June 30, 2023 (Unaudited)
Semi-Annual Report
Touchstone ETF Trust
Touchstone Climate Transition ETF
Touchstone Dividend Select ETF
Touchstone Strategic Income Opportunities ETF
Touchstone Ultra Short Income ETF
Touchstone US Large Cap Focused ETF

 

Table of Contents
  Page
Tabular Presentation of Portfolios of Investments 3-4
Portfolios of Investments:  
Touchstone Climate Transition ETF 5
Touchstone Dividend Select ETF 6
Touchstone Strategic Income Opportunities ETF 7-10
Touchstone Ultra Short Income ETF 11-12
Touchstone US Large Cap Focused ETF 13
Statements of Assets and Liabilities 14
Statements of Operations 15
Statements of Changes in Net Assets 16-17
Financial Highlights 18-19
Notes to Financial Statements 20-32
Other Items 33-37
Privacy Protection Policy 39
This report identifies the Funds' investments on June 30, 2023. These holdings are subject to change. Not all investments in each Fund performed the same, nor is there any guarantee that these investments will perform as well in the future. Market forecasts provided in this report may not occur.
2

 

Table of Contents
Tabular Presentation of Portfolios of Investments (Unaudited)
June 30, 2023
The tables below provide each Fund’s sector allocation and/or credit quality. We hope it will be useful to shareholders as it summarizes key information about each Fund’s investments.
Touchstone Climate Transition ETF

Sector Allocation*(% of Net Assets)
Industrials 33.3%
Information Technology 16.8
Utilities 16.4
Materials 13.6
Consumer Discretionary 13.5
Consumer Staples 3.0
Financials 2.0
Short-Term Investment Fund 1.3
Other Assets/Liabilities (Net) 0.1
Total 100.0%
Touchstone Dividend Select ETF

Sector Allocation*(% of Net Assets)
Information Technology 25.4%
Financials 13.4
Health Care 12.2
Industrials 10.0
Consumer Staples 8.3
Consumer Discretionary 7.7
Communication Services 6.2
Materials 4.0
Energy 3.8
Utilities 2.6
Real Estate 2.4
Short-Term Investment Fund 4.0
Other Assets/Liabilities (Net) 0.0
Total 100.0%
Touchstone Strategic Income Opportunities ETF

Credit Quality**(% of Fixed Income Securities)
AAA/Aaa 28.4%
AA/Aa 3.5
A/A 7.1
BBB/Baa 35.5
BB/Ba 14.3
B/B 6.4
CCC 1.8
CC 0.2
Not Rated 2.8
Total 100.0%
Sector Allocation*(% of Net Assets)
Corporate Bonds 45.2%
U.S. Treasury Obligations 25.5
Asset-Backed Securities 11.0
Commercial Mortgage-Backed Securities 6.1
Common Stocks  
Information Technology 0.8
Industrials 0.7
Financials 0.6
Health Care 0.4
Materials 0.4
Consumer Staples 0.4
Energy 0.4
Communication Services 0.3
Sovereign Government Obligations 3.0
Non-Agency Collateralized Mortgage Obligations 2.1
Preferred Stocks  
Financials 0.0
Short-Term Investment Fund 3.1
Other Assets/Liabilities (Net) 0.0
Total 100.0%
 
* Sector classifications are based upon the Global Industry Classification Standard (GICS®).
** Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investors Service (“Moody's”). If agency ratings differ, the higher rating will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
3

 

Table of Contents
Tabular Presentation of Portfolios of Investments (Unaudited) (Continued)
Touchstone Ultra Short Income ETF

Credit Quality*(% of Fixed Income Securities)
AAA/Aaa 56.9%
AA/Aa 12.9
A/A 11.6
BBB/Baa 17.2
BB/Ba 1.0
Cash Equivalents 0.4
Total 100.0%
Touchstone US Large Cap Focused ETF

Sector Allocation**(% of Net Assets)
Information Technology 26.3%
Health Care 15.3
Communication Services 13.2
Financials 13.1
Industrials 9.1
Consumer Discretionary 7.4
Consumer Staples 4.1
Energy 3.6
Materials 1.5
Real Estate 1.0
Short-Term Investment Fund 5.5
Other Assets/Liabilities (Net) (0.1)
Total 100.0%
* Credit quality ratings are from S&P Global Ratings ("S&P") and Moody's Investors Service (“Moody's”). If agency ratings differ, the higher rating will be used. Where no rating has been assigned, it may be for reasons unrelated to the creditworthiness of the issuer.
** Sector classifications are based upon the Global Industry Classification Standard (GICS®).
4

 

Table of Contents
Portfolio of Investments
Touchstone Climate Transition ETF – June 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 98.6%  
  Industrials — 33.3%  
  9,627 Array Technologies, Inc.* $   217,570
  9,858 CSX Corp.    336,158
  1,047 Cummins, Inc.    256,683
  1,200 Daikin Industries Ltd. (Japan)    243,376
    609 Deere & Co.    246,761
  6,500 FANUC Corp. (Japan)    226,675
  3,297 Hexcel Corp.    250,638
  3,317 Knorr-Bremse AG (Germany)    253,294
    527 LG Energy Solution Ltd. (South Korea)*    221,175
  2,584 MasTec, Inc.*    304,834
  2,661 Republic Services, Inc.    407,585
  1,344 Schneider Electric SE (France)    244,126
 10,858 Shoals Technologies Group, Inc. - Class A*    277,530
  3,650 Trex Co., Inc.*    239,294
    600 United Rentals, Inc.    267,222
         3,992,921
  Information Technology — 16.8%  
    716 ANSYS, Inc.*    236,473
  4,437 Bentley Systems, Inc. - Class B    240,618
    876 Cadence Design Systems, Inc.*    205,440
  1,372 Enphase Energy, Inc.*    229,783
  5,581 Infineon Technologies AG (Germany)    230,111
    206 NVIDIA Corp.     87,142
  3,222 ON Semiconductor Corp.*    304,737
    779 SolarEdge Technologies, Inc.*    209,590
  2,695 Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) ADR    271,979
         2,015,873
  Utilities — 16.4%  
 12,133 AES Corp. (The)    251,517
  1,614 American Water Works Co., Inc.    230,398
  7,756 Boralex, Inc. (Canada) - Class A    211,179
 25,691 National Grid PLC (United Kingdom)    339,491
  3,937 NextEra Energy, Inc.    292,125
  3,151 Orsted AS (Denmark) 144a    297,760
 14,753 SSE PLC (United Kingdom)    344,936
         1,967,406
  Materials — 13.6%  
    678 Albemarle Corp.    151,255
  6,819 Anglo American PLC (South Africa)    193,381
  3,397 Crown Holdings, Inc.    295,097
 13,937 Graphic Packaging Holding Co.    334,906
 32,675 Norsk Hydro ASA (Norway)    194,219
    835 Sika AG (Switzerland)    238,545
  2,048 Steel Dynamics, Inc.    223,089
         1,630,492
  Consumer Discretionary — 13.5%  
  7,500 BYD Co. Ltd. (China) - Class H     239,280
Shares       Market
Value
     
  Consumer Discretionary — (Continued)  
 13,029 Compass Group PLC (United Kingdom) $   364,362
  2,602 Mercedes-Benz Group AG (Germany)    209,172
 36,000 Merida Industry Co. Ltd. (Taiwan)    256,610
  6,081 On Holding AG (Switzerland) - Class A*    200,673
  1,500 Shimano, Inc. (Japan)    249,073
    353 Tesla, Inc.*     92,405
         1,611,575
  Consumer Staples — 3.0%  
  9,675 Sprouts Farmers Market, Inc.*    355,363
  Financials — 2.0%  
    503 MSCI, Inc.    236,053
  Total Common Stocks $11,809,683
  Short-Term Investment Fund — 1.3%  
159,925 Dreyfus Government Cash Management, Institutional Shares, 5.00%∞Ω    159,925
  Total Investment Securities—99.9%
(Cost $11,344,414)
$11,969,608
  Other Assets in Excess of Liabilities — 0.1%     14,645
  Net Assets — 100.0% $11,984,253
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2023.
Portfolio Abbreviations:
ADR – American Depositary Receipt
PLC – Public Limited Company
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities were valued at $297,760 or 2.5% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $11,100,337 $709,346 $— $11,809,683
Short-Term Investment Fund 159,925 159,925
Total $11,260,262 $709,346 $— $11,969,608
See accompanying Notes to Financial Statements.
 
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Table of Contents
Portfolio of Investments
Touchstone Dividend Select ETF – June 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 96.0%  
  Information Technology — 25.4%  
    4,128 Apple, Inc. $   800,708
      989 Broadcom, Inc.    857,888
   10,535 Cisco Systems, Inc.    545,081
   14,565 Intel Corp.    487,054
    4,128 International Business Machines Corp.    552,368
    1,505 KLA Corp.    729,955
    3,827 Microsoft Corp.  1,303,246
    7,471 Oracle Corp.    889,721
    4,670 QUALCOMM, Inc.    555,917
    3,139 Texas Instruments, Inc.    565,083
         7,287,021
  Financials — 13.4%  
   17,395 Bank of America Corp.    499,063
      960 BlackRock, Inc.    663,494
    1,806 Goldman Sachs Group, Inc. (The)    582,507
    3,526 JPMorgan Chase & Co.    512,821
   11,656 US Bancorp    385,114
    3,049 Visa, Inc. - Class A    724,077
   11,094 Wells Fargo & Co.    473,492
         3,840,568
  Health Care — 12.2%  
    2,924 AmerisourceBergen Corp.    562,665
    3,304 Bristol-Myers Squibb Co.    211,291
    6,405 CVS Health Corp.    442,778
    3,612 Johnson & Johnson    597,858
    7,475 Medtronic PLC    658,547
    4,122 Merck & Co., Inc.    475,638
    1,155 UnitedHealth Group, Inc.    555,139
         3,503,916
  Industrials — 10.0%  
    3,040 3M Co.    304,274
    1,924 Caterpillar, Inc.    473,400
    1,599 Eaton Corp. PLC    321,559
    1,333 Lockheed Martin Corp.    613,687
    6,106 Raytheon Technologies Corp.    598,144
    6,109 Stanley Black & Decker, Inc.    572,474
         2,883,538
  Consumer Staples — 8.3%  
    7,224 Coca-Cola Co. (The)    435,029
    1,172 Constellation Brands, Inc. - Class A    288,464
    1,928 Dollar General Corp.    327,336
    2,709 PepsiCo, Inc.    501,761
    5,643 Philip Morris International, Inc.    550,870
    1,855 Walmart, Inc.    291,569
         2,395,029
  Consumer Discretionary — 7.7%  
    1,720 Home Depot, Inc. (The)    534,301
    1,628 McDonald's Corp.    485,811
    5,862 Starbucks Corp.    580,690
    4,386 Yum! Brands, Inc.    607,680
         2,208,482
Shares       Market
Value
     
  Communication Services — 6.2%  
   21,581 AT&T, Inc. $   344,217
   13,513 Comcast Corp. - Class A    561,465
   11,137 Fox Corp. - Class A    378,658
   13,191 Verizon Communications, Inc.    490,574
         1,774,914
  Materials — 4.0%  
    1,659 Air Products & Chemicals, Inc.    496,920
    8,936 DuPont de Nemours, Inc.    638,388
         1,135,308
  Energy — 3.8%  
    6,071 Exxon Mobil Corp.    651,115
    3,667 Valero Energy Corp.    430,139
         1,081,254
  Utilities — 2.6%  
    4,515 Duke Energy Corp.    405,176
    3,402 Entergy Corp.    331,253
           736,429
  Real Estate — 2.4%  
    1,966 American Tower Corp. REIT    381,286
    2,623 Simon Property Group, Inc. REIT    302,904
           684,190
  Total Common Stocks $27,530,649
  Short-Term Investment Fund — 4.0%  
1,138,784 Dreyfus Government Cash Management, Institutional Shares, 5.00%∞Ω  1,138,784
  Total Investment Securities—100.0%
(Cost $27,030,054)
$28,669,433
  Other Assets in Excess of Liabilities — 0.0%     14,210
  Net Assets — 100.0% $28,683,643
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2023.
Portfolio Abbreviations:
PLC – Public Limited Company
REIT – Real Estate Investment Trust
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $27,530,649 $— $— $27,530,649
Short-Term Investment Fund 1,138,784 1,138,784
Total $28,669,433 $— $— $28,669,433
See accompanying Notes to Financial Statements.
 
6

 

Table of Contents
Portfolio of Investments
Touchstone Strategic Income Opportunities ETF – June 30, 2023 (Unaudited)
Principal
Amount
      Market
Value
  Corporate Bonds — 45.2%  
  Financials — 10.0%  
$   800,000 Allstate Corp. (The), Ser B, 5.750%, 8/15/53 $    787,255
    826,000 Bank of Nova Scotia (The) (Canada), 3.625%, 10/27/81     583,859
    831,000 Barclays PLC (United Kingdom), 2.894%, 11/24/32     653,988
    363,000 Charles Schwab Corp. (The), Ser H, 4.000%(A)     264,899
    576,000 Citigroup, Inc., Ser W, 4.000%(A)     491,760
    742,000 Corestates Capital III, 144a, (3M LIBOR +0.570%), 5.891%, 2/15/27(B)     680,922
    327,000 Credit Acceptance Corp., 6.625%, 3/15/26     314,256
    561,000 First Maryland Capital II, (3M LIBOR +0.850%), 6.149%, 2/1/27(B)     508,921
    230,000 FirstCash, Inc., 144a, 4.625%, 9/1/28     205,188
    413,000 goeasy Ltd. (Canada), 144a, 5.375%, 12/1/24     400,649
    898,000 Golub Capital BDC, Inc., 2.050%, 2/15/27     751,047
    422,000 Icahn Enterprises LP / Icahn Enterprises Finance Corp., 5.250%, 5/15/27     362,614
    538,000 Morgan Stanley, 5.297%, 4/20/37     508,826
    836,000 PNC Capital Trust, (3M LIBOR +0.570%), 6.066%, 6/1/28(B)     752,512
    604,000 Prudential Financial, Inc., 5.125%, 3/1/52     545,334
    419,000 Sabra Health Care LP REIT, 3.900%, 10/15/29     341,227
    815,000 Sixth Street Specialty Lending, Inc., 2.500%, 8/1/26     713,052
    377,000 Springleaf Finance Corp., 6.875%, 3/15/25     373,326
   832,000 Truist Bank, Ser A, (3M LIBOR +0.670%), 5.990%, 5/15/27(B)     755,742
          9,995,377
  Consumer Discretionary — 6.2%  
    783,000 Brunswick Corp., 4.400%, 9/15/32     683,763
    385,000 Carriage Services, Inc., 144a, 4.250%, 5/15/29     331,370
    204,000 Ford Motor Co., 4.750%, 1/15/43     156,865
    227,000 Ford Motor Credit Co. LLC, 4.125%, 8/17/27     207,146
    335,000 Forestar Group, Inc., 144a, 3.850%, 5/15/26     307,818
    310,000 GEMS MENASA Cayman Ltd. / GEMS Education Delaware LLC (United Arab Emirates), 7.125%, 7/31/26     299,924
  1,173,000 General Motors Financial Co., Inc., 3.100%, 1/12/32     948,329
    525,000 GENM Capital Labuan Ltd. (Malaysia), 144a, 3.882%, 4/19/31     424,360
    313,000 MGM China Holdings Ltd. (Macao), 144a, 5.375%, 5/15/24     308,077
    395,000 Royal Caribbean Cruises Ltd., 144a, 5.375%, 7/15/27     369,227
    330,000 Speedway Motorsports LLC / Speedway Funding II, Inc., 144a, 4.875%, 11/1/27     304,475
    722,000 Toll Brothers Finance Corp., 3.800%, 11/1/29     646,460
    168,000 Warnermedia Holdings, Inc., 4.279%, 3/15/32     149,019
    727,000 Warnermedia Holdings, Inc., 5.141%, 3/15/52     591,206
   529,000 Wynn Macau Ltd. (Macao), 144a, 4.875%, 10/1/24     515,775
          6,243,814
  Energy — 5.8%  
    472,000 Aker BP ASA (Norway), 144a, 6.000%, 6/13/33     471,538
    367,000 Baytex Energy Corp. (Canada), 144a, 8.500%, 4/30/30     358,394
    371,000 Callon Petroleum Co., 6.375%, 7/1/26     361,131
    502,000 Cenovus Energy, Inc. (Canada), 5.250%, 6/15/37     461,720
    344,000 CQP Holdco LP / BIP-V Chinook Holdco LLC, 144a, 5.500%, 6/15/31     306,790
    300,000 Ecopetrol SA (Colombia), 8.625%, 1/19/29     300,690
    158,000 Genesis Energy LP / Genesis Energy Finance Corp., 6.500%, 10/1/25     155,506
    382,000 Hilcorp Energy I LP / Hilcorp Finance Co., 144a, 6.000%, 2/1/31     340,478
    415,488 MC Brazil Downstream Trading SARL (Brazil), 144a, 7.250%, 6/30/31      280,480
Principal
Amount
      Market
Value
     
  Energy — (Continued)  
$   384,000 Midwest Connector Capital Co. LLC, 144a, 4.625%, 4/1/29 $    350,758
    596,000 NGPL PipeCo LLC, 144a, 7.768%, 12/15/37     635,023
    371,000 Parkland Corp. (Canada), 144a, 4.500%, 10/1/29     321,324
    770,000 Petroleos Mexicanos (Mexico), 6.625%, 6/15/35     537,090
    403,000 Plains All American Pipeline LP, (3M LIBOR +4.110%), 9.431%(A)(B)     358,722
    371,000 Precision Drilling Corp. (Canada), 144a, 6.875%, 1/15/29     335,073
   211,160 YPF SA (Argentina), 9.000%, 2/12/26     209,667
          5,784,384
  Industrials — 5.4%  
    345,000 Adani Ports & Special Economic Zone Ltd. (India), 3.375%, 7/24/24     329,446
     78,000 American Axle & Manufacturing, Inc., 6.500%, 4/1/27      74,004
    367,000 Amsted Industries, Inc., 144a, 4.625%, 5/15/30     327,312
    267,000 Boeing Co. (The), 5.805%, 5/1/50     265,017
    381,000 Canpack SA / Canpack US LLC (Poland), 144a, 3.125%, 11/1/25     348,562
    542,000 Cemex SAB de CV (Mexico), 144a, 5.125%(A)     482,350
    415,000 Cimpress PLC (Ireland), 7.000%, 6/15/26     376,612
    458,000 Fortress Transportation & Infrastructure Investors LLC, 144a, 6.500%, 10/1/25     451,200
    783,000 Mohawk Industries, Inc., 3.625%, 5/15/30     706,457
    434,000 Pactiv Evergreen Group Issuer, Inc. / Pactiv Evergreen Group Issuer LLC, 144a, 4.000%, 10/15/27     383,711
    363,000 Stericycle, Inc., 144a, 3.875%, 1/15/29     322,308
    362,000 TK Elevator Holdco GmbH (Germany), 144a, 7.625%, 7/15/28     328,534
    322,000 TransDigm, Inc., 144a, 6.250%, 3/15/26     320,407
   753,000 Weir Group PLC (The) (United Kingdom), 144a, 2.200%, 5/13/26     673,725
          5,389,645
  Utilities — 5.2%  
    727,000 CMS Energy Corp., 4.750%, 6/1/50     626,819
    598,000 Edison International, 4.125%, 3/15/28     557,881
    452,000 Edison International, Ser B, 5.000%(A)     390,483
    450,000 Eskom Holdings SOC Ltd. (South Africa), 144a, 8.450%, 8/10/28     426,375
    513,000 FirstEnergy Transmission LLC, 144a, 5.450%, 7/15/44     473,738
    515,000 Minejesa Capital BV (Indonesia), 4.625%, 8/10/30     461,032
    620,000 NextEra Energy Capital Holdings, Inc., (3M LIBOR +2.125%), 7.677%, 6/15/67(B)     544,442
    598,000 Pacific Gas & Electric Co., 2.500%, 2/1/31     467,491
    658,000 PPL Capital Funding, Inc., Ser A, (3M LIBOR +2.665%), 8.203%, 3/30/67(B)     580,685
   844,000 WEC Energy Group, Inc., (3M LIBOR +2.112%), 7.433%, 5/15/67(B)     710,243
          5,239,189
  Communication Services — 3.4%  
    379,000 Arches Buyer, Inc., 144a, 4.250%, 6/1/28     329,976
    155,000 Belo Corp., 7.750%, 6/1/27     153,450
    372,000 Block Communications, Inc., 144a, 4.875%, 3/1/28     307,830
    472,000 British Telecommunications PLC (United Kingdom), 5.125%, 12/4/28     463,984
    341,000 British Telecommunications PLC (United Kingdom), 144a, 3.250%, 11/8/29     298,913
    265,000 CCO Holdings LLC / CCO Holdings Capital Corp., 144a, 4.250%, 2/1/31     214,731
    591,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 6.484%, 10/23/45      556,155
 
7

 

Table of Contents
Touchstone Strategic Income Opportunities ETF (Unaudited) (Continued)
Principal
Amount
      Market
Value
  Corporate Bonds — 45.2% (Continued)  
  Communication Services — (Continued)  
$   429,000 CSC Holdings LLC, 144a, 4.625%, 12/1/30 $    190,893
    374,000 Gray Escrow II, Inc., 144a, 5.375%, 11/15/31     247,970
    450,000 Paramount Global, 4.200%, 5/19/32     376,903
   330,000 Stagwell Global, 144a, 5.625%, 8/15/29     282,392
          3,423,197
  Consumer Staples — 2.4%  
    285,000 Coruripe Netherlands BV (Brazil), 144a, 10.000%, 2/10/27     179,322
    571,000 JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 144a, 6.500%, 12/1/52     541,347
    646,000 Philip Morris International, Inc., 5.375%, 2/15/33     644,320
    415,000 QVC, Inc., 4.375%, 9/1/28     238,530
    500,000 Turning Point Brands, Inc., 144a, 5.625%, 2/15/26     456,295
   450,000 Ulker Biskuvi Sanayi AS (Turkey), 144a, 6.950%, 10/30/25     402,858
          2,462,672
  Real Estate — 2.4%  
    383,000 Iron Mountain, Inc. REIT, 144a, 4.875%, 9/15/27     361,962
     88,000 Kilroy Realty LP REIT, 2.500%, 11/15/32      60,941
    307,000 Kilroy Realty LP REIT, 2.650%, 11/15/33     208,104
    332,000 Kilroy Realty LP REIT, 3.050%, 2/15/30     259,526
    421,000 RHP Hotel Properties LP / RHP Finance Corp. REIT, 144a, 4.500%, 2/15/29     372,585
    428,000 SBA Tower Trust REIT, 144a, 6.599%, 1/15/28     434,732
    274,000 STORE Capital Corp. REIT, 2.700%, 12/1/31     190,274
    364,000 STORE Capital Corp. REIT, 2.750%, 11/18/30     262,898
   258,000 STORE Capital Corp. REIT, 4.625%, 3/15/29     217,146
          2,368,168
  Health Care — 1.7%  
    519,000 CVS Health Corp., 5.050%, 3/25/48     477,588
    361,000 Medline Borrower LP, 144a, 3.875%, 4/1/29     312,819
    368,000 MEDNAX, Inc., 144a, 5.375%, 2/15/30     338,560
   686,000 Viatris, Inc., 2.700%, 6/22/30     554,813
          1,683,780
  Information Technology — 1.4%  
    372,000 Clarivate Science Holdings Corp., 144a, 4.875%, 7/1/29     330,003
    589,000 Micron Technology, Inc., 2.703%, 4/15/32     464,133
    258,000 Micron Technology, Inc., 6.750%, 11/1/29     268,043
   328,000 Xerox Holdings Corp., 144a, 5.000%, 8/15/25     309,625
          1,371,804
  Materials — 1.3%  
    327,000 Braskem Idesa SAPI (Mexico), 144a, 6.990%, 2/20/32     211,805
    341,000 Braskem Netherlands Finance BV (Brazil), 144a, 5.875%, 1/31/50     275,479
   781,000 Celanese US Holdings LLC, 6.165%, 7/15/27     778,356
          1,265,640
  Total Corporate Bonds  $45,227,670
  U.S. Treasury Obligations — 25.5%
  2,925,000 U.S. Treasury Bond, 2.375%, 2/15/42       2,273,273
  1,285,000 U.S. Treasury Bond, 3.250%, 5/15/42       1,144,805
  3,105,000 U.S. Treasury Bond, 4.000%, 11/15/52       3,184,081
  5,450,000 U.S. Treasury Inflation Indexed Note, 1.125%, 1/15/33       5,310,738
11,050,000 U.S. Treasury Inflation Indexed Note, 1.250%, 4/15/28      10,804,063
 2,855,000 U.S. Treasury Note, 3.500%, 2/15/33       2,779,610
  Total U.S. Treasury Obligations  $25,496,570
Principal
Amount
      Market
Value
  Asset-Backed Securities — 11.0%
$   900,000 AMMC CLO 16 Ltd. (Cayman Islands), Ser 2015-16A, Class CR2, 144a, (3M LIBOR +1.950%), 7.201%, 4/14/29(B)     $    899,949
  1,000,000 CFIP CLO Ltd. (Cayman Islands), Ser 2018-1A, Class D, 144a, (3M LIBOR +3.240%), 8.502%, 7/18/31(B)         900,942
  1,094,063 Driven Brands Funding LLC, Ser 2020-1A, Class A2, 144a, 3.786%, 7/20/50         968,388
  1,074,375 FOCUS Brands Funding LLC, Ser 2018-1, Class A2, 144a, 5.184%, 10/30/48       1,015,156
  1,000,000 Franklin Park Place CLO I LLC (Cayman Islands), Ser 2022-1A, Class B, 144a, (TSFR3M +2.000%), 6.990%, 4/14/35(B)         953,544
  1,000,000 Golub Capital Partners CLO 25M Ltd. (Cayman Islands), Ser 2015-25A, Class BR, 144a, (3M LIBOR +1.900%), 7.226%, 5/5/30(B)         966,517
  1,014,413 Hardee's Funding LLC, Ser 2018-1A, Class A2II, 144a, 4.959%, 6/20/48         945,343
  1,000,000 NBC Funding LLC, Ser 2021-1, Class B, 144a, 4.970%, 7/30/51         837,384
  1,176,000 Neighborly Issuer LLC, Ser 2021-1A, Class A2, 144a, 3.584%, 4/30/51         981,188
    685,000 Prestige Auto Receivables Trust, Ser 2019-1A, Class E, 144a, 3.900%, 5/15/26         677,843
  1,075,000 Tesla Auto Lease Trust, Ser 2021-A, Class E, 144a, 2.640%, 3/20/25       1,040,284
   982,500 Zaxby's Funding LLC, Ser 2021-1A, Class A2, 144a, 3.238%, 7/30/51         818,185
  Total Asset-Backed Securities  $11,004,723
  Commercial Mortgage-Backed Securities — 6.1%
  2,000,000 BBCMS Mortgage Trust, Ser 2022-C17, Class XD, 144a, 3.214%, 9/15/55(B)(C)(D)         407,909
    800,000 Benchmark Mortgage Trust, Ser 2020-B18, Class AGND, 144a, 3.744%, 7/15/53         708,579
  1,250,000 BX Commercial Mortgage Trust, Ser 2020-VIV2, Class C, 144a, 3.660%, 3/9/44(B)(D)       1,019,422
    800,404 CHC Commercial Mortgage Trust 2019 - CHC, Ser 2019-CHC, Class D, 144a, (1M LIBOR +2.050%), 7.243%, 6/15/34(B)         767,985
  1,125,000 Citigroup Commercial Mortgage Trust, Ser 2013-375P, Class C, 144a, 3.635%, 5/10/35(B)(D)         984,754
  1,100,000 Citigroup Commercial Mortgage Trust, Ser 2014-GC25, Class D, 144a, 3.548%, 10/10/47         844,849
  1,250,000 Citigroup Commercial Mortgage Trust, Ser 2017-P8, Class D, 144a, 3.000%, 9/15/50         821,585
   600,000 WFRBS Commercial Mortgage Trust, Ser 2013-C13, Class D, 144a, 4.183%, 5/15/45(B)(D)         540,047
  Total Commercial Mortgage-Backed Securities   $6,095,130
Shares        
  Common Stocks — 4.0%  
  Information Technology — 0.8%  
     2,668 International Business Machines Corp.     357,005
     2,307 Texas Instruments, Inc.     415,306
            772,311
  Industrials — 0.7%  
       802 Lockheed Martin Corp.     369,225
     3,903 Raytheon Technologies Corp.     382,338
            751,563
 
8

 

Table of Contents
Touchstone Strategic Income Opportunities ETF (Unaudited) (Continued)
Shares       MarketValue
  Common Stocks — 4.0% (Continued)  
  Financials — 0.6%  
    10,569 Bank of America Corp. $    303,225
     1,036 Goldman Sachs Group, Inc. (The)     334,151
            637,376
  Health Care — 0.4%  
     2,326 Johnson & Johnson     384,999
  Materials — 0.4%  
     5,361 DuPont de Nemours, Inc.     382,990
  Consumer Staples — 0.4%  
     3,919 Philip Morris International, Inc.     382,573
  Energy — 0.4%  
     3,501 Exxon Mobil Corp.     375,482
  Communication Services — 0.3%  
    20,286 AT&T, Inc.     323,562
  Total Common Stocks   $4,010,856
Principal
Amount
       
  Sovereign Government Obligations — 3.0%
$   590,000 Angolan Government International Bond, 144a, 8.000%, 11/26/29         499,347
    350,000 Bahamas Government International Bond, 144a, 6.000%, 11/21/28         279,125
    550,000 Dominican Republic International Bond, 144a, 4.875%, 9/23/32         467,440
    610,000 Egypt Government International Bond, 144a, 8.500%, 1/31/47         322,629
    290,000 Gabon Government International Bond, 144a, 6.625%, 2/6/31         229,825
    580,000 Ghana Government International Bond, 144a, 8.627%, 6/16/49         236,490
    490,000 Nigeria Government International Bond, 144a, 7.625%, 11/28/47         346,700
    290,000 Republic of Uzbekistan International Bond, 144a, 3.700%, 11/25/30         234,143
    400,000 Serbia International Bond, 2.125%, 12/1/30         306,854
   400,000 Ukraine Government International Bond, 144a, 7.253%, 3/15/35          92,000
  Total Sovereign Government Obligations   $3,014,553
  Non-Agency Collateralized Mortgage Obligations — 2.1%
  1,000,000 Fannie Mae Connecticut Avenue Securities, Ser 2017-C06, Class 1B1, (1M LIBOR +4.150%), 9.300%, 2/25/30(B)       1,063,094
 1,000,000 Freddie Mac STACR REMIC Trust, Ser 2022-DNA3, Class M1B, 144a, (SOFR30A +2.900%), 7.967%, 4/25/42(B)         998,440
  Total Non-Agency Collateralized Mortgage Obligations   $2,061,534
Shares        
  Preferred Stocks — 0.0%  
  Financials — 0.0%  
    18,000 First Republic Bank, Ser K, 4.125%(A)         159
Shares       MarketValue
  Short-Term Investment Fund — 3.1%  
 3,092,647 Dreyfus Government Cash Management, Institutional Shares, 5.00%∞Ω** $  3,092,647
  Total Investment Securities—100.0%
(Cost $101,492,821)
$100,003,842
  Other Assets in Excess of Liabilities — 0.0%      22,917
  Net Assets — 100.0% $100,026,759
(A) Perpetual Bond - A bond or preferred stock with no definite maturity date.
(B) Variable rate security - Rate reflected is the rate in effect as of June 30, 2023.
(C) Interest only security - This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.
(D) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
** All or a portion of the security represents collateral for securities loaned.
All or a portion of the security is on loan. The total market value of the securities on loan as of June 30, 2023 was $1,187,208.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2023.
Portfolio Abbreviations:
CLO – Collateralized Loan Obligation
ICE – Intercontinental Exchange, Inc.
LIBOR – London Interbank Offered Rate
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
SOC – State-Owned Company
SOFR30A – Secured Overnight Financing Rate 30 Day Average
STACR – Structured Agency Credit Risk
TSFR3M – Three Month Term Secured Overnight Financing Rate
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities were valued at $38,992,030 or 39.0% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
 
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Table of Contents
Touchstone Strategic Income Opportunities ETF (Unaudited) (Continued)
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Assets:        
Corporate Bonds $ $45,227,670 $— $45,227,670
U.S. Treasury Obligations 25,496,570 25,496,570
Asset-Backed Securities 11,004,723 11,004,723
Commercial Mortgage-Backed Securities 6,095,130 6,095,130
Common Stocks 4,010,856 4,010,856
Sovereign Government Obligations 3,014,553 3,014,553
Non-Agency Collateralized Mortgage Obligations 2,061,534 2,061,534
Preferred Stocks 159 159
Short-Term Investment Fund 3,092,647 3,092,647
Total Assets $7,103,662 $92,900,180 $— $100,003,842
Liabilities:        
Other Financial Instruments        
Swap Agreements        
Credit contracts $ $(56,221) $— $(56,221)
Futures        
Interest rate contracts (285,074) (285,074)
Total Liabilities $(285,074) $(56,221) $— $(341,295)
Total $6,818,588 $92,843,959 $— $99,662,547
Futures Contracts
At June 30, 2023, $117,600 was segregated with the broker as collateral for futures contracts. The Fund had the following futures contracts, brokered by Wells Fargo, open at June 30, 2023:
     
Description Expiration Date Number of
Contracts
Notional Value Unrealized
Depreciation
Long Futures:        
2-Year U.S. Treasury Note 9/29/2023 98 $20,212,762 $(285,074)
Centrally Cleared Credit Default Swaps on Credit Indices(1)
Counterparty Termination
Date
Notional
Amount(2)
Pay Fixed
Rate
Clearinghouse Underlying
Bond
Value(3) Premiums
Paid/
(Received)
Unrealized
Depreciation
Buy Protection:                
Wells Fargo 6/20/28 $4,000,000 5.000% ICE Markit CDX North America High Yield
Series 40 5Y Index
$(111,721) $(55,500) $(56,221)
(1) If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.
(2) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(3) The quoted market prices and resulting values for credit default swap agreements on the underlying bond serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Decreasing market values (sell protection) or increasing market values (buy protection) when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
See accompanying Notes to Financial Statements.
10

 

Table of Contents
Portfolio of Investments
Touchstone Ultra Short Income ETF – June 30, 2023 (Unaudited)
Principal
Amount
      Market
Value
  Asset-Backed Securities — 44.9%
$  450,778 AFG ABS I LLC, Ser 2023-1, Class A1, 144a, 5.462%, 2/15/24     $   450,531
   333,309 American Credit Acceptance Receivables Trust, Ser 2020-2, Class C, 144a, 3.880%, 4/13/26        332,061
1,000,000 American Credit Acceptance Receivables Trust, Ser 2020-4, Class D, 144a, 1.770%, 12/14/26        967,418
1,000,000 Americredit Automobile Receivables Trust, Ser 2019-1, Class D, 3.620%, 3/18/25        994,530
   919,311 AMMC CLO XII Ltd. (Cayman Islands), Ser 2013-12A, Class AR2, 144a, (3M LIBOR +0.950%), 6.287%, 11/10/30(A)        910,161
   470,599 AUF Funding LLC, Ser 2022-1A, Class A1LN, 144a, (TSFR3M +2.500%), 7.548%, 1/20/31(A)        470,845
   363,094 CarNow Auto Receivables Trust, Ser 2021-2A, Class B, 144a, 1.300%, 1/15/26        359,991
1,141,092 CCG Receivables Trust, Ser 2021-1, Class A2, 144a, 0.300%, 6/14/27      1,114,843
1,000,000 CPS Auto Receivables Trust, Ser 2021-D, Class C, 144a, 1.590%, 12/15/27        960,645
   950,000 Driven Brands Funding LLC, Ser 2018-1A, Class A2, 144a, 4.739%, 4/20/48        907,583
   441,850 DT Auto Owner Trust, Ser 2023-2A, Class A, 144a, 5.880%, 4/15/27        440,505
   834,317 Exeter Automobile Receivables Trust, Ser 2021-2A, Class C, 0.980%, 6/15/26        816,064
   230,730 First Investors Auto Owner Trust, Ser 2019-1A, Class D, 144a, 3.550%, 4/15/25        230,403
   500,000 First Investors Auto Owner Trust, Ser 2020-1A, Class D, 144a, 3.150%, 4/15/26        491,731
1,000,000 Flagship Credit Auto Trust, Ser 2023-1, Class A2, 144a, 5.380%, 12/15/26        994,980
   530,314 Foursight Capital Automobile Receivables Trust, Ser 2021-2, Class A3, 144a, 0.810%, 5/15/26        522,857
1,000,000 GLS Auto Receivables Issuer Trust, Ser 2020-2A, Class C, 144a, 4.570%, 4/15/26        988,925
   425,566 GLS Auto Receivables Issuer Trust, Ser 2020-4A, Class C, 144a, 1.140%, 11/17/25        420,081
   991,836 Golub Capital Partners CLO 34M Ltd. (Cayman Islands), Ser 2017-34A, Class AR, 144a, (3M LIBOR +1.7000%), 7.026%, 3/14/31(A)        982,138
    87,794 GreatAmerica Leasing Receivables Funding LLC Series, Ser 2021-2, Class A2, 144a, 0.380%, 3/15/24         87,336
   608,021 JFIN CLO 2017 Ltd. (Cayman Islands), Ser 2017-1A, Class A1R, 144a, (3M LIBOR +1.000%), 6.273%, 4/24/29(A)        603,967
   638,146 LCM XIII LP (Cayman Islands), Ser 13A, Class AR3, 144a, (3M LIBOR +0.870%), 6.135%, 7/19/27(A)        633,475
   354,699 MVW Owner Trust, Ser 2017-1A, Class A, 144a, 2.420%, 12/20/34        352,518
1,000,000 Prestige Auto Receivables Trust, Ser 2019-1A, Class D, 144a, 3.010%, 8/15/25        992,838
1,000,000 Prestige Auto Receivables Trust, Ser 2020-1A, Class D, 144a, 1.620%, 11/16/26        972,985
   248,154 SCF Equipment Leasing LLC, Ser 2020-1A, Class A3, 144a, 1.190%, 10/20/27        245,163
   641,786 Shackleton CLO Ltd. (Cayman Islands), Ser 2015-8A, Class A1R, 144a, (3M LIBOR +0.920%), 6.170%, 10/20/27(A)        639,503
   723,771 Sierra Timeshare Receivables Funding LLC, Ser 2018-2A, Class B, 144a, 3.650%, 6/20/35        719,929
   643,873 Sierra Timeshare Receivables Funding LLC, Ser 2018-3A, Class B, 144a, 3.870%, 9/20/35        627,937
  574,997 Sierra Timeshare Receivables Funding LLC, Ser 2019-1A, Class D, 144a, 4.750%, 1/20/36         549,457
Principal
Amount
      Market
Value
  Asset-Backed Securities — 44.9% (Continued)
$1,000,000 STWD Ltd. (Cayman Islands), Ser 2019-FL1, Class B, 144a, (TSFR1M +1.714%), 6.816%, 7/15/38(A)     $   951,682
   383,135 Towd Point Mortgage Trust, Ser 2017-1, Class A1, 144a, 2.750%, 10/25/56(A)(B)        377,448
   901,046 Towd Point Mortgage Trust, Ser 2019-HY1, Class A1, 144a, (1M LIBOR +1.000%), 6.150%, 10/25/48(A)        893,721
1,000,000 Voya CLO Ltd. (Cayman Islands), Ser 2013-2A, Class A1R, 144a, (TSFR3M + 1.23%), 6.299%, 4/25/31(A)        987,726
  Total Asset-Backed Securities $22,991,977
  Corporate Bonds — 27.8%  
  Financials — 10.7%  
   653,000 Air Lease Corp., 3.000%, 9/15/23    649,043
1,000,000 BNP Paribas SA (France), 144a, 3.800%, 1/10/24    987,344
   750,000 Corestates Capital II, 144a, (3M LIBOR +0.650%), 5.910%, 1/15/27(A)    691,081
   225,000 Jackson National Life Global Funding, 144a, 2.650%, 6/21/24    217,795
   500,000 Metropolitan Life Insurance Co., 144a, 7.875%, 2/15/24    501,256
1,000,000 Protective Life Global Funding, 144a, 0.473%, 1/12/24    971,669
1,000,000 Retail Opportunity Investments Partnership LP REIT, 5.000%, 12/15/23    985,313
  500,000 Synovus Financial Corp., 5.200%, 8/11/25    476,120
         5,479,621
  Industrials — 4.8%  
1,000,000 CNH Industrial NV (United Kingdom), 4.500%, 8/15/23    998,413
   500,000 Graphic Packaging International LLC, 144a, 0.821%, 4/15/24    479,734
1,000,000 Penske Truck Leasing Co. LP / PTL Finance Corp., 144a, 5.750%, 5/24/26    990,089
         2,468,236
  Energy — 3.2%  
   667,000 ANR Pipeline Co., 7.375%, 2/15/24    668,210
1,000,000 Midwest Connector Capital Co. LLC, 144a, 3.900%, 4/1/24    979,009
         1,647,219
  Communication Services — 2.9%  
   500,000 Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 7/23/25    490,127
1,000,000 Sprint LLC, 7.875%, 9/15/23  1,002,398
         1,492,525
  Utilities — 2.9%  
   483,000 Jersey Central Power & Light Co., 144a, 4.700%, 4/1/24    477,859
1,000,000 Pacific Gas and Electric Co., 4.250%, 8/1/23    998,977
         1,476,836
  Consumer Discretionary — 2.0%  
   500,000 AutoNation, Inc., 3.500%, 11/15/24    481,788
  560,000 Hyundai Capital America, 144a, 0.800%, 1/8/24    545,306
         1,027,094
  Information Technology — 1.3%  
  654,000 NXP BV / NXP Funding LLC (China), 4.875%, 3/1/24    649,301
  Total Corporate Bonds $14,240,832
  Commercial Mortgage-Backed Securities — 18.8%
1,000,000 ACRE Commercial Mortgage Ltd., Ser 2021-FL4, Class B, 144a, (1M LIBOR +1.400%), 6.605%, 12/18/37(A)        979,937
1,000,000 BFLD, Ser 2019-DPLO, Class A, 144a, (TSFR1M +1.204%), 6.351%, 10/15/34(A)        992,107
  500,000 BFLD Trust, Ser 2020-OBRK, Class A, 144a, (1M LIBOR +2.050%), 7.311%, 11/15/28(A)         497,318
 
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Table of Contents
Touchstone Ultra Short Income ETF (Unaudited) (Continued)
Principal
Amount
      Market
Value
  Commercial Mortgage-Backed Securities — 18.8% (Continued)
$1,000,000 BHMS, Ser 2018-ATLS, Class A, 144a, (1M LIBOR +1.250%), 6.443%, 7/15/35(A)     $   974,915
    95,000 BPR Trust, Ser 2021-KEN, Class A, 144a, (1M LIBOR +1.250%), 6.511%, 2/15/29(A)         93,208
   979,974 BX Commercial Mortgage Trust, Ser 2019-XL, Class A, 144a, (1M LIBOR +0.920%), 6.181%, 10/15/36(A)        973,879
1,000,000 Citigroup Commercial Mortgage Trust, Ser 2019-SMRT, Class C, 144a, 4.682%, 1/10/36        994,276
   169,578 Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Class A, 144a, (1M LIBOR +0.980%), 6.173%, 5/15/36(A)        168,732
   133,667 Credit Suisse Mortgage Capital Certificates, Ser 2019-ICE4, Class B, 144a, (1M LIBOR +1.230%), 6.423%, 5/15/36(A)        132,749
   700,000 FREMF Mortgage Trust, Ser 2013-K35, Class C, 144a, 4.192%, 12/25/46(A)(B)        696,272
   876,000 Great Wolf Trust, Ser 2019-WOLF, Class B, 144a, (1M LIBOR +1.334%), 6.595%, 12/15/36(A)        860,956
   936,545 GS Mortgage Securities Corp. Trust, Ser 2018-HART, Class A, 144a, (1M LIBOR +1.090%), 6.290%, 10/15/31(A)        901,950
1,000,000 JP Morgan Chase Commercial Mortgage Securities Trust, Ser 2018-WPT, Class BFX, 144a, 4.549%, 7/5/33        876,971
  487,335 ReadyCap Commercial Mortgage Trust, Ser 2018-4, Class A, 144a, 3.390%, 2/27/51        463,826
  Total Commercial Mortgage-Backed Securities  $9,607,096
  Non-Agency Collateralized Mortgage Obligations — 7.6%
   687,135 CIM Trust, Ser 2018-R3, Class A1, 144a, 5.000%, 12/25/57(A)(B)        669,597
   942,498 GS Mortgage-Backed Securities Trust, Ser 2019-SL1, Class A2, 144a, 2.875%, 1/25/59(A)(B)        916,980
   755,619 Metlife Securitization Trust, Ser 2019-1A, Class A1A, 144a, 3.750%, 4/25/58(A)(B)        720,421
   314,560 Mill City Mortgage Loan Trust, Ser 2017-3, Class A1, 144a, 2.750%, 1/25/61(A)(B)        303,801
   346,894 Mill City Mortgage Loan Trust, Ser 2018-2, Class A1, 144a, 3.500%, 5/25/58(A)(B)        337,477
  995,587 Towd Point Mortgage Trust, Ser 2015-6, Class M1, 144a, 3.750%, 4/25/55(A)(B)        966,806
  Total Non-Agency Collateralized Mortgage Obligations  $3,915,082
  Commercial Paper — 2.2%
1,100,000 Dairy Fmrs AME, 5.300%, 7/3/23(C)  1,099,527
Shares        
  Short-Term Investment Fund — 0.1%  
   63,596 Dreyfus Government Cash Management, Institutional Shares, 5.00%∞Ω     63,596
  Total Investment Securities—101.4%
(Cost $52,153,899)
$51,918,110
  Liabilities in Excess of Other Assets — (1.4%)   (694,738)
  Net Assets — 100.0% $51,223,372
(A) Variable rate security - Rate reflected is the rate in effect as of June 30, 2023.
(B) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(C) Rate reflects yield at the time of purchase.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2023.
Portfolio Abbreviations:
ABS – Asset-Backed Security
CLO – Collateralized Loan Obligation
FREMF – Freddie Mac Multifamily Securitization
LIBOR – London Interbank Offered Rate
LLC – Limited Liability Company
LP – Limited Partnership
REIT – Real Estate Investment Trust
TSFR1M – One Month Term Secured Overnight Financing Rate
TSFR3M – Three Month Term Secured Overnight Financing Rate
144a - This is a restricted security that was sold in a transaction qualifying for the exemption under Rule 144a of the Securities Act of 1933. This security may be sold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities were valued at $41,544,703 or 81.1% of net assets. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees.
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Asset-Backed Securities $ $22,991,977 $— $22,991,977
Corporate Bonds 14,240,832 14,240,832
Commercial Mortgage-Backed Securities 9,607,096 9,607,096
Non-Agency Collateralized Mortgage Obligations 3,915,082 3,915,082
Commercial Paper 1,099,527 1,099,527
Short-Term Investment Fund 63,596 63,596
Total $63,596 $51,854,514 $— $51,918,110
See accompanying Notes to Financial Statements.
 
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Table of Contents
Portfolio of Investments
Touchstone US Large Cap Focused ETF – June 30, 2023 (Unaudited)
Shares       Market
Value
  Common Stocks — 94.6%  
  Information Technology — 26.3%  
   11,958 Apple, Inc. $ 2,319,494
    2,731 International Business Machines Corp.    365,435
    7,836 Microsoft Corp.  2,668,471
    6,274 Oracle Corp.    747,171
    3,164 Salesforce, Inc.*    668,427
    3,137 Texas Instruments, Inc.    564,723
    1,706 Workday, Inc. - Class A*    385,368
         7,719,089
  Health Care — 15.3%  
    3,370 AmerisourceBergen Corp.    648,489
    5,187 BioMarin Pharmaceutical, Inc.*    449,609
    6,382 Bristol-Myers Squibb Co.    408,129
    2,424 HCA Healthcare, Inc.    735,636
    5,090 Johnson & Johnson    842,497
    5,804 Medtronic PLC    511,332
    1,838 UnitedHealth Group, Inc.    883,416
         4,479,108
  Communication Services — 13.2%  
   11,862 Alphabet, Inc. - Class C*  1,434,946
    9,851 AT&T, Inc.    157,124
   10,607 Comcast Corp. - Class A    440,721
    2,518 Fox Corp. - Class A     85,612
    3,979 Meta Platforms, Inc. - Class A*  1,141,893
      934 Netflix, Inc.*    411,418
    2,426 Walt Disney Co. (The)*    216,593
         3,888,307
  Financials — 13.1%  
   18,989 Bank of America Corp.    544,794
    3,820 Berkshire Hathaway, Inc. - Class B*  1,302,620
    1,961 Goldman Sachs Group, Inc. (The)    632,501
      340 Markel Group, Inc.*    470,281
    3,384 PayPal Holdings, Inc.*    225,814
    2,845 Visa, Inc. - Class A    675,631
         3,851,641
  Industrials — 9.1%  
    1,951 Boeing Co. (The)*    411,973
      299 Deere & Co.    121,152
      919 FedEx Corp.    227,820
    1,565 Hubbell, Inc.    518,891
    5,606 Raytheon Technologies Corp.    549,164
    7,811 Southwest Airlines Co.    282,836
    5,591 SS&C Technologies Holdings, Inc.    338,815
    2,511 Stanley Black & Decker, Inc.    235,306
         2,685,957
  Consumer Discretionary — 7.4%  
    2,318 Airbnb, Inc. - Class A*     297,075
Shares       Market
Value
     
  Consumer Discretionary — (Continued)  
    9,615 Amazon.com, Inc.* $ 1,253,411
    2,100 Hilton Worldwide Holdings, Inc.    305,655
    3,243 Starbucks Corp.    321,252
         2,177,393
  Consumer Staples — 4.1%  
   10,835 Monster Beverage Corp.*    622,363
    5,839 Philip Morris International, Inc.    570,003
         1,192,366
  Energy — 3.6%  
    6,066 Exxon Mobil Corp.    650,578
    8,065 Schlumberger NV    396,153
         1,046,731
  Materials — 1.5%  
    6,048 DuPont de Nemours, Inc.    432,069
  Real Estate — 1.0%  
    1,911 Jones Lang LaSalle, Inc.*    297,734
  Total Common Stocks $27,770,395
  Short-Term Investment Fund — 5.5%  
1,624,562 Dreyfus Government Cash Management, Institutional Shares, 5.00%∞Ω  1,624,562
  Total Investment Securities—100.1%
(Cost $26,388,136)
$29,394,957
  Liabilities in Excess of Other Assets — (0.1%)    (33,150)
  Net Assets — 100.0% $29,361,807
* Non-income producing security.
Open-End Fund.
Ω Represents the 7-Day SEC yield as of June 30, 2023.
Portfolio Abbreviations:
PLC – Public Limited Company
Other Information:
The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the security valuation section in the accompanying Notes to Financial Statements.
Valuation Inputs at Reporting Date:
Description Level 1 Level 2 Level 3 Total
Common Stocks $27,770,395 $— $— $27,770,395
Short-Term Investment Fund 1,624,562 1,624,562
Total $29,394,957 $— $— $29,394,957
See accompanying Notes to Financial Statements.
 
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Table of Contents
Statements of Assets and Liabilities
June 30, 2023 (Unaudited)
  Touchstone Climate Transition ETF Touchstone
Dividend
Select ETF
Touchstone
Strategic
Income
Opportunities ETF
Touchstone
Ultra Short
Income ETF
Touchstone
US Large
Cap Focused
ETF
Assets          
Investments, at cost $11,344,414 $27,030,054 $101,492,821 $52,153,899 $26,388,136
Investments, at market value * $11,969,608 $28,669,433 $100,003,842 $51,918,110 $29,394,957
Cash 765
Cash deposits held at prime broker (A) 339,980 106
Dividends and interest receivable 24,036 36,402 901,756 312,449 22,682
Receivable for investments sold 447,020
Receivable for securities lending income 3,904
Tax reclaim receivable 2,920 788
Other assets 12,636 30,163 18,455 17,641 16,034
Total Assets 12,009,200 28,736,786 101,714,957 52,248,965 29,433,779
 
Liabilities          
Payable for return of collateral for securities on loan 1,230,407
Payable for investments purchased 299,979 961,108
Payable to Investment Adviser 6,274 12,868 45,372 10,544 16,708
Payable to other affiliates 2,708 8,879 17,409 11,470 9,320
Payable to Trustees 4,565 19,407 19,407 19,407 19,407
Payable for professional services 6,020 14,627 13,310 12,542
Payable for reports to shareholders 2,133 3,541 5,535 104 5,051
Payable for transfer agent services 193 8,448 9,987 9,650 8,944
Payable for variation margin on futures contracts 3,062
Payable for variation margin on swap agreements 25,753
Other accrued expenses and liabilities 3,054 16,660
Total Liabilities 24,947 53,143 1,688,198 1,025,593 71,972
Net Assets $11,984,253 $28,683,643 $100,026,759 $51,223,372 $29,361,807
Net assets consist of:          
Paid-in capital 11,258,640 26,870,537 101,957,654 51,360,868 25,733,176
Distributable earnings (deficit) 725,613 1,813,106 (1,930,895) (137,496) 3,628,631
Net Assets $11,984,253 $28,683,643 $100,026,759 $51,223,372 $29,361,807
 
Pricing of shares outstanding          
Net assets applicable to shares outstanding $11,984,253 $28,683,643 $100,026,759 $51,223,372 $29,361,807
Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) 450,000 1,075,000 4,075,000 2,054,000 1,025,000
Net asst value, offering price and redemption price per share $26.63 $26.68 $24.55 $24.94 $28.65
*Includes market value of securities on loan of: $ $ $1,187,208 $ $
(A) Represents segregated cash for futures contracts and swap agreements.
See accompanying Notes to Financial Statements.
14

 

Table of Contents
Statements of Operations For the Six Months Ended June 30, 2023 (Unaudited)
  Touchstone Climate Transition ETF(A) Touchstone
Dividend
Select ETF
Touchstone
Strategic
Income
Opportunities ETF
Touchstone
Ultra Short
Income ETF
Touchstone
US Large
Cap Focused
ETF
Investment Income          
Dividends $68,787 $376,950 $75,276 $ $194,000
Interest 2,670,751 1,161,490
Income from securities loaned 17,889
Total Investment Income 68,787 376,950 2,763,916 1,161,490 194,000
Expenses          
Investment advisory fees 12,155 74,403 275,037 63,605 93,405
Administration fees 2,587 18,725 69,221 35,217 18,470
Compliance fees and expenses 1,377 4,060 4,060 4,060 4,060
Custody fees 67 773 16,107 1,305 759
Professional fees 6,020 15,770 16,433 15,518 11,981
Transfer Agent fees 193 6,099 7,169 6,520 6,126
Reports to Shareholders 2,133 4,223 3,707 5,481 3,782
Trustee fees 4,565 12,988 12,988 12,988 12,988
Other expenses 6,460 10,550 19,596 15,284 10,674
Total Expenses 35,557 147,591 424,318 159,978 162,245
Fees waived and/or reimbursed by the Adviser and/or Affiliates(B) (22,651) (56,956) (98,833) (72,540) (70,187)
Net Expenses 12,906 90,635 325,485 87,438 92,058
Net Investment Income (Loss) 55,881 286,315 2,438,431 1,074,052 101,942
Realized and Unrealized Gains (Losses) on Investments          
Net realized gains (losses) on investments(C) 44,362 232,083 (348,848) 290,685 630,892
Net realized gains on futures contracts 218,897
Net realized losses on swap agreements (26,178)
Net change in unrealized appreciation (depreciation) on investments 625,194 1,268,562 601,028 99,371 3,928,652
Net change in unrealized appreciation (depreciation) on futures contracts (285,074)
Net change in unrealized appreciation (depreciation) on swap agreements (56,221)
Net change in unrealized appreciation (depreciation) on foreign currency transactions 176