Tweedy, Browne International Insider + Value ETF
Schedule of Investments
May 31, 2026 (Unaudited)
COMMON STOCKS - 97.8%									Shares						Value
Australia - 0.7%
New Hope Corp. Ltd.									116,103						$        487,344
Belgium - 3.0%
Colruyt Group N.V									10,736						415,495
Umicore SA									30,566						901,286
X-Fab Silicon Foundries SE (a)(b)									64,510						809,629
															2,126,410
Bermuda - 0.6%
Conduit Holdings Ltd.									73,016						434,619
Canada - 14.2%
Atco Ltd. - Class I									15,987						788,769
Bank of Nova Scotia									9,499						762,180
Cenovus Energy, Inc.									27,461						758,108
Lululemon Athletica, Inc. (a)									3,480						456,506
Mullen Group Ltd.									49,711						786,059
National Bank of Canada									6,255						913,489
Nutrien Ltd.									8,485						581,053
Paramount Resources Ltd. - Class A									19,061						417,126
Parex Resources, Inc.									28,579						498,549
Peyto Exploration & Development Corp.									53,661						966,455
Power Corp. of Canada									15,870						959,233
Stella-Jones, Inc.									9,550						535,809
Tourmaline Oil Corp.									8,076						369,165
Whitecap Resources, Inc.									63,620						730,962
Winpak Ltd.									14,923						444,556
															9,968,019
Denmark - 0.8%
Pandora AS									6,338						594,458
Finland - 0.6%
Kemira Oyj									19,279						401,168
France - 6.4%
Bouygues SA									12,632						743,475
Coface SA									30,303						528,413
Metropole Television SA									37,726						508,681
Pernod Ricard SA									5,788						428,155
Sodexo SA									7,590						417,860
Sopra Steria Group									1,857						322,734
Teleperformance SE									2,952						217,060
Television Francaise 1 SA									67,539						540,413
Verallia SA (b)									12,115						283,466
Vicat SACA									6,715						495,789
															4,486,046
Germany - 8.5%
Bayer AG									8,988						382,965
Beiersdorf AG									5,770						465,590

---

Brenntag SE									5,570						367,331
Daimler Truck Holding AG									9,461						465,138
Deutsche Lufthansa AG									45,831						458,663
Deutsche Post AG									13,940						832,491
Douglas AG (a)									23,727						244,371
HUGO BOSS AG									12,628						525,835
Mercedes-Benz Group AG									6,060						368,898
Puma SE (a)									16,179						548,585
SAF-Holland SE (a)									39,993						972,606
Stabilus SE									14,395						319,352
															5,951,825
Hong Kong - 0.9%
Prudential PLC									44,263						638,707
Hungary - 0.9%
MOL Hungarian Oil & Gas PLC									50,867						646,077
Italy - 5.8%
BFF Bank SpA (a)(b)									44,253						145,352
Brembo NV									52,142						709,750
Buzzi SpA									8,416						456,463
Cementir Holding NV									26,913						459,568
MFE-MediaForEurope NV									93,485						409,775
Piaggio & C SpA									168,835						341,672
Pirelli & C SpA (b)									87,555						644,403
Sanlorenzo SpA									14,048						608,232
Zignago Vetro SpA									34,853						300,422
															4,075,637
Luxembourg - 1.4%
Befesa SA (b)									22,599						975,299
Netherlands - 0.7%
Fugro NV									34,939						462,137
Norway - 1.1%
DNB Bank ASA									24,870						773,014
Philippines - 2.0%
Bank of the Philippine Islands									358,020						545,770
Metropolitan Bank & Trust Co.									501,610						517,103
Semirara Mining & Power Corp.									834,800						352,365
															1,415,238
Portugal - 0.7%
Altri SGPS SA									83,444						482,265
Singapore - 5.5%
First Resources Ltd.									359,000						745,426
Hafnia Ltd.									95,275						728,854
UMS Integration Ltd.									658,127						1,443,883
United Overseas Bank Ltd.									19,671						579,533
Wilmar International Ltd.									132,290						372,122
															3,869,818

---

South Korea - 8.4%
DB Insurance Co. Ltd.									4,158						394,831
Hana Financial Group, Inc.									6,124						467,732
Hyundai Glovis Co. Ltd.									3,514						565,458
Innocean Worldwide, Inc.									22,470						297,463
KB Financial Group, Inc. - ADR									4,133						419,252
Krafton, Inc.									3,064						523,543
KT Corp. - ADR									42,622						759,524
KT&G Corp.									3,442						421,856
LG Electronics, Inc.									2,129						413,933
LG Uplus Corp.									34,839						372,895
Samsung Electronics Co. Ltd.									15						3,155
Samsung Electronics Co. Ltd. - GDR									231						1,232,385
															5,872,027
Spain - 8.5%
Acciona SA									3,055						879,434
Acerinox SA									42,522						786,122
Banco Santander SA									103,950						1,300,739
Bankinter SA									58,714						990,620
Gestamp Automocion SA (b)									197,812						752,172
Repsol SA									30,977						796,339
Vidrala SA									5,362						480,950
															5,986,376
Sweden - 5.6%
Betsson AB									42,781						408,901
Billerud Aktiebolag									52,184						346,458
Intrum AB (a)									55,947						122,157
Norion Bank AB (a)									113,023						709,982
SKF AB - Class B									20,596						541,830
Svenska Handelsbanken AB - Class A									49,351						729,326
Volvo AB - Class B									21,457						756,437
Volvo Car AB (a)									133,863						346,651
															3,961,742
United Kingdom - 21.5%
B&M European Value Retail PLC									216,161						497,785
Berkeley Group Holdings PLC (a)									8,432						391,077
Breedon Group PLC									102,478						391,110
British American Tobacco PLC									13,619						842,017
Bunzl PLC									18,473						585,615
Burberry Group PLC (a)									64,412						1,022,702
CNH Industrial NV									46,026						469,926
Computacenter PLC									14,407						863,768
Domino's Pizza Group PLC									195,840						491,077
GSK PLC									24,263						614,776
Hilton Food Group PLC									74,504						516,218
IG Group Holdings PLC									47,680						1,152,575
Inchcape PLC									44,673						508,660
Johnson Matthey PLC									27,396						782,153
OSB Group PLC									110,549						768,942
Pets at Home Group PLC									163,966						424,400
Rightmove PLC									79,354						448,514
Shell PLC									14,275						599,406
TORM PLC - Class A									23,514						640,521
Vistry Group PLC (a)									105,434						396,144
Vodafone Group PLC									562,252						843,499
Watches of Switzerland Group PLC (a)(b)									81,192						789,440

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WPP PLC									139,414						528,886
YouGov PLC									201,086						577,889
															15,147,100
TOTAL COMMON STOCKS (Cost $64,231,127)															68,755,326
TOTAL INVESTMENTS - 97.8% (Cost $64,231,127)															68,755,326
Other Assets in Excess of Liabilities - 2.2%												0.02243			1,577,562
TOTAL NET ASSETS - 100.0%															$        70,332,888
Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
GDR - Global Depositary Receipt PLC - Public Limited Company

(a)						Non-income producing security.
(b)						Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2026, the value of these securities total $4,399,761 or 6.3% of the Fund’s net assets.

Tweedy, Browne International Insider + Value ETF
Schedule of Forward Currency Contracts
May 31, 2026 (Unaudited)
Counterparty						Settlement Date						Currency Purchased									Currency Sold									Unrealized Appreciation (Depreciation)
Northern Trust Securities, Inc.						06/30/2026						AUD			249,443						USD			177,417						$        1,757
Northern Trust Securities, Inc.						07/31/2026						AUD			249,443						USD			177,300						1,751
Northern Trust Securities, Inc.						06/30/2026						HUF			3,989,830						USD			12,859						267
Northern Trust Securities, Inc.						07/31/2026						HUF			3,989,830						USD			12,844						266
Northern Trust Securities, Inc.						08/31/2026						HUF			3,989,830						USD			12,829						267
Northern Trust Securities, Inc.						06/30/2026						NOK			122,252						USD			13,116						99
Northern Trust Securities, Inc.						07/31/2026						NOK			122,251						USD			13,109						98
Northern Trust Securities, Inc.						08/31/2026						NOK			154						USD			17						0
Northern Trust Securities, Inc.						06/30/2026						SEK			1,409,959						USD			150,731						2,231
Northern Trust Securities, Inc.						07/31/2026						SEK			1,409,959						USD			150,972						2,251
Northern Trust Securities, Inc.						06/30/2026						SGD			158,782						USD			124,544						155
Northern Trust Securities, Inc.						07/31/2026						SGD			158,782						USD			124,804						173
Northern Trust Securities, Inc.						08/31/2026						SGD			18,551						USD			14,588						46
Northern Trust Securities, Inc.						06/30/2026						USD			2,481,466						CAD			3,402,982						9,647
Northern Trust Securities, Inc.						07/31/2026						USD			3,302,422						CAD			4,502,223						27,520
Northern Trust Securities, Inc.						06/30/2026						USD			70,756						DKK			451,253						212
Northern Trust Securities, Inc.						07/31/2026						USD			166,353						DKK			1,055,994						985
Northern Trust Securities, Inc.						07/31/2026						USD			34,754						DKK			220,815						175
Northern Trust Securities, Inc.						07/31/2026						USD			8,279,570						EUR			7,041,985						43,301
Northern Trust Securities, Inc.						07/31/2026						USD			5,045,101						GBP			3,736,273						14,116
Northern Trust Securities, Inc.						06/30/2026						USD			190,574						SEK			1,744,184						1,353
Northern Trust Securities, Inc.						07/31/2026						USD			1,454,335						SEK			13,342,391						4,383
Northern Trust Securities, Inc.						06/30/2026						USD			678,376						SGD			862,852						737
Northern Trust Securities, Inc.						07/31/2026						USD			237,040						SGD			300,329						652
Northern Trust Securities, Inc.						07/31/2026						USD			957,659						SGD			1,213,877						2,221
Northern Trust Securities, Inc.						06/30/2026						DKK			120,741						USD			18,964						(89)

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Northern Trust Securities, Inc.						07/31/2026						DKK			120,741						USD			18,995						(87)
Northern Trust Securities, Inc.						06/30/2026						EUR			137,592						USD			161,625						(914)
Northern Trust Securities, Inc.						07/31/2026						EUR			137,592						USD			161,837						(911)
Northern Trust Securities, Inc.						06/30/2026						GBP			18,314						USD			24,734						(73)
Northern Trust Securities, Inc.						07/31/2026						GBP			18,314						USD			24,729						(69)
Northern Trust Securities, Inc.						06/30/2026						USD			320,173						AUD			460,123						(10,330)
Northern Trust Securities, Inc.						07/31/2026						USD			328,954						AUD			460,123						(1,325)
Northern Trust Securities, Inc.						08/31/2026						USD			150,055						AUD			210,680						(1,071)
Northern Trust Securities, Inc.						06/30/2026						USD			798,189						CAD			1,099,241						(265)
Northern Trust Securities, Inc.						08/31/2026						USD			3,278,300						CAD			4,502,223						(638)
Northern Trust Securities, Inc.						06/30/2026						USD			128,593						DKK			825,557						(466)
Northern Trust Securities, Inc.						08/31/2026						USD			180,279						DKK			1,156,069						(1,046)
Northern Trust Securities, Inc.						06/30/2026						USD			8,191,313						EUR			7,041,985						(33,954)
Northern Trust Securities, Inc.						08/31/2026						USD			8,035,964						EUR			6,904,394						(49,372)
Northern Trust Securities, Inc.						06/30/2026						USD			4,983,691						GBP			3,736,273						(47,660)
Northern Trust Securities, Inc.						08/28/2026						USD			4,984,664						GBP			3,717,960						(21,178)
Northern Trust Securities, Inc.						06/30/2026						USD			212,258						HUF			71,672,604						(23,547)
Northern Trust Securities, Inc.						07/31/2026						USD			228,933						HUF			71,672,604						(6,578)
Northern Trust Securities, Inc.						08/31/2026						USD			230,299						HUF			71,672,604						(4,948)
Northern Trust Securities, Inc.						06/30/2026						USD			259,531						NOK			2,519,588						(12,819)
Northern Trust Securities, Inc.						07/31/2026						USD			270,068						NOK			2,519,588						(2,129)
Northern Trust Securities, Inc.						08/31/2026						USD			258,860						NOK			2,397,491						(3)
Northern Trust Securities, Inc.						06/30/2026						USD			1,248,605						SEK			11,598,207						(9,646)
Northern Trust Securities, Inc.						08/31/2026						USD			1,279,670						SEK			11,932,433						(19,148)
Northern Trust Securities, Inc.						06/30/2026						USD			511,296						SGD			651,354						(244)
Northern Trust Securities, Inc.						08/31/2026						USD			1,080,754						SGD			1,373,975						(3,109)
Net Unrealized Appreciation (Depreciation)																														$        (136,956)
AUD - Australian Dollars
CAD - Canadian Dollar
DKK - Danish Krone
EUR - Euro
GBP - British Pound
HUF - Hungarian Forint
NOK - Norwegian Krone
SEK - Swedish Krona
SGD - Singapore Dollar
USD - United States Dollar

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Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)

 

Tweedy, Browne International Insider + Value 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

Assets:

Investments:

Common Stocks

$        68,755,326

$        –

$        –

$        68,755,326

Total Investments

$        68,755,326

$        –

$        –

$        68,755,326

Other Financial Instruments:

Forward Currency Contracts *

$        –

$        114,663

$        –

$        114,663

Total Other Financial Instruments

$        –

$        114,663

$        –

$        114,663

Liabilities:

Other Financial Instruments:

Forward Currency Contracts *

$        –

$        (251,619)

$        –

$        (251,619)

Total Other Financial Instruments

$        –

$        (251,619)

$        –

$        (251,619)

* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of May 31, 2026.

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