Vident International Equity Strategy ETFTM
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 97.5%

Shares  

Value  
Australia - 2.8%

AGL Energy Ltd.

            334,038

    $        2,057,319
Perseus Mining Ltd.

            474,856

             1,766,382
Qantas Airways Ltd.

            238,007

             1,616,567
Ramelius Resources Ltd.

            605,864

             1,403,664
Regis Resources Ltd.

            356,845

             1,571,315
Whitehaven Coal Ltd.

            220,861

             1,390,462
Worley Ltd.

            172,731

             1,608,187
Yancoal Australia Ltd.

            366,215

             1,783,844




             13,197,740






Austria - 0.5%

voestalpine AG

            38,878

             2,195,856






Belgium - 0.2%

Ageas SA

            6,117

             475,409
Proximus SADP

            33,630

             262,155




             737,564






Brazil - 2.8%

Ambev SA

            625,822

             2,030,315
Cia de Saneamento de Minas Gerais Copasa MG

            212,782

             2,217,338
Cogna Educacao SA

            2,386,664

             1,189,038
Magazine Luiza SA

            1,126,489

             1,342,914
Telefonica Brasil SA

            280,438

             1,850,662
TIM SA

            441,480

             1,944,600
Vibra Energia SA

            377,362

             2,223,200




             12,798,067






Canada - 5.1%

Air Canada (a)

            109,117

             1,748,185
Baytex Energy Corp.

            615,782

             3,012,864
Centerra Gold, Inc.

            106,964

             1,889,952
Fortuna Mining Corp. (a)

            180,041

             1,807,533
iA Financial Corp., Inc.

            17,032

             2,125,121
Magna International, Inc.

            38,946

             2,526,097
Manulife Financial Corp.

            55,860

             2,138,215
OceanaGold Corp.

            55,613

             1,681,046
Parex Resources, Inc.

            101,728

             1,776,021
Power Corp. of Canada

            40,680

             2,460,792
Sun Life Financial, Inc.

            33,036

             2,376,108




             23,541,934






Chile - 1.1%

Banco Santander Chile

            5,688,060

             447,403
Cencosud SA

            588,951

             1,389,084
Falabella SA

            269,960

             1,729,064
Latam Airlines Group SA

            62,988,685

             1,705,754




             5,271,305






China - 1.0%

China Resources Pharmaceutical Group Ltd. (b)

            2,426,500

             1,445,856


Country Garden Services Holdings Co. Ltd.

            1,904,000

             1,413,898
People's Insurance Co. Group of China Ltd. - Class H

            2,406,000

             1,590,206




             4,449,960






Denmark - 5.8%

AP Moller - Maersk AS - Class B

            857

             2,115,636
Bavarian Nordic AS (a)

            65,357

             1,912,450
D/S Norden AS

            46,143

             2,134,122
Danske Bank AS

            13,122

             691,311
FLSmidth & Co. AS

            23,726

             1,865,316
Genmab AS (a)

            6,028

             1,603,877
GN Store Nord AS (a)

            102,857

             1,578,116
H Lundbeck AS

            259,560

             1,759,770
ISS AS

            54,179

             2,231,691
Jyske Bank AS

            11,144

             1,597,394
NKT AS (a)

            15,685

             2,510,364
ROCKWOOL AS

            59,853

             1,891,580
Tryg AS

            74,099

             1,744,786
Vestas Wind Systems AS

            68,401

             1,923,021
Zealand Pharma AS (a)

            30,452

             1,544,877




             27,104,311






Finland - 0.8%

Nokia Oyj

            260,295

             3,793,874






France - 1.4%

Bouygues SA

            37,952

             2,234,789
Carrefour SA

            62,273

             1,165,262
Forvia SE (a)

            70,262

             934,307
Orange SA

            106,870

             2,236,721




             6,571,079






Germany - 3.7%

Allianz SE

            392

             174,562
Aurubis AG

            11,874

             2,995,763
Bayer AG

            35,375

             1,507,998
Continental AG

            18,943

             1,577,460
Deutsche Lufthansa AG

            199,278

             1,995,268
Freenet AG

            17,212

             507,765
Fresenius Medical Care AG

            23,085

             1,001,868
HelloFresh SE (a)

            66,732

             336,257
K+S AG

            57,709

             997,363
RWE AG

            32,929

             2,096,561
Schaeffler AG

            21,548

             265,537
Suedzucker AG

            13,723

             184,163
Talanx AG

            8,044

             966,861
thyssenkrupp AG

            157,112

             2,153,362
TUI AG

            30,653

             252,899




             17,013,687






Hong Kong - 5.7%

Cathay Pacific Airways Ltd.

            1,320,000

             2,240,029
China Taiping Insurance Holdings Co. Ltd.

            656,000

             1,663,143
CK Hutchison Holdings Ltd.

            249,500

             2,242,743
Johnson Electric Holdings Ltd.

            572,500

             1,864,164
Kingboard Holdings Ltd.

            514,000

             4,312,080
Kunlun Energy Co. Ltd.

            2,042,000

             1,865,506
Orient Overseas International Ltd.

            136,000

             2,361,702


Pacific Basin Shipping Ltd.

            5,358,605

             2,153,725
TCL Electronics Holdings Ltd.

            1,295,000

             2,286,830
United Laboratories International Holdings Ltd.

            1,334,000

             1,497,844
WH Group Ltd. (b)

            1,775,500

             2,050,205
Yue Yuen Industrial Holdings Ltd.

            956,000

             1,789,435




             26,327,406






Indonesia - 2.2%

Alamtri Resources Indonesia Tbk PT

            15,238,800

             1,961,345
Aneka Tambang Tbk

            7,187,200

             1,166,361
Astra International Tbk PT

            5,539,300

             1,549,888
Bank Negara Indonesia Persero Tbk PT

            7,755,100

             1,605,701
Bank Rakyat Indonesia Persero Tbk PT

            1,112,300

             183,620
Indokripto Koin Semesta Tbk PT (a)

            10,290,100

             466,423
Telkom Indonesia Persero Tbk PT

            7,838,200

             1,329,029
United Tractors Tbk PT

            1,359,300

             1,743,814




             10,006,181






Ireland - 3.2%

AerCap Holdings NV

            14,468

             2,016,694
Alkermes PLC (a)

            65,246

             2,752,729
Aptiv PLC (a)

            26,684

             1,812,911
Bank of Ireland Group PLC

            100,966

             2,054,243
DCC PLC

            18,159

             1,469,864
ICON PLC (a)

            11,129

             1,514,323
Jazz Pharmaceuticals PLC (a)

            12,400

             2,932,476
Perrigo Co. PLC

            33,471

             369,854




             14,923,094






Israel - 2.0%

Bank Leumi Le-Israel BM

            84,532

             2,156,230
El Al Israel Airlines

            359,232

             1,723,473
Inmode Ltd. (a)

            27,140

             378,060
Israel Discount Bank Ltd. - Class A

            173,937

             1,942,595
Migdal Insurance & Financial Holdings Ltd. (a)

            396,925

             2,705,680
Plus500 Ltd.

            8,804

             525,959




             9,431,997






Italy - 0.5%

Banca Monte dei Paschi di Siena SpA

            180,455

             1,943,261
Telecom Italia SpA (a)

            269,795

             229,455




             2,172,716






Japan - 4.6%

Aisin Corp.

            114,800

             1,740,497
Alps Alpine Co. Ltd.

            162,200

             2,212,050
Brother Industries Ltd.

            101,000

             2,381,136
Citizen Watch Co. Ltd.

            235,300

             3,421,820
Koito Manufacturing Co. Ltd.

            133,900

             2,352,650
Konica Minolta, Inc.

            323,800

             1,239,955
Nippon Shinyaku Co. Ltd.

            24,700

             651,829
NSK Ltd.

            282,900

             2,219,625
Seiko Epson Corp.

            159,200

             2,927,684
Toyoda Gosei Co. Ltd.

            75,300

             2,283,266




             21,430,512






Malaysia - 3.2%

AMMB Holdings Bhd

            1,231,700

             2,012,967


CIMB Group Holdings Bhd

            658,000

             1,241,322
IHH Healthcare Bhd

            944,700

             2,146,721
Malayan Banking Bhd

            699,900

             1,878,168
MISC Bhd

            832,300

             1,710,781
RHB Bank Bhd

            978,300

             2,025,685
SD Guthrie Bhd

            1,410,700

             2,067,129
Telekom Malaysia Bhd

            1,032,400

             1,926,799




             15,009,572






Mexico - 0.5%

Cemex SAB de CV

            1,624,820

             2,133,513






Netherlands - 1.0%

Aegon Ltd.

            218,759

             1,866,624
Koninklijke Ahold Delhaize NV

            44,345

             1,871,750
Signify NV (b)

            41,935

             1,018,854




             4,757,228






Norway - 6.9%

Aker BP ASA

            76,777

             2,765,076
DNB Bank ASA

            70,933

             2,207,439
DNO ASA

            1,362,202

             2,646,170
Equinor ASA

            80,047

             2,904,512
Gjensidige Forsikring ASA

            27,176

             751,554
Hoegh Autoliners ASA

            195,790

             2,904,456
Leroy Seafood Group ASA

            379,765

             1,797,008
Mowi ASA

            93,422

             2,063,636
Norsk Hydro ASA

            232,759

             2,853,032
Norwegian Air Shuttle ASA

            1,253,097

             2,253,083
Orkla ASA

            178,214

             1,884,377
Storebrand ASA

            117,698

             2,241,757
Telenor ASA

            128,297

             2,099,107
Yara International ASA

            45,966

             2,502,567




             31,873,774






Peru - 0.4%

Credicorp Ltd.

            5,846

             2,003,015






Poland - 1.1%

Alior Bank SA

            9,282

             322,658
ORLEN SA

            70,292

             2,751,282
PGE Polska Grupa Energetyczna SA (a)

            643,119

             1,878,679




             4,952,619






Portugal - 0.5%

Banco Comercial Portugues SA

            1,891,591

             2,146,480






Russia - 0.0% (c)

Severstal PAO - GDR (a)(d)

            24,074

             0






Singapore - 6.3%

ComfortDelGro Corp. Ltd.

            987,100

             998,439
DBS Group Holdings Ltd.

            42,940

             2,115,772
Genting Singapore Ltd.

            3,603,900

             1,695,487
Hafnia Ltd.

            352,063

             2,719,995
iFAST Corp. Ltd.

            162,900

             1,167,449
Jardine Cycle & Carriage Ltd.

            22,300

             517,568


Mobvista, Inc. (a)(b)

            1,067,000

             2,200,056
Oversea-Chinese Banking Corp. Ltd.

            122,800

             2,253,123
SATS Ltd.

            469,200

             1,416,411
Seatrium Ltd.

            1,258,900

             2,092,655
Singapore Airlines Ltd.

            412,300

             2,191,864
Singapore Telecommunications Ltd.

            525,800

             1,789,291
United Overseas Bank Ltd.

            68,419

             2,017,136
UOL Group Ltd.

            210,700

             1,676,877
Venture Corp. Ltd.

            94,300

             1,330,929
Wilmar International Ltd.

            751,700

             2,115,971
Yangzijiang Maritime Development Ltd.

            1,734,300

             843,114




             29,142,137






South Africa - 1.9%

Kumba Iron Ore Ltd.

            87,008

             1,742,352
Old Mutual Ltd.

            2,179,631

             1,737,503
Sasol Ltd. (a)

            305,790

             3,801,818
Tiger Brands Ltd.

            97,518

             1,669,447




             8,951,120






South Korea - 10.4%

Hankook Tire & Technology Co. Ltd.

            46,211

             2,048,371
Hanwha Corp.

            28,323

             2,512,797
HD Hyundai Co. Ltd.

            11,854

             2,182,804
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.

            7,053

             1,979,707
Hyundai Glovis Co. Ltd.

            13,556

             2,181,374
Hyundai Mobis Co. Ltd.

            6,543

             3,334,455
Kia Corp.

            19,575

             2,197,803
Korea Electric Power Corp.

            49,808

             1,285,688
KT Corp.

            41,517

             1,454,610
LG Display Co. Ltd. (a)

            243,974

             2,604,872
LG Electronics, Inc.

            29,756

             5,785,340
LG Innotek Co. Ltd.

            11,592

             11,215,087
LG Uplus Corp.

            184,225

             1,971,831
NongShim Co. Ltd.

            417

             106,533
Samsung Electronics Co. Ltd.

            18,841

             3,963,236
Samsung SDS Co. Ltd.

            17,037

             3,380,267




             48,204,775






Spain - 0.4%

Banco Bilbao Vizcaya Argentaria SA

            55,716

             1,307,515
CaixaBank SA

            26,232

             355,095
Mapfre SA

            64,775

             304,021




             1,966,631






Sweden - 1.9%

Embracer Group AB (a)

            359,016

             2,735,804
SSAB AB - Class B

            223,960

             2,308,669
Telefonaktiebolaget LM Ericsson - Class B

            185,561

             2,413,655
Volvo Car AB (a)

            601,382

             1,557,311




             9,015,439






Switzerland - 4.2%

Adecco Group AG

            52,851

             1,120,805
Avolta AG

            18,033

             1,137,809
Chubb Ltd.

            6,903

             2,151,872
Coca-Cola HBC AG

            26,839

             1,542,608
Garrett Motion, Inc.

            113,506

             3,718,457


Holcim AG

            19,878

             1,969,610
Novartis AG

            13,717

             2,068,391
Roche Holding AG

            565

             238,119
STMicroelectronics NV

            11,444

             787,257
Swatch Group AG

            1,872

             517,983
Swisscom AG

            77

             65,879
Swissquote Group Holding SA

            35,720

             1,810,344
Versigent PLC (a)

            8,895

             392,447
Zurich Insurance Group AG

            2,947

             2,100,824




             19,622,405






Taiwan - 10.7%

Arcadyan Technology Corp.

            226,000

             1,352,732
AUO Corp.

            4,525,000

             3,322,373
Cathay Financial Holding Co. Ltd.

            859,000

             2,350,044
China Airlines Ltd.

            2,252,000

             1,373,105
Compal Electronics, Inc.

            2,023,000

             2,370,085
Evergreen Marine Corp. Taiwan Ltd.

            262,000

             1,781,488
Hannstar Board Corp.

            685,000

             1,863,083
Innolux Corp.

            2,656,000

             4,324,145
Primax Electronics Ltd.

            491,000

             1,158,318
Sigurd Microelectronics Corp.

            490,000

             3,558,602
Simplo Technology Co. Ltd.

            186,822

             2,343,811
Taiwan Surface Mounting Technology Corp.

            501,000

             3,534,533
United Microelectronics Corp.

            780,000

             3,598,027
Wan Hai Lines Ltd.

            582,000

             1,523,487
WNC Corp.

            457,000

             4,653,812
WT Microelectronics Co. Ltd.

            361,000

             3,324,720
Zhen Ding Technology Holding Ltd.

            432,000

             7,102,201




             49,534,566






Thailand - 2.3%

Bangkok Bank PCL - NVDR

            176,900

             940,350
Kasikornbank PCL - NVDR

            312,100

             1,927,550
Krung Thai Bank PCL - NVDR

            2,227,000

             2,377,884
PTT Oil & Retail Business PCL - NVDR

            4,613,500

             1,757,794
Thai Airways International PCL - NVDR

            9,097,500

             1,872,891
TMBThanachart Bank PCL - NVDR

            25,992,600

             1,820,960




             10,697,429






United Kingdom - 2.4%

Centrica PLC

            373,058

             942,866
easyJet PLC

            287,688

             1,543,395
Endeavour Mining PLC

            27,126

             1,701,147
J Sainsbury PLC

            416,599

             1,663,880
Kingfisher PLC

            297,287

             1,152,089
NatWest Group PLC

            226,706

             1,831,690
Vodafone Group PLC

            1,433,273

             2,152,218




             10,987,285
TOTAL COMMON STOCKS (Cost $335,636,434)

             451,965,271






PREFERRED STOCKS - 0.9%

Shares  

Value  
Brazil - 0.5%

Banco Bradesco SA

            202,828

             714,963
Cia Energetica de Minas Gerais

            696,417

             1,526,880





             2,241,843






Chile - 0.4%



Embotelladora Andina SA

            394,841

             1,996,510
TOTAL PREFERRED STOCKS (Cost $3,111,001)

             4,238,353






TOTAL INVESTMENTS - 98.4% (Cost $338,747,435)

             456,203,624
Other Assets in Excess of Liabilities - 1.6%
0.01635
            7,581,345
TOTAL NET ASSETS - 100.0%




    $        463,784,969


Percentages are stated as a percent of net assets.




GDR - Global Depositary Receipt
NVDR - Non-Voting Depositary Receipt
PCL - Public Company Limited
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)

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 $6,714,971 or 1.4% of the Fund’s net assets.
(c)

Represents less than 0.05% of net assets.
(d)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2026.




























Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Vident International Equity Strategy ETFTM 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
    $        451,965,271

    $        –

    $        0

    $        451,965,271
  Preferred Stocks
            4,238,353

            –

            –

            4,238,353
Total Investments
    $        456,203,624

    $        –

    $        0

    $        456,203,624

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

Fair valuation inputs and a Level 3 reconciliation of investments are presented when the Fund had a significant amount of Level 3 investments at the beginning and/or end of a reporting period, in relation to net assets.