First Eagle US Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 97.8% | ||||||||
| Banks - 2.3% | ||||||||
| Cullen/Frost Bankers, Inc. | 121 | 20,127 | ||||||
| US Bancorp | 591 | 37,239 | ||||||
| 57,366 | ||||||||
| Building Products - 1.0% | ||||||||
| Carlisle Cos., Inc. | 72 | 25,914 | ||||||
| Capital Markets - 3.7% | ||||||||
| Bank of New York Mellon Corp. (The) | 591 | 92,391 | ||||||
| Chemicals - 3.9% | ||||||||
| International Flavors & Fragrances, Inc. | 445 | 35,253 | ||||||
| Nutrien Ltd. (Canada) | 352 | 24,312 | ||||||
| PPG Industries, Inc. | 336 | 37,135 | ||||||
| 96,700 | ||||||||
| Consumer Finance - 1.3% | ||||||||
| American Express Co. | 98 | 32,953 | ||||||
| Consumer Staples Distribution & Retail - 1.1% | ||||||||
| Dollar General Corp. | 225 | 28,586 | ||||||
| Diversified Telecommunication Services - 1.9% | ||||||||
| Comcast Corp., Class A | 1,918 | 45,955 | ||||||
| Electronic Equipment, Instruments & Components - 0.9% | ||||||||
| IPG Photonics Corp. * | 256 | 21,775 | ||||||
| Energy Equipment & Services - 4.3% | ||||||||
| Noble Corp. plc | 725 | 30,740 | ||||||
| NOV, Inc. | 1,624 | 31,554 | ||||||
| SLB Ltd. | 883 | 43,788 | ||||||
| 106,082 | ||||||||
| Entertainment - 1.2% | ||||||||
| Walt Disney Co. (The) | 304 | 29,242 | ||||||
| Financial Services - 2.4% | ||||||||
| Berkshire Hathaway, Inc., Class B * | 56 | 28,646 | ||||||
| Fiserv, Inc. * | 568 | 30,638 | ||||||
| 59,284 | ||||||||
| Health Care Equipment & Supplies - 6.8% | ||||||||
| Becton Dickinson & Co. | 680 | 112,621 | ||||||
| Medtronic plc | 665 | 56,785 | ||||||
| 169,406 | ||||||||
| Health Care Providers & Services - 8.8% | ||||||||
| Elevance Health, Inc. | 231 | 86,819 | ||||||
| HCA Healthcare, Inc. | 193 | 77,700 | ||||||
| Universal Health Services, Inc., Class B | 316 | 53,227 | ||||||
| 217,746 | ||||||||
| Hotels, Restaurants & Leisure - 1.6% | ||||||||
| Booking Holdings, Inc. | 208 | 40,123 | ||||||
| Household Products - 2.5% | ||||||||
| Colgate-Palmolive Co. | 669 | 61,080 | ||||||
| Insurance - 4.5% | ||||||||
| Brown & Brown, Inc. | 527 | 37,101 | ||||||
| Fidelity National Financial, Inc. | 383 | 19,759 | ||||||
| Willis Towers Watson plc | 161 | 54,083 | ||||||
| 110,943 | ||||||||
| Interactive Media & Services - 8.5% | ||||||||
| Alphabet, Inc., Class C | 334 | 119,121 | ||||||
| Meta Platforms, Inc., Class A | 164 | 91,301 | ||||||
| 210,422 | ||||||||
| Life Sciences Tools & Services - 2.2% | ||||||||
| Bio-Rad Laboratories, Inc., Class A * | 105 | 34,175 | ||||||
| Waters Corp. * | 51 | 19,243 | ||||||
| 53,418 | ||||||||
| Machinery - 1.6% | ||||||||
| Cummins, Inc. | 30 | 19,026 | ||||||
| Deere & Co. | 36 | 21,336 | ||||||
| 40,362 | ||||||||
| Media - 2.2% | ||||||||
| Charter Communications, Inc., Class A * | 192 | 27,836 | ||||||
| Omnicom Group, Inc. | 325 | 25,578 | ||||||
| 53,414 | ||||||||
| Metals & Mining - 7.2% | ||||||||
| Agnico Eagle Mines Ltd. (Canada) | 142 | 20,628 | ||||||
| Barrick Mining Corp. (Canada) | 1,123 | 41,248 | ||||||
| Franco-Nevada Corp. (Canada) | 162 | 34,493 | ||||||
| Newmont Corp. | 665 | 62,317 | ||||||
| Warrior Met Coal, Inc. | 235 | 18,662 | ||||||
| 177,348 | ||||||||
| Office REITs - 1.2% | ||||||||
| BXP, Inc., REIT | 436 | 30,572 | ||||||
| Oil, Gas & Consumable Fuels - 7.4% | ||||||||
| ExxonMobil Holdings Corp. * | 382 | 59,378 | ||||||
| ONEOK, Inc. | 1,363 | 123,774 | ||||||
| 183,152 | ||||||||
| Professional Services - 2.4% | ||||||||
| Automatic Data Processing, Inc. | 221 | 58,888 | ||||||
| Residential REITs - 1.5% | ||||||||
| Equity Residential, REIT | 556 | 36,946 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle US Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Software - 8.8% | ||||||||
| Microsoft Corp. | 82 | 38,107 | ||||||
| Oracle Corp. | 413 | 53,636 | ||||||
| Salesforce, Inc. | 351 | 64,591 | ||||||
| Workday, Inc., Class A * | 385 | 61,731 | ||||||
| 218,065 | ||||||||
| Specialized REITs - 3.5% | ||||||||
| Extra Space Storage, Inc., REIT | 207 | 30,644 | ||||||
| Weyerhaeuser Co., REIT | 2,277 | 56,994 | ||||||
| 87,638 | ||||||||
| Tobacco - 3.1% | ||||||||
| Philip Morris International, Inc. | 406 | 77,473 | ||||||
| Total Common Stocks (Cost $2,456,577) | 2,423,244 | |||||||
| Short-Term Investments - 2.2% | ||||||||
| Investment Companies - 2.2% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (a) | ||||||||
| (Cost $55,774) | 55,774 | 55,774 | ||||||
| Total Investments - 100.0% (Cost $2,512,351) | 2,479,018 | |||||||
| Other assets less liabilities - 0.0%(b) | 200 | |||||||
| Net Assets - 100.0% | 2,479,218 |
| * | Non-income producing security. |
| (a) | Represents 7-day effective yield as of July 31, 2026. |
| (b) | Represents less than 0.05% of net assets. |
| Abbreviations | |
| REIT | Real Estate Investment Trust |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle US Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Banks | 2.3 | % | ||
| Building Products | 1.0 | |||
| Capital Markets | 3.7 | |||
| Chemicals | 3.9 | |||
| Consumer Finance | 1.3 | |||
| Consumer Staples Distribution & Retail | 1.1 | |||
| Diversified Telecommunication Services | 1.9 | |||
| Electronic Equipment, Instruments & Components | 0.9 | |||
| Energy Equipment & Services | 4.3 | |||
| Entertainment | 1.2 | |||
| Financial Services | 2.4 | |||
| Health Care Equipment & Supplies | 6.8 | |||
| Health Care Providers & Services | 8.8 | |||
| Hotels, Restaurants & Leisure | 1.6 | |||
| Household Products | 2.5 | |||
| Insurance | 4.5 | |||
| Interactive Media & Services | 8.5 | |||
| Life Sciences Tools & Services | 2.2 | |||
| Machinery | 1.6 | |||
| Media | 2.2 | |||
| Metals & Mining | 7.2 | |||
| Office REITs | 1.2 | |||
| Oil, Gas & Consumable Fuels | 7.4 | |||
| Professional Services | 2.4 | |||
| Residential REITs | 1.5 | |||
| Software | 8.8 | |||
| Specialized REITs | 3.5 | |||
| Tobacco | 3.1 | |||
| Short-Term Investments | 2.2 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Mid Cap Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 99.7% | ||||||||
| Aerospace & Defense - 2.1% | ||||||||
| AAR Corp. * | 267 | 37,391 | ||||||
| FTAI Aviation Ltd. | 217 | 44,702 | ||||||
| 82,093 | ||||||||
| Banks - 5.4% | ||||||||
| Ameris Bancorp | 917 | 79,971 | ||||||
| Glacier Bancorp, Inc. | 1,351 | 66,591 | ||||||
| Regions Financial Corp. | 2,200 | 68,090 | ||||||
| 214,652 | ||||||||
| Beverages - 0.8% | ||||||||
| Celsius Holdings, Inc. * | 1,056 | 30,846 | ||||||
| Building Products - 4.4% | ||||||||
| Builders FirstSource, Inc. * | 831 | 55,212 | ||||||
| Carlisle Cos., Inc. | 121 | 43,550 | ||||||
| Louisiana-Pacific Corp. | 1,069 | 77,428 | ||||||
| 176,190 | ||||||||
| Capital Markets - 8.2% | ||||||||
| Cohen & Steers, Inc. | 869 | 71,492 | ||||||
| Evercore, Inc., Class A | 214 | 68,600 | ||||||
| Houlihan Lokey, Inc., Class A | 400 | 50,196 | ||||||
| MarketAxess Holdings, Inc. | 419 | 68,004 | ||||||
| Raymond James Financial, Inc. | 400 | 70,392 | ||||||
| 328,684 | ||||||||
| Chemicals - 5.1% | ||||||||
| Air Products and Chemicals, Inc. | 197 | 58,093 | ||||||
| PPG Industries, Inc. | 356 | 39,345 | ||||||
| Quaker Chemical Corp. | 345 | 55,380 | ||||||
| Westlake Corp. | 728 | 51,324 | ||||||
| 204,142 | ||||||||
| Commercial Services & Supplies - 1.8% | ||||||||
| Clean Harbors, Inc. * | 231 | 72,275 | ||||||
| Construction & Engineering - 1.4% | ||||||||
| Dycom Industries, Inc. * | 138 | 55,348 | ||||||
| Consumer Staples Distribution & Retail - 3.2% | ||||||||
| Dollar General Corp. | 392 | 49,803 | ||||||
| Performance Food Group Co. * | 694 | 79,387 | ||||||
| 129,190 | ||||||||
| Diversified REITs - 1.6% | ||||||||
| WP Carey, Inc., REIT | 880 | 64,768 | ||||||
| Electrical Equipment - 1.7% | ||||||||
| Generac Holdings, Inc. * | 188 | 37,057 | ||||||
| Regal Rexnord Corp. | 144 | 29,553 | ||||||
| 66,610 | ||||||||
| Electronic Equipment, Instruments & Components - 6.7% | ||||||||
| Advanced Energy Industries, Inc. | 138 | 39,954 | ||||||
| Belden, Inc. | 528 | 65,498 | ||||||
| Fabrinet (Thailand) * | 53 | 23,077 | ||||||
| Plexus Corp. * | 115 | 28,904 | ||||||
| Teledyne Technologies, Inc. * | 103 | 67,524 | ||||||
| TTM Technologies, Inc. * | 380 | 43,867 | ||||||
| 268,824 | ||||||||
| Financial Services - 1.8% | ||||||||
| Voya Financial, Inc. | 726 | 72,186 | ||||||
| Ground Transportation - 4.9% | ||||||||
| Canadian Pacific Kansas City Ltd. (Canada) | 839 | 74,578 | ||||||
| Old Dominion Freight Line, Inc. | 291 | 61,733 | ||||||
| XPO, Inc. * | 301 | 60,492 | ||||||
| 196,803 | ||||||||
| Health Care Equipment & Supplies - 4.4% | ||||||||
| GE HealthCare Technologies, Inc. | 1,403 | 95,432 | ||||||
| STERIS plc | 352 | 80,397 | ||||||
| 175,829 | ||||||||
| Health Care Providers & Services - 6.1% | ||||||||
| Ensign Group, Inc. (The) | 311 | 55,408 | ||||||
| Quest Diagnostics, Inc. | 331 | 77,126 | ||||||
| Tenet Healthcare Corp. * | 431 | 109,810 | ||||||
| 242,344 | ||||||||
| Hotel & Resort REITs - 2.1% | ||||||||
| Ryman Hospitality Properties, Inc., REIT | 642 | 85,803 | ||||||
| Hotels, Restaurants & Leisure - 1.6% | ||||||||
| Texas Roadhouse, Inc., Class A | 310 | 63,686 | ||||||
| Household Durables - 3.2% | ||||||||
| PulteGroup, Inc. | 388 | 49,071 | ||||||
| SharkNinja, Inc. * | 477 | 77,164 | ||||||
| 126,235 | ||||||||
| Insurance - 1.6% | ||||||||
| Reinsurance Group of America, Inc. | 276 | 65,371 | ||||||
| Machinery - 1.8% | ||||||||
| Flowserve Corp. | 938 | 71,279 | ||||||
| Mortgage Real Estate Investment Trusts (REITs) - 2.1% | ||||||||
| Annaly Capital Management, Inc. | 3,601 | 81,815 | ||||||
| Multi-Utilities - 1.4% | ||||||||
| Black Hills Corp. | 803 | 57,182 | ||||||
| Office REITs - 1.1% | ||||||||
| BXP, Inc., REIT | 650 | 45,578 | ||||||
| Oil, Gas & Consumable Fuels - 9.3% | ||||||||
| Antero Resources Corp. * | 1,742 | 62,956 | ||||||
| ONEOK, Inc. | 819 | 74,373 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Mid Cap Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Permian Resources Corp., Class A | 4,367 | 93,061 | ||||||
| Phillips 66 | 262 | 55,460 | ||||||
| Targa Resources Corp. | 312 | 84,356 | ||||||
| 370,206 | ||||||||
| Passenger Airlines - 1.4% | ||||||||
| Delta Air Lines, Inc. | 654 | 57,186 | ||||||
| Real Estate Management & Development - 1.9% | ||||||||
| Colliers International Group, Inc. (Canada) | 753 | 74,208 | ||||||
| Semiconductors & Semiconductor Equipment - 1.9% | ||||||||
| Onto Innovation, Inc. * | 136 | 35,167 | ||||||
| Silicon Motion Technology Corp., ADR (Taiwan) | 38 | 9,637 | ||||||
| Ultra Clean Holdings, Inc. * | 360 | 29,991 | ||||||
| 74,795 | ||||||||
| Software - 3.3% | ||||||||
| Teradata Corp. * | 2,095 | 64,924 | ||||||
| Workday, Inc., Class A * | 427 | 68,465 | ||||||
| 133,389 | ||||||||
| Specialty Retail - 2.3% | ||||||||
| Academy Sports & Outdoors, Inc. | 1,065 | 50,534 | ||||||
| Lithia Motors, Inc., Class A | 110 | 42,396 | ||||||
| 92,930 | ||||||||
| Textiles, Apparel & Luxury Goods - 1.4% | ||||||||
| On Holding AG, Class A (Switzerland) * | 1,519 | 55,048 | ||||||
| Trading Companies & Distributors - 3.7% | ||||||||
| Herc Holdings, Inc. | 430 | 64,560 | ||||||
| QXO, Inc. * | 3,687 | 49,037 | ||||||
| United Rentals, Inc. | 32 | 34,537 | ||||||
| 148,134 | ||||||||
| Total Common Stocks (Cost $3,876,836) | 3,983,629 | |||||||
| Short-Term Investments - 0.3% | ||||||||
| Investment Companies - 0.3% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (a) | ||||||||
| (Cost $10,725) | 10,725 | 10,725 | ||||||
| Total Investments - 100.0% (Cost $3,887,561) | 3,994,354 | |||||||
| Liabilities in excess of other assets - 0.0%(b) | (1,097 | ) | ||||||
| Net Assets - 100.0% | 3,993,257 |
| * | Non-income producing security. |
| (a) | Represents 7-day effective yield as of July 31, 2026. |
| (b) | Represents less than 0.05% of net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Mid Cap Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 2.1 | % | ||
| Banks | 5.4 | |||
| Beverages | 0.8 | |||
| Building Products | 4.4 | |||
| Capital Markets | 8.2 | |||
| Chemicals | 5.1 | |||
| Commercial Services & Supplies | 1.8 | |||
| Construction & Engineering | 1.4 | |||
| Consumer Staples Distribution & Retail | 3.2 | |||
| Diversified REITs | 1.6 | |||
| Electrical Equipment | 1.7 | |||
| Electronic Equipment, Instruments & Components | 6.7 | |||
| Financial Services | 1.8 | |||
| Ground Transportation | 4.9 | |||
| Health Care Equipment & Supplies | 4.4 | |||
| Health Care Providers & Services | 6.1 | |||
| Hotel & Resort REITs | 2.1 | |||
| Hotels, Restaurants & Leisure | 1.6 | |||
| Household Durables | 3.2 | |||
| Insurance | 1.6 | |||
| Machinery | 1.8 | |||
| Mortgage Real Estate Investment Trusts (REITs) | 2.1 | |||
| Multi-Utilities | 1.4 | |||
| Office REITs | 1.1 | |||
| Oil, Gas & Consumable Fuels | 9.3 | |||
| Passenger Airlines | 1.4 | |||
| Real Estate Management & Development | 1.9 | |||
| Semiconductors & Semiconductor Equipment | 1.9 | |||
| Software | 3.3 | |||
| Specialty Retail | 2.3 | |||
| Textiles, Apparel & Luxury Goods | 1.4 | |||
| Trading Companies & Distributors | 3.7 | |||
| Short-Term Investments | 0.3 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 97.9% | ||||||||
| Aerospace & Defense - 2.4% | ||||||||
| AAR Corp. * | 56 | 7,842 | ||||||
| Astronics Corp. * | 131 | 9,103 | ||||||
| Cadre Holdings, Inc. | 218 | 6,721 | ||||||
| Ducommun, Inc. * | 88 | 15,754 | ||||||
| VSE Corp. | 32 | 6,221 | ||||||
| 45,641 | ||||||||
| Automobile Components - 0.8% | ||||||||
| Dorman Products, Inc. * | 119 | 15,846 | ||||||
| Banks - 6.9% | ||||||||
| Ameris Bancorp | 232 | 20,233 | ||||||
| Axos Financial, Inc. * | 147 | 14,907 | ||||||
| Columbia Banking System, Inc. | 370 | 11,570 | ||||||
| Dime Commercial Bancshares, Inc. | 316 | 12,880 | ||||||
| Glacier Bancorp, Inc. | 223 | 10,992 | ||||||
| Old National Bancorp | 688 | 18,328 | ||||||
| Red River Bancshares, Inc. | 104 | 10,457 | ||||||
| Seacoast Banking Corp. of Florida | 449 | 15,598 | ||||||
| Valley National Bancorp | 1,040 | 14,862 | ||||||
| 129,827 | ||||||||
| Biotechnology - 0.9% | ||||||||
| CareDx, Inc. * | 401 | 17,528 | ||||||
| Building Products - 2.3% | ||||||||
| Griffon Corp. | 114 | 9,823 | ||||||
| Insteel Industries, Inc. | 354 | 10,850 | ||||||
| Louisiana-Pacific Corp. | 230 | 16,659 | ||||||
| Quanex Building Products Corp. | 338 | 6,030 | ||||||
| 43,362 | ||||||||
| Capital Markets - 1.3% | ||||||||
| MarketAxess Holdings, Inc. | 44 | 7,141 | ||||||
| Moelis & Co., Class A | 80 | 5,366 | ||||||
| Perella Weinberg Partners, Class A | 703 | 12,408 | ||||||
| 24,915 | ||||||||
| Chemicals - 4.4% | ||||||||
| Cabot Corp. | 139 | 12,235 | ||||||
| Element Solutions, Inc. | 243 | 8,925 | ||||||
| Flotek Industries, Inc. * | 203 | 4,778 | ||||||
| HB Fuller Co. | 243 | 13,438 | ||||||
| Huntsman Corp. | 800 | 7,808 | ||||||
| Intrepid Potash, Inc. * | 218 | 7,403 | ||||||
| LSB Industries, Inc. * | 994 | 10,815 | ||||||
| Quaker Chemical Corp. | 113 | 18,139 | ||||||
| 83,541 | ||||||||
| Commercial Services & Supplies - 1.3% | ||||||||
| ABM Industries, Inc. | 275 | 13,175 | ||||||
| Healthcare Services Group, Inc. * | 378 | 8,808 | ||||||
| Interface, Inc., Class A | 82 | 2,809 | ||||||
| 24,792 | ||||||||
| Communications Equipment - 3.0% | ||||||||
| ADTRAN Holdings, Inc. * | 866 | 7,370 | ||||||
| Digi International, Inc. * | 113 | 7,878 | ||||||
| Extreme Networks, Inc. * | 332 | 10,006 | ||||||
| Harmonic, Inc. * | 1,068 | 12,335 | ||||||
| NETGEAR, Inc. * | 480 | 11,597 | ||||||
| NetScout Systems, Inc. * | 171 | 6,955 | ||||||
| 56,141 | ||||||||
| Construction & Engineering - 0.9% | ||||||||
| Ameresco, Inc., Class A * | 507 | 10,683 | ||||||
| Dycom Industries, Inc. * | 17 | 6,818 | ||||||
| 17,501 | ||||||||
| Construction Materials - 0.2% | ||||||||
| Titan America SA (Belgium) | 257 | 3,978 | ||||||
| Consumer Staples Distribution & Retail - 1.2% | ||||||||
| Chefs' Warehouse, Inc. (The) * | 121 | 13,958 | ||||||
| Grocery Outlet Holding Corp. * | 870 | 7,995 | ||||||
| 21,953 | ||||||||
| Containers & Packaging - 0.5% | ||||||||
| TriMas Corp. | 233 | 9,304 | ||||||
| Diversified Consumer Services - 2.2% | ||||||||
| Coursera, Inc. * | 762 | 4,046 | ||||||
| Lincoln Educational Services Corp. * | 302 | 12,630 | ||||||
| Stride, Inc. * | 107 | 8,591 | ||||||
| Universal Technical Institute, Inc. * | 400 | 15,724 | ||||||
| 40,991 | ||||||||
| Electrical Equipment - 0.3% | ||||||||
| LSI Industries, Inc. | 235 | 5,497 | ||||||
| Electronic Equipment, Instruments & Components - 6.1% | ||||||||
| Advanced Energy Industries, Inc. | 60 | 17,371 | ||||||
| Arlo Technologies, Inc. * | 832 | 12,247 | ||||||
| Belden, Inc. | 91 | 11,289 | ||||||
| Benchmark Electronics, Inc. | 139 | 11,088 | ||||||
| Fabrinet (Thailand) * | 10 | 4,354 | ||||||
| Itron, Inc. * | 81 | 8,072 | ||||||
| OSI Systems, Inc. * | 33 | 7,306 | ||||||
| Plexus Corp. * | 32 | 8,043 | ||||||
| Rogers Corp. * | 100 | 12,347 | ||||||
| TTM Technologies, Inc. * | 104 | 12,006 | ||||||
| Vishay Intertechnology, Inc. | 307 | 10,505 | ||||||
| 114,628 | ||||||||
| Energy Equipment & Services - 2.8% | ||||||||
| Flowco Holdings, Inc., Class A | 553 | 11,309 | ||||||
| Helix Energy Solutions Group, Inc. * | 322 | 3,062 | ||||||
| Natural Gas Services Group, Inc. | 284 | 10,406 | ||||||
| Oil States International, Inc. * | 1,622 | 13,154 | ||||||
| ProPetro Holding Corp. * | 648 | 7,193 | ||||||
| RPC, Inc. | 323 | 1,812 | ||||||
| Seadrill Ltd. * | 113 | 5,067 | ||||||
| 52,003 | ||||||||
| Financial Services - 2.4% | ||||||||
| Flywire Corp. * | 803 | 12,856 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| NMI Holdings, Inc., Class A * | 195 | 8,639 | ||||||
| Radian Group, Inc. | 155 | 6,043 | ||||||
| Remitly Global, Inc. * | 761 | 17,328 | ||||||
| 44,866 | ||||||||
| Food Products - 1.8% | ||||||||
| Cal-Maine Foods, Inc. | 142 | 12,465 | ||||||
| Mama's Creations, Inc. * | 884 | 16,292 | ||||||
| Vital Farms, Inc. * | 434 | 5,525 | ||||||
| 34,282 | ||||||||
| Gas Utilities - 0.5% | ||||||||
| ONE Gas, Inc. | 112 | 8,697 | ||||||
| Ground Transportation - 0.8% | ||||||||
| Covenant Logistics Group, Inc., Class A | 257 | 9,129 | ||||||
| FTAI Infrastructure, Inc. | 1,754 | 6,542 | ||||||
| 15,671 | ||||||||
| Health Care Equipment & Supplies - 3.0% | ||||||||
| Alphatec Holdings, Inc. * | 744 | 7,083 | ||||||
| AngioDynamics, Inc. * | 179 | 2,647 | ||||||
| Artivion, Inc. * | 325 | 8,720 | ||||||
| AtriCure, Inc. * | 203 | 7,665 | ||||||
| Axogen, Inc. * | 240 | 10,130 | ||||||
| Envista Holdings Corp. * | 258 | 7,046 | ||||||
| SI-BONE, Inc. * | 547 | 9,715 | ||||||
| Varex Imaging Corp. * | 356 | 3,984 | ||||||
| 56,990 | ||||||||
| Health Care Providers & Services - 6.8% | ||||||||
| AMN Healthcare Services, Inc. * | 123 | 4,136 | ||||||
| Aveanna Healthcare Holdings, Inc. * | 521 | 4,892 | ||||||
| Brookdale Senior Living, Inc. * | 1,537 | 22,440 | ||||||
| Concentra Group Holdings Parent, Inc. | 450 | 14,243 | ||||||
| Ensign Group, Inc. (The) | 35 | 6,236 | ||||||
| Hinge Health, Inc., Class A * | 240 | 17,930 | ||||||
| LifeStance Health Group, Inc. * | 1,088 | 11,402 | ||||||
| Pennant Group, Inc. (The) * | 449 | 18,104 | ||||||
| Progyny, Inc. * | 147 | 4,576 | ||||||
| RadNet, Inc. * | 136 | 8,674 | ||||||
| Sonida Senior Living, Inc. * | 174 | 7,023 | ||||||
| Strata Critical Medical, Inc. * | 1,728 | 8,675 | ||||||
| 128,331 | ||||||||
| Health Care Technology - 1.0% | ||||||||
| Certara, Inc. * | 1,042 | 8,440 | ||||||
| HealthStream, Inc. | 401 | 11,244 | ||||||
| 19,684 | ||||||||
| Hotels, Restaurants & Leisure - 2.1% | ||||||||
| Cheesecake Factory, Inc. (The) | 81 | 8,215 | ||||||
| Dine Brands Global, Inc. | 262 | 9,417 | ||||||
| El Pollo Loco Holdings, Inc. * | 800 | 13,168 | ||||||
| Wendy's Co. (The) | 1,248 | 9,185 | ||||||
| 39,985 | ||||||||
| Household Durables - 2.1% | ||||||||
| Champion Homes, Inc. * | 114 | 9,075 | ||||||
| Installed Building Products, Inc. | 82 | 18,281 | ||||||
| Sonos, Inc. * | 771 | 11,303 | ||||||
| 38,659 | ||||||||
| Household Products - 1.4% | ||||||||
| Central Garden & Pet Co., Class A * | 202 | 7,658 | ||||||
| Spectrum Brands Holdings, Inc. | 201 | 17,843 | ||||||
| 25,501 | ||||||||
| Insurance - 2.1% | ||||||||
| Axis Capital Holdings Ltd. | 132 | 13,902 | ||||||
| Lincoln National Corp. | 242 | 11,038 | ||||||
| Old Republic International Corp. | 184 | 7,951 | ||||||
| Stewart Information Services Corp. | 89 | 6,015 | ||||||
| 38,906 | ||||||||
| Interactive Media & Services - 0.2% | ||||||||
| EverQuote, Inc., Class A * | 144 | 3,632 | ||||||
| Life Sciences Tools & Services - 2.3% | ||||||||
| CryoPort, Inc. * | 913 | 13,777 | ||||||
| Maravai LifeSciences Holdings, Inc., Class A * | 2,664 | 17,503 | ||||||
| Stevanato Group SpA (Italy) | 646 | 12,823 | ||||||
| 44,103 | ||||||||
| Machinery - 8.5% | ||||||||
| Albany International Corp., Class A | 192 | 14,306 | ||||||
| Astec Industries, Inc. | 187 | 9,473 | ||||||
| CECO Environmental Corp. * | 187 | 12,322 | ||||||
| Columbus McKinnon Corp. | 282 | 5,406 | ||||||
| Enpro, Inc. | 37 | 11,615 | ||||||
| Esab Corp. | 48 | 4,154 | ||||||
| Flowserve Corp. | 121 | 9,195 | ||||||
| Gates Industrial Corp. Ltd. * | 434 | 12,143 | ||||||
| Graham Corp. * | 130 | 12,467 | ||||||
| JBT Marel Corp. | 58 | 8,031 | ||||||
| Manitowoc Co., Inc. (The) * | 768 | 10,637 | ||||||
| Mayville Engineering Co., Inc. * | 194 | 4,980 | ||||||
| Tennant Co. | 108 | 9,075 | ||||||
| Timken Co. (The) | 98 | 13,480 | ||||||
| Titan International, Inc. * | 522 | 3,769 | ||||||
| Trinity Industries, Inc. | 322 | 10,059 | ||||||
| Wabash National Corp. | 686 | 8,616 | ||||||
| 159,728 | ||||||||
| Marine Transportation - 0.7% | ||||||||
| Star Bulk Carriers Corp. (Greece) | 425 | 12,219 | ||||||
| Media - 1.1% | ||||||||
| DoubleVerify Holdings, Inc. * | 973 | 10,946 | ||||||
| Magnite, Inc. * | 458 | 8,840 | ||||||
| 19,786 | ||||||||
| Metals & Mining - 3.4% | ||||||||
| Century Aluminum Co. * | 373 | 16,699 | ||||||
| Coeur Mining, Inc. | 321 | 4,786 | ||||||
| Commercial Metals Co. | 243 | 16,699 | ||||||
| Hecla Mining Co. | 265 | 3,742 | ||||||
| Kaiser Aluminum Corp. | 91 | 14,531 |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Shares | Value ($) | ||||||
| Materion Corp. | 36 | 7,590 | ||||||
| 64,047 | ||||||||
| Multi-Utilities - 0.4% | ||||||||
| Black Hills Corp. | 115 | 8,189 | ||||||
| Oil, Gas & Consumable Fuels - 5.6% | ||||||||
| Dorian LPG Ltd. | 386 | 18,304 | ||||||
| Golar LNG Ltd. (Bermuda) | 251 | 12,337 | ||||||
| Murphy Oil Corp. | 444 | 17,645 | ||||||
| Navigator Holdings Ltd. | 736 | 16,450 | ||||||
| Riley Exploration Permian, Inc. | 402 | 13,776 | ||||||
| Scorpio Tankers, Inc. (Monaco) | 161 | 12,535 | ||||||
| Talos Energy, Inc. * | 949 | 14,406 | ||||||
| 105,453 | ||||||||
| Residential REITs - 0.5% | ||||||||
| UMH Properties, Inc., REIT | 577 | 8,718 | ||||||
| Retail REITs - 0.4% | ||||||||
| Tanger, Inc., REIT | 184 | 7,481 | ||||||
| Semiconductors & Semiconductor Equipment - 4.4% | ||||||||
| Ambiq Micro, Inc. * | 72 | 4,578 | ||||||
| Amtech Systems, Inc. * | 569 | 8,728 | ||||||
| Axcelis Technologies, Inc. * | 48 | 6,258 | ||||||
| CEVA, Inc. * | 131 | 4,277 | ||||||
| Cohu, Inc. * | 125 | 5,999 | ||||||
| FormFactor, Inc. * | 53 | 5,629 | ||||||
| Onto Innovation, Inc. * | 43 | 11,119 | ||||||
| Silicon Motion Technology Corp., ADR (Taiwan) | 33 | 8,369 | ||||||
| Synaptics, Inc. * | 74 | 7,942 | ||||||
| Ultra Clean Holdings, Inc. * | 94 | 7,831 | ||||||
| Veeco Instruments, Inc. * | 258 | 12,900 | ||||||
| 83,630 | ||||||||
| Software - 2.4% | ||||||||
| Alkami Technology, Inc. * | 694 | 12,610 | ||||||
| Braze, Inc., Class A * | 493 | 12,285 | ||||||
| I3 Verticals, Inc., Class A * | 582 | 12,257 | ||||||
| Teradata Corp. * | 238 | 7,376 | ||||||
| 44,528 | ||||||||
| Specialized REITs - 0.5% | ||||||||
| Outfront Media, Inc., REIT | 307 | 9,784 | ||||||
| Specialty Retail - 2.1% | ||||||||
| Lithia Motors, Inc., Class A | 48 | 18,500 | ||||||
| MarineMax, Inc. * | 267 | 9,203 | ||||||
| National Vision Holdings, Inc. * | 273 | 6,017 | ||||||
| Warby Parker, Inc., Class A * | 200 | 5,338 | ||||||
| 39,058 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.1% | ||||||||
| Eastman Kodak Co. * | 201 | 1,688 | ||||||
| Trading Companies & Distributors - 3.8% | ||||||||
| Boise Cascade Co. | 180 | 13,748 | ||||||
| Custom Truck One Source, Inc. * | 586 | 5,948 | ||||||
| DNOW, Inc. * | 408 | 5,761 | ||||||
| Herc Holdings, Inc. | 112 | 16,816 | ||||||
| NPK International, Inc. * | 481 | 6,008 | ||||||
| QXO, Inc. * | 416 | 5,533 | ||||||
| Transcat, Inc. * | 120 | 10,244 | ||||||
| WESCO International, Inc. | 24 | 8,244 | ||||||
| 72,302 | ||||||||
| Total Common Stocks (Cost $1,881,657) | 1,843,366 | |||||||
| Short-Term Investments - 2.1% | ||||||||
| Investment Companies - 2.1% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (a) | ||||||||
| (Cost $40,210) | 40,210 | 40,210 | ||||||
| Total Investments - 100.0% (Cost $1,921,867) | 1,883,576 | |||||||
| Other assets less liabilities - 0.0%(b) | 189 | |||||||
| Net Assets - 100.0% | 1,883,765 |
| * | Non-income producing security. |
| (a) | Represents 7-day effective yield as of July 31, 2026. |
| (b) | Represents less than 0.05% of net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Small Cap Equity ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Industry Diversification for Portfolio Holdings | Percent of Net Assets | |||
| Aerospace & Defense | 2.4 | % | ||
| Automobile Components | 0.8 | |||
| Banks | 6.9 | |||
| Biotechnology | 0.9 | |||
| Building Products | 2.3 | |||
| Capital Markets | 1.3 | |||
| Chemicals | 4.4 | |||
| Commercial Services & Supplies | 1.3 | |||
| Communications Equipment | 3.0 | |||
| Construction & Engineering | 0.9 | |||
| Construction Materials | 0.2 | |||
| Consumer Staples Distribution & Retail | 1.2 | |||
| Containers & Packaging | 0.5 | |||
| Diversified Consumer Services | 2.2 | |||
| Electrical Equipment | 0.3 | |||
| Electronic Equipment, Instruments & Components | 6.1 | |||
| Energy Equipment & Services | 2.8 | |||
| Financial Services | 2.4 | |||
| Food Products | 1.8 | |||
| Gas Utilities | 0.5 | |||
| Ground Transportation | 0.8 | |||
| Health Care Equipment & Supplies | 3.0 | |||
| Health Care Providers & Services | 6.8 | |||
| Health Care Technology | 1.0 | |||
| Hotels, Restaurants & Leisure | 2.1 | |||
| Household Durables | 2.1 | |||
| Household Products | 1.4 | |||
| Insurance | 2.1 | |||
| Interactive Media & Services | 0.2 | |||
| Life Sciences Tools & Services | 2.3 | |||
| Machinery | 8.5 | |||
| Marine Transportation | 0.7 | |||
| Media | 1.1 | |||
| Metals & Mining | 3.4 | |||
| Multi-Utilities | 0.4 | |||
| Oil, Gas & Consumable Fuels | 5.6 | |||
| Residential REITs | 0.5 | |||
| Retail REITs | 0.4 | |||
| Semiconductors & Semiconductor Equipment | 4.4 | |||
| Software | 2.4 | |||
| Specialized REITs | 0.5 | |||
| Specialty Retail | 2.1 | |||
| Technology Hardware, Storage & Peripherals | 0.1 | |||
| Trading Companies & Distributors | 3.8 | |||
| Short-Term Investments | 2.1 | |||
| Total Investments | 100.0 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Municipal Bonds - 96.3% | ||||||||
| Alabama 6.5% | ||||||||
| Black Belt Energy Gas District, | ||||||||
| Revenue, Refunding, Series 2022 SUB D-1, 4.00%, 06/01/2027 (a)(b) | 100,000 | 100,669 | ||||||
| Revenue, Series 2025 A, 5.25%, 05/01/2032 (a)(b) | 205,000 | 206,643 | ||||||
| Revenue, Series 2025 F, 5.00%, 12/01/2035 | 140,000 | 145,352 | ||||||
| Energy Southeast A Cooperative District, | ||||||||
| Revenue, Series 2025B, 5.00%, 09/01/2033 | 200,000 | 201,731 | ||||||
| Infirmary Health System Special Care Facilities Financing Authority of Mobile, | ||||||||
| Infirmary Health System Obligated Group, Revenue, Series 2016A, 4.00%, 02/01/2046 | 175,000 | 149,492 | ||||||
| Southeast Energy Authority A Cooperative District, | ||||||||
| Revenue, Series 2025 B, 5.25%, 01/01/2033 (a)(b) | 200,000 | 203,880 | ||||||
| 1,007,767 | ||||||||
| Arizona 2.6% | ||||||||
| Arizona Industrial Development Authority, | ||||||||
| TWG Glendale LP, Revenue, Series 2024, 5.00%, 09/01/2026 (a)(b) | 175,000 | 175,259 | ||||||
| City of Phoenix Civic Improvement Corp., | ||||||||
| Airport, Revenue, Junior Lien, AMT, Series 2019 B, 5.00%, 07/01/2044 | 225,000 | 227,674 | ||||||
| 402,933 | ||||||||
| California 5.1% | ||||||||
| California Community Choice Financing Authority, | ||||||||
| Revenue, Series 2026B, 5.00%, 03/01/2036 | 150,000 | 153,919 | ||||||
| California State University, | ||||||||
| Revenue, Refunding, Series 2016A, 5.00%, 11/01/2031 | 50,000 | 50,026 | ||||||
| Cupertino Union School District, | ||||||||
| GO, Refunding, Series C, 5.00%, 08/01/2029 | 50,000 | 50,097 | ||||||
| Imperial Irrigation District Electric System, | ||||||||
| Revenue, Refunding, Series 2016B-2, 5.00%, 11/01/2041 | 50,000 | 50,153 | ||||||
| Norman Y Mineta San Jose International Airport SJC, | ||||||||
| Revenue, AMT, Refunding, Series 2017A, 5.00%, 03/01/2047 | 255,000 | 255,272 | ||||||
| San Leandro Public Financing Authority, | ||||||||
| City of San Leandro, Revenue, Series 2018, 5.00%, 11/01/2043 | 100,000 | 100,204 | ||||||
| State of California, | ||||||||
| GO, Series 2016, 5.00%, 09/01/2045 | 135,000 | 135,302 | ||||||
| 794,973 | ||||||||
| Colorado 2.1% | ||||||||
| Arapahoe County School District No. 1 Englewood, | ||||||||
| GO, Series 2017, 5.00%, 12/01/2042 | 150,000 | 150,603 | ||||||
| City & County of Denver Pledged Excise Tax, | ||||||||
| Pledged Excise Tax, Revenue, Refunding, Series 2016 A, 5.00%, 08/01/2044 | 50,000 | 50,028 | ||||||
| Pledged Excise Tax, Revenue, Series 2018 A-1, 5.00%, 08/01/2048 | 130,000 | 130,031 | ||||||
| 330,662 | ||||||||
| Connecticut 3.6% | ||||||||
| City of Meriden, | ||||||||
| GO, Series 2020 B, 2.00%, 07/01/2038 | 180,000 | 131,934 | ||||||
| Connecticut State Health & Educational Facilities Authority, | ||||||||
| Hartford Sustainable Energy Partners LLC, Revenue, Series 2026A, 5.00%, 08/01/2048 | 300,000 | 304,850 | ||||||
| Middlesex Health System, Inc. Obligated Group, Revenue, Refunding, Series O, 5.00%, 07/01/2036 | 120,000 | 120,072 | ||||||
| 556,856 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Delaware 1.7% | ||||||||
| County of Kent, | ||||||||
| Kent County Regional Sports Complex Corp., Revenue, Series 2016, 5.13%, 10/01/2046 | 260,000 | 260,259 | ||||||
| District of Columbia 0.8% | ||||||||
| District of Columbia, | ||||||||
| Plenary Infrastructure DC LLC, Revenue, AMT, Series 2022 A, 5.00%, 08/31/2026 | 115,000 | 115,120 | ||||||
| Florida 6.0% | ||||||||
| City of Port St Lucie, | ||||||||
| Southwest Annexation Special Assessment District No. 1, Special Assessment, Refunding, BAM Insured, Series 2016, 3.00%, 07/01/2041 | 110,000 | 86,605 | ||||||
| County of Miami-Dade, | ||||||||
| GO, Refunding, Series 2016 A, 5.00%, 07/01/2036 | 60,000 | 60,360 | ||||||
| Revenue, Series 2016 A, 5.00%, 04/01/2041 | 100,000 | 100,058 | ||||||
| Florida Gulf Coast University Financing Corp., | ||||||||
| Florida Gulf Coast University, Revenue, Refunding, Series 2022 A, 5.00%, 02/01/2039 | 250,000 | 260,225 | ||||||
| Greater Orlando Aviation Authority, | ||||||||
| Revenue, Series 2016 B, 5.00%, 10/01/2042 | 95,000 | 95,109 | ||||||
| Revenue, Series 2016 B, 5.00%, 10/01/2046 | 50,000 | 50,053 | ||||||
| Miami-Dade County Expressway Authority, | ||||||||
| Revenue, Series 2014 A, 5.00%, 07/01/2044 | 50,000 | 50,013 | ||||||
| Palm Beach County Health Facilities Authority, | ||||||||
| Baptist Health South Florida Obligated Group, Revenue, Series 2019, 3.00%, 08/15/2044 | 145,000 | 114,027 | ||||||
| Pinellas County School Board, | ||||||||
| COP, Series 2017 A, 5.00%, 07/01/2041 | 60,000 | 60,577 | ||||||
| Tampa-Hillsborough County Expressway Authority, | ||||||||
| Revenue, Series 2017, 5.00%, 07/01/2047 | 50,000 | 50,252 | ||||||
| 927,279 | ||||||||
| Georgia 2.0% | ||||||||
| Columbia County Hospital Authority, | ||||||||
| WellStar Health System Obligated Group, Revenue, Series 2023 A, 5.13%, 04/01/2053 | 150,000 | 152,413 | ||||||
| Development Authority of Cobb County (The), | ||||||||
| KSU 2020 Housing Real Estate Foundation LLC, Revenue, Series 2020, 2.13%, 07/15/2036 | 200,000 | 156,869 | ||||||
| 309,282 | ||||||||
| Illinois 10.4% | ||||||||
| Chicago O'Hare International Airport, | ||||||||
| Revenue, Senior Lien, Series D, 5.00%, 01/01/2047 | 85,000 | 85,188 | ||||||
| Revenue, Senior Lien, AMT, Refunding, Series D, 5.00%, 01/01/2047 | 135,000 | 135,150 | ||||||
| County of Cook, | ||||||||
| Deerfield SLF LP, Revenue, Series 2024, 6.50%, 01/01/2045 | 100,000 | 101,926 | ||||||
| Illinois Finance Authority, | ||||||||
| Bradley University, Revenue, Series 2026, 5.25%, 08/01/2045 | 300,000 | 303,064 | ||||||
| Carle Foundation Obligated Group (The), Revenue, Refunding, Series 2021 A, 4.00%, 08/15/2048 | 80,000 | 69,925 | ||||||
| Columbia College Chicago, Revenue, Refunding, Series A, 4.13%, 12/01/2030 | 100,000 | 94,424 | ||||||
| DePaul University, Revenue, Refunding, Series 2016 A, 3.00%, 10/01/2037 | 90,000 | 75,886 | ||||||
| OSF Healthcare System Obligated Group, Revenue, Refunding, AG Insured, Series 2016, 3.25%, 05/15/2039 | 260,000 | 221,489 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Illinois | ||||||||
| University of Chicago Medical Center Obligated Group, Revenue, Series 2022 A, 5.00%, 08/15/2047 | 120,000 | 121,132 | ||||||
| Illinois State Toll Highway Authority, | ||||||||
| Revenue, Senior Lien, Series 2016 B, 5.00%, 01/01/2041 | 225,000 | 225,165 | ||||||
| Metropolitan Water Reclamation District of Greater Chicago, | ||||||||
| GO, Series E, 5.00%, 12/01/2041 | 75,000 | 75,262 | ||||||
| State of Illinois, | ||||||||
| GO, BAM Insured, Series 2021 B, 3.00%, 12/01/2040 | 115,000 | 94,650 | ||||||
| 1,603,261 | ||||||||
| Indiana 2.4% | ||||||||
| Indiana Finance Authority, | ||||||||
| Community Foundation of Northwest Indiana Obligated Group, Revenue, Refunding, Series 2016, 5.00%, 09/01/2030 | 60,000 | 60,108 | ||||||
| Earlham College, Inc., Revenue, Refunding, Series 2013 A, 3.75%, 10/01/2037 | 75,000 | 62,391 | ||||||
| Lutheran University Association, Inc. (The), Revenue, Refunding, Series 2017, 5.00%, 10/01/2036 | 40,000 | 36,539 | ||||||
| Indianapolis Local Public Improvement Bond Bank, | ||||||||
| Indianapolis Airport Authority, Revenue, Series 2019 I-1, 5.00%, 01/01/2044 | 100,000 | 102,329 | ||||||
| West Lafayette Redevelopment Authority, | ||||||||
| City of West Lafayette Redevelopment Commission, Revenue, Series 2025, 5.00%, 08/01/2026 | 110,000 | 110,000 | ||||||
| 371,367 | ||||||||
| Kentucky 2.4% | ||||||||
| County of Trimble, | ||||||||
| Louisville Gas and Electric Co., Revenue, AMT, Series 2023 A, 4.70%, 06/01/2027 (a)(b) | 100,000 | 100,695 | ||||||
| Louisville, | ||||||||
| UofL Health, Inc. Obligated Group, Revenue, AG Insured, Series 2022 A, 5.00%, 05/15/2047 | 200,000 | 201,146 | ||||||
| University of Louisville, | ||||||||
| Revenue, AG Insured, Series 2020 A, 2.38%, 09/01/2039 | 100,000 | 75,203 | ||||||
| 377,044 | ||||||||
| Louisiana 0.6% | ||||||||
| State of Louisiana, | ||||||||
| GO, Refunding, Series 2016-B, 5.00%, 08/01/2026 | 100,000 | 100,000 | ||||||
| Maine 1.3% | ||||||||
| Maine Health & Higher Educational Facilities Authority, | ||||||||
| Eastern Maine Healthcare Systems Obligated Group, Revenue, Series 2016 A, 5.00%, 07/01/2046 | 65,000 | 59,915 | ||||||
| Maine State Housing Authority, | ||||||||
| Revenue, Series 2026C, 3.50%, 11/15/2034 (c) | 150,000 | 146,321 | ||||||
| 206,236 | ||||||||
| Maryland 0.8% | ||||||||
| City of Salisbury, | ||||||||
| Tax Allocation, Series 2007, 0.00%, 01/01/2037 (d) | 265,000 | 117,215 | ||||||
| Massachusetts 1.1% | ||||||||
| Massachusetts Development Finance Agency, | ||||||||
| Berklee College of Music, Inc., Revenue, Refunding, Series 2016, 5.00%, 10/01/2046 | 90,000 | 90,319 | ||||||
| Simmons University, Revenue, Refunding, Series 2018 L, 5.00%, 10/01/2026 | 75,000 | 74,967 | ||||||
| 165,286 | ||||||||
| Michigan 3.9% | ||||||||
| Kalamazoo Public Schools, | ||||||||
| GO, Series 2018, 4.00%, 05/01/2036 | 235,000 | 234,890 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Michigan | ||||||||
| Walled Lake Consolidated School District, | ||||||||
| GO, Series 2024, 5.00%, 05/01/2049 | 365,000 | 374,184 | ||||||
| 609,074 | ||||||||
| Mississippi 0.2% | ||||||||
| Mississippi Development Bank, | ||||||||
| City of Jackson, Revenue, Refunding, Series 2013 A, 3.00%, 03/01/2028 | 30,000 | 29,061 | ||||||
| Missouri 1.3% | ||||||||
| Health & Educational Facilities Authority of the State of Missouri, | ||||||||
| Mercy Health, Revenue, Series 2014 F, 5.00%, 11/15/2045 | 120,000 | 120,038 | ||||||
| Mercy Health, Revenue, Refunding, Series 2015 B, 5.00%, 02/01/2045 | 25,000 | 25,023 | ||||||
| Kansas City Industrial Development Authority, | ||||||||
| Airport, Revenue, AMT, Series 2019 B, 5.00%, 03/01/2046 | 55,000 | 55,140 | ||||||
| 200,201 | ||||||||
| Nevada 2.2% | ||||||||
| City of Reno, | ||||||||
| Room & Consolidated Tax, Revenue, Refunding, AG Insured, Series 2019 A1, 4.00%, 06/01/2046 | 370,000 | 336,858 | ||||||
| New Hampshire 1.5% | ||||||||
| New Hampshire Business Finance Authority, | ||||||||
| Revenue, Series 2026, 5.88%, 12/15/2036 (e) | 120,000 | 120,123 | ||||||
| Blue Sky Lockhart LP, Revenue, Series 2026, 0.00%, 12/15/2036 (d) | 250,000 | 117,232 | ||||||
| 237,355 | ||||||||
| New Jersey 3.5% | ||||||||
| County of Salem, | ||||||||
| GO, Series 2020 ABC, 2.13%, 06/15/2040 | 120,000 | 83,154 | ||||||
| New Jersey Educational Facilities Authority, | ||||||||
| Georgian Court University A New Jersey Non Profit Corp., Revenue, Refunding, Series 2017 G, 3.25%, 07/01/2031 | 130,000 | 117,717 | ||||||
| Rider University A New Jersey Non-Profit Corp., Revenue, Series 2017 F, 3.75%, 07/01/2037 | 40,000 | 31,257 | ||||||
| New Jersey Transportation Trust Fund Authority, | ||||||||
| State of New Jersey, Revenue, Series 2015AA, 5.00%, 06/15/2045 | 300,000 | 300,078 | ||||||
| 532,206 | ||||||||
| New Mexico 0.7% | ||||||||
| Southern Sandoval County Arroyo Flood Control Authority, | ||||||||
| GO, Series 2021 A, 3.00%, 08/01/2026 | 105,000 | 105,000 | ||||||
| New York 9.5% | ||||||||
| Brooklyn Arena Local Development Corp., | ||||||||
| Brooklyn Events Center LLC, Revenue, Refunding, AG Insured, Series A, 3.00%, 07/15/2043 | 225,000 | 168,686 | ||||||
| Broome County Local Development Corp., | ||||||||
| United Health Services Hospitals Obligated Group, Revenue, Refunding, AG Insured, Series 2020, 3.00%, 04/01/2045 | 130,000 | 99,233 | ||||||
| Buffalo & Fort Erie Public Bridge Authority, | ||||||||
| Revenue, Series 2017, 5.00%, 01/01/2047 | 105,000 | 105,243 | ||||||
| City of New York, | ||||||||
| GO, Series 2017 A SUB A-1, 5.00%, 08/01/2038 | 40,000 | 40,042 | ||||||
| Jefferson County Civic Facility Development Corp., | ||||||||
| Samaritan Medical Center Obligated Group, Revenue, Refunding, Series 2017 A, 4.00%, 11/01/2047 | 30,000 | 22,230 | ||||||
| Metropolitan Transportation Authority Dedicated Tax Fund, | ||||||||
| Revenue, Series B-1, 5.00%, 11/15/2036 | 55,000 | 55,221 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| New York | ||||||||
| New York City Municipal Water Finance Authority, | ||||||||
| New York City Water & Sewer System, Revenue, Series 2017 DD, 5.00%, 06/15/2047 | 75,000 | 75,165 | ||||||
| New York Counties Tobacco Trust IV, | ||||||||
| Revenue, Series 2005 A, 5.00%, 06/01/2045 | 100,000 | 72,736 | ||||||
| New York State Dormitory Authority, | ||||||||
| Revenue, Series 2021 A1, 2.25%, 07/01/2041 | 105,000 | 71,466 | ||||||
| New School (The), Revenue, Refunding, Series 2016 A, 3.25%, 07/01/2034 | 250,000 | 232,844 | ||||||
| State of New York Personal Income Tax, Revenue, Series 2016 A, 5.00%, 02/15/2037 | 310,000 | 310,383 | ||||||
| State of New York Personal Income Tax, Revenue, Series 2016 A, 5.00%, 02/15/2041 | 100,000 | 100,101 | ||||||
| Syracuse Industrial Development Agency, | ||||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2030 | 100,000 | 90,691 | ||||||
| Carousel Center Co. LP, Revenue, AMT, Refunding, Series 2016 A, 5.00%, 01/01/2035 | 30,000 | 24,147 | ||||||
| 1,468,188 | ||||||||
| North Carolina 0.3% | ||||||||
| City of Charlotte, | ||||||||
| Airport, Revenue, AMT, Series B, 5.00%, 07/01/2042 | 50,000 | 50,249 | ||||||
| Ohio 2.0% | ||||||||
| County of Fairfield, | ||||||||
| Fairfield Medical Center Obligated Group, Revenue, Refunding, Series 2013, 5.13%, 06/15/2033 | 20,000 | 19,577 | ||||||
| County of Hardin, | ||||||||
| Ohio Northern University, Revenue, Refunding, Series 2020, 5.50%, 05/01/2050 | 100,000 | 88,989 | ||||||
| Ohio Higher Educational Facility Commission, | ||||||||
| Kenyon College, Revenue, Refunding, Series 2020, 5.00%, 07/01/2042 | 110,000 | 112,724 | ||||||
| Patrick Henry Local School District, | ||||||||
| COP, Series 2019 A, 3.00%, 12/01/2039 | 100,000 | 81,517 | ||||||
| 302,807 | ||||||||
| Oklahoma 0.3% | ||||||||
| Oklahoma Water Resources Board, | ||||||||
| Revenue, Series 2017 A, 5.00%, 10/01/2044 | 50,000 | 50,006 | ||||||
| Pennsylvania 2.6% | ||||||||
| Berks County Municipal Authority (The), | ||||||||
| The Reading Hospital and Medical Center Project, Revenue, Series 2012 A, 5.00%, 11/01/2040 | 50,000 | 38,081 | ||||||
| Tower Health Obligated Group, Revenue, Series 2012 A, 4.25%, 11/01/2041 | 55,000 | 37,759 | ||||||
| Bethel Park School District, | ||||||||
| GO, Refunding, Series 2016, 4.00%, 08/01/2033 | 120,000 | 120,000 | ||||||
| Northampton County General Purpose Authority, | ||||||||
| St Luke's Hospital Obligated Group, Revenue, Refunding, Series 2016 A, 4.00%, 08/15/2040 | 225,000 | 212,440 | ||||||
| 408,280 | ||||||||
| South Carolina 1.2% | ||||||||
| Lexington County Health Services District, Inc., | ||||||||
| Lexington Health Obligated Group, Revenue, Series 2016, 5.00%, 11/01/2046 | 105,000 | 105,018 | ||||||
| South Carolina Jobs-Economic Development Authority, | ||||||||
| Wofford College, Revenue, Refunding, Series 2016, 5.00%, 04/01/2029 | 35,000 | 35,035 | ||||||
| South Carolina Public Service Authority, | ||||||||
| Revenue, Series 2016 A, 5.00%, 12/01/2035 | 50,000 | 50,033 | ||||||
| 190,086 | ||||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Tennessee 1.3% | ||||||||
| Knox County Health Educational & Housing Facility Board, | ||||||||
| University Health System Obligated Group, Revenue, Refunding, Series 2016, 4.00%, 09/01/2040 | 145,000 | 124,553 | ||||||
| Tennergy Corp., | ||||||||
| Revenue, Series 2021 A, 4.00%, 09/01/2028 (a)(b) | 75,000 | 75,539 | ||||||
| 200,092 | ||||||||
| Texas 10.9% | ||||||||
| City of Austin, | ||||||||
| Airport System, Revenue, AMT, Series 2022, 5.00%, 11/15/2041 | 105,000 | 108,550 | ||||||
| City of Denton, | ||||||||
| GO, Series 2016, 5.00%, 02/15/2043 | 300,000 | 300,320 | ||||||
| Fort Bend County Levee Improvement District No. 6, | ||||||||
| GO, AG Insured, Series 2019A, 2.75%, 09/01/2038 | 120,000 | 96,783 | ||||||
| Fort Bend County Municipal Utility District No. 194, | ||||||||
| GO, AG Insured, Series 2016, 2.75%, 09/01/2040 | 100,000 | 79,793 | ||||||
| Harris County Cultural Education Facilities Finance Corp., | ||||||||
| Texas Children's Hospital Obligated Group, Revenue, Refunding, Series 2019 A, 3.00%, 10/01/2039 | 160,000 | 134,330 | ||||||
| Harris County Municipal Utility District No. 171, | ||||||||
| GO, BAM Insured, Series 2020, 2.38%, 12/01/2039 | 100,000 | 71,979 | ||||||
| Harris County Water Control & Improvement District No. 136, | ||||||||
| GO, BAM Insured, Series 2026, 4.25%, 09/01/2043 | 110,000 | 106,224 | ||||||
| Harris-Brazoria Counties Municipal Utility District No. 509, | ||||||||
| GO, AG Insured, Series 2019, 3.13%, 09/01/2042 | 100,000 | 79,193 | ||||||
| Love Field Airport Modernization Corp., | ||||||||
| Airport, Revenue, AMT, Series 2015, 5.00%, 11/01/2035 | 65,000 | 65,123 | ||||||
| Airport, Revenue, AMT, Series 2017, 5.00%, 11/01/2036 | 120,000 | 120,282 | ||||||
| Montgomery County Municipal Utility District No. 42, | ||||||||
| GO, BAM Insured, Series 2020, 2.38%, 09/01/2040 | 100,000 | 71,911 | ||||||
| Port of Beaumont Navigation District, | ||||||||
| GO, Series 2018, 3.50%, 03/01/2038 | 80,000 | 74,171 | ||||||
| Texas A&M University, | ||||||||
| Revenue, Refunding, Series 2016 C, 5.00%, 05/15/2040 | 75,000 | 75,041 | ||||||
| Texas Private Activity Bond Surface Transportation Corp., | ||||||||
| NTE Mobility Partners Segments 3 LLC, Revenue, Senior Lien, AMT, Refunding, Series 2023, 5.25%, 06/30/2036 | 115,000 | 120,390 | ||||||
| Texas Water Development Board, | ||||||||
| State Water Implementation Revenue Fund for Texas, Revenue, Series 2016, 5.00%, 10/15/2046 | 100,000 | 100,101 | ||||||
| West Park Municipal Utility District, | ||||||||
| GO, AG Insured, Series 2016, 3.00%, 05/01/2039 | 90,000 | 73,887 | ||||||
| 1,678,078 | ||||||||
| Utah 0.3% | ||||||||
| City of Salt Lake City, | ||||||||
| Airport, Revenue, AMT, Series 2021 A, 5.00%, 07/01/2046 | 50,000 | 50,666 | ||||||
| Washington 2.7% | ||||||||
| King County Housing Authority, | ||||||||
| Abbell LLLP, Revenue, Series 2020, 3.00%, 08/01/2040 | 100,000 | 82,581 | ||||||
| Seattle Housing Authority, | ||||||||
| NewHolly Phase I LLLP, Revenue, Series A, 3.25%, 10/01/2041 | 160,000 | 130,613 | ||||||
| Yesler Block 5.1 LLLP, Revenue, Series 2020 A, 2.75%, 06/01/2040 | 130,000 | 98,616 | ||||||
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Investments | Principal Amount ($) | Value ($) | ||||||
| Washington | ||||||||
| Washington State Housing Finance Commission, | ||||||||
| Bonesta SE LLC Obligated Group, Revenue, Series 2026 A-1, 7.00%, 05/01/2066 | 100,000 | 102,941 | ||||||
| 414,751 | ||||||||
| Wisconsin 2.5% | ||||||||
| Public Finance Authority, | ||||||||
| Crown Leadership Academy, Inc., Revenue, Series 2026A, 8.25%, 06/01/2056 (e) | 100,000 | 97,362 | ||||||
| Peapack Senior Living, Inc. Obligated Group, Revenue, Series 2026, 6.00%, 06/01/2036 (c)(e) | 100,000 | 100,212 | ||||||
| Wisconsin Health & Educational Facilities Authority, | ||||||||
| Gundersen Lutheran Obligated Group, Revenue, Refunding, Series 2021 A, 4.00%, 10/15/2034 | 105,000 | 105,587 | ||||||
| Sanford Obligated Group, Revenue, Series 2016 A, 3.50%, 02/15/2040 | 90,000 | 76,832 | ||||||
| 379,993 | ||||||||
| Total Municipal Bonds (Cost $15,069,016) | 14,888,491 | |||||||
| Investments | Shares | Value ($) | ||||||
| Short-Term Investments - 6.5% | ||||||||
| Investment Companies - 6.5% | ||||||||
| JPMorgan U.S. Government Money Market Fund 3.63% (f) | ||||||||
| (Cost $1,010,660) | 1,010,660 | 1,010,660 | ||||||
| Total Investments - 102.8% (Cost $16,079,676) | 15,899,151 | |||||||
| Liabilities in excess of other assets - (2.8%) | (427,788 | ) | ||||||
| Net Assets - 100.0% | 15,471,363 | |||||||
| (a) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2026. |
| (b) | Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on July 31, 2026. |
| (c) | When-issued security. |
| (d) | Zero Coupon Security. Debt security that pays no cash income but is sold at a substantial discount from its value at maturity. |
| (e) | Securities exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at July 31, 2026 amounted to $317,697, which represents approximately 2.05% of net assets of the Fund. |
| (f) | Represents 7-day effective yield as of July 31, 2026. |
| Abbreviations | |
| AMT | Alternative Minimum Tax |
| GO | General Obligation |
| See Notes to Schedule of Investments. | (Continued) |
First Eagle Core Municipal ETF
Schedule of Investments
July 31, 2026 (unaudited)
| Percent of Net | ||||
| Industry Diversification for Portfolio Holdings | Assets | |||
| Hospital | 17.3 | % | ||
| Higher Education | 9.6 | |||
| Airport | 8.1 | |||
| General Obligation | 7.5 | |||
| Gas Forward Contract | 7.0 | |||
| School District | 6.0 | |||
| Appropriation | 5.3 | |||
| Toll Highway/Bridge/Tunnel | 3.6 | |||
| Student Housing | 3.2 | |||
| Income Tax | 2.7 | |||
| Municipal Utility District | 2.4 | |||
| Hotel Occupancy Tax | 2.2 | |||
| Local Multi-Family Housing | 2.0 | |||
| Payments in Lieu of Taxes (PILOT) | 1.8 | |||
| Economic/Industrial Development | 1.7 | |||
| General Revenue Tax-Guaranteed | 1.7 | |||
| General Obligation District (Other) | 1.6 | |||
| Miscellaneous Tax | 1.5 | |||
| Water & Sewer | 1.5 | |||
| Assisted Living | 1.3 | |||
| State Multi-Family Housing | 1.1 | |||
| Public Power System | 1.0 | |||
| State Single-Family Housing | 0.9 | |||
| Tax Increment Financing | 0.8 | |||
| Bond Bank | 0.7 | |||
| Continuing Care Retirement Community | 0.7 | |||
| Appropriation (Self) | 0.6 | |||
| Private/Religious School | 0.6 | |||
| Special Assessment Financing | 0.6 | |||
| Not-For-Profit Human Service Provider | 0.5 | |||
| Tobacco Master Settlement Agreement | 0.5 | |||
| Municipal Utility (Mixed) | 0.3 | |||
| Short-Term Investments | 6.5 | |||
| Total Investments | 102.8 | % | ||
| See Notes to Schedule of Investments. | (Continued) |
Notes to Schedule of Investments (unaudited)
Note 1 — Organization
First Eagle ETF Trust (the “Trust”) is an open-end management investment company registered under the Investment Company Act of 1940, as amended (“1940 Act”). As of July 31, 2026, the Trust consists of four portfolios, the First Eagle US Equity ETF, First Eagle Mid Cap Equity ETF, First Eagle Small Cap Equity ETF and First Eagle Core Municipal ETF (each a “Fund” and together, the “Funds”). The Trust is a Delaware statutory trust. The First Eagle US Equity ETF is a non-diversified and an actively managed exchange-traded fund (“ETF”) with an investment objective of long-term growth of capital. It seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in domestic equity securities and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). The First Eagle Mid Cap Equity ETF is a diversified and an actively managed ETF with an investment objective of long-term growth of capital. It seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. mid-cap companies and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). The First Eagle Small Cap Equity ETF is a diversified and an actively managed ETF with an investment objective of long-term growth of capital. It seeks to achieve its objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. small-cap companies and may invest to a lesser extent in securities of non-U.S. issuers (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts). The First Eagle Core Municipal ETF is a diversified and an actively managed ETF with an investment objective to seek to provide current income exempt from regular federal income taxes. Capital appreciation is a secondary objective when consistent with the Fund’s primary objective. The Fund will normally invest at least 80% of its net assets (plus any borrowings for investment purposes) in municipal bonds that pay interest that is exempt from regular federal income tax. Such municipal bonds may include obligations issued by U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal income tax and may include all types of municipal bonds. The Fund may invest without limit in securities that generate income taxable to those shareholders subject to the federal alternative minimum tax.
First Eagle Investment Management, LLC (the “Adviser”) is the investment adviser of the Funds. The Adviser is a subsidiary of First Eagle Holdings, Inc. (“First Eagle Holdings”). Exchange Traded Concepts, LLC (the “Sub-Adviser”) serves as the investment sub-adviser to the the First Eagle US Equity ETF, First Eagle Mid Cap Equity ETF and First Eagle SmallCap Equity ETF. A controlling interest in First Eagle Holdings is owned by funds managed by Genstar Capital, LLC. On August 26, 2026, First Eagle Holdings announced a definitive agreement under which Victory Capital Holdings, Inc. (“Victory Capital”) will acquire First Eagle Holdings. The transaction will result in the Adviser becoming a wholly owned indirect subsidiary of Victory Capital. As a result of the transaction, Genstar will become a strategic shareholder of Victory Capital. The transaction is expected to be completed in the first quarter of 2027, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals. The transaction is not expected to result in any change in the portfolio management of the Funds or in any Fund's investment objectives or policies.
Note 2 — Significant Accounting Policies
The following is a summary of significant accounting policies that are adhered to by the Funds. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification Topic 946—Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”).
| a) | Investment Valuation — Each Fund computes its net asset value (“NAV”) once daily as of the close of trading on each day the New York Stock Exchange (“NYSE”) is open for trading. The net asset value per share is computed by dividing the total current value of the assets of a Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. |
A portfolio security (including an option or warrant), other than a bond, which is traded on a U.S. national securities exchange or a securities exchange abroad is generally valued at the price of the official close (last quoted sales price if an official closing price is not available) as of the local market close on the primary exchange. If there are no round lot sales on such date, such security will be valued at the mean between the closing bid and asked prices (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively). Securities, other than bonds, traded in the over-the-counter market are valued at the mean between the last bid and asked prices prior to the time of valuation (and if there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively), except if such unlisted security is traded on the NASDAQ in which case, it is valued at the NASDAQ Official Closing Price. Such prices are provided by approved pricing vendors or other independent pricing sources.
All bonds, whether listed on an exchange or traded in the over-the-counter market for which market quotations are available are generally priced at the evaluated bid price provided by an approved pricing service as of the close of trading on the NYSE (normally 4:00 PM EST), or dealers in the over-the-counter markets in the United States or abroad. Pricing services and broker-dealers use multiple valuation techniques to determine value. In instances where sufficient market activity exists, dealers or pricing services utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the dealers or pricing services also utilize proprietary valuation models which may consider market transactions in comparable instruments and the various relationships between instruments in determining value and/or market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique features of the instrument in order to estimate the relevant cash flows, which are then discounted to calculate the fair values. The Adviser’s Valuation Committee, at least annually, will review the pricing service’s inputs, methods, models, and assumptions for its evaluated prices.
Investment companies, including money market funds, are valued at their net asset value.
Any security that is listed or traded on more than one exchange (or traded in multiple markets) is valued at the official close on the primary exchange or market on which it is traded. In the absence of such a quotation, a security may be valued at the last quoted sales price on the most active exchange or market as determined by the independent pricing agent. The Funds use pricing services to identify the market prices of publicly traded securities in their portfolio. When market prices are determined to be “stale” as a result of limited market activity for a particular holding, or in other circumstances when market quotations are not readily available within the meaning of applicable regulations, such as for private placements, or when market prices have been materially affected by events occurring after the close of trading on the exchange or market on which the security is principally traded but before a Fund’s NAV is calculated, or determined to be unreliable for a particular holding, such holdings may be “fair valued” as described below.
The Funds adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.
The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Funds’ investments and are summarized in the following fair value hierarchy:
Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Other significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).
The significant unobservable inputs that may be used in determining valuations for investments identified within Level 3 are market comparables and the enterprise value of a company. Indications of value and quotations may be observable at any given time, but are currently treated by the Funds as unobservable. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement.
Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for marketability, probability of insolvency and probability of default may decrease (increase) the fair value measurement.
Fair valuation of securities, other financial investments or other assets (collectively, “securities”) held by the Funds are determined in good faith by the Adviser as “valuation designee” under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the “Committee”) oversees the execution of the valuation and liquidity procedures for the Funds. In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser the “valuation designee” to perform the Funds’ fair value determinations. The Adviser’s fair valuation process is subject to Board oversight and certain reporting and other requirements.
The following is a summary of the Funds’ inputs used to value the Funds’ investments as of July 31, 2026:
First Eagle US Equity ETF
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 2,423,244 | $ | – | $ | – | $ | 2,423,244 | ||||||||
| Short-Term Investments | 55,774 | – | – | 55,774 | ||||||||||||
| Total | $ | 2,479,018 | $ | – | $ | – | $ | 2,479,018 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Mid Cap Equity ETF
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 3,983,629 | $ | – | $ | – | $ | 3,983,629 | ||||||||
| Short-Term Investments | 10,725 | – | – | 10,725 | ||||||||||||
| Total | $ | 3,994,354 | $ | – | $ | – | $ | 3,994,354 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Small Cap Equity ETF
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 1,843,366 | $ | – | $ | – | $ | 1,843,366 | ||||||||
| Short-Term Investments | 40,210 | – | – | 40,210 | ||||||||||||
| Total | $ | 1,883,576 | $ | – | $ | – | $ | 1,883,576 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
First Eagle Core Municipal ETF
| Description† | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets: | ||||||||||||||||
| Municipal Bonds | $ | – | $ | 14,888,491 | $ | – | $ | 14,888,491 | ||||||||
| Short-Term Investments | 1,010,660 | – | – | 1,010,660 | ||||||||||||
| Total | $ | 1,010,660 | $ | 14,888,491 | $ | – | $ | 15,899,151 | ||||||||
| † | See Schedule of Investments for additional detailed categorizations. |
| b) | Derivative Transactions — Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), a Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions (as defined below). Rule 18f-4, among other things, requires a Fund to adopt and implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a “derivatives risk manager,” who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board. Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if a Fund’s “derivatives exposure” (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and a Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the “Limited Derivatives User Exception”). As of the date hereof, each Fund relies on the Limited Derivatives User Exception. |
Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if a Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls) and nonstandard settlement cycle securities, unless a Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.
| c) | Repurchase Agreements — The Funds may enter into repurchase agreement transactions with institutions that meet the Adviser’s credit guidelines. Each repurchase agreement is valued at market. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. |