LEADERSHARES ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.0%      
    AEROSPACE & DEFENSE - 3.7%      
81,271   Mercury Systems, Inc.(a)       $ 2,889,184
             
 
    ASSET MANAGEMENT - 7.2%      
163,154   Invesco Ltd.         2,816,038
76,507   Janus Henderson Group plc         2,848,356
             

5,664,394

    AUTOMOTIVE - 3.5%      
214,314   Dana, Inc.         2,723,931
             
 
    BANKING - 0.7%      
39,956   Banc of California, Inc.         558,585
             
 
    BIOTECH & PHARMA - 11.5%      
473,435   Bausch Health Companies, Inc.(a)         2,854,812
6,499   BioMarin Pharmaceutical, Inc.(a)         548,061
149,340   Innoviva, Inc.(a)         2,813,566
406,240   Ironwood Pharmaceuticals, Inc.(a)         2,774,619
             

8,991,058

    CHEMICALS - 0.7%      
4,470   Rogers Corporation(a)         546,145
             
 
    COMMERCIAL SUPPORT SERVICES - 7.2%      
369,988   Alight, Inc., Class A(a)         2,800,809
221,818   Vestis Corporation         2,876,980
             

5,677,789

    CONSTRUCTION MATERIALS - 0.7%      
20,560   MDU Resources Group, Inc.         553,886
             
 
    CONSUMER SERVICES - 0.7%      
14,685   Upbound Group, Inc.         554,065
             
 
    E-COMMERCE DISCRETIONARY - 0.7%      
8,509   Etsy, Inc.(a)         554,276
             
 
 
 

 

LEADERSHARES ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    ELECTRIC UTILITIES - 4.3%      
454,727   Algonquin Power & Utilities Corporation       $ 2,837,497
30,220   PG&E Corporation         551,515
             

3,389,012

    FOOD - 3.6%      
70,659   TreeHouse Foods, Inc.(a)         2,846,144
             
 
    GAS & WATER UTILITIES - 3.6%      
37,721   Southwest Gas Holdings, Inc.         2,797,389
             
 
    HEALTH CARE FACILITIES & SERVICES - 4.3%      
9,353   Catalent, Inc.(a)         555,007
102,932   Fortrea Holdings, Inc.(a)         2,839,894
             

3,394,901

    HOME & OFFICE PRODUCTS - 3.6%      
329,358   Newell Brands, Inc.         2,829,185
             
 
    INTERNET MEDIA & SERVICES - 4.4%      
75,021   Match Group, Inc.(a)         2,861,301
17,118   Pinterest, Inc., Class A(a)         546,920
             

3,408,221

    LEISURE FACILITIES & SERVICES - 10.6%      
135,153   Bloomin' Brands, Inc.         2,817,941
10,276   Chipotle Mexican Grill, Inc.(a)         558,192
23,870   Cinemark Holdings, Inc.(a)         562,855
12,789   MGM Resorts International(a)         549,543
40,189   Restaurant Brands International, Inc.         2,812,828
6,318   Shake Shack, Inc., Class A(a)         553,583
32,141   Wendy's Company (The)         544,147
             

8,399,089

    METALS & MINING - 0.7%      
25,508   Peabody Energy Corporation         566,533
             
 
    OIL & GAS PRODUCERS - 1.4%      
18,646   CVR Energy, Inc.         533,276
 
 

 

LEADERSHARES ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    OIL & GAS PRODUCERS - 1.4% (Continued)      
14,053   Suncor Energy, Inc.       $ 560,995
             

1,094,271

    PUBLISHING & BROADCASTING - 0.7%      
19,370   News Corporation, Class B         551,851
             
 
    REAL ESTATE OWNERS & DEVELOPERS - 3.6%      
38,428   Howard Hughes Holdings, Inc.(a)         2,850,205
             
 
    RETAIL - DISCRETIONARY - 7.9%      
8,707   Advance Auto Parts, Inc.         551,414
76,197   Bath & Body Works, Inc.         2,800,240
23,107   Freshpet, Inc.(a)         2,812,122
             

6,163,776

    SEMICONDUCTORS - 0.7%      
30,495   Wolfspeed, Inc.(a)         574,831
             
 
    SOFTWARE - 1.4%      
23,737   Evolent Health, Inc., Class A(a)         553,547
21,275   Gen Digital, Inc.         552,937
             

1,106,484

    TECHNOLOGY HARDWARE - 1.4%      
17,333   NCR Atleos Corporation(a)         557,256
37,367   NCR Voyix Corporation(a)         551,163
             

1,108,419

    TECHNOLOGY SERVICES - 3.7%      
12,580   Insight Enterprises, Inc.(a)         2,824,210
             
 
    TELECOMMUNICATIONS - 2.1%      
39,303   DigitalBridge Group, Inc.         555,351
19,132   Frontier Communications Parent, Inc.(a)         560,568
25,950   Telephone and Data Systems, Inc.         550,140
             

1,666,059

 
 

 

LEADERSHARES ACTIVIST LEADERS ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    TRANSPORTATION & LOGISTICS - 3.7%      
448,934   JetBlue Airways Corporation(a)       $ 2,877,667
             
 
    WHOLESALE - CONSUMER STAPLES - 0.7%      
13,581   Chefs' Warehouse, Inc. (The)(a)         564,834
             
 
               
    TOTAL COMMON STOCKS (Cost $75,710,578)    

  77,726,394

               
    TOTAL INVESTMENTS - 99.0% (Cost $75,710,578)     $ 77,726,394
    OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%    

766,214

    NET ASSETS - 100.0%        

$ 78,492,608

           
               
 

 

 

 

LTD  - Limited Company
PLC  - Public Limited Company
   
(a) Non-income producing security.
   
   
 
 

 

 

SCHEDULE OF INVESTMENTS (Unaudited)
LEADERSHARES ACTIVIST LEADERS ETF
JULY 31, 2024
               
Diversification of Assets
Country         % of Net Assets
United States         80.2%
Canada         11.6%
Jersey         3.6%
Bermuda         3.6%
Total         99.0%
Other Assets Less Liabilities - Net         1.0%
Grand Total         100.0%
 

 

 
 

 

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.0%      
    BIOTECH & PHARMA - 7.0%      
103,661   Bristol-Myers Squibb Company       $ 4,930,117
29,354   Johnson & Johnson         4,633,529
             

9,563,646

    CABLE & SATELLITE - 3.4%      
111,368   Comcast Corporation, Class A         4,596,157
             
 
    CHEMICALS - 3.3%      
54,166   DuPont de Nemours, Inc.         4,533,694
             
 
    COMMERCIAL SUPPORT SERVICES - 6.6%      
578,613   ADT, Inc.         4,501,609
78,435   H&R Block, Inc.         4,544,524
             

9,046,133

    E-COMMERCE DISCRETIONARY - 3.3%      
81,517   eBay, Inc.         4,533,160
             
 
    ELECTRIC UTILITIES - 6.2%      
57,141   SEMPRA         4,574,709
48,892   Vistra Corporation         3,873,224
             

8,447,933

    ENTERTAINMENT CONTENT - 3.5%      
133,832   Fox Corporation - Class B, CLASS B         4,741,668
             
 
    FOOD - 6.7%      
111,330   Pilgrim's Pride Corporation(a)         4,590,136
41,370   Post Holdings, Inc.(a)         4,524,223
             

9,114,359

    HEALTH CARE FACILITIES & SERVICES - 7.0%      
65,431   Centene Corporation(a)         5,032,952
21,208   Labcorp Holdings, Inc.         4,569,052
             

9,602,004

    HOUSEHOLD PRODUCTS - 3.1%      
49,925   Spectrum Brands Holdings, Inc.         4,224,154
             
 
 
 

 

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES - 3.7%      
85,902   Jefferies Financial Group, Inc.       $ 5,022,690
             
 
    LEISURE FACILITIES & SERVICES - 9.6%      
20,107   Hilton Worldwide Holdings, Inc.         4,316,370
17,938   Marriott International, Inc., Class A         4,077,307
99,089   Travel + Leisure Company         4,567,013
             

12,960,690

    MACHINERY - 3.2%      
11,734   Deere & Company         4,364,813
             
 
    OIL & GAS PRODUCERS - 9.4%      
80,140   HF Sinclair Corporation         4,124,806
24,591   Marathon Petroleum Corporation         4,353,099
27,117   Valero Energy Corporation         4,385,361
             

12,863,266

    PUBLISHING & BROADCASTING - 3.4%      
25,477   Nexstar Media Group, Inc.         4,707,895
             
 
    RETAIL - DISCRETIONARY - 3.3%      
21,147   Dick's Sporting Goods, Inc.         4,575,154
             
 
    SELF-STORAGE REIT - 3.3%      
107,132   National Storage Affiliates Trust         4,560,609
             
 
    SOFTWARE - 2.9%      
123,352   Teradata Corporation(a)         3,999,072
             
 
    SPECIALTY FINANCE - 3.6%      
198,716   MGIC Investment Corporation         4,936,105
             
 
    TECHNOLOGY HARDWARE - 3.3%      
35,953   Arrow Electronics, Inc.(a)         4,447,026
             
 
 
 

 

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    TRANSPORTATION & LOGISTICS - 3.2%      
35,168   Expeditors International of Washington, Inc.       $ 4,389,670
             
 
               
    TOTAL COMMON STOCKS (Cost $120,123,577)    

  135,229,898

               
               
    TOTAL INVESTMENTS - 99.0% (Cost $120,123,577)     $ 135,229,898
    OTHER ASSETS IN EXCESS OF LIABILITIES- 1.0%    

1,431,191

    NET ASSETS - 100.0%        

$ 136,661,089

           
               
 

 

 

 

REIT  - Real Estate Investment Trust
   
 

 

 

 

(a) Non-income producing security.

 

 

 

 

 
 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.1%      
    ADVERTISING & MARKETING - 1.0%      
16,027   Omnicom Group, Inc.       $ 1,571,287
             
 
    AEROSPACE & DEFENSE - 2.1%      
14,234   RTX Corporation         1,672,353
16,570   Textron, Inc.         1,539,353
             

3,211,706

    APPAREL & TEXTILE PRODUCTS - 2.8%      
1,456   Deckers Outdoor Corporation(a)         1,343,349
13,558   PVH Corporation         1,382,780
8,229   Ralph Lauren Corporation         1,444,931
             

4,171,060

    ASSET MANAGEMENT - 2.9%      
9,191   Affiliated Managers Group, Inc.         1,706,033
3,333   Ameriprise Financial, Inc.         1,433,423
63,536   Robinhood Markets, Inc.(a)         1,306,936
             

4,446,392

    AUTOMOTIVE - 0.9%      
31,075   General Motors Company         1,377,244
             
 
    BIOTECH & PHARMA - 0.9%      
4,493   United Therapeutics Corporation(a)         1,407,612
             
 
    CHEMICALS - 2.0%      
17,833   DuPont de Nemours, Inc.         1,492,622
33,334   Valvoline, Inc.(a)         1,550,031
             

3,042,653

    CONSTRUCTION MATERIALS - 3.2%      
3,492   Carlisle Companies, Inc.         1,461,681
6,557   Eagle Materials, Inc.         1,785,472
8,268   Owens Corning         1,540,990
             

4,788,143

    DIVERSIFIED INDUSTRIALS - 1.0%      
7,947   Dover Corporation         1,464,314
             
 
 
 

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.1% (Continued)      
    E-COMMERCE DISCRETIONARY - 1.0%      
26,712   eBay, Inc.       $ 1,485,454
             
 
    ELECTRIC UTILITIES - 1.8%      
18,366   NRG Energy, Inc.         1,380,572
16,846   Vistra Corporation         1,334,540
             

2,715,112

    ELECTRICAL EQUIPMENT - 2.8%      
17,502   A O Smith Corporation         1,488,370
14,928   Otis Worldwide Corporation         1,410,696
16,709   Vertiv Holdings Company         1,314,998
             

4,214,064

    ENTERTAINMENT CONTENT - 0.9%      
17,265   AppLovin Corporation, Class A(a)         1,331,132
             
 
    HEALTH CARE FACILITIES & SERVICES - 6.1%      
4,316   Cigna Group (The)         1,504,860
10,248   DaVita, Inc.(a)         1,400,082
4,379   HCA Healthcare, Inc.         1,589,796
2,434   McKesson Corporation         1,501,827
10,817   Tenet Healthcare Corporation(a)         1,619,305
7,719   Universal Health Services, Inc., Class B         1,650,012
             

9,265,882

    HOME CONSTRUCTION - 6.7%      
12,705   Armstrong World Industries, Inc.         1,669,437
9,565   Lennar Corporation, Class A         1,692,335
21,609   Masco Corporation         1,682,261
185   NVR, Inc.(a)         1,592,384
13,052   PulteGroup, Inc.         1,722,864
12,445   Toll Brothers, Inc.         1,776,027
             

10,135,308

    HOUSEHOLD PRODUCTS - 1.9%      
144,347   Coty, Inc., Class A(a)         1,436,253
16,858   Spectrum Brands Holdings, Inc.         1,426,355
             

2,862,608

 
 

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.1% (Continued)      
    INDUSTRIAL SUPPORT SERVICES - 4.2%      
29,294   Core & Main Inc. - Class A(a)       $ 1,566,350
2,247   United Rentals, Inc.         1,701,204
3,084   Watsco, Inc.         1,509,587
1,590   WW Grainger, Inc.         1,553,128
             

6,330,269

    INSTITUTIONAL FINANCIAL SERVICES - 1.2%      
37,898   Lazard, Inc.         1,863,445
             
 
    INSURANCE - 10.2%      
15,979   Aflac, Inc.         1,524,077
19,404   American International Group, Inc.         1,537,379
35,079   Equitable Holdings, Inc.         1,529,795
14,247   Hartford Financial Services Group, Inc. (The)         1,580,277
915   Markel Group, Inc.(a)         1,499,548
20,338   MetLife, Inc.         1,562,975
46,418   Old Republic International Corporation         1,606,991
6,049   Primerica, Inc.         1,522,957
18,126   Principal Financial Group, Inc.         1,477,450
28,228   Unum Group         1,623,958
             

15,465,407

    INTERNET MEDIA & SERVICES - 4.4%      
9,471   Airbnb, Inc., Class A(a)         1,321,773
7,805   Alphabet, Inc., Class A         1,338,869
357   Booking Holdings, Inc.         1,326,259
2,787   Meta Platforms, Inc., Class A         1,323,351
2,109   Netflix, Inc.(a)         1,325,190
             

6,635,442

    LEISURE FACILITIES & SERVICES - 2.7%      
6,578   Hilton Worldwide Holdings, Inc.         1,412,098
9,493   Hyatt Hotels Corporation, Class A         1,398,604
5,835   Marriott International, Inc., Class A         1,326,296
             

4,136,998

    MACHINERY - 1.9%      
4,335   Caterpillar, Inc.         1,500,777
 
 

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.1% (Continued)      
    MACHINERY - 1.9% (Continued)      
3,809   Deere & Company       $ 1,416,872
             

2,917,649

    OIL & GAS PRODUCERS - 6.7%      
8,193   Cheniere Energy, Inc.         1,496,370
12,501   ConocoPhillips         1,390,111
8,203   Marathon Petroleum Corporation         1,452,095
3,016   Murphy USA, Inc.         1,522,839
30,282   Ovintiv, Inc.         1,406,296
10,105   Phillips 66         1,470,075
9,132   Valero Energy Corporation         1,476,827
             

10,214,613

    RETAIL - DISCRETIONARY - 3.0%      
9,008   AutoNation, Inc.(a)         1,718,006
480   AutoZone, Inc.(a)         1,504,171
36,599   Bath & Body Works, Inc.         1,345,013
             

4,567,190

    SEMICONDUCTORS - 1.8%      
11,188   Cirrus Logic, Inc.(a)         1,459,810
1,333   Lam Research Corporation         1,228,013
             

2,687,823

    SOFTWARE - 1.9%      
2,594   Adobe, Inc.(a)         1,430,980
57,820   Gen Digital, Inc.         1,502,742
             

2,933,722

    SPECIALTY FINANCE - 4.2%      
6,226   American Express Company         1,575,427
66,764   MGIC Investment Corporation         1,658,417
69,101   SLM Corporation         1,567,902
30,934   Synchrony Financial         1,571,138
             

6,372,884

    SPECIALTY REITS - 1.0%      
12,088   Lamar Advertising Company, Class A         1,448,868
             
 
 
 

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Shares             Fair Value
    COMMON STOCKS — 99.1% (Continued)      
    STEEL - 1.9%      
9,031   Nucor Corporation       $ 1,471,511
11,059   Steel Dynamics, Inc.         1,473,280
             

2,944,791

    TECHNOLOGY HARDWARE - 4.1%      
6,706   Apple, Inc.         1,489,268
8,302   F5, Inc.(a)         1,690,620
13,133   Jabil, Inc.         1,479,695
12,423   TD SYNNEX Corporation         1,480,449
             

6,140,032

    TECHNOLOGY SERVICES - 6.9%      
5,345   Corpay, Inc.(a)         1,559,778
9,684   Fiserv, Inc.(a)         1,584,011
9,808   Leidos Holdings, Inc.         1,416,275
3,226   S&P Global, Inc.         1,563,739
12,184   Science Applications International Corporation         1,515,690
5,301   Verisk Analytics, Inc.         1,387,537
5,392   Visa, Inc., Class A         1,432,493
             

10,459,523

    TRANSPORTATION & LOGISTICS - 1.9%      
4,789   FedEx Corporation         1,447,475
11,900   Kirby Corporation(a)         1,462,272
             

2,909,747

    TRANSPORTATION EQUIPMENT - 2.1%      
19,053   Allison Transmission Holdings, Inc.         1,687,905
9,039   Westinghouse Air Brake Technologies Corporation         1,456,635
             

3,144,540

    WHOLESALE - CONSUMER STAPLES - 1.0%      
27,026   US Foods Holding Corporation(a)         1,469,944
             
 
               
               
 
 

 

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
 
Principal Amount ($)             Fair Value
           
    TOTAL COMMON STOCKS (Cost $128,427,656)         $ 150,132,858    
             
    TOTAL INVESTMENTS - 99.1% (Cost $128,427,656)     $ 150,132,858
    OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9%    

1,344,740

    NET ASSETS - 100.0%        

$ 151,477,598

           
               
 

 

 

 

PLC  - Public Limited Company
REIT  - Real Estate Investment Trust
   
 

 

 

 

(a) Non-income producing security.

 

 
 

 

 

LEADERSHARES EQUITY SKEW ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 99.4%      
    EQUITY - 99.3%      
176,414   iShares Russell 2000 ETF       $ 39,492,038
291,794   SPDR Portfolio Emerging Markets ETF         11,126,105
83,481   SPDR Portfolio S&P 500 Value ETF         4,260,870
191,712   SPDR S&P 600 Small Cap Growth ETF         18,128,287
85,774   SPDR S&P 600 Small Cap Value ETF         7,525,811
586,460   Vanguard FTSE Emerging Markets ETF         25,974,313
             

106,507,424

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $103,375,727)    

  106,507,424

               
    TOTAL INVESTMENTS – 99.4% (Cost $103,375,727)     $ 106,507,424
    OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%    

679,371

    NET ASSETS - 100.0%        

$ 107,186,795

           
               
 

 

 

 

 

ETF  - Exchange-Traded Fund
SPDR  - Standard & Poor's Depositary Receipt

 

 

 
 

 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2024
 

Principal

Amount ($)

       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 51.5%      
    AEROSPACE & DEFENSE — 2.6%      
151,000   Boeing Company (The)   4.8750 05/01/25 $ 149,873
162,000   Boeing Company (The)   2.1960 02/04/26   154,052
151,000   Boeing Company (The)   5.1500 05/01/30   148,223
152,000   Boeing Company (The)   5.7050 05/01/40   144,314
153,000   Boeing Company (The)   5.8050 05/01/50   142,031
155,000   Boeing Company (The)   5.9300 05/01/60   142,164
90,000   Bombardier, Inc.(a)   7.8750 04/15/27   90,099
158,000   RTX Corporation   4.1250 11/16/28   154,345
179,000   RTX Corporation   4.5000 06/01/42   158,731
172,000   TransDigm, Inc.   5.5000 11/15/27   169,834
164,000   TransDigm, Inc.(a)   6.7500 08/15/28   167,291
164,000   TransDigm, Inc.(a)   6.8750 12/15/30 168,773
              1,789,730
    AUTOMOTIVE — 0.5%      
163,000   Clarios Global, L.P. / Clarios US Finance Company(a)   8.5000 05/15/27   164,476
205,000   Tenneco, Inc.(a)   8.0000 11/17/28   185,935
              350,411
    BANKING — 6.2%      
168,000   Bank of America Corporation(b) SOFRRATE + 0.960% 1.7340 07/22/27   157,520
165,000   Bank of America Corporation(b) TSFR3M + 1.302% 3.4190 12/20/28   157,356
160,000   Bank of America Corporation  Series N(b) TSFR3M + 1.572% 4.2710 07/23/29   156,343
164,000   Bank of America Corporation(b) TSFR3M + 1.472% 3.9740 02/07/30   157,607
185,000   Bank of America Corporation(b) TSFR3M + 1.252% 2.4960 02/13/31   162,808
190,000   Bank of America Corporation(b) SOFRRATE + 1.320% 2.6870 04/22/32   163,897
224,000   Bank of America Corporation(b) SOFRRATE + 1.930% 2.6760 06/19/41   160,014
212,000   Bank of America Corporation(b) SOFRRATE + 1.580% 3.3110 04/22/42   163,405
197,000   Bank of America Corporation B(b) TSFR3M + 3.412% 4.0830 03/20/51   162,055
155,000   Citigroup, Inc(b) SOFRRATE + 2.842%  3.1060 04/08/26  152,474
             
             
             
                         
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024            
             

Principal

Amount ($)

     Spread

Coupon Rate

(%)

 Maturity               Fair Value
    CORPORATE BONDS — 51.5% (Continued)        
    BANKING — 6.2% (Continued)        
157,000   Citigroup, Inc.   4.4500 09/29/27 $ 154,686
160,000   Citigroup, Inc.(b) SOFRRATE + 3.914% 4.4120 03/31/31   154,987
182,000   Citigroup, Inc.(b) SOFRRATE + 2.107% 2.5720 06/03/31   159,312
159,000   JPMorgan Chase & Company(b) SOFRRATE + 1.850% 2.0830 04/22/26   155,314
167,000   JPMorgan Chase & Company(b) SOFRRATE + 0.885% 1.5780 04/22/27   157,463
177,000   JPMorgan Chase & Company(b) TSFR3M + 1.510% 2.7390 10/15/30   159,570
159,000   JPMorgan Chase & Company(b) TSFR3M + 3.790% 4.4930 03/24/31   155,889
189,000   JPMorgan Chase & Company(b) TSFR3M + 1.250% 2.5800 04/22/32   162,608
142,000   JPMorgan Chase & Company   6.4000 05/15/38   161,216
196,000   JPMorgan Chase & Company(b) TSFR3M + 1.642% 3.9640 11/15/48   160,858
217,000   JPMorgan Chase & Company(b) SOFRRATE + 1.580% 3.3280 04/22/52   157,709
160,000   Wells Fargo & Company   3.0000 04/22/26   154,968
161,000   Wells Fargo & Company   3.0000 10/23/26 154,755
169,000   Wells Fargo & Company(b) SOFRRATE + 2.100% 2.3930 06/02/28   157,504
178,000   Wells Fargo & Company(b) TSFR3M + 1.432% 2.8790 10/30/30   160,731
219,000   Wells Fargo & Company(b) SOFRRATE + 2.530% 3.0680 04/30/41   164,640
171,000   Wells Fargo & Company(b) TSFR3M + 4.502% 5.0130 04/04/51   160,615
              4,286,304
    BEVERAGES — 0.9%      
158,000   Anheuser-Busch Companies, LLC / Anheuser-Busch   4.7000 02/01/36   153,642
163,000   Anheuser-Busch Companies, LLC / Anheuser-Busch   4.9000 02/01/46   153,710
150,000   Anheuser-Busch InBev Worldwide, Inc.   4.7500 01/23/29   151,104
154,000   Anheuser-Busch InBev Worldwide, Inc.   5.5500 01/23/49   158,000
              616,456
    BIOTECH & PHARMA — 2.9%      
155,000   AbbVie, Inc.   2.6000 11/21/24   153,657
154,000   AbbVie, Inc.   3.6000 05/14/25   152,026
159,000   AbbVie, Inc.   2.9500 11/21/26   153,195
167,000   AbbVie, Inc.   3.2000 11/21/29   156,160
178,000   AbbVie, Inc.   4.0500 11/21/39   158,189
182,000   AbbVie, Inc.   4.2500 11/21/49   155,004
                         
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

     Spread

Coupon Rate

(%)

 Maturity Fair Value
    CORPORATE BONDS — 51.5% (Continued)        
    CABLE & SATELLITE — 5.3%        
179,000   Amgen, Inc.   4.6630 06/15/51 $ 156,345
140,000   AstraZeneca plc   6.4500 09/15/37   159,119
192,000   Bausch Health Companies, Inc.(a)   5.5000 11/01/25   179,722
163,000   Bristol-Myers Squibb Company   3.4000 07/26/29   154,590
186,000   Bristol-Myers Squibb Company   4.2500 10/26/49   155,507
173,000   CCO Holdings, LLC / CCO Holdings Capital(a)   5.1250 05/01/27   168,273
176,000   CCO Holdings, LLC / CCO Holdings Capital(a)   5.0000 02/01/28   167,557
180,000   CCO Holdings, LLC / CCO Holdings Capital(a)   5.3750 06/01/29   168,294
171,000   CCO Holdings, LLC / CCO Holdings Capital(a)   6.3750 09/01/29   166,504
191,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.7500 03/01/30   170,961
195,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.5000 08/15/30 170,789
201,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.2500 02/01/31   171,007
205,000   CCO Holdings, LLC / CCO Holdings Capital   4.5000 05/01/32   171,811
211,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.5000 06/01/33   173,201
218,000   CCO Holdings, LLC / CCO Holdings Capital(a)   4.2500 01/15/34   172,355
156,000   Comcast Corporation   4.1500 10/15/28   153,152
166,000   Comcast Corporation   4.6000 10/15/38   155,161
171,000   Comcast Corporation   4.7000 10/15/48   154,085
244,000   Comcast Corporation   2.8870 11/01/51   155,866
252,000   Comcast Corporation   2.9370 11/01/56   156,193
185,000   DIRECTV Holdings, LLC / DIRECTV Financing Company,(a)   5.8750 08/15/27   178,402
196,000   DISH DBS Corporation   5.8750 11/15/24   182,991
216,000   DISH DBS Corporation(a)   5.2500 12/01/26   179,665
229,000   DISH DBS Corporation(a)   5.7500 12/01/28   168,551
171,000   DISH Network Corporation(a)   11.7500 11/15/27   171,209
140,000   GlaxoSmithKline Capital, Inc.   6.3750 05/15/38                                 157,950
130,000   Pfizer, Inc.   7.2000 03/15/39                                 156,626
173,000   Sirius XM Radio, Inc.(a)   5.0000 08/01/27   167,289
187,000   Sirius XM Radio, Inc.(a)   4.0000 07/15/28   171,539
              3,694,855
    COMMERCIAL SUPPORT SERVICES — 0.2%      
170,000   Allied Universal Holdco, LLC / Allied Universal(a)   6.6250 07/15/26   169,927
 
 
               
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

     Spread

Coupon Rate

(%)

 Maturity Fair Value
    CORPORATE BONDS — 51.5% (Continued)        
    CONSTRUCTION MATERIALS — 0.2%        
191,000   Standard Industries, Inc.(a)   4.3750 07/15/30 $ 173,974
             
             
    CONTAINERS & PACKAGING — 0.2%        
171,000   Mauser Packaging Solutions Holding Company(a)   7.8750 08/15/26 173,373
             
               
    DIVERSIFIED INDUSTRIALS — 0.2%        
141,000   General Electric Company   6.7500 03/15/32 157,375
             
               
    E-COMMERCE DISCRETIONARY — 0.4%        
159,000   Amazon.com, Inc.   3.1500 08/22/27

153,030 

180,000   Amazon.com, Inc.   4.0500 08/22/47 154,127
    307,157
             
               
               
    ELECTRIC UTILITIES — 0.2%        
174,000   FirstEnergy Corporation.   4.1500 07/15/57 168,760
               
               
    ELECTRICAL EQUIPMENT — 0.5%        
165,000   Emerald Debt Merger Sub, LLC(a)   6.6250 12/15/30

168,104 

161,000   WESCO Distribution, Inc.(a)   7.2500 06/15/28 165,042
    333,146
             
               
    ENGINEERING & CONSTRUCTION — 0.2%        
158,000   Brand Industrial Services, Inc.(a)   10.3750 08/01/30 173,768
               
               
    ENTERTAINMENT CONTENT — 0.2%        
167,000   Univision Communications, Inc.(a)   6.6250 06/01/27 166,248
               
               
    FOOD — 1.8%        
159,000   Kraft Heinz Foods Company   3.0000 06/01/26 153,954
157,000   Kraft Heinz Foods Company   3.8750 05/15/27 153,686
162,000   Kraft Heinz Foods Company   4.2500 03/01/31 156,914
141,000   Kraft Heinz Foods Company(a)   7.1250 08/01/39 163,356
168,000   Kraft Heinz Foods Company   5.0000 06/04/42 155,580
166,000   Kraft Heinz Foods Company   5.2000 07/15/45 155,811
189,000   Kraft Heinz Foods Company   4.3750 06/01/46 158,045
               
               
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

     Spread

Coupon Rate

(%)

 Maturity Fair Value
    CORPORATE BONDS — 51.5% (Continued)        
    FOOD — 1.8% (Continued)        
173,000   Kraft Heinz Foods Company   4.8750 10/01/49 $  154,015
              1,251,361
    HEALTH CARE FACILITIES & SERVICES — 3.7%      
188,000   CHS/Community Health Systems, Inc.(a)   5.6250 03/15/27   180,249
156,000   Cigna Group (The)   4.3750 10/15/28   153,504
172,000   Cigna Group (The)   4.9000 12/15/48   154,134
155,000   CVS Health Corporation   4.3000 03/25/28   151,598
169,000   CVS Health Corporation   4.7800 03/25/38   154,369
171,000   CVS Health Corporation   5.1250 07/20/45   153,967
174,000   CVS Health Corporation   5.0500 03/25/48   153,014
199,000   DaVita, Inc.(a)   4.6250 06/01/30   182,187
151,000   HCA, Inc.   5.3750 02/01/25   150,714
149,000   HCA, Inc.   5.8750 02/15/26   149,859
157,000   HCA, Inc.   5.6250 09/01/28   160,386
173,000   HCA, Inc.   3.5000 09/01/30 159,041
165,000   Tenet Healthcare Corporation   6.2500 02/01/27   165,352
172,000   Tenet Healthcare Corporation   5.1250 11/01/27   169,241
170,000   Tenet Healthcare Corporation   6.1250 10/01/28   170,551
169,000   Tenet Healthcare Corporation   6.1250 06/15/30   169,785
              2,577,951
    HOME & OFFICE PRODUCTS — 0.2%      
171,000   Newell Brands, Inc.   5.2000 04/01/26   170,545
             
    INDUSTRIAL INTERMEDIATE PROD — 0.2%      
161,000   Chart Industries, Inc.(a)   7.5000 01/01/30   167,683
             
    INDUSTRIAL SUPPORT SERVICES — 0.2%      
172,000   United Rentals North America, Inc.   4.8750 01/15/28   168,099
             
    INSTITUTIONAL FINANCIAL SERVICES — 2.0%      
154,000   Goldman Sachs Group, Inc. (The)   3.5000 04/01/25   152,069
158,000   Goldman Sachs Group, Inc. (The)(b) TSFR3M + 1.563% 4.2230 05/01/29   154,032
187,000   Goldman Sachs Group, Inc. (The)(b) SOFRRATE + 1.281% 2.6150 04/22/32   160,206
 
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

     Spread

Coupon Rate

(%)

 Maturity  Fair Value
    CORPORATE BONDS — 51.5% (Continued)        
    INSTITUTIONAL FINANCIAL SERVICES — 2.0% (Continued)        
147,000   Goldman Sachs Group, Inc. (The)   6.7500 10/01/37 $   163,197
148,000   Goldman Sachs Group, Inc. (The)   6.2500 02/01/41   162,021
155,000   Morgan Stanley   3.8750 01/27/26   152,534
168,000   Morgan Stanley(b) SOFRRATE + 0.879% 1.5930 05/04/27   158,061
159,000   Morgan Stanley(b) TSFR3M + 1.890% 4.4310 01/23/30   155,863
182,000   Morgan Stanley  Series GMTN(b) SOFRRATE + 1.143% 2.6990 01/22/31   162,161
              1,420,144
    INSURANCE — 0.2%      
160,000   HUB International Ltd.(a)   7.2500 06/15/30   165,106
             
    INTERNET MEDIA & SERVICES — 0.5%      
161,000   Uber Technologies, Inc.(a)   8.0000 11/01/26   161,776
180,000   Uber Technologies, Inc.(a)   4.5000 08/15/29   173,945
            335,721
    LEISURE FACILITIES & SERVICES — 2.7%      
180,000   1011778 BC ULC / New Red Finance, Inc.(a)   3.8750 01/15/28   169,330
161,000   Caesars Entertainment, Inc.(a)   8.1250 07/01/27   164,601
164,000   Caesars Entertainment, Inc.(a)   7.0000 02/15/30   169,284
163,000   Carnival Corporation(a)   7.6250 03/01/26   164,674
174,000   Carnival Corporation(a)   5.7500 03/01/27   173,252
184,000   Carnival Corporation(a)   4.0000 08/01/28   174,208
180,000   Carnival Corporation(a)   6.0000 05/01/29   179,691
149,000   Carnival Holdings Bermuda Ltd.(a)   10.3750 05/01/28   161,156
195,000   New Red Finance, Inc.(a)   4.0000 10/15/30   173,715
173,000   Royal Caribbean Cruises Ltd.(a)   5.5000 04/01/28   172,244
138,000   Wynn Las Vegas, LLC / Wynn Las Vegas Capital  Series 144A(a)   5.5000 03/01/25   137,663
              1,839,818
    MEDICAL EQUIPMENT & DEVICES — 1.2%      
156,000   Abbott Laboratories   4.9000 11/30/46   150,548
177,000   Avantor Funding, Inc.(a)   4.6250 07/15/28   170,459
160,000   Bausch & Lomb Escrow Corporation(a)   8.3750 10/01/28   164,594
188,000   Medline Borrower, L.P.(a)   3.8750 04/01/29   175,439
184,000   Medline Borrower, L.P.(a)   5.2500 10/01/29   177,800
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

     Spread

Coupon Rate

(%)

         Maturity                Fair Value
  CORPORATE BONDS — 51.5% (Continued)    
  MEDICAL EQUIPMENT & DEVICES — 1.2% (Continued)   $  838,840
           
    METALS & MINING — 0.6%      
169,000   Freeport-McMoRan, Inc.   5.4500 03/15/43   162,213
183,000   Novelis Corporation(a)   4.7500 01/30/30   172,665
              334,878
    OIL & GAS PRODUCERS — 3.1%      
189,000   Cheniere Energy Partners, L.P.   4.0000 03/01/31   175,089
159,000   Civitas Resources, Inc.(a)   8.3750 07/01/28   167,099
158,000   Civitas Resources, Inc.(a)   8.7500 07/01/31   170,106
140,000   ConocoPhillips   6.5000 02/01/39   157,611
205,000   ConocoPhillips Company   4.0250 03/15/62   157,431
155,000   Continental Resources Inc/OK(a)   5.7500 01/15/31   155,726
174,000   New Fortress Energy, Inc.(a)   6.5000 09/30/26   161,708
141,000   Shell International Finance BV   6.3750 12/15/38   159,188
177,000   Shell International Finance BV   4.3750 05/11/45 155,414
165,000   Venture Global LNG, Inc.(a)   8.1250 06/01/28   171,813
158,000   Venture Global LNG, Inc.(a)   9.5000 02/01/29   175,649
167,000   Venture Global LNG, Inc.(a)   8.3750 06/01/31   175,314
160,000   Venture Global LNG, Inc.(a)   9.8750 02/01/32   177,699
              2,159,847
    OIL & GAS SERVICES & EQUIPMENT — 0.2%      
158,000   Weatherford International Ltd.(a)   8.6250 04/30/30   164,285
             
    PUBLISHING & BROADCASTING — 0.2%      
175,000   Nexstar Media, Inc.(a)   5.6250 07/15/27   169,752
             
    REAL ESTATE INVESTMENT TRUSTS — 0.7%      
176,000   SBA Communications Corporation   3.8750 02/15/27   169,566
192,000   SBA Communications Corporation   3.1250 02/01/29   173,825
167,000   Uniti Group, L.P. / Uniti Group Finance, Inc. (a)   10.5000 02/15/28   168,722
              512,113
    RETAIL - DISCRETIONARY — 0.2%      
146,000   Home Depot, Inc. (The)   5.8750 12/16/36   158,182
 
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

 Spread

Coupon Rate

(%)

     Maturity    Fair Value
    CORPORATE BONDS — 51.5% (Continued)      
    SEMICONDUCTORS — 0.5%      
199,000   Broadcom, Inc.(a)   3.1370 11/15/35  $   163,647
203,000   Broadcom, Inc.(a)   3.1870 11/15/36   164,970
              328,617
    SOFTWARE — 3.3%      
185,000   Cloud Software Group, Inc.(a)   9.0000 09/30/29   184,081
193,000   Condor Merger Sub, Inc.(a)   7.3750 02/15/30   180,175
160,000   Microsoft Corporation   2.4000 08/08/26   153,721
156,000   Microsoft Corporation   3.3000 02/06/27   152,120
238,000   Microsoft Corporation   2.5250 06/01/50   154,247
219,000   Microsoft Corporation   2.9210 03/17/52   153,272
244,000   Microsoft Corporation   2.6750 06/01/60   153,458
193,000   Minerva Merger Sub, Inc.(a)   6.5000 02/15/30   182,112
157,000   Oracle Corporation   2.5000 04/01/25   153,999
217,000   Oracle Corporation   3.6000 04/01/50 155,377
221,000   Oracle Corporation   3.8500 04/01/60   156,463
180,000   Picard Midco, Inc.(a)   6.5000 03/31/29   175,570
170,000   SS&C Technologies, Inc.(a)   5.5000 09/30/27   168,388
218,000   Veritas US, Inc.(a)   7.5000 09/01/25   189,866
              2,312,849
    SPECIALTY FINANCE — 0.2%      
163,000   OneMain Finance Corporation   7.1250 03/15/26   165,875
             
    TECHNOLOGY HARDWARE — 1.5%      
155,000   Apple, Inc.   3.2500 02/23/26   151,814
179,000   Apple, Inc.   3.8500 05/04/43   154,372
159,000   Apple, Inc.   4.6500 02/23/46   151,513
110,000   Dell International, LLC / EMC Corporation   6.0200 06/15/26   111,730
183,000   Imola Merger Corporation(a)   4.7500 05/15/29   172,308
158,000   NCR Atleos Escrow Corporation(a)   9.5000 04/01/29   172,614
171,000   Western Digital Corporation   4.7500 02/15/26   168,144
              1,082,495
    TECHNOLOGY SERVICES — 0.7%      
178,000   Neptune Bidco US, Inc.(a)   9.2900 04/15/29   174,331
156,000   Visa, Inc.   3.1500 12/14/25   152,767
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

     Spread

Coupon Rate

(%)

    Maturity    Fair Value
    CORPORATE BONDS — 51.5% (Continued)        
    TECHNOLOGY SERVICES — 0.7% (Continued)        
171,000   Visa, Inc.   4.3000 12/14/45  $   152,259
              479,357
    TELECOMMUNICATIONS — 5.5%      
157,000   AT&T, Inc.   4.3500 03/01/29   154,450
159,000   AT&T, Inc.   4.3000 02/15/30   155,008
199,000   AT&T, Inc.   2.5500 12/01/33   162,164
229,000   AT&T, Inc.   3.5000 09/15/53   159,554
230,000   AT&T, Inc.   3.5500 09/15/55   159,087
222,000   AT&T, Inc.   3.8000 12/01/57   159,146
231,000   AT&T, Inc.   3.6500 09/15/59   159,282
127,000   British Telecommunications plc   9.6250 12/15/30   157,648
131,000   Deutsche Telekom International Finance BV   8.7500 06/15/30   155,173
186,000   Frontier Communications Corporation(a)   5.0000 05/01/28   179,002
179,000   Intelsat Jackson Holdings S.A.(a)   6.5000 03/15/30 170,603
127,000   Orange S.A.   9.0000 03/01/31   153,766
155,000   Verizon Communications, Inc.   4.1250 03/16/27   153,007
156,000   Verizon Communications, Inc.   4.3290 09/21/28   154,046
161,000   Verizon Communications, Inc.   4.0160 12/03/29   155,090
185,000   Verizon Communications, Inc.   2.5500 03/21/31   160,023
162,000   Verizon Communications, Inc.   4.5000 08/10/33   155,142
206,000   Verizon Communications, Inc.   3.4000 03/22/41   160,828
170,000   Verizon Communications, Inc.   4.8620 08/21/46   158,093
218,000   Verizon Communications, Inc.   3.5500 03/22/51   160,106
213,000   Verizon Communications, Inc.   3.7000 03/22/61   153,284
153,000   Vodafone Group plc   4.3750 05/30/28   152,467
167,000   Vodafone Group plc   5.2500 05/30/48   157,576
162,000   Vodafone Group plc(b) USD SWAP SEMI 30/360 5YR + 4.873% 7.0000 04/04/79   167,928
              3,812,473
    TOBACCO & CANNABIS — 0.2%      
161,000   BAT Capital Corporation   3.5570 08/15/27   154,863
             
    TRANSPORTATION & LOGISTICS — 1.2%      
87,413   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)   5.5000 04/20/26   86,879
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
             

Principal

Amount ($)

      

Coupon Rate

(%)

 Maturity Fair Value
    CORPORATE BONDS — 51.5% (Continued)        
    TRANSPORTATION & LOGISTICS — 1.2% (Continued)        
173,000   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)   5.7500 04/20/29  $   169,509
153,000   Delta Air Lines, Inc.   7.3750 01/15/26   156,792
174,000   United Airlines, Inc.(a)   4.3750 04/15/26   169,746
187,000   United Airlines, Inc.(a)   4.6250 04/15/29   176,862
              759,788
  TOTAL CORPORATE BONDS (Cost $37,758,585)    

36,140,216

             
    U.S. GOVERNMENT & AGENCIES — 45.3%      
    U.S. TREASURY BILLS & Notes — 45.3%      
23,590,000   United States Treasury Bill(c)   4.6600 08/08/24   23,565,944
4,800,000   United States Treasury Bill(c)   5.1800 08/29/24   4,780,322
3,285,000   United States Treasury Note   1.5000 02/15/25 3,222,600
98,000   United States Treasury Note   1.6250 05/15/31   84,140
91,000   United States Treasury Note   2.2500 05/15/41   67,868
91,000   United States Treasury Note   2.3750 05/15/51   61,649
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $31,897,484)         31,782,523
             
    TOTAL INVESTMENTS – 96.8% (Cost $69,656,069)     $ 67,922,739
    OTHER ASSETS IN EXCESS OF LIABILITIES- 3.2%    

2,270,558

    NET ASSETS - 100.0%        

$ 70,193,297

           
               
 

 

 

 

LLC  - Limited Liability Company
LP  - Limited Partnership
LTD  - Limited Company
PLC  - Public Limited Company
REIT  - Real Estate Investment Trust
S/A  - Société Anonyme
   
SOFRRATE United States SOFR Secured Overnight Financing Rate
TSFR3M Term Secured Overnight Financing Rate (SOFR) 3 month
USD SWAP SEMI 30/360 5YR USD SWAP SEMI 30/360 5YR
   
 

 

 

 

   
 
 

 

LEADERSHARES DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2024
   
(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2024 the total market value of 144A securities is 13,345,941 or 19.0% of net assets.
(b) Variable rate security; the rate shown represents the rate on July 31, 2024.
(c) Zero coupon bond. Rate disclosed is the current yield as of July 31, 2024.