Page

Letter to Shareholders

1

Portfolio Allocation

3

Schedule of Investments

4

Statement of Assets and Liabilities

10

Statement of Operations

11

Statements of Changes in Net Assets

12

Financial Highlights

13

Notes to Financial Statements

14

Expense Example

23

Review of Liquidity Risk Management Program

24

Federal Tax Information

25

Results of Shareholder Meeting

25

Information About Portfolio Holdings

26

Information About Proxy Voting

26

Information About the Fund’s Trustees

26

Frequency Distribution of Premiums and Discounts

26

Sector ^(a)

Percentage of
Net Assets

Information Technology ^(b)

Industrials

Financials

Health Care

Communication Services

Consumer Discretionary

Materials

Consumer Staples

Real Estate

Energy

Other Assets in Excess of Liabilities

Short-Term Investments

Utilities

Total

(a)

The Fund’s security classifications are defined by Fund management.

(b)

To the extent that the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. See Note 7 in Notes to Financial Statements.

Shares

Security Description

Value

COMMON STOCKS — 98.5%

Australia — 7.2%

Atlassian Corporation plc - Class A ^(a)

Newcrest Mining, Ltd.

Redbubble, Ltd. ^(a)

Santos, Ltd.

Star Entertainment Group, Ltd. ^(a)

Belgium — 1.3%

Bekaert SA

Orange Belgium SA

Canada — 0.7%

IMAX Corporation ^(a)

Sombrero Resources, Inc. ^(a)(b)(f)

Tier One Silver, Inc. ^(a)

Denmark — 8.6%

Carlsberg AS - Class B

Coloplast AS - Class B

INVISIO AB

Novo Nordisk AS - ADR

Novozymes AS - B Shares

ROCKWOOL International AS - Class B

Royal Unibrew AS

Tryg AS

France — 2.7%

Airbus SE ^(a)

BNP Paribas SA

EDAP TMS SA - ADR ^(a)

Nexans SA

Germany — 0.9%

Deutsche Wohnen SE

Sirius Real Estate, Ltd.

Shares

Security Description

Value

COMMON STOCKS — 98.5% (Continued)

Hong Kong — 1.3%

Hongkong Land Holdings, Ltd.

Nissin Foods Company, Ltd.

Israel — 7.3%

Camtek, Ltd. ^(a)

CyberArk Software, Ltd. ^(a)

Delek Automotive Systems, Ltd.

Kornit Digital, Ltd. ^(a)

Nice, Ltd. ^(a)

RADA Electronic Industries, Ltd. ^(a)

Wix.com, Ltd. ^(a)

Italy — 4.0%

Azimut Holding SpA

Banca IFIS SpA

Credito Emiliano SpA

Intesa Sanpaolo SpA

Poste Italiane SpA

Prysmian SpA

Sesa SpA

Zignago Vetro SpA

Japan — 39.1% ^(c)

Advantest Corporation

AGC, Inc.

Aoyama Trading Company, Ltd.

Asahi Holdings, Inc.

CyberAgent, Inc.

CYBERDYNE, Inc. ^(a)

Daiichikosho Company, Ltd.

Daikokutenbussan Company, Ltd.

Daiwa Securities Group, Inc.

Dip Corporation

Exedy Corporation

Hachijuni Bank, Ltd.

Shares

Security Description

Value

COMMON STOCKS — 98.5% (Continued)

Japan — 39.1% ^(c) (Continued)

Hioki EE Corporation

JAFCO Group Company, Ltd.

Jeol, Ltd.

Kirin Holdings Company, Ltd.

Kura Sushi, Inc.

Kurita Water Industries, Ltd.

M3, Inc.

Matsuyafoods Holdings Company, Ltd.

MedPeer, Inc. ^(a)

Meiko Electronics Company, Ltd.

Menicon Company, Ltd.

Mitsui OSK Lines, Ltd.

Monex Group, Inc.

NET One Systems Company, Ltd.

Nippon Electric Glass Company, Ltd.

Nippon Gas Company, Ltd.

Nippon Yusen KK

Nomura Holdings, Inc.

Nomura Research Institute, Ltd.

Oji Holdings Corporation

Open Door, Inc. ^(a)

Organo Corporation

Pacific Industrial Company, Ltd.

RS Technologies Company, Ltd.

Sanken Electric Company, Ltd.

Sanyo Denki Company, Ltd.

SCREEN Holdings Company, Ltd.

Seven Bank, Ltd.

Shindengen Electric Manufacturing Company, Ltd.

Sumitomo Mitsui Trust Holdings, Inc.

Suruga Bank, Ltd.

Takeuchi Manufacturing Company, Ltd.

Tokyo Electron, Ltd.

Toshiba Corporation

Ulvac, Inc.

Shares

Security Description

Value

COMMON STOCKS — 98.5% (Continued)

Japan — 39.1% ^(c) (Continued)

Uzabase, Inc. ^(a)

Wacom Company, Ltd.

Yokowo Company, Ltd.

Malaysia — 0.7%

Lynas Rare Earths, Ltd. ^(a)

Netherlands — 1.6%

Adyen NV ^(a)

Alfen Beheer BV ^(a)

Merus NV ^(a)

Prosus NV

Norway — 1.6%

DNO ASA ^(a)

Gjensidige Forsikring ASA

Portugal — 0.6%

Sonae SGPS SA

Republic of Korea — 5.0%

GS Holdings Corporation

Hankook Tire & Technology Company, Ltd.

Hyundai Engineering & Construction Company, Ltd.

Hyundai Steel Company

Pan Ocean Company, Ltd.

Pearl Abyss Corporation ^(a)

Singapore — 1.0%

ARA LOGOS Logistics Trust

Sweden — 6.5%

Cibus Nordic Real Estate AB

Collector AB ^(a)

Dustin Group AB

Shares

Security Description

Value

COMMON STOCKS — 98.5% (Continued)

Sweden — 6.5% (Continued)

L E Lundbergforetagen AB - B Shares

Spotify Technology SA ^(a)

Switzerland — 3.8%

Arbonia AG

Aryzta AG ^(a)

Helvetia Holding AG

Lonza Group AG

Sika AG

UBS Group AG

United Kingdom — 3.9%

Adaptimmune Therapeutics plc - ADR ^(a)

Diageo plc - ADR

Ergomed plc ^(a)

Intertek Group plc

JD Sports Fashion plc

Ocado Group plc ^(a)

RWS Holdings plc

Serica Energy plc

Smiths Group plc

Watkin Jones plc

Uruguay — 0.7%

Globant SA ^(a)

TOTAL COMMON STOCKS (Cost $10,991,454)

Shares

Security Description

Value

PREFERRED STOCKS — 0.3%

Germany — 0.3%

STO SE & Company KGaA

Republic of Korea — 0.0% ^(d)

Hyundai Engineering & Construction Company, Ltd.

TOTAL PREFERRED STOCKS (Cost $33,951)

SHORT-TERM INVESTMENTS — 0.5%

First American Government Obligations Fund - Class X, 0.03% ^(e)

TOTAL SHORT-TERM INVESTMENTS (Cost $57,946)

TOTAL INVESTMENTS — 99.3% (Cost $11,083,351)

Other Assets in Excess of Liabilities — 0.7%

NET ASSETS — 100.0%

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt.

(a)

Non-income producing security.

(b)

Value determined using significant unobservable inputs. Classified as Level 3 in the fair value hierarchy.

(c)

To the extent the Fund invests a significant portion of its assets in the securities of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region. See Note 7 in Notes to Financial Statements.

(d)

Represents less than 0.05% of net assets.

(e)

Annualized seven-day yield as of November 30, 2021.

(f)

This security has been deemed illiquid according to the Fund’s liquidity guidelines. The value of this security is $0, which represents 0.00% of net assets.

ASSETS

Investments in securities, at value *

Receivable for investment securities sold

Dividends and interest receivable

Total assets

LIABILITIES

Payable for investment securities purchased

Management fees payable

Total liabilities

NET ASSETS

Net Assets Consist of:

Paid-in capital

Total distributable earnings (accumulated deficit)

Net assets

Net Asset Value

Net assets

Shares outstanding ^

Net asset value, offering and redemption price per share

* Identified cost:

Investments in securities

^

No Par value, unlimited number of shares authorized.

INCOME

Dividends *

Interest

Total investment income

EXPENSES

Management fees

Total expenses

Net investment income (loss)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

Net realized gain (loss) on:

Investments in securities

Securities sold short

Foreign Currency Translation

Change in unrealized appreciation (depreciation) of:

Investments in securities

Securities sold short

Foreign Currency Translation

Net realized and unrealized gain (loss) on investments

Net increase (decrease) in net assets resulting from operations

* Net of foreign withholding tax of

Six-Months
Ended
November 30,
2021
(Unaudited)

Year Ended
May 31, 2021

OPERATIONS

Net investment income (loss)

Net realized gain (loss) on investments, securities sold short, and foreign currency transactions

Change in unrealized appreciation (depreciation) of investments, securities sold short, and foreign currency translations

Net increase (decrease) in net assets resulting from operations

DISTRIBUTIONS TO SHAREHOLDERS

Net distributions to shareholders

Total distributions to shareholders

CAPITAL SHARE TRANSACTIONS

Proceeds from shares sold

Transaction Fees (see Note 6)

Payments for shares redeemed

Net increase (decrease) in net assets derived from capital share transactions (a)

Net increase (decrease) in net assets

NET ASSETS

Beginning of period/year

End of period/year

(a)

Summary of capital share transactions is as follows:

Shares

Shares

Shares sold

Shares redeemed

Net increase

Net asset value, beginning of period/year

INCOME GAIN (LOSS) FROM INVESTMENT OPERATIONS:

Net investment income (loss) ⁽²⁾

Net realized and unrealized gain (loss) on investments ⁽⁶⁾

Total from investment operations

DISTRIBUTIONS TO SHAREHOLDERS:

From net investment income

From net realized gains

Total distributions to shareholders

CAPITAL SHARE TRANSACTIONS

Transaction fees (see Note 6)

Net asset value, end of period/year

Total return

SUPPLEMENTAL DATA:

Net assets at end of period/year (000’s)

RATIOS TO AVERAGE NET ASSETS:

Expenses to average net assets

Net investment income (loss) to average net assets

Portfolio turnover rate ⁽⁵⁾

⁽¹⁾

Commenced operations on June 5, 2018.

⁽²⁾

Calculated based on average shares outstanding during the period.

⁽³⁾

Not annualized.

⁽⁴⁾

Annualized.

⁽⁵⁾

Excludes impact of in-kind transactions.

⁽⁶⁾

Realized and unrealized gains (losses) per share are balancing amounts necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

A.

Security Valuation . All equity securities, including domestic and foreign common stocks, preferred stocks and exchange-traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market ^® , Nasdaq Global Select Market ^® and the Nasdaq Capital Market ^® exchanges (collectively, “Nasdaq”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange-traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.

Level 1

– Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2

– Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3

– Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

Assets^

Level 1

Level 2

Level 3

Total

Common Stocks

Preferred Stocks

Short-Term Investments

Total Investments in Securities

^

See Schedule of Investments for breakout of investments by country.

^(a)

Represents less than $0.50.

B.

Federal Income Taxes . The Fund’s policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies and to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required. The Fund plans to file U.S. Federal and various state and local tax returns.

C.

Security Transactions and Investment Income . Investment securities transactions are accounted for on the trade date. Gains and losses realized from investment transactions are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable tax rules and regulations.

D.

Distributions to Shareholders . Distributions to shareholders from net investment income and net realized gains on securities are declared and paid by the Fund on an annual basis. Distributions are recorded on the ex-dividend date.

E.

Foreign Currency . Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

F.

Short Positions . When the Fund sells a security it does not own (known as a “short” position), it must buy or borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. For financial statement purposes, cash proceeds from securities sold short, if any, are included in the Statement of Assets and Liabilities as deposits at broker for securities sold short. The amount of the securities sold short, shown as a liability, is subsequently marked-to-market to reflect the current value of the

G.

Use of Estimates . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the current fiscal period. Actual results could differ from those estimates.

H.

Share Valuation . The NAV per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. The Fund’s shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. The offering and redemption price per share of the Fund is equal to the Fund’s NAV per share.

I.

Guarantees and Indemnifications . In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

J.

Reclassification of Capital Accounts . U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences primarily relate to redemptions in kind. During the fiscal year ended May 31, 2021, the following table shows the reclassifications made:

Distributable
Earnings
(Accumulated
Deficit)

Paid-In
Capital

K.

Subsequent Events . In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to the end of the current fiscal period, that materially impacted the amounts or disclosures in the Fund’s financial statements.

Tax cost of investments

Gross tax unrealized appreciation

Gross tax unrealized depreciation

Net tax unrealized appreciation (depreciation)

Undistributed ordinary income

Undistributed long-term capital gain (loss)

Other accumulated gain (loss)

Distributable earnings (accumulated deficit)

Beginning
Account Value
June 1, 2021

Ending
Account Value
November 30, 2021

Expenses
Paid During
the Period ⁽¹⁾

Actual

$ 1,000.00

$ 983.60

$3.93

Hypothetical (5% annual return before expenses)

$ 1,000.00

$ 1,021.11

$4.00

(1)

The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.79%, multiplied by the average account value during the period, multiplied by 183/365 to reflect the one-half year period.

Proposal 1

For Votes

Against

Abstained

To approve a new investment sub-advisory agreement among EquBot Inc., Toroso Investments, LLC, and ETF Series Solutions, on behalf of the AI Powered International Equity ETF. No increase in shareholder fees or expenses is being proposed.

331,957

330

1,442