Portfolio of Investments – as of March 31, 2024 (Unaudited)Natixis Gateway Quality Income ETF
Shares | Description | Value (†) |
Common Stocks — 90.2% of Net Assets | ||
Aerospace & Defense — 0.5% | ||
837 | Lockheed Martin Corp. | $380,726 |
Air Freight & Logistics — 0.6% | ||
1,929 | C.H. Robinson Worldwide, Inc. | 146,874 |
2,383 | Expeditors International of Washington, Inc. | 289,701 |
436,575 | ||
Automobiles — 1.5% | ||
29,232 | Ford Motor Co. | 388,201 |
4,603 | Tesla, Inc.(a) | 809,161 |
1,197,362 | ||
Beverages — 0.9% | ||
12,127 | Monster Beverage Corp.(a) | 718,889 |
Biotechnology — 2.3% | ||
3,038 | Incyte Corp.(a) | 173,075 |
511 | Regeneron Pharmaceuticals, Inc.(a) | 491,833 |
2,828 | Vertex Pharmaceuticals, Inc.(a) | 1,182,132 |
1,847,040 | ||
Broadline Retail — 4.0% | ||
17,635 | Amazon.com, Inc.(a) | 3,181,001 |
Building Products — 0.5% | ||
2,007 | A.O. Smith Corp. | 179,546 |
1,161 | Builders FirstSource, Inc.(a) | 242,127 |
421,673 | ||
Capital Markets — 0.5% | ||
622 | MarketAxess Holdings, Inc. | 136,374 |
1,895 | T. Rowe Price Group, Inc. | 231,038 |
367,412 | ||
Commercial Services & Supplies — 1.3% | ||
13,786 | Copart, Inc.(a) | 798,485 |
4,594 | Rollins, Inc. | 212,565 |
1,011,050 | ||
Communications Equipment — 1.4% | ||
1,069 | Arista Networks, Inc.(a) | 309,988 |
16,802 | Cisco Systems, Inc. | 838,588 |
1,148,576 | ||
Consumer Staples Distribution & Retail — 6.1% | ||
2,133 | Costco Wholesale Corp. | 1,562,700 |
10,858 | Kroger Co. | 620,318 |
8,278 | Sysco Corp. | 672,008 |
1,427 | Target Corp. | 252,879 |
11,834 | Walgreens Boots Alliance, Inc. | 256,679 |
24,632 | Walmart, Inc. | 1,482,107 |
4,846,691 | ||
Distributors — 0.3% | ||
634 | Pool Corp. | 255,819 |
Diversified Telecommunication Services — 0.7% | ||
31,620 | AT&T, Inc. | 556,512 |
Entertainment — 0.3% | ||
2,327 | Live Nation Entertainment, Inc.(a) | 246,127 |
Financial Services — 4.6% | ||
1,202 | Jack Henry & Associates, Inc. | 208,823 |
3,571 | Mastercard, Inc., Class A | 1,719,687 |
6,309 | Visa, Inc., Class A | 1,760,716 |
3,689,226 | ||
Food Products — 1.4% | ||
8,771 | Archer-Daniels-Midland Co. | 550,907 |
2,398 | Bunge Global SA | 245,843 |
1,775 | Hershey Co. | 345,237 |
1,141,987 |
Shares | Description | Value (†) |
Ground Transportation — 1.1% | ||
1,336 | J.B. Hunt Transport Services, Inc. | $266,198 |
2,946 | Old Dominion Freight Line, Inc. | 646,087 |
912,285 | ||
Health Care Equipment & Supplies — 1.7% | ||
1,172 | Align Technology, Inc.(a) | 384,322 |
2,647 | Edwards Lifesciences Corp.(a) | 252,947 |
1,365 | IDEXX Laboratories, Inc.(a) | 737,005 |
1,374,274 | ||
Health Care Providers & Services — 5.0% | ||
4,049 | Cardinal Health, Inc. | 453,083 |
2,735 | Cencora, Inc. | 664,578 |
8,770 | Centene Corp.(a) | 688,270 |
1,710 | Humana, Inc. | 592,891 |
2,189 | McKesson Corp. | 1,175,165 |
956 | Molina Healthcare, Inc.(a) | 392,753 |
3,966,740 | ||
Hotels, Restaurants & Leisure — 1.4% | ||
6,974 | Airbnb, Inc., Class A(a) | 1,150,431 |
Household Durables — 1.0% | ||
2,516 | Garmin Ltd. | 374,557 |
53 | NVR, Inc.(a) | 429,298 |
803,855 | ||
Insurance — 1.7% | ||
7,350 | MetLife, Inc. | 544,708 |
417 | Progressive Corp. | 86,244 |
5,924 | Prudential Financial, Inc. | 695,478 |
1,326,430 | ||
Interactive Media & Services — 7.8% | ||
24,500 | Alphabet, Inc., Class A(a) | 3,697,785 |
5,228 | Meta Platforms, Inc., Class A | 2,538,612 |
6,236,397 | ||
IT Services — 1.7% | ||
3,812 | Accenture PLC, Class A | 1,321,277 |
Life Sciences Tools & Services — 0.6% | ||
1,214 | West Pharmaceutical Services, Inc. | 480,392 |
Machinery — 0.3% | ||
838 | Illinois Tool Works, Inc. | 224,861 |
Metals & Mining — 1.3% | ||
3,287 | Nucor Corp. | 650,497 |
2,500 | Steel Dynamics, Inc. | 370,575 |
1,021,072 | ||
Multi-Utilities — 0.5% | ||
5,865 | Public Service Enterprise Group, Inc. | 391,665 |
Oil, Gas & Consumable Fuels — 5.7% | ||
5,066 | APA Corp. | 174,169 |
10,534 | Devon Energy Corp. | 528,596 |
9,575 | EOG Resources, Inc. | 1,224,068 |
3,356 | Exxon Mobil Corp. | 390,101 |
1,652 | Marathon Petroleum Corp. | 332,878 |
5,714 | Phillips 66 | 933,325 |
5,595 | Valero Energy Corp. | 955,011 |
4,538,148 | ||
Passenger Airlines — 0.4% | ||
9,769 | Southwest Airlines Co. | 285,157 |
Pharmaceuticals — 0.3% | ||
19,645 | Viatris, Inc. | 234,561 |
Professional Services — 1.2% | ||
5,272 | Paychex, Inc. | 647,402 |
Shares | Description | Value (†) |
Professional Services — continued | ||
720 | Paycom Software, Inc. | $143,287 |
1,754 | Robert Half, Inc. | 139,057 |
929,746 | ||
Semiconductors & Semiconductor Equipment — 7.9% | ||
6,528 | Applied Materials, Inc. | 1,346,269 |
5,383 | NVIDIA Corp. | 4,863,864 |
736 | Teradyne, Inc. | 83,043 |
6,293,176 | ||
Software — 11.2% | ||
1,302 | Adobe, Inc.(a) | 656,989 |
911 | Autodesk, Inc.(a) | 237,243 |
3,676 | Cadence Design Systems, Inc.(a) | 1,144,265 |
10,460 | Fortinet, Inc.(a) | 714,523 |
8,163 | Microsoft Corp. | 3,434,337 |
3,977 | Palo Alto Networks, Inc.(a) | 1,129,985 |
5,089 | Salesforce, Inc. | 1,532,705 |
127 | ServiceNow, Inc.(a) | 96,825 |
8,946,872 | ||
Specialty Retail — 3.0% | ||
3,171 | Best Buy Co., Inc. | 260,117 |
3,959 | Home Depot, Inc. | 1,518,673 |
2,117 | TJX Cos., Inc. | 214,706 |
806 | Ulta Beauty, Inc.(a) | 421,441 |
2,414,937 | ||
Technology Hardware, Storage & Peripherals — 6.4% | ||
29,807 | Apple, Inc. | 5,111,304 |
Textiles, Apparel & Luxury Goods — 1.3% | ||
1,893 | Lululemon Athletica, Inc.(a) | 739,501 |
3,328 | NIKE, Inc., Class B | 312,765 |
1,052,266 | ||
Trading Companies & Distributors — 1.8% | ||
9,383 | Fastenal Co. | 723,804 |
726 | W.W. Grainger, Inc. | 738,560 |
1,462,364 | ||
Total Common Stocks (Identified Cost $67,471,204) | 71,924,876 |
Principal Amount | Description | Value (†) |
Equity-Linked Notes — 9.0% | ||
$998,743 | BNP Paribas Issuance BV, (S&P 500 Index), 81.000%, 4/05/2024(b) | $880,289 |
1,948,783 | BNP Paribas Issuance BV, (S&P 500 Index), 76.660%, 4/26/2024(b) | 1,930,351 |
1,148,571 | Morgan Stanley Finance LLC, (S&P 500 Index), 89.600%, 4/11/2024(b) | 1,053,962 |
1,869,842 | Morgan Stanley Finance LLC, (S&P 500 Index), 77.500%, 4/19/2024(b) | 1,792,760 |
1,571,481 | Royal Bank of Canada, (S&P 500 Index), 72.310%, 5/03/2024(b) | 1,542,816 |
Total Equity-Linked Notes (Identified Cost $7,537,421) | 7,200,178 | |
Short-Term Investments — 2.0% | ||
1,608,046 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/28/2024 at 3.500% to be repurchased at $1,608,672 on 4/01/2024 collateralized by $1,649,200 U.S. Treasury Note, 3.625% due 5/15/2026 valued at $1,640,221 including accrued interest(c) (Identified Cost $1,608,046) | 1,608,046 |
Total Investments — 101.2% (Identified Cost $76,616,671) | 80,733,100 | |
Other assets less liabilities — (1.2)% | (952,247 ) | |
Net Assets — 100.0% | $79,780,853 |
(†) | Registered investment companies are required to value portfolio investments using an unadjusted, readily available market quotation. The Fund obtains readily available market quotations from independent pricing services. Fund investments for which readily available market quotations are not available are priced at fair value pursuant to the Fund's Valuation Procedures. The Board of Trustees has approved a valuation designee who is subject to the Board's oversight. Unadjusted readily available market quotations that are utilized for exchange traded equity securities (including shares of closed-end investment companies and exchange-traded funds) include the last sale price quoted on the exchange where the security is traded most extensively. Shares of open-end investment companies are valued at net asset value ("NAV") per share. Exchange traded equity securities for which there is no reported sale during the day are fair valued at the closing bid quotation as reported by an independent pricing service. Unlisted equity securities (except unlisted preferred equity securities) are fair valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be fair valued using evaluated bids furnished by an independent pricing service, if available. Debt securities and unlisted preferred equity securities are fair valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. Equity-linked notes are priced by an approved third-party or affiliated pricing service or at an evaluated price provided by a counterparty or broker-dealer. Broker-dealer bid prices may be used to fair value debt and unlisted equities where an independent pricing service is unable to price an investment or where an independent pricing service does not provide a reliable price for the investment. The Fund may also fair value investments in other circumstances such as when extraordinary events occur after the close of a foreign market, but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuer's security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing a Fund's investments, the valuation designee may, among other things, use modeling tools or other processes that may take into account factors such as issuer specific information, or other related market activity and/or information that occurred after the close of the foreign market but before the time the Fund's NAV is calculated. Fair valuation by the Fund's valuation designee may require subjective determinations about the value of the investment, and fair values used to determine a Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investments. In addition, the use of fair value pricing may not always result in adjustments to the prices of investments held by a Fund. The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars, if any, are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. |
(a) | Non-income producing security. |
(b) | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2024, the value of Rule 144A holdings amounted to $7,200,178 or 9.0% of net assets. |
(c) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Fund's policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. As of March 31, 2024, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
Fair Value Measurements.
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of each Fund’s assets or liabilities. These inputs are summarized in the three broad levels listed below:
• Level 1 — quoted prices in active markets for identical assets or liabilities;
• Level 2 — prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and
• Level 3 — prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect each Fund’s own assumptions in determining the fair value of assets or liabilities and would be based on the best information available).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The Fund's pricing policies have been approved by the Board of Trustees. Investments for which market quotations are readily available are categorized in Level 1. Other investments for which an independent pricing service is utilized are categorized in Level 2. Broker-dealer bid prices for which the Fund has knowledge of the inputs used by the broker-dealer are categorized in Level 2. All other investments, including broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer, as well as investments fair valued by the valuation designee, are categorized in Level 3. All Level 2 and 3 securities are defined as being fair valued.
Under certain conditions and based upon specific facts and circumstances, the Fund’s valuation designee may determine that a fair valuation should be made for portfolio investment(s). These valuation designee fair valuations will be based upon a significant amount of Level 3 inputs.
The following is a summary of the inputs used to value the Fund's investments as of March 31, 2024, at value:
Asset Valuation Inputs | ||||
Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks(a) | $71,924,876 | $ — | $ — | $71,924,876 |
Equity-Linked Notes | — | 7,200,178 | — | 7,200,178 |
Short-Term Investments | — | 1,608,046 | — | 1,608,046 |
Total Investments | $71,924,876 | $8,808,224 | $— | $80,733,100 |
(a) | Details of the major categories of the Fund’s investments are reflected within the Portfolio of Investments. |
Industry Summary at March 31, 2024 (Unaudited) | |
Software | 11.2% |
Semiconductors & Semiconductor Equipment | 7.9 |
Interactive Media & Services | 7.8 |
Technology Hardware, Storage & Peripherals | 6.4 |
Consumer Staples Distribution & Retail | 6.1 |
Oil, Gas & Consumable Fuels | 5.7 |
Health Care Providers & Services | 5.0 |
Financial Services | 4.6 |
Broadline Retail | 4.0 |
Specialty Retail | 3.0 |
Biotechnology | 2.3 |
Other Investments, less than 2% each | 26.2 |
Equity-Linked Notes | 9.0 |
Short-Term Investments | 2.0 |
Total Investments | 101.2 |
Other assets less liabilities | (1.2) |
Net Assets | 100.0% |