LeaderShares®
Activist Leaders® ETF
PORTFOLIO REVIEW
April 30, 2023
(Unaudited)
The Fund’s performance figures* for the period ended April 30, 2023, compared to its benchmark:
| Annualized | |||
| Six Months | One Year | Since Inception(a) | |
| LeaderShares® Activist Leaders® ETF - NAV | 3.06% | (10.30)% | 10.50% |
| LeaderShares® Activist Leaders® ETF - Market Price | 1.67% | (6.18)% | 10.45% |
| S&P 500 Index (b) | 8.63% | 2.66% | 10.16% |
| * | The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The NAV returns are calculated using the traded NAV on April 28, 2023. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (10/26/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.75% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277. |
| (a) | As of the close of business on the day of commencement of trading October 26, 2020. |
| (b) | The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing. |
| PORTFOLIO
ANALYSIS April 30, 2023 |
||||
| Percent of | ||||
| Top 10 Industries | Net Assets | |||
| Technology Services | 11.9 | % | ||
| Biotech & Pharma | 11.9 | % | ||
| Retail Discretionary | 8.0 | % | ||
| Technology Hardware | 7.9 | % | ||
| Asset Management | 7.9 | % | ||
| Leisure Facilities & Services | 4.0 | % | ||
| Real Estate Owners & Developers | 4.0 | % | ||
| Chemicals | 4.0 | % | ||
| Construction Materials | 4.0 | % | ||
| Electrical Equipment | 4.0 | % | ||
| Other/Cash and Equivalents | 32.4 | % | ||
| Total | 100.0 | % | ||
Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.
1
LeaderShares®
AlphaFactor® Tactical Focused ETF
PORTFOLIO REVIEW
April
30, 2023 (Unaudited)
The Fund’s performance figures* for the period ended April 30, 2023, compared to its benchmark:
| Annualized | |||
| Six Months | One Year | Since Inception(a) | |
| LeaderShares® AlphaFactor® Tactical Focused ETF - NAV | (2.17)% | (0.39)% | 12.38% |
| LeaderShares® AlphaFactor® Tactical Focused ETF - Market Price | (2.08)% | (0.39)% | 12.35% |
| S&P 500 Index (b) | 8.63% | 2.66% | 10.16% |
| * | The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (10/26/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.99% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277. |
| (a) | As of the close of business on the day of commencement of trading October 26, 2020. |
| (b) | The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing. |
| PORTFOLIO ANALYSIS April 30, 2023 |
||||
| Percent of | ||||
| Top 10 Industries | Net Assets | |||
| Leisure Facilities & Services | 16.8 | % | ||
| Oil & Gas Producers | 15.2 | % | ||
| Specialty Finance | 10.3 | % | ||
| Health Care Facilities & Services | 6.8 | % | ||
| Transportation & Logistics | 6.7 | % | ||
| Technology Hardware | 6.5 | % | ||
| Construction Materials | 3.6 | % | ||
| Transportation Equipment | 3.5 | % | ||
| Retail - Discretionary | 3.4 | % | ||
| Banking | 3.4 | % | ||
| Other/Cash and Equivalents | 23.8 | % | ||
| Total | 100.0 | % | ||
Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.
2
Leadershares®
AlphaFactor® US Core Equity ETF
PORTFOLIO REVIEW
April
30, 2023 (Unaudited)
The Fund’s performance figures* for the period ended April 30, 2023, compared to its benchmark:
| Annualized | Annualized | |||
| Six Months | One Year | Three Year | Since Inception(a) | |
| LeaderShares® AlphaFactor® US Core Equity ETF - NAV | 1.17% | 0.14% | 12.63% | 5.08% |
| LeaderShares® AlphaFactor® US Core Equity ETF - Market Price | 1.10% | 0.11% | 12.38% | 5.08% |
| S&P 500 Index (b) | 8.63% | 2.66% | 14.52% | 9.95% |
| AlphaFactor® US Core Equity Index (c) | 1.55% | 0.67% | 13.35% | 5.99% |
| * | The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (10/1/2018) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.75% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277. |
| (a) | As of the close of business on the day of commencement of trading October 1, 2018. |
| (b) | The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing. |
| (c) | The AlphaFactor® US Core Equity Index, the Fund advisor’s proprietary index, utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization. Companies within this group of the top 1,000 market capitalizations may be considered large or mid-cap companies. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing. |
| PORTFOLIO ANALYSIS April 30, 2023 |
||||
| Percent of | ||||
| Top 10 Industries | Net Assets | |||
| Oil & Gas Producers | 15.6 | % | ||
| Health Care Facilities & Services | 8.4 | % | ||
| Retail- Discretionary | 7.3 | % | ||
| Insurance | 7.1 | % | ||
| Chemicals | 6.9 | % | ||
| Leisure Facilities & Services | 5.1 | % | ||
| Institutional Financial Services | 4.0 | % | ||
| Transportation & Logistics | 3.8 | % | ||
| Steel | 3.7 | % | ||
| Construction Materials | 3.0 | % | ||
| Other/Cash and Equivalents | 35.1 | % | ||
| Total | 100.0 | % | ||
Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.
3
LeaderShares®
Equity Skew ETF
PORTFOLIO REVIEW
April 30, 2023
(Unaudited)
The Fund’s performance figures* for the period ended April 30, 2023, compared to its benchmark:
| Annualized | |||
| Six Months | One Year | Since Inception(a) | |
| LeaderShares® Equity Skew ETF - NAV | 2.10% | (3.36)% | 9.96% |
| LeaderShares® Equity Skew ETF - Market Price | 2.18% | (3.43)% | 9.93% |
| S&P 500 Index (b) | 8.63% | 2.66% | 14.41% |
| * | The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (5/11/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.81% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277. |
| (a) | As of the close of business on the day of commencement of trading May 11, 2020. |
| (b) | The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing. |
| PORTFOLIO ANALYSIS April 30, 2023 |
||||
| Percent of | ||||
| Top 10 Industries | Net Assets | |||
| Exchange Traded Funds | 89.0 | % | ||
| Technology Hardware | 1.6 | % | ||
| Biotech & Pharma | 1.3 | % | ||
| Software | 1.1 | % | ||
| Semiconductors | 0.9 | % | ||
| Oil & Gas Producers | 0.8 | % | ||
| Technology Services | 0.6 | % | ||
| Internet Media & Services | 0.5 | % | ||
| Medical Equipment & Devices | 0.4 | % | ||
| Healthcare Facilities & Services | 0.4 | % | ||
| Other/Cash and Equivalents | 3.4 | % | ||
| Total | 100.0 | % | ||
Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.
4
LeaderShares®
Dynamic Yield ETF
PORTFOLIO REVIEW
April 30, 2023
(Unaudited)
The Fund’s performance figures* for the period ended April 30, 2023, compared to its benchmark:
| Annualized | |||
| Six Months | One Year | Since Inception(a) | |
| LeaderShares® Dynamic Yield ETF - NAV | 5.91% | 1.16% | (3.57)% |
| LeaderShares® Dynamic Yield ETF - Market Price | 3.46% | 0.73% | (3.57)% |
| Bloomberg US Aggregate Bond Index (b) | 6.91% | (0.43)% | (5.40)% |
| * | The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (6/28/2021) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.75% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277. |
| (a) | As of the close of business on the day of commencement of trading June 28, 2021. |
| (b) | The Bloomberg U.S. Aggregate Bond Index is a broadbased benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgagebacked securities, asset-backed securities and collateralized mortgage-backed securities. |
| PORTFOLIO ANALYSIS April 30, 2023 |
||||
| Percent of | ||||
| Top 10 Industries | Net Assets | |||
| U.S. Government & Agencies | 39.9 | % | ||
| Banking | 11.1 | % | ||
| Telecommunications | 7.0 | % | ||
| Biotech & Pharma | 4.4 | % | ||
| Health Care Facilities & Services | 3.8 | % | ||
| Institutional Financial Services | 3.5 | % | ||
| Food | 3.4 | % | ||
| Software | 3.3 | % | ||
| Aerospace & Defense | 2.9 | % | ||
| Technology Hardware | 2.4 | % | ||
| Other/Cash and Equivalents | 18.3 | % | ||
| Total | 100.0 | % | ||
Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.
5
| LEADERSHARES ACTIVIST LEADERS ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.0% | ||||||||
| ASSET MANAGEMENT - 7.9% | ||||||||
| 213,276 | Invesco Ltd. | $ | 3,653,418 | |||||
| 141,730 | Janus Henderson Group plc | 3,677,893 | ||||||
| 7,331,311 | ||||||||
| AUTOMOTIVE - 3.9% | ||||||||
| 242,806 | Dana, Inc. | 3,591,101 | ||||||
| BIOTECH & PHARMA - 11.9% | ||||||||
| 502,765 | Bausch Health Companies, Inc.(a) | 3,705,377 | ||||||
| 310,738 | Innoviva, Inc.(a) | 3,644,957 | ||||||
| 351,911 | Ironwood Pharmaceuticals, Inc.(a) | 3,663,394 | ||||||
| 11,013,728 | ||||||||
| CHEMICALS - 4.0% | ||||||||
| 23,041 | Rogers Corporation(a) | 3,708,449 | ||||||
| CONSTRUCTION MATERIALS - 4.0% | ||||||||
| 125,433 | MDU Resources Group, Inc. | 3,665,152 | ||||||
| CONSUMER SERVICES - 3.9% | ||||||||
| 136,251 | Upbound Group, Inc. | 3,632,452 | ||||||
| CONTAINERS & PACKAGING - 3.9% | ||||||||
| 42,563 | Crown Holdings, Inc. | 3,651,054 | ||||||
| ELECTRICAL EQUIPMENT - 4.0% | ||||||||
| 245,818 | Vertiv Holdings Company | 3,667,605 | ||||||
| FOOD - 3.9% | ||||||||
| 68,738 | TreeHouse Foods, Inc.(a) | 3,660,299 | ||||||
| GAS & WATER UTILITIES - 3.9% | ||||||||
| 64,841 | Southwest Gas Holdings, Inc. | 3,631,096 | ||||||
See accompanying notes which are an integral part of these financial statements.
6
| LEADERSHARES ACTIVIST LEADERS ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 99.0% (Continued) | ||||||||
| HOME & OFFICE PRODUCTS - 4.0% | ||||||||
| 302,780 | Newell Brands, Inc. | $ | 3,678,777 | |||||
| INTERNET MEDIA & SERVICES - 3.9% | ||||||||
| 48,349 | GoDaddy, Inc., Class A(a) | 3,659,052 | ||||||
| LEISURE FACILITIES & SERVICES - 4.0% | ||||||||
| 52,539 | Restaurant Brands International, Inc. | 3,684,560 | ||||||
| PUBLISHING & BROADCASTING - 4.0% | ||||||||
| 93,118 | New York Times Company (The), Class A | 3,701,441 | ||||||
| REAL ESTATE OWNERS & DEVELOPERS - 4.0% | ||||||||
| 47,420 | Howard Hughes Corporation(a) | 3,668,885 | ||||||
| RETAIL - DISCRETIONARY - 8.0% | ||||||||
| 105,260 | Bath & Body Works, Inc. | 3,694,626 | ||||||
| 53,812 | Freshpet, Inc.(a) | 3,711,414 | ||||||
| 7,406,040 | ||||||||
| TECHNOLOGY HARDWARE - 7.9% | ||||||||
| 62,598 | Seagate Technology Holdings plc | 3,678,885 | ||||||
| 232,045 | Xerox Holdings Corporation | 3,636,145 | ||||||
| 7,315,030 | ||||||||
| TECHNOLOGY SERVICES - 11.9% | ||||||||
| 1,048,686 | Conduent, Inc.(a) | 3,680,888 | ||||||
| 215,851 | Green Dot Corporation, Class A(a) | 3,710,478 | ||||||
| 30,315 | Insight Enterprises, Inc.(a) | 3,666,599 | ||||||
| 11,057,965 | ||||||||
| TOTAL COMMON STOCKS (Cost $92,413,226) | 91,723,997 | |||||||
| TOTAL INVESTMENTS - 99.0% (Cost $92,413,226) | $ | 91,723,997 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0% | 944,026 | |||||||
| NET ASSETS - 100.0% | $ | 92,668,023 | ||||||
See accompanying notes which are an integral part of these financial statements.
7
| LEADERSHARES ACTIVIST LEADERS ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| (a) | Non-income producing security. |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| Diversification of Assets | ||||
| Country | % of Net Assets | |||
| United States | 79.1 | % | ||
| Canada | 8.0 | % | ||
| Ireland | 4.0 | % | ||
| Jersey | 4.0 | % | ||
| Bermuda | 3.9 | % | ||
| Total | 99.0 | % | ||
| Other Assets Less Liabilities - Net | 1.0 | % | ||
| Grand Total | 100.0 | % | ||
See accompanying notes which are an integral part of these financial statements.
8
| LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% | ||||||||
| BANKING - 3.4% | ||||||||
| 107,183 | Popular, Inc. | $ | 6,432,052 | |||||
| CHEMICALS - 3.2% | ||||||||
| 224,611 | Huntsman Corporation | 6,017,329 | ||||||
| COMMERCIAL SUPPORT SERVICES - 3.0% | ||||||||
| 74,360 | ManpowerGroup, Inc. | 5,629,796 | ||||||
| CONSTRUCTION MATERIALS - 3.6% | ||||||||
| 64,143 | Owens Corning | 6,851,114 | ||||||
| CONSUMER SERVICES - 3.4% | ||||||||
| 53,642 | Grand Canyon Education, Inc.(a) | 6,367,305 | ||||||
| FOOD - 3.2% | ||||||||
| 264,586 | Pilgrim’s Pride Corporation(a) | 6,035,207 | ||||||
| HEALTH CARE FACILITIES & SERVICES - 6.8% | ||||||||
| 81,240 | Cardinal Health, Inc. | 6,669,804 | ||||||
| 23,988 | Cigna Group (The) | 6,075,921 | ||||||
| 12,745,725 | ||||||||
| LEISURE FACILITIES & SERVICES - 16.8% | ||||||||
| 95,622 | Boyd Gaming Corporation | 6,636,167 | ||||||
| 52,029 | Choice Hotels International, Inc. | 6,634,738 | ||||||
| 44,987 | Marriott Vacations Worldwide Corporation | 6,053,451 | ||||||
| 155,335 | Travel + Leisure Company | 5,944,670 | ||||||
| 89,890 | Wyndham Hotels & Resorts, Inc. | 6,132,296 | ||||||
| 31,401,322 | ||||||||
| OIL & GAS PRODUCERS - 15.2% | ||||||||
| 171,665 | APA Corporation | 6,325,855 | ||||||
| 125,286 | HF Sinclair Corporation | 5,526,365 | ||||||
| 45,664 | Marathon Petroleum Corporation | 5,571,008 | ||||||
| 94,974 | PDC Energy, Inc. | 6,178,059 | ||||||
See accompanying notes which are an integral part of these financial statements.
9
| LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% (Continued) | ||||||||
| OIL & GAS PRODUCERS - 15.2% (Continued) | ||||||||
| 44,182 | Valero Energy Corporation | $ | 5,066,350 | |||||
| 28,667,637 | ||||||||
| RETAIL - DISCRETIONARY - 3.4% | ||||||||
| 31,077 | Lowe’s Companies, Inc. | 6,458,733 | ||||||
| SPECIALTY FINANCE - 10.3% | ||||||||
| 240,975 | Ally Financial, Inc. | 6,356,921 | ||||||
| 457,522 | MGIC Investment Corporation | 6,803,351 | ||||||
| 211,876 | Synchrony Financial | 6,252,461 | ||||||
| 19,412,733 | ||||||||
| STEEL - 3.2% | ||||||||
| 23,975 | Reliance Steel & Aluminum Company | 5,941,005 | ||||||
| TECHNOLOGY HARDWARE - 6.5% | ||||||||
| 71,918 | Dolby Laboratories, Inc., Class A | 6,018,817 | ||||||
| 209,886 | HP, Inc. | 6,235,714 | ||||||
| 12,254,531 | ||||||||
| TECHNOLOGY SERVICES - 3.4% | ||||||||
| 17,649 | S&P Global, Inc. | 6,399,174 | ||||||
| TRANSPORTATION & LOGISTICS - 6.7% | ||||||||
| 61,894 | CH Robinson Worldwide, Inc. | 6,243,248 | ||||||
| 56,020 | Expeditors International of Washington, Inc. | 6,377,316 | ||||||
| 12,620,564 | ||||||||
| TRANSPORTATION EQUIPMENT - 3.5% | ||||||||
| 134,747 | Allison Transmission Holdings, Inc. | 6,574,306 | ||||||
| WHOLESALE - DISCRETIONARY - 3.3% | ||||||||
| 108,914 | LKQ Corporation | 6,287,605 | ||||||
See accompanying notes which are an integral part of these financial statements.
10
| LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| TOTAL COMMON STOCKS (Cost $181,858,158) | $ | 186,096,138 | ||||||
| TOTAL INVESTMENTS - 98.9% (Cost $181,858,158) | $ | 186,096,138 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1% | 1,988,761 | |||||||
| NET ASSETS - 100.0% | $ | 188,084,899 | ||||||
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
11
| LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% | ||||||||
| ADVERTISING & MARKETING - 0.9% | ||||||||
| 42,240 | Interpublic Group of Companies, Inc. (The) | $ | 1,509,235 | |||||
| AEROSPACE & DEFENSE - 1.9% | ||||||||
| 3,299 | Lockheed Martin Corporation | 1,532,220 | ||||||
| 22,138 | Textron, Inc. | 1,481,918 | ||||||
| 3,014,138 | ||||||||
| APPAREL & TEXTILE PRODUCTS - 0.9% | ||||||||
| 36,373 | Tapestry, Inc. | 1,484,382 | ||||||
| ASSET MANAGEMENT - 2.0% | ||||||||
| 11,125 | Affiliated Managers Group, Inc. | 1,606,227 | ||||||
| 5,138 | Ameriprise Financial, Inc. | 1,567,707 | ||||||
| 3,173,934 | ||||||||
| BIOTECH & PHARMA - 0.9% | ||||||||
| 22,563 | Bristol-Myers Squibb Company | 1,506,532 | ||||||
| CHEMICALS - 6.9% | ||||||||
| 21,477 | CF Industries Holdings, Inc. | 1,537,324 | ||||||
| 52,451 | Chemours Company (The) | 1,524,751 | ||||||
| 34,403 | Mosaic Company (The) | 1,474,169 | ||||||
| 4,293 | NewMarket Corporation | 1,715,482 | ||||||
| 28,107 | Olin Corporation | 1,557,128 | ||||||
| 44,564 | Univar Solutions, Inc.(a) | 1,582,021 | ||||||
| 44,490 | Valvoline, Inc. | 1,537,130 | ||||||
| 10,928,005 | ||||||||
| COMMERCIAL SUPPORT SERVICES - 2.7% | ||||||||
| 217,928 | ADT, Inc. | 1,460,118 | ||||||
| 7,886 | FTI Consulting, Inc.(a) | 1,423,423 | ||||||
| 44,365 | H&R Block, Inc. | 1,504,417 | ||||||
| 4,387,958 | ||||||||
| CONSTRUCTION MATERIALS - 3.0% | ||||||||
| 6,871 | Carlisle Companies, Inc. | 1,483,105 | ||||||
| 10,636 | Eagle Materials, Inc. | 1,576,362 | ||||||
See accompanying notes which are an integral part of these financial statements.
12
| LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% (Continued) | ||||||||
| CONSTRUCTION MATERIALS - 3.0% (Continued) | ||||||||
| 16,579 | Owens Corning | $ | 1,770,803 | |||||
| 4,830,270 | ||||||||
| CONSUMER SERVICES - 1.0% | ||||||||
| 13,770 | Grand Canyon Education, Inc.(a) | 1,634,499 | ||||||
| CONTAINERS & PACKAGING - 1.0% | ||||||||
| 26,825 | Berry Global Group, Inc. | 1,550,753 | ||||||
| DIVERSIFIED INDUSTRIALS - 1.0% | ||||||||
| 10,433 | Dover Corporation | 1,524,887 | ||||||
| ELECTRIC UTILITIES - 2.0% | ||||||||
| 56,390 | PPL Corporation | 1,619,521 | ||||||
| 65,542 | Vistra Corporation | 1,563,832 | ||||||
| 3,183,353 | ||||||||
| ELECTRICAL EQUIPMENT - 0.9% | ||||||||
| 8,638 | Acuity Brands, Inc. | 1,359,448 | ||||||
| ENGINEERING & CONSTRUCTION - 2.0% | ||||||||
| 28,591 | KBR, Inc. | 1,621,968 | ||||||
| 33,678 | WillScot Mobile Mini Holdings Corporation(a) | 1,528,981 | ||||||
| 3,150,949 | ||||||||
| FOOD - 1.0% | ||||||||
| 68,278 | Pilgrim’s Pride Corporation(a) | 1,557,421 | ||||||
| HEALTH CARE FACILITIES & SERVICES - 8.4% | ||||||||
| 9,780 | AmerisourceBergen Corporation | 1,631,793 | ||||||
| 20,813 | Cardinal Health, Inc. | 1,708,747 | ||||||
| 6,151 | Cigna Group (The) | 1,557,987 | ||||||
| 5,999 | HCA Healthcare, Inc. | 1,723,693 | ||||||
| 19,347 | Henry Schein, Inc.(a) | 1,563,431 | ||||||
| 4,356 | McKesson Corporation | 1,586,629 | ||||||
| 11,100 | Quest Diagnostics, Inc. | 1,540,791 | ||||||
See accompanying notes which are an integral part of these financial statements.
13
| LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% (Continued) | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 8.4% (Continued) | ||||||||
| 12,463 | Universal Health Services, Inc., Class B | $ | 1,873,812 | |||||
| 13,186,883 | ||||||||
| HOME CONSTRUCTION - 2.2% | ||||||||
| 284 | NVR, Inc.(a) | 1,658,560 | ||||||
| 27,152 | PulteGroup, Inc. | 1,823,257 | ||||||
| 3,481,817 | ||||||||
| INDUSTRIAL SUPPORT SERVICES - 1.0% | ||||||||
| 2,307 | WW Grainger, Inc. | 1,604,680 | ||||||
| INSTITUTIONAL FINANCIAL SERVICES - 4.0% | ||||||||
| 13,514 | Evercore, Inc., Class A | 1,541,542 | ||||||
| 4,826 | Goldman Sachs Group, Inc. | 1,657,441 | ||||||
| 49,549 | Jefferies Financial Group, Inc. | 1,587,054 | ||||||
| 20,860 | State Street Corporation | 1,507,344 | ||||||
| 6,293,381 | ||||||||
| INSURANCE - 7.1% | ||||||||
| 24,227 | Aflac, Inc. | 1,692,256 | ||||||
| 14,134 | Allstate Corporation (The) | 1,636,152 | ||||||
| 31,018 | American International Group, Inc. | 1,645,195 | ||||||
| 35,518 | Brighthouse Financial, Inc.(a) | 1,569,896 | ||||||
| 22,489 | Hartford Financial Services Group, Inc. (The) | 1,596,494 | ||||||
| 62,781 | Old Republic International Corporation | 1,586,476 | ||||||
| 9,149 | Travelers Companies, Inc. (The) | 1,657,250 | ||||||
| 11,383,719 | ||||||||
| INTERNET MEDIA & SERVICES - 1.0% | ||||||||
| 587 | Booking Holdings, Inc.(a) | 1,576,864 | ||||||
| LEISURE FACILITIES & SERVICES - 5.1% | ||||||||
| 11,115 | Hilton Worldwide Holdings, Inc. | 1,600,782 | ||||||
| 13,830 | Hyatt Hotels Corporation, Class A(a) | 1,580,769 | ||||||
| 8,023 | Madison Square Garden Sports Corporation | 1,608,612 | ||||||
| 9,415 | Marriott International, Inc., Class A | 1,594,336 | ||||||
| 11,841 | Yum! Brands, Inc. | 1,664,608 | ||||||
| 8,049,107 | ||||||||
See accompanying notes which are an integral part of these financial statements.
14
| LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% (Continued) | ||||||||
| MACHINERY - 0.9% | ||||||||
| 6,899 | Caterpillar, Inc. | $ | 1,509,501 | |||||
| MEDICAL EQUIPMENT & DEVICES - 1.9% | ||||||||
| 1,025 | Mettler-Toledo International, Inc.(a) | 1,528,787 | ||||||
| 5,052 | Waters Corporation(a) | 1,517,419 | ||||||
| 3,046,206 | ||||||||
| OIL & GAS PRODUCERS - 15.6% | ||||||||
| 67,715 | Antero Resources Corporation(a) | 1,556,768 | ||||||
| 43,978 | APA Corporation | 1,620,589 | ||||||
| 10,004 | Cheniere Energy, Inc. | 1,530,612 | ||||||
| 9,600 | Chevron Corporation | 1,618,368 | ||||||
| 15,771 | ConocoPhillips | 1,622,678 | ||||||
| 63,829 | Coterra Energy, Inc. | 1,634,022 | ||||||
| 14,284 | Exxon Mobil Corporation | 1,690,370 | ||||||
| 32,145 | HF Sinclair Corporation | 1,417,916 | ||||||
| 65,152 | Marathon Oil Corporation | 1,574,072 | ||||||
| 11,740 | Marathon Petroleum Corporation | 1,432,280 | ||||||
| 25,063 | Occidental Petroleum Corporation | 1,542,126 | ||||||
| 43,561 | Ovintiv, Inc. | 1,571,681 | ||||||
| 24,481 | PDC Energy, Inc. | 1,592,489 | ||||||
| 15,692 | Phillips 66 | 1,553,508 | ||||||
| 59,776 | Range Resources Corporation | 1,581,075 | ||||||
| 11,379 | Valero Energy Corporation | 1,304,830 | ||||||
| 24,843,384 | ||||||||
| PUBLISHING & BROADCASTING - 1.0% | ||||||||
| 9,090 | Nexstar Media Group, Inc. | 1,576,661 | ||||||
| RETAIL - CONSUMER STAPLES - 1.0% | ||||||||
| 7,509 | Dollar General Corporation | 1,662,943 | ||||||
| RETAIL - DISCRETIONARY - 7.3% | ||||||||
| 11,730 | AutoNation, Inc.(a) | 1,544,841 | ||||||
| 643 | AutoZone, Inc.(a) | 1,712,508 | ||||||
| 17,770 | Builders FirstSource, Inc.(a) | 1,684,063 | ||||||
See accompanying notes which are an integral part of these financial statements.
15
| LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% (Continued) | ||||||||
| RETAIL - DISCRETIONARY - 7.3% (Continued) | ||||||||
| 8,001 | Lowe’s Companies, Inc. | $ | 1,662,848 | |||||
| 1,848 | O’Reilly Automotive, Inc.(a) | 1,695,189 | ||||||
| 11,039 | Penske Automotive Group, Inc. | 1,529,785 | ||||||
| 2,887 | Ulta Beauty, Inc.(a) | 1,591,978 | ||||||
| 11,421,212 | ||||||||
| SEMICONDUCTORS - 1.0% | ||||||||
| 3,955 | KLA Corporation | 1,528,766 | ||||||
| STEEL - 3.7% | ||||||||
| 10,234 | Nucor Corporation | 1,516,474 | ||||||
| 6,171 | Reliance Steel & Aluminum Company | 1,529,174 | ||||||
| 14,024 | Steel Dynamics, Inc. | 1,457,795 | ||||||
| 59,730 | United States Steel Corporation | 1,366,622 | ||||||
| 5,870,065 | ||||||||
| TECHNOLOGY HARDWARE - 1.7% | ||||||||
| 12,677 | Arrow Electronics, Inc.(a) | 1,450,628 | ||||||
| 34,861 | Avnet, Inc. | 1,438,365 | ||||||
| 2,888,993 | ||||||||
| TECHNOLOGY SERVICES - 1.0% | ||||||||
| 8,519 | WEX, Inc.(a) | 1,510,845 | ||||||
| TRANSPORTATION & LOGISTICS - 3.8% | ||||||||
| 15,961 | CH Robinson Worldwide, Inc. | 1,609,986 | ||||||
| 14,405 | Expeditors International of Washington, Inc. | 1,639,866 | ||||||
| 4,639 | Old Dominion Freight Line, Inc. | 1,486,289 | ||||||
| 17,681 | Ryder System, Inc. | 1,399,628 | ||||||
| 6,135,769 | ||||||||
| TRANSPORTATION EQUIPMENT - 1.1% | ||||||||
| 34,846 | Allison Transmission Holdings, Inc. | 1,700,136 | ||||||
| WHOLESALE - CONSUMER STAPLES - 1.0% | ||||||||
| 19,589 | Archer-Daniels-Midland Company | 1,529,509 | ||||||
See accompanying notes which are an integral part of these financial statements.
16
| LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 98.9% (Continued) | ||||||||
| WHOLESALE - DISCRETIONARY - 1.0% | ||||||||
| 27,984 | LKQ Corporation | $ | 1,615,517 | |||||
| TOTAL COMMON STOCKS (Cost $150,918,200) | 157,211,722 | |||||||
| TOTAL INVESTMENTS - 98.9% (Cost $150,918,200) | $ | 157,211,722 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 1.1% | 1,759,771 | |||||||
| NET ASSETS - 100.0% | $ | 158,971,493 | ||||||
| (a) | Non-income producing security. |
See accompanying notes which are an integral part of these financial statements.
17
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 10.1% | ||||||||
| AEROSPACE & DEFENSE - 0.2% | ||||||||
| 97 | General Dynamics Corporation | $ | 21,179 | |||||
| 76 | L3Harris Technologies, Inc. | 14,831 | ||||||
| 132 | Lockheed Martin Corporation | 61,308 | ||||||
| 85 | Northrop Grumman Corporation | 39,208 | ||||||
| 19 | TransDigm Group, Inc. | 14,535 | ||||||
| 151,061 | ||||||||
| ASSET MANAGEMENT - 0.1% | ||||||||
| 85 | Ameriprise Financial, Inc. | 25,935 | ||||||
| 771 | Charles Schwab Corporation | 40,277 | ||||||
| 157 | Raymond James Financial, Inc. | 14,213 | ||||||
| 80,425 | ||||||||
| AUTOMOTIVE - 0.3% | ||||||||
| 2,088 | Tesla, Inc.(a) | 343,079 | ||||||
| BEVERAGES - 0.3% | ||||||||
| 2,078 | Coca-Cola Company | 133,304 | ||||||
| 73 | Constellation Brands, Inc., Class A | 16,751 | ||||||
| 608 | Monster Beverage Corporation(a) | 34,048 | ||||||
| 1,129 | PepsiCo, Inc. | 215,515 | ||||||
| 399,618 | ||||||||
| BIOTECH & PHARMA - 1.3% | ||||||||
| 1,471 | AbbVie, Inc. | 222,298 | ||||||
| 440 | Amgen, Inc. | 105,486 | ||||||
| 54 | Biogen, Inc.(a) | 16,428 | ||||||
| 1,738 | Bristol-Myers Squibb Company | 116,046 | ||||||
| 646 | Eli Lilly and Company | 255,726 | ||||||
| 1,022 | Gilead Sciences, Inc. | 84,019 | ||||||
| 1,328 | Johnson & Johnson | 217,394 | ||||||
| 2,101 | Merck & Company, Inc. | 242,602 | ||||||
| 264 | Moderna, Inc.(a) | 35,083 | ||||||
| 4,614 | Pfizer, Inc. | 179,438 | ||||||
| 89 | Regeneron Pharmaceuticals, Inc.(a) | 71,359 | ||||||
| 213 | Vertex Pharmaceuticals, Inc.(a) | 72,575 | ||||||
| 1,618,454 | ||||||||
See accompanying notes which are an integral part of these financial statements.
18
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 10.1% (Continued) | ||||||||
| CHEMICALS - 0.1% | ||||||||
| 176 | Air Products and Chemicals, Inc. | $ | 51,808 | |||||
| 94 | Albemarle Corporation | 17,433 | ||||||
| 395 | Corteva, Inc. | 24,142 | ||||||
| 93,383 | ||||||||
| COMMERCIAL SUPPORT SERVICES - 0.0%(b) | ||||||||
| 40 | Cintas Corporation | 18,231 | ||||||
| 171 | Waste Management, Inc. | 28,394 | ||||||
| 46,625 | ||||||||
| DIVERSIFIED INDUSTRIALS - 0.0%(b) | ||||||||
| 112 | Illinois Tool Works, Inc. | 27,097 | ||||||
| E-COMMERCE DISCRETIONARY - 0.3% | ||||||||
| 3,217 | Amazon.com, Inc.(a) | 339,233 | ||||||
| ELECTRIC UTILITIES - 0.0%(b) | ||||||||
| 1,316 | PG&E Corporation(a) | 22,517 | ||||||
| 151 | Sempra Energy | 23,479 | ||||||
| 45,996 | ||||||||
| ELECTRICAL EQUIPMENT - 0.0%(b) | ||||||||
| 473 | Amphenol Corporation, Class A | 35,697 | ||||||
| ENGINEERING & CONSTRUCTION - 0.0%(b) | ||||||||
| 115 | Quanta Services, Inc. | 19,509 | ||||||
| ENTERTAINMENT CONTENT - 0.0%(b) | ||||||||
| 346 | Activision Blizzard, Inc. | 26,888 | ||||||
| 144 | Electronic Arts, Inc. | 18,328 | ||||||
| 45,216 | ||||||||
| FOOD - 0.1% | ||||||||
| 330 | General Mills, Inc. | 29,248 | ||||||
| 120 | Hershey Company (The) | 32,767 | ||||||
| 610 | Mondelez International, Inc., Class A | 46,799 | ||||||
| 108,814 | ||||||||
See accompanying notes which are an integral part of these financial statements.
19
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 10.1% (Continued) | ||||||||
| HEALTH CARE FACILITIES & SERVICES - 0.4% | ||||||||
| 121 | Cigna Group (The) | $ | 30,648 | |||||
| 198 | Elevance Health, Inc. | 92,793 | ||||||
| 92 | HCA Healthcare, Inc. | 26,434 | ||||||
| 65 | Humana, Inc. | 34,482 | ||||||
| 51 | McKesson Corporation | 18,576 | ||||||
| 772 | UnitedHealth Group, Inc. | 379,894 | ||||||
| 582,827 | ||||||||
| HOUSEHOLD PRODUCTS - 0.2% | ||||||||
| 377 | Colgate-Palmolive Company | 30,085 | ||||||
| 132 | Kimberly-Clark Corporation | 19,125 | ||||||
| 1,068 | Procter & Gamble Company | 167,014 | ||||||
| 216,224 | ||||||||
| INDUSTRIAL SUPPORT SERVICES - 0.0%(b) | ||||||||
| 37 | WW Grainger, Inc. | 25,736 | ||||||
| INFRASTRUCTURE REIT - 0.0%(b) | ||||||||
| 195 | American Tower Corporation | 39,856 | ||||||
| INSURANCE - 0.1% | ||||||||
| 109 | Arthur J Gallagher & Company | 22,679 | ||||||
| 257 | Marsh & McLennan Companies, Inc. | 46,309 | ||||||
| 481 | Progressive Corporation (The) | 65,608 | ||||||
| 99 | Travelers Companies, Inc. | 17,933 | ||||||
| 152,529 | ||||||||
| INTERNET MEDIA & SERVICES - 0.5% | ||||||||
| 4,873 | Alphabet, Inc., Class A(a) | 523,068 | ||||||
| LEISURE FACILITIES & SERVICES - 0.2% | ||||||||
| 22 | Chipotle Mexican Grill, Inc.(a) | 45,488 | ||||||
| 108 | Marriott International, Inc., Class A | 18,289 | ||||||
| 372 | McDonald’s Corporation | 110,019 | ||||||
| 463 | Starbucks Corporation | 52,916 | ||||||
| 145 | Yum! Brands, Inc. | 20,384 | ||||||
| 247,096 | ||||||||
See accompanying notes which are an integral part of these financial statements.
20
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 10.1% (Continued) | ||||||||
| MACHINERY - 0.1% | ||||||||
| 251 | Caterpillar, Inc. | $ | 54,919 | |||||
| 216 | Deere & Company | 81,652 | ||||||
| 136,571 | ||||||||
| MEDICAL EQUIPMENT & DEVICES - 0.4% | ||||||||
| 727 | Abbott Laboratories | 80,312 | ||||||
| 141 | Agilent Technologies, Inc. | 19,096 | ||||||
| 613 | Boston Scientific Corporation(a) | 31,950 | ||||||
| 533 | Danaher Corporation | 126,273 | ||||||
| 313 | DexCom, Inc.(a) | 37,979 | ||||||
| 199 | Hologic, Inc.(a) | 17,116 | ||||||
| 32 | IDEXX Laboratories, Inc.(a) | 15,749 | ||||||
| 55 | Insulet Corporation(a) | 17,492 | ||||||
| 138 | Intuitive Surgical, Inc.(a) | 41,568 | ||||||
| 11 | Mettler-Toledo International, Inc.(a) | 16,407 | ||||||
| 315 | Thermo Fisher Scientific, Inc. | 174,793 | ||||||
| 47 | Waters Corporation(a) | 14,117 | ||||||
| 592,852 | ||||||||
| METALS & MINING - 0.0%(b) | ||||||||
| 1,117 | Freeport-McMoRan, Inc. | 42,345 | ||||||
| OIL & GAS PRODUCERS - 0.8% | ||||||||
| 1,443 | Chevron Corporation | 243,261 | ||||||
| 1,001 | ConocoPhillips | 102,993 | ||||||
| 637 | Coterra Energy, Inc. | 16,307 | ||||||
| 519 | Devon Energy Corporation | 27,730 | ||||||
| 146 | Diamondback Energy, Inc. | 20,761 | ||||||
| 471 | EOG Resources, Inc. | 56,270 | ||||||
| 3,339 | Exxon Mobil Corporation | 395,138 | ||||||
| 225 | Hess Corporation | 32,639 | ||||||
| 176 | Marathon Petroleum Corporation | 21,472 | ||||||
| 600 | Occidental Petroleum Corporation | 36,918 | ||||||
| 359 | ONEOK, Inc. | 23,482 | ||||||
| 191 | Pioneer Natural Resources Company | 41,552 | ||||||
See accompanying notes which are an integral part of these financial statements.
21
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 10.1% (Continued) | ||||||||
| OIL & GAS PRODUCERS - 0.8% (Continued) | ||||||||
| 986 | Williams Companies, Inc. (The) | $ | 29,836 | |||||
| 1,048,359 | ||||||||
| OIL & GAS SERVICES & EQUIPMENT - 0.0%(b) | ||||||||
| 602 | Schlumberger Ltd | 29,709 | ||||||
| RENEWABLE ENERGY - 0.0%(b) | ||||||||
| 103 | Enphase Energy, Inc.(a) | 16,912 | ||||||
| 79 | First Solar, Inc.(a) | 14,424 | ||||||
| 31,336 | ||||||||
| RETAIL - CONSUMER STAPLES - 0.1% | ||||||||
| 237 | Costco Wholesale Corporation | 119,263 | ||||||
| 185 | Dollar General Corporation | 40,970 | ||||||
| 170 | Dollar Tree, Inc.(a) | 26,131 | ||||||
| 186,364 | ||||||||
| RETAIL - DISCRETIONARY - 0.2% | ||||||||
| 15 | AutoZone, Inc.(a) | 39,950 | ||||||
| 435 | Home Depot, Inc. | 130,734 | ||||||
| 334 | Lowe’s Companies, Inc. | 69,415 | ||||||
| 50 | O’Reilly Automotive, Inc.(a) | 45,866 | ||||||
| 604 | TJX Companies, Inc. | 47,607 | ||||||
| 89 | Tractor Supply Company | 21,218 | ||||||
| 41 | Ulta Beauty, Inc.(a) | 22,609 | ||||||
| 377,399 | ||||||||
| SELF-STORAGE REIT - 0.0%(b) | ||||||||
| 76 | Public Storage | 22,407 | ||||||
| SEMICONDUCTORS - 0.9% | ||||||||
| 704 | Advanced Micro Devices, Inc.(a) | 62,916 | ||||||
| 185 | Analog Devices, Inc. | 33,278 | ||||||
| 664 | Applied Materials, Inc. | 75,052 | ||||||
| 205 | Broadcom, Inc. | 128,433 | ||||||
| 107 | KLA Corporation | 41,360 | ||||||
| 102 | Lam Research Corporation | 53,456 | ||||||
| 209 | Microchip Technology, Inc. | 15,255 | ||||||
See accompanying notes which are an integral part of these financial statements.
22
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 10.1% (Continued) | ||||||||
| SEMICONDUCTORS - 0.9% (Continued) | ||||||||
| 35 | Monolithic Power Systems, Inc. | $ | 16,169 | |||||
| 1,966 | NVIDIA Corporation | 545,544 | ||||||
| 334 | ON Semiconductor Corporation(a) | 24,035 | ||||||
| 881 | QUALCOMM, Inc. | 102,901 | ||||||
| 453 | Texas Instruments, Inc. | 75,742 | ||||||
| 1,174,141 | ||||||||
| SOFTWARE - 1.1% | ||||||||
| 173 | Adobe, Inc.(a) | 65,318 | ||||||
| 94 | Autodesk, Inc.(a) | 18,310 | ||||||
| 221 | Cadence Design Systems, Inc.(a) | 46,288 | ||||||
| 524 | Fortinet, Inc.(a) | 33,038 | ||||||
| 115 | Intuit, Inc. | 51,054 | ||||||
| 3,473 | Microsoft Corporation | 1,067,115 | ||||||
| 735 | Oracle Corporation | 69,619 | ||||||
| 157 | ServiceNow, Inc.(a) | 72,129 | ||||||
| 122 | Synopsys, Inc.(a) | 45,301 | ||||||
| 1,468,172 | ||||||||
| SPECIALTY FINANCE - 0.0%(b) | ||||||||
| 235 | American Express Company | 37,915 | ||||||
| STEEL - 0.0%(b) | ||||||||
| 203 | Nucor Corporation | 30,081 | ||||||
| 135 | Steel Dynamics, Inc. | 14,033 | ||||||
| 44,114 | ||||||||
| TECHNOLOGY HARDWARE - 1.6% | ||||||||
| 11,942 | Apple, Inc. | 2,026,320 | ||||||
| 203 | Arista Networks, Inc.(a) | 32,512 | ||||||
| 73 | Motorola Solutions, Inc. | 21,272 | ||||||
| 2,080,104 | ||||||||
| TECHNOLOGY SERVICES - 0.6% | ||||||||
| 332 | Automatic Data Processing, Inc. | 73,040 | ||||||
| 331 | CoStar Group, Inc.(a) | 25,470 | ||||||
| 20 | Fair Isaac Corporation(a) | 14,559 | ||||||
| 357 | Fiserv, Inc.(a) | 43,597 | ||||||
See accompanying notes which are an integral part of these financial statements.
23
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| COMMON STOCKS — 10.1% (Continued) | ||||||||
| TECHNOLOGY SERVICES - 0.6% (Continued) | ||||||||
| 63 | Gartner, Inc.(a) | $ | 19,055 | |||||
| 684 | Mastercard, Inc., Class A | 259,941 | ||||||
| 58 | Moody’s Corporation | 18,161 | ||||||
| 36 | MSCI, Inc. | 17,368 | ||||||
| 144 | Paychex, Inc. | 15,820 | ||||||
| 1,328 | Visa, Inc., Class A | 309,065 | ||||||
| 796,076 | ||||||||
| TELECOMMUNICATIONS - 0.0%(b) | ||||||||
| 329 | T-Mobile US, Inc.(a) | 47,343 | ||||||
| TOBACCO & CANNABIS - 0.1% | ||||||||
| 768 | Altria Group, Inc. | 36,488 | ||||||
| 674 | Philip Morris International, Inc. | 67,379 | ||||||
| 103,867 | ||||||||
| TRANSPORTATION & LOGISTICS - 0.1% | ||||||||
| 817 | CSX Corporation | 25,033 | ||||||
| 73 | Old Dominion Freight Line, Inc. | 23,388 | ||||||
| 248 | Union Pacific Corporation | 48,534 | ||||||
| 96,955 | ||||||||
| WHOLESALE - CONSUMER STAPLES - 0.0%(b) | ||||||||
| 220 | Archer-Daniels-Midland Company | 17,178 | ||||||
| WHOLESALE - DISCRETIONARY - 0.0%(b) | ||||||||
| 348 | Copart, Inc.(a) | 27,509 | ||||||
| TOTAL COMMON STOCKS (Cost $11,927,240) | 13,502,259 | |||||||
| EXCHANGE-TRADED FUNDS — 89.0% | ||||||||
| EQUITY - 89.0% | ||||||||
| 678,746 | iShares Core MSCI Emerging Markets ETF | 32,973,481 | ||||||
| 193,884 | SPDR Portfolio Emerging Markets ETF | 6,615,322 | ||||||
| 327,729 | SPDR Portfolio S&P 500 Value ETF | 13,577,812 | ||||||
See accompanying notes which are an integral part of these financial statements.
24
| LEADERSHARES EQUITY SKEW ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Shares | Fair Value | |||||||
| EXCHANGE-TRADED FUNDS — 89.0% (Continued) | ||||||||
| EQUITY - 89.0% (Continued) | ||||||||
| 216,315 | SPDR S&P 600 Small Cap Growth ETF | $ | 15,444,891 | |||||
| 227,315 | SPDR S&P 600 Small Cap Value ETF | 16,896,324 | ||||||
| 819,103 | Vanguard FTSE Emerging Markets ETF | 32,960,705 | ||||||
| 118,468,535 | ||||||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $115,439,527) | 118,468,535 | |||||||
| REITS — 0.0%(b) | ||||||||
| REITS - 0.0%(b) | ||||||||
| 463 | VICI Properties, Inc. (Cost $14,943) | 15,714 | ||||||
| TOTAL INVESTMENTS - 99.1% (Cost $127,381,710) | $ | 131,986,508 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 0.9% | 1,213,909 | |||||||
| NET ASSETS - 100.0% | $ | 133,200,417 | ||||||
| ETF | - Exchange-Traded Fund |
| LTD | - Limited Company |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor’s Depositary Receipt |
| (a) | Non-income producing security. |
| (b) | Percentage rounds to less than 0.1%. |
See accompanying notes which are an integral part of these financial statements.
25
| LEADERSHARES DYNAMIC YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) |
| April 30, 2023 |
| Principal Amount ($) |
Spread | Coupon Rate (%) |
Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 51.7% | ||||||||||||||
| AEROSPACE & DEFENSE — 2.9% | ||||||||||||||
| 394,000 | Boeing Company (The) | 4.8750 | 05/01/25 | $ | 393,198 | |||||||||
| 540,000 | Boeing Company (The) | 2.1960 | 02/04/26 | 501,372 | ||||||||||
| 404,000 | Boeing Company (The) | 5.1500 | 05/01/30 | 406,312 | ||||||||||
| 352,000 | Boeing Company (The) | 5.7050 | 05/01/40 | 352,914 | ||||||||||
| 352,000 | Boeing Company (The) | 5.8050 | 05/01/50 | 351,351 | ||||||||||
| 352,000 | Boeing Company (The) | 5.9300 | 05/01/60 | 347,670 | ||||||||||
| 394,000 | Raytheon Technologies Corporation | 4.1250 | 11/16/28 | 388,040 | ||||||||||
| 352,000 | Raytheon Technologies Corporation | 4.5000 | 06/01/42 | 332,189 | ||||||||||
| 3,073,046 | ||||||||||||||
| BANKING — 11.1% | ||||||||||||||
| 540,000 | Bank of America Corporation(a) | SOFRRATE + 0.960% | 1.7340 | 07/22/27 | 483,850 | |||||||||
| 530,000 | Bank of America Corporation(a) | US0003M + 1.040% | 3.4190 | 12/20/28 | 492,161 | |||||||||
| 404,000 | Bank of America Corporation(a) | US0003M + 1.310% | 4.2710 | 07/23/29 | 386,711 | |||||||||
| 404,000 | Bank of America Corporation(a) | US0003M + 1.210% | 3.9740 | 02/07/30 | 377,672 | |||||||||
| 550,000 | Bank of America Corporation(a) | US0003M + 0.990% | 2.4960 | 02/13/31 | 465,147 | |||||||||
| 550,000 | Bank of America Corporation(a) | SOFRRATE + 1.320% | 2.6870 | 04/22/32 | 459,595 | |||||||||
| 580,000 | Bank of America Corporation(a) | SOFRRATE + 1.930% | 2.6760 | 06/19/41 | 411,805 | |||||||||
| 560,000 | Bank of America Corporation(a) | SOFRRATE + 1.580% | 3.3110 | 04/22/42 | 435,127 | |||||||||
| 439,000 | Bank of America Corporation B(a) | US0003M + 3.150% | 4.0830 | 03/20/51 | 368,312 | |||||||||
| 530,000 | Citigroup, Inc.(a) | SOFRRATE + 2.842% | 3.1060 | 04/08/26 | 509,810 | |||||||||
| 404,000 | Citigroup, Inc. | 4.4500 | 09/29/27 | 394,490 | ||||||||||
| 404,000 | Citigroup, Inc.(a) | SOFRRATE + 3.914% | 4.4120 | 03/31/31 | 386,268 | |||||||||
| 550,000 | Citigroup, Inc.(a) | SOFRRATE + 2.107% | 2.5720 | 06/03/31 | 465,186 | |||||||||
| 530,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.850% | 2.0830 | 04/22/26 | 499,274 | |||||||||
| 540,000 | JPMorgan Chase & Company(a) | SOFRRATE + 0.885% | 1.5780 | 04/22/27 | 488,982 | |||||||||
| 550,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.510% | 2.7390 | 10/15/30 | 481,560 | |||||||||
| 404,000 | JPMorgan Chase & Company(a) | SOFRRATE + 3.790% | 4.4930 | 03/24/31 | 393,420 | |||||||||
| 550,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.250% | 2.5800 | 04/22/32 | 461,801 | |||||||||
See accompanying notes which are an integral part of theses financial statements.
26
| LEADERSHARES DYNAMIC YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 51.7% (Continued) | ||||||||||||||
| BANKING — 11.1% (Continued) | ||||||||||||||
| 293,000 | JPMorgan Chase & Company | 6.4000 | 05/15/38 | $ | 333,355 | |||||||||
| 439,000 | JPMorgan Chase & Company(a) | US0003M + 1.380% | 3.9640 | 11/15/48 | 366,271 | |||||||||
| 459,000 | JPMorgan Chase & Company(a) | SOFRRATE + 1.580% | 3.3280 | 04/22/52 | 340,149 | |||||||||
| 530,000 | Wells Fargo & Company | 3.0000 | 04/22/26 | 504,526 | ||||||||||
| 530,000 | Wells Fargo & Company | 3.0000 | 10/23/26 | 498,673 | ||||||||||
| 540,000 | Wells Fargo & Company(a) | SOFRRATE + 2.100% | 2.3930 | 06/02/28 | 486,338 | |||||||||
| 540,000 | Wells Fargo & Company(a) | US0003M + 1.170% | 2.8790 | 10/30/30 | 471,780 | |||||||||
| 560,000 | Wells Fargo & Company(a) | SOFRRATE + 2.530% | 3.0680 | 04/30/41 | 418,978 | |||||||||
| 328,000 | Wells Fargo & Company(a) | US0003M + 4.240% | 5.0130 | 04/04/51 | 308,680 | |||||||||
| 11,689,921 | ||||||||||||||
| BEVERAGES — 1.7% | ||||||||||||||
| 400,000 | Anheuser-Busch Companies, LLC / Anheuser-Busch | 3.6500 | 02/01/26 | 392,951 | ||||||||||
| 348,000 | Anheuser-Busch Companies, LLC / Anheuser-Busch | 4.7000 | 02/01/36 | 350,039 | ||||||||||
| 334,000 | Anheuser-Busch Companies, LLC / Anheuser-Busch | 4.9000 | 02/01/46 | 329,247 | ||||||||||
| 324,000 | Anheuser-Busch InBev Worldwide, Inc. | 4.7500 | 01/23/29 | 330,957 | ||||||||||
| 324,000 | Anheuser-Busch InBev Worldwide, Inc. | 5.5500 | 01/23/49 | 350,875 | ||||||||||
| 1,754,069 | ||||||||||||||
| BIOTECH & PHARMA — 4.4% | ||||||||||||||
| 530,000 | AbbVie, Inc. | 2.6000 | 11/21/24 | 511,553 | ||||||||||
| 530,000 | AbbVie, Inc. | 3.6000 | 05/14/25 | 517,599 | ||||||||||
| 530,000 | AbbVie, Inc. | 2.9500 | 11/21/26 | 502,701 | ||||||||||
| 540,000 | AbbVie, Inc. | 3.2000 | 11/21/29 | 497,973 | ||||||||||
| 415,000 | AbbVie, Inc. | 4.0500 | 11/21/39 | 366,818 | ||||||||||
| 362,000 | AbbVie, Inc. | 4.2500 | 11/21/49 | 318,259 | ||||||||||
| 352,000 | Amgen, Inc. | 4.6630 | 06/15/51 | 321,441 | ||||||||||
| 293,000 | AstraZeneca plc | 6.4500 | 09/15/37 | 346,578 | ||||||||||
| 279,000 | Bristol-Myers Squibb Company | 3.4000 | 07/26/29 | 266,426 | ||||||||||
| 352,000 | Bristol-Myers Squibb Company | 4.2500 | 10/26/49 | 319,332 | ||||||||||
| 293,000 | GlaxoSmithKline Capital, Inc. | 6.3750 | 05/15/38 | 347,352 | ||||||||||
| 283,000 | Pfizer, Inc. | 7.2000 | 03/15/39 | 357,620 | ||||||||||
| 4,673,652 | ||||||||||||||
See accompanying notes which are an integral part of theses financial statements.
27
| LEADERSHARES DYNAMIC YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 51.7% (Continued) | ||||||||||||||
| CABLE & SATELLITE — 1.3% | ||||||||||||||
| 394,000 | Comcast Corporation | 4.1500 | 10/15/28 | $ | 390,141 | |||||||||
| 227,000 | Comcast Corporation | 4.6000 | 10/15/38 | 220,216 | ||||||||||
| 231,000 | Comcast Corporation | 4.7000 | 10/15/48 | 219,229 | ||||||||||
| 435,000 | Comcast Corporation | 2.8870 | 11/01/51 | 298,486 | ||||||||||
| 451,000 | Comcast Corporation | 2.9370 | 11/01/56 | 299,994 | ||||||||||
| 1,428,066 | ||||||||||||||
| DIVERSIFIED INDUSTRIALS — 0.3% | ||||||||||||||
| 246,000 | General Electric Company | 6.7500 | 03/15/32 | 282,819 | ||||||||||
| E-COMMERCE DISCRETIONARY — 0.7% | ||||||||||||||
| 404,000 | Amazon.com, Inc. | 3.1500 | 08/22/27 | 388,782 | ||||||||||
| 352,000 | Amazon.com, Inc. | 4.0500 | 08/22/47 | 320,499 | ||||||||||
| 709,281 | ||||||||||||||
| FOOD — 3.4% | ||||||||||||||
| 649,000 | Kraft Heinz Foods Company | 3.0000 | 06/01/26 | 621,090 | ||||||||||
| 649,000 | Kraft Heinz Foods Company | 3.8750 | 05/15/27 | 633,075 | ||||||||||
| 269,000 | Kraft Heinz Foods Company | 4.2500 | 03/01/31 | 261,667 | ||||||||||
| 360,000 | Kraft Heinz Foods Company(b) | 7.1250 | 08/01/39 | 412,321 | ||||||||||
| 481,000 | Kraft Heinz Foods Company | 5.0000 | 06/04/42 | 461,173 | ||||||||||
| 471,000 | Kraft Heinz Foods Company | 5.2000 | 07/15/45 | 456,504 | ||||||||||
| 491,000 | Kraft Heinz Foods Company | 4.3750 | 06/01/46 | 429,555 | ||||||||||
| 481,000 | Kraft Heinz Foods Company | 4.8750 | 10/01/49 | 446,414 | ||||||||||
| 3,721,799 | ||||||||||||||
| HEALTH CARE FACILITIES & SERVICES — 3.8% | ||||||||||||||
| 394,000 | Cigna Corporation | 4.3750 | 10/15/28 | 390,640 | ||||||||||
| 352,000 | Cigna Corporation | 4.9000 | 12/15/48 | 331,060 | ||||||||||
| 352,000 | CVS Health Corporation | 5.0500 | 03/25/48 | 328,114 | ||||||||||
| 305,000 | CVS Health Corporation | 4.3000 | 03/25/28 | 300,824 | ||||||||||
| 352,000 | CVS Health Corporation | 4.7800 | 03/25/38 | 335,605 | ||||||||||
| 352,000 | CVS Health Corporation | 5.1250 | 07/20/45 | 332,864 | ||||||||||
| 461,000 | HCA, Inc. | 5.3750 | 02/01/25 | 461,130 | ||||||||||
| 461,000 | HCA, Inc. | 5.8750 | 02/15/26 | 467,923 | ||||||||||
| 461,000 | HCA, Inc. | 5.6250 | 09/01/28 | 470,028 | ||||||||||
| 659,000 | HCA, Inc. | 3.5000 | 09/01/30 | 592,845 | ||||||||||
| 4,011,033 | ||||||||||||||
See accompanying notes which are an integral part of theses financial statements.
28
| LEADERSHARES DYNAMIC YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 51.7% (Continued) | ||||||||||||||
| INSTITUTIONAL FINANCIAL SERVICES — 3.5% | ||||||||||||||
| 530,000 | Goldman Sachs Group, Inc. (The) | 3.5000 | 04/01/25 | $ | 514,820 | |||||||||
| 404,000 | Goldman Sachs Group, Inc. (The)(a) | US0003M + 1.301% | 4.2230 | 05/01/29 | 387,645 | |||||||||
| 550,000 | Goldman Sachs Group, Inc. (The)(a) | SOFRRATE + 1.281% | 2.6150 | 04/22/32 | 459,030 | |||||||||
| 303,000 | Goldman Sachs Group, Inc. (The) | 6.7500 | 10/01/37 | 331,550 | ||||||||||
| 293,000 | Goldman Sachs Group, Inc. (The) | 6.2500 | 02/01/41 | 324,989 | ||||||||||
| 404,000 | Morgan Stanley | 3.8750 | 01/27/26 | 394,207 | ||||||||||
| 540,000 | Morgan Stanley(a) | SOFRRATE + 0.879% | 1.5930 | 05/04/27 | 485,505 | |||||||||
| 404,000 | Morgan Stanley(a) | US0003M + 1.628% | 4.4310 | 01/23/30 | 389,776 | |||||||||
| 550,000 | Morgan Stanley Series GMTN(a) | SOFRRATE + 1.143% | 2.6990 | 01/22/31 | 474,342 | |||||||||
| 3,761,864 | ||||||||||||||
| LEISURE FACILITIES & SERVICES — 0.2% | ||||||||||||||
| 230,000 | Royal Caribbean Cruises Ltd.(b) | 5.5000 | 04/01/28 | 203,158 | ||||||||||
| MEDICAL EQUIPMENT & DEVICES — 0.3% | ||||||||||||||
| 328,000 | Abbott Laboratories | 4.9000 | 11/30/46 | 337,381 | ||||||||||
| METALS & MINING — 0.4% | ||||||||||||||
| 471,000 | Freeport-McMoRan, Inc. | 5.4500 | 03/15/43 | 442,786 | ||||||||||
| OIL & GAS PRODUCERS — 1.7% | ||||||||||||||
| 219,000 | Cheniere Energy Partners, L.P. | 4.0000 | 03/01/31 | 196,129 | ||||||||||
| 157,000 | ConocoPhillips | 6.5000 | 02/01/39 | 184,363 | ||||||||||
| 322,000 | ConocoPhillips Company | 4.0250 | 03/15/62 | 274,035 | ||||||||||
| 461,000 | Continental Resources Inc.(b) | 5.7500 | 01/15/31 | 448,796 | ||||||||||
| 293,000 | Shell International Finance BV | 6.3750 | 12/15/38 | 340,615 | ||||||||||
| 352,000 | Shell International Finance BV | 4.3750 | 05/11/45 | 327,361 | ||||||||||
| 1,771,299 | ||||||||||||||
| REAL ESTATE INVESTMENT TRUSTS — 0.2% | ||||||||||||||
| 215,000 | SBA Communications Corporation | 3.1250 | 02/01/29 | 184,220 | ||||||||||
See accompanying notes which are an integral part of theses financial statements.
29
| LEADERSHARES DYNAMIC YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 51.7% (Continued) | ||||||||||||||
| RETAIL - DISCRETIONARY — 0.3% | ||||||||||||||
| 293,000 | Home Depot, Inc. (The) | 5.8750 | 12/16/36 | $ | 329,915 | |||||||||
| SEMICONDUCTORS — 0.7% | ||||||||||||||
| 459,000 | Broadcom, Inc.(b) | 3.1370 | 11/15/35 | 354,868 | ||||||||||
| 459,000 | Broadcom, Inc.(b) | 3.1870 | 11/15/36 | 349,018 | ||||||||||
| 703,886 | ||||||||||||||
| SOFTWARE — 3.3% | ||||||||||||||
| 530,000 | Microsoft Corporation | 2.4000 | 08/08/26 | 504,932 | ||||||||||
| 394,000 | Microsoft Corporation | 3.3000 | 02/06/27 | 386,704 | ||||||||||
| 580,000 | Microsoft Corporation | 2.5250 | 06/01/50 | 411,711 | ||||||||||
| 560,000 | Microsoft Corporation | 2.9210 | 03/17/52 | 429,336 | ||||||||||
| 619,000 | Microsoft Corporation | 2.6750 | 06/01/60 | 429,032 | ||||||||||
| 530,000 | Oracle Corporation | 2.5000 | 04/01/25 | 505,820 | ||||||||||
| 619,000 | Oracle Corporation | 3.6000 | 04/01/50 | 440,154 | ||||||||||
| 629,000 | Oracle Corporation | 3.8500 | 04/01/60 | 441,588 | ||||||||||
| 3,549,277 | ||||||||||||||
| TECHNOLOGY HARDWARE — 2.4% | ||||||||||||||
| 506,000 | Apple, Inc. | 2.4000 | 05/03/23 | 505,813 | ||||||||||
| 530,000 | Apple, Inc. | 3.2500 | 02/23/26 | 518,442 | ||||||||||
| 415,000 | Apple, Inc. | 3.8500 | 05/04/43 | 379,790 | ||||||||||
| 328,000 | Apple, Inc. | 4.6500 | 02/23/46 | 330,049 | ||||||||||
| 328,000 | Dell International, LLC / EMC Corporation | 6.0200 | 06/15/26 | 337,307 | ||||||||||
| 471,000 | Western Digital Corporation | 4.7500 | 02/15/26 | 448,019 | ||||||||||
| 2,519,420 | ||||||||||||||
| TECHNOLOGY SERVICES — 0.8% | ||||||||||||||
| 530,000 | Visa, Inc. | 3.1500 | 12/14/25 | 514,255 | ||||||||||
| 352,000 | Visa, Inc. | 4.3000 | 12/14/45 | 342,036 | ||||||||||
| 856,291 | ||||||||||||||
| TELECOMMUNICATIONS — 7.0% | ||||||||||||||
| 212,000 | AT&T, Inc. | 4.3500 | 03/01/29 | 208,004 | ||||||||||
| 212,000 | AT&T, Inc. | 4.3000 | 02/15/30 | 205,577 | ||||||||||
| 437,000 | AT&T, Inc. | 2.5500 | 12/01/33 | 351,726 | ||||||||||
| 447,000 | AT&T, Inc. | 3.5000 | 09/15/53 | 320,531 | ||||||||||
| 457,000 | AT&T, Inc. | 3.5500 | 09/15/55 | 324,654 | ||||||||||
See accompanying notes which are an integral part of theses financial statements.
30
| LEADERSHARES DYNAMIC YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Principal | Coupon Rate | |||||||||||||
| Amount ($) | Spread | (%) | Maturity | Fair Value | ||||||||||
| CORPORATE BONDS — 51.7% (Continued) | ||||||||||||||
| TELECOMMUNICATIONS — 7.0% (Continued) | ||||||||||||||
| 558,000 | AT&T, Inc. | 3.8000 | 12/01/57 | $ | 409,858 | |||||||||
| 457,000 | AT&T, Inc. | 3.6500 | 09/15/59 | 323,363 | ||||||||||
| 283,000 | British Telecommunications plc | 9.6250 | 12/15/30 | 355,948 | ||||||||||
| 283,000 | Deutsche Telekom International Finance BV | 8.7500 | 06/15/30 | 345,319 | ||||||||||
| 283,000 | Orange S.A. | 9.0000 | 03/01/31 | 357,005 | ||||||||||
| 394,000 | Verizon Communications, Inc. | 4.1250 | 03/16/27 | 389,950 | ||||||||||
| 394,000 | Verizon Communications, Inc. | 4.3290 | 09/21/28 | 389,196 | ||||||||||
| 404,000 | Verizon Communications, Inc. | 4.0160 | 12/03/29 | 387,827 | ||||||||||
| 550,000 | Verizon Communications, Inc. | 2.5500 | 03/21/31 | 467,750 | ||||||||||
| 350,000 | Verizon Communications, Inc. | 4.5000 | 08/10/33 | 337,661 | ||||||||||
| 560,000 | Verizon Communications, Inc. | 3.4000 | 03/22/41 | 440,637 | ||||||||||
| 350,000 | Verizon Communications, Inc. | 4.8620 | 08/21/46 | 330,916 | ||||||||||
| 449,000 | Verizon Communications, Inc. | 3.5500 | 03/22/51 | 340,384 | ||||||||||
| 459,000 | Verizon Communications, Inc. | 3.7000 | 03/22/61 | 341,326 | ||||||||||
| 378,000 | Vodafone Group plc | 4.3750 | 05/30/28 | 379,515 | ||||||||||
| 352,000 | Vodafone Group plc | 5.2500 | 05/30/48 | 336,216 | ||||||||||
| 7,343,363 | ||||||||||||||
| TOBACCO & CANNABIS — 0.5% | ||||||||||||||
| 540,000 | BAT Capital Corporation | 3.5570 | 08/15/27 | 504,916 | ||||||||||
| TRANSPORTATION & LOGISTICS — 0.8% | ||||||||||||||
| 199,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) | 5.5000 | 04/20/26 | 195,685 | ||||||||||
| 209,000 | American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b) | 5.7500 | 04/20/29 | 199,043 | ||||||||||
| 461,000 | Delta Air Lines, Inc. | 7.3750 | 01/15/26 | 486,462 | ||||||||||
| 881,190 | ||||||||||||||
| TOTAL CORPORATE BONDS (Cost $59,959,611) | 54,732,652 | |||||||||||||
See accompanying notes which are an integral part of theses financial statements.
31
| LEADERSHARES DYNAMIC YIELD ETF |
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) |
| April 30, 2023 |
| Principal | Coupon Rate | |||||||||||
| Amount ($) | (%) | Maturity | Fair Value | |||||||||
| U.S. GOVERNMENT & AGENCIES — 39.9% | ||||||||||||
| U.S. TREASURY BILLS — 29.3% | ||||||||||||
| 17,162,000 | United States Treasury Bill(c) | — | 05/11/23 | $ | 17,141,978 | |||||||
| 6,450,000 | United States Treasury Bill(c) | — | 05/25/23 | 6,431,827 | ||||||||
| 7,579,000 | United States Treasury Bill(c) | — | 06/15/23 | 7,534,047 | ||||||||
| 31,107,852 | ||||||||||||
| U.S. TREASURY NOTES — 10.6% | ||||||||||||
| 5,673,000 | United States Treasury Note | 1.5000 | 02/29/24 | 5,516,773 | ||||||||
| 5,751,000 | United States Treasury Note | 1.5000 | 02/15/25 | 5,483,107 | ||||||||
| 124,000 | United States Treasury Note | 1.6250 | 05/15/31 | 108,505 | ||||||||
| 104,000 | United States Treasury Note | 2.2500 | 05/15/41 | 82,905 | ||||||||
| 69,000 | United States Treasury Note | 2.3750 | 05/15/51 | 53,022 | ||||||||
| 11,244,312 | ||||||||||||
| TOTAL U.S. GOVERNMENT & AGENCIES (Cost $42,762,105) | 42,352,164 | |||||||||||
| TOTAL INVESTMENTS - 91.6% (Cost $102,721,716) | $ | 97,084,816 | ||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES- 8.4% | 8,945,938 | |||||||||||
| NET ASSETS - 100.0% | $ | 106,030,754 | ||||||||||
| LLC | - Limited Liability Company |
| LP | - Limited Partnership |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| SOFRRATE | United States SOFR Secured Overnight Financing Rate |
| US0003M | ICE LIBOR USD 3 Month |
| (a) | Variable rate security; the rate shown represents the rate on April 30, 2023. |
| (b) | Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2023 the total market value of 144A securities is 2,162,889 or 2.0% of net assets. |
| (c) | Zero coupon bond. |
See accompanying notes which are an integral part of theses financial statements.
32
| LeaderShares® ETFs |
| STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) |
| April 30, 2023 |
| LeaderShares® | LeaderShares® | |||||||||||||||||||
| LeaderShares® | AlphaFactor® | AlphaFactor® | LeaderShares® | LeaderShares® | ||||||||||||||||
| Activist Leaders® ETF | Tactical Focused ETF | US Core Equity ETF | Equity Skew ETF | Dynamic Yield ETF | ||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Investment securities: | ||||||||||||||||||||
| Investments, at cost | $ | 92,413,226 | $ | 181,858,158 | $ | 150,918,200 | $ | 127,381,710 | $ | 102,721,716 | ||||||||||
| Investments, at fair value | $ | 91,723,997 | $ | 186,096,138 | $ | 157,211,722 | $ | 131,986,508 | $ | 97,084,816 | ||||||||||
| Cash | 977,198 | 1,988,662 | 1,780,868 | 1,256,039 | 8,638,491 | |||||||||||||||
| Receivable for investments sold | 4,446,862 | — | — | — | — | |||||||||||||||
| Dividends and interest receivable | 76,106 | 127,962 | 47,214 | 7,982 | 656,172 | |||||||||||||||
| TOTAL ASSETS | 97,224,163 | 188,212,762 | 159,039,804 | 133,250,529 | 106,379,479 | |||||||||||||||
| LIABILITIES | ||||||||||||||||||||
| Payable for investments purchased | 4,515,623 | — | — | — | — | |||||||||||||||
| Investment advisory fees payable | 40,517 | 127,863 | 68,311 | 50,112 | 36,645 | |||||||||||||||
| Dividends payable | — | — | — | — | 312,080 | |||||||||||||||
| TOTAL LIABILITIES | 4,556,140 | 127,863 | 68,311 | 50,112 | 348,725 | |||||||||||||||
| NET ASSETS | $ | 92,668,023 | $ | 188,084,899 | $ | 158,971,493 | $ | 133,200,417 | $ | 106,030,754 | ||||||||||
| Net Assets Consist Of: | ||||||||||||||||||||
| Paid in capital | $ | 112,660,941 | $ | 209,205,970 | $ | 178,039,282 | $ | 156,725,171 | $ | 114,666,496 | ||||||||||
| Accumulated deficit | (19,992,918 | ) | (21,121,071 | ) | (19,067,789 | ) | (23,524,754 | ) | (8,635,742 | ) | ||||||||||
| NET ASSETS | $ | 92,668,023 | $ | 188,084,899 | $ | 158,971,493 | $ | 133,200,417 | $ | 106,030,754 | ||||||||||
| Net Asset Value Per Share: | ||||||||||||||||||||
| Net Assets | $ | 92,668,023 | $ | 188,084,899 | $ | 158,971,493 | $ | 133,200,417 | $ | 106,030,754 | ||||||||||
| Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 3,125,000 | 5,850,000 | 5,225,000 | 4,625,000 | 4,700,000 | |||||||||||||||
| Net asset value (Net Assets ÷ Shares Outstanding) | $ | 29.65 | (a) | $ | 32.15 | $ | 30.43 | $ | 28.80 | $ | 22.56 | |||||||||
| (a) | The NAV shown above differs from the traded NAV on April 28, 2023 due to financial statement rounding and/or financial statement adjustments. |
See accompanying notes which are an integral part of these financial statements.
33
| LeaderShares® ETFs |
| STATEMENTS OF OPERATIONS (Unaudited) |
| For the Six Months Ended April 30, 2023 |
| LeaderShares® | LeaderShares® | |||||||||||||||||||
| LeaderShares® | AlphaFactor® | AlphaFactor® | LeaderShares® | LeaderShares® | ||||||||||||||||
| Activist Leaders® ETF | Tactical Focused ETF | US Core Equity ETF | Equity Skew ETF | Dynamic Yield ETF | ||||||||||||||||
| INVESTMENT INCOME | ||||||||||||||||||||
| Dividends | $ | 784,706 | $ | 1,432,024 | $ | 1,267,366 | $ | 734,181 | $ | — | ||||||||||
| Interest | 19,312 | 574,692 | 20,333 | 28,382 | 1,808,498 | |||||||||||||||
| Less: Foreign withholding expense | (8,394 | ) | (4,818 | ) | (1,297 | ) | (132 | ) | — | |||||||||||
| TOTAL INVESTMENT INCOME | 795,624 | 2,001,898 | 1,286,402 | 762,431 | 1,808,498 | |||||||||||||||
| EXPENSES | ||||||||||||||||||||
| Investment advisory fees | 335,447 | 868,343 | 580,353 | 471,787 | 369,560 | |||||||||||||||
| TOTAL EXPENSES | 335,447 | 868,343 | 580,353 | 471,787 | 369,560 | |||||||||||||||
| NET INVESTMENT INCOME | 460,177 | 1,133,555 | 706,049 | 290,644 | 1,438,938 | |||||||||||||||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | ||||||||||||||||||||
| Net realized gain (loss) on: | ||||||||||||||||||||
| Investments | (9,232,835 | ) | (6,815,337 | ) | (6,231,165 | ) | (11,576,570 | ) | 53 | |||||||||||
| In-kind redemptions | 3,452,552 | 1,596,605 | 11,251,652 | 4,643,565 | — | |||||||||||||||
| Realized gain (loss) on investments | (5,780,283 | ) | (5,218,732 | ) | 5,020,487 | (6,933,005 | ) | 53 | ||||||||||||
| Change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||
| Investments | 7,697,503 | 686,909 | (3,990,290 | ) | 9,122,778 | 4,051,268 | ||||||||||||||
| NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS | 1,917,220 | (4,531,823 | ) | 1,030,197 | 2,189,773 | 4,051,321 | ||||||||||||||
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 2,377,397 | $ | (3,398,268 | ) | $ | 1,736,246 | $ | 2,480,417 | $ | 5,490,259 | |||||||||
See accompanying notes which are an integral part of these financial statements.
34
| LeaderShares® Activist Leaders® ETF |
| STATEMENTS OF CHANGES IN NET ASSETS |
| For the Six Months | For the Year | |||||||
| Ended | Ended | |||||||
| April 30, 2023 | October 31, 2022 | |||||||
| (Unaudited) | ||||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 460,177 | $ | 357,062 | ||||
| Net realized loss on investments | (9,232,835 | ) | (13,604,753 | ) | ||||
| Net realized gain on in-kind redemptions | 3,452,552 | 14,107,118 | ||||||
| Unrealized appreciation (depreciation) on investments | 7,697,503 | (18,004,123 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 2,377,397 | (17,144,696 | ) | |||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
| Return of capital | — | (4,972,381 | ) | |||||
| Total distributions paid | (243,068 | ) | (730,514 | ) | ||||
| Net decrease in net assets resulting from distributions to shareholders | (243,068 | ) | (5,702,895 | ) | ||||
| FROM SHARES OF BENEFICIAL INTEREST | ||||||||
| Proceeds from shares sold | 31,353,393 | 74,872,618 | ||||||
| Cost of shares redeemed | (23,074,612 | ) | (46,731,261 | ) | ||||
| Net increase in net assets resulting from shares of beneficial interest | 8,278,781 | 28,141,357 | ||||||
| TOTAL INCREASE IN NET ASSETS | 10,413,110 | 5,293,766 | ||||||
| NET ASSETS | ||||||||
| Beginning of Period | 82,254,913 | 76,961,147 | ||||||
| End of Period | $ | 92,668,023 | $ | 82,254,913 | ||||
| SHARE ACTIVITY | ||||||||
| Shares sold | 1,025,000 | 2,250,000 | ||||||
| Shares redeemed | (750,000 | ) | (1,400,000 | ) | ||||
| Net increase in shares of beneficial interest outstanding | 275,000 | 850,000 | ||||||
See accompanying notes which are an integral part of these financial statements.
35
| LeaderShares® AlphaFactor® Tactical Focused ETF |
| STATEMENTS OF CHANGES IN NET ASSETS |
| For the Six Months | For the Year | |||||||
| Ended | Ended | |||||||
| April 30, 2023 | October 31, 2022 | |||||||
| (Unaudited) | ||||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 1,133,555 | $ | 2,188,153 | ||||
| Net realized loss on investments | (6,815,337 | ) | (20,802,828 | ) | ||||
| Net realized gain on in-kind redemptions | 1,596,605 | 22,029,508 | ||||||
| Unrealized appreciation (depreciation) on investments | 686,909 | (8,089,496 | ) | |||||
| Net decrease in net assets resulting from operations | (3,398,268 | ) | (4,674,663 | ) | ||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
| Return of capital | — | (1,296,694 | ) | |||||
| Total distributions paid | (596,627 | ) | (3,387,401 | ) | ||||
| Net decrease in net assets resulting from distributions to shareholders | (596,627 | ) | (4,684,095 | ) | ||||
| FROM SHARES OF BENEFICIAL INTEREST | ||||||||
| Proceeds from shares sold | 65,716,161 | 175,555,756 | ||||||
| Cost of shares redeemed | (31,121,586 | ) | (136,855,799 | ) | ||||
| Net increase in net assets resulting from shares of beneficial interest | 34,594,575 | 38,699,957 | ||||||
| TOTAL INCREASE IN NET ASSETS | 30,599,680 | 29,341,199 | ||||||
| NET ASSETS | ||||||||
| Beginning of Period | 157,485,219 | 128,144,020 | ||||||
| End of Period | $ | 188,084,899 | $ | 157,485,219 | ||||
| SHARE ACTIVITY | ||||||||
| Shares sold | 2,075,000 | 5,025,000 | ||||||
| Shares redeemed | (1,000,000 | ) | (3,900,000 | ) | ||||
| Net increase in shares of beneficial interest outstanding | 1,075,000 | 1,125,000 | ||||||
See accompanying notes which are an integral part of these financial statements.
36
| LeaderShares® AlphaFactor® US Core Equity ETF |
| STATEMENTS OF CHANGES IN NET ASSETS |
| For the Six Months | For the Year | |||||||
| Ended | Ended | |||||||
| April 30, 2023 | October 31, 2022 | |||||||
| (Unaudited) | ||||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 706,049 | $ | 1,177,343 | ||||
| Net realized loss on investments | (6,231,165 | ) | (29,826,248 | ) | ||||
| Net realized gain on in-kind redemptions | 11,251,652 | 9,700,848 | ||||||
| Unrealized appreciation (depreciation) on investments | (3,990,290 | ) | 4,429,403 | |||||
| Net increase (decrease) in net assets resulting from operations | 1,736,246 | (14,518,654 | ) | |||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
| Total distributions paid | (502,425 | ) | (1,093,305 | ) | ||||
| Net decrease in net assets resulting from distributions to shareholders | (502,425 | ) | (1,093,305 | ) | ||||
| FROM SHARES OF BENEFICIAL INTEREST | ||||||||
| Proceeds from shares sold | 83,983,877 | 134,897,260 | ||||||
| Cost of shares redeemed | (72,630,788 | ) | (95,993,806 | ) | ||||
| Net increase in net assets resulting from shares of beneficial interest | 11,353,089 | 38,903,454 | ||||||
| TOTAL INCREASE IN NET ASSETS | 12,586,910 | 23,291,495 | ||||||
| NET ASSETS | ||||||||
| Beginning of Period | 146,384,583 | 123,093,088 | ||||||
| End of Period | $ | 158,971,493 | $ | 146,384,583 | ||||
| SHARE ACTIVITY | ||||||||
| Shares sold | 2,775,000 | 4,250,000 | ||||||
| Shares redeemed | (2,400,000 | ) | (3,050,000 | ) | ||||
| Net increase in shares of beneficial interest outstanding | 375,000 | 1,200,000 | ||||||
See accompanying notes which are an integral part of these financial statements.
37
| LeaderShares® Equity Skew ETF |
| STATEMENTS OF CHANGES IN NET ASSETS |
| For the Six Months | For the Year | |||||||
| Ended | Ended | |||||||
| April 30, 2023 | October 31, 2022 | |||||||
| (Unaudited) | ||||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 290,644 | $ | 1,069,309 | ||||
| Net realized loss on investments | (11,576,570 | ) | (20,970,506 | ) | ||||
| Net realized gain on in-kind redemptions | 4,643,565 | 13,232,844 | ||||||
| Unrealized appreciation (depreciation) on investments | 9,122,778 | (15,691,444 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 2,480,417 | (22,359,797 | ) | |||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
| Return of capital | — | (7,449,169 | ) | |||||
| Total distributions paid | (480,938 | ) | (1,347,897 | ) | ||||
| Net decrease in net assets resulting from distributions to shareholders | (480,938 | ) | (8,797,066 | ) | ||||
| FROM SHARES OF BENEFICIAL INTEREST | ||||||||
| Proceeds from shares sold | 56,696,127 | 137,818,637 | ||||||
| Cost of shares redeemed | (42,312,007 | ) | (95,323,161 | ) | ||||
| Net increase in net assets resulting from shares of beneficial interest | 14,384,120 | 42,495,476 | ||||||
| TOTAL INCREASE IN NET ASSETS | 16,383,599 | 11,338,613 | ||||||
| NET ASSETS | ||||||||
| Beginning of Period | 116,816,818 | 105,478,205 | ||||||
| End of Period | $ | 133,200,417 | $ | 116,816,818 | ||||
| SHARE ACTIVITY | ||||||||
| Shares sold | 2,000,000 | 4,150,000 | ||||||
| Shares redeemed | (1,500,000 | ) | (2,850,000 | ) | ||||
| Net increase in shares of beneficial interest outstanding | 500,000 | 1,300,000 | ||||||
See accompanying notes which are an integral part of these financial statements.
38
| LeaderShares® Dynamic Yield ETF |
| STATEMENTS OF CHANGES IN NET ASSETS |
| For the Six Months | For the Year | |||||||
| Ended | Ended | |||||||
| April 30, 2023 | October 31, 2022 | |||||||
| (Unaudited) | ||||||||
| FROM OPERATIONS | ||||||||
| Net investment income | $ | 1,438,938 | $ | 1,330,393 | ||||
| Net realized gain (loss) on investments | 53 | (3,096,271 | ) | |||||
| Net realized loss on in-kind redemptions | — | (23,219 | ) | |||||
| Unrealized appreciation (depreciation) on investments | 4,051,268 | (9,340,874 | ) | |||||
| Net increase (decrease) in net assets resulting from operations | 5,490,259 | (11,129,971 | ) | |||||
| DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
| Total distributions paid | (1,391,670 | ) | (1,343,205 | ) | ||||
| Net decrease in net assets resulting from distributions to shareholders | (1,391,670 | ) | (1,343,205 | ) | ||||
| FROM SHARES OF BENEFICIAL INTEREST | ||||||||
| Proceeds from shares sold | 12,279,433 | 31,782,845 | ||||||
| Cost of shares redeemed | — | (1,118,066 | ) | |||||
| Net increase in net assets resulting from shares of beneficial interest | 12,279,433 | 30,664,779 | ||||||
| TOTAL INCREASE IN NET ASSETS | 16,378,022 | 18,191,603 | ||||||
| NET ASSETS | ||||||||
| Beginning of Period | 89,652,732 | 71,461,129 | ||||||
| End of Period | $ | 106,030,754 | $ | 89,652,732 | ||||
| SHARE ACTIVITY | ||||||||
| Shares sold | 550,000 | 1,350,000 | ||||||
| Shares redeemed | — | (50,000 | ) | |||||
| Net increase in shares of beneficial interest outstanding | 550,000 | 1,300,000 | ||||||
See accompanying notes which are an integral part of these financial statements.
39
| LeaderShares® Activist Leaders® ETF |
| FINANCIAL HIGHLIGHTS |
Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented
| For the Six Months | For the Year | For the Year | For the Period | |||||||||||||
| Ended | Ended | Ended | Ended | |||||||||||||
| April 30, 2023 | October 31, 2022 | October 31, 2021 | October 31, 2020 * | |||||||||||||
| (Unaudited) | ||||||||||||||||
| Net asset value, beginning of year/period | $ | 28.86 | $ | 38.48 | $ | 24.29 | $ | 25.00 | ||||||||
| Activity from investment operations: | ||||||||||||||||
| Net investment income (loss) (1) | 0.15 | 0.15 | 0.01 | (0.00 | ) ** | |||||||||||
| Net realized and unrealized gain (loss) on investments | 0.72 | (6.98 | ) | 14.21 | (0.71 | ) | ||||||||||
| Total from investment operations | 0.87 | (6.83 | ) | 14.22 | (0.71 | ) | ||||||||||
| Less distributions from: | ||||||||||||||||
| Net investment income | (0.08 | ) | (0.36 | ) | (0.03 | ) | — | |||||||||
| Return of capital | — | (2.43 | ) | — | — | |||||||||||
| Total distributions | (0.08 | ) | (2.79 | ) | (0.03 | ) | — | |||||||||
| Net asset value, end of year/period | $ | 29.65 | $ | 28.86 | $ | 38.48 | $ | 24.29 | ||||||||
| Market price, end of year/period | $ | 29.63 | $ | 28.90 | $ | 38.49 | $ | 24.30 | ||||||||
| Total return (2) | 3.03 | % (3) | (19.11 | )% | 58.60 | % | (2.84 | )% (4) | ||||||||
| Net assets, at end of year/period (000s) | $ | 92,668 | $ | 82,255 | $ | 76,961 | $ | 42,513 | ||||||||
| Ratio of expenses to average net assets | 0.75 | % (4) | 0.75 | % | 0.75 | % | 0.75 | |||||||||