ag

ActivePassive International Equity ETF

Schedule of Investments

as of May 31, 2024 (Unaudited)

COMMON STOCKS - 97.8%	Shares		Value
Automobiles & Components - 3.4%
Bayerische Motoren Werke AG - ADR	4,312	$	145,487
BYD Co. Ltd. - ADR	28,786		1,615,182
Cie Generale des Etablissements Michelin SCA - ADR	16,231		327,704
Continental AG - ADR	13,279		89,766
Dr Ing hc F Porsche AG - ADR	3,212		26,435
Geely Automobile Holdings Ltd. - ADR	14,833		360,739
Honda Motor Co. Ltd. - ADR	237,864		8,068,347
Li Auto, Inc. - ADR(a)	36,896		747,144
Mercedes-Benz Group AG - ADR	7,000		126,245
NIO, Inc. - ADR(a)	41,045		221,232
Renault SA - ADR	6,423		74,764
Suzuki Motor Corp. - ADR	1,667		79,299
Toyota Motor Corp. - ADR	58,123		12,642,334
Volkswagen AG - ADR	3,508		49,919
XPeng, Inc. - ADR(a)	22,075		183,443
			24,758,040
Banks - 11.8%
Agricultural Bank of China Ltd. - ADR	28,834		302,469
Banco Bilbao Vizcaya Argentaria SA - ADR	473,421		5,165,023
Banco de Chile - ADR	30,007		710,566
Banco do Brasil SA - ADR	173,489		905,613
Banco Macro SA - ADR	2,033		134,768
Banco Santander SA - ADR	975,707		5,112,705
Bank Central Asia Tbk PT - ADR	58,384		823,214
Bank Mandiri Persero Tbk PT - ADR	65,453		942,523
Bank of China Ltd. - ADR	64,070		754,745
Bank Rakyat Indonesia Persero Tbk PT - ADR	51,002		682,407
Barclays PLC - ADR	440,301		4,997,416
BNP Paribas SA - ADR	19,499		718,733
China Construction Bank Corp. - ADR	419,131		5,938,248
China Merchants Bank Co. Ltd. - ADR	9,181		206,113
Commonwealth Bank of Australia - ADR	68,185		5,447,300
Grupo Financiero Banorte SAB de CV - ADR	10,693		507,811
Grupo Financiero Galicia SA - ADR	3,223		115,545
HDFC Bank Ltd. - ADR	81,901		4,741,249
HSBC Holdings PLC - ADR	205,671		9,183,210
ICICI Bank Ltd. - ADR	100,876		2,697,424
Industrial & Commercial Bank of China Ltd. - ADR	79,060		898,122
ING Groep NV - ADR	304,097		5,440,295
Kasikornbank PCL - ADR	4,239		59,558
KB Financial Group, Inc. - ADR	27,202		1,565,203
Lloyds Banking Group PLC - ADR	1,059,003		2,986,388
Mitsubishi UFJ Financial Group, Inc. - ADR	435,540		4,634,146
Mizuho Financial Group, Inc. - ADR	1,175,582		4,819,886
NatWest Group PLC - ADR(a)	304,204		2,512,725
Oversea-Chinese Banking Corp. Ltd. - ADR	2,843		60,726
Shinhan Financial Group Co. Ltd. - ADR	44,131		1,518,106
Standard Bank Group Ltd. - ADR	7,009		66,936
Sumitomo Mitsui Financial Group, Inc. - ADR	467,156		6,124,415
UniCredit SpA - ADR	89,151		1,760,509
United Overseas Bank Ltd. - ADR	16,984		772,772
Woori Financial Group, Inc. - ADR	40,889		1,272,057
			84,578,926
Capital Goods - 8.6%
ABB Ltd. - ADR	13,867		762,269
Airbus SE - ADR	140,036		5,950,130
Alstom SA - ADR	1,299,933		2,859,853
Ashtead Group PLC - ADR	9,932		2,944,540
Assa Abloy AB - ADR	13,640		199,417
Astra International Tbk PT - ADR	17,485		91,447
Atlas Copco AB - ADR	8,579		164,545
Bouygues SA - ADR	24,595		190,365
Cie de Saint-Gobain SA - ADR	99,407		1,753,539
CK Hutchison Holdings Ltd. - ADR	98,083		475,703
Daikin Industries Ltd. - ADR	168,509		2,456,861
Daimler Truck Holding AG - ADR	15,923		336,931
Embraer SA - ADR(a)	27,577		766,365
FANUC Corp. - ADR	284,887		3,979,871
Geberit AG - ADR	3,633		223,357
Hitachi Ltd. - ADR	6,039		1,241,196
ITOCHU Corp. - ADR	5,830		551,576
Kingspan Group PLC - ADR	1,646		157,999
KION Group AG - ADR	160,188		1,874,200
Komatsu Ltd. - ADR	1,399		41,116
Kone Oyj - ADR	10,633		270,078
Marubeni Corp. - ADR	268		52,472
Mitsubishi Electric Corp. - ADR	7,124		247,488
Mitsui & Co. Ltd. - ADR	874		891,025
NIDEC CORP - ADR	38,587		475,006
Rheinmetall AG - ADR	2,261		259,111
Rolls-Royce Holdings PLC - ADR(a)	819,616		4,704,596
Schneider Electric SE - ADR	259,632		12,945,251
Siemens AG - ADR	106,269		10,258,147
Siemens Energy AG - ADR(a)	3,661		99,213
SMC Corp. - ADR	18,198		458,590
Sociedad Quimica y Minera de Chile SA - ADR	7,166		334,652
Techtronic Industries Co. Ltd. - ADR	35,597		2,191,351
Toyota Industries Corp. - ADR	637		59,955
Vestas Wind Systems AS - ADR(a)	38,026		356,304
Vinci SA - ADR	19,628		610,431
Volvo AB - ADR	12,126		326,189
WEG SA - ADR	11,678		83,848
			61,644,987
Commercial & Professional Services - 2.9%
Brambles Ltd. - ADR	6		114
Experian PLC - ADR	4,617		213,213
Recruit Holdings Co. Ltd. - ADR	211,937		2,138,444
RELX PLC - ADR	361,184		15,877,649
Rentokil Initial PLC - ADR	83,330		2,248,243
Secom Co. Ltd. - ADR	2,277		35,202
SGS SA - ADR	55,357		514,820
TDCX, Inc. - ADR(a)	8,119		57,483
			21,085,168
Consumer Discretionary Distribution & Retail - 4.3%
Alibaba Group Holding Ltd. - ADR	92,960		7,282,486
Cango, Inc./KY - ADR(a)	10,361		15,438
D-MARKET Elektronik Hizmetler ve Ticaret AS - ADR(a)	10,323		20,749
Fast Retailing Co. Ltd. - ADR	109,837		2,810,729
H & M Hennes & Mauritz AB - ADR	7,457		25,991
Industria de Diseno Textil SA - ADR	256,955		6,105,251
JD.com, Inc. - ADR	69,945		2,071,771
Jumia Technologies AG - ADR(a)	77,092		546,582
Kingfisher PLC - ADR	69,843		468,297
MINISO Group Holding Ltd. - ADR	9,644		216,894
MYT Netherlands Parent BV - ADR(a)	146,521		786,818
Naspers Ltd. - ADR	23,428		934,309
Nitori Holdings Co. Ltd. - ADR	20,465		225,115
Pan Pacific International Holdings Corp. - ADR	109,953		2,859,877
PDD Holdings, Inc. - ADR(a)	33,097		4,957,269
Prosus NV - ADR	98,796		725,163
Vipshop Holdings Ltd. - ADR	50,632		813,656
			30,866,395
Consumer Durables & Apparel - 3.4%
adidas AG - ADR	2,191		277,337
ANTA Sports Products Ltd. - ADR	307		82,524
Cie Financiere Richemont SA - ADR	52,791		845,184
Haier Smart Home Co. Ltd. - ADR	66,513		965,769
Hermes International SCA - ADR	25,374		6,013,638
Kering SA - ADR	53,788		1,856,224
LVMH Moet Hennessy Louis Vuitton SE - ADR	52,528		8,443,351
Samsonite International SA - ADR(a)	60,951		965,464
Shenzhou International Group Holdings Ltd. - ADR	13,986		138,601
Shimano, Inc. - ADR	5,480		89,379
Sony Group Corp. - ADR	60,980		5,021,093
			24,698,564
Consumer Services - 2.3%
Amadeus IT Group SA - ADR	11,988		853,546
Carnival PLC - ADR(a)	54,532		746,543
Compass Group PLC - ADR	129,054		3,631,579
GreenTree Hospitality Group Ltd. - ADR(a)	4,367		11,485
H World Group Ltd. - ADR	1,489		55,435
InterContinental Hotels Group PLC - ADR	31,285		3,176,992
Meituan - ADR(a)	98,615		2,685,286
Melco Resorts & Entertainment Ltd. - ADR(a)	14,145		110,897
New Oriental Education & Technology Group, Inc. - ADR(a)	9,120		728,962
Oriental Land Co. Ltd./Japan - ADR	1,700		47,753
Pearson PLC - ADR	156,856		1,893,252
Sunlands Technology Group - ADR(a)	1,770		12,691
TAL Education Group - ADR(a)	21,251		241,411
Trip.com Group Ltd. - ADR(a)	41,572		2,141,374
			16,337,206
Consumer Staples Distribution & Retail - 0.3%
Carrefour SA - ADR	212,203		676,928
Seven & i Holdings Co. Ltd. - ADR	84,074		1,082,032
Tesco PLC - ADR	18,013		216,876
Wal-Mart de Mexico SAB de CV - ADR	10,838		405,883
			2,381,719
Energy - 4.3%
BP PLC - ADR	185,687		6,976,261
China Shenhua Energy Co. Ltd. - ADR	6,239		121,411
Eni SpA - ADR	76,737		2,419,518
Equinor ASA - ADR	58,279		1,698,250
Petroleo Brasileiro SA - ADR	104,490		1,624,820
Shell PLC - ADR	151,414		11,019,911
Tenaris SA - ADR	23,210		765,234
TotalEnergies SE - ADR	62,629		4,579,432
Ultrapar Participacoes SA - ADR	64,780		286,975
Vista Energy SAB de CV - ADR(a)	4,181		202,569
Woodside Energy Group Ltd. - ADR	74,334		1,375,179
			31,069,560
Financial Services - 3.7%
3i Group PLC - ADR	5,692		106,156
Adyen NV - ADR(a)	165,585		2,134,391
AMTD IDEA Group - ADR(a)	198,508		341,235
CNFinance Holdings Ltd. - ADR(a)	12,266		19,012
Deutsche Bank AG	86,148		1,436,948
FinVolution Group - ADR	85,024		406,415
Futu Holdings Ltd. - ADR(a)	7,377		554,308
Highest Performances Holdings, Inc. - ADR(a)	1,624		14,015
Hong Kong Exchanges & Clearing Ltd. - ADR	7,055		238,953
Jiayin Group, Inc. - ADR	12,194		79,505
Julius Baer Group Ltd. - ADR	36,113		434,439
LexinFintech Holdings Ltd. - ADR	42,004		77,287
London Stock Exchange Group PLC - ADR	80,798		2,392,429
Nomura Holdings, Inc. - ADR	584,456		3,553,492
ORIX Corp. - ADR	69,200		7,572,556
Qifu Technology, Inc. - ADR	12,949		250,175
Qudian, Inc. - ADR(a)	131		224
UBS Group AG	212,502		6,774,564
X Financial - ADR	22,199		92,126
			26,478,230
Food, Beverage & Tobacco - 5.5%
Ambev SA - ADR	152,535		338,628
Anheuser-Busch InBev SA/NV - ADR	79,393		5,007,316
Associated British Foods PLC - ADR	1,498		48,640
BRF SA - ADR(a)	10,204		37,040
British American Tobacco PLC - ADR	186,596		5,790,074
China Mengniu Dairy Co. Ltd. - ADR	8,506		156,851
Cia Cervecerias Unidas SA - ADR	3,906		48,864
Coca-Cola Femsa SAB de CV - ADR	17,809		1,667,991
Danone SA - ADR	90,437		1,167,542
Diageo PLC - ADR	33,965		4,588,332
Embotelladora Andina SA - ADR	24,215		470,497
Embotelladora Andina SA - ADR	32,608		474,446
Fomento Economico Mexicano SAB de CV - ADR	16,618		1,904,755
Heineken NV - ADR	7,739		386,873
JBS S/A - ADR	27,569		304,913
Kerry Group PLC - ADR	21,157		1,785,228
Nestle SA - ADR	122,556		13,027,703
Oatly Group AB - ADR(a)	248,367		270,720
Pernod Ricard SA - ADR	48,389		1,447,799
WH Group Ltd. - ADR	21,173		286,894
Wilmar International Ltd. - ADR	734		16,809
			39,227,915
Health Care Equipment & Services - 1.5%
Brainsway Ltd. - ADR(a)	141		887
EDAP TMS SA - ADR(a)	61,187		364,063
Fresenius Medical Care AG - ADR	93,448		1,987,639
Koninklijke Philips NV(a)	161,792		4,391,041
Sinopharm Group Co. Ltd. - ADR	6,649		90,293
Smith & Nephew PLC - ADR	57,960		1,468,127
Terumo Corp. - ADR	134,045		2,277,424
			10,579,474
Household & Personal Products - 3.2%
Haleon PLC - ADR	222,717		1,879,732
Kao Corp. - ADR	13,521		118,309
L'Oreal SA - ADR	100,771		9,928,967
Reckitt Benckiser Group PLC - ADR	176,654		2,029,754
Unicharm Corp. - ADR	222,365		1,440,925
Unilever PLC - ADR	134,895		7,385,501
			22,783,188
Insurance - 1.9%
Aegon Ltd.	45,191		291,934
AIA Group Ltd. - ADR	66,037		2,057,713
Allianz SE - ADR	182,419		5,304,745
AXA SA - ADR	25,033		903,942
Legal & General Group PLC - ADR	49,924		807,770
Ping An Insurance Group Co. of China Ltd. - ADR	82,982		842,267
Prudential PLC - ADR	145,378		2,805,795
Sanlam Ltd. - ADR	7,123		53,351
Sompo Holdings, Inc. - ADR	7,390		78,482
Tokio Marine Holdings, Inc. - ADR	15,479		539,134
			13,685,133
Materials - 5.3%
Air Liquide SA - ADR	165,922		6,519,075
Akzo Nobel NV - ADR	75,345		1,759,306
Anglo American PLC - ADR	13,785		222,214
ArcelorMittal SA	138,537		3,669,845
BHP Group Ltd. - ADR	129,680		7,719,851
Cemex SAB de CV - ADR(a)	138,513		1,043,003
Cia de Minas Buenaventura SAA - ADR	5,981		107,060
Fortescue Ltd. - ADR	3,829		126,778
Givaudan SA - ADR	1,945		182,772
Gold Fields Ltd. - ADR	28,143		443,252
Harmony Gold Mining Co. Ltd. - ADR	50,822		462,480
IperionX Ltd. - ADR(a)	9,966		155,968
James Hardie Industries PLC - ADR(a)	68,864		2,136,161
Nippon Steel Corp. - ADR	7,275		52,235
POSCO Holdings, Inc. - ADR	16,060		1,082,605
Rio Tinto PLC - ADR	82,109		5,755,841
Sasol Ltd. - ADR	24,076		164,198
Shin-Etsu Chemical Co. Ltd. - ADR	56,311		1,049,074
Sika AG - ADR	86,854		2,658,601
Suzano SA - ADR	69,989		654,397
Ternium SA - ADR	13,624		588,284
Vale SA - ADR	138,498		1,668,901
			38,221,901
Media & Entertainment - 3.2%
Autohome, Inc. - ADR	2,116		60,094
Baidu, Inc. - ADR(a)	12,278		1,193,422
Criteo SA - ADR(a)	20,539		801,432
Gravity Co. Ltd. - ADR(a)	4,865		366,821
Hello Group, Inc. - ADR	25,966		146,448
iQIYI, Inc. - ADR(a)	19,273		89,234
JOYY, Inc. - ADR	9,342		278,952
Kanzhun Ltd. - ADR	7,619		161,904
NetEase, Inc. - ADR	22,950		2,043,238
Sea Ltd. - ADR(a)	11,245		759,262
So-Young International, Inc. - ADR	1,919		2,034
Tencent Holdings Ltd. - ADR	300,035		13,960,629
Tencent Music Entertainment Group - ADR	30,915		446,722
Trivago NV - ADR	122,788		287,324
Weibo Corp. - ADR	16,987		150,335
WPP PLC - ADR	37,030		1,938,150
Yalla Group Ltd. - ADR(a)	44,835		210,725
			22,896,726
Pharmaceuticals, Biotechnology & Life Sciences - 11.2%
Adaptimmune Therapeutics PLC - ADR(a)	165,663		187,199
Amarin Corp. PLC - ADR(a)	113,881		98,507
Argenx SE - ADR(a)	1,080		400,702
Ascendis Pharma AS - ADR(a)	1,053		142,260
AstraZeneca PLC - ADR	136,018		10,612,124
AstraZeneca PLC(a)	14,065		0
Autolus Therapeutics PLC - ADR(a)	2,706		11,338
Avadel Pharmaceuticals PLC(a)	12,713		202,772
Barinthus Biotherapeutics PLC - ADR(a)	124		237
BeiGene Ltd. - ADR(a)	2,464		366,766
Belite Bio, Inc. - ADR(a)	1,044		51,104
Bicycle Therapeutics PLC - ADR(a)	2,284		50,682
BioNTech SE - ADR(a)	7,664		770,998
Calliditas Therapeutics AB - ADR(a)	7,089		283,489
Cellectis SA - ADR(a)	54,098		146,606
CSPC Pharmaceutical Group Ltd. - ADR	15,892		54,510
Daiichi Sankyo Co. Ltd. - ADR	1,900		67,241
DBV Technologies SA - ADR(a)	124,849		139,831
Dr Reddy's Laboratories Ltd. - ADR	32,594		2,238,556
Evotec SE - ADR(a)	47,181		220,807
Galapagos NV - ADR(a)	53,175		1,479,328
Genfit SA - ADR(a)	22,137		114,670
Genmab AS - ADR(a)	18,003		507,685
Grifols SA - ADR(a)	93,931		672,546
GSK PLC - ADR	123,019		5,507,561
HUTCHMED China Ltd. - ADR(a)	19,865		368,098
Immutep Ltd. - ADR(a)	194,738		580,319
Innate Pharma SA - ADR(a)	60,146		164,800
Lonza Group AG - ADR	52,379		2,838,942
Mereo Biopharma Group PLC - ADR(a)	41,459		143,034
Mesoblast Ltd. - ADR(a)	58,028		431,728
MorphoSys AG - ADR(a)	10,836		199,274
Novartis AG - ADR	108,893		11,230,135
Novo Nordisk AS - ADR	136,668		18,488,447
Roche Holding AG - ADR	264,463		8,465,461
Sanofi SA - ADR	111,885		5,485,722
Silence Therapeutics PLC - ADR(a)	6,442		135,218
Structure Therapeutics, Inc. - ADR(a)	1,654		56,567
Takeda Pharmaceutical Co. Ltd. - ADR	471,004		6,287,903
Teva Pharmaceutical Industries Ltd. - ADR(a)	53,873		912,070
Verona Pharma PLC - ADR(a)	3,035		36,632
Zai Lab Ltd. - ADR(a)	3,826		68,026
			80,219,895
Real Estate Management & Development - 0.2%
Henderson Land Development Co. Ltd. - ADR	13,214		40,924
IRSA Inversiones y Representaciones SA - ADR	21,049		242,906
KE Holdings, Inc. - ADR	22,240		377,413
Longfor Group Holdings Ltd. - ADR	4,350		68,904
Mitsui Fudosan Co. Ltd. - ADR	1,840		50,526
Sun Hung Kai Properties Ltd. - ADR	10,096		97,628
Vonovia SE - ADR	23,793		369,505
			1,247,806
Semiconductors & Semiconductor Equipment - 8.9%
Advantest Corp. - ADR	1,948		64,771
ASE Technology Holding Co. Ltd. - ADR	155,713		1,678,586
ASML Holding NV	15,659		15,038,121
ChipMOS Technologies, Inc. - ADR	14,747		401,266
Daqo New Energy Corp. - ADR(a)	3,149		70,915
Disco Corp. - ADR	902		34,817
Infineon Technologies AG - ADR	32,370		1,302,893
JinkoSolar Holding Co. Ltd. - ADR	4,366		129,845
Renesas Electronics Corp. - ADR	180,103		1,642,539
STMicroelectronics NV	57,097		2,396,361
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR	230,985		34,887,974
Tokyo Electron Ltd. - ADR	45,805		4,862,659
United Microelectronics Corp. - ADR	120,660		1,025,610
			63,536,357
Software & Services - 3.4%
AMTD Digital, Inc. - ADR(a)	74,878		301,010
Capgemini SE - ADR	61,367		2,482,295
Endava PLC - ADR(a)	11,295		304,287
Fujitsu Ltd. - ADR	52,911		762,448
Infosys Ltd. - ADR	157,576		2,639,398
Kingsoft Cloud Holdings Ltd. - ADR(a)	14,323		40,534
Materialise NV - ADR(a)	46,026		230,130
Nice Ltd. - ADR(a)	7,107		1,304,632
Opera Ltd. - ADR	26,427		368,392
SAP SE - ADR	83,118		15,164,048
Wipro Ltd. - ADR	128,820		663,423
			24,260,597
Technology Hardware & Equipment - 1.4%
FUJIFILM Holdings Corp. - ADR	18,941		215,075
Lenovo Group Ltd. - ADR	21,771		628,311
Logitech International SA	28,277		2,827,983
Murata Manufacturing Co. Ltd. - ADR	146,503		1,374,198
Nano Dimension Ltd. - ADR(a)	256,344		697,256
Nokia Oyj - ADR	576,309		2,247,605
Telefonaktiebolaget LM Ericsson - ADR	300,086		1,842,528
			9,832,956
Telecommunication Services - 3.6%
America Movil SAB de CV - ADR	15,289		283,458
Deutsche Telekom AG - ADR	211,498		5,139,401
KT Corp. - ADR	88,700		1,199,224
MTN Group Ltd. - ADR	12,445		54,634
Nippon Telegraph & Telephone Corp. - ADR	160,503		3,924,298
Orange SA - ADR	481,834		5,661,550
PLDT, Inc. - ADR	9,481		239,395
SK Telecom Co. Ltd. - ADR	108,785		2,249,674
Telefonica Brasil SA - ADR	53,934		451,428
Telefonica SA - ADR	616,588		2,848,637
Telkom Indonesia Persero Tbk PT - ADR	13,284		238,713
TIM SA/Brazil - ADR	28,232		429,973
Turkcell Iletisim Hizmetleri AS - ADR	56,198		431,039
Vodacom Group Ltd. - ADR	11,754		57,888
Vodafone Group PLC - ADR	261,961		2,520,065
			25,729,377
Transportation - 1.6%
Aena SME SA - ADR	75,975		1,494,428
AP Moller - Maersk AS - ADR	40,675		366,075
Canadian Pacific Kansas City Ltd.	15,269		1,211,748
Central Japan Railway Co. - ADR	6,559		73,002
DHL Group - ADR	9,407		396,599
DiDi Global, Inc. - ADR(a)	88,584		405,715
DSV AS - ADR	2,044		156,775
Full Truck Alliance Co. Ltd. - ADR	31,128		275,171
Grupo Aeroportuario del Centro Norte SAB de CV - ADR	5,241		428,766
Grupo Aeroportuario del Pacifico SAB de CV - ADR	2,026		382,225
Grupo Aeroportuario del Sureste SAB de CV - ADR	1,401		470,162
Kuehne + Nagel International AG - ADR	6,686		380,901
Localiza Rent a Car SA - ADR	4,821		38,279
Ryanair Holdings PLC - ADR	37,693		4,584,977
Singapore Airlines Ltd. - ADR	32,110		319,173
ZTO Express Cayman, Inc. - ADR	23,961		546,071
			11,530,067
Utilities - 1.9%
Centrais Eletricas Brasileiras SA - ADR	56,001		374,087
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR	29,172		412,784
Cia Energetica de Minas Gerais - ADR	71,679		164,863
Cia Paranaense de Energia - Copel - ADR	30,712		213,141
CLP Holdings Ltd. - ADR	42,024		339,554
Enel Chile SA - ADR	156,566		460,304
Enel SpA - ADR	269,645		1,949,533
Iberdrola SA - ADR	11,203		591,742
National Grid PLC - ADR	135,021		7,812,315
Orsted AS - ADR(a)	1,652		33,717
RWE AG - ADR	25,073		956,786
			13,308,826
TOTAL COMMON STOCKS (Cost $664,369,839)			700,959,013
PREFERRED STOCKS - 0.9%	Shares		Value
Automobiles & Components - 0.0%(b)
Volkswagen AG, 7.339%, Perpetual	3,313		41,412
Banks - 0.5%
Banco Bradesco SA, 9.069%, Perpetual	247,018		607,664
Bancolombia SA, 9.133%, Perpetual	28,792		1,020,964
Itau Unibanco Holding SA, 7.812%, Perpetual	306,035		1,833,150
			3,461,778
Energy - 0.2%
Petroleo Brasileiro SA, 11.697%, Perpetual	129,733		1,921,346
Materials - 0.1%
Gerdau SA, Series 0, 6.395%, Perpetual	173,510		600,345
Utilities - 0.1%
Centrais Eletricas Brasileiras SA, 4.583%, Perpetual	2,109		15,607
Cia Energetica de Minas Gerais, 11.473%, Perpetual	270,669		503,444
			519,051
TOTAL PREFERRED STOCKS (Cost $6,789,813)			6,543,932
EXCHANGE TRADED FUNDS - 0.1%	Shares		Value
Vanguard FTSE Developed Markets ETF	16,401		831,859
TOTAL EXCHANGE TRADED FUNDS (Cost $827,830)			831,859
SHORT-TERM INVESTMENTS - 0.8%
Money Market Funds - 0.8%	Shares
First American Government Obligations Fund - Class X, 5.24%(c)	5,776,097		5,776,097
TOTAL SHORT-TERM INVESTMENTS (Cost $5,776,097)			5,776,097
TOTAL INVESTMENTS - 99.6% (Cost $677,763,579)		$	714,110,901
Other Assets in Excess of Liabilities - 0.4%			2,515,489
TOTAL NET ASSETS - 100.0%		$	716,626,390

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS^®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

AB - Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

KGaA - Kommanditgesellschaft auf Aktien

NV - Naamloze Vennootschap

OYJ - Julkinen osakeyhtio

PLC - Public Limited Company

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

SAA - Sociedad Anomina Abierta

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SE - Societas Europea

SpA - Soicieta per Azioni

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	The rate shown represents the 7-day effective yield as of May 31, 2024.

Summary of Fair Value Disclosure as of May 31, 2024 (Unaudited)

ActivePassive Core Bond ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2024:

	Level 1		Level 2			Level 3		Total
Investments:
Common Stocks		700,959,013		0	(a)		–		700,959,013
Preferred Stocks		6,543,932		–			–		6,543,932
Exchange Traded Funds		831,859		–			–		831,859
Money Market Funds		5,776,097		–			–		5,776,097
Total Investments		714,110,901		0	(a)		–		714,110,901
Refer to the Schedule of Investments for additional information.

(a) Amount is less than $0.50.