N-CSR 1 fp0081762-2_ncsr.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number (811-23226)

 

Listed Funds Trust
(Exact name of registrant as specified in charter)

 

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

 

Kent P. Barnes, Secretary

Listed Funds Trust

c/o U.S. Bancorp Fund Services, LLC

777 East Wisconsin Avenue, 10th Floor

Milwaukee, WI 53202

(Name and address of agent for service)

 

(414) 516-1681

Registrant's telephone number, including area code

 

Date of fiscal year end: December 31

 

Date of reporting period: December 31, 2022

 

 

 

Item 1. Reports to Stockholders.

 

(a)

 

 

 

 

 

 

 

TrueShares ETFs

 

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

 

 

 

 

ANNUAL REPORT

 

December 31, 2022

 

 

 

 

 

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

 

 

TrueShares ETFs

Table of Contents

 

 

 

   

Shareholder Letter (Unaudited)

2

Shareholder Expense Example (Unaudited)

5

Performance Overviews (Unaudited)

7

Schedules of Investments

10

Statements of Assets and Liabilities

22

Statements of Operations

24

Statements of Changes in Net Assets

26

Financial Highlights

30

Notes to Financial Statements

34

Report of Independent Registered Public Accounting Firm

45

Board of Trustees and Officers (Unaudited)

47

Board Consideration and Approval of Advisory and Sub-Advisory Agreements (Unaudited)

49

Supplemental Information (Unaudited)

60

Privacy Policy (Unaudited)

61

 

 

1

 

 

TrueShares ETFs

Shareholder Letter

December 31, 2022 (Unaudited)

 

 

Dear Shareholder,

 

At TrueShares, we strive to provide our investors with strategically positioned ETF portfolios developed to cultivate a variety of investment opportunities. An outsourced approach allows our team the flexibility to seek out partnerships with investment managers that possess industry specific investment acumen and the ability to become best-in-class Sub-Advisors. Regardless of near-term economic conditions, we maintain an unwavering long-term mindset in an effort to capitalize on the true potential of the investment themes represented by our ETFs. We thank you for your support and look forward to the road ahead.

 

As we reflect upon 2022, the markets seem to be left searching for direction. In the years since 2020, we’ve encountered a pandemic, unprecedented fiscal stimulus, a bull market, and a subsequent bear market. The resulting volatility, combined with macro headwinds ranging from supply chain issues, to inflation and finally a fed tightening cycle, have produced conflicting forecasts and a widespread, meaningful correction in the broader equity markets. Simply put, it’s been quite some time since investors have faced such a myriad of variables in play, at least for a prolonged period.

 

The most influential macro players of 2022 were inflation and the Federal Reserve. Economists, portfolio managers and investors alike expected a series of significant interest rate hikes to combat what seemed to be runaway inflation…and we most certainly got them! While these measures were intended to battle rising inflation, many wondered how effective they would prove to be in the near-term. As the portfolio manager of DIVZ, Austin Graff, often opines: “Inflation isn’t just a light switch that can be turned off, it takes time.” To his point, although we have seen mild relative improvement in CPI metrics, commodity prices, and other risk-off assets, the long-term effects have yet to be fully digested. As we enter 2023, there are certainly asset class specific reasons for both continued skepticism and focused optimism, but we feel that this will be a “stock-pickers market” for the foreseeable future.

 

A year in review suggests the aforementioned macroeconomic conditions had a material impact on portfolio performance and positioning across several strategies and asset classes. However, not all of these impacts produced negative results. In fact, the TrueShares Low Volatility Equity Income ETF (DIVZ) was able to adeptly navigate the turbulent economic waters of 2022, outperforming the S&P 500 Index (SPX) by over 22% (3.65% vs -19.44%). The Fund’s investment process relies on a backbone of identifying companies with proven business models and high levels of free cash flow that pay consistent (and growing) dividends. An approach that would seem to be well suited moving forward as the current market environment persists. The TrueShares Technology, AI & Deep Learning ETF (LRNZ) experienced underperformance (-18.9%) relative to the NASDAQ Composite Total Return Index (CCMP). Having faced a similar fate as its tech focused peers, LRNZ still remains firmly positioned, with high conviction, in companies with distinct competitive advantages in the AI & Deep Learning space, preparing for what many consider to be an inevitable wave of AI-centric initiatives in the year ahead. The TrueShares ESG Active Opportunities ETF (ECOZ) generally tracked the S&P 500 Total Return Index in the midst of growing interest across sectors. While government policy is always an unknown, ECOZ continues to shine amongst its peers (and broader index) on carbon intensity metrics.

 

The past year also saw the debut of the RiverNorth Patriot ETF (FLDZ) and RiverNorth Enhanced Pre-Merger SPAC ETF (SPCZ) in the TrueShares lineup. Since its inception on December 31, 2021, FLDZ has produced a net total return of -11.89% versus the S&P 900 gross total return of -17.82%, and consistently stayed atop the S&P 900 throughout 2022. We believe the portfolio’s tilt toward core and value stocks has been a strength in the Fund’s inaugural year, and that this tilt will likely add some protection to the portfolio should a US recession occur. Furthermore, over 100% of the sub-advisory fee was donated to Folds of Honor Foundation! SPCZ brings RiverNorth Capital’s approach to the widely covered segment of SPAC securities into the ETF world. Although the space has seen mixed performance, this uniquely constructed fund represents pre-merger opportunities to capture potential discount, equity upside, and interest income of SPACS. In 2022, increasing interest rates contributed to higher earnings on the underlying SPACs’ trust accounts, while the acquisition market remained relatively muted in the face of volatile equity markets.

 

2

 

 

TrueShares ETFs

Shareholder Letter

December 31, 2022 (Unaudited) (Continued)

 

 

Lastly, TrueShares wrapped up 2022 with the recent listing of our newest fund, TrueShares Eagle Global Renewable Energy Income ETF (RNWZ). This fund aims to support global innovation within the development, production, transmission, storage, and sale of renewable energy. We are excited to onboard our latest partner, Eagle Global Advisors, and add a well-positioned industry to our ETF lineup.

 

As always, please don’t hesitate to contact us at any time; we would love to hear from you!

 

Wishing health, happiness, and success to all in 2023!

 

Sincerely,

 

 

Michael N. Loukas
Chief Executive Officer

 

Investment Risks

 

Investing involves risk including possible loss of principal.

 

LRNZ - TrueShares Technology, AI & Deep Learning ETF is subject to the following risks: Artificial Intelligence, Machine Learning and Deep Learning Investment Risk - the extent of such technologies’ versatility has not yet been fully explored. There is no guarantee that these products or services will be successful and the securities of such companies, especially smaller, start-up companies, are typically more volatile than those of companies that do not rely heavily on technology.

 

ECOZ - TrueShares ESG Active Opportunities ETF is subject to the following risks : Environmental, Social, Governance Risk - Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and may cause the Fund to forgo some market opportunities available to funds that do not use ESG or sustainability criteria. ESG considerations may affect its exposure to certain sectors and/or types of investments, and may adversely impact the Fund’s performance depending on whether such sectors or investments are in or out of favor in the market.

 

DIVZ - TrueShares Low Volatility Equity Income ETF is subject to the following risks: Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies to underperform companies that do not pay high dividends. Dividends may also be reduced or discontinued. Equity Market Risk. Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change based on various and unpredictable factors.

 

RNWZ - TrueShares Eagle Global Renewable Energy Income ETF is subject to the following risks: Associated Risk of Investing in Renewable Infrastructure Companies. Because the Fund invests in Renewable infrastructure Companies, the value of Fund shares may be affected by events that adversely affect companies in that industry. These can include contract counterparty defaults, adverse political and regulatory changes, poor weather conditions for renewable power generation, falling power prices, losses on financial hedges, technological obsolescence, competition and general economic conditions. Currency Exchange Rate Risk. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investment and the value of your Shares. Foreign Securities Risk. Investments in non-U.S. securities involve certain risks that may not be present with investments in U.S. securities. For example, investments in non-U.S. securities may be subject to risk of loss due to foreign currency fluctuations or to political or economic instability.

 

3

 

 

TrueShares ETFs

Shareholder Letter

December 31, 2022 (Unaudited) (Continued)

 

 

FLDZ - RiverNorth Patriot ETF is subject to the following risks: Equity Market Risk - The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, sectors or companies in which the Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stocks and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers.

 

SPCZ - RiverNorth Enhanced Pre-Merger SPAC ETF is subject to the following risks: New Fund Risk – The Fund is a recently organized investment company with no operating history. As a result, prospective investors have no track record or history on which to base their investment decision. Leverage Risk – The use of leverage is speculative could magnify the Fund’s gains or losses and increase risk. This is the speculative factor known as leverage. Borrowing also may cause the Fund to liquidate positions under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the Fund. Pre-Combination (Pre-Merger) SPAC Risk – The Fund invests in equity securities and warrants of SPACs. Pre-combination SPACs have no operating history or ongoing business other than seeking Combinations, and the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable Combination. There is no guarantee that the SPACs in which the Fund invests will complete a Combination or that any Combination that is completed will be profitable. Unless and until a Combination is completed, a SPAC generally invests its assets in U.S. government securities, money market securities, and cash. Public stockholders of SPACs may not be afforded a meaningful opportunity to vote on a proposed initial Combination because certain stockholders, including stockholders affiliated with the management of the SPAC, may have sufficient voting power, and a financial incentive, to approve such a transaction without support from public stockholders. Some SPACs may pursue Combinations only within certain industries or regions, which may increase the volatility of their prices. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO. In addition, the Fund may invest in vehicles formed by SPAC sponsors to hold founder shares, which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO. Foreign Securities Risk – Foreign SPACs Investments in SPACs domiciled or listed outside of the U.S. may involve risks not generally associated with investments in the securities of U.S. SPACs, such as risks relating to political, social, and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices. Further, tax treatment may differ from U.S. SPACs and securities may be subject to foreign withholding taxes. Small-Cap Risk – SPACs will have a more limited pool of companies with which they can pursue a business combination relative to larger capitalization companies. That may make it more difficult for a small capitalization SPAC to consummate a business combination.

 

4

 

 

TrueShares ETFs

Shareholder Expense Example

December 31, 2022 (Unaudited)

 

 

As a shareholder of a fund you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and (2) ongoing costs, including management fees and other fund expenses. The following example is intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held throughout the entire period (July 1, 2022 to December 31, 2022).

 

ACTUAL EXPENSES

 

The following table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the applicable line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

 

Beginning
Account
Value
(07/01/2022)

Ending
Account
Value
(12/31/2022)

Annualized
Expense
Ratios

Expenses
Paid
During the
Period
(1)

TrueShares Technology, AI & Deep Learning ETF

$ 1,000.00

$ 846.80

0.68%

$ 3.17

TrueShares ESG Active Opportunities ETF

1,000.00

1,031.30

0.58

2.97

TrueShares Low Volatility Equity Income ETF

1,000.00

1,053.70

0.65

3.36

TrueShares Eagle Global Renewable Energy Income ETF

1,000.00

991.70

0.75

0.49(2)

RiverNorth Patriot ETF

1,000.00

1,055.60

0.70

3.63

RiverNorth Enhanced Pre-Merger SPAC ETF

1,000.00

1,020.20

0.89

4.29(3)

 

(1)

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

 

(2)

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 24/365 (to reflect the period since the Fund’s inception).

 

(3)

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 174/365 (to reflect the period since the Fund’s inception).

 

5

 

 

TrueShares ETFs

Shareholder Expense Example

December 31, 2022 (Unaudited) (Continued)

 

 

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

 

The following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Fund shares with respect to the Funds. Therefore, the table below is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

Beginning
Account
Value
(07/01/2022)

Ending
Value
(12/31/2022)

Annualized
Expense
Ratios

Expenses
Paid
During the
Period
(1)

TrueShares Technology, AI & Deep Learning ETF

$ 1,000.00

$ 1,021.78

0.68%

$ 3.47

TrueShares ESG Active Opportunities ETF

1,000.00

1,022.28

0.58

2.96

TrueShares Low Volatility Equity Income ETF

1,000.00

1,021.42

0.65

3.31

TrueShares Eagle Global Renewable Energy Income ETF

1,000.00

1,021.42

0.75

3.82(2)

RiverNorth Patriot ETF

1,000.00

1,021.68

0.70

3.57

RiverNorth Enhanced Pre-Merger SPAC ETF

1,000.00

1,020.72

0.89

4.53(2)

 

(1)

Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the average account value for the period, multiplied by 184/365 (to reflect the six-month period).

 

(2)

For comparative purposes only as the Fund was not in operation for the full six-month period.

 

6

 

 

TrueShares ETFs

Performance Overviews

December 31, 2022 (Unaudited)

 

 

Hypothetical Growth of $10,000 Investment
(Since Commencement through 12/31/2022)

 

 

1

The Fund has an inception date and commenced operations on February 28, 2020.

 

 

1

The Fund has an inception date and commenced operations on February 28, 2020.

 

 

1

The Fund has an inception date and commenced operations on January 27, 2021.

 

ANNUALIZED TOTAL RETURN
FOR THE PERIODS ENDED
DECEMBER 31, 2022

Total Returns

1 Year

Since
Commencement
1

TrueShares Technology, AI & Deep Learning ETF — NAV

(51.44)%

(3.03)%

TrueShares Technology, AI & Deep Learning ETF — Market

(51.46)%

(3.05)%

NASDAQ Composite Total Return Index

(32.54)%

8.14%

 

ANNUALIZED TOTAL RETURN
FOR THE PERIODS ENDED
DECEMBER 31, 2022

Total Returns

1 Year

Since
Commencement
1

TrueShares ESG Active Opportunities ETF — NAV

(22.61)%

9.42%

TrueShares ESG Active Opportunities ETF — Market

(22.70)%

9.38%

S&P 500 Total Return Index

(18.11)%

11.44%

  

ANNUALIZED TOTAL RETURN
FOR THE PERIODS ENDED
DECEMBER 31, 2022

Total Returns

1 Year

Since
Commencement
1

TrueShares Low Volatility Equity Income ETF — NAV

3.65%

12.04%

TrueShares Low Volatility Equity Income ETF — Market

3.54%

12.01%

S&P 500 Price Index

(19.44)%

1.22%

 

7

 

TrueShares ETFs

Performance Overviews

December 31, 2022 (Unaudited) (Continued)

 

 

Hypothetical Growth of $10,000 Investment
(Since Commencement through 12/31/2022)

 

 

1

The Fund has an inception date and commenced operations on December 8, 2022.

 

 

1

The Fund has an inception date and commenced operations on December 31, 2021.

 

CUMULATIVE TOTAL RETURN
FOR THE PERIOD ENDED
DECEMBER 31, 2022

Total Returns

Since
Commencement
1

TrueShares Eagle Global Renewable Energy Income ETF — NAV

(0.83)%

TrueShares Eagle Global Renewable Energy Income ETF — Market

(0.18)%

S&P Global Infrastructure Total Return Index

(1.58)%

 

ANNUALIZED TOTAL RETURN
FOR THE PERIODS ENDED
DECEMBER 31, 2022

Total Returns

1 Year

Since
Commencement
1

RiverNorth Patriot ETF — NAV

(11.89)%

(11.89)%

RiverNorth Patriot ETF — Market

(11.90)%

(11.90)%

S&P 900 Total Return Index

(17.82)%

(17.82)%

     

 8

 

TrueShares ETFs

Performance Overviews

December 31, 2022 (Unaudited) (Continued)

 

 

Hypothetical Growth of $10,000
(Since Commencement through 12/31/2022)

 

 

1

The Fund has an inception date and commenced operations on July 11, 2022.

 

CUMULATIVE TOTAL RETURN
FOR THE PERIOD ENDED
DECEMBER 31, 2022

Total Returns

Since
Commencement
1

RiverNorth Enhanced Pre-Merger SPAC ETF — NAV

2.02%

RiverNorth Enhanced Pre-Merger SPAC ETF — Market

2.18%

ICE BofA 0-3 Year U.S. Treasury Index

(0.11)%

 

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. For the most recent month-end performance, please call (877) 774-8789. You cannot invest directly in an index. Shares are bought and sold at market price (closing price), not net asset value (NAV), and are individually redeemed from the Fund. Market performance is determined using the bid/ask midpoint at 4:00pm Eastern time when the NAV is typically calculated. Brokerage commissions will reduce returns. Returns shown include the reinvestment of all dividends and distribution. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. In the absence of fee waivers and reimbursements, total returns would be reduced.

 

The NASDAQ Total Return Composite Index is a stock market index of the common stocks and similar securities listed on the NASDAQ stock market. The index measures the performance of all domestic and international based common type stocks listed on the NASDAQ Stock Market. It includes common stocks, ordinary shares, ADRs, shares of beneficial interest or limited partnership interests and tracking stocks. The index is market capitalization-weighted. The composition of the NASDAQ Composite is heavily weighted towards information technology companies. The total return index includes reinvestment of all cash dividends on the ex-date.

 

The S&P 500 Index is a widely recognized capitalization-weighted index that measures the performance of the large-capitalization sector of the U.S. stock market. The S&P 500 Price Index does not include reinvestment of dividends.

 

The S&P Global Infrastructure Total Return Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities.

 

The S&P 900 Index is a stock market index that measures the stock performance of 900 large companies listed on stock exchanges in the United States.

 

The ICE BofA 0-3 Year U.S. Treasury Index tracks the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government in its domestic market with maturities less than three years.

 

 

TrueShares Technology, AI & Deep Learning ETF

Schedule of Investments

December 31, 2022

 

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

 

Shares

   

Value

 

COMMON STOCKS — 99.1%

               

Auto Parts & Equipment — 5.9%

               

Mobileye Global, Inc. - Class A (a)

    24,157     $ 846,944  
                 

Biotechnology — 9.2%

               

Prime Medicine, Inc. (a)

    40,375       750,168  

Relay Therapeutics, Inc. (a)

    37,466       559,742  
              1,309,910  

Computers — 12.9%

               

Crowdstrike Holdings, Inc. - Class A (a)

    9,304       979,618  

Zscaler, Inc. (a)

    7,715       863,309  
              1,842,927  

Internet — 8.3%

               

Amazon.com, Inc. (a)

    6,558       550,872  

Okta, Inc. (a)

    9,389       641,550  
              1,192,422  

Pharmaceuticals — 3.6%

               

AbCellera Biologics, Inc. (a)(b)

    50,081       507,321  
                 

Semiconductors — 14.0%

               

Advanced Micro Devices, Inc. (a)

    14,121       914,617  

NVIDIA Corp.

    7,473       1,092,104  
              2,006,721  

Software — 45.2% (c)

               

Datadog, Inc. - Class A (a)

    11,880       873,180  

Elastic N.V. (a)(b)

    11,573       596,009  

ROBLOX Corp. - Class A (a)

    15,474       440,390  

Samsara, Inc. - Class A (a)

    65,339       812,164  

Schrodinger, Inc. (a)

    19,482       364,119  

SentinelOne, Inc. (a)

    22,991       335,439  

ServiceNow, Inc. (a)

    1,770       687,238  

Snowflake, Inc. - Class A (a)

    9,806       1,407,553  

Twilio, Inc. - Class A (a)

    4,614       225,901  

UiPath, Inc. (a)

    27,976       355,575  

Unity Software, Inc. (a)

    12,859       367,639  
              6,465,207  

TOTAL COMMON STOCKS (Cost $27,841,225)

            14,171,452  

 

 

 

Shares

   

Value

 

MONEY MARKET FUNDS — 1.0%

               

First American Treasury Obligations Fund - Class X, 4.18% (d)

    136,736     $ 136,736  

MONEY MARKET FUNDS (Cost $136,736)

            136,736  
                 

TOTAL INVESTMENTS (Cost $27,977,961) — 100.1%

            14,308,188  

Other assets and liabilities, net — (0.1)%

            (8,316 )

TOTAL NET ASSETS — 100.0%

          $ 14,299,872  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

(c)

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

 

(d)

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

 

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

 

10 

 

TrueShares ESG Active Opportunities ETF

Schedule of Investments

December 31, 2022

 

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

 

Shares

   

Value

 

COMMON STOCKS — 95.1%

               

Apparel — 1.8%

               

NIKE, Inc. - Class B

    1,016     $ 118,882  
                 

Auto Manufacturers — 2.2%

               

Tesla, Inc. (a)

    1,150       141,657  
                 

Banks — 3.5%

               

JPMorgan Chase & Co.

    912       122,299  

Truist Financial Corp.

    2,235       96,172  
              218,471  

Beverages — 1.8%

               

PepsiCo, Inc.

    640       115,622  
                 

Biotechnology — 1.6%

               

Amgen, Inc.

    184       48,326  

Gilead Sciences, Inc.

    601       51,596  
              99,922  

Chemicals — 1.8%

               

International Flavors & Fragrances, Inc.

    1,064       111,550  
                 

Commercial Services — 3.5%

               

Block, Inc. (a)

    818       51,403  

Moody’s Corp.

    192       53,495  

PayPal Holdings, Inc. (a)

    565       40,239  

S&P Global, Inc.

    232       77,707  
              222,844  

Computers — 2.8%

               

Apple, Inc.

    1,383       179,693  
                 

Cosmetics & Personal Care — 0.6%

               

Colgate-Palmolive Co.

    439       34,589  
                 

Distribution & Wholesale — 3.5%

               

WW Grainger, Inc.

    397       220,831  
                 

 

 

 

Shares

   

Value

 

Diversified Financial Services — 6.2%

               

American Express Co.

    1,152     $ 170,207  

BlackRock, Inc.

    136       96,374  

Mastercard, Inc. - Class A

    360       125,183  
              391,764  

Electric — 1.1%

               

Eversource Energy

    832       69,755  
                 

Energy, Alternate Sources — 4.6%

               

Enphase Energy, Inc. (a)

    1,103       292,251  
                 

Food — 2.9%

               

Sysco Corp.

    2,390       182,715  
                 

Healthcare Products — 4.1%

               

Abbott Laboratories

    1,273       139,763  

Thermo Fisher Scientific, Inc.

    222       122,253  
              262,016  

Healthcare Services — 1.8%

               

UnitedHealth Group, Inc.

    219       116,109  
                 

Insurance — 2.4%

               

The Allstate Corp.

    1,114       151,058  
                 

Internet — 7.4%

               

Alphabet, Inc. - Class A (a)

    1,867       164,725  

Amazon.com, Inc. (a)

    1,032       86,688  

Booking Holdings, Inc. (a)

    49       98,749  

Netflix, Inc. (a)

    152       44,822  

Uber Technologies, Inc. (a)

    3,043       75,253  
              470,237  

Machinery Diversified — 3.3%

               

Rockwell Automation, Inc.

    819       210,950  
                 

Media — 1.5%

               

The Walt Disney Co. (a)

    1,077       93,570  
                 

Miscellaneous Manufacturing — 1.6%

               

Illinois Tool Works, Inc.

    471       103,761  
                 

Pharmaceuticals — 8.3%

               

AbbVie, Inc.

    754       121,854  

AmerisourceBergen Corp.

    1,095       181,452  

Cardinal Health, Inc.

    1,277       98,163  

Johnson & Johnson

    264       46,636  

Merck & Co., Inc.

    449       49,816  

Zoetis, Inc.

    192       28,138  
              526,059  

 

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

 

11

 

 

TrueShares ESG Active Opportunities ETF

Schedule of Investments

December 31, 2022 (Continued)

 

 

 

 

Shares

   

Value

 

Real Estate — 0.5%

               

CBRE Group, Inc. - Class A (a)

    426     $ 32,785  
                 

Retail — 8.1%

               

Costco Wholesale Corp.

    383       174,840  

Starbucks Corp.

    1,264       125,389  

Target Corp.

    434       64,683  

The Home Depot, Inc.

    234       73,911  

Tractor Supply Co.

    336       75,590  
              514,413  

Semiconductors — 5.7%

               

Advanced Micro Devices, Inc. (a)

    941       60,949  

Lam Research Corp.

    194       81,538  

NVIDIA Corp.

    1,008       147,309  

QUALCOMM, Inc.

    656       72,121  
              361,917  

Software — 9.2%

               

Adobe, Inc. (a)

    243       81,777  

Electronic Arts, Inc.

    660       80,639  

Intuit, Inc.

    184       71,617  

Microsoft Corp.

    877       210,321  

MSCI, Inc.

    265       123,270  

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

    244       16,529  
              584,153  

Telecommunications — 1.8%

               

AT&T, Inc.

    2,876       52,947  

Verizon Communications, Inc.

    1,586       62,489  
              115,436  

Transportation — 1.5%

               

Expeditors International of Washington, Inc.

    926       96,230  
                 

TOTAL COMMON STOCKS (Cost $5,467,951)

            6,039,240  

 

 

 

Shares

   

Value

 

REAL ESTATE INVESTMENT TRUSTS — 3.6%

               

AvalonBay Communities, Inc.

    561     $ 90,613  

Prologis, Inc.

    1,222       137,756  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $244,634)

            228,369  
                 

MONEY MARKET FUNDS — 2.1%

               

First American Treasury Obligations Fund - Class X, 4.18% (b)

    136,553       136,553  

TOTAL MONEY MARKET FUNDS (Cost $136,553)

            136,553  
                 

TOTAL INVESTMENTS (Cost $5,849,138) — 100.8%

            6,404,162  

Other assets and liabilities, net — (0.8)%

            (53,374 )

TOTAL NET ASSETS — 100.0%

          $ 6,350,788  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

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

 

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

 

12

 

 

TrueShares Low Volatility Equity Income ETF

Schedule of Investments

December 31, 2022

 

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

 

Shares

   

Value

 

COMMON STOCKS — 98.0%

               

Aerospace & Defense — 7.9%

               

Lockheed Martin Corp.

    7,040     $ 3,424,890  

Raytheon Technologies Corp.

    27,148       2,739,776  
              6,164,666  

Agriculture — 10.6%

               

Altria Group, Inc.

    63,227       2,890,106  

British American Tobacco PLC - ADR (a)

    57,301       2,290,894  

Philip Morris International, Inc.

    30,472       3,084,071  
              8,265,071  

Banks — 8.4%

               

JPMorgan Chase & Co.

    19,981       2,679,452  

The PNC Financial Services Group, Inc.

    14,962       2,363,098  

U.S. Bancorp

    35,862       1,563,942  
              6,606,492  

Electric — 8.6%

               

American Electric Power Co., Inc.

    35,547       3,375,187  

FirstEnergy Corp.

    80,389       3,371,515  
              6,746,702  

Healthcare Products — 2.5%

               

Medtronic PLC (a)

    25,390       1,973,311  
                 

Healthcare Services — 4.9%

               

UnitedHealth Group, Inc.

    7,170       3,801,390  
                 

Insurance — 1.2%

               

Aflac, Inc.

    12,579       904,933  
                 

Internet — 3.8%

               

Gen Digital, Inc.

    138,151       2,960,576  
                 

Oil & Gas — 15.8%

               

Chevron Corp.

    17,734       3,183,076  

Coterra Energy, Inc.

    95,687       2,351,030  

Devon Energy Corp.

    34,185       2,102,719  

Exxon Mobil Corp.

    42,680       4,707,604  
              12,344,429  

 

 

 

Shares

   

Value

 

Pharmaceuticals — 12.4%

               

AbbVie, Inc.

    22,479     $ 3,632,831  

Johnson & Johnson

    19,496       3,443,968  

Viatris, Inc.

    239,876       2,669,820  
              9,746,619  

Pipelines — 5.3%

               

Enbridge, Inc. (a)

    53,857       2,105,809  

Kinder Morgan, Inc.

    115,154       2,081,984  
              4,187,793  

Retail — 6.2%

               

Genuine Parts Co.

    19,879       3,449,206  

Target Corp.

    9,483       1,413,346  
              4,862,552  

Telecommunications — 8.5%

               

AT&T, Inc.

    181,997       3,350,565  

Verizon Communications, Inc.

    83,570       3,292,658  
              6,643,223  

Transportation — 1.9%

               

Union Pacific Corp.

    3,531       731,164  

United Parcel Service, Inc. - Class B

    4,458       774,979  
              1,506,143  

TOTAL COMMON STOCKS (Cost $71,892,466)

            76,713,900  
                 

MONEY MARKET FUNDS — 5.5%

               

First American Treasury Obligations Fund - Class X, 4.18% (b)

    4,294,571       4,294,571  

TOTAL MONEY MARKET FUNDS (Cost $4,294,571)

            4,294,571  
                 

TOTAL INVESTMENTS (Cost $76,187,037) — 103.5%

            81,008,471  

Other assets and liabilities, net — (3.5)%

            (2,737,169 )

TOTAL NET ASSETS — 100.0%

          $ 78,271,302  

 

Percentages are stated as a percent of net assets.

 

ADR — American Depositary Receipt

 

PLC — Public Limited Company

 

(a)

Foreign issued security.

 

(b)

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

 

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

 

13

 

 

TrueShares Eagle Global Renewable Energy Income ETF

Schedule of Investments

December 31, 2022

 

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

 

Shares

   

Value

 

COMMON STOCKS — 96.1%

               

Electric — 91.5% (c)

               

AGL Energy Ltd. (b)

    8,848     $ 48,615  

Atlantica Sustainable Infrastructure PLC (b)

    1,840       47,656  

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

    1,724       50,956  

Brookfield Renewable Corp. - Class A (b)

    2,112       58,164  

Clearway Energy, Inc. - Class C

    2,196       69,987  

EDP - Energias de Portugal SA (b)

    31,116       155,082  

Electric Power Development Co. Ltd. (b)

    3,114       49,733  

Endesa SA (b)

    3,316       62,597  

Enel SpA (b)

    21,654       116,592  

Fortum Oyj (b)

    5,284       87,898  

Iberdrola SA (b)

    10,066       117,772  

IDACORP, Inc.

    580       62,553  

Mercury NZ Ltd. (b)

    13,744       48,517  

National Grid PLC (b)

    5,060       61,014  

NextEra Energy, Inc.

    3,524       294,606  

Northland Power, Inc. (b)

    2,668       73,163  

Ormat Technologies, Inc.

    820       70,914  

Orsted AS (b)

    1,612       146,493  

PG&E Corp. (a)

    3,049       49,577  

RWE AG (b)

    5,152       229,366  

SSE PLC (b)

    5,627       116,464  

The AES Corp.

    6,168       177,392  

TransAlta Corp. (b)

    5,743       51,365  
              2,246,476  

Energy, Alternate Sources — 4.6%

               

Enviva, Inc.

    1,064       56,360  

NextEra Energy Partners LP

    792       55,511  
              111,871  

TOTAL COMMON STOCKS (Cost $2,389,180)

            2,358,347  

 

 

 

Shares

   

Value

 

REAL ESTATE INVESTMENT TRUSTS — 1.8%

               

Hannon Armstrong Sustainable Infrastructure Capital, Inc.

    1,576     $ 45,673  

TOTAL REITS (Cost $50,744)

            45,673  
                 

MONEY MARKET FUNDS — 8.0%

               

First American Treasury Obligations Fund - Class X, 4.18% (d)

    196,750       196,750  

TOTAL MONEY MARKET FUNDS (Cost $196,750)

            196,750  
                 

TOTAL INVESTMENTS (Cost $2,636,674) — 105.9%

            2,600,770  

Other assets and liabilities, net — (5.9)%

            (145,501 )

TOTAL NET ASSETS — 100.0%

          $ 2,455,269  

 

Percentages are stated as a percent of net assets.

 

PLC — Public Limited Company

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

(c)

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

 

(d)

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

 

COUNTRY

 

Percentage of
Net Assets

 

United States

    35.9 %

Canada

    9.5 %

Germany

    9.3 %

United Kingdom

    9.2 %

Spain

    7.4 %

Portugal

    6.3 %

Denmark

    6.0 %

Italy

    4.7 %

Finland

    3.6 %

Japan

    2.0 %

Australia

    2.0 %

New Zealand

    2.0 %

Total Country

    97.9 %

MONEY MARKET FUNDS

    8.0 %

TOTAL INVESTMENTS

    105.9 %

Other assets and liabilities, net

    (5.9 )%

NET ASSETS

    100.0 %

 

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

 

14

 

 

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022

 

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

 

Shares

   

Value

 

COMMON STOCKS — 86.3%

               

Advertising — 0.3%

               

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

    228     $ 10,221  
                 

Agriculture — 0.5%

               

Altria Group, Inc.

    370       16,913  
                 

Airlines — 0.4%

               

Southwest Airlines Co. (a)

    433       14,579  
                 

Banks — 7.4%

               

Bank OZK

    143       5,729  

BOK Financial Corp.

    81       8,407  

Citizens Financial Group, Inc.

    213       8,386  

Comerica, Inc.

    98       6,551  

Commerce Bancshares, Inc.

    110       7,505  

Cullen/Frost Bankers, Inc.

    52       6,952  

East West Bancorp, Inc.

    105       6,919  

Fifth Third Bancorp

    221       7,251  

First Citizens BancShares, Inc. - Class A

    9       6,825  

First Financial Bankshares, Inc.

    168       5,779  

First Horizon Corp.

    308       7,546  

First Republic Bank

    53       6,460  

Glacier Bancorp, Inc.

    140       6,919  

Huntington Bancshares, Inc.

    546       7,699  

KeyCorp

    442       7,700  

M&T Bank Corp.

    40       5,802  

Old National Bancorp

    333       5,987  

Pinnacle Financial Partners, Inc.

    87       6,386  

Prosperity Bancshares, Inc.

    105       7,631  

Regions Financial Corp.

    343       7,395  

Signature Bank of New York

    47       5,415  

SouthState Corp.

    91       6,949  

SVB Financial Group (a)

    21       4,833  

Synovus Financial Corp.

    190       7,135  

The PNC Financial Services Group, Inc.

    58       9,161  

 

 

 

Shares

   

Value

 

Banks (continued)

               

Truist Financial Corp.

    200     $ 8,606  

United Bankshares, Inc.

    153       6,195  

U.S. Bancorp

    211       9,202  

Valley National Bancorp

    642       7,261  

Webster Financial Corp.

    157       7,432  

Wells Fargo & Co.

    217       8,960  

Western Alliance Bancorp

    103       6,135  

Wintrust Financial Corp.

    68       5,747  

Zions Bancorp NA

    133       6,538  
              239,398  

Beverages — 0.4%

               

Constellation Brands, Inc. - Class A

    59       13,673  
                 

Biotechnology — 1.3%

               

Ionis Pharmaceuticals, Inc. (a)

    326       12,313  

Sarepta Therapeutics, Inc. (a)

    126       16,327  

Seagen, Inc. (a)

    100       12,851  
              41,491  

Building Materials — 2.3%

               

Builders FirstSource, Inc. (a)

    253       16,415  

Martin Marietta Materials, Inc.

    44       14,871  

MDU Resources Group, Inc.

    495       15,018  

Trex Co., Inc. (a)

    280       11,852  

Vulcan Materials Co.

    89       15,585  
              73,741  

Commercial Services — 2.6%

               

ADT, Inc.

    1,473       13,360  

Affirm Holdings, Inc. (a)

    276       2,669  

Block, Inc. (a)

    128       8,044  

Booz Allen Hamilton Holding Corp.

    148       15,469  

HealthEquity, Inc. (a)

    192       11,835  

Paylocity Holding Corp. (a)

    58       11,267  

R1 RCM, Inc. (a)

    739       8,092  

Toast, Inc. - Class A (a)

    767       13,829  
              84,565  

Computers — 0.9%

               

CACI International, Inc. - Class A (a)

    51       15,330  

Science Applications International Corp.

    136       15,087  
              30,417  

Distribution & Wholesale — 0.4%

               

SiteOne Landscape Supply, Inc. (a)

    117       13,726  
                 

Diversified Financial Services — 2.8%

               

Ally Financial, Inc.

    249       6,088  

Ameriprise Financial, Inc.

    28       8,718  

Apollo Global Management, Inc.

    145       9,249  

Capital One Financial Corp.

    77       7,158  

Cboe Global Markets, Inc.

    61       7,654  

 

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

 

15

 

 

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

 

 

 

 

Shares

   

Value

 

Diversified Financial Services (continued)

               

Credit Acceptance Corp. (a)

    16     $ 7,590  

Discover Financial Services

    78       7,631  

LPL Financial Holdings, Inc.

    33       7,134  

SoFi Technologies, Inc. (a)

    1,069       4,928  

Synchrony Financial

    252       8,281  

The Charles Schwab Corp.

    121       10,074  

T. Rowe Price Group, Inc.

    66       7,198  
              91,703  

Electric — 11.4%

Alliant Energy Corp.

    217       11,981  

Ameren Corp.

    145       12,894  

American Electric Power Co., Inc.

    132       12,533  

Avangrid, Inc.

    281       12,077  

CenterPoint Energy, Inc.

    413       12,386  

CMS Energy Corp.

    199       12,603  

Consolidated Edison, Inc.

    135       12,867  

Constellation Energy Corp.

    148       12,759  

Dominion Energy, Inc.

    187       11,467  

DTE Energy Co.

    102       11,988  

Duke Energy Corp.

    141       14,522  

Edison International

    200       12,724  

Entergy Corp.

    116       13,050  

Evergy, Inc.

    197       12,397  

Eversource Energy

    149       12,492  

Exelon Corp.

    310       13,401  

FirstEnergy Corp.

    323       13,547  

IDACORP, Inc.

    104       11,216  

NextEra Energy, Inc.

    172       14,379  

NRG Energy, Inc.

    313       9,960  

OGE Energy Corp.

    322       12,735  

PG&E Corp. (a)

    986       16,032  

Pinnacle West Capital Corp.

    181       13,763  

PPL Corp.

    456       13,324  

Public Service Enterprise Group, Inc.

    207       12,683  

The Southern Co.

    194       13,854  

Vistra Corp.

    562       13,038  

WEC Energy Group, Inc.

    130       12,189  

Xcel Energy, Inc.

    180       12,620  
              371,481  

Energy, Alternate Sources — 0.3%

               

Sunrun, Inc. (a)

    403       9,680  
                 

Engineering & Construction — 0.5%

               

MasTec, Inc. (a)

    192       16,383  
                 

Entertainment — 1.0%

               

Caesars Entertainment, Inc. (a)

    398       16,557  

 

 

 

Shares

   

Value

 

Entertainment (continued)

               

Churchill Downs, Inc.

    75     $ 15,857  
              32,414  

Environmental Control — 0.8%

               

Republic Services, Inc.

    98       12,641  

Waste Management, Inc.

    93       14,590  
              27,231  

Food — 2.3%

               

Albertsons Cos., Inc. - Class A

    550       11,407  

Flowers Foods, Inc.

    481       13,824  

Performance Food Group Co. (a)

    308       17,984  

The Kroger Co.

    307       13,686  

US Foods Holding Corp. (a)

    508       17,282  
              74,183  

Gas — 1.2%

               

Atmos Energy Corp.

    115       12,888  

National Fuel Gas Co.

    219       13,863  

NiSource, Inc.

    459       12,586  
              39,337  

Healthcare Services — 6.2%

               

Acadia Healthcare Co., Inc. (a)

    179       14,735  

agilon health, Inc. (a)

    587       9,474  

Centene Corp. (a)

    176       14,434  

Chemed Corp.

    31       15,823  

Elevance Health, Inc.

    34       17,441  

HCA Healthcare, Inc.

    82       19,677  

Humana, Inc.

    31       15,878  

LHC Group, Inc. (a)

    74       11,965  

Molina Healthcare, Inc. (a)

    42       13,869  

Oak Street Health, Inc. (a)

    531       11,422  

Quest Diagnostics, Inc.

    111       17,365  

Signify Health, Inc. - Class A (a)

    421       12,066  

Tenet Healthcare Corp. (a)

    270       13,173  

UnitedHealth Group, Inc.

    30       15,906  
              203,228  

Home Builders — 2.0%

               

D.R. Horton, Inc.

    201       17,917  

Lennar Corp. - Class A

    185       16,742  

NVR, Inc. (a)

    3       13,838  

PulteGroup, Inc.

    362       16,482  
              64,979  

Household Products & Wares — 0.5%

               

Reynolds Consumer Products, Inc.

    506       15,170  
                 

Insurance — 3.9%

               

American Financial Group, Inc.

    59       8,099  

Brown & Brown, Inc.

    119       6,779  

Cincinnati Financial Corp.

    79       8,089  

Equitable Holdings, Inc.

    267       7,663  

 

 

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

 

16

 

 

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

 

 

 

 

Shares

   

Value

 

Insurance (continued)

               

Erie Indemnity Co. - Class A

    33     $ 8,208  

F&G Annuities & Life, Inc. (a)

    13       260  

Fidelity National Financial, Inc.

    203       7,637  

Globe Life, Inc.

    72       8,680  

Kinsale Capital Group, Inc.

    29       7,584  

Lincoln National Corp.

    161       4,946  

Loews Corp.

    143       8,341  

Markel Corp. (a)

    7       9,222  

Old Republic International Corp.

    345       8,332  

The Allstate Corp.

    58       7,865  

The Hartford Financial Services Group, Inc.

    116       8,796  

The Progressive Corp.

    73       9,469  

Voya Financial, Inc.

    120       7,379  
              127,349  

Internet — 1.7%

               

DoorDash, Inc. - Class A (a)

    265       12,937  

Lyft, Inc. - Class A (a)

    977       10,767  

Robinhood Markets, Inc. - Class A (a)

    743       6,048  

Roku, Inc. (a)

    229       9,320  

Zillow Group, Inc. - Class C (a)

    463       14,913  
              53,985  

Investment Companies — 0.4%

Ares Capital Corp.

    415       7,665  

FS KKR Capital Corp.

    308       5,390  
              13,055  

Iron & Steel — 0.6%

               

Steel Dynamics, Inc.

    194       18,953  
                 

Leisure Time — 0.5%

               

Planet Fitness, Inc. - Class A (a)

    209       16,469  
                 

Lodging — 0.9%

               

Boyd Gaming Corp.

    254       13,851  

Choice Hotels International, Inc.

    128       14,418  
              28,269  

Media — 2.5%

               

Cable One, Inc.

    15       10,678  

Charter Communications, Inc. - Class A (a)

    50       16,955  

Fox Corp. - Class A

    436       13,241  

Liberty Broadband Corp. - Class C (a)

    179       13,652  

Nexstar Media Group, Inc. - Class A

    80       14,002  

Sirius XM Holdings, Inc.

    2,341       13,672  
              82,200  

Mining — 0.3%

               

MP Materials Corp. (a)

    431       10,465  

 

 

 

Shares

   

Value

 

Oil & Gas — 8.1%

               

Antero Resources Corp. (a)

    456     $ 14,131  

Chesapeake Energy Corp.

    149       14,061  

Chord Energy Corp.

    109       14,912  

Civitas Resources, Inc.

    226       13,092  

Coterra Energy, Inc.

    531       13,047  

Devon Energy Corp.

    243       14,947  

Diamondback Energy, Inc.

    120       16,414  

EOG Resources, Inc.

    144       18,651  

EQT Corp.

    341       11,536  

Marathon Oil Corp.

    635       17,190  

Marathon Petroleum Corp.

    148       17,226  

Matador Resources Co.

    297       17,000  

PDC Energy, Inc.

    257       16,314  

Pioneer Natural Resources Co.

    73       16,673  

Range Resources Corp.

    572       14,311  

SM Energy Co.

    349       12,156  

Southwestern Energy Co. (a)

    2,225       13,016  

Texas Pacific Land Corp.

    4       9,377  
              264,054  

Pharmaceuticals — 2.4%

               

Cardinal Health, Inc.

    208       15,989  

Cigna Corp.

    55       18,224  

CVS Health Corp.

    156       14,538  

Neurocrine Biosciences, Inc. (a)

    135       16,124  

Option Care Health, Inc. (a)

    403       12,126  
              77,001  

Pipelines — 2.4%

               

DT Midstream, Inc.

    236       13,041  

Kinder Morgan, Inc.

    831       15,025  

ONEOK, Inc.

    265       17,411  

Targa Resources Corp.

    232       17,052  

The Williams Cos., Inc.

    476       15,660  
              78,189  

Private Equity — 0.5%

               

Ares Management Corp. - Class A

    111       7,597  

Blackstone, Inc.

    104       7,716  
              15,313  

Retail — 9.4%

               

AutoNation, Inc. (a)

    128       13,734  

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

    183       12,107  

Burlington Stores, Inc. (a)

    118       23,926  

CarMax, Inc. (a)

    169       10,291  

Casey’s General Stores, Inc.

    68       15,256  

Chipotle Mexican Grill, Inc. (a)

    9       12,487  

Darden Restaurants, Inc.

    110       15,216  

Dick’s Sporting Goods, Inc.

    126       15,157  

Dollar General Corp.

    64       15,760  

Five Below, Inc. (a)

    101       17,864  

 

 

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

 

17

 

 

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

 

 

 

 

Shares

   

Value

 

Retail (continued)

               

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

    192     $ 13,369  

Lithia Motors, Inc.

    61       12,489  

Murphy USA, Inc.

    51       14,257  

O’Reilly Automotive, Inc. (a)

    20       16,881  

RH (a)

    55       14,695  

Ross Stores, Inc.

    164       19,035  

Target Corp.

    102       15,202  

Texas Roadhouse, Inc.

    159       14,461  

Tractor Supply Co.

    73       16,423  

Ulta Beauty, Inc. (a)

    35       16,417  
              305,027  

Shipbuilding — 0.4%

               

Huntington Ingalls Industries, Inc.

    60       13,841  
                 

Software — 2.6%

               

Bill.com Holdings, Inc. (a)

    106       11,550  

Black Knight, Inc. (a)

    109       6,731  

CCC Intelligent Solutions Holdings, Inc. (a)

    644       5,603  

Intuit, Inc.

    38       14,790  

Jack Henry & Associates, Inc.

    39       6,847  

Paychex, Inc.

    121       13,983  

Paycom Software, Inc. (a)

    42       13,033  

Paycor HCM, Inc. (a)

    431       10,546  
              83,083  

Telecommunications — 1.0%

               

Frontier Communications Parent, Inc. (a)

    621       15,823  

Verizon Communications, Inc.

    390       15,366  
              31,189  

Transportation — 2.8%

               

CSX Corp.

    560       17,349  

JB Hunt Transport Services, Inc.

    84       14,646  

Knight-Swift Transportation Holdings, Inc.

    279       14,622  

Landstar System, Inc.

    84       13,684  

Norfolk Southern Corp.

    64       15,771  

Old Dominion Freight Line, Inc.

    55       15,608  
              91,680  

Water — 0.4%

               

Essential Utilities, Inc.

    291       13,889  
                 

TOTAL COMMON STOCKS (Cost $3,044,092)

            2,808,524  
                 

PARTNERSHIPS — 3.7%

               

Investment Companies — 0.5%

               

Icahn Enterprises LP

    292       14,790  
                 

Pipelines — 3.2%

               

Cheniere Energy Partners LP

    259       14,729  

DCP Midstream LP

    380       14,740  

 

 

 

Shares

   

Value

 

Pipelines (continued)

               

Energy Transfer LP

    1,290     $ 15,312  

Enterprise Products Partners LP

    651       15,702  

Magellan Midstream Partners LP

    293       14,712  

MPLX LP

    470       15,435  

Western Midstream Partners LP

    568       15,251  
              105,881  

TOTAL PARTNERSHIPS (Cost $102,357)

            120,671  
                 

REAL ESTATE INVESTMENT TRUSTS — 8.8%

AGNC Investment Corp.

    764       7,907  

Agree Realty Corp.

    81       5,745  

Alexandria Real Estate Equities, Inc.

    52       7,575  

American Homes 4 Rent - Class A

    217       6,540  

Apartment Income REIT Corp.

    187       6,416  

AvalonBay Communities, Inc.

    39       6,299  

Boston Properties, Inc.

    96       6,488  

Brixmor Property Group, Inc.

    389       8,819  

Camden Property Trust

    60       6,713  

Crown Castle International Corp.

    58       7,867  

CubeSmart

    180       7,245  

EastGroup Properties, Inc.

    49       7,255  

Equity LifeStyle Properties, Inc.

    110       7,106  

Equity Residential

    108       6,372  

Essex Property Trust, Inc.

    30       6,358  

Extra Space Storage, Inc.

    42       6,182  

Federal Realty Investment Trust

    81       8,184  

First Industrial Realty Trust, Inc.

    155       7,480  

Gaming and Leisure Properties, Inc.

    157       8,178  

Healthcare Realty Trust, Inc.

    338       6,513  

Healthpeak Properties, Inc.

    308       7,722  

Host Hotels & Resorts, Inc.

    448       7,190  

Invitation Homes, Inc.

    208       6,165  

Kilroy Realty Corp.

    136       5,259  

Kimco Realty Corp.

    393       8,324  

Lamar Advertising Co. - Class A

    86       8,118  

Life Storage, Inc.

    66       6,501  

Mid-America Apartment Communities, Inc.

    47       7,379  

National Retail Properties, Inc.

    175       8,008  

Prologis, Inc.

    68       7,666  

Public Storage

    25       7,005  

Regency Centers Corp.

    134       8,375  

Rexford Industrial Realty, Inc.

    131       7,158  

Simon Property Group, Inc.

    80       9,398  

Spirit Realty Capital, Inc.

    191       7,627  

STAG Industrial, Inc.

    193       6,236  

STORE Capital Corp.

    226       7,246  

UDR, Inc.

    174       6,739  

 

 

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

 

18

 

 

RiverNorth Patriot ETF

Schedule of Investments

December 31, 2022 (Continued)

 

 

 

 

Shares

   

Value

 

REAL ESTATE INVESTMENT TRUSTS (continued)

       

VICI Properties, Inc.

    232     $ 7,517  

Vornado Realty Trust

    241       5,015  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $361,682)

            285,890  
                 

MONEY MARKET FUNDS — 2.5%

               

First American Treasury Obligations Fund - Class X, 4.18% (b)

    82,374       82,374  

TOTAL MONEY MARKET FUNDS (Cost $82,374)

            82,374  
                 

Total Investments (Cost $3,590,505) — 101.3%

            3,297,459  

Other assets and liabilities, net — (1.3)%

            (42,430 )

TOTAL NET ASSETS — 100.0%

          $ 3,255,029  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

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

 

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

 

19

 

 

RiverNorth Enhanced Pre-Merger SPAC ETF

Schedule of Investments

December 31, 2022

 

 

Sector Diversification *

 

 

*

Percentages are stated as a percent of net assets.

 

 

 

Shares

   

Value

 

COMMON STOCKS — 95.3%

               

Pre-Combination Special Purpose Acquisition Companies — 95.3% (a)

Apollo Strategic Growth Capital II - Class A (b)

    11,406     $ 114,288  

Ares Acquisition Corp. - Class A (b)

    8,684       87,448  

Bite Acquisition Corp.

    7,602       76,552  

Cascadia Acquisition Corp. - Class A

    13,387       135,476  

CC Neuberger Principal Holdings III - Class A (b)

    7,566       76,417  

CF Acquisition Corp. IV - Class A

    15,172       154,148  

Churchill Capital Corp. V - Class A

    11,394       113,256  

Churchill Capital Corp. VI - Class A

    11,418       114,123  

Churchill Capital Corp. VII - Class A

    11,442       114,077  

Conyers Park III Acquisition Corp. - Class A

    11,532       114,052  

Direct Selling Acquisition Corp. - Class A

    11,500       118,335  

FAST Acquisition Corp. II - Class A

    7,626       76,336  

FinServ Acquisition Corp. II - Class A

    11,400       114,570  

Fintech Evolution Acquisition Group - Tracking Stock (b)

    14,000       140,980  

Fortress Capital Acquisition Corp. - Class A (b)

    7,560       76,356  

Fusion Acquisition Corp. II - Class A

    11,400       114,456  

Goal Acquisitions Corp.

    7,620       76,657  

Gores Holdings IX, Inc. - Class A

    9,624       95,470  

Graf Acquisition Corp. IV

    11,478       114,206  

Hennessy Capital Investment Corp. VI - Class A

    7,722       76,293  

Horizon Space Acquisition I Corp. - Tracking Stock (b)

    3,744       37,814  

Jaws Hurricane Acquisition Corp. - Class A

    11,502       115,020  

Jaws Juggernaut Acquisition Corp. - Class A (b)

    11,502       115,595  

Jaws Mustang Acquisition Corp. - Class A (b)

    15,144       153,030  

Live Oak Crestview Climate Acquisition Corp. - Class A

    7,734       76,953  

Live Oak Mobility Acquisition Corp. - Class A

    15,270       153,540  

New Vista Acquisition Corp. - Class A (b)

    13,302       134,284  

 

 

 

Shares

   

Value

 

Pre-Combination Special Purpose Acquisition Companies (continued)

OCA Acquisition Corp. - Class A

    14,948     $ 153,367  

Post Holdings Partnering Corp. - Class A

    11,514       114,334  

Rice Acquisition Corp. II - Class A (b)

    11,430       116,243  

Screaming Eagle Acquisition Corp. - Class A (b)

    13,584       135,093  

SVF Investment Corp. - Class A (b)

    7,566       76,492  

Tech and Energy Transition Corp. - Class A

    3,822       38,335  

Twelve Seas Investment Co. II - Tracking Stock

    11,502       115,595  

TOTAL COMMON STOCKS (Cost $3,575,033)

            3,639,191  
                 

WARRANTS — 0.2% (a)

               

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

    1,592       223  

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

    838       391  

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

    2,531       152  

Carney Technology Acquisition Corp. II, Expiration: November 2027, Exercise Price: $11.50

    1,191       83  

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

    497       25  

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

    2,314       178  

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

    1,288       104  

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

    1,537       92  

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

    1,686       83  

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

    2,376       354  

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

    2,922       1,958  

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

    1,176       5  

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

    3,104       150  

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

    1,047       257  

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

    1,913       162  
                 

 

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

 

20

 

 

RiverNorth Enhanced Pre-Merger SPAC ETF

Schedule of Investments

December 31, 2022 (Continued)

 

 

 

 

Shares

   

Value

 

WARRANTS (continued)

               

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

    1,731     $ 167  

Jaws Hurricane Acquisition Corp., Expiration: February 2023, Exercise Price: $11.50

    1,694       272  

Jaws Juggernaut Acquisition Corp., Expiration: February 2026, Exercise Price: $11.50 (b)

    1,979       124  

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

    2,243       146  

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

    1,556       280  

Live Oak Mobility Acquisition Corp., Expiration: March 2028, Exercise Price: $11.50

    1,164       163  

Post Holdings Partnering Corp., Expiration: February 2023, Exercise Price: $11.50

    1,324       106  

Rice Acquisition Corp. II, Expiration: March 2026, Exercise Price: $11.50 (b)

    1,197       1,496  

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

    2,663       628  

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

    805       20  

Tech and Energy Transition Corp., Expiration: December 2027, Exercise Price: $11.50

    796       26  

USHG Acquisition Corp. - Class A, Expiration: December 2028, Exercise Price: $11.50

    1,266       2  

TOTAL WARRANTS (Cost $10,224)

            7,647  

 

 

 

Shares

   

Value

 

MONEY MARKET FUNDS — 5.8%

               

First American Treasury Obligations Fund - Class X, 4.18% (c)

    222,763     $ 222,763  

TOTAL MONEY MARKET FUNDS (Cost $222,763)

            222,763  
                 

TOTAL INVESTMENTS (Cost $3,808,020) — 101.3%

            3,869,601  

Other assets and liabilities, net — (1.3)%

            (51,482 )

TOTAL NET ASSETS — 100.0%

          $ 3,818,119  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

Foreign issued security.

 

(c)

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

 

COUNTRY

 

Percentage of
Net Assets

 

United States

    62.1 %

Cayman Islands

    33.2 %*

Total Country

    95.3 %

WARRANTS

    0.2 %

MONEY MARKET FUNDS

    5.8 %

TOTAL INVESTMENTS

    101.3 %

Other assets and liabilities, net

    (1.3 )%

NET ASSETS

    100.0 %

 

*

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

 

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

 

21

 

 

TrueShares ETFs

Statements of Assets and Liabilities

December 31, 2022

 

 

   

TrueShares
Technology,
AI & Deep
Learning ETF

   

TrueShares
ESG Active
Opportunities
ETF

   

TrueShares Low
Volatility Equity
Income ETF

   

TrueShares
Eagle Global
Renewable
Energy
Income ETF

 

Assets

                               

Investments, at value(1)

  $ 14,308,188     $ 6,404,162     $ 81,008,471     $ 2,600,770  

Foreign currency, at value(2)

                      19,276  

Receivable for investment securities sold

                990,043        

Dividends and interest receivable

    528       5,865       191,278       1,177  

Total assets

    14,308,716       6,410,027       82,189,792       2,621,223  
                                 

Liabilities

                               

Foreign currency payable(3)

                      15,893  

Payable to Adviser

    8,844       3,259       43,893       940  

Payable for investment securities purchased

                3,165,934       148,883  

Distributions payable

          55,980       708,663       238  

Total liabilities

    8,844       59,239       3,918,490       165,954  

Net Assets

  $ 14,299,872     $ 6,350,788     $ 78,271,302     $ 2,455,269  
                                 

Net Assets Consists of:

                               

Paid-in capital

  $ 31,930,138     $ 5,885,577     $ 77,055,655     $ 2,493,755  

Total distributable earnings (accumulated losses)

    (17,630,266 )     465,211       1,215,647       (38,486 )

Net Assets

  $ 14,299,872     $ 6,350,788     $ 78,271,302     $ 2,455,269  
                                 

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

    625,000       200,000       2,700,000       100,000  

Net Asset Value, redemption price and offering price per share

  $ 22.88     $ 31.75       28.99       24.55  
                                 

(1) Cost of investments

  $ 27,977,961     $ 5,849,138     $ 76,187,037     $ 2,636,674  

(2) Cost of foreign currency

                      19,240  

(3) Cost of foreign currency payable

                      15,891  

 

 

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

 

22

 

 

TrueShares ETFs

Statements of Assets and Liabilities

December 31, 2022 (Continued)

 

 

   

RiverNorth
Patriot ETF

   

RiverNorth
Enhanced
Pre-Merger
SPAC ETF

 

Assets

               

Investments, at value(1)

  $ 3,297,459     $ 3,869,601  

Cash

          77,135  

Dividends and interest receivable

    8,902       840  

Total assets

    3,306,361       3,947,576  
                 

Liabilities

               

Payable to Adviser

    1,993       2,882  

Payable for investment securities purchased

          118,220  

Distributions payable

    49,339       8,355  

Total liabilities

    51,332       129,457  

Net Assets

  $ 3,255,029     $ 3,818,119  
                 

Net Assets Consists of:

               

Paid-in capital

  $ 3,739,933     $ 3,747,726  

Total distributable earnings (accumulated losses)

    (484,904 )     70,393  

Net Assets

  $ 3,255,029     $ 3,818,119  
                 

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

    150,000       150,000  

Net Asset Value, redemption price and offering price per share

  $ 21.70     $ 25.45  
                 

(1) Cost of investments

  $ 3,590,505     $ 3,808,020  

 

 

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

 

23

 

 

TrueShares ETFs

Statements of Operations

For the Year or Period Ended December 31, 2022

 

 

   

TrueShares
Technology,
AI & Deep
Learning ETF

   

TrueShares
ESG Active
Opportunities
ETF

   

TrueShares Low
Volatility Equity
Income ETF

   

TrueShares
Eagle Global
Renewable
Energy Income
ETF
(1)

 

Investment Income

                               

Dividend income (net of withholding taxes and issuance fees of $-, $-, $31,992 and $29, respectively)

  $ 5,363     $ 99,081     $ 2,426,463     $ 250  

Interest income

    12,041       1,522       44,656       419  

Total investment income

    17,404       100,603       2,471,119       669  
                                 

Expenses

                               

Investment advisory fees

    148,516       44,089       394,808       940  

Tax expense

    185             185        

Total expenses

    148,701       44,089       394,993       940  

Net investment income (loss)

    (131,297 )     56,514       2,076,126       (271 )
                                 

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

                               

Net realized gain (loss) on:

                               

Investments

    (1,688,095 )     518,697       (1,788,554 )     (1,747 )

Foreign currency transactions

                (229 )      

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

    (1,688,095 )     518,697       (1,788,783 )     (1,747 )

Net change in unrealized appreciation/depreciation on:

                               

Investments

    (16,195,089 )     (2,722,553 )     1,890,609       (35,904 )

Foreign currency translation

                (96 )     (836 )

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

    (16,195,089 )     (2,722,553 )     1,890,513       (36,740 )

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

    (17,883,184 )     (2,203,856 )     101,730       (38,487 )

Net increase (decrease) in net assets from operations

  $ (18,014,481 )   $ (2,147,342 )   $ 2,177,856     $ (38,758 )

 

(1)

The Fund commenced operations on December 8, 2022.

 

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

 

24

 

 

TrueShares ETFs

Statements of Operations

For the Year or Period Ended December 31, 2022 (Continued)

 

 

   

RiverNorth
Patriot ETF

   

RiverNorth
Enhanced
Pre-Merger
SPAC ETF
(1)

 

Investment Income

               

Dividend income

  $ 71,213     $  

Interest income

    615       2,298  

Total investment income

    71,828       2,298  
                 

Expenses

               

Investment advisory fees

    22,896       15,399  

Total expenses

    22,896       15,399  

Net investment income (loss)

    48,932       (13,101 )
                 

Realized and Unrealized Gain (Loss) on Investments

               

Net realized gain (loss) on investments

    (163,346 )     31,432  

Net change in unrealized appreciation/depreciation on investments

    (293,046 )     61,581  

Net realized and unrealized gain (loss) on investments

    (456,392 )     93,013  

Net increase (decrease) in net assets from operations

  $ (407,460 )   $ 79,912  

 

(1)

The Fund commenced operations on July 11, 2022.

 

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

 

25

 

 

TrueShares ETFs

Statements of Changes in Net Assets

 

 

 

   

TrueShares Technology, AI
& Deep Learning ETF

   

TrueShares ESG Active
Opportunities ETF

 
   

Year Ended
December 31,
2022

   

Year Ended
December 31,
2021

   

Year Ended
December 31,
2022

   

Year Ended
December 31,
2021

 

From Operations

                               

Net investment income (loss)

  $ (131,297 )   $ (195,050 )   $ 56,514     $ 40,323  

Net realized gain (loss) on investments

    (1,688,095 )     2,175,206       518,697       103,780  

Net change in unrealized appreciation/depreciation on investments

    (16,195,089 )     (3,572,155 )     (2,722,553 )     1,445,350  

Net increase (decrease) in net assets resulting from operations

    (18,014,481 )     (1,591,999 )     (2,147,342 )     1,589,453  
                                 

From Distributions

                               

Distributable earnings

          (37,530 )     (55,980 )     (41,282 )

Total distributions

          (37,530 )     (55,980 )     (41,282 )
                                 

From Capital Share Transactions

                               

Proceeds from shares sold

    5,630,240       19,803,940             1,779,840  

Cost of shares redeemed

    (11,009,818 )     (7,854,945 )     (1,793,493 )      

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

    (5,379,578 )     11,948,995       (1,793,493 )     1,779,840  
                                 

Total Increase (Decrease) in Net Assets

    (23,394,059 )     10,319,466       (3,996,815 )     3,328,011  
                                 

Net Assets

                               

Beginning of year

    37,693,931       27,374,465       10,347,603       7,019,592  

End of year

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

Changes in Shares Outstanding

                               

Shares outstanding, beginning of year

    800,000       575,000       250,000       200,000  

Shares sold

    150,000       400,000             50,000  

Shares redeemed

    (325,000 )     (175,000 )     (50,000 )      

Shares outstanding, end of year

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

 

 

 

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

 

26

 

 

TrueShares ETFs

Statements of Changes in Net Assets

(Continued)

 

 

   

TrueShares Low Volatility
Equity Income ETF

   

TrueShares
Eagle Global
Renewable
Energy
Income ETF

 
   

Year Ended
December 31,
2022

   

Period Ended
December 31,
2021
(1)

   

Period Ended
December 31,
2022
(2)

 

From Operations

                       

Net investment income (loss)

  $ 2,076,126     $ 940,452     $ (271 )

Net realized gain (loss) on investments and foreign currency

    (1,788,783 )     412,287       (1,747 )

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

    1,890,513       2,930,921       (36,740 )

Net increase (decrease) in net assets resulting from operations

    2,177,856       4,283,660       (38,758 )
                         

From Distributions

                       

Distributable earnings

    (2,075,345 )     (1,612,854 )      

Return of capital

    (693 )           (238 )

Total distributions

    (2,076,038 )     (1,612,854 )     (238 )
                         

From Capital Share Transactions

                       

Proceeds from shares sold

    39,931,580       43,554,475       2,494,265  

Cost of shares redeemed

    (7,987,377 )            

Net increase in net assets resulting from capital share transactions

    31,944,203       43,554,475       2,494,265  
                         

Total Increase in Net Assets

    32,046,021       46,225,281       2,455,269  
                         

Net Assets

                       

Beginning of period

    46,225,281              

End of period

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

Changes in Shares Outstanding

                       

Shares outstanding, beginning of period

    1,600,000              

Shares sold

    1,375,000       1,600,000       100,000  

Shares redeemed

    (275,000 )            

Shares outstanding, end of period

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

 

(1)

The Fund commenced operations on January 27, 2021.

 

(2)

The Fund commenced operations on December 8, 2022.

 

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

 

27

 

 

TrueShares ETFs

Statements of Changes in Net Assets

(Continued)

 

 

   

RiverNorth Patriot ETF

   

RiverNorth
Enhanced
Pre-Merger
SPAC ETF

 
   

Year Ended
December 31,
2022

   

Period Ended
December 31,
2021
(1)

   

Period Ended
December 31,
2022
(2)

 

From Operations

                       

Net investment income (loss)

  $ 48,932     $     $ (13,101 )

Net realized gain (loss) on investments

    (163,346 )           31,432  

Net change in unrealized appreciation/depreciation on investments

    (293,046 )           61,581  

Net increase (decrease) in net assets resulting from operations

    (407,460 )           79,912  
                         

From Distributions

                       

Distributable earnings

    (48,932 )           (8,355 )

Return of capital

    (407 )            

Total distributions

    (49,339 )           (8,355 )
                         

From Capital Share Transactions

                       

Proceeds from shares sold

    3,691,633       1,250,000       4,372,345  

Cost of shares redeemed

    (1,229,805 )           (625,783 )

Net increase in net assets resulting from capital share transactions

    2,461,828       1,250,000       3,746,562  
                         

Total Increase in Net Assets

    2,005,029       1,250,000       3,818,119  
                         

Net Assets

                       

Beginning of period

    1,250,000              

End of period

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

Changes in Shares Outstanding

                       

Shares outstanding, beginning of period

    50,000              

Shares sold

    150,000       50,000       175,000  

Shares redeemed

    (50,000 )           (25,000 )

Shares outstanding, end of period

    150,000       50,000       150,000  

 

(1)

The Fund commenced operations on December 31, 2021.

 

(2)

The Fund commenced operations on July 11, 2022.

 

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

 

28

 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

TrueShares ETFs

Financial Highlights

For a Share Outstanding Throughout each Period

 

 

   

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

 
           

Income from Investment Operations

   

Less Distributions Paid From

 
   

Net Asset
Value,
Beginning
of Period

   

Net
investment
income
(loss)
(1)

   

Net realized
and
unrealized
gain
(loss) on
investments

   

Total from
investment
operations

   

Net
investment
income

   

Return of
capital

   

Net realized
gains

   

Total
distributions
paid

 

TrueShares Technology, AI & Deep Learning ETF

                                                       

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

  $ 47.12       (0.19 )     (24.05 )     (24.24 )                        

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

  $ 47.61       (0.31 )     (0.12 )(8)     (0.43 )                 (0.06 )     (0.06 )

For the period 02/28/2020(7) - 12/31/2020

  $ 25.00       (0.19 )     22.80       22.61                          

TrueShares ESG Active Opportunities ETF

                                                       

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

  $ 41.39       0.26       (9.62 )     (9.36 )     (0.28 )                 (0.28 )

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

  $ 35.10       0.16       6.29       6.45       (0.16 )                 (0.16 )

For the period 02/28/2020(7) - 12/31/2020

  $ 25.00       0.17       10.07       10.24       (0.14 )     (0.00 )(9)           (0.14 )

TrueShares Low Volatility Equity Income ETF

                                                       

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

  $ 28.89       0.99       0.04       1.03       (0.93 )     (0.00 )(9)           (0.93 )

For the period 01/27/2021(7) - 12/31/2021

  $ 25.00       0.81       4.19       5.00       (0.69 )           (0.42 )     (1.11 )

TrueShares Eagle Global Renewal Energy Income ETF

                                                       

For the period 12/08/2022(7) - 12/31/2022

  $ 24.76       (0.00 )(9)     (0.21 )     (0.21 )           (0.00 )(9)           (0.00 )(9)

 

 

(1)

Per share net investment income (loss) was calculated using average shares outstanding.

 

(2)

Annualized for periods less than one year.

 

(3)

Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

 

(4)

Not annualized for periods less than one year.

 

(5)

Excludes in-kind transactions associated with creations and redemptions of the Fund.

 

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

 

30

 

 

TrueShares ETFs

Financial Highlights

For a Share Outstanding Throughout each Period (Continued)

 

 

 

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

   

Ratios/Supplemental Data

 
                                 

Ratios to Average Net Assets of: (2)

         
 

Net Asset Value,
End of Period

   

Total return,
at NAV
(3)(4)

   

Total return,
at Market
(3)(4)

   

Net assets,
end of period
(000’s)

   

Expenses

   

Net investment
income (loss)

   

Portfolio
turnover
rate
(4)(5)

 
                                                       
  $ 22.88       (51.44 )%     (51.46 )%   $ 14,300       0.68 %     (0.60 )%     25 %
  $ 47.12       (0.90 )%     (0.96 )%   $ 37,694       0.68 %     (0.67 )%     14 %
  $ 47.61       90.43 %     90.52 %   $ 27,374       0.68 %     (0.59 )%     30 %
                                                       
  $ 31.75       (22.61 )%     (22.70 )%   $ 6,351       0.58 %     0.74 %     4 %
  $ 41.39       18.40 %     18.42 %   $ 10,348       0.58 %     0.42 %     14 %
  $ 35.10       40.94 %     40.93 %   $ 7,020       0.58 %     0.70 %     29 %
                                                       
  $ 28.99       3.65 %     3.54 %   $ 78,271       0.65 %     3.42 %     41 %
  $ 28.89       20.10 %(6)     20.17 %(6)   $ 46,225       0.65 %     3.08 %     55 %
                                                       
  $ 24.55       (0.83 )%     (0.18 )%   $ 2,455       0.75 %     (0.22 )%     2 %

 

 

(6)

The returns reflect the actual performance for the period and do not include the impact of trades executed on the last business day of the period that were recorded on the first business day of the next period.

 

(7)

Commencement of Operations.

 

(8)

Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period.

 

(9)

Less than $(0.005).

 

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

 

31

 

 

TrueShares ETFs

Financial Highlights

For a Share Outstanding Throughout each Period (Continued)

 

 

   

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

 
           

Income from Investment Operations

   

Less Distributions Paid From

 
   

Net Asset
Value,
Beginning
of Period

   

Net
investment
income
(loss)
(1)

   

Net realized
and
unrealized
gain
(loss) on
investments

   

Total from
investment
operations

   

Net
investment
income

   

Return of
capital

   

Net realized
gains

   

Total
distributions
paid

 

RiverNorth Patriot ETF

                                                               

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

  $ 25.00       0.34       (3.31 )     (2.97 )     (0.33 )     (0.00 )(7)           (0.33 )

For the period 12/31/2021(6) - 12/31/2021

  $ 25.00                                            

RiverNorth Enhanced Pre-Merger SPAC ETF

                                                               

For the period 07/11/2022(6) - 12/31/2022

  $ 25.00       (0.09 )     0.60       0.51       (0.06 )                 (0.06 )

 

 

(1)

Per share net investment income (loss) was calculated using average shares outstanding.

 

(2)

Annualized for periods less than one year.

 

(3)

Total return in the table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

 

(4)

Not annualized for periods less than one year.

 

(5)

Excludes in-kind transactions associated with creations and redemptions of the Fund.

 

(6)

Commencement of Operations.

 

(7)

Less than $(0.005).

 

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

 

32

 

 

TrueShares ETFs

Financial Highlights

For a Share Outstanding Throughout each Period (Continued)

 

 

 

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

   

Ratios/Supplemental Data

 
                                 

Ratios to Average Net Assets of: (2)

         
 

Net Asset Value,
End of Period

   

Total return,
at NAV
(3)(4)

   

Total return,
at Market
(3)(4)

   

Net assets,
end of period
(000’s)

   

Expenses

   

Net investment
income (loss)

   

Portfolio
turnover
rate
(4)(5)

 
                                                       
  $ 21.70       (11.89 )%     (11.90 )%   $ 3,255       0.70 %     1.50 %     31 %
  $ 25.00       %     %   $ 1,250       0.70 %     %     %
                                                       
  $ 25.45       2.02 %     2.18 %   $ 3,818