Kovitz
Core
Equity
ETF
Schedule
of
Investments
July
31,
2025
(Unaudited)
COMMON
STOCKS
—
96.83%
Shares
Fair
Value
Communications
—
11.55%
Alphabet,
Inc.,
Class
A
24,534
$
4,708,075
Alphabet,
Inc.,
Class
C
219,861
42,402,392
Meta
Platforms,
Inc.,
Class
A
71,558
55,345,819
Universal
Music
Group
NV
-
ADR
3,063,153
43,619,299
146,075,585
Consumer
Discretionary
—
9.81%
Amazon.com,
Inc.
(a)
272,321
63,753,070
CarMax,
Inc.
(a)
493,347
27,928,374
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)
150,160
11,508,262
Lowe's
Companies,
Inc.
93,418
20,885,462
124,075,168
Consumer
Staples
—
7.01%
Dollar
Tree,
Inc.
(a)
276,025
31,342,639
Philip
Morris
International,
Inc.
349,818
57,387,643
88,730,282
Financials
—
22.27%
American
Express
Co.
78,297
23,435,075
Aon
PLC,
Class
A
92,672
32,964,357
Berkshire
Hathaway,
Inc.,
Class
B
(a)
54,935
25,922,728
Charles
Schwab
Corp.
(The)
703,274
68,730,968
Fiserv,
Inc.
(a)
235,240
32,684,246
Intercontinental
Exchange,
Inc.
302,716
55,950,998
Visa,
Inc.,
Class
A
121,663
42,030,917
281,719,289
Health
Care
—
7.46%
Abbott
Laboratories
5,922
747,297
Becton,
Dickinson
and
Co.
293,246
52,271,100
Stryker
Corp.
4,055
1,592,520
Thermo
Fisher
Scientific,
Inc.
84,911
39,711,176
94,322,093
Industrials
—
13.00%
Amentum
Holdings,
Inc.
(a)
953,554
23,810,243
Ashtead
Group
PLC
-
ADR
156,935
42,568,619
Hayward
Holdings,
Inc.
(a)
845,949
13,010,696
Jacobs
Solutions,
Inc.
337,676
47,906,094
PACCAR,
Inc.
376,412
37,174,449
164,470,101
Materials
—
0.92%
PPG
Industries,
Inc.
110,441
11,651,526
Technology
—
24.81%
Adobe,
Inc.
(a)
78,535
28,091,184
Advanced
Micro
Devices,
Inc.
(a)
202,312
35,669,628
Analog
Devices,
Inc.
94,460
21,218,550
Apple,
Inc.
73,303
15,215,504
Applied
Materials,
Inc.
166,516
29,982,871
Arista
Networks,
Inc.
(a)
279,906
34,490,017
Kovitz
Core
Equity
ETF
Schedule
of
Investments
(continued)
July
31,
2025
(Unaudited)
COMMON
STOCKS
—
96.83%
-
(continued)
Shares
Fair
Value
Technology
—
24.81%
-
(continued)
Keysight
Technologies,
Inc.
(a)
247,849
$
40,624,930
Microsoft
Corp.
95,503
50,950,850
Oracle
Corp.
102,527
26,018,277
Salesforce,
Inc.
122,048
31,528,659
313,790,470
Total
Common
Stocks/Investments
—
96.83%
(Cost $916,295,866)
1,224,834,514
Other
Assets
in
Excess
of
Liabilities — 3.17%
40,162,572
NET
ASSETS
—
100.00%
$
1,264,997,086
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt