Vident U.S. Bond Strategy ETFTM | |
| Schedule of Investments | |
| November 30, 2024 (Unaudited) | |
| | |
| U.S. TREASURY SECURITIES - 61.3% | | Par | | | Value | |
| United States Treasury Inflation Indexed Bonds | |
| 0.38%, 07/15/2027 | | $ | 837,818 | | | $ | 810,768 | |
| 1.63%, 10/15/2027 | | | 1,820,090 | | | | 1,817,618 | |
| 0.50%, 01/15/2028 | | | 3,981,749 | | | | 3,826,431 | |
| 1.75%, 01/15/2028 | | | 4,108,759 | | | | 4,104,418 | |
| 1.25%, 04/15/2028 | | | 3,999,740 | | | | 3,925,845 | |
| 3.63%, 04/15/2028 | | | 4,551,919 | | | | 4,816,483 | |
| 0.75%, 07/15/2028 | | | 772,502 | | | | 747,693 | |
| 2.38%, 10/15/2028 | | | 1,142,645 | | | | 1,171,953 | |
| 0.88%, 01/15/2029 | | | 2,097,816 | | | | 2,023,943 | |
| 2.50%, 01/15/2029 | | | 2,173,484 | | | | 2,235,448 | |
| 2.13%, 04/15/2029 | | | 2,252,830 | | | | 2,280,323 | |
| 3.88%, 04/15/2029 | | | 2,464,591 | | | | 2,674,111 | |
| 0.13%, 01/15/2030 | | | 1,072,313 | | | | 985,246 | |
| 0.13%, 01/15/2031 | | | 938,696 | | | | 846,278 | |
| 0.13%, 07/15/2031 | | | 117,640 | | | | 105,424 | |
| 0.13%, 01/15/2032 | | | 1,495,734 | | | | 1,323,995 | |
| 0.63%, 07/15/2032 | | | 781,337 | | | | 714,393 | |
| 1.13%, 01/15/2033 | | | 2,138,170 | | | | 2,013,454 | |
| 1.38%, 07/15/2033 | | | 1,619,545 | | | | 1,553,154 | |
| 1.75%, 01/15/2034 | | | 2,625,869 | | | | 2,583,902 | |
| 1.88%, 07/15/2034 | | | 2,411,616 | | | | 2,401,028 | |
| 2.13%, 02/15/2040 | | | 3,588,599 | | | | 3,619,230 | |
| 2.13%, 02/15/2041 | | | 2,929,973 | | | | 2,958,250 | |
| 0.75%, 02/15/2042 | | | 4,667,546 | | | | 3,759,226 | |
| 0.63%, 02/15/2043 | | | 4,066,201 | | | | 3,141,669 | |
| 1.38%, 02/15/2044 | | | 3,679,834 | | | | 3,230,699 | |
| 0.75%, 02/15/2045 | | | 3,079,608 | | | | 2,364,399 | |
| 1.00%, 02/15/2046 | | | 2,947,501 | | | | 2,354,186 | |
| 0.88%, 02/15/2047 | | | 2,364,186 | | | | 1,821,240 | |
| 1.00%, 02/15/2048 | | | 1,348,934 | | | | 1,059,224 | |
| 1.00%, 02/15/2049 | | | 601,445 | | | | 468,648 | |
| United States Treasury Note/Bond | |
| 4.63%, 03/15/2026 | | | 3,455,000 | | | | 3,469,171 | |
| 0.75%, 03/31/2026 | | | 1,290,000 | | | | 1,231,622 | |
| 2.25%, 03/31/2026 | | | 2,585,000 | | | | 2,518,153 | |
| 3.75%, 04/15/2026 | | | 2,480,000 | | | | 2,463,047 | |
| 0.75%, 04/30/2026 | | | 1,875,000 | | | | 1,785,388 | |
| 2.38%, 04/30/2026 | | | 1,355,000 | | | | 1,320,384 | |
| 1.63%, 05/15/2026 | | | 1,410,000 | | | | 1,358,116 | |
| 3.63%, 05/15/2026 | | | 1,230,000 | | | | 1,219,238 | |
| 0.75%, 05/31/2026 | | | 20,170,000 | | | | 19,152,833 | |
| 2.13%, 05/31/2026 | | | 19,494,000 | | | | 18,896,616 | |
| 4.13%, 06/15/2026 | | | 16,490,000 | | | | 16,460,047 | |
| 0.88%, 06/30/2026 | | | 4,060,000 | | | | 3,852,877 | |
| 1.88%, 06/30/2026 | | | 2,400,000 | | | | 2,314,687 | |
| 4.50%, 07/15/2026 | | | 9,290,000 | | | | 9,327,922 | |
| 0.63%, 07/31/2026 | | | 500,000 | | | | 471,309 | |
| 1.88%, 07/31/2026 | | | 4,000,000 | | | | 3,850,781 | |
| 1.50%, 08/15/2026 | | | 5,960,000 | | | | 5,696,456 | |
| 4.38%, 08/15/2026 | | | 1,615,000 | | | | 1,619,132 | |
| 1.25%, 11/30/2026 | | | 5,670,000 | | | | 5,354,606 | |
| 1.63%, 11/30/2026 | | | 16,700,000 | | | | 15,893,703 | |
| 2.25%, 05/15/2041 | | | 1,680,000 | | | | 1,255,833 | |
| 1.75%, 08/15/2041 | | | 4,575,000 | | | | 3,126,101 | |
| 2.00%, 11/15/2041 | | | 3,200,000 | | | | 2,266,438 | |
| 3.13%, 11/15/2041 | | | 1,015,000 | | | | 860,292 | |
| 2.38%, 02/15/2042 | | | 2,190,000 | | | | 1,642,072 | |
| 3.13%, 02/15/2042 | | | 3,625,000 | | | | 3,058,877 | |
| 3.00%, 05/15/2042 | | | 4,350,000 | | | | 3,585,352 | |
| 3.25%, 05/15/2042 | | | 3,590,000 | | | | 3,070,852 | |
| 2.75%, 08/15/2042 | | | 4,785,000 | | | | 3,781,178 | |
| 3.38%, 08/15/2042 | | | 3,240,000 | | | | 2,812,978 | |
| 2.75%, 11/15/2042 | | | 4,635,000 | | | | 3,647,437 | |
| 4.00%, 11/15/2042 | | | 3,295,000 | | | | 3,117,057 | |
| 3.13%, 02/15/2043 | | | 5,050,000 | | | | 4,197,813 | |
| 3.88%, 02/15/2043 | | | 2,510,000 | | | | 2,328,221 | |
| 2.88%, 05/15/2043 | | | 4,410,000 | | | | 3,516,630 | |
| 3.88%, 05/15/2043 | | | 2,945,000 | | | | 2,726,483 | |
| 3.63%, 08/15/2043 | | | 4,625,000 | | | | 4,120,767 | |
| 4.38%, 08/15/2043 | | | 360,000 | | | | 356,224 | |
| 3.75%, 11/15/2043 | | | 11,910,000 | | | | 10,780,876 | |
| 3.63%, 02/15/2044 | | | 4,185,000 | | | | 3,710,755 | |
| 3.38%, 05/15/2044 | | | 4,745,000 | | | | 4,046,966 | |
| 3.13%, 08/15/2044 | | | 4,635,000 | | | | 3,791,647 | |
| 3.00%, 11/15/2044 | | | 4,430,000 | | | | 3,541,923 | |
| 2.50%, 02/15/2045 | | | 3,905,000 | | | | 2,859,955 | |
| 3.00%, 05/15/2045 | | | 4,295,000 | | | | 3,424,088 | |
| 2.88%, 08/15/2045 | | | 1,245,000 | | | | 969,933 | |
| 3.00%, 11/15/2045 | | | 2,015,000 | | | | 1,600,351 | |
| 2.50%, 02/15/2046 | | | 3,945,000 | | | | 2,855,040 | |
| 2.50%, 05/15/2046 | | | 3,811,000 | | | | 2,748,981 | |
| 2.25%, 08/15/2046 | | | 3,670,000 | | | | 2,513,663 | |
TOTAL U.S. TREASURY SECURITIES (Cost $277,401,596) | | | | 278,309,550 | |
| | | | | | | | | |
| CORPORATE BONDS - 24.7% | | Par | | | Value | |
| Communication Services - 0.3% | |
| Fox Corporation, 5.58%, 01/25/2049 | | | 1,450,000 | | | | 1,412,730 | |
| | | | | | | | | |
| Consumer Discretionary - 1.8% | |
| AutoNation, Inc., 3.85%, 03/01/2032 | | | 1,500,000 | | | | 1,365,338 | |
| Brunswick Corporation, 2.40%, 08/18/2031 | | | 1,630,000 | | | | 1,363,718 | |
| Dick's Sporting Goods, Inc., 4.10%, 01/15/2052 | | | 1,795,000 | | | | 1,351,863 | |
| General Motors Company, 6.75%, 04/01/2046 | | | 1,225,000 | | | | 1,337,759 | |
| Lear Corporation, 5.25%, 05/15/2049 | | | 1,420,000 | | | | 1,292,251 | |
| Tapestry, Inc., 3.05%, 03/15/2032 | | | 1,560,000 | | | | 1,348,101 | |
| | | | | | | | 8,059,030 | |
| | | | | | | | | |
| Consumer Staples - 0.9% | |
| Altria Group, Inc., 4.45%, 05/06/2050 | | | 1,700,000 | | | | 1,396,066 | |
| Kraft Heinz Foods Company | |
| 6.88%, 01/26/2039 | | | 105,000 | | | | 119,307 | |
| 6.50%, 02/09/2040 | | | 990,000 | | | | 1,092,920 | |
| Philip Morris International, Inc., 4.88%, 11/15/2043 | | | 1,470,000 | | | | 1,381,034 | |
| | | | | | | | 3,989,327 | |
| | | | | | | | | |
| Energy - 4.2% | |
| Apache Corporation, 5.10%, 09/01/2040 | | | 1,550,000 | | | | 1,364,121 | |
| Continental Resources, Inc., 4.90%, 06/01/2044 | | | 1,610,000 | | | | 1,345,742 | |
| Devon Energy Corporation, 7.88%, 09/30/2031 | | | 1,175,000 | | | | 1,352,877 | |
| Energy Transfer LP, 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054 | | | 1,200,000 | | | | 1,277,206 | |
| Enterprise Products Operating LLC, 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078 | | | 1,430,000 | | | | 1,377,916 | |
| EQT Corporation, 7.00%, 02/01/2030 | | | 1,220,000 | | | | 1,318,356 | |
| Halliburton Company, 7.45%, 09/15/2039 | | | 375,000 | | | | 452,866 | |
Helmerich & Payne, Inc., 5.50%, 12/01/2034 (a) | | | 1,400,000 | | | | 1,358,916 | |
| Hess Corporation, 6.00%, 01/15/2040 | | | 1,050,000 | | | | 1,118,988 | |
| Marathon Oil Corporation | |
| 6.60%, 10/01/2037 | | | 1,045,000 | | | | 1,185,770 | |
| 5.20%, 06/01/2045 | | | 265,000 | | | | 262,179 | |
| Marathon Petroleum Corporation, 6.50%, 03/01/2041 | | | 1,045,000 | | | | 1,126,626 | |
| NOV, Inc., 3.95%, 12/01/2042 | | | 1,770,000 | | | | 1,377,886 | |
| Occidental Petroleum Corporation, 6.60%, 03/15/2046 | | | 300,000 | | | | 316,306 | |
| Ovintiv, Inc., 7.38%, 11/01/2031 | | | 1,100,000 | | | | 1,222,712 | |
| Phillips 66 Company, 4.90%, 10/01/2046 | | | 1,030,000 | | | | 930,844 | |
| Valero Energy Corporation, 6.63%, 06/15/2037 | | | 1,100,000 | | | | 1,209,330 | |
| Western Midstream Operating LP, 5.30%, 03/01/2048 | | | 580,000 | | | | 513,950 | |
| | | | | | | | 19,112,591 | |
| | | | | | | | | |
| Financials - 11.1% | |
Allstate Corporation, 6.50% to 05/15/2037 then 3 mo. LIBOR US + 2.12%, 05/15/2057 (b) | | | 1,250,000 | | | | 1,299,076 | |
| Ally Financial, Inc., 6.70%, 02/14/2033 | | | 1,290,000 | | | | 1,331,093 | |
| American Assets Trust LP, 3.38%, 02/01/2031 | | | 1,520,000 | | | | 1,344,012 | |
| Ares Capital Corporation, 3.20%, 11/15/2031 | | | 1,590,000 | | | | 1,381,000 | |
| Athene Holding, Ltd., 3.95%, 05/25/2051 | | | 1,810,000 | | | | 1,385,425 | |
| Blackstone Private Credit Fund, 6.25%, 01/25/2031 | | | 1,350,000 | | | | 1,382,722 | |
| Blackstone Secured Lending Fund, 2.85%, 09/30/2028 | | | 1,530,000 | | | | 1,398,420 | |
Blue Owl Technology Finance Corporation II, 6.75%, 04/04/2029 (a) | | | 1,300,000 | | | | 1,312,337 | |
| Brighthouse Financial, Inc., 4.70%, 06/22/2047 | | | 1,690,000 | | | | 1,383,494 | |
| Brixmor Operating Partnership LP, 4.05%, 07/01/2030 | | | 1,385,000 | | | | 1,321,099 | |
| Capital One Financial Corporation, 2.36% to 07/29/2031 then SOFR + 1.34%, 07/29/2032 | | | 1,625,000 | | | | 1,336,331 | |
| Citizens Financial Group, Inc., 2.85%, 07/27/2026 | | | 1,360,000 | | | | 1,318,205 | |
| Comerica Bank, 5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033 | | | 1,485,000 | | | | 1,439,847 | |
| COPT Defense Properties LP, 2.75%, 04/15/2031 | | | 1,610,000 | | | | 1,386,247 | |
| Discover Financial Services, 6.70%, 11/29/2032 | | | 1,200,000 | | | | 1,307,081 | |
| Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042 | | | 1,400,000 | | | | 1,334,503 | |
| F&G Annuities & Life, Inc., 6.50%, 06/04/2029 | | | 1,290,000 | | | | 1,329,021 | |
| Fifth Third Bancorp, 8.25%, 03/01/2038 | | | 910,000 | | | | 1,114,034 | |
| Globe Life, Inc., 4.55%, 09/15/2028 | | | 1,340,000 | | | | 1,330,608 | |
| GLP Capital LP, 5.75%, 06/01/2028 | | | 1,305,000 | | | | 1,327,569 | |
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 (a) | | | 1,300,000 | | | | 1,309,977 | |
| Huntington Bancshares, Inc., 2.49% to 08/15/2031 then 5 yr. CMT Rate + 1.17%, 08/15/2036 | | | 1,640,000 | | | | 1,341,362 | |
| Legg Mason, Inc., 5.63%, 01/15/2044 | | | 1,100,000 | | | | 1,130,747 | |
| Lincoln National Corporation, 7.00%, 06/15/2040 | | | 1,170,000 | | | | 1,323,343 | |
| Manufacturers & Traders Trust Company, Series BKNT, 3.40%, 08/17/2027 | | | 1,420,000 | | | | 1,369,947 | |
| Markel Group, Inc., 5.00%, 04/05/2046 | | | 1,100,000 | | | | 1,003,988 | |
| MetLife, Inc., 10.75%, 08/01/2039 | | | 900,000 | | | | 1,233,980 | |
| MGIC Investment Corporation, 5.25%, 08/15/2028 | | | 1,290,000 | | | | 1,278,613 | |
Prudential Financial, Inc., 4.50% to 09/15/2027 then 3 mo. LIBOR US + 2.38%, 09/15/2047 (b) | | | 1,375,000 | | | | 1,334,998 | |
| Regions Bank, 6.45%, 06/26/2037 | | | 1,308,000 | | | | 1,374,416 | |
| Sabra Health Care LP, 3.20%, 12/01/2031 | | | 1,515,000 | | | | 1,326,733 | |
| Simon Property Group LP, 6.75%, 02/01/2040 | | | 950,000 | | | | 1,082,141 | |
| Synchrony Financial, 3.70%, 08/04/2026 | | | 1,340,000 | | | | 1,310,390 | |
| Synovus Bank, 5.63%, 02/15/2028 | | | 1,350,000 | | | | 1,359,172 | |
| Truist Financial Corporation, 4.92% to 07/28/2032 then SOFR + 2.24%, 07/28/2033 | | | 1,365,000 | | | | 1,318,488 | |
| US Bancorp, 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036 | | | 1,585,000 | | | | 1,314,177 | |
| VICI Properties LP | |
| 5.63%, 05/15/2052 | | | 850,000 | | | | 814,151 | |
| 6.13%, 04/01/2054 | | | 600,000 | | | | 618,500 | |
| Zions Bancorporation NA, 3.25%, 10/29/2029 | | | 1,545,000 | | | | 1,376,703 | |
| | | | | | | | 49,983,950 | |
| | | | | | | | | |
| Health Care - 0.7% | |
| Cardinal Health, Inc., 4.37%, 06/15/2047 | | | 1,000,000 | | | | 844,103 | |
| Centene Corporation, 4.63%, 12/15/2029 | | | 1,350,000 | | | | 1,295,196 | |
| HCA, Inc., 5.50%, 06/15/2047 | | | 1,100,000 | | | | 1,054,266 | |
| | | | | | | | 3,193,565 | |
| | | | | | | | | |
| Industrials - 1.1% | |
| Concentrix Corporation, 6.85%, 08/02/2033 | | | 1,300,000 | | | | 1,335,323 | |
| FedEx Corporation, 5.10%, 01/15/2044 | | | 1,205,000 | | | | 1,147,106 | |
| Flowserve Corporation, 3.50%, 10/01/2030 | | | 1,510,000 | | | | 1,398,338 | |
| Owens Corning, 4.30%, 07/15/2047 | | | 1,260,000 | | | | 1,056,015 | |
| | | | | | | | 4,936,782 | |
| | | | | | | | | |
| Information Technology - 1.0% | |
| Corning, Inc., 5.45%, 11/15/2079 | | | 785,000 | | | | 753,266 | |
| HP, Inc., 6.00%, 09/15/2041 | | | 1,095,000 | | | | 1,149,432 | |
| Kyndryl Holdings, Inc., 4.10%, 10/15/2041 | | | 1,685,000 | | | | 1,383,648 | |
| Vontier Corporation, 2.95%, 04/01/2031 | | | 1,620,000 | | | | 1,407,053 | |
| | | | | | | | 4,693,399 | |
| | | | | | | | | |
| Materials - 0.7% | |
| Dow Chemical Company, 9.40%, 05/15/2039 | | | 750,000 | | | | 1,019,727 | |
| Freeport-McMoRan, Inc., 5.45%, 03/15/2043 | | | 1,280,000 | | | | 1,240,931 | |
| Mosaic Company, 5.63%, 11/15/2043 | | | 1,050,000 | | | | 1,034,667 | |
| | | | | | | | 3,295,325 | |
| | | | | | | | | |
| Real Estate - 0.3% | |
| EPR Properties, 3.75%, 08/15/2029 | | | 1,430,000 | | | | 1,330,310 | |
| | | | | | | | | |
| Utilities - 2.6% | |
| American Electric Power Company, Inc., 3.88% to 02/15/2027 then 5 yr. CMT Rate + 2.68%, 02/15/2062 | | | 1,430,000 | | | | 1,358,169 | |
| CMS Energy Corporation, 4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050 | | | 1,420,000 | | | | 1,347,427 | |
| Duke Energy Corporation, 3.25% to 01/15/2027 then 5 yr. CMT Rate + 2.32%, 01/15/2082 | | | 1,400,000 | | | | 1,301,376 | |
| Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053 | | | 1,220,000 | | | | 1,282,248 | |
| Entergy Corporation, 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054 | | | 1,300,000 | | | | 1,336,581 | |
| NextEra Energy Capital Holdings, Inc. | |
4.80% to 12/01/2027 then 3 mo. LIBOR US + 2.41%, 12/01/2077 (b) | | | 1,140,000 | | | | 1,104,007 | |
| 3.80% to 03/15/2027 then 5 yr. CMT Rate + 2.55%, 03/15/2082 | | | 330,000 | | | | 316,113 | |
| NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054 | | | 1,250,000 | | | | 1,281,849 | |
| Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052 | | | 1,415,000 | | | | 1,347,463 | |
| Southern Company, Series 21-A, 3.75% to 09/15/2026 then 5 yr. CMT Rate + 2.92%, 09/15/2051 | | | 1,380,000 | | | | 1,328,121 | |
| | | | | | | | 12,003,354 | |
TOTAL CORPORATE BONDS (Cost $110,478,182) | | | | 112,010,363 | |
| | | | | | | | | |
| MORTGAGE-BACKED SECURITIES - 9.9% | | Par | | | Value | |
| Federal National Mortgage Association | |
5.00%, 12/15/2040 (c) | | | 1,150,000 | | | | 1,128,547 | |
5.50%, 12/15/2040 (c) | | | 4,650,000 | | | | 4,645,019 | |
6.00%, 12/15/2040 (c) | | | 5,810,000 | | | | 5,878,902 | |
6.50%, 12/15/2041 (c) | | | 5,110,000 | | | | 5,231,893 | |
3.00%, 12/15/2042 (c) | | | 310,000 | | | | 270,254 | |
2.50%, 12/15/2046 (c) | | | 360,000 | | | | 301,321 | |
2.00%, 12/15/2050 (c) | | | 500,000 | | | | 400,623 | |
| Pool BV7232, 4.00%, 04/01/2052 | | | 2,592,612 | | | | 2,429,750 | |
| Pool MA4626, 4.00%, 06/01/2052 | | | 3,391,785 | | | | 3,177,658 | |
| Pool MA4644, 4.00%, 05/01/2052 | | | 3,288,895 | | | | 3,083,225 | |
| Government National Mortgage Association | |
3.00%, 12/15/2042 (c) | | | 300,000 | | | | 265,895 | |
5.00%, 12/15/2048 (c) | | | 620,000 | | | | 611,089 | |
5.50%, 12/15/2052 (c) | | | 4,170,000 | | | | 4,174,293 | |
6.00%, 06/20/2053 (c) | | | 8,000,000 | | | | 8,081,570 | |
6.50%, 07/20/2053 (c) | | | 4,700,000 | | | | 4,779,463 | |
7.00%, 09/20/2053 (c) | | | 300,000 | | | | 307,697 | |
TOTAL MORTGAGE-BACKED SECURITIES (Cost $45,112,579) | | | | 44,767,199 | |
| | | | | | | | | |
| U.S. GOVERNMENT AGENCY ISSUES - 3.0% | | Par | | | Value | |
| Federal Farm Credit Banks Funding Corporation | |
| 4.38%, 06/23/2026 | | | 700,000 | | | | 701,077 | |
| 4.50%, 08/14/2026 | | | 580,000 | | | | 582,918 | |
| Federal Home Loan Banks | |
| 4.63%, 11/17/2026 | | | 660,000 | | | | 666,762 | |
| 1.25%, 12/21/2026 | | | 690,000 | | | | 651,920 | |
| 4.13%, 01/15/2027 | | | 460,000 | | | | 460,504 | |
| 4.75%, 04/09/2027 | | | 400,000 | | | | 405,984 | |
| 3.25%, 06/09/2028 | | | 160,000 | | | | 155,607 | |
| 4.00%, 06/30/2028 | | | 150,000 | | | | 149,831 | |
| 5.50%, 07/15/2036 | | | 100,000 | | | | 109,716 | |
| Federal Home Loan Mortgage Corporation | |
| 6.75%, 03/15/2031 | | | 150,000 | | | | 171,279 | |
0.00%, 11/15/2038 (d) | | | 650,000 | | | | 337,543 | |
| Federal National Mortgage Association | |
| 2.13%, 04/24/2026 | | | 750,000 | | | | 729,711 | |
| 1.88%, 09/24/2026 | | | 765,000 | | | | 734,684 | |
| 0.75%, 10/08/2027 | | | 290,000 | | | | 264,297 | |
| 7.13%, 01/15/2030 | | | 100,000 | | | | 113,773 | |
| 7.25%, 05/15/2030 | | | 100,000 | | | | 115,179 | |
| 6.63%, 11/15/2030 | | | 75,000 | | | | 84,611 | |
| 5.63%, 07/15/2037 | | | 270,000 | | | | 300,703 | |
| Tennessee Valley Authority | |
| 2.88%, 02/01/2027 | | | 660,000 | | | | 642,427 | |
| 3.88%, 03/15/2028 | | | 370,000 | | | | 366,572 | |
| 7.13%, 05/01/2030 | | | 475,000 | | | | 539,933 | |
| 4.38%, 08/01/2034 | | | 350,000 | | | | 347,482 | |
| 5.88%, 04/01/2036 | | | 620,000 | | | | 696,653 | |
| 6.15%, 01/15/2038 | | | 785,000 | | | | 901,028 | |
| 5.25%, 09/15/2039 | | | 800,000 | | | | 843,952 | |
| 3.50%, 12/15/2042 | | | 805,000 | | | | 686,128 | |
| 5.38%, 04/01/2056 | | | 700,000 | | | | 758,503 | |
| 4.63%, 09/15/2060 | | | 555,000 | | | | 524,952 | |
| 4.25%, 09/15/2065 | | | 510,000 | | | | 448,394 | |
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $13,545,884) | | | | 13,492,123 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 98.9% (Cost $446,538,241) | | | | 448,579,235 | |
| Other Assets in Excess of Liabilities – 1.1% | | | | 4,680,190 | |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 453,259,425 | |
| two | | | | – | % |
| 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. | |
Vident U.S. Bond Strategy ETFTM 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 November 30, 2024:
