Trimtabs Etf Trust (TTAI) NPORT-P TrimTabs All Cap International Free-Cash-Flow ETF (Oct 2020 report)

TrimTabs All Cap International Free-Cash-Flow ETF
(formerly, TrimTabs All Cap International Free-Cash-Flow ETF)
Schedule of Investments
October 31, 2020 (Unaudited)
	Shares		Value
COMMON STOCKS - 96.1%
Communication Services - 7.1%
Capcom Co. Ltd.		4,296	$	235,942
Kakaku.com, Inc.		5,361		141,892
Rightmove PLC (a)		19,207		153,775
Square Enix Holdings Co. Ltd.		1,400		81,838
Tencent Holdings Ltd.		2,620		199,732
				813,179
Consumer Discretionary - 15.9%
adidas AG (a)		510		151,462
Alibaba Group Holding Ltd. - ADR (a)		652		198,658
Bayerische Motoren Werke AG		1,952		133,403
Daimler AG		2,724		140,859
Domino's Pizza Enterprises Ltd.		2,501		148,951
Howden Joinery Group PLC (a)		17,214		142,012
Lululemon Athletica, Inc. (a)		374		119,414
Oriental Land Co. Ltd.		986		137,359
Puma SE (a)		1,772		154,864
Rakuten, Inc.		13,300		128,941
Toyota Motor Corp.		1,108		71,997
Yum China Holdings, Inc.		2,846		151,493
ZOZO, Inc.		5,500		139,266
				1,818,679
Consumer staples - 1.0%
Reckitt Benckiser Group PLC		1,340		118,047
Consumer Staples - 8.7%
Alimentation Couche-Tard, Inc. - Class B		3,966		122,138
Diageo PLC		4,336		140,377
Ebro Foods SA		6,144		137,530
Kao Corp.		1,500		106,309
L'Oreal SA		459		148,451
Nestle SA		1,190		133,801
Shiseido Co. Ltd.		1,260		77,626
Strauss Group Ltd.		4,487		129,742
				995,974
Energy - 4.1%
Neste Oyj		3,111		161,885
TOTAL SE		2,415		72,622
Vestas Wind Systems A/S		1,377		235,029
				469,536
Financials - 9.0%
BNP Paribas SA (a)		4,564		158,693
DNB ASA (a)		12,644		170,456
Partners Group Holding AG		119		107,275
Royal Bank of Canada		1,998		139,840
Tokio Marine Holdings, Inc.		2,437		108,448
UBS Group AG		13,283		155,278
Zurich Insurance Group AG		559		185,327
				1,025,317
Health Care - 7.5%
CSL Ltd.		897		181,307
ICON PLC (a)		868		156,500
Novartis AG		1,948		151,876
Novo Nordisk A/S - Class B		2,059		132,247
Roche Holding AG		482		154,937
Shionogi & Co. Ltd.		1,800		84,657
				861,524
Industrials - 19.6%
Ashtead Group PLC		4,386		159,098
Canadian Pacific Railway Ltd.		577		172,598
Daikin Industries Ltd.		1,000		186,064
Deutsche Post AG		1,659		73,499
FANUC Corp.		600		126,367
GEA Group AG		4,065		135,259
Halma PLC		5,397		165,567
Intertek Group PLC		1,808		130,511
Keyence Corp.		300		135,393
Legrand SA		1,583		117,034
Omron Corp.		3,221		230,742
Recruit Holdings Co. Ltd.		3,775		143,147
Siemens AG		1,566		183,660
TOMRA Systems ASA		4,006		161,429
Yaskawa Electric Corp.		3,004		115,776
				2,236,144
Materials - 7.7%
Air Liquide SA		1,095		160,048
Fortescue Metals Group Ltd.		13,793		168,404
Givaudan SA		39		158,901
Linde PLC		472		104,000
Sika AG		676		166,392
West Fraser Timber Co. Ltd.		2,732		126,706
				884,451
Real Estate - 1.4%
Goodman Group (b)		12,656		163,684
Technology - 14.1%
ASML Holding NV		401		145,711
Atlassian Corp PLC - Class A (a)		876		167,859
Dassault Systemes SE		793		135,348
Logitech International SA		2,090		175,962
Nice Ltd. - ADR (a)		828		188,999
Nintendo Co. Ltd.		300		163,274
Nomura Research Institute Ltd.		5,412		159,990
Samsung Electronics Co. Ltd. - GDR (c)		173		218,499
SCSK Corp.		2,238		110,944
Tokyo Electron Ltd.		565		150,566
				1,617,152
TOTAL COMMON STOCKS (Cost $9,057,354)				11,003,687
EXCHANGE TRADED FUNDS - 3.3%
iShares MSCI South Korea ETF		5,834		378,626
EXCHANGE TRADED FUNDS (Cost $407,448)				378,626
SHORT-TERM INVESTMENTS - 0.3%
Money Market Funds - 0.3%
Fidelity Institutional Money Market Funds - Government Portfolio, Institutional Class, 0.010% (d)		32,798		32,798
TOTAL SHORT-TERM INVESTMENTS (Cost $32,798)				32,798
Total Investments (Cost $9,497,600) - 99.7%				11,415,111
Other Assets in Excess of Liabilities - 0.3%				32,408
TOTAL NET ASSETS - 100.0%			$	11,447,519

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)	Security exempt from registration under Regulation S of the Securities Act of 1933. Such securities are treated as liquid according to the Fund's liquidity guidelines. At October 31, 2020, the value of this security amounted to $218,499 or 1.9% of net assets.
(d)	Rate disclosed is the seven day yield as of October 31, 2020.
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
Australia	$	662,346	$	-	$	-	$	662,346
Canada		680,697		-		-	$	680,697
China		549,882		-		-	$	549,882
Denmark		367,276		-		-	$	367,276
Finland		161,885		-		-	$	161,885
France		792,196		-		-	$	792,196
Germany		973,005		-		-	$	973,005
Ireland		260,501		-		-	$	260,501
Israel		318,742		-		-	$	318,742
Japan		2,836,537		-		-	$	2,836,537
Netherlands		145,711		-		-	$	145,711
Norway		331,885		-		-	$	331,885
Republic of Korea		218,499		-		-	$	218,499
Spain		137,530		-		-	$	137,530
Switzerland		1,389,749		-		-	$	1,389,749
United Kingdom		1,177,246		-		-	$	1,177,246
Total Common Stocks	$	11,003,687	$	-	$	-	$	11,003,687
Exchange Traded Funds	$	378,626		-		-	$	378,626
Short-Term Investments	$	32,798		-		-	$	32,798
Total Investments in Securities	$	11,415,111	$	-	$	-	$	11,415,111
The Fund did not invest in any Level 3 securities during the period.
^See Schedule of Investments for sector breakouts.