NPORT-EX 2 largecap-core.htm NPORT-EX

SGI U.S. Large Cap Core ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.3%
  
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Value
 
Aerospace/Defense - 0.8%
        
General Dynamics Corp.
    
758
    
$
258,956
  
General Electric Co.
    
1,383
      
412,756
  
Lockheed Martin Corp.
    
474
      
217,026
  
             
888,738
  
                 
Airlines - 0.4%
          
Delta Air Lines, Inc.
    
3,644
      
233,580
  
United Airlines Holdings, Inc. (a)
    
2,247
      
229,104
  
             
462,684
  
                 
Apparel - 2.5%
          
Deckers Outdoor Corp. (a)
    
13,604
      
1,197,560
  
Ralph Lauren Corp.
    
2,556
      
938,895
  
Tapestry, Inc.
    
5,521
      
603,335
  
             
2,739,790
  
                 
Auto Manufacturers - 0.5%
          
Ford Motor Co.
    
17,482
      
232,161
  
General Motors Co.
    
3,658
      
268,936
  
             
501,097
  
                 
Banks - 3.5%
          
Bank of America Corp.
    
3,960
      
212,454
  
Bank of New York Mellon Corp.
    
1,945
      
218,034
  
Citigroup, Inc.
    
2,102
      
217,767
  
JPMorgan Chase & Co.
    
5,176
      
1,620,502
  
Northern Trust Corp.
    
2,640
      
346,738
  
PNC Financial Services Group, Inc.
    
2,373
      
452,579
  
State Street Corp.
    
1,799
      
214,117
  
US Bancorp
    
4,480
      
219,744
  
Wells Fargo & Co.
    
3,700
      
317,645
  
             
3,819,580
  
                 
Beverages - 1.4%
          
Monster Beverage Corp. (a)
    
3,429
      
257,141
  
PepsiCo, Inc.
    
8,480
      
1,261,315
  
             
1,518,456
  
                 
Biotechnology - 4.5%
          
Biogen, Inc. (a)
    
1,462
      
266,216
  
Gilead Sciences, Inc.
    
2,097
      
263,886
  
Incyte Corp. (a)
    
7,907
      
825,965
  
Regeneron Pharmaceuticals, Inc.
    
4,184
      
3,264,315
  
Vertex Pharmaceuticals, Inc. (a)
    
568
      
246,291
  
             
4,866,673
  
                 
Building Materials - 0.3%
          
Lennox International, Inc.
    
311
      
155,149
  
Trane Technologies PLC
    
515
      
217,062
  
             
372,211
  
                 
Chemicals - 1.0%
          
CF Industries Holdings, Inc.
    
12,324
      
969,899
  
Mosaic Co.
    
6,646
      
162,760
  
             
1,132,659
  
                 
Commercial Services - 0.8%
          
Automatic Data Processing, Inc.
    
2,735
      
698,246
  
Cintas Corp.
    
1,002
      
186,392
  
             
884,638
  
                 
Computers - 6.7%
          
Accenture PLC - Class A
    
821
      
205,250
  
Apple, Inc.
    
23,261
      
6,486,330
  
EPAM Systems, Inc. (a)
    
1,126
      
210,562
  
Fortinet, Inc. (a)
    
2,173
      
176,295
  
NetApp, Inc.
    
1,752
      
195,453
  
             
7,273,890
  
                 
Cosmetics/Personal Care - 0.7%
          
Colgate-Palmolive Co.
    
6,740
      
541,829
  
Procter & Gamble Co.
    
1,383
      
204,905
  
             
746,734
  
                 
Distribution/Wholesale - 0.4%
          
Copart, Inc. (a)
    
6,693
      
260,893
  
WW Grainger, Inc.
    
173
      
164,113
  
             
425,006
  
                 
Diversified Financial Services - 3.8%
          
Blackrock, Inc.
    
194
      
203,176
  
Charles Schwab Corp.
    
5,622
      
521,328
  
Interactive Brokers Group, Inc., Class A - Class A
    
13,377
      
869,773
  
Mastercard, Inc. - Class A
    
4,055
      
2,232,399
  
Visa, Inc. - Class A
    
980
      
327,751
  
             
4,154,427
  
                 
Electric - 2.2%
          
Ameren Corp.
    
1,980
      
210,573
  
Consolidated Edison, Inc.
    
2,556
      
256,520
  
DTE Energy Co.
    
9,477
      
1,298,633
  
Exelon Corp.
    
4,724
      
222,595
  
NextEra Energy, Inc.
    
2,632
      
227,115
  
Vistra Corp.
    
1,076
      
192,454
  
             
2,407,890
  
                 
Electronics - 0.6%
          
Amphenol Corp. - Class A
    
3,401
      
479,201
  
Honeywell International, Inc.
    
1,006
      
193,343
  
             
672,544
  
                 
Engineering & Construction - 0.5%
          
EMCOR Group, Inc.
    
865
      
532,036
  
                 
Hand/Machine Tools - 0.2%
          
Snap-on, Inc.
    
636
      
216,272
  
                 
Healthcare-Products - 1.1%
          
Boston Scientific Corp. (a)
    
2,249
      
228,454
  
Danaher Corp.
    
1,114
      
252,633
  
Insulet Corp. (a)
    
602
      
196,968
  
Intuitive Surgical, Inc. (a)
    
932
      
534,483
  
             
1,212,538
  
                 
Healthcare-Services - 0.9%
          
Elevance Health, Inc.
    
499
      
168,792
  
UnitedHealth Group, Inc.
    
1,597
      
526,643
  
Universal Health Services, Inc. - Class B
    
945
      
230,230
  
             
925,665
  
                 
Insurance - 4.8%
          
Allstate Corp.
    
5,701
      
1,214,199
  
Arch Capital Group Ltd. (a)
    
3,942
      
370,233
  
Berkshire Hathaway, Inc. - Class B (a)
    
2,188
      
1,124,216
  
Cincinnati Financial Corp.
    
1,152
      
193,064
  
Everest Group Ltd.
    
1,272
      
399,777
  
Progressive Corp.
    
8,474
      
1,938,766
  
             
5,240,255
  
                 
Internet - 14.0%
          
Airbnb, Inc. - Class A (a)
    
1,739
      
203,445
  
Alphabet, Inc. - Class A
    
19,010
      
6,086,622
  
Amazon.com, Inc. (a)
    
13,967
      
3,257,384
  
Booking Holdings, Inc.
    
361
      
1,774,203
  
DoorDash, Inc. - Class A (a)
    
859
      
170,400
  
Meta Platforms, Inc. - Class A
    
5,087
      
3,296,122
  
Netflix, Inc. (a)
    
1,889
      
203,219
  
VeriSign, Inc.
    
772
      
194,536
  
             
15,185,931
  
                 
Iron/Steel - 0.2%
          
Steel Dynamics, Inc.
    
1,399
      
234,794
  
                 
Machinery-Construction & Mining - 1.1%
          
Caterpillar, Inc.
    
811
      
466,941
  
GE Vernova, Inc.
    
1,289
      
773,104
  
             
1,240,045
  
                 
Machinery-Diversified - 0.3%
          
Westinghouse Air Brake Technologies Corp.
    
1,473
      
307,194
  
                 
Media - 2.4%
          
Comcast Corp. - Class A
    
6,956
      
185,655
  
Fox Corp. - Class B
    
40,772
      
2,375,377
  
             
2,561,032
  
                 
Mining - 2.5%
          
Freeport-McMoRan, Inc.
    
35,924
      
1,544,013
  
Newmont Corp.
    
12,331
      
1,118,792
  
             
2,662,805
  
                 
Miscellaneous Manufacturing - 0.7%
          
3M Co.
    
2,139
      
368,015
  
Axon Enterprise, Inc. (a)
    
738
      
398,623
  
             
766,638
  
                 
Oil & Gas - 1.3%
          
Coterra Energy, Inc.
    
7,513
      
201,649
  
Devon Energy Corp.
    
6,337
      
234,849
  
Diamondback Energy, Inc.
    
1,484
      
226,444
  
Expand Energy Corp.
    
1,881
      
229,350
  
Exxon Mobil Corp.
    
1,937
      
224,537
  
Marathon Petroleum Corp.
    
1,302
      
252,236
  
             
1,369,065
  
                 
Pharmaceuticals - 3.8%
          
AbbVie, Inc.
    
3,156
      
718,621
  
Bristol-Myers Squibb Co.
    
4,891
      
240,637
  
Dexcom, Inc. (a)
    
2,273
      
144,267
  
Eli Lilly & Co.
    
1,324
      
1,423,922
  
Merck & Co., Inc.
    
14,933
      
1,565,427
  
             
4,092,874
  
                 
Pipelines - 0.4%
          
ONEOK, Inc.
    
2,544
      
185,254
  
Targa Resources Corp.
    
1,157
      
202,834
  
             
388,088
  
                 
Real Estate - 2.2%
          
CBRE Group, Inc. - Class A (a)
    
14,742
      
2,385,698
  
                 
REITS - 1.3%
          
Equinix, Inc.
    
223
      
167,988
  
Extra Space Storage, Inc.
    
1,461
      
194,561
  
Host Hotels & Resorts, Inc.
    
11,582
      
204,191
  
Public Storage
    
693
      
190,256
  
Simon Property Group, Inc.
    
3,218
      
599,578
  
             
1,356,574
  
                 
Retail - 1.2%
          
AutoZone, Inc. (a)
    
47
      
185,854
  
Costco Wholesale Corp.
    
779
      
711,687
  
Lululemon Athletica, Inc. (a)
    
1,108
      
204,071
  
Ulta Beauty, Inc. (a)
    
399
      
214,993
  
             
1,316,605
  
                 
Semiconductors - 16.6%
          
Analog Devices, Inc.
    
1,030
      
273,300
  
Applied Materials, Inc.
    
1,019
      
257,043
  
Broadcom, Inc.
    
4,131
      
1,664,628
  
KLA-Tencor Corp.
    
235
      
276,235
  
Lam Research Corp.
    
11,935
      
1,861,860
  
Micron Technology, Inc.
    
10,712
      
2,533,174
  
Monolithic Power Systems, Inc.
    
206
      
191,203
  
NVIDIA Corp.
    
58,364
      
10,330,428
  
QUALCOMM, Inc.
    
2,022
      
339,878
  
Texas Instruments, Inc.
    
1,286
      
216,395
  
             
17,944,144
  
                 
Software - 11.6%
          
Adobe Systems, Inc. (a)
    
1,467
      
469,631
  
Autodesk, Inc. (a)
    
1,521
      
461,380
  
Cadence Design Systems, Inc. (a)
    
645
      
201,137
  
Microsoft Corp.
    
18,269
      
8,988,530
  
Oracle Corp.
    
765
      
154,492
  
Palantir Technologies, Inc. - Class A (a)
    
11,989
      
2,019,547
  
Salesforce.com, Inc.
    
835
      
192,501
  
ServiceNow, Inc. (a)
    
170
      
138,110
  
             
12,625,328
  
                 
Telecommunications - 1.8%
          
Arista Networks, Inc. (a)
    
9,363
      
1,223,557
  
T-Mobile US, Inc.
    
3,642
      
761,214
  
             
1,984,771
  
                 
Transportation - 0.3%
          
FedEx Corp.
    
973
      
268,237
  
TOTAL COMMON STOCKS (Cost $94,111,949)
      
107,683,606
  
                 
EXCHANGE TRADED FUNDS - 0.6%
  
Shares
    
Value
 
Vanguard S&P 500 ETF
    
966
      
607,044
  
TOTAL EXCHANGE TRADED FUNDS (Cost $595,105)
      
607,044
  
                 
TOTAL INVESTMENTS - 99.9% (Cost $94,707,054)
      
108,290,650
  
Other Assets in Excess of Liabilities - 0.1%
      
155,750
  
TOTAL NET ASSETS - 100.0%
          
$
108,446,400
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
   

Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
SGI U.S. Large Cap Core 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 November 30, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
107,683,606
    
$
–
    
$
–
    
$
107,683,606
  
  Exchange Traded Funds
    
607,044
      
–
      
–
      
607,044
  
Total Investments
  
$
108,290,650
    
$
–
    
$
–
    
$
108,290,650
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.