lbay-ncsrs_022823

Leatherback Long/Short Alternative Yield ETF
Ticker: LBAY

Semi-Annual Report

February 28, 2023

Leatherback Long/Short Alternative Yield ETF

TABLE OF CONTENTS


Portfolio Allocation		1
Schedule of Investments		2
Statement of Assets and Liabilities		5
Statement of Operations		6
Statements of Changes in Net Assets		7
Financial Highlights		8
Notes to Financial Statements		9
Expense Example		19
Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements		20
Statement Regarding Liquidity Risk Management Program		24
Additional Information		25

This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Leatherback Long/Short Alternative Yield ETF

ALLOCATION OF PORTFOLIO HOLDINGS at February 28, 2023 (Unaudited)


Sector	% of Total Investments
Consumer, Non-cyclical		27.6	%
Financial		22.1
Industrial		9.9
Basic Materials		9.1
Cash & Cash Equivalents ⁽¹⁾		8.3
Technology		5.7
Communications		5.0
Utilities		4.9
Energy		3.8
Consumer, Cyclical		3.6
		100.0	%

ALLOCATION OF SECURITIES SOLD SHORT at February 28, 2023 (Unaudited)


Sector	% of Total Securities Sold Short
Consumer, Cyclical		39.8	%
Technology		29.1
Financial		21.3
Communications		9.8
		100.0	%

⁽¹⁾ Represents cash, short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

Leatherback Long/Short Alternative Yield ETF


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

SCHEDULE OF INVESTMENTS at February 28, 2023 (Unaudited)


	Shares	Value
Common Stocks — 115.8%

Aerospace & Defense — 3.0%
L3Harris Technologies, Inc. ⁽¹⁾	13,618	$ 2,875,985

Agriculture — 5.2%
Bunge Ltd. ⁽¹⁾	51,418	4,910,419

Banks — 3.2%
Popular, Inc. ⁽¹⁾	41,818	2,985,805

Beverages — 5.2%
The Coca-Cola Co. ⁽¹⁾	39,316	2,339,695
Keurig Dr Pepper, Inc. ⁽¹⁾	73,461	2,538,078
		4,877,773
Building Materials — 3.6%
Carrier Global Corp. ⁽¹⁾ ⁽²⁾	74,788	3,367,704

Chemicals — 6.4%
Air Products and Chemicals, Inc. ⁽¹⁾	13,469	3,851,865
Nutrien Ltd. ⁽¹⁾ ⁽²⁾	28,462	2,213,774
		6,065,639
Commercial Services — 5.4%
H&R Block, Inc. ⁽¹⁾	64,251	2,364,437
S&P Global, Inc. ⁽¹⁾	8,061	2,750,413
		5,114,850
Diversified Financial Services — 12.0%
The Charles Schwab Corp. ⁽¹⁾	53,929	4,202,148
Intercontinental Exchange, Inc. ⁽¹⁾	33,740	3,434,732
Visa, Inc. — Class A ⁽¹⁾ ⁽²⁾	16,939	3,725,563
		11,362,443
Electric — 3.8%
PG&E Corp. ⁽¹⁾ ⁽⁴⁾	228,136	3,563,484

Entertainment — 3.2%
Vail Resorts, Inc. ⁽¹⁾ ⁽²⁾	12,942	3,021,828

Environmental Control — 3.5%
Waste Management, Inc.	22,340	3,345,638

Food — 3.0%
Lancaster Colony Corp. ⁽¹⁾	14,833	2,847,639

Healthcare — Products — 10.5%
GE HealthCare Technologies, Inc. ⁽¹⁾ ⁽⁴⁾	33,782	2,567,432
Medtronic PLC ⁽¹⁾	37,712	3,122,553
Zimmer Biomet Holdings, Inc. ⁽¹⁾	34,441	4,266,207
		9,956,192
Insurance — 4.3%
Old Republic International Corp. ⁽¹⁾	154,627	4,077,514

Media — 3.4%
Comcast Corp. — Class A ⁽¹⁾ ⁽²⁾	85,220	3,167,627


	Shares	Value
Common Stocks — 115.8% (Continued)

Mining — 5.8%
Newmont Corp. ⁽¹⁾	70,352	$ 3,068,051
Rio Tinto PLC — ADR ⁽¹⁾ ⁽²⁾	33,911	2,364,614
		5,432,665
Oil & Gas — 5.1%
Exxon Mobil Corp. ⁽¹⁾	43,557	4,787,350

Packaging & Containers — 3.1%
Packaging Corp. of America ⁽¹⁾	21,137	2,889,851

Pharmaceuticals — 7.5%
AbbVie, Inc. ⁽¹⁾	29,033	4,468,179
Johnson & Johnson ⁽¹⁾	16,874	2,586,109
		7,054,288
Real Estate Investment Trusts (REITs) — 3.4%
PotlatchDeltic Corp. ⁽¹⁾ ⁽²⁾	70,022	3,232,215

Retail — 1.6%
Domino’s Pizza, Inc. ⁽²⁾	5,247	1,542,670

Software — 7.5%
Activision Blizzard, Inc. ⁽¹⁾	46,669	3,558,512
Fidelity National Information Services, Inc. ⁽¹⁾	56,125	3,556,641
		7,115,153
Telecommunications — 3.3%
AT&T, Inc. ⁽¹⁾	163,617	3,093,998

Water — 2.8%
American Water Works Co., Inc. ⁽¹⁾	18,699	2,624,966

Total Common Stocks
(Cost $107,743,735)		109,313,696

Convertible Preferred Stocks — 6.6%

Real Estate Investment Trusts (REITs) — 6.6%
AGNC Investment Corp. ⁽¹⁾
6.125% ⁽³⁾	158,041	3,418,427
EPR Properties
5.750% ⁽³⁾	146,134	2,801,389
		6,219,816
Total Convertible Preferred Stocks
(Cost $6,526,653)		6,219,816

Short-Term Investments — 5.5%

Money Market Funds — 5.5%
First American Government Obligations Fund, Class X, 4.370% ⁽⁵⁾	5,179,761	5,179,761

Total Short-Term Investments
(Cost $5,179,761)		5,179,761

Leatherback Long/Short Alternative Yield ETF


The accompanying notes are an integral part of these financial statements.		3


	Shares	Value
Investments Purchased with Collateral from Securities Lending — 5.6%
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% ⁽⁵⁾	5,319,758	$ 5,319,758
Total Investments Purchased with Collateral From Securities Lending
(Cost $5,319,758)		5,319,758

Total Investments in Securities —133.5%
(Cost $124,769,907)		126,033,031
Liabilities in Excess of Other Assets — (33.5)%		(31,629,710)
Total Net Assets — 100.0%		$ 94,403,321

ADR American Depositary Receipt

⁽¹⁾ All or a portion of the shares of this security have been committed as collateral for securities sold short.

⁽²⁾ This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $5,181,860 or 5.5% of net assets. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

⁽³⁾ Perpetual maturity.

⁽⁴⁾ Non-income producing security.

⁽⁵⁾ The rate shown is the annualized seven-day effective yield as of February 28, 2023.

SCHEDULE OF INVESTMENTS at February 28, 2023 (Unaudited) (Continued)

Leatherback Long/Short Alternative Yield ETF


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

SCHEDULE OF SECURITIES SOLD SHORT at February 28, 2023 (Unaudited)


	Shares	Value
Common Stocks ⁽¹⁾ — 31.3%

Auto Manufacturers — 1.8%
Tesla, Inc.	8,504	$ 1,749,358

Banks — 1.7%
SVB Financial Group	5,440	1,567,318

Computers — 1.5%
Apple, Inc.	9,543	1,406,734

Diversified Financial Services — 1.6%
BlackRock, Inc.	2,216	1,527,777

Entertainment — 1.4%
DraftKings, Inc. — Class A	70,709	1,333,572

Home Builders — 1.5%
DR Horton, Inc.	15,487	1,432,238

Insurance — 0.8%
Trupanion, Inc.	12,150	721,467

Internet — 3.1%
DoorDash, Inc. — Class A	27,116	1,482,160
Shopify, Inc. — Class A	34,033	1,400,118
		2,882,278
Leisure Time — 2.7%
Planet Fitness, Inc. — Class A	19,927	1,615,083
YETI Holdings, Inc.	24,986	973,954
		2,589,037
Real Estate Investment Trusts (REITs) — 2.6%
Equinix, Inc.	1,807	1,243,704
Prologis, Inc.	10,122	1,249,055
		2,492,759
Retail — 5.0%
Chipotle Mexican Grill, Inc.	968	1,443,365
Lululemon Athletica, Inc.	4,800	1,484,160
Ollie’s Bargain Outlet Holdings, Inc.	30,397	1,749,043
		4,676,568
Semiconductors — 3.8%
Broadcom, Inc.	2,831	1,682,435
NVIDIA Corp.	8,195	1,902,551
		3,584,986
Software — 3.8%
HubSpot, Inc.	2,403	929,625
ROBLOX Corp. — Class A	26,914	986,129
Salesforce, Inc.	10,349	1,693,200
		3,608,954
Total Common Stocks
(Proceeds $29,677,576)		29,573,046

Total Securities Sold Short — 31.3%
(Proceeds $29,677,576)		$ 29,573,046

⁽¹⁾ Non-income producing securities .

Leatherback Long/Short Alternative Yield ETF


The accompanying notes are an integral part of these financial statements.		5

STATEMENT OF ASSETS AND LIABILITIES at February 28, 2023 (Unaudited)


Assets:
Investments in securities, at value (Cost $124,769,907) (Note 2) ⁽¹⁾		$ 126,033,031
Collateral at broker for securities sold short		3,140,124
Receivables:
Dividends and interest		144,891
Securities lending income (Note 5)		722
Prepaid Expenses		50,353
Total assets		129,369,121

Liabilities:
Collateral received from securities loaned (Note 5)		5,319,758
Securities sold short (Proceeds $29,677,576) (Note 2)		29,573,046
Payables:
Management fees (Note 4)		72,996
Total liabilities		34,965,800
Net Assets		$ 94,403,321

Components of Net Assets:
Paid-in capital		$ 94,129,307
Total distributable (accumulated) earnings (losses)		274,014
Net assets		$ 94,403,321

Net Asset Value (unlimited shares authorized):
Net assets		$ 94,403,321
Shares of beneficial interest issued and outstanding		3,400,000
Net asset value		$ 27.77

⁽¹⁾ Includes loaned securities with a value of $5,181,860.

Leatherback Long/Short Alternative Yield ETF


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

STATEMENT OF OPERATIONS For the Six-Months Ended February 28, 2023 (Unaudited)


Investment Income:
Dividend income (net of foreign withholding tax of $8,740)	$ 1,115,551
Interest income	41,646
Securities lending income (Note 5)	3,124
Total investment income	1,160,321

Expenses:
Management fees (Note 4)	341,565
Total expenses before dividends on securities sold short, interest, and tax expenses	341,565
Dividends on securities sold short	64,882
Interest expense	6,157
Tax expense	7,971
Net expenses	420,575
Net investment income (loss)	739,746

Realized and Unrealized Gain (Loss) :
Net realized gain (loss) on:
Investments	(492,643	)
Securities sold short	(1,449,621	)
Change in net unrealized appreciation/depreciation on:
Investments	2,462,456
Securities sold short	(1,375,961	)
Net realized and unrealized gain (loss) on investments and securities sold short	(855,769	)
Net increase (decrease) in net assets resulting from operations	$ (116,023	)

Leatherback Long/Short Alternative Yield ETF


The accompanying notes are an integral part of these financial statements.		7

STATEMENT OF CHANGES IN NET ASSETS


	Six-Months Ended February 28, 2023 (Unaudited)		Year Ended August 31, 2022

Increase (Decrease) in Net Assets From:

Operations:
Net investment income (loss)	$ 739,746		$ 729,616
Net realized gain (loss)	(1,942,264	)	1,348,173
Change in net unrealized appreciation/depreciation	1,086,495		(547,688	)
Net increase (decrease) in net assets resulting from operations	(116,023	)	1,530,101

Distributions to Shareholders:
Net distributions to shareholders	(1,155,250	)	(776,289	)

Capital Share Transactions:
Net increase (decrease) in net assets derived from net change in outstanding shares ⁽ ¹ ⁾	41,146,113		47,795,642
Total increase (decrease) in net assets	39,874,840		48,549,454

Net Assets:
Beginning of period	54,528,481		5,979,027
End of period	$ 94,403,321		$ 54,528,481

⁽ ¹ ⁾ Summary of share transactions is as follows:


	Six-Months Ended February 28, 2023 (Unaudited)				Year Ended August 31, 2022
	Shares		Value		Shares		Value
Shares sold	1,800,000		$ 52,532,165		1,925,000		$ 52,585,897
Shares redeemed	(400,000	)	(11,386,052	)	(175,000	)	(4,790,255	)
Net increase (decrease)	1,400,000		$ 41,146,113		1,750,000		$ 47,795,642

Leatherback Long/Short Alternative Yield ETF


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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period


		Six-Months Ended February 28, 2023 (Unaudited)