The LeaderShares Equity Skew ETF aims for substantial long-term capital appreciation. This actively managed exchange-traded fund primarily invests in equity securities, allocating a minimum of 80% of its net assets, including any borrowed capital, to stocks. This includes direct stock investments and holdings in other equity-focused ETFs. The fund employs a contrarian strategy, systematically increasing exposure to underperforming asset classes and/or factors while reducing positions in outperforming ones, all based on comprehensive quantitative research. Its core equity exposures encompass large-cap growth, large-cap value, small-cap growth, small-cap value, and emerging market equities. The allocation to these styles is determined through proprietary quantitative methodologies that integrate "statistical skew" – a measure of the asymmetry in a return distribution among various constituents. By evaluating skewness, the adviser assesses how recent returns of each of the five equity groups align with their historical return patterns. This process typically results in higher allocations to security groups that have recently underperformed and lower allocations to those that have recently outperformed during portfolio rebalancing. The ETF further restricts its investments to equity securities with a minimum market capitalization of $1 billion.

Apple Inc.

Microsoft Corporation

Amazon.com, Inc.

Exxon Mobil Corporation

Johnson & Johnson

JPMorgan Chase & Co.

Advanced Micro Devices, Inc.

The Procter & Gamble Company

Bank of America Corporation

UnitedHealth Group Incorporated

Technology

Financial Services

Consumer Cyclical

Industrials

Healthcare

Communication Services

Real Estate

Basic Materials

Consumer Defensive

Energy

LeaderShares Equity Skew ETF

SQEW Holdings & Sector Breakdown