Annual Report | |||||
August 31, 2023 | |||||
American
Century®
Low Volatility ETF (LVOL) | |||||
American
Century®
Quality Convertible Securities ETF (QCON) | |||||
American
Century®
Quality Diversified International ETF (QINT) | |||||
American
Century®
Quality Preferred ETF (QPFF) | |||||
American
Century®
U.S. Quality Growth ETF (QGRO) | |||||
American
Century®
U.S.
Quality Value ETF (VALQ) |
Table of Contents |
President’s Letter | |||||
Low Volatility ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Quality Convertible Securities ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Quality Diversified International ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
Quality Preferred ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
U.S. Quality Growth ETF | |||||
Performance | |||||
Portfolio Commentary | |||||
Fund Characteristics | |||||
U.S. Quality Value 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 Agreement | |||||
Liquidity Risk Management Program | |||||
Additional Information |
President’s Letter |
Performance |
Low Volatility ETF (LVOL) | |||||||||||||||||
Total Returns as of August 31, 2023 | Average Annual Returns | ||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||
Net Asset Value | 11.96% | 6.67% | 1/12/2021 | ||||||||||||||
Market Price | 11.96% | 6.67% | 1/12/2021 | ||||||||||||||
S&P 500 Index | 15.94% | 8.37% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made January 12, 2021 |
Value on August 31, 2023 | |||||
Net Asset Value — $11,852 | |||||
S&P 500 Index — $12,358 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.29% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2023 | |||||
Low Volatility ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.3% | ||||
Short-Term Investments | 0.6% | ||||
Other Assets and Liabilities | 0.1% | ||||
Top Five Industries | % of net assets | ||||
Financial Services | 9.9% | ||||
Insurance | 8.2% | ||||
Pharmaceuticals | 6.4% | ||||
Beverages | 5.3% | ||||
Health Care Equipment and Supplies | 5.2% |
Performance |
Quality Convertible Securities ETF (QCON) | |||||||||||||||||
Total Returns as of August 31, 2023 | Average Annual Returns | ||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||
Net Asset Value | 2.56% | -5.60% | 2/16/2021 | ||||||||||||||
Market Price | 2.46% | -5.59% | 2/16/2021 | ||||||||||||||
ICE BofA Convertible Index | 3.77% | -6.19% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made February 16, 2021 |
Value on August 31, 2023 | |||||
Net Asset Value — $8,640 | |||||
ICE BofA Convertible Index — $8,504 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.32% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2023 | |||||
Quality Convertible Securities ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Convertible Bonds | 77.9% | ||||
Convertible Preferred Stocks | 9.9% | ||||
Common Stocks | 6.1% | ||||
Short-Term Investments | 9.6% | ||||
Other Assets and Liabilities | (3.5)% | ||||
Top Five Industries | % of net assets | ||||
Software | 16.6% | ||||
Health Care Equipment and Supplies | 7.7% | ||||
Hotels, Restaurants and Leisure | 7.1% | ||||
Semiconductors and Semiconductor Equipment | 4.9% | ||||
Biotechnology | 4.3% |
Performance |
Quality Diversified International ETF (QINT) | |||||||||||||||||||||||
Total Returns as of August 31, 2023 | Average Annual Returns | ||||||||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||||||||
Net Asset Value | 18.67% | 4.51% | 9/10/2018 | ||||||||||||||||||||
Market Price | 18.78% | 4.53% | 9/10/2018 | ||||||||||||||||||||
American Century Quality Diversified International Equity Index | 19.12% | N/A | — | ||||||||||||||||||||
Alpha Vee American Century Diversified International Equity Index | N/A | N/A | — | ||||||||||||||||||||
MSCI World ex USA Index | 16.45% | 4.86% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made September 10, 2018 |
Value on August 31, 2023 | |||||
Net Asset Value — $12,452 | |||||
MSCI World ex USA Index — $12,664 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.39% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2023 | |||||
Quality Diversified International ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.3% | ||||
Rights | —* | ||||
Warrants | —* | ||||
Short-Term Investments | 2.0% | ||||
Other Assets and Liabilities | (1.3)% | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Countries | % of net assets | ||||
Japan | 19.2% | ||||
United Kingdom | 13.7% | ||||
France | 11.2% | ||||
Canada | 8.8% | ||||
Germany | 6.3% |
Performance |
Quality Preferred ETF (QPFF) | |||||||||||||||||
Total Returns as of August 31, 2023 | Average Annual Returns | ||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||
Net Asset Value | 2.96% | 0.04% | 2/16/2021 | ||||||||||||||
Market Price | 2.62% | -0.02% | 2/16/2021 | ||||||||||||||
ICE
Exchange-Listed Preferred & Hybrid Securities Index |
-0.52% | -2.35% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made February 16, 2021 |
Value on August 31, 2023 | |||||
Net Asset Value — $10,011 | |||||
ICE Exchange-Listed Preferred & Hybrid Securities Index — $9,416 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.32% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2023 | |||||
Quality Preferred ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Preferred Stocks | 76.3% | ||||
Corporate Bonds | 13.1% | ||||
Short-Term Investments | 15.5% | ||||
Other Assets and Liabilities | (4.9)% | ||||
Top Five Industries | % of net assets | ||||
Insurance | 22.7% | ||||
Banks | 18.4% | ||||
Capital Markets | 12.3% | ||||
Multi-Utilities | 7.5% | ||||
Mortgage Real Estate Investment Trusts (REITs) | 5.8% |
Performance |
U.S.
Quality Growth ETF (QGRO) |
|||||||||||||||||||||||
Total Returns as of August 31, 2023 | Average Annual Returns | ||||||||||||||||||||||
1 year | Since Inception | Inception Date | |||||||||||||||||||||
Net Asset Value | 16.96% | 12.29% | 9/10/2018 | ||||||||||||||||||||
Market Price | 16.95% | 12.29% | 9/10/2018 | ||||||||||||||||||||
American Century U.S. Quality Growth Index | — | N/A | — | ||||||||||||||||||||
iSTOXX®
American Century USA Quality Growth Index |
17.11% | 12.63% | — | ||||||||||||||||||||
Russell 1000 Growth Index | 21.94% | 14.19% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made September 10, 2018 |
Value on August 31, 2023 | |||||
Net Asset Value — $17,805 | |||||
iSTOXX®
American Century USA Quality Growth Index — $18,069 | |||||
Russell 1000 Growth Index — $19,355 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.29% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2023 | |||||
U.S. Quality Growth ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.8% | ||||
Short-Term Investments | 0.2% | ||||
Other Assets and Liabilities | —* | ||||
*Category is less than 0.05% of total net assets. | |||||
Top Five Industries | % of net assets | ||||
Software | 26.2% | ||||
Hotels, Restaurants and Leisure | 7.5% | ||||
Biotechnology | 6.5% | ||||
Specialty Retail | 6.2% | ||||
Semiconductors and Semiconductor Equipment | 5.4% |
Performance |
U.S. Quality Value ETF (VALQ) | ||||||||||||||||||||
Total Returns as of August 31, 2023 | Average Annual Returns | |||||||||||||||||||
1 year | 5 years | Since Inception | Inception Date | |||||||||||||||||
Net Asset Value | 10.40% | 6.31% | 6.35% | 1/11/2018 | ||||||||||||||||
Market Price | 10.37% | 6.30% | 6.35% | 1/11/2018 | ||||||||||||||||
American Century U.S. Quality Value Index | — | — | N/A | — | ||||||||||||||||
iSTOXX®
American Century USA Quality Value Index |
10.65% | 6.61% | 6.64% | — | ||||||||||||||||
Russell 1000 Value Index | 8.59% | 7.11% | 6.45% | — |
Growth of $10,000 Over Life of Fund | ||
$10,000 investment made January 11, 2018 |
Value on August 31, 2023 | |||||
Net Asset Value — $14,147 | |||||
iSTOXX®
American Century USA Quality Value Index — $14,368 | |||||
Russell 1000 Value Index — $14,228 | |||||
Total Annual Fund Operating Expenses | |||||||||||||||||
0.29% |
Portfolio Commentary |
Fund Characteristics |
AUGUST 31, 2023 | |||||
U.S. Quality Value ETF | |||||
Types of Investments in Portfolio | % of net assets | ||||
Common Stocks | 99.9% | ||||
Short-Term Investments | 0.4% | ||||
Other Assets and Liabilities | (0.3)% | ||||
Top Five Industries | % of net assets | ||||
Health Care Providers and Services | 7.7% | ||||
Software | 6.4% | ||||
IT Services | 5.3% | ||||
Specialty Retail | 5.1% | ||||
Electronic Equipment, Instruments and Components | 4.1% |
Shareholder Fee Examples |
Beginning Account Value 3/1/23 |
Ending Account Value 8/31/23 |
Expenses
Paid
During
Period(1)
3/1/23
- 8/31/23 |
Annualized
Expense
Ratio(1) | |||||||||||
Low Volatility ETF | ||||||||||||||
Actual | $1,000 | $1,075.80 | $1.52 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.74 | $1.48 | 0.29% | ||||||||||
Quality Convertible Securities ETF | ||||||||||||||
Actual | $1,000 | $1,035.00 | $1.64 | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.59 | $1.63 | 0.32% | ||||||||||
Quality Diversified International ETF | ||||||||||||||
Actual | $1,000 | $1,060.40 | $2.03 | 0.39% | ||||||||||
Hypothetical | $1,000 | $1,023.24 | $1.99 | 0.39% | ||||||||||
Quality Preferred ETF | ||||||||||||||
Actual | $1,000 | $998.00 | $1.61 | 0.32% | ||||||||||
Hypothetical | $1,000 | $1,023.59 | $1.63 | 0.32% | ||||||||||
U.S. Quality Growth ETF | ||||||||||||||
Actual | $1,000 | $1,140.70 | $1.56 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.74 | $1.48 | 0.29% | ||||||||||
U.S. Quality Value ETF | ||||||||||||||
Actual | $1,000 | $1,059.10 | $1.51 | 0.29% | ||||||||||
Hypothetical | $1,000 | $1,023.74 | $1.48 | 0.29% |
Schedules of Investments |
Low Volatility ETF | ||||||||
Shares | Value | |||||||
COMMON
STOCKS — 99.3% |
||||||||
Aerospace
and Defense — 3.0% |
||||||||
General
Dynamics Corp. |
1,276 | $ | 289,193 | |||||
Beverages
— 5.3% |
||||||||
Coca-Cola
Co. |
5,262 | 314,826 | ||||||
PepsiCo,
Inc. |
1,097 | 195,178 | ||||||
510,004 | ||||||||
Broadline
Retail — 0.6% |
||||||||
Amazon.com,
Inc.(1) |
406 | 56,032 | ||||||
Building
Products — 0.6% |
||||||||
Fortune
Brands Innovations, Inc. |
819 | 56,527 | ||||||
Capital
Markets — 3.5% |
||||||||
BlackRock,
Inc. |
146 | 102,279 | ||||||
FactSet
Research Systems, Inc. |
122 | 53,242 | ||||||
Intercontinental
Exchange, Inc. |
262 | 30,913 | ||||||
Nasdaq,
Inc. |
983 | 51,588 | ||||||
S&P
Global, Inc. |
107 | 41,822 | ||||||
T.
Rowe Price Group, Inc. |
489 | 54,881 | ||||||
334,725 | ||||||||
Chemicals
— 3.1% |
||||||||
Linde
PLC |
756 | 292,602 | ||||||
Commercial
Services and Supplies — 5.0% |
||||||||
Cintas
Corp. |
353 | 177,972 | ||||||
Republic
Services, Inc. |
899 | 129,573 | ||||||
Waste
Management, Inc. |
1,075 | 168,538 | ||||||
476,083 | ||||||||
Communications
Equipment — 4.3% |
||||||||
Cisco
Systems, Inc. |
7,137 | 409,307 | ||||||
Consumer
Staples Distribution & Retail — 1.7% |
||||||||
Costco
Wholesale Corp. |
222 | 121,940 | ||||||
Walmart,
Inc. |
245 | 39,840 | ||||||
161,780 | ||||||||
Diversified
Telecommunication Services — 1.2% |
||||||||
Verizon
Communications, Inc. |
3,259 | 114,000 | ||||||
Electric
Utilities — 0.4% |
||||||||
American
Electric Power Co., Inc. |
333 | 26,108 | ||||||
Constellation
Energy Corp. |
57 | 5,937 | ||||||
Duke
Energy Corp. |
59 | 5,239 | ||||||
37,284 | ||||||||
Electronic
Equipment, Instruments and Components — 4.7% |
||||||||
Amphenol
Corp., Class A |
3,294 | 291,124 | ||||||
Keysight
Technologies, Inc.(1) |
418 | 55,719 | ||||||
TE
Connectivity Ltd. |
759 | 100,484 | ||||||
447,327 | ||||||||
Financial
Services — 9.9% |
||||||||
Berkshire
Hathaway, Inc., Class B(1) |
1,072 | 386,134 | ||||||
Fiserv,
Inc.(1) |
227 | 27,556 |
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Mastercard,
Inc., Class A |
520 | $ | 214,573 | |||||
Visa,
Inc., Class A |
1,314 | 322,823 | ||||||
951,086 | ||||||||
Food
Products — 0.4% |
||||||||
Mondelez
International, Inc., Class A |
483 | 34,419 | ||||||
Health
Care Equipment and Supplies — 5.2% |
||||||||
Abbott
Laboratories |
3,094 | 318,373 | ||||||
Medtronic
PLC |
2,164 | 176,366 | ||||||
494,739 | ||||||||
Health
Care Providers and Services — 0.9% |
||||||||
UnitedHealth
Group, Inc. |
180 | 85,784 | ||||||
Hotels,
Restaurants and Leisure — 3.6% |
||||||||
McDonald's
Corp. |
1,016 | 285,649 | ||||||
Yum!
Brands, Inc. |
443 | 57,315 | ||||||
342,964 | ||||||||
Household
Products — 4.1% |
||||||||
Colgate-Palmolive
Co. |
613 | 45,037 | ||||||
Procter
& Gamble Co. |
2,254 | 347,882 | ||||||
392,919 | ||||||||
Industrial
Conglomerates — 1.0% |
||||||||
Honeywell
International, Inc. |
529 | 99,420 | ||||||
Industrial
REITs — 0.3% |
||||||||
Prologis,
Inc. |
254 | 31,547 | ||||||
Insurance
— 8.2% |
||||||||
Chubb
Ltd. |
1,068 | 214,529 | ||||||
Hartford
Financial Services Group, Inc. |
994 | 71,389 | ||||||
Marsh
& McLennan Cos., Inc. |
1,604 | 312,764 | ||||||
Travelers
Cos., Inc. |
484 | 78,035 | ||||||
W
R Berkley Corp. |
1,829 | 113,142 | ||||||
789,859 | ||||||||
Interactive
Media and Services — 1.9% |
||||||||
Alphabet,
Inc., Class A(1) |
1,144 | 155,778 | ||||||
Meta
Platforms, Inc., Class A(1) |
92 | 27,222 | ||||||
183,000 | ||||||||
IT
Services — 4.8% |
||||||||
Accenture
PLC, Class A |
910 | 294,631 | ||||||
Amdocs
Ltd. |
1,147 | 102,312 | ||||||
Cognizant
Technology Solutions Corp., Class A |
945 | 67,672 | ||||||
464,615 | ||||||||
Life
Sciences Tools and Services — 0.3% |
||||||||
Danaher
Corp. |
120 | 31,800 | ||||||
Machinery
— 3.5% |
||||||||
Cummins,
Inc. |
233 | 53,599 | ||||||
Dover
Corp. |
398 | 59,024 | ||||||
IDEX
Corp. |
133 | 30,111 | ||||||
Illinois
Tool Works, Inc. |
232 | 57,385 | ||||||
Ingersoll
Rand, Inc. |
473 | 32,926 | ||||||
Kennametal,
Inc. |
1,043 | 27,608 | ||||||
Nordson
Corp. |
298 | 72,754 | ||||||
333,407 |
Low Volatility ETF | ||||||||
Shares | Value | |||||||
Media
— 2.1% |
||||||||
Comcast
Corp., Class A |
4,288 | $ | 200,507 | |||||
Personal
Care Products — 1.0% |
||||||||
Kenvue,
Inc. |
4,184 | 96,441 | ||||||
Pharmaceuticals
— 6.4% |
||||||||
Bristol-Myers
Squibb Co. |
1,711 | 105,483 | ||||||
Eli
Lilly & Co. |
247 | 136,887 | ||||||
Johnson
& Johnson |
1,723 | 278,575 | ||||||
Merck
& Co., Inc. |
861 | 93,832 | ||||||
614,777 | ||||||||
Professional
Services — 0.6% |
||||||||
SS&C
Technologies Holdings, Inc. |
1,012 | 58,109 | ||||||
Semiconductors
and Semiconductor Equipment — 1.6% |
||||||||
Broadcom,
Inc. |
122 | 112,592 | ||||||
NXP
Semiconductors NV |
219 | 45,053 | ||||||
157,645 | ||||||||
Software
— 4.6% |
||||||||
Autodesk,
Inc.(1) |
143 | 31,737 | ||||||
Dolby
Laboratories, Inc., Class A |
798 | 67,407 | ||||||
Microsoft
Corp. |
1,039 | 340,543 | ||||||
439,687 | ||||||||
Specialized
REITs — 0.6% |
||||||||
Equinix,
Inc. |
74 | 57,822 | ||||||
Specialty
Retail — 1.7% |
||||||||
Home
Depot, Inc. |
505 | 166,801 | ||||||
Technology
Hardware, Storage and Peripherals — 2.8% |
||||||||
Apple,
Inc. |
1,408 | 264,521 | ||||||
Trading
Companies and Distributors — 0.4% |
||||||||
Fastenal
Co. |
674 | 38,809 | ||||||
TOTAL
COMMON STOCKS
(Cost
$8,732,384) |
9,515,542 | |||||||
SHORT-TERM
INVESTMENTS — 0.6% |
||||||||
Money
Market Funds — 0.6% |
||||||||
State
Street Institutional U.S. Government Money Market Fund, Premier
Class
(Cost
$57,703) |
57,703 | 57,703 | ||||||
TOTAL
INVESTMENT SECURITIES — 99.9%
(Cost
$8,790,087) |
9,573,245 | |||||||
OTHER
ASSETS AND LIABILITIES — 0.1% |
10,935 | |||||||
TOTAL
NET ASSETS — 100.0% |
$ | 9,584,180 |
NOTES TO SCHEDULE OF INVESTMENTS |
Quality
Convertible Securities ETF |
||||||||
Principal Amount/Shares |
Value | |||||||
CONVERTIBLE
BONDS — 77.9% |
||||||||
Aerospace
and Defense — 0.7% |
||||||||
Parsons
Corp., 0.25%, 8/15/25 |
$ | 135,000 | $ | 178,402 | ||||
Air
Freight and Logistics — 0.5% |
||||||||
Air
Transport Services Group, Inc., 1.125%, 10/15/24 |
120,000 | 117,288 | ||||||
Automobile
Components — 0.4% |
||||||||
Patrick
Industries, Inc., 1.75%, 12/1/28 |
92,000 | 92,322 | ||||||
Automobiles
— 1.3% |
||||||||
Ford
Motor Co., 0.00%, 3/15/26(1) |
326,000 | 319,643 | ||||||
Beverages
— 0.8% |
||||||||
MGP
Ingredients, Inc., 1.875%, 11/15/41 |
149,000 | 199,660 | ||||||
Biotechnology
— 4.1% |
||||||||
Ascendis
Pharma A/S, 2.25%, 4/1/28 |
247,000 | 230,328 | ||||||
Exact
Sciences Corp., 0.375%, 3/1/28 |
155,000 | 147,839 | ||||||
Halozyme
Therapeutics, Inc., 0.25%, 3/1/27 |
283,000 | 247,455 | ||||||
Insmed,
Inc., 0.75%, 6/1/28 |
138,000 | 123,096 | ||||||
Neurocrine
Biosciences, Inc., 2.25%, 5/15/24 |
93,000 | 135,408 | ||||||
Sarepta
Therapeutics, Inc., 1.50%, 11/15/24 |
75,000 | 133,134 | ||||||
1,017,260 | ||||||||
Broadline
Retail — 1.6% |
||||||||
Etsy,
Inc., 0.25%, 6/15/28 |
304,000 | 234,384 | ||||||
PDD
Holdings, Inc., 0.00%, 12/1/25(1) |
161,000 | 158,585 | ||||||
392,969 | ||||||||
Chemicals
— 0.4% |
||||||||
Livent
Corp., 4.125%, 7/15/25 |
42,000 | 107,520 | ||||||
Communications
Equipment — 1.9% |
||||||||
Lumentum
Holdings, Inc., 0.50%, 12/15/26 |
166,000 | 146,412 | ||||||
Lumentum
Holdings, Inc., 0.50%, 6/15/28 |
156,000 | 119,933 | ||||||
Viavi
Solutions, Inc., 1.00%, 3/1/24 |
200,000 | 196,370 | ||||||
462,715 | ||||||||
Consumer
Staples Distribution & Retail — 0.3% |
||||||||
Chefs'
Warehouse, Inc., 2.375%, 12/15/28(2) |
75,000 | 70,425 | ||||||
Diversified
Consumer Services — 0.6% |
||||||||
Stride,
Inc., 1.125%, 9/1/27 |
151,000 | 155,228 | ||||||
Electric
Utilities — 0.7% |
||||||||
NRG
Energy, Inc., 2.75%, 6/1/48 |
172,000 | 182,148 | ||||||
Electronic
Equipment, Instruments and Components — 2.5% | ||||||||
Insight
Enterprises, Inc., 0.75%, 2/15/25 |
173,000 | 404,993 | ||||||
Vishay
Intertechnology, Inc., 2.25%, 6/15/25 |
192,000 | 202,445 | ||||||
607,438 | ||||||||
Entertainment
— 1.9% |
||||||||
iQIYI,
Inc., 4.00%, 12/15/26 |
156,000 | 147,233 | ||||||
Live
Nation Entertainment, Inc., 3.125%, 1/15/29(2)(3) |
66,000 | 70,125 | ||||||
Pandora
Media LLC, 1.75%, 12/1/23 |
55,000 | 57,200 | ||||||
Sea
Ltd., 0.25%, 9/15/26 |
250,000 | 199,375 | ||||||
473,933 | ||||||||
Financial
Services — 1.4% |
||||||||
Block,
Inc., 0.25%, 11/1/27 |
250,000 | 192,191 | ||||||
Shift4
Payments, Inc., 0.50%, 8/1/27(3) |
181,000 | 150,773 | ||||||
342,964 |
Quality
Convertible Securities ETF |
||||||||
Principal Amount/Shares |
Value | |||||||
Food
Products — 1.8% |
||||||||
Post
Holdings, Inc., 2.50%, 8/15/27 |
$ | 435,000 | $ | 443,700 | ||||
Ground
Transportation — 1.9% |
||||||||
Uber
Technologies, Inc., 0.00%, 12/15/25(1)(3) |
492,000 | 462,994 | ||||||
Health
Care Equipment and Supplies — 6.5% |
||||||||
CONMED
Corp., 2.625%, 2/1/24 |
102,000 | 129,846 | ||||||
Dexcom,
Inc., 0.25%, 11/15/25(3) |
475,000 | 458,660 | ||||||
Envista
Holdings Corp., 2.375%, 6/1/25 |
114,000 | 178,911 | ||||||
Haemonetics
Corp., 0.00%, 3/1/26(1) |
162,000 | 140,438 | ||||||
Insulet
Corp., 0.375%, 9/1/26 |
267,000 | 283,287 | ||||||
Integer
Holdings Corp., 2.125%, 2/15/28(2) |
120,000 | 138,780 | ||||||
Integra
LifeSciences Holdings Corp., 0.50%, 8/15/25 |
250,000 | 231,250 | ||||||
Omnicell,
Inc., 0.25%, 9/15/25(3) |
45,000 | 41,850 | ||||||
1,603,022 | ||||||||
Health
Care Providers and Services — 0.5% |
||||||||
Guardant
Health, Inc., 0.00%, 11/15/27(1) |
176,000 | 130,909 | ||||||
Hotel
& Resort REITs — 0.8% |
||||||||
Pebblebrook
Hotel Trust, 1.75%, 12/15/26 |
158,000 | 134,995 | ||||||
Summit
Hotel Properties, Inc., 1.50%, 2/15/26 |
59,000 | 48,528 | ||||||
183,523 | ||||||||
Hotels,
Restaurants and Leisure — 6.4% |
||||||||
Airbnb,
Inc., 0.00%, 3/15/26(1) |
255,000 | 224,145 | ||||||
Booking
Holdings, Inc., 0.75%, 5/1/25 |
348,000 | 586,832 | ||||||
Carnival
Corp., 5.75%, 12/1/27(2) |
67,000 | 98,920 | ||||||
DraftKings
Holdings, Inc., 0.00%, 3/15/28(1) |
115,000 | 88,148 | ||||||
Expedia
Group, Inc., 0.00%, 2/15/26(1) |
88,000 | 77,554 | ||||||
Marriott
Vacations Worldwide Corp., 0.00%, 1/15/26(1) |
132,000 | 118,885 | ||||||
Marriott
Vacations Worldwide Corp., 3.25%, 12/15/27(2) |
94,000 | 84,647 | ||||||
Royal
Caribbean Cruises Ltd., 6.00%, 8/15/25 |
115,000 | 242,246 | ||||||
Vail
Resorts, Inc., 0.00%, 1/1/26(1) |
65,000 | 57,403 | ||||||
1,578,780 | ||||||||
Interactive
Media and Services — 0.6% |
||||||||
Snap,
Inc., 0.75%, 8/1/26 |
65,000 | 58,690 | ||||||
Ziff
Davis, Inc., 1.75%, 11/1/26 |
98,000 | 90,944 | ||||||
149,634 | ||||||||
IT
Services — 3.3% |
||||||||
Akamai
Technologies, Inc., 0.375%, 9/1/27 |
410,000 | 425,580 | ||||||
MongoDB,
Inc., 0.25%, 1/15/26 |
46,000 | 85,457 | ||||||
Okta,
Inc., 0.375%, 6/15/26 |
164,000 | 143,008 | ||||||
Perficient,
Inc., 0.125%, 11/15/26 |
93,000 | 74,688 | ||||||
Wix.com
Ltd., 0.00%, 8/15/25(1) |
82,000 | 72,939 | ||||||
801,672 | ||||||||
Leisure
Products — 0.3% |
||||||||
Topgolf
Callaway Brands Corp., 2.75%, 5/1/26 |
52,000 | 62,145 | ||||||
Machinery
— 0.4% |
||||||||
Middleby
Corp., 1.00%, 9/1/25 |
77,000 | 94,479 | ||||||
Media
— 2.6% |
||||||||
Cable
One, Inc., 1.125%, 3/15/28 |
130,000 | 98,345 | ||||||
Liberty
Broadband Corp., 3.125%, 3/31/53(2) |
521,000 | 548,352 | ||||||
646,697 |
Quality
Convertible Securities ETF |
||||||||
Principal Amount/Shares |
Value | |||||||
Metals
and Mining — 0.8% |
||||||||
Ivanhoe
Mines Ltd., 2.50%, 4/15/26(2) |
$ | 74,000 | $ | 97,863 | ||||
MP
Materials Corp., 0.25%, 4/1/26(2) |
102,000 | 89,444 | ||||||
187,307 | ||||||||
Mortgage
Real Estate Investment Trusts (REITs) — 1.1% |
||||||||
Blackstone
Mortgage Trust, Inc., 5.50%, 3/15/27 |
152,000 | 134,805 | ||||||
PennyMac
Corp., 5.50%, 3/15/26 |
153,000 | 136,751 | ||||||
271,556 | ||||||||
Oil,
Gas and Consumable Fuels — 2.5% |
||||||||
EQT
Corp., 1.75%, 5/1/26 |
41,000 | 121,385 | ||||||
Pioneer
Natural Resources Co., 0.25%, 5/15/25 |
199,000 | 503,589 | ||||||
624,974 | ||||||||
Passenger
Airlines — 1.1% |
||||||||
American
Airlines Group, Inc., 6.50%, 7/1/25 |
120,000 | 137,400 | ||||||
Southwest
Airlines Co., 1.25%, 5/1/25(3) |
122,000 | 128,435 | ||||||
265,835 | ||||||||
Pharmaceuticals
— 2.2% |
||||||||
Jazz
Investments I Ltd., 2.00%, 6/15/26 |
358,000 | 387,759 | ||||||
Pacira
BioSciences, Inc., 0.75%, 8/1/25 |
105,000 | 96,272 | ||||||
Revance
Therapeutics, Inc., 1.75%, 2/15/27 |
70,000 | 62,860 | ||||||
546,891 | ||||||||
Professional
Services — 1.7% |
||||||||
KBR,
Inc., 2.50%, 11/1/23 |
167,000 | 404,390 | ||||||
Real
Estate Management and Development — 1.7% |
||||||||
Zillow
Group, Inc., 2.75%, 5/15/25 |
390,000 | 422,175 | ||||||
Semiconductors
and Semiconductor Equipment — 4.1% |
||||||||
Enphase
Energy, Inc., 0.00%, 3/1/26(1) |
141,000 | 125,208 | ||||||
Impinj,
Inc., 1.125%, 5/15/27 |
63,000 | 58,829 | ||||||
MACOM
Technology Solutions Holdings, Inc., 0.25%, 3/15/26 |
240,000 | 279,360 | ||||||
Microchip
Technology, Inc., 0.125%, 11/15/24(3) |
215,000 | 231,528 | ||||||
ON
Semiconductor Corp., 0.00%, 5/1/27(1) |
123,000 | 233,639 | ||||||
Wolfspeed,
Inc., 0.25%, 2/15/28 |
117,000 | 86,756 | ||||||
1,015,320 | ||||||||
Software
— 16.6% |
||||||||
Alarm.com
Holdings, Inc., 0.00%, 1/15/26(1) |
101,000 | 87,062 | ||||||
Alteryx,
Inc., 1.00%, 8/1/26 |
83,000 | 69,720 | ||||||
Bentley
Systems, Inc., 0.125%, 1/15/26 |
308,000 | 301,255 | ||||||
BILL
Holdings, Inc., 0.00%, 4/1/27(1) |
293,000 | 239,527 | ||||||
Confluent,
Inc., 0.00%, 1/15/27(1) |
90,000 | 75,204 | ||||||
CyberArk
Software Ltd., 0.00%, 11/15/24(1) |
110,000 | 128,634 | ||||||
Datadog,
Inc., 0.125%, 6/15/25 |
74,000 | 90,280 | ||||||
Dropbox,
Inc., 0.00%, 3/1/28(1) |
131,000 | 126,743 | ||||||
Envestnet,
Inc., 2.625%, 12/1/27(2) |
106,000 | 106,954 | ||||||
Five9,
Inc., 0.50%, 6/1/25 |
70,000 | 66,290 | ||||||
Guidewire
Software, Inc., 1.25%, 3/15/25 |
73,000 | 72,672 | ||||||
HubSpot,
Inc., 0.375%, 6/1/25 |
131,000 | 256,956 | ||||||
InterDigital,
Inc., 3.50%, 6/1/27 |
74,000 | 92,359 | ||||||
Palo
Alto Networks, Inc., 0.375%, 6/1/25 |
249,000 | 610,423 | ||||||
Pegasystems,
Inc., 0.75%, 3/1/25 |
99,000 | 91,278 | ||||||
Progress
Software Corp., 1.00%, 4/15/26 |
340,000 | 385,730 |
Quality
Convertible Securities ETF |
||||||||
Principal Amount/Shares |
Value | |||||||
Q2
Holdings, Inc., 0.75%, 6/1/26 |
$ | 93,000 | $ | 82,073 | ||||
Rapid7,
Inc., 0.25%, 3/15/27 |
138,000 | 122,216 | ||||||
Splunk,
Inc., 1.125%, 9/15/25 |
139,000 | 145,255 | ||||||
Tyler
Technologies, Inc., 0.25%, 3/15/26 |
331,000 | 328,186 | ||||||
Unity
Software, Inc., 0.00%, 11/15/26(1) |
91,000 | 72,345 | ||||||
Varonis
Systems, Inc., 1.25%, 8/15/25 |
183,000 | 221,339 | ||||||
Workiva,
Inc., 1.125%, 8/15/26 |
157,000 | 232,125 | ||||||
Zscaler,
Inc., 0.125%, 7/1/25 |
51,000 | 61,863 | ||||||
4,066,489 | ||||||||
Specialty
Retail — 0.9% |
||||||||
Burlington
Stores, Inc., 2.25%, 4/15/25 |
108,000 | 113,332 | ||||||
Match
Group Financeco 3, Inc., 2.00%, 1/15/30(2) |
115,000 | 108,319 | ||||||
221,651 | ||||||||
Technology
Hardware, Storage and Peripherals — 1.0% |
||||||||
Western
Digital Corp., 1.50%, 2/1/24 |
240,000 | 235,860 | ||||||
TOTAL
CONVERTIBLE BONDS
(Cost
$19,753,082) |
19,139,918 | |||||||
CONVERTIBLE
PREFERRED STOCKS — 9.9% |
||||||||
Banks
— 4.2% |
||||||||
Bank
of America Corp., 7.25% |
441 | 512,702 | ||||||
Wells
Fargo & Co., 7.50% |
450 | 521,631 | ||||||
1,034,333 | ||||||||
Capital
Markets — 1.3% |
||||||||
AMG
Capital Trust II, 5.15%, 10/15/37 |
2,481 | 122,685 | ||||||
KKR
& Co., Inc., 6.00%, 9/15/23 |
2,571 | 189,245 | ||||||
311,930 | ||||||||
Electric
Utilities — 1.1% |
||||||||
NextEra
Energy, Inc., 6.22%, 9/1/23 |
6,150 | 281,393 | ||||||
Gas
Utilities — 0.5% |
||||||||
Spire,
Inc., 7.50%, 3/1/24(3) |
2,630 | 117,666 | ||||||
Independent
Power and Renewable Electricity Producers — 0.2% | ||||||||
AES
Corp., 6.875%, 2/15/24 |
615 | 43,862 | ||||||
Industrial
REITs — 0.5% |
||||||||
LXP
Industrial Trust, 6.50% |
2,363 | 111,061 | ||||||
Multi-Utilities
— 2.1% |
||||||||
NiSource,
Inc., 7.75%, 3/1/24(3) |
5,334 | 528,333 | ||||||
TOTAL
CONVERTIBLE PREFERRED STOCKS
(Cost
$2,671,287) |
2,428,578 | |||||||
COMMON
STOCKS — 6.1% |
||||||||
Biotechnology
— 0.2% |
||||||||
PTC
Therapeutics, Inc.(4) |
1,359 | 53,681 | ||||||
Consumer
Finance — 0.2% |
||||||||
Encore
Capital Group, Inc.(4) |
924 | 43,299 | ||||||
Electric
Utilities — 2.0% |
||||||||
American
Electric Power Co., Inc. |
2,998 | 235,043 | ||||||
PG&E
Corp.(4) |
15,759 | 256,872 | ||||||
491,915 | ||||||||
Health
Care Equipment and Supplies — 1.2% |
||||||||
Becton
Dickinson & Co. |
800 | 223,560 | ||||||
Boston
Scientific Corp.(4) |
1,511 | 81,503 | ||||||
305,063 |
Quality
Convertible Securities ETF |
||||||||
Principal Amount/Shares |
Value | |||||||
Hotels,
Restaurants and Leisure — 0.7% |
||||||||
Bloomin'
Brands, Inc. |
5,856 | $ | 164,319 | |||||
Machinery
— 0.5% |
||||||||
Chart
Industries, Inc.(4) |
722 | 130,379 | ||||||
Metals
and Mining — 0.5% |
||||||||
ArcelorMittal
SA, NY Shares |
4,086 | 108,728 | ||||||
Semiconductors
and Semiconductor Equipment — 0.8% |
||||||||
Silicon
Laboratories, Inc.(4) |
1,520 | 204,987 | ||||||
TOTAL
COMMON STOCKS
(Cost
$1,522,700) |
1,502,371 | |||||||
SHORT-TERM
INVESTMENTS — 9.6% |
||||||||
Money
Market Funds — 9.6% |
||||||||
State
Street Institutional U.S. Government Money Market Fund, Premier
Class |
1,418,689 | 1,418,689 | ||||||
State
Street Navigator Securities Lending Government Money Market
Portfolio(5) |
940,664 | 940,664 | ||||||
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$2,359,353) |
2,359,353 | |||||||
TOTAL
INVESTMENT SECURITIES — 103.5%
(Cost
$26,306,422) |
25,430,220 | |||||||
OTHER
ASSETS AND LIABILITIES — (3.5)% |
(859,086) | |||||||
TOTAL
NET ASSETS — 100.0% |
$ | 24,571,134 |
NOTES TO SCHEDULE OF INVESTMENTS |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
COMMON
STOCKS — 99.3% |
||||||||
Australia
— 4.6% |
||||||||
Aristocrat
Leisure Ltd. |
33,668 | $ | 888,771 | |||||
BHP
Group Ltd. |
17,619 | 506,513 | ||||||
BlueScope
Steel Ltd. |
39,976 | 540,457 | ||||||
carsales.com
Ltd. |
14,569 | 270,959 | ||||||
Cochlear
Ltd. |
1,445 | 253,633 | ||||||
CSL
Ltd. |
1,248 | 220,395 | ||||||
Fortescue
Metals Group Ltd. |
79,290 | 1,091,616 | ||||||
IGO
Ltd. |
27,384 | 244,383 | ||||||
Lottery
Corp. Ltd. |
67,961 | 221,062 | ||||||
Lynas
Rare Earths Ltd.(1) |
49,990 | 230,574 | ||||||
Northern
Star Resources Ltd. |
32,363 | 247,970 | ||||||
Orica
Ltd. |
22,135 | 224,246 | ||||||
Origin
Energy Ltd. |
96,166 | 540,795 | ||||||
Pilbara
Minerals Ltd.(2) |
90,582 | 271,566 | ||||||
Qantas
Airways Ltd.(1) |
172,111 | 655,676 | ||||||
REA
Group Ltd. |
4,798 | 511,552 | ||||||
Sonic
Healthcare Ltd. |
32,744 | 680,557 | ||||||
South32
Ltd. |
485,096 | 1,057,750 | ||||||
Treasury
Wine Estates Ltd. |
29,126 | 219,344 | ||||||
Washington
H Soul Pattinson & Co. Ltd. |
12,353 | 263,166 | ||||||
WiseTech
Global Ltd. |
6,327 | 283,822 | ||||||
Xero
Ltd.(1) |
4,133 | 334,540 | ||||||
9,759,347 | ||||||||
Austria
— 1.0% |
||||||||
ANDRITZ
AG |
9,987 | 530,511 | ||||||
Erste
Group Bank AG |
9,147 | 326,309 | ||||||
OMV
AG |
15,087 | 698,648 | ||||||
Raiffeisen
Bank International AG(1) |
17,895 | 256,847 | ||||||
voestalpine
AG |
8,405 | 245,588 | ||||||
2,057,903 | ||||||||
Belgium
— 0.7% |
||||||||
Ageas
SA |
24,812 | 986,780 | ||||||
KBC
Group NV |
3,353 | 219,991 | ||||||
Solvay
SA |
2,494 | 288,799 | ||||||
1,495,570 | ||||||||
Canada
— 8.8% |
||||||||
Alimentation
Couche-Tard, Inc. |
4,680 | 244,737 | ||||||
ARC
Resources Ltd.(2) |
19,780 | 301,707 | ||||||
Canadian
National Railway Co. |
1,940 | 218,523 | ||||||
Canadian
Natural Resources Ltd. |
14,348 | 928,288 | ||||||
CGI,
Inc.(1) |
2,990 | 311,790 | ||||||
Constellation
Software, Inc. |
966 | 1,984,232 | ||||||
Descartes
Systems Group, Inc.(1) |
5,714 | 428,423 | ||||||
Dollarama,
Inc. |
10,643 | 690,078 | ||||||
Element
Fleet Management Corp. |
30,990 | 476,363 | ||||||
Fairfax
Financial Holdings Ltd. |
2,921 | 2,408,809 | ||||||
Franco-Nevada
Corp. |
1,502 | 216,228 | ||||||
IGM
Financial, Inc.(2) |
13,496 | 384,744 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Imperial
Oil Ltd.(2) |
10,359 | $ | 588,252 | |||||
Keyera Corp. | 9,802 | 242,148 | ||||||
Loblaw Cos. Ltd. | 3,806 | 330,490 | ||||||
Lundin Mining Corp. | 43,079 | 334,124 | ||||||
Manulife Financial Corp. | 124,235 | 2,296,766 | ||||||
MEG
Energy Corp.(1) |
14,481 | 259,033 | ||||||
Metro, Inc. | 4,159 | 214,352 | ||||||
Open Text Corp. | 39,212 | 1,580,146 | ||||||
Quebecor, Inc., Class B | 24,968 | 570,797 | ||||||
Stantec, Inc. | 5,835 | 389,777 | ||||||
Suncor
Energy, Inc.(2) |
31,992 | 1,083,684 | ||||||
Teck Resources Ltd., Class B | 6,727 | 277,960 | ||||||
TFI International, Inc. | 4,576 | 623,544 | ||||||
Thomson Reuters Corp. | 1,653 | 212,890 | ||||||
Tourmaline Oil Corp. | 7,828 | 401,423 | ||||||
West Fraser Timber Co. Ltd. | 3,850 | 291,029 | ||||||
Wheaton Precious Metals Corp. | 4,825 | 210,274 | ||||||
WSP Global, Inc. | 1,765 | 247,220 | ||||||
18,747,831 | ||||||||
China — 2.9% | ||||||||
Alibaba
Health Information Technology Ltd.(1) |
368,000 | 217,265 | ||||||
ANTA Sports Products Ltd. | 74,000 | 834,217 | ||||||
Bosideng International Holdings Ltd. | 586,000 | 229,954 | ||||||
BYD Co. Ltd., H Shares | 22,000 | 691,034 | ||||||
China Resources Beer Holdings Co. Ltd. | 18,000 | 105,684 | ||||||
China Resources Mixc Lifestyle Services Ltd. | 90,800 | 392,359 | ||||||
COSCO SHIPPING Holdings Co. Ltd., Class H | 188,000 | 192,791 | ||||||
JD
Health International, Inc.(1) |
41,450 | 223,484 | ||||||
JD
Logistics, Inc.(1) |
113,800 | 151,692 | ||||||
KE
Holdings, Inc., ADR(1) |
33,398 | 574,446 | ||||||
Li Ning Co. Ltd. | 67,500 | 319,026 | ||||||
Nongfu
Spring Co. Ltd., H Shares(2) |
170,600 | 958,159 | ||||||
PDD
Holdings, Inc., ADR(1) |
9,342 | 924,578 | ||||||
Yadea Group Holdings Ltd. | 152,000 | 292,243 | ||||||
6,106,932 | ||||||||
Denmark — 2.7% | ||||||||
AP Moller - Maersk A/S, B Shares | 666 | 1,209,032 | ||||||
Genmab
A/S(1) |
1,796 | 688,111 | ||||||
Novo Nordisk A/S, B Shares | 19,760 | 3,644,805 | ||||||
Pandora A/S | 3,269 | 338,532 | ||||||
5,880,480 | ||||||||
Finland — 0.1% | ||||||||
Wartsila Oyj Abp | 19,369 | 245,810 | ||||||
France — 11.2% | ||||||||
Arkema SA | 2,989 | 312,348 | ||||||
BNP Paribas SA | 4,510 | 291,651 | ||||||
Bureau Veritas SA | 10,264 | 274,953 | ||||||
Carrefour SA | 26,109 | 499,040 | ||||||
Cie de Saint-Gobain | 8,662 | 563,482 | ||||||
Dassault Aviation SA | 1,297 | 254,679 | ||||||
Dassault Systemes SE | 4,989 | 197,717 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Edenred | 28,668 | $ | 1,826,820 | |||||
Eiffage SA | 2,575 | 254,495 | ||||||
Engie
SA |
115,551 | 1,860,861 | ||||||
EssilorLuxottica
SA |
7,481 | 1,406,105 | ||||||
Hermes
International |
1,005 | 2,066,969 | ||||||
Ipsen
SA |
3,911 | 506,648 | ||||||
Kering
SA |
489 | 261,483 | ||||||
La
Francaise des Jeux SAEM |
9,585 | 346,590 | ||||||
L'Oreal
SA |
4,996 | 2,194,404 | ||||||
LVMH
Moet Hennessy Louis Vuitton SE |
1,382 | 1,168,698 | ||||||
Orange
SA |
23,501 | 263,838 | ||||||
Publicis
Groupe SA |
8,383 | 654,108 | ||||||
Rexel
SA |
15,114 | 354,378 | ||||||
Sanofi | 29,872 | 3,181,486 | ||||||
SCOR
SE |
10,187 | 316,733 | ||||||
Sodexo
SA |
5,930 | 636,173 | ||||||
STMicroelectronics
NV |
27,462 | 1,295,784 | ||||||
TotalEnergies
SE |
42,720 | 2,679,778 | ||||||
Vinci
SA |
2,169 | 241,601 | ||||||
23,910,822 | ||||||||
Germany
— 6.3% |
||||||||
Allianz
SE |
1,218 | 296,070 | ||||||
Bayerische
Motoren Werke AG |
2,803 | 294,817 | ||||||
Brenntag
SE |
3,319 | 268,454 | ||||||
Carl
Zeiss Meditec AG, Bearer Shares |
1,956 | 194,006 | ||||||
Commerzbank
AG |
21,821 | 239,758 | ||||||
CTS
Eventim AG & Co. KGaA |
3,581 | 222,769 | ||||||
Deutsche
Bank AG |
25,704 | 279,628 | ||||||
Deutsche
Lufthansa AG(1) |
31,595 | 282,154 | ||||||
DHL
Group |
20,737 | 967,030 | ||||||
E.ON
SE |
24,517 | 301,796 | ||||||
Evonik
Industries AG |
12,994 | 248,967 | ||||||
Fresenius
Medical Care AG & Co. KGaA |
35,987 | 1,732,682 | ||||||
Fresenius
SE & Co. KGaA |
31,054 | 995,566 | ||||||
GEA
Group AG |
5,767 | 227,412 | ||||||
Heidelberg
Materials AG |
3,642 | 292,841 | ||||||
Henkel
AG & Co. KGaA |
14,649 | 1,012,366 | ||||||
Hugo
Boss AG |
3,226 | 242,854 | ||||||
Infineon
Technologies AG |
13,886 | 496,226 | ||||||
Mercedes-Benz
Group AG |
3,491 | 255,453 | ||||||
MTU
Aero Engines AG |
950 | 221,749 | ||||||
Muenchener
Rueckversicherungs-Gesellschaft AG in Muenchen |
5,204 | 2,019,980 | ||||||
Nemetschek
SE |
3,106 | 214,518 | ||||||
Rational
AG |
355 | 270,421 | ||||||
Rheinmetall
AG |
868 | 235,771 | ||||||
SAP
SE |
2,360 | 329,231 | ||||||
Scout24
SE |
7,254 | 499,702 | ||||||
Siemens
AG |
3,090 | 464,213 | ||||||
Wacker
Chemie AG |
1,961 | 288,837 | ||||||
13,395,271 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Ireland
— 0.4% |
||||||||
CRH
PLC |
4,651 | $ | 267,589 | |||||
Ryanair
Holdings PLC, ADR(1) |
5,172 | 513,321 | ||||||
780,910 | ||||||||
Israel
— 1.7% |
||||||||
Bank
Hapoalim BM |
59,539 | 492,932 | ||||||
Bank
Leumi Le-Israel BM |
107,219 | 832,289 | ||||||
ICL
Group Ltd. |
47,750 | 285,345 | ||||||
Israel
Discount Bank Ltd., A Shares |
99,564 | 497,958 | ||||||
Mizrahi
Tefahot Bank Ltd. |
25,106 | 825,495 | ||||||
Monday.com
Ltd.(1) |
1,300 | 230,672 | ||||||
Nice
Ltd.(1) |
1,089 | 212,250 | ||||||
Teva
Pharmaceutical Industries Ltd.(1) |
36,205 | 352,194 | ||||||
3,729,135 | ||||||||
Italy
— 4.7% |
||||||||
A2A
SpA |
314,248 | 601,385 | ||||||
Amplifon
SpA |
6,354 | 206,336 | ||||||
Assicurazioni
Generali SpA |
13,750 | 284,803 | ||||||
Banco
BPM SpA |
141,287 | 674,115 | ||||||
CNH
Industrial NV |
17,018 | 234,508 | ||||||
Enel
SpA |
60,441 | 405,851 | ||||||
Ferrari
NV |
6,539 | 2,077,702 | ||||||
Hera
SpA |
83,302 | 251,833 | ||||||
Intesa
Sanpaolo SpA |
114,007 | 304,444 | ||||||
Mediobanca
Banca di Credito Finanziario SpA |
98,131 | 1,281,058 | ||||||
Moncler
SpA |
4,260 | 288,635 | ||||||
Pirelli
& C SpA |
47,991 | 238,971 | ||||||
Prysmian
SpA |
6,535 | 266,997 | ||||||
Recordati
Industria Chimica e Farmaceutica SpA |
5,050 | 253,146 | ||||||
Stellantis
NV |
117,156 | 2,174,796 | ||||||
UniCredit
SpA |
18,493 | 450,547 | ||||||
9,995,127 | ||||||||
Japan
— 19.2% |
||||||||
Advantest
Corp. |
3,200 | 400,546 | ||||||
Aisin
Corp. |
9,800 | 327,055 | ||||||
Ajinomoto
Co., Inc. |
11,700 | 495,645 | ||||||
Asahi
Intecc Co. Ltd. |
12,600 | 255,597 | ||||||
Astellas
Pharma, Inc. |
16,400 | 248,138 | ||||||
BayCurrent
Consulting, Inc. |
6,300 | 216,548 | ||||||
Canon,
Inc.(2) |
12,500 | 307,676 | ||||||
Capcom
Co. Ltd. |
12,100 | 510,417 | ||||||
Chubu
Electric Power Co., Inc. |
21,800 | 290,563 | ||||||
Chugai
Pharmaceutical Co. Ltd. |
8,700 | 265,193 | ||||||
Daiichi
Sankyo Co. Ltd. |
34,900 | 1,027,932 | ||||||
Daiwa
Securities Group, Inc. |
57,200 | 325,276 | ||||||
Denso
Corp. |
4,200 | 286,661 | ||||||
Dentsu
Group, Inc. |
8,400 | 250,875 | ||||||
Disco
Corp. |
2,200 | 434,818 | ||||||
Fast
Retailing Co. Ltd. |
900 | 206,470 | ||||||
Fuji
Electric Co. Ltd. |
6,200 | 292,147 | ||||||
Hikari
Tsushin, Inc. |
1,900 | 316,094 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Hirose
Electric Co. Ltd. |
3,800 | $ | 460,085 | |||||
Hitachi
Ltd. |
5,300 | 352,250 | ||||||
Honda
Motor Co. Ltd. |
18,600 | 601,085 | ||||||
Hoya
Corp. |
5,600 | 621,325 | ||||||
Isuzu
Motors Ltd. |
58,100 | 743,770 | ||||||
ITOCHU
Corp.(2) |
16,700 | 626,740 | ||||||
Itochu
Techno-Solutions Corp. |
10,000 | 296,914 | ||||||
Japan
Tobacco, Inc. |
102,400 | 2,242,179 | ||||||
Kao
Corp. |
46,100 | 1,780,733 | ||||||
Kawasaki
Kisen Kaisha Ltd.(2) |
13,400 | 449,049 | ||||||
KDDI
Corp. |
8,400 | 249,710 | ||||||
Keyence
Corp. |
2,500 | 1,037,929 | ||||||
Kirin
Holdings Co. Ltd. |
17,900 | 251,303 | ||||||
Kobe
Bussan Co. Ltd. |
7,900 | 196,822 | ||||||
Koei
Tecmo Holdings Co. Ltd. |
13,000 | 201,913 | ||||||
Kose
Corp. |
2,200 | 182,456 | ||||||
Marubeni
Corp. |
122,800 | 2,006,380 | ||||||
MatsukiyoCocokara
& Co. |
4,100 | 241,410 | ||||||
Mazda
Motor Corp. |
31,800 | 331,321 | ||||||
MEIJI
Holdings Co. Ltd. |
11,700 | 293,378 | ||||||
Mitsubishi
Chemical Group Corp. |
46,300 | 276,398 | ||||||
Mitsubishi
Corp. |
66,100 | 3,260,376 | ||||||
Mitsubishi
Electric Corp. |
19,900 | 259,259 | ||||||
Mitsubishi
Heavy Industries Ltd. |
11,300 | 639,943 | ||||||
Mitsui
& Co. Ltd. |
21,200 | 789,601 | ||||||
MonotaRO
Co. Ltd. |
15,900 | 187,783 | ||||||
MS&AD
Insurance Group Holdings, Inc.(2) |
8,500 | 305,249 | ||||||
Nexon
Co. Ltd. |
23,800 | 482,847 | ||||||
NIPPON
EXPRESS HOLDINGS, Inc. |
4,800 | 249,261 | ||||||
Nippon
Paint Holdings Co. Ltd. |
28,500 | 220,207 | ||||||
Nippon
Telegraph & Telephone Corp. |
231,700 | 267,529 | ||||||
Nissin
Foods Holdings Co. Ltd. |
5,900 | 515,261 | ||||||
Obayashi
Corp. |
32,200 | 291,627 | ||||||
Obic
Co. Ltd. |
1,500 | 260,802 | ||||||
Olympus
Corp. |
20,500 | 276,881 | ||||||
Ono
Pharmaceutical Co. Ltd. |
25,600 | 483,633 | ||||||
Oriental
Land Co. Ltd. |
51,900 | 1,869,501 | ||||||
ORIX
Corp. |
15,300 | 285,264 | ||||||
Osaka
Gas Co. Ltd. |
16,400 | 261,816 | ||||||
Otsuka
Corp. |
8,000 | 356,544 | ||||||
Otsuka
Holdings Co. Ltd. |
14,700 | 558,478 | ||||||
Pan
Pacific International Holdings Corp. |
12,800 | 255,042 | ||||||
Panasonic
Holdings Corp. |
30,800 | 354,510 | ||||||
Recruit
Holdings Co. Ltd. |
7,900 | 281,418 | ||||||
Ricoh
Co. Ltd. |
34,600 | 281,865 | ||||||
Rohm
Co. Ltd.(2) |
3,100 | 258,564 | ||||||
Rohto
Pharmaceutical Co. Ltd. |
10,300 | 267,969 | ||||||
SCREEN
Holdings Co. Ltd. |
2,500 | 254,529 | ||||||
SCSK
Corp. |
18,500 | 320,686 | ||||||
Sega
Sammy Holdings, Inc. |
13,400 | 267,421 | ||||||
Shin-Etsu
Chemical Co. Ltd. |
65,900 | 2,100,480 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Softbank
Corp. |
24,400 | $ | 279,836 | |||||
Sojitz
Corp.(2) |
53,300 | 1,145,129 | ||||||
Subaru
Corp. |
28,500 | 547,866 | ||||||
SUMCO
Corp. |
36,400 | 486,149 | ||||||
Sumitomo
Mitsui Trust Holdings, Inc. |
7,400 | 277,195 | ||||||
Suntory
Beverage & Food Ltd. |
7,100 | 228,438 | ||||||
Tokyo
Gas Co. Ltd. |
25,600 | 592,398 | ||||||
Toyo
Suisan Kaisha Ltd. |
5,300 | 218,527 | ||||||
Toyota
Tsusho Corp. |
5,900 | 351,219 | ||||||
Trend
Micro, Inc. |
5,500 | 233,429 | ||||||
Yakult
Honsha Co. Ltd. |
3,400 | 178,139 | ||||||
ZOZO,
Inc. |
10,700 | 213,690 | ||||||
41,117,162 | ||||||||
Netherlands
— 3.3% |
||||||||
Adyen
NV(1) |
134 | 111,893 | ||||||
ASM
International NV |
1,267 | 609,895 | ||||||
ASML
Holding NV |
1,882 | 1,237,468 | ||||||
Coca-Cola
Europacific Partners PLC |
4,583 | 293,816 | ||||||
Heineken
NV(2) |
4,958 | 481,969 | ||||||
ING
Groep NV |
21,166 | 299,901 | ||||||
JDE
Peet's NV |
16,508 | 459,491 | ||||||
Koninklijke
Ahold Delhaize NV |
45,666 | 1,493,735 | ||||||
Koninklijke
Vopak NV |
7,415 | 267,339 | ||||||
OCI
NV(1) |
21,582 | 545,836 | ||||||
Randstad
NV |
18,484 | 1,084,735 | ||||||
Wolters
Kluwer NV |
2,217 | 267,127 | ||||||
7,153,205 | ||||||||
Norway
— 1.9% |
||||||||
Aker
BP ASA |
23,954 | 651,498 | ||||||
Equinor
ASA |
38,560 | 1,184,224 | ||||||
Kongsberg
Gruppen ASA |
5,939 | 246,355 | ||||||
Mowi
ASA |
15,205 | 275,626 | ||||||
Norsk
Hydro ASA |
79,542 | 440,098 | ||||||
Telenor
ASA |
25,408 | 272,027 | ||||||
Yara
International ASA |
28,971 | 1,055,973 | ||||||
4,125,801 | ||||||||
Portugal
— 0.5% |
||||||||
Jeronimo
Martins SGPS SA |
37,838 | 964,565 | ||||||
Singapore
— 1.2% |
||||||||
Genting
Singapore Ltd. |
1,084,700 | 701,799 | ||||||
Jardine
Cycle & Carriage Ltd. |
65,900 | 1,628,301 | ||||||
Singapore
Airlines Ltd.(2) |
63,600 | 323,161 | ||||||
2,653,261 | ||||||||
South
Korea — 0.7% |
||||||||
Coupang,
Inc.(1) |
39,116 | 742,422 | ||||||
HYBE
Co. Ltd.(1) |
489 | 93,370 | ||||||
Kia
Corp. |
4,608 | 279,309 | ||||||
Samsung
SDI Co. Ltd. |
717 | 332,546 | ||||||
1,447,647 | ||||||||
Spain
— 3.8% |
||||||||
Aena
SME SA |
5,963 | 937,366 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Banco
Bilbao Vizcaya Argentaria SA |
389,286 | $ | 3,071,423 | |||||
Banco
de Sabadell SA |
493,991 | 571,331 | ||||||
CaixaBank
SA |
59,852 | 242,415 | ||||||
Endesa
SA |
13,668 | 283,856 | ||||||
Industria
de Diseno Textil SA |
20,170 | 772,740 | ||||||
Mapfre
SA |
535,924 | 1,133,594 | ||||||
Repsol
SA |
35,358 | 546,497 | ||||||
Telefonica
SA |
152,848 | 633,352 | ||||||
8,192,574 | ||||||||
Sweden
— 3.3% |
||||||||
AddTech
AB, B Shares |
10,700 | 180,773 | ||||||
Assa
Abloy AB, Class B |
36,954 | 831,684 | ||||||
Boliden
AB |
7,202 | 191,505 | ||||||
Epiroc
AB, A Shares |
13,074 | 250,830 | ||||||
Evolution
AB |
4,315 | 466,697 | ||||||
Getinge
AB, B Shares |
11,331 | 196,449 | ||||||
H
& M Hennes & Mauritz AB, B Shares(2) |
20,874 | 318,704 | ||||||
Industrivarden
AB, C Shares |
9,745 | 253,378 | ||||||
Indutrade
AB |
10,785 | 206,982 | ||||||
Lifco
AB, B Shares |
10,759 | 196,744 | ||||||
Nibe
Industrier AB, B Shares |
54,932 | 411,170 | ||||||
Nordea
Bank Abp |
22,307 | 244,379 | ||||||
Saab
AB, B Shares |
4,507 | 237,583 | ||||||
SKF
AB, B Shares |
16,446 | 266,283 | ||||||
SSAB
AB, B Shares |
119,936 | 663,800 | ||||||
Swedbank
AB, A Shares |
31,350 | 554,823 | ||||||
Swedish
Orphan Biovitrum AB(1)(2) |
10,916 | 210,552 | ||||||
Telefonaktiebolaget
LM Ericsson, B Shares |
212,945 | 1,092,831 | ||||||
Volvo
AB, B Shares |
14,118 | 284,529 | ||||||
7,059,696 | ||||||||
Switzerland
— 4.6% |
||||||||
Belimo
Holding AG |
482 | 253,532 | ||||||
Cie
Financiere Richemont SA, Class A |
2,270 | 321,980 | ||||||
DKSH
Holding AG |
3,615 | 276,266 | ||||||
Flughafen
Zurich AG |
1,188 | 244,482 | ||||||
Julius
Baer Group Ltd. |
4,266 | 296,101 | ||||||
Kuehne
+ Nagel International AG |
1,687 | 506,851 | ||||||
Logitech
International SA |
7,741 | 535,542 | ||||||
Novartis
AG |
36,949 | 3,718,610 | ||||||
Partners
Group Holding AG |
1,092 | 1,177,072 | ||||||
PSP
Swiss Property AG |
2,427 | 294,869 | ||||||
Roche
Holding AG, Bearer Shares |
1,520 | 473,721 | ||||||
Sika
AG |
1,635 | 462,022 | ||||||
Sonova
Holding AG |
856 | 226,183 | ||||||
Straumann
Holding AG |
3,584 | 541,863 | ||||||
Swatch
Group AG, Bearer Shares |
877 | 246,209 | ||||||
VAT
Group AG |
779 | 311,325 | ||||||
9,886,628 | ||||||||
Taiwan
— 1.4% |
||||||||
Accton
Technology Corp. |
27,000 | 402,687 | ||||||
Airtac
International Group |
6,000 | 172,838 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Global
Unichip Corp. |
6,000 | $ | 273,077 | |||||
MediaTek,
Inc. |
36,000 | 793,924 | ||||||
momo.com,
Inc. |
4,180 | 68,179 | ||||||
Taiwan
Semiconductor Manufacturing Co. Ltd. |
40,000 | 687,318 | ||||||
Unimicron
Technology Corp. |
52,000 | 300,887 | ||||||
Voltronic
Power Technology Corp. |
5,000 | 226,938 | ||||||
2,925,848 | ||||||||
United
Kingdom — 13.7% |
||||||||
3i
Group PLC |
26,040 | 655,725 | ||||||
Anglo
American PLC |
9,453 | 251,371 | ||||||
Ashtead
Group PLC |
15,259 | 1,064,441 | ||||||
Associated
British Foods PLC |
11,473 | 289,003 | ||||||
AstraZeneca
PLC |
5,787 | 777,325 | ||||||
BAE
Systems PLC |
25,416 | 323,489 | ||||||
Barratt
Developments PLC |
47,343 | 271,392 | ||||||
Beazley
PLC |
32,767 | 226,235 | ||||||
BP
PLC |
46,202 | 285,495 | ||||||
British
American Tobacco PLC |
44,978 | 1,489,867 | ||||||
Burberry
Group PLC |
9,758 | 269,415 | ||||||
Centrica
PLC |
178,013 | 341,672 | ||||||
Coca-Cola
HBC AG |
18,833 | 542,520 | ||||||
Compass
Group PLC |
33,136 | 835,581 | ||||||
ConvaTec
Group PLC |
103,270 | 303,111 | ||||||
DCC
PLC |
4,572 | 250,166 | ||||||
Diploma
PLC |
6,494 | 257,142 | ||||||
DS
Smith PLC |
69,210 | 273,229 | ||||||
easyJet
PLC(1) |
37,421 | 199,903 | ||||||
Endeavour
Mining PLC |
9,385 | 194,132 | ||||||
Evraz
PLC(1)(3) |
199,959 | 25 | ||||||
Glencore
PLC |
216,675 | 1,153,836 | ||||||
GSK
PLC |
118,554 | 2,076,584 | ||||||
Halma
PLC |
7,321 | 198,461 | ||||||
Hikma
Pharmaceuticals PLC |
21,535 | 594,864 | ||||||
Hiscox
Ltd. |
15,048 | 189,863 | ||||||
Howden
Joinery Group PLC |
31,926 | 298,589 | ||||||
HSBC
Holdings PLC |
373,103 | 2,752,458 | ||||||
IMI
PLC |
11,064 | 209,967 | ||||||
Imperial
Brands PLC |
71,184 | 1,611,718 | ||||||
InterContinental
Hotels Group PLC |
5,324 | 400,446 | ||||||
J
Sainsbury PLC |
93,924 | 321,197 | ||||||
JD
Sports Fashion PLC |
253,813 | 465,873 | ||||||
Kingfisher
PLC |
90,664 | 268,682 | ||||||
Legal
& General Group PLC |
92,148 | 254,595 | ||||||
Mondi
PLC |
16,822 | 279,427 | ||||||
NatWest
Group PLC |
102,567 | 298,273 | ||||||
Pearson
PLC |
26,238 | 278,089 | ||||||
RELX
PLC |
7,687 | 250,556 | ||||||
Rightmove
PLC |
33,683 | 238,416 | ||||||
Rio
Tinto PLC |
20,612 | 1,269,382 | ||||||
RS
Group PLC |
26,386 | 253,553 | ||||||
Shell
PLC(2) |
116,590 | 3,611,328 |
Quality Diversified International ETF | ||||||||
Shares | Value | |||||||
Smith
& Nephew PLC |
17,487 | $ | 235,987 | |||||
Spectris
PLC |
5,075 | 213,476 | ||||||
Standard
Chartered PLC |
68,535 | 616,658 | ||||||
Taylor
Wimpey PLC |
183,390 | 265,035 | ||||||
Tesco
PLC |
91,901 | 309,181 | ||||||
Unilever
PLC |
5,389 | 275,212 | ||||||
Wise
PLC, Class A(1) |
33,145 | 268,291 | ||||||
WPP
PLC |
83,422 | 808,643 | ||||||
29,369,879 | ||||||||
United
States — 0.6% |
||||||||
Autoliv,
Inc. |
3,181 | 310,465 | ||||||
Noble
Corp. PLC |
5,786 | 305,154 | ||||||
NXP
Semiconductors NV |
2,667 | 548,655 | ||||||
Waste
Connections, Inc. |
1,612 | 220,828 | ||||||
1,385,102 | ||||||||
TOTAL
COMMON STOCKS
(Cost
$193,125,151) |
212,386,506 | |||||||
RIGHTS† |
||||||||
Canada† |
||||||||
Constellation
Software, Inc.(1) |
966 | 536 | ||||||
Sweden† |
||||||||
Swedish
Orphan Biovitrum AB(1)(2) |
10,916 | 9,861 | ||||||
TOTAL
RIGHTS
(Cost
$429) |
10,397 | |||||||
WARRANTS† |
||||||||
Canada† |
||||||||
Constellation
Software, Inc.(1)
(Cost
$—) |
966 | 7 | ||||||
SHORT-TERM
INVESTMENTS — 2.0% |
||||||||
Money
Market Funds — 2.0% |
||||||||
State
Street Institutional U.S. Government Money Market Fund, Premier
Class |
484,013 | 484,013 | ||||||
State
Street Navigator Securities Lending Government Money Market
Portfolio(4) |
3,771,087 | 3,771,087 | ||||||
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$4,255,100) |
4,255,100 | |||||||
TOTAL
INVESTMENT SECURITIES — 101.3%
(Cost
$197,380,680) |
216,652,010 | |||||||
OTHER
ASSETS AND LIABILITIES — (1.3)% |
(2,812,048) | |||||||
TOTAL
NET ASSETS — 100.0% |
$ | 213,839,962 |
MARKET SECTOR DIVERSIFICATION | |||||
(as a % of net assets) | |||||
Industrials | 16.1% | ||||
Financials | 15.5% | ||||
Consumer Discretionary | 13.5% | ||||
Health Care | 12.9% | ||||
Consumer Staples | 10.4% | ||||
Information Technology | 9.9% | ||||
Materials | 7.8% | ||||
Energy | 6.6% | ||||
Communication Services | 3.2% | ||||
Utilities | 2.8% | ||||
Real Estate | 0.6% | ||||
Short-Term Investments | 2.0% | ||||
Other Assets and Liabilities | (1.3)% |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
ADR | – | American Depositary Receipt |
Quality Preferred ETF | ||||||||
Shares/ Principal Amount |
Value | |||||||
PREFERRED
STOCKS — 76.3% |
||||||||
Automobiles
— 1.9% |
||||||||
Ford
Motor Co., 6.00%(1) |
11,556 | $ | 269,602 | |||||
Ford
Motor Co., 6.20% |
7,513 | 182,641 | ||||||
General
Motors Financial Co., Inc., Series C, 5.70%(1) |
289,000 | 248,689 | ||||||
700,932 | ||||||||
Banks
— 18.4% |
||||||||
Bank
of America Corp., 5.875% |
464,000 | 428,806 | ||||||
Bank
of America Corp., 5.875% |
7,072 | 170,647 | ||||||
Bank
of America Corp., 6.00%(1) |
13,375 | 327,955 | ||||||
Bank
of America Corp., 6.125% |
294,000 | 285,915 | ||||||
Bank
of America Corp., 6.25% |
387,000 | 386,033 | ||||||
Citigroup,
Inc., 6.30%(1) |
852,000 | 840,498 | ||||||
Citigroup,
Inc., 6.875% |
10,239 | 257,306 | ||||||
Citizens
Financial Group, Inc., 6.35% |
13,371 | 322,776 | ||||||
Fifth
Third Bancorp, 6.00%(1) |
7,287 | 174,159 | ||||||
First
Citizens BancShares, Inc., 5.375% |
4,565 | 94,678 | ||||||
JPMorgan
Chase & Co., 5.75% |
10,868 | 264,092 | ||||||
JPMorgan
Chase & Co., 8.93%(1) |
534,000 | 535,389 | ||||||
JPMorgan
Chase & Co., Series GG, 4.75%(1) |
9,358 | 193,617 | ||||||
JPMorgan
Chase & Co., Series JJ, 4.55% |
9,804 | 189,707 | ||||||
JPMorgan
Chase & Co., Series LL, 4.625%(1) |
9,755 | 193,052 | ||||||
JPMorgan
Chase & Co., Series MM, 4.20%(1) |
10,373 | 193,560 | ||||||
Old
National Bancorp, 7.00% |
6,776 | 159,507 | ||||||
PNC
Financial Services Group, Inc., 6.20%(1) |
472,000 | 441,357 | ||||||
Regions
Financial Corp., 5.70% |
6,316 | 129,162 | ||||||
Truist
Financial Corp., 4.80% |
266,000 | 236,208 | ||||||
USB
Capital IX, 6.59% |
288,000 | 216,960 | ||||||
Wells
Fargo & Co., 5.90% |
785,000 | 778,838 | ||||||
6,820,222 | ||||||||
Capital
Markets — 12.3% |
||||||||
Affiliated
Managers Group, Inc., 4.20% |
7,365 | 119,239 | ||||||
Affiliated
Managers Group, Inc., 5.875% |
24,111 | 524,173 | ||||||
Goldman
Sachs Group, Inc., 6.375% |
10,501 | 263,050 | ||||||
Goldman
Sachs Group, Inc., 6.38% |
8,681 | 186,642 | ||||||
Morgan
Stanley, 6.375%(1) |
14,328 | 357,197 | ||||||
Morgan
Stanley, Series A, 6.27% |
18,498 | 396,227 | ||||||
Morgan
Stanley, Series P, 6.50%(1) |
6,462 | 167,366 | ||||||
Oaktree
Capital Group LLC, 6.55% |
25,925 | 553,499 | ||||||
Oaktree
Capital Group LLC, 6.625% |
25,631 | 555,680 | ||||||
State
Street Corp., 5.625% |
790,000 | 754,450 | ||||||
State
Street Corp., 5.90%(1) |
21,987 | 549,015 | ||||||
Stifel
Financial Corp., 6.25% |
5,637 | 130,497 | ||||||
4,557,035 | ||||||||
Consumer
Finance — 0.5% |
||||||||
Capital
One Financial Corp., 4.375% |
12,051 | 200,288 | ||||||
Diversified
Telecommunication Services — 2.2% |
||||||||
AT&T,
Inc., 5.00%(1) |
15,830 | 321,824 | ||||||
AT&T,
Inc., 5.35% |
22,260 | 502,853 | ||||||
824,677 |
Quality Preferred ETF | ||||||||
Shares/ Principal Amount |
Value | |||||||
Electric
Utilities — 5.1% |
||||||||
Duke
Energy Corp., 5.625% |
16,969 | $ | 420,831 | |||||
NextEra
Energy Capital Holdings, Inc., 5.65% |
7,917 | 198,955 | ||||||
SCE
Trust VI, 5.00% |
15,208 | 288,648 | ||||||
Southern
Co., 4.20% |
48,349 | 981,968 | ||||||
1,890,402 | ||||||||
Financial
Services — 3.1% |
||||||||
Apollo
Asset Management, Inc., 6.375% |
37,006 | 925,150 | ||||||
Equitable
Holdings, Inc., 5.25%(1) |
11,281 | 224,830 | ||||||
1,149,980 | ||||||||
Food
Products — 0.9% |
||||||||
CHS,
Inc., 6.75% |
6,724 | 170,117 | ||||||
CHS,
Inc., 7.10% |
6,650 | 171,437 | ||||||
341,554 | ||||||||
Insurance
— 13.8% |
||||||||
American
Equity Investment Life Holding Co., 5.95% |
8,333 | 174,910 | ||||||
American
Equity Investment Life Holding Co., 6.625% |
4,013 | 93,503 | ||||||
Arch
Capital Group Ltd., 5.45% |
7,914 | 169,676 | ||||||
Aspen
Insurance Holdings Ltd., 5.625% |
7,914 | 144,035 | ||||||
Athene
Holding Ltd., 4.875% |
5,826 | 98,984 | ||||||
Athene
Holding Ltd., 5.625% |
14,288 | 286,617 | ||||||
Athene
Holding Ltd., 6.35% |
5,958 | 131,612 | ||||||
Athene
Holding Ltd., 6.375%(1) |
6,180 | 150,792 | ||||||
Axis
Capital Holdings Ltd., 5.50% |
8,059 | 159,085 | ||||||
Brighthouse
Financial, Inc., 5.375% |
8,750 | 152,863 | ||||||
Brighthouse
Financial, Inc., 6.60% |
11,556 | 259,317 | ||||||
Enstar
Group Ltd., 7.00% |
13,587 | 327,039 | ||||||
Hartford
Financial Services Group, Inc., 6.00%(1) |
21,980 | 550,599 | ||||||
MetLife,
Inc., 5.625%(1) |
36,136 | 861,844 | ||||||
MetLife,
Inc., 6.55% |
4,232 | 95,601 | ||||||
Progressive
Corp., 8.09% |
405,000 | 402,748 | ||||||
Prudential
Financial, Inc., 4.125%(1) |
8,134 | 159,914 | ||||||
Prudential
Financial, Inc., 5.95% |
7,502 | 185,374 | ||||||
RenaissanceRe
Holdings Ltd., 5.75% |
23,317 | 523,700 | ||||||
W
R Berkley Corp., 5.10% |
4,521 | 93,087 | ||||||
W
R Berkley Corp., 5.70% |
4,703 | 105,629 | ||||||
5,126,929 | ||||||||
Mortgage
Real Estate Investment Trusts (REITs) — 5.8% |
||||||||
AGNC
Investment Corp., 6.125% |
15,695 | 342,622 | ||||||
AGNC
Investment Corp., 6.50% |
14,958 | 358,094 | ||||||
Annaly
Capital Management, Inc., 6.50% |
11,693 | 295,131 | ||||||
Chimera
Investment Corp., 7.75% |
7,247 | 145,810 | ||||||
Chimera
Investment Corp., 8.00% |
13,449 | 289,019 | ||||||
MFA
Financial, Inc., 6.50% |
12,831 | 252,771 | ||||||
Rithm
Capital Corp., 6.375% |
22,489 | 465,747 | ||||||
2,149,194 | ||||||||
Multi-Utilities
— 5.3% |
||||||||
Algonquin
Power & Utilities Corp., 6.20% |
5,795 | 140,529 | ||||||
Algonquin
Power & Utilities Corp., 6.875% |
11,299 | 287,899 | ||||||
CMS
Energy Corp., 5.875% |
10,165 | 244,875 |
Quality Preferred ETF | ||||||||
Shares/ Principal Amount |
Value | |||||||
CMS
Energy Corp., 5.875% |
7,184 | $ | 171,338 | |||||
Dominion
Energy, Inc., Series C, 4.35% |
391,000 | 332,251 | ||||||
DTE
Energy Co., 4.375% |
7,353 | 152,942 | ||||||
NiSource,
Inc., 6.50% |
11,690 | 291,081 | ||||||
Sempra,
4.875% |
342,000 | 324,315 | ||||||
1,945,230 | ||||||||
Real
Estate Management and Development — 0.8% |
||||||||
Brookfield
Property Partners LP, 5.75% |
22,548 | 297,408 | ||||||
Residential
REITs — 0.5% |
||||||||
American
Homes 4 Rent, Series G, 5.875% |
7,714 | 172,485 | ||||||
Retail
REITs — 0.4% |
||||||||
Kimco
Realty Corp., 5.25% |
6,864 | 155,401 | ||||||
Specialized
REITs — 3.5% |
||||||||
Digital
Realty Trust, Inc., 5.25%(1) |
5,639 | 118,306 | ||||||
Public
Storage, 5.05%(1) |
7,120 | 171,521 | ||||||
Public
Storage, 5.15%(1) |
10,902 | 262,302 | ||||||
Public
Storage, Series L, 4.625% |
12,072 | 254,599 | ||||||
Public
Storage, Series P, 4.00%(1) |
13,833 | 253,144 | ||||||
Public
Storage, Series R, 4.00% |
14,115 | 251,670 | ||||||
1,311,542 | ||||||||
Trading
Companies and Distributors — 1.2% |
||||||||
Triton
International Ltd., 6.875% |
11,970 | 282,612 | ||||||
WESCO
International, Inc., 10.625% |
5,928 | 161,656 | ||||||
444,268 | ||||||||
Wireless
Telecommunication Services — 0.6% |
||||||||
United
States Cellular Corp., 6.25% |
11,957 | 228,020 | ||||||
TOTAL
PREFERRED STOCKS
(Cost
$29,850,435) |
28,315,567 | |||||||
CORPORATE
BONDS — 13.1% |
||||||||
Insurance
— 8.9% |
||||||||
Allstate
Corp., VRN, 8.56%, (3-month LIBOR plus 2.94%), 8/15/53 |
$ | 567,000 | 559,913 | |||||
Allstate
Corp., VRN, 6.50%, 5/15/67 |
852,000 | 817,307 | ||||||
Nippon
Life Insurance Co., VRN, 5.10%, 10/16/44(2) |
363,000 | 356,262 | ||||||
Prudential
Financial, Inc., VRN, 6.00%, 9/1/52(1) |
1,105,000 | 1,057,518 | ||||||
Sumitomo
Life Insurance Co., VRN, 6.50%, 9/20/73(2) |
513,000 | 512,397 | ||||||
3,303,397 | ||||||||
Multi-Utilities
— 2.2% |
||||||||
CMS
Energy Corp., VRN, 4.75%, 6/1/50 |
372,000 | 325,843 | ||||||
Dominion
Energy, Inc., VRN, 5.75%, 10/1/54 |
517,000 | 498,385 | ||||||
824,228 | ||||||||
Oil,
Gas and Consumable Fuels — 1.3% |
||||||||
Enbridge,
Inc., VRN, 5.50%, 7/15/77 |
150,000 | 134,940 | ||||||
Transcanada
Trust, VRN, 5.30%, 3/15/77 |
397,000 | 347,375 | ||||||
482,315 | ||||||||
Wireless
Telecommunication Services — 0.7% |
||||||||
Vodafone
Group plc, VRN, 4.125%, 6/4/81 |
319,000 | 249,538 | ||||||
TOTAL
CORPORATE BONDS
(Cost
$4,891,125) |
4,859,478 |
Quality Preferred ETF | ||||||||
Shares/ Principal Amount |
Value | |||||||
SHORT-TERM
INVESTMENTS — 15.5% |
||||||||
Money
Market Funds — 15.5% |
||||||||
State
Street Institutional U.S. Government Money Market Fund, Premier
Class |
3,510,441 | $ | 3,510,441 | |||||
State
Street Navigator Securities Lending Government Money Market
Portfolio(3) |
2,241,056 | 2,241,056 | ||||||
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$5,751,497) |
5,751,497 | |||||||
TOTAL
INVESTMENT SECURITIES — 104.9%
(Cost
$40,493,057) |
38,926,542 | |||||||
OTHER
ASSETS AND LIABILITIES — (4.9)% |
(1,808,790) | |||||||
TOTAL
NET ASSETS — 100.0% |
$ | 37,117,752 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
LIBOR | – | London Interbank Offered 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. |
U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
COMMON
STOCKS — 99.8% |
||||||||
Aerospace
and Defense — 0.2% |
||||||||
Howmet
Aerospace, Inc. |
28,787 | $ | 1,424,093 | |||||
Automobiles
— 0.2% |
||||||||
Tesla,
Inc.(1) |
4,162 | 1,074,129 | ||||||
Beverages
— 0.8% |
||||||||
Coca-Cola
Consolidated, Inc. |
6,935 | 4,846,871 | ||||||
Monster
Beverage Corp.(1) |
9,938 | 570,541 | ||||||
5,417,412 | ||||||||
Biotechnology
— 6.5% |
||||||||
Alkermes
PLC(1) |
173,294 | 5,058,452 | ||||||
Exelixis,
Inc.(1) |
413,186 | 9,251,234 | ||||||
Gilead
Sciences, Inc. |
13,789 | 1,054,583 | ||||||
Incyte
Corp.(1) |
205,459 | 13,258,269 | ||||||
Neurocrine
Biosciences, Inc.(1) |
125,676 | 13,684,860 | ||||||
Vertex
Pharmaceuticals, Inc.(1) |
3,034 | 1,056,864 | ||||||
43,364,262 | ||||||||
Broadline
Retail — 0.3% |
||||||||
Dillard's,
Inc., Class A |
6,235 | 2,151,823 | ||||||
Building
Products — 2.1% |
||||||||
AAON,
Inc. |
9,445 | 595,602 | ||||||
Builders
FirstSource, Inc.(1) |
47,539 | 6,895,056 | ||||||
Carlisle
Cos., Inc. |
4,051 | 1,065,494 | ||||||
Simpson
Manufacturing Co., Inc. |
3,697 | 590,633 | ||||||
Trane
Technologies PLC |
2,843 | 583,554 | ||||||
UFP
Industries, Inc. |
43,676 | 4,557,591 | ||||||
14,287,930 | ||||||||
Capital
Markets — 3.2% |
||||||||
Affiliated
Managers Group, Inc. |
8,024 | 1,075,296 | ||||||
Evercore,
Inc., Class A |
12,672 | 1,774,714 | ||||||
FactSet
Research Systems, Inc. |
1,286 | 561,223 | ||||||
LPL
Financial Holdings, Inc. |
34,205 | 7,887,331 | ||||||
MSCI,
Inc. |
10,643 | 5,785,748 | ||||||
SEI
Investments Co. |
73,726 | 4,575,435 | ||||||
21,659,747 | ||||||||
Chemicals
— 0.7% |
||||||||
CF
Industries Holdings, Inc. |
39,499 | 3,044,188 | ||||||
Ecolab,
Inc. |
3,168 | 582,310 | ||||||
Linde
PLC |
1,793 | 693,963 | ||||||
PPG
Industries, Inc. |
4,128 | 585,185 | ||||||
4,905,646 | ||||||||
Commercial
Services and Supplies — 0.4% |
||||||||
Copart,
Inc.(1) |
13,167 | 590,277 | ||||||
Rollins,
Inc. |
35,984 | 1,423,887 | ||||||
Tetra
Tech, Inc. |
3,603 | 566,932 | ||||||
2,581,096 | ||||||||
Communications
Equipment — 0.4% |
||||||||
Arista
Networks, Inc.(1) |
3,163 | 617,512 | ||||||
Cisco
Systems, Inc. |
19,053 | 1,092,690 | ||||||
F5,
Inc.(1) |
6,755 | 1,105,523 | ||||||
2,815,725 |
U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Construction
and Engineering — 0.6% |
||||||||
Comfort
Systems USA, Inc. |
12,635 | $ | 2,332,042 | |||||
EMCOR
Group, Inc. |
8,131 | 1,823,377 | ||||||
4,155,419 | ||||||||
Construction
Materials — 0.1% |
||||||||
Eagle
Materials, Inc. |
3,201 | 606,013 | ||||||
Consumer
Staples Distribution & Retail — 0.8% |
||||||||
Casey's
General Stores, Inc. |
2,344 | 572,897 | ||||||
Costco
Wholesale Corp. |
1,110 | 609,701 | ||||||
US
Foods Holding Corp.(1) |
68,251 | 2,759,388 | ||||||
Walmart,
Inc. |
10,320 | 1,678,135 | ||||||
5,620,121 | ||||||||
Containers
and Packaging — 0.1% |
||||||||
AptarGroup,
Inc. |
4,529 | 600,364 | ||||||
Diversified
Consumer Services — 1.0% |
||||||||
H&R
Block, Inc. |
160,488 | 6,416,310 | ||||||
Electrical
Equipment — 1.0% |
||||||||
Acuity
Brands, Inc. |
26,457 | 4,266,985 | ||||||
Atkore,
Inc.(1) |
14,787 | 2,276,754 | ||||||
6,543,739 | ||||||||
Electronic
Equipment, Instruments and Components — 0.4% |
||||||||
Jabil,
Inc. |
16,476 | 1,885,184 | ||||||
Keysight
Technologies, Inc.(1) |
8,242 | 1,098,659 | ||||||
2,983,843 | ||||||||
Energy
Equipment and Services — 0.3% |
||||||||
Baker
Hughes Co. |
16,087 | 582,189 | ||||||
ChampionX
Corp. |
16,049 | 579,208 | ||||||
Halliburton
Co. |
14,820 | 572,348 | ||||||
1,733,745 | ||||||||
Entertainment
— 1.6% |
||||||||
Live
Nation Entertainment, Inc.(1) |
54,168 | 4,578,821 | ||||||
Netflix,
Inc.(1) |
13,927 | 6,039,862 | ||||||
10,618,683 | ||||||||
Financial
Services — 0.6% |
||||||||
Block,
Inc.(1) |
10,187 | 587,281 | ||||||
Mastercard,
Inc., Class A |
4,691 | 1,935,694 | ||||||
Visa,
Inc., Class A |
6,761 | 1,661,042 | ||||||
4,184,017 | ||||||||
Gas
Utilities — 0.8% |
||||||||
National
Fuel Gas Co. |
105,312 | 5,659,467 | ||||||
Ground
Transportation — 0.1% |
||||||||
Uber
Technologies, Inc.(1) |
12,683 | 599,018 | ||||||
Health
Care Equipment and Supplies — 1.4% |
||||||||
Align
Technology, Inc.(1) |
1,616 | 598,146 | ||||||
Contra
Abiomed, Inc.(1) |
2,586 | 2,638 | ||||||
Dexcom,
Inc.(1) |
44,896 | 4,533,598 | ||||||
Haemonetics
Corp.(1) |
6,558 | 588,449 | ||||||
IDEXX
Laboratories, Inc.(1) |
3,367 | 1,721,918 | ||||||
Insulet
Corp.(1) |
3,016 | 578,197 | ||||||
Lantheus
Holdings, Inc.(1) |
16,129 | 1,103,869 | ||||||
9,126,815 |
U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Health
Care Providers and Services — 3.1% |
||||||||
Centene
Corp.(1) |
16,457 | $ | 1,014,574 | |||||
Cigna
Group |
3,727 | 1,029,621 | ||||||
CorVel
Corp.(1) |
2,656 | 574,891 | ||||||
Elevance
Health, Inc. |
2,308 | 1,020,159 | ||||||
Humana,
Inc. |
26,170 | 12,080,857 | ||||||
Molina
Healthcare, Inc.(1) |
3,308 | 1,025,877 | ||||||
Option
Care Health, Inc.(1) |
95,495 | 3,326,091 | ||||||
UnitedHealth
Group, Inc. |
2,156 | 1,027,507 | ||||||
21,099,577 | ||||||||
Health
Care Technology — 0.1% |
||||||||
Veeva
Systems, Inc., Class A(1) |
3,040 | 634,448 | ||||||
Hotels,
Restaurants and Leisure — 7.5% |
||||||||
Airbnb,
Inc., Class A(1) |
41,600 | 5,472,480 | ||||||
Booking
Holdings, Inc.(1) |
6,420 | 19,934,293 | ||||||
Boyd
Gaming Corp. |
16,182 | 1,082,090 | ||||||
Chipotle
Mexican Grill, Inc.(1) |
302 |
581,845 | ||||||
Expedia
Group, Inc.(1) |
59,600 | 6,460,044 | ||||||
Hilton
Worldwide Holdings, Inc. |
3,852 | 572,600 | ||||||
Marriott
International, Inc., Class A |
39,506 | 8,039,866 | ||||||
Starbucks
Corp. |
70,072 | 6,827,816 | ||||||
Texas
Roadhouse, Inc. |
5,399 | 562,036 | ||||||
Wingstop,
Inc. |
3,452 | 554,529 | ||||||
50,087,599 | ||||||||
Household
Durables — 1.0% |
||||||||
Lennar
Corp., Class A |
9,081 | 1,081,456 | ||||||
Meritage
Homes Corp. |
7,776 | 1,081,175 | ||||||
NVR,
Inc.(1) |
173 |
1,103,278 | ||||||
PulteGroup,
Inc. |
13,429 | 1,101,984 | ||||||
Taylor
Morrison Home Corp.(1) |
23,284 | 1,103,662 | ||||||
Toll
Brothers, Inc. |
13,480 | 1,104,416 | ||||||
6,575,971 | ||||||||
Household
Products — 2.0% |
||||||||
Clorox
Co. |
3,671 | 574,328 | ||||||
Kimberly-Clark
Corp. |
100,524 | 12,950,507 | ||||||
13,524,835 | ||||||||
Industrial
Conglomerates — 0.1% |
||||||||
General
Electric Co. |
5,104 | 584,204 | ||||||
Insurance
— 0.9% |
||||||||
Cincinnati
Financial Corp. |
5,448 | 576,344 | ||||||
Erie
Indemnity Co., Class A |
2,035 | 567,216 | ||||||
Everest
Re Group Ltd. |
2,939 | 1,060,039 | ||||||
Kinsale
Capital Group, Inc. |
9,045 | 3,605,608 | ||||||
Marsh
& McLennan Cos., Inc. |
2,954 | 576,000 | ||||||
6,385,207 | ||||||||
Interactive
Media and Services — 3.2% |
||||||||
Alphabet,
Inc., Class A(1) |
149,719 | 20,387,236 | ||||||
Meta
Platforms, Inc., Class A(1) |
3,670 | 1,085,917 | ||||||
21,473,153 | ||||||||
IT
Services — 2.4% |
||||||||
Amdocs
Ltd. |
12,079 | 1,077,447 |
U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Cloudflare,
Inc., Class A(1) |
9,461 | $ | 615,249 | |||||
Cognizant
Technology Solutions Corp., Class A |
158,295 | 11,335,505 | ||||||
EPAM
Systems, Inc.(1) |
4,347 | 1,125,829 | ||||||
Gartner,
Inc.(1) |
1,670 | 583,966 | ||||||
MongoDB,
Inc.(1) |
1,571 | 599,022 | ||||||
VeriSign,
Inc.(1) |
5,195 | 1,079,469 | ||||||
16,416,487 | ||||||||
Leisure
Products — 0.2% |
||||||||
Polaris,
Inc. |
9,482 | 1,062,838 | ||||||
Life
Sciences Tools and Services — 1.0% |
||||||||
Medpace
Holdings, Inc.(1) |
25,618 | 6,923,777 | ||||||
Machinery
— 2.8% |
||||||||
AGCO
Corp. |
53,714 | 6,957,574 | ||||||
Allison
Transmission Holdings, Inc. |
17,957 | 1,085,501 | ||||||
Caterpillar,
Inc. |
6,012 | 1,690,153 | ||||||
Donaldson
Co., Inc. |
17,371 | 1,109,486 | ||||||
ITT,
Inc. |
16,688 | 1,706,849 | ||||||
Lincoln
Electric Holdings, Inc. |
5,669 | 1,091,056 | ||||||
Mueller
Industries, Inc. |
27,683 | 2,136,020 | ||||||
Snap-on,
Inc. |
4,016 | 1,078,697 | ||||||
Watts
Water Technologies, Inc., Class A |
8,945 | 1,688,548 | ||||||
18,543,884 | ||||||||
Media
— 0.8% |
||||||||
New
York Times Co., Class A |
39,587 | 1,752,516 | ||||||
Trade
Desk, Inc., Class A(1) |
48,360 | 3,870,251 | ||||||
5,622,767 | ||||||||
Metals
and Mining — 0.5% |
||||||||
Commercial
Metals Co. |
19,473 | 1,096,135 | ||||||
Nucor
Corp. |
6,377 | 1,097,482 | ||||||
Steel
Dynamics, Inc. |
10,416 | 1,110,241 | ||||||
3,303,858 | ||||||||
Oil,
Gas and Consumable Fuels — 3.1% |
||||||||
APA
Corp. |
24,922 | 1,092,580 | ||||||
Cheniere
Energy, Inc. |
3,521 | 574,627 | ||||||
Chord
Energy Corp. |
6,722 | 1,085,603 | ||||||
EOG
Resources, Inc. |
4,509 | 579,948 | ||||||
EQT
Corp. |
13,590 | 587,360 | ||||||
HF
Sinclair Corp. |
18,785 | 1,034,866 | ||||||
Marathon
Petroleum Corp. |
14,872 | 2,123,275 | ||||||
Ovintiv,
Inc. |
22,752 | 1,068,434 | ||||||
Phillips
66 |
14,407 | 1,644,703 | ||||||
Texas
Pacific Land Corp. |
5,148 | 9,702,693 | ||||||
Valero
Energy Corp. |
8,130 | 1,056,087 | ||||||
20,550,176 | ||||||||
Personal
Care Products — 0.4% |
||||||||
elf
Beauty, Inc.(1) |
18,261 | 2,532,983 | ||||||
Pharmaceuticals
— 0.9% |
||||||||
Eli
Lilly & Co. |
10,659 | 5,907,218 | ||||||
Professional
Services — 0.9% |
||||||||
ExlService
Holdings, Inc.(1) |
20,054 | 586,178 | ||||||
Genpact
Ltd. |
29,115 | 1,086,863 |
U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Insperity,
Inc. |
18,313 | $ | 1,855,656 | |||||
Paycom
Software, Inc. |
1,991 | 587,026 | ||||||
Paylocity
Holding Corp.(1) |
2,901 | 581,651 | ||||||
Robert
Half International, Inc. |
14,181 | 1,048,827 | ||||||
5,746,201 | ||||||||
Semiconductors
and Semiconductor Equipment — 5.4% |
||||||||
Allegro
MicroSystems, Inc.(1) |
15,049 | 575,624 | ||||||
Applied
Materials, Inc. |
73,848 | 11,281,020 | ||||||
Axcelis
Technologies, Inc.(1) |
19,095 | 3,669,104 | ||||||
Broadcom,
Inc. |
1,894 | 1,747,954 | ||||||
KLA
Corp. |
22,092 | 11,087,312 | ||||||
Lam
Research Corp. |
1,604 | 1,126,650 | ||||||
Lattice
Semiconductor Corp.(1) |
25,210 | 2,451,925 | ||||||
MACOM
Technology Solutions Holdings, Inc.(1) |
7,116 | 601,729 | ||||||
NVIDIA
Corp. |
1,754 | 865,687 | ||||||
ON
Semiconductor Corp.(1) |
17,999 | 1,772,182 | ||||||
QUALCOMM,
Inc. |
9,699 | 1,110,826 | ||||||
36,290,013 | ||||||||
Software
— 26.2% |
||||||||
Adobe,
Inc.(1) |
25,422 | 14,219,541 | ||||||
Atlassian
Corp., Class A(1) |
3,079 | 628,301 | ||||||
Autodesk,
Inc.(1) |
77,623 | 17,227,649 | ||||||
Cadence
Design Systems, Inc.(1) |
34,438 | 8,280,273 | ||||||
Crowdstrike
Holdings, Inc., Class A(1) |
3,896 | 635,165 | ||||||
Datadog,
Inc., Class A(1) |
6,170 | 595,282 | ||||||
DocuSign,
Inc.(1) |
102,304 | 5,145,891 | ||||||
Dropbox,
Inc., Class A(1) |
234,508 | 6,516,977 | ||||||
Dynatrace,
Inc.(1) |
12,559 | 605,344 | ||||||
Elastic
NV(1) |
9,543 | 590,521 | ||||||
Fair
Isaac Corp.(1) |
6,058 | 5,480,006 | ||||||
Fortinet,
Inc.(1) |
222,764 | 13,412,620 | ||||||
Gen
Digital, Inc. |
52,210 | 1,057,252 | ||||||
HubSpot,
Inc.(1) |
7,099 | 3,879,745 | ||||||
Manhattan
Associates, Inc.(1) |
85,243 | 17,271,937 | ||||||
Microsoft
Corp. |
47,822 | 15,674,139 | ||||||
Palantir
Technologies, Inc., Class A(1) |
40,074 | 600,309 | ||||||
Palo
Alto Networks, Inc.(1) |
24,560 | 5,975,448 | ||||||
Qualys,
Inc.(1) |
44,322 | 6,898,719 | ||||||
ServiceNow,
Inc.(1) |
29,464 | 17,349,287 | ||||||
Splunk,
Inc.(1) |
14,350 | 1,740,081 | ||||||
SPS
Commerce, Inc.(1) |
24,994 | 4,652,133 | ||||||
Synopsys,
Inc.(1) |
44,579 | 20,456,857 | ||||||
Tenable
Holdings, Inc.(1) |
14,400 | 653,328 | ||||||
Teradata
Corp.(1) |
60,929 | 2,819,185 | ||||||
VMware,
Inc., Class A(1) |
6,497 | 1,096,564 | ||||||
Workday,
Inc., Class A(1) |
2,520 | 616,140 | ||||||
Zoom
Video Communications, Inc., Class A(1) |
15,721 | 1,116,663 | ||||||
Zscaler,
Inc.(1) |
4,327 | 675,228 | ||||||
175,870,585 | ||||||||
Specialty
Retail — 6.2% |
||||||||
AutoNation,
Inc.(1) |
6,757 | 1,061,457 |
U.S. Quality Growth ETF | ||||||||
Shares | Value | |||||||
Best
Buy Co., Inc. |
14,393 | $ | 1,100,345 | |||||
Home
Depot, Inc. |
3,262 | 1,077,439 | ||||||
Murphy
USA, Inc. |
1,795 | 570,164 | ||||||
O'Reilly
Automotive, Inc.(1) |
605 |
568,518 | ||||||
Ross
Stores, Inc. |
75,607 | 9,209,689 | ||||||
TJX
Cos., Inc. |
166,996 | 15,443,790 | ||||||
Ulta
Beauty, Inc.(1) |
19,917 | 8,266,152 | ||||||
Williams-Sonoma,
Inc. |
30,170 | 4,260,004 | ||||||
41,557,558 | ||||||||
Technology
Hardware, Storage and Peripherals — 2.2% |
||||||||
Apple,
Inc. |
60,788 | 11,420,241 | ||||||
Pure
Storage, Inc., Class A(1) |
93,008 | 3,403,163 | ||||||
14,823,404 | ||||||||
Textiles,
Apparel and Luxury Goods — 2.1% |
||||||||
Crocs,
Inc.(1) |
22,135 | 2,154,621 | ||||||
Deckers
Outdoor Corp.(1) |
10,707 | 5,664,967 | ||||||
lululemon
athletica, Inc.(1) |
1,573 | 599,722 | ||||||
NIKE,
Inc., Class B |
5,805 | 590,427 | ||||||
Ralph
Lauren Corp. |
9,356 | 1,091,190 | ||||||
Tapestry,
Inc. |
127,229 | 4,239,270 | ||||||
14,340,197 | ||||||||
Trading
Companies and Distributors — 3.2% |
||||||||
Applied
Industrial Technologies, Inc. |
6,877 | 1,061,602 | ||||||
Fastenal
Co. |
10,039 | 578,046 | ||||||
MSC
Industrial Direct Co., Inc., Class A |
83,559 | 8,528,031 | ||||||
WW
Grainger, Inc. |
15,883 | 11,342,686 | ||||||
21,510,365 | ||||||||
TOTAL
COMMON STOCKS
(Cost
$618,599,958) |
669,896,722 | |||||||
SHORT-TERM
INVESTMENTS — 0.2% |
||||||||
Money
Market Funds — 0.2% |
||||||||
State
Street Institutional U.S. Government Money Market Fund, Premier
Class
(Cost
$1,429,932) |
1,429,932 | 1,429,932 | ||||||
TOTAL
INVESTMENT SECURITIES — 100.0%
(Cost
$620,029,890) |
671,326,654 | |||||||
OTHER
ASSETS AND LIABILITIES† |
80,884 | |||||||
TOTAL
NET ASSETS — 100.0% |
$ | 671,407,538 |
NOTES TO SCHEDULE OF INVESTMENTS |
U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
COMMON
STOCKS — 99.9% |
||||||||
Aerospace
and Defense — 1.4% |
||||||||
Textron,
Inc. |
38,775 | $ | 3,013,205 | |||||
Air
Freight and Logistics — 0.5% |
||||||||
United
Parcel Service, Inc., Class B |
5,946 | 1,007,252 | ||||||
Automobile
Components — 0.2% |
||||||||
Lear
Corp. |
2,977 | 428,956 | ||||||
Automobiles
— 0.2% |
||||||||
Thor
Industries, Inc. |
4,174 | 437,519 | ||||||
Banks
— 0.2% |
||||||||
Bank
OZK |
10,493 | 421,504 | ||||||
Beverages
— 2.0% |
||||||||
Coca-Cola
Co. |
26,664 | 1,595,307 | ||||||
Coca-Cola
Consolidated, Inc. |
836 |
584,280 | ||||||
National
Beverage Corp.(1) |
30,850 | 1,582,914 | ||||||
PepsiCo,
Inc. |
2,940 | 523,085 | ||||||
4,285,586 | ||||||||
Biotechnology
— 4.1% |
||||||||
Alkermes
PLC(1) |
15,123 | 441,441 | ||||||
Amgen,
Inc. |
6,639 | 1,701,841 | ||||||
Biogen,
Inc.(1) |
1,588 | 424,568 | ||||||
Exelixis,
Inc.(1) |
23,216 | 519,806 | ||||||
Gilead
Sciences, Inc. |
62,510 | 4,780,765 | ||||||
Incyte
Corp.(1) |
6,489 | 418,735 | ||||||
United
Therapeutics Corp.(1) |
1,834 | 411,476 | ||||||
8,698,632 | ||||||||
Broadline
Retail — 0.9% |
||||||||
Dillard's,
Inc., Class A |
2,469 | 852,101 | ||||||
eBay,
Inc. |
24,603 | 1,101,723 | ||||||
1,953,824 | ||||||||
Building
Products — 2.4% |
||||||||
A
O Smith Corp. |
6,058 | 439,205 | ||||||
Allegion
PLC |
7,089 | 806,799 | ||||||
Fortune
Brands Innovations, Inc. |
6,308 | 435,378 | ||||||
Masco
Corp. |
1,843 | 108,756 | ||||||
Owens
Corning |
22,741 | 3,272,657 | ||||||
Trane
Technologies PLC |
523 |
107,351 | ||||||
5,170,146 | ||||||||
Capital
Markets — 1.1% |
||||||||
Affiliated
Managers Group, Inc. |
3,178 | 425,884 | ||||||
Evercore,
Inc., Class A |
3,126 | 437,796 | ||||||
Franklin
Resources, Inc. |
20,730 | 554,320 | ||||||
SEI
Investments Co. |
6,852 | 425,235 | ||||||
T.
Rowe Price Group, Inc. |
3,806 | 427,148 | ||||||
2,270,383 | ||||||||
Chemicals
— 1.3% |
||||||||
Dow,
Inc. |
7,784 | 424,695 | ||||||
Ecolab,
Inc. |
583 | 107,161 | ||||||
LyondellBasell
Industries NV, Class A |
14,995 | 1,481,056 | ||||||
Olin
Corp. |
7,364 | 427,260 |
U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Sherwin-Williams
Co. |
949 | $ | 257,862 | |||||
2,698,034 | ||||||||
Commercial
Services and Supplies — 1.4% |
||||||||
Cintas
Corp. |
2,563 | 1,292,188 | ||||||
Rollins,
Inc. |
40,762 | 1,612,952 | ||||||
2,905,140 | ||||||||
Communications
Equipment — 4.0% |
||||||||
Cisco
Systems, Inc. |
75,449 | 4,327,000 | ||||||
F5,
Inc.(1) |
18,726 | 3,064,697 | ||||||
Juniper
Networks, Inc. |
40,954 | 1,192,581 | ||||||
8,584,278 | ||||||||
Construction
and Engineering — 0.6% |
||||||||
EMCOR
Group, Inc. |
6,052 | 1,357,161 | ||||||
Consumer
Finance — 0.5% |
||||||||
OneMain
Holdings, Inc. |
10,420 | 432,534 | ||||||
Synchrony
Financial |
16,336 | 527,326 | ||||||
959,860 | ||||||||
Consumer
Staples Distribution & Retail — 3.9% |
||||||||
Kroger
Co. |
60,242 | 2,794,627 | ||||||
Walmart,
Inc. |
34,535 | 5,615,736 | ||||||
8,410,363 | ||||||||
Distributors
— 0.9% |
||||||||
Genuine
Parts Co. |
9,563 | 1,470,120 | ||||||
LKQ
Corp. |
10,138 | 532,549 | ||||||
2,002,669 | ||||||||
Diversified
Consumer Services — 1.0% |
||||||||
H&R
Block, Inc. |
55,606 | 2,223,128 | ||||||
Electrical
Equipment — 1.4% |
||||||||
Acuity
Brands, Inc. |
5,846 | 942,843 | ||||||
Atkore,
Inc.(1) |
2,928 | 450,824 | ||||||
Eaton
Corp. PLC |
721 |
166,097 | ||||||
Emerson
Electric Co. |
1,259 | 123,697 | ||||||
Hubbell,
Inc. |
3,951 | 1,288,223 | ||||||
2,971,684 | ||||||||
Electronic
Equipment, Instruments and Components — 4.1% |
||||||||
Jabil,
Inc. |
28,158 | 3,221,838 | ||||||
Keysight
Technologies, Inc.(1) |
3,264 | 435,091 | ||||||
TE
Connectivity Ltd. |
35,755 | 4,733,605 | ||||||
Trimble,
Inc.(1) |
7,975 | 436,950 | ||||||
8,827,484 | ||||||||
Entertainment
— 0.2% |
||||||||
Activision
Blizzard, Inc. |
5,011 | 460,962 | ||||||
Financial
Services — 2.4% |
||||||||
Essent
Group Ltd. |
8,266 | 415,119 | ||||||
FleetCor
Technologies, Inc.(1) |
1,591 | 432,322 | ||||||
MGIC
Investment Corp. |
121,369 | 2,133,667 | ||||||
Visa,
Inc., Class A |
1,740 | 427,483 | ||||||
Western
Union Co. |
104,894 | 1,295,441 | ||||||
WEX,
Inc.(1) |
2,248 | 441,013 | ||||||
5,145,045 |
U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Food
Products — 1.9% |
||||||||
Archer-Daniels-Midland
Co. |
5,188 | $ | 411,408 | |||||
Bunge
Ltd. |
3,718 | 425,042 | ||||||
Campbell
Soup Co. |
9,978 | 416,083 | ||||||
Flowers
Foods, Inc. |
17,758 | 418,378 | ||||||
General
Mills, Inc. |
7,660 | 518,276 | ||||||
Hershey
Co. |
2,122 | 455,933 | ||||||
Kellogg
Co. |
6,852 | 418,109 | ||||||
Mondelez
International, Inc., Class A |
1,551 | 110,524 | ||||||
Post
Holdings, Inc.(1) |
4,676 | 419,484 | ||||||
Seaboard
Corp. |
114 | 429,818 | ||||||
4,023,055 | ||||||||
Ground
Transportation — 0.2% |
||||||||
XPO,
Inc.(1) |
6,011 | 448,601 | ||||||
Health
Care Equipment and Supplies — 0.1% |
||||||||
IDEXX
Laboratories, Inc.(1) |
219 | 111,999 | ||||||
Health
Care Providers and Services — 7.7% |
||||||||
Cardinal
Health, Inc. |
51,896 | 4,532,078 | ||||||
Cencora,
Inc. |
2,519 | 443,294 | ||||||
Centene
Corp.(1) |
6,516 | 401,711 | ||||||
Chemed
Corp. |
2,500 | 1,278,600 | ||||||
Cigna
Group |
1,574 | 434,833 | ||||||
CVS
Health Corp. |
6,268 | 408,486 | ||||||
DaVita,
Inc.(1) |
7,546 | 772,861 | ||||||
Elevance
Health, Inc. |
914 |
403,997 | ||||||
HCA
Healthcare, Inc. |
1,529 | 423,992 | ||||||
Henry
Schein, Inc.(1) |
5,470 | 418,674 | ||||||
Humana,
Inc. |
864 |
398,848 | ||||||
McKesson
Corp. |
12,798 | 5,276,871 | ||||||
Molina
Healthcare, Inc.(1) |
1,310 | 406,257 | ||||||
Quest
Diagnostics, Inc. |
3,129 | 411,464 | ||||||
UnitedHealth
Group, Inc. |
854 | 406,999 | ||||||
16,418,965 | ||||||||
Hotels,
Restaurants and Leisure — 1.9% |
||||||||
Booking
Holdings, Inc.(1) |
150 | 465,754 | ||||||
Boyd
Gaming Corp. |
6,408 | 428,503 | ||||||
Darden
Restaurants, Inc. |
2,239 | 348,187 | ||||||
Expedia
Group, Inc.(1) |
15,734 | 1,705,408 | ||||||
Marriott
International, Inc., Class A |
2,339 | 476,010 | ||||||
Texas
Roadhouse, Inc. |
5,356 | 557,560 | ||||||
3,981,422 | ||||||||
Household
Durables — 1.2% |
||||||||
Lennar
Corp., Class A |
4,698 | 559,485 | ||||||
Meritage
Homes Corp. |
3,080 | 428,243 | ||||||
NVR,
Inc.(1) |
90 | 573,960 | ||||||
PulteGroup,
Inc. |
6,036 | 495,314 | ||||||
Taylor
Morrison Home Corp.(1) |
9,221 | 437,075 | ||||||
2,494,077 | ||||||||
Household
Products — 3.9% |
||||||||
Clorox
Co. |
2,700 | 422,415 | ||||||
Colgate-Palmolive
Co. |
22,738 | 1,670,561 |
U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Kimberly-Clark
Corp. |
35,908 | $ | 4,626,027 | |||||
Procter
& Gamble Co. |
10,929 | 1,686,782 | ||||||
8,405,785 | ||||||||
Industrial
Conglomerates — 0.6% |
||||||||
3M
Co. |
12,426 | 1,325,481 | ||||||
Insurance
— 2.0% |
||||||||
Axis
Capital Holdings Ltd. |
7,574 | 415,510 | ||||||
Everest
Re Group Ltd. |
1,164 | 419,831 | ||||||
Hartford
Financial Services Group, Inc. |
5,821 | 418,064 | ||||||
Loews
Corp. |
6,713 | 416,810 | ||||||
Old
Republic International Corp. |
15,328 | 419,221 | ||||||
Reinsurance
Group of America, Inc. |
2,969 | 411,563 | ||||||
Unum
Group |
36,203 | 1,780,826 | ||||||
4,281,825 | ||||||||
Interactive
Media and Services — 1.6% |
||||||||
Alphabet,
Inc., Class A(1) |
4,414 | 601,054 | ||||||
Meta
Platforms, Inc., Class A(1) |
9,642 | 2,852,972 | ||||||
3,454,026 | ||||||||
IT
Services — 5.3% |
||||||||
Accenture
PLC, Class A |
1,327 | 429,643 | ||||||
Akamai
Technologies, Inc.(1) |
13,503 | 1,419,030 | ||||||
Amdocs
Ltd. |
37,854 | 3,376,577 | ||||||
Cognizant
Technology Solutions Corp., Class A |
53,563 | 3,835,646 | ||||||
International
Business Machines Corp. |
3,881 | 569,847 | ||||||
VeriSign,
Inc.(1) |
8,230 | 1,710,112 | ||||||
11,340,855 | ||||||||
Leisure
Products — 0.8% |
||||||||
Polaris,
Inc. |
15,019 | 1,683,480 | ||||||
Life
Sciences Tools and Services — 0.5% |
||||||||
Medpace
Holdings, Inc.(1) |
3,685 | 995,945 | ||||||
Mettler-Toledo
International, Inc.(1) |
90 |
109,213 | ||||||
1,105,158 | ||||||||
Machinery
— 3.9% |
||||||||
AGCO
Corp. |
3,545 | 459,183 | ||||||
Allison
Transmission Holdings, Inc. |
7,111 | 429,860 | ||||||
Caterpillar,
Inc. |
1,935 | 543,987 | ||||||
Donaldson
Co., Inc. |
35,269 | 2,252,631 | ||||||
Illinois
Tool Works, Inc. |
5,261 | 1,301,309 | ||||||
Lincoln
Electric Holdings, Inc. |
6,736 | 1,296,411 | ||||||
Mueller
Industries, Inc. |
5,664 | 437,034 | ||||||
PACCAR,
Inc. |
5,828 | 479,586 | ||||||
Parker-Hannifin
Corp. |
307 |
127,988 | ||||||
Snap-on,
Inc. |
1,647 | 442,384 | ||||||
Watts
Water Technologies, Inc., Class A |
2,425 | 457,767 | ||||||
Xylem,
Inc. |
1,046 | 108,303 | ||||||
8,336,443 | ||||||||
Media
— 2.6% |
||||||||
Charter
Communications, Inc., Class A(1) |
1,179 | 516,543 | ||||||
Comcast
Corp., Class A |
34,517 | 1,614,015 | ||||||
Fox
Corp., Class A |
12,793 | 422,937 | ||||||
New
York Times Co., Class A |
49,056 | 2,171,709 |
U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
News
Corp., Class A |
20,193 | $ | 433,948 | |||||
Nexstar
Media Group, Inc., Class A |
2,633 | 428,652 | ||||||
5,587,804 | ||||||||
Metals
and Mining — 0.6% |
||||||||
Reliance
Steel & Aluminum Co. |
2,798 | 797,318 | ||||||
Steel
Dynamics, Inc. |
4,137 | 440,963 | ||||||
1,238,281 | ||||||||
Oil,
Gas and Consumable Fuels — 3.4% |
||||||||
APA
Corp. |
11,693 | 512,621 | ||||||
Chesapeake
Energy Corp. |
4,931 | 434,964 | ||||||
Chord
Energy Corp. |
3,263 | 526,974 | ||||||
Exxon
Mobil Corp. |
3,919 | 435,754 | ||||||
Marathon
Oil Corp. |
16,332 | 430,348 | ||||||
Marathon
Petroleum Corp. |
19,545 | 2,790,440 | ||||||
PBF
Energy, Inc., Class A |
9,025 | 423,182 | ||||||
Phillips
66 |
12,153 | 1,387,386 | ||||||
Valero
Energy Corp. |
3,219 | 418,148 | ||||||
7,359,817 | ||||||||
Pharmaceuticals
— 3.0% |
||||||||
Eli
Lilly & Co. |
2,838 | 1,572,819 | ||||||
Jazz
Pharmaceuticals PLC(1) |
3,041 | 435,958 | ||||||
Johnson
& Johnson |
25,246 | 4,081,773 | ||||||
Merck
& Co., Inc. |
3,808 | 414,996 | ||||||
6,505,546 | ||||||||
Professional
Services — 2.3% |
||||||||
Automatic
Data Processing, Inc. |
417 | 106,172 | ||||||
Booz
Allen Hamilton Holding Corp. |
8,672 | 982,624 | ||||||
CACI
International, Inc., Class A(1) |
1,272 | 417,229 | ||||||
Concentrix
Corp. |
5,540 | 442,258 | ||||||
Genpact
Ltd. |
11,529 | 430,378 | ||||||
Insperity,
Inc. |
4,168 | 422,344 | ||||||
ManpowerGroup,
Inc. |
2,688 | 212,003 | ||||||
Paychex,
Inc. |
3,643 | 445,284 | ||||||
Robert
Half International, Inc. |
5,615 | 415,285 | ||||||
Science
Applications International Corp. |
3,536 | 416,046 | ||||||
TriNet
Group, Inc.(1) |
4,652 | 516,046 | ||||||
4,805,669 | ||||||||
Real
Estate Management and Development — 0.2% |
||||||||
CBRE
Group, Inc., Class A(1) |
4,988 | 424,229 | ||||||
Semiconductors
and Semiconductor Equipment — 2.9%
|
||||||||
Allegro
MicroSystems, Inc.(1) |
11,067 | 423,313 | ||||||
Applied
Materials, Inc. |
4,808 | 734,470 | ||||||
Axcelis
Technologies, Inc.(1) |
2,458 | 472,305 | ||||||
Broadcom,
Inc. |
1,916 | 1,768,257 | ||||||
Cirrus
Logic, Inc.(1) |
5,408 | 443,672 | ||||||
Lam
Research Corp. |
847 | 594,933 | ||||||
Microchip
Technology, Inc. |
5,360 | 438,662 | ||||||
ON
Semiconductor Corp.(1) |
5,110 | 503,131 | ||||||
Qorvo,
Inc.(1) |
4,213 | 452,434 | ||||||
Skyworks
Solutions, Inc. |
3,999 | 434,851 | ||||||
6,266,028 |
U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Software
— 6.4% |
||||||||
Adobe,
Inc.(1) |
1,070 | $ | 598,494 | |||||
ANSYS,
Inc.(1) |
348 |
110,967 | ||||||
Autodesk,
Inc.(1) |
2,497 | 554,184 | ||||||
Cadence
Design Systems, Inc.(1) |
1,828 | 439,524 | ||||||
Dolby
Laboratories, Inc., Class A |
5,031 | 424,969 | ||||||
Dropbox,
Inc., Class A(1) |
57,265 | 1,591,394 | ||||||
Fair
Isaac Corp.(1) |
133 |
120,311 | ||||||
Fortinet,
Inc.(1) |
7,167 | 431,525 | ||||||
Manhattan
Associates, Inc.(1) |
11,495 | 2,329,117 | ||||||
Microsoft
Corp. |
1,303 | 427,071 | ||||||
Qualys,
Inc.(1) |
9,897 | 1,540,468 | ||||||
ServiceNow,
Inc.(1) |
758 |
446,333 | ||||||
SPS
Commerce, Inc.(1) |
2,339 | 435,358 | ||||||
Synopsys,
Inc.(1) |
7,275 | 3,338,425 | ||||||
Teradata
Corp.(1) |
9,505 | 439,796 | ||||||
VMware,
Inc., Class A(1) |
2,573 | 434,271 | ||||||
13,662,207 | ||||||||
Specialized
REITs — 0.2% |
||||||||
Weyerhaeuser
Co. |
12,718 | 416,515 | ||||||
Specialty
Retail — 5.1% |
||||||||
Asbury
Automotive Group, Inc.(1) |
1,921 | 441,830 | ||||||
AutoNation,
Inc.(1) |
8,027 | 1,260,961 | ||||||
AutoZone,
Inc.(1) |
170 |
430,326 | ||||||
Best
Buy Co., Inc. |
13,162 | 1,006,235 | ||||||
Dick's
Sporting Goods, Inc. |
3,670 | 426,968 | ||||||
Home
Depot, Inc. |
5,168 | 1,706,990 | ||||||
Murphy
USA, Inc. |
1,321 | 419,603 | ||||||
O'Reilly
Automotive, Inc.(1) |
820 |
770,554 | ||||||
Penske
Automotive Group, Inc. |
4,225 | 694,168 | ||||||
Ross
Stores, Inc. |
3,506 | 427,066 | ||||||
TJX
Cos., Inc. |
1,180 | 109,126 | ||||||
Ulta
Beauty, Inc.(1) |
2,844 | 1,180,345 | ||||||
Williams-Sonoma,
Inc. |
14,389 | 2,031,727 | ||||||
10,905,899 | ||||||||
Technology
Hardware, Storage and Peripherals — 3.7% |
||||||||
Apple,
Inc. |
27,730 | 5,209,635 | ||||||
Dell
Technologies, Inc., Class C |
7,349 | 413,308 | ||||||
Hewlett
Packard Enterprise Co. |
38,677 | 657,122 | ||||||
HP,
Inc. |
42,468 | 1,261,724 | ||||||
NetApp,
Inc. |
6,143 | 471,168 | ||||||
8,012,957 | ||||||||
Textiles,
Apparel and Luxury Goods — 0.6% |
||||||||
PVH
Corp. |
5,259 | 439,653 | ||||||
Skechers
USA, Inc., Class A(1) |
8,597 | 432,515 | ||||||
Tapestry,
Inc. |
12,595 | 419,665 | ||||||
1,291,833 | ||||||||
Tobacco
— 0.4% |
||||||||
Altria
Group, Inc. |
9,603 | 424,644 | ||||||
Philip
Morris International, Inc. |
4,430 | 425,546 | ||||||
850,190 |
U.S. Quality Value ETF | ||||||||
Shares | Value | |||||||
Trading
Companies and Distributors — 2.2% |
||||||||
Applied
Industrial Technologies, Inc. |
3,131 | $ | 483,332 | |||||
MSC
Industrial Direct Co., Inc., Class A |
27,392 | 2,795,628 | ||||||
Watsco,
Inc. |
316 | 115,198 | ||||||
WW
Grainger, Inc. |
1,929 | 1,377,576 | ||||||
4,771,734 | ||||||||
TOTAL
COMMON STOCKS
(Cost
$194,628,826) |
213,742,696 | |||||||
SHORT-TERM
INVESTMENTS — 0.4% |
||||||||
Money
Market Funds — 0.4% |
||||||||
State
Street Institutional U.S. Government Money Market Fund, Premier
Class
(Cost
$935,504) |
935,504 | 935,504 | ||||||
TOTAL
INVESTMENT SECURITIES — 100.3%
(Cost
$195,564,330) |
214,678,200 | |||||||
OTHER
ASSETS AND LIABILITIES — (0.3)% |
(651,903) | |||||||
TOTAL
NET ASSETS — 100.0% |
$ | 214,026,297 |
NOTES TO SCHEDULE OF INVESTMENTS |
Statements of Assets and Liabilities |
AUGUST 31, 2023 | ||||||||
Low Volatility ETF | Quality
Convertible Securities ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $8,790,087 and $25,365,758, respectively) — including $— and $958,710, respectively of securities on loan | $ | 9,573,245 | $ | 24,489,556 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $— and $940,664, respectively) | — | 940,664 | ||||||
Total investment securities, at value (cost of $8,790,087 and $26,306,422, respectively) | 9,573,245 | 25,430,220 | ||||||
Dividends and interest receivable | 13,273 | 86,634 | ||||||
Securities lending receivable | — | 1,464 | ||||||
9,586,518 | 25,518,318 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | — | 940,664 | ||||||
Accrued management fees | 2,338 | 6,520 | ||||||
2,338 | 947,184 | |||||||
Net Assets | $ | 9,584,180 | $ | 24,571,134 | ||||
Shares outstanding (unlimited number of shares authorized) | 210,000 | 600,000 | ||||||
Net Asset Value Per Share | $ | 45.64 | $ | 40.95 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 9,504,745 | $ | 29,118,143 | ||||
Distributable earnings (loss) | 79,435 | (4,547,009) | ||||||
$ | 9,584,180 | $ | 24,571,134 |
AUGUST 31, 2023 | ||||||||
Quality Diversified International ETF |
Quality
Preferred
ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $193,609,593 and $38,252,001, respectively) — including $6,644,451 and $2,241,535, respectively of securities on loan | $ | 212,880,923 | $ | 36,685,486 | ||||
Investment made with cash collateral received for securities on loan, at value (cost of $3,771,087 and $2,241,056, respectively) | 3,771,087 | 2,241,056 | ||||||
Total investment securities, at value (cost of $197,380,680 and $40,493,057, respectively) | 216,652,010 | 38,926,542 | ||||||
Cash | 349 | — | ||||||
Foreign currency holdings, at value (cost of $28,364 and $—, respectively) | 28,204 | — | ||||||
Receivable for capital shares sold | — | 530,251 | ||||||
Dividends and interest receivable | 1,000,752 | 377,569 | ||||||
Securities lending receivable | 848 | 8,200 | ||||||
217,682,163 | 39,842,562 | |||||||
Liabilities | ||||||||
Payable for collateral received for securities on loan | 3,771,087 | 2,241,056 | ||||||
Payable for investments purchased | 451 | 474,011 | ||||||
Accrued management fees | 70,663 | 9,743 | ||||||
3,842,201 | 2,724,810 | |||||||
Net Assets | $ | 213,839,962 | $ | 37,117,752 | ||||
Shares outstanding (unlimited number of shares authorized) | 4,850,000 | 1,050,000 | ||||||
Net Asset Value Per Share | $ | 44.09 | $ | 35.35 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 244,049,048 | $ | 40,765,765 | ||||
Distributable earnings (loss) | (30,209,086) | (3,648,013) | ||||||
$ | 213,839,962 | $ | 37,117,752 |
AUGUST 31, 2023 | ||||||||
U.S. Quality Growth ETF | U.S. Quality Value ETF | |||||||
Assets | ||||||||
Investment securities, at value (cost of $620,029,890 and $195,564,330, respectively) | $ | 671,326,654 | $ | 214,678,200 | ||||
Receivable for investments sold | 333,292,769 | 55,005,672 | ||||||
Receivable for capital shares sold | 116,954,550 | 17,626,420 | ||||||
Dividends and interest receivable | 669,977 | 320,217 | ||||||
1,122,243,950 | 287,630,509 | |||||||
Liabilities | ||||||||
Payable for investments purchased | 338,472,097 | 55,923,928 | ||||||
Payable for capital shares redeemed | 112,203,520 | 17,626,665 | ||||||
Accrued management fees | 160,795 | 53,619 | ||||||
450,836,412 | 73,604,212 | |||||||
Net Assets | $ | 671,407,538 | $ | 214,026,297 | ||||
Shares outstanding (unlimited number of shares authorized) | 9,575,000 | 4,250,000 | ||||||
Net Asset Value Per Share | $ | 70.12 | $ | 50.36 | ||||
Net Assets Consist of: | ||||||||
Capital paid in | $ | 685,338,637 | $ | 233,421,123 | ||||
Distributable earnings (loss) | (13,931,099) | (19,394,826) | ||||||
$ | 671,407,538 | $ | 214,026,297 |
Statements of Operations |
YEAR ENDED AUGUST 31, 2023 | ||||||||
Low Volatility ETF |
Quality
Convertible
Securities
ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $34 and $135, respectively) | $ | 168,840 | $ | 225,232 | ||||
Interest | 2,004 | 373,529 | ||||||
Securities lending, net | — | 6,807 | ||||||
170,844 | 605,568 | |||||||
Expenses: | ||||||||
Management fees | 24,801 | 70,901 | ||||||
Other expenses | 4 | — | ||||||
24,805 | 70,901 | |||||||
Net investment income (loss) | 146,039 | 534,667 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (19,686) | (569,362) | ||||||
Futures contract transactions | 18,789 | — | ||||||
(897) | (569,362) | |||||||
Change in net unrealized appreciation (depreciation) on investments | 852,258 | 543,820 | ||||||
Net realized and unrealized gain (loss) | 851,361 | (25,542) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 997,400 | $ | 509,125 |
YEAR ENDED AUGUST 31, 2023 | ||||||||
Quality Diversified International ETF |
Quality
Preferred
ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $930,870 and $2,375, respectively) | $ | 7,486,731 | $ | 1,154,354 | ||||
Interest | 29,511 | 510,473 | ||||||
Securities lending, net | 71,618 | 49,101 | ||||||
7,587,860 | 1,713,928 | |||||||
Expenses: | ||||||||
Management fees | 799,837 | 92,277 | ||||||
Other expenses | 5,089 | — | ||||||
804,926 | 92,277 | |||||||
Net investment income (loss) | 6,782,934 | 1,621,651 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on: | ||||||||
Investment transactions | (12,128,358) | (1,724,955) | ||||||
Foreign currency translation transactions | (30,716) | — | ||||||
(12,159,074) | (1,724,955) | |||||||
Change in net unrealized appreciation (depreciation) on: | ||||||||
Investments | 41,161,375 | 384,267 | ||||||
Translation of assets and liabilities in foreign currencies | 35,702 | — | ||||||
41,197,077 | 384,267 | |||||||
Net realized and unrealized gain (loss) | 29,038,003 | (1,340,688) | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 35,820,937 | $ | 280,963 |
YEAR ENDED AUGUST 31, 2023 | ||||||||
U.S. Quality Growth ETF | U.S Quality Value ETF | |||||||
Investment Income (Loss) | ||||||||
Income: | ||||||||
Dividends (net of foreign taxes withheld of $— and $928, respectively) | $ | 3,247,388 | $ | 5,707,843 | ||||
Interest | 38,035 | 27,280 | ||||||
Securities lending, net | 557 | 399 | ||||||
3,285,980 | 5,735,522 | |||||||
Expenses: | ||||||||
Management fees | 1,116,532 | 602,768 | ||||||
Net investment income (loss) | 2,169,448 | 5,132,754 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) on investment transactions | 17,773,879 | (7,442,298) | ||||||
Change in net unrealized appreciation (depreciation) on investments | 52,016,923 | 23,331,081 | ||||||
Net realized and unrealized gain (loss) | 69,790,802 | 15,888,783 | ||||||
Net Increase (Decrease) in Net Assets Resulting from Operations | $ | 71,960,250 | $ | 21,021,537 |
Statements of Changes in Net Assets |
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 | |||||||||||||||||
Low Volatility ETF |
Quality
Convertible
Securities
ETF | ||||||||||||||||
Increase (Decrease) in Net Assets | August 31, 2023 | August 31, 2022 | August 31, 2023 | August 31, 2022 | |||||||||||||
Operations | |||||||||||||||||
Net investment income (loss) | $ | 146,039 | $ | 112,864 | $ | 534,667 | $ | 428,668 | |||||||||
Net realized gain (loss) | (897) | (184,372) | (569,362) | (1,495,888) | |||||||||||||
Change in net unrealized appreciation (depreciation) | 852,258 | (853,772) | 543,820 | (2,374,184) | |||||||||||||
Net increase (decrease) in net assets resulting from operations | 997,400 | (925,280) | 509,125 | (3,441,404) | |||||||||||||
Distributions to Shareholders | |||||||||||||||||
From earnings | (128,357) | (98,904) | (618,718) | (478,670) | |||||||||||||
Capital Share Transactions | |||||||||||||||||
Proceeds from shares sold | 2,586,097 | 4,872,033 | 19,937,523 | 10,241,059 | |||||||||||||
Payments for shares redeemed | (1,321,272) | (2,830,681) | (19,943,974) | (7,753,296) | |||||||||||||
Other capital | — | — | 48,993 | 26,490 | |||||||||||||
Net increase (decrease) in net assets from capital share transactions | 1,264,825 | 2,041,352 | 42,542 | 2,514,253 | |||||||||||||
Net increase (decrease) in net assets | 2,133,868 | 1,017,168 | (67,051) | (1,405,821) | |||||||||||||
Net Assets | |||||||||||||||||
Beginning of period | 7,450,312 | 6,433,144 | 24,638,185 | 26,044,006 | |||||||||||||
End of period | $ | 9,584,180 | $ | 7,450,312 | $ | 24,571,134 | $ | 24,638,185 | |||||||||
Transactions in Shares of the Funds | |||||||||||||||||
Sold | 60,000 | 105,000 | 500,000 | 220,000 | |||||||||||||
Redeemed | (30,000) | (60,000) | (500,000) | (160,000) | |||||||||||||
Net increase (decrease) in shares of the funds | 30,000 | 45,000 | — | 60,000 |
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 | ||||||||||||||
Quality
Diversified
International
ETF |
Quality
Preferred
ETF | |||||||||||||
Increase (Decrease) in Net Assets | August 31, 2023 | August 31, 2022 | August 31, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 6,782,934 | $ | 6,631,579 | $ | 1,621,651 | $ | 951,620 | ||||||
Net realized gain (loss) | (12,159,074) | (20,740,480) | (1,724,955) | (562,701) | ||||||||||
Change in net unrealized appreciation (depreciation) | 41,197,077 | (46,399,437) | 384,267 | (2,353,989) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 35,820,937 | (60,508,338) | 280,963 | (1,965,070) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (7,274,680) | (6,315,055) | (1,587,293) | (961,361) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 51,868,842 | 69,646,490 | 47,848,338 | 11,206,587 | ||||||||||
Payments for shares redeemed | (56,824,512) | (20,994,370) | (31,857,915) | (8,412,358) | ||||||||||
Other capital | — | — | 39,853 | 11,268 | ||||||||||
Net increase (decrease) in net assets from capital share transactions | (4,955,670) | 48,652,120 | 16,030,276 | 2,805,497 | ||||||||||
Net increase (decrease) in net assets | 23,590,587 | (18,171,273) | 14,723,946 | (120,934) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 190,249,375 | 208,420,648 | 22,393,806 | 22,514,740 | ||||||||||
End of period | $ | 213,839,962 | $ | 190,249,375 | $ | 37,117,752 | $ | 22,393,806 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 1,250,000 | 1,400,000 | 1,335,000 | 285,000 | ||||||||||
Redeemed | (1,350,000) | (400,000) | (900,000) | (210,000) | ||||||||||
Net increase (decrease) in shares of the funds | (100,000) | 1,000,000 | 435,000 | 75,000 |
YEARS ENDED AUGUST 31, 2023 AND AUGUST 31, 2022 | ||||||||||||||
U.S.
Quality
Growth ETF |
U.S.
Quality
Value ETF | |||||||||||||
Increase (Decrease) in Net Assets | August 31, 2023 | August 31, 2022 | August 31, 2023 | August 31, 2022 | ||||||||||
Operations | ||||||||||||||
Net investment income (loss) | $ | 2,169,448 | $ | 1,042,873 | $ | 5,132,754 | $ | 5,092,107 | ||||||
Net realized gain (loss) | 17,773,879 | (22,578,679) | (7,442,298) | 14,286,072 | ||||||||||
Change in net unrealized appreciation (depreciation) | 52,016,923 | (33,328,949) | 23,331,081 | (37,284,433) | ||||||||||
Net increase (decrease) in net assets resulting from operations | 71,960,250 | (54,864,755) | 21,021,537 | (17,906,254) | ||||||||||
Distributions to Shareholders | ||||||||||||||
From earnings | (1,839,795) | (911,250) | (5,272,570) | (4,592,625) | ||||||||||
Capital Share Transactions | ||||||||||||||
Proceeds from shares sold | 550,394,708 | 145,371,800 | 54,644,425 | 91,853,363 | ||||||||||
Payments for shares redeemed | (208,240,588) | (88,984,655) | (60,011,648) | (120,929,370) | ||||||||||
Net increase (decrease) in net assets from capital share transactions | 342,154,120 | 56,387,145 | (5,367,223) | (29,076,007) | ||||||||||
Net increase (decrease) in net assets | 412,274,575 | 611,140 | 10,381,744 | (51,574,886) | ||||||||||
Net Assets | ||||||||||||||
Beginning of period | 259,132,963 | 258,521,823 | 203,644,553 | 255,219,439 | ||||||||||
End of period | $ | 671,407,538 | $ | 259,132,963 | $ | 214,026,297 | $ | 203,644,553 | ||||||
Transactions in Shares of the Funds | ||||||||||||||
Sold | 8,375,000 | 2,125,000 | 1,125,000 | 1,825,000 | ||||||||||
Redeemed | (3,100,000) | (1,250,000) | (1,225,000) | (2,400,000) | ||||||||||
Net increase (decrease) in shares of the funds | 5,275,000 | 875,000 | (100,000) | (575,000) |
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 | ||||||||||||
Quality Convertible Securities ETF | |||||||||||||||||
Convertible Bonds | $ | 611,714 | — | — | — | $ | 611,714 | ||||||||||
Convertible Preferred Stocks | 328,950 | — | — | — | 328,950 | ||||||||||||
Total Borrowings | $ | 940,664 | — | — | — | $ | 940,664 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 940,664 | |||||||||||||||
Quality Diversified International ETF | |||||||||||||||||
Common Stocks | $ | 3,770,930 | — | — | — | $ | 3,770,930 | ||||||||||
Rights | 157 | — | — | — | 157 | ||||||||||||
Total Borrowings | $ | 3,771,087 | — | — | — | $ | 3,771,087 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 3,771,087 | |||||||||||||||
Quality Preferred ETF | |||||||||||||||||
Corporate Bonds | $ | 315,433 | — | — | — | $ | 315,433 | ||||||||||
Preferred Stocks | 1,925,623 | — | — | — | 1,925,623 | ||||||||||||
Total Borrowings | $ | 2,241,056 | — | — | — | $ | 2,241,056 | ||||||||||
Gross amount of recognized liabilities for securities lending transactions | $ | 2,241,056 |
Annual Management Fee | |||||
Low Volatility ETF | 0.29% | ||||
Quality Convertible Securities ETF | 0.32% | ||||
Quality Diversified International ETF | 0.39% | ||||
Quality Preferred ETF | 0.32% | ||||
U.S. Quality Growth ETF | 0.29% | ||||
U.S. Quality Value ETF | 0.29% |
Low Volatility ETF | Quality
Convertible Securities ETF |
Quality
Diversified International ETF |
Quality
Preferred ETF |
U.S.
Quality Growth ETF |
U.S.
Quality Value ETF | |||||||||||||||
Purchases | $15,004,750 | $15,904,138 | $270,775,637 | $23,616,010 | $795,334,465 | $392,924,163 | ||||||||||||||
Sales | $15,195,993 | $8,859,597 | $240,911,599 | $20,929,500 | $792,697,194 | $387,672,731 |
In
kind Subscriptions |
In
kind Redemptions |
In
kind Net Realized Gain/(Loss)* | |||||||||
Low Volatility ETF | $2,450,722 | $972,857 | $174,322 | ||||||||
Quality Convertible Securities ETF | $10,485,236 | $18,086,772 | $504,312 | ||||||||
Quality Diversified International ETF | $17,227,259 | $51,207,935 | $10,935,917 | ||||||||
Quality Preferred ETF | $33,339,055 | $21,338,188 | $(228,580) | ||||||||
U.S. Quality Growth ETF | $539,293,543 | $200,218,078 | $35,699,383 | ||||||||
U.S. Quality Value ETF | $50,088,323 | $58,100,972 | $10,421,388 |
Low Volatility ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 9,515,542 | — | — | |||||||
Short-Term Investments | 57,703 | — | — | ||||||||
$ | 9,573,245 | — | — |
Quality Convertible Securities ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Convertible Bonds | — | $ | 19,139,918 | — | |||||||
Convertible Preferred Stocks | — | 2,428,578 | — | ||||||||
Common Stocks | $ | 1,502,371 | — | — | |||||||
Short-Term Investments | 2,359,353 | — | — | ||||||||
$ | 3,861,724 | $ | 21,568,496 | — |
Quality Diversified International ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 7,893,919 | $ | 204,492,587 | — | ||||||
Rights | — | 10,397 | — | ||||||||
Warrants | — | 7 | — | ||||||||
Short-Term Investments | 4,255,100 | — | — | ||||||||
$ | 12,149,019 | $ | 204,502,991 | — |
Quality Preferred ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Preferred Stocks | $ | 22,103,110 | $ | 6,212,457 | — | ||||||
Corporate Bonds | — | 4,859,478 | — | ||||||||
Short-Term Investments | 5,751,497 | — | — | ||||||||
$ | 27,854,607 | $ | 11,071,935 | — |
U.S. Quality Growth ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 669,896,722 | — | — | |||||||
Short-Term Investments | 1,429,932 | — | — | ||||||||
$ | 671,326,654 | — | — |
U.S. Quality Value ETF | |||||||||||
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 213,742,696 | — | — | |||||||
Short-Term Investments | 935,504 | — | — | ||||||||
$ | 214,678,200 | — | — |
Futures
Contracts
Sold | |||||
Low Volatility ETF | $ | 263,565 |
|
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 | ||||||||||
Low Volatility ETF | ||||||||||||||
Equity Price Risk | Net realized gain (loss) on futures contract transactions | $ | 18,789 | Change in net unrealized appreciation (depreciation) on futures contracts | — |
2023 | 2022 | |||||||||||||
Distributions Paid From: | Distributions Paid From: | |||||||||||||
Ordinary Income | Long-term Capital Gains | Ordinary Income | Long-term Capital Gains | |||||||||||
Low Volatility ETF | $ | 128,357 | — | $ | 98,904 | — | ||||||||
Quality Convertible Securities ETF | $ | 618,718 | — | $ | 478,670 | — | ||||||||
Quality Diversified International ETF | $ | 7,274,680 | — | $ | 6,315,055 | — | ||||||||
Quality Preferred ETF | $ | 1,587,293 | — | $ | 961,361 | — | ||||||||
U.S. Quality Growth ETF | $ | 1,839,795 | — | $ | 911,250 | — | ||||||||
U.S. Quality Value ETF | $ | 5,272,570 | — | $ | 4,592,625 | — |
Low Volatility ETF | Quality
Convertible Securities ETF |
Quality
Diversified International ETF |
Quality Preferred ETF |
U.S. Quality Growth ETF |
U.S. Quality Value ETF | |||||||||||||||
Capital paid in | $ | 170,526 | $ | 415,334 | $ | 10,587,455 | $ | (196,913) | $ | 35,349,431 | $ | 9,272,735 | ||||||||
Distributable earnings (loss) | $ | (170,526) | $ | (415,334) | $ | (10,587,455) | $ | 196,913 | $ | (35,349,431) | $ | (9,272,735) |
Low
Volatility ETF |
Quality Convertible Securities ETF | Quality Diversified International ETF | |||||||||
Federal tax cost of investments | $ | 8,860,786 | $ | 26,389,736 | $ | 199,721,291 | |||||
Gross tax appreciation of investments | $ | 835,903 | $ | 932,507 | $ | 24,377,708 | |||||
Gross tax depreciation of investments | (123,444) | (1,892,023) | (7,446,989) | ||||||||
Net
tax appreciation (depreciation) of investments |
712,459 | (959,516) | 16,930,719 | ||||||||
Net tax appreciation (depreciation) on translation of assets and liabilities in foreign currencies | — | — | (295) | ||||||||
Net tax appreciation (depreciation) | $ | 712,459 | $ | (959,516) | $ | 16,930,424 | |||||
Undistributed ordinary income | $ | 34,045 | $ | 156,558 | $ | 2,023,658 | |||||
Accumulated short-term capital losses | $ | (667,069) | $ | (2,678,963) | $ | (40,299,840) | |||||
Accumulated long-term capital losses | — | $ | (1,065,088) | $ | (8,863,328) |
Quality Preferred ETF |
U.S. Quality Growth ETF |
U.S. Quality Value ETF | |||||||||
Federal tax cost of investments | $ | 40,757,866 | $ | 620,998,480 | $ | 197,157,624 | |||||
Gross tax appreciation of investments | $ | 154,332 | $ | 53,921,647 | $ | 19,058,279 | |||||
Gross tax depreciation of investments | (1,985,656) | (3,593,473) | (1,537,703) | ||||||||
Net tax appreciation (depreciation) of investments | $ | (1,831,324) | $ | 50,328,174 | $ | 17,520,576 | |||||
Undistributed ordinary income | $ | 294,690 | $ | 325,552 | $ | 584,346 | |||||
Accumulated short-term capital losses | $ | (1,157,138) | $ | (56,999,648) | $ | (30,805,797) | |||||
Accumulated long-term capital losses | $ | (954,241) | $ | (7,585,177) | $ | (6,693,951) |
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 |
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) | |||||||||||||||||||||||||
Low Volatility ETF | |||||||||||||||||||||||||||||||||||
2023 | $41.39 | 0.74 | 4.16 | 4.90 | (0.65) | $45.64 | 11.96% | 0.29% | 1.71% | 176% | $9,584 | ||||||||||||||||||||||||
2022 | $47.65 | 0.68 | (6.35) | (5.67) | (0.59) | $41.39 | (11.98)% | 0.29% | 1.52% | 167% | $7,450 | ||||||||||||||||||||||||
2021(4) |
$39.84 | 0.34 | 7.70 | 8.04 | (0.23) | $47.65 | 20.26% |
0.29%(5) |
1.24%(5) |
61% | $6,433 |
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) | |||||||||||||||||||||||||||
Quality Convertible Securities ETF | ||||||||||||||||||||||||||||||||||||||
2023 | $41.06 | 0.97 | (0.05) | 0.92 | (1.12) | 0.09 | $40.95 | 2.56% | 0.32% | 2.41% | 46% | $24,571 | ||||||||||||||||||||||||||
2022 | $48.23 | 0.80 | (7.10) | (6.30) | (0.92) | 0.05 | $41.06 | (13.13)% | 0.32% | 1.79% | 64% | $24,638 | ||||||||||||||||||||||||||
2021(4) |
$50.00 | 0.39 | (1.95) | (1.56) | (0.25) | 0.04 | $48.23 | (3.03)% |
0.32%(5) |
1.53%(5) |
110% | $26,044 |
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 |
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) | |||||||||||||||||||||||||
Quality Diversified International ETF | |||||||||||||||||||||||||||||||||||
2023 | $38.43 | 1.38 | 5.72 | 7.10 | (1.44) | $44.09 | 18.67% | 0.39% | 3.31% | 119% | $213,840 | ||||||||||||||||||||||||
2022 | $52.76 | 1.45 | (14.40) | (12.95) | (1.38) | $38.43 | (24.82)% | 0.39% | 3.15% | 108% | $190,249 | ||||||||||||||||||||||||
2021 | $43.09 | 1.17 | 9.56 | 10.73 | (1.06) | $52.76 | 25.04% | 0.39% | 2.37% | 107% | $208,421 | ||||||||||||||||||||||||
2020 | $37.44 | 0.78 | 5.42 | 6.20 | (0.55) | $43.09 | 16.67% | 0.39% | 2.00% | 118% | $101,271 | ||||||||||||||||||||||||
2019(4) |
$39.85 | 0.98 | (2.69) | (1.71) | (0.70) | $37.44 | (4.32)% |
0.39%(5) |
2.67%(5) |
119% | $18,719 |
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) | |||||||||||||||||||||||||||
Quality Preferred ETF | ||||||||||||||||||||||||||||||||||||||
2023 | $36.41 | 1.99 | (1.02) | 0.97 | (2.08) | 0.05 | $35.35 | 2.96% | 0.32% | 5.62% | 77% | $37,118 | ||||||||||||||||||||||||||
2022 | $41.69 | 1.78 | (5.29) | (3.51) | (1.79) | 0.02 | $36.41 | (8.58)% | 0.32% | 4.59% | 51% | $22,394 | ||||||||||||||||||||||||||
2021(4) |
$40.00 | 1.01 | 1.48 | 2.49 | (0.83) | 0.03 | $41.69 | 6.35% |
0.32%(5) |
4.59%(5) |
61% | $22,515 |
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 |
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) | |||||||||||||||||||||||||
U.S. Quality Growth ETF | |||||||||||||||||||||||||||||||||||
2023 | $60.26 | 0.36 | 9.82 | 10.18 | (0.32) | $70.12 | 16.96% | 0.29% | 0.56% | 203% | $671,408 | ||||||||||||||||||||||||
2022 | $75.48 | 0.30 | (15.26) | (14.96) | (0.26) | $60.26 | (19.83)% | 0.29% | 0.45% | 153% | $259,133 | ||||||||||||||||||||||||
2021 | $55.96 | 0.23 | 19.44 | 19.67 | (0.15) | $75.48 | 35.20% | 0.29% | 0.36% | 162% | $258,522 | ||||||||||||||||||||||||
2020 | $41.84 | 0.18 | 14.11 | 14.29 | (0.17) | $55.96 | 34.30% | 0.29% | 0.39% | 180% | $215,439 | ||||||||||||||||||||||||
2019(4) |
$40.15 | 0.18 | 1.64 | 1.82 | (0.13) | $41.84 | 4.57% |
0.29%(5) |
0.48%(5) |
191% | $21,964 |
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 | 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) | |||||||||||||||||||||||||
U.S. Quality Value ETF | |||||||||||||||||||||||||||||||||||
2023 | $46.81 | 1.18 | 3.59 | 4.77 | (1.22) | $50.36 | 10.40% | 0.29% | 2.47% | 187% | $214,026 | ||||||||||||||||||||||||
2022 | $51.82 | 1.19 | (5.14) | (3.95) | (1.06) | $46.81 | (7.70)% | 0.29% | 2.36% | 118% | $203,645 | ||||||||||||||||||||||||
2021 | $38.76 | 0.83 | 13.02 | 13.85 | (0.79) | $51.82 | 36.16% | 0.29% | 1.81% | 147% | $255,219 | ||||||||||||||||||||||||
2020 | $39.21 | 1.02 | (0.47) | 0.55 | (1.00) | $38.76 | 1.55% | 0.29% | 2.66% | 178% | $137,598 | ||||||||||||||||||||||||
2019 | $41.66 | 1.15 | (2.68) | (1.53) | (0.92) | $39.21 | (3.60)% | 0.29% | 2.94% | 190% | $30,391 |
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 Low Volatility ETF | For the year ended August 31, 2023 | For the years ended August 31, 2023 and 2022 | For the years ended August 31, 2023 and 2022, and the period from January 12, 2021 (fund inception) through August 31, 2021 | ||||||||
American Century Quality Convertible Securities ETF | For the year ended August 31, 2023 | For the years ended August 31, 2023 and 2022 | For the years ended August 31, 2023 and 2022, and the period from February 16, 2021 (fund inception) through August 31, 2021 | ||||||||
American Century Quality Diversified International ETF | For the year ended August 31, 2023 | For the years ended August 31, 2023 and 2022 | For the years ended August 31, 2023, 2022, 2021, and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019 | ||||||||
American Century Quality Preferred ETF | For the year ended August 31, 2023 | For the years ended August 31, 2023 and 2022 | For the years ended August 31, 2023 and 2022, and the period from February 16, 2021 (fund inception) through August 31, 2021 | ||||||||
American Century U.S. Quality Growth ETF | For the year ended August 31, 2023 | For the years ended August 31, 2023 and 2022 | For the years ended August 31, 2023, 2022, 2021, and 2020, and the period from September 10, 2018 (fund inception) through August 31, 2019 | ||||||||
American Century U.S. Quality Value ETF | For the year ended August 31, 2023 | For the years ended August 31, 2023 and 2022 | For the years ended August 31, 2023, 2022, 2021, 2020, and 2019. |
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 Board Chair | Since 2017 (Board Chair 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) | 50 | None | ||||||||||||
Jeremy
I. Bulow (1954) |
Trustee | Since 2022 | Professor
of Economics, Stanford University Graduate School of Business (1979 to present) |
82 | None | ||||||||||||
Barry
A. Mendelson (1958) |
Trustee | Since 2017 | Retired | 50 | None | ||||||||||||
Stephen
E. Yates (1948) |
Trustee | Since 2017 | Retired | 115 | 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 | 147 | 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 | ||||||
Ward
D. Stauffer (1960) |
Secretary since 2019 | Attorney, ACS (2003 to present) |
Approval of Management Agreement |
Liquidity Risk Management Program |
Additional Information |
Low
Volatility ETF |
Quality Convertible Securities ETF | Quality Diversified International ETF | Quality Preferred ETF | U.S. Quality Growth ETF |
U.S. Quality Value ETF | ||||||||||||
$128,357 | $244,101 | $2,364 | $600,703 | $1,839,795 | $5,272,570 |
Low
Volatility ETF |
Quality Convertible Securities ETF | Quality Diversified International ETF | Quality Preferred ETF | U.S. Quality Growth ETF | U.S. Quality Value ETF | ||||||||||||
— | $324,179 | — | $360,148 | — | — |
Notes |
Notes |
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||||||||
Contact Us | americancentury.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. | ||||||||
©2023
American Century Proprietary Holdings, Inc. All rights
reserved. CL-ANN-96948 2310 |