Kovitz
Core
Equity
ETF
Schedule
of
Investments
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
—
99.34%
Shares
Fair
Value
Communications
—
17.89%
Alphabet,
Inc.,
Class
A
(a)
70,408
$
6,959,127
Alphabet,
Inc.,
Class
C
(a)
339,816
33,937,424
Charter
Communications,
Inc.,
Class
A
(a)
52,594
20,212,400
Expedia
Group,
Inc.
(a)
73,629
8,415,795
GoDaddy,
Inc.,
Class
A
(a)
218,667
17,959,121
Meta
Platforms,
Inc.,
Class
A
(a)
148,852
22,174,481
Spotify
Technology
SA
(a)
52,637
5,933,243
Walt
Disney
Co.
(The)
(a)
204,881
22,227,540
137,819,131
Consumer
Discretionary
—
16.44%
Amazon.com,
Inc.
(a)
223,908
23,091,632
CarMax,
Inc.
(a)
271,281
19,111,746
General
Motors
Co.
443,437
17,435,943
Gildan
Activewear,
Inc.
555,829
17,414,123
Hasbro,
Inc.
218,839
12,948,704
Las
Vegas
Sands
Corp.
(a)
301,736
17,802,424
Lowe's
Cos.,
Inc.
90,604
18,868,283
126,672,855
Consumer
Staples
—
6.70%
Dollar
Tree,
Inc.
(a)
150,477
22,598,636
PepsiCo,
Inc.
4,330
740,517
Philip
Morris
International,
Inc.
271,406
28,291,361
51,630,514
Financials
—
20.73%
American
Express
Co.
96,041
16,800,452
Aon
PLC,
Class
A
57,642
18,369,353
Berkshire
Hathaway,
Inc.,
Class
A
(a)
1
473,000
Berkshire
Hathaway,
Inc.,
Class
B
(a)
93,963
29,271,354
Blackstone
Group
L.P.
(The),
Class
A
176,610
16,947,496
Charles
Schwab
Corp.
(The)
405,748
31,413,009
Intercontinental
Exchange,
Inc.
178,200
19,165,410
JPMorgan
Chase
&
Co.
194,768
27,259,729
159,699,803
Health
Care
—
4.19%
Abbott
Laboratories
6,300
696,465
Becton,
Dickinson
and
Co.
120,823
30,473,977
Stryker
Corp.
4,330
1,098,997
32,269,439
Industrials
—
10.04%
Equifax,
Inc.
2,900
644,380
Graco,
Inc.
14,003
956,685
Hayward
Holdings,
Inc.
(a)
415,509
5,605,216
Illinois
Tool
Works,
Inc.
3,710
875,708
Jacobs
Solutions,
Inc.
187,210
23,129,797
Johnson
Controls
International
PLC
10,493
729,998
Keysight
Technologies,
Inc.
(a)
61,288
10,992,003
Kovitz
Core
Equity
ETF
Schedule
of
Investments
(continued)
January
31,
2023
-
(Unaudited)
COMMON
STOCKS
—
99.34%
-
(continued)
Shares
Fair
Value
Industrials
—
10.04%
-
(continued)
Lincoln
Electric
Holdings,
Inc.
6,153
$
1,026,751
PACCAR,
Inc.
163,688
17,892,735
Quanta
Services,
Inc.
97,806
14,885,095
Verisk
Analytics,
Inc.
3,493
634,992
77,373,360
Materials
—
0.12%
PPG
Industries,
Inc.
7,283
949,266
Technology
—
23.23%
Analog
Devices,
Inc.
140,389
24,072,502
Apple,
Inc.
212,460
30,655,854
Arista
Networks,
Inc.
(a)
120,539
15,190,325
Autodesk,
Inc.
(a)
97,080
20,887,732
Microsoft
Corp.
6,953
1,723,023
Motorola
Solutions,
Inc.
105,933
27,225,840
Salesforce.com,
Inc.
(a)
120,040
20,163,119
Splunk,
Inc.
(a)
99,801
9,557,942
TE
Connectivity
Ltd.
3,660
465,369
Texas
Instruments,
Inc.
7,583
1,343,783
Visa,
Inc.,
Class
A
120,342
27,703,932
178,989,421
Total
Common
Stocks
(Cost $622,926,976)
765,403,789
Other
Assets
in
Excess
of
Liabilities — 0.66%
5,073,640
NET
ASSETS
—
100.00%
$
770,477,429
(a)
Non-income
producing
security.