U.S. Diversified Real Estate ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 99.7%

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Value  
Asset Management & Custody Banks - 0.4%

DigitalBridge Group, Inc.

            7,155

    $        111,904






Data Center REITs - 8.7%

Digital Realty Trust, Inc.

            4,931

             936,890
Equinix, Inc.

            1,135

             1,212,225




             2,149,115






Diversified REITs - 2.6%

American Assets Trust, Inc.

            1,273

             29,661
Broadstone Net Lease, Inc.

            1,614

             32,651
Essential Properties Realty Trust, Inc.

            761

             23,271
Global Net Lease, Inc.

            2,432

             22,788
WP Carey, Inc.

            7,060

             525,405




             633,776






Health Care Facilities - 0.4%

National HealthCare Corp.

            549

             101,247






Health Care REITs - 9.4%

Alexandria Real Estate Equities, Inc.

            10,423

             517,815
American Healthcare REIT, Inc.

            2,336

             114,207
CareTrust REIT, Inc.

            2,803

             114,418
Healthcare Realty Trust, Inc.

            1,373

             27,350
Healthpeak Properties, Inc.

            2,947

             56,435
LTC Properties, Inc.

            2,205

             82,489
National Health Investors, Inc.

            1,114

             81,645
Omega Healthcare Investors, Inc.

            3,281

             153,419
Sabra Health Care REIT, Inc.

            4,609

             91,673
Sila Realty Trust, Inc.

            3,091

             93,472
Ventas, Inc.

            3,492

             294,795
Welltower, Inc.

            3,423

             702,845




             2,330,563






Hotel & Resort REITs - 2.4%

Apple Hospitality REIT, Inc.

            6,761

             99,319
DiamondRock Hospitality Co.

            8,016

             88,096
Host Hotels & Resorts, Inc.

            7,403

             170,121
Ryman Hospitality Properties, Inc.

            1,122

             129,176
Sunstone Hotel Investors, Inc.

            8,269

             89,470
Xenia Hotels & Resorts, Inc.

            1,545

             26,837




             603,019






Hotels, Resorts & Cruise Lines - 5.7%

Choice Hotels International, Inc.

            868

             94,508
Hilton Worldwide Holdings, Inc.

            1,359

             445,290
Hyatt Hotels Corp. - Class A

            960

             174,106
Marriott International, Inc. - Class A

            1,558

             585,185
Wyndham Hotels & Resorts, Inc.

            1,271

             102,010




             1,401,099






Industrial REITs - 14.7%



EastGroup Properties, Inc.

            2,027

             409,271
First Industrial Realty Trust, Inc.

            4,740

             293,264
Innovative Industrial Properties, Inc.

            7,718

             447,567
LXP Industrial Trust

            5,837

             301,423
Prologis, Inc.

            7,144

             1,024,950
Rexford Industrial Realty, Inc.

            583

             20,679
STAG Industrial, Inc.

            12,302

             465,877
Terreno Realty Corp.

            9,943

             653,155




             3,616,186






Multi-Family Residential REITs - 15.3%

AvalonBay Communities, Inc.

            4,937

             901,052
Camden Property Trust

            3,395

             361,771
Centerspace

            357

             24,091
Equity Residential

            10,900

             713,405
Essex Property Trust, Inc.

            1,853

             505,202
Independence Realty Trust, Inc.

            22,845

             370,774
Mid-America Apartment Communities, Inc.

            3,226

             416,380
UDR, Inc.

            12,738

             470,032




             3,762,707






Office REITs - 13.9%

BXP, Inc.

            5,158

             309,532
COPT Defense Properties

            13,058

             418,639
Cousins Properties, Inc.

            13,934

             373,571
Douglas Emmett, Inc.

            2,185

             25,433
Easterly Government Properties, Inc.

            20,007

             479,768
Empire State Realty Trust, Inc. - Class A

            32,562

             186,580
Highwoods Properties, Inc.

            19,196

             501,016
JBG SMITH Properties

            1,364

             20,010
Kilroy Realty Corp.

            19,815

             679,060
Piedmont Realty Trust, Inc. (a)

            2,762

             22,952
SL Green Realty Corp.

            511

             23,199
Vornado Realty Trust

            11,126

             375,503




             3,415,263






Other Specialized REITs - 3.8%

Four Corners Property Trust, Inc.

            37,808

             941,419






Retail REITs - 15.4%

Acadia Realty Trust

            14,370

             316,427
Agree Realty Corp.

            2,748

             203,764
Alexander's, Inc.

            96

             23,626
Brixmor Property Group, Inc.

            4,022

             122,912
Federal Realty Investment Trust

            3,514

             420,380
Getty Realty Corp.

            6,783

             220,651
InvenTrust Properties Corp.

            3,905

             129,373
Kimco Realty Corp.

            14,237

             342,827
Kite Realty Group Trust

            8,812

             241,625
NETSTREIT Corp.

            1,269

             25,710
NNN REIT, Inc.

            545

             24,258
Phillips Edison & Co., Inc.

            5,668

             227,570
Realty Income Corp.

            2,628

             161,044
Regency Centers Corp.

            5,085

             393,325
Simon Property Group, Inc.

            3,341

             684,604
Tanger, Inc.

            6,139

             221,434
Urban Edge Properties

            1,199

             26,906




             3,786,436








Self-Storage REITs - 2.0%

CubeSmart

            2,217

             88,680
Extra Space Storage, Inc.

            1,189

             171,585
Public Storage

            758

             230,197




             490,462






Single-Family Residential REITs - 5.0%

American Homes 4 Rent - Class A

            17,242

             553,123
Equity LifeStyle Properties, Inc.

            2,911

             179,813
Invitation Homes, Inc.

            7,892

             230,841
Sun Communities, Inc.

            1,651

             204,163
UMH Properties, Inc.

            4,256

             63,925




             1,231,865
TOTAL COMMON STOCKS (Cost $24,119,730)

             24,575,061






TOTAL INVESTMENTS - 99.7% (Cost $24,119,730)

             24,575,061
Other Assets in Excess of Liabilities - 0.3%
0.00282
            69,554
TOTAL NET ASSETS - 100.0%




    $        24,644,615


Percentages are stated as a percent of net assets.




REIT - Real Estate Investment Trust
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.




























Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
U.S. Diversified Real Estate 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
    $        24,575,061

    $        –

    $        –

    $        24,575,061
Total Investments
    $        24,575,061

    $        –

    $        –

    $        24,575,061

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