(COVER PAGE)

 

 

LeaderShares® Activist Leaders® ETF
PORTFOLIO REVIEW
April 30, 2022 (Unaudited)
 

The Fund’s performance figures* for the period ended April 30, 2022, compared to its benchmark:

 

      Annualized
  Six Months One Year Since Inception(a)
LeaderShares® Activist Leaders® ETF - NAV (7.06)% (4.04)% 26.87%
LeaderShares® Activist Leaders® ETF - Market Price (7.03)% (3.85)% 26.92%
S&P 500 Index (b) (9.65)% 0.21% 15.43%
       
* 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.

 

 

 

PORTFOLIO ANALYSIS
April 30, 2022
    Percent of
Top 10 Industries   Net Assets
Technology Services   13.6%
Biotech & Pharma   10.4%
Software   10.2%
Chemicals   6.9%
Asset Management   6.8%
Leisure Facilities & Services   6.8%
Technology Hardware   6.8%
Food   3.5%
Machinery   3.5%
Aerospace & Defense   3.4%
Other/Cash and Equivalents   28.1%
Total   100.0%
     

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

1

 

LeaderShares® AlphaFactor® Tactical Focused ETF
PORTFOLIO REVIEW
April 30, 2022 (Unaudited)
 

The Fund’s performance figures* for the period ended April 30, 2022, compared to its benchmark:

 

      Annualized
  Six Months One Year Since Inception(a)
LeaderShares® AlphaFactor® Tactical Focused ETF - NAV (4.50)% (1.15)% 21.72%
LeaderShares® AlphaFactor® Tactical Focused ETF - Market Price (4.61)% (1.21)% 21.67%
S&P 500 Index (b) (9.65)% 0.21% 15.43%
       
* 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) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

PORTFOLIO ANALYSIS
April 30, 2022
    Percent of
Top 10 Industries   Net Assets
Specialty Finance   13.5%
Retail - Discretionary   10.2%
Insurance   10.1%
Technology Hardware   9.5%
Institutional Financial Services   9.0%
Technology Services   6.6%
Health Care Facilities & Services   6.4%
Wholesale - Discretionary   3.8%
Chemicals   3.7%
Home & Office Products   3.6%
Other/Cash and Equivalents   23.6%
Total   100.0%
     

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

2

 

Leadershares® AlphaFactor® US Core Equity ETF
PORTFOLIO REVIEW
April 30, 2022 (Unaudited)
 

The Fund’s performance figures* for the period ended April 30, 2022, compared to its benchmark:

 

      Annualized Annualized
  Six Months One Year Three Year Since Inception(a)
LeaderShares® AlphaFactor® US Core Equity ETF - NAV (8.84)% (5.05)% 7.80% 6.49%
LeaderShares® AlphaFactor® US Core Equity ETF - Market Price (8.94)% (4.96)% 7.83% 6.51%
S&P 500 Index (b) (9.65)% 0.21% 13.85% 12.07%
AlphaFactor® US Core Equity Index (c) (8.47)% (4.19)% 8.86% 7.53%
         
* 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) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

(c) The AlphaFactor® US Core Equity Index, the Fund advisor’s proprietary index, utilizes a quantitative rules-based investment methodology that applies a multi-factor ranking process and is focused on the largest 1,000 U.S. common stocks based on market capitalization. Companies within this group of the top 1,000 market capitalizations may be considered large or mid-cap companies. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

PORTFOLIO ANALYSIS
April 30, 2022
    Percent of
Top 10 Industries   Net Assets
Retail - Discretionary   11.5%
Insurance   8.9%
Chemicals   6.1%
Oil & Gas Producers   6.1%
Specialty Finance   6.0%
Health Care Facilities & Services   4.9%
Banking   4.7%
Steel   4.1%
Leisure Facilities & Services   4.0%
Aerospace & Defense   3.9%
Other/Cash and Equivalents   39.8%
Total   100.0%
     

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

3

 

LeaderShares® Equity Skew ETF
PORTFOLIO REVIEW
April 30, 2022 (Unaudited)
 

The Fund’s performance figures* for the period ended April 30, 2022, compared to its benchmark:

 

      Annualized
  Six Months One Year Since Inception(a)
LeaderShares® Equity Skew ETF - NAV (12.80)% (9.73)% 17.41%
LeaderShares® Equity Skew ETF - Market Price (13.00)% (9.67)% 17.40%
S&P 500 Index (b) (9.65)% 0.21% 20.88%
       
* 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) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

 

 

PORTFOLIO ANALYSIS
April 30, 2022
    Percent of
Top 10 Industries   Net Assets
Exchange Traded Funds   44.6%
Software   5.1%
Banking   4.2%
Semiconductors   4.0%
Technology Hardware   3.9%
Biotech & Pharma   2.5%
Internet Media & Services   1.9%
Medical Equipment & Devices   1.9%
Technology Services   1.9%
Retail - Discretionary   1.7%
Other/Cash and Equivalents   28.3%
Total   100.0%
     

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

4

 

LeaderShares® Dynamic Yield ETF
PORTFOLIO REVIEW
April 30, 2022 (Unaudited)
 

The Fund’s performance figures* for the period ended April 30, 2022, compared to its benchmark:

 

  Six Months Since Inception(a)
LeaderShares® Dynamic Yield ETF - NAV (8.34)% (7.54)%
LeaderShares® Dynamic Yield ETF - Market Price (8.61)% (7.62)%
Bloomberg US Aggregate Bond Index (b) (9.47)% (9.32)%
     
* 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 collateralised mortgage-backed securities. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

PORTFOLIO ANALYSIS
April 30, 2022
    Percent of
Top 10 Industries   Net Assets
U.S. Government & Agencies   66.0%
Banking   7.3%
Telecommunications   3.9%
Biotech & Pharma   2.4%
Food   2.1%
Health Care Facilities & Services   2.1%
Institutional Financial Services   2.1%
Software   2.0%
Aerospace & Defense   1.5%
Technology Hardware   1.4%
Other/Cash and Equivalents   9.2%
Total   100.0%
     

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

5

 

LEADERSHARES ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.9%        
        AEROSPACE & DEFENSE - 3.4%        
  49,028     Mercury Systems, Inc.(a)   $ 2,735,272  
                 
        ASSET MANAGEMENT - 6.8%        
  145,592     Invesco Ltd.     2,675,981  
  87,909     Janus Henderson Group plc     2,679,466  
              5,355,447  
        AUTOMOTIVE - 3.4%        
  182,777     Dana, Inc.     2,706,927  
                 
        BIOTECH & PHARMA - 10.4%        
  142,689     Bausch Health Companies, Inc.(a)     2,712,518  
  160,424     Innoviva, Inc.(a)     2,736,833  
  231,904     Ironwood Pharmaceuticals, Inc.(a)     2,782,848  
              8,232,199  
        CHEMICALS - 6.9%        
  87,518     GCP Applied Technologies, Inc.(a)     2,745,439  
  80,825     Huntsman Corporation     2,737,543  
              5,482,982  
        ENGINEERING & CONSTRUCTION - 3.4%        
  38,504     AECOM     2,716,842  
                 
        FOOD - 3.5%        
  87,184     TreeHouse Foods, Inc.(a)     2,746,296  
                 
        HEALTH CARE FACILITIES & SERVICES - 3.3%        
  142,905     Mednax, Inc.(a)     2,646,601  
                 
        HOME & OFFICE PRODUCTS - 3.4%        
  117,188     Newell Brands, Inc.     2,712,902  
                 
        INSURANCE - 3.3%        
  329,504     eHealth, Inc.(a)     2,652,507  
                 

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

6

 

LEADERSHARES ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        INTERNET MEDIA & SERVICES - 3.4%        
  33,872     GoDaddy, Inc., Class A(a)   $ 2,737,196  
                 
        LEISURE FACILITIES & SERVICES - 6.8%        
  29,818     Papa John’s International, Inc.     2,714,930  
  47,311     Restaurant Brands International, Inc.     2,700,985  
              5,415,915  
        MACHINERY - 3.5%        
  115,976     Welbilt, Inc.(a)     2,739,353  
                 
        REAL ESTATE OWNERS & DEVELOPERS - 3.4%        
  27,063     Howard Hughes Corporation(a)     2,714,148  
                 
        SOFTWARE - 10.2%        
  44,366     CommVault Systems, Inc.(a)     2,706,326  
  97,726     Evolent Health, Inc., Class A(a)     2,689,420  
  119,898     LivePerson, Inc.(a)     2,712,093  
              8,107,839  
        TECHNOLOGY HARDWARE - 6.8%        
  32,761     Seagate Technology Holdings plc     2,687,712  
  156,140     Xerox Holdings Corporation     2,716,836  
              5,404,548  
        TECHNOLOGY SERVICES - 13.6%        
  483,388     Conduent, Inc.(a)     2,721,474  
  101,629     Green Dot Corporation, Class A(a)     2,691,136  
  27,439     Insight Enterprises, Inc.(a)     2,726,614  
  102,215     Nielsen Holdings plc     2,740,385  
              10,879,609  
        WHOLESALE - DISCRETIONARY - 3.4%        
  54,676     LKQ Corporation     2,713,569  
                 

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

7

 

LEADERSHARES ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022
 

 

          Fair Value  
        TOTAL COMMON STOCKS (Cost $84,803,830)   $ 78,700,152  
                 
        TOTAL INVESTMENTS - 98.9% (Cost $84,803,830)   $ 78,700,152  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%     881,150  
        NET ASSETS - 100.0%   $ 79,581,302  

 

LTD - Limited Company
   
PLC - Public Limited Company

 

Diversification of Assets
Country   % of Net Assets  
United States     78.5 %
Canada     6.8 %
United Kingdom     3.4 %
Ireland     3.4 %
Jersey     3.4 %
Bermuda     3.4 %
Total     98.9 %
Other Assets Less Liabilities - Net     1.1 %
Grand Total     100.0 %

 

(a) Non-income producing security.

 

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

8

 

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.8%        
        AEROSPACE & DEFENSE - 3.3%        
  20,540     L3Harris Technologies, Inc.   $ 4,770,620  
                 
        BANKING - 3.1%        
  54,540     BOK Financial Corporation     4,523,002  
                 
        CHEMICALS - 3.7%        
  52,287     Ashland Global Holdings, Inc.     5,488,566  
                 
        CONTAINERS & PACKAGING - 3.1%        
  41,038     Crown Holdings, Inc.     4,515,822  
                 
        ELECTRIC UTILITIES - 2.9%        
  118,882     Brookfield Renewable Corporation     4,267,864  
                 
        HEALTH CARE FACILITIES & SERVICES - 6.4%        
  20,443     HCA Healthcare, Inc.     4,386,046  
  37,511     Quest Diagnostics, Inc.     5,020,472  
              9,406,518  
        HOME & OFFICE PRODUCTS - 3.6%        
  29,416     Whirlpool Corporation     5,339,592  
                 
        INSTITUTIONAL FINANCIAL SERVICES - 9.0%        
  102,310     Bank of New York Mellon Corporation (The)     4,303,159  
  46,299     Evercore, Inc., Class A     4,896,119  
  137,923     Virtu Financial, Inc., Class A     3,983,216  
              13,182,494  
        INSURANCE - 10.1%        
  28,220     Assurant, Inc.     5,132,654  
  164,345     Equitable Holdings, Inc.     4,738,066  
  77,113     Voya Financial, Inc.     4,868,915  
              14,739,635  
        OIL & GAS PRODUCERS - 3.6%        
  59,675     Marathon Petroleum Corporation     5,207,241  
                 

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

9

 

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.8% (Continued)        
        RETAIL - DISCRETIONARY - 10.2%        
  24,923     Advance Auto Parts, Inc.   $ 4,975,378  
  84,689     Kohl’s Corporation     4,901,799  
  25,340     Lowe’s Companies, Inc.     5,010,478  
              14,887,655  
        SPECIALTY FINANCE - 13.5%        
  117,923     Ally Financial, Inc.     4,712,203  
  376,168     MGIC Investment Corporation     4,912,754  
  285,330     SLM Corporation     4,773,571  
  147,623     Synchrony Financial     5,434,002  
              19,832,530  
        TECHNOLOGY HARDWARE - 9.5%        
  141,305     HP, Inc.     5,176,002  
  52,608     Lumentum Holdings, Inc.(a)     4,272,296  
  256,725     Xerox Holdings Corporation     4,467,015  
              13,915,313  
        TECHNOLOGY SERVICES - 6.6%        
  28,768     CDW Corporation/DE     4,694,362  
  17,293     Gartner, Inc.(a)     5,024,482  
              9,718,844  
        TELECOMMUNICATIONS - 3.1%        
  456,339     Lumen Technologies, Inc.     4,590,770  
                 
        TRANSPORTATION EQUIPMENT - 3.3%        
  129,614     Allison Transmission Holdings, Inc.     4,852,749  
                 
        WHOLESALE - DISCRETIONARY - 3.8%        
  113,247     LKQ Corporation     5,620,449  
                 
        TOTAL COMMON STOCKS (Cost $159,479,472)     144,859,664  
                 
        TOTAL INVESTMENTS - 98.8% (Cost $159,479,472)   $ 144,859,664  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%     1,706,832  
        NET ASSETS - 100.0%   $ 146,566,496  

 

(a) Non-income producing security.
   

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

10

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.9%        
        ADVERTISING & MARKETING - 0.9%        
  16,366     Omnicom Group, Inc.   $ 1,245,944  
                 
        AEROSPACE & DEFENSE - 3.9%        
  5,589     L3Harris Technologies, Inc.     1,298,101  
  3,154     Lockheed Martin Corporation     1,362,906  
  3,111     Northrop Grumman Corporation     1,366,974  
  18,797     Textron, Inc.     1,301,692  
              5,329,673  
        ASSET MANAGEMENT - 1.8%        
  9,732     Affiliated Managers Group, Inc.     1,222,047  
  4,585     Ameriprise Financial, Inc.     1,217,272  
              2,439,319  
        AUTOMOTIVE - 0.8%        
  1,292     Tesla, Inc.(a)     1,125,022  
                 
        BANKING - 4.7%        
  33,695     Bank of America Corporation     1,202,238  
  32,604     Bank OZK     1,252,646  
  59,717     First Horizon Corporation     1,336,465  
  28,760     Wells Fargo & Company     1,254,799  
  21,186     Zions Bancorp     1,197,221  
              6,243,369  
        CHEMICALS - 6.1%        
  13,315     CF Industries Holdings, Inc.     1,289,291  
  43,969     Chemours Company (The)     1,454,056  
  12,387     Eastman Chemical Company     1,271,773  
  37,121     Huntsman Corporation     1,257,288  
  20,690     Mosaic Company (The)     1,291,470  
  26,725     Olin Corporation     1,534,016  
              8,097,894  
        COMMERCIAL SUPPORT SERVICES - 1.1%        
  53,680     H&R Block, Inc.     1,399,438  
                 

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

11

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        CONSTRUCTION MATERIALS - 2.0%        
  10,790     Eagle Materials, Inc.   $ 1,330,623  
  15,134     Owens Corning     1,376,134  
              2,706,757  
        CONSUMER SERVICES - 1.0%        
  21,268     Service Corporation International     1,395,393  
                 
        CONTAINERS & PACKAGING - 2.0%        
  11,141     Crown Holdings, Inc.     1,225,956  
  8,955     Packaging Corporation of America     1,443,277  
              2,669,233  
        ELECTRIC UTILITIES - 1.1%        
  59,923     Vistra Corporation     1,499,273  
                 
        ELECTRICAL EQUIPMENT - 1.0%        
  21,669     A O Smith Corporation     1,266,120  
                 
        ENGINEERING & CONSTRUCTION - 1.0%        
  18,104     AECOM     1,277,418  
                 
        FOOD - 1.1%        
  15,646     Tyson Foods, Inc., Class A     1,457,581  
                 
        FORESTRY, PAPER & WOOD PRODUCTS - 1.1%        
  22,114     Louisiana-Pacific Corporation     1,426,795  
                 
        HEALTH CARE FACILITIES & SERVICES - 4.9%        
  12,305     DaVita, Inc.(a)     1,333,492  
  5,541     HCA Healthcare, Inc.     1,188,822  
  15,997     Henry Schein, Inc.(a)     1,297,357  
  5,242     Laboratory Corp of America Holdings(a)     1,259,548  
  4,573     McKesson Corporation     1,415,846  
              6,495,065  

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

12

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        HOUSEHOLD PRODUCTS - 1.0%        
  15,676     Spectrum Brands Holdings, Inc.   $ 1,333,557  
                 
        INSTITUTIONAL FINANCIAL SERVICES - 3.6%        
  27,782     Bank of New York Mellon Corporation (The)     1,168,511  
  12,506     Evercore, Inc., Class A     1,322,509  
  15,925     Morgan Stanley     1,283,396  
  37,445     Virtu Financial, Inc., Class A     1,081,412  
              4,855,828  
        INSURANCE - 8.9%        
  21,546     Aflac, Inc.     1,234,155  
  22,140     American International Group, Inc.     1,295,411  
  7,660     Assurant, Inc.     1,393,202  
  3,933     Berkshire Hathaway, Inc., Class B(a)     1,269,690  
  19,316     Hartford Financial Services Group, Inc. (The)     1,350,768  
  21,481     Loews Corporation     1,349,866  
  19,765     MetLife, Inc.     1,298,165  
  18,890     Principal Financial Group, Inc.     1,287,165  
  7,604     Travelers Companies, Inc. (The)     1,300,740  
              11,779,162  
        LEISURE FACILITIES & SERVICES - 4.0%        
  3,461     Domino’s Pizza, Inc.     1,169,818  
  32,734     MGM Resorts International     1,343,403  
  16,328     Wyndham Hotels & Resorts, Inc.     1,436,211  
  11,712     Yum! Brands, Inc.     1,370,421  
              5,319,853  
        MACHINERY - 1.9%        
  12,816     Crane Company     1,233,284  
  9,247     Curtiss-Wright Corporation     1,321,488  
              2,554,772  
        METALS & MINING - 0.8%        
  15,340     Alcoa Corporation     1,040,052  
                 
        OIL & GAS PRODUCERS - 6.1%        
  33,184     APA Corporation     1,358,221  
                 

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

13

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        OIL & GAS PRODUCERS - 6.1% (Continued)        
  13,814     ConocoPhillips   $ 1,319,513  
  23,253     Devon Energy Corporation     1,352,627  
  10,042     Diamondback Energy, Inc.     1,267,602  
  54,559     Marathon Oil Corporation     1,359,610  
  16,179     Marathon Petroleum Corporation     1,411,780  
              8,069,353  
        PUBLISHING & BROADCASTING - 0.9%        
  7,413     Nexstar Media Group, Inc., Class A     1,174,367  
                 
        REAL ESTATE SERVICES - 0.9%        
  5,777     Jones Lang LaSalle, Inc.(a)     1,263,603  
                 
        RETAIL - CONSUMER STAPLES - 2.1%        
  24,376     Kroger Company     1,315,329  
  6,507     Target Corporation     1,487,826  
              2,803,155  
        RETAIL - DISCRETIONARY - 11.5%        
  13,637     AutoNation, Inc.(a)     1,580,666  
  681     AutoZone, Inc.(a)     1,331,675  
  29,052     Bath & Body Works, Inc.     1,536,560  
  21,306     Builders FirstSource, Inc.(a)     1,311,810  
  13,840     Dick’s Sporting Goods, Inc.     1,334,453  
  4,678     Home Depot, Inc.     1,405,271  
  4,580     Lithia Motors, Inc., A     1,296,735  
  6,880     Lowe’s Companies, Inc.     1,360,382  
  2,030     O’Reilly Automotive, Inc.(a)     1,231,297  
  14,473     Penske Automotive Group, Inc.     1,517,060  
  9,743     Williams-Sonoma, Inc.     1,271,267  
              15,177,176  
        SEMICONDUCTORS - 1.8%        
  10,502     Applied Materials, Inc.     1,158,896  
  11,733     Teradyne, Inc.     1,237,362  
              2,396,258  

 

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

14

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 98.9% (Continued)        
        SOFTWARE - 1.9%        
  15,040     Cerner Corporation   $ 1,408,346  
  28,163     Teradata Corporation(a)     1,164,540  
              2,572,886  
        SPECIALTY FINANCE - 6.0%        
  31,984     Ally Financial, Inc.     1,278,081  
  7,414     American Express Company     1,295,300  
  10,610     Capital One Financial Corporation     1,322,218  
  2,524     Credit Acceptance Corporation(a)     1,293,550  
  12,612     Discover Financial Services     1,418,346  
  77,470     SLM Corporation     1,296,073  
              7,903,568  
        STEEL - 4.1%        
  9,312     Nucor Corporation     1,441,311  
  7,552     Reliance Steel & Aluminum Company     1,497,184  
  16,616     Steel Dynamics, Inc.     1,424,822  
  37,714     United States Steel Corporation     1,149,900  
              5,513,217  
        TECHNOLOGY HARDWARE - 3.0%        
  11,710     Arrow Electronics, Inc.(a)     1,380,141  
  24,899     Cisco Systems, Inc.     1,219,553  
  38,472     HP, Inc.     1,409,228  
              4,008,922  
        TECHNOLOGY SERVICES - 3.0%        
  7,804     CDW Corporation/DE     1,273,457  
  4,693     Gartner, Inc.(a)     1,363,551  
  7,081     Jack Henry & Associates, Inc.     1,342,416  
              3,979,424  
        TRANSPORTATION & LOGISTICS - 1.8%        
  37,180     CSX Corporation     1,276,761  
  5,068     Union Pacific Corporation     1,187,382  
              2,464,143  
        WHOLESALE - DISCRETIONARY - 1.1%        
  30,694     LKQ Corporation     1,523,344  
                 

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

15

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

            Fair Value  
        TOTAL COMMON STOCKS (Cost $138,218,336)   $ 131,806,934  
                 
        TOTAL INVESTMENTS - 98.9% (Cost $138,218,336)   $ 131,806,934  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%     1,454,012  
        NET ASSETS - 100.0%   $ 133,260,946  

 

(a) Non-income producing security.
   

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

16

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6%        
        AEROSPACE & DEFENSE - 0.4%        
  4,023     Aerojet Rocketdyne Holdings, Inc.(a)   $ 160,839  
  1,327     AeroVironment, Inc.(a)     106,585  
  110     L3Harris Technologies, Inc.     25,549  
  30     TransDigm Group, Inc.(a)     17,844  
  6,945     Triumph Group, Inc.(a)     156,540  
              467,357  
        APPAREL & TEXTILE PRODUCTS - 0.6%        
  2,717     Kontoor Brands, Inc.     107,946  
  914     NIKE, Inc., Class B     113,976  
  1,086     Oxford Industries, Inc.     97,306  
  5,468     Steven Madden Ltd.     224,516  
  4,133     Wolverine World Wide, Inc.     81,916  
              625,660  
        ASSET MANAGEMENT - 0.4%        
  90     Ameriprise Financial, Inc.     23,894  
  1,696     B Riley Financial, Inc.     76,591  
  97     BlackRock, Inc.     60,594  
  3,627     Brightsphere Investment Group, Inc.     72,685  
  1,471     Charles Schwab Corporation     97,571  
  207     T Rowe Price Group, Inc.     25,469  
  745     Virtus Investment Partners, Inc.     131,985  
              488,789  
        AUTOMOTIVE - 1.3%        
  1,893     Dorman Products, Inc.(a)     186,877  
  3,361     Gentherm, Inc.(a)     226,599  
  1,118     Tesla, Inc.(a)     973,509  
  1,843     XPEL, Inc.(a)     79,747  
              1,466,732  
        BANKING - 4.2%        
  4,038     Ameris Bancorp     168,385  
  5,778     Axos Financial, Inc.(a)     218,870  
  6,213     Bancorp, Inc. (The)(a)     140,973  
  4,422     Bank of America Corporation     157,777  
  1,571     Banner Corporation     84,363  
                 

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

17

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        BANKING - 4.2% (Continued)        
  7,195     Citizens Financial Group, Inc.   $ 283,482  
  2,598     Community Bank System, Inc.     167,311  
  3,181     Customers Bancorp, Inc.(a)     133,825  
  2,029     Eagle Bancorp, Inc.     102,160  
  20,708     First BanCorporation     281,835  
  240     First Republic Bank     35,813  
  5,779     Flagstar Bancorp, Inc.     203,999  
  3,379     Hilltop Holdings, Inc.     86,131  
  2,150     HomeStreet, Inc.     87,269  
  2,130     Independent Bank Corporation     164,351  
  1,874     JPMorgan Chase & Company     223,680  
  2,678     Lakeland Financial Corporation     195,012  
  3,112     Meta Financial Group, Inc.     135,839  
  4,505     Pacific Premier Bancorp, Inc.     141,277  
  970     Park National Corporation     114,315  
  1,424     Preferred Bank     95,579  
  3,261     Seacoast Banking Corp of Florida     105,983  
  5,035     ServisFirst Bancshares, Inc.     404,410  
  83     Signature Bank     20,107  
  2,185     Southside Bancshares, Inc.     85,630  
  79     SVB Financial Group(a)     38,524  
  2,581     Triumph Bancorp, Inc.(a)     179,225  
  7,258     United Community Banks, Inc.     218,755  
  5,201     Veritex Holdings, Inc.     170,853  
  3,137     WSFS Financial Corporation     125,700  
              4,571,433  
        BEVERAGES - 0.7%        
  3,964     Celsius Holdings, Inc.(a)     206,128  
  462     Coca-Cola Consolidated, Inc.     203,973  
  1,249     MGP Ingredients, Inc.     114,071  
  249     Monster Beverage Corporation(a)     21,334  
  755     PepsiCo, Inc.     129,641  
              675,147  
                 

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

18

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        BIOTECH & PHARMA - 2.5%        
  1,263     AbbVie, Inc.   $ 185,509  
  303     Amgen, Inc.     70,657  
  2,577     Amphastar Pharmaceuticals, Inc.(a)     91,406  
  6,463     Avid Bioservices, Inc.(a)     86,992  
  6,135     Corcept Therapeutics, Inc.(a)     131,964  
  8,529     Cytokinetics, Inc.(a)     340,050  
  1,053     Eli Lilly & Company     307,612  
  1,071     Heska Corporation(a)     117,639  
  6,479     Innoviva, Inc.(a)     110,532  
  1,716     Ligand Pharmaceuticals, Inc.(a)     159,348  
  460     Moderna, Inc.(a)     61,829  
  2,798     Pacira BioSciences, Inc.(a)     208,647  
  4,159     Pfizer, Inc.     204,082  
  2,807     Prestige Consumer Healthcare, Inc.(a)     153,431  
  142     Regeneron Pharmaceuticals, Inc.(a)     93,594  
  5,553     Supernus Pharmaceuticals, Inc.(a)     154,929  
  193     Vertex Pharmaceuticals, Inc.(a)     52,731  
  6,066     Xencor, Inc.(a)     151,529  
  407     Zoetis, Inc.     72,141  
              2,754,622  
        CHEMICALS - 1.4%        
  102     Albemarle Corporation     19,669  
  3,380     Balchem Corporation     416,416  
  2,526     HB Fuller Company     168,484  
  1,222     Materion Corporation     104,053  
  854     Quaker Chemical Corporation     138,954  
  1,931     Rogers Corporation(a)     522,761  
  167     Sherwin-Williams Company     45,918  
  812     WD-40 Company     149,392  
              1,565,647  
        COMMERCIAL SUPPORT SERVICES - 1.0%        
  4,965     AMN Healthcare Services, Inc.(a)     485,329  
  2,369     Brady Corporation, Class A     106,013  
  51     Cintas Corporation     20,260  
                 

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

19

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        COMMERCIAL SUPPORT SERVICES - 1.0% (Continued)        
  943     CorVel Corporation(a)   $ 146,240  
  5,602     Korn Ferry     344,187  
  255     Waste Management, Inc.     41,932  
              1,143,961  
        CONSUMER SERVICES - 0.2%        
  1,174     Medifast, Inc.     209,395  
                 
        DATA CENTER REIT - 0.0%(b)        
  51     Equinix, Inc.     36,673  
                 
        DIVERSIFIED INDUSTRIALS - 0.0%(b)        
  160     Illinois Tool Works, Inc.     31,538  
                 
        E-COMMERCE DISCRETIONARY - 1.4%        
  597     Amazon.com, Inc.(a)     1,483,921  
  648     eBay, Inc.     33,644  
  182     Etsy, Inc.(a)     16,961  
              1,534,526  
        ELECTRICAL EQUIPMENT - 1.0%        
  2,671     AAON, Inc.     130,185  
  4,113     Advanced Energy Industries, Inc.     314,726  
  4,756     Alarm.com Holdings, Inc.(a)     290,496  
  422     Amphenol Corporation, Class A     30,173  
  1,923     Badger Meter, Inc.     155,167  
  84     Generac Holdings, Inc.(a)     18,428  
  184     Keysight Technologies, Inc.(a)     25,810  
  81     Rockwell Automation, Inc.     20,466  
  2,005     SPX Corporation(a)     84,010  
              1,069,461  
        ENGINEERING & CONSTRUCTION - 1.3%        
  3,717     Comfort Systems USA, Inc.     313,789  
  5,180     Exponent, Inc.     496,296  
  2,541     Installed Building Products, Inc.     204,474  
  1,803     MYR Group, Inc.(a)     142,599  
                 

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

20

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        ENGINEERING & CONSTRUCTION - 1.3% (Continued)        
  1,166     NV5 Global, Inc.(a)   $ 139,687  
              1,296,845  
        FOOD - 0.4%        
  671     J & J Snack Foods Corporation     100,449  
  8,448     Simply Good Foods Company (The)(a)     351,859  
              452,308  
        FORESTRY, PAPER & WOOD PRODUCTS - 0.6%        
  2,076     Boise Cascade Company     156,904  
  6,614     UFP Industries, Inc.     511,725  
              668,629  
        GAS & WATER UTILITIES - 0.5%        
  2,428     American States Water Company     190,986  
  3,119     California Water Service Group     161,783  
  924     Chesapeake Utilities Corporation     115,657  
  1,213     Middlesex Water Company     107,896  
              576,322  
        HEALTH CARE FACILITIES & SERVICES - 1.0%        
  3,863     Apollo Medical Holdings, Inc.(a)     140,922  
  13,334     Community Health Systems, Inc.(a)     102,272  
  2,758     Ensign Group, Inc. (The)     221,550  
  1,965     Fulgent Genetics, Inc.(a)     107,839  
  191     HCA Healthcare, Inc.     40,979  
  174     IQVIA Holdings, Inc.(a)     37,930  
  10,203     NeoGenomics, Inc.(a)     96,418  
  4,765     RadNet, Inc.(a)     92,918  
  521     UnitedHealth Group, Inc.     264,955  
              1,105,783  
        HEALTH CARE REIT - 0.1%        
  4,712     CareTrust REIT, Inc.     76,382  
                 
        HOME & OFFICE PRODUCTS - 0.1%        
  1,653     iRobot Corporation(a)     83,724  
                 

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

21

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        HOME CONSTRUCTION - 0.7%        
  909     Cavco Industries, Inc.(a)   $ 214,751  
  3,169     Century Communities, Inc.     167,070  
  2,303     LGI Homes, Inc.(a)     215,814  
  1,894     Meritage Homes Corporation(a)     156,350  
              753,985  
        HOUSEHOLD PRODUCTS - 0.3%        
  4,872     elf Beauty, Inc.(a)     118,536  
  181     Estee Lauder Companies, Inc., Class A     47,795  
  1,781     Inter Parfums, Inc.     145,561  
              311,892  
        INDUSTRIAL INTERMEDIATE PROD - 0.9%        
  3,554     Chart Industries, Inc.(a)     599,987  
  6,222     Mueller Industries, Inc.     336,921  
              936,908  
        INDUSTRIAL REIT - 0.5%        
  2,769     Innovative Industrial Properties, Inc.     400,370  
  586     Prologis, Inc.     93,930  
              494,300  
        INDUSTRIAL SUPPORT SERVICES - 0.2%        
  1,645     Applied Industrial Technologies, Inc.     172,215  
  358     Fastenal Company     19,801  
  57     United Rentals, Inc.(a)     18,042  
              210,058  
        INFRASTRUCTURE REIT - 0.3%        
  295     American Tower Corporation, A     71,101  
  245     Crown Castle International Corporation     45,376  
  74     SBA Communications Corporation     25,686  
  14,380     Uniti Group, Inc.     178,168  
              320,331  
        INSTITUTIONAL FINANCIAL SERVICES - 0.4%        
  456     Goldman Sachs Group, Inc.     139,303  
  435     Intercontinental Exchange, Inc.     50,377  
  964     Morgan Stanley     77,689  
  120     Nasdaq, Inc.     18,884  
                 

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

22

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        INSTITUTIONAL FINANCIAL SERVICES - 0.4% (Continued)        
  1,466     Piper Sandler Cos   $ 168,562  
              454,815  
        INSURANCE - 0.4%        
  118     Arthur J Gallagher & Company     19,882  
  399     Marsh & McLennan Companies, Inc.     64,518  
  2,354     Palomar Holdings, Inc.(a)     128,175  
  3,723     Trupanion, Inc.(a)     236,858  
              449,433  
        INTERNET MEDIA & SERVICES - 1.9%        
  400     Alphabet, Inc., Class A(a)     912,876  
  3,055     Meta Platforms, Inc., Class A(a)     612,436  
  595     Netflix, Inc.(a)     113,264  
  2,414     Shutterstock, Inc.     182,788  
  2,721     TechTarget, Inc.(a)     183,151  
  502     Twitter, Inc.(a)     24,608  
              2,029,123  
        LEISURE FACILITIES & SERVICES - 0.8%        
  23     Chipotle Mexican Grill, Inc.(a)     33,479  
  6,036     Cinemark Holdings, Inc.(a)     95,731  
  150     Hilton Worldwide Holdings, Inc.(a)     23,294  
  1,478     Jack in the Box, Inc.     122,319  
  437     McDonald’s Corporation     108,883  
  1,324     Monarch Casino & Resort, Inc.(a)     92,879  
  2,189     Shake Shack, Inc., Class A(a)     126,590  
  3,434     St Joe Company (The)     182,722  
  754     Starbucks Corporation     56,279  
  185     Yum! Brands, Inc.     21,647  
              863,823  
        LEISURE PRODUCTS - 0.5%        
  1,715     LCI Industries     166,904  
  1,876     Sturm Ruger & Company, Inc.     127,849  
  5,811     Vista Outdoor, Inc.(a)     204,721  
  1,782     Winnebago Industries, Inc.     94,767  
              594,241  

 

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

23

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        MACHINERY - 0.9%        
  1,706     Albany International Corporation, Class A   $ 133,443  
  176     Deere & Company     66,449  
  3,947     Federal Signal Corporation     134,316  
  2,715     Franklin Electric Company, Inc.     189,887  
  3,995     Hillenbrand, Inc.     163,076  
  2,031     John Bean Technologies Corporation     239,435  
  674     Lindsay Corporation     91,091  
              1,017,697  
        MEDICAL EQUIPMENT & DEVICES - 1.9%        
  1,259     Abbott Laboratories     142,897  
  242     Agilent Technologies, Inc.     28,863  
  91     Align Technology, Inc.(a)     26,382  
  51     Bio-Techne Corporation     19,364  
  1,916     CONMED Corporation     254,750  
  571     Danaher Corporation     143,395  
  120     DexCom, Inc.(a)     49,030  
  487     Edwards Lifesciences Corporation(a)     51,515  
  2,417     Glaukos Corporation(a)     114,300  
  74     IDEXX Laboratories, Inc.(a)     31,856  
  100     Illumina, Inc.(a)     29,665  
  315     Intuitive Surgical, Inc.(a)     75,380  
  3,805     Lantheus Holdings, Inc.(a)     252,690  
  2,809     Merit Medical Systems, Inc.(a)     174,186  
  19     Mettler-Toledo International, Inc.(a)     24,273  
  4,423     Myriad Genetics, Inc.(a)     90,672  
  174     PerkinElmer, Inc.     25,510  
  113     ResMed, Inc.     22,597  
  182     Stryker Corporation     43,909  
  514     Thermo Fisher Scientific, Inc.     284,200  
  4,595     Vericel Corporation(a)     130,958  
  62     Waters Corporation(a)     18,787  
  93     West Pharmaceutical Services, Inc.     29,301  
              2,064,480  

 

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

24

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        METALS & MINING - 0.6%        
  2,169     Encore Wire Corporation   $ 244,685  
  857     Freeport-McMoRan, Inc.     34,751  
  15,685     Livent Corporation(a)     335,032  
              614,468  
        MORTGAGE FINANCE - 0.1%        
  12,118     Redwood Trust, Inc.     117,545  
                 
        MULTI ASSET CLASS REIT - 0.1%        
  3,787     Washington Real Estate Investment Trust     91,229  
                 
        MULTI ASSET CLASS REITS - 0.3%        
  3,883     iStar, Inc.     65,390  
  14,612     Lexington Realty Trust     183,381  
              248,771  
        OIL & GAS PRODUCERS - 2.3%        
  4,891     Callon Petroleum Company(a)     250,762  
  7,555     Civitas Resources, Inc.     442,874  
  830     Devon Energy Corporation     48,281  
  227     Diamondback Energy, Inc.     28,654  
  356     EOG Resources, Inc.     41,567  
  251     Hess Corporation     25,871  
  11,664     Matador Resources Company     569,435  
  474     Occidental Petroleum Corporation     26,113  
  168     Pioneer Natural Resources Company     39,055  
  13,011     SM Energy Company     462,281  
  73,784     Southwestern Energy Company(a)     553,380  
              2,488,273  
        REAL ESTATE SERVICES - 0.0%(b)        
  214     CBRE Group, Inc., Class A(a)     17,771  
                 
        RENEWABLE ENERGY - 0.0%(b)        
  170     Enphase Energy, Inc.(a)     27,438  
                 

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

25

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        RESIDENTIAL REIT - 0.8%        
  960     Centerspace   $ 88,570  
  22,353     Independence Realty Trust, Inc.     609,343  
  90     Mid-America Apartment Communities, Inc.     17,701  
  2,315     NexPoint Residential Trust, Inc.     206,405  
              922,019  
        RETAIL - CONSUMER STAPLES - 0.2%        
  294     Costco Wholesale Corporation     156,326  
  360     Target Corporation     82,314  
              238,640  
        RETAIL - DISCRETIONARY - 1.7%        
  2,857     Abercrombie & Fitch Company, Class A(a)     98,795  
  4,959     Academy Sports & Outdoors, Inc.     185,268  
  1,133     Asbury Automotive Group, Inc.(a)     208,143  
  26     AutoZone, Inc.(a)     50,842  
  3,095     Boot Barn Holdings, Inc.(a)     278,736  
  3,318     Buckle, Inc. (The)     103,057  
  2,530     GMS, Inc.(a)     121,314  
  1,093     Home Depot, Inc.     328,337  
  939     Lowe’s Companies, Inc.     185,668  
  2,468     MarineMax, Inc.(a)     100,991  
  91     O’Reilly Automotive, Inc.(a)     55,196  
  2,543     Sleep Number Corporation(a)     103,144  
  152     Tractor Supply Company     30,620  
              1,850,111  
        RETAIL REIT - 0.9%        
  3,235     Agree Realty Corporation     219,721  
  6,485     Essential Properties Realty Trust, Inc.     155,640  
  3,868     Four Corners Property Trust, Inc.     106,215  
  6,123     Retail Opportunity Investments Corporation     114,071  
  256     Simon Property Group, Inc.     30,208  
  10,000     SITE Centers Corporation     159,000  
  10,831     Tanger Factory Outlet Centers, Inc.     174,704  
  5,142     Urban Edge Properties     96,104  
              1,055,663  

 

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

26

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        SELF-STORAGE REIT - 0.0%(b)        
  170     Extra Space Storage, Inc.   $ 32,300  
  116     Public Storage     43,094  
              75,394  
        SEMICONDUCTORS - 4.0%        
  2,422     Advanced Micro Devices, Inc.(a)     207,129  
  1,267     Applied Materials, Inc.     139,813  
  3,751     Axcelis Technologies, Inc.(a)     204,242  
  316     Broadcom, Inc.     175,187  
  2,318     CEVA, Inc.(a)     84,236  
  3,066     Cohu, Inc.(a)     81,433  
  5,257     Diodes, Inc.(a)     383,919  
  5,333     FormFactor, Inc.(a)     203,241  
  208     KLA Corporation     66,406  
  6,891     Kulicke & Soffa Industries, Inc.     319,811  
  194     Lam Research Corporation     90,357  
  7,938     MaxLinear, Inc., A(a)     379,992  
  368     Microchip Technology, Inc.     23,994  
  59     Monolithic Power Systems, Inc.     23,142  
  3,514     NVIDIA Corporation     651,741  
  5,272     Onto Innovation, Inc.(a)     375,050  
  1,629     QUALCOMM, Inc.     227,555  
  12,082     Rambus, Inc.(a)     300,963  
  225     Teradyne, Inc.     23,729  
  615     Texas Instruments, Inc.     104,704  
  4,929     Ultra Clean Holdings, Inc.(a)     153,637  
  5,616     Veeco Instruments, Inc.(a)     128,719  
              4,349,000  
        SOFTWARE - 5.1%        
  615     Adobe, Inc.(a)     243,509  
  4,810     Allscripts Healthcare Solutions, Inc.(a)     99,375  
  69     ANSYS, Inc.(a)     19,023  
  187     Autodesk, Inc.(a)     35,395  
  2,192     Bottomline Technologies DE, Inc.(a)     124,111  
  362     Cadence Design Systems, Inc.(a)     54,608  
                 

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

27

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        SOFTWARE - 5.1% (Continued)        
  3,050     Donnelley Financial Solutions, Inc.(a)   $ 89,274  
  179     Fortinet, Inc.(a)     51,733  
  372     Intuit, Inc.     155,775  
  4,165     LivePerson, Inc.(a)     94,212  
  10,067     Microsoft Corporation     2,793,793  
  4,526     Omnicell, Inc.(a)     494,103  
  2,130     Oracle Corporation     156,342  
  4,423     Progress Software Corporation     212,216  
  811     Salesforce, Inc.(a)     142,687  
  276     ServiceNow, Inc.(a)     131,956  
  3,613     SPS Commerce, Inc.(a)     432,223  
  135     Synopsys, Inc.(a)     38,717  
  5,690     Xperi Holding Corporation     88,764  
              5,457,816  
        SPECIALTY FINANCE - 0.7%        
  360     American Express Company     62,896  
  264     Capital One Financial Corporation     32,900  
  382     Discover Financial Services     42,960  
  3,509     Enova International, Inc.(a)     131,237  
  1,456     Stewart Information Services Corporation     75,130  
  3,144     Walker & Dunlop, Inc.     376,524  
              721,647  
        STEEL - 0.2%        
  6,071     Allegheny Technologies, Inc.(a)     165,010  
  199     Nucor Corporation     30,801  
              195,811  
        TECHNOLOGY HARDWARE - 3.9%        
  12,833     3D Systems Corporation(a)     145,526  
  5,361     ADTRAN, Inc.     93,228  
  20,887     Apple, Inc.     3,292,835  
  297     Arista Networks, Inc.(a)     34,324  
  2,508     Cisco Systems, Inc.     122,842  
  13,455     Extreme Networks, Inc.(a)     129,168  
  10,819     Harmonic, Inc.(a)     89,798  
                 

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

28

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        TECHNOLOGY HARDWARE - 3.9% (Continued)        
  783     HP, Inc.   $ 28,681  
  1,693     InterDigital, Inc.     96,247  
  131     Motorola Solutions, Inc.     27,993  
  15,093     Viavi Solutions, Inc.(a)     216,434  
  51     Zebra Technologies Corporation, Class A(a)     18,853  
              4,295,929  
        TECHNOLOGY SERVICES - 1.9%        
  282     Automatic Data Processing, Inc.     61,527  
  1,932     CSG Systems International, Inc.     118,760  
  67     EPAM Systems, Inc.(a)     17,754  
  165     Equifax, Inc.     33,581  
  4,079     EVERTEC, Inc.     160,713  
  3,261     ExlService Holdings, Inc.(a)     443,985  
  110     Gartner, Inc.(a)     31,961  
  511     Mastercard, Inc., Class A     185,687  
  140     Moody’s Corporation     44,307  
  107     MSCI, Inc.     45,074  
  213     Paychex, Inc.     26,993  
  830     PayPal Holdings, Inc.(a)     72,982  
  3,344     Perficient, Inc.(a)     332,427  
  284     S&P Global, Inc.     106,926  
  1,892     TTEC Holdings, Inc.     139,649  
  109     Verisk Analytics, Inc.     22,241  
  922     Visa, Inc., Class A     196,506  
              2,041,073  
        TELECOMMUNICATIONS - 0.7%        
  11,620     8x8, Inc.(a)     106,555  
  2,773     Cogent Communications Holdings, Inc.     162,221  
  25,964     Vonage Holdings Corporation(a)     518,241  
              787,017  
        TOBACCO & CANNABIS - 0.1%        
  11,910     Vector Group Ltd.     151,495  
                 

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

29

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Shares         Fair Value  
        COMMON STOCKS — 53.6% (Continued)        
        TRANSPORTATION & LOGISTICS - 1.0%        
  2,957     ArcBest Corporation   $ 213,377  
  235     Expeditors International of Washington, Inc.     23,281  
  3,019     Forward Air Corporation     292,752  
  4,495     Matson, Inc.     386,660  
  138     Old Dominion Freight Line, Inc.     38,657  
  364     Union Pacific Corporation     85,282  
  434     United Parcel Service, Inc., Class B     78,111  
              1,118,120  
        WHOLESALE - CONSUMER STAPLES - 0.2%        
  5,970     United Natural Foods, Inc.(a)     256,292  
                 
        WHOLESALE - DISCRETIONARY - 0.0%(b)        
  191     Copart, Inc.(a)     21,708  
  52     Pool Corporation     21,071  
              42,779  
        TOTAL COMMON STOCKS (Cost $66,319,962)     58,566,321  
                 
        EXCHANGE-TRADED FUNDS — 44.6%        
        EQUITY - 44.6%        
  513,088     SPDR Portfolio Emerging Markets ETF     18,625,094  
  255,474     SPDR Portfolio S&P 500 Value ETF     10,142,318  
  255,270     SPDR S&P 600 Small Cap Value ETF     19,926,376  
        TOTAL EXCHANGE-TRADED FUNDS (Cost $52,584,381)     48,693,788  
                 
        TOTAL INVESTMENTS - 98.2% (Cost $118,904,343)   $ 107,260,109  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 1.8%     1,948,643  
        NET ASSETS - 100.0%   $ 109,208,752  

 

ETF - Exchange-Traded Fund
   
LTD - Limited Company
   
MSCI - Morgan Stanley Capital International
   
REIT - Real Estate Investment Trust
   
SPDR - Standard & Poor’s Depositary Receipt

 

 (a) Non-income producing security.
   
(b) Percentage rounds to less than 0.1%.
   

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

30

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Principal
Amount ($)
        Spread   Coupon
Rate (%)
  Maturity   Fair Value  
      CORPORATE BONDS — 29.4%              
        AEROSPACE & DEFENSE — 1.5%                    
  184,000     Boeing Company (The) Series       4.8750   05/01/25   $ 186,602  
  280,000     Boeing Company (The) Series       2.1960   02/04/26     255,727  
  184,000     Boeing Company (The) Series       5.1500   05/01/30     183,818  
  132,000     Boeing Company (The) Series       5.7050   05/01/40     132,355  
  132,000     Boeing Company (The) Series       5.8050   05/01/50     133,016  
  132,000     Boeing Company (The) Series       5.9300   05/01/60     131,341  
  184,000     Raytheon Technologies Corporation Series       4.1250   11/16/28     184,482  
  132,000     Raytheon Technologies Corporation Series       4.5000   06/01/42     131,424  
                          1,338,765  
        BANKING — 7.3%                    
  184,000     Bank of America Corporation (a)   ICE LIBOR USD
3 Month + 1.210%
  3.9740   02/07/30     178,163  
  280,000     Bank of America Corporation       3.3000   01/11/23     282,387  
  280,000     Bank of America Corporation (a)   US0003M + 0.790%   3.0040   12/20/23     279,423  
  280,000     Bank of America Corporation (a)   SOFRRATE + 0.960%   1.7340   07/22/27     251,766  
  280,000     Bank of America Corporation (a)   US0003M + 1.040%   3.4190   12/20/28     265,651  
  184,000     Bank of America Corporation (a)   US0003M + 1.310%   4.2710   07/23/29     180,920  
  280,000     Bank of America Corporation (a)   US0003M + 0.990%   2.4960   02/13/31     240,759  
  280,000     Bank of America Corporation (a)   SOFRRATE + 1.320%   2.6870   04/22/32     240,861  
  280,000     Bank of America Corporation (a)   SOFRRATE + 1.930%   2.6760   06/19/41     210,540  
  280,000     Bank of America Corporation (a)   SOFRRATE + 1.580%   3.3110   04/22/42     229,994  
  184,000     Bank of America Corporation (a)   US0003M + 3.150%   4.0830   03/20/51     166,545  
  280,000     Citigroup, Inc. (a)   SOFRRATE + 2.842%   3.1060   04/08/26     271,368  
  184,000     Citigroup, Inc.       4.4500   09/29/27     183,025  
  184,000     Citigroup, Inc. (a)   SOFRRATE + 3.914%   4.4120   03/31/31     180,128  
  280,000     Citigroup, Inc. (a)   SOFRRATE + 2.107%   2.5720   06/03/31     240,846  
  280,000     JPMorgan Chase & Company (a)   SOFRRATE + 1.850%   2.0830   04/22/26     263,640  
  280,000     JPMorgan Chase & Company (a)   SOFRRATE + 0.885%   1.5780   04/22/27     253,681  
  280,000     JPMorgan Chase & Company (a)   SOFRRATE + 1.510%   2.7390   10/15/30     249,556  
                             

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

31

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Principal
Amount ($)
        Spread   Coupon
Rate (%)
  Maturity   Fair Value  
        CORPORATE BONDS — 29.4% (Continued)          
        BANKING — 7.3% (Continued)          
  184,000     JPMorgan Chase & Company (a)   SOFRRATE + 3.790%   4.4930   03/24/31   $ 183,844  
  280,000     JPMorgan Chase & Company (a)   SOFRRATE + 1.250%   2.5800   04/22/32     240,396  
  118,000     JPMorgan Chase & Company       6.4000   05/15/38     140,177  
  184,000     JPMorgan Chase & Company (a)   US0003M + 1.380%   3.9640   11/15/48     163,630  
  184,000     JPMorgan Chase & Company (a)   SOFRRATE + 1.580%   3.3280   04/22/52     147,690  
  280,000     Wells Fargo & Company       3.0000   04/22/26     269,738  
  280,000     Wells Fargo & Company       3.0000   10/23/26     267,846  
  280,000     Wells Fargo & Company (a)   SOFRRATE + 2.100%   2.3930   06/02/28     255,333  
  280,000     Wells Fargo & Company (a)   US0003M + 1.170%   2.8790   10/30/30     251,601  
  280,000     Wells Fargo & Company (a)   SOFRRATE + 2.530%   3.0680   04/30/41     226,241  
  132,000     Wells Fargo & Company (a)   US0003M + 4.240%   5.0130   04/04/51     138,462  
                          6,454,211  
        BEVERAGES — 0.8%                    
  180,000     Anheuser-Busch Companies, LLC / Anheuser-Busch   3.6500   02/01/26     178,928  
  128,000     Anheuser-Busch Companies, LLC / Anheuser-Busch   4.7000   02/01/36     127,031  
  128,000     Anheuser-Busch Companies, LLC / Anheuser-Busch     4.9000   02/01/46     126,648  
  128,000     Anheuser-Busch InBev Worldwide, Inc.       4.7500   01/23/29     131,979  
  128,000     Anheuser-Busch InBev Worldwide, Inc.       5.5500   01/23/49     137,557  
                          702,143  
        BIOTECH & PHARMA — 2.4%                    
  280,000     AbbVie, Inc.       2.6000   11/21/24     273,564  
  280,000     AbbVie, Inc.       3.6000   05/14/25     278,658  
  280,000     AbbVie, Inc.       2.9500   11/21/26     268,574  
  280,000     AbbVie, Inc.       3.2000   11/21/29     261,275  
  184,000     AbbVie, Inc.       4.0500   11/21/39     169,055  
  132,000     AbbVie, Inc.       4.2500   11/21/49     121,522  
  132,000     Amgen, Inc.       4.6630   06/15/51     127,640  
  118,000     AstraZeneca plc       6.4500   09/15/37     146,061  
  74,000     Bristol-Myers Squibb Company       3.4000   07/26/29     71,842  
  132,000     Bristol-Myers Squibb Company       4.2500   10/26/49     127,810  
  118,000     GlaxoSmithKline Capital, Inc.       6.3750   05/15/38     145,269  
  118,000     Pfizer, Inc.       7.2000   03/15/39     159,491  
                             

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

32

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Principal
Amount ($)
        Spread   Coupon
Rate (%)
  Maturity   Fair Value  
        CORPORATE BONDS — 29.4% (Continued)          
        BIOTECH & PHARMA — 2.4% (Continued)          
                        $ 2,150,761  
        CABLE & SATELLITE — 0.6%                    
  184,000     Comcast Corporation       4.1500   10/15/28     185,643  
  36,000     Comcast Corporatio       4.6000   10/15/38     36,037  
  40,000     Comcast Corporation       4.7000   10/15/48     40,275  
  160,000     Comcast Corporatio (b)       2.8870   11/01/51     118,917  
  166,000     Comcast Corporation (b)       2.9370   11/01/56     119,529  
                          500,401  
        DIVERSIFIED INDUSTRIALS — 0.1%                    
  85,000     General Electric Company       6.7500   03/15/32     99,554  
                             
        E-COMMERCE DISCRETIONARY — 0.3%                    
  184,000     Amazon.com, Inc.       3.1500   08/22/27     180,486  
  132,000     Amazon.com, Inc.       4.0500   08/22/47     129,244  
                          309,730  
        FOOD — 2.1%                    
  384,000     Kraft Heinz Foods Company       3.0000   06/01/26     367,696  
  384,000     Kraft Heinz Foods Company       3.8750   05/15/27     376,386  
  64,000     Kraft Heinz Foods Company       4.2500   03/01/31     62,167  
  170,000     Kraft Heinz Foods Company (b)       7.1250   08/01/39     199,546  
  236,000     Kraft Heinz Foods Company       5.0000   06/04/42     228,039  
  236,000     Kraft Heinz Foods Company       5.2000   07/15/45     229,134  
  236,000     Kraft Heinz Foods Company       4.3750   06/01/46     207,446  
  236,000     Kraft Heinz Foods Company       4.8750   10/01/49     220,175  
                          1,890,589  
        HEALTH CARE FACILITIES & SERVICES — 2.1%                    
  132,000     Cigna Corporation       4.9000   12/15/48     131,806  
  184,000     Cigna Corporation       4.3750   10/15/28     185,126  
  132,000     CVS Health Corporation       5.0500   03/25/48     134,096  
  100,000     CVS Health Corporation       4.3000   03/25/28     100,534  
  132,000     CVS Health Corporation       4.7800   03/25/38     130,961  
  132,000     CVS Health Corporation       5.1250   07/20/45     132,641  
  236,000     HCA, Inc.       5.3750   02/01/25     242,741  
  236,000     HCA, Inc.       5.8750   02/15/26     244,003  
                             

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

33

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Principal
Amount ($)
        Spread   Coupon
Rate (%)
  Maturity   Fair Value  
      CORPORATE BONDS — 29.4% (Continued)    
        HEALTH CARE FACILITIES & SERVICES — 2.1% (Continued)          
  236,000     HCA, Inc. Series       5.6250   09/01/28   $ 244,223  
  384,000     HCA, Inc. Series       3.5000   09/01/30     345,232  
                          1,891,363  
        INSTITUTIONAL FINANCIAL SERVICES — 2.1%                    
  280,000     Goldman Sachs Group, Inc. (The)       3.5000   04/01/25     276,271  
  184,000     Goldman Sachs Group, Inc. (The) (a)   US0003M + 1.301%   4.2230   05/01/29     180,272  
  280,000     Goldman Sachs Group, Inc. (The) (a)   SOFRRATE + 1.281%   2.6150   04/22/32     237,357  
  118,000     Goldman Sachs Group, Inc. (The)       6.7500   10/01/37     136,652  
  118,000     Goldman Sachs Group, Inc. (The)       6.2500   02/01/41     138,430  
  184,000     Morgan Stanley       3.8750   01/27/26     182,670  
  280,000     Morgan Stanley (a)   SOFRRATE + 0.879%   1.5930   05/04/27     252,257  
  184,000     Morgan Stanley (a)   US0003M + 1.628%   4.4310   01/23/30     182,593  
  280,000     Morgan Stanley GMTN (a)   SOFRRATE + 1.143%   2.6990   01/22/31     246,678  
                          1,833,180  
        LEISURE FACILITIES & SERVICES — 0.0%(c)                    
  9,000     Royal Caribbean Cruises Ltd. Series (b)       5.5000   04/01/28     8,228  
                             
        MEDICAL EQUIPMENT & DEVICES — 0.2%                    
  132,000     Abbott Laboratories       4.9000   11/30/46     145,118  
                             
        METALS & MINING — 0.3%                    
  236,000     Freeport-McMoRan, Inc.       5.4500   03/15/43     236,275  
                             
        OIL & GAS PRODUCERS — 0.7%                    
  9,000     Cheniere Energy Partners, L.P.       4.0000   03/01/31     8,160  
  11,000     ConocoPhillips Company       6.5000   02/01/39     13,646  
  106,000     ConocoPhillips Company (b)       4.0250   03/15/62     95,298  
  236,000     Continental Resources Inc. (b)       5.7500   01/15/31     241,958  
  118,000     Shell International Finance BV       6.3750   12/15/38     144,841  
  132,000     Shell International Finance BV       4.3750   05/11/45     128,610  
                          632,513  
                             

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

34

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Principal
Amount ($)
        Spread   Coupon
Rate (%)
  Maturity   Fair Value  
        CORPORATE BONDS — 29.4% (Continued)          
        REAL ESTATE INVESTMENT TRUSTS — 0.0%(c)          
  9,000     SBA Communications Corporation (b)       3.1250   02/01/29   $ 7,733  
                             
        RETAIL - DISCRETIONARY — 0.2%                    
  118,000     Home Depot, Inc. (The)       5.8750   12/16/36     139,647  
                             
        SEMICONDUCTORS — 0.3%                    
  184,000     Broadcom, Inc. (b)       3.1370   11/15/35     149,045  
  184,000     Broadcom, Inc. (b)       3.1870   11/15/36     145,721  
                          294,766  
        SOFTWARE — 2.0%                    
  280,000     Microsoft Corporation       2.4000   08/08/26     271,361  
  184,000     Microsoft Corporation       3.3000   02/06/27     184,535  
  280,000     Microsoft Corporation       2.5250   06/01/50     211,391  
  280,000     Microsoft Corporation       2.9210   03/17/52     229,025  
  294,000     Microsoft Corporation       2.6750   06/01/60     216,898  
  280,000     Oracle Corporation       2.5000   04/01/25     267,719  
  294,000     Oracle Corporation       3.6000   04/01/50     211,783  
  294,000     Oracle Corporation       3.8500   04/01/60     208,975  
                          1,801,687  
        TECHNOLOGY HARDWARE — 1.4%                    
  280,000     Apple, Inc.       2.4000   05/03/23     280,376  
  280,000     Apple, Inc.       3.2500   02/23/26     279,873  
  184,000     Apple, Inc.       3.8500   05/04/43     174,632  
  132,000     Apple, Inc.       4.6500   02/23/46     140,421  
  132,000     Dell International, LLC / EMC Corporation       6.0200   06/15/26     139,564  
  236,000     Western Digital Corporation       4.7500   02/15/26     234,549  
                          1,249,415  
        TECHNOLOGY SERVICES — 0.5%                    
  280,000     Visa, Inc. Series       3.1500   12/14/25     278,409  
  132,000     Visa, Inc. Series       4.3000   12/14/45     133,261  
                          411,670  
        TELECOMMUNICATIONS — 3.9%                    
  184,000     AT&T, Inc.       4.3500   03/01/29     186,062  
  184,000     AT&T, Inc.       4.3000   02/15/30     185,232  
                             

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

35

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Principal
Amount ($)
        Spread   Coupon
Rate (%)
  Maturity   Fair Value  
        CORPORATE BONDS — 29.4% (Continued)             
        TELECOMMUNICATIONS — 3.9% (Continued)          
  172,000     AT&T, Inc.       2.5500   12/01/33   $ 143,144  
  172,000     AT&T, Inc.       3.5000   09/15/53     135,589  
  172,000     AT&T, Inc.       3.5500   09/15/55     133,778  
  268,000     AT&T, Inc.       3.8000   12/01/57     215,627  
  172,000     AT&T, Inc.       3.6500   09/15/59     133,454  
  118,000     British Telecommunications plc       9.6250   12/15/30     151,225  
  118,000     Deutsche Telekom International Finance BV       8.7500   06/15/30     150,378  
  118,000     Orange S.A.       9.0000   03/01/31     155,794  
  184,000     Verizon Communications, Inc.       4.1250   03/16/27     185,047  
  184,000     Verizon Communications, Inc.       4.3290   09/21/28     185,263  
  184,000     Verizon Communications, Inc.       4.0160   12/03/29     180,531  
  280,000     Verizon Communications, Inc.       2.5500   03/21/31     243,712  
  130,000     Verizon Communications, Inc.       4.5000   08/10/33     130,367  
  280,000     Verizon Communications, Inc.       3.4000   03/22/41     236,354  
  130,000     Verizon Communications, Inc.       4.8620   08/21/46     131,576  
  184,000     Verizon Communications, Inc.       3.5500   03/22/51     152,163  
  184,000     Verizon Communications, Inc.       3.7000   03/22/61     150,955  
  184,000     Vodafone Group plc       4.3750   05/30/28     187,258  
  132,000     Vodafone Group plc       5.2500   05/30/48     132,632  
                          3,506,141  
        TOBACCO & CANNABIS — 0.3%                    
  280,000     BAT Capital Corporation Series       3.5570   08/15/27     261,641  
                             
        TRANSPORTATION & LOGISTICS — 0.3%                    
  9,000     American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b)       5.5000   04/20/26     8,932  
  9,000     American Airlines, Inc./AAdvantage Loyalty IP Ltd. (b)       5.7500   04/20/29     8,687  
  236,000     Delta Air Lines, Inc. Series       7.3750   01/15/26     251,616  
                          269,235  
        TOTAL CORPORATE BONDS (Cost $30,536,981)       26,134,766  
                             

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

36

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
April 30, 2022

 

Principal
Amount ($)
        Coupon
Rate (%)
  Maturity   Fair Value  
        U.S. GOVERNMENT & AGENCIES — 66.0%                
        U.S. TREASURY BILLS — 66.0%                
  5,941,000     United States Treasury Bill (d)   0.0000   05/12/22   $ 5,940,768  
  1,620,000     United States Treasury Bill (d)   0.0000   06/16/22     1,619,109  
  3,252,000     United States Treasury Bill (d)   0.0000   07/14/22     3,246,896  
  3,249,000     United States Treasury Bill (d)   0.0000   08/18/22     3,239,357  
  3,248,000     United States Treasury Bill (d)   0.0000   09/08/22     3,235,663  
  3,246,000     United States Treasury Bill (d)   0.0000   10/06/22     3,229,685  
  3,245,000     United States Treasury Bill (d)   0.0000   11/03/22     3,221,852  
  3,241,000     United States Treasury Bill (d)   0.0000   12/01/22     3,214,298  
  8,104,000     United States Treasury Bill (d)   0.0000   01/26/23     8,005,961  
  8,068,000     United States Treasury Bill (d)   0.0000   02/23/23     7,952,999  
  7,964,000     United States Treasury Note   1.5000   02/29/24     7,802,231  
  7,986,000     United States Treasury Note   1.5000   02/15/25     7,692,764  
  110,000     United States Treasury Note   1.6250   05/15/31     99,013  
  140,000     United States Treasury Note   2.2500   05/15/41     121,682  
  107,000     United States Treasury Note   2.3750   05/15/51     94,662  
        TOTAL U.S. GOVERNMENT & AGENCIES (Cost $59,381,872)       58,716,940  
                         
        TOTAL INVESTMENTS - 95.4% (Cost $89,918,853)       $ 84,851,706  
        OTHER ASSETS IN EXCESS OF LIABILITIES - 4.6%         4,072,042  
        NET ASSETS - 100.0%           $ 88,923,748  
                         

 

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 April 30, 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. As of April 30, 2022 the total market value of 144A securities is 1,103,594 or 1.2% of net assets.
   
(c) Percentage rounds to less than 0.1%.
   
(d) Zero coupon bond.
   

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

37

 

LeaderShares® ETF's
STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
April 30, 2022

 

          LeaderShares®     LeaderShares®              
ASSETS   LeaderShares®     AlphaFactor®     AlphaFactor®     LeaderShares®     LeaderShares®  
Investment securities:   Activist Leaders® ETF     Tactical Focused ETF     US Core Equity ETF     Equity Skew ETF     Dynamic Yield ETF  
Investments, at cost   $ 84,803,830     $ 159,479,472     $ 138,218,336     $ 118,904,343     $ 89,918,853  
Investments, at fair value   $ 78,700,152     $ 144,859,664     $ 131,806,934     $ 107,260,109     $ 84,851,706  
Cash     677,419       1,608,912       1,425,400       1,950,955       3,747,715  
Receivable for capital stock sold           37,226                    
Receivable for investments sold