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 Banks - 1.7% Aerospace & 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 Ameris Bancorp 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 Triumph Group, Inc.* 155 2,979 Banc of California, Inc. 134 2,346 Vectrus, Inc.* 34 1,735 BancFirst Corp. 56 3,862 64,057 Bancorp, Inc. (The)* 155 3,757 Air Freight & Logistics - 0.1% BancorpSouth Bank 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 Airlines - 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 Adient plc* 283 14,167 Brookline Bancorp, Inc. 233 3,928 American Axle & Manufacturing 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 Tenneco, Inc., Class A* 153 2,399 Central Valley Community Visteon 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 Glacier Bancorp, 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 Hancock Whitney 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 Eagle 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 First Midwest Bancorp, 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 Ohio 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 ($) Investments Shares Value ($) Pacific Premier Bancorp, 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 North Carolina, 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.