LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8%
		AEROSPACE & DEFENSE — 3.1%
	138,000	Boeing Company		4.8750	05/01/25	$	154,831
	138,000	Boeing Company		2.1960	02/04/26		139,243
	138,000	Boeing Company		5.1500	05/01/30		164,783
	92,000	Boeing Company		5.7050	05/01/40		119,671
	92,000	Boeing Company		5.8050	05/01/50		124,982
	92,000	Boeing Company		5.9300	05/01/60		127,382
	230,000	Bombardier, Inc.(a)		7.8750	04/15/27		238,635
	184,000	Howmet Aerospace, Inc.		6.8750	05/01/25		214,353
	138,000	Raytheon Technologies Corporation		4.1250	11/16/28		160,098
	92,000	Raytheon Technologies Corporation		4.5000	06/01/42		117,904
	230,000	TransDigm, Inc.		5.5000	11/15/27		237,763
							1,799,645
		AUTOMOTIVE — 2.1%
	184,000	Ford Motor Company		9.0000	04/22/25		226,725
	184,000	Ford Motor Company		9.6250	04/22/30		265,924
	184,000	Ford Motor Company		7.4500	07/16/31		243,902
	230,000	Ford Motor Company		4.7500	01/15/43		252,796
	230,000	Ford Motor Company		5.2910	12/08/46		263,830
							1,253,177
		BANKING — 7.3%
	138,000	Bank of America Corp 3.974000 02/07/2030	ICE LIBOR USD 3 Month + 1.210%	3.9740	02/07/30		157,029
	138,000	Bank of America Corporation Series GMTN		3.3000	01/11/23		144,071
	138,000	Bank of America Corporation	US0003M + 0.790%	3.0040	12/20/23		142,900
	138,000	Bank of America Corporation	SOFRRATE + 0.960%	1.7340	07/22/27		140,467
	138,000	Bank of America Corporation	US0003M + 1.040%	3.4190	12/20/28		151,692
	138,000	Bank of America Corporation	US0003M + 1.310%	4.2710	07/23/29		159,399
	138,000	Bank of America Corporation	US0003M + 0.990%	2.4960	02/13/31		142,264
	138,000	Bank of America Corporation	SOFRRATE + 1.320%	2.6870	04/22/32		144,185
	138,000	Bank of America Corporation	SOFRRATE + 1.930%	2.6760	06/19/41		136,278
	138,000	Bank of America Corporation	SOFRRATE + 1.580%	3.3110	04/22/42		148,890
	138,000	Bank of America Corporation B	US0003M + 3.150%	4.0830	03/20/51		167,312

1

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		BANKING — 7.3% (Continued)
	138,000	Citigroup, Inc.	SOFRRATE + 2.842%	3.1060	04/08/26	$	147,849
	138,000	Citigroup, Inc.		4.4500	09/29/27		159,349
	138,000	Citigroup, Inc.	SOFRRATE + 3.914%	4.4120	03/31/31		162,162
	138,000	Citigroup, Inc.	SOFRRATE + 2.107%	2.5720	06/03/31		142,895
	138,000	JPMorgan Chase & Company	SOFRRATE + 1.850%	2.0830	04/22/26		143,220
	138,000	JPMorgan Chase & Company	SOFRRATE + 0.885%	1.5780	04/22/27		139,670
	138,000	JPMorgan Chase & Company	SOFRRATE + 1.510%	2.7390	10/15/30		145,603
	138,000	JPMorgan Chase & Company	SOFRRATE + 3.790%	4.4930	03/24/31		165,034
	138,000	JPMorgan Chase & Company	SOFRRATE + 1.250%	2.5800	04/22/32		143,518
	92,000	JPMorgan Chase & Company		6.4000	05/15/38		136,693
	138,000	JPMorgan Chase & Company	US0003M + 1.380%	3.9640	11/15/48		163,650
	138,000	JPMorgan Chase & Company	SOFRRATE + 1.580%	3.3280	04/22/52		150,177
	138,000	Wells Fargo & Company		3.0000	04/22/26		149,774
	138,000	Wells Fargo & Company		3.0000	10/23/26		149,636
	138,000	Wells Fargo & Company	SOFRRATE + 2.100%	2.3930	06/02/28		144,497
	138,000	Wells Fargo & Company	US0003M + 1.170%	2.8790	10/30/30		147,470
	138,000	Wells Fargo & Company	SOFRRATE + 2.530%	3.0680	04/30/41		144,754
	92,000	Wells Fargo & Company	US0003M + 4.240%	5.0130	04/04/51		128,374
							4,298,812
		BEVERAGES — 1.1%
	138,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		3.6500	02/01/26		153,132
	92,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		4.7000	02/01/36		114,414
	92,000	Anheuser-Busch Companies, LLC / Anheuser-Busch		4.9000	02/01/46		118,067
	92,000	Anheuser-Busch InBev Worldwide, Inc.		4.7500	01/23/29		110,672
	92,000	Anheuser-Busch InBev Worldwide, Inc.		5.5500	01/23/49		129,467
							625,752
		BIOTECH & PHARMA — 4.1%
	138,000	AbbVie, Inc.		2.6000	11/21/24		146,097
	138,000	AbbVie, Inc.		3.6000	05/14/25		150,729

2

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		BIOTECH & PHARMA — 4.1% (Continued)
	138,000	AbbVie, Inc.		2.9500	11/21/26	$	149,649
	138,000	AbbVie, Inc.		3.2000	11/21/29		151,513
	138,000	AbbVie, Inc.		4.0500	11/21/39		162,847
	92,000	AbbVie, Inc.		4.2500	11/21/49		113,024
	92,000	Amgen, Inc.		4.6630	06/15/51		121,831
	92,000	AstraZeneca plc		6.4500	09/15/37		140,014
	230,000	Bausch Health Companies, Inc.(a)		6.2500	02/15/29		229,132
	138,000	Bristol-Myers Squibb Company		3.4000	07/26/29		156,423
	92,000	Bristol-Myers Squibb Company		4.2500	10/26/49		119,009
	230,000	Endo Luxembourg Finance Company I Sarl / Endo US,(a)		6.1250	04/01/29		228,906
	92,000	GlaxoSmithKline Capital, Inc.		6.3750	05/15/38		139,712
	230,000	Par Pharmaceutical, Inc.(a)		7.5000	04/01/27		234,923
	92,000	Pfizer, Inc.		7.2000	03/15/39		152,250
							2,396,059
		CABLE & SATELLITE — 4.0%
	230,000	CCO Holdings, LLC / CCO Holdings Capital(a)		5.3750	06/01/29		251,795
	230,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.7500	03/01/30		244,076
	230,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.5000	08/15/30		241,788
	230,000	CCO Holdings, LLC / CCO Holdings Capital(a)		4.2500	02/01/31		237,188
	138,000	Charter Communications Operating, LLC / Charter		4.9080	07/23/25		156,693
	92,000	Charter Communications Operating, LLC / Charter		6.4840	10/23/45		129,636
	138,000	Comcast Corporation		4.1500	10/15/28		160,580
	92,000	Comcast Corporation		4.6000	10/15/38		115,912
	92,000	Comcast Corporation		4.7000	10/15/48		120,930
	230,000	DISH DBS Corporation		5.8750	11/15/24		248,097
	184,000	DISH DBS Corporation		7.7500	07/01/26		210,220
	230,000	Sirius XM Radio, Inc.(a)		4.1250	07/01/30		237,590
							2,354,505
		COMMERCIAL SUPPORT SERVICES — 0.4%
	230,000	Prime Security Services Borrower, LLC / Prime(a)		5.7500	04/15/26		252,426
		DIVERSIFIED INDUSTRIALS — 0.6%
	92,000	General Electric Company		6.7500	03/15/32		128,263
	92,000	General Electric Company		5.8750	01/14/38		126,658

3

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		DIVERSIFIED INDUSTRIALS — 0.6% (Continued)
	92,000	General Electric Company		4.3500	05/01/50	$	113,467
							368,388
		E-COMMERCE DISCRETIONARY — 0.5%
	138,000	Amazon.com, Inc.		3.1500	08/22/27		153,220
	92,000	Amazon.com, Inc.		4.0500	08/22/47		113,796
							267,016
		ELECTRIC UTILITIES — 0.9%
	230,000	FirstEnergy Corporation		3.9000	07/15/27		256,479
	184,000	FirstEnergy Corporation		7.3750	11/15/31		257,418
							513,897
		FOOD — 3.9%
	230,000	Kraft Heinz Foods Company		3.0000	06/01/26		244,400
	230,000	Kraft Heinz Foods Company		3.8750	05/15/27		254,841
	184,000	Kraft Heinz Foods Company		4.2500	03/01/31		211,854
	138,000	Kraft Heinz Foods Company(a)		7.1250	08/01/39		206,135
	184,000	Kraft Heinz Foods Company		5.0000	06/04/42		230,677
	184,000	Kraft Heinz Foods Company		5.2000	07/15/45		233,521
	184,000	Kraft Heinz Foods Company		4.3750	06/01/46		212,213
	184,000	Kraft Heinz Foods Company		4.8750	10/01/49		229,710
	230,000	Post Holdings, Inc.(a)		4.6250	04/15/30		234,622
	230,000	Post Holdings, Inc.(a)		4.5000	09/15/31		233,057
							2,291,030
		HEALTH CARE FACILITIES & SERVICES — 6.2%
	230,000	Centene Corporation		4.6250	12/15/29		252,357
	230,000	Centene Corporation		3.3750	02/15/30		240,296
	230,000	Centene Corporation		3.0000	10/15/30		239,352
	230,000	Centene Corporation		2.5000	03/01/31		230,624
	230,000	CHS/Community Health Systems, Inc.(a)		6.8750	04/15/29		242,843
	92,000	CIGNA CORP 4.90% 12/15/2048		4.9000	12/15/48		122,309
	138,000	Cigna Corporation		4.3750	10/15/28		162,364
	92,000	CVS Health Corp 5.050000 03/25/2048		5.0500	03/25/48		122,687
	138,000	CVS Health Corporation		4.3000	03/25/28		159,794
	92,000	CVS Health Corporation		4.7800	03/25/38		115,434
	92,000	CVS Health Corporation		5.1250	07/20/45		121,814

4

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		HEALTH CARE FACILITIES & SERVICES — 6.2% (Continued)
	230,000	DaVita, Inc.(a)		4.6250	06/01/30	$	238,050
	230,000	DaVita, Inc.(a)		3.7500	02/15/31		223,651
	184,000	HCA, Inc.		5.3750	02/01/25		208,776
	184,000	HCA, Inc.		5.8750	02/15/26		214,130
	184,000	HCA, Inc.		5.6250	09/01/28		221,540
	230,000	HCA, Inc.		3.5000	09/01/30		249,912
	230,000	Tenet Healthcare Corporation(a)		6.1250	10/01/28		245,248
							3,611,181
		HOME & OFFICE PRODUCTS — 0.4%
	184,000	Newell Brands, Inc.		4.2000	04/01/26		205,160
		INSTITUTIONAL FINANCIAL SERVICES — 2.3%
	138,000	Goldman Sachs Group, Inc.		3.5000	04/01/25		149,886
	138,000	Goldman Sachs Group, Inc.	US0003M + 1.301%	4.2230	05/01/29		158,737
	138,000	Goldman Sachs Group, Inc.	SOFRRATE + 1.281%	2.6150	04/22/32		142,822
	92,000	Goldman Sachs Group, Inc.		6.7500	10/01/37		136,188
	92,000	Goldman Sachs Group, Inc.		6.2500	02/01/41		137,705
	138,000	Morgan Stanley		3.8750	01/27/26		154,844
	138,000	Morgan Stanley	SOFRRATE + 0.879%	1.5930	05/04/27		140,102
	138,000	Morgan Stanley	US0003M + 1.628%	4.4310	01/23/30		162,179
	138,000	Morgan Stanley Series GMTN	SOFRRATE + 1.143%	2.6990	01/22/31		145,463
							1,327,926
		INTERNET MEDIA & SERVICES — 0.8%
	184,000	Netflix, Inc.		4.8750	04/15/28		215,525
	184,000	Netflix, Inc.		5.8750	11/15/28		228,889
							444,414
		LEISURE FACILITIES & SERVICES — 2.4%
	230,000	1011778 BC ULC / New Red Finance, Inc.(a)		4.0000	10/15/30		229,713
	230,000	Carnival Corporation(a)		7.6250	03/01/26		243,224
	230,000	Carnival Corporation(a)		5.7500	03/01/27		233,019
	230,000	Hilton Domestic Operating Company, Inc.(a)		3.6250	02/15/32		229,746
	230,000	NCL Corporation Ltd.(a)		5.8750	03/15/26		232,013

5

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		LEISURE FACILITIES & SERVICES — 2.4% (Continued)
	230,000	Royal Caribbean Cruises Ltd.(a)		5.5000	04/01/28	$	234,835
							1,402,550
		MEDICAL EQUIPMENT & DEVICES — 0.2%
	92,000	Abbott Laboratories		4.9000	11/30/46		129,152
		METALS & MINING — 1.3%
	230,000	FMG Resources August 2006 Pty Ltd.(a)		4.3750	04/01/31		250,700
	184,000	Freeport-McMoRan, Inc.		5.4500	03/15/43		236,775
	230,000	Novelis Corporation(a)		4.7500	01/30/30		245,216
							732,691
		OIL & GAS PRODUCERS — 5.9%
	230,000	Apache Corporation		5.1000	09/01/40		247,004
	230,000	Cheniere Energy Partners, L.P.(a)		4.0000	03/01/31		243,582
	230,000	Comstock Resources, Inc.(a)		6.7500	03/01/29		239,520
	92,000	ConocoPhillips		6.5000	02/01/39		137,579
	184,000	Continental Resources Inc/OK(a)		5.7500	01/15/31		222,059
	230,000	EQT Corporation		3.9000	10/01/27		249,845
	230,000	New Fortress Energy, Inc.(a)		6.5000	09/30/26		232,655
	230,000	NGL Energy Operating, LLC / NGL Energy Finance(a)		7.5000	02/01/26		236,619
	70,000	Occidental Petroleum Corporation		2.9000	08/15/24		70,614
	230,000	Occidental Petroleum Corporation		3.5000	08/15/29		230,020
	184,000	Occidental Petroleum Corporation		8.8750	07/15/30		248,539
	184,000	Occidental Petroleum Corporation		6.6250	09/01/30		224,755
	184,000	Occidental Petroleum Corporation		6.1250	01/01/31		217,617
	184,000	Occidental Petroleum Corporation		6.4500	09/15/36		222,810
	92,000	Shell International Finance BV		6.3750	12/15/38		137,288
	92,000	Shell International Finance BV		4.3750	05/11/45		115,448
	184,000	Western Midstream Operating, L.P.		5.3000	02/01/30		206,825
							3,482,779
		REAL ESTATE INVESTMENT TRUSTS — 1.6%
	230,000	Iron Mountain, Inc.(a)		5.2500	07/15/30		245,381
	230,000	MPT Operating Partnership, L.P. / MPT Finance		3.5000	03/15/31		236,325
	230,000	SBA Communications Corporation		3.8750	02/15/27		237,491
	230,000	SBA Communications Corporation(a)		3.1250	02/01/29		226,207

6

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		REAL ESTATE INVESTMENT TRUSTS — 1.6% (Continued)
						$	945,404
		RETAIL - CONSUMER STAPLES — 0.6%
	230,000	Albertsons Companies Inc / Safeway Inc / New(a)		3.5000	03/15/29		232,625
	92,000	Walmart, Inc.		4.0500	06/29/48		117,431
							350,056
		RETAIL - DISCRETIONARY — 0.6%
	92,000	Home Depot, Inc.		5.8750	12/16/36		133,821
	230,000	Magic MergerCo, Inc.(a)		7.8750	05/01/29		238,974
							372,795
		SEMICONDUCTORS — 0.5%
	138,000	Broadcom Corp / Broadcom Cayman Finance Ltd.		3.8750	01/15/27		153,090
	138,000	Broadcom, Inc.		4.7500	04/15/29		162,104
							315,194
		SOFTWARE — 2.0%
	138,000	Microsoft Corporation		2.4000	08/08/26		147,787
	138,000	Microsoft Corporation		3.3000	02/06/27		154,283
	138,000	Microsoft Corporation		2.5250	06/01/50		138,124
	138,000	Microsoft Corporation		2.9210	03/17/52		149,122
	138,000	Microsoft Corporation		2.6750	06/01/60		139,569
	138,000	ORACLE CORP 2.50% 04/01/2025		2.5000	04/01/25		145,314
	138,000	ORACLE CORP 3.60% 04/01/2050		3.6000	04/01/50		144,403
	138,000	Oracle Corporation		3.8500	04/01/60		148,144
							1,166,746
		SPECIALTY FINANCE — 0.7%
	184,000	OneMain Finance Corporation		6.8750	03/15/25		209,185
	184,000	OneMain Finance Corporation		7.1250	03/15/26		216,890
							426,075
		TECHNOLOGY HARDWARE — 1.9%
	92,000	Apple Inc 4.650000 02/23/2046		4.6500	02/23/46		123,703
	138,000	Apple, Inc.		2.4000	05/03/23		143,164
	138,000	Apple, Inc.		3.2500	02/23/26		151,740
	138,000	Apple, Inc.		3.8500	05/04/43		166,139
	92,000	Dell International, LLC / EMC Corporation		6.0200	06/15/26		110,781
	230,000	Imola Merger Corporation(a)		4.7500	05/15/29		237,701

7

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		TECHNOLOGY HARDWARE — 1.9% (Continued)
	184,000	Western Digital Corporation		4.7500	02/15/26	$	204,470
							1,137,698
		TECHNOLOGY SERVICES — 0.5%
	138,000	Visa, Inc.		3.1500	12/14/25		151,462
	92,000	Visa, Inc.		4.3000	12/14/45		119,441
							270,903
		TELECOMMUNICATIONS — 10.8%
	138,000	AT&T, Inc.		4.3500	03/01/29		160,589
	138,000	AT&T, Inc.		4.3000	02/15/30		160,873
	138,000	AT&T, Inc.(a)		2.5500	12/01/33		139,285
	138,000	AT&T, Inc.(a)		3.5000	09/15/53		142,781
	138,000	AT&T, Inc. Series 144A B(a)		3.5500	09/15/55		142,720
	138,000	AT&T, Inc.(a)		3.8000	12/01/57		146,948
	138,000	AT&T, Inc.(a)		3.6500	09/15/59		142,773
	92,000	British Telecommunications plc		9.6250	12/15/30		142,191
	92,000	Deutsche Telekom International Finance BV		8.7500	06/15/30		139,172
	184,000	Embarq Corporation		7.9950	06/01/36		206,370
	230,000	Frontier Communications Corporation(a)		5.0000	05/01/28		238,217
	92,000	Orange S.A.		9.0000	03/01/31		146,049
	184,000	Sprint Capital Corporation		6.8750	11/15/28		237,590
	138,000	Sprint Capital Corporation		8.7500	03/15/32		212,882
	184,000	Sprint Corporation		7.8750	09/15/23		208,437
	184,000	Sprint Corporation		7.1250	06/15/24		211,784
	184,000	Sprint Corporation		7.6250	02/15/25		217,139
	184,000	Sprint Corporation		7.6250	03/01/26		224,992
	184,000	Telecom Italia Capital S.A.		7.2000	07/18/36		237,235
	184,000	Telecom Italia Capital S.A.		7.7210	06/04/38		247,431
	230,000	T-Mobile USA, Inc.		3.5000	04/15/31		241,551
	138,000	Verizon Communications, Inc.		4.1250	03/16/27		158,158
	138,000	Verizon Communications, Inc.		4.3290	09/21/28		161,931
	138,000	Verizon Communications, Inc.		4.0160	12/03/29		159,724
	138,000	Verizon Communications, Inc.		2.5500	03/21/31		143,389
	92,000	Verizon Communications, Inc.		4.5000	08/10/33		112,116
	138,000	Verizon Communications, Inc.		3.4000	03/22/41		149,305

8

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal				Coupon Rate
Amount ($)			Spread	(%)	Maturity	Fair Value
		CORPORATE BONDS — 69.8% (Continued)
		TELECOMMUNICATIONS — 10.8% (Continued)
	92,000	Verizon Communications, Inc.		4.8620	08/21/46	$	121,295
	92,000	Verizon Communications, Inc.		4.5220	09/15/48		116,367
	138,000	Verizon Communications, Inc.		3.5500	03/22/51		150,468
	138,000	Verizon Communications, Inc.		3.7000	03/22/61		152,826
	138,000	Vodafone Group plc		4.3750	05/30/28		161,653
	92,000	Vodafone Group plc		5.2500	05/30/48		122,735
	184,000	Vodafone Group plc	USD SWAP SEMI 30/360 5YR + 4.873%	7.0000	04/04/79		228,558
	230,000	Windstream Escrow, LLC / Windstream Escrow Finance(a)		7.7500	08/15/28		234,928
	230,000	Zayo Group Holdings, Inc. B(a)		4.0000	03/01/27		228,850
							6,349,312
		TOBACCO & CANNABIS — 0.3%
	138,000	BAT Capital Corporation		3.5570	08/15/27		149,449
		TRANSPORTATION & LOGISTICS — 2.8%
	184,000	American Airlines, Inc.(a)		11.7500	07/15/25		230,230
	230,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)		5.5000	04/20/26		240,925
	230,000	American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)		5.7500	04/20/29		248,443
	184,000	Delta Air Lines, Inc.		7.3750	01/15/26		216,679
	230,000	Hawaiian Brand Intellectual Property Ltd. /(a)		5.7500	01/20/26		241,383
	230,000	United Airlines, Inc.(a)		4.3750	04/15/26		236,930
	230,000	United Airlines, Inc.(a)		4.6250	04/15/29		237,579
							1,652,169
		TOTAL CORPORATE BONDS (Cost $40,632,928)					40,892,361
		U.S. GOVERNMENT & AGENCIES — 28.3%
		U.S. TREASURY BILLS — 28.3%
	4,060,000	United States Treasury Note		1.6250	05/15/31		4,204,320
	6,440,000	United States Treasury Note		2.2500	05/15/41		6,910,925
	4,922,000	United States Treasury Note		2.3750	05/15/51		5,459,190

9

LEADERSHARES DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Principal		Coupon Rate
Amount ($)		(%)	Maturity	Fair Value
	U.S. GOVERNMENT & AGENCIES — 28.3% (Continued)
	U.S. TREASURY BILLS — 28.3% (Continued)			$	16,574,435
	TOTAL U.S. GOVERNMENT & AGENCIES (Cost $16,160,381)				16,574,435
	TOTAL INVESTMENTS – 98.1% (Cost $56,793,309)			$	57,466,796
	OTHER ASSETS IN EXCESS OF LIABILITIES- 1.9%				1,104,196
	NET ASSETS – 100.0%			$	58,570,992

ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company
LP	- Limited Partnership
LTD	- Limited Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
S/A	- Société Anonyme

ICE LIBOR USD 3 Month	ICE LIBOR USD 3 Month
SOFRRATE	United States SOFR Secured Overnight Financing Rate
US0003M	ICE LIBOR USD 3 Month
USD SWAP SEMI 30/360 5YR	USD SWAP SEMI 30/360 5YR

10

LEADERSHARES ACTIVIST LEADERS ETF

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1%
		ASSET MANAGEMENT - 8.2%
	75,292	Invesco Ltd.	$	1,835,619
	44,421	Janus Henderson Group PLC		1,858,575
	28,946	KKR & Company, Inc.		1,845,597
				5,539,791
		BIOTECH & PHARMA - 8.3%
	63,146	Bausch Health Companies, Inc.(a)		1,847,021
	131,708	Innoviva, Inc.(a)		1,867,619
	138,756	Ironwood Pharmaceuticals, Inc.(a)		1,841,292
				5,555,932
		CHEMICALS - 2.7%
	79,267	GCP Applied Technologies, Inc.(a)		1,842,958
		ENGINEERING & CONSTRUCTION - 2.8%
	29,290	AECOM(a)		1,844,098
		FOOD - 5.5%
	45,920	Hain Celestial Group, Inc.(a)		1,832,667
	40,920	TreeHouse Foods, Inc.(a)		1,816,848
				3,649,515
		HEALTH CARE FACILITIES & SERVICES - 5.5%
	19,561	Magellan Health, Inc.(a)		1,844,993
	62,699	MEDNAX, Inc.(a)		1,825,795
				3,670,788
		HOME & OFFICE PRODUCTS - 2.6%
	71,305	Newell Brands, Inc.		1,764,799
		INSURANCE - 2.8%
	35,478	eHealth, Inc.(a)		1,845,211
		LEISURE FACILITIES & SERVICES - 5.5%
	16,096	Papa John’s International, Inc.		1,836,876
	27,284	Restaurant Brands International, Inc.		1,860,495
				3,697,371
		MACHINERY - 2.8%
	78,788	Welbilt, Inc.(a)		1,850,730

11

LEADERSHARES ACTIVIST LEADERS ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		MEDICAL EQUIPMENT & DEVICES - 2.9%
	27,467	Merit Medical Systems, Inc.(a)	$	1,925,162
		OIL & GAS PRODUCERS - 8.2%
	21,243	Cheniere Energy, Inc.(a)		1,804,168
	106,434	Delek US Holdings, Inc.		1,849,823
	70,168	Occidental Petroleum Corporation		1,831,385
				5,485,376
		REAL ESTATE OWNERS & DEVELOPERS - 2.8%
	19,985	Howard Hughes Corporation(a)		1,852,809
		SOFTWARE - 13.7%
	53,332	ACI Worldwide, Inc.(a)		1,829,288
	76,681	Box, Inc., Class A(a)		1,834,210
	114,478	Cloudera, Inc.(a)		1,816,766
	24,475	CommVault Systems, Inc.(a)		1,850,065
	80,794	Evolent Health, Inc., Class A(a)		1,853,414
				9,183,743
		SPECIALTY FINANCE - 2.7%
	97,446	SLM Corporation		1,834,908
		TECHNOLOGY HARDWARE - 5.5%
	21,065	Seagate Technology Holdings plc		1,851,614
	76,688	Xerox Holdings Corporation		1,850,481
				3,702,095
		TECHNOLOGY SERVICES - 11.0%
	274,922	Conduent, Inc.(a)		1,844,727
	39,882	Green Dot Corporation, Class A(a)		1,837,364
	18,515	Insight Enterprises, Inc.(a)		1,858,535
	77,835	Nielsen Holdings plc		1,843,911
				7,384,537
		TRANSPORTATION EQUIPMENT - 2.8%
	68,466	Trinity Industries, Inc.		1,856,114

12

LEADERSHARES ACTIVIST LEADERS ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.1% (Continued)
		WHOLESALE - DISCRETIONARY - 2.8%
	36,440	LKQ Corporation(a)	$	1,849,330
		TOTAL COMMON STOCKS (Cost $57,431,319)		66,335,267
		TOTAL INVESTMENTS - 99.1% (Cost $57,431,319)	$	66,335,267
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%		623,091
		NET ASSETS - 100.0%	$	66,958,358

LTD	- Limited Company
PLC	- Public Limited Company

^(a) Non-income producing security.

13

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.0%
		AEROSPACE & DEFENSE - 3.4%
	17,263	L3Harris Technologies, Inc.	$	3,914,213
		APPAREL & TEXTILE PRODUCTS - 3.5%
	23,957	NIKE, Inc., Class B		4,013,037
		ASSET MANAGEMENT - 3.4%
	14,989	Ameriprise Financial, Inc.		3,860,567
		AUTOMOTIVE - 3.3%
	111,762	Gentex Corporation		3,803,261
		BIOTECH & PHARMA - 3.2%
	15,273	Amgen, Inc.		3,689,040
		CABLE & SATELLITE - 6.2%
	108,756	Altice USA, Inc., Class A(a)		3,342,072
	574,452	Sirius XM Holdings, Inc.		3,716,704
				7,058,776
		COMMERCIAL SUPPORT SERVICES - 7.1%
	158,199	H&R Block, Inc.		3,883,785
	42,295	Robert Half International, Inc.		4,153,792
				8,037,577
		ELECTRICAL EQUIPMENT - 3.5%
	24,547	Keysight Technologies, Inc.(a)		4,039,209
		HOUSEHOLD PRODUCTS - 3.1%
	66,300	Nu Skin Enterprises, Inc., Class A		3,559,647
		INSTITUTIONAL FINANCIAL SERVICES - 6.4%
	111,381	Jefferies Financial Group, Inc.		3,696,736
	60,043	SEI Investments Company		3,650,614
				7,347,350
		INSURANCE - 16.4%
	69,717	Aflac, Inc.		3,834,435

14

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 96.0% (Continued)
		INSURANCE - 16.4% (Continued)
	28,279	Allstate Corporation	$	3,677,684
	29,998	American Financial Group, Inc.		3,794,447
	13,470	Berkshire Hathaway, Inc., Class B(a)		3,748,566
	27,422	Hanover Insurance Group, Inc.		3,726,650
				18,781,782
		INTERNET MEDIA & SERVICES - 3.1%
	16,454	VeriSign, Inc.(a)		3,560,152
		MORTGAGE FINANCE - 3.1%
	221,196	AGNC Investment Corporation		3,510,381
		OFFICE REIT - 3.0%
	45,838	SL Green Realty Corporation		3,413,097
		RETAIL - CONSUMER STAPLES - 10.6%
	188,468	Albertsons Companies, Inc.		4,070,909
	17,349	Dollar General Corporation		4,036,071
	98,391	Kroger Company		4,004,514
				12,111,494
		SEMICONDUCTORS - 3.2%
	67,254	Intel Corporation		3,612,885
		SOFTWARE - 3.6%
	47,544	Oracle Corporation		4,142,984
		TECHNOLOGY HARDWARE - 9.9%
	32,722	Arrow Electronics, Inc.(a)		3,879,847
	123,939	HP, Inc.		3,578,119
	158,237	Xerox Holdings Corporation		3,818,259
				11,276,225
		TOTAL COMMON STOCKS (Cost $97,506,100)		109,731,677

15

LEADERSHARES ALPHAFACTOR TACTICAL FOCUSED ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		REITS — 3.3%
		REITS - 3.3%
	269,050	Brandywine Realty Trust	$	3,755,938
		TOTAL REITS (Cost $3,322,332)		3,755,938
		TOTAL INVESTMENTS - 99.3% (Cost $100,828,432)	$	113,487,615
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.7%		782,907
		NET ASSETS - 100.0%	$	114,270,522

REIT - Real Estate Investment Trust

^(a) Non-income producing security.

See accompanying notes which are an integral part of this schedule of investments.

16

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.4%
		AEROSPACE & DEFENSE - 1.0%
	15,198	Textron, Inc.	$	1,048,814
		APPAREL & TEXTILE PRODUCTS - 1.0%
	2,682	Deckers Outdoor Corporation(a)		1,101,900
		ASSET MANAGEMENT - 1.9%
	4,166	Ameriprise Financial, Inc.		1,072,995
	32,512	Franklin Resources, Inc.		960,730
				2,033,725
		AUTOMOTIVE - 2.0%
	21,288	BorgWarner, Inc.		1,042,686
	31,003	Gentex Corporation		1,055,032
				2,097,718
		BANKING - 0.9%
	12,006	BOK Financial Corporation		1,008,624
		CABLE & SATELLITE - 1.9%
	30,285	Altice USA, Inc., Class A(a)		930,658
	1,448	Charter Communications, Inc., Class A(a)		1,077,384
				2,008,042
		CHEMICALS - 3.9%
	6,843	Celanese Corporation		1,065,934
	13,335	DuPont de Nemours, Inc.		1,000,792
	3,807	Sherwin-Williams Company		1,107,951
	31,900	Valvoline, Inc.		978,692
				4,153,369
		COMMERCIAL SUPPORT SERVICES - 3.1%
	7,633	FTI Consulting, Inc.(a)		1,112,128
	8,765	ManpowerGroup, Inc.		1,039,354
	11,740	Robert Half International, Inc.		1,152,985
				3,304,467
		CONSTRUCTION MATERIALS - 2.0%
	5,455	Carlisle Companies, Inc.		1,103,220

17

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		CONSTRUCTION MATERIALS - 2.0% (Continued)
	10,521	Owens Corning	$	1,011,699
				2,114,919
		CONTAINERS & PACKAGING - 0.9%
	17,636	Sealed Air Corporation		1,000,843
		DIVERSIFIED INDUSTRIALS - 1.0%
	4,752	Honeywell International, Inc.		1,110,970
		E-COMMERCE DISCRETIONARY - 1.0%
	14,948	eBay, Inc.		1,019,603
		ELECTRICAL EQUIPMENT – 3.9%
	14,525	A O Smith Corporation		1,021,543
	5,938	Acuity Brands, Inc.		1,041,406
	6,816	Keysight Technologies, Inc.(a)		1,121,573
	3,016	Lennox International, Inc.		993,561
				4,178,083
		ENGINEERING & CONSTRUCTION - 1.0%
	16,447	AECOM(a)		1,035,503
		FOOD - 1.0%
	6,027	Hershey Company (The)		1,078,110
		FORESTRY, PAPER & WOOD PRODUCTS - 0.9%
	17,321	Louisiana-Pacific Corporation		960,276
		HEALTH CARE FACILITIES & SERVICES - 6.1%
	4,002	Amedisys, Inc.(a)		1,043,001
	2,729	Anthem, Inc.		1,047,963
	4,399	Cigna Corporation		1,009,527
	8,548	DaVita, Inc.(a)		1,027,897
	4,954	HCA Healthcare, Inc.		1,229,582
	4,094	Molina Healthcare, Inc.(a)		1,117,703
				6,475,673

18

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		HOME & OFFICE PRODUCTS - 1.0%
	25,213	Tempur Sealy International, Inc.	$	1,090,967
		HOME CONSTRUCTION - 4.9%
	17,805	Masco Corporation		1,063,136
	5,304	Mohawk Industries, Inc.(a)		1,033,750
	201	NVR, Inc.(a)		1,049,743
	18,741	PulteGroup, Inc.		1,028,319
	17,761	Toll Brothers, Inc.		1,052,694
				5,227,642
		INDUSTRIAL SUPPORT SERVICES - 1.0%
	2,358	WW Grainger, Inc.		1,048,320
		INSTITUTIONAL FINANCIAL SERVICES - 3.0%
	2,780	Goldman Sachs Group, Inc.		1,042,166
	30,917	Jefferies Financial Group, Inc.		1,026,135
	12,497	State Street Corporation		1,088,989
				3,157,290
		INSURANCE - 6.8%
	7,861	Allstate Corporation (The)		1,022,323
	8,340	American Financial Group, Inc.		1,054,927
	3,747	Berkshire Hathaway, Inc., Class B(a)		1,042,753
	33,950	Equitable Holdings, Inc.		1,048,037
	18,945	Loews Corporation		1,016,020
	17,306	MetLife, Inc.		998,556
	16,793	Voya Financial, Inc.		1,081,469
				7,264,085
		INTERNET MEDIA & SERVICES - 2.9%
	427	Alphabet, Inc., Class A(a)		1,150,565
	2,964	Facebook, Inc., Class A(a)		1,056,073
	3,887	Spotify Technology S.A.(a)		888,840
				3,095,478
		LEISURE FACILITIES & SERVICES - 1.9%
	5,270	Churchill Downs, Inc.		979,166

19

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		LEISURE FACILITIES & SERVICES - 1.9% (Continued)
	14,327	Wyndham Hotels & Resorts, Inc.	$	1,032,404
				2,011,570
		LEISURE PRODUCTS - 1.0%
	7,779	Polaris, Inc.		1,019,594
		MACHINERY - 1.0%
	9,467	Toro Company		1,076,777
		MEDICAL EQUIPMENT & DEVICES - 5.3%
	7,099	Agilent Technologies, Inc.		1,087,780
	13,701	Bruker Corporation		1,126,907
	754	Mettler-Toledo International, Inc.(a)		1,111,177
	2,061	Thermo Fisher Scientific, Inc.		1,112,961
	2,986	Waters Corporation(a)		1,163,973
				5,602,798
		PUBLISHING & BROADCASTING - 1.0%
	6,899	Nexstar Media Group, Inc., Class A		1,014,636
		RETAIL - CONSUMER STAPLES - 4.2%
	4,815	Dollar General Corporation		1,120,162
	27,416	Kroger Company		1,115,831
	4,315	Target Corporation		1,126,431
	7,526	Walmart, Inc.		1,072,831
				4,435,255
		RETAIL - DISCRETIONARY - 9.8%
	10,672	AutoNation, Inc.(a)		1,294,833
	8,981	Best Buy Company, Inc.		1,009,015
	16,733	Foot Locker, Inc.		954,785
	3,263	Home Depot, Inc.		1,070,884
	18,954	Kohl’s Corporation		962,863
	14,240	L Brands, Inc.		1,140,197
	5,352	Lowe’s Companies, Inc.		1,031,277
	1,826	O’Reilly Automotive, Inc.(a)		1,102,612
	80,199	Qurate Retail, Inc. - Series A		951,160

20

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		RETAIL - DISCRETIONARY - 9.8% (Continued)
	6,532	Williams-Sonoma, Inc.	$	990,904
				10,508,530
		SEMICONDUCTORS - 5.0%
	12,438	Cirrus Logic, Inc.(a)		1,027,254
	3,332	KLA Corporation		1,160,069
	1,645	Lam Research Corporation		1,048,539
	5,400	Qorvo, Inc.(a)		1,023,786
	7,423	QUALCOMM, Inc.		1,111,965
				5,371,613
		SOFTWARE - 1.1%
	13,190	Oracle Corporation		1,149,377
		SPECIALTY FINANCE - 1.9%
	23,650	Fidelity National Financial, Inc.		1,055,026
	49,706	SLM Corporation		935,964
				1,990,990
		STEEL - 1.1%
	10,812	Nucor Corporation		1,124,664
		TECHNOLOGY HARDWARE - 3.0%
	7,654	Apple, Inc.		1,116,413
	9,080	Arrow Electronics, Inc.(a)		1,076,616
	34,481	HP, Inc.		995,466
				3,188,495
		TECHNOLOGY SERVICES - 4.2%
	5,937	CDW Corporation/DE		1,088,549
	2,078	Fair Isaac Corporation(a)		1,088,685
	4,225	Gartner, Inc.(a)		1,118,484
	1,957	MSCI, Inc.		1,166,294
				4,462,012
		TRANSPORTATION & LOGISTICS - 3.9%
	3,676	Kansas City Southern		984,433
	3,904	Norfolk Southern Corporation		1,006,568
	4,059	Old Dominion Freight Line, Inc.		1,092,480

21

LEADERSHARES ALPHAFACTOR US CORE EQUITY ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 99.4% (Continued)
		TRANSPORTATION & LOGISTICS - 3.9% (Continued)
	4,696	Union Pacific Corporation	$	1,027,297
				4,110,778
		TRANSPORTATION EQUIPMENT - 0.9%
	4,333	Cummins, Inc.		1,005,689
		WHOLESALE - DISCRETIONARY - 1.0%
	20,806	LKQ Corporation(a)		1,055,905
		TOTAL COMMON STOCKS (Cost $101,479,038)		105,743,104
		TOTAL INVESTMENTS - 99.4% (Cost $101,479,038)	$	105,743,104
		OTHER ASSETS IN EXCESS OF LIABILITIES- 0.6%		598,760
		NET ASSETS - 100.0%	$	106,341,864

MSCI	- Morgan Stanley Capital International
S/A	- Société Anonyme

^(a) Non-income producing security.

22

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 24.9%
		AEROSPACE & DEFENSE - 0.8%
	1,016	Boeing Company	$	230,104
	431	General Dynamics Corporation		84,489
	236	Lockheed Martin Corporation		87,714
	268	Northrop Grumman Corporation		97,289
	2,759	Raytheon Technologies Corporation		239,895
				739,491
		APPAREL & TEXTILE PRODUCTS - 0.2%
	824	NIKE, Inc., Class B		138,028
		ASSET MANAGEMENT - 0.3%
	217	Ameriprise Financial, Inc.		55,891
	67	BlackRock, Inc.		58,100
	2,735	Charles Schwab Corporation		185,843
				299,834
		AUTOMOTIVE - 0.3%
	7,286	Ford Motor Company		101,640
	2,310	General Motors Company		131,300
				232,940
		BANKING - 2.6%
	13,860	Bank of America Corporation		531,670
	3,738	Citigroup, Inc.		252,764
	5,419	JPMorgan Chase & Company		822,496
	755	PNC Financial Services Group, Inc.		137,720
	2,444	Truist Financial Corporation		133,027
	2,536	US Bancorp		140,849
	7,629	Wells Fargo & Company		350,476
				2,369,002
		BEVERAGES - 0.6%
	4,556	Coca-Cola Company		259,829
	307	Constellation Brands, Inc., Class A		68,872
	1,414	PepsiCo, Inc.		221,927
				550,628
		BIOTECH & PHARMA – 1.9%
	807	AbbVie, Inc.		93,854

23

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 24.9% (Continued)
		BIOTECH & PHARMA - 2.0% (Continued)
	521	Amgen, Inc.	$	125,842
	1,896	Bristol-Myers Squibb Company		128,682
	548	Eli Lilly and Company		133,438
	2,258	Gilead Sciences, Inc.		154,199
	2,877	Johnson & Johnson		495,419
	2,332	Merck & Company, Inc.		179,261
	10,231	Pfizer, Inc.		437,989
				1,748,684
		CABLE & SATELLITE - 0.3%
	4,633	Comcast Corporation, Class A		272,559
		CHEMICALS - 0.4%
	220	Air Products and Chemicals, Inc.		64,027
	1,420	Corteva, Inc.		60,748
	934	DuPont de Nemours, Inc.		70,096
	425	International Flavors & Fragrances, Inc.		64,022
	427	PPG Industries, Inc.		69,823
				328,716
		COMMERCIAL SUPPORT SERVICES - 0.1%
	450	Waste Management, Inc.		66,717
		DATA CENTER REIT - 0.2%
	533	Digital Realty Trust, Inc.		82,167
	74	Equinix, Inc.		60,710
				142,877
		DIVERSIFIED INDUSTRIALS - 0.9%
	1,048	3M Company		207,441
	656	Emerson Electric Company		66,184
	15,510	General Electric Company		200,855
	1,243	Honeywell International, Inc.		290,601
	277	Illinois Tool Works, Inc.		62,788
				827,869
		ELECTRIC UTILITIES - 1.0%
	863	American Electric Power Company, Inc.		76,048

24

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 24.9% (Continued)
		ELECTRIC UTILITIES - 1.0% (Continued)
	1,482	Dominion Energy, Inc.	$	110,957
	1,383	Duke Energy Corporation		145,367
	1,830	Exelon Corporation		85,644
	1,972	NextEra Energy, Inc.		153,619
	909	Public Service Enterprise Group, Inc.		56,567
	608	Sempra Energy		79,435
	1,947	Southern Company		124,355
	968	Xcel Energy, Inc.		66,066
				898,058
		ENTERTAINMENT CONTENT - 0.7%
	564	Activision Blizzard, Inc.		47,162
	3,372	Walt Disney Company		593,539
				640,701
		FOOD - 0.2%
	1,038	General Mills, Inc.		61,097
	2,615	Mondelez International, Inc., Class A		165,425
				226,522
		HEALTH CARE FACILITIES & SERVICES - 1.2%
	448	Anthem, Inc.		172,036
	1,111	Centene Corporation(a)		76,226
	610	Cigna Corporation		139,989
	2,391	CVS Health Corporation		196,923
	479	HCA Healthcare, Inc.		118,888
	277	McKesson Corporation		56,461
	835	UnitedHealth Group, Inc.		344,203
				1,104,726
		HEALTH CARE REIT - 0.1%
	760	Welltower, Inc.		66,014
		HOUSEHOLD PRODUCTS - 0.5%
	777	Colgate-Palmolive Company		61,772
	166	Estee Lauder Companies, Inc., Class A		55,416
	2,296	Procter & Gamble Company		326,559
				443,747

25

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 24.9% (Continued)
		INDUSTRIAL REIT - 0.2%
	1,351	Prologis, Inc.	$	172,982
		INFRASTRUCTURE REIT - 0.2%
	400	American Tower Corporation		113,120
	320	Crown Castle International Corporation		61,789
				174,909
		INSTITUTIONAL FINANCIAL SERVICES - 0.9%
	1,414	Bank of New York Mellon Corporation		72,581
	676	CME Group, Inc.		143,400
	599	Goldman Sachs Group, Inc.		224,553
	454	Intercontinental Exchange, Inc.		54,403
	2,581	Morgan Stanley		247,724
	658	State Street Corporation		57,338
				799,999
		INSURANCE - 1.6%
	1,177	Aflac, Inc.		64,735
	554	Allstate Corporation		72,048
	1,529	American International Group, Inc.		72,398
	3,406	Berkshire Hathaway, Inc., Class B(a)		947,855
	447	Marsh & McLennan Companies, Inc.		65,807
	1,367	MetLife, Inc.		78,876
	709	Prudential Financial, Inc.		71,099
	478	Travelers Companies, Inc.		71,184
				1,444,002
		INTERNET MEDIA & SERVICES - 0.1%
	45	Booking Holdings, Inc.(a)		98,022
		LEISURE FACILITIES & SERVICES - 0.4%
	468	Marriott International, Inc., Class A		68,319
	823	McDonald’s Corporation		199,750
	895	Starbucks Corporation		108,680
				376,749
		MACHINERY - 0.2%
	540	Caterpillar, Inc.		111,645

26

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 24.9% (Continued)
		MACHINERY - 0.2% (Continued)
	302	Stanley Black & Decker, Inc.	$	59,509
				171,154
		MEDICAL EQUIPMENT & DEVICES - 0.9%
	1,250	Abbott Laboratories		151,225
	900	Baxter International, Inc.		69,615
	523	Becton Dickinson and Company		133,757
	2,561	Boston Scientific Corporation(a)		116,782
	367	Danaher Corporation		109,179
	132	Illumina, Inc.(a)		65,439
	67	Intuitive Surgical, Inc.(a)		66,428
	313	Stryker Corporation		84,804
	386	Zimmer Biomet Holdings, Inc.		63,080
				860,309
		OIL & GAS PRODUCERS - 1.5%
	3,561	Chevron Corporation		362,545
	2,547	ConocoPhillips		142,785
	1,084	EOG Resources, Inc.		78,980
	7,927	Exxon Mobil Corporation		456,357
	3,505	Kinder Morgan, Inc.		60,917
	1,198	Marathon Petroleum Corporation		66,154
	843	Phillips 66		61,901
	442	Pioneer Natural Resources Company		64,254
	811	Valero Energy Corporation		54,313
	2,068	Williams Companies, Inc.		51,803
				1,400,009
		REAL ESTATE SERVICES - 0.0%(b)
	48	CBRE Group, Inc., Class A(a)		4,630
		RESIDENTIAL REIT - 0.0%(b)
	16	AvalonBay Communities, Inc.		3,645
		RETAIL - CONSUMER STAPLES - 0.8%
	360	Costco Wholesale Corporation		154,699
	1,409	Kroger Company		57,346

27

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 24.9% (Continued)
		RETAIL - CONSUMER STAPLES - 0.8% (Continued)
	301	Target Corporation	$	78,576
	1,214	Walgreens Boots Alliance, Inc.		57,240
	2,449	Walmart, Inc.		349,106
				696,967
		RETAIL - DISCRETIONARY - 0.5%
	537	Home Depot, Inc.		176,238
	367	Lowe’s Companies, Inc.		70,717
	659	Ross Stores, Inc.		80,853
	2,168	TJX Companies, Inc.		149,180
				476,988
		RETAIL REIT - 0.1%
	617	Simon Property Group, Inc.		78,063
		SEMICONDUCTORS - 0.9%
	365	Analog Devices, Inc.		61,108
	227	Broadcom, Inc.		110,186
	7,337	Intel Corporation		394,143
	1,948	Micron Technology, Inc.(a)		151,126
	751	Texas Instruments, Inc.		143,156
				859,719
		SOFTWARE - 0.1%
	1,514	Oracle Corporation		131,930
		SPECIALTY FINANCE - 0.5%
	1,202	American Express Company		204,977
	818	Capital One Financial Corporation		132,271
	614	Discover Financial Services		76,332
				413,580
		TECHNOLOGY HARDWARE - 0.5%
	7,730	Cisco Systems, Inc.		428,010
	2,109	HP, Inc.		60,887
				488,897
		TECHNOLOGY SERVICES - 1.3%
	410	Automatic Data Processing, Inc.		85,948

28

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		COMMON STOCKS — 24.9% (Continued)
		TECHNOLOGY SERVICES - 1.2% (Continued)
	1,148	Fidelity National Information Services, Inc.	$	171,109
	528	Global Payments, Inc.		102,120
	1,611	International Business Machines Corporation		227,087
	518	Mastercard, Inc., Class A		199,917
	1,236	Visa, Inc., Class A		304,539
				1,090,720
		TELECOMMUNICATIONS - 0.9%
	12,967	AT&T, Inc.		363,724
	7,625	Verizon Communications, Inc.		425,323
				789,047
		TOBACCO & CANNABIS - 0.5%
	3,420	Altria Group, Inc.		164,297
	2,839	Philip Morris International, Inc.		284,155
				448,452
		TRANSPORTATION & LOGISTICS - 0.4%
	2,665	CSX Corporation		86,133
	237	Norfolk Southern Corporation		61,106
	1,029	Southwest Airlines Company		51,985
	620	Union Pacific Corporation		135,630
	385	United Parcel Service, Inc., Class B		73,674
				408,528
		TRANSPORTATION EQUIPMENT - 0.1%
	611	PACCAR, Inc.		50,707
		WHOLESALE - CONSUMER STAPLES - 0.1%
	1,044	Archer-Daniels-Midland Company		62,348
	938	Sysco Corporation		69,599
				131,947
		TOTAL COMMON STOCKS (Cost $20,990,421)		22,669,068

29

LEADERSHARES EQUITY SKEW ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 73.3%
		EQUITY - 73.3%
	19,977	SPDR Portfolio Emerging Markets ETF	$	856,014
	14,427	SPDR Portfolio S&P 500 Growth ETF		943,093
	389,406	SPDR S&P 600 Small Cap Growth ETF		34,493,584
	370,860	SPDR S&P 600 Small CapValue ETF, N		30,384,560
				66,677,251
		TOTAL EXCHANGE-TRADED FUNDS (Cost $59,317,342)		66,677,251
		TOTAL INVESTMENTS - 98.2% (Cost $80,307,763)	$	89,346,319
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.8%		1,631,181
		NET ASSETS - 100.0%	$	90,977,500

ETF	- Exchange-Traded Fund
REIT	- Real Estate Investment Trust
SPDR	- Standard & Poor’s Depositary Receipt

^(a) Non-income producing security.

^(b) Percentage rounds to less than 0.1%.

30