Overlay Shares Core Bond ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 99.9%
    
Shares
    
Value
  
iShares Core U.S. Aggregate Bond ETF (a)(b)
      
495,721
    
$
48,630,230
  
TOTAL EXCHANGE TRADED FUNDS (Cost $54,811,601)
      
48,630,230
  
                       
PURCHASED OPTIONS - 0.2%(c)
  
Notional Amount
    
Contracts
          
Put Options - 0.2%
            
$
–
  
S&P 500 Index (d)(e)
      
–
    
$
–
  
Expiration: 06/06/2025; Exercise Price: $5,790.00
  
$
11,823,380
      
20
      
33,000
  
Expiration: 06/09/2025; Exercise Price: $5,790.00
    
11,823,380
      
20
      
41,500
  
Expiration: 06/11/2025; Exercise Price: $5,700.00
    
12,414,549
      
21
      
30,660
  
TOTAL PURCHASED OPTIONS (Cost $142,410)
      
105,160
  
                         
SHORT-TERM INVESTMENTS - 0.0%(f)
    
Shares
          
Money Market Funds - 0.0%(f)
                  
First American Government Obligations Fund - Class X, 4.23% (g)
      
371
      
371
  
TOTAL SHORT-TERM INVESTMENTS (Cost $371)
      
371
  
                         
TOTAL INVESTMENTS - 100.1% (Cost $54,954,382)
      
48,735,761
  
Liabilities in Excess of Other Assets - (0.1)%
      
(58,416
)
TOTAL NET ASSETS - 100.0%
                  
$
48,677,345
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.
(b)
All or a portion of this security is segregated as collateral for written options. The total market value of these securities segregated as collateral for written options is $45,493,286.
(c)
Non-income producing security.
(d)
Exchange-traded.
(e)
100 shares per contract.
(f)
Represents less than 0.05% of net assets.
(g)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.
   
Overlay Shares Core Bond ETF
  
Schedule of Written Options
  
May 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (0.4)%
  
Notional Amount
    
Contracts
    
Value
  
Put Options - (0.4)%
  
S&P 500 Index (a)(b)
          
–
    
$
–
  
Expiration: 06/06/2025; Exercise Price: $5,850.00
  
$
(11,823,380
)
    
(20
)
  
$
(60,500
)
Expiration: 06/09/2025; Exercise Price: $5,850.00
    
(11,823,380
)
    
(20
)
    
(70,000
)
Expiration: 06/11/2025; Exercise Price: $5,760.00
    
(12,414,549
)
    
(21
)
    
(48,090
)
Total Put Options
                    
(178,590
)
TOTAL WRITTEN OPTIONS (Premiums received $221,110)
                  
$
(178,590
)
   
Percentages are stated as a percent of net assets.
  

(a)
Exchange-traded.
(b)
100 shares per contract.
Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Overlay Shares Core Bond ETF (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Exchange Traded Funds
  
$
48,630,230
    
$
–
    
$
–
    
$
48,630,230
  
  Purchased Options
    
–
      
105,160
      
–
      
105,160
  
  Money Market Funds
    
371
      
–
      
–
      
371
  
Total Investments
  
$
48,630,601
    
$
105,160
    
$
–
    
$
48,735,761
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(178,590
)
  
$
–
    
$
(178,590
)
Total Investments
  
$
–
    
$
(178,590
)
  
$
–
    
$
(178,590
)