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Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Workhorse Group, Inc.*(a) 283 2,652 COMMON STOCKS - 19.5% 9,530 - 1.7% & Defense - 0.1% 1st Constitution Bancorp 27 570 AAR Corp.* 100 4,175 1st Source Corp. 49 2,424 Aerojet Rocketdyne Holdings, Inc. 217 10,514 ACNB Corp. 25 720 AeroVironment, Inc.* 65 7,126 Allegiance Bancshares, Inc. 57 2,312 Astronics Corp.* 71 1,204 Altabancorp 48 2,208 Ducommun, Inc.* 32 1,721 Amalgamated Financial Corp. 40 651 Kaman Corp. 83 4,467 Amerant Bancorp, Inc.* 68 1,640 Kratos Defense & Security American National Bankshares, Solutions, Inc.* 364 9,104 Inc. 32 1,110 Maxar Technologies, Inc. 213 6,624 199 10,933 Moog, Inc., Class A 87 7,847 Ames National Corp. 26 658 National Presto Industries, Inc. 15 1,521 Arrow Financial Corp. 40 1,484 PAE, Inc.* 177 1,437 Atlantic Capital Bancshares, Inc.* 61 1,715 Park Aerospace Corp. 59 910 Atlantic Union Bankshares Corp. 234 9,599 Parsons Corp.* 68 2,693 Auburn National Bancorp, Inc.(a) 7 267 , Inc.* 155 2,979 Banc of , Inc. 134 2,346 Vectrus, Inc.* 34 1,735 BancFirst Corp. 56 3,862 64,057 Bancorp, Inc. (The)* 155 3,757 Air Freight & - 0.1% BancorpSouth 297 9,082 Air Transport Services Group, Bank First Corp.(a) 19 1,353 Inc.*(a) 176 4,372 Bank of Commerce Holdings(a) 48 708 Atlas Air Worldwide Holdings, Bank of Marin Bancorp 40 1,348 Inc.* 77 5,769 Bank of NT Butterfield & Son Ltd. Echo Global Logistics, Inc.* 79 2,699 (The) 150 5,721 Forward Air Corp. 82 7,945 Bank of Princeton (The)(a) 17 500 Hub Group, Inc., Class A* 98 6,841 Bank7 Corp. 8 146 Radiant Logistics, Inc.* 117 900 BankFinancial Corp.(a) 40 442 28,526 BankUnited, Inc. 275 13,142 - 0.1% Bankwell Financial Group, Inc. 20 571 Allegiant Travel Co.* 39 8,637 Banner Corp. 104 6,087 Hawaiian Holdings, Inc.* 144 3,715 Bar Harbor Bankshares 44 1,339 Mesa Air Group, Inc.*(a) 103 1,001 BayCom Corp.* 32 593 SkyWest, Inc.* 148 7,256 BCB Bancorp, Inc. 43 628 Spirit Airlines, Inc.* 295 10,535 Berkshire Hills Bancorp, Inc. 136 3,774 31,144 Boston Private Financial Holdings, Auto Components - 0.3% Inc. 246 3,771 plc* 283 14,167 Brookline Bancorp, Inc. 233 3,928 American Axle & Bryn Mawr Bank Corp. 59 2,820 Holdings, Inc.* 337 3,774 Business First Bancshares, Inc. 58 1,415 Cooper Tire & Rubber Co. 151 8,966 Byline Bancorp, Inc. 73 1,685 Cooper-Standard Holdings, Inc.* 50 1,488 C&F Financial Corp. 10 495 Dana, Inc. 434 11,775 Cadence Bancorp 370 8,281 Dorman Products, Inc.* 80 8,190 California Bancorp* 23 435 Fox Factory Holding Corp.* 124 19,280 Cambridge Bancorp 19 1,629 Gentherm, Inc.* 98 7,108 Camden National Corp. 44 2,095 Goodyear Tire & Rubber Co. Capital Bancorp, Inc.*(a) 24 528 (The)* 694 13,762 Capital City Bank Group, Inc. 40 1,072 LCI Industries 74 11,030 Capstar Financial Holdings, Inc. 48 1,051 Modine Manufacturing Co.* 150 2,639 Carter Bankshares, Inc.* 68 1,059 Motorcar Parts of America, Inc.* 56 1,309 Cathay General Bancorp 228 9,503 Patrick Industries, Inc. 67 5,742 CB Financial Services, Inc.(a) 15 326 Standard Motor Products, Inc. 63 2,836 CBTX, Inc. 52 1,539 Stoneridge, Inc.* 78 2,374 Central Pacific Financial Corp. 82 2,272 , Inc., Class A* 153 2,399 Central Valley Community Corp.* 83 10,164 Bancorp 32 681 XPEL, Inc.*(b) 50 4,100 Century Bancorp, Inc., Class A 8 913 131,103 Chemung Financial Corp.(a) 10 466 ChoiceOne Financial Services, Automobiles - 0.0%(c) Winnebago Industries, Inc. 93 6,878 Inc.(a) 22 567 CIT Group, Inc. 296 15,682 Citizens & Northern Corp. 40 988

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Citizens Holding Co.(a) 14 265 Franklin Financial Services City Holding Co. 46 3,690 Corp.(a) 13 397 Civista Bancshares, Inc. 47 1,116 Fulton Financial Corp. 476 8,249 CNB Financial Corp. 44 1,070 FVCBankcorp, Inc.* 35 621 Coastal Financial Corp.*(a) 27 840 German American Bancorp, Inc. 74 3,093 Codorus Valley Bancorp, Inc. 28 531 , Inc. 287 16,718 Colony Bankcorp, Inc.(a) 23 422 Great Southern Bancorp, Inc. 32 1,808 Columbia Banking System, Inc. 215 9,279 Great Western Bancorp, Inc. 166 5,554 Community Bank System, Inc. 159 12,898 Guaranty Bancshares, Inc. 23 882 Community Bankers Trust Corp.(a) 65 575 Corp. 259 12,823 Community Financial Corp. (The) 16 568 Hanmi Financial Corp. 92 1,930 Community Trust Bancorp, Inc. 47 2,076 HarborOne Bancorp, Inc. 156 2,317 ConnectOne Bancorp, Inc. 111 3,074 Hawthorn Bancshares, Inc. 18 435 County Bancorp, Inc.(a) 14 349 HBT Financial, Inc. 29 528 CrossFirst Bankshares, Inc.* 144 2,118 Heartland Financial USA, Inc. 104 5,174 Customers Bancorp, Inc.* 86 3,255 Heritage Commerce Corp. 174 2,064 CVB Financial Corp. 388 8,606 Heritage Financial Corp. 108 3,133 Dime Community Bancshares, Inc. 106 3,679 Hilltop Holdings, Inc. 197 7,319 Bancorp Montana, Inc. 19 475 Home BancShares, Inc. 459 12,558 Eagle Bancorp, Inc. 95 5,428 HomeTrust Bancshares, Inc. 46 1,305 Eastern Bankshares, Inc. 498 11,155 Hope Bancorp, Inc. 352 5,386 Enterprise Bancorp, Inc. 27 930 Horizon Bancorp, Inc. 128 2,368 Enterprise Financial Services Corp. 72 3,558 Howard Bancorp, Inc.* 39 658 Equity Bancshares, Inc., Class A* 43 1,413 Independent Bank Corp. 99 8,079 Esquire Financial Holdings, Inc.* 21 517 Independent Bank Corp./MI 63 1,468 Evans Bancorp, Inc. 14 529 Independent Bank Group, Inc. 111 8,741 Farmers & Merchants Bancorp, International Bancshares Corp. 160 7,424 Inc.(a) 30 660 Investar Holding Corp. 30 677 Farmers National Banc Corp. 78 1,357 Investors Bancorp, Inc. 692 10,297 FB Financial Corp. 95 3,976 Lakeland Bancorp, Inc. 146 2,775 Fidelity D&D Bancorp, Inc.(a) 12 669 Lakeland Financial Corp. 73 4,505 Financial Institutions, Inc. 48 1,542 Landmark Bancorp, Inc.(a) 12 311 First Bancorp, Inc. (The) 30 945 LCNB Corp. 36 635 First Bancorp/NC 85 3,771 Level One Bancorp, Inc. 15 416 First Bancorp/PR 646 8,262 Limestone Bancorp, Inc.* 16 255 First Bancshares, Inc. (The) 61 2,382 Live Oak Bancshares, Inc. 85 5,149 First Bank 48 659 Macatawa Bank Corp. 79 758 First Busey Corp. 151 4,045 Mackinac Financial Corp.(a) 27 585 First Business Financial Services, MainStreet Bancshares, Inc.* 19 407 Inc. 24 658 Mercantile Bank Corp. 47 1,518 First Capital, Inc.(a) 10 446 Meridian Corp.(a) 16 433 First Choice Bancorp 31 996 Metrocity Bankshares, Inc. 52 895 First Commonwealth Financial Metropolitan Bank Holding Corp.* 21 1,340 Corp. 287 4,348 Mid Penn Bancorp, Inc. 21 592 First Community Bankshares, Inc. 52 1,620 Middlefield Banc Corp.(a) 18 432 First Community Corp. 21 422 Midland States Bancorp, Inc. 63 1,755 First Financial Bancorp 291 7,412 MidWestOne Financial Group, Inc. 44 1,388 First Financial Bankshares, Inc. 387 19,485 MVB Financial Corp. 28 1,200 First Financial Corp. 40 1,815 National Bank Holdings Corp., First Foundation, Inc. 118 2,962 Class A 88 3,485 First Guaranty Bancshares, Inc.(a) 11 217 National Bankshares, Inc. 19 667 First Internet Bancorp 28 950 NBT Bancorp, Inc. 128 4,991 First Interstate BancSystem, Inc., Nicolet Bankshares, Inc.* 27 2,141 Class A 122 5,743 Northeast Bank 23 675 First Merchants Corp. 162 7,507 Northrim Bancorp, Inc. 18 784 First Mid Bancshares, Inc.(a) 44 1,932 Norwood Financial Corp. 17 432 , Inc. 342 7,158 Oak Valley Bancorp(a) 20 378 First Northwest Bancorp 26 463 OceanFirst Financial Corp. 178 3,936 First of Long Island Corp. (The) 68 1,530 OFG Bancorp 152 3,663 First Savings Financial Group, Inc. 6 432 Valley Banc Corp. 13 305 First United Corp.(a) 21 382 Old National Bancorp 492 9,373 First Western Financial, Inc.* 19 527 Old Second Bancorp, Inc. 85 1,178 Flushing Financial Corp. 88 2,057 Origin Bancorp, Inc. 66 2,914 FNCB Bancorp, Inc.(a) 51 376 Orrstown Financial Services, Inc. 33 833

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) , Inc. 240 11,033 Westamerica Bancorp 78 4,893 Park National Corp.(a) 43 5,440 760,874 Parke Bancorp, Inc. 32 688 Beverages - 0.1% Partners Bancorp(a) 30 236 Celsius Holdings, Inc.* 108 7,078 PCB Bancorp(a) 37 594 Coca-Cola Consolidated, Inc. 14 5,669 Peapack-Gladstone Financial Corp. 55 1,827 MGP Ingredients, Inc. 39 2,718 Penns Woods Bancorp, Inc.(a) 21 538 National Beverage Corp. 71 3,545 Peoples Bancorp of , NewAge, Inc.*(a) 284 673 Inc. 13 324 Primo Water Corp. 469 8,119 Peoples Bancorp, Inc. 55 1,786 27,802 Peoples Financial Services Corp. 21 906 Biotechnology - 1.7% Plumas Bancorp(a) 14 426 4D Molecular Therapeutics, Inc.* 23 611 Preferred Bank 41 2,800 89bio, Inc.*(a) 25 473 Premier Financial Bancorp, Inc. 39 727 Abeona Therapeutics, Inc.* 181 299 Primis Financial Corp. 59 869 ADMA Biologics, Inc.*(a) 198 347 Professional Holding Corp., Class Adverum Biotechnologies, Inc.* 267 924 A* 34 622 Aeglea BioTherapeutics, Inc.*(a) 135 892 QCR Holdings, Inc. 44 2,104 Affimed NV* 338 2,998 RBB Bancorp 50 1,220 Agenus, Inc.* 472 2,011 Red River Bancshares, Inc. 15 819 Akebia Therapeutics, Inc.*(a) 430 1,509 Reliant Bancorp, Inc. 46 1,364 Akero Therapeutics, Inc.*(a) 41 1,073 Renasant Corp.(a) 163 7,208 Akouos, Inc.*(a) 73 953 Republic Bancorp, Inc., Class A 29 1,347 Albireo Pharma, Inc.* 51 1,706 Republic First Bancorp, Inc.* 136 560 Alector, Inc.* 139 2,474 Richmond Mutual Bancorp, Inc. 36 526 Aligos Therapeutics, Inc.* 31 864 S&T Bancorp, Inc. 116 3,936 Allakos, Inc.* 79 8,014 Salisbury Bancorp, Inc.(a) 8 372 Allogene Therapeutics, Inc.* 162 4,163 Sandy Spring Bancorp, Inc. 138 6,411 Allovir, Inc.* 89 2,086 SB Financial Group, Inc.(a) 20 396 ALX Oncology Holdings, Inc.* 52 2,941 Seacoast Banking Corp. of * 155 5,746 Amicus Therapeutics, Inc.* 771 7,139 Select Bancorp, Inc.* 46 648 AnaptysBio, Inc.*(a) 64 1,528 ServisFirst Bancshares, Inc. 146 10,141 Anavex Life Sciences Corp.*(a) 175 2,179 Shore Bancshares, Inc. 35 602 Anika Therapeutics, Inc.* 42 1,959 Sierra Bancorp 42 1,164 Annexon, Inc.* 80 1,690 Silvergate Capital Corp., Class A* 58 6,461 Apellis Pharmaceuticals, Inc.* 180 10,130 Simmons First National Corp., Applied Genetic Technologies Class A 325 9,913 Corp.* 129 517 SmartFinancial, Inc. 42 1,019 Applied Molecular Transport, Inc.* 67 3,212 South Plains Financial, Inc. 32 751 Applied Therapeutics, Inc.* 46 885 South State Corp. 210 18,650 Aprea Therapeutics, Inc.* 22 93 Southern First Bancshares, Inc.* 22 1,175 Aptinyx, Inc.*(a) 102 259 Southside Bancshares, Inc. 95 4,070 Aravive, Inc.*(a) 36 185 Spirit of Texas Bancshares, Inc. 39 900 Arcturus Therapeutics Holdings, Stock Yards Bancorp, Inc. 61 3,278 Inc.* 60 1,753 Summit Financial Group, Inc. 34 810 Arcus Biosciences, Inc.* 126 3,127 Texas Capital Bancshares, Inc.* 152 10,470 Arcutis Biotherapeutics, Inc.* 69 1,818 Tompkins Financial Corp. 43 3,489 Ardelyx, Inc.* 222 1,587 Towne Bank 201 6,438 Arena Pharmaceuticals, Inc.* 174 10,633 TriCo Bancshares 79 3,788 Arrowhead Pharmaceuticals, Inc.* 307 22,288 TriState Capital Holdings, Inc.* 83 1,908 Assembly Biosciences, Inc.* 92 365 Triumph Bancorp, Inc.* 68 5,695 Atara Biotherapeutics, Inc.* 241 3,268 Trustmark Corp. 189 6,341 Athenex, Inc.* 213 999 UMB Financial Corp. 131 12,669 Athersys, Inc.*(a) 520 868 United Bankshares, Inc. 371 15,282 Atreca, Inc., Class A* 86 776 United Community Banks, Inc. 234 8,092 AVEO Pharmaceuticals, Inc.*(a) 65 475 United Security Bancshares 40 340 Avid Bioservices, Inc.* 181 3,852 Unity Bancorp, Inc. 23 558 Avidity Biosciences, Inc.*(a) 91 2,160 Univest Financial Corp. 86 2,508 Avrobio, Inc.* 107 962 Valley National Bancorp 1,195 17,112 Axcella Health, Inc.*(a) 46 147 Veritex Holdings, Inc. 142 4,988 Aziyo Biologics, Inc., Class A* 7 88 Trust Bancorp, Inc. 51 2,805 Beam Therapeutics, Inc.*(a) 120 9,388 WesBanco, Inc. 196 7,628 Beyondspring, Inc.*(a) 57 591 West Bancorp, Inc. 48 1,340 BioAtla, Inc.*(a) 35 1,507 BioCryst Pharmaceuticals, Inc.* 530 8,358

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Biohaven Pharmaceutical Holding Fennec Pharmaceuticals, Inc.*(a) 65 479 Co. Ltd.* 144 12,528 FibroGen, Inc.*(a) 253 5,376 Bioxcel Therapeutics, Inc.*(a) 38 1,255 Flexion Therapeutics, Inc.* 131 1,096 Black Diamond Therapeutics, Foghorn Therapeutics, Inc.*(a) 22 229 Inc.*(a) 54 709 Forma Therapeutics Holdings, Inc.* 91 2,554 Blueprint Medicines Corp.* 166 15,164 Fortress Biotech, Inc.* 201 810 Bolt Biotherapeutics, Inc.* 38 665 Frequency Therapeutics, Inc.* 75 664 BrainStorm Cell Therapeutics, G1 Therapeutics, Inc.*(a) 102 2,215 Inc.* 91 326 Galectin Therapeutics, Inc.* 112 445 Bridgebio Pharma, Inc.* 282 16,694 Galera Therapeutics, Inc.*(a) 26 223 C4 Therapeutics, Inc.* 32 1,182 Generation Bio Co.* 121 4,145 Cabaletta Bio, Inc.* 39 442 Genprex, Inc.* 87 325 Calithera Biosciences, Inc.*(a) 197 449 Geron Corp.*(a) 862 1,190 Calyxt, Inc.*(a) 31 134 GlycoMimetics, Inc.* 111 283 CareDx, Inc.* 151 12,140 Gossamer Bio, Inc.*(a) 170 1,440 CASI Pharmaceuticals, Inc.*(a) 198 317 Gritstone bio, Inc.*(a) 90 828 Catabasis Pharmaceuticals, Inc.*(a) 61 124 Halozyme Therapeutics, Inc.*(a) 399 16,523 Catalyst Biosciences, Inc.* 92 393 Harpoon Therapeutics, Inc.* 41 845 Catalyst Pharmaceuticals, Inc.* 291 1,609 Heron Therapeutics, Inc.*(a) 263 3,490 CEL-SCI Corp.*(a) 106 2,280 Homology Medicines, Inc.* 102 677 Centogene NV* 26 255 Hookipa Pharma, Inc.* 43 718 Checkmate Pharmaceuticals, iBio, Inc.*(a) 642 931 Inc.*(a) 27 183 Ideaya Biosciences, Inc.*(a) 53 1,068 Checkpoint Therapeutics, Inc.*(a) 155 415 IGM Biosciences, Inc.* 22 1,642 ChemoCentryx, Inc.* 149 1,512 Immunic, Inc.*(a) 17 230 Chimerix, Inc.* 179 1,400 ImmunityBio, Inc.*(a) 95 1,667 Chinook Therapeutics, Inc.* 40 660 ImmunoGen, Inc.* 575 3,554 Cidara Therapeutics, Inc.*(a) 108 218 Immunome, Inc.* 6 126 Clovis Oncology, Inc.*(a) 249 1,277 Immunovant, Inc.*(a) 112 1,698 Codiak Biosciences, Inc.* 19 430 Inhibrx, Inc.* 24 508 Cohbar, Inc.*(a)(b) 104 130 Inovio Pharmaceuticals, Inc.*(a) 556 4,198 Coherus Biosciences, Inc.*(a) 176 2,316 Inozyme Pharma, Inc.* 36 589 Concert Pharmaceuticals, Inc.* 89 358 Insmed, Inc.* 304 7,478 Constellation Pharmaceuticals, Intellia Therapeutics, Inc.* 165 12,365 Inc.* 92 1,823 Intercept Pharmaceuticals, Inc.*(a) 78 1,297 ContraFect Corp.*(a) 73 295 Invitae Corp.*(a) 364 10,476 Corbus Pharmaceuticals Holdings, Ironwood Pharmaceuticals, Inc.* 479 5,542 Inc.*(a) 230 499 iTeos Therapeutics, Inc.* 59 1,212 Cortexyme, Inc.*(a) 47 1,944 IVERIC bio, Inc.* 241 1,704 Crinetics Pharmaceuticals, Inc.*(a) 81 1,422 Jounce Therapeutics, Inc.* 52 408 Cue Biopharma, Inc.* 89 1,276 Kadmon Holdings, Inc.*(a) 517 1,985 Cullinan Oncology, Inc.*(a) 39 1,159 KalVista Pharmaceuticals, Inc.* 57 1,539 Cyclerion Therapeutics, Inc.*(a) 66 214 Karuna Therapeutics, Inc.* 47 5,256 Cytokinetics, Inc.* 199 4,344 Karyopharm Therapeutics, Inc.*(a) 213 1,977 CytomX Therapeutics, Inc.* 185 1,325 Keros Therapeutics, Inc.* 40 2,182 Decibel Therapeutics, Inc.* 21 188 Kezar Life Sciences, Inc.* 94 538 Deciphera Pharmaceuticals, Inc.* 116 3,914 Kindred Biosciences, Inc.*(a) 112 541 Denali Therapeutics, Inc.* 189 12,019 Kiniksa Pharmaceuticals Ltd., Class DermTech, Inc.* 31 1,269 A* 80 1,090 Dicerna Pharmaceuticals, Inc.* 198 6,455 Kinnate Biopharma, Inc.* 41 963 Dyadic International, Inc.*(a) 58 219 Kodiak Sciences, Inc.* 99 8,278 Dynavax Technologies Corp.*(a) 319 2,616 Kronos Bio, Inc.* 45 1,098 Dyne Therapeutics, Inc.* 48 917 Biotech, Inc.* 45 2,936 Eagle Pharmaceuticals, Inc.* 31 1,228 Kura Oncology, Inc.* 188 4,183 Editas Medicine, Inc.* 200 6,790 Kymera Therapeutics, Inc.* 30 1,443 Eiger BioPharmaceuticals, Inc.* 92 723 La Jolla Pharmaceutical Co.*(a) 54 232 Emergent BioSolutions, Inc.* 135 8,188 Lexicon Pharmaceuticals, Inc.*(a) 149 654 Enanta Pharmaceuticals, Inc.* 58 2,822 Ligand Pharmaceuticals, Inc.* 43 5,061 Enochian Biosciences, Inc.*(a) 41 167 LogicBio Therapeutics, Inc.*(a) 49 214 Epizyme, Inc.* 268 2,206 MacroGenics, Inc.* 164 5,279 Esperion Therapeutics, Inc.*(a) 78 1,553 Madrigal Pharmaceuticals, Inc.*(a) 26 2,920 Evelo Biosciences, Inc.*(a) 69 926 Magenta Therapeutics, Inc.* 62 766 Exicure, Inc.*(a) 178 297 MannKind Corp.*(a) 680 3,006 Fate Therapeutics, Inc.* 228 17,465 Marker Therapeutics, Inc.* 91 265

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) MediciNova, Inc.*(a) 129 544 Silverback Therapeutics, Inc.*(a) 38 1,046 MEI Pharma, Inc.*(a) 329 948 Soleno Therapeutics, Inc.*(a) 179 184 MeiraGTx Holdings plc* 72 993 Solid Biosciences, Inc.* 84 319 Mersana Therapeutics, Inc.* 160 2,291 Sorrento Therapeutics, Inc.*(a) 751 5,648 Metacrine, Inc.* 20 82 Spectrum Pharmaceuticals, Inc.* 433 1,494 Minerva Neurosciences, Inc.*(a) 106 313 Spero Therapeutics, Inc.* 61 885 Mirati Therapeutics, Inc.*(a) 128 20,243 SpringWorks Therapeutics, Inc.* 72 5,871 Mirum Pharmaceuticals, Inc.*(a) 18 298 Spruce Biosciences, Inc.* 21 297 Molecular Templates, Inc.*(a) 79 706 SQZ Biotechnologies Co.*(a) 16 217 Morphic Holding, Inc.* 42 2,073 Stoke Therapeutics, Inc.* 41 1,626 Mustang Bio, Inc.* 151 506 Sutro Biopharma, Inc.* 97 1,805 Myriad Genetics, Inc.* 214 6,131 Syndax Pharmaceuticals, Inc.* 93 1,708 Natera, Inc.* 227 21,370 Syros Pharmaceuticals, Inc.* 142 916 Neoleukin Therapeutics, Inc.* 97 973 Taysha Gene Therapies, Inc.* 26 585 NeuBase Therapeutics, Inc.*(a) 50 259 TCR2 Therapeutics, Inc.* 87 1,666 NeuroBo Pharmaceuticals, Inc.* 20 56 TG Therapeutics, Inc.*(a) 365 12,728 NexImmune, Inc.* 19 353 Translate Bio, Inc.*(a) 204 3,674 NextCure, Inc.* 49 385 Travere Therapeutics, Inc.* 166 2,518 Nkarta, Inc.* 61 1,485 Point Therapeutics, Inc.* 112 7,412 Novavax, Inc.*(a) 185 27,310 Twist Bioscience Corp.* 141 15,131 Nurix Therapeutics, Inc.*(a) 72 2,009 Tyme Technologies, Inc.*(a) 208 320 Nymox Pharmaceutical Corp.*(a) 127 193 Ultragenyx Pharmaceutical, Inc.* 191 19,427 Olema Pharmaceuticals, Inc.*(a) 36 1,007 UNITY Biotechnology, Inc.*(a) 106 475 Oncocyte Corp.* 214 946 UroGen Pharma Ltd.*(a) 58 1,022 Oncorus, Inc.* 23 396 Vanda Pharmaceuticals, Inc.* 161 2,848 OPKO Health, Inc.*(a) 1,193 4,557 Vaxart, Inc.* 157 1,039 Organogenesis Holdings, Inc.* 73 1,302 Vaxcyte, Inc.*(a) 87 1,833 Orgenesis, Inc.*(a) 57 275 VBI Vaccines, Inc.*(a) 541 1,747 ORIC Pharmaceuticals, Inc.* 68 1,554 Veracyte, Inc.* 199 7,771 Ovid therapeutics, Inc.* 143 593 Verastem, Inc.*(a) 512 1,981 Oyster Point Pharma, Inc.*(a) 18 323 Vericel Corp.* 136 7,684 Passage Bio, Inc.* 86 1,140 Therapeutics, Inc.*(a) 197 1,032 PhaseBio Pharmaceuticals, Inc.*(a) 46 155 Vir Biotechnology, Inc.* 161 6,748 Pieris Pharmaceuticals, Inc.*(a) 159 547 Vor BioPharma, Inc.*(a) 34 717 PMV Pharmaceuticals, Inc.* 41 1,410 Voyager Therapeutics, Inc.*(a) 78 332 Poseida Therapeutics, Inc.*(a) 99 837 vTv Therapeutics, Inc., Class A* 36 89 Praxis Precision Medicines, Inc.* 33 646 X4 Pharmaceuticals, Inc.* 48 456 Precigen, Inc.* 210 1,386 XBiotech, Inc.*(a) 43 742 Precision BioSciences, Inc.* 139 1,464 Xencor, Inc.* 166 6,384 Prelude Therapeutics, Inc.* 30 1,043 XOMA Corp.*(a) 18 530 Protagonist Therapeutics, Inc.* 106 3,722 Y-mAbs Therapeutics, Inc.* 92 3,296 Protara Therapeutics, Inc.*(a) 12 114 Zentalis Pharmaceuticals, Inc.* 86 4,803 Prothena Corp. plc* 92 2,684 ZIOPHARM Oncology, Inc.*(a) 639 1,943 PTC Therapeutics, Inc.* 185 7,265 757,537 Puma Biotechnology, Inc.* 93 981 Building Products - 0.3% Radius Health, Inc.* 136 2,623 AAON, Inc. 123 8,149 RAPT Therapeutics, Inc.*(a) 33 637 Advanced Drainage Systems, Inc. 169 19,168 REGENXBIO, Inc.* 116 4,091 Alpha Pro Tech Ltd.*(a) 37 305 Relay Therapeutics, Inc.* 138 4,433 American Woodmark Corp.* 51 4,433 Replimune Group, Inc.* 72 2,806 Apogee Enterprises, Inc. 77 2,927 REVOLUTION Medicines, Inc.* 128 3,829 Builders FirstSource, Inc.* 612 27,258 Rhythm Pharmaceuticals, Inc.* 114 2,236 Caesarstone Ltd. 67 1,105 Rigel Pharmaceuticals, Inc.*(a) 510 1,897 Cornerstone Building , Inc.* 131 2,222 Rocket Pharmaceuticals, Inc.*(a) 112 4,760 CSW Industrials, Inc. 41 4,995 Rubius Therapeutics, Inc.* 108 2,638 Gibraltar Industries, Inc.* 98 7,786 Sangamo Therapeutics, Inc.*(a) 345 3,719 Griffon Corp. 138 3,628 Savara, Inc.*(a) 144 259 Insteel Industries, Inc. 56 1,958 Scholar Rock Holding Corp.* 77 2,069 JELD-WEN Holding, Inc.* 232 6,498 Scopus Biopharma, Inc.* 17 120 Masonite International Corp.* 73 8,727 Selecta Biosciences, Inc.* 203 881 PGT Innovations, Inc.* 171 4,131 Sensei Biotherapeutics, Inc.* 23 286 Quanex Building Products Corp. 100 2,663 Seres Therapeutics, Inc.* 166 3,504 Resideo Technologies, Inc.* 432 12,917 Shattuck Labs, Inc.* 39 1,058 Simpson Manufacturing Co., Inc. 131 14,714 Sigilon Therapeutics, Inc.* 23 268

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) UFP Industries, Inc. 179 14,234 Innospec, Inc. 73 7,381 147,818 Intrepid Potash, Inc.* 29 830 Capital Markets - 0.3% Koppers Holdings, Inc.* 62 2,150 Artisan Partners Asset Kraton Corp.* 94 3,191 Management, Inc., Class A 170 8,684 Kronos Worldwide, Inc. 67 1,088 AssetMark Financial Holdings, Livent Corp.*(a) 440 8,584 Inc.* 49 1,277 Marrone Bio Innovations, Inc.* 208 291 Associated Capital Group, Inc., Minerals Technologies, Inc. 102 8,874 Class A 5 183 Orion Engineered Carbons SA* 181 3,663 B Riley Financial, Inc. 60 4,418 PQ Group Holdings, Inc. 115 1,879 BGC Partners, Inc., Class A 929 5,481 Quaker Chemical Corp. 40 9,702 Blucora, Inc.* 145 2,514 Advanced Materials, Brightsphere Investment Group, Inc.* 186 1,436 Inc. 184 4,098 Sensient Technologies Corp. 127 11,017 Cohen & Steers, Inc. 73 5,338 Stepan Co. 65 8,753 Cowen, Inc., Class A 77 3,028 Trecora Resources*(a) 72 590 Diamond Hill Investment Group, Tredegar Corp. 78 1,189 Inc. 9 1,579 Trinseo SA 115 7,468 Donnelley Financial Solutions, Tronox Holdings plc, Class A 326 7,654 Inc.* 89 2,653 157,100 Federated Hermes, Inc., Class B 285 9,063 Commercial Services & Supplies - 0.4% Focus Financial Partners, Inc., ABM Industries, Inc. 201 10,028 Class A* 115 5,829 ACCO Brands Corp. 277 2,523 GAMCO Investors, Inc., Class A 16 410 Brady Corp., Class A 141 8,069 Greenhill & Co., Inc. 43 749 BrightView Holdings, Inc.* 123 2,134 Hamilton Lane, Inc., Class A 96 8,675 Brink's Co. (The) 148 11,161 Houlihan Lokey, Inc. 155 11,608 Casella Waste Systems, Inc., Class Moelis & Co., Class A 159 8,537 A* 146 9,845 Oppenheimer Holdings, Inc., Class CECO Environmental Corp.* 93 710 A 28 1,399 Cimpress plc* 53 5,263 Piper Sandler Cos. 52 6,628 CompX International, Inc. 5 111 PJT Partners, Inc., Class A 70 5,097 CoreCivic, Inc., REIT* 359 2,811 Pzena Investment Management, Covanta Holding Corp. 356 5,272 Inc., Class A 51 592 Deluxe Corp. 125 5,695 Safeguard Scientifics, Inc.*(a) 59 412 Ennis, Inc. 77 1,614 Sculptor Capital Management, Inc., Harsco Corp.* 235 5,269 Class A 55 1,437 Healthcare Services Group, Inc. 224 6,718 Siebert Financial Corp.*(a) 35 145 Heritage-Crystal Clean, Inc.* 47 1,448 Silvercrest Asset Management Herman Miller, Inc. 177 8,461 Group, Inc., Class A(a) 29 462 HNI Corp. 128 5,839 StepStone Group, Inc., Class A 58 1,839 Interface, Inc. 175 2,859 Stifel Financial Corp. 300 20,784 KAR Auction Services, Inc.*(a) 387 6,943 StoneX Group, Inc.* 50 3,385 Kimball International, Inc., Class B 108 1,438 Value Line, Inc. 3 93 , Inc. 150 3,900 Virtus Investment Partners, Inc. 22 6,187 Matthews International Corp., Class Westwood Holdings Group, Inc. 23 454 A 93 3,633 WisdomTree Investments, Inc. 418 2,801 Montrose Environmental Group, 135,839 Inc.* 64 3,209 Chemicals - 0.4% NL Industries, Inc. 25 181 Advanced Emissions Solutions, Pitney Bowes, Inc. 520 4,358 Inc.*(a) 48 381 Quad/Graphics, Inc.* 100 331 AdvanSix, Inc.* 82 2,596 SP Corp.* 69 2,256 AgroFresh Solutions, Inc.* 92 203 Steelcase, Inc., Class A 259 3,748 American Vanguard Corp. 87 1,600 Team, Inc.* 90 765 Amyris, Inc.*(a) 320 4,554 Tetra Tech, Inc. 162 19,354 Avient Corp. 274 14,243 UniFirst Corp. 45 9,976 Balchem Corp. 97 12,707 US Ecology, Inc.*(a) 95 3,765 Chase Corp. 22 2,332 Viad Corp.* 61 2,692 Ferro Corp.* 246 5,314 Vidler Water Resouces, Inc.*(a) 50 525 FutureFuel Corp. 78 801 VSE Corp. 30 1,427 GCP Applied Technologies, Inc.* 147 3,584 164,331 Hawkins, Inc. 58 1,973 Communications Equipment - 0.1% HB Fuller Co. 156 10,783 ADTRAN, Inc. 143 2,833 Ingevity Corp.* 125 10,289 Applied Optoelectronics, Inc.*(a) 65 535

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) CalAmp Corp.* 103 1,429 FirstCash, Inc. 122 9,726 Calix, Inc.* 158 7,001 Green Dot Corp., Class A* 154 6,251 Cambium Networks Corp.* 24 1,385 LendingClub Corp.* 212 3,239 Casa Systems, Inc.* 95 825 Corp. 552 10,085 Clearfield, Inc.* 34 1,286 Nelnet, Inc., Class A 52 3,927 Comtech Telecommunications Oportun Financial Corp.* 59 1,126 Corp. 74 1,871 PRA Group, Inc.* 135 5,256 Digi International, Inc.* 88 1,668 PROG Holdings, Inc. 202 10,649 DZS, Inc.* 44 728 Regional Management Corp. 25 1,169 Extreme Networks, Inc.* 363 4,153 World Acceptance Corp.* 13 2,088 Genasys, Inc.* 100 545 64,373 Harmonic, Inc.* 288 2,007 Containers & Packaging - 0.1% Infinera Corp.*(a) 492 4,723 Greif, Inc., Class A 77 4,752 Inseego Corp.*(a) 210 1,806 Greif, Inc., Class B 18 1,076 KVH Industries, Inc.* 50 714 Myers Industries, Inc. 108 2,379 NETGEAR, Inc.* 90 3,499 O-I Glass, Inc.* 470 8,662 NetScout Systems, Inc.*(a) 212 6,233 Evergreen, Inc.(a) 119 1,766 PCTEL, Inc.* 54 356 Ranpak Holdings Corp.* 87 1,921 Plantronics, Inc.* 104 3,411 UFP Technologies, Inc.* 21 1,143 Resonant, Inc.*(a) 153 499 21,699 Ribbon Communications, Inc.* 204 1,518 Distributors - 0.0%(c) Viavi Solutions, Inc.* 686 12,026 Core-Mark Holding Co., Inc. 134 6,145 61,051 Funko, Inc., Class A* 73 1,916 Construction & - 0.3% Greenlane Holdings, Inc., Class Ameresco, Inc., Class A* 74 3,978 A*(a) 31 120 API Group Corp.*(b) 420 8,883 Weyco Group, Inc. 18 371 Arcosa, Inc. 146 9,271 8,552 Argan, Inc. 44 2,160 Diversified Consumer Services - 0.1% Comfort Systems USA, Inc. 108 8,953 Adtalem Global Education, Inc.* 151 5,493 Concrete Pumping Holdings, Inc.* 78 626 American Public Education, Inc.* 43 1,204 Construction Partners, Inc., Class Aspen Group, Inc.*(a) 67 390 A* 84 2,706 Carriage Services, Inc. 49 1,880 Dycom Industries, Inc.* 92 6,893 Houghton Mifflin Harcourt Co.*(a) 317 3,151 EMCOR Group, Inc. 163 20,556 , Inc., Class A* 323 4,719 Fluor Corp.* 423 7,825 OneSpaWorld Holdings Ltd.* 136 1,525 Granite Construction, Inc. 141 5,691 Perdoceo Education Corp.* 208 2,536 Great Lakes Dredge & Dock Corp.* 191 2,791 Regis Corp.*(a) 71 649 HC2 Holdings, Inc.* 148 592 Strategic Education, Inc. 72 5,100 IES Holdings, Inc.* 24 1,273 Stride, Inc.*(a) 121 3,252 MasTec, Inc.* 170 19,776 Universal Technical Institute, Inc.* 96 581 Matrix Service Co.* 79 861 Vivint Smart Home, Inc.* 240 3,338 MYR Group, Inc.* 49 4,265 WW International, Inc.* 142 5,581 Northwest Pipe Co.* 29 918 39,399 NV5 Global, Inc.* 33 3,014 Diversified Financial Services - 0.0%(c) Primoris Services Corp. 144 4,578 Alerus Financial Corp. 44 1,450 Sterling Construction Co., Inc.* 83 1,867 A-Mark Precious Metals, Inc. 15 800 Tutor Perini Corp.* 122 1,889 Banco Latinoamericano de WillScot Mobile Mini Holdings Comercio Exterior SA, Class E 93 1,420 Corp.* 520 15,080 Cannae Holdings, Inc.* 259 9,285 134,446 GWG Holdings, Inc.*(a) 10 68 Construction Materials - 0.0%(c) Marlin Business Services Corp.(a) 25 563 Forterra, Inc.* 87 2,034 SWK Holdings Corp.* 11 177 Summit Materials, Inc., Class A*(a) 344 11,978 13,763 Lime & Minerals, Diversified Telecommunication Services - 0.1% Inc.(a) 6 835 Alaska Communications Systems US Concrete, Inc.* 48 2,736 Group, Inc.* 157 521 17,583 Anterix, Inc.* 33 1,632 Consumer - 0.1% ATN International, Inc. 34 1,607 Atlanticus Holdings Corp.*(a) 15 594 Bandwidth, Inc., Class A* 58 6,861 Curo Group Holdings Corp.(a) 55 908 Cincinnati Bell, Inc.* 150 2,310 Encore Capital Group, Inc.*(a) 94 4,351 Cogent Communications Holdings, Enova International, Inc.* 104 3,938 Inc. 127 9,601 EZCORP, Inc., Class A* 145 1,066

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Consolidated Communications Napco Security Technologies, Holdings, Inc.* 218 2,041 Inc.*(a) 43 1,399 IDT Corp., Class B* 59 1,703 nLight, Inc.* 106 3,108 Iridium Communications, Inc.* 358 13,679 Novanta, Inc.* 103 14,314 Liberty Latin America Ltd., Class OSI Systems, Inc.* 51 4,914 A* 138 1,969 PAR Technology Corp.*(a) 57 3,817 Liberty Latin America Ltd., Class PC Connection, Inc.(a) 33 1,610 C* 465 6,687 Plexus Corp.* 85 8,399 Ooma, Inc.* 64 1,242 Powerfleet, Inc.* 97 654 ORBCOMM, Inc.* 222 2,484 Research Frontiers, Inc.*(a) 80 190 Vonage Holdings Corp.* 703 9,688 Rogers Corp.* 56 10,492 62,025 Sanmina Corp.* 192 8,085 Electric Utilities - 0.1% ScanSource, Inc.* 76 2,320 ALLETE, Inc. 156 10,747 TTM Technologies, Inc.* 300 4,545 Genie Ltd., Class B 40 244 , Inc. 399 9,604 MGE Energy, Inc. 109 8,177 Vishay Precision Group, Inc.* 37 1,206 Otter Tail Corp. 122 5,852 Wrap Technologies, Inc.*(a) 34 305 PNM Resources, Inc. 257 12,624 178,260 Portland Co. 270 12,944 Energy Equipment & Services - 0.2% Spark Energy, Inc., Class A(a) 36 374 Archrock, Inc. 389 3,579 50,962 Aspen Aerogels, Inc.* 62 1,257 Electrical Equipment - 0.3% Bristow Group, Inc.* 19 518 Allied Motion Technologies, Inc. 33 1,168 Cactus, Inc., Class A 143 5,011 American Superconductor Corp.* 81 1,213 ChampionX Corp.* 557 14,761 Atkore, Inc.* 140 10,808 DMC Global, Inc.* 44 2,331 AZZ, Inc. 76 4,065 Dril-Quip, Inc.* 105 3,521 Bloom Energy Corp., Class A*(a) 266 6,429 Exterran Corp.*(a) 78 368 Encore Wire Corp. 61 5,014 Frank's International NV*(a) 465 1,562 EnerSys 128 12,063 Helix Energy Solutions Group, FuelCell Energy, Inc.*(a) 945 9,280 Inc.* 428 2,238 LSI Industries, Inc. 77 716 Liberty Oilfield Services, Inc., Orion Energy Systems, Inc.*(a) 81 519 Class A* 249 3,725 Plug Power, Inc.*(a) 1,236 37,945 Nabors Industries Ltd.* 21 1,966 Powell Industries, Inc. 27 928 National Energy Services Reunited Preformed Line Products Co. 9 670 Corp.*(a) 62 795 Sunrun, Inc.*(a) 476 21,287 Newpark Resources, Inc.* 269 899 Thermon Group Holdings, Inc.* 98 1,708 NexTier Oilfield Solutions, Inc.* 485 2,061 TPI Composites, Inc.* 92 4,444 Oceaneering International, Inc.* 298 4,252 Ultralife Corp.* 27 246 Oil States International, Inc.* 181 1,164 Vicor Corp.* 58 5,225 Patterson-UTI Energy, Inc. 549 4,595 123,728 ProPetro Holding Corp.* 240 2,386 Electronic Equipment, Instruments & Components - 0.4% RPC, Inc.* 172 845 908 Devices, Inc.*(a) 22 927 Select Energy Services, Inc., Class Akoustis Technologies, Inc.*(a) 108 1,035 A* 177 1,005 Arlo Technologies, Inc.* 237 1,590 Solaris Oilfield Infrastructure, Inc., Badger Meter, Inc. 87 8,315 Class A 86 859 Bel Fuse, Inc., Class B 30 494 Tidewater, Inc.*(a) 121 1,665 Belden, Inc. 132 6,679 Transocean Ltd.* 1,754 6,630 Benchmark Electronics, Inc. 109 3,373 US Silica Holdings, Inc.* 221 2,268 CTS Corp. 96 3,672 70,261 Daktronics, Inc.* 110 744 Entertainment - 0.1% ePlus, Inc.* 40 3,783 AMC Entertainment Holdings, Inc., Fabrinet* 110 9,866 Class A*(a) 1,137 29,699 FARO Technologies, Inc.* 53 4,009 Cinemark Holdings, Inc.*(a) 321 7,274 II-VI, Inc.*(a) 308 20,750 Eros STX Global Corp.*(a) 487 584 Insight Enterprises, Inc.* 104 10,866 Gaia, Inc.* 36 418 Intellicheck, Inc.*(a) 54 405 IMAX Corp.* 148 3,198 Iteris, Inc.* 124 914 Corp.-Liberty Itron, Inc.* 132 12,586 Braves, Class A*(a) 30 838 Kimball Electronics, Inc.* 72 1,611 Liberty Media Corp.-Liberty Knowles Corp.* 266 5,464 Braves, Class C* 109 2,981 Luna Innovations, Inc.* 88 893 LiveXLive Media, Inc.*(a) 149 736 Methode Electronics, Inc. 110 5,322

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Marcus Corp. (The)* 67 1,414 New Senior Investment Group, Inc. 246 1,631 47,142 NexPoint Residential Trust, Inc. 66 3,421 Equity Real Estate Investment Trusts (REITs) - 1.0% Office Properties Income Trust 144 4,209 Acadia Realty Trust 254 5,512 One Liberty Properties, Inc.(a) 48 1,226 Agree Realty Corp. 187 13,142 Pebblebrook Hotel Trust 390 8,716 Alexander & Baldwin, Inc. 216 4,149 Physicians Realty Trust 626 11,349 Alexander's, Inc. 6 1,627 Piedmont Office Realty Trust, Inc., Alpine Income Property Trust, Inc. 20 365 Class A 372 6,878 American Assets Trust, Inc. 151 5,519 Industrial REIT, Inc. 74 1,416 American Finance Trust, Inc. 328 2,985 PotlatchDeltic Corp. 197 11,859 Armada Hoffler Properties, Inc. 173 2,296 Preferred Apartment Communities, Bluerock Residential Growth REIT, Inc., Class A 143 1,403 Inc. 66 641 PS Business Parks, Inc. 60 9,298 Broadstone Net Lease, Inc. 106 2,315 QTS Realty Trust, Inc., Class A(a) 192 12,169 BRT Apartments Corp. 32 574 Opportunity Investments CareTrust REIT, Inc. 287 6,681 Corp. 347 6,197 CatchMark Timber Trust, Inc., Retail Properties of America, Inc., Class A 146 1,745 Class A 643 7,748 Centerspace REIT 39 2,776 Retail Value, Inc. 49 860 Chatham Lodging Trust* 139 1,831 RLJ Lodging Trust 492 7,562 CIM Commercial Trust Corp. 34 407 RPT Realty 242 3,085 City Office REIT, Inc. 128 1,480 Ryman Hospitality Properties, Inc.* 151 11,311 Clipper Realty, Inc.(a) 45 365 Sabra Health Care REIT, Inc. 616 10,762 Colony Capital, Inc.*(a) 1,441 9,900 Safehold, Inc.(a) 54 3,785 Columbia Property Trust, Inc. 344 6,017 Saul Centers, Inc. 36 1,600 Community Healthcare Trust, Inc. 67 3,168 Seritage Growth Properties, Class CorEnergy Infrastructure Trust, A*(a) 102 1,722 Inc.(a) 41 250 Service Properties Trust 492 6,180 CorePoint Lodging, Inc.* 118 1,238 SITE Centers Corp. 459 6,871 CTO Realty Growth, Inc. 18 951 STAG Industrial, Inc.(a) 479 17,105 DiamondRock Hospitality Co.* 599 5,798 Summit Hotel Properties, Inc.* 310 2,979 Diversified Healthcare Trust 712 2,585 Sunstone Hotel Investors, Inc.* 645 8,101 Easterly Government Properties, Tanger Factory Outlet Centers, Inc. 245 5,079 Inc.(a) 272 4,768 EastGroup Properties, Inc. 117 18,495 Terreno Realty Corp. 203 12,915 Essential Properties Realty Trust, UMH Properties, Inc. 111 2,354 Inc. 312 7,987 Uniti Group, Inc. 580 6,299 Farmland Partners, Inc. 77 957 Universal Health Realty Income Four Corners Property Trust, Inc. 220 6,107 Trust 39 2,699 Franklin Street Properties Corp. 312 1,604 Urban Edge Properties 348 6,734 Group, Inc. (The)(a) 353 1,832 Urstadt Biddle Properties, Inc., Getty Realty Corp. 105 3,269 Class A 89 1,627 Gladstone Commercial Corp. 101 2,189 Washington REIT 254 6,007 Gladstone Land Corp. 64 1,480 Whitestone REIT 120 994 Global Medical REIT, Inc. 132 1,901 Xenia Hotels & Resorts, Inc.* 340 6,599 Global Net Lease, Inc. 270 5,276 457,564 Healthcare Realty Trust, Inc. 420 12,743 & Staples Retailing - 0.2% Hersha Hospitality Trust* 102 1,097 Andersons, Inc. (The) 94 2,922 Independence Realty Trust, Inc. 306 5,226 BJ's Wholesale Club Holdings, Indus Realty Trust, Inc. 10 659 Inc.* 411 18,409 Industrial Logistics Properties Trust 195 4,887 Chefs' Warehouse, Inc. (The)* 91 2,799 Innovative Industrial Properties, HF Group, Inc.*(a) 107 654 Inc. 70 12,616 Ingles Markets, Inc., Class A 43 2,663 iStar, Inc.(a) 215 3,614 Natural Grocers by Vitamin Kite Realty Group Trust 249 5,279 Cottage, Inc. 27 324 Lexington Realty Trust 821 10,164 Co.* 393 19,701 LTC Properties, Inc. 117 4,584 PriceSmart, Inc. 68 6,004 Macerich Co. (The) 450 7,160 Rite Aid Corp.*(a) 164 2,996 Mack-Cali Realty Corp. 260 4,438 SpartanNash Co. 107 2,244 Monmouth Real Estate Investment United Natural Foods, Inc.* 168 6,377 Corp. 285 5,369 Village Super Market, Inc., Class National Health Investors, Inc. 131 8,634 A(a) 26 627 National Storage Affiliates Trust 188 8,667 Weis Markets, Inc. 29 1,476 NETSTREIT Corp. 67 1,495 67,196

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Food Products - 0.3% Eargo, Inc.*(a) 24 816 Alico, Inc. 16 512 Electromed, Inc.*(a) 21 207 B&G Foods, Inc.(a) 191 5,844 ESC Co.*(d) 431 — Bridgford Foods Corp.* 5 88 FONAR Corp.* 19 344 Calavo Growers, Inc. 49 3,489 Glaukos Corp.* 128 9,418 Cal-Maine Foods, Inc. 111 3,875 Heska Corp.* 21 4,161 Darling Ingredients, Inc.* 483 33,066 Inari Medical, Inc.* 50 4,347 Farmer Bros Co.*(a) 49 590 Inogen, Inc.* 55 3,400 Fresh Del Monte Produce, Inc. 93 3,113 Integer Holdings Corp.* 98 8,866 Freshpet, Inc.*(a) 122 21,572 Intersect ENT, Inc.* 98 1,730 Hostess Brands, Inc.*(a) 376 5,896 IntriCon Corp.* 25 558 J & J Snack Foods Corp. 45 7,901 Invacare Corp.*(a) 101 808 John B Sanfilippo & Son, Inc. 26 2,426 iRadimed Corp.* 18 501 Laird Superfood, Inc.*(a) 9 294 iRhythm Technologies, Inc.* 87 6,565 Lancaster Colony Corp. 57 10,640 Lantheus Holdings, Inc.* 199 4,826 Landec Corp.* 78 934 LeMaitre Vascular, Inc. 50 2,560 Limoneira Co. 46 864 LENSAR, Inc.* 22 182 Mission Produce, Inc.* 22 447 LivaNova plc* 147 12,280 Sanderson Farms, Inc. 60 9,765 Lucira Health, Inc.*(a) 31 153 Seneca Foods Corp., Class A* 20 925 Meridian Bioscience, Inc.* 127 2,637 Simply Good Foods Co. (The)* 256 8,840 Merit Medical Systems, Inc.* 163 9,835 , Inc. 49 1,533 Mesa Laboratories, Inc. 14 3,445 Vital Farms, Inc.* 72 1,533 Milestone Scientific, Inc.*(a) 138 287 124,147 Misonix, Inc.* 36 691 Gas Utilities - 0.2% Natus Medical, Inc.* 101 2,707 Brookfield Infrastructure Corp., Nemaura Medical, Inc.*(a) 22 299 Class A 95 6,800 Neogen Corp.* 158 14,585 Chesapeake Utilities Corp. 51 5,842 Nevro Corp.* 102 15,371 New Jersey Resources Corp. 286 12,218 NuVasive, Inc.* 154 10,503 Northwest Natural Holding Co. 91 4,812 OraSure Technologies, Inc.* 213 2,047 ONE Gas, Inc. 157 11,668 Ortho Clinical Diagnostics RGC Resources, Inc. 23 526 Holdings plc* 265 5,446 South Jersey Industries, Inc. 303 8,078 Orthofix Medical, Inc.* 56 2,279 Southwest Gas Holdings, Inc. 171 11,288 OrthoPediatrics Corp.*(a) 39 2,203 Spire, Inc. 151 10,821 Outset Medical, Inc.* 30 1,448 72,053 PAVmed, Inc.*(a) 187 991 Health Care Equipment & Supplies - 0.6% Pulmonx Corp.* 35 1,502 Accelerate Diagnostics, Inc.*(a) 98 744 Pulse Biosciences, Inc.*(a) 43 776 Accuray, Inc.* 276 1,176 Quotient Ltd.* 217 903 Acutus Medical, Inc.*(a) 43 700 Repro-Med Systems, Inc.*(a) 81 346 Alphatec Holdings, Inc.* 165 2,392 Retractable Technologies, Inc.*(a) 41 373 AngioDynamics, Inc.* 110 2,543 Rockwell Medical, Inc.*(a) 209 182 Apyx Medical Corp.* 100 979 SeaSpine Holdings Corp.* 79 1,610 Aspira Women's Health, Inc.*(a) 255 1,425 Shockwave Medical, Inc.* 85 15,291 AtriCure, Inc.* 131 9,790 SI-BONE, Inc.* 87 2,625 Atrion Corp. 4 2,484 Sientra, Inc.* 155 1,079 Avanos Medical, Inc.* 143 5,734 Silk Road Medical, Inc.* 82 3,984 Axogen, Inc.* 112 2,274 Soliton, Inc.*(a) 21 468 Axonics, Inc.* 91 5,250 STAAR Surgical Co.* 137 20,006 Bellerophon Therapeutics, Inc.* 13 54 Stereotaxis, Inc.* 133 1,067 Beyond Air, Inc.*(a) 50 247 Surgalign Holdings, Inc.*(a) 298 584 BioLife Solutions, Inc.* 42 1,399 Surmodics, Inc.* 40 2,122 BioSig Technologies, Inc.*(a) 75 271 Tactile Systems Technology, Inc.* 55 2,957 Bioventus, Inc., Class A* 23 409 Talis Biomedical Corp.* 40 390 Cantel Medical Corp.* 114 9,272 Tela Bio, Inc.* 21 289 Cardiovascular Systems, Inc.* 118 4,624 TransMedics Group, Inc.* 75 1,923 Cerus Corp.*(a) 493 2,854 Utah Medical Products, Inc. 10 857 Chembio Diagnostics, Inc.*(a) 59 188 Vapotherm, Inc.* 59 1,167 Co-Diagnostics, Inc.*(a) 80 646 Varex Imaging Corp.* 114 2,860 CONMED Corp. 82 11,291 Venus Concept, Inc.*(a) 76 155 CryoLife, Inc.* 114 3,284 ViewRay, Inc.* 362 2,129 CryoPort, Inc.* 120 6,710 VolitionRX Ltd.*(a) 89 311 Cutera, Inc.* 52 1,996 Zynex, Inc.*(a) 56 852 CytoSorbents Corp.* 123 995 283,035

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Health Care Providers & Services - 0.6% Omnicell, Inc.* 127 17,653 1Life Healthcare, Inc.* 236 8,732 OptimizeRx Corp.* 49 2,407 Accolade, Inc.*(a) 96 4,847 Phreesia, Inc.* 101 5,000 AdaptHealth Corp.* 225 5,893 Schrodinger, Inc.* 90 6,316 Addus HomeCare Corp.* 45 4,328 Simulations Plus, Inc. 46 2,428 AMN Healthcare Services, Inc.* 140 12,418 Tabula Rasa HealthCare, Inc.*(a) 64 2,765 Apollo Medical Holdings, Inc.* 61 2,128 Vocera Communications, Inc.* 96 3,237 Apria, Inc.* 23 700 87,421 Avalon GloboCare Corp.* 60 68 Hotels, Restaurants & Leisure - 0.8% Biodesix, Inc.*(a) 9 130 Accel Entertainment, Inc.* 151 1,981 Brookdale Senior Living, Inc.* 551 3,714 Bally's Corp.* 73 4,236 Castle Biosciences, Inc.* 44 2,637 Biglari Holdings, Inc., Class B* 3 480 Community Health Systems, Inc.* 256 3,653 BJ's Restaurants, Inc.* 66 3,648 CorVel Corp.* 26 3,240 Bloomin' Brands, Inc.* 263 7,772 Covetrus, Inc.* 349 9,681 Bluegreen Vacations Holding Cross Country Healthcare, Inc.* 107 1,675 Corp.* 44 924 Ensign Group, Inc. (The) 155 12,896 Corp.* 244 15,711 Enzo Biochem, Inc.* 133 410 Brinker International, Inc.* 136 8,357 Exagen, Inc.* 14 199 Caesars Entertainment, Inc.* 540 58,023 Five Star Senior Living, Inc.*(a) 57 343 Carrols Restaurant Group, Inc.* 105 621 Fulgent Genetics, Inc.*(a) 41 3,037 Century , Inc.* 81 1,133 Hanger, Inc.* 111 2,867 Cheesecake Factory, Inc. (The)* 127 7,470 HealthEquity, Inc.* 241 20,032 Churchill Downs, Inc. 114 22,746 InfuSystem Holdings, Inc.* 44 814 Chuy's Holdings, Inc.* 59 2,446 Joint Corp. (The)* 40 2,843 Cracker Barrel Old Country Store, LHC Group, Inc.* 91 17,913 Inc. 71 11,198 Magellan Health, Inc.* 73 6,876 Dave & Buster's Entertainment, MEDNAX, Inc.*(a) 224 7,163 Inc.* 133 5,623 ModivCare, Inc.* 36 5,300 Del Taco Restaurants, Inc. 89 904 National HealthCare Corp. 38 2,782 Denny's Corp.* 186 3,270 National Research Corp. 41 1,961 Dine Brands Global, Inc.* 47 4,463 Ontrak, Inc.*(a) 24 729 El Pollo Loco Holdings, Inc.* 56 944 Option Care Health, Inc.* 257 4,713 Everi Holdings, Inc.* 246 5,100 Owens & Minor, Inc. 218 9,747 Fiesta Restaurant Group, Inc.* 54 734 Patterson Cos., Inc. 254 8,265 GAN Ltd.*(a) 96 1,661 Pennant Group, Inc. (The)* 76 2,605 Golden Entertainment, Inc.* 50 2,132 PetIQ, Inc.* 64 2,630 Hilton Grand Vacations, Inc.* 256 11,707 Progenity, Inc.* 54 140 International Game Technology Progyny, Inc.* 80 5,123 plc* 298 7,229 R1 RCM, Inc.* 326 7,547 Jack in the Box, Inc. 69 7,838 RadNet, Inc.* 131 3,468 Kura Sushi USA, Inc., Class A* 10 430 Select Medical Holdings Corp. 326 13,063 Lindblad Expeditions Holdings, Sharps Compliance Corp.* 43 586 Inc.* 77 1,311 Surgery Partners, Inc.* 78 4,565 Marriott Vacations Worldwide Tenet Healthcare Corp.* 313 20,943 Corp.* 121 20,847 Tivity Health, Inc.* 130 3,406 Monarch & Resort, Inc.* 38 2,712 Triple-S Management Corp., Class Nathan's Famous, Inc. 9 581 B* 68 1,720 NEOGAMES SA*(a) 17 1,090 US Physical Therapy, Inc. 38 4,422 Noodles & Co.* 94 1,211 Viemed Healthcare, Inc.* 105 820 Papa John's International, Inc. 98 9,207 243,772 , Inc.*(a) 467 38,280 Health Care Technology - 0.2% PlayAGS, Inc.* 80 814 Healthcare Solutions, RCI Hospitality Holdings, Inc.(a) 25 1,937 Inc.* 472 8,208 Red Robin Gourmet Burgers, Inc.* 46 1,650 Computer Programs and Systems, Red Rock Resorts, Inc., Class A* 198 8,860 Inc. 39 1,262 Ruth's Hospitality Group, Inc.* 97 2,342 Evolent Health, Inc., Class A* 226 4,391 Scientific Games Corp.* 171 12,404 Health Catalyst, Inc.* 101 5,423 SeaWorld Entertainment, Inc.* 152 8,273 HealthStream, Inc.* 77 2,016 Shake Shack, Inc., Class A* 105 9,868 iCAD, Inc.* 60 987 Target Hospitality Corp.*(a) 88 339 Inovalon Holdings, Inc., Class A* 224 7,025 Texas Roadhouse, Inc. 197 19,840 Inspire Medical Systems, Inc.* 79 15,350 Wingstop, Inc. 89 12,699 NantHealth, Inc.*(a) 81 211 353,046 NextGen Healthcare, Inc.* 167 2,742

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Household Durables - 0.4% eHealth, Inc.* 77 5,024 Beazer Homes USA, Inc.* 86 2,048 Employers Holdings, Inc. 86 3,629 Casper Sleep, Inc.* 76 694 Enstar Group Ltd.* 36 9,140 Cavco Industries, Inc.* 28 6,196 FedNat Holding Co. 37 177 Century Communities, Inc.* 88 7,161 Genworth Financial, Inc., Class A* 1,513 6,355 Ethan Allen Interiors, Inc. 68 1,963 Goosehead Insurance, Inc., Class A 40 3,595 GoPro, Inc., Class A* 367 4,118 Greenlight Capital Re Ltd., Class Green Brick Partners, Inc.* 92 2,147 A* 81 749 Hamilton Beach Brands Holding HCI Group, Inc. 19 1,531 Co., Class A 20 504 Heritage Insurance Holdings, Inc. 75 625 Helen of Troy Ltd.* 73 15,365 Horace Mann Educators Corp. 124 4,944 Hooker Furniture Corp. 35 1,255 Independence Holding Co. 14 616 Installed Building Products, Inc. 69 8,183 Investors Title Co. 4 711 iRobot Corp.*(a) 83 8,109 James River Group Holdings Ltd. 90 3,143 KB Home 267 12,498 Kinsale Capital Group, Inc. 63 10,487 La-Z-Boy, Inc. 134 5,525 MBIA, Inc.* 149 1,488 Legacy Housing Corp.* 24 457 Midwest Holding, Inc.* 3 125 LGI Homes, Inc.*(a) 67 12,114 National Western Life Group, Inc., Lifetime Brands, Inc. 36 540 Class A 8 1,960 Lovesac Co. (The)*(a) 30 2,491 NI Holdings, Inc.* 27 515 M/I Homes, Inc.* 84 5,924 Palomar Holdings, Inc.* 61 4,453 MDC Holdings, Inc. 169 9,794 ProAssurance Corp. 161 3,920 Meritage Homes Corp.* 112 12,059 ProSight Global, Inc.* 28 358 Innovation, Inc.* 97 2,766 RLI Corp. 119 12,552 Skyline Champion Corp.* 158 8,003 Safety Insurance Group, Inc. 43 3,660 Sonos, Inc.* 361 13,357 Selective Insurance Group, Inc. 177 13,323 Taylor Morrison Home Corp., Class Selectquote, Inc.* 392 7,965 A* 379 11,226 SiriusPoint Ltd.* 253 2,662 TopBuild Corp.* 99 19,607 State Auto Financial Corp. 53 1,002 Tri Pointe Homes, Inc.* 379 9,142 Stewart Information Services Corp. 79 4,768 Tupperware Brands Corp.* 147 3,769 Tiptree, Inc. 73 786 Universal Electronics, Inc.* 40 2,002 Trean Insurance Group, Inc.* 35 588 VOXX International Corp.* 59 887 Trupanion, Inc.* 90 8,115 189,904 United Fire Group, Inc. 63 1,931 Household Products - 0.0%(c) United Insurance Holdings Corp. 61 344 Central Garden & Pet Co.* 29 1,593 Universal Insurance Holdings, Inc. 82 1,156 Central Garden & Pet Co., Class A* 120 6,054 Vericity, Inc.*(a) 6 54 Oil-Dri Corp. of America 15 548 Watford Holdings Ltd.* 51 1,782 WD-40 Co. 41 10,037 159,170 18,232 Interactive Media & Services - 0.1% Independent Power and Renewable Electricity Producers - 0.1% Cargurus, Inc.* 263 7,422 Brookfield Renewable Corp. 386 16,490 Cars.com, Inc.* 202 2,951 Clearway Energy, Inc., Class A 105 2,639 DHI Group, Inc.* 144 461 Clearway Energy, Inc., Class C 246 6,600 Eventbrite, Inc., Class A*(a) 193 3,918 Ormat Technologies, Inc.(a) 131 9,045 EverQuote, Inc., Class A* 42 1,324 Sunnova Energy International, Liberty TripAdvisor Holdings, Inc., Inc.* 168 4,906 Class A* 218 1,037 39,680 MediaAlpha, Inc., Class A* 53 2,243 Industrial Conglomerates - 0.0%(c) QuinStreet, Inc.* 144 2,608 Raven Industries, Inc. 107 4,722 TrueCar, Inc.* 309 1,826 Yelp, Inc.* 216 8,664 Insurance - 0.4% 32,454 Ambac Financial Group, Inc.* 136 2,052 Internet & Direct Retail - 0.1% American Equity Investment Life 1-800-Flowers.com, Inc., Class A* 77 2,346 Holding Co. 272 8,296 CarParts.com, Inc.* 102 1,667 AMERISAFE, Inc. 57 3,735 Duluth Holdings, Inc., Class B*(a) 33 531 Argo Group International Holdings Groupon, Inc.* 70 3,308 Ltd. 97 5,203 Lands' End, Inc.* 35 896 BRP Group, Inc., Class A* 127 3,122 Liquidity Services, Inc.* 79 1,889 Citizens, Inc.*(a) 149 778 Overstock.com, Inc.* 128 10,935 CNO Financial Group, Inc. 405 10,757 PetMed Express, Inc.(a) 59 1,705 Crawford & Co., Class A 49 474 Quotient Technology, Inc.* 261 3,069 Donegal Group, Inc., Class A 34 520 RealReal, Inc. (The)* 191 3,337 Shutterstock, Inc. 66 5,989

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Stamps.com, Inc.* 51 9,572 Harvard Bioscience, Inc.* 115 805 Stitch Fix, Inc., Class A* 177 9,462 Luminex Corp. 129 4,759 Waitr Holdings, Inc.*(a) 251 510 Medpace Holdings, Inc.* 83 13,866 55,216 NanoString Technologies, Inc.*(a) 132 7,325 IT Services - 0.3% NeoGenomics, Inc.* 326 13,376 Brightcove, Inc.* 118 1,711 Pacific Biosciences of California, Cardtronics plc, Class A*(a) 108 4,204 Inc.* 547 14,796 Cass Information Systems, Inc. 43 1,962 Personalis, Inc.* 79 1,777 Conduent, Inc.* 495 3,752 Quanterix Corp.* 72 3,707 Contra BmTechnologies* 12 154 Seer, Inc.*(a) 43 1,272 CSG Systems International, Inc. 97 4,272 67,734 EVERTEC, Inc. 181 7,879 Machinery - 0.7% Evo Payments, Inc., Class A* 137 3,924 Agrify Corp.*(a) 19 178 ExlService Holdings, Inc.* 99 10,096 Alamo Group, Inc. 30 4,625 GreenSky, Inc., Class A* 189 1,108 Albany International Corp., Class A 92 8,220 Grid Dynamics Holdings, Inc.* 82 1,260 Altra Industrial Motion Corp. 193 12,678 GTT Communications, Inc.*(a) 96 143 Astec Industries, Inc. 67 4,591 Hackett Group, Inc. (The) 75 1,336 Barnes Group, Inc. 141 7,532 I3 Verticals, Inc., Class A*(a) 56 1,740 Blue Bird Corp.* 47 1,230 IBEX Holdings Ltd.* 18 391 Chart Industries, Inc.* 108 15,762 Information Services Group, Inc.* 108 633 CIRCOR International, Inc.* 60 2,258 International Money Express, Inc.* 86 1,313 Columbus McKinnon Corp. 70 3,549 Limelight Networks, Inc.*(a) 361 1,119 Douglas Dynamics, Inc. 68 2,982 LiveRamp Holdings, Inc.* 195 9,797 Eastern Co. (The)(a) 16 510 Maximus, Inc. 183 16,959 Energy Recovery, Inc.*(a) 120 2,281 MoneyGram International, Inc.* 186 1,823 Enerpac Tool Group Corp. 180 4,932 Paysign, Inc.*(a) 94 311 EnPro Industries, Inc. 62 5,703 Perficient, Inc.* 98 7,016 ESCO Technologies, Inc. 77 7,287 PFSweb, Inc.* 48 361 Evoqua Water Technologies Corp.* 346 10,768 Priority Technology Holdings, ExOne Co. (The)* 43 917 Inc.* 23 178 Federal Signal Corp. 179 7,604 Rackspace Technology, Inc.* 103 2,079 Franklin Electric Co., Inc. 138 11,577 Repay Holdings Corp.* 200 4,542 Gencor Industries, Inc.* 31 389 ServiceSource International, Gorman-Rupp Co. (The) 53 1,907 Inc.*(a) 265 329 Graham Corp. 29 426 StarTek, Inc.* 52 329 Greenbrier Cos., Inc. (The) 97 4,308 Sykes Enterprises, Inc.* 115 4,821 Helios Technologies, Inc. 93 6,608 TTEC Holdings, Inc. 54 5,854 Hillenbrand, Inc. 222 10,123 Tucows, Inc., Class A*(a) 28 2,187 Hurco Cos., Inc. 19 653 Corp.* 186 4,782 Hydrofarm Holdings Group, Inc.* 29 1,806 Verra Mobility Corp.* 401 5,714 Hyster-Yale Materials Handling, 114,079 Inc. 30 2,268 Leisure Products - 0.2% John Bean Technologies Corp. 94 13,539 Acushnet Holdings Corp. 103 5,480 Kadant, Inc. 34 5,713 American Outdoor Brands, Inc.* 42 1,345 Kennametal, Inc. 249 9,340 Callaway Golf Co.* 280 10,338 L B Foster Co., Class A* 30 540 Clarus Corp. 73 1,729 Lindsay Corp. 33 5,433 Escalade, Inc.(a) 31 758 Luxfer Holdings plc 83 1,897 Johnson Outdoors, Inc., Class A 16 1,955 Lydall, Inc.* 51 1,855 Malibu , Inc., Class A* 62 4,862 Manitowoc Co., Inc. (The)* 102 2,634 Marine Products Corp. 22 357 Mayville Engineering Co., Inc.* 22 428 MasterCraft Holdings, Inc.* 56 1,555 Meritor, Inc.* 208 5,408 Nautilus, Inc.*(a) 90 1,621 Miller Industries, Inc.(a) 33 1,381 Smith & Wesson Brands, Inc. 166 3,529 Mueller Industries, Inc. 168 7,800 Sturm Ruger & Co., Inc. 51 4,026 Mueller Water Products, Inc., Class Vista Outdoor, Inc.* 175 7,628 A 470 6,801 YETI Holdings, Inc.*(a) 240 21,024 Corp.* 150 6,634 66,207 NN, Inc.* 126 946 Life Sciences Tools & Services - 0.2% Omega Flex, Inc.(a) 9 1,323 Champions Oncology, Inc.*(a) 20 188 Park-Ohio Holdings Corp. 26 959 ChromaDex Corp.*(a) 124 1,029 Proto Labs, Inc.*(a) 80 7,151 Codexis, Inc.*(a) 173 3,546 RBC Bearings, Inc.* 74 14,488 Fluidigm Corp.*(a) 222 1,288 REV Group, Inc.* 82 1,535 Rexnord Corp. 361 18,039

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Shyft Group, Inc. (The) 103 4,015 Compass Minerals International, SPX Corp.* 129 8,079 Inc. 102 7,130 SPX FLOW, Inc. 128 8,785 Gatos Silver, Inc.*(a) 71 1,210 Standex International Corp. 37 3,687 Gold Resource Corp. 201 559 Tennant Co. 55 4,551 Haynes International, Inc. 37 1,288 Terex Corp. 202 10,579 Hecla Co. 1,566 14,094 TriMas Corp.* 123 3,988 Kaiser Aluminum Corp. 47 6,081 Corp. 159 2,536 Materion Corp. 61 4,810 Watts Water Technologies, Inc., Novagold Resources, Inc.* 713 7,315 Class A 82 11,144 Olympic Steel, Inc. 27 965 Welbilt, Inc.* 391 9,662 Holding Corp.* 48 795 324,542 Schnitzer Steel Industries, Inc., Marine - 0.0%(c) Class A 78 4,249 Costamare, Inc. 152 1,631 SunCoke Energy, Inc. 249 1,875 Eagle Bulk Shipping, Inc.* 19 899 TimkenSteel Corp.* 135 2,045 Eneti, Inc. 25 503 United States Steel Corp.(a) 783 20,303 Genco Shipping & Trading Ltd. 51 806 Warrior Met Coal, Inc. 154 2,818 Matson, Inc. 128 8,275 Worthington Industries, Inc. 105 6,969 Pangaea Logistics Solutions Ltd.(a) 32 129 180,222 Safe Bulkers, Inc.* 156 576 Mortgage Real Estate Investment Trusts (REITs) - 0.2% 12,819 Apollo Commercial Real Estate Media - 0.2% Finance, Inc. 423 6,620 AMC Networks, Inc., Class A* 85 4,563 Arbor Realty Trust, Inc. 346 6,311 Boston Omaha Corp., Class A* 39 1,196 Ares Commercial Real Estate Corp. 92 1,396 Cardlytics, Inc.* 90 9,590 Asset Investment Corp., , Inc.* 182 728 Class A* 99 403 Daily Journal Corp.* 4 1,278 ARMOUR Residential REIT, Inc. 192 2,302 Emerald Holding, Inc.* 73 412 Blackstone Mortgage Trust, Inc., Entercom Communications Corp.* 352 1,531 Class A 418 13,389 Entravision Communications Corp., Broadmark Realty Capital, Inc. 386 3,972 Class A 176 822 Capstead Mortgage Corp. 286 1,845 EW Scripps Co. (The), Class A 168 3,563 Cherry Hill Mortgage Investment Fluent, Inc.* 125 361 Corp.(a) 46 452 Gannett Co., Inc.*(a) 399 2,047 Chimera Investment Corp. 576 8,139 Gray Television, Inc. 260 6,048 Colony Real Estate, Inc. 252 2,381 Hemisphere Media Group, Inc.* 49 606 Dynex Capital, Inc. 76 1,486 iHeartMedia, Inc., Class A* 183 4,247 Ellington Financial, Inc. 124 2,341 Loral Space & Communications, Ellington Residential Mortgage Inc.(a) 39 1,476 REIT(a) 27 331 Magnite, Inc.* 332 9,860 Granite Point Mortgage Trust, Inc. 164 2,358 Meredith Corp.* 119 4,008 Great Ajax Corp.(a) 62 781 MSG Networks, Inc., Class A* 91 1,403 Hannon Armstrong Sustainable National CineMedia, Inc. 187 905 Infrastructure Capital, Inc.(a) 220 10,826 Saga Communications, Inc., Class Invesco Mortgage Capital, Inc.(a) 697 2,370 A* 11 260 KKR Real Estate Finance Trust, Scholastic Corp. 87 2,930 Inc. 86 1,839 Sinclair Broadcast Group, Inc., Ladder Capital Corp. 317 3,709 Class A(a) 133 4,481 MFA Financial, Inc. 1,362 5,952 TechTarget, Inc.* 71 4,992 Mortgage Trust, Inc. 1,137 5,139 TEGNA, Inc. 658 12,759 Orchid Island Capital, Inc.(a) 257 1,406 WideOpenWest, Inc.* 157 2,617 PennyMac Mortgage Investment 82,683 Trust 294 5,762 Metals & Mining - 0.4% Ready Capital Corp. 175 2,664 Alcoa Corp.* 562 22,294 Redwood Trust, Inc. 336 3,740 Allegheny Technologies, Inc.* 381 9,331 TPG RE Finance Trust, Inc. 180 2,347 Arconic Corp.* 299 10,815 Two Harbors Investment Corp. 822 5,910 Caledonia Mining Corp. plc(a) 35 515 Western Asset Mortgage Capital Carpenter Technology Corp. 142 6,805 Corp.(a) 179 592 Co.* 152 2,069 106,763 -Cliffs, Inc.*(a) 1,347 27,102 Multiline Retail - 0.1% Coeur Mining, Inc.* 726 7,550 Big Lots, Inc. 111 6,765 Commercial Metals Co. 357 11,235 Dillard's, Inc., Class A(a) 21 2,770 Franchise Group, Inc. 65 2,401

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Macy's, Inc.* 936 17,110 World Services Corp. 187 5,747 29,046 176,584 Multi-Utilities - 0.1% Paper & Forest Products - 0.1% Avista Corp. 206 9,338 Corp.* 48 1,369 Black Hills Corp. 189 12,434 Domtar Corp.* 165 8,948 NorthWestern Corp. 152 9,629 Glatfelter Corp. 131 1,934 Unitil Corp. 44 2,414 Louisiana-Pacific Corp.(a) 330 22,179 33,815 Neenah, Inc. 50 2,646 Oil, Gas & Consumable - 0.4% Schweitzer-Mauduit International, Adams Resources & Energy, Inc.(a) 7 190 Inc. 93 3,805 Antero Resources Corp.* 728 9,398 Verso Corp., Class A 94 1,599 Arch Resources, Inc.* 45 2,568 42,480 Ardmore Shipping Corp.* 101 453 Personal Products - 0.1% Berry Corp. 203 1,291 BellRing Brands, Inc., Class A* 119 3,413 Bonanza Creek Energy, Inc.* 62 2,664 Edgewell Personal Care Co. 164 7,442 Brigham Minerals, Inc., Class A 127 2,304 elf Beauty, Inc.* 137 3,836 Clean Energy Fuels Corp.* 390 3,089 Inter Parfums, Inc. 53 4,053 CNX Resources Corp.* 654 8,907 Lifevantage Corp.* 41 327 Comstock Resources, Inc.* 73 411 Medifast, Inc. 34 11,297 CONSOL Energy, Inc.* 90 1,381 Nature's Sunshine Products, Inc. 27 553 Contango Oil & Gas Co.* 344 1,500 Revlon, Inc., Class A*(a) 21 269 CVR Energy, Inc.* 89 1,847 USANA Health Sciences, Inc.* 35 3,701 Delek US Holdings, Inc. 187 4,168 Veru, Inc.* 164 1,448 DHT Holdings, Inc. 334 2,138 36,339 Diamond S Shipping, Inc.* 82 877 Pharmaceuticals - 0.3% Dorian LPG Ltd.* 111 1,577 AcelRx Pharmaceuticals, Inc.*(a) 301 418 Earthstone Energy, Inc., Class A* 71 682 Aerie Pharmaceuticals, Inc.*(a) 110 1,792 Energy Fuels, Inc.*(a) 400 2,596 Agile Therapeutics, Inc.*(a) 204 328 Evolution Petroleum Corp.(a) 93 343 Amneal Pharmaceuticals, Inc.*(a) 298 1,687 Falcon Minerals Corp. 115 536 Amphastar Pharmaceuticals, Inc.* 109 2,062 Frontline Ltd. 354 3,016 Angion Biomedica Corp.*(a) 17 262 Golar LNG Ltd.* 307 3,899 ANI Pharmaceuticals, Inc.*(a) 28 962 Goodrich Petroleum Corp.* 28 310 Antares Pharma, Inc.*(a) 493 1,957 Green Plains, Inc.* 103 3,285 Aquestive Therapeutics, Inc.*(a) 60 223 International Seaways, Inc. 72 1,443 Arvinas, Inc.* 108 7,856 Kosmos Energy Ltd.* 1,209 3,845 Atea Pharmaceuticals, Inc.* 44 898 Magnolia Oil & Gas Corp., Class Athira Pharma, Inc.*(a) 42 837 A* 372 4,806 Avenue Therapeutics, Inc.*(a) 20 99 Matador Resources Co. 331 10,142 Axsome Therapeutics, Inc.* 83 5,039 NACCO Industries, Inc., Class A(a) 11 281 Aytu BioPharma, Inc.*(a) 66 335 NextDecade Corp.* 63 122 BioDelivery Sciences International, Nordic American Tankers Ltd. 442 1,538 Inc.* 269 950 Overseas Shipholding Group, Inc., Cara Therapeutics, Inc.*(a) 123 1,672 Class A* 198 457 Cassava Sciences, Inc.*(a) 98 5,284 Ovintiv, Inc. 785 20,905 Cerecor, Inc.* 129 341 Par Pacific Holdings, Inc.* 120 1,670 Chiasma, Inc.*(a) 150 634 PBF Energy, Inc., Class A* 290 4,681 Collegium Pharmaceutical, Inc.* 103 2,461 PDC Energy, Inc.* 299 12,624 Corcept Therapeutics, Inc.* 292 6,307 Peabody Energy Corp.* 188 1,246 CorMedix, Inc.*(a) 98 708 Penn Virginia Corp.* 46 887 Cymabay Therapeutics, Inc.*(a) 208 880 PrimeEnergy Resources Corp.* 2 83 Durect Corp.* 669 1,104 Range Resources Corp.* 642 8,706 Eloxx Pharmaceuticals, Inc.*(a) 80 125 Renewable Energy Group, Inc.*(a) 129 7,878 Endo International plc* 679 3,986 REX American Resources Corp.* 16 1,536 Eton Pharmaceuticals, Inc.*(a) 51 360 Scorpio Tankers, Inc.(a) 152 3,402 Evofem Biosciences, Inc.*(a) 230 198 SFL Corp. Ltd. 284 2,459 Evolus, Inc.*(a) 65 703 SM Energy Co. 342 6,806 Fulcrum Therapeutics, Inc.* 51 455 Southwestern Energy Co.* 1,942 10,040 Graybug Vision, Inc.*(a) 20 80 Talos Energy, Inc.*(a) 41 581 Harmony Biosciences Holdings, Tellurian, Inc.*(a) 504 2,197 Inc.* 19 607 Uranium Energy Corp.*(a) 585 1,831 Harrow Health, Inc.*(a) 67 616 W&T Offshore, Inc.* 283 1,058 IMARA, Inc.*(a) 23 167 Whiting Petroleum Corp.* 4 183 Innoviva, Inc.* 190 2,555

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Intra-Cellular Therapies, Inc.* 199 7,843 ManTech International Corp., Class Kala Pharmaceuticals, Inc.*(a) 119 672 A 81 7,048 Kaleido Biosciences, Inc.*(a) 41 294 Mastech Digital, Inc.*(a) 12 189 Landos Biopharma, Inc.* 19 209 Mistras Group, Inc.* 54 562 Lannett Co., Inc.*(a) 98 421 Red Violet, Inc.*(a) 20 440 Liquidia Corp.*(a) 81 244 Resources Connection, Inc. 93 1,356 Lyra Therapeutics, Inc.*(a) 20 144 TriNet Group, Inc.* 124 9,342 Marinus Pharmaceuticals, Inc.*(a) 87 1,463 TrueBlue, Inc.* 105 2,849 NGM Biopharmaceuticals, Inc.* 77 1,160 Upwork, Inc.* 278 13,085 Ocular Therapeutix, Inc.* 219 3,189 Willdan Group, Inc.* 31 1,127 Odonate Therapeutics, Inc.*(a) 47 163 134,380 Omeros Corp.*(a) 177 2,689 Real Estate Management & Development - 0.1% Optinose, Inc.*(a) 105 335 Alset EHome International, Inc.*(a) 7 29 Osmotica Pharmaceuticals plc*(a) 38 111 Altisource Portfolio Solutions Pacira BioSciences, Inc.* 128 7,766 SA*(a) 14 96 Paratek Pharmaceuticals, Inc.* 131 1,077 American Realty Investors, Inc.*(a) 3 32 Phathom Pharmaceuticals, Inc.* 35 1,237 Cushman & Wakefield plc* 332 6,311 Phibro Animal Health Corp., Class eXp World Holdings, Inc.*(a) 149 4,807 A 61 1,720 Fathom Holdings, Inc.*(a) 14 462 Pliant Therapeutics, Inc.*(a) 72 2,164 Forestar Group, Inc.* 50 1,151 Prestige Consumer Healthcare, FRP Holdings, Inc.* 19 1,089 Inc.* 151 7,530 Kennedy-Wilson Holdings, Inc. 362 7,182 Provention Bio, Inc.*(a) 159 1,210 Marcus & Millichap, Inc.* 70 2,751 Recro Pharma, Inc.*(a) 58 133 Maui Land & Pineapple Co., Inc.* 20 213 Relmada Therapeutics, Inc.* 44 1,522 Newmark Group, Inc., Class A 435 5,612 Revance Therapeutics, Inc.* 189 5,596 Rafael Holdings, Inc., Class B* 29 1,499 Satsuma Pharmaceuticals, Inc.* 28 146 RE/MAX Holdings, Inc., Class A 55 1,926 scPharmaceuticals, Inc.*(a) 21 119 Realogy Holdings Corp.* 344 6,092 SIGA Technologies, Inc.* 156 1,100 Corp.*(a) 299 17,650 Strongbridge Biopharma plc* 132 333 RMR Group, Inc. (The), Class A 46 1,800 Supernus Pharmaceuticals, Inc.*(a) 146 4,358 St Joe Co. (The) 99 4,630 Tarsus Pharmaceuticals, Inc.* 19 633 Stratus Properties, Inc.* 18 489 Terns Pharmaceuticals, Inc.*(a) 26 445 Tejon Ranch Co.* 63 942 TherapeuticsMD, Inc.*(a) 1,012 1,224 Transcontinental Realty Investors, Theravance Biopharma, Inc.*(a) 140 2,419 Inc.*(a) 4 116 Tricida, Inc.*(a) 85 392 64,879 Verrica Pharmaceuticals, Inc.*(a) 37 417 Road & Rail - 0.1% VYNE Therapeutics, Inc.*(a) 109 431 ArcBest Corp. 76 5,916 WaVe Life Sciences Ltd.* 98 670 Avis Budget Group, Inc.* 158 13,875 Xeris Pharmaceuticals, Inc.*(a) 138 431 Covenant Logistics Group, Inc., Zogenix, Inc.* 167 2,931 Class A*(a) 35 788 119,889 Daseke, Inc.* 137 992 Professional Services - 0.3% Heartland Express, Inc. 146 2,650 Acacia Research Corp.*(a) 143 765 Marten Transport Ltd. 178 3,037 Akerna Corp.* 60 263 PAM Transportation Services, Inc.* 5 290 ASGN, Inc.* 153 15,773 , Inc.* 79 18,183 Barrett Business Services, Inc. 23 1,713 Universal Logistics Holdings, BGSF, Inc. 29 344 Inc.(a) 23 575 CBIZ, Inc.* 153 5,081 US Xpress Enterprises, Inc., Class CRA International, Inc. 23 1,883 A* 66 742 Exponent, Inc. 154 14,049 , Inc. 180 8,638 Forrester Research, Inc.* 33 1,416 55,686 Franklin Covey Co.* 38 1,178 Semiconductors & Semiconductor Equipment - 0.6% GP Strategies Corp.* 39 690 Advanced Energy Industries, Inc. 114 11,629 Heidrick & Struggles International, Alpha & Omega Semiconductor Inc. 58 2,496 Ltd.* 63 2,029 Huron Consulting Group, Inc.* 68 3,720 Ambarella, Inc.* 102 10,239 ICF International, Inc. 55 4,834 Amkor Technology, Inc. 299 6,309 Insperity, Inc. 108 9,957 Atomera, Inc.*(a) 54 948 KBR, Inc. 427 17,396 Axcelis Technologies, Inc.* 100 4,144 Kelly Services, Inc., Class A* 101 2,593 AXT, Inc.* 118 1,201 Kforce, Inc. 59 3,700 Brooks , Inc. 218 22,256 Korn Ferry 161 10,531 CEVA, Inc.* 66 2,961

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) CMC Materials, Inc. 87 13,427 Intelligent Systems Corp.* 22 719 Cohu, Inc.* 126 4,690 InterDigital, Inc. 92 7,432 CyberOptics Corp.* 21 626 J2 Global, Inc.* 130 16,189 Diodes, Inc.* 129 9,761 LivePerson, Inc.*(a) 187 10,276 DSP Group, Inc.* 67 1,053 MicroStrategy, Inc., Class A* 22 10,340 FormFactor, Inc.* 232 8,178 Mimecast Ltd.* 174 8,698 GSI Technology, Inc.* 50 312 Mitek Systems, Inc.* 125 2,120 Ichor Holdings Ltd.* 81 4,557 Model N, Inc.* 105 3,745 Impinj, Inc.* 51 2,654 ON24, Inc.* 26 837 Lattice Semiconductor Corp.* 408 21,653 OneSpan, Inc.* 100 2,615 MACOM Technology Solutions Park City Group, Inc.*(a) 37 222 Holdings, Inc.* 144 8,525 Ping Identity Holding Corp.*(a) 111 2,676 Maxeon Solar Technologies Ltd.* 32 500 Progress Software Corp. 133 5,928 MaxLinear, Inc.* 206 7,832 PROS Holdings, Inc.* 120 5,324 NeoPhotonics Corp.* 149 1,521 Q2 Holdings, Inc.* 151 14,334 NVE Corp. 14 978 QAD, Inc., Class A 35 2,501 Onto Innovation, Inc.* 142 10,191 Qualys, Inc.* 102 9,861 PDF Solutions, Inc.* 87 1,517 Rapid7, Inc.* 155 12,966 Photronics, Inc.* 186 2,518 Rimini Street, Inc.* 69 449 Pixelworks, Inc.*(a) 137 478 Sailpoint Technologies Holdings, Power Integrations, Inc. 177 14,548 Inc.* 264 12,284 Rambus, Inc.* 340 6,650 Sapiens International Corp. NV 82 2,354 Semtech Corp.* 194 12,222 SeaChange International, Inc.*(a) 91 106 Silicon Laboratories, Inc.* 130 17,753 SecureWorks Corp., Class A* 27 380 SiTime Corp.* 35 3,441 ShotSpotter, Inc.* 24 977 SMART Global Holdings, Inc.* 44 2,086 Smith Micro Software, Inc.* 103 555 SunPower Corp.*(a) 230 5,380 Sprout Social, Inc., Class A* 84 5,831 Synaptics, Inc.* 105 13,265 SPS Commerce, Inc.* 107 10,043 Ultra Clean Holdings, Inc.* 120 6,760 Sumo Logic, Inc.* 43 808 Veeco Instruments, Inc.* 146 3,478 SVMK, Inc.* 368 7,158 248,270 Synchronoss Technologies, Inc.*(a) 118 343 Software - 1.0% Telos Corp.*(a) 49 1,611 8x8, Inc.* 320 7,536 Tenable Holdings, Inc.* 213 8,903 A10 Networks, Inc.* 180 1,751 Upland Software, Inc.* 80 3,279 ACI Worldwide, Inc.* 344 13,161 Varonis Systems, Inc.* 304 14,683 Agilysys, Inc.* 57 2,895 Verint Systems, Inc.* 195 8,992 Alarm.com Holdings, Inc.*(a) 143 11,709 Veritone, Inc.* 79 1,514 Altair Engineering, Inc., Class Viant Technology, Inc., Class A*(a) 130 8,758 A*(a) 32 934 American Software, Inc., Class VirnetX Holding Corp.*(a) 190 870 A(a) 91 1,831 Workiva, Inc.* 119 11,293 Appfolio, Inc., Class A* 49 6,610 Xperi Holding Corp. 313 6,705 Appian Corp.*(a) 107 9,681 Yext, Inc.* 316 4,573 Asure Software, Inc.* 49 414 Zix Corp.* 164 1,143 Avaya Holdings Corp.* 251 7,199 Zuora, Inc., Class A* 310 4,796 Benefitfocus, Inc.* 87 1,287 423,362 Blackbaud, Inc.* 146 10,321 Specialty Retail - 0.7% Blackline, Inc.* 153 15,907 Aaron's Co., Inc. (The) 101 3,633 Bottomline Technologies DE, Inc.* 133 4,972 Abercrombie & Fitch Co., Class A* 187 7,985 Box, Inc., Class A* 430 10,023 Academy Sports & Outdoors, Inc.* 128 4,676 Cerence, Inc.* 114 10,845 American Eagle Outfitters, Inc.(a) 452 16,014 ChannelAdvisor Corp.* 84 1,993 America's Car-Mart, Inc.* 18 2,959 Cloudera, Inc.* 615 7,909 Asbury Automotive Group, Inc.* 58 11,501 Cognyte Software Ltd.*(a) 195 5,019 At Home Group, Inc.* 163 6,119 CommVault Systems, Inc.* 127 9,674 Bed Bath & Beyond, Inc.*(a) 364 10,188 Cornerstone OnDemand, Inc.* 184 8,091 Boot Barn Holdings, Inc.* 86 6,570 Digimarc Corp.*(a) 36 1,252 Buckle, Inc. (The) 87 3,664 Digital Turbine, Inc.* 253 16,741 Caleres, Inc. 108 2,709 Domo, Inc., Class B* 80 5,320 Camping World Holdings, Inc., Ebix, Inc.(a) 80 2,192 Class A(a) 98 4,350 eGain Corp.* 63 633 Cato Corp. (The), Class A* 61 943 Envestnet, Inc.* 159 11,443 Chico's FAS, Inc.* 357 1,660 GTY Technology Holdings, Children's Place, Inc. (The)* 42 3,906 Inc.*(a) 138 828 Citi Trends, Inc.* 28 2,334

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Conn's, Inc.* 52 1,206 Thrifts & Mortgage Finance - 0.3% Container Store Group, Inc. (The)* 95 1,288 Axos Financial, Inc.* 172 8,154 Designer Brands, Inc., Class A* 185 3,236 Bogota Financial Corp.*(a) 17 171 Envela Corp.*(a) 23 98 Bridgewater Bancshares, Inc.* 65 1,128 Express, Inc.* 191 819 Capitol Federal Financial, Inc. 391 5,059 GameStop Corp., Class A*(a) 172 38,184 Columbia Financial, Inc.* 141 2,506 Genesco, Inc.* 43 2,365 ESSA Bancorp, Inc. 27 428 Group 1 Automotive, Inc. 52 8,293 Essent Group Ltd. 331 15,835 GrowGeneration Corp.* 122 5,418 Federal Agricultural Mortgage Guess?, Inc. 119 3,495 Corp., Class C 27 2,739 Haverty Furniture Cos., Inc. 49 2,251 Flagstar Bancorp, Inc. 144 6,595 Hibbett Sports, Inc.* 49 4,153 FS Bancorp, Inc. 11 783 Lithia Motors, Inc., Class A(a) 87 30,623 Greene County Bancorp, Inc.(a) 9 258 Lumber Liquidators Holdings, Inc.* 86 1,959 Hingham Institution For Savings MarineMax, Inc.* 64 3,292 (The) 4 1,161 Monro, Inc. 99 6,172 Home Bancorp, Inc. 22 855 Murphy USA, Inc. 77 10,380 Home Point Capital, Inc.*(a) 22 141 National Vision Holdings, Inc.* 241 11,971 HomeStreet, Inc. 64 2,881 ODP Corp. (The)* 159 6,955 Kearny Financial Corp. 225 2,950 OneWater Marine, Inc., Class A* 31 1,526 Luther Burbank Corp. 55 668 Rent-A-Center, Inc. 145 8,962 Merchants Bancorp 26 1,117 RH* 47 30,129 Meridian Bancorp, Inc. 140 3,087 Sally Beauty Holdings, Inc.* 338 7,372 Meta Financial Group, Inc. 93 4,930 Shoe Carnival, Inc. 28 1,890 MMA Capital Holdings, Inc.*(a) 14 379 Signet Jewelers Ltd.* 156 9,451 Mr Cooper Group, Inc.* 227 7,852 Corp.* 81 9,031 NMI Holdings, Inc., Class A* 247 5,975 Sonic Automotive, Inc., Class A 70 3,376 Northfield Bancorp, Inc. 141 2,387 Sportsman's Warehouse Holdings, Northwest Bancshares, Inc. 351 4,970 Inc.* 128 2,278 Oconee Federal Financial Corp. 3 76 Tilly's, Inc., Class A* 67 915 OP Bancorp 36 373 , Inc.* 207 8,106 PCSB Financial Corp. 42 772 Winmark Corp. 9 1,762 PDL Community Bancorp*(a) 22 308 Zumiez, Inc.* 63 2,761 PennyMac Financial Services, Inc. 125 7,826 318,928 Pioneer Bancorp, Inc.* 35 427 Technology Hardware, Storage & Peripherals - 0.1% Premier Financial Corp. 111 3,385 3D Systems Corp.* 363 10,676 Provident Bancorp, Inc. 50 844 Avid Technology, Inc.* 95 2,934 Provident Financial Holdings, Inc. 18 313 Corsair Gaming, Inc.*(a) 69 2,154 Provident Financial Services, Inc. 213 5,380 Diebold Nixdorf, Inc.* 211 2,857 Prudential Bancorp, Inc. 21 291 Eastman Co.*(a) 47 335 , Inc. 574 13,403 Immersion Corp.* 51 436 Riverview Bancorp, Inc. 63 433 Intevac, Inc.*(a) 71 493 Security National Financial Corp., Quantum Corp.* 125 939 Class A* 29 253 Super Micro Computer, Inc.* 130 4,516 Southern Bancorp, Inc. 23 1,017 Turtle Beach Corp.* 42 1,390 Sterling Bancorp, Inc.* 49 236 26,730 Territorial Bancorp, Inc. 24 627 Textiles, Apparel & Luxury Goods - 0.2% Timberland Bancorp, Inc. 22 641 Crocs, Inc.* 200 20,248 TrustCo Bank Corp. 57 2,223 Deckers Outdoor Corp.* 84 28,177 Walker & Dunlop, Inc. 85 8,631 Fossil Group, Inc.* 141 1,991 , Inc. 226 7,535 G-III Apparel Group Ltd.* 132 4,361 Waterstone Financial, Inc. 65 1,286 Kontoor Brands, Inc. 155 9,923 Western New England Bancorp, Lakeland Industries, Inc.*(a) 23 580 Inc. 67 570 Movado Group, Inc. 47 1,303 WSFS Financial Corp. 142 7,556 Oxford Industries, Inc. 49 4,692 147,415 Rocky Brands, Inc. 21 1,225 Tobacco - 0.0%(c) Steven Madden Ltd. 247 10,226 Turning Point Brands, Inc. 36 1,540 Superior Group of Cos., Inc.(a) 32 817 Universal Corp. 73 4,091 Unifi, Inc.* 41 1,129 Vector Group Ltd. 419 5,761 Vera Bradley, Inc.* 62 712 11,392 Wolverine World Wide, Inc. 242 8,823 Trading Companies & Distributors - 0.3% 94,207 Alta Equipment Group, Inc.* 52 762 Applied Industrial Technologies, Inc. 116 11,363

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Beacon Roofing Supply, Inc.* 164 9,289 Boise Cascade Co. 117 7,721 SECURITIES LENDING REINVESTMENTS(f) - 0.7% CAI International, Inc. 50 2,146 Custom Truck One Source, Inc.* 40 424 INVESTMENT COMPANIES - 0.7% DXP Enterprises, Inc.* 49 1,514 BlackRock Liquidity FedFund, Institutional Class EVI Industries, Inc.* 15 451 0.03% (Cost $299,110) 299,110 299,110 GATX Corp.(a) 104 10,261 GMS, Inc.*(a) 125 5,724 H&E Equipment Services, Inc. 96 3,590 Principal Herc Holdings, Inc.* 73 8,396 Investments Amount ($) Value ($) Lawson Products, Inc.* 13 787 McGrath RentCorp 72 6,173 SHORT-TERM INVESTMENTS - 73.4% MRC Global, Inc.*(a) 236 2,535 NOW, Inc.* 329 3,445 REPURCHASE AGREEMENTS(g) - 5.4% Rush Enterprises, Inc., Class A 124 5,927 Repurchase Agreements with various Rush Enterprises, Inc., Class B 20 867 counterparties, rates 0.00% - SiteOne Landscape Supply, Inc.*(a) 132 22,709 0.01%, dated 5/28/2021, due Systemax, Inc. 37 1,270 6/1/2021, total to be received Textainer Group Holdings Ltd.* 148 4,988 $2,395,803 Titan Machinery, Inc.* 58 1,779 (Cost $2,395,803) 2,395,803 2,395,803 Transcat, Inc.* 21 1,110 Triton International Ltd. 181 9,819 Veritiv Corp.* 43 2,641 U.S. TREASURY OBLIGATIONS - 68.0% WESCO International, Inc.* 147 15,666 U.S. Treasury Bills Willis Lease Finance Corp.* 9 399 0.01%, 8/5/2021(h) (Cost 141,756 $29,969,372) 29,970,000 29,969,476 Water Utilities - 0.1% American States Water Co. 111 8,810 TOTAL SHORT-TERM Artesian Resources Corp., Class A 24 990 INVESTMENTS Cadiz, Inc.*(a) 61 839 (Cost $32,365,175) 32,365,279 California Water Service Group 148 8,412 Consolidated Water Co. Ltd. 43 529 Global Water Resources, Inc.(a) 38 649 Middlesex Water Co. 51 4,384 Total Investments - 93.6% Pure Cycle Corp.* 58 820 (Cost $38,741,445) 41,265,546 SJW Group 79 5,092 Other assets less liabilities - 6.4% 2,805,782 York Water Co. (The) 39 1,963 Net Assets - 100.0% 44,071,328 32,488

Wireless Telecommunication Services - 0.0%(c) , Inc.* 131 1,831 Gogo, Inc.*(a) 166 2,261 Shenandoah Telecommunications Co. 145 7,234 Spok Holdings, Inc. 53 619 11,945 TOTAL COMMON STOCKS (COST $6,077,043) 8,601,157

Number of Investments Rights Value ($)

RIGHTS - 0.0%

Biotechnology - 0.0% Contra Aduro Biotech I, CVR*(d)(e) 39 — Tobira Therapeutics, Inc., CVR*(d)(e) 10 —

TOTAL RIGHTS (Cost $117) —

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

* Non-income producing security. (a) The security or a portion of this security is on at May 31, 2021. The total value of securities on loan at May 31, 2021 was $889,855, collateralized in the form of cash with a value of $299,110 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $630,887 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from June 24, 2021 – November 15, 2050. The total value of collateral is $929,997. (b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. (c) Represents less than 0.05% of net assets. (d) Security fair valued as of May 31, 2021 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at May 31, 2021 amounted to $0, which represents approximately 0.00% of net assets of the Fund. (e) Illiquid security. (f) The security was purchased with cash collateral held from securities on loan at May 31, 2021. The total value of securities purchased was $299,110. (g) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. (h) The rate shown was the current yield as of May 31, 2021.

Abbreviations CVR Contingent Value Rights - No defined expiration

As of May 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation $ 5,237,374

Aggregate gross unrealized depreciation (332,888)

Net unrealized appreciation $ 4,904,486

Federal income tax cost $ 38,786,954

Futures Contracts Purchased Hedge Replication ETF had the following open long futures contracts as of May 31, 2021: Value and Number of Expiration Trading Unrealized Contracts Date Currency Notional Amount Appreciation E-Mini Euro 57 6/14/2021 USD $ 4,347,675 $ 83,204

See accompanying notes to the financial statements.

Hedge Replication ETF Schedule of Portfolio Investments May 31, 2021

Swap Agreementsa Hedge Replication ETF had the following open non-exchange traded total return swap agreements as of May 31, 2021:

Financial Cash Instruments Collateral for Value and for the the Benefit of Unrealized Benefit of (the (the Fund)/ Appreciation/ Fund)/ the the Notional Termination Rate Paid (Depreciation)d Counterparty Counterparty Net Amount ($) Dateb Counterparty (Received)c Underlying Instrument ($) ($) ($) Amounte ($) Credit Suisse Russell 2000® Total 70,338 11/8/2021 International 0.55% Return Index 691,747

Credit Suisse S&P 500® Total Return 786,169 12/15/2021 International 0.70% Index 116,795

Credit Suisse iShares® MSCI 1,577,858 11/8/2021 International 0.40% Emerging Markets ETFf 1,014,555

2,434,365 1,823,097 — (1,720,000) 103,097

Morgan Stanley & Co. International iShares® MSCI 322,501 1/6/2022 plc 0.25% Emerging Markets ETFf 26,298 — — 26,298

Societe iShares® MSCI EAFE (930,708) 11/7/2022 Generale 0.75% ETFf (51,450)

Societe iShares® MSCI 382,471 11/7/2022 Generale (0.20)% Emerging Markets ETFf 40,766

Societe S&P 500® Total Return 1,299,070 11/22/2021 Generale 0.45% Index 140,283

Societe Russell 2000® Total 3,786,911 11/8/2021 Generale 0.40% Return Index 45,006

4,537,744 174,605 — — 174,605

iShares® MSCI EAFE (1,992,913) 11/8/2021 UBS AG 0.30% ETFf (81,870)

iShares® MSCI 154,587 11/8/2021 UBS AG (0.10)% Emerging Markets ETFf 26,200

Russell 2000® Total 2,198,632 11/8/2021 UBS AG 0.10% Return Index 374,360

360,306 318,690 (260,093) — 58,597

7,654,916 2,342,690

Total Unrealized Appreciation 2,476,010

Total Unrealized Depreciation (133,320)

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. c Reflects the floating financing rate, as of May 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default. f In order to facilitate the daily valuation of these swap transactions as of close of business New York time, one or more financial products traded on a U.S. exchange are used as the reference entity as a surrogate for the respective underlying index for the purposes of both daily valuation calculation as well as final settlement of the swap.

Abbreviations

USD U.S. Dollar

See accompanying notes to the financial statements.

Large Cap Core Plus Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Building Products - 0.2% COMMON STOCKS(a) - 94.3% Fortune Brands Home & Security, Inc. 4,873 502,699 Aerospace & Defense - 1.7% Masco Corp. 6,084 366,926 Co. (The)* 1,087 268,511 869,625 General Dynamics Corp. 4,212 799,901 Capital Markets - 1.8% Huntington Ingalls Industries, Inc. 6,298 1,361,690 , Inc. 13,053 1,452,799 L3Harris Technologies, Inc. 4,020 876,601 Franklin Resources, Inc. 44,084 1,508,114 Lockheed Martin Corp. 5,704 2,180,069 Invesco Ltd. 55,045 1,570,434 Northrop Corp. 3,168 1,159,076 MarketAxess Holdings, Inc. 2,626 1,225,134 Teledyne Technologies, Inc.* 2,028 850,685 , Inc. 9,662 1,617,998 , Inc. 7,893 540,434 S&P Global, Inc.(b) 1,944 737,690 8,036,967 T. Rowe Price Group, Inc. 2,198 420,587 Air Freight & Logistics - 1.1% 8,532,756 CH Robinson Worldwide, Inc. 5,696 552,626 Chemicals - 1.7% of Air Products and Chemicals, Inc. 3,493 1,046,712 Washington, Inc. 2,942 369,780 Celanese Corp. 1,281 211,942 FedEx Corp. 6,998 2,203,040 CF Industries Holdings, Inc. 14,672 780,110 , Inc., Class B 10,569 2,268,108 Corteva, Inc. 35,840 1,630,720 5,393,554 FMC Corp. 12,356 1,441,822 Airlines - 0.1% Linde plc 734 220,640 Alaska Air Group, Inc.* 8,719 603,355 Mosaic Co. (The) 32,890 1,188,645 PPG Industries, Inc. 1,356 243,700 Auto Components - 0.3% Sherwin-Williams Co. (The) 4,353 1,234,206 plc* 3,694 555,652 7,998,497 BorgWarner, Inc. 16,774 860,338 Communications Equipment - 0.3% 1,415,990 Cisco Systems, Inc. 15,516 820,797 Automobiles - 1.7% Solutions, Inc. 3,746 769,091 Ford Motor Co.* 157,778 2,292,514 1,589,888 Co.* 30,012 1,780,012 Construction & Engineering - 0.3% Tesla, Inc.* 6,694 4,185,223 Quanta Services, Inc. 15,666 1,493,753 8,257,749 Banks - 4.3% Consumer Finance - 0.4% Corp. 40,838 1,731,123 Capital One Financial Corp. 8,494 1,365,666 Citigroup, Inc. 33,401 2,628,993 Synchrony Financial 15,586 738,932 Fifth Third Bancorp 39,982 1,684,841 2,104,598 , Inc. 88,173 1,398,424 Containers & Packaging - 0.4% JPMorgan Chase & Co. 20,933 3,438,036 International Paper Co. 21,050 1,328,255 KeyCorp 65,242 1,503,176 Sealed Air Corp. 12,441 707,395 People's United Financial, Inc. 67,903 1,284,046 2,035,650 PNC Financial Services Group, Inc. Distributors - 0.4% (The) 7,537 1,467,303 LKQ Corp.* 30,927 1,576,040 Regions Financial Corp. 71,254 1,668,056 Pool Corp. 1,352 590,215 SVB Financial Group* 2,215 1,291,101 2,166,255 Corp. 35,041 2,164,833 Diversified Financial Services - 0.8% Wells Fargo & Co. 10,156 474,488 Berkshire Hathaway, Inc., Class B* 13,715 3,969,670 20,734,420 Beverages - 0.9% Diversified Telecommunication Services - 0.7% Coca-Cola Co. (The) 16,784 927,987 AT&T, Inc. 28,348 834,282 Constellation Brands, Inc., Class A 6,959 1,668,212 Lumen Technologies, Inc. 100,681 1,393,425 Monster Beverage Corp.* 5,718 539,036 Verizon Communications, Inc. 20,114 1,136,240 PepsiCo, Inc. 7,249 1,072,417 3,363,947 4,207,652 Electric Utilities - 1.5% Biotechnology - 2.2% Alliant Energy Corp. 4,944 282,550 AbbVie, Inc. 25,451 2,881,053 Edison International 27,574 1,540,559 Alexion Pharmaceuticals, Inc.* 6,717 1,185,886 Entergy Corp. 15,009 1,579,847 Amgen, Inc. 2,743 652,669 Corp. 32,246 1,454,940 Biogen, Inc.* 649 173,595 FirstEnergy Corp. 17,742 672,599 Gilead Sciences, Inc. 8,583 567,422 NextEra Energy, Inc. 2,364 173,092 Incyte Corp.* 18,179 1,523,037 NRG Energy, Inc. 42,649 1,371,165 Regeneron Pharmaceuticals, Inc.* 3,577 1,797,192 7,074,752 Vertex Pharmaceuticals, Inc.* 8,008 1,670,709 Electrical Equipment - 0.5% 10,451,563 AMETEK, Inc. 11,701 1,580,805

See accompanying notes to the financial statements.

Large Cap Core Plus Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Emerson Electric Co. 8,867 848,483 IDEXX Laboratories, Inc.* 3,482 1,943,339 2,429,288 Medtronic plc 2,591 327,995 Electronic Equipment, Instruments & Components - 0.5% ResMed, Inc. 7,483 1,540,375 Amphenol Corp., Class A 21,299 1,432,571 , Inc. 1,542 620,177 Keysight Technologies, Inc.* 5,985 852,144 West Pharmaceutical Services, Inc. 4,906 1,704,884 Corp., Class 19,529,490 A* 364 180,926 Health Care Providers & Services - 2.4% 2,465,641 AmerisourceBergen Corp. 9,485 1,088,309 Energy Equipment & Services - 0.0%(c) Anthem, Inc. 586 233,357 Halliburton Co. 7,691 172,663 Cardinal Health, Inc. 14,830 831,518 Centene Corp.* 13,631 1,003,242 Entertainment - 1.6% CVS Health Corp. 27,714 2,395,598 Activision Blizzard, Inc. 8,022 780,140 HCA Healthcare, Inc. 7,078 1,520,284 Electronic Arts, Inc. 3,041 434,650 Humana, Inc. 419 183,396 , Inc.* 6,667 3,352,234 McKesson Corp. 8,375 1,611,266 Take-Two Interactive Software, UnitedHealth Group, Inc. 5,884 2,423,737 Inc.* 5,396 1,001,282 Universal Health Services, Inc., Walt Disney Co. (The)* 11,257 2,011,063 Class B 1,435 229,069 7,579,369 11,519,776 Equity Real Estate Investment Trusts (REITs) - 4.6% Hotels, Restaurants & Leisure - 3.6% AvalonBay Communities, Inc. 8,377 1,733,536 Booking Holdings, Inc.* 805 1,901,048 Digital Realty Trust, Inc. 11,049 1,674,586 Caesars Entertainment, Inc.* 3,752 403,152 Duke Realty Corp. 34,081 1,583,403 Chipotle Mexican Grill, Inc.* 1,112 1,525,642 22,143 1,714,975 Darden Restaurants, Inc. 10,449 1,496,610 Extra Space Storage, Inc. 6,769 1,014,064 Domino's Pizza, Inc. 2,724 1,162,794 Healthpeak Properties, Inc. 37,681 1,257,792 Expedia Group, Inc.* 3,198 565,886 Iron Mountain, Inc.(b) 20,984 913,643 Holdings, Inc.* 14,177 1,775,953 Kimco Realty Corp. 70,389 1,499,990 Las Vegas Sands Corp.* 27,848 1,608,222 Mid-America Apartment Marriott International, Inc., Class Communities, Inc. 9,870 1,586,109 A* 7,454 1,070,245 Prologis, Inc. 14,807 1,744,857 McDonald's Corp. 6,456 1,509,994 SBA Communications Corp. 4,887 1,456,913 MGM Resorts International 19,278 826,448 UDR, Inc. 32,434 1,544,831 Penn National Gaming, Inc.* 9,475 776,666 Ventas, Inc. 22,111 1,226,055 Starbucks Corp. 10,162 1,157,249 Welltower, Inc. 19,770 1,478,203 Yum! Brands, Inc. 14,486 1,737,885 Weyerhaeuser Co. 43,528 1,652,323 17,517,794 22,081,280 Household Durables - 1.1% Food & Staples Retailing - 1.3% DR Horton, Inc. 18,082 1,723,034 Wholesale Corp. 696 263,276 Lennar Corp., Class A 16,605 1,644,061 Co. (The) 44,602 1,649,382 PulteGroup, Inc. 14,957 864,365 Boots Alliance, Inc. 29,165 1,535,829 Whirlpool Corp. 4,652 1,102,943 , Inc. 21,258 3,019,273 5,334,403 6,467,760 Household Products - 1.2% Food Products - 1.9% Church & Dwight Co., Inc. 14,584 1,250,286 Campbell Soup Co. 29,253 1,423,744 Clorox Co. (The) 7,309 1,291,720 , Inc. 40,631 1,548,041 Colgate-Palmolive Co. 3,884 325,401 , Inc. 10,351 650,664 Kimberly-Clark Corp. 1,922 251,071 Hershey Co. (The) 7,407 1,281,781 Procter & Gamble Co. (The) 18,813 2,536,933 J M Smucker Co. (The) 10,200 1,359,558 5,655,411 Kellogg Co. 19,399 1,270,441 Independent Power and Renewable Electricity Producers - 0.1% Tyson Foods, Inc., Class A 19,923 1,583,878 AES Corp. (The) 20,421 518,898 9,118,107 Health Care Equipment & Supplies - 4.1% Industrial Conglomerates - 0.6% 7,401 863,327 3M Co. 7,122 1,446,051 ABIOMED, Inc.* 1,503 427,724 General Electric Co. 94,045 1,322,273 Align Technology, Inc.* 1,383 816,177 Honeywell International, Inc. 1,156 266,932 , Inc. 21,156 1,737,331 3,035,256 Becton Dickinson and Co. 6,566 1,588,250 Insurance - 5.1% Cooper Cos., Inc. (The) 3,683 1,449,076 Corp. (The) 13,127 1,793,280 Danaher Corp. 11,550 2,958,417 American International Group, Inc. 22,756 1,202,427 DENTSPLY SIRONA, Inc. 12,478 835,028 Aon plc, Class A(b) 6,774 1,716,328 Dexcom, Inc.* 3,254 1,201,995 Arthur J Gallagher & Co. 11,321 1,659,772 Hologic, Inc.* 24,031 1,515,395 Assurant, Inc. 9,040 1,456,796

See accompanying notes to the financial statements.

Large Cap Core Plus Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Chubb Ltd. 4,188 711,918 Discovery, Inc., Class C* 24,252 728,773 Everest Re Group Ltd. 5,551 1,443,038 DISH Network Corp., Class A* 32,905 1,432,026 Globe Life, Inc. 12,031 1,268,308 Fox Corp., Class A 33,876 1,265,268 Hartford Financial Services Group, Interpublic Group of Cos., Inc. Inc. (The) 22,967 1,500,893 (The) 46,761 1,575,378 Lincoln National Corp. 6,851 478,131 News Corp., Class A 55,720 1,503,883 Loews Corp. 24,701 1,442,044 News Corp., Class B 41,600 1,068,704 MetLife, Inc. 28,464 1,860,407 Omnicom Group, Inc. 2,541 208,972 Principal Financial Group, Inc. 10,917 713,863 11,716,830 Progressive Corp. (The) 7,878 780,552 Metals & Mining - 0.6% Prudential Financial, Inc. 16,987 1,817,099 Freeport-McMoRan, Inc. 34,473 1,472,686 Travelers Cos., Inc. (The) 11,261 1,798,382 Newmont Corp. 20,654 1,517,656 Unum Group 45,782 1,417,869 2,990,342 W R Berkley Corp. 18,751 1,462,391 Multiline Retail - 0.9% Willis Towers Watson plc 647 169,100 Corp. 5,056 1,026,166 24,692,598 Dollar Tree, Inc.* 9,134 890,565 Interactive Media & Services - 3.7% Target Corp. 11,541 2,618,883 Alphabet, Inc., Class A* 2,367 5,578,664 4,535,614 Alphabet, Inc., Class C* 2,258 5,445,303 Multi-Utilities - 0.8% Facebook, Inc., Class A* 20,588 6,767,893 CenterPoint Energy, Inc. 51,275 1,297,258 17,791,860 DTE Energy Co. 11,670 1,610,343 Internet & Direct Marketing Retail - 3.1% WEC Energy Group, Inc. 7,736 726,488 Amazon.com, Inc.* 3,780 12,183,205 3,634,089 eBay, Inc. 28,624 1,742,629 Oil, Gas & Consumable Fuels - 3.0% Etsy, Inc.* 7,469 1,230,368 APA Corp. 9,863 205,150 15,156,202 Cabot Oil & Gas Corp. 70,893 1,162,645 IT Services - 3.3% Chevron Corp. 17,959 1,863,965 Accenture plc, Class A 5,836 1,646,686 Corp. 26,552 705,221 Akamai Technologies, Inc.* 1,676 191,416 Diamondback Energy, Inc. 9,354 748,975 Automatic Data Processing, Inc. 6,897 1,351,950 EOG Resources, Inc. 12,286 987,057 Broadridge Financial Solutions, Exxon Mobil Corp. 49,445 2,886,105 Inc. 9,650 1,538,982 HollyFrontier Corp. 17,247 560,010 DXC Technology Co.* 41,082 1,557,829 , Inc. 40,336 739,762 Gartner, Inc.* 6,536 1,515,306 Marathon Petroleum Corp. 11,755 726,459 Jack Henry & Associates, Inc. 6,516 1,004,441 ONEOK, Inc. 9,500 501,030 Mastercard, Inc., Class A 5,175 1,866,002 Phillips 66 4,642 390,949 PayPal Holdings, Inc.* 7,030 1,827,941 Pioneer Natural Resources Co. 6,274 954,840 Visa, Inc., Class A 10,644 2,419,381 Valero Energy Corp. 8,035 646,014 Western Union Co. (The) 48,900 1,196,583 Williams Cos., Inc. (The) 45,137 1,188,909 16,116,517 14,267,091 Life Sciences Tools & Services - 1.4% Pharmaceuticals - 2.5% Agilent Technologies, Inc. 1,832 253,054 Bristol-Myers Squibb Co. 39,353 2,586,279 Bio-Rad Laboratories, Inc., Class Catalent, Inc.* 10,890 1,141,599 A* 2,534 1,526,406 Eli Lilly & Co. 1,527 305,003 IQVIA Holdings, Inc.* 7,587 1,822,094 Johnson & Johnson 17,609 2,980,323 Mettler-Toledo International, Inc.* 596 775,366 Merck & Co., Inc. 17,641 1,338,775 PerkinElmer, Inc. 10,902 1,581,553 Perrigo Co. plc 15,758 727,074 Thermo Fisher Scientific, Inc. 1,479 694,390 Pfizer, Inc. 26,031 1,008,181 6,652,863 Zoetis, Inc. 11,163 1,972,279 Machinery - 2.6% 12,059,513 Deere & Co. 6,682 2,412,870 Professional Services - 0.8% Dover Corp. 10,664 1,604,932 , Inc. 2,678 629,437 IDEX Corp. 6,511 1,449,739 Jacobs Engineering Group, Inc. 10,397 1,477,206 , Inc.* 32,343 1,605,507 Leidos Holdings, Inc. 12,959 1,331,537 Otis Worldwide Corp. 7,323 573,611 Robert Half International, Inc. 3,458 307,036 Parker-Hannifin Corp. 5,383 1,658,771 3,745,216 Pentair plc 22,286 1,537,065 Real Estate Management & Development - 0.0%(c) Snap-on, Inc. 6,043 1,538,669 CBRE Group, Inc., Class A* 2,004 175,911 12,381,164 Media - 2.4% Road & Rail - 0.8% Charter Communications, Inc., JB Hunt Transport Services, Inc. 8,626 1,479,704 Class A* 3,345 2,323,203 Norfolk Southern Corp. 7,217 2,027,255 Corp., Class A 28,089 1,610,623

See accompanying notes to the financial statements.

Large Cap Core Plus Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Principal Union Pacific Corp. 1,324 297,543 Investments Amount ($) Value ($) 3,804,502 Semiconductors & Semiconductor Equipment - 4.2% SHORT-TERM INVESTMENTS - 5.2% Advanced Micro Devices, Inc.* 24,771 1,983,662 Applied Materials, Inc. 14,691 2,029,268 REPURCHASE AGREEMENTS(d) - 5.2% Broadcom, Inc. 1,309 618,280 Repurchase Agreements with various Intel Corp. 54,244 3,098,417 counterparties, rates 0.00% - Micron Technology, Inc.* 25,053 2,107,959 0.01%, dated 5/28/2021, due NVIDIA Corp. 4,535 2,946,752 6/1/2021, total to be received Qorvo, Inc.* 8,261 1,509,450 $24,988,757 QUALCOMM, Inc. 19,173 2,579,535 (Cost $24,988,753) 24,988,753 24,988,753 Skyworks Solutions, Inc. 8,472 1,440,240 Teradyne, Inc. 10,725 1,419,454 Texas Instruments, Inc. 2,118 402,039 20,135,056 Software - 7.9% Total Investments - 99.5% Adobe, Inc.* 7,598 3,833,799 (Cost $371,379,990) 479,683,907 ANSYS, Inc.* 3,408 1,151,699 Other assets less liabilities - 0.5% 2,219,683 Autodesk, Inc.* 6,897 1,971,576 Net Assets - 100.0% 481,903,590

Cadence Design Systems, Inc.* 12,331 1,565,914 Citrix Systems, Inc. 9,251 1,063,495

Fortinet, Inc.* 1,567 342,452 * Non-income producing security. Intuit, Inc. 1,826 801,778 (a) All or a portion of these securities are segregated in connection Microsoft Corp. 75,492 18,848,843 with obligations for swaps with a total value of $59,705,084. NortonLifeLock, Inc. 18,531 512,567 (b) The security or a portion of this security is on loan at May 31, Oracle Corp. 11,843 932,518 2021. The total value of securities on loan at May 31, 2021 was salesforce.com, Inc.* 10,657 2,537,432 $2,084,938, collateralized in the form of U.S. Government ServiceNow, Inc.* 4,299 2,037,210 Treasury Securities, interest rates ranging from 0.00% – 6.88%, Synopsys, Inc.* 5,179 1,317,227 and maturity dates ranging from June 30, 2021 – November 15, 2050. The total value of collateral is $2,138,847. Tyler Technologies, Inc.* 2,262 911,948 (c) Represents less than 0.05% of net assets. 37,828,458 (d) The Fund invests in Repurchase Agreements jointly with other Specialty Retail - 1.5% funds in the Trust. See "Repurchase Agreements" in the Notes Best Buy Co., Inc. 10,784 1,253,532 to Financial Statements to view the details of each individual CarMax, Inc.* 6,772 780,067 agreement and counterparty as well as a description of , Inc. (The) 6,531 2,082,801 securities subject to repurchase. L Brands, Inc.* 5,613 392,180 Lowe's Cos., Inc. 5,129 999,283

Ross Stores, Inc. 5,085 642,693 As of May 31, 2021, the gross unrealized appreciation (depreciation) of TJX Cos., Inc. (The) 2,542 171,687 investments based on the aggregate cost of investment securities and Tractor Supply Co. 5,197 944,295 derivative instruments, if applicable, for federal income tax purposes was 7,266,538 as follows: Technology Hardware, Storage & Peripherals - 4.2% Aggregate gross unrealized appreciation $ 137,635,741 Apple, Inc. 144,493 18,005,273 Aggregate gross unrealized depreciation (28,660,370) HP, Inc. 54,991 1,607,387 Net unrealized appreciation $ 108,975,371 Seagate Technology Holdings plc 4,694 449,450 Federal income tax cost $ 372,201,637

20,062,110 Textiles, Apparel & Luxury Goods - 0.9% Hanesbrands, Inc. 72,831 1,423,118 NIKE, Inc., Class B 10,391 1,417,956 Ralph Lauren Corp.* 1,523 188,974 , Inc., Class A* 63,299 1,429,291 4,459,339 Tobacco - 0.0%(c) Philip Morris International, Inc. 1,897 182,928

Wireless Telecommunication Services - 0.3% T-Mobile US, Inc.* 9,294 1,314,636

TOTAL COMMON STOCKS (COST $346,391,237) 454,695,154

See accompanying notes to the financial statements.

Large Cap Core Plus Schedule of Portfolio Investments May 31, 2021

Swap Agreementsa Large Cap Core Plus had the following open non-exchange traded total return swap agreements as of May 31, 2021:

Financial Cash Instruments Collateral for Value and for the the Benefit of Unrealized Benefit of (the (the Fund)/ Appreciation/ Fund)/ the the Notional Termination Rate Paid (Depreciation)d Counterparty Counterparty Net Amount ($) Dateb Counterparty (Received)c Underlying Instrument ($) ($) ($) Amounte ($) Goldman Credit Suisse 130/30 Sachs Large Cap Index (short (59,285,140 ) 1/6/2022 International (0.16)% portion)f (9,670,207) 9,665,083 5,124 —

Credit Suisse 130/30 Societe Large Cap Index (short (26,393,598) 11/7/2022 Generale 0.10% portion)f (2,480,227)

Credit Suisse 130/30 Societe Large Cap Index (long 118,173,310 11/7/2022 Generale 0.80% portion)g 14,944,621

91,779,712 12,464,394 (12,464,394) — —

Credit Suisse 130/30 Large Cap Index (short (60,091,535) 11/8/2021 UBS AG (0.20)% portion)f (11,639,501)

Credit Suisse 130/30 Large Cap Index (long 54,317,650 11/8/2021 UBS AG 0.65% portion)g 10,338,415

(5,773,885) (1,301,086) 1,110,422 190,664 —

26,720,687 1,493,101

Total Unrealized Appreciation 25,283,036

Total Unrealized Depreciation (23,789,935)

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. c Reflects the floating financing rate, as of May 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default. f Certain underlying short component disclosures related to this index may be found on the website at www.proshares.com/media/Large_Cap_Short_May.pdf. g See the Common Stocks section of the preceding Schedule of Portfolio Investments for the representative long components of the underlying reference instrument and their relative weightings.

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Banks - 8.5% COMMON STOCKS(a) - 93.6% Associated Banc-Corp. 46 1,057 BancorpSouth Bank 19 581 Aerospace & Defense - 1.8% Bank of America Corp. 1,572 66,637 Boeing Co. (The)* 95 23,467 Bank of Hawaii Corp. 6 538 Curtiss-Wright Corp. 5 627 Bank OZK 23 982 General Dynamics Corp. 50 9,495 BankUnited, Inc. 22 1,051 Hexcel Corp.* 12 714 BOK Financial Corp. 6 546 Howmet Aerospace, Inc.* 70 2,484 Cathay General Bancorp 15 625 Huntington Ingalls Industries, Inc. 9 1,946 CIT Group, Inc. 35 1,854 L3Harris Technologies, Inc. 24 5,233 Citigroup, Inc. 766 60,292 Lockheed Martin Corp. 36 13,759 Citizens Financial Group, Inc. 118 5,888 Corp. 23 8,415 Columbia Banking System, Inc. 12 518 Raytheon Technologies Corp. 159 14,105 Comerica, Inc. 35 2,747 Spirit AeroSystems Holdings, Inc., , Inc. 11 857 Class A 32 1,575 Credicorp Ltd.* 17 2,337 Teledyne Technologies, Inc.* 3 1,258 Cullen/Frost Bankers, Inc. 10 1,207 Textron, Inc. 51 3,492 East West Bancorp, Inc. 19 1,421 TransDigm Group, Inc.* 5 3,244 Fifth Third Bancorp 163 6,869 89,814 First Citizens BancShares, Inc., Air Freight & Logistics - 0.9% Class A 1 861 Atlas Air Worldwide Holdings, First Hawaiian, Inc. 27 760 Inc.* 11 824 First Horizon Corp. 69 1,316 CH Robinson Worldwide, Inc. 28 2,717 First Midwest Bancorp, Inc. 28 586 Expeditors International of First Republic Bank 11 2,106 Washington, Inc. 17 2,137 FNB Corp. 99 1,327 FedEx Corp. 44 13,852 Fulton Financial Corp. 42 728 Hub Group, Inc., Class A* 10 698 Glacier Bancorp, Inc. 11 641 United Parcel Service, Inc., Class B 94 20,172 Hancock Whitney Corp. 23 1,139 XPO Logistics, Inc.* 24 3,526 Home BancShares, Inc. 26 711 43,926 Huntington Bancshares, Inc. 223 3,537 Airlines - 0.2% Investors Bancorp, Inc. 55 818 Alaska Air Group, Inc.* 9 623 JPMorgan Chase & Co. 536 88,033 Group, Inc.*(b) 81 1,963 KeyCorp 216 4,977 , Inc.* 60 2,861 M&T Bank Corp. 29 4,660 JetBlue Airways Corp.* 32 643 Old National Bancorp 34 648 Co.* 27 1,659 PacWest Bancorp 41 1,852 Holdings, Inc.* 48 2,801 People's United Financial, Inc. 103 1,948 10,550 Pinnacle Financial Partners, Inc. 10 909 Auto Components - 0.4% PNC Financial Services Group, Inc. Adient plc* 43 2,153 (The) 82 15,964 Popular, Inc. 22 1,795 American Axle & Manufacturing Holdings, Inc.* 100 1,120 Prosperity Bancshares, Inc. 15 1,129 Regions Financial Corp. 215 5,033 Aptiv plc* 19 2,858 Autoliv, Inc. 18 1,908 5 1,249 BorgWarner, Inc. 53 2,718 Simmons First National Corp., Cooper Tire & Rubber Co. 11 653 Class A 21 640 Dana, Inc. 53 1,438 Sterling Bancorp 40 1,066 Gentex Corp. 26 923 SVB Financial Group* 3 1,749 Goodyear Tire & Rubber Co. Synovus Financial Corp. 27 1,326 TCF Financial Corp. 24 1,140 (The)* 109 2,161 Lear Corp. 19 3,674 Texas Capital Bancshares, Inc.* 11 758 Truist Financial Corp. 210 12,974 Tenneco, Inc., Class A* 48 753 Visteon Corp.* 10 1,225 UMB Financial Corp. 8 774 Umpqua Holdings Corp. 68 1,297 21,584 United Bankshares, Inc. 23 947 Automobiles - 1.5% US Bancorp 304 18,477 Ford Motor Co.* 2,540 36,906 Valley National Bancorp 82 1,174 General Motors Co.* 521 30,901 Webster Financial Corp. 16 907 Harley-Davidson, Inc. 54 2,617 Wells Fargo & Co. 1,587 74,145 Tesla, Inc.* 3 1,876 Western Alliance Bancorp 8 800 Thor Industries, Inc. 11 1,353 Corp. 11 885 73,653 Zions Bancorp NA 34 1,968 419,761

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Beverages - 1.4% Nasdaq, Inc. 10 1,675 Brown-Forman Corp., Class B 11 884 Corp. 36 4,363 Coca-Cola Co. (The) 474 26,207 Raymond James Financial, Inc. 16 2,121 Coca-Cola Europacific Partners plc 55 3,329 S&P Global, Inc. 10 3,795 Constellation Brands, Inc., Class A 15 3,596 SEI Investments Co. 11 698 Keurig Dr Pepper, Inc.(b) 70 2,587 State Street Corp. 84 7,306 Molson Coors Beverage Co., Class Stifel Financial Corp. 13 901 B* 76 4,432 T. Rowe Price Group, Inc. 26 4,975 Monster Beverage Corp.* 14 1,320 144,008 PepsiCo, Inc. 189 27,961 Chemicals - 2.1% 70,316 Air Products and Chemicals, Inc. 19 5,694 Biotechnology - 1.5% Albemarle Corp. 10 1,671 AbbVie, Inc. 188 21,282 Holdings, Inc. 10 948 Alexion Pharmaceuticals, Inc.* 17 3,001 Avient Corp. 14 728 Amgen, Inc. 72 17,132 Axalta Coating Systems Ltd.* 37 1,200 Biogen, Inc.* 26 6,955 Cabot Corp. 13 827 BioMarin Pharmaceutical, Inc.* 8 618 Celanese Corp. 14 2,316 Gilead Sciences, Inc. 284 18,775 CF Industries Holdings, Inc. 44 2,339 Incyte Corp.* 6 503 Co. (The) 47 1,689 Regeneron Pharmaceuticals, Inc.* 8 4,019 Corteva, Inc. 87 3,959 United Therapeutics Corp.* 6 1,115 Dow, Inc. 124 8,484 Vertex Pharmaceuticals, Inc.* 6 1,252 DuPont de Nemours, Inc. 177 14,972 74,652 Eastman Chemical Co. 28 3,511 Building Products - 0.6% Ecolab, Inc. 19 4,087 A O Smith Corp. 12 853 Element Solutions, Inc. 39 912 Allegion plc 6 843 FMC Corp. 10 1,167 Builders FirstSource, Inc.* 26 1,158 HB Fuller Co. 10 691 Carrier Global Corp. 171 7,854 Huntsman Corp. 57 1,618 Fortune Brands Home & Security, International Flavors & Fragrances, Inc. 15 1,547 Inc. 13 1,842 Johnson Controls International plc 129 8,583 Linde plc 55 16,533 Lennox International, Inc. 2 700 LyondellBasell Industries NV, Masco Corp. 28 1,689 Class A 79 8,897 Owens Corning 22 2,346 Mosaic Co. (The) 87 3,144 Resideo Technologies, Inc.* 33 987 Olin Corp. 41 2,004 Trane Technologies plc 20 3,728 PPG Industries, Inc. 31 5,571 UFP Industries, Inc. 11 875 RPM International, Inc. 15 1,403 31,163 Scotts Miracle-Gro Co. (The) 3 652 Capital Markets - 2.9% Sherwin-Williams Co. (The) 15 4,253 Affiliated Managers Group, Inc. 8 1,312 Trinseo SA 11 714 Ameriprise Financial, Inc. 18 4,677 Westlake Chemical Corp. 8 807 Apollo Global Management, Inc. 12 688 102,633 Bank of New York Mellon Corp. Commercial Services & Supplies - 0.4% (The) 228 11,874 ABM Industries, Inc. 15 748 BlackRock, Inc. 16 14,033 Brink's Co. (The) 8 603 Cboe Global Markets, Inc. 10 1,113 Cintas Corp. 5 1,768 Charles Schwab Corp. (The) 74 5,465 Clean Harbors, Inc.* 10 931 CME Group, Inc. 36 7,875 Copart, Inc.* 6 774 Evercore, Inc., Class A 5 729 CoreCivic, Inc., REIT* 138 1,081 FactSet Research Systems, Inc. 2 669 Covanta Holding Corp. 42 622 Federated Hermes, Inc., Class B 24 763 Deluxe Corp. 13 592 Franklin Resources, Inc. 99 3,387 KAR Auction Services, Inc.*(b) 46 825 Goldman Sachs Group, Inc. (The) 66 24,553 Pitney Bowes, Inc. 106 888 Intercontinental Exchange, Inc. 40 4,515 Republic Services, Inc. 31 3,385 Invesco Ltd. 139 3,966 , Inc.* 13 1,021 Janus Henderson Group plc 43 1,656 Waste Management, Inc. 54 7,597 Jefferies Financial Group, Inc. 67 2,153 20,835 KKR & Co., Inc. 57 3,174 Communications Equipment - 0.9% Lazard Ltd., Class A 33 1,557 Arista Networks, Inc.* 2 679 LPL Financial Holdings, Inc. 9 1,331 Ciena Corp.* 15 793 Moody's Corp. 6 2,012 Cisco Systems, Inc. 628 33,221 Morgan Stanley 217 19,736 CommScope Holding Co., Inc.* 82 1,666 MSCI, Inc. 2 936 EchoStar Corp., Class A* 25 662

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) F5 Networks, Inc.* 5 927 Equitable Holdings, Inc. 95 3,016 Juniper Networks, Inc. 80 2,106 Voya Financial, Inc. 39 2,555 , Inc. 12 2,464 64,328 Viasat, Inc.* 11 585 Diversified Telecommunication Services - 3.0% 43,103 AT&T, Inc. 2,526 74,339 Construction & Engineering - 0.2% Liberty Global plc, Class A* 73 1,994 AECOM* 50 3,250 Liberty Global plc, Class C* 153 4,165 Dycom Industries, Inc.* 9 674 Liberty Latin America Ltd., Class EMCOR Group, Inc. 12 1,513 A* 12 171 Fluor Corp.* 93 1,721 Liberty Latin America Ltd., Class MasTec, Inc.* 11 1,280 C* 41 589 Quanta Services, Inc. 19 1,812 Lumen Technologies, Inc. 670 9,273 Valmont Industries, Inc. 2 496 Verizon Communications, Inc. 1,004 56,716 10,746 147,247 Construction Materials - 0.1% Electric Utilities - 2.5% Martin Marietta Materials, Inc. 5 1,818 ALLETE, Inc. 13 896 Summit Materials, Inc., Class A* 26 905 Alliant Energy Corp. 45 2,572 Vulcan Materials Co. 11 2,017 American Electric Power Co., Inc. 118 10,148 4,740 Avangrid, Inc. 16 843 Consumer Finance - 1.4% Duke Energy Corp. 173 17,338 , Inc. 120 6,565 Edison International 99 5,531 American Express Co. 90 14,412 Entergy Corp. 55 5,789 Capital One Financial Corp. 143 22,992 Evergy, Inc. 63 3,905 Services 67 7,856 Eversource Energy 63 5,115 Navient Corp. 107 1,955 Exelon Corp. 293 13,220 OneMain Holdings, Inc. 18 1,041 FirstEnergy Corp. 162 6,141 PROG Holdings, Inc. 11 580 Hawaiian Electric Industries, Inc. 25 1,076 Santander Consumer USA IDACORP, Inc. 11 1,078 Holdings, Inc. 30 1,137 NextEra Energy, Inc. 191 13,985 SLM Corp. 57 1,154 NRG Energy, Inc. 42 1,350 Synchrony Financial 206 9,767 OGE Energy Corp. 54 1,863 67,459 PG&E Corp.* 202 2,048 Containers & Packaging - 0.6% Pinnacle West Capital Corp. 32 2,707 AptarGroup, Inc. 6 884 PNM Resources, Inc. 14 688 Avery Dennison Corp. 9 1,985 Portland General Electric Co. 26 1,247 Ball Corp. 24 1,972 PPL Corp. 228 6,637 Berry Global Group, Inc.* 32 2,183 Southern Co. (The) 209 13,359 , Inc. 22 2,271 Xcel Energy, Inc. 100 7,088 Graphic Packaging Holding Co. 73 1,291 124,624 International Paper Co. 125 7,887 Electrical Equipment - 0.6% O-I Glass, Inc.* 55 1,014 Acuity Brands, Inc. 6 1,115 Packaging Corp. of America 15 2,230 AMETEK, Inc. 14 1,891 Sealed Air Corp. 26 1,478 Eaton Corp. plc 60 8,715 Silgan Holdings, Inc. 15 632 Emerson Electric Co. 83 7,942 Sonoco Products Co. 22 1,485 EnerSys 6 566 WestRock Co. 101 5,890 Generac Holdings, Inc.* 2 657 31,202 Hubbell, Inc. 8 1,525 Distributors - 0.2% nVent Electric plc 31 1,009 Genuine Parts Co. 32 4,196 Regal Beloit Corp. 6 853 LKQ Corp.* 65 3,312 Rockwell Automation, Inc. 10 2,637 Pool Corp. 2 873 Sensata Technologies Holding plc* 22 1,308 8,381 28,218 Diversified Consumer Services - 0.1% Electronic Equipment, Instruments & Components - 0.7% Bright Horizons Family Solutions, Amphenol Corp., Class A 37 2,489 Inc.* 3 415 Arrow Electronics, Inc.* 23 2,768 Graham Holdings Co., Class B 1 663 Avnet, Inc. 51 2,247 H&R Block, Inc. 59 1,464 CDW Corp. 14 2,316 Laureate Education, Inc., Class A* 39 570 Coherent, Inc.* 2 525 Service Corp. International 23 1,219 Corning, Inc. 123 5,366 Terminix Global Holdings, Inc.* 14 691 Flex Ltd.* 210 3,837 5,022 Insight Enterprises, Inc.* 9 940 Diversified Financial Services - 1.3% IPG Photonics Corp.* 2 418 Berkshire Hathaway, Inc., Class B* 203 58,757 Jabil, Inc. 48 2,710

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Keysight Technologies, Inc.* 9 1,281 CubeSmart 22 963 National Instruments Corp. 13 530 CyrusOne, Inc. 12 885 Plexus Corp.* 6 593 DiamondRock Hospitality Co.* 69 668 Sanmina Corp.* 17 716 Digital Realty Trust, Inc. 25 3,789 SYNNEX Corp. 11 1,393 Douglas Emmett, Inc. 30 1,042 TE Connectivity Ltd. 38 5,156 Duke Realty Corp. 37 1,719 Trimble, Inc.* 14 1,089 EPR Properties* 20 983 TTM Technologies, Inc.* 45 682 , Inc. 6 4,420 Vishay Intertechnology, Inc. 27 650 Equity Commonwealth 20 549 Zebra Technologies Corp., Class Equity LifeStyle Properties, Inc. 13 921 A* 2 994 Equity Residential 58 4,492 36,700 Property Trust, Inc. 9 2,658 Energy Equipment & Services - 0.7% Extra Space Storage, Inc. 11 1,648 Baker Hughes Co. 265 6,466 Federal Realty Investment Trust 11 1,258 Halliburton Co. 221 4,962 First Industrial Realty Trust, Inc. 13 658 Helmerich & Payne, Inc. 61 1,723 Gaming and Leisure Properties, Inc. 27 1,252 Nabors Industries Ltd.* 11 1,030 GEO Group, Inc. (The)(b) 135 701 NOV, Inc.* 146 2,354 Healthcare Realty Trust, Inc. 23 698 Oceaneering International, Inc.* 53 756 Healthcare Trust of America, Inc., Patterson-UTI Energy, Inc. 112 937 Class A 36 987 Schlumberger NV 488 15,289 Healthpeak Properties, Inc. 92 3,071 Transocean Ltd.* 521 1,969 Highwoods Properties, Inc. 23 1,051 35,486 Host Hotels & Resorts, Inc.* 210 3,606 Entertainment - 0.9% Hudson Pacific Properties, Inc. 35 1,015 Activision Blizzard, Inc. 38 3,696 Invitation Homes, Inc. 61 2,212 Cinemark Holdings, Inc.* 43 974 Iron Mountain, Inc. 79 3,440 Electronic Arts, Inc. 17 2,430 JBG SMITH Properties 22 709 Liberty Media Corp.-Liberty Kilroy Realty Corp. 19 1,334 Formula One, Class A* 4 160 Kimco Realty Corp. 93 1,982 Liberty Media Corp.-Liberty Lamar Co., Class A 13 1,363 Formula One, Class C* 22 982 Lexington Realty Trust 55 681 Lions Gate Entertainment Corp., Life Storage, Inc. 10 994 Class A* 14 273 Macerich Co. (The) 107 1,702 Lions Gate Entertainment Corp., Medical Properties Trust, Inc. 67 1,418 Class B* 28 487 Mid-America Apartment Live Nation Entertainment, Inc.* 12 1,081 Communities, Inc. 14 2,250 Netflix, Inc.* 6 3,017 National Retail Properties, Inc. 24 1,112 Spotify Technology SA* 2 483 Omega Healthcare Investors, Inc. 37 1,355 Take-Two Interactive Software, Outfront Media, Inc.* 43 1,029 Inc.* 4 742 Paramount Group, Inc. 77 845 Walt Disney Co. (The)* 154 27,512 Park Hotels & Resorts, Inc.* 93 1,933 41,837 Pebblebrook Hotel Trust 39 872 Equity Real Estate Investment Trusts (REITs) - 3.3% Physicians Realty Trust 34 616 Alexandria Real Estate Equities, Piedmont Office Realty Trust, Inc., Inc. 12 2,139 Class A 38 703 American Campus Communities, Prologis, Inc. 52 6,128 Inc. 27 1,273 Public Storage 12 3,390 American Homes 4 Rent, Class A 26 990 Rayonier, Inc. 19 726 American Tower Corp. 25 6,387 Realty Income Corp. 36 2,462 Apartment Income REIT Corp. 15 699 Corp. 30 1,938 Apple Hospitality REIT, Inc. 81 1,285 Retail Properties of America, Inc., AvalonBay Communities, Inc. 19 3,932 Class A 68 819 Boston Properties, Inc. 29 3,409 RLJ Lodging Trust 48 738 55 773 Ryman Hospitality Properties, Inc.* 10 749 Brixmor Property Group, Inc. 75 1,703 Sabra Health Care REIT, Inc. 46 804 Brookfield Property REIT, Inc., SBA Communications Corp. 2 596 Class A 32 600 Service Properties Trust 51 641 Camden Property Trust 13 1,630 Simon Property Group, Inc. 55 7,067 Colony Capital, Inc.*(b) 205 1,408 SITE Centers Corp. 55 823 Columbia Property Trust, Inc. 39 682 SL Green Realty Corp. 27 2,139 Corporate Office Properties Trust 26 718 Spirit Realty Capital, Inc. 20 945 Cousins Properties, Inc. 25 927 STAG Industrial, Inc.(b) 17 607 Crown Castle International Corp. 35 6,632 STORE Capital Corp. 29 998 Sun Communities, Inc. 9 1,507

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Sunstone Hotel Investors, Inc.* 78 980 UGI Corp. 50 2,302 UDR, Inc. 34 1,619 9,535 Uniti Group, Inc. 68 738 Health Care Equipment & Supplies - 1.6% Ventas, Inc. 94 5,212 Abbott Laboratories 105 12,248 VEREIT, Inc. 56 2,664 Align Technology, Inc.* 1 590 , Inc. 56 1,743 Baxter International, Inc. 49 4,024 Vornado Realty Trust 59 2,790 Becton Dickinson and Co. 25 6,047 Weingarten Realty Investors 28 918 Boston Scientific Corp.* 106 4,510 Welltower, Inc. 91 6,804 Cooper Cos., Inc. (The) 2 787 Weyerhaeuser Co. 124 4,707 Danaher Corp. 29 7,428 WP Carey, Inc. 26 1,962 DENTSPLY SIRONA, Inc. 19 1,272 Xenia Hotels & Resorts, Inc.* 28 543 Edwards Lifesciences Corp.* 19 1,822 164,528 Envista Holdings Corp.* 30 1,309 Food & Staples Retailing - 2.4% Hill-Rom Holdings, Inc. 8 890 BJ's Wholesale Club Holdings, Hologic, Inc.* 16 1,009 Inc.* 39 1,747 IDEXX Laboratories, Inc.* 1 558 Casey's General Stores, Inc. 6 1,325 Intuitive Surgical, Inc.* 3 2,527 Costco Wholesale Corp. 57 21,561 Medtronic plc 161 20,381 Kroger Co. (The) 431 15,938 ResMed, Inc. 6 1,235 Performance Food Group Co.* 41 2,055 STERIS plc 6 1,145 Rite Aid Corp.* 129 2,357 Stryker Corp. 20 5,106 Sprouts Farmers Market, Inc.* 37 984 Teleflex, Inc. 2 804 Sysco Corp. 98 7,938 West Pharmaceutical Services, Inc. 2 695 United Natural Foods, Inc.* 62 2,354 Holdings, Inc. 20 3,367 US Foods Holding Corp.* 99 3,855 77,754 , Inc. 345 18,168 Health Care Providers & Services - 4.1% Walmart, Inc. 292 41,473 Acadia Healthcare Co., Inc.* 17 1,094 119,755 AmerisourceBergen Corp. 59 6,770 Food Products - 1.6% Anthem, Inc. 55 21,902 Archer-Daniels-Midland Co. 126 8,383 Cardinal Health, Inc. 108 6,056 B&G Foods, Inc.(b) 21 643 Centene Corp.* 142 10,451 Bunge Ltd. 55 4,775 Cigna Corp. 61 15,790 Campbell Soup Co. 35 1,704 Community Health Systems, Inc.* 115 1,641 Conagra Brands, Inc. 92 3,505 Covetrus, Inc.* 16 444 Darling Ingredients, Inc.* 16 1,095 CVS Health Corp. 394 34,057 , Inc. 43 1,036 DaVita, Inc.* 20 2,401 General Mills, Inc. 121 7,606 Encompass Health Corp. 13 1,115 Hershey Co. (The) 14 2,423 HCA Healthcare, Inc. 38 8,162 Hormel Foods Corp. 34 1,650 Henry Schein, Inc.* 28 2,129 , Inc. 18 1,709 Humana, Inc. 22 9,629 J M Smucker Co. (The) 27 3,599 Laboratory Corp. of America Kellogg Co. 53 3,471 Holdings* 14 3,843 Kraft Co. (The) 224 9,764 Magellan Health, Inc.* 11 1,036 Lamb Weston Holdings, Inc. 11 907 McKesson Corp. 54 10,389 McCormick & Co., Inc. (Non- MEDNAX, Inc.* 29 928 Voting) 20 1,781 Molina Healthcare, Inc.* 11 2,765 , Inc., Class Owens & Minor, Inc. 40 1,788 A 202 12,833 Patterson Cos., Inc. 24 781 Nomad Foods Ltd.* 24 736 Premier, Inc., Class A 20 660 , Inc.* 14 1,617 Quest Diagnostics, Inc. 23 3,028 Sanderson Farms, Inc. 4 651 Select Medical Holdings Corp. 22 882 TreeHouse Foods, Inc.* 20 974 Tenet Healthcare Corp.* 55 3,680 Tyson Foods, Inc., Class A 95 7,553 UnitedHealth Group, Inc. 119 49,019 78,415 Universal Health Services, Inc., Gas Utilities - 0.2% Class B 15 2,395 Atmos Energy Corp. 20 1,983 202,835 National Fuel Gas Co. 20 1,038 Health Care Technology - 0.1% New Jersey Resources Corp. 19 812 Cerner Corp. 24 1,878 ONE Gas, Inc. 11 818 Change Healthcare, Inc.* 30 703 South Jersey Industries, Inc. 25 666 2,581 Southwest Gas Holdings, Inc. 16 1,056 Hotels, Restaurants & Leisure - 1.7% Spire, Inc. 12 860 60 2,241 Bloomin' Brands, Inc.* 26 768

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Booking Holdings, Inc.* 2 4,723 Spectrum Brands Holdings, Inc. 10 889 Brinker International, Inc.* 9 553 57,101 Carnival Corp.* 169 4,996 Independent Power and Renewable Electricity Producers - 0.1% Chipotle Mexican Grill, Inc.* 1 1,372 AES Corp. (The) 137 3,481 Cracker Barrel Old Country Store, Vistra Corp. 137 2,215 Inc. 6 946 5,696 Darden Restaurants, Inc. 15 2,149 Industrial Conglomerates - 1.4% Domino's Pizza, Inc. 2 854 3M Co. 85 17,258 Expedia Group, Inc.* 14 2,477 Carlisle Cos., Inc. 9 1,731 , Inc. 58 1,143 General Electric Co. 2,186 30,735 Hilton Grand Vacations, Inc.* 13 595 Honeywell International, Inc. 69 15,933 Hilton Worldwide Holdings, Inc.* 14 1,754 Roper Technologies, Inc. 6 2,700 International Game Technology 68,357 plc* 42 1,019 Insurance - 3.8% Las Vegas Sands Corp.* 68 3,927 Aflac, Inc. 180 10,202 Marriott International, Inc., Class Alleghany Corp.* 3 2,150 A* 23 3,302 Allstate Corp. (The) 91 12,432 Marriott Vacations Worldwide American Equity Investment Life Corp.* 5 861 Holding Co. 38 1,159 McDonald's Corp. 72 16,840 American Financial Group, Inc. 19 2,528 MGM Resorts International 91 3,901 American International Group, Inc. 256 13,527 Norwegian Cruise Line Holdings Aon plc, Class A 14 3,547 Ltd.*(b) 90 2,871 Ltd.* 81 3,231 Penn National Gaming, Inc.* 11 902 Arthur J Gallagher & Co. 18 2,639 Royal Caribbean Cruises Ltd.* 43 4,011 Assurant, Inc. 15 2,417 Scientific Games Corp.* 11 798 Assured Guaranty Ltd. 34 1,619 Six Flags Entertainment Corp.* 21 954 Athene Holding Ltd., Class A* 46 2,881 Starbucks Corp. 81 9,224 Axis Capital Holdings Ltd. 21 1,126 Texas Roadhouse, Inc. 6 604 , Inc.* 38 1,849 Travel + Leisure Co. 15 977 Brown & Brown, Inc. 19 998 Vail Resorts, Inc.* 3 981 Chubb Ltd. 78 13,259 Wyndham Hotels & Resorts, Inc. 9 676 Corp. 29 3,530 Wynn Resorts Ltd.* 14 1,846 CNO Financial Group, Inc. 43 1,142 Yum China Holdings, Inc. 28 1,894 Everest Re Group Ltd. 11 2,860 Yum! Brands, Inc. 27 3,239 Fidelity National Financial, Inc. 54 2,537 83,398 First American Financial Corp. 30 1,929 Household Durables - 0.7% Genworth Financial, Inc., Class A* 303 1,273 DR Horton, Inc. 41 3,907 Globe Life, Inc. 20 2,108 Garmin Ltd. 13 1,849 Hanover Insurance Group, Inc. KB Home 16 749 (The) 10 1,395 Leggett & Platt, Inc. 30 1,651 Hartford Financial Services Group, Lennar Corp., Class A 41 4,059 Inc. (The) 113 7,385 Lennar Corp., Class B 2 157 Kemper Corp. 10 749 MDC Holdings, Inc. 11 638 Lincoln National Corp. 80 5,583 Meritage Homes Corp.* 11 1,184 Loews Corp. 40 2,335 Mohawk Industries, Inc.* 15 3,160 Markel Corp.* 3 3,677 Newell Brands, Inc. 86 2,467 Marsh & McLennan Cos., Inc. 46 6,364 PulteGroup, Inc. 48 2,774 MetLife, Inc. 254 16,601 Taylor Morrison Home Corp., Class Old Republic International Corp. 101 2,652 A* 35 1,037 Primerica, Inc. 5 811 Tempur Sealy International, Inc. 18 693 Principal Financial Group, Inc. 64 4,185 , Inc. 25 1,631 Progressive Corp. (The) 81 8,026 Tri Pointe Homes, Inc.* 45 1,085 Prudential Financial, Inc. 100 10,697 Tupperware Brands Corp.* 20 513 Reinsurance Group of America, Whirlpool Corp. 18 4,268 Inc. 20 2,521 31,822 RenaissanceRe Holdings Ltd. 8 1,233 Household Products - 1.2% Selective Insurance Group, Inc. 11 828 Church & Dwight Co., Inc. 19 1,629 Travelers Cos., Inc. (The) 69 11,019 Clorox Co. (The) 12 2,121 Unum Group 116 3,593 Colgate-Palmolive Co. 88 7,372 W R Berkley Corp. 27 2,106 Kimberly-Clark Corp. 52 6,793 Willis Towers Watson plc 14 3,659 Procter & Gamble Co. (The) 284 38,297 186,362

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Interactive Media & Services - 2.0% Charles River Laboratories Alphabet, Inc., Class A* 13 30,639 International, Inc.* 2 676 Alphabet, Inc., Class C* 13 31,350 ICON plc*(b) 3 671 Facebook, Inc., Class A* 108 35,503 Illumina, Inc.* 3 1,217 Match Group, Inc.*(b) 5 717 IQVIA Holdings, Inc.* 14 3,362 , Inc.* 26 1,508 Mettler-Toledo International, Inc.* 1 1,301 Yandex NV, Class A* 12 810 PerkinElmer, Inc. 6 871 Group, Inc., Class A* 1 118 PRA Health Sciences, Inc.* 5 855 Zillow Group, Inc., Class C* 2 235 Syneos Health, Inc.* 10 879 100,880 Thermo Fisher Scientific, Inc. 18 8,451 Internet & Direct Marketing Retail - 0.8% Waters Corp.* 3 967 Amazon.com, Inc.* 11 35,454 22,686 eBay, Inc. 44 2,679 Machinery - 1.8% Qurate Retail, Inc., Series A 208 2,835 AGCO Corp. 10 1,384 40,968 Allison Holdings, IT Services - 2.6% Inc. 25 1,058 Accenture plc, Class A 46 12,979 Caterpillar, Inc. 66 15,911 Akamai Technologies, Inc.* 13 1,485 Colfax Corp.*(b) 21 928 Alliance Data Systems Corp. 20 2,421 Crane Co. 9 859 Amdocs Ltd. 17 1,328 , Inc. 24 6,175 Automatic Data Processing, Inc. 33 6,469 Deere & Co. 27 9,750 , Inc.* 10 734 Donaldson Co., Inc. 12 739 Broadridge Financial Solutions, Dover Corp. 16 2,408 Inc. 9 1,435 Flowserve Corp. 26 1,102 Cognizant Technology Solutions Fortive Corp. 24 1,740 Corp., Class A 60 4,294 Graco, Inc. 10 757 Concentrix Corp.* 6 916 Greenbrier Cos., Inc. (The) 12 533 DXC Technology Co.* 117 4,437 IDEX Corp. 5 1,113 EPAM Systems, Inc.* 1 478 Tool Works, Inc. 29 6,721 , Inc.* 5 748 Ingersoll Rand, Inc.* 14 695 Fidelity National Information ITT, Inc. 11 1,033 Services, Inc. 63 9,386 Kennametal, Inc. 15 563 Fiserv, Inc.* 53 6,106 Lincoln Electric Holdings, Inc. 6 771 FleetCor Technologies, Inc.* 5 1,372 Meritor, Inc.* 20 520 Gartner, Inc.* 4 927 Middleby Corp. (The)* 6 986 Genpact Ltd. 19 869 Navistar International Corp.* 18 796 Global Payments, Inc. 19 3,680 Nordson Corp. 4 887 GoDaddy, Inc., Class A* 8 648 Oshkosh Corp. 13 1,709 International Business Machines Otis Worldwide Corp. 49 3,838 Corp. 257 36,941 , Inc. 69 6,318 Jack Henry & Associates, Inc. 5 771 Parker-Hannifin Corp. 13 4,006 Mastercard, Inc., Class A 19 6,851 Pentair plc 19 1,310 Maximus, Inc. 8 741 Rexnord Corp. 13 650 Paychex, Inc. 32 3,236 Snap-on, Inc. 9 2,291 PayPal Holdings, Inc.* 20 5,200 Stanley Black & Decker, Inc. 20 4,336 Sabre Corp.* 80 1,108 Terex Corp. 16 838 Twilio, Inc., Class A* 1 336 Timken Co. (The) 11 973 Visa, Inc., Class A 47 10,683 Toro Co. (The) 8 889 Western Union Co. (The) 76 1,860 Trinity Industries, Inc. 23 639 WEX, Inc.* 3 588 Westinghouse Air Brake 129,027 Technologies Corp. 25 2,069 Leisure Products - 0.1% Woodward, Inc. 5 636 Brunswick Corp. 11 1,125 Xylem, Inc. 14 1,654 Hasbro, Inc. 18 1,728 89,585 Mattel, Inc.* 68 1,442 Marine - 0.0%(c) Polaris, Inc. 11 1,443 Kirby Corp.* 16 1,045 5,738 Life Sciences Tools & Services - 0.5% Media - 1.8% Agilent Technologies, Inc. 14 1,934 Altice USA, Inc., Class A* 66 2,380 Avantor, Inc.* 28 900 AMC Networks, Inc., Class A* 11 590 Bio-Rad Laboratories, Inc., Class Charter Communications, Inc., A* 1 602 Class A* 17 11,807 Comcast Corp., Class A 729 41,801

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Discovery, Inc., Class A* 20 642 Dollar Tree, Inc.* 40 3,900 Discovery, Inc., Class C* 39 1,172 Kohl's Corp. 78 4,328 DISH Network Corp., Class A* 74 3,221 Macy's, Inc.* 348 6,362 Fox Corp., Class A 69 2,577 , Inc.* 61 2,046 Fox Corp., Class B 32 1,161 Target Corp. 77 17,473 Gray Television, Inc. 28 651 39,772 iHeartMedia, Inc., Class A* 42 975 Multi-Utilities - 1.3% Interpublic Group of Cos., Inc. Ameren Corp. 52 4,378 (The) 88 2,965 Avista Corp. 21 952 Liberty Broadband Corp., Class A* 1 162 Black Hills Corp. 14 921 Liberty Broadband Corp., Class C* 8 1,330 CenterPoint Energy, Inc. 167 4,225 Liberty Media Corp.-Liberty CMS Energy Corp. 56 3,513 SiriusXM, Class A* 20 873 Consolidated Edison, Inc. 106 8,187 Liberty Media Corp.-Liberty Dominion Energy, Inc. 174 13,248 SiriusXM, Class C* 41 1,784 DTE Energy Co. 42 5,796 Meredith Corp.* 23 775 MDU Resources Group, Inc. 49 1,649 News Corp., Class A 64 1,727 NiSource, Inc. 101 2,576 News Corp., Class B 20 514 NorthWestern Corp. 14 887 Nexstar Media Group, Inc., Class A 6 911 Public Service Enterprise Group, Omnicom Group, Inc. 57 4,688 Inc. 113 7,020 Sinclair Broadcast Group, Inc., Sempra Energy 54 7,317 Class A 18 606 WEC Energy Group, Inc. 55 5,165 TEGNA, Inc. 45 873 65,834 ViacomCBS, Inc. 78 3,309 Oil, Gas & Consumable Fuels - 5.8% 87,494 Antero Resources Corp.* 183 2,362 Metals & Mining - 0.7% APA Corp. 96 1,997 Alcoa Corp.* 87 3,451 Cabot Oil & Gas Corp. 51 836 Allegheny Technologies, Inc.* 32 784 Callon Petroleum Co.* 25 962 Arconic Corp.* 46 1,664 Cheniere Energy, Inc.* 20 1,698 Carpenter Technology Corp. 13 623 Chevron Corp. 514 53,348 Commercial Metals Co. 36 1,133 Cimarex Energy Co. 13 881 Compass Minerals International, CNX Resources Corp.* 56 763 Inc. 9 629 ConocoPhillips 295 16,443 Constellium SE, Class A* 38 679 Delek US Holdings, Inc. 41 914 Freeport-McMoRan, Inc. 88 3,759 Devon Energy Corp. 76 2,019 Newmont Corp. 87 6,393 Diamondback Energy, Inc. 37 2,963 Nucor Corp. 85 8,716 EOG Resources, Inc. 97 7,793 Reliance Steel & Aluminum Co. 15 2,521 EQT Corp.* 80 1,670 Steel Dynamics, Inc. 51 3,184 Equitrans Midstream Corp. 112 923 United States Steel Corp.(b) 96 2,489 Exxon Mobil Corp. 1,343 78,391 Warrior Met Coal, Inc. 32 585 Hess Corp. 33 2,766 36,610 HollyFrontier Corp. 77 2,500 Mortgage Real Estate Investment Trusts (REITs) - 0.4% Kinder Morgan, Inc. 721 13,223 AGNC Investment Corp. 157 2,911 Marathon Oil Corp. 324 3,924 Annaly Capital Management, Inc. 388 3,597 Marathon Petroleum Corp. 283 17,489 Apollo Commercial Real Estate Murphy Oil Corp. 92 1,995 Finance, Inc. 47 736 Occidental Petroleum Corp. 399 10,358 Blackstone Mortgage Trust, Inc., ONEOK, Inc. 105 5,538 Class A 34 1,089 Ovintiv, Inc. 82 2,184 Chimera Investment Corp. 101 1,427 PBF Energy, Inc., Class A* 155 2,502 Invesco Mortgage Capital, Inc.(b) 198 673 PDC Energy, Inc.* 23 971 MFA Financial, Inc. 208 909 Peabody Energy Corp.* 165 1,094 New Residential Investment Corp. 210 2,222 Phillips 66 148 12,465 New York Mortgage Trust, Inc. 137 619 Pioneer Natural Resources Co. 19 2,892 PennyMac Mortgage Investment SM Energy Co. 53 1,055 Trust 36 706 Southwestern Energy Co.* 185 956 Redwood Trust, Inc. 57 634 Targa Resources Corp. 105 4,080 Starwood Property Trust, Inc. 80 2,031 Valero Energy Corp. 196 15,758 Two Harbors Investment Corp. 150 1,078 Williams Cos., Inc. (The) 313 8,244 18,632 World Fuel Services Corp. 19 584 Multiline Retail - 0.8% 284,541 Big Lots, Inc. 13 792 Paper & Forest Products - 0.1% Dollar General Corp. 24 4,871 Domtar Corp.* 30 1,627

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Louisiana-Pacific Corp. 13 874 Werner Enterprises, Inc. 14 672 2,501 46,287 Personal Products - 0.1% Semiconductors & Semiconductor Equipment - 2.7% Coty, Inc., Class A* 78 695 Advanced Micro Devices, Inc.* 13 1,041 Estee Lauder Cos., Inc. (The), Class Analog Devices, Inc. 26 4,280 A 9 2,759 Applied Materials, Inc. 45 6,216 Herbalife Nutrition Ltd.* 14 736 Broadcom, Inc. 25 11,808 Nu Skin Enterprises, Inc., Class A 13 782 Cree, Inc.* 4 400 4,972 First Solar, Inc.* 12 913 Pharmaceuticals - 3.2% Intel Corp. 666 38,042 Bristol-Myers Squibb Co. 272 17,876 KLA Corp. 11 3,486 Catalent, Inc.* 6 629 Lam Research Corp. 5 3,249 Elanco Animal Health, Inc.* 40 1,439 Marvell Technology, Inc. 32 1,546 Eli Lilly & Co. 45 8,988 Maxim Integrated Products, Inc.* 18 1,836 Jazz Pharmaceuticals plc* 8 1,425 Microchip Technology, Inc. 14 2,197 Johnson & Johnson 299 50,606 Micron Technology, Inc.* 166 13,967 Merck & Co., Inc. 348 26,410 MKS Instruments, Inc. 4 753 Perrigo Co. plc 33 1,523 NVIDIA Corp. 8 5,198 Pfizer, Inc. 1,134 43,920 NXP Semiconductors NV 19 4,017 Viatris, Inc. 306 4,663 ON Semiconductor Corp.* 40 1,602 Zoetis, Inc. 14 2,473 Qorvo, Inc.* 9 1,644 159,952 QUALCOMM, Inc. 98 13,185 Professional Services - 0.5% Skyworks Solutions, Inc. 11 1,870 ASGN, Inc.* 8 825 Teradyne, Inc. 5 662 Holding Texas Instruments, Inc. 63 11,959 Corp. 15 1,274 Xilinx, Inc.* 13 1,651 CACI International, Inc., Class A* 4 1,020 131,522 CoreLogic, Inc. 8 636 Software - 2.4% CoStar Group, Inc.* 1 854 Adobe, Inc.* 9 4,541 Equifax, Inc. 9 2,115 ANSYS, Inc.* 2 676 FTI Consulting, Inc.* 5 688 Avaya Holdings Corp.* 21 602 IHS Markit Ltd. 23 2,422 Cadence Design Systems, Inc.* 6 762 Jacobs Engineering Group, Inc. 16 2,273 CDK Global, Inc. 11 576 KBR, Inc. 28 1,141 Check Point Software Technologies Leidos Holdings, Inc. 24 2,466 Ltd.* 9 1,053 ManpowerGroup, Inc. 22 2,662 Citrix Systems, Inc. 6 690 plc 106 2,884 Intuit, Inc. 6 2,634 Robert Half International, Inc. 14 1,243 J2 Global, Inc.* 5 623 Science Applications International Microsoft Corp. 296 73,905 Corp. 10 899 NortonLifeLock, Inc. 131 3,623 TransUnion 10 1,070 Nuance Communications, Inc.* 12 635 Verisk Analytics, Inc. 5 864 Oracle Corp. 192 15,118 25,336 salesforce.com, Inc.* 28 6,667 Real Estate Management & Development - 0.2% ServiceNow, Inc.* 1 474 CBRE Group, Inc., Class A* 51 4,477 SS&C Technologies Holdings, Inc. 17 1,256 Howard Hughes Corp. (The)* 5 529 Synopsys, Inc.* 5 1,272 Jones Lang LaSalle, Inc.* 12 2,427 VMware, Inc., Class A*(b) 4 631 Realogy Holdings Corp.* 59 1,045 115,738 8,478 Specialty Retail - 2.3% Road & Rail - 0.9% Abercrombie & Fitch Co., Class A* 25 1,068 AMERCO 1 575 Advance Auto Parts, Inc. 10 1,897 Avis Budget Group, Inc.* 45 3,952 American Eagle Outfitters, Inc.(b) 33 1,169 CSX Corp. 73 7,309 Asbury Automotive Group, Inc.* 6 1,190 JB Hunt Transport Services, Inc. 10 1,716 AutoNation, Inc.* 29 2,962 City Southern 9 2,679 AutoZone, Inc.* 2 2,813 Knight- Bed Bath & Beyond, Inc.* 68 1,903 Holdings, Inc. 22 1,050 Best Buy Co., Inc. 49 5,696 , Inc. 4 682 Burlington Stores, Inc.* 4 1,294 Norfolk Southern Corp. 26 7,303 CarMax, Inc.* 28 3,225 Old Dominion Freight Line, Inc. 4 1,062 Designer Brands, Inc., Class A*(b) 42 735 System, Inc. 22 1,799 Dick's Sporting Goods, Inc. 13 1,268 Uber Technologies, Inc.* 39 1,982 Foot Locker, Inc. 32 2,025 Union Pacific Corp. 69 15,506 GameStop Corp., Class A*(b) 20 4,440

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Gap, Inc. (The) 71 2,375 Beacon Roofing Supply, Inc.* 17 963 Group 1 Automotive, Inc. 9 1,435 Boise Cascade Co. 11 726 Home Depot, Inc. (The) 99 31,572 Fastenal Co. 48 2,546 L Brands, Inc.* 68 4,751 GATX Corp. 9 888 Lithia Motors, Inc., Class A 3 1,056 MSC Industrial Direct Co., Inc., Lowe's Cos., Inc. 74 14,417 Class A 10 944 Murphy USA, Inc. 12 1,618 Triton International Ltd. 13 705 ODP Corp. (The)* 33 1,443 United Rentals, Inc.* 11 3,673 O'Reilly Automotive, Inc.* 5 2,676 , Inc.* 62 1,679 Penske Automotive Group, Inc. 15 1,284 Watsco, Inc. 4 1,166 Ross Stores, Inc. 27 3,413 WESCO International, Inc.* 17 1,812 Sally Beauty Holdings, Inc.* 52 1,134 WW Grainger, Inc. 6 2,773 Signet Jewelers Ltd.* 22 1,333 23,604 Sonic Automotive, Inc., Class A 13 627 Transportation Infrastructure - 0.0%(c) TJX Cos., Inc. (The) 118 7,970 Macquarie Infrastructure Corp. 45 1,570 Tractor Supply Co. 10 1,817 Ulta Beauty, Inc.* 4 1,381 Water Utilities - 0.1% Urban Outfitters, Inc.* 21 822 American Water Works Co., Inc. 16 2,481 Williams-Sonoma, Inc. 11 1,865 , Inc. 24 1,147 114,674 3,628 Technology Hardware, Storage & Peripherals - 2.7% Wireless Telecommunication Services - 0.2% Apple, Inc. 753 93,831 Telephone and Data Systems, Inc. 57 1,466 Dell Technologies, Inc., Class C* 51 5,031 T-Mobile US, Inc.* 58 8,204 Hewlett Enterprise Co. 471 7,517 9,670 HP, Inc. 302 8,827 TOTAL COMMON STOCKS NCR Corp.* 39 1,880 (COST $2,843,140) 4,618,404 NetApp, Inc. 26 2,012 Seagate Technology Holdings plc 49 4,692 Western Digital Corp.* 80 6,018 SECURITIES LENDING REINVESTMENTS(d) - 0.1% Xerox Holdings Corp. 87 2,040 131,848 INVESTMENT COMPANIES - 0.1% Textiles, Apparel & Luxury Goods - 0.5% BlackRock Liquidity FedFund, Institutional Class Capri Holdings Ltd.* 29 1,645 0.03% (Cost $4,865) 4,865 4,865 Carter's, Inc. 9 920 Deckers Outdoor Corp.* 2 671 G-III Apparel Group Ltd.* 20 661 Principal Hanesbrands, Inc. 88 1,720 Investments Amount ($) Value ($) Lululemon Athletica, Inc.* 3 969 NIKE, Inc., Class B 55 7,505 SHORT-TERM INVESTMENTS - 24.6% PVH Corp.* 19 2,182 Ralph Lauren Corp.* 10 1,241 REPURCHASE AGREEMENTS(e) - 24.6% Skechers USA, Inc., Class A* 26 1,235 Repurchase Agreements with various Tapestry, Inc.* 54 2,424 counterparties, rates 0.00% - Under Armour, Inc., Class A* 23 519 0.01%, dated 5/28/2021, due Under Armour, Inc., Class C* 24 457 6/1/2021, total to be received VF Corp. 38 3,029 $1,213,109 25,178 (Cost $1,213,109) 1,213,109 1,213,109 Thrifts & Mortgage Finance - 0.1% MGIC Investment Corp. 87 1,281 New York Community Bancorp, Inc. 159 1,903 Radian Group, Inc. 44 1,027 Total Investments - 118.3% Washington Federal, Inc. 19 634 (Cost $4,061,114) 5,836,378 4,845 Liabilities in excess of other assets - (18.3%) (901,473) Tobacco - 0.9% Net Assets - 100.0% 4,934,905 Altria Group, Inc. 434 21,362

Philip Morris International, Inc. 252 24,300

45,662 * Non-income producing security. Trading Companies & Distributors - 0.5% (a) All or a portion of these securities are segregated in connection AerCap Holdings NV* 68 4,012 with obligations for swaps with a total value of $1,020,434. Air Lease Corp. 24 1,129 Applied Industrial Technologies, Inc. 6 588

See accompanying notes to the financial statements.

RAFITM Long/Short Schedule of Portfolio Investments May 31, 2021

(b) The security or a portion of this security is on loan at May 31, 2021. The total value of securities on loan at May 31, 2021 was $14,314, collateralized in the form of cash with a value of $4,865 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $10,333 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.50%, and maturity dates ranging from June 24, 2021 – November 15, 2050. The total value of collateral is $15,198. (c) Represents less than 0.05% of net assets. (d) The security was purchased with cash collateral held from securities on loan at May 31, 2021. The total value of securities purchased was $4,865. (e) The Fund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of May 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation $ 1,837,328

Aggregate gross unrealized depreciation (958,577)

Net unrealized appreciation $ 878,751

Federal income tax cost $ 4,081,170

See accompanying notes to the financial statements.

RAFI TM Long/Short Schedule of Portfolio Investments May 31, 2021

Swap Agreementsa RAFITM Long/Short had the following open non-exchange traded total return swap agreements as of May 31, 2021:

Financial Cash Instruments Collateral for Value and for the the Benefit of Unrealized Benefit of (the (the Fund)/ Appreciation/ Fund)/ the the Notional Termination Rate Paid (Depreciation)d Counterparty Counterparty Net Amounte Amount ($) Dateb Counterparty (Received)c Underlying Instrument ($) ($) ($) ($) Goldman Sachs Russell 1000 Total (495,963) 1/6/2022 International (0.26)% Return Index (32,131)

Goldman Sachs FTSE RAFI US 1000 33,873 1/6/2022 International 0.51% Total Return Index 9,895

(462,090) (22,236) — — (22,236 )

Societe Russell 1000 Total (4,523,346) 11/22/2021 Generale 0.20% Return Index (884,095)

Societe FTSE RAFI US 1000 345,310 11/7/2022 Generale 0.30% Total Return Index 29,874

(4,178,036) (854,221) 844,858 9,363 —

(4,640,126) (876,457)

Total Unrealized Appreciation 39,769

Total Unrealized Depreciation (916,226)

a The Fund's Swap Agreements are not accounted for as hedging instruments under ASC 815. b Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. c Reflects the floating financing rate, as of May 31, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). d The Fund discloses amounts due to the Fund from the counterparty (unrealized appreciation on swap agreements) at period end as an asset on its Statement of Assets and Liabilities. Amounts due to the counterparty from the Fund (unrealized depreciation on swap agreements) are disclosed as a liability on its Statement of Assets and Liabilities. The Fund presents these amounts on a gross basis and does not offset or "net" these amounts on its Statement of Assets and Liabilities. e Represents the "uncollateralized" amount due from or (to) the counterparty at period end. These amounts could be due to timing differences between the movement of collateral in relation to market movements, or due to agreement provisions allowing minimum "thresholds" that would need to be exceeded prior to the movement of collateral. To the extent that a net amount is due from a counterparty, the Fund would be exposed to the counterparty by such amount and could suffer losses or delays in recovery of that amount in the event of a counterparty default.

See accompanying notes to the financial statements.

S&P 500® Ex-Energy ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Constellation Brands, Inc., Class A 124 29,725 COMMON STOCKS - 99.8% Molson Coors Beverage Co., Class B* 136 7,932 Aerospace & Defense - 1.7% Monster Beverage Corp.* 266 25,076 Boeing Co. (The)* 397 98,067 PepsiCo, Inc. 997 147,496 General Dynamics Corp. 168 31,905 375,568 Howmet Aerospace, Inc.* 282 10,005 Biotechnology - 1.8% Huntington Ingalls Industries, Inc. 29 6,270 AbbVie, Inc. 1,276 144,443 L3Harris Technologies, Inc. 149 32,491 Alexion Pharmaceuticals, Inc.* 158 27,895 Lockheed Martin Corp. 179 68,414 Amgen, Inc. 417 99,221 Northrop Grumman Corp. 112 40,977 Biogen, Inc.* 110 29,423 Raytheon Technologies Corp. 1,097 97,315 Gilead Sciences, Inc. 907 59,962 Teledyne Technologies, Inc.* 34 14,262 Incyte Corp.* 135 11,310 Textron, Inc. 164 11,229 Regeneron Pharmaceuticals, Inc.* 78 39,189 TransDigm Group, Inc.* 40 25,954 Vertex Pharmaceuticals, Inc.* 187 39,014 436,889 450,457 Air Freight & Logistics - 0.8% Building Products - 0.5% CH Robinson Worldwide, Inc. 96 9,314 A O Smith Corp. 97 6,894 Expeditors International of Allegion plc 66 9,271 Washington, Inc. 123 15,460 Carrier Global Corp. 589 27,053 FedEx Corp. 177 55,721 Fortune Brands Home & Security, United Parcel Service, Inc., Class B 519 111,378 Inc. 99 10,213 191,873 Johnson Controls International plc 520 34,601 Airlines - 0.3% Masco Corp. 185 11,157 Alaska Air Group, Inc.* 90 6,228 Trane Technologies plc 173 32,247 American Airlines Group, Inc.*(a) 461 11,175 131,436 Delta Air Lines, Inc.* 460 21,933 Capital Markets - 3.1% Southwest Airlines Co.* 425 26,120 Ameriprise Financial, Inc. 84 21,826 , Inc.* 231 13,479 Bank of New York Mellon Corp. 78,935 (The) 583 30,363 Auto Components - 0.2% BlackRock, Inc. 102 89,458 Aptiv plc* 195 29,332 Cboe Global Markets, Inc. 79 8,793 BorgWarner, Inc. 173 8,873 Charles Schwab Corp. (The) 1,081 79,832 38,205 CME Group, Inc. 260 56,878 Automobiles - 1.8% Franklin Resources, Inc. 197 6,739 Ford Motor Co.* 2,821 40,989 Goldman Sachs Group, Inc. (The) 248 92,261 General Motors Co.* 916 54,328 Intercontinental Exchange, Inc. 405 45,716 Tesla, Inc.* 555 346,997 Invesco Ltd. 272 7,760 442,314 MarketAxess Holdings, Inc. 27 12,596 Banks - 4.8% Moody's Corp. 117 39,236 Bank of America Corp. 5,484 232,467 Morgan Stanley 1,084 98,590 Citigroup, Inc. 1,507 118,616 MSCI, Inc. 60 28,088 Citizens Financial Group, Inc. 307 15,319 Nasdaq, Inc. 83 13,899 Comerica, Inc. 100 7,849 Northern Trust Corp. 151 18,300 Fifth Third Bancorp 513 21,618 Raymond James Financial, Inc. 89 11,800 First Republic Bank 126 24,121 S&P Global, Inc.(a) 174 66,028 Huntington Bancshares, Inc.(a) 734 11,641 State Street Corp. 254 22,093 JPMorgan Chase & Co. 2,203 361,821 T. Rowe Price Group, Inc. 165 31,573 KeyCorp 700 16,128 781,829 M&T Bank Corp. 94 15,105 Chemicals - 2.0% People's United Financial, Inc. 308 5,824 Air Products and Chemicals, Inc. 159 47,646 PNC Financial Services Group, Inc. Albemarle Corp. 84 14,035 (The) 306 59,572 Celanese Corp. 82 13,567 Regions Financial Corp. 694 16,247 CF Industries Holdings, Inc. 154 8,188 SVB Financial Group* 40 23,316 Corteva, Inc. 536 24,388 Truist Financial Corp. 973 60,112 Dow, Inc. 537 36,741 US Bancorp 987 59,990 DuPont de Nemours, Inc. 389 32,905 Wells Fargo & Co. 2,984 139,412 Eastman Chemical Co. 97 12,164 Zions Bancorp NA 119 6,888 Ecolab, Inc. 179 38,499 1,196,046 FMC Corp. 94 10,969 Beverages - 1.5% International Flavors & Fragrances, Brown-Forman Corp., Class B 131 10,527 Inc. 179 25,359 Coca-Cola Co. (The) 2,800 154,812 Linde plc 377 113,326

See accompanying notes to the financial statements.

S&P 500® Ex-Energy ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) LyondellBasell Industries NV, Exelon Corp. 704 31,765 Class A 185 20,835 FirstEnergy Corp. 393 14,899 Mosaic Co. (The) 249 8,999 NextEra Energy, Inc. 1,414 103,533 PPG Industries, Inc. 172 30,912 NRG Energy, Inc. 178 5,723 Sherwin-Williams Co. (The) 175 49,618 Pinnacle West Capital Corp. 83 7,020 488,151 PPL Corp. 556 16,185 Commercial Services & Supplies - 0.4% Southern Co. (The) 762 48,707 Cintas Corp. 64 22,627 Xcel Energy, Inc. 388 27,501 Copart, Inc.* 151 19,480 412,988 Republic Services, Inc. 151 16,486 Electrical Equipment - 0.6% Rollins, Inc. 160 5,454 AMETEK, Inc. 167 22,562 Waste Management, Inc. 282 39,672 Eaton Corp. plc 288 41,832 103,719 Emerson Electric Co. 433 41,434 Communications Equipment - 0.9% Generac Holdings, Inc.* 47 15,450 Arista Networks, Inc.* 41 13,915 Rockwell Automation, Inc. 84 22,152 Cisco Systems, Inc. 3,048 161,239 143,430 F5 Networks, Inc.* 46 8,530 Electronic Equipment, Instruments & Components - 0.6% Juniper Networks, Inc. 236 6,214 Amphenol Corp., Class A 432 29,056 Motorola Solutions, Inc. 123 25,253 CDW Corp. 101 16,708 215,151 Corning, Inc. 555 24,215 Construction & Engineering - 0.0%(b) IPG Photonics Corp.* 28 5,859 Quanta Services, Inc. 99 9,440 Keysight Technologies, Inc.* 134 19,079 TE Connectivity Ltd. 238 32,292 Construction Materials - 0.1% Trimble, Inc.* 180 14,002 Martin Marietta Materials, Inc. 46 16,728 Zebra Technologies Corp., Class Vulcan Materials Co. 97 17,782 A* 39 19,385 34,510 160,596 Consumer Finance - 0.7% Entertainment - 2.0% American Express Co. 471 75,421 Activision Blizzard, Inc. 560 54,460 Capital One Financial Corp. 332 53,379 Electronic Arts, Inc. 207 29,587 Discover Financial Services 222 26,032 Live Nation Entertainment, Inc.* 103 9,281 Synchrony Financial 393 18,632 Netflix, Inc.* 319 160,396 173,464 Take-Two Interactive Software, Containers & Packaging - 0.4% Inc.* 83 15,401 Amcor plc(a) 1,128 13,310 Walt Disney Co. (The)* 1,310 234,032 Avery Dennison Corp. 60 13,232 503,157 Ball Corp. 236 19,390 Equity Real Estate Investment Trusts (REITs) - 2.5% International Paper Co. 284 17,920 Alexandria Real Estate Equities, Packaging Corp. of America 69 10,257 Inc. 92 16,400 Sealed Air Corp. 112 6,368 American Tower Corp. 327 83,535 WestRock Co. 190 11,081 AvalonBay Communities, Inc. 100 20,694 91,558 Boston Properties, Inc. 102 11,991 Distributors - 0.1% Crown Castle International Corp. 312 59,124 Genuine Parts Co. 104 13,636 Digital Realty Trust, Inc. 204 30,918 LKQ Corp.* 202 10,294 Duke Realty Corp. 269 12,498 Pool Corp. 29 12,660 Equinix, Inc. 65 47,887 36,590 Equity Residential 248 19,207 Diversified Financial Services - 1.6% Essex Property Trust, Inc. 48 14,174 Berkshire Hathaway, Inc., Class B* 1,377 398,559 Extra Space Storage, Inc. 96 14,382 Federal Realty Investment Trust 52 5,946 Diversified Telecommunication Services - 1.3% Healthpeak Properties, Inc. 389 12,985 AT&T, Inc. 5,148 151,506 Host Hotels & Resorts, Inc.* 508 8,722 Lumen Technologies, Inc. 713 9,868 Iron Mountain, Inc.(a) 207 9,013 Verizon Communications, Inc. 2,987 168,735 Kimco Realty Corp. 313 6,670 Mid-America Apartment 330,109 Communities, Inc. 83 13,338 Electric Utilities - 1.6% Prologis, Inc. 535 63,044 Alliant Energy Corp. 180 10,287 Public Storage 110 31,073 American Electric Power Co., Inc. 359 30,874 Realty Income Corp. 269 18,400 Duke Energy Corp. 555 55,622 Regency Centers Corp. 114 7,364 Edison International 274 15,308 SBA Communications Corp. 81 24,148 Entergy Corp. 145 15,263 Simon Property Group, Inc. 236 30,324 Evergy, Inc. 164 10,166 UDR, Inc. 214 10,193 Eversource Energy 248 20,135

See accompanying notes to the financial statements.

S&P 500® Ex-Energy ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Ventas, Inc. 270 14,971 HCA Healthcare, Inc. 191 41,025 Vornado Realty Trust 114 5,390 Henry Schein, Inc.* 102 7,756 Welltower, Inc. 301 22,506 Humana, Inc. 94 41,144 Weyerhaeuser Co. 539 20,460 Laboratory Corp. of America 635,357 Holdings* 72 19,763 Food & Staples Retailing - 1.4% McKesson Corp. 115 22,125 Costco Wholesale Corp. 319 120,668 Quest Diagnostics, Inc. 95 12,509 Kroger Co. (The) 550 20,339 UnitedHealth Group, Inc. 682 280,929 Sysco Corp. 369 29,889 Universal Health Services, Inc., Walgreens Boots Alliance, Inc. 517 27,225 Class B 56 8,939 Walmart, Inc. 1,002 142,314 714,241 340,435 Health Care Technology - 0.1% Food Products - 1.0% Cerner Corp. 221 17,293 Archer-Daniels-Midland Co. 402 26,745 Campbell Soup Co. 147 7,155 Hotels, Restaurants & Leisure - 2.2% Conagra Brands, Inc. 352 13,411 Booking Holdings, Inc.* 30 70,846 General Mills, Inc. 442 27,784 Caesars Entertainment, Inc.* 151 16,225 Hershey Co. (The) 106 18,343 Carnival Corp.* 576 17,027 Hormel Foods Corp. 204 9,902 Chipotle Mexican Grill, Inc.* 22 30,184 J M Smucker Co. (The) 81 10,796 Darden Restaurants, Inc. 95 13,607 Kellogg Co. 183 11,985 Domino's Pizza, Inc. 28 11,952 Co. (The) 468 20,400 Expedia Group, Inc.* 99 17,518 Lamb Weston Holdings, Inc. 105 8,661 Hilton Worldwide Holdings, Inc.* 201 25,179 McCormick & Co., Inc. (Non- Las Vegas Sands Corp.* 236 13,629 Voting) 179 15,942 Marriott International, Inc., Class Mondelez International, Inc., Class A* 192 27,567 A 1,020 64,801 McDonald's Corp. 537 125,599 Tyson Foods, Inc., Class A 212 16,854 MGM Resorts International 296 12,689 252,779 Norwegian Cruise Line Holdings Gas Utilities - 0.0%(b) Ltd.*(a) 261 8,326 Atmos Energy Corp. 93 9,223 Penn National Gaming, Inc.*(a) 107 8,771 Royal Caribbean Cruises Ltd.* 158 14,737 Health Care Equipment & Supplies - 3.7% Starbucks Corp. 850 96,798 Abbott Laboratories 1,278 149,079 Wynn Resorts Ltd.* 77 10,154 ABIOMED, Inc.* 33 9,391 Yum! Brands, Inc. 216 25,914 Align Technology, Inc.* 54 31,868 546,722 Baxter International, Inc. 365 29,974 Household Durables - 0.5% Becton Dickinson and Co. 209 50,555 DR Horton, Inc. 238 22,679 Boston Scientific Corp.* 1,024 43,571 Garmin Ltd. 108 15,362 Cooper Cos., Inc. (The) 36 14,164 Leggett & Platt, Inc. 95 5,228 Danaher Corp. 457 117,056 Lennar Corp., Class A 199 19,703 DENTSPLY SIRONA, Inc. 158 10,573 Mohawk Industries, Inc.* 44 9,270 Dexcom, Inc.* 70 25,857 Newell Brands, Inc. 273 7,832 Edwards Lifesciences Corp.* 452 43,347 NVR, Inc.* 3 14,662 Hologic, Inc.* 186 11,729 PulteGroup, Inc. 192 11,096 IDEXX Laboratories, Inc.* 62 34,603 Whirlpool Corp. 47 11,143 Intuitive Surgical, Inc.* 85 71,585 116,975 Medtronic plc 974 123,299 Household Products - 1.4% ResMed, Inc. 105 21,614 Church & Dwight Co., Inc. 178 15,260 STERIS plc 62 11,833 Clorox Co. (The) 91 16,082 Stryker Corp. 235 59,989 Colgate-Palmolive Co. 613 51,357 Teleflex, Inc. 34 13,675 Kimberly-Clark Corp. 244 31,874 West Pharmaceutical Services, Inc. 55 19,113 Procter & Gamble Co. (The) 1,777 239,629 Zimmer Biomet Holdings, Inc. 151 25,418 354,202 918,293 Independent Power and Renewable Electricity Producers - 0.0%(b) Health Care Providers & Services - 2.9% AES Corp. (The) 481 12,222 AmerisourceBergen Corp. 106 12,162 Anthem, Inc. 178 70,883 Industrial Conglomerates - 1.3% Cardinal Health, Inc. 211 11,831 3M Co. 419 85,074 Centene Corp.* 420 30,912 General Electric Co. 6,329 88,986 Cigna Corp. 255 66,007 Honeywell International, Inc. 503 116,147 CVS Health Corp. 946 81,772 Roper Technologies, Inc. 77 34,651 DaVita, Inc.* 54 6,484 324,858

See accompanying notes to the financial statements.

S&P 500® Ex-Energy ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Insurance - 2.1% Leisure Products - 0.0%(b) Aflac, Inc. 462 26,186 Hasbro, Inc. 93 8,925 Allstate Corp. (The) 219 29,918 American International Group, Inc. 624 32,972 Life Sciences Tools & Services - 1.3% Aon plc, Class A(a) 163 41,299 Agilent Technologies, Inc. 220 30,389 Arthur J Gallagher & Co. 149 21,845 Bio-Rad Laboratories, Inc., Class Assurant, Inc. 43 6,929 A* 17 10,240 Chubb Ltd. 325 55,247 Charles River Laboratories Cincinnati Financial Corp. 108 13,145 International, Inc.* 37 12,506 Everest Re Group Ltd. 29 7,539 Illumina, Inc.* 105 42,592 Globe Life, Inc. 70 7,379 IQVIA Holdings, Inc.* 138 33,142 Hartford Financial Services Group, Mettler-Toledo International, Inc.* 18 23,417 Inc. (The) 259 16,926 PerkinElmer, Inc. 83 12,041 Lincoln National Corp. 130 9,073 Thermo Fisher Scientific, Inc. 285 133,808 Loews Corp. 164 9,574 Waters Corp.* 46 14,823 Marsh & McLennan Cos., Inc. 368 50,913 312,958 MetLife, Inc. 542 35,425 Machinery - 1.8% Principal Financial Group, Inc. 182 11,901 Caterpillar, Inc. 394 94,985 Progressive Corp. (The) 424 42,010 Cummins, Inc. 107 27,529 Prudential Financial, Inc. 287 30,700 Deere & Co. 227 81,970 Travelers Cos., Inc. (The) 181 28,906 Dover Corp. 103 15,501 Unum Group 148 4,583 Fortive Corp. 244 17,695 W R Berkley Corp. 101 7,877 IDEX Corp. 57 12,692 Willis Towers Watson plc 94 24,568 , Inc. 207 47,974 514,915 Ingersoll Rand, Inc.* 269 13,353 Interactive Media & Services - 6.4% Otis Worldwide Corp. 294 23,029 Alphabet, Inc., Class A* 217 511,436 PACCAR, Inc. 251 22,982 Alphabet, Inc., Class C* 207 499,193 Parker-Hannifin Corp. 94 28,966 Facebook, Inc., Class A* 1,737 571,004 Pentair plc(a) 121 8,345 Twitter, Inc.* 576 33,408 Snap-on, Inc. 40 10,185 1,615,041 Stanley Black & Decker, Inc. 117 25,366 Internet & Direct Marketing Retail - 4.2% Westinghouse Air Brake Amazon.com, Inc.* 310 999,152 Technologies Corp. 128 10,593 eBay, Inc. 467 28,431 Xylem, Inc. 130 15,356 Etsy, Inc.* 92 15,155 456,521 1,042,738 Media - 1.4% IT Services - 5.2% Charter Communications, Inc., Accenture plc, Class A 457 128,947 Class A*(a) 102 70,842 Akamai Technologies, Inc.* 118 13,477 Comcast Corp., Class A 3,300 189,222 Automatic Data Processing, Inc. 309 60,570 Discovery, Inc., Class A*(a) 118 3,789 Broadridge Financial Solutions, Discovery, Inc., Class C* 208 6,250 Inc. 84 13,396 DISH Network Corp., Class A* 178 7,747 Cognizant Technology Solutions Fox Corp., Class A 241 9,001 Corp., Class A 383 27,408 Fox Corp., Class B 111 4,027 DXC Technology Co.* 183 6,939 Interpublic Group of Cos., Inc. Fidelity National Information (The) 283 9,534 Services, Inc. 449 66,892 News Corp., Class A 283 7,638 Fiserv, Inc.* 429 49,421 News Corp., Class B 88 2,261 FleetCor Technologies, Inc.* 61 16,741 Omnicom Group, Inc. 155 12,747 Gartner, Inc.* 65 15,070 ViacomCBS, Inc. 425 18,029 Global Payments, Inc. 213 41,260 341,087 International Business Machines Metals & Mining - 0.4% Corp. 644 92,569 Freeport-McMoRan, Inc. 1,054 45,027 Jack Henry & Associates, Inc. 55 8,478 Newmont Corp. 578 42,471 Mastercard, Inc., Class A 633 228,247 Nucor Corp. 215 22,046 Paychex, Inc. 233 23,566 109,544 PayPal Holdings, Inc.* 845 219,717 Multiline Retail - 0.5% VeriSign, Inc.* 73 16,054 Dollar General Corp. 178 36,127 Visa, Inc., Class A 1,224 278,215 Dollar Tree, Inc.* 170 16,575 Western Union Co. (The) 296 7,243 Target Corp. 362 82,145 1,314,210 134,847 Multi-Utilities - 0.8% Ameren Corp. 182 15,324

See accompanying notes to the financial statements.

S&P 500® Ex-Energy ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) CenterPoint Energy, Inc. 397 10,044 Skyworks Solutions, Inc. 120 20,400 CMS Energy Corp. 208 13,050 Teradyne, Inc. 121 16,014 Consolidated Edison, Inc. 247 19,078 Texas Instruments, Inc. 665 126,230 Dominion Energy, Inc. 582 44,313 Xilinx, Inc.* 178 22,606 DTE Energy Co. 140 19,319 1,400,924 NiSource, Inc. 283 7,217 Software - 8.6% Public Service Enterprise Group, Adobe, Inc.* 345 174,080 Inc. 365 22,674 ANSYS, Inc.* 63 21,290 Sempra Energy 228 30,892 Autodesk, Inc.* 158 45,166 WEC Energy Group, Inc. 228 21,411 Cadence Design Systems, Inc.* 202 25,652 203,322 Citrix Systems, Inc. 89 10,231 Personal Products - 0.2% Fortinet, Inc.* 97 21,198 Estee Lauder Cos., Inc. (The), Class Intuit, Inc. 198 86,940 A 166 50,882 Microsoft Corp. 5,444 1,359,258 NortonLifeLock, Inc. 421 11,645 Pharmaceuticals - 3.7% Oracle Corp. 1,339 105,433 Bristol-Myers Squibb Co. 1,617 106,269 Software, Inc.* 36 11,866 Catalent, Inc.* 124 12,999 PTC, Inc.* 77 10,329 Eli Lilly & Co. 574 114,651 salesforce.com, Inc.* 663 157,860 Johnson & Johnson 1,898 321,236 ServiceNow, Inc.* 142 67,291 Merck & Co., Inc. 1,826 138,575 Synopsys, Inc.* 110 27,977 Perrigo Co. plc 95 4,383 Tyler Technologies, Inc.* 29 11,692 Pfizer, Inc. 4,026 155,927 2,147,908 Viatris, Inc. 871 13,274 Specialty Retail - 2.3% Zoetis, Inc. 342 60,425 Advance Auto Parts, Inc. 49 9,297 927,739 AutoZone, Inc.* 17 23,912 Professional Services - 0.4% Best Buy Co., Inc. 166 19,296 Equifax, Inc. 88 20,684 CarMax, Inc.* 118 13,592 IHS Markit Ltd. 269 28,328 Gap, Inc. (The) 149 4,984 Jacobs Engineering Group, Inc. 95 13,498 Home Depot, Inc. (The) 778 248,112 Leidos Holdings, Inc. 95 9,761 L Brands, Inc.* 169 11,808 Nielsen Holdings plc 259 7,048 Lowe's Cos., Inc. 528 102,870 Robert Half International, Inc. 84 7,458 O'Reilly Automotive, Inc.* 52 27,826 Verisk Analytics, Inc. 118 20,394 Ross Stores, Inc. 258 32,609 107,171 TJX Cos., Inc. (The) 866 58,490 Real Estate Management & Development - 0.1% Tractor Supply Co. 84 15,263 CBRE Group, Inc., Class A* 242 21,243 Ulta Beauty, Inc.* 42 14,505 582,564 Road & Rail - 1.1% Technology Hardware, Storage & Peripherals - 6.0% CSX Corp. 551 55,166 Apple, Inc. 11,392 1,419,557 JB Hunt Transport Services, Inc. 61 10,464 Hewlett Packard Enterprise Co. 940 15,002 Kansas City Southern 66 19,647 HP, Inc. 904 26,424 Norfolk Southern Corp. 181 50,843 NetApp, Inc. 160 12,379 Old Dominion Freight Line, Inc. 70 18,581 Seagate Technology Holdings plc 146 13,980 Union Pacific Corp. 483 108,545 Western Digital Corp.* 221 16,626 263,246 1,503,968 Semiconductors & Semiconductor Equipment - 5.6% Textiles, Apparel & Luxury Goods - 0.7% Advanced Micro Devices, Inc.* 875 70,070 Hanesbrands, Inc. 252 4,924 Analog Devices, Inc. 266 43,784 NIKE, Inc., Class B 919 125,407 Applied Materials, Inc. 663 91,580 PVH Corp.* 53 6,085 Broadcom, Inc. 294 138,865 Ralph Lauren Corp.* 35 4,343 Enphase Energy, Inc.* 94 13,447 Tapestry, Inc.* 201 9,023 Intel Corp. 2,933 167,533 Under Armour, Inc., Class A* 136 3,071 KLA Corp. 111 35,175 Under Armour, Inc., Class C* 141 2,687 Lam Research Corp. 103 66,935 VF Corp. 233 18,575 Maxim Integrated Products, Inc.* 194 19,790 174,115 Microchip Technology, Inc. 195 30,605 Tobacco - 0.7% Micron Technology, Inc.* 808 67,985 Altria Group, Inc. 1,342 66,053 Monolithic Power Systems, Inc. 31 10,637 Philip Morris International, Inc. 1,124 108,388 NVIDIA Corp. 448 291,101 174,441 NXP Semiconductors NV 201 42,495 Trading Companies & Distributors - 0.2% Qorvo, Inc.* 84 15,349 Fastenal Co. 415 22,012 QUALCOMM, Inc. 820 110,323 United Rentals, Inc.* 54 18,034

See accompanying notes to the financial statements.

S&P 500® Ex-Energy ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($)

WW Grainger, Inc. 32 14,789 * Non-income producing security. 54,835 (a) The security or a portion of this security is on loan at May 31, Water Utilities - 0.1% 2021. The total value of securities on loan at May 31, 2021 was American Water Works Co., Inc. 131 20,308 $211,505, collateralized in the form of cash with a value of $3,292 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Wireless Telecommunication Services - 0.2% Investments and $214,521 of collateral in the form of U.S. T-Mobile US, Inc.* 422 59,692 Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from June 24, 2021 TOTAL COMMON STOCKS – November 15, 2050. The total value of collateral is $217,813. (COST $24,639,082) 25,010,718 (b) Represents less than 0.05% of net assets. (c) The security was purchased with cash collateral held from securities on loan at May 31, 2021. The total value of securities SECURITIES LENDING REINVESTMENTS(c) - 0.0%(b) purchased was $3,292. (d) The Fund invests in Repurchase Agreements jointly with other INVESTMENT COMPANIES - 0.0%(b) funds in the Trust. See "Repurchase Agreements" in the Notes BlackRock Liquidity FedFund, Institutional Class to Financial Statements to view the details of each individual 0.03% (Cost $3,292) 3,292 3,292 agreement and counterparty as well as a description of the securities subject to repurchase.

Principal Investments Amount ($) Value ($) As of May 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was SHORT-TERM INVESTMENTS - 0.1% as follows:

REPURCHASE AGREEMENTS(d) - 0.1% Aggregate gross unrealized appreciation $ 905,541

Repurchase Agreements with various Aggregate gross unrealized depreciation (550,227)

counterparties, rates 0.00% - Net unrealized appreciation $ 355,314

0.01%, dated 5/28/2021, due Federal income tax cost $ 24,673,643

6/1/2021, total to be received $14,949

(Cost $14,947) 14,947 14,947

Total Investments - 99.9% (Cost $24,657,321) 25,028,957 Other assets less liabilities - 0.1% 17,890 Net Assets - 100.0% 25,046,847

See accompanying notes to the financial statements.

S&P 500® Ex-Financials ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Fortune Brands Home & Security, COMMON STOCKS - 99.9% Inc. 34 3,507 Johnson Controls International plc 179 11,911 Aerospace & Defense - 2.0% Masco Corp. 64 3,860 Boeing Co. (The)* 136 33,595 Trane Technologies plc 59 10,998 General Dynamics Corp. 57 10,825 45,060 Howmet Aerospace, Inc.* 95 3,370 Chemicals - 2.2% Huntington Ingalls Industries, Inc. 10 2,162 Air Products and Chemicals, Inc. 54 16,182 L3Harris Technologies, Inc. 50 10,903 Albemarle Corp. 28 4,678 Lockheed Martin Corp. 60 22,932 Celanese Corp. 28 4,633 Northrop Grumman Corp. 38 13,903 CF Industries Holdings, Inc. 52 2,765 Raytheon Technologies Corp. 375 33,266 Corteva, Inc. 184 8,372 Teledyne Technologies, Inc.* 12 5,034 Dow, Inc. 184 12,589 Textron, Inc. 57 3,903 DuPont de Nemours, Inc. 133 11,251 TransDigm Group, Inc.* 13 8,435 Eastman Chemical Co. 33 4,138 148,328 Ecolab, Inc. 61 13,120 Air Freight & Logistics - 0.9% FMC Corp. 32 3,734 CH Robinson Worldwide, Inc. 33 3,202 International Flavors & Fragrances, Expeditors International of Inc. 61 8,642 Washington, Inc. 42 5,279 Linde plc 129 38,777 FedEx Corp. 60 18,888 LyondellBasell Industries NV, United Parcel Service, Inc., Class B 178 38,199 Class A 63 7,095 65,568 Mosaic Co. (The) 85 3,072 Airlines - 0.4% PPG Industries, Inc. 58 10,424 Alaska Air Group, Inc.* 32 2,214 Sherwin-Williams Co. (The) 59 16,728 American Airlines Group, Inc.*(a) 157 3,806 166,200 Delta Air Lines, Inc.* 157 7,486 Commercial Services & Supplies - 0.5% Southwest Airlines Co.* 145 8,912 Cintas Corp. 21 7,424 United Airlines Holdings, Inc.* 78 4,551 Copart, Inc.* 51 6,580 26,969 Republic Services, Inc. 52 5,677 Auto Components - 0.2% Rollins, Inc. 54 1,841 Aptiv plc* 66 9,928 Waste Management, Inc. 95 13,365 BorgWarner, Inc. 59 3,026 34,887 12,954 Communications Equipment - 1.0% Automobiles - 2.0% Arista Networks, Inc.* 13 4,412 Ford Motor Co.* 961 13,963 Cisco Systems, Inc. 1,039 54,963 General Motors Co.* 312 18,505 F5 Networks, Inc.* 14 2,596 Tesla, Inc.* 189 118,167 Juniper Networks, Inc. 80 2,107 150,635 Motorola Solutions, Inc. 42 8,623 Beverages - 1.7% 72,701 Brown-Forman Corp., Class B 46 3,696 Construction & Engineering - 0.0%(b) Coca-Cola Co. (The) 955 52,802 Quanta Services, Inc. 34 3,242 Constellation Brands, Inc., Class A 42 10,068 Molson Coors Beverage Co., Class Construction Materials - 0.1% B* 46 2,683 Martin Marietta Materials, Inc. 14 5,091 Monster Beverage Corp.* 92 8,673 Vulcan Materials Co. 33 6,050 PepsiCo, Inc. 339 50,152 11,141 128,074 Containers & Packaging - 0.4% Biotechnology - 2.0% Amcor plc(a) 384 4,531 AbbVie, Inc. 435 49,242 Avery Dennison Corp. 20 4,410 Alexion Pharmaceuticals, Inc.* 54 9,534 Ball Corp. 81 6,655 Amgen, Inc. 143 34,025 International Paper Co. 97 6,121 Biogen, Inc.* 37 9,897 Packaging Corp. of America 23 3,419 Gilead Sciences, Inc. 309 20,428 Sealed Air Corp. 38 2,161 Incyte Corp.* 46 3,854 WestRock Co. 65 3,791 Regeneron Pharmaceuticals, Inc.* 26 13,063 31,088 Vertex Pharmaceuticals, Inc.* 64 13,352 Distributors - 0.2% 153,395 Genuine Parts Co. 35 4,589 Building Products - 0.6% LKQ Corp.* 68 3,465 A O Smith Corp. 34 2,416 Pool Corp. 10 4,366 Allegion plc 22 3,090 12,420 Carrier Global Corp. 202 9,278 Diversified Telecommunication Services - 1.5% AT&T, Inc. 1,754 51,620

See accompanying notes to the financial statements.

S&P 500® Ex-Financials ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Lumen Technologies, Inc. 242 3,349 Conagra Brands, Inc. 120 4,572 Verizon Communications, Inc. 1,019 57,564 General Mills, Inc. 151 9,492 112,533 Hershey Co. (The) 36 6,230 Electric Utilities - 1.9% Hormel Foods Corp. 69 3,349 Alliant Energy Corp. 61 3,486 J M Smucker Co. (The) 27 3,599 American Electric Power Co., Inc. 122 10,492 Kellogg Co. 63 4,126 Duke Energy Corp. 189 18,942 Kraft Heinz Co. (The) 160 6,974 Edison International 93 5,196 Lamb Weston Holdings, Inc. 37 3,052 Entergy Corp. 49 5,158 McCormick & Co., Inc. (Non- Evergy, Inc. 57 3,533 Voting) 62 5,522 Eversource Energy 85 6,901 Mondelez International, Inc., Class Exelon Corp. 239 10,784 A 347 22,045 FirstEnergy Corp. 134 5,080 Tyson Foods, Inc., Class A 74 5,883 NextEra Energy, Inc. 483 35,365 86,458 NRG Energy, Inc. 60 1,929 Gas Utilities - 0.0%(b) Pinnacle West Capital Corp. 28 2,368 Atmos Energy Corp. 32 3,173 PPL Corp. 189 5,502 Southern Co. (The) 261 16,683 Health Care Equipment & Supplies - 4.1% Xcel Energy, Inc. 133 9,427 Abbott Laboratories 436 50,859 140,846 ABIOMED, Inc.* 11 3,130 Electrical Equipment - 0.6% Align Technology, Inc.* 18 10,623 AMETEK, Inc. 57 7,701 Baxter International, Inc. 125 10,265 Eaton Corp. plc 98 14,234 Becton Dickinson and Co. 71 17,174 Emerson Electric Co. 148 14,162 Boston Scientific Corp.* 349 14,850 Generac Holdings, Inc.* 15 4,931 Cooper Cos., Inc. (The) 12 4,721 Rockwell Automation, Inc. 28 7,384 Danaher Corp. 156 39,958 48,412 DENTSPLY SIRONA, Inc. 54 3,614 Electronic Equipment, Instruments & Components - 0.7% Dexcom, Inc.* 23 8,496 Amphenol Corp., Class A 148 9,955 Edwards Lifesciences Corp.* 154 14,769 CDW Corp. 34 5,624 Hologic, Inc.* 64 4,036 Corning, Inc. 189 8,246 IDEXX Laboratories, Inc.* 20 11,162 IPG Photonics Corp.* 9 1,883 Intuitive Surgical, Inc.* 28 23,581 Keysight Technologies, Inc.* 45 6,407 Medtronic plc 333 42,154 TE Connectivity Ltd. 82 11,126 ResMed, Inc. 35 7,205 Trimble, Inc.* 62 4,823 STERIS plc 20 3,817 Zebra Technologies Corp., Class Stryker Corp. 80 20,422 A* 13 6,462 Teleflex, Inc. 11 4,424 54,526 West Pharmaceutical Services, Inc. 18 6,255 Energy Equipment & Services - 0.3% Zimmer Biomet Holdings, Inc. 51 8,585 Baker Hughes Co. 180 4,392 310,100 Halliburton Co. 219 4,917 Health Care Providers & Services - 3.2% NOV, Inc.* 95 1,531 AmerisourceBergen Corp. 36 4,131 Schlumberger NV 343 10,746 Anthem, Inc. 60 23,893 21,586 Cardinal Health, Inc. 72 4,037 Entertainment - 2.3% Centene Corp.* 144 10,598 Activision Blizzard, Inc. 191 18,575 Cigna Corp. 86 22,261 Electronic Arts, Inc. 70 10,005 CVS Health Corp. 324 28,007 Live Nation Entertainment, Inc.* 36 3,244 DaVita, Inc.* 18 2,161 Netflix, Inc.* 109 54,806 HCA Healthcare, Inc. 65 13,961 Take-Two Interactive Software, Henry Schein, Inc.* 36 2,738 Inc.* 28 5,196 Humana, Inc. 32 14,006 Walt Disney Co. (The)* 447 79,856 Laboratory Corp. of America 171,682 Holdings* 23 6,313 Food & Staples Retailing - 1.6% McKesson Corp. 39 7,503 Costco Wholesale Corp. 109 41,232 Quest Diagnostics, Inc. 33 4,345 Kroger Co. (The) 188 6,952 UnitedHealth Group, Inc. 232 95,566 Sysco Corp. 126 10,206 Universal Health Services, Inc., Walgreens Boots Alliance, Inc. 177 9,321 Class B 19 3,033 Walmart, Inc. 342 48,574 242,553 116,285 Health Care Technology - 0.1% Food Products - 1.2% Cerner Corp. 76 5,947 Archer-Daniels-Midland Co. 138 9,181 Campbell Soup Co. 50 2,433

See accompanying notes to the financial statements.

S&P 500® Ex-Financials ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Hotels, Restaurants & Leisure - 2.5% Automatic Data Processing, Inc. 105 20,582 Booking Holdings, Inc.* 10 23,616 Broadridge Financial Solutions, Caesars Entertainment, Inc.* 52 5,587 Inc. 28 4,465 Carnival Corp.* 197 5,823 Cognizant Technology Solutions Chipotle Mexican Grill, Inc.* 6 8,232 Corp., Class A 131 9,374 Darden Restaurants, Inc. 32 4,583 DXC Technology Co.* 62 2,351 Domino's Pizza, Inc. 9 3,842 Fidelity National Information Expedia Group, Inc.* 34 6,016 Services, Inc. 153 22,794 Hilton Worldwide Holdings, Inc.* 68 8,518 Fiserv, Inc.* 147 16,934 Las Vegas Sands Corp.* 80 4,620 FleetCor Technologies, Inc.* 20 5,489 Marriott International, Inc., Class Gartner, Inc.* 21 4,869 A* 66 9,476 Global Payments, Inc. 73 14,141 McDonald's Corp. 184 43,036 International Business Machines MGM Resorts International 101 4,330 Corp. 220 31,623 Norwegian Cruise Line Holdings Jack Henry & Associates, Inc. 18 2,775 Ltd.*(a) 88 2,807 Mastercard, Inc., Class A 216 77,885 Penn National Gaming, Inc.* 37 3,033 Paychex, Inc. 79 7,990 Royal Caribbean Cruises Ltd.* 54 5,037 PayPal Holdings, Inc.* 288 74,886 Starbucks Corp. 290 33,025 VeriSign, Inc.* 24 5,278 Wynn Resorts Ltd.* 26 3,429 Visa, Inc., Class A 418 95,011 Yum! Brands, Inc. 75 8,998 Western Union Co. (The) 101 2,472 184,008 447,504 Household Durables - 0.5% Leisure Products - 0.0%(b) DR Horton, Inc. 83 7,909 Hasbro, Inc. 32 3,071 Garmin Ltd. 36 5,121 Leggett & Platt, Inc. 33 1,816 Life Sciences Tools & Services - 1.4% Lennar Corp., Class A 68 6,733 Agilent Technologies, Inc. 75 10,360 Mohawk Industries, Inc.* 14 2,950 Bio-Rad Laboratories, Inc., Class Newell Brands, Inc. 93 2,668 A* 5 3,012 NVR, Inc.* 1 4,887 Charles River Laboratories PulteGroup, Inc. 66 3,814 International, Inc.* 13 4,394 Whirlpool Corp. 15 3,556 Illumina, Inc.* 36 14,603 39,454 IQVIA Holdings, Inc.* 47 11,287 Household Products - 1.6% Mettler-Toledo International, Inc.* 5 6,505 Church & Dwight Co., Inc. 61 5,229 PerkinElmer, Inc. 27 3,917 Clorox Co. (The) 31 5,479 Thermo Fisher Scientific, Inc. 96 45,072 Colgate-Palmolive Co. 210 17,594 Waters Corp.* 14 4,511 Kimberly-Clark Corp. 83 10,842 103,661 Procter & Gamble Co. (The) 607 81,854 Machinery - 2.1% 120,998 Caterpillar, Inc. 135 32,546 Independent Power and Renewable Electricity Producers - 0.1% Cummins, Inc. 36 9,262 AES Corp. (The) 164 4,167 Deere & Co. 77 27,805 Dover Corp. 35 5,268 Industrial Conglomerates - 1.5% Fortive Corp. 84 6,092 3M Co. 143 29,035 IDEX Corp. 18 4,008 General Electric Co. 2,156 30,313 Illinois Tool Works, Inc. 70 16,223 Honeywell International, Inc. 171 39,486 Ingersoll Rand, Inc.* 92 4,567 Roper Technologies, Inc. 26 11,700 Otis Worldwide Corp. 101 7,911 110,534 PACCAR, Inc. 86 7,874 Interactive Media & Services - 7.3% Parker-Hannifin Corp. 32 9,861 Alphabet, Inc., Class A* 74 174,407 Pentair plc(a) 42 2,897 Alphabet, Inc., Class C* 70 168,809 Snap-on, Inc. 13 3,310 Facebook, Inc., Class A* 592 194,608 Stanley Black & Decker, Inc. 40 8,672 Twitter, Inc.* 197 11,426 Westinghouse Air Brake 549,250 Technologies Corp. 44 3,641 Internet & Direct Marketing Retail - 4.7% Xylem, Inc. 44 5,197 Amazon.com, Inc.* 105 338,422 155,134 eBay, Inc. 160 9,741 Media - 1.6% Etsy, Inc.* 31 5,107 Charter Communications, Inc., 353,270 Class A*(a) 35 24,309 IT Services - 6.0% Comcast Corp., Class A 1,126 64,565 Accenture plc, Class A 156 44,017 Discovery, Inc., Class A*(a) 40 1,284 Akamai Technologies, Inc.* 40 4,568 Discovery, Inc., Class C* 71 2,134

See accompanying notes to the financial statements.

S&P 500® Ex-Financials ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) DISH Network Corp., Class A* 60 2,611 Merck & Co., Inc. 622 47,204 Fox Corp., Class A 82 3,063 Perrigo Co. plc 33 1,523 Fox Corp., Class B 37 1,342 Pfizer, Inc. 1,372 53,137 Interpublic Group of Cos., Inc. Viatris, Inc. 297 4,526 (The) 95 3,200 Zoetis, Inc. 117 20,672 News Corp., Class A 96 2,591 316,565 News Corp., Class B 30 771 Professional Services - 0.5% Omnicom Group, Inc. 54 4,441 Equifax, Inc. 30 7,051 ViacomCBS, Inc. 145 6,151 IHS Markit Ltd. 93 9,794 116,462 Jacobs Engineering Group, Inc. 32 4,547 Metals & Mining - 0.5% Leidos Holdings, Inc. 33 3,391 Freeport-McMoRan, Inc. 359 15,336 Nielsen Holdings plc 87 2,367 Newmont Corp. 198 14,549 Robert Half International, Inc. 28 2,486 Nucor Corp. 74 7,588 Verisk Analytics, Inc. 40 6,913 37,473 36,549 Multiline Retail - 0.6% Road & Rail - 1.2% Dollar General Corp. 60 12,178 CSX Corp. 188 18,823 Dollar Tree, Inc.* 58 5,655 JB Hunt Transport Services, Inc. 20 3,431 Target Corp. 123 27,911 Kansas City Southern 22 6,549 45,744 Norfolk Southern Corp. 61 17,135 Multi-Utilities - 0.9% Old Dominion Freight Line, Inc. 23 6,105 Ameren Corp. 63 5,305 Union Pacific Corp. 165 37,080 CenterPoint Energy, Inc. 136 3,441 89,123 CMS Energy Corp. 71 4,454 Semiconductors & Semiconductor Equipment - 6.4% Consolidated Edison, Inc. 85 6,565 Advanced Micro Devices, Inc.* 299 23,944 Dominion Energy, Inc. 198 15,076 Analog Devices, Inc. 91 14,979 DTE Energy Co. 48 6,623 Applied Materials, Inc. 226 31,217 NiSource, Inc. 96 2,448 Broadcom, Inc. 100 47,233 Public Service Enterprise Group, Enphase Energy, Inc.* 32 4,578 Inc. 125 7,765 Intel Corp. 1,000 57,120 Sempra Energy 77 10,433 KLA Corp. 37 11,725 WEC Energy Group, Inc. 78 7,325 Lam Research Corp. 35 22,745 69,435 Maxim Integrated Products, Inc.* 67 6,835 Oil, Gas & Consumable Fuels - 3.0% Microchip Technology, Inc. 66 10,359 APA Corp. 93 1,934 Micron Technology, Inc.* 276 23,223 Cabot Oil & Gas Corp. 98 1,607 Monolithic Power Systems, Inc. 10 3,431 Chevron Corp. 474 49,196 NVIDIA Corp. 153 99,416 ConocoPhillips 333 18,561 NXP Semiconductors NV 68 14,376 Devon Energy Corp. 146 3,878 Qorvo, Inc.* 27 4,933 Diamondback Energy, Inc. 45 3,603 QUALCOMM, Inc. 280 37,671 EOG Resources, Inc. 144 11,569 Skyworks Solutions, Inc. 41 6,970 Exxon Mobil Corp. 1,042 60,822 Teradyne, Inc. 41 5,426 Hess Corp. 68 5,700 Texas Instruments, Inc. 227 43,089 HollyFrontier Corp. 36 1,169 Xilinx, Inc.* 60 7,620 Kinder Morgan, Inc. 479 8,785 476,890 Marathon Oil Corp. 194 2,349 Software - 9.8% Marathon Petroleum Corp. 161 9,950 Adobe, Inc.* 118 59,540 Occidental Petroleum Corp. 206 5,348 ANSYS, Inc.* 21 7,097 ONEOK, Inc. 109 5,749 Autodesk, Inc.* 54 15,436 Phillips 66 108 9,096 Cadence Design Systems, Inc.* 68 8,635 Pioneer Natural Resources Co. 50 7,609 Citrix Systems, Inc. 31 3,564 Valero Energy Corp. 101 8,120 Fortinet, Inc.* 33 7,212 Williams Cos., Inc. (The) 299 7,876 Intuit, Inc. 67 29,419 222,921 Microsoft Corp. 1,856 463,406 Personal Products - 0.2% NortonLifeLock, Inc. 144 3,983 Estee Lauder Cos., Inc. (The), Class Oracle Corp. 456 35,905 A 57 17,472 Paycom Software, Inc.* 12 3,955 PTC, Inc.* 26 3,488 Pharmaceuticals - 4.2% salesforce.com, Inc.* 227 54,049 Bristol-Myers Squibb Co. 552 36,277 ServiceNow, Inc.* 48 22,746 Catalent, Inc.* 42 4,403 Synopsys, Inc.* 37 9,411 Eli Lilly & Co. 196 39,149 Tyler Technologies, Inc.* 10 4,032 Johnson & Johnson 648 109,674 731,878

See accompanying notes to the financial statements.

S&P 500® Ex-Financials ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Specialty Retail - 2.6% Advance Auto Parts, Inc. 15 2,846 AutoZone, Inc.* 5 7,033 Total Investments - 99.9% Best Buy Co., Inc. 57 6,626 (Cost $7,365,561) 7,482,622 CarMax, Inc.* 40 4,608 Other assets less liabilities - 0.1% 5,743 Gap, Inc. (The) 50 1,672 Net Assets - 100.0% 7,488,365 Home Depot, Inc. (The) 265 84,511 L Brands, Inc.* 59 4,122 Lowe's Cos., Inc. 180 35,069 O'Reilly Automotive, Inc.* 17 9,097 Ross Stores, Inc. 88 11,122 TJX Cos., Inc. (The) 296 19,992 Tractor Supply Co. 28 5,088 Ulta Beauty, Inc.* 13 4,490 196,276 Technology Hardware, Storage & Peripherals - 6.8% Apple, Inc. 3,882 483,736 Hewlett Packard Enterprise Co. 320 5,107 HP, Inc. 308 9,003 NetApp, Inc. 55 4,255 Seagate Technology Holdings plc 50 4,788 Western Digital Corp.* 76 5,717 512,606 Textiles, Apparel & Luxury Goods - 0.8% Hanesbrands, Inc. 85 1,661 NIKE, Inc., Class B 313 42,712 PVH Corp.* 17 1,952 Ralph Lauren Corp.* 11 1,365 Tapestry, Inc.* 68 3,052 Under Armour, Inc., Class A* 46 1,039 Under Armour, Inc., Class C* 48 915 VF Corp. 79 6,298 58,994 Tobacco - 0.8% Altria Group, Inc. 458 22,543 Philip Morris International, Inc. 384 37,029 59,572 Trading Companies & Distributors - 0.2% Fastenal Co. 142 7,532 United Rentals, Inc.* 18 6,011 WW Grainger, Inc. 11 5,084 18,627 Water Utilities - 0.1% American Water Works Co., Inc. 44 6,821

Wireless Telecommunication Services - 0.3% T-Mobile US, Inc.* 144 20,369

TOTAL COMMON STOCKS (COST $7,364,530) 7,481,591

SECURITIES LENDING REINVESTMENTS(c) - 0.0%(b)

INVESTMENT COMPANIES - 0.0%(b) BlackRock Liquidity FedFund, Institutional Class 0.03% (Cost $1,031) 1,031 1,031

See accompanying notes to the financial statements.

S&P 500® Ex-Financials ETF Schedule of Portfolio Investments May 31, 2021

* Non-income producing security. (a) The security or a portion of this security is on loan at May 31, 2021. The total value of securities on loan at May 31, 2021 was $31,002, collateralized in the form of cash with a value of $1,031 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $30,815 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from June 24, 2021 – November 15, 2050. The total value of collateral is $31,846. (b) Represents less than 0.05% of net assets. (c) The security was purchased with cash collateral held from securities on loan at May 31, 2021. The total value of securities purchased was $1,031.

As of May 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation $ 247,463

Aggregate gross unrealized depreciation (136,577)

Net unrealized appreciation $ 110,886

Federal income tax cost $ 7,371,736

See accompanying notes to the financial statements.

S&P 500® Ex-Health Care ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Constellation Brands, Inc., Class A 22 5,274 COMMON STOCKS - 99.9% Molson Coors Beverage Co., Class B* 25 1,458 Aerospace & Defense - 2.0% Monster Beverage Corp.* 47 4,431 Boeing Co. (The)* 70 17,291 PepsiCo, Inc. 177 26,185 General Dynamics Corp. 29 5,507 66,811 Howmet Aerospace, Inc.* 51 1,810 Building Products - 0.6% Huntington Ingalls Industries, Inc. 5 1,081 A O Smith Corp. 17 1,208 L3Harris Technologies, Inc. 26 5,670 Allegion plc 12 1,686 Lockheed Martin Corp. 32 12,230 Carrier Global Corp. 106 4,868 Northrop Grumman Corp. 20 7,317 Fortune Brands Home & Security, Raytheon Technologies Corp. 195 17,299 Inc. 18 1,857 Teledyne Technologies, Inc.* 6 2,517 Johnson Controls International plc 92 6,122 Textron, Inc. 30 2,054 Masco Corp. 33 1,990 TransDigm Group, Inc.* 8 5,191 Trane Technologies plc 30 5,592 77,967 23,323 Air Freight & Logistics - 0.8% Capital Markets - 3.5% CH Robinson Worldwide, Inc. 17 1,650 Ameriprise Financial, Inc. 15 3,898 Expeditors International of Bank of New York Mellon Corp. Washington, Inc. 22 2,765 (The) 104 5,416 FedEx Corp. 31 9,759 BlackRock, Inc. 18 15,787 United Parcel Service, Inc., Class B 92 19,743 Cboe Global Markets, Inc. 14 1,558 33,917 Charles Schwab Corp. (The) 193 14,253 Airlines - 0.3% CME Group, Inc. 46 10,063 Alaska Air Group, Inc.* 15 1,038 Franklin Resources, Inc. 36 1,232 American Airlines Group, Inc.*(a) 83 2,012 Goldman Sachs Group, Inc. (The) 44 16,369 Delta Air Lines, Inc.* 83 3,957 Intercontinental Exchange, Inc. 72 8,127 Southwest Airlines Co.* 76 4,671 Invesco Ltd. 49 1,398 United Airlines Holdings, Inc.* 42 2,451 MarketAxess Holdings, Inc. 5 2,333 14,129 Moody's Corp. 20 6,707 Auto Components - 0.2% Morgan Stanley 192 17,462 Aptiv plc* 34 5,114 MSCI, Inc. 11 5,149 BorgWarner, Inc. 31 1,590 Nasdaq, Inc. 15 2,512 6,704 Northern Trust Corp. 27 3,272 Raymond James Financial, Inc. 15 1,989 Automobiles - 2.0% S&P Global, Inc.(a) 31 11,764 Ford Motor Co.* 503 7,309 State Street Corp. 45 3,914 General Motors Co.* 164 9,727 T. Rowe Price Group, Inc. 29 5,549 Tesla, Inc.* 98 61,271 138,752 78,307 Chemicals - 2.2% Banks - 5.3% Air Products and Chemicals, Inc. 29 8,690 Bank of America Corp. 976 41,373 Albemarle Corp. 15 2,506 Citigroup, Inc. 268 21,094 Celanese Corp. 15 2,482 Citizens Financial Group, Inc. 56 2,794 CF Industries Holdings, Inc. 29 1,542 Comerica, Inc. 18 1,413 Corteva, Inc. 97 4,414 Fifth Third Bancorp 92 3,877 Dow, Inc. 96 6,568 First Republic Bank 23 4,403 DuPont de Nemours, Inc. 69 5,837 Huntington Bancshares, Inc.(a) 131 2,078 Eastman Chemical Co. 17 2,132 JPMorgan Chase & Co. 392 64,382 Ecolab, Inc. 32 6,883 KeyCorp 125 2,880 FMC Corp. 16 1,867 M&T Bank Corp. 16 2,571 International Flavors & Fragrances, People's United Financial, Inc. 56 1,059 Inc. 32 4,533 PNC Financial Services Group, Inc. Linde plc 67 20,140 (The) 54 10,513 LyondellBasell Industries NV, Regions Financial Corp. 125 2,926 Class A 33 3,716 SVB Financial Group* 7 4,080 Mosaic Co. (The) 45 1,626 Truist Financial Corp. 174 10,750 PPG Industries, Inc. 30 5,392 US Bancorp 176 10,697 Sherwin-Williams Co. (The) 31 8,789 Wells Fargo & Co. 531 24,808 Zions Bancorp NA 21 1,216 87,117 212,914 Commercial Services & Supplies - 0.5% Cintas Corp. 12 4,242 Beverages - 1.7% Copart, Inc.* 27 3,483 Brown-Forman Corp., Class B 24 1,929 Republic Services, Inc. 27 2,948 Coca-Cola Co. (The) 498 27,534

See accompanying notes to the financial statements.

S&P 500® Ex-Health Care ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Rollins, Inc. 30 1,023 Electrical Equipment - 0.6% Waste Management, Inc. 50 7,034 AMETEK, Inc. 29 3,918 18,730 Eaton Corp. plc 51 7,408 Communications Equipment - 1.0% Emerson Electric Co. 77 7,368 Arista Networks, Inc.* 8 2,715 Generac Holdings, Inc.* 9 2,958 Cisco Systems, Inc. 542 28,672 Rockwell Automation, Inc. 15 3,956 F5 Networks, Inc.* 9 1,669 25,608 Juniper Networks, Inc. 43 1,132 Electronic Equipment, Instruments & Components - 0.7% Motorola Solutions, Inc. 22 4,517 Amphenol Corp., Class A 77 5,179 38,705 CDW Corp. 18 2,978 Construction & Engineering - 0.0%(b) Corning, Inc. 99 4,320 Quanta Services, Inc. 18 1,716 IPG Photonics Corp.* 5 1,046 Keysight Technologies, Inc.* 24 3,417 Construction Materials - 0.2% TE Connectivity Ltd. 43 5,834 Martin Marietta Materials, Inc. 9 3,273 Trimble, Inc.* 32 2,489 Vulcan Materials Co. 17 3,116 Zebra Technologies Corp., Class 6,389 A* 7 3,479 Consumer Finance - 0.8% 28,742 American Express Co. 83 13,291 Energy Equipment & Services - 0.3% Capital One Financial Corp. 59 9,486 Baker Hughes Co. 94 2,294 Discover Financial Services 39 4,573 Halliburton Co. 115 2,582 Synchrony Financial 70 3,319 NOV, Inc.* 51 822 30,669 Schlumberger NV 180 5,639 Containers & Packaging - 0.4% 11,337 Amcor plc(a) 201 2,372 Entertainment - 2.2% Avery Dennison Corp. 11 2,426 Activision Blizzard, Inc. 99 9,628 Ball Corp. 42 3,451 Electronic Arts, Inc. 37 5,288 International Paper Co. 51 3,218 Live Nation Entertainment, Inc.* 18 1,622 Packaging Corp. of America 13 1,932 Netflix, Inc.* 56 28,157 Sealed Air Corp. 20 1,137 Take-Two Interactive Software, WestRock Co. 33 1,925 Inc.* 15 2,783 16,461 Walt Disney Co. (The)* 233 41,626 Distributors - 0.2% 89,104 Genuine Parts Co. 19 2,491 Equity Real Estate Investment Trusts (REITs) - 2.9% LKQ Corp.* 37 1,886 Alexandria Real Estate Equities, Pool Corp. 5 2,183 Inc. 16 2,852 6,560 American Tower Corp. 58 14,817 Diversified Financial Services - 1.8% AvalonBay Communities, Inc. 18 3,725 Berkshire Hathaway, Inc., Class B* 245 70,913 Boston Properties, Inc. 18 2,116 Crown Castle International Corp. 56 10,612 Diversified Telecommunication Services - 1.5% Digital Realty Trust, Inc. 36 5,456 AT&T, Inc. 916 26,958 Duke Realty Corp. 49 2,276 Lumen Technologies, Inc. 128 1,771 Equinix, Inc. 12 8,841 Verizon Communications, Inc. 532 30,053 Equity Residential 44 3,408 58,782 Essex Property Trust, Inc. 9 2,658 Electric Utilities - 1.8% Extra Space Storage, Inc. 17 2,547 Alliant Energy Corp. 32 1,829 Federal Realty Investment Trust 10 1,143 American Electric Power Co., Inc. 64 5,504 Healthpeak Properties, Inc. 70 2,336 Duke Energy Corp. 99 9,922 Host Hotels & Resorts, Inc.* 92 1,580 Edison International 48 2,682 Iron Mountain, Inc.(a) 38 1,654 Entergy Corp. 25 2,631 Kimco Realty Corp. 57 1,215 Evergy, Inc. 30 1,859 Mid-America Apartment Eversource Energy 44 3,572 Communities, Inc. 15 2,410 Exelon Corp. 126 5,685 Prologis, Inc. 95 11,195 FirstEnergy Corp. 70 2,654 Public Storage 20 5,650 NextEra Energy, Inc. 252 18,451 Realty Income Corp. 48 3,283 NRG Energy, Inc. 32 1,029 Regency Centers Corp. 20 1,292 Pinnacle West Capital Corp. 15 1,269 SBA Communications Corp. 14 4,174 PPL Corp. 100 2,911 Simon Property Group, Inc. 43 5,525 Southern Co. (The) 136 8,693 UDR, Inc. 40 1,905 Xcel Energy, Inc. 69 4,891 Ventas, Inc. 49 2,717 Vornado Realty Trust 22 1,040 73,582 Welltower, Inc. 53 3,963

See accompanying notes to the financial statements.

S&P 500® Ex-Health Care ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Weyerhaeuser Co. 97 3,682 Household Products - 1.6% 114,072 Church & Dwight Co., Inc. 31 2,658 Food & Staples Retailing - 1.5% Clorox Co. (The) 16 2,828 Costco Wholesale Corp. 56 21,183 Colgate-Palmolive Co. 109 9,132 Kroger Co. (The) 98 3,624 Kimberly-Clark Corp. 43 5,617 Sysco Corp. 65 5,265 Procter & Gamble Co. (The) 316 42,612 Walgreens Boots Alliance, Inc. 93 4,898 62,847 Walmart, Inc. 177 25,139 Independent Power and Renewable Electricity Producers - 0.1% 60,109 AES Corp. (The) 87 2,211 Food Products - 1.1% Archer-Daniels-Midland Co. 72 4,790 Industrial Conglomerates - 1.4% Campbell Soup Co. 27 1,314 3M Co. 74 15,025 Conagra Brands, Inc. 64 2,438 General Electric Co. 1,127 15,846 General Mills, Inc. 79 4,966 Honeywell International, Inc. 89 20,551 Hershey Co. (The) 19 3,288 Roper Technologies, Inc. 14 6,300 Hormel Foods Corp. 37 1,796 57,722 J M Smucker Co. (The) 14 1,866 Insurance - 2.3% Kellogg Co. 33 2,161 Aflac, Inc. 83 4,704 Kraft Heinz Co. (The) 84 3,662 Allstate Corp. (The) 38 5,191 Lamb Weston Holdings, Inc. 19 1,567 American International Group, Inc. 112 5,918 McCormick & Co., Inc. (Non- Aon plc, Class A(a) 29 7,348 Voting) 32 2,850 Arthur J Gallagher & Co. 26 3,812 Mondelez International, Inc., Class Assurant, Inc. 8 1,289 A 182 11,563 Chubb Ltd. 58 9,859 Tyson Foods, Inc., Class A 38 3,021 Cincinnati Financial Corp. 20 2,434 45,282 Everest Re Group Ltd. 5 1,300 Gas Utilities - 0.0%(b) Globe Life, Inc. 13 1,371 Atmos Energy Corp. 16 1,587 Hartford Financial Services Group, Inc. (The) 46 3,006 Hotels, Restaurants & Leisure - 2.4% Lincoln National Corp. 23 1,605 Booking Holdings, Inc.* 5 11,808 Loews Corp. 30 1,751 Caesars Entertainment, Inc.* 27 2,901 Marsh & McLennan Cos., Inc. 65 8,993 Carnival Corp.* 103 3,045 MetLife, Inc. 97 6,340 Chipotle Mexican Grill, Inc.* 4 5,488 Principal Financial Group, Inc. 33 2,158 Darden Restaurants, Inc. 16 2,292 Progressive Corp. (The) 75 7,431 Domino's Pizza, Inc. 5 2,134 Prudential Financial, Inc. 51 5,456 Expedia Group, Inc.* 18 3,185 Travelers Cos., Inc. (The) 33 5,270 Hilton Worldwide Holdings, Inc.* 36 4,510 Unum Group 27 836 Las Vegas Sands Corp.* 43 2,483 W R Berkley Corp. 18 1,404 Marriott International, Inc., Class Willis Towers Watson plc 16 4,182 A* 34 4,882 91,658 McDonald's Corp. 96 22,453 Interactive Media & Services - 7.2% MGM Resorts International 53 2,272 Alphabet, Inc., Class A* 38 89,560 Norwegian Cruise Line Holdings Alphabet, Inc., Class C* 37 89,228 Ltd.*(a) 48 1,531 Facebook, Inc., Class A* 308 101,249 Penn National Gaming, Inc.* 19 1,557 Twitter, Inc.* 103 5,974 Royal Caribbean Cruises Ltd.* 28 2,612 286,011 Starbucks Corp. 151 17,196 Internet & Direct Marketing Retail - 4.6% Wynn Resorts Ltd.* 13 1,714 Amazon.com, Inc.* 55 177,269 Yum! Brands, Inc. 38 4,559 eBay, Inc. 83 5,053 96,622 Etsy, Inc.* 16 2,636 Household Durables - 0.6% 184,958 DR Horton, Inc. 43 4,097 IT Services - 5.9% Garmin Ltd. 19 2,703 Accenture plc, Class A 81 22,855 Leggett & Platt, Inc. 17 936 Akamai Technologies, Inc.* 21 2,398 Lennar Corp., Class A 35 3,465 Automatic Data Processing, Inc. 55 10,781 Mohawk Industries, Inc.* 8 1,685 Broadridge Financial Solutions, Newell Brands, Inc. 49 1,406 Inc. 15 2,392 NVR, Inc.* 1 4,887 Cognizant Technology Solutions PulteGroup, Inc. 34 1,965 Corp., Class A 68 4,866 Whirlpool Corp. 9 2,134 DXC Technology Co.* 34 1,289 23,278 Fidelity National Information Services, Inc. 79 11,770

See accompanying notes to the financial statements.

S&P 500® Ex-Health Care ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Fiserv, Inc.* 76 8,755 Multi-Utilities - 0.9% FleetCor Technologies, Inc.* 11 3,019 Ameren Corp. 33 2,779 Gartner, Inc.* 12 2,782 CenterPoint Energy, Inc. 71 1,796 Global Payments, Inc. 38 7,361 CMS Energy Corp. 37 2,321 International Business Machines Consolidated Edison, Inc. 44 3,399 Corp. 114 16,386 Dominion Energy, Inc. 103 7,842 Jack Henry & Associates, Inc. 10 1,542 DTE Energy Co. 24 3,312 Mastercard, Inc., Class A 112 40,385 NiSource, Inc. 51 1,300 Paychex, Inc. 41 4,147 Public Service Enterprise Group, PayPal Holdings, Inc.* 151 39,263 Inc. 65 4,038 VeriSign, Inc.* 14 3,079 Sempra Energy 40 5,420 Visa, Inc., Class A 218 49,551 WEC Energy Group, Inc. 40 3,756 Western Union Co. (The) 53 1,297 35,963 233,918 Oil, Gas & Consumable Fuels - 2.9% Leisure Products - 0.0%(b) APA Corp. 49 1,019 Hasbro, Inc. 16 1,535 Cabot Oil & Gas Corp. 53 869 Chevron Corp. 248 25,740 Machinery - 2.0% ConocoPhillips 174 9,699 Caterpillar, Inc. 69 16,635 Devon Energy Corp. 77 2,045 Cummins, Inc. 19 4,888 Diamondback Energy, Inc. 23 1,842 Deere & Co. 40 14,444 EOG Resources, Inc. 74 5,945 Dover Corp. 19 2,860 Exxon Mobil Corp. 544 31,753 Fortive Corp. 43 3,118 Hess Corp. 35 2,934 IDEX Corp. 10 2,227 HollyFrontier Corp. 20 649 Illinois Tool Works, Inc. 37 8,575 Kinder Morgan, Inc. 250 4,585 Ingersoll Rand, Inc.* 48 2,383 Marathon Oil Corp. 101 1,223 Otis Worldwide Corp. 52 4,073 Marathon Petroleum Corp. 83 5,130 PACCAR, Inc. 44 4,029 Occidental Petroleum Corp. 108 2,804 Parker-Hannifin Corp. 16 4,930 ONEOK, Inc. 58 3,059 Pentair plc(a) 21 1,448 Phillips 66 56 4,716 Snap-on, Inc. 7 1,782 Pioneer Natural Resources Co. 26 3,957 Stanley Black & Decker, Inc. 20 4,336 Valero Energy Corp. 52 4,181 Westinghouse Air Brake Williams Cos., Inc. (The) 156 4,109 Technologies Corp. 23 1,903 116,259 Xylem, Inc. 23 2,717 Personal Products - 0.2% 80,348 Estee Lauder Cos., Inc. (The), Class Media - 1.5% A 29 8,889 Charter Communications, Inc., Class A*(a) 18 12,501 Professional Services - 0.5% Comcast Corp., Class A 587 33,659 Equifax, Inc. 16 3,761 Discovery, Inc., Class A*(a) 21 674 IHS Markit Ltd. 47 4,949 Discovery, Inc., Class C* 38 1,142 Jacobs Engineering Group, Inc. 16 2,273 DISH Network Corp., Class A* 33 1,436 Leidos Holdings, Inc. 17 1,747 Fox Corp., Class A 43 1,606 Nielsen Holdings plc 47 1,279 Fox Corp., Class B 21 762 Robert Half International, Inc. 15 1,332 Interpublic Group of Cos., Inc. Verisk Analytics, Inc. 21 3,629 (The) 51 1,718 18,970 News Corp., Class A 51 1,376 Real Estate Management & Development - 0.1% News Corp., Class B 17 437 CBRE Group, Inc., Class A* 43 3,775 Omnicom Group, Inc. 28 2,303 ViacomCBS, Inc. 76 3,224 Road & Rail - 1.2% 60,838 CSX Corp. 98 9,811 Metals & Mining - 0.5% JB Hunt Transport Services, Inc. 11 1,887 Freeport-McMoRan, Inc. 188 8,031 Kansas City Southern 12 3,572 Newmont Corp. 102 7,495 Norfolk Southern Corp. 32 8,989 Nucor Corp. 38 3,897 Old Dominion Freight Line, Inc. 13 3,451 19,423 Union Pacific Corp. 86 19,327 Multiline Retail - 0.6% 47,037 Dollar General Corp. 31 6,292 Semiconductors & Semiconductor Equipment - 6.2% Dollar Tree, Inc.* 30 2,925 Advanced Micro Devices, Inc.* 155 12,412 Target Corp. 65 14,750 Analog Devices, Inc. 47 7,736 23,967 Applied Materials, Inc. 118 16,299 Broadcom, Inc. 52 24,561

See accompanying notes to the financial statements.

S&P 500® Ex-Health Care ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Enphase Energy, Inc.* 16 2,289 Tapestry, Inc.* 37 1,661 Intel Corp. 522 29,817 Under Armour, Inc., Class A* 26 587 KLA Corp. 20 6,338 Under Armour, Inc., Class C* 26 496 Lam Research Corp. 18 11,697 VF Corp. 41 3,268 Maxim Integrated Products, Inc.* 34 3,468 31,056 Microchip Technology, Inc. 34 5,336 Tobacco - 0.8% Micron Technology, Inc.* 143 12,032 Altria Group, Inc. 239 11,764 Monolithic Power Systems, Inc. 6 2,059 Philip Morris International, Inc. 200 19,286 NVIDIA Corp. 79 51,333 31,050 NXP Semiconductors NV 35 7,400 Trading Companies & Distributors - 0.2% Qorvo, Inc.* 15 2,741 Fastenal Co. 75 3,978 QUALCOMM, Inc. 146 19,643 United Rentals, Inc.* 9 3,006 Skyworks Solutions, Inc. 21 3,570 WW Grainger, Inc. 6 2,773 Teradyne, Inc. 21 2,779 9,757 Texas Instruments, Inc. 118 22,399 Water Utilities - 0.1% Xilinx, Inc.* 32 4,064 American Water Works Co., Inc. 23 3,565 247,973 Software - 9.6% Wireless Telecommunication Services - 0.3% Adobe, Inc.* 61 30,779 T-Mobile US, Inc.* 75 10,609 ANSYS, Inc.* 12 4,055 Autodesk, Inc.* 28 8,004 TOTAL COMMON STOCKS Cadence Design Systems, Inc.* 36 4,572 (COST $3,908,816) 3,981,211 Citrix Systems, Inc. 15 1,724 Fortinet, Inc.* 17 3,715 Intuit, Inc. 35 15,368 SECURITIES LENDING REINVESTMENTS(c) - 0.0%(b) Microsoft Corp. 968 241,690 NortonLifeLock, Inc. 75 2,075 INVESTMENT COMPANIES - 0.0%(b) Oracle Corp. 238 18,740 BlackRock Liquidity FedFund, Institutional Class Paycom Software, Inc.* 7 2,307 0.03% (Cost $432) 432 432 PTC, Inc.* 13 1,744 salesforce.com, Inc.* 118 28,096 ServiceNow, Inc.* 25 11,847 Synopsys, Inc.* 20 5,087 Tyler Technologies, Inc.* 5 2,016 Total Investments - 99.9% 381,819 (Cost $3,909,248) 3,981,643 Specialty Retail - 2.6% Other assets less liabilities - 0.1% 3,803 Advance Auto Parts, Inc. 9 1,708 Net Assets - 100.0% 3,985,446 AutoZone, Inc.* 3 4,220 Best Buy Co., Inc. 29 3,371 CarMax, Inc.* 20 2,304 Gap, Inc. (The) 27 903 Home Depot, Inc. (The) 138 44,010 L Brands, Inc.* 30 2,096 Lowe's Cos., Inc. 94 18,314 O'Reilly Automotive, Inc.* 9 4,816 Ross Stores, Inc. 46 5,814 TJX Cos., Inc. (The) 154 10,401 Tractor Supply Co. 15 2,725 Ulta Beauty, Inc.* 8 2,763 103,445 Technology Hardware, Storage & Peripherals - 6.7% Apple, Inc. 2,026 252,460 Hewlett Packard Enterprise Co. 168 2,681 HP, Inc. 161 4,706 NetApp, Inc. 29 2,244 Seagate Technology Holdings plc 25 2,394 Western Digital Corp.* 39 2,934 267,419 Textiles, Apparel & Luxury Goods - 0.8% Hanesbrands, Inc. 46 899 NIKE, Inc., Class B 163 22,243 PVH Corp.* 9 1,033 Ralph Lauren Corp.* 7 869

See accompanying notes to the financial statements.

S&P 500® Ex-Health Care ETF Schedule of Portfolio Investments May 31, 2021

* Non-income producing security. (a) The security or a portion of this security is on loan at May 31, 2021. The total value of securities on loan at May 31, 2021 was $34,335, collateralized in the form of cash with a value of $432 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $34,865 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from June 24, 2021 – November 15, 2050. The total value of collateral is $35,297. (b) Represents less than 0.05% of net assets. (c) The security was purchased with cash collateral held from securities on loan at May 31, 2021. The total value of securities purchased was $432.

As of May 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation $ 133,266

Aggregate gross unrealized depreciation (79,106)

Net unrealized appreciation $ 54,160

Federal income tax cost $ 3,927,483

See accompanying notes to the financial statements.

S&P 500® Ex-Technology ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Constellation Brands, Inc., Class A 47 11,267 COMMON STOCKS - 99.8% Molson Coors Beverage Co., Class B* 52 3,032 Aerospace & Defense - 2.3% Monster Beverage Corp.* 103 9,710 Boeing Co. (The)* 154 38,041 PepsiCo, Inc. 385 56,957 General Dynamics Corp. 64 12,154 144,863 Howmet Aerospace, Inc.* 108 3,832 Biotechnology - 2.4% Huntington Ingalls Industries, Inc. 11 2,378 AbbVie, Inc. 493 55,807 L3Harris Technologies, Inc. 57 12,429 Alexion Pharmaceuticals, Inc.* 62 10,946 Lockheed Martin Corp. 69 26,372 Amgen, Inc. 162 38,546 Northrop Grumman Corp. 44 16,098 Biogen, Inc.* 43 11,502 Raytheon Technologies Corp. 424 37,613 Gilead Sciences, Inc. 351 23,205 Teledyne Technologies, Inc.* 13 5,453 Incyte Corp.* 53 4,440 Textron, Inc. 63 4,314 Regeneron Pharmaceuticals, Inc.* 30 15,073 TransDigm Group, Inc.* 16 10,382 Vertex Pharmaceuticals, Inc.* 73 15,230 169,066 174,749 Air Freight & Logistics - 1.0% Building Products - 0.7% CH Robinson Worldwide, Inc. 37 3,590 A O Smith Corp. 37 2,630 Expeditors International of Allegion plc 26 3,652 Washington, Inc. 47 5,907 Carrier Global Corp. 228 10,472 FedEx Corp. 68 21,407 Fortune Brands Home & Security, United Parcel Service, Inc., Class B 202 43,349 Inc. 39 4,023 74,253 Johnson Controls International plc 201 13,375 Airlines - 0.4% Masco Corp. 71 4,282 Alaska Air Group, Inc.* 34 2,353 Trane Technologies plc 66 12,302 American Airlines Group, Inc.*(a) 178 4,315 50,736 Delta Air Lines, Inc.* 178 8,487 Capital Markets - 4.1% Southwest Airlines Co.* 164 10,079 Ameriprise Financial, Inc. 33 8,575 United Airlines Holdings, Inc.* 88 5,135 Bank of New York Mellon Corp. 30,369 (The) 225 11,718 Auto Components - 0.2% BlackRock, Inc. 40 35,082 Aptiv plc* 75 11,282 Cboe Global Markets, Inc. 30 3,339 BorgWarner, Inc. 66 3,385 Charles Schwab Corp. (The) 418 30,869 14,667 CME Group, Inc. 101 22,095 Automobiles - 2.3% Franklin Resources, Inc. 75 2,566 Ford Motor Co.* 1,091 15,852 Goldman Sachs Group, Inc. (The) 96 35,714 General Motors Co.* 353 20,937 Intercontinental Exchange, Inc. 157 17,722 Tesla, Inc.* 215 134,422 Invesco Ltd. 104 2,967 171,211 MarketAxess Holdings, Inc. 11 5,132 Banks - 6.3% Moody's Corp. 45 15,091 Bank of America Corp. 2,122 89,952 Morgan Stanley 419 38,108 Citigroup, Inc. 582 45,809 MSCI, Inc. 23 10,767 Citizens Financial Group, Inc. 118 5,888 Nasdaq, Inc. 33 5,526 Comerica, Inc. 38 2,983 Northern Trust Corp. 58 7,029 Fifth Third Bancorp 198 8,344 Raymond James Financial, Inc. 35 4,641 First Republic Bank 49 9,381 S&P Global, Inc.(a) 67 25,424 Huntington Bancshares, Inc. 282 4,473 State Street Corp. 97 8,437 JPMorgan Chase & Co. 852 139,932 T. Rowe Price Group, Inc. 64 12,246 KeyCorp 270 6,221 303,048 M&T Bank Corp. 36 5,785 Chemicals - 2.6% People's United Financial, Inc. 118 2,231 Air Products and Chemicals, Inc. 62 18,579 PNC Financial Services Group, Inc. Albemarle Corp. 33 5,514 (The) 119 23,167 Celanese Corp. 32 5,294 Regions Financial Corp. 267 6,250 CF Industries Holdings, Inc. 59 3,137 SVB Financial Group* 16 9,326 Corteva, Inc. 207 9,418 Truist Financial Corp. 375 23,167 Dow, Inc. 208 14,231 US Bancorp 381 23,157 DuPont de Nemours, Inc. 150 12,688 Wells Fargo & Co. 1,154 53,915 Eastman Chemical Co. 38 4,765 Zions Bancorp NA 45 2,605 Ecolab, Inc. 70 15,056 462,586 FMC Corp. 36 4,201 Beverages - 2.0% International Flavors & Fragrances, Brown-Forman Corp., Class B 50 4,018 Inc. 70 9,917 Coca-Cola Co. (The) 1,083 59,879 Linde plc 146 43,888

See accompanying notes to the financial statements.

S&P 500® Ex-Technology ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) LyondellBasell Industries NV, Xcel Energy, Inc. 150 10,632 Class A 72 8,109 159,265 Mosaic Co. (The) 95 3,433 Electrical Equipment - 0.8% PPG Industries, Inc. 66 11,862 AMETEK, Inc. 65 8,781 Sherwin-Williams Co. (The) 68 19,280 Eaton Corp. plc 112 16,268 189,372 Emerson Electric Co. 167 15,980 Commercial Services & Supplies - 0.5% Generac Holdings, Inc.* 18 5,917 Cintas Corp. 25 8,838 Rockwell Automation, Inc. 33 8,703 Copart, Inc.* 58 7,483 55,649 Republic Services, Inc. 59 6,442 Energy Equipment & Services - 0.3% Rollins, Inc. 61 2,079 Baker Hughes Co. 204 4,977 Waste Management, Inc. 109 15,334 Halliburton Co. 247 5,545 40,176 NOV, Inc.* 108 1,741 Construction & Engineering - 0.1% Schlumberger NV 390 12,219 Quanta Services, Inc. 39 3,719 24,482 Entertainment - 2.6% Construction Materials - 0.2% Activision Blizzard, Inc. 216 21,006 Martin Marietta Materials, Inc. 18 6,546 Electronic Arts, Inc. 81 11,577 Vulcan Materials Co. 37 6,783 Live Nation Entertainment, Inc.* 40 3,604 13,329 Netflix, Inc.* 124 62,349 Consumer Finance - 0.9% Take-Two Interactive Software, American Express Co. 183 29,304 Inc.* 32 5,938 Capital One Financial Corp. 128 20,580 Walt Disney Co. (The)* 507 90,576 Discover Financial Services 86 10,084 195,050 Synchrony Financial 151 7,159 Equity Real Estate Investment Trusts (REITs) - 3.3% 67,127 Alexandria Real Estate Equities, Containers & Packaging - 0.5% Inc. 35 6,239 Amcor plc(a) 436 5,145 American Tower Corp. 127 32,443 Avery Dennison Corp. 24 5,293 AvalonBay Communities, Inc. 39 8,071 Ball Corp. 91 7,477 Boston Properties, Inc. 40 4,702 International Paper Co. 109 6,878 Crown Castle International Corp. 121 22,930 Packaging Corp. of America 27 4,013 Digital Realty Trust, Inc. 79 11,973 Sealed Air Corp. 43 2,445 Duke Realty Corp. 104 4,832 WestRock Co. 73 4,257 Equinix, Inc. 26 19,155 35,508 Equity Residential 95 7,358 Distributors - 0.2% Essex Property Trust, Inc. 19 5,611 Genuine Parts Co. 40 5,245 Extra Space Storage, Inc. 37 5,543 LKQ Corp.* 77 3,924 Federal Realty Investment Trust 21 2,401 Pool Corp. 11 4,802 Healthpeak Properties, Inc. 150 5,007 13,971 Host Hotels & Resorts, Inc.* 196 3,365 Diversified Financial Services - 2.1% Iron Mountain, Inc.(a) 80 3,483 Berkshire Hathaway, Inc., Class B* 532 153,982 Kimco Realty Corp. 120 2,557 Mid-America Apartment Diversified Telecommunication Services - 1.7% Communities, Inc. 32 5,142 AT&T, Inc. 1,992 58,625 Prologis, Inc. 206 24,275 Lumen Technologies, Inc. 274 3,792 Public Storage 43 12,147 Verizon Communications, Inc. 1,156 65,302 Realty Income Corp. 104 7,114 127,719 Regency Centers Corp. 44 2,842 Electric Utilities - 2.2% SBA Communications Corp. 31 9,242 Alliant Energy Corp. 69 3,943 Simon Property Group, Inc. 92 11,821 American Electric Power Co., Inc. 138 11,868 UDR, Inc. 82 3,906 Duke Energy Corp. 214 21,447 Ventas, Inc. 103 5,711 Edison International 105 5,866 Vornado Realty Trust 43 2,033 Entergy Corp. 56 5,895 Welltower, Inc. 116 8,673 Evergy, Inc. 63 3,905 Weyerhaeuser Co. 208 7,896 Eversource Energy 95 7,713 246,472 Exelon Corp. 272 12,273 Food & Staples Retailing - 1.8% FirstEnergy Corp. 151 5,725 Costco Wholesale Corp. 124 46,905 NextEra Energy, Inc. 547 40,051 Kroger Co. (The) 213 7,877 NRG Energy, Inc. 67 2,154 Sysco Corp. 142 11,502 Pinnacle West Capital Corp. 32 2,707 Walgreens Boots Alliance, Inc. 200 10,532 PPL Corp. 214 6,230 Walmart, Inc. 387 54,966 Southern Co. (The) 295 18,856 131,782

See accompanying notes to the financial statements.

S&P 500® Ex-Technology ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Food Products - 1.3% Health Care Technology - 0.1% Archer-Daniels-Midland Co. 155 10,312 Cerner Corp. 84 6,573 Campbell Soup Co. 56 2,726 Conagra Brands, Inc. 136 5,182 Hotels, Restaurants & Leisure - 2.9% General Mills, Inc. 170 10,686 Booking Holdings, Inc.* 12 28,339 Hershey Co. (The) 41 7,095 Caesars Entertainment, Inc.* 58 6,232 Hormel Foods Corp. 78 3,786 Carnival Corp.* 223 6,592 J M Smucker Co. (The) 31 4,132 Chipotle Mexican Grill, Inc.* 9 12,348 Kellogg Co. 70 4,584 Darden Restaurants, Inc. 36 5,156 Kraft Heinz Co. (The) 181 7,890 Domino's Pizza, Inc. 11 4,696 Lamb Weston Holdings, Inc. 41 3,382 Expedia Group, Inc.* 39 6,901 McCormick & Co., Inc. (Non- Hilton Worldwide Holdings, Inc.* 78 9,771 Voting) 70 6,234 Las Vegas Sands Corp.* 91 5,255 Mondelez International, Inc., Class Marriott International, Inc., Class A 394 25,031 A* 75 10,768 Tyson Foods, Inc., Class A 82 6,519 McDonald's Corp. 209 48,883 97,559 MGM Resorts International 114 4,887 Gas Utilities - 0.0%(b) Norwegian Cruise Line Holdings Atmos Energy Corp. 35 3,471 Ltd.*(a) 101 3,222 Penn National Gaming, Inc.*(a) 42 3,443 Health Care Equipment & Supplies - 4.8% Royal Caribbean Cruises Ltd.* 61 5,689 Abbott Laboratories 495 57,742 Starbucks Corp. 329 37,467 ABIOMED, Inc.* 13 3,699 Wynn Resorts Ltd.* 30 3,956 Align Technology, Inc.* 20 11,803 Yum! Brands, Inc. 84 10,077 Baxter International, Inc. 141 11,579 213,682 Becton Dickinson and Co. 82 19,835 Household Durables - 0.6% Boston Scientific Corp.* 395 16,807 DR Horton, Inc. 93 8,862 Cooper Cos., Inc. (The) 14 5,508 Garmin Ltd. 42 5,974 Danaher Corp. 177 45,337 Leggett & Platt, Inc. 36 1,981 DENTSPLY SIRONA, Inc. 61 4,082 Lennar Corp., Class A 77 7,624 Dexcom, Inc.* 28 10,343 Mohawk Industries, Inc.* 17 3,582 Edwards Lifesciences Corp.* 173 16,591 Newell Brands, Inc. 104 2,984 Hologic, Inc.* 71 4,477 NVR, Inc.* 1 4,887 IDEXX Laboratories, Inc.* 24 13,395 PulteGroup, Inc. 74 4,276 Intuitive Surgical, Inc.* 33 27,792 Whirlpool Corp. 18 4,268 Medtronic plc 376 47,598 44,438 ResMed, Inc. 41 8,440 Household Products - 1.9% STERIS plc 24 4,581 Church & Dwight Co., Inc. 69 5,915 Stryker Corp. 92 23,485 Clorox Co. (The) 35 6,186 Teleflex, Inc. 13 5,228 Colgate-Palmolive Co. 236 19,772 West Pharmaceutical Services, Inc. 21 7,298 Kimberly-Clark Corp. 95 12,410 Zimmer Biomet Holdings, Inc. 58 9,763 Procter & Gamble Co. (The) 688 92,777 355,383 137,060 Health Care Providers & Services - 3.7% Independent Power and Renewable Electricity Producers - 0.1% AmerisourceBergen Corp. 41 4,704 AES Corp. (The) 186 4,726 Anthem, Inc. 68 27,079 Cardinal Health, Inc. 81 4,542 Industrial Conglomerates - 1.7% Centene Corp.* 162 11,923 3M Co. 162 32,892 Cigna Corp. 98 25,367 General Electric Co. 2,450 34,447 CVS Health Corp. 366 31,637 Honeywell International, Inc. 194 44,797 DaVita, Inc.* 20 2,401 Roper Technologies, Inc. 30 13,500 HCA Healthcare, Inc. 75 16,109 125,636 Henry Schein, Inc.* 39 2,966 Insurance - 2.7% Humana, Inc. 36 15,757 Aflac, Inc. 178 10,089 Laboratory Corp. of America Allstate Corp. (The) 84 11,475 Holdings* 28 7,685 American International Group, Inc. 241 12,734 McKesson Corp. 45 8,658 Aon plc, Class A(a) 64 16,216 Quest Diagnostics, Inc. 37 4,872 Arthur J Gallagher & Co. 57 8,357 UnitedHealth Group, Inc. 263 108,335 Assurant, Inc. 17 2,739 Universal Health Services, Inc., Chubb Ltd. 126 21,419 Class B 22 3,512 Cincinnati Financial Corp. 42 5,112 275,547 Everest Re Group Ltd. 11 2,860 Globe Life, Inc. 27 2,846

See accompanying notes to the financial statements.

S&P 500® Ex-Technology ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Hartford Financial Services Group, Comcast Corp., Class A 1,276 73,166 Inc. (The) 99 6,470 Discovery, Inc., Class A*(a) 44 1,413 Lincoln National Corp. 50 3,489 Discovery, Inc., Class C* 80 2,404 Loews Corp. 63 3,678 DISH Network Corp., Class A* 68 2,959 Marsh & McLennan Cos., Inc. 143 19,784 Fox Corp., Class A 93 3,474 MetLife, Inc. 210 13,726 Fox Corp., Class B 42 1,524 Principal Financial Group, Inc. 70 4,577 Interpublic Group of Cos., Inc. Progressive Corp. (The) 163 16,150 (The) 108 3,638 Prudential Financial, Inc. 111 11,874 News Corp., Class A 108 2,915 Travelers Cos., Inc. (The) 71 11,339 News Corp., Class B 34 873 Unum Group 56 1,734 Omnicom Group, Inc. 59 4,852 W R Berkley Corp. 38 2,964 ViacomCBS, Inc. 164 6,957 Willis Towers Watson plc 36 9,409 131,956 199,041 Metals & Mining - 0.6% Interactive Media & Services - 8.5% Freeport-McMoRan, Inc. 406 17,344 Alphabet, Inc., Class A* 85 200,332 Newmont Corp. 224 16,460 Alphabet, Inc., Class C* 81 195,336 Nucor Corp. 84 8,613 Facebook, Inc., Class A* 672 220,907 42,417 Twitter, Inc.* 223 12,934 Multiline Retail - 0.7% 629,509 Dollar General Corp. 68 13,801 Internet & Direct Marketing Retail - 5.5% Dollar Tree, Inc.* 65 6,338 Amazon.com, Inc.* 120 386,768 Target Corp. 140 31,769 eBay, Inc. 180 10,958 51,908 Etsy, Inc.* 35 5,766 Multi-Utilities - 1.1% 403,492 Ameren Corp. 70 5,894 Leisure Products - 0.0%(b) CenterPoint Energy, Inc. 154 3,896 Hasbro, Inc. 35 3,359 CMS Energy Corp. 80 5,019 Consolidated Edison, Inc. 95 7,338 Life Sciences Tools & Services - 1.6% Dominion Energy, Inc. 224 17,055 Agilent Technologies, Inc. 85 11,741 DTE Energy Co. 55 7,590 Bio-Rad Laboratories, Inc., Class NiSource, Inc. 109 2,780 A* 7 4,217 Public Service Enterprise Group, Charles River Laboratories Inc. 141 8,759 International, Inc.* 14 4,732 Sempra Energy 88 11,923 Illumina, Inc.* 41 16,631 WEC Energy Group, Inc. 88 8,264 IQVIA Holdings, Inc.* 54 12,969 78,518 Mettler-Toledo International, Inc.* 7 9,107 Oil, Gas & Consumable Fuels - 3.4% PerkinElmer, Inc. 32 4,642 APA Corp. 104 2,163 Thermo Fisher Scientific, Inc. 110 51,645 Cabot Oil & Gas Corp. 111 1,820 Waters Corp.* 18 5,800 Chevron Corp. 540 56,047 121,484 ConocoPhillips 377 21,014 Machinery - 2.4% Devon Energy Corp. 164 4,356 Caterpillar, Inc. 153 36,885 Diamondback Energy, Inc. 50 4,003 Cummins, Inc. 42 10,806 EOG Resources, Inc. 163 13,095 Deere & Co. 88 31,777 Exxon Mobil Corp. 1,182 68,993 Dover Corp. 40 6,020 Hess Corp. 75 6,286 Fortive Corp. 94 6,817 HollyFrontier Corp. 41 1,331 IDEX Corp. 21 4,676 Kinder Morgan, Inc. 543 9,959 Illinois Tool Works, Inc. 81 18,772 Marathon Oil Corp. 220 2,664 Ingersoll Rand, Inc.* 104 5,162 Marathon Petroleum Corp. 182 11,248 Otis Worldwide Corp. 114 8,930 Occidental Petroleum Corp. 232 6,023 PACCAR, Inc. 96 8,790 ONEOK, Inc. 124 6,540 Parker-Hannifin Corp. 36 11,093 Phillips 66 122 10,275 Pentair plc 45 3,104 Pioneer Natural Resources Co. 57 8,675 Snap-on, Inc. 16 4,074 Valero Energy Corp. 114 9,166 Stanley Black & Decker, Inc. 45 9,756 Williams Cos., Inc. (The) 338 8,903 Westinghouse Air Brake 252,561 Technologies Corp. 50 4,138 Personal Products - 0.3% Xylem, Inc. 51 6,024 Estee Lauder Cos., Inc. (The), Class 176,824 A 65 19,924 Media - 1.8% Charter Communications, Inc., Pharmaceuticals - 4.9% Class A*(a) 40 27,781 Bristol-Myers Squibb Co. 625 41,075

See accompanying notes to the financial statements.

S&P 500® Ex-Technology ETF Schedule of Portfolio Investments May 31, 2021

Investments Shares Value ($) Investments Shares Value ($) Catalent, Inc.* 47 4,927 Water Utilities - 0.1% Eli Lilly & Co. 223 44,542 American Water Works Co., Inc. 51 7,906 Johnson & Johnson 734 124,230 Merck & Co., Inc. 707 53,654 Wireless Telecommunication Services - 0.3% Perrigo Co. plc 36 1,661 T-Mobile US, Inc.* 164 23,198 Pfizer, Inc. 1,558 60,341 Viatris, Inc. 336 5,121 TOTAL COMMON STOCKS Zoetis, Inc. 133 23,498 (COST $7,307,688) 7,352,817 359,049 Professional Services - 0.6% Equifax, Inc. 35 8,226 SECURITIES LENDING REINVESTMENTS(c) - 0.0%(b) IHS Markit Ltd. 105 11,058 Jacobs Engineering Group, Inc. 36 5,115 INVESTMENT COMPANIES - 0.0%(b) Leidos Holdings, Inc. 37 3,802 BlackRock Liquidity FedFund, Institutional Class Nielsen Holdings plc 99 2,694 0.03% (Cost $1,164) 1,164 1,164 Robert Half International, Inc. 32 2,841 Verisk Analytics, Inc. 45 7,777 41,513 Real Estate Management & Development - 0.1% CBRE Group, Inc., Class A* 93 8,164 Total Investments - 99.8% (Cost $7,308,852) 7,353,981 Road & Rail - 1.4% Other assets less liabilities - 0.2% 17,886 CSX Corp. 213 21,325 Net Assets - 100.0% 7,371,867 JB Hunt Transport Services, Inc. 24 4,117

Kansas City Southern 26 7,740 Norfolk Southern Corp. 71 19,944 Old Dominion Freight Line, Inc. 28 7,433 Union Pacific Corp. 187 42,024 102,583 Specialty Retail - 3.1% Advance Auto Parts, Inc. 19 3,605 AutoZone, Inc.* 7 9,846 Best Buy Co., Inc. 65 7,556 CarMax, Inc.* 45 5,184 Gap, Inc. (The) 56 1,873 Home Depot, Inc. (The) 301 95,992 L Brands, Inc.* 64 4,472 Lowe's Cos., Inc. 204 39,745 O'Reilly Automotive, Inc.* 21 11,237 Ross Stores, Inc. 100 12,639 TJX Cos., Inc. (The) 335 22,626 Tractor Supply Co. 33 5,996 Ulta Beauty, Inc.* 16 5,526 226,297 Textiles, Apparel & Luxury Goods - 0.9% Hanesbrands, Inc. 96 1,876 NIKE, Inc., Class B 355 48,443 PVH Corp.* 21 2,411 Ralph Lauren Corp.* 14 1,737 Tapestry, Inc.* 77 3,457 Under Armour, Inc., Class A* 52 1,174 Under Armour, Inc., Class C* 54 1,029 VF Corp. 89 7,095 67,222 Tobacco - 0.9% Altria Group, Inc. 519 25,545 Philip Morris International, Inc. 435 41,947 67,492 Trading Companies & Distributors - 0.3% Fastenal Co. 160 8,487 United Rentals, Inc.* 20 6,679 WW Grainger, Inc. 13 6,008 21,174

See accompanying notes to the financial statements.

S&P 500® Ex-Technology ETF Schedule of Portfolio Investments May 31, 2021

* Non-income producing security. (a) The security or a portion of this security is on loan at May 31, 2021. The total value of securities on loan at May 31, 2021 was $66,850, collateralized in the form of cash with a value of $1,164 that was reinvested in the securities shown in the Securities Lending Reinvestment section of the Schedule of Investments and $67,682 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% – 6.88%, and maturity dates ranging from June 24, 2021 – November 15, 2050. The total value of collateral is $68,846. (b) Represents less than 0.05% of net assets. (c) The security was purchased with cash collateral held from securities on loan at May 31, 2021. The total value of securities purchased was $1,164.

As of May 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investment securities and derivative instruments, if applicable, for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation $ 217,187

Aggregate gross unrealized depreciation (192,318)

Net unrealized appreciation $ 24,869

Federal income tax cost $ 7,329,112

See accompanying notes to the financial statements.