Siren Large Cap Blend Index ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
June 30, 2021 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 99.1% | ||||||||
Communications 22.8% | ||||||||
28 | Alphabet, Inc. (a) | $ | 68,370 | |||||
767 | AT&T, Inc. | 22,074 | ||||||
42 | Charter Communications Inc. (a) | 30,301 | ||||||
934 | Comcast Corp. | 53,257 | ||||||
205 | Facebook, Inc. (a) | 71,280 | ||||||
100 | Netflix, Inc. (a) | 52,821 | ||||||
170 | T-Mobile US, Inc. (a) | 24,621 | ||||||
128 | The Walt Disney Co. (a) | 22,499 | ||||||
428 | Verizon Communications, Inc. | 23,981 | ||||||
369,204 | ||||||||
Consumer Discretionary 15.3% | ||||||||
17 | Amazon.com, Inc. (a) | 58,483 | ||||||
258 | JD.com, Inc. (a) | 20,591 | ||||||
173 | NIKE, Inc. - Class B | 26,727 | ||||||
140 | Pinduoduo, Inc. (a) | 17,783 | ||||||
16 | MercadoLibre, Inc. (a) | 24,925 | ||||||
235 | Starbucks Corp. | 26,275 | ||||||
61 | Tesla, Inc. (a) | 41,462 | ||||||
96 | The Home Depot, Inc. | 30,613 | ||||||
246,859 | ||||||||
Consumer Staples 6.5% | ||||||||
70 | Costco Wholesale Corp. | 27,697 | ||||||
178 | PepsiCo, Inc. | 26,374 | ||||||
500 | The Coca-Cola Co. | 27,055 | ||||||
171 | Walmart, Inc. | 24,115 | ||||||
105,241 | ||||||||
Energy 1.6% | ||||||||
419 | Exxon Mobil Corp. | 26,430 | ||||||
Financials 5.4% | ||||||||
661 | Bank of America Corp. | 27,253 | ||||||
111 | Berkshire Hathaway, Inc. (a) | 30,849 | ||||||
181 | JPMorgan Chase & Co. | 28,153 | ||||||
86,255 | ||||||||
Health Care 6.0% | ||||||||
97 | Amgen, Inc. | 23,644 | ||||||
140 | Johnson & Johnson | 23,063 | ||||||
264 | Merck & Co, Inc. | 20,531 | ||||||
26 | Organon & Co. | 787 | ||||||
72 | UnitedHealth Group, Inc. | 28,832 | ||||||
96,857 | ||||||||
Technology 41.5% | ||||||||
103 | Adobe, Inc. (a) | 60,321 | ||||||
269 | Advanced Micro Devices, Inc. (a) | 25,267 | ||||||
359 | Apple, Inc. | 49,169 | ||||||
225 | Applied Materials, Inc. | 32,040 | ||||||
42 | ASML Holding NV | 29,015 | ||||||
78 | Broadcom, Inc. | 37,193 | ||||||
554 | Cisco Systems, Inc. | 29,362 | ||||||
828 | Intel Corp. | 46,484 | ||||||
64 | Intuit, Inc. | 31,371 | ||||||
76 | Mastercard, Inc. | 27,747 | ||||||
199 | Microsoft Corp. | 53,909 | ||||||
84 | NVIDIA Corp. | 67,208 | ||||||
189 | PayPal Holdings, Inc. (a) | 55,090 | ||||||
149 | QUALCOMM, Inc. | 21,297 | ||||||
108 | Salesforce.com, Inc. (a) | 26,381 | ||||||
138 | Texas Instruments, Inc. | 26,537 | ||||||
117 | Visa, Inc. | 27,357 | ||||||
64 | Zoom Video Communications, Inc. (a) | 24,770 | ||||||
670,518 | ||||||||
Total Common Stocks | ||||||||
(Cost $1,267,951) | 1,601,364 | |||||||
MONEY MARKET FUNDS 0.9% | ||||||||
14,686 | First American Government Obligations Fund, 0.026% (b) | 14,686 | ||||||
Total Money Market Funds | ||||||||
(Cost $14,686) | 14,686 | |||||||
Total Investments 100.0% | ||||||||
(Cost $1,282,637) | 1,616,050 | |||||||
Other Assets in Excess of Liabilities 0.0% | 185 | |||||||
TOTAL NET ASSETS 100.0% | $ | 1,616,235 | ||||||
(a) | Non-Income Producing. | |||||||
(b) | 7-day net yield at June 30, 2021 |
Siren DIVCON Leaders Dividend ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
June 30, 2021 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 96.0% | ||||||||
Communications 1.9% | ||||||||
8,993 | Activision Blizzard, Inc. | $ | 858,292 | |||||
Consumer Discretionary 12.1% | ||||||||
7,318 | Best Buy Co., Inc, | 841,424 | ||||||
2,580 | Domino's Pizza, Inc. | 1,203,544 | ||||||
13,990 | DR Horton, Inc. | 1,264,276 | ||||||
2,938 | The Home Depot, Inc. | 936,899 | ||||||
5,915 | Tractor Supply Co . | 1,100,545 | ||||||
5,346,688 | ||||||||
Consumer Staples 12.8% | ||||||||
8,768 | Church & Dwight Co., Inc. | 747,209 | ||||||
2,557 | Costco Wholesale Corp. | 1,011,728 | ||||||
3,713 | Dollar General Corp. | 803,456 | ||||||
8,340 | McCormick & Co., Inc. | 736,589 | ||||||
3,814 | The Clorox Co. | 686,177 | ||||||
24,000 | The Kroger Co. | 919,440 | ||||||
5,723 | The Procter & Gamble Co. | 772,204 | ||||||
5,676,803 | ||||||||
Financials 8.5% | ||||||||
16,000 | Aflac, Inc. | 858,560 | ||||||
17,000 | Brown & Brown, Inc. | 903,380 | ||||||
5,311 | T. Rowe Price Group, Inc. | 1,051,419 | ||||||
7,362 | The Allstate Corp. | 960,299 | ||||||
3,773,658 | ||||||||
Health Care 8.8% | ||||||||
5,909 | Merck & Co., Inc. | 459,543 | ||||||
590 | Organon & Co. | 17,853 | ||||||
4,170 | STERIS plc | 860,271 | ||||||
2,835 | UnitedHealth Group, Inc. | 1,135,248 | ||||||
2,991 | West Pharmaceutical Services, Inc. | 1,074,068 | ||||||
1,765 | Zoetis, Inc. | 328,925 | ||||||
3,875,908 | ||||||||
Industrials 16.4% | ||||||||
10,712 | Amphenol Corp. | 732,808 | ||||||
2,193 | Cintas Corp. | 837,726 | ||||||
9,605 | Cognex Corp. | 807,300 | ||||||
14,910 | Fastenal Co. | 775,320 | ||||||
6,655 | HEICO Corp. | 826,418 | ||||||
5,579 | JB Hunt Transport Services, Inc. | 909,098 | ||||||
4,704 | L3Harris Technologies, Inc. | 1,016,770 | ||||||
6,230 | Nordson Corp. | 1,367,547 | ||||||
7,272,987 | ||||||||
Materials 2.1% | ||||||||
3,375 | The Sherwin-Williams Co. | 919,519 | ||||||
Technology 33.4% | ||||||||
6,410 | Apple, Inc. | 877,914 | ||||||
7,957 | Booz Allen Hamilton Holding Corp. | 677,777 | ||||||
2,249 | FactSet Research Systems, Inc. | 754,787 | ||||||
14,600 | Intel Corp. | 819,644 | ||||||
2,267 | Intuit, Inc. | 1,111,215 | ||||||
4,743 | Jack Henry & Associates, Inc. | 775,528 | ||||||
3,047 | KLA Corp. | 987,868 | ||||||
1,606 | Lam Research Corp. | 1,045,024 | ||||||
1,348 | MarketAxess Holdings, Inc. | 624,919 | ||||||
3,709 | Microsoft Corp. | 1,004,768 | ||||||
2,886 | Moody's Corp. | 1,045,800 | ||||||
1,428 | NVIDIA Corp. | 1,142,543 | ||||||
2,592 | S&P Global, Inc. | 1,063,886 | ||||||
5,476 | Skyworks Solutions, Inc. | 1,050,023 | ||||||
6,528 | Teradyne, Inc. | 874,491 | ||||||
4,893 | Texas Instruments, Inc. | 940,924 | ||||||
14,797,111 | ||||||||
Total Common Stocks | ||||||||
(Cost $31,663,189) | 42,520,966 | |||||||
MONEY MARKET FUNDS 3.9% | ||||||||
1,710,170 | First American Government Obligations Fund 0.026% (a) | 1,710,170 | ||||||
Total Money Market Funds | ||||||||
(Cost $1,710,170) | 1,710,170 | |||||||
Total Investments 99.9% | ||||||||
(Cost $33,373,359) | 44,231,136 | |||||||
Other Assets in Excess of Liabilities 0.1% | 20,430 | |||||||
TOTAL NET ASSETS 100.0% | $ | 44,251,566 | ||||||
(a) | 7-day net yield at June 30, 2021. | |||||||
Siren DIVCON Dividend Defender ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
June 30, 2021 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 91.3% | ||||||||
Communications 1.7% | ||||||||
6,057 | Activision Blizzard, Inc. (a) | $ | 578,080 | |||||
Consumer Discretionary 10.6% | ||||||||
5,358 | Best Buy Co., Inc. | 616,063 | ||||||
1,447 | Domino's Pizza, Inc. | 675,011 | ||||||
8,400 | DR Horton, Inc. (a) | 759,108 | ||||||
1,995 | The Home Depot, Inc. | 636,185 | ||||||
4,515 | Tractor Supply Co. (a) | 840,061 | ||||||
3,526,428 | ||||||||
Consumer Staples 11.1% | ||||||||
3 | Brown-Forman Corp. - Class B | 225 | ||||||
5,442 | Church & Dwight Co., Inc. (a) | 463,767 | ||||||
1,559 | Costco Wholesale Corp. (a) | 616,850 | ||||||
2,378 | Dollar General Corp. (a) | 514,575 | ||||||
5,286 | McCormick & Co., Inc. (a) | 466,860 | ||||||
2,331 | The Clorox Co. (a) | 419,370 | ||||||
19,040 | The Kroger Co. (a) | 729,422 | ||||||
3,530 | The Procter & Gamble Co. (a) | 476,303 | ||||||
3,687,372 | ||||||||
Financials 7.5% | ||||||||
10,290 | Aflac, Inc. (a) | 552,161 | ||||||
10,362 | Brown & Brown, Inc. (a) | 550,637 | ||||||
3,310 | T Rowe Price Group, Inc. (a) | 655,281 | ||||||
5,698 | The Allstate Corp. (a) | 743,247 | ||||||
2,501,326 | ||||||||
Health Care 11.7% | ||||||||
11,575 | Merck & Co., Inc. (a) | 900,188 | ||||||
1,157 | Organon & Co. (a) | 35,011 | ||||||
2,511 | STERIS plc | 518,019 | ||||||
1,750 | UnitedHealth Group, Inc. (a) | 700,770 | ||||||
2,452 | West Pharmaceutical Services, Inc. (a) | 880,513 | ||||||
4,480 | Zoetis, Inc. (a) | 834,893 | ||||||
3,869,394 | ||||||||
Industrials 14.7% | ||||||||
8,060 | Amphenol Corp. (a) | 551,385 | ||||||
1,304 | Cintas Corp. (a) | 498,128 | ||||||
6,055 | Cognex Corp. (a) | 508,923 | ||||||
10,280 | Fastenal Co. (a) | 534,560 | ||||||
4,136 | HEICO Corp. | 513,608 | ||||||
4,375 | JB Hunt Transport Services, Inc. (a) | 712,906 | ||||||
2,698 | L3Harris Technologies, Inc. (a) | 583,173 | ||||||
4,375 | Nordson Corp. (a) | 960,356 | ||||||
4,863,039 | ||||||||
Materials 0.1% | ||||||||
81 | The Sherwin-Williams Co. (a) | 22,069 | ||||||
Technology 33.9% | ||||||||
3,888 | Apple, Inc. (a) | 532,500 | ||||||
6,553 | Booz Allen Hamilton Holding Corp. (a) | 558,185 | ||||||
1,471 | FactSet Research Systems, Inc. (a) | 493,682 | ||||||
11,580 | Intel Corp. (a) | 650,101 | ||||||
1,416 | Intuit, Inc. (a) | 694,081 | ||||||
3,815 | Jack Henry & Associates, Inc. (a) | 623,791 | ||||||
2,030 | KLA Corp. (a) | 658,146 | ||||||
1,299 | Lam Research Corp. (a) | 845,259 | ||||||
1,157 | MarketAxess Holdings, Inc. (a) | 536,374 | ||||||
2,710 | Microsoft Corp. (a) | 734,139 | ||||||
2,089 | Moody's Corp.(a) | 756,991 | ||||||
1,080 | MSCI, Inc. (a) | 575,726 | ||||||
1,073 | NVIDIA Corp. (a) | 858,507 | ||||||
1,995 | S&P Global, Inc. (a) | 818,848 | ||||||
3,497 | Skyworks Solutions, Inc. (a) | 670,550 | ||||||
4,025 | Teradyne, Inc. (a) | 539,189 | ||||||
3,607 | Texas Instruments, Inc. (a) | 693,626 | ||||||
11,239,695 | ||||||||
Total Common Stocks | ||||||||
(Cost $26,399,108) | 30,287,403 | |||||||
MONEY MARKET FUNDS 6.0% | ||||||||
1,978,547 | First American Government Obligations Fund, 0.026% (b) | 1,978,547 | ||||||
Total Money Market Funds | ||||||||
(Cost $1,978,547) | 1,978,547 | |||||||
Total Investments Before Securities Sold Short | ||||||||
(Cost $28,377,655) | 32,265,950 | |||||||
SECURITIES SOLD SHORT | ||||||||
COMMONT STOCKS (31.6)% | ||||||||
Consumer Discretionary (1.9)% | ||||||||
(4,307 | ) | Darden Restaurants, Inc. | (628,779 | ) | ||||
Consumer Staples (1.8)% | ||||||||
(14,335 | ) | The Kraft Heinz Co. | (584,581 | ) | ||||
Energy (15.0)% | ||||||||
(17,967 | ) | Baker Hughes Co. | (410,905 | ) | ||||
(8,610 | ) | ConocoPhillips | (524,349 | ) | ||||
(26,062 | ) | Halliburton Co. | (602,554 | ) | ||||
(9,107 | ) | Hess Corp. | (795,223 | ) | ||||
(26,199 | ) | Kinder Morgan, Inc. | (477,608 | ) | ||||
(33,079 | ) | Occidental Petroleum Corp. | (1,034,380 | ) | ||||
(21,141 | ) | Schlumberger NV | (676,724 | ) | ||||
(17,011 | ) | The Williams Companies, Inc. | (451,642 | ) | ||||
(4,973,385 | ) | |||||||
Financials (4.4)% | ||||||||
(4,517 | ) | Capital One Financial Corp. | (698,734 | ) | ||||
(16,575 | ) | Wells Fargo & Co. | (750,682 | ) | ||||
(1,449,416 | ) | |||||||
Industrials (2.4)% | ||||||||
(58,436 | ) | General Electric Co. | (786,549 | ) | ||||
Information (1.8)% | ||||||||
(45,019 | ) | Lumen Technologies, Inc. | (611,808 | ) | ||||
Materials (1.8)% | ||||||||
(11,480 | ) | Westrock Co. | (610,966 | ) | ||||
Utilities (2.5)% | ||||||||
(19,181 | ) | CenterPoint Energy, Inc. | (470,318 | ) | ||||
(5,079 | ) | Dominion Energy, Inc. | (373,662 | ) | ||||
(843,980 | ) | |||||||
Total Securities Sold Short | ||||||||
[(Proceeds $(8,507,958)] | (10,489,464 | ) | ||||||
Total Investments 65.7% | ||||||||
(Cost $19,869,697) | 21,776,486 | |||||||
Other Assets in Excess of Liabilities 34.3% | 11,386,530 | |||||||
TOTAL NET ASSETS 100.0% | $ | 33,163,016 | ||||||
(a) | Substantially all the securities, or a portion thereof, have been pledged as collateral for open short positions by the Fund. The aggregate market value of the collateral at June 30, 2021 was $38,125,471, which includes cash in the amount of $10,797,179. | |||||||
(b) | 7-day net yield at June 30, 2021. |
Siren NASDAQ NexGen Economy ETF | ||||||||
SCHEDULE OF INVESTMENTS | ||||||||
June 30, 2021 (Unaudited) | ||||||||
Number of Shares | Value | |||||||
COMMON STOCKS 99.7% | ||||||||
Communications 9.2% | ||||||||
28,525 | Baidu, Inc. (b) | $ | 5,816,247 | |||||
118,474 | Digital Garage, Inc. (a) | 5,326,771 | ||||||
11,060 | Facebook, Inc. (b) | 3,845,673 | ||||||
179,714 | GMO internet, Inc. (a) | 4,901,512 | ||||||
6,727 | Swisscom AG (a) | 3,840,261 | ||||||
65,139 | Tencent Holdings Ltd. (a) | 4,899,498 | ||||||
28,629,962 | ||||||||
Consumer Discretionary 7.4% | ||||||||
20,655 | Alibaba Group Holding Ltd. (b) | 4,684,141 | ||||||
1,182 | Amazon.com, Inc. (b) | 4,066,269 | ||||||
62,150 | JD.com, Inc. (b) | 4,960,192 | ||||||
60,625 | Overstock.com, Inc. (b) | 5,589,625 | ||||||
338,733 | Rakuten Group, Inc. (a) | 3,823,495 | ||||||
23,123,722 | ||||||||
Consumer Staples 1.2% | ||||||||
26,968 | Walmart, Inc. | 3,803,027 | ||||||
Financials 32.6% | ||||||||
23,643 | American Express Co. | 3,906,533 | ||||||
17,283 | Aon PLC | 4,126,489 | ||||||
1,061,244 | BOC Hong Kong Holdings Ltd. (a) | 3,601,584 | ||||||
53,596 | Citigroup, Inc. | 3,791,917 | ||||||
16,678 | CME Group, Inc. | 3,547,077 | ||||||
28,835 | Coinbase Global, Inc. - Class A (b) | 7,303,905 | ||||||
25,744 | Deutsche Boerse AG (a) | 4,493,409 | ||||||
221,714 | Galaxy Digital Holdings, Ltd. (a)(b) | 4,156,690 | ||||||
291,630 | ING Groep NV - ADR | 3,861,181 | ||||||
38,021 | Intercontinental Exchange, Inc. | 4,513,093 | ||||||
32,806 | JPMorgan Chase & Co. | 5,102,645 | ||||||
560,738 | Mogo, Inc. (b) | 4,401,793 | ||||||
29,937 | Nasdaq, Inc. | 5,262,925 | ||||||
468,022 | Ping An Insurance Group Co of China Ltd. (a) | 4,584,196 | ||||||
180,930 | Plus500 Ltd. (a) | 3,341,240 | ||||||
226,371 | SBI Holdings, Inc. (a) | 5,354,903 | ||||||
16,935 | Signature Bank/New York NY | 4,160,083 | ||||||
42,622 | Silvergate Capital Corp. - Class A (b) | 4,829,925 | ||||||
75,906 | The Bank of New York Mellon Corp. | 3,888,665 | ||||||
11,952 | The Goldman Sachs Group, Inc. | 4,536,143 | ||||||
34,647 | TMX Group Ltd. (a)(b) | 3,659,792 | ||||||
411,608 | VPC Impact Acquisition Holdings (b) | 4,120,196 | ||||||
908,925 | ZhongAn Online P&C Insurance Co. Ltd. (a)(b) | 5,144,991 | ||||||
101,689,375 | ||||||||
Industrials 2.9% | ||||||||
86,747 | Hitachi Ltd. (a) | 4,966,899 | ||||||
25,834 | Siemens AG (a) | 4,093,128 | ||||||
9,060,027 | ||||||||
Technology 46.4% | ||||||||
19,406 | Accenture PLC - Class A | 5,720,695 | ||||||
57,523 | Advanced Micro Devices, Inc. (b) | 5,403,135 | ||||||
30,252 | Broadridge Financial Solutions, Inc. | 4,886,606 | ||||||
468,335 | Canaan, Inc. (b) | 3,816,930 | ||||||
85,255 | Cisco Systems, Inc. | 4,518,515 | ||||||
1,195,634 | Ebang International Holdings, Inc. - Class A (b) | 3,682,553 | ||||||
31,399 | Fujitsu Ltd. (a) | 5,878,745 | ||||||
300,166 | Hewlett Packard Enterprise Co. | 4,376,420 | ||||||
2,727,224 | Huobi Technology Holdings Ltd. (a)(b) | 4,910,499 | ||||||
227,908 | Infosys, Ltd. | 4,829,371 | ||||||
79,001 | Intel Corp. | 4,435,116 | ||||||
38,535 | International Business Machines Corp. | 5,648,846 | ||||||
152,736 | Marathon Digital Holdings, Inc. (b) | 4,791,328 | ||||||
14,183 | Mastercard, Inc. - Class A | 5,178,071 | ||||||
48,381 | Micron Technology, Inc. (b) | 4,111,417 | ||||||
19,593 | Microsoft Corp. | 5,307,744 | ||||||
8,843 | MicroStrategy, Inc. (b) | 5,876,173 | ||||||
293,379 | NTT Data Corp. (a) | 4,576,496 | ||||||
6,731 | NVIDIA Corp. | 5,385,473 | ||||||
334,130 | OneConnect Financial Technology Co. Ltd. (b) | 4,016,243 | ||||||
57,006 | Oracle Corp. | 4,437,347 | ||||||
19,763 | PayPal Holdings, Inc. (b) | 5,760,519 | ||||||
2,673 | Samsung Electronics Co. Ltd. - GDR 144A (c) | 4,767,296 | ||||||
38,410 | SAP SE | 5,395,069 | ||||||
24,818 | Square, Inc. (b) | 6,050,628 | ||||||
38,338 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 4,606,694 | ||||||
21,920 | Texas Instruments, Inc. | 4,215,216 | ||||||
36,920 | Thomson Reuters Corp. | 3,666,894 | ||||||
17,885 | Visa, Inc. | 4,181,871 | ||||||
929,238 | Z Holdings Corp. (a) | 4,657,273 | ||||||
145,089,183 | ||||||||
Total Common Stocks | ||||||||
(Cost $267,125,062) | 311,395,296 | |||||||
MONEY MARKET FUNDS 0.3% | ||||||||
1,076,903 | First American Government Obligations Fund, 0.026% (d) | 1,076,903 | ||||||
Total Money Market Funds | ||||||||
(Cost $1,076,903) | 1,076,903 | |||||||
Total Investments Before Securities Sold Short | ||||||||
(Cost $268,201,965) | 312,472,199 | |||||||
SECURITIES SOLD SHORT | ||||||||
COMMON STOCKS (0.0)% | ||||||||
Technology (0.0)% | ||||||||
(2,656 | ) | Atos SE (a) | $ | (161,561 | ) | |||
Total Securities Sold Short | ||||||||
[Proceeds $(165,840)] | (161,561 | ) | ||||||
Total Investments 100.0% | ||||||||
(Cost $268,036,125) | 312,310,638 | |||||||
Other Assets in Excess of Liabilities 0.0% | 122,674 | |||||||
TOTAL NET ASSETS 100.0% | $ | 312,433,312 | ||||||
(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 June 30, 2021, the net value of these securities amounted to $4,767,296, which represents 1.5% of net assets. | |||||||
(d) | 7-day net yield at June 30, 2021 |
a) Investment Valuation
The net asset value (“NAV”) per share of each Fund is 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. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the NYSE is closed for trading. The offering and redemption price per share for each Fund is equal to the NAV per share.
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 (“OTC”) 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, OTC securities are valued at the mean between last bid and ask, as quoted. If an ask price for an OTC security 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 Trustees. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a Fund’s 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 a Fund’s NAV and the prices used by the Funds’ target Index. This may adversely affect a Fund’s ability to track its Target Index.
The Funds disclose the fair market value of their 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 Fund’s 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 June 30, 2021:
Siren Large Cap Blend Index ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 1,601,364 | $ | - | $ | - | $ | 1,601,364 | ||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 14,686 | - | - | 14,686 | ||||||||||||
Total | $ | 1,616,050 | $ | - | $ | - | $ | 1,616,050 | ||||||||
Siren DIVCON Leaders Dividend ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 42,520,966 | $ | - | $ | - | $ | 42,520,966 | ||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 1,710,170 | - | - | 1,710,170 | ||||||||||||
Total | $ | 44,231,136 | $ | - | $ | - | $ | 44,231,136 | ||||||||
Siren DIVCON Dividend Defender ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 30,287,403 | $ | - | $ | - | $ | 30,287,403 | ||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 1,978,547 | - | - | 1,978,547 | ||||||||||||
Total Assets | $ | 32,265,950 | $ | - | $ | - | $ | 32,265,950 | ||||||||
Liabilities | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | (10,489,464 | ) | $ | - | $ | - | $ | (10,489,464 | ) | ||||||
Total Liabilities | $ | (10,489,464 | ) | $ | - | $ | - | $ | (10,489,464 | ) | ||||||
Siren Nasdaq NexGen Economy ETF | ||||||||||||||||
Investments at Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Assets | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | 311,395,296 | $ | - | $ | - | $ | 311,395,296 | ||||||||
Short-Term Investments | ||||||||||||||||
Money Market Funds | 1,076,903 | - | - | 1,076,903 | ||||||||||||
Total Assets | $ | 312,472,199 | $ | - | $ | - | $ | 312,472,199 | ||||||||
Liabilities | ||||||||||||||||
Equity | ||||||||||||||||
Common Stocks | $ | (161,561 | ) | $ | - | $ | - | $ | (161,561 | ) | ||||||
Total Liabilities | $ | (161,561 | ) | $ | - | $ | - | $ | (161,561 | ) |
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 June 30, 2021, the Funds did not incur any interest or penalties.