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:
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.