Madison ETFs Trust NPORT-P Madison Aggregate Bond ETF (Mar 2024 report)

Madison Aggregate Bond ETF
Schedule of Investments
as of March 31, 2024 (Unaudited)
MORTGAGE-BACKED SECURITIES - 34.1%	Par Value		Value
Federal Home Loan Mortgage Corp.
Pool G06168, 3.50%, 11/01/2040	$	140,640	$	130,090
Pool G08653, 3.00%, 07/01/2045		227,988		202,519
Pool G60722, 3.00%, 10/01/2046		289,596		255,776
Pool Q04092, 4.00%, 10/01/2041		188,721		179,215
Pool Q35614, 3.50%, 08/01/2045		303,530		277,805
Pool Q52955, 3.50%, 12/01/2047		129,900		118,719
Pool QA1033, 3.00%, 07/01/2049		220,670		192,565
Pool RA7380, 3.50%, 05/01/2052		449,857		404,573
Pool RA8278, 5.00%, 12/01/2052		231,560		226,408
Pool RB5105, 2.00%, 03/01/2041		110,696		93,588
Pool SB0546, 2.00%, 01/01/2036		411,829		368,261
Pool SC0151, 2.50%, 06/01/2041		375,134		327,373
Pool SD0960, 3.50%, 04/01/2052		555,260		504,433
Pool SD1859, 5.50%, 11/01/2052		137,503		137,471
Pool SD1921, 4.50%, 12/01/2052		369,372		355,198
Pool SD2172, 5.50%, 02/01/2053		374,808		376,624
Pool SD2875, 5.00%, 05/01/2053		870,424		859,131
Pool SD3174, 5.50%, 06/01/2053		480,986		480,402
Pool SD3739, 6.00%, 09/01/2053		553,074		563,366
Pool SD4901, 5.50%, 02/01/2054		298,716		298,158
Pool SD7552, 2.50%, 01/01/2052		682,406		573,176
Pool SD7556, 3.00%, 08/01/2052		511,015		445,827
Pool SD8214, 3.50%, 05/01/2052		89,685		80,397
Pool SD8266, 4.50%, 11/01/2052		278,170		265,127
Pool SD8267, 5.00%, 11/01/2052		182,961		178,775
Pool SD8268, 5.50%, 11/01/2052		112,093		111,986
Pool SD8276, 5.00%, 12/01/2052		461,497		450,935
Pool SD8299, 5.00%, 02/01/2053		235,607		230,090
Pool SD8363, 6.00%, 09/01/2053		709,434		716,237
Pool V80025, 3.00%, 04/01/2043		116,378		104,156
Pool V80026, 3.00%, 04/01/2043		276,155		247,151
Pool ZS8641, 2.50%, 02/01/2032		120,655		112,532
Federal National Mortgage Association
Pool 890696, 3.00%, 09/01/2030		131,847		125,730
Pool AB2080, 4.00%, 01/01/2041		169,795		161,042
Pool AB8818, 3.00%, 03/01/2043		91,914		82,154
Pool AJ4046, 4.00%, 10/01/2041		177,465		169,188
Pool AL3072, 3.00%, 02/01/2043		395,606		354,015
Pool AL8924, 3.00%, 12/01/2030		160,350		153,936
Pool AO4134, 3.50%, 06/01/2042		240,688		221,826
Pool AP2133, 3.50%, 08/01/2042		216,219		199,229
Pool AP7363, 4.00%, 10/01/2042		252,259		239,252
Pool BV4133, 2.50%, 03/01/2052		355,805		295,091
Pool CB2548, 2.50%, 01/01/2052		108,110		90,074
Pool CB2601, 2.00%, 01/01/2052		130,399		105,164
Pool CB3105, 2.00%, 03/01/2052		669,200		539,205
Pool CB3115, 3.00%, 03/01/2052		627,086		546,078
Pool CB3845, 3.50%, 06/01/2052		451,763		406,326
Pool CB4383, 4.50%, 08/01/2052		461,491		442,534
Pool FM5530, 4.00%, 11/01/2050		401,622		375,667
Pool FS1704, 4.00%, 05/01/2052		260,451		244,020
Pool FS2605, 4.50%, 08/01/2052		120,807		115,168
Pool FS4049, 2.50%, 09/01/2036		429,863		394,414
Pool FS4138, 2.50%, 04/01/2052		417,417		347,889
Pool FS4296, 3.00%, 01/01/2049		455,437		407,135
Pool FS4996, 4.50%, 07/01/2053		421,181		403,114
Pool FS5575, 5.50%, 09/01/2053		143,387		143,880
Pool MA2177, 4.00%, 02/01/2035		183,261		176,990
Pool MA4571, 2.50%, 03/01/2042		548,742		477,334
Pool MA4806, 5.00%, 11/01/2052		569,541		556,512
Pool MA4841, 5.00%, 12/01/2052		184,094		179,883
Pool MA4842, 5.50%, 12/01/2052		180,959		180,513
Pool MA5013, 4.50%, 05/01/2038		107,533		105,889
TOTAL MORTGAGE-BACKED SECURITIES (Cost $17,894,481)				18,107,316
CORPORATE BONDS - 31.6%
Communications - 0.7%
AT&T, Inc.
4.25%, 03/01/2027		100,000		98,154
2.25%, 02/01/2032		90,000		73,206
Verizon Communications, Inc.   4.33%, 09/21/2028		200,000		195,674
Total Communications				367,034
Consumer Discretionary - 1.6%
General Motors Financial Co., Inc.   5.85%, 04/06/2030		130,000		132,664
Hilton Domestic Operating Co., Inc.   5.38%, 05/01/2025(a)		260,000		259,119
Lowe's Cos., Inc.   4.25%, 04/01/2052		150,000		123,119
Royal Caribbean Cruises Ltd.   7.50%, 10/15/2027		100,000		105,343
Tractor Supply Co.   5.25%, 05/15/2033		225,000		226,465
Total Consumer Discretionary				846,710
Consumer Staples - 1.0%
J M Smucker Co.
5.90%, 11/15/2028		100,000		103,736
6.20%, 11/15/2033		200,000		213,265
Performance Food Group, Inc.    5.50%, 10/15/2027(a)		190,000		186,440
Total Consumer Staples				503,441
Energy - 3.9%
Energy Transfer LP
5.25%, 04/15/2029		200,000		200,268
6.55%, 12/01/2033		200,000		214,376
Enterprise Products Operating LLC    5.35%, 01/31/2033		130,000		132,767
Exxon Mobil Corp.    4.11%, 03/01/2046		275,000		237,340
Kinder Morgan, Inc.    5.55%, 06/01/2045		200,000		191,111
Marathon Petroleum Corp.    4.70%, 05/01/2025		300,000		297,504
MPLX LP    4.80%, 02/15/2029		100,000		98,854
Murphy Oil USA, Inc.    5.63%, 05/01/2027		200,000		198,119
ONEOK, Inc.    5.80%, 11/01/2030		100,000		103,077
Phillips 66 Co.    4.95%, 12/01/2027		100,000		100,029
Schlumberger Holdings Corp.    3.90%, 05/17/2028(a)		150,000		144,622
Valero Energy Corp.    4.00%, 06/01/2052		200,000		153,881
Total Energy				2,071,948
Financials - 13.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust    4.63%, 10/15/2027		600,000		585,190
Air Lease Corp.    1.88%, 08/15/2026		90,000		83,002
Alexandria Real Estate Equities, Inc.    4.75%, 04/15/2035		150,000		141,891
Ally Financial, Inc.    6.85% to 01/03/2029 then SOFR + 2.82%, 01/03/2030		250,000		257,419
American Express Co.
4.05%, 05/03/2029		20,000		19,404
5.28% to 07/27/2028 then SOFR + 1.28%, 07/27/2029		300,000		301,842
Aon North America, Inc.    5.45%, 03/01/2034		200,000		202,259
Bank of America Corp.
1.66% to 03/11/2026 then SOFR + 0.91%, 03/11/2027		90,000		83,857
4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028		125,000		124,103
5.02% to 07/22/2032 then SOFR + 2.16%, 07/22/2033		130,000		127,991
Bank of New York Mellon Corp.    4.60% to 07/26/2029 then SOFR + 1.76%, 07/26/2030		225,000		220,920
Berkshire Hathaway Finance Corp.    3.85%, 03/15/2052		30,000		24,310
BlackRock, Inc.    4.75%, 05/25/2033		200,000		199,097
Capital One Financial Corp.
5.47% to 02/01/2028 then SOFR + 2.08%, 02/01/2029		50,000		49,827
6.31% to 06/08/2028 then SOFR + 2.64%, 06/08/2029		170,000		174,915
Citigroup, Inc.    4.91% to 05/24/2032 then SOFR + 2.09%, 05/24/2033		130,000		125,332
Discover Financial Services    6.70%, 11/29/2032		200,000		211,602
Fifth Third Bancorp
4.77% to 07/28/2029 then SOFR + 2.13%, 07/28/2030		100,000		96,321
4.34% to 04/25/2032 then SOFR + 1.66%, 04/25/2033		120,000		109,579
Fiserv, Inc.    3.50%, 07/01/2029		100,000		93,115
Goldman Sachs Group, Inc.    4.48% to 08/23/2027 then SOFR + 1.73%, 08/23/2028		200,000		195,605
Huntington Bancshares, Inc.
4.44% to 08/04/2027 then SOFR + 1.97%, 08/04/2028		15,000		14,481
6.21% to 08/21/2028 then SOFR + 2.02%, 08/21/2029		200,000		204,633
Intercontinental Exchange, Inc.    4.60%, 03/15/2033		90,000		87,293
Iron Mountain, Inc.    4.50%, 02/15/2031(a)		150,000		135,361
JPMorgan Chase & Co.    4.91% to 07/25/2032 then SOFR + 2.08%, 07/25/2033		300,000		293,765
KeyCorp    4.10%, 04/30/2028		100,000		94,022
LPL Holdings, Inc.    4.00%, 03/15/2029(a)		275,000		252,951
Morgan Stanley
5.45% to 07/20/2028 then SOFR + 1.63%, 07/20/2029		250,000		252,175
1.93% to 04/28/2031 then SOFR + 1.02%, 04/28/2032		90,000		72,265
PNC Financial Services Group, Inc.
5.35% to 12/02/2027 then SOFR + 1.62%, 12/02/2028		250,000		251,162
6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034		200,000		219,176
Public Storage Operating Co.    5.13%, 01/15/2029		175,000		177,904
Regions Financial Corp.    1.80%, 08/12/2028		200,000		172,452
State Street Corp.    5.82% to 11/04/2027 then SOFR + 1.72%, 11/04/2028		125,000		128,723
Synchrony Financial    3.70%, 08/04/2026		275,000		261,366
Truist Financial Corp.
4.12% to 06/06/2027 then SOFR + 1.37%, 06/06/2028		50,000		48,310
5.87% to 06/08/2033 then SOFR + 2.36%, 06/08/2034		80,000		80,998
US Bancorp
4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028		125,000		122,548
4.84% to 02/01/2033 then SOFR + 1.60%, 02/01/2034		190,000		180,639
Wells Fargo & Co.
5.57% to 07/25/2028 then SOFR + 1.74%, 07/25/2029		125,000		126,517
4.90% to 07/25/2032 then SOFR + 2.10%, 07/25/2033		20,000		19,282
5.39% to 04/24/2033 then SOFR + 2.02%, 04/24/2034		150,000		149,021
Weyerhaeuser Co.    3.38%, 03/09/2033		250,000		218,580
Total Financials				6,991,205
Health Care - 4.1%
AbbVie, Inc.
3.20%, 11/21/2029		190,000		175,131
5.40%, 03/15/2054		325,000		334,474
Amgen, Inc.    5.65%, 03/02/2053		250,000		255,249
Centene Corp.    2.45%, 07/15/2028		150,000		132,982
CVS Health Corp.    5.13%, 07/20/2045		140,000		129,146
GE HealthCare Technologies, Inc.    6.38%, 11/22/2052		485,000		547,863
Pfizer Investment Enterprises Pte Ltd.    5.30%, 05/19/2053		250,000		249,196
UnitedHealth Group, Inc.    4.20%, 05/15/2032		125,000		118,878
Zoetis, Inc.    3.00%, 05/15/2050		300,000		206,911
Total Health Care				2,149,830
Industrials - 2.0%
BAE Systems PLC    5.30%, 03/26/2034(a)		200,000		201,104
Nordson Corp.    5.80%, 09/15/2033		250,000		260,594
Norfolk Southern Corp.    5.95%, 03/15/2064		250,000		267,107
Textron, Inc.    2.45%, 03/15/2031		100,000		84,255
United Rentals North America, Inc.   5.50%, 05/15/2027		260,000		259,136
Total Industrials				1,072,196
Materials - 1.0%
Ball Corp.    4.88%, 03/15/2026		190,000		187,529
Packaging Corp. of America    4.05%, 12/15/2049		100,000		79,893
Vulcan Materials Co.    3.50%, 06/01/2030		110,000		100,881
WRKCo, Inc.    3.90%, 06/01/2028		150,000		143,071
Total Materials				511,374
Technology - 2.6%
Booz Allen Hamilton, Inc.    3.88%, 09/01/2028(a)		250,000		234,256
Cisco Systems, Inc.    5.05%, 02/26/2034		250,000		253,587
Dell International LLC / EMC Corp.    3.45%, 12/15/2051		200,000		140,280
Gartner, Inc.    4.50%, 07/01/2028(a)		180,000		171,483
Intel Corp.    3.73%, 12/08/2047		240,000		186,606
Intuit, Inc.    5.20%, 09/15/2033		250,000		254,510
Oracle Corp.
6.15%, 11/09/2029		100,000		105,428
3.95%, 03/25/2051		55,000		41,991
Total Technology				1,388,141
Utilities - 1.6%
AES Corp.    1.38%, 01/15/2026		300,000		277,842
Duke Energy Corp.    4.30%, 03/15/2028		130,000		127,042
Florida Power & Light Co.    2.88%, 12/04/2051		300,000		197,497
National Rural Utilities Cooperative Finance Corp.    4.80%, 03/15/2028		100,000		99,965
PECO Energy Co.    3.05%, 03/15/2051		200,000		136,587
Total Utilities				838,933
TOTAL CORPORATE BONDS (Cost $16,221,778)				16,740,812
U.S. TREASURY SECURITIES - 23.2%
United States Treasury Note/Bond
4.50%, 07/15/2026		1,925,000		1,922,669
4.00%, 06/30/2028		2,000,000		1,978,828
4.38%, 08/31/2028		525,000		527,440
4.88%, 10/31/2028		1,750,000		1,794,912
4.00%, 07/31/2030		1,600,000		1,580,188
3.50%, 02/15/2033		2,100,000		1,990,570
3.88%, 05/15/2043		875,000		808,794
4.13%, 08/15/2053		1,750,000		1,684,922
TOTAL U.S. TREASURY SECURITIES (Cost $12,275,946)				12,288,323
ASSET-BACKED SECURITIES - 6.8%
CarMax Auto Owner Trust    Series 2022-3, Class A4, 4.06%, 02/15/2028		130,000		127,017
Chase Auto Owner Trust    Series 2023-AA, Class A2, 5.90%, 03/25/2027(a)		933,861		935,713
CNH Equipment Trust    Series 2023-A, Class A3, 4.81%, 08/15/2028		200,000		198,719
Dell Equipment Finance Trust    Series 2023-2, Class A2, 5.84%, 01/22/2029(a)		191,675		191,808
Enterprise Fleet Financing
Series 2022-4, Class A2, 5.76%, 10/22/2029(a)		38,471		38,533
Series 2023-1, Class A2, 5.51%, 01/22/2029(a)		42,431		42,395
GM Financial Consumer Automobile Receivables Trust    Series 2020-3, Class A4, 0.58%, 01/16/2026		413,406		408,762
Honda Auto Receivables Owner Trust    Series 2021-3, Class A3, 0.41%, 11/18/2025		564,866		553,344
LAD Auto Receivables Trust    Series 2023-2A, Class A2, 5.93%, 06/15/2027(a)		94,201		94,290
Nissan Auto Receivables Owner Trust    Series 2022-B, Class A4, 4.45%, 11/15/2029		50,000		49,196
PHH Arval
Series 2023-1A, Class A1, 5.65%, 05/15/2035(a)		154,613		154,783
Series 2023-2A, Class A1, 6.16%, 10/15/2035(a)		267,237		268,935
Santander Revolving Auto Loan Trust    Series 2019-A, Class C, 3.00%, 01/26/2032(a)		25,000		24,433
Towd Point Mortgage Trust    Series 2024-CES1, Class A1A, 5.85%, 01/25/2064(a)(b)		489,800		490,031
TOTAL ASSET-BACKED SECURITIES (Cost $3,567,733)				3,577,959
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.3%
Fannie Mae Connecticut Avenue Securities    Series 2022-R01, Class M1, 6.32% (30 day avg SOFR US + 1.00%), 12/25/2041(a)		217,024		217,024
Federal Home Loan Mortgage Corp.    Series K066, Class A2, 3.12%, 06/25/2027		100,000		95,545
Federal National Mortgage Association
Series 2017-M15, Class ATS2, 3.15%, 11/25/2027(b)		212,243		201,676
Series 2020-44, Class TI, 5.50%, 12/25/2035(c)		615,744		93,433
Series 2022-M1, Class A2, 1.67%, 10/25/2031(b)		530,000		427,595
Flagstar Mortgage Trust    Series 2021-9INV, Class A1, 2.50%, 09/25/2041(a)(b)		218,898		191,593
Freddie Mac Structured Agency Credit Risk Debt Notes    Series 2021-DNA3, Class M1, 6.07% (30 day avg SOFR US + 0.75%), 10/25/2033(a)		51,192		51,161
FREMF Mortgage Trust
Series 2015-K44, Class B, 3.72%, 01/25/2048(a)(b)		80,000		78,456
Series 2020-K106, Class B, 3.56%, 03/25/2053(a)(b)		100,000		90,798
JP Morgan Mortgage Trust    Series 2021-6, Class A4, 2.50%, 10/25/2051(a)(b)		106,040		92,650
Sequoia Mortgage Trust    Series 2013-7, Class A2, 3.00%, 06/25/2043(b)		247,456		215,408
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $1,717,134)				1,755,339
TOTAL INVESTMENTS - 99.0% (Cost $51,677,072)			$	52,469,749
Other Assets in Excess of Liabilities - 1.0%				519,403
TOTAL NET ASSETS - 100.0%			$	52,989,152
Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2024, the value of these securities total $4,547,939 or 8.6% of the Fund’s net assets.
(b)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of March 31, 2024.
(c)	Interest only security.

Notes to Portfolio of Investments (Unaudited)

1. Portfolio Valuation: Madison ETF Trust, a Delaware business trust (the "Trust" and each series of the Trust referred to individually as a "fund" and collectively, the "funds") values

securities and other investments as follows: Equity securities, including American Depositary Receipts ("ADRs"), Global Depository Receipts ("GDRs") and exchange-traded funds

("ETFs") listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") are valued at the last quoted

sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price

("NOCP"). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased (other than short-term

obligations) with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved

by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers,

pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measurements based on

valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network of dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market

quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for particular bonds and other debt securities, making them

more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche

of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value ("NAV") which is calculated as of the close of regular trading on

the New York Stock Exchange (the "NYSE"), usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing

each fund's total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Allocation Fund consist primarily of shares of other

registered investment companies (the "Underlying Funds"), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding

the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities.

Short-term instruments having maturities of 60 days or less and all securities in the Government Money Market Fund are valued on an amortized cost basis, which approximates fair

value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is

valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon

prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s)

on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight

repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the

average of the closing bids obtained daily from at least one dealer.

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate

at the close of regular trading on the NYSE.

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser's opinion, do not reflect the current fair value, are

appraised at their fair values as determined in good faith by the Pricing Committee ( the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing

of securities is employed, the prices of securities used by the funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in

Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to "fair value" any of the investments of these funds. However,

an Underlying Fund may need to "fair value" one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying

Fund's NAV.

A fund's investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security's

primary market or exchange (for example, a foreign exchange or market) and the time the fund's share price is calculated as of the close of regular trading on the NYSE. Significant

events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the

securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market

sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical

data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is

purchased or sold. The Committee may rely on an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters

established by the Committee and approved by the Trust.

2. Fair Value Measurements: Each fund has adopted Financial Accounting Standards Board (the "FASB") guidance on fair value measurements. Fair value is defined as the price that

each fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy

is used to maximize the use of observable market data "inputs" and minimize the use of unobservable "inputs" and to establish classification of fair value measurements for disclosure

purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a

particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable

or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources

independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the

asset or liability developed based on the best information available in the circumstances. 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 significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids,

offers, new issues, spreads, and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield

measures calculated using factors such as cash flows, financial or collateral performance, and other reference data, etc.)

Level 3 - significant unobservable inputs (including the fund's own assumptions in determining the fair value of investments)

The valuation techniques used by the funds to measure fair value for the period ended March 31, 2024, maximized the use of observable inputs and minimized the use of unobservable

inputs. The funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of March 31,

2024, none of the funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of March 31, 2024, in valuing the funds' investments carried at fair value (please see the Portfolio of Investments for each fund for a listing

of all securities within each category):

Fund	Level 1		Level 2		Level 3		Value at 3/31/2024
Short-Term Strategic Income ETF
Corporate Bonds	$	-	$	40,709,343	$	-	$	40,709,343
Asset Backed Securities		-		8,319,219		-		8,319,219
U.S. Treasury Securities		-		4,429,849		-		4,429,849
Collateralized Mortgage Obligations		-		4,112,965		-		4,112,965
U.S. Government Agency Issues		-		503,199		-		503,199
Mortgage Backed Securities		-		471,580		-		471,580
Total		-		58,546,155		-		58,546,155
Aggregate Bond ETF
Mortgage Backed Securities		-		18,107,316		-		18,107,316
Corporate Bonds		-		16,740,812		-		16,740,812
U.S. Treasury Securities		-		12,288,323		-		12,288,323
Asset Backed Securities		-		3,577,959		-		3,577,959
Collateralized Mortgage Obligations		-		1,755,339		-		1,755,339
Total		-		52,469,749		-		52,469,749
Dividend Value ETF
Common Stocks		65,727,894		-		-		65,727,894
Real Estate Investment Trusts		1,564,518		-		-		1,564,518
Total		67,292,412		-		-		67,292,412
Covered Call ETF
Assets
Common Stocks		70,729,120		-		-		70,729,120
Real Estate Investment Trusts		1,679,514		-		-		1,679,514
Total		72,408,634		-		-		72,408,634
Liabilities
Written Options				1,787,411		-		1,787,411
Total		-		1,787,411		-		1,787,411