|
TrimTabs U.S. Free Cash Flow Quality ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
April 30, 2021 (Unaudited)
|
||||||||
|
Shares
|
Value
|
|||||||
|
COMMON STOCKS - 97.7%
|
||||||||
|
Communications - 4.4%
|
||||||||
|
Alphabet, Inc. - Class A (a)
|
1,113
|
$
|
2,619,446
|
|||||
|
AMC Networks, Inc. - Class A (a)
|
5,225
|
262,713
|
||||||
|
Electronic Arts, Inc.
|
8,712
|
1,237,801
|
||||||
|
Match Group, Inc. (a)
|
9,180
|
1,428,683
|
||||||
|
Sirius XM Holdings, Inc.
|
93,211
|
568,587
|
||||||
|
Take-Two Interactive Software, Inc. (a)
|
5,154
|
903,909
|
||||||
|
Verizon Communications, Inc.
|
27,195
|
1,571,599
|
||||||
|
World Wrestling Entertainment, Inc. - Class A
|
6,582
|
362,734
|
||||||
|
8,955,472
|
||||||||
|
Consumer Discretionary - 13.1%
|
||||||||
|
1-800-Flowers.com, Inc. - Class A (a)
|
12,853
|
410,975
|
||||||
|
Amazon.com, Inc. (a)
|
1,202
|
4,167,839
|
||||||
|
AutoNation, Inc. (a)
|
17,680
|
1,811,846
|
||||||
|
AutoZone, Inc. (a)
|
872
|
1,276,713
|
||||||
|
Best Buy Co., Inc.
|
3,495
|
406,364
|
||||||
|
Brunswick Corp.
|
5,682
|
608,713
|
||||||
|
Deckers Outdoor Corp. (a)
|
1,736
|
587,115
|
||||||
|
Etsy, Inc. (a)
|
9,617
|
1,911,763
|
||||||
|
Ford Motor Co. (a)
|
67,767
|
782,031
|
||||||
|
Home Depot, Inc.
|
6,311
|
2,042,681
|
||||||
|
Lennar Corp. - Class A
|
19,865
|
2,058,014
|
||||||
|
Lowe’s Cos., Inc.
|
10,031
|
1,968,584
|
||||||
|
Lululemon Athletica, Inc. (a)
|
1,833
|
614,550
|
||||||
|
Marriott International, Inc. - Class A (a)
|
6,096
|
905,378
|
||||||
|
Nike, Inc. - Class B
|
5,205
|
690,287
|
||||||
|
Peloton Interactive, Inc. - Class A (a)
|
3,337
|
328,194
|
||||||
|
Polaris, Inc.
|
4,531
|
634,476
|
||||||
|
Ross Stores, Inc.
|
8,575
|
1,122,811
|
||||||
|
Tempur Sealy International, Inc.
|
14,872
|
567,218
|
||||||
|
TJX Companies, Inc.
|
10,035
|
712,485
|
||||||
|
Ulta Beauty, Inc. (a)
|
1,647
|
542,439
|
||||||
|
YETI Holdings, Inc. (a)
|
8,244
|
704,202
|
||||||
|
Yum China Holdings, Inc.
|
25,411
|
1,598,860
|
||||||
|
26,453,538
|
||||||||
|
Consumer Staples - 8.4%
|
||||||||
|
Clorox Co.
|
5,071
|
925,457
|
||||||
|
Colgate-Palmolive Co.
|
24,107
|
1,945,435
|
||||||
|
Costco Wholesale Corp.
|
7,166
|
2,666,397
|
||||||
|
Estee Lauder Cos., Inc.
|
7,522
|
2,360,404
|
||||||
|
General Mills, Inc.
|
9,461
|
575,796
|
||||||
|
Kimberly-Clark Corp.
|
7,168
|
955,638
|
||||||
|
Monster Beverage Corp. (a)
|
10,641
|
1,032,709
|
||||||
|
Philip Morris International, Inc.
|
13,687
|
1,300,265
|
||||||
|
Procter & Gamble Co.
|
12,669
|
1,690,298
|
||||||
|
Sysco Corp.
|
8,298
|
703,090
|
||||||
|
Target Corp.
|
3,613
|
748,830
|
||||||
|
Walmart, Inc.
|
14,849
|
2,077,524
|
||||||
|
16,981,843
|
||||||||
|
Energy - 2.2%
|
||||||||
|
Antero Midstream Corp.
|
59,551
|
514,521
|
||||||
|
Continental Resources, Inc. (a)
|
18,297
|
498,410
|
||||||
|
Enphase Energy, Inc. (a)
|
4,655
|
648,209
|
||||||
|
Halliburton Co.
|
70,395
|
1,376,926
|
||||||
|
NOV, Inc.
|
67,619
|
1,010,904
|
||||||
|
Renewable Energy Group, Inc. (a)
|
6,908
|
383,532
|
||||||
|
4,432,502
|
||||||||
|
Financials - 10.4%
|
||||||||
|
Aon PLC - Class A
|
6,074
|
1,527,246
|
||||||
|
Berkshire Hathaway, Inc. - Class B (a)
|
7,277
|
2,000,811
|
||||||
|
Discover Financial Services
|
4,338
|
494,532
|
||||||
|
First Horizon Corp.
|
66,612
|
1,218,333
|
||||||
|
Goldman Sachs Group, Inc.
|
6,645
|
2,315,450
|
||||||
|
JPMorgan Chase & Co.
|
24,537
|
3,774,036
|
||||||
|
LPL Financial Holdings, Inc.
|
4,527
|
709,381
|
||||||
|
Morgan Stanley
|
27,382
|
2,260,384
|
||||||
|
Progressive Corp.
|
19,717
|
1,986,291
|
||||||
|
SVB Financial Group (a)
|
1,411
|
806,852
|
||||||
|
Synchrony Financial
|
26,313
|
1,150,931
|
||||||
|
T Rowe Price Group, Inc.
|
7,954
|
1,425,357
|
||||||
|
U.S. Bancorp
|
21,311
|
1,264,808
|
||||||
|
20,934,412
|
||||||||
|
Health Care - 9.7%
|
||||||||
|
AbbVie, Inc.
|
19,420
|
2,165,330
|
||||||
|
Alexion Pharmaceuticals, Inc. (a)
|
7,973
|
1,344,886
|
||||||
|
Amedisys, Inc. (a)
|
2,199
|
593,400
|
||||||
|
Amgen, Inc.
|
10,653
|
2,552,885
|
||||||
|
Cardinal Health, Inc.
|
14,802
|
893,153
|
||||||
|
Chemed Corp.
|
1,156
|
550,961
|
||||||
|
Dicerna Pharmaceuticals, Inc. (a)
|
17,969
|
560,453
|
||||||
|
Humana, Inc.
|
2,832
|
1,260,920
|
||||||
|
Jazz Pharmaceuticals PLC (a)
|
4,633
|
761,665
|
||||||
|
McKesson Corp.
|
10,009
|
1,877,288
|
||||||
|
Mettler-Toledo International, Inc. (a)
|
456
|
598,874
|
||||||
|
ResMed, Inc.
|
5,605
|
1,053,572
|
||||||
|
UnitedHealth Group, Inc.
|
5,410
|
2,157,508
|
||||||
|
Vertex Pharmaceuticals, Inc. (a)
|
4,853
|
1,058,924
|
||||||
|
Waters Corp. (a)
|
3,084
|
924,799
|
||||||
|
Zoetis, Inc.
|
7,216
|
1,248,584
|
||||||
|
19,603,202
|
||||||||
|
Industrials - 10.0%
|
||||||||
|
3M Co.
|
5,685
|
1,120,741
|
||||||
|
Illinois Tool Works, Inc.
|
7,612
|
1,754,261
|
||||||
|
Keysight Technologies, Inc. (a)
|
13,009
|
1,877,849
|
||||||
|
Lennox International, Inc.
|
2,612
|
875,908
|
||||||
|
Louisiana-Pacific Corp.
|
37,011
|
2,438,285
|
||||||
|
Old Dominion Freight Line, Inc.
|
5,164
|
1,331,331
|
|
Parker-Hannifin Corp.
|
3,900
|
1,223,859
|
||||||
|
Robert Half International, Inc.
|
7,764
|
680,204
|
||||||
|
Rollins, Inc.
|
17,020
|
634,506
|
||||||
|
Stanley Black & Decker, Inc.
|
4,176
|
863,472
|
||||||
|
Terminix Global Holdings, Inc. (a)
|
11,498
|
585,133
|
||||||
|
Trane Technologies PLC
|
7,495
|
1,302,856
|
||||||
|
TriNet Group, Inc. (a)
|
5,706
|
449,119
|
||||||
|
Union Pacific Corp.
|
3,787
|
841,055
|
||||||
|
United Parcel Service, Inc. - Class B
|
9,701
|
1,977,646
|
||||||
|
United Rentals, Inc. (a)
|
4,703
|
1,504,725
|
||||||
|
WW Grainger, Inc.
|
1,871
|
811,153
|
||||||
|
20,272,103
|
||||||||
|
Materials - 1.8%
|
||||||||
|
Dow, Inc.
|
17,636
|
1,102,250
|
||||||
|
Eagle Materials, Inc.
|
5,036
|
695,673
|
||||||
|
Sherwin-Williams Co.
|
6,497
|
1,779,333
|
||||||
|
3,577,256
|
||||||||
|
Technology - 37.7% (c)
|
||||||||
|
Accenture PLC - Class A
|
10,800
|
3,131,676
|
||||||
|
Adobe, Inc. (a)
|
2,956
|
1,502,653
|
||||||
|
Apple, Inc.
|
76,244
|
10,023,036
|
||||||
|
Atlassian Corp. PLC - Class A (a)
|
2,018
|
479,396
|
||||||
|
Autodesk, Inc. (a)
|
2,213
|
645,997
|
||||||
|
Automatic Data Processing, Inc.
|
4,776
|
893,064
|
||||||
|
Booz Allen Hamilton Holding Corp.
|
8,419
|
698,356
|
||||||
|
Broadcom, Inc.
|
3,374
|
1,539,219
|
||||||
|
Cadence Design Systems, Inc. (a)
|
15,153
|
1,996,711
|
||||||
|
Cisco Systems, Inc.
|
58,194
|
2,962,657
|
||||||
|
Citrix Systems, Inc.
|
6,044
|
748,549
|
||||||
|
Cognizant Technology Solutions Corp. - Class A
|
17,391
|
1,398,236
|
||||||
|
Crowdstrike Holdings, Inc. - Class A (a)
|
4,672
|
974,159
|
||||||
|
Digital Turbine, Inc. (a)
|
6,859
|
517,374
|
||||||
|
EPAM Systems, Inc. (a)
|
2,204
|
1,008,881
|
||||||
|
FactSet Research Systems, Inc.
|
1,946
|
654,284
|
||||||
|
Fair Isaac Corp. (a)
|
1,564
|
815,485
|
||||||
|
FleetCor Technologies, Inc. (a)
|
6,599
|
1,898,664
|
||||||
|
Fortinet, Inc. (a)
|
6,216
|
1,269,494
|
||||||
|
HP, Inc.
|
62,973
|
2,148,009
|
||||||
|
Intel Corp.
|
17,275
|
993,831
|
||||||
|
International Business Machines Corp.
|
17,990
|
2,552,421
|
||||||
|
Intuit, Inc.
|
2,117
|
872,543
|
||||||
|
Jack Henry & Associates, Inc.
|
7,611
|
1,239,299
|
||||||
|
KLA Corp.
|
4,397
|
1,386,594
|
||||||
|
Leidos Holdings, Inc.
|
14,863
|
1,505,325
|
||||||
|
Manhattan Associates, Inc. (a)
|
4,591
|
630,069
|
||||||
|
MarketAxess Holdings, Inc.
|
1,570
|
766,882
|
||||||
|
Mastercard, Inc. - Class A
|
5,341
|
2,040,583
|
||||||
|
Maxim Integrated Products, Inc.
|
11,931
|
1,121,514
|
||||||
|
Microchip Technology, Inc.
|
4,452
|
669,091
|
||||||
|
Microsoft Corp.
|
15,743
|
3,970,070
|
||||||
|
Moody’s Corp.
|
4,259
|
1,391,458
|
||||||
|
Motorola Solutions, Inc.
|
3,174
|
597,664
|
|
MSCI, Inc.
|
2,336
|
1,134,759
|
||||||
|
NVIDIA Corp.
|
3,171
|
1,903,805
|
||||||
|
Oracle Corp.
|
18,203
|
1,379,605
|
||||||
|
Palo Alto Networks, Inc. (a)
|
5,813
|
2,054,256
|
||||||
|
PayPal Holdings, Inc. (a)
|
4,812
|
1,262,140
|
||||||
|
Proofpoint, Inc. (a)
|
4,364
|
751,088
|
||||||
|
S&P Global, Inc.
|
6,067
|
2,368,496
|
||||||
|
ServiceNow, Inc. (a)
|
4,236
|
2,144,983
|
||||||
|
Texas Instruments, Inc.
|
6,550
|
1,182,341
|
||||||
|
Veeva Systems, Inc. - Class A (a)
|
1,602
|
452,485
|
||||||
|
VMware, Inc. - Class A (a)
|
6,405
|
1,030,116
|
||||||
|
Western Union Co.
|
25,971
|
669,013
|
||||||
|
Workday, Inc. - Class A (a)
|
7,333
|
1,811,251
|
||||||
|
Xilinx, Inc.
|
9,196
|
1,176,720
|
||||||
|
Zebra Technologies Corp. (a)
|
2,160
|
1,053,518
|
||||||
|
Zoom Video Communications, Inc. - Class A (a)
|
2,763
|
882,972
|
||||||
|
76,300,792
|
||||||||
|
TOTAL COMMON STOCKS (Cost $162,031,318)
|
197,511,120
|
|||||||
|
REITs - 1.8%
|
||||||||
|
Real Estate - 1.8%
|
||||||||
|
American Tower Corp.
|
8,792
|
2,239,938
|
||||||
|
Gaming and Leisure Properties, Inc.
|
14,145
|
657,601
|
||||||
|
Iron Mountain, Inc.
|
16,560
|
664,387
|
||||||
|
TOTAL REITs (Cost $3,054,894)
|
3,561,926
|
|||||||
|
MONEY MARKET FUND - 0.5%
|
||||||||
|
Fidelity Institutional Money Market Fund - Government Portfolio, Institutional Class, 0.01% (b)
|
984,093
|
984,093
|
||||||
|
TOTAL MONEY MARKET FUND (Cost $984,093)
|
984,093
|
|||||||
|
Total Investments (Cost $166,070,305) - 100.0%
|
202,057,139
|
|||||||
|
Other Assets in Excess of Liabilities - 0.0% (d)
|
46,953
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
202,104,092
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
REIT - Real Estate Invesment Trust
|
||||||||
|
(a) Non-income producing security.
|
||||||||
|
(b) Rate disclosed is the seven day annualized yield as of April 30, 2021.
|
||||||||
|
(c) Amount represents investments in a particular sector. No industry within this sector represented more than 25% of the Fund’s total assets at the time of
investment.
|
||||||||
|
(d) Less than 0.05%.
|
||||||||
|
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 U.S. Free Cash Flow Quality 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 U.S. Free Cash Flow Quality ETF
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Common Stocks
|
||||||||||||||||
|
Communications
|
$
|
8,955,472
|
$
|
-
|
$
|
-
|
$
|
8,955,472
|
||||||||
|
Consumer Discretionary
|
26,453,538
|
-
|
-
|
26,453,538
|
||||||||||||
|
Consumer Staples
|
16,981,843
|
-
|
-
|
16,981,843
|
||||||||||||
|
Energy
|
4,432,502
|
-
|
-
|
4,432,502
|
||||||||||||
|
Financials
|
20,934,412
|
-
|
-
|
20,934,412
|
||||||||||||
|
Health Care
|
19,603,202
|
-
|
-
|
19,603,202
|
||||||||||||
|
Industrials
|
20,272,103
|
-
|
-
|
20,272,103
|
||||||||||||
|
Materials
|
3,577,256
|
-
|
-
|
3,577,256
|
||||||||||||
|
Technology
|
76,300,792
|
-
|
-
|
76,300,792
|
||||||||||||
|
Total Common Stocks
|
197,511,120
|
-
|
-
|
197,511,120
|
||||||||||||
|
REITs
|
3,561,926
|
-
|
-
|
3,561,926
|
||||||||||||
|
Money Market Fund
|
984,093
|
-
|
-
|
984,093
|
||||||||||||
|
Total Investments
|
$
|
202,057,139
|
$
|
-
|
$
|
-
|
$
|
202,057,139
|
||||||||
|
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 U.S. Free Cash Flow Quality ETF
|
|||||||||
|
(formerly, TrimTabs All Cap U.S. Free-Cash-Flow ETF)
|
|||||||||
|
Schedule of Investments
|
|||||||||
|
October 31, 2020 (Unaudited)
|
|||||||||
|
Shares
|
Value
|
||||||||
|
COMMON STOCKS - 99.9%
|
|||||||||
|
Communications - 5.9%
|
|||||||||
|
Activision Blizzard, Inc.
|
13,620
|
$
|
1,031,443
|
||||||
|
Alphabet, Inc. - Class A (a)
|
1,211
|
1,957,109
|
|||||||
|
Facebook, Inc. - Class A (a)
|
12,750
|
3,354,653
|
|||||||
|
The Walt Disney Co.
|
15,878
|
1,925,207
|
|||||||
|
Zillow Group, Inc. - Class C (a)
|
19,942
|
1,767,260
|
|||||||
|
10,035,672
|
|||||||||
|
Consumer Discretionary - 18.7%
|
|||||||||
|
Alibaba Group Holding Ltd. - ADR (a)
|
8,739
|
2,662,686
|
|||||||
|
Amazon.com, Inc. (a)
|
1,450
|
4,402,417
|
|||||||
|
AutoNation, Inc. (a)
|
31,491
|
1,786,484
|
|||||||
|
CarMax, Inc. (a)
|
16,743
|
1,447,265
|
|||||||
|
Etsy, Inc. (a)
|
16,197
|
1,969,393
|
|||||||
|
Lennar Corp. - Class A
|
23,671
|
1,662,414
|
|||||||
|
Lowe's Cos., Inc.
|
10,927
|
1,727,559
|
|||||||
|
Lululemon Athletica, Inc. (a)
|
5,119
|
1,634,445
|
|||||||
|
Marriott International, Inc.
|
20,061
|
1,863,266
|
|||||||
|
NIKE, Inc. - Class B
|
20,574
|
2,470,526
|
|||||||
|
Peloton Interactive, Inc. - Class A (a)
|
12,162
|
1,340,374
|
|||||||
|
Starbucks Corp.
|
21,629
|
1,880,858
|
|||||||
|
The Home Depot, Inc.
|
8,187
|
2,183,555
|
|||||||
|
Thor Industries, Inc.
|
14,494
|
1,225,903
|
|||||||
|
Wayfair, Inc. - Class A (a)
|
6,052
|
1,501,078
|
|||||||
|
Yum China Holdings, Inc.
|
39,265
|
2,090,076
|
|||||||
|
31,848,299
|
|||||||||
|
Consumer Staples - 9.8%
|
|||||||||
|
Brown-Forman Corp. - Class B
|
25,391
|
1,770,007
|
|||||||
|
Colgate-Palmolive Co.
|
20,988
|
1,655,743
|
|||||||
|
Costco Wholesale Corp.
|
5,226
|
1,868,922
|
|||||||
|
Monster Beverage Corp. (a)
|
24,685
|
1,890,130
|
|||||||
|
The Boston Beer Co., Inc. - Class A (a)
|
2,575
|
2,675,889
|
|||||||
|
The Clorox Co.
|
7,051
|
1,461,320
|
|||||||
|
The Estee Lauder Companies, Inc.
|
8,194
|
1,799,894
|
|||||||
|
The Hershey Co.
|
9,964
|
1,369,651
|
|||||||
|
Walmart, Inc.
|
16,179
|
2,244,836
|
|||||||
|
16,736,392
|
|||||||||
|
Energy - 0.8%
|
|||||||||
|
Halliburton Co.
|
112,452
|
1,356,171
|
|||||||
|
Financials - 7.4%
|
|||||||||
|
Aon PLC
|
8,685
|
1,598,127
|
|||||||
|
Bank of America Corp.
|
74,682
|
1,769,964
|
|||||||
|
Berkshire Hathaway, Inc. - Class B (a)
|
12,157
|
2,454,498
|
|||||||
|
JPMorgan Chase & Co.
|
31,777
|
3,115,417
|
|||||||
|
Morgan Stanley
|
36,936
|
1,778,468
|
|||||||
|
The Progressive Corp.
|
21,481
|
1,974,104
|
|||||||
|
12,690,578
|
|||||||||
|
Health Care - 13.1%
|
|||||||||
|
Abbott Laboratories
|
18,218
|
1,914,894
|
|||||||
|
AbbVie, Inc.
|
21,156
|
1,800,376
|
|||||||
|
Edwards Lifesciences Corp. (a)
|
20,262
|
1,452,583
|
|||||||
|
Gilead Sciences, Inc.
|
26,263
|
1,527,194
|
|||||||
|
Humana, Inc.
|
5,100
|
2,036,328
|
|||||||
|
Illumina, Inc. (a)
|
4,646
|
1,359,884
|
|||||||
|
Intuitive Surgical, Inc. (a)
|
2,823
|
1,883,167
|
|||||||
|
Medtronic PLC
|
17,192
|
1,728,999
|
|||||||
|
Regeneron Pharmaceuticals, Inc. (a)
|
2,550
|
1,386,078
|
|||||||
|
UnitedHealth Group, Inc.
|
7,254
|
2,213,486
|
|||||||
|
Vertex Pharmaceuticals, Inc. (a)
|
5,287
|
1,101,599
|
|||||||
|
Zimmer Biomet Holdings, Inc.
|
12,249
|
1,618,093
|
|||||||
|
Zoetis, Inc.
|
15,319
|
2,428,827
|
|||||||
|
22,451,508
|
|||||||||
|
Industrials - 10.1%
|
|||||||||
|
Keysight Technologies, Inc. (a)
|
16,210
|
1,699,943
|
|||||||
|
Lockheed Martin Corp.
|
4,134
|
1,447,437
|
|||||||
|
Norfolk Southern Corp.
|
8,851
|
1,850,921
|
|||||||
|
Old Dominion Freight Line, Inc.
|
13,773
|
2,621,966
|
|||||||
|
Proto Labs, Inc. (a)
|
16,870
|
1,992,010
|
|||||||
|
Rockwell Automation, Inc.
|
8,397
|
1,991,097
|
|||||||
|
Trane Technologies PLC
|
16,376
|
2,173,914
|
|||||||
|
United Parcel Service, Inc. - Class B
|
10,569
|
1,660,495
|
|||||||
|
United Rentals, Inc. (a)
|
10,097
|
1,800,194
|
|||||||
|
17,237,977
|
|||||||||
|
Materials - 3.8%
|
|||||||||
|
Linde PLC
|
5,417
|
1,193,582
|
|||||||
|
Louisiana-Pacific Corp.
|
67,708
|
1,935,095
|
|||||||
|
Newmont Corp.
|
26,163
|
1,644,083
|
|||||||
|
Trex Co., Inc. (a)
|
23,812
|
1,655,886
|
|||||||
|
6,428,646
|
|||||||||
|
Technology - 30.3% (c)
|
|||||||||
|
Accenture PLC - Class A
|
9,556
|
2,072,792
|
|||||||
|
Advanced Micro Devices, Inc. (a)
|
18,312
|
1,378,710
|
|||||||
|
ANSYS, Inc. (a)
|
7,164
|
2,180,507
|
|||||||
|
Apple, Inc.
|
27,507
|
2,994,412
|
|||||||
|
Cadence Design Systems, Inc. (a)
|
16,511
|
1,805,808
|
|||||||
|
CoStar Group, Inc. (a)
|
2,611
|
2,150,446
|
|||||||
|
FLIR Systems, Inc.
|
40,317
|
1,398,597
|
|||||||
|
Fortinet, Inc. (a)
|
12,580
|
1,388,455
|
|||||||
|
HP, Inc.
|
93,011
|
1,670,477
|
|||||||
|
Jack Henry & Associates, Inc.
|
8,283
|
1,227,955
|
|||||||
|
Leidos Holdings, Inc.
|
16,193
|
1,344,019
|
|||||||
|
MarketAxess Holdings, Inc.
|
3,731
|
2,010,449
|
|||||||
|
Mastercard, Inc. - Class A
|
5,817
|
1,679,019
|
|||||||
|
Maxim Integrated Products, Inc.
|
25,709
|
1,790,632
|
|||||||
|
Microsoft Corp.
|
20,808
|
4,212,996
|
|||||||
|
Moody's Corp.
|
6,292
|
1,654,167
|
|||||||
|
Morningstar, Inc.
|
7,021
|
1,336,658
|
|||||||
|
MSCI, Inc.
|
5,284
|
1,848,555
|
|||||||
|
Nice Ltd. - ADR (a)
|
9,728
|
2,220,513
|
|||||||
|
NVIDIA Corp.
|
6,470
|
3,243,799
|
|||||||
|
S&P Global, Inc.
|
5,782
|
1,866,025
|
|||||||
|
ServiceNow, Inc. (a)
|
3,802
|
1,891,761
|
|||||||
|
Teradyne, Inc.
|
15,820
|
1,389,787
|
|||||||
|
Texas Instruments, Inc.
|
13,980
|
2,021,368
|
|||||||
|
Visa, Inc. - Class A
|
8,530
|
1,549,986
|
|||||||
|
Workday, Inc. - Class A (a)
|
7,991
|
1,679,069
|
|||||||
|
Zoom Video Communications, Inc. - Class A (a)
|
3,610
|
1,663,885
|
|||||||
|
51,670,847
|
|||||||||
|
TOTAL COMMON STOCKS (Cost $152,542,431)
|
170,456,090
|
||||||||
|
SHORT-TERM INVESTMENTS - 0.1%
|
|||||||||
|
Money Market Funds - 0.1%
|
|||||||||
|
Fidelity Institutional Money Market Funds - Government Portfolio, Institutional Class, 0.010% (b)
|
177,143
|
177,143
|
|||||||
|
TOTAL SHORT-TERM INVESTMENTS (Cost $177,143)
|
177,143
|
||||||||
|
Total Investments (Cost $152,719,574) - 100.0%
|
170,633,233
|
||||||||
|
Other Assets in Excess of Liabilities - 0.0% (d)
|
42,653
|
||||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
170,675,886
|
|||||||
|
Percentages are stated as a percent of net assets.
|
|||||||||
|
ADR -
|
American Depositary Receipt
|
||||||||
|
(a)
|
Non-income producing security.
|
||||||||
|
(b)
|
Rate disclosed is the seven day yield as of October 31, 2020.
|
||||||||
|
(c)
|
Amount represents investments in a particular sector. No industry within this sector represented more than 25% of the Fund's total
assets at the time of investment.
|
||||||||
|
(d)
|
Less than 0.05%.
|
||||||||
|
For Fund compliance purposes, the Fund's sector classifications refers to any one or more of the sector 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.
|
|||||||||
|
Fair Valuation Measurements
|
|||||
|
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.
|
|||||
|
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 securities, 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 October 31, 2020:
|
|||||
|
Description^
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Common Stocks
|
$
|
170,456,090
|
$
|
-
|
$
|
-
|
$
|
170,456,090
|
||||||||
|
Short-Term Investments
|
177,143
|
-
|
-
|
$
|
177,143
|
|||||||||||
|
Total Investments in Securities
|
$
|
170,633,233
|
$
|
-
|
$
|
-
|
$
|
170,633,233
|
||||||||
|
^ See Schedule of Investments for sector breakouts.
|
||||||||||||||||
|
The Fund did not invest in any Level 3 securities during the period.
|
||||||||||||||||
|
TrimTabs U.S. Free Cash Flow Quality ETF
|
||||||||
|
Schedule of Investments
|
||||||||
|
April 30, 2021 (Unaudited)
|
||||||||
|
Shares
|
Value
|
|||||||
|
COMMON STOCKS - 97.7%
|
||||||||
|
Communications - 4.4%
|
||||||||
|
Alphabet, Inc. - Class A (a)
|
1,113
|
$
|
2,619,446
|
|||||
|
AMC Networks, Inc. - Class A (a)
|
5,225
|
262,713
|
||||||
|
Electronic Arts, Inc.
|
8,712
|
1,237,801
|
||||||
|
Match Group, Inc. (a)
|
9,180
|
1,428,683
|
||||||
|
Sirius XM Holdings, Inc.
|
93,211
|
568,587
|
||||||
|
Take-Two Interactive Software, Inc. (a)
|
5,154
|
903,909
|
||||||
|
Verizon Communications, Inc.
|
27,195
|
1,571,599
|
||||||
|
World Wrestling Entertainment, Inc. - Class A
|
6,582
|
362,734
|
||||||
|
8,955,472
|
||||||||
|
Consumer Discretionary - 13.1%
|
||||||||
|
1-800-Flowers.com, Inc. - Class A (a)
|
12,853
|
410,975
|
||||||
|
Amazon.com, Inc. (a)
|
1,202
|
4,167,839
|
||||||
|
AutoNation, Inc. (a)
|
17,680
|
1,811,846
|
||||||
|
AutoZone, Inc. (a)
|
872
|
1,276,713
|
||||||
|
Best Buy Co., Inc.
|
3,495
|
406,364
|
||||||
|
Brunswick Corp.
|
5,682
|
608,713
|
||||||
|
Deckers Outdoor Corp. (a)
|
1,736
|
587,115
|
||||||
|
Etsy, Inc. (a)
|
9,617
|
1,911,763
|
||||||
|
Ford Motor Co. (a)
|
67,767
|
782,031
|
||||||
|
Home Depot, Inc.
|
6,311
|
2,042,681
|
||||||
|
Lennar Corp. - Class A
|
19,865
|
2,058,014
|
||||||
|
Lowe’s Cos., Inc.
|
10,031
|
1,968,584
|
||||||
|
Lululemon Athletica, Inc. (a)
|
1,833
|
614,550
|
||||||
|
Marriott International, Inc. - Class A (a)
|
6,096
|
905,378
|
||||||
|
Nike, Inc. - Class B
|
5,205
|
690,287
|
||||||
|
Peloton Interactive, Inc. - Class A (a)
|
3,337
|
328,194
|
||||||
|
Polaris, Inc.
|
4,531
|
634,476
|
||||||
|
Ross Stores, Inc.
|
8,575
|
1,122,811
|
||||||
|
Tempur Sealy International, Inc.
|
14,872
|
567,218
|
||||||
|
TJX Companies, Inc.
|
10,035
|
712,485
|
||||||
|
Ulta Beauty, Inc. (a)
|
1,647
|
542,439
|
||||||
|
YETI Holdings, Inc. (a)
|
8,244
|
704,202
|
||||||
|
Yum China Holdings, Inc.
|
25,411
|
1,598,860
|
||||||
|
26,453,538
|
||||||||
|
Consumer Staples - 8.4%
|
||||||||
|
Clorox Co.
|
5,071
|
925,457
|
||||||
|
Colgate-Palmolive Co.
|
24,107
|
1,945,435
|
||||||
|
Costco Wholesale Corp.
|
7,166
|
2,666,397
|
||||||
|
Estee Lauder Cos., Inc.
|
7,522
|
2,360,404
|
||||||
|
General Mills, Inc.
|
9,461
|
575,796
|
||||||
|
Kimberly-Clark Corp.
|
7,168
|
955,638
|
||||||
|
Monster Beverage Corp. (a)
|
10,641
|
1,032,709
|
||||||
|
Philip Morris International, Inc.
|
13,687
|
1,300,265
|
||||||
|
Procter & Gamble Co.
|
12,669
|
1,690,298
|
||||||
|
Sysco Corp.
|
8,298
|
703,090
|
||||||
|
Target Corp.
|
3,613
|
748,830
|
||||||
|
Walmart, Inc.
|
14,849
|
2,077,524
|
||||||
|
16,981,843
|
||||||||
|
Energy - 2.2%
|
||||||||
|
Antero Midstream Corp.
|
59,551
|
514,521
|
||||||
|
Continental Resources, Inc. (a)
|
18,297
|
498,410
|
||||||
|
Enphase Energy, Inc. (a)
|
4,655
|
648,209
|
||||||
|
Halliburton Co.
|
70,395
|
1,376,926
|
||||||
|
NOV, Inc.
|
67,619
|
1,010,904
|
||||||
|
Renewable Energy Group, Inc. (a)
|
6,908
|
383,532
|
||||||
|
4,432,502
|
||||||||
|
Financials - 10.4%
|
||||||||
|
Aon PLC - Class A
|
6,074
|
1,527,246
|
||||||
|
Berkshire Hathaway, Inc. - Class B (a)
|
7,277
|
2,000,811
|
||||||
|
Discover Financial Services
|
4,338
|
494,532
|
||||||
|
First Horizon Corp.
|
66,612
|
1,218,333
|
||||||
|
Goldman Sachs Group, Inc.
|
6,645
|
2,315,450
|
||||||
|
JPMorgan Chase & Co.
|
24,537
|
3,774,036
|
||||||
|
LPL Financial Holdings, Inc.
|
4,527
|
709,381
|
||||||
|
Morgan Stanley
|
27,382
|
2,260,384
|
||||||
|
Progressive Corp.
|
19,717
|
1,986,291
|
||||||
|
SVB Financial Group (a)
|
1,411
|
806,852
|
||||||
|
Synchrony Financial
|
26,313
|
1,150,931
|
||||||
|
T Rowe Price Group, Inc.
|
7,954
|
1,425,357
|
||||||
|
U.S. Bancorp
|
21,311
|
1,264,808
|
||||||
|
20,934,412
|
||||||||
|
Health Care - 9.7%
|
||||||||
|
AbbVie, Inc.
|
19,420
|
2,165,330
|
||||||
|
Alexion Pharmaceuticals, Inc. (a)
|
7,973
|
1,344,886
|
||||||
|
Amedisys, Inc. (a)
|
2,199
|
593,400
|
||||||
|
Amgen, Inc.
|
10,653
|
2,552,885
|
||||||
|
Cardinal Health, Inc.
|
14,802
|
893,153
|
||||||
|
Chemed Corp.
|
1,156
|
550,961
|
||||||
|
Dicerna Pharmaceuticals, Inc. (a)
|
17,969
|
560,453
|
||||||
|
Humana, Inc.
|
2,832
|
1,260,920
|
||||||
|
Jazz Pharmaceuticals PLC (a)
|
4,633
|
761,665
|
||||||
|
McKesson Corp.
|
10,009
|
1,877,288
|
||||||
|
Mettler-Toledo International, Inc. (a)
|
456
|
598,874
|
||||||
|
ResMed, Inc.
|
5,605
|
1,053,572
|
||||||
|
UnitedHealth Group, Inc.
|
5,410
|
2,157,508
|
||||||
|
Vertex Pharmaceuticals, Inc. (a)
|
4,853
|
1,058,924
|
||||||
|
Waters Corp. (a)
|
3,084
|
924,799
|
||||||
|
Zoetis, Inc.
|
7,216
|
1,248,584
|
||||||
|
19,603,202
|
||||||||
|
Industrials - 10.0%
|
||||||||
|
3M Co.
|
5,685
|
1,120,741
|
||||||
|
Illinois Tool Works, Inc.
|
7,612
|
1,754,261
|
||||||
|
Keysight Technologies, Inc. (a)
|
13,009
|
1,877,849
|
||||||
|
Lennox International, Inc.
|
2,612
|
875,908
|
||||||
|
Louisiana-Pacific Corp.
|
37,011
|
2,438,285
|
||||||
|
Old Dominion Freight Line, Inc.
|
5,164
|
1,331,331
|
|
Parker-Hannifin Corp.
|
3,900
|
1,223,859
|
||||||
|
Robert Half International, Inc.
|
7,764
|
680,204
|
||||||
|
Rollins, Inc.
|
17,020
|
634,506
|
||||||
|
Stanley Black & Decker, Inc.
|
4,176
|
863,472
|
||||||
|
Terminix Global Holdings, Inc. (a)
|
11,498
|
585,133
|
||||||
|
Trane Technologies PLC
|
7,495
|
1,302,856
|
||||||
|
TriNet Group, Inc. (a)
|
5,706
|
449,119
|
||||||
|
Union Pacific Corp.
|
3,787
|
841,055
|
||||||
|
United Parcel Service, Inc. - Class B
|
9,701
|
1,977,646
|
||||||
|
United Rentals, Inc. (a)
|
4,703
|
1,504,725
|
||||||
|
WW Grainger, Inc.
|
1,871
|
811,153
|
||||||
|
20,272,103
|
||||||||
|
Materials - 1.8%
|
||||||||
|
Dow, Inc.
|
17,636
|
1,102,250
|
||||||
|
Eagle Materials, Inc.
|
5,036
|
695,673
|
||||||
|
Sherwin-Williams Co.
|
6,497
|
1,779,333
|
||||||
|
3,577,256
|
||||||||
|
Technology - 37.7% (c)
|
||||||||
|
Accenture PLC - Class A
|
10,800
|
3,131,676
|
||||||
|
Adobe, Inc. (a)
|
2,956
|
1,502,653
|
||||||
|
Apple, Inc.
|
76,244
|
10,023,036
|
||||||
|
Atlassian Corp. PLC - Class A (a)
|
2,018
|
479,396
|
||||||
|
Autodesk, Inc. (a)
|
2,213
|
645,997
|
||||||
|
Automatic Data Processing, Inc.
|
4,776
|
893,064
|
||||||
|
Booz Allen Hamilton Holding Corp.
|
8,419
|
698,356
|
||||||
|
Broadcom, Inc.
|
3,374
|
1,539,219
|
||||||
|
Cadence Design Systems, Inc. (a)
|
15,153
|
1,996,711
|
||||||
|
Cisco Systems, Inc.
|
58,194
|
2,962,657
|
||||||
|
Citrix Systems, Inc.
|
6,044
|
748,549
|
||||||
|
Cognizant Technology Solutions Corp. - Class A
|
17,391
|
1,398,236
|
||||||
|
Crowdstrike Holdings, Inc. - Class A (a)
|
4,672
|
974,159
|
||||||
|
Digital Turbine, Inc. (a)
|
6,859
|
517,374
|
||||||
|
EPAM Systems, Inc. (a)
|
2,204
|
1,008,881
|
||||||
|
FactSet Research Systems, Inc.
|
1,946
|
654,284
|
||||||
|
Fair Isaac Corp. (a)
|
1,564
|
815,485
|
||||||
|
FleetCor Technologies, Inc. (a)
|
6,599
|
1,898,664
|
||||||
|
Fortinet, Inc. (a)
|
6,216
|
1,269,494
|
||||||
|
HP, Inc.
|
62,973
|
2,148,009
|
||||||
|
Intel Corp.
|
17,275
|
993,831
|
||||||
|
International Business Machines Corp.
|
17,990
|
2,552,421
|
||||||
|
Intuit, Inc.
|
2,117
|
872,543
|
||||||
|
Jack Henry & Associates, Inc.
|
7,611
|
1,239,299
|
||||||
|
KLA Corp.
|
4,397
|
1,386,594
|
||||||
|
Leidos Holdings, Inc.
|
14,863
|
1,505,325
|
||||||
|
Manhattan Associates, Inc. (a)
|
4,591
|
630,069
|
||||||
|
MarketAxess Holdings, Inc.
|
1,570
|
766,882
|
||||||
|
Mastercard, Inc. - Class A
|
5,341
|
2,040,583
|
||||||
|
Maxim Integrated Products, Inc.
|
11,931
|
1,121,514
|
||||||
|
Microchip Technology, Inc.
|
4,452
|
669,091
|
||||||
|
Microsoft Corp.
|
15,743
|
3,970,070
|
||||||
|
Moody’s Corp.
|
4,259
|
1,391,458
|
||||||
|
Motorola Solutions, Inc.
|
3,174
|
597,664
|
|
MSCI, Inc.
|
2,336
|
1,134,759
|
||||||
|
NVIDIA Corp.
|
3,171
|
1,903,805
|
||||||
|
Oracle Corp.
|
18,203
|
1,379,605
|
||||||
|
Palo Alto Networks, Inc. (a)
|
5,813
|
2,054,256
|
||||||
|
PayPal Holdings, Inc. (a)
|
4,812
|
1,262,140
|
||||||
|
Proofpoint, Inc. (a)
|
4,364
|
751,088
|
||||||
|
S&P Global, Inc.
|
6,067
|
2,368,496
|
||||||
|
ServiceNow, Inc. (a)
|
4,236
|
2,144,983
|
||||||
|
Texas Instruments, Inc.
|
6,550
|
1,182,341
|
||||||
|
Veeva Systems, Inc. - Class A (a)
|
1,602
|
452,485
|
||||||
|
VMware, Inc. - Class A (a)
|
6,405
|
1,030,116
|
||||||
|
Western Union Co.
|
25,971
|
669,013
|
||||||
|
Workday, Inc. - Class A (a)
|
7,333
|
1,811,251
|
||||||
|
Xilinx, Inc.
|
9,196
|
1,176,720
|
||||||
|
Zebra Technologies Corp. (a)
|
2,160
|
1,053,518
|
||||||
|
Zoom Video Communications, Inc. - Class A (a)
|
2,763
|
882,972
|
||||||
|
76,300,792
|
||||||||
|
TOTAL COMMON STOCKS (Cost $162,031,318)
|
197,511,120
|
|||||||
|
REITs - 1.8%
|
||||||||
|
Real Estate - 1.8%
|
||||||||
|
American Tower Corp.
|
8,792
|
2,239,938
|
||||||
|
Gaming and Leisure Properties, Inc.
|
14,145
|
657,601
|
||||||
|
Iron Mountain, Inc.
|
16,560
|
664,387
|
||||||
|
TOTAL REITs (Cost $3,054,894)
|
3,561,926
|
|||||||
|
MONEY MARKET FUND - 0.5%
|
||||||||
|
Fidelity Institutional Money Market Fund - Government Portfolio, Institutional Class, 0.01% (b)
|
984,093
|
984,093
|
||||||
|
TOTAL MONEY MARKET FUND (Cost $984,093)
|
984,093
|
|||||||
|
Total Investments (Cost $166,070,305) - 100.0%
|
202,057,139
|
|||||||
|
Other Assets in Excess of Liabilities - 0.0% (d)
|
46,953
|
|||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
202,104,092
|
||||||
|
Percentages are stated as a percent of net assets.
|
||||||||
|
REIT - Real Estate Invesment Trust
|
||||||||
|
(a) Non-income producing security.
|
||||||||
|
(b) Rate disclosed is the seven day annualized yield as of April 30, 2021.
|
||||||||
|
(c) Amount represents investments in a particular sector. No industry within this sector represented more than 25% of the Fund’s total assets at the time of
investment.
|
||||||||
|
(d) Less than 0.05%.
|
||||||||
|
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 U.S. Free Cash Flow Quality 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 U.S. Free Cash Flow Quality ETF
|
||||||||||||||||
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
|
Common Stocks
|
||||||||||||||||
|
Communications
|
$
|
8,955,472
|
$
|
-
|
$
|
-
|
$
|
8,955,472
|
||||||||
|
Consumer Discretionary
|
26,453,538
|
-
|
-
|
26,453,538
|
||||||||||||
|
Consumer Staples
|
16,981,843
|
-
|
-
|
16,981,843
|
||||||||||||
|
Energy
|
4,432,502
|
-
|
-
|
4,432,502
|
||||||||||||
|
Financials
|
20,934,412
|
-
|
-
|
20,934,412
|
||||||||||||
|
Health Care
|
19,603,202
|
-
|
-
|
19,603,202
|
||||||||||||
|
Industrials
|
20,272,103
|
-
|
-
|
20,272,103
|
||||||||||||
|
Materials
|
3,577,256
|
-
|
-
|
3,577,256
|
||||||||||||
|
Technology
|
76,300,792
|
-
|
-
|
76,300,792
|
||||||||||||
|
Total Common Stocks
|
197,511,120
|
-
|
-
|
197,511,120
|
||||||||||||
|
REITs
|
3,561,926
|
-
|
-
|
3,561,926
|
||||||||||||
|
Money Market Fund
|
984,093
|
-
|
-
|
984,093
|
||||||||||||
|
Total Investments
|
$
|
202,057,139
|
$
|
-
|
$
|
-
|
$
|
202,057,139
|
||||||||
|
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.
|
||||||||||||||||