U.S. Diversified Real Estate ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.5%
  
Shares
    
Value
 
Asset Management & Custody Banks - 0.5%
        
DigitalBridge Group, Inc.
    
19,744
    
$
218,369
  
                 
Data Center REITs - 8.0%
          
Digital Realty Trust, Inc.
    
9,339
      
1,601,825
  
Equinix, Inc.
    
1,902
      
1,690,536
  
             
3,292,361
  
                 
Diversified REITs - 3.0%
          
Alexander & Baldwin, Inc.
    
4,157
      
74,452
  
Armada Hoffler Properties, Inc.
    
70,226
      
488,773
  
Broadstone Net Lease, Inc.
    
2,732
      
43,466
  
Essential Properties Realty Trust, Inc.
    
1,371
      
44,558
  
WP Carey, Inc.
    
9,309
      
584,232
  
             
1,235,481
  
                 
Health Care Facilities - 0.3%
          
National HealthCare Corporation
    
1,192
      
124,135
  
                 
Health Care REITs - 10.3%
          
Alexandria Real Estate Equities, Inc.
    
12,952
      
909,101
  
American Healthcare REIT, Inc.
    
5,763
      
201,359
  
CareTrust REIT, Inc.
    
5,682
      
163,414
  
Community Healthcare Trust, Inc.
    
2,145
      
35,049
  
Healthcare Realty Trust, Inc.
    
2,587
      
37,512
  
Healthpeak Properties, Inc.
    
16,806
      
292,592
  
LTC Properties, Inc.
    
3,778
      
133,703
  
National Health Investors, Inc.
    
2,178
      
157,927
  
Omega Healthcare Investors, Inc.
    
7,112
      
263,144
  
Sabra Health Care REIT, Inc.
    
9,031
      
157,862
  
Sila Realty Trust, Inc.
    
5,155
      
128,463
  
Ventas, Inc.
    
8,371
      
538,088
  
Welltower, Inc.
    
7,975
      
1,230,383
  
             
4,248,597
  
                 
Hotel & Resort REITs - 2.0%
          
Apple Hospitality REIT, Inc.
    
10,767
      
124,790
  
DiamondRock Hospitality Company
    
12,099
      
92,436
  
Host Hotels & Resorts, Inc.
    
15,944
      
246,973
  
Ryman Hospitality Properties, Inc.
    
1,972
      
191,501
  
Sunstone Hotel Investors, Inc.
    
13,023
      
116,686
  
Xenia Hotels & Resorts, Inc.
    
2,910
      
35,589
  
             
807,975
  
                 
Hotels, Resorts & Cruise Lines - 5.1%
          
Choice Hotels International, Inc.
    
1,322
      
167,471
  
Hilton Worldwide Holdings, Inc.
    
2,833
      
703,831
  
Hyatt Hotels Corporation - Class A
    
1,724
      
227,620
  
Marriott International, Inc. - Class A
    
3,135
      
827,107
  
Wyndham Hotels & Resorts, Inc.
    
2,012
      
166,553
  
             
2,092,582
  
                 
Industrial REITs - 14.0%
          
Americold Realty Trust, Inc.
    
33,175
      
549,710
  
EastGroup Properties, Inc.
    
4,044
      
685,660
  
First Industrial Realty Trust, Inc.
    
9,305
      
459,946
  
Innovative Industrial Properties, Inc.
    
9,686
      
534,861
  
LXP Industrial Trust
    
7,861
      
67,447
  
Prologis, Inc.
    
14,484
      
1,572,963
  
Rexford Industrial Realty, Inc.
    
1,067
      
37,601
  
STAG Industrial, Inc.
    
24,522
      
872,493
  
Terreno Realty Corporation
    
16,201
      
914,060
  
             
5,694,741
  
                 
Multi-Family Residential REITs - 17.3%
          
AvalonBay Communities, Inc.
    
7,837
      
1,620,455
  
Camden Property Trust
    
5,999
      
704,823
  
Centerspace
    
712
      
45,390
  
Elme Communities
    
2,902
      
46,606
  
Equity Residential
    
18,642
      
1,307,550
  
Essex Property Trust, Inc.
    
3,126
      
887,471
  
Independence Realty Trust, Inc.
    
38,645
      
718,411
  
Mid-America Apartment Communities, Inc.
    
5,466
      
856,249
  
UDR, Inc.
    
21,625
      
895,924
  
             
7,082,879
  
                 
Office REITs - 13.9%
          
BXP, Inc.
    
6,663
      
448,620
  
COPT Defense Properties
    
23,114
      
634,479
  
Cousins Properties, Inc.
    
20,555
      
576,979
  
Douglas Emmett, Inc.
    
16,685
      
237,428
  
Easterly Government Properties, Inc.
    
48,061
      
1,044,365
  
Empire State Realty Trust, Inc. - Class A
    
32,544
      
249,287
  
Highwoods Properties, Inc.
    
29,088
      
863,914
  
JBG SMITH Properties
    
2,923
      
49,983
  
Kilroy Realty Corporation
    
26,057
      
839,035
  
SL Green Realty Corporation
    
3,527
      
200,228
  
Vornado Realty Trust
    
14,734
      
555,030
  
             
5,699,348
  
                 
Other Specialized REITs - 3.9%
          
Four Corners Property Trust, Inc.
    
58,672
      
1,619,934
  
                 
Retail REITs - 13.3%
          
Acadia Realty Trust
    
19,738
      
380,154
  
Agree Realty Corporation
    
3,717
      
279,890
  
Brixmor Property Group, Inc.
    
14,862
      
377,643
  
Federal Realty Investment Trust
    
5,121
      
488,953
  
Getty Realty Corporation
    
8,341
      
244,058
  
InvenTrust Properties Corporation
    
4,864
      
136,630
  
Kimco Realty Corporation
    
19,576
      
416,186
  
Kite Realty Group Trust
    
13,171
      
291,343
  
Macerich Company
    
2,116
      
34,237
  
NETSTREIT Corporation
    
10,045
      
161,725
  
NNN REIT, Inc.
    
1,094
      
45,685
  
Phillips Edison & Company, Inc.
    
8,716
      
309,069
  
Realty Income Corporation
    
4,431
      
250,883
  
Regency Centers Corporation
    
7,519
      
542,496
  
Saul Centers, Inc.
    
1,183
      
39,843
  
Simon Property Group, Inc.
    
5,943
      
969,125
  
Tanger, Inc.
    
8,770
      
261,346
  
Urban Edge Properties
    
12,837
      
233,120
  
             
5,462,386
  
                 
Self-Storage REITs - 2.1%
          
CubeSmart
    
3,433
      
146,795
  
Extra Space Storage, Inc.
    
1,950
      
294,743
  
National Storage Affiliates Trust
    
1,166
      
40,110
  
Public Storage
    
1,289
      
397,540
  
             
879,188
  
                 
Single-Family Residential REITs - 5.8%
          
American Homes 4 Rent - Class A
    
29,499
      
1,116,538
  
Equity LifeStyle Properties, Inc.
    
4,933
      
313,591
  
Invitation Homes, Inc.
    
13,072
      
440,526
  
Sun Communities, Inc.
    
3,389
      
418,338
  
UMH Properties, Inc.
    
6,661
      
111,838
  
             
2,400,831
  
TOTAL COMMON STOCKS (Cost $43,012,242)
      
40,858,807
  
                 
TOTAL INVESTMENTS - 99.5% (Cost $43,012,242)
      
40,858,807
  
Other Assets in Excess of Liabilities - 0.5%
      
210,824
  
TOTAL NET ASSETS - 100.0%
          
$
41,069,631
  
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.
  

REIT - Real Estate Investment Trust
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
U.S. Diversified Real Estate 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
  
$
40,858,807
    
$
–
    
$
–
    
$
40,858,807
  
Total Investments
  
$
40,858,807
    
$
–
    
$
–
    
$
40,858,807
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.