Hoya Capital Housing ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 99.5%

Shares  

Value  
Home Building Products & Materials - 15.7%

Beazer Homes USA, Inc. (a)

            12,750

    $        323,722
Builders FirstSource, Inc. (a)

            2,676

             204,072
Cavco Industries, Inc. (a)

            474

             254,310
Century Communities, Inc.

            4,457

             235,419
Champion Homes, Inc. (a)

            3,331

             245,261
Dream Finders Homes, Inc. - Class A (a)

            13,997

             216,394
Eagle Materials, Inc.

            1,297

             286,870
Green Brick Partners, Inc. (a)

            4,167

             280,272
Installed Building Products, Inc.

            1,051

             220,689
Leggett & Platt, Inc.

            29,432

             302,267
Lennox International, Inc.

            585

             293,764
LGI Homes, Inc. (a)

            5,519

             263,863
Louisiana-Pacific Corp.

            3,498

             267,177
Millrose Properties, Inc.

            8,919

             251,694
Rayonier, Inc.

            24,936

             520,913
Simpson Manufacturing Co., Inc.

            1,671

             317,056
TopBuild Corp. (a)

            631

             263,430
Watsco, Inc.

            808

             296,617
Weyerhaeuser Co.

            12,486

             306,032




             5,349,822






Home Furnishings & Home Goods - 14.2%

A O Smith Corp.

            4,332

             245,711
Carrier Global Corp.

            5,381

             343,684
Floor & Decor Holdings, Inc. - Class A (a)

            4,660

             239,524
Fortune Brands Home & Security, Inc.

            5,992

             233,328
Hayward Holdings, Inc. (a)

            18,137

             255,913
La-Z-Boy, Inc.

            7,477

             280,986
Masco Corp.

            4,531

             318,303
Masterbrand, Inc. (a)

            56,209

             487,893
Mohawk Industries, Inc. (a)

            2,566

             275,640
Owens Corning

            2,706

             340,469
RH (a)

            1,842

             273,519
Sherwin-Williams Co.

            837

             254,314
Somnigroup International, Inc.

            3,228

             228,575
Trex Company, Inc. (a)

            9,083

             376,036
Wayfair, Inc. - Class A (a)

            2,685

             194,018
Whirlpool Corp.

            3,842

             166,820
Williams-Sonoma, Inc.

            1,585

             322,658




             4,837,391






Home Improvement Retailers - 5.9%

Home Depot, Inc.

            3,169

             1,005,017
Lowe's Companies, Inc.

            4,643

             995,273




             2,000,290






Homebuilders - 13.3%

DR Horton, Inc.

            3,707

             545,263
KB Home

            8,821

             430,994
Lennar Corp. - Class A

            4,416

             396,469
M/I Homes, Inc. (a)

            4,162

             547,802
Meritage Homes Corp.

            7,738

             504,827


NVR, Inc. (a)

            74

             451,755
PulteGroup, Inc.

            4,521

             534,292
Taylor Morrison Home Corp. (a)

            8,952

             523,692
Toll Brothers, Inc.

            4,132

             572,447




             4,507,541






Mortgage Lenders & Servicers - 11.1%

AGNC Investment Corp.

            23,515

             244,791
Annaly Capital Management, Inc.

            10,993

             240,197
Arbor Realty Trust, Inc.

            28,373

             163,145
Chimera Investment Corp.

            19,815

             269,880
Citizens Financial Group, Inc.

            4,622

             287,766
Ellington Financial, Inc.

            17,543

             238,059
Essent Group Ltd.

            3,868

             223,919
MFA Financial, Inc.

            26,390

             253,344
PennyMac Mortgage Investment Trust

            19,079

             199,566
PNC Financial Services Group, Inc.

            1,293

             285,908
Rithm Capital Corp.

            21,916

             204,257
Starwood Property Trust, Inc.

            13,535

             231,178
Truist Financial Corp.

            5,315

             256,236
Two Harbors Investment Corp.

            24,870

             306,647
UWM Holdings Corp.

            46,939

             143,633
Wells Fargo & Co.

            2,909

             225,564




             3,774,090






Property, Title & Mortgage Insurance - 5.2%

Allstate Corp.

            1,128

             232,470
F&G Annuities & Life, Inc.

            246

             6,819
Fidelity National Financial, Inc.

            4,094

             193,851
First American Financial Corp.

            3,743

             247,899
MGIC Investment Corp.

            8,545

             215,505
Old Republic International Corp.

            5,275

             196,388
Radian Group, Inc.

            6,838

             233,518
Stewart Information Services Corp.

            3,243

             210,730
Travelers Companies, Inc.

            833

             243,144




             1,780,324






Real Estate Technology, Brokerage & Services - 3.0%

Appfolio, Inc. - Class A (a)

            1,057

             170,357
Compass, Inc. - Class A (a)

            49,865

             410,389
CoStar Group, Inc. (a)

            3,595

             115,759
Rocket Cos., Inc. - Class A (a)

            13,861

             201,123
Zillow Group, Inc. - Class C (a)

            3,397

             118,895




             1,016,523






Residential REITs & Real Estate Operators - 31.1% (b)

American Homes 4 Rent - Class A

            16,787

             538,527
AvalonBay Communities, Inc.

            3,010

             549,355
Camden Property Trust

            5,169

             550,809
Centerspace

            8,155

             550,299
CubeSmart

            14,996

             599,840
Equity LifeStyle Properties, Inc.

            8,632

             533,199
Equity Residential

            8,983

             587,937
Essex Property Trust, Inc.

            2,082

             567,636
Extra Space Storage, Inc.

            4,137

             597,010
Independence Realty Trust, Inc.

            32,108

             521,113
Invitation Homes, Inc.

            19,294

             564,350
Mid-America Apartment Communities, Inc.

            4,071

             525,444


NexPoint Residential Trust, Inc.

            17,191

             499,570
Public Storage

            2,018

             612,846
Sun Communities, Inc.

            4,242

             524,566
UDR, Inc.

            15,283

             563,943
UMH Properties, Inc.

            35,666

             535,703
Ventas, Inc.

            6,864

             579,459
Welltower, Inc.

            2,720

             558,498




             10,560,104
TOTAL COMMON STOCKS (Cost $34,225,869)

             33,826,085






SHORT-TERM INVESTMENTS
MONEY MARKET FUNDS - 0.4%
Shares  

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

            120,840

             120,840
TOTAL MONEY MARKET FUNDS (Cost $120,840)

             120,840






TOTAL INVESTMENTS - 99.9% (Cost $34,346,709)

             33,946,925
Other Assets in Excess of Liabilities - 0.1%
0.00057
            19,401
TOTAL NET ASSETS - 100.0%




    $        33,966,326


Percentages are stated as a percent of net assets.
The Fund’s security classifications are defined by the Fund’s Adviser.




REIT - Real Estate Investment Trust




(a)

Non-income producing security.
(b)

To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect that industry or sector.
(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)
 
Hoya Capital Housing 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
    $        33,826,085

    $        –

    $        –

    $        33,826,085
  Money Market Funds
            120,840

            –

            –

            120,840
Total Investments
    $        33,946,925

    $        –

    $        –

    $        33,946,925

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