ag
ActivePassive International Equity ETF |
Schedule of Investments |
as of May 31, 2024 (Unaudited) |
COMMON STOCKS - 97.8% | Shares | Value | ||||
Automobiles & Components - 3.4% | ||||||
Bayerische Motoren Werke AG - ADR | 4,312 | $ | 145,487 | |||
BYD Co. Ltd. - ADR | 28,786 | 1,615,182 | ||||
Cie Generale des Etablissements Michelin SCA - ADR | 16,231 | 327,704 | ||||
Continental AG - ADR | 13,279 | 89,766 | ||||
Dr Ing hc F Porsche AG - ADR | 3,212 | 26,435 | ||||
Geely Automobile Holdings Ltd. - ADR | 14,833 | 360,739 | ||||
Honda Motor Co. Ltd. - ADR | 237,864 | 8,068,347 | ||||
Li Auto, Inc. - ADR(a) | 36,896 | 747,144 | ||||
Mercedes-Benz Group AG - ADR | 7,000 | 126,245 | ||||
NIO, Inc. - ADR(a) | 41,045 | 221,232 | ||||
Renault SA - ADR | 6,423 | 74,764 | ||||
Suzuki Motor Corp. - ADR | 1,667 | 79,299 | ||||
Toyota Motor Corp. - ADR | 58,123 | 12,642,334 | ||||
Volkswagen AG - ADR | 3,508 | 49,919 | ||||
XPeng, Inc. - ADR(a) | 22,075 | 183,443 | ||||
24,758,040 | ||||||
Banks - 11.8% | ||||||
Agricultural Bank of China Ltd. - ADR | 28,834 | 302,469 | ||||
Banco Bilbao Vizcaya Argentaria SA - ADR | 473,421 | 5,165,023 | ||||
Banco de Chile - ADR | 30,007 | 710,566 | ||||
Banco do Brasil SA - ADR | 173,489 | 905,613 | ||||
Banco Macro SA - ADR | 2,033 | 134,768 | ||||
Banco Santander SA - ADR | 975,707 | 5,112,705 | ||||
Bank Central Asia Tbk PT - ADR | 58,384 | 823,214 | ||||
Bank Mandiri Persero Tbk PT - ADR | 65,453 | 942,523 | ||||
Bank of China Ltd. - ADR | 64,070 | 754,745 | ||||
Bank Rakyat Indonesia Persero Tbk PT - ADR | 51,002 | 682,407 | ||||
Barclays PLC - ADR | 440,301 | 4,997,416 | ||||
BNP Paribas SA - ADR | 19,499 | 718,733 | ||||
China Construction Bank Corp. - ADR | 419,131 | 5,938,248 | ||||
China Merchants Bank Co. Ltd. - ADR | 9,181 | 206,113 | ||||
Commonwealth Bank of Australia - ADR | 68,185 | 5,447,300 | ||||
Grupo Financiero Banorte SAB de CV - ADR | 10,693 | 507,811 | ||||
Grupo Financiero Galicia SA - ADR | 3,223 | 115,545 | ||||
HDFC Bank Ltd. - ADR | 81,901 | 4,741,249 | ||||
HSBC Holdings PLC - ADR | 205,671 | 9,183,210 | ||||
ICICI Bank Ltd. - ADR | 100,876 | 2,697,424 | ||||
Industrial & Commercial Bank of China Ltd. - ADR | 79,060 | 898,122 | ||||
ING Groep NV - ADR | 304,097 | 5,440,295 | ||||
Kasikornbank PCL - ADR | 4,239 | 59,558 | ||||
KB Financial Group, Inc. - ADR | 27,202 | 1,565,203 | ||||
Lloyds Banking Group PLC - ADR | 1,059,003 | 2,986,388 | ||||
Mitsubishi UFJ Financial Group, Inc. - ADR | 435,540 | 4,634,146 | ||||
Mizuho Financial Group, Inc. - ADR | 1,175,582 | 4,819,886 | ||||
NatWest Group PLC - ADR(a) | 304,204 | 2,512,725 | ||||
Oversea-Chinese Banking Corp. Ltd. - ADR | 2,843 | 60,726 | ||||
Shinhan Financial Group Co. Ltd. - ADR | 44,131 | 1,518,106 | ||||
Standard Bank Group Ltd. - ADR | 7,009 | 66,936 | ||||
Sumitomo Mitsui Financial Group, Inc. - ADR | 467,156 | 6,124,415 | ||||
UniCredit SpA - ADR | 89,151 | 1,760,509 | ||||
United Overseas Bank Ltd. - ADR | 16,984 | 772,772 | ||||
Woori Financial Group, Inc. - ADR | 40,889 | 1,272,057 | ||||
84,578,926 | ||||||
Capital Goods - 8.6% | ||||||
ABB Ltd. - ADR | 13,867 | 762,269 | ||||
Airbus SE - ADR | 140,036 | 5,950,130 | ||||
Alstom SA - ADR | 1,299,933 | 2,859,853 | ||||
Ashtead Group PLC - ADR | 9,932 | 2,944,540 | ||||
Assa Abloy AB - ADR | 13,640 | 199,417 | ||||
Astra International Tbk PT - ADR | 17,485 | 91,447 | ||||
Atlas Copco AB - ADR | 8,579 | 164,545 | ||||
Bouygues SA - ADR | 24,595 | 190,365 | ||||
Cie de Saint-Gobain SA - ADR | 99,407 | 1,753,539 | ||||
CK Hutchison Holdings Ltd. - ADR | 98,083 | 475,703 | ||||
Daikin Industries Ltd. - ADR | 168,509 | 2,456,861 | ||||
Daimler Truck Holding AG - ADR | 15,923 | 336,931 | ||||
Embraer SA - ADR(a) | 27,577 | 766,365 | ||||
FANUC Corp. - ADR | 284,887 | 3,979,871 | ||||
Geberit AG - ADR | 3,633 | 223,357 | ||||
Hitachi Ltd. - ADR | 6,039 | 1,241,196 | ||||
ITOCHU Corp. - ADR | 5,830 | 551,576 | ||||
Kingspan Group PLC - ADR | 1,646 | 157,999 | ||||
KION Group AG - ADR | 160,188 | 1,874,200 | ||||
Komatsu Ltd. - ADR | 1,399 | 41,116 | ||||
Kone Oyj - ADR | 10,633 | 270,078 | ||||
Marubeni Corp. - ADR | 268 | 52,472 | ||||
Mitsubishi Electric Corp. - ADR | 7,124 | 247,488 | ||||
Mitsui & Co. Ltd. - ADR | 874 | 891,025 | ||||
NIDEC CORP - ADR | 38,587 | 475,006 | ||||
Rheinmetall AG - ADR | 2,261 | 259,111 | ||||
Rolls-Royce Holdings PLC - ADR(a) | 819,616 | 4,704,596 | ||||
Schneider Electric SE - ADR | 259,632 | 12,945,251 | ||||
Siemens AG - ADR | 106,269 | 10,258,147 | ||||
Siemens Energy AG - ADR(a) | 3,661 | 99,213 | ||||
SMC Corp. - ADR | 18,198 | 458,590 | ||||
Sociedad Quimica y Minera de Chile SA - ADR | 7,166 | 334,652 | ||||
Techtronic Industries Co. Ltd. - ADR | 35,597 | 2,191,351 | ||||
Toyota Industries Corp. - ADR | 637 | 59,955 | ||||
Vestas Wind Systems AS - ADR(a) | 38,026 | 356,304 | ||||
Vinci SA - ADR | 19,628 | 610,431 | ||||
Volvo AB - ADR | 12,126 | 326,189 | ||||
WEG SA - ADR | 11,678 | 83,848 | ||||
61,644,987 | ||||||
Commercial & Professional Services - 2.9% | ||||||
Brambles Ltd. - ADR | 6 | 114 | ||||
Experian PLC - ADR | 4,617 | 213,213 | ||||
Recruit Holdings Co. Ltd. - ADR | 211,937 | 2,138,444 | ||||
RELX PLC - ADR | 361,184 | 15,877,649 | ||||
Rentokil Initial PLC - ADR | 83,330 | 2,248,243 | ||||
Secom Co. Ltd. - ADR | 2,277 | 35,202 | ||||
SGS SA - ADR | 55,357 | 514,820 | ||||
TDCX, Inc. - ADR(a) | 8,119 | 57,483 | ||||
21,085,168 | ||||||
Consumer Discretionary Distribution & Retail - 4.3% | ||||||
Alibaba Group Holding Ltd. - ADR | 92,960 | 7,282,486 | ||||
Cango, Inc./KY - ADR(a) | 10,361 | 15,438 | ||||
D-MARKET Elektronik Hizmetler ve Ticaret AS - ADR(a) | 10,323 | 20,749 | ||||
Fast Retailing Co. Ltd. - ADR | 109,837 | 2,810,729 | ||||
H & M Hennes & Mauritz AB - ADR | 7,457 | 25,991 | ||||
Industria de Diseno Textil SA - ADR | 256,955 | 6,105,251 | ||||
JD.com, Inc. - ADR | 69,945 | 2,071,771 | ||||
Jumia Technologies AG - ADR(a) | 77,092 | 546,582 | ||||
Kingfisher PLC - ADR | 69,843 | 468,297 | ||||
MINISO Group Holding Ltd. - ADR | 9,644 | 216,894 | ||||
MYT Netherlands Parent BV - ADR(a) | 146,521 | 786,818 | ||||
Naspers Ltd. - ADR | 23,428 | 934,309 | ||||
Nitori Holdings Co. Ltd. - ADR | 20,465 | 225,115 | ||||
Pan Pacific International Holdings Corp. - ADR | 109,953 | 2,859,877 | ||||
PDD Holdings, Inc. - ADR(a) | 33,097 | 4,957,269 | ||||
Prosus NV - ADR | 98,796 | 725,163 | ||||
Vipshop Holdings Ltd. - ADR | 50,632 | 813,656 | ||||
30,866,395 | ||||||
Consumer Durables & Apparel - 3.4% | ||||||
adidas AG - ADR | 2,191 | 277,337 | ||||
ANTA Sports Products Ltd. - ADR | 307 | 82,524 | ||||
Cie Financiere Richemont SA - ADR | 52,791 | 845,184 | ||||
Haier Smart Home Co. Ltd. - ADR | 66,513 | 965,769 | ||||
Hermes International SCA - ADR | 25,374 | 6,013,638 | ||||
Kering SA - ADR | 53,788 | 1,856,224 | ||||
LVMH Moet Hennessy Louis Vuitton SE - ADR | 52,528 | 8,443,351 | ||||
Samsonite International SA - ADR(a) | 60,951 | 965,464 | ||||
Shenzhou International Group Holdings Ltd. - ADR | 13,986 | 138,601 | ||||
Shimano, Inc. - ADR | 5,480 | 89,379 | ||||
Sony Group Corp. - ADR | 60,980 | 5,021,093 | ||||
24,698,564 | ||||||
Consumer Services - 2.3% | ||||||
Amadeus IT Group SA - ADR | 11,988 | 853,546 | ||||
Carnival PLC - ADR(a) | 54,532 | 746,543 | ||||
Compass Group PLC - ADR | 129,054 | 3,631,579 | ||||
GreenTree Hospitality Group Ltd. - ADR(a) | 4,367 | 11,485 | ||||
H World Group Ltd. - ADR | 1,489 | 55,435 | ||||
InterContinental Hotels Group PLC - ADR | 31,285 | 3,176,992 | ||||
Meituan - ADR(a) | 98,615 | 2,685,286 | ||||
Melco Resorts & Entertainment Ltd. - ADR(a) | 14,145 | 110,897 | ||||
New Oriental Education & Technology Group, Inc. - ADR(a) | 9,120 | 728,962 | ||||
Oriental Land Co. Ltd./Japan - ADR | 1,700 | 47,753 | ||||
Pearson PLC - ADR | 156,856 | 1,893,252 | ||||
Sunlands Technology Group - ADR(a) | 1,770 | 12,691 | ||||
TAL Education Group - ADR(a) | 21,251 | 241,411 | ||||
Trip.com Group Ltd. - ADR(a) | 41,572 | 2,141,374 | ||||
16,337,206 | ||||||
Consumer Staples Distribution & Retail - 0.3% | ||||||
Carrefour SA - ADR | 212,203 | 676,928 | ||||
Seven & i Holdings Co. Ltd. - ADR | 84,074 | 1,082,032 | ||||
Tesco PLC - ADR | 18,013 | 216,876 | ||||
Wal-Mart de Mexico SAB de CV - ADR | 10,838 | 405,883 | ||||
2,381,719 | ||||||
Energy - 4.3% | ||||||
BP PLC - ADR | 185,687 | 6,976,261 | ||||
China Shenhua Energy Co. Ltd. - ADR | 6,239 | 121,411 | ||||
Eni SpA - ADR | 76,737 | 2,419,518 | ||||
Equinor ASA - ADR | 58,279 | 1,698,250 | ||||
Petroleo Brasileiro SA - ADR | 104,490 | 1,624,820 | ||||
Shell PLC - ADR | 151,414 | 11,019,911 | ||||
Tenaris SA - ADR | 23,210 | 765,234 | ||||
TotalEnergies SE - ADR | 62,629 | 4,579,432 | ||||
Ultrapar Participacoes SA - ADR | 64,780 | 286,975 | ||||
Vista Energy SAB de CV - ADR(a) | 4,181 | 202,569 | ||||
Woodside Energy Group Ltd. - ADR | 74,334 | 1,375,179 | ||||
31,069,560 | ||||||
Financial Services - 3.7% | ||||||
3i Group PLC - ADR | 5,692 | 106,156 | ||||
Adyen NV - ADR(a) | 165,585 | 2,134,391 | ||||
AMTD IDEA Group - ADR(a) | 198,508 | 341,235 | ||||
CNFinance Holdings Ltd. - ADR(a) | 12,266 | 19,012 | ||||
Deutsche Bank AG | 86,148 | 1,436,948 | ||||
FinVolution Group - ADR | 85,024 | 406,415 | ||||
Futu Holdings Ltd. - ADR(a) | 7,377 | 554,308 | ||||
Highest Performances Holdings, Inc. - ADR(a) | 1,624 | 14,015 | ||||
Hong Kong Exchanges & Clearing Ltd. - ADR | 7,055 | 238,953 | ||||
Jiayin Group, Inc. - ADR | 12,194 | 79,505 | ||||
Julius Baer Group Ltd. - ADR | 36,113 | 434,439 | ||||
LexinFintech Holdings Ltd. - ADR | 42,004 | 77,287 | ||||
London Stock Exchange Group PLC - ADR | 80,798 | 2,392,429 | ||||
Nomura Holdings, Inc. - ADR | 584,456 | 3,553,492 | ||||
ORIX Corp. - ADR | 69,200 | 7,572,556 | ||||
Qifu Technology, Inc. - ADR | 12,949 | 250,175 | ||||
Qudian, Inc. - ADR(a) | 131 | 224 | ||||
UBS Group AG | 212,502 | 6,774,564 | ||||
X Financial - ADR | 22,199 | 92,126 | ||||
26,478,230 | ||||||
Food, Beverage & Tobacco - 5.5% | ||||||
Ambev SA - ADR | 152,535 | 338,628 | ||||
Anheuser-Busch InBev SA/NV - ADR | 79,393 | 5,007,316 | ||||
Associated British Foods PLC - ADR | 1,498 | 48,640 | ||||
BRF SA - ADR(a) | 10,204 | 37,040 | ||||
British American Tobacco PLC - ADR | 186,596 | 5,790,074 | ||||
China Mengniu Dairy Co. Ltd. - ADR | 8,506 | 156,851 | ||||
Cia Cervecerias Unidas SA - ADR | 3,906 | 48,864 | ||||
Coca-Cola Femsa SAB de CV - ADR | 17,809 | 1,667,991 | ||||
Danone SA - ADR | 90,437 | 1,167,542 | ||||
Diageo PLC - ADR | 33,965 | 4,588,332 | ||||
Embotelladora Andina SA - ADR | 24,215 | 470,497 | ||||
Embotelladora Andina SA - ADR | 32,608 | 474,446 | ||||
Fomento Economico Mexicano SAB de CV - ADR | 16,618 | 1,904,755 | ||||
Heineken NV - ADR | 7,739 | 386,873 | ||||
JBS S/A - ADR | 27,569 | 304,913 | ||||
Kerry Group PLC - ADR | 21,157 | 1,785,228 | ||||
Nestle SA - ADR | 122,556 | 13,027,703 | ||||
Oatly Group AB - ADR(a) | 248,367 | 270,720 | ||||
Pernod Ricard SA - ADR | 48,389 | 1,447,799 | ||||
WH Group Ltd. - ADR | 21,173 | 286,894 | ||||
Wilmar International Ltd. - ADR | 734 | 16,809 | ||||
39,227,915 | ||||||
Health Care Equipment & Services - 1.5% | ||||||
Brainsway Ltd. - ADR(a) | 141 | 887 | ||||
EDAP TMS SA - ADR(a) | 61,187 | 364,063 | ||||
Fresenius Medical Care AG - ADR | 93,448 | 1,987,639 | ||||
Koninklijke Philips NV(a) | 161,792 | 4,391,041 | ||||
Sinopharm Group Co. Ltd. - ADR | 6,649 | 90,293 | ||||
Smith & Nephew PLC - ADR | 57,960 | 1,468,127 | ||||
Terumo Corp. - ADR | 134,045 | 2,277,424 | ||||
10,579,474 | ||||||
Household & Personal Products - 3.2% | ||||||
Haleon PLC - ADR | 222,717 | 1,879,732 | ||||
Kao Corp. - ADR | 13,521 | 118,309 | ||||
L'Oreal SA - ADR | 100,771 | 9,928,967 | ||||
Reckitt Benckiser Group PLC - ADR | 176,654 | 2,029,754 | ||||
Unicharm Corp. - ADR | 222,365 | 1,440,925 | ||||
Unilever PLC - ADR | 134,895 | 7,385,501 | ||||
22,783,188 | ||||||
Insurance - 1.9% | ||||||
Aegon Ltd. | 45,191 | 291,934 | ||||
AIA Group Ltd. - ADR | 66,037 | 2,057,713 | ||||
Allianz SE - ADR | 182,419 | 5,304,745 | ||||
AXA SA - ADR | 25,033 | 903,942 | ||||
Legal & General Group PLC - ADR | 49,924 | 807,770 | ||||
Ping An Insurance Group Co. of China Ltd. - ADR | 82,982 | 842,267 | ||||
Prudential PLC - ADR | 145,378 | 2,805,795 | ||||
Sanlam Ltd. - ADR | 7,123 | 53,351 | ||||
Sompo Holdings, Inc. - ADR | 7,390 | 78,482 | ||||
Tokio Marine Holdings, Inc. - ADR | 15,479 | 539,134 | ||||
13,685,133 | ||||||
Materials - 5.3% | ||||||
Air Liquide SA - ADR | 165,922 | 6,519,075 | ||||
Akzo Nobel NV - ADR | 75,345 | 1,759,306 | ||||
Anglo American PLC - ADR | 13,785 | 222,214 | ||||
ArcelorMittal SA | 138,537 | 3,669,845 | ||||
BHP Group Ltd. - ADR | 129,680 | 7,719,851 | ||||
Cemex SAB de CV - ADR(a) | 138,513 | 1,043,003 | ||||
Cia de Minas Buenaventura SAA - ADR | 5,981 | 107,060 | ||||
Fortescue Ltd. - ADR | 3,829 | 126,778 | ||||
Givaudan SA - ADR | 1,945 | 182,772 | ||||
Gold Fields Ltd. - ADR | 28,143 | 443,252 | ||||
Harmony Gold Mining Co. Ltd. - ADR | 50,822 | 462,480 | ||||
IperionX Ltd. - ADR(a) | 9,966 | 155,968 | ||||
James Hardie Industries PLC - ADR(a) | 68,864 | 2,136,161 | ||||
Nippon Steel Corp. - ADR | 7,275 | 52,235 | ||||
POSCO Holdings, Inc. - ADR | 16,060 | 1,082,605 | ||||
Rio Tinto PLC - ADR | 82,109 | 5,755,841 | ||||
Sasol Ltd. - ADR | 24,076 | 164,198 | ||||
Shin-Etsu Chemical Co. Ltd. - ADR | 56,311 | 1,049,074 | ||||
Sika AG - ADR | 86,854 | 2,658,601 | ||||
Suzano SA - ADR | 69,989 | 654,397 | ||||
Ternium SA - ADR | 13,624 | 588,284 | ||||
Vale SA - ADR | 138,498 | 1,668,901 | ||||
38,221,901 | ||||||
Media & Entertainment - 3.2% | ||||||
Autohome, Inc. - ADR | 2,116 | 60,094 | ||||
Baidu, Inc. - ADR(a) | 12,278 | 1,193,422 | ||||
Criteo SA - ADR(a) | 20,539 | 801,432 | ||||
Gravity Co. Ltd. - ADR(a) | 4,865 | 366,821 | ||||
Hello Group, Inc. - ADR | 25,966 | 146,448 | ||||
iQIYI, Inc. - ADR(a) | 19,273 | 89,234 | ||||
JOYY, Inc. - ADR | 9,342 | 278,952 | ||||
Kanzhun Ltd. - ADR | 7,619 | 161,904 | ||||
NetEase, Inc. - ADR | 22,950 | 2,043,238 | ||||
Sea Ltd. - ADR(a) | 11,245 | 759,262 | ||||
So-Young International, Inc. - ADR | 1,919 | 2,034 | ||||
Tencent Holdings Ltd. - ADR | 300,035 | 13,960,629 | ||||
Tencent Music Entertainment Group - ADR | 30,915 | 446,722 | ||||
Trivago NV - ADR | 122,788 | 287,324 | ||||
Weibo Corp. - ADR | 16,987 | 150,335 | ||||
WPP PLC - ADR | 37,030 | 1,938,150 | ||||
Yalla Group Ltd. - ADR(a) | 44,835 | 210,725 | ||||
22,896,726 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences - 11.2% | ||||||
Adaptimmune Therapeutics PLC - ADR(a) | 165,663 | 187,199 | ||||
Amarin Corp. PLC - ADR(a) | 113,881 | 98,507 | ||||
Argenx SE - ADR(a) | 1,080 | 400,702 | ||||
Ascendis Pharma AS - ADR(a) | 1,053 | 142,260 | ||||
AstraZeneca PLC - ADR | 136,018 | 10,612,124 | ||||
AstraZeneca PLC(a) | 14,065 | 0 | ||||
Autolus Therapeutics PLC - ADR(a) | 2,706 | 11,338 | ||||
Avadel Pharmaceuticals PLC(a) | 12,713 | 202,772 | ||||
Barinthus Biotherapeutics PLC - ADR(a) | 124 | 237 | ||||
BeiGene Ltd. - ADR(a) | 2,464 | 366,766 | ||||
Belite Bio, Inc. - ADR(a) | 1,044 | 51,104 | ||||
Bicycle Therapeutics PLC - ADR(a) | 2,284 | 50,682 | ||||
BioNTech SE - ADR(a) | 7,664 | 770,998 | ||||
Calliditas Therapeutics AB - ADR(a) | 7,089 | 283,489 | ||||
Cellectis SA - ADR(a) | 54,098 | 146,606 | ||||
CSPC Pharmaceutical Group Ltd. - ADR | 15,892 | 54,510 | ||||
Daiichi Sankyo Co. Ltd. - ADR | 1,900 | 67,241 | ||||
DBV Technologies SA - ADR(a) | 124,849 | 139,831 | ||||
Dr Reddy's Laboratories Ltd. - ADR | 32,594 | 2,238,556 | ||||
Evotec SE - ADR(a) | 47,181 | 220,807 | ||||
Galapagos NV - ADR(a) | 53,175 | 1,479,328 | ||||
Genfit SA - ADR(a) | 22,137 | 114,670 | ||||
Genmab AS - ADR(a) | 18,003 | 507,685 | ||||
Grifols SA - ADR(a) | 93,931 | 672,546 | ||||
GSK PLC - ADR | 123,019 | 5,507,561 | ||||
HUTCHMED China Ltd. - ADR(a) | 19,865 | 368,098 | ||||
Immutep Ltd. - ADR(a) | 194,738 | 580,319 | ||||
Innate Pharma SA - ADR(a) | 60,146 | 164,800 | ||||
Lonza Group AG - ADR | 52,379 | 2,838,942 | ||||
Mereo Biopharma Group PLC - ADR(a) | 41,459 | 143,034 | ||||
Mesoblast Ltd. - ADR(a) | 58,028 | 431,728 | ||||
MorphoSys AG - ADR(a) | 10,836 | 199,274 | ||||
Novartis AG - ADR | 108,893 | 11,230,135 | ||||
Novo Nordisk AS - ADR | 136,668 | 18,488,447 | ||||
Roche Holding AG - ADR | 264,463 | 8,465,461 | ||||
Sanofi SA - ADR | 111,885 | 5,485,722 | ||||
Silence Therapeutics PLC - ADR(a) | 6,442 | 135,218 | ||||
Structure Therapeutics, Inc. - ADR(a) | 1,654 | 56,567 | ||||
Takeda Pharmaceutical Co. Ltd. - ADR | 471,004 | 6,287,903 | ||||
Teva Pharmaceutical Industries Ltd. - ADR(a) | 53,873 | 912,070 | ||||
Verona Pharma PLC - ADR(a) | 3,035 | 36,632 | ||||
Zai Lab Ltd. - ADR(a) | 3,826 | 68,026 | ||||
80,219,895 | ||||||
Real Estate Management & Development - 0.2% | ||||||
Henderson Land Development Co. Ltd. - ADR | 13,214 | 40,924 | ||||
IRSA Inversiones y Representaciones SA - ADR | 21,049 | 242,906 | ||||
KE Holdings, Inc. - ADR | 22,240 | 377,413 | ||||
Longfor Group Holdings Ltd. - ADR | 4,350 | 68,904 | ||||
Mitsui Fudosan Co. Ltd. - ADR | 1,840 | 50,526 | ||||
Sun Hung Kai Properties Ltd. - ADR | 10,096 | 97,628 | ||||
Vonovia SE - ADR | 23,793 | 369,505 | ||||
1,247,806 | ||||||
Semiconductors & Semiconductor Equipment - 8.9% | ||||||
Advantest Corp. - ADR | 1,948 | 64,771 | ||||
ASE Technology Holding Co. Ltd. - ADR | 155,713 | 1,678,586 | ||||
ASML Holding NV | 15,659 | 15,038,121 | ||||
ChipMOS Technologies, Inc. - ADR | 14,747 | 401,266 | ||||
Daqo New Energy Corp. - ADR(a) | 3,149 | 70,915 | ||||
Disco Corp. - ADR | 902 | 34,817 | ||||
Infineon Technologies AG - ADR | 32,370 | 1,302,893 | ||||
JinkoSolar Holding Co. Ltd. - ADR | 4,366 | 129,845 | ||||
Renesas Electronics Corp. - ADR | 180,103 | 1,642,539 | ||||
STMicroelectronics NV | 57,097 | 2,396,361 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 230,985 | 34,887,974 | ||||
Tokyo Electron Ltd. - ADR | 45,805 | 4,862,659 | ||||
United Microelectronics Corp. - ADR | 120,660 | 1,025,610 | ||||
63,536,357 | ||||||
Software & Services - 3.4% | ||||||
AMTD Digital, Inc. - ADR(a) | 74,878 | 301,010 | ||||
Capgemini SE - ADR | 61,367 | 2,482,295 | ||||
Endava PLC - ADR(a) | 11,295 | 304,287 | ||||
Fujitsu Ltd. - ADR | 52,911 | 762,448 | ||||
Infosys Ltd. - ADR | 157,576 | 2,639,398 | ||||
Kingsoft Cloud Holdings Ltd. - ADR(a) | 14,323 | 40,534 | ||||
Materialise NV - ADR(a) | 46,026 | 230,130 | ||||
Nice Ltd. - ADR(a) | 7,107 | 1,304,632 | ||||
Opera Ltd. - ADR | 26,427 | 368,392 | ||||
SAP SE - ADR | 83,118 | 15,164,048 | ||||
Wipro Ltd. - ADR | 128,820 | 663,423 | ||||
24,260,597 | ||||||
Technology Hardware & Equipment - 1.4% | ||||||
FUJIFILM Holdings Corp. - ADR | 18,941 | 215,075 | ||||
Lenovo Group Ltd. - ADR | 21,771 | 628,311 | ||||
Logitech International SA | 28,277 | 2,827,983 | ||||
Murata Manufacturing Co. Ltd. - ADR | 146,503 | 1,374,198 | ||||
Nano Dimension Ltd. - ADR(a) | 256,344 | 697,256 | ||||
Nokia Oyj - ADR | 576,309 | 2,247,605 | ||||
Telefonaktiebolaget LM Ericsson - ADR | 300,086 | 1,842,528 | ||||
9,832,956 | ||||||
Telecommunication Services - 3.6% | ||||||
America Movil SAB de CV - ADR | 15,289 | 283,458 | ||||
Deutsche Telekom AG - ADR | 211,498 | 5,139,401 | ||||
KT Corp. - ADR | 88,700 | 1,199,224 | ||||
MTN Group Ltd. - ADR | 12,445 | 54,634 | ||||
Nippon Telegraph & Telephone Corp. - ADR | 160,503 | 3,924,298 | ||||
Orange SA - ADR | 481,834 | 5,661,550 | ||||
PLDT, Inc. - ADR | 9,481 | 239,395 | ||||
SK Telecom Co. Ltd. - ADR | 108,785 | 2,249,674 | ||||
Telefonica Brasil SA - ADR | 53,934 | 451,428 | ||||
Telefonica SA - ADR | 616,588 | 2,848,637 | ||||
Telkom Indonesia Persero Tbk PT - ADR | 13,284 | 238,713 | ||||
TIM SA/Brazil - ADR | 28,232 | 429,973 | ||||
Turkcell Iletisim Hizmetleri AS - ADR | 56,198 | 431,039 | ||||
Vodacom Group Ltd. - ADR | 11,754 | 57,888 | ||||
Vodafone Group PLC - ADR | 261,961 | 2,520,065 | ||||
25,729,377 | ||||||
Transportation - 1.6% | ||||||
Aena SME SA - ADR | 75,975 | 1,494,428 | ||||
AP Moller - Maersk AS - ADR | 40,675 | 366,075 | ||||
Canadian Pacific Kansas City Ltd. | 15,269 | 1,211,748 | ||||
Central Japan Railway Co. - ADR | 6,559 | 73,002 | ||||
DHL Group - ADR | 9,407 | 396,599 | ||||
DiDi Global, Inc. - ADR(a) | 88,584 | 405,715 | ||||
DSV AS - ADR | 2,044 | 156,775 | ||||
Full Truck Alliance Co. Ltd. - ADR | 31,128 | 275,171 | ||||
Grupo Aeroportuario del Centro Norte SAB de CV - ADR | 5,241 | 428,766 | ||||
Grupo Aeroportuario del Pacifico SAB de CV - ADR | 2,026 | 382,225 | ||||
Grupo Aeroportuario del Sureste SAB de CV - ADR | 1,401 | 470,162 | ||||
Kuehne + Nagel International AG - ADR | 6,686 | 380,901 | ||||
Localiza Rent a Car SA - ADR | 4,821 | 38,279 | ||||
Ryanair Holdings PLC - ADR | 37,693 | 4,584,977 | ||||
Singapore Airlines Ltd. - ADR | 32,110 | 319,173 | ||||
ZTO Express Cayman, Inc. - ADR | 23,961 | 546,071 | ||||
11,530,067 | ||||||
Utilities - 1.9% | ||||||
Centrais Eletricas Brasileiras SA - ADR | 56,001 | 374,087 | ||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR | 29,172 | 412,784 | ||||
Cia Energetica de Minas Gerais - ADR | 71,679 | 164,863 | ||||
Cia Paranaense de Energia - Copel - ADR | 30,712 | 213,141 | ||||
CLP Holdings Ltd. - ADR | 42,024 | 339,554 | ||||
Enel Chile SA - ADR | 156,566 | 460,304 | ||||
Enel SpA - ADR | 269,645 | 1,949,533 | ||||
Iberdrola SA - ADR | 11,203 | 591,742 | ||||
National Grid PLC - ADR | 135,021 | 7,812,315 | ||||
Orsted AS - ADR(a) | 1,652 | 33,717 | ||||
RWE AG - ADR | 25,073 | 956,786 | ||||
13,308,826 | ||||||
TOTAL COMMON STOCKS (Cost $664,369,839) | 700,959,013 | |||||
PREFERRED STOCKS - 0.9% | Shares | Value | ||||
Automobiles & Components - 0.0%(b) | ||||||
Volkswagen AG, 7.339%, Perpetual | 3,313 | 41,412 | ||||
Banks - 0.5% | ||||||
Banco Bradesco SA, 9.069%, Perpetual | 247,018 | 607,664 | ||||
Bancolombia SA, 9.133%, Perpetual | 28,792 | 1,020,964 | ||||
Itau Unibanco Holding SA, 7.812%, Perpetual | 306,035 | 1,833,150 | ||||
3,461,778 | ||||||
Energy - 0.2% | ||||||
Petroleo Brasileiro SA, 11.697%, Perpetual | 129,733 | 1,921,346 | ||||
Materials - 0.1% | ||||||
Gerdau SA, Series 0, 6.395%, Perpetual | 173,510 | 600,345 | ||||
Utilities - 0.1% | ||||||
Centrais Eletricas Brasileiras SA, 4.583%, Perpetual | 2,109 | 15,607 | ||||
Cia Energetica de Minas Gerais, 11.473%, Perpetual | 270,669 | 503,444 | ||||
519,051 | ||||||
TOTAL PREFERRED STOCKS (Cost $6,789,813) | 6,543,932 | |||||
EXCHANGE TRADED FUNDS - 0.1% | Shares | Value | ||||
Vanguard FTSE Developed Markets ETF | 16,401 | 831,859 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $827,830) | 831,859 | |||||
SHORT-TERM INVESTMENTS - 0.8% | ||||||
Money Market Funds - 0.8% | Shares | |||||
First American Government Obligations Fund - Class X, 5.24%(c) | 5,776,097 | 5,776,097 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $5,776,097) | 5,776,097 | |||||
TOTAL INVESTMENTS - 99.6% (Cost $677,763,579) | $ | 714,110,901 | ||||
Other Assets in Excess of Liabilities - 0.4% | 2,515,489 | |||||
TOTAL NET ASSETS - 100.0% | $ | 716,626,390 |
Percentages are stated as a percent of net assets. | |
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
AB - Aktiebolag ADR - American Depositary Receipt |
AG - Aktiengesellschaft |
ASA - Advanced Subscription Agreement |
KGaA - Kommanditgesellschaft auf Aktien NV - Naamloze Vennootschap |
OYJ - Julkinen osakeyhtio PLC - Public Limited Company |
SA - Sociedad Anónima |
SA/NV - Societe Anonime/Naamloze Vennootschap |
SAA - Sociedad Anomina Abierta |
SAB de CV - Sociedad Anónima Bursátil de Capital Variable SE - Societas Europea |
SpA - Soicieta per Azioni |
(a) | Non-income producing security. |
(b) | Represents less than 0.05% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Summary of Fair Value Disclosure as of May 31, 2024 (Unaudited)
ActivePassive Core Bond ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2024:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | 700,959,013 | 0 | (a) | – | 700,959,013 | |||||||||||
Preferred Stocks | 6,543,932 | – | – | 6,543,932 | ||||||||||||
Exchange Traded Funds | 831,859 | – | – | 831,859 | ||||||||||||
Money Market Funds | 5,776,097 | – | – | 5,776,097 | ||||||||||||
Total Investments | 714,110,901 | 0 | (a) | – | 714,110,901 | |||||||||||
Refer to the Schedule of Investments for additional information. |
(a) | Amount is less than $0.50. |