morgan Mortgage Trust |  |
|  | 105840 | Series 2024-2, Class A6A, 6.00%, due 8/25/2054 | &nbsp;&nbsp; 105778<br> <sup>(a)(b)</sup><br>|
|  | 205750 | Series 2024-4, Class A6A, 6.00%, due 10/25/2054 | &nbsp;&nbsp; 206668<br> <sup>(a)(b)</sup><br>|
|  | 421943 | Series 2025-2, Class A4, 6.00%, due 7/25/2055 | &nbsp;&nbsp; 426032<br> <sup>(a)(b)</sup><br>|
|  | 147208 | Series 2024-NQM1, Class A1, 5.59%, due 2/25/2064 | &nbsp;&nbsp; 148091<br> <sup>(a)</sup><br>|
|  | 216212 | Series 2024-NQM1, Class A3, 5.95%, due 2/25/2064 | &nbsp;&nbsp; 217310<br> <sup>(a)</sup><br>|
|  | 193000 | Series 2024-NQM1, Class M1A, 6.41%, due 2/25/2064 | &nbsp;&nbsp; 193547<br> <sup>(a)(b)</sup><br>|
|  | 354000 | LHOME Mortgage Trust, Series 2024-RTL4, Class A1, 5.92%, due 7/25/2039 | &nbsp;&nbsp; 355468<br> <sup>(a)</sup><br>|
|  |  | Morgan Stanley Residential Mortgage Loan Trust |  |
|  | 590037 | Series 2024-NQM3, Class A3, 5.40%, due 7/25/2069 | &nbsp;&nbsp; 586771<br> <sup>(a)</sup><br>|
|  | 378041 | Series 2024-NQM5, Class A1, 5.65%, due 10/25/2069 | &nbsp;&nbsp; 379597<br> <sup>(a)(b)</sup><br>|
|  | 166288 | Series 2025-NQM2, Class A3, 6.10%, due 1/25/2070 | &nbsp;&nbsp; 167405<br> <sup>(a)</sup><br>|
|  |  | New Residential Mortgage Loan Trust |  |
|  | 219000 | Series 2024-RTL2, Class A1, 5.44%, due 9/25/2039 | &nbsp;&nbsp; 218194<br> <sup>(a)</sup><br>|
|  | 177463 | Series 2019-NQM5, Class A1, 2.71%, due 11/25/2059 | &nbsp;&nbsp; 168341<br> <sup>(a)(b)</sup><br>|
|  | 255062 | NRM FHT1 Excess Owner LLC, Series 2025-FHT1, Class A, 6.55%, due 3/25/2032 | &nbsp;&nbsp; 253394<br> <sup>(a)</sup><br>|
|  | 419963 | NYMT Loan Trust, Series 2024-INV1, Class A3, 5.83%, due 6/25/2069 | &nbsp;&nbsp; 421350<br> <sup>(a)</sup><br>|
|  |  | OBX Trust |  |
|  | 192000 | Series 2025-NQM7, Class A2, 5.76%, due 5/25/2055 | &nbsp;&nbsp; 192481<br> <sup>(a)</sup><br>|
|  | 214000 | Series 2025-NQM7, Class A3, 5.86%, due 5/25/2055 | &nbsp;&nbsp; 214532<br> <sup>(a)</sup><br>|
|  | 268328 | Series 2024-NQM14, Class A1, 4.94%, due 9/25/2064 | &nbsp;&nbsp; 266540<br> <sup>(a)</sup><br>|
|  | 190000 | Series 2024-NQM14, Class M1, 5.58%, due 9/25/2064 | &nbsp;&nbsp; 186847<br> <sup>(a)(b)</sup><br>|
|  |  | Sequoia Mortgage Trust |  |
|  | 87354 | Series 2024-2, Class A10, 6.00%, due 3/25/2054 | &nbsp;&nbsp; 87465<br> <sup>(a)(b)</sup><br>|
|  | 253197 | Series 2024-4, Class A10, 6.00%, due 5/25/2054 | &nbsp;&nbsp; 253953<br> <sup>(a)(b)</sup><br>|
|  | 366349 | SG Residential Mortgage Trust, Series 2021-2, Class A1, 1.74%, due 12/25/2061 | &nbsp;&nbsp; 313556<br> <sup>(a)(b)</sup><br>|
|  | 683390 | Towd Point Mortgage Trust, Series 2022-4, Class A1, 3.75%, due 9/25/2062 | &nbsp;&nbsp; 649238<br> <sup>(a)</sup><br>|
|  |  | Verus Securitization Trust |  |
|  | 285462 | Series 2021-3, Class A3, 1.44%, due 6/25/2066 | &nbsp;&nbsp; 247066<br> <sup>(a)(b)</sup><br>|
|  | 305835 | Series 2021-6, Class A3, 1.89%, due 10/25/2066 | &nbsp;&nbsp; 263416<br> <sup>(a)(b)</sup><br>|
|  | 261714 | Series 2022-7, Class A1, 5.15%, due 7/25/2067 | &nbsp;&nbsp; 262664<br> <sup>(a)</sup><br>|
|  | 190000 | Series 2024-4, Class M1, 6.70%, due 6/25/2069 | &nbsp;&nbsp; 191660<br> <sup>(a)(b)</sup><br>|
|  | 198668 | Series 2024-7, Class A1, 5.10%, due 9/25/2069 | &nbsp;&nbsp; 197587<br> <sup>(a)(b)</sup><br>|
|  | 135456 | Series 2024-7, Class A3, 5.40%, due 9/25/2069 | &nbsp;&nbsp; 134676<br> <sup>(a)</sup><br>|
|  | 370000 | Series 2025-3, Class A3, 5.93%, due 5/25/2070 | &nbsp;&nbsp; 370733<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **34179031** |
| **Commercial Mortgage-Backed 7.0%** | **Commercial Mortgage-Backed 7.0%** | **Commercial Mortgage-Backed 7.0%** | **Commercial Mortgage-Backed 7.0%** |
|  | 230000 | 1211 Avenue of the Americas Trust, Series 2015-1211, Class A1A2, 3.90%, due 8/10/2035 | &nbsp;&nbsp; 226044<br> <sup>(a)</sup><br>|
|  | 219000 | BAMLL Trust, Series 2024-BHP, Class B, (1 mo. USD Term SOFR + 2.90%), 7.22%, due 8/15/2039 | &nbsp;&nbsp; 218956<br> <sup>(a)(c)</sup><br>|
|  | 172938 | BANK, Series 2020-BN30, Class A1, 0.45%, due 12/15/2053 | &nbsp;&nbsp; 170651 |
|  | 127000 | Bank5, Series 2024-5YR7, Class C, 7.34%, due 6/15/2057 | &nbsp;&nbsp; 131811<br> <sup>(b)</sup><br>|
|  |  | BANK5 |  |
|  | 110000 | Series 2023-5YR2, Class C, 7.40%, due 7/15/2056 | &nbsp;&nbsp; 113154<br> <sup>(b)</sup><br>|
|  | 275000 | Series 2024-5YR7, Class D, 4.00%, due 6/15/2057 | &nbsp;&nbsp; 241914<br> <sup>(a)</sup><br>|
|  |  | BBCMS Mortgage Trust |  |
|  | 4333876 | Series 2021-C11, Class XA, 1.47%, due 9/15/2054 | &nbsp;&nbsp; 253777<br> <sup>(b)(e)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $1873181 | Series 2022-C17, Class XA, 1.32%, due 9/15/2055 | &nbsp;&nbsp; $130034<br> <sup>(b)(e)</sup><br>|
|  | Benchmark Mortgage Trust |  |
| 104331 | Series 2019-B12, Class A2, 3.00%, due 8/15/2052 | &nbsp;&nbsp; 102169 |
| 325000 | Series 2019-B12, Class AS, 3.42%, due 8/15/2052 | &nbsp;&nbsp; 302520 |
| 111000 | Series 2020-B17, Class C, 3.37%, due 3/15/2053 | &nbsp;&nbsp; 84356<br> <sup>(b)</sup><br>|
| 7381803 | Series 2021-B30, Class XA, 0.91%, due 11/15/2054 | &nbsp;&nbsp; 302900<br> <sup>(b)(e)</sup><br>|
| 231000 | Series 2023-V2, Class C, 6.99%, due 5/15/2055 | &nbsp;&nbsp; 235036<br> <sup>(b)</sup><br>|
| 170000 | Series 2023-V3, Class C, 7.41%, due 7/15/2056 | &nbsp;&nbsp; 173122<br> <sup>(b)</sup><br>|
| 88000 | Series 2023-B40, Class C, 7.66%, due 12/15/2056 | &nbsp;&nbsp; 91801<br> <sup>(b)</sup><br>|
| 29000 | Series 2024-V5, Class C, 7.20%, due 1/10/2057 | &nbsp;&nbsp; 29505<br> <sup>(b)</sup><br>|
| 228000 | Series 2024-V8, Class B, 7.18%, due 7/15/2057 | &nbsp;&nbsp; 239690<br> <sup>(b)</sup><br>|
| 187000 | Series 2019-B10, Class B, 4.18%, due 3/15/2062 | &nbsp;&nbsp; 167744<br> <sup>(b)</sup><br>|
|  | BLP Commercial Mortgage Trust |  |
| 261000 | Series 2025-IND, Class A, (1 mo. USD Term SOFR + 1.20%), 5.52%, due 3/15/2042 | &nbsp;&nbsp; 256227<br> <sup>(a)(c)</sup><br>|
| 242000 | Series 2025-IND, Class D, (1 mo. USD Term SOFR + 2.25%), 6.57%, due 3/15/2042 | &nbsp;&nbsp; 232402<br> <sup>(a)(c)</sup><br>|
|  | BMO Mortgage Trust |  |
| 550000 | Series 2023-5C2, Class A3, 7.30%, due 11/15/2056 | &nbsp;&nbsp; 591543<br> <sup>(b)</sup><br>|
| 199000 | Series 2024-C8, Class C, 6.23%, due 3/15/2057 | &nbsp;&nbsp; 199932<br> <sup>(b)</sup><br>|
| 228000 | BPR Trust, Series 2022-OANA, Class D, (1 mo. USD Term SOFR + 3.70%), 8.02%, due 4/15/2037 | &nbsp;&nbsp; 225718<br> <sup>(a)(c)</sup><br>|
|  | BX Commercial Mortgage Trust |  |
| 100000 | Series 2021-VOLT, Class D, (1 mo. USD Term SOFR + 1.76%), 6.09%, due 9/15/2036 | &nbsp;&nbsp; 98500<br> <sup>(a)(c)</sup><br>|
| 100000 | Series 2021-VOLT, Class E, (1 mo. USD Term SOFR + 2.11%), 6.44%, due 9/15/2036 | &nbsp;&nbsp; 98375<br> <sup>(a)(c)</sup><br>|
| 193000 | Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.84%, due 9/15/2036 | &nbsp;&nbsp; 188989<br> <sup>(a)(c)</sup><br>|
| 88545 | Series 2024-MF, Class C, (1 mo. USD Term SOFR + 1.94%), 6.26%, due 2/15/2039 | &nbsp;&nbsp; 88269<br> <sup>(a)(c)</sup><br>|
| 190373 | Series 2024-MF, Class D, (1 mo. USD Term SOFR + 2.69%), 7.01%, due 2/15/2039 | &nbsp;&nbsp; 189540<br> <sup>(a)(c)</sup><br>|
| 267193 | Series 2024-XL5, Class D, (1 mo. USD Term SOFR + 2.69%), 7.01%, due 3/15/2041 | &nbsp;&nbsp; 263686<br> <sup>(a)(c)</sup><br>|
| 209000 | Series 2024-GPA2, Class C, (1 mo. USD Term SOFR + 2.19%), 6.51%, due 11/15/2041 | &nbsp;&nbsp; 208477<br> <sup>(a)(c)</sup><br>|
|  | BX Trust |  |
| 244000 | Series 2024-VLT4, Class E, (1 mo. USD Term SOFR + 2.89%), 7.21%, due 7/15/2029 | &nbsp;&nbsp; 234230<br> <sup>(a)(c)</sup><br>|
| 399000 | Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.31%, due 3/15/2030 | &nbsp;&nbsp; 384550<br> <sup>(a)(c)</sup><br>|
| 336000 | Series 2024-BIO, Class C, (1 mo. USD Term SOFR + 2.64%), 6.96%, due 2/15/2041 | &nbsp;&nbsp; 330120<br> <sup>(a)(c)</sup><br>|
| 196000 | Series 2019-OC11, Class E, 4.08%, due 12/9/2041 | &nbsp;&nbsp; 176725<br> <sup>(a)(b)</sup><br>|
| 163000 | Series 2019-OC11, Class D, 4.08%, due 12/9/2041 | &nbsp;&nbsp; 151157<br> <sup>(a)(b)</sup><br>|
|  | CAMB Commercial Mortgage Trust |  |
| 375218 | Series 2019-LIFE, Class D, (1 mo. USD Term SOFR + 2.05%), 6.37%, due 12/15/2037 | &nbsp;&nbsp; 373107<br> <sup>(a)(c)</sup><br>|
| 295000 | Series 2019-LIFE, Class E, (1 mo. USD Term SOFR + 2.45%), 6.77%, due 12/15/2037 | &nbsp;&nbsp; 292972<br> <sup>(a)(c)</sup><br>|
| 140000 | Series 2019-LIFE, Class F, (1 mo. USD Term SOFR + 2.85%), 7.17%, due 12/15/2037 | &nbsp;&nbsp; 138516<br> <sup>(a)(c)</sup><br>|
|  | Citigroup Commercial Mortgage Trust |  |
| 170000 | Series 2023-SMRT, Class C, 6.05%, due 10/12/2040 | &nbsp;&nbsp; 171520<br> <sup>(a)(b)</sup><br>|
| 201199 | Series 2016-P4, Class AAB, 2.78%, due 7/10/2049 | &nbsp;&nbsp; 200485 |
|  | COMM Mortgage Trust |  |
| 101000 | Series 2024-CBM, Class D, 8.19%, due 12/10/2041 | &nbsp;&nbsp; 101515<br> <sup>(a)(b)</sup><br>|
| 219000 | Series 2024-277P, Class B, 7.23%, due 8/10/2044 | &nbsp;&nbsp; 232346<br> <sup>(a)(b)</sup><br>|
| 63356 | Series 2014-UBS3, Class XA, 0.77%, due 6/10/2047 | &nbsp;&nbsp; 1<br> <sup>(b)(e)</sup><br>|
|  | CONE Trust |  |
| 87000 | Series 2024-DFW1, Class A, (1 mo. USD Term SOFR + 1.64%), 5.96%, due 8/15/2041 | &nbsp;&nbsp; 86565<br> <sup>(a)(c)</sup><br>|
| 94000 | Series 2024-DFW1, Class D, (1 mo. USD Term SOFR + 3.04%), 7.36%, due 8/15/2041 | &nbsp;&nbsp; 93066<br> <sup>(a)(c)</sup><br>|
| 5326149 | CSAIL Commercial Mortgage Trust, Series 2016-C5, Class XA, 0.99%, due 11/15/2048 | &nbsp;&nbsp; 8932<br> <sup>(b)(e)</sup><br>|
| 134000 | Eleven Madison Trust Mortgage Trust, Series 2015-11MD, Class D, 3.67%, due 9/10/2035 | &nbsp;&nbsp; 130537<br> <sup>(a)(b)</sup><br>|
|  | ELM Trust |  |
| 200000 | Series 2024-ELM, Class D10, 6.85%, due 6/10/2039 | &nbsp;&nbsp; 201230<br> <sup>(a)(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $215000 | Series 2024-ELM, Class D15, 6.90%, due 6/10/2039<br> &nbsp;&nbsp; $216320<br> <sup>(a)(b)</sup><br>|
| 327000 | Fashion Show Mall LLC, Series 2024-SHOW, Class B, 5.83%, due 10/10/2041<br> &nbsp;&nbsp; 330961<br> <sup>(a)(b)</sup><br>|
| 1535000 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multiclass Certificates, Series 2020-RR02, Class CX, 1.27%, <br> due 3/27/2029<br>&nbsp;&nbsp; 62916<br> <sup>(b)(e)</sup><br>|
| 79586 | &nbsp;&nbsp; Federal Home Loan Mortgage Corp. Multifamily Structured Credit Risk, Series 2024-MN8, <br> Class M1, (30 day USD SOFR Average + 2.85%), 7.20%, due 5/25/2044<br>&nbsp;&nbsp; 80429<br> <sup>(a)(c)</sup><br>|
|  | Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates |
| 4588511 | Series KW03, Class X1, 0.91%, due 6/25/2027<br> &nbsp;&nbsp; 58007<br> <sup>(b)(e)</sup><br>|
| 3339158 | Series K095, Class X1, 1.08%, due 6/25/2029<br> &nbsp;&nbsp; 109443<br> <sup>(b)(e)</sup><br>|
| 5086146 | Series K096, Class X1, 1.24%, due 7/25/2029<br> &nbsp;&nbsp; 197388<br> <sup>(b)(e)</sup><br>|
| 4100000 | Series K098, Class XAM, 1.52%, due 8/25/2029<br> &nbsp;&nbsp; 219290<br> <sup>(b)(e)</sup><br>|
| 147000 | FIVE Mortgage Trust, Series 2023-V1, Class C, 6.51%, due 2/10/2056<br> &nbsp;&nbsp; 149061<br> <sup>(b)</sup><br>|
| 207000 | &nbsp;&nbsp; Great Wolf Trust, Series 2024-WOLF, Class D, (1 mo. USD Term SOFR + 2.89%), 7.21%, due <br> 3/15/2039<br>&nbsp;&nbsp; 206030<br> <sup>(a)(c)</sup><br>|
|  | GS Mortgage Securities Trust |
| 3092 | Series 2010-C1, Class B, 5.15%, due 8/10/2043<br> &nbsp;&nbsp; 3088<br> <sup>(a)</sup><br>|
| 2444651 | Series 2013-GC13, Class XA, 0.00%, due 7/10/2046<br> &nbsp;&nbsp; 24<br> <sup>(b)(e)</sup><br>|
| 134000 | Series 2016-GS2, Class C, 4.85%, due 5/10/2049<br> &nbsp;&nbsp; 128800<br> <sup>(b)</sup><br>|
| 4361834 | Series 2015-GC30, Class XA, 0.66%, due 5/10/2050<br> &nbsp;&nbsp; 48<br> <sup>(b)(e)</sup><br>|
| 401000 | Hilton USA Trust, Series 2016-HHV, Class C, 4.33%, due 11/5/2038<br> &nbsp;&nbsp; 392997<br> <sup>(a)(b)</sup><br>|
|  | Hudson Yards Mortgage Trust |
| 100000 | Series 2025-SPRL, Class D, 6.55%, due 1/13/2040<br> &nbsp;&nbsp; 102904<br> <sup>(a)(b)</sup><br>|
| 100000 | Series 2025-SPRL, Class E, 6.90%, due 1/13/2040<br> &nbsp;&nbsp; 102070<br> <sup>(a)(b)</sup><br>|
| 529000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), 6.57%, due <br> 3/15/2042<br>&nbsp;&nbsp; 517759<br> <sup>(a)(c)</sup><br>|
| 256000 | IRV Trust, Series 2025-200P, Class C, 5.92%, due 3/14/2047<br> &nbsp;&nbsp; 252672<br> <sup>(a)(b)</sup><br>|
| 181000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class D, 3.56%, due <br> 1/5/2039<br>&nbsp;&nbsp; 148344<br> <sup>(a)(b)</sup><br>|
| 300000 | Manhattan West Mortgage Trust, Series 2020-1MW, Class D, 2.41%, due 9/10/2039<br> &nbsp;&nbsp; 275809<br> <sup>(a)(b)</sup><br>|
| 210000 | &nbsp;&nbsp; MED Commercial Mortgage Trust, Series 2024-MOB, Class C, (1 mo. USD Term SOFR + 2.29%), <br> 6.61%, due 5/15/2041<br>&nbsp;&nbsp; 206281<br> <sup>(a)(c)</sup><br>|
| 152000 | &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, Series 2017-C33, Class C, 4.56%, due <br> 5/15/2050<br>&nbsp;&nbsp; 144980<br> <sup>(b)</sup><br>|
|  | Morgan Stanley Capital I Trust |
| 117000 | Series 2021-230P, Class B, (1 mo. USD Term SOFR + 1.56%), 5.89%, due 12/15/2038<br> &nbsp;&nbsp; 109053<br> <sup>(a)(c)</sup><br>|
| 137000 | Series 2018-H4, Class C, 5.22%, due 12/15/2051<br> &nbsp;&nbsp; 124910<br> <sup>(b)</sup><br>|
| 57000 | MSWF Commercial Mortgage Trust, Series 2023-2, Class C, 7.25%, due 12/15/2056<br> &nbsp;&nbsp; 58313<br> <sup>(b)</sup><br>|
| 100000 | &nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), <br> 6.76%, due 2/15/2042<br>&nbsp;&nbsp; 96744<br> <sup>(a)(c)</sup><br>|
|  | One Market Plaza Trust |
| 154855 | Series 2017-1MKT, Class A, 3.61%, due 2/10/2032<br> &nbsp;&nbsp; 146032<br> <sup>(a)</sup><br>|
| 210000 | Series 2017-1MKT, Class B, 3.85%, due 2/10/2032<br> &nbsp;&nbsp; 192832<br> <sup>(a)</sup><br>|
| 285000 | &nbsp;&nbsp; ONE Mortgage Trust, Series 2021-PARK, Class A, (1 mo. USD Term SOFR + 0.81%), 5.14%, due <br> 3/15/2036<br>&nbsp;&nbsp; 278677<br> <sup>(a)(c)</sup><br>|
|  | ONNI Commercial Mortgage Trust |
| 221000 | Series 2024-APT, Class C, 6.64%, due 7/15/2039<br> &nbsp;&nbsp; 228096<br> <sup>(a)(b)</sup><br>|
| 100000 | Series 2024-APT, Class D, 7.24%, due 7/15/2039<br> &nbsp;&nbsp; 104057<br> <sup>(a)(b)</sup><br>|
| 150000 | ORL Trust, Series 2024-GLKS, Class D, (1 mo. USD Term SOFR + 2.79%), 7.11%, due 12/15/2039<br> &nbsp;&nbsp; 148312<br> <sup>(a)(c)</sup><br>|
| 303000 | PRM5 Trust, Series 2025-PRM5, Class D, 5.81%, due 3/10/2033<br> &nbsp;&nbsp; 302316<br> <sup>(a)(b)</sup><br>|
| 304000 | RIDE, Series 2025-SHRE, Class C, 6.32%, due 2/14/2047<br> &nbsp;&nbsp; 303265<br> <sup>(a)(b)</sup><br>|
| 357000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/2041<br> &nbsp;&nbsp; 372392<br> <sup>(a)</sup><br>|
| 299000 | SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 8.24%, due 4/15/2042<br> &nbsp;&nbsp; 298531<br> <sup>(a)(c)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
|  |  | SFO Commercial Mortgage Trust |  |
| $| 375000 | Series 2021-555, Class A, (1 mo. USD Term SOFR + 1.26%), 5.59%, due 5/15/2038 | &nbsp;&nbsp; $369609<br> <sup>(a)(c)</sup><br>|
|  | 54000 | Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), 6.84%, due 5/15/2038 | &nbsp;&nbsp; 51571<br> <sup>(a)(c)</sup><br>|
|  | 100000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, (1 mo. USD Term SOFR + 1.99%), <br> 6.31%, due 12/15/2039<br>| &nbsp;&nbsp; 97222<br> <sup>(a)(c)</sup><br>|
|  | 311747 | &nbsp;&nbsp; U.S. Bank NA, Series 2025-SUP1, Class C, (30 day USD SOFR Average + 1.90%), 6.25%, due <br> 2/25/2032<br>| &nbsp;&nbsp; 312377<br> <sup>(a)(c)</sup><br>|
|  |  | Wells Fargo Commercial Mortgage Trust |  |
|  | 125000 | Series 2024-1CHI, Class C, 6.43%, due 7/15/2035 | &nbsp;&nbsp; 125093<br> <sup>(a)(b)</sup><br>|
|  | 100000 | Series 2024-1CHI, Class D, 6.93%, due 7/15/2035 | &nbsp;&nbsp; 99238<br> <sup>(a)(b)</sup><br>|
|  | 365000 | Series 2016-NXS6, Class B, 3.81%, due 11/15/2049 | &nbsp;&nbsp; 351960 |
|  | 3426410 | Series 2019-C52, Class XA, 1.70%, due 8/15/2052 | &nbsp;&nbsp; 177165<br> <sup>(b)(e)</sup><br>|
|  | 143000 | Series 2025-5C3, Class C, 6.23%, due 1/15/2058 | &nbsp;&nbsp; 142117<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **17559919** |
| **Federal Home Loan Mortgage Corp. 4.1%** | **Federal Home Loan Mortgage Corp. 4.1%** | **Federal Home Loan Mortgage Corp. 4.1%** | **Federal Home Loan Mortgage Corp. 4.1%** |
|  |  | Pass-Through Certificates |  |
|  | 53738 | 4.50%, due 11/1/2039 | &nbsp;&nbsp; 53401 |
|  | 4464134 | 5.50%, due 9/1/2052 - 12/1/2054 | &nbsp;&nbsp; 4465009 |
|  | 5868275 | 6.00%, due 3/1/2053 - 3/1/2055 | &nbsp;&nbsp; 5956422 |
|  |  |  | &nbsp;&nbsp; **10474832** |
| **Federal National Mortgage Association 2.4%** | **Federal National Mortgage Association 2.4%** | **Federal National Mortgage Association 2.4%** | **Federal National Mortgage Association 2.4%** |
|  |  | Pass-Through Certificates |  |
|  | 76911 | 4.50%, due 4/1/2039 - 5/1/2044 | &nbsp;&nbsp; 75735 |
|  | 3727257 | 5.50%, due 11/1/2052 - 2/1/2055 | &nbsp;&nbsp; 3728565 |
|  | 2132424 | 6.00%, due 10/1/2053 - 7/1/2054 | &nbsp;&nbsp; 2175776 |
|  |  |  | &nbsp;&nbsp; **5980076** |
| **Total Mortgage-Backed Securities (Cost $70,225,826)** | **Total Mortgage-Backed Securities (Cost $70,225,826)** | **Total Mortgage-Backed Securities (Cost $70,225,826)** | &nbsp;&nbsp; **68193858** |
| **Asset-Backed Securities 17.2%** | **Asset-Backed Securities 17.2%** | **Asset-Backed Securities 17.2%** | **Asset-Backed Securities 17.2%** |
| **Automobiles 2.5%** | **Automobiles 2.5%** | **Automobiles 2.5%** | **Automobiles 2.5%** |
|  |  | Avis Budget Rental Car Funding AESOP LLC |  |
|  | 375000 | Series 2020-2A, Class B, 2.96%, due 2/20/2027 | &nbsp;&nbsp; 369656<br> <sup>(a)</sup><br>|
|  | 225000 | Series 2022-5A, Class C, 6.24%, due 4/20/2027 | &nbsp;&nbsp; 225317<br> <sup>(a)</sup><br>|
|  | 485000 | Series 2021-2A, Class B, 1.90%, due 2/20/2028 | &nbsp;&nbsp; 460584<br> <sup>(a)</sup><br>|
|  | 245000 | Series 2024-1A, Class C, 6.48%, due 6/20/2030 | &nbsp;&nbsp; 248922<br> <sup>(a)</sup><br>|
|  | 526066 | BOF VII AL Funding Trust I, Series 2023-CAR3, Class A2, 6.29%, due 7/26/2032 | &nbsp;&nbsp; 535220<br> <sup>(a)</sup><br>|
|  | 406000 | Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.49%, due 5/15/2031 | &nbsp;&nbsp; 406619 |
|  | 462000 | Flagship Credit Auto Trust, Series 2024-1, Class A3, 5.48%, due 10/16/2028 | &nbsp;&nbsp; 467350<br> <sup>(a)</sup><br>|
|  |  | GLS Auto Select Receivables Trust |  |
|  | 271764 | Series 2024-2A, Class A2, 5.58%, due 6/17/2030 | &nbsp;&nbsp; 274877<br> <sup>(a)</sup><br>|
|  | 57000 | Series 2024-4A, Class C, 4.75%, due 11/15/2030 | &nbsp;&nbsp; 56802<br> <sup>(a)</sup><br>|
|  | 61000 | Series 2025-1A, Class B, 5.04%, due 2/15/2031 | &nbsp;&nbsp; 61831<br> <sup>(a)</sup><br>|
|  | 72000 | Series 2025-1A, Class C, 5.26%, due 3/15/2031 | &nbsp;&nbsp; 72943<br> <sup>(a)</sup><br>|
|  | 149000 | Series 2024-4A, Class D, 5.28%, due 10/15/2031 | &nbsp;&nbsp; 147228<br> <sup>(a)</sup><br>|
|  | 198970 | Huntington Bank Auto Credit-Linked Notes, Series 2024-1, Class B1, 6.15%, due 5/20/2032 | &nbsp;&nbsp; 201454<br> <sup>(a)</sup><br>|
|  | 2666 | JPMorgan Chase Bank NA, Series 2021-3, Class B, 0.76%, due 2/26/2029 | &nbsp;&nbsp; 2658<br> <sup>(a)</sup><br>|
|  | 580000 | Prestige Auto Receivables Trust, Series 2021-1A, Class D, 2.08%, due 2/15/2028 | &nbsp;&nbsp; 565857<br> <sup>(a)</sup><br>|
|  |  | Santander Drive Auto Receivables Trust |  |
|  | 87000 | Series 2024-1, Class C, 5.45%, due 3/15/2030 | &nbsp;&nbsp; 87924 |

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Automobiles – cont'd** | **Automobiles – cont'd** | **Automobiles – cont'd** | **Automobiles – cont'd** |
| $| 449000 | Series 2025-1, Class D, 5.43%, due 3/17/2031 | &nbsp;&nbsp; $450619 |
|  | 445000 | Series 2025-2, Class C, 5.06%, due 5/15/2031 | &nbsp;&nbsp; 448968 |
|  | 421000 | SFS Auto Receivables Securitization Trust, Series 2024-1A, Class C, 5.51%, due 1/20/2032 | &nbsp;&nbsp; 428379<br> <sup>(a)</sup><br>|
|  | 134175 | U.S. Bank NA, Series 2023-1, Class B, 6.79%, due 8/25/2032 | &nbsp;&nbsp; 135923<br> <sup>(a)</sup><br>|
|  |  | Westlake Automobile Receivables Trust |  |
|  | 360000 | Series 2024-1A, Class A3, 5.44%, due 5/17/2027 | &nbsp;&nbsp; 361047<br> <sup>(a)</sup><br>|
|  | 224000 | Series 2025-1A, Class D, 5.54%, due 11/15/2030 | &nbsp;&nbsp; 225287<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **6235465** |
| **Home Equity 0.7%** | **Home Equity 0.7%** | **Home Equity 0.7%** | **Home Equity 0.7%** |
|  |  | JP Morgan Mortgage Trust |  |
|  | 212182 | Series 2023-HE2, Class A1, (30 day USD SOFR Average + 1.70%), 6.05%, due 3/20/2054 | &nbsp;&nbsp; 213605<br> <sup>(a)(c)</sup><br>|
|  | 135000 | Series 2023-HE3, Class M1, (30 day USD SOFR Average + 2.10%), 6.45%, due 5/25/2054 | &nbsp;&nbsp; 135612<br> <sup>(a)(c)</sup><br>|
|  | 187491 | Series 2024-HE1, Class A1, (30 day USD SOFR Average + 1.50%), 5.85%, due 8/25/2054 | &nbsp;&nbsp; 188016<br> <sup>(a)(c)</sup><br>|
|  | 89000 | Series 2024-HE1, Class M1, (30 day USD SOFR Average + 2.00%), 6.35%, due 8/25/2054 | &nbsp;&nbsp; 89414<br> <sup>(a)(c)</sup><br>|
|  | 443200 | &nbsp;&nbsp; OBX Trust, Series 2025-HE1, Class A1, (30 day USD SOFR Average + 1.60%), 5.95%, due <br> 2/25/2055<br>| &nbsp;&nbsp; 441619<br> <sup>(a)(c)</sup><br>|
|  |  | Towd Point Mortgage Trust |  |
|  | 324861 | Series 2024-CES1, Class A1A, 5.85%, due 1/25/2064 | &nbsp;&nbsp; 326125<br> <sup>(a)</sup><br>|
|  | 311182 | Series 2024-CES2, Class A1A, 6.13%, due 2/25/2064 | &nbsp;&nbsp; 313685<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1708076** |
| **Other 12.8%** | **Other 12.8%** | **Other 12.8%** | **Other 12.8%** |
|  | 425290 | Aqua Finance Trust, Series 2021-A, Class A, 1.54%, due 7/17/2046 | &nbsp;&nbsp; 392620<br> <sup>(a)</sup><br>|
|  | 423000 | Barings Equipment Finance LLC, Series 2025-A, Class A3, 4.82%, due 8/13/2032 | &nbsp;&nbsp; 428671<br> <sup>(a)</sup><br>|
|  | 1300000 | &nbsp;&nbsp; Benefit Street Partners CLO XXXVIII Ltd., Series 2024-38A, Class A, (3 mo. USD Term SOFR + <br> 1.31%), 5.62%, due 1/25/2038<br>| &nbsp;&nbsp; 1300000<br> <sup>(a)(c)</sup><br>|
|  | 180000 | Blue Stream Issuer LLC, Series 2024-1A, Class A2, 5.41%, due 11/20/2054 | &nbsp;&nbsp; 180144<br> <sup>(a)</sup><br>|
|  | 371004 | Business Jet Securities LLC, Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 375782<br> <sup>(a)</sup><br>|
|  | 317738 | Castlelake Aircraft Structured Trust, Series 2025-1A, Class B, 6.50%, due 2/15/2050 | &nbsp;&nbsp; 318681<br> <sup>(a)</sup><br>|
|  |  | CCG Receivables Trust |  |
|  | 100000 | Series 2024-1, Class C, 5.22%, due 3/15/2032 | &nbsp;&nbsp; 101113<br> <sup>(a)</sup><br>|
|  | 100000 | Series 2024-1, Class D, 5.80%, due 3/15/2032 | &nbsp;&nbsp; 100575<br> <sup>(a)</sup><br>|
|  | 266746 | Series 2023-2, Class A2, 6.28%, due 4/14/2032 | &nbsp;&nbsp; 270506<br> <sup>(a)</sup><br>|
|  | 441000 | Series 2025-1, Class A2, 4.48%, due 10/14/2032 | &nbsp;&nbsp; 441231<br> <sup>(a)</sup><br>|
|  |  | Cloud Capital Holdco LP |  |
|  | 211000 | Series 2024-1A, Class A2, 5.78%, due 11/22/2049 | &nbsp;&nbsp; 211517<br> <sup>(a)</sup><br>|
|  | 136000 | Series 2024-2A, Class A2, 5.92%, due 11/22/2049 | &nbsp;&nbsp; 134674<br> <sup>(a)</sup><br>|
|  |  | Compass Datacenters Issuer II LLC |  |
|  | 120000 | Series 2024-1A, Class A2, 5.75%, due 2/25/2049 | &nbsp;&nbsp; 121294<br> <sup>(a)</sup><br>|
|  | 100000 | Series 2024-1A, Class B, 7.00%, due 2/25/2049 | &nbsp;&nbsp; 101986<br> <sup>(a)</sup><br>|
|  |  | Crockett Partners Equipment Co. IIA LLC |  |
|  | 102229 | Series 2024-1C, Class A, 6.05%, due 1/20/2031 | &nbsp;&nbsp; 103926<br> <sup>(a)</sup><br>|
|  | 85907 | Series 2024-1C, Class B, 6.78%, due 1/20/2031 | &nbsp;&nbsp; 87222<br> <sup>(a)</sup><br>|
|  | 244000 | CyrusOne Data Centers Issuer I LLC, Series 2023-2A, Class A2, 5.56%, due 11/20/2048 | &nbsp;&nbsp; 245543<br> <sup>(a)</sup><br>|
|  |  | Dell Equipment Finance Trust |  |
|  | 170000 | Series 2024-1, Class C, 5.73%, due 3/22/2030 | &nbsp;&nbsp; 172312<br> <sup>(a)</sup><br>|
|  | 170000 | Series 2024-1, Class D, 6.12%, due 9/23/2030 | &nbsp;&nbsp; 173022<br> <sup>(a)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; Dryden 64 CLO Ltd., Series 2018-64A, Class D, (3 mo. USD Term SOFR + 2.91%), 7.18%, due <br> 4/18/2031<br>| &nbsp;&nbsp; 977088<br> <sup>(a)(c)</sup><br>|
|  | 244025 | Elara HGV Timeshare Issuer LLC, Series 2023-A, Class A, 6.16%, due 2/25/2038 | &nbsp;&nbsp; 251829<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Principal Amount** | **Principal Amount** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** |
| $435000 | &nbsp;&nbsp; Fort Washington CLO Ltd., Series 2021-2A, Class A, (3 mo. USD Term SOFR + 1.48%), 5.75%, due <br> 10/20/2034<br>&nbsp;&nbsp; $434347<br> <sup>(a)(c)</sup><br>|
|  | Foundation Finance Trust |
| 100000 | Series 2024-2A, Class B, 4.93%, due 3/15/2050<br> &nbsp;&nbsp; 99389<br> <sup>(a)</sup><br>|
| 100000 | Series 2024-2A, Class D, 6.59%, due 3/15/2050<br> &nbsp;&nbsp; 101481<br> <sup>(a)</sup><br>|
| 202977 | Series 2025-1A, Class A, 4.95%, due 4/15/2050<br> &nbsp;&nbsp; 203543<br> <sup>(a)</sup><br>|
|  | Frontier Issuer LLC |
| 480000 | Series 2023-1, Class A2, 6.60%, due 8/20/2053<br> &nbsp;&nbsp; 487567<br> <sup>(a)</sup><br>|
| 122000 | Series 2024-1, Class B, 7.02%, due 6/20/2054<br> &nbsp;&nbsp; 126431<br> <sup>(a)</sup><br>|
| 205000 | &nbsp;&nbsp; Gracie Point International Funding LLC, Series 2024-1A, Class A, (90 day USD SOFR Average + <br> 1.70%), 6.12%, due 3/1/2028<br>&nbsp;&nbsp; 204063<br> <sup>(a)(c)</sup><br>|
| 318000 | GreatAmerica Leasing Receivables Funding LLC, Series 2025-1, Class A3, 4.49%, due 4/16/2029<br> &nbsp;&nbsp; 319676<br> <sup>(a)</sup><br>|
| 216000 | GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class B, 5.39%, due 3/25/2060<br> &nbsp;&nbsp; 216550<br> <sup>(a)</sup><br>|
| 292045 | GreenSky Home Improvement Trust, Series 2024-1, Class A4, 5.67%, due 6/25/2059<br> &nbsp;&nbsp; 296456<br> <sup>(a)</sup><br>|
|  | Hilton Grand Vacations Trust |
| 86852 | Series 2018-AA, Class A, 3.54%, due 2/25/2032<br> &nbsp;&nbsp; 86748<br> <sup>(a)</sup><br>|
| 70519 | Series 2022-2A, Class A, 4.30%, due 1/25/2037<br> &nbsp;&nbsp; 70104<br> <sup>(a)</sup><br>|
| 225247 | Series 2022-2A, Class B, 4.74%, due 1/25/2037<br> &nbsp;&nbsp; 224107<br> <sup>(a)</sup><br>|
| 176336 | Series 2024-2A, Class C, 5.99%, due 3/25/2038<br> &nbsp;&nbsp; 178869<br> <sup>(a)</sup><br>|
| 145026 | Series 2024-1B, Class A, 5.75%, due 9/15/2039<br> &nbsp;&nbsp; 148481<br> <sup>(a)</sup><br>|
| 107320 | Series 2024-1B, Class B, 5.99%, due 9/15/2039<br> &nbsp;&nbsp; 109391<br> <sup>(a)</sup><br>|
| 58011 | Series 2024-1B, Class C, 6.62%, due 9/15/2039<br> &nbsp;&nbsp; 59196<br> <sup>(a)</sup><br>|
| 295775 | Series 2024-3A, Class A, 4.98%, due 8/27/2040<br> &nbsp;&nbsp; 298516<br> <sup>(a)</sup><br>|
| 115000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035<br> &nbsp;&nbsp; 116836<br> <sup>(a)</sup><br>|
| 1000000 | &nbsp;&nbsp; Katayma CLO II Ltd., Series 2024-2A, Class A1, (3 mo. USD Term SOFR + 1.65%), 5.92%, due <br> 4/20/2037<br>&nbsp;&nbsp; 1001559<br> <sup>(a)(c)</sup><br>|
|  | Kubota Credit Owner Trust |
| 407000 | Series 2024-1A, Class A3, 5.19%, due 7/17/2028<br> &nbsp;&nbsp; 412548<br> <sup>(a)</sup><br>|
| 436000 | Series 2025-1A, Class A3, 4.67%, due 6/15/2029<br> &nbsp;&nbsp; 441178<br> <sup>(a)</sup><br>|
| 284593 | MetroNet Infrastructure Issuer LLC, Series 2022-1A, Class A2, 6.35%, due 10/20/2052<br> &nbsp;&nbsp; 290123<br> <sup>(a)</sup><br>|
|  | MVW LLC |
| 175356 | Series 2021-2A, Class A, 1.43%, due 5/20/2039<br> &nbsp;&nbsp; 165040<br> <sup>(a)</sup><br>|
| 124408 | Series 2021-2A, Class B, 1.83%, due 5/20/2039<br> &nbsp;&nbsp; 116787<br> <sup>(a)</sup><br>|
| 47955 | Series 2021-1WA, Class B, 1.44%, due 1/22/2041<br> &nbsp;&nbsp; 45478<br> <sup>(a)</sup><br>|
| 200548 | Series 2024-2A, Class B, 4.58%, due 3/20/2042<br> &nbsp;&nbsp; 197178<br> <sup>(a)</sup><br>|
| 129048 | Series 2024-2A, Class C, 4.92%, due 3/20/2042<br> &nbsp;&nbsp; 125990<br> <sup>(a)</sup><br>|
| 161000 | Series 2025-1A, Class B, 5.21%, due 9/22/2042<br> &nbsp;&nbsp; 161651<br> <sup>(a)(f)</sup><br>|
| 131000 | Series 2025-1A, Class C, 5.75%, due 9/22/2042<br> &nbsp;&nbsp; 132034<br> <sup>(a)(f)</sup><br>|
| 142580 | Series 2024-1A, Class B, 5.51%, due 2/20/2043<br> &nbsp;&nbsp; 144085<br> <sup>(a)</sup><br>|
| 80019 | Series 2024-1A, Class C, 6.20%, due 2/20/2043<br> &nbsp;&nbsp; 80632<br> <sup>(a)</sup><br>|
| 204679 | NRM FNT1 Excess LLC, Series 2024-FNT1, Class A, 7.40%, due 11/25/2031<br> &nbsp;&nbsp; 206280<br> <sup>(a)</sup><br>|
| 1200000 | &nbsp;&nbsp; Oaktree CLO Ltd., Series 2022-3A, Class A1R, (3 mo. USD Term SOFR + 1.38%), 5.64%, due <br> 10/15/2037<br>&nbsp;&nbsp; 1200000<br> <sup>(a)(c)</sup><br>|
| 2400000 | &nbsp;&nbsp; OCP CLO Ltd., Series 2021-21A, Class D1R, (3 mo. USD Term SOFR + 2.65%), 6.92%, due <br> 1/20/2038<br>&nbsp;&nbsp; 2394910<br> <sup>(a)(c)</sup><br>|
| 1000000 | &nbsp;&nbsp; Octagon Investment Partners 43 Ltd., Series 2019-1A, Class D, (3 mo. USD Term SOFR + 4.16%), <br> 8.44%, due 10/25/2032<br>&nbsp;&nbsp; 1001810<br> <sup>(a)(c)</sup><br>|
| 237199 | OneMain Financial Issuance Trust, Series 2022-2A, Class A, 4.89%, due 10/14/2034<br> &nbsp;&nbsp; 237023<br> <sup>(a)</sup><br>|
| 307328 | OWN Equipment Fund I LLC, Series 2024-2M, Class A, 5.70%, due 12/20/2032<br> &nbsp;&nbsp; 310843<br> <sup>(a)</sup><br>|
| 872000 | PFS Financing Corp., Series 2024-D, Class A, 5.34%, due 4/15/2029<br> &nbsp;&nbsp; 888130<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
| $| 1200000 | &nbsp;&nbsp; Regatta XXVIII Funding Ltd., Series 2024-2A, Class A1, (3 mo. USD Term SOFR + 1.55%), 5.83%, <br> due 4/25/2037<br>| &nbsp;&nbsp; $1201282<br> <sup>(a)(c)</sup><br>|
|  |  | Sierra Timeshare Receivables Funding LLC |  |
|  | 29258 | Series 2020-2A, Class C, 3.51%, due 7/20/2037 | &nbsp;&nbsp; 29158<br> <sup>(a)</sup><br>|
|  | 74046 | Series 2022-1A, Class A, 3.05%, due 10/20/2038 | &nbsp;&nbsp; 72728<br> <sup>(a)</sup><br>|
|  | 98920 | Series 2022-1A, Class C, 3.94%, due 10/20/2038 | &nbsp;&nbsp; 97115<br> <sup>(a)</sup><br>|
|  | 100634 | Series 2023-2A, Class C, 7.30%, due 4/20/2040 | &nbsp;&nbsp; 104053<br> <sup>(a)</sup><br>|
|  | 58702 | Series 2022-2A, Class B, 5.04%, due 6/20/2040 | &nbsp;&nbsp; 58439<br> <sup>(a)</sup><br>|
|  | 92622 | Series 2023-3A, Class B, 6.44%, due 9/20/2040 | &nbsp;&nbsp; 95355<br> <sup>(a)</sup><br>|
|  | 119986 | Series 2024-2A, Class C, 5.83%, due 6/20/2041 | &nbsp;&nbsp; 121069<br> <sup>(a)</sup><br>|
|  | 263536 | Series 2024-3A, Class C, 5.32%, due 8/20/2041 | &nbsp;&nbsp; 263071<br> <sup>(a)</sup><br>|
|  | 376927 | Series 2025-1A, Class A, 4.81%, due 1/21/2042 | &nbsp;&nbsp; 379683<br> <sup>(a)</sup><br>|
|  | 226603 | Series 2024-1A, Class C, 5.94%, due 1/20/2043 | &nbsp;&nbsp; 229599<br> <sup>(a)</sup><br>|
|  | 1000000 | &nbsp;&nbsp; Signal Peak CLO 8 Ltd., Series 2020-8A, Class A1R, (3 mo. USD Term SOFR + 1.39%), 5.66%, due <br> 10/20/2037<br>| &nbsp;&nbsp; 1000000<br> <sup>(a)(c)</sup><br>|
|  | 334000 | Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, due 12/22/2031 | &nbsp;&nbsp; 337182<br> <sup>(a)</sup><br>|
|  | 548000 | Stack Infrastructure Issuer LLC, Series 2023-3A, Class A2, 5.90%, due 10/25/2048 | &nbsp;&nbsp; 554204<br> <sup>(a)</sup><br>|
|  | 263675 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 7/30/2054 | &nbsp;&nbsp; 266677<br> <sup>(a)</sup><br>|
|  |  | Taco Bell Funding LLC |  |
|  | 258750 | Series 2016-1A, Class A23, 4.97%, due 5/25/2046 | &nbsp;&nbsp; 258687<br> <sup>(a)</sup><br>|
|  | 191587 | Series 2021-1A, Class A2I, 1.95%, due 8/25/2051 | &nbsp;&nbsp; 181634<br> <sup>(a)</sup><br>|
|  | 286000 | Tesla Sustainable Energy Trust, Series 2024-1A, Class A2, 5.08%, due 6/21/2050 | &nbsp;&nbsp; 287738<br> <sup>(a)</sup><br>|
|  | 500000 | &nbsp;&nbsp; TICP CLO VII Ltd., Series 2017-7A, Class DR, (3 mo. USD Term SOFR + 3.46%), 7.72%, due <br> 4/15/2033<br>| &nbsp;&nbsp; 495904<br> <sup>(a)(c)</sup><br>|
|  | 215347 | T-Mobile U.S. Trust, Series 2022-1A, Class A, 4.91%, due 5/22/2028 | &nbsp;&nbsp; 215455<br> <sup>(a)</sup><br>|
|  | 415000 | Trafigura Securitisation Finance PLC, Series 2024-1A, Class A2, 5.98%, due 11/15/2027 | &nbsp;&nbsp; 423518<br> <sup>(a)</sup><br>|
|  | 1500000 | &nbsp;&nbsp; Trestles CLO III Ltd., Series 2020-3A, Class D1R, (3 mo. USD Term SOFR + 3.15%), 7.42%, due <br> 10/20/2037<br>| &nbsp;&nbsp; 1450157<br> <sup>(a)(c)</sup><br>|
|  | 2400000 | &nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.45%, due <br> 4/25/2038<br>| &nbsp;&nbsp; 2379031<br> <sup>(a)(c)</sup><br>|
|  | 266000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 4/20/2055 | &nbsp;&nbsp; 271503<br> <sup>(a)</sup><br>|
|  | 217458 | Volofin Finance DAC, Series 2024-1A, Class A, 5.94%, due 6/15/2037 | &nbsp;&nbsp; 219041<br> <sup>(a)</sup><br>|
|  | 1200000 | &nbsp;&nbsp; Wellington Management CLO 1 Ltd., Series 2023-1A, Class A, (3 mo. USD Term SOFR + 1.80%), <br> 6.07%, due 10/20/2036<br>| &nbsp;&nbsp; 1202418<br> <sup>(a)(c)</sup><br>|
|  | 285000 | Ziply Fiber Issuer LLC, Series 2024-1A, Class B, 7.81%, due 4/20/2054 | &nbsp;&nbsp; 296448<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **32315915** |
| **Real Estate Investment Trusts 0.2%** | **Real Estate Investment Trusts 0.2%** | **Real Estate Investment Trusts 0.2%** | **Real Estate Investment Trusts 0.2%** |
|  | 432000 | American Tower Trust 1, 5.49%, due 3/15/2053 | &nbsp;&nbsp; **439538**<br> <sup>(a)</sup><br>|
| **Student Loan 0.8%** | **Student Loan 0.8%** | **Student Loan 0.8%** | **Student Loan 0.8%** |
|  |  | Bayview Opportunity Master Fund VII LLC |  |
|  | 70311 | Series 2024-EDU1, Class C, (30 day USD SOFR Average + 1.80%), 6.15%, due 6/25/2047 | &nbsp;&nbsp; 69889<br> <sup>(a)(c)</sup><br>|
|  | 29296 | Series 2024-EDU1, Class D, (30 day USD SOFR Average + 2.75%), 7.10%, due 6/25/2047 | &nbsp;&nbsp; 29859<br> <sup>(a)(c)</sup><br>|
|  |  | Navient Private Education Refi Loan Trust |  |
|  | 327034 | Series 2021-CA, Class A, 1.06%, due 10/15/2069 | &nbsp;&nbsp; 293830<br> <sup>(a)</sup><br>|
|  | 390604 | Series 2021-EA, Class A, 0.97%, due 12/16/2069 | &nbsp;&nbsp; 343918<br> <sup>(a)</sup><br>|
|  | 429713 | Series 2021-FA, Class A, 1.11%, due 2/18/2070 | &nbsp;&nbsp; 382523<br> <sup>(a)</sup><br>|
|  | 357207 | Series 2024-A, Class A, 5.66%, due 10/15/2072 | &nbsp;&nbsp; 364517<br> <sup>(a)</sup><br>|
|  | 490000 | SoFi Professional Loan Program LLC, Series 2018-C, Class BFX, 4.13%, due 1/25/2048 | &nbsp;&nbsp; 473789<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1958325** |

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Telecommunications 0.2%** | **Telecommunications 0.2%** | **Telecommunications 0.2%** |
| $505000 | Crown Castle Towers LLC, 3.66%, due 5/15/2045 | &nbsp;&nbsp; **$504735**<br> <sup>(a)</sup><br>|
| **Total Asset-Backed Securities (Cost $42,990,787)** | **Total Asset-Backed Securities (Cost $42,990,787)** | &nbsp;&nbsp; **43162054** |
| **Corporate Bonds 37.6%** | **Corporate Bonds 37.6%** | **Corporate Bonds 37.6%** |
| **Advertising 0.1%** | **Advertising 0.1%** | **Advertising 0.1%** |
| 150000 | Clear Channel Outdoor Holdings, Inc., 5.13%, due 8/15/2027 | &nbsp;&nbsp; **145843**<br> <sup>(a)</sup><br>|
| **Aerospace & Defense 2.5%** | **Aerospace & Defense 2.5%** | **Aerospace & Defense 2.5%** |
|  | Boeing Co. |  |
| 1880000 | 2.70%, due 2/1/2027 | &nbsp;&nbsp; 1816267 |
| 1170000 | 6.30%, due 5/1/2029 | &nbsp;&nbsp; 1230454 |
| 330000 | Bombardier, Inc., 7.50%, due 2/1/2029 | &nbsp;&nbsp; 339931<br> <sup>(a)</sup><br>|
| 1013000 | General Electric Co., (3 mo. USD Term SOFR + 0.64%), 4.94%, due 5/5/2026 | &nbsp;&nbsp; 1011237<br> <sup>(c)</sup><br>|
| 1200000 | L3Harris Technologies, Inc., 5.40%, due 1/15/2027 | &nbsp;&nbsp; 1219033 |
| 725000 | RTX Corp., 4.13%, due 11/16/2028 | &nbsp;&nbsp; 719199 |
|  |  | &nbsp;&nbsp; **6336121** |
| **Agriculture 0.6%** | **Agriculture 0.6%** | **Agriculture 0.6%** |
| 1420000 | Philip Morris International, Inc., 4.13%, due 4/28/2028 | &nbsp;&nbsp; **1418448** |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| 480000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, due 4/20/2029 | &nbsp;&nbsp; 465554<br> <sup>(a)</sup><br>|
| 110000 | Delta Air Lines, Inc., 7.00%, due 5/1/2025 | &nbsp;&nbsp; 110000<br> <sup>(a)</sup><br>|
| 77500 | Delta Air Lines, Inc./SkyMiles IP Ltd., 4.50%, due 10/20/2025 | &nbsp;&nbsp; 76787<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **652341** |
| **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** | **Auto Manufacturers 0.3%** |
|  | Ford Motor Credit Co. LLC |  |
| 45000 | 6.95%, due 6/10/2026 | &nbsp;&nbsp; 45472 |
| 390000 | 7.35%, due 11/4/2027 | &nbsp;&nbsp; 401522 |
| 130000 | 6.80%, due 5/12/2028 | &nbsp;&nbsp; 131957 |
| 320000 | 2.90%, due 2/10/2029 | &nbsp;&nbsp; 284687 |
|  |  | &nbsp;&nbsp; **863638** |
| **Auto Parts & Equipment 0.1%** | **Auto Parts & Equipment 0.1%** | **Auto Parts & Equipment 0.1%** |
| 210000 | Clarios Global LP/Clarios U.S. Finance Co., 6.75%, due 2/15/2030 | &nbsp;&nbsp; **213633**<br> <sup>(a)</sup><br>|
| **Banks 9.2%** | **Banks 9.2%** | **Banks 9.2%** |
|  | Banco Santander SA |  |
| 50000 | 2.75%, due 5/28/2025 | &nbsp;&nbsp; 49913 |
| 40000 | 5.15%, due 8/18/2025 | &nbsp;&nbsp; 39991 |
| 3120000 | Bank of America Corp., 2.55%, due 2/4/2028 | &nbsp;&nbsp; 3018637<br> <sup>(g)</sup><br>|
| 390000 | Bank of New York Mellon, 4.73%, due 4/20/2029 | &nbsp;&nbsp; 395505<br> <sup>(g)</sup><br>|
|  | Barclays PLC |  |
| 975000 | 5.67%, due 3/12/2028 | &nbsp;&nbsp; 993438<br> <sup>(g)</sup><br>|
| 765000 | 4.84%, due 9/10/2028 | &nbsp;&nbsp; 766211<br> <sup>(g)</sup><br>|
|  | Citigroup, Inc. |  |
| 1465000 | 4.79%, due 3/4/2029 | &nbsp;&nbsp; 1472228<br> <sup>(g)</sup><br>|
| 1635000 | 4.54%, due 9/19/2030 | &nbsp;&nbsp; 1618373<br> <sup>(g)</sup><br>|
| 860000 | Fifth Third Bank NA, (Secured Overnight Financing Rate + 0.81%), 5.19%, due 1/28/2028 | &nbsp;&nbsp; 853050<br> <sup>(c)</sup><br>|
| 3345000 | Goldman Sachs Group, Inc., 1.95%, due 10/21/2027 | &nbsp;&nbsp; 3222043<br> <sup>(g)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
| $| 2170000 | JPMorgan Chase & Co., 4.92%, due 1/24/2029 | &nbsp;&nbsp; $2200712<br> <sup>(g)</sup><br>|
|  |  | Lloyds Banking Group PLC |  |
|  | 750000 | 5.46%, due 1/5/2028 | &nbsp;&nbsp; 760041<br> <sup>(g)</sup><br>|
|  | 1640000 | 5.09%, due 11/26/2028 | &nbsp;&nbsp; 1659927<br> <sup>(g)</sup><br>|
|  | 475000 | M&T Bank Corp., 4.83%, due 1/16/2029 | &nbsp;&nbsp; 476025<br> <sup>(g)</sup><br>|
|  | 815000 | Manufacturers & Traders Trust Co., 4.70%, due 1/27/2028 | &nbsp;&nbsp; 819149 |
|  |  | Morgan Stanley |  |
|  | 1345000 | 1.59%, due 5/4/2027 | &nbsp;&nbsp; 1305898<br> <sup>(g)</sup><br>|
|  | 830000 | 5.65%, due 4/13/2028 | &nbsp;&nbsp; 847412<br> <sup>(g)</sup><br>|
|  | 865000 | Morgan Stanley Bank NA, 5.02%, due 1/12/2029 | &nbsp;&nbsp; 878028<br> <sup>(g)</sup><br>|
|  | 350000 | State Street Corp., (Secured Overnight Financing Rate + 0.85%), 5.21%, due 8/3/2026 | &nbsp;&nbsp; 349981<br> <sup>(c)</sup><br>|
|  | 650000 | Truist Financial Corp., 5.90%, due 10/28/2026 | &nbsp;&nbsp; 653717<br> <sup>(g)</sup><br>|
|  | 750000 | UBS Group AG, 1.36%, due 1/30/2027 | &nbsp;&nbsp; 731828<br> <sup>(a)(g)</sup><br>|
|  |  |  | &nbsp;&nbsp; **23112107** |
| **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** | **Building Materials 0.2%** |
|  | 100000 | Camelot Return Merger Sub, Inc., 8.75%, due 8/1/2028 | &nbsp;&nbsp; 86721<br> <sup>(a)</sup><br>|
|  | 170000 | Jeld-Wen, Inc., 4.88%, due 12/15/2027 | &nbsp;&nbsp; 157020<br> <sup>(a)</sup><br>|
|  | 330000 | Standard Industries, Inc., 4.38%, due 7/15/2030 | &nbsp;&nbsp; 307763<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **551504** |
| **Chemicals 0.5%** | **Chemicals 0.5%** | **Chemicals 0.5%** | **Chemicals 0.5%** |
|  |  | Olympus Water U.S. Holding Corp. |  |
|  | 330000 | 7.13%, due 10/1/2027 | &nbsp;&nbsp; 330851<br> <sup>(a)</sup><br>|
|  | 205000 | 9.75%, due 11/15/2028 | &nbsp;&nbsp; 213602<br> <sup>(a)</sup><br>|
|  | 245000 | SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, due 11/1/2026 | &nbsp;&nbsp; 241762<br> <sup>(a)</sup><br>|
|  | 350000 | WR Grace Holdings LLC, 4.88%, due 6/15/2027 | &nbsp;&nbsp; 338833<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1125048** |
| **Commercial Services 0.4%** | **Commercial Services 0.4%** | **Commercial Services 0.4%** | **Commercial Services 0.4%** |
|  | 190000 | Champions Financing, Inc., 8.75%, due 2/15/2029 | &nbsp;&nbsp; 167279<br> <sup>(a)</sup><br>|
|  | 290000 | Herc Holdings, Inc., 6.63%, due 6/15/2029 | &nbsp;&nbsp; 286496<br> <sup>(a)</sup><br>|
|  | 215000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 224578<br> <sup>(a)</sup><br>|
|  | 360000 | Williams Scotsman, Inc., 6.63%, due 6/15/2029 | &nbsp;&nbsp; 364817<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1043170** |
| **Computers 0.7%** | **Computers 0.7%** | **Computers 0.7%** | **Computers 0.7%** |
|  | 90000 | ASGN, Inc., 4.63%, due 5/15/2028 | &nbsp;&nbsp; 85648<br> <sup>(a)</sup><br>|
|  | 945000 | Dell International LLC/EMC Corp., 4.75%, due 4/1/2028 | &nbsp;&nbsp; 952645 |
|  | 780000 | Hewlett Packard Enterprise Co., 4.40%, due 9/25/2027 | &nbsp;&nbsp; 779524 |
|  |  |  | &nbsp;&nbsp; **1817817** |
| **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** | **Distribution - Wholesale 0.3%** |
|  | 230000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, due 2/1/2028 | &nbsp;&nbsp; 223119<br> <sup>(a)</sup><br>|
|  | 240000 | Gates Corp., 6.88%, due 7/1/2029 | &nbsp;&nbsp; 243511<br> <sup>(a)</sup><br>|
|  | 290000 | Resideo Funding, Inc., 4.00%, due 9/1/2029 | &nbsp;&nbsp; 266936<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **733566** |
| **Diversified Financial Services 2.0%** | **Diversified Financial Services 2.0%** | **Diversified Financial Services 2.0%** | **Diversified Financial Services 2.0%** |
|  | 1245000 | AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, due 4/1/2028 | &nbsp;&nbsp; 1252338 |
|  | 775000 | American Express Co., 1.65%, due 11/4/2026 | &nbsp;&nbsp; 745558 |
|  | 240000 | Azorra Finance Ltd., 7.75%, due 4/15/2030 | &nbsp;&nbsp; 238147<br> <sup>(a)</sup><br>|
|  |  | Capital One Financial Corp. |  |
|  | 1255000 | 4.99%, due 7/24/2026 | &nbsp;&nbsp; 1254997<br> <sup>(g)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** | **Diversified Financial Services – cont'd** |
| 1290000 | 3.75%, due 3/9/2027 | &nbsp;&nbsp; $1273187 |
| 270000 | Provident Funding Associates LP/PFG Finance Corp., 9.75%, due 9/15/2029 | &nbsp;&nbsp; 277247<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **5041474** |
| **Electric 1.9%** | **Electric 1.9%** | **Electric 1.9%** |
| 575000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 585989<br> <sup>(a)</sup><br>|
| 1135000 | Dominion Energy, Inc., 2.85%, due 8/15/2026 | &nbsp;&nbsp; 1110873 |
| 890000 | &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., (Secured Overnight Financing Rate Index + 0.80%), 5.16%, <br> due 2/4/2028<br>| &nbsp;&nbsp; 890621<br> <sup>(c)</sup><br>|
| 160000 | NRG Energy, Inc., 10.25%, due 3/15/2028 | &nbsp;&nbsp; 175288<br> <sup>(a)(g)(h)</sup><br>|
| 427000 | NYSEG Storm Funding LLC, 4.71%, due 5/1/2029 | &nbsp;&nbsp; 429783 |
|  | Pacific Gas & Electric Co. |  |
| 495000 | 3.50%, due 6/15/2025 | &nbsp;&nbsp; 493912 |
| 750000 | 3.45%, due 7/1/2025 | &nbsp;&nbsp; 747841 |
| 430000 | Vistra Corp., 7.00%, due 12/15/2026 | &nbsp;&nbsp; 434255<br> <sup>(a)(g)(h)</sup><br>|
|  |  | &nbsp;&nbsp; **4868562** |
| **Engineering & Construction 0.2%** | **Engineering & Construction 0.2%** | **Engineering & Construction 0.2%** |
| 260000 | Arcosa, Inc., 4.38%, due 4/15/2029 | &nbsp;&nbsp; 244402<br> <sup>(a)</sup><br>|
| 105000 | Artera Services LLC, 8.50%, due 2/15/2031 | &nbsp;&nbsp; 99621<br> <sup>(a)</sup><br>|
| 175000 | GTP Acquisition Partners I LLC, 3.48%, due 6/15/2050 | &nbsp;&nbsp; 174675<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **518698** |
| **Entertainment 1.3%** | **Entertainment 1.3%** | **Entertainment 1.3%** |
| 100000 | Caesars Entertainment, Inc., 7.00%, due 2/15/2030 | &nbsp;&nbsp; 102364<br> <sup>(a)</sup><br>|
| 200000 | Churchill Downs, Inc., 5.75%, due 4/1/2030 | &nbsp;&nbsp; 195596<br> <sup>(a)</sup><br>|
| 295000 | Live Nation Entertainment, Inc., 4.75%, due 10/15/2027 | &nbsp;&nbsp; 288748<br> <sup>(a)</sup><br>|
| 230000 | Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, due 5/1/2029 | &nbsp;&nbsp; 217133<br> <sup>(a)</sup><br>|
| 350000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, <br> due 7/15/2029<br>| &nbsp;&nbsp; 332749 |
|  | Warnermedia Holdings, Inc. |  |
| 1500000 | 3.76%, due 3/15/2027 | &nbsp;&nbsp; 1459721 |
| 815000 | 4.05%, due 3/15/2029 | &nbsp;&nbsp; 761278 |
|  |  | &nbsp;&nbsp; **3357589** |
| **Food 0.5%** | **Food 0.5%** | **Food 0.5%** |
| 1190000 | Mars, Inc., 4.60%, due 3/1/2028 | &nbsp;&nbsp; **1202832**<br> <sup>(a)</sup><br>|
| **Food Service 0.1%** | **Food Service 0.1%** | **Food Service 0.1%** |
| 235000 | TKC Holdings, Inc., 6.88%, due 5/15/2028 | &nbsp;&nbsp; **235016**<br> <sup>(a)</sup><br>|
| **Healthcare - Products 0.2%** | **Healthcare - Products 0.2%** | **Healthcare - Products 0.2%** |
| 360000 | Bausch & Lomb Corp., 8.38%, due 10/1/2028 | &nbsp;&nbsp; 373968<br> <sup>(a)</sup><br>|
| 150000 | Medline Borrower LP, 5.25%, due 10/1/2029 | &nbsp;&nbsp; 142446<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **516414** |
| **Healthcare - Services 0.1%** | **Healthcare - Services 0.1%** | **Healthcare - Services 0.1%** |
| 200000 | UnitedHealth Group, Inc., (Secured Overnight Financing Rate + 0.50%), 4.88%, due 7/15/2026 | &nbsp;&nbsp; **199780**<br> <sup>(c)</sup><br>|
| **Holding Companies - Diversified 0.1%** | **Holding Companies - Diversified 0.1%** | **Holding Companies - Diversified 0.1%** |
| 150000 | Benteler International AG, 10.50%, due 5/15/2028 | &nbsp;&nbsp; **153130**<br> <sup>(a)</sup><br>|
| **Home Builders 0.0%**<sup>‡</sup> | **Home Builders 0.0%**<sup>‡</sup> | **Home Builders 0.0%**<sup>‡</sup> |
| 95000 | Beazer Homes USA, Inc., 7.25%, due 10/15/2029 | &nbsp;&nbsp; **92221** |

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Insurance 0.9%** | **Insurance 0.9%** | **Insurance 0.9%** |
| $430000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 10/15/2027 | &nbsp;&nbsp; $426909<br> <sup>(a)</sup><br>|
| 240000 | AmWINS Group, Inc., 6.38%, due 2/15/2029 | &nbsp;&nbsp; 242860<br> <sup>(a)</sup><br>|
| 1335000 | Athene Global Funding, 4.95%, due 1/7/2027 | &nbsp;&nbsp; 1343173<br> <sup>(a)</sup><br>|
| 160000 | HUB International Ltd., 5.63%, due 12/1/2029 | &nbsp;&nbsp; 156300<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2169242** |
| **Internet 0.3%** | **Internet 0.3%** | **Internet 0.3%** |
| 790000 | Uber Technologies, Inc., 4.50%, due 8/15/2029 | &nbsp;&nbsp; **777918**<br> <sup>(a)</sup><br>|
| **Iron - Steel 0.2%** | **Iron - Steel 0.2%** | **Iron - Steel 0.2%** |
| 375000 | Cleveland-Cliffs, Inc., 6.88%, due 11/1/2029 | &nbsp;&nbsp; **363198**<br> <sup>(a)</sup><br>|
| **Leisure Time 0.4%** | **Leisure Time 0.4%** | **Leisure Time 0.4%** |
| 405000 | Carnival Corp., 6.00%, due 5/1/2029 | &nbsp;&nbsp; 402614<br> <sup>(a)</sup><br>|
| 220000 | Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028 | &nbsp;&nbsp; 226097<br> <sup>(a)</sup><br>|
| 210000 | NCL Corp. Ltd., 8.13%, due 1/15/2029 | &nbsp;&nbsp; 219915<br> <sup>(a)</sup><br>|
| 160000 | Viking Cruises Ltd., 7.00%, due 2/15/2029 | &nbsp;&nbsp; 160575<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1009201** |
| **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** |
| 310000 | Manitowoc Co., Inc., 9.25%, due 10/1/2031 | &nbsp;&nbsp; **314262**<br> <sup>(a)</sup><br>|
| **Media 1.5%** | **Media 1.5%** | **Media 1.5%** |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. |  |
| 90000 | 5.13%, due 5/1/2027 | &nbsp;&nbsp; 88769<br> <sup>(a)</sup><br>|
| 220000 | 6.38%, due 9/1/2029 | &nbsp;&nbsp; 221971<br> <sup>(a)</sup><br>|
| 2160000 | &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, 6.15%, due <br> 11/10/2026<br>| &nbsp;&nbsp; 2201722 |
| 380000 | CSC Holdings LLC, 5.50%, due 4/15/2027 | &nbsp;&nbsp; 353088<br> <sup>(a)</sup><br>|
| 250000 | McGraw-Hill Education, Inc., 5.75%, due 8/1/2028 | &nbsp;&nbsp; 244902<br> <sup>(a)</sup><br>|
| 260000 | Sirius XM Radio LLC, 4.00%, due 7/15/2028 | &nbsp;&nbsp; 244589<br> <sup>(a)</sup><br>|
| 445000 | TCI Communications, Inc., 7.13%, due 2/15/2028 | &nbsp;&nbsp; 477429 |
|  |  | &nbsp;&nbsp; **3832470** |
| **Mining 0.2%** | **Mining 0.2%** | **Mining 0.2%** |
| 360000 | Kaiser Aluminum Corp., 4.63%, due 3/1/2028 | &nbsp;&nbsp; 346374<br> <sup>(a)</sup><br>|
| 160000 | Novelis Corp., 6.88%, due 1/30/2030 | &nbsp;&nbsp; 162305<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **508679** |
| **Oil & Gas 1.3%** | **Oil & Gas 1.3%** | **Oil & Gas 1.3%** |
| 425000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; 402715<br> <sup>(a)</sup><br>|
| 2210000 | Diamondback Energy, Inc., 5.20%, due 4/18/2027 | &nbsp;&nbsp; 2241069 |
| 220000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, due 11/1/2028 | &nbsp;&nbsp; 212885<br> <sup>(a)</sup><br>|
| 350000 | Permian Resources Operating LLC, 5.88%, due 7/1/2029 | &nbsp;&nbsp; 341797<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **3198466** |
| **Oil & Gas Services 0.0%**<sup>‡</sup> | **Oil & Gas Services 0.0%**<sup>‡</sup> | **Oil & Gas Services 0.0%**<sup>‡</sup> |
| 60000 | Aris Water Holdings LLC, 7.25%, due 4/1/2030 | &nbsp;&nbsp; **59540**<br> <sup>(a)</sup><br>|
| **Packaging & Containers 0.6%** | **Packaging & Containers 0.6%** | **Packaging & Containers 0.6%** |
|  | Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |
| 160000 | 6.00%, due 6/15/2027 | &nbsp;&nbsp; 159413<br> <sup>(a)</sup><br>|
| 180000 | 3.25%, due 9/1/2028 | &nbsp;&nbsp; 164531<br> <sup>(a)</sup><br>|
| 580000 | Mauser Packaging Solutions Holding Co., 7.88%, due 4/15/2027 | &nbsp;&nbsp; 581531<br> <sup>(a)</sup><br>|
| 200000 | Sealed Air Corp./Sealed Air Corp. U.S., 7.25%, due 2/15/2031 | &nbsp;&nbsp; 208270<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Packaging & Containers – cont'd** | **Packaging & Containers – cont'd** | **Packaging & Containers – cont'd** | **Packaging & Containers – cont'd** |
| $| 295000 | Trivium Packaging Finance BV, 5.50%, due 8/15/2026 | &nbsp;&nbsp; $292102<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1405847** |
| **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** | **Pharmaceuticals 1.0%** |
|  | 2510000 | CVS Health Corp., 4.30%, due 3/25/2028 | &nbsp;&nbsp; 2490973 |
|  | 90000 | Grifols SA, 4.75%, due 10/15/2028 | &nbsp;&nbsp; 83779<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2574752** |
| **Pipelines 2.1%** | **Pipelines 2.1%** | **Pipelines 2.1%** | **Pipelines 2.1%** |
|  | 200000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, due 6/15/2029 | &nbsp;&nbsp; 195181<br> <sup>(a)</sup><br>|
|  |  | Enbridge, Inc. |  |
|  | 360000 | 5.90%, due 11/15/2026 | &nbsp;&nbsp; 366852 |
|  | 359000 | 5.25%, due 4/5/2027 | &nbsp;&nbsp; 364322 |
|  | 980000 | Energy Transfer LP, 6.05%, due 12/1/2026 | &nbsp;&nbsp; 999583 |
|  | 305000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.25%, due 1/15/2029 | &nbsp;&nbsp; 309974 |
|  | 1215000 | Kinder Morgan, Inc., 5.00%, due 2/1/2029 | &nbsp;&nbsp; 1227461 |
|  |  | Kinetik Holdings LP |  |
|  | 210000 | 6.63%, due 12/15/2028 | &nbsp;&nbsp; 211535<br> <sup>(a)</sup><br>|
|  | 200000 | 5.88%, due 6/15/2030 | &nbsp;&nbsp; 195410<br> <sup>(a)</sup><br>|
|  | 690000 | Plains All American Pipeline LP/PAA Finance Corp., 4.65%, due 10/15/2025 | &nbsp;&nbsp; 688903 |
|  | 460000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 3/1/2027 | &nbsp;&nbsp; 454071<br> <sup>(a)</sup><br>|
|  | 320000 | Venture Global LNG, Inc., 8.13%, due 6/1/2028 | &nbsp;&nbsp; 317784<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **5331076** |
| **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** |
|  | 845000 | American Tower Corp., 1.45%, due 9/15/2026 | &nbsp;&nbsp; 810336 |
|  | 230000 | Blackstone Mortgage Trust, Inc., 3.75%, due 1/15/2027 | &nbsp;&nbsp; 218603<br> <sup>(a)</sup><br>|
|  | 390000 | Necessity Retail REIT, Inc./American Finance Operating Partner LP, 4.50%, due 9/30/2028 | &nbsp;&nbsp; 367751<br> <sup>(a)</sup><br>|
|  | 250000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, due <br> 10/1/2028<br>| &nbsp;&nbsp; 243965<br> <sup>(a)</sup><br>|
|  | 270000 | RLJ Lodging Trust LP, 4.00%, due 9/15/2029 | &nbsp;&nbsp; 244022<br> <sup>(a)</sup><br>|
|  | 360000 | Starwood Property Trust, Inc., 7.25%, due 4/1/2029 | &nbsp;&nbsp; 373329<br> <sup>(a)</sup><br>|
|  |  | Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC |  |
|  | 287000 | 10.50%, due 2/15/2028 | &nbsp;&nbsp; 304732<br> <sup>(a)</sup><br>|
|  | 130000 | 4.75%, due 4/15/2028 | &nbsp;&nbsp; 124419<br> <sup>(a)</sup><br>|
|  | 85000 | XHR LP, 6.63%, due 5/15/2030 | &nbsp;&nbsp; 83728<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **2770885** |
| **Retail 0.9%** | **Retail 0.9%** | **Retail 0.9%** | **Retail 0.9%** |
|  | 230000 | Nordstrom, Inc., 4.00%, due 3/15/2027 | &nbsp;&nbsp; 219663 |
|  | 2000000 | Walmart, Inc., 4.90%, due 4/28/2035 | &nbsp;&nbsp; 2025902 |
|  |  |  | &nbsp;&nbsp; **2245565** |
| **Semiconductors 2.3%** | **Semiconductors 2.3%** | **Semiconductors 2.3%** | **Semiconductors 2.3%** |
|  |  | Broadcom, Inc. |  |
|  | 1342000 | 5.05%, due 7/12/2027 | &nbsp;&nbsp; 1363322 |
|  | 1495000 | 4.80%, due 4/15/2028 | &nbsp;&nbsp; 1516660 |
|  | 1405000 | Foundry JV Holdco LLC, 5.90%, due 1/25/2030 | &nbsp;&nbsp; 1458540<br> <sup>(a)</sup><br>|
|  | 1560000 | Intel Corp., 3.75%, due 8/5/2027 | &nbsp;&nbsp; 1532718 |
|  |  |  | &nbsp;&nbsp; **5871240** |
| **Software 1.2%** | **Software 1.2%** | **Software 1.2%** | **Software 1.2%** |
|  | 330000 | AthenaHealth Group, Inc., 6.50%, due 2/15/2030 | &nbsp;&nbsp; 315431<br> <sup>(a)</sup><br>|
|  | 170000 | Cloud Software Group, Inc., 6.50%, due 3/31/2029 | &nbsp;&nbsp; 170061<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Software – cont'd** | **Software – cont'd** | **Software – cont'd** |
| 400000 | Open Text Holdings, Inc., 4.13%, due 2/15/2030 | &nbsp;&nbsp; $369630<br> <sup>(a)</sup><br>|
| 900000 | Oracle Corp., 1.65%, due 3/25/2026 | &nbsp;&nbsp; 877085 |
| 1170000 | Synopsys, Inc., 4.55%, due 4/1/2027 | &nbsp;&nbsp; 1176296 |
|  |  | &nbsp;&nbsp; **2908503** |
| **Telecommunications 1.8%** | **Telecommunications 1.8%** | **Telecommunications 1.8%** |
| 515000 | AT&T, Inc., 1.65%, due 2/1/2028 | &nbsp;&nbsp; 480686 |
| 430000 | Consolidated Communications, Inc., 5.00%, due 10/1/2028 | &nbsp;&nbsp; 408298<br> <sup>(a)</sup><br>|
|  | Level 3 Financing, Inc. |  |
| 370000 | 10.50%, due 4/15/2029 | &nbsp;&nbsp; 409677<br> <sup>(a)</sup><br>|
| 140000 | 11.00%, due 11/15/2029 | &nbsp;&nbsp; 156450<br> <sup>(a)</sup><br>|
| 1010000 | T-Mobile USA, Inc., 3.75%, due 4/15/2027 | &nbsp;&nbsp; 999056 |
| 1535000 | Verizon Communications, Inc., 2.10%, due 3/22/2028 | &nbsp;&nbsp; 1448791 |
| 350000 | Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, due 10/1/2031 | &nbsp;&nbsp; 358302<br> <sup>(a)</sup><br>|
| 370000 | Zayo Group Holdings, Inc., 4.00%, due 3/1/2027 | &nbsp;&nbsp; 340767<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **4602027** |
| **Transportation 0.1%** | **Transportation 0.1%** | **Transportation 0.1%** |
| 330000 | XPO, Inc., 7.13%, due 6/1/2031 | &nbsp;&nbsp; **337854**<br> <sup>(a)</sup><br>|
| **Total Corporate Bonds (Cost $93,734,696)** | **Total Corporate Bonds (Cost $93,734,696)** | &nbsp;&nbsp; **94479677** |
| **Loan Assignments**<sup>(c)</sup> **1.7%** | **Loan Assignments**<sup>(c)</sup> **1.7%** | **Loan Assignments**<sup>(c)</sup> **1.7%** |
| **Construction Materials 0.2%** | **Construction Materials 0.2%** | **Construction Materials 0.2%** |
| 438900 | Quikrete Holdings, Inc., Term Loan B1, (1 mo. USD Term SOFR), due 4/14/2031 | &nbsp;&nbsp; **429960**<br> <sup>(d)(i)</sup><br>|
| **Electric Utilities 0.2%** | **Electric Utilities 0.2%** | **Electric Utilities 0.2%** |
| 440000 | &nbsp;&nbsp; Cogentrix Finance Holdco I LLC, Term Loan B, (1 mo. USD Term SOFR + 2.75%), 7.07%, due <br> 2/26/2032<br>| &nbsp;&nbsp; **439340** |
| **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** | **Health Care Providers & Services 0.3%** |
| 440000 | CNT Holdings I Corp., Term Loan, (3 mo. USD Term SOFR + 2.50%), 6.78%, due 11/8/2032 | &nbsp;&nbsp; 437373 |
| 425700 | Star Parent, Inc., Term Loan B, (3 mo. USD Term SOFR + 4.00%), 8.30%, due 9/27/2030 | &nbsp;&nbsp; 411069 |
|  |  | &nbsp;&nbsp; **848442** |
| **Hotels, Restaurants & Leisure 0.1%** | **Hotels, Restaurants & Leisure 0.1%** | **Hotels, Restaurants & Leisure 0.1%** |
| 170989 | Carnival Corp., Term Loan, (1 mo. USD Term SOFR + 2.00%), 6.33%, due 8/8/2027 | &nbsp;&nbsp; **170669** |
| **Insurance 0.3%** | **Insurance 0.3%** | **Insurance 0.3%** |
| 395023 | HUB International Ltd., Term Loan B, (3 mo. USD Term SOFR + 2.50%), 6.77%, due 6/20/2030 | &nbsp;&nbsp; 392218 |
| 438897 | USI, Inc., Term Loan C, (3 mo. USD Term SOFR + 2.25%), 6.55%, due 9/29/2030 | &nbsp;&nbsp; 435605 |
|  |  | &nbsp;&nbsp; **827823** |
| **Leisure Products 0.2%** | **Leisure Products 0.2%** | **Leisure Products 0.2%** |
| 438900 | SRAM LLC, Term Loan B, (1 mo. USD Term SOFR + 2.25%), 6.57%, due 2/27/2032 | &nbsp;&nbsp; **423538**<br> <sup>(j)</sup><br>|
| **Media 0.2%** | **Media 0.2%** | **Media 0.2%** |
| 440000 | &nbsp;&nbsp; ABG Intermediate Holdings 2 LLC, Term Loan, (1 mo. USD Term SOFR + 2.25%), 6.57%, due <br> 2/13/2032<br>| &nbsp;&nbsp; **429550** |
| **Passenger Airlines 0.0%**<sup>‡</sup> | **Passenger Airlines 0.0%**<sup>‡</sup> | **Passenger Airlines 0.0%**<sup>‡</sup> |
| 117000 | American Airlines, Inc., Term Loan, (3 mo. USD Term SOFR + 2.25%), 6.52%, due 4/20/2028 | &nbsp;&nbsp; **114368** |
| **Specialty Retail 0.0%**<sup>‡</sup> | **Specialty Retail 0.0%**<sup>‡</sup> | **Specialty Retail 0.0%**<sup>‡</sup> |
| 175597 | &nbsp;&nbsp; Petco Health & Wellness Co., Inc., Term Loan B, (3 mo. USD Term SOFR + 3.25%), 7.81%, due <br> 3/3/2028<br>| &nbsp;&nbsp; **152736** |

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Transportation Infrastructure 0.2%** | **Transportation Infrastructure 0.2%** | **Transportation Infrastructure 0.2%** |
| $438900 | KKR Apple Bidco LLC, Term Loan, (1 mo. USD Term SOFR + 2.50%), 6.82%, due 9/23/2031 | &nbsp;&nbsp; **$433023**<br> <sup>(d)(i)</sup><br>|
| **Total Loan Assignments (Cost $4,336,886)** | **Total Loan Assignments (Cost $4,336,886)** | &nbsp;&nbsp; **4269449** |
| **Municipal Notes 2.1%** | **Municipal Notes 2.1%** | **Municipal Notes 2.1%** |
| **New York 2.1%** | **New York 2.1%** | **New York 2.1%** |
| 5165069 | &nbsp;&nbsp; Mizuho Floater Residual Trust Revenue, (LOC: Mizuho Capital Markets LLC), Series 2023, 4.72%, <br> due 12/1/2052 **(Cost $5,165,069)**<br>| &nbsp;&nbsp; **5165069**<br> <sup>(a)</sup><br>|
| **Number of Shares** | **Number of Shares** |  |
| **Short-Term Investments 11.8%** | **Short-Term Investments 11.8%** | **Short-Term Investments 11.8%** |
| **Investment Companies 11.8%** | **Investment Companies 11.8%** | **Investment Companies 11.8%** |
| 29723027 | &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.29%<sup>(k)</sup> **(Cost $29,723,027)**<br>| &nbsp;&nbsp; **29723027** |
| **Total Investments 97.5% (Cost $246,176,291)** | **Total Investments 97.5% (Cost $246,176,291)** | &nbsp;&nbsp; **244993134** |
| Other Assets Less Liabilities 2.5% | Other Assets Less Liabilities 2.5% | &nbsp;&nbsp; 6182939<br> <sup>(l)</sup><br>|
| **Net Assets 100.0%** | **Net Assets 100.0%** | &nbsp;&nbsp; **$251176073** |

---

&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;

&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 April 30, 2025, these securities amounted to $109,742,021, which represents 43.7% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this security was purchased on a delayed delivery basis.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding.

&nbsp;&nbsp;&nbsp;&nbsp;(f) When-issued security. Total value of all such securities at April 30, 2025 amounted to $293,685, which represents 0.1% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(h) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date shown reflects the next call date.

&nbsp;&nbsp;&nbsp;&nbsp;(i) All or a portion of this security had not settled as of April 30, 2025 and thus may not have an interest rate in effect. Interest rates do not take effect until settlement.

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

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

&nbsp;&nbsp;&nbsp;&nbsp;(j) Value determined using significant unobservable inputs.

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

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

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income 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>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $189477479 | 75.4<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 14722659 | 5.9<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 4179617 | 1.7<br> %<br>|
| Jersey | &nbsp;&nbsp; 2203977 | 0.9<br> %<br>|
| Ireland | &nbsp;&nbsp; 1894897 | 0.7<br> %<br>|
| Canada | &nbsp;&nbsp; 1440735 | 0.6<br> %<br>|
| Switzerland | &nbsp;&nbsp; 731828 | 0.3<br> %<br>|
| Netherlands | &nbsp;&nbsp; 292102 | 0.1<br> %<br>|
| Spain | &nbsp;&nbsp; 173683 | 0.1<br> %<br>|
| Other countries, each representing less than 0.05% of net assets of the Fund | &nbsp;&nbsp; 153130 | 0.0<br> %<br>|
| Short-Term Investments and Other Assets—Net | &nbsp;&nbsp; 35905966 | 14.3<br> %<br>|
|  | &nbsp;&nbsp; **$251176073** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

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

**Long Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 6/2025 | &nbsp;&nbsp; 677 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp; $140916492 | &nbsp;&nbsp; $715907 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$140916492** | &nbsp;&nbsp; **$715907** |

---

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

**Short Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 6/2025 | &nbsp;&nbsp; 13 | U.S. Treasury Long Bond | &nbsp;&nbsp; $(1516125) | &nbsp;&nbsp; $17063 |
| 6/2025 | &nbsp;&nbsp; 27 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp; (3029906) | &nbsp;&nbsp; (64547) |
| 6/2025 | &nbsp;&nbsp; 201 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp; (21948258) | &nbsp;&nbsp; (430203) |
| 6/2025 | &nbsp;&nbsp; 49 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp; (5621984) | &nbsp;&nbsp; (96438) |
| 6/2025 | &nbsp;&nbsp; 9 | U.S. Treasury Ultra Bond | &nbsp;&nbsp; (1089281) | &nbsp;&nbsp; 1250 |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(33205554)** | &nbsp;&nbsp; **$(572875)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$143032** |

---

At April 30, 2025, the Fund had $622,480 deposited in a segregated account to cover margin requirements on open futures.

For the six months ended April 30, 2025, the average notional value for the months where the Fund had futures outstanding was $96,095,078 for long positions and $(30,412,978) for short positions.

**Credit default swap contracts ("credit default swaps")**

At April 30, 2025, the Fund did not have any outstanding credit default swaps.

For the six months ended April 30, 2025, the average notional value for the months where the Fund had credit default swaps outstanding was $3,240,000 for buy protection.

See Notes to Financial Statements

------

Schedule of Investments Short Duration Income ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3**<sup>(a)</sup> | **Total** |
| Investments: |  |  |  |  |
| Mortgage-Backed Securities<sup>#</sup> <br>| $— | $68193858 | $— | $68193858 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 43162054 |  | 43162054 |
| Corporate Bonds<sup>#</sup> <br>|  | 94479677 |  | 94479677 |
| Loan Assignments |  |  |  |  |
| Leisure Products |  |  | 423538 | 423538 |
| Other Loan Assignments<sup>#</sup> <br>|  | 3845911 |  | 3845911 |
| Total Loan Assignments |  | 3845911 | 423538 | 4269449 |
| Municipal Notes<sup>#</sup> <br>|  | 5165069 |  | 5165069 |
| Short-Term Investments |  | 29723027 |  | 29723027 |
| **Total Investments** | **$—** | **$244569596** | **$423538** | **$244993134** |

---

&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) The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(000's** <br>**omitted)**<br>| **Beginning** <br>**balance as** <br>**of 11/1/2024**<br>| **Accrued** <br>**discounts/** <br>**(premiums)**<br>| **Realized** <br>**gain/(loss)**<br>| **Change** <br>**in unrealized** <br>**appreciation/** <br>**(depreciation)**<br>| **Purchases** | **Sales**  | **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance** <br>**as of** <br>**4/30/2025**<br>| **Net change in** <br>**unrealized** <br>**appreciation/** <br>**(depreciation)** <br>**from** <br>**investments** <br>**still held as of** <br>**4/30/2025**<br>|
| **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** | **Investments in Securities:** |
| Loan Assignments<sup>(1)</sup> <br>| $— | $— | $— | $(14)<br>| $439 | $(1)<br>| $— | $— | $424 | $(14)<br>|
| **Total** | **$—** | **$—** | **$—** | **$(14)**<br>| **$439** | **$(1)**<br>| **$—** | **$—** | **$424** | **$(14)**<br>|
| (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. | (1) Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The <br> Fund does not have access to significant unobservable inputs and therefore cannot disclose such <br> inputs used in formulating such quotation. |

---

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $734220 | $— | $— | $734220 |
| Liabilities | (591188)<br>|  |  | (591188)<br>|
| **Total** | **$143032** | **$—** | **$—** | **$143032** |

---

&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 Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **U.S. Treasury Obligations 2.7%** | **U.S. Treasury Obligations 2.7%** | **U.S. Treasury Obligations 2.7%** |
|  | U.S. Treasury Bonds |  |
| $135000 | 3.00%, due 11/15/2044 | &nbsp;&nbsp; $104978 |
| 140000 | 2.25%, due 8/15/2049 | &nbsp;&nbsp; 88670 |
| 410000 | 4.63%, due 2/15/2055 | &nbsp;&nbsp; 405708 |
|  | U.S. Treasury Notes |  |
| 250000 | 4.13%, due 2/28/2027 | &nbsp;&nbsp; 252109 |
| 320000 | 4.25%, due 11/15/2034 | &nbsp;&nbsp; 322450 |
| 185000 | 4.63%, due 2/15/2035 | &nbsp;&nbsp; 191938 |
| **Total U.S. Treasury Obligations (Cost $1,357,307)** | **Total U.S. Treasury Obligations (Cost $1,357,307)** | &nbsp;&nbsp; **1365853** |
| **U.S. Government Agency Securities 0.1%** | **U.S. Government Agency Securities 0.1%** | **U.S. Government Agency Securities 0.1%** |
| 80000 | Tennessee Valley Authority, 5.25%, due 2/1/2055 **(Cost $78,817)** | &nbsp;&nbsp; **78006** |
| **Mortgage-Backed Securities 27.8%** | **Mortgage-Backed Securities 27.8%** | **Mortgage-Backed Securities 27.8%** |
| **Collateralized Mortgage Obligations 5.1%** | **Collateralized Mortgage Obligations 5.1%** | **Collateralized Mortgage Obligations 5.1%** |
| 130932 | Angel Oak Mortgage Trust, Series 2022-5, Class A1, 4.50%, due 5/25/2067 | &nbsp;&nbsp; 129236<br> <sup>(a)</sup><br>|
| 119295 | Chase Home Lending Mortgage Trust, Series 2025-1, Class A4, 6.00%, due 11/25/2055 | &nbsp;&nbsp; 120489<br> <sup>(a)(b)</sup><br>|
|  | Federal Home Loan Mortgage Corp. STACR REMIC Trust |  |
| 124844 | Series 2021-DNA6, Class M2, (30 day USD SOFR Average + 1.50%), 5.85%, due 10/25/2041 | &nbsp;&nbsp; 124649<br> <sup>(a)(c)</sup><br>|
| 44000 | Series 2022-DNA2, Class M1B, (30 day USD SOFR Average + 2.40%), 6.75%, due 2/25/2042 | &nbsp;&nbsp; 44914<br> <sup>(a)(c)</sup><br>|
| 135000 | Series 2022-DNA6, Class M1B, (30 day USD SOFR Average + 3.70%), 8.05%, due 9/25/2042 | &nbsp;&nbsp; 141321<br> <sup>(a)(c)</sup><br>|
| 93753 | Series 2024-DNA2, Class M1, (30 day USD SOFR Average + 1.20%), 5.55%, due 5/25/2044 | &nbsp;&nbsp; 93665<br> <sup>(a)(c)</sup><br>|
| 125000 | Series 2024-DNA3, Class M2, (30 day USD SOFR Average + 1.45%), 5.80%, due 10/25/2044 | &nbsp;&nbsp; 124481<br> <sup>(a)(c)</sup><br>|
| 67000 | Series 2025-HQA1, Class M2, (30 day USD SOFR Average + 1.65%), 6.00%, due 2/25/2045 | &nbsp;&nbsp; 66456<br> <sup>(a)(c)</sup><br>|
|  | Federal National Mortgage Association Connecticut Avenue Securities Trust |  |
| 125000 | Series 2022-R01, Class 1M2, (30 day USD SOFR Average + 1.90%), 6.25%, due 12/25/2041 | &nbsp;&nbsp; 125545<br> <sup>(a)(c)</sup><br>|
| 120000 | Series 2022-R04, Class 1M2, (30 day USD SOFR Average + 3.10%), 7.45%, due 3/25/2042 | &nbsp;&nbsp; 123216<br> <sup>(a)(c)</sup><br>|
| 120000 | Series 2022-R03, Class 1M2, (30 day USD SOFR Average + 3.50%), 7.85%, due 3/25/2042 | &nbsp;&nbsp; 123976<br> <sup>(a)(c)</sup><br>|
| 120000 | Series 2022-R05, Class 2M2, (30 day USD SOFR Average + 3.00%), 7.35%, due 4/25/2042 | &nbsp;&nbsp; 122700<br> <sup>(a)(c)</sup><br>|
| 115000 | Series 2022-R06, Class 1M2, (30 day USD SOFR Average + 3.85%), 8.20%, due 5/25/2042 | &nbsp;&nbsp; 119744<br> <sup>(a)(c)</sup><br>|
| 122039 | Series 2022-R07, Class 1M1, (30 day USD SOFR Average + 2.95%), 7.30%, due 6/25/2042 | &nbsp;&nbsp; 124972<br> <sup>(a)(c)</sup><br>|
| 115000 | Series 2022-R07, Class 1M2, (30 day USD SOFR Average + 4.65%), 9.00%, due 6/25/2042 | &nbsp;&nbsp; 121829<br> <sup>(a)(c)</sup><br>|
| 120000 | Series 2023-R06, Class 1M2, (30 day USD SOFR Average + 2.70%), 7.05%, due 7/25/2043 | &nbsp;&nbsp; 123634<br> <sup>(a)(c)</sup><br>|
| 95000 | Series 2025-R02, Class 1M2, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2045 | &nbsp;&nbsp; 94525<br> <sup>(a)(c)</sup><br>|
| 64404 | JP Morgan Mortgage Trust, Series 2024-NQM1, Class A1, 5.59%, due 2/25/2064 | &nbsp;&nbsp; 64790<br> <sup>(a)</sup><br>|
|  | OBX Trust |  |
| 100000 | Series 2025-NQM7, Class A3, 5.86%, due 5/25/2055 | &nbsp;&nbsp; 100249<br> <sup>(a)</sup><br>|
| 95011 | Series 2024-NQM6, Class A1, 6.45%, due 2/25/2064 | &nbsp;&nbsp; 96009<br> <sup>(a)</sup><br>|
|  | Verus Securitization Trust |  |
| 116317 | Series 2022-7, Class A1, 5.15%, due 7/25/2067 | &nbsp;&nbsp; 116739<br> <sup>(a)</sup><br>|
| 110397 | Series 2024-4, Class A1, 6.22%, due 6/25/2069 | &nbsp;&nbsp; 111338<br> <sup>(a)</sup><br>|
| 112879 | Series 2024-7, Class A1, 5.10%, due 9/25/2069 | &nbsp;&nbsp; 112265<br> <sup>(a)(b)</sup><br>|
| 100000 | Series 2025-3, Class A3, 5.93%, due 5/25/2070 | &nbsp;&nbsp; 100198<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2626940** |
| **Commercial Mortgage-Backed 6.6%** | **Commercial Mortgage-Backed 6.6%** | **Commercial Mortgage-Backed 6.6%** |
| 125000 | 1211 Avenue of the Americas Trust, Series 2015-1211, Class B, 4.23%, due 8/10/2035 | &nbsp;&nbsp; 119075<br> <sup>(a)(b)</sup><br>|
| 100000 | BAHA Trust, Series 2024-MAR, Class A, 6.17%, due 12/10/2041 | &nbsp;&nbsp; 103234<br> <sup>(a)(b)</sup><br>|
| 120000 | BAMLL Trust, Series 2024-BHP, Class B, (1 mo. USD Term SOFR + 2.90%), 7.22%, due 8/15/2039 | &nbsp;&nbsp; 119976<br> <sup>(a)(c)</sup><br>|
|  | BANK5 |  |
| 26000 | Series 2023-5YR2, Class C, 7.40%, due 7/15/2056 | &nbsp;&nbsp; 26746<br> <sup>(b)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** | **Commercial Mortgage-Backed – cont'd** |
| $| 85000 | Series 2024-5YR7, Class D, 4.00%, due 6/15/2057 | &nbsp;&nbsp; $74773<br> <sup>(a)</sup><br>|
|  |  | BBCMS Mortgage Trust |  |
|  | 74000 | Series 2024-C24, Class C, 6.00%, due 2/15/2057 | &nbsp;&nbsp; 72088 |
|  | 114000 | Series 2025-C32, Class B, 6.13%, due 2/15/2062 | &nbsp;&nbsp; 116585 |
|  |  | Benchmark Mortgage Trust |  |
|  | 55000 | Series 2023-V2, Class C, 6.99%, due 5/15/2055 | &nbsp;&nbsp; 55961<br> <sup>(b)</sup><br>|
|  | 95000 | Series 2024-V7, Class B, 7.08%, due 5/15/2056 | &nbsp;&nbsp; 100821<br> <sup>(b)</sup><br>|
|  | 41000 | Series 2023-V3, Class C, 7.41%, due 7/15/2056 | &nbsp;&nbsp; 41753<br> <sup>(b)</sup><br>|
|  | 71000 | Series 2024-V5, Class C, 7.20%, due 1/10/2057 | &nbsp;&nbsp; 72237<br> <sup>(b)</sup><br>|
|  | 100000 | &nbsp;&nbsp; BLP Commercial Mortgage Trust, Series 2025-IND, Class D, (1 mo. USD Term SOFR + 2.25%), 6.57%, <br> due 3/15/2042<br>| &nbsp;&nbsp; 96034<br> <sup>(a)(c)</sup><br>|
|  |  | BMO Mortgage Trust |  |
|  | 72000 | Series 2024-5C3, Class C, 7.09%, due 2/15/2057 | &nbsp;&nbsp; 72002<br> <sup>(b)</sup><br>|
|  | 74000 | Series 2024-C8, Class C, 6.23%, due 3/15/2057 | &nbsp;&nbsp; 74346<br> <sup>(b)</sup><br>|
|  | 26000 | Series 2025-5C10, Class C, 6.49%, due 5/15/2058 | &nbsp;&nbsp; 26212<br> <sup>(b)(d)</sup><br>|
|  | 117000 | &nbsp;&nbsp; BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, (1 mo. USD Term SOFR + 2.51%), 6.84%, <br> due 9/15/2036<br>| &nbsp;&nbsp; 114569<br> <sup>(a)(c)</sup><br>|
|  |  | BX Trust |  |
|  | 115000 | Series 2025-ROIC, Class D, (1 mo. USD Term SOFR + 1.99%), 6.31%, due 3/15/2030 | &nbsp;&nbsp; 110835<br> <sup>(a)(c)</sup><br>|
|  | 90000 | Series 2019-OC11, Class C, 3.86%, due 12/9/2041 | &nbsp;&nbsp; 84160<br> <sup>(a)</sup><br>|
|  | 125000 | &nbsp;&nbsp; CAMB Commercial Mortgage Trust, Series 2019-LIFE, Class E, (1 mo. USD Term SOFR + 2.45%), <br> 6.77%, due 12/15/2037<br>| &nbsp;&nbsp; 124141<br> <sup>(a)(c)</sup><br>|
|  | 70000 | COMM Mortgage Trust, Series 2024-277P, Class B, 7.23%, due 8/10/2044 | &nbsp;&nbsp; 74266<br> <sup>(a)(b)</sup><br>|
|  | 100000 | Fashion Show Mall LLC, Series 2024-SHOW, Class C, 6.28%, due 10/10/2041 | &nbsp;&nbsp; 100281<br> <sup>(a)(b)</sup><br>|
|  | 25000 | FIVE Mortgage Trust, Series 2023-V1, Class C, 6.51%, due 2/10/2056 | &nbsp;&nbsp; 25351<br> <sup>(b)</sup><br>|
|  | 49000 | GS Mortgage Securities Trust, Series 2019-GSA1, Class C, 3.93%, due 11/10/2052 | &nbsp;&nbsp; 43733<br> <sup>(b)</sup><br>|
|  | 125000 | GWT Trust, Series 2024-WLF2, Class D, (1 mo. USD Term SOFR + 2.94%), 7.26%, due 5/15/2041 | &nbsp;&nbsp; 124492<br> <sup>(a)(c)</sup><br>|
|  | 100000 | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class E, 6.90%, due 1/13/2040 | &nbsp;&nbsp; 102070<br> <sup>(a)(b)</sup><br>|
|  | 152000 | &nbsp;&nbsp; INTOWN Mortgage Trust, Series 2025-STAY, Class C, (1 mo. USD Term SOFR + 2.25%), 6.57%, due <br> 3/15/2042<br>| &nbsp;&nbsp; 148770<br> <sup>(a)(c)</sup><br>|
|  | 100000 | IRV Trust, Series 2025-200P, Class C, 5.92%, due 3/14/2047 | &nbsp;&nbsp; 98700<br> <sup>(a)(b)</sup><br>|
|  | 100000 | &nbsp;&nbsp; JP Morgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.02%, due <br> 1/5/2039<br>| &nbsp;&nbsp; 91281<br> <sup>(a)</sup><br>|
|  | 100000 | Manhattan West Mortgage Trust, Series 2020-1MW, Class D, 2.41%, due 9/10/2039 | &nbsp;&nbsp; 91936<br> <sup>(a)(b)</sup><br>|
|  | 125000 | &nbsp;&nbsp; MED Commercial Mortgage Trust, Series 2024-MOB, Class A, (1 mo. USD Term SOFR + 1.59%), <br> 5.91%, due 5/15/2041<br>| &nbsp;&nbsp; 124333<br> <sup>(a)(c)</sup><br>|
|  | 100000 | NY Commercial Mortgage Trust, Series 2025-299P, Class C, 6.38%, due 2/10/2047 | &nbsp;&nbsp; 99204<br> <sup>(a)(b)</sup><br>|
|  | 100000 | &nbsp;&nbsp; NYC Commercial Mortgage Trust, Series 2025-3BP, Class D, (1 mo. USD Term SOFR + 2.44%), 6.76%, <br> due 2/15/2042<br>| &nbsp;&nbsp; 96744<br> <sup>(a)(c)</sup><br>|
|  | 105000 | ONNI Commercial Mortgage Trust, Series 2024-APT, Class D, 7.24%, due 7/15/2039 | &nbsp;&nbsp; 109260<br> <sup>(a)(b)</sup><br>|
|  | 50000 | RFR Trust, Series 2025-SGRM, Class A, 5.56%, due 3/11/2041 | &nbsp;&nbsp; 50921<br> <sup>(a)(b)</sup><br>|
|  | 125000 | ROCK Trust, Series 2024-CNTR, Class D, 7.11%, due 11/13/2041 | &nbsp;&nbsp; 130389<br> <sup>(a)</sup><br>|
|  | 77000 | SDAL Trust, Series 2025-DAL, Class C, (1 mo. USD Term SOFR + 3.94%), 8.24%, due 4/15/2042 | &nbsp;&nbsp; 76879<br> <sup>(a)(c)</sup><br>|
|  | 16000 | &nbsp;&nbsp; SFO Commercial Mortgage Trust, Series 2021-555, Class D, (1 mo. USD Term SOFR + 2.51%), 6.84%, <br> due 5/15/2038<br>| &nbsp;&nbsp; 15280<br> <sup>(a)(c)</sup><br>|
|  | 125000 | &nbsp;&nbsp; TCO Commercial Mortgage Trust, Series 2024-DPM, Class C, (1 mo. USD Term SOFR + 1.99%), <br> 6.31%, due 12/15/2039<br>| &nbsp;&nbsp; 121528<br> <sup>(a)(c)</sup><br>|
|  | 44000 | Wells Fargo Commercial Mortgage Trust, Series 2025-5C3, Class C, 6.23%, due 1/15/2058 | &nbsp;&nbsp; 43728<br> <sup>(b)</sup><br>|
|  |  |  | &nbsp;&nbsp; **3374694** |
| **Federal Home Loan Mortgage Corp. 7.6%** | **Federal Home Loan Mortgage Corp. 7.6%** | **Federal Home Loan Mortgage Corp. 7.6%** | **Federal Home Loan Mortgage Corp. 7.6%** |
|  |  | Pass-Through Certificates |  |
|  | 222008 | 2.00%, due 2/1/2052 | &nbsp;&nbsp; 176519 |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Federal Home Loan Mortgage Corp. – cont'd** | **Federal Home Loan Mortgage Corp. – cont'd** | **Federal Home Loan Mortgage Corp. – cont'd** | **Federal Home Loan Mortgage Corp. – cont'd** |
| $| 562156 | 2.50%, due 4/1/2052 | &nbsp;&nbsp; $468218 |
|  | 385173 | 3.50%, due 5/1/2052 | &nbsp;&nbsp; 348184 |
|  | 408921 | 4.00%, due 12/1/2052 | &nbsp;&nbsp; 381563 |
|  | 126047 | 4.50%, due 9/1/2052 | &nbsp;&nbsp; 120766 |
|  | 347008 | 5.00%, due 11/1/2053 - 10/1/2054 | &nbsp;&nbsp; 340191 |
|  | 1363474 | 5.50%, due 11/1/2053 - 11/1/2054 | &nbsp;&nbsp; 1361504 |
|  | 692176 | 6.00%, due 5/1/2054 - 7/1/2054 | &nbsp;&nbsp; 703381 |
|  |  |  | &nbsp;&nbsp; **3900326** |
| **Federal National Mortgage Association 7.3%** | **Federal National Mortgage Association 7.3%** | **Federal National Mortgage Association 7.3%** | **Federal National Mortgage Association 7.3%** |
|  |  | Pass-Through Certificates |  |
|  | 238964 | 2.00%, due 9/1/2051 | &nbsp;&nbsp; 190078 |
|  | 1132324 | 2.50%, due 1/1/2052 - 4/1/2052 | &nbsp;&nbsp; 944609 |
|  | 1612435 | 3.00%, due 5/1/2052 - 4/1/2053 | &nbsp;&nbsp; 1475751 |
|  | 979621 | 5.00%, due 12/1/2052 - 4/1/2054 | &nbsp;&nbsp; 962057 |
|  | 137475 | 6.00%, due 10/1/2054 | &nbsp;&nbsp; 139491 |
|  |  |  | &nbsp;&nbsp; **3711986** |
| **Government National Mortgage Association 1.2%** | **Government National Mortgage Association 1.2%** | **Government National Mortgage Association 1.2%** | **Government National Mortgage Association 1.2%** |
|  |  | Pass-Through Certificates |  |
|  | 196328 | 2.50%, due 4/20/2052 | &nbsp;&nbsp; 167344 |
|  | 227583 | 4.50%, due 11/20/2054 | &nbsp;&nbsp; 217917 |
|  | 108281 | 5.00%, due 2/20/2053 | &nbsp;&nbsp; 106489 |
|  | 123845 | 5.50%, due 12/20/2054 | &nbsp;&nbsp; 123873 |
|  |  |  | &nbsp;&nbsp; **615623** |
| **Total Mortgage-Backed Securities (Cost $14,227,077)** | **Total Mortgage-Backed Securities (Cost $14,227,077)** | **Total Mortgage-Backed Securities (Cost $14,227,077)** | &nbsp;&nbsp; **14229569** |
| **Asset-Backed Securities 12.3%** | **Asset-Backed Securities 12.3%** | **Asset-Backed Securities 12.3%** | **Asset-Backed Securities 12.3%** |
| **Automobiles 1.7%** | **Automobiles 1.7%** | **Automobiles 1.7%** | **Automobiles 1.7%** |
|  | 100000 | Avis Budget Rental Car Funding AESOP LLC, Series 2023-2A, Class C, 6.18%, due 10/20/2027 | &nbsp;&nbsp; 100387<br> <sup>(a)</sup><br>|
|  | 123000 | Exeter Automobile Receivables Trust, Series 2025-1A, Class D, 5.49%, due 5/15/2031 | &nbsp;&nbsp; 123188 |
|  |  | GLS Auto Select Receivables Trust |  |
|  | 119000 | Series 2025-1A, Class B, 5.04%, due 2/15/2031 | &nbsp;&nbsp; 120622<br> <sup>(a)</sup><br>|
|  | 22000 | Series 2025-1A, Class C, 5.26%, due 3/15/2031 | &nbsp;&nbsp; 22288<br> <sup>(a)</sup><br>|
|  | 75000 | Honda Auto Receivables Owner Trust, Series 2025-1, Class A3, 4.57%, due 9/21/2029 | &nbsp;&nbsp; 75751 |
|  | 103000 | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A3, 4.73%, due 6/17/2030 | &nbsp;&nbsp; 103878<br> <sup>(a)</sup><br>|
|  | 136000 | Santander Drive Auto Receivables Trust, Series 2025-1, Class D, 5.43%, due 3/17/2031 | &nbsp;&nbsp; 136490 |
|  | 125000 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class C, 5.54%, due 2/20/2032 | &nbsp;&nbsp; 127102<br> <sup>(a)</sup><br>|
|  | 68000 | Westlake Automobile Receivables Trust, Series 2025-1A, Class D, 5.54%, due 11/15/2030 | &nbsp;&nbsp; 68391<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **878097** |
| **Home Equity 0.5%** | **Home Equity 0.5%** | **Home Equity 0.5%** | **Home Equity 0.5%** |
|  | 117532 | &nbsp;&nbsp; JP Morgan Mortgage Trust, Series 2024-HE2, Class A1, (30 day USD SOFR Average + 1.20%), 5.55%, <br> due 10/20/2054<br>| &nbsp;&nbsp; 117420<br> <sup>(a)(c)</sup><br>|
|  | 123547 | OBX Trust, Series 2025-HE1, Class A1, (30 day USD SOFR Average + 1.60%), 5.95%, due 2/25/2055 | &nbsp;&nbsp; 123106<br> <sup>(a)(c)</sup><br>|
|  |  |  | &nbsp;&nbsp; **240526** |
| **Other 9.8%** | **Other 9.8%** | **Other 9.8%** | **Other 9.8%** |
|  | 500000 | AIMCO CLO, Series 2017-AA, Class AR2, (3 mo. USD Term SOFR + 1.14%), 5.41%, due 1/20/2038 | &nbsp;&nbsp; 497000<br> <sup>(a)(c)</sup><br>|
|  | 128000 | Barings Equipment Finance LLC, Series 2025-A, Class A3, 4.82%, due 8/13/2032 | &nbsp;&nbsp; 129716<br> <sup>(a)</sup><br>|
|  | 93602 | Business Jet Securities LLC, Series 2024-1A, Class A, 6.20%, due 5/15/2039 | &nbsp;&nbsp; 94807<br> <sup>(a)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** | **Asset-Backed Securities – cont'd** |
| **Other – cont'd** | **Other – cont'd** | **Other – cont'd** | **Other – cont'd** |
| $| 500000 | &nbsp;&nbsp; Canyon Capital CLO Ltd., Series 2022-2A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.44%, due <br> 4/15/2038<br>| &nbsp;&nbsp; $495750<br> <sup>(a)(c)</sup><br>|
|  | 100000 | CCG Receivables Trust, Series 2025-1, Class B, 4.69%, due 10/14/2032 | &nbsp;&nbsp; 100091<br> <sup>(a)</sup><br>|
|  | 120000 | Cloud Capital Holdco LP, Series 2024-1A, Class A2, 5.78%, due 11/22/2049 | &nbsp;&nbsp; 120294<br> <sup>(a)</sup><br>|
|  |  | CyrusOne Data Centers Issuer I LLC |  |
|  | 38000 | Series 2023-1A, Class A2, 4.30%, due 4/20/2048 | &nbsp;&nbsp; 36964<br> <sup>(a)</sup><br>|
|  | 66000 | Series 2023-2A, Class A2, 5.56%, due 11/20/2048 | &nbsp;&nbsp; 66417<br> <sup>(a)</sup><br>|
|  | 97118 | Foundation Finance Trust, Series 2025-1A, Class A, 4.95%, due 4/15/2050 | &nbsp;&nbsp; 97389<br> <sup>(a)</sup><br>|
|  | 125000 | Frontier Issuer LLC, Series 2023-1, Class A2, 6.60%, due 8/20/2053 | &nbsp;&nbsp; 126971<br> <sup>(a)</sup><br>|
|  | 100000 | GreenSky Home Improvement Issuer Trust, Series 2025-1A, Class B, 5.39%, due 3/25/2060 | &nbsp;&nbsp; 100255<br> <sup>(a)</sup><br>|
|  | 87942 | Hilton Grand Vacations Trust, Series 2022-2A, Class A, 4.30%, due 1/25/2037 | &nbsp;&nbsp; 87423<br> <sup>(a)</sup><br>|
|  | 100000 | Island Finance Trust, Series 2025-1A, Class A, 6.54%, due 3/19/2035 | &nbsp;&nbsp; 101597<br> <sup>(a)</sup><br>|
|  | 129000 | Kubota Credit Owner Trust, Series 2025-1A, Class A3, 4.67%, due 6/15/2029 | &nbsp;&nbsp; 130532<br> <sup>(a)</sup><br>|
|  | 80000 | MetroNet Infrastructure Issuer LLC, Series 2023-1A, Class A2, 6.56%, due 4/20/2053 | &nbsp;&nbsp; 82159<br> <sup>(a)</sup><br>|
|  |  | MVW LLC |  |
|  | 48340 | Series 2023-1A, Class C, 6.54%, due 10/20/2040 | &nbsp;&nbsp; 49207<br> <sup>(a)</sup><br>|
|  | 62029 | Series 2023-2A, Class B, 6.33%, due 11/20/2040 | &nbsp;&nbsp; 63913<br> <sup>(a)</sup><br>|
|  | 108993 | Series 2024-2A, Class B, 4.58%, due 3/20/2042 | &nbsp;&nbsp; 107162<br> <sup>(a)</sup><br>|
|  | 100000 | Series 2025-1A, Class B, 5.21%, due 9/22/2042 | &nbsp;&nbsp; 100405<br> <sup>(a)(d)</sup><br>|
|  | 72745 | Series 2024-1A, Class A, 5.32%, due 2/20/2043 | &nbsp;&nbsp; 74115<br> <sup>(a)</sup><br>|
|  | 125000 | OneMain Financial Issuance Trust, Series 2023-2A, Class A1, 5.84%, due 9/15/2036 | &nbsp;&nbsp; 127542<br> <sup>(a)</sup><br>|
|  | 98683 | OWN Equipment Fund I LLC, Series 2024-2M, Class A, 5.70%, due 12/20/2032 | &nbsp;&nbsp; 99812<br> <sup>(a)</sup><br>|
|  | 250000 | PFS Financing Corp., Series 2024-B, Class A, 4.95%, due 2/15/2029 | &nbsp;&nbsp; 252386<br> <sup>(a)</sup><br>|
|  |  | Sierra Timeshare Receivables Funding LLC |  |
|  | 105624 | Series 2020-2A, Class B, 2.32%, due 7/20/2037 | &nbsp;&nbsp; 105172<br> <sup>(a)</sup><br>|
|  | 104127 | Series 2022-1A, Class B, 3.55%, due 10/20/2038 | &nbsp;&nbsp; 102454<br> <sup>(a)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Sixth Street CLO XVII Ltd., Series 2021-17A, Class A1R, (3 mo. USD Term SOFR + 1.15%), 5.43%, due <br> 4/17/2038<br>| &nbsp;&nbsp; 497500<br> <sup>(a)(c)</sup><br>|
|  | 100000 | Sotheby's Artfi Master Trust, Series 2024-1A, Class A1, 6.43%, due 12/22/2031 | &nbsp;&nbsp; 100953<br> <sup>(a)</sup><br>|
|  | 115000 | Stack Infrastructure Issuer LLC, Series 2023-2A, Class A2, 5.90%, due 7/25/2048 | &nbsp;&nbsp; 116111<br> <sup>(a)</sup><br>|
|  | 99500 | Subway Funding LLC, Series 2024-1A, Class A2I, 6.03%, due 7/30/2054 | &nbsp;&nbsp; 100633<br> <sup>(a)</sup><br>|
|  | 112987 | Taco Bell Funding LLC, Series 2021-1A, Class A2II, 2.29%, due 8/25/2051 | &nbsp;&nbsp; 102551<br> <sup>(a)</sup><br>|
|  | 500000 | &nbsp;&nbsp; Trestles CLO VI Ltd., Series 2023-6A, Class A1R, (3 mo. USD Term SOFR + 1.18%), 5.45%, due <br> 4/25/2038<br>| &nbsp;&nbsp; 495631<br> <sup>(a)(c)</sup><br>|
|  | 131000 | Uniti Fiber ABS Issuer LLC, Series 2025-1A, Class A2, 5.88%, due 4/20/2055 | &nbsp;&nbsp; 133710<br> <sup>(a)</sup><br>|
|  | 120000 | Ziply Fiber Issuer LLC, Series 2024-1A, Class A2, 6.64%, due 4/20/2054 | &nbsp;&nbsp; 122963<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **5019585** |
| **Student Loan 0.3%** | **Student Loan 0.3%** | **Student Loan 0.3%** | **Student Loan 0.3%** |
|  |  | Navient Private Education Refi Loan Trust |  |
|  | 54746 | Series 2020-CA, Class A2A, 2.15%, due 11/15/2068 | &nbsp;&nbsp; 52389<br> <sup>(a)</sup><br>|
|  | 76408 | Series 2021-BA, Class A, 0.94%, due 7/15/2069 | &nbsp;&nbsp; 69794<br> <sup>(a)</sup><br>|
|  | 51356 | Series 2021-CA, Class A, 1.06%, due 10/15/2069 | &nbsp;&nbsp; 46142<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **168325** |
| **Total Asset-Backed Securities (Cost $6,298,986)** | **Total Asset-Backed Securities (Cost $6,298,986)** | **Total Asset-Backed Securities (Cost $6,298,986)** | &nbsp;&nbsp; **6306533** |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Corporate Bonds 51.6%** | **Corporate Bonds 51.6%** | **Corporate Bonds 51.6%** |
| **Aerospace & Defense 2.3%** | **Aerospace & Defense 2.3%** | **Aerospace & Defense 2.3%** |
|  | Boeing Co. |  |
| $225000 | 5.04%, due 5/1/2027 | &nbsp;&nbsp; $226511 |
| 410000 | 5.81%, due 5/1/2050 | &nbsp;&nbsp; 384298 |
| 120000 | Bombardier, Inc., 7.00%, due 6/1/2032 | &nbsp;&nbsp; 121408<br> <sup>(a)</sup><br>|
| 90000 | General Dynamics Corp., 4.95%, due 8/15/2035 | &nbsp;&nbsp; 90298<br> <sup>(d)</sup><br>|
| 80000 | Goat Holdco LLC, 6.75%, due 2/1/2032 | &nbsp;&nbsp; 78200<br> <sup>(a)</sup><br>|
|  | TransDigm, Inc. |  |
| 250000 | 6.88%, due 12/15/2030 | &nbsp;&nbsp; 257588<br> <sup>(a)</sup><br>|
| 10000 | 7.13%, due 12/1/2031 | &nbsp;&nbsp; 10394<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1168697** |
| **Agriculture 0.5%** | **Agriculture 0.5%** | **Agriculture 0.5%** |
| 200000 | Imperial Brands Finance PLC, 5.50%, due 2/1/2030 | &nbsp;&nbsp; 205530<br> <sup>(a)</sup><br>|
| 45000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 5.95%, due 4/20/2035 | &nbsp;&nbsp; 46309<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **251839** |
| **Airlines 0.3%** | **Airlines 0.3%** | **Airlines 0.3%** |
| 70000 | American Airlines, Inc., 8.50%, due 5/15/2029 | &nbsp;&nbsp; 71344<br> <sup>(a)</sup><br>|
| 76446 | United Airlines Pass-Through Trust, 4.88%, due 7/15/2027 | &nbsp;&nbsp; 76163 |
|  |  | &nbsp;&nbsp; **147507** |
| **Apparel 0.2%** | **Apparel 0.2%** | **Apparel 0.2%** |
| 100000 | Tapestry, Inc., 5.50%, due 3/11/2035 | &nbsp;&nbsp; **97391** |
| **Auto Manufacturers 0.7%** | **Auto Manufacturers 0.7%** | **Auto Manufacturers 0.7%** |
| 250000 | Ford Motor Credit Co. LLC, 6.50%, due 2/7/2035 | &nbsp;&nbsp; 241955 |
| 130000 | General Motors Co., 6.80%, due 10/1/2027 | &nbsp;&nbsp; 135082 |
|  |  | &nbsp;&nbsp; **377037** |
| **Auto Parts & Equipment 0.3%** | **Auto Parts & Equipment 0.3%** | **Auto Parts & Equipment 0.3%** |
| 140000 | Goodyear Tire & Rubber Co., 5.25%, due 4/30/2031 | &nbsp;&nbsp; **130425** |
| **Banks 8.6%** | **Banks 8.6%** | **Banks 8.6%** |
| 200000 | Banco Santander SA, 6.92%, due 8/8/2033 | &nbsp;&nbsp; 212664 |
|  | Bank of America Corp. |  |
| 75000 | 4.38%, due 1/27/2027 | &nbsp;&nbsp; 71863<br> <sup>(e)(f)</sup><br>|
| 425000 | 5.51%, due 1/24/2036 | &nbsp;&nbsp; 430783<br> <sup>(e)</sup><br>|
| 35000 | Bank of New York Mellon Corp., 3.75%, due 12/20/2026 | &nbsp;&nbsp; 33083<br> <sup>(e)(f)</sup><br>|
| 325000 | BPCE SA, 5.94%, due 5/30/2035 | &nbsp;&nbsp; 328670<br> <sup>(a)(e)</sup><br>|
|  | Citigroup, Inc. |  |
| 35000 | 3.88%, due 2/18/2026 | &nbsp;&nbsp; 34039<br> <sup>(e)(f)</sup><br>|
| 75000 | 3.89%, due 1/10/2028 | &nbsp;&nbsp; 74213<br> <sup>(e)</sup><br>|
| 35000 | 7.00%, due 8/15/2034 | &nbsp;&nbsp; 34725<br> <sup>(e)(f)</sup><br>|
| 190000 | 6.02%, due 1/24/2036 | &nbsp;&nbsp; 190523<br> <sup>(e)</sup><br>|
|  | Goldman Sachs Group, Inc. |  |
| 50000 | 3.65%, due 8/10/2026 | &nbsp;&nbsp; 47791<br> <sup>(e)(f)</sup><br>|
| 25000 | 7.50%, due 2/10/2029 | &nbsp;&nbsp; 25886<br> <sup>(e)(f)</sup><br>|
| 565000 | 5.54%, due 1/28/2036 | &nbsp;&nbsp; 570575<br> <sup>(e)</sup><br>|
| 35000 | Huntington Bancshares, Inc., 4.45%, due 10/15/2027 | &nbsp;&nbsp; 33324<br> <sup>(e)(f)</sup><br>|
|  | JPMorgan Chase & Co. |  |
| 75000 | 3.65%, due 6/1/2026 | &nbsp;&nbsp; 72663<br> <sup>(e)(f)</sup><br>|

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** | **Banks – cont'd** |
| $| 400000 | 5.50%, due 1/24/2036 | &nbsp;&nbsp; $406986<br> <sup>(e)</sup><br>|
|  | 335000 | 5.57%, due 4/22/2036 | &nbsp;&nbsp; 342647<br> <sup>(e)</sup><br>|
|  | 200000 | Lloyds Banking Group PLC, 5.59%, due 11/26/2035 | &nbsp;&nbsp; 200248<br> <sup>(e)</sup><br>|
|  | 80000 | M&T Bank Corp., 3.50%, due 9/1/2026 | &nbsp;&nbsp; 73203<br> <sup>(e)(f)</sup><br>|
|  |  | Morgan Stanley |  |
|  | 130000 | 3.63%, due 1/20/2027 | &nbsp;&nbsp; 128796 |
|  | 70000 | 5.42%, due 7/21/2034 | &nbsp;&nbsp; 70736<br> <sup>(e)</sup><br>|
|  | 90000 | 5.83%, due 4/19/2035 | &nbsp;&nbsp; 92929<br> <sup>(e)</sup><br>|
|  |  | PNC Financial Services Group, Inc. |  |
|  | 55000 | 3.40%, due 9/15/2026 | &nbsp;&nbsp; 51727<br> <sup>(e)(f)</sup><br>|
|  | 105000 | 5.58%, due 1/29/2036 | &nbsp;&nbsp; 106280<br> <sup>(e)</sup><br>|
|  | 40000 | Santander Holdings USA, Inc., 6.12%, due 5/31/2027 | &nbsp;&nbsp; 40435<br> <sup>(e)</sup><br>|
|  | 215000 | Societe Generale SA, 1.49%, due 12/14/2026 | &nbsp;&nbsp; 210471<br> <sup>(a)(e)</sup><br>|
|  | 80000 | U.S. Bancorp, 3.70%, due 1/15/2027 | &nbsp;&nbsp; 74735<br> <sup>(e)(f)</sup><br>|
|  | 200000 | UBS AG, 5.65%, due 9/11/2028 | &nbsp;&nbsp; 207908 |
|  |  | Wells Fargo & Co. |  |
|  | 50000 | 3.90%, due 3/15/2026 | &nbsp;&nbsp; 49108<br> <sup>(e)(f)</sup><br>|
|  | 35000 | 7.63%, due 9/15/2028 | &nbsp;&nbsp; 36845<br> <sup>(e)(f)</sup><br>|
|  | 155000 | 5.50%, due 1/23/2035 | &nbsp;&nbsp; 156193<br> <sup>(e)</sup><br>|
|  |  |  | &nbsp;&nbsp; **4410049** |
| **Beverages 0.4%** | **Beverages 0.4%** | **Beverages 0.4%** | **Beverages 0.4%** |
|  | 190000 | Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc., 4.70%, due 2/1/2036 | &nbsp;&nbsp; **183681** |
| **Biotechnology 0.4%** | **Biotechnology 0.4%** | **Biotechnology 0.4%** | **Biotechnology 0.4%** |
|  |  | Gilead Sciences, Inc. |  |
|  | 125000 | 4.75%, due 3/1/2046 | &nbsp;&nbsp; 110010 |
|  | 115000 | 5.50%, due 11/15/2054 | &nbsp;&nbsp; 111382 |
|  |  |  | &nbsp;&nbsp; **221392** |
| **Building Materials 0.7%** | **Building Materials 0.7%** | **Building Materials 0.7%** | **Building Materials 0.7%** |
|  |  | Holcim Finance U.S. LLC |  |
|  | 50000 | 4.95%, due 4/7/2030 | &nbsp;&nbsp; 50519<br> <sup>(a)</sup><br>|
|  | 75000 | 5.40%, due 4/7/2035 | &nbsp;&nbsp; 74963<br> <sup>(a)</sup><br>|
|  | 120000 | Quikrete Holdings, Inc., 6.38%, due 3/1/2032 | &nbsp;&nbsp; 120676<br> <sup>(a)</sup><br>|
|  | 25000 | Standard Building Solutions, Inc., 6.50%, due 8/15/2032 | &nbsp;&nbsp; 25311<br> <sup>(a)</sup><br>|
|  | 90000 | Standard Industries, Inc., 4.75%, due 1/15/2028 | &nbsp;&nbsp; 88078<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **359547** |
| **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** | **Chemicals 0.2%** |
|  |  | WR Grace Holdings LLC |  |
|  | 80000 | 4.88%, due 6/15/2027 | &nbsp;&nbsp; 77448<br> <sup>(a)</sup><br>|
|  | 10000 | 7.38%, due 3/1/2031 | &nbsp;&nbsp; 10053<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **87501** |
| **Commercial Services 0.8%** | **Commercial Services 0.8%** | **Commercial Services 0.8%** | **Commercial Services 0.8%** |
|  | 90000 | Block, Inc., 6.50%, due 5/15/2032 | &nbsp;&nbsp; 91825<br> <sup>(a)</sup><br>|
|  | 100000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, due 1/15/2028 | &nbsp;&nbsp; 99918<br> <sup>(a)</sup><br>|
|  | 45000 | Rollins, Inc., 5.25%, due 2/24/2035 | &nbsp;&nbsp; 44894<br> <sup>(a)</sup><br>|
|  | 45000 | Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, due 8/15/2032 | &nbsp;&nbsp; 45641<br> <sup>(a)</sup><br>|
|  | 50000 | Veritiv Operating Co., 10.50%, due 11/30/2030 | &nbsp;&nbsp; 52227<br> <sup>(a)</sup><br>|
|  | 70000 | Wand NewCo 3, Inc., 7.63%, due 1/30/2032 | &nbsp;&nbsp; 72113<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **406618** |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Computers 1.0%** | **Computers 1.0%** | **Computers 1.0%** |
| $50000 | ASGN, Inc., 4.63%, due 5/15/2028 | &nbsp;&nbsp; $47582<br> <sup>(a)</sup><br>|
| 80000 | Booz Allen Hamilton, Inc., 5.95%, due 4/15/2035 | &nbsp;&nbsp; 79492 |
| 205000 | Dell International LLC/EMC Corp., 4.85%, due 2/1/2035 | &nbsp;&nbsp; 193317 |
|  | Leidos, Inc. |  |
| 70000 | 5.40%, due 3/15/2032 | &nbsp;&nbsp; 70513 |
| 100000 | 5.50%, due 3/15/2035 | &nbsp;&nbsp; 99528 |
|  |  | &nbsp;&nbsp; **490432** |
| **Cosmetics - Personal Care 0.2%** | **Cosmetics - Personal Care 0.2%** | **Cosmetics - Personal Care 0.2%** |
| 80000 | Perrigo Finance Unlimited Co., 6.13%, due 9/30/2032 | &nbsp;&nbsp; **79412** |
| **Distribution - Wholesale 0.2%** | **Distribution - Wholesale 0.2%** | **Distribution - Wholesale 0.2%** |
| 70000 | Resideo Funding, Inc., 4.00%, due 9/1/2029 | &nbsp;&nbsp; 64433<br> <sup>(a)</sup><br>|
| 60000 | Windsor Holdings III LLC, 8.50%, due 6/15/2030 | &nbsp;&nbsp; 63153<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **127586** |
| **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** | **Diversified Financial Services 2.2%** |
| 85000 | Ally Financial, Inc., 4.70%, due 5/15/2028 | &nbsp;&nbsp; 71922<br> <sup>(e)(f)</sup><br>|
|  | Capital One Financial Corp. |  |
| 125000 | 5.88%, due 7/26/2035 | &nbsp;&nbsp; 126491<br> <sup>(e)</sup><br>|
| 265000 | 6.18%, due 1/30/2036 | &nbsp;&nbsp; 261700<br> <sup>(e)</sup><br>|
| 100000 | Charles Schwab Corp., 4.00%, due 6/1/2026 | &nbsp;&nbsp; 96839<br> <sup>(e)(f)</sup><br>|
| 120000 | Jane Street Group/JSG Finance, Inc., 7.13%, due 4/30/2031 | &nbsp;&nbsp; 123759<br> <sup>(a)</sup><br>|
| 160000 | Nationstar Mortgage Holdings, Inc., 6.50%, due 8/1/2029 | &nbsp;&nbsp; 162623<br> <sup>(a)</sup><br>|
| 140000 | OneMain Finance Corp., 3.88%, due 9/15/2028 | &nbsp;&nbsp; 129554 |
| 100000 | PennyMac Financial Services, Inc., 7.13%, due 11/15/2030 | &nbsp;&nbsp; 101693<br> <sup>(a)</sup><br>|
| 50000 | UWM Holdings LLC, 6.63%, due 2/1/2030 | &nbsp;&nbsp; 49443<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **1124024** |
| **Electric 4.3%** | **Electric 4.3%** | **Electric 4.3%** |
| 85000 | Alpha Generation LLC, 6.75%, due 10/15/2032 | &nbsp;&nbsp; 86624<br> <sup>(a)</sup><br>|
| 120000 | Ameren Corp., 5.38%, due 3/15/2035 | &nbsp;&nbsp; 119821 |
| 65000 | Ameren Illinois Co., 5.63%, due 3/1/2055 | &nbsp;&nbsp; 63855 |
| 250000 | Comision Federal de Electricidad, 3.35%, due 2/9/2031 | &nbsp;&nbsp; 214328<br> <sup>(a)</sup><br>|
| 60000 | Dominion Energy, Inc., 5.00%, due 6/15/2030 | &nbsp;&nbsp; 60648 |
| 100000 | DTE Energy Co., 1.05%, due 6/1/2025 | &nbsp;&nbsp; 99651 |
| 248563 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple, 7.25%, due 1/31/2041 | &nbsp;&nbsp; 246574<br> <sup>(a)</sup><br>|
|  | NextEra Energy Capital Holdings, Inc. |  |
| 90000 | 4.90%, due 2/28/2028 | &nbsp;&nbsp; 91242 |
| 105000 | 5.45%, due 3/15/2035 | &nbsp;&nbsp; 105754 |
| 140000 | NRG Energy, Inc., 6.00%, due 2/1/2033 | &nbsp;&nbsp; 138531<br> <sup>(a)</sup><br>|
| 127000 | NYSEG Storm Funding LLC, 4.71%, due 5/1/2029 | &nbsp;&nbsp; 127828 |
|  | Pacific Gas & Electric Co. |  |
| 75000 | 6.40%, due 6/15/2033 | &nbsp;&nbsp; 77548 |
| 100000 | 6.95%, due 3/15/2034 | &nbsp;&nbsp; 107240 |
| 55000 | 5.70%, due 3/1/2035 | &nbsp;&nbsp; 54240 |
| 155000 | 4.95%, due 7/1/2050 | &nbsp;&nbsp; 124857 |
| 161000 | Public Service Co. of Oklahoma, 5.20%, due 1/15/2035 | &nbsp;&nbsp; 158377 |
| 40000 | Public Service Enterprise Group, Inc., 4.90%, due 3/15/2030 | &nbsp;&nbsp; 40380 |
| 115000 | San Diego Gas & Electric Co., 5.40%, due 4/15/2035 | &nbsp;&nbsp; 116064 |
| 35000 | Southern California Edison Co., 2.50%, due 6/1/2031 | &nbsp;&nbsp; 30320 |
| 140000 | Vistra Operations Co. LLC, 6.88%, due 4/15/2032 | &nbsp;&nbsp; 145009<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **2208891** |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Electronics 0.1%** | **Electronics 0.1%** | **Electronics 0.1%** |
| $70000 | Imola Merger Corp., 4.75%, due 5/15/2029 | &nbsp;&nbsp; **$66841**<br> <sup>(a)</sup><br>|
| **Entertainment 2.4%** | **Entertainment 2.4%** | **Entertainment 2.4%** |
| 125000 | Churchill Downs, Inc., 6.75%, due 5/1/2031 | &nbsp;&nbsp; 126247<br> <sup>(a)</sup><br>|
| 70000 | Penn Entertainment, Inc., 4.13%, due 7/1/2029 | &nbsp;&nbsp; 61398<br> <sup>(a)</sup><br>|
| 80000 | Six Flags Entertainment Corp., 7.25%, due 5/15/2031 | &nbsp;&nbsp; 81099<br> <sup>(a)</sup><br>|
| 130000 | &nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, due <br> 7/15/2029<br>| &nbsp;&nbsp; 123592 |
|  | Warnermedia Holdings, Inc. |  |
| 1005000 | 5.05%, due 3/15/2042 | &nbsp;&nbsp; 757532 |
| 95000 | 5.14%, due 3/15/2052 | &nbsp;&nbsp; 64948 |
|  |  | &nbsp;&nbsp; **1214816** |
| **Food 1.0%** | **Food 1.0%** | **Food 1.0%** |
| 90000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 5.88%, due 2/15/2028 | &nbsp;&nbsp; 89932<br> <sup>(a)</sup><br>|
| 65000 | Campbell's Co., 4.75%, due 3/23/2035 | &nbsp;&nbsp; 62236 |
| 170000 | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group, 6.38%, due 2/25/2055 | &nbsp;&nbsp; 172715<br> <sup>(a)</sup><br>|
|  | Performance Food Group, Inc. |  |
| 80000 | 5.50%, due 10/15/2027 | &nbsp;&nbsp; 79344<br> <sup>(a)</sup><br>|
| 20000 | 4.25%, due 8/1/2029 | &nbsp;&nbsp; 18929<br> <sup>(a)</sup><br>|
| 100000 | Post Holdings, Inc., 6.25%, due 10/15/2034 | &nbsp;&nbsp; 99170<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **522326** |
| **Healthcare - Products 0.1%** | **Healthcare - Products 0.1%** | **Healthcare - Products 0.1%** |
| 70000 | Medline Borrower LP, 3.88%, due 4/1/2029 | &nbsp;&nbsp; **65297**<br> <sup>(a)</sup><br>|
| **Healthcare - Services 1.2%** | **Healthcare - Services 1.2%** | **Healthcare - Services 1.2%** |
|  | Acadia Healthcare Co., Inc. |  |
| 70000 | 5.00%, due 4/15/2029 | &nbsp;&nbsp; 66175<br> <sup>(a)</sup><br>|
| 20000 | 7.38%, due 3/15/2033 | &nbsp;&nbsp; 19983<br> <sup>(a)</sup><br>|
|  | HCA, Inc. |  |
| 50000 | 5.45%, due 4/1/2031 | &nbsp;&nbsp; 50957 |
| 220000 | 3.50%, due 7/15/2051 | &nbsp;&nbsp; 142188 |
| 90000 | Molina Healthcare, Inc., 6.25%, due 1/15/2033 | &nbsp;&nbsp; 89323<br> <sup>(a)</sup><br>|
|  | Tenet Healthcare Corp. |  |
| 110000 | 4.63%, due 6/15/2028 | &nbsp;&nbsp; 107125 |
| 20000 | 6.88%, due 11/15/2031 | &nbsp;&nbsp; 20540 |
| 130000 | UnitedHealth Group, Inc., 5.63%, due 7/15/2054 | &nbsp;&nbsp; 125016 |
|  |  | &nbsp;&nbsp; **621307** |
| **Home Builders 0.3%** | **Home Builders 0.3%** | **Home Builders 0.3%** |
| 100000 | Beazer Homes USA, Inc., 5.88%, due 10/15/2027 | &nbsp;&nbsp; 97686 |
| 80000 | LGI Homes, Inc., 7.00%, due 11/15/2032 | &nbsp;&nbsp; 73800<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **171486** |
| **Housewares 0.1%** | **Housewares 0.1%** | **Housewares 0.1%** |
| 40000 | Newell Brands, Inc., 6.63%, due 9/15/2029 | &nbsp;&nbsp; **37523** |
| **Insurance 1.2%** | **Insurance 1.2%** | **Insurance 1.2%** |
| 155000 | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, due 4/15/2028 | &nbsp;&nbsp; 156116<br> <sup>(a)</sup><br>|
| 70000 | AmWINS Group, Inc., 4.88%, due 6/30/2029 | &nbsp;&nbsp; 66831<br> <sup>(a)</sup><br>|
|  | Arthur J Gallagher & Co. |  |
| 15000 | 4.85%, due 12/15/2029 | &nbsp;&nbsp; 15186 |
| 120000 | 5.15%, due 2/15/2035 | &nbsp;&nbsp; 119085 |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Insurance – cont'd** | **Insurance – cont'd** | **Insurance – cont'd** |
| 40000 | 5.55%, due 2/15/2055 | &nbsp;&nbsp; $37678 |
| 75000 | Equitable Holdings, Inc., 6.70%, due 3/28/2055 | &nbsp;&nbsp; 74044<br> <sup>(e)</sup><br>|
| 45000 | Global Atlantic Fin Co., 7.95%, due 10/15/2054 | &nbsp;&nbsp; 45698<br> <sup>(a)(e)</sup><br>|
| 100000 | HUB International Ltd., 7.25%, due 6/15/2030 | &nbsp;&nbsp; 103724<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **618362** |
| **Internet 0.7%** | **Internet 0.7%** | **Internet 0.7%** |
|  | Alphabet, Inc. |  |
| 125000 | 5.25%, due 5/15/2055 | &nbsp;&nbsp; 123377<br> <sup>(d)</sup><br>|
| 35000 | 5.30%, due 5/15/2065 | &nbsp;&nbsp; 34579<br> <sup>(d)</sup><br>|
| 80000 | Gen Digital, Inc., 6.25%, due 4/1/2033 | &nbsp;&nbsp; 79784<br> <sup>(a)</sup><br>|
| 60000 | Meta Platforms, Inc., 5.55%, due 8/15/2064 | &nbsp;&nbsp; 57717 |
| 30000 | Uber Technologies, Inc., 5.35%, due 9/15/2054 | &nbsp;&nbsp; 27476 |
| 40000 | Ziff Davis, Inc., 4.63%, due 10/15/2030 | &nbsp;&nbsp; 35343<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **358276** |
| **Investment Companies 0.1%** | **Investment Companies 0.1%** | **Investment Companies 0.1%** |
| 75000 | Blackstone Private Credit Fund, 6.00%, due 1/29/2032 | &nbsp;&nbsp; **74375** |
| **Iron - Steel 0.5%** | **Iron - Steel 0.5%** | **Iron - Steel 0.5%** |
| 100000 | ATI, Inc., 4.88%, due 10/1/2029 | &nbsp;&nbsp; 95535 |
| 160000 | Cleveland-Cliffs, Inc., 7.00%, due 3/15/2032 | &nbsp;&nbsp; 150318<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **245853** |
| **Leisure Time 0.8%** | **Leisure Time 0.8%** | **Leisure Time 0.8%** |
| 155000 | Carnival Corp., 6.13%, due 2/15/2033 | &nbsp;&nbsp; 153689<br> <sup>(a)</sup><br>|
| 70000 | Lindblad Expeditions Holdings, Inc., 9.00%, due 5/15/2028 | &nbsp;&nbsp; 71940<br> <sup>(a)</sup><br>|
| 10000 | Lindblad Expeditions LLC, 6.75%, due 2/15/2027 | &nbsp;&nbsp; 9968<br> <sup>(a)</sup><br>|
| 70000 | NCL Corp. Ltd., 6.75%, due 2/1/2032 | &nbsp;&nbsp; 68351<br> <sup>(a)</sup><br>|
| 40000 | Viking Cruises Ltd., 7.00%, due 2/15/2029 | &nbsp;&nbsp; 40144<br> <sup>(a)</sup><br>|
| 80000 | Viking Ocean Cruises Ship VII Ltd., 5.63%, due 2/15/2029 | &nbsp;&nbsp; 79197<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **423289** |
| **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** | **Machinery - Construction & Mining 0.1%** |
| 50000 | Terex Corp., 6.25%, due 10/15/2032 | &nbsp;&nbsp; **47852**<br> <sup>(a)</sup><br>|
| **Machinery - Diversified 0.1%** | **Machinery - Diversified 0.1%** | **Machinery - Diversified 0.1%** |
| 45000 | Otis Worldwide Corp., 5.13%, due 11/19/2031 | &nbsp;&nbsp; **45780** |
| **Media 1.1%** | **Media 1.1%** | **Media 1.1%** |
| 300000 | CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, due 6/1/2033 | &nbsp;&nbsp; 261020<br> <sup>(a)</sup><br>|
|  | Charter Communications Operating LLC/Charter Communications Operating Capital |  |
| 105000 | 4.80%, due 3/1/2050 | &nbsp;&nbsp; 78212 |
| 150000 | 3.90%, due 6/1/2052 | &nbsp;&nbsp; 95006 |
| 130000 | Sirius XM Radio LLC, 4.13%, due 7/1/2030 | &nbsp;&nbsp; 116318<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **550556** |
| **Mining 0.2%** | **Mining 0.2%** | **Mining 0.2%** |
| 80000 | Novelis Corp., 6.88%, due 1/30/2030 | &nbsp;&nbsp; **81153**<br> <sup>(a)</sup><br>|
| **Multi-National 0.6%** | **Multi-National 0.6%** | **Multi-National 0.6%** |
| 120000 | Corp. Andina de Fomento, 5.00%, due 1/22/2030 | &nbsp;&nbsp; 124049 |
| 170000 | International Bank for Reconstruction & Development, 4.00%, due 5/6/2032 | &nbsp;&nbsp; 169717<br> <sup>(d)</sup><br>|
|  |  | &nbsp;&nbsp; **293766** |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Value** |
| **Office - Business Equipment 0.1%** | **Office - Business Equipment 0.1%** | **Office - Business Equipment 0.1%** |
| $50000 | CDW LLC/CDW Finance Corp., 2.67%, due 12/1/2026 | &nbsp;&nbsp; **$48343** |
| **Oil & Gas 3.5%** | **Oil & Gas 3.5%** | **Oil & Gas 3.5%** |
| 120000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 6.63%, due 10/15/2032 | &nbsp;&nbsp; 118741<br> <sup>(a)</sup><br>|
| 45000 | Chevron USA, Inc., 4.69%, due 4/15/2030 | &nbsp;&nbsp; 45805 |
| 100000 | Comstock Resources, Inc., 6.75%, due 3/1/2029 | &nbsp;&nbsp; 95319<br> <sup>(a)</sup><br>|
| 125000 | ConocoPhillips Co., 5.50%, due 1/15/2055 | &nbsp;&nbsp; 115851 |
|  | Diamondback Energy, Inc. |  |
| 50000 | 5.20%, due 4/18/2027 | &nbsp;&nbsp; 50703 |
| 190000 | 5.55%, due 4/1/2035 | &nbsp;&nbsp; 186743 |
| 40000 | 5.75%, due 4/18/2054 | &nbsp;&nbsp; 35742 |
| 170000 | EOG Resources, Inc., 5.65%, due 12/1/2054 | &nbsp;&nbsp; 161208 |
| 90000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.88%, due 5/15/2034 | &nbsp;&nbsp; 76483<br> <sup>(a)</sup><br>|
| 250000 | KazMunayGas National Co. JSC, 5.75%, due 4/19/2047 | &nbsp;&nbsp; 209334<br> <sup>(a)</sup><br>|
| 330000 | Marathon Petroleum Corp., 4.70%, due 5/1/2025 | &nbsp;&nbsp; 330000 |
| 50000 | Occidental Petroleum Corp., 6.05%, due 10/1/2054 | &nbsp;&nbsp; 43135 |
| 60000 | Permian Resources Operating LLC, 7.00%, due 1/15/2032 | &nbsp;&nbsp; 60401<br> <sup>(a)</sup><br>|
| 250000 | Petroleos Mexicanos, 7.69%, due 1/23/2050 | &nbsp;&nbsp; 182400 |
| 95000 | Phillips 66, 1.30%, due 2/15/2026 | &nbsp;&nbsp; 92523 |
|  |  | &nbsp;&nbsp; **1804388** |
| **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** | **Oil & Gas Services 0.4%** |
|  | Archrock Partners LP/Archrock Partners Finance Corp. |  |
| 50000 | 6.88%, due 4/1/2027 | &nbsp;&nbsp; 49930<br> <sup>(a)</sup><br>|
| 90000 | 6.63%, due 9/1/2032 | &nbsp;&nbsp; 89494<br> <sup>(a)</sup><br>|
| 65000 | Aris Water Holdings LLC, 7.25%, due 4/1/2030 | &nbsp;&nbsp; 64501<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **203925** |
| **Packaging & Containers 0.6%** | **Packaging & Containers 0.6%** | **Packaging & Containers 0.6%** |
| 65000 | Clydesdale Acquisition Holdings, Inc., 6.75%, due 4/15/2032 | &nbsp;&nbsp; 66463<br> <sup>(a)</sup><br>|
| 120000 | Mauser Packaging Solutions Holding Co., 7.88%, due 4/15/2027 | &nbsp;&nbsp; 120317<br> <sup>(a)</sup><br>|
| 65000 | Sealed Air Corp., 6.50%, due 7/15/2032 | &nbsp;&nbsp; 66113<br> <sup>(a)</sup><br>|
| 65000 | Trivium Packaging Finance BV, 5.50%, due 8/15/2026 | &nbsp;&nbsp; 64361<br> <sup>(a)</sup><br>|
|  |  | &nbsp;&nbsp; **317254** |
| **Pharmaceuticals 2.5%** | **Pharmaceuticals 2.5%** | **Pharmaceuticals 2.5%** |
|  | AbbVie, Inc. |  |
| 405000 | 2.95%, due 11/21/2026 | &nbsp;&nbsp; 398116 |
| 95000 | 4.95%, due 3/15/2031 | &nbsp;&nbsp; 97213 |
| 45000 | 4.05%, due 11/21/2039 | &nbsp;&nbsp; 38984 |
|  | CVS Health Corp. |  |
| 115000 | 3.00%, due 8/15/2026 | &nbsp;&nbsp; 112795 |
| 440000 | 5.05%, due 3/25/2048 | &nbsp;&nbsp; 373950 |
| 20000 | 5.63%, due 2/21/2053 | &nbsp;&nbsp; 18137 |
|  | Eli Lilly & Co. |  |
| 155000 | 4.90%, due 2/12/2032 | &nbsp;&nbsp; 159070 |
| 60000 | 5.50%, due 2/12/2055 | &nbsp;&nbsp; 60156 |
|  |  | &nbsp;&nbsp; **1258421** |
| **Pipelines 2.4%** | **Pipelines 2.4%** | **Pipelines 2.4%** |
| 80000 | Antero Midstream Partners LP/Antero Midstream Finance Corp., 6.63%, due 2/1/2032 | &nbsp;&nbsp; 80827<br> <sup>(a)</sup><br>|
|  | Enbridge, Inc. |  |
| 15000 | 5.30%, due 4/5/2029 | &nbsp;&nbsp; 15360 |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Pipelines – cont'd** | **Pipelines – cont'd** | **Pipelines – cont'd** | **Pipelines – cont'd** |
| $| 95000 | 5.63%, due 4/5/2034 | &nbsp;&nbsp; $96106 |
|  |  | Energy Transfer LP |  |
|  | 35000 | 6.13%, due 12/15/2045 | &nbsp;&nbsp; 33096 |
|  | 25000 | 5.00%, due 5/15/2050 | &nbsp;&nbsp; 19971 |
|  | 160000 | 5.95%, due 5/15/2054 | &nbsp;&nbsp; 145457 |
|  | 65000 | 6.20%, due 4/1/2055 | &nbsp;&nbsp; 60986 |
|  | 120000 | Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, due 2/1/2028 | &nbsp;&nbsp; 119542 |
|  | 85000 | Harvest Midstream I LP, 7.50%, due 9/1/2028 | &nbsp;&nbsp; 86036<br> <sup>(a)</sup><br>|
|  |  | Howard Midstream Energy Partners LLC |  |
|  | 60000 | 8.88%, due 7/15/2028 | &nbsp;&nbsp; 62356<br> <sup>(a)</sup><br>|
|  | 40000 | 7.38%, due 7/15/2032 | &nbsp;&nbsp; 40944<br> <sup>(a)</sup><br>|
|  |  | Kinder Morgan, Inc. |  |
|  | 25000 | 5.15%, due 6/1/2030 | &nbsp;&nbsp; 25239<br> <sup>(d)</sup><br>|
|  | 30000 | 5.85%, due 6/1/2035 | &nbsp;&nbsp; 30374<br> <sup>(d)</sup><br>|
|  | 85000 | Kinetik Holdings LP, 5.88%, due 6/15/2030 | &nbsp;&nbsp; 83049<br> <sup>(a)</sup><br>|
|  | 90000 | NGL Energy Operating LLC/NGL Energy Finance Corp., 8.13%, due 2/15/2029 | &nbsp;&nbsp; 84583<br> <sup>(a)</sup><br>|
|  | 90000 | Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, due 12/31/2030 | &nbsp;&nbsp; 83803<br> <sup>(a)</sup><br>|
|  | 180000 | Venture Global LNG, Inc., 8.38%, due 6/1/2031 | &nbsp;&nbsp; 173577<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1241306** |
| **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** | **Real Estate Investment Trusts 1.1%** |
|  |  | Blackstone Mortgage Trust, Inc. |  |
|  | 45000 | 3.75%, due 1/15/2027 | &nbsp;&nbsp; 42770<br> <sup>(a)</sup><br>|
|  | 40000 | 7.75%, due 12/1/2029 | &nbsp;&nbsp; 41545<br> <sup>(a)</sup><br>|
|  | 60000 | Crown Castle, Inc., 1.05%, due 7/15/2026 | &nbsp;&nbsp; 57431 |
|  | 70000 | Iron Mountain, Inc., 5.63%, due 7/15/2032 | &nbsp;&nbsp; 67888<br> <sup>(a)</sup><br>|
|  | 90000 | &nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, due <br> 10/1/2028<br>| &nbsp;&nbsp; 87828<br> <sup>(a)</sup><br>|
|  | 70000 | RHP Hotel Properties LP/RHP Finance Corp., 4.75%, due 10/15/2027 | &nbsp;&nbsp; 68692 |
|  | 120000 | Service Properties Trust, 8.38%, due 6/15/2029 | &nbsp;&nbsp; 117349 |
|  | 90000 | Starwood Property Trust, Inc., 6.50%, due 7/1/2030 | &nbsp;&nbsp; 90522<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **574025** |
| **Retail 0.9%** | **Retail 0.9%** | **Retail 0.9%** | **Retail 0.9%** |
|  | 90000 | 1011778 BC ULC/New Red Finance, Inc., 4.00%, due 10/15/2030 | &nbsp;&nbsp; 81903<br> <sup>(a)</sup><br>|
|  | 80000 | Bath & Body Works, Inc., 6.63%, due 10/1/2030 | &nbsp;&nbsp; 81409<br> <sup>(a)</sup><br>|
|  | 80000 | Cougar JV Subsidiary LLC, 8.00%, due 5/15/2032 | &nbsp;&nbsp; 82955<br> <sup>(a)</sup><br>|
|  | 200000 | Walmart, Inc., 4.90%, due 4/28/2035 | &nbsp;&nbsp; 202590 |
|  |  |  | &nbsp;&nbsp; **448857** |
| **Semiconductors 2.8%** | **Semiconductors 2.8%** | **Semiconductors 2.8%** | **Semiconductors 2.8%** |
|  |  | Broadcom, Inc. |  |
|  | 25000 | 3.15%, due 11/15/2025 | &nbsp;&nbsp; 24805 |
|  | 100000 | 5.05%, due 7/12/2029 | &nbsp;&nbsp; 101958 |
|  | 90000 | 5.15%, due 11/15/2031 | &nbsp;&nbsp; 91744 |
|  |  | Foundry JV Holdco LLC |  |
|  | 200000 | 5.50%, due 1/25/2031 | &nbsp;&nbsp; 202533<br> <sup>(a)</sup><br>|
|  | 330000 | 6.25%, due 1/25/2035 | &nbsp;&nbsp; 341194<br> <sup>(a)</sup><br>|
|  | 200000 | 6.10%, due 1/25/2036 | &nbsp;&nbsp; 203770<br> <sup>(a)</sup><br>|
|  |  | Intel Corp. |  |
|  | 30000 | 3.25%, due 11/15/2049 | &nbsp;&nbsp; 18325 |
|  | 280000 | 4.75%, due 3/25/2050 | &nbsp;&nbsp; 219665 |
|  | 55000 | 4.90%, due 8/5/2052 | &nbsp;&nbsp; 43775 |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Principal Amount** | **Principal Amount** | **Value** |
| **Semiconductors – cont'd** | **Semiconductors – cont'd** | **Semiconductors – cont'd** | **Semiconductors – cont'd** |
| $| 25000 | 5.90%, due 2/10/2063 | &nbsp;&nbsp; $22568 |
|  |  | Micron Technology, Inc. |  |
|  | 35000 | 5.65%, due 11/1/2032 | &nbsp;&nbsp; 35452 |
|  | 150000 | 6.05%, due 11/1/2035 | &nbsp;&nbsp; 152087 |
|  |  |  | &nbsp;&nbsp; **1457876** |
| **Software 2.1%** | **Software 2.1%** | **Software 2.1%** | **Software 2.1%** |
|  |  | AppLovin Corp. |  |
|  | 270000 | 5.13%, due 12/1/2029 | &nbsp;&nbsp; 272217 |
|  | 100000 | 5.38%, due 12/1/2031 | &nbsp;&nbsp; 100915 |
|  | 170000 | 5.50%, due 12/1/2034 | &nbsp;&nbsp; 169831 |
|  | 45000 | 5.95%, due 12/1/2054 | &nbsp;&nbsp; 42972 |
|  | 130000 | Cloud Software Group, Inc., 8.25%, due 6/30/2032 | &nbsp;&nbsp; 135605<br> <sup>(a)</sup><br>|
|  |  | Oracle Corp. |  |
|  | 35000 | 5.50%, due 8/3/2035 | &nbsp;&nbsp; 35144 |
|  | 100000 | 3.60%, due 4/1/2050 | &nbsp;&nbsp; 68019 |
|  | 60000 | 6.00%, due 8/3/2055 | &nbsp;&nbsp; 58362 |
|  | 105000 | Synopsys, Inc., 5.70%, due 4/1/2055 | &nbsp;&nbsp; 101489 |
|  | 65000 | UKG, Inc., 6.88%, due 2/1/2031 | &nbsp;&nbsp; 66872<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **1051426** |
| **Telecommunications 1.2%** | **Telecommunications 1.2%** | **Telecommunications 1.2%** | **Telecommunications 1.2%** |
|  | 145000 | AT&T, Inc., 3.50%, due 9/15/2053 | &nbsp;&nbsp; 97053 |
|  | 90000 | Frontier Communications Holdings LLC, 5.88%, due 10/15/2027 | &nbsp;&nbsp; 89898<br> <sup>(a)</sup><br>|
|  | 90000 | Level 3 Financing, Inc., 10.50%, due 5/15/2030 | &nbsp;&nbsp; 97296<br> <sup>(a)</sup><br>|
|  | 160000 | T-Mobile USA, Inc., 3.38%, due 4/15/2029 | &nbsp;&nbsp; 152344 |
|  |  | Verizon Communications, Inc. |  |
|  | 105000 | 5.05%, due 5/9/2033 | &nbsp;&nbsp; 105869 |
|  | 30000 | 5.50%, due 2/23/2054 | &nbsp;&nbsp; 28778 |
|  | 70000 | Zayo Group Holdings, Inc., 4.00%, due 3/1/2027 | &nbsp;&nbsp; 64469<br> <sup>(a)</sup><br>|
|  |  |  | &nbsp;&nbsp; **635707** |
| **Transportation 0.1%** | **Transportation 0.1%** | **Transportation 0.1%** | **Transportation 0.1%** |
|  | 40000 | XPO, Inc., 7.13%, due 2/1/2032 | &nbsp;&nbsp; **40975**<br> <sup>(a)</sup><br>|
| **Total Corporate Bonds (Cost $26,597,867)** | **Total Corporate Bonds (Cost $26,597,867)** | **Total Corporate Bonds (Cost $26,597,867)** | &nbsp;&nbsp; **26393390** |
| **Foreign Government Securities 4.7%** | **Foreign Government Securities 4.7%** | **Foreign Government Securities 4.7%** | **Foreign Government Securities 4.7%** |
|  | 250000 | Brazil Government International Bonds, 6.13%, due 3/15/2034 | &nbsp;&nbsp; 244639 |
|  | 200000 | Chile Government International Bonds, 5.65%, due 1/13/2037 | &nbsp;&nbsp; 204482 |
|  | 250000 | Colombia Government International Bonds, 8.00%, due 11/14/2035 | &nbsp;&nbsp; 245140 |
|  | 250000 | Oman Government International Bonds, 6.50%, due 3/8/2047 | &nbsp;&nbsp; 248039<br> <sup>(a)</sup><br>|
|  | 250000 | Panama Government International Bonds, 2.25%, due 9/29/2032 | &nbsp;&nbsp; 182488 |
|  | 250000 | Paraguay Government International Bonds, 5.40%, due 3/30/2050 | &nbsp;&nbsp; 212187<br> <sup>(a)</sup><br>|
|  | 130000 | Province of Alberta, 4.50%, due 1/24/2034 | &nbsp;&nbsp; 129573 |
|  | 125000 | Province of British Columbia, 4.75%, due 6/12/2034 | &nbsp;&nbsp; 126404 |
|  | 125000 | Province of Manitoba, 4.90%, due 5/31/2034 | &nbsp;&nbsp; 127858 |
|  | 115000 | Province of Ontario, 4.70%, due 1/15/2030 | &nbsp;&nbsp; 118505 |
|  | 125000 | Province of Quebec, 4.25%, due 9/5/2034 | &nbsp;&nbsp; 121859 |
|  | 250000 | Qatar Government International Bonds, 3.75%, due 4/16/2030 | &nbsp;&nbsp; 244705<br> <sup>(a)</sup><br>|
|  | 250000 | Republic of South Africa Government International Bonds, 5.65%, due 9/27/2047 | &nbsp;&nbsp; 179600 |
| **Total Foreign Government Securities (Cost $2,392,631)** | **Total Foreign Government Securities (Cost $2,392,631)** | **Total Foreign Government Securities (Cost $2,392,631)** | &nbsp;&nbsp; **2385479** |

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

---

| | |
|:---|:---|
| **Number of Shares** | **Value** |
| **Short-Term Investments 1.4%** | **Short-Term Investments 1.4%** |
| **Investment Companies 1.4%** | **Investment Companies 1.4%** |
| 728331<br> &nbsp;&nbsp; State Street Institutional U.S. Government Money Market Fund Premier Class, <br> 4.29%<sup>(g)</sup> **(Cost $728,331)**<br>| &nbsp;&nbsp; **$728331** |
| **Total Investments 100.6% (Cost $51,681,016)** | &nbsp;&nbsp; **51487161** |
| Liabilities Less Other Assets (0.6)% | &nbsp;&nbsp; (328080)<sup>(h)</sup><br>|
| **Net Assets 100.0%** | &nbsp;&nbsp; **$51159081** |

---

&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 April 30, 2025, these securities amounted to $21,807,201, which represents 42.6% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security where the stated interest rate is not based on a published reference rate and spread. Rather, the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of April 30, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) When-issued security. Total value of all such securities at April 30, 2025 amounted to $600,201, which represents 1.2% of net assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;(f) Perpetual security. Perpetual securities have no stated maturity date, but they may be called/redeemed by the issuer. The date shown reflects the next call date.

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

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

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond 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>| **Percentage of** <br>**Net Assets**<br>|
| United States | &nbsp;&nbsp; $42934890 | 83.9<br> %<br>|
| Cayman Islands | &nbsp;&nbsp; 1742517 | 3.4<br> %<br>|
| Canada | &nbsp;&nbsp; 938976 | 1.8<br> %<br>|
| Mexico | &nbsp;&nbsp; 643302 | 1.3<br> %<br>|
| France | &nbsp;&nbsp; 539141 | 1.0<br> %<br>|
| Jersey | &nbsp;&nbsp; 495750 | 1.0<br> %<br>|
| United Kingdom | &nbsp;&nbsp; 405778 | 0.8<br> %<br>|
| Switzerland | &nbsp;&nbsp; 333390 | 0.6<br> %<br>|
| Supranational | &nbsp;&nbsp; 293766 | 0.6<br> %<br>|
| Oman | &nbsp;&nbsp; 248039 | 0.5<br> %<br>|
| Colombia | &nbsp;&nbsp; 245140 | 0.5<br> %<br>|
| Qatar | &nbsp;&nbsp; 244705 | 0.5<br> %<br>|
| Brazil | &nbsp;&nbsp; 244639 | 0.5<br> %<br>|
| Spain | &nbsp;&nbsp; 212664 | 0.4<br> %<br>|
| Paraguay | &nbsp;&nbsp; 212187 | 0.4<br> %<br>|
| Kazakhstan | &nbsp;&nbsp; 209334 | 0.4<br> %<br>|
| Chile | &nbsp;&nbsp; 204482 | 0.4<br> %<br>|
| Belgium | &nbsp;&nbsp; 183681 | 0.4<br> %<br>|
| Panama | &nbsp;&nbsp; 182488 | 0.4<br> %<br>|
| South Africa | &nbsp;&nbsp; 179600 | 0.3<br> %<br>|
| Netherlands | &nbsp;&nbsp; 64361 | 0.1<br> %<br>|
| Short-Term Investments and Other Liabilities—Net | &nbsp;&nbsp; 400251 | 0.8<br> %<br>|
|  | &nbsp;&nbsp; **$51159081** | **100.0%**<br>|

---

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

Derivative Instruments

**Futures contracts ("futures")**

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

**Long Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 6/2025 | &nbsp;&nbsp; 20 | U.S. Treasury Long Bond | &nbsp;&nbsp; $2332500 | &nbsp;&nbsp; $35660 |
| 6/2025 | &nbsp;&nbsp; 13 | U.S. Treasury Note, 10 Year | &nbsp;&nbsp; 1458844 | &nbsp;&nbsp; 29937 |
| 6/2025 | &nbsp;&nbsp; 36 | U.S. Treasury Note, 2 Year | &nbsp;&nbsp; 7493344 | &nbsp;&nbsp; 17913 |
| 6/2025 | &nbsp;&nbsp; 58 | U.S. Treasury Note, 5 Year | &nbsp;&nbsp; 6333328 | &nbsp;&nbsp; 122567 |
| **Total Long Positions** | **Total Long Positions** | **Total Long Positions** | &nbsp;&nbsp; **$17618016** | &nbsp;&nbsp; **$206077** |

---

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

**Short Futures:**<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Open Contracts** | **Notional** <br>**Amount**<br>| **Value and** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| 6/2025 | &nbsp;&nbsp; 34 | U.S. Treasury Note, Ultra 10 Year | &nbsp;&nbsp; $(3900969) | &nbsp;&nbsp; $(24580) |
| 6/2025 | &nbsp;&nbsp; 6 | U.S. Treasury Ultra Bond | &nbsp;&nbsp; (726188) | &nbsp;&nbsp; 9052 |
| **Total Short Positions** | **Total Short Positions** | **Total Short Positions** | &nbsp;&nbsp; **$(4627157)** | &nbsp;&nbsp; **$(15528)** |
| **Total Futures** | **Total Futures** | **Total Futures** |  | &nbsp;&nbsp; **$190549** |

---

For the six months ended April 30, 2025, the average notional value for the months where the Fund had futures outstanding was $13,336,198 for long positions and $(4,740,619) for short positions.

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's investments as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Valuation Inputs** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Investments: |  |  |  |  |
| U.S. Treasury Obligations | $— | $1365853 | $— | $1365853 |
| U.S. Government Agency Securities |  | 78006 |  | 78006 |
| Mortgage-Backed Securities<sup>#</sup> <br>|  | 14229569 |  | 14229569 |
| Asset-Backed Securities<sup>#</sup> <br>|  | 6306533 |  | 6306533 |
| Corporate Bonds<sup>#</sup> <br>|  | 26393390 |  | 26393390 |
| Foreign Government Securities |  | 2385479 |  | 2385479 |
| Short-Term Investments |  | 728331 |  | 728331 |
| **Total Investments** | **$—** | **$51487161** | **$—** | **$51487161** |

---

&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.

See Notes to Financial Statements

------

Schedule of Investments Total Return Bond ETF^ (Unaudited) (cont'd)

The following is a summary, categorized by Level (see Note A of the Notes to Financial Statements), of inputs used to value the Fund's derivatives as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Futures<sup>@</sup> |  |  |  |  |
| Assets | $215129 | $— | $— | $215129 |
| Liabilities | (24580)<br>|  |  | (24580)<br>|
| **Total** | **$190549** | **$—** | **$—** | **$190549** |

---

&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 Financial Statements

------

Statements of Assets and Liabilities (Unaudited)

**Neuberger Berman ETF Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Energy** <br>**Transition &** <br>**Infrastructure ETF**<br>| **Flexible** <br>**Credit** <br>**Income ETF**<br>| **Short** <br>**Duration** <br>**Income ETF**<br>| **Total Return** <br>**Bond ETF**<br>|
|  | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** | **April 30, 2025** |
| **Assets** |  |  |  |  |
| Investments in securities, at value<sup>\*</sup> (Note A)— <br>see Schedule of Investments:<br>|  |  |  |  |
| Unaffiliated issuers<sup>(a)</sup> | &nbsp;&nbsp; $19938479 | &nbsp;&nbsp; $52519703 | &nbsp;&nbsp; $244993134 | &nbsp;&nbsp; $51487161 |
| Cash | &nbsp;&nbsp; — | &nbsp;&nbsp; 158002 | &nbsp;&nbsp; 13904 | &nbsp;&nbsp; 100 |
| Foreign currency<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 163429 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash collateral segregated for futures contracts (Note <br> A)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 133023 | &nbsp;&nbsp; 622480 | &nbsp;&nbsp; — |
| Cash collateral segregated for centrally cleared swap <br> contracts (Note A)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 138353 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividends and interest receivable | &nbsp;&nbsp; 71952 | &nbsp;&nbsp; 714527 | &nbsp;&nbsp; 1408434 | &nbsp;&nbsp; 491045 |
| Receivable for securities sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 98563 | &nbsp;&nbsp; 217367 | &nbsp;&nbsp; 55020 |
| Receivable for accumulated variation margin on <br> futures contracts (Note A)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 52154 | &nbsp;&nbsp; 143032 | &nbsp;&nbsp; 190549 |
| Receivable from Management—net (Note B) | &nbsp;&nbsp; 21987 | &nbsp;&nbsp; 15318 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23181 |
| Receivable for Fund shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30439800 | &nbsp;&nbsp; — |
| Receivable for accumulated variation margin on <br> centrally cleared swap contracts<sup>(c)</sup> (Note A)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 107322 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid expenses and other assets | &nbsp;&nbsp; 4539 | &nbsp;&nbsp; 6229 | &nbsp;&nbsp; 8739 | &nbsp;&nbsp; 6118 |
| Total Assets | &nbsp;&nbsp; 20036957 | &nbsp;&nbsp; 54106623 | &nbsp;&nbsp; 277846890 | &nbsp;&nbsp; 52253174 |
| **Liabilities** |  |  |  |  |
| Cash collateral segregated for futures contracts due <br> to broker (Note A)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22158 |
| Payable to investment manager—net (Note B) | &nbsp;&nbsp; 9018 | &nbsp;&nbsp; 12831 | &nbsp;&nbsp; 27881 | &nbsp;&nbsp; 11428 |
| Due to custodian | &nbsp;&nbsp; 300 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable for securities purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 1649625 | &nbsp;&nbsp; 26558838 | &nbsp;&nbsp; 957359 |
| Payable for forward foreign currency contracts (Note <br> A)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 27878 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payable to administrator—net (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 731 | &nbsp;&nbsp; — |
| Payable to trustees | &nbsp;&nbsp; 2174 | &nbsp;&nbsp; 5313 | &nbsp;&nbsp; 4662 | &nbsp;&nbsp; 7762 |
| Payable for audit fees | &nbsp;&nbsp; 23480 | &nbsp;&nbsp; 25734 | &nbsp;&nbsp; 26944 | &nbsp;&nbsp; 16896 |
| Payable for custodian and accounting fees | &nbsp;&nbsp; 9736 | &nbsp;&nbsp; 19809 | &nbsp;&nbsp; 17373 | &nbsp;&nbsp; 23382 |
| Payable for legal fees | &nbsp;&nbsp; 32558 | &nbsp;&nbsp; 26580 | &nbsp;&nbsp; 27703 | &nbsp;&nbsp; 27039 |
| Payable for organization costs | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11850 |
| Other accrued expenses and payables | &nbsp;&nbsp; 7926 | &nbsp;&nbsp; 19487 | &nbsp;&nbsp; 6685 | &nbsp;&nbsp; 16219 |
| Total Liabilities | &nbsp;&nbsp; 85192 | &nbsp;&nbsp; 1787257 | &nbsp;&nbsp; 26670817 | &nbsp;&nbsp; 1094093 |
| Net Assets  | &nbsp;&nbsp; $19951765 | &nbsp;&nbsp; $52319366 | &nbsp;&nbsp; $251176073 | &nbsp;&nbsp; $51159081 |
| **Net Assets consist of:** |  |  |  |  |
| Paid-in capital | &nbsp;&nbsp; $21683395 | &nbsp;&nbsp; $52627398 | &nbsp;&nbsp; $268029402 | &nbsp;&nbsp; $51298135 |
| Total distributable earnings/(losses) | &nbsp;&nbsp; (1731630)<br>| &nbsp;&nbsp; (308032)<br>| &nbsp;&nbsp; (16853329)<br>| &nbsp;&nbsp; (139054)<br>|
| Net Assets  | &nbsp;&nbsp; $19951765 | &nbsp;&nbsp; $52319366 | &nbsp;&nbsp; $251176073 | &nbsp;&nbsp; $51159081 |
| **Shares Outstanding ($.001 par value; unlimited** <br> **shares authorized)**<br>| &nbsp;&nbsp; 650001 | &nbsp;&nbsp; 1050001 | &nbsp;&nbsp; 4951382 | &nbsp;&nbsp; 1025001 |
| **Net Asset Value, offering and redemption price** <br> **per share**<br>| &nbsp;&nbsp; $30.70 | &nbsp;&nbsp; $49.83 | &nbsp;&nbsp; $50.73 | &nbsp;&nbsp; $49.91 |
| **\*Cost of Investments:** |  |  |  |  |
| (a) Unaffiliated issuers | &nbsp;&nbsp; $20360929 | &nbsp;&nbsp; $52669751 | &nbsp;&nbsp; $246176291 | &nbsp;&nbsp; $51681016 |
| (b) Total cost of foreign currency | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162984 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| (c) Unamortized upfront payments on centrally <br> cleared swap contracts<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $126501 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

See Notes to Financial Statements

------

Statements of Operations (Unaudited)

**Neuberger Berman ETF Trust**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Energy** <br>**Transition &** <br>**Infrastructure ETF**<br>| **Flexible** <br>**Credit** <br>**Income ETF**<br>| **Short** <br>**Duration** <br>**Income ETF**<br>| **Total Return** <br>**Bond ETF**<br>|
|  | **For the Six** <br>**Months Ended** <br>**April 30,** <br>**2025**<br>| **For the Six** <br>**Months Ended** <br>**April 30,** <br>**2025**<br>| **For the Six** <br>**Months Ended** <br>**April 30,** <br>**2025**<br>| **For the Period from** <br>**December 17, 2024** <br>**(Commencement** <br>**of Operations) to** <br>**April 30,** <br>**2025**<br>|
| **Investment Income:** |  |  |  |  |
| Income (Note A): |  |  |  |  |
| Dividend income—unaffiliated issuers | &nbsp;&nbsp; $294972 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Interest and other income—unaffiliated issuers | &nbsp;&nbsp; 3366 | &nbsp;&nbsp; 1946780 | &nbsp;&nbsp; 4568335 | &nbsp;&nbsp; 1013920 |
| Foreign taxes withheld | &nbsp;&nbsp; (5352)<br>| &nbsp;&nbsp; (164)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total income  | &nbsp;&nbsp; $292986 | &nbsp;&nbsp; $1946616 | &nbsp;&nbsp; $4568335 | &nbsp;&nbsp; $1013920 |
| **Expenses:** |  |  |  |  |
| Investment management fees (Note B) | &nbsp;&nbsp; 42603 | &nbsp;&nbsp; 103901 | &nbsp;&nbsp; 142852 | &nbsp;&nbsp; 51171 |
| Administration fees (Note B) | &nbsp;&nbsp; 6971 | &nbsp;&nbsp; 23378 | &nbsp;&nbsp; 75627 | &nbsp;&nbsp; 16448 |
| Shareholder servicing agent fees | &nbsp;&nbsp; 5951 | &nbsp;&nbsp; 6014 | &nbsp;&nbsp; 16056 | &nbsp;&nbsp; 4635 |
| Audit fees | &nbsp;&nbsp; 23480 | &nbsp;&nbsp; 24744 | &nbsp;&nbsp; 25954 | &nbsp;&nbsp; 17896 |
| Organization expenses (Note A) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 74277 |
| Custodian and accounting fees | &nbsp;&nbsp; 19862 | &nbsp;&nbsp; 28252 | &nbsp;&nbsp; 30865 | &nbsp;&nbsp; 33980 |
| Insurance | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1954 | &nbsp;&nbsp; — |
| Legal fees | &nbsp;&nbsp; 46915 | &nbsp;&nbsp; 34649 | &nbsp;&nbsp; 36904 | &nbsp;&nbsp; 27038 |
| Registration and filing fees | &nbsp;&nbsp; — | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shareholder reports | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 3496 | &nbsp;&nbsp; 3823 | &nbsp;&nbsp; 2602 |
| Stock exchange listing fees | &nbsp;&nbsp; 4711 | &nbsp;&nbsp; 4641 | &nbsp;&nbsp; 4639 | &nbsp;&nbsp; 3396 |
| Trustees' fees and expenses | &nbsp;&nbsp; 30531 | &nbsp;&nbsp; 29073 | &nbsp;&nbsp; 29332 | &nbsp;&nbsp; 21322 |
| Interest | &nbsp;&nbsp; — | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 393 | &nbsp;&nbsp; — |
| Miscellaneous and other fees (Note A) | &nbsp;&nbsp; 5891 | &nbsp;&nbsp; 16256 | &nbsp;&nbsp; 13045 | &nbsp;&nbsp; 17105 |
| Total expenses | &nbsp;&nbsp; 189315 | &nbsp;&nbsp; 276669 | &nbsp;&nbsp; 381444 | &nbsp;&nbsp; 269870 |
| Expenses reimbursed by Management (Note B) | &nbsp;&nbsp; (145115)<br>| &nbsp;&nbsp; (147815)<br>| &nbsp;&nbsp; (90842)<br>| &nbsp;&nbsp; (197852)<br>|
| Fees waived (Note B) | &nbsp;&nbsp; — | &nbsp;&nbsp; (25975)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total net expenses | &nbsp;&nbsp; 44200 | &nbsp;&nbsp; 102879 | &nbsp;&nbsp; 290602 | &nbsp;&nbsp; 72018 |
| Net investment income/(loss) | &nbsp;&nbsp; $248786 | &nbsp;&nbsp; $1843737 | &nbsp;&nbsp; $4277733 | &nbsp;&nbsp; $941902 |
| **Realized and Unrealized Gain/(Loss) on** <br> **Investments (Note A):**<br>|  |  |  |  |
| **Net realized gain/(loss) on:** |  |  |  |  |
| Transactions in investment securities of <br> unaffiliated issuers<br>| &nbsp;&nbsp; 54310 | &nbsp;&nbsp; (165682)<br>| &nbsp;&nbsp; 1371 | &nbsp;&nbsp; (132290)<br>|
| Redemption in-kind | &nbsp;&nbsp; 430483 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Settlement of forward foreign currency <br> contracts<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 29049 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Settlement of foreign currency transactions | &nbsp;&nbsp; (302)<br>| &nbsp;&nbsp; (27369)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Expiration or closing of futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (145805)<br>| &nbsp;&nbsp; 166667 | &nbsp;&nbsp; (18759)<br>|
| Expiration or closing of swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 69954 | &nbsp;&nbsp; 13904 | &nbsp;&nbsp; — |
| **Change in net unrealized** <br> **appreciation/(depreciation) in value of:**<br>|  |  |  |  |
| Investment securities of unaffiliated issuers | &nbsp;&nbsp; (796254)<br>| &nbsp;&nbsp; (543110)<br>| &nbsp;&nbsp; 582445 | &nbsp;&nbsp; (193855)<br>|
| Forward foreign currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (37609)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 2098 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 229627 | &nbsp;&nbsp; 89509 | &nbsp;&nbsp; 190549 |
| Swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (78262)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net gain/(loss) on investments | &nbsp;&nbsp; (311080)<br>| &nbsp;&nbsp; (667109)<br>| &nbsp;&nbsp; 853896 | &nbsp;&nbsp; (154355)<br>|
| Net increase/(decrease) in net assets resulting <br> from operations<br>| &nbsp;&nbsp; $(62294)<br>| &nbsp;&nbsp; $1176628 | &nbsp;&nbsp; $5131629 | &nbsp;&nbsp; $787547 |

---

See Notes to Financial Statements

------

Statements of Changes in Net Assets

**Neuberger Berman ETF Trust** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Energy** <br>**Transition &** <br>**Infrastructure ETF**<sup>\*</sup> | **Energy** <br>**Transition &** <br>**Infrastructure ETF**<sup>\*</sup> | **Energy** <br>**Transition &** <br>**Infrastructure ETF**<sup>\*</sup> |
|  | **Six Months** <br>**Ended**<br>| **Period Ended from** <br>**September 1, 2024 to**<br>| **Fiscal Year** <br>**Ended**<br>|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**April 30, 2025** <br>**(Unaudited)**<br>| **October 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**August 31, 2024** |
| **Increase/(Decrease) in Net Assets:** |  |  |  |
| **From Operations (Note A):** |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $248786 | &nbsp;&nbsp; $11895 | &nbsp;&nbsp; $421033 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; 484491 | &nbsp;&nbsp; 7307422 | &nbsp;&nbsp; (1709780)<br>|
| Change in net unrealized appreciation/(depreciation) of investments | &nbsp;&nbsp; (795571)<br>| &nbsp;&nbsp; (6086075)<br>| &nbsp;&nbsp; 7340477 |
| Net increase/(decrease) in net assets resulting from operations | &nbsp;&nbsp; (62294)<br>| &nbsp;&nbsp; 1233242 | &nbsp;&nbsp; 6051730 |
| **Distributions to Shareholders From (Note A):** |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (492001)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (328735)<br>|
| **From Fund Share Transactions (Note D):** |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 10033682 | &nbsp;&nbsp; 11595742 | &nbsp;&nbsp; 1277559 |
| Payments for shares redeemed | &nbsp;&nbsp; (4078800)<br>| &nbsp;&nbsp; (30648450)<br>| &nbsp;&nbsp; — |
| Net increase/(decrease) from Fund share transactions | &nbsp;&nbsp; 5954882 | &nbsp;&nbsp; (19052708)<br>| &nbsp;&nbsp; 1277559 |
| **Net Increase/(Decrease) in Net Assets** | &nbsp;&nbsp; 5400587 | &nbsp;&nbsp; (17819466)<br>| &nbsp;&nbsp; 7000554 |
| **Net Assets:** |  |  |  |
| Beginning of period | &nbsp;&nbsp; 14551178 | &nbsp;&nbsp; 32370644 | &nbsp;&nbsp; 25370090 |
| End of period | &nbsp;&nbsp; $19951765 | &nbsp;&nbsp; $14551178 | &nbsp;&nbsp; $32370644 |

---

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

<br> \* The Fund changed its fiscal year end from August 31 to October 31. See Note F of the Notes to Financial Statements.

See Notes to Financial Statements

------

Statements of Changes in Net Assets (cont'd)

**Neuberger Berman ETF Trust**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Flexible** <br>**Credit** <br>**Income ETF** | **Flexible** <br>**Credit** <br>**Income ETF** | **Short** <br>**Duration** <br>**Income ETF**<sup>(a)</sup> | **Short** <br>**Duration** <br>**Income ETF**<sup>(a)</sup> | **Total Return** <br>**Bond ETF**<br>|
|  | **Six Months** <br>**Ended**<br>| **Period from** <br>**June 24, 2024** <br>**(Commencement** <br>**of Operations) to**<br>| **Six Months** <br>**Ended**<br>| **Fiscal Year** <br>**Ended**<br>| **Period from** <br>**December 17, 2024** <br>**(Commencement** <br>**of Operations) to**<br>|
|  | **April 30,** <br>**2025** <br>**(Unaudited)**<br>| **October 31,** <br>**2024**<br>| **April 30,** <br>**2025** <br>**(Unaudited)**<br>| **October 31,** <br>**2024**<br>| **April 30,** <br>**2025** <br>**(Unaudited)**<br>|
| **Increase/(Decrease) in Net Assets:** |  |  |  |  |  |
| **From Operations (Note A):** |  |  |  |  |  |
| Net investment income/(loss) | &nbsp;&nbsp; $1843737 | &nbsp;&nbsp; $1243197 | &nbsp;&nbsp; $4277733 | &nbsp;&nbsp; $8558683 | &nbsp;&nbsp; $941902 |
| Net realized gain/(loss) on investments | &nbsp;&nbsp; (239853)<br>| &nbsp;&nbsp; 281155 | &nbsp;&nbsp; 181942 | &nbsp;&nbsp; (2078646)<br>| &nbsp;&nbsp; (151049)<br>|
| Change in net unrealized <br> appreciation/(depreciation) of <br> investments<br>| &nbsp;&nbsp; (427256)<br>| &nbsp;&nbsp; 284564 | &nbsp;&nbsp; 671954 | &nbsp;&nbsp; 7041936 | &nbsp;&nbsp; (3306)<br>|
| Net increase/(decrease) in net assets <br> resulting from operations<br>| &nbsp;&nbsp; 1176628 | &nbsp;&nbsp; 1808916 | &nbsp;&nbsp; 5131629 | &nbsp;&nbsp; 13521973 | &nbsp;&nbsp; 787547 |
| **Distributions to Shareholders From** <br> **(Note A):**<br>|  |  |  |  |  |
| Distributable earnings | &nbsp;&nbsp; (2354265)<br>| &nbsp;&nbsp; (939311)<br>| &nbsp;&nbsp; (5347494)<br>| &nbsp;&nbsp; (8270051)<sup>(b)</sup><br>| &nbsp;&nbsp; (926601)<br>|
| **From Fund Share Transactions** <br> **(Note D):**<br>|  |  |  |  |  |
| Proceeds from shares sold | &nbsp;&nbsp; 1275175 | &nbsp;&nbsp; 51352223 | &nbsp;&nbsp; 100225913 | &nbsp;&nbsp; 62450966<br> <sup>(c)</sup><br>| &nbsp;&nbsp; 51298135 |
| Proceeds from reinvestment of <br> dividends and distributions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5735181<br> <sup>(c)</sup><br>| &nbsp;&nbsp; — |
| Payments for shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (87896382)<sup>(c)</sup><br>| &nbsp;&nbsp; — |
| Net increase/(decrease) from Fund <br> share transactions<br>| &nbsp;&nbsp; 1275175 | &nbsp;&nbsp; 51352223 | &nbsp;&nbsp; 100225913 | &nbsp;&nbsp; (19710235)<br>| &nbsp;&nbsp; 51298135 |
| **Net Increase/(Decrease) in Net** <br> **Assets**<br>| &nbsp;&nbsp; 97538 | &nbsp;&nbsp; 52221828 | &nbsp;&nbsp; 100010048 | &nbsp;&nbsp; (14458313)<br>| &nbsp;&nbsp; 51159081 |
| **Net Assets:** |  |  |  |  |  |
| Beginning of period  | &nbsp;&nbsp; 52221828 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151166025 | &nbsp;&nbsp; 165624338 | &nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $52319366 | &nbsp;&nbsp; $52221828 | &nbsp;&nbsp; $251176073 | &nbsp;&nbsp; $151166025 | &nbsp;&nbsp; $51159081 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) After the close of business on June 21, 2024, Neuberger Berman Short Duration Bond Fund (the "Predecessor Fund")
 was reorganized into Neuberger Berman Short Duration Income ETF. The amounts disclosed include those of the Predecessor Fund.
 Refer to Note A in the Notes to Financial Statements for additional information on the reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Included in these amounts are the distributions to shareholders from Investor Class shares, Trust Class shares,
 Institutional Class shares, Class A shares, Class C shares and Class R6 shares of the Predecessor Fund:

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

---

| | |
|:---|:---|
|  | **For the Year Ended** <br>**October 31, 2024**<br>|
| **Distributable earnings:** |  |
| **Short Duration Income ETF** |  |
| Investor Class | &nbsp;&nbsp; $(478332)<br>|
| Trust Class | &nbsp;&nbsp; (55616)<br>|
| Institutional Class | &nbsp;&nbsp; (5168215)<br>|
| Class A | &nbsp;&nbsp; (158054)<br>|
| Class C | &nbsp;&nbsp; (22866) <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The dollar amounts disclosed are the total from fund share transactions of the Investor Class shares, Trust
 Class shares, Institutional class shares, Class A shares, Class C shares and Class R6 shares of the Predecessor Fund. See Note D of the
 Notes to Financial Statements for additional information.

See Notes to Financial Statements

------

Notes to Financial Statements (Unaudited)

Note A—Summary of Significant Accounting Policies:

**1**

**General:** Neuberger Berman ETF Trust (the "Trust") is a Delaware statutory trust organized pursuant to an Amended and Restated Trust Instrument dated December 8, 2021. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and its shares are registered under the Securities Act of 1933, as amended. Neuberger Berman Energy Transition & Infrastructure ETF ("Energy Transition & Infrastructure ETF"), Neuberger Berman Flexible Credit Income ETF ("Flexible Credit Income ETF"), Neuberger Berman Short Duration Income ETF ("Short Duration Income ETF"), and Neuberger Berman Total Return Bond ETF ("Total Return Bond ETF") (each individually a "Fund," and collectively, the "Funds") are separate operating series of the Trust, each of which is diversified except for Energy Transition & Infrastructure ETF. Effective November 1, 2024, Energy Transition & Infrastructure ETF is non-diversified. Each Fund offers and issues shares of beneficial interest ("Shares"). Shares of a Fund represent an equal proportionate interest in the Fund. Each of Flexible Credit Income ETF and Total Return Bond ETF had no operations until June 24, 2024 and December 17, 2024, respectively, other than matters relating to the Fund's organization and its registration of shares under the 1933 Act. As further described in Note A-2, Short Duration Income ETF commenced operations as an ETF following its reorganization from a mutual fund.

On June 27, 2024, the Trust's Board of Trustees (the "Board") approved a proposal to change the name of the Neuberger Berman Carbon Transition & Infrastructure ETF (the "Fund") to Neuberger Berman Energy Transition & Infrastructure ETF along with a related change to the Fund's policy to invest at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of carbon transition companies and infrastructure companies ("80% Policy"). The Fund's 80% Policy was changed to invest at least 80% of its net assets (plus borrowing for investment purposes) in equity securities of energy transition companies and infrastructure companies. The Board also approved related changes to the principal investment strategies to more closely align them with the new name and 80% Policy of the Fund. In addition, the Fund made changes to its portfolio managers, benchmark, distribution frequency (from annual to quarterly), ticker symbol, and the Fund's fiscal year end (from 8/31 to 10/31). All of these changes were contingent upon shareholder approval of the following proposals: (1) a proposal to change the Fund from a diversified fund to a non-diversified fund; and (2) a proposal to change the Fund's current fundamental policy on industry concentration to invest greater than 25% of its total assets in the aggregate in the oil, gas, and consumable fuels industry. In addition to these two proposals, shareholders were asked to approve a proposal to change the Fund's current management agreement from a unitary fee arrangement to a separate management agreement and administration agreement. As announced in a supplement to the Fund's Summary Prospectus, Prospectus and Statement of Additional Information dated October 15, 2024, shareholders approved all three proposals at a meeting held on October 14, 2024 and all of the changes described above were effective November 1, 2024, except that the fiscal year end change was effective October 15, 2024.

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

The assets of each Fund belong only to that Fund, and the liabilities of each Fund are borne solely by that Fund and no other series of the Trust.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946 "Financial Services—Investment Companies."

The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires Management to make estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates.

**2**

**Reorganization**: On December 14, 2023, the Board approved the reorganization of Neuberger Berman Short Duration Bond Fund (the "Predecessor Fund") to a newly organized series of Neuberger Berman ETF Trust which is Short Duration Income ETF. After the close of business on June 21, 2024, the Predecessor Fund was

------

reorganized into Short Duration Income ETF in a tax-free reorganization under the Internal Revenue Code (the "Reorganization"). After the Reorganization, shareholders of the Predecessor Fund held shares of Short Duration Income ETF instead of shares of the Predecessor Fund. Prior to the Reorganization, on May 30, 2024, each of Class A, Class C, Investor Class and Trust Class shares of the Predecessor Fund were converted into Institutional Class shares. Accordingly, after that date, all shareholders of the Predecessor Fund owned Institutional Class shares. In addition, after the close of business on June 14, 2024, the Predecessor Fund conducted a reverse stock split pursuant to a stock split ratio of 1:0.1417 (old to new).

**3**

**Portfolio valuation:** In accordance with ASC 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of the Funds are carried at the value that Management believes the 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, master limited partnerships and limited partnerships, 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 Fund:

*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.

------

*U.S. Government Agency Securities.* Inputs used to value U.S. Government Agency securities generally include obtaining benchmark quotes and Other Market Information.

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

*Collateralized Loan Obligations (CLOs).* The value of collateralized loan obligations is primarily determined by cash flow data, relevant loan pricing data and market color, and research from market participants and trading desks (Level 2 or 3 inputs).

*High Yield Securities.* Inputs used to value high yield securities generally include a number of observations of equity and credit default swap curves related to the issuer and Other Market Information.

*Municipal Debt Securities.* Inputs used to value municipal debt securities include current trades, bid-wanted lists (which informs the market that a holder is interested in selling a position and that offers will be considered), offerings, general information on market movement, direction, trends, and specific data on specialty issues.

*Emerging Markets Debt and Foreign Government Securities.* Inputs used to value emerging markets debt and foreign government securities generally include dealer quotes, bond market activity, discounted cash flow models, and other relevant information such as credit spreads, benchmark curves and Other Market Information.

The value of loan assignments is determined by Management primarily by obtaining valuations from independent pricing services based on broker quotes (generally Level 2 or Level 3 inputs depending on the number of quotes available).

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).

The value of credit default swaps is determined by Management by obtaining valuations from independent pricing services using a model that considers a number of factors, which may include default probabilities, credit curves, recovery rates and cash flows (Level 2 inputs).

The value of forward foreign currency contracts ("forward FX contracts") is determined by Management by obtaining valuations from independent pricing services based on actual traded currency rates on independent pricing services' networks, along with other traded and quoted currency rates provided to the pricing services by leading market participants (Level 2 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 ("NAV") 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 1940 Act, the Board 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 ("NYSE") 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.

**4**

**Foreign currency translations:** The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are normally translated into U.S. dollars using the exchange rate as of 4:00 p.m. Eastern Time, on days the NYSE is open for business, to determine the value of investments, other assets and liabilities. Purchase and sale prices of securities, and income and expenses, are translated into U.S. dollars at the prevailing rate of exchange on the respective dates of such transactions. Net unrealized foreign currency gain/(loss), if any, arises from changes in the value of assets and liabilities, other than investments in securities, as a result of changes in exchange rates and is stated separately in the Statements of Operations.

**5**

**Securities transactions and investment income:** Securities transactions are recorded on trade date for financial reporting purposes. Dividend income is recorded on the ex-dividend date or, for certain foreign dividends, as soon as a Fund becomes aware of the dividends. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Interest income, including accretion of discount (adjusted for original issue discount, where applicable), and amortization of premium, where applicable, is recorded on the accrual basis. Realized gains and losses from securities transactions and foreign currency transactions, if any, are recorded on the basis of identified cost and stated separately in the Statements of Operations. Included in net realized gain/(loss) on investments are proceeds from the settlement of class action litigation(s) in which certain of the Funds participated as a class member. The amount of such proceeds for the six months ended April 30, 2025, was $47 for Short Duration Income ETF.

**6**

**Income tax information:** Each Fund is treated as a separate entity for U.S. federal income tax purposes. It is the policy of each Fund to qualify, or continue to qualify for, treatment as a regulated investment company ("RIC") by complying with the requirements of the U.S. Internal Revenue Code applicable to RICs and to distribute substantially all of its net investment income and net realized capital gains to its shareholders. To the extent a Fund distributes substantially all of its net investment income and net realized capital gains to shareholders, no federal income or excise tax provision is required.

ASC 740 "Income Taxes" sets forth a minimum threshold for financial statement recognition of a tax position taken, or expected to be taken, in a tax return. The Funds recognize interest and penalties, if any, related to unrecognized tax positions as an income tax expense in the Statements of Operations. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the tax years for

------

which the applicable statutes of limitations have not yet expired. Management has analyzed each Fund's tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years) and has concluded that no provision for income tax is required in the Funds' financial statements.

For federal income tax purposes, the estimated cost and unrealized appreciation/(depreciation) in value of investments held at April 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost**  | **Gross** <br>**Unrealized** <br>**Appreciation** <br>| **Gross** <br>**Unrealized** <br>**Depreciation** <br>| **Net Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>|
| **Energy Transition & Infrastructure ETF** | $20354470 | &nbsp;&nbsp; $761994 | &nbsp;&nbsp; $1178758 | &nbsp;&nbsp; $(416764)<br>|
| **Flexible Credit Income ETF** | 52676139 | &nbsp;&nbsp; 627086 | &nbsp;&nbsp; 543427 | &nbsp;&nbsp; 83659 |
| **Short Duration Income ETF** | 246583728 | &nbsp;&nbsp; 1862039 | &nbsp;&nbsp; 3363124 | &nbsp;&nbsp; (1501085)<br>|
| **Total Return Bond ETF** | 51681016 | &nbsp;&nbsp; 437306 | &nbsp;&nbsp; 440612 | &nbsp;&nbsp; (3306)<br>|

---

Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund. The Funds may also utilize earnings and profits distributed to shareholders on redemption of their shares as a part of the dividends-paid deduction for income tax purposes.

Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds. For the year ended October 31, 2024, the Funds recorded permanent reclassifications related to: tax adjustments on securities redeemed in kind. For the year ended October 31, 2024, the Funds recorded the following permanent reclassifications:

---

| | | |
|:---|:---|:---|
|  | **Paid-in Capital**  | **Total Distributable** <br>**Earnings/(Losses)** <br>|
| **Energy Transition & Infrastructure ETF** | $7429512 | &nbsp;&nbsp; $(7429512)<br>|
| **Flexible Credit Income ETF** |  | &nbsp;&nbsp; — |
| **Short Duration Income ETF** |  | &nbsp;&nbsp; — |

---

------

The tax character of distributions paid during the years ended October 31, 2024, and October 31, 2023, was as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** | **Distributions Paid From:** |
|  | **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gain** | **Long-Term** <br>**Capital Gain** | **Return of** <br>**Capital** | **Return of** <br>**Capital** | **Total** | **Total** |
|  | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** | **2024** | **2023** |
| **Energy Transition & Infrastructure ETF**<sup>(a)</sup> | $328735<br> <sup>(b)(c)</sup><br>| $45923<br> <sup>(c)</sup><br>| &nbsp;&nbsp; $—<br> <sup>(b)(c)</sup><br>| $—<br> <sup>(c)</sup><br>| &nbsp;&nbsp; $—<br> <sup>(b)(c)</sup><br>| $—<br> <sup>(c)</sup><br>| &nbsp;&nbsp; $328735<br> <sup>(b)(c)</sup><br>| $45923<br> <sup>(c)</sup><br>|
| **Flexible Credit Income ETF**<sup>(d)</sup> | 939311 |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 939311 |  |
| **Short Duration Income ETF**<sup>(e)(f)</sup> | 8270051 | 8625512 | &nbsp;&nbsp; — |  | &nbsp;&nbsp; — |  | &nbsp;&nbsp; 8270051 | 8625512 |

---

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

<sup>(a)</sup> On June 27, 2024, the Board approved a change in fiscal year end from August 31 to October 31. This change was effective beginning with the current fiscal period, September 1, 2024. 

<sup>(b)</sup> There were no distributions during September 1, 2024 to October 31, 2024.

<sup>(c)</sup> Year ended August 31.

<sup>(d)</sup> Period from June 24, 2024 (Commencement of Operations) to October 31, 2024.

<sup>(e)</sup> After the close of business on June 21, 2024, the Predecessor Fund was reorganized into Short Duration Income ETF. 

<sup>(f)</sup> Amounts disclosed are inclusive of the Predecessor Fund.

As of October 31, 2024, the components of distributable earnings (accumulated losses) on a U.S. federal income tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed** <br>**Ordinary** <br>**Income** <br>| **Undistributed** <br>**Long-Term** <br>**Capital Gain** <br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)** <br>| **Loss** <br>**Carryforwards** <br>**and Deferrals** <br>| **Other** <br>**Temporary** <br>**Differences** <br>| **Total**  |
| **Energy Transition &** <br> **Infrastructure ETF**<sup>(a)</sup><br>| $267973 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $381036 | &nbsp;&nbsp; $(1826344)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1177335)<br>|
| **Flexible Credit Income** <br> **ETF**<sup>(b)</sup><br>| 445853 | &nbsp;&nbsp; 57908 | &nbsp;&nbsp; 386836 | &nbsp;&nbsp; — | &nbsp;&nbsp; (20992)<br>| &nbsp;&nbsp; 869605 |
| **Short Duration Income** <br> **ETF**<sup>(c)</sup><br>| 796660 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2173039)<br>| &nbsp;&nbsp; (15261085)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (16637464)<br>|

---

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

<sup>(a)</sup> Period from September 1, 2024 to October 31, 2024.

<sup>(b)</sup> Period from June 24, 2024 (Commencement of Operations) to October 31, 2024.

<sup>(c)</sup> Amounts disclosed are inclusive of the Predecessor Fund.

The temporary differences between book basis and tax basis distributable earnings are primarily related to one or more of the following: amortization of organizational expenses, amortization of bond premium, mark-to-market adjustments on forward FX contracts, futures, foreign futures, swaps and options and tax adjustments related to other investments and swaps.

To the extent each Fund's net realized capital gains, if any, can be offset by capital loss carryforwards, it is the policy of each Fund not to distribute such gains. Capital loss carryforward rules allow for RICs to carry forward capital losses indefinitely and to retain the character of capital loss carryforwards as short-term or long-term. As determined at October 31, 2024, the following Funds had unused capital loss carryforwards available for federal income tax purposes to offset future net realized capital gains, if any, as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforwards** | **Capital Loss Carryforwards** |
|  | **Long-Term** | **Short-Term** |
| **Energy Transition & Infrastructure ETF** | $809964 | &nbsp;&nbsp; $1016380 |
| **Short Duration Income ETF** | 10489257 | &nbsp;&nbsp; 4771828 |

---

------

**7**

**Foreign taxes:** Foreign taxes withheld, if any, represent amounts withheld by foreign tax authorities, net of refunds recoverable.

**8**

**Distributions to shareholders:** Each Fund may earn income, net of expenses, daily on its investments. Ordinarily, distributions from net investment income are declared on each business day and paid monthly for Flexible Credit Income ETF, Short Duration Income ETF and Total Return Bond ETF, and distributions from net realized capital gains, if any, are generally distributed once a year (usually in December). Distributions from net investment income and net realized capital gains, if any, are generally distributed once a year (usually in December) for Energy Transition & Infrastructure ETF through October 31, 2024. Distributions to shareholders are recorded on the ex-date.

In connection with the changes discussed in Note A-1, effective November 1, 2024, Energy Transition & Infrastructure ETF changed the frequency of its distributions so that the Fund distributes net investment income on a quarterly basis.

**9**

**Investments in foreign securities:** Investing in foreign securities may involve sovereign and other risks, in addition to the credit and market risks normally associated with domestic securities. These additional risks include the possibility of adverse political and economic developments (including political instability, nationalization, expropriation, or confiscatory taxation) and the potentially adverse effects of unavailability of public information regarding issuers, less governmental supervision and regulation of financial markets, reduced liquidity of certain financial markets, and the lack of uniform accounting, auditing, and financial reporting standards or the application of standards that are different or less stringent than those applied in the United States. Foreign securities also may experience greater price volatility, higher rates of inflation, and delays in settlement.

Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by various factors, including investor perception and changes in interest rates; intervention, or failure to intervene, by U.S. or foreign governments, central banks, or supranational entities; or by currency controls or political developments in the U.S. or abroad.

Additional risks include exposure to less developed or less efficient trading markets; social, political, diplomatic, or economic instability; trade barriers and other protectionist trade policies (including those of the U.S.); imposition of economic sanctions against a particular country or countries, organizations, companies, entities and/or individuals; significant government involvement in an economy and/or market structure; fluctuations in foreign currencies or currency redenomination; potential for default on sovereign debt; nationalization or expropriation of assets; settlement, custodial or other operational risks; higher transaction costs; confiscatory withholding or other taxes; and less stringent auditing and accounting, corporate disclosure, governance, and legal standards. To the extent a foreign security is denominated in U.S. dollars, there is also the risk that a foreign government will not let U.S. dollar-denominated assets leave the country.

The governments of emerging market countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the financial markets, and/or impose burdensome taxes that could adversely affect security prices.

**10**

**Investment company securities and other exchange-traded funds:** The Funds may invest in shares of other registered investment companies, including other exchange-traded funds ("ETFs"), within the limitations prescribed by the 1940 Act, in reliance on rules adopted by the SEC, particularly Rule 12d1-4, or any other applicable exemptive relief. Rule 12d1-4 permits investments in other registered investment companies in excess of the limitations of the 1940 Act if a Fund complies with the conditions of the Rule. Shareholders of a Fund will indirectly bear their proportionate share of any management fees and other expenses paid by such other investment companies, in addition to the management fees and expenses of the Fund.

**11**

**When-issued/delayed delivery securities:** The Funds may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time a Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the security is reflected in the NAV. The price of such security and the date when the security will be delivered and paid for are fixed at the time the

------

transaction is negotiated. The value of the security may vary with market fluctuations. No interest accrues to a Fund until payment takes place. When-issued and delayed delivery transactions can have a leverage-like effect on a Fund, which can increase fluctuations in the Fund's NAV. Certain risks may arise upon entering into when-issued or delayed delivery securities transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

**12**

**Organization expenses**: Costs incurred by Total Return Bond ETF in connection with its organization, which amounted to $74,277, and is reflected in "Organization expenses" in the Statements of Operations, have been expensed as incurred.

**13**

**Derivative instruments**: Certain Funds' use of derivatives during the six months ended April 30, 2025, is described below. Please see the Schedule of Investments for each Fund's open positions in derivatives, if any, at April 30, 2025. The disclosure requirements of ASC 815 "Derivatives and Hedging" ("ASC 815") distinguish between derivatives that qualify for hedge accounting and those that do not. Because investment companies value their derivatives at fair value and recognize changes in fair value through the Statements of Operations, they do not qualify for hedge accounting. Accordingly, even though a Fund's investments in derivatives may represent economic hedges, they are considered non-hedge transactions for purposes of this disclosure.

Rule 18f-4 under the 1940 Act regulates the use of derivatives for certain funds registered under the 1940 Act ("Rule 18f-4"). Unless a Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, the Fund is subject to a comprehensive derivatives risk management program, is required to comply with certain value-at-risk based leverage limits and is required to provide additional disclosure both publicly and to the SEC regarding its derivatives positions. If a Fund qualifies as a limited derivatives user, Rule 18f-4 requires the Fund to have policies and procedures to manage its aggregate derivatives risk.

**Futures contracts:** During the six months ended April 30, 2025, Flexible Credit Income ETF used futures to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets, currencies or securities, adjust the duration of the Fund's portfolio and to enhance total return. During the six months ended April 30, 2025, Short Duration Income ETF used futures for economic hedging purposes, including as a maturity or duration management device. During the six months ended April 30, 2025, Total Return Bond ETF used futures to manage or adjust the risk profile and investment exposure of the Fund, including to adjust the duration and yield curve exposure of the Fund's portfolio.

Futures contracts may include certain options on exchange-traded futures contracts. At the time a Fund enters into a futures contract, it is required to deposit with the futures commission merchant a specified amount of cash or liquid securities, known as "initial margin," which is a percentage of the value of the futures contract being traded that is set by the exchange upon which the futures contract is traded. Each day, the futures contract is valued at the official settlement price of the board of trade or U.S. commodity exchange on which such futures contract is traded. Subsequent payments, known as "variation margin," to and from the broker are made on a daily basis, or as needed, as the market price of the futures contract fluctuates. Daily variation margin adjustments, arising from this "mark to market," are recorded by a Fund as unrealized gains or losses.

Although some futures by their terms call for actual delivery or acquisition of the underlying securities or currency, in most cases the contracts are closed out prior to delivery by offsetting purchases or sales of matching futures. When the contracts are closed or expire, a Fund recognizes a gain or loss. Risks of entering into futures contracts include the possibility there may be an illiquid market, possibly at a time of rapidly declining prices, and/or a change in the value of the contract may not correlate with changes in the value of the underlying securities. Futures executed on regulated futures exchanges have minimal counterparty risk to a Fund because the exchange's clearinghouse assumes the position of the counterparty in each transaction. Thus, a Fund is exposed to risk only in connection with the clearinghouse and not in connection with the original counterparty to the transaction. For U.S. federal income tax purposes, the futures transactions undertaken by a Fund may cause the Fund to recognize gains or losses from marking contracts to market even though its positions have not been sold or terminated, may affect the character of

------

the gains or losses recognized as long-term or short-term, and may affect the timing of some capital gains and losses realized by the Fund. Also, a Fund's losses on transactions involving futures contracts may be deferred rather than being taken into account currently in calculating such Fund's taxable income.

**Forward foreign currency contracts:** During the six months ended April 30, 2025, Flexible Credit Income ETF used forward FX contracts to manage or adjust the risk profile for foreign currency exposures in the Fund, to obtain or reduce economic exposure, to establish net short or long positions for markets or securities and to enhance total return.

A forward FX contract is an agreement between two parties to buy or sell a specific currency for another at a set price on a future date, and is individually negotiated and privately traded by currency traders and their customers in the interbank market. The market value of a forward FX contract fluctuates with changes in forward currency exchange rates. Forward FX contracts are marked to market daily, and the change in value is recorded by the Fund as an unrealized gain or loss. At the consummation of a forward FX contract to purchase or sell currency, the Fund may either exchange the currencies specified at the maturity of the forward FX contract or enter into a closing transaction involving the purchase or sale of an offsetting forward FX contract. Closing transactions with respect to forward FX contracts are usually performed with the counterparty to the original forward FX contract. The gain or loss arising from the difference between the U.S. dollar cost of the original contract and the value of the foreign currency in U.S. dollars upon closing a contract is included in "Net realized gain/(loss) on settlement of forward foreign currency contracts" in the Statement of Operations. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Fund's Statement of Assets and Liabilities. In addition, the Fund could be exposed to risks associated with fluctuations in foreign currency and the risk the counterparty will fail to fulfill its obligation.

**Credit default swap contracts:** During the six months ended April 30, 2025, Flexible Credit Income ETF used credit default swaps for economic hedging purposes, to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets or securities and to enhance total return. During the six months ended April 30, 2025, Short Duration Income ETF used credit default swaps for economic hedging purposes, to manage or adjust the risk profile and investment exposure of the Fund or individual positions, to obtain or reduce exposure to certain markets, to establish net short or long positions for markets or securities and to enhance total return. When a Fund is the buyer of a credit default swap contract, it is entitled to receive the notional amount of the swap from the counterparty if a credit event occurs. In return, the Fund pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund would have spent the stream of payments and received no proceeds from the contract. When a Fund is the seller of a credit default swap contract, it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring, obligation acceleration and repudiation/moratorium. If a Fund is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Fund could be required to make (or the risk of loss) would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Fund for the same referenced obligation. As the seller, the Fund may add economic leverage to its portfolio because, in addition to its total net assets, the Fund is subject to investment exposure on the notional amount of the swap. The net periodic payments paid or received on the swap contract are accrued daily as a component of unrealized appreciation/(depreciation) and are recorded as realized gain upon receipt or realized loss upon payment. The Fund also records an increase or decrease to unrealized appreciation/(depreciation) in an amount equal to the daily valuation of swaps. For over-the-counter ("OTC") credit default swaps, cash settlement in and out of the swaps may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement, and is generally determined based on limits and thresholds established as part of an agreement between the Fund and the counterparty. For financial reporting

------

purposes, unamortized upfront payments/(receipts), if any, are netted with unrealized appreciation or (depreciation) and net interest receivable or payable on swap contracts to determine the fair value of swaps.

**Centrally cleared swap contracts:** Certain clearinghouses currently offer clearing for limited types of derivative transactions. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty that is then cleared through a central clearinghouse. Upon acceptance of a swap by a central clearinghouse, the original swap is extinguished and replaced with a swap with the clearinghouse, thereby reducing or eliminating the Fund's exposure to the credit risk of the original counterparty. A Fund typically will be required to post specified levels of both initial and variation margin with the clearinghouse or at the instruction of the clearinghouse. The daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the central clearing party. For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation and net interest receivable or payable on swap contracts to determine the fair value of swaps.

At April 30, 2025, the Funds listed below had the following derivatives (which did not qualify as hedging instruments under ASC 815), grouped by primary risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Fund** | **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** | &nbsp;&nbsp; **Statements of** <br>**Assets and Liabilities** <br>**Location** <br>| **Value** |
| **Flexible Credit Income ETF** |  |  |  |  |
| Futures |  |  |  |  |
| Interest rate risk | Receivable/Payable for accumulated <br> variation margin on futures <br> contracts<br>| $97664 | &nbsp;&nbsp; Receivable/Payable for accumulated <br> variation margin on futures <br> contracts<br>| $(45510)<br>|
| Forward FX contracts |  |  |  |  |
| Currency risk  | Receivable for forward foreign <br> currency contracts<br>|  | &nbsp;&nbsp; Payable for forward foreign <br> currency contracts<br>| (27878)<br>|
| Centrally cleared swaps |  |  |  |  |
| Credit risk | Receivable/Payable for accumulated <br> variation margin on centrally <br> cleared swap contracts<sup>(a)</sup><br>| 107322 | &nbsp;&nbsp; Receivable/Payable for accumulated <br> variation margin on centrally <br> cleared swap contracts<sup>(a)</sup><br>|  |
| **Short Duration Income ETF** |  |  |  |  |
| Futures |  |  |  |  |
| Interest rate risk | Receivable/Payable for accumulated <br> variation margin on futures <br> contracts<br>| 734220 | &nbsp;&nbsp; Receivable/Payable for accumulated <br> variation margin on futures <br> contracts<br>| (591188)<br>|
| **Total Return Bond ETF** |  |  |  |  |
| Futures |  |  |  |  |
| Interest rate risk |  | 215129 |  | (24580)<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) "Centrally cleared swaps" reflect the cumulative unrealized appreciation/(depreciation) of the centrally cleared swap contracts plus accrued interest as of April 30, 2025.

------

The impact of the use of these derivative instruments on the Statements of Operations during the six months ended April 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Net Realized Gain/** <br>**(Loss) on Derivatives**<sup>(a)</sup> <br>| **Change in Net Unrealized** <br>**Appreciation/** <br>**(Depreciation) on** <br>**Derivatives**<sup>(b)</sup> <br>|
| **Flexible Credit Income ETF** |  |  |
| Futures |  |  |
| Interest rate risk | &nbsp;&nbsp; $(145805)<br>| &nbsp;&nbsp; $229627 |
| Forward FX contracts |  |  |
| Currency risk | &nbsp;&nbsp; 29049 | &nbsp;&nbsp; (37609)<br>|
| Swaps |  |  |
| Credit risk | &nbsp;&nbsp; 69954 | &nbsp;&nbsp; (78262)<br>|
| **Short Duration Income ETF** |  |  |
| Futures |  |  |
| Interest rate risk | &nbsp;&nbsp; 166667 | &nbsp;&nbsp; 89509 |
| Swaps |  |  |
| Credit risk | &nbsp;&nbsp; 13904 | &nbsp;&nbsp; - |
| **Total Return Bond ETF** |  |  |
| Futures |  |  |
| Interest rate risk | &nbsp;&nbsp; (18759)<br>| &nbsp;&nbsp; 190549 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Net realized gain/(loss) on derivatives is located in the Statements of Operations each under the caption, "Net realized gain/(loss) on:"

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

Futures Expiration or closing of futures contracts <br> Forward FX contracts Settlement of forward foreign currency contracts <br> Swaps Expiration or closing of swap contracts

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Change in net unrealized appreciation/(depreciation) is located in the Statements of Operations each under the caption, "Change in net unrealized appreciation/(depreciation) in value of:"

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

Futures Futures contracts <br> Forward FX contracts Forward foreign currency contracts <br> Swaps Swap contracts

While the Funds may receive rights and warrants in connection with their investments in securities, these rights and warrants are not considered "derivative instruments" under ASC 815.

Management has concluded that Energy Transition & Infrastructure ETF did not hold any derivative instruments during the six months ended April 30, 2025 that require additional disclosures pursuant to ASC 815.

**14**

**Securities lending:** Each Fund, using State Street Bank and Trust Company ("State Street") as its lending agent, may loan securities to qualified brokers and dealers in exchange for negotiated lender's fees. These fees, if any, would be disclosed within the Statement of Operations under the caption "Income from securities loaned—net" and are net of expenses retained by State Street as compensation for its services as lending agent.

The initial collateral received by a Fund at the beginning of each transaction shall have a value equal to at least 102% of the prior day's market value of the loaned securities (105% in the case of international securities). Collateral in the form of cash and/or securities issued or guaranteed by the U.S. government or its agencies, equivalent to at least 100% of the market value of securities, is maintained at all times.

------

Thereafter, the value of the collateral is monitored on a daily basis, and collateral is moved daily between a counterparty and a Fund until the close of the transaction. Cash collateral is generally invested in a money market fund registered under the 1940 Act that is managed by an affiliate of State Street and is included on the Statement of Assets and Liabilities under the caption "Investments in securities at value—Unaffiliated issuers". The total value of securities received as collateral for securities on loan is included in a footnote following the applicable Schedule of Investments, but is not included within the Statement of Assets and Liabilities because the receiving Fund does not have the right to sell or repledge the securities received as collateral. The risks associated with lending portfolio securities include, but are not limited to, possible delays in receiving additional collateral or in the recovery of the loaned securities. Any increase or decrease in the fair value of the securities loaned and any interest earned or dividends paid or owed on those securities during the term of the loan would accrue to that Fund.

As of April 30, 2025, the Funds did not participate in securities lending.

**15**

**Offsetting assets and liabilities:** The Funds are required to disclose both gross and net information for assets and liabilities related to OTC derivatives, and securities lending and securities borrowing transactions that are eligible for offset or subject to an enforceable master netting or similar agreement. Flexible Credit Income ETF held one or more of these investments at April 30, 2025. The Funds' OTC derivative assets and liabilities at fair value by type and securities lending assets are reported gross in the Statements of Assets and Liabilities. The following tables present derivative and securities lending assets and liabilities by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by a Fund for assets and pledged by a Fund for liabilities as of April 30, 2025.

---

| | | |
|:---|:---|:---|
| **Description** | **Gross Amounts of Assets** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>| **Gross Amounts of Liabilities** <br>**Presented in the** <br>**Statements** <br>**of Assets and Liabilities**<br>|
| **Flexible Credit Income ETF** | **Flexible Credit Income ETF** | **Flexible Credit Income ETF** |
| Forward FX contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(27878)<br>|
| **Total** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$(27878)**<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities:** |
|  | **Assets** | **Assets** | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Liabilities** | **Liabilities** |
| **Counterparty** | **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Liabilities** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Received**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>| **Gross Amounts** <br>**Presented in the** <br>**Statements** <br>**of Assets and** <br>**Liabilities**<br>| **Assets** <br>**Available** <br>**for Offset**<br>| **Collateral** <br>**Pledged**<sup>(a)</sup><br>| **Net** <br>**Amount**<sup>(b)</sup><br>|
| **Flexible Credit Income ETF** | **Flexible Credit Income ETF** |  |  |  |  |  |  |  |
| JPM | $— | $— | $— | $— | $(12398)<br>| $— | $— | $(12398)<br>|
| RBC |  |  |  |  | (4810)<br>|  |  | (4810)<br>|
| SCB |  |  |  |  | (1)<br>|  |  | (1)<br>|
| UBS |  |  |  |  | (10669)<br>|  |  | (10669)<br>|
| **Total** | **$—** | **$—** | **$—** | **$—** | **$(27878)**<br>| **$—** | **$—** | **$(27878)**<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral received (or pledged) is limited to an amount not to exceed 100% of the net amount of assets (or liabilities) in the tables presented above, for each respective counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;(b) A net amount greater than zero represents amounts subject to loss as of April 30, 2025, in the event of a counterparty failure. A net amount less than zero represents amounts under-collateralized to each counterparty as of April 30, 2025.

**16**

**Indemnifications:** Like many other companies, the Trust's organizational documents provide that its officers ("Officers") and trustees ("Trustees") are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, both in some of its principal service contracts and in

------

the normal course of its business, the Trust enters into contracts that provide indemnifications to other parties for certain types of losses or liabilities. The Trust's maximum exposure under these arrangements is unknown as this could involve future claims against the Trust or a Fund.

**17**

**Segment reporting:** In this reporting period, each Fund adopted FASB Accounting Standards Update No. 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures" ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the entity's chief operating decision maker ("CODM") in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available. Each Fund's investment manager acts as the Funds' CODM. The CODM has determined that each Fund has a single operating segment because the CODM monitors the operating results of each Fund as a whole and evaluates performance in accordance with each Fund's principal investment strategies disclosed in its prospectus. The CODM uses these measures to assess Fund performance and allocate resources effectively. Each Fund's total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Fund performance and to make resource allocation decisions for each Fund's single segment are consistent with that presented within each Fund's financial statements.

Note B—Investment Management Fees, Administration Fees, Distribution Arrangements, and Other Transactions with Affiliates:

**Energy Transition & Infrastructure ETF:**

Through October 31, 2024, the Fund retained NBIA as investment manager under a different Management Agreement. Under the prior Management Agreement, Management was responsible for choosing a Fund's investments and handling its day-to-day business. In addition, Management provided to the Fund certain Fund services and administrative services as specified in the prior Management Agreement. Beginning November 1, 2024, the Fund retains NBIA as investment manager under a new Management Agreement. Under the new Management Agreement, Management is responsible for choosing a Fund's investments and handling its day-to-day business and certain Fund services.

**Flexible Credit ETF, Short Duration Income ETF and Total Return ETF:**

Each Fund retains NBIA as investment manager under a Management Agreement. Under the Management Agreement, Management is responsible for choosing a Fund's investments and handling its day-to-day business and certain Fund services.

For such investment management services, the Funds pay NBIA monthly an investment management fee as a percentage of average daily net assets according to the following table:

---

| | | |
|:---|:---|:---|
|  | **First** <br>**$2** <br>**billion**<br>| **Thereafter** |
| **Energy Transition & Infrastructure ETF**<sup>(a)(b)</sup> <br>| 0.55<br> %<br>| 0.55<br> %<br>|
| **Flexible Credit Income ETF**<sup>(b)</sup> <br>| 0.40<br> %<br>| 0.40<br> %<br>|
| **Short Duration Income ETF** | 0.17<br> %<br>| 0.15<br> %<br>|
| **Total Return Bond ETF**<sup>(c)</sup> <br>| 0.28<br> %<br>| 0.28<br> %<br>|

---

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

<sup>(a)</sup> Energy Transition & Infrastructure ETF paid a management fee of 0.65% of average daily net assets through October 31, 2024. 

------

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

<sup>(b)</sup> NBIA has contractually agreed to waive its management fee by 0.10% of Energy Transition & Infrastructure ETF's and Flexible Credit Income ETF's average daily net assets. This undertaking lasted until October 31, 2024 for Energy Transition & Infrastructure ETF. This undertaking lasts until October 31, 2026 for Flexible Credit Income ETF and may not be terminated during its term without the consent of the Board. Management fees contractually waived are not subject to recovery by NBIA. 

<sup>(c)</sup> Period from December 17, 2024 (Commencement of Operations) to April 30, 2025.

Management fees waived for the six months ended April 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund**  | **Percentage of** <br>**Average Daily** <br>**Net Assets** <br>**Waived** <br>**and/or** <br>**Reimbursed**<br>| **Effective Date(s)**  | **Management Fees** <br>**Waived for the** <br>**Six Months Ended** <br>**April 30, 2025**<br>|
| **Flexible Credit Income ETF** | 0.10<br> %<br>| &nbsp;&nbsp; 6/24/2024 | &nbsp;&nbsp; $25975 |

---

Accordingly, for the six months ended April 30, 2025, the investment management fee pursuant to the Management Agreement was equivalent to an annual effective rate of the Fund's average daily net assets, as follows:

---

| | |
|:---|:---|
|  | **Effective Rate**  |
| **Flexible Credit Income ETF** | 0.30<br> %<br>|
| **Short Duration Income ETF** | 0.17<br> %<br>|

---

Investment management fee waivers are included in the Statements of Operations under the caption "Fees waived."

**Energy Transition & Infrastructure ETF:**

Through October 31, 2024, NBIA had contractually agreed to pay all operating expenses of the Fund, except (i) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes); (ii) brokerage expenses, including commissions, and other transaction costs; (iii) acquired fund fees and expenses; (iv) dividend and interest expenses relating to short sales; (v) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the 1940 Act, including distribution fees; (vi) the compensation payable to NBIA under this Agreement; (vii) securities lending expenses; (viii) litigation expenses and tax reclaim expenses; (ix) indemnification expenses; and (x) any expenses determined to be extraordinary expenses by the Board. With the Fund's consent, Management may subcontract to third parties some of its responsibilities to the Fund under the Management Agreement and may compensate each such third party that provides such services. Certain expenses that are outside of the investment management fee, as described above, may be applicable to multiple funds within the complex of related investment companies and such allocations are handled as follows: Expenses directly attributable to a Fund are charged to that Fund. Expenses borne by the complex of related investment companies, which includes open-end and closed-end investment companies for which NBIA serves as investment manager, that are not directly attributable to a particular investment company (e.g., a Fund) are allocated among that Fund and the other investment companies or series thereof in the complex on the basis of relative net assets, except where a more appropriate allocation of expenses to each of the investment companies or series thereof in the complex can otherwise be made fairly.

Effective November 1, 2024, NBIA has contractually agreed to waive fees and/or reimburse certain expenses of the Fund so that the total annual operating expenses do not exceed 0.55% until 4/8/2025, and 0.65% from 4/9/2025 to 10/31/2028. These undertakings exclude interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, extraordinary expenses, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations.

------

**Flexible Credit Income ETF, Short Duration Income ETF and Total Return Bond ETF:**

NBIA has contractually agreed to waive fees and/or reimburse certain expenses of each Fund so that the total annual operating expenses do not exceed the expense limitations as detailed in the following table. These undertakings exclude interest, brokerage commissions, acquired fund fees and expenses, taxes including any expenses relating to tax reclaims, extraordinary expenses, and dividend and interest expenses relating to short sales, if any (commitment fees relating to borrowings are treated as interest for purposes of this exclusion) ("annual operating expenses"); consequently, net expenses may exceed the contractual expense limitations. Prior to the Reorganization, Short Duration Income ETF's Predecessor Fund incurred fees and engaged in transactions with affiliates. Expenses, other than management fees, which include balances of the Predecessor Fund and its respective Fund, as shown in the respective Fund's Statement of Operations were expenses incurred by that Predecessor Fund.

At April 30, 2025, the Funds' contingent liabilities to NBIA under the agreements were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Expenses Reimbursed in** <br>**Year Ended October 31,**  | **Expenses Reimbursed in** <br>**Year Ended October 31,**  | **Expenses Reimbursed in** <br>**Year Ended October 31,**  | **Expenses Reimbursed in** <br>**Year Ended October 31,**  |
|  |  |  | **2023** | **2024** | **2024** | **2025** |
|  |  |  | **Subject to Repayment until** <br>**October 31,**  | **Subject to Repayment until** <br>**October 31,**  | **Subject to Repayment until** <br>**October 31,**  | **Subject to Repayment until** <br>**October 31,**  |
| **Fund** | **Contractual** <br>**Expense** <br>**Limitation**<sup>(a)</sup><br>| **Expiration**  | **2025** | **2026** | **2027** | **2028** |
| **Energy Transition & Infrastructure ETF** | 0.65<br> %<sup>(b)</sup><br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16829<br> <sup>(c)</sup><br>|
| **Flexible Credit Income ETF** | 0.39<br> %<sup>(d)</sup><br>| &nbsp;&nbsp; 10/31/26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 263468 <br><sup>(e)</sup><br>| &nbsp;&nbsp; 147815 |
| **Short Duration Income ETF** | 0.34<br> %<sup>(f)</sup><br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; 319603 | &nbsp;&nbsp; 335300 | &nbsp;&nbsp; 336186 | &nbsp;&nbsp; 90842 |
| **Total Return Bond ETF** | 0.37<br> %<br>| &nbsp;&nbsp; 10/31/28 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 197852<br> <sup>(g)</sup><br>|

---

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

<sup>(a)</sup> Expense limitation per annum of the Fund's average daily net assets.

<sup>(b)</sup> 0.55% of average daily net assets from 11/1/2024 to 4/8/2025

<sup>(c)</sup> This amount does not include the reimbursement for the period from 11/1/2024 to 4/8/2025, which amounted to $128,286. 

<sup>(d)</sup> 0.49% of average daily net assets from 11/1/2026 to 10/31/2028.

<sup>(e)</sup> Period from June 24, 2024 (Commencement of Operations) to October 31, 2024.

<sup>(f)</sup> Expenses reimbursed prior to the close of business on June 21, 2024, are of the Predecessor Fund which had a contractual expense limitation of 0.34% for its Institutional Class. 

<sup>(g)</sup> Period from December 17, 2024 (Commencement of Operations) to April 30, 2025.

Energy Transition & Infrastructure ETF (effective April 9, 2025), Flexible Credit Income ETF, Short Duration Income ETF and Total Return Bond ETF have agreed that they will repay NBIA for fees and expenses waived or reimbursed provided that repayment does not cause the respective Fund's annual operating expenses to exceed its contractual expense limitation in place at the time the fees and expenses were waived or reimbursed, or the expense limitation in place at the time the respective Fund repays NBIA, whichever is lower. Any such repayment must be made within three years after the year in which NBIA incurred the expense.

During the six months ended April 30, 2025, there was no repayment to NBIA under these agreements.

NBIA retains State Street as its sub-administrator under a Sub-Administration Agreement. NBIA pays State Street a fee for all services received under the Sub-Administration Agreement.

Energy Transition & Infrastructure ETF (effective November 1, 2024), Flexible Credit Income ETF, Short Duration Income ETF and Total Return ETF retain NBIA as its administrator under an Administration Agreement. The administration fee was assessed at the class level prior to June 24, 2024 for Short Duration Income ETF and each share class of the Predecessor Fund, as applicable, paid NBIA monthly an annual administration fee equal to the following: 0.27% for each of Investor Class, Class A and Class C; 0.50% for Trust Class; 0.15% for Institutional

------

Class; and 0.05% for Class R6, each as a percentage of its average daily net assets. Effective June 24, 2024 for Short Duration Income ETF, after the Reorganization, it pays NBIA monthly a fee at the annual rate of 0.09% of the Fund's average daily net assets. Energy Transition & Infrastructure ETF (effective November 1, 2024), Flexible Credit Income ETF and Total Return Bond ETF each pays NBIA monthly a fee at the annual rate of 0.09% of the Fund's average daily net assets.

Neuberger Berman BD LLC (the "Distributor") serves as the distributor in connection with the continuous offering of each Fund's shares. Each Fund (except Short Duration Income ETF) also has a distribution agreement that allows the Fund to pay distribution fees to the Distributor and other firms that provide distribution services ("Service Providers"). Under their distribution plans (each a Plan, collectively, the "Plans") if a Service Provider provides distribution services, a Fund would pay distribution fees to the Distributor at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act. The Distributor would, in turn, pay the Service Provider out of its fees. The Board currently has determined not to implement any 12b-1 fees pursuant to the Plans. 12b-1 fees may only be imposed after approval by the Board.

The Predecessor Fund of Short Duration Income ETF paid the Distributor fees at the annual rate of 0.25% of Class A's average daily net assets and 1.00% of Class C's average daily net assets. Effective December 15, 2023, Rule 12b-1 fees on all applicable share classes of the Predecessor Fund of Short Duration Income ETF were waived. These waivers are included in the Statements of Operations under the caption "Fees waived."

Note C—Securities Transactions:

During the six months ended April 30, 2025, there were purchase and sale transactions of long-term securities (excluding swaps, forward FX contracts, futures and option written, if any) and in-kind capital share transactions as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Transactions of Long-Term Securities**  | **Transactions of Long-Term Securities**  | **In-kind Capital Share Transactions**  | **In-kind Capital Share Transactions**  |
|  | **Purchases**  | **Sales**  | **Purchases**  | **Sales**  |
| **Energy Transition & Infrastructure ETF** | $12225516 | &nbsp;&nbsp; $6461964 | &nbsp;&nbsp; $9827833 | &nbsp;&nbsp; $3529799 |
| **Flexible Credit Income ETF**<sup>(a)</sup> <br>| 18263084 | &nbsp;&nbsp; 16091020 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Short Duration Income ETF**<sup>(b)</sup> <br>| 124406417 | &nbsp;&nbsp; 51133376 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Return Bond ETF**<sup>(c)</sup> <br>| 88149604 | &nbsp;&nbsp; 37571088 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes purchases and sales of U.S. Government and Agency Obligations of $114,000 and $191,167, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Includes purchases and sales of U.S. Government and Agency Obligations of $16,805,153 and $1,456,444, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Includes purchases and sales of U.S. Government and Agency Obligations of $33,057,504 and $21,701,758, respectively.

During the six months ended April 30, 2025, no brokerage commissions on securities transactions were paid to affiliated brokers.

Note D—Fund Share Transactions:

The Funds issue or redeem capital shares in aggregation of a specified number of shares (each, a "Creation Unit") to certain institutional investors (typically market makers or other broker-dealers) on a continuous basis through the Distributor. Currently, the number of shares that constitutes a Creation Unit is 25,000 shares. Creation Unit transactions are typically conducted in exchange for the deposit or delivery of a designated portfolio of in-kind securities, cash or a combination thereof, consistent with a Fund's investment objective, policies and disclosure.

------

Share activity for the six months ended April 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Shares** <br>**Sold** <br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions** <br>| **Shares** <br>**Redeemed** <br>| **Total**  |
| **Energy Transition & Infrastructure ETF** | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (125000)<br>| &nbsp;&nbsp; 175000 |
| **Flexible Credit Income ETF** | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25000 |
| **Short Duration Income ETF** | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1975000 |
| **Total Return Bond ETF**<sup>(a)</sup> <br>| &nbsp;&nbsp; 1025001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1025001 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Period from December 17, 2024 (Commencement of Operations) to April 30, 2025.

Share activity for the year ended October 31, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Shares** <br>**Sold**<br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** |
| **Energy Transition & Infrastructure ETF**<sup>(a)</sup> | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp; (625000)<br>|
| **Flexible Credit Income ETF**<sup>(b)</sup> | &nbsp;&nbsp; 1025001 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1025001 |
| **Short Duration Income ETF**<sup>(c)(d)(e)</sup> | &nbsp;&nbsp; 1222987 | &nbsp;&nbsp; 102768 | &nbsp;&nbsp; (1243956)<br>| &nbsp;&nbsp; 81799 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Period from September 1, 2024 to October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Period from June 24, 2024 (Commencement of Operations) to October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(c) After the close of business on June 21, 2024, the Predecessor Fund was reorganized into Short Duration Income ETF.

&nbsp;&nbsp;&nbsp;&nbsp;(d) After the close of business on June 14, 2024, the Predecessor Fund's Institutional Class underwent a reverse stock split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note A of the Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The share activities disclosed include those of the Predecessor Fund's Investor Class, Trust Class, Institutional Class, Class A and Class C shares sold of 64,214, 35,147, 1,072,342, 40,943 and 8,185, shares issued on reinvestment of dividends and distributions of 56,308, 7,053, 94,811, 18,750 and 2,899, and shares redeemed of (2,349,051), (325,527), (1,116,637), (853,104) and (143,165), respectively.

Share activity for the year ended August 31, 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Shares** <br>**Sold**<br>| **Shares** <br>**Issued on** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions**<br>| **Shares** <br>**Redeemed**<br>| **Total** |
| **Energy Transition & Infrastructure ETF** | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 50000 |

---

------

The dollar amounts disclosed in the Statements of Changes and referenced in footnote (c) following the Statements of Changes are the totals from fund share transactions of the Investor Class shares, Trust Class shares, Institutional Class shares, Class A shares and Class C shares of the Predecessor Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** | **For the Year Ended October 31, 2024** |
|  | **Proceeds** <br>**from** <br>**Shares** <br>**Sold**<br>| **Proceeds** <br>**from** <br>**Reinvestment** <br>**of Dividends** <br>**and** <br>**Distributions**<br>| **Payments** <br>**for Shares** <br>**Redeemed**<br>| **Total** |
| **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** |  |
| Investor Class | $452677 | $399424 | $(16648435)<br>| $(15796334)<br>|
| Trust Class | 237088 | 47681 | (2200909)<br>| (1916140)<br>|
| Institutional Class | 53795063 | 5141728 | (59761430)<br>| (824639)<br>|
| Class A | 277058 | 126748 | (5766464)<br>| (5362658)<br>|
| Class C | 55152 | 19600 | (967524)<br>| (892772)<br>|

---

A standard creation or redemption transaction fee is imposed to offset transfer and other costs associated with the issuance and redemption of Creation Units and is charged to the Authorized Participant and paid directly to State Street Bank and Trust Company, which serves as the transfer agent. The Authorized Participant may also be required to pay a variable transaction fee to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses with respect to transactions in Creation Units for cash, which are treated as increases in capital. These variable fees, if any, are reflected in "Proceeds from shares sold" in the Statements of Changes in Net Assets.

Note E—Line of Credit:

At April 30, 2025, each Fund was a participant in a syndicated committed, unsecured $700,000,000 line of credit (the "Credit Facility"), to be used only for temporary or emergency purposes. Series of other investment companies managed by NBIA also participate in this line of credit on substantially the same terms. Interest is charged on borrowings under this Credit Facility at the highest of (a) a federal funds effective rate plus 1.00% per annum, (b) a daily simple Secured Overnight Financing Rate ("SOFR") plus 1.10% per annum, or (c) an overnight bank funding rate plus 1.00% per annum. The Credit Facility has an annual commitment fee of 0.15% per annum of the available line of credit, which is paid quarterly. Each Fund that is a participant has agreed to pay its pro rata share of the annual commitment fee, based on the ratio of its individual net assets to the net assets of all participants at the time the fee is due, and interest charged on any borrowing made by such Fund and other costs incurred by such Fund (for Energy Transition & Infrastructure ETF, the pro rata share of the commitment fee and any other Credit Facility cost shared by the participants are covered under the investment management fee described further in Note B). Because several funds participate in the Credit Facility, there is no assurance that an individual fund will have access to all or any part of the $700,000,000 at any particular time. There were no loans outstanding for any Fund under the Credit Facility at April 30, 2025. During the six months ended April 30, 2025, none of the Funds utilized the Credit Facility.

Note F—Change in Fiscal Year End:

On June 27, 2024, the Neuberger Berman ETF's Funds' Board of Trustees approved a change in fiscal year end from August 31 to October 31 for Energy Transition & Infrastructure ETF. This change was effective on October 15, 2024 beginning with the prior fiscal period, September 1, 2024.

Note G—Unaudited Financial Information:

The financial information included in this interim report is taken from the records of each Fund without audit by an independent registered public accounting firm. Annual reports contain audited financial statements.

------

This page has been left blank intentionally

------

Financial Highlights

ETF Trust

The following tables include selected data for a share outstanding throughout each fiscal period and other performance information derived from the Financial Statements. Amounts that do not round to $0.01 or $(0.01) per share are presented as $0.00 or $(0.00), respectively. Ratios that do not round to 0.01% or (0.01)% are presented as 0.00% or (0.00)%, respectively. Net Assets with a zero balance, if any, may reflect actual amounts rounding to less than $0.1 million. A "—" indicates that the line item was not applicable in the corresponding fiscal period.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset** <br>**Value,** <br>**Beginning** <br>**of Period**<br>| **Net** <br>**Investment** <br>**Income/** <br>**(Loss)**<sup>a</sup> <br>| **Net Gains** <br>**or** <br>**Losses on** <br>**Securities** <br>**(both** <br>**realized** <br>**and** <br>**unrealized)**<br>| **Total Income** <br>**(Loss) From** <br>**Investment** <br>**Operations**<br>| **Dividends** <br>**from Net** <br>**Investment** <br>**Income**<br>| **Distributions** <br>**from Net** <br>**Realized** <br>**Capital Gains**<br>| **Tax Return** <br>**of Capital**<br>|
| **Energy Transition & Infrastructure ETF** | **Energy Transition & Infrastructure ETF** | **Energy Transition & Infrastructure ETF** | **Energy Transition & Infrastructure ETF** | **Energy Transition & Infrastructure ETF** | **Energy Transition & Infrastructure ETF** | **Energy Transition & Infrastructure ETF** | **Energy Transition & Infrastructure ETF** |
| 4/30/2025 (Unaudited) | $30.63 | $0.51 | $0.54 | $1.05 | $(0.98)<br>| $— | $— |
| Period from <br>9/1/2024 to <br>10/31/2024<sup>h</sup> <br>| $29.43 | $0.01 | $1.19 | $1.20 | $— | $— | $— |
| 8/31/2024 | $24.16 | $0.39 | $5.19 | $5.58 | $(0.31)<br>| $— | $— |
| 8/31/2023 | $24.20 | $0.41 | $(0.25)<br>| $0.16 | $(0.20)<br>| $— | $— |
| Period from <br>4/6/2022<sup>i</sup> to <br>8/31/2022<br>| $25.15 | $0.14 | $(1.09)<br>| $(0.95)<br>| $— | $— | $— |
| **Flexible Credit Income ETF** | **Flexible Credit Income ETF** | **Flexible Credit Income ETF** | **Flexible Credit Income ETF** | **Flexible Credit Income ETF** | **Flexible Credit Income ETF** | **Flexible Credit Income ETF** | **Flexible Credit Income ETF** |
| 4/30/2025 (Unaudited) | $50.95 | $1.78 | $(0.62)<br>| $1.16 | $(2.21)<br>| $(0.07)<br>| $— |
| Period from <br>6/24/2024<sup>i</sup> to <br>10/31/2024<br>| $50.00 | $1.21 | $0.66 | $1.87 | $(0.92)<br>| $— | $— |
| **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** | **Short Duration Income ETF** |
| 4/30/2025 (Unaudited) | $50.79 | $1.28 | $0.26 | $1.54 | $(1.60)<br>| $— | $— |
| 10/31/2024<sup>k,l</sup> <br>| $49.12 | $2.70 | $1.57 | $4.27 | $(2.60)<br>| $— | $— |
| 10/31/2023<sup>k,l</sup> <br>| $49.19 | $2.33 | $0.07 | $2.40 | $(2.47)<br>| $— | $— |
| 10/31/2022<sup>k,l</sup> <br>| $54.55 | $1.48 | $(5.08)<br>| $(3.60)<br>| $(1.69)<br>| $— | $(0.07)<br>|
| 10/31/2021<sup>k,l</sup> <br>| $54.48 | $1.41 | $0.35 | $1.76 | $(1.69)<br>| $— | $— |
| 10/31/2020<sup>k,l</sup> <br>| $54.98 | $1.69 | $(0.50)<br>| $1.19 | $(1.69)<br>| $— | $— |
| **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** | **Total Return Bond ETF** |
| Period from <br>12/17/2024<sup>i</sup> to <br>4/30/2025 (Unaudited)<br>| $50.00 | $0.94 | $(0.10)<br>| $0.84 | $(0.93)<br>| $— | $— |

---

See Notes to Financial Highlights

------

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total** <br>**Distributions**<br>| &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value,** <br>**End of Period**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Return**<sup>b,c</sup> <br>| &nbsp;&nbsp;&nbsp; **Net Assets,** <br>**End of** <br>**Year** <br>**(in millions)**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Gross** <br>**Expenses to** <br>**Average Net** <br>**Assets**<sup>d</sup> <br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Expenses to** <br>**Average** <br>**Net Assets**<br>| &nbsp;&nbsp;&nbsp; **Ratio** <br>**of Net** <br>**Investment** <br>**Income/** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Loss) to** <br>**Average** <br>**Net Assets**<br>| &nbsp;&nbsp;&nbsp; **Portfolio** <br>**Turnover** <br>**Rate**<br>|
| $(0.98)<br>| &nbsp;&nbsp;&nbsp; $30.70 | &nbsp;&nbsp;&nbsp;&nbsp; 3.39 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp; $20.0 | &nbsp;&nbsp;&nbsp;&nbsp; 2.44 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.57 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; 15 %<sup>e,g</sup><br>|
| $— | &nbsp;&nbsp;&nbsp; $30.63 | &nbsp;&nbsp;&nbsp;&nbsp; 4.10<br> %<br>| &nbsp;&nbsp;&nbsp; $14.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; 2 %<sup>e,g</sup><br>|
| $(0.31)<br>| &nbsp;&nbsp;&nbsp; $29.43 | &nbsp;&nbsp;&nbsp;&nbsp; 23.31<br> %<br>| &nbsp;&nbsp;&nbsp; $32.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> % <br>| &nbsp;&nbsp;&nbsp; 12 %<sup>g</sup><br>|
| $(0.20)<br>| &nbsp;&nbsp;&nbsp; $24.16 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp; $25.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> % <br>| &nbsp;&nbsp;&nbsp; 10 %<sup>g</sup><br>|
| $— | &nbsp;&nbsp;&nbsp; $24.20 | &nbsp;&nbsp;&nbsp; (3.79 )%<sup>e</sup><br>| &nbsp;&nbsp;&nbsp; $5.4 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; 5 %<sup>e,g</sup><br>|
| $(2.28)<br>| &nbsp;&nbsp;&nbsp; $49.83 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp; $52.3 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.10 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; 31 %<sup>e</sup><br>|
| $(0.92)<br>| &nbsp;&nbsp;&nbsp; $50.95 | &nbsp;&nbsp;&nbsp;&nbsp; 3.74 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp; $52.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>f,j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.78 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; 33 %<sup>e</sup><br>|
| $(1.60)<br>| &nbsp;&nbsp;&nbsp; $50.73 | &nbsp;&nbsp;&nbsp;&nbsp; 3.08 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp; $251.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.45 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.09 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; 32 %<sup>e</sup><br>|
| $(2.60)<br>| &nbsp;&nbsp;&nbsp; $50.79 | &nbsp;&nbsp;&nbsp;&nbsp; 8.64<br> %<br>| &nbsp;&nbsp;&nbsp; $151.2 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.37<br> % <br>| &nbsp;&nbsp;&nbsp; 74<br> % <br>|
| $(2.47)<br>| &nbsp;&nbsp;&nbsp; $49.12 | &nbsp;&nbsp;&nbsp;&nbsp; 4.98<br> %<br>| &nbsp;&nbsp;&nbsp; $142.1 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.76<br> % <br>| &nbsp;&nbsp;&nbsp; 65<br> % <br>|
| $(1.76)<br>| &nbsp;&nbsp;&nbsp; $49.19 | &nbsp;&nbsp;&nbsp; (6.65)%<br>| &nbsp;&nbsp;&nbsp; $147.6 | &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> % <br>| &nbsp;&nbsp;&nbsp; 76<br> % <br>|
| $(1.69)<br>| &nbsp;&nbsp;&nbsp; $54.55 | &nbsp;&nbsp;&nbsp;&nbsp; 3.26<br> %<br>| &nbsp;&nbsp;&nbsp; $90.0 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> % <br>| &nbsp;&nbsp;&nbsp; 91<br> % <br>|
| $(1.69)<br>| &nbsp;&nbsp;&nbsp; $54.48 | &nbsp;&nbsp;&nbsp;&nbsp; 2.31<br> %<br>| &nbsp;&nbsp;&nbsp; $55.7 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.36<br> % <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.08<br> % <br>| &nbsp;&nbsp;&nbsp; 165<br> % <br>|
| $(0.93)<br>| &nbsp;&nbsp;&nbsp; $49.91 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69 %<sup>e</sup><br>| &nbsp;&nbsp;&nbsp; $51.2 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22 %<sup>f,j</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.15 %<sup>f</sup><br>| &nbsp;&nbsp;&nbsp; 76 %<sup>e</sup><br>|

---

------

Notes to Financial Highlights (Unaudited)

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

---

| | |
|:---|:---|
| a | Calculated based on the average number of shares outstanding during each fiscal period. |
| b | The class action proceeds listed in Note A of the Notes to Financial Statements, if any, had no impact on the <br> Funds' total returns for the six months ended April 30, 2025. The class action proceeds received in 2024, <br> 2023, 2022, 2021 and 2020 had no impact on the Funds' total returns for the years ended October 31, <br> 2024, 2023, 2022, 2021 and 2020, respectively.<br>|
| c | Total return based on per share NAV reflects the effects of changes in NAV on the performance of each <br> Fund during the each fiscal period. Returns assume income dividends and other distributions, if any, were <br> reinvested. Results represent past performance and do not indicate future results. Current returns may be <br> lower or higher than the performance data quoted. Investment returns and principal will fluctuate and <br> shares, when redeemed, may be worth more or less than original cost. Each of Energy Transition & <br> Infrastructure ETF, Flexible Credit ETF and Total Return Bond ETF, has a limited performance history that <br> should not be relied on. Past performance, particularly for brief periods of time, are not indicative of future <br> returns. Total return would have been lower if Management had not reimbursed and/or waived certain <br> expenses and/or waived a portion of the investment management fee (for certain periods). Total return <br> would have been higher if Management had not recouped previously reimbursed and/or waived expenses.<br>|
| d | Represents the annualized ratios of net expenses to average daily net assets if Management had not <br> reimbursed certain expenses and/or waived a portion of the investment management fee.<br>|
| e | Not annualized. |
| f | Annualized. |
| g | Portfolio turnover rate excludes securities received or delivered in-kind. Had the Funds listed below included <br> securities received or delivered in-kind the portfolio turnover rate would have been:<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended April 30** | **Year Ended August 31** | **Year Ended August 31** |
|  | **2025** | **2024** | **2023** |
| **Energy Transition &** <br> **Infrastructure ETF**<br>| 40%<br>&nbsp;&nbsp;&nbsp;&nbsp; 45% <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12% | &nbsp;&nbsp;&nbsp;&nbsp; 12%<br>&nbsp;&nbsp;&nbsp;&nbsp; 8% <br><sup>(2)</sup><br>|

---

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

<sup>(1)</sup> Period from September 1, 2024 to October 31, 2024. <br> <sup>(2)</sup> Period from April 6, 2022 (Commencement of Operations) to August 31, 2022.

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

---

| | |
|:---|:---|
| h | The fiscal year end changed from August 31 to October 31. This period represents the two-month period <br> from September 1, 2024 to October 31, 2024.<br>|
| i | The date investment operations commenced. |
| j | Organization expense, which is a non-recurring expense, is included in these ratios on a non-annualized <br> basis.<br>|
| k | After the close of business on June 14, 2024, the Predecessor Fund's Institutional Class underwent a reverse <br> stock split. The per share data presented here has been retroactively adjusted to reflect this split. See Note A <br> of the Notes to Financial Statements.<br>|
| l | Financial highlights prior to the close of business on June 21, 2024 are of the Predecessor Fund. |

---

------

Directory

**Investment Manager and Administrator**

Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, NY 10104-0002

**Distributor**

Neuberger Berman BD LLC

1290 Avenue of the Americas

New York, NY 10104-0002

**Custodian and Transfer Agent**

State Street Bank and Trust Company

One Congress Street, Suite 1

Boston, MA 02114-2016

**For Shareholders, address correspondence to:**

Neuberger Berman Funds

1776 Heritage Drive, 3rd Floor

North Quincy, MA 02171

**Legal Counsel**

K&L Gates LLP

1601 K Street, NW

Washington, DC 20006-1600

**Independent Registered Public Accounting Firm**

Ernst & Young LLP

200 Clarendon Street

Boston, MA 02116

------

Neuberger Berman Total Return Bond ETF: Initial Board Consideration of the Management Agreement

Prior to approving the management agreement with Neuberger Berman Investment Advisers LLC ("Management") (the "Agreement") with respect to Neuberger Berman Total Return Bond ETF ("Total Return Bond ETF" or the "Fund"), the Board of Trustees (the "Board") of Neuberger Berman ETF Trust (the "Trust"), including the Trustees who are not "interested persons" of the Trust or of Management (including its affiliates), as such term is defined under the Investment Company Act of 1940, as amended ("1940 Act") ("Independent Fund Trustees"), evaluated the Agreement with respect to the Fund at its September 26, 2024 meeting. Throughout the process, the Independent Fund Trustees were advised by counsel that is experienced in 1940 Act matters and that is independent of Management ("Independent Counsel").

In evaluating the Agreement with respect to the Fund, the Board, including the Independent Fund Trustees, reviewed materials provided by Management and met with senior representatives of Management regarding its personnel, operations, and financial condition as they relate to the Fund.

In connection with its deliberations on the Agreement with respect to the Fund, the Board also considered the broad range of information relevant to the Agreement that is provided to the Board (including their various standing committees) at meetings throughout the year and for the annual consideration of continuance of contracts for series of other funds managed by Management ("NB Funds"). The Board established the Contract Review Committee, which is comprised of Independent Fund Trustees, to assist in its evaluation and analysis of materials for contract review. The Board has also established other committees that focus throughout the year on specific areas relevant to contract review, such as performance or compliance matters, and that are charged with specific responsibilities regarding the annual contract review. Those committees provide reports to the full Board, including the members of the Contract Review Committee, which consider that information as part of a contract review process.

The Independent Fund Trustees receive, at least annually, from Independent Counsel a memorandum discussing the legal standards for their consideration of the Agreement. During the course of their deliberations regarding their review of the Agreement, the Independent Fund Trustees met with Independent Counsel separately from representatives of Management.

In connection with its approval of the Agreement with respect to the Fund, the Board evaluated the terms of the Agreement, the overall fairness of the Agreement to the Fund and whether the Agreement was in the best interests of the Fund and its shareholders. The Board considered all factors it deemed relevant with respect to the Fund, including the following factors: (1) the nature, extent, and anticipated quality of the services to be provided by Management; (2) the expected costs of the services to be provided by Management; (3) the extent to which economies of scale might be realized as the Fund grows; and (4) whether proposed fee levels reflect any such potential economies of scale for the benefit of the Fund's shareholders. The Board's determination to approve the Agreement was based on a comprehensive consideration of all information provided to the Board. This description is not intended to include all of the factors considered by the Board. The Board members did not identify any particular factor that was all-important or controlling, and each Trustee may have attributed different weights to the various factors. Additionally, the information and factors considered, and weight placed on any particular information or factor may change over time. The Board focused on the costs and benefits of the Agreement to the Fund and, through the Fund, its shareholders.

With respect to the nature, extent and quality of the services to be provided, the Board considered the investment philosophy and decision-making processes of, and the qualifications, experience, capabilities, and succession plans of, and the resources available to, the portfolio management personnel of Management who would perform services for the Fund. The Board also considered historical composite performance of similar accounts managed by the Fund's portfolio management team. The Board noted that Management also would provide certain administrative services, including fund accounting and compliance services. The Board also considered

------

Management's policies and practices regarding trade execution, transaction costs, and allocation of portfolio transactions for the Fund and reviewed the quality of the execution services that Management had provided to other NB Funds. Moreover, the Board considered Management's approach to potential conflicts of interest both generally and between a fund's investments and those of other funds or accounts managed by Management. The Board noted the extensive range of services that Management will provide to the Fund beyond the investment management services. The Board noted that Management will also be responsible for monitoring compliance with the Fund's investment objectives, policies and restrictions, as well as compliance with applicable law, including implementing regulatory initiatives of the U.S. Securities and Exchange Commission and other regulators. The Board considered that Management will assume significant ongoing entrepreneurial and business risks as the investment adviser and sponsor for the Fund, for which it is entitled to reasonable compensation. The Board also considered that Management's responsibilities will include continual management of investment, operational, cybersecurity, enterprise, legal, regulatory and compliance risks as they relate to the Fund, and the Board considers on a regular basis information regarding Management's processes for monitoring and managing risk. In addition, the Board also noted that when Management launches a new fund, such as Total Return Bond ETF, it assumes entrepreneurial risk with respect to that fund, and that some funds have liquidated without ever having been profitable to Management.

The Board also noted that the Fund would use the same service providers as the other series of the Trust and considered its review and evaluation, in its capacity as the Board, of Management's activities to oversee the various outside service providers, including its renegotiation of certain service providers' fees and its evaluation of service providers' infrastructure, cybersecurity programs, compliance programs, and business continuity programs, among other matters. The Board also considered Management's ongoing development of its own infrastructure and information technology that will support the Fund through, among other things, cybersecurity, business continuity planning, and risk management. In addition, the Board noted the positive compliance history of Management, as no significant compliance problems were reported to the Board with respect to Management. The Board also considered the general structure of the portfolio managers' compensation for the Fund, and whether this structure provides appropriate incentives for portfolio managers to act in the best interests of the Fund that they manage. The Board also considered the ability of Management to attract and retain qualified personnel to service the Fund.

The Board also considered the manner in which Management addressed various matters that have arisen during the year for the NB Funds, some of them a result of developments in the broader fund industry or the regulations governing it. In addition, the Board considered actions taken by Management, on behalf of the NB Funds, in response to market conditions over the past year and considered the overall performance of Management in this context.

With respect to the overall fairness of the Agreement, the Board considered the Fund's proposed fee structure and anticipated total expense ratios under the Agreement as compared to a peer group of funds having comparable investment programs. The Board considered that relative to its peer group of funds, the Total Return Bond ETF's management fee and anticipated total expense ratio both before and after the application of the contractual expense limitation against a peer group of comparable funds were lower than the median management fee rate and total expense ratio.

The Board also considered other funds or separate accounts that were advised or sub-advised by Management or its affiliates with investment objectives, policies, and strategies that were similar to those of the Fund, and compared the fees charged to the Fund to the fees charged to such comparable funds and/or separate accounts. The Board considered the appropriateness and reasonableness of any differences between the fees charged to the Fund and such comparable funds and/or separate accounts, and determined that differences in fees and fee structures were consistent with the differences in the management and other services provided. The Board explored with Management its assertion that although, the rates of fees paid by such accounts were lower than the fee rates paid by the Fund, the differences reflected Management's greater level of responsibilities and

------

significantly broader scope of services to the Fund, the more extensive regulatory obligations and risks associated with managing the Fund, and other financial considerations with respect to creation and sponsorship of the Fund.

The Board considered that the Fund's management fee includes separate advisory and administrative fees paid to Management whereas many exchange-traded funds in the industry utilize a unitary fee structure, under which those funds pay for the advisory, supervisory, and administrative services for one set fee. Accordingly, the Board considered the Fund's total expense ratio as compared with its peer group as a way of taking account of the differences in fee structure between the Fund and the funds in the peer group.

The Board also considered the proposed contractual expense limitation for the Fund. The Board considered that the Fund's fee structure does not provide for a reduction of payments resulting from the use of breakpoints, and concluded that the fee structure was reasonable based in part on the nature of the Fund and its investment strategy, in part based on the proposed expense limitation for the Fund, and the observation that the Fund was priced to scale – that is, the projected expense ratios for the Fund were comparable to those of much larger funds. The Board also considered the projected profitability for the Fund provided by Management and any fall-out (i.e., indirect) benefits likely to accrue to Management or its affiliates from their relationship with the Fund. The Board concluded that the benefits expected to accrue to Management and its affiliates by virtue of their relationship to the Fund were reasonable in light of the reasonably anticipated costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.

Conclusions

In approving the Agreement, the Board concluded that, in its business judgment, the terms of the Agreement are fair and reasonable to the Fund and that approval of the Agreement is in the best interests of the Fund and its shareholders. In reaching this determination, the Board considered that Management could be expected to provide a high level of service to the Fund; that the Fund's proposed fee structure appeared to the Board to be reasonable given the nature, extent, and quality of services expected to be provided; and that the benefits expected to accrue to Management and its affiliates by virtue of their relationship with the Fund were reasonable in light of the reasonably anticipated costs of providing the investment advisory and other services and the benefits expected to accrue to the Fund.

------

This page has been left blank intentionally

------

This page has been left blank intentionally

------

This page has been left blank intentionally

------

![](imgbfe726d51.jpg)

**Neuberger Berman Investment Advisers LLC**

1290 Avenue of the Americas

New York, NY 10104-0002

877.628.2583 www.nb.com/ETF

*Statistics and projections in this report are derived from sources deemed to be reliable but cannot be regarded as a representation of future results of the Funds. This report is prepared for the general information of shareholders and is not an offer of shares of the Funds. Shares are sold only through the currently effective prospectus which you can obtain by calling 877.628.2583. An investor should consider carefully a Fund's investment objectives, risks and fees and expenses, which are described in its prospectus, before investing.*

![](imgb8fea7314.jpg)

Z0626 06/25

![](img07ee66855.jpg)

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
There was nothing to report with respect to this item.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There was nothing to report with respect to this item.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to trustees, officers, and others for each series is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding the basis for the approval of the investment advisory contracts for Neuberger Berman Total Return Bond ETF is disclosed in the Registrant's financial statements, which is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There were no changes to the procedures by which shareholders may recommend nominees to the Board.

#### Item 16. Controls and Procedures.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing date of this report, the
 Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required
 to be disclosed by the Registrant on Form N-CSR is accumulated and communicated to the Registrant's management to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period
 covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

------

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**<br>

Not applicable to the Registrant.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable to the Registrant.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | A copy of the [Code of Ethics is incorporated by reference to Neuberger Berman Alternative Funds' Form N-CSR, Investment Company Act file number 811-21715 (filed January 6, 2025).](https://www.sec.gov/Archives/edgar/data/1317474/000198115825000004/codeofethics.htm) |

---

(a)(2) Not applicable to the Registrant.

---

| | |
|:---|:---|
| (a)(3) | [The certifications required by Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act")](exh99-cert.htm#EXHIBIT-99CERT) are filed herewith. |

---

(a)(4) Not applicable to the Registrant.

(a)(5) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certification required by Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act](exh99-906cert.htm#EXHIBIT-99.906CERT) is furnished herewith.

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

------

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

Neuberger Berman ETF Trust

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: June 26, 2025

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

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

Date: June 26, 2025

By: <u>/s/ John M. McGovern</u>

John M. McGovern

Treasurer and Principal Financial and Accounting Officer

Date: June 26, 2025

## Ex-99.Cert

**EXHIBIT - 99CERT**<br>

#### CERTIFICATIONS
I, Joseph V. Amato, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman ETF Trust ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: June 26, 2025

By: <u>/s/ Joseph V. Amato</u>

Joseph V. Amato

Chief Executive Officer and President

------

I, John M. McGovern, certify that:

1. I have reviewed this report on Form N-CSR of Neuberger Berman ETF Trust ("Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: June 26, 2025

By: <u>/s/ John M. McGovern</u>

John M. McGovern

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasurer and Principal Financial and Accounting Officer

## Exhibit 99.906

**EXHIBIT - 99.906CERT**<br>

#### Section 906 Certification

We, Joseph V. Amato, Chief Executive Officer and President, and John M. McGovern, Treasurer and Principal Financial and Accounting Officer, of Neuberger Berman ETF Trust ("Registrant"), certify, pursuant to 18 U.S.C. Section 1350 enacted under Section 906 of the Sarbanes-Oxley Act of 2002, that to our knowledge:

<br> 1. The Registrant's periodic report on Form N-CSR for the period ended April 30, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78m(a) or 78o(d)); and

<br> 2. The information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: June 26, 2025

 By: <u>/s/ Joseph V. Amato</u><br> Joseph V. Amato<br> Chief Executive Officer and President<br>By: <u>/s/ John M. McGovern</u><br> John M. McGovern<br> Treasurer and Principal Financial<br> and Accounting Officer<br>

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Commission.

<br>