sa

 

LEADERSHARES® ALPHAFACTOR® TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.8%      
    AUTOMOTIVE - 3.2%      
84,222   Harley-Davidson, Inc.       $ 2,066,808
             
 
    BIOTECH & PHARMA - 3.4%      
26,416   Halozyme Therapeutics, Inc.(a)         2,180,377
             
 
    CHEMICALS - 3.7%      
18,751   CF Industries Holdings, Inc.         2,347,437
             
 
    COMMERCIAL SUPPORT SERVICES - 3.8%      
53,543   H&R Block, Inc.         2,357,498
             
 
    CONSTRUCTION MATERIALS - 3.2%      
5,643   Carlisle Companies, Inc.         2,031,029
             
 
    ELECTRICAL EQUIPMENT - 3.1%      
33,667   Fortive Corporation         1,993,423
             
 
    FOOD - 3.4%      
23,350   Post Holdings, Inc.(a)         2,134,424
             
 
    HEALTH CARE FACILITIES & SERVICES - 3.5%      
9,320   DaVita, Inc.(a)         2,237,638
             
 
    HOME CONSTRUCTION - 5.7%      
12,633   DR Horton, Inc.         1,807,277
12,566   Toll Brothers, Inc.         1,833,254
             

3,640,531

    INDUSTRIAL SUPPORT SERVICES - 3.1%      
49,676   API Group Corporation(a)         1,971,144
             
 
    INSURANCE - 10.3%      
27,418   American International Group, Inc.         2,154,506
47,014   Equitable Holdings, Inc.         2,240,218
 
 

 

LEADERSHARES® ALPHAFACTOR® TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.8% (Continued)      
    INSURANCE - 10.3% (Continued)      
75,274   Kemper Corporation       $ 2,136,276
             

6,531,000

    INTERNET MEDIA & SERVICES - 6.6%      
24,404   GoDaddy, Inc., Class A(a)         2,019,187
54,550   Match Group, Inc.         2,149,815
             

4,169,002

    LEISURE FACILITIES & SERVICES - 6.2%      
23,665   Boyd Gaming Corporation         2,012,945
22,747   Churchill Downs, Inc.         1,917,572
             

3,930,517

    OIL & GAS PRODUCERS - 4.0%      
77,727   SM Energy Company         2,527,682
             
 
    RESIDENTIAL REIT - 3.3%      
17,199   Sun Communities, Inc.         2,123,733
             
 
    RETAIL - DISCRETIONARY - 3.2%      
8,599   Ferguson Enterprises, Inc.         2,015,004
             
 
    SOFTWARE - 3.5%      
13,557   Fortinet, Inc.(a)         2,195,556
             
 
    SPECIALTY FINANCE - 6.6%      
72,875   MGIC Investment Corporation         2,189,165
26,857   Synchrony Financial         2,035,492
             

4,224,657

    TECHNOLOGY SERVICES - 10.1%      
13,300   Morningstar, Inc.         2,561,181
18,655   Science Applications International Corporation         2,185,060
269,933   Western Union Company (The)         1,716,774
             

6,463,015

    TELECOMMUNICATIONS - 2.8%      
37,985   Iridium Communications, Inc.         1,798,210
             
 
 
 

 

LEADERSHARES® ALPHAFACTOR® TACTICAL FOCUSED ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 98.8% (Continued)      
    TRANSPORTATION & LOGISTICS - 2.8%      
40,069   Southwest Airlines Company       $ 1,801,903
             
 
    TRANSPORTATION EQUIPMENT - 3.3%      
18,258   Allison Transmission Holdings, Inc.         2,091,271
             
 
               
    TOTAL COMMON STOCKS (Cost $58,247,424)    

  62,831,859
               
    SHORT-TERM INVESTMENT — 0.2%      
    MONEY MARKET FUND - 0.2%      
133,744   Goldman Sachs Financial Square Government Fund, Administration Class, 3.31%)(b)(c) (Cost $133,744)         133,744
             
 
    TOTAL INVESTMENTS - 99.0% (Cost $58,381,168)     $ 62,965,603
    OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%    

629,199
    NET ASSETS - 100.0%        

$ 63,594,802
           
               
 
                     

 

 

 

REIT  - Real Estate Investment Trust
   
 

 

 

 

(a) Non-income producing security.
(b) Rate disclosed is the seven day effective yield as of July 31, 2026.
(c)

All or portion of the security is held in a separate collateral account at July 31, 2026, for option contracts. The total fair value of the collateral as of July 31, 2026, is $133,744 and represents 0.2% of net assets.

 

 

 

 

 
 
 

 

 

 
 

 

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 99.0%      
    AEROSPACE & DEFENSE - 1.0%      
11,553   Hexcel Corporation       $ 1,189,381
             
 
    APPAREL & TEXTILE PRODUCTS - 4.9%      
18,806   Columbia Sportswear Company         1,116,700
9,539   Crocs, Inc.(a)         1,221,088
11,491   Deckers Outdoor Corporation(a)         1,113,248
15,493   PVH Corporation         1,342,624
7,793   Tapestry, Inc.         1,187,419
             

5,981,079

    ASSET MANAGEMENT - 5.2%      
3,360   Affiliated Managers Group, Inc.         1,232,213
2,531   Ameriprise Financial, Inc.         1,381,521
12,488   Charles Schwab Corporation (The)         1,314,237
10,107   T Rowe Price Group, Inc.         1,129,457
12,747   Voya Financial, Inc.         1,267,434
             

6,324,862

    AUTOMOTIVE - 3.8%      
17,448   BorgWarner, Inc.         1,112,136
15,093   General Motors Company         1,341,164
45,794   Gentex Corporation         1,069,748
8,594   Lear Corporation         1,122,720
             

4,645,768

    BANKING - 0.9%      
8,201   Citigroup, Inc.         1,086,222
             
 
    BEVERAGES - 0.9%      
5,974   Coca-Cola Consolidated, Inc.         1,122,515
             
 
    BIOTECH & PHARMA - 1.8%      
21,155   Exelixis, Inc.(a)         1,121,850
2,131   United Therapeutics Corporation(a)         1,103,240
             

2,225,090

 
 

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    CHEMICALS - 1.0%      
1,479   NewMarket Corporation       $ 1,257,387
             
 
    COMMERCIAL SUPPORT SERVICES - 1.1%      
176,762   ADT, Inc.         1,350,462
             
 
    CONSTRUCTION MATERIALS - 0.9%      
5,144   Eagle Materials, Inc.         1,054,211
             
 
    CONSUMER SERVICES - 1.0%      
8,035   Grand Canyon Education, Inc.(a)         1,167,807
             
 
    CONTAINERS & PACKAGING - 1.0%      
10,356   Crown Holdings, Inc.         1,220,455
             
 
    DIVERSIFIED INDUSTRIALS - 1.0%      
7,157   3M Company         1,261,636
             
 
    E-COMMERCE DISCRETIONARY - 1.0%      
15,059   Etsy, Inc.(a)         1,230,019
             
 
    ELECTRICAL EQUIPMENT - 1.1%      
22,772   Trimble, Inc.(a)         1,288,440
             
 
    ENTERTAINMENT CONTENT - 2.0%      
22,369   Fox Corporation, Class A         1,302,546
11,924   Walt Disney Company (The)         1,146,970
             

2,449,516

    HEALTH CARE FACILITIES & SERVICES - 6.1%      
5,075   Charles River Laboratories International, Inc.(a)         1,179,988
2,974   Elevance Health, Inc.         1,117,748
2,966   HCA Healthcare, Inc.         1,194,082
13,816   Henry Schein, Inc.(a)         1,184,722
5,969   IQVIA Holdings, Inc.(a)         1,402,834
 
 

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    HEALTH CARE FACILITIES & SERVICES - 6.1% (Continued)      
1,547   McKesson Corporation       $ 1,324,526
             

7,403,900

    HOME CONSTRUCTION - 0.8%      
14,144   Masco Corporation         1,011,013
             
 
    INDUSTRIAL INTERMEDIATE PROD - 0.8%      
2,005   Valmont Industries, Inc.         965,809
             
 
    INDUSTRIAL REIT - 1.1%      
34,233   Rexford Industrial Realty, Inc.         1,292,980
             
 
    INDUSTRIAL SUPPORT SERVICES - 1.0%      
3,420   Applied Industrial Technologies, Inc.         1,180,618
             
 
    INSTITUTIONAL FINANCIAL SERVICES - 2.1%      
7,988   Coinbase Global, Inc., Class A(a)         1,168,325
13,217   SEI Investments Company         1,361,087
             

2,529,412

    INSURANCE - 7.2%      
9,795   Aflac, Inc.         1,248,667
40,596   Corebridge Financial, Inc.         1,266,189
6,419   Globe Life, Inc.         1,169,863
13,664   MetLife, Inc.         1,313,521
4,042   Primerica, Inc.         1,293,278
3,462   Travelers Companies, Inc. (The)         1,296,034
12,828   Unum Group         1,104,619
             

8,692,171

    INTERNET MEDIA & SERVICES - 7.8%      
7,940   Airbnb, Inc., Class A(a)         1,203,069
6,422   Booking Holdings, Inc.         1,238,804
4,458   Expedia Group, Inc.         1,313,951
77,159   Lyft, Inc., Class A(a)         1,223,742
24,174   Maplebear, Inc.(a)         1,078,160
24,894   People, Inc.(a)         1,034,844
 
 

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    INTERNET MEDIA & SERVICES - 7.8% (Continued)      
15,718   Uber Technologies, Inc.(a)       $ 1,105,918
4,607   VeriSign, Inc.         1,336,122
             

9,534,610

    LEISURE FACILITIES & SERVICES - 3.7%      
24,899   Las Vegas Sands Corporation         1,217,313
23,965   MGM Resorts International(a)         1,068,120
5,589   TKO Group Holdings, Inc.         1,016,136
15,023   Travel + Leisure Company         1,142,048
             

4,443,617

    MACHINERY - 1.9%      
6,719   Middleby Corporation (The)(a)         897,524
6,793   Midera Food Processing, Inc.(a)         325,724
11,969   Toro Company (The)         1,099,592
             

2,322,840

    MEDICAL EQUIPMENT & DEVICES - 0.9%      
3,247   West Pharmaceutical Services, Inc.         1,107,097
             
 
    METALS & MINING - 2.0%      
12,361   Newmont Corporation         1,158,349
6,678   Southern Copper Corporation         1,220,137
             

2,378,486

    OIL & GAS PRODUCERS - 3.3%      
4,747   Cheniere Energy, Inc.         1,251,167
4,445   Marathon Petroleum Corporation         1,406,709
4,371   Valero Energy Corporation         1,367,686
             

4,025,562

    RESIDENTIAL REIT - 0.9%      
10,023   Camden Property Trust         1,110,649
             
 
    RETAIL - CONSUMER STAPLES - 2.0%      
9,488   Dollar Tree, Inc.(a)         1,206,968
20,798   Kroger Company (The)         1,200,877
             

2,407,845

 
 

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    RETAIL - DISCRETIONARY - 5.3%      
6,237   AutoNation, Inc.(a)       $ 1,324,738
62,641   Gap, Inc. (The)         1,258,458
4,054   Lithia Motors, Inc.         1,562,492
2,576   Ulta Beauty, Inc.(a)         1,321,050
4,894   Williams-Sonoma, Inc.         1,119,062
             

6,585,800

    SEMICONDUCTORS - 2.5%      
12,385   ON Semiconductor Corporation(a)         1,010,740
12,222   Qorvo, Inc.(a)         1,106,946
6,193   Qualcomm, Inc.         914,149
             

3,031,835

    SOFTWARE - 4.7%      
42,286   Dropbox, Inc., Class A(a)         1,376,832
46,331   Gen Digital, Inc.         1,271,786
29,815   RingCentral, Inc., Class A         1,658,310
107,504   UiPath, Inc., Class A(a)         1,371,751
             

5,678,679

    SPECIALTY FINANCE - 1.8%      
5,743   Capital One Financial Corporation         1,200,345
1,799   Credit Acceptance Corporation(a)         1,023,469
             

2,223,814

    STEEL - 1.0%      
3,081   Reliance, Inc.         1,251,194
             
 
    TECHNOLOGY HARDWARE - 2.9%      
2,733   Dell Technologies, Inc., Class C         1,107,876
4,309   TD SYNNEX Corporation         1,101,811
4,433   Zebra Technologies Corporation(a)         1,302,505
             

3,512,192

    TECHNOLOGY SERVICES - 5.1%      
15,092   Block, Inc.(a)         1,226,074
3,536   Corpay, Inc.(a)         1,351,140
2,549   Moody's Corporation         1,219,391
2,073   MSCI, Inc.         1,186,254
 
 

 

LEADERSHARES® ALPHAFACTOR® US CORE EQUITY ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Shares             Fair Value
    COMMON STOCKS — 99.0% (Continued)      
    TECHNOLOGY SERVICES - 5.1% (Continued)      
3,366   Visa, Inc., Class A       $ 1,232,394
             

6,215,253

    TELECOMMUNICATIONS - 1.0%      
6,779   T-Mobile US, Inc.         1,170,801
             
 
    TRANSPORTATION & LOGISTICS - 4.5%      
22,211   Alaska Air Group, Inc.(a)         1,053,912
7,117   Expeditors International of Washington, Inc.         1,194,873
8,528   Kirby Corporation(a)         1,118,362
5,567   Landstar System, Inc.         972,945
4,408   Ryder System, Inc.         1,130,299
             

5,470,391

               
    TOTAL COMMON STOCKS (Cost $105,163,509)    

  120,401,418

               
    TOTAL INVESTMENTS - 99.0% (Cost $105,163,509)     $ 120,401,418
    OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%    

1,184,325

    NET ASSETS - 100.0%        

$ 121,585,743

           
               
 

 

 

 

MSCI  - Morgan Stanley Capital International
REIT  - Real Estate Investment Trust
   
 

 

 

 

(a) Non-income producing security.

 

 

 

 
 
 

 

 

 
 

 

 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9%      
    AEROSPACE & DEFENSE — 1.9%      
89,000   Boeing Company (The)   5.1500 05/01/30 $ 89,374
90,000   Boeing Company (The)   5.7050 05/01/40   88,696
91,000   Boeing Company (The)   5.8050 05/01/50   85,790
93,000   Boeing Company (The)   5.9300 05/01/60   86,479
96,000   RTX Corporation   4.1250 11/16/28   94,932
109,000   RTX Corporation   4.5000 06/01/42   93,950
102,000   TransDigm, Inc.(a)   6.7500 08/15/28   102,835
102,000   TransDigm, Inc.(a)   6.8750 12/15/30   104,620
              746,676
    AUTOMOTIVE — 0.3%      
127,000   Tenneco, Inc.(a)   8.0000 11/17/28   127,422
             
    BANKING — 5.3%      
103,000   Bank of America Corporation(b) TSFR3M + 1.302% 3.4190 12/20/28   101,252
98,000   Bank of America Corporation Series N(b) TSFR3M + 1.572% 4.2710 07/23/29   97,078
102,000   Bank of America Corporation(b) TSFR3M + 1.472% 3.9740 02/07/30   99,696
115,000   Bank of America Corporation(b) TSFR3M + 1.252% 2.4960 02/13/31   105,554
112,000   Bank of America Corporation(b) SOFRRATE + 1.320% 2.6870 04/22/32   100,355
136,000   Bank of America Corporation(b) SOFRRATE + 1.930% 2.6760 06/19/41   95,498
134,000   Bank of America Corporation(b) SOFRRATE + 1.580% 3.3110 04/22/42   100,188
119,000   Bank of America Corporation Series B(b) TSFR3M + 3.412% 4.0830 03/20/51   89,262
95,000   Citigroup, Inc.   4.4500 09/29/27   94,753
98,000   Citigroup, Inc.(b) SOFRRATE + 3.914% 4.4120 03/31/31   95,825
115,000   Citigroup, Inc.(b) SOFRRATE + 2.107% 2.5720 06/03/31   104,922
112,000   JPMorgan Chase & Company(b) TSFR3M + 1.510% 2.7390 10/15/30   104,633
 
 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9% (Continued)      
    BANKING — 5.3% (Continued)      
97,000   JPMorgan Chase & Company(b) TSFR3M + 3.790% 4.4930 03/24/31 $ 95,340
111,000   JPMorgan Chase & Company(b) TSFR3M + 1.250% 2.5800 04/22/32   99,049
90,000   JPMorgan Chase & Company   6.4000 05/15/38   96,175
118,000   JPMorgan Chase & Company(b) TSFR3M + 1.642% 3.9640 11/15/48   88,528
129,000   JPMorgan Chase & Company(b) SOFRRATE + 1.580% 3.3280 04/22/52   84,407
99,000   Wells Fargo & Company   3.0000 10/23/26   98,777
107,000   Wells Fargo & Company(b) SOFRRATE + 2.100% 2.3930 06/02/28   105,067
113,000   Wells Fargo & Company(b) TSFR3M + 1.432% 2.8790 10/30/30   105,987
141,000   Wells Fargo & Company(b) SOFRRATE + 2.530% 3.0680 04/30/41   103,747
109,000   Wells Fargo & Company(b) TSFR3M + 4.502% 5.0130 04/04/51   93,284
              2,159,377
    BEVERAGES — 0.5%      
96,000   Anheuser-Busch Companies, LLC / Anheuser-Busch InBev Worldwide, Inc.   4.7000 02/01/36   91,142
102,000   Anheuser-Busch InBev Worldwide, Inc.   5.5500 01/23/49   95,898
              187,040
    BIOTECH & PHARMA — 2.1%      
97,000   AbbVie, Inc.   2.9500 11/21/26   96,681
105,000   AbbVie, Inc.   3.2000 11/21/29   100,033
113,000   AbbVie, Inc.   4.0500 11/21/39   96,320
115,000   AbbVie, Inc.   4.2500 11/21/49   89,243
114,000   Amgen, Inc.   4.6630 06/15/51   91,884
88,000   AstraZeneca plc   6.4500 09/15/37   95,244
116,000   Bristol-Myers Squibb Company   4.2500 10/26/49   89,599
88,000   GlaxoSmithKline Capital, Inc.   6.3750 05/15/38   94,272
78,000   Pfizer, Inc.   7.2000 03/15/39   88,988
              842,264
    CABLE & SATELLITE — 4.7%      
33,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   5.1250 05/01/27   32,955
111,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   5.0000 02/01/28   109,669
115,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   5.3750 06/01/29   111,769
109,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   6.3750 09/01/29   108,376
113,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   4.7500 03/01/30   105,650
 
 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9% (Continued)      
    CABLE & SATELLITE — 4.7% (Continued)      
117,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   4.5000 08/15/30 $ 106,848
123,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   4.2500 02/01/31   109,006
127,000   CCO Holdings, LLC / CCO Holdings Capital Corporation   4.5000 05/01/32   109,611
133,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   4.5000 06/01/33   113,297
140,000   CCO Holdings, LLC / CCO Holdings Capital Corporation(a)   4.2500 01/15/34   114,474
102,000   Comcast Corporation(a)   5.1680 01/15/37   94,817
104,000   Comcast Corporation   4.6000 10/15/38   90,292
109,000   Comcast Corporation   4.7000 10/15/48   82,195
151,000   Comcast Corporation   2.8870 11/01/51   79,821
148,000   Comcast Corporation   2.9370 11/01/56   74,671
18,000   DIRECTV Holdings, LLC / DIRECTV Financing, Inc.(a)   5.8750 08/15/27   18,000
138,000   DISH DBS Corporation(a)   5.2500 12/01/26   137,409
141,000   DISH DBS Corporation(a)   5.7500 12/01/28   136,316
93,000   Sirius XM Radio, Inc.(a)   5.0000 08/01/27   92,929
109,000   Sirius XM Radio, Inc.(a)   4.0000 07/15/28   106,074
              1,934,179
    CONSTRUCTION MATERIALS — 0.3%      
113,000   Standard Industries, Inc.(a)   4.3750 07/15/30   106,777
             
    DIVERSIFIED INDUSTRIALS — 0.2%      
89,000   General Electric Company   6.7500 03/15/32   96,904
             
    E-COMMERCE DISCRETIONARY — 0.5%      
99,000   Amazon.com, Inc.   3.1500 08/22/27   97,870
115,000   Amazon.com, Inc.   4.0500 08/22/47   85,292
              183,162
    ELECTRIC UTILITIES — 0.3%      
109,000   FirstEnergy Corporation   3.9000 07/15/27   108,453
             
    ELECTRICAL EQUIPMENT — 0.3%      
103,000   Emerald Debt Merger Sub, LLC(a)   6.6250 12/15/30   104,789
             
    ENGINEERING & CONSTRUCTION — 0.2%      
96,000   Brand Industrial Services, Inc.(a)   10.3750 08/01/30   83,215
 
 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9% (Continued)      
    FOOD — 1.3%      
24,000   Kraft Heinz Foods Company   3.8750 05/15/27 $ 23,878
100,000   Kraft Heinz Foods Company   4.2500 03/01/31   96,705
89,000   Kraft Heinz Foods Company(a)   7.1250 08/01/39   96,171
106,000   Kraft Heinz Foods Company   5.0000 06/04/42   91,523
104,000   Kraft Heinz Foods Company   5.2000 07/15/45   89,249
24,000   Kraft Heinz Foods Company   4.3750 06/01/46   18,424
111,000   Kraft Heinz Foods Company   4.8750 10/01/49   89,457
              505,407
    HEALTH CARE FACILITIES & SERVICES — 2.9%      
94,000   Cigna Group (The)   4.3750 10/15/28   93,332
110,000   Cigna Group (The)   4.9000 12/15/48   92,441
93,000   CVS Health Corporation   4.3000 03/25/28   92,410
107,000   CVS Health Corporation   4.7800 03/25/38   97,459
109,000   CVS Health Corporation   5.1250 07/20/45   94,520
109,000   CVS Health Corporation   5.0500 03/25/48   91,869
121,000   DaVita, Inc.(a)   4.6250 06/01/30   116,615
105,000   HCA, Inc.   5.6250 09/01/28   106,288
111,000   HCA, Inc.   3.5000 09/01/30   104,521
110,000   Tenet Healthcare Corporation   5.1250 11/01/27   110,002
80,000   Tenet Healthcare Corporation   6.1250 10/01/28   80,098
107,000   Tenet Healthcare Corporation   6.1250 06/15/30   107,686
              1,187,241
    INDUSTRIAL SUPPORT SERVICES — 0.3%      
110,000   United Rentals North America, Inc.   4.8750 01/15/28   109,643
             
    INSTITUTIONAL FINANCIAL SERVICES — 1.5%      
96,000   Goldman Sachs Group, Inc. (The)(b) TSFR3M + 1.563% 4.2230 05/01/29   94,994
109,000   Goldman Sachs Group, Inc. (The)(b) SOFRRATE + 1.281% 2.6150 04/22/32   96,889
95,000   Goldman Sachs Group, Inc. (The)   6.7500 10/01/37   100,535
96,000   Goldman Sachs Group, Inc. (The)   6.2500 02/01/41   98,473
97,000   Morgan Stanley(b) TSFR3M + 1.890% 4.4310 01/23/30   95,896
 
 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9% (Continued)      
    INSTITUTIONAL FINANCIAL SERVICES — 1.5% (Continued)      
115,000   Morgan Stanley Series GMTN(b) SOFRRATE + 1.143% 2.6990 01/22/31 $ 106,161
              592,948
    INSURANCE — 0.3%      
98,000   HUB International Ltd.(a)   7.2500 06/15/30   100,949
             
    INTERNET MEDIA & SERVICES — 0.3%      
115,000   Uber Technologies, Inc.(a)   4.5000 08/15/29   113,565
             
    LEISURE FACILITIES & SERVICES — 1.4%      
110,000   1011778 BC ULC / New Red Finance, Inc.(a)   3.8750 01/15/28   107,844
117,000   1011778 BC ULC / New Red Finance, Inc.(a)   4.0000 10/15/30   109,975
102,000   Caesars Entertainment, Inc.(a)   7.0000 02/15/30   102,401
110,000   Carnival Corporation Ltd.(a)   4.0000 08/01/28   107,694
111,000   Royal Caribbean Cruises Ltd.(a)   5.5000 04/01/28   111,907
              539,821
    MEDICAL EQUIPMENT & DEVICES — 1.3%      
94,000   Abbott Laboratories   4.9000 11/30/46   82,711
112,000   Avantor Funding, Inc.(a)   4.6250 07/15/28   110,511
98,000   Bausch & Lomb Escrow Corporation(a)   8.3750 10/01/28   100,573
110,000   Medline Borrower, L.P.(a)   3.8750 04/01/29   106,458
109,000   Medline Borrower, L.P.(a)   5.2500 10/01/29   108,050
              508,303
    METALS & MINING — 0.5%      
107,000   Freeport-McMoRan, Inc.   5.4500 03/15/43   99,239
116,000   Novelis Corporation(a)   4.7500 01/30/30   111,574
              210,813
    OIL & GAS PRODUCERS — 2.5%      
111,000   Cheniere Energy Partners, L.P.   4.0000 03/01/31   105,829
96,000   Civitas Resources, Inc.(a)   8.7500 07/01/31   100,257
88,000   ConocoPhillips   6.5000 02/01/39   94,947
127,000   ConocoPhillips Company   4.0250 03/15/62   87,529
93,000   Continental Resources, Inc.(a)   5.7500 01/15/31   94,211
93,000   Shell Finance US, Inc.   6.3750 12/15/38   98,736
 
 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9% (Continued)      
    OIL & GAS PRODUCERS — 2.5% (Continued)      
123,000   Shell Finance US, Inc.   4.3750 05/11/45 $ 100,102
96,000   Venture Global LNG, Inc.(a)   9.5000 02/01/29   102,784
105,000   Venture Global LNG, Inc.(a)   8.3750 06/01/31   108,574
98,000   Venture Global LNG, Inc.(a)   9.8750 02/01/32   104,369
              997,338
    OIL & GAS SERVICES & EQUIPMENT — 0.1%      
32,000   Weatherford International Ltd.(a)   8.6250 04/30/30   32,325
             
    REAL ESTATE INVESTMENT TRUSTS — 0.5%      
111,000   SBA Communications Corporation   3.8750 02/15/27   110,340
114,000   SBA Communications Corporation   3.1250 02/01/29   108,926
              219,266
    RETAIL - DISCRETIONARY — 0.2%      
94,000   Home Depot, Inc. (The)   5.8750 12/16/36   97,488
             
    SEMICONDUCTORS — 0.5%      
121,000   Broadcom, Inc.(a)   3.1370 11/15/35   98,178
125,000   Broadcom, Inc.(a)   3.1870 11/15/36   99,295
              197,473
    SOFTWARE — 2.8%      
115,000   AthenaHealth Group, Inc.(a)   6.5000 02/15/30   111,072
115,000   Cloud Software Group, Inc.(a)   9.0000 09/30/29   112,761
115,000   McAfee Corporation(a)   7.3750 02/15/30   97,786
98,000   Microsoft Corporation   2.4000 08/08/26   97,971
94,000   Microsoft Corporation   3.3000 02/06/27   93,567
147,000   Microsoft Corporation   2.5250 06/01/50   82,383
131,000   Microsoft Corporation   2.9210 03/17/52   78,113
151,000   Microsoft Corporation   2.6750 06/01/60   77,700
129,000   Oracle Corporation   3.6000 04/01/50   73,775
133,000   Oracle Corporation   3.8500 04/01/60   74,561
115,000   Picard Midco, Inc.(a)   6.5000 03/31/29   112,253
108,000   SS&C Technologies, Inc.(a)   5.5000 09/30/27   107,957
              1,119,899
           
 
 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9% (Continued)      
    TECHNOLOGY HARDWARE — 1.0%      
114,000   Apple, Inc.   3.8500 05/04/43 $ 90,294
97,000   Apple, Inc.   4.6500 02/23/46   83,145
116,000   Imola Merger Corporation(a)   4.7500 05/15/29   113,046
96,000   NCR Atleos Escrow Corporation(a)   9.5000 04/01/29   101,865
              388,350
    TECHNOLOGY SERVICES — 0.5%      
113,000   Neptune Bidco US, Inc.(a)   9.2900 04/15/29   115,359
109,000   Visa, Inc.   4.3000 12/14/45   89,550
              204,909
    TELECOMMUNICATIONS — 4.7%      
95,000   AT&T, Inc.   4.3500 03/01/29   93,804
97,000   AT&T, Inc.   4.3000 02/15/30   94,819
121,000   AT&T, Inc.   2.5500 12/01/33   99,498
141,000   AT&T, Inc.   3.5000 09/15/53   84,980
142,000   AT&T, Inc.   3.5500 09/15/55   84,952
134,000   AT&T, Inc.   3.8000 12/01/57   82,606
143,000   AT&T, Inc.   3.6500 09/15/59   84,578
75,000   British Telecommunications plc   9.6250 12/15/30   87,583
79,000   Deutsche Telekom International Finance BV   8.7500 06/15/30   87,872
75,000   Orange S.A.   9.0000 03/01/31   86,386
81,000   Verizon Communications, Inc.   4.1250 03/16/27   80,910
52,000   Verizon Communications, Inc.   4.3290 09/21/28   51,623
111,000   Verizon Communications, Inc.   4.0160 12/03/29   108,251
110,000   Verizon Communications, Inc.   2.5500 03/21/31   98,801
100,000   Verizon Communications, Inc.   4.5000 08/10/33   94,697
128,000   Verizon Communications, Inc.   3.4000 03/22/41   94,674
108,000   Verizon Communications, Inc.   4.8620 08/21/46   88,784
140,000   Verizon Communications, Inc.   3.5500 03/22/51   91,529
125,000   Verizon Communications, Inc.   3.7000 03/22/61   78,327
105,000   Vodafone Group plc   5.2500 05/30/48   90,071
100,000   Vodafone Group plc(b) USSW5 + 4.873% 7.0000 04/04/79   102,778
              1,867,523
           
 
 

 

LEADERSHARES® DYNAMIC YIELD ETF
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
July 31, 2026
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    CORPORATE BONDS — 39.9% (Continued)      
    TOBACCO & CANNABIS — 0.2%      
99,000   BAT Capital Corporation   3.5570 08/15/27 $ 98,033
             
    TRANSPORTATION & LOGISTICS — 0.5%      
101,750   American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a)   5.7500 04/20/29   101,324
109,000   United Airlines, Inc.(a)   4.6250 04/15/29   107,216
              208,540
  TOTAL CORPORATE BONDS (Cost $17,701,757)    

15,980,092

             
    U.S. GOVERNMENT & AGENCIES — 54.8%      
    U.S. TREASURY BILLS & NOTES — 54.8%      
22,000,000   United States Treasury Bill(c)   3.5800 10/08/26   21,852,098
62,000   United States Treasury Note   1.6250 05/15/31   54,502
55,000   United States Treasury Note   2.2500 05/15/41   38,505
65,000   United States Treasury Note   2.3750 05/15/51   38,449
              21,983,554
  TOTAL U.S. GOVERNMENT & AGENCIES (Cost $22,026,110)    

21,983,554

             
    TOTAL INVESTMENTS - 94.7% (Cost $39,727,867)     $ 37,963,646
    OTHER ASSETS IN EXCESS OF LIABILITIES - 5.3%    

2,109,671

    NET ASSETS - 100.0%        

$ 40,073,317

           
               
 

 

 

 

BV  - Besloten Vennooschap
GMTN  - Global Medium-Term Note
LLC  - Limited Liability Company
L.P.  - Limited Partnership
Ltd.  - Limited Company
plc  - Public Limited Company
S.A.  - Société Anonyme
   
SOFRRATE Secured Overnight Financing Rate
TSFR3M Treasury Secured Overnight Financing Rate 3 Month
USSW5 USD Interest Rate Swap 5 Year
   
 

 

 

 
 

LEADERSHARES® DYNAMIC YIELD ETF

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

July 31, 2026

 

 

(a) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933, as amended. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of July 31, 2026, the total market value of Rule 144A securities is $5,452,166 or 13.6% of net assets.
(b) Variable rate security; the rate shown represents the rate on July 31, 2026.  
(c) Zero coupon bond. Rate disclosed is the current yield as of July 31, 2026.