First Eagle Global Equity ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.4%
  
Shares
    
Value
 
Brazil - 0.9%
        
Ambev SA - ADR
    
979,225
    
$
2,389,309
  
                 
Canada - 8.3%
          
Agnico Eagle Mines Ltd.
    
17,180
      
2,025,146
  
Barrick Mining Corp.
    
163,219
      
3,127,276
  
Franco-Nevada Corp.
    
10,404
      
1,752,536
  
Imperial Oil Ltd.
    
62,614
      
4,470,375
  
Nutrien Ltd.
    
36,215
      
2,137,771
  
Power Corp. of Canada
    
61,570
      
2,382,761
  
Wheaton Precious Metals Corp.
    
60,974
      
5,289,495
  
             
21,185,360
  
                 
China - 1.2%
          
Alibaba Group Holding Ltd.
    
214,800
      
3,120,190
  
                 
France - 3.6%
          
Danone SA
    
44,044
      
3,762,726
  
LVMH Moet Hennessy Louis Vuitton SE
    
4,276
      
2,321,987
  
Pernod Ricard SA
    
9,170
      
947,705
  
Sanofi SA
    
21,615
      
2,147,977
  
             
9,180,395
  
                 
Germany - 0.3%
          
adidas AG
    
2,620
      
652,985
  
                 
Hong Kong - 1.5%
          
AIA Group Ltd.
    
232,400
      
1,945,781
  
Jardine Matheson Holdings Ltd.
    
41,265
      
1,836,292
  
             
3,782,073
  
                 
Ireland - 1.3%
          
Medtronic PLC
    
38,645
      
3,206,762
  
                 
Japan - 7.7%
          
FANUC Corp.
    
89,200
      
2,397,759
  
Hoshizaki Corp.
    
34,400
      
1,289,746
  
Mitsubishi Electric Corp.
    
138,000
      
2,785,031
  
MS&AD Insurance Group Holdings, Inc.
    
139,700
      
3,355,247
  
Secom Co. Ltd.
    
71,000
      
2,599,312
  
Shimano, Inc.
    
16,600
      
2,372,417
  
SMC Corp.
    
7,500
      
2,822,370
  
Sompo Holdings, Inc.
    
65,500
      
1,996,932
  
             
19,618,814
  
                 
Mexico - 1.6%
          
Fomento Economico Mexicano SAB de CV - ADR
    
38,645
      
4,116,852
  
                 
Netherlands - 2.7%
          
Heineken NV
    
15,720
      
1,399,737
  
Prosus NV
    
104,145
      
5,344,954
  
             
6,744,691
  
                 
South Korea - 2.3%
          
Samsung Electronics Co. Ltd.
    
145,018
      
5,907,090
  
                 
Sweden - 1.1%
          
Investor AB (a)
    
91,700
      
2,699,267
  
                 
Switzerland - 5.0%
          
Cie Financiere Richemont SA
    
26,275
      
4,943,722
  
Nestle SA
    
28,165
      
3,001,301
  
Schindler Holding AG
    
11,248
      
3,996,252
  
SGS SA
    
7,205
      
750,966
  
             
12,692,241
  
                 
Taiwan - 1.5%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
19,719
      
3,812,077
  
                 
United Kingdom - 12.9%
          
BAE Systems PLC
    
168,335
      
4,312,705
  
British American Tobacco PLC
    
145,480
      
6,535,035
  
Diageo PLC
    
37,335
      
1,014,615
  
Haleon PLC
    
613,735
      
3,422,594
  
Lloyds Banking Group PLC
    
2,249,270
      
2,339,580
  
Reckitt Benckiser Group PLC
    
53,055
      
3,597,046
  
Shell PLC
    
71,425
      
2,370,534
  
Unilever PLC
    
72,705
      
4,622,952
  
Willis Towers Watson PLC
    
14,080
      
4,457,024
  
             
32,672,085
  
                 
United States - 46.5%(b)
          
Alphabet, Inc. - Class C
    
36,848
      
6,369,177
  
American Express Co.
    
8,650
      
2,543,532
  
Analog Devices, Inc.
    
11,135
      
2,382,667
  
Bank of New York Mellon Corp.
    
56,330
      
4,991,401
  
Becton Dickinson & Co.
    
31,412
      
5,421,397
  
Berkshire Hathaway, Inc. - Class B (a)
    
5,671
      
2,857,957
  
Bio-Rad Laboratories, Inc. - Class A (a)
    
9,412
      
2,135,865
  
CH Robinson Worldwide, Inc.
    
43,885
      
4,211,643
  
Colgate-Palmolive Co.
    
33,493
      
3,112,839
  
Comcast Corp. - Class A
    
132,648
      
4,585,641
  
Cummins, Inc.
    
6,314
      
2,029,825
  
Dollar General Corp.
    
22,462
      
2,184,430
  
Elevance Health, Inc.
    
13,311
      
5,109,294
  
Equity Residential
    
35,370
      
2,480,852
  
Expeditors International of Washington, Inc.
    
25,238
      
2,845,080
  
Exxon Mobil Corp.
    
30,279
      
3,097,542
  
Fidelity National Financial, Inc.
    
24,235
      
1,327,351
  
HCA Healthcare, Inc.
    
17,851
      
6,808,193
  
Meta Platforms, Inc. - Class A
    
12,781
      
8,275,570
  
Microsoft Corp.
    
1,756
      
808,392
  
Newmont Corp.
    
68,276
      
3,599,511
  
Noble Corp. PLC
    
121,843
      
3,018,051
  
ONEOK, Inc.
    
11,790
      
953,104
  
Oracle Corp.
    
47,310
      
7,831,224
  
Philip Morris International, Inc.
    
37,837
      
6,832,984
  
PPG Industries, Inc.
    
22,349
      
2,476,269
  
Royal Gold, Inc.
    
12,584
      
2,241,462
  
Salesforce, Inc.
    
11,029
      
2,926,766
  
Schlumberger NV
    
118,555
      
3,918,243
  
Texas Instruments, Inc.
    
16,484
      
3,014,099
  
Universal Health Services, Inc. - Class B
    
19,650
      
3,740,378
  
US Bancorp
    
34,060
      
1,484,675
  
Walt Disney Co.
    
10,707
      
1,210,319
  
Weyerhaeuser Co.
    
59,605
      
1,544,366
  
             
118,370,099
  
TOTAL COMMON STOCKS (Cost $239,948,890)
      
250,150,290
  
                 
PREFERRED STOCKS - 1.3%
  
Shares
    
Value
 
Brazil - 0.7%
          
Itausa SA, 0.00%
    
885,940
      
1,716,272
  
                 
Germany - 0.6%
          
Henkel AG & Co. KGaA, 0.00%
    
20,305
      
1,624,935
  
TOTAL PREFERRED STOCKS (Cost $3,171,780)
      
3,341,207
  
                 
TOTAL INVESTMENTS - 99.7% (Cost $243,120,670)
      
253,491,497
  
Other Assets in Excess of Liabilities - 0.3%
      
841,196
  
TOTAL NET ASSETS - 100.0%
          
$
254,332,693
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
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 such country or region.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
First Eagle Global 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
  
$
250,150,290
    
$
–
    
$
–
    
$
250,150,290
  
  Preferred Stocks
    
3,341,207
      
–
      
–
      
3,341,207
  
Total Investments
  
$
253,491,497
    
$
–
    
$
–
    
$
253,491,497
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.