TrueShares ETFs

 

TrueShares Technology, AI & Deep Learning ETF (LRNZ)
TrueShares ESG Active Opportunities ETF (ECOZ)
TrueShares Low Volatility Equity Income ETF (DIVZ)
TrueShares Eagle Global Renewable Energy Income ETF (RNWZ)
RiverNorth Patriot ETF (FLDZ)
RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ)

 

 

 

SEMI-ANNUAL REPORT

 

June 30, 2023

 

(Unaudited)

 

 

 

 

 

This report is submitted for the general information of shareholders of the Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Funds.

 

 

TrueShares ETFs

Table of Contents

(Unaudited)

 

   

Shareholder Expense Example

2

Schedules of Investments

4

Statements of Assets and Liabilities

17

Statements of Operations

19

Statements of Changes in Net Assets

21

Financial Highlights

24

Notes to Financial Statements

30

Review of Liquidity Risk Management Program

41

Supplemental Information

42

 

 

1

 

 

TrueShares ETFs

Shareholder Expense Example

June 30, 2023 (Unaudited)

 

As a shareholder of a fund you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (January 1, 2023 to June 30, 2023).

 

ACTUAL EXPENSES

 

The following 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 applicable line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

 

Beginning
Account
Value
(1/1/23)

Ending
Account
Value
(6/30/23)

Annualized
Expense
Ratios

Expenses
Paid
During the
Period(1)

TrueShares Technology, AI & Deep Learning ETF

$ 1,000.00

$ 1,395.10

0.68%

$ 4.04

TrueShares ESG Active Opportunities ETF

1,000.00

1,177.50

0.58

3.13

TrueShares Low Volatility Equity Income ETF

1,000.00

961.70

0.65

3.16

TrueShares Eagle Global Renewable Energy Income ETF

1,000.00

1,008.90

0.75

3.74

RiverNorth Patriot ETF

1,000.00

1,042.70

0.70

3.55

RiverNorth Enhanced Pre-Merger SPAC ETF

1,000.00

1,038.60

0.89

4.50

 

(1)

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period).

 

2

 

 

TrueShares ETFs

Shareholder Expense Example

June 30, 2023 (Unaudited) (Continued)

 

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

 

The following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. 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 Funds 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, such as brokerage commissions paid on purchases and sales of Fund shares with respect to the Funds. Therefore, the table below 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 would have been higher.

 

 

Beginning
Account
Value
(1/1/23)

Ending
Account
Value
(6/30/23)

Annualized
Expense
Ratios

Expenses
Paid
During the
Period(1)

TrueShares Technology, AI & Deep Learning ETF

$ 1,000.00

$ 1,021.42

0.68%

$ 3.41

TrueShares ESG Active Opportunities ETF

1,000.00

1,021.92

0.58

2.91

TrueShares Low Volatility Equity Income ETF

1,000.00

1,021.57

0.65

3.26

TrueShares Eagle Global Renewable Energy Income ETF

1,000.00

1,021.08

0.75

3.76

RiverNorth Patriot ETF

1,000.00

1,021.32

0.70

3.51

RiverNorth Enhanced Pre-Merger SPAC ETF

1,000.00

1,020.38

0.89

4.46

 

(1)

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 181/365 (to reflect the six-month period).

 

3

 

 

TrueShares Technology, AI & Deep Learning ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

  

Shares

    

Value

  

COMMON STOCKS — 89.3%

                

Auto Parts & Equipment — 4.8%

                

Mobileye Global, Inc. - Class A (a)

    42,919     $ 1,648,948  
                 

Biotechnology — 5.6%

                

Prime Medicine, Inc. (a)

    83,964       1,230,073  

Relay Therapeutics, Inc. (a)

    53,564       672,764  
              1,902,837  

Computers — 8.5%

                

Crowdstrike Holdings, Inc. - Class A (a)

    10,549       1,549,332  

Zscaler, Inc. (a)

    9,217       1,348,447  
              2,897,779  

Internet — 6.5%

                

Amazon.com, Inc. (a)

    8,428       1,098,674  

Okta, Inc. (a)

    16,321       1,131,861  
              2,230,535  

Pharmaceuticals — 2.1%

                

AbCellera Biologics, Inc. (a)(b)

    108,773       702,674  
                 

Semiconductors — 12.4%

                

Advanced Micro Devices, Inc. (a)

    15,216       1,733,255  

NVIDIA Corp.

    5,949       2,516,545  
              4,249,800  

Software — 49.4% (c)

                

Datadog, Inc. - Class A (a)

    15,174       1,492,818  

Elastic N.V. (a)(b)

    19,918       1,277,142  

ROBLOX Corp. - Class A (a)

    32,057       1,291,897  

Samsara, Inc. - Class A (a)

    82,557       2,287,655  

Schrodinger, Inc. (a)

    44,433       2,218,095  

SentinelOne, Inc. - Class A (a)

    78,393       1,183,734  

ServiceNow, Inc. (a)

    2,397       1,347,042  

Snowflake, Inc. - Class A (a)

    12,768       2,246,913  

Twilio, Inc. - Class A (a)

    17,181       1,093,055  

UiPath, Inc. - Class A (a)

    60,183       997,232  

Unity Software, Inc. (a)

    33,366       1,448,752  
              16,884,335  

TOTAL COMMON STOCKS (Cost $34,642,915)

            30,516,908  

 

 

  

Shares

    

Value

  

MONEY MARKET FUNDS — 10.7%

                

First American Treasury Obligations Fund - Class X, 5.04% (d)

    3,644,531     $ 3,644,531  

TOTAL MONEY MARKET FUNDS (Cost $3,644,531)

            3,644,531  
                 

TOTAL INVESTMENTS (Cost $38,287,446) — 100.0%

            34,161,439  

Other assets and liabilities, net — (0.0)% (e)

            (6,938 )

TOTAL NET ASSETS — 100.0%

          $ 34,154,501  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

(c)

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

 

(d)

The rate shown is the seven day yield at period end.

 

(e)

Amount is less than 0.05%.

 

The accompanying notes are an integral part of the financial statements.

 

4

 

 

TrueShares ESG Active Opportunities ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

  

Shares

    

Value

  

COMMON STOCKS — 96.0%

                

Apparel — 1.5%

                

NIKE, Inc. - Class B

    335     $ 36,974  
                 

Auto Manufacturers — 4.0%

                

Tesla, Inc. (a)

    376       98,426  
                 

Banks — 2.7%

                

JPMorgan Chase & Co.

    301       43,778  

Truist Financial Corp.

    727       22,064  
              65,842  

Beverages — 1.6%

                

PepsiCo, Inc.

    208       38,526  
                 

Biotechnology — 1.2%

                

Amgen, Inc.

    62       13,765  

Gilead Sciences, Inc.

    196       15,106  
              28,871  

Chemicals — 1.1%

                

International Flavors & Fragrances, Inc.

    346       27,538  
                 

Commercial Services — 3.6%

                

Block, Inc. (a)

    272       18,107  

Moody’s Corp.

    69       23,993  

PayPal Holdings, Inc. (a)

    185       12,345  

S&P Global, Inc.

    82       32,873  
              87,318  

Computers — 3.6%

                

Apple, Inc.

    450       87,287  
                 

Cosmetics & Personal Care — 0.5%

                

Colgate-Palmolive Co.

    143       11,017  
                 

Distribution & Wholesale — 4.2%

                

WW Grainger, Inc.

    130       102,517  
                 

 

 

  

Shares

    

Value

  

Diversified Financial Services — 6.0%

                

American Express Co.

    377     $ 65,674  

BlackRock, Inc.

    51       35,248  

Mastercard, Inc. - Class A

    117       46,016  
              146,938  

Electric — 0.8%

                

Eversource Energy

    275       19,503  
                 

Energy, Alternate Sources — 2.5%

                

Enphase Energy, Inc. (a)

    359       60,125  
                 

Food — 2.4%

                

Sysco Corp.

    775       57,505  
                 

Healthcare Products — 3.5%

                

Abbott Laboratories

    417       45,461  

Thermo Fisher Scientific, Inc.

    74       38,610  
              84,071  

Healthcare Services — 1.4%

                

UnitedHealth Group, Inc.

    73       35,087  
                 

Insurance — 1.6%

                

The Allstate Corp.

    366       39,909  
                 

Internet — 9.9%

                

Alphabet, Inc. - Class A (a)

    605       72,418  

Amazon.com, Inc. (a)

    338       44,062  

Booking Holdings, Inc. (a)

    21       56,707  

Netflix, Inc. (a)

    56       24,667  

Uber Technologies, Inc. (a)

    992       42,825  
              240,679  

Machinery Diversified — 3.7%

                

Rockwell Automation, Inc.

    273       89,940  
                 

Miscellaneous Manufacturing — 1.6%

                

Illinois Tool Works, Inc.

    158       39,525  
                 

Pharmaceuticals — 7.7%

                

AbbVie, Inc.

    251       33,817  

AmerisourceBergen Corp.

    361       69,467  

Cardinal Health, Inc.

    421       39,814  

Johnson & Johnson

    88       14,566  

Merck & Co., Inc.

    149       17,193  

Zoetis, Inc.

    69       11,882  
              186,739  

Real Estate — 0.5%

                

CBRE Group, Inc. - Class A (a)

    142       11,461  
                 

 

The accompanying notes are an integral part of the financial statements.

 

5

 

 

TrueShares ESG Active Opportunities ETF

Schedule of Investments

June 30, 2023 (Unaudited) (Continued)

 

 

  

Shares

    

Value

  

Retail — 7.4%

                

Costco Wholesale Corp.

    127     $ 68,374  

Starbucks Corp.

    411       40,714  

Target Corp.

    147       19,389  

The Home Depot, Inc.

    82       25,472  

Tractor Supply Co.

    116       25,648  
              179,597  

Semiconductors — 10.1%

                

Advanced Micro Devices, Inc.(a)

    307       34,970  

Lam Research Corp.

    69       44,357  

NVIDIA Corp.

    330       139,596  

QUALCOMM, Inc.

    220       26,189  
              245,112  

Software — 10.0%

                

Adobe, Inc. (a)

    81       39,608  

Electronic Arts, Inc.

    215       27,886  

Intuit, Inc.

    62       28,408  

Microsoft Corp.

    291       99,096  

MSCI, Inc.

    89       41,767  

Zoom Video Communications, Inc. - Class A (a)

    82       5,566  
              242,331  

Telecommunications — 1.4%

                

AT&T, Inc.

    934       14,897  

Verizon Communications, Inc.

    515       19,153  
              34,050  

Transportation — 1.5%

                

Expeditors International of Washington, Inc.

    303       36,702  
                 

TOTAL COMMON STOCKS (Cost $2,034,378)

            2,333,590  
                 

REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.4%

                

AvalonBay Communities, Inc.

    183       34,636  

Prologis, Inc.

    397       48,685  

TOTAL REITS (Cost $93,744)

            83,321  
                 

 

 

 

  

Shares

    

Value

  

MONEY MARKET FUNDS — 0.5%

                

First American Treasury Obligations Fund - Class X, 5.04% (b)

    12,646     $ 12,646  

TOTAL MONEY MARKET FUNDS (Cost $12,646)

            12,646  
                 

TOTAL INVESTMENTS (Cost $2,140,768) — 99.9%

            2,429,557  

Other assets and liabilities, net — 0.1%

            900  

TOTAL NET ASSETS — 100.0%

          $ 2,430,457  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

The rate shown is the seven day yield at period end.

 

The accompanying notes are an integral part of the financial statements.

 

6

 

 

TrueShares Low Volatility Equity Income ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

  

Shares

    

Value

  

COMMON STOCKS — 98.6%

                

Aerospace & Defense — 6.0%

                

Lockheed Martin Corp.

    5,670     $ 2,610,355  

Raytheon Technologies Corp.

    13,073       1,280,631  
              3,890,986  

Agriculture — 11.0%

                

Altria Group, Inc.

    28,929       1,310,484  

British American Tobacco PLC - ADR (a)

    92,426       3,068,543  

Philip Morris International, Inc.

    28,565       2,788,515  
              7,167,542  

Banks — 3.5%

                

JPMorgan Chase & Co.

    15,923       2,315,841  
                 

Finance & Insurance — 10.1%

                

CME Group, Inc.

    8,826       1,635,370  

The Charles Schwab Corp.

    51,298       2,907,570  

Visa, Inc. - Class A

    8,606       2,043,753  
              6,586,693  

Electric — 11.7%

                

American Electric Power Co, Inc.

    30,454       2,564,227  

FirstEnergy Corp.

    70,360       2,735,597  

WEC Energy Group, Inc.

    26,453       2,334,213  
              7,634,037  

Food — 3.7%

                

The Kroger Co.

    51,832       2,436,104  
                 

Healthcare Products — 3.0%

                

Medtronic PLC (a)

    22,178       1,953,882  
                 

Healthcare Services — 4.9%

                

UnitedHealth Group, Inc.

    6,675       3,208,272  
                 

Oil & Gas — 11.7%

                

Chevron Corp.

    16,616       2,614,528  

Coterra Energy, Inc.

    59,088       1,494,926  

 

 

  

Shares

    

Value

  

Oil & Gas (continued)

                

Devon Energy Corp.

    14,518     $ 701,800  

Exxon Mobil Corp.

    26,550       2,847,487  
              7,658,741  

Pharmaceuticals — 6.7%

                

AbbVie, Inc.

    12,543       1,689,918  

Johnson & Johnson

    16,364       2,708,570  
              4,398,488  

Pipelines — 3.6%

                

Kinder Morgan, Inc.

    135,804       2,338,545  
                 

Retail — 3.2%

                

Genuine Parts Co.

    12,387       2,096,252  
                 

Savings & Loans — 3.1%

                

New York Community Bancorp, Inc.

    182,417       2,050,367  
                 

Semiconductors — 11.2%

                

Analog Devices, Inc.

    10,639       2,072,584  

Broadcom, Inc.

    3,390       2,940,587  

QUALCOMM, Inc.

    19,331       2,301,162  
              7,314,333  

Telecommunications — 5.2%

                

AT&T, Inc.

    94,318       1,504,372  

Verizon Communications, Inc.

    50,705       1,885,719  
              3,390,091  

TOTAL COMMON STOCKS (Cost $62,495,909)

            64,440,174  
                 

MONEY MARKET FUNDS — 0.3%

                

First American Treasury Obligations Fund - Class X, 5.04% (b)

    209,914       209,914  

TOTAL MONEY MARKET FUNDS (Cost $209,914)

            209,914  
                 

TOTAL INVESTMENTS (Cost $62,705,823) — 98.9%

            64,650,088  

Other assets and liabilities, net — 1.1%

            695,396  

TOTAL NET ASSETS — 100.0%

          $ 65,345,484  

 

Percentages are stated as a percent of net assets.

 

ADR — American Depositary Receipt

 

PLC — Public Limited Company

 

(a)

Foreign issued security.

 

(b)

The rate shown is the yield at period end.

 

The accompanying notes are an integral part of the financial statements.

 

7

 

 

TrueShares Eagle Global Renewable Energy Income ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

  

Shares

    

Value

  

COMMON STOCKS — 96.6%

                

Electric — 93.9% (c)

                

AGL Energy Ltd. (b)

    10,616     $ 76,447  

Atlantica Sustainable Infrastructure PLC (b)

    4,091       95,893  

Boralex, Inc. - Class A (a)(b)

    2,068       56,307  

Clearway Energy, Inc. - Class C

    2,895       82,681  

EDP - Energias de Portugal SA (b)

    25,143       122,804  

Electric Power Development Co. Ltd. (b)

    3,736       54,864  

Endesa SA (b)

    6,334       135,814  

Enel SpA (b)

    32,620       219,550  

Enlight Renewable Energy Ltd. (a)(b)

    3,253       57,741  

Fortum Oyj (b)

    4,190       56,077  

Iberdrola SA (b)

    11,000       143,439  

Mercury NZ Ltd. (b)

    16,492       65,787  

NextEra Energy, Inc.

    4,046       300,214  

Northland Power, Inc. (b)

    5,738       119,676  

Orsted AS (b)

    2,361       223,108  

PG&E Corp. (a)

    5,703       98,548  

RWE AG (b)

    6,182       268,956  

SSE PLC (b)

    9,971       233,129  

The AES Corp.

    9,519       197,329  

TransAlta Corp. (b)

    7,854       73,515  

Verbund AG (b)

    1,002       80,309  
              2,762,188  

Energy, Alternate Sources — 2.7%

                

Enviva, Inc.

    7,217       78,304  

TOTAL COMMON STOCKS (Cost $2,881,570)

            2,840,492  
                 

 

 

  

Shares

    

Value

  

REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.5%

                

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

    1,735     $ 43,375  

TOTAL REITS (Cost $44,259)

            43,375  
                 

MONEY MARKET FUNDS — 2.3%

                

First American Treasury Obligations Fund - Class X, 5.04% (d)

    68,350       68,350  

TOTAL MONEY MARKET FUNDS (Cost $68,350)

            68,350  
                 

TOTAL INVESTMENTS (Cost $2,994,179) — 100.4%

            2,952,217  

Other assets and liabilities, net — (0.4)%

            (11,605 )

TOTAL NET ASSETS — 100.0%

          $ 2,940,612  

 

Percentages are stated as a percent of net assets.

 

PLC — Public Limited Company

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

(c)

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

 

(d)

The rate shown is the seven day yield at period end.

 

COUNTRY

  

Percentage of
Net Assets

  

United States

    27.2 %

United Kingdom

    11.2 %

Spain

    9.5 %

Germany

    9.1 %

Canada

    8.5 %

Denmark

    7.6 %

Italy

    7.5 %

Portugal

    4.2 %

Austria

    2.7 %

Australia

    2.6 %

New Zealand

    2.2 %

Israel

    2.0 %

Finland

    1.9 %

Japan

    1.9 %

Total Country

    98.1 %

MONEY MARKET FUNDS

    2.3 %

TOTAL INVESTMENTS

    100.4 %

Other assets and liabilities, net

    (0.4 )%

NET ASSETS

    100.0 %

 

The accompanying notes are an integral part of the financial statements.

 

8

 

 

RiverNorth Patriot ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

  

Shares

    

Value

  

COMMON STOCKS — 86.4%

                

Advertising- 0.4%

                

The Trade Desk, Inc. - Class A (a)

    177     $ 13,668  
                 

Agriculture — 0.5%

                

Altria Group, Inc.

    331       14,994  
                 

Airlines - 0.4%

                

Southwest Airlines Co.

    372       13,470  
                 

Auto Manufacturers — 0.9%

                

Lucid Group, Inc. (a)

    2,079       14,324  

Rivian Automotive, Inc. - Class A (a)

    903       15,044  
              29,368  

Banks — 4.8%

                

BOK Financial Corp.

    90       7,270  

Citizens Financial Group, Inc.

    301       7,850  

Comerica, Inc.

    142       6,015  

Commerce Bancshares, Inc.

    162       7,889  

Cullen/Frost Bankers, Inc.

    76       8,172  

East West Bancorp, Inc.

    147       7,760  

Fifth Third Bancorp

    287       7,522  

First Citizens BancShares, Inc. - Class A

    5       6,417  

First Horizon Corp.

    670       7,551  

Huntington Bancshares, Inc.

    721       7,772  

KeyCorp

    808       7,466  

M&T Bank Corp.

    56       6,931  

Prosperity Bancshares, Inc.

    103       5,817  

Regions Financial Corp.

    437       7,787  

SouthState Corp.

    91       5,988  

The PNC Financial Services Group, Inc.

    73       9,194  

Truist Financial Corp.

    248       7,527  

U.S. Bancorp

    280       9,251  

Webster Financial Corp.

    202       7,626  

Wells Fargo & Co.

    219       9,348  
              151,153  

 

 

  

Shares

    

Value

  

Beverages — 0.7%

                

Coca-Cola Consolidated, Inc.

    15     $ 9,540  

Constellation Brands, Inc. - Class A

    55       13,537  
              23,077  

Biotechnology — 1.7%

                

Intra-Cellular Therapies, Inc. (a)

    209       13,234  

Ionis Pharmaceuticals, Inc. (a)

    331       13,581  

Sarepta Therapeutics, Inc. (a)

    117       13,399  

Seagen, Inc. (a)

    73       14,049  
              54,263  

Building Materials — 2.9%

                

AAON, Inc.

    129       12,230  

Builders FirstSource, Inc. (a)

    92       12,512  

Eagle Materials, Inc.

    81       15,100  

Martin Marietta Materials, Inc.

    26       12,004  

Trex Co, Inc. (a)

    212       13,899  

UFP Industries, Inc.

    121       11,743  

Vulcan Materials Co.

    66       14,879  
              92,367  

Chemicals — 0.5%

                

Valvoline, Inc.

    368       13,804  
                 

Commercial Services — 2.6%

                

ADT, Inc.

    2,017       12,163  

Booz Allen Hamilton Holding Corp.

    128       14,285  

Paylocity Holding Corp. (a)

    75       13,840  

R1 RCM, Inc. (a)

    741       13,671  

Toast, Inc. - Class A (a)

    602       13,587  

TriNet Group, Inc. (a)

    146       13,866  
              81,412  

Computers — 0.9%

                

CACI International, Inc. - Class A (a)

    41       13,974  

Science Applications International Corp.

    126       14,173  
              28,147  

Distribution & Wholesale — 0.4%

                

SiteOne Landscape Supply, Inc. (a)

    81       13,556  
                 

Diversified Financial Services — 3.6%

                

Ally Financial, Inc.

    279       7,536  

Ameriprise Financial, Inc.

    27       8,968  

Apollo Global Management, Inc.

    100       7,681  

Blue Owl Capital, Inc.

    516       6,011  

Capital One Financial Corp.

    71       7,765  

Cboe Global Markets, Inc.

    58       8,005  

Credit Acceptance Corp. (a)

    13       6,603  

Discover Financial Services

    69       8,063  

LPL Financial Holdings, Inc.

    41       8,915  

SoFi Technologies, Inc. (a)

    850       7,089  

OneMain Holdings, Inc.

    140       6,117  

 

The accompanying notes are an integral part of the financial statements.

 

9

 

 

RiverNorth Patriot ETF

Schedule of Investments

June 30, 2023 (Unaudited) (Continued)

 

 

  

Shares

    

Value

  

Diversified Financial Services (continued)

                

Synchrony Financial

    219     $ 7,428  

T. Rowe Price Group, Inc.

    73       8,177  

The Charles Schwab Corp.

    164       9,296  

Voya Financial, Inc.

    100       7,171  
              114,825  

Electric — 11.1%

Alliant Energy Corp.

    231       12,123  

Ameren Corp.

    145       11,842  

American Electric Power Co., Inc.

    147       12,377  

Avangrid, Inc.

    315       11,869  

CenterPoint Energy, Inc.

    414       12,068  

CMS Energy Corp.

    204       11,985  

Consolidated Edison, Inc.

    130       11,752  

Constellation Energy Corp.

    129       11,810  

Dominion Energy, Inc.

    233       12,067  

DTE Energy Co.

    102       11,222  

Duke Energy Corp.

    144       12,923  

Edison International

    171       11,876  

Entergy Corp.

    118       11,490  

Evergy, Inc.

    202       11,801  

Eversource Energy

    172       12,198  

Exelon Corp.

    302       12,303  

FirstEnergy Corp.

    304       11,820  

IDACORP, Inc.

    101       10,363  

NextEra Energy, Inc.

    187       13,875  

NRG Energy, Inc.

    325       12,152  

OGE Energy Corp.

    334       11,994  

PG&E Corp. (a)

    703       12,148  

Pinnacle West Capital Corp.

    146       11,893  

PPL Corp.

    446       11,801  

Public Service Enterprise Group, Inc.

    200       12,522  

The Southern Co.

    200       14,050  

Vistra Corp.

    465       12,206  

WEC Energy Group, Inc.

    131       11,559  

Xcel Energy, Inc.

    189       11,750  
              349,839  

Engineering & Construction — 1.2%

                

Comfort Systems USA, Inc.

    69       11,330  

EMCOR Group, Inc.

    68       12,565  

MasTec, Inc. (a)

    120       14,156  
              38,051  

Entertainment — 1.3%

                

Caesars Entertainment, Inc. (a)

    273       13,915  

Churchill Downs, Inc.

    100       13,917  

DraftKings, Inc. - Class A (a)

    516       13,710  
              41,542  

 

 

 

  

Shares

    

Value

  

Environmental Control — 0.9%

                

Republic Services, Inc.

    83     $ 12,713  

Waste Management, Inc.

    83       14,394  
              27,107  

Food — 2.9%

                

Albertsons Cos., Inc. - Class A

    612       13,354  

Campbell Soup Co.

    300       13,713  

Flowers Foods, Inc.

    482       11,992  

Lancaster Colony Corp.

    67       13,473  

Performance Food Group Co. (a)

    221       13,314  

The Kroger Co.

    290       13,630  

US Foods Holding Corp. (a)

    302       13,288  
              92,764  

Gas — 0.8%

                

Atmos Energy Corp.

    100       11,634  

NiSource, Inc.

    440       12,034  
              23,668  

Healthcare Products — 1.2%

                

Inspire Medical Systems, Inc. (a)

    41       13,310  

Lantheus Holdings, Inc. (a)

    156       13,091  

Natera, Inc. (a)

    260       12,652  
              39,053  

Healthcare Services — 4.9%

                

agilon health, Inc. (a)

    775       13,439  

Centene Corp. (a)

    197       13,288  

Chemed Corp.

    28       15,168  

Elevance Health, Inc.

    29       12,884  

HealthEquity, Inc. (a)

    189       11,933  

Humana, Inc.

    28       12,520  

Molina Healthcare, Inc. (a)

    41       12,351  

Quest Diagnostics, Inc.

    96       13,494  

Surgery Partners, Inc. (a)

    263       11,832  

Tenet Healthcare Corp. (a)

    166       13,509  

The Ensign Group, Inc.

    129       12,314  

UnitedHealth Group, Inc.

    27       12,977  
              155,709  

Home Builders — 2.5%

                

DR Horton, Inc.

    109       13,264  

Lennar Corp. - Class A

    109       13,659  

NVR, Inc. (a)

    2       12,701  

PulteGroup, Inc.

    176       13,672  

Taylor Morrison Home Corp. (a)

    250       12,193  

Toll Brothers, Inc.

    176       13,916  
              79,405  

Household Products & Wares — 0.4%

                

Reynolds Consumer Products, Inc.

    484       13,673  
                 

Insurance — 3.6%

                

American Financial Group, Inc.

    69       8,194  

 

 

The accompanying notes are an integral part of the financial statements.

 

10

 

 

RiverNorth Patriot ETF

Schedule of Investments

June 30, 2023 (Unaudited) (Continued)

 

 

  

Shares

    

Value

  

Insurance (continued)

                

Cincinnati Financial Corp.

    74     $ 7,202  

Equitable Holdings, Inc.

    279       7,578  

Erie Indemnity Co. - Class A

    44       9,241  

Fidelity National Financial, Inc.

    205       7,380  

Globe Life, Inc.

    70       7,673  

Kinsale Capital Group, Inc.

    13       4,865  

Loews Corp.

    126       7,482  

Markel Group, Inc. (a)

    5       6,916  

Old Republic International Corp.

    309       7,777  

The Allstate Corp.

    71       7,742  

The Hartford Financial Services Group, Inc.

    114       8,210  

The Progressive Corp.

    69       9,133  

RLI Corp.

    55       7,506  

Selective Insurance Group, Inc.

    72       6,908  
              113,807  

Internet — 1.1%

                

Robinhood Markets, Inc. - Class A (a)

    739       7,375  

Roku, Inc. (a)

    208       13,304  

Zillow Group, Inc. - Class C (a)

    258       12,967  
              33,646  

Investment Companies — 0.6%

Ares Capital Corp.

    408       7,667  

FS KKR Capital Corp.

    308       5,907  

Owl Rock Capital Corp.

    441       5,918  
              19,492  

Iron & Steel — 0.4%

                

Steel Dynamics, Inc.

    120       13,072  
                 

Leisure Time — 0.4%

                

Planet Fitness, Inc. - Class A (a)

    172       11,600  
                 

Lodging — 0.4%

                

Boyd Gaming Corp.

    198       13,735  
                 

Media — 2.6%

                

Charter Communications, Inc. - Class A (a)

    38       13,960  

Fox Corp. - Class A

    396       13,464  

Liberty Broadband Corp. - Class C (a)

    171       13,699  

Nexstar Media Group, Inc.

    83       13,824  

Sirius XM Holdings, Inc.

    3,174       14,378  

The New York Times Co. - Class A

    335       13,192  
              82,517  

Oil & Gas — 7.6%

                

Antero Resources Corp. (a)

    601       13,841  

Chesapeake Energy Corp.

    167       13,975  

Chord Energy Corp.

    84       12,919  

Civitas Resources, Inc.

    178       12,348  

 

 

 

  

Shares

    

Value

  

Oil & Gas (continued)

                

Coterra Energy, Inc.

    549     $ 13,889  

Devon Energy Corp.

    287       13,874  

Diamondback Energy, Inc.

    98       12,873  

EOG Resources, Inc.

    141       16,136  

EQT Corp.

    334       13,737  

HF Sinclair Corp.

    302       13,472  

Marathon Oil Corp.

    606       13,950  

Marathon Petroleum Corp.

    123       14,342  

Matador Resources Co.

    260       13,603  

PDC Energy, Inc.

    197       14,015  

Pioneer Natural Resources Co.

    69       14,295  

Range Resources Corp.

    464       13,642  

Southwestern Energy Co. (a)

    2,320       13,943  

Texas Pacific Land Corp.

    5       6,583  
              241,437  

Pharmaceuticals — 2.2%

                

Cardinal Health, Inc.

    137       12,956  

CVS Health Corp.

    214       14,794  

Neurocrine Biosciences, Inc. (a)

    146       13,768  

Option Care Health, Inc. (a)

    374       12,151  

The Cigna Group

    55       15,432  
              69,101  

Pipelines — 1.7%

                

Kinder Morgan, Inc.

    793       13,655  

ONEOK, Inc.

    222       13,702  

Targa Resources Corp.

    176       13,394  

The Williams Cos., Inc.

    418       13,639  
              54,390  

Private Equity — 0.5%

                

Ares Management Corp. - Class A

    84       8,093  

Blackstone, Inc.

    98       9,111  
              17,204  

Retail — 9.6%

                

AutoNation, Inc. (a)

    77       12,675  

Beacon Roofing Supply, Inc. (a)

    140       11,617  

BJ’s Wholesale Club Holdings, Inc. (a)

    207       13,043  

Burlington Stores, Inc. (a)

    85       13,378  

CarMax, Inc. (a)

    158       13,225  

Casey’s General Stores, Inc.

    52       12,682  

Chipotle Mexican Grill, Inc. (a)

    7       14,973  

Darden Restaurants, Inc.

    87       14,536  

Dick’s Sporting Goods, Inc.

    99       13,087  

Dollar General Corp.

    84       14,261  

Five Below, Inc. (a)

    68       13,365  

Floor & Decor Holdings, Inc. - Class A (a)

    132       13,723  

Lithia Motors, Inc.

    39       11,860  

Murphy USA, Inc.

    41       12,755  

 

 

The accompanying notes are an integral part of the financial statements.

 

11

 

 

RiverNorth Patriot ETF

Schedule of Investments

June 30, 2023 (Unaudited) (Continued)

 

 

  

Shares

    

Value

  

Retail (continued)

                

O’Reilly Automotive, Inc. (a)

    13     $ 12,419  

RH (a)

    39       12,854  

Ross Stores, Inc.

    127       14,241  

Target Corp.

    114       15,036  

Texas Roadhouse, Inc.

    124       13,923  

Tractor Supply Co.

    57       12,603  

Ulta Beauty, Inc. (a)

    27       12,706  

Williams-Sonoma, Inc.

    110       13,765  

Wingstop, Inc.

    53       10,609  
              303,336  

Savings & Loans — 0.2%

                

New York Community Bancorp, Inc.

    678       7,621  
                 

Shipbuilding — 0.4%

                

Huntington Ingalls Industries, Inc.

    56       12,746  
                 

Software — 2.8%

                

Bill.com Holdings, Inc. (a)

    106       12,386  

Black Knight, Inc. (a)

    126       7,526  

CCC Intelligent Solutions Holdings, Inc. (a)

    679       7,612  

DoubleVerify Holdings, Inc. (a)

    349       13,583  

Intuit, Inc.

    29       13,288  

Jack Henry & Associates, Inc.

    42       7,028  

Paychex, Inc.

    115       12,865  

Paycom Software, Inc.

    44       14,134  
              88,422  

Telecommunications — 1.0%

                

AT&T, Inc.

    948       15,121  

Verizon Communications, Inc.

    414       15,396  
              30,517  

Transportation — 3.0%

                

CSX Corp.

    444       15,140  

JB Hunt Transport Services, Inc.

    68       12,310  

Knight-Swift Transportation Holdings, Inc.

    248       13,780  

Landstar System, Inc.

    67       12,900  

Norfolk Southern Corp.

    69       15,646  

Old Dominion Freight Line, Inc.

    36       13,311  

Saia, Inc. (a)

    37       12,669  
              95,756  

Water — 0.8%

                

American Water Works Co., Inc.

    90       12,848  

Essential Utilities, Inc.

    294       11,734  
              24,582  

TOTAL COMMON STOCKS (Cost $2,740,100)

            2,737,896  
                 

 

 

 

  

Shares

    

Value

  

PARTNERSHIPS — 3.0%

                

Investment Companies — 0.4%

                

Icahn Enterprises LP

    479     $ 13,905  
                 

Pipelines — 2.6%

                

Cheniere Energy Partners LP

    286       13,196  

Energy Transfer LP

    1,049       13,322  

Enterprise Products Partners LP

    579       15,258  

Magellan Midstream Partners LP

    217       13,524  

MPLX LP

    394       13,372  

Western Midstream Partners LP

    505       13,392  
              82,064  

TOTAL PARTNERSHIPS (Cost $83,783)

            95,969  
                 

REAL ESTATE INVESTMENTS TRUSTS (REITS) — 9.2%

AGNC Investment Corp.

    736       7,456  

Agree Realty Corp.

    115       7,520  

Alexandria Real Estate Equities, Inc.

    72       8,171  

American Homes 4 Rent - Class A

    213       7,551  

Annaly Capital Management, Inc.

    364       7,284  

Apartment Income REIT Corp.

    176       6,352  

AvalonBay Communities, Inc.

    44       8,328  

Boston Properties, Inc.

    135       7,775  

Brixmor Property Group, Inc.

    353       7,766  

Camden Property Trust

    74       8,056  

Crown Castle, Inc.

    85       9,686  

CubeSmart

    168       7,503  

EastGroup Properties, Inc.

    43       7,465  

Equity LifeStyle Properties, Inc.

    118       7,893  

Equity Residential

    115       7,587  

Essex Property Trust, Inc.

    28       6,560  

Extra Space Storage, Inc.

    55       8,186  

Federal Realty Investment Trust

    85       8,225  

First Industrial Realty Trust, Inc.

    144       7,580  

Gaming and Leisure Properties, Inc.

    161       7,802  

Healthcare Realty Trust, Inc.

    412       7,770  

Healthpeak Properties, Inc.

    375       7,537  

Host Hotels & Resorts, Inc.

    454       7,641  

Invitation Homes, Inc.

    213       7,327  

Kimco Realty Corp.

    396       7,809  

Lamar Advertising Co. - Class A

    82       8,139  

Life Storage, Inc.

    55       7,313  

Mid-America Apartment Communities, Inc.

    43       6,530  

NNN REIT, Inc.

    186       7,959  

Public Storage

    28       8,173  

Regency Centers Corp.

    129       7,968  

Rexford Industrial Realty, Inc.

    147       7,676  

Ryman Hospitality Properties, Inc.

    72       6,690  

 

 

The accompanying notes are an integral part of the financial statements.

 

12

 

 

RiverNorth Patriot ETF

Schedule of Investments

June 30, 2023 (Unaudited) (Continued)

 

 

  

Shares

    

Value

  

REITS (continued)

        

Simon Property Group, Inc.

    69     $ 7,968  

Spirit Realty Capital, Inc.

    158       6,222  

STAG Industrial, Inc.

    216       7,750  

UDR, Inc.

    173       7,432  

VICI Properties, Inc.

    249       7,826  

TOTAL REITS (Cost $338,222)

            290,476  
                 

MONEY MARKET FUNDS — 3.9%

                

First American Treasury Obligations Fund - Class X, 5.04% (b)

    122,080       122,080  

TOTAL MONEY MARKET FUNDS (Cost $122,080)

            122,080  
                 

Total Investments (Cost $3,284,185) — 102.5%

            3,246,421  

Other assets and liabilities, net — (2.5)%

            (78,675 )

TOTAL NET ASSETS — 100.0%

          $ 3,167,746  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

The rate shown is the seven day yield at period end.

 

The accompanying notes are an integral part of the financial statements.

 

13

 

 

RiverNorth Enhanced Pre-Merger SPAC ETF

Schedule of Investments

June 30, 2023 (Unaudited)

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

  

Shares

    

Value

  

COMMON STOCKS — 92.7%

                

Pre-Combination Special Purpose Acquisition Companies — 92.7% (a)

Acri Capital Acquisition Corp.

    10,522     $ 113,638  

Alchemy Investments Acquisition Corp. 1 - Tracking Stock (b)

    6,363       65,157  

Ares Acquisition Corp. - Class A (b)

    7,946       83,989  

Ares Acquisition Corp. II - Tracking Stock (b)

    23,273       238,548  

Bukit Jalil Global Acquisition 1 Ltd. - Tracking Stock (b)

    23,000       234,140  

Churchill Capital Corp. V - Class A

    20,425       207,722  

Churchill Capital Corp. VII

    20,000       206,800  

Conyers Park III Acquisition Corp. - Class A

    10,552       107,841  

Distoken Acquisition Corp. (b)

    10,238       105,810  

ESH Acquisition Corp. - Tracking Stock

    23,000       233,220  

Four Leaf Acquisition Corp. - Class A

    23,000       237,130  

FTAC Zeus Acquisition Corp. - Class A

    18,192       189,652  

Fusion Acquisition Corp. II - Class A

    2       22  

Fusion Acquisition Corp. II

    22,998       238,719  

Goal Acquisitions Corp.

    6,973       72,415  

Gores Holdings IX, Inc. - Class A

    21,142       216,707  

Golden Star Acquisition Corp. - Tracking Stock (b)

    28,085       292,365  

Graf Acquisition Corp. IV

    10,502       108,486  

Hennessy Capital Investment Corp. VI - Class A

    14,565       150,020  

Horizon Space Acquisition I Corp. (b)

    3,578       37,372  

Inflection Point Acquisition Corp. II - Tracking Stock (b)

    23,374       236,545  

Innovative International Acquisition Corp. - Class A (b)

    21,043       229,578  

Israel Acquisitions Corp. - Class A (b)

    5,375       55,846  

Kernel Group Holdings, Inc. - Class A (b)

    10,522       110,481  

Live Oak Crestview Climate Acquisition Corp. - Class A

    7,077       72,539  

Mars Acquisition Corp. (b)

    10,840       112,519  

Newbury Street Acquisition Corp.

    21,043       218,426  

Oak Woods Acquisition Corp. - Class A (b)

    23,000       236,325  

OCA Acquisition Corp. - Class A

    13,677       143,745  

 

 

  

Shares

    

Value

  

Pre-Combination Special Purpose Acquisition Companies (continued)

Pono Capital Three, Inc. - Class A (b)

    10,989     $ 114,231  

Quantum FinTech Acquisition Corp.

    13,725       142,603  

Screaming Eagle Acquisition Corp. - Class A (b)

    22,929       236,856  

TMT Acquisition Corp. - Class A (b)

    23,000       236,670  

Trailblazer Merger Corp. I

    22,022       224,404  

TOTAL COMMON STOCKS (Cost $5,327,615)

            5,510,521  
                 

RIGHTS — 0.4% (a)

                

Distoken Acquisition Corp., Expiration: November 2027 (b)

    10,238       2,114  

Horizon Space Acquisition I Corp., Expiration: March 2024 (b)

    3,578       531  

Mars Acquisition Corp., Expiration: February 2028 (b)

    10,840       2,708  

Oak Woods Acquisition Corp., Expiration: March 2028 (b)

    23,000       4,830  

TMT Acquisition Corp., Expiration: March 2028 (b)

    23,000       8,050  

Trailblazer Merger Corp. I, Expiration: April 2028

    22,022       3,127  

TOTAL RIGHTS (Cost $15,050)

            21,360  
                 

WARRANTS — 0.3% (a)

                

Apollo Strategic Growth Capital II - Class A, Expiration: December 2027, Exercise Price: $11.50 (b)

    3,562       437  

Ares Acquisition Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 (b)

    767       614  

Bite Acquisition Corp., Expiration: December 2027, Exercise Price: $11.50

    2,317       193  

CC Neuberger Principal Holdings III, Expiration: December 2027, Exercise Price: $11.50 (b)

    455       86  

CF Acquisition Corp. IV, Expiration: December 2025, Exercise Price: $11.50

    2,118       147  

Churchill Capital Corp. V - Class A, Expiration: October 2027, Exercise Price: $11.50

    3,679       663  

Churchill Capital Corp. VI - Class A, Expiration: December 2027, Exercise Price: $11.50

    3,511       632  

Churchill Capital Corp. VII - Class A, Expiration: February 2028, Exercise Price: $11.50

    3,382       473  

Conyers Park III Acquisition Corp., Expiration: August 2028, Exercise Price: $11.50

    2,175       109  

Distoken Acquisition Corp., Expiration: March 2028, Exercise Price: $11.50 (b)

    10,238       393  

 

The accompanying notes are an integral part of the financial statements.

 

14

 

 

RiverNorth Enhanced Pre-Merger SPAC ETF

Schedule of Investments

June 30, 2023 (Unaudited) (Continued)

 

 

  

Shares

    

Value

  

WARRANTS (continued)

                

FAST Acquisition Corp. II - Class A, Expiration: March 2026, Exercise Price: $11.50

    2,675     $ 1,870  

Four Leaf Acquisition Corp., Expiration: May 2028, Exercise Price: $11.50

    23,000       2,230  

Fusion Acquisition Corp. II - Class A, Expiration: December 2027, Exercise Price: $11.50

    7,666       38  

Goal Acquisitions Corp., Expiration: February 2026, Exercise Price: $11.50

    2,841       69  

Gores Holdings IX, Inc., Expiration: January 2029, Exercise Price: $11.50

    5,071       1,114  

Graf Acquisition Corp. IV, Expiration: May 2028, Exercise Price: $11.50

    1,751       399  

Hennessy Capital Investment Corp. VI - Class A, Expiration: December 2027, Exercise Price: $11.50

    4,085       449  

Horizon Space Acquisition I Corp., Expiration: January 2028, Exercise Price: $11.50 (b)

    3,578       185  

Israel Acquisitions Corp., Expiration: February 2028, Exercise Price: $11.50 (b)

    5,375       806  

Jaws Mustang Acquisition Corp., Expiration: January 2026, Exercise Price: $11.50 (b)

    2,053       103  

Live Oak Crestview Climate Acquisition Corp., Expiration: March 2026, Exercise Price: $11.50

    1,424       49  

Net Power, Inc., Expiration: March 2026, Exercise Price: $11.50

    1,085       3,646  

Oak Woods Acquisition Corp., Expiration: May 2028, Exercise Price: $11.50 (b)

    23,000       745  

Pono Capital Three, Inc. - Class A, Expiration: April 2028, Exercise Price: $11.50 (b)

    10,989       1,868  

Screaming Eagle Acquisition Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 (b)

    5,917       804  

Slam Corp. - Class A, Expiration: December 2027, Exercise Price: $11.50 (b)

    3,592       682  

Twelve Seas Investment Co. II - Class A, Expiration: March 2028, Exercise Price: $11.50

    3,509       234  

TOTAL WARRANTS (Cost $15,603)

            19,038  

 

 

 

 

  

Shares

    

Value

  

MONEY MARKET FUNDS — 8.5%

                

First American Treasury Obligations Fund - Class X, 5.04% (c)

    506,797     $ 506,797  

TOTAL MONEY MARKET FUNDS (Cost $506,797)

            506,797  
                 

TOTAL INVESTMENTS (Cost $5,865,065) — 101.9%

            6,057,716  

Other assets and liabilities, net — (1.9)%

            (110,406 )

TOTAL NET ASSETS — 100.0%

          $ 5,947,310  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

(c)

The rate shown is the seven day yield at period end.

 

COUNTRY

Percentage of
Net Assets

United States

48.5%

Cayman Islands

44.6%*

Total Country

93.1%

RIGHTS

0.4%

WARRANTS

0.3%

MONEY MARKET FUNDS

8.5%

TOTAL INVESTMENTS

101.9%

Other assets and liabilities, net

(1.9)%

NET ASSETS

100.0%

 

*

To the extent the Fund invests more heavily in particular countries, its performance will be especially sensitive to developments that significantly affect those countries.

 

The accompanying notes are an integral part of the financial statements.

 

15

 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

TrueShares ETFs

Statements of Assets and Liabilities

June 30, 2023 (Unaudited)

 

   

TrueShares
Technology,
AI & Deep
Learning ETF

    

TrueShares
ESG Active
Opportunities
ETF

    

TrueShares Low
Volatility Equity
Income ETF

    

TrueShares
Eagle Global
Renewable
Energy
Income ETF

  

Assets

                                

Investments, at value(1)

  $ 34,161,439     $ 2,429,557     $ 64,650,088     $ 2,952,217  

Receivable for investment securities sold

    —       —       3,054,426       —  

Receivable for Fund shares sold

    —       —       1,089,524       —  

Dividends and interest receivable

    8,685       2,222       113,453       11,593  

Total assets

    34,170,124       2,431,779       68,907,491       2,963,810  
                                 

Liabilities

                                

Payable to Adviser

    15,623       1,322       34,337       1,780  

Payable for investment securities purchased

    —       —       2,429,406       21,418  

Payable for Fund shares redeemed

    —       —       1,098,264       —  

Total liabilities

    15,623       1,322       3,562,007       23,198  

Net Assets

  $ 34,154,501     $ 2,430,457     $ 65,345,484     $ 2,940,612  
                                 

Net Assets Consists of:

                                

Paid-in capital

  $ 46,228,764     $ 1,210,305     $ 67,919,996     $ 2,972,232  

Total distributable earnings (accumulated losses)

    (12,074,263 )     1,220,152       (2,574,512 )     (31,620 )

Net Assets

  $ 34,154,501     $ 2,430,457     $ 65,345,484     $ 2,940,612  
                                 

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)

    1,070,000       65,000       2,380,000       120,000  

Net Asset Value, redemption price and offering price per share

   $ 31.92     $ 37.39       27.46       24.51  
                                 

(1) Cost of investments

  $ 38,287,446     $ 2,140,768     $ 62,705,823     $ 2,994,179  

 

 

The accompanying notes are an integral part of the financial statements.

 

17

 

 

TrueShares ETFs

Statements of Assets and Liabilities

June 30, 2023 (Unaudited) (Continued)

 

   

RiverNorth
Patriot ETF

    

RiverNorth
Enhanced
Pre-Merger
SPAC ETF

  

Assets

                

Investments, at value(1)

  $ 3,246,421     $ 6,057,716  

Dividends and interest receivable

    4,303       2,948  

Receivable for investment securities sold

    165,259       —  

Total assets

    3,415,983       6,060,664  
                 

Liabilities

                

Payable to Adviser

    1,772       4,384  

Payable for investment securities purchased

    246,465       108,970  

Total liabilities

    248,237       113,354  

Net Assets

  $ 3,167,746     $ 5,947,310  
                 

Net Assets Consists of:

                

Paid-in capital

  $ 3,523,075     $ 5,656,515  

Total distributable earnings (accumulated losses)

    (355,329 )     290,795  

Net Assets

  $ 3,167,746     $ 5,947,310  
                 

Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)

    140,000       225,000  

Net Asset Value, redemption price and offering price per share

  $ 22.63     $ 26.43  
                 

(1) Cost of investments

  $ 3,284,185     $ 5,865,065  

 

 

The accompanying notes are an integral part of the financial statements.

 

18

 

 

TrueShares ETFs

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited)

 

   

TrueShares
Technology,
AI & Deep
Learning ETF

    

TrueShares
ESG Active
Opportunities
ETF

    

TrueShares Low
Volatility Equity
Income ETF

    

TrueShares
Eagle Global
Renewable
Energy
Income ETF

  

Investment Income

                                

Dividend income (net of withholding taxes and issuance fees of $—, $—, $541 and $7,672, respectively)

  $ 344     $ 37,305     $ 1,165,981     $ 46,548  

Interest income

    9,796       1,469       49,947       1,275  

Total investment income

    10,140       38,775       1,215,928       47,823  
                                 

Expenses

                                

Investment advisory fees

    60,440       14,560       227,812       9,349  

Total expenses

    60,440       14,560       227,812       9,349  

Net Investment Income (Loss)

    (50,300 )     24,215       988,116       38,474  
                                 

Realized and Unrealized Gain (Loss) on Investments and Foreign Currency

                                

Net realized gain (loss) on:

                                

Investments

    (3,937,463 )     996,961       (913,116 )     2,039  

Foreign currency transactions

    —       —       —       (107 )

Net realized gain (loss) on investments and foreign currency transactions

    (3,937,463 )     996,961       (913,116 )     1,932  

Net change in unrealized appreciation/depreciation on:

                                

Investments

    9,543,766       (266,235 )     (2,877,169 )     (6,058 )

Foreign currency translation

    —       —       —       818  

Net change in unrealized appreciation/depreciation on investments and foreign currency translation

    9,543,766       (266,235 )     (2,877,169 )     (5,240 )

Net realized and unrealized gain (loss) on investments and foreign currency

    5,606,303       730,726       (3,790,285 )     (3,308 )

Net increase (decrease) in net assets from operations

  $ 5,556,003     $ 754,941     $ (2,802,169 )   $ 35,166  

 

 

The accompanying notes are an integral part of the financial statements.

 

19

 

 

TrueShares ETFs

Statements of Operations

For the Six Months Ended June 30, 2023 (Unaudited) (Continued)

 

   

RiverNorth
Patriot ETF

    

RiverNorth
Enhanced
Pre-Merger
SPAC ETF

  

Investment Income

                

Dividend income

  $ 34,450     $ —  

Interest income

    473       12,420  

Total investment income

    34,923       12,420  
                 

Expenses

                

Investment advisory fees

    11,237       25,596  

Total expenses

    11,237       25,596  

Net Investment Income (Loss)

    23,686       (13,176 )
                 

Realized and Unrealized Gain (Loss) on Investments

               

Net realized gain (loss) on investments

    (149,393 )     102,508  

Net change in unrealized appreciation/depreciation on investments

    255,282       131,070  

Net realized and unrealized gain on investments

    105,889       233,578  

Net increase in net assets from operations

  $ 129,575     $ 220,402  

 

 

The accompanying notes are an integral part of the financial statements.

 

20

 

 

TrueShares ETFs

Statements of Changes in Net Assets

 

 

   

TrueShares Technology, AI
& Deep Learning ETF

    

TrueShares ESG Active
Opportunities ETF

  
   

Six Months
Ended
June 30, 2023
(Unaudited)

    

Year Ended
December 31,
2022

    

Six Months
Ended
June 30, 2023
(Unaudited)

    

Year Ended
December 31,
2022

  

From Operations

                                

Net investment income (loss)

  $ (50,300 )   $ (131,297 )   $ 24,215     $ 56,514  

Net realized gain (loss) on investments

    (3,937,463 )     (1,688,095 )     996,961       518,697  

Net change in unrealized appreciation/depreciation on investments

    9,543,766       (16,195,089 )     (266,235 )     (2,722,553 )

Net increase (decrease) in net assets resulting from operations

    5,556,003       (18,014,481 )     754,941       (2,147,342 )
                                 

From Distributions

                                

Distributable earnings

    —       —       —       (55,980 )

Total distributions

    —       —       —       (55,980 )
                                 

From Capital Share Transactions

                                

Proceeds from shares sold

    18,647,455       5,630,240       —       —  

Cost of shares redeemed

    (4,348,829 )     (11,009,818 )     (4,675,272 )     (1,793,493 )

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

    14,298,626       (5,379,578 )     (4,675,272 )     (1,793,493 )
                                 

Total Increase (Decrease) in Net Assets

    19,854,629       (23,394,059 )     (3,920,331 )     (3,996,815 )
                                 

Net Assets

                                

Beginning of period

    14,299,872       37,693,931       6,350,788       10,347,603  

End of period

  $ 34,154,501     $ 14,299,872     $ 2,430,457     $ 6,350,788  
                                 

Changes in Shares Outstanding

                                

Shares outstanding, beginning of period

    625,000       800,000       200,000       250,000  

Shares sold

    600,000       150,000       —       —  

Shares redeemed

    (155,000 )     (325,000 )     (135,000 )     (50,000 )

Shares outstanding, end of period

    1,070,000       625,000       65,000       200,000  

 

 

 

The accompanying notes are an integral part of the financial statements.

 

21

 

 

TrueShares ETFs

Statements of Changes in Net Assets

(Continued)

 

   

TrueShares Low Volatility
Equity Income ETF

    

TrueShares Eagle Global
Renewable Energy Income ETF

  
   

Six Months
Ended
June 30, 2023
(Unaudited)

    

Year Ended
December 31,
2022

   

Six Months
Ended
June 30, 2023
(Unaudited)

    

Period Ended
December 31,
2022(1)

  

From Operations

                                

Net investment income (loss)

  $ 988,116     $ 2,076,126     $ 38,474     $ (271 )

Net realized gain (loss) on investments and foreign currency

    (913,116 )     (1,788,783 )     1,932       (1,747 )

Net change in unrealized appreciation/depreciation on investments and foreign currency

    (2,877,169 )     1,890,513       (5,240 )     (36,740 )

Net increase (decrease) in net assets resulting from operations

    (2,802,169 )     2,177,856       35,166       (38,758 )
                                 

From Distributions

                                

Distributable earnings

    (987,990 )     (2,075,345 )     (28,300 )     —  

Return of capital

    —       (693 )     —       (238 )

Total distributions

    (987,990 )     (2,076,038 )     (28,300 )     (238 )
                                 

From Capital Share Transactions

                                

Proceeds from shares sold

    11,153,717       39,931,580       724,352       2,494,265  

Cost of shares redeemed

    (20,289,376 )     (7,987,377 )     (245,875 )     —  

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

    (9,135,659 )     31,944,203       478,477       2,494,265  
                                 

Total Increase (Decrease) in Net Assets

    (12,925,818 )     32,046,021       485,343       2,455,269  
                                 

Net Assets

                                

Beginning of period

    78,271,302       46,225,281       2,455,269       —  

End of period

  $ 65,345,484     $ 78,271,302     $ 2,940,612     $ 2,455,269  
                                 

Changes in Shares Outstanding

                                

Shares outstanding, beginning of period

    2,700,000       1,600,000       100,000       —  

Shares sold

    400,000       1,375,000       30,000       100,000  

Shares redeemed

    (720,000 )     (275,000 )     (10,000 )     —  

Shares outstanding, end of period

    2,380,000       2,700,000       120,000       100,000  

 

(1)

The Fund commenced operations on December 8, 2022.

 

The accompanying notes are an integral part of the financial statements.

 

22

 

 

TrueShares ETFs

Statements of Changes in Net Assets

(Continued)

 

   

RiverNorth Patriot ETF

    

RiverNorth Enhanced Pre-
Merger SPAC ETF

  
   

Six Months
Ended
June 30, 2023
(Unaudited)

    

Year Ended
December 31,
2022

   

Six Months
Ended
June 30, 2023
(Unaudited)

    

Period Ended
December 31,
2022(1)

  

From Operations

                                

Net investment income (loss)

  $ 23,686     $ 48,932     $ (13,176 )   $ (13,101 )

Net realized gain (loss) on investments

    (149,393 )     (163,346 )     102,508       31,432  

Net change in unrealized appreciation/depreciation on investments

    255,282       (293,046 )     131,070       61,581  

Net increase (decrease) in net assets resulting from operations

    129,575       (407,460 )     220,402       79,912  
                                 

From Distributions

                                

Distributable earnings

    —       (48,932 )     —       (8,355 )

Return of capital

    —       (407 )     —       —  

Total distributions

    —       (49,339 )     —       (8,355 )
                                 

From Capital Share Transactions

                                

Proceeds from shares sold

    222,927       3,691,633       2,430,981       4,372,345  

Cost of shares redeemed

    (439,785 )     (1,229,805 )     (522,192 )     (625,783 )

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

    (216,858 )     2,461,828       1,908,789       3,746,562  
                                 

Total Increase (Decrease) in Net Assets

    (87,283 )     2,005,029       2,129,191       3,818,119  
                                 

Net Assets

                                

Beginning of period

    3,255,029       1,250,000       3,818,119       —  

End of period

  $ 3,167,746     $ 3,255,029     $ 5,947,310     $ 3,818,119  
                                 

Changes in Shares Outstanding

                                

Shares outstanding, beginning of period

    150,000       50,000       150,000       —  

Shares sold

    10,000       150,000       95,000       175,000  

Shares redeemed

    (20,000 )     (50,000 )     (20,000 )     (25,000 )

Shares outstanding, end of period

    140,000       150,000       225,000       150,000  

 

(1)

The Fund commenced operations on July 11, 2022.

 

The accompanying notes are an integral part of the financial statements.

 

23

 

 

TrueShares ETFs

Financial Highlights

For a Share Outstanding Throughout each Period

 

   

Per Share Operating Performance
(For a share outstanding throughout each period)

  
           

Income from Investment Operations

    

Less Distributions Paid From

  
   

Net Asset
Value,
Beginning
of Period

    

Net
investment
income
(loss)(1)

    

Net realized
and
unrealized
gain
(loss) on
investments

    

Total from
investment
operations

    

Net
investment
income

    

Return of
capital

    

Net realized
gains

    

Total
distributions
paid

  

TrueShares Technology, AI & Deep Learning ETF

                                                       

For the period 01/01/2023 - 6/30/2023 (Unaudited)

   $ 22.88       (0.08 )     9.12       9.04       —       —       —       —  

For the year 01/01/2022 - 12/31/2022

  $ 47.12       (0.19 )     (24.05 )     (24.24 )     —       —       —       —  

For the year 01/01/2021 - 12/31/2021

   $ 47.61       (0.31 )     (0.12 )(9)     (0.43 )     —       —       (0.06 )     (0.06 )

For the period 02/28/2020(8) - 12/31/2020

   $ 25.00       (0.19 )     22.80