Page

Letter to Shareholders

1

Performance Summary

3

Portfolio Allocation

5

Schedule of Investments

6

Statement of Assets and Liabilities

9

Statement of Operations

10

Statement of Changes in Net Assets

11

Financial Highlights

12

Notes to Financial Statements

13

Report of Independent Registered Public Accounting Firm

22

Trustees and Officers

24

Expense Example

26

Review of Liquidity Risk Management Program

27

Federal Tax Information

28

Information About Portfolio Holdings

28

Information About Proxy Voting

28

Frequency Distribution of Premiums and Discounts

28

Cumulative Returns
October 31, 2022

Since Inception
(12/8/2021)

ETFB Green SRI REITs ETF - NAV

-27.59%

ETFB Green SRI REITs ETF - Market

-27.57%

FTSE EPRA Nareit IdealRatings Dev REITs Islamic Green Capped Index ⁽¹⁾

-27.85%

S&P 500 ^® Index ⁽¹⁾⁽²⁾

-16.50%

⁽¹⁾

Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

⁽²⁾

The S&P 500 ^® Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.

Sector

Percentage of
Net Assets

REITs-Warehouse/Industrial ^(a)

32.7%

REITs-Apartments

19.2

REITs-Diversified

13.7

REITs-Storage

11.6

REITs-Health Care

9.7

REITs-Office Property

6.8

REITs-Shopping Centers

2.5

REITs-Manufactured Homes

2.1

REITs-Hotels

0.7

REITs-Single Tenant

0.5

REITs-Regional Malls

0.2

Real Estate Operation/Development

0.1

Short-Term Investments

0.2

Other Assets in excess of Liabilities ^(b)

0.0

Total

100.0%

^(a)

The Index, and consequently the Fund, is expected to concentrate its investments (i.e. hold more than 25% of its total assets) in real estate companies. The value of the Fund’s shares may rise and fall more than the value of the shares of a fund that invests in securities of companies in a broader range of industries. See Note 7 in Notes to Financial Statements.

^(b)

Represents less than 0.05% of net assets.

Shares

Security Description

Value

COMMON STOCKS — 99.8%

Australia — 2.1%

Arena REIT

BWP Trust

Charter Hall Social Infrastructure REIT

Dexus Industria REIT

Mirvac Group

National Storage REIT

Stockland

Canada — 4.0%

Granite Real Estate Investment Trust

Guernsey — 0.1%

Balanced Commercial Property Trust, Ltd.

Hong Kong — 1.1%

Prosperity REIT

Japan — 6.9%

GLP J-REIT

Industrial & Infrastructure Fund Investment Corporation

Japan Logistics Fund, Inc.

Mitsui Fudosan Logistics Park, Inc.

Nippon Prologis REIT, Inc.

SOSiLA Logistics REIT, Inc.

Netherlands — 0.8%

NSI NV

New Zealand — 0.2%

Goodman Property Trust

Singapore — 0.2%

SPH REIT

United Kingdom — 3.9%

abrdn Property Income Trust, Ltd.

Big Yellow Group plc

CT Property Trust, Ltd.

Custodian REIT plc

Impact Healthcare REIT plc

Shares

Security Description

Value

COMMON STOCKS — 99.8% (Continued)

United Kingdom — 3.9% (Continued)

LXI REIT plc

Picton Property Income, Ltd.

Safestore Holdings plc

Segro plc

Shaftesbury plc

Target Healthcare REIT plc

Tritax Big Box REIT plc

UNITE Group plc

United States — 80.5% ^(a)

Agree Realty Corporation

Alexander & Baldwin, Inc.

Alexandria Real Estate Equities, Inc.

American Homes 4 Rent - Class A

Apple Hospitality REIT, Inc.

AvalonBay Communities, Inc.

Broadstone Net Lease, Inc.

Camden Property Trust

Community Healthcare Trust, Inc.

CubeSmart

EastGroup Properties, Inc.

Equinix, Inc.

Equity LifeStyle Properties, Inc.

First Industrial Realty Trust, Inc.

Healthcare Realty Trust, Inc.

Healthpeak Properties, Inc.

Invitation Homes, Inc.

JBG SMITH Properties

LXP Industrial Trust

Mid-America Apartment Communities, Inc.

Physicians Realty Trust

Prologis, Inc.

Public Storage

Regency Centers Corporation

Shares

Security Description

Value

COMMON STOCKS — 99.8% (Continued)

United States — 80.5% ^(a) (Continued)

Rexford Industrial Realty, Inc.

STAG Industrial, Inc.

Sun Communities, Inc.

Terreno Realty Corporation

Universal Health Realty Income Trust

Welltower, Inc.

TOTAL COMMON STOCKS (Cost $15,525,036)

SHORT-TERM INVESTMENTS — 0.2%

First American Government Obligations Fund - Class X, 2.92% ^(b)

TOTAL SHORT-TERM INVESTMENTS (Cost $23,479)

TOTAL INVESTMENTS — 100.0% (Cost $15,548,515)

Other Assets in Excess of Liabilities — 0.0% ^(c)

NET ASSETS — 100.0%

Percentages are stated as a percent of net assets.

^(a)

To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region. See Note 7 in Notes to Financial Statements.

^(b)

Rate shown is the annualized seven-day yield as of October 31, 2022.

^(c)

Represents less than 0.05% of net assets.

ASSETS

Investments in securities, at value (Cost $15,548,515)

Dividends and interest receivable

Total assets

LIABILITIES

Management fees payable

Total liabilities

NET ASSETS

Net Assets Consist of:

Paid-in capital

Total distributable earnings (accumulated deficit)

Net assets

Net Asset Value:

Net assets

Shares outstanding ^

Net asset value, offering and redemption price per share

^

No par value, unlimited number of shares authorized.

INCOME

Dividends ⁽²⁾

Interest

Total investment income

EXPENSES

Management fees

Total expenses

Net investment income (loss)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain (loss) on:

Investments

Foreign currency transactions

Change in unrealized appreciation (depreciation) on:

Investments

Foreign currency translation

Net realized and unrealized gain (loss) on investments

Net increase (decrease) in net assets resulting from operations

⁽¹⁾

The Fund commenced operations on December 8, 2021. The information present is for the period from December 8, 2021 to October 31, 2022.

⁽²⁾

Net of foreign taxes withheld of $12,768.

Period Ended
October 31,
2022 ⁽¹⁾

OPERATIONS

Net investment income (loss)

Net realized gain (loss) on investments and foreign currency transactions

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

Net increase (decrease) in net assets resulting from operations

DISTRIBUTIONS TO SHAREHOLDERS

Net distributions to shareholders

Total distributions to shareholders

CAPITAL SHARE TRANSACTIONS

Proceeds from shares sold

Payments for shares redeemed

Transaction fees (Note 6)

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

Net increase (decrease) in net assets

NET ASSETS

Beginning of period

End of period

^(a)

A summary of capital share transactions is as follows:

Shares

Shares sold

Shares redeemed

Net increase (decrease)

⁽¹⁾

The Fund commenced operations on December 8, 2021. The information presented is for the period from December 8, 2021 to October 31, 2022.

Period
Ended
October 31
2022 ⁽¹⁾

Net asset value, beginning of period

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income (loss) ⁽²⁾

Net realized and unrealized gain (loss) on investments ⁽⁷⁾

Total from investment operations

DISTRIBUTIONS TO SHAREHOLDERS:

Distributions from:

Net investment income

Total distributions to shareholders

CAPITAL SHARE TRANSACTIONS

Transaction fees (Note 6)

Net asset value, end of period

Total return

SUPPLEMENTAL DATA:

Net assets at end of period (000’s)

RATIOS TO AVERAGE NET ASSETS:

Expenses to average net assets

Net investment income (loss) to average net assets

Portfolio turnover rate ⁽⁶⁾

⁽¹⁾

Commencement of operations on December 8, 2021.

⁽²⁾

Calculated based on average shares outstanding during the period.

⁽³⁾

Represents less than $0.005 per share

⁽⁴⁾

Not annualized.

⁽⁵⁾

Annualized.

⁽⁶⁾

Excludes the impact of in-kind transactions.

⁽⁷⁾

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

A.

Security Valuation. All equity securities, including domestic and foreign common stocks, preferred stocks and exchange-traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market ^® , Nasdaq Global Select Market ^® and the Nasdaq Capital Market ^® exchanges (collectively, “Nasdaq”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Level 1

– Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2

– Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3

– Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

Assets^

Level 1

Level 2

Level 3

Total

Common Stocks

Short-Term Investments

Total Investments in Securities

^{^}

See Schedule of Investments for breakout of investments by country and sector classifications.

B.

Foreign Currency . Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all net taxable investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and various state and local tax returns.

D.

Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income or separately disclosed, if any, are recorded at fair value of the security received. Withholding taxes on foreign dividends and foreign taxes on capital gains, if any, have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations. Interest income is recorded on an accrual basis.

E.

Distributions to Shareholders. Distributions to shareholders from net investment income and net realized gains on securities are declared and paid by the Fund at least annually. Distributions are recorded on the ex-dividend date.

F.

Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates.

G.

Share Valuation. The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. The offering and redemption price per share for creation units of the Fund is equal to the Fund’s NAV per share.

H.

Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

I.

Subsequent Events. In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to the end of the current fiscal period that materially impacted the amounts or disclosures in the Fund’s financial statements.

J.

Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These classifications have no effect on net assets or NAV per share and are primarily due to differing book and tax treatments for in-kind transactions. For the current fiscal period, there were no permanent differences.

Tax cost of investments

Gross tax unrealized appreciation

Gross tax unrealized depreciation

Net tax unrealized appreciation (depreciation)

Undistributed ordinary income

Undistributed long-term capital gains

Other accumulated gain (loss)

Distributable earnings (accumulated deficit)

Name and
Year of Birth

Position
Held with
the Trust

Term of
Office and
Length of
Time
Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in
Fund
Complex
Overseen
by
Trustee

Other
Directorships
Held
by Trustee
During
Past 5 Years

Independent Trustees

Leonard M. Rush, CPA

Born: 1946

Lead Independent Trustee and Audit Committee Chairman

Indefinite term; since 2012

Retired; formerly Chief Financial Officer, Robert W. Baird & Co. Incorporated (wealth management firm) (2000–2011).

56

Independent Trustee, Managed Portfolio Series (34 portfolios) (since 2011).

David A. Massart

Born: 1967

Trustee

Indefinite term; since 2012

Partner and Managing Director, Beacon Pointe Advisors, LLC (since 2022); Co-Founder, President, and Chief Investment Strategist, Next Generation Wealth Management, Inc. (2005-2021).

56

Independent Trustee, Managed Portfolio Series (34 portfolios) (since 2011).

Janet D. Olsen

Born: 1956

Trustee

Indefinite term; since 2018

Retired; formerly Managing Director and General Counsel, Artisan Partners Limited Partnership (investment adviser) (2000–2013); Executive Vice President and General Counsel, Artisan Partners Asset Management Inc. (2012–2013); Vice President and General Counsel, Artisan Funds, Inc. (investment company) (2001–2012).

56

Independent Trustee, PPM Funds (2 portfolios) (since 2018).

Interested Trustee

Michael A. Castino

Born: 1967

Trustee and Chairman

Indefinite term; Trustee since 2014; Chairman since 2013

Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2013); Managing Director of Index Services, Zacks Investment Management (2011–2013).

56

None

Name and
Year of Birth

Position(s)
Held with
the Trust

Term of Office and
Length of Time
Served

Principal Occupation(s)
During Past 5 Years

Principal Officers of the Trust

Kristina R. Nelson

Born: 1982

President

Indefinite term; since 2019

Senior Vice President, U.S. Bancorp Fund Services, LLC (since 2020); Vice President, U.S. Bancorp Fund Services, LLC (2014–2020).

Alyssa M. Bernard

Born: 1988

Vice President

Indefinite term; since 2021

Vice President, U.S. Bancorp Fund Services, LLC (since 2021); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2018–2021); Attorney, Waddell & Reed Financial, Inc. (2017–2018).

Cynthia L. Andrae

Born: 1971

Chief Compliance Officer and Anti-Money Laundering Officer

Indefinite term; since 2022 (other roles since 2021)

Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Compliance Officer, U.S. Bancorp Fund Services, LLC (2015-2019).

Kristen M. Weitzel

Born: 1977

Treasurer

Indefinite term; since 2014 (other roles since 2013)

Vice President, U.S. Bancorp Fund Services, LLC (since 2015); Assistant Vice President, U.S. Bancorp Fund Services, LLC (2011–2015).

Isabella K. Zoller

Born: 1994

Secretary

Indefinite term; since 2021 (other roles since 2020)

Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2021); Regulatory Administration Attorney, U.S. Bancorp Fund Services, LLC (since 2019); Regulatory Administration Intern, U.S. Bancorp Fund Services, LLC (2018–2019); Law Student (2016–2019).

Vladimir V. Gurevich

Born: 1983

Assistant Treasurer

Indefinite term; since 2022

Officer, U.S. Bancorp Fund Services, LLC

(since 2021); Fund Administrator, UMB Fund

Services, Inc. (2015–2021).

Jason E. Shlensky

Born: 1987

Assistant Treasurer

Indefinite term; since 2019

Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2019); Officer, U.S. Bancorp Fund Services, LLC (2014–2019).

Jessica L. Vorbeck

Born: 1984

Assistant Treasurer

Indefinite term; since 2020

Officer, U.S. Bancorp Fund Services, LLC (since 2018; 2014-2017).

Beginning
Account Value
May 1, 2022

Ending
Account Value
October 31, 2022

Expenses
Paid During
the Period ⁽¹⁾

Actual

$ 1,000.00

$ 773.50

$ 2.24

Hypothetical (5% annual return before expenses)

$ 1,000.00

$ 1,022.68

$ 2.55

⁽¹⁾

The dollar amount shown as expenses paid during the period is equal to the annualized net expense ratio, 0.50%, multiplied by the average account value during the period, multiplied by 184/365 to reflect the one-half year period.