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

COMMON STOCKS - 98.3%

Shares  

Value  
Brazil - 0.9%

Ambev SA - ADR

            5,700,424

    $        18,298,361






Canada - 7.7%

Agnico Eagle Mines Ltd.

            101,791

             18,715,397
Barrick Mining Corp.

            459,192

             19,538,620
Franco-Nevada Corp.

            116,026

             26,877,063
Imperial Oil Ltd.

            217,338

             25,786,078
Nutrien Ltd.

            161,778

             11,089,882
Power Corp. of Canada

            359,299

             21,717,177
Wheaton Precious Metals Corp.

            201,885

             26,769,951




             150,494,168






France - 4.1%

Danone SA

            224,911

             15,986,745
Dassault Systemes SE

            1,233,040

             27,045,650
LVMH Moet Hennessy Louis Vuitton SE

            59,877

             33,038,019
Pernod Ricard SA

            54,989

             4,067,700




             80,138,114






Germany - 1.9%

Adidas AG

            16,070

             3,122,754
Merck KGaA

            218,085

             33,284,837




             36,407,591






Hong Kong - 3.0%

AIA Group Ltd.

            1,363,200

             14,307,086
Alibaba Group Holding Ltd.

            1,110,000

             17,123,990
CK Asset Holdings Ltd.

            1,818,500

             10,984,929
Jardine Matheson Holdings Ltd.

            239,044

             15,867,741




             58,283,746






Ireland - 0.9%

Medtronic PLC

            224,108

             16,541,412






Japan - 7.3%

FANUC Corp.

            436,500

             21,629,724
Hoshizaki Corp.

            200,600

             6,635,236
Keyence Corp.

            41,200

             20,723,524
Mitsubishi Electric Corp.

            204,700

             8,428,861
MS&AD Insurance Group Holdings, Inc.

            720,100

             19,383,221
Secom Co. Ltd.

            421,800

             16,817,443
Shimano, Inc.

            93,600

             9,699,984
SMC Corp.

            58,800

             25,515,135
Sompo Holdings, Inc.

            379,000

             14,178,143




             143,011,271






Mexico - 2.9%

Fomento Economico Mexicano SAB de CV - ADR

            226,360

             26,943,631
Grupo Mexico SAB de CV - Class B

            862,466

             10,660,312
Wal-Mart de Mexico SAB de CV

            6,559,335

             19,855,448




             57,459,391








Netherlands - 2.4%

Heineken NV

            183,194

             14,329,192
Magnum Ice Cream Co. NV (a)

            84,527

             1,370,037
Prosus NV

            689,831

             31,396,185




             47,095,414






South Korea - 4.4%

NAVER Corp.

            44,632

             6,930,251
Samsung Electronics Co. Ltd.

            378,129

             79,540,075




             86,470,326






Sweden - 1.0%

Investor AB (a)

            462,145

             19,057,706






Switzerland - 4.4%

Cie Financiere Richemont SA

            139,388

             30,161,595
Nestle SA

            279,452

             28,441,057
Schindler Holding AG

            66,723

             22,567,257
SGS SA

            40,629

             4,626,360




             85,796,269






Taiwan - 1.4%

Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            65,152

             27,262,855






United Kingdom - 10.3%

British American Tobacco PLC

            850,921

             52,609,598
Diageo PLC

            841,470

             17,400,307
Haleon PLC

            3,568,595

             16,181,129
Lloyds Banking Group PLC

            13,084,181

             17,955,156
Reckitt Benckiser Group PLC

            297,227

             18,376,551
RELX PLC

            365,516

             12,059,823
Shell PLC

            579,084

             24,299,049
Unilever PLC

            377,501

             21,386,175
Willis Towers Watson PLC

            87,365

             21,812,420




             202,080,208






United States - 45.7% (b)

Alphabet, Inc. - Class C

            158,378

             59,618,231
American Express Co.

            42,365

             13,407,252
Automatic Data Processing, Inc.

            123,838

             27,472,222
Bank of New York Mellon Corp.

            235,670

             32,859,468
Becton Dickinson & Co.

            275,518

             40,534,208
Berkshire Hathaway, Inc. - Class B (a)

            33,688

             15,984,282
Bio-Rad Laboratories, Inc. - Class A (a)

            65,660

             20,517,437
Brown & Brown, Inc.

            212,904

             11,975,850
BXP, Inc.

            197,050

             11,824,971
CH Robinson Worldwide, Inc.

            104,059

             18,590,140
Charter Communications, Inc. - Class A (a)

            89,656

             12,914,947
Colgate-Palmolive Co.

            196,786

             17,736,322
Comcast Corp. - Class A

            779,539

             19,387,135
Dollar General Corp.

            109,565

             12,118,985
Elevance Health, Inc.

            95,286

             37,465,502
Equity Residential

            204,895

             13,410,378
Expeditors International of Washington, Inc.

            129,854

             20,515,633
Extra Space Storage, Inc.

            75,223

             10,855,431
Exxon Mobil Corp.

            137,441

             19,964,680


Fidelity National Financial, Inc.

            214,992

             10,179,871
Fiserv, Inc. (a)

            180,715

             10,221,240
HCA Healthcare, Inc.

            75,485

             28,574,092
International Flavors & Fragrances, Inc.

            216,744

             16,483,381
Meta Platforms, Inc. - Class A

            60,813

             38,464,831
Microsoft Corp.

            10,272

             4,624,865
Newmont Corp.

            238,208

             26,157,620
Noble Corp. PLC

            593,476

             27,584,764
Omnicom Group, Inc.

            176,655

             12,844,585
ONEOK, Inc.

            280,245

             23,523,765
Oracle Corp.

            190,586

             43,030,507
Philip Morris International, Inc.

            146,510

             25,987,944
PPG Industries, Inc.

            158,189

             17,872,193
Salesforce, Inc.

            142,708

             27,271,499
SLB Ltd.

            690,083

             37,644,028
Texas Instruments, Inc.

            58,874

             17,996,604
Universal Health Services, Inc. - Class B

            113,923

             16,645,290
US Bancorp

            196,728

             10,790,531
Walt Disney Co.

            125,270

             12,756,244
Waters Corp. (a)

            37,152

             14,250,393
Weyerhaeuser Co.

            1,158,426

             28,393,021
Workday, Inc. - Class A (a)

            175,921

             25,717,891




             894,168,233
TOTAL COMMON STOCKS (Cost $1,772,393,181)

             1,922,565,065






PREFERRED STOCKS - 1.3%

Shares  

Value  
Brazil - 0.8%

Itausa SA, 0.00%

            6,385,380

             16,442,713






Germany - 0.5%

Henkel AG & Co. KGaA, 0.00%

            116,495

             9,060,450
TOTAL PREFERRED STOCKS (Cost $24,630,771)

             25,503,163






TOTAL INVESTMENTS - 99.6% (Cost $1,797,023,952)

             1,948,068,228
Other Assets in Excess of Liabilities - 0.4%
0.00369
            7,222,287
TOTAL NET ASSETS - 100.0%




    $        1,955,290,515


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
PLC - Public Limited Company




(a)

Non-income producing security.
(b)

To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.













Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
First Eagle Global 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
    $        1,922,565,065

    $        –

    $        –

    $        1,922,565,065
  Preferred Stocks
            25,503,163

            –

            –

            25,503,163
Total Investments
    $        1,948,068,228

    $        –

    $        –

    $        1,948,068,228

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