Kovitz
Core
Equity
ETF
Schedule
of
Investments
July
31,
2023
-
(Unaudited)
COMMON
STOCKS
—
99.68%
Shares
Fair
Value
Communications
—
16.03%
Alphabet,
Inc.,
Class
A
(a)
79,049
$
10,491,383
Alphabet,
Inc.,
Class
C
(a)
327,939
43,651,960
Charter
Communications,
Inc.,
Class
A
(a)
59,038
23,921,607
Expedia
Group,
Inc.
(a)
77,700
9,520,581
Meta
Platforms,
Inc.,
Class
A
(a)
116,995
37,274,608
Spotify
Technology
SA
(a)
59,081
8,827,292
Walt
Disney
Co.
(The)
(a)
144,737
12,865,672
146,553,103
Consumer
Discretionary
—
17.20%
Amazon.com,
Inc.
(a)
251,567
33,629,477
CarMax,
Inc.
(a)
304,760
25,176,224
General
Motors
Co.
498,158
19,114,322
Gildan
Activewear,
Inc.
624,430
19,419,773
Hasbro,
Inc.
245,847
15,871,882
Las
Vegas
Sands
Corp.
(a)
338,931
20,271,463
Lowe's
Companies,
Inc.
101,663
23,816,591
157,299,732
Consumer
Staples
—
9.56%
Diageo
PLC
-
ADR
98,914
17,402,929
Dollar
Tree,
Inc.
(a)
208,442
32,168,854
Philip
Morris
International,
Inc.
379,028
37,796,672
87,368,455
Financials
—
20.43%
American
Express
Co.
159,442
26,926,565
Aon
PLC,
Class
A
41,296
13,152,776
Berkshire
Hathaway,
Inc.,
Class
B
(a)
105,456
37,116,294
Blackstone
Group
L.P.
(The),
Class
A
189,135
19,819,457
Charles
Schwab
Corp.
(The)
569,823
37,665,299
Intercontinental
Exchange,
Inc.
200,097
22,971,136
JPMorgan
Chase
&
Co.
184,199
29,096,074
186,747,601
Health
Care
—
4.39%
Abbott
Laboratories
6,210
691,359
Becton,
Dickinson
and
Co.
137,352
38,269,015
Stryker
Corp.
4,261
1,207,610
40,167,984
Industrials
—
9.30%
Equifax,
Inc.
2,870
585,710
Graco,
Inc.
13,793
1,094,199
Hayward
Holdings,
Inc.
(a)
466,819
6,236,702
Jacobs
Solutions,
Inc.
255,691
32,066,209
Johnson
Controls
International
PLC
10,343
719,356
Keysight
Technologies,
Inc.
(a)
115,143
18,547,234
Lincoln
Electric
Holdings,
Inc.
6,063
1,216,904
PACCAR,
Inc.
275,819
23,756,290
Kovitz
Core
Equity
ETF
Schedule
of
Investments
(continued)
July
31,
2023
-
(Unaudited)
COMMON
STOCKS
—
99.68%
-
(continued)
Shares
Fair
Value
Industrials
—
9.30%
-
(continued)
Verisk
Analytics,
Inc.
3,454
$
790,758
85,013,362
Materials
—
1.95%
PPG
Industries,
Inc.
123,649
17,793,091
Technology
—
20.82%
Analog
Devices,
Inc.
157,672
31,460,294
Apple,
Inc.
137,468
27,005,589
Arista
Networks,
Inc.
(a)
83,032
12,877,433
Autodesk,
Inc.
(a)
79,003
16,747,846
Microsoft
Corp.
6,863
2,305,419
Motorola
Solutions,
Inc.
88,533
25,376,214
Salesforce,
Inc.
(a)
129,227
29,077,367
Splunk,
Inc.
(a)
112,066
12,140,110
Texas
Instruments,
Inc.
7,469
1,344,420
Visa,
Inc.,
Class
A
135,135
32,125,644
190,460,336
Total
Common
Stocks
(Cost $707,199,349)
911,403,664
Other
Assets
in
Excess
of
Liabilities — 0.32%
2,899,224
NET
ASSETS
—
100.00%
$
914,302,888
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt