Annual
Report |
For
the Period Ended
December
31, 2023 |
First
Trust Dividend Strength ETF (FTDS) |
First
Trust Dow 30 Equal Weight ETF (EDOW) |
First
Trust Lunt U.S. Factor Rotation ETF (FCTR) |
First
Trust S&P 500 Diversified Free Cash Flow ETF
(FCFY) |
2 | |
3 | |
4 | |
6 | |
8 | |
10 | |
12 | |
13 | |
14 | |
16 | |
17 | |
21 | |
24 | |
25 | |
26 | |
28 | |
32 | |
41 | |
42 | |
48 | |
50 |
Performance | |||||||
|
|
Average
Annual Total Returns |
Cumulative
Total Returns | ||||
|
1
Year
Ended
12/31/23 |
5
Years
Ended
12/31/23 |
10
Years
Ended
12/31/23 |
Inception
(12/5/06)
to
12/31/23 |
5
Years
Ended
12/31/23 |
10
Years
Ended
12/31/23 |
Inception
(12/5/06)
to
12/31/23 |
Fund
Performance |
|
|
|
|
|
|
|
NAV |
11.84% |
11.45% |
7.45% |
6.47% |
71.96% |
105.12% |
191.75% |
Market
Price |
11.66% |
11.45% |
7.45% |
6.47% |
71.97% |
105.06% |
191.72% |
Index
Performance |
|
|
|
|
|
|
|
The
Dividend StrengthTM
Index(1)(2)
|
12.63% |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
S&P
500®
Index(3)
|
26.29% |
15.69% |
12.03% |
9.54% |
107.21% |
211.49% |
374.24% |
Dow
Jones U.S. Select Dividend Index |
1.53% |
10.05% |
9.26% |
7.41% |
61.40% |
142.54% |
238.68% |
Russell
1000®
Value Index |
11.46% |
10.91% |
8.40% |
6.84% |
67.79% |
123.99% |
209.16% |
(1)
|
On
April 29, 2022, the Fund’s underlying index changed from the Nasdaq
AlphaDEX® Total
US Market Index to The Dividend StrengthTM
Index.
Therefore, the Fund’s performance and total returns shown are not
necessarily indicative of the performance the Fund, based on its current
index,
would have generated. |
(2)
|
Because
the Fund’s underlying index has an inception date of March 7, 2022,
performance data for the Index is not available for all periods
shown
in the table because performance data does not exist for some of the
entire periods. |
(3)
|
The
S&P 500®
Index will serve as the Fund’s new primary benchmark index. The Fund’s
portfolio managers believe that the S&P 500®
Index
provides
a more appropriate comparison to Fund
returns. |
Sector
Allocation |
%
of Total
Long-Term
Investments |
Financials |
27.9% |
Industrials |
22.3 |
Energy |
13.6 |
Information
Technology |
10.9 |
Consumer
Discretionary |
10.3 |
Materials |
5.6 |
Consumer
Staples |
5.2 |
Real
Estate |
2.2 |
Health
Care |
2.0 |
Total |
100.0% |
Top
Ten Holdings |
%
of Total
Long-Term
Investments |
Zions
Bancorp N.A. |
2.6% |
East
West Bancorp, Inc. |
2.5 |
Regions
Financial Corp. |
2.4 |
QUALCOMM,
Inc. |
2.4 |
SouthState
Corp. |
2.3 |
Williams-Sonoma,
Inc. |
2.3 |
Texas
Roadhouse, Inc. |
2.3 |
Cullen/Frost
Bankers, Inc. |
2.2 |
Commerce
Bancshares, Inc. |
2.2 |
PACCAR,
Inc. |
2.2 |
Total |
23.4% |
![]() |
Performance
figures assume reinvestment of
all
distributions and do not reflect the
deduction
of taxes that a shareholder would
pay
on Fund distributions or the redemption
or
sale of Fund shares. An index is a statistical
composite
that tracks a specified financial
market
or sector. Unlike the Fund, the indices
do
not actually hold a portfolio of securities
and
therefore do not incur the expenses
incurred
by the Fund. These expenses
negatively
impact the performance of the
Fund.
The Fund’s past performance does not
predict
future performance. |
Performance | |||||
|
|
Average
Annual Total
Returns |
Cumulative
Total Returns | ||
|
1
Year
Ended
12/31/23 |
5
Years
Ended
12/31/23 |
Inception
(8/8/17)
to
12/31/23 |
5
Years
Ended
12/31/23 |
Inception
(8/8/17)
to
12/31/23 |
Fund
Performance |
|
|
|
|
|
NAV |
15.74% |
10.92% |
10.07% |
67.91% |
84.79% |
Market
Price |
15.81% |
10.95% |
10.08% |
68.12% |
84.84% |
Index
Performance |
|
|
|
|
|
Dow
Jones Industrial Average®
Equal Weight Index |
16.37% |
11.61% |
10.72% |
73.17% |
91.86% |
Dow
Jones Industrial AverageTM
|
16.18% |
12.47% |
11.12% |
80.00% |
96.36% |
S&P
500®
Index |
26.29% |
15.69% |
12.78% |
107.21% |
115.79% |
Sector
Allocation |
%
of Total
Long-Term
Investments |
Information
Technology |
20.0% |
Financials |
17.1 |
Industrials |
13.8 |
Consumer
Staples |
13.4 |
Health
Care |
13.1 |
Consumer
Discretionary |
9.7 |
Communication
Services |
6.2 |
Materials |
3.4 |
Energy |
3.3 |
Total |
100.0% |
Top
Ten Holdings |
%
of Total
Long-Term
Investments |
Intel
Corp. |
3.8% |
Caterpillar,
Inc. |
3.6 |
Walgreens
Boots Alliance, Inc. |
3.6 |
American
Express Co. |
3.5 |
Goldman
Sachs Group (The), Inc. |
3.5 |
Honeywell
International, Inc. |
3.4 |
Dow,
Inc. |
3.4 |
JPMorgan
Chase & Co. |
3.4 |
Amgen,
Inc. |
3.4 |
Boeing
(The) Co. |
3.4 |
Total |
35.0% |
![]() |
Performance
figures assume reinvestment of
all
distributions and do not reflect the
deduction
of taxes that a shareholder would
pay
on Fund distributions or the redemption
or
sale of Fund shares. An index is a statistical
composite
that tracks a specified financial
market
or sector. Unlike the Fund, the indices
do
not actually hold a portfolio of securities
and
therefore do not incur the expenses
incurred
by the Fund. These expenses
negatively
impact the performance of the
Fund.
The Fund’s past performance does not
predict
future performance. |
Performance | |||||
|
|
Average
Annual Total
Returns |
Cumulative
Total Returns | ||
|
1
Year
Ended
12/31/23 |
5
Years
Ended
12/31/23 |
Inception
(7/25/18)
to
12/31/23 |
5
Years
Ended
12/31/23 |
Inception
(7/25/18)
to
12/31/23 |
Fund
Performance |
|
|
|
|
|
NAV |
0.68% |
10.49% |
7.05% |
64.70% |
44.78% |
Market
Price |
0.61% |
10.49% |
7.04% |
64.64% |
44.73% |
Index
Performance |
|
|
|
|
|
Lunt
Capital Large Cap Factor Rotation Index |
1.45% |
11.34% |
7.85% |
71.09% |
50.77% |
Nasdaq
US 500 Large CapTM
Index |
27.14% |
15.74% |
11.89% |
107.67% |
84.20% |
S&P
500®
Index |
26.29% |
15.69% |
11.89% |
107.21% |
84.16% |
Sector
Allocation |
%
of Total
Long-Term
Investments |
Information
Technology |
36.3% |
Consumer
Discretionary |
14.2 |
Financials |
12.8 |
Industrials |
10.1 |
Health
Care |
9.8 |
Communication
Services |
8.6 |
Materials |
3.1 |
Consumer
Staples |
1.8 |
Real
Estate |
1.4 |
Energy |
1.4 |
Utilities |
0.5 |
Total |
100.0% |
Top
Ten Holdings |
%
of Total
Long-Term
Investments |
NVIDIA
Corp. |
2.7% |
Royal
Caribbean Cruises Ltd. |
2.3 |
Apollo
Global Management, Inc. |
2.1 |
Builders
FirstSource, Inc. |
1.8 |
Broadcom,
Inc. |
1.7 |
DraftKings,
Inc., Class A |
1.7 |
ROBLOX
Corp., Class A |
1.7 |
Fair
Isaac Corp. |
1.5 |
Insulet
Corp. |
1.5 |
Alnylam
Pharmaceuticals, Inc. |
1.5 |
Total |
18.5% |
![]() |
Performance
figures assume reinvestment of
all
distributions and do not reflect the
deduction
of taxes that a shareholder would
pay
on Fund distributions or the redemption
or
sale of Fund shares. An index is a statistical
composite
that tracks a specified financial
market
or sector. Unlike the Fund, the indices
do
not actually hold a portfolio of securities
and
therefore do not incur the expenses
incurred
by the Fund. These expenses
negatively
impact the performance of the
Fund.
The Fund’s past performance does not
predict
future performance. |
Performance | |
|
Cumulative
Total
Returns |
|
Inception
(8/23/23)
to
12/31/23 |
Fund
Performance |
|
NAV |
10.23% |
Market
Price |
10.23% |
Index
Performance |
|
S&P
500®
Sector-Neutral FCF Index |
10.48% |
S&P
500®
Index |
8.15% |
Sector
Allocation |
%
of Total
Long-Term
Investments |
Information
Technology |
27.4% |
Financials |
14.4 |
Consumer
Discretionary |
12.5 |
Health
Care |
12.3 |
Industrials |
8.2 |
Communication
Services |
8.0 |
Consumer
Staples |
6.1 |
Energy |
4.0 |
Real
Estate |
2.6 |
Materials |
2.3 |
Utilities |
2.2 |
Total |
100.0% |
Top
Ten Holdings |
%
of Total
Long-Term
Investments |
Skyworks
Solutions, Inc. |
2.8% |
HP,
Inc. |
2.6 |
Cisco
Systems, Inc. |
2.5 |
Live
Nation Entertainment, Inc. |
2.3 |
NetApp,
Inc. |
2.2 |
Fox
Corp., Class A |
2.2 |
F5,
Inc. |
2.2 |
Humana,
Inc. |
2.1 |
Microchip
Technology, Inc. |
2.1 |
Cognizant
Technology Solutions Corp.,
Class
A |
2.0 |
Total |
23.0% |
![]() |
Performance
figures assume reinvestment of
all
distributions and do not reflect the
deduction
of taxes that a shareholder would
pay
on Fund distributions or the redemption
or
sale of Fund shares. An index is a statistical
composite
that tracks a specified financial
market
or sector. Unlike the Fund, the indices
do
not actually hold a portfolio of securities
and
therefore do not incur the expenses
incurred
by the Fund. These expenses
negatively
impact the performance of the
Fund.
The Fund’s past performance does not
predict
future performance. |
|
Beginning
Account
Value
July
1, 2023
|
Ending
Account
Value
December
31, 2023
|
Annualized
Expense
Ratio
Based
on the
Six-Month
Period
|
Expenses
Paid
During
the
Six-Month
Period
(a) |
First
Trust Dividend Strength ETF (FTDS)
| ||||
Actual |
$1,000.00 |
$1,114.90 |
0.70%
(b) |
$3.73 |
Hypothetical
(5% return before expenses) |
$1,000.00 |
$1,021.68 |
0.70%
(b) |
$3.57 |
First
Trust Dow 30 Equal Weight ETF (EDOW)
| ||||
Actual |
$1,000.00 |
$1,095.70 |
0.50% |
$2.64 |
Hypothetical
(5% return before expenses) |
$1,000.00 |
$1,022.68 |
0.50% |
$2.55 |
First
Trust Lunt U.S. Factor Rotation ETF (FCTR)
| ||||
Actual |
$1,000.00 |
$1,061.30 |
0.65% |
$3.38 |
Hypothetical
(5% return before expenses) |
$1,000.00 |
$1,021.93 |
0.65% |
$3.31 |
|
Beginning
Account
Value
August
23, 2023 (c) |
Ending
Account
Value
December
31, 2023
|
Annualized
Expense
Ratio
Based
on the
Number
of Days
in
the Period
|
Expenses
Paid
During
the Period
August
23, 2023 (c)
to
December
31, 2023 (d) |
First
Trust S&P 500 Diversified Free Cash Flow ETF (FCFY)
| ||||
Actual |
$1,000.00 |
$1,102.30 |
0.60% |
$2.26 |
Hypothetical
(5% return before expenses) |
$1,000.00 |
$1,022.18 |
0.60% |
$3.06 |
(a) |
Expenses
are equal to the annualized expense ratio as indicated in the table
multiplied by the average account value over the period (July 1, 2023
through
December 31, 2023), multiplied by 184/365 (to reflect the six-month
period). |
(b) |
These
expense ratios reflect an expense cap. See Note
3
in the Notes to Financial Statements. |
(c) |
Inception
date. |
(d) |
Actual
expenses are equal to the annualized expense ratio as indicated in the
table multiplied by the average account value over the period
(August
23, 2023 through December 31, 2023), multiplied by 131/365. Hypothetical
expenses are assumed for the most recent six-month
period. |
Shares |
Description |
Value | |||
COMMON
STOCKS — 99.9% | |||||
|
Aerospace
& Defense — 5.9%
|
| |||
1,576 |
General
Dynamics Corp. |
$409,240 | |||
1,690 |
Huntington
Ingalls Industries,
Inc. |
438,792 | |||
834 |
Lockheed
Martin Corp. |
378,002 | |||
|
|
1,226,034 | |||
|
Banks
— 16.3%
|
| |||
8,579 |
Commerce
Bancshares, Inc. |
458,204 | |||
4,300 |
Cullen/Frost
Bankers, Inc. |
466,507 | |||
7,191 |
East
West Bancorp, Inc. |
517,393 | |||
3,254 |
M&T
Bank Corp. |
446,058 | |||
25,638 |
Regions
Financial Corp. |
496,864 | |||
5,647 |
SouthState
Corp. |
476,889 | |||
12,357 |
Zions
Bancorp N.A. |
542,102 | |||
|
|
3,404,017 | |||
|
Building
Products — 2.1%
|
| |||
7,600 |
Johnson
Controls
International
PLC |
438,064 | |||
|
Capital
Markets — 2.1%
|
| |||
6,416 |
Stifel
Financial Corp. |
443,666 | |||
|
Chemicals
— 5.6%
|
| |||
5,530 |
FMC
Corp. |
348,667 | |||
10,455 |
Mosaic
(The) Co. |
373,557 | |||
2,968 |
PPG
Industries, Inc. |
443,864 | |||
|
|
1,166,088 | |||
|
Distributors
— 1.9%
|
| |||
2,878 |
Genuine
Parts Co. |
398,603 | |||
|
Food
Products — 5.2%
|
| |||
5,082 |
Archer-Daniels-Midland
Co. |
367,022 | |||
3,644 |
Bunge
Global S.A. |
367,862 | |||
1,939 |
Hershey
(The) Co. |
361,507 | |||
|
|
1,096,391 | |||
|
Ground
Transportation — 4.1%
|
| |||
1,835 |
Norfolk
Southern Corp. |
433,758 | |||
1,752 |
Union
Pacific Corp. |
430,326 | |||
|
|
864,084 | |||
|
Health
Care Providers & Services
— 2.0%
|
| |||
2,992 |
Quest
Diagnostics, Inc. |
412,537 | |||
|
Hotels,
Restaurants & Leisure —
4.2%
|
| |||
3,849 |
Texas
Roadhouse, Inc. |
470,463 | |||
5,026 |
Wyndham
Hotels & Resorts, Inc. |
404,141 | |||
|
|
874,604 | |||
|
Insurance
— 9.5%
|
| |||
4,772 |
Aflac,
Inc. |
393,690 | |||
3,754 |
Cincinnati
Financial Corp. |
388,389 |
Shares |
Description |
Value | |||
| |||||
|
Insurance
(Continued)
|
| |||
5,260 |
Hartford
Financial Services
Group
(The), Inc. |
$422,799 | |||
2,291 |
Travelers
(The) Cos., Inc. |
436,412 | |||
7,565 |
Unum
Group |
342,089 | |||
|
|
1,983,379 | |||
|
Machinery
— 8.0%
|
| |||
3,270 |
AGCO
Corp. |
397,010 | |||
1,689 |
Cummins,
Inc. |
404,634 | |||
4,691 |
PACCAR,
Inc. |
458,076 | |||
1,464 |
Snap-on,
Inc. |
422,862 | |||
|
|
1,682,582 | |||
|
Oil,
Gas & Consumable Fuels —
13.6%
|
| |||
2,219 |
Chevron
Corp. |
330,986 | |||
2,984 |
ConocoPhillips |
346,353 | |||
12,797 |
Coterra
Energy, Inc. |
326,579 | |||
7,662 |
Devon
Energy Corp. |
347,089 | |||
2,224 |
Diamondback
Energy, Inc. |
344,898 | |||
2,798 |
EOG
Resources, Inc. |
338,418 | |||
6,592 |
HF
Sinclair Corp. |
366,317 | |||
3,261 |
Phillips
66 |
434,170 | |||
|
|
2,834,810 | |||
|
Professional
Services — 2.1%
|
| |||
5,026 |
Robert
Half, Inc. |
441,886 | |||
|
Semiconductors
&
Semiconductor
Equipment —
10.9%
|
| |||
2,223 |
Analog
Devices, Inc. |
441,399 | |||
4,913 |
Microchip
Technology, Inc. |
443,054 | |||
1,993 |
NXP
Semiconductors N.V. |
457,752 | |||
3,408 |
QUALCOMM,
Inc. |
492,899 | |||
4,016 |
Skyworks
Solutions, Inc. |
451,479 | |||
|
|
2,286,583 | |||
|
Specialized
REITs — 2.2%
|
| |||
1,474 |
Public
Storage |
449,570 | |||
|
Specialty
Retail — 4.2%
|
| |||
1,896 |
Tractor
Supply Co. |
407,697 | |||
2,356 |
Williams-Sonoma,
Inc. |
475,394 | |||
|
|
883,091 | |||
|
Total
Common Stocks |
20,885,989 | |||
|
(Cost
$19,386,809) |
|
Shares |
Description |
Value | |||
MONEY
MARKET FUNDS — 0.1% | |||||
29,233 |
Morgan
Stanley Institutional
Liquidity
Funds - Treasury
Portfolio
- Institutional Class -
5.22%
(a) |
$29,233 | |||
|
(Cost
$29,233) |
| |||
| |||||
| |||||
|
Total
Investments — 100.0% |
20,915,222 | |||
|
(Cost
$19,416,042) |
| |||
|
Net
Other Assets and
Liabilities
— (0.0)% |
(7,065
) | |||
|
Net
Assets — 100.0% |
$20,908,157 |
(a) |
Rate
shown reflects yield as of December 31,
2023. |
|
Total
Value
at
12/31/2023 |
Level
1
Quoted
Prices |
Level
2
Significant
Observable
Inputs |
Level
3
Significant
Unobservable
Inputs |
Common
Stocks* |
$ 20,885,989 |
$ 20,885,989 |
$ — |
$ — |
Money
Market Funds |
29,233 |
29,233 |
— |
— |
Total
Investments |
$20,915,222 |
$20,915,222 |
$— |
$— |
* |
See
Portfolio of Investments for industry
breakout. |
Shares |
Description |
Value | |||
COMMON
STOCKS — 100.0% | |||||
|
Aerospace
& Defense — 3.4%
|
| |||
32,524 |
Boeing
(The) Co. (a) |
$8,477,706 | |||
|
Banks
— 3.4%
|
| |||
50,210 |
JPMorgan
Chase & Co. |
8,540,721 | |||
|
Beverages
— 3.2%
|
| |||
135,796 |
Coca-Cola
(The) Co. |
8,002,458 | |||
|
Biotechnology
— 3.4%
|
| |||
29,576 |
Amgen,
Inc. |
8,518,480 | |||
|
Capital
Markets — 3.5%
|
| |||
22,688 |
Goldman
Sachs Group (The),
Inc. |
8,752,350 | |||
|
Chemicals
— 3.4%
|
| |||
156,305 |
Dow,
Inc. |
8,571,766 | |||
|
Communications
Equipment —
3.3%
|
| |||
164,510 |
Cisco
Systems, Inc. |
8,311,045 | |||
|
Consumer
Finance — 3.6%
|
| |||
47,254 |
American
Express Co. |
8,852,564 | |||
|
Consumer
Staples Distribution &
Retail — 6.9%
|
| |||
343,655 |
Walgreens
Boots Alliance, Inc. |
8,972,832 | |||
52,758 |
Walmart,
Inc. |
8,317,299 | |||
|
|
17,290,131 | |||
|
Diversified
Telecommunication Services
— 3.1%
|
| |||
208,083 |
Verizon
Communications, Inc. |
7,844,729 | |||
|
Entertainment
— 3.1%
|
| |||
85,746 |
Walt
Disney (The) Co. |
7,742,006 | |||
|
Financial
Services — 3.3%
|
| |||
31,124 |
Visa,
Inc., Class A |
8,103,133 | |||
|
Health
Care Providers & Services
— 3.1%
|
| |||
14,475 |
UnitedHealth
Group, Inc. |
7,620,653 | |||
|
Hotels,
Restaurants & Leisure —
3.3%
|
| |||
27,876 |
McDonald’s
Corp. |
8,265,513 | |||
|
Household
Products — 3.2%
|
| |||
54,836 |
Procter
& Gamble (The) Co. |
8,035,667 | |||
|
Industrial
Conglomerates — 6.8%
|
| |||
76,998 |
3M
Co. |
8,417,421 | |||
40,900 |
Honeywell
International, Inc. |
8,577,139 | |||
|
|
16,994,560 | |||
|
Insurance
— 3.4%
|
| |||
43,910 |
Travelers
(The) Cos., Inc. |
8,364,416 | |||
|
IT
Services — 3.2%
|
| |||
49,144 |
International
Business Machines
Corp. |
8,037,501 |
Shares |
Description |
Value | |||
| |||||
|
Machinery
— 3.6%
|
| |||
30,668 |
Caterpillar,
Inc. |
$9,067,608 | |||
|
Oil,
Gas & Consumable Fuels —
3.3%
|
| |||
55,151 |
Chevron
Corp. |
8,226,323 | |||
|
Pharmaceuticals
— 6.6%
|
| |||
51,542 |
Johnson
& Johnson |
8,078,693 | |||
76,712 |
Merck
& Co., Inc. |
8,363,142 | |||
|
|
16,441,835 | |||
|
Semiconductors
&
Semiconductor
Equipment —
3.8%
|
| |||
186,393 |
Intel
Corp. |
9,366,248 | |||
|
Software
— 6.6%
|
| |||
21,268 |
Microsoft
Corp. |
7,997,619 | |||
31,736 |
Salesforce,
Inc. (a) |
8,351,011 | |||
|
|
16,348,630 | |||
|
Specialty
Retail — 3.4%
|
| |||
24,381 |
Home
Depot (The), Inc. |
8,449,236 | |||
|
Technology
Hardware, Storage &
Peripherals — 3.1%
|
| |||
40,667 |
Apple,
Inc. |
7,829,618 | |||
|
Textiles,
Apparel & Luxury Goods
— 3.0%
|
| |||
68,666 |
NIKE,
Inc., Class B |
7,455,068 | |||
| |||||
| |||||
|
Total
Investments — 100.0% |
249,509,965 | |||
|
(Cost
$226,431,875) |
| |||
|
Net
Other Assets and
Liabilities
— 0.0% |
92,789 | |||
|
Net
Assets — 100.0% |
$249,602,754 |
(a) |
Non-income
producing security. |
|
Total
Value
at
12/31/2023 |
Level
1
Quoted
Prices |
Level
2
Significant
Observable
Inputs |
Level
3
Significant
Unobservable
Inputs |
Common
Stocks* |
$ 249,509,965 |
$ 249,509,965 |
$ — |
$ — |
* |
See
Portfolio of Investments for industry
breakout. |
Shares |
Description |
Value | |||
COMMON
STOCKS — 99.9% | |||||
|
Aerospace
& Defense — 2.7%
|
| |||
1,387 |
Axon
Enterprise, Inc. (a) |
$358,304 | |||
3,357 |
Boeing
(The) Co. (a) |
875,035 | |||
3,822 |
Howmet
Aerospace, Inc. |
206,847 | |||
768 |
TransDigm
Group, Inc. |
776,909 | |||
|
|
2,217,095 | |||
|
Automobiles
— 3.2%
|
| |||
33,611 |
Ford
Motor Co. |
409,718 | |||
132,216 |
Lucid
Group, Inc. (a) |
556,630 | |||
48,692 |
Rivian
Automotive, Inc.,
Class
A (a) |
1,142,314 | |||
2,171 |
Tesla,
Inc. (a) |
539,450 | |||
|
|
2,648,112 | |||
|
Banks
— 1.4%
|
| |||
13,302 |
Citizens
Financial Group, Inc. |
440,828 | |||
29,130 |
Huntington
Bancshares, Inc. |
370,533 | |||
2,420 |
M&T
Bank Corp. |
331,734 | |||
|
|
1,143,095 | |||
|
Biotechnology
— 2.0%
|
| |||
6,606 |
Alnylam
Pharmaceuticals,
Inc.
(a) |
1,264,455 | |||
4,378 |
Moderna,
Inc. (a) |
435,392 | |||
|
|
1,699,847 | |||
|
Broadline
Retail — 0.9%
|
| |||
4,124 |
Amazon.com,
Inc. (a) |
626,600 | |||
1,554 |
Etsy,
Inc. (a) |
125,952 | |||
|
|
752,552 | |||
|
Building
Products — 2.9%
|
| |||
8,778 |
Builders
FirstSource, Inc. (a) |
1,465,399 | |||
1,241 |
Carlisle
Cos., Inc. |
387,726 | |||
5,303 |
Carrier
Global Corp. |
304,657 | |||
1,045 |
Trane
Technologies PLC |
254,876 | |||
|
|
2,412,658 | |||
|
Capital
Markets — 5.2%
|
| |||
4,624 |
Ares
Management Corp.,
Class
A |
549,886 | |||
3,743 |
Blackstone,
Inc. |
490,034 | |||
10,836 |
Carlyle
Group (The), Inc. |
440,917 | |||
6,535 |
Charles
Schwab (The) Corp. |
449,608 | |||
13,250 |
KKR
& Co., Inc. |
1,097,762 | |||
719 |
LPL
Financial Holdings, Inc. |
163,659 | |||
911 |
Moody’s
Corp. |
355,800 | |||
727 |
MSCI,
Inc. |
411,227 | |||
4,671 |
Northern
Trust Corp. |
394,139 | |||
|
|
4,353,032 | |||
|
Chemicals
— 1.3%
|
| |||
3,781 |
CF
Industries Holdings, Inc. |
300,590 |
Shares |
Description |
Value | |||
| |||||
|
Chemicals
(Continued)
|
| |||
5,490 |
International
Flavors &
Fragrances,
Inc. |
$444,525 | |||
10,028 |
Mosaic
(The) Co. |
358,300 | |||
|
|
1,103,415 | |||
|
Commercial
Services & Supplies
— 0.7%
|
| |||
305 |
Cintas
Corp. |
183,811 | |||
7,822 |
Copart,
Inc. (a) |
383,278 | |||
|
|
567,089 | |||
|
Communications
Equipment —
0.6%
|
| |||
2,125 |
Arista
Networks, Inc. (a) |
500,459 | |||
|
Construction
& Engineering —
0.3%
|
| |||
1,268 |
Quanta
Services, Inc. |
273,634 | |||
|
Consumer
Staples Distribution &
Retail — 1.8%
|
| |||
330 |
Costco
Wholesale Corp. |
217,826 | |||
3,366 |
Dollar
General Corp. |
457,608 | |||
3,171 |
Dollar
Tree, Inc. (a) |
450,441 | |||
14,026 |
Walgreens
Boots Alliance, Inc. |
366,219 | |||
|
|
1,492,094 | |||
|
Containers
& Packaging — 0.4%
|
| |||
5,980 |
Ball
Corp. |
343,970 | |||
|
Electric
Utilities — 0.5%
|
| |||
3,533 |
Constellation
Energy Corp. |
412,972 | |||
|
Electrical
Equipment — 0.3%
|
| |||
796 |
Hubbell,
Inc. |
261,828 | |||
|
Electronic
Equipment,
Instruments
& Components —
0.7%
|
| |||
4,512 |
Jabil,
Inc. |
574,829 | |||
|
Energy
Equipment & Services —
0.6%
|
| |||
14,317 |
Baker
Hughes Co. |
489,355 | |||
|
Entertainment
— 4.1%
|
| |||
945 |
Netflix,
Inc. (a) |
460,102 | |||
30,143 |
ROBLOX
Corp., Class A (a) |
1,378,138 | |||
3,275 |
Take-Two
Interactive Software,
Inc.
(a) |
527,111 | |||
90,200 |
Warner
Bros. Discovery, Inc. (a) |
1,026,476 | |||
|
|
3,391,827 | |||
|
Financial
Services — 4.2%
|
| |||
18,514 |
Apollo
Global Management, Inc. |
1,725,320 | |||
6,376 |
Block,
Inc. (a) |
493,184 | |||
3,336 |
Fidelity
National Information
Services,
Inc. |
200,393 |
Shares |
Description |
Value | |||
COMMON
STOCKS (Continued) | |||||
|
Financial
Services (Continued)
|
| |||
1,354 |
Mastercard,
Inc., Class A |
$577,495 | |||
1,867 |
Visa,
Inc., Class A |
486,073 | |||
|
|
3,482,465 | |||
|
Ground
Transportation — 0.8%
|
| |||
931 |
Old
Dominion Freight Line, Inc. |
377,362 | |||
5,392 |
Uber
Technologies, Inc. (a) |
331,986 | |||
|
|
709,348 | |||
|
Health
Care Equipment & Supplies
— 4.4%
|
| |||
8,200 |
Dexcom,
Inc. (a) |
1,017,538 | |||
706 |
IDEXX
Laboratories, Inc. (a) |
391,865 | |||
5,831 |
Insulet
Corp. (a) |
1,265,211 | |||
1,645 |
Intuitive
Surgical, Inc. (a) |
554,957 | |||
2,340 |
ResMed,
Inc. |
402,527 | |||
|
|
3,632,098 | |||
|
Health
Care REITs — 0.5%
|
| |||
9,131 |
Ventas,
Inc. |
455,089 | |||
|
Health
Care Technology — 0.7%
|
| |||
3,041 |
Veeva
Systems, Inc., Class A (a) |
585,453 | |||
|
Hotels,
Restaurants & Leisure —
8.1%
|
| |||
2,893 |
Airbnb,
Inc., Class A (a) |
393,853 | |||
90 |
Chipotle
Mexican Grill, Inc. (a) |
205,826 | |||
864 |
Domino’s
Pizza, Inc. |
356,167 | |||
10,931 |
DoorDash,
Inc., Class A (a) |
1,080,967 | |||
39,343 |
DraftKings,
Inc., Class A (a) |
1,386,841 | |||
12,203 |
Las
Vegas Sands Corp. |
600,510 | |||
1,096 |
McDonald’s
Corp. |
324,975 | |||
4,033 |
MGM
Resorts International (a) |
180,194 | |||
14,507 |
Royal
Caribbean Cruises Ltd. (a) |
1,878,511 | |||
2,864 |
Yum!
Brands, Inc. |
374,210 | |||
|
|
6,782,054 | |||
|
Household
Durables — 0.8%
|
| |||
36 |
NVR,
Inc. (a) |
252,016 | |||
4,105 |
PulteGroup,
Inc. |
423,718 | |||
|
|
675,734 | |||
|
Industrial
Conglomerates — 0.6%
|
| |||
4,234 |
General
Electric Co. |
540,385 | |||
|
Insurance
— 2.0%
|
| |||
1,570 |
Allstate
(The) Corp. |
219,769 | |||
1,162 |
Arthur
J. Gallagher & Co. |
261,311 | |||
3,193 |
Brown
& Brown, Inc. |
227,054 | |||
3,630 |
Cincinnati
Financial Corp. |
375,560 | |||
137 |
Markel
Group, Inc. (a) |
194,526 |
Shares |
Description |
Value | |||
| |||||
|
Insurance
(Continued)
|
| |||
1,101 |
Marsh
& McLennan Cos., Inc. |
$208,606 | |||
2,137 |
Prudential
Financial, Inc. |
221,628 | |||
|
|
1,708,454 | |||
|
Interactive
Media & Services —
3.4%
|
| |||
2,724 |
Alphabet,
Inc., Class A (a) |
380,516 | |||
4,124 |
Match
Group, Inc. (a) |
150,526 | |||
3,212 |
Meta
Platforms, Inc., Class A (a) |
1,136,920 | |||
6,035 |
Pinterest,
Inc., Class A (a) |
223,536 | |||
57,369 |
Snap,
Inc., Class A (a) |
971,257 | |||
|
|
2,862,755 | |||
|
IT
Services — 3.3%
|
| |||
9,660 |
Cloudflare,
Inc., Class A (a) |
804,292 | |||
1,955 |
MongoDB,
Inc. (a) |
799,302 | |||
3,804 |
Snowflake,
Inc., Class A (a) |
756,996 | |||
1,893 |
VeriSign,
Inc. (a) |
389,882 | |||
|
|
2,750,472 | |||
|
Life
Sciences Tools & Services —
1.1%
|
| |||
14,130 |
Avantor,
Inc. (a) |
322,588 | |||
4,250 |
Illumina,
Inc. (a) |
591,770 | |||
|
|
914,358 | |||
|
Media
— 1.1%
|
| |||
669 |
Charter
Communications, Inc.,
Class
A (a) |
260,027 | |||
8,195 |
Paramount
Global, Class B |
121,204 | |||
7,675 |
Trade
Desk (The), Inc.,
Class
A (a) |
552,293 | |||
|
|
933,524 | |||
|
Metals
& Mining — 1.3%
|
| |||
3,415 |
Newmont
Corp. |
141,347 | |||
1,993 |
Nucor
Corp. |
346,862 | |||
837 |
Reliance
Steel & Aluminum Co. |
234,092 | |||
3,283 |
Steel
Dynamics, Inc. |
387,722 | |||
|
|
1,110,023 | |||
|
Office
REITs — 0.2%
|
| |||
1,383 |
Alexandria
Real Estate Equities,
Inc. |
175,323 | |||
|
Oil,
Gas & Consumable Fuels —
0.8%
|
| |||
2,747 |
Marathon
Petroleum Corp. |
407,545 | |||
2,917 |
Targa
Resources Corp. |
253,400 | |||
|
|
660,945 | |||
|
Passenger
Airlines — 0.2%
|
| |||
5,596 |
Southwest
Airlines Co. |
161,612 | |||
|
Pharmaceuticals
— 1.6%
|
| |||
1,713 |
Eli
Lilly & Co. |
998,542 | |||
1,517 |
Zoetis,
Inc. |
299,410 | |||
|
|
1,297,952 |
Shares |
Description |
Value | |||
COMMON
STOCKS (Continued) | |||||
|
Professional
Services — 0.7%
|
| |||
1,072 |
Paycom
Software, Inc. |
$221,604 | |||
1,361 |
Verisk
Analytics, Inc. |
325,088 | |||
|
|
546,692 | |||
|
Semiconductors
&
Semiconductor
Equipment —
11.0%
|
| |||
6,152 |
Advanced
Micro Devices,
Inc.
(a) |
906,866 | |||
2,259 |
Applied
Materials, Inc. |
366,116 | |||
1,255 |
Broadcom,
Inc. |
1,400,894 | |||
3,142 |
First
Solar, Inc. (a) |
541,304 | |||
23,708 |
Intel
Corp. |
1,191,327 | |||
1,175 |
KLA
Corp. |
683,028 | |||
665 |
Monolithic
Power Systems, Inc. |
419,469 | |||
4,474 |
NVIDIA
Corp. |
2,215,614 | |||
3,526 |
ON
Semiconductor Corp. (a) |
294,527 | |||
3,027 |
QUALCOMM,
Inc. |
437,795 | |||
3,184 |
Skyworks
Solutions, Inc. |
357,945 | |||
3,212 |
Teradyne,
Inc. |
348,566 | |||
|
|
9,163,451 | |||
|
Software
— 17.1%
|
| |||
1,159 |
Adobe,
Inc. (a) |
691,459 | |||
831 |
Aspen
Technology, Inc. (a) |
182,945 | |||
1,332 |
Autodesk,
Inc. (a) |
324,315 | |||
7,058 |
Bentley
Systems, Inc., Class B |
368,286 | |||
5,587 |
BILL
Holdings, Inc. (a) |
455,843 | |||
2,661 |
Cadence
Design Systems,
Inc.
(a) |
724,777 | |||
4,655 |
Crowdstrike
Holdings, Inc.,
Class
A (a) |
1,188,515 | |||
6,472 |
Datadog,
Inc., Class A (a) |
785,571 | |||
5,808 |
Dynatrace,
Inc. (a) |
317,639 | |||
1,087 |
Fair
Isaac Corp. (a) |
1,265,279 | |||
12,185 |
Fortinet,
Inc. (a) |
713,188 | |||
1,117 |
HubSpot,
Inc. (a) |
648,463 | |||
490 |
Intuit,
Inc. |
306,265 | |||
1,501 |
Microsoft
Corp. |
564,436 | |||
8,649 |
Oracle
Corp. |
911,864 | |||
67,227 |
Palantir
Technologies, Inc.,
Class
A (a) |
1,154,288 | |||
3,091 |
Palo
Alto Networks, Inc. (a) |
911,474 | |||
569 |
ServiceNow,
Inc. (a) |
401,993 | |||
1,358 |
Synopsys,
Inc. (a) |
699,248 | |||
9,219 |
Unity
Software, Inc. (a) |
376,965 | |||
2,153 |
Workday,
Inc., Class A (a) |
594,357 | |||
2,401 |
Zoom
Video Communications,
Inc.,
Class A (a) |
172,656 | |||
2,332 |
Zscaler,
Inc. (a) |
516,678 | |||
|
|
14,276,504 |
Shares |
Description |
Value | |||
| |||||
|
Specialized
REITs — 0.7%
|
| |||
2,187 |
SBA
Communications Corp. |
$554,820 | |||
|
Specialty
Retail — 0.7%
|
| |||
826 |
Burlington
Stores, Inc. (a) |
160,641 | |||
165 |
O’Reilly
Automotive, Inc. (a) |
156,763 | |||
2,484 |
TJX
(The) Cos., Inc. |
233,024 | |||
|
|
550,428 | |||
|
Technology
Hardware, Storage &
Peripherals — 3.6%
|
| |||
896 |
Apple,
Inc. |
172,507 | |||
6,486 |
Dell
Technologies, Inc., Class C |
496,179 | |||
5,848 |
Seagate
Technology
Holdings
PLC |
499,244 | |||
2,935 |
Super
Micro Computer, Inc. (a) |
834,303 | |||
18,948 |
Western
Digital Corp. (a) |
992,307 | |||
|
|
2,994,540 | |||
|
Textiles,
Apparel & Luxury Goods
— 0.5%
|
| |||
593 |
Deckers
Outdoor Corp. (a) |
396,379 | |||
|
Trading
Companies & Distributors
— 0.9%
|
| |||
1,324 |
United
Rentals, Inc. |
759,208 | |||
|
Total
Common Stocks |
83,317,929 | |||
|
(Cost
$74,382,350) |
| |||
MONEY
MARKET FUNDS — 0.1% | |||||
102,106 |
Morgan
Stanley Institutional
Liquidity
Funds - Treasury
Portfolio
- Institutional Class -
5.22%
(b) |
102,106 | |||
|
(Cost
$102,106) |
| |||
| |||||
| |||||
|
Total
Investments — 100.0% |
83,420,035 | |||
|
(Cost
$74,484,456) |
| |||