NPORT-EX 2 siren.htm NPORT-EX


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.