Reality Shares DIVS ETF (DIVY) NPORT-P Reality Shares Divcon Dividend Defender ETF (Jul 2020 report)

Schedule of Investments

Reality Shares DIVCON Dividend Defender ETF

July 31, 2020 (Unaudited)

	Shares			Value
Common Stocks(a) — 74.9%
Aerospace & Defense — 2.0%
HEICO Corp., Class A		3,379		$	258,663
L3Harris Technologies, Inc.		1,655			278,586
					537,249
Air Freight & Logistics — 1.4%
Expeditors International of Washington, Inc.		4,328			365,759
Beverages — 1.3%
Brown-Forman Corp., Class B		4,971			344,689
Building Products — 2.7%
Lennox International, Inc.		1,210			324,449
Masco Corp.		6,842			391,089
					715,538
Capital Markets — 10.4%
Cboe Global Markets, Inc.		2,612			229,073
FactSet Research Systems, Inc.		1,281			443,610
MarketAxess Holdings, Inc.		899			464,513
Moody's Corp.		1,401			394,101
MSCI, Inc.		1,238			465,463
S&P Global, Inc.		1,223			428,356
T Rowe Price Group, Inc.		2,552			352,431
					2,777,547
Commercial Services & Supplies — 3.3%
Cintas Corp.		1,314			396,657
Rollins, Inc.		9,125			478,150
					874,807
Consumer Finance — 0.9%
American Express Co.		2,651			247,391
Electronic Equipment Instruments & Components — 2.2%
Amphenol Corp., Class A		3,051			322,674
CDW Corp.		2,327			270,513
					593,187
Entertainment — 1.8%
Activision Blizzard, Inc.		5,838			482,394
Food & Staples Retailing — 1.3%
Costco Wholesale Corp.		1,089			354,502
Food Products — 1.2%
Hershey Co. (The)		2,143			311,614
Health Care Equipment & Supplies — 5.1%
Baxter International, Inc.		3,934			339,819
ResMed, Inc.		2,099			425,068
West Pharmaceutical Services, Inc.		2,242			602,807
					1,367,694
Health Care Providers & Services — 2.7%
Humana, Inc.		950			372,828
UnitedHealth Group, Inc.		1,116			337,902
					710,730
Hotels, Restaurants & Leisure — 1.6%
Domino’s Pizza, Inc.		1,099			424,884
Household Durables — 1.5%
DR Horton, Inc.		5,946			393,387
Industrial Conglomerates — 1.1%
Honeywell International, Inc.		1,919			286,641
IT Services — 5.1%
Amdocs Ltd.		4,630			287,523
Booz Allen Hamilton Holding Corp.		4,554			372,335
Mastercard, Inc., Class A		1,156			356,661
Visa, Inc., Class A		1,822			346,909
					1,363,428
Life Sciences Tools & Services — 1.4%
Agilent Technologies, Inc.		3,802			366,247
Machinery — 6.3%
Cummins, Inc.		1,772			342,457
IDEX Corp.		1,933			318,597
Illinois Tool Works, Inc.		1,807			334,277
Nordson Corp.		1,864			360,926
Xylem, Inc.		4,246			309,873
					1,666,130
Personal Products — 1.2%
Estee Lauder Cos., Inc. (The), Class A		1,658			327,521
Pharmaceuticals — 5.3%
Eli Lilly and Co.		2,652			398,569
Johnson & Johnson		2,235			325,774
Merck & Co., Inc.		3,516			282,124
Zoetis, Inc.		2,718			412,266
					1,418,733
Semiconductors & Semiconductor Equipment — 4.4%
KLA Corp.		1,926			384,873
Skyworks Solutions, Inc.		3,115			453,482
Texas Instruments, Inc.		2,688			342,854
					1,181,209
Software — 3.1%
Intuit, Inc.		1,291			395,524
Microsoft Corp.		2,139			438,516
					834,040
Specialty Retail — 3.5%
Home Depot, Inc. (The)		1,481			393,191
Ross Stores, Inc.		2,905			260,491
TJX Cos., Inc. (The)		5,241			272,480
					926,162
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		3,298			321,918
Trading Companies & Distributors — 2.9%
Fastenal Co.		8,860			416,775
W.W. Grainger, Inc.		1,021			348,702
					765,477
Total Common Stocks (Cost $16,926,992)					19,958,878
Treasury Bills(b) — 22.9%
U.S. Treasury Bill, 09/03/2020		830,000			829,938
U.S. Treasury Bill, 10/01/2020		4,100,000			4,099,395
U.S. Treasury Bill, 10/15/2020		1,170,000			1,169,781
(Cost $6,098,838)					6,099,114
Money Markets — 3.6%
Blackrock Federal FD 30 Instl, 0.06%(c)		678			678
Goldman Sachs Financial Square Money Market Fund, Institutional Shares, 0.19%(c)		969,341			969,341
(Cost $970,019)					970,019
Total Investments Before Securities Sold Short (Cost $23,995,849)					27,028,011
Securities Sold Short
Common Stocks — (19.2)%
Aerospace & Defense— (0.7)%
Howmet Aerospace, Inc.		(11,917	)		(176,133	)
Automobiles— (0.9)%
Ford Motor Co.		(35,230	)		(232,870	)
Diversified Telecommunication— (1.0)%
CenturyLink, Inc.		(27,622	)		(266,552	)

Schedule of Investments

Reality Shares DIVCON Dividend Defender ETF

July 31, 2020 (Unaudited) (continued)

	Shares			Value
Electric Utilities— (1.3)%
Avangrid, Inc.		(7,109	)	$	(353,957	)
Energy Equipment & Services— (0.8)%
Halliburton Co.		(15,976	)		(228,936	)
Food Products— (3.7)%
Conagra Brands, Inc.		(11,830	)		(443,033	)
Kraft Heinz Co. (The)		(15,575	)		(535,469	)
					(978,502	)
Hotels, Restaurants & Leisure— (0.9)%
Wynn Resorts Ltd.		(3,343	)		(242,134	)
Insurance— (2.6)%
Loews Corp.		(6,336	)		(230,694	)
Progressive Corp. (The)		(5,162	)		(466,335	)
					(697,029	)
Metals & Mining— (2.9)%
Arconic Corp.*		(2,882	)		(46,948	)
Freeport-McMoRan, Inc.		(55,465	)		(716,608	)
					(763,556	)
Oil, Gas & Consumable Fuels— (2.2)%
Noble Energy, Inc.		(18,603	)		(185,844	)
Williams Cos., Inc. (The)		(20,643	)		(394,901	)
					(580,745	)
Software— (1.1)%
NortonLifeLock, Inc.		(13,427	)		(288,009	)
Technology Hardware, Storage & Peripherals— (1.1)%
Western Digital Corp.		(7,141	)		(307,777	)
Total Securities Sold Short [Proceeds $(4,966,142)]					(5,116,200	)
Total Investments — 82.2% (Cost $19,029,707)					21,911,811
Other Assets in Excess of Liabilities — 17.8%					4,743,930
Net Assets — 100.0%				$	26,655,741

*	Non-income producing securities.
(a)	Substantially all the securities, or a portion thereof, have been pledged as collateral for open short positions by the Fund. The aggregate market value of the collateral at July 31, 2020 was $13,446,326 which includes cash in the amount of $4,771,533.
(b)	The security was issued on a discount basis with no stated coupon rate.
(c)	Reflects the 7-day yield at July 31, 2020.

Schedule of Investments

Reality Shares DIVCON Dividend Defender ETF

July 31, 2020 (Unaudited) (continued)

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

Fair Valuation Measurement

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes 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 by securities dealers or third-party valuation sources as approved by the Board of Trustees, or quoted prices for the identical instrument in an inactive market, prices for similar securities, interest rates, credit risk, yield curves, default rates and similar data. Level 3 includes unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing a fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table summarizes valuation of the Fund's investments under the fair value hierarchy levels as of July 31, 2020.

Valuation Inputs	Level 1			Level 2		Level 3		Total
Assets
Common Stocks*	$	19,958,878		$	–	$	–	$	19,958,878
Treasury Bills		–			6,099,114		–		6,099,114
Money Markets		970,019			–		–		970,019
Total Assets	$	20,928,897		$	6,099,114	$	–	$	27,028,011
Liabilities
Common Stocks*	$	(5,116,200	)	$	–	$	–	$	(5,116,200	)
Total Liabilities	$	(5,116,200	)	$	–	$	–	$	(5,116,200	)

* See the Schedule of Investments for breakout by security category.