First Eagle Overseas Equity ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.1%
  
Shares
    
Value
 
Brazil - 1.7%
        
Ambev SA - ADR
    
818,705
    
$
1,997,640
  
                 
Canada - 11.9%
          
Agnico Eagle Mines Ltd.
    
4,317
      
508,880
  
Barrick Mining Corp.
    
91,649
      
1,755,995
  
Franco-Nevada Corp.
    
5,320
      
896,145
  
Imperial Oil Ltd.
    
58,114
      
4,149,094
  
Nutrien Ltd.
    
32,828
      
1,937,837
  
Power Corp. of Canada
    
47,583
      
1,841,464
  
Wheaton Precious Metals Corp.
    
29,394
      
2,549,929
  
             
13,639,344
  
                 
China - 1.8%
          
Alibaba Group Holding Ltd.
    
145,700
      
2,116,442
  
                 
Faroe Islands - 0.4%
          
Bakkafrost P/F
    
9,296
      
432,588
  
                 
France - 6.1%
          
Danone SA
    
31,654
      
2,704,235
  
Legrand SA
    
8,517
      
1,034,271
  
LVMH Moet Hennessy Louis Vuitton SE
    
2,157
      
1,171,311
  
Pernod Ricard SA
    
7,286
      
752,997
  
Sanofi SA
    
13,160
      
1,307,767
  
             
6,970,581
  
                 
Germany - 1.8%
          
adidas AG
    
2,095
      
522,139
  
Merck KGaA
    
11,785
      
1,545,534
  
             
2,067,673
  
                 
Hong Kong - 3.4%
          
AIA Group Ltd.
    
148,600
      
1,244,161
  
CK Asset Holdings Ltd.
    
221,000
      
916,007
  
Jardine Matheson Holdings Ltd.
    
39,759
      
1,769,275
  
             
3,929,443
  
                 
Japan - 16.6%
          
FANUC Corp.
    
74,100
      
1,991,861
  
Hirose Electric Co. Ltd.
    
8,000
      
944,578
  
Hoshizaki Corp.
    
30,400
      
1,139,775
  
Kansai Paint Co. Ltd.
    
124,600
      
1,779,876
  
Komatsu Ltd.
    
11,900
      
365,696
  
Mitsubishi Electric Corp.
    
108,500
      
2,189,680
  
MS&AD Insurance Group Holdings, Inc.
    
85,000
      
2,041,489
  
Nihon Kohden Corp.
    
52,400
      
625,799
  
Secom Co. Ltd.
    
57,400
      
2,101,416
  
Shimano, Inc.
    
13,200
      
1,886,500
  
SMC Corp.
    
4,700
      
1,768,685
  
Sompo Holdings, Inc.
    
44,200
      
1,347,548
  
TIS, Inc.
    
24,800
      
818,308
  
             
19,001,211
  
                 
Mexico - 2.5%
          
Fomento Economico Mexicano SAB de CV - ADR
    
26,977
      
2,873,860
  
                 
Netherlands - 3.9%
          
Heineken NV
    
12,133
      
1,080,344
  
Prosus NV
    
65,034
      
3,337,690
  
             
4,418,034
  
                 
Singapore - 1.5%
          
United Overseas Bank Ltd.
    
62,668
      
1,720,546
  
                 
South Korea - 4.7%
          
Hyundai Mobis Co. Ltd.
    
5,473
      
1,003,601
  
NAVER Corp.
    
6,301
      
856,300
  
Samsung Electronics Co. Ltd.
    
87,083
      
3,547,195
  
             
5,407,096
  
                 
Sweden - 3.5%
          
Industrivarden AB
    
17,997
      
650,088
  
Investor AB (a)
    
81,587
      
2,401,583
  
Svenska Handelsbanken AB - Class A
    
71,742
      
958,236
  
             
4,009,907
  
                 
Switzerland - 6.9%
          
Cie Financiere Richemont SA
    
15,813
      
2,975,265
  
Nestle SA
    
19,365
      
2,063,561
  
Schindler Holding AG
    
6,630
      
2,355,543
  
SGS SA
    
5,398
      
562,625
  
             
7,956,994
  
                 
Taiwan - 2.2%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
12,780
      
2,470,630
  
                 
Thailand - 0.8%
          
Bangkok Bank PCL - NVDR
    
214,429
      
924,277
  
                 
Turkey - 0.4%
          
AG Anadolu Grubu Holding AS
    
78,281
      
511,040
  
                 
United Kingdom - 22.0%
          
BAE Systems PLC
    
112,301
      
2,877,127
  
Berkeley Group Holdings PLC
    
27,101
      
1,540,908
  
British American Tobacco PLC
    
98,355
      
4,418,156
  
Diageo PLC
    
22,911
      
622,629
  
Haleon PLC
    
368,160
      
2,053,105
  
Lloyds Banking Group PLC
    
1,823,172
      
1,896,374
  
Reckitt Benckiser Group PLC
    
38,013
      
2,577,222
  
Shell PLC
    
129,861
      
4,309,974
  
Unilever PLC
    
42,990
      
2,733,522
  
Willis Towers Watson PLC
    
6,979
      
2,209,202
  
             
25,238,219
  
                 
United States - 4.0%
          
Newmont Corp.
    
36,613
      
1,930,237
  
Philip Morris International, Inc.
    
7,410
      
1,338,172
  
Royal Gold, Inc.
    
7,122
      
1,268,571
  
             
4,536,980
  
TOTAL COMMON STOCKS (Cost $105,373,460)
      
110,222,505
  
                 
PREFERRED STOCKS - 3.2%
  
Shares
    
Value
 
Brazil - 1.0%
          
Itausa SA, 0.00%
    
590,165
      
1,143,287
  
                 
Germany - 2.2%
          
FUCHS SE, 0.00%
    
24,580
      
1,240,289
  
Henkel AG & Co. KGaA, 0.00%
    
15,491
      
1,239,688
  
             
2,479,977
  
TOTAL PREFERRED STOCKS (Cost $3,502,226)
      
3,623,264
  
                 
TOTAL INVESTMENTS - 99.3% (Cost $108,875,686)
      
113,845,769
  
Other Assets in Excess of Liabilities - 0.7%
      
821,333
  
TOTAL NET ASSETS - 100.0%
          
$
114,667,102
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
NVDR - Non-Voting Depositary Receipt
PCL - Public Company Limited
PLC - Public Limited Company

(a)
Non-income producing security.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
First Eagle Overseas Equity ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
110,222,505
    
$
–
    
$
–
    
$
110,222,505
  
  Preferred Stocks
    
3,623,264
      
–
      
–
      
3,623,264
  
Total Investments
  
$
113,845,769
    
$
–
    
$
–
    
$
113,845,769
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.