TTAI FCF International Quality ETF

TrimTabs All Cap U.S. Free-Cash-Flow ETF

Schedule of Investments

October 31, 2019 (Unaudited)

Shares

Value

COMMON STOCKS - 99.2%

Communication Services - 7.8%

Alphabet, Inc. - Class A (a)

1,018

$

1,281,458

AT&T, Inc.

32,870

1,265,166

Facebook, Inc. - Class A (a)

6,404

1,227,327

Match Group, Inc. - Class A

16,925

1,235,356

Take-Two Interactive Software, Inc. (a)

11,330

1,363,565

The Walt Disney Co.

8,929

1,160,056

Twitter, Inc. (a)

32,312

968,391

Verizon Communications, Inc.

19,670

1,189,445

9,690,764

Consumer Discretionary - 19.5%

Aaron's, Inc.

21,112

1,581,922

Amazon.com, Inc. (a)

630

1,119,296

Booking Holdings, Inc. (a)

607

1,243,603

Deckers Outdoor Corp. (a)

8,501

1,299,803

Domino's Pizza, Inc.

4,752

1,290,738

DR Horton, Inc.

27,520

1,441,222

Gentex Corp.

48,616

1,363,679

Hilton Worldwide Holdings, Inc.

13,225

1,282,296

Lululemon Athletica, Inc. (a)

7,670

1,566,751

NIKE, Inc. - Class A

15,302

1,370,294

Pool Corp.

6,510

1,350,174

PulteGroup, Inc.

36,744

1,441,835

Starbucks Corp.

16,139

1,364,714

Steven Madden Ltd.

35,055

1,443,565

The Home Depot, Inc.

6,363

1,492,633

The TJX Companies, Inc.

22,598

1,302,775

Ulta Beauty, Inc. (a)

4,670

1,088,810

Yum China Holdings, Inc.

28,374

1,205,895

24,250,005

Consumer Staples - 8.6%

Colgate-Palmolive Co.

16,314

1,119,140

Costco Wholesale Corp.

5,828

1,731,557

Monster Beverage Corp. (a)

19,175

1,076,293

Sysco Corp.

16,664

1,330,954

The Boston Beer Co., Inc. - Class A (a)

3,836

1,436,428

The Clorox Co.

8,517

1,257,876

The Estee Lauder Companies, Inc. - Class A

7,803

1,453,465

Walmart, Inc.

11,369

1,333,129

10,738,842

Energy - 1.8%

Chevron Corp.

9,542

1,108,208

ConocoPhillips

20,754

1,145,621

2,253,829

Percentages are stated as a percent of net assets.

ADR -

American Depositary Receipt.

(a)

Non-income producing security.

(b)

Real Estate Investment Trust.

(c)

Rate disclosed is the seven day yield as of October 31, 2019.

(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 All Cap International Free-Cash-Flow ETF

Schedule of Investments

October 31, 2019 (Unaudited)

Shares

Value

COMMON STOCKS - 96.4%

Communication Services - 5.0%

Nintendo Co. Ltd.

334

$

119,447

REA Group Ltd.

2,115

158,322

Rightmove PLC

21,465

166,439

Tencent Holdings Ltd.

2,928

119,871

Ubisoft Entertainment SA (a)

1,201

70,912

634,991

Consumer Discretionary - 13.9%

adidas AG

570

175,999

Alibaba Group Holding Ltd. - ADR (a)

728

128,616

Fast Retailing Co. Ltd.

270

167,640

Goldwin, Inc.

1,800

138,513

InterContinental Hotels Group PLC

2,093

126,341

Lululemon Athletica, Inc. (a)

907

185,273

Oriental Land Co. Ltd.

1,300

191,226

Puma SE

2,710

203,865

Subaru Corp.

5,000

144,597

Toyota Motor Corp.

2,244

156,720

Yum China Holdings, Inc.

3,166

134,555

1,753,345

Consumer Staples - 12.9%

Alimentation Couche-Tard, Inc. - Class A

4,432

132,916

Asahi Group Holdings Ltd.

2,985

150,093

Coca-Cola European Partners PLC

2,401

128,478

Diageo PLC

3,238

132,730

Ebro Foods SA

6,544

143,635

Kao Corp.

1,676

135,706

Nestle SA

1,676

178,932

Remy Cointreau SA

1,087

145,358

Shiseido Co. Ltd.

2,190

181,868

Strauss Group Ltd.

5,013

151,765

Treasury Wine Estates Ltd.

11,400

138,076

1,619,557

Energy - 4.8%

Neste Oyj

4,239

152,990

Royal Dutch Shell PLC - Class A - ADR

2,005

116,871

SBM Offshore NV

7,432

127,774

Suncor Energy, Inc.

3,926

116,563

TGS NOPEC Geophysical Co. ASA

3,334

86,358

600,556

Percentages are stated as a percent of net assets.

ADR -

American Depositary Receipt.

(a)

Non-income producing security.

(b)

Security exempt from registration under Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund's liquidity guidelines. At October 31, 2019, the value of this security amounted to $107,868 or 0.9% of net assets.

(c)

Real Estate Investment Trust.

(d)

Rate disclosed is the seven day yield as of October 31, 2019.

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 Financial Accounting Standards Board ("FASB") established a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Under FASB Accounting Standards Codification ("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 each Fund's investments as of October 31, 2019:

TrimTabs All Cap U.S. Free-Cash-Flow ETF

Description (a)

Level 1

Level 2

Level 3

Total

Common Stocks

 123,310,378

             -

                 -

  123,310,378

Short-Term Investments

             982,261

                   -

                   -

         982,261

Total Investments in Securities

    124,292,639

                -

                 -

  124,292,639

TrimTabs All Cap International Free-Cash-Flow ETF

Description (a)

Level 1

Level 2

Level 3

Total

Common Stocks

 Australia

 755,422

                -

              -

         755,422

 Canada

          1,456,406

                   -

                   -

        1,456,406

 China

             263,171

                   -

                   -

           263,171

 Denmark

             293,957

                   -

                   -

           293,957

 Finland

             152,990

                   -

                   -

           152,990

 France

             999,006

                   -

                   -

           999,006

 Germany

             379,864

                   -

                   -

           379,864

 Hong Kong

             119,871

                   -

                   -

           119,871

 Israel

             314,762

                   -

                   -

           314,762

 Italy

             155,127

                   -

                   -

           155,127

 Japan

          3,182,885

                   -

                   -

        3,182,885

 Netherlands

             470,102

                   -

                   -

           470,102

 Norway

             208,991

                   -

                   -

           208,991

 Republic of Korea

             107,868

                   -

                   -

           107,868

 Singapore

             133,810

                   -

                   -

           133,810

 Spain

             254,322

                   -

                   -

           254,322

 Switzerland

          1,219,695

                   -

                   -

        1,219,695

 United Kingdom

          1,669,192

                   -

                   -

        1,669,192

Total Common Stocks

     12,137,441

              -

            -

    12,137,441

Exchange Traded Funds

         384,224

                   -

                   -

 384,224

Short-Term Investments

 46,022

                   -

                   -

        46,022

Total Investments in Securities

 12,567,687

 -

               -

   12,567,687

^(a) See Schedules of Investments for sector breakouts.

The Funds did not invest in any Level 3 securities during the period.