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


SGI U.S. Large Cap Core ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 95.2%

Shares  

Value  
Aerospace/Defense - 0.8%

General Dynamics Corp.

            1,322

    $        458,496
General Electric Co.

            1,069

             346,099
Howmet Aerospace, Inc.

            1,292

             333,659
TransDigm Group, Inc.

            261

             328,422




             1,466,676






Agriculture - 0.2%

Bunge Global SA

            3,197

             394,190






Airlines - 0.9%

Delta Air Lines, Inc.

            5,582

             460,403
United Airlines Holdings, Inc. (a)

            11,810

             1,355,788




             1,816,191






Apparel - 0.9%

Ralph Lauren Corp.

            2,119

             771,104
Tapestry, Inc.

            6,823

             992,474




             1,763,578






Auto Manufacturers - 2.0%

Cummins, Inc.

            1,496

             967,359
Ford Motor Co.

            27,893

             486,454
General Motors Co.

            11,955

             995,134
Tesla, Inc. (a)

            3,342

             1,456,410




             3,905,357






Banks - 4.5%

Bank of America Corp.

            19,718

             1,017,449
Bank of New York Mellon Corp.

            3,099

             432,094
Citigroup, Inc.

            6,958

             876,012
JPMorgan Chase & Co.

            10,449

             3,127,490
KeyCorp

            16,432

             350,494
Morgan Stanley

            3,594

             747,552
PNC Financial Services Group, Inc.

            1,650

             364,848
State Street Corp.

            3,034

             472,212
US Bancorp

            7,131

             391,135
Wells Fargo & Co.

            13,133

             1,018,333




             8,797,619






Beverages - 3.0%

Coca-Cola Co.

            42,987

             3,396,403
Monster Beverage Corp. (a)

            20,830

             1,834,706
PepsiCo, Inc.

            4,064

             585,988




             5,817,097






Biotechnology - 3.0%

Biogen, Inc. (a)

            1,928

             377,888
Incyte Corp. (a)

            5,437

             525,975
Regeneron Pharmaceuticals, Inc.

            5,922

             3,640,727
Vertex Pharmaceuticals, Inc. (a)

            2,973

             1,330,537




             5,875,127








Chemicals - 0.2%

Albemarle Corp.

            2,284

             402,943






Commercial Services - 0.5%

Automatic Data Processing, Inc.

            1,851

             410,626
Cintas Corp.

            3,520

             602,835




             1,013,461






Computers - 8.8%

Apple, Inc.

            42,318

             13,205,755
Crowdstrike Holdings, Inc. - Class A (a)

            784

             573,104
Fortinet, Inc. (a)

            4,093

             564,711
Sandisk Corp. (a)

            1,622

             2,749,258




             17,092,828






Cosmetics/Personal Care - 0.5%

Colgate-Palmolive Co.

            6,974

             628,567
Procter & Gamble Co.

            2,454

             352,296




             980,863






Diversified Financial Services - 3.7%

Blackrock, Inc.

            419

             438,643
Charles Schwab Corp.

            7,466

             652,155
CME Group, Inc.

            1,463

             400,189
Interactive Brokers Group, Inc. - Class A

            4,682

             407,193
Intercontinental Exchange, Inc.

            4,535

             670,500
Mastercard, Inc. - Class A

            5,320

             2,627,974
Synchrony Financial

            5,139

             367,130
Visa, Inc. - Class A

            5,228

             1,706,210




             7,269,994






Electric - 1.6%

Ameren Corp.

            3,546

             382,862
Consolidated Edison, Inc.

            7,240

             764,761
Constellation Energy Corp.

            1,079

             310,482
Evergy, Inc.

            12,493

             1,024,926
Public Service Enterprise Group, Inc.

            4,505

             354,318
Vistra Corp.

            2,132

             341,610




             3,178,959






Electronics - 0.9%

Amphenol Corp. - Class A

            8,262

             1,229,055
Garmin Ltd. (b)

            1,762

             412,167




             1,641,222






Energy-Alternate Sources - 0.3%

First Solar, Inc. (a)

            1,733

             531,667






Engineering & Construction - 1.8%

Comfort Systems USA, Inc.

            255

             466,193
EMCOR Group, Inc.

            3,746

             3,097,268




             3,563,461






Food - 0.3%

Sysco Corp.

            7,646

             579,643








Gas - 0.2%

NiSource, Inc.

            7,560

             349,423






Healthcare-Products - 0.9%

Abbott Laboratories (b)

            3,564

             305,078
Agilent Technologies, Inc.

            2,753

             373,114
Intuitive Surgical, Inc. (a)

            2,332

             990,261




             1,668,453






Healthcare-Services - 0.3%

Centene Corp. (a)

            9,437

             562,445






Home Builders - 0.2%

PulteGroup, Inc.

            2,779

             328,422






Insurance - 4.3%

Allstate Corp.

            1,737

             357,978
Berkshire Hathaway, Inc. - Class B (a)

            8,668

             4,112,793
Cincinnati Financial Corp.

            4,440

             698,945
Everest Group Ltd.

            4,130

             1,338,244
Loews Corp. (b)

            3,642

             377,129
Progressive Corp.

            4,066

             774,166
Prudential Financial, Inc.

            3,643

             366,631
Travelers Cos., Inc.

            1,185

             345,890




             8,371,776






Internet - 14.2%

Airbnb, Inc. - Class A (a)

            2,839

             378,467
Alphabet, Inc. - Class A

            17,282

             6,573,036
Alphabet, Inc. - Class C

            13,774

             5,184,947
Amazon.com, Inc. (a)

            23,170

             6,270,729
AppLovin Corp. - Class A (a)

            772

             473,306
Booking Holdings, Inc.

            13,579

             2,273,532
Expedia Group, Inc.

            1,534

             346,362
Meta Platforms, Inc. - Class A

            8,420

             5,325,734
Netflix, Inc. (a)

            3,867

             332,639
Uber Technologies, Inc. (a)

            6,845

             481,888




             27,640,640






Machinery-Construction & Mining - 0.5%

Caterpillar, Inc.

            397

             347,721
GE Vernova, Inc.

            548

             530,639




             878,360






Media - 2.0%

Fox Corp. - Class B

            56,239

             3,227,556
News Corp. - Class A

            14,305

             373,361
Walt Disney Co.

            3,512

             357,627




             3,958,544






Mining - 2.2%

Freeport-McMoRan, Inc.

            25,552

             1,679,022
Newmont Corp.

            24,199

             2,657,292




             4,336,314








Miscellaneous Manufacturing - 0.5%

3M Co. (b)

            3,102

             475,009
Textron, Inc.

            5,964

             547,257




             1,022,266






Oil & Gas - 1.4%

Chevron Corp.

            3,398

             619,999
EQT Corp.

            6,551

             359,847
Expand Energy Corp.

            3,539

             329,056
Exxon Mobil Corp.

            4,375

             635,513
Marathon Petroleum Corp.

            1,442

             358,726
Phillips 66

            2,073

             364,599




             2,667,740






Pharmaceuticals - 4.1%

AbbVie, Inc.

            5,640

             1,227,941
Cardinal Health, Inc.

            1,793

             352,863
Cencora, Inc.

            1,306

             351,784
Eli Lilly & Co.

            3,460

             3,823,300
Merck & Co., Inc.

            16,967

             2,014,322
Zoetis, Inc.

            3,181

             247,132




             8,017,342






Real Estate - 1.5%

CBRE Group, Inc. - Class A (a)

            21,709

             2,714,493
CoStar Group, Inc. (a)

            6,618

             213,100




             2,927,593






REITS - 1.0%

Host Hotels & Resorts, Inc.

            18,004

             413,732
Prologis, Inc.

            2,632

             377,613
Realty Income Corp. (b)

            5,627

             344,822
Simon Property Group, Inc.

            1,790

             366,789
Welltower, Inc.

            2,094

             429,961




             1,932,917






Retail - 1.2%

Costco Wholesale Corp.

            1,406

             1,344,586
Lululemon Athletica, Inc. (a)

            2,270

             297,778
TJX Cos., Inc.

            2,385

             369,079
Ulta Beauty, Inc. (a)

            669

             340,421




             2,351,864






Semiconductors - 18.8%

Advanced Micro Devices, Inc. (a)

            2,238

             1,155,032
Analog Devices, Inc.

            976

             403,918
Applied Materials, Inc.

            2,134

             960,428
Broadcom, Inc.

            13,707

             6,123,876
KLA-Tencor Corp.

            355

             682,207
Lam Research Corp.

            3,928

             1,249,811
Micron Technology, Inc.

            8,128

             7,892,288
Monolithic Power Systems, Inc.

            171

             267,822
NVIDIA Corp.

            71,533

             15,103,478
Teradyne, Inc.

            7,375

             2,760,536




             36,599,396






Software - 6.7%



Autodesk, Inc. (a)

            1,664

             384,900
Cadence Design Systems, Inc. (a)

            1,483

             556,021
Microsoft Corp.

            22,380

             10,076,371
Palantir Technologies, Inc. - Class A (a)

            13,481

             2,110,316




             13,127,608






Telecommunications - 0.9%

Arista Networks, Inc. (a)

            9,193

             1,466,008
T-Mobile US, Inc.

            1,819

             341,117




             1,807,125






Transportation - 0.4%

CSX Corp.

            9,526

             431,147
Union Pacific Corp. (b)

            1,421

             373,211




             804,358
TOTAL COMMON STOCKS (Cost $159,626,130)

             185,443,462






EXCHANGE TRADED FUNDS - 4.6%

Shares  

Value  
State Street Energy Select Sector SPDR ETF (b)

            14,306

             805,285
Vanguard Information Technology ETF

            64,478

             7,805,707
Vanguard S&P 500 ETF

            595

             413,816
TOTAL EXCHANGE TRADED FUNDS (Cost $8,273,415)

             9,024,808






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 1.5%
Units  

Value  
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (c)

            2,960,190

             2,960,190
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,960,190)

             2,960,190






TOTAL INVESTMENTS - 101.3% (Cost $170,859,735)

             197,428,460
Liabilities in Excess of Other Assets - (1.3)%
(0.01302)
            (2,536,535)
TOTAL NET ASSETS - 100.0%




    $        194,891,925


Percentages are stated as a percent of net assets.




REIT - Real Estate Investment Trust



(a)

Non-income producing security.
(b)

All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $2,870,627.
(c)

The rate shown represents the 7-day annualized yield as of May 31, 2026.






Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
SGI U.S. Large Cap Core ETF 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        185,443,462

    $        –

    $        –

    $        185,443,462
  Exchange Traded Funds
            9,024,808

            –

            –

            9,024,808
  Investments Purchased with Proceeds from Securities Lending(a)
            –

            –

            –

            2,960,190
Total Investments
    $        194,468,270

    $        –

    $        –

    $        197,428,460

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 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.