Vident U.S. Bond Strategy ETFTM
Schedule of Investments
May 31, 2026 (Unaudited)

U.S. TREASURY SECURITIES - 41.3%
Par  

Value  
United States Treasury Note/Bond
6.13%, 11/15/2027

    $        19,410,000

    $        20,008,980
1.25%, 05/31/2028

             8,650,000

             8,196,382
3.88%, 06/15/2028

             4,100,000

             4,089,349
1.25%, 06/30/2028

             4,000,000

             3,781,641
3.88%, 07/15/2028

             5,050,000

             5,035,205
4.38%, 08/31/2028

             975,000

             982,236
5.25%, 11/15/2028

             39,315,000

             40,436,092
4.75%, 02/15/2041

             19,085,000

             19,031,323
4.00%, 11/15/2042

             8,495,000

             7,639,859
3.88%, 05/15/2043

             2,530,000

             2,226,993
4.38%, 08/15/2043

             20,920,000

             19,592,479
3.75%, 11/15/2043

             3,172,000

             2,729,779
4.75%, 11/15/2043

             20,055,000

             19,645,674
4.50%, 02/15/2044

             16,920,000

             16,045,580
4.63%, 05/15/2044

             14,200,000

             13,658,902
4.63%, 11/15/2044

             11,165,000

             10,710,986
4.75%, 02/15/2045

             5,570,000

             5,425,202
5.00%, 05/15/2045

             11,450,000

             11,498,528
TOTAL U.S. TREASURY SECURITIES (Cost $213,888,518)

             210,735,190






CORPORATE BONDS - 39.5%
Par  

Value  
Consumer Discretionary - 0.0% (a)
Hasbro, Inc., 6.35%, 03/15/2040

             120,000

             125,729






Consumer Staples - 0.1%
Conagra Brands, Inc., 5.40%, 11/01/2048

             780,000

             676,958






Energy - 3.7%
APA Corp., 5.10%, 09/01/2040

             1,020,000

             940,954
Continental Resources, Inc., 4.90%, 06/01/2044

             2,650,000

             2,181,497
Energy Transfer LP
5.35%, 05/15/2045

             400,000

             365,105
6.25%, 04/15/2049

             560,000

             561,645
8.00% to 05/15/2029 then 5 yr. CMT Rate + 4.02%, 05/15/2054

             1,525,000

             1,625,667
6.50% to 02/15/2031 then 5 yr. CMT Rate + 2.68%, 02/15/2056

             3,100,000

             3,128,040
6.75% to 02/15/2036 then 5 yr. CMT Rate + 2.48%, 02/15/2056

             2,440,000

             2,487,573
Enterprise Products Operating LLC, 5.38% to 02/15/2028 then 3 mo. Term SOFR + 2.83%, 02/15/2078

             1,540,000

             1,537,887
Helmerich & Payne, Inc., 5.50%, 12/01/2034

             315,000

             312,049
HF Sinclair Corp., 6.25%, 01/15/2035

             330,000

             343,497
Occidental Petroleum Corp.
6.20%, 03/15/2040

             695,000

             732,507
6.60%, 03/15/2046

             780,000

             836,858
Ovintiv, Inc.
7.38%, 11/01/2031

             1,100,000

             1,222,080
6.50%, 08/15/2034

             150,000

             161,951
Western Gas Partners LP, 5.45%, 04/01/2044

             760,000

             697,554
Western Midstream Operating LP
5.30%, 03/01/2048

             910,000

             796,141
5.25%, 02/01/2050 (b)

             785,000

             686,131


             18,617,136






Financials - 23.3%


AerCap Ireland Capital DAC / AerCap Global Aviation Trust
6.95% to 03/10/2030 then 5 yr. CMT Rate + 2.72%, 03/10/2055

             4,700,000

             4,872,860
6.50% to 01/31/2031 then 5 yr. CMT Rate + 2.44%, 01/31/2056

             4,900,000

             5,004,468
Allstate Corp., 6.50% to 05/15/2037 then 3 mo. LIBOR USD + 2.12%, 05/15/2057 (c)

             1,150,000

             1,178,694
Ally Financial, Inc.
6.70%, 02/14/2033

             1,650,000

             1,704,569
5.55% to 07/31/2032 then SOFR + 1.78%, 07/31/2033

             1,200,000

             1,190,917
6.65% to 01/17/2035 then 5 yr. CMT Rate + 2.45%, 01/17/2040

             2,900,000

             2,874,272
American Assets Trust LP
3.38%, 02/01/2031

             925,000

             840,888
6.15%, 10/01/2034

             1,340,000

             1,351,771
Apollo Debt Solutions BDC
6.90%, 04/13/2029

             800,000

             822,900
6.70%, 07/29/2031

             900,000

             921,172
6.55%, 03/15/2032

             1,120,000

             1,133,442
Apollo Global Management, Inc., 6.00% to 12/15/2034 then 5 yr. CMT Rate + 2.17%, 12/15/2054

             1,930,000

             1,876,334
Ares Capital Corp.
3.20%, 11/15/2031

             1,000,000

             880,344
5.80%, 03/08/2032

             735,000

             732,354
Ares Strategic Income Fund
5.45%, 09/09/2028 (d)

             1,600,000

             1,587,262
5.60%, 02/15/2030

             1,800,000

             1,773,991
5.15%, 01/15/2031 (d)

             1,210,000

             1,161,832
6.20%, 03/21/2032

             1,160,000

             1,153,765
Athene Holding Ltd.
6.63% to 10/15/2034 then 5 yr. CMT Rate + 2.61%, 10/15/2054

             4,100,000

             3,955,383
6.63%, 05/19/2055

             560,000

             553,533
6.88% to 06/28/2035 then 5 yr. CMT Rate + 2.58%, 06/28/2055

             5,050,000

             4,892,083
Bank of Montreal, 6.88% to 11/26/2030 then 5 yr. CMT Rate + 2.98%, 11/26/2085

             2,100,000

             2,137,783
Bank of Nova Scotia
7.35% to 04/27/2030 then 5 yr. CMT Rate + 2.90%, 04/27/2085

             2,650,000

             2,738,115
6.88% to 10/27/2035 then 5 yr. CMT Rate + 2.73%, 10/27/2085

             3,785,000

             3,825,284
BGC Group, Inc., 6.15%, 04/02/2030

             1,085,000

             1,111,603
Blackstone Private Credit Fund
6.25%, 01/25/2031

             950,000

             951,714
6.00%, 01/29/2032

             1,310,000

             1,295,168
6.00%, 11/22/2034

             2,030,000

             1,951,737
Blackstone Secured Lending Fund, 5.13%, 01/31/2031

             390,000

             375,435
Blue Owl Capital Corp., 6.20%, 07/15/2030

             1,900,000

             1,900,363
Blue Owl Credit Income Corp.
7.75%, 01/15/2029

             3,400,000

             3,515,954
6.60%, 09/15/2029

             1,750,000

             1,764,049
5.80%, 03/15/2030

             3,135,000

             3,053,781
6.65%, 03/15/2031

             2,930,000

             2,939,810
Blue Owl Technology Finance Corp., 6.75%, 04/04/2029

             4,365,000

             4,388,747
Brighthouse Financial, Inc., 4.70%, 06/22/2047

             6,330,000

             4,575,409
Brookfield Finance, Inc., 6.30% to 01/15/2035 then 5 yr. CMT Rate + 2.08%, 01/15/2055

             850,000

             821,353
Canadian Imperial Bank of Commerce
6.95% to 01/28/2030 then 5 yr. CMT Rate + 2.83%, 01/28/2085

             3,000,000

             3,052,359
7.00% to 10/28/2030 then 5 yr. CMT Rate + 3.00%, 10/28/2085

             1,135,000

             1,169,222
Capital One Financial Corp., 6.18% to 01/30/2035 then SOFR + 2.04%, 01/30/2036

             825,000

             844,780
Elect Global Investments Ltd., 7.20% to 09/11/2030 then 5 yr. CMT Rate + 3.28%, Perpetual

             4,750,000

             5,005,718
Equitable Holdings, Inc., 6.70% to 03/28/2035 then 5 yr. CMT Rate + 2.39%, 03/28/2055

             1,600,000

             1,648,171
F&G Annuities & Life, Inc.
6.50%, 06/04/2029

             1,290,000

             1,311,861
6.25%, 10/04/2034

             1,585,000

             1,555,062
FNB Corp., 5.72% to 12/11/2029 then SOFR + 1.93%, 12/11/2030

             480,000

             483,703
GLP Capital LP / GLP Financing II, Inc., 5.75%, 11/01/2037

             565,000

             557,208
HA Sustainable Infrastructure Capital, Inc.
6.15%, 01/15/2031

             1,200,000

             1,235,063


6.38%, 07/01/2034

             1,920,000

             1,970,084
Hiscox Ltd., 7.00% to 06/11/2035 then SOFR + 3.03%, 06/11/2036

             4,400,000

             4,642,218
HPS Corporate Lending Fund, 6.75%, 01/30/2029

             875,000

             891,904
Huntington Bancshares, Inc., 2.49% to 08/15/2031 then 5 yr. CMT Rate + 1.17%, 08/15/2036

             640,000

             552,773
MetLife, Inc., 10.75%, 08/01/2039

             1,000,000

             1,295,930
Nanshan Life Pte Ltd., 5.88% to 03/17/2036 then 5 yr. CMT Rate + 1.85%, 03/17/2041

             700,000

             687,786
Pinnacle Bank, 5.96% to 01/15/2031 then 5 yr. CMT Rate + 2.30%, 01/15/2036

             2,210,000

             2,195,520
Prudential Financial, Inc.
6.75% to 03/01/2033 then 5 yr. CMT Rate + 2.85%, 03/01/2053

             500,000

             529,178
6.50% to 03/15/2034 then 5 yr. CMT Rate + 2.40%, 03/15/2054

             635,000

             654,399
Reinsurance Group of America, Inc., 6.65% to 09/15/2035 then 5 yr. CMT Rate + 2.39%, 09/15/2055

             1,430,000

             1,448,792
Royal Bank of Canada
6.35% to 11/24/2034 then 5 yr. CMT Rate + 2.26%, 11/24/2084

             5,140,000

             4,965,725
6.50% to 11/24/2035 then 5 yr. CMT Rate + 2.46%, 11/24/2085

             2,075,000

             2,038,474
Synchrony Financial, 6.00% to 07/29/2035 then SOFR + 2.07%, 07/29/2036

             750,000

             752,629
Zions Bancorp NA, 6.82% to 11/19/2034 then SOFR + 2.83%, 11/19/2035

             1,400,000

             1,456,724


             118,754,422






Health Care - 0.0% (a)
Humana, Inc., 6.00%, 05/01/2055

             150,000

             144,018






Information Technology - 0.7%
Kyndryl Holdings, Inc.
6.35%, 02/20/2034

             2,800,000

             2,684,909
4.10%, 10/15/2041

             1,335,000

             964,876


             3,649,785






Materials - 1.9%
LYB International Finance III LLC
6.15%, 05/15/2035

             1,000,000

             1,037,247
5.88%, 01/15/2036

             2,440,000

             2,475,452
3.38%, 10/01/2040

             2,860,000

             2,125,294
4.20%, 10/15/2049

             3,500,000

             2,566,678
4.20%, 05/01/2050

             1,750,000

             1,280,544
3.63%, 04/01/2051

             300,000

             199,097
3.80%, 10/01/2060

             135,000

             86,486


             9,770,798






Utilities - 9.8%
Alliant Energy Corp., 5.75% to 04/01/2031 then 5 yr. CMT Rate + 2.08%, 04/01/2056

             1,035,000

             1,023,977
American Electric Power Co., Inc.
6.95% to 12/15/2034 then 5 yr. CMT Rate + 2.68%, 12/15/2054

             1,050,000

             1,123,224
5.80% to 03/15/2031 then 5 yr. CMT Rate + 2.13%, 03/15/2056

             660,000

             658,468
6.05% (5 yr. CMT Rate + 1.94%), 03/15/2056

             1,360,000

             1,349,331
CMS Energy Corp., 6.50% to 06/01/2035 then 5 yr. CMT Rate + 1.96%, 06/01/2055

             1,240,000

             1,275,480
Dominion Energy, Inc.
6.88% to 02/01/2030 then 5 yr. CMT Rate + 2.39%, 02/01/2055

             2,000,000

             2,075,292
6.63% to 05/15/2035 then 5 yr. CMT Rate + 2.21%, 05/15/2055

             2,000,000

             2,049,832
6.00% to 02/15/2031 then 5 yr. CMT Rate + 2.26%, 02/15/2056

             2,100,000

             2,112,630
6.20% to 02/15/2036 then 5 yr. CMT Rate + 2.01%, 02/15/2056

             1,550,000

             1,560,768
Duke Energy Corp., 6.45% to 09/01/2034 then 5 yr. CMT Rate + 2.59%, 09/01/2054

             835,000

             870,226
Edison International
6.95%, 11/15/2029

             650,000

             682,504
5.25%, 03/15/2032

             800,000

             790,115
8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053

             3,610,000

             3,689,055
Entergy Corp.
7.13% to 12/01/2029 then 5 yr. CMT Rate + 2.67%, 12/01/2054

             1,925,000

             1,997,603
5.88% to 06/15/2031 then 5 yr. CMT Rate + 2.18%, 06/15/2056

             1,025,000

             1,029,605


6.10% (5 yr. CMT Rate + 2.01%), 06/15/2056

             1,220,000

             1,219,020
Evergy, Inc., 6.65% to 06/01/2030 then 5 yr. CMT Rate + 2.56%, 06/01/2055

             2,250,000

             2,299,842
Exelon Corp., 6.50% to 03/15/2035 then 5 yr. CMT Rate + 1.98%, 03/15/2055

             1,390,000

             1,439,788
NextEra Energy Capital Holdings, Inc.
6.75% to 06/15/2034 then 5 yr. CMT Rate + 2.46%, 06/15/2054

             560,000

             584,692
6.70% (5 yr. CMT Rate + 2.36%), 09/01/2054

             3,400,000

             3,503,907
4.80% to 12/01/2027 then 3 mo. LIBOR USD + 2.41%, 12/01/2077 (c)

             2,140,000

             2,113,850
NiSource, Inc.
6.95% to 11/30/2029 then 5 yr. CMT Rate + 2.45%, 11/30/2054

             2,850,000

             2,961,900
6.38% to 03/31/2035 then 5 yr. CMT Rate + 2.53%, 03/31/2055

             1,200,000

             1,229,428
PacifiCorp, 7.38% to 09/15/2030 then 5 yr. CMT Rate + 3.32%, 09/15/2055

             5,860,000

             5,972,729
Sempra
6.40% to 10/01/2034 then 5 yr. CMT Rate + 2.63%, 10/01/2054

             1,780,000

             1,796,638
6.88% (5 yr. CMT Rate + 2.79%), 10/01/2054

             1,250,000

             1,277,377
6.55% to 04/01/2035 then 5 yr. CMT Rate + 2.14%, 04/01/2055

             1,680,000

             1,699,377
6.38% to 04/01/2031 then 5 yr. CMT Rate + 2.63%, 04/01/2056

             765,000

             774,392
Sierra Pacific Power Co., 6.38% to 09/15/2031 then 5 yr. CMT Rate + 2.64%, 09/15/2056

             600,000

             599,618


             49,760,668
TOTAL CORPORATE BONDS (Cost $202,170,049)

             201,499,514






MORTGAGE-BACKED SECURITIES - 13.8%
Par  

Value  
Federal Home Loan Mortgage Corp., 5.50%, 01/01/2055

             1,314,836

             1,324,146
Federal National Mortgage Association
5.50%, 06/01/2037 (e)

             3,600,000

             3,616,451
4.00%, 06/15/2040 (e)

             250,000

             234,099
5.00%, 06/15/2041 (e)

             1,050,000

             1,033,174
6.00%, 06/15/2041 (e)

             7,300,000

             7,454,953
4.00%, 04/01/2052

             2,104,483

             1,979,545
4.00%, 05/01/2052

             2,836,429

             2,666,592
4.00%, 06/01/2052

             2,979,673

             2,804,650
4.50%, 06/15/2052 (e)

             1,420,000

             1,363,393
6.50%, 09/25/2052 (e)

             5,600,000

             5,821,660
7.00%, 07/25/2053 (e)

             4,300,000

             4,549,422
6.50%, 04/01/2054

             2,694,163

             2,803,916
5.00%, 01/01/2055

             2,679,921

             2,639,669
Government National Mortgage Association
4.50%, 06/15/2041 (e)

             1,050,000

             1,010,275
5.00%, 06/15/2041 (e)

             1,570,000

             1,550,615
4.00%, 06/15/2042 (e)

             200,000

             186,013
5.50%, 06/15/2053 (e)

             4,520,000

             4,548,582
6.00%, 06/15/2053 (e)

             9,825,000

             10,011,342
6.50%, 08/20/2053 (e)

             3,390,000

             3,530,433
7.00%, 10/20/2053 (e)

             1,530,000

             1,583,819
5.00%, 01/20/2055

             3,095,160

             3,060,874
6.00%, 06/20/2055

             2,336,414

             2,389,767
6.50%, 09/20/2055

             2,511,852

             2,618,183
4.50%, 12/20/2055

             1,979,035

             1,906,150
TOTAL MORTGAGE-BACKED SECURITIES (Cost $70,890,990)

             70,687,723






U.S. GOVERNMENT AGENCY ISSUES - 2.9%
Par  

Value  
Federal Home Loan Banks, 5.50%, 07/15/2036

             20,000

             21,586
Federal National Mortgage Association
0.75%, 10/08/2027

             900,000

             862,647
5.63%, 07/15/2037

             1,045,000

             1,135,649
Tennessee Valley Authority
3.88%, 03/15/2028

             1,100,000

             1,098,443
4.38%, 08/01/2034

             350,000

             349,702
5.88%, 04/01/2036

             820,000

             904,760
6.15%, 01/15/2038

             1,285,000

             1,467,991


5.25%, 09/15/2039

             1,450,000

             1,502,935
3.50%, 12/15/2042

             2,185,000

             1,803,597
5.25%, 02/01/2055

             2,785,000

             2,723,961
5.38%, 04/01/2056

             2,215,000

             2,223,162
4.63%, 09/15/2060

             670,000

             588,227
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $15,039,952)

             14,682,660






TOTAL INVESTMENTS - 97.5% (Cost $501,989,509)

             497,605,087
Other Assets in Excess of Liabilities - 2.5%
0.02462
            12,557,682
TOTAL NET ASSETS - 100.0%




    $        510,162,769


Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.




CMT - Constant Maturity Treasury
LIBOR - London Interbank Offered Rate
SOFR - Secured Overnight Financing Rate
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)

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

Step coupon bond. The rate disclosed is as of May 31, 2026.
(c)

Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(d)

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 $2,749,094 or 0.5% of the Fund’s net assets.
(e)

To-be-announced security.







Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Vident U.S. Bond 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:







  U.S. Treasury Securities
    $        –

    $        210,735,190

    $        –

    $        210,735,190
  Corporate Bonds
            –

            201,499,514

            –

            201,499,514
  Mortgage-Backed Securities
            –

            70,687,723

            –

            70,687,723
  U.S. Government Agency Issues
            –

            14,682,660

            –

            14,682,660
Total Investments
    $        –

    $        497,605,087

    $        –

    $        497,605,087

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