Fund Description: TrimTabs Float Shrink ETF is an actively managed exchange-traded fund or Actively Managed ETF which is a separate investment portfolio of the TrimTabs ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The TrimTabs Float Shrink ETF seeks to generate long-term returns in excess of the total return of the Russell 3000 Index with less volatility than the Index. The Fund is an actively managed ETF and thus, does not seek to replicate the performance of a specific index, but rather uses an active investment strategy to meet its investment objective, however, an actively managed ETF may have an index-based benchmark. Accordingly, the ETF’s investment advisor, TrimTabs Asset Management, LLC, has discretion on a daily basis to actively manage the Fund’s portfolio in accordance with the Fund’s investment objective and investment policies. INDEX DESCRIPTION: The Russell 3000 Index measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The Index measures the performance of approximately 98% of the total market capitalization of the publicly traded U.S. equity market. The top decile of stocks ranked by the Adviser represent the companies in the Index with (1) the largest reduction in shares outstanding, (2) the strongest growth in free cash flow, and (3) the largest decrease in leverage, respectively. FUND STRATEGY: The Fund seeks to achieve its investment objective by primarily investing in the broad U.S. equity market, as represented by the Index. The Fund seeks to achieve this goal by investing in stocks with liquidity and fundamental characteristics that are historically associated with superior long-term performance. Based on extensive historical research the Adviser designed a quantitative stock selection rules to make allocation decisions and to protect against dramatic over- or under-weighting of individual securities in the Fund’s portfolio. The Adviser ranks stocks in the Index by decile (i.e., top 10%, top 20%, top 30%, etc.) based on the certain criteria. The Adviser uses an algorithm to combine the three rankings into a single ranking for each stock ranked. The algorithm places a higher weight on the float shrink ranking, followed by the free cash flow ranking, followed by the leverage ranking. Under normal circumstances the Fund invests in 80 to 120 stocks from the top decile of stocks with the highest combined ranking, although the Adviser retains discretion to adjust allocations. FUND MANAGEMENT: TrimTabs Asset Management, LLC serves as the investment adviser of the Fund.