NPORT-EX 2 vert.htm

Vert Global Sustainable Real Estate ETF
  
Schedule of Investments
  
September 30, 2025 (Unaudited)
  
   
REAL ESTATE INVESTMENT TRUSTS - 99.2%
  
Shares
    
Value
 
Diversified REITs - 7.5%
        
Activia Properties, Inc.
    
986
    
$
898,640
  
Alexander & Baldwin, Inc.
    
32,880
      
598,087
  
American Assets Trust, Inc.
    
20,869
      
424,058
  
British Land Co. PLC
    
441,211
      
2,068,251
  
Charter Hall Long Wale REIT
    
298,247
      
869,721
  
Covivio SA/France
    
24,825
      
1,668,496
  
Custodian Property Income Reit PLC
    
46,700
      
50,925
  
Daiwa House REIT Investment Corp.
    
1,948
      
1,661,970
  
GPT Group
    
880,631
      
3,134,147
  
Growthpoint Properties Australia Ltd.
    
118,508
      
201,851
  
Growthpoint Properties Ltd.
    
1,586,042
      
1,354,146
  
Hulic Reit, Inc.
    
541
      
620,913
  
ICADE
    
15,697
      
395,072
  
KDX Realty Investment Corp.
    
1,885
      
2,150,675
  
Land Securities Group PLC
    
317,065
      
2,484,273
  
Merlin Properties Socimi SA
    
183,106
      
2,762,533
  
Mirvac Group
    
1,809,476
      
2,722,261
  
Mori Trust Reit, Inc.
    
1,239
      
635,922
  
Nomura Real Estate Master Fund, Inc.
    
1,763
      
1,914,786
  
Picton Property Income Ltd.
    
170,820
      
180,525
  
Redefine Properties Ltd.
    
3,012,537
      
867,834
  
Sekisui House Reit, Inc.
    
1,924
      
1,037,007
  
Stockland
    
1,094,960
      
4,441,204
  
Tokyu REIT, Inc.
    
409
      
554,158
  
             
33,697,455
  
                   
Health Care REITs - 12.2%
          
Aedifica SA
    
21,734
      
1,610,144
  
Alexandria Real Estate Equities, Inc. (a)
    
70,266
      
5,855,968
  
Cofinimmo SA
    
17,413
      
1,509,975
  
Healthpeak Properties, Inc.
    
318,587
      
6,100,941
  
Primary Health Properties PLC
    
596,995
      
733,786
  
Ventas, Inc.
    
206,992
      
14,487,370
  
Welltower, Inc.
    
137,765
      
24,541,457
  
             
54,839,641
  
                   
Hotel & Resort REITs - 2.1%
          
CapitaLand Ascott Trust
    
1,208,700
      
871,929
  
DiamondRock Hospitality Co.
    
94,629
      
753,247
  
Hoshino Resorts REIT, Inc.
    
270
      
492,338
  
Host Hotels & Resorts, Inc.
    
310,332
      
5,281,851
  
Japan Hotel REIT Investment Corp.
    
2,382
      
1,438,700
  
RLJ Lodging Trust (a)
    
67,864
      
488,621
  
             
9,326,686
  
                   
Industrial REITs - 17.3%
          
Americold Realty Trust, Inc.
    
127,779
      
1,564,015
  
CapitaLand Ascendas REIT
    
1,769,300
      
3,829,000
  
Dexus Industria REIT
    
104,892
      
198,820
  
Dream Industrial Real Estate Investment Trust (a)
    
59,319
      
529,923
  
Frasers Logistics & Commercial Trust
    
1,287,600
      
948,821
  
GLP J-Reit
    
2,001
      
1,849,453
  
Goodman Group
    
940,806
      
20,439,020
  
Goodman Property Trust
    
515,948
      
638,116
  
Industrial & Infrastructure Fund Investment Corp.
    
1,128
      
1,037,224
  
Japan Logistics Fund, Inc.
    
1,189
      
787,380
  
LaSalle Logiport REIT
    
804
      
781,217
  
LXP Industrial Trust
    
144,068
      
1,290,849
  
Mitsubishi Estate Logistics REIT Investment Corp.
    
672
      
553,762
  
Montea NV
    
7,955
      
641,216
  
Nippon Prologis REIT, Inc.
    
3,065
      
1,793,114
  
Prologis Property Mexico SAB de CV
    
481,372
      
1,969,340
  
Prologis, Inc.
    
192,913
      
22,092,397
  
Rexford Industrial Realty, Inc. (a)
    
106,830
      
4,391,781
  
Segro PLC
    
573,520
      
5,060,380
  
STAG Industrial, Inc.
    
82,927
      
2,926,494
  
Tritax Big Box REIT PLC
    
1,021,644
      
1,987,447
  
Warehouses De Pauw CVA
    
85,545
      
2,138,977
  
             
77,448,746
  
                   
Office REITs - 7.7%
          
Allied Properties Real Estate Investment Trust (a)
    
23,500
      
350,287
  
Brandywine Realty Trust
    
66,296
      
276,454
  
BXP, Inc. (a)
    
67,975
      
5,053,262
  
CLS Holdings PLC
    
15,840
      
12,837
  
Cousins Properties, Inc.
    
77,110
      
2,231,563
  
Cromwell Property Group
    
790,092
      
238,254
  
Derwent London PLC
    
50,025
      
1,173,850
  
Dexus (b)
    
490,942
      
2,336,177
  
Dream Office Real Estate Investment Trust
    
3,508
      
49,869
  
Empire State Realty Trust, Inc. - Class A
    
56,073
      
429,519
  
Gecina SA
    
20,943
      
2,099,074
  
Great Portland Estates PLC
    
152,951
      
655,828
  
Helical PLC
    
17,189
      
47,439
  
Hudson Pacific Properties, Inc. (b)
    
90,954
      
251,033
  
Inmobiliaria Colonial Socimi SA
    
134,924
      
880,670
  
Japan Prime Realty Investment Corp.
    
1,580
      
1,103,010
  
Japan Real Estate Investment Corp.
    
2,831
      
2,386,563
  
JBG SMITH Properties (a)
    
31,074
      
691,397
  
Keppel REIT
    
1,187,000
      
929,933
  
Kilroy Realty Corp. (a)
    
52,181
      
2,204,647
  
Mori Hills REIT Investment Corp.
    
606
      
586,776
  
Nippon Building Fund, Inc.
    
3,446
      
3,255,016
  
NSI NV
    
7,443
      
186,281
  
Orix JREIT, Inc.
    
2,317
      
1,572,017
  
Precinct Properties New Zealand Ltd. (b)
    
647,130
      
495,997
  
SL Green Realty Corp.
    
31,295
      
1,871,754
  
Vornado Realty Trust
    
72,583
      
2,941,789
  
Workspace Group PLC
    
65,908
      
351,811
  
             
34,663,107
  
                   
Residential REITs - 12.0%
          
Altarea SCA
    
1,901
      
234,090
  
AvalonBay Communities, Inc. (a)
    
64,766
      
12,510,848
  
Care Property Invest NV
    
10,738
      
146,864
  
Centerspace
    
6,812
      
401,227
  
Equity LifeStyle Properties, Inc.
    
83,091
      
5,043,624
  
Equity Residential
    
159,648
      
10,334,015
  
Essex Property Trust, Inc. (a)
    
29,412
      
7,872,416
  
Home Reit PLC (b)(c)
    
255,956
      
31,012
  
InterRent Real Estate Investment Trust
    
24,900
      
239,265
  
Irish Residential Properties REIT PLC
    
189,315
      
217,775
  
Killam Apartment Real Estate Investment Trust
    
27,142
      
350,540
  
Mid-America Apartment Communities, Inc.
    
53,063
      
7,414,493
  
Minto Apartment Real Estate Investment Trust (d)
    
11,500
      
113,892
  
UDR, Inc.
    
142,085
      
5,294,087
  
UMH Properties, Inc.
    
35,683
      
529,893
  
UNITE Group PLC
    
175,141
      
1,695,293
  
Veris Residential, Inc.
    
37,318
      
567,234
  
Xior Student Housing NV
    
14,534
      
499,518
  
             
53,496,086
  
                   
Retail REITs - 19.4%
          
Aeon Reit Investment Corp
    
757
      
664,813
  
Brixmor Property Group, Inc.
    
141,312
      
3,911,516
  
CapitaLand Integrated Commercial Trust
    
2,724,756
      
4,839,971
  
Carmila SA
    
27,725
      
572,053
  
Charter Hall Retail REIT
    
239,609
      
655,850
  
Choice Properties Real Estate Investment Trust
    
71,734
      
757,862
  
Eurocommercial Properties NV
    
20,453
      
640,463
  
Federal Realty Investment Trust
    
37,048
      
3,753,333
  
First Capital Real Estate Investment Trust (a)
    
45,925
      
652,535
  
Frasers Centrepoint Trust
    
597,436
      
1,075,125
  
Frontier Real Estate Investment Corp.
    
1,163
      
703,226
  
Hammerson PLC (b)
    
212,956
      
833,132
  
Immobiliare Grande Distribuzione SIIQ SpA
    
19,790
      
80,224
  
Japan Metropolitan Fund Invest
    
3,297
      
2,538,300
  
Kimco Realty Corp. (a)
    
306,704
      
6,701,482
  
Kiwi Property Group Ltd.
    
777,583
      
476,336
  
Klepierre SA
    
100,184
      
3,903,487
  
Lendlease Global Commercial REIT
    
831,697
      
403,204
  
Macerich Co.
    
116,417
      
2,118,789
  
Mercialys SA
    
44,581
      
574,117
  
Phillips Edison & Co., Inc.
    
58,128
      
1,995,534
  
Regency Centers Corp.
    
78,365
      
5,712,809
  
RioCan Real Estate Investment Trust
    
70,513
      
960,343
  
Scentre Group
    
2,418,516
      
6,539,735
  
Shaftesbury Capital PLC
    
583,790
      
1,115,237
  
Simon Property Group, Inc.
    
128,817
      
24,175,086
  
Unibail-Rodamco-Westfield
    
56,123
      
5,898,105
  
Urban Edge Properties
    
51,963
      
1,063,683
  
Vastned Belgium NV
    
3,705
      
130,602
  
Vicinity Ltd.
    
1,781,887
      
2,975,992
  
Wereldhave Belgium Comm VA
    
447
      
27,207
  
Wereldhave NV
    
18,651
      
416,824
  
             
86,866,975
  
                   
Specialized REITs - 21.0%
          
American Tower Corp.
    
103,122
      
19,832,423
  
Big Yellow Group PLC
    
85,357
      
1,116,949
  
Charter Hall Social Infrastructure REIT
    
168,846
      
379,351
  
Digital Realty Trust, Inc.
    
131,283
      
22,696,205
  
Equinix, Inc.
    
27,244
      
21,338,591
  
Extra Space Storage, Inc.
    
96,921
      
13,660,046
  
Iron Mountain, Inc.
    
134,581
      
13,719,187
  
Safestore Holdings PLC
    
100,336
      
888,814
  
Shurgard Self Storage Ltd.
    
13,200
      
500,200
  
             
94,131,766
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $399,339,762)
      
444,470,462
  
                   
SHORT-TERM INVESTMENTS – 8.9%
          
Value
  
Investments Purchased with Proceeds from Securities Lending - 8.4%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.27% (e)
    
37,906,825
      
37,906,825
  
                   
Money Market Funds - 0.5%
  
Shares
          
Invesco Government & Agency Portfolio - Institutional Class, 4.06% (e)
    
2,140,401
      
2,140,401
  
TOTAL SHORT-TERM INVESTMENTS (Cost $40,047,226)
      
40,047,226
  
                   
TOTAL INVESTMENTS - 108.1% (Cost $439,386,988)
      
484,517,688
  
Liabilities in Excess of Other Assets - (8.1)%
      
(36,220,992
)
TOTAL NET ASSETS - 100.0%
0.0%
    
0.0
%
  
$
448,296,696
  
two
      
–
%
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.
  

LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
All or a portion of this security is on loan as of September 30, 2025. The fair value of these securities was $36,902,592.
(b)
Non-income producing security.
(c)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $31,012 or 0.0% of net assets as of September 30, 2025.
(d)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2025, the value of these securities total $113,892 or 0.0% of the Fund’s net assets.
(e)
The rate shown represents the 7-day annualized yield as of September 30, 2025.

Summary of Fair Value Disclosure as of September 30, 2025 (Unaudited)
 
Vert Global Sustainable Real Estate ETF (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Real Estate Investment Trusts
  
$
444,439,450
    
$
–
    
$
31,012
    
$
444,470,462
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
37,906,825
  
  Money Market Funds
    
2,140,401
      
–
      
–
      
2,140,401
  
Total Investments
  
$
446,579,851
    
$
–
    
$
31,012
    
$
484,517,688
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $37,906,825 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.