| TrimTabs All Cap International Free-Cash-Flow ETF | ||||||||
| Schedule of Investments | ||||||||
| April 30, 2020 (Unaudited) | ||||||||
| Shares | Value | |||||||
| COMMON STOCKS - 91.5% | ||||||||
| Communication Services - 6.6% | ||||||||
| Capcom Co. Ltd. | 4,296 | $ | 131,904 | |||||
| Kakaku.com, Inc. | 5,361 | 109,903 | ||||||
| Nintendo Co. Ltd. | 300 | 124,820 | ||||||
| Rightmove PLC | 19,207 | 120,375 | ||||||
| Tencent Holdings Ltd. | 2,620 | 140,927 | ||||||
| 627,929 | ||||||||
| Consumer Discretionary - 10.4% | ||||||||
| adidas AG | 510 | 116,919 | ||||||
| Alibaba Group Holding Ltd. - ADR (a) | 652 | 132,141 | ||||||
| Lululemon Athletica, Inc. (a) | 873 | 195,098 | ||||||
| Oriental Land Co. Ltd. | 986 | 125,690 | ||||||
| Puma SE | 1,772 | 111,424 | ||||||
| Toyota Motor Corp. | 2,008 | 124,729 | ||||||
| Yum China Holdings, Inc. | 3,943 | 191,078 | ||||||
| 997,079 | ||||||||
| Consumer Staples - 11.5% | ||||||||
| Alimentation Couche-Tard, Inc. - Class B | 3,966 | 110,664 | ||||||
| Diageo PLC | 5,571 | 192,958 | ||||||
| Ebro Foods SA | 8,330 | 177,092 | ||||||
| Kao Corp. | 1,500 | 116,237 | ||||||
| L'Oreal SA | 459 | 133,445 | ||||||
| Nestle SA | 1,190 | 125,627 | ||||||
| Shiseido Co. Ltd. | 1,960 | 116,488 | ||||||
| Strauss Group Ltd. | 4,487 | 127,170 | ||||||
| 1,099,681 | ||||||||
| Energy - 2.1% | ||||||||
| Neste Oyj | 3,111 | 110,220 | ||||||
| TOTAL SA | 2,415 | 86,937 | ||||||
| 197,157 | ||||||||
| Financials - 7.5% | ||||||||
| BNP Paribas SA | 2,346 | 73,720 | ||||||
| DNB ASA | 6,039 | 73,211 | ||||||
| Partners Group Holding AG | 119 | 93,671 | ||||||
| Tokio Marine Holdings, Inc. | 2,437 | 115,497 | ||||||
| UBS Group AG | 9,283 | 99,885 | ||||||
| United Overseas Bank Ltd. | 6,071 | 87,568 | ||||||
| Zurich Insurance Group AG | 559 | 177,965 | ||||||
| 721,517 | ||||||||
| Health Care - 11.6% | ||||||||
| Cochlear Ltd. | 841 | 101,113 | ||||||
| CSL Ltd. | 897 | 180,877 | ||||||
| ICON PLC (a) | 868 | 139,288 | ||||||
| Novartis AG | 2,652 | 226,007 | ||||||
| Novo Nordisk A/S - Class B | 2,059 | 131,325 | ||||||
| Roche Holding AG | 670 | 232,843 | ||||||
| Shionogi & Co. Ltd. | 1,800 | 99,447 | ||||||
| 1,110,900 | ||||||||
| Industrials - 14.7% | ||||||||
| Ashtead Group PLC | 4,386 | 120,150 | ||||||
| Canadian Pacific Railway Ltd. | 577 | 131,169 | ||||||
| Daikin Industries Ltd. | 1,000 | 130,504 | ||||||
| FANUC Corp. | 600 | 99,688 | ||||||
| GEA Group AG | 4,065 | 93,458 | ||||||
| Howden Joinery Group PLC | 17,214 | 113,868 | ||||||
| Intertek Group PLC | 1,808 | 108,165 | ||||||
| Legrand SA | 1,583 | 106,721 | ||||||
| Recruit Holdings Co. Ltd. | 3,775 | 111,933 | ||||||
| Siemens AG | 1,566 | 145,320 | ||||||
| TOMRA Systems ASA | 4,006 | 133,103 | |||||||
| Vestas Wind Systems A/S | 1,377 | 118,544 | |||||||
| 1,412,623 | |||||||||
| Information Technology - 19.2% | |||||||||
| ASML Holding NV | 567 | 168,168 | |||||||
| Atlassian Corp PLC - Class A (a) | 1,054 | 163,887 | |||||||
| Dassault Systemes SE | 986 | 144,302 | |||||||
| Halma PLC | 5,397 | 142,068 | |||||||
| Logitech International SA | 2,906 | 140,024 | |||||||
| Nice Ltd. - ADR (a) | 1,378 | 226,405 | |||||||
| Nomura Research Institute Ltd. | 6,712 | 164,743 | |||||||
| Omron Corp. | 3,221 | 190,892 | |||||||
| Samsung Electronics Co. Ltd. - GDR | 173 | 180,439 | |||||||
| SCSK Corp. | 2,238 | 101,353 | |||||||
| Tokyo Electron Ltd. | 565 | 120,776 | |||||||
| Yaskawa Electric Corp. | 3,004 | 99,793 | |||||||
| 1,842,850 | |||||||||
| Materials - 5.4% | |||||||||
| Air Liquide SA | 1,095 | 139,315 | |||||||
| Fortescue Metals Group Ltd. | 17,738 | 138,245 | |||||||
| Givaudan SA | 39 | 130,626 | |||||||
| Sika AG | 676 | 111,844 | |||||||
| 520,030 | |||||||||
| Real Estate - 2.5% | |||||||||
| Goodman Group (b) | 12,656 | 108,451 | |||||||
| Japan Logistics Fund, Inc. (b) | 55 | 130,126 | |||||||
| 238,577 | |||||||||
| TOTAL COMMON STOCKS (Cost $8,320,267) | 8,768,343 | ||||||||
| EXCHANGE TRADED FUNDS - 3.1% | |||||||||
| iShares MSCI South Korea ETF | 5,834 | 301,151 | |||||||
| EXCHANGE TRADED FUNDS (Cost $407,448) | 301,151 | ||||||||
| SHORT-TERM INVESTMENTS - 5.0% | |||||||||
| Money Market Funds - 5.0% | |||||||||
| Fidelity Institutional Money Market Funds - Government Portfolio, Institutional Class, 0.160% (c) | 476,417 | 476,417 | |||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $476,417) | 476,417 | ||||||||
| Total Investments (Cost $9,204,132) - 99.6% | 9,545,911 | ||||||||
| Other Assets in Excess of Liabilities - 0.4% | 35,838 | ||||||||
| TOTAL NET ASSETS - 100.0% | $ | 9,581,749 | |||||||
| Percentages are stated as a percent of net assets. | |||||||||
| ADR | American Depositary Receipt | ||||||||
| GDR | Global Depositary Receipt | ||||||||
| (a) | Non-income producing security. | ||||||||
| (b) | Real Estate Investment Trust. | ||||||||
| (c) | Rate disclosed is the seven day yield as of April 30, 2020. | ||||||||
| 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. | |||||||||
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 April 30, 2020: | |||||||||||||||||
| Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Common Stocks | |||||||||||||||||
| Australia | $ | 528,686 | $ | - | $ | - | $ | 528,686 | |||||||||
| Canada | 436,932 | - | - | $ | 436,932 | ||||||||||||
| China | 464,146 | - | - | $ | 464,146 | ||||||||||||
| Denmark | 249,869 | - | - | $ | 249,869 | ||||||||||||
| Finland | 110,219 | - | - | $ | 110,219 | ||||||||||||
| France | 684,441 | - | - | $ | 684,441 | ||||||||||||
| Germany | 467,121 | - | - | $ | 467,121 | ||||||||||||
| Israel | 353,576 | - | - | $ | 353,576 | ||||||||||||
| Japan | 2,214,523 | - | - | $ | 2,214,523 | ||||||||||||
| Netherlands | 168,168 | - | - | $ | 168,168 | ||||||||||||
| Norway | 206,313 | - | - | $ | 206,313 | ||||||||||||
| Republic of Korea | 180,439 | - | - | $ | 180,439 | ||||||||||||
| Singapore | 87,568 | - | - | $ | 87,568 | ||||||||||||
| Spain | 177,092 | - | - | $ | 177,092 | ||||||||||||
| Switzerland | 1,338,492 | - | - | $ | 1,338,492 | ||||||||||||
| United Kingdom | 1,100,758 | - | - | $ | 1,100,758 | ||||||||||||
| Total Common Stocks | $ | 8,768,343 | $ | - | $ | - | $ | 8,768,343 | |||||||||
| Exchange Traded Funds | $ | 301,151 | - | - | $ | 301,151 | |||||||||||
| Short-Term Investments | $ | 476,417 | - | - | $ | 476,417 | |||||||||||
| Total Investments in Securities | $ | 9,545,911 | $ | - | $ | - | $ | 9,545,911 | |||||||||
| The Fund did not invest in any Level 3 securities during the period. | |||||||||||||||||
