NPORT-EX 2 usequity.htm PART F
ActivePassive U.S. Equity ETF
          
Schedule of Investments
          
November 30, 2023 (Unaudited)
          
             
 
Shares
    
Value
  
COMMON STOCKS - 87.42%
          
Automobiles & Components - 1.60%
          
BorgWarner, Inc.
5,548
   $
                  186,912
  
General Motors Co.
7,158
    
226,193
  
Rivian Automotive, Inc. (a)
2,772
    
46,459
  
Tesla, Inc. (a)
11,602
    
2,785,408
  
       
3,244,972
  
Banks - 2.53%
          
Bank of America Corp.
28,370
    
865,001
  
Citigroup, Inc.
9,928
    
457,681
  
Huntington Bancshares, Inc.
13,724
    
154,532
  
JPMorgan Chase & Co.
18,688
    
2,916,823
  
Wells Fargo & Co.
16,352
    
729,136
  
       
5,123,173
  
Capital Goods - 5.01%
          
Boeing Co. (a)
2,044
    
473,452
  
Carrier Global Corp.
9,123
    
474,031
  
Caterpillar, Inc.
1,345
    
337,218
  
Cummins, Inc.
804
    
180,225
  
Deere & Co.
876
    
319,223
  
Eaton Corp PLC
3,840
    
874,329
  
Ferguson PLC
3,093
    
529,955
  
Fortive Corp.
8,381
    
578,121
  
General Electric Co.
11,341
    
1,381,333
  
Honeywell International, Inc.
3,841
    
752,529
  
Howmet Aerospace, Inc.
3,796
    
199,670
  
Hubbell, Inc.
586
    
175,800
  
Lockheed Martin Corp.
876
    
392,247
  
Masco Corp.
1,409
    
85,315
  
PACCAR, Inc.
9,452
    
867,882
  
Raytheon Technologies Corp.
5,053
    
411,718
  
Snap-on, Inc.
1,447
    
397,476
  
Textron, Inc.
6,716
    
514,849
  
Trane Technologies PLC - ADR
2,153
    
485,308
  
United Rentals, Inc.
990
    
471,260
  
WW Grainger, Inc.
340
    
267,305
  
       
10,169,246
  
Commercial  & Professional Services - 1.37%
          
Automatic Data Processing, Inc.
2,059
    
473,405
  
Cintas Corp.
1,959
    
1,083,817
  
Copart, Inc. (a)
24,282
    
1,219,442
  
       
2,776,664
  
Consumer Discretionary Distribution & Retail - 4.27%
          
Amazon.com, Inc. (a)
42,206
    
6,165,874
  
Home Depot, Inc.
4,595
    
1,440,487
  
LKQ Corp.
6,132
    
273,058
  
Lowe's Cos, Inc.
876
    
174,175
  
Ross Stores, Inc.
1,539
    
200,655
  
TJX Cos, Inc.
4,672
    
411,650
  
       
8,665,899
  
Consumer Durables & Apparel - 1.84%
          
DR Horton, Inc.
5,422
    
692,227
  
Garmin Ltd. - ADR
2,352
    
287,508
  
Lennar Corp. - Class A
6,210
    
794,383
  
Lennar Corp. - Class B
6,451
    
740,188
  
NIKE, Inc.
2,637
    
290,782
  
PulteGroup, Inc.
10,499
    
928,322
  
       
3,733,410
  
Consumer Services - 1.49%
          
Airbnb, Inc. (a)
1,267
    
160,073
  
Booking Holdings, Inc. (a)
315
    
984,596
  
Caesars Entertainment, Inc. (a)
5,397
    
241,354
  
Darden Restaurants, Inc.
1,460
    
228,446
  
DoorDash, Inc. (a)
2,336
    
219,537
  
McDonald's Corp.
3,610
    
1,017,443
  
MGM Resorts International
3,146
    
124,078
  
Royal Caribbean Cruises Ltd. (a)
481
    
51,688
  
       
3,027,215
  
Consumer Staples Distribution & Retail - 1.47%
          
Costco Wholesale Corp.
1,859
    
1,101,904
  
Kroger Co.
5,111
    
226,264
  
Target Corp.
747
    
99,956
  
Walmart, Inc.
9,977
    
1,553,319
  
       
2,981,443
  
Energy - 3.01%
          
Cheniere Energy, Inc.
1,565
    
285,065
  
Chevron Corp.
4,797
    
688,849
  
ConocoPhillips
2,478
    
286,382
  
Coterra Energy, Inc.
7,123
    
186,979
  
Exxon Mobil Corp.
22,561
    
2,317,917
  
Marathon Petroleum Corp.
6,678
    
996,291
  
Occidental Petroleum Corp.
2,516
    
148,821
  
Phillips 66
5,173
    
666,748
  
Valero Energy Corp.
4,125
    
517,110
  
       
6,094,162
  
Equity Real Estate Investment Trusts (REITS) - 0.00%
          
NET Lease Office Properties (a)
0
    
4
  
             
Financial Services - 7.41%
          
Bank of New York Mellon Corp.
13,140
    
634,925
  
Berkshire Hathaway, Inc. (a)
12,321
    
4,435,561
  
BlackRock, Inc.
1,044
    
784,284
  
Blackstone, Inc.
1,506
    
169,229
  
Block, Inc. (a)
3,340
    
211,856
  
Cboe Global Markets, Inc.
2,163
    
394,077
  
Charles Schwab Corp.
2,526
    
154,894
  
Coinbase Global, Inc. (a)
604
    
75,331
  
Equitable Holdings, Inc.
11,096
    
340,536
  
Fiserv, Inc. (a)
4,562
    
595,843
  
FleetCor Technologies, Inc. (a)
714
    
171,717
  
Franklin Resources, Inc.
14,246
    
353,301
  
Goldman Sachs Group, Inc.
1,670
    
570,372
  
Interactive Brokers Group, Inc.
4,046
    
314,941
  
Mastercard, Inc.
4,477
    
1,852,717
  
Morgan Stanley
6,926
    
549,509
  
PayPal Holdings, Inc. (a)
2,683
    
154,568
  
Rocket Cos, Inc. (a)
5,163
    
48,222
  
State Street Corp.
3,831
    
278,973
  
Synchrony Financial
5,548
    
179,533
  
Tradeweb Markets, Inc.
1,688
    
163,567
  
Visa, Inc.
10,087
    
2,589,131
  
       
15,023,087
  
Food, Beverage & Tobacco - 2.28%
          
Altria Group, Inc.
19,592
    
823,648
  
Coca-Cola Co.
3,156
    
184,437
  
J M Smucker Co.
1,460
    
160,206
  
The Kraft Heinz Co.
6,635
    
232,955
  
Molson Coors Beverage Co.
632
    
38,893
  
Mondelez International, Inc.
21,255
    
1,510,380
  
PepsiCo, Inc.
8,760
    
1,474,220
  
Philip Morris International, Inc.
2,123
    
198,203
  
       
4,622,942
  
Health Care Equipment & Services - 4.28%
          
Boston Scientific Corp. (a)
11,680
    
652,795
  
Cardinal Health, Inc.
2,628
    
281,406
  
Cencora, Inc.
1,962
    
399,012
  
Cigna Group
1,168
    
307,044
  
Elevance Health, Inc.
426
    
204,263
  
HCA Healthcare, Inc.
2,896
    
725,389
  
Henry Schein, Inc. (a)
3,819
    
254,842
  
Hologic, Inc. (a)
4,672
    
333,114
  
IDEXX Laboratories, Inc. (a)
626
    
291,603
  
Laboratory Corp of America Holdings
1,500
    
325,365
  
McKesson Corp.
1,021
    
480,442
  
Molina Healthcare, Inc. (a)
460
    
168,158
  
Stryker Corp.
1,626
    
481,833
  
UnitedHealth Group, Inc.
5,215
    
2,883,738
  
Veeva Systems, Inc. (a)
1,752
    
305,391
  
Zimmer Biomet Holdings, Inc.
4,984
    
579,689
  
       
8,674,084
  
Household & Personal Products - 1.28%
          
Kimberly-Clark Corp.
1,168
    
144,517
  
Procter & Gamble Co.
16,014
    
2,458,469
  
       
2,602,986
  
Insurance - 2.07%
          
Aflac, Inc.
18,082
    
1,495,563
  
Arch Capital Group Ltd. (a)
5,743
    
480,632
  
Everest Group Ltd.
679
    
278,763
  
Fidelity National Financial, Inc.
7,884
    
353,519
  
Hartford Financial Services Group, Inc.
2,784
    
217,597
  
Loews Corp.
7,614
    
535,188
  
Markel Group, Inc. (a)
316
    
454,752
  
Principal Financial Group, Inc.
3,427
    
253,015
  
The Progressive Corp.
757
    
124,171
  
       
4,193,200
  
Materials - 1.68%
          
Albemarle Corp.
802
    
97,259
  
CF Industries Holdings, Inc.
876
    
65,831
  
Corteva, Inc.
4,964
    
224,373
  
DuPont de Nemours, Inc.
9,052
    
647,580
  
Freeport-McMoRan, Inc.
6,665
    
248,738
  
International Paper Co.
5,256
    
194,157
  
Linde PLC
3,095
    
1,280,617
  
Newmont Corp.
914
    
36,734
  
Nucor Corp.
860
    
146,174
  
Packaging Corp of America
675
    
113,407
  
Steel Dynamics, Inc.
2,899
    
345,358
  
       
3,400,228
  
Media & Entertainment - 7.85%
          
Alphabet, Inc. - Class C (a)
26,168
    
3,504,419
  
Alphabet, Inc. - Class A (a)
34,515
    
4,574,272
  
Comcast Corp.
27,582
    
1,155,410
  
Fox Corp. - Class A
16,677
    
492,639
  
Fox Corp. - Class B
16,142
    
446,488
  
Meta Platforms, Inc. (a)
11,471
    
3,752,738
  
Netflix, Inc. (a)
2,139
    
1,013,822
  
News Corp.
3,537
    
81,492
  
ROBLOX Corp. (a)
7
    
275
  
Trade Desk, Inc. (a)
2,881
    
202,995
  
Walt Disney Co. (a)
7,601
    
704,537
  
       
15,929,087
  
Pharmaceuticals, Biotechnology & Life Sciences - 6.34%
          
AbbVie, Inc.
9,512
    
1,354,414
  
Amgen, Inc.
1,259
    
339,477
  
Biogen, Inc. (a)
653
    
152,854
  
Bristol-Myers Squibb Co.
16,352
    
807,462
  
Eli Lilly & Co.
4,450
    
2,630,128
  
Gilead Sciences, Inc.
14,065
    
1,077,379
  
Johnson & Johnson
13,947
    
2,157,043
  
Merck & Co, Inc.
9,636
    
987,497
  
Moderna, Inc. (a)
1,422
    
110,489
  
Pfizer, Inc.
22,731
    
692,614
  
Regeneron Pharmaceuticals, Inc. (a)
633
    
521,472
  
Seagen, Inc. (a)
502
    
107,031
  
Thermo Fisher Scientific, Inc.
2,044
    
1,013,333
  
Vertex Pharmaceuticals, Inc. (a)
1,363
    
483,606
  
Zoetis, Inc.
2,370
    
418,708
  
       
12,853,507
  
Real Estate Management & Development - 0.19%
          
CBRE Group, Inc. (a)
2,628
    
207,508
  
Zillow Group, Inc. - Class A (a)
1,111
    
43,762
  
Zillow Group, Inc. - Class C (a)
3,092
    
126,586
  
       
377,856
  
Semiconductors & Semiconductor Equipment - 6.81%
          
Advanced Micro Devices, Inc. (a)
7,261
    
879,743
  
Analog Devices, Inc.
2,825
    
518,049
  
Applied Materials, Inc.
8,451
    
1,265,791
  
Broadcom, Inc.
2,949
    
2,729,978
  
Intel Corp.
10,173
    
454,733
  
KLA Corp.
584
    
318,058
  
Lam Research Corp.
1,020
    
730,238
  
Microchip Technology, Inc.
10,089
    
841,826
  
NVIDIA Corp.
11,558
    
5,405,677
  
ON Semiconductor Corp. (a)
2,301
    
164,130
  
Skyworks Solutions, Inc.
5,108
    
495,118
  
       
13,803,341
  
Software & Services - 12.09%
          
Accenture PLC
6,019
    
2,005,170
  
Adobe, Inc. (a)
3,570
    
2,181,306
  
ANSYS, Inc. (a)
943
    
276,638
  
Atlassian Corp. (a)
735
    
140,348
  
Cloudflare, Inc. (a)
2,893
    
223,195
  
Cognizant Technology Solutions Corp.
2,314
    
162,859
  
Datadog, Inc. (a)
2,049
    
238,852
  
Intuit, Inc.
1,345
    
768,614
  
Microsoft Corp.
34,814
    
13,191,374
  
Okta, Inc. (a)
1,131
    
75,834
  
Oracle Corp.
5,340
    
620,561
  
Palantir Technologies, Inc. (a)
18,348
    
367,877
  
Palo Alto Networks, Inc. (a)
1,059
    
312,500
  
Roper Technologies, Inc.
2,044
    
1,100,183
  
Salesforce, Inc. (a)
6,589
    
1,659,769
  
ServiceNow, Inc. (a)
587
    
402,529
  
Snowflake, Inc. (a)
1,460
    
274,013
  
Synopsys, Inc. (a)
705
    
382,977
  
Twilio, Inc. (a)
2,044
    
132,206
  
       
24,516,805
  
Technology Hardware & Equipment - 7.46%
          
Amphenol Corp.
3,609
    
328,383
  
Apple, Inc.
64,918
    
12,331,173
  
Arista Networks, Inc. (a)
1,304
    
286,502
  
CDW Corp.
876
    
184,731
  
Cisco Systems, Inc.
32,483
    
1,571,528
  
Dell Technologies, Inc.
1,486
    
112,743
  
Hewlett Packard Enterprise Co.
18,396
    
311,076
  
       
15,126,136
  
Telecommunication Services - 0.80%
          
T-Mobile US, Inc.
4,055
    
610,075
  
Verizon Communications, Inc.
26,241
    
1,005,817
  
       
1,615,892
  
Transportation - 1.79%
          
Delta Air Lines, Inc.
5,382
    
198,757
  
Expeditors International of Washington, Inc.
2,044
    
245,975
  
FedEx Corp.
2,576
    
666,746
  
Old Dominion Freight Line, Inc.
1,366
    
531,456
  
Uber Technologies, Inc. (a)
9,737
    
548,972
  
Union Pacific Corp.
3,132
    
705,547
  
United Airlines Holdings, Inc. (a)
3,163
    
124,622
  
United Parcel Service, Inc.
3,981
    
603,559
  
       
3,625,634
  
Utilities - 2.52%
          
AES Corp.
7,168
    
123,361
  
Ameren Corp.
6,080
    
471,747
  
CenterPoint Energy, Inc.
17,585
    
497,128
  
Consolidated Edison, Inc.
5,101
    
459,651
  
Constellation Energy Corp.
715
    
86,544
  
Edison International
2,044
    
136,928
  
Evergy, Inc.
10,214
    
521,323
  
NextEra Energy, Inc.
8,380
    
490,314
  
NiSource, Inc.
23,019
    
590,207
  
PG&E Corp. (a)
25,695
    
441,183
  
PPL Corp.
16,352
    
427,114
  
Public Service Enterprise Group, Inc.
10,266
    
640,906
  
Vistra Corp.
6,415
    
227,155
  
       
5,113,561
  
TOTAL COMMON STOCKS (Cost $159,354,515)
      
177,294,534
  
             
EXCHANGE TRADED FUNDS - 9.41%
          
Dimensional US Small Cap ETF
350,400
    
18,862,032
  
Vanguard Large-Cap ETF
1,017
    
213,194
  
TOTAL EXCHANGE TRADED FUNDS (Cost $18,200,586)
      
19,075,226
  
             
REAL ESTATE INVESTMENT TRUSTS - 2.42%
          
American Tower Corp.
1,999
    
417,351
  
Boston Properties, Inc.
2,920
    
166,236
  
Equity Residential
9,030
    
513,265
  
Essex Property Trust, Inc.
324
    
69,161
  
Host Hotels & Resorts, Inc.
27,457
    
479,674
  
Iron Mountain, Inc.
4,964
    
318,441
  
Prologis, Inc.
5,227
    
600,739
  
Regency Centers Corp.
6,622
    
415,729
  
Simon Property Group, Inc.
4,781
    
597,099
  
VICI Properties, Inc.
21,829
    
652,469
  
Weyerhaeuser Co.
17,246
    
540,662
  
WP Carey, Inc.
2,180
    
135,683
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,790,274)
      
4,906,509
  
             
MONEY MARKET FUNDS - 0.65%
          
First American Government Obligations Fund, Class X, 5.285% (b)
1,308,788
    
1,308,788
  
TOTAL MONEY MARKET FUNDS (Cost $1,308,788)
      
1,308,788
  
             
Total Investments (Cost $183,654,163) - 99.90%
      
202,585,057
  
Other Assets in Excess of Liabilities - 0.10%
      
212,309
  
TOTAL NET ASSETS - 100.00%
     $
           202,797,366
  

Percentages are stated as a percent of net assets.
        
 
(a)
Non-income producing security.
        
(b)
The rate shown represents the seven day yield at November 30, 2023.
        
           
Abbreviations
        
ADR
American Depositary Receipt
        
PLC
Public Limited Company is a publicly traded company which signifies that shareholders have limited liability.
      
           
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 November 30, 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 November 30, 2023.

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Equity
                        
Common Stocks*
  
$
177,294,534
    
$
-
    
$
-
    
$
177,294,534
  
Exchange-Traded Funds
    
19,075,226
      
-
      
-
      
19,075,226
  
Real Estate Investment Trusts*
    
4,906,509
      
-
      
-
      
4,906,509
  
Total Equity
    
201,276,269
      
-
      
-
      
201,276,269
  
Money Market Funds
    
1,308,788
      
-
      
-
      
1,308,788
  
Total Investments in Securities
  
$
202,585,057
    
$
-
    
$
-
    
$
202,585,057
  
                                 
* 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 November 30, 2023.