Vident U.S. Bond Strategy ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
U.S. TREASURY SECURITIES - 60.8%
Par
  
Value
  
United States Treasury Note/Bond
  
1.25%, 11/30/2026
    
5,770,000
    
$
5,540,440
  
1.63%, 11/30/2026
    
16,872,000
      
16,293,343
  
0.50%, 05/31/2027
    
11,670,000
      
10,909,171
  
0.50%, 06/30/2027
    
3,990,000
      
3,720,909
  
4.38%, 07/15/2027
    
5,490,000
      
5,541,040
  
0.38%, 07/31/2027
    
2,980,000
      
2,763,484
  
2.75%, 07/31/2027
    
3,540,000
      
3,455,787
  
2.25%, 08/15/2027
    
3,750,000
      
3,620,068
  
3.75%, 08/15/2027
    
1,925,000
      
1,918,496
  
0.50%, 08/31/2027
    
480,000
      
445,200
  
3.13%, 08/31/2027
    
1,560,000
      
1,534,254
  
6.13%, 11/15/2027
    
28,115,000
      
29,584,448
  
4.38%, 08/31/2028
    
4,740,000
      
4,808,138
  
4.63%, 09/30/2028
    
2,145,000
      
2,193,346
  
4.88%, 10/31/2028
    
2,510,000
      
2,586,722
  
3.13%, 11/15/2028
    
1,495,000
      
1,457,391
  
5.25%, 11/15/2028
    
25,160,000
      
26,225,369
  
4.38%, 11/30/2028
    
1,700,000
      
1,725,467
  
1.38%, 12/31/2028
    
1,065,000
      
975,681
  
3.75%, 12/31/2028
    
400,000
      
397,844
  
4.00%, 01/31/2029
    
1,500,000
      
1,503,867
  
2.63%, 02/15/2029
    
1,815,000
      
1,734,672
  
4.25%, 02/28/2029
    
1,055,000
      
1,066,807
  
2.38%, 03/31/2029
    
2,030,000
      
1,918,628
  
4.13%, 03/31/2029
    
2,450,000
      
2,466,987
  
4.63%, 04/30/2029
    
995,000
      
1,019,622
  
6.25%, 05/15/2030
    
11,340,000
      
12,482,859
  
5.38%, 02/15/2031
    
17,625,000
      
18,784,395
  
4.50%, 08/15/2039
    
1,040,000
      
1,015,909
  
4.38%, 11/15/2039
    
3,780,000
      
3,633,082
  
4.63%, 02/15/2040
    
2,600,000
      
2,566,383
  
4.38%, 05/15/2040
    
3,400,000
      
3,258,820
  
4.25%, 11/15/2040
    
6,750,000
      
6,334,981
  
4.75%, 02/15/2041
    
4,955,000
      
4,917,063
  
2.25%, 05/15/2041
    
1,820,000
      
1,292,804
  
4.38%, 05/15/2041
    
7,515,000
      
7,135,140
  
2.00%, 11/15/2041
    
2,785,000
      
1,872,749
  
3.13%, 11/15/2041
    
1,015,000
      
813,864
  
2.38%, 02/15/2042
    
2,190,000
      
1,556,568
  
3.13%, 02/15/2042
    
3,625,000
      
2,895,327
  
3.00%, 05/15/2042
    
4,350,000
      
3,396,738
  
3.25%, 05/15/2042
    
3,590,000
      
2,905,867
  
2.75%, 08/15/2042
    
4,885,000
      
3,653,255
  
3.38%, 08/15/2042
    
3,340,000
      
2,743,432
  
2.75%, 11/15/2042
    
4,635,000
      
3,449,997
  
4.00%, 11/15/2042
    
3,395,000
      
3,033,419
  
3.13%, 02/15/2043
    
5,135,000
      
4,037,594
  
3.88%, 02/15/2043
    
2,610,000
      
2,287,369
  
2.88%, 05/15/2043
    
4,410,000
      
3,322,315
  
3.88%, 05/15/2043
    
2,945,000
      
2,574,574
  
3.63%, 08/15/2043
    
4,655,000
      
3,918,928
  
4.38%, 08/15/2043
    
2,515,000
      
2,346,760
  
3.75%, 11/15/2043
    
12,066,000
      
10,315,016
  
3.63%, 02/15/2044
    
4,285,000
      
3,587,181
  
4.50%, 02/15/2044
    
4,385,000
      
4,147,508
  
3.38%, 05/15/2044
    
4,865,000
      
3,910,244
  
3.13%, 08/15/2044
    
4,735,000
      
3,645,395
  
3.00%, 11/15/2044
    
4,430,000
      
3,329,768
  
3.00%, 05/15/2045
    
2,600,000
      
1,943,703
  
TOTAL U.S. TREASURY SECURITIES (Cost $275,908,879)
      
272,516,188
  
                 
CORPORATE BONDS - 25.0%
Par
  
Value
  
Communication Services - 0.3%
  
Fox Corporation, 5.58%, 01/25/2049
    
1,450,000
      
1,328,789
  
                 
Communications - 0.3%
  
Warnermedia Holdings, Inc., 5.39%, 03/15/2062
    
2,000,000
      
1,285,005
  
                 
Consumer Discretionary - 1.8%
  
Brunswick Corporation, 2.40%, 08/18/2031
    
1,630,000
      
1,344,488
  
Dick's Sporting Goods, Inc., 4.10%, 01/15/2052
    
1,795,000
      
1,229,905
  
General Motors Company, 6.75%, 04/01/2046
    
1,400,000
      
1,394,066
  
Lear Corporation, 5.25%, 05/15/2049
    
1,520,000
      
1,257,762
  
Tapestry, Inc., 3.05%, 03/15/2032
    
1,560,000
      
1,361,938
  
Whirlpool Corporation, 4.50%, 06/01/2046
    
2,000,000
      
1,451,877
  
             
8,040,036
  
                 
Consumer Staples - 0.6%
  
Altria Group, Inc., 4.45%, 05/06/2050
    
1,755,000
      
1,335,755
  
Kraft Heinz Foods Company
  
6.88%, 01/26/2039
    
105,000
      
113,207
  
6.50%, 02/09/2040
    
990,000
      
1,035,659
  
             
2,484,621
  
                 
Energy - 4.3%
  
APA Corporation
  
5.10%, 09/01/2040 (a)
    
1,500,000
      
1,217,005
  
6.75%, 02/15/2055 (a)
    
150,000
      
135,019
  
Continental Resources, Inc., 4.90%, 06/01/2044
    
1,610,000
      
1,231,803
  
Devon Energy Corporation, 7.88%, 09/30/2031
    
1,175,000
      
1,332,328
  
Energy Transfer LP, 8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054
    
1,200,000
      
1,258,955
  
Enterprise Products Operating LLC, 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078
    
1,380,000
      
1,341,863
  
EQT Corporation, 7.00%, 02/01/2030 (b)
    
1,220,000
      
1,305,491
  
Halliburton Company, 7.45%, 09/15/2039
    
375,000
      
428,755
  
Helmerich & Payne, Inc., 5.50%, 12/01/2034 (a)
    
1,400,000
      
1,235,868
  
HF Sinclair Corporation, 6.25%, 01/15/2035
    
1,400,000
      
1,381,858
  
Marathon Petroleum Corporation, 6.50%, 03/01/2041
    
1,045,000
      
1,059,641
  
NOV, Inc., 3.95%, 12/01/2042
    
1,945,000
      
1,405,828
  
Occidental Petroleum Corporation
  
6.20%, 03/15/2040
    
1,200,000
      
1,120,241
  
6.60%, 03/15/2046
    
300,000
      
284,220
  
Ovintiv, Inc.
  
7.38%, 11/01/2031
    
1,100,000
      
1,174,208
  
6.50%, 08/15/2034
    
150,000
      
150,191
  
Phillips 66 Company, 4.90%, 10/01/2046
    
1,030,000
      
848,157
  
Valero Energy Corporation, 6.63%, 06/15/2037
    
1,215,000
      
1,273,142
  
Western Midstream Operating LP, 5.30%, 03/01/2048
    
1,580,000
      
1,276,787
  
             
19,461,360
  
                 
Financials - 10.3%
  
Allstate Corporation, 6.50% to 05/15/2037 then 3 mo. LIBOR US + 2.12%, 05/15/2057 (c)
    
1,350,000
      
1,356,502
  
Ally Financial, Inc., 6.70%, 02/14/2033
    
1,290,000
      
1,310,643
  
Ares Capital Corporation, 3.20%, 11/15/2031
    
1,590,000
      
1,368,021
  
Athene Holding, Ltd., 6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054
    
1,400,000
      
1,377,117
  
Blackstone Private Credit Fund, 6.00%, 11/22/2034
    
1,400,000
      
1,349,595
  
Blackstone Secured Lending Fund, 2.85%, 09/30/2028
    
1,430,000
      
1,319,625
  
Blue Owl Technology Finance Corporation, 6.75%, 04/04/2029
    
1,500,000
      
1,508,910
  
Brighthouse Financial, Inc., 4.70%, 06/22/2047
    
1,840,000
      
1,385,693
  
Capital One Financial Corporation, 2.36% to 07/29/2031 then SOFR + 1.34%, 07/29/2032
    
1,625,000
      
1,344,847
  
Comerica Bank, 5.33% to 08/25/2032 then SOFR + 2.61%, 08/25/2033
    
1,385,000
      
1,324,276
  
COPT Defense Properties LP, 2.75%, 04/15/2031
    
1,610,000
      
1,396,467
  
Corebridge Financial, Inc., 6.88% to 12/15/2027 then 5 yr. CMT Rate + 3.85%, 12/15/2052
    
1,300,000
      
1,319,690
  
Discover Financial Services, 6.70%, 11/29/2032
    
1,260,000
      
1,353,830
  
Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042
    
1,400,000
      
1,368,021
  
Equitable Holdings, Inc., 6.70% to 03/28/2035 then 5 yr. CMT Rate + 2.39%, 03/28/2055
    
1,350,000
      
1,368,017
  
F&G Annuities & Life, Inc., 6.50%, 06/04/2029
    
1,290,000
      
1,318,878
  
Fifth Third Bancorp, 8.25%, 03/01/2038
    
910,000
      
1,061,158
  
First Citizens BancShares, Inc., 6.25% to 03/12/2035 then 5 yr. CMT Rate + 1.97%, 03/12/2040
    
1,430,000
      
1,382,670
  
Government National Mortgage Association, 5.75%, 06/01/2028
    
1,305,000
      
1,329,701
  
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034
    
1,420,000
      
1,390,186
  
Huntington Bancshares, Inc., 2.49% to 08/15/2031 then 5 yr. CMT Rate + 1.17%, 08/15/2036
    
1,640,000
      
1,358,663
  
Legg Mason, Inc., 5.63%, 01/15/2044
    
1,100,000
      
1,058,676
  
Lincoln National Corporation, 7.00%, 06/15/2040
    
1,170,000
      
1,278,025
  
Markel Group, Inc., 5.00%, 04/05/2046
    
1,240,000
      
1,064,051
  
MetLife, Inc., 10.75%, 08/01/2039
    
1,000,000
      
1,310,472
  
MGIC Investment Corporation, 5.25%, 08/15/2028
    
1,290,000
      
1,281,231
  
Prudential Financial, Inc., 4.50% to 09/15/2027 then 3 mo. LIBOR US + 2.38%, 09/15/2047 (c)
    
1,375,000
      
1,347,025
  
Regions Bank, 6.45%, 06/26/2037
    
1,308,000
      
1,327,992
  
Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055
    
1,380,000
      
1,357,763
  
Sabra Health Care LP, 3.20%, 12/01/2031
    
1,515,000
      
1,319,240
  
Synovus Bank, 5.63%, 02/15/2028
    
1,250,000
      
1,254,472
  
Truist Financial Corporation, 4.92% to 07/28/2032 then SOFR + 2.24%, 07/28/2033
    
1,365,000
      
1,311,207
  
US Bancorp, 2.49% to 11/03/2031 then 5 yr. CMT Rate + 0.95%, 11/03/2036
    
1,585,000
      
1,318,220
  
VICI Properties LP
  
5.63%, 05/15/2052
    
850,000
      
760,281
  
6.13%, 04/01/2054
    
600,000
      
572,218
  
Zions Bancorp NA, 3.25%, 10/29/2029
    
1,545,000
      
1,395,429
  
             
46,248,812
  
                 
Health Care - 1.0%
  
Cardinal Health, Inc., 4.37%, 06/15/2047
    
1,000,000
      
790,605
  
Centene Corporation, 4.63%, 12/15/2029
    
1,350,000
      
1,302,580
  
HCA, Inc., 5.50%, 06/15/2047
    
1,100,000
      
994,005
  
Viatris, Inc., 4.00%, 06/22/2050
    
2,000,000
      
1,279,612
  
             
4,366,802
  
                 
Industrials - 0.7%
  
FedEx Corporation, 5.10%, 01/15/2044 (a)
    
1,205,000
      
1,029,403
  
Flowserve Corporation, 3.50%, 10/01/2030
    
1,410,000
      
1,301,485
  
Owens Corning, 4.30%, 07/15/2047
    
1,260,000
      
990,880
  
             
3,321,768
  
                 
Information Technology - 1.0%
  
Corning, Inc., 5.45%, 11/15/2079
    
785,000
      
682,637
  
HP, Inc., 6.00%, 09/15/2041
    
1,195,000
      
1,168,025
  
Kyndryl Holdings, Inc., 4.10%, 10/15/2041
    
1,685,000
      
1,297,090
  
Vontier Corporation, 2.95%, 04/01/2031
    
1,505,000
      
1,327,420
  
             
4,475,172
  
                 
Materials - 1.4%
  
Albemarle Corporation, 5.05%, 06/01/2032
    
1,500,000
      
1,390,215
  
Dow Chemical Company, 9.40%, 05/15/2039
    
750,000
      
948,757
  
FMC Corporation, 6.38%, 05/18/2053
    
1,500,000
      
1,378,414
  
Freeport-McMoRan, Inc., 5.45%, 03/15/2043
    
1,380,000
      
1,275,148
  
Mosaic Company, 5.63%, 11/15/2043
    
1,150,000
      
1,079,508
  
             
6,072,042
  
                 
Real Estate - 0.3%
  
EPR Properties, 3.75%, 08/15/2029
    
1,430,000
      
1,347,136
  
                 
Utilities - 3.0%
  
American Electric Power Company, Inc., 3.88% to 02/15/2027 then 5 yr. CMT Rate + 2.68%, 02/15/2062
    
1,430,000
      
1,368,749
  
CMS Energy Corporation, 4.75% to 06/01/2030 then 5 yr. CMT Rate + 4.12%, 06/01/2050
    
1,420,000
      
1,345,153
  
Dominion Energy, Inc., 6.63% to 05/15/2035 then 5 yr. CMT Rate + 2.21%, 05/15/2055
    
1,300,000
      
1,303,789
  
Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053
    
1,420,000
      
1,406,254
  
Entergy Corporation, 7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054
    
1,300,000
      
1,332,347
  
Evergy, Inc., 6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055
    
1,300,000
      
1,290,024
  
Exelon Corporation, 6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055
    
165,000
      
164,685
  
NextEra Energy Capital Holdings, Inc.
  
4.80% to 12/01/2027 then 3 mo. LIBOR US + 2.41%, 12/01/2077 (c)
    
1,140,000
      
1,077,424
  
3.80% to 03/15/2027 then 5 yr. CMT Rate + 2.55%, 03/15/2082
    
230,000
      
218,695
  
NiSource, Inc., 6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054
    
1,350,000
      
1,384,737
  
PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055
    
1,320,000
      
1,347,457
  
Sempra, 4.13% to 04/01/2027 then 5 yr. CMT Rate + 2.87%, 04/01/2052
    
1,415,000
      
1,339,280
  
             
13,578,594
  
TOTAL CORPORATE BONDS (Cost $114,180,797)
      
112,010,137
  
                 
MORTGAGE-BACKED SECURITIES - 9.9%
Par
  
Value
  
Federal National Mortgage Association
  
6.00%, 06/15/2041 (d)
    
7,300,000
      
7,371,214
  
6.50%, 09/25/2052 (d)
    
4,315,000
      
4,429,758
  
Pool TBA, 5.50%, 06/01/2037 (d)
    
3,600,000
      
3,563,266
  
Pool BV7232, 4.00%, 04/01/2052
    
2,493,972
      
2,288,452
  
Pool MA4626, 4.00%, 06/01/2052
    
3,255,962
      
2,990,704
  
Pool MA4644, 4.00%, 05/01/2052
    
3,141,079
      
2,885,188
  
Series Pool #TBA, Pool TBA, 5.00%, 06/15/2041 (d)
    
300,000
      
290,374
  
Government National Mortgage Association
  
4.50%, 06/15/2041 (d)
    
300,000
      
282,914
  
5.00%, 06/15/2041 (d)
    
1,170,000
      
1,134,524
  
5.50%, 06/15/2053 (d)
    
4,120,000
      
4,089,751
  
6.00%, 06/15/2053 (d)
    
8,825,000
      
8,909,906
  
6.50%, 08/20/2053 (d)
    
5,555,000
      
5,674,636
  
7.00%, 10/20/2053 (d)
    
530,000
      
545,389
  
TOTAL MORTGAGE-BACKED SECURITIES (Cost $45,101,062)
      
44,456,076
  
                 
U.S. GOVERNMENT AGENCY ISSUES - 2.9%
Par
  
Value
  
Federal Home Loan Banks
  
4.63%, 11/17/2026
    
660,000
      
665,230
  
1.25%, 12/21/2026
    
590,000
      
566,152
  
4.13%, 01/15/2027
    
460,000
      
461,668
  
4.75%, 04/09/2027
    
400,000
      
405,976
  
4.50%, 03/10/2028
    
320,000
      
324,988
  
3.25%, 06/09/2028
    
160,000
      
157,389
  
4.00%, 06/30/2028
    
150,000
      
150,375
  
3.25%, 11/16/2028
    
270,000
      
264,409
  
5.50%, 07/15/2036
    
370,000
      
396,959
  
Federal Home Loan Mortgage Corporation
  
6.75%, 09/15/2029
    
700,000
      
776,733
  
6.75%, 03/15/2031
    
150,000
      
170,087
  
6.25%, 07/15/2032
    
150,000
      
168,269
  
Federal National Mortgage Association
  
1.88%, 09/24/2026
    
545,000
      
530,932
  
0.75%, 10/08/2027
    
290,000
      
269,641
  
7.13%, 01/15/2030
    
100,000
      
113,160
  
7.25%, 05/15/2030
    
100,000
      
114,516
  
6.63%, 11/15/2030
    
205,000
      
230,296
  
5.63%, 07/15/2037
    
270,000
      
291,440
  
Tennessee Valley Authority
  
2.88%, 02/01/2027
    
660,000
      
648,110
  
3.88%, 03/15/2028
    
370,000
      
369,724
  
7.13%, 05/01/2030
    
475,000
      
539,986
  
4.38%, 08/01/2034
    
350,000
      
342,827
  
5.88%, 04/01/2036
    
820,000
      
892,844
  
6.15%, 01/15/2038
    
785,000
      
869,751
  
5.25%, 09/15/2039
    
800,000
      
824,165
  
3.50%, 12/15/2042
    
805,000
      
641,569
  
5.25%, 02/01/2055
    
600,000
      
569,228
  
5.38%, 04/01/2056
    
545,000
      
534,252
  
4.63%, 09/15/2060
    
495,000
      
420,151
  
4.25%, 09/15/2065
    
260,000
      
203,227
  
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $13,244,976)
      
12,914,054
  
                 
TOTAL INVESTMENTS - 98.6% (Cost $448,435,714)
      
441,896,455
  
Other Assets in Excess of Liabilities - 1.4%
      
6,292,816
  
TOTAL NET ASSETS - 100.0%
          
$
448,189,271
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
LLC - Limited Liability Company
LP - Limited Partnership
SOFR - Secured Overnight Financing Rate
 

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2025, the value of these securities total $3,617,295 or 0.8% of the Fund’s net assets.
(b)
Step coupon bond. The rate disclosed is as of May 31, 2025.
(c)
Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(d)
To-be-announced security.
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Vident U.S. Bond Strategy 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
  
Assets:
                        
Investments:
                        
  U.S. Treasury Securities
  
$
–
    
$
272,516,188
    
$
–
    
$
272,516,188
  
  Corporate Bonds
    
–
      
112,010,137
      
–
      
112,010,137
  
  Mortgage-Backed Securities
    
–
      
44,456,076
      
–
      
44,456,076
  
  U.S. Government Agency Issues
    
–
      
12,914,054
      
–
      
12,914,054
  
Total Investments
  
$
–
    
$
441,896,455
    
$
–
    
$
441,896,455
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.