ActivePassive U.S. Equity ETF |
Schedule of Investments |
as of May 31, 2024 (Unaudited) |
COMMON STOCKS - 87.4% | Shares | Value | ||||
Automobiles & Components - 1.1% | ||||||
Ford Motor Co. | 49,844 | $ | 604,608 | |||
General Motors Co. | 44,083 | 1,983,294 | ||||
Rivian Automotive, Inc. - Class A(a) | 69 | 753 | ||||
Tesla, Inc.(a) | 79,760 | 14,203,661 | ||||
16,792,316 | ||||||
Banks - 3.0% | ||||||
Bank of America Corp. | 178,983 | 7,157,530 | ||||
Citigroup, Inc. | 62,238 | 3,878,050 | ||||
Huntington Bancshares, Inc./OH | 86,513 | 1,204,261 | ||||
JPMorgan Chase & Co. | 114,770 | 23,255,845 | ||||
US Bancorp | 9,248 | 375,007 | ||||
Wells Fargo & Co. | 148,322 | 8,887,454 | ||||
44,758,147 | ||||||
Capital Goods - 5.2% | ||||||
Boeing Co.(a) | 11,664 | 2,071,643 | ||||
Carrier Global Corp. | 40,842 | 2,580,806 | ||||
Caterpillar, Inc. | 11,754 | 3,978,964 | ||||
Deere & Co. | 4,481 | 1,679,300 | ||||
Eaton Corp. PLC | 16,694 | 5,556,598 | ||||
Emerson Electric Co. | 6,095 | 683,615 | ||||
Ferguson PLC | 18,830 | 3,874,084 | ||||
Fortive Corp. | 42,901 | 3,193,551 | ||||
GE Vernova, Inc.(a) | 11,837 | 2,082,128 | ||||
General Electric Co. | 47,429 | 7,832,425 | ||||
Honeywell International, Inc. | 23,793 | 4,810,707 | ||||
Howmet Aerospace, Inc. | 22,580 | 1,911,397 | ||||
Hubbell, Inc. | 2,563 | 996,725 | ||||
Johnson Controls International PLC | 8,884 | 638,848 | ||||
Lockheed Martin Corp. | 4,386 | 2,062,911 | ||||
Masco Corp. | 20,688 | 1,446,505 | ||||
Northrop Grumman Corp. | 1,843 | 830,769 | ||||
PACCAR, Inc. | 68,175 | 7,328,813 | ||||
Parker-Hannifin Corp. | 3,002 | 1,595,623 | ||||
Quanta Services, Inc. | 3,140 | 866,452 | ||||
Raytheon Technologies Corp. | 29,856 | 3,218,775 | ||||
Rockwell Automation, Inc. | 1,827 | 470,507 | ||||
Snap-on, Inc. | 13,615 | 3,714,989 | ||||
Textron, Inc. | 33,710 | 2,953,333 | ||||
Trane Technologies PLC | 7,806 | 2,556,153 | ||||
United Rentals, Inc. | 5,146 | 3,444,784 | ||||
Vertiv Holdings Co. - Class A | 4,349 | 426,506 | ||||
Westinghouse Air Brake Technologies Corp. | 638 | 107,969 | ||||
WW Grainger, Inc. | 4,082 | 3,761,400 | ||||
76,676,280 | ||||||
Commercial & Professional Services - 1.0% | ||||||
Automatic Data Processing, Inc. | 9,235 | 2,261,836 | ||||
Cintas Corp. | 6,983 | 4,734,265 | ||||
Copart, Inc.(a) | 105,263 | 5,585,255 | ||||
Equifax, Inc. | 1,544 | 357,266 | ||||
Jacobs Solutions, Inc. | 2,304 | 321,039 | ||||
Republic Services, Inc. | 3,797 | 703,167 | ||||
Veralto Corp. | 3,885 | 382,983 | ||||
14,345,811 | ||||||
Consumer Discretionary Distribution & Retail - 4.9% | ||||||
Amazon.com, Inc.(a) | 281,573 | 49,680,740 | ||||
Home Depot, Inc. | 33,908 | 11,354,772 | ||||
LKQ Corp. | 38,358 | 1,650,545 | ||||
Lowe's Cos., Inc. | 16,430 | 3,635,795 | ||||
Ross Stores, Inc. | 12,738 | 1,780,263 | ||||
TJX Cos., Inc. | 45,366 | 4,677,234 | ||||
72,779,349 | ||||||
Consumer Durables & Apparel - 1.6% | ||||||
DR Horton, Inc. | 28,667 | 4,236,983 | ||||
Garmin Ltd. | 14,630 | 2,397,125 | ||||
Lennar Corp. - Class A | 28,692 | 4,600,762 | ||||
Lennar Corp. - Class B | 31,888 | 4,663,939 | ||||
Lululemon Athletica, Inc.(a) | 2,213 | 690,434 | ||||
NIKE, Inc. - Class B | 20,417 | 1,940,636 | ||||
PulteGroup, Inc. | 38,691 | 4,539,228 | ||||
23,069,107 | ||||||
Consumer Services - 1.0% | ||||||
Airbnb, Inc. - Class A(a) | 9,134 | 1,323,791 | ||||
Booking Holdings, Inc. | 2 | 7,553 | ||||
Carnival Corp.(a) | 108,782 | 1,640,432 | ||||
Darden Restaurants, Inc. | 8,005 | 1,203,872 | ||||
DoorDash, Inc. - Class A(a) | 16,040 | 1,766,164 | ||||
Expedia Group, Inc.(a) | 2,646 | 298,628 | ||||
McDonald's Corp. | 22,026 | 5,702,311 | ||||
Royal Caribbean Cruises Ltd.(a) | 5,914 | 873,379 | ||||
Starbucks Corp. | 18,012 | 1,444,923 | ||||
14,261,053 | ||||||
Consumer Staples Distribution & Retail - 1.9% | ||||||
Costco Wholesale Corp. | 12,766 | 10,339,056 | ||||
Dollar General Corp. | 2,780 | 380,610 | ||||
Dollar Tree, Inc.(a) | 3,000 | 353,850 | ||||
Kroger Co. | 38,234 | 2,002,314 | ||||
Target Corp. | 13,629 | 2,128,305 | ||||
Walmart, Inc. | 184,740 | 12,148,502 | ||||
27,352,637 | ||||||
Energy - 2.9% | ||||||
Cheniere Energy, Inc. | 11,146 | 1,758,727 | ||||
Chevron Corp. | 36,394 | 5,906,746 | ||||
ConocoPhillips | 28,964 | 3,373,727 | ||||
Coterra Energy, Inc. | 51,559 | 1,470,463 | ||||
Devon Energy Corp. | 9,738 | 477,941 | ||||
EOG Resources, Inc. | 9,619 | 1,198,046 | ||||
Exxon Mobil Corp. | 124,384 | 14,585,268 | ||||
Marathon Petroleum Corp. | 28,216 | 4,983,228 | ||||
Occidental Petroleum Corp. | 14,786 | 924,125 | ||||
Phillips 66 | 23,499 | 3,339,443 | ||||
Schlumberger NV | 25,110 | 1,152,298 | ||||
Valero Energy Corp. | 19,770 | 3,106,658 | ||||
42,276,670 | ||||||
Financial Services - 7.5% | ||||||
American Express Co. | 11,246 | 2,699,040 | ||||
Apollo Global Management, Inc. | 3,586 | 416,550 | ||||
Bank of New York Mellon Corp. | 82,545 | 4,920,507 | ||||
Berkshire Hathaway, Inc. - Class B(a) | 72,586 | 30,079,638 | ||||
BlackRock, Inc. | 5,691 | 4,393,623 | ||||
Blackstone, Inc. | 11,393 | 1,372,856 | ||||
Block, Inc.(a) | 18,715 | 1,199,257 | ||||
Capital One Financial Corp. | 23,944 | 3,295,413 | ||||
Cboe Global Markets, Inc. | 14,879 | 2,573,918 | ||||
Charles Schwab Corp. | 23,305 | 1,707,790 | ||||
Coinbase Global, Inc. - Class A(a) | 6,233 | 1,408,159 | ||||
Corebridge Financial, Inc. | 24,180 | 705,331 | ||||
Corpay, Inc.(a) | 3,782 | 1,012,328 | ||||
Discover Financial Services | 2,154 | 264,210 | ||||
Fidelity National Information Services, Inc. | 6,949 | 527,290 | ||||
Fiserv, Inc.(a) | 31,664 | 4,742,001 | ||||
Franklin Resources, Inc. | 75,726 | 1,787,134 | ||||
Goldman Sachs Group, Inc. | 9,304 | 4,247,462 | ||||
Interactive Brokers Group, Inc. - Class A | 11,005 | 1,383,549 | ||||
Intercontinental Exchange, Inc. | 7,515 | 1,006,258 | ||||
KKR & Co., Inc. | 9,970 | 1,025,315 | ||||
Mastercard, Inc. - Class A | 22,342 | 9,988,438 | ||||
Morgan Stanley | 39,390 | 3,853,918 | ||||
MSCI, Inc. | 1,165 | 576,885 | ||||
PayPal Holdings, Inc.(a) | 17,535 | 1,104,530 | ||||
Rocket Cos., Inc. - Class A(a) | 31,188 | 433,513 | ||||
S&P Global, Inc. | 4,750 | 2,030,672 | ||||
State Street Corp. | 20,314 | 1,535,535 | ||||
Synchrony Financial | 41,651 | 1,824,314 | ||||
Tradeweb Markets, Inc. - Class A | 9,353 | 1,019,570 | ||||
Visa, Inc. - Class A | 60,737 | 16,548,403 | ||||
109,683,407 | ||||||
Food, Beverage & Tobacco - 2.1% | ||||||
Altria Group, Inc. | 135,360 | 6,260,400 | ||||
Archer-Daniels-Midland Co. | 4,696 | 293,218 | ||||
Coca-Cola Co. | 50,966 | 3,207,290 | ||||
Constellation Brands, Inc. - Class A | 2,300 | 575,529 | ||||
J M Smucker Co. | 3,277 | 365,844 | ||||
Kraft Heinz Co. | 39,124 | 1,383,816 | ||||
Lamb Weston Holdings, Inc. | 9,387 | 828,778 | ||||
Molson Coors Beverage Co. - Class B | 9,587 | 525,464 | ||||
Mondelez International, Inc. - Class A | 116,622 | 7,992,106 | ||||
PepsiCo, Inc. | 44,188 | 7,640,105 | ||||
Philip Morris International, Inc. | 18,752 | 1,901,078 | ||||
30,973,628 | ||||||
Health Care Equipment & Services - 4.7% | ||||||
Abbott Laboratories | 53,931 | 5,511,209 | ||||
Boston Scientific Corp.(a) | 59,034 | 4,461,199 | ||||
Cardinal Health, Inc. | 16,510 | 1,638,948 | ||||
Cencora, Inc. | 11,140 | 2,523,990 | ||||
Cigna Group | 10,885 | 3,751,189 | ||||
Dexcom, Inc.(a) | 7,772 | 923,080 | ||||
Edwards Lifesciences Corp.(a) | 10,063 | 874,374 | ||||
Elevance Health, Inc. | 6,570 | 3,537,814 | ||||
GE HealthCare Technologies, Inc. | 3,983 | 310,674 | ||||
HCA Healthcare, Inc. | 15,358 | 5,217,881 | ||||
Hologic, Inc.(a) | 29,230 | 2,156,589 | ||||
IDEXX Laboratories, Inc.(a) | 2 | 994 | ||||
Intuitive Surgical, Inc.(a) | 10,273 | 4,130,979 | ||||
Labcorp Holdings, Inc. | 3,718 | 724,675 | ||||
McKesson Corp. | 5,521 | 3,144,706 | ||||
Medtronic PLC | 45,022 | 3,663,440 | ||||
Molina Healthcare, Inc.(a) | 6,001 | 1,887,795 | ||||
Stryker Corp. | 14,592 | 4,977,185 | ||||
UnitedHealth Group, Inc. | 30,682 | 15,198,942 | ||||
Veeva Systems, Inc. - Class A(a) | 7,722 | 1,345,559 | ||||
Zimmer Biomet Holdings, Inc. | 28,853 | 3,322,423 | ||||
69,303,645 | ||||||
Household & Personal Products - 1.2% | ||||||
Colgate-Palmolive Co. | 8,525 | 792,484 | ||||
Estee Lauder Cos., Inc. - Class A | 3,220 | 397,219 | ||||
Kenvue, Inc. | 12,516 | 241,559 | ||||
Kimberly-Clark Corp. | 3,680 | 490,544 | ||||
Procter & Gamble Co. | 94,469 | 15,543,929 | ||||
17,465,735 | ||||||
Insurance - 1.9% | ||||||
Aflac, Inc. | 84,283 | 7,574,513 | ||||
Allstate Corp. | 1,522 | 254,966 | ||||
American International Group, Inc. | 3,668 | 289,112 | ||||
Arch Capital Group Ltd.(a) | 33,770 | 3,465,815 | ||||
Chubb Ltd. | 3,459 | 936,766 | ||||
Everest Group Ltd. | 3,565 | 1,393,666 | ||||
Fidelity National Financial, Inc. | 37,056 | 1,866,140 | ||||
Hartford Financial Services Group, Inc. | 16,583 | 1,715,511 | ||||
Loews Corp. | 47,649 | 3,659,443 | ||||
Markel Group, Inc.(a) | 1,246 | 2,045,421 | ||||
Marsh & McLennan Cos., Inc. | 5,058 | 1,049,940 | ||||
Principal Financial Group, Inc. | 16,651 | 1,366,048 | ||||
Progressive Corp. | 13,332 | 2,815,452 | ||||
28,432,793 | ||||||
Materials - 1.6% | ||||||
Albemarle Corp. | 3,923 | 480,921 | ||||
CF Industries Holdings, Inc. | 5,523 | 440,349 | ||||
Corteva, Inc. | 23,935 | 1,338,924 | ||||
DuPont de Nemours, Inc. | 27,932 | 2,294,893 | ||||
Ecolab, Inc. | 2,038 | 473,224 | ||||
Freeport-McMoRan, Inc. | 36,872 | 1,944,260 | ||||
International Paper Co. | 32,952 | 1,485,806 | ||||
Linde PLC | 17,531 | 7,635,101 | ||||
LyondellBasell Industries NV - Class A | 5,604 | 557,150 | ||||
Newmont Corp. | 16,252 | 681,609 | ||||
Nucor Corp. | 13,830 | 2,335,195 | ||||
Packaging Corp. of America | 4,026 | 738,731 | ||||
Sherwin-Williams Co. | 5,878 | 1,785,736 | ||||
Steel Dynamics, Inc. | 12,122 | 1,622,772 | ||||
23,814,671 | ||||||
Media & Entertainment - 8.2% | ||||||
Alphabet, Inc. - Class A(a) | 193,014 | 33,294,915 | ||||
Alphabet, Inc. - Class C(a) | 157,929 | 27,473,329 | ||||
Comcast Corp. - Class A | 195,696 | 7,833,711 | ||||
Fox Corp. - Class A | 45,672 | 1,572,487 | ||||
Fox Corp. - Class B | 52,754 | 1,684,963 | ||||
Meta Platforms, Inc. - Class A | 68,288 | 31,878,887 | ||||
Netflix, Inc.(a) | 13,291 | 8,527,771 | ||||
News Corp. - Class B | 27,740 | 773,391 | ||||
Pinterest, Inc. - Class A(a) | 22,307 | 925,518 | ||||
ROBLOX Corp. - Class A(a) | 13,744 | 462,073 | ||||
Trade Desk, Inc. - Class A(a) | 19,989 | 1,854,579 | ||||
Walt Disney Co. | 45,934 | 4,773,002 | ||||
Warner Bros Discovery, Inc.(a) | 227 | 1,871 | ||||
121,056,497 | ||||||
Pharmaceuticals, Biotechnology & Life Sciences - 5.8% | ||||||
AbbVie, Inc. | 57,922 | 9,339,343 | ||||
Amgen, Inc. | 8,241 | 2,520,510 | ||||
Bristol-Myers Squibb Co. | 62,608 | 2,572,563 | ||||
Danaher Corp. | 11,328 | 2,909,030 | ||||
Eli Lilly & Co. | 26,100 | 21,410,874 | ||||
Gilead Sciences, Inc. | 67,869 | 4,361,941 | ||||
Johnson & Johnson | 101,256 | 14,851,217 | ||||
Merck & Co., Inc. | 59,085 | 7,417,531 | ||||
Moderna, Inc.(a) | 7,507 | 1,070,123 | ||||
Pfizer, Inc. | 141,353 | 4,051,177 | ||||
Regeneron Pharmaceuticals, Inc.(a) | 4,080 | 3,999,053 | ||||
Thermo Fisher Scientific, Inc. | 9,375 | 5,324,812 | ||||
Vertex Pharmaceuticals, Inc.(a) | 7,289 | 3,318,973 | ||||
Zoetis, Inc. | 9,642 | 1,634,898 | ||||
84,782,045 | ||||||
Real Estate Management & Development - 0.1% | ||||||
CBRE Group, Inc. - Class A(a) | 7,973 | 702,182 | ||||
CoStar Group, Inc.(a) | 6,789 | 530,696 | ||||
Zillow Group, Inc. - Class C(a) | 11,343 | 464,496 | ||||
1,697,374 | ||||||
Semiconductors & Semiconductor Equipment - 10.0% | ||||||
Advanced Micro Devices, Inc.(a) | 46,400 | 7,744,160 | ||||
Analog Devices, Inc. | 7,350 | 1,723,502 | ||||
Applied Materials, Inc. | 41,151 | 8,850,757 | ||||
Broadcom, Inc. | 13,931 | 18,508,030 | ||||
First Solar, Inc.(a) | 2,155 | 585,643 | ||||
Intel Corp. | 125,322 | 3,866,184 | ||||
KLA Corp. | 2,174 | 1,651,218 | ||||
Lam Research Corp. | 4,848 | 4,520,469 | ||||
Marvell Technology, Inc. | 17,761 | 1,222,134 | ||||
Microchip Technology, Inc. | 43,301 | 4,210,156 | ||||
Micron Technology, Inc. | 21,157 | 2,644,625 | ||||
NVIDIA Corp. | 71,175 | 78,031,288 | ||||
ON Semiconductor Corp.(a) | 8,908 | 650,640 | ||||
QUALCOMM, Inc. | 35,500 | 7,243,775 | ||||
Skyworks Solutions, Inc. | 26,613 | 2,465,961 | ||||
Texas Instruments, Inc. | 15,634 | 3,048,786 | ||||
146,967,328 | ||||||
Software & Services - 10.4% | ||||||
Accenture PLC - Class A | 30,056 | 8,484,508 | ||||
Adobe, Inc.(a) | 17,213 | 7,655,654 | ||||
Akamai Technologies, Inc.(a) | 10,274 | 947,674 | ||||
Atlassian Corp. - Class A(a) | 3,839 | 602,185 | ||||
Cloudflare, Inc. - Class A(a) | 12,873 | 871,373 | ||||
Cognizant Technology Solutions Corp. - Class A | 17,540 | 1,160,271 | ||||
Crowdstrike Holdings, Inc. - Class A(a) | 5,319 | 1,668,411 | ||||
Datadog, Inc. - Class A(a) | 11,304 | 1,245,475 | ||||
Fortinet, Inc.(a) | 12,980 | 769,974 | ||||
International Business Machines Corp. | 14,263 | 2,379,781 | ||||
Intuit, Inc. | 9,846 | 5,675,628 | ||||
Microsoft Corp. | 219,788 | 91,240,592 | ||||
Okta, Inc.(a) | 4,233 | 375,382 | ||||
Oracle Corp. | 32,013 | 3,751,603 | ||||
Palantir Technologies, Inc. - Class A(a) | 90,649 | 1,965,270 | ||||
Palo Alto Networks, Inc.(a) | 6,646 | 1,959,972 | ||||
Roper Technologies, Inc. | 9,056 | 4,824,674 | ||||
Salesforce, Inc. | 40,874 | 9,582,501 | ||||
ServiceNow, Inc.(a) | 7,149 | 4,696,393 | ||||
Snowflake, Inc. - Class A(a) | 8,031 | 1,093,662 | ||||
Synopsys, Inc.(a) | 2,230 | 1,250,584 | ||||
Twilio, Inc. - Class A(a) | 189 | 10,849 | ||||
Workday, Inc. - Class A(a) | 4,184 | 884,707 | ||||
Zscaler, Inc.(a) | 3,009 | 511,410 | ||||
153,608,533 | ||||||
Technology Hardware & Equipment - 6.8% | ||||||
Amphenol Corp. - Class A | 24,794 | 3,281,982 | ||||
Apple, Inc. | 428,842 | 82,444,874 | ||||
Arista Networks, Inc.(a) | 10,855 | 3,230,991 | ||||
CDW Corp./DE | 2 | 447 | ||||
Cisco Systems, Inc. | 177,749 | 8,265,329 | ||||
Dell Technologies, Inc. - Class C | 8,039 | 1,121,923 | ||||
Hewlett Packard Enterprise Co. | 93,153 | 1,644,150 | ||||
99,989,696 | ||||||
Telecommunication Services - 0.9% | ||||||
AT&T, Inc. | 200,433 | 3,651,889 | ||||
T-Mobile US, Inc. | 23,174 | 4,054,523 | ||||
Verizon Communications, Inc. | 141,701 | 5,830,996 | ||||
13,537,408 | ||||||
Transportation - 1.3% | ||||||
Delta Air Lines, Inc. | 33,049 | 1,686,160 | ||||
Expeditors International of Washington, Inc. | 4,060 | 490,854 | ||||
FedEx Corp. | 11,239 | 2,854,256 | ||||
Norfolk Southern Corp. | 1,722 | 387,106 | ||||
Old Dominion Freight Line, Inc. | 9,332 | 1,635,433 | ||||
Uber Technologies, Inc.(a) | 62,974 | 4,065,601 | ||||
Union Pacific Corp. | 20,607 | 4,797,722 | ||||
United Airlines Holdings, Inc.(a) | 9,603 | 508,863 | ||||
United Parcel Service, Inc. - Class B | 22,235 | 3,089,109 | ||||
19,515,104 | ||||||
Utilities - 2.3% | ||||||
AES Corp. | 29,286 | 632,285 | ||||
Ameren Corp. | 26,678 | 1,957,365 | ||||
CenterPoint Energy, Inc. | 77,088 | 2,351,955 | ||||
Consolidated Edison, Inc. | 34,845 | 3,294,595 | ||||
Constellation Energy Corp. | 5,940 | 1,290,465 | ||||
DTE Energy Co. | 2,318 | 270,116 | ||||
Duke Energy Corp. | 3,745 | 387,869 | ||||
Edison International | 12,802 | 983,834 | ||||
Entergy Corp. | 13,907 | 1,564,398 | ||||
Evergy, Inc. | 40,774 | 2,228,707 | ||||
NextEra Energy, Inc. | 45,984 | 3,679,640 | ||||
NiSource, Inc. | 87,797 | 2,551,381 | ||||
PG&E Corp. | 157,931 | 2,928,041 | ||||
PPL Corp. | 90,835 | 2,664,190 | ||||
Public Service Enterprise Group, Inc. | 64,808 | 4,909,854 | ||||
Southern Co. | 6,535 | 523,715 | ||||
Vistra Corp. | 21,453 | 2,125,563 | ||||
34,343,973 | ||||||
TOTAL COMMON STOCKS (Cost $1,195,670,318) | 1,287,483,207 | |||||
EXCHANGE TRADED FUNDS - 10.0% | Shares | Value | ||||
Dimensional US Small Cap ETF | 2,380,129 | 146,187,523 | ||||
Vanguard Large-Cap ETF | 9,689 | 2,339,990 | ||||
TOTAL EXCHANGE TRADED FUNDS (Cost $142,132,168) | 148,527,513 | |||||
REAL ESTATE INVESTMENT TRUSTS - 2.2% | Shares | Value | ||||
American Tower Corp. | 11,219 | 2,196,007 | ||||
Crown Castle, Inc. | 2,466 | 252,765 | ||||
Digital Realty Trust, Inc. | 6,872 | 998,777 | ||||
Equity Residential | 64,641 | 4,203,604 | ||||
Essex Property Trust, Inc. | 2,051 | 532,829 | ||||
Extra Space Storage, Inc. | 2,739 | 396,525 | ||||
Host Hotels & Resorts, Inc. | 211,928 | 3,801,988 | ||||
Invitation Homes, Inc. | 7,391 | 257,133 | ||||
Iron Mountain, Inc. | 26,135 | 2,108,833 | ||||
Prologis, Inc. | 29,587 | 3,269,068 | ||||
Public Storage | 1,727 | 472,904 | ||||
Simon Property Group, Inc. | 37,437 | 5,664,593 | ||||
VICI Properties, Inc. | 135,865 | 3,900,684 | ||||
Welltower, Inc. | 6,179 | 640,577 | ||||
Weyerhaeuser Co. | 105,373 | 3,164,351 | ||||
WP Carey, Inc. | 9,817 | 553,679 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $32,595,769) | 32,414,317 | |||||
SHORT-TERM INVESTMENTS - 0.3% | ||||||
Money Market Funds - 0.3% | Shares | |||||
First American Government Obligations Fund - Class X, 5.24%(b) | 3,886,070 | 3,886,070 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,886,070) | 3,886,070 | |||||
TOTAL INVESTMENTS - 99.9% (Cost $1,374,284,325) | $ | 1,472,311,107 | ||||
Other Assets in Excess of Liabilities - 0.1% | 1,093,455 | |||||
TOTAL NET ASSETS - 100.0% | $ | 1,473,404,562 |
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. |
NV - Naamloze Vennootschap |
PLC - Public Limited Company |
(a) | Non-income producing security. |
(b) | 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 | 1,287,483,207 | – | – | 1,287,483,207 | ||||||||||||
Exchange Traded Funds | 148,527,513 | – | – | 148,527,513 | ||||||||||||
Real Estate Investment Trusts | 32,414,317 | – | – | 32,414,317 | ||||||||||||
Money Market Funds | 3,886,070 | – | – | 3,886,070 | ||||||||||||
Total Investments | 1,472,311,107 | – | – | 1,472,311,107 | ||||||||||||
Refer to the Schedule of Investments for additional information. |