NPORT-EX 2 ernz.htm PART F 3/31/2025

TrueShares Active Yield ETF
  
Schedule of Investments
  
March 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 60.0%
  
Shares
    
Value
 
Aerospace/Defense - 0.2%
        
Northrop Grumman Corp.
    
621
    
$
317,958
  
                 
Agriculture - 3.9%
          
British American Tobacco PLC - ADR
    
11,713
      
484,567
  
Universal Corp.
    
97,210
      
5,448,620
  
             
5,933,187
  
                 
Auto Manufacturers - 2.7%
          
PACCAR, Inc.
    
2,996
      
291,720
  
Wabash National Corp.
    
345,515
      
3,817,941
  
             
4,109,661
  
                 
Banks - 6.5%
          
Bank of New York Mellon Corp.
    
51,050
      
4,281,564
  
CVB Financial Corp.
    
10,904
      
201,288
  
First Busey Corp.
    
238,960
      
5,161,536
  
JPMorgan Chase & Co.
    
867
      
212,675
  
Morgan Stanley
    
812
      
94,736
  
             
9,951,799
  
                 
Beverages - 0.1%
          
PepsiCo, Inc.
    
793
      
118,902
  
                 
Biotechnology - 0.4%
          
Amgen, Inc.
    
1,328
      
413,738
  
Gilead Sciences, Inc.
    
1,611
      
180,513
  
             
594,251
  
                 
Building Materials - 0.3%
          
Boise Cascade Co.
    
3,094
      
303,491
  
Griffon Corp.
    
1,928
      
137,852
  
             
441,343
  
                 
Chemicals - 0.7%
          
Celanese Corp.
    
5,161
      
292,990
  
Linde PLC
    
502
      
233,751
  
Olin Corp.
    
8,476
      
205,458
  
Sociedad Quimica y Minera de Chile SA - ADR
    
6,998
      
278,031
  
             
1,010,230
  
                 
Commercial Services - 0.2%
          
Booz Allen Hamilton Holding Corp.
    
1,187
      
124,137
  
Rollins, Inc.
    
2,300
      
124,269
  
             
248,406
  
                 
Cosmetics/Personal Care - 2.3%
          
Colgate-Palmolive Co.
    
16,737
      
1,568,257
  
Procter & Gamble Co.
    
11,438
      
1,949,264
  
             
3,517,521
  
                 
Diversified Financial Services - 0.8%
          
Ares Management Corp. - Class A
    
1,041
      
152,621
  
Artisan Partners Asset Management, Inc. - Class A
    
3,171
      
123,986
  
CME Group, Inc.
    
1,180
      
313,042
  
Houlihan Lokey, Inc.
    
1,584
      
255,816
  
Virtu Financial, Inc. - Class A
    
7,378
      
281,249
  
Virtus Investment Partners, Inc.
    
682
      
117,550
  
             
1,244,264
  
                 
Electric - 0.1%
          
AES Corp.
    
11,533
      
143,240
  
                 
Food - 7.8%
          
B&G Foods, Inc.
    
54,008
      
371,035
  
Conagra Brands, Inc.
    
6,467
      
172,475
  
General Mills, Inc.
    
88,671
      
5,301,639
  
Kroger Co.
    
2,063
      
139,645
  
SpartanNash Co.
    
15,151
      
306,959
  
The Campbell's Co.
    
134,661
      
5,375,667
  
Weis Markets, Inc.
    
2,039
      
157,105
  
             
11,824,525
  
                 
Gas - 0.1%
          
NiSource, Inc.
    
4,884
      
195,800
  
                 
Healthcare-Products - 3.5%
          
Patterson Cos., Inc.
    
170,208
      
5,317,298
  
                 
Home Builders - 0.1%
          
Thor Industries, Inc.
    
1,462
      
110,834
  
                 
Household Products/Wares - 3.7%
          
Church & Dwight Co., Inc.
    
2,392
      
263,335
  
Clorox Co.
    
36,702
      
5,404,370
  
             
5,667,705
  
                 
Insurance - 0.4%
          
CNA Financial Corp.
    
1,875
      
95,231
  
Old Republic International Corp.
    
3,166
      
124,171
  
Willis Towers Watson PLC
    
1,078
      
364,310
  
             
583,712
  
                 
Internet - 0.3%
          
Cogent Communications Holdings, Inc.
    
8,982
      
550,686
  
                 
Investment Companies - 1.7%
          
Horizon Technology Finance Corp.
    
272,512
      
2,567,063
  
                 
Iron/Steel - 0.1%
          
Steel Dynamics, Inc.
    
1,354
      
169,358
  
                 
Mining - 0.1%
          
Gold Fields Ltd. - ADR
    
8,074
      
178,355
  
                 
Oil & Gas - 4.1%
          
APA Corp.
    
244,456
      
5,138,465
  
Civitas Resources, Inc.
    
3,958
      
138,095
  
Coterra Energy, Inc.
    
6,942
      
200,624
  
Devon Energy Corp.
    
11,839
      
442,778
  
Marathon Petroleum Corp.
    
1,603
      
233,541
  
Sitio Royalties Corp. - Class A
    
5,815
      
115,544
  
             
6,269,047
  
                 
Packaging & Containers - 0.1%
          
Silgan Holdings, Inc.
    
3,716
      
189,962
  
                 
Pharmaceuticals - 4.0%
          
AbbVie, Inc.
    
26,214
      
5,492,357
  
Bristol-Myers Squibb Co.
    
2,306
      
140,643
  
Pfizer, Inc.
    
5,181
      
131,287
  
Premier, Inc. - Class A
    
5,338
      
102,917
  
Zoetis, Inc.
    
1,385
      
228,040
  
             
6,095,244
  
                 
Pipelines - 0.1%
          
Targa Resources Corp.
    
600
      
120,282
  
                 
Retail - 7.8%
          
Costco Wholesale Corp.
    
234
      
221,313
  
Dick's Sporting Goods, Inc.
    
583
      
117,509
  
Dillard's, Inc. - Class A
    
434
      
155,428
  
Dollar General Corp.
    
61,102
      
5,372,699
  
Jack in the Box, Inc.
    
3,400
      
92,446
  
MSC Industrial Direct Co., Inc. - Class A
    
66,526
      
5,167,074
  
Tractor Supply Co.
    
4,389
      
241,834
  
Winmark Corp.
    
1,533
      
487,295
  
             
11,855,598
  
                 
Semiconductors - 0.2%
          
Broadcom, Inc.
    
1,155
      
193,381
  
QUALCOMM, Inc.
    
834
      
128,111
  
             
321,492
  
                 
Telecommunications - 7.0%
          
AT&T, Inc.
    
189,131
      
5,348,625
  
Verizon Communications, Inc.
    
118,589
      
5,379,197
  
             
10,727,822
  
                 
Toys/Games/Hobbies - 0.1%
          
Hasbro, Inc.
    
2,109
      
129,682
  
                 
Transportation - 0.6%
          
Ardmore Shipping Corp.
    
13,192
      
129,150
  
Genco Shipping & Trading Ltd.
    
14,512
      
193,880
  
Scorpio Tankers, Inc.
    
4,120
      
154,829
  
United Parcel Service, Inc. - Class B
    
4,019
      
442,050
  
             
919,909
  
TOTAL COMMON STOCKS (Cost $91,786,561)
      
91,425,136
  
                 
EXCHANGE TRADED FUNDS - 27.3%
  
Shares
    
Value
  
Amplify CWP Enhanced Dividend
    
9,232
      
376,389
  
Energy Select Sector SPDR Fund
    
5,142
      
480,520
  
Fidelity Momentum Factor ETF
    
1,994
      
129,730
  
Fidelity MSCI Energy Index ETF
    
5,930
      
151,511
  
First Trust Long Duration Opportunities ETF
    
10,535
      
226,502
  
First Trust NASDAQ Clean Edge Smart Grid Infrastructure Index Fund
    
967
      
109,397
  
First Trust Natural Gas ETF
    
6,229
      
154,791
  
First Trust Senior Loan ETF
    
12,711
      
580,257
  
FlexShares High Yield Value-Scored Bond Index Fund
    
130,849
      
5,283,683
  
FlexShares Ultra-Short Income Fund
    
2,722
      
205,729
  
Global X MLP ETF
    
3,291
      
175,180
  
Invesco KBW High Dividend Yield Financial ETF
    
280,134
      
4,047,936
  
Invesco S&P MidCap Quality ETF
    
5,766
      
527,762
  
Invesco Senior Loan ETF
    
23,406
      
484,504
  
Invesco Short Term Treasury ETF
    
3,225
      
340,350
  
Invesco Variable Rate Investment Grade ETF
    
6,911
      
173,328
  
iShares 20+ Year Treasury Bond ETF
    
3,528
      
321,154
  
iShares Core 40/60 Moderate Allocation ETF
    
3,154
      
138,397
  
iShares Core 60/40 Balanced Allocation ETF
    
2,179
      
125,445
  
iShares Core 80/20 Aggressive Allocation ETF
    
4,382
      
335,223
  
iShares Interest Rate Hedged Corporate Bond ETF
    
1,865
      
172,084
  
iShares Interest Rate Hedged High Yield Bond ETF
    
16,036
      
1,366,267
  
iShares Short Treasury Bond ETF
    
865
      
95,548
  
iShares Treasury Floating Rate Bond ETF
    
5,024
      
254,516
  
iShares U.S. Treasury Bond ETF
    
5,858
      
134,646
  
JPMorgan Core Plus Bond ETF
    
15,437
      
726,156
  
JPMorgan Ultra-Short Municipal Income ETF
    
2,174
      
110,548
  
PGIM Ultra Short Bond ETF
    
19,968
      
993,009
  
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund
    
7,819
      
732,328
  
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
    
77,492
      
5,550,752
  
PIMCO Enhanced Low Duration Active Exchange-Traded Fund
    
1,329
      
127,554
  
SPDR Blackstone Senior Loan ETF
    
42,654
      
1,754,359
  
SPDR Bloomberg 1-3 Month T-Bill ETF
    
1,838
      
168,600
  
SPDR Bloomberg Investment Grade Floating Rate ETF
    
3,303
      
101,798
  
SPDR Portfolio High Yield Bond ETF
    
37,405
      
876,025
  
SPDR Portfolio Intermediate Term Treasury ETF
    
8,878
      
253,733
  
SPDR S&P Capital Markets ETF
    
1,347
      
169,951
  
SPDR S&P Oil & Gas Exploration & Production ETF
    
1,591
      
209,551
  
SPDR SSgA Ultra Short Term Bond ETF
    
5,818
      
236,502
  
VanEck BDC Income ETF
    
224,919
      
3,769,642
  
VanEck J. P. Morgan EM Local Currency Bond ETF
    
5,215
      
124,430
  
VanEck Pharmaceutical ETF
    
5,579
      
508,414
  
Vanguard Energy ETF
    
3,916
      
507,944
  
Vanguard Extended Duration Treasury ETF
    
77,457
      
5,507,967
  
Vanguard Short-Term Treasury ETF
    
1,673
      
98,188
  
Vanguard US Momentum Factor ETF
    
2,439
      
370,021
  
Virtus InfraCap US Preferred Stock ETF
    
62,152
      
1,318,244
  
WisdomTree Floating Rate Treasury Fund
    
7,418
      
373,348
  
WisdomTree Trust WisdomTree Interest Rate Hedged US Aggregate Bond Fund
    
11,013
      
246,141
  
WisdomTree U.S. Quality Dividend Growth Fund
    
1,755
      
140,154
  
Xtrackers S&P 500 Scored & Screened ETF
    
5,360
      
270,305
  
TOTAL EXCHANGE TRADED FUNDS (Cost $41,485,865)
      
41,636,513
  
                 
CLOSED-END FUNDS - 5.0%
  
Shares
    
Value
  
Ares Capital Corp.
    
15,889
      
352,100
  
Blue Owl Capital Corp.
    
9,246
      
135,547
  
Fidus Investment Corp.
    
11,462
      
233,710
  
Gladstone Capital Corp.
    
6,594
      
181,071
  
Golub Capital BDC, Inc.
    
11,157
      
168,917
  
MidCap Financial Investment Corp.
    
8,773
      
112,821
  
Oaktree Specialty Lending Corp.
    
9,307
      
142,956
  
PennantPark Floating Rate Capital Ltd.
    
310,616
      
3,475,793
  
Prospect Capital Corp.
    
564,932
      
2,316,221
  
Sixth Street Specialty Lending, Inc.
    
13,535
      
302,913
  
Hercules Capital, Inc.
    
8,710
      
167,319
  
TOTAL CLOSED-END FUNDS (Cost $8,052,259)
      
7,589,368
  
                 
REAL ESTATE INVESTMENT TRUSTS - 3.9%
  
Shares
    
Value
 
REITS - 3.9%
          
Dynex Capital, Inc.
    
183,360
      
2,387,347
  
Innovative Industrial Properties, Inc.
    
1,555
      
84,110
  
Omega Healthcare Investors, Inc.
    
6,549
      
249,386
  
PennyMac Mortgage Investment Trust
    
212,023
      
3,106,137
  
Two Harbors Investment Corp.
    
8,716
      
116,446
  
             
5,943,426
  
TOTAL REAL ESTATE INVESTMENT TRUST (Cost $5,957,061)
      
5,943,426
  
                 
SHORT-TERM INVESTMENTS - 3.6%
          
Value
 
Money Market Funds - 3.6%
  
Shares
          
First American Treasury Obligations Fund - Class X, 4.25% (a)
    
5,432,839
      
5,432,839
  
TOTAL SHORT-TERM INVESTMENTS (Cost $5,432,839)
      
5,432,839
  
                 
TOTAL INVESTMENTS - 99.8% (Cost $152,714,585)
      
152,027,282
  
Other Assets in Excess of Liabilities - 0.2%
      
314,874
  
TOTAL NET ASSETS - 100.0%
          
$
152,342,156
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
PLC - Public Limited Company
REIT - Real Estate Investment Trust

(a)
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)
 
TrueShares Active Yield ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
91,425,136
    
$
–
    
$
–
    
$
91,425,136
  
  Exchange Traded Funds
    
41,636,513
      
–
      
–
      
41,636,513
  
  Closed-End Funds
    
7,589,368
      
–
      
–
      
7,589,368
  
  Real Estate Investment Trusts
    
5,943,426
      
–
      
–
      
5,943,426
  
  Money Market Funds
    
5,432,839
      
–
      
–
      
5,432,839
  
Total Investments
  
$
152,027,282
    
$
–
    
$
–
    
$
152,027,282
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.