(COVER PAGE)

Dear Shareholder,

LeaderShares^®Activist Leaders^® ETF (ACTV)*: -19.11%

* From November 1, 2021 through October 31, 2022.

Source: Ultimus Fund Solutions.

During the LeaderShares^® Activist Leaders^® ETF’s (the “Fund”) fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -19.11% (Source: Ultimus) during the period as compared to -14.61% for the S&P 500. During the period, the Fund was invested in a portfolio of stocks based on its quantitative selection methodology. The Fund is an active fund and does not track an index. In addition to systematic correlation to the overall U.S. equity market’s sell off, the Fund’s concentrated exposure in companies involved in shareholder activism seemed to drive the underperformance against the S&P 500 Index. The Fund will continue to implement its disciplined quantitative stock selection process.

^**Standard and Poor’s 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

The views in this report are those of the Fund’s management. This report contains certain forward-looking statements about factors that may affect the performance of the Fund in the future. These statements are based on the Fund’s management’s predictions and expectations concerning certain future events such as the performance of the economy as a whole and of specific industry sectors. Management believes these forward-looking statements are reasonable, although they are inherently uncertain and difficult to predict

Dear Shareholder,

LeaderShares^®AlphaFactor^® Tactical Focused ETF (LSAT)* -2.76%

* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions.

During the LeaderShares^® AlphaFactor^® Tactical Focused ETF’s (the “Fund”) fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -2.76% (Source: Ultimus) during the period as compared to -14.61% for the S&P 500. Utilizing our quantitative risk-managed process, the Fund had several tactical shifts to and from defensive posturing, that resulted in the Fund being exposed to risk assets for only a portion of the period. When the Fund was risk on, it was invested in a portfolio of stocks based on its quantitative selection methodology. The Fund is an active fund and does not track an index. The Fund was able to outperform its benchmark given the Fund’s ability to sidestep a portion of the drawdown seen in risk assets, as well as participate in the intermittent recoveries given the tactical nature of the strategy. The Fund will continue to implement its disciplined quantitative security selection and risk management process.

Dear Shareholder,

LeaderShares^®AlphaFactor^® US Core Equity ETF (LSAF): -9.76%*

* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions.

During the LeaderShares^® AlphaFactor^® US Core Equity ETF’s (the “Fund”) fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -9.76% (Source: Ultimus) for the year ended October 31, 2021, as compared to the -9.26% return of its benchmark AlphaFactor^® US Core Equity Index (Source: Ultimus). During the period, the Fund was invested in a portfolio of stocks based on its quantitative selection methodology. The Fund’s exposure to quantitative factors such as value, which withstood the equity sell off better than growth stocks, drove some of the Fund’s equity outperformance against the S&P 500 Index, which returned -14.61% (Source: Ultimus) for the reporting period. Generally, systematic correlation to the overall U.S. equity market was as expected on both down and up trends. The Fund will continue to implement its disciplined quantitative stock selection process.

Capital markets are infinitely complex. Every day, new information becomes available that changes the risk and return dynamic of any investment. We do not attempt to forecast or suggest what may lie ahead. Instead, we utilize a quantitative approach, aiming to minimize the subjectivity of investing.

*** The AlphaFactor^® US Core Equity Index utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process focused on the largest 1,000 U.S. common stocks based on market capitalization. The methodology selects stocks based on a number of characteristics that include, net share count reduction, cash flow growth, dividend yield, volatility, and debt/asset ratios.

Dear Shareholder,

LeaderShares^®Equity Skew ETF (SQEW): -17.47%*

* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions

During the LeaderShares^® Equity Skew ETF’s (the “Fund”) fiscal year, risk markets were volatile as rising inflation threatened economies around the globe. The Federal Reserve implemented aggressive rate hiking policies with the goal of curbing the rising costs. As a result, equities and fixed income markets sold off.

The Fund posted a return of -17.47% (Source: Ultimus) during the period as compared to -14.61% for the S&P 500. During the period, the Fund was invested in a portfolio of stocks and ETFs based on its quantitative selection methodology. The Fund is an active fund and does not track an index. The Fund’s overexposure to factors such as growth and size, both categories which are sensitive to rising interest rate environments, drove a slight equity underperformance against the S&P 500 Index which returned - 14.61% (Source: Ultimus) for the reporting period. However, systematic correlation to the overall U.S. equity market was as expected on both down and up trends. The Fund will continue to implement its disciplined quantitative stock selection process.

Dear Shareholder,

LeaderShares^®Dynamic Yield ETF (DYLD)*: -12.45%

* From November 1, 2021 through October 31, 2022. Source: Ultimus Fund Solutions.

During the LeaderShares^® Dynamic Yield ETF’s (the “Fund”) fiscal year, risk markets were volatile as the Federal Reserve ramped up its aggressive rate hiking policy to curb the highest inflation levels seen in over 40 years. Many fixed income asset classes, whose duration were at record high levels, sold off sharply and experienced their worst drawdowns in history.

The Fund returned -12.45% (Source: Ultimus). The Fund is an active fund and does not track an index. During the period, the Fund was invested in a portfolio of high-yield corporate bonds, investment-grade corporate bonds, as well as US treasuries based on its quantitative selection methodology. The Fund derived most of its total return from active management and ability to shed its interest rate sensitive positions and decrease the portfolio duration risk. As a result, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned - 15.68% (Source: Ultimus) for the period, as investment-grade corporates and treasuries sold off aggressively.

Capital markets are infinitely complex. Every day, new information becomes available that changes the risk and return dynamic of any investment. We do not attempt to forecast or suggest what may lie ahead. Instead, we utilize a disciplined, quantitative approach, aiming to minimize the subjectivity of investing.

** The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. This includes Treasuries, government-related and corporate securities, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities.

5077-NLD-12202022

LeaderShares^®Activist Leaders^® ETF
PORTFOLIO REVIEW
October 31, 2022 (Unaudited)

The Fund’s performance figures* for the period ended October 31, 2022, compared to its benchmark:

	One Year	Since Inception^(a)
LeaderShares^®Activist Leaders^® ETF - NAV	(19.11)%	11.56%
LeaderShares^®Activist Leaders^® ETF - Market Price	(19.02)%	11.64%
S&P 500 Index (b)	(14.61)%	8.27%

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 0.75% per the March 1, 2022 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.

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

PORTFOLIO ANALYSIS
October 31, 2022
	Percent of
Top 10 Industries	Net Assets
Software		10.6	%
Technology Services		10.6	%
Biotech & Pharma		10.5	%
Leisure Facilities & Services		7.2	%
Asset Management		7.1	%
Technology Hardware		7.0	%
Automotive		3.7	%
Real Estate Owners & Developers		3.6	%
Aerospace & Defense		3.5	%
Construction Materials		3.5	%
Other/Cash and Equivalents		32.7	%
Total		100.0	%

Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.

LeaderShares^®AlphaFactor^® Tactical Focused ETF
PORTFOLIO REVIEW
October 31, 2022 (Unaudited)

The Fund’s performance figures* for the period ended October 31, 2022, compared to its benchmark:

	One Year	Since Inception^(a)
LeaderShares^®AlphaFactor^® Tactical Focused ETF - NAV	(2.76)%	16.92%
LeaderShares^®AlphaFactor^® Tactical Focused ETF - Market Price	(2.96)%	16.83%
S&P 500 Index ^(b)	(14.61)%	8.27%

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, 2022 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)

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

PORTFOLIO ANALYSIS
October 31, 2022
	Percent of
Top 10 Industries	Net Assets
Specialty Finance		13.3	%
Institutional Financial Services		10.1	%
Technology Hardware		10.1	%
Retail - Discretionary		9.9	%
Insurance		9.6	%
Technology Services		6.6	%
Health Care Facilities & Services		6.5	%
Banking		3.5	%
Telecommunications		3.5	%
Transportation Equipment		3.5	%
Other/Cash and Equivalents		23.4	%
Total		100.0	%

Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.

Leadershares^®AlphaFactor^® US Core Equity ETF
PORTFOLIO REVIEW
October 31, 2022 (Unaudited)

The Fund’s performance figures* for the period ended October 31, 2022, compared to its benchmark:

	One Year	Three Year	Since Inception^(a)
LeaderShares^®AlphaFactor^® US Core Equity ETF - NAV	(9.76)%	6.55%	5.41%
LeaderShares^®AlphaFactor^® US Core Equity ETF - Market Price	(9.83)%	6.56%	5.43%
S&P 500 Index ^(b)	(14.61)%	10.22%	8.99%
AlphaFactor^®US Core Equity Index ^(c)	(9.26)%	7.46%	6.34%

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, 2022 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)

(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.

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

PORTFOLIO ANALYSIS
October 31, 2022
	Percent of
Top 10 Industries	Net Assets
Retail - Discretionary		11.3	%
Insurance		11.0	%
Oil & Gas Producers		7.6	%
Chemicals		6.8	%
Transportation & Logistics		6.6	%
Technology Hardware		5.8	%
Steel		4.2	%
Leisure Facilities & Services		4.1	%
Specialty Finance		3.9	%
Technology Services		3.0	%
Other/Cash and Equivalents		35.7	%
Total		100.0	%

Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.

LeaderShares^®Equity Skew ETF
PORTFOLIO REVIEW
October 31, 2022 (Unaudited)

The Fund’s performance figures* for the period ended October 31, 2022, compared to its benchmark:

	One Year	Since Inception^(a)
LeaderShares^®Equity Skew ETF - NAV	(17.47)%	11.14%
LeaderShares^®Equity Skew ETF - Market Price	(17.78)%	11.06%
S&P 500 Index ^(b)	(14.61)%	13.67%

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 0.75% per the March 1, 2022 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)

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

PORTFOLIO ANALYSIS
October 31, 2022
	Percent of
Top 10 Industries	Net Assets
Exchange Traded Funds		42.9	%
Technology Hardware		10.5	%
Software		9.8	%
Semiconductors		4.0	%
E-Commerce Discretionary		3.7	%
Internet Media & Services		3.6	%
Biotech & Pharma		3.4	%
Medical Equipment & Devices		2.9	%
Technology Services		2.6	%
Automotive		2.5	%
Other/Cash and Equivalents		14.1	%
Total		100.0	%

Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.

LeaderShares^®Dynamic Yield ETF
PORTFOLIO REVIEW
October 31, 2022 (Unaudited)

The Fund’s performance figures* for the period ended October 31, 2022, compared to its benchmark:

	One Year	Since Inception^(a)
LeaderShares^®Dynamic Yield ETF - NAV	(12.45)%	(8.84)%
LeaderShares^®Dynamic Yield ETF - Market Price	(12.59)%	(8.81)%
Bloomberg US Aggregate Bond Index ^(b)	(15.68)%	(11.83)%

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, 2022 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.

Comparison of the Change in Value of a $10,000 Investment

(LINE GRAPH)

PORTFOLIO ANALYSIS
October 31, 2022
	Percent of
Top 10 Industries	Net Assets
Banking		11.7	%
U.S. Government & Agencies		10.8	%
Telecommunications		6.6	%
Biotech & Pharma		4.3	%
Health Care Facilities & Services		3.7	%
Institutional Financial Services		3.5	%
Food		3.3	%
Software		3.2	%
Aerospace & Defense		2.8	%
Technology Hardware		2.4	%
Other/Cash and Equivalents		47.7	%
Total		100.0	%

Please refer to the Schedule of Investments for a detailed listing of the Fund’s holdings.

LEADERSHARES^®ACTIVIST LEADERS^® ETF

SCHEDULE OF INVESTMENTS

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.0%
		AEROSPACE & DEFENSE - 3.5%
	59,650	Mercury Systems, Inc.^(a)	$	2,887,060

		ASSET MANAGEMENT - 7.1%
	189,886	Invesco Ltd.		2,909,054
	127,928	Janus Henderson Group plc		2,912,920
				5,821,974
		AUTOMOTIVE - 3.7%
	187,483	Dana, Inc.		2,992,229

		BIOTECH & PHARMA - 10.5%
	430,601	Bausch Health Companies, Inc.^(a)		2,798,907
	215,399	Innoviva, Inc.^(a)		2,920,810
	262,917	Ironwood Pharmaceuticals, Inc.^(a)		2,876,312
				8,596,029
		CONSTRUCTION MATERIALS - 3.5%
	101,196	MDU Resources Group, Inc.		2,882,062

		ELECTRICAL EQUIPMENT - 2.9%
	166,723	Vertiv Holdings Company		2,385,806

		ENGINEERING & CONSTRUCTION - 3.5%
	38,572	AECOM		2,903,700

		FOOD - 3.5%
	57,688	TreeHouse Foods, Inc.^(a)		2,898,245

		GAS & WATER UTILITIES - 3.5%
	39,366	Southwest Gas Holdings, Inc.		2,876,474

		HEALTH CARE FACILITIES & SERVICES - 3.5%
	149,996	Pediatrix Medical Group, Inc.^(a)		2,909,922

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ACTIVIST LEADERS^® ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		HOME & OFFICE PRODUCTS - 3.2%
	192,446	Newell Brands, Inc.	$	2,657,679

		INSURANCE - 1.1%
	345,903	eHealth, Inc.^(a)		927,020

		INTERNET MEDIA & SERVICES - 3.5%
	36,192	GoDaddy, Inc., Class A^(a)		2,909,837

		LEISURE FACILITIES & SERVICES - 7.2%
	40,032	Papa John’s International, Inc.		2,907,524
	49,392	Restaurant Brands International, Inc.		2,932,897
				5,840,421
		PUBLISHING & BROADCASTING - 3.5%
	99,639	New York Times Company (The), Class A		2,885,545

		REAL ESTATE OWNERS & DEVELOPERS - 3.6%
	48,479	Howard Hughes Corporation^(a)		2,974,187

		RETAIL - DISCRETIONARY - 3.5%
	49,184	Freshpet, Inc.^(a)		2,899,397

		SOFTWARE - 10.6%
	47,409	CommVault Systems, Inc.^(a)		2,886,734
	280,361	LivePerson, Inc.^(a)		2,963,416
	48,263	New Relic, Inc.^(a)		2,859,100
				8,709,250
		TECHNOLOGY HARDWARE - 7.0%
	55,640	Seagate Technology Holdings plc		2,763,082
	202,368	Xerox Holdings Corporation		2,960,644
				5,723,726
		TECHNOLOGY SERVICES - 10.6%
	717,120	Conduent, Inc.^(a)		2,954,535
	148,115	Green Dot Corporation, Class A^(a)		2,818,628

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ACTIVIST LEADERS^® ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.0% (Continued)
		TECHNOLOGY SERVICES - 10.6% (Continued)
	30,968	Insight Enterprises, Inc.^(a)	$	2,926,786
				8,699,949

		TOTAL COMMON STOCKS (Cost $89,767,244)		81,380,512

		TOTAL INVESTMENTS – 99.0% (Cost $89,767,244)	$	81,380,512
		OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%		874,401
		NET ASSETS - 100.0%	$	82,254,913

LTD

- Limited Company

PLC

- Public Limited Company

^(a)

Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ACTIVIST LEADERS^® ETF

SCHEDULE OF INVESTMENTS (Continued)

OCTOBER 31, 2022

Diversification of Assets
Country	% of Net Assets
United States		81.6	%
Canada		7.0	%
Jersey		3.5	%
Bermuda		3.5	%
Ireland		3.4	%
Total		99.0	%
Other Assets in Excess of Liabilities - Net		1.0	%
Grand Total		100.0	%

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® TACTICAL FOCUSED ETF

SCHEDULE OF INVESTMENTS

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.4%
		AEROSPACE & DEFENSE - 3.2%
	20,346	L3Harris Technologies, Inc.	$	5,014,679

		BANKING - 3.5%
	50,687	BOK Financial Corporation		5,585,201

		CHEMICALS - 3.3%
	49,501	Ashland, Inc.		5,193,645

		CONTAINERS & PACKAGING - 3.1%
	71,400	Crown Holdings, Inc.		4,897,326

		ELECTRIC UTILITIES - 3.3%
	169,421	Brookfield Renewable Corporation		5,257,134

		HEALTH CARE FACILITIES & SERVICES - 6.5%
	23,304	HCA Healthcare, Inc.		5,067,921
	35,911	Quest Diagnostics, Inc.		5,158,615
				10,226,536
		HOME & OFFICE PRODUCTS - 3.3%
	37,537	Whirlpool Corporation		5,189,115

		INSTITUTIONAL FINANCIAL SERVICES - 10.1%
	121,587	Bank of New York Mellon Corporation (The)		5,120,029
	53,364	Evercore, Inc., Class A		5,608,555
	233,886	Virtu Financial, Inc., Class A		5,234,369
				15,962,953
		INSURANCE - 9.6%
	33,380	Assurant, Inc.		4,535,007
	172,820	Equitable Holdings, Inc.		5,291,748
	76,510	Voya Financial, Inc.		5,230,224
				15,056,979
		OIL & GAS PRODUCERS - 3.3%
	45,130	Marathon Petroleum Corporation		5,127,671

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® TACTICAL FOCUSED ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		RETAIL - DISCRETIONARY - 9.9%
	28,297	Advance Auto Parts, Inc.	$	5,374,167
	169,004	Kohl’s Corporation		5,061,670
	26,292	Lowe’s Companies, Inc.		5,125,625
				15,561,462
		SPECIALTY FINANCE - 13.3%
	184,937	Ally Financial, Inc.		5,096,864
	393,617	MGIC Investment Corporation		5,372,871
	315,909	SLM Corporation		5,240,930
	147,091	Synchrony Financial		5,230,556
				20,941,221
		TECHNOLOGY HARDWARE - 10.1%
	184,402	HP, Inc.		5,093,183
	67,978	Lumentum Holdings, Inc.^(a)		5,060,962
	392,722	Xerox Holdings Corporation		5,745,523
				15,899,668
		TECHNOLOGY SERVICES - 6.6%
	30,270	CDW Corporation/DE		5,230,959
	17,114	Gartner, Inc.^(a)		5,167,059
				10,398,018
		TELECOMMUNICATIONS - 3.5%
	741,172	Lumen Technologies, Inc.		5,455,026

		TRANSPORTATION EQUIPMENT - 3.5%
	129,830	Allison Transmission Holdings, Inc.		5,485,317

		WHOLESALE - DISCRETIONARY - 3.3%
	94,563	LKQ Corporation		5,261,484

		TOTAL COMMON STOCKS (Cost $152,962,364)		156,513,435

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® TACTICAL FOCUSED ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

	Fair Value
TOTAL INVESTMENTS – 99.4% (Cost $152,962,364)	$	156,513,435
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%		971,784
NET ASSETS - 100.0%	$	157,485,219

^(a)

Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.3%
		AEROSPACE & DEFENSE - 1.1%
	3,344	Lockheed Martin Corporation	$	1,627,458

		APPAREL & TEXTILE PRODUCTS - 1.0%
	44,883	Tapestry, Inc.		1,421,893

		ASSET MANAGEMENT - 1.0%
	11,414	Affiliated Managers Group, Inc.		1,417,162

		AUTOMOTIVE - 1.1%
	36,437	Harley-Davidson, Inc.		1,566,791

		BANKING - 1.0%
	32,389	Bank OZK		1,392,079

		BEVERAGES - 0.9%
	5,576	Constellation Brands, Inc., Class A		1,377,718

		BIOTECH & PHARMA - 1.1%
	5,696	Amgen, Inc.		1,539,914

		CHEMICALS - 6.8%
	13,623	Ashland, Inc.		1,429,325
	13,251	CF Industries Holdings, Inc.		1,408,051
	51,564	Chemours Company (The)		1,476,277
	52,162	Huntsman Corporation		1,395,855
	26,491	Mosaic Company (The)		1,423,891
	29,860	Olin Corporation		1,581,088
	56,296	Univar Solutions, Inc.^(a)		1,434,422
				10,148,909
		COMMERCIAL SUPPORT SERVICES - 0.8%
	30,046	H&R Block, Inc.		1,236,393

		CONSTRUCTION MATERIALS - 2.0%
	11,944	Eagle Materials, Inc.		1,460,871

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		CONSTRUCTION MATERIALS - 2.0% (Continued)
	16,284	Owens Corning	$	1,394,073
				2,854,944
		CONSUMER SERVICES - 0.9%
	22,214	Service Corp International		1,346,391

		ELECTRIC UTILITIES - 2.0%
	33,088	NRG Energy, Inc.		1,469,107
	60,937	Vistra Corporation		1,399,723
				2,868,830
		ELECTRICAL EQUIPMENT - 1.0%
	8,162	Acuity Brands, Inc.		1,498,298

		ENGINEERING & CONSTRUCTION - 0.9%
	31,677	WillScot Mobile Mini Holdings Corporation^(a)		1,347,223

		ENTERTAINMENT CONTENT - 0.8%
	41,555	Fox Corporation, Class A		1,199,693

		FOOD - 2.0%
	16,639	Lamb Weston Holdings, Inc.		1,434,615
	15,689	Post Holdings, Inc.^(a)		1,418,599
				2,853,214
		FORESTRY, PAPER & WOOD PRODUCTS - 1.0%
	24,720	Louisiana-Pacific Corporation		1,400,388

		HEALTH CARE FACILITIES & SERVICES - 2.0%
	6,904	HCA Healthcare, Inc.		1,501,413
	3,755	McKesson Corporation		1,462,084
				2,963,497
		HOTEL REIT - 1.0%
	115,470	Park Hotels & Resorts, Inc.		1,510,348

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		INDUSTRIAL SUPPORT SERVICES - 1.0%
	4,736	United Rentals, Inc.^(a)	$	1,495,203

		INSTITUTIONAL FINANCIAL SERVICES - 1.9%
	43,859	Jefferies Financial Group, Inc.		1,509,188
	16,183	Morgan Stanley		1,329,757
				2,838,945
		INSURANCE - 11.0%
	22,748	Aflac, Inc.		1,481,122
	10,255	Allstate Corporation (The)		1,294,694
	26,854	American International Group, Inc.		1,530,678
	8,794	Assurant, Inc.		1,194,753
	29,310	Brighthouse Financial, Inc.^(a)		1,672,723
	48,419	Equitable Holdings, Inc.		1,482,590
	20,654	Hartford Financial Services Group, Inc. (The)		1,495,556
	25,574	Loews Corporation		1,458,229
	21,033	MetLife, Inc.		1,539,826
	17,717	Principal Financial Group, Inc.		1,561,399
	20,936	Voya Financial, Inc.		1,431,185
				16,142,755
		INTERNET MEDIA & SERVICES - 1.0%
	17,997	GoDaddy, Inc., Class A^(a)		1,446,958

		LEISURE FACILITIES & SERVICES - 4.1%
	10,151	Darden Restaurants, Inc.		1,453,014
	10,493	Marriott Vacations Worldwide Corporation		1,550,445
	43,105	MGM Resorts International		1,533,245
	37,362	Travel + Leisure Company		1,419,009
				5,955,713
		MACHINERY - 1.0%
	14,585	Crane Holdings Company		1,463,459

		METALS & MINING - 1.0%
	37,259	Alcoa Corporation		1,454,219

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		OIL & GAS PRODUCERS - 7.6%
	37,220	APA Corporation	$	1,692,021
	12,502	ConocoPhillips		1,576,377
	49,209	Coterra Energy, Inc.		1,531,876
	10,678	Diamondback Energy, Inc.		1,677,621
	56,605	Marathon Oil Corporation		1,723,622
	12,888	Marathon Petroleum Corporation		1,464,335
	11,916	Valero Energy Corporation		1,496,054
				11,161,906
		PUBLISHING & BROADCASTING - 0.9%
	7,696	Nexstar Media Group, Inc.		1,318,325

		REAL ESTATE SERVICES - 1.9%
	19,086	CBRE Group, Inc., Class A^(a)		1,353,961
	8,575	Jones Lang LaSalle, Inc.^(a)		1,364,197
				2,718,158
		RETAIL - DISCRETIONARY - 11.3%
	8,215	Advance Auto Parts, Inc.		1,560,193
	12,491	AutoNation, Inc.^(a)		1,327,918
	601	AutoZone, Inc.^(a)		1,522,261
	8,594	Avis Budget Group, Inc.^(a)		2,032,138
	21,502	Builders FirstSource, Inc.^(a)		1,325,813
	6,831	Lowe’s Companies, Inc.		1,331,703
	80,277	Macy’s, Inc.		1,673,775
	1,822	O’Reilly Automotive, Inc.^(a)		1,525,324
	12,996	Penske Automotive Group, Inc.		1,450,614
	3,190	Ulta Beauty, Inc.^(a)		1,337,790
	10,924	Williams-Sonoma, Inc.		1,352,719
				16,440,248
		SEMICONDUCTORS - 2.7%
	15,524	Applied Materials, Inc.		1,370,614
	18,591	Cirrus Logic, Inc.^(a)		1,247,828
	4,198	KLA Corporation		1,328,457
				3,946,899

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		SOFTWARE - 1.0%
	25,900	Fortinet, Inc.^(a)	$	1,480,444

		SPECIALTY FINANCE - 3.9%
	2,974	Credit Acceptance Corporation^(a)		1,384,754
	14,146	Discover Financial Services		1,477,691
	99,985	MGIC Investment Corporation		1,364,795
	91,744	SLM Corporation		1,522,033
				5,749,273
		STEEL - 4.2%
	11,954	Nucor Corporation		1,570,517
	7,331	Reliance Steel & Aluminum Company		1,477,050
	17,942	Steel Dynamics, Inc.		1,687,444
	69,561	United States Steel Corporation		1,416,262
				6,151,273
		TECHNOLOGY HARDWARE - 5.8%
	13,773	Arrow Electronics, Inc.^(a)		1,394,654
	37,449	Dell Technologies, Inc., Class C		1,438,042
	51,093	HP, Inc.		1,411,189
	21,795	Jabil, Inc.		1,400,329
	18,396	Lumentum Holdings, Inc.^(a)		1,369,582
	4,331	Ubiquiti, Inc.		1,501,774
				8,515,570
		TECHNOLOGY SERVICES - 3.0%
	3,069	Fair Isaac Corporation^(a)		1,469,560
	4,603	Gartner, Inc.^(a)		1,389,738
	14,540	Science Applications International Corporation		1,575,263
				4,434,561
		TRANSPORTATION & LOGISTICS - 6.6%
	13,191	CH Robinson Worldwide, Inc.		1,289,025
	48,194	CSX Corporation		1,400,517
	26,152	Knight-Swift Transportation Holdings, Inc.		1,256,081
	8,843	Landstar System, Inc.		1,381,453
	6,100	Norfolk Southern Corporation		1,391,227
	5,100	Old Dominion Freight Line, Inc.		1,400,459

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®ALPHAFACTOR^® US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 99.3% (Continued)
		TRANSPORTATION & LOGISTICS - 6.6% (Continued)
	17,011	Ryder System, Inc.	$	1,369,556
				9,488,318
		WHOLESALE - DISCRETIONARY - 1.0%
	27,006	LKQ Corporation		1,502,614

		TOTAL COMMON STOCKS (Cost $134,992,172)		145,275,984

		TOTAL INVESTMENTS – 99.3% (Cost $134,992,172)	$	145,275,984
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%		1,108,599
		NET ASSETS - 100.0%	$	146,384,583

REIT

- Real Estate Investment Trust

^(a)

Non-income producing security.

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 56.1%
		AEROSPACE & DEFENSE - 0.1%
	389	L3Harris Technologies, Inc.	$	95,877
	104	TransDigm Group, Inc.		59,879
				155,756
		APPAREL & TEXTILE PRODUCTS - 0.3%
	3,659	NIKE, Inc., Class B		339,116

		ASSET MANAGEMENT - 0.7%
	301	Ameriprise Financial, Inc.		93,045
	379	BlackRock, Inc.		244,800
	4,785	Charles Schwab Corporation		381,220
	747	T Rowe Price Group, Inc.		79,302
				798,367
		AUTOMOTIVE - 2.5%
	13,037	Tesla, Inc.^(a)		2,966,439

		BANKING - 1.2%
	14,414	Bank of America Corporation		519,481
	842	First Republic Bank		101,124
	6,342	JPMorgan Chase & Company		798,331
	266	SVB Financial Group^(a)		61,435
				1,480,371
		BEVERAGES - 0.5%
	894	Monster Beverage Corporation^(a)		83,786
	2,723	PepsiCo, Inc.		494,442
				578,228
		BIOTECH & PHARMA - 3.4%
	4,685	AbbVie, Inc.		685,884
	1,017	Amgen, Inc.		274,946
	3,540	Eli Lilly and Company		1,281,798
	1,596	Moderna, Inc.^(a)		239,927
	14,114	Pfizer, Inc.		657,007
	501	Regeneron Pharmaceuticals, Inc.^(a)		375,124
	694	Vertex Pharmaceuticals, Inc.^(a)		216,528

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 56.1% (Continued)
		BIOTECH & PHARMA - 3.4% (Continued)
	1,449	Zoetis, Inc.	$	218,480
				3,949,694
		CHEMICALS - 0.4%
	374	Albemarle Corporation		104,671
	1,169	Linde plc		347,603
	583	Sherwin-Williams Company (The)		131,193
				583,467
		COMMERCIAL SUPPORT SERVICES - 0.2%
	184	Cintas Corporation		78,669
	432	Republic Services, Inc.		57,292
	906	Waste Management, Inc.		143,483
				279,444
		DATA CENTER REIT - 0.1%
	191	Equinix, Inc.		108,190

		DIVERSIFIED INDUSTRIALS - 0.1%
	546	Illinois Tool Works, Inc.		116,587

		E-COMMERCE DISCRETIONARY - 3.7%
	41,091	Amazon.com, Inc.^(a)		4,209,362
	2,010	eBay, Inc.		80,078
	555	Etsy, Inc.^(a)		52,120
				4,341,560
		ELECTRICAL EQUIPMENT - 0.2%
	1,487	Amphenol Corporation, Class A		112,759
	625	Keysight Technologies, Inc.^(a)		108,844
	269	Rockwell Automation, Inc.		68,676
				290,279
		FOOD - 0.1%
	298	Hershey Company (The)		71,153

		HEALTH CARE FACILITIES & SERVICES - 1.1%
	574	HCA Healthcare, Inc.		124,828
	628	IQVIA Holdings, Inc.^(a)		131,673

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 56.1% (Continued)
		HEALTH CARE FACILITIES & SERVICES - 1.1% (Continued)
	1,829	UnitedHealth Group, Inc.	$	1,015,369
				1,271,870
		HOUSEHOLD PRODUCTS - 0.1%
	659	Estee Lauder Companies, Inc., Class A		132,123

		INDUSTRIAL REIT - 0.3%
	2,651	Prologis, Inc.		293,597

		INDUSTRIAL SUPPORT SERVICES - 0.1%
	1,299	Fastenal Company		62,781

		INFRASTRUCTURE REIT - 0.4%
	1,136	American Tower Corporation		235,368
	923	Crown Castle, Inc.		122,999
	277	SBA Communications Corp., A		74,762
				433,129
		INSTITUTIONAL FINANCIAL SERVICES - 0.9%
	1,573	Goldman Sachs Group, Inc.		541,915
	1,492	Intercontinental Exchange, Inc.		142,590
	3,058	Morgan Stanley		251,276
	1,222	Nasdaq, Inc.		76,057
				1,011,838
		INSURANCE - 0.3%
	421	Arthur J Gallagher & Company		78,761
	1,412	Marsh & McLennan Companies, Inc.		228,024
				306,785
		INTERNET MEDIA & SERVICES - 3.6%
	28,144	Alphabet, Inc., Class A^(a)		2,659,890
	10,341	Meta Platforms, Inc., Class A^(a)		963,368
	1,956	Netflix, Inc.^(a)		570,917
				4,194,175
		LEISURE FACILITIES & SERVICES - 0.8%
	85	Chipotle Mexican Grill, Inc.^(a)		127,358
	515	Hilton Worldwide Holdings, Inc.		69,659

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 56.1% (Continued)
		LEISURE FACILITIES & SERVICES - 0.8% (Continued)
	1,585	McDonald’s Corporation	$	432,166
	2,698	Starbucks Corporation		233,620
	628	Yum! Brands, Inc.		74,261
				937,064
		MACHINERY - 0.2%
	590	Deere & Company		233,534

		MEDICAL EQUIPMENT & DEVICES - 2.9%
	4,335	Abbott Laboratories		428,905
	836	Agilent Technologies, Inc.		115,661
	344	Align Technology, Inc.^(a)		66,839
	2,064	Danaher Corporation		519,447
	1,751	DexCom, Inc.^(a)		211,486
	1,795	Edwards Lifesciences Corporation^(a)		130,012
	848	Hologic, Inc.^(a)		57,494
	265	IDEXX Laboratories, Inc.^(a)		95,315
	349	Illumina, Inc.^(a)		79,858
	1,133	Intuitive Surgical, Inc.^(a)		279,251
	64	Mettler-Toledo International, Inc.^(a)		80,956
	571	PerkinElmer, Inc.		76,274
	377	ResMed, Inc.		84,331
	625	Stryker Corporation		143,275
	1,806	Thermo Fisher Scientific, Inc.		928,229
	207	Waters Corporation^(a)		61,928
	341	West Pharmaceutical Services, Inc.		78,464
				3,437,725
		METALS & MINING - 0.1%
	2,834	Freeport-McMoRan, Inc.		89,809

		OIL & GAS PRODUCERS - 0.7%
	2,820	Devon Energy Corporation		218,127
	778	Diamondback Energy, Inc.		122,232
	1,175	EOG Resources, Inc.		160,411
	842	Hess Corporation		118,789

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 56.1% (Continued)
		OIL & GAS PRODUCERS - 0.7% (Continued)
	1,357	Occidental Petroleum Corporation	$	98,518
	588	Pioneer Natural Resources Company		150,769
				868,846
		RENEWABLE ENERGY - 0.2%
	637	Enphase Energy, Inc.^(a)		195,559

		RESIDENTIAL REIT - 0.0%^(b)
	492	Camden Property Trust		56,851
	21	NexPoint Residential Trust, Inc.		958
				57,809
		RETAIL - CONSUMER STAPLES - 0.6%
	1,053	Costco Wholesale Corporation		528,079
	1,178	Target Corporation		193,487
				721,566
		RETAIL - DISCRETIONARY - 1.9%
	86	AutoZone, Inc.^(a)		217,828
	3,514	Home Depot, Inc.		1,040,600
	2,960	Lowe’s Companies, Inc.		577,052
	287	O’Reilly Automotive, Inc.^(a)		240,268
	535	Tractor Supply Company		117,577
				2,193,325
		RETAIL REIT - 0.1%
	917	Simon Property Group, Inc.		99,935

		SELF-STORAGE REIT - 0.2%
	607	Extra Space Storage, Inc.		107,706
	429	Public Storage		132,883
				240,589
		SEMICONDUCTORS - 4.0%
	7,887	Advanced Micro Devices, Inc.^(a)		473,693
	4,112	Applied Materials, Inc.		363,048
	1,105	Broadcom, Inc.		519,483
	666	KLA Corporation		210,756
	652	Lam Research Corporation		263,917

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 56.1% (Continued)
		SEMICONDUCTORS - 4.0% (Continued)
	1,252	Microchip Technology, Inc.	$	77,298
	205	Monolithic Power Systems, Inc.		69,587
	11,680	NVIDIA Corporation		1,576,449
	1,555	ON Semiconductor Corporation^(a)		95,524
	5,503	QUALCOMM, Inc.		647,483
	753	Teradyne, Inc.		61,257
	2,149	Texas Instruments, Inc.		345,194
				4,703,689
		SOFTWARE - 9.8%
	2,163	Adobe, Inc.^(a)		688,915
	250	ANSYS, Inc.^(a)		55,290
	652	Autodesk, Inc.^(a)		139,724
	1,263	Cadence Design Systems, Inc.^(a)		191,206
	2,987	Fortinet, Inc.^(a)		170,737
	1,341	Intuit, Inc.		573,278
	34,881	Microsoft Corporation		8,096,926
	7,219	Oracle Corporation		563,587
	2,882	Salesforce, Inc.^(a)		468,584
	922	ServiceNow, Inc.^(a)		387,922
	470	Synopsys, Inc.^(a)		137,499
				11,473,668
		SPECIALTY FINANCE - 0.3%
	1,238	American Express Company		183,781
	845	Capital One Financial Corporation		89,587
	1,269	Discover Financial Services		132,560
				405,928
		STEEL - 0.1%
	646	Nucor Corporation		84,871

		TECHNOLOGY HARDWARE - 10.5%
	76,103	Apple, Inc.		11,669,633
	1,110	Arista Networks, Inc.^(a)		134,155
	8,761	Cisco Systems, Inc.		398,012

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		COMMON STOCKS — 56.1% (Continued)
		TECHNOLOGY HARDWARE - 10.5% (Continued)
	460	Motorola Solutions, Inc.	$	114,867
				12,316,667
		TECHNOLOGY SERVICES - 2.6%
	1,029	Automatic Data Processing, Inc.		248,709
	372	CDW Corporation/DE		64,285
	909	CoStar Group, Inc.^(a)		75,192
	257	EPAM Systems, Inc.^(a)		89,950
	559	Equifax, Inc.		94,773
	362	Gartner, Inc.^(a)		109,295
	1,865	Mastercard, Inc., Class A		612,056
	492	Moody’s Corporation		130,316
	368	MSCI, Inc.		172,540
	787	Paychex, Inc.		93,110
	2,863	PayPal Holdings, Inc.^(a)		239,290
	981	S&P Global, Inc.		315,146
	379	Verisk Analytics, Inc.		69,293
	3,244	Visa, Inc., Class A		672,028
				2,985,983
		TRANSPORTATION & LOGISTICS - 0.7%
	757	Expeditors International of Washington, Inc.		74,072
	427	Old Dominion Freight Line, Inc.		117,254
	1,207	Union Pacific Corporation		237,948
	1,489	United Parcel Service, Inc., Class B		249,810
				679,084
		WHOLESALE - DISCRETIONARY - 0.1%
	677	Copart, Inc.^(a)		77,869
	183	Pool Corporation		55,674
				133,543

		TOTAL COMMON STOCKS (Cost $69,908,055)		65,624,143

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 42.9%
		EQUITY - 42.9%
	284,094	SPDR Portfolio Emerging Markets ETF	$	8,596,684
	475,493	SPDR Portfolio S&P 500 Value ETF		18,268,442
	160,063	SPDR S&P 600 Small Cap Growth ETF		11,979,115
	145,971	SPDR S&P 600 Small CapValue ETF		11,217,871
		TOTAL EXCHANGE-TRADED FUNDS (Cost $50,296,180)		50,062,112

		TOTAL INVESTMENTS - 99.0% (Cost $120,204,235)	$	115,686,255
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%		1,130,563
		NET ASSETS - 100.0%	$	116,816,818

ETF

- Exchange-Traded Fund

MSCI

- Morgan Stanley Capital International

PLC

- Public Limited Company

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.

LEADERSHARES^®DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS

October 31, 2022

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 51.0%
		AEROSPACE & DEFENSE — 2.8%
	350,000	Boeing Company (The)		4.8750	05/01/25	$	341,903
	474,000	Boeing Company (The)		2.1960	02/04/26		419,529
	360,000	Boeing Company (The)		5.1500	05/01/30		333,311
	308,000	Boeing Company (The)		5.7050	05/01/40		267,160
	308,000	Boeing Company (The)		5.8050	05/01/50		264,480
	308,000	Boeing Company (The)		5.9300	05/01/60		260,082
	350,000	Raytheon Technologies Corporation		4.1250	11/16/28		326,974
	308,000	Raytheon Technologies Corporation		4.5000	06/01/42		261,422
							2,474,861
		BANKING —11.7%
	360,000	Bank of America Corporation^(a)	ICE LIBOR USD 3 Month + 1.210%	3.9740	02/07/30		318,559
	451,000	Bank of America Corporation		3.3000	01/11/23		450,101
	464,000	Bank of America Corporation^(a)	US0003M + 0.790%	3.0040	12/20/23		462,334
	474,000	Bank of America Corporation^(a)	SOFRRATE + 0.960%	1.7340	07/22/27		406,014
	464,000	Bank of America Corporation^(a)	US0003M + 1.040%	3.4190	12/20/28		409,877
	360,000	Bank of America Corporation^(a)	US0003M + 1.310%	4.2710	07/23/29		326,953
	484,000	Bank of America Corporation^(a)	US0003M + 0.990%	2.4960	02/13/31		380,295
	484,000	Bank of America Corporation^(a)	SOFRRATE + 1.320%	2.6870	04/22/32		374,317
	514,000	Bank of America Corporation^(a)	SOFRRATE + 1.930%	2.6760	06/19/41		325,375
	494,000	Bank of America Corporation^(a)	SOFRRATE + 1.580%	3.3110	04/22/42		341,646
	384,000	Bank of America Corporation B^(a)	US0003M + 3.150%	4.0830	03/20/51		284,740
	464,000	Citigroup, Inc.^(a)	SOFRRATE + 2.842%	3.1060	04/08/26		433,221
	360,000	Citigroup, Inc.		4.4500	09/29/27		334,471
	360,000	Citigroup, Inc.^(a)	SOFRRATE + 3.914%	4.4120	03/31/31		320,834
	484,000	Citigroup, Inc.^(a)	SOFRRATE + 2.107%	2.5720	06/03/31		378,674
	464,000	JPMorgan Chase & Company^(a)	SOFRRATE + 1.850%	2.0830	04/22/26		422,577
	474,000	JPMorgan Chase & Company^(a)	SOFRRATE + 0.885%	1.5780	04/22/27		407,855
	484,000	JPMorgan Chase & Company^(a)	SOFRRATE + 1.510%	2.7390	10/15/30		392,437

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 51.0% (Continued)
		BANKING —11.7% (Continued)
	360,000	JPMorgan Chase & Company^(a)	SOFRRATE + 3.790%	4.4930	03/24/31	$	325,382
	484,000	JPMorgan Chase & Company^(a)	SOFRRATE + 1.250%	2.5800	04/22/32		372,242
	260,000	JPMorgan Chase & Company		6.4000	05/15/38		267,612
	384,000	JPMorgan Chase & Company^(a)	US0003M + 1.380%	3.9640	11/15/48		281,529
	404,000	JPMorgan Chase & Company^(a)	SOFRRATE + 1.580%	3.3280	04/22/52		261,481
	464,000	Wells Fargo & Company		3.0000	04/22/26		424,850
	464,000	Wells Fargo & Company		3.0000	10/23/26		420,146
	474,000	Wells Fargo & Company^(a)	SOFRRATE + 2.100%	2.3930	06/02/28		405,122
	474,000	Wells Fargo & Company^(a)	US0003M + 1.170%	2.8790	10/30/30		389,073
	494,000	Wells Fargo & Company^(a)	SOFRRATE + 2.530%	3.0680	04/30/41		332,700
	295,000	Wells Fargo & Company^(a)	US0003M + 4.240%	5.0130	04/04/51		249,752
							10,500,169
		BEVERAGES —1.6%
	356,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		3.6500	02/01/26		341,149
	304,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		4.7000	02/01/36		275,279
	301,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		4.9000	02/01/46		257,579
	291,000	Anheuser-Busch InBev Worldwide, Inc.		4.7500	01/23/29		283,112
	291,000	Anheuser-Busch InBev Worldwide, Inc.		5.5500	01/23/49		274,136
							1,431,255
		BIOTECH & PHARMA — 4.3%
	464,000	AbbVie, Inc.		2.6000	11/21/24		440,986
	464,000	AbbVie, Inc.		3.6000	05/14/25		445,351
	464,000	AbbVie, Inc.		2.9500	11/21/26		423,946
	474,000	AbbVie, Inc.		3.2000	11/21/29		413,525
	371,000	AbbVie, Inc.		4.0500	11/21/39		298,464
	318,000	AbbVie, Inc.		4.2500	11/21/49		246,098
	308,000	Amgen, Inc.		4.6630	06/15/51		253,838
	260,000	AstraZeneca plc		6.4500	09/15/37		279,188
	246,000	Bristol-Myers Squibb Company		3.4000	07/26/29		223,499
	308,000	Bristol-Myers Squibb Company		4.2500	10/26/49		249,878
	260,000	GlaxoSmithKline Capital, Inc.		6.3750	05/15/38		278,337
	250,000	Pfizer, Inc.		7.2000	03/15/39		292,835
							3,845,945

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 51.0% (Continued)
		CABLE & SATELLITE — 1.3%
	350,000	Comcast Corporation	4.1500	10/15/28	$	328,861
	205,000	Comcast Corporation	4.6000	10/15/38		177,659
	209,000	Comcast Corporation	4.7000	10/15/48		173,465
	380,000	Comcast Corporation	2.8870	11/01/51		227,766
	396,000	Comcast Corporation	2.9370	11/01/56		228,777
						1,136,528
		DIVERSIFIED INDUSTRIALS —0.3%
	224,000	General Electric Company	6.7500	03/15/32		243,421

		E-COMMERCE DISCRETIONARY — 0.6%
	360,000	Amazon.com, Inc.	3.1500	08/22/27		333,240
	308,000	Amazon.com, Inc.	4.0500	08/22/47		249,533
						582,773
		FOOD —3.3%
	572,000	Kraft Heinz Foods Company	3.0000	06/01/26		528,223
	572,000	Kraft Heinz Foods Company	3.8750	05/15/27		536,072
	236,000	Kraft Heinz Foods Company	4.2500	03/01/31		213,236
	316,000	Kraft Heinz Foods Company^(b)	7.1250	08/01/39		330,157
	426,000	Kraft Heinz Foods Company	5.0000	06/04/42		368,133
	416,000	Kraft Heinz Foods Company	5.2000	07/15/45		363,177
	436,000	Kraft Heinz Foods Company	4.3750	06/01/46		340,512
	426,000	Kraft Heinz Foods Company	4.8750	10/01/49		354,899
						3,034,409
		HEALTH CARE FACILITIES & SERVICES — 3.7%
	308,000	Cigna Corporation	4.9000	12/15/48		261,018
	350,000	Cigna Corporation	4.3750	10/15/28		329,650
	308,000	CVS Health Corporation	5.0500	03/25/48		261,621
	272,000	CVS Health Corporation	4.3000	03/25/28		255,339
	308,000	CVS Health Corporation	4.7800	03/25/38		267,223
	308,000	CVS Health Corporation	5.1250	07/20/45		264,708
	406,000	HCA, Inc.	5.3750	02/01/25		400,969
	406,000	HCA, Inc.	5.8750	02/15/26		402,329
	406,000	HCA, Inc.	5.6250	09/01/28		390,146
	582,000	HCA, Inc.	3.5000	09/01/30		484,011
						3,317,014

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 51.0% (Continued)
		INSTITUTIONAL FINANCIAL SERVICES — 3.5%
	464,000	Goldman Sachs Group, Inc. (The)		3.5000	04/01/25	$	439,473
	360,000	Goldman Sachs Group, Inc. (The)^(a)	US0003M + 1.301%	4.2230	05/01/29		325,900
	484,000	Goldman Sachs Group, Inc. (The)^(a)	SOFRRATE + 1.281%	2.6150	04/22/32		369,874
	270,000	Goldman Sachs Group, Inc. (The)		6.7500	10/01/37		269,734
	260,000	Goldman Sachs Group, Inc. (The)		6.2500	02/01/41		254,378
	360,000	Morgan Stanley		3.8750	01/27/26		340,358
	474,000	Morgan Stanley^(a)	SOFRRATE + 0.879%	1.5930	05/04/27		405,818
	360,000	Morgan Stanley^(a)	US0003M + 1.628%	4.4310	01/23/30		328,660
	484,000	Morgan Stanley Series GMTN^(a)	SOFRRATE + 1.143%	2.6990	01/22/31		387,770
							3,121,965
		LEISURE FACILITIES & SERVICES — 0.2%
	208,000	Royal Caribbean Cruises Ltd.^(b)		5.5000	04/01/28		160,763

		MEDICAL EQUIPMENT & DEVICES — 0.3%
	295,000	Abbott Laboratories		4.9000	11/30/46		274,788

		METALS & MINING — 0.4%
	416,000	Freeport-McMoRan, Inc.		5.4500	03/15/43		343,027

		OIL & GAS PRODUCERS — 1.6%
	197,000	Cheniere Energy Partners, L.P.		4.0000	03/01/31		166,342
	146,000	ConocoPhillips		6.5000	02/01/39		156,051
	289,000	ConocoPhillips Company		4.0250	03/15/62		213,930
	406,000	Continental Resources Inc.^(b)		5.7500	01/15/31		369,233
	260,000	Shell International Finance BV		6.3750	12/15/38		273,973
	308,000	Shell International Finance BV		4.3750	05/11/45		254,577
							1,434,106
		REAL ESTATE INVESTMENT TRUSTS —0.2%
	193,000	SBA Communications Corporation		3.1250	02/01/29		156,675

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 51.0% (Continued)
		RETAIL - DISCRETIONARY — 0.3%
	260,000	Home Depot, Inc. (The)	5.8750	12/16/36	$	267,435

		SEMICONDUCTORS — 0.6%
	404,000	Broadcom, Inc.^(b)	3.1370	11/15/35		280,412
	404,000	Broadcom, Inc.^(b)	3.1870	11/15/36		274,989
						555,401
		SOFTWARE — 3.2%
	464,000	Microsoft Corporation	2.4000	08/08/26		429,614
	350,000	Microsoft Corporation	3.3000	02/06/27		332,892
	514,000	Microsoft Corporation	2.5250	06/01/50		321,946
	494,000	Microsoft Corporation	2.9210	03/17/52		332,824
	542,000	Microsoft Corporation	2.6750	06/01/60		327,460
	464,000	Oracle Corporation	2.5000	04/01/25		433,586
	542,000	Oracle Corporation	3.6000	04/01/50		333,018
	552,000	Oracle Corporation	3.8500	04/01/60		332,947
						2,844,287
		TECHNOLOGY HARDWARE —2.4%
	451,000	Apple, Inc.	2.4000	05/03/23		446,028
	464,000	Apple, Inc.	3.2500	02/23/26		442,283
	371,000	Apple, Inc.	3.8500	05/04/43		301,488
	295,000	Apple, Inc.	4.6500	02/23/46		265,984
	295,000	Dell International, LLC / EMC Corporation	6.0200	06/15/26		294,631
	416,000	Western Digital Corporation	4.7500	02/15/26		387,150
						2,137,564
		TECHNOLOGY SERVICES — 0.8%
	464,000	Visa, Inc.	3.1500	12/14/25		442,358
	308,000	Visa, Inc.	4.3000	12/14/45		262,055
						704,413
		TELECOMMUNICATIONS — 6.6%
	190,000	AT&T, Inc.	4.3500	03/01/29		176,389
	190,000	AT&T, Inc.	4.3000	02/15/30		173,646
	382,000	AT&T, Inc.	2.5500	12/01/33		281,630
	392,000	AT&T, Inc.	3.5000	09/15/53		250,468
	402,000	AT&T, Inc.	3.5500	09/15/55		255,537

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		CORPORATE BONDS — 51.0% (Continued)
		TELECOMMUNICATIONS —6.6% (Continued)
	492,000	AT&T, Inc.	3.8000	12/01/57	$	323,980
	402,000	AT&T, Inc.	3.6500	09/15/59		253,250
	250,000	British Telecommunications plc	9.6250	12/15/30		285,330
	250,000	Deutsche Telekom International Finance BV	8.7500	06/15/30		286,321
	250,000	Orange S.A.	9.0000	03/01/31		298,714
	350,000	Verizon Communications, Inc.	4.1250	03/16/27		333,028
	350,000	Verizon Communications, Inc.	4.3290	09/21/28		328,339
	360,000	Verizon Communications, Inc.	4.0160	12/03/29		324,996
	484,000	Verizon Communications, Inc.	2.5500	03/21/31		382,942
	306,000	Verizon Communications, Inc.	4.5000	08/10/33		272,686
	494,000	Verizon Communications, Inc.	3.4000	03/22/41		350,743
	306,000	Verizon Communications, Inc.	4.8620	08/21/46		256,540
	394,000	Verizon Communications, Inc.	3.5500	03/22/51		265,421
	404,000	Verizon Communications, Inc.	3.7000	03/22/61		263,675
	350,000	Vodafone Group plc	4.3750	05/30/28		328,996
	308,000	Vodafone Group plc	5.2500	05/30/48		251,578
						5,944,209
		TOBACCO & CANNABIS —0.5%
	474,000	BAT Capital Corporation	3.5570	08/15/27		412,675

		TRANSPORTATION & LOGISTICS — 0.8%
	177,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)	5.5000	04/20/26		169,189
	187,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.^(b)	5.7500	04/20/29		171,205
	406,000	Delta Air Lines, Inc.	7.3750	01/15/26		415,133
						755,527

		TOTAL CORPORATE BONDS (Cost $54,692,375)				45,679,210

See accompanying notes which are an integral part of these financial statements.

LEADERSHARES^®DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Continued)

October 31, 2022

Principal			Coupon Rate
Amount ($)			(%)	Maturity	Fair Value
		U.S. GOVERNMENT & AGENCIES — 10.8%
		U.S. TREASURY NOTES — 10.8%
	4,958,000	United States Treasury Note	1.5000	02/29/24	$	4,759,390
	5,025,000	United States Treasury Note	1.5000	02/15/25		4,698,571
	113,000	United States Treasury Note	1.6250	05/15/31		93,300
	93,000	United States Treasury Note	2.2500	05/15/41		66,852
	69,000	United States Treasury Note	2.3750	05/15/51		47,570
		TOTAL U.S. GOVERNMENT & AGENCIES
		(Cost $10,250,213)				9,665,683

		SHORT-TERM INVESTMENTS — 32.0%
		U.S. TREASURY BILLS —32.0%
	2,003,000	United States Treasury Bill^(c)	0.0000	11/03/22		2,002,762
	10,820,000	United States Treasury Bill^(c)	0.0000	11/10/22		10,813,061
	2,001,000	United States Treasury Bill^(c)	0.0000	12/01/22		1,995,308
	4,032,000	United States Treasury Bill^(c)	0.0000	12/15/22		4,014,814
	5,017,000	United States Treasury Bill^(c)	0.0000	01/26/23		4,969,241
	5,002,000	United States Treasury Bill^(c)	0.0000	02/23/23		4,936,859
		TOTAL SHORT TERM INVESTMENTS – U.S. TREASURY BILLS (Cost$28,822,518)				28,732,045

		TOTAL INVESTMENTS – 93.8% (Cost $93,765,106)			$	84,076,938
		OTHER ASSETS IN EXCESS OF LIABILITIES- 6.2%				5,575,794
		NET ASSETS - 100.0%			$	89,652,732

LLC	- Limited Liability Company

LP	- Limited Partnership

LTD	- Limited Company

PLC	- Public Limited Company

REIT	- Real Estate Investment Trust

S/A	- Société Anonyme

ICE LIBOR USD 3 Month	ICE LIBOR USD 3 Month

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 October 31, 2022.

^(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. Unless otherwise indicated, these securities are not considered to be illiquid. As of October 31, 2022 the total fair value of 144A securities is $1,755,948 or 2.0% of net assets.

^(c)

Zero coupon bond.

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®ETFs

STATEMENTS OF ASSETS AND LIABILITIES

October 31, 2022

				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	$	89,767,244		$	152,962,364		$	134,992,172		$	120,204,235		$	93,765,106
Investments, at fair value	$	81,380,512		$	156,513,435		$	145,275,984		$	115,686,255		$	84,076,938
Cash		3,482,341			3,543,052			1,092,607			1,159,741			5,026,962
Receivable for investments sold		2,500,931			8,245,228			—			713,104			—
Dividends and interest receivable		15,749			154,431			77,967			24,861			576,730
TOTAL ASSETS		87,379,533			168,456,146			146,446,558			117,583,961			89,680,630

LIABILITIES
Payable for investments purchased		5,093,122			—			—			—			—
Payable for capital shares redeemed		—			10,857,230			—			718,730			—
Investment advisory fees payable		31,498			113,697			61,975			48,413			27,898
TOTAL LIABILITIES		5,124,620			10,970,927			61,975			767,143			27,898
NET ASSETS	$	82,254,913		$	157,485,219		$	146,384,583		$	116,816,818		$	89,652,732

Net Assets Consist Of:
Paid in capital	$	104,382,160		$	174,611,395		$	166,686,193		$	142,341,051		$	102,387,063
Accumulated deficit		(22,127,247	)		(17,126,176	)		(20,301,610	)		(25,524,233	)		(12,734,331	)
NET ASSETS	$	82,254,913		$	157,485,219		$	146,384,583		$	116,816,818		$	89,652,732

Net Asset Value Per Share:
Net Assets	$	82,254,913		$	157,485,219		$	146,384,583		$	116,816,818		$	89,652,732
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		2,850,000			4,775,000			4,850,000			4,125,000			4,150,000
Net asset value (Net Assets ÷ Shares Outstanding)	$	28.86		$	32.98		$	30.18		$	28.32		$	21.60

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®ETFs

STATEMENTS OF OPERATIONS

For the Year Ended October 31, 2022

				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	$	958,985		$	2,921,454		$	2,178,296		$	1,903,663		$	—
Interest		7,952			738,055			6,766			6,006			1,963,814
Less: Foreign withholding expense		(15,396	)		(12,200	)		(2,567	)		(519	)		—
TOTAL INVESTMENT INCOME		951,541			3,647,309			2,182,495			1,909,150			1,963,814

EXPENSES
Investment advisory fees		594,479			1,459,156			1,005,152			839,841			633,421
TOTAL EXPENSES		594,479			1,459,156			1,005,152			839,841			633,421
NET INVESTMENT INCOME		357,062			2,188,153			1,177,343			1,069,309			1,330,393

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on:
Investments		(13,604,753	)		(20,802,828	)		(29,826,248	)		(20,970,506	)		(3,096,271	)
In-kind redemptions		14,107,118			22,029,508			9,700,848			13,232,844			(23,219	)
Realized loss on investments		502,365			1,226,680			(20,125,400	)		(7,737,662	)		(3,119,490	)
Change in unrealized appreciation (depreciation) on:
Investments		(18,004,123	)		(8,089,496	)		4,429,403			(15,691,444	)		(9,340,874	)

NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS		(17,501,758	)		(6,862,816	)		(15,695,997	)		(23,429,106	)		(12,460,364	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,144,696	)	$	(4,674,663	)	$	(14,518,654	)	$	(22,359,797	)	$	(11,129,971	)

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®Activist Leaders^® ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year			For the Year
	Ended			Ended
	October 31, 2022			October 31, 2021
FROM OPERATIONS
Net investment income	$	357,062		$	13,343
Net realized gain (loss) on investments		(13,604,753	)		5,349,722
Net realized gain on in-kind redemptions		14,107,118			13,403,776
Unrealized appreciation (depreciation) on investments		(18,004,123	)		4,959,880
Net increase (decrease) in net assets resulting from operations		(17,144,696	)		23,726,721

DISTRIBUTIONS TO SHAREHOLDERS
Return of capital		(4,972,381	)		—
Total distributions paid		(730,514	)		(55,755	)
Net decrease in net assets resulting from distributions to shareholders		(5,702,895	)		(55,755	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		74,872,618			61,902,239
Cost of shares redeemed		(46,731,261	)		(51,125,339	)
Net increase in net assets resulting from shares of beneficial interest		28,141,357			10,776,900

TOTAL INCREASE IN NET ASSETS		5,293,766			34,447,866

NET ASSETS
Beginning of Year		76,961,147			42,513,281
End of Year	$	82,254,913		$	76,961,147

SHARE ACTIVITY
Shares sold		2,250,000			1,825,000
Shares redeemed		(1,400,000	)		(1,575,000	)
Net increase in shares of beneficial interest outstanding		850,000			250,000

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®AlphaFactor^® Tactical Focused ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year			For the Year
	Ended			Ended
	October 31, 2022			October 31, 2021
FROM OPERATIONS
Net investment income	$	2,188,153		$	1,514,399
Net realized gain (loss) on investments		(20,802,828	)		2,829,623
Net realized gain on in-kind redemptions		22,029,508			16,666,091
Unrealized appreciation (depreciation) on investments		(8,089,496	)		9,255,410
Net increase (decrease) in net assets resulting from operations		(4,674,663	)		30,265,523

DISTRIBUTIONS TO SHAREHOLDERS
Return of capital		(1,296,694	)		—
Total distributions paid		(3,387,401	)		(248,363	)
Net decrease in net assets resulting from distributions to shareholders		(4,684,095	)		(248,363	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		175,555,756			137,674,873
Cost of shares redeemed		(136,855,799	)		(87,118,974	)
Net increase in net assets resulting from shares of beneficial interest		38,699,957			50,555,899

TOTAL INCREASE IN NET ASSETS		29,341,199			80,573,059

NET ASSETS
Beginning of Year		128,144,020			47,570,961
End of Year	$	157,485,219		$	128,144,020

SHARE ACTIVITY
Shares sold		5,025,000			4,575,000
Shares redeemed		(3,900,000	)		(2,900,000	)
Net increase in shares of beneficial interest outstanding		1,125,000			1,675,000

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®AlphaFactor^® US Core Equity ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year			For the Year
	Ended			Ended
	October 31, 2022			October 31, 2021
FROM OPERATIONS
Net investment income	$	1,177,343		$	335,080
Net realized gain (loss) on investments		(29,826,248	)		9,442,544
Net realized gain on in-kind redemptions		9,700,848			13,262,681
Unrealized appreciation (depreciation) on investments		4,429,403			3,346,892
Net increase (decrease) in net assets resulting from operations		(14,518,654	)		26,387,197

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(1,093,305	)		(296,928	)
Net decrease in net assets resulting from distributions to shareholders		(1,093,305	)		(296,928	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		134,897,260			159,184,764
Cost of shares redeemed		(95,993,806	)		(135,722,428	)
Net increase in net assets resulting from shares of beneficial interest		38,903,454			23,462,336

TOTAL INCREASE IN NET ASSETS		23,291,495			49,552,605

NET ASSETS
Beginning of Year		123,093,088			73,540,483
End of Year	$	146,384,583		$	123,093,088

SHARE ACTIVITY
Shares sold		4,250,000			5,100,000
Shares redeemed		(3,050,000	)		(4,425,000	)
Net increase in shares of beneficial interest outstanding		1,200,000			675,000

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®Equity Skew ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year			For the Year
	Ended			Ended
	October 31, 2022			October 31, 2021
FROM OPERATIONS
Net investment income	$	1,069,309		$	638,335
Net realized gain (loss) on investments		(20,970,506	)		8,046,652
Net realized gain on in-kind redemptions		13,232,844			10,990,596
Unrealized appreciation (depreciation) on investments		(15,691,444	)		2,836,584
Net increase (decrease) in net assets resulting from operations		(22,359,797	)		22,512,167

DISTRIBUTIONS TO SHAREHOLDERS
Return of capital		(7,449,169	)		—
Total distributions paid		(1,347,897	)		(3,395,723	)
Net decrease in net assets resulting from distributions to shareholders		(8,797,066	)		(3,395,723	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		137,818,637			98,072,672
Cost of shares redeemed		(95,323,161	)		(65,730,531	)
Net increase in net assets resulting from shares of beneficial interest		42,495,476			32,342,141

TOTAL INCREASE IN NET ASSETS		11,338,613			51,458,585

NET ASSETS
Beginning of Year		105,478,205			54,019,620
End of Year	$	116,816,818		$	105,478,205

SHARE ACTIVITY
Shares sold		4,150,000			2,775,000
Shares redeemed		(2,850,000	)		(1,875,000	)
Net increase in shares of beneficial interest outstanding		1,300,000			900,000

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®Dynamic Yield ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the Year			For the Period *
	Ended			Ended
	October 31, 2022			October 31, 2021
FROM OPERATIONS
Net investment income	$	1,330,393		$	424,807
Net realized gain (loss) on investments		(3,096,271	)		24,978
Net realized gain (loss) on in-kind redemptions		(23,219	)		—
Unrealized appreciation (depreciation) on investments		(9,340,874	)		(347,294	)
Net increase (decrease) in net assets resulting from operations		(11,129,971	)		102,491

DISTRIBUTIONS TO SHAREHOLDERS
Total distributions paid		(1,343,205	)		(386,865	)
Net decrease in net assets resulting from distributions to shareholders		(1,343,205	)		(386,865	)

FROM SHARES OF BENEFICIAL INTEREST
Proceeds from shares sold		31,782,845			71,745,503
Cost of shares redeemed		(1,118,066	)		—
Net increase in net assets resulting from shares of beneficial interest		30,664,779			71,745,503

TOTAL INCREASE IN NET ASSETS		18,191,603			71,461,129

NET ASSETS
Beginning of Period		71,461,129			—
End of Period	$	89,652,732		$	71,461,129

SHARE ACTIVITY
Shares sold		1,350,000			2,850,000
Shares redeemed		(50,000	)		—
Net increase in shares of beneficial interest outstanding		1,300,000			2,850,000

Fund commenced operation on June 28, 2021.

See accompanying notes which are an integral part of these financial statements.

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 Year			For the Year			For the Period
	Ended			Ended			Ended
	October 31, 2022			October 31, 2021			October 31, 2020 *
Net asset value, beginning of year/period	$	38.48		$	24.29		$	25.00
Activity from investment operations:
Net investment income (loss) (1)		0.15			0.01			(0.00	)**
Net realized and unrealized gain (loss) on investments		(6.98	)		14.21			(0.71	)
Total from investment operations		(6.83	)		14.22			(0.71	)
Less distributions from:
Net investment income		(0.36	)		(0.03	)		—
Return of capital		(2.43	)		—			—
Total distributions		(2.79	)		(0.03	)		—
Net asset value, end of year/period	$	28.86		$	38.48		$	24.29
Market price, end of year/period	$	28.90		$	38.49		$	24.30
Total return (2)		(19.11	)%		58.60	%		(2.84	)% (4)
Net assets, at end of year/period (000s)	$	82,255		$	76,961		$	42,513
Ratio of expenses to average net assets		0.75	%		0.75	%		0.75	% (3)
Ratio of net investment income (loss) to average net assets		0.45	%		0.02	%		(0.75	)% (3)
Portfolio Turnover Rate (5)		67	%		49	%		3	% (4)

Fund commenced operation on October 26, 2020.

Represents less than $0.01 per share.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.

(2)

Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of the period. Distributions are assumed, for the purpose of this calculation, to be reinvested at the ex-dividend date net asset value per share on their respective payment dates.

(3)

Annualized

(4)

Not annualized

(5)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®AlphaFactor^® Tactical Focused ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

	For the Year			For the Year			For the Period
	Ended			Ended			Ended
	October 31, 2022			October 31, 2021			October 31, 2020 *
Net asset value, beginning of year/period	$	35.11		$	24.09		$	25.00
Activity from investment operations:
Net investment income (1)		0.49			0.51			0.03
Net realized and unrealized gain (loss) on investments		(1.40	)		10.60			(0.94	)
Total from investment operations		(0.91	)		11.11			(0.91	)
Less distributions from:
Net investment income		(0.88	)		(0.09	)		—
Return of capital		(0.34	)		—			—
Total distributions		(1.22	)		(0.09	)		—
Net asset value, end of year/period	$	32.98		$	35.11		$	24.09
Market price, end of year/period	$	32.93		$	35.13		$	24.10
Total return (2)		(2.76	)%		46.20	%		(3.64	)% (4)
Net assets, at end of year/period (000s)	$	157,485		$	128,144		$	47,571
Ratio of expenses to average net assets		0.99	%		0.99	%		0.99	% (3)
Ratio of net investment income to average net assets		1.48	%		1.53	%		16.95	% (3)
Portfolio Turnover Rate (5)		229	%		78	%		0	% (4)

Fund commenced operation on October 26, 2020.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for each period.

(2)

(3)

Annualized

(4)

Not annualized

(5)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®AlphaFactor^® US Core Equity ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

	For the Year			For the Year			For the Year			For the Year			For the Period
	Ended			Ended			Ended			Ended			Ended
	October 31, 2022			October 31, 2021			October 31, 2020			October 31, 2019			October 31, 2018*
Net asset value, beginning of year/period	$	33.72		$	24.72		$	25.44		$	22.85		$	25.00
Activity from investment operations:
Net investment income (loss) (1)		0.27			0.11			0.17			0.18			(0.00	) **
Net realized and unrealized gain (loss) on investments		(3.56	)		8.99			(0.71	)		2.58			(2.15	)
Total from investment operations		(3.29	)		9.10			(0.54	)		2.76			(2.15	)
Less distributions from:
Net investment income		(0.25	)		(0.10	)		(0.18	)		(0.17	)		—
Return of capital		—			—			(0.00	) **		—			—
Total distributions		(0.25	)		(0.10	)		(0.18	)		(0.17	)		—
Net asset value, end of year/period	$	30.18		$	33.72		$	24.72		$	25.44		$	22.85
Market price, end of year/period	$	30.20		$	33.78		$	24.72		$	25.45		$	22.86
Total return (2)		(9.76	)%		36.84	%		(2.09	)%		12.16	%		(8.60	)% (4)
Net assets, at end of year/period (000s)	$	146,385		$	123,093		$	73,540		$	74,412		$	50,849
Ratio of expenses to average net assets		0.75	%		0.75	%		0.75	%		0.75	%		0.75	% (3)
Ratio of net investment income (loss) to average net assets		0.88	%		0.35	%		0.70	%		0.77	%		(0.01	)% (3)
Portfolio Turnover Rate (5)		150	%		177	%		181	%		193	%		0	% (4)

Fund commenced operation on October 1, 2018.

Represents less than $0.01 per share.

(1)

Per share amounts calculated using the average shares method, which more appropriately presents the per share data for each year/period.

(2)

(3)

Annualized

(4)

Not annualized

(5)

Portfolio turnover rate excludes portfolio securities received or delivered as a result of processing capital share transactions in creations or redemptions. (Note 7)

See accompanying notes which are an integral part of these financial statements.

LeaderShares^®Equity Skew ETF

FINANCIAL HIGHLIGHTS

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout The Year/Period Presented

	For the Year			For the Year			For the Period
	Ended			Ended			Ended
	October 31, 2022			October 31, 2021			October 31, 2020 *
Net asset value, beginning of year/period	$	37.34		$	28.06		$	25.00
Activity from investment operations:
Net investment income (1)		0.30			0.28			0.09
Net realized and unrealized gain (loss) on investments		(6.31	)		10.67			2.97
Total from investment operations		(6.01	)		10.95			3.06
Less distributions from:
Net investment income		(0.46	)		(0.26	)		—
Net realized gains		—			(1.41	)		—
Return of capital		(2.55	)		—			—
Total distributions		(3.01	)		(1.67	)		—
Net asset value, end of year/period	$	28.32		$	37.34		$	28.06
Market price, end of year/period	$	28.27		$	37.41		$	27.83
Total return (2)		(17.47	)%		40.17	%		12.24	% (4)
Net assets, at end of year/period (000s)	$	116,817		$	105,478		$	54,020
Ratio of expenses to average net assets		0.75	%		0.75	%		0.75	% (3)
Ratio of net investment income to average net assets		0.95	%		0.80	%		0.71	% (3)
Portfolio Turnover Rate (5)		184	%		58	%