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V-SHARES US LEADERSHIP DIVERSITY ETFSEMI-ANNUAL REPORTwww.v-shares.comAPRIL 30, 2022
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V-SHARES US LEADERSHIP DIVERSITY ETFVALUE OF 10,000 INVESTMENT (UNAUDITED) 10,500 10,250 10,000 9,750 9,500 9,250 9,000 8,750 9,031 9,024 8,50012/21/2112/31/211/31/222/28/22V-Shares US Leadership Diversity ETF(1)3/31/224/30/22ISS U.S. Diversity Index(2)The chart assumes an initial investment of 10,000. Performance reflects waivers of fee and operating expenses ineffect. In the absence of such waivers, total return would be reduced. Performance data quoted represents pastperformance and does not guarantee future results. Investment returns and principal value will fluctuate, and whensold, may be worth more or less than their original cost. Performance current to the most recent month-end may belower or higher than the performance quoted and can be obtained by calling 1-312-872-7281. Performance assumesthe reinvestment of capital gains and income distributions. The performance does not reflect the deduction of taxesthat a shareholder would pay on Fund distributions or the redemption of Fund shares.RATES OF RETURN (%) – AS OF APRIL 30, 2022 (UNAUDITED)Since(1)InceptionV-Shares US Leadership Diversity ETF – MarketV-Shares US Leadership Diversity ETF – NAVISS ESG U.S. Diversity Index(2)S&P 500 Index(3)(1)(2)(3)-9.84%-9.76%-9.69%-9.11%The US Leadership Diversity ETF commenced operations on December 21, 2021.The ISS ESG U.S. Diversity Index is a free float-adjusted market capitalization weighted equity index designed to reflect the equityperformance of U.S. companies that exhibit broad ethnic and gender representation for Directors and Named Executive Officers, as determinedby the Index Provider. The Index is calculated, administered, and published by Solactive AG. One cannot invest directly in an Index.The S&P 500 Index is an unmanaged, capitalization-weighted index generally representative of the U.S. market for large capitalizationstocks. One cannot invest directly in an Index.1
V-SHARES US LEADERSHIP DIVERSITY ETFEXPENSE EXAMPLE (UNAUDITED)APRIL 30, 2022As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commission onpurchases and sales of Fund shares, and (2) ongoing costs, including management fees and other Fund expenses. ThisExample is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to comparethese costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of 1,000 invested at the beginning of the period and held for the entire period (December 21, 2021 – April 30, 2022).ACTUAL EXPENSESThe first line of the table provides information about actual account values and actual expenses. You may use theinformation in this line, together with the amount you invested, to estimate the expenses that you paid over theperiod. 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 first line under the heading titled “Expenses Paid During Period”to estimate the expenses you paid on your account during this period.HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSESThe second line of the table provides information about hypothetical account values and hypothetical expenses basedon the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not theFund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual endingaccount balance or expenses you paid for the period. You may use this information to compare the ongoing costs ofinvesting in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypotheticalexamples 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 reflectany transactional costs. Therefore, the second line of the table is useful in comparing ongoing costs only and willnot help you determine the relative total costs of owning different funds. In addition, if these transactional costswere included, your costs may have been higher.Actual(2)Hypothetical(5% return before expenses)(1)(2)BeginningAccount Value(12/21/2021)EndingAccount Value(04/30/2022)Expenses PaidSince Inception(1)(12/21/2021to 04/30/2022) 1,000.00 902.40 0.99 1,000.00 1,016.90 1.05Inception date for the Fund was December 21, 2021. Expenses are equal to the annualized expense ratio for the period from inception throughApril 30, 2022 of 0.29%, multiplied by the average account value over the period, multiplied by 131/365 to reflect the period since inception.Based on the actual return for the period since inception through April 30, 2022 of -9.76%.2
V-SHARES US LEADERSHIP DIVERSITY ETFSECTOR ALLOCATION(1) (UNAUDITED)AS OF APRIL 30, 2022(% OF NET ASSETS)Short-Term Investment & OtherAssets and Liabilities, Net 0.5%Materials 1.8%Utilities 2.2%Real Estate 2.3%Energy 2.5%Industrials 5.8%Information Technology 38.3%Consumer Staples 6.1%Consumer Discretionary 7.0%Communication Services 9.8%Financials 9.9%Health Care 13.8%TOP TEN EQUITY HOLDINGS(1) (UNAUDITED)AS OF APRIL 30, 2022(% OF NET ASSETS)Apple, Inc.Microsoft Corp.Alphabet, Inc., Class A & BJohnson & JohnsonNVIDIA Corp.Procter and Gamble Co.Visa, Inc.Mastercard IncorporatedHome Depot, Inc.Chevron und holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security.3
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED)APRIL 30, 2022ValueSharesCOMMON STOCKS — 99.5%Communication Services — 9.8%Alphabet, Inc. – Class A (a)Alphabet, Inc. – Class C (a)AT&T, Inc.Comcast Corp. – Class AElectronic Arts, Inc.iHeartMedia, Inc. – Class A (a)Live Nation Entertainment, Inc. (a)Match Group, Inc. (a)Omnicom Group, Inc.Paramount GlobalPinterest, Inc. – Class A (a)Take-Two Interactive Software, Inc. (a)TEGNA, Inc.T-Mobile US, Inc. (a)Twitter, Inc. (a)Verizon Communications, Inc.Walt Disney Co. (a)Warner Bros Discovery, Inc. (a)World Wrestling Entertainment, Inc. – Class AZynga, Inc. – Class A (a)Consumer Discretionary — 7.0%2U, Inc. (a)Adtalem Global Education, Inc. (a)Aptiv PLC – ADR (a)AutoZone, Inc. (a)Bath & Body Works, Inc.Best Buy Co. Inc.Burlington Stores, Inc. (a)Chewy, Inc. – Class A (a)Chipotle Mexican Grill, Inc. (a)Choice Hotels International, Inc.Cracker Barrel Old Country Store, Inc.Deckers Outdoor Corp. (a)Denny’s Corp. (a)Dick’s Sporting Goods, Inc.eBay, Inc.EVgo, Inc. – Class A (a)See Notes to the Financial Statements4141334021614681210282661028381908682250 1931,55836
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesConsumer Discretionary — 7.0% (Continued)Expedia Group, Inc. – Class A (a)Fisker, Inc. – Class A (a)Floor & Decor Holdings, Inc. (a)Foot Locker, Inc.Gap Inc.General Motors Co. (a)Goodyear Tire & Rubber Co. (a)H&R Block, Inc.Hanesbrands, Inc.Harley-Davidson, Inc.Home Depot Inc.Hyatt Hotels Corp. – Class A (a)KB HomeKohl’s Corp.Lear Corp.Leggett & Platt, Inc.Levi Strauss & Co. – Class ALowe’s Cos, Inc.Lucid Group, Inc. (a)Macy’s, Inc.Marriott International Inc. (a)Mattel, Inc. (a)McDonald’s Corp.MGM Resorts InternationalNewell Brands, Inc.NIKE, Inc. – Class BNordstrom, Inc. (a)Norwegian Cruise Line Holdings Ltd. – ADR (a)ODP Corp. (a)Petco Health & Wellness Co. Inc. – Class A (a)Planet Fitness, Inc. – Class A (a)RealReal Inc. (a)Rent-A-Center Inc.SeaWorld Entertainment, Inc. (a)Shake Shack, Inc. – Class A (a)Starbucks Corp.Steven Madden Ltd.Stitch Fix, Inc. – Class A (a)Stride, Inc. (a)Tapestry, Inc.Target 44222564421424See Notes to the Financial Statements5 732022481351164,18016438794615,488
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesConsumer Discretionary — 7.0% (Continued)Terminix Global Holdings, Inc. (a)TJX Cos Inc.Under Armour, Inc. – Class A (a)Under Armour, Inc. – Class C (a)Whirlpool Corp.Williams-Sonoma, Inc.Wingstop, Inc.Yum China Holdings, Inc.Yum! Brands, Inc.Consumer Staples — 6.1%Altria Group, Inc.Archer-Daniels-Midland Co.Beyond Meat, Inc. (a)Campbell Soup Co.Casey’s General Stores, Inc.Clorox Co.Coca-Cola Co.Conagra Brands, Inc.Constellation Brands, Inc. – Class ACoty, Inc. (a)Edgewell Personal Care Co.elf Beauty, Inc. (a)Energizer Holdings, Inc.Estee Lauder Cos Inc. – Class AFresh Del Monte Produce, Inc. – ADRGeneral Mills, Inc.Hormel Foods Corp.Ingredion, Inc.Kimberly-Clark Corp.Kroger Co.McCormick & Co. Inc.Nu Skin Enterprises, Inc.PepsiCo Inc.PriceSmart, Inc.Procter & Gamble Co.Sanderson Farms, Inc.Spectrum Brands Holdings, Inc.TreeHouse Foods, Inc. (a)See Notes to the Financial Statements66548102422014 ,7271,2078511,33315918,30337917063
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022SharesValueConsumer Staples — 6.1% (Continued)Tyson Foods, Inc. – Class AWalgreens Boots Alliance, Inc.1434 1,3041,44268,169Energy — 2.5%California Resources Corp.ChampionX Corp. (a)Chevron Corp.ConocoPhillipsMarathon Petroleum Corp.Occidental Petroleum Corp.Valero Energy ancials — 9.9%Aflac, Inc.Allstate Corp.American Equity Investment Life Holding Co.American Express Co.Aon PLC – Class A – ADRAssociated Banc-Corp.Assurant, Inc.Assured Guaranty Ltd. – ADRBank of America Corp.Bank of Hawaii Corp.Bank of New York Mellon Corp.BankUnited, Inc.BlackRock, Inc.Brighthouse Financial, Inc. (a)Capital One Financial Corp.Cathay General BancorpCboe Global Markets, Inc.Charles Schwab Corp.Citigroup, Inc.Columbia Banking System, Inc.Comerica, Inc.Cullen/Frost Bankers, Inc.CVB Financial Corp.Discover Financial ServicesEast West Bancorp, Inc.Eastern Bankshares, Inc.Employers Holdings, Inc.See Notes to the Financial Statements7
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesFinancials — 9.9% (Continued)Encore Capital Group, Inc. (a)Fifth Third BanCorp.First BanCorp. – ADRFirst Hawaiian, Inc.Fulton Financial Corp.GCM Grosvenor, Inc. – Class AGoldman Sachs Group Inc.Green Dot Corp. – Class A (a)Hartford Financial Services Group Inc.Hope Bancorp, Inc.Huntington Bancshares Inc.Intercontinental Exchange, Inc.KeyCorp.Lincoln National Corp.Markel Corp. (a)Marsh & McLennan Cos, Inc.MetLife, Inc.Morgan StanleyMorningstar, Inc.MSCI, Inc.Nasdaq, Inc.Northern Trust Corp.OneMain Holdings, Inc.Pacific Premier Bancorp, Inc.PNC Financial Services Group Inc.Popular, Inc. – ADRPRA Group, Inc. (a)Primerica, Inc.Principal Financial Group, Inc.ProAssurance Corp.Prudential Financial, Inc.Raymond James Financial, Inc.Regions Financial Corp.S&P Global, Inc.State Street Corp.Synchrony FinancialSynovus Financial Corp.T Rowe Price Group, Inc.Truist Financial Corp.Umpqua Holdings Corp.Upstart Holdings, Inc. 612162861062102See Notes to the Financial Statements8 50
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesFinancials — 9.9% (Continued)U.S. BancorpWashington Federal, Inc.Wells Fargo & Co.Zions Bancorporation NA64419683,1081228,551452110,022Health Care — 13.8%10X Genomics, Inc. – Class A (a)2seventy bio, Inc. (a)Abbott LaboratoriesAbbVie, Inc.Accolade, Inc. (a)Agilent Technologies, Inc.Align Technology, Inc. (a)Allogene Therapeutics, Inc. (a)Alnylam Pharmaceuticals, Inc. (a)Anthem, Inc.Arcutis Biotherapeutics, Inc. (a)Baxter International, Inc.Biogen, Inc. (a)Bluebird Bio, Inc. (a)Boston Scientific Corp. (a)Bristol-Myers Squibb Co.Cardinal Health, Inc.CareDx, Inc. (a)Cerevel Therapeutics Holdings, Inc. (a)Cigna Corp.Community Health Systems, Inc. (a)CVS Health Corp.Danaher Corp.DaVita, Inc. (a)Elanco Animal Health, Inc. (a)Eli Lilly & Co.Encompass Health Corp.Envista Holdings Corp. (a)Fate Therapeutics, Inc. (a)Gilead Sciences, Inc.Global Blood Therapeutics, Inc. (a)Guardant Health, Inc. (a)Halozyme Therapeutics, Inc. (a)Henry Schein, Inc. 2753171143,56061247239487See Notes to the Financial Statements9
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesHealth Care — 13.8% (Continued)Hims & Hers Health, Inc. – Class A (a)Illumina, Inc. (a)ImmunityBio, Inc. (a)Intuitive Surgical, Inc. (a)Johnson & JohnsonKaruna Therapeutics, Inc. (a)Kronos Bio, Inc. (a)Laboratory Corp.of America Holdings (a)Legend Biotech Corp. – ADR (a)Merck & Co. Inc.Mirati Therapeutics, Inc. (a)Myovant Sciences Ltd. – ADR (a)Myriad Genetics, Inc. (a)Oak Street Health, Inc. (a)Penumbra, Inc. (a)Pfizer, Inc.Precigen, Inc. (a)Regeneron Pharmaceuticals, Inc. (a)Relay Therapeutics, Inc. (a)ResMed, Inc.SpringWorks Therapeutics, Inc. (a)Stryker Corp.Tenet Healthcare Corp. (a)United Therapeutics Corp. (a)Vertex Pharmaceuticals, Inc. (a)Vir Biotechnology, Inc. (a)Xencor, Inc. (a)Zimmer Biomet Holdings, Inc.Zimvie, Inc. (a)Zoetis, Inc.Industrials — 5.8%3M Co.ABM Industries, Inc.Alaska Air Group, Inc. (a)American Airlines Group, Inc. (a)Apogee Enterprises, Inc.ASGN, Inc. (a)Atlas Air Worldwide Holdings, Inc. (a)Axon Enterprise, Inc. (a)See Notes to the Financial 122 00154,10328463022244,03819332656388227138449
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesIndustrials — 5.8% (Continued)Bloom Energy Corp. – Class A (a)Boeing Co. (a)Booz Allen Hamilton Holding Corp.Chart Industries, Inc. (a)Cummins, Inc.Deere & Co.Deluxe Corp.Eaton Corp.PLC – ADRFedEx Corp.Flowserve Corp.Fortive Corp.Forward Air Corp.FTI Consulting, Inc. (a)FuelCell Energy, Inc. (a)Granite Construction, Inc.Hillenbrand, Inc.Honeywell International, Inc.ITT, Inc.Jacobs Engineering Group, Inc.JetBlue Airways Corp. (a)Joby Aviation, Inc. (a)Johnson Controls International PLC – ADRKBR, Inc.Kennametal, Inc.Korn FerryLyft, Inc. – Class A (a)Matson, Inc.Nielsen Holdings PLC – ADRNordson Corp.Norfolk Southern Corp.Northrop Grumman Corp.nVent Electric PLC – ADROtis Worldwide Corp.Owens CorningPentair PLC – ADRRegal Rexnord Corp.Republic Services, Inc.Ryder System, Inc.Saia, Inc. (a)Stanley Black & Decker, Inc.TPI Composites, Inc. 484102282See Notes to the Financial Statements11 952,6372701,4573644065091,34314041296123
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesIndustrials — 5.8% (Continued)Trane Technologies PLC – ADRTriNet Group, Inc. (a)Trinity Industries, Inc.TrueBlue, Inc. (a)Uber Technologies, Inc. (a)United Parcel Service, Inc. – Class BUnited Rentals, Inc. (a)Waste Management, Inc.Westinghouse Air Brake Technologies Corp.WW Grainger, 97191,00064,225Information Technology — 38.3%#8x8, Inc. (a)Accenture PLC – Class A – ADRACI Worldwide, Inc. (a)Adobe, Inc. (a)Advanced Micro Devices, Inc. (a)Akamai Technologies, Inc. (a)Amkor Technology, Inc.Analog Devices, Inc.Anaplan, Inc. (a)ANSYS, Inc. (a)Apple, Inc.Applied Materials, Inc.Arista Networks, Inc. (a)Atlassian Corp.PLC – Class A – ADR (a)Automatic Data Processing, Inc.Avalara, Inc. (a)Avnet, Inc.Axcelis Technologies, Inc. (a)Black Knight, Inc. (a)Blackline, Inc. (a)Broadcom, Inc.Broadridge Financial Solutions, Inc. – ADRCDK Global, Inc.CDW Corp.Cisco Systems Inc.Cognex Corp.Cognizant Technology Solutions Corp.Cohu, Inc. 253See Notes to the Financial Statements12
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesInformation Technology — 38.3%# (Continued)CommVault Systems, Inc. (a)Corning, Inc.CSG Systems International, Inc.Diodes, Inc. (a)DocuSign, Inc. (a)DXC Technology Co. (a)Envestnet, Inc. (a)ExlService Holdings, Inc. (a)F5, Inc. (a)Flex Ltd. – ADR (a)Fortinet, Inc. (a)Genpact Ltd. – ADRGlobal Payments, Inc.GoDaddy, Inc. – Class A (a)Guidewire Software, Inc. (a)Hewlett Packard Enterprise Co.HP, Inc.HubSpot, Inc. (a)II-VI, Inc. (a)Insight Enterprises, Inc. (a)Intel Corp.Intuit, Inc.Jamf Holding Corp. (a)Juniper Networks, Inc.KLA Corp.Lam Research Corp.Littelfuse, Inc.LiveRamp Holdings, Inc. (a)Mandiant, Inc. (a)Mastercard, Inc. – Class AMicron Technology, Inc.Microsoft Corp.MKS Instruments, Inc.NetApp, Inc.NETGEAR, Inc. (a)NortonLifeLock, Inc.Nutanix, Inc. (a)NVIDIA Corp.PagerDuty, Inc. (a)Palo Alto Networks, Inc. (a)PayPal Holdings, Inc. 2210226101144456See Notes to the Financial Statements13 24
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesInformation Technology — 38.3%# (Continued)Ping Identity Holding Corp. (a)Plantronics, Inc. (a)Power Integrations, Inc.Progress Software Corp.PROS Holdings, Inc. (a)QUALCOMM, Inc.Rapid7, Inc. (a)salesforce.com, Inc. (a)Semtech Corp. (a)ServiceNow, Inc. (a)Splunk, Inc. (a)Synaptics, Inc. (a)Synopsys, Inc. (a)TD SYNNEX Corp.TE Connectivity Ltd. – ADRTeledyne Technologies, Inc. (a)Teradata Corp. (a)Texas Instruments, Inc.Unisys Corp. (a)Viasat, Inc. (a)Visa, Inc. – Class AVMware, Inc.Vonage Holdings Corp. (a)Western Digital Corp. (a)Western Union Co.WEX, Inc. (a)WM Technology, Inc. – Class A (a)Workday, Inc. – Class A (a)Xerox Holdings Corp.Zendesk, Inc. (a)Zuora, Inc. – Class A 85Materials — 1.8%Albemarle Corp.AptarGroup, Inc.Ball Corp.Cleveland-Cliffs, Inc. (a)Dow, Inc.DuPont de Nemours, Inc.Eastman Chemical Co.641622362461,1574591,2995612,3941,582616See Notes to the Financial Statements14
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesMaterials — 1.8% (Continued)International Paper Co.Livent Corp. (a)Mosaic Co.Newmont Corp.Nucor Corp.O-I Glass, Inc. (a)PPG Industries, Inc.Reliance Steel & Aluminum Co.Sherwin-Williams 30020,346Real Estate — 2.3%Alexander & Baldwin, Inc. – REITAmerican Tower Corp. – REITBroadstone Net Lease, Inc. – REITCamden Property Trust – REITCBRE Group, Inc. – Class A (a)Crown Castle International Corp. – REITDigitalBridge Group, Inc. – Class A – REIT (a)Equity Residential – REITGEO Group Inc. – REIT (a)Jones Lang LaSalle, Inc. (a)Opendoor Technologies, Inc. (a)Orion Office REIT, Inc. – REIT (a)Prologis, Inc. – REITPublic Storage – REITRealogy Holdings Corp. (a)Realty Income Corp. – REITRLJ Lodging Trust – REITRyman Hospitality Properties, Inc. – REIT (a)Tanger Factory Outlet Centers, Inc. – REITVeris Residential, Inc. – REIT (a)Welltower, Inc. – 641,81625,777Utilities — 2.2%AES Corp.Ameren Corp.American Electric Power Co. Inc.Avangrid, Inc.CenterPoint Energy, Inc.CMS Energy Corp.301224428146121,1152,378177857962See Notes to the Financial Statements15
V-SHARES US LEADERSHIP DIVERSITY ETFSCHEDULE OF INVESTMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022ValueSharesUtilities — 2.2% (Continued)Consolidated Edison, Inc.Constellation Energy Corp.Edison InternationalEversource EnergyExelon Corp.Hawaiian Electric Industries, Inc.New Jersey Resources Corp.NiSource, Inc.NRG Energy, Inc.PG&E Corp. (a)PNM Resources, Inc.Portland General Electric Co.PPL Corp.Public Service Enterprise Group, Inc.Sempra EnergyWEC Energy Group, Inc.Xcel Energy, Inc.161518164664181294443624141426Total Common Stocks(Cost 1,234,374) 91,6722,2591,4011,90524,4571,109,059SHORT-TERM INVESTMENT — 0.4%First American Government Obligations, Class X, 0.22% (b)Total Short-Term Investment(Cost 4,926)Total Investments — 99.9%(Cost 1,239,300)Other Assets and Liabilities, Net — 0.1%Total Net Assets — 100.0%4,9264,9261,113,985682 1,114,667ADR – American Depositary Receipt.PLC – Public Limited Company.REIT – Real Estate Investment Trust.#As of April 30, 2022, the Fund had a significant portion of its assets invested in this sector and therefore is subject to additional risks.See Note 7 in Notes to the Financials Statements.(a) Non-income producing security.(b) The rate shown is the annualized seven-day effective yield as of April 30, 2022.The Global Industry Classification Standard (“GICS ”) was developed by and/or is the exclusive property of MSCI,Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI and S&Pand has been licensed for use.See Notes to the Financial Statements16
V-SHARES US LEADERSHIP DIVERSITY ETFSTATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)APRIL 30, 2022ASSETS:Investments, at value(Cost: 1,239,300)Dividends and interest receivableCashTotal assets 1,113,985927131,114,925LIABILITIES:Payable to investment adviserTotal liabilities258258NET ASSETS 1,114,667NET ASSETS CONSIST OF:Paid-in capitalTotal accumulated lossNet Assets 1,235,500(120,833) 1,114,667Shares issued and outstanding(1)Net asset value, redemption price and offering price per share50,000 22.29(1)Unlimited shares authorized, without par value.See Notes to the Financial Statements17
V-SHARES US LEADERSHIP DIVERSITY ETFSTATEMENT OF OPERATIONS (UNAUDITED)FOR THE PERIOD ENDED APRIL 30, 2022INVESTMENT INCOME:Dividend incomeInterest incomeTotal investment income 5,82315,824EXPENSES:Investment adviser fees (See Note 4)Net expenses1,2491,249NET INVESTMENT INCOME4,575REALIZED AND UNREALIZED LOSS ON INVESTMENTS:Net realized gain on investmentsNet change in unrealized appreciation/depreciation on investmentsNet realized and unrealized loss on investments184(125,315)(125,131)NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS (120,556)See Notes to the Financial Statements18
V-SHARES US LEADERSHIP DIVERSITY ETFSTATEMENT OF CHANGES IN NET ASSETSFor the PeriodSince Inception(1)ThroughApril 30, 2022(Unaudited)OPERATIONS:Net investment incomeNet realized gain on investmentsNet change in unrealized appreciation/depreciation on investmentsNet decrease in net assets resulting from operations4,575184(125,315)(120,556)CAPITAL SHARE TRANSACTIONS:Proceeds from shares soldProceeds from reinvestment of distributionsPayments for shares redeemedNet increase in net assets resulting from capital share transactions1,235,500——1,235,500DISTRIBUTIONS TO SHAREHOLDERS(277)TOTAL INCREASE IN NET ASSETS1,114,667NET ASSETS:Beginning of periodEnd of period— 1,114,667(1)Inception date for the Fund was December 21, 2021.See Notes to the Financial Statements19
V-SHARES US LEADERSHIP DIVERSITY ETFFINANCIAL HIGHLIGHTSFor a Fund share outstanding throughout the period.For the PeriodSince Inception(1)ThroughApril 30, 2022(Unaudited)PER SHARE DATA:Net asset value, beginning of period 24.71INVESTMENT OPERATIONS:Net investment incomeNet realized and unrealized loss on investmentsTotal from investment operations0.09(2.50)(2.41)LESS DISTRIBUTIONS FROM:Net investment incomeNet realized gainsTotal distributionsNet asset value, end of period(0.01)—(0.01) 22.29TOTAL RETURN(2)-9.76%SUPPLEMENTAL DATA AND RATIOS:Net assets, end of period (in 000’s)Ratio of expenses to average net assets(3)Ratio of net investment income to average net assets(3)Portfolio turnover rate(2)(1)(2)(3) 1,1150.29%1.06%1%Inception date for the Fund was December 21, 2021.Not annualized for period less than one year.Annualized for period less than one year.See Notes to the Financial Statements20
V-SHARES US LEADERSHIP DIVERSITY ETFNOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)APRIL 30, 20221. ORGANIZATIONManaged Portfolio Series (the “Trust”) was organized as a Delaware statutory trust on January 27, 2011. The Trustis registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end managementinvestment company. The V-Shares US Leadership Diversity ETF (the “Fund”) is a diversified series with its owninvestment objectives and policies within the Trust. The investment objective of the Fund is to track the investmentresults of the ISS ESG U.S. Diversity Index, which is composed of U.S. large, mid, and small capitalization stocksof companies exhibiting broad ethnic and gender representation for Directors and Named Executive Officers, asdetermined by Institutional Shareholder Services, Inc. (the “Index Provider” or “ISS”). The Trust has evaluated thestructure, objective and activities of the Fund and determined that it meets the characteristics of an investmentcompany. As such, the Fund follows the investment company accounting and reporting guidance of the FinancialAccounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services –Investment Companies.Shares of the Fund are listed and traded on the NYSE Arca, Inc. (the “NYSE”). Market prices for the shares may bedifferent from their net asset value (“NAV”). The Fund issues and redeems shares on a continuous basis at NAVonly in blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kindfor securities included in a specified universe, with cash included to balance to the Creation Unit total. Once created,shares generally trade in the secondary market at market prices that change throughout the day in amounts less thana Creation Unit. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Sharesof the Funds may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). AnAuthorized Participant is either (i) a broker-dealer or other participant in the clearing process through the ContinuousNet Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participantand, in each case, must have executed a Participation Agreement with the Distributor. Most retail investors do notqualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they areunable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase sharesin the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.The Fund currently offers one class of shares, which have no front-end sales load, no deferred sales charge, and noredemption fee. A purchase (i.e. creation) transaction fee is imposed for the transfer and other transaction costsassociated with the purchase of Creation Units. The standard fixed creation transaction fee for each Fund is 500,which is payable by the Advisor. In addition, a variable fee may be charged on all cash transactions or substitutesfor Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to thetransaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cashtransactions. Variable fees received by the Funds are displayed in the capital shares transaction section of theStatement of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, withno par value. All shares of the Fund have equal rights and privileges.2. SIGNIFICANT ACCOUNTING POLICIESThe following is a summary of significant accounting policies consistently followed by the Fund in preparation ofits financial statements. These policies are in conformity with generally accepted accounting principles in the UnitedStates of America (“GAAP”).Security Valuation – All investments in securities are recorded at their estimated fair value, as described in Note 3.21
V-SHARES US LEADERSHIP DIVERSITY ETFNOTES TO THE FINANCIAL STATEMENTS (UNAUDITED) – CONTINUEDAPRIL 30, 2022Federal Income Taxes – The Fund complies with the requirements of subchapter M of the Internal Revenue Code of1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxableinvestment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund.Therefore, no federal income tax provision is required. As of and during the period ended April 30, 2022, the Funddid not have any tax positions that did not meet the “more-likely-than-
Chipotle Mexican Grill, Inc. (a) 1 1,456 Choice Hotels International, Inc. 2 281 Cracker Barrel Old Country Store, Inc. 2 222 Deckers Outdoor Corp. (a) 2 531 Denny's Corp. (a) 2 26 Dick's Sporting Goods, Inc. 2 193 eBay, Inc. 30 1,558 EVgo, Inc. -Class A (a) 4 36 4 See Notes to the Financial Statements V-SHARES US LEADERSHIP DIVERSITY ETF
