ActivePassive U.S. Equity ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 93.5%

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Value  
Automobiles & Components - 2.0%

Ford Motor Co.

            199,848

    $        3,485,349
General Motors Co.

            42,453

             3,533,788
Tesla, Inc. (a)

            100,589

             43,835,680




             50,854,817






Banks - 2.7%

Bank of America Corp.

            200,827

             10,362,673
Citigroup, Inc.

            77,147

             9,712,807
Citizens Financial Group, Inc.

            13,271

             826,252
Fifth Third Bancorp

            13,720

             685,040
Huntington Bancshares, Inc./OH

            87,299

             1,428,212
JPMorgan Chase & Co.

            100,858

             30,187,808
KeyCorp

            27,417

             584,805
M&T Bank Corp.

            4,906

             1,060,236
PNC Financial Services Group, Inc.

            7,436

             1,644,248
Regions Financial Corp.

            33,397

             935,116
Truist Financial Corp.

            32,646

             1,573,864
US Bancorp

            44,744

             2,454,208
Wells Fargo & Co.

            100,816

             7,817,273




             69,272,542






Capital Goods - 6.5%

3M Co. (b)

            18,231

             2,791,713
AerCap Holdings NV

            73,380

             10,228,438
AMETEK, Inc.

            5,283

             1,193,166
Armstrong World Industries, Inc. (b)

            38,030

             6,004,937
Axon Enterprise, Inc. (a)

            2,684

             1,204,364
Bloom Energy Corp. - Class A (a)

            4,553

             1,297,605
Boeing Co. (a)

            26,640

             6,157,836
Carrier Global Corp.

            19,365

             1,236,843
Caterpillar, Inc.

            16,095

             14,097,128
Cummins, Inc.

            6,950

             4,494,078
Deere & Co.

            8,114

             4,399,249
Dover Corp.

            18,324

             3,872,961
Eaton Corp. PLC

            11,262

             4,511,557
Emerson Electric Co.

            16,144

             2,321,830
Fastenal Co.

            34,885

             1,541,917
Ferguson Enterprises, Inc.

            11,475

             2,593,006
Fortive Corp.

            16,367

             954,523
GE Vernova, Inc.

            9,337

             9,041,204
General Dynamics Corp.

            14,480

             5,021,954
General Electric Co.

            32,792

             10,616,738
HEICO Corp.

            1,010

             351,662
HEICO Corp. - Class A (b)

            1,057

             274,619
Honeywell International, Inc.

            21,647

             5,148,955
Howmet Aerospace, Inc.

            13,457

             3,475,270
Hubbell, Inc. (b)

            1,008

             477,399
Illinois Tool Works, Inc.

            7,658

             1,893,670
Ingersoll Rand, Inc.

            5,983

             428,622
Johnson Controls International PLC

            33,162

             4,445,698
L3Harris Technologies, Inc.

            11,153

             3,515,203
Lockheed Martin Corp.

            6,735

             3,572,581


Northrop Grumman Corp.

            6,632

             3,738,326
Otis Worldwide Corp.

            10,205

             722,922
PACCAR, Inc.

            18,750

             2,069,437
Parker-Hannifin Corp.

            4,995

             4,218,927
Quanta Services, Inc.

            4,664

             3,319,509
Raytheon Technologies Corp.

            54,732

             9,833,151
Rocket Lab Corp. (a)

            9,943

             1,426,622
Rockwell Automation, Inc.

            3,540

             1,596,752
Snap-on, Inc.

            7,899

             2,932,188
Sunbelt Rentals Holdings, Inc.

            990

             77,270
Toro Co.

            46,722

             4,199,373
Trane Technologies PLC

            6,285

             2,836,420
TransDigm Group, Inc.

            1,189

             1,496,142
United Rentals, Inc.

            2,548

             2,536,967
Vertiv Holdings Co. - Class A

            13,219

             4,173,370
Westinghouse Air Brake Technologies Corp.

            4,518

             1,179,921
WW Grainger, Inc.

            1,009

             1,245,348
Xylem, Inc.

            9,133

             1,000,429




             165,767,800






Commercial & Professional Services - 0.9%

Automatic Data Processing, Inc.

            10,705

             2,374,797
Broadridge Financial Solutions, Inc.

            8,449

             1,298,780
Casella Waste Systems, Inc. - Class A (a)(b)

            40,341

             3,314,820
Cintas Corp.

            15,288

             2,618,223
Copart, Inc. (a)

            13,987

             458,354
Equifax, Inc.

            2,031

             336,719
Leidos Holdings, Inc.

            10,232

             1,307,650
Paychex, Inc.

            7,313

             709,215
Republic Services, Inc.

            7,404

             1,484,058
Rollins, Inc.

            8,552

             407,075
SS&C Technologies Holdings, Inc.

            27,535

             1,859,163
UniFirst Corp.

            14,364

             3,812,493
Verisk Analytics, Inc.

            2,132

             373,079
Waste Connections, Inc.

            6,712

             1,000,222
Waste Management, Inc.

            7,872

             1,664,613




             23,019,261






Consumer Discretionary Distribution & Retail - 5.2%

Amazon.com, Inc. (a)

            343,897

             93,072,284
Carvana Co. (a)(b)

            23,268

             1,698,564
eBay, Inc.

            10,290

             1,124,389
Genuine Parts Co.

            4,524

             446,519
Home Depot, Inc.

            32,358

             10,262,016
Lowe's Cos., Inc.

            16,984

             3,640,690
Murphy USA, Inc. (b)

            14,576

             7,375,893
O'Reilly Automotive, Inc. (a)

            17,866

             1,552,198
Ross Stores, Inc.

            17,785

             4,121,318
TJX Cos., Inc.

            37,939

             5,871,060
Tractor Supply Co.

            44,214

             1,394,068
Ulta Beauty, Inc. (a)

            3,092

             1,573,364




             132,132,363






Consumer Durables & Apparel - 0.7%

Deckers Outdoor Corp. (a)

            55,897

             6,363,873
DR Horton, Inc.

            7,733

             1,137,447
Garmin Ltd.

            3,612

             844,919
Lennar Corp. - Class A

            3,166

             284,244
Lululemon Athletica, Inc. (a)

            7,616

             999,067


NIKE, Inc. - Class B

            39,408

             1,821,832
PulteGroup, Inc.

            17,985

             2,125,467
Somnigroup International, Inc. (b)

            64,911

             4,596,348




             18,173,197






Consumer Services - 1.6%

Airbnb, Inc. - Class A (a)

            12,313

             1,641,446
Booking Holdings, Inc.

            29,020

             4,858,819
Carnival Corp. Ltd.

            34,295

             962,318
Chipotle Mexican Grill, Inc. (a)(b)

            27,262

             868,567
Churchill Downs, Inc.

            80,787

             7,045,434
Darden Restaurants, Inc.

            9,861

             2,010,756
DoorDash, Inc. - Class A (a)

            11,999

             1,911,321
Expedia Group, Inc.

            7,487

             1,690,490
Flutter Entertainment PLC (a)(b)

            2,006

             194,542
Hilton Worldwide Holdings, Inc.

            4,871

             1,596,032
Las Vegas Sands Corp.

            25,074

             1,267,992
Marriott International, Inc./MD - Class A

            4,414

             1,657,898
McDonald's Corp.

            19,755

             5,515,596
Royal Caribbean Cruises Ltd. (b)

            11,481

             3,267,837
Starbucks Corp.

            38,265

             3,794,357
Vail Resorts, Inc. (b)

            15,886

             2,122,370
Yum! Brands, Inc.

            7,195

             1,064,500




             41,470,275






Consumer Staples Distribution & Retail - 1.6%

Costco Wholesale Corp.

            14,666

             14,025,389
Dollar General Corp.

            11,769

             1,301,769
Dollar Tree, Inc. (a)

            7,550

             879,122
Kroger Co.

            17,697

             1,099,868
Sysco Corp.

            18,344

             1,390,659
Target Corp.

            14,297

             1,816,720
Walmart, Inc.

            167,181

             19,351,201




             39,864,728






Energy - 2.8%

Baker Hughes Co.

            48,179

             3,077,675
Cheniere Energy, Inc.

            3,969

             892,469
Chevron Corp.

            63,381

             11,564,497
ConocoPhillips

            42,931

             4,893,275
Devon Energy Corp.

            56,906

             2,531,735
Diamondback Energy, Inc.

            5,178

             991,483
EOG Resources, Inc.

            28,243

             3,767,051
EQT Corp.

            23,468

             1,289,097
Exxon Mobil Corp.

            158,058

             22,959,505
Halliburton Co.

            21,367

             830,108
Kinder Morgan, Inc.

            44,815

             1,392,850
Marathon Petroleum Corp.

            9,479

             2,358,091
Occidental Petroleum Corp.

            20,714

             1,173,034
ONEOK, Inc.

            20,670

             1,735,040
Phillips 66

            12,451

             2,189,882
SLB Ltd.

            45,832

             2,500,136
Targa Resources Corp.

            5,571

             1,420,995
Texas Pacific Land Corp.

            1,488

             584,784
Valero Energy Corp.

            9,414

             2,304,736
Williams Cos., Inc.

            25,192

             1,798,457




             70,254,900








Financial Services - 6.0%

American Express Co.

            15,618

             4,942,628
Ameriprise Financial, Inc.

            372

             165,804
Apollo Global Management, Inc.

            11,939

             1,536,669
Ares Management Corp. - Class A (b)

            5,813

             746,971
Bank of New York Mellon Corp.

            47,415

             6,611,073
Berkshire Hathaway, Inc. - Class B (a)

            44,063

             20,907,012
Blackrock, Inc.

            5,877

             6,152,514
Blackstone, Inc.

            24,116

             2,820,849
Block, Inc. (a)

            19,321

             1,462,986
Capital One Financial Corp.

            19,146

             3,598,108
Cboe Global Markets, Inc.

            6,647

             2,217,173
Charles Schwab Corp.

            62,225

             5,435,354
CME Group, Inc.

            8,238

             2,253,423
Coinbase Global, Inc. - Class A (a)

            7,649

             1,445,890
Corpay, Inc. (a)

            1,222

             442,120
Credit Acceptance Corp. (a)(b)

            10,592

             6,075,995
Fidelity National Information Services, Inc.

            8,288

             356,301
Fiserv, Inc. (a)

            10,134

             573,179
Global Payments, Inc.

            5,153

             389,103
Goldman Sachs Group, Inc.

            10,354

             10,618,648
Interactive Brokers Group, Inc. - Class A

            8,440

             734,027
Intercontinental Exchange, Inc.

            13,671

             2,021,257
Jack Henry & Associates, Inc. (b)

            27,132

             3,698,634
KKR & Co., Inc.

            21,838

             2,095,138
LPL Financial Holdings, Inc.

            1,293

             353,985
Mastercard, Inc. - Class A

            26,231

             12,957,589
Moody's Corp.

            4,117

             1,866,030
Morgan Stanley

            42,085

             8,753,680
MSCI, Inc.

            1,336

             843,524
Nasdaq, Inc.

            34,207

             3,164,832
Northern Trust Corp.

            19,528

             3,230,908
PayPal Holdings, Inc.

            31,459

             1,407,790
Raymond James Financial, Inc.

            3,371

             483,435
Robinhood Markets, Inc. - Class A (a)

            33,034

             3,115,106
Rocket Cos., Inc. - Class A (a)

            27,509

             399,156
S&P Global, Inc.

            9,001

             3,816,424
State Street Corp.

            25,210

             3,923,684
Synchrony Financial

            31,014

             2,215,640
T Rowe Price Group, Inc.

            7,223

             755,020
Visa, Inc. - Class A

            57,344

             18,714,788




             153,302,447






Food, Beverage & Tobacco - 2.1%

Altria Group, Inc.

            80,222

             5,581,847
Archer-Daniels-Midland Co.

            11,933

             952,015
Coca-Cola Co.

            140,749

             11,120,579
Constellation Brands, Inc. - Class A

            1,902

             264,036
General Mills, Inc.

            42,225

             1,427,627
Hershey Co.

            1,477

             286,582
Keurig Dr Pepper, Inc.

            13,789

             414,084
Kraft Heinz Co.

            8,246

             197,986
Lamb Weston Holdings, Inc. (b)

            66,772

             2,883,215
Marzetti Co.

            30,222

             3,383,051
Mondelez International, Inc. - Class A

            22,229

             1,359,748
Monster Beverage Corp. (a)

            35,630

             3,138,290
PepsiCo, Inc.

            40,768

             5,878,338
Philip Morris International, Inc.

            51,250

             9,090,725
Post Holdings, Inc. (a)(b)

            48,785

             4,480,414


Tyson Foods, Inc. - Class A (b)

            33,920

             2,069,798




             52,528,335






Health Care Equipment & Services - 2.9%

Abbott Laboratories (b)

            74,566

             6,382,850
Becton Dickinson & Co.

            5,439

             800,186
Boston Scientific Corp. (a)

            43,069

             2,080,663
Cardinal Health, Inc.

            13,280

             2,613,504
Cencora, Inc.

            3,495

             941,413
Centene Corp. (a)

            3,943

             235,003
Cigna Group

            7,757

             2,151,792
Cooper Cos., Inc. (a)

            55,777

             3,414,110
CVS Health Corp.

            40,659

             3,699,156
Dexcom, Inc. (a)

            11,962

             882,078
Edwards Lifesciences Corp. (a)

            25,604

             2,213,978
Elevance Health, Inc.

            6,900

             2,713,011
GE HealthCare Technologies, Inc.

            9,915

             618,101
HCA Healthcare, Inc.

            7,868

             2,978,353
Humana, Inc.

            2,704

             825,856
IDEXX Laboratories, Inc. (a)

            3,250

             1,831,472
Intuitive Surgical, Inc. (a)

            11,963

             5,079,968
Labcorp Holdings, Inc.

            9,540

             2,480,972
McKesson Corp.

            5,062

             3,758,231
Medline, Inc. (a)(b)

            6,284

             229,743
Medtronic PLC

            78,958

             5,827,890
Quest Diagnostics, Inc.

            12,233

             2,384,212
ResMed, Inc.

            9,636

             1,836,333
STERIS PLC

            9,671

             2,057,312
Stryker Corp.

            7,272

             2,218,614
UnitedHealth Group, Inc.

            32,014

             12,175,244
Veeva Systems, Inc. - Class A (a)

            4,664

             813,122
Zimmer Biomet Holdings, Inc.

            1

             82




             73,243,249






Household & Personal Products - 0.6%

Church & Dwight Co., Inc.

            46

             4,399
Colgate-Palmolive Co.

            14,408

             1,298,593
Estee Lauder Cos., Inc. - Class A (b)

            8,568

             762,124
Kenvue, Inc.

            53,934

             931,979
Kimberly-Clark Corp. (b)

            5,373

             524,405
Procter & Gamble Co.

            73,086

             10,492,226




             14,013,726






Insurance - 2.0%

Aflac, Inc.

            7,253

             815,382
Allstate Corp.

            15,532

             3,200,990
American International Group, Inc.

            32,402

             2,405,201
Aon PLC - Class A

            4,030

             1,273,722
Arch Capital Group Ltd. (a)

            24,322

             2,172,928
Arthur J Gallagher & Co.

            6,058

             1,218,324
Brown & Brown, Inc.

            1

             56
Chubb Ltd.

            13,147

             4,098,314
Cincinnati Financial Corp.

            11,729

             1,846,379
Hanover Insurance Group, Inc.

            31,241

             5,817,074
Hartford Insurance Group, Inc.

            27,445

             3,489,083
Loews Corp.

            24,904

             2,578,809
Markel Group, Inc. (a)

            980

             1,779,278
Marsh & McLennan Cos., Inc.

            10,627

             1,700,001
MetLife, Inc.

            1

             83


Principal Financial Group, Inc.

            10,158

             1,052,572
Progressive Corp.

            16,814

             3,201,386
Prudential Financial, Inc.

            1

             101
Travelers Cos., Inc.

            13,562

             3,958,612
W R Berkley Corp. (b)

            18,845

             1,197,411
White Mountains Insurance Group Ltd.

            3,955

             8,166,363
Willis Towers Watson PLC

            3,031

             756,750




             50,728,819






Materials - 1.9%

Air Products and Chemicals, Inc.

            5,777

             1,609,588
Corteva, Inc.

            37,975

             2,972,683
CRH PLC

            41,106

             4,471,922
Dow, Inc.

            12,273

             414,214
Ecolab, Inc.

            5,050

             1,292,800
Element Solutions, Inc.

            139,340

             5,912,196
Freeport-McMoRan, Inc.

            48,557

             3,190,680
International Flavors & Fragrances, Inc.

            9,190

             698,900
International Paper Co.

            34,302

             1,148,088
Linde PLC

            11,776

             5,860,797
Martin Marietta Materials, Inc.

            1,363

             792,775
NewMarket Corp.

            7,617

             5,892,359
Newmont Corp.

            42,540

             4,671,317
Nucor Corp.

            11,968

             2,992,000
Packaging Corp. of America

            8,676

             1,899,263
PPG Industries, Inc.

            7,604

             859,100
Sherwin-Williams Co.

            5,147

             1,563,865
Steel Dynamics, Inc.

            6,451

             1,678,228
Vulcan Materials Co.

            2,122

             600,356




             48,521,131






Media & Entertainment - 8.8%

Alphabet, Inc. - Class A

            211,689

             80,513,794
Alphabet, Inc. - Class C

            168,951

             63,598,225
Charter Communications, Inc. - Class A (a)

            1,690

             243,444
Electronic Arts, Inc.

            6,097

             1,229,887
Fox Corp. - Class A

            31,313

             2,001,527
Fox Corp. - Class B

            19,352

             1,110,611
Live Nation Entertainment, Inc. (a)(b)

            2,914

             490,747
Meta Platforms, Inc. - Class A

            77,664

             49,123,257
Netflix, Inc. (a)

            149,580

             12,866,872
Pinterest, Inc. - Class A (a)

            8,137

             163,147
Reddit, Inc. - Class A (a)

            4,774

             840,224
ROBLOX Corp. - Class A (a)

            20,450

             964,217
Take-Two Interactive Software, Inc. (a)

            3,521

             789,267
Trade Desk, Inc. - Class A (a)

            14,963

             322,602
Walt Disney Co.

            58,485

             5,955,528
Warner Bros Discovery, Inc. (a)

            89,240

             2,410,372




             222,623,722






Pharmaceuticals, Biotechnology & Life Sciences - 5.1%

AbbVie, Inc.

            60,421

             13,154,860
Agilent Technologies, Inc.

            5,381

             729,287
Alnylam Pharmaceuticals, Inc. (a)

            4,191

             1,265,598
Amgen, Inc.

            21,051

             7,089,766
Biogen, Inc. (a)

            10,635

             2,084,460
Bristol-Myers Squibb Co.

            89,642

             5,125,730
Bruker Corp. (b)

            49,485

             2,914,172
Danaher Corp.

            20,592

             3,761,541


Eli Lilly & Co.

            30,321

             33,504,705
Gilead Sciences, Inc.

            52,840

             7,103,281
Insmed, Inc. (a)(b)

            1,928

             206,122
IQVIA Holdings, Inc. (a)

            3,661

             667,071
Johnson & Johnson

            97,133

             21,886,979
Merck & Co., Inc.

            95,848

             11,379,075
Pfizer, Inc.

            218,311

             5,715,382
Regeneron Pharmaceuticals, Inc.

            3,596

             2,210,749
Thermo Fisher Scientific, Inc.

            12,498

             6,155,390
Vertex Pharmaceuticals, Inc. (a)

            8,232

             3,684,149
Waters Corp. (a)

            2,158

             827,744
West Pharmaceutical Services, Inc.

            1,585

             511,654
Zoetis, Inc.

            10,541

             818,930




             130,796,645






Real Estate Management & Development - 0.1%

CBRE Group, Inc. - Class A (a)

            10,862

             1,358,184
CoStar Group, Inc. (a)

            6,794

             218,767




             1,576,951






Semiconductors & Semiconductor Equipment - 16.7%

Advanced Micro Devices, Inc. (a)

            58,445

             30,163,465
Analog Devices, Inc.

            17,806

             7,369,013
Applied Materials, Inc.

            30,189

             13,586,861
Broadcom, Inc.

            169,196

             75,591,697
Entegris, Inc.

            61,400

             8,521,706
First Solar, Inc. (a)

            1,445

             443,312
Intel Corp. (a)

            144,032

             16,517,590
KLA Corp.

            5,131

             9,860,294
Lam Research Corp.

            47,190

             15,014,914
Marvell Technology, Inc.

            30,841

             6,322,405
Microchip Technology, Inc.

            12,794

             1,210,952
Micron Technology, Inc.

            40,765

             39,582,815
Monolithic Power Systems, Inc.

            2,181

             3,415,904
NVIDIA Corp.

            824,378

             174,059,171
ON Semiconductor Corp. (a)

            9,326

             1,124,902
Qnity Electronics, Inc.

            2,199

             343,044
QUALCOMM, Inc.

            42,372

             10,636,220
Teradyne, Inc.

            5,278

             1,975,608
Texas Instruments, Inc.

            31,524

             9,636,256




             425,376,129






Software & Services - 9.6%

Accenture PLC - Class A

            26,999

             5,050,703
ACI Worldwide, Inc. (a)

            115,937

             5,062,969
Adobe, Inc. (a)

            15,371

             3,984,317
AppLovin Corp. - Class A (a)

            8,848

             5,424,620
Atlassian Corp. - Class A (a)

            3,871

             416,558
Autodesk, Inc. (a)

            4,452

             1,029,792
Cadence Design Systems, Inc. (a)

            10,033

             3,761,673
CCC Intelligent Solutions Holdings, Inc. (a)

            718,636

             3,377,589
Cloudflare, Inc. - Class A (a)

            7,261

             1,755,855
Cognizant Technology Solutions Corp. - Class A

            29,310

             1,634,179
CoreWeave, Inc. - Class A (a)

            10,609

             1,162,004
Crowdstrike Holdings, Inc. - Class A (a)

            8,452

             6,178,412
Datadog, Inc. - Class A (a)

            7,891

             1,951,839
Fortinet, Inc. (a)

            20,360

             2,809,069
GoDaddy, Inc. - Class A (a)

            3,858

             331,132
HubSpot, Inc. (a)(b)

            943

             208,054


International Business Machines Corp.

            36,257

             10,797,334
Intuit, Inc.

            12,500

             4,144,125
Microsoft Corp.

            264,982

             119,305,496
MongoDB, Inc. (a)

            2,945

             988,195
Oracle Corp.

            61,384

             13,859,279
Palantir Technologies, Inc. - Class A (a)

            77,941

             12,200,884
Palo Alto Networks, Inc. (a)

            28,397

             7,999,151
Qualys, Inc. (a)

            41,908

             4,580,125
Roper Technologies, Inc.

            1,588

             516,942
Salesforce, Inc.

            33,087

             6,322,926
ServiceNow, Inc. (a)

            38,002

             4,726,309
Snowflake, Inc. - Class A (a)(b)

            11,984

             3,062,511
Strategy, Inc. - Class A (a)(b)

            11,393

             1,812,512
Synopsys, Inc. (a)

            6,827

             3,247,058
Trimble, Inc. (a)

            17,812

             1,004,775
VeriSign, Inc.

            7,486

             2,136,355
Workday, Inc. - Class A (a)

            4,605

             673,205
Zoom Communications, Inc. (a)

            11,310

             1,148,983
Zscaler, Inc. (a)

            2,194

             306,568




             242,971,498






Technology Hardware & Equipment - 9.8%

Amphenol Corp. - Class A

            51,896

             7,720,049
Apple, Inc.

            522,890

             163,173,053
Arista Networks, Inc. (a)

            37,460

             5,973,746
Ciena Corp. (a)

            1,642

             952,738
Cisco Systems, Inc.

            139,405

             16,787,150
Coherent Corp. (a)

            2,224

             803,909
Corning, Inc.

            30,432

             5,513,061
Dell Technologies, Inc. - Class C

            12,583

             5,296,311
Hewlett Packard Enterprise Co.

            37,533

             1,615,420
HP, Inc.

            13,439

             363,391
Keysight Technologies, Inc. (a)

            4,659

             1,576,279
Lumentum Holdings, Inc. (a)

            1,008

             861,800
Motorola Solutions, Inc.

            2,415

             973,921
NetApp, Inc.

            13,903

             2,423,154
Sandisk Corp./DE (a)

            5,171

             8,764,742
Seagate Technology Holdings PLC

            8,257

             7,264,509
Super Micro Computer, Inc. (a)

            21,413

             986,925
TE Connectivity PLC

            21,767

             4,645,295
Teledyne Technologies, Inc. (a)

            1,851

             1,147,305
Western Digital Corp. (b)

            12,889

             6,846,766
Zebra Technologies Corp. - Class A (a)

            19,417

             4,730,564




             248,420,088






Telecommunication Services - 0.7%

AT&T, Inc.

            300,507

             7,452,573
Comcast Corp. - Class A

            119,171

             2,963,783
T-Mobile US, Inc.

            9,343

             1,752,093
Verizon Communications, Inc.

            142,711

             6,823,013




             18,991,462






Transportation - 1.5%

CSX Corp.

            97,460

             4,411,040
Delta Air Lines, Inc.

            27,173

             2,241,229
Expeditors International of Washington, Inc.

            12,714

             2,008,685
FedEx Corp.

            9,151

             3,767,924
Norfolk Southern Corp.

            12,421

             3,787,908
Old Dominion Freight Line, Inc.

            5,608

             1,262,641


Saia, Inc. (a)

            11,522

             5,442,647
Southwest Airlines Co.

            22,199

             953,447
Uber Technologies, Inc. (a)

            83,717

             5,893,677
Union Pacific Corp. (b)

            17,051

             4,478,275
United Airlines Holdings, Inc. (a)

            17,964

             2,062,267
United Parcel Service, Inc. - Class B

            22,021

             2,349,420




             38,659,160






Utilities - 1.6%

Ameren Corp.

            5,084

             548,919
American Electric Power Co., Inc.

            35,450

             4,490,451
CenterPoint Energy, Inc. (b)

            19,851

             838,903
Consolidated Edison, Inc.

            15,493

             1,636,526
Constellation Energy Corp.

            10,413

             2,996,341
Dominion Energy, Inc.

            28,368

             1,898,954
Duke Energy Corp.

            50,816

             6,236,648
Edison International

            6,769

             473,424
Entergy Corp.

            12,209

             1,331,391
Evergy, Inc.

            28,017

             2,298,515
Eversource Energy

            7

             478
Exelon Corp.

            56,998

             2,601,389
FirstEnergy Corp.

            22,807

             1,058,017
NextEra Energy, Inc.

            65,659

             5,712,990
NiSource, Inc.

            12,804

             591,801
PG&E Corp.

            51,951

             848,879
PPL Corp.

            4,513

             159,715
Public Service Enterprise Group, Inc.

            16,287

             1,280,972
Sempra

            25,441

             2,267,556
Southern Co.

            19,544

             1,799,025
Vistra Corp.

            11,194

             1,793,615
WEC Energy Group, Inc.

            944

             104,831
Xcel Energy, Inc.

            11,750

             934,125




             41,903,465
TOTAL COMMON STOCKS (Cost $1,785,273,117)

             2,374,466,709






EXCHANGE TRADED FUNDS - 4.5%

Shares  

Value  
Dimensional US Small Cap ETF

            1,452,478

             114,048,573
Vanguard Large-Cap ETF

            922

             321,068
TOTAL EXCHANGE TRADED FUNDS (Cost $90,989,974)

             114,369,641






REAL ESTATE INVESTMENT TRUSTS - 1.5%

Shares  

Value  
Equity Real Estate Investment Trusts (REITs) - 1.5%

American Tower Corp.

            12,649

             2,364,857
AvalonBay Communities, Inc.

            4,478

             817,280
Crown Castle, Inc.

            17,839

             1,632,269
Digital Realty Trust, Inc.

            8,421

             1,599,990
Equinix, Inc.

            3,219

             3,438,021
Equity Residential

            57,703

             3,776,661
Essex Property Trust, Inc.

            1,653

             450,674
Extra Space Storage, Inc.

            3,390

             489,211
First Industrial Realty Trust, Inc.

            67,349

             4,166,883
Invitation Homes, Inc.

            53,859

             1,575,376
Iron Mountain, Inc.

            5,525

             708,581
Prologis, Inc.

            27,700

             3,974,119
Public Storage

            1,854

             563,041
Realty Income Corp. (b)

            58,512

             3,585,615
SBA Communications Corp.

            5,520

             1,121,443
Simon Property Group, Inc.

            10

             2,049
Ventas, Inc.

            7,505

             633,572


VICI Properties, Inc. (b)

            88,270

             2,490,979
Welltower, Inc.

            19,236

             3,949,728
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $35,312,747)

             37,340,349






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 2.5%
Units  

Value  
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (c)

            62,513,053

             62,513,053
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $62,513,053)

             62,513,053






MONEY MARKET FUNDS - 0.6%
Shares  

Value  
First American Government Obligations Fund - Class X, 3.55% (c)

            15,114,496

             15,114,496
TOTAL MONEY MARKET FUNDS (Cost $15,114,496)

             15,114,496






TOTAL INVESTMENTS - 102.5% (Cost $1,989,203,387)

             2,603,804,248
Liabilities in Excess of Other Assets - (2.5)%
(0.02509)
            (63,726,297)
TOTAL NET ASSETS - 100.0%




    $        2,540,077,951


Percentages are stated as a percent of net assets.




LLC — Limited Liability Company
PLC — Public Limited Company
REIT — Real Estate Investment Trust

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.




(a)

Non-income producing security.
(b)

All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $61,396,022.
(c)

The rate shown represents the 7-day annualized yield as of May 31, 2026.




















Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
ActivePassive U.S. Equity ETF 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        2,374,466,709

    $        –

    $        –

    $        2,374,466,709
  Exchange Traded Funds
            114,369,641

            –

            –

            114,369,641
  Real Estate Investment Trusts
            37,340,349

            –

            –

            37,340,349
  Investments Purchased with Proceeds from Securities Lending(a)
            –

            –

            –

            62,513,053
  Money Market Funds
            15,114,496

            –

            –

            15,114,496
Total Investments
    $        2,541,291,195

    $        –

    $        –

    $        2,603,804,248

Refer to the Schedule of Investments for further disaggregation of investment categories.




(a)

Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $62,513,053 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.