V-Shares US Leadership Diversity ETF

(Ticker: VDNI)

V-Shares MSCI World ESG Materiality

and Carbon Transition ETF

(Ticker: VMAT)

Semi-Annual Report

www.v-shares.com

April 30, 2023

(This Page Intentionally Left Blank.)

V-SHARES US LEADERSHIP DIVERSITY ETF

Value of $10,000 Investment (Unaudited)

The chart assumes an initial investment of $10,000. Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 1-312-872-7281. Performance assumes the reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Annualized Rates of Return (%) – as of April 30, 2023 (Unaudited)

		Since
	1 Year	Inception⁽¹⁾
V-Shares US Leadership Diversity ETF – Market	3.43%	-5.01%
V-Shares US Leadership Diversity ETF – NAV	3.40%	-4.97%
ISS ESG U.S. Diversity Index⁽²⁾	3.59%	-4.79%
S&P 500^® Index⁽³⁾	2.66%	-4.96%

⁽¹⁾	The US Leadership Diversity ETF commenced operations on December 21, 2021.
⁽²⁾	The ISS ESG U.S. Diversity Index (the “Index”) is a free float-adjusted market capitalization weighted equity index designed to reflect the equity performance of U.S. companies that exhibit broad ethnic and gender representation for Directors and Named Executive Officers, as determined by the Index Provider. The Index is calculated, administered, and published by Solactive AG. One cannot invest directly in an index.
⁽³⁾	The S&P 500^® Index is a stock market index based on the market capitalizations of 500 leading companies publicly traded in the U.S. stock market, as determined by Standard & Poor’s. One cannot invest directly in an index.

V-SHARES MSCI WORLD ESG MATERIALITY AND CARBON TRANSITION ETF

Value of $10,000 Investment (Unaudited)

Rates of Return (%) – as of April 30, 2023 (Unaudited)

		Since
		Inception⁽¹⁾
	V-Shares MSCI World ESG Materiality and Carbon Transition ETF – Market	6.17%
	V-Shares MSCI World ESG Materiality and Carbon Transition ETF – NAV	6.08%
	MSCI World ESG Materiality and Carbon Transition Select Index⁽²⁾	5.81%
	S&P 500^® Index⁽³⁾	2.84%

⁽¹⁾	The V-Shares MSCI World ESG Materiality and Carbon Transition ETF commenced operations on June 8, 2022.
⁽²⁾	The MSCI World ESG Materiality and Carbon Transition Select Index is designed to invest in developed market countries, including the United States and Canada, and in companies that are assessed to be sector leaders based on a set of Environmental, Social and Governance (ESG) key issues that are aligned with the SASB’s Materiality framework and seeks to minimize carbon transition risk and capture opportunities through companies’ operations and business model. One cannot invest directly in an index.
⁽³⁾	The S&P 500^® Index is a stock market index based on the market capitalizations of 500 leading companies publicly traded in the U.S. stock market, as determined by Standard & Poor’s. One cannot invest directly in an index.

V-SHARES

Expense Examples (Unaudited)

April 30, 2023

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage commission on purchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (November 1, 2022 – April 30, 2023).

ACTUAL EXPENSES

The first line of each table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second line of each table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs may have been higher.

V-Shares US Leadership Diversity ETF

	Beginning	Ending
	Account Value	Account Value	Expenses Paid⁽¹⁾
	11/01/2022	04/30/2023	(11/01/2022 to 04/30/2023)
Actual⁽²⁾	$1,000.00	$1,106.60	$1.51
Hypothetical
(5% return before expenses)	$1,000.00	$1,023.36	$1.45

⁽¹⁾	Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.29%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half year period.
⁽²⁾	Based on the actual return for the six-month period ended April 30, 2023 of 10.66%.

V-Shares MSCI World ESG Materiality and Carbon Transition ETF

	Beginning	Ending
	Account Value	Account Value	Expenses Paid⁽³⁾
	11/01/2022	04/30/2023	(11/01/2022 to 04/30/2023)
Actual⁽⁴⁾	$1,000.00	$1,189.60	$2.12
Hypothetical
(5% return before expenses)	$1,000.00	$1,022.86	$1.96

⁽³⁾	Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.39%, multiplied by the average account value over the period, multiplied by 181/365 to reflect the one-half-year period.
⁽⁴⁾	Based on the actual return for the six-month period ended April 30, 2023 of 18.96%.

V-SHARES US LEADERSHIP DIVERSITY ETF

Sector Allocation⁽¹⁾ (Unaudited)

as of April 30, 2023

(% of net assets)

Top Ten Equity Holdings⁽¹⁾ (Unaudited)

as of April 30, 2023

(% of net assets)

	Apple, Inc.	9.8%
	Microsoft Corp.	8.8%
	Alphabet, Inc., Class A & C	4.8%
	NVIDIA Corp.	2.6%
	Meta Platforms, Inc.	2.1%
	Johnson & Johnson	1.7%
	Visa, Inc. – Class A	1.5%
	Proctor & Gamble Co.	1.4%
	Eli Lilly & Co.	1.3%
	Mastercard, Inc.	1.3%

⁽¹⁾	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

V-SHARES MSCI WORLD ESG MATERIALITY AND CARBON TRANSITION ETF

Sector Allocation⁽¹⁾ (Unaudited)

as of April 30, 2023

(% of net assets)

Top Ten Equity Holdings⁽¹⁾ (Unaudited)

as of April 30, 2023

(% of net assets)

	Microsoft Corp.	10.8%
	Amazon.com, Inc.	4.4%
	NVIDIA Corp.	4.1%
	Procter and Gamble Co.	1.4%
	LVMH Moet Hennessy Louis Vuitton	1.3%
	Novo Nordisk	1.1%
	Coca-Cola Co.	1.0%
	PepsiCo, Inc.	1.0%
	AstraZeneca PLC	1.0%
	Bank of America Corp.	0.9%

⁽¹⁾	Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited)

April 30, 2023

	Shares		Value
COMMON STOCKS — 99.5%

Communication Services — 10.7%
Activision Blizzard, Inc. (a)		31	$	2,409
Alphabet, Inc. – Class A (a)		237		25,648
Alphabet, Inc. – Class C (a)		264		28,338
AT&T, Inc.		314		5,548
Bumble, Inc. (a)		3		55
Cinemark Holdings, Inc. (a)		4		68
Comcast Corp. – Class A		193		7,984
Electronic Arts, Inc.		13		1,655
Frontier Communications Parent, Inc. (a)		10		225
iHeartMedia, Inc. – Class A (a)		5		17
Integral Ad Science Holding Corp. (a)		2		32
Liberty Latin America Ltd. – Class A (a)		1		9
Liberty Latin America Ltd. – Class C (a)		6		53
Live Nation Entertainment, Inc. (a)		7		474
Match Group, Inc. (a)		12		443
Meta Platforms, Inc. (a)		100		24,032
New York Times Co.		7		278
Nextdoor Holdings, Inc. (a)		4		8
Omnicom Group, Inc.		9		815
Paramount Global		26		607
Pinterest, Inc. – Class A (a)		26		598
Scholastic Corp.		1		39
Take-Two Interactive Software, Inc. (a)		7		870
TEGNA, Inc.		10		171
T-Mobile US, Inc. (a)		28		4,029
Verizon Communications, Inc.		185		7,184
Vimeo, Inc. (a)		5		16
Walt Disney Co. (a)		81		8,303
Warner Bros Discovery, Inc. (a)		97		1,320
World Wrestling Entertainment, Inc. – Class A		2		214
Ziff Davis, Inc. (a)		2		146
				121,588
Consumer Discretionary — 7.1%
Academy Sports & Outdoors, Inc.		3		191
Adtalem Global Education, Inc. (a)		2		81
Airbnb, Inc. (a)		16		1,915
AutoZone, Inc. (a)		1		2,663
Bath & Body Works, Inc.		10		351
Best Buy Co, Inc.		9		671

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Consumer Discretionary — 7.1% (Continued)
Booking Holdings, Inc. (a)		2	$	5,373
Burlington Stores, Inc. (a)		3		578
CarMax, Inc. (a)		6		420
Chewy, Inc. – Class A (a)		4		124
Choice Hotels International, Inc.		2		255
Coursera, Inc. (a)		4		50
Cracker Barrel Old Country Store, Inc.		1		106
Darden Restaurants, Inc.		5		760
Deckers Outdoor Corp. (a)		1		479
Dick’s Sporting Goods, Inc.		2		290
Duolingo, Inc. (a)		1		136
eBay, Inc.		25		1,161
EVgo, Inc. – Class A (a)		4		24
Expedia Group, Inc. – Class A (a)		6		564
Fisker, Inc. – Class A (a)		7		45
Five Below, Inc. (a)		2		395
Foot Locker, Inc.		4		168
Gap, Inc.		11		106
General Motors Co.		61		2,015
Goodyear Tire & Rubber Co. (a)		13		139
H&R Block, Inc.		7		237
Hanesbrands, Inc.		16		84
Harley-Davidson, Inc.		5		185
Home Depot Inc.		45		13,524
Kohl’s Corp.		6		132
Krispy Kreme, Inc.		2		31
Lear Corp.		2		255
Leggett & Platt, Inc.		6		194
Leslie’s, Inc. (a)		7		76
Levi Strauss & Co. – Class A		4		58
LKQ Corp.		11		635
Lowe’s Cos, Inc.		27		5,611
Lucid Group, Inc. (a)		24		191
Macy’s, Inc.		12		196
Marriott International Inc.		12		2,032
Mattel, Inc. (a)		16		288
McDonald’s Corp.		32		9,464
MGM Resorts International		14		629
Newell Brands, Inc.		17		207
NIKE, Inc. – Class B		55		6,970
ODP Corp. (a)		2		86

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Consumer Discretionary — 7.1% (Continued)
Papa John’s International, Inc.		1	$	75
Peloton Interactive, Inc. (a)		13		115
Petco Health & Wellness, Inc. – Class A (a)		4		40
Planet Fitness, Inc. – Class A (a)		4		333
Playa Hotels & Resorts (a)		6		56
QuantumScape Corp. (a)		9		63
Rent-A-Center, Inc.		2		53
RH (a)		1		255
SeaWorld Entertainment, Inc. (a)		1		54
Shake Shack, Inc. – Class A (a)		2		110
Soho House & Co, Inc. (a)		1		6
Starbucks Corp.		50		5,714
Steven Madden Ltd.		4		140
Stride, Inc. (a)		2		86
Sweetgreen, Inc. (a)		3		24
Tapestry, Inc.		11		449
Target Corp.		21		3,313
TJX, Inc.		48		3,783
Topgolf Callaway Brands Corp. (a)		6		133
Tractor Supply Co.		5		1,192
Udemy, Inc. (a)		2		18
Ulta Beauty, Inc. (a)		2		1,103
Under Armour, Inc. – Class A (a)		8		71
Under Armour, Inc. – Class C (a)		9		72
Victoria’s Secret & Co. (a)		3		93
Visteon Corp. (a)		1		140
Warby Parker, Inc. (a)		3		32
Whirlpool Corp.		2		279
Wingstop, Inc.		2		400
Yum China Holdings, Inc.		18		1,101
Yum! Brands, Inc.		13		1,828
				81,276
Consumer Staples — 6.3%
Altria Group, Inc.		80		3,801
Archer-Daniels-Midland Co.		25		1,952
Beyond Meat, Inc. (a)		2		27
Bunge Ltd.		6		562
Campbell Soup Co.		9		489
Casey’s General Stores, Inc.		2		458
Clorox Co.		5		828
Coca-Cola Co.		171		10,970

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Consumer Staples — 6.3% (Continued)
Conagra Brands, Inc.		22	$	835
Constellation Brands, Inc. – Class A		6		1,377
Coty, Inc. (a)		16		190
Edgewell Personal Care Co.		2		87
e.l.f. Beauty, Inc. (a)		2		186
Energizer Holdings, Inc.		4		134
Estee Lauder Cos, Inc. – Class A		9		2,220
Fresh Del Monte Produce, Inc. – ADR		2		57
General Mills, Inc.		27		2,393
Herbalife Nutrition Ltd. (a)		4		59
Hormel Foods Corp.		13		526
Kellogg Co.		11		767
Kimberly-Clark Corp.		15		2,173
Kraft Heinz Co.		34		1,335
Kroger Co.		29		1,410
McCormick & Co.		11		966
Molson Coors Beverage Co.		8		476
Nu Skin Enterprises, Inc.		2		79
Olaplex Holdings, Inc. (a)		3		11
PepsiCo, Inc.		61		11,644
Philip Morris International, Inc.		68		6,798
PriceSmart, Inc.		2		147
Procter & Gamble Co.		105		16,420
Spectrum Brands Holdings, Inc.		1		67
TreeHouse Foods, Inc. (a)		2		107
Tyson Foods, Inc. – Class A		13		812
United Natural Foods, Inc. (a)		2		55
Walgreens Boots Alliance, Inc.		31		1,093
				71,511
Energy — 2.8%
California Resources Corp.		4		162
ChampionX Corp.		9		244
Chevron Corp.		85		14,329
ConocoPhillips		56		5,762
Diamondback Energy, Inc.		7		995
Marathon Petroleum Corp.		22		2,684
Pioneer Natural Resources Co.		10		2,176
Schlumberger		63		3,109
Targa Resources Corp.		9		680
Valero Energy Corp.		18		2,064
				32,205

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Financials — 7.6%
Affirm Holdings, Inc. (a)		8	$	79
Aflac, Inc.		26		1,816
Allstate Corp.		12		1,389
American Express Co.		25		4,034
Ameris Bancorp		2		67
Aon PLC		8		2,601
Apollo Global Management, Inc.		18		1,141
Associated Banc Corp.		6		107
Assurant, Inc.		2		246
Assured Guaranty Ltd. – ADR		3		162
Bank of America Corp.		309		9,048
Bank of Hawaii Corp.		2		97
Bank of New York Mellon Corp.		33		1,405
BankUnited, Inc.		4		90
Berkshire Hills Bancorp, Inc.		1		21
BlackRock, Inc.		6		4,027
Block, Inc. (a)		23		1,398
Brighthouse Financial, Inc. (a)		4		177
Cadence Bank		8		162
Capital One Financial Corp.		17		1,654
Cathay General Bancorp		4		128
Cboe Global Markets, Inc.		5		699
Charles Schwab Corp.		67		3,500
Columbia Banking System, Inc.		9		192
Comerica, Inc.		6		260
CVB Financial Corp.		6		90
Discover Financial Services		12		1,242
East West Bancorp, Inc.		6		310
Eastern Bankshares, Inc.		8		93
Employers Holdings, Inc.		2		79
Enact Holdings, Inc.		1		24
Encore Capital Group, Inc. (a)		1		51
Equitable Holdings, Inc.		16		416
FactSet Research Systems, Inc.		1		412
Fifth Third Bancorp		30		786
First Bancorp – ADR		9		106
First Hawaiian, Inc.		6		115
First Merchants Corp.		2		58
First Republic Bank		8		28
Franklin Resources, Inc.		13		349
GCM Grosvenor, Inc.		1		8

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Financials — 7.6% (Continued)
Genworth Financial, Inc. (a)		21	$	122
Goldman Sachs Group Inc.		15		5,152
Hanover Insurance Group, Inc.		1		120
Hartford Financial Services Group, Inc.		15		1,065
Hope Bancorp, Inc.		5		46
Huntington Bancshares, Inc.		63		706
Intercontinental Exchange, Inc.		25		2,723
International Bancshares Corp.		2		85
Janus Henderson Group Plc		5		130
Kemper Corp.		2		97
KeyCorp		41		462
Lazard Ltd.		4		125
Lemonade, Inc. (a)		2		22
Lincoln National Corp.		7		152
Marsh & McLennan, Inc.		22		3,964
MetLife, Inc.		27		1,656
MGIC Investment Corp.		13		193
Morgan Stanley		59		5,308
Morningstar, Inc.		1		178
MSCI, Inc.		3		1,447
Nasdaq, Inc.		15		831
Northern Trust Corp.		9		703
OFG Bancorp		2		51
Old National Bancorp		13		174
Oscar Health, Inc. (a)		5		34
Pacific Premier Bancorp, Inc.		4		89
PNC Financial Services Group, Inc.		18		2,345
Popular, Inc. – ADR		3		180
PRA Group, Inc. (a)		2		73
Primerica, Inc.		2		365
Principal Financial Group, Inc.		11		822
ProAssurance Corp.		2		36
PROG Holdings, Inc. (a)		2		60
Prudential Financial, Inc.		16		1,392
Raymond James Financial, Inc.		8		724
Regions Financial Corp.		41		749
Reinsurance Group of America, Inc.		2		285
Robinhood Markets, Inc. (a)		25		221
SiriusPoint Ltd. (a)		3		26
Sofi Technologies, Inc. (a)		33		205
State Street Corp.		16		1,156

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Financials — 7.6% (Continued)
Synchrony Financial		22	$	649
Synovus Financial Corp.		6		185
T Rowe Price Group, Inc.		10		1,123
Toast, Inc. (a)		12		218
Triumph Financial, Inc. (a)		1		52
Truist Financial Corp.		58		1,890
Unum Group		7		295
Upstart Holdings, Inc. (a)		3		42
US Bancorp		59		2,023
Washington Federal, Inc.		3		84
Webster Financial Corp.		7		261
Wells Fargo & Co.		167		6,638
Western Alliance Bancorp		4		148
Zions Bancorp		7		195
				86,744
Health Care — 16.4%
23andMe Holding Co. (a)		10		20
Abbott Laboratories		76		8,396
AbbVie, Inc.		78		11,787
Accolade, Inc. (a)		2		27
Agilent Technologies, Inc.		13		1,761
Agios Pharmaceuticals, Inc. (a)		2		46
Akero Therapeutics, Inc. (a)		1		45
Align Technology, Inc. (a)		3		976
Alignment Healthcare, Inc. (a)		3		19
Allogene Therapeutics, Inc. (a)		4		22
Alnylam Pharmaceuticals, Inc. (a)		5		996
AmerisourceBergen Corp.		6		1,001
Amgen, Inc.		23		5,514
AMN Healthcare Services, Inc. (a)		2		173
Amneal Pharmaceuticals, Inc. (a)		5		10
Amphastar Pharmaceuticals, Inc. (a)		1		36
Anthem, Inc.		11		5,155
Apollo Medical Holdings, Inc. (a)		1		36
Arcus Biosciences, Inc. (a)		2		36
Arcutis Biotherapeutics, Inc. (a)		2		28
Avantor, Inc. (a)		28		545
Baxter International, Inc.		23		1,097
Biogen, Inc. (a)		6		1,825
Blueprint Medicines Corp. (a)		2		102

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Health Care — 16.4% (Continued)
Boston Scientific Corp. (a)		63	$	3,284
Bridgebio Pharma, Inc. (a)		4		58
Bristol-Myers Squibb Co.		94		6,276
Cardinal Health, Inc.		12		985
CareDx, Inc. (a)		2		16
Centene Corp. (a)		25		1,723
Cerevel Therapeutics Holdings, Inc. (a)		2		58
Cigna Corp.		13		3,293
Cross Country Healthcare, Inc. (a)		1		22
CVS Health Corp.		58		4,252
Cytek Biosciences, Inc. (a)		3		34
Danaher Corp.		29		6,870
DaVita, Inc. (a)		3		271
Denali Therapeutics, Inc. (a)		3		75
Edwards Lifesciences Corp. (a)		27		2,375
Elanco Animal Health, Inc. (a)		20		189
Eli Lilly & Co.		37		14,647
Enovis Corp. (a)		2		117
Envista Holdings Corp. (a)		8		308
Erasca, Inc. (a)		2		6
Fate Therapeutics, Inc. (a)		4		24
FibroGen, Inc. (a)		3		51
GE HealthCare Technologies, Inc. (a)		16		1,301
Gilead Sciences, Inc.		56		4,604
Guardant Health, Inc. (a)		4		90
Halozyme Therapeutics, Inc. (a)		6		193
Henry Schein, Inc. (a)		6		485
Hims & Hers Health, Inc. – Class A (a)		5		58
ICU Medical, Inc. (a)		1		189
IDEXX Laboratories, Inc. (a)		4		1,969
Illumina, Inc. (a)		7		1,439
ImmunityBio, Inc. (a)		4		11
Intuitive Surgical, Inc. (a)		16		4,820
Invitae Corp. (a)		10		14
IQVIA Holdings, Inc. (a)		8		1,506
iRhythm Technologies, Inc. (a)		1		131
Johnson & Johnson		116		18,989
Karuna Therapeutics, Inc. (a)		1		198
Laboratory Corp. of America Holdings		4		907
Legend Biotech Corp. – ADR (a)		7		481
LivaNova Plc (a)		2		96

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Health Care — 16.4% (Continued)
McKesson Corp.		6	$	2,185
Medtronic Plc		58		5,275
Merck & Co, Inc.		111		12,817
Mirati Therapeutics, Inc. (a)		2		89
Myriad Genetics, Inc. (a)		4		85
Oak Street Health, Inc. (a)		6		234
Organon & Co.		11		271
Owens & Minor, Inc. (a)		3		47
Penumbra, Inc. (a)		2		568
PerkinElmer, Inc.		5		652
Pfizer, Inc.		247		9,606
Recursion Pharmaceuticals, Inc. (a)		3		14
Regeneron Pharmaceuticals, Inc. (a)		5		4,009
Relay Therapeutics, Inc. (a)		3		34
ResMed, Inc.		6		1,446
Seagen, Inc. (a)		6		1,200
Stryker Corp.		15		4,495
Teladoc Health, Inc. (a)		6		159
Tenet Healthcare Corp. (a)		4		293
Thermo Fisher Scientific, Inc.		17		9,433
TransMedics Group, Inc. (a)		1		79
Ultragenyx Pharmaceutical, Inc. (a)		2		87
United Therapeutics Corp. (a)		2		460
Vertex Pharmaceuticals, Inc. (a)		11		3,748
Viatris, Inc.		53		494
Vir Biotechnology, Inc. (a)		4		101
Waters Corp. (a)		3		901
Xencor, Inc. (a)		2		53
Zentalis Pharmaceuticals, Inc. (a)		1		22
Zimmer Biomet Holdings, Inc.		10		1,384
Zoetis, Inc.		21		3,691
				186,000
Industrials — 7.2%
3M Co.		25		2,656
A O Smith Corp.		5		341
ABM Industries, Inc.		3		128
Acuity Brands, Inc.		1		157
Advanced Drainage Systems, Inc.		3		257
AGCO Corp.		2		248
Alaska Air Group, Inc. (a)		6		261
Apogee Enterprises, Inc.		1		43

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Industrials — 7.2% (Continued)
Arcosa, Inc.		2	$	135
Armstrong World Industries, Inc.		2		137
ASGN, Inc. (a)		2		143
Axon Enterprise, Inc. (a)		3		632
AZEK Co., Inc. (a)		5		136
Barnes Group, Inc.		2		84
Boeing Co. (a)		26		5,376
Boise Cascade Co.		1		68
Booz Allen Hamilton Holding Corp.		6		574
Chart Industries, Inc. (a)		2		266
Cummins, Inc.		6		1,410
Deere & Co.		12		4,536
Delta Air Lines, Inc. (a)		28		961
Eaton Corp PLC – ADR		18		3,008
Evoqua Water Technologies Corp. (a)		5		247
FedEx Corp.		11		2,506
Fluence Energy, Inc. (a)		1		18
Fortive Corp.		16		1,009
Fortune Brands Home & Security, Inc.		5		323
Forward Air Corp.		2		211
FTI Consulting, Inc. (a)		2		361
FuelCell Energy, Inc. (a)		17		32
General Electric Co.		48		4,751
GEO Group Inc. (a)		6		45
Granite Construction, Inc.		2		76
Greenbrier, Inc.		1		26
Griffon Corp.		2		57
Hillenbrand, Inc.		3		137
Honeywell International, Inc.		30		5,995
IDEX Corp.		3		619
Jacobs Solutions, Inc.		6		693
JetBlue Airways Corp. (a)		15		107
Joby Aviation, Inc. (a)		10		43
KBR, Inc.		6		340
Kennametal, Inc.		4		104
L3Harris Technologies, Inc.		8		1,561
Landstar System, Inc.		1		176
Legalzoom.com, Inc. (a)		4		38
Lennox International, Inc.		1		282
Lincoln Electric Holdings, Inc.		2		336
Lockheed Martin Corp.		11		5,109

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Industrials — 7.2% (Continued)
Lyft, Inc. – Class A (a)		13	$	133
Masco Corp.		9		482
Masterbrand, Inc. (a)		5		40
Matson, Inc.		2		136
Maxar Technologies, Inc.		3		158
Montrose Environmental Group, Inc. (a)		1		31
Nordson Corp.		2		433
Norfolk Southern Corp.		10		2,030
Northrop Grumman Corp.		6		2,768
nVent Electric PLC – ADR		8		335
Otis Worldwide Corp.		19		1,621
Owens Corning		4		427
Pentair Plc		8		465
Regal Rexnord Corp.		3		391
Republic Services, Inc.		9		1,302
Ryder System, Inc.		2		158
Saia, Inc. (a)		1		298
Stanley Black & Decker, Inc.		7		604
TaskUS, Inc. (a)		1		14
Toro Co.		4		417
Trane Technologies PLC – ADR		10		1,858
TransUnion		8		551
TriNet Group, Inc. (a)		2		186
Trinity Industries, Inc.		4		96
TrueBlue, Inc. (a)		2		30
Uber Technologies, Inc. (a)		83		2,577
Union Pacific Corp.		27		5,284
United Parcel Service, Inc. – Class B		32		5,754
United Rentals, Inc. (a)		3		1,083
Waste Management, Inc.		19		3,155
Westinghouse Air Brake Technologies Corp.		7		684
WW Grainger, Inc.		2		1,391
				81,651
Information Technology — 35.9%^#
Accenture PLC – Class A – ADR		29		8,128
ACI Worldwide, Inc. (a)		5		127
ACM Research, Inc. (a)		1		9
Adobe, Inc. (a)		20		7,551
Advanced Micro Devices, Inc. (a)		71		6,345
Akamai Technologies, Inc. (a)		7		574
Amkor Technology, Inc.		4		90

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Information Technology — 35.9%^# (Continued)
Amplitude, Inc. (a)		2	$	23
Analog Devices, Inc.		23		4,137
ANSYS, Inc. (a)		4		1,256
Apple, Inc.		657		111,480
Applied Materials, Inc.		38		4,295
AppLovin Corp. (a)		5		85
Arista Networks, Inc. (a)		10		1,602
Asana, Inc. (a)		2		32
Atlassian Corp. PLC – Class A – ADR (a)		6		886
Automatic Data Processing, Inc.		18		3,960
Avnet, Inc.		4		165
Axcelis Technologies, Inc. (a)		2		237
Black Knight, Inc. (a)		2		111
Box, Inc. (a)		6		159
Broadcom, Inc.		18		11,277
Broadridge Financial Solutions, Inc. – ADR		6		872
Cadence Design Systems, Inc. (a)		12		2,513
CCC Intelligent Solutions Holdings, Inc. (a)		6		52
CDW Corp.		6		1,018
Cerence, Inc. (a)		1		26
Cognex Corp.		8		382
Cognizant Technology Solutions Corp.		23		1,373
Coherent Corp. (a)		4		137
CommVault Systems, Inc. (a)		2		117
Corning, Inc.		34		1,129
Corsair Gaming, Inc. (a)		1		17
CSG Systems International, Inc.		2		105
DigitalOcean Holdings, Inc. (a)		2		63
Diodes, Inc. (a)		2		159
Dolby Laboratories, Inc.		2		167
Dropbox, Inc. (a)		12		244
DXC Technology Co. (a)		11		262
Elastic (a)		3		172
Envestnet, Inc. (a)		2		127
ExlService Holdings, Inc. (a)		2		357
Expensify, Inc. (a)		1		8
F5, Inc. (a)		2		269
Fastly, Inc. (a)		4		59
Fiserv, Inc. (a)		26		3,175
Flex Ltd. – ADR (a)		20		411
Freshworks, Inc. (a)		5		67

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Information Technology — 35.9%^# (Continued)
Gen Digital, Inc.		26	$	459
Genpact Ltd. – ADR		8		356
Global Payments, Inc.		13		1,465
GoDaddy, Inc. (a)		6		454
Guidewire Software, Inc. (a)		4		305
Hewlett Packard Enterprise Co.		57		816
HP, Inc.		45		1,337
HubSpot, Inc. (a)		2		842
Insight Enterprises, Inc. (a)		2		242
Intel Corp.		181		5,622
Intuit, Inc.		12		5,327
Jamf Holding Corp. (a)		2		38
Juniper Networks, Inc.		14		422
Keysight Technologies, Inc. (a)		8		1,157
KLA Corp.		6		2,319
Kyndryl Holdings, Inc. (a)		8		116
Lam Research Corp.		6		3,144
Littelfuse, Inc.		1		242
LiveRamp Holdings, Inc. (a)		3		72
MACOM Technology Solutions Holdings, Inc. (a)		2		117
Mastercard, Inc.		38		14,441
Micron Technology, Inc.		49		3,154
Microsoft Corp.		324		99,552
MKS Instruments, Inc.		2		168
Model N, Inc. (a)		1		31
NetApp, Inc.		10		629
New Relic, Inc. (a)		2		143
NVIDIA Corp.		105		29,136
Okta, Inc. (a)		6		411
PagerDuty, Inc. (a)		4		120
Palo Alto Networks, Inc. (a)		12		2,190
PayPal Holdings, Inc. (a)		50		3,800
Power Integrations, Inc.		2		146
PowerSchool Holdings, Inc. (a)		3		63
Progress Software Corp.		2		110
Qualcomm, Inc.		50		5,840
Qualtrics International, Inc. (a)		4		72
Rambus, Inc. (a)		4		177
Rapid7, Inc. (a)		2		97
salesforce.com, Inc. (a)		42		8,332
Samsara, Inc. (a)		4		72

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Information Technology — 35.9%^# (Continued)
Seagate Technology Holdings PLC – ADR		9	$	529
Semtech Corp. (a)		3		58
ServiceNow, Inc. (a)		9		4,135
Silicon Laboratories, Inc. (a)		1		139
Splunk, Inc. (a)		8		690
Synaptics, Inc. (a)		2		177
Synopsys, Inc. (a)		7		2,599
TD Synnex Corp.		2		178
TE Connectivity Ltd. – ADR		15		1,836
Teledyne Technologies, Inc. (a)		2		829
Teradata Corp. (a)		5		194
Texas Instruments, Inc.		40		6,688
Thoughtworks Holding, Inc. (a)		3		19
Twilio, Inc. (a)		7		368
Unity Software, Inc. (a)		9		243
Viasat, Inc. (a)		4		140
Visa, Inc. – Class A		72		16,757
VMware, Inc. (a)		9		1,125
Western Digital Corp. (a)		14		482
Western Union Co.		17		186
Workday, Inc. – Class A (a)		8		1,489
Zuora, Inc. – Class A (a)		6		47
				408,254
Materials — 1.8%
Air Products and Chemicals, Inc.		10		2,944
Albemarle Corp.		5		927
Amcor PLC – ADR		66		724
Amyris, Inc. (a)		9		7
AptarGroup, Inc.		3		356
Ashland, Inc.		2		203
Avery Dennison Corp.		3		523
Axalta Coating Systems Ltd. (a)		9		284
Ball Corp.		14		744
Carpenter Technology Corp.		2		105
CF Industries Holdings, Inc.		9		644
Cleveland-Cliffs, Inc. (a)		22		338
Dow, Inc.		32		1,741
Ginkgo Bioworks Holdings, Inc. (a)		47		57
International Flavors & Fragrances, Inc.		11		1,067
International Paper Co.		16		530
Livent Corp. (a)		8		175

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Materials — 1.8% (Continued)
LyondellBasell Industries		11	$	1,041
Martin Marietta Materials, Inc.		3		1,090
Newmont Corp.		35		1,659
PPG Industries, Inc.		11		1,543
Reliance Steel & Aluminum Co.		2		496
Sealed Air Corp.		6		288
Sherwin-Williams Co.		11		2,613
				20,099
Real Estate — 1.7%
Alexander & Baldwin, Inc. – REIT		4		77
American Tower Corp. – REIT		20		4,088
Apartment Income REIT Corp. – REIT		7		259
Camden Property Trust – REIT		4		440
CBRE Group, Inc. – Class A (a)		14		1,073
Compass, Inc. (a)		11		26
Crown Castle International Corp. – REIT		19		2,339
Cushman & Wakefield PLC – ADR (a)		7		69
DigitalBridge Group, Inc. – Class A – REIT		7		87
Douglas Emmett, Inc. – REIT		7		90
Equinix, Inc. – REIT		4		2,896
Essex Property Trust, Inc. – REIT		2		440
Hudson Pacific Properties, Inc. – REIT		6		33
Jones Lang LaSalle, Inc. (a)		2		278
Marcus & Millichap, Inc.		1		32
Prologis, Inc. – REIT		7		2,064
Realogy Holdings Corp. (a)		5		32
Realty Income Corp. – REIT		27		1,697
Retail Opportunity Investments Corp. – REIT		5		65
RLJ Lodging Trust – REIT		7		71
Ryman Hospitality Properties, Inc. – REIT		2		179
Tanger Factory Outlet Centers, Inc. – REIT		4		79
Ventas, Inc. – REIT		17		817
Veris Residential, Inc. – REIT (a)		4		65
Vornado Realty Trust – REIT		7		105
Welltower, Inc. – REIT		20		1,584
Xenia Hotels & Resorts, Inc. – REIT		5		63
				19,048

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Utilities — 2.0%
AES Corp.		29	$	686
Ameren Corp.		11		979
American Electric Power, Inc.		22		2,033
Avangrid, Inc.		3		121
CenterPoint Energy, Inc.		28		853
CMS Energy Corp.		13		809
Consolidated Edison, Inc.		16		1,576
Edison International		17		1,251
Eversource Energy		16		1,242
Exelon Corp.		44		1,867
FirstEnergy Corp.		23		915
Hawaiian Electric Industries, Inc.		4		157
NiSource, Inc.		18		512
NRG Energy, Inc.		11		376
Ormat Technologies, Inc.		1		86
PG&E Corp. (a)		71		1,215
Portland General Electric Co.		4		203
PPL Corp.		32		919
Public Service Enterprise Group, Inc.		22		1,390
Sempra Energy		14		2,177
Southwest Gas Holdings, Inc.		2		112
WEC Energy Group, Inc.		14		1,346
Xcel Energy, Inc.		24		1,678
				22,503
Total Common Stocks
(Cost $1,200,264)				1,130,879

See Notes to the Financial Statements

V-SHARES US LEADERSHIP DIVERSITY ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
SHORT-TERM INVESTMENT — 0.4%
First American Government Obligations, Class X, 4.72% (b)
Total Short-Term Investment
(Cost $4,754)		4,754	$	4,754
Total Investments — 99.9%
(Cost $1,205,018)				1,135,633
Other Assets and Liabilities, Net — 0.1%				636
Total Net Assets — 100.0%			$	1,136,269

ADR – American Depositary Receipt.

PLC – Public Limited Company.

REIT – Real Estate Investment Trust.

#	As of April 30, 2023, the Fund had a significant portion of its assets invested in this sector. See Note 8 in Notes to the Financial Statements.
(a)	Non-income producing security.
(b)	The rate shown is the annualized seven-day effective yield as of April 30, 2023.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use.

See Notes to the Financial Statements

V-SHARES MSCI WORLD ESG MATERIALITY AND CARBON TRANSITION ETF

Schedule of Investments (Unaudited)

April 30, 2023

	Shares		Value
COMMON STOCKS — 99.3%

Communication Services — 6.3%
Activision Blizzard, Inc.		112	$	8,703
AT&T, Inc.		774		13,677
Auto Trader Group PLC (a)		824		6,583
Comcast Corp. – Class A		464		19,196
Deutsche Telekom (a)		390		9,421
Electronic Arts, Inc.		42		5,346
Interpublic Group, Inc.		122		4,359
KDDI Corp. (a)		400		12,479
Koninklijke KPN (a)		974		3,558
Nippon Telegraph & Telephone Corp. (a)		200		6,094
Orange (a)		210		2,739
Rogers Communications, Inc. (a)		84		4,146
SoftBank Corp. (a)		600		6,748
Telefonica (a)		1,181		5,378
T-Mobile US, Inc. (b)		64		9,210
Verizon Communications, Inc.		428		16,619
Vodafone Group PLC (a)		4,198		5,060
Walt Disney Co. (b)		204		20,910
WPP PLC (a)(b)		394		4,592
				164,818
Consumer Discretionary — 10.9%
Adidas (a)		42		7,393
Amazon.com, Inc. (b)		1,088		114,730
Aptiv PLC (b)		28		2,880
Aristocrat Leisure Ltd. (a)		374		9,370
Bayerische Motoren Werke (a)		50		5,599
Booking Holdings, Inc. (b)		6		16,118
Cie Financiere Richemont (a)		70		11,557
Cie Generale des Etablissements Michelin SCA (a)		160		5,092
Expedia Group, Inc. – Class A (b)		32		3,007
Kering (a)		14		8,960
LVMH Moet Hennessy Louis Vuitton (a)		34		32,694
Panasonic Holdings Corp. (a)		600		5,612
Prosus (a)		91		6,818
Sekisui House Ltd. (a)		400		8,196
Sony Group Corp. (a)		200		18,845
Target Corp.		62		9,780
Toyota Motor Corp. (a)		600		8,183

See Notes to the Financial Statements

V-SHARES MSCI WORLD ESG MATERIALITY AND CARBON TRANSITION ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Consumer Discretionary — 10.9% (Continued)
Tractor Supply Co.		26	$	6,198
VF Corp.		116		2,727
				283,759
Consumer Staples — 7.6%
Anheuser-Busch InBev (a)		136		8,873
Archer-Daniels-Midland Co.		78		6,090
Brown-Forman Corp.		80		5,207
Coca-Cola Co.		418		26,815
Danone (a)		98		6,490
Diageo PLC (a)		288		13,111
General Mills, Inc.		92		8,154
Haleon PLC (a)(b)		490		2,162
Kimberly-Clark Corp.		52		7,534
Kirin Holdings Ltd. (a)		600		9,734
L’Oreal (a)		32		15,288
McCormick & Co.		50		4,393
PepsiCo, Inc.		140		26,725
Procter & Gamble Co.		240		37,531
Unilever PLC (a)		336		18,736
				196,843
Energy — 4.3%
Baker Hughes Co.		134		3,918
BP PLC (a)		2,310		15,516
Cameco Corp. (a)(b)		128		3,515
Cheniere Energy, Inc.		26		3,978
Enbridge, Inc. (a)(b)		196		7,785
Equinor ASA (b)		172		4,907
Halliburton Co.		136		4,454
Marathon Petroleum Corp.		80		9,760
ONEOK, Inc.		80		5,233
Phillips 66		70		6,930
Repsol (a)		318		4,685
Schlumberger (a)		178		8,784
TC Energy Corp. (a)(b)		130		5,397
TotalEnergies (a)		262		16,759
Valero Energy Corp.		58		6,651
Woodside Energy Group Ltd. (a)		202		4,496
				112,768

See Notes to the Financial Statements

V-SHARES MSCI WORLD ESG MATERIALITY AND CARBON TRANSITION ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Financials — 13.3%
abrdn PLC (a)		4,642	$	12,410
AIA Group Ltd. (a)		1,200		12,986
Allianz (a)		42		10,546
Australia & New Zealand Banking Group Ltd. (a)		376		6,050
AXA (a)		202		6,594
Banco Bilbao Vizcaya Argentaria (a)		1,408		10,337
Banco Santander (a)		2,826		9,942
Bank of America Corp.		804		23,541
Bank of Montreal (a)(b)		58		5,223
Bank of Nova Scotia (a)(b)		110		5,485
Barclays PLC (a)		2,696		5,418
BNP Paribas (a)		162		10,479
Canadian Imperial Bank of Commerce (a)(b)		98		4,104
Citigroup, Inc.		268		12,615
Commonwealth Bank of Australia (a)		176		11,557
DBS Group Holdings Ltd. (a)		400		9,840
Hong Kong Exchanges & Clearing Ltd. (a)		200		8,255
HSBC Holdings PLC (a)		2,066		14,900
ING Groep (a)		696		8,606
Lloyds Banking Group PLC (a)		11,076		6,710
Macquarie Group Ltd. (a)		54		6,516
Manulife Financial Corp. (a)(b)		502		9,901
Marsh & McLennan, Inc.		46		8,289
MetLife, Inc.		92		5,642
Moody’s Corp.		20		6,262
Morgan Stanley		136		12,236
Muenchener Rueckversicherungs-Gesellschaft (a)		24		9,022
National Australia Bank Ltd. (a)		312		5,946
National Bank of Canada (a)(b)		70		5,214
Nordea Bank (a)		614		6,813
Power Corp of Canada (a)		204		5,458
Principal Financial Group, Inc.		72		5,378
Prudential Financial, Inc.		54		4,698
Prudential PLC (a)		410		6,243
Sampo Oyj (a)		124		6,292
Skandinaviska Enskilda Banken (a)		532		6,042
Sun Life Financial, Inc. (a)(b)		102		4,998
Swiss Re (a)		50		5,040
Toronto-Dominion Bank (a)(b)		162		9,803
UBS Group (a)		434		8,809

See Notes to the Financial Statements

V-SHARES MSCI WORLD ESG MATERIALITY AND CARBON TRANSITION ETF

Schedule of Investments (Unaudited) – Continued

April 30, 2023

	Shares		Value
Financials — 13.3% (Continued)
Westpac Banking Corp. (a)		434	$	6,445
Zurich Insurance Group (a)		12		5,822
				346,467
Health Care — 13.8%
Agilent Technologies, Inc.		60		8,126
Alcon, Inc. (a)		74		5,389
Amgen, Inc.		56		13,425
Anthem, Inc.		24		11,248
Argenx(a)(b)		12		4,620
Astellas Pharma, Inc. (a)		200		3,008
AstraZeneca PLC (a)		172		25,393
Avantor, Inc. (b)		138		2,688
Biogen, Inc. (b)		26		7,910
Bio-Techne Corp.		56		4,473
Centene Corp. (b)		70		4,825
Cigna Group		38		9,625
CSL Ltd. (a)		56		11,124
Daiichi Sankyo Ltd. (a)		200		6,826
Danaher Corp.		78		18,479
Dexcom, Inc. (b)		72		8,736
Edwards Lifesciences Corp. (b)		86		7,566
Genmab (a)(b)		22		9,059
Gilead Sciences, Inc.		152		12,496
GSK PLC (a)		392		7,100
HCA Healthcare, Inc.		30		8,620
Horizon Therapeutics PLC (b)		46		5,113
Humana, Inc.		18		9,549
IDEXX Laboratories, Inc. (b)		16		7,875
Illumina, Inc. (b)		22		4,522
Intuitive Surgical, Inc. (b)		48		14,459
IQVIA Holdings, Inc. (b)		30		5,647
Lonza Group (a)		14		8,711
Merck KGaA (a)		20		3,589
Mettler-Toledo International, Inc. (b)		4		5,966
Novo Nordisk (a)		176		29,317
Ono Pharmaceutical Ltd. (a)