First Eagle Overseas Equity ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 96.4%

Shares  

Value  
Brazil - 1.7%

Ambev SA - ADR

            6,968,417

    $        22,368,619






Canada - 10.3%

Agnico Eagle Mines Ltd.

            36,863

             6,777,669
Barrick Mining Corp.

            321,678

             13,687,399
Franco-Nevada Corp.

            73,827

             17,101,796
Imperial Oil Ltd.

            329,404

             39,082,154
Nutrien Ltd.

            209,982

             14,394,266
Power Corp. of Canada

            405,580

             24,514,548
Wheaton Precious Metals Corp.

            159,683

             21,173,966




             136,731,798






Faroe Islands - 0.3%

Bakkafrost P/F

            79,476

             3,940,085






Finland - 0.4%

Kesko Oyj - Class B

            206,031

             4,993,730






France - 7.4%

Danone SA

            241,598

             17,172,863
Dassault Systemes SE

            1,264,744

             27,741,049
Legrand SA

            73,203

             12,606,927
LVMH Moet Hennessy Louis Vuitton SE

            65,348

             36,056,723
Pernod Ricard SA

            62,416

             4,617,098




             98,194,660






Germany - 2.7%

Adidas AG

            18,363

             3,568,334
Merck KGaA

            207,310

             31,640,322




             35,208,656






Hong Kong - 4.8%

AIA Group Ltd.

            1,269,600

             13,324,733
Alibaba Group Holding Ltd.

            1,079,800

             16,658,094
CK Asset Holdings Ltd.

            1,889,000

             11,410,795
Jardine Matheson Holdings Ltd.

            337,415

             22,397,608




             63,791,230






Indonesia - 0.3%

Astra International Tbk PT

            14,372,800

             4,021,488






Japan - 17.3%

FANUC Corp.

            546,800

             27,095,379
Hirose Electric Co. Ltd.

            86,200

             15,276,395
Hoshizaki Corp.

            259,500

             8,583,468
Kansai Paint Co. Ltd.

            1,072,100

             16,495,658
Keyence Corp.

            40,500

             20,371,425
Mitsubishi Electric Corp.

            445,000

             18,323,612
MS&AD Insurance Group Holdings, Inc.

            813,300

             21,891,923
Nihon Kohden Corp.

            644,300

             5,853,779
OBIC Business Consultants Co. Ltd.

            192,300

             7,385,798


Secom Co. Ltd.

            490,800

             19,568,518
Shimano, Inc.

            113,000

             11,710,451
SMC Corp.

            59,500

             25,818,887
Sompo Holdings, Inc.

            377,800

             14,133,252
TIS, Inc.

            803,000

             17,046,702




             229,555,247






Mexico - 4.6%

Fomento Economico Mexicano SAB de CV - ADR

            251,682

             29,957,709
Grupo Mexico SAB de CV - Class B

            836,235

             10,336,090
Wal-Mart de Mexico SAB de CV

            6,809,333

             20,612,205




             60,906,004






Netherlands - 3.8%

Heineken NV

            189,813

             14,846,922
Magnum Ice Cream Co. NV (a)

            220,280

             3,570,358
Prosus NV

            711,587

             32,386,363




             50,803,643






Norway - 0.9%

Orkla ASA

            1,117,800

             11,804,873






Singapore - 2.2%

United Overseas Bank Ltd.

            537,610

             15,838,696
UOL Group Ltd.

            1,640,134

             13,043,965




             28,882,661






South Korea - 7.7%

Hyundai Mobis Co. Ltd.

            30,989

             15,792,669
NAVER Corp.

            57,373

             8,908,614
NongShim Co. Ltd.

            18,380

             4,695,620
Samsung Electronics Co. Ltd.

            349,094

             73,432,514




             102,829,417






Sweden - 3.0%

Industrivarden AB

            153,685

             8,425,702
Investor AB (a)

            558,543

             23,032,919
Svenska Handelsbanken AB - Class A

            610,226

             9,018,135




             40,476,756






Switzerland - 5.9%

Cie Financiere Richemont SA

            142,646

             30,866,581
Nestle SA

            247,664

             25,205,852
Schindler Holding AG

            51,331

             17,361,327
SGS SA

            46,318

             5,274,158




             78,707,918






Taiwan - 1.9%

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            61,657

             25,800,372






Thailand - 0.7%

Bangkok Bank PCL - NVDR

            1,833,119

             9,744,341






Turkey - 0.4%

AG Anadolu Grubu Holding AS

            6,707,723

             4,911,085








United Kingdom - 17.8%

Berkeley Group Holdings PLC (a)

            231,490

             10,736,527
Big Yellow Group PLC

            601,003

             6,786,536
British American Tobacco PLC

            817,126

             50,520,166
Diageo PLC

            881,418

             18,226,370
Haleon PLC

            3,131,916

             14,201,090
Lloyds Banking Group PLC

            12,377,291

             16,985,105
Reckitt Benckiser Group PLC

            310,845

             19,218,506
RELX PLC

            366,697

             12,098,789
Shell PLC

            1,251,819

             52,527,805
Unilever PLC

            373,870

             21,180,472
Willis Towers Watson PLC

            59,648

             14,892,316




             237,373,682






United States - 2.3%

Newmont Corp.

            177,991

             19,545,192
Philip Morris International, Inc.

            63,764

             11,310,458




             30,855,650
TOTAL COMMON STOCKS (Cost $1,174,104,486)

             1,281,901,915






PREFERRED STOCKS - 2.7%

Shares  

Value  
Brazil - 1.0%

Itausa SA, 0.00%

            5,142,798

             13,242,994






Germany - 1.7%

FUCHS SE, 0.00%

            276,345

             12,667,504
Henkel AG & Co. KGaA, 0.00%

            132,485

             10,304,080





             22,971,584
TOTAL PREFERRED STOCKS (Cost $35,496,071)

             36,214,578






TOTAL INVESTMENTS - 99.1% (Cost $1,209,600,557)

             1,318,116,493
Other Assets in Excess of Liabilities - 0.9%
0.00932
            12,401,090
TOTAL NET ASSETS - 100.0%




    $        1,330,517,583


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
NVDR - Non-Voting Depositary Receipt
PCL - Public Company Limited
PLC - Public Limited Company




(a)

Non-income producing security.















Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
First Eagle Overseas 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
    $        1,281,901,915

    $        –

    $        –

    $        1,281,901,915
  Preferred Stocks
            36,214,578

            –

            –

            36,214,578
Total Investments
    $        1,318,116,493

    $        –

    $        –

    $        1,318,116,493

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