ActivePassive U.S. Equity ETF | ||||||||
Schedule of Investments | ||||||||
May 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 86.44% | ||||||||
Automobiles & Components - 1.81% | ||||||||
BorgWarner, Inc. | 4,636 | $ | 205,514 | |||||
General Motors Co. | 9,028 | 292,597 | ||||||
Lear Corp. | 488 | 59,858 | ||||||
Lucid Group, Inc. (a) | 2,684 | 20,828 | ||||||
Rivian Automotive, Inc. (a) | 4,392 | 64,694 | ||||||
Tesla, Inc. (a) | 10,492 | 2,139,634 | ||||||
2,783,125 | ||||||||
Banks - 2.89% | ||||||||
Bank of America Corp. | 25,376 | 705,199 | ||||||
Citigroup, Inc. | 13,908 | 616,403 | ||||||
Citizens Financial Group, Inc. | 4,880 | 125,806 | ||||||
Huntington Bancshares, Inc. | 11,468 | 118,235 | ||||||
JPMorgan Chase & Co. | 15,616 | 2,119,247 | ||||||
Regions Financial Corp. | 8,052 | 139,058 | ||||||
Wells Fargo & Co. | 15,860 | 631,387 | ||||||
4,455,335 | ||||||||
Capital Goods - 4.35% | ||||||||
Boeing Co. (a) | 1,952 | 401,526 | ||||||
Carrier Global Corp. | 7,808 | 319,347 | ||||||
Cummins, Inc. | 732 | 149,628 | ||||||
Deere & Co. | 732 | 253,257 | ||||||
Eaton Corp PLC (b) | 3,172 | 557,955 | ||||||
Ferguson PLC (b) | 976 | 141,432 | ||||||
Fortive Corp. | 10,004 | 651,360 | ||||||
General Electric Co. | 7,076 | 718,427 | ||||||
Honeywell International, Inc. | 3,416 | 654,507 | ||||||
Howmet Aerospace, Inc. | 3,172 | 135,603 | ||||||
Hubbell, Inc. | 488 | 137,840 | ||||||
Illinois Tool Works, Inc. | 732 | 160,110 | ||||||
Lockheed Martin Corp. | 732 | 325,015 | ||||||
PACCAR, Inc. | 6,832 | 469,905 | ||||||
Raytheon Technologies Corp. | 5,368 | 494,608 | ||||||
Snap-on, Inc. | 732 | 182,166 | ||||||
Textron, Inc. | 5,612 | 347,214 | ||||||
Trane Technologies PLC (b) | 1,220 | 199,141 | ||||||
United Rentals, Inc. | 732 | 244,334 | ||||||
WW Grainger, Inc. | 244 | 158,361 | ||||||
6,701,736 | ||||||||
Commercial & Professional Services - 1.82% | ||||||||
Automatic Data Processing, Inc. | 3,660 | 764,903 | ||||||
Cintas Corp. | 1,708 | 806,415 | ||||||
Copart, Inc. (a) | 10,980 | 961,739 | ||||||
CoStar Group, Inc. (a) | 3,416 | 271,230 | ||||||
2,804,287 | ||||||||
Consumer Discretionary Distribution & Retail - 4.05% | ||||||||
Amazon.com, Inc. (a) | 35,136 | 4,236,698 | ||||||
Chewy, Inc. (a) | 2,440 | 71,956 | ||||||
Home Depot, Inc. | 3,904 | 1,106,589 | ||||||
LKQ Corp. | 5,124 | 270,291 | ||||||
Lowe's Cos, Inc. | 732 | 147,227 | ||||||
TJX Cos, Inc. | 3,904 | 299,788 | ||||||
Ulta Beauty, Inc. (a) | 244 | 99,999 | ||||||
6,232,548 | ||||||||
Consumer Durables & Apparel - 1.18% | ||||||||
DR Horton, Inc. | 3,660 | 391,034 | ||||||
Garmin Ltd. (b) | 1,708 | 176,180 | ||||||
Lennar Corp. | 3,904 | 418,197 | ||||||
Lennar Corp. | 3,416 | 322,983 | ||||||
NIKE, Inc. | 1,464 | 154,101 | ||||||
PulteGroup, Inc. | 5,368 | 354,717 | ||||||
1,817,212 | ||||||||
Consumer Services - 1.33% | ||||||||
Caesars Entertainment, Inc. (a) | 2,196 | 90,058 | ||||||
Darden Restaurants, Inc. | 2,440 | 386,789 | ||||||
DoorDash, Inc. (a) | 1,952 | 127,446 | ||||||
McDonald's Corp. | 4,392 | 1,252,203 | ||||||
MGM Resorts International | 1,708 | 67,107 | ||||||
Starbucks Corp. | 1,220 | 119,121 | ||||||
2,042,724 | ||||||||
Consumer Staples Distribution & Retail - 0.83% | ||||||||
Albertsons Cos, Inc. | 2,196 | 44,711 | ||||||
Kroger Co. | 4,148 | 188,029 | ||||||
Walmart, Inc. | 7,076 | 1,039,252 | ||||||
1,271,992 | ||||||||
Energy - 2.76% | ||||||||
Chevron Corp. | 1,952 | 294,010 | ||||||
ConocoPhillips | 976 | 96,917 | ||||||
Coterra Energy, Inc. | 7,320 | 170,190 | ||||||
EQT Corp. | 2,928 | 101,807 | ||||||
Exxon Mobil Corp. | 19,520 | 1,994,553 | ||||||
Marathon Petroleum Corp. | 5,368 | 563,157 | ||||||
Occidental Petroleum Corp. | 4,148 | 239,174 | ||||||
Phillips 66 | 4,392 | 402,351 | ||||||
Valero Energy Corp. | 3,660 | 391,766 | ||||||
4,253,925 | ||||||||
Financial Services - 7.59% | ||||||||
Bank of New York Mellon Corp. | 10,980 | 441,396 | ||||||
Berkshire Hathaway, Inc. (a) | 6,344 | 2,036,931 | ||||||
BlackRock, Inc. | 1,464 | 962,653 | ||||||
Block, Inc. (a) | 3,660 | 221,027 | ||||||
Cboe Global Markets, Inc. | 732 | 96,931 | ||||||
Equitable Holdings, Inc. | 9,272 | 227,535 | ||||||
Fiserv, Inc. (a) | 3,172 | 355,867 | ||||||
Franklin Resources, Inc. | 11,956 | 287,064 | ||||||
Goldman Sachs Group, Inc. | 1,952 | 632,253 | ||||||
Interactive Brokers Group, Inc. | 3,416 | 263,818 | ||||||
LPL Financial Holdings, Inc. | 488 | 95,053 | ||||||
MarketAxess Holdings, Inc. | 244 | 66,468 | ||||||
Mastercard, Inc. | 4,148 | 1,514,103 | ||||||
Morgan Stanley | 9,760 | 797,978 | ||||||
MSCI, Inc. | 488 | 229,619 | ||||||
Nasdaq, Inc. | 13,908 | 769,808 | ||||||
PayPal Holdings, Inc. (a) | 1,708 | 105,879 | ||||||
Rocket Cos, Inc. (a) | 15,616 | 125,240 | ||||||
State Street Corp. | 6,344 | 431,519 | ||||||
Synchrony Financial | 4,636 | 143,531 | ||||||
Toast, Inc. (a) | 2,928 | 61,400 | ||||||
Visa, Inc. | 8,296 | 1,833,664 | ||||||
11,699,737 | ||||||||
Food, Beverage & Tobacco - 3.54% | ||||||||
Altria Group, Inc. | 9,028 | 401,024 | ||||||
Campbell Soup Co. | 7,076 | 357,692 | ||||||
Conagra Brands, Inc. | 9,272 | 323,315 | ||||||
General Mills, Inc. | 7,320 | 616,051 | ||||||
Hershey Co. | 732 | 190,100 | ||||||
J M Smucker Co. | 2,440 | 357,680 | ||||||
Keurig Dr Pepper, Inc. | 11,468 | 356,884 | ||||||
Mondelez International, Inc. | 17,080 | 1,253,843 | ||||||
PepsiCo, Inc. | 8,784 | 1,601,762 | ||||||
5,458,351 | ||||||||
Health Care Equipment & Services - 3.73% | ||||||||
Boston Scientific Corp. (a) | 9,760 | 502,445 | ||||||
Cardinal Health, Inc. | 2,196 | 180,731 | ||||||
Cigna Group | 976 | 241,472 | ||||||
HCA Healthcare, Inc. | 1,708 | 451,237 | ||||||
Hologic, Inc. (a) | 7,808 | 615,972 | ||||||
Humana, Inc. | 488 | 244,913 | ||||||
Intuitive Surgical, Inc. (a) | 732 | 225,339 | ||||||
McKesson Corp. | 732 | 286,095 | ||||||
Stryker Corp. | 976 | 268,966 | ||||||
UnitedHealth Group, Inc. | 4,392 | 2,139,957 | ||||||
Universal Health Services, Inc. | 976 | 128,959 | ||||||
Veeva Systems, Inc. (a) | 1,464 | 242,585 | ||||||
Zimmer Biomet Holdings, Inc. | 1,708 | 217,497 | ||||||
5,746,168 | ||||||||
Household & Personal Products - 1.12% | ||||||||
Kimberly-Clark Corp. | 976 | 131,057 | ||||||
Procter & Gamble Co. | 11,224 | 1,599,420 | ||||||
1,730,477 | ||||||||
Insurance - 1.56% | ||||||||
Aflac, Inc. | 12,444 | 799,030 | ||||||
Arch Capital Group Ltd. (a)(b) | 5,612 | 391,156 | ||||||
Everest Re Group Ltd. (b) | 244 | 82,965 | ||||||
Fidelity National Financial, Inc. | 6,588 | 224,914 | ||||||
Globe Life, Inc. | 2,196 | 226,583 | ||||||
Hartford Financial Services Group, Inc. | 1,708 | 117,032 | ||||||
Principal Financial Group, Inc. | 8,540 | 559,029 | ||||||
2,400,709 | ||||||||
Materials - 1.74% | ||||||||
Albemarle Corp. | 1,220 | 236,107 | ||||||
CF Industries Holdings, Inc. | 732 | 45,025 | ||||||
Corteva, Inc. | 5,368 | 287,134 | ||||||
DuPont de Nemours, Inc. | 7,564 | 508,225 | ||||||
Freeport-McMoRan, Inc. | 5,612 | 192,716 | ||||||
International Paper Co. | 4,392 | 129,300 | ||||||
Linde PLC (b) | 3,172 | 1,121,811 | ||||||
Mosaic Co. | 1,464 | 46,789 | ||||||
Nucor Corp. | 244 | 32,223 | ||||||
Steel Dynamics, Inc. | 976 | 89,694 | ||||||
2,689,024 | ||||||||
Media & Entertainment - 6.24% | ||||||||
Alphabet, Inc. (a) | 7,076 | 872,966 | ||||||
Alphabet, Inc. (a) | 30,500 | 3,747,536 | ||||||
Comcast Corp. | 6,832 | 268,839 | ||||||
Fox Corp. | 9,272 | 289,286 | ||||||
Fox Corp. | 10,736 | 313,599 | ||||||
Meta Platforms, Inc. (a) | 9,760 | 2,583,668 | ||||||
Netflix, Inc. (a) | 732 | 289,308 | ||||||
Paramount Global | 1,220 | 21,435 | ||||||
Pinterest, Inc. (a) | 3,172 | 75,938 | ||||||
ROBLOX Corp. (a) | 2,684 | 112,352 | ||||||
Roku, Inc. (a) | 1,220 | 71,004 | ||||||
Snap, Inc. (a) | 6,100 | 62,220 | ||||||
Trade Desk, Inc. (a) | 2,440 | 170,995 | ||||||
Walt Disney Co. (a) | 8,296 | 729,716 | ||||||
9,608,862 | ||||||||
Pharmaceuticals, Biotechnology & Life Sciences - 7.49% | ||||||||
AbbVie, Inc. | 6,100 | 841,556 | ||||||
Agilent Technologies, Inc. | 6,832 | 790,257 | ||||||
Avantor, Inc. (a) | 10,492 | 209,210 | ||||||
Biogen, Inc. (a) | 976 | 289,296 | ||||||
Bristol-Myers Squibb Co. | 13,664 | 880,508 | ||||||
Catalent, Inc. (a) | 2,928 | 109,009 | ||||||
Danaher Corp. | 1,464 | 336,164 | ||||||
Eli Lilly & Co. | 3,660 | 1,571,825 | ||||||
Gilead Sciences, Inc. | 11,712 | 901,121 | ||||||
Johnson & Johnson | 9,516 | 1,475,551 | ||||||
Merck & Co, Inc. | 13,664 | 1,508,642 | ||||||
Moderna, Inc. (a) | 1,952 | 249,290 | ||||||
Pfizer, Inc. | 28,304 | 1,076,118 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 244 | 179,477 | ||||||
Thermo Fisher Scientific, Inc. | 1,708 | 868,450 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 488 | 157,902 | ||||||
Viatris, Inc. | 11,224 | 102,700 | ||||||
11,547,076 | ||||||||
Real Estate Management & Development - 0.29% | ||||||||
CBRE Group, Inc. (a) | 2,196 | 164,524 | ||||||
Zillow Group, Inc. (a) | 2,928 | 131,145 | ||||||
Zillow Group, Inc. (a) | 3,416 | 155,804 | ||||||
451,473 | ||||||||
Semiconductors & Semiconductor Equipment - 6.54% | ||||||||
Advanced Micro Devices, Inc. (a) | 2,196 | 259,589 | ||||||
Analog Devices, Inc. | 2,440 | 433,564 | ||||||
Applied Materials, Inc. | 7,076 | 943,231 | ||||||
Broadcom, Inc. | 2,684 | 2,168,565 | ||||||
KLA Corp. | 488 | 216,179 | ||||||
Lam Research Corp. | 488 | 300,950 | ||||||
Microchip Technology, Inc. | 9,516 | 716,174 | ||||||
NVIDIA Corp. | 10,248 | 3,877,227 | ||||||
ON Semiconductor Corp. (a) | 1,708 | 142,789 | ||||||
QUALCOMM, Inc. | 2,196 | 249,048 | ||||||
Skyworks Solutions, Inc. | 5,368 | 555,642 | ||||||
Texas Instruments, Inc. | 1,220 | 212,134 | ||||||
10,075,092 | ||||||||
Software & Services - 11.01% | ||||||||
Accenture PLC (b) | 5,856 | 1,791,468 | ||||||
Adobe, Inc. (a) | 3,172 | 1,325,230 | ||||||
ANSYS, Inc. (a) | 732 | 236,868 | ||||||
Cloudflare, Inc. (a) | 2,684 | 185,625 | ||||||
Datadog, Inc. (a) | 2,684 | 254,738 | ||||||
DocuSign, Inc. (a) | 2,196 | 123,854 | ||||||
Microsoft Corp. | 28,792 | 9,455,005 | ||||||
Okta, Inc. (a) | 1,464 | 133,078 | ||||||
Oracle Corp. | 976 | 103,397 | ||||||
Palantir Technologies, Inc. (a) | 14,640 | 215,354 | ||||||
Roper Technologies, Inc. | 1,708 | 775,808 | ||||||
Salesforce, Inc. (a) | 5,368 | 1,199,104 | ||||||
Snowflake, Inc. (a) | 1,220 | 201,739 | ||||||
Synopsys, Inc. (a) | 976 | 444,041 | ||||||
Twilio, Inc. (a) | 2,684 | 186,860 | ||||||
UiPath, Inc. (a) | 4,148 | 74,208 | ||||||
Unity Software, Inc. (a) | 2,928 | 87,020 | ||||||
Zoom Video Communications, Inc. (a) | 2,440 | 163,797 | ||||||
16,957,194 | ||||||||
Technology Hardware & Equipment - 8.81% | ||||||||
Amphenol Corp. | 5,856 | 441,835 | ||||||
Apple, Inc. | 58,072 | 10,293,263 | ||||||
Arista Networks, Inc. (a) | 976 | 162,348 | ||||||
CDW Corp. | 732 | 125,677 | ||||||
Cisco Systems, Inc. | 25,620 | 1,272,545 | ||||||
Corning, Inc. | 10,492 | 323,259 | ||||||
Hewlett Packard Enterprise Co. | 15,372 | 221,664 | ||||||
Juniper Networks, Inc. | 12,932 | 392,745 | ||||||
Keysight Technologies, Inc. (a) | 1,708 | 276,354 | ||||||
Motorola Solutions, Inc. | 244 | 68,788 | ||||||
13,578,478 | ||||||||
Telecommunication Services - 1.15% | ||||||||
AT&T, Inc. | 13,664 | 214,935 | ||||||
T-Mobile US, Inc. (a) | 5,368 | 736,758 | ||||||
Verizon Communications, Inc. | 22,936 | 817,209 | ||||||
1,768,902 | ||||||||
Transportation - 1.59% | ||||||||
American Airlines Group, Inc. (a) | 1,708 | 25,244 | ||||||
Delta Air Lines, Inc. (a) | 1,708 | 62,052 | ||||||
Expeditors International of Washington, Inc. | 1,708 | 188,409 | ||||||
FedEx Corp. | 732 | 159,561 | ||||||
JB Hunt Transport Services, Inc. | 244 | 40,741 | ||||||
Old Dominion Freight Line, Inc. | 1,220 | 378,737 | ||||||
Southwest Airlines Co. | 976 | 29,153 | ||||||
Uber Technologies, Inc. (a) | 5,856 | 222,118 | ||||||
Union Pacific Corp. | 2,684 | 516,724 | ||||||
United Airlines Holdings, Inc. (a) | 1,952 | 92,652 | ||||||
United Parcel Service, Inc. | 4,392 | 733,464 | ||||||
2,448,855 | ||||||||
Utilities - 3.02% | ||||||||
AES Corp. | 10,736 | 211,929 | ||||||
Ameren Corp. | 5,124 | 415,403 | ||||||
American Electric Power Co, Inc. | 2,196 | 182,532 | ||||||
CenterPoint Energy, Inc. | 18,056 | 509,360 | ||||||
Consolidated Edison, Inc. | 4,392 | 409,774 | ||||||
Constellation Energy Corp. | 2,684 | 225,510 | ||||||
Edison International | 1,708 | 115,324 | ||||||
Evergy, Inc. | 9,272 | 536,385 | ||||||
NextEra Energy, Inc. | 9,272 | 681,120 | ||||||
NiSource, Inc. | 20,984 | 564,259 | ||||||
PG&E Corp. (a) | 22,692 | 384,402 | ||||||
PPL Corp. | 13,664 | 357,997 | ||||||
Xcel Energy, Inc. | 976 | 63,723 | ||||||
4,657,718 | ||||||||
TOTAL COMMON STOCKS (Cost $130,632,634) | 133,181,000 | |||||||
EXCHANGE TRADED FUNDS - 9.57% | ||||||||
Dimensional US Small Cap ETF | 292,800 | 14,745,408 | ||||||
TOTAL EXCHANGE TRADED FUNDS (Cost $14,931,936) | 14,745,408 | |||||||
REAL ESTATE INVESTMENT TRUSTS - 2.40% | ||||||||
Equity Real Estate Investment Trusts (REITs) - 2.40% | ||||||||
American Tower Corp. | 2,928 | 540,040 | ||||||
Boston Properties, Inc. | 2,440 | 118,755 | ||||||
Host Hotels & Resorts, Inc. | 19,276 | 319,982 | ||||||
Iron Mountain, Inc. | 4,148 | 221,586 | ||||||
Prologis, Inc. | 5,612 | 698,974 | ||||||
Public Storage | 244 | 69,125 | ||||||
Realty Income Corp. | 2,440 | 145,034 | ||||||
Regency Centers Corp. | 7,808 | 439,356 | ||||||
Simon Property Group, Inc. | 1,952 | 205,253 | ||||||
VICI Properties, Inc. | 9,760 | 301,877 | ||||||
Weyerhaeuser Co. | 11,224 | 321,680 | ||||||
WP Carey, Inc. | 4,636 | 321,553 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $3,894,399) | 3,703,215 | |||||||
SHORT-TERM INVESTMENTS - 1.48% | ||||||||
First American Government Obligations Fund, Class X, 4.965% (c) | 2,278,396 | 2,278,396 | ||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $2,278,396) | 2,278,396 | |||||||
Total Investments (Cost $151,737,365) - 99.89% | 153,908,019 | |||||||
Other Assets in Excess of Liabilities - 0.11% | 168,270 | |||||||
TOTAL NET ASSETS - 100.00% | $ | 154,076,289 | ||||||
Percentages are stated as a percent of net assets. |
(a) | Non-income producing security. | ||||
(b) | Foreign issued security. | ||||
(c) | The rate shown represents the seven day yield at May 31, 2023. | ||||
Abbreviations | |||||
ADR | American Depositary Receipt | ||||
PLC | Public Limited Company is a publicly traded company which signifies that shareholders have limited liability. |
The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. | |||||
and Standard & Poors Financial Services LLC ("S&P"). GICS is a service mark of MSCI and S&P and has been | |||||
licensed for use by U.S. Bancorp Fund Services, LLC. | |||||
The accompanying notes are an integral part of these schedule of investments. |
Summary of Fair Value Exposure at May 31, 2023 | |||||||
The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures” (“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions that are not Orderly” (“Determining Fair Value”). Determining Fair Value clarifies Fair Value Measurements and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. Determining Fair Value also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types. Fair Value Measurements requires the Fund to classify securities based on valuation method. These inputs are summarized in the three broad levels listed below: | |||||||
Level 1 - Quoted prices in active markets for identical securities. | |||||||
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | |||||||
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.) | |||||||
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' investments carried at fair value as of May 31, 2023. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks* | $ | 133,181,000 | $ | - | $ | - | $ | 133,181,000 | ||||||||
Exchange-Traded Funds | 14,745,408 | - | - | 14,745,408 | ||||||||||||
Real Estate Investment Trusts* | 3,703,215 | - | - | 3,703,215 | ||||||||||||
Total Equity | 151,629,623 | - | - | 151,629,623 | ||||||||||||
Money Market Funds | 2,278,396 | - | - | 2,278,396 | ||||||||||||
Total Investments in Securities | $ | 153,908,019 | $ | - | $ | - | $ | 153,908,019 |
* For further breakdown by industry, please refer to the Schedule of Investments. | ||||||||
The Fund did not hold any Level 3 securities during the period ended May 31, 2023. |