Schedule of Investments Carbon Transition & Infrastructure ETF^ (Unaudited) November 30, 2023
Number of Shares | Value | |
Common Stocks 96.5% | ||
Building Products 1.7% | ||
8,041 | Johnson Controls International PLC | $424,565 |
Chemicals 10.8% | ||
1,636 | Air Products & Chemicals, Inc. | 442,620 |
3,696 | Linde PLC | 1,529,294 |
2,838 | Sika AG | 768,726 |
2,740,640 | ||
Commercial Services & Supplies 3.4% | ||
6,429 | Waste Connections, Inc. | 870,766 |
Construction & Engineering 3.1% | ||
4,248 | Quanta Services, Inc. | 799,941 |
Construction Materials 3.3% | ||
13,217 | CRH PLC | 831,954 |
Electric Utilities 16.6% | ||
4,257 | Acciona SA | 600,070 |
8,126 | Constellation Energy Corp. | 983,571 |
3,337 | Duke Energy Corp. | 307,938 |
8,255 | Exelon Corp. | 317,900 |
10,398 | FirstEnergy Corp. | 384,102 |
55,598 | Iberdrola SA | 686,582 |
15,964 | NextEra Energy, Inc. | 934,054 |
4,214,217 | ||
Electrical Equipment 23.5% | ||
28,853 | ABB Ltd. | 1,143,643 |
5,203 | Eaton Corp. PLC | 1,184,671 |
3,369 | Generac Holdings, Inc.* | 394,409 |
2,838 | Hubbell, Inc. | 851,400 |
30,788 | Nordex SE* | 340,657 |
4,730 | Schneider Electric SE | 868,158 |
42,387 | Vestas Wind Systems AS* | 1,173,206 |
5,956,144 | ||
Electronic Equipment, Instruments & Components 2.7% | ||
10,105 | Itron, Inc.* | 680,875 |
Independent Power and Renewable Electricity Producers 6.0% | ||
15,437 | Atlantica Sustainable Infrastructure PLC | 293,612 |
11,437 | NextEra Energy Partners LP | 269,227 |
6,751 | Ormat Technologies, Inc. | 454,477 |
42,749 | Sunnova Energy International, Inc.*(a) | 495,888 |
1,513,204 |
Number of Shares | Value | |
Machinery 1.2% | ||
2,304 | Chart Industries, Inc.* | $299,589 |
Multi-Utilities 6.5% | ||
17,458 | CenterPoint Energy, Inc. | 493,538 |
6,278 | Dominion Energy, Inc. | 284,644 |
31,919 | National Grid PLC | 414,043 |
6,444 | Sempra | 469,574 |
1,661,799 | ||
Oil, Gas & Consumable Fuels 9.5% | ||
6,382 | Cheniere Energy, Inc. | 1,162,482 |
7,169 | DT Midstream, Inc. | 410,712 |
22,432 | Williams Cos., Inc. | 825,273 |
2,398,467 | ||
Professional Services 4.2% | ||
11,481 | Arcadis NV | 575,615 |
3,870 | Jacobs Solutions, Inc. | 492,187 |
1,067,802 | ||
Semiconductors & Semiconductor Equipment 4.0% | ||
13,611 | Canadian Solar, Inc.*(a) | 286,239 |
4,700 | First Solar, Inc.* | 741,566 |
1,027,805 | ||
Total Common Stocks (Cost $24,916,652) | 24,487,768 | |
Short-Term Investments 4.8% | ||
Investment Companies 4.8% | ||
814,446 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.31%(b) | 814,446 |
397,649 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.37%(b)(c) | 397,649 |
Total Short-Term Investments (Cost $1,212,095) | 1,212,095 | |
Total Investments 101.3% (Cost $26,128,747) | 25,699,863 | |
Liabilities Less Other Assets (1.3)% | (331,897 ) | |
Net Assets 100.0% | $25,367,966 |
* | Non-income producing security. |
See Notes to Schedule of Investments
Schedule of Investments Carbon Transition & Infrastructure ETF^ (Unaudited) (cont’d)
(a) | All or a portion of this security is on loan at November 30, 2023. Total value of all such securities at November 30, 2023 amounted to $386,756 for the Fund. |
(b) | Represents 7-day effective yield as of November 30, 2023. |
(c) | Represents investment of cash collateral received from securities lending. |
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $18,205,375 | 71.8% |
Switzerland | 1,912,369 | 7.5% |
Spain | 1,580,264 | 6.2% |
Denmark | 1,173,206 | 4.6% |
Netherlands | 575,615 | 2.3% |
United Kingdom | 414,043 | 1.6% |
Germany | 340,657 | 1.4% |
Canada | 286,239 | 1.1% |
Short-Term Investments and Other Liabilities—Net | 880,198 | 3.5% |
$25,367,966 | 100.0% |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of November 30, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $24,487,768 | $— | $— | $24,487,768 |
Short-Term Investments | — | 1,212,095 | — | 1,212,095 |
Total Investments | $24,487,768 | $1,212,095 | $— | $25,699,863 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments China Equity ETF^ (Unaudited) November 30, 2023
Number of Shares | Value | |
Common Stocks 97.1% | ||
Air Freight & Logistics 1.7% | ||
12,700 | SF Holding Co. Ltd. Class A | $75,104 |
Automobile Components 3.1% | ||
26,800 | Fuyao Glass Industry Group Co. Ltd. Class A | 141,235 |
Banks 4.8% | ||
119,000 | China CITIC Bank Corp. Ltd. Class H | 53,777 |
183,500 | China Construction Bank Corp. Class A | 164,340 |
218,117 | ||
Beverages 10.4% | ||
5,600 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A | 91,396 |
800 | Kweichow Moutai Co. Ltd. Class A | 200,555 |
3,000 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd. Class A | 100,275 |
7,400 | Tsingtao Brewery Co. Ltd. Class A | 77,209 |
469,435 | ||
Biotechnology 4.6% | ||
25,000 | Akeso, Inc.*(a) | 159,545 |
3,200 | BeiGene Ltd.* | 45,841 |
205,386 | ||
Broadline Retail 1.0% | ||
4,900 | Alibaba Group Holding Ltd.* | 45,636 |
Building Products 1.9% | ||
40,500 | Zhejiang Weixing New Building Materials Co. Ltd. Class A | 84,784 |
Capital Markets 2.0% | ||
30,700 | CITIC Securities Co. Ltd. Class A | 92,150 |
Chemicals 2.5% | ||
9,800 | Wanhua Chemical Group Co. Ltd. Class A | 110,601 |
Commercial Services & Supplies 1.2% | ||
9,800 | Shanghai M&G Stationery, Inc. Class A | 54,484 |
Construction Materials 1.8% | ||
13,800 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd. Class A | 41,577 |
26,400 | China Jushi Co. Ltd. Class A | 40,896 |
82,473 | ||
Consumer Staples Distribution & Retail 0.8% | ||
8,700 | Laobaixing Pharmacy Chain JSC Class A | 37,193 |
Number of Shares | Value | |
Containers & Packaging 1.6% | ||
19,600 | Shenzhen YUTO Packaging Technology Co. Ltd. Class A | $71,558 |
Electrical Equipment 7.6% | ||
2,700 | Contemporary Amperex Technology Co. Ltd. Class A | 63,097 |
44,800 | Dongfang Electric Corp. Ltd. Class A | 91,341 |
31,300 | NARI Technology Co. Ltd. Class A | 96,403 |
7,800 | Sungrow Power Supply Co. Ltd. Class A | 90,813 |
341,654 | ||
Electronic Equipment, Instruments & Components 8.2% | ||
29,100 | Foxconn Industrial Internet Co. Ltd. Class A | 61,489 |
26,300 | Luxshare Precision Industry Co. Ltd. Class A | 117,144 |
28,800 | Shenzhen Sunlord Electronics Co. Ltd. Class A | 109,338 |
9,815 | SUPCON Technology Co. Ltd. Class A | 60,158 |
15,200 | Tianma Microelectronics Co. Ltd. Class A* | 23,120 |
371,249 | ||
Health Care Equipment & Supplies 6.4% | ||
64,000 | AK Medical Holdings Ltd.(a) | 57,681 |
2,235 | iRay Technology Co. Ltd. Class A | 68,118 |
4,000 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 162,812 |
288,611 | ||
Health Care Providers & Services 2.7% | ||
28,500 | Aier Eye Hospital Group Co. Ltd. Class A | 68,038 |
5,900 | Guangzhou Kingmed Diagnostics Group Co. Ltd. Class A | 54,491 |
122,529 | ||
Hotels, Restaurants & Leisure 0.4% | ||
1,600 | Meituan Class B*(a) | 18,558 |
Household Durables 5.4% | ||
17,700 | Haier Smart Home Co. Ltd. Class A | 54,788 |
19,000 | Midea Group Co. Ltd. Class A | 137,379 |
63,000 | Shenzhen MTC Co. Ltd. Class A | 50,780 |
242,947 | ||
Insurance 4.4% | ||
90,000 | China Life Insurance Co. Ltd. Class H | 121,900 |
13,300 | Ping An Insurance Group Co. of China Ltd. Class A | 75,935 |
197,835 | ||
Interactive Media & Services 1.6% | ||
1,700 | Tencent Holdings Ltd. | 71,166 |
See Notes to Schedule of Investments
Schedule of Investments China Equity ETF^ (Unaudited) (cont’d)
Number of Shares | Value | |
Life Sciences Tools & Services 1.4% | ||
7,100 | Hangzhou Tigermed Consulting Co. Ltd. Class A | $61,709 |
Machinery 8.3% | ||
45,500 | Sany Heavy Industry Co. Ltd. Class A | 86,910 |
13,800 | Shenzhen Inovance Technology Co. Ltd. Class A | 127,473 |
19,000 | Yizumi Holdings Co. Ltd. Class A | 50,145 |
27,300 | Zhejiang Sanhua Intelligent Controls Co. Ltd. Class A | 110,481 |
375,009 | ||
Personal Care Products 2.0% | ||
6,100 | Proya Cosmetics Co. Ltd. Class A | 88,263 |
Pharmaceuticals 2.3% | ||
15,500 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A | 104,155 |
Professional Services 0.8% | ||
18,200 | Pony Testing International Group Co. Ltd. Class A | 35,426 |
Real Estate Management & Development 3.0% | ||
42,600 | China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 62,116 |
Number of Shares | Value | |
Real Estate Management & Development – cont'd | ||
78,000 | Yuexiu Property Co. Ltd. | $71,097 |
133,213 | ||
Semiconductors & Semiconductor Equipment 1.3% | ||
16,700 | Tongwei Co. Ltd. Class A | 57,254 |
Textiles, Apparel & Luxury Goods 2.3% | ||
10,500 | Shenzhou International Group Holdings Ltd. | 105,386 |
Transportation Infrastructure 1.6% | ||
51,700 | Jiangsu Expressway Co. Ltd. Class A | 73,721 |
Total Common Stocks (Cost $4,367,768) | 4,376,841 | |
Short-Term Investments 5.4% | ||
Investment Companies 5.4% | ||
241,350 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.31%(b) (Cost $241,350) | 241,350 |
Total Investments 102.5% (Cost $4,609,118) | 4,618,191 | |
Liabilities Less Other Assets (2.5)% | (111,906 ) | |
Net Assets 100.0% | $4,506,285 |
* | Non-income producing security. |
(a) | 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 November 30, 2023 amounted to $235,784, which represents 5.2% of net assets of the Fund. |
(b) | Represents 7-day effective yield as of November 30, 2023. |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of November 30, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $4,376,841 | $— | $— | $4,376,841 |
Short-Term Investments | — | 241,350 | — | 241,350 |
Total Investments | $4,376,841 | $241,350 | $— | $4,618,191 |
# | 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 Schedule of Investments
Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) November 30, 2023
Principal Amount | Value | |
U.S. Treasury Obligations 3.6% | ||
$10,000,000 | U.S. Treasury Bills, 5.24%, due 2/27/2024 (Cost $9,871,948) | $9,871,743 (a) |
U.S. Government Agency Securities 1.3% | ||
3,446,984 | Federal Home Loan Banks, 5.55%, due 4/5/2024 (Cost $3,446,134) | 3,444,078 |
Asset-Backed Securities 19.7% | ||
Ally Auto Receivables Trust | ||
34,019 | Series 2022-1, Class A2, 2.67%, due 4/15/2025 | 33,977 |
1,600,000 | Series 2023-1, Class A2, 5.76%, due 11/15/2026 | 1,599,886 |
1,795,000 | Bank of America Auto Trust, Series 2023-1A, Class A2, 5.83%, due 5/15/2026 | 1,795,155 (b) |
BMW Vehicle Lease Trust | ||
634,533 | Series 2023-1, Class A2, 5.27%, due 2/25/2025 | 633,776 |
757,000 | Series 2023-2, Class A2, 5.95%, due 8/25/2025 | 758,239 |
1,354,000 | BMW Vehicle Owner Trust, Series 2023-A, Class A2A, 5.72%, due 4/27/2026 | 1,354,511 |
Capital One Prime Auto Receivables Trust | ||
771,779 | Series 2022-1, Class A2, 2.71%, due 6/16/2025 | 768,237 |
1,409,766 | Series 2023-1, Class A2, 5.20%, due 5/15/2026 | 1,405,046 |
Citizens Auto Receivables Trust | ||
1,926,000 | Series 2023-1, Class A2A, 6.13%, due 7/15/2026 | 1,927,477 (b) |
2,247,000 | Series 2023-2, Class A2A, 6.09%, due 10/15/2026 | 2,249,277 (b) |
454,000 | Dell Equipment Finance Trust, Series 2023-1, Class A2, 5.65%, due 9/22/2028 | 453,007 (b) |
410,000 | DLLAA LLC, Series 2023-1A, Class A2, 5.93%, due 7/20/2026 | 410,590 (b) |
299,461 | DLLAD LLC, Series 2023-1A, Class A2, 5.19%, due 4/20/2026 | 298,021 (b) |
1,887,000 | Fifth Third Auto Trust, Series 2023-1, Class A2A, 5.80%, due 11/16/2026 | 1,886,395 |
Ford Credit Auto Owner Trust | ||
440,745 | Series 2022-B, Class A2A, 3.44%, due 2/15/2025 | 439,850 |
708,145 | Series 2023-A, Class A2A, 5.14%, due 3/15/2026 | 705,955 |
492,000 | GECU Auto Receivables Trust, Series 2023-1A, Class A2, 5.95%, due 3/15/2027 | 491,368 (b) |
GM Financial Automobile Leasing Trust | ||
1,119,122 | Series 2023-1, Class A2A, 5.27%, due 6/20/2025 | 1,116,518 |
509,000 | Series 2023-3, Class A2A, 5.58%, due 1/20/2026 | 508,547 |
GM Financial Consumer Automobile Receivables Trust | ||
107,495 | Series 2022-2, Class A2, 2.52%, due 5/16/2025 | 107,209 |
751,882 | Series 2022-3, Class A2A, 3.50%, due 9/16/2025 | 748,433 |
323,394 | Series 2023-2, Class A2A, 5.10%, due 5/18/2026 | 322,282 |
1,542,000 | Series 2023-3, Class A2A, 5.74%, due 9/16/2026 | 1,542,507 |
2,870,000 | Honda Auto Receivables Owner Trust, Series 2023-2, Class A2, 5.41%, due 4/15/2026 | 2,865,305 |
752,000 | HPEFS Equipment Trust, Series 2022-1A, Class B, 1.79%, due 5/21/2029 | 731,239 (b) |
Hyundai Auto Lease Securitization Trust | ||
501,124 | Series 2023-A, Class A2A, 5.20%, due 4/15/2025 | 499,735 (b) |
783,000 | Series 2023-C, Class A2A, 5.85%, due 3/16/2026 | 784,930 (b) |
Hyundai Auto Receivables Trust | ||
61,573 | Series 2022-A, Class A2A, 1.81%, due 2/18/2025 | 61,470 |
1,279,029 | Series 2023-A, Class A2A, 5.19%, due 12/15/2025 | 1,275,787 |
1,195,000 | Series 2023-B, Class A2A, 5.77%, due 5/15/2026 | 1,195,338 |
2,305,000 | Series 2023-C, Class A2A, 5.80%, due 1/15/2027 | 2,311,555 |
630,000 | John Deere Owner Trust, Series 2023-C, Class A2, 5.76%, due 8/17/2026 | 630,781 |
Kubota Credit Owner Trust | ||
294,653 | Series 2022-1A, Class A2, 2.34%, due 4/15/2025 | 292,609 (b) |
502,000 | Series 2023-1A, Class A2, 5.40%, due 2/17/2026 | 500,213 (b) |
693,209 | Mercedes-Benz Auto Receivables Trust, Series 2022-1, Class A2, 5.26%, due 10/15/2025 | 692,266 |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont’d)
Principal Amount | Value | |
Asset-Backed Securities – cont'd | ||
$241,242 | MMAF Equipment Finance LLC, Series 2022-A, Class A2, 2.77%, due 2/13/2025 | $239,719 (b) |
1,559,000 | Nissan Auto Lease Trust, Series 2023-B, Class A2A, 5.74%, due 8/15/2025 | 1,558,952 |
Nissan Auto Receivables Owner Trust | ||
459,592 | Series 2022-B, Class A2, 4.50%, due 8/15/2025 | 457,933 |
2,661,000 | Series 2023-A, Class A2A, 5.34%, due 2/17/2026 | 2,656,593 |
2,006,000 | Porsche Financial Auto Securitization Trust, Series 2023-2A, Class A2A, 5.88%, due 11/23/2026 | 2,011,855 (b) |
103,931 | Santander Retail Auto Lease Trust, Series 2022-B, Class A2, 2.84%, due 5/20/2025 | 103,613 (b) |
Toyota Auto Receivables Owner Trust | ||
74,853 | Series 2022-B, Class A2A, 2.35%, due 1/15/2025 | 74,707 |
568,229 | Series 2023-A, Class A2, 5.05%, due 1/15/2026 | 566,747 |
2,716,000 | Series 2023-C, Class A2A, 5.60%, due 8/17/2026 | 2,714,682 |
1,918,000 | Series 2023-D, Class A2A, 5.80%, due 11/16/2026 | 1,922,685 |
1,737,000 | USAA Auto Owner Trust, Series 2023-A, Class A2, 5.83%, due 7/15/2026 | 1,737,954 (b) |
Verizon Master Trust | ||
1,138,000 | Series 2022-7, Class A1B, (30 day USD SOFR Average + 0.85%), 6.17%, due 11/22/2027 | 1,140,971 (c) |
474,000 | Series 2023-5, Class A1B, (30 day USD SOFR Average + 0.68%), 6.01%, due 9/8/2028 | 476,629 (c) |
910,000 | Volkswagen Auto Lease Trust, Series 2023-A, Class A2A, 5.87%, due 1/20/2026 | 911,940 |
World Omni Auto Receivables Trust | ||
239,726 | Series 2022-B, Class A2A, 2.77%, due 10/15/2025 | 238,545 |
235,350 | Series 2022-D, Class A2A, 5.51%, due 3/16/2026 | 235,098 |
1,210,709 | Series 2023-A, Class A2A, 5.18%, due 7/15/2026 | 1,207,285 |
2,505,000 | Series 2023-C, Class A2A, 5.57%, due 12/15/2026 | 2,502,030 |
Total Asset-Backed Securities (Cost $54,162,892) | 54,155,429 | |
Corporate Bonds 53.1% | ||
Auto Manufacturers 5.0% | ||
General Motors Financial Co., Inc. | ||
1,645,000 | 1.05%, due 3/8/2024 | 1,624,085 |
1,400,000 | 1.20%, due 10/15/2024 | 1,343,509 |
1,644,000 | Mercedes-Benz Finance North America LLC, (Secured Overnight Financing Rate + 0.93%), 6.28%, due 3/30/2025 | 1,653,871 (b)(c) |
Toyota Motor Credit Corp. | ||
2,875,000 | (Secured Overnight Financing Rate Index + 0.65%), 6.00%, due 12/29/2023 | 2,875,776 (c) |
2,405,000 | (Secured Overnight Financing Rate + 0.62%), 5.97%, due 3/22/2024 | 2,406,797 (c) |
3,800,000 | Volkswagen Group of America Finance LLC, (Secured Overnight Financing Rate + 0.95%), 6.30%, due 6/7/2024 | 3,803,825 (b)(c) |
13,707,863 | ||
Banks 16.9% | ||
Bank of America Corp. | ||
3,973,000 | (Secured Overnight Financing Rate + 1.10%), 6.45%, due 4/25/2025 | 3,978,324 (c) |
1,740,000 | (Secured Overnight Financing Rate + 1.33%), 6.68%, due 4/2/2026 | 1,744,907 (c) |
1,425,000 | Citibank NA, 3.65%, due 1/23/2024 | 1,420,901 |
Citigroup, Inc. | ||
1,445,000 | (Secured Overnight Financing Rate + 1.37%), 6.72%, due 5/24/2025 | 1,448,685 (c) |
3,195,000 | (Secured Overnight Financing Rate + 1.53%), 6.88%, due 3/17/2026 | 3,206,873 (c) |
5,121,000 | Goldman Sachs Group, Inc., 5.70%, due 11/1/2024 | 5,117,771 |
6,005,000 | JPMorgan Chase & Co., (Secured Overnight Financing Rate + 0.58%), 5.93%, due 6/23/2025 | 5,988,486 (c) |
5,484,000 | Morgan Stanley, (Secured Overnight Financing Rate + 0.63%), 5.97%, due 1/24/2025 | 5,470,290 (c) |
4,670,000 | Royal Bank of Canada, (Secured Overnight Financing Rate Index + 0.44%), 5.79%, due 1/21/2025 | 4,667,963 (c) |
2,460,000 | Truist Bank, (Secured Overnight Financing Rate + 0.20%), 5.55%, due 1/17/2024 | 2,459,237 (c) |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont’d)
Principal Amount | Value | |
Banks – cont'd | ||
$1,015,000 | Truist Financial Corp., (Secured Overnight Financing Rate + 0.40%), 5.75%, due 6/9/2025 | $996,752 (c) |
4,050,000 | U.S. Bancorp, 2.40%, due 7/30/2024 | 3,960,278 |
5,875,000 | Wells Fargo & Co., 3.75%, due 1/24/2024 | 5,857,747 |
46,318,214 | ||
Beverages 0.8% | ||
2,172,000 | PepsiCo, Inc., (Secured Overnight Financing Rate Index + 0.40%), 5.75%, due 11/12/2024 | 2,173,506 (c) |
Biotechnology 1.2% | ||
3,285,000 | Amgen, Inc., 3.63%, due 5/22/2024 | 3,252,137 |
Diversified Financial Services 3.4% | ||
5,104,000 | American Express Co., (Secured Overnight Financing Rate + 0.93%), 6.27%, due 3/4/2025 | 5,110,367 (c) |
Capital One Financial Corp. | ||
3,130,000 | (Secured Overnight Financing Rate + 0.69%), 6.04%, due 12/6/2024 | 3,129,656 (c) |
1,175,000 | (Secured Overnight Financing Rate + 1.35%), 6.70%, due 5/9/2025 | 1,172,060 (c) |
9,412,083 | ||
Electric 1.8% | ||
1,780,000 | Florida Power & Light Co., (Secured Overnight Financing Rate Index + 0.38%), 5.73%, due 1/12/2024 | 1,779,939 (c) |
985,000 | Mississippi Power Co., Series A, (Secured Overnight Financing Rate + 0.30%), 5.65%, due 6/28/2024 | 983,620 (c) |
2,220,000 | National Rural Utilities Cooperative Finance Corp., Series D, (Secured Overnight Financing Rate + 0.33%), 5.68%, due 10/18/2024 | 2,217,193 (c) |
4,980,752 | ||
Healthcare - Products 3.0% | ||
Baxter International, Inc. | ||
2,500,000 | (Secured Overnight Financing Rate Index + 0.26%), 5.61%, due 12/1/2023 | 2,500,000 (c) |
2,825,000 | (Secured Overnight Financing Rate Index + 0.44%), 5.79%, due 11/29/2024 | 2,815,397 (c) |
2,973,000 | Thermo Fisher Scientific, Inc., 1.22%, due 10/18/2024 | 2,861,048 |
8,176,445 | ||
Insurance 1.1% | ||
3,091,000 | Protective Life Global Funding, (Secured Overnight Financing Rate + 0.98%), 6.33%, due 3/28/2025 | 3,100,622 (b)(c) |
Machinery - Construction & Mining 1.1% | ||
3,112,000 | Caterpillar Financial Services Corp., (Secured Overnight Financing Rate + 0.27%), 5.62%, due 9/13/2024 | 3,111,302 (c) |
Machinery - Diversified 1.9% | ||
John Deere Capital Corp. | ||
1,522,000 | (Secured Overnight Financing Rate + 0.20%), 5.55%, due 10/11/2024 | 1,520,101 (c) |
3,798,000 | (Secured Overnight Financing Rate + 0.56%), 5.91%, due 3/7/2025 | 3,807,771 (c) |
5,327,872 | ||
Media 0.8% | ||
2,305,000 | Sky Ltd., 3.75%, due 9/16/2024 | 2,273,747 (b) |
Miscellaneous Manufacturer 1.6% | ||
4,470,000 | Siemens Financieringsmaatschappij NV, (Secured Overnight Financing Rate + 0.43%), 5.78%, due 3/11/2024 | 4,471,198 (b)(c) |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont’d)
Principal Amount | Value | ||
Pharmaceuticals 1.6% | |||
AbbVie, Inc. | |||
$3,575,000 | 3.85%, due 6/15/2024 | $3,537,587 | |
1,020,000 | 2.60%, due 11/21/2024 | 991,499 | |
4,529,086 | |||
Pipelines 3.8% | |||
4,398,000 | Enbridge, Inc., (Secured Overnight Financing Rate Index + 0.63%), 5.98%, due 2/16/2024 | 4,399,568 (c) | |
5,950,000 | Enterprise Products Operating LLC, 3.90%, due 2/15/2024 | 5,926,572 | |
10,326,140 | |||
Real Estate Investment Trusts 2.1% | |||
Simon Property Group LP | |||
3,380,000 | 3.75%, due 2/1/2024 | 3,365,630 | |
2,440,000 | 2.00%, due 9/13/2024 | 2,370,008 | |
5,735,638 | |||
Retail 0.5% | |||
1,315,000 | Starbucks Corp., (Secured Overnight Financing Rate Index + 0.42%), 5.77%, due 2/14/2024 | 1,315,003 (c) | |
Semiconductors 1.7% | |||
4,592,000 | Analog Devices, Inc., (Secured Overnight Financing Rate + 0.25%), 5.60%, due 10/1/2024 | 4,589,756 (c) | |
Software 1.3% | |||
3,495,000 | Oracle Corp., 3.40%, due 7/8/2024 | 3,442,578 | |
Telecommunications 3.5% | |||
5,762,000 | AT&T, Inc., 0.90%, due 3/25/2024 | 5,675,246 | |
Verizon Communications, Inc. | |||
3,470,000 | 0.75%, due 3/22/2024 | 3,418,698 | |
615,000 | 3.50%, due 11/1/2024 | 603,544 | |
9,697,488 | |||
Total Corporate Bonds (Cost $145,922,482) | 145,941,430 | ||
Number of Shares | |||
Short-Term Investments 21.5% | |||
Investment Companies 21.5% | |||
58,977,967 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.31%(d) (Cost $58,977,967) | 58,977,967 | |
Total Investments 99.2% (Cost $272,381,423) | 272,390,647 | ||
Other Assets Less Liabilities 0.8% | 2,299,696 (e) | ||
Net Assets 100.0% | $274,690,343 |
(a) | Rate shown was the discount rate at the date of purchase. |
(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 November 30, 2023, these securities amounted to $29,830,025, which represents 10.9% of net assets of the Fund. |
(c) | Variable or floating rate security. The interest rate shown was the current rate as of November 30, 2023 and changes periodically. |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont’d)
(d) | Represents 7-day effective yield as of November 30, 2023. |
(e) | Includes the impact of the Fund's open positions in derivatives at November 30, 2023. |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont’d)
Derivative Instruments
Futures contracts ("futures")
At November 30, 2023, open positions in futures for the Fund were as follows:
Long Futures: |
Expiration Date | Number of Contracts | Open Contracts | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) |
12/2023 | 144 | Lead | $7,577,100 | $(327,633 ) |
12/2023 | 71 | Nickel | 7,023,036 | (1,762,514 ) |
12/2023 | 178 | Primary Aluminum | 9,638,744 | (995,729 ) |
12/2023 | 188 | Zinc | 11,631,325 | (626,100 ) |
1/2024 | 235 | Brent Crude Oil | 18,936,300 | (998,067 ) |
1/2024 | 107 | Lead | 5,656,956 | 29,842 |
1/2024 | 63 | Nickel | 6,258,546 | (543,008 ) |
1/2024 | 141 | Platinum | 6,598,095 | 231,064 |
1/2024 | 361 | Soybean Meal | 15,306,400 | 1,404,637 |
1/2024 | 327 | Soybean Oil | 10,253,412 | (630,535 ) |
2/2024 | 185 | Gold 100 Oz | 38,058,200 | 910,509 |
2/2024 | 154 | Live Cattle | 10,584,420 | (800,440 ) |
2/2024 | 453 | Natural Gas | 11,945,610 | (3,599,855 ) |
2/2024 | 127 | New York Harbor ULSD | 14,272,717 | (722,753 ) |
2/2024 | 166 | RBOB Gasoline | 15,284,018 | (947,851 ) |
2/2024 | 171 | Sugar 11 | 4,987,181 | 381,647 |
2/2024 | 209 | WTI Crude | 15,881,910 | (924,709 ) |
3/2024 | 18 | Cattle Feeder | 2,003,175 | (338,708 ) |
3/2024 | 79 | Coffee'c' | 5,471,737 | 987,387 |
3/2024 | 155 | Low Sulphur Gasoil | 12,020,250 | (755,583 ) |
3/2024 | 222 | Primary Aluminum | 12,216,938 | (376,552 ) |
3/2024 | 108 | Silver | 13,856,400 | 1,364,072 |
3/2024 | 89 | Soybean Meal | 6,062,012 | 142,070 |
3/2024 | 96 | Wheat | 3,086,400 | (410,126 ) |
3/2024 | 177 | Zinc | 10,964,044 | 38,000 |
4/2024 | 171 | Lean Hogs | 5,290,740 | (265,630 ) |
5/2024 | 134 | Cocoa | 5,684,280 | 579,558 |
5/2024 | 195 | Copper | 18,883,313 | 462,936 |
5/2024 | 131 | Cotton No.2 | 5,285,850 | (151,860 ) |
5/2024 | 107 | Wheat | 3,278,213 | 32,495 |
5/2024 | 165 | Zinc | 10,250,625 | (93,385 ) |
6/2024 | 217 | Primary Aluminum | 12,161,494 | (345,946 ) |
7/2024 | 678 | Corn | 17,094,075 | (59,786 ) |
Total Long Positions | $353,503,516 | $(9,112,553 ) |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Commodity Strategy ETF^ (Unaudited) (cont’d)
Short Futures: |
Expiration Date | Number of Contracts | Open Contracts | Notional Amount | Value and Unrealized Appreciation/ (Depreciation) |
12/2023 | 144 | Lead | $(7,577,100 ) | $(25,473 ) |
12/2023 | 71 | Nickel | (7,023,036 ) | 718,144 |
12/2023 | 178 | Primary Aluminum | (9,638,744 ) | 330,276 |
12/2023 | 188 | Zinc | (11,631,325 ) | (110,385 ) |
1/2024 | 1 | Nickel | (99,342 ) | (1,371 ) |
3/2024 | 222 | Primary Aluminum | (12,216,938 ) | 363,598 |
3/2024 | 177 | Zinc | (10,964,044 ) | 82,504 |
5/2024 | 2 | Zinc | (124,250 ) | 2,416 |
6/2024 | 1 | Primary Aluminum | (56,044 ) | 1,515 |
Total Short Positions | $(59,330,823 ) | $1,361,224 | ||
Total Futures | $(7,751,329 ) |
The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund’s investments as of November 30, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
U.S. Treasury Obligations | $— | $9,871,743 | $— | $9,871,743 |
U.S. Government Agency Securities | — | 3,444,078 | — | 3,444,078 |
Asset-Backed Securities | — | 54,155,429 | — | 54,155,429 |
Corporate Bonds# | — | 145,941,430 | — | 145,941,430 |
Short-Term Investments | — | 58,977,967 | — | 58,977,967 |
Total Investments | $— | $272,390,647 | $— | $272,390,647 |
# | The Consolidated Schedule of Investments provides information on the industry or sector categorization. |
The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund’s derivatives as of November 30, 2023:
Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
Futures | ||||
Assets | $8,062,670 | $— | $— | $8,062,670 |
Liabilities | (15,813,999 ) | — | — | (15,813,999 ) |
Total | $(7,751,329 ) | $— | $— | $(7,751,329 ) |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Consolidated Schedule of Investments
Schedule of Investments Disrupters ETF^ (Unaudited) November 30, 2023
Number of Shares | Value | |
Common Stocks 97.7% | ||
Aerospace & Defense 3.6% | ||
401 | TransDigm Group, Inc.* | $386,111 |
Automobile Components 3.0% | ||
7,925 | Mobileye Global, Inc. Class A* | 325,321 |
Broadline Retail 4.3% | ||
3,194 | Amazon.com, Inc.* | 466,611 |
Capital Markets 4.8% | ||
5,369 | Tradeweb Markets, Inc. Class A | 520,256 |
Electronic Equipment, Instruments & Components 2.9% | ||
2,284 | Keysight Technologies, Inc.* | 310,373 |
Ground Transportation 5.2% | ||
9,879 | Uber Technologies, Inc.* | 556,978 |
Health Care Equipment & Supplies 14.5% | ||
2,530 | Dexcom, Inc.* | 292,266 |
3,725 | Edwards Lifesciences Corp.* | 252,220 |
693 | IDEXX Laboratories, Inc.* | 322,813 |
1,435 | Intuitive Surgical, Inc.* | 446,055 |
1,398 | Shockwave Medical, Inc.* | 244,021 |
1,557,375 | ||
Interactive Media & Services 3.9% | ||
3,155 | Alphabet, Inc. Class C* | 422,518 |
IT Services 4.2% | ||
1,076 | MongoDB, Inc.* | 447,336 |
Life Sciences Tools & Services 2.7% | ||
1,321 | Danaher Corp. | 294,992 |
Pharmaceuticals 4.1% | ||
742 | Eli Lilly & Co. | 438,552 |
Number of Shares | Value | |
Professional Services 2.2% | ||
1,311 | Paycom Software, Inc. | $238,156 |
Semiconductors & Semiconductor Equipment 19.8% | ||
4,046 | Advanced Micro Devices, Inc.* | 490,213 |
2,464 | Analog Devices, Inc. | 451,848 |
623 | ASML Holding NV | 425,983 |
1,612 | NVIDIA Corp. | 753,933 |
2,121,977 | ||
Software 22.5% | ||
648 | Adobe, Inc.* | 395,934 |
941 | Intuit, Inc. | 537,744 |
1,145 | Microsoft Corp. | 433,852 |
1,256 | Palo Alto Networks, Inc.* | 370,633 |
3,685 | Procore Technologies, Inc.* | 217,747 |
667 | ServiceNow, Inc.* | 457,389 |
2,413,299 | ||
Total Common Stocks (Cost $8,894,321) | 10,499,855 | |
Short-Term Investments 2.3% | ||
Investment Companies 2.3% | ||
246,432 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.31%(a) (Cost $246,432) | 246,432 |
Total Investments 100.0% (Cost $9,140,753) | 10,746,287 | |
Liabilities Less Other Assets (0.0)%(b) | (842 ) | |
Net Assets 100.0% | $10,745,445 |
* | Non-income producing security. |
(a) | Represents 7-day effective yield as of November 30, 2023. |
(b) | Represents less than 0.05% of net assets of the Fund. |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of November 30, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $10,499,855 | $— | $— | $10,499,855 |
Short-Term Investments | — | 246,432 | — | 246,432 |
Total Investments | $10,499,855 | $246,432 | $— | $10,746,287 |
# | 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 Schedule of Investments
Schedule of Investments Global Real Estate ETF^ (Unaudited) November 30, 2023
Number of Shares | Value | |
Common Stocks 99.3% | ||
Australia 4.7% | ||
35,748 | Charter Hall Retail REIT | $75,586 |
19,688 | GPT Group | 53,596 |
101,564 | Region RE Ltd. | 138,914 |
268,096 | ||
Belgium 0.9% | ||
1,265 | Shurgard Self Storage Ltd. | 54,892 |
Canada 4.3% | ||
2,978 | Canadian Apartment Properties REIT | 101,458 |
8,801 | RioCan REIT | 113,308 |
3,868 | Tricon Residential, Inc. | 30,472 |
245,238 | ||
France 1.8% | ||
951 | Gecina SA | 105,173 |
Hong Kong 5.2% | ||
13,000 | CK Asset Holdings Ltd. | 61,661 |
8,900 | Link REIT | 43,980 |
106,000 | Sino Land Co. Ltd. | 106,796 |
8,769 | Sun Hung Kai Properties Ltd. | 86,048 |
298,485 | ||
Japan 9.2% | ||
109 | LaSalle Logiport REIT | 115,867 |
6,400 | Mitsui Fudosan Co. Ltd. | 149,877 |
18 | Nippon Building Fund, Inc. | 75,395 |
63 | Nippon Prologis REIT, Inc. | 119,150 |
2,800 | Nomura Real Estate Holdings, Inc. | 68,064 |
528,353 | ||
Singapore 3.5% | ||
50,000 | Mapletree Pan Asia Commercial Trust | 51,207 |
33,800 | UOL Group Ltd. | 149,077 |
200,284 | ||
Spain 3.0% | ||
1,932 | Cellnex Telecom SA(a) | 73,688 |
10,081 | Merlin Properties Socimi SA | 101,612 |
175,300 | ||
Switzerland 1.6% | ||
342 | PSP Swiss Property AG | 45,147 |
441 | Swiss Prime Site AG | 44,316 |
89,463 | ||
United Kingdom 6.0% | ||
21,055 | Grainger PLC | 67,515 |
7,542 | Great Portland Estates PLC | 36,410 |
3,760 | Safestore Holdings PLC | 36,337 |
10,751 | Segro PLC | 110,237 |
Number of Shares | Value | |
United Kingdom – cont'd | ||
7,851 | UNITE Group PLC | $96,240 |
346,739 | ||
United States 59.1% | ||
424 | American Homes 4 Rent Class A | 15,378 |
1,693 | American Tower Corp. | 353,465 |
3,215 | Apartment Income REIT Corp. | 100,051 |
395 | AvalonBay Communities, Inc. | 68,311 |
688 | Boston Properties, Inc. | 39,168 |
1,767 | Crown Castle, Inc. | 207,234 |
172 | EastGroup Properties, Inc. | 29,885 |
338 | Equinix, Inc. | 275,473 |
1,008 | Equity LifeStyle Properties, Inc. | 71,669 |
1,256 | Equity Residential | 71,391 |
442 | Essex Property Trust, Inc. | 94,349 |
1,021 | Extra Space Storage, Inc. | 132,904 |
12,101 | Hudson Pacific Properties, Inc. | 71,033 |
1,039 | Invitation Homes, Inc. | 34,661 |
1,388 | Iron Mountain, Inc. | 89,040 |
6,955 | Kimco Realty Corp. | 134,371 |
1,551 | Omega Healthcare Investors, Inc. | 49,244 |
2,265 | Prologis, Inc. | 260,316 |
959 | Public Storage | 248,151 |
2,423 | Realty Income Corp. | 130,745 |
2,229 | Retail Opportunity Investments Corp. | 28,687 |
834 | Rexford Industrial Realty, Inc. | 41,049 |
365 | SBA Communications Corp. | 90,140 |
1,279 | Simon Property Group, Inc. | 159,734 |
787 | Sun Communities, Inc. | 101,791 |
2,428 | Urban Edge Properties | 40,669 |
2,184 | Ventas, Inc. | 100,115 |
4,019 | VICI Properties, Inc. | 120,128 |
1,685 | Welltower, Inc. | 150,134 |
2,711 | Weyerhaeuser Co. | 84,990 |
3,394,276 | ||
Total Common Stocks (Cost $5,606,411) | 5,706,299 | |
Short-Term Investments 1.5% | ||
Investment Companies 1.5% | ||
82,158 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.31%(b) (Cost $82,158) | 82,158 |
Total Investments 100.8% (Cost $5,688,569) | 5,788,457 | |
Liabilities Less Other Assets (0.8)% | (43,137 ) | |
Net Assets 100.0% | $5,745,320 |
See Notes to Schedule of Investments
Schedule of Investments Global Real Estate ETF^ (Unaudited) (cont’d)
(a) | 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 November 30, 2023 amounted to $73,688, which represents 1.3% of net assets of the Fund. |
(b) | Represents 7-day effective yield as of November 30, 2023. |
POSITIONS BY SECTOR | ||
Sector | Investments at Value | Percentage of Net Assets |
Specialty REITs | $2,061,674 | 35.9 % |
Industrial & Office REITs | 887,816 | 15.4 % |
Retail REITs | 865,994 | 15.1 % |
Real Estate Holding & Development | 808,973 | 14.1 % |
Residential REITs | 755,299 | 13.1 % |
Diversified REITs | 206,415 | 3.6 % |
Hotel & Lodging REITs | 120,128 | 2.1 % |
Short-Term Investments and Other Liabilities-Net | 39,021 | 0.7 % |
Total | $5,745,320 | 100.0 % |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of November 30, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $5,706,299 | $— | $— | $5,706,299 |
Short-Term Investments | — | 82,158 | — | 82,158 |
Total Investments | $5,706,299 | $82,158 | $— | $5,788,457 |
# | The Schedule of Investments provides a geographic categorization as well as a Positions by Sector summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited) November 30, 2023
Number of Shares | Value | |
Common Stocks 95.4% | ||
Beverages 6.2% | ||
70,688 | Becle SAB de CV(a) | $119,736 |
6,542 | Keurig Dr Pepper, Inc. | 206,531 |
326,267 | ||
Consumer Staples Distribution & Retail 6.7% | ||
2,083 | Dollar Tree, Inc.* | 257,438 |
621 | Walmart, Inc. | 96,684 |
354,122 | ||
Diversified Consumer Services 2.0% | ||
5,436 | Coursera, Inc.* | 107,361 |
Entertainment 4.9% | ||
755 | Spotify Technology SA* | 139,758 |
1,249 | Walt Disney Co.* | 115,770 |
255,528 | ||
Financial Services 1.2% | ||
4,257 | Toast, Inc. Class A* | 63,302 |
Food Products 2.3% | ||
3,157 | Simply Good Foods Co.* | 122,302 |
Health Care Equipment & Supplies 3.5% | ||
969 | EssilorLuxottica SA | 184,709 |
Hotels, Restaurants & Leisure 24.6% | ||
4,485 | Basic-Fit NV*(a)(b) | 127,809 |
37 | Chipotle Mexican Grill, Inc.* | 81,483 |
5,946 | Cie des Alpes | 91,258 |
3,842 | DraftKings, Inc. Class A* | 146,918 |
18,705 | eDreams ODIGEO SA* | 137,840 |
4,455 | Las Vegas Sands Corp. | 205,465 |
639 | Marriott International, Inc. Class A | 129,525 |
802 | McDonald's Corp. | 226,036 |
22,858 | Soho House & Co., Inc.*(a) | 143,777 |
1,290,111 | ||
Insurance 5.0% | ||
1,178 | Allstate Corp. | 162,411 |
39,000 | ZhongAn Online P&C Insurance Co. Ltd. Class H*(b) | 98,357 |
260,768 | ||
Interactive Media & Services 6.4% | ||
1,037 | Alphabet, Inc. Class C* | 138,875 |
3,885 | Match Group, Inc.* | 125,796 |
5,090 | Snap, Inc. Class A* | 70,395 |
335,066 |
Number of Shares | Value | |
IT Services 2.5% | ||
1,278 | Wix.com Ltd.* | $129,717 |
Pharmaceuticals 2.5% | ||
731 | Zoetis, Inc. | 129,146 |
Software 1.2% | ||
6,660 | Zuora, Inc. Class A* | 60,739 |
Specialty Retail 16.2% | ||
6,262 | Aritzia, Inc.*(a) | 121,461 |
2,920 | Beyond, Inc.* | 56,122 |
383 | Home Depot, Inc. | 120,067 |
1,591 | TJX Cos., Inc. | 140,183 |
133,000 | Topsports International Holdings Ltd.(b) | 108,119 |
345 | Ulta Beauty, Inc.* | 146,967 |
14,945 | Warby Parker, Inc. Class A* | 155,577 |
848,496 | ||
Textiles, Apparel & Luxury Goods 7.0% | ||
108 | Kering SA | 46,283 |
11,000 | Li Ning Co. Ltd. | 30,629 |
2,584 | Moncler SpA | 143,109 |
1,361 | NIKE, Inc. Class B | 150,077 |
370,098 | ||
Wireless Telecommunication Services 3.2% | ||
1,132 | T-Mobile U.S., Inc. | 170,309 |
Total Common Stocks (Cost $5,273,056) | 5,008,041 | |
Short-Term Investments 10.9% | ||
Investment Companies 10.9% | ||
239,972 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.31%(c) | 239,972 |
334,509 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.37%(c)(d) | 334,509 |
Total Short-Term Investments (Cost $574,481) | 574,481 | |
Total Investments 106.3% (Cost $5,847,537) | 5,582,522 | |
Liabilities Less Other Assets (6.3)% | (330,673 ) | |
Net Assets 100.0% | $5,251,849 |
* | Non-income producing security. |
See Notes to Schedule of Investments
Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited) (cont’d)
(a) | All or a portion of this security is on loan at November 30, 2023. Total value of all such securities at November 30, 2023 amounted to $440,084, collateralized by cash collateral of $334,509 and non-cash (U.S. Treasury Securities) collateral of $135,024 for the Fund. |
(b) | 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 November 30, 2023 amounted to $334,285, which represents 6.4% of net assets of the Fund. |
(c) | Represents 7-day effective yield as of November 30, 2023. |
(d) | Represents investment of cash collateral received from securities lending. |
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $3,525,237 | 67.1% |
France | 322,250 | 6.2% |
China | 237,105 | 4.5% |
United Kingdom | 143,777 | 2.8% |
Italy | 143,109 | 2.7% |
Spain | 137,840 | 2.6% |
Israel | 129,717 | 2.5% |
Netherlands | 127,809 | 2.4% |
Canada | 121,461 | 2.3% |
Mexico | 119,736 | 2.3% |
Short-Term Investments and Other Liabilities—Net | 243,808 | 4.6% |
$5,251,849 | 100.0% |
See Notes to Schedule of Investments
Schedule of Investments Next Generation Connected Consumer ETF^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of November 30, 2023:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $5,008,041 | $— | $— | $5,008,041 |
Short-Term Investments | — | 574,481 | — | 574,481 |
Total Investments | $5,008,041 | $574,481 | $— | $5,582,522 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
November 30, 2023
Notes to Schedule of Investments ETF Trustß (Unaudited)
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Carbon Transition & Infrastructure ETF, Neuberger Berman China Equity ETF, Neuberger Berman Commodity Strategy ETF ("Commodity Strategy"), Neuberger Berman Disrupters ETF, Neuberger Berman Global Real Estate ETF and Neuberger Berman Next Generation Connected Consumer ETF (each individually a "Fund," and collectively, the "Funds") are carried at the value that Management believes a 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.
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
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 for which market quotations are 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 which 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.
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßFor Commodity Strategy, the notes to the Schedule of Investments are consolidated notes with the CS Subsidiary
Notes to Schedule of Investments ETF Trustß (Unaudited) (cont’d)
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. Inputs used to value asset-backed securities generally include models that consider several factors, which may include the following: prepayment speeds, cash flows, spread adjustments and Other Market Information.
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).
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 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 Funds' Board of Trustees 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 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). 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.
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßFor Commodity Strategy, the notes to the Schedule of Investments are consolidated notes with the CS Subsidiary
Notes to Schedule of Investments ETF Trustß (Unaudited) (cont’d)
Commodity Strategy invests in commodity-related instruments through Neuberger Berman Cayman Commodity Fund I Ltd. (the "CS Subsidiary"), which is organized under the laws of the Cayman Islands. Commodity Strategy ETF is and expects to remain the sole shareholder of the CS Subsidiary. The CS Subsidiary is governed by its own Board of Directors.
As of November 30, 2023, the value of Commodity Strategy's investment in the CS Subsidiary was as follows:
Investment in CS Subsidiary | Percentage of Net Assets | |
$45,105,994 | 16.4 % |
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßFor Commodity Strategy, the notes to the Schedule of Investments are consolidated notes with the CS Subsidiary
Notes to Schedule of Investments ETF Trustß (Unaudited) (cont'd)
Legend
Benchmarks: | |
SOFR | = Secured Overnight Financing Rate |
Other Abbreviations: | |
JSC | = Joint Stock Company |
Management | = Neuberger Berman Investment Advisers LLC |
Currency Abbreviations: | |
USD | = United States Dollar |
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßFor Commodity Strategy, the notes to the Schedule of Investments are consolidated notes with the CS Subsidiary