Hoya Capital Housing ETF
Schedule of Investments
May 31, 2025 (Unaudited)
COMMON STOCKS - 96.2%	Shares		Value
Home Building Products & Materials - 12.1%
Beazer Homes USA, Inc. (a)		8,604	$	176,554
Builders FirstSource, Inc. (a)		1,645		177,134
Cavco Industries, Inc. (a)		573		248,450
Century Communities, Inc.		3,311		171,742
Champion Homes, Inc. (a)		2,877		188,156
Dream Finders Homes, Inc. - Class A (a)		9,278		193,539
Eagle Materials, Inc.		934		188,864
Green Brick Partners, Inc. (a)		4,155		242,860
Installed Building Products, Inc.		1,353		215,776
Leggett & Platt, Inc.		25,183		228,158
Lennox International, Inc.		447		252,309
LGI Homes, Inc. (a)		2,775		139,028
Louisiana-Pacific Corporation		2,534		228,237
PotlatchDeltic Corporation		6,815		268,102
Rayonier, Inc.		9,457		224,131
Simpson Manufacturing Company, Inc.		1,589		247,407
TopBuild Corporation (a)		787		222,634
Watsco, Inc.		529		234,649
Weyerhaeuser Company		9,399		243,528
				4,091,258
Home Furnishings & Home Goods - 12.9%
A.O. Smith Corporation		4,147		266,694
American Woodmark Corporation (a)		3,131		176,494
AZEK Company, Inc. (a)		5,974		295,773
Carrier Global Corporation		3,955		281,596
Floor & Decor Holdings, Inc. - Class A (a)		2,719		194,925
Fortune Brands Home & Security, Inc.		3,981		200,642
La-Z-Boy, Inc.		6,970		291,973
Masco Corporation		3,854		240,567
Masterbrand, Inc. (a)		17,714		180,683
Mohawk Industries, Inc. (a)		2,195		220,839
Owens Corning		1,502		201,193
RH (a)		828		149,959
Sherwin-Williams Company		784		281,307
Somnigroup International, Inc.		5,563		361,929
Trex Company, Inc. (a)		4,215		235,492
Wayfair, Inc. - Class A (a)		6,916		285,216
Whirlpool Corporation		2,706		211,311
Williams-Sonoma, Inc.		1,771		286,477
				4,363,070
Home Improvement Retailers - 6.0%
Home Depot, Inc.		2,797		1,030,107
Lowe's Companies, Inc.		4,438		1,001,790
				2,031,897
Homebuilders - 12.3%
DR Horton, Inc.		3,592		424,072
KB Home		7,397		381,537
Lennar Corporation - Class A		3,472		368,310
M/I Homes, Inc. (a)		3,658		389,979
Meritage Homes Corporation		6,368		405,069
Millrose Properties, Inc. (a)		1,736		48,382
NVR, Inc. (a)		65		462,535
PulteGroup, Inc.		4,526		443,684
Taylor Morrison Home Corporation (a)		8,262		464,985
Toll Brothers, Inc.		3,727		388,540
Tri Pointe Homes, Inc. (a)		13,779		406,205
				4,183,298
Mortgage Lenders & Servicers - 10.9%
AGNC Investment Corporation		26,797		239,565
Annaly Capital Management, Inc.		13,175		249,666
Arbor Realty Trust, Inc.		17,902		171,501
Chimera Investment Corporation		17,804		234,657
Citizens Financial Group, Inc.		5,478		221,037
Ellington Financial, Inc.		20,847		262,047
MFA Financial, Inc.		23,388		217,508
PennyMac Mortgage Investment Trust		19,435		238,662
PNC Financial Services Group, Inc.		1,243		216,046
Rithm Capital Corporation		23,771		265,047
Rocket Companies, Inc. - Class A		18,996		242,199
Starwood Property Trust, Inc.		13,103		258,784
Truist Financial Corporation		5,443		214,998
Two Harbors Investment Corporation		22,232		235,437
UWM Holdings Corporation		42,439		182,488
Wells Fargo & Company		3,437		257,019
				3,706,661
Property, Title & Mortgage Insurance - 6.0%
Allstate Corporation		1,281		268,843
Fidelity National Financial, Inc.		4,215		230,855
First American Financial Corporation		3,859		215,371
MGIC Investment Corporation		10,235		270,716
Old Republic International Corporation		6,762		255,604
Progressive Corporation		982		279,801
Radian Group, Inc.		7,467		254,998
Travelers Companies, Inc.		994		274,046
				2,050,234
Real Estate Technology, Brokerage & Services - 3.8%
Anywhere Real Estate, Inc. (a)		56,863		198,452
Compass, Inc. - Class A (a)		38,214		225,845
CoStar Group, Inc. (a)		3,271		240,615
RE/MAX Holdings, Inc. - Class A (a)		19,728		148,946
Redfin Corporation (a)		28,494		284,655
Zillow Group, Inc. - Class C (a)		3,116		209,115
				1,307,628
Residential REITs & Real Estate Operators - 32.2%(b)
American Homes 4 Rent - Class A		15,593		590,195
AvalonBay Communities, Inc.		2,533		523,748
Camden Property Trust		4,778		561,367
Centerspace		7,967		507,896
CubeSmart		12,007		513,419
Elme Communities		36,340		583,620
Equity LifeStyle Properties, Inc.		8,278		526,232
Equity Residential		7,749		543,515
Essex Property Trust, Inc.		1,922		545,656
Extra Space Storage, Inc.		3,493		527,967
Independence Realty Trust, Inc.		27,001		501,949
Invitation Homes, Inc.		17,333		584,122
Mid-America Apartment Communities, Inc.		3,650		571,773
NexPoint Residential Trust, Inc.		12,635		429,590
Public Storage		1,740		536,633
Sun Communities, Inc.		4,608		568,812
UDR, Inc.		13,024		539,584
UMH Properties, Inc.		30,523		512,481
Ventas, Inc.		9,241		594,012
Welltower, Inc.		4,259		657,079
				10,919,650
TOTAL COMMON STOCKS (Cost $32,091,476)				32,653,696
SHORT-TERM INVESTMENTS - 0.6%			Value
Money Market Funds - 0.6%	Shares
First American Government Obligations Fund - Class X, 4.23% (c)		191,964		191,964
TOTAL SHORT-TERM INVESTMENTS (Cost $191,964)				191,964
TOTAL INVESTMENTS - 96.8% (Cost $32,283,440)				32,845,660
Other Assets in Excess of Liabilities - 3.2%				1,081,402
TOTAL NET ASSETS - 100.0%			$	33,927,062
two				–	%
Percentages are stated as a percent of net assets. The Fund’s security classifications are defined by the Fund’s Adviser.				–	%

REIT - Real Estate Investment Trust

(a)	Non-income producing security.
(b)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)	The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)

Hoya Capital Housing 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 May 31, 2025:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks		32,653,696		–		–		32,653,696
Money Market Funds		191,964		–		–		191,964
Total Investments		32,845,660		–		–		32,845,660
Refer to the Schedule of Investments for further disaggregation of investment categories.