| AltShares Merger Arbitrage ETF | Portfolio of Investments |
| August 31, 2020 (unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 92.16% | ||||||||
| Auto Parts & Equipment - 3.58% | ||||||||
| Delphi Technologies Plc(a)(b) | 13,347 | $ | 231,837 | |||||
| Beverages - 1.15% | ||||||||
| Craft Brew Alliance, Inc.(a)(b) | 4,765 | 74,429 | ||||||
| Biotechnology - 3.18% | ||||||||
| Livongo Health, Inc.(a)(b) | 1,497 | 205,538 | ||||||
| Diversified Financial Services - 9.10% | ||||||||
| E*TRADE Financial Corp.(b) | 5,363 | 290,138 | ||||||
| TD Ameritrade Holding Corp.(b) | 7,789 | 298,942 | ||||||
| 589,080 | ||||||||
| Electronics - 3.22% | ||||||||
| Fitbit, Inc., Class A(a)(b) | 32,813 | 208,691 | ||||||
| Energy - Alternate Sources - 2.56% | ||||||||
| Vivint Solar, Inc.(a) | 5,362 | 165,579 | ||||||
| Healthcare - Products - 8.52% | ||||||||
| Varian Medical Systems, Inc.(a) | 2,160 | 375,127 | ||||||
| Wright Medical Group N.V.(a)(b) | 5,822 | 175,999 | ||||||
| 551,126 | ||||||||
| Healthcare - Services - 0.29% | ||||||||
| Pihlajalinna Oyj(a) | 1,080 | 18,817 | ||||||
| Insurance - 7.17% | ||||||||
| National General Holdings Corp.(b) | 4,477 | 152,442 | ||||||
| Willis Towers Watson Plc(b) | 1,516 | 311,583 | ||||||
| 464,025 | ||||||||
| Internet - 8.24% | ||||||||
| Grubhub, Inc.(a)(b) | 2,732 | 197,660 | ||||||
| Masmovil Ibercom SA(a) | 8,792 | 235,439 | ||||||
| Meet Group, Inc. (The)(a)(b) | 15,887 | 100,088 | ||||||
| 533,187 | ||||||||
| Mining - 2.93% | ||||||||
| Alacer Gold Corp.(a) | 27,413 | 189,360 | ||||||
| Oil & Gas - 6.65% | ||||||||
| Noble Energy, Inc.(b) | 37,571 | 373,831 | ||||||
| Rockrose Energy Plc | 2,292 | 56,620 | ||||||
| 430,451 | ||||||||
| Pharmaceuticals - 10.14% | ||||||||
| Momenta Pharmaceuticals, Inc.(a) | 6,263 | 326,741 | ||||||
| Principia Biopharma, Inc.(a) | 3,294 | 329,433 | ||||||
| 656,174 | ||||||||
| Pipelines - 2.32% | ||||||||
| CNX Midstream Partners LP(a)(b) | 15,599 | 149,906 | ||||||
Quarterly Report | August 31, 2020 | |
| AltShares Merger Arbitrage ETF | Portfolio of Investments (Continued) |
| August 31, 2020 (unaudited) |
| Shares | Value | |||||||
| COMMON STOCKS - 92.16% (Continued) | ||||||||
| Real Estate Investment Trusts - 3.45% | ||||||||
| Jernigan Capital, Inc. | 6,232 | $ | 107,440 | |||||
| Taubman Centers, Inc.(b) | 3,023 | 115,781 | ||||||
| 223,221 | ||||||||
| Retail - 6.99% | ||||||||
| Hudson Ltd., Class A(a) | 22,061 | 166,340 | ||||||
| Tiffany & Co.(b) | 2,332 | 285,670 | ||||||
| 452,010 | ||||||||
| Semiconductors - 2.26% | ||||||||
| Maxim Integrated Products, Inc.(b) | 2,133 | 145,983 | ||||||
| Software - 1.25% | ||||||||
| NetEnt AB(a) | 8,408 | 80,680 | ||||||
| Telecommunications - 9.16% | ||||||||
| Cincinnati Bell, Inc.(a)(b) | 4,862 | 73,222 | ||||||
| GCI Liberty, Inc., Class A(a)(b) | 2,695 | 217,702 | ||||||
| Sunrise Communications Group AG(a)(c) | 2,539 | 301,944 | ||||||
| 592,868 | ||||||||
| TOTAL COMMON STOCKS (Cost $5,772,824) | 5,962,962 | |||||||
| Yield | Shares | Value | ||||||||||
| SHORT-TERM INVESTMENTS - 1.94% | ||||||||||||
| Money Market Funds | ||||||||||||
| Morgan Stanley Institutional Liquidity Fund Government Portfolio, Institutional Class | 0.020 | %(d) | 62,955 | 62,955 | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 0.160 | %(d) | 62,954 | 62,954 | ||||||||
| 125,909 | ||||||||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $125,909) | 125,909 | |||||||||||
| Total Investments - 94.10% (Cost $5,898,733) | 6,088,871 | |||||||||||
| Other Assets in Excess of Liabilities - 5.90%(e) | 381,536 | |||||||||||
| NET ASSETS - 100.00% | $ | 6,470,407 | ||||||||||
Portfolio Footnotes
| (a) | Non-income-producing security. |
| (b) | Security, or a portion of security, is being held as collateral for short sales or forward foreign currency exchange contracts. At August 31, 2020, the aggregate fair market value of those securities was $2,754,602, representing 42.57% of net assets. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of August 31, 2020, these securities had a total value of $301,944 or 4.67% of net assets. |
| (d) | Rate shown is the 7-day effective yield as of August 31, 2020. |
| (e) | Includes cash held as collateral for short sales and written option contracts. |
| www.altsharesetfs.com | 1-855-955-1607 | |
| AltShares Merger Arbitrage ETF | Portfolio of Investments |
| August 31, 2020 (unaudited) |
| SCHEDULE OF SECURITIES SOLD SHORT | Shares | Value | ||||||
| COMMON STOCKS - (23.13%) | ||||||||
| Banks - (4.52%) | ||||||||
| Morgan Stanley | (5,595 | ) | $ | (292,395 | ) | |||
| Energy - Alternate Sources - (2.58%) | ||||||||
| Sunrun, Inc. | (2,949 | ) | (166,781 | ) | ||||
| Entertainment - (1.27%) | ||||||||
| Evolution Gaming Group AB | (1,098 | ) | (82,231 | ) | ||||
| Food - (3.15%) | ||||||||
| Just Eat Takeaway.com N.V. | (1,833 | ) | (203,954 | ) | ||||
| Healthcare - Services - (2.95%) | ||||||||
| Teladoc Health, Inc. | (886 | ) | (191,101 | ) | ||||
| Media - (3.38%) | ||||||||
| Liberty Broadband Corp. | (1,563 | ) | (218,961 | ) | ||||
| Mining - (2.95%) | ||||||||
| SSR Mining, Inc. | (8,898 | ) | (190,873 | ) | ||||
| Oil & Gas - (2.33%) | ||||||||
| CNX Resources Corp. | (13,727 | ) | (150,448 | ) | ||||
| TOTAL COMMON STOCKS (Proceeds $1,381,788) | (1,496,744 | ) | ||||||
| TOTAL SECURITIES SOLD SHORT (Proceeds $1,381,788) | $ | (1,496,744 | ) | |||||
| www.altsharesetfs.com | 1-855-955-1607 |
| AltShares Merger Arbitrage ETF | Portfolio of Investments (Continued) |
| August 31, 2020 (unaudited) |
| EQUITY SWAP CONTRACTS | ||||||||||||||||||||||||||
| Swap Counterparty/ Payment Frequency | Reference Obligation | Rate Paid/Received by the Fund | Termination Date | Upfront Payments Paid | Upfront Payments Received | Market Value | Notional Amount | Unrealized Appreciation | ||||||||||||||||||
| Morgan Stanley & Co./ Monthly | Analog Devices, Inc. | Received 1 Month-Federal Rate Minus 40 bps (-0.310%) | 05/06/2022 | $ | — | $ | — | $ | — | $ | 157,087 | $ | — | |||||||||||||
| Morgan Stanley & Co./ Monthly | Aon Plc | Received 1 Month-Federal Rate Minus 40 bps (-0.310%) | 05/06/2022 | — | — | — | 327,384 | — | ||||||||||||||||||
| Morgan Stanley & Co./ Monthly | Borgwarner, Inc. | Received 1 Month-Federal Rate Minus 40 bps (-0.310%) | 05/06/2022 | — | — | — | 233,311 | — | ||||||||||||||||||
| Morgan Stanley & Co./ Monthly | Chevron Corp. | Received 1 Month-Federal Rate Minus 40 bps (-0.310%) | 05/06/2022 | — | — | — | 375,587 | — | ||||||||||||||||||
| Morgan Stanley & Co./ Monthly | Charles Schwab Corp. | Received 1 Month-Federal Rate Minus 40 bps (-0.310%) | 05/06/2022 | — | — | — | 299,909 | — | ||||||||||||||||||
| Morgan Stanley & Co./ Monthly | RockRosey Energy Plc | Paid 1 Month-LIBOR plus 150 bps (1.655%) | 07/08/2022 | — | — | — | (74,733 | ) | — | |||||||||||||||||
| $ | — | $ | 1,318,545 | $ | — | |||||||||||||||||||||
| Quarterly Report | August 31, 2020 | |
| AltShares Merger Arbitrage ETF | Portfolio of Investments |
| August 31, 2020 (unaudited) |
| OUTSTANDING FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | ||||||||||||||
| CAD | 172,470 | USD | 130,210 | Morgan Stanley & Co. | 09/15/2020 | $ | 2,023 | |||||||||||
| EUR | 141,910 | USD | 165,226 | Morgan Stanley & Co. | 09/15/2020 | 4,170 | ||||||||||||
| SEK | 17,600 | USD | 2,030 | Goldman Sachs & Co. | 09/15/2020 | 5 | ||||||||||||
| SEK | 482,100 | USD | 55,091 | Morgan Stanley & Co. | 09/15/2020 | 654 | ||||||||||||
| $ | 6,852 | |||||||||||||||||
| Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Depreciation | ||||||||||||||
| USD | 209,197 | CAD | 282,420 | Morgan Stanley & Co. | 09/15/2020 | $ | (7,334 | ) | ||||||||||
| USD | 307,591 | CHF | 279,300 | Morgan Stanley & Co. | 09/15/2020 | (1,505 | ) | |||||||||||
| USD | 416,038 | EUR | 357,010 | Morgan Stanley & Co. | 09/15/2020 | (10,121 | ) | |||||||||||
| USD | 55,299 | GBP | 42,400 | Morgan Stanley & Co. | 09/15/2020 | (1,384 | ) | |||||||||||
| SEK | 14,100 | USD | 1,632 | Morgan Stanley & Co. | 09/15/2020 | (2 | ) | |||||||||||
| USD | 57,133 | SEK | 500,100 | Morgan Stanley & Co. | 09/15/2020 | (692 | ) | |||||||||||
| $ | (21,038 | ) | ||||||||||||||||
The following is a summary of investments classified by country exposure:
| Country | % of Net Assets(a) | |||
| United Kingdom | 9.26 | % | ||
| Switzerland | 4.67 | % | ||
| Spain | 3.64 | % | ||
| Netherlands | 2.72 | % | ||
| Sweden | 1.25 | % | ||
| Finland | 0.29 | % | ||
| United States | 72.27 | % | ||
| Other Assets in Excess of Liabilities | 5.90 | % | ||
| 100.00 | % | |||
(a) These percentages represent long positions only and are not net of short positions.
| www.altsharesetfs.com | 1-855-955-1607 |
| AltShares Merger Arbitrage ETF | Portfolio of Investments (Continued) |
| August 31, 2020 (unaudited) |
Abbreviations:
| AB - Aktiebolag is the Swedish term for a limited company. |
| AG - Aktiengesellschaft is a German term that refers to a corporation that is limited by shares, i.e., owned by shareholders. |
| bps - Basis Points. 100 Basis Points is equal to 1 percentage point. |
| CAD - Canadian dollar |
| CHF - Swiss franc |
| EUR - Euro |
| GBP - British pound |
| LIBOR - London Interbank Offered Rate |
| LP - Limited Partnership |
| Ltd. - Limited |
| N.V. - Naamloze Vennootschap is the Dutch term for a public limited liability corporation. |
| Oyj - Osakeyhtio is the Finnish equivalent of a public limited company. |
| Plc - Public Limited Company |
| SA - Generally designates corporations in various countries, mostly those employing civil law. This translates literally in all languages mentioned as anonymous company. |
| SEK - Swedish krona |
| USD - United States Dollar |
| Quarterly Report | August 31, 2020 | |
| AltShares Merger Arbitrage ETF | Portfolio of Investments |
| August 31, 2020 (unaudited) |
| Investments in Securities at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Common Stocks* | $ | 5,962,962 | $ | — | $ | — | $ | 5,962,962 | ||||||||
| Short-Term Investments | 125,909 | — | — | 125,909 | ||||||||||||
| TOTAL | $ | 6,088,871 | $ | — | $ | — | $ | 6,088,871 | ||||||||
| Other Financial Instruments** | ||||||||||||||||
| Assets | ||||||||||||||||
| Forward Foreign Currency Exchange Contracts | $ | — | $ | 6,852 | $ | — | $ | 6,852 | ||||||||
| Equity Swaps | 0 | — | — | 0 | ||||||||||||
| Liabilities | ||||||||||||||||
| Common Stocks* | (1,496,744 | ) | — | — | (1,496,744 | ) | ||||||||||
| Forward Foreign Currency Exchange Contracts | — | (21,038 | ) | — | (21,038 | ) | ||||||||||
| TOTAL | $ | (1,496,744 | ) | $ | (14,186 | ) | $ | — | $ | (1,510,930 | ) | |||||
| * | Refer to Portfolio of Investments for sector information. | |||||||
| ** | Other financial instruments are instruments such as securities sold short, equity swaps and forward foreign currency exchange contracts. | |||||||
| See Notes to Financial Statements. | |
| www.altsharesetfs.com | 1-855-955-1607 | |