(COVER) 

 

 

Dear Shareholder,

 

LeaderShares® Activist Leaders® ETF (ACTV)*: -3.43%

 

* From November 1, 2022 through October 31, 2023. Source: Ultimus Fund Solutions.

 

During the LeaderShares® Activist Leaders® ETF’s (the “Fund”) fiscal year, risk markets staged a recovery as inflation cooled and the Federal Reserve signaled the end of its aggressive rate hiking policy. However, while equity securities managed to recoup some of their losses from the year before, many fixed-income asset classes liked treasuries and investment-grade bonds continue to demonstrate uncharacteristic volatility and remain in their worst drawdowns in history.

 

The Fund posted a return of -3.43% (Source: Ultimus) during the period as compared to 10.14% 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 AI boom this year has driven mega-cap tech stocks higher, boosting market-cap weighted indices like the S&P 500. Meanwhile, the Fund’s concentrated exposure in companies involved in shareholder activism seemed to drive the underperformance against the S&P 500 Index. The Fund will continue to implement its disciplined quantitative stock selection process.

 

** Standard and Poor’s 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure the 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. 

1

 

Dear Shareholder,

 

LeaderShares® AlphaFactor® Tactical Focused ETF (LSAT)* -1.32%

 

* From November 1, 2022 through October 31, 2023. Source: Ultimus Fund Solutions.

 

During the LeaderShares® AlphaFactor® Tactical Focused ETF’s (the “Fund”) fiscal year, risk markets staged a recovery as inflation cooled and the Federal Reserve signaled the end of its aggressive rate hiking policy. However, while equity securities managed to recoup some of their losses from the year before, many fixed-income asset classes liked treasuries and investment-grade bonds continue to demonstrate uncharacteristic volatility and remain in their worst drawdowns in history.

 

The Fund posted a return of -1.32% (Source: Ultimus) during the period as compared to 10.14% for the S&P 500**. Utilizing our quantitative risk-managed process, the Fund had several tactical shifts to and from defensive posturing, that resulted in the Fund being exposed to risk assets for only a portion of the period. When the Fund was risk on, it was invested in a portfolio of stocks based on its quantitative selection methodology. The Fund is an active fund and does not track an index. The AI boom this year has driven mega-cap tech stocks higher, boosting market-cap weighted indices like the S&P 500. Meanwhile, the Fund’s characteristic of being equal-weighted and value-tilted led to some of the underperformance against the S&P 500 Index. The Fund will continue to implement its disciplined quantitative security selection and risk management process.

 

** Standard and Poor’s 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure the 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. 

2

 

Dear Shareholder,

 

LeaderShares® AlphaFactor® US Core Equity ETF (LSAF): 1.66%*

 

* From November 1, 2022 through October 31, 2023. Source: Ultimus Fund Solutions.

 

During the LeaderShares® AlphaFactor® US Core Equity ETF’s (the “Fund”) fiscal year, risk markets staged a recovery as inflation cooled and the Federal Reserve signaled the end of its aggressive rate hiking policy. However, while equity securities managed to recoup some of their losses from the year before, many fixed-income asset classes liked treasuries and investment-grade bonds continue to demonstrate uncharacteristic volatility and remain in their worst drawdowns in history.

 

The Fund posted a return of 1.66% (Source: Ultimus) for the year ended October 31, 2021, as compared to the 2.42% 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. Generally, systematic correlation to the overall U.S. equity market was as expected on both down and up trends. The Fund will continue to implement its disciplined quantitative stock selection process.

 

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

 

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

 

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. 

3

 

Dear Shareholder,

 

LeaderShares® Equity Skew ETF (SQEW): -1.69%*

 

* From November 1, 2022 through October 31, 2023. Source: Ultimus Fund Solutions

 

During the LeaderShares® Equity Skew ETF’s (the “Fund”) fiscal year, risk markets staged a recovery as inflation cooled and the Federal Reserve signaled the end of its aggressive rate hiking policy. However, while equity securities managed to recoup some of their losses from the year before, many fixed-income asset classes liked treasuries and investment-grade bonds continue to demonstrate uncharacteristic volatility and remain in their worst drawdowns in history.

 

The Fund posted a return of -1.69% (Source: Ultimus) during the period as compared to 10.14% for the S&P 500**. During the period, the Fund was invested in a portfolio of stocks and ETFs based on its quantitative selection methodology. The Fund is an active fund and does not track an index. The AI boom this year has driven mega-cap tech stocks higher, boosting market-cap weighted indices like the S&P 500. The Fund’s overexposure to factors like emerging market equities drove the underperformance against the S&P 500 Index which returned 10.14% (Source: Ultimus) for the reporting period. However, systematic correlation to the overall U.S. equity market was as expected on both down and up trends. The Fund will continue to implement its disciplined quantitative stock selection process.

 

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

 

** Standard and Poor’s 500 Total Return Index is a capitalization-weighted index of 500 stocks. The index is designed to measure the 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. 

4

 

Dear Shareholder,

 

LeaderShares® Dynamic Yield ETF (DYLD)*: 3.17%

 

* From November 1, 2022 through October 31, 2023. Source: Ultimus Fund Solutions.

 

During the LeaderShares® Dynamic Yield ETF’s (the “Fund”) fiscal year, risk markets staged a recovery as inflation cooled and the Federal Reserve signaled the end of its aggressive rate hiking policy. However, while equity securities managed to recoup some of their losses from the year before, many fixed-income asset classes liked treasuries and investment-grade bonds continue to demonstrate uncharacteristic volatility and remain in their worst drawdowns in history.

 

The Fund returned 3.17% (Source: Ultimus). The Fund is an active fund and does not track an index. During the period, the Fund was invested in a portfolio of high-yield corporate bonds, investment-grade corporate bonds, as well as US treasuries based on its quantitative selection methodology. The Fund derived most of its total return from active management and the ability to shed its interest rate sensitive positions and decrease the portfolio duration risk. As a result, the Fund outperformed its benchmark, the Bloomberg U.S. Aggregate Bond Index**, which returned 0.36% (Source: Ultimus) for the period, as investment-grade corporates and treasuries continued to struggle.

 

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

 

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

 

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.

 

3662-NLD-12/27/2023 

5

 

LeaderShares® Activist Leaders® ETF

PORTFOLIO REVIEW

October 31, 2023 (Unaudited)

 

The Fund’s performance figures* for the period ended October 31, 2023, compared to its benchmark:

 

  One Year Since Inception(a)
LeaderShares® Activist Leaders® ETF - NAV (3.43)% 6.35%
LeaderShares® Activist Leaders® ETF - Market Price (3.50)% 6.37%
S&P 500 Index (b) 10.14% 8.89%

 

* 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, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

 

(a) As of the close of business on the day of commencement of trading October 26, 2020.

 

(b) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2023
    Percent of  
Top 10 Industries      Net Assets  
Biotech & Pharma     10.0 %
Technology Services     9.8 %
Leisure Facilities & Services     9.0 %
Retail Discretionary     8.1 %
Asset Management     7.4 %
Health Care Facilities & Services     4.9 %
Electric Ultilities     4.8 %
Construction Materials     4.0 %
Internet Media and Services     4.0 %
Aerospace & Defense     4.0 %
Other/Cash and Equivalents     34.0 %
Total     100.0 %

 

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

6

 

LeaderShares® AlphaFactor® Tactical Focused ETF
PORTFOLIO REVIEW
October 31, 2023 (Unaudited)

 

The Fund’s performance figures* for the period ended October 31, 2023, compared to its benchmark:

 

  One Year Since Inception(a)
LeaderShares® AlphaFactor® Tactical Focused ETF - NAV (1.32)% 10.52%
LeaderShares® AlphaFactor® Tactical Focused ETF - Market Price (1.20)% 10.51%
S&P 500 Index (b) 10.14% 8.89%

 

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (10/26/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.99% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

 

(a) As of the close of business on the day of commencement of trading October 26, 2020.

 

(b) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2023
Holdings by Type of   Percent of  
Investment      Net Assets  
U.S. Treasury Bill     98.7 %
Other/Cash and Equivalents     1.3 %
Total     100.0 %

 

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

7

 

Leadershares® AlphaFactor® US Core Equity ETF

PORTFOLIO REVIEW 

October 31, 2023 (Unaudited)

 

The Fund’s performance figures* for the year ended October 31, 2023, compared to its benchmark:

 

    Annualized Annualized
  One Year Five Year Since Inception(a)
LeaderShares® AlphaFactor® US Core Equity ETF - NAV 1.66% 6.64% 4.66%
LeaderShares® AlphaFactor® US Core Equity ETF - Market Price 1.53% 6.63% 4.65%
S&P 500 Index (b) 10.14% 11.01% 9.21%
AlphaFactor® US Core Equity Index (c) 2.42% 7.57% 5.56%

 

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (10/1/2018) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.75% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

 

(a) As of the close of business on the day of commencement of trading October 1, 2018.

 

(b) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

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

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2023
    Percent of  
Top 10 Industries      Net Assets  
Oil & Gas Producers     15.9 %
Technology Services     8.1 %
Retail Discretionary     7.7 %
Insurance     7.3 %
Health Care Facilities & Services     6.3 %
Leisure Facilities & Services     5.0 %
Home Construction     3.9 %
Semiconductors     3.9 %
Steel     3.1 %
Technology Hardware     3.0 %
Other/Cash and Equivalents     35.8 %
Total     100.0 %

 

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

8

 

LeaderShares® Equity Skew ETF

PORTFOLIO REVIEW 

October 31, 2023 (Unaudited)

 

The Fund’s performance figures* for the year ended October 31, 2023, compared to its benchmark:

 

  One Year Since Inception(a)
LeaderShares® Equity Skew ETF - NAV (1.69)% 7.28%
LeaderShares® Equity Skew ETF - Market Price (1.66)% 7.24%
S&P 500 Index (b) 10.14% 12.65%

 

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (5/11/2020) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.81% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

 

(a) As of the close of business on the day of commencement of trading May 11, 2020.

 

(b) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2023
    Percent of  
Top 10 Industries      Net Assets  
Exchange Traded Funds     45.0 %
Technology Hardware     8.2 %
Software     6.5 %
Biotech & Pharma     6.1 %
Semiconductors     5.6 %
Oil & Gas Producers     3.9 %
Technology Services     3.0 %
Health Care Facilities & Services     2.4 %
Internet Media & Services     2.2 %
E-Commerce Discretionary     1.8 %
Other/Cash and Equivalents     15.3 %
Total     100.0 %

 

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

9

 

LeaderShares® Dynamic Yield ETF

PORTFOLIO REVIEW 

October 31, 2023 (Unaudited)

 

The Fund’s performance figures* for the year ended October 31, 2023, compared to its benchmark:

 

  One Year Since Inception(a)
LeaderShares® Dynamic Yield ETF - NAV 3.17% (3.89)%
LeaderShares® Dynamic Yield ETF - Market Price 2.88% (3.99)%
Bloomberg US Aggregate Bond Index (b) 0.36% (6.82)%

 

* The performance data quoted here represents past performance. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. The Fund’s per share net asset value or “NAV” is the value of one share of the Fund as calculated in accordance with the standard formula for valuing shares. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. Since shares of the Fund did not trade in the secondary market until after the Fund’s inception, for the period from inception (6/28/2021) to the first day of secondary market trading shares of the Fund, the NAV of the Fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively. The Fund’s total annual operating expenses are 0.75% per the March 1, 2023 prospectus. Please see the Financial Highlights for a more recent expense ratio. For performance information current to the most recent month-end, please call toll-free 1-480-757-4277.

 

(a) As of the close of business on the day of commencement of trading June 28, 2021.

 

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

 

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

 

(LINE GRAPH)

 

PORTFOLIO ANALYSIS
October 31, 2023
    Percent of  
Top 10 Industries      Net Assets  
U.S. Government & Agencies     11.1 %
Banking     10.9 %
Telecommunications     6.5 %
Biotech & Pharma     4.3 %
Health Care Facilities & Services     3.7 %
Institutional Financial Services     3.6 %
Food     3.3 %
Software     3.1 %
Aerospace & Defense     2.8 %
Technology Hardware     1.9 %
Other/Cash and Equivalents     48.8 %
Total     100.0 %

 

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

10

 

LEADERSHARES® ACTIVIST LEADERS® ETF
SCHEDULE OF INVESTMENTS
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0%        
        AEROSPACE & DEFENSE - 4.0%        
  15,177     Howmet Aerospace, Inc.   $ 669,306  
  79,819     Mercury Systems, Inc.(a)     2,871,888  
              3,541,194  
        ASSET MANAGEMENT - 7.4%        
  224,346     Invesco Ltd.     2,909,767  
  126,069     Janus Henderson Group plc     2,908,412  
  12,050     KKR & Company, Inc.     667,570  
              6,485,749  
        AUTOMOTIVE - 3.2%        
  247,541     Dana, Inc.     2,841,771  
                 
        BIOTECH & PHARMA - 10.0%        
  435,485     Bausch Health Companies, Inc.(a)     2,970,007  
  233,233     Innoviva, Inc.(a)     2,894,422  
  318,794     Ironwood Pharmaceuticals, Inc.(a)     2,859,582  
              8,724,011  
        CHEMICALS - 0.8%        
  5,425     Rogers Corporation(a)     666,678  
                 
        CONSTRUCTION MATERIALS - 4.0%        
  13,249     Knife River Corporation(a)     666,690  
  155,404     MDU Resources Group, Inc.     2,892,069  
              3,558,759  
        CONSUMER SERVICES - 3.3%        
  111,393     Upbound Group, Inc.     2,902,902  
                 
        CONTAINERS & PACKAGING - 3.3%        
  35,724     Crown Holdings, Inc.     2,879,354  
                 
        ELECTRIC UTILITIES - 4.8%        
  569,613     Algonquin Power & Utilities Corporation     2,865,154  
  18,747     FirstEnergy Corporation     667,393  
  40,877     PG&E Corporation(a)     666,295  
              4,198,842  

 

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

11

 

LEADERSHARES® ACTIVIST LEADERS® ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0% (Continued)        
        ELECTRICAL EQUIPMENT - 0.8%        
  17,042     Vertiv Holdings Company   $ 669,239  
                 
        ENGINEERING & CONSTRUCTION - 0.8%        
  8,738     AECOM     668,894  
                 
        FOOD - 3.3%        
  69,070     TreeHouse Foods, Inc.(a)     2,879,527  
                 
        GAS & WATER UTILITIES - 3.3%        
  49,525     Southwest Gas Holdings, Inc.     2,902,660  
                 
        HEALTH CARE FACILITIES & SERVICES - 4.9%        
  20,209     Catalent, Inc.(a)     694,988  
  103,408     Fortrea Holdings, Inc.(a)     2,936,787  
  24,499     Option Care Health, Inc.(a)     679,357  
              4,311,132  
        HOME & OFFICE PRODUCTS - 3.3%        
  428,373     Newell Brands, Inc.     2,878,667  
                 
        INTERNET MEDIA & SERVICES - 4.0%        
  39,516     GoDaddy, Inc., Class A(a)     2,893,756  
  22,484     Pinterest, Inc., Class A(a)     671,822  
              3,565,578  
        LEISURE FACILITIES & SERVICES - 9.0%        
  123,294     Bloomin’ Brands, Inc.     2,877,682  
  345     Chipotle Mexican Grill, Inc.(a)     670,059  
  43,016     Restaurant Brands International, Inc.     2,890,675  
  11,807     Shake Shack, Inc., Class A(a)     661,664  
  34,827     Wendy’s Company (The)     662,410  
              7,762,490  
        METALS & MINING - 0.8%        
  28,321     Peabody Energy Corporation     668,092  

 

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

12

 

LEADERSHARES® ACTIVIST LEADERS® ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0% (Continued)        
        OIL & GAS PRODUCERS - 1.5%        
  20,886     CVR Energy, Inc.   $ 684,016  
  7,539     Denbury, Inc.(a)     670,142  
              1,354,158  
        REAL ESTATE OWNERS & DEVELOPERS - 3.2%        
  43,202     Howard Hughes Holdings, Inc.(a)     2,865,589  
                 
        REAL ESTATE SERVICES - 0.8%        
  9,566     CBRE Group, Inc., Class A(a)     663,306  
                 
        RETAIL - DISCRETIONARY - 8.1%        
  97,370     Bath & Body Works, Inc.     2,887,021  
  49,521     Freshpet, Inc.(a)     2,842,505  
  30,942     Guess?, Inc.     665,253  
  79,230     Hertz Global Holdings, Inc.(a)     667,909  
              7,062,688  
        SOFTWARE - 3.0%        
  27,285     Evolent Health, Inc., Class A(a)     666,572  
  39,959     Gen Digital, Inc.     665,717  
  7,689     New Relic, Inc.(a)     666,406  
  4,523     Splunk, Inc.(a)     665,605  
              2,664,300  
        TECHNOLOGY HARDWARE - 0.8%        
  43,817     NCR Voyix Corporation(a)     669,962  
                 
        TECHNOLOGY SERVICES - 9.8%        
  883,642     Conduent, Inc.(a)     2,818,818  
  259,450     Green Dot Corporation, Class A(a)     2,900,651  
  20,141     Insight Enterprises, Inc.(a)     2,886,205  
              8,605,674  
        TELECOMMUNICATIONS - 0.8%        
  42,103     DigitalBridge Group, Inc.     667,333  
                 

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

13

 

LEADERSHARES® ACTIVIST LEADERS® ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value
        COMMON STOCKS — 99.0% (Continued)
         
        TOTAL COMMON STOCKS (Cost $97,220,081)   $86,658,549
         
        TOTAL INVESTMENTS - 99.0% (Cost $97,220,081)   $86,658,549
        OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%   878,072
        NET ASSETS - 100.0%   $87,536,621

 

(a) Non-income producing security.

 

LTD - Limited Company

 

PLC - Public Limited Company

 

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

14

 

LEADERSHARES® ACTIVIST LEADERS® ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Diversification of Assets      
Country   % of Net Assets  
United States     82.4 %
Canada     10.0 %
Bermuda     3.3 %
Jersey     3.3 %
Total     99.0 %
Other Assets Less Liabilities - Net     1.0 %
Grand Total     100.0 %

 

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

15

 

LEADERSHARES® ALPHAFACTOR® TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS
October 31, 2023

 

Principal         Coupon Rate              
Amount ($)         (%)     Maturity     Fair Value  
        SHORT-TERM INVESTMENT — 98.7%                    
        U.S. TREASURY BILL — 98.7%                    
  186,420,000     United States Treasury Bill(a) (Cost $184,087,497)   0.0000     01/25/24     $ 184,083,786  
                             
        TOTAL INVESTMENTS - 98.7% (Cost $184,087,497)               $ 184,083,786  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 1.3%                 2,370,506  
        NET ASSETS - 100.0%               $ 186,454,292  

 

(a) Zero coupon bond.

 

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

16

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0%        
        ADVERTISING & MARKETING - 1.0%        
  21,537     Omnicom Group, Inc.   $ 1,613,337  
                 
        AEROSPACE & DEFENSE - 2.0%        
  3,909     Lockheed Martin Corporation     1,777,187  
  20,303     Textron, Inc.     1,543,028  
              3,320,215  
        ASSET MANAGEMENT - 1.9%        
  4,815     Ameriprise Financial, Inc.     1,514,654  
  6,665     LPL Financial Holdings, Inc.     1,496,426  
              3,011,080  
        BIOTECH & PHARMA - 1.9%        
  72,049     Exelixis, Inc.(a)     1,483,489  
  1,937     Regeneron Pharmaceuticals, Inc.(a)     1,510,647  
              2,994,136  
        CABLE & SATELLITE - 1.0%        
  36,146     Comcast Corporation, Class A     1,492,468  
                 
        CHEMICALS - 2.9%        
  3,463     NewMarket Corporation     1,669,686  
  31,871     Olin Corporation     1,361,529  
  49,636     Valvoline, Inc.     1,472,700  
              4,503,915  
        COMMERCIAL SUPPORT SERVICES - 1.0%        
  36,855     H&R Block, Inc.     1,512,898  
                 
        CONSTRUCTION MATERIALS - 1.8%        
  9,467     Eagle Materials, Inc.     1,457,066  
  11,640     Owens Corning     1,319,627  
              2,776,693  
        CONSUMER SERVICES - 1.0%        
  13,598     Grand Canyon Education, Inc.(a)     1,609,051  
                 

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

17

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0% (Continued)        
        ELECTRIC UTILITIES - 1.0%        
  48,403     Vistra Corporation   $ 1,583,746  
                 
        ELECTRICAL EQUIPMENT - 1.0%        
  51,467     Vontier Corporation     1,521,365  
                 
        ENGINEERING & CONSTRUCTION - 2.0%        
  7,568     EMCOR Group, Inc.     1,563,927  
  38,148     WillScot Mobile Mini Holdings Corporation(a)     1,503,413  
              3,067,340  
        ENTERTAINMENT CONTENT - 0.9%        
  40,061     AppLovin Corporation(a)     1,459,823  
                 
        FOOD - 0.9%        
  12,946     JM Smucker Co./The     1,473,773  
                 
        HEALTH CARE FACILITIES & SERVICES - 6.3%        
  18,326     Cardinal Health, Inc.     1,667,666  
  6,492     HCA Healthcare, Inc.     1,468,101  
  3,250     Humana, Inc.     1,701,992  
  3,650     McKesson Corp.     1,662,064  
  6,516     Medpace Holdings, Inc.(a)     1,581,238  
  12,657     Universal Health Services, Inc., Class B     1,593,390  
              9,674,451  
        HOME CONSTRUCTION - 3.9%        
  53,589     AZEK Company, Inc. (The)(a)     1,404,032  
  14,828     DR Horton, Inc.     1,548,043  
  21,571     PulteGroup, Inc.     1,587,410  
  21,683     Toll Brothers, Inc.     1,533,205  
              6,072,690  
        HOUSEHOLD PRODUCTS - 1.0%        
  20,365     Spectrum Brands Holdings, Inc.     1,533,892  
                 

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

18

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0% (Continued)        
        INDUSTRIAL INTERMEDIATE PROD - 1.0%        
  21,642     Timken Company (The)   $ 1,495,895  
                 
        INDUSTRIAL SUPPORT SERVICES - 1.1%        
  55,105     Core & Main, Inc.(a)     1,657,558  
                 
        INSTITUTIONAL FINANCIAL SERVICES - 1.9%        
  11,467     Evercore, Inc., Class A     1,492,774  
  26,357     SEI Investments Company     1,414,317  
              2,907,091  
        INSURANCE - 7.3%        
  20,708     Aflac, Inc.     1,617,502  
  26,219     American International Group, Inc.     1,607,487  
  14,514     Globe Life, Inc.     1,688,849  
  22,330     Hartford Financial Services Group, Inc. (The)     1,640,139  
  25,166     Loews Corporation     1,610,876  
  58,773     Old Republic International Corporation     1,609,205  
  8,171     Primerica, Inc.     1,561,968  
              11,336,026  
        INTERNET MEDIA & SERVICES - 1.9%        
  12,133     Alphabet, Inc., A(a)     1,505,462  
  514     Booking Holdings, Inc.(a)     1,433,834  
              2,939,296  
        LEISURE FACILITIES & SERVICES - 5.0%        
  13,092     Choice Hotels International, Inc.     1,446,666  
  10,661     Hilton Worldwide Holdings, Inc.     1,615,461  
  14,998     Hyatt Hotels Corporation, Class A     1,536,395  
  8,142     Marriott International, Inc., Class A     1,535,256  
  43,313     MGM Resorts International     1,512,490  
              7,646,268  
        MACHINERY - 1.8%        
  5,841     Caterpillar, Inc.     1,320,358  
  16,675     Oshkosh Corporation     1,462,898  
              2,783,256  

 

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

19

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0% (Continued)        
        OIL & GAS PRODUCERS - 15.9%        
  38,637     APA Corporation   $ 1,534,662  
  9,622     Cheniere Energy, Inc.     1,601,293  
  18,423     Chesapeake Energy Corporation     1,585,852  
  9,467     Chevron Corporation     1,379,626  
  13,244     ConocoPhillips     1,573,387  
  58,644     Coterra Energy, Inc.     1,612,710  
  33,189     Devon Energy Corp.     1,545,612  
  12,533     EOG Resources, Inc.     1,582,291  
  13,595     Exxon Mobil Corporation     1,439,031  
  27,787     HF Sinclair Corporation     1,538,844  
  59,077     Marathon Oil Corporation     1,613,393  
  10,579     Marathon Petroleum Corporation     1,600,074  
  4,652     Murphy USA, Inc.     1,687,233  
  24,448     Occidental Petroleum Corporation     1,511,131  
  13,236     Phillips 66     1,509,831  
  11,198     Valero Energy Corporation     1,422,146  
              24,737,116  
        RETAIL - DISCRETIONARY - 7.7%        
  10,482     AutoNation, Inc.(a)     1,363,499  
  624     AutoZone, Inc.(a)     1,545,729  
  8,901     Avis Budget Group, Inc.(a)     1,449,083  
  12,747     Builders FirstSource, Inc.(a)     1,383,304  
  7,673     Lowe’s Companies, Inc.     1,462,244  
  1,747     O’Reilly Automotive, Inc.(a)     1,625,478  
  9,513     Penske Automotive Group, Inc.     1,361,120  
  14,109     Ross Stores, Inc.     1,636,220  
              11,826,677  
        SEMICONDUCTORS - 3.9%        
  9,109     Analog Devices, Inc.     1,433,119  
  11,515     Applied Materials, Inc.     1,524,010  
  3,464     KLA Corporation     1,627,041  
  2,544     Lam Research Corporation     1,496,432  
              6,080,602  

 

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

20

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0% (Continued)        
        SOFTWARE - 2.0%        
  58,068     Dropbox, Inc., Class A(a)   $ 1,527,189  
  35,106     Teradata Corporation(a)     1,499,728  
              3,026,917  
        SPECIALTY FINANCE - 1.0%        
  94,447     MGIC Investment Corporation     1,590,487  
                 
        STEEL - 3.1%        
  10,191     Nucor Corporation     1,506,128  
  14,930     Steel Dynamics, Inc.     1,590,194  
  49,080     United States Steel Corporation     1,663,321  
              4,759,643  
        TECHNOLOGY HARDWARE - 3.0%        
  9,318     Apple, Inc.     1,591,235  
  12,696     Arrow Electronics, Inc.(a)     1,439,853  
  12,690     Jabil, Inc.     1,558,332  
              4,589,420  
        TECHNOLOGY SERVICES - 8.1%        
  5,024     CACI International, Inc., Class A(a)     1,631,594  
  7,903     CDW Corporation     1,583,761  
  1,819     Fair Isaac Corporation(a)     1,538,638  
  14,147     Fiserv, Inc.(a)     1,609,221  
  4,027     Mastercard, Inc., Class A     1,515,561  
  14,995     Science Applications International Corporation     1,638,053  
  6,738     Verisk Analytics, Inc.     1,531,952  
  6,927     Visa, Inc., Class A     1,628,538  
              12,677,318  
        TRANSPORTATION & LOGISTICS - 0.9%        
  14,872     Ryder System, Inc.     1,450,615  
                 
        TRANSPORTATION EQUIPMENT - 0.9%        
  27,007     Allison Transmission Holdings, Inc.     1,361,693  
                 

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

21

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 99.0% (Continued)        
        WHOLESALE - CONSUMER STAPLES - 1.0%        
  21,141     Archer-Daniels-Midland Company   $ 1,513,061  
                 
                 
        TOTAL COMMON STOCKS (Cost $149,298,151)     153,599,812  
                 
        TOTAL INVESTMENTS - 99.0% (Cost $149,298,151)   $ 153,599,812  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%     1,580,142  
        NET ASSETS - 100.0%   $ 155,179,954  
                 
(a) Non-income producing security.

 

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

22

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 54.0%        
        AEROSPACE & DEFENSE - 0.5%        
  490     General Dynamics Corporation   $ 118,242  
  663     Lockheed Martin Corporation     301,426  
  415     Northrop Grumman Corporation     195,643  
  106     TransDigm Group, Inc.(a)     87,778  
              703,089  
        ASSET MANAGEMENT - 0.5%        
  424     Ameriprise Financial, Inc.     133,378  
  2,917     Blackstone, Inc.     269,385  
  3,579     Charles Schwab Corporation     186,251  
  775     Raymond James Financial, Inc.     73,966  
              662,980  
        AUTOMOTIVE - 1.7%        
  11,234     Tesla, Inc.(a)     2,256,237  
                 
        BEVERAGES - 1.4%        
  10,707     Coca-Cola Company     604,838  
  379     Constellation Brands, Inc., Class A     88,743  
  3,180     Monster Beverage Corporation(a)     162,498  
  5,887     PepsiCo, Inc.     961,229  
              1,817,308  
        BIOTECH & PHARMA - 6.1%        
  7,595     AbbVie, Inc.     1,072,262  
  2,235     Amgen, Inc.     571,490  
  285     Biogen, Inc.(a)     67,699  
  8,800     Bristol-Myers Squibb Company     453,464  
  3,440     Eli Lilly and Company     1,905,518  
  5,237     Gilead Sciences, Inc.     411,314  
  6,376     Johnson & Johnson     945,816  
  10,869     Merck & Co., Inc.     1,116,246  
  1,303     Moderna, Inc.(a)     98,976  
  23,182     Pfizer, Inc.     708,442  
  450     Regeneron Pharmaceuticals, Inc.(a)     350,951  
  1,085     Vertex Pharmaceuticals, Inc.(a)     392,889  
              8,095,067  

 

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

23

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 54.0% (Continued)        
        CHEMICALS - 0.7%        
  933     Air Products and Chemicals, Inc.   $ 263,517  
  465     Albemarle Corporation     58,953  
  2,021     Corteva, Inc.     97,291  
  1,235     Linde plc     471,967  
              891,728  
        COMMERCIAL SUPPORT SERVICES - 0.2%        
  210     Cintas Corporation     106,495  
  923     Waste Management, Inc.     151,677  
              258,172  
        DIVERSIFIED INDUSTRIALS - 0.1%        
  585     Illinois Tool Works, Inc.     131,110  
                 
        E-COMMERCE DISCRETIONARY - 1.8%        
  17,280     Amazon.com, Inc.(a)     2,299,796  
                 
        ELECTRIC UTILITIES - 0.2%        
  8,984     PG&E Corporation(a)     146,439  
  1,608     Sempra Energy     112,608  
              259,047  
        ELECTRICAL EQUIPMENT - 0.1%        
  2,417     Amphenol Corporation, Class A     194,689  
                 
        ENGINEERING & CONSTRUCTION - 0.1%        
  601     Quanta Services, Inc.     100,439  
                 
        ENTERTAINMENT CONTENT - 0.1%        
  686     Electronic Arts, Inc.     84,920  
                 
        FOOD - 0.3%        
  1,691     General Mills, Inc.     110,321  
  634     Hershey Company (The)     118,780  
  3,124     Mondelez International, Inc., A     206,840  
              435,941  

 

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

24

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 54.0% (Continued)        
        HEALTH CARE FACILITIES & SERVICES - 2.4%        
  609     Cigna Group (The)   $ 188,303  
  1,001     Elevance Health, Inc.     450,540  
  457     HCA Healthcare, Inc.     103,346  
  330     Humana, Inc.     172,818  
  368     IQVIA Holdings, Inc.(a)     66,545  
  263     McKesson Corp.     119,760  
  244     Molina Healthcare, Inc.(a)     81,240  
  3,863     UnitedHealth Group, Inc.     2,068,868  
              3,251,420  
        HOUSEHOLD PRODUCTS - 0.8%        
  1,919     Colgate-Palmolive Company     144,155  
  696     Kimberly-Clark Corporation     83,269  
  5,566     Procter & Gamble Company     835,068  
              1,062,492  
        INDUSTRIAL SUPPORT SERVICES - 0.1%        
  181     WW Grainger, Inc.     132,099  
                 
        INFRASTRUCTURE REIT - 0.1%        
  1,022     American Tower Corp., A     182,110  
                 
        INSURANCE - 0.7%        
  581     Arthur J Gallagher & Company     136,820  
  1,339     Marsh & McLennan Companies, Inc.     253,941  
  2,463     Progressive Corporation (The)     389,375  
  524     Travelers Companies, Inc.     87,739  
              867,875  
        INTERNET MEDIA & SERVICES - 2.2%        
  684     Airbnb, Inc., Class A(a)     80,910  
  24,223     Alphabet, Inc., A(a)     3,005,590  
              3,086,500  
        LEISURE FACILITIES & SERVICES - 0.9%        
  114     Chipotle Mexican Grill, Inc.(a)     221,411  
  513     Hilton Worldwide Holdings, Inc.     77,735  
  519     Marriott International, Inc., Class A     97,863  

 

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

25

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 54.0% (Continued)        
        LEISURE FACILITIES & SERVICES - 0.9% (Continued)        
  1,923     McDonald’s Corporation   $ 504,152  
  2,465     Starbucks Corporation     227,371  
  746     Yum! Brands, Inc.     90,162  
              1,218,694  
        MACHINERY - 0.6%        
  1,261     Caterpillar, Inc.     285,049  
  1,136     Deere & Company     415,050  
  898     Veralto Corporation(a)     61,962  
              762,061  
        MEDICAL EQUIPMENT & DEVICES - 1.7%        
  3,740     Abbott Laboratories     353,617  
  729     Agilent Technologies, Inc.     75,357  
  3,186     Boston Scientific Corporation(a)     163,091  
  2,738     Danaher Corporation     525,751  
  1,524     DexCom, Inc.(a)     135,377  
  1,036     Hologic, Inc.(a)     68,552  
  165     IDEXX Laboratories, Inc.(a)     65,913  
  711     Intuitive Surgical, Inc.(a)     186,438  
  1,596     Thermo Fisher Scientific, Inc.     709,853  
              2,283,949  
        METALS & MINING - 0.1%        
  5,863     Freeport-McMoRan, Inc.     198,052  
                 
        OIL & GAS PRODUCERS - 3.9%        
  7,372     Chevron Corporation     1,074,321  
  4,974     ConocoPhillips     590,911  
  3,078     Coterra Energy, Inc.     84,645  
  2,608     Devon Energy Corp.     121,455  
  733     Diamondback Energy, Inc.     117,515  
  2,419     EOG Resources, Inc.     305,399  
  16,576     Exxon Mobil Corporation     1,754,569  
  1,136     Hess Corporation     164,038  
  800     Marathon Petroleum Corporation     121,000  
  2,674     Occidental Petroleum Corporation     165,280  

 

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

26

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 54.0% (Continued)        
        OIL & GAS PRODUCERS - 3.9% (Continued)        
  2,469     ONEOK, Inc.   $ 160,979  
  956     Pioneer Natural Resources Company     228,484  
  911     Targa Resources Corporation     76,169  
  5,063     Williams Companies, Inc. (The)     174,167  
              5,138,932  
        OIL & GAS SERVICES & EQUIPMENT - 0.1%        
  3,142     Schlumberger Ltd.     174,884  
                 
        RETAIL - CONSUMER STAPLES - 0.6%        
  1,197     Costco Wholesale Corporation     661,271  
  913     Dollar General Corporation     108,684  
  871     Dollar Tree, Inc.(a)     96,759  
              866,714  
        RETAIL - DISCRETIONARY - 1.3%        
  74     AutoZone, Inc.(a)     183,308  
  2,234     Home Depot, Inc.     635,996  
  1,691     Lowe’s Companies, Inc.     322,254  
  252     O’Reilly Automotive, Inc.(a)     234,471  
  3,023     TJX Companies, Inc.     266,236  
  453     Tractor Supply Company     87,230  
  201     Ulta Beauty, Inc.(a)     76,643  
              1,806,138  
        SELF-STORAGE REIT - 0.1%        
  414     Public Storage     98,826  
                 
        SEMICONDUCTORS - 5.6%        
  3,379     Advanced Micro Devices, Inc.(a)     332,832  
  967     Analog Devices, Inc.     152,138  
  3,390     Applied Materials, Inc.     448,667  
  1,020     Broadcom, Inc.     858,197  
  549     KLA Corporation     257,865  
  535     Lam Research Corporation     314,698  
  1,082     Microchip Technology, Inc.     77,136  
  192     Monolithic Power Systems, Inc.     84,814  

 

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

27

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 54.0% (Continued)        
        SEMICONDUCTORS - 5.6% (Continued)        
  9,929     NVIDIA Corporation   $ 4,049,045  
  1,737     ON Semiconductor Corporation(a)     108,806  
  4,606     QUALCOMM, Inc.     502,008  
  2,377     Texas Instruments, Inc.     337,558  
              7,523,764  
        SOFTWARE - 6.5%        
  885     Adobe Systems, Inc.(a)     470,873  
  475     Autodesk, Inc.(a)     93,874  
  1,107     Cadence Design Systems, Inc.(a)     265,514  
  2,660     Fortinet, Inc.(a)     152,072  
  607     Intuit, Inc.     300,435  
  17,736     Microsoft Corp.     5,996,719  
  3,844     Oracle Corporation     397,470  
  1,223     Palo Alto Networks, Inc.(a)     297,213  
  821     ServiceNow, Inc.(a)     477,699  
  609     Synopsys, Inc.(a)     285,889  
              8,737,758  
        SPECIALTY FINANCE - 0.1%        
  1,202     American Express Company     175,528  
                 
        STEEL - 0.1%        
  1,006     Nucor Corporation     148,677  
                 
        TECHNOLOGY HARDWARE - 8.2%        
  61,687     Apple, Inc.     10,534,289  
  1,012     Arista Networks, Inc.(a)     202,774  
  381     Motorola Solutions, Inc.     106,093  
              10,843,156  
        TECHNOLOGY SERVICES - 3.0%        
  1,691     Automatic Data Processing, Inc.     369,010  
  1,698     CoStar Group, Inc.(a)     124,650  
  101     Fair Isaac Corporation(a)     85,433  
  1,782     Fiserv, Inc.(a)     202,703  
  329     Gartner, Inc.(a)     109,241  

 

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

28

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        COMMON STOCKS — 54.0% (Continued)        
        TECHNOLOGY SERVICES - 3.0% (Continued)        
  3,471     Mastercard, Inc., Class A   $ 1,306,311  
  307     Moody’s Corporation     94,556  
  185     MSCI, Inc.     87,237  
  749     Paychex, Inc.     83,176  
  6,693     Visa, Inc., Class A     1,573,524  
              4,035,841  
        TELECOMMUNICATIONS - 0.2%        
  1,472     T-Mobile US, Inc.(a)     211,762  
                 
        TOBACCO & CANNABIS - 0.3%        
  3,828     Altria Group, Inc.     153,771  
  3,413     Philip Morris International, Inc.     304,303  
              458,074  
        TRANSPORTATION & LOGISTICS - 0.4%        
  3,975     CSX Corporation     118,654  
  360     Old Dominion Freight Line, Inc.     135,598  
  1,271     Union Pacific Corporation     263,872  
              518,124  
        WHOLESALE - CONSUMER STAPLES - 0.1%        
  1,102     Archer-Daniels-Midland Company     78,870  
                 
        WHOLESALE - DISCRETIONARY - 0.1%        
  3,570     Copart, Inc.(a)     155,366  
                 
                 
        TOTAL COMMON STOCKS (Cost $73,349,670)     72,208,189  
                 
        EXCHANGE-TRADED FUNDS — 45.0%        
        EQUITY - 45.0%        
  336,089     SPDR Portfolio Emerging Markets ETF     10,912,810  
  66,482     SPDR Portfolio S&P 500 Value ETF     2,695,180  
  149,211     SPDR S&P 600 Small Cap Growth ETF     10,389,562  
  264,496     SPDR S&P 600 Small Cap Value ETF     17,953,988  

 

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

29

 

LEADERSHARES® EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Shares         Fair Value  
        EXCHANGE-TRADED FUNDS — 45.0% (Continued)        
        EQUITY - 45.0% (Continued)        
  482,027     Vanguard FTSE Emerging Markets ETF   $ 18,288,105  
        TOTAL EXCHANGE-TRADED FUNDS (Cost $62,607,101)     60,239,645  
                 
        TOTAL INVESTMENTS - 99.0% (Cost $135,956,771)   $ 132,447,834  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%     1,364,309  
        NET ASSETS - 100.0%   $ 133,812,143  

 

ETF - Exchange-Traded Fund

 

LTD - Limited Company

 

MSCI - Morgan Stanley Capital International

 

PLC - Public Limited Company

 

REIT - Real Estate Investment Trust

 

SPDR - Standard & Poor’s Depositary Receipt

 

(a) Non-income producing security.

 

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

30

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS
October 31, 2023

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 49.6%                    
        AEROSPACE & DEFENSE — 2.8%                    
  346,000     Boeing Company (The)       4.8750   05/01/25   $ 339,924  
  480,000     Boeing Company (The)       2.1960   02/04/26     441,119  
  356,000     Boeing Company (The)       5.1500   05/01/30     334,292  
  316,000     Boeing Company (The)       5.7050   05/01/40     280,931  
  316,000     Boeing Company (The)       5.8050   05/01/50     274,108  
  316,000     Boeing Company (The)       5.9300   05/01/60     267,847  
  346,000     RTX Corporation       4.1250   11/16/28     318,068  
  316,000     RTX Corporation       4.5000   06/01/42     246,571  
                          2,502,860  
        BANKING — 10.9%                    
  480,000     Bank of America Corporation(a)   SOFRRATE + 0.960%   1.7340   07/22/27     423,696  
  470,000     Bank of America Corporation(a)   TSFR3M + 1.302%   3.4190   12/20/28     418,828  
  356,000     Bank of America Corporation(a)   TSFR3M + 1.572%   4.2710   07/23/29     324,223  
  356,000     Bank of America Corporation(a)   TSFR3M + 1.472%   3.9740   02/07/30     315,096  
  490,000     Bank of America Corporation(a)   TSFR3M + 1.252%   2.4960   02/13/31     387,112  
  490,000     Bank of America Corporation(a)   SOFRRATE + 1.320%   2.6870   04/22/32     376,590  
  508,000     Bank of America Corporation(a)   SOFRRATE + 1.930%   2.6760   06/19/41     311,457  
  488,000     Bank of America Corporation(a)   SOFRRATE + 1.580%   3.3110   04/22/42     325,464  
  391,000     Bank of America Corporation B(a)   TSFR3M + 3.412%   4.0830   03/20/51     276,191  
  470,000     Citigroup, Inc.(a)   SOFRRATE + 2.842%   3.1060   04/08/26     448,669  
  356,000     Citigroup, Inc.       4.4500   09/29/27     329,027  
  356,000     Citigroup, Inc.(a)   SOFRRATE + 3.914%   4.4120   03/31/31     315,613  
  490,000     Citigroup, Inc.(a)   SOFRRATE + 2.107%   2.5720   06/03/31     384,214  
  470,000     JPMorgan Chase & Company(a)   SOFRRATE + 1.850%   2.0830   04/22/26     442,045  
                             

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

31

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 49.6% (Continued)                    
        BANKING — 10.9% (Continued)                    
  480,000     JPMorgan Chase & Company(a)   SOFRRATE + 0.885%   1.5780   04/22/27     428,324  
  490,000     JPMorgan Chase & Company(a)   SOFRRATE + 1.510%   2.7390   10/15/30     402,899  
  356,000     JPMorgan Chase & Company(a)   SOFRRATE + 3.790%   4.4930   03/24/31     321,849  
  490,000     JPMorgan Chase & Company(a)   SOFRRATE + 1.250%   2.5800   04/22/32     379,309  
  257,000     JPMorgan Chase & Company       6.4000   05/15/38     260,518  
  391,000     JPMorgan Chase & Company(a)   TSFR3M + 1.642%   3.9640   11/15/48     275,426  
  411,000     JPMorgan Chase & Company(a)   SOFRRATE + 1.580%   3.3280   04/22/52     254,081  
  470,000     Wells Fargo & Company       3.0000   04/22/26     436,784  
  470,000     Wells Fargo & Company       3.0000   10/23/26     430,634  
  480,000     Wells Fargo & Company(a)   SOFRRATE + 2.100%   2.3930   06/02/28     418,690  
  480,000     Wells Fargo & Company(a)   TSFR3M + 1.432%   2.8790   10/30/30     392,928  
  488,000     Wells Fargo & Company(a)   SOFRRATE + 2.530%   3.0680   04/30/41     313,546  
  292,000     Wells Fargo & Company(a)   TSFR3M + 4.502%   5.0130   04/04/51     233,276  
                          9,626,489  
        BEVERAGES — 1.6%                    
  352,000     Anheuser-Busch Companies, LLC / Anheuser-Busch       3.6500   02/01/26     338,496  
  312,000     Anheuser-Busch Companies, LLC / Anheuser-Busch       4.7000   02/01/36     275,388  
  298,000     Anheuser-Busch Companies, LLC / Anheuser-Busch       4.9000   02/01/46     249,418  
  288,000     Anheuser-Busch InBev Worldwide, Inc.       4.7500   01/23/29     278,240  
  288,000     Anheuser-Busch InBev Worldwide, Inc.       5.5500   01/23/49     263,080  
                          1,404,622  
        BIOTECH & PHARMA — 4.3%                    
  470,000     AbbVie, Inc.       2.6000   11/21/24     454,195  
  470,000     AbbVie, Inc.       3.6000   05/14/25     454,453  
                             

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

32

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 49.6% (Continued)                    
        BIOTECH & PHARMA — 4.3% (Continued)                    
  470,000     AbbVie, Inc.       2.9500   11/21/26   $ 435,430  
  480,000     AbbVie, Inc.       3.2000   11/21/29     418,788  
  367,000     AbbVie, Inc.       4.0500   11/21/39     288,244  
  326,000     AbbVie, Inc.       4.2500   11/21/49     246,263  
  316,000     Amgen, Inc.       4.6630   06/15/51     242,053  
  257,000     AstraZeneca PLC       6.4500   09/15/37     268,144  
  243,000     Bristol-Myers Squibb Company       3.4000   07/26/29     218,180  
  316,000     Bristol-Myers Squibb Company       4.2500   10/26/49     237,042  
  257,000     GlaxoSmithKline Capital, Inc.       6.3750   05/15/38     268,448  
  247,000     Pfizer, Inc.       7.2000   03/15/39     273,516  
                          3,804,756  
        CABLE & SATELLITE — 1.2%                    
  346,000     Comcast Corporation       4.1500   10/15/28     323,574  
  203,000     Comcast Corporation       4.6000   10/15/38     169,264  
  207,000     Comcast Corporation       4.7000   10/15/48     166,109  
  387,000     Comcast Corporation       2.8870   11/01/51     214,783  
  403,000     Comcast Corporation       2.9370   11/01/56     215,363  
                          1,089,093  
        DIVERSIFIED INDUSTRIALS — 0.3%                    
  222,000     General Electric Company       6.7500   03/15/32     235,876  
                             
        E-COMMERCE DISCRETIONARY — 0.6%                    
  356,000     Amazon.com, Inc.       3.1500   08/22/27     329,715  
  316,000     Amazon.com, Inc.       4.0500   08/22/47     242,695  
                          572,410  
        FOOD — 3.3%                    
  565,000     Kraft Heinz Foods Company       3.0000   06/01/26     528,455  
  565,000     Kraft Heinz Foods Company       3.8750   05/15/27     530,084  
  245,000     Kraft Heinz Foods Company       4.2500   03/01/31     217,019  
  324,000     Kraft Heinz Foods Company(b)       7.1250   08/01/39     332,441  
  421,000     Kraft Heinz Foods Company       5.0000   06/04/42     348,922  
  411,000     Kraft Heinz Foods Company       5.2000   07/15/45     341,583  
  431,000     Kraft Heinz Foods Company       4.3750   06/01/46     317,451  
  421,000     Kraft Heinz Foods Company       4.8750   10/01/49     331,646  

 

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

33

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 49.6% (Continued)                    
        FOOD — 3.3% (Continued)               $ 2,947,601  
        HEALTH CARE FACILITIES & SERVICES — 3.7%                    
  346,000     Cigna Group (The)       4.3750   10/15/28     323,689  
  316,000     Cigna Group (The)       4.9000   12/15/48     255,239  
  269,000     CVS Health Corporation       4.3000   03/25/28     252,285  
  316,000     CVS Health Corporation       4.7800   03/25/38     262,373  
  316,000     CVS Health Corporation       5.1250   07/20/45     253,777  
  316,000     CVS Health Corporation       5.0500   03/25/48     249,612  
  413,000     HCA, Inc.       5.3750   02/01/25     408,656  
  413,000     HCA, Inc.       5.8750   02/15/26     409,489  
  413,000     HCA, Inc.       5.6250   09/01/28     399,936  
  575,000     HCA, Inc.       3.5000   09/01/30     477,027  
                          3,292,083  
        INSTITUTIONAL FINANCIAL SERVICES — 3.6%                    
  470,000     Goldman Sachs Group, Inc. (The)       3.5000   04/01/25     452,596  
  356,000     Goldman Sachs Group, Inc. (The)(a)   TSFR3M + 1.563%   4.2230   05/01/29     325,243  
  490,000     Goldman Sachs Group, Inc. (The)(a)   SOFRRATE + 1.281%   2.6150   04/22/32     374,446  
  267,000     Goldman Sachs Group, Inc. (The)       6.7500   10/01/37     261,760  
  257,000     Goldman Sachs Group, Inc. (The)       6.2500   02/01/41     250,029  
  356,000     Morgan Stanley       3.8750   01/27/26     339,635  
  480,000     Morgan Stanley(a)   SOFRRATE + 0.879%   1.5930   05/04/27     426,504  
  356,000     Morgan Stanley(a)   TSFR3M + 1.890%   4.4310   01/23/30     324,413  
  490,000     Morgan Stanley Series GMTN(a)   SOFRRATE + 1.143%   2.6990   01/22/31     394,401  
                          3,149,027  
        LEISURE FACILITIES & SERVICES — 0.2%                    
  206,000     Royal Caribbean Cruises Ltd.(b)       5.5000   04/01/28     188,059  
                             
        MEDICAL EQUIPMENT & DEVICES — 0.3%                    
  292,000     Abbott Laboratories       4.9000   11/30/46     253,432  
                             
        METALS & MINING — 0.4%                    
  411,000     Freeport-McMoRan, Inc.       5.4500   03/15/43     338,772  

 

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

34

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 49.6% (Continued)                    
        OIL & GAS PRODUCERS — 1.6%                    
  195,000     Cheniere Energy Partners, L.P.       4.0000   03/01/31   $ 163,449  
  145,000     ConocoPhillips       6.5000   02/01/39     150,498  
  286,000     ConocoPhillips Company       4.0250   03/15/62     194,678  
  413,000     Continental Resources Inc.(b)       5.7500   01/15/31     383,811  
  257,000     Shell International Finance BV       6.3750   12/15/38     263,686  
  316,000     Shell International Finance BV       4.3750   05/11/45     248,186  
                          1,404,308  
        REAL ESTATE INVESTMENT TRUSTS — 0.2%                    
  191,000     SBA Communications Corporation       3.1250   02/01/29     158,109  
                             
        RETAIL - DISCRETIONARY — 0.3%                    
  257,000     Home Depot, Inc. (The)       5.8750   12/16/36     255,364  
                             
        SEMICONDUCTORS — 0.7%                    
  411,000     Broadcom, Inc.(b)       3.1370   11/15/35     290,882  
  411,000     Broadcom, Inc.(b)       3.1870   11/15/36     285,577  
                          576,459  
        SOFTWARE — 3.1%                    
  470,000     Microsoft Corporation       2.4000   08/08/26     437,088  
  346,000     Microsoft Corporation       3.3000   02/06/27     327,039  
  508,000     Microsoft Corporation       2.5250   06/01/50     293,342  
  488,000     Microsoft Corporation       2.9210   03/17/52     303,867  
  547,000     Microsoft Corporation       2.6750   06/01/60     304,600  
  470,000     Oracle Corporation       2.5000   04/01/25     448,446  
  547,000     Oracle Corporation       3.6000   04/01/50     337,384  
  557,000     Oracle Corporation       3.8500   04/01/60     337,057  
                          2,788,823  
        TECHNOLOGY HARDWARE — 1.9%                    
  470,000     Apple, Inc.       3.2500   02/23/26     449,882  
  367,000     Apple, Inc.       3.8500   05/04/43     285,602  
  292,000     Apple, Inc.       4.6500   02/23/46     250,648  
  292,000     Dell International, LLC / EMC Corporation       6.0200   06/15/26     292,416  

 

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

35

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Principal             Coupon Rate          
Amount ($)         Spread   (%)   Maturity   Fair Value  
        CORPORATE BONDS — 49.6% (Continued)                     
        TECHNOLOGY HARDWARE — 1.9% (Continued)                    
  411,000     Western Digital Corporation       4.7500   02/15/26   $ 386,206  
                          1,664,754  
        TECHNOLOGY SERVICES — 0.8%                    
  470,000     Visa, Inc.       3.1500   12/14/25     448,519  
  316,000     Visa, Inc.       4.3000   12/14/45     254,126  
                          702,645  
        TELECOMMUNICATIONS — 6.5%                    
  188,000     AT&T, Inc.       4.3500   03/01/29     173,213  
  188,000     AT&T, Inc.       4.3000   02/15/30     168,915  
  389,000     AT&T, Inc.       2.5500   12/01/33     280,039  
  399,000     AT&T, Inc.       3.5000   09/15/53     236,774  
  409,000     AT&T, Inc.       3.5500   09/15/55     239,626  
  486,000     AT&T, Inc.       3.8000   12/01/57     294,962  
  409,000     AT&T, Inc.       3.6500   09/15/59     238,561  
  247,000     British Telecommunications PLC       9.6250   12/15/30     285,526  
  247,000     Deutsche Telekom International Finance BV       8.7500   06/15/30     277,066  
  247,000     Orange S.A.       9.0000   03/01/31     283,520  
  346,000     Verizon Communications, Inc.       4.1250   03/16/27     328,102  
  342,000     Verizon Communications, Inc.       4.3290   09/21/28     318,728  
  356,000     Verizon Communications, Inc.       4.0160   12/03/29     318,240  
  485,000     Verizon Communications, Inc.       2.5500   03/21/31     379,800  
  314,000     Verizon Communications, Inc.       4.5000   08/10/33     272,887  
  488,000     Verizon Communications, Inc.       3.4000   03/22/41     331,299  
  314,000     Verizon Communications, Inc.       4.8620   08/21/46     251,271  
  401,000     Verizon Communications, Inc.       3.5500   03/22/51     253,870  
  411,000     Verizon Communications, Inc.       3.7000   03/22/61     253,178  
  330,000     Vodafone Group Plc       4.3750   05/30/28     314,108  
  316,000     Vodafone Group Plc       5.2500   05/30/48     256,702  
                          5,756,387  
        TOBACCO & CANNABIS — 0.5%                    
  475,000     BAT Capital Corporation       3.5570   08/15/27     431,130  
                             
        TRANSPORTATION & LOGISTICS — 0.8%                    
  145,833     American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)       5.5000   04/20/26     141,974  

 

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

36

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Continued)
October 31, 2023

 

Principal         Coupon Rate              
Amount ($)         (%)     Maturity     Fair Value  
        CORPORATE BONDS — 49.6% (Continued)                    
        TRANSPORTATION & LOGISTICS — 0.8% (Continued)                    
  185,000     American Airlines, Inc./AAdvantage Loyalty IP Ltd.(b)   5.7500     04/20/29     $ 167,029  
  413,000     Delta Air Lines, Inc.   7.3750     01/15/26       417,537  
                          726,540  
        TOTAL CORPORATE BONDS (Cost $53,257,077)                 43,869,599  
                             
        U.S. GOVERNMENT & AGENCIES — 11.1%                    
        U.S. TREASURY NOTES — 11.1%                    
  4,941,000     United States Treasury Note   1.5000     02/29/24       4,877,387  
  5,007,000     United States Treasury Note   1.5000     02/15/25       4,770,634  
  112,000     United States Treasury Note   1.6250     05/15/31       89,368  
  92,000     United States Treasury Note   2.2500     05/15/41       60,693  
  69,000     United States Treasury Note   2.3750     05/15/51       41,457  
        TOTAL U.S. GOVERNMENT & AGENCIES (Cost $10,210,917)                 9,839,539  
                             
        SHORT-TERM INVESTMENTS – 36.7%                    
  24,350,000     United States Treasury Bill(c)   0.0000     11/09/23       24,321,490  
  8,250,000     United States Treasury Bill(c)   0.0000     01/04/24       8,172,377  
        TOTAL SHORT-TERM INVESTMENTS (Cost $32,493,747)                 32,493,867  
                             
        TOTAL INVESTMENTS - 97.4% (Cost $95,961,741)               $ 86,203,005  
        OTHER ASSETS IN EXCESS OF LIABILITIES- 2.6%                 2,313,389  
        NET ASSETS - 100.0%               $ 88,516,394  

 

BV - Besloten Vennootschap
   
GMTN - Global Medium Term Note
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
PLC - Public Limited Company
   
S.A. - Société Anonyme
   
SOFRRATE United States SOFR Secured Overnight Financing Rate

 

(a) Variable rate security: the rate shown represents the rate on October 31, 2023.

 

(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2023 the total fair market value of 144A securities is $1,789,773 or 2.0% of net assets.

 

(c) Zero coupon bond.

 

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

37

 

LeaderShares® ETFs
STATEMENTS OF ASSETS AND LIABILITIES
Ocotber 31, 2023

 

    LeaderShares®
Activist Leaders® ETF
    LeaderShares®
AlphaFactor®
Tactical Focused ETF
    LeaderShares®
AlphaFactor®
US Core Equity ETF
    LeaderShares®
Equity Skew ETF
    LeaderShares®
Dynamic Yield ETF
 
ASSETS                                        
Investment securities:                                        
Investments, at cost   $ 97,220,081     $ 184,087,497     $ 149,298,151     $ 135,956,771     $ 95,961,741  
Investments, at fair value   $ 86,658,549     $ 184,083,786     $ 153,599,812     $ 132,447,834     $ 86,203,005  
Cash     392,175       2,458,851       1,622,618       1,395,618       2,118,391  
Receivable for capital stock sold     1,415,241                          
Receivable for investments sold     7,742,618                          
Dividends and interest receivable     35,520       71,030       42,194       41,672       561,774  
TOTAL ASSETS     96,244,103       186,613,667       155,264,624       133,885,124       88,883,170  
                                         
LIABILITIES                                        
Payable for investments purchased     6,989,728                          
Payable for capital shares redeemed     1,660,256                          
Investment advisory fees payable     57,498       159,375       84,670       72,981       44,106  
Dividends payable                             322,670  
TOTAL LIABILITIES     8,707,482       159,375       84,670       72,981       366,776  
NET ASSETS   $ 87,536,621     $ 186,454,292     $ 155,179,954     $ 133,812,143     $ 88,516,394  
                                         
Net Assets Consist Of:                                        
Paid in capital   $ 125,601,075     $ 222,449,386     $ 192,526,189     $ 172,206,808     $ 101,266,007  
Accumulated deficit     (38,064,454 )     (35,995,094 )     (37,346,235 )     (38,394,665 )     (12,749,613 )
NET ASSETS   $ 87,536,621     $ 186,454,292     $ 155,179,954     $ 133,812,143     $ 88,516,394  
                                         
Net Asset Value Per Share:                                        
Net Assets   $ 87,536,621     $ 186,454,292     $ 155,179,954     $ 133,812,143     $ 88,516,394  
Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)     3,150,000       5,750,000       5,075,000       4,825,000       4,100,000  
Net asset value (Net Assets ÷ Shares Outstanding)   $ 27.79     $ 32.43     $ 30.58     $ 27.73     $ 21.59  

 

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

38

 

LeaderShares® ETFs
STATEMENTS OF OPERATIONS
For the Year Ended October 31, 2023

 

          LeaderShares®     LeaderShares®              
    LeaderShares®     AlphaFactor®     AlphaFactor®     LeaderShares®     LeaderShares®  
    Activist Leaders® ETF     Tactical Focused ETF     US Core Equity ETF     Equity Skew ETF     Dynamic Yield ETF  
INVESTMENT INCOME                                        
Dividends   $ 1,687,034     $ 3,566,871     $ 2,496,022     $ 2,166,178     $  
Interest     40,969       812,691       79,842       62,277       4,026,336  
Less: Foreign withholding expense     (23,336 )     (16,741 )     (1,297 )     (132 )      
TOTAL INVESTMENT INCOME     1,704,667       4,362,821       2,574,567       2,228,323       4,026,336  
                                         
EXPENSES                                        
Investment advisory fees     702,210       1,860,737       1,206,052       999,214       758,811  
TOTAL EXPENSES     702,210       1,860,737       1,206,052       999,214       758,811  
NET INVESTMENT INCOME     1,002,457       2,502,084       1,368,515       1,229,109       3,267,525  
                                         
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                        
Net realized gain (loss) on:                                        
Investments     (15,585,791 )     (17,207,554 )     (11,918,281 )     (14,628,955 )      
In-kind redemptions     13,363,512       16,621,389       19,366,208       9,761,192       (358,853 )
Realized gain (loss) on investments     (2,222,279 )     (586,165 )     7,447,927       (4,867,763 )     (358,853 )
Change in unrealized appreciation (depreciation) on:                                        
Investments     (2,174,800 )     (3,554,782 )     (5,982,151 )     1,009,043       (70,568 )
                                         
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS     (4,397,079 )     (4,140,947 )     1,465,776       (3,858,720 )     (429,421 )
                                         
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS   $ (3,394,622 )   $ (1,638,863 )   $ 2,834,291     $ (2,629,611 )   $ 2,838,104  

 

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

39

 

LeaderShares® Activist Leaders® ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Year     For the Year  
    Ended     Ended  
    October 31, 2023     October 31, 2022  
             
FROM OPERATIONS                
Net investment income   $ 1,002,457     $ 357,062  
Net realized loss on investments     (15,585,791 )     (13,604,753 )
Net realized gain on in-kind redemptions     13,363,512       14,107,118  
Unrealized appreciation (depreciation) on investments     (2,174,800 )     (18,004,123 )
Net decrease in net assets resulting from operations     (3,394,622 )     (17,144,696 )
                 
DISTRIBUTIONS TO SHAREHOLDERS FROM                
Return of capital           (4,972,381 )
Distributable Earnings     (243,068 )     (730,514 )
Net decrease in net assets resulting from distributions to shareholders     (243,068 )     (5,702,895 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     76,050,884       74,872,618  
Cost of shares redeemed     (67,131,486 )     (46,731,261 )
Net increase in net assets resulting from shares of beneficial interest     8,919,398       28,141,357  
                 
TOTAL INCREASE IN NET ASSETS     5,281,708       5,293,766  
                 
NET ASSETS                
Beginning of Year     82,254,913       76,961,147  
End of Year   $ 87,536,621     $ 82,254,913  
                 
SHARE ACTIVITY                
Shares sold     2,425,000       2,250,000  
Shares redeemed     (2,125,000 )     (1,400,000 )
Net increase in shares of beneficial interest outstanding     300,000       850,000  

 

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

40

 

LeaderShares® AlphaFactor® Tactical Focused ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Year     For the Year  
    Ended     Ended  
    October 31, 2023     October 31, 2022  
FROM OPERATIONS                
Net investment income   $ 2,502,084     $ 2,188,153  
Net realized loss on investments     (17,207,554 )     (20,802,828 )
Net realized gain on in-kind redemptions     16,621,389       22,029,508  
Unrealized appreciation (depreciation) on investments     (3,554,782 )     (8,089,496 )
Net decrease in net assets resulting from operations     (1,638,863 )     (4,674,663 )
                 
DISTRIBUTIONS TO SHAREHOLDERS FROM                
Return of capital           (1,296,694 )
Distributable Earnings     (596,625 )     (3,387,401 )
Net decrease in net assets resulting from distributions to shareholders     (596,625 )     (4,684,095 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     210,728,219       175,555,756  
Cost of shares redeemed     (179,523,658 )     (136,855,799 )
Net increase in net assets resulting from shares of beneficial interest     31,204,561       38,699,957  
                 
TOTAL INCREASE IN NET ASSETS     28,969,073       29,341,199  
                 
NET ASSETS                
Beginning of Year     157,485,219       128,144,020  
End of Year   $ 186,454,292     $ 157,485,219  
                 
SHARE ACTIVITY                
Shares sold     6,525,000       5,025,000  
Shares redeemed     (5,550,000 )     (3,900,000 )
Net increase in shares of beneficial interest outstanding     975,000       1,125,000  

 

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

41

 

LeaderShares® AlphaFactor® US Core Equity ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Year     For the Year  
    Ended     Ended  
    October 31, 2023     October 31, 2022  
FROM OPERATIONS                
Net investment income   $ 1,368,515     $ 1,177,343  
Net realized loss on investments     (11,918,281 )     (29,826,248 )
Net realized gain on in-kind redemptions     19,366,208       9,700,848  
Unrealized appreciation (depreciation) on investments     (5,982,151 )     4,429,403  
Net increase (decrease) in net assets resulting from operations     2,834,291       (14,518,654 )
                 
DISTRIBUTIONS TO SHAREHOLDERS FROM                
Distributable Earnings     (502,425 )     (1,093,305 )
Net decrease in net assets resulting from distributions to shareholders     (502,425 )     (1,093,305 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     141,748,704       134,897,260  
Cost of shares redeemed     (135,285,199 )     (95,993,806 )
Net increase in net assets resulting from shares of beneficial interest     6,463,505       38,903,454  
                 
TOTAL INCREASE IN NET ASSETS     8,795,371       23,291,495  
                 
NET ASSETS                
Beginning of Year     146,384,583       123,093,088  
End of Year   $ 155,179,954     $ 146,384,583  
                 
SHARE ACTIVITY                
Shares sold     4,600,000       4,250,000  
Shares redeemed     (4,375,000 )     (3,050,000 )
Net increase in shares of beneficial interest outstanding     225,000       1,200,000  
                 

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

42

 

LeaderShares® Equity Skew ETF
STATEMENTS OF CHANGES IN NET ASSETS

 

    For the Year     For the Year  
    Ended     Ended  
    October 31, 2023     October 31, 2022  
FROM OPERATIONS                
Net investment income   $ 1,229,109     $ 1,069,309  
Net realized loss on investments     (14,628,955 )     (20,970,506 )
Net realized gain on in-kind redemptions     9,761,192       13,232,844  
Unrealized appreciation (depreciation) on investments     1,009,043       (15,691,444 )
Net decrease in net assets resulting from operations     (2,629,611 )     (22,359,797 )
                 
DISTRIBUTIONS TO SHAREHOLDERS FROM                
Return of capital           (7,449,169 )
Distributable Earnings     (480,938 )     (1,347,897 )
Net decrease in net assets resulting from distributions to shareholders     (480,938 )     (8,797,066 )
                 
FROM SHARES OF BENEFICIAL INTEREST                
Proceeds from shares sold     135,827,916       137,818,637  
Cost of shares redeemed     (115,722,042 )     (95,323,161 )
Net increase in net assets resulting from shares of beneficial interest     20,105,874       42,495,476  
                 
TOTAL INCREASE IN NET ASSETS     16,995,325       11,338,613  
                 
NET ASSETS                
Beginning of Year     116,816,818       105,478,205  
End of Year   $ 133,812,143     $ 116,816,818  
                 
SHARE ACTIVITY                
Shares sold     4,700,000       4,150,000  
Shares redeemed     (4,000,000 )     (2,850,000 )
Net increase in shares of beneficial interest outstanding     700,000       1,300,000  

 

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