Annual Report | |||||
August 31, 2022 | |||||
American
Century®
Diversified Corporate Bond ETF (KORP) | |||||
American
Century®
Diversified Municipal Bond ETF (TAXF) | |||||
American
Century®
Emerging Markets Bond ETF (AEMB) | |||||
American
Century®
Multisector Income ETF (MUSI) | |||||
American
Century®
Select High Yield ETF (AHYB) |
Table of Contents |
President’s Letter | |||||
Diversified Corporate Bond ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Diversified Municipal Bond ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Emerging Markets Bond ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Multisector Income ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Select High Yield ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Shareholder Fee Examples | |||||
Schedules of Investments | |||||
Statements of Assets and Liabilities | |||||
Statements of Operations | |||||
Statements of Changes in Net Assets | |||||
Notes to Financial Statements | |||||
Financial Highlights | |||||
Report of Independent Registered Public Accounting Firm | |||||
Management | |||||
Approval of Management and Subadvisory Agreements | |||||
Liquidity Risk Management Program | |||||
Additional Information |
President’s Letter |
Performance |
Diversified Corporate Bond ETF (KORP) | ||||||||||||||||||||
Total Returns as of August 31, 2022 | Average Annual Returns | |||||||||||||||||||
1 year | Since Inception | Inception Date | ||||||||||||||||||
Net Asset Value | -10.30% | 1.10% | 1/11/2018 | |||||||||||||||||
Market Price | -10.62% | 1.03% | 1/11/2018 | |||||||||||||||||
Bloomberg U.S. Intermediate Corporate Bond Index | -9.71% | 1.46% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made January 11, 2018 |
Value on August 31, 2022 | |||||
Net Asset Value — $10,520 | |||||
Bloomberg U.S. Intermediate Corporate Bond Index — $10,694 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.29% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2022 | |||||
Diversified Corporate Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 95.3% | ||||
U.S. Treasury Securities | 2.1% | ||||
Municipal Securities | 0.3% | ||||
Short-Term Investments | 4.3% | ||||
Other Assets and Liabilities | (2.0)% |
Performance |
Diversified Municipal Bond ETF (TAXF) | |||||||||||||||||||||||
Total Returns as of August 31, 2022 | Average Annual Returns | ||||||||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||||||||
Net Asset Value | -8.82% | 1.97% | 9/10/2018 | ||||||||||||||||||||
Market Price | -9.04% | 1.95% | 9/10/2018 | ||||||||||||||||||||
S&P National AMT-Free Municipal Bond Index | -8.34% | 1.51% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made September 10, 2018 |
Value on August 31, 2022 | |||||
Net Asset Value — $10,806 | |||||
S&P National AMT-Free Municipal Bond Index — $10,613 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.29% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2022 | |||||
Diversified Municipal Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Municipal Securities | 97.2% | ||||
Short-Term Investments | 2.6% | ||||
Other Assets and Liabilities | 0.2% | ||||
Top Five States and Territories | % of net assets | ||||
California | 11.0% | ||||
New York | 10.2% | ||||
Texas | 8.9% | ||||
Florida | 7.4% | ||||
Illinois | 5.5% | ||||
Top Five Sectors | % of fund investments | ||||
Special Tax | 15% | ||||
General Obligation (GO) - Local | 12% | ||||
Water & Sewer | 10% | ||||
General Obligation (GO) - State | 10% | ||||
Hospital | 10% |
Performance |
Emerging Markets Bond ETF (AEMB) | |||||||||||||||||||||||
Total Returns as of August 31, 2022 | Average Annual Returns | ||||||||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||||||||
Net Asset Value | -20.60% | -17.19% | 6/29/2021 | ||||||||||||||||||||
Market Price | -20.99% | -17.56% | 6/29/2021 | ||||||||||||||||||||
JP Morgan EMBI Global Diversified Index | -20.82% | -17.02% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made June 29, 2021 |
Value on August 31, 2022 | |||||
Net Asset Value — $8,015 | |||||
JP Morgan EMBI Global Diversified Index — $8,035 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.39% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2022 | |||||
Emerging Markets Bond ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 48.2% | ||||
Sovereign Governments and Agencies | 35.4% | ||||
U.S. Treasury Securities | 5.4% | ||||
Preferred Stocks | 2.1% | ||||
Short-Term Investments | 8.2% | ||||
Other Assets and Liabilities | 0.7% |
Performance |
Multisector Income ETF (MUSI) | |||||||||||||||||||||||
Total Returns as of August 31, 2022 | Average Annual Returns | ||||||||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||||||||
Net Asset Value | -9.60% | -7.66% | 6/29/2021 | ||||||||||||||||||||
Market Price | -9.83% | -7.83% | 6/29/2021 | ||||||||||||||||||||
Bloomberg U.S. Aggregate Bond Index | -11.52% | -9.13% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made June 29, 2021 |
Value on August 31, 2022 | |||||
Net Asset Value — $9,108 | |||||
Bloomberg U.S. Aggregate Bond Index — $8,938 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.35% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2022 | |||||
Multisector Income ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 38.7% | ||||
U.S. Treasury Securities | 18.4% | ||||
Asset-Backed Securities | 13.5% | ||||
U.S. Government Agency Mortgage-Backed Securities | 6.7% | ||||
Commercial Mortgage-Backed Securities | 5.5% | ||||
Collateralized Mortgage Obligations | 5.3% | ||||
Collateralized Loan Obligations | 5.2% | ||||
Preferred Stocks | 4.2% | ||||
Bank Loan Obligations | 1.3% | ||||
Sovereign Governments and Agencies | 1.1% | ||||
Short-Term Investments | 4.6% | ||||
Other Assets and Liabilities | (4.5)% |
Performance |
Select High Yield ETF (AHYB) | ||||||||||||||||||||
Total Returns as of August 31, 2022 | Since Inception | Inception Date | ||||||||||||||||||
Net Asset Value | -10.04% | 11/16/2021 | ||||||||||||||||||
Market Price | -10.51% | 11/16/2021 | ||||||||||||||||||
ICE BofA U.S. High Yield Constrained (BB-B) Index | -10.12% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made November 16, 2021 |
Value on August 31, 2022 | |||||
Net Asset Value — $8,996 | |||||
ICE BofA U.S. High Yield Constrained (BB-B) Index — $8,988 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.45% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2022 | |||||
Select High Yield ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Corporate Bonds | 94.8% | ||||
Preferred Stocks | 0.6% | ||||
Short-Term Investments | 9.9% | ||||
Other Assets and Liabilities | (5.3)% |
Shareholder Fee Examples |
Beginning
Account Value 3/1/22 |
Ending
Account Value 8/31/22 |
Expenses
Paid
During
Period(1)
3/1/22
- 8/31/22 |
Annualized
Expense
Ratio(1) | |||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Actual | $1,000 | $935.30 | $1.41 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.74 | $1.48 | 0.29% | ||||||||||
Diversified Municipal Bond ETF | ||||||||||||||
Actual | $1,000 | $941.90 | $1.42 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.74 | $1.48 | 0.29% | ||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Actual | $1,000 | $879.50 | $1.85 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,023.24 | $1.99 | 0.39% | ||||||||||
Multisector Income ETF | ||||||||||||||
Actual | $1,000 | $940.30 | $1.71 | 0.35% | ||||||||||
Hypothetical | $1,000 | $1,023.44 | $1.79 | 0.35% | ||||||||||
Select High Yield ETF | ||||||||||||||
Actual | $1,000 | $924.80 | $2.18 | 0.45% | ||||||||||
Hypothetical | $1,000 | $1,022.94 | $2.29 | 0.45% |
Schedules of Investments |
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE
BONDS — 95.3% |
||||||||
Aerospace and Defense — 0.8% | ||||||||
Boeing Co., 2.20%, 2/4/26 | $ | 284,000 | $ | 259,996 | ||||
Raytheon Technologies Corp., 2.25%, 7/1/30 | 1,000,000 | 855,617 | ||||||
1,115,613 | ||||||||
Air Freight and Logistics — 0.3% | ||||||||
GXO Logistics, Inc., 2.65%, 7/15/31 | 492,000 | 374,172 | ||||||
Airlines — 0.6% | ||||||||
Delta
Air Lines, Inc. / SkyMiles IP Ltd., 4.75%, 10/20/28(1) |
245,000 | 234,191 | ||||||
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 | 727,544 | 693,703 | ||||||
927,894 | ||||||||
Automobiles — 2.4% | ||||||||
General Motors Financial Co., Inc., 5.10%, 1/17/24 | 750,000 | 756,776 | ||||||
General Motors Financial Co., Inc., 1.20%, 10/15/24 | 1,000,000 | 935,260 | ||||||
General
Motors Financial Co., Inc., 3.80%, 4/7/25(2) |
400,000 | 390,172 | ||||||
Toyota Motor Credit Corp., 3.95%, 6/30/25 | 1,350,000 | 1,348,922 | ||||||
3,431,130 | ||||||||
Banks — 21.9% | ||||||||
Banco Santander SA, 5.29%, 8/18/27 | 285,000 | 279,108 | ||||||
Bank of America Corp., VRN, 3.38%, 4/2/26 | 145,000 | 139,975 | ||||||
Bank of America Corp., VRN, 1.32%, 6/19/26 | 2,250,000 | 2,047,827 | ||||||
Bank of America Corp., VRN, 2.55%, 2/4/28 | 1,080,000 | 979,753 | ||||||
Bank of America Corp., VRN, 4.57%, 4/27/33 | 2,040,000 | 1,949,696 | ||||||
Bank of America Corp., VRN, 2.48%, 9/21/36 | 105,000 | 81,464 | ||||||
Bank
of Ireland Group PLC, VRN, 2.03%, 9/30/27(1) |
600,000 | 517,154 | ||||||
BPCE
SA, 4.50%, 3/15/25(1) |
692,000 | 671,705 | ||||||
Canadian Imperial Bank of Commerce, 3.30%, 4/7/25 | 925,000 | 901,463 | ||||||
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25 | 320,000 | 316,075 | ||||||
Citigroup, Inc., VRN, 3.07%, 2/24/28 | 1,681,000 | 1,555,251 | ||||||
Citigroup, Inc., VRN, 3.52%, 10/27/28 | 1,731,000 | 1,607,607 | ||||||
Citigroup, Inc., VRN, 3.79%, 3/17/33 | 135,000 | 121,460 | ||||||
Discover Bank, 2.45%, 9/12/24 | 380,000 | 365,112 | ||||||
Discover Bank, VRN, 4.68%, 8/9/28 | 775,000 | 750,093 | ||||||
Fifth
Third Bancorp, VRN, 4.06%, 4/25/28(2) |
443,000 | 432,055 | ||||||
First-Citizens Bank & Trust Co., VRN, 3.93%, 6/19/24 | 515,000 | 510,159 | ||||||
First-Citizens Bank & Trust Co., VRN, 2.97%, 9/27/25 | 605,000 | 578,006 | ||||||
FNB Corp., 5.15%, 8/25/25 | 334,000 | 334,331 | ||||||
HSBC Holdings PLC, VRN, 1.16%, 11/22/24 | 518,000 | 494,708 | ||||||
HSBC Holdings PLC, VRN, 4.76%, 6/9/28 | 2,000,000 | 1,929,792 | ||||||
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28 | 875,000 | 855,657 | ||||||
JPMorgan Chase & Co., VRN, 1.04%, 2/4/27 | 1,141,000 | 1,005,167 | ||||||
JPMorgan Chase & Co., VRN, 3.78%, 2/1/28 | 1,200,000 | 1,151,325 | ||||||
JPMorgan Chase & Co., VRN, 2.95%, 2/24/28 | 930,000 | 863,719 | ||||||
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 921,000 | 788,020 | ||||||
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 | 940,000 | 795,968 | ||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 4.79%, 7/18/25 | 390,000 | 391,395 |
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
National
Australia Bank Ltd., 2.33%, 8/21/30(1) |
$ | 835,000 | $ | 664,056 | ||||
NatWest Group PLC, VRN, 5.52%, 9/30/28 | 1,045,000 | 1,046,319 | ||||||
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33 | 112,000 | 106,169 | ||||||
Royal Bank of Canada, 3.97%, 7/26/24 | 725,000 | 722,990 | ||||||
Societe
Generale SA, VRN, 2.23%, 1/21/26(1) |
1,070,000 | 990,036 | ||||||
Synchrony Bank, 5.40%, 8/22/25 | 1,110,000 | 1,108,842 | ||||||
Toronto-Dominion Bank, 4.46%, 6/8/32 | 163,000 | 159,953 | ||||||
Truist Financial Corp., VRN, 4.12%, 6/6/28 | 650,000 | 637,589 | ||||||
UniCredit
SpA, 7.83%, 12/4/23(1) |
475,000 | 485,583 | ||||||
UniCredit
SpA, VRN, 2.57%, 9/22/26(1) |
500,000 | 437,677 | ||||||
US Bancorp, VRN, 2.49%, 11/3/36 | 928,000 | 749,479 | ||||||
Wells Fargo & Co., VRN, 4.54%, 8/15/26 | 261,000 | 259,339 | ||||||
Wells Fargo & Co., VRN, 3.35%, 3/2/33 | 1,945,000 | 1,699,589 | ||||||
31,481,666 | ||||||||
Beverages — 1.0% | ||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 2/1/26 | 1,237,000 | 1,216,458 | ||||||
PepsiCo, Inc., 3.60%, 2/18/28 | 250,000 | 245,556 | ||||||
1,462,014 | ||||||||
Biotechnology — 0.9% | ||||||||
AbbVie, Inc., 3.20%, 11/21/29 | 500,000 | 457,062 | ||||||
Amgen, Inc., 4.05%, 8/18/29 | 450,000 | 438,043 | ||||||
CSL
Finance PLC, 3.85%, 4/27/27(1) |
416,000 | 410,471 | ||||||
1,305,576 | ||||||||
Capital Markets — 8.6% | ||||||||
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 | 238,000 | 201,606 | ||||||
Bank of New York Mellon Corp., VRN, 4.41%, 7/24/26 | 380,000 | 381,873 | ||||||
Deutsche Bank AG, VRN, 3.96%, 11/26/25 | 850,000 | 815,149 | ||||||
Deutsche Bank AG, VRN, 2.31%, 11/16/27 | 163,000 | 138,553 | ||||||
Deutsche Bank AG, VRN, 4.30%, 5/24/28 | 759,000 | 694,330 | ||||||
FS
KKR Capital Corp., 4.25%, 2/14/25(1) |
116,000 | 110,342 | ||||||
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25 | 1,628,000 | 1,565,230 | ||||||
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 | 1,042,000 | 925,928 | ||||||
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 | 1,034,000 | 968,791 | ||||||
Hercules Capital, Inc., 2.625%, 9/16/26 | 511,000 | 430,365 | ||||||
Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 135,000 | 133,323 | ||||||
Morgan Stanley, VRN, 1.16%, 10/21/25 | 533,000 | 495,054 | ||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 1,026,000 | 975,672 | ||||||
Morgan Stanley, VRN, 2.70%, 1/22/31 | 660,000 | 571,548 | ||||||
Morgan Stanley, VRN, 4.89%, 7/20/33 | 2,250,000 | 2,242,270 | ||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 414,000 | 370,590 | ||||||
OWL Rock Core Income Corp., 3.125%, 9/23/26 | 251,000 | 218,608 | ||||||
Owl
Rock Technology Finance Corp., 6.75%, 6/30/25(1) |
75,000 | 74,308 | ||||||
State Street Corp., VRN, 4.16%, 8/4/33 | 362,000 | 349,904 | ||||||
UBS
Group AG, VRN, 4.70%, 8/5/27(1) |
259,000 | 254,362 | ||||||
UBS
Group AG, VRN, 4.75%, 5/12/28(1) |
73,000 | 71,650 | ||||||
UBS
Group AG, VRN, 2.75%, 2/11/33(1) |
430,000 | 344,891 | ||||||
12,334,347 | ||||||||
Chemicals — 0.4% | ||||||||
Sherwin-Williams Co., 4.25%, 8/8/25 | 556,000 | 555,916 | ||||||
Commercial Services and Supplies — 0.7% | ||||||||
Republic
Services, Inc., 2.90%, 7/1/26(2) |
1,000,000 | 952,109 |
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Construction and Engineering — 0.4% | ||||||||
Quanta Services, Inc., 2.35%, 1/15/32 | $ | 650,000 | $ | 514,085 | ||||
Construction Materials — 0.7% | ||||||||
Eagle Materials, Inc., 2.50%, 7/1/31 | 911,000 | 714,180 | ||||||
Martin Marietta Materials, Inc., 2.40%, 7/15/31 | 290,000 | 239,333 | ||||||
953,513 | ||||||||
Consumer Finance — 1.0% | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 | 229,000 | 194,815 | ||||||
American Express Co., 3.95%, 8/1/25 | 702,000 | 695,911 | ||||||
BOC
Aviation USA Corp., 1.625%, 4/29/24(1) |
510,000 | 484,327 | ||||||
Capital One Financial Corp., VRN, 4.99%, 7/24/26 | 93,000 | 92,914 | ||||||
1,467,967 | ||||||||
Containers and Packaging — 0.6% | ||||||||
Berry Global, Inc., 0.95%, 2/15/24 | 518,000 | 490,738 | ||||||
Sonoco Products Co., 2.25%, 2/1/27 | 481,000 | 437,411 | ||||||
928,149 | ||||||||
Diversified Financial Services — 1.7% | ||||||||
Antares
Holdings LP, 2.75%, 1/15/27(1) |
255,000 | 211,712 | ||||||
Antares
Holdings LP, 3.75%, 7/15/27(1) |
405,000 | 339,211 | ||||||
Corebridge
Financial, Inc., 3.65%, 4/5/27(1) |
700,000 | 658,557 | ||||||
Corebridge
Financial, Inc., 3.85%, 4/5/29(1) |
157,000 | 144,697 | ||||||
Corebridge
Financial, Inc., VRN, 6.875%, 12/15/52(1) |
410,000 | 396,719 | ||||||
GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 | 700,000 | 662,679 | ||||||
2,413,575 | ||||||||
Diversified Telecommunication Services — 2.6% | ||||||||
AT&T, Inc., 4.10%, 2/15/28 | 1,000,000 | 977,033 | ||||||
AT&T, Inc., 4.35%, 3/1/29 | 1,085,000 | 1,059,383 | ||||||
Verizon Communications, Inc., 4.02%, 12/3/29 | 1,840,000 | 1,767,221 | ||||||
3,803,637 | ||||||||
Electric Utilities — 4.9% | ||||||||
Duke Energy Carolinas LLC, 2.55%, 4/15/31 | 1,245,000 | 1,092,236 | ||||||
Duke Energy Corp., 2.55%, 6/15/31 | 850,000 | 710,639 | ||||||
Exelon
Corp., 2.75%, 3/15/27(1) |
1,040,000 | 972,571 | ||||||
Jersey
Central Power & Light Co., 4.30%, 1/15/26(1) |
500,000 | 491,004 | ||||||
MidAmerican Energy Co., 3.65%, 4/15/29 | 1,200,000 | 1,164,700 | ||||||
NextEra
Energy Capital Holdings, Inc., 5.00%, 7/15/32(2) |
788,000 | 803,132 | ||||||
NRG
Energy, Inc., 2.00%, 12/2/25(1) |
538,000 | 488,572 | ||||||
Public
Service Electric and Gas Co., 3.10%, 3/15/32(2) |
338,000 | 309,664 | ||||||
Southern Co. Gas Capital Corp., 1.75%, 1/15/31 | 719,000 | 572,132 | ||||||
Vistra
Operations Co. LLC, 5.125%, 5/13/25(1) |
500,000 | 498,023 | ||||||
7,102,673 | ||||||||
Electronic Equipment, Instruments and Components — 0.8% | ||||||||
Teledyne Technologies, Inc., 0.95%, 4/1/24 | 1,233,000 | 1,166,330 | ||||||
Energy Equipment and Services — 0.2% | ||||||||
Helmerich & Payne, Inc., 2.90%, 9/29/31 | 400,000 | 338,464 | ||||||
Entertainment — 1.0% | ||||||||
Magallanes,
Inc., 3.79%, 3/15/25(1) |
370,000 | 356,823 | ||||||
Magallanes,
Inc., 3.76%, 3/15/27(1) |
633,000 | 591,567 | ||||||
Take-Two Interactive Software, Inc., 3.55%, 4/14/25 | 520,000 | 508,123 | ||||||
1,456,513 |
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Equity Real Estate Investment Trusts (REITs) — 4.0% | ||||||||
American Tower Corp., 3.65%, 3/15/27 | $ | 135,000 | $ | 128,562 | ||||
American Tower Corp., 3.95%, 3/15/29 | 945,000 | 886,630 | ||||||
Broadstone Net Lease LLC, 2.60%, 9/15/31 | 359,000 | 282,850 | ||||||
Camden Property Trust, 4.10%, 10/15/28 | 500,000 | 487,916 | ||||||
EPR Properties, 4.75%, 12/15/26 | 720,000 | 678,578 | ||||||
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26 | 1,093,000 | 1,075,460 | ||||||
Mid-America Apartments LP, 4.20%, 6/15/28 | 480,000 | 465,467 | ||||||
National Retail Properties, Inc., 4.30%, 10/15/28 | 680,000 | 651,234 | ||||||
Phillips Edison Grocery Center Operating Partnership I LP, 2.625%, 11/15/31 | 218,000 | 167,557 | ||||||
VICI Properties LP, 4.375%, 5/15/25 | 500,000 | 488,882 | ||||||
VICI
Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1) |
482,000 | 424,478 | ||||||
5,737,614 | ||||||||
Food and Staples Retailing — 1.3% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%,
2/15/23(1)(2) |
505,000 | 500,619 | ||||||
Sysco Corp., 3.30%, 7/15/26 | 1,414,000 | 1,369,626 | ||||||
1,870,245 | ||||||||
Food Products — 0.3% | ||||||||
Mondelez International, Inc., 2.625%, 3/17/27 | 475,000 | 443,268 | ||||||
Gas Utilities — 0.7% | ||||||||
Southern California Gas Co., 2.95%, 4/15/27 | 990,000 | 943,803 | ||||||
Health Care Equipment and Supplies — 1.6% | ||||||||
Baxter International, Inc., 2.54%, 2/1/32 | 600,000 | 496,256 | ||||||
Becton Dickinson & Co., 4.30%, 8/22/32 | 112,000 | 108,883 | ||||||
Cigna Corp., 4.375%, 10/15/28 | 850,000 | 837,706 | ||||||
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24 | 900,000 | 846,190 | ||||||
2,289,035 | ||||||||
Health Care Providers and Services — 2.9% | ||||||||
Centene Corp., 4.25%, 12/15/27 | 342,000 | 325,269 | ||||||
CVS
Health Corp., 4.30%, 3/25/28(2) |
420,000 | 415,445 | ||||||
HCA, Inc., 4.125%, 6/15/29 | 550,000 | 506,980 | ||||||
Humana, Inc., 3.70%, 3/23/29 | 1,000,000 | 945,592 | ||||||
Roche
Holdings, Inc., 2.31%, 3/10/27(1) |
600,000 | 559,110 | ||||||
UnitedHealth Group, Inc., 2.30%, 5/15/31 | 700,000 | 599,062 | ||||||
Universal
Health Services, Inc., 1.65%, 9/1/26(1) |
908,000 | 785,033 | ||||||
4,136,491 | ||||||||
Hotels, Restaurants and Leisure — 0.3% | ||||||||
Marriott International, Inc., 4.625%, 6/15/30 | 468,000 | 447,637 | ||||||
Household Durables — 0.3% | ||||||||
Safehold Operating Partnership LP, 2.85%, 1/15/32 | 468,000 | 371,033 | ||||||
Insurance — 3.5% | ||||||||
Athene
Global Funding, 3.21%, 3/8/27(1) |
453,000 | 412,046 | ||||||
Equitable
Financial Life Global Funding, 1.30%, 7/12/26(1)(2) |
1,457,000 | 1,293,877 | ||||||
Hartford Financial Services Group, Inc., 2.80%, 8/19/29 | 520,000 | 461,130 | ||||||
Protective
Life Global Funding, 1.17%, 7/15/25(1) |
1,400,000 | 1,278,250 | ||||||
RGA
Global Funding, 2.70%, 1/18/29(1) |
775,000 | 678,728 | ||||||
Sammons
Financial Group, Inc., 4.75%, 4/8/32(1) |
182,000 | 159,994 | ||||||
SBL
Holdings, Inc., 5.125%, 11/13/26(1) |
782,000 | 745,966 | ||||||
5,029,991 |
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Interactive Media and Services — 0.2% | ||||||||
Meta
Platforms, Inc., 3.50%, 8/15/27(1) |
$ | 365,000 | $ | 353,803 | ||||
IT Services — 1.2% | ||||||||
Fidelity National Information Services, Inc., 4.70%, 7/15/27 | 500,000 | 499,138 | ||||||
Global Payments, Inc., 3.75%, 6/1/23 | 761,000 | 760,149 | ||||||
International Business Machines Corp., 4.00%, 7/27/25 | 500,000 | 499,323 | ||||||
1,758,610 | ||||||||
Machinery — 1.2% | ||||||||
Parker-Hannifin Corp., 4.25%, 9/15/27 | 1,000,000 | 990,279 | ||||||
Westinghouse Air Brake Technologies Corp., 4.95%, 9/15/28 | 767,000 | 744,665 | ||||||
1,734,944 | ||||||||
Media — 1.3% | ||||||||
DISH
DBS Corp., 5.25%, 12/1/26(1) |
430,000 | 355,825 | ||||||
Paramount
Global, 3.375%, 2/15/28(2) |
337,000 | 315,007 | ||||||
Paramount Global, 4.95%, 1/15/31 | 440,000 | 417,193 | ||||||
WPP Finance 2010, 3.75%, 9/19/24 | 780,000 | 768,643 | ||||||
1,856,668 | ||||||||
Metals and Mining — 0.5% | ||||||||
Freeport-McMoRan,
Inc., 4.625%, 8/1/30(2) |
211,000 | 195,629 | ||||||
Glencore
Funding LLC, 2.625%, 9/23/31(1) |
413,000 | 328,754 | ||||||
South32
Treasury Ltd., 4.35%, 4/14/32(1) |
275,000 | 250,600 | ||||||
774,983 | ||||||||
Multi-Utilities — 3.7% | ||||||||
Abu
Dhabi National Energy Co. PJSC, 2.00%, 4/29/28(1) |
400,000 | 360,250 | ||||||
Ameren Corp., 1.75%, 3/15/28 | 750,000 | 644,161 | ||||||
Ameren Corp., 3.50%, 1/15/31 | 356,000 | 325,963 | ||||||
Ameren Illinois Co., 3.85%, 9/1/32 | 233,000 | 223,984 | ||||||
Dominion Energy, Inc., 4.35%, 8/15/32 | 1,000,000 | 965,449 | ||||||
DTE Energy Co., 2.85%, 10/1/26 | 650,000 | 610,982 | ||||||
DTE Energy Co., VRN, 4.22%, 11/1/24 | 438,000 | 436,401 | ||||||
NiSource, Inc., 3.49%, 5/15/27 | 644,000 | 616,698 | ||||||
WEC Energy Group, Inc., 1.375%, 10/15/27 | 1,314,000 | 1,136,240 | ||||||
5,320,128 | ||||||||
Oil, Gas and Consumable Fuels — 6.2% | ||||||||
BP Capital Markets America, Inc., 3.94%, 9/21/28 | 502,000 | 490,661 | ||||||
Cenovus Energy, Inc., 2.65%, 1/15/32 | 300,000 | 246,467 | ||||||
Continental
Resources, Inc., 2.27%, 11/15/26(1) |
376,000 | 332,205 | ||||||
Continental
Resources, Inc., 2.875%, 4/1/32(1) |
259,000 | 202,490 | ||||||
Enbridge, Inc., 1.60%, 10/4/26 | 1,401,000 | 1,247,167 | ||||||
Energy Transfer LP, 3.60%, 2/1/23 | 558,000 | 557,368 | ||||||
Energy Transfer LP, 5.50%, 6/1/27 | 500,000 | 505,589 | ||||||
Energy Transfer LP, 5.25%, 4/15/29 | 946,000 | 923,665 | ||||||
Hess
Corp., 3.50%, 7/15/24(2) |
346,000 | 340,964 | ||||||
HF
Sinclair Corp., 2.625%, 10/1/23(1) |
425,000 | 412,473 | ||||||
Sabine Pass Liquefaction LLC, 5.875%, 6/30/26 | 559,000 | 574,859 | ||||||
Shell International Finance BV, 2.375%, 11/7/29 | 1,000,000 | 883,167 | ||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 803,000 | 753,744 | ||||||
Williams Cos., Inc., 4.55%, 6/24/24 | 1,480,000 | 1,484,095 | ||||||
8,954,914 | ||||||||
Paper and Forest Products — 0.7% | ||||||||
Georgia-Pacific
LLC, 3.60%, 3/1/25(1) |
1,000,000 | 985,179 |
Diversified Corporate Bond ETF | ||||||||
Principal Amount | Value | |||||||
Personal Products — 0.3% | ||||||||
GSK
Consumer Healthcare Capital UK PLC, 3.125%, 3/24/25(1) |
$ | 481,000 | $ | 463,716 | ||||
Pharmaceuticals — 2.4% | ||||||||
Merck & Co., Inc., 1.70%, 6/10/27 | 460,000 | 417,629 | ||||||
Pfizer, Inc., 1.70%, 5/28/30 | 400,000 | 338,705 | ||||||
Royalty Pharma PLC, 1.20%, 9/2/25 | 1,019,000 | 927,018 | ||||||
Utah Acquisition Sub, Inc., 3.95%, 6/15/26 | 690,000 | 648,767 | ||||||
Viatris, Inc., 1.65%, 6/22/25 | 600,000 | 547,278 | ||||||
Zoetis, Inc., 2.00%, 5/15/30 | 650,000 | 547,019 | ||||||
3,426,416 | ||||||||
Real Estate Management and Development — 0.2% | ||||||||
Essential Properties LP, 2.95%, 7/15/31 | 342,000 | 263,226 | ||||||
Road and Rail — 2.1% | ||||||||
Ashtead
Capital, Inc., 5.50%, 8/11/32(1) |
100,000 | 98,239 | ||||||
Canadian National Railway Co., 3.85%, 8/5/32 | 500,000 | 484,514 | ||||||
CSX Corp., 4.10%, 11/15/32 | 400,000 | 386,844 | ||||||
DAE
Funding LLC, 1.55%, 8/1/24(1) |
436,000 | 407,840 | ||||||
DAE
Funding LLC, 2.625%, 3/20/25(1) |
527,000 | 494,935 | ||||||
Triton
Container International Ltd., 1.15%, 6/7/24(1) |
1,225,000 | 1,143,099 | ||||||
3,015,471 | ||||||||
Semiconductors and Semiconductor Equipment — 2.1% | ||||||||
Broadcom,
Inc., 4.00%, 4/15/29(1) |
825,000 | 764,832 | ||||||
Intel
Corp., 3.75%, 8/5/27(2) |
730,000 | 717,333 | ||||||
Microchip Technology, Inc., 4.25%, 9/1/25 | 1,270,000 | 1,257,096 | ||||||
Qorvo, Inc., 4.375%, 10/15/29 | 241,000 | 213,055 | ||||||
2,952,316 | ||||||||
Software — 0.5% | ||||||||
Oracle Corp., 2.95%, 11/15/24 | 750,000 | 728,991 | ||||||
Specialty Retail — 1.8% | ||||||||
Dick's Sporting Goods, Inc., 3.15%, 1/15/32 | 555,000 | 440,143 | ||||||
Home Depot, Inc., 2.70%, 4/15/25 | 192,000 | 187,772 | ||||||
Lowe's Cos., Inc., 3.35%, 4/1/27 | 1,037,000 | 1,000,570 | ||||||
Lowe's Cos., Inc., 2.625%, 4/1/31 | 510,000 | 437,753 | ||||||
O'Reilly Automotive, Inc., 4.70%, 6/15/32 | 600,000 | 594,970 | ||||||
2,661,208 | ||||||||
Technology Hardware, Storage and Peripherals — 1.4% | ||||||||
Apple, Inc., 3.25%, 8/8/29 | 595,000 | 569,416 | ||||||
Apple, Inc., 1.70%, 8/5/31 | 855,000 | 722,881 | ||||||
Dell International LLC / EMC Corp., 6.02%, 6/15/26 | 680,000 | 706,627 | ||||||
1,998,924 | ||||||||
Thrifts and Mortgage Finance — 0.4% | ||||||||
Nationwide
Building Society, 4.85%, 7/27/27(1) |
516,000 | 512,712 | ||||||
Trading Companies and Distributors — 0.6% | ||||||||
Aircastle Ltd., 4.125%, 5/1/24 | 526,000 | 513,147 | ||||||
Aircastle
Ltd., 5.25%, 8/11/25(1) |
335,000 | 322,456 | ||||||
835,603 | ||||||||
Water Utilities — 0.5% | ||||||||
American Water Capital Corp., 4.45%, 6/1/32 | 750,000 | 744,979 | ||||||
Wireless Telecommunication Services — 1.6% | ||||||||
Sprint Corp., 7.625%, 2/15/25 | 830,000 | 869,432 | ||||||
T-Mobile USA, Inc., 4.75%, 2/1/28 | 552,000 | 540,667 |
Diversified Corporate Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | $ | 980,000 | $ | 884,078 | ||||
2,294,177 | ||||||||
TOTAL
CORPORATE BONDS
(Cost
$145,508,726) |
136,991,428 | |||||||
U.S. TREASURY SECURITIES — 2.1% | ||||||||
U.S. Treasury Notes, 1.875%, 2/28/29 | 540,000 | 495,071 | ||||||
U.S. Treasury Notes, 2.875%, 6/15/25 | 2,500,000 | 2,458,789 | ||||||
TOTAL
U.S. TREASURY SECURITIES
(Cost
$2,993,680) |
2,953,860 | |||||||
MUNICIPAL SECURITIES — 0.3% | ||||||||
Golden
State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34 (Cost $517,791) |
515,000 | 441,073 | ||||||
SHORT-TERM
INVESTMENTS — 4.3% |
|
| ||||||
Money Market Funds — 4.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 3,338,275 | 3,338,275 | ||||||
State
Street Navigator Securities Lending Government Money Market
Portfolio(3)
|
2,858,788 | 2,858,788 | ||||||
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$6,197,063) |
6,197,063 | |||||||
TOTAL
INVESTMENT SECURITIES — 102.0%
(Cost
$155,217,260) |
|
146,583,424 | ||||||
OTHER
ASSETS AND LIABILITIES — (2.0)% |
|
(2,898,675) | ||||||
TOTAL
NET ASSETS — 100.0% |
|
$ | 143,684,749 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration
Date |
Notional
Amount |
Unrealized
Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Notes | 51 | December 2022 | $ | 5,962,219 | $ | (10,857) | ||||||||
U.S. Treasury 2-Year Notes | 46 | December 2022 | 9,583,094 | (4,925) | ||||||||||
$ | 15,545,313 | $ | (15,782) |
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration
Date |
Notional
Amount |
Unrealized
Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 65 | December 2022 | $ | 7,203,321 | $ | 6,647 | ||||||||
U.S. Treasury Long Bonds | 4 | December 2022 | 543,375 | 775 | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 22 | December 2022 | 2,754,125 | 7,223 | ||||||||||
$ | 10,500,821 | $ | 14,645 |
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference Entity | Type |
Fixed
Rate
Received
(Paid)
Quarterly |
Termination Date |
Notional
Amount |
Premiums
Paid
(Received) |
Unrealized
Appreciation
(Depreciation) |
Value^ | ||||||||||||||||
Markit CDX North America High Yield Index Series 38 | Buy | (5.00)% | 6/20/27 | $ | 2,871,000 | $ | 15,028 | $ | (8,801) | $ | 6,227 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CDX | - | Credit Derivatives Indexes | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
MUNICIPAL
SECURITIES — 97.2% |
|
| ||||||
Alabama — 1.4% | ||||||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/48 (GA: Goldman Sachs Group, Inc.) | $ | 535,000 | $ | 540,480 | ||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 12/1/49 (GA: Morgan Stanley) | 250,000 | 252,625 | ||||||
Black Belt Energy Gas District Rev., VRN, 4.00%, 7/1/52 (LIQ FAC: Royal Bank of Canada) | 415,000 | 421,383 | ||||||
Black Belt Energy Gas District Rev., VRN, 2.02%, (MUNIPSA plus 0.35%), 10/1/52 (GA: Goldman Sachs Group, Inc.) | 500,000 | 476,405 | ||||||
Black Belt Energy Gas District Rev., VRN, 5.00%, 5/1/53 (GA: Canadian Imperial Bank) | 500,000 | 531,399 | ||||||
Southeast Alabama Gas Supply District Rev., VRN, 4.00%, 4/1/49 (GA: Goldman Sachs Group, Inc.) | 455,000 | 460,398 | ||||||
Southeast Energy Authority A Cooperative District Rev., VRN, 5.00%, 5/1/53 (GA: Goldman Sachs & Co.) | 1,000,000 | 1,047,433 | ||||||
3,730,123 | ||||||||
Arizona — 3.9% | ||||||||
Arizona Board of Regents Rev., (Arizona State University), 5.00%, 7/1/36 | 250,000 | 283,783 | ||||||
Arizona Department of Transportation State Highway Fund Rev., 5.00%, 7/1/29 | 160,000 | 167,053 | ||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), 5.00%, 1/1/25 | 585,000 | 617,073 | ||||||
Arizona Health Facilities Authority Rev., (Banner Health Obligated Group), VRN, 1.92%, (MUNIPSA plus 0.25%), 1/1/46 | 155,000 | 153,402 | ||||||
Arizona Industrial Development Authority Rev., 3.625%, 5/20/33 | 190,088 | 183,862 | ||||||
Arizona
Industrial Development Authority Rev., (BASIS Schools, Inc. Obligated
Group), 5.00%, 7/1/51(1) |
250,000 | 250,727 | ||||||
Arizona
Industrial Development Authority Rev., (Legacy Cares, Inc.), 5.50%,
7/1/31(1) |
150,000 | 141,275 | ||||||
Arizona
Industrial Development Authority Rev., (Legacy Cares, Inc.), 7.75%,
7/1/50(1) |
300,000 | 319,473 | ||||||
Arizona
Industrial Development Authority Rev., (Legacy Cares, Inc.), 6.00%,
7/1/51(1) |
100,000 | 90,986 | ||||||
Arizona
Industrial Development Authority Rev., (Pinecrest Academy of Nevada),
4.00%, 7/15/40(1) |
200,000 | 176,281 | ||||||
Arizona Industrial Development Authority Rev., (Provident Group-NCCU Properties LLC), 5.00%, 6/1/27 (BAM) | 400,000 | 435,071 | ||||||
Arizona
Industrial Development Authority Rev., (Somerset Academy of Las Vegas),
4.00%, 12/15/41(1) |
750,000 | 652,773 | ||||||
Gilbert Water Resource Municipal Property Corp. Rev., (Town of Gilbert Waterworks & Sewer System Rev.), 5.00%, 7/15/27 | 1,000,000 | 1,118,559 | ||||||
Industrial
Development Authority of the City of Phoenix Rev., (BASIS Schools, Inc.
Obligated Group), 4.00%, 7/1/25(1) |
325,000 | 325,160 | ||||||
Industrial Development Authority of the City of Phoenix Rev., (Downtown Phoenix Student Housing LLC), 5.00%, 7/1/32 | 155,000 | 159,889 | ||||||
Industrial
Development Authority of the County of Pima Rev., (American Leadership
Academy, Inc.), 4.00%, 6/15/41(1) |
620,000 | 526,781 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/27 | 75,000 | 77,812 | ||||||
La Paz County Industrial Development Authority Rev., (Harmony Public Schools), 5.00%, 2/15/28 | 75,000 | 78,274 | ||||||
Maricopa
County Industrial Development Authority Rev., (Legacy Traditional School
Obligated Group), 3.00%, 7/1/31(1) |
500,000 | 439,788 | ||||||
Maricopa
County Industrial Development Authority Rev., (Legacy Traditional School
Obligated Group), 5.00%, 7/1/39(1) |
200,000 | 203,575 | ||||||
Pima County Sewer System Rev., 5.00%, 7/1/30 | 600,000 | 676,489 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/30 | $ | 910,000 | $ | 1,019,485 | ||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/35 | 250,000 | 275,079 | ||||||
Salt River Project Agricultural Improvement & Power District Rev., 5.00%, 1/1/38 | 755,000 | 824,502 | ||||||
Salt Verde Financial Corp. Rev., 5.00%, 12/1/37 (GA: Citigroup Global Markets) | 175,000 | 184,792 | ||||||
Scottsdale GO, 4.00%, 7/1/31 | 500,000 | 545,095 | ||||||
State
of Arizona COP, 5.00%, 9/1/25(2) |
580,000 | 620,286 | ||||||
State of Arizona COP, 5.00%, 9/1/25 | 240,000 | 257,532 | ||||||
10,804,857 | ||||||||
California — 11.0% | ||||||||
Anaheim Public Financing Authority Rev., (Anaheim), 5.00%, 9/1/30 (BAM) | 535,000 | 601,390 | ||||||
Bay Area Toll Authority Rev., 4.00%, 4/1/29 | 275,000 | 291,982 | ||||||
Bay Area Toll Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 4/1/56 | 250,000 | 245,890 | ||||||
California Community Choice Financing Authority Rev., VRN, 2.12%, (MUNIPSA plus 0.45%), 2/1/52 (GA: Morgan Stanley) | 1,755,000 | 1,648,237 | ||||||
California Community College Financing Authority Rev., (NCCD-Orange Coast Properties LLC), 5.00%, 5/1/30 | 500,000 | 517,654 | ||||||
California
County Tobacco Securitization Agency Rev., (Alameda County Tobacco
Securitization Corp.), 0.00%, 6/1/50(3) |
100,000 | 18,379 | ||||||
California Enterprise Development Authority Rev., (Provident Group-SDSU Properties LLC), 5.00%, 8/1/50 | 100,000 | 101,300 | ||||||
California Health Facilities Financing Authority Rev., (Sutter Health Obligated Group), 5.00%, 11/15/48 | 850,000 | 895,528 | ||||||
California Housing Finance Rev., 4.00%, 3/20/33 | 383,208 | 380,069 | ||||||
California Housing Finance Rev., 4.25%, 1/15/35 | 477,729 | 479,373 | ||||||
California Infrastructure & Economic Development Bank Rev., (California Academy of Sciences), VRN, 2.02%, (MUNIPSA plus 0.35%), 8/1/47 | 250,000 | 246,802 | ||||||
California Infrastructure & Economic Development Bank Rev., (Museum Associates), VRN, 2.37%, (MUNIPSA plus 0.70%), 12/1/50 | 1,000,000 | 987,402 | ||||||
California
Municipal Finance Authority Rev., (Community Health Centers of The Central
Coast, Inc.), 5.00%, 12/1/29(1) |
50,000 | 52,686 | ||||||
California
Municipal Finance Authority Rev., (Community Health Centers of The Central
Coast, Inc.), 5.00%, 12/1/30(1) |
110,000 | 115,905 | ||||||
California
Municipal Finance Authority Rev., (Community Health Centers of The Central
Coast, Inc.), 5.00%, 12/1/36(1) |
175,000 | 180,859 | ||||||
California Public Finance Authority Rev., (Henry Mayo Newhall Memorial Hospital), 5.00%, 10/15/37 | 475,000 | 491,238 | ||||||
California
Public Finance Authority Rev., (Kendal at Sonoma Obligated Group), 2.375%,
11/15/28(1) |
265,000 | 242,366 | ||||||
California
School Finance Authority Rev., (Aspire Public Schools Obligated Group),
4.00%, 8/1/25(1) |
260,000 | 265,039 | ||||||
California
School Finance Authority Rev., (Aspire Public Schools Obligated Group),
4.00%, 8/1/26(1) |
405,000 | 413,007 | ||||||
California State Financial Authority Rev., (Master's University & Seminary), 5.00%, 8/1/34 | 185,000 | 190,548 | ||||||
California Statewide Communities Development Authority Rev., (CHF-Irvine LLC), 5.00%, 5/15/24 | 250,000 | 256,889 | ||||||
California
Statewide Communities Development Authority Rev., (Loma Linda University
Medical Center Obligated Group), 5.25%, 12/1/38(1) |
240,000 | 244,606 | ||||||
California Statewide Communities Development Authority Special Assessment, (San Diego Assessment District No. 18-01), 5.00%, 9/2/29 | 250,000 | 275,463 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
California Statewide Communities Development Authority Special Tax, (Community Facilities District No. 2015), 4.00%, 9/1/40 | $ | 245,000 | $ | 226,549 | ||||
City & County of San Francisco COP, 4.00%, 4/1/45 | 475,000 | 460,624 | ||||||
City
& County of San Francisco, Special Tax District No. 2020-1 Special
Tax, 4.00%, 9/1/46(1) |
500,000 | 446,588 | ||||||
CSCDA
Community Improvement Authority Rev., (1818 Platinum Triangle-Anaheim),
4.00%, 4/1/57(1) |
350,000 | 258,051 | ||||||
CSCDA
Community Improvement Authority Rev., (Escondido Portfolio), 4.00%,
12/1/59(1) |
750,000 | 500,973 | ||||||
CSCDA
Community Improvement Authority Rev., (Oceanaire Apartments), 4.00%,
9/1/56(1) |
300,000 | 246,190 | ||||||
CSCDA
Community Improvement Authority Rev., (Westgate Apartments), 4.00%,
6/1/57(1) |
290,000 | 218,570 | ||||||
East Bay Municipal Utility District Wastewater System Rev., 5.00%, 6/1/38 | 700,000 | 820,281 | ||||||
Eastern Municipal Water District Rev., VRN, 1.77%, (MUNIPSA plus 0.10%), 7/1/46 | 750,000 | 743,592 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 19), 5.00%, 9/1/39 | 500,000 | 534,849 | ||||||
Folsom Ranch Financing Authority Special Tax, (Folsom Community Facilities District No. 23), 3.00%, 9/1/25 | 155,000 | 150,764 | ||||||
Foothill-Eastern Transportation Corridor Agency Rev., 4.00%, 1/15/33 | 250,000 | 249,259 | ||||||
Golden
State Tobacco Securitization Corp. Rev., 5.00%, 6/1/25, Prerefunded at
100% of Par(2) |
1,000,000 | 1,070,222 | ||||||
Hastings
Campus Housing Finance Authority Rev., 5.00%, 7/1/45(1) |
570,000 | 564,599 | ||||||
Independent
Cities Finance Authority Rev., (Compton Sales Tax Rev.), 4.00%, 6/1/31
(AGM)(1) |
215,000 | 226,859 | ||||||
Irvine Special Assessment, (Irvine Reassessment District No. 15-1), 5.00%, 9/2/25 | 700,000 | 748,665 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/45 | 500,000 | 543,355 | ||||||
Los Angeles Department of Airports Rev., 5.00%, 5/15/47 | 905,000 | 932,721 | ||||||
Metropolitan Water District of Southern California Rev., VRN, 1.81%, (MUNIPSA plus 0.14%), 7/1/37 | 200,000 | 199,412 | ||||||
Morongo
Band of Mission Indians Rev., 5.00%, 10/1/42(1) |
100,000 | 106,402 | ||||||
Mountain View Los Altos Union High School District GO, 4.00%, 8/1/35 | 1,000,000 | 1,046,389 | ||||||
Oakland Unified School District/Alameda County GO, 5.00%, 8/1/27 | 1,020,000 | 1,113,094 | ||||||
Orange County Airport Rev., 5.00%, 7/1/24 | 130,000 | 135,493 | ||||||
Orange County Community Facilities District Special Tax, (Orange County Community Facilities District No. 2015-1), 5.25%, 8/15/45 | 415,000 | 429,085 | ||||||
Orange County Transportation Authority Rev., 5.00%, 10/15/24 | 1,715,000 | 1,810,286 | ||||||
Palomar Health GO, 5.00%, 8/1/27 | 545,000 | 588,404 | ||||||
Peralta Community College District GO, 5.00%, 8/1/25 | 550,000 | 587,821 | ||||||
Poway Unified School District Special Tax, (Poway Unified School District Community Facilities District No. 16), 4.00%, 9/1/31 | 315,000 | 316,326 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/24 | 1,000,000 | 1,035,300 | ||||||
San Francisco City & County Airport Comm-San Francisco International Airport Rev., 5.00%, 5/1/38 | 400,000 | 422,178 | ||||||
Santa Paula Special Tax, (Santa Paula Harvest Community Facilities District No. 1), 5.00%, 9/1/35 | 600,000 | 642,956 | ||||||
Southern California Public Power Authority Rev., 5.00%, 11/1/33 (GA: Goldman Sachs Group, Inc.) | 630,000 | 677,207 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
State of California GO, 5.00%, 10/1/23 | $ | 725,000 | $ | 746,279 | ||||
State of California GO, 5.00%, 8/1/34 | 245,000 | 265,094 | ||||||
State of California GO, 5.00%, 4/1/35 | 1,000,000 | 1,116,222 | ||||||
State of California GO, 5.00%, 4/1/42 | 250,000 | 270,181 | ||||||
Tracy Community Facilities District Special Tax, (Tracy Community Facilities District No. 2016-01), 5.00%, 9/1/39 | 280,000 | 293,039 | ||||||
Tustin Community Facilities District Special Tax, (Tustin Community Facilities District No. 14-1), 5.00%, 9/1/29 | 150,000 | 157,155 | ||||||
Woodside Fire Protection District COP, 4.00%, 5/1/41 | 445,000 | 450,322 | ||||||
30,493,968 | ||||||||
Colorado — 4.1% | ||||||||
Adams & Weld Counties School District No. 27J Brighton GO, 5.00%, 12/1/23 | 1,000,000 | 1,033,077 | ||||||
Board of Governors of Colorado State University System Rev., 4.00%, 3/1/44 | 1,220,000 | 1,151,845 | ||||||
Brighton Crossing Metropolitan District No. 6 GO, 5.00%, 12/1/40 | 515,000 | 488,375 | ||||||
City & County of Denver Airport System Rev., 5.50%, 11/15/42 | 750,000 | 822,850 | ||||||
Colorado Health Facilities Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/49 | 100,000 | 109,274 | ||||||
Colorado Health Facilities Authority Rev., (Covenant Living Communities and Services Obligated Group), 4.00%, 12/1/40 | 500,000 | 456,782 | ||||||
Colorado Health Facilities Authority Rev., (Frasier Meadows Manor, Inc.), 5.00%, 5/15/23 | 100,000 | 100,701 | ||||||
Colorado Health Facilities Authority Rev., (Intermountain Healthcare Obligated Group), VRN, 5.00%, 5/15/62 | 1,500,000 | 1,656,227 | ||||||
Colorado Health Facilities Authority Rev., (Sanford Obligated Group), 4.00%, 11/1/39 | 380,000 | 360,497 | ||||||
Colorado Health Facilities Authority Rev., (Sisters of Charity of Leavenworth Health System, Inc. Obligated Group), 4.00%, 1/1/38 | 210,000 | 207,344 | ||||||
Crystal Valley Metropolitan District No. 2 GO, 4.00%, 12/1/44 (AGM) | 500,000 | 485,382 | ||||||
Denver City & County School District No. 1 GO, 5.00%, 12/1/24 | 1,500,000 | 1,587,165 | ||||||
Denver
Urban Renewal Authority Tax Allocation, (9th & Colorado Urban
Redevelopment Area), 5.25%, 12/1/39(1) |
100,000 | 102,552 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 1/15/30 | 250,000 | 270,405 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 5.00%, 7/15/32 | 600,000 | 645,936 | ||||||
Regional Transportation District Rev., (Denver Transit Partners LLC), 4.00%, 7/15/34 | 500,000 | 493,438 | ||||||
State of Colorado COP, 6.00%, 12/15/41 | 615,000 | 748,926 | ||||||
Vauxmont Metropolitan District GO, 5.00%, 12/15/26 (AGM) | 220,000 | 238,034 | ||||||
Village Metropolitan District GO, 5.00%, 12/1/49 | 500,000 | 502,246 | ||||||
11,461,056 | ||||||||
Connecticut — 2.4% | ||||||||
Connecticut
State Health & Educational Facilities Authority Rev., (McLean
Affiliates Obligated Group), 3.25%, 1/1/27(1) |
450,000 | 437,383 | ||||||
Connecticut State Health & Educational Facilities Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/45 | 1,000,000 | 1,046,156 | ||||||
State of Connecticut GO, 5.00%, 11/15/31 | 365,000 | 391,015 | ||||||
State of Connecticut GO, 4.00%, 1/15/34 | 1,000,000 | 1,034,233 | ||||||
State of Connecticut GO, 5.00%, 6/15/34 | 680,000 | 707,124 | ||||||
State of Connecticut GO, 4.00%, 6/1/36 | 1,000,000 | 1,008,286 | ||||||
State of Connecticut Special Tax Rev., 5.00%, 5/1/29 | 1,145,000 | 1,307,246 | ||||||
Town of Greenwich GO, 5.00%, 1/15/26 | 725,000 | 787,847 | ||||||
6,719,290 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Delaware — 0.3% | ||||||||
Delaware Transportation Authority Rev., 5.00%, 7/1/24 | $ | 750,000 | $ | 785,535 | ||||
District of Columbia — 1.5% | ||||||||
District of Columbia GO, 5.00%, 2/1/41 | 520,000 | 579,034 | ||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 10/1/26 | 660,000 | 725,236 | ||||||
District of Columbia Rev., (District of Columbia Income Tax Rev.), 5.00%, 7/1/47 | 750,000 | 834,107 | ||||||
District of Columbia Rev., (Plenary Infrastructure LLC), 5.00%, 2/28/25 | 1,000,000 | 1,038,313 | ||||||
District of Columbia Water & Sewer Authority Rev., 5.00%, 10/1/39 | 535,000 | 569,147 | ||||||
Washington Metropolitan Area Transit Authority Rev., 5.00%, 7/15/28 | 390,000 | 442,046 | ||||||
4,187,883 | ||||||||
Florida — 7.4% | ||||||||
Alachua County Health Facilities Authority Rev., (Shands Teaching Hospital & Clinics Obligated Group), 5.00%, 12/1/44 | 350,000 | 358,974 | ||||||
Broward County Port Facilities Rev., 5.00%, 9/1/40 | 1,000,000 | 1,054,661 | ||||||
Broward County Water & Sewer Utility Rev., 5.00%, 10/1/40 | 925,000 | 1,014,312 | ||||||
Broward County Water & Sewer Utility Rev., 4.00%, 10/1/45 | 880,000 | 853,016 | ||||||
Capital Projects Finance Authority Rev., (CAPFA Capital Corp. 2000F), 5.00%, 10/1/28 | 300,000 | 314,062 | ||||||
Central Florida Expressway Authority Rev., 5.00%, 7/1/28 (AGM) | 750,000 | 848,250 | ||||||
Florida
Development Finance Corp. Rev., 3.00%, 7/1/31(1) |
260,000 | 229,730 | ||||||
Florida Development Finance Corp. Rev., 5.00%, 6/15/35 | 250,000 | 258,698 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 3.00%, 6/1/23 | 115,000 | 113,609 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/24 | 105,000 | 103,585 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/25 | 110,000 | 107,312 | ||||||
Florida Development Finance Corp. Rev., (Glenridge on Palmer Ranch Obligated Group), 4.00%, 6/1/26 | 110,000 | 106,240 | ||||||
Florida Development Finance Corp. Rev., (Mater Academy Miami-Dade Osceola County Facilities Obligated Group), 5.00%, 6/15/47 | 800,000 | 814,493 | ||||||
Fort Pierce Utilities Authority Rev., 5.00%, 10/1/29 (AGM) | 1,050,000 | 1,187,253 | ||||||
Greater Orlando Aviation Authority Rev., 5.00%, 10/1/33 | 180,000 | 191,960 | ||||||
Hillsborough County Aviation Authority Rev., 5.00%, 10/1/27 | 375,000 | 406,775 | ||||||
Lake
County Rev., (Educational Charter Foundation of Florida, Inc.), 5.00%,
1/15/39(1) |
550,000 | 548,749 | ||||||
Miami-Dade County Aviation Rev., 5.00%, 10/1/38 | 500,000 | 518,132 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/35 | 175,000 | 178,703 | ||||||
Miami-Dade County Water & Sewer System Rev., 4.00%, 10/1/44 | 1,000,000 | 928,632 | ||||||
Miami-Dade County Water & Sewer System Rev., 5.00%, 10/1/44 | 1,390,000 | 1,489,429 | ||||||
Palm Beach County Health Facilities Authority Rev., (Baptist Health South Florida Obligated Group), 5.00%, 8/15/30 | 800,000 | 885,644 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/29 | 105,000 | 108,669 | ||||||
Pinellas County Industrial Development Authority Rev., (Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc.), 5.00%, 7/1/39 | 375,000 | 380,608 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Pompano Beach Rev., (John Knox Village of Florida, Inc. Obligated Group), 1.45%, 1/1/27 | $ | 750,000 | $ | 669,369 | ||||
Seminole County Industrial Development Authority Rev., (CCRC Development Corp. Obligated Group), 4.25%, 11/15/26 | 650,000 | 611,001 | ||||||
South Florida Water Management District COP, 5.00%, 10/1/36 | 560,000 | 599,472 | ||||||
State of Florida GO, 5.00%, 6/1/23 | 1,700,000 | 1,734,266 | ||||||
State of Florida Department of Transportation Turnpike System Rev., 5.00%, 7/1/23 | 600,000 | 613,082 | ||||||
Tampa Water & Wastewater System Rev., 5.00%, 10/1/41 | 1,000,000 | 1,125,151 | ||||||
Village Community Development District No. 14 Special Assessment, 5.50%, 5/1/53 | 1,000,000 | 1,042,421 | ||||||
Wildwood Utility Dependent District Rev., 5.00%, 10/1/41 (BAM) | 900,000 | 987,730 | ||||||
20,383,988 | ||||||||
Georgia — 4.0% | ||||||||
Atlanta Airport Passenger Facility Charge Rev., 4.00%, 7/1/40 | 1,000,000 | 957,942 | ||||||
Atlanta Water & Wastewater Rev., 4.00%, 11/1/37 | 1,345,000 | 1,358,794 | ||||||
Cobb County Kennestone Hospital Authority Rev., (WellStar Health System Obligated Group), 4.00%, 4/1/52 | 1,000,000 | 921,226 | ||||||
George
L Smith II Congress Center Authority Rev., (Signia Hotel Management LLC),
3.625%, 1/1/31(1) |
475,000 | 424,351 | ||||||
Georgia Ports Authority Rev., 5.25%, 7/1/52 | 500,000 | 555,377 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 5/1/52 (GA: Citigroup Global Markets) | 500,000 | 498,793 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 7/1/52 (GA: Royal Bank of Canada) | 600,000 | 609,700 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 4.00%, 9/1/52 (GA: Citigroup, Inc.) | 1,190,000 | 1,178,630 | ||||||
Main Street Natural Gas, Inc. Rev., VRN, 5.00%, 12/1/52 (GA: Citigroup, Inc.) | 1,190,000 | 1,250,121 | ||||||
Private Colleges & Universities Authority Rev., (Savannah College of Art & Design, Inc.), 4.00%, 4/1/44 | 575,000 | 532,344 | ||||||
State of Georgia GO, 5.00%, 8/1/23 | 1,000,000 | 1,024,351 | ||||||
State of Georgia GO, 5.00%, 7/1/29 | 1,465,000 | 1,699,131 | ||||||
11,010,760 | ||||||||
Hawaii — 0.7% | ||||||||
City & County Honolulu Wastewater System Rev., 4.00%, 7/1/32 | 250,000 | 257,369 | ||||||
City & County of Honolulu GO, 5.00%, 3/1/29 | 675,000 | 774,121 | ||||||
City & County of Honolulu GO, 5.25%, 7/1/44 | 760,000 | 876,194 | ||||||
1,907,684 | ||||||||
Idaho — 0.1% | ||||||||
Idaho Health Facilities Authority Rev., (State Luke's Health System Ltd. Obligated Group), 4.00%, 3/1/46 | 365,000 | 341,675 | ||||||
Illinois — 5.5% | ||||||||
Chicago GO, 5.00%, 1/1/26 | 275,000 | 290,345 | ||||||
Chicago GO, 5.50%, 1/1/49 | 100,000 | 105,393 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/34 | 280,000 | 290,993 | ||||||
Chicago Board of Education GO, 5.00%, 12/1/42 | 60,000 | 59,693 | ||||||
Chicago
O'Hare International Airport Rev., 5.00%, 1/1/26(4) |
1,000,000 | 1,055,912 | ||||||
Chicago Wastewater Transmission Rev., 5.50%, 1/1/30 (AGM-CR)(NATL-RE) | 135,000 | 151,013 | ||||||
Cook County Sales Tax Rev., 5.25%, 11/15/45 | 725,000 | 797,155 | ||||||
Illinois Finance Authority Rev., (Carle Foundation Obligated Group), VRN, 5.00%, 8/15/53 | 525,000 | 599,618 | ||||||
Illinois Finance Authority Rev., (NorthShore University HealthSystem Obligated Group), 5.00%, 8/15/47 | 1,000,000 | 1,064,290 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Illinois Finance Authority Rev., (Presbyterian Homes Obligated Group), VRN, 2.37%, (MUNIPSA plus 0.70%), 5/1/42 | $ | 250,000 | $ | 242,197 | ||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 4.00%, 1/1/33 | 1,000,000 | 1,044,525 | ||||||
Illinois Finance Authority Rev., (State of Illinois Water Revolving Fund - Clean Water Program), 5.00%, 7/1/33 | 1,175,000 | 1,326,088 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/31 | 465,000 | 532,059 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/37 | 400,000 | 421,928 | ||||||
Illinois State Toll Highway Authority Rev., 5.00%, 1/1/46 | 1,150,000 | 1,234,048 | ||||||
Joliet Waterworks & Sewerage Rev., 5.00%, 1/1/24 | 345,000 | 354,487 | ||||||
Kane County School District No. 131 Aurora East Side GO, 4.00%, 12/1/31 (AGM) | 200,000 | 210,915 | ||||||
Metropolitan Water Reclamation District of Greater Chicago GO, 5.00%, 12/1/28 | 605,000 | 662,541 | ||||||
Northern Illinois University Rev., 5.00%, 10/1/28 (BAM) | 325,000 | 357,857 | ||||||
Northern Illinois University Rev., 4.00%, 4/1/35 (BAM) | 250,000 | 243,692 | ||||||
Peoria City School District No. 150 GO, 4.00%, 1/1/26 | 840,000 | 876,175 | ||||||
State of Illinois GO, 5.00%, 10/1/25 | 175,000 | 183,249 | ||||||
State of Illinois GO, 5.00%, 11/1/29 | 280,000 | 297,491 | ||||||
State of Illinois GO, 5.00%, 10/1/30 | 625,000 | 667,733 | ||||||
State of Illinois GO, 5.00%, 10/1/33 | 200,000 | 210,533 | ||||||
State of Illinois GO, 5.50%, 5/1/39 | 220,000 | 239,017 | ||||||
State of Illinois GO, 5.50%, 3/1/42 | 1,250,000 | 1,373,107 | ||||||
State of Illinois GO, 5.75%, 5/1/45 | 225,000 | 245,941 | ||||||
15,137,995 | ||||||||
Indiana — 0.4% | ||||||||
Indiana Finance Authority Rev., (Marion County Capital Improvement Board), 5.00%, 2/1/26 | 500,000 | 534,673 | ||||||
Purdue University Rev., 5.00%, 7/1/26 | 640,000 | 668,680 | ||||||
1,203,353 | ||||||||
Iowa — 1.1% | ||||||||
Iowa Finance Authority Rev., (Iowa Finance Authority State Revolving Fund), 5.00%, 8/1/44 | 500,000 | 555,592 | ||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), 5.00%, 5/15/48 | 400,000 | 375,758 | ||||||
Iowa Finance Authority Rev., (Lifespace Communities, Inc. Obligated Group), VRN, 2.15%, 5/15/56 | 500,000 | 466,934 | ||||||
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/39 | 850,000 | 834,305 | ||||||
Iowa Tobacco Settlement Authority Rev., 4.00%, 6/1/49 | 645,000 | 611,439 | ||||||
Iowa
Tobacco Settlement Authority Rev., 0.00%, 6/1/65(3) |
500,000 | 61,316 | ||||||
2,905,344 | ||||||||
Kansas — 0.5% | ||||||||
Kansas Development Finance Authority Rev., (AdventHealth Obligated Group), VRN, 5.00%, 11/15/54 | 700,000 | 792,428 | ||||||
Prairie Village Tax Allocation, (Prairie Village Meadowbrook Redevelopment District), 3.125%, 4/1/36 | 130,000 | 102,714 | ||||||
State of Kansas Department of Transportation Rev., 5.00%, 9/1/29 | 340,000 | 363,210 | ||||||
1,258,352 | ||||||||
Kentucky — 1.4% | ||||||||
Ashland Rev., (Ashland Hospital Corp. Obligated Group), 5.00%, 2/1/30 | 370,000 | 404,291 | ||||||
Kentucky Bond Development Corp. Rev., 5.00%, 9/1/38 | 250,000 | 272,079 | ||||||
Kentucky Economic Development Finance Authority Rev., (Owensboro Health, Inc. Obligated Group), 5.25%, 6/1/41 | 100,000 | 102,460 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 4/1/48 (GA: Morgan Stanley) | $ | 300,000 | $ | 302,313 | ||||
Kentucky Public Energy Authority Rev., VRN, 4.00%, 1/1/49 (GA: BP Corp. North America, Inc.) | 440,000 | 443,858 | ||||||
Kentucky Public Energy Authority Rev., VRN, 2.73%, 8/1/52 (GA: Morgan Stanley) | 1,000,000 | 939,985 | ||||||
Kentucky State Property & Building Commission Rev., (Kentucky Finance and Administration Cabinet), 4.00%, 11/1/38 | 500,000 | 504,958 | ||||||
Kentucky State University COP, 4.00%, 11/1/41 (BAM) | 250,000 | 244,748 | ||||||
Kentucky State University COP, 4.00%, 11/1/46 (BAM) | 750,000 | 717,943 | ||||||
3,932,635 | ||||||||
Louisiana — 0.3% | ||||||||
East
Baton Rouge Sewerage Commission Rev., 5.00%, 2/1/25, Prerefunded at 100%
of Par(2) |
520,000 | 551,880 | ||||||
Louisiana Stadium & Exposition District Rev., 5.00%, 7/3/23 | 100,000 | 100,676 | ||||||
New Orleans Aviation Board Rev., (Parking Facilities Corp.), 5.00%, 10/1/48 (AGM) | 250,000 | 262,916 | ||||||
915,472 | ||||||||
Maryland — 2.1% | ||||||||
Baltimore
Rev., 5.00%, 6/1/51(1)(4) |
400,000 | 403,114 | ||||||
Baltimore Rev., (East Baltimore Research Park Development District), 4.00%, 9/1/27 | 200,000 | 200,395 | ||||||
Baltimore County COP, 5.00%, 3/1/28 | 375,000 | 422,257 | ||||||
Brunswick Special Tax, 5.00%, 7/1/36 | 100,000 | 103,059 | ||||||
Gaithersburg Rev., (Asbury Maryland Obligated Group), 5.125%, 1/1/42 | 400,000 | 412,659 | ||||||
Maryland Economic Development Corp. Tax Allocation, (City of Baltimore Port Covington Development District), 4.00%, 9/1/50 | 1,000,000 | 852,858 | ||||||
Maryland Health & Higher Educational Facilities Authority Rev., (Adventist Healthcare Obligated Group), 4.00%, 1/1/51 | 500,000 | 453,904 | ||||||
Maryland Stadium Authority Built to Learn Rev., 5.00%, 6/1/25 | 500,000 | 531,129 | ||||||
State of Maryland GO, 5.00%, 8/1/27 | 320,000 | 358,892 | ||||||
State of Maryland GO, 5.00%, 6/1/31 | 1,640,000 | 1,943,864 | ||||||
5,682,131 | ||||||||
Massachusetts — 3.2% | ||||||||
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/43 | 1,190,000 | 1,315,179 | ||||||
Commonwealth of Massachusetts Transportation Fund Rev., 5.00%, 6/1/51 | 1,000,000 | 1,085,909 | ||||||
Massachusetts GO, 5.00%, 5/1/25 | 345,000 | 368,062 | ||||||
Massachusetts GO, 4.00%, 9/1/36 | 400,000 | 405,933 | ||||||
Massachusetts Bay Transportation Authority Rev., 5.00%, 7/1/41 | 910,000 | 1,003,027 | ||||||
Massachusetts
Development Finance Agency Rev., (NewBridge on the Charles Inc Obligated
Group), 5.00%, 10/1/37(1) |
150,000 | 157,647 | ||||||
Massachusetts
Development Finance Agency Rev., (NewBridge on the Charles, Inc. Obligated
Group), 4.00%, 10/1/32(1) |
100,000 | 102,447 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 5.00%, 7/1/44 | 890,000 | 924,845 | ||||||
Massachusetts Development Finance Agency Rev., (Wellforce Obligated Group), 4.00%, 10/1/45 (AGM) | 375,000 | 354,488 | ||||||
Massachusetts Port Authority Rev., 5.00%, 7/1/41 | 800,000 | 861,454 | ||||||
Massachusetts School Building Authority Rev., 5.00%, 8/15/45 | 730,000 | 808,701 | ||||||
Massachusetts State College Building Authority Rev., 5.00%, 5/1/31 | 500,000 | 582,056 | ||||||
Massachusetts State College Building Authority Rev., 5.00%, 5/1/32 | 250,000 | 293,420 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Massachusetts Transportation Trust Fund Metropolitan Highway System Rev., 5.00%, 1/1/32 | $ | 460,000 | $ | 514,051 | ||||
8,777,219 | ||||||||
Michigan — 1.5% | ||||||||
Detroit GO, 5.00%, 4/1/25 | 50,000 | 52,031 | ||||||
Detroit GO, 5.00%, 4/1/36 | 550,000 | 568,387 | ||||||
Detroit GO, 5.00%, 4/1/37 | 250,000 | 257,396 | ||||||
Detroit Downtown Development Authority Tax Allocation, (Development Area No. 1), 5.00%, 7/1/23 (AGM) | 350,000 | 356,816 | ||||||
Michigan Finance Authority Rev., (BHSH System Obligated Group), 5.00%, 4/15/27 | 1,335,000 | 1,476,513 | ||||||
Michigan Finance Authority Rev., (BHSH System Obligated Group), 4.00%, 4/15/42 | 395,000 | 382,837 | ||||||
Michigan Finance Authority Rev., (Michigan Finance Authority Tobacco Settlement Rev.), 5.00%, 6/1/32 | 500,000 | 547,905 | ||||||
Michigan
Finance Authority Rev., (Thomas M Cooley Law School), 6.75%, 7/1/24,
Prerefunded at 100% of Par(1)(2) |
100,000 | 107,016 | ||||||
Michigan
Finance Authority Rev., (Thomas M Cooley Law School), 6.75%,
7/1/44(1) |
100,000 | 101,601 | ||||||
Michigan State Hospital Finance Authority Rev., (Trinity Health Corp. Obligated Group), 5.00%, 12/1/24 | 355,000 | 374,509 | ||||||
4,225,011 | ||||||||
Minnesota — 0.1% | ||||||||
Minneapolis MN/St Paul Housing & Redevelopment Authority Rev., (Allina Health Obligated Group), 5.00%, 11/15/24 | 370,000 | 390,109 | ||||||
Mississippi — 0.2% | ||||||||
State of Mississippi GO, 5.00%, 9/1/26 | 500,000 | 549,355 | ||||||
Missouri — 1.1% | ||||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/27 | 200,000 | 219,112 | ||||||
Health & Educational Facilities Authority of the State of Missouri Rev., (SSM Health Care Obligated Group), 5.00%, 6/1/28 | 150,000 | 166,458 | ||||||
Kansas City GO, 5.00%, 2/1/24 | 625,000 | 647,183 | ||||||
Kansas City Industrial Development Authority Rev., (Kansas City Airport Rev.), 5.00%, 3/1/46 | 1,000,000 | 1,027,283 | ||||||
Kansas City Industrial Development Authority Rev., (Kansas City), 5.00%, 3/1/37 | 600,000 | 628,484 | ||||||
Kansas City Sanitary Sewer System Rev., 5.00%, 1/1/26 | 300,000 | 323,816 | ||||||
3,012,336 | ||||||||
Nebraska — 0.1% | ||||||||
Omaha Public Power District Rev., 5.00%, 2/1/23 | 200,000 | 202,201 | ||||||
Nevada — 1.7% | ||||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 4.00%, 12/1/31 | 250,000 | 242,994 | ||||||
Las Vegas Special Improvement District No. 815 Special Assessment, 5.00%, 12/1/49 | 200,000 | 201,059 | ||||||
Las Vegas Special Improvement District No. 816 Special Assessment, 2.00%, 6/1/23 | 150,000 | 148,114 | ||||||
Las Vegas Valley Water District GO, 5.00%, 6/1/38 | 1,340,000 | 1,430,654 | ||||||
Sparks
Rev., 2.50%, 6/15/24(1) |
90,000 | 87,481 | ||||||
State of Nevada GO, 5.00%, 8/1/30 | 1,530,000 | 1,752,312 | ||||||
State of Nevada Highway Improvement Rev., 5.00%, 12/1/28 | 255,000 | 277,531 | ||||||
State of Nevada Highway Improvement Rev., 4.00%, 12/1/33 | 375,000 | 392,916 | ||||||
Tahoe-Douglas Visitors Authority Rev., 4.00%, 7/1/25 | 200,000 | 201,991 | ||||||
4,735,052 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
New Hampshire — 0.6% | ||||||||
New Hampshire Business Finance Authority Rev., 4.125%, 1/20/34 | $ | 288,969 | $ | 282,106 | ||||
New Hampshire Business Finance Authority Rev., (Springpoint Senior Living Obligated Group), 4.00%, 1/1/27 | 500,000 | 500,569 | ||||||
New Hampshire Business Finance Authority Rev., (Waste Management, Inc.), VRN, 2.05%, (MUNIPSA plus 0.38%), 10/1/33 (GA: Waste Management Holdings) | 1,000,000 | 971,983 | ||||||
1,754,658 | ||||||||
New Jersey — 3.4% | ||||||||
New
Jersey Economic Development Authority Rev., 5.50%, 12/15/26, Prerefunded
at 100% of Par(2) |
260,000 | 292,653 | ||||||
New Jersey Economic Development Authority Rev., (State of New Jersey Department of the Treasury), 5.50%, 9/1/24 (Ambac) | 1,000,000 | 1,053,155 | ||||||
New Jersey Educational Facilities Authority Rev., (Trustees of Princeton University), 5.00%, 3/1/32 | 625,000 | 744,015 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.50%, 12/15/22 | 430,000 | 433,871 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/27 | 715,000 | 771,003 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 6/15/28 | 455,000 | 497,330 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/28 | 375,000 | 411,455 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/32 | 400,000 | 429,661 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 5.00%, 12/15/33 | 260,000 | 277,870 | ||||||
New Jersey Transportation Trust Fund Authority Rev., 4.00%, 6/15/38 | 620,000 | 599,390 | ||||||
New Jersey Turnpike Authority Rev., 5.00%, 1/1/48 | 150,000 | 160,186 | ||||||
Newark Board of Education GO, 5.00%, 7/15/33 (BAM) | 900,000 | 1,019,519 | ||||||
State of New Jersey GO, 4.00%, 6/1/31 | 690,000 | 736,905 | ||||||
State of New Jersey GO, 4.00%, 6/1/32 | 500,000 | 534,148 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/29 | 125,000 | 135,842 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/30 | 180,000 | 194,631 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.00%, 6/1/46 | 280,000 | 282,204 | ||||||
Tobacco Settlement Financing Corp. Rev., 5.25%, 6/1/46 | 750,000 | 785,112 | ||||||
9,358,950 | ||||||||
New Mexico — 0.6% | ||||||||
New Mexico Finance Authority Rev., (New Mexico Finance Authority Public Project Revolving Fund), 5.00%, 6/1/24 | 1,000,000 | 1,044,979 | ||||||
New Mexico Hospital Equipment Loan Council Rev., (Haverland Carter Lifestyle Obligated Group), 2.25%, 7/1/23 | 100,000 | 99,169 | ||||||
New Mexico Municipal Energy Acquisition Authority Rev., VRN, 5.00%, 11/1/39 (LIQ FAC: Royal Bank of Canada) | 500,000 | 526,110 | ||||||
1,670,258 | ||||||||
New York — 10.2% | ||||||||
Brookhaven Local Development Corp. Rev., (Active Retirement Community, Inc. Obligated Group), 5.25%, 11/1/25 | 130,000 | 136,007 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 2/1/23 | 350,000 | 352,795 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 750,000 | 796,182 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 110,000 | 114,758 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/33 | 560,000 | 584,224 | ||||||
Metropolitan Transportation Authority Rev., 5.00%, 11/15/38 | 255,000 | 265,393 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Metropolitan Transportation Authority Rev., VRN, 2.33%, 11/1/32 (AGM) | $ | 250,000 | $ | 237,501 | ||||
Nassau County Interim Finance Authority Rev., 4.00%, 11/15/35 | 500,000 | 527,699 | ||||||
New York City GO, 5.00%, 8/1/23 | 365,000 | 373,821 | ||||||
New York City GO, 5.00%, 8/1/27 | 320,000 | 356,533 | ||||||
New York City GO, 5.25%, 5/1/41 | 150,000 | 166,876 | ||||||
New York City GO, 5.00%, 8/1/43 | 500,000 | 537,214 | ||||||
New York City GO, 4.00%, 8/1/44 | 1,000,000 | 958,092 | ||||||
New
York City GO, 4.00%, 9/1/46(4) |
250,000 | 239,080 | ||||||
New York City Industrial Development Agency Rev., (Queens Ballpark Co. LLC), 5.00%, 1/1/28 (AGM) | 300,000 | 327,456 | ||||||
New York City Municipal Water Finance Authority Rev., (New York City Water & Sewer System), 5.00%, 6/15/27 | 110,000 | 118,947 | ||||||
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/25 | 750,000 | 774,876 | ||||||
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/39 | 815,000 | 855,883 | ||||||
New York City Municipal Water Finance Authority Rev., 5.00%, 6/15/49 | 390,000 | 418,683 | ||||||
New
York City Transitional Finance Authority Future Tax Secured Rev., 5.00%,
11/1/26(4) |
1,000,000 | 1,097,218 | ||||||
New York City Transitional Finance Authority Future Tax Secured Rev., 5.00%, 2/1/36 | 200,000 | 223,883 | ||||||
New York Liberty Development Corp. Rev., (Goldman Sachs Headquarters LLC), 5.50%, 10/1/37 (GA: Goldman Sachs Group, Inc.) | 175,000 | 200,884 | ||||||
New York Power Authority Rev., 5.00%, 11/15/27 (AGM) | 1,000,000 | 1,125,062 | ||||||
New York State Dormitory Authority Rev., 5.00%, 10/1/28 (BAM) | 670,000 | 758,716 | ||||||
New York State Dormitory Authority Rev., (Fordham University), 5.00%, 7/1/25 | 710,000 | 751,694 | ||||||
New York State Dormitory Authority Rev., (New York University), 5.00%, 7/1/51 | 550,000 | 597,674 | ||||||
New York State Dormitory Authority Rev., (Northwell Health Obligated Group), 4.00%, 5/1/45 | 1,000,000 | 930,879 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 2/15/37 | 500,000 | 495,730 | ||||||
New York State Dormitory Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/40 | 750,000 | 728,705 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/26 | 1,100,000 | 1,194,774 | ||||||
New York State Dormitory Authority Rev., (State of New York Sales Tax Rev.), 5.00%, 3/15/27 | 815,000 | 903,655 | ||||||
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/24 | 500,000 | 522,963 | ||||||
New York State Environmental Facilities Corp. Rev., (State of New York State Revolving Fund), 5.00%, 6/15/39 | 850,000 | 967,999 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/27 | 405,000 | 416,780 | ||||||
New York State Thruway Authority Rev., 5.00%, 1/1/29 | 915,000 | 960,497 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/38 | 700,000 | 683,360 | ||||||
New York State Thruway Authority Rev., 4.00%, 1/1/45 | 520,000 | 491,456 | ||||||
New York State Thruway Authority Rev., (State of New York Personal Income Tax Rev.), 4.00%, 3/15/44 | 750,000 | 718,981 | ||||||
New York State Urban Development Corp. Rev., (State of New York Personal Income Tax Rev.), 5.00%, 3/15/38 | 400,000 | 435,811 | ||||||
New York Transportation Development Corp. Rev., (American Airlines, Inc.), 3.00%, 8/1/31 (GA: American Airlines Group) | 130,000 | 121,316 | ||||||
New York Transportation Development Corp. Rev., (Empire State Thruway Partners LLC), 4.00%, 10/31/46 | 500,000 | 435,952 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 4.00%, 12/1/41 | $ | 170,000 | $ | 157,786 | ||||
New York Transportation Development Corp. Rev., (JFK International Air Terminal LLC), 5.00%, 12/1/42 | 640,000 | 662,681 | ||||||
New York Transportation Development Corp. Rev., (Laguardia Gateway Partners LLC), 4.00%, 7/1/36 (AGM) | 685,000 | 685,534 | ||||||
Town of Oyster Bay GO, 5.00%, 8/1/25 (AGM) | 545,000 | 583,746 | ||||||
Triborough Bridge & Tunnel Authority Rev., 5.00%, 11/15/27 | 255,000 | 286,095 | ||||||
Triborough Bridge & Tunnel Authority Rev., (Metropolitan Transportation Authority Payroll Mobility Tax Rev.), VRN, 5.00%, 5/15/50 | 1,115,000 | 1,193,639 | ||||||
Triborough Bridge & Tunnel Authority Sales Tax Rev., 5.00%, 5/15/39 | 1,000,000 | 1,119,896 | ||||||
Westchester
County Local Development Corp. Rev., (Purchase Senior Learning Community
Obligated Group), 2.875%, 7/1/26(1) |
455,000 | 426,654 | ||||||
Yonkers Economic Development Corp. Rev., (Charter School of Educational Excellence), 5.00%, 10/15/39 | 100,000 | 99,313 | ||||||
28,121,353 | ||||||||
North Carolina — 1.7% | ||||||||
North Carolina Medical Care Commission Rev., (Forest at Duke, Inc. Obligated Group), 4.00%, 9/1/46 | 715,000 | 657,932 | ||||||
North Carolina Medical Care Commission Rev., (Maryfield, Inc. Obligated Group), 2.875%, 10/1/26 | 50,000 | 47,719 | ||||||
State of North Carolina Rev., 5.00%, 5/1/25 | 315,000 | 336,562 | ||||||
State of North Carolina Rev., 5.00%, 3/1/33 | 345,000 | 383,640 | ||||||
State of North Carolina Rev., (Highway Trust Fund), 5.00%, 5/1/25 | 1,000,000 | 1,068,451 | ||||||
Wake County GO, 5.00%, 3/1/26 | 340,000 | 369,945 | ||||||
Wake County GO, 5.00%, 2/1/27 | 1,000,000 | 1,110,029 | ||||||
Wake County Rev., 5.00%, 3/1/26 | 750,000 | 815,267 | ||||||
4,789,545 | ||||||||
Ohio — 2.6% | ||||||||
Allen County Hospital Facilities Rev., (Bon Secours Mercy Health, Inc.), 4.00%, 8/1/47 | 1,000,000 | 956,938 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 4.00%, 6/1/48 | 300,000 | 268,894 | ||||||
Buckeye Tobacco Settlement Financing Authority Rev., 5.00%, 6/1/55 | 485,000 | 461,952 | ||||||
Cleveland-Cuyahoga County Port Authority Rev., (Cleveland Museum of Natural History), 4.00%, 7/1/40 | 450,000 | 446,529 | ||||||
Columbus GO, 5.00%, 4/1/32 | 500,000 | 562,056 | ||||||
Cuyahoga County Rev., (MetroHealth System), 5.00%, 2/15/42 | 360,000 | 367,585 | ||||||
Miami University/Oxford Rev., 5.00%, 9/1/36 | 570,000 | 642,149 | ||||||
Northeast Ohio Regional Sewer District Rev., 4.00%, 11/15/37 | 170,000 | 171,065 | ||||||
Ohio Higher Educational Facility Commission Rev., (Cleveland Institute of Art), 5.50%, 12/1/53 | 100,000 | 101,414 | ||||||
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 5.00%, 12/1/46 | 500,000 | 552,925 | ||||||
State of Ohio GO, 5.00%, 5/1/40 | 660,000 | 738,072 | ||||||
State of Ohio GO, 5.00%, 6/15/41 | 275,000 | 307,179 | ||||||
State of Ohio Rev., (University Hospitals Health System, Inc. Obligated Group), 4.00%, 1/15/39 | 700,000 | 678,210 | ||||||
Wright State University Rev., 4.00%, 5/1/23 (BAM) | 400,000 | 404,133 | ||||||
Wright State University Rev., 4.00%, 5/1/24 (BAM) | 430,000 | 440,428 | ||||||
7,099,529 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Oklahoma — 0.5% | ||||||||
Oklahoma Capitol Improvement Authority Rev., (Oklahoma Department of Transportation), 4.00%, 7/1/38 | $ | 850,000 | $ | 861,333 | ||||
Oklahoma Water Resources Board Rev., 4.00%, 4/1/37 | 620,000 | 631,006 | ||||||
1,492,339 | ||||||||
Oregon — 0.4% | ||||||||
Clackamas County Hospital Facility Authority Rev., (Rose Villa, Inc. Obligated Group), 5.125%, 11/15/40 | 250,000 | 244,625 | ||||||
Clackamas County Hospital Facility Authority Rev., (Willamette View, Inc.), 5.00%, 11/15/47 | 100,000 | 96,656 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 4.00%, 9/1/26 | 35,000 | 36,115 | ||||||
Klamath Falls Intercommunity Hospital Authority Rev., (Sky Lakes Medical Center, Inc.), 5.00%, 9/1/29 | 50,000 | 53,226 | ||||||
Oregon Health & Science University Rev., (Obligated Group), 4.00%, 7/1/41 | 200,000 | 196,265 | ||||||
State of Oregon GO, 5.00%, 5/1/26 | 505,000 | 550,908 | ||||||
1,177,795 | ||||||||
Pennsylvania — 2.7% | ||||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 2/1/28 | 150,000 | 138,634 | ||||||
Berks County Municipal Authority Rev., (Tower Health Obligated Group), 5.00%, 11/1/40 | 300,000 | 239,086 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/24 | 1,625,000 | 1,684,770 | ||||||
Commonwealth Financing Authority Rev., 5.00%, 6/1/25 | 290,000 | 306,238 | ||||||
Dauphin County General Authority Rev., (UPMC Obligated Group), 5.00%, 6/1/26 | 15,000 | 16,020 | ||||||
Delaware County Authority Rev., (Villanova University), 5.00%, 8/1/31 | 1,200,000 | 1,267,621 | ||||||
Geisinger Authority Rev., (Geisinger Health System Obligated Group), 5.00%, 2/15/32 | 150,000 | 160,481 | ||||||
Pennsylvania GO, 5.00%, 1/1/24 | 690,000 | 714,017 | ||||||
Pennsylvania GO, 5.00%, 7/15/29 | 845,000 | 967,390 | ||||||
Pennsylvania State Public School Building Authority Rev., (School District of Philadelphia), 5.00%, 6/1/29 (AGM) | 290,000 | 326,504 | ||||||
Pennsylvania Turnpike Commission Rev., 5.25%, 12/1/39 | 340,000 | 350,533 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/45 | 1,000,000 | 1,070,416 | ||||||
Pennsylvania Turnpike Commission Rev., 5.00%, 12/1/46 | 300,000 | 310,634 | ||||||
7,552,344 | ||||||||
South Carolina — 0.4% | ||||||||
Berkeley County Special Assessment, (Berkeley County Nexton Improvement District), 4.25%, 11/1/40 | 100,000 | 96,726 | ||||||
Charleston Waterworks & Sewer System Rev., 5.00%, 1/1/37 | 325,000 | 377,308 | ||||||
Richland
County Special Assessment, (Richland County Village at Sandhill
Improvement District), 3.75%, 11/1/36(1) |
270,000 | 217,147 | ||||||
South Carolina Jobs-Economic Development Authority Rev., (Bon Secours Mercy Health, Inc.), VRN, 5.00%, 12/1/48 | 500,000 | 535,176 | ||||||
1,226,357 | ||||||||
Tennessee — 0.8% | ||||||||
Metropolitan
Government Nashville & Davidson County Industrial Development Board
Special Assessment, (South Nashville Central Business Improvement
District), Capital Appreciation, 0.00%, 6/1/43(1)(3) |
4,000,000 | 1,308,240 | ||||||
Metropolitan Government of Nashville & Davidson County Water & Sewer Rev., 4.00%, 7/1/46 | 225,000 | 215,933 | ||||||
Metropolitan Nashville Airport Authority Rev., 4.00%, 7/1/25 | 150,000 | 155,378 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Nashville
Metropolitan Development & Housing Agency Tax Allocation, 5.125%,
6/1/36(1) |
$ | 225,000 | $ | 232,036 | ||||
Tennessee Energy Acquisition Corp. Rev., VRN, 4.00%, 11/1/49 (GA: Goldman Sachs Group, Inc.) | 355,000 | 358,745 | ||||||
2,270,332 | ||||||||
Texas — 8.9% | ||||||||
Arlington Higher Education Finance Corp. Rev., (Great Hearts America - Texas), 4.00%, 8/15/32 (PSF-GTD) | 425,000 | 439,425 | ||||||
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/25 (PSF-GTD) | 170,000 | 175,142 | ||||||
Arlington Higher Education Finance Corp. Rev., (Harmony Public Schools), 4.00%, 2/15/26 (PSF-GTD) | 280,000 | 290,769 | ||||||
Arlington Higher Education Finance Corp. Rev., (Riverwalk Education Foundation Inc), 5.00%, 8/15/29 (PSF-GTD) | 400,000 | 455,452 | ||||||
Austin Airport System Rev., 5.00%, 11/15/41 | 1,000,000 | 1,061,974 | ||||||
Bexar
County GO, 4.00%, 6/15/25, Prerefunded at 100% of Par(2) |
950,000 | 990,586 | ||||||
Central
Texas Regional Mobility Authority Rev., 5.00%, 1/1/23, Prerefunded at 100%
of Par(2) |
600,000 | 605,411 | ||||||
Central Texas Regional Mobility Authority Rev., 4.00%, 1/1/51 | 1,000,000 | 905,045 | ||||||
Central Texas Turnpike System Rev., 5.00%, 8/15/42 | 245,000 | 250,468 | ||||||
Clear Creek Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) | 750,000 | 812,397 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 5.00%, 8/15/38 (PSF-GTD) | 520,000 | 550,734 | ||||||
Clifton Higher Education Finance Corp. Rev., (IDEA Public Schools), 4.00%, 8/15/42 (PSF-GTD) | 465,000 | 453,763 | ||||||
Clifton Higher Education Finance Corp. Rev., (International American Education Federation, Inc.), 6.125%, 8/15/48 | 50,000 | 51,886 | ||||||
Corpus Christi Utility System Rev., 5.00%, 7/15/33 | 400,000 | 444,928 | ||||||
Dallas Area Rapid Transit Rev., 5.00%, 12/1/34 | 290,000 | 326,541 | ||||||
El Paso Water & Sewer Rev., 4.00%, 3/1/40 | 1,000,000 | 986,264 | ||||||
Fort Bend Independent School District GO, 4.00%, 8/15/35 (PSF-GTD) | 1,000,000 | 1,058,571 | ||||||
Frisco Independent School District GO, 5.00%, 2/15/26 (PSF-GTD) | 780,000 | 844,893 | ||||||
Frisco Independent School District GO, 5.00%, 8/15/32 (PSF-GTD) | 1,000,000 | 1,130,722 | ||||||
Houston GO, 5.00%, 3/1/29 | 340,000 | 386,654 | ||||||
Houston Higher Education Finance Corp. Rev., (Houston Baptist University), 4.00%, 10/1/51 | 200,000 | 164,914 | ||||||
Katy Independent School District GO, 5.00%, 2/15/28 (PSF-GTD) | 350,000 | 393,996 | ||||||
Metropolitan Transit Authority of Harris County Rev., 5.00%, 11/1/26 | 1,755,000 | 1,926,156 | ||||||
New
Hope Cultural Education Facilities Finance Corp. Rev., (CHF-Collegiate
Housing Island Campus LLC), 5.00%, 4/1/27(2) |
240,000 | 264,699 | ||||||
North Texas Tollway Authority Rev., (North Texas Tollway System), 5.00%, 1/1/26 | 585,000 | 604,270 | ||||||
North Texas Tollway Authority Rev., 4.00%, 1/1/35 | 595,000 | 605,186 | ||||||
San Antonio Water System Rev., 4.00%, 5/15/34 | 275,000 | 287,371 | ||||||
State of Texas GO, 5.00%, 8/1/40 | 815,000 | 860,226 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/42 | 665,000 | 644,222 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Methodist Hospitals of Dallas Obligated Group), 4.00%, 10/1/47 | 250,000 | 235,524 | ||||||
Tarrant County Cultural Education Facilities Finance Corp. Rev., (Texas Health Resources Obligated Group), 5.00%, 2/15/24 | 945,000 | 979,566 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount | Value | |||||||
Texas Municipal Gas Acquisition & Supply Corp. III Rev., 5.00%, 12/15/26 (GA: Macquarie Group Ltd.) | $ | 250,000 | $ | 262,570 | ||||
Texas Private Activity Bond Surface Transportation Corp. Rev., (LBJ Infrastructure Group LLC), 4.00%, 6/30/39 | 1,300,000 | 1,236,220 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 5.00%, 10/15/25 | 850,000 | 916,071 | ||||||
Texas Water Development Board Rev., (State Water Implementation Rev. Fund for Texas), 4.00%, 10/15/43 | 750,000 | 749,180 | ||||||
Texas Water Development Board Rev., (Texas Water Development Board State Revolving Fund), 5.00%, 8/1/41 | 1,000,000 | 1,123,417 | ||||||
Trinity River Authority Central Regional Wastewater System Rev., 5.00%, 8/1/32 | 1,000,000 | 1,180,685 | ||||||
24,655,898 | ||||||||
Utah — 1.6% | ||||||||
Intermountain Power Agency Rev., 5.00%, 7/1/27 | 500,000 | 556,426 | ||||||
State of Utah GO, 5.00%, 7/1/26 | 415,000 | 455,141 | ||||||
State of Utah GO, 5.00%, 7/1/28 | 585,000 | 667,418 | ||||||
UIPA
Crossroads Public Infrastructure District Tax Allocation, (AJL Project
Area), 4.375%, 6/1/52(1) |
750,000 | 654,752 | ||||||
University of Utah Rev., 5.00%, 8/1/46 | 755,000 | 832,492 | ||||||
Utah State University Rev., 4.00%, 12/1/42 (AGM) | 890,000 | 858,996 | ||||||
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/40 (AGM) | 160,000 | 161,033 | ||||||
Vineyard Redevelopment Agency Tax Allocation, (Geneva Urban Renewal Project Area), 4.00%, 5/1/41 (AGM) | 175,000 | 175,699 | ||||||
4,361,957 | ||||||||
Virginia — 1.1% | ||||||||
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 5.00%, 5/15/27 | 330,000 | 365,559 | ||||||
Fairfax County Industrial Development Authority Rev., (Inova Health System Obligated Group), 4.00%, 5/15/42 | 670,000 | 650,177 | ||||||
Fairfax County Sewer Rev., 5.00%, 7/15/46 | 1,000,000 | 1,121,519 | ||||||
Lynchburg Economic Development Authority Rev., (Centra Health Obligated Group), 4.00%, 1/1/37 | 825,000 | 801,385 | ||||||
Peninsula
Town Center Community Development Authority Special Assessment, 5.00%,
9/1/45(1) |
200,000 | 190,598 | ||||||
3,129,238 | ||||||||
Washington — 4.1% | ||||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/37 | 500,000 | 566,862 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/39 | 525,000 | 577,908 | ||||||
Energy Northwest Rev., (Bonneville Power Administration), 5.00%, 7/1/40 | 1,080,000 | 1,196,831 | ||||||
King County School District No. 411 Issaquah GO, 4.00%, 12/1/33 (SCH BD GTY) | 680,000 | 719,949 | ||||||
Port of Seattle Rev., 5.00%, 4/1/36 | 630,000 | 665,554 | ||||||
Port of Seattle Rev., 5.50%, 8/1/47 | 1,000,000 | 1,102,562 | ||||||
Seattle Municipal Light & Power Rev., 5.00%, 7/1/42 | 1,125,000 | 1,266,052 | ||||||
Seattle Municipal Light & Power Rev., 5.00%, 7/1/52 | 1,000,000 | 1,097,347 | ||||||
Seattle Municipal Light & Power Rev., VRN, 1.92%, (MUNIPSA plus 0.25%), 5/1/45 | 200,000 | 196,240 | ||||||
State of Washington GO, 5.00%, 2/1/29 | 420,000 | 473,318 | ||||||
State of Washington GO, 5.00%, 6/1/36 | 850,000 | 951,096 | ||||||
State of Washington GO, 5.00%, 8/1/39 | 300,000 | 317,163 | ||||||
State of Washington GO, 5.00%, 6/1/41 | 750,000 | 823,348 |
Diversified Municipal Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Washington Health Care Facilities Authority Rev., (CommonSpirit Health Obligated Group), VRN, 5.00%, 8/1/49 | $ | 300,000 | $ | 315,730 | ||||
Washington Health Care Facilities Authority Rev., (Providence State Joseph Health Obligated Group), 5.00%, 10/1/33 | 650,000 | 650,884 | ||||||
Washington
State Housing Finance Commission Rev., (Spokane United Methodist Homes
Obligated Group), 3.00%, 7/1/27(1) |
300,000 | 270,560 | ||||||
11,191,404 | ||||||||
Wisconsin — 1.6% | ||||||||
Public Finance Authority Rev., (ACTS Retirement-Life Communities, Inc. Obligated Group), 5.00%, 11/15/41 | 100,000 | 106,067 | ||||||
Public Finance Authority Rev., (Appalachian Regional Healthcare System Obligated Group), 5.00%, 7/1/41 | 250,000 | 258,861 | ||||||
Public
Finance Authority Rev., (Bancroft Neurohealth Obligated Group), 5.125%,
6/1/48(1) |
75,000 | 75,032 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 4.00%, 7/1/39 (AGM) | 150,000 | 148,798 | ||||||
Public Finance Authority Rev., (Beyond Boone LLC), 5.00%, 7/1/44 (AGM) | 600,000 | 636,785 | ||||||
Public Finance Authority Rev., (CHF-Wilmington LLC), 5.00%, 7/1/31 (AGM) | 75,000 | 80,257 | ||||||
Public
Finance Authority Rev., (Roseman University of Health Sciences), 4.00%,
4/1/52(1) |
250,000 | 201,403 | ||||||
Public
Finance Authority Rev., (UHF RISE Student Housing LLC), 4.00%,
7/1/61(1) |
225,000 | 190,654 | ||||||
Public
Finance Authority Rev., (UHF RISE Student Housing LLC), 5.25%,
7/1/61(1) |
215,000 | 180,250 | ||||||
Public Finance Authority Rev., (United Methodist Retirement Homes, Inc. Obligated Group), 4.00%, 10/1/41 | 505,000 | 456,037 | ||||||
State of Wisconsin GO, 4.00%, 5/1/39 | 750,000 | 766,925 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Advocate Aurora Health Obligated Group), VRN, 1.85%, (MUNIPSA plus 0.18%), 8/15/54 | 1,000,000 | 973,383 | ||||||
Wisconsin Health & Educational Facilities Authority Rev., (Chiara Communities, Inc.), 5.00%, 7/1/43 | 200,000 | 203,330 | ||||||
4,277,782 | ||||||||
TOTAL
MUNICIPAL SECURITIES
(Cost
$283,132,766) |
268,883,123 | |||||||
SHORT-TERM INVESTMENTS — 2.6% |
|
| ||||||
Money Market Funds — 2.6% | ||||||||
Morgan
Stanley Institutional Liquidity Funds Tax-Exempt Portfolio, Institutional
Class
(Cost
$7,119,348) |
7,119,587 | 7,119,587 | ||||||
TOTAL
INVESTMENT SECURITIES — 99.8%
(Cost
$290,252,114) |
|
276,002,710 | ||||||
OTHER ASSETS AND LIABILITIES — 0.2% |
|
443,554 | ||||||
TOTAL
NET ASSETS — 100.0% |
|
$ | 276,446,264 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
AGM | - | Assured Guaranty Municipal Corporation | ||||||
AGM-CR | - | Assured Guaranty Municipal Corporation - Custodian Receipts | ||||||
BAM | - | Build America Mutual Assurance Company | ||||||
COP | - | Certificates of Participation | ||||||
GA | - | Guaranty Agreement | ||||||
GO | - | General Obligation | ||||||
LIQ FAC | - | Liquidity Facilities | ||||||
MUNIPSA | - | SIFMA Municipal Swap Index | ||||||
NATL-RE | - | National Public Finance Guarantee Corporation - Reinsured | ||||||
PSF-GTD | - | Permanent School Fund Guaranteed | ||||||
SCH BD GTY | - | School Bond Guaranty | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
Emerging Markets Bond ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE
BONDS — 48.2% |
||||||||
Brazil — 5.3% | ||||||||
B2W
Digital Lux Sarl, 4.375%, 12/20/30(1) |
$ | 200,000 | $ | 154,198 | ||||
Banco BTG Pactual SA, 5.50%, 1/31/23 | 200,000 | 199,983 | ||||||
CSN
Resources SA, 4.625%, 6/10/31(1) |
400,000 | 310,588 | ||||||
Embraer
Netherlands Finance BV, 6.95%, 1/17/28(1) |
200,000 | 199,752 | ||||||
Guara
Norte Sarl, 5.20%, 6/15/34(1) |
187,230 | 157,090 | ||||||
GUSAP
III LP, 4.25%, 1/21/30(1) |
250,000 | 233,675 | ||||||
MC
Brazil Downstream Trading SARL, 7.25%, 6/30/31(1) |
200,000 | 167,499 | ||||||
1,422,785 | ||||||||
Chile — 2.3% | ||||||||
Empresa Nacional de Telecomunicaciones SA, 4.75%, 8/1/26 | 100,000 | 98,666 | ||||||
Kenbourne
Invest SA, 4.70%, 1/22/28(1) |
400,000 | 322,368 | ||||||
VTR
Finance NV, 6.375%, 7/15/28(1) |
400,000 | 180,579 | ||||||
601,613 | ||||||||
Colombia — 5.5% | ||||||||
Ecopetrol SA, 5.375%, 6/26/26 | 460,000 | 432,529 | ||||||
Geopark
Ltd., 5.50%, 1/17/27(1) |
400,000 | 348,024 | ||||||
Millicom
International Cellular SA, 4.50%, 4/27/31(1)(2) |
400,000 | 328,598 | ||||||
Oleoducto
Central SA, 4.00%, 7/14/27(1) |
400,000 | 347,441 | ||||||
1,456,592 | ||||||||
Dominican Republic — 0.2% | ||||||||
Banco de Reservas de la Republica Dominicana, 7.00%, 2/1/23 | 50,000 | 50,329 | ||||||
Guatemala — 2.0% | ||||||||
Central
American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL, 5.25%,
4/27/29(1) |
400,000 | 371,690 | ||||||
CT
Trust, 5.125%, 2/3/32(1) |
200,000 | 172,903 | ||||||
544,593 | ||||||||
India — 1.8% | ||||||||
Greenko Dutch BV, 3.85%, 3/29/26 | 194,000 | 164,900 | ||||||
Greenko
Mauritius Ltd., 6.25%, 2/21/23(1) |
100,000 | 97,750 | ||||||
Reliance
Industries Ltd., 2.875%, 1/12/32(1) |
250,000 | 212,111 | ||||||
474,761 | ||||||||
Indonesia — 6.2% | ||||||||
Freeport
Indonesia PT, 4.76%, 4/14/27(1) |
200,000 | 195,200 | ||||||
Indonesia
Asahan Aluminium Persero PT, 5.45%, 5/15/30(1) |
425,000 | 417,656 | ||||||
Indonesia Asahan Aluminium Persero PT, 5.80%, 5/15/50 | 200,000 | 171,033 | ||||||
Medco
Bell Pte Ltd., 6.375%, 1/30/27(1) |
200,000 | 177,135 | ||||||
Perusahaan Perseroan (Persero) PT Perusahaan Listrik Negara, 5.45%, 5/21/28 | 425,000 | 436,175 | ||||||
PT Perusahaan Perseroan (Persero) Perusahaan Listrik Negara, 5.25%, 10/24/42 | 300,000 | 265,140 | ||||||
1,662,339 | ||||||||
Israel — 2.5% | ||||||||
Energean
Israel Finance Ltd., 4.50%, 3/30/24(1) |
675,000 | 651,025 | ||||||
Leviathan
Bond Ltd., 5.75%, 6/30/23(1) |
10,000 | 9,990 | ||||||
661,015 | ||||||||
Jamaica — 0.7% | ||||||||
Digicel
International Finance Ltd. / Digicel International Holdings Ltd., 8.75%,
5/25/24(1) |
200,000 | 191,845 |
Emerging Markets Bond ETF | ||||||||
Principal Amount | Value | |||||||
Kazakhstan — 1.7% | ||||||||
KazMunayGas
National Co. JSC, 4.75%, 4/19/27(1) |
$ | 300,000 | $ | 277,956 | ||||
KazMunayGas National Co. JSC, 5.75%, 4/19/47 | 200,000 | 164,375 | ||||||
442,331 | ||||||||
Luxembourg — 1.0% | ||||||||
EIG
Pearl Holdings Sarl, 4.39%, 11/30/46(1) |
200,000 | 161,923 | ||||||
Petrorio
Luxembourg Trading Sarl, 6.125%, 6/9/26(1) |
100,000 | 93,621 | ||||||
255,544 | ||||||||
Mexico — 7.2% | ||||||||
BBVA
Bancomer SA, VRN, 5.125%, 1/18/33(1) |
200,000 | 178,626 | ||||||
Braskem
Idesa SAPI, 6.99%, 2/20/32(1) |
200,000 | 155,320 | ||||||
Cemex
SAB de CV, 5.20%, 9/17/30(1) |
200,000 | 181,793 | ||||||
FEL
Energy VI Sarl, 5.75%, 12/1/40(1) |
188,378 | 142,611 | ||||||
Minera
Mexico SA de CV, 4.50%, 1/26/50(1) |
140,000 | 109,953 | ||||||
Petroleos
Mexicanos, 3.50%, 1/30/23(2) |
650,000 | 645,320 | ||||||
Petroleos Mexicanos, 6.49%, 1/23/27 | 400,000 | 353,097 | ||||||
Petroleos Mexicanos, 6.50%, 6/2/41 | 250,000 | 159,963 | ||||||
1,926,683 | ||||||||
Nigeria — 1.4% | ||||||||
IHS
Netherlands Holdco BV, 8.00%, 9/18/27(1) |
400,000 | 368,364 | ||||||
Panama — 1.3% | ||||||||
C&W
Senior Financing DAC, 6.875%, 9/15/27(1) |
400,000 | 355,610 | ||||||
Peru — 2.6% | ||||||||
Inkia Energy Ltd., 5.875%, 11/9/27 | 400,000 | 380,965 | ||||||
Petroleos del Peru SA, 4.75%, 6/19/32 | 400,000 | 319,412 | ||||||
700,377 | ||||||||
Qatar — 0.2% | ||||||||
Ooredoo
International Finance Ltd., 4.50%, 1/31/43(1) |
50,000 | 50,562 | ||||||
Saudi Arabia — 2.1% | ||||||||
Dar Al-Arkan Sukuk Co. Ltd., 6.875%, 3/21/23 | 200,000 | 200,171 | ||||||
Saudi Arabian Oil Co., 4.25%, 4/16/39 | 400,000 | 374,110 | ||||||
574,281 | ||||||||
South Africa — 0.6% | ||||||||
Sasol Financing USA LLC, 5.50%, 3/18/31 | 200,000 | 168,306 | ||||||
Spain — 1.2% | ||||||||
EnfraGen
Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA, 5.375%,
12/30/30(1) |
440,000 | 308,000 | ||||||
United Arab Emirates — 1.7% | ||||||||
DP World Crescent Ltd., 4.85%, 9/26/28 | 200,000 | 203,055 | ||||||
Galaxy
Pipeline Assets Bidco Ltd., 2.16%, 3/31/34(1) |
288,258 | 252,244 | ||||||
455,299 | ||||||||
Zambia — 0.7% | ||||||||
First
Quantum Minerals Ltd., 6.875%, 10/15/27(1) |
200,000 | 191,018 | ||||||
TOTAL
CORPORATE BONDS
(Cost
$14,791,791) |
12,862,247 | |||||||
SOVEREIGN
GOVERNMENTS AND AGENCIES — 35.4% |
|
| ||||||
Argentina — 0.7% | ||||||||
Argentine Republic Government International Bond, 1.50%, 7/9/35 | 870,000 | 196,725 | ||||||
Bolivia — 0.6% | ||||||||
Bolivian Government International Bond, 4.50%, 3/20/28 | 200,000 | 161,100 | ||||||
Brazil — 0.9% | ||||||||
Brazilian Government International Bond, 5.00%, 1/27/45 | 300,000 | 231,894 |
Emerging Markets Bond ETF | ||||||||
Principal Amount | Value | |||||||
Chile — 1.4% | ||||||||
Chile Government International Bond, 2.55%, 1/27/32 | $ | 200,000 | $ | 167,154 | ||||
Chile Government International Bond, 4.34%, 3/7/42 | 200,000 | 172,045 | ||||||
Chile Government International Bond, 4.00%, 1/31/52 | 50,000 | 39,510 | ||||||
378,709 | ||||||||
Colombia — 0.8% | ||||||||
Colombia Government International Bond, 6.125%, 1/18/41 | 250,000 | 200,682 | ||||||
Costa Rica — 0.7% | ||||||||
Costa Rica Government International Bond, 7.00%, 4/4/44 | 200,000 | 175,361 | ||||||
Dominican Republic — 3.5% | ||||||||
Dominican
Republic International Bond, 5.50%, 2/22/29(1) |
200,000 | 183,176 | ||||||
Dominican Republic International Bond, 4.875%, 9/23/32 | 500,000 | 405,323 | ||||||
Dominican Republic International Bond, 6.40%, 6/5/49 | 450,000 | 354,941 | ||||||
943,440 | ||||||||
Ecuador — 1.2% | ||||||||
Ecuador Government International Bond, 5.50%, 7/31/30 | 200,000 | 106,685 | ||||||
Ecuador Government International Bond, 2.50%, 7/31/35 | 550,000 | 213,020 | ||||||
319,705 | ||||||||
Egypt — 2.0% | ||||||||
Egypt Government International Bond, 5.80%, 9/30/27 | 200,000 | 156,980 | ||||||
Egypt Government International Bond, 7.05%, 1/15/32 | 550,000 | 386,948 | ||||||
543,928 | ||||||||
El Salvador — 0.3% | ||||||||
El Salvador Government International Bond, 7.75%, 1/24/23 | 100,000 | 90,816 | ||||||
Ghana — 0.3% | ||||||||
Ghana Government International Bond, 8.63%, 6/16/49 | 250,000 | 89,061 | ||||||
Guatemala — 2.2% | ||||||||
Guatemala
Government Bond, 5.25%, 8/10/29(1) |
200,000 | 195,877 | ||||||
Guatemala Government Bond, 4.90%, 6/1/30 | 400,000 | 382,013 | ||||||
577,890 | ||||||||
Indonesia — 1.9% | ||||||||
Indonesia Government International Bond, 8.50%, 10/12/35 | 400,000 | 517,233 | ||||||
Ivory Coast — 0.9% | ||||||||
Ivory Coast Government International Bond, 5.75%, 12/31/32 | 270,840 | 243,800 | ||||||
Jordan — 0.8% | ||||||||
Jordan
Government International Bond, 7.75%, 1/15/28(1) |
200,000 | 198,650 | ||||||
Mexico — 1.5% | ||||||||
Mexico Government International Bond, 4.75%, 4/27/32 | 225,000 | 219,028 | ||||||
Mexico Government International Bond, 3.50%, 2/12/34 | 200,000 | 167,810 | ||||||
386,838 | ||||||||
Nigeria — 0.6% | ||||||||
Nigeria Government International Bond, 7.875%, 2/16/32 | 200,000 | 144,911 | ||||||
Oman — 1.7% | ||||||||
Oman Government International Bond, 6.75%, 1/17/48 | 500,000 | 448,275 | ||||||
Pakistan — 0.5% | ||||||||
Pakistan Government International Bond, 8.25%, 9/30/25 | 200,000 | 137,031 | ||||||
Panama — 3.3% | ||||||||
Panama Government International Bond, 4.50%, 4/16/50 | 1,100,000 | 875,047 | ||||||
Paraguay — 2.9% | ||||||||
Paraguay Government International Bond, 5.00%, 4/15/26 | 592,000 | 593,500 | ||||||
Paraguay Government International Bond, 6.10%, 8/11/44 | 200,000 | 186,874 | ||||||
780,374 |
Emerging Markets Bond ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Saudi Arabia — 2.1% | ||||||||
Saudi Government International Bond, 4.625%, 10/4/47 | $ | 600,000 | $ | 567,515 | ||||
South Africa — 3.2% | ||||||||
Republic of South Africa Government International Bond, 5.875%, 9/16/25 | 500,000 | 508,050 | ||||||
Republic of South Africa Government International Bond, 5.875%, 4/20/32 | 400,000 | 357,300 | ||||||
865,350 | ||||||||
Turkey — 0.5% | ||||||||
Turkey Government International Bond, 6.625%, 2/17/45 | 200,000 | 135,960 | ||||||
Ukraine — 0.9% | ||||||||
Ukraine Government International Bond, 7.25%, 3/15/35 | 1,600,000 | 228,667 | ||||||
TOTAL
SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost
$11,210,645) |
9,438,962 | |||||||
U.S.
TREASURY SECURITIES — 5.4% |
|
| ||||||
U.S. Treasury Notes, 2.50%, 3/31/27 | 550,000 | 529,719 | ||||||
U.S.
Treasury Notes, 1.375%, 11/15/31 |
400,000 | 342,719 | ||||||
U.S.
Treasury Notes, 1.875%, 2/15/32(3) |
650,000 | 581,242 | ||||||
TOTAL
U.S. TREASURY SECURITIES
(Cost
$1,532,253) |
1,453,680 | |||||||
PREFERRED
STOCKS — 2.1% |
|
| ||||||
India — 1.3% | ||||||||
Network i2i Ltd., 3.98% | 400,000 | 343,399 | ||||||
Mexico — 0.8% | ||||||||
Banco
Mercantil del Norte SA, 8.375%(1) |
220,000 | 213,980 | ||||||
TOTAL
PREFERRED STOCKS
(Cost
$623,319) |
557,379 | |||||||
SHORT-TERM
INVESTMENTS — 8.2% |
|
| ||||||
Money Market Funds — 8.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,934,277 | 1,934,277 | ||||||
State
Street Navigator Securities Lending Government Money Market
Portfolio(4) |
256,775 | 256,775 | ||||||
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$2,191,052) |
2,191,052 | |||||||
TOTAL
INVESTMENT SECURITIES — 99.3%
(Cost
$30,349,060) |
|
26,503,320 | ||||||
OTHER
ASSETS AND LIABILITIES — 0.7% |
|
190,153 | ||||||
TOTAL
NET ASSETS — 100.0% |
|
$ | 26,693,473 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration
Date |
Notional
Amount |
Unrealized
Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 5-Year Notes | 1 | December 2022 | $ | 110,820 | $ | (123) | ||||||||
U.S. Treasury Long Bonds | 1 | December 2022 | 135,844 | (534) | ||||||||||
U.S. Treasury Ultra Bonds | 12 | December 2022 | 1,794,000 | (3,398) | ||||||||||
$ | 2,040,664 | $ | (4,055) |
FUTURES
CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration Date | Notional Amount |
Unrealized Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 2 | December 2022 | $ | 250,375 | $ | 965 | ||||||||
U.S. Treasury 2-Year Notes | 10 | December 2022 | 2,083,281 | 1,621 | ||||||||||
$ | 2,333,656 | $ | 2,586 |
CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Counterparty/
Reference
Entity |
Type |
Fixed
Rate
Received
(Paid)
Quarterly |
Termination
Date |
Notional
Amount |
Premiums
Paid (Received) |
Unrealized
Appreciation
(Depreciation) |
Value^ | ||||||||||||||||
Bank of America, N.A./ China Government International Bond | Buy | (1.00)% | 6/20/27 | $ | 280,000 | $ | (3,547) | $ | (299) | $ | (3,847) | ||||||||||||
Barclays Bank PLC/ Brazilian Government International Bond | Buy | (1.00)% | 6/20/27 | $ | 275,000 | 18,135 | (184) | 17,951 | |||||||||||||||
Morgan Stanley/ Brazilian Government International Bond | Buy | (1.00)% | 6/20/27 | $ | 640,000 | 32,054 | 9,706 | 41,760 | |||||||||||||||
Morgan Stanley/ Mexico Government International Bond | Buy | (1.00)% | 6/20/27 | $ | 430,000 | 1,893 | 8,794 | 10,687 | |||||||||||||||
Morgan Stanley/ China Government International Bond | Buy | (1.00)% | 6/20/27 | $ | 250,000 | (2,150) | (1,285) | (3,434) | |||||||||||||||
$ | 46,385 | $ | 16,732 | $ | 63,117 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
CORPORATE
BONDS — 38.7% |
|
| |||||||||
Aerospace and Defense — 0.2% | |||||||||||
TransDigm, Inc., 4.625%, 1/15/29 | $ | 205,000 | $ | 173,608 | |||||||
Airlines — 1.4% | |||||||||||
Allegiant
Travel Co., 7.25%, 8/15/27(1) |
475,000 | 472,357 | |||||||||
American
Airlines, Inc., 11.75%, 7/15/25(1) |
490,000 | 542,082 | |||||||||
American
Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) |
205,000 | 195,295 | |||||||||
United Airlines Pass Through Trust, Series 2020-1, Class B, 4.875%, 7/15/27 | 370,140 | 352,923 | |||||||||
1,562,657 | |||||||||||
Automobiles — 0.8% | |||||||||||
Ford
Motor Co., 6.10%, 8/19/32(2) |
300,000 | 292,548 | |||||||||
Ford Motor Credit Co. LLC, 4.95%, 5/28/27 | 260,000 | 244,457 | |||||||||
General Motors Financial Co., Inc., 3.80%, 4/7/25 | 415,000 | 404,803 | |||||||||
941,808 | |||||||||||
Banks — 3.6% | |||||||||||
Banco Santander SA, 5.29%, 8/18/27 | 200,000 | 195,865 | |||||||||
Bank of America Corp., VRN, 4.57%, 4/27/33 | 135,000 | 129,024 | |||||||||
Canadian Imperial Bank of Commerce, 3.95%, 8/4/25 | 420,000 | 414,848 | |||||||||
FNB Corp., 5.15%, 8/25/25 | 373,000 | 373,369 | |||||||||
HSBC Holdings PLC, VRN, 5.40%, 8/11/33 | 299,000 | 284,820 | |||||||||
Huntington Bancshares, Inc., VRN, 4.44%, 8/4/28 | 360,000 | 352,042 | |||||||||
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29 | 78,000 | 66,738 | |||||||||
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31 | 66,000 | 55,887 | |||||||||
Mitsubishi UFJ Financial Group, Inc., VRN, 4.79%, 7/18/25 | 320,000 | 321,145 | |||||||||
NatWest Group PLC, VRN, 5.52%, 9/30/28 | 475,000 | 475,600 | |||||||||
PNC Financial Services Group, Inc., VRN, 4.63%, 6/6/33 | 213,000 | 201,911 | |||||||||
Societe
Generale SA, VRN, 3.65%, 7/8/35(1) |
350,000 | 280,662 | |||||||||
Synchrony Bank, 5.40%, 8/22/25 | 580,000 | 579,395 | |||||||||
UniCredit
SpA, VRN, 5.86%, 6/19/32(1) |
335,000 | 289,090 | |||||||||
Wells Fargo & Co., VRN, 4.54%, 8/15/26 | 80,000 | 79,491 | |||||||||
4,099,887 | |||||||||||
Beverages — 0.2% | |||||||||||
PepsiCo, Inc., 3.60%, 2/18/28 | 207,000 | 203,320 | |||||||||
Building Products — 0.6% | |||||||||||
Builders
FirstSource, Inc., 5.00%, 3/1/30(1) |
590,000 | 523,699 | |||||||||
Standard
Industries, Inc., 4.375%, 7/15/30(1) |
185,000 | 147,117 | |||||||||
670,816 | |||||||||||
Capital Markets — 5.1% | |||||||||||
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/26 | 168,000 | 142,310 | |||||||||
Deutsche Bank AG, VRN, 4.30%, 5/24/28 | 300,000 | 274,439 | |||||||||
FS
KKR Capital Corp., 4.25%, 2/14/25(1) |
761,000 | 723,879 | |||||||||
Goldman Sachs Group, Inc., VRN, 4.39%, 6/15/27 | 318,000 | 312,266 | |||||||||
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27 | 629,000 | 558,933 | |||||||||
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29 | 34,000 | 31,856 | |||||||||
Hercules Capital, Inc., 2.625%, 9/16/26 | 280,000 | 235,816 | |||||||||
Intercontinental Exchange, Inc., 4.35%, 6/15/29 | 29,000 | 28,640 | |||||||||
Morgan Stanley, VRN, 2.63%, 2/18/26 | 240,000 | 228,227 | |||||||||
Morgan Stanley, VRN, 2.70%, 1/22/31 | 705,000 | 610,517 |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Morgan Stanley, VRN, 2.48%, 9/16/36 | $ | 97,000 | $ | 74,733 | |||||||
Owl Rock Capital Corp., 3.40%, 7/15/26 | 718,000 | 642,713 | |||||||||
Owl
Rock Technology Finance Corp., 4.75%, 12/15/25(1) |
86,000 | 80,101 | |||||||||
Owl Rock Technology Finance Corp., 2.50%, 1/15/27 | 378,000 | 320,019 | |||||||||
Prospect Capital Corp., 3.71%, 1/22/26 | 544,000 | 489,748 | |||||||||
State Street Corp., VRN, 4.16%, 8/4/33 | 360,000 | 347,970 | |||||||||
UBS
Group AG, VRN, 2.75%, 2/11/33(1) |
860,000 | 689,783 | |||||||||
5,791,950 | |||||||||||
Chemicals — 0.9% | |||||||||||
Braskem
Idesa SAPI, 6.99%, 2/20/32(1)(2) |
200,000 | 155,320 | |||||||||
Celanese US Holdings LLC, 5.90%, 7/5/24 | 490,000 | 493,862 | |||||||||
Tronox,
Inc., 4.625%, 3/15/29(1) |
415,000 | 345,733 | |||||||||
994,915 | |||||||||||
Construction and Engineering — 0.4% | |||||||||||
IHS Netherlands Holdco BV, 8.00%, 9/18/27 | 550,000 | 505,253 | |||||||||
Consumer Finance — 0.6% | |||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.00%, 10/29/28 | 295,000 | 250,962 | |||||||||
Capital One Financial Corp., VRN, 4.99%, 7/24/26 | 91,000 | 90,916 | |||||||||
Navient Corp., 5.50%, 1/25/23 | 319,000 | 317,773 | |||||||||
659,651 | |||||||||||
Containers and Packaging — 0.3% | |||||||||||
Sealed
Air Corp., 5.00%, 4/15/29(1) |
375,000 | 356,921 | |||||||||
Diversified Financial Services — 0.4% | |||||||||||
Block Financial LLC, 3.875%, 8/15/30 | 312,000 | 284,141 | |||||||||
Corebridge
Financial, Inc., 3.85%, 4/5/29(1) |
28,000 | 25,806 | |||||||||
Corebridge
Financial, Inc., VRN, 6.875%, 12/15/52(1) |
170,000 | 164,493 | |||||||||
474,440 | |||||||||||
Diversified Telecommunication Services — 1.7% | |||||||||||
AT&T, Inc., 4.50%, 5/15/35 | 160,000 | 150,466 | |||||||||
Cogent
Communications Group, Inc., 7.00%, 6/15/27(1) |
600,000 | 574,128 | |||||||||
Level
3 Financing, Inc., 3.40%, 3/1/27(1) |
625,000 | 555,473 | |||||||||
Telecom
Italia SpA, 5.30%, 5/30/24(1) |
665,000 | 640,934 | |||||||||
1,921,001 | |||||||||||
Electric Utilities — 0.8% | |||||||||||
American Electric Power Co., Inc., VRN, 3.875%, 2/15/62 | 430,000 | 366,044 | |||||||||
FEL
Energy VI Sarl, 5.75%, 12/1/40(1) |
753,511 | 570,445 | |||||||||
936,489 | |||||||||||
Electronic Equipment, Instruments and Components — 0.3% | |||||||||||
Sensata
Technologies BV, 5.875%, 9/1/30(1) |
300,000 | 293,622 | |||||||||
Entertainment — 0.7% | |||||||||||
Magallanes,
Inc., 3.76%, 3/15/27(1) |
145,000 | 135,509 | |||||||||
Magallanes,
Inc., 5.14%, 3/15/52(1) |
157,000 | 125,918 | |||||||||
Netflix, Inc., 5.875%, 11/15/28 | 305,000 | 309,182 | |||||||||
Take-Two Interactive Software, Inc., 4.00%, 4/14/32 | 221,000 | 204,002 | |||||||||
774,611 | |||||||||||
Equity Real Estate Investment Trusts (REITs) — 2.7% | |||||||||||
American Campus Communities Operating Partnership LP, 3.75%, 4/15/23 | 535,000 | 535,620 | |||||||||
Duke Realty LP, 3.25%, 6/30/26 | 290,000 | 277,196 | |||||||||
EPR Properties, 4.75%, 12/15/26 | 188,000 | 177,184 | |||||||||
EPR Properties, 4.95%, 4/15/28 | 89,000 | 81,787 |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
iStar, Inc., 4.75%, 10/1/24 | $ | 67,000 | $ | 67,113 | |||||||
National Retail Properties, Inc., 4.30%, 10/15/28 | 595,000 | 569,830 | |||||||||
SBA
Tower Trust, 3.45%, 3/15/48(1) |
246,000 | 244,906 | |||||||||
VICI Properties LP, 4.375%, 5/15/25 | 385,000 | 376,440 | |||||||||
VICI
Properties LP / VICI Note Co., Inc., 3.875%, 2/15/29(1) |
590,000 | 525,544 | |||||||||
VICI
Properties LP / VICI Note Co., Inc., 4.125%, 8/15/30(1) |
320,000 | 281,811 | |||||||||
3,137,431 | |||||||||||
Food and Staples Retailing — 0.4% | |||||||||||
United
Natural Foods, Inc., 6.75%, 10/15/28(1)(2) |
505,000 | 485,876 | |||||||||
Food Products — 0.1% | |||||||||||
US
Foods, Inc., 4.75%, 2/15/29(1) |
70,000 | 62,474 | |||||||||
Health Care Equipment and Supplies — 0.2% | |||||||||||
Medline
Borrower LP, 3.875%, 4/1/29(1) |
285,000 | 241,894 | |||||||||
Health Care Providers and Services — 0.8% | |||||||||||
Centene Corp., 3.375%, 2/15/30 | 390,000 | 334,969 | |||||||||
Owens
& Minor, Inc., 6.625%, 4/1/30(1) |
310,000 | 286,806 | |||||||||
Tenet
Healthcare Corp., 6.125%, 10/1/28(1)(2) |
257,000 | 236,122 | |||||||||
857,897 | |||||||||||
Health Care Technology — 0.2% | |||||||||||
Change
Healthcare Holdings LLC / Change Healthcare Finance, Inc., 5.75%,
3/1/25(1)(2) |
283,000 | 279,971 | |||||||||
Hotels, Restaurants and Leisure — 1.7% | |||||||||||
Caesars
Entertainment, Inc., 4.625%, 10/15/29(1)(2) |
135,000 | 108,756 | |||||||||
Carnival
Corp., 5.75%, 3/1/27(1) |
165,000 | 128,519 | |||||||||
CDI
Escrow Issuer, Inc., 5.75%, 4/1/30(1) |
380,000 | 352,522 | |||||||||
Penn
Entertainment, Inc., 4.125%, 7/1/29(1)(2) |
735,000 | 594,670 | |||||||||
Scientific
Games International, Inc., 7.25%, 11/15/29(1) |
450,000 | 443,250 | |||||||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(1)(2) |
405,000 | 365,995 | |||||||||
1,993,712 | |||||||||||
Household Durables — 0.1% | |||||||||||
Safehold Operating Partnership LP, 2.85%, 1/15/32 | 211,000 | 167,282 | |||||||||
Insurance — 0.3% | |||||||||||
Sammons
Financial Group, Inc., 4.75%, 4/8/32(1) |
47,000 | 41,317 | |||||||||
SBL
Holdings, Inc., VRN, 6.50%, 11/13/26(1) |
403,000 | 316,355 | |||||||||
357,672 | |||||||||||
Internet and Direct Marketing Retail — 0.1% | |||||||||||
B2W
Digital Lux Sarl, 4.375%, 12/20/30(1) |
200,000 | 154,198 | |||||||||
IT Services — 0.2% | |||||||||||
Fidelity National Information Services, Inc., 5.10%, 7/15/32 | 264,000 | 263,262 | |||||||||
Media — 2.5% | |||||||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1)(2) |
305,000 | 296,612 | |||||||||
Directv
Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%,
8/15/27(1) |
355,000 | 325,315 | |||||||||
DISH
DBS Corp., 5.25%, 12/1/26(1) |
335,000 | 277,212 | |||||||||
iHeartCommunications, Inc., 8.375%, 5/1/27 | 250,000 | 220,500 | |||||||||
Paramount Global, VRN, 6.25%, 2/28/57 | 430,000 | 397,750 | |||||||||
Paramount Global, VRN, 6.375%, 3/30/62 | 415,000 | 382,484 | |||||||||
Sinclair
Television Group, Inc., 4.125%, 12/1/30(1) |
736,000 | 600,385 | |||||||||
VTR
Finance NV, 6.375%, 7/15/28(1) |
800,000 | 361,159 | |||||||||
2,861,417 |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Metals and Mining — 1.2% | |||||||||||
Alcoa
Nederland Holding BV, 4.125%, 3/31/29(1)(2) |
$ | 445,000 | $ | 392,993 | |||||||
ATI, Inc., 4.875%, 10/1/29 | 295,000 | 264,304 | |||||||||
Cleveland-Cliffs,
Inc., 4.625%, 3/1/29(1)(2) |
530,000 | 471,369 | |||||||||
GUSAP
III LP, 4.25%, 1/21/30(1) |
250,000 | 233,675 | |||||||||
1,362,341 | |||||||||||
Mortgage Real Estate Investment Trusts (REITs) — 1.0% | |||||||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 5.25%,
10/1/25(1) |
464,000 | 451,880 | |||||||||
Ladder
Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 4.75%,
6/15/29(1) |
413,000 | 350,525 | |||||||||
Starwood
Property Trust, Inc., 4.375%, 1/15/27(1) |
394,000 | 351,147 | |||||||||
1,153,552 | |||||||||||
Multi-Utilities — 0.4% | |||||||||||
Sempra
Energy, VRN, 4.125%, 4/1/52(2) |
540,000 | 454,702 | |||||||||
Multiline Retail — 0.1% | |||||||||||
Macy's
Retail Holdings LLC, 5.875%, 3/15/30(1)(2) |
85,000 | 72,791 | |||||||||
Oil, Gas and Consumable Fuels — 5.6% | |||||||||||
Antero
Resources Corp., 5.375%, 3/1/30(1)(2) |
565,000 | 532,541 | |||||||||
Blue
Racer Midstream LLC / Blue Racer Finance Corp., 7.625%,
12/15/25(1) |
405,000 | 403,698 | |||||||||
Callon
Petroleum Co., 7.50%, 6/15/30(1) |
150,000 | 138,919 | |||||||||
Comstock
Resources, Inc., 5.875%, 1/15/30(1) |
560,000 | 513,046 | |||||||||
CrownRock
LP / CrownRock Finance, Inc., 5.00%, 5/1/29(1) |
565,000 | 519,784 | |||||||||
EQM
Midstream Partners LP, 7.50%, 6/1/27(1) |
380,000 | 376,217 | |||||||||
Geopark
Ltd., 5.50%, 1/17/27(1) |
800,000 | 696,049 | |||||||||
Holly
Energy Partners LP / Holly Energy Finance Corp., 6.375%,
4/15/27(1) |
225,000 | 220,167 | |||||||||
MEG
Energy Corp., 5.875%, 2/1/29(1) |
645,000 | 600,750 | |||||||||
Occidental Petroleum Corp., 6.375%, 9/1/28 | 520,000 | 543,790 | |||||||||
Occidental
Petroleum Corp., 6.125%, 1/1/31(2) |
384,000 | 399,624 | |||||||||
Petroleos Mexicanos, 3.50%, 1/30/23 | 300,000 | 297,840 | |||||||||
Petroleos Mexicanos, 6.875%, 8/4/26 | 535,000 | 501,274 | |||||||||
Petroleos Mexicanos, 6.70%, 2/16/32 | 85,000 | 66,470 | |||||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 650,000 | 610,129 | |||||||||
6,420,298 | |||||||||||
Semiconductors and Semiconductor Equipment — 0.3% | |||||||||||
Broadcom,
Inc., 4.00%, 4/15/29(1) |
208,000 | 192,830 | |||||||||
Qorvo, Inc., 4.375%, 10/15/29 | 156,000 | 137,911 | |||||||||
330,741 | |||||||||||
Technology Hardware, Storage and Peripherals — 0.9% | |||||||||||
Apple, Inc., 3.25%, 8/8/29 | 300,000 | 287,100 | |||||||||
Condor
Merger Sub, Inc., 7.375%, 2/15/30(1)(2) |
570,000 | 476,605 | |||||||||
Dell International LLC / EMC Corp., 6.02%, 6/15/26 | 270,000 | 280,573 | |||||||||
1,044,278 | |||||||||||
Thrifts and Mortgage Finance — 0.5% | |||||||||||
Freedom
Mortgage Corp., 8.25%, 4/15/25(1) |
41,000 | 35,528 | |||||||||
Nationwide
Building Society, 4.85%, 7/27/27(1) |
497,000 | 493,833 | |||||||||
529,361 | |||||||||||
Wireless Telecommunication Services — 1.4% | |||||||||||
Kenbourne
Invest SA, 4.70%, 1/22/28(1) |
600,000 | 483,552 |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Sprint Corp., 7.125%, 6/15/24 | $ | 285,000 | $ | 294,613 | |||||||
Sprint Corp., 7.625%, 2/15/25 | 830,000 | 869,433 | |||||||||
1,647,598 | |||||||||||
TOTAL
CORPORATE BONDS
(Cost
$48,706,173) |
44,239,697 | ||||||||||
U.S.
TREASURY SECURITIES — 18.4% |
|||||||||||
U.S. Treasury Notes, 0.875%, 1/31/24 | 7,975,000 | 7,688,087 | |||||||||
U.S. Treasury Notes, 1.50%, 2/29/24 | 900,000 | 874,336 | |||||||||
U.S. Treasury Notes, 2.50%, 5/31/24 | 3,050,000 | 2,999,901 | |||||||||
U.S.
Treasury Notes, 1.00%, 12/15/24(3) |
4,515,000 | 4,270,908 | |||||||||
U.S. Treasury Notes, 1.125%, 1/15/25 | 800,000 | 757,313 | |||||||||
U.S. Treasury Notes, 2.625%, 4/15/25 | 3,200,000 | 3,131,000 | |||||||||
U.S. Treasury Notes, 2.875%, 6/15/25 | 1,400,000 | 1,376,922 | |||||||||
TOTAL
U.S. TREASURY SECURITIES
(Cost
$21,687,308) |
21,098,467 | ||||||||||
ASSET-BACKED
SECURITIES — 13.5% |
|||||||||||
Aligned
Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%,
8/15/46(1) |
400,000 | 339,144 | |||||||||
Applebee's
Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2I SEQ, 4.19%,
6/5/49(1) |
574,200 | 553,358 | |||||||||
Blackbird
Capital Aircraft, Series 2021-1A, Class B, 3.45%, 7/15/46(1) |
469,291 | 377,271 | |||||||||
CARS-DB4
LP, Series 2020-1A, Class A4, 3.19%, 2/15/50(1) |
397,583 | 376,500 | |||||||||
CARS-DB4
LP, Series 2020-1A, Class B1, 4.17%, 2/15/50(1) |
100,000 | 92,382 | |||||||||
CARS-DB4
LP, Series 2020-1A, Class B2, 4.52%, 2/15/50(1) |
100,000 | 87,764 | |||||||||
Castlelake
Aircraft Securitization Trust, Series 2018-1, Class A SEQ, 4.125%,
6/15/43(1) |
314,227 | 282,920 | |||||||||
Castlelake
Aircraft Structured Trust, Series 2021-1A, Class A SEQ, 3.47%,
1/15/46(1) |
408,458 | 363,610 | |||||||||
Clsec
Holdings 22t LLC, Series 2021-1, Class C, 6.17%, 5/11/37(1) |
534,508 | 451,442 | |||||||||
Cologix
Canadian Issuer LP, Series 2022-1CAN, Class A2 SEQ, 4.94%,
1/25/52(1) |
CAD | 450,000 | 318,510 | ||||||||
Cologix
Canadian Issuer LP, Series 2022-1CAN, Class C, 7.74%, 1/25/52(1) |
CAD | 350,000 | 249,036 | ||||||||
Cologix
Data Centers US Issuer LLC, Series 2021-1A, Class A2 SEQ, 3.30%,
12/26/51(1) |
$ | 550,000 | 508,484 | ||||||||
Diamond
Issuer, Series 2021-1A, Class A SEQ, 2.31%, 11/20/51(1) |
338,000 | 295,362 | |||||||||
Diamond
Issuer, Series 2021-1A, Class C, 3.79%, 11/20/51(1) |
575,000 | 483,023 | |||||||||
Domino's
Pizza Master Issuer LLC, Series 2015-1A, Class A2II SEQ, 4.47%,
10/25/45(1) |
188,500 | 183,000 | |||||||||
Domino's
Pizza Master Issuer LLC, Series 2018-1A, Class A2I SEQ, 4.12%,
7/25/48(1) |
526,488 | 509,248 | |||||||||
Domino's
Pizza Master Issuer LLC, Series 2019-1A, Class A2 SEQ, 3.67%,
10/25/49(1) |
472,875 | 425,117 | |||||||||
Edgeconnex
Data Centers Issuer LLC, Series 2022-1, Class A2 SEQ, 4.25%,
3/25/52(1) |
293,020 | 273,473 | |||||||||
Falcon
Aerospace Ltd., Series 2019-1, Class A SEQ, 3.60%, 9/15/39(1) |
395,396 | 325,779 | |||||||||
FirstKey
Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(1) |
600,000 | 520,010 | |||||||||
Flexential
Issuer, Series 2021-1A, Class A2 SEQ, 3.25%, 11/27/51(1) |
425,000 | 388,701 |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Lunar
Aircarft Ltd., Series 2020-1A, Class A SEQ, 3.38%, 2/15/45(1) |
$ | 294,639 | $ | 250,067 | |||||||
Lunar
Structured Aircraft Portfolio Notes, Series 2021-1, Class B, 3.43%,
10/15/46(1) |
359,468 | 316,200 | |||||||||
MACH
1 Cayman Ltd., Series 2019-1, Class A SEQ, 3.47%, 10/15/39(1) |
293,921 | 265,787 | |||||||||
MAPS
Trust, Series 2021-1A, Class A SEQ, 2.52%, 6/15/46(1) |
682,725 | 581,204 | |||||||||
NP
SPE II LLC, Series 2019-1A, Class A1 SEQ, 2.57%, 9/20/49(1) |
442,026 | 418,476 | |||||||||
Pioneer
Aircraft Finance Ltd., Series 2019-1, Class A SEQ, 3.97%,
6/15/44(1) |
419,651 | 384,312 | |||||||||
Progress
Residential Trust, Series 2021-SFR1, Class D, 1.81%, 4/17/38(1) |
750,000 | 656,515 | |||||||||
Progress
Residential Trust, Series 2021-SFR1, Class E, 2.11%, 4/17/38(1) |
261,000 | 226,874 | |||||||||
Progress
Residential Trust, Series 2021-SFR1, Class F, 2.76%, 4/17/38(1) |
445,000 | 391,485 | |||||||||
Progress
Residential Trust, Series 2021-SFR8, Class E1, 2.38%, 10/17/38(1) |
200,000 | 172,721 | |||||||||
Sabey
Data Center Issuer LLC, Series 2021-1, Class A2 SEQ, 1.88%,
6/20/46(1) |
323,000 | 281,148 | |||||||||
SAPPHIRE
AVIATION FINANCE II Ltd., Series 2020-1A, Class A SEQ, 3.23%,
3/15/40(1) |
192,357 | 167,040 | |||||||||
ServiceMaster
Funding LLC, Series 2020-1, Class A2I SEQ, 2.84%, 1/30/51(1) |
197,000 | 162,870 | |||||||||
ServiceMaster
Funding LLC, Series 2020-1, Class A2II SEQ, 3.34%, 1/30/51(1) |
410,745 | 322,939 | |||||||||
Slam
Ltd., Series 2021-1A, Class B, 3.42%, 6/15/46(1) |
463,550 | 389,505 | |||||||||
Stack
Infrastructure Issuer LLC, Series 2019-1A, Class A2 SEQ, 4.54%,
2/25/44(1) |
867,535 | 864,295 | |||||||||
Start
Ltd., Series 2018-1, Class A SEQ, 4.09%, 5/15/43(1) |
629,618 | 561,782 | |||||||||
Trinity
Rail Leasing LP, Series 2009-1A, Class A SEQ, 6.66%, 11/16/39(1) |
187,655 | 186,334 | |||||||||
Vantage
Data Centers Issuer LLC, Series 2018-2A, Class A2 SEQ, 4.20%,
11/15/43(1) |
356,125 | 351,061 | |||||||||
Vantage
Data Centers Issuer LLC, Series 2020-1A, Class A2 SEQ, 1.65%,
9/15/45(1) |
308,000 | 275,214 | |||||||||
VB-S1
Issuer LLC, Series 2022-1A, Class D, 4.29%, 2/15/52(1) |
425,000 | 383,028 | |||||||||
Wingstop
Funding LLC, Series 2020-1A, Class A2 SEQ, 2.84%, 12/5/50(1) |
497,500 | 426,560 | |||||||||
TOTAL
ASSET-BACKED SECURITIES
(Cost
$17,081,619) |
|
15,439,551 | |||||||||
U.S.
GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 6.7% | |||||||||||
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 6.7% | |||||||||||
FHLMC, 2.50%, 10/1/50 | 460,499 | 412,855 | |||||||||
FNMA, 4.00%, 3/1/50 | 897,956 | 887,156 | |||||||||
FNMA, 4.00%, 3/1/51 | 886,094 | 874,909 | |||||||||
FNMA, 4.00%, 3/1/51 | 744,915 | 734,332 | |||||||||
FNMA, 2.50%, 12/1/51 | 462,201 | 413,436 | |||||||||
FNMA, 3.50%, 12/1/51 | 1,187,715 | 1,133,133 | |||||||||
FNMA, 2.50%, 3/1/52 | 1,848,258 | 1,659,894 | |||||||||
UMBS, 3.50%,TBA | 1,680,000 | 1,601,119 | |||||||||
TOTAL
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES
(Cost
$7,854,939) |
7,716,834 |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
COMMERCIAL
MORTGAGE-BACKED SECURITIES — 5.5% | |||||||||||
BDS
Ltd., Series 2020-FL6, Class E, VRN, 5.37%, (30-day average SOFR plus
3.36%), 9/15/35(1) |
$ | 243,000 | $ | 231,932 | |||||||
BX
Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%,
3/11/44(1) |
400,000 | 318,969 | |||||||||
BX
Commercial Mortgage Trust, Series 2021-VOLT, Class E, VRN, 4.39%, (1-month
LIBOR plus 2.00%), 9/15/36(1) |
400,000 | 381,819 | |||||||||
BX
Trust, Series 2021-ARIA, Class G, VRN, 5.53%, (1-month LIBOR plus 3.14%),
10/15/36(1) |
314,000 | 291,123 | |||||||||
BXHPP
Trust, Series 2021-FILM, Class D, VRN, 3.89%, (1-month LIBOR plus 1.50%),
8/15/36(1) |
300,000 | 277,423 | |||||||||
BXHPP
Trust, Series 2021-FILM, Class E, VRN, 4.39%, (1-month LIBOR plus 2.00%),
8/15/36(1) |
250,000 | 229,285 | |||||||||
Credit
Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class E, VRN,
4.54%, (1-month LIBOR plus 2.15%), 5/15/36(1) |
478,000 | 466,715 | |||||||||
Great
Wolf Trust, Series 2019-WOLF, Class C, VRN, 4.02%, (1-month LIBOR plus
1.63%), 12/15/36(1) |
253,000 | 243,947 | |||||||||
J.P.
Morgan Chase Commercial Mortgage Securities Trust, Series 2018-AON, Class
A SEQ, 4.13%, 7/5/31(1) |
282,000 | 276,699 | |||||||||
Life
Mortgage Trust, Series 2021-BMR, Class F, VRN, 4.74%, (1-month LIBOR plus
2.35%), 3/15/38(1) |
237,879 | 226,234 | |||||||||
Med
Trust, Series 2021-MDLN, Class F, VRN, 6.39%, (1-month LIBOR plus 4.00%),
11/15/38(1) |
371,450 | 349,034 | |||||||||
MF1
Multifamily Housing Mortgage Loan Trust, Series 2021-FL5, Class D, VRN,
4.91%, (1-month SOFR plus 2.61%), 7/15/36(1) |
400,000 | 382,546 | |||||||||
MHP
Trust, Series 2022-MHIL, Class D, VRN, 3.92%, (1-month SOFR plus 1.61%),
1/15/27(1) |
504,000 | 477,668 | |||||||||
Morgan
Stanley Capital I Trust, Series 2017-CLS, Class F, VRN, 4.99%, (1-month
LIBOR plus 2.60%), 11/15/34(1) |
290,000 | 284,760 | |||||||||
One
New York Plaza Trust, Series 2020-1NYP, Class B, VRN, 3.89%, (1-month
LIBOR plus 1.50%), 1/15/36(1) |
229,000 | 217,547 | |||||||||
Ready
Capital Mortgage Financing LLC, Series 2021-FL5, Class C, VRN, 4.69%,
(1-month LIBOR plus 2.25%), 4/25/38(1) |
400,000 | 382,662 | |||||||||
Ready
Capital Mortgage Financing LLC, Series 2021-FL6, Class C, VRN, 4.34%,
(1-month LIBOR plus 1.90%), 7/25/36(1) |
350,000 | 328,249 | |||||||||
Shelter
Growth Issuer Ltd., Series 2022-FL4, Class A, VRN, 4.60%, (1-month SOFR
plus 2.30%), 6/17/37(1) |
322,000 | 318,827 | |||||||||
SMRT,
Series 2022-MINI, Class F, VRN, 5.66%, (1-month SOFR plus 3.35%),
1/15/39(1) |
596,000 | 552,051 | |||||||||
TOTAL
COMMERCIAL MORTGAGE-BACKED SECURITIES
(Cost
$6,568,029) |
6,237,490 | ||||||||||
COLLATERALIZED
MORTGAGE OBLIGATIONS — 5.3% | |||||||||||
Private Sponsor Collateralized Mortgage Obligations — 4.2% | |||||||||||
Angel
Oak Mortgage Trust, Series 2020-2, Class A2, VRN, 3.86%,
1/26/65(1) |
215,731 | 208,931 | |||||||||
Angel
Oak Mortgage Trust, Series 2021-3, Class M1, VRN, 2.48%,
5/25/66(1) |
600,000 | 456,880 | |||||||||
Arroyo
Mortgage Trust, Series 2019-1, Class M1, VRN, 4.12%, 1/25/49(1) |
590,000 | 542,072 | |||||||||
Bellemeade
Re Ltd., Series 2018-1A, Class M2, VRN, 5.34%, (1-month LIBOR plus 2.90%),
4/25/28(1) |
369,141 | 370,437 | |||||||||
Bellemeade
Re Ltd., Series 2019-3A, Class M1C, VRN, 4.39%, (1-month LIBOR plus
1.95%), 7/25/29(1) |
300,000 | 297,797 | |||||||||
Credit
Suisse Mortgage Trust, Series 2020-AFC1, Class M1, VRN, 2.84%,
2/25/50(1) |
400,000 | 351,065 |
Multisector Income ETF | |||||||||||
Principal Amount | Value | ||||||||||
Credit
Suisse Mortgage Trust, Series 2021-NQM1, Class M1, VRN, 2.13%,
5/25/65(1) |
$ | 624,000 | $ | 520,629 | |||||||
Farm
Mortgage Trust, Series 2021-1, Class B, VRN, 3.24%, 7/25/51(1) |
584,971 | 420,541 | |||||||||
Home
RE Ltd., Series 2022-1, Class M1A, VRN, 5.03%, (30-day average SOFR plus
2.85%), 10/25/34(1) |
125,000 | 126,405 | |||||||||
Radnor
RE Ltd., Series 2021-2, Class M1A, VRN, 4.03%, (30-day average SOFR plus
1.85%), 11/25/31(1) |
600,155 | 597,772 | |||||||||
Traingle
Re Ltd., Series 2021-1, Class M1C, VRN, 5.84%, (1-month LIBOR plus 3.40%),
8/25/33(1) |
265,204 | 265,592 | |||||||||
Triangle
Re Ltd., Series 2021-3, Class M1A, VRN, 4.08%, (30-day average SOFR plus
1.90%), 2/25/34(1) |
250,000 | 249,150 | |||||||||
Triangle
Re Ltd., Series 2021-2, Class M1A, VRN, 4.49%, (1-month LIBOR plus 2.05%),
10/25/33(1) |
253,196 | 252,819 | |||||||||
Verus
Securitization Trust, Series 2021-R1, Class M1 SEQ, 2.34%,
10/25/63(1) |
150,000 | 131,601 | |||||||||
4,791,691 | |||||||||||
U.S. Government Agency Collateralized Mortgage Obligations — 1.1% | |||||||||||
FHLMC, Series 2017-HRP1, Class M2, VRN, 4.89%, (1-month LIBOR plus 2.45%), 12/25/42 | 212,383 | 212,484 | |||||||||
FHLMC,
Series 2020-HQA4, Class M2, VRN, 5.59%, (1-month LIBOR plus 3.15%),
9/25/50(1) |
469,441 | 470,830 | |||||||||
FHLMC,
Series 2022-DNA3, Class M1A, VRN, 4.18%, (30-day average SOFR plus 2.00%),
4/25/42(1) |
281,363 | 282,950 | |||||||||
FNMA,
Series 2022-R03, Class 1M1, VRN, 4.28%, (30-day average SOFR plus 2.10%),
3/25/42(1) |
262,208 | 262,228 | |||||||||
1,228,492 | |||||||||||
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost
$6,462,133) |
6,020,183 | ||||||||||
COLLATERALIZED
LOAN OBLIGATIONS — 5.2% | |||||||||||
AMMC
CLO XIV Ltd., Series 2014-14A, Class BL1R, VRN, 6.38%, (3-month LIBOR plus
3.60%), 7/25/29(1) |
500,000 | 479,253 | |||||||||
Ares
XL CLO Ltd., Series 2016-40A, Class CRR, VRN, 5.31%, (3-month LIBOR plus
2.80%), 1/15/29(1) |
350,000 | 322,321 | |||||||||
CIFC
Funding Ltd., Series 2016-1A, Class D2RR, VRN, 6.98%, (3-month LIBOR plus
4.25%), 10/21/31(1) |
600,000 | 554,898 | |||||||||
CIFC
Funding Ltd., Series 2017-3A, Class C, VRN, 6.36%, (3-month LIBOR plus
3.65%), 7/20/30(1) |
500,000 | 478,967 | |||||||||
Deer
Creek CLO Ltd., Series 2017-1A, Class D, VRN, 5.66%, (3-month LIBOR plus
2.95%), 10/20/30(1) |
800,000 | 739,540 | |||||||||
Greystone
CRE Notes Ltd., Series 2019-FL2, Class D, VRN, 4.79%, (1-month LIBOR plus
2.40%), 9/15/37(1) |
197,000 | 191,566 | |||||||||
Madison
Park Funding XIX Ltd., Series 2015-19A, Class DR, VRN, 7.11%, (3-month
LIBOR plus 4.35%), 1/22/28(1) |
475,000 | 428,134 | |||||||||
Marathon
CLO V Ltd., Series 2013-5A, Class A1R, VRN, 3.85%, (3-month LIBOR plus
0.87%), 11/21/27(1) |
234,163 | 233,518 | |||||||||
MF1
Ltd., Series 2020-FL4, Class D, VRN, 6.51%, (1-month SOFR plus 4.21%),
11/15/35(1) |
585,000 | 580,855 | |||||||||
Octagon
Investment Partners XV Ltd., Series 2013-1A, Class CRR, VRN, 4.74%,
(3-month LIBOR plus 2.00%), 7/19/30(1) |
300,000 | 286,468 | |||||||||
Sound
Point CLO Ltd., Series 2014-3RA, Class C, VRN, 5.03%, (3-month LIBOR plus
2.25%), 10/23/31(1) |
500,000 | 469,025 | |||||||||
Symphony
CLO XIV Ltd., Series 2014-14A, Class CR, VRN, 4.58%, (3-month LIBOR plus
2.10%), 7/14/26(1) |
500,000 | 495,427 | |||||||||
TICP
CLO I-2 Ltd., Series 2018-IA, Class C, VRN, 5.81%, (3-month LIBOR plus
3.04%), 4/26/28(1) |
350,000 | 339,475 |
Multisector Income ETF | ||||||||
Principal Amount/Shares | Value | |||||||
Vibrant
CLO VII Ltd., Series 2017-7A, Class B, VRN, 5.11%, (3-month LIBOR plus
2.40%), 9/15/30(1) |
$ | 350,000 | $ | 335,663 | ||||
TOTAL
COLLATERALIZED LOAN OBLIGATIONS
(Cost
$6,202,184) |
5,935,110 | |||||||
PREFERRED
STOCKS — 4.2% |
||||||||
Banks — 2.6% | ||||||||
Banco
Mercantil del Norte SA, 8.375%(1) |
400,000 | 389,054 | ||||||
Barclays PLC, 4.375% | 475,000 | 357,553 | ||||||
BNP
Paribas SA, 7.75%(1) |
210,000 | 210,315 | ||||||
ING Groep NV, 3.875% | 570,000 | 424,724 | ||||||
JPMorgan Chase & Co., 4.60% | 1,415,000 | 1,247,322 | ||||||
PNC Financial Services Group, Inc., 3.40% | 375,000 | 303,938 | ||||||
2,932,906 | ||||||||
Capital Markets — 0.4% | ||||||||
Bank of New York Mellon Corp., 3.75% | 545,000 | 460,482 | ||||||
Insurance — 0.4% | ||||||||
Allianz
SE, 3.20%(1) |
585,000 | 447,037 | ||||||
Trading Companies and Distributors — 0.8% | ||||||||
Air Lease Corp., 4.125% | 526,000 | 396,472 | ||||||
Aircastle
Ltd., 5.25%(1) |
685,000 | 541,174 | ||||||
937,646 | ||||||||
TOTAL
PREFERRED STOCKS
(Cost
$5,794,033) |
|
4,778,071 | ||||||
BANK
LOAN OBLIGATIONS(4)
— 1.3% |
||||||||
Media — 0.6% | ||||||||
Directv Financing, LLC, Term Loan, 7.52%, (1-month LIBOR plus 5.00%), 8/2/27 | $ | 652,750 | 626,313 | |||||
Pharmaceuticals — 0.4% | ||||||||
Jazz Financing Lux S.a.r.l., USD Term Loan, 6.02%, (1-month LIBOR plus 3.50%), 5/5/28 | 496,241 | 487,688 | ||||||
Technology Hardware, Storage and Peripherals — 0.3% | ||||||||
McAfee Corp., 2022 USD Term Loan B, 6.16%, (1-month SOFR plus 3.75%), 3/1/29 | 355,000 | 337,916 | ||||||
TOTAL
BANK LOAN OBLIGATIONS
(Cost
$1,506,371) |
1,451,917 | |||||||
SOVEREIGN
GOVERNMENTS AND AGENCIES — 1.1% | ||||||||
Colombia — 0.1% | ||||||||
Colombia Government International Bond, 6.125%, 1/18/41 | 200,000 | 160,546 | ||||||
South Africa — 0.7% | ||||||||
Republic of South Africa Government International Bond, 5.875%, 6/22/30 | 800,000 | 752,016 | ||||||
Trinidad and Tobago — 0.3% | ||||||||
Trinidad & Tobago Government International Bond, 4.50%, 8/4/26 | 400,000 | 398,356 | ||||||
TOTAL
SOVEREIGN GOVERNMENTS AND AGENCIES
(Cost
$1,478,226) |
1,310,918 | |||||||
SHORT-TERM INVESTMENTS — 4.6% | ||||||||
Money Market Funds — 4.6% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,612,850 | 1,612,850 |
Multisector Income ETF | ||||||||
Shares | Value | |||||||
State
Street Navigator Securities Lending Government Money Market
Portfolio(5)
|
3,709,125 | $ | 3,709,125 | |||||
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$5,321,975) |
5,321,975 | |||||||
TOTAL
INVESTMENT SECURITIES — 104.5%
(Cost
$128,662,990) |
|
119,550,213 | ||||||
OTHER
ASSETS AND LIABILITIES — (4.5)% |
|
(5,187,524) | ||||||
TOTAL
NET ASSETS — 100.0% |
|
$ | 114,362,689 |
FUTURES CONTRACTS PURCHASED | ||||||||||||||
Reference Entity | Contracts | Expiration
Date |
Notional
Amount |
Unrealized
Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury 2-Year Notes | 52 | December 2022 | $ | 10,833,063 | $ | (7,570) | ||||||||
U.S. Treasury 5-Year Notes | 18 | December 2022 | 1,994,766 | (2,220) | ||||||||||
U.S. Treasury 10-Year Notes | 9 | December 2022 | 1,052,156 | (1,916) | ||||||||||
U.S. Treasury 10-Year Ultra Notes | 28 | December 2022 | 3,505,250 | (14,994) | ||||||||||
$ | 17,385,235 | $ | (26,700) |
FUTURES CONTRACTS SOLD | ||||||||||||||
Reference Entity | Contracts | Expiration
Date |
Notional
Amount |
Unrealized
Appreciation (Depreciation)^ | ||||||||||
U.S. Treasury Long Bonds | 17 | December 2022 | $ | 2,309,344 | $ | 3,295 | ||||||||
U.S. Treasury Ultra Bonds | 2 | December 2022 | 299,000 | 564 | ||||||||||
$ | 2,608,344 | $ | 3,859 |
CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS | |||||||||||||||||||||||
Reference
Entity |
Type |
Fixed
Rate
Received
(Paid)
Quarterly |
Termination
Date |
Notional
Amount |
Premiums
Paid (Received) |
Unrealized
Appreciation
(Depreciation) |
Value^ | ||||||||||||||||
Markit CDX North America High Yield Index Series 37 | Buy | (5.00)% | 12/20/26 | $ | 2,668,050 | $ | (123,163) | $ | 95,619 | $ | (27,544) | ||||||||||||
Markit CDX North America High Yield Index Series 38 | Buy | (5.00)% | 6/20/27 | $ | 2,277,000 | (4,074) | 9,013 | 4,939 | |||||||||||||||
$ | (127,237) | $ | 104,632 | $ | (22,605) |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
CAD | - | Canadian Dollar | ||||||
CDX | - | Credit Derivatives Indexes | ||||||
FHLMC | - | Federal Home Loan Mortgage Corporation | ||||||
FNMA | - | Federal National Mortgage Association | ||||||
LIBOR | - | London Interbank Offered Rate | ||||||
SEQ | - | Sequential Payer | ||||||
SOFR | - | Secured Overnight Financing Rate | ||||||
TBA | - | To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement. | ||||||
UMBS | - | Uniform Mortgage-Backed Securities | ||||||
USD | - | United States Dollar | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
CORPORATE
BONDS — 94.8% |
|
| ||||||
Aerospace and Defense — 1.7% | ||||||||
Spirit
AeroSystems, Inc., 7.50%, 4/15/25(1) |
$ | 50,000 | $ | 48,985 | ||||
TransDigm,
Inc., 6.25%, 3/15/26(1) |
125,000 | 122,965 | ||||||
TransDigm, Inc., 6.375%, 6/15/26 | 75,000 | 72,090 | ||||||
TransDigm, Inc., 7.50%, 3/15/27 | 50,000 | 48,819 | ||||||
TransDigm, Inc., 5.50%, 11/15/27 | 200,000 | 180,243 | ||||||
TransDigm, Inc., 4.875%, 5/1/29 | 50,000 | 42,487 | ||||||
515,589 | ||||||||
Air Freight and Logistics — 0.2% | ||||||||
Western
Global Airlines LLC, 10.375%, 8/15/25(1) |
50,000 | 45,623 | ||||||
Airlines — 1.6% | ||||||||
Air
Canada, 3.875%, 8/15/26(1) |
50,000 | 44,684 | ||||||
American
Airlines, Inc., 11.75%, 7/15/25(1) |
150,000 | 165,943 | ||||||
American
Airlines, Inc. / AAdvantage Loyalty IP Ltd., 5.50%, 4/20/26(1) |
75,000 | 71,449 | ||||||
Delta
Air Lines, Inc., 7.00%, 5/1/25(1) |
75,000 | 77,699 | ||||||
Hawaiian
Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%,
1/20/26(1) |
50,000 | 45,708 | ||||||
United
Airlines, Inc., 4.375%, 4/15/26(1) |
50,000 | 45,655 | ||||||
United
Airlines, Inc., 4.625%, 4/15/29(1) |
50,000 | 43,938 | ||||||
495,076 | ||||||||
Auto Components — 1.8% | ||||||||
Adient
Global Holdings Ltd., 4.875%, 8/15/26(1) |
200,000 | 185,337 | ||||||
Clarios
Global LP, 6.75%, 5/15/25(1) |
50,000 | 49,803 | ||||||
Goodyear Tire & Rubber Co., 9.50%, 5/31/25 | 75,000 | 78,468 | ||||||
Goodyear
Tire & Rubber Co., 5.00%, 5/31/26(2) |
75,000 | 72,466 | ||||||
Patrick
Industries, Inc., 4.75%, 5/1/29(1) |
50,000 | 41,005 | ||||||
Tenneco,
Inc., 5.00%, 7/15/26(2) |
125,000 | 119,554 | ||||||
546,633 | ||||||||
Automobiles — 2.5% | ||||||||
Ford Motor Co., 9.00%, 4/22/25 | 75,000 | 84,004 | ||||||
Ford Motor Co., 3.25%, 2/12/32 | 50,000 | 39,125 | ||||||
Ford Motor Co., 6.10%, 8/19/32 | 50,000 | 48,758 | ||||||
Ford Motor Credit Co. LLC, 4.13%, 8/4/25 | 200,000 | 189,198 | ||||||
Ford Motor Credit Co. LLC, 3.82%, 11/2/27 | 200,000 | 176,320 | ||||||
Ford
Motor Credit Co. LLC, 5.11%, 5/3/29(2) |
200,000 | 185,092 | ||||||
PM
General Purchaser LLC, 9.50%, 10/1/28(1) |
50,000 | 43,387 | ||||||
765,884 | ||||||||
Beverages — 0.1% | ||||||||
Primo
Water Holdings, Inc., 4.375%, 4/30/29(1) |
50,000 | 42,827 | ||||||
Building Products — 1.2% | ||||||||
Builders
FirstSource, Inc., 4.25%, 2/1/32(1) |
125,000 | 99,935 | ||||||
Griffon Corp., 5.75%, 3/1/28 | 75,000 | 69,503 | ||||||
Masonite
International Corp., 3.50%, 2/15/30(1) |
50,000 | 40,472 | ||||||
PGT
Innovations, Inc., 4.375%, 10/1/29(1) |
50,000 | 42,370 | ||||||
Standard
Industries, Inc., 4.375%, 7/15/30(1) |
100,000 | 79,523 | ||||||
Standard
Industries, Inc., 3.375%, 1/15/31(1) |
50,000 | 36,724 | ||||||
368,527 | ||||||||
Capital Markets — 1.4% | ||||||||
Compass
Group Diversified Holdings LLC, 5.25%, 4/15/29(1) |
50,000 | 42,627 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 9/15/24 | $ | 75,000 | $ | 71,445 | ||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 6.25%, 5/15/26 | 75,000 | 72,029 | ||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.25%, 5/15/27 | 125,000 | 113,878 | ||||||
LCM
Investments Holdings II LLC, 4.875%, 5/1/29(1) |
50,000 | 41,814 | ||||||
MSCI,
Inc., 3.625%, 9/1/30(1) |
100,000 | 84,998 | ||||||
426,791 | ||||||||
Chemicals — 2.5% | ||||||||
Avient
Corp., 5.75%, 5/15/25(1) |
50,000 | 49,374 | ||||||
Consolidated
Energy Finance SA, 6.50%, 5/15/26(1) |
150,000 | 137,205 | ||||||
FXI
Holdings, Inc., 12.25%, 11/15/26(1) |
50,000 | 41,813 | ||||||
NOVA
Chemicals Corp., 4.875%, 6/1/24(1) |
75,000 | 71,800 | ||||||
NOVA
Chemicals Corp., 5.25%, 6/1/27(1) |
50,000 | 44,219 | ||||||
Olin
Corp., 5.00%, 2/1/30(2) |
50,000 | 45,437 | ||||||
SCIH
Salt Holdings, Inc., 4.875%, 5/1/28(1) |
50,000 | 42,964 | ||||||
SCIH
Salt Holdings, Inc., 6.625%, 5/1/29(1) |
50,000 | 41,239 | ||||||
Trinseo
Materials Operating SCA / Trinseo Materials Finance, Inc., 5.375%,
9/1/25(1)(2) |
75,000 | 64,758 | ||||||
Trinseo
Materials Operating SCA / Trinseo Materials Finance, Inc., 5.125%,
4/1/29(1) |
50,000 | 35,554 | ||||||
Tronox,
Inc., 4.625%, 3/15/29(1) |
50,000 | 41,655 | ||||||
WR
Grace Holdings LLC, 4.875%, 6/15/27(1) |
125,000 | 115,766 | ||||||
WR
Grace Holdings LLC, 5.625%, 8/15/29(1) |
50,000 | 39,625 | ||||||
771,409 | ||||||||
Commercial Services and Supplies — 1.6% | ||||||||
ADT
Security Corp., 4.125%, 8/1/29(1) |
50,000 | 42,999 | ||||||
ADT
Security Corp., 4.875%, 7/15/32(1) |
75,000 | 62,849 | ||||||
Allied
Universal Holdco LLC / Allied Universal Finance Corp., 6.625%,
7/15/26(1) |
75,000 | 70,313 | ||||||
Brink's
Co., 4.625%, 10/15/27(1)(2) |
75,000 | 67,602 | ||||||
Matthews
International Corp., 5.25%, 12/1/25(1) |
125,000 | 113,897 | ||||||
Metis
Merger Sub LLC, 6.50%, 5/15/29(1) |
50,000 | 43,074 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc., 3.375%,
8/31/27(1) |
50,000 | 43,093 | ||||||
Prime
Security Services Borrower LLC / Prime Finance, Inc., 6.25%,
1/15/28(1)(2) |
50,000 | 44,081 | ||||||
487,908 | ||||||||
Communications Equipment — 0.2% | ||||||||
CommScope,
Inc., 6.00%, 3/1/26(1) |
75,000 | 70,972 | ||||||
Construction and Engineering — 0.5% | ||||||||
New
Enterprise Stone & Lime Co., Inc., 5.25%, 7/15/28(1) |
175,000 | 155,758 | ||||||
Construction Materials — 0.8% | ||||||||
Cemex
SAB de CV, 5.20%, 9/17/30(1) |
200,000 | 181,793 | ||||||
SRM
Escrow Issuer LLC, 6.00%, 11/1/28(1) |
75,000 | 68,147 | ||||||
249,940 | ||||||||
Consumer Finance — 1.7% | ||||||||
Global
Aircraft Leasing Co. Ltd., 6.50% Cash or 7.25% PIK, 9/15/24(1)(3) |
150,000 | 121,614 | ||||||
Navient Corp., 7.25%, 9/25/23 | 70,000 | 70,234 | ||||||
Navient Corp., 5.875%, 10/25/24 | 50,000 | 48,081 | ||||||
Navient Corp., 6.75%, 6/25/25 | 50,000 | 48,321 | ||||||
Navient Corp., 5.50%, 3/15/29 | 50,000 | 40,575 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
OneMain Finance Corp., 6.125%, 3/15/24 | $ | 75,000 | $ | 73,319 | ||||
OneMain Finance Corp., 6.875%, 3/15/25 | 125,000 | 121,657 | ||||||
523,801 | ||||||||
Containers and Packaging — 1.9% | ||||||||
Ball
Corp., 3.125%, 9/15/31(2) |
50,000 | 40,568 | ||||||
Berry
Global, Inc., 4.50%, 2/15/26(1) |
75,000 | 72,111 | ||||||
Berry
Global, Inc., 4.875%, 7/15/26(1) |
50,000 | 48,742 | ||||||
Mauser
Packaging Solutions Holding Co., 5.50%, 4/15/24(1) |
125,000 | 121,163 | ||||||
OI
European Group BV, 4.75%, 2/15/30(1) |
50,000 | 40,552 | ||||||
Owens-Brockway
Glass Container, Inc., 5.875%, 8/15/23(1) |
150,000 | 149,280 | ||||||
Sealed
Air Corp., 5.125%, 12/1/24(1) |
75,000 | 74,360 | ||||||
TriMas
Corp., 4.125%, 4/15/29(1) |
50,000 | 43,951 | ||||||
590,727 | ||||||||
Distributors — 0.5% | ||||||||
BCPE
Empire Holdings, Inc., 7.625%, 5/1/27(1)(2) |
50,000 | 45,165 | ||||||
Performance
Food Group, Inc., 5.50%, 10/15/27(1) |
50,000 | 47,190 | ||||||
Performance
Food Group, Inc., 4.25%, 8/1/29(1) |
50,000 | 42,876 | ||||||
135,231 | ||||||||
Diversified Consumer Services — 0.4% | ||||||||
Adtalem
Global Education, Inc., 5.50%, 3/1/28(1) |
39,000 | 37,103 | ||||||
Service Corp. International, 3.375%, 8/15/30 | 50,000 | 41,291 | ||||||
Service Corp. International, 4.00%, 5/15/31 | 50,000 | 42,826 | ||||||
121,220 | ||||||||
Diversified Financial Services — 0.5% | ||||||||
Jefferson
Capital Holdings LLC, 6.00%, 8/15/26(1) |
50,000 | 44,073 | ||||||
MPH
Acquisition Holdings LLC, 5.50%, 9/1/28(1) |
75,000 | 64,059 | ||||||
Paysafe
Finance PLC / Paysafe Holdings US Corp., 4.00%, 6/15/29(1)(2) |
50,000 | 37,442 | ||||||
145,574 | ||||||||
Diversified Telecommunication Services — 3.6% | ||||||||
Altice
France SA, 5.125%, 7/15/29(1) |
200,000 | 152,182 | ||||||
Connect
Finco SARL / Connect US Finco LLC, 6.75%, 10/1/26(1) |
200,000 | 183,645 | ||||||
Embarq Corp., 8.00%, 6/1/36 | 75,000 | 58,399 | ||||||
Level
3 Financing, Inc., 4.25%, 7/1/28(1) |
100,000 | 83,247 | ||||||
Level
3 Financing, Inc., 3.625%, 1/15/29(1) |
50,000 | 40,204 | ||||||
Level
3 Financing, Inc., 3.75%, 7/15/29(1) |
50,000 | 40,235 | ||||||
Lumen Technologies, Inc., 6.75%, 12/1/23 | 75,000 | 75,952 | ||||||
Lumen Technologies, Inc., 7.50%, 4/1/24 | 50,000 | 50,465 | ||||||
Lumen
Technologies, Inc., 5.125%, 12/15/26(1) |
75,000 | 64,904 | ||||||
Lumen
Technologies, Inc., 4.50%, 1/15/29(1) |
50,000 | 37,375 | ||||||
Sprint Capital Corp., 6.875%, 11/15/28 | 50,000 | 52,862 | ||||||
Sprint Capital Corp., 8.75%, 3/15/32 | 75,000 | 90,637 | ||||||
Telecom Italia Capital SA, 6.00%, 9/30/34 | 50,000 | 39,560 | ||||||
Telecom Italia Capital SA, 7.20%, 7/18/36 | 50,000 | 42,750 | ||||||
Telesat
Canada / Telesat LLC, 6.50%, 10/15/27(1) |
75,000 | 31,118 | ||||||
Zayo
Group Holdings, Inc., 4.00%, 3/1/27(1) |
75,000 | 64,036 | ||||||
1,107,571 | ||||||||
Electric Utilities — 1.7% | ||||||||
FirstEnergy Corp., 4.40%, 7/15/27 | 50,000 | 47,440 | ||||||
FirstEnergy Corp., 5.35%, 7/15/47 | 50,000 | 46,062 | ||||||
NextEra
Energy Operating Partners LP, 3.875%, 10/15/26(1) |
75,000 | 70,014 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
NRG Energy, Inc., 6.625%, 1/15/27 | $ | 50,000 | $ | 49,695 | ||||
NRG
Energy, Inc., 3.625%, 2/15/31(1) |
50,000 | 39,778 | ||||||
PG&E
Corp., 5.00%, 7/1/28(2) |
50,000 | 44,485 | ||||||
PG&E Corp., 5.25%, 7/1/30 | 50,000 | 43,310 | ||||||
Vistra
Operations Co. LLC, 5.625%, 2/15/27(1) |
75,000 | 72,277 | ||||||
Vistra
Operations Co. LLC, 5.00%, 7/31/27(1) |
75,000 | 69,892 | ||||||
Vistra
Operations Co. LLC, 4.375%, 5/1/29(1) |
50,000 | 43,678 | ||||||
526,631 | ||||||||
Electrical Equipment — 0.5% | ||||||||
Atkore,
Inc., 4.25%, 6/1/31(1) |
75,000 | 63,099 | ||||||
WESCO
Distribution, Inc., 7.125%, 6/15/25(1) |
25,000 | 25,035 | ||||||
WESCO
Distribution, Inc., 7.25%, 6/15/28(1) |
50,000 | 50,476 | ||||||
138,610 | ||||||||
Electronic Equipment, Instruments and Components — 0.8% | ||||||||
Imola
Merger Corp., 4.75%, 5/15/29(1) |
150,000 | 127,535 | ||||||
Sensata
Technologies, Inc., 4.375%, 2/15/30(1) |
125,000 | 111,563 | ||||||
239,098 | ||||||||
Energy Equipment and Services — 1.3% | ||||||||
Archrock
Partners LP / Archrock Partners Finance Corp., 6.875%, 4/1/27(1) |
50,000 | 46,944 | ||||||
Archrock
Partners LP / Archrock Partners Finance Corp., 6.25%, 4/1/28(1) |
75,000 | 68,369 | ||||||
Bristow
Group, Inc., 6.875%, 3/1/28(1) |
75,000 | 69,673 | ||||||
Nabors
Industries, Inc., 7.375%, 5/15/27(1)(2) |
50,000 | 48,335 | ||||||
Precision
Drilling Corp., 6.875%, 1/15/29(1) |
50,000 | 46,005 | ||||||
Transocean
Guardian Ltd., 5.875%, 1/15/24(1) |
13,571 | 12,881 | ||||||
Transocean
Poseidon Ltd., 6.875%, 2/1/27(1) |
21,875 | 20,636 | ||||||
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 9/1/27 | 50,000 | 46,300 | ||||||
Weatherford
International Ltd., 8.625%, 4/30/30(1) |
50,000 | 45,283 | ||||||
404,426 | ||||||||
Entertainment — 0.9% | ||||||||
Cinemark
USA, Inc., 5.875%, 3/15/26(1)(2) |
50,000 | 44,433 | ||||||
Cinemark
USA, Inc., 5.25%, 7/15/28(1)(2) |
50,000 | 40,564 | ||||||
Live
Nation Entertainment, Inc., 4.75%, 10/15/27(1)(2) |
75,000 | 68,375 | ||||||
Playtika
Holding Corp., 4.25%, 3/15/29(1) |
50,000 | 42,716 | ||||||
WMG
Acquisition Corp., 3.875%, 7/15/30(1) |
50,000 | 43,078 | ||||||
WMG
Acquisition Corp., 3.00%, 2/15/31(1) |
50,000 | 39,778 | ||||||
278,944 | ||||||||
Equity Real Estate Investment Trusts (REITs) — 3.6% | ||||||||
CTR
Partnership LP / CareTrust Capital Corp., 3.875%, 6/30/28(1) |
50,000 | 42,428 | ||||||
Diversified Healthcare Trust, 9.75%, 6/15/25 | 37,000 | 36,417 | ||||||
Diversified Healthcare Trust, 4.375%, 3/1/31 | 50,000 | 34,382 | ||||||
HAT
Holdings I LLC / HAT Holdings II LLC, 3.375%, 6/15/26(1) |
50,000 | 43,469 | ||||||
Iron
Mountain, Inc., 5.25%, 3/15/28(1) |
150,000 | 137,857 | ||||||
Iron
Mountain, Inc., 4.875%, 9/15/29(1) |
75,000 | 65,167 | ||||||
Iron
Mountain, Inc., 4.50%, 2/15/31(1) |
50,000 | 41,599 | ||||||
MPT
Operating Partnership LP / MPT Finance Corp., 4.625%, 8/1/29(2) |
75,000 | 63,985 | ||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co-Issuer, 7.50%, 6/1/25(1) |
75,000 | 75,795 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance
Co-Issuer, 5.875%, 10/1/28(1) |
$ | 50,000 | $ | 46,016 | ||||
RLJ
Lodging Trust LP, 3.75%, 7/1/26(1) |
50,000 | 44,928 | ||||||
RLJ
Lodging Trust LP, 4.00%, 9/15/29(1) |
50,000 | 42,282 | ||||||
SBA Communications Corp., 3.875%, 2/15/27 | 125,000 | 114,033 | ||||||
Service
Properties Trust, 4.35%, 10/1/24(2) |
75,000 | 67,224 | ||||||
Service Properties Trust, 5.25%, 2/15/26 | 50,000 | 42,624 | ||||||
Service Properties Trust, 4.95%, 2/15/27 | 75,000 | 60,847 | ||||||
Service Properties Trust, 4.95%, 10/1/29 | 75,000 | 56,783 | ||||||
Service
Properties Trust, 4.375%, 2/15/30(2) |
50,000 | 36,706 | ||||||
Uniti
Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 4.75%,
4/15/28(1) |
50,000 | 41,849 | ||||||
1,094,391 | ||||||||
Food and Staples Retailing — 0.5% | ||||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 4.625%,
1/15/27(1) |
50,000 | 45,687 | ||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.875%,
2/15/28(1) |
50,000 | 47,703 | ||||||
Albertsons
Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 3.50%,
3/15/29(1) |
50,000 | 41,153 | ||||||
134,543 | ||||||||
Food Products — 0.9% | ||||||||
Herbalife
Nutrition Ltd. / HLF Financing, Inc., 7.875%, 9/1/25(1) |
50,000 | 48,232 | ||||||
JBS
USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 6.50%,
4/15/29(1) |
12,000 | 12,436 | ||||||
JBS
USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 5.50%,
1/15/30(1) |
75,000 | 75,135 | ||||||
Pilgrim's
Pride Corp., 5.875%, 9/30/27(1) |
75,000 | 73,979 | ||||||
Post
Holdings, Inc., 5.75%, 3/1/27(1) |
28,000 | 27,387 | ||||||
Simmons
Foods, Inc. / Simmons Prepared Foods, Inc. / Simmons Pet Food, Inc. /
Simmons Feed, Inc., 4.625%, 3/1/29(1) |
50,000 | 44,288 | ||||||
281,457 | ||||||||
Health Care Equipment and Supplies — 0.6% | ||||||||
Avantor
Funding, Inc., 3.875%, 11/1/29(1) |
50,000 | 43,328 | ||||||
Medline
Borrower LP, 3.875%, 4/1/29(1) |
75,000 | 63,656 | ||||||
Medline
Borrower LP, 5.25%, 10/1/29(1)(2) |
100,000 | 84,164 | ||||||
191,148 | ||||||||
Health Care Providers and Services — 4.4% | ||||||||
Catalent
Pharma Solutions, Inc., 3.50%, 4/1/30(1) |
50,000 | 41,250 | ||||||
Centene Corp., 4.25%, 12/15/27 | 125,000 | 118,885 | ||||||
Centene Corp., 4.625%, 12/15/29 | 76,000 | 71,702 | ||||||
Centene Corp., 3.375%, 2/15/30 | 50,000 | 42,945 | ||||||
Centene Corp., 3.00%, 10/15/30 | 50,000 | 41,862 | ||||||
CHS
/ Community Health Systems, Inc., 8.00%, 3/15/26(1) |
75,000 | 70,219 | ||||||
CHS
/ Community Health Systems, Inc., 5.625%, 3/15/27(1) |
50,000 | 42,495 | ||||||
CHS
/ Community Health Systems, Inc., 8.00%, 12/15/27(1)(2) |
50,000 | 43,485 | ||||||
CHS
/ Community Health Systems, Inc., 4.75%, 2/15/31(1) |
50,000 | 36,985 | ||||||
DaVita,
Inc., 4.625%, 6/1/30(1) |
150,000 | 120,940 | ||||||
DaVita,
Inc., 3.75%, 2/15/31(1) |
50,000 | 36,878 | ||||||
HCA, Inc., 5.375%, 2/1/25 | 75,000 | 75,807 | ||||||
HCA, Inc., 5.875%, 2/15/26 | 50,000 | 51,118 | ||||||
HCA, Inc., 5.375%, 9/1/26 | 75,000 | 75,301 | ||||||
HealthEquity,
Inc., 4.50%, 10/1/29(1) |
50,000 | 44,039 | ||||||
Legacy
LifePoint Health LLC, 6.75%, 4/15/25(1) |
50,000 | 49,165 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Molina
Healthcare, Inc., 3.875%, 5/15/32(1) |
$ | 50,000 | $ | 43,109 | ||||
Owens
& Minor, Inc., 4.50%, 3/31/29(1)(2) |
50,000 | 42,682 | ||||||
Tenet
Healthcare Corp., 4.875%, 1/1/26(1) |
150,000 | 142,691 | ||||||
Tenet
Healthcare Corp., 6.25%, 2/1/27(1) |
75,000 | 72,412 | ||||||
Tenet
Healthcare Corp., 5.125%, 11/1/27(1) |
50,000 | 46,381 | ||||||
Tenet
Healthcare Corp., 4.25%, 6/1/29(1) |
50,000 | 43,205 | ||||||
1,353,556 | ||||||||
Hotels, Restaurants and Leisure — 8.1% | ||||||||
1011778
BC ULC / New Red Finance, Inc., 4.375%, 1/15/28(1) |
50,000 | 44,782 | ||||||
1011778
BC ULC / New Red Finance, Inc., 4.00%, 10/15/30(1) |
125,000 | 101,602 | ||||||
Affinity
Gaming, 6.875%, 12/15/27(1)(2) |
125,000 | 108,734 | ||||||
Aramark
Services, Inc., 6.375%, 5/1/25(1) |
125,000 | 124,064 | ||||||
Caesars
Entertainment, Inc., 6.25%, 7/1/25(1) |
50,000 | 48,885 | ||||||
Caesars
Entertainment, Inc., 4.625%, 10/15/29(1)(2) |
50,000 | 40,280 | ||||||
Carnival
Corp., 10.50%, 2/1/26(1) |
75,000 | 77,347 | ||||||
Carnival
Corp., 7.625%, 3/1/26(1) |
75,000 | 63,953 | ||||||
Carnival
Corp., 5.75%, 3/1/27(1) |
175,000 | 136,308 | ||||||
Carnival
Corp., 9.875%, 8/1/27(1) |
50,000 | 50,254 | ||||||
Carnival
Corp., 4.00%, 8/1/28(1) |
50,000 | 41,750 | ||||||
Carnival
Corp., 6.00%, 5/1/29(1) |
150,000 | 113,906 | ||||||
Fertitta
Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 4.625%,
1/15/29(1) |
75,000 | 65,491 | ||||||
GPS
Hospitality Holding Co. LLC / GPS Finco, Inc., 7.00%, 8/15/28(1) |
50,000 | 31,834 | ||||||
Hilton
Domestic Operating Co., Inc., 5.75%, 5/1/28(1) |
50,000 | 48,947 | ||||||
Hilton Domestic Operating Co., Inc., 4.875%, 1/15/30 | 50,000 | 45,756 | ||||||
Hilton
Domestic Operating Co., Inc., 3.625%, 2/15/32(1) |
50,000 | 40,438 | ||||||
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc,
5.00%, 6/1/29(1) |
75,000 | 66,472 | ||||||
Hilton
Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc,
4.875%, 7/1/31(1) |
50,000 | 41,342 | ||||||
Life
Time, Inc., 8.00%, 4/15/26(1)(2) |
50,000 | 44,218 | ||||||
MGM Resorts International, 6.75%, 5/1/25 | 100,000 | 100,068 | ||||||
MGM
Resorts International, 4.75%, 10/15/28(2) |
50,000 | 44,012 | ||||||
Midwest
Gaming Borrower LLC / Midwest Gaming Finance Corp., 4.875%,
5/1/29(1) |
50,000 | 43,962 | ||||||
NCL
Corp. Ltd., 3.625%, 12/15/24(1)(2) |
75,000 | 65,105 | ||||||
NCL
Corp. Ltd., 5.875%, 3/15/26(1) |
50,000 | 40,500 | ||||||
NCL
Finance Ltd., 6.125%, 3/15/28(1) |
50,000 | 38,899 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.625%,
9/1/29(1) |
50,000 | 37,005 | ||||||
Premier
Entertainment Sub LLC / Premier Entertainment Finance Corp., 5.875%,
9/1/31(1)(2) |
50,000 | 35,016 | ||||||
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22 | 50,000 | 50,108 | ||||||
Royal
Caribbean Cruises Ltd., 5.375%, 7/15/27(1)(2) |
25,000 | 19,387 | ||||||
Royal Caribbean Cruises Ltd., 7.50%, 10/15/27 | 75,000 | 63,932 | ||||||
Royal Caribbean Cruises Ltd., 3.70%, 3/15/28 | 50,000 | 34,067 | ||||||
Royal
Caribbean Cruises Ltd., 5.50%, 4/1/28(1)(2) |
150,000 | 113,439 | ||||||
Scientific
Games International, Inc., 7.25%, 11/15/29(1) |
50,000 | 49,250 | ||||||
Sizzling
Platter LLC / Sizzling Platter Finance Corp., 8.50%, 11/28/25(1) |
50,000 | 45,074 | ||||||
Travel
+ Leisure Co., 6.625%, 7/31/26(1) |
50,000 | 48,543 | ||||||
Travel
+ Leisure Co., 4.50%, 12/1/29(1) |
50,000 | 40,718 | ||||||
Viking
Cruises Ltd., 6.25%, 5/15/25(1) |
75,000 | 67,098 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Viking
Ocean Cruises Ship VII Ltd., 5.625%, 2/15/29(1) |
$ | 75,000 | $ | 61,397 | ||||
Wynn
Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.50%, 3/1/25(1)(2) |
100,000 | 95,880 | ||||||
Wynn
Resorts Finance LLC / Wynn Resorts Capital Corp., 7.75%,
4/15/25(1) |
50,000 | 49,919 | ||||||
2,479,742 | ||||||||
Household Durables — 2.2% | ||||||||
Ashton
Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(1) |
50,000 | 39,511 | ||||||
Beazer Homes USA, Inc., 6.75%, 3/15/25 | 75,000 | 72,105 | ||||||
Beazer Homes USA, Inc., 5.875%, 10/15/27 | 50,000 | 41,196 | ||||||
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC, 5.00%,
6/15/29(1) |
75,000 | 59,763 | ||||||
Century Communities, Inc., 6.75%, 6/1/27 | 125,000 | 122,786 | ||||||
KB Home, 4.00%, 6/15/31 | 50,000 | 39,508 | ||||||
Mattamy
Group Corp., 4.625%, 3/1/30(1) |
50,000 | 40,585 | ||||||
Newell Brands, Inc., 4.45%, 4/1/26 | 75,000 | 70,633 | ||||||
Taylor
Morrison Communities, Inc., 5.125%, 8/1/30(1) |
50,000 | 42,974 | ||||||
Tempur
Sealy International, Inc., 4.00%, 4/15/29(1) |
50,000 | 41,155 | ||||||
Tempur
Sealy International, Inc., 3.875%, 10/15/31(1)(2) |
50,000 | 38,561 | ||||||
Tri Pointe Homes, Inc., 5.25%, 6/1/27 | 75,000 | 68,560 | ||||||
677,337 | ||||||||
Independent Power and Renewable Electricity Producers — 1.1% | ||||||||
Calpine
Corp., 5.25%, 6/1/26(1) |
37,000 | 35,966 | ||||||
Calpine
Corp., 4.50%, 2/15/28(1) |
75,000 | 68,709 | ||||||
Calpine
Corp., 5.125%, 3/15/28(1) |
75,000 | 66,737 | ||||||
Clearway
Energy Operating LLC, 4.75%, 3/15/28(1) |
75,000 | 70,359 | ||||||
Sunnova
Energy Corp., 5.875%, 9/1/26(1)(2) |
50,000 | 46,210 | ||||||
TerraForm
Power Operating LLC, 5.00%, 1/31/28(1) |
50,000 | 45,899 | ||||||
333,880 | ||||||||
Insurance — 0.2% | ||||||||
Acrisure
LLC / Acrisure Finance, Inc., 4.25%, 2/15/29(1) |
75,000 | 63,731 | ||||||
Interactive Media and Services — 0.4% | ||||||||
Rackspace
Technology Global, Inc., 3.50%, 2/15/28(1) |
50,000 | 36,181 | ||||||
Twitter,
Inc., 5.00%, 3/1/30(1) |
50,000 | 47,187 | ||||||
Ziff
Davis, Inc., 4.625%, 10/15/30(1) |
50,000 | 42,707 | ||||||
126,075 | ||||||||
Internet and Direct Marketing Retail — 0.3% | ||||||||
Go
Daddy Operating Co. LLC / GD Finance Co., Inc., 3.50%, 3/1/29(1) |
25,000 | 21,200 | ||||||
Match
Group Holdings II LLC, 3.625%, 10/1/31(1) |
50,000 | 39,179 | ||||||
Millennium
Escrow Corp., 6.625%, 8/1/26(1) |
50,000 | 40,654 | ||||||
101,033 | ||||||||
IT Services — 0.3% | ||||||||
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25 | 50,000 | 49,204 | ||||||
Presidio
Holdings, Inc., 4.875%, 2/1/27(1) |
50,000 | 46,856 | ||||||
96,060 | ||||||||
Leisure Products — 0.2% | ||||||||
Mattel,
Inc., 5.45%, 11/1/41(2) |
50,000 | 46,016 | ||||||
Machinery — 0.3% | ||||||||
Hillenbrand, Inc., 3.75%, 3/1/31 | 50,000 | 42,406 | ||||||
Terex
Corp., 5.00%, 5/15/29(1)(2) |
50,000 | 44,805 | ||||||
87,211 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Marine — 0.2% | ||||||||
Seaspan
Corp., 5.50%, 8/1/29(1) |
$ | 75,000 | $ | 61,875 | ||||
Media — 9.5% | ||||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 5.125%, 5/1/27(1) |
75,000 | 71,287 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 5.375%, 6/1/29(1) |
75,000 | 68,602 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 6.375%, 9/1/29(1) |
50,000 | 48,625 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 4.75%, 3/1/30(1) |
75,000 | 64,552 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 4.50%, 8/15/30(1) |
125,000 | 105,275 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 4.25%, 2/1/31(1) |
125,000 | 102,150 | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 5/1/32 | 150,000 | 121,909 | ||||||
CCO
Holdings LLC / CCO Holdings Capital Corp., 4.50%, 6/1/33(1) |
100,000 | 78,629 | ||||||
Clear
Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(1)(2) |
50,000 | 44,845 | ||||||
CSC
Holdings LLC, 6.50%, 2/1/29(1) |
200,000 | 184,270 | ||||||
CSC
Holdings LLC, 5.75%, 1/15/30(1) |
250,000 | 194,019 | ||||||
Directv
Financing LLC / Directv Financing Co-Obligor, Inc., 5.875%,
8/15/27(1) |
125,000 | 114,547 | ||||||
DISH DBS Corp., 5.00%, 3/15/23 | 75,000 | 73,492 | ||||||
DISH DBS Corp., 7.75%, 7/1/26 | 75,000 | 59,223 | ||||||
DISH
DBS Corp., 5.25%, 12/1/26(1) |
75,000 | 62,062 | ||||||
DISH
DBS Corp., 5.75%, 12/1/28(1) |
25,000 | 19,244 | ||||||
DISH DBS Corp., 5.125%, 6/1/29 | 50,000 | 29,701 | ||||||
GCI
LLC, 4.75%, 10/15/28(1) |
50,000 | 45,130 | ||||||
Gray
Television, Inc., 7.00%, 5/15/27(1)(2) |
125,000 | 123,451 | ||||||
Gray
Television, Inc., 4.75%, 10/15/30(1)(2) |
50,000 | 41,275 | ||||||
iHeartCommunications,
Inc., 5.25%, 8/15/27(1)(2) |
50,000 | 44,943 | ||||||
iHeartCommunications,
Inc., 4.75%, 1/15/28(1)(2) |
50,000 | 42,975 | ||||||
Lamar Media Corp., 3.75%, 2/15/28 | 50,000 | 44,922 | ||||||
Lamar
Media Corp., 4.875%, 1/15/29(2) |
50,000 | 46,500 | ||||||
Lamar Media Corp., 4.00%, 2/15/30 | 50,000 | 43,609 | ||||||
McGraw-Hill
Education, Inc., 8.00%, 8/1/29(1) |
50,000 | 43,452 | ||||||
News
Corp., 3.875%, 5/15/29(1) |
75,000 | 65,396 | ||||||
Nexstar
Media, Inc., 5.625%, 7/15/27(1) |
50,000 | 47,669 | ||||||
Outfront
Media Capital LLC / Outfront Media Capital Corp., 5.00%,
8/15/27(1)(2) |
100,000 | 91,669 | ||||||
Quebecor Media, Inc., 5.75%, 1/15/23 | 50,000 | 50,063 | ||||||
Sinclair
Television Group, Inc., 5.125%, 2/15/27(1)(2) |
50,000 | 42,946 | ||||||
Sinclair
Television Group, Inc., 5.50%, 3/1/30(1) |
75,000 | 58,893 | ||||||
Sinclair
Television Group, Inc., 4.125%, 12/1/30(1) |
50,000 | 40,787 | ||||||
Sirius
XM Radio, Inc., 3.125%, 9/1/26(1) |
25,000 | 22,297 | ||||||
Sirius
XM Radio, Inc., 5.00%, 8/1/27(1) |
75,000 | 70,700 | ||||||
Sirius
XM Radio, Inc., 4.00%, 7/15/28(1) |
75,000 | 65,437 | ||||||
Sirius
XM Radio, Inc., 5.50%, 7/1/29(1) |
50,000 | 46,809 | ||||||
Sirius
XM Radio, Inc., 3.875%, 9/1/31(1) |
50,000 | 40,436 | ||||||
Univision
Communications, Inc., 5.125%, 2/15/25(1) |
75,000 | 72,540 | ||||||
Univision
Communications, Inc., 6.625%, 6/1/27(1) |
50,000 | 48,315 | ||||||
Videotron
Ltd., 3.625%, 6/15/29(1)(2) |
50,000 | 41,569 | ||||||
Virgin
Media Secured Finance PLC, 5.50%, 5/15/29(1) |
200,000 | 178,138 | ||||||
2,902,353 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Metals and Mining — 2.3% | ||||||||
Arconic
Corp., 6.00%, 5/15/25(1) |
$ | 50,000 | $ | 49,187 | ||||
Arconic
Corp., 6.125%, 2/15/28(1) |
50,000 | 47,021 | ||||||
ATI, Inc., 4.875%, 10/1/29 | 25,000 | 22,399 | ||||||
ATI,
Inc., 5.125%, 10/1/31(2) |
50,000 | 44,061 | ||||||
Carpenter Technology Corp., 6.375%, 7/15/28 | 50,000 | 47,874 | ||||||
Cleveland-Cliffs,
Inc., 4.625%, 3/1/29(1)(2) |
25,000 | 22,234 | ||||||
Cleveland-Cliffs,
Inc., 4.875%, 3/1/31(1)(2) |
50,000 | 43,735 | ||||||
Coeur
Mining, Inc., 5.125%, 2/15/29(1)(2) |
50,000 | 36,478 | ||||||
Compass
Minerals International, Inc., 6.75%, 12/1/27(1) |
50,000 | 47,684 | ||||||
Freeport-McMoRan, Inc., 4.25%, 3/1/30 | 75,000 | 68,059 | ||||||
Hudbay
Minerals, Inc., 6.125%, 4/1/29(1) |
50,000 | 44,082 | ||||||
IAMGOLD
Corp., 5.75%, 10/15/28(1) |
50,000 | 25,074 | ||||||
Novelis
Corp., 4.75%, 1/30/30(1) |
125,000 | 108,900 | ||||||
PT
FMG Resources August 2006 Pty Ltd., 4.375%, 4/1/31(1) |
50,000 | 40,848 | ||||||
Taseko
Mines Ltd., 7.00%, 2/15/26(1)(2) |
50,000 | 41,324 | ||||||
688,960 | ||||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.2% | ||||||||
Blackstone
Mortgage Trust, Inc., 3.75%, 1/15/27(1) |
50,000 | 43,579 | ||||||
Multiline Retail — 0.2% | ||||||||
Macy's
Retail Holdings LLC, 5.875%, 4/1/29(1)(2) |
50,000 | 43,331 | ||||||
Oil, Gas and Consumable Fuels — 16.3% | ||||||||
Aethon
United BR LP / Aethon United Finance Corp., 8.25%, 2/15/26(1) |
50,000 | 50,065 | ||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp., 7.875%,
5/15/26(1) |
50,000 | 50,963 | ||||||
Antero
Midstream Partners LP / Antero Midstream Finance Corp., 5.375%,
6/15/29(1) |
50,000 | 45,905 | ||||||
Apache
Corp., 4.25%, 1/15/30(2) |
50,000 | 45,234 | ||||||
Apache Corp., 5.10%, 9/1/40 | 75,000 | 63,836 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp., 7.00%,
11/1/26(1) |
75,000 | 73,044 | ||||||
Ascent
Resources Utica Holdings LLC / ARU Finance Corp., 5.875%,
6/30/29(1) |
50,000 | 45,105 | ||||||
Cheniere Energy Partners LP, 4.00%, 3/1/31 | 175,000 | 153,574 | ||||||
Cheniere Energy, Inc., 4.625%, 10/15/28 | 50,000 | 48,250 | ||||||
Citgo
Holding, Inc., 9.25%, 8/1/24(1)(2) |
50,000 | 49,890 | ||||||
CITGO
Petroleum Corp., 7.00%, 6/15/25(1) |
50,000 | 48,687 | ||||||
CITGO
Petroleum Corp., 6.375%, 6/15/26(1) |
50,000 | 47,660 | ||||||
CNX
Resources Corp., 7.25%, 3/14/27(1) |
75,000 | 74,587 | ||||||
Comstock
Resources, Inc., 6.75%, 3/1/29(1) |
50,000 | 47,812 | ||||||
Comstock
Resources, Inc., 5.875%, 1/15/30(1) |
50,000 | 45,808 | ||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 | 50,000 | 48,259 | ||||||
Crestwood
Midstream Partners LP / Crestwood Midstream Finance Corp., 6.00%,
2/1/29(1) |
50,000 | 46,270 | ||||||
CrownRock
LP / CrownRock Finance, Inc., 5.625%, 10/15/25(1) |
125,000 | 123,306 | ||||||
DCP Midstream Operating LP, 5.375%, 7/15/25 | 125,000 | 125,476 | ||||||
DCP Midstream Operating LP, 5.125%, 5/15/29 | 75,000 | 73,196 | ||||||
DCP Midstream Operating LP, 3.25%, 2/15/32 | 50,000 | 42,091 | ||||||
Delek
Logistics Partners LP / Delek Logistics Finance Corp., 7.125%,
6/1/28(1) |
50,000 | 46,781 | ||||||
EnLink
Midstream LLC, 6.50%, 9/1/30(1)(2) |
50,000 | 49,804 | ||||||
EnLink Midstream Partners LP, 4.85%, 7/15/26 | 75,000 | 73,887 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
EnLink
Midstream Partners LP, 5.60%, 4/1/44(2) |
$ | 75,000 | $ | 59,027 | ||||
EnLink Midstream Partners LP, 5.45%, 6/1/47 | 75,000 | 57,380 | ||||||
EQM
Midstream Partners LP, 6.00%, 7/1/25(1) |
50,000 | 48,294 | ||||||
EQM
Midstream Partners LP, 6.50%, 7/1/27(1)(2) |
50,000 | 48,353 | ||||||
EQM
Midstream Partners LP, 4.50%, 1/15/29(1) |
50,000 | 43,134 | ||||||
EQM
Midstream Partners LP, 4.75%, 1/15/31(1) |
50,000 | 43,333 | ||||||
EQT Corp., 3.90%, 10/1/27 | 75,000 | 71,095 | ||||||
EQT Corp., 7.00%, 2/1/30 | 50,000 | 53,571 | ||||||
Genesis
Energy LP / Genesis Energy Finance Corp., 8.00%, 1/15/27(2) |
125,000 | 118,671 | ||||||
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28 | 50,000 | 46,426 | ||||||
Harvest
Midstream I LP, 7.50%, 9/1/28(1) |
75,000 | 71,071 | ||||||
Hess
Midstream Operations LP, 5.625%, 2/15/26(1) |
75,000 | 73,268 | ||||||
Hess
Midstream Operations LP, 5.125%, 6/15/28(1) |
50,000 | 46,514 | ||||||
Hilcorp
Energy I LP / Hilcorp Finance Co., 6.00%, 2/1/31(1)(2) |
50,000 | 45,394 | ||||||
Holly
Energy Partners LP / Holly Energy Finance Corp., 5.00%, 2/1/28(1) |
50,000 | 46,627 | ||||||
ITT
Holdings LLC, 6.50%, 8/1/29(1) |
50,000 | 42,305 | ||||||
Laredo
Petroleum, Inc., 9.50%, 1/15/25(2) |
75,000 | 75,359 | ||||||
Matador Resources Co., 5.875%, 9/15/26 | 75,000 | 73,503 | ||||||
MEG
Energy Corp., 7.125%, 2/1/27(1) |
50,000 | 50,587 | ||||||
MEG
Energy Corp., 5.875%, 2/1/29(1) |
75,000 | 69,855 | ||||||
Murphy Oil Corp., 5.75%, 8/15/25 | 48,000 | 47,626 | ||||||
Murphy Oil Corp., 5.875%, 12/1/27 | 50,000 | 48,699 | ||||||
Murphy
Oil Corp., 6.375%, 7/15/28(2) |
50,000 | 49,306 | ||||||
NGL
Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 2/1/26(1) |
75,000 | 68,727 | ||||||
Northern
Oil and Gas, Inc., 8.125%, 3/1/28(1) |
50,000 | 48,087 | ||||||
NuStar
Logistics LP, 6.375%, 10/1/30(2) |
50,000 | 45,572 | ||||||
Occidental Petroleum Corp., 5.50%, 12/1/25 | 50,000 | 51,411 | ||||||
Occidental Petroleum Corp., 3.40%, 4/15/26 | 50,000 | 48,073 | ||||||
Occidental Petroleum Corp., 8.50%, 7/15/27 | 75,000 | 84,092 | ||||||
Occidental Petroleum Corp., 6.375%, 9/1/28 | 50,000 | 52,288 | ||||||
Occidental Petroleum Corp., 8.875%, 7/15/30 | 75,000 | 87,720 | ||||||
Occidental Petroleum Corp., 6.625%, 9/1/30 | 50,000 | 53,485 | ||||||
Occidental
Petroleum Corp., 6.125%, 1/1/31(2) |
50,000 | 52,034 | ||||||
Occidental Petroleum Corp., 7.50%, 5/1/31 | 50,000 | 56,384 | ||||||
Occidental Petroleum Corp., 4.40%, 4/15/46 | 50,000 | 43,451 | ||||||
Occidental Petroleum Corp., 4.10%, 2/15/47 | 75,000 | 62,562 | ||||||
Parkland
Corp., 5.875%, 7/15/27(1)(2) |
50,000 | 48,370 | ||||||
Parkland
Corp., 4.625%, 5/1/30(1) |
50,000 | 43,007 | ||||||
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28 | 50,000 | 44,969 | ||||||
PBF
Logistics LP / PBF Logistics Finance Corp., 6.875%, 5/15/23(2) |
75,000 | 75,086 | ||||||
Penn
Virginia Holdings LLC, 9.25%, 8/15/26(1) |
50,000 | 49,152 | ||||||
Range Resources Corp., 8.25%, 1/15/29 | 50,000 | 52,547 | ||||||
Rockcliff
Energy II LLC, 5.50%, 10/15/29(1) |
50,000 | 46,265 | ||||||
SM
Energy Co., 6.75%, 9/15/26(2) |
75,000 | 73,862 | ||||||
Southwestern Energy Co., 5.375%, 2/1/29 | 50,000 | 47,351 | ||||||
Southwestern Energy Co., 5.375%, 3/15/30 | 50,000 | 46,933 | ||||||
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27 | 50,000 | 48,429 | ||||||
Sunoco LP / Sunoco Finance Corp., 4.50%, 4/30/30 | 50,000 | 42,731 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%,
12/31/30(1) |
$ | 50,000 | $ | 43,851 | ||||
Tallgrass
Energy Partners LP / Tallgrass Energy Finance Corp., 6.00%,
9/1/31(1)(2) |
50,000 | 43,817 | ||||||
Talos Production, Inc., 12.00%, 1/15/26 | 50,000 | 53,045 | ||||||
Tap
Rock Resources LLC, 7.00%, 10/1/26(1) |
50,000 | 46,890 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 6.50%, 7/15/27 | 50,000 | 51,503 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 5.00%, 1/15/28 | 125,000 | 122,042 | ||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp., 4.875%, 2/1/31 | 50,000 | 46,420 | ||||||
Teine
Energy Ltd., 6.875%, 4/15/29(1) |
50,000 | 45,730 | ||||||
Venture
Global Calcasieu Pass LLC, 3.875%, 8/15/29(1) |
100,000 | 87,390 | ||||||
Viper
Energy Partners LP, 5.375%, 11/1/27(1) |
75,000 | 71,924 | ||||||
Western Midstream Operating LP, 3.35%, 2/1/25 | 75,000 | 70,902 | ||||||
Western Midstream Operating LP, 5.50%, 2/1/50 | 75,000 | 65,040 | ||||||
4,970,030 | ||||||||
Personal Products — 0.3% | ||||||||
Edgewell
Personal Care Co., 5.50%, 6/1/28(1) |
50,000 | 46,234 | ||||||
Edgewell
Personal Care Co., 4.125%, 4/1/29(1) |
50,000 | 43,042 | ||||||
89,276 | ||||||||
Pharmaceuticals — 0.9% | ||||||||
Organon
& Co. / Organon Foreign Debt Co-Issuer BV, 5.125%, 4/30/31(1) |
200,000 | 175,252 | ||||||
P&L
Development LLC / PLD Finance Corp., 7.75%, 11/15/25(1) |
50,000 | 35,677 | ||||||
Par
Pharmaceutical, Inc., 7.50%, 4/1/27(1)(4) |
75,000 | 63,842 | ||||||
274,771 | ||||||||
Professional Services — 0.2% | ||||||||
ASGN,
Inc., 4.625%, 5/15/28(1) |
75,000 | 66,381 | ||||||
Real Estate Management and Development — 0.9% | ||||||||
Cushman
& Wakefield US Borrower LLC, 6.75%, 5/15/28(1) |
75,000 | 74,460 | ||||||
Forestar
Group, Inc., 3.85%, 5/15/26(1) |
50,000 | 42,557 | ||||||
Howard
Hughes Corp., 5.375%, 8/1/28(1) |
50,000 | 44,573 | ||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp., 5.75%, 1/15/29(1) |
50,000 | 39,250 | ||||||
Realogy
Group LLC / Realogy Co.-Issuer Corp., 5.25%, 4/15/30(1) |
75,000 | 56,511 | ||||||
257,351 | ||||||||
Road and Rail — 1.6% | ||||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%,
7/15/27(1)(2) |
75,000 | 71,167 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc., 4.75%,
4/1/28(1) |
50,000 | 43,729 | ||||||
Avis
Budget Car Rental LLC / Avis Budget Finance, Inc., 5.375%,
3/1/29(1) |
50,000 | 43,656 | ||||||
Hertz
Corp., 5.00%, 12/1/29(1) |
50,000 | 40,309 | ||||||
NESCO
Holdings II, Inc., 5.50%, 4/15/29(1) |
50,000 | 44,088 | ||||||
Uber
Technologies, Inc., 4.50%, 8/15/29(1) |
100,000 | 87,000 | ||||||
United Rentals North America, Inc., 4.875%, 1/15/28 | 50,000 | 46,797 | ||||||
United Rentals North America, Inc., 3.875%, 2/15/31 | 75,000 | 64,956 | ||||||
XPO
Logistics, Inc., 6.25%, 5/1/25(1)(2) |
34,000 | 34,438 | ||||||
476,140 |
Select High Yield ETF | ||||||||
Principal Amount | Value | |||||||
Semiconductors and Semiconductor Equipment — 0.3% | ||||||||
ON
Semiconductor Corp., 3.875%, 9/1/28(1) |
$ | 50,000 | $ | 44,685 | ||||
Synaptics,
Inc., 4.00%, 6/15/29(1)(2) |
50,000 | 43,174 | ||||||
87,859 | ||||||||
Software — 2.4% | ||||||||
Camelot
Finance SA, 4.50%, 11/1/26(1) |
50,000 | 46,574 | ||||||
Castle
US Holding Corp., 9.50%, 2/15/28(1) |
75,000 | 59,017 | ||||||
Consensus
Cloud Solutions, Inc., 6.00%, 10/15/26(1) |
50,000 | 45,597 | ||||||
Consensus
Cloud Solutions, Inc., 6.50%, 10/15/28(1) |
50,000 | 44,785 | ||||||
GoTo
Group, Inc., 5.50%, 9/1/27(1) |
50,000 | 36,858 | ||||||
NCR
Corp., 5.75%, 9/1/27(1) |
50,000 | 48,162 | ||||||
NCR
Corp., 5.125%, 4/15/29(1) |
75,000 | 70,140 | ||||||
NCR
Corp., 6.125%, 9/1/29(1)(2) |
50,000 | 47,742 | ||||||
NCR
Corp., 5.25%, 10/1/30(1) |
75,000 | 69,376 | ||||||
Open
Text Corp., 3.875%, 12/1/29(1) |
75,000 | 60,576 | ||||||
Open
Text Holdings, Inc., 4.125%, 2/15/30(1) |
50,000 | 40,319 | ||||||
Open
Text Holdings, Inc., 4.125%, 12/1/31(1) |
50,000 | 39,583 | ||||||
SS&C
Technologies, Inc., 5.50%, 9/30/27(1) |
75,000 | 71,158 | ||||||
Veritas
US, Inc. / Veritas Bermuda Ltd., 7.50%, 9/1/25(1)(2) |
50,000 | 38,588 | ||||||
718,475 | ||||||||
Specialty Retail — 2.2% | ||||||||
Asbury
Automotive Group, Inc., 4.625%, 11/15/29(1) |
50,000 | 42,936 | ||||||
Asbury
Automotive Group, Inc., 5.00%, 2/15/32(1) |
50,000 | 41,841 | ||||||
Bath
& Body Works, Inc., 6.625%, 10/1/30(1) |
50,000 | 45,485 | ||||||
Bath & Body Works, Inc., 6.75%, 7/1/36 | 75,000 | 64,837 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp., 5.375%, 4/1/26(1) |
50,000 | 43,575 | ||||||
Ferrellgas
LP / Ferrellgas Finance Corp., 5.875%, 4/1/29(1) |
75,000 | 61,237 | ||||||
Gap,
Inc., 3.875%, 10/1/31(1) |
50,000 | 34,750 | ||||||
Lithia
Motors, Inc., 3.875%, 6/1/29(1) |
50,000 | 42,288 | ||||||
LSF9
Atlantis Holdings LLC / Victra Finance Corp., 7.75%, 2/15/26(1) |
75,000 | 69,495 | ||||||
Sonic
Automotive, Inc., 4.875%, 11/15/31(1)(2) |
50,000 | 41,760 | ||||||
Staples,
Inc., 7.50%, 4/15/26(1) |
125,000 | 105,785 | ||||||
Staples,
Inc., 10.75%, 4/15/27(1)(2) |
50,000 | 36,825 | ||||||
Superior
Plus LP / Superior General Partner, Inc., 4.50%, 3/15/29(1) |
50,000 | 44,161 | ||||||
674,975 | ||||||||
Technology Hardware, Storage and Peripherals — 0.4% | ||||||||
Seagate HDD Cayman, 3.375%, 7/15/31 | 50,000 | 39,169 | ||||||
Xerox
Holdings Corp., 5.00%, 8/15/25(1) |
50,000 | 46,443 | ||||||
Xerox
Holdings Corp., 5.50%, 8/15/28(1) |
50,000 | 43,808 | ||||||
129,420 | ||||||||
Thrifts and Mortgage Finance — 1.3% | ||||||||
Freedom
Mortgage Corp., 8.125%, 11/15/24(1) |
25,000 | 22,228 | ||||||
Freedom
Mortgage Corp., 7.625%, 5/1/26(1) |
75,000 | 61,472 | ||||||
Freedom
Mortgage Corp., 6.625%, 1/15/27(1) |
50,000 | 37,760 | ||||||
MGIC Investment Corp., 5.25%, 8/15/28 | 75,000 | 70,063 | ||||||
Nationstar
Mortgage Holdings, Inc., 5.50%, 8/15/28(1) |
50,000 | 41,887 | ||||||
NMI
Holdings, Inc., 7.375%, 6/1/25(1) |
50,000 | 50,584 | ||||||
PennyMac
Financial Services, Inc., 4.25%, 2/15/29(1) |
50,000 | 39,170 | ||||||
Radian Group, Inc., 4.875%, 3/15/27 | 50,000 | 46,645 |
Select High Yield ETF | ||||||||
Principal Amount/Shares | Value | |||||||
United
Wholesale Mortgage LLC, 5.50%, 4/15/29(1)(2) |
$ | 50,000 | $ | 38,984 | ||||
408,793 | ||||||||
Trading Companies and Distributors — 0.5% | ||||||||
Beacon
Roofing Supply, Inc., 4.125%, 5/15/29(1)(2) |
50,000 | 41,941 | ||||||
Fly
Leasing Ltd., 7.00%, 10/15/24(1) |
75,000 | 41,358 | ||||||
Fortress
Transportation and Infrastructure Investors LLC, 6.50%,
10/1/25(1) |
38,000 | 35,467 | ||||||
Fortress
Transportation and Infrastructure Investors LLC, 5.50%, 5/1/28(1) |
50,000 | 42,625 | ||||||
161,391 | ||||||||
Wireless Telecommunication Services — 2.1% | ||||||||
Sprint Corp., 7.875%, 9/15/23 | 75,000 | 77,370 | ||||||
Sprint Corp., 7.125%, 6/15/24 | 125,000 | 129,216 | ||||||
T-Mobile USA, Inc., 2.25%, 2/15/26 | 50,000 | 46,013 | ||||||
T-Mobile USA, Inc., 3.375%, 4/15/29 | 100,000 | 90,212 | ||||||
T-Mobile USA, Inc., 3.50%, 4/15/31 | 50,000 | 44,348 | ||||||
Vmed
O2 UK Financing I PLC, 4.25%, 1/31/31(1)(2) |
200,000 | 162,000 | ||||||
Vodafone Group PLC, VRN, 7.00%, 4/4/79 | 75,000 | 77,582 | ||||||
626,741 | ||||||||
TOTAL
CORPORATE BONDS
(Cost
$32,964,687) |
28,902,651 | |||||||
PREFERRED
STOCKS — 0.6% |
|
| ||||||
Banks — 0.6% | ||||||||
Bank of America Corp., 6.25% | 75,000 | 74,312 | ||||||
Citigroup, Inc., 4.70% | 75,000 | 63,797 | ||||||
JPMorgan
Chase & Co., 6.125%(2) |
50,000 | 49,222 | ||||||
TOTAL
PREFERRED STOCKS
(Cost
$210,185) |
187,331 | |||||||
SHORT-TERM
INVESTMENTS — 9.9% |
|
| ||||||
Money Market Funds — 9.9% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 820,865 | 820,865 | ||||||
State
Street Navigator Securities Lending Government Money Market
Portfolio(5)
|
2,186,515 | 2,186,515 | ||||||
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$3,007,380) |
3,007,380 | |||||||
TOTAL
INVESTMENT SECURITIES — 105.3%
(Cost
$36,182,252) |
|
32,097,362 | ||||||
OTHER
ASSETS AND LIABILITIES — (5.3)% |
|
(1,616,554) | ||||||
TOTAL
NET ASSETS — 100.0% |
|
$ | 30,480,808 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
PIK | - | Payment in Kind. Security may pay a cash rate and/or an in kind rate. | ||||||
VRN | - | Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown. |
Statements of Assets and Liabilities |
AUGUST 31, 2022 | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $152,358,472 and $290,252,114, respectively) — including $2,774,845 and $—, respectively of securities on loan | $ | 143,724,636 | $ | 276,002,710 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $2,858,788 and $—, respectively) | 2,858,788 | — | ||||||
Total investment securities, at value (cost of $155,217,260 and $290,252,114, respectively) | 146,583,424 | 276,002,710 | ||||||
Deposits with broker for futures contracts | 112,780 | — | ||||||
Deposits with broker for swap agreements | 173,301 | — | ||||||
Receivable for investments sold | — | 349,161 | ||||||
Receivable for capital shares sold | — | 2,490,550 | ||||||
Receivable for variation margin on swap agreements | 4,378 | — | ||||||
Interest receivable | 1,238,334 | 2,864,957 | ||||||
Securities lending receivable | 1,898 | — | ||||||
148,114,115 | 281,707,378 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 2,858,788 | — | ||||||
Payable for investments purchased | 1,529,867 | 5,195,383 | ||||||
Payable for variation margin on futures contracts | 4,855 | — | ||||||
Accrued management fees | 35,856 | 65,731 | ||||||
4,429,366 | 5,261,114 | |||||||
Net Assets | $ | 143,684,749 | $ | 276,446,264 | ||||
Shares outstanding (unlimited number of shares authorized) | 3,100,000 | 5,550,000 | ||||||
Net Asset Value Per Share | $ | 46.35 | $ | 49.81 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 161,607,250 | $ | 296,026,544 | ||||
Distributable earnings | (17,922,501) | (19,580,280) | ||||||
$ | 143,684,749 | $ | 276,446,264 |
AUGUST 31, 2022 | ||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $30,092,285 and $124,953,865, respectively) — including $248,687 and $3,579,726, respectively of securities on loan | $ | 26,246,545 | $ | 115,841,088 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $256,775 and $3,709,125, respectively) | 256,775 | 3,709,125 | ||||||
Total investment securities, at value (cost of $30,349,060 and $128,662,990, respectively) | 26,503,320 | 119,550,213 | ||||||
Cash | — | 1,837 | ||||||
Receivable for variation margin on futures contracts | — | 2,768 | ||||||
Receivable for variation margin on swap agreements | — | 7,545 | ||||||
Swap agreements, at value (including net premiums paid (received) of $52,082 and $—, respectively) | 70,398 | — | ||||||
Interest and dividends receivable | 421,838 | 877,605 | ||||||
Securities lending receivable |
163 |
2,431 | ||||||
|
26,995,719 | 120,442,399 | ||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 256,775 | 3,709,125 | ||||||
Payable for investments purchased | 17,593 | 2,335,833 | ||||||
Payable for variation margin on futures contracts | 11,578 | — | ||||||
Swap agreements, at value (including net premiums paid (received) of $(5,697) and $—, respectively) | 7,281 | — | ||||||
Accrued management fees | 9,019 | 34,752 | ||||||
|
302,246 | 6,079,710 | ||||||
Net Assets | $ | 26,693,473 | $ | 114,362,689 | ||||
Shares outstanding (unlimited number of shares authorized) | 700,000 | 2,600,000 | ||||||
Net Asset Value Per Share | $ | 38.13 | $ | 43.99 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 33,698,320 | $ | 129,538,684 | ||||
Distributable earnings | (7,004,847) | (15,175,995) | ||||||
$ | 26,693,473 | $ | 114,362,689 |
AUGUST 31, 2022 | |||||
Select High Yield ETF | |||||
Assets | |||||
Investment securities, at value (cost of $33,995,737) — including $2,120,899 of securities on loan | $ | 29,910,847 | |||
Investment made with cash collateral received for securities on loan, at value (cost of $2,186,515) | 2,186,515 | ||||
Total investment securities, at value (cost of $36,182,252) | 32,097,362 | ||||
Receivable for investments sold | 102,733 | ||||
Interest receivable | 477,921 | ||||
Securities lending receivable | 1,299 | ||||
|
32,679,315 | ||||
Liabilities | |||||
Payable for collateral received for securities on loan | 2,186,515 | ||||
Accrued management fees | 11,992 | ||||
2,198,507 | |||||
Net Assets | $ | 30,480,808 | |||
Shares outstanding (unlimited number of shares authorized) | 700,000 | ||||
Net Asset Value Per Share | $ | 43.54 | |||
Net Assets Consist of: | |||||
Capital paid in | $ | 34,890,552 | |||
Distributable earnings | (4,409,744) | ||||
$ | 30,480,808 |
Statements of Operations |
YEAR ENDED AUGUST 31, 2022 | ||||||||
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest (net of foreign taxes withheld of $455 and $—, respectively) | $ | 3,682,748 | $ | 4,267,122 | ||||
Securities lending, net | 12,193 | — | ||||||
3,694,941 | 4,267,122 | |||||||
Expenses: | ||||||||
Management fees | 433,785 | 622,038 | ||||||
Other expenses | 1,584 | — | ||||||
435,369 | 622,038 | |||||||
Net investment income (loss) | 3,259,572 | 3,645,084 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (9,580,880) | (5,640,496) | ||||||
Futures contract transactions | 190,060 | — | ||||||
Swap agreement transactions | 5,378 | — | ||||||
(9,385,442) | (5,640,496) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (10,073,336) | (18,763,216) | ||||||
Futures contracts | 14,387 | — | ||||||
Swap agreements | (8,801) | — | ||||||
(10,067,750) | (18,763,216) | |||||||
Net realized and unrealized gain (loss) | (19,453,192) | (24,403,712) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (16,193,620) | $ | (20,758,628) |
YEAR
ENDED AUGUST 31, 2022 |
||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Interest (net of foreign taxes withheld of $127 and $—, respectively) | $ | 1,362,648 | $ | 4,335,462 | ||||
Dividends | — | 25,863 | ||||||
Securities lending, net | 1,295 | 12,319 | ||||||
1,363,943 | 4,373,644 | |||||||
Expenses: | ||||||||
Management fees | 101,199 | 392,557 | ||||||
Other expenses | 98 | 611 | ||||||
101,297 | 393,168 | |||||||
Net investment income (loss) | 1,262,646 | 3,980,476 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (3,576,515) | (7,443,578) | ||||||
Futures contract transactions | (215,641) | 527,939 | ||||||
Swap agreement transactions | 471,342 | 217,551 | ||||||
Foreign currency translation transactions | — | (313) | ||||||
(3,320,814) | (6,698,401) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | (3,903,331) | (9,236,797) | ||||||
Futures contracts | 47 | (34,076) | ||||||
Swap agreements | 16,732 | 104,632 | ||||||
Translation of assets and liabilities in foreign currencies | — | (8) | ||||||
(3,886,552) | (9,166,249) | |||||||
Net realized and unrealized gain (loss) | (7,207,366) | (15,864,650) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (5,944,720) | $ | (11,884,174) |
PERIOD
ENDED AUGUST 31, 2022 |
|||||
Select
High Yield ETF(1) | |||||
Investment Income (Loss) | |||||
Income: | |||||
Interest | $ | 1,186,595 | |||
Securities lending, net | 5,229 | ||||
1,191,824 | |||||
Expenses: | |||||
Management fees | 112,486 | ||||
Net investment income (loss) | 1,079,338 | ||||
Realized
and Unrealized Gain (Loss) |
|||||
Net realized gain (loss) on investment transactions | (882,135) | ||||
Change in net unrealized appreciation (depreciation) on investments | (4,084,890) | ||||
Net realized and unrealized gain (loss) | (4,967,025) | ||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | (3,887,687) |
Statements of Changes in Net Assets |
YEARS ENDED AUGUST 31, 2022 AND AUGUST 31, 2021 | ||||||||||||||
Diversified
Corporate Bond ETF |
Diversified
Municipal Bond ETF | |||||||||||||
Increase (Decrease) in Net Assets | August 31, 2022 | August 31, 2021 | August 31, 2022 | August 31, 2021 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 3,259,572 | $ | 2,479,982 | $ | 3,645,084 | $ | 1,833,319 | ||||||
Net realized gain (loss) | (9,385,442) | 4,742,299 | (5,640,496) | 917,946 | ||||||||||
Change in net unrealized appreciation (depreciation) | (10,067,750) | (3,021,377) | (18,763,216) | 2,060,753 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (16,193,620) | 4,200,904 | (20,758,628) | 4,812,018 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (2,951,390) | (4,110,980) | (3,278,595) | (1,763,405) | ||||||||||
|
||||||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 35,965,410 | 128,687,765 | 139,499,410 | 101,658,311 | ||||||||||
Payments for shares redeemed | (25,964,990) | (97,214,495) | (2,770,640) | (8,220,745) | ||||||||||
Other capital | 886 | 5,379 | 91,811 | 159,216 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 10,001,306 | 31,478,649 | 136,820,581 | 93,596,782 | ||||||||||
Net increase (decrease) in net assets | (9,143,704) | 31,568,573 | 112,783,358 | 96,645,395 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 152,828,453 | 121,259,880 | 163,662,906 | 67,017,511 | ||||||||||
End of period | $ | 143,684,749 | $ | 152,828,453 | $ | 276,446,264 | $ | 163,662,906 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 700,000 | 2,450,000 | 2,650,000 | 1,850,000 | ||||||||||
Redeemed | (500,000) | (1,850,000) | (50,000) | (150,000) | ||||||||||
Net increase (decrease) in shares of the funds | 200,000 | 600,000 | 2,600,000 | 1,700,000 |
YEAR
ENDED AUGUST 31, 2022 AND PERIOD ENDED AUGUST 31, 2021 | ||||||||||||||
Emerging Markets Bond ETF | Multisector Income ETF | |||||||||||||
Increase (Decrease) in Net Assets | August 31, 2022 |
August
31, 2021(1) |
August 31, 2022 |
August
31, 2021(1) | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 1,262,646 | $ | 150,980 | $ | 3,980,476 | $ | 259,604 | ||||||
Net realized gain (loss) | (3,320,814) | (3,632) | (6,698,401) | (111,081) | ||||||||||
Change in net unrealized appreciation (depreciation) | (3,886,552) | 56,075 | (9,166,249) | 135,255 | ||||||||||
Net increase (decrease) in net assets resulting from operations | (5,944,720) | 203,423 | (11,884,174) | 283,778 | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (1,194,630) | (68,920) | (3,577,090) | (52,680) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 11,194,156 | 22,501,450 | 49,086,845 | 82,595,250 | ||||||||||
Payments for shares redeemed | — | — | (2,224,880) | — | ||||||||||
Other capital | 2,269 | 445 | 58,230 | 77,410 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 11,196,425 | 22,501,895 | 46,920,195 | 82,672,660 | ||||||||||
Net increase (decrease) in net assets | 4,057,075 | 22,636,398 | 31,458,931 | 82,903,758 | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 22,636,398 | — | 82,903,758 | — | ||||||||||
End of period | $ | 26,693,473 | $ | 22,636,398 | $ | 114,362,689 | $ | 82,903,758 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 250,000 | 450,000 | 1,000,000 | 1,650,000 | ||||||||||
Redeemed | — | — | (50,000) | — | ||||||||||
Net increase (decrease) in shares of the funds | 250,000 | 450,000 | 950,000 | 1,650,000 |
PERIOD ENDED AUGUST 31, 2022 | |||||
Select
High Yield ETF(1) | |||||
Increase (Decrease) in Net Assets | |||||
Operations | |||||
Net investment income (loss) | $ | 1,079,338 | |||
Net realized gain (loss) | (882,135) | ||||
Change in net unrealized appreciation (depreciation) | (4,084,890) | ||||
Net increase (decrease) in net assets resulting from operations | (3,887,687) | ||||
Distributions to Shareholders | |||||
From earnings | (1,026,610) | ||||
Capital Share Transactions | |||||
Proceeds from shares sold | 44,736,315 | ||||
Payments for shares redeemed | (9,346,900) | ||||
Other capital | 5,690 | ||||
Net increase (decrease) in net assets from capital share transactions | 35,395,105 | ||||
Net increase (decrease) in net assets | 30,480,808 | ||||
Net Assets | |||||
End of period | $ | 30,480,808 | |||
Transactions in Shares of the Funds | |||||
Sold | 900,000 | ||||
Redeemed | (200,000) | ||||
Net increase (decrease) in shares of the funds | 700,000 |
Notes to Financial Statements |
Remaining Contractual Maturity of Agreements | |||||||||||||||||
Fund
/ Securities Lending Transactions(1) |
Overnight
and Continuous |
<30 days | Between
30 & 90 days |
>90 days | Total | ||||||||||||
Diversified Corporate Bond ETF | |||||||||||||||||
Corporate Bonds | $ | 2,858,788 | — | — | — | $ | 2,858,788 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,858,788 | |||||||||||||||
Emerging Markets Bond ETF | |||||||||||||||||
Corporate Bonds | $ | 256,775 | — | — | — | $ | 256,775 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 256,775 | |||||||||||||||
Multisector Income ETF | |||||||||||||||||
Corporate Bonds | $ | 3,709,125 | — | — | — | $ | 3,709,125 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,709,125 | |||||||||||||||
Select High Yield ETF | |||||||||||||||||
Corporate Bonds | $ | 2,160,987 | — | — | — | $ | 2,160,987 | ||||||||||
Preferred Stocks | 25,528 | — | — | — | 25,528 | ||||||||||||
Total
Borrowings |
$ | 2,186,515 | — | — | — | $ | 2,186,515 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,186,515 |
Annual Management Fee | |||||
Diversified Corporate Bond ETF | 0.29% | ||||
Diversified Municipal Bond ETF | 0.29% | ||||
Emerging Markets Bond ETF | 0.39% | ||||
Multisector Income ETF | 0.35% | ||||
Select High Yield ETF | 0.45% |
Diversified Corporate Bond ETF | Diversified Municipal Bond ETF | Emerging Markets Bond ETF | Multisector Income ETF |
Select
High Yield ETF(1) | |||||||||||||
Purchases of U.S. Treasury and Government Agency obligations | $19,961,098 | — | $1,924,293 | $52,296,859 | — | ||||||||||||
Purchases of other investment securities | $244,975,438 | $154,812,985 | $13,682,861 | $123,687,444 | $4,046,429 | ||||||||||||
Total Purchases | $264,936,536 | $154,812,985 | $15,607,154 | $175,984,303 | $4,046,429 | ||||||||||||
Sales of U.S. Treasury and Government Agency obligations | $18,978,510 | — | $567,422 | $28,774,093 | — | ||||||||||||
Sales of other investment securities | $246,596,876 | $94,880,934 | $16,449,028 | $130,987,546 | $3,559,741 | ||||||||||||
Total Sales | $265,575,386 | $94,880,934 | $17,016,450 | $159,761,639 | $3,559,741 |
In
kind Subscriptions |
In
kind Redemptions |
In
kind Net Realized Gain/(Loss)* | |||||||||
Diversified Corporate Bond ETF | $35,456,930 | $25,518,371 | $175,601 | ||||||||
Diversified Municipal Bond ETF | $86,914,118 | $2,589,011 | $172,509 | ||||||||
Emerging Markets Bond ETF | $10,441,993 | — | — | ||||||||
Multisector Income ETF | $34,353,021 | $1,141,309 | $(49,978) | ||||||||
Select
High Yield ETF(1) |
$42,472,893 | $8,578,172 | $(504,553) |
Diversified
Corporate Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 136,991,428 | — | |||||||
U.S. Treasury Securities | — | 2,953,860 | — | ||||||||
Municipal Securities | — | 441,073 | — | ||||||||
Short-Term Investments | $ | 6,197,063 | — | — | |||||||
$ | 6,197,063 | $ | 140,386,361 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 14,645 | — | — | |||||||
Swap Agreements | — | $ | 6,227 | — | |||||||
$ | 14,645 | $ | 6,227 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 15,782 | — | — |
Diversified
Municipal Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Municipal Securities | — | $ | 268,883,123 | — | |||||||
Short-Term Investments | $ | 7,119,587 | — | — | |||||||
$ | 7,119,587 | $ | 268,883,123 | — |
Emerging
Markets Bond ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 12,862,247 | — | |||||||
Sovereign Governments and Agencies | — | 9,438,962 | — | ||||||||
U.S. Treasury Securities | — | 1,453,680 | — | ||||||||
Preferred Stocks | — | 557,379 | — | ||||||||
Short-Term Investments | $ | 2,191,052 | — | — | |||||||
$ | 2,191,052 | $ | 24,312,268 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 2,586 | — | — | |||||||
Swap Agreements | — | $ | 70,398 | — | |||||||
$ | 2,586 | $ | 70,398 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 4,055 | — | — | |||||||
Swap Agreements | — | $ | 7,281 | — | |||||||
$ | 4,055 | $ | 7,281 | — |
Multisector
Income ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 44,239,697 | — | |||||||
U.S. Treasury Securities | — | 21,098,467 | — | ||||||||
Asset-Backed Securities | — | 15,439,551 | — | ||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 7,716,834 | — | ||||||||
Commercial Mortgage-Backed Securities | — | 6,237,490 | — | ||||||||
Collateralized Mortgage Obligations | — | 6,020,183 | — | ||||||||
Collateralized Loan Obligations | — | 5,935,110 | — | ||||||||
Preferred Stocks | — | 4,778,071 | — | ||||||||
Bank Loan Obligations | — | 1,451,917 | — | ||||||||
Sovereign Governments and Agencies | — | 1,310,918 | — | ||||||||
Short-Term Investments | $ | 5,321,975 | — | — | |||||||
$ | 5,321,975 | $ | 114,228,238 | — | |||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 3,859 | — | — | |||||||
Swap Agreements | — | $ | 4,939 | — | |||||||
$ | 3,859 | $ | 4,939 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Futures Contracts | $ | 26,700 | — | — | |||||||
Swap Agreements | — | $ | 27,544 | — | |||||||
$ | 26,700 | $ | 27,544 | — |
Select
High Yield ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Corporate Bonds | — | $ | 28,902,651 | — | |||||||
Preferred Stocks | — | 187,331 | — | ||||||||
Short-Term Investments | $ | 3,007,380 | — | — | |||||||
$ | 3,007,380 | $ | 29,089,982 | — |
Diversified Corporate Bond ETF | $4,261,833 | ||||
Emerging Markets Bond ETF | $1,440,500 | ||||
Multisector Income ETF | $11,654,736 |
Futures Contracts Purchased | Futures Contracts Sold | |||||||
Diversified Corporate Bond ETF | $17,466,572 | $17,651,391 | ||||||
Emerging Markets Bond ETF | $1,848,884 | $3,943,736 | ||||||
Multisector Income ETF | $20,097,535 | $9,345,696 |
Asset Derivatives | Liability Derivatives | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Assets and Liabilities | Value | Location on Statement of Assets and Liabilities | Value | ||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | $ | 4,378 | Payable for variation margin on swap agreements* | — | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | $ | 4,855 | |||||||||
$ | 4,378 | $ | 4,855 | |||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Credit Risk | Swap agreements | $ | 70,398 | Swap agreements | $ | 7,281 | ||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | 11,578 | ||||||||||
$ | 70,398 | $ | 18,859 | |||||||||||
Multisector Income ETF | ||||||||||||||
Credit Risk | Receivable for variation margin on swap agreements* | $ | 7,545 | Payable for variation margin on swap agreements* | — | |||||||||
Interest Rate Risk | Receivable for variation margin on futures contracts* | 2,768 | Payable for variation margin on futures contracts* | — | ||||||||||
$ | 10,313 | — |
Net Realized Gain (Loss) | Change
in Net Unrealized Appreciation (Depreciation) | |||||||||||||
Fund / Type of Risk Exposure | Location on Statement of Operations | Value | Location on Statement of Operations | Value | ||||||||||
Diversified Corporate Bond ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 5,378 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | (8,801) | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | 190,060 | Change in net unrealized appreciation (depreciation) on futures contracts | 14,387 | ||||||||||
$ | 195,438 | $ | 5,586 | |||||||||||
Emerging Markets Bond ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 471,342 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | 16,732 | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | (215,641) | Change in net unrealized appreciation (depreciation) on futures contracts | 47 | ||||||||||
$ | 255,701 | $ | 16,779 | |||||||||||
Multisector Income ETF | ||||||||||||||
Credit Risk | Net realized gain (loss) on swap agreement transactions | $ | 217,551 | Change in net unrealized appreciation (depreciation) on swap agreements | $ | 104,632 | ||||||||
Interest Rate Risk | Net realized gain (loss) on futures contract transactions | 527,939 | Change in net unrealized appreciation (depreciation) on futures contracts | (34,076) | ||||||||||
$ | 745,490 | $ | 70,556 |
2022 | 2021 | |||||||||||||||||||
|
Distributions
Paid From: |
Distributions
Paid From: | ||||||||||||||||||
|
Exempt
Income |
Ordinary
Income |
Long-term
Capital Gains |
Exempt
Income |
Ordinary
Income |
Long-term
Capital Gains | ||||||||||||||
Diversified
Corporate Bond ETF |
— | $ | 2,951,390 | — | — | $ | 3,561,445 | $ | 549,535 | |||||||||||
Diversified
Municipal Bond ETF |
$ | 3,278,595 | — | — | $ | 1,763,405 | — | — | ||||||||||||
Emerging
Markets
Bond
ETF |
— | $ | 1,194,630 | — |
—(1) |
$
68,920(1) |
—(1) | |||||||||||||
Multisector
Income ETF |
— | $ | 3,577,090 | — |
—(1) |
$
52,680(1) |
—(1) | |||||||||||||
Select
High Yield ETF(2) |
— | $ | 1,026,610 | — | N/A | N/A | N/A |
Diversified
Corporate Bond ETF |
Diversified
Municipal Bond ETF |
Emerging
Markets Bond ETF |
Multisector
Income ETF |
Select
High Yield ETF | |||||||||||||
Capital paid in | $ | 175,601 | $ | 172,509 | — | $ | (54,171) | $ | (504,553) | ||||||||
Distributable earnings | $ | (175,601) | $ | (172,509) | — | $ | 54,171 | $ | 504,553 |
Diversified
Corporate Bond ETF |
Diversified
Municipal Bond ETF |
Emerging
Markets Bond ETF |
Multisector
Income ETF |
Select
High Yield ETF | |||||||||||||
Federal tax cost of investments | $ | 155,237,298 | $ | 290,254,423 | $ | 30,556,872 | $ | 128,733,038 | $ | 36,182,252 | |||||||
Gross tax appreciation of investments | $ | 21,686 | $ | 480,812 | $ | 47,000 | $ | 37,138 | $ | 8,653 | |||||||
Gross tax depreciation of investments | (8,675,560) | (14,732,525) | (4,100,552) | (9,219,963) | (4,093,543) | ||||||||||||
Net tax appreciation (depreciation) of investments | (8,653,874) | (14,251,713) | (4,053,552) | (9,182,825) | (4,084,890) | ||||||||||||
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies | 19,909 | — | 20,474 | 152,437 | — | ||||||||||||
Net tax appreciation (depreciation) | $ | (8,633,965) | $ | (14,251,713) | $ | (4,033,078) | $ | (9,030,388) | $ | (4,084,890) | |||||||
Undistributed ordinary income | $ | 395,860 | — | $ | 137,512 | $ | 569,947 | $ | 141,456 | ||||||||
Undistributed exempt income | — | $ | 561,916 | — | — | — | |||||||||||
Accumulated short-term capital losses | $ | (8,275,499) | $ | (4,713,606) | $ | (2,547,989) | $ | (6,715,554) | $ | (466,310) | |||||||
Accumulated long-term capital losses | $ | (1,408,897) | $ | (1,176,877) | $ | (561,292) | — | — |
Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Distributions From: | Ratio to Average Net Assets of: | ||||||||||||||||||||||||||||||||||||||||||
Net
Asset Value, Beginning of Period |
Net
Investment
Income
(Loss)(1) |
Net Realized and Unrealized Gain (Loss) |
Total From Investment Operations | Net
Investment Income |
Net
Realized Gains |
Total
Distributions |
Other
Capital(1) |
Net
Asset Value, End of Period |
Total
Return(2) |
Operating Expenses |
Net Investment Income (Loss) |
Portfolio
Turnover
Rate(3) |
Net
Assets, End of Period (in thousands) | |||||||||||||||||||||||||||||||
Diversified Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||
2022 | $52.70 | 1.08 | (6.45) | (5.37) | (0.98) | — | (0.98) |
0.00(4) |
$46.35 | (10.30)% | 0.29% | 2.18% | 181% | $143,685 | ||||||||||||||||||||||||||||||
2021 | $52.72 | 0.93 | 0.66 | 1.59 | (1.39) | (0.22) | (1.61) |
0.00(4) |
$52.70 | 3.08% | 0.29% | 1.77% | 182% | $152,828 | ||||||||||||||||||||||||||||||
2020 | $51.38 | 1.28 | 1.47 | 2.75 | (1.40) | (0.03) | (1.43) | 0.02 | $52.72 | 5.48% | 0.29% | 2.50% | 174% | $121,260 | ||||||||||||||||||||||||||||||
2019 | $48.77 | 1.67 | 2.45 | 4.12 | (1.54) | — | (1.54) | 0.03 | $51.38 | 8.70% | 0.39% | 3.37% | 35% | $64,334 | ||||||||||||||||||||||||||||||
2018(5) |
$50.00 | 0.96 | (1.41) | (0.45) | (0.82) | — | (0.82) | 0.04 | $48.77 | (0.77)% |
0.45%(6) |
3.09%(6) |
38% | $12,291 |
Notes to Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net
Investment
Income
(Loss)(1) |
Net Realized and Unrealized Gain (Loss) |
Total
From Investment Operations |
Distributions From Net Investment Income |
Other
Capital(1) |
Net Asset Value, End of Period |
Total
Return(2) |
Operating Expenses |
Net Investment Income (Loss) |
Portfolio
Turnover
Rate(3) |
Net
Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Diversified Municipal Bond ETF | ||||||||||||||||||||||||||||||||||||||
2022 | $55.48 | 0.89 | (5.76) | (4.87) | (0.82) | 0.02 | $49.81 | (8.82)% | 0.29% | 1.70% | 46% | $276,446 | ||||||||||||||||||||||||||
2021 | $53.61 | 1.00 | 1.83 | 2.83 | (1.05) | 0.09 | $55.48 | 5.50% | 0.29% | 1.82% | 14% | $163,663 | ||||||||||||||||||||||||||
2020 | $53.37 | 1.19 | 0.11 | 1.30 | (1.15) | 0.09 | $53.61 | 2.66% | 0.29% | 2.26% | 23% | $67,018 | ||||||||||||||||||||||||||
2019(4) |
$50.00 | 1.36 | 3.16 | 4.52 | (1.25) | 0.10 | $53.37 | 9.42% |
0.29%(5) |
2.74%(5) |
19% | $26,684 |
Notes to Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net
Investment
Income
(Loss)(1) |
Net Realized and Unrealized Gain (Loss) |
Total
From Investment Operations |
Distributions From Net Investment Income |
Other
Capital(1) |
Net Asset Value, End of Period |
Total
Return(2) |
Operating Expenses |
Net Investment Income (Loss) |
Portfolio
Turnover
Rate(3) |
Net
Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Emerging Markets Bond ETF | ||||||||||||||||||||||||||||||||||||||
2022 | $50.30 | 2.13 | (12.25) | (10.12) | (2.05) |
0.00(4) |
$38.13 | (20.60)% | 0.39% | 4.87% | 64% | $26,693 | ||||||||||||||||||||||||||
2021(5) |
$50.00 | 0.36 | 0.11 | 0.47 | (0.17) |
0.00(4) |
$50.30 | 0.95% |
0.39%(6) |
4.14%(6) |
7% | $22,636 |
Notes to Financial Highlights |
For a Share Outstanding Throughout the Years Ended August 31 (except as noted) | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net
Investment
Income
(Loss)(1) |
Net Realized and Unrealized Gain (Loss) |
Total
From Investment Operations |
Distributions From Net Investment Income |
Other
Capital(1) |
Net Asset Value, End of Period |
Total
Return(2) |
Operating Expenses |
Net Investment Income (Loss) |
Portfolio
Turnover
Rate(3) |
Net
Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Multisector Income ETF | ||||||||||||||||||||||||||||||||||||||
2022 | $50.24 | 1.67 | (6.41) | (4.74) | (1.53) | 0.02 | $43.99 | (9.60)% | 0.35% | 3.55% | 147% | $114,363 | ||||||||||||||||||||||||||
2021(4) |
$50.00 | 0.27 | 0.02 | 0.29 | (0.13) | 0.08 | $50.24 | 0.75% |
0.35%(5) |
3.08%(5) |
75% | $82,904 |
Notes to Financial Highlights |
For a Share Outstanding Throughout the Period Indicated | ||||||||||||||||||||||||||||||||||||||
Per-Share Data | Ratios and Supplemental Data | |||||||||||||||||||||||||||||||||||||
Income From Investment Operations: | Ratio to Average Net Assets of: | |||||||||||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period |
Net
Investment
Income
(Loss)(1) |
Net Realized and Unrealized Gain (Loss) |
Total
From Investment Operations |
Distributions From Net Investment Income |
Other
Capital(1) |
Net Asset Value, End of Period |
Total
Return(2) |
Operating Expenses |
Net Investment Income (Loss) |
Portfolio
Turnover
Rate(3) |
Net
Assets, End of Period (in thousands) | |||||||||||||||||||||||||||
Select High Yield ETF | ||||||||||||||||||||||||||||||||||||||
2022(4) |
$50.00 | 1.58 | (6.54) | (4.96) | (1.51) | 0.01 | $43.54 | (10.04)% |
0.45%(5) |
4.32%(5) |
12% | $30,481 |
Notes to Financial Highlights |
Report of Independent Registered Public Accounting Firm |
Individual
Fund Constituting the American Century ETF Trust |
Statement
of Operations |
Statements
of Changes in Net Assets |
Financial
Highlights | ||||||||
American
Century Diversified Corporate Bond ETF |
For
the year ended August 31, 2022 |
For
the years ended August 31, 2022 and 2021 |
For
the years ended August 31, 2022, 2021, 2020, and 2019, and the period from
January 11, 2018 (fund inception) through August 31,
2018 | ||||||||
American
Century Diversified Municipal Bond ETF |
For
the year ended August 31, 2022 |
For
the years ended August 31, 2022 and 2021 |
For
the years ended August 31, 2022, 2021 and 2020, and the period from
September 10, 2018 (fund inception) through August 31,
2019 | ||||||||
American
Century Emerging Markets Bond ETF |
For
the year ended August 31, 2022 |
For
the year ended August 31, 2022 and the period from June 29, 2021 (fund
inception) through August 31, 2021 | |||||||||
American
Century Multisector Income ETF | |||||||||||
American
Century Select High Yield ETF |
For
the period November 16, 2021 (fund inception) through August 31,
2022 |
Management |
Name (Year of Birth) |
Position(s) Held with Funds | Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of American Century Portfolios Overseen by Trustee | Other Directorships Held During Past 5 Years | ||||||||||||
Independent Trustees | |||||||||||||||||
Reginald
M. Browne (1968) |
Trustee and Chairman of the Board | Since 2017 (Chairman since 2019) | Principal, GTS Securities (automated capital markets trading firm)(2019 to present); Senior Managing Director, Co Global Head-ETF Group, Cantor Fitzgerald (financial services firm)(2013 to 2019) | 41 | None | ||||||||||||
Jeremy
I. Bulow (1954) |
Trustee | Since 2022 | Professor
of Economics, Stanford University Graduate School of Business (1979 to present) |
75 | None | ||||||||||||
Barry
A. Mendelson (1958) |
Trustee | Since 2017 | Retired | 41 | None | ||||||||||||
Stephen
E. Yates (1948) |
Trustee | Since 2017 | Retired | 105 | None | ||||||||||||
Interested Trustees | |||||||||||||||||
Jonathan
S. Thomas (1963) |
Trustee | Since 2017 | President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries | 139 | None |
Name
(Year of Birth) |
Offices with the Funds | Principal Occupation(s) During the Past Five Years | ||||||
Patrick
Bannigan (1965) |
President since 2019 | Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries | ||||||
R.
Wes Campbell (1974) |
Chief Financial Officer and Treasurer since 2018 | Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present) | ||||||
Amy
D. Shelton (1964) |
Chief Compliance Officer and Vice President since 2017 | Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS | ||||||
John
Pak (1968) |
General
Counsel and Vice President since 2021 |
General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management,The Bank of New York Mellon (2014 to 2021) | ||||||
Cleo
Chang (1977) |
Vice
President since 2019 |
Senior
Vice President, ACIM (2015 to present) | ||||||
David
H. Reinmiller (1963) |
Vice President since 2017 | Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS | ||||||
Edward
Rosenberg (1973) |
Vice President since 2017 | Senior Vice President, ACIM (2017 to present); Senior Vice President, Flexshares Head of ETF Capital Markets, Northern Trust (2012 to 2017) | ||||||
C.
Jean Wade (1964) |
Vice President since 2017 | Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017) | ||||||
Ward
D. Stauffer (1960) |
Secretary since 2019 | Attorney, ACS (2003 to present) |
Approval of Management and Subadvisory Agreements |
Liquidity Risk Management Program |
Additional Information |
Diversified
Corporate Bond ETF |
Diversified
Municipal
Bond
ETF |
Emerging
Markets Bond ETF |
Multisector
Income ETF |
Select
High Yield ETF | ||||||||||
$2,307,529 | — | $53,761 | $2,330,492 | $868,584 |
Contact Us | americancenturyetfs.com | |||||||
American Century Sales Representatives, Financial Professionals, Broker Dealers, Insurance Companies, Banks and Trust Companies | 1-833-ACI-ETFS | |||||||
Telecommunications Relay Service for the Deaf | 711 | |||||||
American Century ETF Trust | ||||||||
Investment
Advisor:
American
Century Investment Management, Inc.
Kansas
City, Missouri |
||||||||
Distributor:
Foreside
Fund Services, LLC - Distributor, not affiliated with American Century
Investment Services, Inc. |
||||||||
This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. | ||||||||
©2022
American Century Proprietary Holdings, Inc. All rights
reserved. CL-ANN-96946 2210 |