ActivePassive International Equity ETF
Schedule of Investments
May 31, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS - 97.79%
Automobiles & Components - 3.14%
BYD Co. Ltd. - ADR		3,080	$	185,816
Honda Motor Co. Ltd. - ADR		40,920		1,162,537
Toyota Motor Corp. - ADR		5,060		688,818
Valeo - ADR		4,620		44,953
				2,082,124
Banks - 11.65%
Banco BBVA Argentina SA - ADR		13,750		60,225
Banco Bilbao Vizcaya Argentaria SA - ADR		66,440		433,189
Banco de Chile - ADR		5,060		102,212
Banco Itau Chile SA - ADR		10,450		36,262
Banco Macro SA - ADR		1,760		30,906
Banco Santander SA - ADR		121,440		389,822
Barclays PLC - ADR		44,110		331,707
BNP Paribas SA - ADR		1,449		42,050
China Construction Bank Corp. - ADR		76,120		973,574
Commonwealth Bank of Australia - ADR		5,390		339,408
Credicorp Ltd. (b)		70		9,062
HDFC Bank Ltd. - ADR		10,450		672,980
HSBC Holdings PLC - ADR		21,450		789,789
ICICI Bank Ltd. - ADR		15,950		365,574
ING Groep NV - ADR		42,570		522,334
KB Financial Group, Inc. - ADR		330		11,880
Lloyds Banking Group PLC - ADR		70,180		152,291
Mitsubishi UFJ Financial Group, Inc. - ADR		29,590		195,590
Mizuho Financial Group, Inc. - ADR		201,410		588,117
NatWest Group PLC - ADR (a)		46,750		302,473
Shinhan Financial Group Co Ltd. - ADR		12,100		317,625
Sumitomo Mitsui Financial Group, Inc. - ADR		86,900		700,414
Swedbank AB - ADR		3,080		47,216
UniCredit SpA - ADR		23,100		221,760
United Overseas Bank Ltd. - ADR		1,430		59,016
Woori Financial Group, Inc. - ADR		1,210		32,452
				7,727,928
Capital Goods - 8.70%
ABB Ltd. - ADR		39,270		1,431,392
Airbus SE - ADR		13,640		447,392
Alstom SA - ADR		124,740		339,293
Ashtead Group PLC - ADR		834		201,736
Daikin Industries Ltd. - ADR		12,049		228,329
Embraer SA - ADR (a)		3,080		45,830
FANUC Corp. - ADR		23,281		396,941
KION Group AG - ADR		16,060		139,407
Rolls-Royce Holdings PLC - ADR (a)		186,780		326,865
Schneider Electric SE - ADR		27,060		932,217
Siemens AG - ADR		13,200		1,083,720
Techtronic Industries Co. Ltd. - ADR		2,200		102,234
Vinci SA - ADR		3,410		96,980
				5,772,336
Commercial  & Professional Services - 2.37%
RELX PLC - ADR		38,064		1,191,403
Rentokil Initial PLC - ADR		6,820		270,959
Teleperformance - ADR		1,430		107,436
				1,569,798
Consumer Discretionary Distribution & Retail - 4.00%
Alibaba Group Holding Ltd. - ADR (a)		10,340		822,546
Fast Retailing Co. Ltd. - ADR (a)		6,997		163,380
Industria de Diseno Textil SA - ADR		38,749		658,733
JD.com, Inc. - ADR		3,740		121,924
Jumia Technologies AG - ADR (a)		17,380		48,490
MINISO Group Holding Ltd. - ADR		990		15,048
MYT Netherlands Parent BV - ADR (a)		18,920		78,518
Naspers Ltd. - ADR		6,050		182,468
Pan Pacific International Holdings Corp. - ADR		10,450		177,964
PDD Holdings, Inc. - ADR (a)		3,740		244,297
Vipshop Holdings Ltd. - ADR (a)		9,680		138,618
				2,651,986
Consumer Durables & Apparel - 4.52%
Cie Financiere Richemont SA - ADR		446		7,082
Hermes International - ADR		3,300		673,794
Kering SA - ADR		872		46,547
LVMH Moet Hennessy Louis Vuitton SE - ADR		7,755		1,357,824
Samsonite International SA - ADR (a)		13,310		169,005
Sony Group Corp. - ADR		7,920		742,104
				2,996,356
Consumer Services - 2.41%
Amadeus IT Group SA - ADR (a)		1,941		139,577
Carnival PLC - ADR (a)		1,760		17,547
Compass Group PLC - ADR		14,058		383,923
Gaotu Techedu, Inc. - ADR (a)		990		2,336
InterContinental Hotels Group PLC - ADR		1,980		131,373
Meituan - ADR (a)		9,570		267,673
New Oriental Education & Technology Group, Inc. - ADR (a)		1,650		62,156
Pearson PLC - ADR		22,110		217,784
Sands China Ltd. - ADR (a)		550		17,710
Sunlands Technology Group - ADR		1,760		5,597
TAL Education Group - ADR (a)		5,720		31,060
Trip.com Group Ltd. - ADR (a)		6,160		194,533
Yum China Holdings, Inc.		2,200		124,212
				1,595,481
Consumer Staples Distribution & Retail - 0.10%
Carrefour SA - ADR		18,480		67,637
Energy - 3.87%
BP PLC - ADR		12,665		426,937
Eni SpA - ADR		15,180		403,181
Equinor ASA - ADR		4,070		103,093
Petroleo Brasileiro SA - ADR		9,350		107,899
Shell PLC - ADR		13,090		733,040
Tenaris SA - ADR		660		16,342
TotalEnergies SE - ADR		9,828		553,316
Vista Energy SAB de CV - ADR (a)		1,430		29,558
Woodside Energy Group Ltd. - ADR		7,040		155,443
YPF SA - ADR (a)		3,520		38,685
				2,567,494
Financial Services - 3.45%
Adyen NV - ADR (a)		9,900		161,964
AMTD IDEA Group - ADR (a)		43,450		65,610
Deutsche Bank AG (b)		9,680		98,058
FinVolution Group - ADR		19,580		75,579
Futu Holdings Ltd. - ADR (a)		1,100		40,546
Jiayin Group, Inc. - ADR (a)		7,150		43,973
London Stock Exchange Group PLC - ADR		6,710		180,902
Nomura Holdings, Inc. - ADR		80,960		284,170
ORIX Corp. - ADR		8,250		696,299
Qifu Technology, Inc. - ADR		3,410		46,888
UBS Group AG (b)		25,080		474,262
Worldline SA/France - ADR (a)		5,940		115,889
X Financial - ADR (a)		1,320		4,422
Yiren Digital Ltd. - ADR (a)		1,100		2,222
				2,290,784
Food, Beverage & Tobacco - 6.02%
Anheuser-Busch InBev SA/NV - ADR		6,682		356,819
British American Tobacco PLC - ADR		16,023		508,089
Coca-Cola Femsa SAB de CV - ADR		3,520		291,526
Danone SA - ADR		15,180		180,338
Diageo PLC - ADR		2,437		409,465
Embotelladora Andina SA - ADR		6,820		84,841
Embotelladora Andina SA - ADR		4,620		71,610
Fomento Economico Mexicano SAB de CV - ADR		2,420		243,476
Kerry Group PLC - ADR		1,980		194,297
Nestle SA - ADR		12,083		1,434,615
Oatly Group AB - ADR (a)		6,160		9,733
Pernod Ricard SA - ADR		4,892		211,579
				3,996,388
Health Care Equipment & Services - 0.87%
EDAP TMS SA - ADR (a)		8,360		83,182
Fresenius Medical Care AG & Co KGaA - ADR		3,740		80,148
Koninklijke Philips NV - ADR		11,372		214,705
Smith & Nephew PLC - ADR		2,090		62,491
Terumo Corp. - ADR		4,510		136,845
				577,371
Household & Personal Products - 3.81%
Haleon PLC - ADR		8,470		68,099
Kose Corp. - ADR		7,040		140,659
L'Oreal SA - ADR		12,760		1,090,086
Reckitt Benckiser Group PLC - ADR		12,830		201,303
Unilever PLC - ADR		20,570		1,027,266
				2,527,413
Insurance - 2.37%
AIA Group Ltd. - ADR		12,803		493,940
Allianz SE - ADR		21,017		449,343
AXA SA - ADR		4,338		122,722
Legal & General Group PLC - ADR		2,333		33,759
Ping An Insurance Group Co of China Ltd. - ADR		14,300		181,181
Prudential PLC - ADR		8,221		217,281
Zurich Insurance Group AG - ADR		1,540		72,149
				1,570,375
Materials - 5.82%
Air Liquide SA - ADR		2,346		78,638
Akzo Nobel NV - ADR		5,830		147,091
ArcelorMittal SA - ADR		11,220		279,939
BHP Group Ltd. - ADR		15,730		863,577
Cemex SAB de CV - ADR (a)		13,750		82,500
CRH PLC - ADR		14,080		669,363
Gold Fields Ltd. - ADR		2,310		34,927
Grupo Simec SAB de CV - ADR (a)		880		28,266
James Hardie Industries PLC - ADR		7,920		194,832
Loma Negra Cia Industrial Argentina SA - ADR		220		1,349
POSCO Holdings, Inc. - ADR		3,740		253,871
Rio Tinto PLC - ADR		8,771		517,928
Sasol Ltd. - ADR		3,850		44,506
Sika AG - ADR		8,300		227,171
Sociedad Quimica y Minera de Chile SA - ADR		1,320		84,704
Suzano SA - ADR		5,170		45,858
Ternium SA - ADR		1,540		57,457
Vale SA - ADR		19,690		249,669
				3,861,646
Media & Entertainment - 3.29%
Autohome, Inc. - ADR		2,530		72,409
Baidu, Inc. - ADR (a)		2,090		256,756
Criteo SA - ADR (a)		2,310		73,666
Gravity Co. Ltd. - ADR (a)		770		42,450
Hello Group, Inc. - ADR		4,950		39,947
iQIYI, Inc. - ADR (a)		330		1,340
JOYY, Inc. - ADR		110		2,728
NetEase, Inc. - ADR		1,760		149,741
Sea Ltd. - ADR (a)		2,090		119,987
Sohu.com Ltd. - ADR (a)		3,850		43,582
Tencent Holdings Ltd. - ADR		33,348		1,318,245
Tencent Music Entertainment Group - ADR (a)		1,650		11,451
Trivago NV - ADR (a)		14,850		17,523
WPP PLC - ADR		440		23,395
Yalla Group Ltd. - ADR (a)		1,650		6,947
				2,180,167
Pharmaceuticals, Biotechnology & Life Sciences - 12.25%
Abcam PLC - ADR (a)		2,420		39,083
Amarin Corp. PLC - ADR (a)		25,190		29,472
Argenx SE - ADR (a)		110		42,757
AstraZeneca PLC - ADR		14,080		1,028,966
Avadel Pharmaceuticals PLC - ADR (a)		770		10,665
Bayer AG - ADR		6,710		93,806
BeiGene Ltd. - ADR (a)		220		48,605
BioNTech SE - ADR		660		69,353
Calliditas Therapeutics AB - ADR (a)		880		15,013
Cellectis SA - ADR (a)		9,020		17,138
DBV Technologies SA - ADR (a)		16,940		33,033
Dr Reddy's Laboratories Ltd. - ADR		6,160		339,970
Evotec SE - ADR (a)		4,950		53,807
Genfit SA - ADR (a)		13,530		55,067
Genmab A/S - ADR (a)		14,080		552,077
Grifols SA - ADR (a)		4,180		34,443
GSK PLC - ADR		8,250		277,200
HUTCHMED China Ltd. - ADR (a)		1,100		13,200
Immutep Ltd. - ADR (a)		17,490		33,144
Innate Pharma SA - ADR (a)		6,380		18,374
Lonza Group AG - ADR		5,280		332,133
Mereo Biopharma Group PLC - ADR (a)		7,700		7,777
Mesoblast Ltd. - ADR (a)		5,610		18,962
Novartis AG - ADR		13,230		1,273,387
Novo Nordisk A/S - ADR		7,334		1,176,813
Olink Holding AB - ADR (a)		990		19,285
Roche Holding AG - ADR		21,340		844,851
Sanofi - ADR		14,300		729,586
Silence Therapeutics PLC - ADR (a)		440		2,336
Takeda Pharmaceutical Co. Ltd. - ADR		56,320		892,109
Teva Pharmaceutical Industries Ltd. - ADR (a)		2,860		20,592
				8,123,004
Real Estate Management & Development - 0.22%
IRSA Inversiones y Representaciones SA - ADR		14,740		89,767
KE Holdings, Inc. - ADR (a)		3,850		54,824
				144,591
Semiconductors & Semiconductor Equipment - 6.19%
ASE Technology Holding Co. Ltd. - ADR		25,960		197,815
ASML Holding NV - ADR		1,631		1,179,099
ChipMOS Technologies, Inc. - ADR		2,090		53,462
Daqo New Energy Corp. - ADR (a)		1,100		39,545
Himax Technologies, Inc. - ADR		4,290		29,515
Sequans Communications SA - ADR (a)		21,230		44,795
STMicroelectronics NV - ADR		9,350		406,164
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		19,360		1,908,702
Tokyo Electron Ltd. - ADR		660		44,821
United Microelectronics Corp. - ADR		24,860		205,344
				4,109,262
Software & Services - 2.63%
AMTD Digital, Inc. - ADR (a)		2,970		19,454
Capgemini SE - ADR		4,070		143,101
Endava PLC - ADR (a)		880		42,944
Materialise NV - ADR (a)		440		4,101
Nice Ltd. - ADR (a)		1,540		317,148
Opera Ltd. - ADR		7,260		114,272
SAP SE - ADR		8,244		1,075,347
Xunlei Ltd. - ADR (a)		20,350		27,269
				1,743,636
Technology Hardware & Equipment - 1.55%
Logitech International SA (b)		2,860		182,582
Murata Manufacturing Co Ltd. - ADR		23,430		342,313
Nano Dimension Ltd. - ADR (a)		23,980		57,792
Nokia Oyj - ADR		80,300		322,003
Telefonaktiebolaget LM Ericsson - ADR		24,090		124,304
				1,028,994
Telecommunication Services - 4.01%
America Movil SAB de CV - ADR (a)		10,890		231,521
Deutsche Telekom AG - ADR		31,790		705,420
KT Corp. - ADR		8,250		97,515
Nippon Telegraph & Telephone Corp. - ADR		22,220		631,715
Orange SA - ADR		46,530		559,756
SK Telecom Co. Ltd. - ADR		9,240		193,116
Telefonica SA - ADR		22,990		96,098
Turkcell Iletisim Hizmetleri AS - ADR		17,270		71,498
Vodafone Group PLC - ADR		7,920		75,082
				2,661,721
Transportation - 1.90%
Aena SME SA - ADR		6,923		107,930
Canadian National Railway Co. (b)		783		88,268
Grupo Aeroportuario del Centro Norte SAB de CV - ADR		660		54,549
Grupo Aeroportuario del Pacifico SAB de CV - ADR		550		97,257
Grupo Aeroportuario del Sureste SAB de CV - ADR		990		277,547
Ryanair Holdings PLC - ADR (a)		5,828		612,405
ZTO Express Cayman, Inc. - ADR		880		22,211
				1,260,167
Utilities - 2.66%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR		1,210		12,608
Cia Energetica de Minas Gerais - ADR		4,290		14,715
Enel Chile SA - ADR		37,620		105,336
Enel SpA - ADR		34,430		214,499
Iberdrola SA - ADR		1,430		69,898
National Grid PLC - ADR		16,940		1,174,789
Pampa Energia SA - ADR (a)		1,870		69,190
RWE AG - ADR		2,420		101,471
				1,762,506
TOTAL COMMON STOCKS (Cost $67,506,777)				64,869,165
PREFERRED STOCKS - 0.68%
Banks - 0.14%
Banco Bradesco SA - ADR, 6.1927% (c)		11,791		36,316
Bancolombia SA - ADR, 10.433% (c)		1,320		30,901
Itau Unibanco Holding SA - ADR, 4.687% (c)		5,500		28,270
				95,487
Energy - 0.33%
Petroleo Brasileiro SA - ADR, 20.688% (c)		21,120		217,113
Materials - 0.17%
Gerdau SA - ADR, 13.611% (c)		24,530		115,782
Utilities - 0.04%
Cia Energetica de Minas Gerais - ADR, 10.073% (c)		11,440		25,969
TOTAL PREFERRED STOCKS (Cost $451,461)				454,351
SHORT-TERM INVESTMENTS - 1.40%
First American Government Obligations Fund, Class X, 4.965% (d)		927,434		927,434
TOTAL SHORT-TERM INVESTMENTS (Cost $927,434)				927,434
Total Investments (Cost $68,885,672) - 99.88%				66,250,950
Other Assets in Excess of Liabilities - 0.12%				82,612
TOTAL NET ASSETS - 100.00%			$	66,333,562

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Foreign issued security.
(c)	Perpetual preferred stock with no stated maturity.
(d)	The rate shown represents the seven day yield at May 31, 2023.
Abbreviations
AB	Aktiebolag is a Swedish term for a stock company.
ADR	American Depositary Receipt
AG	Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e. owned by shareholders.
A/S	An abbreviation used by many countries to signify a stock company whereby shareholders have limited liability.
ASA	Allmennaksjeselskap is a Norwegian term for a stock company.
KGaA	Kommanditgesellschaft auf Aktien is a German term that refers to a Limited Partnership that has shares.
NV	Naamloze Vennootschap is a Dutch term for publicly traded companies.
OYJ	Julkinen osakeyhtio is a Finnish term for publicly-traded companies.
PLC	Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
SA	An abbreviation used by many countries to signify a publicly traded company.
SAB de CV	Sociedad Anonima de Capital Variable is a Spanish term for an SA with variable capital.
SE	Societas Europea is a term for a European Public Limited Liability Company.
SpA	Soicieta per Azioni is an Italian term for limited share company.

The Global Industry Classification Standard  (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc.

and Standard & Poors Financial Services LLC ("S&P").  GICS is a service mark of MSCI and S&P and has been

licensed for use by U.S. Bancorp Fund Services, LLC.

The accompanying notes are an integral part of these schedule of investments.

Summary of Fair Value Exposure at May 31, 2023

The Fund has adopted Statement of Financial Accounting Standard, “Fair Value Measurements and Disclosures” (“Fair Value Measurements”) and FASB Staff Position “Determining Fair Value when the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identified Transactions that are not Orderly” (“Determining Fair Value”).  Determining Fair Value clarifies Fair Value Measurements and requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value.  Determining Fair Value also requires enhanced disclosure regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for major security types.  Fair Value Measurements requires the Fund to classify securities based on valuation method.  These inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.  The following is a summary of the inputs used to value the Funds' investments carried at fair value as of May 31, 2023.

	Level 1		Level 2		Level 3		Total
Assets:
Equity
Common Stocks*	$	64,553,909	$	315,256	$	-	$	64,869,165
Preferred Stocks*		454,351		-		-		454,351
Total Equity		65,008,260		315,256		-		65,323,516
Money Market Funds		927,434		-		-		927,434
Total Investments in Securities	$	65,935,694	$	315,256	$	-	$	66,250,950

* For further breakdown by industry, please refer to the Schedule of Investments.

The Fund did not hold any Level 3 securities during the period ended May 31, 2023.