SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
COMMON STOCKS - 59.5%

Communication Services - 1.5%

Advertising - 0.2%




Nexxen International Ltd. (a)

            19,497

$190,096 
Omnicom Group, Inc.

            29,147

2,551,237 




2,741,333 
Alternative Carriers - 0.1%




Iridium Communications, Inc.

            4,282

201,168 
Liberty Latin America Ltd. - Class A (a)

            25,103

216,137 
Liberty Latin America Ltd. - Class C (a)

            24,527

209,706 




627,011 
Broadcasting - 0.2%




EW Scripps Co. - Class A (a)

            70,855

234,530 
Fox Corp. - Class A

            19,217

1,294,265 
Fox Corp. - Class B

            13,020

784,064 
Gray Media, Inc.

            47,598

232,278 
Nexstar Media Group, Inc.

            990

180,309 




2,725,446 
Cable & Satellite - 0.0% (b)




Sirius XM Holdings, Inc.

            7,583

213,613 





Integrated Telecommunication Services - 0.8%




AT&T, Inc.

            142,391

3,686,503 
Comcast Corp. - Class A

            65,128

1,733,707 
Verizon Communications, Inc.

            83,680

4,185,674 




9,605,884 
Interactive Home Entertainment - 0.0% (b)




Playtika Holding Corp.

            49,887

113,244 





Interactive Media & Services - 0.1%




Cargurus, Inc. (a)

            9,874

352,107 
Match Group, Inc.

            11,689

475,158 
Yelp, Inc. (a)

            7,345

164,161 
Ziff Davis, Inc. (a)

            3,794

209,239 




1,200,665 
Movies & Entertainment - 0.0% (b)




Marcus Corp.

            6,742

191,675 





Publishing - 0.1%




John Wiley & Sons, Inc. - Class A

            3,836

200,968 
Scholastic Corp.

            5,121

196,646 




397,614 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Wireless Telecommunication Services - 0.0% (b)




Spok Holdings, Inc.

            15,343

$161,255 
Total Communication Services

17,977,740 





Consumer Discretionary - 8.9%

Apparel Retail - 1.4%




Abercrombie & Fitch Co. - Class A (a)

            4,499

643,717 
American Eagle Outfitters, Inc.

            19,049

316,785 
Buckle, Inc.

            3,690

157,194 
Caleres, Inc.

            15,445

188,120 
Designer Brands, Inc. - Class A

            28,702

157,000 
Gap, Inc.

            23,486

523,973 
Ross Stores, Inc.

            28,464

6,505,163 
Shoe Station Group, Inc. (c)

            12,855

176,113 
TJX Cos., Inc.

            61,578

8,245,910 
Zumiez, Inc. (a)

            8,271

148,051 




17,062,026 
Apparel, Accessories & Luxury Goods - 0.4%




Capri Holdings Ltd. (a)

            10,524

139,443 
Carter's, Inc.

            5,073

164,314 
Columbia Sportswear Co.

            3,234

185,632 
G-III Apparel Group Ltd.

            5,569

181,494 
Kontoor Brands, Inc.

            2,761

208,207 
Movado Group, Inc.

            5,322

179,511 
Oxford Industries, Inc.

            4,786

183,256 
PVH Corp.

            2,307

171,087 
Ralph Lauren Corp.

            3,907

1,355,338 
Tapestry, Inc.

            18,912

2,333,552 
VF Corp.

            10,694

143,727 




5,245,561 
Automobile Manufacturers - 0.1%




Ford Motor Co.

            38,221

532,801 
Thor Industries, Inc. (c)

            2,584

196,384 
Winnebago Industries, Inc.

            6,328

190,409 




919,594 
Automotive Parts & Equipment - 0.3%




Adient PLC (a)

            8,689

164,830 
Aptiv PLC (a)(c)

            13,037

583,536 
BorgWarner, Inc.

            22,695

1,456,111 
Gentex Corp.

            24,631

550,996 
Gentherm, Inc. (a)

            4,994

196,214 
LCI Industries

            1,746

175,700 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Lear Corp.

            6,413

$801,561 
Standard Motor Products, Inc.

            4,746

179,019 




4,107,967 
Automotive Retail - 0.3%




Arko Corp.

            25,893

118,072 
AutoNation, Inc. (a)

            945

190,181 
AutoZone, Inc. (a)

            825

2,467,773 
Group 1 Automotive, Inc.

            706

190,295 
Monro, Inc.

            15,928

198,463 
Murphy USA, Inc.

            911

469,521 
Penske Automotive Group, Inc.

            1,037

224,604 




3,858,909 
Broadline Retail - 0.5%




Dillard's, Inc. - Class A

            316

197,807 
eBay, Inc.

            45,505

4,712,498 
Etsy, Inc. (a)

            8,944

727,416 
Kohl's Corp.

            11,225

200,029 
Macy's, Inc.

            13,113

287,961 




6,125,711 
Casinos & Gaming - 0.1%




Boyd Gaming Corp.

            2,809

217,950 
Brightstar Lottery PLC

            18,208

205,204 
MGM Resorts International (a)

            4,556

188,436 
Monarch Casino & Resort, Inc.

            1,708

205,729 
Wynn Resorts Ltd.

            1,919

175,167 




992,486 
Computer & Electronics Retail - 0.1%




Best Buy Co., Inc.

            20,032

1,605,565 





Distributors - 0.2%




Genuine Parts Co.

            7,082

960,815 
LKQ Corp.

            13,820

346,882 
Pool Corp. (c)

            3,122

582,315 




1,890,012 
Education Services - 0.2%




Covista, Inc. (a)

            1,595

211,066 
Graham Holdings Co. - Class B

            324

365,760 
Grand Canyon Education, Inc. (a)

            3,047

451,352 
Laureate Education, Inc. (a)

            13,746

515,888 
Strategic Education, Inc.

            2,497

206,852 




1,750,918 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Footwear - 0.1%




Crocs, Inc. (a)

            4,976

$599,011 
Steven Madden Ltd.

            6,690

288,874 




887,885 
Home Furnishings - 0.1%




Ethan Allen Interiors, Inc.

            8,644

204,431 
La-Z-Boy, Inc.

            5,347

169,179 
Mohawk Industries, Inc. (a)

            4,625

593,156 
Somnigroup International, Inc. (c)

            2,341

151,576 




1,118,342 
Home Improvement Retail - 0.8%




Home Depot, Inc.

            16,523

5,416,735 
Lowe's Cos., Inc.

            20,097

4,113,856 




9,530,591 
Homebuilding - 1.0%




Cavco Industries, Inc. (a)

            829

463,519 
DR Horton, Inc.

            25,659

3,709,265 
Installed Building Products, Inc.

            2,312

561,423 
KB Home

            7,248

386,318 
Lennar Corp. - Class B (c)

            2,080

171,101 
Meritage Homes Corp.

            5,254

364,785 
NVR, Inc. (a)

            282

1,780,895 
PulteGroup, Inc.

            19,275

2,434,818 
Toll Brothers, Inc.

            9,782

1,403,228 




11,275,352 
Homefurnishing Retail - 0.2%




Haverty Furniture Cos., Inc.

            7,697

209,897 
Williams-Sonoma, Inc.

            10,744

2,452,318 




2,662,215 
Hotels, Resorts & Cruise Lines - 1.6%




Booking Holdings, Inc.

            46,393

9,236,382 
Choice Hotels International, Inc. (c)

            1,937

200,208 
Expedia Group, Inc.

            10,145

3,217,183 
Hilton Worldwide Holdings, Inc.

            4,717

1,491,893 
Marriott International, Inc. - Class A

            11,221

3,834,889 
Marriott Vacations Worldwide Corp.

            2,012

209,771 
Travel + Leisure Co.

            2,816

193,628 
Wyndham Hotels & Resorts, Inc.

            2,450

180,467 




18,564,421 
Household Appliances - 0.0% (b)




Cricut, Inc. - Class A (c)

            46,612

275,011 
Helen of Troy Ltd. (a)

            6,990

210,399 




485,410 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Leisure Facilities - 0.0% (b)




United Parks & Resorts, Inc. (a)(c)

            4,517

$180,725 
Vail Resorts, Inc. (c)

            1,602

219,330 




400,055 
Leisure Products - 0.1%




Brunswick Corp.

            2,548

193,393 
Hasbro, Inc.

            7,034

661,900 
Smith & Wesson Brands, Inc.

            13,306

169,252 
Sturm Ruger & Co., Inc.

            4,739

179,940 
YETI Holdings, Inc. (a)

            8,367

343,465 




1,547,950 
Motorcycle Manufacturers - 0.0% (b)




Harley-Davidson, Inc.

            10,114

279,146 





Other Specialty Retail - 0.4%




Academy Sports & Outdoors, Inc.

            6,686

287,231 
Build-A-Bear Workshop, Inc. (c)

            5,600

169,512 
Dick's Sporting Goods, Inc.

            6,709

906,386 
National Vision Holdings, Inc. (a)

            7,588

129,603 
Sally Beauty Holdings, Inc. (a)

            12,333

202,014 
Signet Jewelers Ltd.

            4,426

364,171 
Ulta Beauty, Inc. (a)

            3,910

2,100,061 
Winmark Corp.

            476

158,375 




4,317,353 
Restaurants - 0.9%




Bloomin' Brands, Inc.

            22,917

236,045 
Cracker Barrel Old Country Store, Inc.

            3,521

194,500 
Darden Restaurants, Inc.

            5,599

1,199,642 
Dine Brands Global, Inc.

            5,839

193,154 
El Pollo Loco Holdings, Inc. (a)

            12,274

187,424 
McDonald's Corp.

            16,882

4,449,082 
Papa John's International, Inc.

            6,019

141,326 
Restaurant Brands International, Inc.

            6,783

528,260 
Starbucks Corp.

            22,856

2,428,450 
Yum! Brands, Inc.

            5,501

843,359 




10,401,242 
Specialized Consumer Services - 0.1%




Carriage Services, Inc.

            4,156

139,849 
Frontdoor, Inc. (a)

            3,464

280,134 
Service Corp. International

            2,723

222,306 




642,289 
Total Consumer Discretionary

105,671,000 







SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Consumer Staples - 7.0%

Agricultural Products & Services - 0.1%




Archer-Daniels-Midland Co.

            10,465

$850,700 
Del Monte Corp.

            6,834

216,501 
Ingredion, Inc.

            6,838

707,459 




1,774,660 
Brewers - 0.0% (b)




Boston Beer Co., Inc. - Class A (a)

            879

156,295 
Molson Coors Beverage Co. - Class B

            7,667

304,840 




461,135 
Consumer Staples Merchandise Retail - 0.6%




Dollar General Corp.

            10,463

1,326,185 
Dollar Tree, Inc. (a)

            17,753

2,247,352 
Target Corp.

            20,388

3,280,022 




6,853,559 
Distillers & Vintners - 0.1%




Brown-Forman Corp. - Class A

            6,899

187,929 
Brown-Forman Corp. - Class B

            14,125

375,301 
Constellation Brands, Inc. - Class A

            7,314

955,355 




1,518,585 
Food Distributors - 0.2%




Sysco Corp.

            24,552

1,990,676 





Food Retail - 0.2%




Albertsons Cos., Inc. - Class A

            17,151

211,815 
Kroger Co.

            28,490

1,639,314 
Weis Markets, Inc.

            2,777

197,306 




2,048,435 
Household Products - 1.7%




Central Garden & Pet Co. (a)

            4,690

201,576 
Colgate-Palmolive Co.

            76,407

6,862,877 
Energizer Holdings, Inc.

            9,795

213,335 
Kimberly-Clark Corp.

            17,227

1,859,655 
Procter & Gamble Co.

            79,224

11,496,987 
Reynolds Consumer Products, Inc.

            8,314

192,469 




20,826,899 
Packaged Foods & Meats - 0.9%




B&G Foods, Inc.

            57,307

198,855 
Cal-Maine Foods, Inc.

            4,468

352,615 
Conagra Brands, Inc.

            13,568

217,359 
Hershey Co.

            7,408

1,305,364 
Hormel Foods Corp.

            29,777

650,627 
J M Smucker Co.

            2,064

270,714 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
JBS NV - Class A

            14,945

$200,861 
John B Sanfilippo & Son, Inc.

            2,579

190,046 
Kraft Heinz Co.

            42,584

1,093,131 
Marzetti Co.

            1,858

209,304 
Mondelez International, Inc. - Class A

            59,951

3,721,159 
Pilgrim's Pride Corp. (a)

            7,500

235,350 
Post Holdings, Inc. (a)

            15,760

1,313,754 
Smithfield Foods, Inc.

            7,778

170,416 
Tootsie Roll Industries, Inc.

            1

35 
Tyson Foods, Inc. - Class A

            5,829

321,411 




10,451,001 
Personal Care Products - 0.1%




Edgewell Personal Care Co.

            7,178

206,152 
Estee Lauder Cos., Inc. - Class A

            4,660

476,718 
Nu Skin Enterprises, Inc. - Class A

            38,939

182,624 




865,494 
Soft Drinks & Non-alcoholic Beverages - 1.9%




Coca-Cola Co.

            133,757

11,860,233 
Coca-Cola Consolidated, Inc.

            6,069

1,186,914 
National Beverage Corp.

            5,747

181,778 
PepsiCo, Inc.

            68,369

9,594,905 




22,823,830 
Tobacco - 1.2%




Altria Group, Inc.

            126,280

8,647,654 
Philip Morris International, Inc.

            29,635

5,550,636 




14,198,290 
Total Consumer Staples

83,812,564 





Energy - 6.7%

Integrated Oil & Gas - 2.5%




Chevron Corp.

            62,467

12,876,947 
ExxonMobil Holdings Corp.

            104,440

16,809,618 




29,686,565 
Oil & Gas Equipment & Services - 0.3%




Cactus, Inc. - Class A

            5,647

397,097 
Flowco Holdings, Inc. - Class A

            8,304

182,190 
Halliburton Co.

            44,206

1,628,991 
NOV, Inc.

            41,919

892,456 
RPC, Inc.

            34,491

225,226 




3,325,960 
Oil & Gas Exploration & Production - 2.0%




APA Corp.

            36,380

1,569,797 
CNX Resources Corp. (a)

            6,423

233,669 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
ConocoPhillips

            78,438

$10,392,251 
Devon Energy Corp.

            58,452

2,835,506 
Diversified Energy Co.

            12,592

187,495 
EOG Resources, Inc.

            51,617

7,482,400 
Murphy Oil Corp.

            5,119

186,434 
Riley Exploration Permian, Inc.

            5,750

224,422 
SandRidge Energy, Inc.

            12,665

178,830 




23,290,804 
Oil & Gas Refining & Marketing - 1.2%




CVR Energy, Inc.

            6,288

263,216 
Marathon Petroleum Corp.

            5,872

2,192,135 
Phillips 66

            8,212

2,024,915 
Valero Energy Corp.

            27,035

9,703,402 
World Kinect Corp.

            5,199

185,864 




14,369,532 
Oil & Gas Storage & Transportation - 0.7%




Antero Midstream Corp.

            9,446

211,779 
Cheniere Energy, Inc.

            10,900

3,179,421 
DHT Holdings, Inc.

            16,418

321,793 
Dorian LPG Ltd.

            4,447

222,528 
FLEX LNG Ltd.

            6,397

202,529 
International Seaways, Inc.

            4,085

402,944 
Kinder Morgan, Inc.

            41,536

1,339,121 
Navigator Holdings Ltd.

            9,488

209,780 
Scorpio Tankers, Inc.

            4,766

375,847 
Teekay Tankers Ltd.

            2,565

229,927 
Williams Cos., Inc.

            25,687

1,927,809 




8,623,478 
Total Energy

79,296,339 





Financials - 6.2%

Asset Management & Custody Banks - 0.6%




Ameriprise Financial, Inc.

            2,220

1,227,904 
Artisan Partners Asset Management, Inc. - Class A

            4,783

203,612 
Bank of New York Mellon Corp.

            9,999

1,612,639 
Northern Trust Corp.

            5,669

1,051,940 
State Street Corp.

            6,519

1,247,606 
T Rowe Price Group, Inc.

            7,902

879,335 
Virtus Investment Partners, Inc.

            1,223

202,406 




6,425,442 
Commercial & Residential Mortgage Finance - 0.1%




Enact Holdings, Inc.

            4,218

203,308 
Essent Group Ltd.

            6,895

465,826 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
MGIC Investment Corp.

            15,362

$470,845 
Radian Group, Inc.

            10,451

374,773 




1,514,752 
Consumer Finance - 0.4%




American Express Co.

            5,730

1,891,874 
OneMain Holdings, Inc.

            7,594

474,321 
PROG Holdings, Inc.

            4,450

169,678 
Regional Management Corp.

            5,874

188,497 
SLM Corp.

            13,572

352,465 
Synchrony Financial

            11,476

884,570 
World Acceptance Corp. (a)

            1,059

194,655 




4,156,060 
Diversified Banks - 1.6%




Bank of America Corp.

            57,786

3,579,265 
Bank of NT Butterfield & Son Ltd.

            3,711

218,504 
Citigroup, Inc.

            18,321

2,411,410 
First Citizens BancShares, Inc. - Class A

            323

699,101 
JPMorgan Chase & Co.

            18,792

6,690,328 
PNC Financial Services Group, Inc.

            5,907

1,415,494 
US Bancorp

            23,767

1,463,572 
Wells Fargo & Co.

            30,281

2,615,975 




19,093,649 
Diversified Financial Services - 0.1%




Corebridge Financial, Inc.

            16,081

523,276 
Jackson Financial, Inc. - Class A

            3,748

500,096 
Voya Financial, Inc.

            5,594

566,784 




1,590,156 
Financial Exchanges & Data - 0.2%




CME Group, Inc.

            5,707

1,629,349 





Insurance Brokers - 0.1%




Marsh & McLennan Cos., Inc.

            7,643

1,450,641 





Investment Banking & Brokerage - 0.6%




Goldman Sachs Group, Inc.

            2,847

2,920,737 
Morgan Stanley

            11,767

2,510,137 
Raymond James Financial, Inc.

            5,522

983,855 
Stifel Financial Corp.

            7,574

611,828 
XP, Inc. - Class A

            27,197

495,801 




7,522,358 
Life & Health Insurance - 0.5%




Aflac, Inc.

            10,213

1,183,176 
Genworth Financial, Inc. (a)

            27,436

272,714 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Globe Life, Inc.

            3,470

$599,165 
MetLife, Inc.

            12,715

1,210,087 
Principal Financial Group, Inc.

            7,956

876,433 
Prudential Financial, Inc.

            9,132

1,073,923 
Unum Group

            6,977

650,396 




5,865,894 
Property & Casualty Insurance - 1.2%




Allstate Corp.

            5,346

1,378,199 
American Financial Group, Inc.

            3,749

534,420 
American International Group, Inc.

            14,065

1,074,003 
Arch Capital Group Ltd. (a)

            10,563

1,035,913 
Assurant, Inc.

            2,270

639,822 
Assured Guaranty Ltd.

            3,547

264,961 
Axis Capital Holdings Ltd.

            5,174

511,088 
Chubb Ltd.

            4,683

1,585,664 
Cincinnati Financial Corp.

            5,178

879,742 
CNA Financial Corp.

            3,958

192,240 
Employers Holdings, Inc.

            4,001

196,409 
Fidelity National Financial, Inc.

            12,606

585,549 
Hartford Insurance Group, Inc.

            7,739

1,063,184 
Loews Corp.

            6,706

726,193 
Markel Group, Inc. (a)

            467

841,959 
Old Republic International Corp.

            12,579

524,922 
RLI Corp.

            6,296

399,607 
Travelers Cos., Inc.

            3,798

1,389,802 
W R Berkley Corp.

            9,861

666,209 




14,489,886 
Regional Banks - 0.6%




Bancorp, Inc. (a)

            2,794

181,610 
Bank OZK

            7,703

378,063 
BankUnited, Inc.

            5,164

235,478 
BCB Bancorp, Inc.

            18,837

161,056 
Citizens Financial Group, Inc.

            13,315

917,004 
East West Bancorp, Inc.

            5,831

739,721 
First BanCorp

            11,309

315,295 
First Horizon Corp.

            23,718

576,822 
FS Bancorp, Inc.

            4,708

199,148 
Great Southern Bancorp, Inc.

            2,772

216,964 
Northeast Community Bancorp, Inc.

            7,491

197,388 
OFG Bancorp

            3,773

196,385 
Pathward Financial, Inc.

            2,178

177,420 
Preferred Bank

            1,985

203,324 
RBB Bancorp

            7,874

204,330 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Regions Financial Corp.

            29,040

$867,715 
Southside Bancshares, Inc.

            5,603

176,831 
Truist Financial Corp.

            26,314

1,304,648 
Westamerica BanCorp

            3,318

192,610 




7,441,812 
Reinsurance - 0.1%




Everest Group Ltd.

            1,848

692,353 
RenaissanceRe Holdings Ltd.

            1,968

644,795 
SiriusPoint Ltd. (a)

            8,114

196,278 




1,533,426 
Transaction & Payment Processing Services - 0.1%




Cass Information Systems, Inc.

            3,599

201,940 
Global Payments, Inc.

            8,930

813,076 
Pagseguro Digital Ltd. - Class A

            20,749

187,156 
Western Union Co. (c)

            25,894

185,401 




1,387,573 
Total Financials

74,100,998 





Health Care - 9.7%

Biotechnology - 2.1%




AbbVie, Inc.

            25,184

6,457,681 
Amgen, Inc.

            10,697

4,598,426 
Exelixis, Inc. (a)

            25,361

1,385,725 
Gilead Sciences, Inc.

            73,708

10,786,429 
Halozyme Therapeutics, Inc. (a)

            12,582

1,339,857 
Ironwood Pharmaceuticals, Inc. (a)

            46,451

197,417 




24,765,535 
Health Care Distributors - 1.2%




Cardinal Health, Inc.

            22,896

5,371,860 
Henry Schein, Inc. (a)

            4,964

445,767 
McKesson Corp.

            10,026

8,876,218 




14,693,845 
Health Care Equipment - 0.4%




CONMED Corp.

            4,086

203,687 
Integra LifeSciences Holdings Corp. (a)

            11,326

191,636 
Medtronic PLC

            49,615

4,497,600 
Omnicell, Inc. (a)

            5,485

192,853 
Teleflex, Inc. (c)

            1,447

205,546 




5,291,322 
Health Care Facilities - 0.4%




HCA Healthcare, Inc.

            7,129

2,954,614 
Tenet Healthcare Corp. (a)

            4,103

1,091,029 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Universal Health Services, Inc. - Class B

            5,240

$892,529 




4,938,172 
Health Care Services - 0.7%




AMN Healthcare Services, Inc. (a)

            5,894

202,046 
Chemed Corp.

            1,268

657,724 
Cigna Group

            5,059

1,396,689 
CVS Health Corp.

            26,638

2,501,575 
DaVita, Inc. (a)

            816

143,624 
Labcorp Holdings, Inc.

            4,093

1,361,577 
NRC Health

            10,321

216,122 
Quest Diagnostics, Inc.

            5,606

1,347,122 




7,826,479 
Health Care Supplies - 0.1%




Align Technology, Inc. (a)

            6,813

1,088,649 
DENTSPLY SIRONA, Inc.

            14,525

162,244 
Utah Medical Products, Inc.

            3,320

236,152 




1,487,045 
Life Sciences Tools & Services - 0.9%




Agilent Technologies, Inc.

            28,873

4,433,738 
Bio-Rad Laboratories, Inc. - Class A (a)(c)

            1,880

725,906 
IQVIA Holdings, Inc. (a)

            3,106

811,256 
Medpace Holdings, Inc. (a)

            2,460

1,461,215 
Mettler-Toledo International, Inc. (a)

            1,906

2,678,197 




10,110,312 
Managed Health Care - 0.5%




Elevance Health, Inc.

            3,810

1,495,577 
Humana, Inc.

            3,318

1,271,557 
Progyny, Inc. (a)

            8,028

205,437 
UnitedHealth Group, Inc.

            8,693

3,385,141 




6,357,712 
Pharmaceuticals - 3.4%




Bristol-Myers Squibb Co.

            67,945

4,539,406 
Johnson & Johnson

            63,525

16,888,121 
Merck & Co., Inc.

            89,732

13,258,800 
Organon & Co.

            14,912

205,189 
Pfizer, Inc.

            175,827

5,004,036 
Royalty Pharma PLC - Class A

            7,867

483,113 
Viatris, Inc.

            13,737

226,798 




40,605,463 
Total Health Care

116,075,885 







SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Industrials - 9.7%

Aerospace & Defense - 1.3%




L3Harris Technologies, Inc.

            4,031

$1,073,254 
Lockheed Martin Corp.

            7,457

4,185,092 
Northrop Grumman Corp.

            6,327

3,414,682 
RTX Corp.

            25,499

5,296,907 
Textron, Inc.

            10,048

809,467 




14,779,402 
Agricultural & Farm Machinery - 0.1%




AGCO Corp.

            3,586

424,260 
CNH Industrial NV

            19,250

227,727 
Toro Co.

            9,976

975,753 




1,627,740 
Air Freight & Logistics - 1.0%




CH Robinson Worldwide, Inc.

            15,020

2,247,893 
Expeditors International of Washington, Inc.

            13,367

2,535,052 
FedEx Corp.

            10,635

3,481,899 
Hub Group, Inc. - Class A

            4,168

166,178 
United Parcel Service, Inc. - Class B

            37,613

3,920,403 




12,351,425 
Building Products - 0.6%




A O Smith Corp.

            11,994

709,205 
Apogee Enterprises, Inc.

            5,091

198,854 
Armstrong World Industries, Inc.

            4,164

718,623 
Carlisle Cos., Inc.

            3,696

1,280,960 
Fortune Brands Innovations, Inc.

            6,407

284,022 
Gibraltar Industries, Inc. (a)

            3,921

176,406 
Griffon Corp.

            2,182

212,505 
Insteel Industries, Inc.

            5,821

175,212 
Louisiana-Pacific Corp.

            6,705

472,770 
Masco Corp.

            21,542

1,554,471 
Masterbrand, Inc. (a)

            24,043

198,355 
Owens Corning

            3,995

551,909 
UFP Industries, Inc.

            5,970

504,584 




7,037,876 
Cargo Ground Transportation - 0.4%




ArcBest Corp.

            1,593

219,786 
Landstar System, Inc.

            3,893

703,193 
Old Dominion Freight Line, Inc.

            20,599

4,118,976 




5,041,955 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Commercial Printing - 0.0% (b)




Deluxe Corp.

            6,451

$149,018 
Ennis, Inc.

            10,243

218,586 




367,604 
Construction & Engineering - 0.1%




AECOM

            6,521

439,711 
Valmont Industries, Inc.

            1,884

884,839 




1,324,550 
Construction Machinery & Heavy Transportation Equipment - 1.4%




Allison Transmission Holdings, Inc.

            8,767

1,102,099 
Caterpillar, Inc.

            14,072

11,221,998 
Douglas Dynamics, Inc.

            4,525

185,842 
Oshkosh Corp.

            6,474

997,708 
PACCAR, Inc.

            24,699

3,065,887 
Wabash National Corp.

            16,092

217,081 




16,790,615 
Data Processing & Outsourced Services - 0.0% (b)




Maximus, Inc.

            3,223

186,193 





Electrical Components & Equipment - 0.5%




Acuity, Inc.

            3,219

1,068,032 
Atkore, Inc.

            2,162

202,558 
Emerson Electric Co.

            25,333

3,861,762 
EnerSys

            1,921

353,195 
Sensata Technologies Holding PLC

            4,363

179,014 




5,664,561 
Environmental & Facilities Services - 0.0% (b)




ABM Industries, Inc.

            4,465

208,203 





Human Resource & Employment Services - 0.2%




Insperity, Inc.

            3,866

206,251 
Kelly Services, Inc. - Class A

            13,368

229,930 
Kforce, Inc.

            3,509

202,048 
Korn Ferry

            5,301

453,501 
ManpowerGroup, Inc.

            3,754

236,314 
Robert Half, Inc.

            9,773

443,108 
TriNet Group, Inc.

            2,926

205,668 




1,976,820 
Industrial Conglomerates - 0.6%




3M Co.

            23,362

4,014,293 
DuPont de Nemours, Inc.

            3,022

406,731 
Honeywell International, Inc.

            14,763

3,152,343 




7,573,367 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Industrial Machinery & Supplies & Components - 1.4%




Donaldson Co., Inc.

            12,006

$1,091,225 
Enerpac Tool Group Corp.

            4,865

181,562 
Fortive Corp.

            16,217

954,208 
Franklin Electric Co., Inc.

            3,732

373,536 
Illinois Tool Works, Inc.

            26,148

7,200,375 
Kennametal, Inc.

            5,223

153,243 
Lincoln Electric Holdings, Inc.

            5,350

1,504,580 
Luxfer Holdings PLC

            13,166

226,192 
Middleby Corp. (a)

            2,184

242,075 
Omega Flex, Inc.

            5,562

148,172 
Otis Worldwide Corp.

            19,300

1,372,809 
Snap-on, Inc.

            5,214

2,014,220 
Timken Co.

            3,447

415,191 
Worthington Enterprises, Inc.

            3,580

205,635 




16,083,023 
Marine Transportation - 0.1%




Matson, Inc.

            3,146

707,252 
Safe Bulkers, Inc.

            31,063

268,074 




975,326 
Office Services & Supplies - 0.0% (b)




ACCO Brands Corp.

            51,277

219,466 
MillerKnoll, Inc.

            8,694

196,397 




415,863 
Passenger Airlines - 0.0% (b)




SkyWest, Inc. (a)

            2,062

195,189 





Rail Transportation - 0.8%




CSX Corp.

            84,129

4,249,356 
Union Pacific Corp.

            16,213

4,874,763 




9,124,119 
Research & Consulting Services - 0.2%




CRA International, Inc.

            1,125

196,312 
Exponent, Inc.

            5,107

362,648 
Franklin Covey Co. (a)

            9,739

198,189 
FTI Consulting, Inc. (a)

            3,092

465,562 
Huron Consulting Group, Inc. (a)

            1,240

198,264 
KBR, Inc.

            6,447

241,762 
Science Applications International Corp.

            1,698

217,718 




1,880,455 
Security & Alarm Services - 0.0% (b)




Brink's Co.

            1,902

207,185 







SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Trading Companies & Distributors - 1.0%




BlueLinx Holdings, Inc. (a)

            3,163

$251,870 
Boise Cascade Co.

            3,838

299,402 
Ferguson Enterprises, Inc.

            17,661

3,965,071 
Global Industrial Co.

            6,357

248,559 
MSC Industrial Direct Co., Inc. - Class A

            4,773

567,414 
WW Grainger, Inc.

            4,579

5,996,155 




11,328,471 
Total Industrials

115,139,942 





Information Technology - 6.1%

Application Software - 0.0% (b)




Dropbox, Inc. - Class A (a)

            6,874

241,896 





Communications Equipment - 1.0%




Cisco Systems, Inc.

            103,467

11,432,069 





Electronic Components - 0.0% (b)




Belden, Inc.

            1,739

199,046 





Electronic Equipment & Instruments - 0.1%




Cognex Corp.

            15,135

922,630 
Vontier Corp.

            8,177

263,381 




1,186,011 
Electronic Manufacturing Services - 0.6%




CTS Corp.

            3,158

178,332 
Flex Ltd. (a)

            35,104

3,835,112 
Jabil, Inc.

            9,858

3,009,253 
Methode Electronics, Inc.

            13,705

249,842 




7,272,539 
Internet Services & Infrastructure - 0.3%




Akamai Technologies, Inc. (a)

            6,639

721,128 
VeriSign, Inc.

            7,859

2,265,592 




2,986,720 
IT Consulting & Other Services - 0.1%




Amdocs Ltd.

            11,582

730,361 
DXC Technology Co. (a)

            17,733

200,383 




930,744 
Semiconductor Materials & Equipment - 0.1%




Enphase Energy, Inc. (a)

            12,467

454,048 
Kulicke & Soffa Industries, Inc.

            5,777

462,507 




916,555 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Semiconductors - 1.1%




Cirrus Logic, Inc. (a)

            5,732

$627,711 
Microchip Technology, Inc.

            5,032

369,601 
NVE Corp.

            1,734

173,608 
Qorvo, Inc. (a)

            8,066

774,981 
QUALCOMM, Inc.

            60,526

10,318,473 
Skyworks Solutions, Inc. (c)

            14,233

953,753 




13,218,127 
Systems Software - 0.1%




A10 Networks, Inc.

            9,056

229,932 
Adeia, Inc.

            6,360

160,463 
Dolby Laboratories, Inc. - Class A

            4,902

301,767 
Qualys, Inc. (a)

            3,357

624,872 
Teradata Corp. (a)

            7,655

221,995 




1,539,029 
Technology Distributors - 0.1%




Arrow Electronics, Inc. (a)

            1,098

224,464 
ScanSource, Inc. (a)

            3,560

203,240 
TD SYNNEX Corp.

            3,594

908,743 




1,336,447 
Technology Hardware, Storage & Peripherals - 2.6%




Apple, Inc.

            69,207

21,928,238 
Dell Technologies, Inc. - Class C

            9,480

4,322,975 
HP, Inc.

            43,052

1,292,421 
NetApp, Inc.

            17,804

3,298,903 




30,842,537 
Total Information Technology

72,101,720 





Materials - 3.7%

Commodity Chemicals - 0.1%




AdvanSix, Inc.

            8,233

138,397 
Cabot Corp.

            6,104

504,862 
Ecovyst, Inc. (a)

            14,464

147,099 
LyondellBasell Industries - Class A

            2,746

178,709 




969,067 
Construction Materials - 0.1%




Eagle Materials, Inc.

            3,439

668,060 





Diversified Chemicals - 0.0% (b)




LSB Industries, Inc. (a)

            20,790

221,829 





Fertilizers & Agricultural Chemicals - 0.8%




CF Industries Holdings, Inc.

            16,832

2,188,665 


SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Corteva, Inc.

            77,032

$6,519,218 
Mosaic Co.

            15,696

378,588 
Scotts Miracle-Gro Co.

            3,146

188,131 




9,274,602 
Industrial Gases - 0.9%




Linde PLC

            21,027

10,294,399 





Metal, Glass & Plastic Containers - 0.1%




Ardagh Metal Packaging SA

            41,242

209,509 
Crown Holdings, Inc.

            5,985

696,594 
Greif, Inc. - Class A

            2,734

226,239 
Greif, Inc. - Class B

            1,819

192,159 




1,324,501 
Paper & Plastic Packaging Products & Materials - 0.2%




Avery Dennison Corp.

            3,657

636,720 
Packaging Corp. of America

            8,994

2,104,057 
Sonoco Products Co.

            4,066

224,240 




2,965,017 
Paper Products - 0.0% (b)




Sylvamo Corp.

            5,171

185,742 





Specialty Chemicals - 0.5%




Ashland, Inc.

            2,819

206,717 
Avient Corp.

            5,670

249,820 
Celanese Corp. (c)

            4,546

206,752 
Eastman Chemical Co.

            2,711

196,385 
Ingevity Corp. (a)

            2,855

197,823 
Minerals Technologies, Inc.

            2,872

203,682 
NewMarket Corp.

            558

500,917 
PPG Industries, Inc.

            11,335

1,271,447 
Sherwin-Williams Co.

            9,715

3,291,539 




6,325,082 
Steel - 1.0%




Alpha Metallurgical Resources, Inc. (a)

            1,430

337,051 
Commercial Metals Co.

            11,968

807,481 
Metallus, Inc. (a)

            9,727

189,871 
Nucor Corp.

            20,361

5,082,920 
Reliance, Inc.

            5,363

2,059,660 
Steel Dynamics, Inc.

            13,119

3,051,742 
SunCoke Energy, Inc.

            25,249

260,822 




11,789,547 
Total Materials

44,017,846 







SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
Real Estate - 0.0% (b)

Diversified Real Estate Activities - 0.0% (b)




RMR Group, Inc. - Class A

            10,522

$203,285 





Utilities - 0.0% (b)

Gas Utilities - 0.0% (b)




UGI Corp.

            5,776

222,087 
TOTAL COMMON STOCKS (Cost $615,943,232)

708,619,406 





EXCHANGE TRADED FUNDS - 40.2%

Avantis Emerging Markets Value ETF

            730,284

48,498,160 
Avantis International Small Cap Value ETF

            554,788

62,391,459 
Avantis Real Estate ETF (d)

            1,217,329

57,737,914 
iShares Core MSCI International Developed Markets ETF (c)

            1,286,990

119,213,884 
Vanguard FTSE Developed Markets ETF

            1,640,714

119,640,865 
Vanguard FTSE Emerging Markets ETF (c)

            1,182,844

71,585,719 
TOTAL EXCHANGE TRADED FUNDS (Cost $338,597,610)

479,068,001 





REAL ESTATE INVESTMENT TRUSTS - 0.1%

Financials - 0.1%

Mortgage REITs - 0.1%




Chicago Atlantic Real Estate Finance, Inc. (c)

            20,208

219,863 
Chimera Investment Corp.

            13,922

159,546 
Franklin BSP Realty Trust, Inc.

            26,362

220,650 
Ladder Capital Corp.

            21,021

206,006 
MFA Financial, Inc.

            18,728

165,181 
PennyMac Mortgage Investment Trust

            21,331

198,805 
Rithm Capital Corp.

            36,654

367,640 
Total Financials

1,537,691 





Real Estate - 0.0% (b)

Diversified REITs - 0.0% (b)




NexPoint Diversified Real Estate Trust

            1

5 





Other Specialized REITs - 0.0% (b)




Farmland Partners, Inc.

            21,108

217,201 
Total Real Estate

217,206 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,817,584)

1,754,897 







SEQUOIA GLOBAL VALUE ETF
SCHEDULE OF INVESTMENTS
August 31, 2026 (Unaudited)
Shares  

Value  
RIGHTS - 0.0% (b)

Financials - 0.0% (b)

Asset Management & Custody Banks — 0.0% (b)


TPG, Inc., Expires 04/08/2027, Exercise Price $3.00 (a)(e)

            15,758

$— 
TOTAL RIGHTS (Cost $0)

— 





SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.1%
Units  

Mount Vernon Liquid Assets Portfolio, LLC, 3.79% (f)

            13,032,696

13,032,696 
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,032,696)

13,032,696 





MONEY MARKET FUNDS - 0.1%
Shares  

First American Government Obligations Fund - Class X, 3.59% (f)

1,310,665 

1,310,665 
TOTAL MONEY MARKET FUNDS (Cost $1,310,665)

1,310,665 





TOTAL INVESTMENTS - 101.0% (Cost $970,701,787)

$1,203,785,665 
Liabilities in Excess of Other Assets - (1.0)%
(12,246,183)
TOTAL NET ASSETS - 100.0%



$1,191,539,482 


Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
All or a portion of this security is on loan as of August 31, 2026. The fair value of these securities was $12,701,255.
(d)
Affiliated security as defined by the Investment Company Act of 1940.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2026.
(f)
The rate shown represents the 7-day annualized yield as of August 31, 2026.

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.


SEQUOIA GLOBAL VALUE ETF

Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)
 
Sequoia Global Value ETF (the "Fund") 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 August 31, 2026:
DESCRIPTION
INVESTMENTS MEASURED AT NET ASSET VALUE
LEVEL 1LEVEL 2
LEVEL 3(b)
TOTAL
Investments
Common Stocks
$— $708,619,406 

$— $— 

$708,619,406 
Exchange Traded Funds
— 479,068,001 

— — 

479,068,001 
Real Estate Investment Trusts
— 1,754,897 — — 1,754,897 
Rights— — — 
0(c)
0(c)
Investments Purchased with Proceeds from Securities Lending(a)
13,032,696 — 

— — 

13,032,696 
Money Market Funds
— 1,310,665 

— — 

1,310,665 
Total Investments$13,032,696 $1,190,752,969 

$— 
$ 0(c)

$1,203,785,665 
 
Refer to the Schedule of Investments for further disaggregation of investment categories.

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
(b)
Management has decided that the amount of Level 3 securities compared to total net assets is not material to the Fund; therefore, the roll forward of Level 3 securities and assumptions are not shown for the Current Fiscal Period for the Fund.
(c)
Amount is less than $0.50.

During the fiscal period ended August 31, 2026, the Fund recognized no transfers to or from Level 3. Transfers between levels are recognized at the end of the reporting period.






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SEQUOIA GLOBAL VALUE ETF

TRANSACTIONS WITH AFFILIATES

Investments in issuers considered to be affiliate(s) of the Fund during the Current Fiscal Period for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows for the Fund:
Avantis Real Estate ETF
Value as of November 30, 2025$51,312,762 
Additions15,975,482 
Reductions(13,031,952)
Realized Gain (Loss)347,228 
Net Change in Unrealized Appreciation (Depreciation)3,134,394 
Value as of August 31, 2026$57,737,914 
Shares as of August 31, 20261,217,329 
Dividend/Interest Income$1,144,213 
Capital Gain Distributions from Underlying Funds— 

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