Kovitz
Core
Equity
ETF
Schedule
of
Investments
January
31,
2026
(Unaudited)
COMMON
STOCKS
—
98.19%
Shares
Fair
Value
Communications
—
9.81%
Alphabet,
Inc.,
Class
A
23,958
$
8,097,804
Alphabet,
Inc.,
Class
C
172,071
58,251,195
Meta
Platforms,
Inc.,
Class
A
62,678
44,908,787
Universal
Music
Group
NV
-
ADR
1,656,771
20,245,742
131,503,528
Consumer
Discretionary
—
10.53%
Amazon.com,
Inc.
(a)
265,745
63,592,779
CarMax,
Inc.
(a)
266,985
11,891,512
Copart,
Inc.
(a)
670,164
27,195,255
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)
146,560
9,667,098
Lowe's
Companies,
Inc.
107,599
28,735,388
141,082,032
Consumer
Staples
—
5.87%
Dollar
Tree,
Inc.
(a)
147,736
17,372,276
Philip
Morris
International,
Inc.
341,370
61,255,433
78,627,709
Financials
—
20.25%
American
Express
Co.
34,807
12,257,981
Aon
PLC,
Class
A
154,752
54,107,489
Berkshire
Hathaway,
Inc.,
Class
B
(a)
44,732
21,495,068
Charles
Schwab
Corp.
(The)
513,447
53,357,412
Intercontinental
Exchange,
Inc.
367,623
63,885,525
Ryan
Specialty
Group
Holdings,
Inc.
354,850
17,132,158
Visa,
Inc.,
Class
A
152,831
49,185,601
271,421,234
Health
Care
—
15.74%
Abbott
Laboratories
5,812
635,252
Alcon,
Inc.
489,388
39,630,640
Becton,
Dickinson
and
Co.
286,179
58,231,703
Cooper
Companies,
Inc.
(The)
(a)
407,293
33,145,504
Thermo
Fisher
Scientific,
Inc.
82,895
47,963,876
Waters
Corp.
(a)
84,742
31,415,554
211,022,529
Industrials
—
12.61%
Amentum
Holdings,
Inc.
(a)
930,531
33,294,399
Ashtead
Group
PLC
-
ADR
615,291
38,984,838
Hayward
Holdings,
Inc.
(a)
825,529
13,324,038
Jacobs
Solutions,
Inc.
282,610
38,225,829
PACCAR,
Inc.
367,340
45,149,759
168,978,863
Technology
—
23.38%
Advanced
Micro
Devices,
Inc.
(a)
117,447
27,803,228
Analog
Devices,
Inc.
131,273
40,810,151
Apple,
Inc.
71,564
18,569,427
Applied
Materials,
Inc.
106,526
34,335,461
Arista
Networks,
Inc.
(a)
177,234
25,121,147
Kovitz
Core
Equity
ETF
Schedule
of
Investments
(continued)
January
31,
2026
(Unaudited)
COMMON
STOCKS
—
98.19%
-
(continued)
Shares
Fair
Value
Technology
—
23.38%
-
(continued)
Keysight
Technologies,
Inc.
(a)
185,866
$
40,208,392
Microsoft
Corp.
119,996
51,633,078
Motorola
Solutions,
Inc.
105,339
42,403,161
Salesforce,
Inc.
153,488
32,583,968
313,468,013
Total
Common
Stocks/Investments
—
98.19%
(Cost $964,070,348)
1,316,103,908
Other
Assets
in
Excess
of
Liabilities — 1.81%
24,227,194
NET
ASSETS
—
100.00%
$
1,340,331,102
(a)
Non-income
producing
security.
ADR
-
American
Depositary
Receipt