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:
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.