TrimTabs Donoghue Forlines Risk Managed Innovation ETF
|
||||||||
Schedule of Investments
|
||||||||
April 30, 2021 (Unaudited)
|
||||||||
Shares
|
Value
|
|||||||
COMMON STOCKS - 99.9%
|
||||||||
Communications - 7.0%
|
||||||||
Electronic Arts, Inc.
|
6,869
|
$
|
975,947
|
|||||
GoDaddy, Inc. - Class A (a)
|
8,757
|
760,283
|
||||||
Match Group, Inc. (a)
|
5,003
|
778,617
|
||||||
New York Times Co. - Class A
|
9,160
|
415,956
|
||||||
Sirius XM Holdings, Inc.
|
136,650
|
833,565
|
||||||
Take-Two Interactive Software, Inc. (a)
|
4,355
|
763,780
|
||||||
Trade Desk, Inc. - Class A (a)
|
888
|
647,627
|
||||||
Zynga, Inc. - Class A (a)
|
61,187
|
662,043
|
||||||
5,837,818
|
||||||||
Consumer Discretionary - 6.2%
|
||||||||
Amazon.com, Inc. (a)
|
192
|
665,745
|
||||||
Brunswick Corp.
|
6,309
|
675,883
|
||||||
Etsy, Inc. (a)
|
4,236
|
842,074
|
||||||
Ford Motor Co. (a)
|
80,544
|
929,478
|
||||||
Peloton Interactive, Inc. - Class A (a)
|
7,373
|
725,135
|
||||||
Polaris, Inc.
|
5,091
|
712,893
|
||||||
YETI Holdings, Inc. (a)
|
7,415
|
633,389
|
||||||
5,184,597
|
||||||||
Energy - 0.7%
|
||||||||
Enphase Energy, Inc. (a)
|
4,499
|
626,486
|
||||||
Health Care - 20.9%
|
||||||||
AbbVie, Inc.
|
14,254
|
1,589,321
|
||||||
Alexion Pharmaceuticals, Inc. (a)
|
6,142
|
1,036,033
|
||||||
Amgen, Inc.
|
5,995
|
1,436,642
|
||||||
Blueprint Medicines Corp. (a)
|
4,846
|
466,767
|
||||||
Bristol-Myers Squibb Co.
|
22,857
|
1,426,734
|
||||||
Emergent BioSolutions, Inc. (a)
|
4,536
|
276,605
|
||||||
FibroGen, Inc. (a)
|
6,280
|
140,170
|
||||||
Gilead Sciences, Inc.
|
19,147
|
1,215,260
|
||||||
Illumina, Inc. (a)
|
2,500
|
982,100
|
||||||
Jazz Pharmaceuticals PLC (a)
|
3,784
|
622,090
|
||||||
Johnson & Johnson
|
9,339
|
1,519,735
|
||||||
Moderna, Inc. (a)
|
6,878
|
1,229,924
|
||||||
Novavax, Inc. (a)
|
3,083
|
730,455
|
||||||
Novocure Ltd. (a)
|
4,487
|
915,797
|
||||||
Omnicell, Inc. (a)
|
2,969
|
430,564
|
||||||
Sage Therapeutics, Inc. (a)
|
4,026
|
317,088
|
||||||
Seagen, Inc. (a)
|
5,298
|
761,640
|
||||||
United Therapeutics Corp. (a)
|
3,432
|
691,754
|
||||||
Vertex Pharmaceuticals, Inc. (a)
|
4,761
|
1,038,850
|
||||||
Waters Corp. (a)
|
2,073
|
621,630
|
||||||
17,449,159
|
||||||||
Industrials - 6.7%
|
||||||||
A.O. Smith Corp.
|
9,656
|
654,194
|
||||||
Cognex Corp.
|
6,423
|
553,149
|
||||||
ITT, Inc.
|
6,402
|
603,773
|
||||||
Keysight Technologies, Inc. (a)
|
5,979
|
863,069
|
||||||
Lennox International, Inc.
|
2,213
|
742,107
|
||||||
Navistar International Corp. (a)
|
8,497
|
375,992
|
||||||
Novanta, Inc. (a)
|
2,425
|
319,397
|
Toro Co.
|
4,844
|
555,122
|
||||||
Vontier Corp. (a)
|
14,268
|
447,159
|
||||||
Woodward, Inc.
|
3,718
|
464,787
|
||||||
5,578,749
|
||||||||
Technology - 58.4% (d)
|
||||||||
Accenture PLC - Class A
|
5,595
|
1,622,382
|
||||||
ACI Worldwide, Inc. (a)
|
8,083
|
305,376
|
||||||
Adobe, Inc. (a)
|
737
|
374,647
|
||||||
Allegro MicroSystems, Inc. (a)
|
13,079
|
322,790
|
||||||
Apple, Inc.
|
25,803
|
3,392,062
|
||||||
Arista Networks, Inc. (a)
|
2,757
|
868,924
|
||||||
Atlassian Corp. PLC - Class A (a)
|
3,924
|
932,185
|
||||||
Autodesk, Inc. (a)
|
4,064
|
1,186,322
|
||||||
Broadcom, Inc.
|
3,388
|
1,545,606
|
||||||
Cadence Design Systems, Inc. (a)
|
5,346
|
704,442
|
||||||
Cerner Corp.
|
10,988
|
824,649
|
||||||
Cisco Systems, Inc.
|
34,460
|
1,754,359
|
||||||
Citrix Systems, Inc.
|
5,604
|
694,055
|
||||||
Cloudera, Inc. (a)
|
21,610
|
274,231
|
||||||
Coherent, Inc. (a)
|
1,687
|
438,603
|
||||||
Crowdstrike Holdings, Inc. - Class A (a)
|
4,796
|
1,000,014
|
||||||
Dell Technologies, Inc. - Class C (a)
|
7,370
|
724,692
|
||||||
Digital Turbine, Inc. (a)
|
5,471
|
412,678
|
||||||
DocuSign, Inc. (a)
|
4,175
|
930,774
|
||||||
Dropbox, Inc. - Class A (a)
|
26,567
|
682,772
|
||||||
F5 Networks, Inc. (a)
|
3,643
|
680,367
|
||||||
FactSet Research Systems, Inc.
|
2,022
|
679,837
|
||||||
Fair Isaac Corp. (a)
|
1,509
|
786,808
|
||||||
HP, Inc.
|
25,040
|
854,114
|
||||||
International Business Machines Corp.
|
10,627
|
1,507,759
|
||||||
Intuit, Inc.
|
3,373
|
1,390,216
|
||||||
J2 Global, Inc. (a)
|
3,145
|
380,545
|
||||||
Jack Henry & Associates, Inc.
|
4,327
|
704,565
|
||||||
KLA Corp.
|
3,373
|
1,063,676
|
||||||
Lattice Semiconductor Corp. (a)
|
11,010
|
553,913
|
||||||
Lumentum Holdings, Inc. (a)
|
6,139
|
522,122
|
||||||
MACOM Technology Solutions Holdings, Inc. (a)
|
4,721
|
267,256
|
||||||
Manhattan Associates, Inc. (a)
|
5,055
|
693,748
|
||||||
Microchip Technology, Inc.
|
6,356
|
955,243
|
||||||
Monolithic Power Systems, Inc.
|
1,980
|
715,532
|
||||||
Motorola Solutions, Inc.
|
5,043
|
949,597
|
||||||
MSCI, Inc.
|
2,136
|
1,037,605
|
||||||
NetApp, Inc.
|
11,434
|
854,005
|
||||||
Nuance Communications, Inc. (a)
|
11,544
|
613,794
|
||||||
NVIDIA Corp.
|
751
|
450,885
|
||||||
Palo Alto Networks, Inc. (a)
|
2,723
|
962,281
|
||||||
PayPal Holdings, Inc. (a)
|
1,678
|
440,123
|
||||||
Proofpoint, Inc. (a)
|
4,882
|
840,241
|
||||||
PTC, Inc. (a)
|
4,047
|
529,914
|
||||||
Pure Storage, Inc. - Class A (a)
|
23,586
|
476,909
|
||||||
Qorvo, Inc. (a)
|
4,459
|
839,050
|
||||||
Qualys, Inc. (a)
|
3,510
|
355,774
|
||||||
Sailpoint Technologies Holdings, Inc. (a)
|
6,317
|
308,459
|
||||||
Semtech Corp. (a)
|
5,548
|
375,822
|
||||||
ServiceNow, Inc. (a)
|
2,461
|
1,246,177
|
||||||
Sonos, Inc. (a)
|
8,267
|
330,928
|
||||||
Synopsys, Inc. (a)
|
3,803
|
939,569
|
||||||
Teradata Corp. (a)
|
7,551
|
373,548
|
||||||
Tyler Technologies, Inc. (a)
|
1,524
|
647,487
|
Veeva Systems, Inc. - Class A (a)
|
3,403
|
961,177
|
||||||
VMware, Inc. - Class A (a)
|
5,071
|
815,569
|
||||||
Workday, Inc. - Class A (a)
|
4,173
|
1,030,731
|
||||||
Xilinx, Inc.
|
6,995
|
895,080
|
||||||
Zebra Technologies Corp. (a)
|
1,809
|
882,322
|
||||||
Zoom Video Communications, Inc. - Class A (a)
|
3,037
|
970,534
|
||||||
48,874,845
|
||||||||
TOTAL COMMON STOCKS (Cost $76,829,310)
|
83,551,654
|
|||||||
MONEY MARKET FUND - 0.1%
|
||||||||
Fidelity Institutional Money Market Fund - Government Portfolio, Institutional Class, 0.01% (b)
|
99,290
|
99,290
|
||||||
TOTAL MONEY MARKET FUND (Cost $99,290)
|
99,290
|
|||||||
Total Investments (Cost $76,928,600) - 100.0%
|
83,650,944
|
|||||||
Liabilities in Excess of Other Assets - (0.0%) (c)
|
(11,008
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
83,639,936
|
||||||
Percentages are stated as a percent of net assets.
|
||||||||
(a) Non-income producing security.
|
||||||||
(b) Rate disclosed is the seven day annualized yield as of April 30, 2021.
|
||||||||
(c) Less than 0.05%.
|
||||||||
(d) The amount represents investments in a particular sector. Within the sector, the Fund will concentrate its investments
(i.e. invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent of the Underlying Index is concentrated.
|
||||||||
For Fund compliance purposes, the Fund’s industry classifications refers to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for
reporting ease.
|
TrimTabs Donoghue Forlines Risk Managed Innovation ETF
Summary of Fair Value Disclosure at April 30, 2021 (Unaudited)
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021:
Summary of Fair Value Disclosure at April 30, 2021 (Unaudited)
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021:
TrimTabs Donoghue Forlines Risk Managed Innovation ETF
|
|||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
|||||||||||||||
Communications
|
$
|
5,837,818
|
$
|
-
|
$
|
-
|
$
|
5,837,818
|
|||||||
Consumer Discretionary
|
5,184,597
|
-
|
-
|
5,184,597
|
|||||||||||
Energy
|
626,486
|
-
|
-
|
626,486
|
|||||||||||
Health Care
|
17,449,159
|
-
|
-
|
17,449,159
|
|||||||||||
Industrials
|
5,578,749
|
-
|
-
|
5,578,749
|
|||||||||||
Technology
|
48,874,845
|
-
|
-
|
48,874,845
|
|||||||||||
Total Common Stocks
|
83,551,654
|
-
|
-
|
83,551,654
|
|||||||||||
Money Market Fund
|
99,290
|
-
|
-
|
99,290
|
|||||||||||
Total Investments
|
$
|
83,650,944
|
$
|
-
|
$
|
-
|
$
|
83,650,944
|
|||||||
Refer to the Fund’s Schedule of Investments for a detailed break-out of holdings by sector classifications.
|
|||||||||||||||
The Fund did not invest in any Level 3 securities during the period.
|
TrimTabs Donoghue Forlines Risk Managed Innovation ETF
|
||||||||
Schedule of Investments
|
||||||||
April 30, 2021 (Unaudited)
|
||||||||
Shares
|
Value
|
|||||||
COMMON STOCKS - 99.9%
|
||||||||
Communications - 7.0%
|
||||||||
Electronic Arts, Inc.
|
6,869
|
$
|
975,947
|
|||||
GoDaddy, Inc. - Class A (a)
|
8,757
|
760,283
|
||||||
Match Group, Inc. (a)
|
5,003
|
778,617
|
||||||
New York Times Co. - Class A
|
9,160
|
415,956
|
||||||
Sirius XM Holdings, Inc.
|
136,650
|
833,565
|
||||||
Take-Two Interactive Software, Inc. (a)
|
4,355
|
763,780
|
||||||
Trade Desk, Inc. - Class A (a)
|
888
|
647,627
|
||||||
Zynga, Inc. - Class A (a)
|
61,187
|
662,043
|
||||||
5,837,818
|
||||||||
Consumer Discretionary - 6.2%
|
||||||||
Amazon.com, Inc. (a)
|
192
|
665,745
|
||||||
Brunswick Corp.
|
6,309
|
675,883
|
||||||
Etsy, Inc. (a)
|
4,236
|
842,074
|
||||||
Ford Motor Co. (a)
|
80,544
|
929,478
|
||||||
Peloton Interactive, Inc. - Class A (a)
|
7,373
|
725,135
|
||||||
Polaris, Inc.
|
5,091
|
712,893
|
||||||
YETI Holdings, Inc. (a)
|
7,415
|
633,389
|
||||||
5,184,597
|
||||||||
Energy - 0.7%
|
||||||||
Enphase Energy, Inc. (a)
|
4,499
|
626,486
|
||||||
Health Care - 20.9%
|
||||||||
AbbVie, Inc.
|
14,254
|
1,589,321
|
||||||
Alexion Pharmaceuticals, Inc. (a)
|
6,142
|
1,036,033
|
||||||
Amgen, Inc.
|
5,995
|
1,436,642
|
||||||
Blueprint Medicines Corp. (a)
|
4,846
|
466,767
|
||||||
Bristol-Myers Squibb Co.
|
22,857
|
1,426,734
|
||||||
Emergent BioSolutions, Inc. (a)
|
4,536
|
276,605
|
||||||
FibroGen, Inc. (a)
|
6,280
|
140,170
|
||||||
Gilead Sciences, Inc.
|
19,147
|
1,215,260
|
||||||
Illumina, Inc. (a)
|
2,500
|
982,100
|
||||||
Jazz Pharmaceuticals PLC (a)
|
3,784
|
622,090
|
||||||
Johnson & Johnson
|
9,339
|
1,519,735
|
||||||
Moderna, Inc. (a)
|
6,878
|
1,229,924
|
||||||
Novavax, Inc. (a)
|
3,083
|
730,455
|
||||||
Novocure Ltd. (a)
|
4,487
|
915,797
|
||||||
Omnicell, Inc. (a)
|
2,969
|
430,564
|
||||||
Sage Therapeutics, Inc. (a)
|
4,026
|
317,088
|
||||||
Seagen, Inc. (a)
|
5,298
|
761,640
|
||||||
United Therapeutics Corp. (a)
|
3,432
|
691,754
|
||||||
Vertex Pharmaceuticals, Inc. (a)
|
4,761
|
1,038,850
|
||||||
Waters Corp. (a)
|
2,073
|
621,630
|
||||||
17,449,159
|
||||||||
Industrials - 6.7%
|
||||||||
A.O. Smith Corp.
|
9,656
|
654,194
|
||||||
Cognex Corp.
|
6,423
|
553,149
|
||||||
ITT, Inc.
|
6,402
|
603,773
|
||||||
Keysight Technologies, Inc. (a)
|
5,979
|
863,069
|
||||||
Lennox International, Inc.
|
2,213
|
742,107
|
||||||
Navistar International Corp. (a)
|
8,497
|
375,992
|
||||||
Novanta, Inc. (a)
|
2,425
|
319,397
|
Toro Co.
|
4,844
|
555,122
|
||||||
Vontier Corp. (a)
|
14,268
|
447,159
|
||||||
Woodward, Inc.
|
3,718
|
464,787
|
||||||
5,578,749
|
||||||||
Technology - 58.4% (d)
|
||||||||
Accenture PLC - Class A
|
5,595
|
1,622,382
|
||||||
ACI Worldwide, Inc. (a)
|
8,083
|
305,376
|
||||||
Adobe, Inc. (a)
|
737
|
374,647
|
||||||
Allegro MicroSystems, Inc. (a)
|
13,079
|
322,790
|
||||||
Apple, Inc.
|
25,803
|
3,392,062
|
||||||
Arista Networks, Inc. (a)
|
2,757
|
868,924
|
||||||
Atlassian Corp. PLC - Class A (a)
|
3,924
|
932,185
|
||||||
Autodesk, Inc. (a)
|
4,064
|
1,186,322
|
||||||
Broadcom, Inc.
|
3,388
|
1,545,606
|
||||||
Cadence Design Systems, Inc. (a)
|
5,346
|
704,442
|
||||||
Cerner Corp.
|
10,988
|
824,649
|
||||||
Cisco Systems, Inc.
|
34,460
|
1,754,359
|
||||||
Citrix Systems, Inc.
|
5,604
|
694,055
|
||||||
Cloudera, Inc. (a)
|
21,610
|
274,231
|
||||||
Coherent, Inc. (a)
|
1,687
|
438,603
|
||||||
Crowdstrike Holdings, Inc. - Class A (a)
|
4,796
|
1,000,014
|
||||||
Dell Technologies, Inc. - Class C (a)
|
7,370
|
724,692
|
||||||
Digital Turbine, Inc. (a)
|
5,471
|
412,678
|
||||||
DocuSign, Inc. (a)
|
4,175
|
930,774
|
||||||
Dropbox, Inc. - Class A (a)
|
26,567
|
682,772
|
||||||
F5 Networks, Inc. (a)
|
3,643
|
680,367
|
||||||
FactSet Research Systems, Inc.
|
2,022
|
679,837
|
||||||
Fair Isaac Corp. (a)
|
1,509
|
786,808
|
||||||
HP, Inc.
|
25,040
|
854,114
|
||||||
International Business Machines Corp.
|
10,627
|
1,507,759
|
||||||
Intuit, Inc.
|
3,373
|
1,390,216
|
||||||
J2 Global, Inc. (a)
|
3,145
|
380,545
|
||||||
Jack Henry & Associates, Inc.
|
4,327
|
704,565
|
||||||
KLA Corp.
|
3,373
|
1,063,676
|
||||||
Lattice Semiconductor Corp. (a)
|
11,010
|
553,913
|
||||||
Lumentum Holdings, Inc. (a)
|
6,139
|
522,122
|
||||||
MACOM Technology Solutions Holdings, Inc. (a)
|
4,721
|
267,256
|
||||||
Manhattan Associates, Inc. (a)
|
5,055
|
693,748
|
||||||
Microchip Technology, Inc.
|
6,356
|
955,243
|
||||||
Monolithic Power Systems, Inc.
|
1,980
|
715,532
|
||||||
Motorola Solutions, Inc.
|
5,043
|
949,597
|
||||||
MSCI, Inc.
|
2,136
|
1,037,605
|
||||||
NetApp, Inc.
|
11,434
|
854,005
|
||||||
Nuance Communications, Inc. (a)
|
11,544
|
613,794
|
||||||
NVIDIA Corp.
|
751
|
450,885
|
||||||
Palo Alto Networks, Inc. (a)
|
2,723
|
962,281
|
||||||
PayPal Holdings, Inc. (a)
|
1,678
|
440,123
|
||||||
Proofpoint, Inc. (a)
|
4,882
|
840,241
|
||||||
PTC, Inc. (a)
|
4,047
|
529,914
|
||||||
Pure Storage, Inc. - Class A (a)
|
23,586
|
476,909
|
||||||
Qorvo, Inc. (a)
|
4,459
|
839,050
|
||||||
Qualys, Inc. (a)
|
3,510
|
355,774
|
||||||
Sailpoint Technologies Holdings, Inc. (a)
|
6,317
|
308,459
|
||||||
Semtech Corp. (a)
|
5,548
|
375,822
|
||||||
ServiceNow, Inc. (a)
|
2,461
|
1,246,177
|
||||||
Sonos, Inc. (a)
|
8,267
|
330,928
|
||||||
Synopsys, Inc. (a)
|
3,803
|
939,569
|
||||||
Teradata Corp. (a)
|
7,551
|
373,548
|
||||||
Tyler Technologies, Inc. (a)
|
1,524
|
647,487
|
Veeva Systems, Inc. - Class A (a)
|
3,403
|
961,177
|
||||||
VMware, Inc. - Class A (a)
|
5,071
|
815,569
|
||||||
Workday, Inc. - Class A (a)
|
4,173
|
1,030,731
|
||||||
Xilinx, Inc.
|
6,995
|
895,080
|
||||||
Zebra Technologies Corp. (a)
|
1,809
|
882,322
|
||||||
Zoom Video Communications, Inc. - Class A (a)
|
3,037
|
970,534
|
||||||
48,874,845
|
||||||||
TOTAL COMMON STOCKS (Cost $76,829,310)
|
83,551,654
|
|||||||
MONEY MARKET FUND - 0.1%
|
||||||||
Fidelity Institutional Money Market Fund - Government Portfolio, Institutional Class, 0.01% (b)
|
99,290
|
99,290
|
||||||
TOTAL MONEY MARKET FUND (Cost $99,290)
|
99,290
|
|||||||
Total Investments (Cost $76,928,600) - 100.0%
|
83,650,944
|
|||||||
Liabilities in Excess of Other Assets - (0.0%) (c)
|
(11,008
|
)
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
83,639,936
|
||||||
Percentages are stated as a percent of net assets.
|
||||||||
(a) Non-income producing security.
|
||||||||
(b) Rate disclosed is the seven day annualized yield as of April 30, 2021.
|
||||||||
(c) Less than 0.05%.
|
||||||||
(d) The amount represents investments in a particular sector. Within the sector, the Fund will concentrate its investments
(i.e. invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent of the Underlying Index is concentrated.
|
||||||||
For Fund compliance purposes, the Fund’s industry classifications refers to any one or more of the industry sub-classifications
used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for
reporting ease.
|
TrimTabs Donoghue Forlines Risk Managed Innovation ETF
Summary of Fair Value Disclosure at April 30, 2021 (Unaudited)
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021:
Summary of Fair Value Disclosure at April 30, 2021 (Unaudited)
The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2021:
TrimTabs Donoghue Forlines Risk Managed Innovation ETF
|
|||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Common Stocks
|
|||||||||||||||
Communications
|
$
|
5,837,818
|
$
|
-
|
$
|
-
|
$
|
5,837,818
|
|||||||
Consumer Discretionary
|
5,184,597
|
-
|
-
|
5,184,597
|
|||||||||||
Energy
|
626,486
|
-
|
-
|
626,486
|
|||||||||||
Health Care
|
17,449,159
|
-
|
-
|
17,449,159
|
|||||||||||
Industrials
|
5,578,749
|
-
|
-
|
5,578,749
|
|||||||||||
Technology
|
48,874,845
|
-
|
-
|
48,874,845
|
|||||||||||
Total Common Stocks
|
83,551,654
|
-
|
-
|
83,551,654
|
|||||||||||
Money Market Fund
|
99,290
|
-
|
-
|
99,290
|
|||||||||||
Total Investments
|
$
|
83,650,944
|
$
|
-
|
$
|
-
|
$
|
83,650,944
|
|||||||
Refer to the Fund’s Schedule of Investments for a detailed break-out of holdings by sector classifications.
|
|||||||||||||||
The Fund did not invest in any Level 3 securities during the period.
|