Overlay Shares Hedged Large Cap Equity ETF
Schedule of Investments
as of May 31, 2024 (Unaudited)
EXCHANGE TRADED FUNDS - 97.9%			Shares		Value
Vanguard S&P 500 ETF(a)				44,770	$	21,696,437
TOTAL EXCHANGE TRADED FUNDS (Cost $18,048,787)						21,696,437
PURCHASED OPTIONS - 1.9%(b)(c)	Notional Amount		Contracts		Value
Put Options - 1.9%					$	–
S&P 500 Index				–	$	–
Expiration: 08/16/2024; Exercise Price: $4,550.00		10,555,020		20		20,100
Expiration: 12/20/2024; Exercise Price: $4,900.00		6,860,763		13		95,355
Expiration: 01/17/2025; Exercise Price: $4,900.00		5,277,510		10		81,350
Expiration: 03/21/2025; Exercise Price: $4,900.00		5,277,510		10		103,550
Expiration: 06/20/2025; Exercise Price: $4,900.00		5,277,510		10		131,950
Total Put Options						432,305
TOTAL PURCHASED OPTIONS (Cost $698,865)						432,305
SHORT-TERM INVESTMENTS - 0.1%
Money Market Funds - 0.1%			Shares
First American Government Obligations Fund - Class X, 5.24%(d)				18,445		18,445
TOTAL SHORT-TERM INVESTMENTS (Cost $18,445)						18,445
TOTAL INVESTMENTS - 99.9% (Cost $18,766,097)					$	22,147,187
Other Assets in Excess of Liabilities - 0.1%						16,480
TOTAL NET ASSETS - 100.0%					$	22,163,667
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)	Exchange-traded.
(c)	100 shares per contract.
(d)	The rate shown represents the 7-day effective yield as of May 31, 2024.

Overlay Shares Hedged Large Cap Equity ETF
	Level 1		Level 2		Level 3		Total
Investments:
Exchange Traded Funds	$	21,696,437	$	–	$	–	$	21,696,437
Purchased Options		–		432,305		–		432,305
Money Market Funds		18,445		–		–		18,445
Total Investments	$	21,714,882	$	432,305	$	–	$	22,147,187