(COVER PAGE)

 

 

Dear Shareholder,

 

LeaderShares® Activist Leaders® ETF (ACTV)*: +58.60%

 

* From November 1, 2020 through October 31, 2021

 

Source: Bloomberg

 

During the LeaderShares® Activist Leaders® ETF’s (the “Fund”) fiscal year the global economy began to stabilize as recovery from the spread of Covid-19 became more widespread. The US economy led the global recovery with US equities achieving multiple new highs.

 

The Fund posted a return of 58.60% (Source: Ultimus) during the period as compared to 42.91% 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. The Fund’s concentrated exposure in companies benefitting from shareholder activism and the global economic recovery seemed to drive the outperformance against the S&P 500 Index, which returned 42.91% (Source: Ultimus) for the reporting period. Generally, 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.

 

** 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)* +46.20%

 

* From November 1, 2020 through October 31, 2021

 

Source: Bloomberg

 

During the LeaderShares® AlphaFactor® Tactical Focused ETF’s (the “Fund”) fiscal year the global economy began to stabilize as recovery from the spread of Covid-19 became more widespread. The US economy led the global recovery with US equities achieving multiple new highs.

 

The Fund posted a return of 46.20% (Source: Ultimus) during the period as compared to 42.91% 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. The Fund’s concentrated exposure in companies benefitting from the global economic recovery seemed to drive the outperformance against the S&P 500 Index, which returned 42.91% (Source: Ultimus) for the reporting period. Generally, 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.

 

** 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® US Core Equity ETF (LSAF): +36.84%*

 

* From November 1, 2020 through October 31, 2021. Source: Ultimus Fund Solutions.

 

During the LeaderShares® AlphaFactor® US Core Equity ETF’s (the “Fund”) fiscal year the global economy began to stabilize as recovery from the spread of Covid-19 became more widespread. The US economy led the global recovery with US equities achieving multiple new highs.

 

The Fund posted a return of +36.84% (Source: Ultimus) for the year ended October 31, 2021, as compared to the +38.37% 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 under-exposure to quantitative factors such as growth and size, both categories which continued to lead the recovery post Q1 2020 market correction and had a large attribution within the S&P 500 Index, drove some of the Fund’s equity underperformance against the S&P 500 Index, which returned 42.91% (Source: Ultimus) for the reporting period. Generally, 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.

 

Capital markets are infinitely complex. Every day, new information becomes available that changes the risk and return dynamic of any investment. In our view, capital markets are only a tool to capture opportunities in favorable risk -return dynamic, wherever they exist to work towards an investor’s long-term goal or objective. 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.

 

** 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 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.

 

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® Equity Skew ETF (SQEW): 40.17%*

 

* From November 1, 2020 through October 31, 2021. Source: Ultimus.

 

During the LeaderShares® Equity Skew ETF’s (the “Fund”) fiscal year the global economy began to stabilize as recovery from the spread of Covid-19 became more widespread. The US economy led the global recovery with US equities achieving multiple new highs.

 

The Fund posted a return of 40.17% (Source: Ultimus) during the period as compared to 41.20% 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, however the Fund’s under-exposure to factors such as growth and size, both categories which led the recovery post market bottom in early 2020, seemed to drive a slight equity underperformance against the S&P 500 Index, which returned 42.91% (Source: Ultimus) for the reporting period. Generally, 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.

 

Capital markets are infinitely complex. Every day, new information becomes available that changes the risk and return dynamic of any investment. In our view, capital markets are only a tool to capture opportunities in favorable risk -return dynamic, wherever they exist to work towards an investor’s long-term goal or objective. 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.

 

** 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® Dynamic Yield ETF (DYLD)*: +0.88%

 

* From June, 28 2021 through October 31, 2021

 

Source: Bloomberg

 

The LeaderShares® Dynamic Yield ETF (the “Fund”) is a new fund launched at the end of June 2021. From inception through the end of the Fund’s fiscal year, it returned +0.88% versus 0.16% return of its benchmark the Bloomberg US Aggregate Bond Index.

 

During this short period, the Fund benefitted from active management of a portfolio of high yield corporate bonds as well as US treasuries.

 

** The Bloomberg Barclays 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, mortgage-backed securities, asset-backed securities and collateralized mortgage-backed securities.

 

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

 

 

 

5034-NLD-1/7/2022

 

 

 

LeaderShares® Activist Leaders® ETF
PORTFOLIO REVIEW
October 31, 2021 (Unaudited)

 

The Fund’s performance figures* for the period ended October 31, 2021, compared to its benchmark:

 

  One Year Since Inception(a)
LeaderShares® Activist Leaders® ETF - NAV 58.60% 53.20%
LeaderShares® Activist Leaders® ETF - Market Price 58.58% 53.24%
S&P 500 Index (b) 42.91% 36.85%

 

* 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, 2021 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, 2021  
       
    Percent of  
Top 10 Industries   Net Assets  
Technology Services     12.1 %
Oil & Gas Producers     9.1 %
Biotech & Pharma     9.0 %
Software     9.0 %
Health Care Facilities & Services     6.1 %
Asset Management     6.1 %
Leisure Facilities & Services     6.0 %
Chemicals     6.0 %
Food     6.0 %
Technology Hardware     6.0 %
Other/Cash and Equivalents     24.6 %
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, 2021 (Unaudited)

 

The Fund’s performance figures* for the period ended October 31, 2021, compared to its benchmark:

 

  One Year Since Inception(a)
LeaderShares® AlphaFactor® Tactical Focused ETF - NAV 46.20% 40.23%
LeaderShares® AlphaFactor® Tactical Focused ETF - Market Price 46.22% 40.30%
S&P 500 Index (b) 42.91% 36.85%

 

* 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, 2021 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, 2021
 
       
    Percent of  
Top 10 Industries   Net Assets  
Inurance     16.4 %
Retail - Consumer Staples     9.7 %
Technology Hardware     9.7 %
Institutional Financial Services     7.1 %
Commercial Support Services     6.5 %
Office REIT     6.4 %
Cable & Satellite     5.8 %
Apparel & Textile Products     3.7 %
Asset Management     3.7 %
Automotive     3.5 %
Other/Cash and Equivalents     27.5 %
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, 2021 (Unaudited)

 

The Fund’s performance figures* for the period ended October 31, 2021, compared to its benchmarks:

 

  One Year Three Year Since Inception(a)
LeaderShares® AlphaFactor® US Core Equity ETF - NAV 36.84% 14.54% 10.85%
LeaderShares® AlphaFactor® US Core Equity ETF - Market Price 37.09% 14.61% 10.91%
S&P 500 Index (b) 42.91% 21.48% 17.96%
AlphaFactor® US Core Equity Index (c) 38.37% 15.72% 11.96%

 

* 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, 2021 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.

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2021
 
       
    Percent of  
Top 10 Industries   Net Assets  
Retail - Discretionary     10.8 %
Insurance     9.8 %
Banking     6.0 %
Health Care Facilities & Services     5.7 %
Specialty Finance     4.5 %
Instutional Financial Services     4.2 %
Technology Hardware     4.0 %
Chemicals     3.9 %
Semiconductors     3.9 %
Medical Equipment & Devices     3.8 %
Other/Cash and Equivalents     43.4 %
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, 2021 (Unaudited)

 

The Fund’s performance figures* for the period ended October 31, 2021, compared to its benchmarks:

 

  One Year Since Inception(a)
LeaderShares® Equity Skew ETF - NAV 40.17% 35.99%
LeaderShares® Equity Skew ETF - Market Price 41.63% 36.19%
S&P 500 Index (b) 42.91% 38.02%

 

* 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, 2021 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.

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2021
 
       
    Percent of  
Top 10 Industries   Net Assets  
Exchange Traded Funds     71.1 %
Banking     3.2 %
Biotech & Pharma     2.2 %
Insurance     1.8 %
Oil & Gas Producers     1.7 %
Health Care Facilities & Services     1.4 %
Medical Equipment & Devices     1.1 %
Electric Utilities     1.1 %
Institutional Financial Services     1.1 %
Semiconductors     1.1 %
Other/Cash and Equivalents     14.2 %
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, 2021 (Unaudited)

 

The Fund’s performance figures* for the period ended October 31, 2021, compared to its benchmarks:

 

  Since Inception(a)
LeaderShares® Dynamic Yield ETF - NAV 0.88%
LeaderShares® Dynamic Yield ETF - Market Price 1.08%
Bloomberg Barclays US Aggregate Bond Index 0.16%

 

* 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 (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 June 22, 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 Barclays 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 collateralised mortgage-backed securities.

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2021
 
       
    Percent of  
Top 10 Industries   Net Assets  
U.S. Government & Agencies     28.4 %
Telecommunications     10.3 %
Banking     7.7 %
Health Care Facilities & Services     6.1 %
Oil & Gas Producers     6.0 %
Biotech & Pharma     4.1 %
Cable Satellite     4.0 %
Food     3.8 %
Transportation & Logistics     3.0 %
Aerospace & Defense     2.7 %
Other/Cash and Equivalents     23.9 %
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, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 99.3%        
        ASSET MANAGEMENT - 6.1%        
  90,282     Invesco Ltd.   $ 2,294,066  
  50,351     Janus Henderson Group PLC     2,341,321  
              4,635,387  
        BIOTECH & PHARMA - 9.0%        
  83,082     Bausch Health Companies, Inc.(a)     2,332,942  
  132,306     Innoviva, Inc.(a)     2,308,740  
  182,533     Ironwood Pharmaceuticals, Inc.(a)     2,330,946  
              6,972,628  
        CHEMICALS - 6.0%        
  102,884     GCP Applied Technologies, Inc.(a)     2,326,207  
  70,681     Huntsman Corporation     2,302,787  
              4,628,994  
        ENGINEERING & CONSTRUCTION - 3.0%        
  33,743     AECOM(a)     2,307,009  
                 
        FOOD - 6.0%        
  51,568     Hain Celestial Group, Inc.(a)     2,313,856  
  64,033     TreeHouse Foods, Inc.(a)     2,314,153  
              4,628,009  
        HEALTH CARE FACILITIES & SERVICES -6.1%        
  24,475     Magellan Health, Inc.(a)     2,320,964  
  86,637     Mednax, Inc.(a)     2,359,126  
              4,680,090  
        HOME & OFFICE PRODUCTS - 3.0%        
  100,204     Newell Brands, Inc.     2,293,670  
                 
        INSURANCE - 2.9%        
  51,170     eHealth, Inc.(a)     2,269,390  
                 
        LEISURE FACILITIES & SERVICES - 6.0%        
  18,757     Papa John’s International, Inc.     2,327,368  
  41,012     Restaurant Brands International, Inc.     2,322,920  
              4,650,288  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 99.3% (Continued)        
        MACHINERY -3.0%        
  98,012     Welbilt, Inc.(a)   $ 2,318,964  
                 
        OIL & GAS PRODUCERS - 9.1%        
  22,352     Cheniere Energy, Inc.     2,311,197  
  121,752     Delek US Holdings, Inc.(a)     2,368,076  
  69,209     Occidental Petroleum Corporation     2,320,578  
              6,999,851  
        REAL ESTATE OWNERS & DEVELOPERS - 3.0%        
  26,326     Howard Hughes Corporation(a)     2,293,784  
                 
        SOFTWARE - 9.0%        
  74,991     ACI Worldwide, Inc.(a)     2,300,724  
  37,478     CommVault Systems, Inc.(a)     2,304,897  
  78,549     Evolent Health, Inc., Class A(a)     2,299,129  
              6,904,750  
        SPECIALTY FINANCE - 3.0%        
  126,217     SLM Corporation     2,316,082  
                 
        TECHNOLOGY HARDWARE - 6.0%        
  25,931     Seagate Technology Holdings PLC     2,309,674  
  129,280     Xerox Holdings Corporation     2,301,184  
              4,610,858  
        TECHNOLOGY SERVICES - 12.1%        
  344,170     Conduent, Inc.(a)     2,323,148  
  54,747     Green Dot Corporation, Class A(a)     2,319,083  
  24,633     Insight Enterprises, Inc.(a)     2,332,745  
  114,497     Nielsen Holdings PLC     2,318,564  
              9,293,540  
        TRANSPORTATION EQUIPMENT - 3.0%        
  81,914     Trinity Industries, Inc.     2,297,688  
                 
        WHOLESALE - DISCRETIONARY - 3.0%        
  41,811     LKQ Corporation(a)     2,302,950  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
             
      TOTAL COMMON STOCKS (Cost $71,526,986)   $ 76,403,932  
                 
        TOTAL INVESTMENTS - 99.3% (Cost $71,526,986)   $ 76,403,932  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%     557,215  
        NET ASSETS - 100.0%   $ 76,961,147  

 

LTD - Limited Company

 

PLC - Public Limited Company

 

(a) Non-income producing security.

 

Diversification of Assets    
Country   % of Net Assets  
United States     81.4 %
Canada     6.0 %
Jersey     3.0 %
United Kingdom     3.0 %
Ireland     3.0 %
Bermuda     2.9 %
Other Assets in excess of liabilities     0.7 %
Grand Total     100.0 %

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9%        
        AEROSPACE & DEFENSE - 3.4%        
  18,646     L3Harris Technologies, Inc.   $ 4,298,649  
                 
        APPAREL & TEXTILE PRODUCTS - 3.7%        
  28,542     NIKE, Inc., Class B     4,774,791  
                 
        ASSET MANAGEMENT - 3.7%        
  15,541     Ameriprise Financial, Inc.     4,695,402  
                 
        AUTOMOTIVE - 3.5%        
  125,085     Gentex Corporation     4,426,758  
                 
        BIOTECH & PHARMA - 3.1%        
  19,335     Amgen, Inc.     4,001,765  
                 
        CABLE & SATELLITE - 5.8%        
  198,322     Altice USA, Inc., Class A(a)     3,232,649  
  676,562     Sirius XM Holdings, Inc.     4,120,262  
              7,352,911  
        COMMERCIAL SUPPORT SERVICES - 6.5%        
  164,817     H&R Block, Inc.     3,802,328  
  40,781     Robert Half International, Inc.     4,611,107  
              8,413,435  
        ELECTRICAL EQUIPMENT - 3.5%        
  24,987     Keysight Technologies, Inc.(a)     4,498,160  
                 
        HOUSEHOLD PRODUCTS - 3.2%        
  102,106     Nu Skin Enterprises, Inc., Class A     4,099,556  
                 
        INSTITUTIONAL FINANCIAL SERVICES - 7.1%        
  110,667     Jefferies Financial Group, Inc.     4,758,682  
  69,279     SEI Investments Company     4,367,348  
              9,126,030  
        INSURANCE - 16.4%        
  79,190     Aflac, Inc.     4,250,127  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        INSURANCE -16.4% (Continued)        
  32,331     Allstate Corporation   $ 3,998,375  
  32,809     American Financial Group, Inc.     4,463,337  
  15,070     Berkshire Hathaway, Inc., Class B(a)     4,325,241  
  31,680     Hanover Insurance Group, Inc.     3,991,680  
              21,028,760  
        INTERNET MEDIA & SERVICES - 3.5%        
  20,221     VeriSign, Inc.(a)     4,502,610  
                 
        MORTGAGE FINANCE - 3.2%        
  261,467     AGNC Investment Corporation     4,162,555  
                 
        OFFICE REIT - 6.4%        
  305,595     Brandywine Realty Trust     4,049,134  
  57,926     SL Green Realty Corporation     4,058,874  
              8,108,008  
        RETAIL - CONSUMER STAPLES - 9.7%        
  131,677     Albertsons Companies, Inc.     4,075,403  
  19,450     Dollar General Corporation     4,308,564  
  102,103     Kroger Company     4,086,162  
              12,470,129  
        SEMICONDUCTORS - 3.0%        
  77,536     Intel Corporation     3,799,264  
                 
        SOFTWARE - 3.5%        
  47,306     Oracle Corporation     4,538,538  
                 
        TECHNOLOGY HARDWARE - 9.7%        
  36,611     Arrow Electronics, Inc.(a)     4,237,723  
  150,909     HP, Inc.     4,577,070  
  202,821     Xerox Holdings Corporation     3,610,214  
              12,425,007  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
             
      TOTAL COMMON STOCKS (Cost $117,735,829)   $ 126,722,328  
                 
        TOTAL INVESTMENTS - 98.9% (Cost $117,735,829)   $ 126,722,328  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%     1,421,692  
        NET ASSETS - 100.0%   $ 128,144,020  

 

REIT - Real Estate Investment Trust

 

(a) Non-income producing security.

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.5%        
        AEROSPACE & DEFENSE - 1.9%        
  36,776     Howmet Aerospace, Inc.   $ 1,091,879  
  16,434     Textron, Inc.     1,213,651  
              2,305,530  
        APPAREL & TEXTILE PRODUCTS - 1.0%        
  3,201     Deckers Outdoor Corporation(a)     1,265,387  
                 
        ASSET MANAGEMENT - 1.1%        
  4,355     Ameriprise Financial, Inc.     1,315,776  
                 
        BANKING - 6.0%        
  27,238     Bank of America Corporation     1,301,432  
  14,237     Comerica, Inc.     1,211,426  
  7,079     JPMorgan Chase & Company     1,202,651  
  53,115     KeyCorporation     1,235,986  
  14,922     Popular, Inc.     1,215,248  
  19,408     US Bancorp     1,171,661  
              7,338,404  
        CABLE & SATELLITE - 1.8%        
  1,589     Charter Communications, Inc., Class A(a)     1,072,400  
  6,690     Liberty Broadband Corporation -Series C (a)     1,086,791  
              2,159,191  
        CHEMICALS - 3.9%        
  7,622     Celanese Corporation     1,231,029  
  27,368     Corteva, Inc.     1,180,929  
  53,035     Element Solutions, Inc.     1,204,425  
  4,115     Sherwin-Williams Company     1,302,850  
              4,919,233  
        COMMERCIAL SUPPORT SERVICES - 2.8%        
  46,173     H&R Block, Inc.     1,065,211  
  10,694     ManpowerGroup, Inc.     1,033,575  
  11,412     Robert Half International, Inc.     1,290,355  
              3,389,141  
        CONSTRUCTION MATERIALS - 2.1%        
  5,831     Carlisle Companies, Inc.     1,299,846  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.5% (Continued)        
        CONSTRUCTION MATERIALS - 2.1% (Continued)        
  13,365     Owens Corning   $ 1,248,425  
              2,548,271  
        CONSUMER SERVICES - 1.1%        
  19,094     Service Corp International     1,307,748  
                 
        CONTAINERS & PACKAGING - 2.0%        
  11,404     Crown Holdings, Inc.     1,185,902  
  20,979     Sealed Air Corporation     1,244,474  
              2,430,376  
        E-COMMERCE DISCRETIONARY - 1.0%        
  16,524     eBay, Inc.     1,267,721  
                 
        ELECTRICAL EQUIPMENT - 2.1%        
  6,637     Acuity Brands, Inc.     1,363,439  
  7,009     Keysight Technologies, Inc.(a)     1,261,760  
              2,625,199  
        ENGINEERING & CONSTRUCTION - 1.0%        
  18,210     AECOM(a)     1,245,018  
                 
        FORESTRY, PAPER & WOOD PRODUCTS - 0.9%        
  18,617     Louisiana-Pacific Corporation     1,097,100  
                 
        HEALTH CARE FACILITIES & SERVICES - 5.7%        
  9,876     DaVita, Inc.(a)     1,019,598  
  4,727     HCA Healthcare, Inc.     1,183,924  
  4,068     Laboratory Corp of America Holdings(a)     1,167,597  
  5,755     McKesson Corporation     1,196,349  
  4,229     Molina Healthcare, Inc.(a)     1,250,601  
  7,916     Quest Diagnostics, Inc.     1,161,910  
              6,979,979  
        HOME & OFFICE PRODUCTS - 0.9%        
  24,581     Tempur Sealy International, Inc.     1,093,117  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.5% (Continued)        
        HOME CONSTRUCTION - 1.9%        
  6,481     Mohawk Industries, Inc.(a)   $ 1,148,498  
  20,698     Toll Brothers, Inc.     1,245,399  
              2,393,897  
        INSTITUTIONAL FINANCIAL SERVICES - 4.2%        
  22,172     Bank of New York Mellon Corporation (The)     1,312,582  
  8,619     Evercore, Inc., Class A     1,308,709  
  3,060     Goldman Sachs Group, Inc.     1,264,851  
  13,596     State Street Corporation     1,339,886  
              5,226,028  
        INSURANCE - 9.8%        
  22,197     Aflac, Inc.     1,191,313  
  9,060     Allstate Corporation (The)     1,120,450  
  9,188     American Financial Group, Inc.     1,249,936  
  4,218     Berkshire Hathaway, Inc., Class B(a)     1,210,608  
  38,807     Equitable Holdings, Inc.     1,300,034  
  16,421     Hartford Financial Services Group, Inc. (The)     1,197,584  
  16,757     Lincoln National Corporation     1,209,018  
  21,425     Loews Corporation     1,201,300  
  18,741     MetLife, Inc.     1,176,935  
  11,029     Prudential Financial, Inc.     1,213,741  
              12,070,919  
        INTERNET MEDIA & SERVICES - 1.9%        
  431     Alphabet, Inc., Class A(a)     1,276,156  
  3,401     Meta Platforms, Inc., Class A(a)     1,100,462  
              2,376,618  
        LEISURE FACILITIES & SERVICES - 1.0%        
  2,425     Domino’s Pizza, Inc.     1,185,752  
                 
        MACHINERY - 0.9%        
  11,793     Toro Company     1,125,878  
                 
        MEDICAL EQUIPMENT & DEVICES - 3.8%        
  7,706     Hill-Rom Holdings, Inc.     1,193,659  
  15,606     Hologic, Inc.(a)     1,144,076  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.5% (Continued)        
        MEDICAL EQUIPMENT & DEVICES - 3.8% (Continued)        
  828     Mettler-Toledo International, Inc.(a)   $ 1,226,169  
  3,196     Waters Corporation(a)     1,174,690  
              4,738,594  
        PUBLISHING & BROADCASTING - 0.9%        
  7,560     Nexstar Media Group, Inc., Class A     1,133,471  
                 
        RESIDENTIAL REIT - 1.0%        
  30,155     American Homes 4 Rent, Class A     1,224,293  
                 
        RETAIL - CONSUMER STAPLES - 3.0%        
  5,448     Dollar General Corporation     1,206,841  
  28,566     Kroger Company     1,143,211  
  5,045     Target Corporation     1,309,783  
              3,659,835  
        RETAIL - DISCRETIONARY - 10.8%        
  5,496     Advance Auto Parts, Inc.     1,239,458  
  9,396     AutoNation, Inc.(a)     1,138,044  
  676     AutoZone, Inc.(a)     1,206,552  
  18,115     Bath & Body Works, Inc.     1,251,565  
  9,482     Dick’s Sporting Goods, Inc.     1,177,759  
  24,283     Kohl’s Corporation     1,178,454  
  5,685     Lowe’s Companies, Inc.     1,329,266  
  1,884     O’Reilly Automotive, Inc.(a)     1,172,451  
  5,675     Tractor Supply Company     1,232,440  
  3,174     Ulta Beauty, Inc.(a)     1,166,001  
  6,446     Williams-Sonoma, Inc.     1,197,216  
              13,289,206  
        SEMICONDUCTORS - 3.9%        
  8,966     Applied Materials, Inc.     1,225,204  
  14,045     Cirrus Logic, Inc.(a)     1,134,976  
  3,432     KLA Corporation     1,279,312  
  6,851     Qorvo, Inc.(a)     1,152,544  
              4,792,036  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.5% (Continued)        
        SOFTWARE - 2.0%        
  39,665     Dropbox, Inc., Class A(a)   $ 1,209,386  
  13,231     Oracle Corporation     1,269,382  
              2,478,768  
        SPECIALTY FINANCE - 4.5%        
  22,526     Ally Financial, Inc.     1,075,391  
  7,087     Capital One Financial Corporation     1,070,350  
  9,356     Discover Financial Services     1,060,222  
  66,559     SLM Corporation     1,221,357  
  23,504     Synchrony Financial     1,091,761  
              5,519,081  
        STEEL - 2.1%        
  11,651     Nucor Corporation     1,300,835  
  19,568     Steel Dynamics, Inc.     1,293,053  
              2,593,888  
        TECHNOLOGY HARDWARE - 4.0%        
  8,157     Apple, Inc.     1,221,919  
  10,258     Arrow Electronics, Inc.(a)     1,187,364  
  42,397     HP, Inc.     1,285,901  
  19,768     Jabil, Inc.     1,185,289  
              4,880,473  
        TECHNOLOGY SERVICES - 2.1%        
  3,816     Gartner, Inc.(a)     1,266,569  
  3,250     Moody’s Corporation     1,313,487  
              2,580,056  
        TRANSPORTATION & LOGISTICS - 3.4%        
  38,838     CSX Corporation     1,404,770  
  4,799     Norfolk Southern Corporation     1,406,347  
  3,996     Old Dominion Freight Line, Inc.     1,364,035  
              4,175,152  
        TRANSPORTATION EQUIPMENT - 1.0%        
  5,093     Cummins, Inc.     1,221,505  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 98.5% (Continued)        
        WHOLESALE - DISCRETIONARY - 1.0%        
  22,935     LKQ Corporation(a)   $ 1,263,260  
                 
                 
        TOTAL COMMON STOCKS (Cost $115,361,492)     121,215,901  
                 
        TOTAL INVESTMENTS - 98.5% (Cost $115,361,492)   $ 121,215,901  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%     1,877,187  
        NET ASSETS - 100.0%   $ 123,093,088  

 

REIT - Real Estate Investment Trust

 

(a) Non-income producing security.

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 28.0%        
        AEROSPACE & DEFENSE - 0.8%        
  1,242     Boeing Company(a)   $ 257,131  
  514     General Dynamics Corporation     104,214  
  297     Lockheed Martin Corporation     98,699  
  327     Northrop Grumman Corporation     116,811  
  3,445     Raytheon Technologies Corporation     306,122  
              882,977  
        APPAREL & TEXTILE PRODUCTS - 0.2%        
  1,067     NIKE, Inc., Class B     178,498  
                 
        ASSET MANAGEMENT - 0.4%        
  260     Ameriprise Financial, Inc.     78,554  
  93     BlackRock, Inc.     87,742  
  3,504     Charles Schwab Corporation     287,433  
              453,729  
        AUTOMOTIVE - 0.3%        
  8,616     Ford Motor Company(a)     147,161  
  3,249     General Motors Company(a)     176,843  
              324,004  
        BANKING - 3.2%        
  16,584     Bank of America Corporation     792,384  
  4,636     Citigroup, Inc.     320,626  
  6,738     JPMorgan Chase & Company     1,144,719  
  948     PNC Financial Services Group, Inc.     200,056  
  2,958     Truist Financial Corporation     187,744  
  3,052     US Bancorp     184,249  
  9,570     Wells Fargo & Company     489,601  
              3,319,379  
        BEVERAGES - 0.7%        
  5,851     Coca-Cola Company     329,822  
  383     Constellation Brands, Inc., Class A     83,038  
  1,854     PepsiCo, Inc.     299,606  
              712,466  
        BIOTECH & PHARMA - 2.2%        
  1,024     AbbVie, Inc.     117,422  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 28.0% (Continued)        
        BIOTECH & PHARMA - 2.2% (Continued)        
  637     Amgen, Inc.   $ 131,840  
  2,433     Bristol-Myers Squibb Company     142,087  
  697     Eli Lilly & Company     177,568  
  2,867     Gilead Sciences, Inc.     186,011  
  3,622     Johnson & Johnson     589,951  
  2,914     Merck & Company, Inc.     256,578  
  369     Moderna, Inc.(a)     127,382  
  12,861     Pfizer, Inc.     562,540  
              2,291,379  
        CABLE & SATELLITE - 0.3%        
  5,834     Comcast Corporation, Class A     300,043  
                 
        CHEMICALS - 0.4%        
  270     Air Products and Chemicals, Inc.     80,949  
  1,677     Corteva, Inc.     72,363  
  1,179     DuPont de Nemours, Inc.     82,058  
  317     Ecolab, Inc.     70,444  
  559     International Flavors & Fragrances, Inc.     82,425  
  546     PPG Industries, Inc.     87,670  
              475,909  
        COMMERCIAL SUPPORT SERVICES - 0.1%        
  545     Waste Management, Inc.     87,325  
                 
        DATA CENTER REIT - 0.2%        
  663     Digital Realty Trust, Inc.     104,628  
  83     Equinix, Inc.     69,477  
              174,105  
        DIVERSIFIED INDUSTRIALS - 1.0%        
  1,337     3M Company     238,895  
  827     Emerson Electric Company     80,227  
  2,485     General Electric Company     260,603  
  1,610     Honeywell International, Inc.     351,979  
  375     Illinois Tool Works, Inc.     85,451  
              1,017,155  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 28.0% (Continued)        
        ELECTRIC UTILITIES - 1.1%        
  1,140     American Electric Power Company, Inc.   $ 96,569  
  1,852     Dominion Energy, Inc.     140,622  
  1,747     Duke Energy Corporation     178,211  
  2,258     Exelon Corporation     120,103  
  2,593     NextEra Energy, Inc.     221,261  
  1,129     Public Service Enterprise Group, Inc.     72,030  
  725     Sempra Energy     92,532  
  2,428     Southern Company     151,313  
  1,240     Xcel Energy, Inc.     80,092  
              1,152,733  
        ENTERTAINMENT CONTENT - 0.7%        
  4,248     Walt Disney Company(a)     718,209  
                 
        FOOD - 0.3%        
  1,385     General Mills, Inc.     85,593  
  3,265     Mondelez International, Inc., Class A     198,316  
              283,909  
        HEALTH CARE FACILITIES & SERVICES - 1.4%        
  554     Anthem, Inc.     241,062  
  1,326     Centene Corporation(a)     94,464  
  772     Cigna Corporation     164,907  
  2,953     CVS Health Corporation     263,644  
  582     HCA Healthcare, Inc.     145,768  
  353     McKesson Corporation     73,382  
  1,060     UnitedHealth Group, Inc.     488,098  
              1,471,325  
        HEALTH CARE REIT - 0.1%        
  944     Welltower, Inc.     75,898  
                 
        HOUSEHOLD PRODUCTS - 0.5%        
  927     Colgate-Palmolive Company     70,628  
  244     Estee Lauder Companies, Inc., Class A     79,137  
  2,916     Procter & Gamble Company     416,958  
              566,723  

 

The accompanying notes are an integral part of these financial statements.

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 28.0% (Continued)        
        INDUSTRIAL REIT - 0.2%        
  1,692     Prologis, Inc.   $ 245,272  
                 
        INFRASTRUCTURE REIT - 0.2%        
  528     American Tower Corporation     148,880  
  405     Crown Castle International Corporation     73,022  
              221,902  
        INSTITUTIONAL FINANCIAL SERVICES - 1.1%        
  1,767     Bank of New York Mellon Corporation     104,606  
  824     CME Group, Inc.     181,733  
  781     Goldman Sachs Group, Inc.     322,826  
  604     Intercontinental Exchange, Inc.     83,630  
  3,476     Morgan Stanley     357,264  
  775     State Street Corporation     76,376  
              1,126,435  
        INSURANCE - 1.8%        
  1,404     Aflac, Inc.     75,353  
  682     Allstate Corporation     84,343  
  1,915     American International Group, Inc.     113,157  
  4,243     Berkshire Hathaway, Inc., Class B(a)     1,217,783  
  610     Marsh & McLennan Companies, Inc.     101,748  
  1,632     MetLife, Inc.     102,490  
  859     Prudential Financial, Inc.     94,533  
  581     Travelers Companies, Inc.     93,471  
              1,882,878  
        INTERNET MEDIA & SERVICES - 0.1%        
  56     Booking Holdings, Inc.(a)     135,564  
                 
        LEISURE FACILITIES & SERVICES - 0.5%        
  633     Marriott International, Inc., Class A(a)     101,293  
  1,035     McDonald’s Corporation     254,144  
  1,156     Starbucks Corporation     122,617  
              478,054  
        MACHINERY - 0.2%        
  662     Caterpillar, Inc.     135,055  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 28.0% (Continued)        
        MACHINERY - 0.2% (Continued)        
  380     Stanley Black & Decker, Inc.   $ 68,297  
              203,352  
        MEDICAL EQUIPMENT & DEVICES - 1.1%        
  1,719     Abbott Laboratories     221,562  
  1,135     Baxter International, Inc.     89,620  
  659     Becton Dickinson and Company     157,890  
  3,279     Boston Scientific Corporation(a)     141,423  
  484     Danaher Corporation     150,897  
  631     Edwards Lifesciences Corporation(a)     75,606  
  171     Illumina, Inc.(a)     70,975  
  237     Intuitive Surgical, Inc.(a)     85,588  
  399     Stryker Corporation     106,162  
  482     Zimmer Biomet Holdings, Inc.     68,984  
              1,168,707  
        OIL & GAS PRODUCERS - 1.7%        
  4,313     Chevron Corporation     493,795  
  2,883     ConocoPhillips     214,755  
  1,279     EOG Resources, Inc.     118,256  
  9,331     Exxon Mobil Corporation     601,570  
  4,328     Kinder Morgan, Inc.     72,494  
  1,440     Marathon Petroleum Corporation     94,939  
  962     Phillips 66     71,938  
  495     Pioneer Natural Resources Company     92,555  
  2,674     Williams Companies, Inc. (The)     75,113  
              1,835,415  
        REAL ESTATE SERVICES - 0.1%        
  747     CBRE Group, Inc., Class A(a)     77,748  
                 
        RESIDENTIAL REIT - 0.1%        
  315     AvalonBay Communities, Inc.     74,554  
                 
        RETAIL - CONSUMER STAPLES - 0.8%        
  487     Costco Wholesale Corporation     239,380  
  396     Target Corporation     102,810  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 28.0% (Continued)        
        RETAIL - CONSUMER STAPLES - 0.8% (Continued)        
  1,654     Walgreens Boots Alliance, Inc.   $ 77,771  
  3,317     Walmart, Inc.     495,626  
              915,587  
        RETAIL - DISCRETIONARY - 0.5%        
  689     Home Depot, Inc.     256,129  
  472     Lowe’s Companies, Inc.     110,363  
  855     Ross Stores, Inc.     96,786  
  2,912     TJX Companies, Inc.     190,707  
              653,985  
        RETAIL REIT - 0.1%        
  755     Simon Property Group, Inc.     110,668  
                 
        SEMICONDUCTORS - 1.1%        
  732     Analog Devices, Inc.     126,995  
  303     Broadcom, Inc.     161,096  
  9,327     Intel Corporation     457,023  
  2,631     Micron Technology, Inc.     181,802  
  1,023     Texas Instruments, Inc.     191,792  
              1,118,708  
        SOFTWARE - 0.2%        
  1,717     Oracle Corporation     164,729  
                 
        SPECIALTY FINANCE - 0.5%        
  1,512     American Express Company     262,755  
  1,029     Capital One Financial Corporation     155,410  
  711     Discover Financial Services     80,571  
              498,736  
        STEEL - 0.1%        
  675     Nucor Corporation     75,364  
                 
        TECHNOLOGY HARDWARE - 0.6%        
  9,928     Cisco Systems, Inc.     555,670  
  2,760     HP, Inc.     83,711  
              639,381  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        COMMON STOCKS — 28.0% (Continued)        
        TECHNOLOGY SERVICES - 1.0%        
  504     Automatic Data Processing, Inc.   $ 113,143  
  1,396     Fidelity National Information Services, Inc.     154,593  
  672     Global Payments, Inc.     96,089  
  1,994     International Business Machines Corporation     249,449  
  643     Mastercard, Inc., Class A     215,739  
  1,574     Visa, Inc., Class A     333,327  
              1,162,340  
        TELECOMMUNICATIONS - 0.9%        
  16,212     AT&T, Inc.     409,515  
  9,436     Verizon Communications, Inc.     500,013  
              909,528  
        TOBACCO & CANNABIS - 0.5%        
  4,405     Altria Group, Inc.     194,305  
  3,760     Philip Morris International, Inc.     355,470  
              549,775  
        TRANSPORTATION & LOGISTICS - 0.5%        
  2,525     CSX Corporation     91,329  
  307     Norfolk Southern Corporation     89,966  
  1,374     Southwest Airlines Company(a)     64,963  
  786     Union Pacific Corporation     189,741  
  501     United Parcel Service, Inc., Class B     106,948  
              542,947  
        WHOLESALE -CONSUMER STAPLES - 0.2%        
  1,250     Archer-Daniels-Midland Company     80,300  
  1,180     Sysco Corporation     90,742  
              171,042  
                 
        TOTAL COMMON STOCKS (Cost $27,229,042)     29,448,437  
             
Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 71.1%        
        EQUITY - 71.1%        
  239,168     SPDR Portfolio Emerging Markets ETF     10,312,924  
  15,754     SPDR Portfolio S&P 500 Growth ETF     1,100,259  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 71.1% (Continued)        
        EQUITY - 71.1% (Continued)        
  404,368     SPDR S&P 600 Small Cap Growth ETF   $ 36,700,440  
  319,823     SPDR S&P 600 Small CapValue ETF     26,964,277  
              75,077,900  
                 
        TOTAL EXCHANGE-TRADED FUNDS (Cost $71,847,935)     75,077,900  
                 
        TOTAL INVESTMENTS - 99.1% (Cost $99,076,977)   $ 104,526,337  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%     951,868  
        NET ASSETS - 100.0%   $ 105,478,205  

 

ETF - Exchange-Traded Fund

 

REIT - Real Estate Investment Trust

 

SPDR - Standard & Poor’s Depositary Receipt

 

(a) Non-income producing security.

 

The accompanying notes are an integral part of these financial statements.

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS
October 31, 2021

 

Principal             Coupon Rate          
Amount ($)            Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 69.1%                    
        AEROSPACE & DEFENSE — 2.7%                    
  156,000     Boeing Company (The)       4.8750   05/01/25   $ 172,414  
  196,000     Boeing Company (The)       2.1960   02/04/26     196,565  
  156,000     Boeing Company (The)       5.1500   05/01/30     182,173  
  104,000     Boeing Company (The)       5.7050   05/01/40     133,733  
  104,000     Boeing Company (The)       5.8050   05/01/50     142,684  
  104,000     Boeing Company (The)       5.9300   05/01/60     146,404  
  305,000     Bombardier, Inc.(a)       7.8750   04/15/27     317,481  
  22,000     Howmet Aerospace, Inc.       6.8750   05/01/25     25,520  
  156,000     Raytheon Technologies Corporation       4.1250   11/16/28     176,954  
  104,000     Raytheon Technologies Corporation       4.5000   06/01/42     128,057  
  305,000     TransDigm, Inc.       5.5000   11/15/27     312,625  
                          1,934,610  
        AUTOMOTIVE — 2.0%                    
  208,000     Ford Motor Company       9.0000   04/22/25     250,380  
  208,000     Ford Motor Company       9.6250   04/22/30     299,911  
  208,000     Ford Motor Company       7.4500   07/16/31     275,600  
  305,000     Ford Motor Company       4.7500   01/15/43     333,176  
  260,000     Ford Motor Company       5.2910   12/08/46     299,339  
                          1,458,406  
        BANKING — 7.7%                    
  196,000     Bank of America Corporation       3.3000   01/11/23     202,609  
  196,000     Bank of America Corporation(b)   US0003M + 0.790%   3.0040   12/20/23     201,206  
  196,000     Bank of America Corporation(b)   SOFRRATE + 0.960%   1.7340   07/22/27     194,832  
  196,000     Bank of America Corporation(b)   US0003M + 1.040%   3.4190   12/20/28     209,737  
  156,000     Bank of America Corporation(b)   US0003M + 1.310%   4.2710   07/23/29     175,621  
  156,000     Bank of America Corporation(b)   ICE LIBOR USD 3 Month + 1.210%   3.9740   02/07/30     173,554  
  196,000     Bank of America Corporation(b)   US0003M + 0.990%   2.4960   02/13/31     196,803  
  196,000     Bank of America Corporation(b)   SOFRRATE + 1.320%   2.6870   04/22/32     198,722  
  196,000     Bank of America Corporation(b)   SOFRRATE + 1.930%   2.6760   06/19/41     189,155  
  196,000     Bank of America Corporation(b)   SOFRRATE + 1.580%   3.3110   04/22/42     207,714  
  156,000     Bank of America Corporation B(b)   US0003M + 3.150%   4.0830   03/20/51     188,483  

 

The accompanying notes are an integral part of these financial statements.

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Principal             Coupon Rate          
Amount ($)            Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 69.1% (Continued)                    
        BANKING — 7.7% (Continued)                    
  196,000     Citigroup, Inc.(b)   SOFRRATE + 2.842%   3.1060   04/08/26   $ 206,534  
  156,000     Citigroup, Inc.       4.4500   09/29/27     175,067  
  156,000     Citigroup, Inc.(b)   SOFRRATE + 3.914%   4.4120   03/31/31     178,988  
  196,000     Citigroup, Inc.(b)   SOFRRATE + 2.107%   2.5720   06/03/31     197,863  
  196,000     JPMorgan Chase & Company(b)   SOFRRATE + 1.850%   2.0830   04/22/26     200,008  
  196,000     JPMorgan Chase & Company(b)   SOFRRATE + 0.885%   1.5780   04/22/27     194,224  
  196,000     JPMorgan Chase & Company(b)   SOFRRATE + 1.510%   2.7390   10/15/30     201,110  
  156,000     JPMorgan Chase & Company(b)   SOFRRATE + 3.790%   4.4930   03/24/31     181,127  
  196,000     JPMorgan Chase & Company(b)   SOFRRATE + 1.250%   2.5800   04/22/32     197,937  
  104,000     JPMorgan Chase & Company       6.4000   05/15/38     150,956  
  156,000     JPMorgan Chase & Company(b)   US0003M + 1.380%   3.9640   11/15/48     184,012  
  156,000     JPMorgan Chase & Company(b)   SOFRRATE + 1.580%   3.3280   04/22/52     168,514  
  196,000     Wells Fargo & Company       3.0000   04/22/26     207,567  
  196,000     Wells Fargo & Company       3.0000   10/23/26     207,144  
  196,000     Wells Fargo & Company(b)   SOFRRATE + 2.100%   2.3930   06/02/28     199,325  
  196,000     Wells Fargo & Company(b)   US0003M + 1.170%   2.8790   10/30/30     203,321  
  196,000     Wells Fargo & Company(b)   SOFRRATE + 2.530%   3.0680   04/30/41     201,192  
  104,000     Wells Fargo & Company(b)   US0003M + 4.240%   5.0130   04/04/51     143,703  
                          5,537,028  
        BEVERAGES — 1.0%                    
  156,000     Anheuser-Busch Companies, LLC / Anheuser-Busch       3.6500   02/01/26     169,671  
  104,000     Anheuser-Busch Companies, LLC / Anheuser-Busch       4.7000   02/01/36     126,007  
  104,000     Anheuser-Busch Companies, LLC / Anheuser-Busch       4.9000   02/01/46     132,373  
  104,000     Anheuser-Busch InBev Worldwide, Inc.       4.7500   01/23/29     122,224  
  104,000     Anheuser-Busch InBev Worldwide, Inc.       5.5500   01/23/49     145,924  
                          696,199  
        BIOTECH & PHARMA — 4.1%                    
  196,000     AbbVie, Inc.       2.6000   11/21/24     204,174  
  196,000     AbbVie, Inc.       3.6000   05/14/25     210,245  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 69.1% (Continued)                    
        BIOTECH & PHARMA — 4.1% (Continued)                    
  196,000     AbbVie, Inc.     2.9500   11/21/26   $ 207,357  
  196,000     AbbVie, Inc.       3.2000   11/21/29     209,682  
  156,000     AbbVie, Inc.       4.0500   11/21/39     179,349  
  104,000     AbbVie, Inc.       4.2500   11/21/49     125,102  
  104,000     Amgen, Inc.       4.6630   06/15/51     134,190  
  104,000     AstraZeneca PLC       6.4500   09/15/37     154,806  
  305,000     Bausch Health Companies, Inc.(a)       6.2500   02/15/29     295,937  
  156,000     Bristol-Myers Squibb Company       3.4000   07/26/29     171,719  
  104,000     Bristol-Myers Squibb Company       4.2500   10/26/49     130,792  
  305,000     Endo Luxembourg Finance Company I Sarl / Endo US,(a)       6.1250   04/01/29     300,449  
  104,000     GlaxoSmithKline Capital, Inc.       6.3750   05/15/38     153,936  
  305,000     Par Pharmaceutical, Inc.(a)       7.5000   04/01/27     308,161  
  104,000     Pfizer, Inc.       7.2000   03/15/39     168,027  
                          2,953,926  
        CABLE & SATELLITE — 4.0%                    
  305,000     CCO Holdings, LLC / CCO Holdings Capital(a)       5.3750   06/01/29     327,874  
  305,000     CCO Holdings, LLC / CCO Holdings Capital(a)       4.7500   03/01/30     315,294  
  305,000     CCO Holdings, LLC / CCO Holdings Capital(a)       4.5000   08/15/30     310,719  
  305,000     CCO Holdings, LLC / CCO Holdings Capital(a)       4.2500   02/01/31     304,048  
  156,000     Charter Communications Operating, LLC / Charter       4.9080   07/23/25     173,555  
  104,000     Charter Communications Operating, LLC / Charter       6.4840   10/23/45     143,554  
  156,000     Comcast Corporation       4.1500   10/15/28     178,186  
  8,000     Comcast Corporation       4.6000   10/15/38     9,791  
  12,000     Comcast Corporation       4.7000   10/15/48     15,545  
  118,000     Comcast Corporation(a)       2.8870   11/01/51     114,858  
  124,000     Comcast Corporation(a)       2.9370   11/01/56     119,627  
  300,000     DISH DBS Corporation       5.8750   11/15/24     319,875  
  208,000     DISH DBS Corporation       7.7500   07/01/26     231,400  
  305,000     Sirius XM Radio, Inc.(a)       4.1250   07/01/30     303,452  
                          2,867,778  
        COMMERCIAL SUPPORT SERVICES — 0.4%                    
  300,000     Prime Security Services Borrower, LLC / Prime(a)       5.7500   04/15/26     321,270  
                             
        DIVERSIFIED INDUSTRIALS — 0.6%                    

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Principal             Coupon Rate          
Amount ($)            Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 69.1% (Continued)                    
        DIVERSIFIED INDUSTRIALS — 0.6% (Continued)                    
  104,000     General Electric Company     6.7500   03/15/32   $ 143,207  
  104,000     General Electric Company       5.8750   01/14/38     143,721  
  104,000     General Electric Company       4.3500   05/01/50     132,445  
                          419,373  
        E-COMMERCE DISCRETIONARY — 0.4%                    
  156,000     Amazon.com, Inc.       3.1500   08/22/27     169,102  
  104,000     Amazon.com, Inc.       4.0500   08/22/47     127,780  
                          296,882  
        ELECTRIC UTILITIES — 0.8%                    
  260,000     FirstEnergy Corporation       3.9000   07/15/27     282,269  
  208,000     FirstEnergy Corporation       7.3750   11/15/31     283,881  
                          566,150  
        FOOD — 3.8%                    
  300,000     Kraft Heinz Foods Company       3.0000   06/01/26     313,965  
  300,000     Kraft Heinz Foods Company       3.8750   05/15/27     325,534  
  208,000     Kraft Heinz Foods Company       4.2500   03/01/31     235,185  
  156,000     Kraft Heinz Foods Company(a)       7.1250   08/01/39     236,695  
  208,000     Kraft Heinz Foods Company       5.0000   06/04/42     257,503  
  208,000     Kraft Heinz Foods Company       5.2000   07/15/45     264,693  
  208,000     Kraft Heinz Foods Company       4.3750   06/01/46     241,886  
  208,000     Kraft Heinz Foods Company       4.8750   10/01/49     257,595  
  305,000     Post Holdings, Inc.(a)       4.6250   04/15/30     306,907  
  305,000     Post Holdings, Inc.(a)       4.5000   09/15/31     300,098  
                          2,740,061  
        HEALTH CARE FACILITIES & SERVICES — 6.1%                    
  300,000     Centene Corporation       4.6250   12/15/29     324,001  
  305,000     Centene Corporation       3.3750   02/15/30     313,023  
  305,000     Centene Corporation       3.0000   10/15/30     310,395  
  305,000     Centene Corporation       2.5000   03/01/31     297,762  
  305,000     CHS/Community Health Systems, Inc.(a)       6.8750   04/15/29     314,257  
  104,000     CIGNA CORP 4.90% 12/15/2048       4.9000   12/15/48     134,665  
  156,000     Cigna Corporation       4.3750   10/15/28     178,993  
  104,000     CVS Health Corp 5.050000 03/25/2048       5.0500   03/25/48     136,844  
  72,000     CVS Health Corporation       4.3000   03/25/28     81,582  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Principal             Coupon Rate          
Amount ($)           Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 69.1% (Continued)                    
        HEALTH CARE FACILITIES & SERVICES — 6.1% (Continued)                    
  104,000     CVS Health Corporation       4.7800   03/25/38   $ 127,199  
  104,000     CVS Health Corporation       5.1250   07/20/45     136,881  
  305,000     DaVita, Inc.(a)       4.6250   06/01/30     306,894  
  305,000     DaVita, Inc.(a)       3.7500   02/15/31     289,369  
  208,000     HCA, Inc.       5.3750   02/01/25     231,660  
  208,000     HCA, Inc.       5.8750   02/15/26     237,120  
  208,000     HCA, Inc.       5.6250   09/01/28     244,032  
  300,000     HCA, Inc.       3.5000   09/01/30     315,848  
  305,000     Tenet Healthcare Corporation(a)       6.1250   10/01/28     320,616  
                          4,301,141  
        HOME & OFFICE PRODUCTS — 0.3%                    
  208,000     Newell Brands, Inc.       4.2000   04/01/26     228,049  
                             
        INSTITUTIONAL FINANCIAL SERVICES — 2.3%                    
  196,000     Goldman Sachs Group, Inc. (The)       3.5000   04/01/25     209,279  
  156,000     Goldman Sachs Group, Inc. (The)(b)   US0003M + 1.301%   4.2230   05/01/29     174,860  
  196,000     Goldman Sachs Group, Inc. (The)(b)   SOFRRATE + 1.281%   2.6150   04/22/32     197,061  
  104,000     Goldman Sachs Group, Inc. (The)       6.7500   10/01/37     148,119  
  104,000     Goldman Sachs Group, Inc. (The)       6.2500   02/01/41     152,596  
  156,000     Morgan Stanley       3.8750   01/27/26     170,383  
  196,000     Morgan Stanley(b)   SOFRRATE + 0.879%   1.5930   05/04/27     194,260  
  156,000     Morgan Stanley(b)   US0003M + 1.628%   4.4310   01/23/30     178,785  
  196,000     Morgan Stanley Series GMTN(b)   SOFRRATE + 1.143%   2.6990   01/22/31     200,572  
                          1,625,915  
        INTERNET MEDIA & SERVICES — 0.7%                    
  208,000     Netflix, Inc.       4.8750   04/15/28     238,550  
  208,000     Netflix, Inc.       5.8750   11/15/28     253,494  
                          492,044  
        LEISURE FACILITIES & SERVICES — 2.7%                    
  305,000     Carnival Corporation(a)       7.6250   03/01/26     321,726  
  305,000     Carnival Corporation(a)       5.7500   03/01/27     310,810  
  305,000     Hilton Domestic Operating Company, Inc.(a)       3.6250   02/15/32     297,955  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Principal               Coupon Rate              
Amount ($)         Spread     (%)     Maturity     Fair Value  
        CORPORATE BONDS — 69.1% (Continued)                                
        LEISURE FACILITIES & SERVICES — 2.7% (Continued)                                
  305,000     NCL Corporation Ltd.(a)           5.8750       03/15/26     $ 306,144  
  305,000     New Red Finance, Inc.(a)             4.0000       10/15/30       295,847  
  305,000     Royal Caribbean Cruises Ltd.(a)             5.5000       04/01/28       310,719  
                                      1,843,201  
        MEDICAL EQUIPMENT & DEVICES — 0.2%                                
  104,000     Abbott Laboratories             4.9000       11/30/46       144,745  
                                         
        METALS & MINING — 1.2%                                
  305,000     FMG Resources August 2006 Pty Ltd.(a)             4.3750       04/01/31       309,194  
  208,000     Freeport-McMoRan, Inc.             5.4500       03/15/43       261,924  
  305,000     Novelis Corporation(a)             4.7500       01/30/30       317,581  
                                      888,699  
        OIL & GAS PRODUCERS — 6.0%                                
  260,000     Apache Corporation             5.1000       09/01/40       291,711  
  305,000     Cheniere Energy Partners, L.P.(a)             4.0000       03/01/31       317,586  
  305,000     Comstock Resources, Inc.(a)             6.7500       03/01/29       328,256  
  104,000     ConocoPhillips             6.5000       02/01/39       153,567  
  208,000     Continental Resources Inc/OK(a)             5.7500       01/15/31       249,340  
  305,000     EQT Corporation             3.9000       10/01/27       325,816  
  305,000     New Fortress Energy, Inc.(a)             6.5000       09/30/26       296,893  
  305,000     NGL Energy Operating, LLC / NGL Energy Finance(a)             7.5000       02/01/26       309,728  
  145,000     Occidental Petroleum Corporation             2.9000       08/15/24       147,893  
  305,000     Occidental Petroleum Corporation             3.5000       08/15/29       309,956  
  208,000     Occidental Petroleum Corporation             8.8750       07/15/30       282,100  
  208,000     Occidental Petroleum Corporation             6.6250       09/01/30       254,779  
  208,000     Occidental Petroleum Corporation             6.1250       01/01/31       249,340  
  208,000     Occidental Petroleum Corporation             6.4500       09/15/36       264,982  
  104,000     Shell International Finance BV             6.3750       12/15/38       153,988  
  104,000     Shell International Finance BV             4.3750       05/11/45       130,540  
  208,000     Western Midstream Operating, L.P.             5.3000       02/01/30       228,280  
                                      4,294,755  
        REAL ESTATE INVESTMENT TRUSTS — 1.7%                                
  305,000     Iron Mountain, Inc.(a)             5.2500       07/15/30       318,879  
  305,000     MPT Operating Partnership, L.P. / MPT Finance             3.5000       03/15/31       307,730  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 69.1% (Continued)                    
        REAL ESTATE INVESTMENT TRUSTS — 1.7% (Continued)                    
  305,000     SBA Communications Corporation     3.8750   02/15/27   $ 314,922  
  305,000     SBA Communications Corporation(a)       3.1250   02/01/29     293,181  
                          1,234,712  
        RETAIL - CONSUMER STAPLES — 0.4%                    
  305,000     Albertsons Companies Inc / Safeway Inc / New(a)       3.5000   03/15/29     301,015  
                             
        RETAIL - DISCRETIONARY — 0.6%                    
  104,000     Home Depot, Inc. (The)       5.8750   12/16/36     146,770  
  305,000     Magic MergerCo, Inc.(a)       7.8750   05/01/29     308,504  
                          455,274  
        SEMICONDUCTORS — 0.4%                    
  156,000     Broadcom, Inc.(a)       3.1370   11/15/35     153,896  
  156,000     Broadcom, Inc.(a)       3.1870   11/15/36     153,732  
                          307,628  
        SOFTWARE — 2.2%                    
  196,000     Microsoft Corporation       2.4000   08/08/26     205,775  
  156,000     Microsoft Corporation       3.3000   02/06/27     170,476  
  196,000     Microsoft Corporation       2.5250   06/01/50     193,159  
  196,000     Microsoft Corporation       2.9210   03/17/52     207,750  
  196,000     Microsoft Corporation       2.6750   06/01/60     195,113  
  196,000     Oracle Corporation       2.5000   04/01/25     203,337  
  196,000     Oracle Corporation       3.6000   04/01/50     200,176  
  196,000     Oracle Corporation       3.8500   04/01/60     204,769  
                          1,580,555  
        SPECIALTY FINANCE — 0.7%                    
  208,000     OneMain Finance Corporation       6.8750   03/15/25     232,440  
  208,000     OneMain Finance Corporation       7.1250   03/15/26     236,340  
                          468,780  
        TECHNOLOGY HARDWARE — 2.0%                    
  196,000     Apple, Inc.       2.4000   05/03/23     201,598  
  196,000     Apple, Inc.       3.2500   02/23/26     211,487  
  156,000     Apple, Inc.       3.8500   05/04/43     184,400  
  104,000     Apple, Inc.       4.6500   02/23/46     137,478  
  104,000     Dell International, LLC / EMC Corporation       6.0200   06/15/26     122,605  

 

The accompanying notes are an integral part of these financial statements. 

 

 
LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2021

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 69.1% (Continued)                    
        TECHNOLOGY HARDWARE — 2.0% (Continued)                    
  305,000     Imola Merger Corporation(a)     4.7500   05/15/29   $ 313,753  
  208,000     Western Digital Corporation       4.7500   02/15/26     228,280  
                          1,399,601  
        TECHNOLOGY SERVICES — 0.5%                    
  196,000     Visa, Inc.       3.1500   12/14/25     210,724  
  104,000     Visa, Inc.       4.3000   12/14/45     133,286  
                          344,010  
        TELECOMMUNICATIONS — 10.3%                    
  156,000     AT&T, Inc.       4.3500   03/01/29     177,285  
  156,000     AT&T, Inc.       4.3000   02/15/30     177,337  
  144,000     AT&T, Inc.       2.5500   12/01/33     140,068  
  144,000     AT&T, Inc.       3.5000   09/15/53     146,020  
  144,000     AT&T, Inc.       3.5500   09/15/55     146,165  
  184,000     AT&T, Inc.       3.8000   12/01/57     193,655  
  144,000     AT&T, Inc.       3.6500   09/15/59     146,352  
  104,000     British Telecommunications PLC       9.6250   12/15/30     156,221  
  104,000     Deutsche Telekom International Finance BV       8.7500   06/15/30     152,126  
  253,000     Embarq Corporation       7.9950   06/01/36     280,018  
  305,000     Frontier Communications Corporation(a)       5.0000   05/01/28     310,338  
  104,000     Orange S.A.       9.0000   03/01/31     159,632  
  208,000     Sprint Capital Corporation       6.8750   11/15/28     263,617  
  156,000     Sprint Capital Corporation       8.7500   03/15/32     233,688  
  208,000     Sprint Corporation       7.8750   09/15/23     230,880  
  208,000     Sprint Corporation       7.1250   06/15/24     235,300  
  208,000     Sprint Corporation       7.6250   02/15/25     242,060  
  208,000     Sprint Corporation       7.6250   03/01/26     249,600  
  208,000     Telecom Italia Capital S.A.       7.2000   07/18/36     253,460  
  208,000     Telecom Italia Capital S.A.       7.7210   06/04/38     265,488  
  305,000     T-Mobile USA, Inc.       3.5000   04/15/31     316,088  
  156,000     Verizon Communications, Inc.       4.1250   03/16/27     174,443  
  156,000     Verizon Communications, Inc.       4.3290   09/21/28     178,230  
  156,000     Verizon Communications, Inc.       4.0160   12/03/29     175,014  
  196,000     Verizon Communications, Inc.       2.5500   03/21/31     197,781  
  104,000     Verizon Communications, Inc.       4.5000   08/10/33     122,953  

 

The accompanying notes are an integral part of these financial statements.