Kind N-CSR Funding Managers Seri For: Apr 30

Kind N-CSR Funding Managers Seri For: Apr 30


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UNITED
STATES

SECURITIES
AND EXCHANGE COMMISSION

Washington,
D.C. 20549

 

FORM
N-CSR

 

CERTIFIED
SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT
INVESTMENT COMPANIES

 

Funding
Firm Act file quantity 811-21719

 

INVESTMENT
MANAGERS SERIES TRUST

(Actual
title of registrant as laid out in constitution)

 

235
West Galena Avenue

Milwaukee,
WI 53212

(Handle
of principal government places of work) (Zip code)

 

Diane
J. Drake

Mutual
Fund Administration, LLC

2220
E. Route 66, Suite 226

Glendora,
CA 91740

(Identify
and tackle of agent for service)

 

(626)
385-5777

Registrant’s
phone quantity, together with space code

 

Date
of fiscal 12 months finish: April 30

 

Date
of reporting interval: April 30,2022

 

Merchandise
1. Report back to Stockholders.

 

(a) The
registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 beneath the Funding Firm Act of 1940, as amended
(the “Funding Firm Act”), is as follows:

 

 

Data
Leaders Developed World ETF

(KLDW)

 

ANNUAL
REPORT

APRIL
30, 2022

 

Data
Leaders Developed World ETF

A
sequence of Funding Managers Collection Belief

 

Desk
of Contents

  

Shareholder
Letter
1
Fund
Efficiency
3
Schedule
of Investments
5
Assertion
of Belongings and Liabilities
14
Assertion
of Operations
15
Statements
of Adjustments in Internet Belongings
16
Monetary
Highlights
17
Notes
to Monetary Statements
18
Report
of Impartial Registered Public Accounting Agency
27
Supplemental
Data
28
Expense
Instance
35

  

Earlier than
investing you need to fastidiously contemplate the Fund’s funding targets, dangers, prices and bills. This and different info
is on the market within the Fund’s prospectus, a replica of which can be obtained by visiting the Fund’s web site at https://www.knowledgeleadersfunds.com/kldw/.
Please learn the prospectus fastidiously earlier than you make investments.

 

 

Pricey
Shareholders,

 

We’re
happy to current the seventh annual shareholder report for the Data Leaders Developed World ETF (the Fund) as of April
30, 2022. Whereas the fund was down for the 1-year interval consistent with the current short-term market adjustment (-12.52% and -13.28%,
NAV and market worth respectively, as of 4/30/22), I’m happy to report our technique’s constant optimistic efficiency
over the total market cycle. Since inception (7/7/2015), the Fund is up 7.47% and seven.33% (NAV and market worth, respectively, annualized),
whereas having averted capital features distributions.

 

The
ETF (ticker: KLDW) seeks long-term capital appreciation by investing in equities of extremely modern firms within the developed
world, or Data Leaders, these firms that possess deep reservoirs of capital because of their historical past of investing
in knowledge-intensive actions like R&D, model improvement and worker training.
We
consider KLDW is uniquely positioned as a diversified innovation fund. Its holdings span eight of 11 financial sectors throughout 19
nations, in search of to benefit from our analysis indicating that management in company innovation is far more than simply
a United States phenomenon. Our methodology uncovers extremely modern corporations in each financial sector and practically each developed
market county. Moreover, our course of identifies vital variations in basic efficiency between extremely modern
firms and all others, suggesting a higher alternative to revenue from innovation by broadening one’s lens. What units
our course of aside is our work figuring out worthwhile innovators, so firms that lack income and even marketable merchandise fail
to satisfy our basic thresholds.

 

For
the fiscal 12 months in comparison with the benchmark Morningstar Developed Markets Massive-Mid Cap Index, the Asia Pacific area remained
the fund’s largest area obese whereas the US remained the fund’s largest nation underweight. From
a sector standpoint, industrials was the fund’s largest obese and financials, power and actual property had been the most important
underweights. Over the past 12 months, geopolitical and home financial occasions formed the efficiency of our globally allotted
fairness portfolio. There have been three ways in which these occasions impacted efficiency. First, a hawkish fed pivot triggered inflation to
speed up to unacceptable ranges, revealing the scope of the coverage mistake the Federal Reserve made final 12 months in preserving coverage
too free for too lengthy. Second, two-year US Treasury yields surged in most economies around the globe besides Japan, and consequently,
the worth of the Japanese Yen tumbled to new lows, thereby establishing the principle detrimental occasion for the fund: the numerous underperformance
of Japan. Lastly, the struggle in Europe triggered large uncertainty within the European financial system and weak point for the Euro, denting the efficiency
of our European allocations. Historical past suggests these war-related disruptions might not final lengthy, so the deleterious influence on some
of those nations’ currencies could also be imply reverting.

 

The
long-term potential of Data Leaders stays sturdy given the persistent tendency for traders to low cost the incomes potential
of extremely modern corporations. That’s the reason we consider Data Leaders have the potential to supply extra returns in just about
each kind of market atmosphere. The present interval of inflation, pandemic volatility, world battle, and uncertainty poses
challenges to all companies, however Data Leaders search to be geared up to thrive in even in robust enterprise environments. After
all, Data Leaders are mounted capital-light, intangible-capital-heavy companies with the flexibility to adapt to any situations.
We consider KLDW is uniquely positioned to profit from present traits for 2 causes: 1) place sizing is roughly equal weighted
to world innovators and never skewed simply to the most important innovators, and a pair of) regardless that the fund is impartial to worth and progress
elements, sector over and underweights might assist KLDW profit from a extra cyclical market interval. It’s our perception that this favorable
asset profile might assist Data Leaders adapt to altering coverage circumstances extra rapidly than much less nimble and fewer worthwhile
companies.

 

Thank
you to your continued assist.

 

Sincerely,

Steven
Vannelli, CFA, Portfolio Supervisor

 

As
of three/31/2022, the annualized whole returns for the Data Leaders Developed World ETF NAV and Market Value, respectively, had been
-2.86% and -3.61% (1-year), 8.98% and eight.78% (5-year) and eight.86% and eight.78% (since inception). The Morningstar Developed Markets
Massive-Mid Cap Index’s 1-year, 5-year and since inception of the fund annualized whole returns had been 9.20%, 12.21% and 10.64%,
respectively. The Fund’s whole working bills are 0.75%. The efficiency information quoted right here represents previous efficiency.
Previous efficiency isn’t any assure of future outcomes. Funding return and principal worth will fluctuate, in order that an investor’s
shares, when redeemed, could also be price roughly than their authentic value. Present efficiency could also be decrease or greater than the
efficiency info quoted. NAV costs are used to calculate market worth efficiency previous to the date when the Fund first
traded on the New York Inventory Alternate. Market efficiency is set utilizing the bid/ask midpoint at 4:00pm Jap time, when
the NAV is usually calculated. Market efficiency doesn’t characterize the returns you’ll obtain in case you traded shares at different
occasions. To acquire efficiency info present to the newest month-end please go to our web site at www.knowledgeleadersfunds.com/kldw/.

 

1600
Broadway, Suite 1600, Denver, CO 80202 | T. 303.763.1810 | www.KnowledgeLeadersCapital.com

 

 

Investing
includes danger, together with attainable lack of principal. Fairness securities, corresponding to frequent shares, are topic to market, financial
and enterprise dangers that will trigger their costs to fluctuate. Investments in overseas securities might contain dangers corresponding to social
and political instability, market illiquidity, exchange-rate fluctuations, a excessive stage of volatility and restricted regulation.
Investing in rising markets includes totally different and higher dangers, as these nations are considerably smaller, much less liquid
and extra unstable than securities markets in additional developed markets. The Fund might make investments a comparatively giant share of its
property in securities denominated in non-U.S. currencies, the values of which can be affected by adjustments within the forex charges
or change management rules. Data know-how firms could also be smaller and fewer skilled firms, with restricted
product strains, markets or monetary assets and fewer skilled administration or advertising personnel. Data know-how
firm shares, particularly these that are Web associated, have skilled excessive worth and quantity fluctuations which can be usually
unrelated to their working efficiency. The Fund is non-diversified which implies it could be invested in a restricted variety of issuers
and inclined to any financial, political and regulatory occasions than a extra diversified fund. Diversification might not shield
towards market danger. The Fund’s return might not match or obtain a excessive diploma of correlation with the return of the Index.

 

Traders
ought to contemplate their particular person tax state of affairs and circumstances. Please talk about your tax state of affairs with a tax skilled earlier than
making any funding resolution. The fund shouldn’t be managed for tax effectivity and is an actively managed exchange-traded fund. There
could be no assurance that an energetic buying and selling marketplace for shares of an ETF will develop or be maintained.

 

The
views on this letter had been as of 4/30/2022 and will not essentially replicate the identical views on the date this letter is first revealed
or any time thereafter. These views are meant to assist shareholders in understanding the fund’s funding methodology
and don’t represent funding recommendation.

 

The
Data Leaders Developed World ETF is distributed by IMST Distributors, LLC.

 

The
Morningstar Developed Markets Massive-Mid Cap Index is a subset of large-cap and mid-cap shares within the Morningstar Developed Markets
Index, a broad market index representing 97% of Developed Markets fairness market capitalization. Indexes are unmanaged, and it
shouldn’t be attainable to take a position straight in an index.

 

Allocations
and weights are topic to vary.

 

1600
Broadway, Suite 1600, Denver, CO 80202 | T. 303.763.1810 | www.KnowledgeLeadersCapital.com

 

Data
Leaders Developed World ETF

FUND
PERFORMANCE at April 30, 2022 (Unaudited)

 

 

This
graph compares a hypothetical $10,000 funding within the Fund, made at its inception, with an analogous funding within the Morningstar
Developed Markets Massive-Mid Cap Index. Outcomes embrace the reinvestment of all dividends and capital features.

 

The
Morningstar Developed Markets Massive-Mid Cap Index is a subset of large-cap and mid-cap shares within the Morningstar Developed Markets
Index, a broad market Index representing 97% of Developed Markets fairness market capitalization. This index doesn’t replicate bills,
charges or gross sales cost, which might decrease efficiency. This index is unmanaged and isn’t out there for funding.

 

Common
Annual Complete Returns
as of April 30, 2022
1
Yr
5
Years

Since
Inception

July
7, 2015

Data
Leaders Developed World ETF (Internet Asset Worth)
-12.52% 6.66% 7.47%
Data
Leaders Developed World ETF (Market Value)
-13.28% 6.39% 7.33%
Morningstar
Developed Markets Massive-Mid Cap Index
-4.19% 9.95% 9.12%

 

The
efficiency information quoted right here represents previous efficiency and previous efficiency shouldn’t be a assure of future outcomes. Funding
return and principal worth will fluctuate in order that an investor’s shares, when redeemed, could also be price roughly than their authentic
value. Returns proven don’t replicate the deduction of taxes {that a} shareholder would pay on Fund distributions or the redemption
of Fund shares. The Fund’s efficiency assumes the reinvestment of all dividends and all capital acquire distributions. Index
returns assume reinvestment of dividends and, in contrast to the Fund’s returns don’t replicate any charges or bills. If such charges
and bills had been included within the index returns, the efficiency would have been decrease. The index is unmanaged and isn’t out there
for funding. Present efficiency could also be decrease or greater than the efficiency info quoted. For the Fund’s most
current month finish efficiency, please go to https://www.knowledgeleadersfunds.com/kldw/.

 

Data
Leaders Developed World ETF

FUND
PERFORMANCE at April 30, 2022 (Unaudited) – Continued

 

The
Fund’s shares are listed on an change. The worth of the Fund’s shares relies on market worth, and since exchange-traded
fund shares commerce at market costs reasonably than web asset worth, shares might commerce at a worth higher than web asset worth (premium)
or lower than web asset worth (low cost).

 

The
expense ratio was 0.75% which was acknowledged within the present prospectus dated September 1, 2021. For the Fund’s present one 12 months
expense ratio, please consult with the Monetary Highlights part of this report.

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS

As
of April 30, 2022

 

Quantity
of Shares

       

Worth

 
      COMMON STOCKS — 98.1%
      ARGENTINA — 0.2%
  270     MercadoLibre, Inc.*   $ 262,880  
                 
        AUSTRALIA — 4.0%        
  99,360     ALS Ltd.      924,993  
  14,796     Altium Ltd.      345,621  
  314,322     Boral Ltd.      797,441  
  44,664     carsales.com Ltd.      678,611  
  2,130     CSL Ltd.      413,690  
  209,733     Harvey Norman Holdings Ltd.      758,648  
  37,386     IDP Schooling Ltd.      713,892  
  31,200     SEEK Ltd.      629,249  
  14,070     Sonic Healthcare Ltd.      367,258  
  91,419     Know-how One Ltd.      681,503  
              6,310,906  
        BELGIUM — 0.3%        
  5,286     Solvay S.A.     505,005  
                 
        CANADA — 1.5%        
  16,689     CAE, Inc.*     396,864  
  14,541     Descartes Methods Group, Inc.*     907,810  
  16,941     Open Textual content Corp.      678,487  
  7,521     Ritchie Bros Auctioneers, Inc.      414,332  
              2,397,493  
        DENMARK — 1.4%        
  5,322     Chr Hansen Holding A/S     417,379  
  4,671     Coloplast A/S – Class B     635,271  
  14,955     Demant A/S*     663,625  
  11,784     GN Retailer Nord A/S     449,214  
              2,165,489  
        FRANCE — 4.5%        
  4,659     Air Liquide S.A.     812,648  
  4,923     BioMerieux     471,468  
  20,607     Cie de Saint-Gobain     1,224,578  
  4,929     Cie Generale des Etablissements Michelin     619,042  
  22,386     Dassault Systemes S.E.     1,004,511  
  4,386     EssilorLuxottica S.A.     757,904  
  6,279     Pernod Ricard S.A.     1,309,240  
  17,766     Sanofi – ADR     928,273  
              7,127,664  
        GERMANY — 3.7%        
  6,273     Fresenius Medical Care A.G. & Co. KGaA     393,356  

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS – Continued

As
of April 30, 2022

 

Quantity
of Shares

       

Worth

 
      COMMON STOCKS (Continued)
        GERMANY (Continued)        
  11,013     HeidelbergCement AG   $ 642,020  
  6,153     HELLA GmbH & Co. KGaA     389,791  
  6,360     Merck KGaA     1,187,243  
  9,153     Nemetschek S.E.     736,556  
  5,823     Puma S.E.     434,185  
  894     Rational AG     550,314  
  7,074     Siemens AG     878,959  
  5,289     Symrise AG     633,009  
              5,845,433  
        IRELAND — 0.8%        
  4,305     Flutter Leisure PLC*     439,421  
  9,402     Kingspan Group PLC     883,354  
              1,322,775  
        ISRAEL — 1.9%        
  8,967     Examine Level Software program Applied sciences Ltd.*     1,132,442  
  109,836     ICL Group Ltd.      1,212,237  
  1,140     Israel Corp. Ltd.*     653,320  
              2,997,999  
        ITALY — 1.9%        
  118,941     Davide Campari-Milano S.p.A.     1,353,267  
  10,692     De’Longhi S.p.A.     262,136  
  16,029     Interpump Group S.p.A.     655,762  
  13,083     Moncler S.p.A.     693,960  
              2,965,125  
        JAPAN — 29.4%        
  9,000     ABC-Mart, Inc.      372,337  
  71,700     Amada Co., Ltd.      561,159  
  32,400     Anritsu Corp.      410,877  
  18,000     Asahi Intecc Co., Ltd.      352,887  
  13,200     Asics Corp.      210,695  
  9,000     Bandai Namco Holdings, Inc.      615,398  
  18,000     Biprogy, Inc.      458,475  
  44,700     Brother Industries Ltd.      781,111  
  73,068     Calbee, Inc.      1,311,231  
  35,700     Capcom Co., Ltd.      946,507  
  35,700     Casio Pc Co., Ltd.      373,368  
  32,400     Coca-Cola Bottlers Japan Holdings, Inc.      365,113  
  35,700     CyberAgent, Inc.      381,910  
  56,700     Daicel Corp.      347,045  
  18,000     Denso Corp.      1,105,480  
  26,700     Ebara Corp.      1,240,614  

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS – Continued

As
of April 30, 2022

 

Quantity
of Shares
        Worth  
      COMMON STOCKS (Continued)
        JAPAN (Continued)        
  18,000     Fancl Corp.    $ 347,329  
  26,700     Fuji Electrical Co., Ltd.      1,184,972  
  18,000     FUJIFILM Holdings Corp.      996,558  
  9,000     Fujitsu Ltd.      1,297,970  
  18,000     Hamamatsu Photonics KK     814,140  
  9,000     Harmonic Drive Methods, Inc.      229,237  
  9,000     Hisamitsu Pharmaceutical Co., Inc.      248,341  
  18,000     Hitachi Development Equipment Co., Ltd.      410,543  
  9,000     Horiba Ltd.      441,803  
  53,700     Infomart Corp.      271,484  
  24,300     JCR Prescribed drugs Co., Ltd.      455,391  
  9,000     JMDC, Inc.      443,887  
  11,400     Kaneka Corp.      306,646  
  20,100     Kewpie Corp.      339,758  
  9,000     Kobayashi Pharmaceutical Co., Ltd.      617,552  
  44,700     Komatsu Ltd.      1,007,786  
  26,700     Konami Holdings Corp.      1,656,900  
  107,400     Konica Minolta, Inc.      376,348  
  53,700     Okay’s Holdings Corp.      534,679  
  18,000     Kyocera Corp.      953,489  
  27,000     Kyowa Kirin Co., Ltd.      569,551  
  44,700     Lion Corp.      461,974  
  18,000     M3, Inc.      583,791  
  18,000     Matsumotokiyoshi Holdings Co., Ltd.      598,101  
  18,000     MISUMI Group, Inc.      455,696  
  107,400     Mitsubishi Chemical Holdings Corp.      657,365  
  26,700     Nexon Co., Ltd.      612,476  
  48,600     NGK Insulators Ltd.      657,203  
  9,000     Nihon Kohden Corp.      218,123  
  35,700     Nihon M&A Heart, Inc.      444,734  
  44,700     Nikon Corp.      507,515  
  48,600     Nippon Paint Holdings Co., Ltd.      389,745  
  44,700     Nippon Tv Holdings, Inc.      430,577  
  18,000     Nissan Chemical Corp.      960,019  
  18,000     Nissin Meals Holdings Co., Ltd.      1,257,332  
  9,000     Nitto Denko Corp.      607,826  
  26,700     Nomura Analysis Institute Ltd.      764,565  
  89,700     Oji Holdings Corp.      426,483  
  26,700     Olympus Corp.      475,844  
  35,700     Ono Pharmaceutical Co., Ltd.      918,402  
  35,700     Pan Pacific Worldwide Holdings Corp.      554,127  
  26,700     Pola Orbis Holdings, Inc.      310,360  
  20,100     Rakus Co., Ltd.      250,862  

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS – Continued

As
of April 30, 2022

 

Quantity
of Shares

       

Worth

 
      COMMON STOCKS (Continued)
        JAPAN (Continued)        
  18,000     Rohto Pharmaceutical Co., Ltd.    $ 482,093  
  18,000     Ryohin Keikaku Co., Ltd.      162,411  
  48,600     Sanwa Holdings Corp.      445,638  
  27,000     SCSK Corp.      432,634  
  32,400     Sega Sammy Holdings, Inc.      577,678  
  18,000     Shimadzu Corp.      595,323  
  35,700     Skylark Holdings Co., Ltd.      425,171  
  9,000     SMS Co., Ltd.      214,997  
  18,000     Sohgo Safety Companies Co., Ltd.      502,933  
  250,800     Sumitomo Chemical Co., Ltd.      1,066,616  
  98,700     Sumitomo Rubber Industries Ltd.      857,797  
  27,000     Sundrug Co., Ltd.      629,361  
  18,000     Suzuki Motor Corp.      542,945  
  24,300     Taiheiyo Cement Corp.      394,622  
  53,700     Takara Holdings, Inc.      454,270  
  26,700     TBS Holdings, Inc.      351,988  
  48,600     Teijin Ltd.      520,661  
  27,000     Terumo Corp.      811,500  
  18,000     Toho Co., Ltd.      671,040  
  19,200     Toho Fuel Co., Ltd.      452,732  
              46,474,101  
        NETHERLANDS — 0.8%        
  5,466     Koninklijke DSM N.V.     926,077  
  8,964     QIAGEN N.V.*     406,697  
              1,332,774  
        NORWAY — 0.7%        
  11,805     Nordic Semiconductor A.S.A.*     242,586  
  102,789     Orkla A.S.A.     842,476  
              1,085,062  
        SINGAPORE — 0.2%        
  137,700     Nanofilm Applied sciences Worldwide Ltd.      269,237  
                 
        SPAIN — 0.3%        
  24,843     Grifols S.A.     419,330  
                 
        SWEDEN — 4.2%        
  24,807     AddTech A.B. – B Shares     444,549  
  18,402     Atlas Copco A.B. – A Shares     849,134  
  50,211     Dometic Group A.B.     437,748  
  34,260     Elekta A.B. – Class B     233,476  
  34,263     Epiroc A.B. – Class A     705,318  
  30,117     Getinge A.B. – B Shares     881,367  

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS – Continued

As
of April 30, 2022

 

Quantity
of Shares
        Worth  
      COMMON STOCKS (Continued)
        SWEDEN (Continued)        
  39,663     Hennes & Mauritz AB – B Shares   $ 506,978  
  58,083     Husqvarna AB – Class B     560,466  
  34,011     Sandvik AB     653,767  
  30,663     SKF AB – Class B     508,318  
  67,050     Tele2 A.B. – B Shares     892,097  
              6,673,218  
        SWITZERLAND — 1.2%        
  1,617     Geberit A.G.     932,900  
  2,697     Roche Holding AG     1,006,947  
              1,939,847  
        UNITED KINGDOM — 6.3%        
  26,598     Avast PLC     188,341  
  15,555     Burberry Group PLC     310,711  
  29,031     Coca-Cola HBC A.G.     596,843  
  206,850     ConvaTec Group PLC     550,565  
  8,262     Croda Worldwide PLC     809,504  
  105,657     DS Smith PLC     438,947  
  41,799     Entain PLC*     796,888  
  12,426     Fevertree Drinks PLC     283,155  
  38,556     Hikma Prescribed drugs PLC     911,747  
  40,494     IMI PLC     688,885  
  449,415     JD Sports activities Style PLC     752,697  
  82,479     Meggitt PLC*     802,531  
  7,911     Reckitt Benckiser Group PLC*     619,773  
  65,583     Sage Group PLC     607,171  
  36,306     Smiths Group PLC     673,477  
  5,655     Spirax-Sarco Engineering PLC     862,632  
              9,893,867  
        UNITED STATES — 34.8%        
  1,701     ABIOMED, Inc.*     487,473  
  6,813     Activision Blizzard, Inc.      515,063  
  2,772     Adobe, Inc.*     1,097,573  
  7,869     Advance Auto Components, Inc.      1,570,888  
  7,167     Agilent Applied sciences, Inc.      854,808  
  7,611     Akamai Applied sciences, Inc.*     854,563  
  1,782     Albemarle Corp.      343,623  
  717     Align Know-how, Inc.*     207,865  
  10,563     Amphenol Corp. – Class A     755,254  
  5,010     Analog Units, Inc.      773,444  
  1,893     ASML Holding N.V.     1,067,217  
  9,420     AstraZeneca PLC – ADR     625,488  

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS – Continued

As
of April 30, 2022

 

Quantity
of Shares
        Worth  
      COMMON STOCKS (Continued)
        UNITED STATES (Continued)        
  2,103     Axon Enterprise, Inc.*   $ 235,957  
  1,974     Becton, Dickinson and Co.      487,953  
  3,582     Greatest Purchase Co., Inc.      322,129  
  2,787     Biogen, Inc.*     578,135  
  11,658     Bristol-Myers Squibb Co.      877,498  
  15,861     Brown-Forman Corp. – Class B     1,069,666  
  447     Cable One, Inc.      521,291  
  36,414     Church & Dwight Co., Inc.      3,552,550  
  2,328     Cintas Corp.      924,821  
  10,758     Cisco Methods, Inc.      526,927  
  3,051     Cooper Cos., Inc.      1,101,533  
  19,881     Corteva, Inc.      1,146,935  
  8,049     CoStar Group, Inc.*     512,077  
  4,746     Danaher Corp.      1,191,863  
  3,855     Greenback Tree, Inc.*     626,245  
  8,964     Dynatrace, Inc.*     343,859  
  5,193     Eaton Corp. PLC     753,089  
  9,687     eBay, Inc.      502,949  
  2,418     Edwards Lifesciences Corp.*     255,776  
  7,893     Digital Arts, Inc.      931,769  
  3,585     Eli Lilly & Co.      1,047,286  
  394     Embecta Corp.*     11,989  
  16,743     Emerson Electrical Co.      1,509,884  
  1,782     Etsy, Inc.*     166,065  
  3,765     F5 Networks, Inc.*     630,299  
  20,064     Fastenal Co.      1,109,740  
  1,782     FedEx Corp.      354,155  
  3,567     Flooring & Decor Holdings, Inc. – Class A*     284,361  
  7,863     Fortune Manufacturers House & Safety, Inc.      560,239  
  891     Generac Holdings, Inc.*     195,468  
  8,958     Real Components Co.      1,164,988  
  6,819     Gilead Sciences, Inc.      404,639  
  15,768     Graco, Inc.      977,931  
  12,795     Hasbro, Inc.      1,126,728  
  7,623     Hershey Co.      1,721,045  
  1,254     HubSpot, Inc.*     475,805  
  1,344     Illumina, Inc.*     398,698  
  15,396     Ingersoll Rand, Inc.      676,808  
  8,058     Intel Corp.      351,248  
  2,952     Intuit, Inc.      1,236,150  
  26,937     Keurig Dr Pepper, Inc.      1,007,444  
  2,151     Lam Analysis Corp.      1,001,850  
  4,035     Masimo Corp.*     455,834  

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS – Continued

As
of April 30, 2022

 

Quantity
of Shares
        Worth  
      COMMON STOCKS (Continued)
        UNITED STATES (Continued)        
  2,598     Meta Platforms, Inc. – Class A*   $ 520,821  
  7,296     Micron Know-how, Inc.      497,514  
  10,404     Novartis A.G. – ADR     915,864  
  4,863     NVIDIA Corp.      901,941  
  10,371     ON Semiconductor Corp.*     540,433  
  3,225     Parker-Hannifin Corp.      873,394  
  13,257     PPG Industries, Inc.      1,696,763  
  13,623     PulteGroup, Inc.      568,896  
  4,833     Qorvo, Inc.*     549,899  
  5,193     QUALCOMM, Inc.      725,410  
  3,135     Repligen Corp.*     492,947  
  3,312     Stryker Corp.      799,053  
  5,106     Synopsys, Inc.*     1,464,350  
  2,511     Take-Two Interactive Software program, Inc.*     300,090  
  13,128     Tapestry, Inc.      432,174  
  2,151     Thermo Fisher Scientific, Inc.      1,189,331  
              54,953,815  
        TOTAL COMMON STOCKS        
        (Price $143,193,008)     154,942,020  
                 
        WARRANTS — 0.0%        
        SWITZERLAND — 0.0%        
  26,568     Cie Financiere Richemont S.A., Expiration Date: November 22, 2023*     18,886  
        TOTAL WARRANTS        
        (Price $0)     18,886  

 

Data
Leaders Developed World ETF

SCHEDULE
OF INVESTMENTS – Continued

As
of April 30, 2022

 

          Worth  
        TOTAL INVESTMENTS — 98.1%        
        (Price $143,193,008)   $ 154,960,906  
        Different Belongings in Extra of Liabilities — 1.9%     2,941,785  
        TOTAL NET ASSETS — 100.0%   $ 157,902,691  

 

ADR – American Depository Receipt
   
PLC – Public Restricted Firm
* Non-income producing safety.

 

See
accompanying Notes to Monetary Statements.

 

Data
Leaders Developed World ETF

SUMMARY
OF INVESTMENTS

As
of April 30, 2022

 

Safety Kind/Sector % of
Complete Internet
Belongings
Widespread Shares  
Data Know-how 18.5%
Industrials 18.4%
Well being Care 17.3%
Shopper Discretionary 14.1%
Shopper Staples 12.4%
Supplies 10.7%
Communication Companies 6.4%
Utilities

0.3%

Complete Widespread Shares 98.1%
Warrants  
Shopper Discretionary

0.0%

Complete Warrants

0.0%

Complete Investments 98.1%
Different Belongings in Extra of Liabilities

1.9%

Complete Internet Belongings

100.0%

 

See
accompanying Notes to Monetary Statements.

 

Data
Leaders Developed World ETF

STATEMENT
OF ASSETS AND LIABILITIES

As
of April 30, 2022

 

Belongings:      
Investments, at worth (Price $143,193,008)   $ 154,960,906  
Overseas forex, at worth (Price $13,093)     13,226  
Money     2,091,938  
Receivables:        
Funding securities offered     5,839,035  
Reclaims receivable     313,607  
Dividends and curiosity     636,557  
Complete property     163,855,269  
         
Liabilities:        
Fund shares redeemed     5,848,020  
Advisory charges     104,558  
Complete liabilities     5,952,578  
         
Internet Belongings   $ 157,902,691  
         
Elements of Internet Belongings:        
Paid-in capital (par worth of $0.01 per share with a limiteless variety of shares licensed)   $ 152,694,603  
Complete distributable earnings     5,208,088  
Internet Belongings   $ 157,902,691  
         
Shares of useful curiosity issued and excellent     4,050,001  
Internet asset worth per share   $ 38.99  

 

See
accompanying Notes to Monetary Statements.

 

Data
Leaders Developed World ETF

STATEMENT
OF OPERATIONS

For
the Yr Ended April 30, 2022

 

Funding Revenue:        
Dividend (web of overseas withholding taxes of $251,829)   $ 3,293,699  
Complete funding earnings     3,293,699  
         
Bills:        
Advisory charges     1,430,124  
Curiosity expense     1,128  
Complete bills     1,431,252  
Internet funding earnings     1,862,447  
         
Realized and Unrealized Achieve:        
Internet realized acquire on investments     14,165,347  
Internet realized loss on overseas forex transactions     (15,040 )
Internet change in unrealized appreciation/(depreciation) on investments     (39,888,410 )
Internet change in unrealized appreciation/(depreciation) on overseas forex translation     (69,334 )
Internet realized and unrealized loss     (25,807,437 )
         
Internet lower in Internet Belongings from Operations   $ (23,944,990 )

 

See
accompanying Notes to Monetary Statements.

 

Data
Leaders Developed World ETF

STATEMENTS
OF CHANGES IN NET ASSETS

 

    For the Yr Ended     For the Yr Ended  
    April 30, 2022     April 30, 2021  
Enhance (Lower) in Internet Belongings from:            
Operations:            
Internet funding earnings   $ 1,862,447     $ 1,133,940  
Internet realized acquire on investments and overseas forex transactions     14,150,307       2,726,407  
Internet change in unrealized appreciation/depreciation on investments and
overseas forex translation
    (39,957,744 )     50,236,250  
Internet enhance (lower) in web property ensuing from operations     (23,944,990 )     54,096,597  
                 
Distributions to Shareholders:     (978,810 )     (1,052,798 )
                 
Capital Transactions:                
Internet proceeds from shares offered     39,726,265       19,224,590  
Price of shares redeemed     (40,558,710 )     (19,280,910 )
Internet lower in web property from capital share transactions     (832,445 )     (56,320 )
                 
Complete enhance (lower) in web property     (25,756,245 )     52,987,479  
                 
Internet Belongings:                
Starting of interval     183,658,936       130,671,457  
Finish of interval   $ 157,902,691     $ 183,658,936  
                 
Capital Share Transactions:                
Shares offered     850,000       550,000  
Shares redeemed     (900,000 )     (550,000 )
Internet lower in capital share transactions     (50,000 )      

 

See
accompanying Notes to Monetary Statements.

 

Data
Leaders Developed World ETF

FINANCIAL
HIGHLIGHTS

 

Per share working efficiency.

For a capital share excellent all through every interval.

                               
    For
the Yr Ended April 30,
 
    2022     2021     2020     2019     2018  
Internet
asset worth, starting of interval
  $ 44.79     $ 31.87     $ 33.75     $ 34.06     $ 29.34  
Revenue
from Funding Operations:
                                       
Internet
funding earnings1
    0.45       0.28       0.31       0.39       0.31  
Internet
realized and unrealized acquire (loss) on investments
    (6.02 )     12.90       (1.83 )     (0.41 )     4.64  
Complete
from funding operations
    (5.57 )     13.18       (1.52 )     (0.02 )     4.95  
                                         
Much less
Distributions:
                                       
From
web funding earnings
    (0.23 )     (0.26 )     (0.36 )     (0.29 )     (0.23 )
Complete
distributions
    (0.23 )     (0.26 )     (0.36 )     (0.29 )     (0.23 )
                                         
Internet
asset worth, finish of interval
  $ 38.99     $ 44.79     $ 31.87     $ 33.75     $ 34.06  
                                         
Complete
return2
    (12.52 )%     41.40 %     (4.64 )%     0.09 %     16.89 %
Complete
return at market worth3
    (13.28 )%     42.40 %     (5.35 )%     (0.08 )%     16.73 %
                                         
Ratios
and Supplemental Information:
                                       
Internet property, finish of
interval (in hundreds)
  $ 157,903     $ 183,659     $ 130,671     $ 131,628     $ 132,826  
                                         
Ratio of bills to
common web property
    0.75 %     0.75 %     0.75 %     0.75 %     0.75 %
Ratio of web funding
earnings to common web property
    0.98 %     0.70 %     0.92 %     1.19 %     0.94 %
                                         
Portfolio
turnover charge4
    23 %     31 %     19 %     18 %     10 %

 

1 Primarily based on common shares excellent through the interval.
2 Internet asset worth whole return is calculated assuming an preliminary funding made on the web asset worth at first of the
interval, reinvestment of all dividends and distributions at web asset worth through the interval, if any, and redemption on the final
day of the interval at web asset worth.  This share shouldn’t be a sign of the efficiency of a shareholder’s funding
within the Fund based mostly on market worth because of the variations between the market worth of the shares and the online asset worth per share
of the Fund.
3 Market worth whole return is calculated assuming an preliminary funding made at market worth at first of the interval,
reinvestment of all dividends and distributions at web asset worth through the interval, if any, and redemption on the final day of
the interval at market worth.  Market worth is set by the composite closing worth.  Composite closing
safety worth is outlined because the final reported sale worth on the NYSE Arca.  The composite closing worth is the final
reported sale, no matter quantity, and never a median worth, and will have occurred on a date previous to the shut of the reporting
interval.  Market worth could also be higher or lower than web asset worth, relying on the Fund’s closing worth on the NYSE
Arca.
4 Excludes the influence of in-kind transactions associated to the processing of capital share transactions in Creation Items.

 

See accompanying Notes to Monetary Statements.

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS

April 30, 2022

 

Word
1 – Group
 

Data
Leaders Developed World ETF (the ‘‘Fund’’) was organized as a diversified sequence of Funding Managers
Collection Belief, a Delaware statutory belief (the “Belief”) which is registered as an open-end administration funding firm
beneath the Funding Firm Act of 1940, as amended (the “1940 Act”). The Fund’s major funding goal
is to hunt long-term capital appreciation. The Fund is an actively managed exchange-traded fund (“ETF”).

 

The
Fund commenced funding operations on Might 25, 2020 following the tax-free reorganization of the Data Leaders Developed
World ETF (the “Predecessor Fund”), a sequence of Alternate Listed Funds Belief, into the Fund. The Settlement and Plan
of Reorganization was accredited by the Board of Trustees of Alternate Listed Funds Belief on February 25, 2020, the Belief’s
Board of Trustees on March 12, 2020, and by shareholders of the Predecessor Fund on Might 18, 2020. The tax-free reorganization
was completed as of the shut of enterprise on Might 22, 2020. Because of the reorganization, the Fund assumed the efficiency
and accounting historical past of the Predecessor Fund. Monetary info included for the dates previous to the reorganization is that
of the Predecessor Fund.

 

The
reorganization was completed by the next tax-free change by which every shareholder of the Predecessor Fund acquired
the identical combination share web asset worth (“NAV”) within the corresponding lessons as famous beneath:

 

Shares
Issued
    Internet
Belongings
 
  4,100,001     $ 133,822,264  

 

The
web unrealized appreciation of investments transferred was $4,234,983 as of the date of the acquisition.

 

The
Fund is an funding firm and accordingly follows the funding firm accounting and reporting steering of the Monetary
Accounting Requirements Board (“FASB”) Accounting Customary Codification Subject 946 “Monetary Companies—Funding
Corporations”.

 

Word
2 – Accounting Insurance policies
 

The
following is a abstract of the numerous accounting insurance policies constantly adopted by the Fund within the preparation of its monetary
statements. The preparation of monetary statements in conformity with accounting rules usually accepted within the United
States of America (“GAAP”) requires administration to make estimates and assumptions that have an effect on the reported quantities
and disclosures within the monetary statements. Precise outcomes may differ from these estimates.

 

(a)
Valuation of Investments
 

The
Fund values fairness securities on the final reported sale worth on the principal change or within the principal over-the-counter (“OTC”)
market by which such securities are traded, as of the shut of normal buying and selling on the NYSE on the day the securities are being
valued or, if the last-quoted gross sales worth shouldn’t be available, the securities will likely be valued on the final bid or the imply
between the final out there bid and ask worth. Securities traded on the NASDAQ are valued on the NASDAQ Official Closing Value
(“NOCP”). Investments in open-end funding firms are valued on the day by day closing NAV of the respective funding
firm. Debt securities are valued by using a worth equipped by unbiased pricing service suppliers. The unbiased pricing
service suppliers might use varied valuation methodologies together with matrix pricing and different analytical pricing fashions as effectively
as market transactions and seller quotations. These fashions usually contemplate such elements as yields or costs of bonds of comparable
high quality, kind of problem, coupon, maturity, rankings and common market situations. If a worth shouldn’t be available for a portfolio
safety, the safety will likely be valued at honest worth (the quantity which the Fund may moderately anticipate to obtain for the safety
upon its present sale) as decided in good religion by the Fund’s advisor, topic to assessment and approval by the Valuation
Committee, pursuant to procedures adopted by the Board of Trustees. The actions of the Valuation Committee are subsequently reviewed
by the Board at its subsequent commonly scheduled board assembly. The Valuation Committee meets as wanted. The Valuation Committee is
comprised of all of the Trustees, however motion could also be taken by any one of many Trustees.

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS – Continued

April 30, 2022

 

Overseas
securities traded in nations outdoors the U.S. are honest valued by using the quotations of an unbiased pricing service.
The pricing service makes use of statistical analyses and quantitative fashions to regulate native costs utilizing elements corresponding to subsequent
motion and adjustments within the costs of indexes, securities and change charges in different markets in figuring out honest worth as of
the time the Fund calculates the NAVs. The Board evaluations the unbiased third occasion honest valuation evaluation report quarterly.

 

(b)
Funding Transactions, Funding Revenue and Bills
 

Funding
transactions are accounted for on the commerce date. Realized features and losses on investments are decided on the recognized value
foundation. Dividend earnings is recorded web of relevant withholding taxes on the ex-dividend date and curiosity earnings is recorded
on an accrual foundation. Withholding taxes on overseas dividends, if relevant, are paid (a portion of which can be reclaimable) or
offered for in accordance with the relevant nation’s tax guidelines and charges and are disclosed within the Assertion of Operations.
Withholding tax reclaims are filed in sure nations to get well a portion of the quantities beforehand withheld. The Fund information
a reclaim receivable based mostly on plenty of elements, together with a jurisdiction’s authorized obligation to pay reclaims in addition to
cost historical past and market conference. Reductions on debt securities are accreted or amortized to curiosity earnings over the lives
of the respective securities utilizing the efficient curiosity technique. Premiums for callable debt securities are amortized to the earliest
name date, if the decision worth was lower than the acquisition worth. If the decision worth was not at par and the safety was not known as,
the safety is amortized to the subsequent name worth and date.

 

(c)
Capital Share Transactions
 

Fund
Shares are listed and traded on the Alternate on every day that the Alternate is open for enterprise (“Enterprise Day”).
Particular person Fund Shares might solely be bought and offered on the Alternate by a broker-dealer. As a result of the Fund’s Shares
commerce at market costs reasonably than at their NAV, Shares might commerce at a worth equal to the NAV, higher than NAV (premium) or much less
than NAV (low cost).

 

The Fund
gives and redeems Shares on a steady foundation at NAV solely in giant blocks of Shares, at the moment 50,000 Shares for the Fund (“Creation
Unit”). Besides when aggregated in Creation Items, Shares should not redeemable securities of the Fund. Fund Shares might
solely be bought from or redeemed to the Fund by sure monetary establishments (“Licensed Members”). An Licensed
Participant is both (i) a broker-dealer or different participant within the clearing course of by the Steady Internet Settlement System
of the Nationwide Securities Clearing Company or (ii) a Depository Belief Firm (“DTC”) participant and, in every
case, should have executed a Participant Settlement with the Distributor. Creation Items can be found for buy and redemption
on every Enterprise Day and are supplied and redeemed on an in-kind foundation, along with the required money quantity, or for an all
money quantity.

 

To
the extent contemplated by a participant settlement, within the occasion an Licensed Participant has submitted a redemption request
in correct type however is unable to switch all or a part of the shares comprising a Creation Unit to be redeemed by the Distributor,
on behalf of the Fund, by the point as set forth in a participant settlement, the Distributor might nonetheless settle for the redemption
request in reliance on the endeavor by the Licensed Participant to ship the lacking shares as quickly as attainable, which
endeavor shall be secured by the Licensed Participant’s supply and upkeep of collateral equal to a share
of the market worth as set forth within the Participant Settlement. A participant settlement might allow the Fund to make use of such collateral
to buy the lacking shares, and will topic an Licensed Participant to legal responsibility for any shortfall between the price of
the Fund buying such shares and the worth of the collateral.

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS – Continued

April
30, 2022

 

Most
retail traders is not going to qualify as Licensed Members or have the assets to purchase and promote entire Creation Items. Subsequently,
they are going to be unable to buy or redeem the Shares straight from the Fund. Relatively, most retail traders will buy Shares
within the secondary market with the help of a dealer, which will likely be topic to customary brokerage commissions or charges.

 

A
mounted buy (i.e., creation) transaction charge is imposed for the switch and different transaction prices related to the acquisition
of Creation Items, and traders will likely be required to pay a creation transaction charge whatever the variety of Creation Items
created within the transaction. The Fund might regulate the creation transaction charge once in a while based mostly upon precise expertise. In
addition, a variable charge could also be imposed for money purchases, non-standard orders, or partial money purchases of Creation Items.
The variable charge is primarily designed to cowl non-standard prices, e.g., brokerage, taxes, overseas change, execution, market
influence, and different prices and bills, associated to the execution of trades ensuing from such transaction. The Fund might regulate
the non-standard cost once in a while based mostly upon precise expertise. Traders who use the companies of an Licensed Participant,
dealer or different such middleman could also be charged a charge for such companies which can embrace an quantity for the creation transaction
charge and non-standard prices. Traders are liable for the prices of transferring the securities constituting the deposit
securities to the account of the Belief. The Advisor might retain all or a portion of the transaction charge to the extent the Advisor
bears the bills that in any other case could be borne by the Belief in reference to the issuance of a Creation Unit, which the transaction
charge is designed to cowl. The usual Creation Unit transaction charge for the Fund is $1,800, whatever the variety of Creation
Items created within the transaction.

 

A
mounted redemption transaction charge could also be imposed for the switch and different transaction prices related to the redemption of
Creation Items, and Licensed Members will likely be required to pay a redemption transaction charge whatever the variety of Creation
Items created within the transaction. The redemption transaction charge is identical irrespective of what number of Creation Items are being redeemed
pursuant to anyone redemption request. The Fund might regulate the redemption transaction charge once in a while based mostly upon precise
expertise. As well as, a variable charge, payable to the Fund, could also be imposed for money redemptions, non-standard orders, or partial
money redemptions for the Fund. The variable charge is primarily designed to cowl non-standard prices, e.g., brokerage, taxes, overseas
change, execution, market influence, and different prices and bills, associated to the execution of trades ensuing from such transaction.
Traders who use the companies of an Licensed Participant, dealer or different such middleman could also be charged a charge for such companies
which can embrace an quantity for the redemption transaction charges and non-standard prices. Traders are liable for the prices
of transferring the securities constituting the Fund securities to the account of the Belief. The non-standard prices are payable
to the Fund because it incurs prices in reference to the redemption of Creation Items, the receipt of Fund securities and the money
redemption quantity and different transactions prices. The usual redemption transaction charge for the Fund is $3,500, no matter
the variety of Creation Items created within the transaction.

 

(d)
Overseas Forex Translation
 

The
Fund’s information are maintained in U.S. {dollars}. The worth of securities, currencies and different property and liabilities denominated
in currencies aside from U.S. {dollars} are translated into U.S. {dollars} based mostly upon overseas change charges prevailing on the finish
of the reporting interval. The currencies are translated into U.S. {dollars} through the use of the change charges quoted on the shut of the
London Inventory Alternate previous to when the Fund’s NAV is subsequent decided. Purchases and gross sales of funding securities, earnings
and bills are translated on the respective dates of such transactions.

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS – Continued

April 30, 2022

 

The
Fund doesn’t isolate that portion of its web realized and unrealized features and losses on investments ensuing from adjustments in
overseas change charges from the influence arising from adjustments in market costs. Such fluctuations are included with web realized
and unrealized acquire or loss from investments and overseas forex.

 

Internet
realized overseas forex transaction features and losses come up from gross sales of foreign exchange, forex features or losses realized
between the commerce and settlement dates on securities transactions, and the variations between the quantities of dividends, curiosity,
and overseas withholding taxes recorded on the Fund’s books and the U.S. greenback equal of the quantities really acquired
or paid. Internet unrealized overseas forex translation features and losses come up from adjustments within the worth of property and liabilities,
aside from investments in securities, ensuing from adjustments within the change charges.

 

(e)
Federal Revenue Taxes
 

The
Fund intends to adjust to the necessities of Subchapter M of the Inner Income Code relevant to regulated funding firms
and to distribute considerably all of its web funding earnings and any web realized features to its shareholders. Subsequently, no
provision is made for federal earnings or excise taxes. Because of the timing of dividend distributions and the variations in accounting
for earnings and realized features and losses for monetary assertion and federal earnings tax functions, the fiscal 12 months by which quantities
are distributed might differ from the 12 months by which the earnings and realized features and losses are recorded by the Fund.

 

Accounting
for Uncertainty in Revenue Taxes
(the “Revenue Tax Assertion”) requires an analysis of tax positions taken (or
anticipated to be taken) in the middle of making ready a Fund’s tax returns to find out whether or not these positions meet a “more-likely-than-not”
normal that, based mostly on the technical deserves, have a greater than fifty % probability of being sustained by a taxing authority
upon examination. A tax place that meets the “more-likely-than-not” recognition threshold is measured to find out
the quantity of profit to acknowledge within the monetary statements. The Fund acknowledges curiosity and penalties, if any, associated to
unrecognized tax advantages as earnings tax expense within the Assertion of Operations.

 

The
Revenue Tax Assertion requires administration of the Fund to investigate tax positions taken within the prior three open tax years, if any,
and tax positions anticipated to be taken within the Fund’s present tax 12 months, as outlined by the IRS statute of limitations for
all main jurisdictions, together with federal tax authorities and sure state tax authorities. As of and through the open years
ended April 30, 2019-2021 and as of and through the 12 months ended April 30, 2022, the Fund didn’t have a legal responsibility for any unrecognized
tax advantages. The Fund has no examination in progress and isn’t conscious of any tax positions for which it’s moderately attainable
that the whole quantities of unrecognized tax advantages will considerably change within the subsequent twelve months.

 

(f)
Distributions to Shareholders
 

The
Fund will make distributions of web funding earnings and web capital features, if any, at the least yearly. Distributions to shareholders
are recorded on the ex-dividend date. The quantity and timing of distributions are decided in accordance with federal earnings
tax rules, which can differ from GAAP.

 

The
character of distributions made through the 12 months from web funding earnings or web realized features might differ from the characterization
for federal earnings tax functions attributable to variations within the recognition of earnings, expense and acquire (loss) objects for monetary assertion
and tax functions.

 

(g)
Illiquid Securities
 

Pursuant
to Rule 22e-4 beneath the 1940 Act, the Fund has adopted a Liquidity Threat Administration Program (“LRMP”) that requires,
amongst different issues, that the Fund limits its illiquid investments which can be property to not more than 15% of web property. An illiquid
funding is any safety which can not moderately be anticipated to be offered or disposed of in present market situations in seven
calendar days or much less with out the sale or disposition considerably altering the market worth of the funding. If the Advisor,
at any time, determines that the worth of illiquid securities held by the Fund exceeds 15% of its NAV, the Advisor will take such
steps because it considers applicable to scale back them as quickly as moderately practicable in accordance with the Fund’s written
LRMP.

 

Data
Leaders Developed World ETF 

NOTES
TO FINANCIAL STATEMENTS – Continued

April 30, 2022

 

Word
3 – Funding Advisory and Different Agreements
 

The
Belief, on behalf of the Fund, entered into an Funding Advisory Settlement (the “Settlement”) with Data Leaders
Capital, LLC (the “Advisor”). Underneath the phrases of the Settlement, the Fund pays a month-to-month funding advisory charge to
the Advisor on the annual charge of 0.75% of the Fund’s common day by day web property. The Advisor has agreed to pay all bills
of the Fund aside from the advisory charge, curiosity, taxes, brokerage commissions and different bills incurred in putting orders
for the acquisition and sale of securities and different funding devices, acquired fund charges and bills, accrued deferred tax
legal responsibility, extraordinary bills, and distribution charges and bills paid beneath any distribution plan adopted pursuant to Rule
12b-1 beneath the 1940 Act.

 

Brown
Brothers Harriman & Co. serves because the Fund’s fund accountant, switch agent and custodian. UMB Fund Companies, Inc.
(“UMBFS”) and Mutual Fund Administration, LLC (“MFAC”) function the Fund’s co-administrators.

 

IMST
Distributors, LLC serves because the Fund’s distributor (the “Distributor”). The Distributor doesn’t obtain compensation
from the Fund for its distribution companies; the Advisor pays the Distributor a charge for its distribution-related companies.

 

Sure
trustees and officers of the Belief are workers of UMBFS or MFAC. The Fund doesn’t compensate trustees and officers affiliated
with the Fund’s co-administrators.

 

Dziura
Compliance Consulting, LLC supplies Chief Compliance Officer (“CCO”) companies to the Belief.

 

Word
4 – Federal Revenue Taxes
 

At
April 30, 2022, gross unrealized appreciation and depreciation on investments owned by the Fund, based mostly on value for federal earnings
tax functions had been as follows:

 

Price of investments   $ 143,861,451  
         
Gross unrealized appreciation   $ 29,413,844  
Gross unrealized depreciation     (18,314,389 )
Internet unrealized appreciation on investments   $ 11,099,455  

 

The
distinction between value quantities for monetary assertion and federal earnings tax functions is due primarily to timing variations
in recognizing sure features and losses in safety transactions.

 

GAAP
requires that sure elements of web property be reclassified between monetary and tax reporting. These reclassifications have
no impact on web property or web asset worth per share. For the 12 months ended April 30, 2022, everlasting variations in ebook and tax
accounting have been reclassified to Capital and Complete Distributable Earnings (Accrued Deficit) as follows:

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS – Continued

April 30, 2022

 

  Enhance (Lower)
  Capital      

Complete Distributable Earnings

(Accrued Deficit)

 
$ 11,423,390     $ (11,423,390 )

 

As
of April 30, 2022, the elements of collected earnings (deficit) on a tax foundation had been as follows:

 

Undistributed
odd earnings
  $ 1,340,246  
Undistributed
long-term capital features
     
Tax collected earnings     1,340,246  
         
Accrued capital
and different losses
    (7,169,381 )
         
Internet unrealized appreciation
on investments
    11,099,455  
Internet
unrealized depreciation on overseas forex translations
    (62,232 )
         
Complete
collected earnings
  $ 5,208,088  

 

As
of the tax 12 months ended April 30, 2022, the Fund had $2,417,483 of short-term and $4,751,898 of long-term non-expiring collected
capital loss carryforwards.

 

To
the extent {that a} fund might notice future web capital features, these features will likely be offset by any of its unused capital loss carryforward.
Future capital loss carryover utilization in any given 12 months could also be topic to Inner Income Code limitations. Throughout the tax
12 months ended April 30, 2022, the Fund utilized $2,382,842 of non-expiring capital loss carryforwards.

 

The
tax character of distributions paid through the fiscal years ended April 30, 2022 and April 30, 2021 had been as follows:

 

    2022     2021  
Distributions paid from:                
Odd earnings   $ 978,810     $ 1,052,798  
Internet long-term capital features            
Complete distributions paid   $ 978,810     $ 1,052,798  

 

Word
5 – Funding Transactions
 

Purchases
and gross sales of investments, excluding in-kind transactions and short-term investments, for the 12 months ended April 30, 2022
had been as follows:

 

Fund   Purchases     Gross sales  
Data
Leaders Developed World ETF
  $ 56,438,808     $ 43,480,409  

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS – Continued

April 30, 2022

 

Purchases,
gross sales, and realized acquire/(loss) of in-kind transactions for the 12 months ended April 30, 2022 had been as follows:

 

Fund   Purchases     Gross sales     Achieve/(Loss)  
Data
Leaders Developed World ETF
  $ 25,657,052     $ 39,764,618     $ 11,522,907  

 

Word
6 – Distribution and Service Plan
 

The
Belief has adopted a Rule 12b-1 Distribution and Service Plan (the “Distribution and Service Plan”) pursuant to which
funds of as much as a most of 0.25% of common day by day web property could also be made to compensate or reimburse monetary intermediaries
for actions principally meant to outcome within the sale of the Fund’s Shares. In accordance with the Distribution and
Service Plan, the Distributor might enter into agreements with monetary intermediaries and sellers referring to distribution and/or
advertising companies with respect to the Belief. The Board of Trustees has not licensed the Fund to make funds beneath the Distribution
and Service Plan.  At the moment, no cost is being made by the Fund.

 

Word
7 – Indemnifications
 

In
the traditional course of enterprise, the Fund enters into contracts that comprise a wide range of representations which offer common
indemnifications. The Fund’s most publicity beneath these preparations is unknown, as this could contain future claims that
could also be made towards the Fund that haven’t but occurred. Nonetheless, the Fund expects the danger of loss to be distant.

 

Word
8 – Truthful Worth Measurements and Disclosure
 

Truthful
Worth Measurements and Disclosures
defines honest worth, establishes a framework for measuring honest worth in accordance with
GAAP, and expands disclosure about honest worth measurements. It additionally supplies steering on figuring out when there was a big
lower within the quantity and stage of exercise for an asset or a legal responsibility, when a transaction shouldn’t be orderly, and the way that info
should be included into a good worth measurement.

 

Underneath
Truthful Worth Measurements and Disclosures, varied inputs are utilized in figuring out the worth of the Fund’s investments.
These inputs are summarized into three broad Ranges as described beneath:

 

Degree
1 – Unadjusted quoted costs in energetic markets for similar property or liabilities that the Fund has the flexibility to entry.

 

Degree
2 – Observable inputs aside from quoted costs included in Degree 1 which can be observable for the asset or legal responsibility, both
straight or not directly. These inputs might embrace quoted costs for the similar instrument on an inactive market, costs for
comparable devices, rates of interest, prepayment speeds, credit score danger, yield curves, default charges and comparable information.

 

Degree
3 – Unobservable inputs for the asset or legal responsibility, to the extent related observable inputs should not out there, representing
the Fund’s personal assumptions concerning the assumptions a market participant would use in valuing the asset or legal responsibility, and would
be based mostly on the most effective info out there.

 

The
availability of observable inputs can differ from safety to safety and is affected by all kinds of things, together with,
for instance, the kind of safety, whether or not the safety is new and never but established within the market, the liquidity of markets,
and different traits explicit to the safety. To the extent that valuation relies on fashions or inputs which can be much less
observable or unobservable out there, the dedication of honest worth requires extra judgment. Accordingly, the diploma of judgment
exercised in figuring out honest worth is best for devices categorized in Degree 3.

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS – Continued
 

April
30, 2022

 

The
inputs used to measure honest worth might fall into totally different Ranges of the honest worth hierarchy. In such instances, for disclosure functions,
the Degree within the honest worth hierarchy inside which the honest worth measurement falls in its entirety, is set based mostly on the
lowest Degree enter that’s vital to the honest worth measurement in its entirety.

 

The
inputs or methodology used for valuing securities should not a sign of the danger related to investing in these securities.
The next is a abstract of the inputs used, as of April 30, 2022, in valuing the Fund’s property carried at honest worth:

 

    Degree
1
    Degree
2**
    Degree
3**
    Complete  
Investments                                
Widespread
Inventory*
  $ 154,942,020     $     $     $ 154,942,020  
Warrants     18,886                   18,886  
Complete
Investments
  $ 154,960,906     $     $     $ 154,960,906  

 

* All
frequent shares held within the Fund are Degree 1 securities. For an in depth break-out of frequent shares by nation classification, please
consult with the Schedule of Investments
.
** The
Fund didn’t maintain any Degree 2 or 3 securities at interval finish.

 

Word
9 – Market Disruption and Geopolitical Dangers
 

Sure
native, regional or world occasions corresponding to struggle, acts of terrorism, the unfold of infectious sickness or different public well being points,
or different occasions may have a big influence on a safety or instrument. Since 2020, the novel pressure of coronavirus (COVID-19)
has negatively affected the worldwide financial system, in addition to the economies of particular person nations, the monetary well being of particular person
firms and the market normally in vital and unexpected methods. Following Russia’s large-scale invasion of Ukraine,
the President of the US signed an Government Order in February 2022 prohibiting U.S. individuals from getting into transactions
with the Central Financial institution of Russia and Government Orders in March 2022 prohibiting U.S. individuals from importing oil and fuel from Russia
in addition to different in style Russian exports, corresponding to diamonds, seafood and vodka. There may additionally be restrictions on investments in
Chinese language firms. For instance, the President of the US of America signed an Government Order in June 2021 affirming
and increasing the U.S. coverage prohibiting U.S. individuals from buying or investing in publicly-traded securities of firms
recognized by the U.S. Authorities as “Chinese language Army-Industrial Complicated Corporations.” The record of such firms can
change once in a while, and because of compelled promoting or an incapacity to take part in an funding the Advisor in any other case
believes is engaging, the Fund might incur losses. The period of the coronavirus outbreak and the Russian-Ukraine battle may
adversely have an effect on the Fund’s efficiency, the efficiency of the securities by which the Fund invests and will result in losses
in your funding. The final word influence of COVID-19 and Russia Invasion on the monetary efficiency of the Fund’s investments
shouldn’t be moderately estimable at the moment. Administration is actively monitoring these occasions.

 

Word
10 – New Accounting Pronouncement
 

In
October 2020, the SEC adopted new rules governing the usage of derivatives by registered funding firms (“Rule
18f-4”). Rule 18f-4 will impose limits on the quantity of derivatives a Fund can enter into, remove the asset segregation
framework at the moment utilized by funds to adjust to Part 18 of the 1940 Act, and require funds whose use of derivatives is larger
than a restricted specified quantity to determine and preserve a complete derivatives danger administration program and appoint a derivatives
danger supervisor. Funds will likely be required to adjust to Rule 18f-4 by August 19, 2022. It’s not at the moment clear what influence, if any,
Rule 18f-4 can have on the provision, liquidity or efficiency of derivatives. Administration is at the moment evaluating the potential
influence of Rule 18f-4 on the Fund(s). When totally applied, Rule 18f-4 might require adjustments in how a Fund makes use of derivatives, adversely
have an effect on the Fund’s efficiency and enhance prices associated to the Fund’s use of derivatives.

 

Data
Leaders Developed World ETF
 

NOTES
TO FINANCIAL STATEMENTS – Continued

April 30, 2022

 

In
December 2020, the SEC adopted a brand new rule offering a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5
establishes necessities for figuring out honest worth in good religion for functions of the 1940 Act. Rule 2a-5 will allow fund boards
to designate sure events to carry out honest worth determinations, topic to board oversight and sure different situations. Rule
2a-5 additionally defines when market quotations are “available” for functions of the 1940 Act and the brink for
figuring out whether or not a fund should honest worth a safety. In reference to Rule 2a-5, the SEC additionally adopted associated recordkeeping
necessities and is rescinding beforehand issued steering, together with with respect to the function of a board in figuring out honest worth
and the accounting and auditing of fund investments. The Funds will likely be required to adjust to the foundations by September 8, 2022.
Administration is at the moment assessing the potential influence of the brand new guidelines on the Fund’s monetary statements.

 

In
March 2020, FASB issued ASU 2020-04, Reference Fee Reform: Facilitation of the Results of Reference Fee Reform on Monetary
Reporting. The principle goal of the brand new steering is to supply aid to firms that will likely be impacted by the anticipated change
in benchmark rates of interest on the finish of 2021, when taking part banks will now not be required to submit London Interbank
Supplied Fee (“LIBOR”) quotes by the UK Monetary Conduct Authority. The brand new steering permits firms to, offered
the one change to present contracts are a change to an accredited benchmark rate of interest, account for modifications as a continuance
of the prevailing contract with out further evaluation. As well as, spinoff contracts that certified for hedge accounting prior
to modification, will likely be allowed to proceed to obtain such remedy, even when essential phrases change attributable to a change within the benchmark
rate of interest. For brand spanking new and present contracts, the Fund might elect to use the amendments as of March 12, 2020 by December
31, 2022. Administration is at the moment assessing the influence of the ASU’s adoption to the Fund’s monetary statements and
varied filings.

 

Word
11 – Occasions Subsequent to the Fiscal Interval Finish
 

The
Fund has adopted monetary reporting guidelines concerning subsequent occasions which require an entity to acknowledge within the monetary statements
the consequences of all subsequent occasions that present further proof about situations that existed on the date of the stability
sheet. Administration has evaluated the Fund’s associated occasions and transactions that occurred by the date of issuance of
the Fund’s monetary statements. There have been no occasions or transactions that occurred throughout this era that materially impacted
the quantities or disclosures within the Fund’s monetary statements.

 

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To
the Board of Trustees of Funding Managers Collection Belief and 

Shareholders
of Data Leaders Developed World ETF 

 

Opinion
on the Monetary Statements 

We
have audited the accompanying assertion of property and liabilities of the Data Leaders Developed World ETF (the “Fund”),
a sequence of Funding Managers Collection Belief, together with the schedule of investments, as of April 30, 2022, the associated assertion
of operations for the 12 months ended, the assertion of adjustments in web property for every of the 2 12 months within the interval then ended, and
the monetary highlights for every of the 2 years within the interval then ended, and the associated notes (collectively known as
the “monetary statements”). In our opinion, the monetary statements current pretty, in all materials respects, the
monetary place of the Fund as of April 30, 2022, the outcomes of its operations for the 12 months then ended, the adjustments in its
web property for every of the 2 years within the interval then ended, and the monetary highlights for every of the 2 years within the interval
then ended, in conformity with accounting rules usually accepted in the US of America.

 

The
monetary highlights for every of the three years within the interval ended April 30, 2020 have been audited by different auditors, whose
report dated June 25, 2020 expressed unqualified opinions on such monetary assertion and monetary highlights.

 

Foundation
for Opinion
 

These
monetary statements are the duty of the Fund’s administration. Our duty is to specific an opinion on the
Fund’s monetary statements based mostly on our audit. We’re a public accounting agency registered with the Public Firm Accounting
Oversight Board (United States) (“PCAOB”) and are required to be unbiased with respect to the Fund in accordance
with the U.S. federal securities legal guidelines and the relevant guidelines and rules of the Securities and Alternate Fee and the
PCAOB. We have now served because the auditor of a number of of the funds within the Funding Managers Collection Belief since 2007.

 

We
performed our audit in accordance with the requirements of the PCAOB. These requirements require that we plan and carry out the audit
to acquire cheap assurance about whether or not the monetary statements are free of fabric misstatement, whether or not attributable to error
or fraud. The Fund shouldn’t be required to have, nor had been we engaged to carry out, an audit of its inner management over monetary reporting.
As a part of our audits we’re required to acquire an understanding of inner management over monetary reporting, however not for the
goal of expressing an opinion on the effectiveness of the Fund’s inner management over monetary reporting. Accordingly,
we categorical no such opinion.

 

Our
audit included performing procedures to evaluate the dangers of fabric misstatement of the monetary statements, whether or not attributable to
error or fraud, and performing procedures that reply to these dangers. Such procedures included inspecting, on a check foundation, proof
concerning the quantities and disclosures within the monetary statements. Our audit additionally included evaluating the accounting rules
used and vital estimates made by administration, in addition to evaluating the general presentation of the monetary statements.
Our procedures included affirmation of securities owned as of April 30, 2022 by correspondence with the custodian. We consider
that our audits present an inexpensive foundation for our opinion.

 

 
  TAIT, WELLER & BAKER
LLP

  

Philadelphia,
Pennsylvania 

June
29, 2022

 

Data
Leaders Developed World ETF
 

SUPPLEMENTAL
INFORMATION (Unaudited)

 

Tax
Data
 

For
the 12 months ended April 30, 2022, 100.00% of dividends to be paid from web funding earnings, together with short-term capital features
from the Fund (if any), are designated as certified dividend earnings.

 

For
the 12 months ended April 30, 2022, 34.12% of the dividends to paid from web funding earnings, together with short-term capital features
from the Fund (if any), are designated as dividends acquired deduction out there to company shareholders.

 

Trustees
and Officers Data

Further
details about the Trustees is included within the Fund’s Assertion of Further Data which is on the market, with out
cost, upon request by calling (844) 428-3525. The Trustees and officers of the Fund and its principal occupations through the
previous 5 years are as follows:

 

Identify, Handle,

Yr of Beginning and

Place(s) held

with Belief

Time period of Workplacec

and Size of

Time Served

Principal Occupation Throughout the Previous

5 Years and Different Affiliations

Quantity
of

Portfolios in

the Fund

Complicated

Overseen

by
Trusteed

Different

Directorships

Held by

Trustee

Throughout the

Previous 5

Yearse

Impartial Trustees:

Charles
H. Miller a

(born
1947)

Trustee

Since
November 2007
Retired
(2013 – current); Government Vice President, Shopper Administration and Growth, Entry Information, a Broadridge firm, a
supplier of know-how and companies to asset administration corporations (1997 – 2012).
2 361
Social Infrastructure Fund, a closed-end funding firm.

Ashley
Toomey Rabun a

(born
1952)

Trustee
and Chairperson of the Board

Since
November 2007
Retired
(2016 – current); President and Founder, InvestorReach, Inc., a monetary companies consulting agency (1996 – 2015).
2 361
Social Infrastructure Fund, a closed-end funding firm;   Choose Sector SPDR Belief, a registered funding
firm (contains 11 portfolios).

William
H. Younger a

(born
1950)

Trustee

Since
November 2007

Retired
(2014 – current); Impartial monetary companies marketing consultant (1996 – 2014); Interim CEO, Unified Fund Companies
Inc. (now Huntington Fund Companies), a mutual fund service supplier (2003 – 2006); Senior Vice President, Oppenheimer
Administration Firm (1983 – 1996); Chairman, NICSA, an funding administration commerce affiliation (1993 – 1996).
2 361
Social Infrastructure Fund, a closed-end funding firm.

 

Data
Leaders Developed World ETF
 

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

 

Identify, Handle,

Yr of Beginning and

Place(s) held

with Belief

Time period of Workplacec

and Size of

Time Served

Principal Occupation Throughout the Previous

5 Years and Different Affiliations

Quantity
of

Portfolios in

the Fund

Complicated

Overseen

by
Trusteed

Different

Directorships

Held by

Trustee

Throughout the

Previous 5

Yearse

Impartial Trustee:

John
P. Zader a

(born
1961)

Trustee

Since
November 2007
Retired
(June 2014 – current); CEO, UMB Fund Companies, Inc., a mutual fund and hedge fund service supplier, and the switch
agent, fund accountant, and co-administrator for the Fund (December 2006 – June 2014); President, Funding Managers
Collection Belief (December 2007 – June 2014).
2

Funding
Managers Collection Belief II, a registered funding firm (contains 52 portfolios); 361 Social Infrastructure Fund, a closed-end
funding firm.

Trustees:

Eric
M. Banhazl b†

(born
1957)

Trustee

Since
January 2008

Chairman,
Foothill Capital Administration, LLC, a registered funding advisor (2018 – current); Chairman (2016 – current),
and President (2006 – 2015), Mutual Fund Administration, LLC, the co-administrator for the Fund.
2 Funding
Managers Collection Belief II, a registered funding firm (contains 52 portfolios);  361 Social Infrastructure Fund,
a closed-end funding firm.

Maureen
Quill a*

(born
1963)

Trustee
and President

Since
June 2019

President,
Funding Managers Collection Belief (June 2014 – current); EVP/Government Director Registered Funds (January 2018 –
current), Chief Working Officer (June 2014 – January 2018), and Government Vice President (January 2007 – June
2014), UMB Fund Companies, Inc.; President, UMB Distribution Companies (March 2013 – December 2020); Vice President, Funding
Managers Collection Belief
2 361
Social Infrastructure Fund, a closed-end funding firm.

 

Data
Leaders Developed World ETF

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

 

Identify, Handle,

Yr of Beginning and

Place(s) held

with Belief

Time period of Workplacec

and Size of

Time Served

Principal Occupation Throughout the Previous

5 Years and Different Affiliations

Quantity
of

Portfolios in

the Fund

Complicated

Overseen

by
Trusteed

Different

Directorships

Held
by

Trustee

Throughout
the

Previous
5

Yearse

Officers of the Belief:

Rita
Dam b

(born
1966)

Treasurer
and Assistant Secretary

Since
December 2007
Co-Chief
Government Officer (2016 – current), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President,
Foothill Capital Administration, LLC, a registered funding advisor (2018 – current).
N/A N/A

Pleasure
Ausili b

(born
1966)

Vice
President, Assistant Secretary, and Assistant Treasurer

Since
March 2016
Co-Chief
Government Officer (2016 – current), and Vice President (2006 – 2015), Mutual Fund Administration, LLC; Co-President,
Foothill Capital Administration, LLC, a registered funding advisor (2018 – current); Secretary and Assistant Treasurer,
Funding Managers Collection Belief (December 2007 – March 2016).
N/A N/A

Diane
Drake b

(born
1967)

Secretary

Since
March 2016

Senior
Counsel, Mutual Fund Administration, LLC (October 2015 – current); Chief Compliance
Officer, Foothill Capital Administration, LLC, a registered funding advisor (2018 –
2019).

N/A N/A

Martin
Dziura b

(born
1959)

Chief
Compliance Officer

Since
June 2014
Principal,
Dziura Compliance Consulting, LLC (October 2014 – current); Managing Director, Cipperman Compliance Companies (2010 –
September 2014); Chief Compliance Officer, Hanlon Funding Administration (2009 – 2010); Vice President − Compliance,
Morgan Stanley Funding Administration (2000 − 2009).
N/A N/A

 

a Handle
for sure Trustees and sure officers: 235 West Galena Avenue, Milwaukee, Wisconsin 53212.
b Handle
for Mr. Banhazl, Ms. Ausili, Ms. Dam and Ms. Drake: 2220 E. Route 66, Suite 226, Glendora, California 91740.

Handle
for Mr. Dziura: 309 Woodridge Lane, Media, Pennsylvania 19063.

c Trustees
and officers serve till their successors have been duly elected.
d The
Belief is comprised of 53 sequence managed by unaffiliated funding advisors. Every Trustee serves as Trustee of every sequence of
the Belief. The time period “Fund Complicated” applies solely to the Fund(s) managed by the identical funding advisor. The Fund’s
funding advisor additionally serves as funding advisor to the KL Allocation Fund which is obtainable in a separate prospectus. The
Fund doesn’t maintain itself out as associated to another sequence inside the Belief, for functions of funding and investor companies.
e “Different
Directorships Held” contains solely directorships of firms required to register or file reviews with the SEC beneath the
Securities Alternate Act of 1934, as amended (that’s, “public firms”), or different funding firms registered
beneath the 1940 Act.
Mr.
Banhazl is an “ individual” of the Belief by advantage of his place with Mutual Fund Administration, LLC.
* Ms.
Quill is an “ individual” of the Belief by advantage of her place with UMB Fund Companies, Inc.

 

Data
Leaders Developed World ETF
 

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

 

Board
Consideration of Funding Advisory Settlement
 

At
an in-person assembly held on March 9-10, 2022, the Board of Trustees (the “Board”) of Funding Managers Collection
Belief (the “Belief”), together with the trustees who should not “ individuals” of the Belief (the
Impartial Trustees”) as outlined within the Funding Firm Act of 1940, as amended (the “1940 Act”),
reviewed and unanimously accredited the renewal of the funding advisory settlement (the “Advisory Settlement”)
between the Belief and Data Leaders Capital, LLC (the “Funding Advisor”) with respect to the Data
Leaders Developed World ETF sequence of the Belief (the “Fund”) for an extra one-year time period from when it in any other case
would expire. In approving renewal of the Advisory Settlement, the Board, together with the Impartial Trustees, decided that such
renewal was in the most effective pursuits of the Fund and its shareholders.

 

Background 

In
advance of the assembly, the Board acquired details about the Fund and the Advisory Settlement from the Funding Advisor and
from Mutual Fund Administration, LLC and UMB Fund Companies, Inc., the Belief’s co-administrators, sure parts of which
are mentioned beneath. The supplies, amongst different issues, included details about the Funding Advisor’s group
and monetary situation; info concerning the background, expertise, and compensation construction of related personnel offering
companies to the Fund; details about the Funding Advisor’s compliance insurance policies and procedures, catastrophe restoration and
contingency planning, and insurance policies with respect to portfolio execution and buying and selling; info concerning the profitability of
the Funding Advisor’s general relationship with the Fund; reviews evaluating the efficiency of the Fund with returns
of the Morningstar Developed Markets Massive-Mid Cap Index and a gaggle of comparable funds (the “Peer Group”)
chosen by Broadridge Monetary Options, Inc. (“Broadridge”) from Morningstar, Inc.’s World Massive-Inventory
Mix fund universe (the “Fund Universe”) for the one-, three-, and five-year intervals ended December 31, 2021;
and reviews evaluating the funding advisory charge and whole bills of the Fund with these of the Peer Group and Fund Universe.
The Board additionally acquired a memorandum from authorized counsel to the Belief discussing the authorized requirements beneath the 1940 Act and different
relevant legislation for his or her consideration of the proposed renewal of the Advisory Settlement. As well as, the Board thought-about info
reviewed by the Board through the 12 months at different Board and Board committee conferences. No representatives of the Funding Advisor
had been current through the Board’s consideration of the Advisory Settlement, and the Impartial Trustees had been represented by
their authorized counsel with respect to the issues thought-about.

 

In
renewing the Advisory Settlement, the Board and the Impartial Trustees thought-about a wide range of elements, together with these mentioned
beneath. Of their deliberations, the Board and the Impartial Trustees didn’t establish any explicit issue that was controlling,
and every Trustee might have attributed totally different weights to the varied elements.

 

Nature,
Extent and High quality of Companies
 

With
respect to the efficiency outcomes of the Fund, the assembly supplies indicated that the Fund’s annualized whole return
for the five-year interval was above the Peer Group median return, however beneath the Fund Universe median return and the Morningstar
Developed Markets Massive-Mid Cap Index return by 0.04% and 1.35%, respectively. The Fund’s annualized whole return for the
three-year interval was the identical because the Peer Group median return, however beneath the Fund Universe median return and the Morningstar
Index return by 1.03% and a pair of.80%, respectively. For the one-year interval, the Fund’s whole return was beneath the Peer Group
median return by 4.45%, the Fund Universe median return by 5.10%, and the Morningstar Index return by 7.89%. The Trustees thought-about
the Funding Advisor’s assertion that the Fund’s underperformance over the one-year interval relative to the Morningstar
Index might be attributed to the Fund’s vital obese place in overseas equities and its underweight place
to U.S. equities, which usually outperformed overseas equities through the interval. The Trustees additionally noticed that the Fund’s
volatility of returns, as measured by its normal deviation; its risk-adjusted returns, as measured by its Sharpe ratio; and
its draw back volatility, as measured by its Morningstar danger rating, ranked it within the first or second quartile of the funds (which
are essentially the most favorable) within the Peer Group and Fund Universe for the one-, three-, and five-year intervals.

 

Data
Leaders Developed World ETF
 

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

 

The
Board famous its familiarity with the Funding Advisor because the funding advisor for an additional sequence of the Belief, and regarded
the general high quality of companies offered by the Funding Advisor to the Fund. In doing so, the Board thought-about the Funding
Advisor’s particular duties in day-to-day administration and oversight of the Fund, in addition to the {qualifications}, expertise,
and duties of the personnel concerned within the actions of the Fund. The Board additionally thought-about the general high quality of
the group and operations of the Funding Advisor, in addition to its compliance construction. The Board and the Impartial
Trustees concluded that based mostly on the varied elements that they had reviewed, the character, general high quality, and extent of the administration
and oversight companies offered by the Funding Advisor to the Fund had been passable.

 

Advisory
Payment and Expense Ratio
 

With
respect to the advisory charge paid by the Fund, the assembly supplies indicated that the annual funding advisory charge (gross of
charge waivers) was greater than the Peer Group and Fund Universe medians by 0.05% and 0.10%, respectively. The Trustees famous that
the advisory charge charged by the Funding Advisor to the Fund is identical as or greater than the charges the Funding Advisor sometimes
prices to handle wrap-fee and managed-account packages utilizing the identical technique because the Fund. The Trustees noticed, nevertheless, that
administration of mutual fund property requires compliance with sure necessities beneath the 1940 Act that don’t apply to the Funding
Advisor’s wrap-fee and managed-account packages, and that the Funding Advisor supplies extra companies to the Fund than
it does to the wrap-fee and managed-account packages. The Trustees additionally thought-about that the Fund’s advisory charge was decrease
than the advisory charge paid by the opposite sequence of the Belief managed by the Funding Advisor.

 

The
annual whole bills paid by the Fund (web of charge waivers) for the Fund’s most up-to-date fiscal 12 months had been decrease than the Fund
Universe median and the identical because the Peer Group median. The Trustees thought-about, nevertheless, that the common web property of the Fund
had been considerably decrease than the common web property of corresponding lessons of funds within the Peer Group, and that sure of
these different funds additionally had vital property in different lessons.

 

The
Board and the Impartial Trustees concluded that based mostly on the elements that they had reviewed, the compensation payable to the Funding
Advisor beneath the Advisory Settlement was honest and cheap in mild of the character and high quality of the companies the Funding
Advisor supplies to the Fund.

 

Profitability
and Economies of Scale
 

The
Board subsequent thought-about info ready by the Funding Advisor referring to its prices and income with respect to the Fund
for the 12 months ended December 31, 2021. Recognizing the problem in evaluating an funding advisor’s profitability with
respect to the funds it manages within the context of an advisor with a number of strains of enterprise, and noting that different profitability
methodologies may additionally be cheap, the Board and the Impartial Trustees concluded that the revenue of the Funding Advisor
from its relationship with the Fund was cheap.

 

The
Board additionally thought-about the advantages acquired by the Funding Advisor because of the Funding Advisor’s relationship
with the Fund, aside from the receipt of its funding advisory charge, together with any analysis acquired from broker-dealers offering
execution companies to the Fund, the useful results from the assessment by the Belief’s Chief Compliance Officer of the Funding
Advisor’s compliance program, and the intangible advantages of the Funding Advisor’s affiliation with the Fund usually
and any favorable publicity arising in reference to the Fund’s efficiency. The Board additionally famous that though there
had been no advisory charge breakpoints, the asset stage of the Fund was not at the moment prone to result in vital economies of scale,
and that any such economies could be thought-about sooner or later because the property of the Fund develop. In that connection, the Board additionally
thought-about that the Funding Advisor was sharing the advantages of any potential economies of scale with the Fund’s shareholders
by investing in enhancements to the agency’s personnel and compliance and operational infrastructure.

 

Data
Leaders Developed World ETF
 

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

 

Conclusion 

Primarily based
on these and different elements, the Board and the Impartial Trustees concluded that renewal of the Advisory Settlement was within the
greatest pursuits of the Fund and its shareholders and, accordingly, accredited the renewal of the Advisory Settlement. 

 

Data
Leaders Developed World ETF
 

SUPPLEMENTAL
INFORMATION (Unaudited) – Continued

 

Assertion
Concerning Liquidity Threat Administration Program
 

The
Securities and Alternate Fee adopted Rule 22e-4 beneath the Funding Firm Act of 1940, as amended (the “Liquidity
Rule”), to advertise efficient liquidity danger administration all through the open-end funding firm business, thereby lowering
the danger that funds will likely be unable to satisfy their redemption obligations and mitigating dilution of the pursuits of fund shareholders. 

 

The
Board of Trustees (the “Board”) of Funding Managers Collection Belief (the “Belief”) met on March 9-10, 2022
(the “Assembly”), to assessment the liquidity danger administration program (the “Fund Program”) relevant to the
Data Leaders Developed World ETF, a sequence of the Belief (the “Fund”), pursuant to the Liquidity Rule. The Board
has appointed Data Leaders Capital, the funding adviser to the Fund, as this system administrator (“Program Administrator”)
for the Fund Program. Underneath the Belief’s liquidity danger administration program (the “Belief Program”), the Board has
delegated oversight of the Belief Program to the Liquidity Oversight Committee (the “Oversight Committee”). On the
Assembly, the Oversight Committee, on behalf of Program Administrator and the Fund, offered the Board with a written report (the
“Report”) that addressed the operation, adequacy, and effectiveness of implementation of the Fund Program, and any
materials adjustments to it for the interval from January 1, 2021 by December 31, 2021 (the “Program Reporting Interval”).

 

In
assessing the adequacy and effectiveness of implementation of the Fund Program, the Report mentioned the next, amongst different
issues:

 

The
Fund’s classification as an In-Form ETF and the necessities to take care of this classification;
An
overview of market liquidity for the Fund through the Program Reporting Interval;
The
Fund’s in-kind redemption course of;
The
Fund’s money administration;
The
Fund’s borrowing exercise, if any, with the intention to meet redemption requests; and
The
Fund’s compliance with the 15% restrict of illiquid investments.

 

The
Report acknowledged that the Fund is classed as an In-Form ETF and due to this fact the Fund shouldn’t be required to determine an HLIM. The Report
additionally acknowledged that there have been no materials adjustments made to the Fund Program through the Program Reporting Interval.

 

In
the Report, the Program Administrator concluded that (i) the Fund Program, as adopted and applied, stays moderately designed
to evaluate and handle the Fund’s liquidity danger; (ii) the Fund continues to qualify as an In-Form ETF and due to this fact shouldn’t be
required to undertake an HLIM; (iii) through the Program Reporting Interval, the Fund was in a position to meet redemption requests, if any, by
in-kind transfers of securities, positions, and property aside from a de minimis amount of money; and (iv) there have been no weaknesses
within the design or implementation of the Fund Program through the Program Reporting Interval.

 

There
could be no assurance that the Fund Program will obtain its targets sooner or later. Please consult with the Fund’s prospectus
for extra info concerning the Fund’s publicity to liquidity danger and different principal dangers to which an funding in
the Fund could also be topic.

 

Data
Leaders Developed World ETF
 

EXPENSE
EXAMPLE 

For
the Six Months Ended April 30, 2022 (Unaudited)

 

Expense
Instance
 

As
a shareholder of the Fund you incur an advisory charge. Along with the advisory charge, a shareholder might pay brokerage bills,
taxes, curiosity, litigation bills and different extraordinary bills (together with acquired fund charges and bills), if any. It
is vital so that you can perceive the influence of those ongoing prices in your funding returns. Shareholders might incur brokerage
commissions on their purchases and gross sales of Fund shares, which aren’t mirrored in these examples.

 

These
examples are based mostly on an funding of $1,000 invested at first of the interval and held for all the interval from November
1, 2021 to April 30, 2022.

 

Precise
Bills
 

The
info within the row titled “Precise Efficiency” of the desk beneath supplies precise account values and precise bills.
You might use the knowledge in these columns, along with the quantity you invested, to estimate the bills that you just paid over
the interval. Merely divide your account worth by $1,000 (for instance, an $8,600 account worth divided by $1,000 = 8.6), then multiply
the outcome by the quantity within the applicable row beneath the column titled “Bills Paid Throughout Interval” to estimate
the bills you paid in your account throughout this era.

 

Hypothetical
Instance for Comparability Functions
 

The
info within the row titled “Hypothetical (5% annual return earlier than bills)” of the desk beneath supplies hypothetical
account values and hypothetical bills based mostly on the Fund’s precise expense ratios and an assumed charge of return of 5% per
12 months earlier than bills, which isn’t the Fund’s precise return. The hypothetical account values and bills is probably not used
to estimate the precise ending account stability or bills you paid for the interval. You might use this info to match the
ongoing prices of investing within the Fund and different funds. To take action, examine these 5% hypothetical examples with the 5% hypothetical
examples that seem within the shareholder reviews of the opposite funds.

 

Please
observe that the bills proven within the desk are supposed to spotlight your ongoing prices solely and don’t replicate any transaction prices,
corresponding to gross sales prices (load) or contingent deferred gross sales prices. Subsequently, the knowledge within the row titled “Hypothetical
(5% annual return earlier than bills)” is helpful in evaluating ongoing prices solely, and won’t provide help to decide the relative
whole prices of proudly owning totally different funds. As well as, if these transactional prices had been included, your prices would have been greater.

 

 

Starting 

Account
Worth

Ending 

Account
Worth

Bills
Paid 

Throughout
Interval*

11/1/21 4/30/22 11/1/21-4/30/22
Precise
Efficiency
$1,000.00 $820.10 $3.39
Hypothetical
(5% annual return earlier than bills)
1,000.00 1,021.08 3.77

 

* Bills
are equal to the Fund’s annualized expense ratio of 0.75%, multiplied by the common account worth over the interval, multiplied
by 181/365 (to replicate the six-month interval). Assumes all dividends and distributions had been reinvested.

 

This
web page is deliberately left clean

 

This
web page is deliberately left clean

 

FUND
INFORMATION

 

  TICKER CUSIP
Data Leaders
Developed World ETF
KLDW 461
43U 849

 

Privateness
Rules of the Data Leaders Developed World ETF for Shareholders
 

The
Fund is dedicated to sustaining the privateness of its shareholders and to safeguarding its personal private info. The
following info is offered that will help you perceive what private info the Fund collects, how we shield that info
and why, in sure instances, we might share info with choose different events.

 

Typically,
the Fund doesn’t obtain any personal private info referring to its shareholders, though sure personal private
info of its shareholders might turn into out there to the Fund. The Fund doesn’t disclose any personal private info
about its shareholders or former shareholders to anybody, besides as permitted by legislation or as is important with the intention to service shareholder
accounts (for instance, to a switch agent or third occasion administrator). 

 

 

This
report is shipped to shareholders of the Data Leaders Developed World ETF for his or her info. It’s not a Prospectus, round
or illustration meant to be used within the buy or sale of shares of the Fund or of any securities talked about on this report.

 

Proxy
Voting Insurance policies and Procedures 

A
description of the Fund’s proxy voting insurance policies and procedures associated to portfolio securities is on the market with out cost,
upon request, by calling the Fund at (844) 428-3525 or on the U.S. Securities and Alternate Fee’s (“SEC”)
web site at www.sec.gov.

 

Proxy
Voting File
 

Data
concerning how the Fund voted proxies for portfolio securities, if relevant, throughout the newest 12-month interval ended June
30, can also be out there, with out cost and upon request by calling (844) 428-3525 or by accessing the Fund’s Kind N-PX on
the SEC’s web site at www.sec.gov.

 

Fund
Portfolio Holdings
 

The
Fund information an entire schedule of its portfolio holdings with the SEC for the primary and third quarters of every fiscal 12 months on
Kind N-PORT inside 60 days of the top of such fiscal quarter. Shareholders might acquire the Fund’s Kind N-PORT on the SEC’s
web site at www.sec.gov.

 

Prior
to the usage of Kind N-PORT, the Fund filed its full schedule of portfolio holdings with the SEC on Kind N-Q, which is on the market
on-line at www.sec.gov.

 

Householding 

The
Fund will mail just one copy of shareholder paperwork, together with prospectuses, and see of annual and semi-annual reviews availability
and proxy statements, to shareholders with a number of accounts on the similar tackle. This follow is often known as “householding”
and is meant to scale back bills and remove duplicate mailings of shareholder paperwork. Mailings of your shareholder paperwork
could also be householded indefinitely except you instruct us in any other case. If you don’t want the mailing of those paperwork to be mixed
with these for different members of your family, please name the Fund at (844) 428-3525.

 

Data
Leaders Developed World ETF 

P.O.
Field 2175 

Milwaukee,
WI 53201 

Toll
Free: (844) 428-3525

 

Merchandise
1. Report back to Stockholders (Continued).

 

 

Merchandise
2. Code of Ethics.

  

The
registrant has adopted a code of ethics that applies to the registrant’s principal government officer and principal monetary officer.
The registrant has not made any amendments to its code of ethics through the interval lined by this report. The registrant has
not granted any waivers from any provisions of the code of ethics through the interval lined by this report.

 

The
registrant undertakes to supply to any individual with out cost, upon request, a replica of its code of ethics by mail once they name
the registrant at (844-428-3525).

 

Merchandise
3. Audit Committee Monetary Professional.

 

The
registrant’s board of trustees has decided that there’s at the least one audit committee monetary professional serving on its
audit committee.  John P. Zader is the “audit committee monetary professional” and is taken into account to
be “unbiased” as every time period is outlined in Merchandise 3 of Kind N-CSR.

 

Merchandise
4. Principal Accountant Charges and Companies.

 

The
registrant has engaged its principal accountant to carry out audit companies, audit-related companies, tax companies and different companies
through the previous two fiscal years. “Audit companies” consult with performing an audit of the registrant’s annual monetary
statements or companies which can be usually offered by the accountant in reference to statutory and regulatory filings or engagements
for these fiscal years. “Audit-related companies” consult with the peace of mind and associated companies by the principal accountant
which can be moderately associated to the efficiency of the audit. “Tax companies” consult with skilled companies rendered
by the principal accountant for tax compliance, tax recommendation, and tax planning. There have been no “different companies” offered
by the principal accountant. The next desk particulars the combination charges billed or anticipated to be billed for every of the final
two fiscal years for audit charges, audit-related charges, tax charges and different charges by the principal accountant.

 

  FYE
04/30/2022
FYE
04/30/21
Audit
Charges
$16,100 $16,000
Audit-Associated
Charges
N/A N/A
Tax
Charges
$ 2,800 $  2,800
All
Different Charges
N/A N/A

 

The
audit committee has adopted pre-approval insurance policies and procedures that require the audit committee to pre-approve all audit and
non-audit companies of the registrant, together with companies offered to any entity affiliated with the registrant.

 

The
share of charges billed by Tait, Weller, & Weller LLP relevant to non-audit companies pursuant to waiver of pre-approval
requirement had been as follows:

 

  FYE
04/30/2022
FYE
04/30/2021
Audit-Associated
Charges
0% 0%
Tax
Charges
0% 0%
All
Different Charges
0% 0%

 

All
of the principal accountant’s hours spent on auditing the registrant’s monetary statements had been attributed to work carried out
by full-time everlasting workers of the principal accountant.

 

The
following desk signifies the non-audit charges billed or anticipated to be billed by the registrant’s accountant for companies to the
registrant and to the registrant’s funding adviser (and another controlling entity, and many others.—not sub-adviser) for the final
two years. The audit committee of the Board of Trustees has thought-about whether or not the availability of non-audit companies that had been rendered
to the registrant’s funding adviser is appropriate with sustaining the principal accountant’s independence and has concluded
that the availability of such non-audit companies by the accountant has not compromised the accountant’s independence.

 

Non-Audit
Associated Charges
FYE
04/30/2022
FYE
04/30/2021
Registrant N/A N/A
Registrant’s
Funding Advisor
N/A N/A

 

Merchandise
5. Audit Committee of Listed Registrants.

 

(a) Not
relevant to registrants who should not listed issuers (as outlined in Rule 10A-3 beneath
the Securities Alternate Act of 1934).

 

Merchandise
6. Schedule of Investments.

 

(a) Schedule
of Investments is included as a part of the report back to shareholders filed beneath Merchandise 1 of
this Kind.

 

 

Merchandise
7. Disclosure of Proxy Voting Insurance policies and Procedures for Closed-Finish Administration Funding Corporations.

 

Not
relevant to open-end funding firms.

 

Merchandise
8. Portfolio Managers of Closed-Finish Administration Funding Corporations.

 

Not
relevant to open-end funding firms.

 

Merchandise
9. Purchases of Fairness Securities by Closed-Finish Administration Funding Firm and Affiliated Purchasers.

 

Not
relevant.

 

Merchandise
10. Submission of Issues to a Vote of Safety Holders.

 

The
registrant has not made any materials adjustments to the procedures by which shareholders might suggest nominees to the registrant’s
Board of Trustees.

 

Merchandise
11. Controls and Procedures.

 

(a) The
Registrant’s President/Chief Government Officer and Treasurer/Chief Monetary Officer
have reviewed the Registrant’s disclosure controls and procedures (as outlined in
Rule 30a-3(c) beneath the Funding Firm Act of 1940 (the “Act”)) as of
a date inside 90 days of the submitting of this report, as required by Rule 30a-3(b) beneath
the Act and Guidelines 13a-15(b) or 15d-15(b) beneath the Securities Alternate Act of 1934. Primarily based
on their assessment, such officers have concluded that the disclosure controls and procedures
are efficient in making certain that info required to be disclosed on this report is
appropriately recorded, processed, summarized and reported and made identified to them by
others inside the Registrant and by the Registrant’s service supplier.

 

(b) There
had been no adjustments within the Registrant’s inner management over monetary reporting (as
outlined in Rule 30a-3(d) beneath the Act) that occurred through the interval lined by this
report that has materially affected, or in all fairness prone to materially have an effect on, the
Registrant’s inner management over monetary reporting.

 

Merchandise
12. Disclosure of Securities Lending Actions for Closed-Finish Administration Funding Corporations.

 

Not
relevant to open-end funding firms.

 

Merchandise
13. Displays.

 

  

(2)
Certifications pursuant to Part 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 

(3)
Any written solicitation to buy securities beneath Rule 23c-1 beneath the Act despatched or given through the interval lined by the
report by or on behalf of the registrant to 10 or extra individuals.
Not relevant to open-end funding firms.

 

(4)
Change within the registrant’s unbiased public accountant. There was no change within the registrant’s unbiased public
accountant for the interval lined by this report.

 

 

SIGNATURES

 

Pursuant
to the necessities of the Securities Alternate Act of 1934 and the Funding Firm Act of 1940, the registrant has duly triggered
this report back to be signed on its behalf by the undersigned, thereunto duly licensed.

 

(Registrant) Funding
Managers Collection Belief
 
     
By (Signature and Title) /s/
Maureen Quill
 
  Maureen Quill, President/Chief Government Officer  
     
Date 07/08/2022  

 

Pursuant
to the necessities of the Securities Alternate Act of 1934 and the Funding Firm Act of 1940, this report has been signed
beneath by the next individuals on behalf of the registrant and within the capacities and on the dates indicated.

 

By (Signature and Title) /s/
Maureen Quill
 
  Maureen Quill, President/Chief Government Officer  
     
Date 07/08/2022  
     
By (Signature and Title) /s/
Rita Dam
 
  Rita Dam, Treasurer/Chief Monetary Officer  
     
Date 07/08/2022  

 

EX.99.CERT

 

CERTIFICATIONS

 

I, Maureen Quill, certify that:

 

1. I
have reviewed this report on Kind N-CSR of the Data Leaders Developed World ETF,
a sequence of Funding Managers Collection Belief (the “Belief”);

 

2. Primarily based
on my data, this report doesn’t comprise any unfaithful assertion of a fabric reality
or omit to state a fabric reality essential to make the statements made, in mild of the
circumstances beneath which such statements had been made, not deceptive with respect to the
interval lined by this report;

 

3. Primarily based
on my data, the monetary statements, and different monetary info included in
this report, pretty current in all materials respects the monetary situation, outcomes
of operations, adjustments in web property, and money flows (if the monetary statements are
required to incorporate an announcement of money flows) of the registrant as of, and for, the
intervals introduced on this report;

 

4. The
registrant’s different certifying officer(s) and I are liable for establishing and sustaining
disclosure controls and procedures (as outlined in Rule 30a-3(c) beneath the Funding
Firm Act of 1940) and inner management over monetary reporting (as outlined in Rule
30a-3(d) beneath the Funding Firm Act of 1940) for the registrant and have:

 

(a) Designed
such disclosure controls and procedures, or triggered such disclosure controls and procedures
to be designed beneath our supervision, to make sure that materials info referring to
the registrant, together with its consolidated subsidiaries, is made identified to us by others
inside these entities, notably through the interval by which this report is being ready;

 

(b) Designed
such inner management over monetary reporting, or triggered such inner management over
monetary reporting to be designed beneath our supervision, to supply cheap assurance
concerning the reliability of monetary reporting and the preparation of monetary statements
for exterior functions in accordance with usually accepted accounting rules;

 

(c) Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and introduced
on this report our conclusions concerning the effectiveness of the disclosure controls and
procedures, as of a date inside 90 days previous to the submitting date of this report based mostly
on such analysis; and

 

(d) Disclosed
on this report any change within the registrant’s inner management over monetary reporting
that occurred through the second fiscal quarter of the interval lined by this report that
has materially affected, or in all fairness prone to materially have an effect on, the registrant’s
inner management over monetary reporting; and

 

5. The
registrant’s different certifying officer(s) and I’ve disclosed to the registrant’s auditors
and the audit committee of the registrant’s board of administrators (or individuals performing
the equal features):

 

(a) All
vital deficiencies and materials weaknesses within the design or operation of inner
management over monetary reporting that are moderately prone to adversely have an effect on the
registrant’s capacity to document, course of, summarize, and report monetary info;
and

 

(b) Any
fraud, whether or not or not materials, that includes administration or different workers who’ve
a big function within the registrant’s inner management over monetary reporting.

 

Date: 07/08/2022   /s/
Maureen Quill
 
     

Maureen
Quill 

President/Chief
Government Officer 

 

CERTIFICATIONS

 

I, Rita Dam, certify that:

 

1. I
have reviewed this report on Kind N-CSR of the Data Leaders Developed World ETF,
a sequence of Funding Managers Collection Belief (the “Belief”);

 

2. Primarily based
on my data, this report doesn’t comprise any unfaithful assertion of a fabric reality
or omit to state a fabric reality essential to make the statements made, in mild of the
circumstances beneath which such statements had been made, not deceptive with respect to the
interval lined by this report;

 

3. Primarily based
on my data, the monetary statements, and different monetary info included in
this report, pretty current in all materials respects the monetary situation, outcomes
of operations, adjustments in web property, and money flows (if the monetary statements are
required to incorporate an announcement of money flows) of the registrant as of, and for, the
intervals introduced on this report;

 

4. The
registrant’s different certifying officer(s) and I are liable for establishing and sustaining
disclosure controls and procedures (as outlined in Rule 30a-3(c) beneath the Funding
Firm Act of 1940) and inner management over monetary reporting (as outlined in Rule
30a-3(d) beneath the Funding Firm Act of 1940) for the registrant and have:

 

(a) Designed
such disclosure controls and procedures, or triggered such disclosure controls and procedures
to be designed beneath our supervision, to make sure that materials info referring to
the registrant, together with its consolidated subsidiaries, is made identified to us by others
inside these entities, notably through the interval by which this report is being ready;

 

(b) Designed
such inner management over monetary reporting, or triggered such inner management over
monetary reporting to be designed beneath our supervision, to supply cheap assurance
concerning the reliability of monetary reporting and the preparation of monetary statements
for exterior functions in accordance with usually accepted accounting rules;

 

(c) Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and introduced
on this report our conclusions concerning the effectiveness of the disclosure controls and
procedures, as of a date inside 90 days previous to the submitting date of this report based mostly
on such analysis; and

 

(d) Disclosed
on this report any change within the registrant’s inner management over monetary reporting
that occurred through the second fiscal quarter of the interval lined by this report that
has materially affected, or in all fairness prone to materially have an effect on, the registrant’s
inner management over monetary reporting; and

 

5. The
registrant’s different certifying officer(s) and I’ve disclosed to the registrant’s auditors
and the audit committee of the registrant’s board of administrators (or individuals performing
the equal features):

 

(a) All
vital deficiencies and materials weaknesses within the design or operation of inner
management over monetary reporting that are moderately prone to adversely have an effect on the
registrant’s capacity to document, course of, summarize, and report monetary info;
and

 

(b) Any
fraud, whether or not or not materials, that includes administration or different workers who’ve
a big function within the registrant’s inner management over monetary reporting.

 

Date: 07/08/2022   /s/
Rita Dam
 
     

Rita
Dam 

Treasurer/Chief
Monetary Officer 

 

 

 

EX.99.906CERT

 

Certification
of CEO and CFO Pursuant to

18
U.S.C. Part 1350,

as
Adopted Pursuant to

Part
906 of the Sarbanes-Oxley Act of 2002

 

In
reference to the report on Kind N-CSR of Data Leaders Developed World ETF, a sequence of Funding Managers
Collection Belief (the “Belief”), for the fiscal 12 months ended April 30, 2022 (the “Report”), Maureen Quill,
as President/Chief Government Officer of the Belief, and Rita Dam, as Treasurer/Chief Monetary Officer of the Belief, every hereby
certifies, pursuant to 18 U.S.C. Part 1350, as adopted pursuant to Part 906 of the Sarbanes-Oxley Act of 2002,
that, to the most effective of his or her data:

  

  (1) the
Report totally complies with the necessities of Part 13 (a) or 15 (d) of the Securities Alternate Act of 1934; and

 

  (2) the
info contained within the Report pretty presents, in all materials respects, the monetary situation and outcomes of operations
of the Firm.

  

Date 07/08/2022  
   
/s/
Maureen Quill
 
Maureen Quill  
President/Chief Government Officer  
   
/s/
Rita Dam
 
Rita Dam  
Treasurer/Chief Monetary Officer  

 

This
assertion accompanies this report on Kind N-CSR pursuant to Part 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed
as filed by Funding Managers Collection Belief for functions of Part 18 of the Securities Alternate Act of 1934.

 

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