Acquirers Small and Micro Deep Value ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.7%
  
Shares
    
Value
 
Communication Services - 4.2%
        
AMC Networks, Inc. - Class A (a)
    
35,316
    
$
233,439
  
IDT Corporation - Class B
    
5,033
      
309,983
  
Playtika Holding Corporation
    
63,410
      
300,563
  
Thryv Holdings, Inc. (a)
    
16,817
      
223,666
  
             
1,067,651
  
                 
Consumer Discretionary - 25.2%(b)
          
Buckle, Inc.
    
6,512
      
277,476
  
Build-A-Bear Workshop, Inc.
    
6,812
      
347,684
  
Carter's, Inc.
    
6,219
      
195,090
  
Century Communities, Inc.
    
3,687
      
191,245
  
Cricut, Inc. - Class A
    
47,440
      
287,486
  
Ethan Allen Interiors, Inc.
    
9,223
      
240,997
  
G-III Apparel Group, Ltd. (a)
    
9,705
      
281,930
  
Hovnanian Enterprises, Inc. - Class A (a)
    
2,383
      
215,137
  
JAKKS Pacific, Inc.
    
10,341
      
208,164
  
Malibu Boats, Inc. - Class A (a)
    
8,605
      
259,355
  
MasterCraft Boat Holdings, Inc. (a)
    
14,698
      
250,013
  
Movado Group, Inc.
    
14,439
      
233,912
  
Nathan's Famous, Inc.
    
2,698
      
288,632
  
Papa John's International, Inc.
    
5,686
      
257,291
  
Perdoceo Education Corporation
    
10,345
      
352,144
  
Signet Jewelers, Ltd.
    
4,380
      
291,577
  
Smith & Wesson Brands, Inc.
    
26,738
      
254,546
  
Steven Madden, Ltd.
    
10,159
      
250,419
  
Sturm Ruger & Company, Inc.
    
6,452
      
233,562
  
Target Hospitality Corporation (a)
    
42,521
      
310,829
  
Upbound Group, Inc.
    
10,249
      
235,112
  
Winmark Corporation
    
796
      
338,157
  
Winnebago Industries, Inc.
    
7,315
      
248,198
  
XPEL, Inc. (a)
    
7,880
      
283,444
  
             
6,332,400
  
                 
Consumer Staples - 6.9%
          
Herbalife, Ltd. (a)
    
30,163
      
235,573
  
Ingles Markets, Inc. - Class A
    
4,128
      
257,174
  
John B Sanfilippo & Son, Inc.
    
3,609
      
224,263
  
Medifast, Inc. (a)
    
17,732
      
249,489
  
MGP Ingredients, Inc.
    
8,605
      
253,159
  
Olaplex Holdings, Inc. (a)
    
189,758
      
250,481
  
USANA Health Sciences, Inc. (a)
    
9,311
      
278,120
  
             
1,748,259
  
                 
Energy - 13.9%
          
Amplify Energy Corporation (a)
    
67,807
      
194,606
  
Ardmore Shipping Corporation
    
25,402
      
244,113
  
Berry Corporation
    
76,131
      
181,953
  
Dorian LPG, Ltd.
    
11,041
      
236,388
  
FutureFuel Corporation
    
61,271
      
242,020
  
Geopark, Ltd.
    
32,852
      
206,311
  
Gran Tierra Energy, Inc. (a)
    
51,059
      
243,551
  
International Seaways, Inc.
    
7,523
      
278,727
  
Natural Resource Partners LP
    
2,332
      
228,536
  
Peabody Energy Corporation
    
18,163
      
239,025
  
Riley Exploration Permian, Inc.
    
8,536
      
219,034
  
SandRidge Energy, Inc.
    
22,423
      
219,970
  
Scorpio Tankers, Inc.
    
6,413
      
254,853
  
Teekay Tankers, Ltd. – Class A
    
6,610
      
292,096
  
TORM PLC - Class A
    
13,880
      
221,802
  
             
3,502,985
  
                 
Financials - 9.0%
          
Acadian Asset Management, Inc.
    
9,960
      
299,896
  
Diamond Hill Investment Group, Inc.
    
1,770
      
250,030
  
Donnelley Financial Solutions, Inc. (a)
    
5,706
      
310,863
  
International General Insurance Holdings, Ltd.
    
9,694
      
226,258
  
Open Lending Corporation (a)
    
78,119
      
139,833
  
PROG Holdings, Inc.
    
9,352
      
269,618
  
Regional Management Corporation
    
8,245
      
218,080
  
Rocket Cos., Inc. - Class A
    
18,021
      
229,768
  
World Acceptance Corporation (a)
    
2,028
      
313,285
  
             
2,257,631
  
                 
Health Care - 8.1%
          
AMN Healthcare Services, Inc. (a)
    
10,560
      
222,922
  
Amphastar Pharmaceuticals, Inc. (a)
    
8,988
      
231,081
  
Cross Country Healthcare, Inc. (a)
    
17,020
      
224,324
  
Inmode, Ltd. (a)
    
13,649
      
200,094
  
Innoviva, Inc. (a)
    
14,724
      
288,149
  
Ironwood Pharmaceuticals, Inc. (a)
    
180,338
      
108,040
  
National Research Corporation
    
17,609
      
237,898
  
SIGA Technologies, Inc.
    
45,325
      
271,043
  
Utah Medical Products, Inc.
    
4,476
      
246,538
  
             
2,030,089
  
                 
Industrials - 18.1%
          
BlueLinx Holdings, Inc. (a)
    
3,162
      
211,601
  
Danaos Corporation
    
3,128
      
266,819
  
Genco Shipping & Trading, Ltd.
    
18,642
      
246,820
  
Global Industrial Company
    
11,367
      
296,110
  
Global Ship Lease, Inc. - Class A
    
10,904
      
270,964
  
Heidrick & Struggles International, Inc.
    
6,007
      
262,266
  
Hudson Technologies, Inc. (a)
    
41,346
      
295,624
  
IBEX Holdings, Ltd. (a)
    
10,082
      
290,261
  
Insteel Industries, Inc.
    
9,321
      
326,422
  
Janus International Group, Inc. (a)
    
32,025
      
261,644
  
Kforce, Inc.
    
5,251
      
214,241
  
Lindsay Corporation
    
2,003
      
279,218
  
RCM Technologies, Inc. (a)
    
16,795
      
384,438
  
Resources Connection, Inc.
    
37,559
      
195,870
  
Safe Bulkers, Inc.
    
67,988
      
258,354
  
Star Bulk Carriers Corporation
    
15,336
      
253,197
  
Universal Logistics Holdings, Inc.
    
9,606
      
231,120
  
             
4,544,969
  
                 
Information Technology - 7.5%
          
Axcelis Technologies, Inc. (a)
    
4,549
      
256,291
  
Consensus Cloud Solutions, Inc. (a)
    
10,752
      
236,221
  
CPI Card Group, Inc. (a)
    
8,649
      
192,527
  
Hackett Group, Inc.
    
8,913
      
218,547
  
Ituran Location and Control, Ltd.
    
6,876
      
261,872
  
NVE Corporation
    
3,853
      
274,180
  
Photronics, Inc. (a)
    
12,103
      
202,241
  
Teradata Corporation (a)
    
11,104
      
243,844
  
             
1,885,723
  
                 
Materials - 5.9%
          
Alpha Metallurgical Resources, Inc. (a)
    
2,033
      
227,777
  
CVR Partners LP
    
3,373
      
279,116
  
Ferroglobe PLC
    
66,564
      
241,627
  
Mesabi Trust
    
9,345
      
234,560
  
Olympic Steel, Inc.
    
7,986
      
236,785
  
Ramaco Resources, Inc. – Class A
    
28,928
      
261,509
  
Ramaco Resources, Inc. - Class B
    
267
      
1,989
  
             
1,483,363
  
                 
Real Estate - 0.9%
          
RMR Group, Inc. - Class A
    
15,055
      
227,331
  
TOTAL COMMON STOCKS (Cost $29,448,331)
      
25,080,401
  
                 
CONTINGENT VALUE RIGHTS - 0.0%(c)
  
Shares
    
Value
 
Materials - 0.0%(c)
          
Resolute Forrest Products (a)(d)
    
17,062
      
171
  
TOTAL CONTINGENT VALUE RIGHTS (Cost $46,067)
      
171
  
                 
SHORT-TERM INVESTMENTS - 0.2%
          
Value
 
Money Market Funds - 0.2%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.24% (e)
    
53,005
      
53,005
  
TOTAL SHORT-TERM INVESTMENTS (Cost $53,005)
      
53,005
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $29,547,404)
      
25,133,577
  
Other Assets in Excess of Liabilities - 0.1%
      
20,077
  
TOTAL NET ASSETS - 100.0%
          
$
25,153,654
  
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.
  

LP - Limited Partnership
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)
Represents less than 0.05% of net assets.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $171 or 0.0% of net assets as of May 31, 2025.
(e)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Acquirers Small and Micro Deep Value 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
    
25,080,401
      
–
      
–
      
25,080,401
  
  Contingent Value Rights
    
–
      
–
      
171
      
171
  
  Money Market Funds
    
53,005
      
–
      
–
      
53,005
  
Total Investments
    
25,133,406
      
–
      
171
      
25,133,577
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  
   
Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of the reporting period, in relation to net assets.