Applied Finance Valuation Large Cap ETF

VSLU
Inception Date:
4/29/2021
Management Style:
Active
CUSIP:
26923N405
Total Gross Expense Ratio:
0.490%
Asset Class:
Equity
Exchange:
NYSE Arca, Inc.
Advisor:
Applied Finance Advisors, LLC
As Of Date:
11/3/2025
NAV ($):
$43.61
Market Price ($):
$43.67
Premium / Discount:
0.147
30 Day Median Bid/Ask Spread:
0.001883
Shares Outstanding:
8,175,000
Total Net Assets:
$356,479,050.00

Quarter End Performance
As of 9/30/2025 YTD 1m 3m 6m 1y Since Inception
VSLU NAV 16.62% 3.43% 8.98% 21.90% 19.26% 13.53%
VSLU Market Price 16.67% 3.59% 9.04% 21.90% 19.28% 13.56%

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 833-356-0909. The Fund’s total expense ratio is 0.49%

NAV returns are based on the fund’s reported net asset value (NAV). NAV is typically calculated at 4:00 pm Eastern time on each business day NYSE Arca is open for trading. Market price performance is based on the trade price at which shares are bought and sold on the NYSE Arca using the last share trade. Performance of less than one year is cumulative.

Premium Discount
Number of Days at 2025 Cumul. Q4 2025 Q3 2025 Q2 2025 Q1 2025 2024 Cumul. Q4 2024 Q3 2024 Q2 2024 Q1 2024
Premium 152 22 45 38 47 199 57 52 51 39
NAV 0 0 0 0 0 0 0 0 0 0
Discount 58 2 19 24 13 52 6 12 12 22

Premium - The number of trading days the ETF's closing price exceeds its NAV.
NAV - This is determined by adding up the value of all the assets in the fund, including assets and cash, subtracting any liabilities, and then dividing that value by the number of outstanding shares in the ETF.
Discount - The number of trading days the ETF's closing price is below its NAV.

From 1/1/2024 to 11/3/2025 :
Days traded at Premium
Days traded at NAV
Days traded at Discount
As of Date Discount Premium

Holdings
As Of Date Ticker Name Weight Market Value FIGI Shares Held
11/3/2025 2556706D WALGREENS BOOTS ALLIANCE INC 0.00% 0.00 1,814
11/3/2025 A AGILENT TECHNOLOGIES INC 0.11% 380,390.01 BBG000C2V3D6 2,629
11/3/2025 AAPL APPLE INC 9.39% 33,482,734.40 BBG000B9XRY4 124,448
11/3/2025 ABBV ABBVIE INC 1.43% 5,082,164.92 BBG0025Y4RY4 23,977
11/3/2025 ABNB AIRBNB INC 0.11% 375,074.40 BBG001Y2XS07 2,958
11/3/2025 ABT ABBOTT LABORATORIES COMMON STOCK USD 0 0.23% 836,415.36 BBG000B9ZXB4 6,754
11/3/2025 ACGL ARCH CAPITAL GROUP CO 0.06% 197,284.00 BBG000HXNN20 2,294
11/3/2025 ACI Albertsons Cos. Inc. Class A 0.06% 204,976.27 BBG009KG1750 11,653
11/3/2025 ACM AECOM 0.03% 91,177.92 BBG000F61RJ8 692
11/3/2025 ACN ACCENTURE PLC-CL A 0.59% 2,094,349.20 BBG000D9D830 8,430
11/3/2025 ADBE ADOBE SYSTEMS INC 0.72% 2,571,521.40 BBG000BB5006 7,620
11/3/2025 ADI ANALOG DEVICES INC 0.02% 54,431.13 BBG000BB6G37 233
11/3/2025 ADM ARCHER-DANIELS-MIDLAND CO 0.04% 135,142.41 BBG000BB6WG8 2,249
11/3/2025 ADP AUTOMATIC DATA PROCESSING 0.21% 763,023.39 BBG000JG0547 2,967
11/3/2025 ADSK AUTODESK INC 0.08% 299,996.32 BBG000BM7HL0 988
11/3/2025 ADT ADT Inc. 0.01% 35,186.37 BBG000BP9WJ1 4,003
11/3/2025 AFG AMERICAN FINANCIAL GROUP INC 0.01% 35,724.12 BBG000DPKKK0 274
11/3/2025 AFL AFLAC INC 0.07% 251,272.53 BBG000BBBNC6 2,349
11/3/2025 AIT APPLIED INDUSTRIAL TECHNOLOGIES INC COMMON STOCK 0.02% 55,732.60 BBG000BBHHP9 220
11/3/2025 AIZ ASSURANT INC 0.01% 39,240.35 BBG000BZX1N5 185
11/3/2025 AKAM AKAMAI TECHNOLOGIES INC 0.01% 32,644.14 BBG000BJQWD2 438
11/3/2025 ALATI ATI INC COMMON STOCK USD.1 0.01% 39,937.05 BBG000LC1FS4 405
11/3/2025 ALGM Allegro MicroSystems Inc. 0.01% 35,162.10 BBG00H5S8391 1,215
11/3/2025 ALGN Align Technology Inc. 0.02% 64,832.04 BBG000BRNLL2 468
11/3/2025 ALL ALLSTATE CORP 0.13% 476,021.25 BBG000BVMGF2 2,489
11/3/2025 ALLE Allegion Public Limited Company 0.05% 170,279.12 BBG003PS7JV1 1,034
11/3/2025 ALSN ALLISON TRANSMISSION HOLDING 0.04% 135,935.85 BBG001KY3845 1,671
11/3/2025 AM ANTERO MIDSTREAM CORPORATION 0.02% 62,909.47 BBG00GBNZ4M0 3,601
11/3/2025 AMAT APPLIED MATERIALS INC 0.54% 1,926,639.55 BBG000BBPFB9 8,105
11/3/2025 AMD ADVANCED MICRO DEVICES INC 0.12% 428,422.50 BBG000BBQCY0 1,650
11/3/2025 AME AMETEK INC 0.13% 464,981.40 BBG000B9XG87 2,340
11/3/2025 AMG AFFILIATED MANAGERS GROUP 0.01% 53,621.04 BBG000C060M4 209
11/3/2025 AMGN AMGEN INC 0.69% 2,443,289.80 BBG000BBS2Y0 8,246
11/3/2025 AMKR AMKOR TECHNOLOGY INC 0.01% 43,099.76 BBG000BCKGW7 1,139
11/3/2025 AMP AMERIPRISE FINANCIAL INC 0.23% 832,831.58 BBG000G3QLY3 1,841
11/3/2025 AMT AMERICAN TOWER CORP 0.21% 756,549.12 BBG000B9XYV2 4,283
11/3/2025 AMZN AMAZON.COM INC 3.83% 13,666,470.00 BBG000BVPV84 53,805
11/3/2025 AN AUTONATION INC 0.02% 76,936.52 BBG000BBXLW4 388
11/3/2025 ANET ARISTA NETWORKS INC 0.23% 831,917.61 BBG01QQZBFH1 5,279
11/3/2025 AOS AO Smith Corp 0.01% 36,572.62 BBG000BC1L02 557
11/3/2025 APA APA CORP 0.04% 126,393.80 BBG00YTS96G2 5,620
11/3/2025 APP APPLOVIN CORP 0.27% 966,542.06 BBG006HFPX77 1,529
11/3/2025 APPF APPFOLIO INC - A 0.01% 33,569.28 BBG008GC8CP6 128
11/3/2025 APTV.UN APTIV HOLDINGS LTD COMMON STOCK USD 0.01 0.03% 112,024.90 BBG01R914LT5 1,370
11/3/2025 AR ANTERO RESOURCES CORP 0.02% 59,320.60 BBG000PW5VX1 1,790
11/3/2025 ARW ARROW ELECTRONICS INC 0.01% 28,642.65 BBG000BCD3D5 257
11/3/2025 ATR APTARGROUP INC 0.01% 27,148.80 BBG000BGX2S0 240
11/3/2025 AVB AVALONBAY COMMUNITIES INC 0.02% 58,924.32 BBG000BLPBL5 336
11/3/2025 AVGO Broadcom Inc. 3.03% 10,809,790.80 BBG00KHY5S69 29,816
11/3/2025 AVT AVNET INC 0.01% 32,067.90 BBG000BCPB71 666
11/3/2025 AVTR AVANTOR INC 0.03% 96,032.96 BBG00G2HHYD7 8,222
11/3/2025 AVY AVERY DENNISON CORP 0.02% 85,043.76 BBG000BCQ4P6 488
11/3/2025 AWI ARMSTRONG WORLD INDUSTRIES 0.01% 36,205.04 BBG000DW4LB1 188
11/3/2025 AXP AMERICAN EXPRESS CO 0.47% 1,676,831.94 BBG000BCQZS4 4,637
11/3/2025 AXS AXIS CAPITAL HOLDINGS LTD 0.02% 66,038.00 BBG000FLF615 700
11/3/2025 AXTA AXALTA COATING SYSTEMS LTD 0.02% 70,812.00 BBG0060CPLJ5 2,520
11/3/2025 AYI ACUITY BRANDS INC 0.02% 71,661.52 BBG000BJ5HK0 196
11/3/2025 AZO AUTOZONE INC 0.33% 1,176,550.06 BBG000C7LMS8 329
11/3/2025 BAH BOOZ ALLEN HAMILTON HOLDINGS 0.06% 219,735.00 BBG000R2YFG7 2,570
11/3/2025 BALL BALL CORP 0.04% 127,997.87 BBG000BDDNH5 2,717
11/3/2025 BBWI Bath & Body Works Inc 0.03% 106,200.09 BBG000BNGTQ7 4,383
11/3/2025 BBY BEST BUY CO INC 0.05% 167,116.00 BBG000BCWCG1 2,050
11/3/2025 BC BRUNSWICK CORP 0.01% 34,224.26 BBG000BCWSS3 518
11/3/2025 BFAM BRIGHT HORIZONS FAMILY SOLUT 0.01% 35,026.94 BBG003LFWP05 338
11/3/2025 BF B BROWN-FORMAN CORP-CLASS B 0.04% 128,262.27 BBG000BD2NY8 4,659
11/3/2025 BG Bunge Global SA 0.03% 116,208.72 BBG01JZ8VL91 1,236
11/3/2025 BIIB BIOGEN INC 0.07% 253,207.68 BBG000C17X76 1,672
11/3/2025 BJ BJ's Wholesale Club Holdings Inc. 0.04% 160,388.12 BBG00FQ8T4G3 1,766
11/3/2025 BK BANK OF NEW YORK MELLON CORP 0.03% 114,759.72 BBG000BD8PN9 1,062
11/3/2025 BKNG BOOKING HOLDINGS INC 0.63% 2,258,716.95 BBG000BLBVN4 449
11/3/2025 BLD TOPBUILD CORP 0.05% 179,140.00 BBG0077VS2C0 424
11/3/2025 BLDR BUILDERS FIRSTSOURCE INC 0.06% 228,199.40 BBG000BKD3K9 2,020
11/3/2025 BLK Blackrock Inc. 0.07% 262,932.18 BBG01PSW2WN4 246
11/3/2025 BMRN BIOMARIN PHARMACEUTICAL INC 0.02% 67,066.65 BBG000CZWZ05 1,269
11/3/2025 BOKF BOK FINANCIAL CORPORATION 0.01% 29,192.78 BBG000CFZ003 278
11/3/2025 BPOP Popular Inc 0.01% 27,962.70 BBG000BDNB35 249
11/3/2025 BR Broadridge Financial Solutions, Inc. 0.09% 315,402.68 BBG000PPFKQ7 1,426
11/3/2025 BRBR BELLRING BRANDS INC 0.03% 103,964.19 BBG013QNJHP8 3,421
11/3/2025 BSY Bentley Systems Inc. Class B 0.02% 56,525.96 BBG000BMSRR9 1,124
11/3/2025 BWA BORGWARNER INC 0.02% 63,027.54 BBG000BJ49H3 1,438
11/3/2025 BXP Boston Properties Inc 0.01% 42,577.83 BBG000BS5CM9 603
11/3/2025 BYD Boyd Gaming Corp 0.02% 58,951.90 BBG000BHX9P6 742
11/3/2025 CAG CONAGRA BRANDS INC 0.01% 32,021.08 BBG000BDXGP9 1,852
11/3/2025 CAR Avis Budget Group Inc 0.04% 136,105.83 BBG000FLPRH1 1,029
11/3/2025 CARR CARRIER GLOBAL CORP-W/I 0.02% 84,475.60 BBG00RP5HYS8 1,460
11/3/2025 CART MAPLEBEAR INC 0.03% 91,990.08 BBG00KG5VJF4 2,457
11/3/2025 CAT CATERPILLAR INC 0.58% 2,053,553.41 BBG000BF0K17 3,599
11/3/2025 CB CHUBB LIMITED 0.14% 509,475.75 BBG000BR14K5 1,831
11/3/2025 CBOE CBOE HOLDINGS INC 0.06% 229,388.68 BBG000QH56C1 929
11/3/2025 CBSH COMMERCE BANCSHARES INC 0.01% 29,536.68 BBG000BF3G77 564
11/3/2025 CCK CROWN HOLDINGS INC 0.03% 106,067.02 BBG000BF6756 1,091
11/3/2025 CCL CARNIVAL CORP 0.07% 254,255.76 BBG000BF6LY3 8,856
11/3/2025 CDW CDW CORP/DE 0.10% 366,172.95 BBG001P63B80 2,365
11/3/2025 CEG CONSTELLATION ENERGY CORPORATION 0.34% 1,213,204.52 BBG014KFRNP7 3,212
11/3/2025 CERT CERTARA 0.01% 29,928.60 BBG00Y7BR4K3 2,558
11/3/2025 CF CF INDUSTRIES HOLDINGS INC 0.02% 87,195.53 BBG000BWJFZ4 1,033
11/3/2025 CFR CULLEN/FROST 0.01% 30,233.68 BBG000C2PL98 248
11/3/2025 CGNX COGNEX CORP 0.01% 31,024.80 BBG000BPBVW5 744
11/3/2025 CHD CHURCH & DWIGHT CO INC 0.05% 173,336.52 BBG000BFJT36 2,009
11/3/2025 CHDN CHURCHILL DOWNS INC 0.03% 117,148.68 BBG000BGXMG9 1,188
11/3/2025 CHE CHEMED CORP 0.01% 48,474.80 BBG000C19QW1 110
11/3/2025 CHK EXPAND ENERGY CORP 0.04% 148,057.60 BBG00Z6DX554 1,345
11/3/2025 CHRD Chord Energy Corp 0.01% 31,640.16 BBG00Y7BLHL9 348
11/3/2025 CHRW C.H. ROBINSON WORLDWIDE INC 0.02% 78,813.70 BBG000BTCH57 518
11/3/2025 CHTR CHARTER COMMUNICATIONS INC-A 0.11% 395,738.20 BBG000VPGNR2 1,781
11/3/2025 CI CIGNA CORP 0.07% 257,068.28 BBG00KXRCDP0 994
11/3/2025 CIEN CIENA CORP 0.01% 41,324.08 BBG000BP1152 218
11/3/2025 CL COLGATE-PALMOLIVE CO 0.13% 462,476.64 BBG000BFQYY3 6,168
11/3/2025 CLVT CLARIVATE ANALYTICS PLC COMMON STOCK USD.01 0.01% 32,114.88 BBG00P1919G5 9,072
11/3/2025 CMA COMERICA INC 0.01% 32,444.16 BBG000C75N77 426
11/3/2025 CMCSA COMCAST CORP-CLASS A 0.25% 874,880.46 BBG000BFT2L4 32,427
11/3/2025 CMG CHIPOTLE MEXICAN GRILL INC 0.05% 189,249.06 BBG000QX74T1 6,006
11/3/2025 CMI CUMMINS INC 0.14% 491,548.33 BBG000BGPTV6 1,123
11/3/2025 CNA CNA Financial Corp 0.01% 32,949.40 BBG000BFYB47 748
11/3/2025 CNC CENTENE CORP 0.02% 82,213.50 BBG000BDXCJ5 2,383
11/3/2025 CNHI CNH Industrial NV 0.01% 33,249.54 BBG0059JSF49 3,194
11/3/2025 CNXC CONCENTRIX CORP CNXCV 0.01% 28,947.60 BBG00RCNQMX3 731
11/3/2025 COF CAPITAL ONE FINANCIAL CORP 0.01% 34,585.20 BBG000BGKTF9 156
11/3/2025 COHR COHERENT CORP COMMON STOCK 0.01% 35,640.00 BBG000BLW102 270
11/3/2025 COLB COLUMBIA BANKING SYSTEM INC 0.01% 35,399.80 BBG000CTGXS2 1,315
11/3/2025 COLD Americold Realty Trust 0.01% 33,243.28 BBG000QF05R6 2,581
11/3/2025 COLM Columbia Sportswear Co. 0.01% 31,285.98 BBG000BKKQ84 621
11/3/2025 COP CONOCOPHILLIPS 0.24% 843,452.11 BBG000BQQH30 9,523
11/3/2025 COR Cencora, Inc. 0.38% 1,351,787.45 BBG000MDCQC2 3,965
11/3/2025 CPB THE CAMPBELL'S COMPANY COMMON STOCK USD 0.0375 0.01% 32,512.17 BBG000BG4202 1,087
11/3/2025 CPT CAMDEN PROPERTY TRUST 0.01% 39,996.00 BBG000BB0V03 400
11/3/2025 CR CRANE CO-W/I 0.01% 33,712.00 BBG016G0L0Q5 175
11/3/2025 CRL Charles River Laboratories Int 0.01% 42,747.54 BBG000BG5BL8 239
11/3/2025 CRM SALESFORCE.COM INC 0.27% 966,696.66 BBG000BN2DC2 3,699
11/3/2025 CROX CROCS INC 0.02% 69,148.32 BBG000BLY663 852
11/3/2025 CRRX CHOICE HOTELS INTL INC 0.02% 83,317.74 BBG000BPBTL2 902
11/3/2025 CRUS CIRRUS LOGIC INC 0.01% 44,227.88 BBG000C1DHF5 337
11/3/2025 CSCO CISCO SYSTEMS INC 0.49% 1,742,278.90 BBG000C3J3C9 23,402
11/3/2025 CSL Carlisle Companies Incorporated 0.03% 121,763.18 BBG000BGGBT8 374
11/3/2025 CSX CSX CORP 0.20% 714,701.01 BBG000BGJRC8 19,947
11/3/2025 CTAS CINTAS CORP 0.11% 377,186.88 BBG000H3YXF8 2,072
11/3/2025 CTSH COGNIZANT TECH SOLUTIONS-A 0.09% 309,684.34 BBG000BBDV81 4,258
11/3/2025 CTVA CORTEVA INC-W/I 0.02% 85,704.86 BBG00BN969C1 1,381
11/3/2025 CUBE CUBESMART 0.01% 32,449.00 BBG000HF28Q9 877
11/3/2025 CVS CVS HEALTH CORP 0.07% 247,948.84 BBG000BGRY34 3,161
11/3/2025 CVX CHEVRON CORP 0.33% 1,192,269.60 BBG000K4ND22 7,740
11/3/2025 CW CURTISS-WRIGHT CORP 0.01% 53,558.42 BBG000BGSPS5 89
11/3/2025 CZR CAESARS ENTERTAINMENT INC COMMON STOCK 0.01% 51,738.50 BBG0074Q3NK6 2,530
11/3/2025 DAL DELTA AIR LINES INC 0.09% 330,466.50 BBG000R7Z112 5,649
11/3/2025 DBX Dropbox Inc. Class A 0.02% 70,092.00 BBG0018SLDN0 2,360
11/3/2025 DCI DONALDSON CO INC 0.01% 45,196.80 BBG000BGZP70 535
11/3/2025 DDS DILLARDS INC-CL A 0.01% 38,537.60 BBG000BS4MP5 64
11/3/2025 DE DEERE & CO 0.24% 872,142.72 BBG000BH1NH9 1,888
11/3/2025 DECK DECKERS OUTDOOR CORP 0.05% 186,738.24 BBG000BKXYX5 2,302
11/3/2025 DELL DELL TECHNOLOGIES - CLASS C 0.38% 1,342,682.46 BBG00DW3SZS1 8,386
11/3/2025 DG DOLLAR GEN CORP NEW 0.04% 133,284.48 BBG000NV1KK7 1,344
11/3/2025 DHI DR HORTON INC 0.10% 346,258.22 BBG000DQTXY6 2,387
11/3/2025 DHR DANAHER CORP 0.08% 293,904.38 BBG000BH3JF8 1,373
11/3/2025 DINO HF SINCLAIR CORP 0.01% 35,824.69 BBG0135B2214 671
11/3/2025 DKS DICKS SPORTING GOODS INC 0.03% 113,256.00 BBG000F6ZWH2 520
11/3/2025 DLB Dolby Laboratories Inc 0.01% 31,260.27 BBG000DGLTG5 471
11/3/2025 DLTR DOLLAR TREE INC 0.04% 138,164.50 BBG000BSC0K9 1,370
11/3/2025 DOC HEALTHPEAK PROPERTIES INC 0.01% 43,588.16 BBG000BKYDP9 2,464
11/3/2025 DOCU DocuSign Inc. 0.01% 33,744.48 BBG000N7KJX8 462
11/3/2025 DOV DOVER CORP 0.04% 149,654.40 BBG000BHB3M6 840
11/3/2025 DOW DOW INC 0.01% 34,101.64 BBG00BN96922 1,468
11/3/2025 DOX AMDOCS LTD 0.02% 55,189.28 BBG000C3MXG5 656
11/3/2025 DPZ Dominos Pizza INC 0.08% 301,915.24 BBG000P458P3 748
11/3/2025 DRI DARDEN RESTAURANTS INC 0.04% 125,897.13 BBG000BBNYF6 709
11/3/2025 DT Dynatrace Inc. 0.01% 35,386.48 BBG00PNN7C40 701
11/3/2025 DV DoubleVerify Holdings Inc. 0.01% 34,456.62 BBG00ZNRRJM2 3,071
11/3/2025 DVA DAVITA INC 0.05% 188,575.20 BBG000MQ1SN9 1,584
11/3/2025 DXC DXC Technology Co. 0.01% 33,440.40 BBG00FN64XT9 2,520
11/3/2025 DXCM DEXCOM INC 0.03% 104,846.05 BBG000QTF8K1 1,735
11/3/2025 EA ELECTRONIC ARTS INC 0.05% 167,108.04 BBG000BP0KQ8 836
11/3/2025 EBAY EBAY INC 0.05% 164,381.22 BBG000C43RR5 1,986
11/3/2025 ECG-W Everus Construction Group Inc. 0.01% 37,445.45 BBG01M600X00 415
11/3/2025 EEFT Euronet Worldwide Inc. 0.01% 31,617.72 BBG000BMNBY1 426
11/3/2025 EFX EQUIFAX INC 0.05% 191,583.92 BBG000BHPL78 913
11/3/2025 EG EVEREST RE GROUP LTD 0.01% 48,584.75 BBG000C1XVK6 155
11/3/2025 EHC ENCOMPASS HEALTH CORP COMMON STOCK USD 0.01 0.02% 60,472.47 BBG000BGBRG2 521
11/3/2025 ELAN ELANCO ANIMAL HEALTH INC COMMON STOCK 0.01% 38,525.10 BBG00LJYS1P8 1,686
11/3/2025 ELS EQUITY LIFESTYLE PROPERTIES 0.02% 60,883.20 BBG000BB7SX7 1,008
11/3/2025 EME EMCOR Group Inc. 0.07% 257,284.64 BBG000BBRPL4 382
11/3/2025 EMR EMERSON ELECTRIC CO 0.02% 84,998.21 BBG000BHX7N2 607
11/3/2025 ENPH ENPHASE ENERGY INC 0.01% 26,854.10 BBG001R3MNY9 910
11/3/2025 ENTG ENTEGRIS INC 0.01% 31,708.86 BBG000CTV4N4 347
11/3/2025 EOG EOG RESOURCES INC 0.16% 567,392.44 BBG000BZ9223 5,371
11/3/2025 EPAM EPAM SYSTEMS INC 0.01% 33,150.55 BBG000MHTV89 205
11/3/2025 EPR EPR PROPERTIES 0.01% 30,326.84 BBG000BSZYR3 604
11/3/2025 EQH EQUITABLE HOLDINGS INC 0.09% 316,403.15 BBG00J7CBVW8 6,485
11/3/2025 EQR EQUITY RESIDENTIAL 0.02% 79,226.28 BBG000BG8M31 1,341
11/3/2025 EQT EQT CORP 0.04% 138,197.64 BBG000BHZ5J9 2,474
11/3/2025 ESI ELEMENT SOLUTIONS INC COMMON STOCK USD.01 0.01% 34,469.52 BBG005C4XHR3 1,271
11/3/2025 ESS ESSEX PROPERTY TRUST INC 0.01% 49,338.08 BBG000CGJMB9 194
11/3/2025 ETN EATON CORP PLC 0.15% 532,693.46 BBG000BJ3PD2 1,378
11/3/2025 ETSY ETSY INC 0.02% 62,790.24 BBG000N7MXL8 1,028
11/3/2025 EW EDWARDS LIFESCIENCES CORP 0.09% 321,813.18 BBG000BRXP69 3,874
11/3/2025 EWBC EAST WEST BANCORP INC 0.02% 57,440.24 BBG000CR20B1 572
11/3/2025 EXEL EXELIXIS INC 0.03% 94,008.20 BBG000BQ4WF8 2,470
11/3/2025 EXLS EXLSERVICE HOLDINGS INC 0.01% 31,641.28 BBG000NS3P30 808
11/3/2025 EXP Eagle Materials Inc. 0.01% 53,508.00 BBG000BJW241 260
11/3/2025 EXPD EXPEDITORS INTL WASH INC 0.02% 74,455.68 BBG000BJ5GK2 608
11/3/2025 EXPE EXPEDIA GROUP INC 0.07% 237,817.83 BBG000QY3XZ2 1,103
11/3/2025 EXR EXTRA SPACE STORAGE INC 0.01% 46,313.60 BBG000PV27K3 353
11/3/2025 FAF First American Financial Corp 0.01% 33,555.60 BBG000V78V75 540
11/3/2025 FBIN FORTUNE BRANDS INNOVATIONS I 0.01% 53,353.48 BBG001B4BV87 1,054
11/3/2025 FCN FTI Consulting Inc 0.01% 32,518.79 BBG000K88H58 197
11/3/2025 FCNCA FIRST CITIZENS BANCSHARES INC 0.03% 111,185.31 BBG000BJCDS3 61
11/3/2025 FCX FREEPORT-MCMORAN INC 0.13% 473,940.62 BBG000BJDB15 11,509
11/3/2025 FDS FACTSET RESEARCH SYSTEMS INC 0.05% 189,961.26 BBG000BDJL83 718
11/3/2025 FDX FEDEX CORP 0.07% 254,001.96 BBG000BJF1Z8 1,004
11/3/2025 FERG FERGUSON ENTERPRISES INC COMMON STOCK USD 0.0001 0.06% 226,022.28 BBG01NMRD768 913
11/3/2025 FFIV F5 Inc 0.01% 45,823.36 BBG000CXYSZ6 184
11/3/2025 FHB FIRST HAWAIIA 0.01% 34,580.52 BBG0046LJYT2 1,404
11/3/2025 FHN FIRST HORIZON NATIONAL CORP 0.01% 32,125.62 BBG000GHZSZ6 1,497
11/3/2025 FI FISERV INC 0.17% 600,981.64 BBG000BJKPG0 9,226
11/3/2025 FICO FAIR ISAAC CORP 0.16% 562,823.91 BBG000DW76Y6 341
11/3/2025 FIS FIDELITY NATIONAL INFO SERV 0.03% 91,620.60 BBG000BK2F42 1,473
11/3/2025 FITB FIFTH THIRD BANCORP 0.02% 54,778.07 BBG000BJL3N0 1,319
11/3/2025 FIVE FIVE BELOW 0.01% 32,321.76 BBG001636CR2 204
11/3/2025 FIX Comfort Systems USA Inc. 0.11% 400,844.70 BBG000BWN2Y9 410
11/3/2025 FLEX FLEX LTD 0.02% 87,862.50 BBG000BP5YT0 1,375
11/3/2025 FLO FLOWERS FOODS INC 0.01% 32,396.76 BBG000BB4D72 2,727
11/3/2025 FLUT FLUTTER ENTERTAINMENT PLC-DI 0.13% 480,059.56 BBG000P2GPN9 2,078
11/3/2025 FMC FMC CORP 0.00% 15,679.95 BBG000BJP882 1,105
11/3/2025 FND Floor & Decor Holdings Inc. Class A 0.01% 28,030.80 BBG007GJ2F81 470
11/3/2025 FOXA FOX CORP - CLASS A 0.05% 163,121.68 BBG00JHNJW99 2,564
11/3/2025 FR FIRST INDUSTRIAL REALTY TR 0.01% 37,300.50 BBG000CKGDS5 675
11/3/2025 FRT FEDERAL REALTY INVS TRUST 0.01% 34,349.12 BBG000BJVN28 359
11/3/2025 FTNT FORTINET INC 0.20% 720,552.16 BBG000BCMBG4 8,233
11/3/2025 FTV FORTIVE CORP 0.06% 217,734.60 BBG00BLVZ228 4,346
11/3/2025 FYBR FRONTIER COMMUNICATIONS PARE COMMON STOCK USD.25 0.01% 34,373.28 BBG010MVVVW7 912
11/3/2025 G GENPACT LIMITED 0.01% 41,131.48 BBG000RQBFV2 1,079
11/3/2025 GD GENERAL DYNAMICS CORP 0.13% 474,515.56 BBG000BK67C7 1,388
11/3/2025 GEHC GE HEALTHCARE TECHNOLOG-W/I 0.10% 370,637.19 BBG01BFR8YV1 4,977
11/3/2025 GEN GEN DIGITAL INC 0.05% 186,693.12 BBG000BH2JM1 7,104
11/3/2025 GFS GLOBALFOUNDRIES INC 0.01% 42,150.12 BBG000C2L5G9 1,182
11/3/2025 GGG GRACO INC 0.02% 69,322.46 BBG000BK9W84 851
11/3/2025 GILD GILEAD SCIENCES INC 0.62% 2,214,963.40 BBG000CKGBP2 18,148
11/3/2025 GIS GENERAL MILLS INC 0.05% 187,159.33 BBG000BKCFC2 4,031
11/3/2025 GL GLOBE LIFE INC 0.03% 96,412.32 BBG000BVD6X4 738
11/3/2025 GLW CORNING INC 0.03% 105,000.00 BBG000BKFZM4 1,200
11/3/2025 GMED GLOBUS MEDICAL INC - A 0.01% 34,394.40 BBG002V87SD0 562
11/3/2025 GNRC GENERAC HOLDINGS INC 0.02% 55,511.25 BBG000PQ4W72 339
11/3/2025 GNTX GENTEX CORP 0.01% 29,112.50 BBG000BKJ092 1,250
11/3/2025 GOOGL ALPHABET INC-CL A 7.79% 27,753,490.40 BBG009S39JX6 97,820
11/3/2025 GPC GENUINE PARTS CO 0.03% 99,506.05 BBG000BKL348 805
11/3/2025 GPK GRAPHIC PACKAGING HOLDING CO 0.01% 49,454.28 BBG000GQ7K93 3,158
11/3/2025 GPN GLOBAL PAYMENTS INC 0.05% 170,776.50 BBG000CX0P89 2,215
11/3/2025 GPS GAP INC/THE 0.01% 53,010.44 BBG000BKLH74 2,324
11/3/2025 GRMN GARMIN LTD 0.04% 148,220.16 BBG000C4LN67 704
11/3/2025 GTES Gates Industrial Corp. plc 0.01% 30,163.19 BBG00JM9V731 1,363
11/3/2025 GWW WW GRAINGER INC 0.13% 465,766.24 BBG000BKR1D6 482
11/3/2025 HAL HALLIBURTON CO 0.08% 282,209.94 BBG000BKTFN2 10,383
11/3/2025 HALO HALOZYME THERAPEUTICS INC 0.05% 174,106.00 BBG000CZ8W54 2,630
11/3/2025 HAS HASBRO INC 0.01% 37,090.65 BBG000BKVJK4 489
11/3/2025 HAYW HAYWARD HOLDINGS INC 0.01% 36,790.65 BBG00Z9CCRH5 2,223
11/3/2025 HCA HCA HEALTHCARE INC 0.35% 1,230,518.96 BBG000QW7VC1 2,666
11/3/2025 HD HOME DEPOT INC 0.63% 2,237,183.55 BBG000BKZB36 5,913
11/3/2025 HEI Heico Corp 0.06% 231,707.52 BBG000BL16Q7 736
11/3/2025 HIG HARTFORD FINANCIAL SVCS GRP 0.05% 193,115.58 BBG000G0Z878 1,554
11/3/2025 HIW HIGHWOODS PROPERTIES INC 0.01% 30,698.28 BBG000C43744 1,076
11/3/2025 HLT HILTON WORLDWIDE 0.33% 1,186,373.11 BBG0058KMH30 4,579
11/3/2025 HOG HARLEY-DAVIDSON INC 0.01% 34,511.03 BBG000BKZTP3 1,273
11/3/2025 HOLX HOLOGIC INC 0.03% 111,830.60 BBG000C3NTN5 1,510
11/3/2025 HPQ HP INC 0.14% 506,869.66 BBG000KHWT55 18,766
11/3/2025 HR HEALTHCARE REALTY TRUST 0.01% 34,642.95 BBG000PRJCX9 1,965
11/3/2025 HRB H&R BLOCK INC 0.03% 106,076.78 BBG000BLDV98 2,146
11/3/2025 HSIC HENRY SCHEIN INC 0.01% 38,654.72 BBG000BNMMJ3 598
11/3/2025 HSY HERSHEY CO/THE 0.07% 250,444.33 BBG000BLHRS2 1,543
11/3/2025 HUBB HUBBELL INC 0.04% 160,390.23 BBG000BLK267 343
11/3/2025 HUM HUMANA INC 0.01% 40,308.48 BBG000BLKK03 144
11/3/2025 HXL Hexcel Corp. 0.01% 36,858.43 BBG000BLMDQ9 511
11/3/2025 IBM International Business Machines Corporation 0.34% 1,218,310.54 BBG000BLNNH6 3,998
11/3/2025 ICE INTERCONTINENTAL EXCHANGE IN 0.15% 545,962.50 BBG000C1FB75 3,750
11/3/2025 IDXX IDEXX LABS 0.11% 407,015.22 BBG000BLRT07 563
11/3/2025 ILMN ILLUMINA INC 0.01% 46,196.15 BBG000DSMS70 385
11/3/2025 INCY Incyte Corp. 0.05% 190,951.60 BBG000BNPSQ9 1,880
11/3/2025 INGM Ingram Micro Holding Corp 0.01% 37,896.96 BBG01Q381K59 1,668
11/3/2025 INGR INGREDION INC COMMON STOCK USD 0.01 0.01% 44,967.22 BBG000BXPZB7 394
11/3/2025 INSP Inspire Medical Systems Inc. 0.01% 32,800.95 BBG00209SZJ7 445
11/3/2025 INTU INTUIT INC 0.30% 1,077,170.67 BBG000BH5DV1 1,593
11/3/2025 INVH INVITATION HOMES INC REIT USD.01 0.01% 34,514.12 BBG00FQH6BS9 1,217
11/3/2025 IP INTERNATIONAL PAPER CO 0.02% 69,206.82 BBG000BM5SR2 1,874
11/3/2025 IPG Interpublic Group of Companies Inc. 0.03% 117,722.07 BBG000C90DH9 4,707
11/3/2025 IQV IQVIA HOLDINGS INC COMMON STOCK USD.01 0.18% 642,923.28 BBG00333FYS2 3,006
11/3/2025 IT Gartner Inc 0.10% 350,681.92 BBG000BB65D0 1,426
11/3/2025 ITW ILLINOIS TOOL WORKS 0.14% 488,448.17 BBG000BMBL90 2,009
11/3/2025 J JACOBS SOLUTIONS INC COMMON STOCK 0.03% 112,911.00 BBG019C1BQR4 732
11/3/2025 JBHT JB Hunt Transport Services, Inc. 0.02% 79,952.25 BBG000BMDBZ1 471
11/3/2025 JBL JABIL CIRCUIT INC 0.02% 84,819.35 BBG000BJNGN9 385
11/3/2025 JHG JANUS HENDERSON GROUP PLC COMMON STOCK 0.01% 32,876.51 BBG00GSNPM07 757
11/3/2025 JKHY JACK HENRY 0.04% 125,022.90 BBG000BMH2Q7 830
11/3/2025 JNJ JOHNSON & JOHNSON 1.60% 5,689,125.44 BBG000BMHYD1 30,544
11/3/2025 KDP KEURIG DR PEPPER INC 0.11% 392,433.84 BBG000TJM7F0 14,731
11/3/2025 KEX KIRBY CORP 0.01% 42,574.80 BBG000BMQCP6 408
11/3/2025 KEYS KEYSIGHT TEC 0.04% 149,688.72 BBG0059FN811 804
11/3/2025 KHC KRAFT HEINZ CO/THE 0.04% 151,867.86 BBG005CPNTQ2 6,242
11/3/2025 KIM KIMCO REALTY CORP 0.01% 33,304.95 BBG000CN3S73 1,635
11/3/2025 KLAC KLA CORPORATION 0.47% 1,660,468.68 BBG000BMTFR4 1,362
11/3/2025 KMPR KEMPER CORP 0.01% 30,258.40 BBG000H3GDJ8 694
11/3/2025 KMX CARMAX INC 0.01% 33,898.80 BBG000BLMZK6 820
11/3/2025 KNSL KINSALE CAPITAL GROUP INC 0.02% 72,640.15 BBG00D8JD9Z9 187
11/3/2025 KO COCA-COLA CO/THE 0.58% 2,071,725.60 BBG000BMX289 30,480
11/3/2025 KR KROGER CO 0.10% 342,512.56 BBG000BMY992 5,399
11/3/2025 KRC KILROY REALTY CORP 0.01% 33,977.04 BBG000BLMXN8 804
11/3/2025 KVUE KENVUE INC 0.05% 178,008.06 BBG01C79X561 11,029
11/3/2025 LAMR LAMAR ADVERTISING CO-A 0.02% 84,859.20 BBG000FGMKY1 710
11/3/2025 LAZ Lazard Inc 0.01% 33,347.70 BBG000BT4C39 690
11/3/2025 LDOS LEIDOS HOLDINGS INC 0.14% 486,292.95 BBG000C23PB0 2,519
11/3/2025 LEA LEAR CORP 0.02% 59,185.40 BBG000PTLGZ1 547
11/3/2025 LECO LINCOLN ELECTRIC HOLDINGS 0.02% 58,882.28 BBG000BB72K8 254
11/3/2025 LEN LENNAR CORP-A 0.05% 162,072.96 BBG000BN5HF7 1,344
11/3/2025 LFUS LITTELFUSE INC 0.01% 30,165.30 BBG000BGFGT8 121
11/3/2025 LHX L3HARRIS TECHNOLOGIES INC 0.09% 337,361.71 BBG000BLGFJ9 1,169
11/3/2025 LII LENNOX INTERNATIONAL INC 0.05% 192,119.32 BBG000BB5B84 389
11/3/2025 LKQ LKQ CORP 0.02% 78,070.55 BBG000PXDL44 2,566
11/3/2025 LMT LOCKHEED MARTIN CORP 0.19% 692,874.80 BBG000C1BW00 1,420
11/3/2025 LNC LINCOLN NATIONAL CORP 0.01% 34,266.40 BBG000BNC3Y9 844
11/3/2025 LNG Cheniere Energy Inc 0.21% 742,019.40 BBG000C3HSR0 3,540
11/3/2025 LNW LIGHT & WONDER INC COMMON STOCK USD 0.001 0.03% 113,374.80 BBG00JR5MM31 1,540
11/3/2025 LOPE GRAND CANYON EDUCATION INC 0.01% 30,604.42 BBG000FV28W9 167
11/3/2025 LOW LOWES COS INC 0.43% 1,519,171.08 BBG000BNDN65 6,447
11/3/2025 LPX Louisiana-Pacific Corp 0.01% 33,223.02 BBG000BNF508 386
11/3/2025 LRCX LAM RESH CORP 0.40% 1,437,132.12 BBG000BNFLM9 8,913
11/3/2025 LSCC LATTICE SEMICONDUCTOR CORP 0.01% 33,424.38 BBG000C2D1C1 459
11/3/2025 LSTR LANDSTAR SYSTEM INC 0.01% 31,832.46 BBG000BB2KN0 253
11/3/2025 LULU LULULEMON ATHLETICA INC 0.10% 362,213.83 BBG000R8ZVD1 2,189
11/3/2025 LUV SOUTHWEST AIRLINES CO 0.01% 32,560.10 BBG000BNJHS8 1,070
11/3/2025 LVS LAS VEGAS SANDS CORP 0.05% 179,263.92 BBG000JWD753 2,904
11/3/2025 LW LAMB WESTON 0.01% 51,965.28 BBG003CVMLQ2 828
11/3/2025 LYB LYONDELLBASELL INDUSTRIES NV COMMON STOCK USD 0.04 0.04% 157,364.27 BBG000WCFV84 3,401
11/3/2025 LYV LIVE NATION ENTERTAINMENT IN 0.02% 76,418.40 BBG000FQ7YR4 510
11/3/2025 M MACYS INC 0.01% 49,371.44 BBG000C46HM9 2,476
11/3/2025 MA MASTERCARD INC - A 2.93% 10,461,377.96 BBG000F1ZSQ2 19,228
11/3/2025 MAA MID-AMERICA APARTMENT COMM 0.02% 57,925.86 BBG000BLMY92 454
11/3/2025 MANH MANHATTAN ASSOCIATES INC 0.01% 39,216.96 BBG000BFV758 216
11/3/2025 MAR Marriott International, Inc Class A 0.36% 1,300,186.03 BBG000BGD7W6 4,927
11/3/2025 MAS MASCO CORP 0.07% 255,946.60 BBG000BNNKG9 4,018
11/3/2025 MASI MASIMO CORP 0.01% 31,021.44 BBG000C3W281 214
11/3/2025 MAT MATTEL INC 0.01% 34,464.36 BBG000BNNYW1 1,869
11/3/2025 MCD MCDONALDS CORP 0.36% 1,296,322.38 BBG000BNSZP1 4,374
11/3/2025 MCK MCKESSON CORP 0.62% 2,227,087.35 BBG000DYGNW7 2,715
11/3/2025 MCO Moodys Corporation 0.29% 1,048,680.10 BBG000F86GP6 2,158
11/3/2025 MDLZ MONDELEZ INTERNATIONAL INC-A 0.14% 513,928.80 BBG000D4LWF6 9,072
11/3/2025 MDT MEDTRONIC PLC 0.16% 569,613.00 BBG000BNWG87 6,315
11/3/2025 MEDP MEDPACE HOLDINGS INC 0.03% 99,795.36 BBG0065B7K59 168
11/3/2025 MET METLIFE INC 0.10% 351,850.82 BBG000BB6KF5 4,442
11/3/2025 META META PLATFORMS INC 3.44% 12,263,163.30 BBG000MM2P62 19,230
11/3/2025 MGM MGM Resorts International 0.02% 88,550.28 BBG000C2BXK4 2,756
11/3/2025 MHK MOHAWK INDUSTRIES INC 0.01% 27,688.80 BBG000FLZN98 249
11/3/2025 MKC MCCORMICK-N/V 0.03% 96,206.88 BBG000G6Y5W4 1,507
11/3/2025 MKSI MKS Instruments Inc 0.01% 32,439.81 BBG000BVMG26 223
11/3/2025 MKTX MarketAxess Holdings Inc. 0.01% 29,444.60 BBG000BJBZ23 185
11/3/2025 MNST MONSTER BEVERAGE CORP 0.14% 487,385.28 BBG008NVB1C0 7,328
11/3/2025 MO ALTRIA GROUP INC 0.22% 772,468.77 BBG000BP6LJ8 13,631
11/3/2025 MOH Molina Healthcare Inc 0.03% 120,858.66 BBG000MBHNC8 822
11/3/2025 MOS MOSAIC CO/THE 0.01% 36,801.00 BBG000BFXHL6 1,350
11/3/2025 MPC MARATHON PETROLEUM CORP 0.11% 389,034.73 BBG001DCCGR8 1,987
11/3/2025 MPWR MONOLITHIC POWER SYSTEMS INC 0.02% 71,279.03 BBG000C30L48 71
11/3/2025 MRK MERCK & CO. INC. 1.02% 3,633,024.58 BBG000BPD168 44,042
11/3/2025 MRVL MARVELL TECHNOLOGY GROUP LTD MRVL 0.01% 34,973.19 BBG00ZXBJ153 387
11/3/2025 MSA MSA SAFETY INC 0.01% 28,232.38 BBG000BPDXF8 181
11/3/2025 MSCI MSCI INC 0.06% 229,534.50 BBG000RTDY25 395
11/3/2025 MSFT MICROSOFT CORP 7.38% 26,312,690.76 BBG000BPH459 50,892
11/3/2025 MSI MOTOROLA SOLUTIONS INC 0.13% 480,370.50 BBG000BP8Z50 1,227
11/3/2025 MSM MSC INDUSTRIAL DIRECT CO 0.01% 31,881.04 BBG000BCLYL9 376
11/3/2025 MTB M & T BANK CORP 0.01% 30,150.45 BBG000D9KWL9 165
11/3/2025 MTCH MATCH GROUP INC 0.04% 136,662.50 BBG00VT0KNC3 4,205
11/3/2025 MTD METTLER-TOLEDO 0.16% 555,717.60 BBG000BZCKH3 395
11/3/2025 MTG MGIC INVESTMENT CORP 0.01% 34,821.44 BBG000CBMH27 1,258
11/3/2025 MTN Vail Resorts Inc. 0.01% 30,019.35 BBG000BCMWM1 201
11/3/2025 MTSI MACOM TECHNOLOGY SOLUTIONS H 0.01% 36,045.60 BBG000LJQ3H1 240
11/3/2025 MU MICRON TECHNOLOGY INC 0.01% 49,991.10 BBG000C5Z1S3 213
11/3/2025 MUSA MURPHY USA INC 0.01% 30,547.32 BBG001Z0Q6T5 83
11/3/2025 NBIX NEUROCRINE BIOSCIENCES INC 0.02% 76,090.56 BBG000GJS7C1 536
11/3/2025 NCLH NORWEGIAN CRUISE LINE HOLDIN 0.03% 105,288.46 BBG000BSRN78 4,747
11/3/2025 NDAQ NASDAQ INC 0.11% 400,849.60 BBG000F5VVB6 4,640
11/3/2025 NEM NEWMONT GOLDCORP CORPORATION COM 0.10% 365,902.46 BBG000BPWXK1 4,483
11/3/2025 NFG National Fuel Gas Co 0.05% 176,934.20 BBG000BPYD87 2,215
11/3/2025 NFLX NETFLIX INC 0.29% 1,032,984.51 BBG000CL9VN6 939
11/3/2025 NI NISOURCE INC 0.01% 36,278.16 BBG000BPZBB6 852
11/3/2025 NKE NIKE INC -CL B 0.05% 189,140.35 BBG000C5HS04 3,019
11/3/2025 NNN NNN REIT INC 0.01% 33,080.01 BBG000CLP0Y4 809
11/3/2025 NOC NORTHROP GRUMMAN CORP 0.11% 390,127.98 BBG000BQ2C28 678
11/3/2025 NOW SERVICENOW INC 0.07% 243,081.44 BBG000M1R011 266
11/3/2025 NRG NRG ENERGY INC 0.23% 815,345.04 BBG000D8RG11 4,673
11/3/2025 NSA NATIONAL STORAGE AFFILIATES 0.01% 33,447.39 BBG008417VN4 1,149
11/3/2025 NSC NORFOLK SOUTHERN CORP 0.13% 452,036.34 BBG000BQ5DS5 1,602
11/3/2025 NTAP NETAPP INC 0.04% 130,037.28 BBG000FP1N32 1,112
11/3/2025 NTRS NORTHERN TRUST CORP 0.01% 46,986.24 BBG000BQ74K1 368
11/3/2025 NUE NUCOR CORP 0.04% 131,382.44 BBG000BQ8KV2 887
11/3/2025 NVDA NVIDIA CORP 9.62% 34,301,324.64 BBG000BBJQV0 165,803
11/3/2025 NVR NVR INC 0.08% 275,820.48 BBG000BQBYR3 39
11/3/2025 NXST NEXSTAR BROADCASTING GROUP-A 0.02% 77,844.90 BBG000DZJVH0 399
11/3/2025 NYT NEW YORK TIMES CO-A 0.01% 34,578.36 BBG000FFC0B3 606
11/3/2025 ODFL Old Dominion Freight Line Inc. 0.04% 143,560.44 BBG000CHSS88 1,044
11/3/2025 OGN ORGANON CO WI 0.01% 32,355.62 BBG00ZQRGW24 4,822
11/3/2025 OLED Universal Display Corp. 0.01% 31,066.05 BBG000BLRP41 213
11/3/2025 OLLI OLLIES BARGAIN OUTLET HOLDI 0.01% 30,948.21 BBG0098VVDT9 249
11/3/2025 OMC OMNICOM GROUP 0.06% 217,337.28 BBG000BS9489 2,976
11/3/2025 ON ON Semiconductor Corporation 0.05% 169,898.82 BBG000DV7MX4 3,367
11/3/2025 ONTO ONTO INNOVATION INC 0.01% 28,185.94 BBG000BPRN29 214
11/3/2025 ORI OLD REPUBLIC INTERNATIONAL CORP COMMON STOCK USD 1 0.01% 31,047.15 BBG000C4PLF7 789
11/3/2025 ORLY OREILLY AUTOMOTIVE INC 0.43% 1,538,084.10 BBG000BGYWY6 16,773
11/3/2025 OSK Oshkosh Corporation 0.01% 49,862.52 BBG000CC53X1 411
11/3/2025 OTIS OTIS WORLDWIDE CORP-W/I 0.23% 826,678.56 BBG00RP60KV0 9,168
11/3/2025 OVV OVINTIV INC COMMON STOCK 0.03% 119,039.34 BBG00R2NHQ65 3,171
11/3/2025 OZK Bank OZK 0.01% 30,385.25 BBG000QFJJW0 679
11/3/2025 PAG PENSKE AUTOMOTIVE GROUP INC 0.02% 65,336.67 BBG000H6K1B0 411
11/3/2025 PANW PALO ALTO NETWORKS INC 0.08% 272,941.35 BBG0014GJCT9 1,245
11/3/2025 PATH UIPATH INC 0.01% 37,437.33 BBG00GKS1G03 2,359
11/3/2025 PCAR PACCAR INC 0.10% 339,843.02 BBG000BQVTF5 3,487
11/3/2025 PCTY PAYLOCITY HOLDING CORP 0.02% 57,591.29 BBG006598YS8 409
11/3/2025 PEGA PEGASYSTEMS INC 0.01% 37,479.05 BBG000H1RYG7 595
11/3/2025 PEP PEPSICO INC 0.39% 1,379,278.00 BBG000DH7JK6 9,605
11/3/2025 PFE PFIZER INC 0.26% 922,481.28 BBG000BR2B91 37,408
11/3/2025 PFG PRINCIPAL FINANCIAL GROUP 0.01% 47,819.52 BBG000NSCNT7 576
11/3/2025 PG PROCTER & GAMBLE CO/THE 0.55% 1,965,409.56 BBG000BR2TH3 13,278
11/3/2025 PGR PROGRESSIVE CORP 0.44% 1,567,267.80 BBG000BR37X2 7,694
11/3/2025 PH PARKER-HANNIFIN CORP COMMON STOCK USD 0.5 0.22% 768,792.48 BBG000BR3KL6 996
11/3/2025 PHM PULTEGROUP INC 0.10% 339,534.84 BBG000BR54L0 2,859
11/3/2025 PINS PINTEREST INC- CLASS A 0.01% 52,201.30 BBG002583CV8 1,549
11/3/2025 PK PARK HOTELS & RESORTS INC 0.01% 32,346.30 BBG00FGXCJX5 3,165
11/3/2025 PKG Packaging Corp. of America 0.02% 65,131.47 BBG000BB8SW7 333
11/3/2025 PLD PROLOGIS INC 0.03% 124,220.00 BBG000B9Z0J8 1,000
11/3/2025 PLNT PLANET FITNESS INC - CL A 0.02% 55,060.08 BBG009H04M17 599
11/3/2025 PM PHILIP MORRIS INTERNATIONAL 0.55% 1,965,692.40 BBG000J2XL74 13,594
11/3/2025 PNC PNC FINANCIAL SERVICES GROUP 0.04% 139,430.62 BBG000BRD0D8 763
11/3/2025 PNFP PINNACLE FINL 0.01% 31,798.41 BBG000C1XKF6 371
11/3/2025 PNR Pentair plc 0.05% 193,594.08 BBG000C221G9 1,812
11/3/2025 POOL POOL CORP 0.01% 29,840.20 BBG000BCVG28 115
11/3/2025 PPC Pilgrims Pride Corp 0.03% 119,024.34 BBG000BFLXV3 3,138
11/3/2025 PPG PPG INDUSTRIES INC 0.06% 202,929.52 BBG000BRJ809 2,137
11/3/2025 PRI PRIMERICA INC 0.03% 95,421.95 BBG000T8ZF80 365
11/3/2025 PRMB PRIMO BRANDS CORP A COMMON STOCK USD.01 0.01% 34,640.48 BBG01QNB0RS1 1,576
11/3/2025 PSA PUBLIC STORAGE 0.07% 246,526.56 BBG000BPPN67 888
11/3/2025 PSTG PURE STORAGE INC - CLASS A 0.01% 38,848.40 BBG00212PVZ5 394
11/3/2025 PSX PHILLIPS 66 0.05% 170,055.36 BBG00286S4N9 1,233
11/3/2025 PVH PVH CORP 0.01% 30,672.00 BBG000BRRG02 400
11/3/2025 PWR QUANTA SERVICES INC 0.06% 221,803.44 BBG000BBL8V7 492
11/3/2025 PYPL PAYPAL HOLDINGS INC 0.17% 599,751.84 BBG0077VNXV6 8,776
11/3/2025 QCOM QUALCOMM INC 0.37% 1,309,135.68 BBG000CGC1X8 7,244
11/3/2025 QGEN QIAGEN N.V. 0.01% 33,803.20 BBG000GTYWL7 740
11/3/2025 QRVO QORVO INC 0.01% 34,624.60 BBG007TJF1N7 370
11/3/2025 QSR RESTAURANT BRANDS INTERN 0.08% 290,550.26 BBG0076WG2V1 4,417
11/3/2025 RBA RB GLOBAL INC 0.03% 91,722.54 BBG000C1DF05 942
11/3/2025 RBC RBC BEARINGS INC 0.01% 35,985.60 BBG000GMGNB3 84
11/3/2025 RCL ROYAL CARIBBEAN CRUISES LTD 0.10% 343,083.00 BBG000BB5792 1,235
11/3/2025 REG REGENCY CENTERS CORP 0.01% 32,525.52 BBG000BL46Q4 472
11/3/2025 REGN REGENERON PHARMACEUTICALS 0.24% 842,632.00 BBG000C734W3 1,312
11/3/2025 REYN Reynolds Consumer Products Inc. 0.01% 34,706.16 BBG00QVJVYB5 1,416
11/3/2025 RHI ROBERT HALF INTL INC 0.01% 25,958.80 BBG000BS5DR2 1,016
11/3/2025 RL RALPH LAUREN CORP 0.02% 63,934.85 BBG000BS0ZF1 203
11/3/2025 RMD RESMED INC 0.08% 282,807.20 BBG000L4M7F1 1,136
11/3/2025 RNG RINGCENTRAL INC-CLASS A 0.01% 36,077.70 BBG000J094P3 1,205
11/3/2025 RNR RenaissanceRe Holdings Ltd. 0.04% 142,330.44 BBG000BFVZ83 556
11/3/2025 ROK ROCKWELL AUTOMATION INC 0.04% 126,495.38 BBG000BBCDZ2 347
11/3/2025 ROKU ROKU INC COMMON STOCK USD.0001 0.01% 36,173.79 BBG001ZZPQJ6 333
11/3/2025 ROST ROSS STORES INC 0.06% 225,357.60 BBG000BSBZH7 1,398
11/3/2025 RRX REGAL BELOIT CORP 0.01% 50,808.45 BBG000BRXTR8 371
11/3/2025 RS RELIANCE STEEL & ALUMINUM 0.01% 34,604.82 BBG000CJ2181 123
11/3/2025 RTX RTX Corp. 0.24% 869,974.56 BBG000BW8S60 4,914
11/3/2025 RVTY Revvity Inc. 0.01% 34,491.87 BBG000FXW512 371
11/3/2025 RYN RAYONIER INC 0.01% 28,575.36 BBG000BG7L34 1,312
11/3/2025 SAIC SCIENCE APPLICATIONS INTE 0.02% 75,047.61 BBG003BW05K6 821
11/3/2025 SAM Boston Beer Co. Inc. Class A 0.01% 29,521.44 BBG000BCZBF1 144
11/3/2025 SBUX STARBUCKS CORP 0.13% 465,843.84 BBG000CTQBF3 5,754
11/3/2025 SCCO SOUTHERN COPPER CORP 0.14% 506,417.98 BBG000BSHH72 3,662
11/3/2025 SCI SERVICE CORP INTERNATIONAL 0.02% 65,714.01 BBG000BTHH16 807
11/3/2025 SEE SEALED AIR CORP 0.01% 48,387.52 BBG000C22QV7 1,424
11/3/2025 SEIC SEI INVESTMENTS COMPANY 0.02% 65,836.32 BBG000BSQLT9 814
11/3/2025 SF Stifel Financial Corp 0.01% 33,356.40 BBG000BSS5C0 280
11/3/2025 SFD SMITHFIELD FOODS 0.01% 39,729.50 BBG01RMP2W97 1,810
11/3/2025 SFM SPROUTS FARMERS MARKET INC 0.02% 55,153.56 BBG001KFKQM7 658
11/3/2025 SHC SOTERA HEALTH CO 0.01% 44,913.44 BBG008LZG0Z5 2,704
11/3/2025 SHW SHERWIN-WILLIAMS CO/THE 0.32% 1,135,773.04 BBG000BSXQV7 3,286
11/3/2025 SITE SITEONE LANDSCAPE SUPPLY INC 0.01% 31,803.60 BBG009T22D49 255
11/3/2025 SJM J M Smucker Co COM STK NPV 0.03% 107,785.60 BBG000BT1715 1,040
11/3/2025 SLB SCHLUMBERGER LTD 0.10% 366,127.80 BBG000BT41Q8 9,890
11/3/2025 SN SHARKNINJA HONG KONG CO LTD 0.02% 88,370.80 BBG01HBCT4Q4 1,036
11/3/2025 SNA SNAP-ON INC 0.04% 131,058.64 BBG000BT7JW9 388
11/3/2025 SNPS SYNOPSYS INC 0.08% 276,792.12 BBG000BSFRF3 621
11/3/2025 SNV SYNOVUS FINANCIAL CORP 0.01% 32,064.24 BBG000BLNZL4 717
11/3/2025 SNX SYNNEX CORP 0.03% 94,598.44 BBG000CL9JV4 617
11/3/2025 SO SOUTHERN CO/THE 0.34% 1,212,906.15 BBG000BT9DW0 13,021
11/3/2025 SOLV SOLVENTUM CORP W/I COMMON STOCK 0.03% 115,735.88 BBG018YZH6T3 1,699
11/3/2025 SPG SIMON PROPERTY GROUP INC 0.16% 557,570.52 BBG000BJ2D31 3,156
11/3/2025 SPGI S&P GLOBAL INC 0.20% 700,301.18 BBG000BP1Q11 1,409
11/3/2025 SSB.UN SouthState Bank Corp 0.01% 30,653.25 BBG000BNPYN9 345
11/3/2025 SSD SIMPSON MANUFACTURING CO INC 0.01% 32,315.64 BBG000JLC8L8 186
11/3/2025 ST SENSATA TECHNOLOGIES HOLDING 0.01% 45,771.54 BBG00JPGYW43 1,438
11/3/2025 STE STERIS PLC 0.01% 52,210.40 BBG00MRHG523 220
11/3/2025 STLD Steel Dynamics Inc 0.05% 164,704.32 BBG000HGYNZ9 1,056
11/3/2025 STWD STARWOOD PROPERTY TRUST INC 0.01% 32,996.60 BBG000M1J270 1,820
11/3/2025 STZ CONSTELLATION BRANDS INC-A 0.13% 479,716.94 BBG000J1QLT0 3,667
11/3/2025 SUI Sun Communities Inc 0.01% 30,631.92 BBG000BLJWF3 246
11/3/2025 SWKS SKYWORKS SOLUTIONS INC 0.01% 33,983.76 BBG000KLB4Q1 444
11/3/2025 SYF SYNCHRONY FINANCIAL 0.06% 196,052.49 BBG00658F3P3 2,649
11/3/2025 SYK STRYKER CORP 0.29% 1,039,380.32 BBG000DN7P92 2,902
11/3/2025 SYY SYSCO CORP 0.06% 199,891.80 BBG000BTVJ25 2,742
11/3/2025 T AT&T INC 0.21% 758,467.60 BBG000BSJK37 30,920
11/3/2025 TAP MOLSON COORS BREWING CO - Class B 0.01% 35,353.96 BBG000BS7KS3 818
11/3/2025 TDC TERADATA CORP 0.01% 32,795.21 BBG000R0L5J4 1,519
11/3/2025 TDY TELEDYNE TECH 0.02% 65,826.64 BBG000BMT9T6 127
11/3/2025 TEAM ATLASSIAN CORP PLC-CLASS A 0.02% 85,750.96 BBG01BGWHFR5 487
11/3/2025 TECH BIO-TECHNE CORP 0.01% 33,386.70 BBG000C15114 545
11/3/2025 TER TERADYNE INC 0.01% 47,781.27 BBG000BV4DR6 261
11/3/2025 TFX TELEFLEX INC 0.02% 57,985.20 BBG000BV59Y6 472
11/3/2025 TGT TARGET CORP 0.15% 525,288.80 BBG000H8TVT2 5,744
11/3/2025 THC TENET HEALTHCARE CORP 0.08% 290,605.77 BBG000CPHYL4 1,443
11/3/2025 THG HANOVER INSURANCE GROUP INC/ 0.01% 29,369.00 BBG000FJH8W0 172
11/3/2025 THO Thor Industries Inc. 0.01% 34,419.00 BBG000BV6R84 330
11/3/2025 TJX TJX COMPANIES INC 0.16% 565,571.48 BBG000BV8DN6 4,028
11/3/2025 TKO TKO GROUP HOLDINGS INC COMMON STOCK USD.00001 0.01% 37,166.58 BBG01G9JKWV5 198
11/3/2025 TKR Timken Co 0.01% 34,687.75 BBG000BV95H9 445
11/3/2025 TMO THERMO FISHER SCIENTIFIC INC 0.48% 1,712,151.28 BBG000BVDLH9 3,031
11/3/2025 TMUS T-MOBILE US INC 0.40% 1,421,613.44 BBG000NDV1D4 6,992
11/3/2025 TNL Travel + Leisure Co 0.02% 62,477.10 BBG000PV2L86 987
11/3/2025 TOL Toll Brothers Inc 0.04% 130,910.42 BBG000BVHBM1 982
11/3/2025 TPR TAPESTRY INC COMMON STOCK USD.01 0.03% 105,692.02 BBG000BY29C7 994
11/3/2025 TRMB TRIMBLE INC 0.03% 116,967.90 BBG000BNPS52 1,470
11/3/2025 TROW T ROWE PRICE GROUP INC 0.03% 108,931.41 BBG000BVMPN3 1,071
11/3/2025 TRU TRANSUNION 0.07% 252,552.00 BBG002Q7J5Z1 3,095
11/3/2025 TRV The Travelers Companies Inc. 0.06% 224,566.74 BBG000BJ81C1 839
11/3/2025 TSCO TRACTOR SUPPLY COMPANY 0.03% 102,985.38 BBG000BLXZN1 1,962
11/3/2025 TT TRANE TECHNOLOGIES PLC 0.21% 752,032.35 BBG000BM6788 1,685
11/3/2025 TTC Toro Co. 0.01% 43,635.48 BBG000BVQRY3 588
11/3/2025 TTD TRADE DESK INC/THE -CLASS A 0.01% 33,106.88 BBG00629NGT2 674
11/3/2025 TTEK Tetra Tech Inc 0.03% 89,431.02 BBG000BYZ0Q5 2,807
11/3/2025 TXN TEXAS INSTRUMENTS INC 0.13% 455,317.20 BBG000BVV7G1 2,820
11/3/2025 TXRH TEXAS ROADHOUSE INC 0.01% 38,166.48 BBG000PSJMV7 237
11/3/2025 TXT TEXTRON INC 0.02% 73,501.62 BBG000BVVQQ8 919
11/3/2025 UAL UNITED AIRLINES HOLDINGS INC 0.07% 265,359.71 BBG000M65M61 2,761
11/3/2025 UDR UDR INC 0.02% 54,064.00 BBG000C41023 1,600
11/3/2025 UGI UGI CORP 0.08% 288,329.76 BBG000BVYN55 8,612
11/3/2025 UHS UNIVERSAL HEALTH SERVICES-B 0.01% 50,319.60 BBG000CB8Q50 228
11/3/2025 UI UBIQUITI INC 0.04% 127,741.35 BBG001R72SR9 165
11/3/2025 ULTA Ulta Beauty Inc. 0.04% 150,572.13 BBG00FWQ4VD6 291
11/3/2025 UNH UNITEDHEALTH GROUP INC 0.69% 2,445,679.33 BBG000CH5208 7,327
11/3/2025 UNM UNUM GROUP 0.02% 54,259.92 BBG000BW2QX0 744
11/3/2025 UNP UNION PACIFIC CORP 0.33% 1,186,223.22 BBG000BW3299 5,421
11/3/2025 UPS UNITED PARCEL SERVICE-CL B 0.08% 301,840.72 BBG000L9CV04 3,208
11/3/2025 URI UNITED RENTALS INC 0.17% 594,185.13 BBG000BXMFC3 693
11/3/2025 UTHR United Therapeutics Corp. 0.06% 215,820.72 BBG000BV4XJ1 492
11/3/2025 V VISA INC-CLASS A SHARES 2.98% 10,609,317.90 BBG000PSKYX7 31,491
11/3/2025 VICI VICI PROPERTIES INC REIT 0.01% 45,465.99 BBG00HVVB499 1,511
11/3/2025 VIRT VIRTU FINANCIAL INC CLASS A COMMON STOCK USD.00001 0.01% 36,861.70 BBG0064N2T78 1,055
11/3/2025 VLO VALERO ENERGY CORP 0.08% 282,110.40 BBG000BBGGQ1 1,644
11/3/2025 VLTO VERALTO CORP-W/I 0.08% 287,618.58 BBG019Q32XJ9 2,907
11/3/2025 VMI VALMONT INDUSTRIES 0.01% 32,442.93 BBG000BWB7V4 79
11/3/2025 VNO VORNADO REALTY TRUST 0.01% 31,156.72 BBG000BWHD54 826
11/3/2025 VNT VONTIER CORP COMMON STOCK 0.03% 99,696.90 BBG00RRGSJR4 2,634
11/3/2025 VOYA VOYA FINANCIAL INC 0.01% 44,176.56 BBG000BCWKD6 604
11/3/2025 VRSK VERISK ANALYTICS INC 0.05% 167,796.60 BBG000BCZL41 779
11/3/2025 VRT VERTIV HOLDINGS CO 0.10% 341,266.20 BBG00L2B8KW8 1,783
11/3/2025 VRTX VERTEX PHARMACEUTICALS INC 0.23% 821,328.00 BBG000C1S2X2 1,928
11/3/2025 VTRS VIATRIS INC 0.01% 48,680.19 BBG00Y4RQNH4 4,623
11/3/2025 VVV VALVOLINE INC 0.01% 31,410.40 BBG003DNHV56 994
11/3/2025 VZ VERIZON COMMUNICATIONS INC 0.28% 1,013,865.89 BBG000HS77T5 25,687
11/3/2025 WAB WABTEC CORP 0.11% 380,946.28 BBG000BDD940 1,859
11/3/2025 WAT WATERS CORP 0.06% 197,677.48 BBG000FQRVM3 572
11/3/2025 WBD Warner Bros Discovery Inc 0.06% 206,650.59 BBG011386VF4 9,271
11/3/2025 WBS Webster Financial Corp 0.01% 31,232.61 BBG000BWMX63 549
11/3/2025 WCC WESCO INTL 0.01% 52,772.50 BBG000D0FNV3 202
11/3/2025 WDAY WORKDAY INC-CLASS A 0.02% 81,048.88 BBG000VC0T95 341
11/3/2025 WDC WESTERN DIGITAL CORP 0.05% 171,767.74 BBG000BWNFZ9 1,087
11/3/2025 WEN WENDYS CO/THE 0.01% 31,511.34 BBG000D52545 3,738
11/3/2025 WEX WEX INC 0.03% 91,179.55 BBG000BVZP59 605
11/3/2025 WFC WELLS FARGO & CO 0.15% 523,712.70 BBG000BWQFY7 5,999
11/3/2025 WFRD WEATHERFORD INTERNATIONAL PL 0.03% 110,151.36 BBG000DY8ZS4 1,464
11/3/2025 WH Wyndham Hotels & Resorts Inc. 0.03% 102,242.25 BBG00HCY3Q67 1,377
11/3/2025 WHR WHIRLPOOL CORP 0.01% 30,291.38 BBG000BWSV34 427
11/3/2025 WLK WESTLAKE CHEMICAL CORP 0.01% 28,609.32 BBG000PXZFW2 419
11/3/2025 WMS ADVANCED DRAINAGE SYSTEMS IN 0.02% 58,289.40 BBG000G7CDN9 423
11/3/2025 WPC W. P. CAREY REIT INC 0.01% 32,559.54 BBG000BCQM58 494
11/3/2025 WRB W.R. Berkley Corporation 0.03% 101,425.14 BBG000BD1HP2 1,413
11/3/2025 WSC WILLSCOT HOLDINGS CORP COMMON STOCK USD 0.0001 0.02% 76,255.88 BBG00B0FS947 3,532
11/3/2025 WSM WILLIAMS-SONOMA INC 0.04% 129,825.88 BBG000FSMWC3 674
11/3/2025 WSO WATSCO INC 0.01% 39,387.15 BBG000DJN7L9 109
11/3/2025 WST WEST PHARMACEUTICAL SERVICES 0.01% 40,568.10 BBG000BX24N8 145
11/3/2025 WU WESTERN UNION CO 0.01% 51,478.70 BBG000BB5373 5,657
11/3/2025 WWD Woodward Inc 0.01% 31,926.18 BBG000BD53V2 122
11/3/2025 WY WEYERHAEUSER CO 0.01% 31,423.96 BBG000BX3BL3 1,396
11/3/2025 WYNN WYNN RESORTS LTD 0.02% 59,847.48 BBG000LD9JQ8 476
11/3/2025 XOM EXXON MOBIL CORP 0.82% 2,909,867.04 BBG000GZQ728 25,579
11/3/2025 XP XP INC CLASS A COMMON STOCK 0.02% 58,463.10 BBG00QVJYGM9 3,186
11/3/2025 XPO XPO Inc 0.02% 56,560.61 BBG000L5CJF3 409
11/3/2025 XRAY DENTSPLY SIRONA INC 0.01% 34,575.25 BBG000BX57K1 2,755
11/3/2025 XYL Xylem Inc/NY 0.02% 75,886.81 BBG001D8R5D0 509
11/3/2025 YETI YETI Holdings Inc. 0.01% 34,344.96 BBG00D8JC882 1,024
11/3/2025 YUM YUM! BRANDS INC 0.22% 768,959.46 BBG000BH3GZ2 5,517
11/3/2025 ZBH ZIMMER BIOMET HOLDINGS INC 0.03% 117,458.88 BBG000BKPL53 1,176
11/3/2025 ZION ZIONS BANCORPORATION 0.01% 30,440.76 BBG000BX9WL1 588
11/3/2025 ZM ZOOM VIDEO COMMUNICATIONS-A 0.03% 103,018.32 BBG0042V6JM8 1,194
11/3/2025 ZTS ZOETIS INC 0.22% 782,810.05 BBG0039320N9 5,423
11/3/2025 CONTRA ABIOMED INC COMMON STOCK 0.00% 0.00 BBG01F3NM7X5 2
11/3/2025 CASH AND CASH EQUIVALENTS 0.78% 2,796,494.13

Portfolio holdings will change and should not be considered investment advice or a recommendation to buy, sell or hold any particular security.


Risk Considerations

Investing involves risk, including the possible loss of principal. Shares of the ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

The prices of securities in the Fund’s portfolio will fluctuate due to market conditions and may affect its value. The fund is subject to the risks of the underlying securities it invests in such as convertible securities in which market value may change based on the issuer’s credit rating or the ability of the issuer to pay interest and dividends. Investments in preferred securities may cause their prices to behave more like those of debt securities. If interest rates rise, the value of preferred stock tends to fall. The price of a warrant and rights may not necessarily move parallel to the price of the underlying security and is generally more volatile.

The Fund is a non-diversified portfolio, which means that it can take larger positions in a smaller number of securities than a portfolio that is diversified. This can increase the risk that the value of the Fund could go down because of the poor performance of a limited number of investments. The Fund was recently organized and has no operating history. As a result, investors have a limited track record on which to base their investment decision.

The Applied Finance Valuation Large Cap ETF is distributed by Foreside Fund Services, LLC, not an adviser affiliate.

Applied Finance Advisors, LLC is the Adviser to the fund.