Siren Large Cap Blend Index ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2020 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 99.4% | ||||||||
Communications 22.7% | ||||||||
28 | Alphabet, Inc (a) | $ | 49,074 | |||||
693 | AT&T, Inc. | 19,931 | ||||||
15 | Booking Holdings, Inc (a) | 33,409 | ||||||
42 | Charter Communications, Inc. (a) | 27,785 | ||||||
934 | Comcast Corp. | 48,942 | ||||||
205 | Facebook, Inc. (a) | 55,998 | ||||||
50 | Netflix, Inc. (a) | 27,036 | ||||||
170 | T-Mobile US, Inc. (a) | 22,924 | ||||||
128 | The Walt Disney Co. (a) | 23,191 | ||||||
368 | Verizon Communications, Inc. | 21,620 | ||||||
329,910 | ||||||||
Consumer Discretionary 9.4% | ||||||||
17 | Amazon.com, Inc. (a) | 55,368 | ||||||
276 | Starbucks Corp. | 29,526 | ||||||
37 | Tesla, Inc. (a) | 26,110 | ||||||
96 | The Home Depot, Inc. | 25,500 | ||||||
136,504 | ||||||||
Consumer Staples 11.2% | ||||||||
70 | Costco Wholesale Corp . | 26,374 | ||||||
404 | Mondelez International, Inc. | 23,622 | ||||||
252 | PepsiCo, Inc. | 37,372 | ||||||
178 | The Procter & Gamble Co. | 24,767 | ||||||
460 | The Coca-Cola Co. | 25,226 | ||||||
171 | Walmart, Inc. | 24,650 | ||||||
162,011 | ||||||||
Energy 2.6% | ||||||||
230 | Chevron Corp. | 19,423 | ||||||
458 | Exxon Mobil Corp. | 18,879 | ||||||
38,302 | ||||||||
Financials 8.3% | ||||||||
868 | Bank of America Corp. | 26,309 | ||||||
111 | Berkshire Hathaway, Inc. (a) | 25,737 | ||||||
116 | CME Group, Inc. | 21,118 | ||||||
216 | JPMorgan Chase & Co. | 27,447 | ||||||
665 | Wells Fargo & Co. | 20,070 | ||||||
120,681 |
Health Care 9.9% | ||||||||
86 | Amgen, Inc. | 19,773 | ||||||
247 | Gilead Sciences, Inc. | 14,390 | ||||||
24 | Intuitive Surgical, Inc. (a) | 19,635 | ||||||
140 | Johnson & Johnson | 22,033 | ||||||
264 | Merck & Co., Inc. | 21,595 | ||||||
551 | Pfizer, Inc. | 20,283 | ||||||
72 | UnitedHealth Group, Inc. | 25,249 | ||||||
68 | Viatris, Inc. (a) | 1,274 | ||||||
144,232 | ||||||||
Industrials 2.5% | ||||||||
167 | The Boeing Co. | 35,748 |
Siren Large Cap Blend Index ETF | ||||||||
SCHEDULE OF INVESTMENTS (continued) | ||||||||
December 31, 2020 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 99.2% (continued) | ||||||||
Technology 32.8% | ||||||||
107 | Adobe, Inc. (a) | $ | 53,513 | |||||
144 | Apple, Inc. | 19,107 | ||||||
143 | Automatic Data Processing, Inc. | 25,197 | ||||||
78 | Broadcom, Inc. | 34,152 | ||||||
800 | Cisco Systems, Inc. | 35,800 | ||||||
204 | Fiserv, Inc. (a) | 23,227 | ||||||
698 | Intel Corp . | 34,774 | ||||||
77 | Intuit, Inc. | 29,249 | ||||||
76 | Mastercard, Inc. | 27,127 | ||||||
199 | Microsoft Corp. | 44,262 | ||||||
44 | NVIDIA Corp. | 22,977 | ||||||
98 | PayPal Holdings, Inc. (a) | 22,952 | ||||||
320 | QUALCOMM, Inc. | 48,749 | ||||||
180 | Texas Instruments, Inc. | 29,543 | ||||||
117 | Visa, Inc. | 25,591 | ||||||
476,220 | ||||||||
Total Common Stocks | ||||||||
(Cost $1,218,510) | 1,443,608 | |||||||
MONEY MARKET FUNDS 0.5% | ||||||||
6,668 | First American Government Obligations Fund, 0.04% (b) | 6,668 | ||||||
Total Money Market Funds | ||||||||
(Cost $6,668) | 6,668 | |||||||
Total Investments 99.9% | ||||||||
(Cost $1,225,178) | 1,450,276 | |||||||
Other Assets in Excess of Liabilities 0.1% | 1,277 | |||||||
TOTAL NET ASSETS 100.0% | $ | 1,451,553 | ||||||
(a) | Non-Income Producing. | |||||||
(b) | 7-day net yield at December 31, 2020. |
Siren DIVCON Leaders Dividend ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2020 (unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 92.7% | ||||||||
Communications 2.1% | ||||||||
8,721 | Activision Blizzard, Inc. | $ | 809,745 | |||||
Consumer Discretionary 10.1% | ||||||||
7,097 | Best Buy Co, Inc. | 708,210 | ||||||
2,085 | Domino's Pizza, Inc. | 799,514 | ||||||
11,085 | DR Horton, Inc. | 763,978 | ||||||
2,849 | The Home Depot Inc. | 756,751 | ||||||
5,736 | Tractor Supply Co. | 806,367 | ||||||
3,834,820 | ||||||||
Consumer Staples 13.8% | ||||||||
8,503 | Church & Dwight Co, Inc. | 741,717 | ||||||
1,853 | Costco Wholesale Corp. | 698,173 | ||||||
3,601 | Dollar General Corp. | 757,290 | ||||||
8,088 | McCormick & Co Inc. | 773,213 | ||||||
3,699 | The Clorox Co. | 746,902 | ||||||
23,273 | The Kroger Co. | 739,150 | ||||||
5,550 | The Procter & Gamble Co. | 772,227 | ||||||
5,228,672 | ||||||||
Financials 8.0% | ||||||||
15,516 | Aflac, Inc. | 689,997 | ||||||
16,485 | Brown & Brown, Inc. | 781,554 | ||||||
5,151 | T Rowe Price Group, Inc. | 779,810 | ||||||
7,139 | The Allstate Corp. | 784,790 | ||||||
3,036,151 | ||||||||
Health Care 8.6% | ||||||||
5,730 | Merck & Co, Inc. | 468,714 | ||||||
4,044 | STERIS Plc | 766,500 | ||||||
2,101 | UnitedHealth Group, Inc. | 736,779 | ||||||
2,901 | West Pharmaceutical Services, Inc. | 821,882 | ||||||
2,926 | Zoetis, Inc. | 484,253 | ||||||
3,278,128 | ||||||||
Industrials 15.4% | ||||||||
5,194 | Amphenol Corp. | 679,219 | ||||||
2,127 | Cintas Corp. | 751,809 | ||||||
9,314 | Cognex Corp. | 747,774 | ||||||
14,459 | Fastenal Co. | 706,033 | ||||||
6,454 | HEICO Corp. | 755,505 | ||||||
5,410 | JB Hunt Transport Services, Inc. | 739,277 | ||||||
3,594 | L3Harris Technologies, Inc. | 679,338 | ||||||
3,839 | Nordson Corp. | 771,447 | ||||||
5,830,402 | ||||||||
Materials 2.1% | ||||||||
1,091 | The Sherwin-Williams Co. | 801,787 | ||||||
Siren DIVCON Leaders Dividend ETF | ||||||||
SCHEDULE OF INVESTMENTS (continued) | ||||||||
December 31, 2020 (unaudited) | ||||||||
Number of Shares | Value | |||||||
Technology 32.6% | ||||||||
6,216 | Apple, Inc. | $ | 824,801 | |||||
8,916 | Booz Allen Hamilton Holding Corp. | 777,297 | ||||||
2,181 | FactSet Research Systems, Inc. | 725,183 | ||||||
4,600 | Jack Henry & Associates, Inc. | 745,154 | ||||||
14,158 | Intel Corp. | 705,351 | ||||||
2,199 | Intuit, Inc. | 835,290 | ||||||
2,955 | KLA Corp. | 765,079 | ||||||
1,558 | Lam Research Corp. | 735,797 | ||||||
1,308 | MarketAxess Holdings, Inc. | 746,292 | ||||||
3,597 | Microsoft Corp. | 800,045 | ||||||
2,799 | Moody's Corp. | 812,382 | ||||||
1,385 | NVIDIA Corp. | 723,247 | ||||||
2,514 | S&P Global, Inc. | 826,427 | ||||||
5,311 | Skyworks Solutions, Inc. | 811,946 | ||||||
6,331 | Teradyne, Inc. | 759,024 | ||||||
4,745 | Texas Instruments, Inc. | 778,797 | ||||||
12,372,112 | ||||||||
Total Common Stocks | ||||||||
(Cost $29,222,476) | 35,191,817 | |||||||
MONEY MARKET FUNDS 5.2% | ||||||||
1,989,297 | First American Government Obligations Fund (a) | 1,989,297 | ||||||
Total Money Market Funds | ||||||||
(Cost $1,989,297) | 1,989,297 | |||||||
Total Investments 97.9% | ||||||||
(Cost $31,211,773) | 37,181,114 | |||||||
Other Assets in Excess of Liabilities 2.1% | 776,351 | |||||||
TOTAL NET ASSETS 100.0% | $ | 37,957,465 | ||||||
(a) | 7-day net yield at December 31, 2020. |
Siren Divcon Dividend Defender ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2020 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 82.6% | ||||||||
Communications 1.7% | ||||||||
9,859 | Activision Blizzard, Inc. | $ | 915,408 | |||||
Consumer Discretionary 9.0% | ||||||||
8,724 | Best Buy Co., Inc. | 870,568 | ||||||
2,613 | Domino's Pizza, Inc. | 1,001,981 | ||||||
13,667 | DR Horton, Inc. | 941,930 | ||||||
3,422 | The Home Depot, Inc. | 908,952 | ||||||
7,337 | Tractor Supply Co. | 1,031,435 | ||||||
4,754,866 | ||||||||
Consumer Staples 11.2% | ||||||||
2,527 | Costco Wholesale Corp. | 952,123 | ||||||
8,852 | Church & Dwight Co., Inc. | 772,160 | ||||||
3,852 | Dollar General Corp. | 810,075 | ||||||
8,608 | McCormick & Co. Inc. | 822,925 | ||||||
3,783 | The Clorox Co. | 763,863 | ||||||
30,988 | The Kroger Co. | 984,179 | ||||||
5,730 | The Procter & Gamble Co. | 797,272 | ||||||
5,902,597 | ||||||||
Financials 6.4% | ||||||||
16,742 | Aflac, Inc. | 744,517 | ||||||
16,870 | Brown & Brown, Inc. | 799,807 | ||||||
5,378 | T. Rowe Price Group, Inc. | 814,175 | ||||||
9,262 | The Allstate Corp. | 1,018,172 | ||||||
3,376,671 | ||||||||
Health Care 10.5% | ||||||||
17,587 | Merck & Co. Inc. | 1,438,617 | ||||||
4,073 | STERIS plc | 771,996 | ||||||
3,979 | West Pharmaceutical Services, Inc. | 1,127,291 | ||||||
2,828 | UnitedHealth Group Inc. | 991,723 | ||||||
7,292 | Zoetis, Inc. | 1,206,826 | ||||||
5,536,453 | ||||||||
Industrials 14.1% | ||||||||
6,560 | Amphenol Corp. | 857,851 | ||||||
2,118 | Cintas Corp. | 748,628 | ||||||
9,848 | Cognex Corp. | 790,647 | ||||||
16,726 | Fastenal Co. | 816,731 | ||||||
7,147 | HEICO Corp. | 836,628 | ||||||
7,125 | JB Hunt Transport Services, Inc. | 973,631 | ||||||
4,939 | L3Harris Technologies, Inc. | 933,570 | ||||||
7,125 | Nordson Corp. | 1,431,769 | ||||||
7,389,455 | ||||||||
Materials 0.1% | ||||||||
31 | The Sherwin-Williams Co. | 22,782 |
Siren DIVCON Dividend Defender ETF | ||||||||
SCHEDULE OF INVESTMENTS (continued) | ||||||||
December 31, 2020 (unaudited) | ||||||||
Number of Shares | Value | |||||||
Technology 29.6% | ||||||||
6,326 | Apple, Inc. | $ | 839,397 | |||||
10,085 | Booz Allen Hamilton Holding Corp. | 879,210 | ||||||
2,388 | FactSet Research Systems, Inc. | 794,010 | ||||||
18,840 | Intel Corp. | 938,609 | ||||||
2,296 | Intuit, Inc. | 872,135 | ||||||
6,200 | Jack Henry & Associates, Inc. | 1,004,338 | ||||||
3,293 | KLA Corp. | 852,591 | ||||||
2,100 | Lam Research Corp. | 991,767 | ||||||
1,879 | MarketAxess Holdings, Inc. | 1,072,082 | ||||||
4,404 | Microsoft Corp. | 979,538 | ||||||
3,387 | Moody's Corp. | 983,043 | ||||||
1,740 | MSCI, Inc. | 776,962 | ||||||
1,733 | NVIDIA Corp. | 904,973 | ||||||
3,233 | S&P Global, Inc. | 1,062,784 | ||||||
5,675 | Skyworks Solutions, Inc. | 867,594 | ||||||
6,551 | Teradyne, Inc. | 785,399 | ||||||
5,866 | Texas Instruments, Inc. | 962,786 | ||||||
15,567,218 | ||||||||
Total Investments Before Securities Sold Short | ||||||||
(Cost $39,195,288) | 43,465,450 | |||||||
SECURITIES SOLD SHORT | ||||||||
COMMONT STOCKS (24.0)% | ||||||||
Communications (1.4)% | ||||||||
(73,311 | ) | Lumen Technologies, Inc. | (714,782 | ) | ||||
Consumer Discretinary (1.6)% | ||||||||
(7,000 | ) | Darden Restaurants, Inc. | (833,840 | ) | ||||
Consumer Staples (1.5)% | ||||||||
(23,333 | ) | The Kraft Heinz Co. | (808,722 | ) | ||||
Energy (10.6)% | ||||||||
(29,253 | ) | Baker Hughes Co. | (609,925 | ) | ||||
(14,000 | ) | ConocoPhillips | (559,860 | ) | ||||
(42,430 | ) | Halliburton Co. | (801,927 | ) | ||||
(14,827 | ) | Hess Corp. | (782,717 | ) | ||||
(42,655 | ) | Kinder Morgan, Inc. | (583,094 | ) | ||||
(53,856 | ) | Occidental Petroleum Corp. | (932,248 | ) | ||||
(34,407 | ) | Schlumberger NV | (751,105 | ) | ||||
(27,681 | ) | The Williams Companies Inc. | (555,004 | ) | ||||
(5,575,880 | ) | |||||||
Financials (2.9)% | ||||||||
(7,351 | ) | Capital One Financial Corp. | (726,646 | ) | ||||
(26,981 | ) | Wells Fargo & Co. | (814,287 | ) | ||||
(1,540,933 | ) | |||||||
Siren DIVCON Dividend Defender ETF | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
December 31, 2020 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
Industrials (1.9)% | ||||||||
(95,154 | ) | General Electric Co. | $ | (1,027,663 | ) | |||
Materials (1.6)% | ||||||||
(18,683 | ) | Westrock Co. | (813,271 | ) | ||||
Utilities (2.5)% | ||||||||
(31,237 | ) | CenterPoint Energy, Inc. | (675,968 | ) | ||||
(8,269 | ) | Dominion Energy, Inc. | (621,829 | ) | ||||
(1,297,797 | ) | |||||||
Total Securities Sold Short (24.0)% | ||||||||
[Proceeds $(12,929,613)] | (12,612,888 | ) | ||||||
MONEY MARKET FUNDS 20.1% | ||||||||
10,549,931 | First American Government Obligations Fund, 0.04% (a) | 10,549,931 | ||||||
Total Money Market Funds | ||||||||
(Cost $10,549,931) | 10,549,931 | |||||||
Total Investments 78.7% | ||||||||
(Cost $36,815,606) | 41,402,493 | |||||||
Other Assets in Excess Liabilities 21.3% | 11,185,955 | |||||||
TOTAL NET ASSETS 100.0% | $ | 52,588,448 | ||||||
(a) | 7-day net yield at December 31, 2020. |
Siren Nasdaq NexGen Economy ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
December 31, 2020 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 99.3% | ||||||||
Communications 11.6% | ||||||||
1,554 | Alphabet, Inc. (b) | $ | 2,723,603 | |||||
20,196 | Baidu, Inc. - ADR (b) | 4,367,183 | ||||||
73,853 | Digital Garage, Inc. (a) | 3,043,383 | ||||||
8,728 | Facebook, Inc. (b) | 2,384,140 | ||||||
98,158 | GMO internet, Inc. (a) | 2,814,835 | ||||||
20,694 | NetEase, Inc. - ADR | 1,981,864 | ||||||
35,282 | Tencent Holdings Ltd. (a) | 2,566,808 | ||||||
3,584 | Swisscom AG (a) | 1,931,465 | ||||||
21,813,281 | ||||||||
Consumer Discretionary 7.6% | ||||||||
35,624 | JD.com, Inc. (b) | 3,131,350 | ||||||
655 | Amazon.com, Inc. (b) | 2,133,289 | ||||||
48,812 | Daimler AG (a) | 3,446,065 | ||||||
177,571 | Rakuten, Inc. (a) | 1,709,415 | ||||||
9,219 | Alibaba Group Holding Ltd. - ADR (b) | 2,145,538 | ||||||
37,763 | Overstock.com, Inc. (b) | 1,811,491 | ||||||
14,377,148 | ||||||||
Consumer Staples 1.1% | ||||||||
14,525 | Walmart, Inc. | 2,093,779 | ||||||
Financials 31.9% | ||||||||
21,335 | American Express Co. | 2,579,615 | ||||||
9,437 | Aon PLC - Class A | 1,993,755 | ||||||
30,475 | ASX Ltd. (a) | 1,691,620 | ||||||
985,917 | Banco Santander Central Hispano SA - ADR | 3,007,047 | ||||||
75,269 | Bank of America Corp. | 2,281,403 | ||||||
461,324 | Barclays PLC (b) | 3,685,979 | ||||||
671,594 | BOC Hong Kong Holdings Ltd. (a) | 2,035,803 | ||||||
46,151 | Citigroup, Inc. | 2,845,671 | ||||||
10,602 | CME Group, Inc. | 1,930,094 | ||||||
12,040 | Deutsche Boerse AG (a) | 2,048,169 | ||||||
779,461 | Galaxy Digital Holdings Ltd. (a)(b) | 6,674,621 | ||||||
244,664 | ING Groep NV - ADR (b) | 2,309,628 | ||||||
19,468 | Intercontinental Exchange, Inc. | 2,244,466 | ||||||
25,295 | JPMorgan Chase & Co. | 3,214,236 | ||||||
145,056 | Mizuho Financial Group, Inc. (a) | 1,836,819 | ||||||
20,562 | Nasdaq, Inc. | 2,729,400 | ||||||
227,858 | Ping An Insurance Group Co. of China Ltd. (a) | 2,792,215 | ||||||
94,784 | Plus500 Ltd. (a) | 1,879,452 | ||||||
105,169 | SBI Holdings, Inc. (a) | 2,492,359 | ||||||
22,207 | Signature Bank/New York NY | 3,004,385 | ||||||
10,075 | The Goldman Sachs Group, Inc. | 2,656,878 | ||||||
18,745 | TMX Group Ltd. (a)(b) | 1,872,291 | ||||||
438,211 | ZhongAn Online P&C Insurance Co. Ltd. (a)(b) | 2,046,222 | ||||||
59,852,128 | ||||||||
Industrials 2.7% | ||||||||
67,025 | Hitachi Ltd. (a) | 2,638,677 | ||||||
14,940 | Siemens AG (a) | 2,144,897 | ||||||
7,152 | Siemens Energy AG (a)(b) | 262,116 | ||||||
5,045,690 |
Siren Nasdaq NexGen Economy ETF | ||||||||
SCHEDULE OF INVESTMENTS (Continued) | ||||||||
December 31, 2020 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
Technology 44.4% | ||||||||
11,979 | Accenture PLC - Class A | $ | 3,129,034 | |||||
30,372 | Advanced Micro Devices, Inc. (b) | 2,785,416 | ||||||
22,230 | Atos SE (a)(b) | 2,030,809 | ||||||
18,078 | Broadridge Financial Solutions, Inc. | 2,769,550 | ||||||
951,580 | Canaan, Inc. (b) | 5,642,870 | ||||||
57,205 | Cisco Systems, Inc. | 2,559,924 | ||||||
11,665 | DocuSign, Inc. (b) | 2,593,129 | ||||||
19,870 | Fujitsu Ltd. (a) | 2,868,262 | ||||||
240,140 | Hewlett Packard Enterprise Co. | 2,845,659 | ||||||
148,486 | Infosys Ltd. | 2,516,838 | ||||||
52,577 | Intel Corp. | 2,619,386 | ||||||
24,159 | International Business Machines Corp. | 3,041,135 | ||||||
7,084 | Mastercard, Inc. | 2,528,563 | ||||||
40,786 | Micron Technology, Inc. (b) | 3,066,292 | ||||||
13,934 | Microsoft Corp. | 3,099,200 | ||||||
183,850 | NTT Data Corp. (a) | 2,512,347 | ||||||
4,655 | NVIDIA Corp. | 2,430,841 | ||||||
121,871 | OneConnect Financial Technology Co. Ltd. (b) | 2,402,077 | ||||||
43,314 | Oracle Corp. | 2,801,983 | ||||||
12,706 | PayPal Holdings, Inc. (b) | 2,975,745 | ||||||
2,046 | Samsung Electronics Company, Ltd. - GDR 144A (c) | 3,733,950 | ||||||
16,984 | SAP SE | 2,214,544 | ||||||
18,019 | Square, Inc. (b) | 3,921,655 | ||||||
28,360 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 3,092,374 | ||||||
14,405 | Texas Instruments, Inc. | 2,364,293 | ||||||
27,145 | Thomson Reuters Corp. | 2,222,904 | ||||||
10,033 | Visa, Inc. | 2,194,518 | ||||||
816,270 | Xiaomi Corp. (a)(b) | 3,495,690 | ||||||
21,216 | Xilinx, Inc. | 3,007,792 | ||||||
83,466,780 | ||||||||
Total Common Stocks | ||||||||
(Cost $150,535,622) | 186,648,806 | |||||||
PREFERRED STOCKS 0.4% | ||||||||
Consumer Discretionary 0.4% | ||||||||
15,651 | Overstock.com, Inc. | 652,201 | ||||||
Total Preferred Stocks | ||||||||
(Cost $578,783) | 652,201 | |||||||
MONEY MARKET FUNDS 0.2% | ||||||||
440,145 | First American Government Obligations Fund, 0.04% (d) | 440,145 | ||||||
Total Money Market Funds | ||||||||
(Cost $440,145) | 440,145 | |||||||
Total Investments 99.9% | ||||||||
(Cost $151,554,550) | 187,741,152 | |||||||
Other Assets in Excess of Liabilities 0.1% | 151,410 | |||||||
TOTAL NET ASSETS 100.0% | $ | 187,892,562 | ||||||
(a) | U.S.-dollar denominated security of a foreign issuer. | |||||||
(b) | Non-Income Producing. | |||||||
(c) | Security was purchased pursuant to Rule 144 under the securities Act of 1933 and may not be resold subject to the rule except to qualified institutional buyers. Unless otherwise noted, 144 securities are deemed to be liquid. At December 31, 2020, the net value of these securities amounted to $3,733,950, which represents 2.0% of net assets. | |||||||
(d) | 7-day net yield at December 31, 2020. |
a) Investment Valuation
The net asset value (“NAV”) of the Funds’ shares are calculated each business day as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4:00 p.m., Eastern Time. NAV per share is computed by dividing the net assets by the number of shares outstanding.
When calculating the NAV of the Funds’ shares, securities held by the Funds are valued at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Over-the-counter securities and instruments not traded on an exchange are generally valued at the last traded price. In the absence of a recorded transaction sale price; or if the last sale price is unavailable, securities are valued at the mean between last bid and ask, as quoted. If an ask price is unavailable, the last bid price is used. Such valuations would typically be categorized as Level 1 or Level 2 in the fair value hierarchy described below.
When reliable market quotations are not readily available, securities are priced at their fair value in accordance with the Trust’s valuation procedures, which were approved by the Board of Trustees (the “Trustees” or the “Board”). The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of the Funds’ security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. In addition, fair value pricing could result in a difference between the prices used to calculate the Funds’ NAV and the prices used by the Funds’ target Index. This may adversely affect the Funds’ ability to track its Target Index.
The Funds disclose the fair market value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:
• Level 1 — Quoted prices in active markets for identical assets.
• Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
• Level 3 — Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2020:
Siren Large Cap Blend Index ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 1,443,608 | $ | - | $ | - | $ | 1,443,608 | ||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 6,668 | - | - | 6,668 | ||||||||||||
Total | $ | 1,450,276 | $ | - | $ | - | $ | 1,450,276 | ||||||||
Siren DIVCON Leaders Dividend ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 35,191,817 | $ | - | $ | - | $ | 35,191,817 | ||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 1,989,297 | - | - | 1,989,297 | ||||||||||||
Total | $ | 37,181,114 | $ | - | $ | - | $ | 37,181,114 | ||||||||
Siren DIVCON Dividend Defender ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 43,465,450 | $ | - | $ | - | $ | 43,465,450 | ||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 10,549,931 | - | - | 10,549,931 | ||||||||||||
Total Assets | $ | 54,015,381 | $ | - | $ | - | $ | 54,015,381 | ||||||||
Liabilities | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | (12,612,888 | ) | $ | - | $ | - | $ | (12,612,888 | ) | ||||||
Total Liabilities | $ | (12,612,888 | ) | $ | - | $ | - | $ | (12,612,888 | ) | ||||||
Siren Nasdaq NexGen Economy ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 186,648,806 | $ | - | $ | - | $ | 186,648,806 | ||||||||
Preferred Stocks | 652,201 | - | - | 652,201 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 440,145 | - | - | 440,145 | ||||||||||||
Total | $ | 187,741,152 | $ | - | $ | - | $ | 187,741,152 | ||||||||
Tax Disclosure -The Funds’ policy is to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. The Funds plan to file U.S. Federal and various state and local tax returns.
The Funds recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Funds’ uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the period ended December 31, 2020, the Funds did not incur any interest or penalties.