Fund Description: TrimTabs All Cap International Free-Cash-Flow 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 All Cap International Free-Cash-Flow ETF seeks to generate long-term returns in excess of the total return of the S&P Developed ex-U.S. Index with similar volatility to that 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. FUND STRATEGY: The Fund invests, under normal market circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies from foreign countries or depositary receipts representing such securities. The Adviser defines foreign countries as those with listed issuers in the Index, which includes only developed foreign markets. The Fund seeks to invest in stocks of any market capitalization that have fundamental characteristics, which are associated with superior long-term performance, based on the extensive historical research of the Adviser. Based on this 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.