Schedule of Investments ─ NYLIM Hedge Multi-Strategy Tracker ETF (formerly, NYLI Hedge Multi-Strategy Tracker ETF)
July 31, 2026 (unaudited)
| Shares | Value | |||||||
| Exchange Traded Vehicles — 2.1% | ||||||||
| Agriculture Fund — 1.4% | ||||||||
| Invesco DB Agriculture Fund*(a) | 513,347 | $ | 14,122,176 | |||||
| Gold Fund — 0.0%(b) | ||||||||
| SPDR Gold MiniShares Trust* | 4,049 | 324,487 | ||||||
| Silver Fund — 0.7% | ||||||||
| abrdn Physical Silver Shares ETF* | 118,771 | 6,538,343 | ||||||
| Total Exchange Traded Vehicles | ||||||||
| (Cost $19,961,498) | 20,985,006 | |||||||
| Investment Companies — 98.1% | ||||||||
| Bank Loan Fund — 6.6% | ||||||||
| Franklin Senior Loan ETF†(a) | 2,861,137 | 65,977,819 | ||||||
| China Funds — 1.7% | ||||||||
| Franklin FTSE China ETF(a) | 31,465 | 697,894 | ||||||
| iShares MSCI China ETF(a) | 297,958 | 16,626,056 | ||||||
| Total China Funds | 17,323,950 | |||||||
| Convertible Bond Funds — 4.3% | ||||||||
| iShares Convertible Bond ETF(a) | 210,993 | 23,890,737 | ||||||
| State Street SPDR Bloomberg Convertible Securities ETF(a) | 193,656 | 19,723,864 | ||||||
| Total Convertible Bond Funds | 43,614,601 | |||||||
| Cryptocurrency Funds — 0.1% | ||||||||
| Bitwise Bitcoin ETF* | 7,520 | 256,658 | ||||||
| Grayscale Bitcoin Mini Trust ETF* | 13,876 | 385,891 | ||||||
| Total Cryptocurrency Funds | 642,549 | |||||||
| Derivative Income Fund — 3.2% | ||||||||
| JPMorgan Equity Premium Income ETF(a) | 562,438 | 32,300,814 | ||||||
| Emerging Markets Local Fund — 1.3% | ||||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | 503,933 | 12,835,174 | ||||||
| Emerging Markets Funds — 5.6% | ||||||||
| Franklin FTSE India ETF(a) | 520,338 | 18,565,660 | ||||||
| iShares MSCI Emerging Markets ex China ETF | 409,069 | 37,683,436 | ||||||
| Total Emerging Markets Funds | 56,249,096 | |||||||
| Floating Rate - Investment Grade Funds — 20.0% | ||||||||
| iShares Floating Rate Bond ETF(a)(c) | 3,030,377 | 154,731,049 | ||||||
| State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 1,530,629 | 47,219,905 | ||||||
| Total Floating Rate - Investment Grade Funds | 201,950,954 | |||||||
| International Equity Core Fund — 7.1% | ||||||||
| Vanguard FTSE Developed Markets ETF(a) | 1,010,490 | 71,360,804 | ||||||
| Shares | Value | |||||||
| Investment Companies (continued) | ||||||||
| Managed Futures Funds — 3.9% | ||||||||
| iMGP DBi Managed Futures Strategy ETF(a) | 901,535 | $ | 27,875,462 | |||||
| Simplify Managed Futures Strategy ETF(a) | 409,493 | 11,113,640 | ||||||
| Total Managed Futures Funds | 38,989,102 | |||||||
| Merger Arbitrage Funds — 2.8% | ||||||||
| AltShares Merger Arbitrage ETF†(a) | 280,601 | 8,308,343 | ||||||
| NYLI Merger Arbitrage ETF*† | 546,651 | 19,965,225 | ||||||
| Total Merger Arbitrage Funds | 28,273,568 | |||||||
| Municipal Bond Funds — 5.7% | ||||||||
| iShares National Muni Bond ETF(a) | 273,367 | 28,878,490 | ||||||
| Vanguard Tax-Exempt Bond Index ETF(a) | 584,606 | 28,996,458 | ||||||
| Total Municipal Bond Funds | 57,874,948 | |||||||
| Preferred Fund — 2.5% | ||||||||
| Global X U.S. Preferred ETF(a) | 1,385,312 | 25,655,978 | ||||||
| Short Duration Fund — 19.3% | ||||||||
| Vanguard Short-Term Treasury ETF(a) | 3,349,019 | 194,578,004 | ||||||
| U.S. Factor Fund — 2.7% | ||||||||
| iShares MSCI USA Momentum Factor ETF | 91,252 | 27,338,187 | ||||||
| U.S. Mid Cap Core Fund — 2.6% | ||||||||
| Vanguard Morningstar Mid-Cap ETF | 328,706 | 26,608,751 | ||||||
| U.S. Sector Funds — 4.1% | ||||||||
| iShares U.S. Aerospace & Defense ETF(a) | 28,190 | 6,756,015 | ||||||
| State Street Communication Services Select Sector SPDR ETF(a) | 209,041 | 22,626,598 | ||||||
| State Street Financial Select Sector SPDR ETF(a) | 98,057 | 5,583,366 | ||||||
| State Street Technology Select Sector SPDR ETF | 9,717 | 1,703,876 | ||||||
| VanEck Alternative Asset Manager ETF | 184,586 | 4,300,854 | ||||||
| Total U.S. Sector Funds | 40,970,709 | |||||||
| U.S. Small Cap Core Fund — 4.6% | ||||||||
| iShares Core S&P Small-Cap ETF(a) | 314,989 | 45,818,300 | ||||||
| Total Investment Companies | ||||||||
| (Cost $939,314,899) | 988,363,308 | |||||||
Schedule of Investments ─ NYLIM Hedge Multi-Strategy Tracker ETF (formerly, NYLI Hedge Multi-Strategy Tracker ETF) (continued)
July 31, 2026 (unaudited)
| Shares | Value | |||||||
| Short-Term Investment — 12.4% | ||||||||
| Money Market Funds — 12.4% | ||||||||
| BNY Dreyfus Government Cash Management Fund, Institutional Shares, 3.53%(d)(e) | ||||||||
| (Cost $125,072,896) | 125,072,896 | $ | 125,072,896 | |||||
| Total Investments — 112.6% (Cost $1,084,349,293) | 1,134,421,210 | |||||||
| Other Assets and Liabilities, Net — (12.6)% | (126,943,664 | ) | ||||||
| Net Assets — 100.0% | $ | 1,007,477,546 |
| * | Non-income producing securities. |
| † | Affiliated fund. |
| (a) | All or a portion of the security was on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The aggregate market value of securities on loan was $179,078,525; total market value of collateral held by the Fund was $182,845,995. Market value of the collateral held includes non-cash U.S. Treasury securities collateral having a value of $57,773,099. |
| (b) | Less than 0.05%. |
| (c) | All or a portion of these securities have been segregated as collateral for swap contracts. The total value of securities segregated amounted to $5,325,241. |
| (d) | Reflects the 1-day yield at July 31, 2026. |
| (e) | Represents security purchased with cash collateral received for securities on loan. |
Schedule of Investments ─ NYLIM Hedge Multi-Strategy Tracker ETF (formerly, NYLI Hedge Multi-Strategy Tracker ETF) (continued)
July 31, 2026 (unaudited)
Total Return Swap contracts outstanding at July 31, 2026:
Total Return Benchmark | Counterparty | Floating | Expiration | Payment Frequency | Notional | Value/ | ||||||||||
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | Morgan Stanley | 1-Day FEDEF - 3.89% | 7/02/2027 | Monthly | $ | (784,258 | ) | $ | — | |||||||
| abrdn Bloomberg All Commodity Strategy K-1 Free ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (150,113 | ) | — | |||||||||
| abrdn Physical Silver Shares ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 162,893 | — | ||||||||||
| abrdn Physical Silver Shares ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 851,073 | — | ||||||||||
| AltShares Merger Arbitrage ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 206,997 | — | ||||||||||
| AltShares Merger Arbitrage ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 1,081,472 | — | ||||||||||
| Bitwise Bitcoin ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 33,413 | — | ||||||||||
| Franklin FTSE China ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 90,849 | — | ||||||||||
| Franklin FTSE China ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 11/01/2027 | Monthly | 17,389 | — | ||||||||||
| Franklin FTSE India ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 462,556 | — | ||||||||||
| Franklin FTSE India ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 2,416,642 | — | ||||||||||
| Franklin Senior Loan ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 1,648,214 | — | ||||||||||
| Franklin Senior Loan ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 8,754,360 | — | ||||||||||
| Global X MLP & Energy Infrastructure ETF | Morgan Stanley | 1-Day FEDEF - 2.09% | 7/02/2027 | Monthly | (10,574,643 | ) | — | |||||||||
| Global X MLP & Energy Infrastructure ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (2,012,745 | ) | — | |||||||||
| Global X US Preferred ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 640,922 | — | ||||||||||
| Global X US Preferred ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,404,198 | — | ||||||||||
| Grayscale Bitcoin Mini Trust ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 50,225 | — | ||||||||||
| iMGP DBi Managed Futures Strategy ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 696,380 | — | ||||||||||
| iMGP DBi Managed Futures Strategy ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,698,681 | — | ||||||||||
| Invesco CurrencyShares British Pound Sterling Trust | Morgan Stanley | 1-Day FEDEF - 15.29% | 7/02/2027 | Monthly | (16,344,737 | ) | — | |||||||||
| Invesco CurrencyShares British Pound Sterling Trust | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (3,111,023 | ) | — | |||||||||
| Invesco CurrencyShares Euro Currency Trust | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | (4,660,535 | ) | — | |||||||||
| Invesco CurrencyShares Euro Currency Trust | Morgan Stanley | 1-Day FEDEF - 6.00% | 7/02/2027 | Monthly | (24,607,070 | ) | — | |||||||||
| Invesco DB Agriculture Fund | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 351,853 | — | ||||||||||
| Invesco DB Agriculture Fund | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 1,838,246 | — | ||||||||||
| iShares 0-3 Month Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 7/02/2027 | Monthly | (17,177,400 | ) | — | |||||||||
| iShares 0-3 Month Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (3,269,550 | ) | — | |||||||||
| iShares 7-10 Year Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 7/02/2027 | Monthly | (16,740,946 | ) | — | |||||||||
| iShares 7-10 Year Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (3,186,512 | ) | — | |||||||||
| iShares Convertible Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 596,835 | — | ||||||||||
| iShares Convertible Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,169,987 | — | ||||||||||
| iShares Core S&P Small-Cap ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 1,144,625 | — | ||||||||||
Schedule of Investments ─ NYLIM Hedge Multi-Strategy Tracker ETF (formerly, NYLI Hedge Multi-Strategy Tracker ETF) (continued)
July 31, 2026 (unaudited)
Total Return Swap contracts outstanding at July 31, 2026: (continued)
Total Return Benchmark | Counterparty | Floating | Expiration | Payment Frequency | Notional | Value/ | ||||||||||
| iShares Core S&P Small-Cap ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | $ | 6,079,501 | $ | — | ||||||||
| iShares Floating Rate Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 3,889,547 | — | ||||||||||
| iShares Floating Rate Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 20,530,715 | — | ||||||||||
| iShares International Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | (2,445,631 | ) | — | |||||||||
| iShares International Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - 7.25% | 7/02/2027 | Monthly | (12,848,761 | ) | — | |||||||||
| iShares MSCI China ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 414,259 | — | ||||||||||
| iShares MSCI China ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 2,164,147 | — | ||||||||||
| iShares MSCI Emerging Markets ex China ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 941,374 | — | ||||||||||
| iShares MSCI Emerging Markets ex China ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 5,000,089 | — | ||||||||||
| iShares MSCI USA Momentum Factor ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 683,065 | — | ||||||||||
| iShares MSCI USA Momentum Factor ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,627,436 | — | ||||||||||
| iShares National Muni Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 721,416 | — | ||||||||||
| iShares National Muni Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,831,774 | — | ||||||||||
| iShares Semiconductor ETF | Morgan Stanley | 1-Day FEDEF - 1.19% | 7/02/2027 | Monthly | (1,725,714 | ) | — | |||||||||
| iShares Semiconductor ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (330,198 | ) | — | |||||||||
| iShares U.S. Aerospace & Defense ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 879,552 | — | ||||||||||
| iShares U.S. Aerospace & Defense ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 11/01/2027 | Monthly | 168,241 | — | ||||||||||
| JPMorgan Equity Premium Income ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 806,892 | — | ||||||||||
| JPMorgan Equity Premium Income ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 4,285,886 | — | ||||||||||
| NYLI Merger Arbitrage ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 498,755 | — | ||||||||||
| NYLI Merger Arbitrage ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 2,605,719 | — | ||||||||||
| Simplify Managed Futures Strategy ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 276,910 | — | ||||||||||
| Simplify Managed Futures Strategy ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 1,446,616 | — | ||||||||||
| SPDR Gold MiniShares Trust | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 42,234 | — | ||||||||||
| SPDR Gold MiniShares Trust | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | 8,094 | — | ||||||||||
| State Street Communication Services Select Sector SPDR ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 565,229 | — | ||||||||||
| State Street Communication Services Select Sector SPDR ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,002,253 | — | ||||||||||
| State Street Consumer Staples Select Sector SPDR ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 7/02/2027 | Monthly | (512,171 | ) | — | |||||||||
| State Street Consumer Staples Select Sector SPDR ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (98,063 | ) | — | |||||||||
| State Street Energy Select Sector SPDR ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 7/02/2027 | Monthly | (471,398 | ) | — | |||||||||
| State Street Energy Select Sector SPDR ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (90,218 | ) | — | |||||||||
| State Street Financial Select Sector SPDR ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 139,105 | — | ||||||||||
| State Street Financial Select Sector SPDR ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 726,782 | — | ||||||||||
| State Street Health Care Select Sector SPDR ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 7/02/2027 | Monthly | (5,723,873 | ) | — |
Schedule of Investments ─ NYLIM Hedge Multi-Strategy Tracker ETF (formerly, NYLI Hedge Multi-Strategy Tracker ETF) (continued)
July 31, 2026 (unaudited)
Total Return Swap contracts outstanding at July 31, 2026: (continued)
Total Return Benchmark | Counterparty | Floating | Expiration | Payment Frequency | Notional | Value/ | ||||||||||
| State Street Health Care Select Sector SPDR ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | $ | (1,095,587 | ) | $ | — | |||||||
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Morgan Stanley | 1-Day FEDEF - 0.41% | 7/02/2027 | Monthly | (8,381,844 | ) | — | |||||||||
| State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (1,595,415 | ) | — | |||||||||
| State Street SPDR Bloomberg Convertible Securities ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 492,750 | — | ||||||||||
| State Street SPDR Bloomberg Convertible Securities ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 2,574,157 | — | ||||||||||
| State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | Morgan Stanley | 1-Day FEDEF - 8.64% | 7/02/2027 | Monthly | (338,743 | ) | — | |||||||||
| State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (64,512 | ) | — | |||||||||
| State Street SPDR Bloomberg International Treasury Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | (2,420,955 | ) | — | |||||||||
| State Street SPDR Bloomberg International Treasury Bond ETF | Morgan Stanley | 1-Day FEDEF - 8.53% | 7/02/2027 | Monthly | (12,719,080 | ) | — | |||||||||
| State Street SPDR Bloomberg Investment Grade Floating Rate ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 1,179,612 | — | ||||||||||
| State Street SPDR Bloomberg Investment Grade Floating Rate ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 6,265,419 | — | ||||||||||
| State Street Technology Select Sector SPDR ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 221,818 | — | ||||||||||
| State Street Technology Select Sector SPDR ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 11/01/2027 | Monthly | 42,435 | — | ||||||||||
| State Street Utilities Select Sector SPDR ETF | Morgan Stanley | 1-Day FEDEF - 0.35% | 7/02/2027 | Monthly | (4,755,163 | ) | — | |||||||||
| State Street Utilities Select Sector SPDR ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | (910,195 | ) | — | |||||||||
| VanEck Alternative Asset Manager ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 559,829 | — | ||||||||||
| VanEck Alternative Asset Manager ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 11/01/2027 | Monthly | 107,157 | — | ||||||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 1,670,705 | — | ||||||||||
| VanEck J. P. Morgan EM Local Currency Bond ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | 319,801 | — | ||||||||||
| Vanguard FTSE Developed Markets ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 1,782,661 | — | ||||||||||
| Vanguard FTSE Developed Markets ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 9,468,588 | — | ||||||||||
| Vanguard Morningstar Mid-Cap ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,530,634 | — | ||||||||||
| Vanguard Morningstar Mid-Cap ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 1/31/2028 | Monthly | 664,761 | — | ||||||||||
| Vanguard Short-Term Treasury ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 4,891,149 | — | ||||||||||
| Vanguard Short-Term Treasury ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 25,817,839 | — | ||||||||||
| Vanguard Tax-Exempt Bond Index ETF | Merrill Lynch | 1-Day FEDEF + 0.50% | 4/30/2027 | Monthly | 723,168 | — | ||||||||||
| Vanguard Tax-Exempt Bond Index ETF | Morgan Stanley | 1-Day FEDEF + 0.50% | 7/02/2027 | Monthly | 3,841,024 | — | ||||||||||
| $ | — |
The total value of securities segregated as collateral for swap contracts with counterparty Morgan Stanley amounted to $5,325,241 and with Merrill Lynch amounted to $– at July 31, 2026.
(f) Portfolio receives on long positions or pays on short positions the floating rate total return of the reference rate entity.
(g) Reflects the value at reset date of July 31, 2026.
Abbreviation
FEDEF — Federal Funds Effective Rate
The following is a summary of the inputs used to value the Fund's investments as of July 31, 2026. For more information on the valuation techniques, and their aggregation into the levels used in the table below, please refer to the Fund's most recent semi-annual or annual financial statements.
| Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Asset Valuation Inputs | ||||||||||||||||
| Investments in Securities:(h) | ||||||||||||||||
| Exchange Traded Vehicles | $ | 20,985,006 | $ | — | $ | — | $ | 20,985,006 | ||||||||
| Investment Companies | 988,363,308 | — | — | 988,363,308 | ||||||||||||
| Short-Term Investment: | ||||||||||||||||
| Money Market Funds | 125,072,896 | — | — | 125,072,896 | ||||||||||||
| Total Investments in Securities | 1,134,421,210 | — | — | 1,134,421,210 | ||||||||||||
| Other Financial Instruments:(i) | ||||||||||||||||
| Swap Contracts | — | — | — | — | ||||||||||||
| Total Investments in Securities and Other Financial Instruments | $ | 1,134,421,210 | $ | — | $ | — | $ | 1,134,421,210 | ||||||||
| Liability Valuation Inputs Other Financial Instruments:(i) | ||||||||||||||||
| Swap Contracts | $ | — | $ | — | $ | — | $ | — | ||||||||
| (h) | For a complete listing of investments and their industries, see the Schedule of Investments. |
| (i) | Reflects the unrealized appreciation (depreciation) of the instruments. |
For the period ended July 31, 2026, the Fund did not have any transfers into or out of Level 3 within the fair value hierarchy.
A summary of the Fund’s transactions with any affiliated fund during the period ended July 31, 2026 is as follows:
Affiliated Holdings
| Shares at 04/30/2026 | Value ($) at 04/30/2026 | Purchases Cost ($) | Sales Proceeds ($) | Net Realized Gain/(Loss) ($) | Net Change in Unrealized Appreciation/ (Depreciation) ($) | Income Distributions ($) | Capital Gain Distributions ($) | Shares at 07/31/2026 | Value ($) at 07/31/2026 | |||||||||||||||||||||||||||||||
| AltShares Merger Arbitrage ETF | 401,774 | 11,864,386 | 1,686,737 | (5,260,902 | ) | 250,522 | (232,400 | ) | — | — | 280,601 | 8,308,343 | ||||||||||||||||||||||||||||
| Franklin Senior Loan ETF | 3,480,886 | 80,617,320 | 11,448,913 | (25,574,527 | ) | (1,071,488 | ) | 557,601 | 1,111,658 | — | 2,861,137 | 65,977,819 | ||||||||||||||||||||||||||||
| NYLI Merger Arbitrage ETF | 781,039 | 28,449,268 | 4,068,908 | (12,515,405 | ) | 961,622 | (999,168 | ) | — | — | 546,651 | 19,965,225 | ||||||||||||||||||||||||||||
| 4,663,699 | 120,930,974 | 17,204,558 | (43,350,834 | ) | 140,656 | (673,967 | ) | 1,111,658 | — | 3,688,389 | 94,251,387 | |||||||||||||||||||||||||||||