Semi-Annual Report

February 29, 2024

 

Vident International Equity Strategy ETFTM

Ticker: VIDI

 

Vident U.S. Equity Strategy ETFTM

Ticker: VUSE

 

Vident U.S. Bond Strategy ETFTM

Ticker: VBND

 

 

 

Vident ETFs

 

TABLE OF CONTENTS

 

 

Page

Letters to Shareholders

1

Portfolio Allocations

8

Schedules of Investments

11

Statements of Assets and Liabilities

38

Statements of Operations

40

Statements of Changes in Net Assets

41

Financial Highlights

44

Notes to Financial Statements

50

Expense Examples

65

Review of Liquidity Risk Management Program

67

Federal Tax Information

68

Information About Portfolio Holdings

69

Information About Proxy Voting

70

Information About the Funds’ Trustees

70

Frequency Distribution of Premiums and Discounts

70

 

 

Vident International Equity Strategy ETFTM

 

Letters to Shareholders
February 29, 2024 (Unaudited)

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Vident International Equity Strategy ETF™ (“VIDI” or the “Fund”). The following information pertains to the fiscal period of September 1, 2023 through February 29, 2024 (the “period”). The Fund seeks to track the total return performance, before fees and expenses, of the Vident Core International Equity Index™ (the “Index”). This index strategy seeks to provide investors with a well-diversified set of global equities exposures across countries, regions and stocks, emphasizing countries with more favorable conditions for investment as well as economic and financial market resilience. The Index also seeks to enhance investors’ stock exposures, systematically selecting higher quality stocks that Vident believes to have favorable valuations and favorable price momentum.

 

The Fund had positive performance during the period ending on February 29, 2024. The market return for VIDI was 7.58% and the NAV return was 7.04%, while the Morningstar Global Markets ex-US Large-Mid Cap Index, a broad market index, increased 7.78% over the same period. The Fund’s Index increased 7.65%. Meanwhile, outstanding shares ended the period at 15,600,000.

 

VIDI returns were consistent with global market dynamics. Most global markets underperformed U.S. markets, and VIDI (an international fund) underperformed most U.S. indices. The exchange rate for the U.S. dollar ended roughly at the same rate as it was at the beginning of the period, so currency dynamics are not likely the problem. Emerging markets underperformed developed markets. Accordingly, VIDI (which is overweight emerging markets) underperformed Morningstar Global Markets ex-US Large-Mid Cap Index (which is overweight developed markets). VIDI was underweight developed Asia, an overperforming region, which may also help explain why VIDI slightly lagged Morningstar Global Markets ex-US Large-Mid Cap Index. Expectations of a tighter U.S. Federal Reserve may have contributed to the headwind for emerging markets as interest rate hikes historically have disproportionately harmed emerging markets.

 

For the period, the largest positive contributor to return was Chicony Electronics Co., Ltd. (2385 TT), adding 0.41% to the return of the Fund, gaining 82.76% with an average weighting of 0.70%. The second largest contributor to return was Compeq Manufacturing Co., Ltd. (2313 TT), adding 0.34% to the return of the Fund, gaining 69.48% with an average weighting of 0.66%. The third largest contributor to return was Bank Polska Kasa Opieki Spolka Akcyjna (PEO PW), adding 0.31% to the return of the Fund, gaining 65.78% with an average weighting of 0.57%.

 

1

 

 

Vident International Equity Strategy ETFTM

 

LetterS to Shareholders
February 29, 2024 (Unaudited) (Continued)

 

For the period, the largest negative contributor to return was InMode Ltd. (INMD US), detracting 0.22% from the return of the Fund, declining 43.72% with an average weighting of 0.29%. The second largest negative contributor was Nongshim Co., Ltd. (004370 KS), detracting 0.14% from the return of the Fund, and declining 23.72% with an average weighting of 0.53%. The third largest negative contributor to return was BioNTech SE (BNTX US), detracting 0.13% from the return of the Fund, and declining 21.41% with an average weight of 0.42%.

 

For the period, the best performing security in the Fund was Chicony Electronics Co., Ltd. (2385 TT), gaining 82.76% and contributing 0.41% to the return of the Fund. The second-best performing security for the period was Celestica Inc. (CLS CN), gaining 82.69% and contributing 0.23% to the return of the Fund. The third-best performing security was Compeq Manufacturing Co., Ltd. (2313 TT), gaining 69.48% for the period and contributing 0.34% to the return of the Fund.

 

For the period, the worst performing security in the Fund was InMode Ltd. (INMD US), declining 43.72% and reducing the return of the Fund by 0.22%. The second-worst performing security in the Fund was Hello Group Inc. (MOMO US), declining 31.98% and reducing the return of the Fund by 0.10%. The third-worst performing security in the Fund was Perion Network Ltd (PERI US), declining 30.85% and reducing the return of the Fund by 0.12%.

 

Sincerely,

 

Vince Birley
Chief Executive Officer, Vident Asset Management

 

2

 

 

Vident U.S. Equity Strategy ETFTM

 

LetterS to Shareholders
February 29, 2024 (Unaudited)

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Vident U.S. Equity Strategy ETF™ (“VUSE” or the “Fund”). The following information pertains to the fiscal period of September 1, 2023 through February 29, 2024 (the “period”). The Fund seeks to track the total return performance, before fees and expenses, of the Vident U.S. Quality Index™ (the “Index”). This index strategy represents a portfolio of U.S. equities that adhere to higher standards of corporate governance and accounting, as measured by numerous research metrics. This research is integrated into a systematic and structured selection process that seeks to provide an index of higher quality U.S. companies across small, medium and large-capitalization ranges. The Index also seeks to mitigate some of the risks often associated with market capitalization-weighted indices, including issuer concentration.

 

The Fund had positive performance during the period ending on February 29, 2024. The market return for VUSE was 11.09% and the NAV return was 10.63%, while the S&P 500 Index, a broad market index, increased 13.93% over the same period. The Fund’s Index increased 10.95%. Meanwhile, outstanding shares ended the period at 10,625,000.

 

The positive performance of VUSE, similar to most of the public equity asset class, is consistent with the economic and market themes of the period. The economy continued its recovery, and that reflected itself in profit growth. VUSE also underweights giant cap relative to the S&P Index, which meant that it participated less in the valuation expansion of companies associated with the artificial intelligence (AI) trend. VUSE is slightly overweight to small and mid-capitalization, and those capitalization sizes underperformed during the period. VUSE’s market return makes sense in light of the dynamics of other markets during the period covered by this report.

 

For the period, the largest positive contributor to return was Broadcom Inc. (AVGO US), adding 0.87% to the return of the Fund, gaining 42.35% with an average weighting of 2.18%. The second largest contributor to return was Microsoft Corporation (MSFT US), adding 0.70% to the return of the Fund, gaining 26.69% with an average weighting of 2.73%. The third largest contributor to return was Meta Platforms, Inc. (META US), adding 0.57% to the return of the Fund, gaining 65.82% with an average weighting of 1.00%.

 

For the period, the largest negative contributor to return was Tesla, Inc. (TSLA US), detracting 0.33% from the return of the Fund, declining 21.78% with an average weighting of 1.28%. The second largest negative contributor was Cisco Systems, Inc. (CSCO US), detracting 0.31% from the return of the Fund, and declining 14.39% with

 

3

 

 

Vident U.S. Equity Strategy ETFTM

 

LetterS to Shareholders
February 29, 2024 (Unaudited) (Continued)

 

an average weighting of 1.79%. The third largest negative contributor to return was Iridium Communications Inc. (IRDM US), detracting 0.24% from the return of the Fund, and declining 40.51% with an average weight of 0.46%.

 

For the period, the best performing security in the Fund was Alpha Metallurgical Resources, Inc. (AMR US), gaining 86.70% and contributing 0.40% to the return of the Fund. The second-best performing security for the period was Vistra Corp. (VST US), gaining 75.65% and contributing 0.39% to the return of the Fund. The third-best performing security was Meta Platforms, Inc. (META US), gaining 65.82% for the period and contributing 0.57% to the return of the Fund.

 

For the period, the worst performing security in the Fund was Iridium Communications Inc. (IRDM US), declining 40.51% and reducing the return of the Fund by 0.24%. The second-worst performing security in the Fund was Charter Communications, Inc. (CHTR US), declining 32.91% and reducing the return of the Fund by 0.24%. The third-worst performing security in the Fund was Cross Country Healthcare, Inc. (CCRN US), declining 29.08% and reducing the return of the Fund by 0.16%.

 

Sincerely,

 

Vince Birley
Chief Executive Officer, Vident Asset Management

 

4

 

 

Vident U.S. Bond Strategy ETFTM

 

LetterS to Shareholders
February 29, 2024 (Unaudited)

 

Dear Shareholders,

 

On behalf of the entire team, we want to express our appreciation for the confidence you have placed in the Vident U.S. Bond Strategy ETF™ (“VBND” or the “Fund”). The following information pertains to the fiscal period of September 1, 2023 through February 29, 2024 (the “period”). The Fund seeks to track the total return performance, before fees and expenses, of the Vident Core U.S. Bond Index™ (the “Index”). This Index seeks to diversify interest rate and credit risks through the application of time-tested principles. In addition to diversifying across fixed income sectors, the strategy seeks to improve corporate bond exposures by screening for companies with stronger leadership, governance and creditworthiness factors.

 

The Fund had positive performance during the period ending on February 29, 2024. The market return for VBND was 4.17% and the NAV return was 3.99%, while the FTSE US Broad Investment Grade Bond Index, a broad market index, returned 2.40% over the same period. The Fund’s Index returned 4.46%. Meanwhile, outstanding shares ended the period at 9,500,000.

 

Due to its fixed income composition, VBND is sensitive to U.S. Federal Reserve (“Fed”) policy. Buying and selling U.S. Treasury securities, which is a core holding for VBND, is a significant aspect of Fed policy implementation. During the six-month period ending February 29, 2024, the futures market indicated a rising probability that the Fed would stand pat as opposed to cutting rates. VBND’s underperformance relative to most equity indices is consistent with general bond market returns relative to equities, and with the shift in market expectations towards a more hawkish Fed. Additionally, not just negative relative performance but also negative market returns are consistent with the hawkish sentiment shift during the period. VBND’s favorable performance relative to the FTSE US Broad Investment Grade Bond Index makes sense: VBND was underweight to mortgages which have tended to underperform, and also was more weighted to high quality corporate bonds with higher yields than the rest of the sector. With regard to Treasuries, duration likely helped as well, as VBND had shorter duration in treasuries, and short duration treasuries outperformed long duration treasuries. Hawkish sentiment helps explain both general bond losses and VBNDs performance relative to broad bond indices.

 

For the period, the largest positive contributor to return was United States Treasury (T 0 ¼ 08/31/25), adding 0.13% to the return of the Fund, gaining 2.53% with an average weighting of 4.97%. The second largest contributor to return was United States Treasury (T 3 05/15/42), adding 0.13% to the return of the Fund, gaining 11.91% with an average weighting of 0.67%. The third largest contributor to return was United States Treasury (T 6 02/15/26), adding 0.12% to the return of the Fund, gaining 2.59% with an average weighting of 3.05%.

 

5

 

 

Vident U.S. Bond Strategy ETFTM

 

LetterS to Shareholders
February 29, 2024 (Unaudited) (Continued)

 

For the period, the largest negative contributor to return was Ginnie Mae (G2SF 5.5 10/23), detracting 0.04% from the return of the Fund, declining 3.45% with an average weighting of 0.21%. The second largest negative contributor was Ginnie Mae (G2SF 6 10/23), detracting 0.04% from the return of the Fund, and declining 2.59% with an average weighting of 0.27%. The third largest negative contributor was United States Treasury (T 1 ¼ 05/15/50), detracting 0.03% from the return of the Fund, and declining 15.40% with an average weight of 0.07%.

 

For the period, the best performing security in the Fund was M.D.C. Holdings, Inc. (MDC 6 01/15/43), gaining 18.67% and contributing 0.06% to the return of the Fund. The second-best performing security for the period was Sempra (SRE 4 ⅛ 04/01/52), gaining 16.01% and contributing 0.05% to the return of the Fund. The third-best performing security was Enstar Finance LLC (ESGR 5 ½ 01/15/42), gaining 16.00% for the period and contributing 0.05% to the return of the Fund.

 

For the period, the worst performing security in the Fund was United States Treasury (T 1 ¼ 05/15/50), declining 15.40% and reducing the return of the Fund by 0.03%. The second-worst performing security in the Fund was FMC Corporation (FMC 6 ⅜ 05/18/53), declining 11.24% and reducing the return of the Fund by 0.03%. The third-worst performing security in the Fund was WarnerMedia Holdings, Inc. (WBD 5.391 03/15/62), declining 5.95% and reducing the return of the Fund by 0.02%.

 

Sincerely,

 

Vince Birley
Chief Executive Officer, Vident Asset Management

 

Past performance is no guarantee of future results.

 

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice or recommendations to buy or sell any security. Fund holdings are subject to change and are not recommendations to buy or sell any security. For more complete information regarding performance and holdings, please refer to the schedules of investments on pages 11-37.

 

Investments involve risk. Principal loss is possible. The Funds have the same risks as the underlying securities traded on the exchange throughout the day at market price. Redemptions are limited and often commissions are charged on each trade. Investments in foreign securities involve political, economic and currency risks, greater volatility and differences in accounting methods. These risks are greater for investments in emerging markets. A fund that concentrates its investments in the securities of a particular industry or geographic area may be more volatile than a fund that invests in a broader range of industries. VIDI and VBND may invest in illiquid or thinly traded securities which involve additional risks such as limited liquidity and greater volatility. VBND may make investments in debt securities. The Fund’s investments in high yield securities expose it to a substantial degree of credit risk. These investments are considered speculative under traditional investment standards. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund’s income and potentially in the value of the Fund’s investments. VBND may also invest in asset backed and mortgage backed securities which include additional risks that investors

 

6

 

 

Vident U.S. Bond Strategy ETFTM

 

LetterS to Shareholders
February 29, 2024 (Unaudited) (Continued)

 

should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The performance of the Funds may diverge from that of the Indices. Because the Funds employ a representative sampling strategy and may also invest up to 20% of their assets in securities that are not included in the Indices, the Funds may experience tracking error to a greater extent than a fund that seeks to replicate an index. The Funds are not actively managed and may be affected by a general decline in market segments related to the Indices. The Funds invest in securities included in, or representative of securities included in, the Indices, regardless of their investment merits. Small and medium-capitalization companies tend to have more limited liquidity and greater price volatility than large-capitalization companies. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value.

 

The Vident Core International Equity Index™ (Bloomberg Symbol: VIEQX) is a strategy seeking to balance risk across developed and emerging countries and emphasize those with favorable conditions for growth. The Vident U.S. Quality Index™ (Bloomberg Symbol: VQUSX) is a strategy which seeks to seeks to maximize exposure to a proprietary “Quality Composite Score” in a diversified manner across three separate market capitalization segments: giant, large, and small- and mid-capitalization. The Vident Core U.S. Bond Index™ (Bloomberg Symbol: VUBDX) is a strategy which seeks to diversify and improve interest rate and credit risks of traditional U.S. core bonds.

 

The Morningstar Global ex-US Large-Mid Index measures the performance of Global Markets Ex-US equity markets targeting the top 90% of stocks by market capitalization. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

 

The Morningstar Global Markets ex-US Index measures the performance of the stocks located in the developed and emerging countries across the world (excluding the United States) as defined by Morningstar. Stocks in the index are weighted by their float capital, which removes corporate cross ownership, government holdings and other locked-in shares. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

 

The S&P 500 Index measures the performance of 500 widely held stocks in US equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted.

 

The Morningstar U.S. Market Total Return Index measures the performance of US securities and targets 97% market capitalization coverage of the investable universe. It is a diversified broad market index. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

 

The FTSE Broad Investment Grade Bond Index measures the performance of US Dollar-denominated bonds issued in the US investment-grade bond market. Introduced in 1985, the index covers US Treasury, government sponsored, collateralized, and corporate debt providing a reliable representation of the US investment-grade bond market. Subindexes are available in any combination of asset class, maturity, and rating.

 

It is not possible to invest directly in an index.

 

Diversification does not assure a profit or protect against loss in a declining market.

 

Must be preceded or accompanied by a Prospectus.

 

7

 

 

Vident International Equity Strategy ETFTM

 

Portfolio Allocations
As of February 29, 2024 (Unaudited)

 

Country

Percentage of
Net Assets

Republic of Korea

8.0%

Taiwan

7.6

Singapore

6.7

Hong Kong

6.1

Canada

6.0

China

5.2

Germany

5.1

Norway

4.8

Switzerland

4.6

United Kingdom

4.1

Sweden

3.8

Brazil

3.7

Israel

3.7

Australia

3.5

Denmark

3.0

Poland

2.7

Netherlands

2.7

Indonesia

2.6

Mexico

2.3

Malaysia

2.3

Chile

1.9

France

1.7

Spain

1.2

South Africa

1.1

Finland

1.0

Japan

0.8

Italy

0.7

Belgium

0.5

Thailand

0.5

Portugal

0.5

Ireland

0.3

Austria

0.2

Russian Federation

0.0

Short-Term Investments

0.5

Other Assets in Excess of Liabilities

0.6

Total

100.0%

 

8

 

 

Vident U.S. Equity Strategy ETFTM

 

Portfolio Allocations
As of February 29, 2024 (Unaudited) (Continued)

 

Sector

Percentage of
Net Assets

Information Technology (a)

26.4%

Financials

13.9

Consumer Discretionary

12.4

Industrials

11.4

Health Care

11.1

Communication Services

7.8

Consumer Staples

6.9

Energy

4.7

Materials

2.2

Real Estate

1.7

Utilities

1.2

Short-Term Investments

0.2

Other Assets in Excess of Liabilities

0.1

Total

100.0%

 

(a)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.

 

9

 

 

Vident U.S. Bond Strategy ETFTM

 

Portfolio Allocations
As of February 29, 2024 (Unaudited) (Continued)

 

Asset Type

Percentage of
Net Assets

U.S. Government Notes/Bonds

61.5%

Corporate Bonds

24.6

Mortgage Backed Securities - U.S. Government Agency

9.9

U.S. Government Agency Issues

3.0

Short-Term Investments

7.6

Liabilities in Excess of Other Assets

(6.6)

Total

100.0%

 

10

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5%

       
       

Australia — 3.5%

       
    119,908  

BlueScope Steel, Ltd.

  $ 1,783,309  
    96,562  

Fortescue, Ltd.

    1,630,388  
    48,702  

JB Hi-Fi, Ltd.

    1,952,215  
    327,202  

New Hope Corporation, Ltd.

    1,001,374  
    510,478  

Qantas Airways, Ltd. (a)

    1,705,205  
    43,981  

Sonic Healthcare, Ltd.

    854,854  
    100,077  

Super Retail Group, Ltd.

    1,062,846  
    949,392  

Tabcorp Holdings, Ltd.

    463,649  
    343,666  

Whitehaven Coal, Ltd.

    1,548,549  
    371,538  

Yancoal Australia, Ltd.

    1,439,470  
              13,441,859  
       

Austria — 0.2%

       
    3,962  

OMV AG

    174,671  
    19,919  

voestalpine AG

    544,055  
              718,726  
       

Belgium — 0.5%

       
    50,493  

Proximus SADP

    422,482  
    66,404  

Solvay SA - Class A

    1,688,682  
              2,111,164  
       

Brazil — 2.9%

       
    408,124  

Cia de Saneamento de Minas Gerais Copasa MG

    1,701,937  
    673,159  

Marfrig Global Foods SA (a)

    1,325,007  
    140,126  

Pagseguro Digital, Ltd. - Class A (a)

    1,950,554  
    178,619  

Telefonica Brasil SA

    1,962,107  
    521,272  

TIM SA

    1,901,009  
    388,395  

Vibra Energia SA

    2,005,038  
              10,845,652  
       

Canada — 6.0%

       
    45,505  

Air Canada (a)

    607,919  
    17,766  

Alimentation Couche-Tard, Inc.

    1,102,491  
    46,251  

Celestica, Inc. (a)

    1,966,865  
    60,431  

Empire Company, Ltd. - Class A

    1,532,217  
    1,860  

Fairfax Financial Holdings, Ltd.

    1,986,491  
    14,341  

George Weston, Ltd.

    1,879,497  
    31,726  

Great-West Lifeco, Inc.

    977,732  

 

The accompanying notes are an integral part of these financial statements.

 

11

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Canada — 6.0% (Continued)

    27,069  

iA Financial Corporation, Inc.

  $ 1,679,601  
    18,527  

Loblaw Companies, Ltd.

    1,975,703  
    28,690  

Magna International, Inc.

    1,581,773  
    84,179  

Manulife Financial Corporation

    1,999,046  
    56,181  

Parex Resources, Inc.

    907,114  
    20,650  

Stelco Holdings, Inc.

    614,316  
    35,231  

Sun Life Financial, Inc.

    1,872,268  
    57,118  

Suncor Energy, Inc.

    1,963,662  
              22,646,695  
       

Chile — 1.4%

       
    1,065,595  

Cencosud SA

    1,911,870  
    13,637,528  

Enel Americas SA

    1,389,117  
    150,521,181  

Latam Airlines Group SA (a)

    1,891,214  
              5,192,201  
       

China — 5.2%

       
    2,379,000  

3SBio, Inc. (c)

    1,571,049  
    710,500  

AAC Technologies Holdings, Inc.

    1,766,085  
    1,679,000  

China Coal Energy Company, Ltd. - H Shares

    1,812,225  
    2,856,000  

China Resources Pharmaceutical Group, Ltd. (c)

    1,933,476  
    1,717,500  

COSCO SHIPPING Holdings Company, Ltd. - H-Shares

    1,851,587  
    1,404,000  

Lenovo Group, Ltd.

    1,554,859  
    5,124,000  

People’s Insurance Company Group of China, Ltd. - H-Shares

    1,708,262  
    1,448,000  

PICC Property & Casualty Company, Ltd. - H-Shares

    1,982,751  
    591,200  

Sinopharm Group Company, Ltd. - H-Shares

    1,657,577  
    1,047,600  

Xiaomi Corporation - Class B (a)(c)

    1,769,016  
    1,487,400  

Yangzijiang Shipbuilding Holdings, Ltd.

    1,935,855  
              19,542,742  
       

Denmark — 3.0%

       
    965  

AP Moller - Maersk AS - Class B

    1,365,343  
    37,237  

Bavarian Nordic AS (a)

    844,391  
    34,436  

D/S Norden AS

    1,548,753  
    35,276  

Demant AS (a)

    1,767,308  
    363,108  

H Lundbeck AS (a)

    1,759,584  

 

The accompanying notes are an integral part of these financial statements.

 

12

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Denmark — 3.0% (Continued)

    26,053  

NKT AS (a)

  $ 1,959,185  
    12,622  

Pandora AS

    2,039,442  
              11,284,006  
       

Finland — 1.0%

       
    134,757  

Fortum OYJ

    1,684,298  
    95,781  

Nokia OYJ

    337,844  
    179,911  

Outokumpu OYJ

    796,866  
    25,178  

UPM-Kymmene OYJ

    842,727  
              3,661,735  
       

France — 1.7%

       
    18,439  

Bouygues SA

    729,706  
    26,797  

Cie de Saint-Gobain SA

    2,064,676  
    54,590  

Cie Generale des Etablissements Michelin SCA

    2,019,752  
    34,819  

STMicroelectronics NV

    1,572,166  
              6,386,300  
       

Germany — 5.0%

       
    6,963  

Aurubis AG

    441,399  
    18,144  

Bayerische Motoren Werke AG

    2,144,475  
    140,725  

Deutsche Bank AG

    1,882,547  
    218,672  

Deutsche Lufthansa AG (a)

    1,700,932  
    73,132  

Deutsche Telekom AG

    1,739,881  
    113,031  

E.ON SE

    1,444,552  
    28,541  

Freenet AG

    770,285  
    35,430  

Fresenius Medical Care AG & Company KGaA

    1,356,484  
    63,908  

Fresenius SE & Company KGaA

    1,789,803  
    20,320  

Heidelberg Materials AG

    1,972,431  
    100,475  

K+S AG

    1,402,599  
    12,575  

Mercedes-Benz Group AG

    1,002,092  
    21,968  

Suedzucker AG

    310,945  
    15,335  

Talanx AG

    1,095,251  
              19,053,676  
       

Hong Kong — 6.1%

       
    3,056,000  

Bosideng International Holdings, Ltd.

    1,541,897  
    1,217,400  

China Taiping Insurance Holdings Company, Ltd.

    1,062,084  
    3,884,000  

China Traditional Chinese Medicine Holdings Company, Ltd.

    2,143,225  

 

The accompanying notes are an integral part of these financial statements.

 

13

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Hong Kong — 6.1% (Continued)

    13,453,000  

GCL Technology Holdings, Ltd.

  $ 1,873,055  
    1,812,000  

Geely Automobile Holdings Ltd.

    1,981,239  
    942,000  

Kingboard Holdings, Ltd.

    1,850,598  
    2,058,000  

Kunlun Energy Company, Ltd.

    1,758,637  
    121,500  

Orient Overseas International, Ltd.

    1,888,738  
    5,900,000  

Pacific Basin Shipping, Ltd.

    1,725,807  
    4,896,000  

Sino Biopharmaceutical Ltd.

    1,957,449  
    1,478,000  

Sino Land Company, Ltd.

    1,595,276  
    1,153,000  

SITC International Holdings Company, Ltd.

    1,896,924  
    2,968,500  

WH Group, Ltd. (c)

    1,789,715  
              23,064,644  
       

Indonesia — 2.6%

       
    12,346,500  

Adaro Energy Indonesia Tbk PT

    1,901,275  
    5,769,800  

Astra International Tbk PT

    1,918,371  
    4,643,400  

Bank Mandiri Persero Tbk PT

    2,068,330  
    5,396,000  

Bank Negara Indonesia Persero Tbk PT

    2,060,197  
    1,260,000  

United Tractors Tbk PT

    1,886,191  
              9,834,364  
       

Ireland — 0.3%

       
    2,440  

CRH plc (a)

    205,716  
    14,124  

DCC plc

    1,003,357  
              1,209,073  
       

Israel — 3.7%

       
    97,766  

Bank Hapoalim BM

    935,615  
    1,234,940  

Bezeq The Israeli Telecommunication Corporation, Ltd.

    1,667,632  
    15,032  

Delek Group, Ltd.

    2,026,517  
    281,766  

ICL Group, Ltd.

    1,490,245  
    42,407  

Inmode, Ltd. (a)

    932,954  
    400,163  

Israel Discount Bank, Ltd. - Class A

    2,086,190  
    37,302  

Perion Network, Ltd. (a)

    856,081  
    14,476  

Plus500, Ltd.

    311,292  
    156,571  

Teva Pharmaceutical Industries, Ltd. (a)

    2,059,937  
    133,425  

ZIM Integrated Shipping Services, Ltd.

    1,589,092  
              13,955,555  

 

The accompanying notes are an integral part of these financial statements.

 

14

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Italy — 0.7%

    377,094  

A2A SpA

  $ 685,559  
    93,675  

Iveco Group NV

    1,153,590  
    27,745  

Leonardo SpA

    593,127  
    92,234  

UnipolSai Assicurazioni SpA

    265,696  
              2,697,972  
       

Japan — 0.8%

       
    157,800  

Mazda Motor Corporation

    1,853,494  
    46,400  

Suzuken Company Ltd.

    1,382,048  
              3,235,542  
       

Malaysia — 2.3%

       
    1,423,600  

CIMB Group Holdings Bhd

    1,937,932  
    877,700  

Malayan Banking Bhd

    1,762,613  
    630,700  

MISC Bhd

    1,010,077  
    1,231,700  

Petronas Chemicals Group Bhd

    1,816,858  
    3,675,900  

YTL Corporation Bhd

    2,068,202  
              8,595,682  
       

Mexico — 2.3%

       
    173,095  

Arca Continental SAB de CV

    1,863,562  
    2,269,993  

Cemex SAB de CV (a)

    1,734,433  
    136,272  

Fomento Economico Mexicano SAB de CV

    1,694,527  
    138,500  

Grupo Financiero Banorte SAB de CV - Class O

    1,430,730  
    187,202  

Qualitas Controladora SAB de CV

    2,100,559  
              8,823,811  
       

Netherlands — 2.7%

       
    306,190  

Aegon, Ltd.

    1,837,624  
    11,537  

ING Groep NV

    158,431  
    65,902  

Koninklijke Ahold Delhaize NV

    1,962,604  
    45,102  

NN Group NV

    2,013,774  
    32,628  

Randstad NV

    1,798,602  
    87,528  

Stellantis NV

    2,286,020  
              10,057,055  
       

Norway — 4.8%

       
    69,333  

Aker BP ASA

    1,685,696  
    1,618,979  

DNO ASA

    1,380,048  
    64,473  

Equinor ASA

    1,591,562  

 

The accompanying notes are an integral part of these financial statements.

 

15

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Norway — 4.8% (Continued)

    260,509  

Leroy Seafood Group ASA

  $ 1,152,711  
    103,452  

Mowi ASA

    1,999,888  
    311,172  

Norsk Hydro ASA

    1,601,181  
    232,646  

Orkla ASA

    1,669,463  
    190,309  

Storebrand ASA

    1,701,411  
    158,779  

Telenor ASA

    1,740,700  
    613,771  

Var Energi ASA

    1,876,767  
    55,913  

Yara International ASA

    1,740,811  
              18,140,238  
       

Poland — 2.7%

       
    50,739  

Bank Polska Kasa Opieki SA

    2,201,120  
    14,560  

KGHM Polska Miedz SA

    393,583  
    386  

LPP SA

    1,736,463  
    122,881  

ORLEN SA

    1,909,818  
    152,424  

Powszechna Kasa Oszczednosci Bank Polski SA

    2,123,593  
    159,800  

Powszechny Zaklad Ubezpieczen SA

    1,967,898  
              10,332,475  
       

Portugal — 0.5%

       
    6,277,555  

Banco Comercial Portugues SA - Class R (a)

    1,813,792  
    3,790  

Galp Energia SGPS SA

    59,756  
              1,873,548  
       

Republic of Korea — 8.0%

       
    27,664  

CJ Corporation

    2,013,098  
    30,513  

DB Insurance Company, Ltd.

    2,263,956  
    35,035  

Doosan Bobcat, Inc.

    1,235,276  
    49,734  

Hankook Tire & Technology Company, Ltd.

    2,024,319  
    14,407  

Hyundai Glovis Company, Ltd.

    2,061,080  
    80,634  

Hyundai Marine & Fire Insurance Company, Ltd.

    1,907,458  
    11,739  

Hyundai Mobis Company, Ltd.

    2,137,810  
    34,350  

Hyundai Wia Corporation

    1,550,342  
    26,445  

Kia Corporation

    2,472,516  
    71,910  

KT Corporation

    2,111,506  
    246,674  

LG Uplus Corporation

    1,911,742  
    6,060  

NongShim Company, Ltd.

    1,583,719  
    24,917  

OCI Holdings Company, Ltd.

    1,758,935  

 

The accompanying notes are an integral part of these financial statements.

 

16

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Republic of Korea — 8.0% (Continued)

    20,545  

Samsung C&T Corporation

  $ 2,417,694  
    9,446  

Samsung SDS Company, Ltd.

    1,134,995  
    49,784  

SK Telecom Company, Ltd.

    1,970,274  
              30,554,720  
       

Russian Federation — 0.0%

       
    24,074  

Severstal PAO - GDR (a)(b)(d)

    0  
                 
       

Singapore — 6.7%

       
    986,000  

ComfortDelGro Corporation, Ltd.

    989,960  
    77,300  

DBS Group Holdings, Ltd.

    1,916,116  
    2,532,400  

Genting Singapore, Ltd.

    1,713,881  
    246,235  

Hafnia, Ltd.

    1,814,369  
    64,500  

Jardine Cycle & Carriage, Ltd.

    1,220,828  
    357,800  

Keppel, Ltd.

    1,926,574  
    1,503,600  

Keppel REIT

    967,287  
    807,400  

NetLink NBN Trust (d)

    504,400  
    191,400  

Oversea-Chinese Banking Corporation, Ltd.

    1,847,666  
    381,900  

Sembcorp Industries, Ltd.

    1,448,527  
    371,800  

Singapore Airlines, Ltd.

    1,789,042  
    327,100  

Singapore Technologies Engineering, Ltd.

    968,212  
    1,028,700  

Singapore Telecommunications, Ltd.

    1,797,892  
    87,619  

United Overseas Bank, Ltd.

    1,821,323  
    353,900  

UOL Group, Ltd.

    1,550,254  
    118,100  

Venture Corporation, Ltd.

    1,229,659  
    743,600  

Wilmar International, Ltd.

    1,836,049  
              25,342,039  
       

South Africa — 1.1%

       
    84,930  

Aspen Pharmacare Holdings, Ltd.

    867,684  
    7,139  

Harmony Gold Mining Company, Ltd.

    41,876  
    2,507,184  

Old Mutual, Ltd.

    1,560,476  
    476,878  

Sanlam, Ltd.

    1,828,338  
              4,298,374  
       

Spain — 1.2%

       
    210,132  

Banco Bilbao Vizcaya Argentaria SA

    2,088,836  
    87,967  

Mapfre SA

    186,483  

 

The accompanying notes are an integral part of these financial statements.

 

17

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Spain — 1.2% (Continued)

    17,715  

Repsol SA

  $ 282,281  
    447,947  

Telefonica SA

    1,838,634  
              4,396,234  
       

Sweden — 3.8%

       
    17,772  

Autoliv, Inc.

    2,062,085  
    86,330  

Getinge AB - Class B

    1,712,008  
    95,742  

SKF AB - Class B

    2,089,263  
    260,770  

SSAB AB - Class B

    2,043,328  
    316,775  

Telefonaktiebolaget LM Ericsson - B Shares

    1,721,415  
    60,466  

Trelleborg AB - Class B

    2,197,765  
    718,773  

Volvo Car AB - Class B (a)

    2,622,952  
              14,448,816  
       

Switzerland — 4.6%

       
    8,435  

Bunge Global SA

    796,011  
    7,634  

Chubb, Ltd.

    1,921,249  
    348,366  

Glencore plc

    1,653,147  
    6,311  

Helvetia Holding AG

    895,172  
    24,878  

Holcim AG

    2,037,027  
    26,414  

Julius Baer Group, Ltd.

    1,418,266  
    5,509  

Kuehne + Nagel International AG

    1,861,880  
    17,231  

Novartis AG

    1,751,181  
    55,548  

Sandoz Group AG (a)

    1,732,267  
    6,539  

Swatch Group AG

    1,549,072  
    16,169  

Swiss Re AG

    1,957,430  
    119  

Swisscom AG

    68,301  
              17,641,003  
       

Taiwan — 7.6%

       
    1,160,000  

Acer, Inc.

    1,656,907  
    44,000  

Arcadyan Technology Corporation

    256,126  
    421,000  

ASE Technology Holding Company, Ltd.

    1,851,310  
    343,000  

Chicony Electronics Company, Ltd.

    2,034,594  
    1,550,000  

Compal Electronics, Inc.

    1,789,810  
    826,000  

Compeq Manufacturing Company, Ltd.

    1,988,598  
    380,000  

Evergreen Marine Corporation Taiwan, Ltd.

    1,989,592  
    513,000  

Hon Hai Precision Industry Company, Ltd.

    1,671,618  

 

The accompanying notes are an integral part of these financial statements.

 

18

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 97.5% (Continued)

       

Taiwan — 7.6% (Continued)

    358,000  

L&K Engineering Company, Ltd.

  $ 1,908,382  
    685,000  

Pegatron Corporation

    1,852,845  
    397,000  

Powertech Technology, Inc.

    1,959,284  
    415,000  

Radiant Opto-Electronics Corporation

    1,936,522  
    142,000  

Simplo Technology Company, Ltd.

    1,915,975  
    665,000  

Tong Yang Industry Company, Ltd.

    2,080,656  
    322,000  

Tripod Technology Corporation

    2,118,857  
    1,103,000  

United Microelectronics Corporation

    1,704,600  
              28,715,676  
       

Thailand — 0.5%

       
    36,539,600  

TMBThanachart Bank pcl

    1,874,609  
                 
       

United Kingdom — 4.1%

       
    236,935  

Barratt Developments plc

    1,398,143  
    110,253  

BT Group plc

    145,670  
    1,005,011  

Centrica plc

    1,599,907  
    197,920  

easyJet plc

    1,361,443  
    104,281  

International Distributions Services plc (a)

    319,484  
    339,386  

J Sainsbury plc

    1,071,542  
    62,982  

Janus Henderson Group plc

    1,962,519  
    397,239  

Kingfisher plc

    1,178,326  
    551,526  

Marks & Spencer Group plc

    1,652,032  
    833,731  

Taylor Wimpey plc

    1,453,796  
    485,170  

Tesco plc

    1,711,029  
    2,128,193  

Vodafone Group plc

    1,860,739  
              15,714,630  
       

TOTAL COMMON STOCKS (Cost $355,999,709)

    369,690,816  
                 
       

PREFERRED STOCKS — 1.4%

       
       

Brazil — 0.8%

       
    458,161  

Cia Energetica de Minas Gerais

    1,100,069  
    572,322  

Metalurgica Gerdau SA

    1,163,385  
    116,554  

Petroleo Brasileiro SA

    939,723  
              3,203,177  

 

The accompanying notes are an integral part of these financial statements.

 

19

 

 

Vident International Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

PREFERRED STOCKS — 1.4% (Continued)

       

Chile — 0.5%

       
    755,996  

Embotelladora Andina SA - Class B

  $ 1,905,987  
                 
       

Germany — 0.1%

       
    32,191  

Schaeffler AG

    234,268  
       

TOTAL PREFERRED STOCKS (Cost $4,793,574)

    5,343,432  
 


Principal
Amount

           
       

SHORT-TERM INVESTMENTS — 0.5%

       
       

Money Market Deposit Account — 0.5%

       
  $ 2,024,629  

U.S. Bank Money Market Deposit Account, 4.21% (e)

    2,024,629  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $2,024,629)

    2,024,629  
       

TOTAL INVESTMENTS — 99.4% (Cost $362,817,912)

    377,058,877  
       

Other Assets in Excess of Liabilities — 0.6%

    2,154,627  
       

NET ASSETS — 100.0%

  $ 379,213,504  

 

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(c)

Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. At February 29, 2024, the value of these securities amounted to $7,063,256 or 1.9% of net assets.

(d)

Security exempt from registration under Regulation S of the Securities Act of 1933. At February 29, 2024, the value of these securities amounted to $504,400 or 0.1% of net assets.

(e)

The Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of February 29, 2024.

 

GDR — Global Depositary Receipt.

 

The accompanying notes are an integral part of these financial statements.

 

20

 

 

Vident U.S. Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7%

       
       

Communication Services — 7.8%

       
    334,688  

AT&T, Inc.

  $ 5,666,268  
    147,410  

Cargurus, Inc. (a)

    3,263,657  
    13,590  

Comcast Corporation - Class A

    582,331  
    19,718  

Electronic Arts, Inc.

    2,750,267  
    99,271  

Iridium Communications, Inc.

    2,873,895  
    7,471  

Meta Platforms, Inc. - Class A

    3,661,761  
    7,197  

Netflix, Inc. (a)

    4,339,215  
    73,419  

New York Times Company - Class A

    3,250,993  
    25,863  

Pinterest, Inc. - Class A (a)

    949,172  
    143,758  

Sirius XM Holdings, Inc.

    635,410  
    193,556  

TEGNA, Inc.

    2,711,720  
    10,829  

T-Mobile US, Inc.

    1,768,376  
    26,500  

Trade Desk, Inc. - Class A (a)

    2,263,895  
    52,187  

The Walt Disney Company

    5,823,025  
    97,727  

Yelp, Inc. (a)

    3,756,626  
              44,296,611  
       

Consumer Discretionary — 12.4%

       
    66,555  

Amazon.com, Inc. (a)

    11,764,262  
    2,006  

Booking Holdings, Inc. (a)

    6,958,473  
    2,655  

Chipotle Mexican Grill, Inc. (a)

    7,138,684  
    30,231  

Home Depot, Inc.

    11,506,221  
    18,886  

McDonalds Corporation

    5,520,000  
    39,755  

NIKE, Inc. - Class B

    4,131,737  
    5,316  

O’Reilly Automotive, Inc. (a)

    5,780,725  
    58,804  

Starbucks Corporation

    5,580,500  
    30,240  

Tesla, Inc. (a)

    6,104,851  
    56,577  

TJX Companies, Inc.

    5,609,044  
              70,094,497  
       

Consumer Staples — 6.9%

       
    136,712  

Altria Group, Inc.

    5,592,888  
    183,752  

Coca-Cola Company

    11,028,795  
    3,770  

Costco Wholesale Corporation

    2,804,465  
    66,302  

PepsiCo, Inc.

    10,962,373  
    54,865  

Procter & Gamble Company

    8,720,243  
              39,108,764  

 

The accompanying notes are an integral part of these financial statements.

 

21

 

 

Vident U.S. Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Energy — 4.7%

       
    72,708  

Chevron Corporation

  $ 11,052,343  
    38,568  

EOG Resources, Inc.

    4,414,493  
    108,298  

Exxon Mobil Corporation

    11,319,307  
              26,786,143  
       

Financials — 13.9%

       
    19,783  

American Financial Group, Inc.

    2,525,696  
    6,904  

Ameriprise Financial, Inc.

    2,812,413  
    56,952  

Bancorp, Inc. (a)

    2,542,337  
    17,825  

Cboe Global Markets, Inc.

    3,422,400  
    55,081  

Donnelley Financial Solutions, Inc. (a)

    3,556,029  
    81,066  

Equitable Holdings, Inc.

    2,775,700  
    3,645  

Erie Indemnity Company - Class A

    1,483,078  
    79,799  

Federated Hermes, Inc.

    2,811,319  
    89,966  

First Financial Bankshares, Inc.

    2,783,548  
    54,252  

International Bancshares Corporation

    2,815,136  
    61,119  

JPMorgan Chase & Company

    11,371,801  
    23,754  

Mastercard, Inc. - Class A

    11,277,449  
    182,269  

MGIC Investment Corporation

    3,625,330  
    7,380  

MSCI, Inc.

    4,139,959  
    19,174  

RLI Corporation

    2,808,032  
    21,638  

SEI Investments Company

    1,455,156  
    39,660  

Visa, Inc. - Class A

    11,209,502  
    1,588  

White Mountains Insurance Group, Ltd. - ADR

    2,803,519  
    72,031  

Zions Bancorporation

    2,840,182  
              79,058,586  
       

Health Care — 11.1%

       
    22,551  

AbbVie, Inc.

    3,970,104  
    8,343  

Align Technology, Inc. (a)

    2,523,090  
    108,848  

Bristol-Myers Squibb Company

    5,524,036  
    156,534  

Corcept Therapeutics, Inc. (a)

    3,678,549  
    24,188  

Doximity, Inc. - Class A (a)

    682,827  
    7,287  

IDEXX Laboratories, Inc. (a)

    4,191,701  
    69,489  

Johnson & Johnson

    11,214,135  
    8,484  

Lantheus Holdings, Inc. (a)

    554,684  
    2,305  

Medpace Holdings, Inc. (a)

    916,284  

 

The accompanying notes are an integral part of these financial statements.

 

22

 

 

Vident U.S. Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Health Care — 11.1% (Continued)

    86,870  

Merck & Company, Inc.

  $ 11,045,521  
    21,329  

UnitedHealth Group, Inc.

    10,527,994  
    7,651  

West Pharmaceutical Services, Inc.

    2,741,812  
    28,421  

Zoetis, Inc.

    5,636,737  
              63,207,474  
       

Industrials — 11.4%

       
    17,040  

A.O. Smith Corporation

    1,412,616  
    23,176  

Atkore, Inc. (a)

    3,926,014  
    48,623  

Brady Corporation - Class A

    2,833,748  
    17,360  

Caterpillar, Inc.

    5,797,546  
    5,032  

Cintas Corporation

    3,163,166  
    3,104  

Encore Wire Corporation

    748,064  
    77,691  

ExlService Holdings, Inc. (a)

    2,417,744  
    38,950  

Fastenal Company

    2,843,739  
    35,383  

Graco, Inc.

    3,229,053  
    16,142  

Illinois Tool Works, Inc.

    4,231,625  
    27,963  

ITT, Inc.

    3,527,253  
    14,405  

Landstar System, Inc.

    2,739,831  
    7,983  

Old Dominion Freight Line, Inc.

    3,532,318  
    45,111  

Paychex, Inc.

    5,531,511  
    37,459  

Trex Company, Inc. (a)

    3,437,238  
    71,674  

Uber Technologies, Inc. (a)

    5,698,083  
    14,354  

Verisk Analytics, Inc.

    3,472,233  
    92,616  

Wabash National Corporation

    2,526,564  
    3,665  

WW Grainger, Inc.

    3,567,731  
              64,636,077  
       

Information Technology — 26.4% (b)

       
    25,399  

Adobe, Inc. (a)

    14,230,552  
    61,622  

Apple, Inc.

    11,138,176  
    35,660  

Applied Materials, Inc.

    7,189,769  
    7,377  

Arista Networks, Inc. (a)

    2,047,413  
    8,983  

Broadcom, Inc.

    11,682,302  
    23,163  

Cadence Design Systems, Inc. (a)

    7,050,354  
    115,095  

Cisco Systems, Inc.

    5,567,145  
    7,941  

Crowdstrike Holdings, Inc. - Class A (a)

    2,574,075  

 

The accompanying notes are an integral part of these financial statements.

 

23

 

 

Vident U.S. Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Information Technology — 26.4% (b) (Continued)

    63,949  

Dynatrace, Inc. (a)

  $ 3,168,673  
    2,494  

Fair Isaac Corporation (a)

    3,167,156  
    83,128  

Fortinet, Inc. (a)

    5,744,976  
    7,629  

Gartner, Inc. (a)

    3,551,757  
    8,392  

KLA Corporation

    5,725,862  
    4,843  

Lam Research Corporation

    4,543,945  
    37,612  

Lattice Semiconductor Corporation (a)

    2,881,455  
    87,124  

LiveRamp Holdings, Inc. (a)

    3,047,598  
    12,846  

Manhattan Associates, Inc. (a)

    3,254,277  
    84,874  

Microchip Technology, Inc.

    7,141,298  
    27,408  

Microsoft Corporation

    11,337,045  
    5,388  

Motorola Solutions, Inc.

    1,780,141  
    8,661  

NVIDIA Corporation

    6,851,890  
    5,744  

Palo Alto Networks, Inc. (a)

    1,783,799  
    114,151  

Photronics, Inc. (a)

    3,286,407  
    19,559  

Qualys, Inc. (a)

    3,361,410  
    57,164  

Rambus, Inc. (a)

    3,386,395  
    23,080  

Salesforce, Inc. (a)

    7,127,566  
    12,223  

Synopsys, Inc. (a)

    7,012,702  
              149,634,138  
       

Materials — 2.2%

       
    8,200  

Alpha Metallurgical Resources, Inc.

    3,093,450  
    5,619  

Nucor Corporation

    1,080,534  
    1,735  

Reliance, Inc.

    557,317  
    13,015  

Southern Copper Corporation

    1,052,393  
    22,135  

Steel Dynamics, Inc.

    2,962,106  
    60,747  

Warrior Met Coal, Inc.

    3,460,757  
              12,206,557  
       

Real Estate — 1.7%

       
    34,602  

Apple Hospitality REIT, Inc.

    556,746  
    76,401  

DigitalBridge Group, Inc.

    1,403,486  
    228,860  

eXp World Holdings, Inc.

    2,998,066  
    96,058  

Host Hotels & Resorts, Inc.

    1,992,243  
    253,050  

Sunstone Hotel Investors, Inc.

    2,831,630  
              9,782,171  

 

The accompanying notes are an integral part of these financial statements.

 

24

 

 

Vident U.S. Equity Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Shares

 

Security Description

 

Value

 
       

COMMON STOCKS — 99.7% (Continued)

       

Utilities — 1.2%

       
    57,408  

National Fuel Gas Company

  $ 2,798,066  
    16,882  

Otter Tail Corporation

    1,527,146  
    43,823  

Vistra Corporation

    2,390,106  
              6,715,318  
       

TOTAL COMMON STOCKS (Cost $494,900,364)

    565,526,336  
 


Principal
Amount

           
       

SHORT-TERM INVESTMENTS — 0.2%

       
       

Money Market Deposit Account — 0.2%

       
    1,268,307  

U.S. Bank Money Market Deposit Account, 4.21% (c)

    1,268,307  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $1,268,307)

    1,268,307  
       

TOTAL INVESTMENTS — 99.9% (Cost $496,168,671)

    566,794,643  
       

Other Assets in Excess of Liabilities — 0.1%

    687,838  
       

NET ASSETS — 100.0%

  $ 567,482,481  

 

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.

(c)

The Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of February 29, 2024.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

25

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

CORPORATE BONDS — 24.6%

       
       

Consumer Discretionary — 1.8%

       
       

AutoNation, Inc.

       
    1,400,000  

03/01/2032, 3.850%

  $ 1,222,483  
       

Brunswick Corporation

       
    1,530,000  

08/18/2031, 2.400%

    1,204,921  
       

Dick’s Sporting Goods, Inc.

       
    1,715,000  

01/15/2052, 4.100%

    1,212,379  
       

General Motors Company

       
    1,125,000  

04/01/2046, 6.750%

    1,190,448  
       

Lear Corporation

       
    1,320,000  

05/15/2049, 5.250%

    1,188,522  
       

Tapestry, Inc.

       
    1,570,000  

03/15/2032, 3.050%

    1,272,431  
              7,291,184  
       

Consumer Staples — 0.9%

       
       

Altria Group, Inc.

       
    1,600,000  

05/06/2050, 4.450%

    1,262,444  
       

Kraft Heinz Foods Company

       
    105,000  

01/26/2039, 6.875%

    118,137  
    990,000  

02/09/2040, 6.500%

    1,074,868  
       

Philip Morris International, Inc.

       
    1,370,000  

11/15/2043, 4.875%

    1,236,152  
              3,691,601  
       

Energy — 3.8%

       
       

Apache Corporation

       
    1,450,000  

09/01/2040, 5.100%

    1,214,303  
       

Continental Resources, Inc.

       
    1,510,000  

06/01/2044, 4.900%

    1,227,771  
       

Devon Energy Corporation

       
    1,075,000  

09/30/2031, 7.875%

    1,221,564  
       

Enterprise Products Operating LLC

       
    1,350,000  

02/15/2078, 5.375% (a)

    1,252,004  
       

EQT Corporation

       
    1,120,000  

02/01/2030, 7.000%

    1,187,071  

 

The accompanying notes are an integral part of these financial statements.

 

26

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

CORPORATE BONDS — 24.6% (Continued)

       

Energy — 3.8% (Continued)

       

Halliburton Company

       
    375,000  

09/15/2039, 7.450%

  $ 450,309  
       

Hess Corporation

       
    950,000  

01/15/2040, 6.000%

    996,702  
       

Marathon Oil Corporation

       
    945,000  

10/01/2037, 6.600%

    985,463  
    265,000  

06/01/2045, 5.200%

    230,158  
       

Marathon Petroleum Corporation

       
    1,045,000  

03/01/2041, 6.500%

    1,109,690  
       

NOV, Inc.

       
    1,570,000  

12/01/2042, 3.950%

    1,173,114  
       

ONEOK Partners LP

       
    1,145,000  

02/01/2041, 6.125%

    1,165,357  
       

Ovintiv, Inc.

       
    1,000,000  

11/01/2031, 7.375%

    1,089,897  
       

Valero Energy Corporation

       
    1,100,000  

06/15/2037, 6.625%

    1,181,129  
       

Western Midstream Operating LP

       
    1,350,000  

02/01/2050, 5.250%

    1,195,125  
              15,679,657  
       

Financials — 9.3%

       
       

Ally Financial, Inc.

       
    1,190,000  

02/14/2033, 6.700%

    1,172,824  
       

American Assets Trust LP

       
    1,570,000  

02/01/2031, 3.375%

    1,261,368  
       

Ares Capital Corporation

       
    1,490,000  

11/15/2031, 3.200%

    1,215,720  
       

Athene Holding, Ltd.

       
    1,700,000  

05/25/2051, 3.950%

    1,249,600  
       

Blackstone Secured Lending Fund

       
    1,430,000  

09/30/2028, 2.850%

    1,244,873  
       

Blue Owl Capital Corporation

       
    1,300,000  

07/15/2026, 3.400%

    1,210,807  

 

The accompanying notes are an integral part of these financial statements.

 

27

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

CORPORATE BONDS — 24.6% (Continued)

       

Financials — 9.3% (Continued)

       

Brighthouse Financial, Inc.

       
    1,490,000  

06/22/2047, 4.700%

  $ 1,152,596  
       

Capital One Financial Corporation

       
    1,695,000  

07/29/2032, 2.359% (a)

    1,281,378  
       

Citizens Financial Group, Inc.

       
    1,360,000  

07/27/2026, 2.850%

    1,267,969  
       

Comerica Bank

       
    1,285,000  

08/25/2033, 5.332% (a)

    1,147,430  
       

Corebridge Financial, Inc.

       
    1,245,000  

12/15/2052, 6.875% (a)

    1,243,617  
       

Discover Financial Services

       
    1,200,000  

11/29/2032, 6.700%

    1,255,086  
       

Enstar Finance LLC

       
    1,400,000  

01/15/2042, 5.500% (a)

    1,263,971  
       

Fifth Third Bancorp

       
    810,000  

03/01/2038, 8.250%

    960,655  
       

Fifth Third Bank

       
    280,000  

Series BKNT, 03/15/2026, 3.850%

    269,708  
       

GLP Capital LP / GLP Financing II, Inc.

       
    1,205,000  

06/01/2028, 5.750%

    1,196,629  
       

Huntington Bancshares, Inc.

       
    1,655,000  

08/15/2036, 2.487% (a)

    1,252,137  
       

KeyBank NA

       
    1,325,000  

Series BKNT, 08/08/2032, 4.900%

    1,162,448  
       

Kilroy Realty LP

       
    1,440,000  

02/15/2030, 3.050%

    1,207,694  
       

Legg Mason, Inc.

       
    1,000,000  

01/15/2044, 5.625%

    1,004,098  
       

Lincoln National Corporation

       
    1,070,000  

06/15/2040, 7.000%

    1,167,751  
       

Manufacturers & Traders Trust Company

       
    1,320,000  

Series BKNT, 08/17/2027, 3.400%

    1,204,872  

 

The accompanying notes are an integral part of these financial statements.

 

28

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

CORPORATE BONDS — 24.6% (Continued)

       

Financials — 9.3% (Continued)

       

Markel Group, Inc.

       
    1,100,000  

04/05/2046, 5.000%

  $ 977,958  
       

MetLife, Inc.

       
    900,000  

08/01/2039, 10.750% (a)

    1,212,146  
       

MGIC Investment Corporation

       
    1,190,000  

08/15/2028, 5.250%

    1,150,437  
       

Prudential Financial, Inc.

       
    1,375,000  

09/15/2047, 4.500% (a)

    1,285,231  
       

Regions Bank

       
    1,208,000  

Series BKNT, 06/26/2037, 6.450%

    1,226,600  
       

Synchrony Financial

       
    1,200,000  

08/04/2026, 3.700%

    1,132,726  
       

Synovus Bank

       
    1,250,000  

02/15/2028, 5.625%

    1,207,526  
       

Truist Financial Corporation

       
    1,390,000  

Series MTN, 07/28/2033, 4.916% (a)

    1,278,346  
       

Unum Group

       
    1,290,000  

08/15/2042, 5.750%

    1,253,481  
       

US Bancorp

       
    1,635,000  

11/03/2036, 2.491% (a)

    1,264,457  
       

Zions Bancorp

       
    1,480,000  

10/29/2029, 3.250%

    1,201,291  
              38,583,430  
       

Health Care — 1.0%

       
       

Cardinal Health, Inc.

       
    900,000  

06/15/2047, 4.368%

    741,056  
       

Centene Corporation

       
    1,250,000  

12/15/2029, 4.625%

    1,185,631  
       

HCA, Inc.

       
    1,000,000  

06/15/2047, 5.500%

    932,206  
       

Viatris, Inc.

       
    1,640,000  

06/22/2040, 3.850%

    1,213,108  
              4,072,001  

 

The accompanying notes are an integral part of these financial statements.

 

29

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

CORPORATE BONDS — 24.6% (Continued)

       

Industrials — 1.3%

       
       

BNSF Funding Trust I

       
    1,210,000  

12/15/2055, 6.613% (a)

  $ 1,205,795  
       

Concentrix Corporation

       
    1,200,000  

08/02/2033, 6.850%

    1,174,213  
       

FedEx Corporation

       
    1,105,000  

01/15/2044, 5.100%

    1,025,015  
       

Flowserve Corporation

       
    1,410,000  

10/01/2030, 3.500%

    1,239,523  
       

Owens Corning

       
    1,160,000  

07/15/2047, 4.300%

    951,358  
              5,595,904  
       

Information Technology — 1.5%

       
       

Corning, Inc.

       
    685,000  

11/15/2079, 5.450%

    634,267  
       

HP, Inc.

       
    1,095,000  

09/15/2041, 6.000%

    1,122,882  
       

Kyndryl Holdings, Inc.

       
    1,600,000  

10/15/2041, 4.100%

    1,196,607  
       

Qorvo, Inc.

       
    1,015,000  

10/15/2029, 4.375%

    946,445  
       

Vontier Corporation

       
    1,510,000  

04/01/2031, 2.950%

    1,244,809  
       

Warnermedia Holdings, Inc.

       
    1,400,000  

03/15/2062, 5.391%

    1,127,105  
              6,272,115  
       

Materials — 0.7%

       
       

Dow Chemical Company

       
    650,000  

05/15/2039, 9.400%

    867,589  
       

Freeport-McMoRan, Inc.

       
    1,180,000  

03/15/2043, 5.450%

    1,096,628  
       

Mosaic Company

       
    1,050,000  

11/15/2043, 5.625%

    1,003,821  
              2,968,038  

 

The accompanying notes are an integral part of these financial statements.

 

30

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

CORPORATE BONDS — 24.6% (Continued)

       

Real Estate — 1.6%

       
       

Brixmor Operating Partnership LP

       
    1,285,000  

07/01/2030, 4.050%

  $ 1,182,298  
       

COPT Defense Properties LP

       
    1,510,000  

04/15/2031, 2.750%

    1,219,196  
       

EPR Properties

       
    1,345,000  

08/15/2029, 3.750%

    1,174,795  
       

Sabra Health Care LP

       
    1,530,000  

12/01/2031, 3.200%

    1,240,775  
       

Simon Property Group LP

       
    850,000  

02/01/2040, 6.750%

    934,208  
       

VICI Properties LP

       
    750,000  

05/15/2052, 5.625%

    679,860  
              6,431,132  
       

Utilities — 2.7%

       
       

American Electric Power Company, Inc.

       
    1,430,000  

02/15/2062, 3.875% (a)

    1,279,158  
       

CMS Energy Corporation

       
    1,420,000  

06/01/2050, 4.750% (a)

    1,303,179  
       

Duke Energy Corporation

       
    1,590,000  

01/15/2082, 3.250% (a)

    1,348,539  
       

Edison International

       
    1,250,000  

06/15/2053, 8.125% (a)

    1,286,048  
       

National Fuel Gas Company

       
    1,130,000  

01/15/2026, 5.500%

    1,128,677  
       

NextEra Energy Capital Holdings, Inc.

       
    1,140,000  

12/01/2077, 4.800% (a)

    1,038,861  
    180,000  

03/15/2082, 3.800% (a)

    160,400  
       

Phillips 66 Company

       
    1,030,000  

10/01/2046, 4.900%

    920,052  
       

Sempra

       
    1,415,000  

04/01/2052, 4.125% (a)

    1,305,295  

 

The accompanying notes are an integral part of these financial statements.

 

31

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

CORPORATE BONDS — 24.6% (Continued)

       

Utilities — 2.7% (Continued)

       

Southern Company

       
    1,355,000  

Series 21-A, 09/15/2051, 3.750% (a)

  $ 1,273,470  
              11,043,679  
       

TOTAL CORPORATE BONDS (Cost $103,851,200)

    101,628,741  
                 
       

MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY — 9.9%

       
       

Federal National Mortgage Association

       
    2,130,000  

03/15/2038, 7.000% (b)

    2,186,660  
    760,000  

03/01/2040, 4.500% (b)

    718,691  
    1,420,000  

03/15/2041, 5.000% (b)

    1,376,652  
    4,075,000  

03/15/2041, 6.000% (b)

    4,092,246  
    380,000  

03/15/2043, 3.000% (b)

    325,135  
    700,000  

03/15/2047, 2.500% (b)

    575,094  
    1,120,000  

05/25/2050, 2.000% (b)

    879,854  
    2,787,996  

04/01/2052, 4.000%

    2,566,717  
    3,532,656  

05/01/2052, 4.000%

    3,253,276  
    3,605,058  

06/01/2052, 4.000%

    3,319,944  
    4,590,000  

03/15/2053, 6.500% (b)

    4,671,050  
    2,985,000  

03/25/2053, 5.500% (b)

    2,951,631  
              26,916,950  
       

Government National Mortgage Association

       
    3,570,000  

03/15/2040, 6.000% (b)

    3,587,003  
    690,000  

03/15/2041, 4.500% (b)

    659,058  
    770,000  

03/15/2041, 5.000% (b)

    751,830  
    310,000  

03/15/2043, 3.000% (b)

    271,974  
    700,000  

03/20/2050, 2.500% (b)

    593,031  
    870,000  

04/20/2050, 2.000% (b)

    708,470  
    2,440,000  

10/20/2052, 5.500% (b)

    2,424,017  
    4,880,000  

08/20/2053, 6.500% (b)

    4,947,449  
              13,942,832  
       

TOTAL MORTGAGE BACKED SECURITIES - U.S. GOVERNMENT AGENCY (Cost $42,699,904)

    40,859,782  

 

The accompanying notes are an integral part of these financial statements.

 

32

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

U.S. GOVERNMENT AGENCY ISSUES — 3.0%

       
       

Financials — 1.4%

       
       

Federal Farm Credit Banks Funding Corporation

       
    700,000  

06/23/2026, 4.375%

  $ 697,720  
    445,000  

08/14/2026, 4.500%

    444,769  
       

Federal Home Loan Banks

       
    430,000  

09/04/2025, 0.375%

    402,304  
    190,000  

11/17/2026, 4.625%

    190,772  
    190,000  

12/21/2026, 1.250%

    173,936  
    100,000  

07/15/2036, 5.500%

    109,537  
       

Federal Home Loan Mortgage Corporation

       
    400,000  

Series USD, 07/21/2025, 0.375%

    376,577  
    740,000  

09/23/2025, 0.375%

    691,129  
    300,000  

03/15/2031, 6.750%

    343,659  
    350,000  

11/15/2038, 5.600% (c)

    170,808  
       

Federal National Mortgage Association

       
    270,000  

06/17/2025, 0.500%

    255,491  
    465,000  

08/25/2025, 0.375%

    435,640  
    290,000  

11/07/2025, 0.500%

    270,338  
    750,000  

04/24/2026, 2.125%

    713,225  
    235,000  

09/24/2026, 1.875%

    220,236  
    100,000  

01/15/2030, 7.125%

    114,231  
    100,000  

05/15/2030, 7.250%

    115,707  
    100,000  

11/15/2030, 6.625%

    112,837  
    100,000  

07/15/2037, 5.625%

    110,040  
              5,948,956  
       

Utilities — 1.6%

       
       

Tennessee Valley Authority

       
    530,000  

Series E, 11/01/2025, 6.750%

    545,281  
    250,000  

Series A, 02/01/2027, 2.875%

    238,492  
    370,000  

03/15/2028, 3.875%

    364,310  
    300,000  

05/01/2030, 7.125%

    343,918  
    505,000  

04/01/2036, 5.880%

    560,990  
    785,000  

01/15/2038, 6.150%

    903,968  

 

The accompanying notes are an integral part of these financial statements.

 

33

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

U.S. GOVERNMENT AGENCY ISSUES — 3.0% (Continued)

       

Utilities — 1.6% (Continued)

    1,300,000  

09/15/2039, 5.250%

  $ 1,346,507  
    955,000  

12/15/2042, 3.500%

    790,023  
    590,000  

04/01/2056, 5.375%

    627,374  
    420,000  

09/15/2060, 4.625%

    393,591  
    310,000  

09/15/2065, 4.250%

    269,196  
              6,383,650  
       

TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $11,680,276)

    12,332,606  
                 
       

U.S. GOVERNMENT NOTES/BONDS — 61.5%

       
       

U.S. Treasury Bonds — 24.6%

       
       

United States Treasury Bonds

       
    16,979,000  

02/15/2026, 6.000%

    17,425,362  
    655,000  

11/15/2040, 4.250%

    640,263  
    1,580,000  

05/15/2041, 2.250%

    1,153,122  
    1,135,000  

05/15/2041, 4.375%

    1,122,874  
    4,275,000  

08/15/2041, 1.750%

    2,846,549  
    1,660,000  

08/15/2041, 3.750%

    1,514,361  
    3,000,000  

11/15/2041, 2.000%

    2,076,738  
    3,085,000  

11/15/2041, 3.125%

    2,567,660  
    1,960,000  

02/15/2042, 2.375%

    1,440,179  
    3,425,000  

02/15/2042, 3.125%

    2,839,940  
    4,050,000  

05/15/2042, 3.000%

    3,282,240  
    3,390,000  

05/15/2042, 3.250%

    2,850,381  
    4,535,000  

08/15/2042, 2.750%

    3,527,114  
    3,040,000  

08/15/2042, 3.375%

    2,599,022  
    4,335,000  

11/15/2042, 2.750%

    3,357,762  
    3,095,000  

11/15/2042, 4.000%

    2,888,082  
    4,850,000  

02/15/2043, 3.125%

    3,978,895  
    2,410,000  

02/15/2043, 3.875%

    2,205,432  
    4,110,000  

05/15/2043, 2.875%

    3,233,735  
    2,745,000  

05/15/2043, 3.875%

    2,509,262  
    4,325,000  

08/15/2043, 3.625%

    3,811,237  
    360,000  

08/15/2043, 4.375%

    352,350  

 

The accompanying notes are an integral part of these financial statements.

 

34

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

U.S. GOVERNMENT NOTES/BONDS — 61.5% (Continued)

       

U.S. Treasury Bonds — 24.6% (Continued)

    4,010,000  

11/15/2043, 3.750%

  $ 3,593,336  
    3,985,000  

02/15/2044, 3.625%

    3,502,052  
    4,445,000  

05/15/2044, 3.375%

    3,756,546  
    4,335,000  

08/15/2044, 3.125%

    3,515,583  
    4,130,000  

11/15/2044, 3.000%

    3,274,316  
    3,705,000  

02/15/2045, 2.500%

    2,684,822  
    3,975,000  

05/15/2045, 3.000%

    3,142,036  
    1,115,000  

08/15/2045, 2.875%

    860,793  
    1,815,000  

11/15/2045, 3.000%

    1,429,596  
    3,745,000  

02/15/2046, 2.500%

    2,686,745  
    3,611,000  

05/15/2046, 2.500%

    2,583,417  
    3,470,000  

08/15/2046, 2.250%

    2,355,534  
              101,607,336  
       

U.S. Treasury Inflation Indexed Bonds — 5.4%

       
       

United States Treasury Inflation Indexed Bonds

       
    1,657,966  

01/15/2027, 2.375%

    1,673,383  
    1,508,136  

01/15/2028, 1.750%

    1,495,899  
    1,545,680  

04/15/2028, 3.625%

    1,644,889  
    657,211  

01/15/2029, 2.500%

    675,421  
    1,240,843  

04/15/2029, 3.875%

    1,358,116  
    3,091,018  

02/15/2040, 2.125%

    3,129,225  
    2,458,264  

02/15/2041, 2.125%

    2,489,803  
    2,409,598  

02/15/2042, 0.750%

    1,922,691  
    2,234,768  

02/15/2043, 0.625%

    1,712,078  
    2,198,004  

02/15/2044, 1.375%

    1,922,698  
    1,576,182  

02/15/2045, 0.750%

    1,206,990  
    1,559,981  

02/15/2046, 1.000%

    1,246,907  
    1,181,788  

02/15/2047, 0.875%

    910,855  
    814,768  

02/15/2048, 1.000%

    640,666  
    207,232  

02/15/2049, 1.000%

    162,381  
              22,192,002  
       

U.S. Treasury Inflation Indexed Notes — 4.6%

       
       

United States Treasury Inflation Indexed Notes

       
    3,649,370  

04/15/2026, 0.125%

    3,496,406  

 

The accompanying notes are an integral part of these financial statements.

 

35

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

U.S. GOVERNMENT NOTES/BONDS — 61.5% (Continued)

       

U.S. Treasury Inflation Indexed Notes — 4.6% (Continued)

    435,098  

07/15/2026, 0.125%

  $ 416,880  
    836,300  

10/15/2026, 0.125%

    797,860  
    1,866,694  

01/15/2027, 0.375%

    1,780,888  
    2,026,173  

04/15/2027, 0.125%

    1,909,466  
    1,330,620  

01/15/2028, 0.500%

    1,258,412  
    1,278,325  

04/15/2028, 1.250%

    1,241,353  
    498,076  

01/15/2029, 0.875%

    474,137  
    1,186,289  

01/15/2030, 0.125%

    1,069,315  
    245,262  

07/15/2030, 0.125%

    220,124  
    1,319,763  

01/15/2031, 0.125%

    1,169,544  
    721,029  

07/15/2031, 0.125%

    635,927  
    1,394,291  

01/15/2032, 0.125%

    1,213,994  
    897,388  

07/15/2032, 0.625%

    811,562  
    1,678,541  

01/15/2033, 1.125%

    1,570,519  
    999,900  

07/15/2033, 1.375%

    957,364  
              19,023,751  
       

U.S. Treasury Notes — 26.9%

       
       

United States Treasury Notes

       
    18,705,000  

05/31/2025, 0.250%

    17,657,228  
    16,287,000  

06/15/2025, 2.875%

    15,876,962  
    2,331,000  

06/30/2025, 2.750%

    2,268,536  
    17,976,000  

08/31/2025, 0.250%

    16,801,942  
    15,912,000  

09/15/2025, 3.500%

    15,605,570  
    13,509,000  

09/30/2025, 3.000%

    13,145,946  
    3,180,000  

10/15/2025, 4.250%

    3,154,038  
    2,365,000  

10/31/2025, 3.000%

    2,299,131  
    280,000  

11/30/2025, 0.375%

    259,749  
    590,000  

12/31/2025, 2.625%

    568,820  
    4,090,000  

02/28/2026, 0.500%

    3,770,389  
    4,000,000  

02/28/2026, 2.500%

    3,839,063  
    3,255,000  

03/15/2026, 4.625%

    3,254,746  
    1,190,000  

03/31/2026, 0.750%

    1,100,146  

 

The accompanying notes are an integral part of these financial statements.

 

36

 

 

Vident U.S. Bond Strategy ETFTM

 

Schedules of Investments
February 29, 2024 (Unaudited) (Continued)

 

 

Principal
Amount

 

Security Description

 

Value

 
       

U.S. GOVERNMENT NOTES/BONDS — 61.5% (Continued)

       

U.S. Treasury Notes — 26.9% (Continued)

    2,285,000  

03/31/2026, 2.250%

  $ 2,179,051  
    2,280,000  

04/15/2026, 3.750%

    2,240,813  
    1,675,000  

04/30/2026, 0.750%

    1,543,944  
    1,255,000  

04/30/2026, 2.375%

    1,198,329  
    1,310,000  

05/15/2026, 1.625%

    1,229,507  
    1,130,000  

05/15/2026, 3.625%

    1,107,577  
    835,000  

05/31/2026, 0.750%

    767,515  
    485,000  

05/31/2026, 2.125%

    459,897  
    595,000  

06/15/2026, 4.125%

    589,399  
              110,918,298  
       

TOTAL U.S. GOVERNMENT NOTES/BONDS (Cost $255,222,606)

    253,741,387  
                 
       

SHORT-TERM INVESTMENTS — 7.6%

       
       

Money Market Deposit Account — 7.6%

       
    31,512,050  

U.S. Bank Money Market Deposit Account, 4.21% (d)(e)

    31,512,050  
       

TOTAL SHORT-TERM INVESTMENTS (Cost $31,512,050)

    31,512,050  
       

TOTAL INVESTMENTS — 106.6% (Cost $444,966,036)

    440,074,566  
       

Liabilities in Excess of Other Assets — (6.6)%

    (27,298,683 )
       

NET ASSETS — 100.0%

  $ 412,775,883  

 

Percentages are stated as a percent of net assets.

(a)

Variable or Floating Rate Security based on a reference index and spread. Certain securities are fixed to variable and currently in the fixed phase. Rate shown is the rate in effect as of February 29, 2024.

(b)

Security purchased on a forward-commitment basis (“TBA commitment”). On February 29, 2024, the total value of TBA commitments was $31,719,845 or 7.68% of net assets.

(c)

Zero coupon bond, rate shown is the effective yield as of February 29, 2024.

(d)

The Money Market Deposit Account (the “MMDA”) is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of February 29, 2024.

(e)

All or a portion of this security has been pledged as collateral in connection with TBA commitments. At February 29, 2024, the value of securities pledged amounted to $31,512,050. In addition, the Fund held cash collateral in the amount of $1,710,000.

 

The Global Industry Classification Standard (GICS®) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by the Fund’s Administrator, U.S. Bancorp Fund Services, LLC.

 

The accompanying notes are an integral part of these financial statements.

 

37

 

 

Vident ETFs

 

Statements of Assets and Liabilities
February 29, 2024 (Unaudited)

 

   

Vident
International
Equity
Strategy ETF
TM

   

Vident
U.S. Equity
Strategy ETF
TM

   

Vident
U.S. Bond
Strategy ETF
TM

 

ASSETS

                       

Investments in securities, at value*

  $ 377,058,877     $ 566,794,643     $ 440,074,566  

Cash held as collateral for TBA commitments

                1,710,000  

Dividend tax reclaim receivable

    1,450,646              

Dividends and interest receivable

    885,106       724,589       3,063,965  

Receivable for capital shares sold

          82,559,423        

Receivable for securities sold

          233,043,339       453,306  

Transaction fees receivable

                575  

Total assets

    379,394,629       883,121,994       445,302,412  
                         

LIABILITIES

                       

Payable for securities purchased

          236,626,850       32,393,787  

Payable for capital shares redeemed

          78,792,140        

Management fees payable

    181,125       220,523       132,742  

Total liabilities

    181,125       315,639,513       32,526,529  
                         

NET ASSETS

  $ 379,213,504     $ 567,482,481     $ 412,775,883  
                         

NET ASSETS CONSIST OF:

                       

Paid-in capital

  $ 521,185,961     $ 496,577,114     $ 471,301,543  

Total distributable earnings (accumulated deficit)

    (141,972,457 )     70,905,367       (58,525,660 )

Net assets

  $ 379,213,504     $ 567,482,481     $ 412,775,883  

 

 

The accompanying notes are an integral part of these financial statements.

 

38

 

 

Vident ETFs

 

Statements of Assets and Liabilities
February 29, 2024 (Unaudited) (Continued)

 

   

Vident
International
Equity
Strategy ETF
TM

   

Vident
U.S. Equity
Strategy ETF
TM

   

Vident
U.S. Bond
Strategy ETF
TM

 

Net Asset Value:

                       

Net assets

  $ 379,213,504     $ 567,482,481     $ 412,775,883  

Shares outstanding ^

    15,600,000       10,625,000       9,500,000  

Net asset value, offering and redemption price per share

  $ 24.31     $ 53.41     $ 43.45  
                         

* Identified Cost:

                       

Investments in Securities

  $ 362,817,912     $ 496,168,671     $ 444,966,036  

 

^

No par value, unlimited number of shares authorized.

 

The accompanying notes are an integral part of these financial statements.

 

39

 

 

Vident ETFs

 

Statements of Operations
For the Six-Months Ended February 29, 2024 (Unaudited)

 

   

Vident
International
Equity
Strategy ETF
TM

   

Vident
U.S. Equity
Strategy ETF
TM

   

Vident
U.S. Bond
Strategy ETF
TM

 

INCOME

                       

Dividends^

    4,042,344       4,157,597        

Interest

    24,786       23,857       9,131,808  

Total investment income

    4,067,130       4,181,454       9,131,808  
                         

EXPENSES

                       

Management fees

    1,104,612       1,328,860       806,528  

Total expenses

    1,104,612       1,328,860       806,528  

Net investment income (loss)

    2,962,518       2,852,594       8,325,280  
                         

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

                       

Net realized gain (loss) on:

                       

Investments in securities

    2,025,908       (553,200 )     (5,003,750 )

In-kind redemptions

    125,006       30,000,930       259,494  

Foreign currency

    (49,407 )            

Change in unrealized appreciation (depreciation) on:

                       

Investments in securities

    19,818,000       23,274,461       11,845,632  

Foreign currency and translation of other assets and liabilities in foreign currency

    (12,666 )            

Net realized and unrealized gain (loss) on investments

    21,906,841       52,722,191       7,101,376  

Net increase (decrease) in net assets resulting from operations

  $ 24,869,359     $ 55,574,785     $ 15,426,656  

 

^ Net of foreign withholding taxes

  $ 601,717     $     $  

 

The accompanying notes are an integral part of these financial statements.

 

40

 

 

Vident International Equity Strategy ETFTM

 

Statements of Changes in Net Assets

 

   

Six-Months
Ended
February 29,
2024
(Unaudited)

   

Year Ended
August 31,
2023

 

OPERATIONS

               

Net investment income (loss)

  $ 2,962,518     $ 15,869,287  

Net realized gain (loss) on investments and foreign currency

    2,101,507       (3,728,583 )

Change in unrealized appreciation (depreciation) on investments and foreign currency

    19,805,334       23,251,345  

Net increase (decrease) in net assets resulting from operations

    24,869,359       35,392,049  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Net distributions to shareholders

    (7,769,045 )     (17,386,128 )

Total distributions to shareholders

    (7,769,045 )     (17,386,128 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from shares sold

    2,407,150       8,298,210  

Payments for shares redeemed

    (4,340,100 )     (2,341,060 )

Transaction fees (Note 6)

    4,732       4,558  

Net increase (decrease) in net assets derived from capital share transactions (a)

    (1,928,218 )     5,961,708  

Net increase (decrease) in net assets

  $ 15,172,096     $ 23,967,629  
                 

NET ASSETS

               

Beginning of period/year

  $ 364,041,408     $ 340,073,779  

End of period/year