06/09/2025 | Press release | Distributed by Public on 06/09/2025 09:16
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23502
Siren ETF Trust
(Exact name of registrant as specified in charter)
2600 Philmont Avenue, Suite 215
Huntingdon Valley, Pennsylvania 19006
(Address of principal executive offices) (Zip code)
U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(Name and address of agent for service)
(215) 914-1970
Registrant's telephone number, including area code
Date of fiscal year end: March 31
Date of reporting period: March 31, 2025
Item 1. Reports to Stockholders.
(a) A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended ("Act"), is filed herewith.
Siren DIVCON Leaders Dividend ETF
|
||
LEAD(Principal U.S. Listing Exchange: CBOE)
|
||
Annual Shareholder Report | March 31, 2025
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
Siren DIVCON Leaders Dividend ETF
|
$43
|
0.43%
|
* | Annualized |
Siren DIVCON Leaders Dividend ETF | PAGE 1 | TSR-AR-829658301 |
1 Year
|
5 Year
|
Since Inception
(01/06/2016) |
|
Siren DIVCON Leaders Dividend ETF NAV
|
-0.98
|
15.98
|
12.74
|
S&P 500 TR
|
8.25
|
18.59
|
13.71
|
Siren DIVCON Leaders Dividend Index
|
-3.94
|
16.52
|
13.30
|
* | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$51,849,299
|
Number of Holdings
|
58
|
Total Advisory Fee
|
$244,866
|
Portfolio Turnover
|
26%
|
30-Day SEC Yield
|
1.03%
|
30-Day SEC Yield Unsubsidized
|
1.03%
|
Top 10 Issuers
|
(%)
|
First American Government Obligations Fund
|
6.2%
|
Costco Wholesale Corp.
|
5.1%
|
Broadcom, Inc.
|
3.9%
|
Cintas Corp.
|
3.0%
|
Visa, Inc.
|
2.9%
|
Mastercard, Inc.
|
2.9%
|
KLA Corp.
|
2.6%
|
W.W. Grainger, Inc.
|
2.6%
|
Verisk Analytics, Inc.
|
2.6%
|
MSCI, Inc.
|
2.2%
|
Siren DIVCON Leaders Dividend ETF | PAGE 2 | TSR-AR-829658301 |
Siren DIVCON Leaders Dividend ETF | PAGE 3 | TSR-AR-829658301 |
Siren DIVCON Dividend Defender ETF
|
||
DFND(Principal U.S. Listing Exchange: CBOE)
|
||
Annual Shareholder Report | March 31, 2025
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
Siren DIVCON Dividend Defender ETF
|
$173
|
1.73%
|
* | Annualized |
1 Year
|
5 Year
|
Since Inception
(01/14/2016) |
|
Siren DIVCON Dividend Defender ETF NAV
|
0.36
|
6.76
|
6.88
|
S&P 500 TR
|
8.25
|
18.59
|
14.55
|
Siren DIVCON Dividend Defender Index
|
-5.62
|
6.02
|
6.63
|
* | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Siren DIVCON Dividend Defender ETF | PAGE 1 | TSR-AR-829658400 |
Net Assets
|
$9,454,872
|
Number of Holdings
|
76
|
Total Advisory Fee
|
$85,209
|
Portfolio Turnover
|
115%
|
30-Day SEC Yield
|
-0.17%
|
30-Day SEC Yield Unsubsidized
|
-0.17%
|
First American Government Obligations Fund
|
16.1%
|
Ecolab, Inc.
|
2.7%
|
Visa, Inc.
|
2.7%
|
Texas Pacific Land Corp.
|
2.6%
|
Travelers Cos., Inc.
|
2.6%
|
Top 5 Short Issuers (% of Net Assets)
|
|
Occidental Petroleum Corp.
|
(3.2)%
|
International Paper Co.
|
(2.8)%
|
Exelon Corp.
|
(2.4)%
|
Capital One Financial Corp.
|
(2.4)%
|
Freeport-McMoRan, Inc.
|
(2.3)%
|
Top Sectors
|
Long (%)
|
Short (%)
|
Financials
|
22.7
|
(4.4)
|
Industrials
|
17.3
|
(0.9)
|
Technology
|
14.6
|
0
|
Health Care
|
10.8
|
0
|
Materials
|
4.7
|
(7.7)
|
Consumer Staples
|
4.5
|
(1.1)
|
Consumer Discretionary
|
3.1
|
(1.8)
|
Energy
|
2.6
|
(6.3)
|
Real Estate
|
2.5
|
0
|
Communications
|
0.7
|
(2.3)
|
Utilities
|
0
|
(5.5)
|
Cash & Other
|
16.5
|
0
|
Siren DIVCON Dividend Defender ETF | PAGE 2 | TSR-AR-829658400 |
Siren Nasdaq NexGen Economy ETF
|
||
BLCN(Principal U.S. Listing Exchange: NASDAQ)
|
||
Annual Shareholder Report | March 31, 2025
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
Siren Nasdaq NexGen Economy ETF
|
$57
|
0.68%
|
* | Annualized |
Siren Nasdaq NexGen Economy ETF | PAGE 1 | TSR-AR-829658202 |
1 Year
|
5 Year
|
Since Inception
(01/17/2018) |
|
Siren Nasdaq NexGen Economy ETF NAV
|
-30.97
|
-1.66
|
-2.26
|
MSCI ACWI Net Total Return Index (USD)
|
7.15
|
15.18
|
8.04
|
Siren Nasdaq Blockchain Economy NTR Index
|
5.33
|
19.59
|
11.95
|
* | The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets
|
$42,097,865
|
Number of Holdings
|
50
|
Total Advisory Fee
|
$444,107
|
Portfolio Turnover
|
771%
|
30-Day SEC Yield
|
0.33%
|
30-Day SEC Yield Unsubsidized
|
0.33%
|
Top 10 Issuers
|
(%)
|
First American Government Obligations Fund
|
7.3%
|
Coinbase Global, Inc.
|
4.4%
|
MicroStrategy, Inc.
|
4.1%
|
International Business Machines Corp.
|
3.8%
|
Core Scientific, Inc.
|
3.4%
|
Robinhood Markets, Inc. - Class A
|
3.3%
|
Galaxy Digital Holdings Ltd.
|
2.6%
|
Accenture PLC - Class A
|
2.5%
|
Hewlett Packard Enterprise Co.
|
2.3%
|
Microsoft Corp.
|
2.3%
|
Siren Nasdaq NexGen Economy ETF | PAGE 2 | TSR-AR-829658202 |
(b) Not applicable.
Item 2. Code of Ethics.
(1) | File: A copy of the registrant's Code of Ethics is filed herewith. |
Item 3. Audit Committee Financial Expert.
The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Christopher R. Zapalski is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant to the Registrant during the past two fiscal years. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 03/31/2025 | FYE 03/31/2024 | |
(a) Audit Fees | $42,300 | $40,500 |
(b) Audit-Related Fees | $0 | $0 |
(c) Tax Fees | $9,000 | $9,000 |
(d) All Other Fees | $0 | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 03/31/2025 | FYE 03/31/2024 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) Not applicable.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.-not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 03/31/2025 | FYE 03/31/2024 |
Registrant | $0 | $0 |
Registrant's Investment Adviser | $0 | $0 |
(h) The audit committee of the board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Alexander Castillo, Michael J. Dillon, Sonica Kearney, Andrew Kushner and Christopher R. Zapalski.
(b) Not applicable.
Item 6. Investments.
(a) The Schedules of Investments are included as part of the report to shareholders filed under Item 7(a) of this Form.
(b) Not Applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) The registrant's Financial Statements are filed herewith.
|
|
|
|
|
|
Page
|
|
Schedules of Investments
|
|
|
1
|
Statements of Assets and Liabilities
|
|
|
5
|
Statements of Operations
|
|
|
6
|
Statements of Changes in Net Assets
|
|
|
7
|
Financial Highlights
|
|
|
9
|
Notes to Financial Statements
|
|
|
12
|
Report of Independent Registered Public Accounting Firm
|
|
|
22
|
Additional Information
|
|
|
23
|
Qualified Dividend Income/Dividends Received Deduction
|
|
|
23
|
Short Term Cap Gains
|
|
|
23
|
|
|
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - 93.9%
|
|
|
|
|
||
Consumer Discretionary - 3.7%
|
|
|
|
|
||
D.R. Horton, Inc.
|
|
|
4,696
|
|
|
$597,002
|
NIKE, Inc. - Class B
|
|
|
9,116
|
|
|
578,684
|
PulteGroup, Inc.
|
|
|
7,479
|
|
|
768,841
|
|
|
|
|
1,944,527
|
||
Consumer Staples - 10.4%
|
|
|
|
|
||
Brown-Forman Corp. - Class B
|
|
|
15,516
|
|
|
526,613
|
Church & Dwight Co., Inc.
|
|
|
6,982
|
|
|
768,648
|
Costco Wholesale Corp.
|
|
|
2,770
|
|
|
2,619,811
|
Kimberly-Clark Corp.
|
|
|
5,237
|
|
|
744,806
|
The Procter & Gamble Co.
|
|
|
4,295
|
|
|
731,954
|
|
|
|
|
5,391,832
|
||
Energy - 1.2%
|
|
|
|
|
||
Marathon Petroleum Corp.
|
|
|
4,199
|
|
|
611,752
|
Financials - 23.9%
|
|
|
|
|
||
Broadridge Financial Solutions, Inc.
|
|
|
3,330
|
|
|
807,392
|
Chubb Ltd.
|
|
|
2,562
|
|
|
773,698
|
Cincinnati Financial Corp.
|
|
|
4,558
|
|
|
673,308
|
CME Group, Inc.
|
|
|
2,793
|
|
|
740,955
|
Erie Indemnity Co. - Class A
|
|
|
1,746
|
|
|
731,661
|
Globe Life, Inc.
|
|
|
6,770
|
|
|
891,744
|
Hartford Insurance Group, Inc.
|
|
|
6,013
|
|
|
743,989
|
Marsh & McLennan Companies, Inc.
|
|
|
3,295
|
|
|
804,079
|
Mastercard, Inc. - Class A
|
|
|
2,716
|
|
|
1,488,694
|
Moody's Corp.
|
|
|
1,491
|
|
|
694,344
|
MSCI, Inc.
|
|
|
2,062
|
|
|
1,166,061
|
Verisk Analytics, Inc.
|
|
|
4,491
|
|
|
1,336,611
|
Visa, Inc. - Class A
|
|
|
4,342
|
|
|
1,521,697
|
|
|
|
|
12,374,233
|
||
Health Care - 3.6%
|
|
|
|
|
||
Agilent Technologies, Inc.
|
|
|
5,140
|
|
|
601,277
|
Eli Lilly & Co.
|
|
|
776
|
|
|
640,906
|
Merck & Co., Inc.
|
|
|
6,982
|
|
|
626,705
|
|
|
|
|
1,868,888
|
||
Industrials - 25.4%(a)
|
|
|
|
|
||
A O Smith Corp.
|
|
|
10,001
|
|
|
653,665
|
AMETEK, Inc.
|
|
|
3,685
|
|
|
634,336
|
Amphenol Corp. - Class A
|
|
|
9,697
|
|
|
636,026
|
Cintas Corp.
|
|
|
7,620
|
|
|
1,566,139
|
Cummins, Inc.
|
|
|
2,853
|
|
|
894,244
|
Eaton Corp. PLC
|
|
|
2,824
|
|
|
767,648
|
Expeditors International of Washington, Inc.
|
|
|
6,110
|
|
|
734,728
|
Fastenal Co.
|
|
|
10,863
|
|
|
842,426
|
Honeywell International, Inc.
|
|
|
3,290
|
|
|
696,657
|
Hubbell, Inc.
|
|
|
3,509
|
|
|
1,161,163
|
Illinois Tool Works, Inc.
|
|
|
2,630
|
|
|
652,266
|
Jacobs Solutions, Inc.
|
|
|
5,137
|
|
|
621,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Shares
|
|
|
Value
|
|
|||
Old Dominion Freight Line, Inc.
|
|
|
5,130
|
|
|
$848,759
|
|
||
Pentair PLC
|
|
|
6,594
|
|
|
576,843
|
|
||
Quanta Services, Inc.
|
|
|
2,134
|
|
|
542,420
|
|
||
W.W. Grainger, Inc.
|
|
|
1,366
|
|
|
1,349,376
|
|
||
|
|
|
|
13,177,708
|
|
||||
Materials - 4.1%
|
|
|
|
|
|
||||
Ecolab, Inc.
|
|
|
2,910
|
|
|
737,743
|
|
||
Linde PLC
|
|
|
1,617
|
|
|
752,940
|
|
||
The Sherwin-Williams Co.
|
|
|
1,865
|
|
|
651,240
|
|
||
|
|
|
|
2,141,923
|
|
||||
Technology - 21.6%
|
|
|
|
|
|
||||
Accenture PLC - Class A
|
|
|
1,920
|
|
|
599,117
|
|
||
Apple, Inc.
|
|
|
2,985
|
|
|
663,058
|
|
||
Applied Materials, Inc.
|
|
|
4,220
|
|
|
612,406
|
|
||
Broadcom, Inc.
|
|
|
12,116
|
|
|
2,028,582
|
|
||
Cognizant Technology Solutions Corp. - Class A
|
|
|
8,922
|
|
|
682,533
|
|
||
Garmin Ltd.
|
|
|
3,297
|
|
|
715,878
|
|
||
Intuit, Inc.
|
|
|
1,139
|
|
|
699,335
|
|
||
KLA Corp.
|
|
|
1,985
|
|
|
1,349,403
|
|
||
Lam Research Corp.
|
|
|
9,600
|
|
|
697,920
|
|
||
Microsoft Corp.
|
|
|
1,687
|
|
|
633,283
|
|
||
Monolithic Power Systems, Inc.
|
|
|
1,839
|
|
|
1,066,583
|
|
||
Motorola Solutions, Inc.
|
|
|
2,024
|
|
|
886,127
|
|
||
NVIDIA Corp.
|
|
|
5,043
|
|
|
546,560
|
|
||
|
|
|
|
11,180,785
|
|
||||
TOTAL COMMON STOCKS
(Cost $41,776,054)
|
|
|
|
|
48,691,648
|
|
|||
SHORT-TERM INVESTMENTS - 6.2%
|
|
|
|
|
|||||
Money Market Funds - 6.2%
|
|
|
|
|
|
||||
First American Government Obligations Fund - Class X, 4.27%(b)
|
|
|
3,222,482
|
|
|
3,222,482
|
|
||
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,222,482)
|
|
|
|
|
3,222,482
|
|
|||
TOTAL INVESTMENTS - 100.1%
(Cost $44,998,536)
|
|
|
|
|
$51,914,130
|
|
|||
Liabilities in Excess of
Other Assets - (0.1)%
|
|
|
|
|
(64,831)
|
|
|||
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$51,849,299
|
|
|||
|
|
|
|
|
|
|
|
(a)
|
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
|
(b)
|
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
|
|
1
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - 81.0%
|
|
|
|
|
||
Communications - 0.7%
|
|
|
|
|
||
Fox Corp. - Class A
|
|
|
1,180
|
|
|
$66,788
|
Consumer Discretionary - 3.1%
|
|
|
|
|
||
D.R. Horton, Inc.
|
|
|
291
|
|
|
36,995
|
eBay, Inc.
|
|
|
197
|
|
|
13,343
|
NIKE, Inc. - Class B
|
|
|
1,005
|
|
|
63,797
|
PulteGroup, Inc.
|
|
|
1,739
|
|
|
178,769
|
|
|
|
|
292,904
|
||
Consumer Staples - 4.5%
|
|
|
|
|
||
Brown-Forman Corp. - Class B
|
|
|
317
|
|
|
10,759
|
Church & Dwight Co., Inc.
|
|
|
314
|
|
|
34,568
|
Costco Wholesale Corp.
|
|
|
225
|
|
|
212,801
|
Kimberly-Clark Corp.
|
|
|
346
|
|
|
49,208
|
Walmart, Inc.
|
|
|
1,358
|
|
|
119,219
|
|
|
|
|
426,555
|
||
Energy - 2.6%
|
|
|
|
|
||
Texas Pacific Land Corp.
|
|
|
189
|
|
|
250,423
|
Financials - 22.7%
|
|
|
|
|
||
Chubb Ltd.
|
|
|
794
|
|
|
239,780
|
Cincinnati Financial Corp.
|
|
|
108
|
|
|
15,954
|
Erie Indemnity Co. - Class A
|
|
|
391
|
|
|
163,849
|
Globe Life, Inc.
|
|
|
1,206
|
|
|
158,854
|
Hartford Insurance Group, Inc.
|
|
|
591
|
|
|
73,124
|
Mastercard, Inc. - Class A
|
|
|
240
|
|
|
131,549
|
Moody's Corp.
|
|
|
382
|
|
|
177,894
|
MSCI, Inc.
|
|
|
379
|
|
|
214,324
|
S&P Global, Inc.
|
|
|
468
|
|
|
237,791
|
Travelers Cos., Inc.
|
|
|
922
|
|
|
243,832
|
Verisk Analytics, Inc.
|
|
|
794
|
|
|
236,310
|
Visa, Inc. - Class A
|
|
|
715
|
|
|
250,579
|
|
|
|
|
2,143,840
|
||
Health Care - 10.8%
|
|
|
|
|
||
Agilent Technologies, Inc.
|
|
|
186
|
|
|
21,758
|
Eli Lilly & Co.
|
|
|
286
|
|
|
236,210
|
Merck & Co., Inc.
|
|
|
1,017
|
|
|
91,286
|
ResMed, Inc.
|
|
|
986
|
|
|
220,716
|
Thermo Fisher Scientific, Inc.
|
|
|
455
|
|
|
226,408
|
Zoetis, Inc.
|
|
|
1,380
|
|
|
227,217
|
|
|
|
|
1,023,595
|
||
Industrials - 17.3%
|
|
|
|
|
||
A O Smith Corp.
|
|
|
204
|
|
|
13,333
|
AMETEK, Inc.
|
|
|
28
|
|
|
4,820
|
Amphenol Corp. - Class A
|
|
|
1,978
|
|
|
129,737
|
Dover Corp.
|
|
|
1,213
|
|
|
213,100
|
Eaton Corp. PLC
|
|
|
389
|
|
|
105,742
|
Expeditors International of Washington, Inc.
|
|
|
2,026
|
|
|
243,627
|
Fastenal Co.
|
|
|
417
|
|
|
32,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Shares
|
|
|
Value
|
|
|||
Illinois Tool Works, Inc.
|
|
|
512
|
|
|
$126,981
|
|
||
Jacobs Solutions, Inc.
|
|
|
831
|
|
|
100,460
|
|
||
Old Dominion Freight Line, Inc.
|
|
|
671
|
|
|
111,017
|
|
||
Pentair PLC
|
|
|
1,076
|
|
|
94,128
|
|
||
Quanta Services, Inc.
|
|
|
719
|
|
|
182,755
|
|
||
TE Connectivity PLC
|
|
|
622
|
|
|
87,901
|
|
||
W.W. Grainger, Inc.
|
|
|
191
|
|
|
188,676
|
|
||
|
|
|
|
1,634,615
|
|
||||
Materials - 4.7%
|
|
|
|
|
|
||||
Ecolab, Inc.
|
|
|
991
|
|
|
251,238
|
|
||
The Sherwin-Williams Co.
|
|
|
555
|
|
|
193,801
|
|
||
|
|
|
|
445,039
|
|
||||
Technology - 14.6%
|
|
|
|
|
|
||||
Accenture PLC - Class A
|
|
|
51
|
|
|
15,914
|
|
||
Apple, Inc.
|
|
|
69
|
|
|
15,327
|
|
||
Applied Materials, Inc.
|
|
|
36
|
|
|
5,224
|
|
||
Cognizant Technology Solutions Corp. - Class A
|
|
|
1,433
|
|
|
109,625
|
|
||
Garmin Ltd.
|
|
|
1,089
|
|
|
236,455
|
|
||
Intuit, Inc.
|
|
|
373
|
|
|
229,018
|
|
||
KLA Corp.
|
|
|
323
|
|
|
219,575
|
|
||
Lam Research Corp.
|
|
|
1,179
|
|
|
85,713
|
|
||
Microsoft Corp.
|
|
|
540
|
|
|
202,711
|
|
||
NVIDIA Corp.
|
|
|
1,696
|
|
|
183,813
|
|
||
QUALCOMM, Inc.
|
|
|
515
|
|
|
79,109
|
|
||
|
|
|
|
1,382,484
|
|
||||
TOTAL COMMON STOCKS
(Cost $7,327,974)
|
|
|
|
|
7,666,243
|
|
|||
REAL ESTATE INVESTMENT
TRUSTS - COMMON - 2.5%
|
|
|
|
|
|
||||
Real Estate - 2.5%
|
|
|
|
|
|
||||
SBA Communications Corp.
|
|
|
1,071
|
|
|
235,630
|
|
||
TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost $240,122)
|
|
|
|
|
235,630
|
|
|||
SHORT-TERM INVESTMENTS - 16.1%
|
|
|
|
|
|||||
Money Market Funds - 16.1%
|
|
|
|
|
|
||||
First American Government Obligations Fund - Class X, 4.27%(a)
|
|
|
1,519,729
|
|
|
1,519,729
|
|
||
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,519,729)
|
|
|
|
|
1,519,729
|
|
|||
TOTAL INVESTMENTS - 99.6%
(Cost $9,087,825)
|
|
|
|
|
$9,421,602
|
|
|||
Other Assets in Excess of
Liabilities - 0.4%
|
|
|
|
|
33,270
|
|
|||
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$9,454,872
|
|
|||
|
|
|
|
|
|
|
|
|
2
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - (30.0)%
|
|
|
|
|
||
Communications - (2.3)%
|
|
|
|
|
||
AT&T, Inc.
|
|
|
(2,260)
|
|
|
$(63,913)
|
Paramount Global - Class B
|
|
|
(12,920)
|
|
|
(154,523)
|
|
|
|
|
(218,436)
|
||
Consumer Discretionary - (1.8)%
|
|
|
|
|
||
Ford Motor Co.
|
|
|
(17,276)
|
|
|
(173,278)
|
Consumer Staples - (1.1)%
|
|
|
|
|
||
Estee Lauder Cos., Inc. - Class A
|
|
|
(1,491)
|
|
|
(98,406)
|
Energy - (6.3)%
|
|
|
|
|
||
APA Corp.
|
|
|
(7,638)
|
|
|
(160,551)
|
EQT Corp.
|
|
|
(2,501)
|
|
|
(133,628)
|
Occidental Petroleum Corp.
|
|
|
(6,091)
|
|
|
(300,652)
|
|
|
|
|
(594,831)
|
||
Financials - (4.4)%
|
|
|
|
|
||
Capital One Financial Corp.
|
|
|
(1,260)
|
|
|
(225,918)
|
Invesco Ltd.
|
|
|
(12,763)
|
|
|
(193,615)
|
|
|
|
|
(419,533)
|
||
Industrials - (0.9)%
|
|
|
|
|
||
Southwest Airlines Co.
|
|
|
(2,472)
|
|
|
(83,010)
|
Materials - (7.7)%
|
|
|
|
|
||
Dow, Inc.
|
|
|
(2,196)
|
|
|
(76,684)
|
Freeport-McMoRan, Inc.
|
|
|
(5,824)
|
|
|
(220,497)
|
International Flavors & Fragrances,
Inc.
|
|
|
(2,077)
|
|
|
(161,196)
|
International Paper Co.
|
|
|
(4,950)
|
|
|
(264,082)
|
|
|
|
|
(722,459)
|
||
Utilities - (5.5)%
|
|
|
|
|
||
CenterPoint Energy, Inc.
|
|
|
(5,874)
|
|
|
(212,815)
|
Dominion Energy, Inc.
|
|
|
(780)
|
|
|
(43,735)
|
Exelon Corp.
|
|
|
(5,011)
|
|
|
(230,907)
|
PPL Corp.
|
|
|
(993)
|
|
|
(35,857)
|
|
|
|
|
(523,314)
|
||
TOTAL COMMON STOCKS
(Proceeds $2,855,345)
|
|
|
|
|
(2,833,267)
|
|
TOTAL SECURITIES SOLD SHORT - (30.0)%
(Proceeds $2,855,345)
|
|
|
|
|
$(2,833,267)
|
|
|
|
|
|
|
|
|
(a)
|
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
|
|
3
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
COMMON STOCKS - 92.2%
|
|
|
|
|
||
Communications - 1.9%
|
|
|
|
|
||
Baidu, Inc. - ADR(a)
|
|
|
4,444
|
|
|
$408,981
|
GMO Internet, Inc.
|
|
|
20,340
|
|
|
416,320
|
|
|
|
|
825,301
|
||
Consumer Discretionary - 2.2%
|
|
|
|
|
||
Alibaba Group Holding Ltd. - ADR
|
|
|
2,036
|
|
|
269,220
|
JD.com, Inc. - ADR
|
|
|
7,549
|
|
|
310,415
|
Rakuten Group, Inc.(a)
|
|
|
63,644
|
|
|
361,225
|
|
|
|
|
940,860
|
||
Consumer Staples - 1.8%
|
|
|
|
|
||
Walmart, Inc.
|
|
|
8,552
|
|
|
750,780
|
Financials - 49.8%(b)
|
|
|
|
|
||
American Express Co.
|
|
|
2,950
|
|
|
793,697
|
Blackrock, Inc.
|
|
|
745
|
|
|
705,128
|
Block, Inc.(a)
|
|
|
17,033
|
|
|
925,403
|
Cipher Mining, Inc.(a)
|
|
|
284,148
|
|
|
653,540
|
Cleanspark, Inc.(a)
|
|
|
118,984
|
|
|
799,572
|
Coinbase Global, Inc. - Class A(a)
|
|
|
10,750
|
|
|
1,851,473
|
Core Scientific, Inc.(a)
|
|
|
196,666
|
|
|
1,423,862
|
Customers Bancorp, Inc.(a)
|
|
|
16,425
|
|
|
824,535
|
Digital Garage, Inc.
|
|
|
23,734
|
|
|
729,474
|
Galaxy Digital Holdings Ltd.(a)
|
|
|
101,971
|
|
|
1,074,945
|
IREN Ltd.(a)
|
|
|
94,479
|
|
|
575,377
|
JPMorgan Chase & Co.
|
|
|
3,830
|
|
|
939,499
|
MARA Holdings, Inc.(a)
|
|
|
71,093
|
|
|
817,570
|
Mastercard, Inc. - Class A
|
|
|
1,522
|
|
|
834,239
|
Nasdaq, Inc.
|
|
|
9,214
|
|
|
698,974
|
NU Holdings Ltd. - Class A(a)
|
|
|
67,333
|
|
|
689,490
|
PayPal Holdings, Inc.(a)
|
|
|
12,089
|
|
|
788,807
|
Plus500 Ltd.
|
|
|
3,349
|
|
|
118,708
|
Riot Platforms, Inc.(a)
|
|
|
102,680
|
|
|
731,082
|
Robinhood Markets, Inc. - Class A(a)
|
|
|
33,584
|
|
|
1,397,766
|
SBI Holdings, Inc.
|
|
|
34,929
|
|
|
927,543
|
Terawulf, Inc.(a)
|
|
|
212,155
|
|
|
579,183
|
The Bank of New York Mellon Corp.
|
|
|
6,645
|
|
|
557,316
|
The Goldman Sachs Group, Inc.
|
|
|
1,236
|
|
|
675,214
|
Visa, Inc. - Class A
|
|
|
2,414
|
|
|
846,010
|
|
|
|
|
20,958,407
|
||
Industrials - 2.3%
|
|
|
|
|
||
Hitachi Ltd.
|
|
|
35,789
|
|
|
825,111
|
Siemens AG
|
|
|
608
|
|
|
139,310
|
|
|
|
|
964,421
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
Technology - 34.2%(b)
|
|
|
|
|
||
Accenture PLC - Class A
|
|
|
3,328
|
|
|
$1,038,469
|
Advanced Micro Devices, Inc.(a)
|
|
|
5,007
|
|
|
514,419
|
Cisco Systems, Inc.
|
|
|
13,211
|
|
|
815,251
|
Fujitsu Ltd.
|
|
|
41,192
|
|
|
810,438
|
Hewlett Packard Enterprise Co.
|
|
|
62,232
|
|
|
960,240
|
International Business Machines Corp.
|
|
|
6,469
|
|
|
1,608,582
|
Micron Technology, Inc.
|
|
|
7,887
|
|
|
685,301
|
Microsoft Corp.
|
|
|
2,554
|
|
|
958,746
|
MicroStrategy, Inc. - Class A(a)
|
|
|
6,023
|
|
|
1,736,250
|
NTT Data Group Corp.
|
|
|
45,908
|
|
|
820,737
|
NVIDIA Corp.
|
|
|
8,056
|
|
|
873,109
|
Oracle Corp.
|
|
|
6,135
|
|
|
857,734
|
QUALCOMM, Inc.
|
|
|
4,767
|
|
|
732,259
|
SAP SE - ADR
|
|
|
3,491
|
|
|
937,124
|
Taiwan Semiconductor Manufacturing
Co. Ltd. - ADR
|
|
|
4,405
|
|
|
731,230
|
Texas Instruments, Inc.
|
|
|
1,800
|
|
|
323,460
|
|
|
|
|
14,403,349
|
||
TOTAL COMMON STOCKS
(Cost $38,712,513)
|
|
|
|
|
38,843,118
|
|
SHORT-TERM INVESTMENTS - 7.3%
|
|
|
|
|
||
Money Market Funds - 7.3%
|
|
|
|
|
||
First American Government Obligations Fund - Class X, 4.27%(c)
|
|
|
3,061,594
|
|
|
3,061,594
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,061,594)
|
|
|
|
|
3,061,594
|
|
TOTAL INVESTMENTS - 99.5%
(Cost $41,774,107)
|
|
|
|
|
$41,904,712
|
|
Other Assets in Excess of
Liabilities - 0.5%
|
|
|
|
|
193,153
|
|
TOTAL NET ASSETS - 100.0%
|
|
|
|
|
$42,097,865
|
|
|
|
|
|
|
|
|
(a)
|
Non-income producing security.
|
(b)
|
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
|
(c)
|
The rate shown represents the 7-day annualized effective yield as of March 31, 2025.
|
|
4
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
Siren DIVCON
Leaders Dividend
ETF
|
|
|
Siren DIVCON
Dividend Defender
ETF
|
|
|
Siren Nasdaq
NexGen Economy
ETF
|
|
ASSETS:
|
|
|
|
|
|
|
|||
Investments, at value
|
|
|
$51,914,130
|
|
|
$9,421,602
|
|
|
$41,904,712
|
Deposit at broker for securities sold short
|
|
|
-
|
|
|
2,867,808
|
|
|
-
|
Foreign currency, at value
|
|
|
-
|
|
|
-
|
|
|
16,773
|
Interest receivable
|
|
|
10,442
|
|
|
14,801
|
|
|
5,876
|
Dividends receivable
|
|
|
49,686
|
|
|
5,782
|
|
|
57,071
|
Dividend tax reclaims receivable
|
|
|
757
|
|
|
101
|
|
|
187,814
|
Receivable for investments sold
|
|
|
1,514,356
|
|
|
-
|
|
|
16,187
|
Total assets
|
|
|
53,489,371
|
|
|
12,310,094
|
|
|
42,188,433
|
LIABILITIES:
|
|
|
|
|
|
|
|||
Securities sold short, at value
|
|
|
-
|
|
|
2,833,267
|
|
|
-
|
Payable to adviser
|
|
|
19,782
|
|
|
6,929
|
|
|
27,141
|
Dividends payable
|
|
|
-
|
|
|
3,654
|
|
|
-
|
Interest payable
|
|
|
-
|
|
|
3,097
|
|
|
-
|
Payable for capital shares redeemed
|
|
|
1,620,290
|
|
|
-
|
|
|
63,427
|
Payable for expense and other liabilities
|
|
|
-
|
|
|
8,275
|
|
|
-
|
Total liabilities
|
|
|
1,640,072
|
|
|
2,855,222
|
|
|
90,568
|
NET ASSETS
|
|
|
$51,849,299
|
|
|
$9,454,872
|
|
|
$42,097,865
|
Net Assets Consists of:
|
|
|
|
|
|
|
|||
Paid-in capital
|
|
|
$46,354,940
|
|
|
$13,891,360
|
|
|
$162,166,765
|
Total distributable earnings/(accumulated losses)
|
|
|
5,494,359
|
|
|
(4,436,488)
|
|
|
(120,068,900)
|
Total net assets
|
|
|
$51,849,299
|
|
|
$9,454,872
|
|
|
$42,097,865
|
Net assets
|
|
|
$51,849,299
|
|
|
$9,454,872
|
|
|
$42,097,865
|
Shares issued and outstanding(a)
|
|
|
800,000
|
|
|
230,060
|
|
|
2,200,000
|
Net asset value per share
|
|
|
$64.81
|
|
|
$41.10
|
|
|
$19.14
|
Cost:
|
|
|
|
|
|
|
|||
Investments, at cost
|
|
|
$44,998,536
|
|
|
$9,087,825
|
|
|
$41,774,107
|
Foreign currency, at cost
|
|
|
$-
|
|
|
$-
|
|
|
$16,681
|
PROCEEDS:
|
|
|
|
|
|
|
|||
Securities sold short proceeds
|
|
|
$-
|
|
|
$2,855,345
|
|
|
$-
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Unlimited shares authorized without par value.
|
|
5
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
Siren DIVCON
Leaders Dividend
ETF
|
|
|
Siren DIVCON
Dividend Defender
ETF
|
|
|
Siren Nasdaq
NexGen Economy
ETF
|
|
INVESTMENT INCOME:
|
|
|
|
|
|
|
|||
Dividend income
|
|
|
$731,103
|
|
|
$115,220
|
|
|
$644,807
|
Less: Dividend withholding taxes
|
|
|
-
|
|
|
(710)
|
|
|
(42,588)
|
Less: Issuance fees
|
|
|
-
|
|
|
(2)
|
|
|
(3,791)
|
Interest income
|
|
|
32,137
|
|
|
180,261
|
|
|
89,062
|
Total investment income
|
|
|
763,240
|
|
|
294,769
|
|
|
687,490
|
EXPENSES:
|
|
|
|
|
|
|
|||
Dividend expenses
|
|
|
-
|
|
|
87,767
|
|
|
-
|
Investment advisory fee
|
|
|
244,866
|
|
|
85,209
|
|
|
444,107
|
Total expenses
|
|
|
244,866
|
|
|
172,976
|
|
|
444,107
|
NET INVESTMENT INCOME
|
|
|
518,374
|
|
|
121,793
|
|
|
243,383
|
REALIZED AND UNREALIZED GAIN (LOSS)
|
|
|
|
|
|
|
|||
Net realized gain (loss) from:
|
|
|
|
|
|
|
|||
Investments
|
|
|
144,046
|
|
|
765,935
|
|
|
(12,714,163)
|
In-kind redemptions
|
|
|
1,451,153
|
|
|
351,831
|
|
|
5,841,776
|
Securities sold short
|
|
|
-
|
|
|
(178,790)
|
|
|
-
|
Foreign currency transactions
|
|
|
-
|
|
|
-
|
|
|
(292,052)
|
Net realized gain (loss)
|
|
|
1,595,199
|
|
|
938,976
|
|
|
(7,164,439)
|
Net change in unrealized appreciation (depreciation) on:
|
|
|
|
|
|
|
|||
Investments
|
|
|
(2,545,075)
|
|
|
(1,248,653)
|
|
|
(13,163,822)
|
Securities sold short
|
|
|
-
|
|
|
171,007
|
|
|
-
|
Foreign currency translation
|
|
|
-
|
|
|
-
|
|
|
(959)
|
Net change in unrealized appreciation (depreciation)
|
|
|
(2,545,075)
|
|
|
(1,077,646)
|
|
|
(13,164,781)
|
Net realized and unrealized gain (loss)
|
|
|
(949,876)
|
|
|
(138,670)
|
|
|
(20,329,220)
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
|
$(431,502)
|
|
|
$(16,877)
|
|
|
$(20,085,837)
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
||||||
|
|
Siren DIVCON
Leaders Dividend ETF
|
|
|
Siren DIVCON
Dividend Defender ETF
|
|||||||
|
|
Year Ended March 31,
|
|
|
Year Ended March 31,
|
|||||||
|
|
2025
|
|
|
2024
|
|
|
2025
|
|
|
2024
|
|
OPERATIONS:
|
|
|
|
|
|
|
|
|
||||
Net investment income (loss)
|
|
|
$518,374
|
|
|
$570,779
|
|
|
$121,793
|
|
|
$212,119
|
Net realized gain (loss)
|
|
|
1,595,199
|
|
|
2,126,829
|
|
|
938,976
|
|
|
699,871
|
Net change in unrealized appreciation (depreciation)
|
|
|
(2,545,075)
|
|
|
8,297,721
|
|
|
(1,077,646)
|
|
|
1,137,078
|
Net increase (decrease) in net assets from operations
|
|
|
(431,502)
|
|
|
10,995,329
|
|
|
(16,877)
|
|
|
2,049,068
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
|
|
|
|
||||
From earnings
|
|
|
(502,957)
|
|
|
(574,220)
|
|
|
(118,100)
|
|
|
(208,845)
|
Total distributions to shareholders
|
|
|
(502,957)
|
|
|
(574,220)
|
|
|
(118,100)
|
|
|
(208,845)
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
||||
Subscriptions
|
|
|
1,626,565
|
|
|
10,424,968
|
|
|
1,095,038
|
|
|
960,295
|
Redemptions
|
|
|
(6,628,055)
|
|
|
(5,530,620)
|
|
|
(2,078,413)
|
|
|
(5,584,463)
|
ETF transaction fees
|
|
|
-
|
|
|
-
|
|
|
1,006
|
|
|
488
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(5,001,490)
|
|
|
4,894,348
|
|
|
(982,369)
|
|
|
(4,623,680)
|
NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
(5,935,949)
|
|
|
15,315,457
|
|
|
(1,117,346)
|
|
|
(2,783,457)
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
||||
Beginning of the year
|
|
|
57,785,248
|
|
|
42,469,791
|
|
|
10,572,218
|
|
|
13,355,675
|
End of the year
|
|
|
$51,849,299
|
|
|
$57,785,248
|
|
|
$9,454,872
|
|
|
$10,572,218
|
SHARES TRANSACTIONS
|
|
|
|
|
|
|
|
|
||||
Subscriptions
|
|
|
25,000
|
|
|
175,000
|
|
|
25,000
|
|
|
25,000
|
Redemptions
|
|
|
(100,000)
|
|
|
(100,000)
|
|
|
(50,000)
|
|
|
(150,000)
|
Total increase (decrease) in shares outstanding
|
|
|
(75,000)
|
|
|
75,000
|
|
|
(25,000)
|
|
|
(125,000)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
TABLE OF CONTENTS
|
|
|
|
|||
|
|
Siren Nasdaq
NexGen Economy ETF
|
||||
|
|
Year Ended March 31,
|
||||
|
|
2025
|
|
|
2024
|
|
OPERATIONS:
|
|
|
|
|
||
Net investment income (loss)
|
|
|
$243,383
|
|
|
$444,287
|
Net realized gain (loss)
|
|
|
(7,164,439)
|
|
|
6,947,456
|
Net change in unrealized appreciation (depreciation)
|
|
|
(13,164,781)
|
|
|
11,797,484
|
Net increase (decrease) in net assets from operations
|
|
|
(20,085,837)
|
|
|
19,189,227
|
DISTRIBUTIONS TO SHAREHOLDERS:
|
|
|
|
|
||
From earnings
|
|
|
(146,503)
|
|
|
(512,224)
|
From return of capital
|
|
|
(180,825)
|
|
|
-
|
Total distributions to shareholders
|
|
|
(327,328)
|
|
|
(512,224)
|
CAPITAL TRANSACTIONS:
|
|
|
|
|
||
Subscriptions
|
|
|
605,960
|
|
|
6,895,775
|
Redemptions
|
|
|
(17,471,383)
|
|
|
(26,137,998)
|
ETF transaction fees
|
|
|
676
|
|
|
5,811
|
Net increase (decrease) in net assets from capital transactions
|
|
|
(16,864,747)
|
|
|
(19,236,412)
|
NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
(37,277,912)
|
|
|
(559,409)
|
NET ASSETS:
|
|
|
|
|
||
Beginning of the year
|
|
|
79,375,777
|
|
|
79,935,186
|
End of the year
|
|
|
$42,097,865
|
|
|
$79,375,777
|
SHARES TRANSACTIONS
|
|
|
|
|
||
Subscriptions
|
|
|
25,000
|
|
|
250,000
|
Redemptions
|
|
|
(675,000)
|
|
|
(1,125,000)
|
Total increase (decrease) in shares outstanding
|
|
|
(650,000)
|
|
|
(875,000)
|
|
|
|
|
|
|
|
|
8
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Year Ended March 31,
|
|
|
Period Ended
March 31,
2021(a)
|
|
|
Year Ended
October 31,
2020
|
||||||||||
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|||||||
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value, beginning of period
|
|
|
$66.04
|
|
|
$53.09
|
|
|
$54.92
|
|
|
$49.67
|
|
|
$42.71
|
|
|
$36.27
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income(b)
|
|
|
0.61
|
|
|
0.70
|
|
|
0.62
|
|
|
0.45
|
|
|
0.21
|
|
|
0.37
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
(1.24)
|
|
|
12.94
|
|
|
(1.80)
|
|
|
5.89
|
|
|
7.00
|
|
|
6.46
|
Total from investment operations
|
|
|
(0.63)
|
|
|
13.64
|
|
|
(1.18)
|
|
|
6.34
|
|
|
7.21
|
|
|
6.83
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income
|
|
|
(0.60)
|
|
|
(0.69)
|
|
|
(0.65)
|
|
|
(0.42)
|
|
|
(0.25)
|
|
|
(0.39)
|
Net realized gains
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(0.67)
|
|
|
-
|
|
|
-
|
Total distributions
|
|
|
(0.60)
|
|
|
(0.69)
|
|
|
(0.65)
|
|
|
(1.09)
|
|
|
(0.25)
|
|
|
(0.39)
|
Net asset value, end of period
|
|
|
$64.81
|
|
|
$66.04
|
|
|
$53.09
|
|
|
$54.92
|
|
|
$49.67
|
|
|
$42.71
|
Total return
|
|
|
−0.98%
|
|
|
25.86%
|
|
|
−2.01%
|
|
|
12.68%
|
|
|
16.91%(e)
|
|
|
18.98%
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net assets, end of period (in thousands)
|
|
|
$51,849
|
|
|
$57,785
|
|
|
$42,470
|
|
|
$56,294
|
|
|
$39,737
|
|
|
$35,238
|
Ratio of expenses to average net assets
|
|
|
0.43%
|
|
|
0.43%
|
|
|
0.43%
|
|
|
0.43%
|
|
|
0.43%(f)
|
|
|
0.43%
|
Ratio of net investment income to average net assets
|
|
|
0.91%
|
|
|
1.21%
|
|
|
1.23%
|
|
|
0.81%
|
|
|
1.09%(f)
|
|
|
0.92%
|
Portfolio turnover rate(d)
|
|
|
26%
|
|
|
65%
|
|
|
54%
|
|
|
66%
|
|
|
47%(e)(g)
|
|
|
2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The Board of Trustees elected to change the Fund's fiscal year end to March 31 from October 31.
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
(d)
|
Portfolio turnover rate excludes in-kind transactions.
|
(e)
|
Not annualized.
|
(f)
|
Annualized.
|
(g)
|
During the period, the Fund underwent a portfolio re-balancing. As a result, investment transactions were increased during the period, which caused a higher than normal turnover.
|
|
9
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Year Ended March 31,
|
|
|
Period Ended
March 31,
2021(a)
|
|
|
Year Ended
October 31,
2020
|
||||||||||
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|||||||
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value, beginning of period
|
|
|
$41.45
|
|
|
$35.14
|
|
|
$36.94
|
|
|
$36.08
|
|
|
$35.19
|
|
|
$30.63
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income (loss)(b)
|
|
|
0.51
|
|
|
0.70
|
|
|
0.28
|
|
|
(0.19)
|
|
|
(0.02)
|
|
|
(0.22)
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
(0.36)
|
|
|
6.36
|
|
|
(1.69)
|
|
|
1.05
|
|
|
0.91
|
|
|
4.85
|
Total from investment operations
|
|
|
0.15
|
|
|
7.06
|
|
|
(1.41)
|
|
|
0.86
|
|
|
0.89
|
|
|
4.63
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income
|
|
|
(0.50)
|
|
|
(0.75)
|
|
|
(0.39)
|
|
|
-
|
|
|
-
|
|
|
(0.07)
|
Total distributions
|
|
|
(0.50)
|
|
|
(0.75)
|
|
|
(0.39)
|
|
|
-
|
|
|
-
|
|
|
(0.07)
|
Net asset value, end of period
|
|
|
$41.10
|
|
|
$41.45
|
|
|
$35.14
|
|
|
$36.94
|
|
|
$36.08
|
|
|
$35.19
|
Total return
|
|
|
0.36%
|
|
|
20.25%
|
|
|
−3.77%
|
|
|
2.37%
|
|
|
2.53%(d)
|
|
|
15.12%
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net assets, end of period
(in thousands)
|
|
|
$9,455
|
|
|
$10,572
|
|
|
$13,356
|
|
|
$33,430
|
|
|
$37,163
|
|
|
$47,686
|
Ratio of expenses to average net assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Before expense reimbursement/
recoupment
|
|
|
1.73%(e)
|
|
|
1.60%(e)
|
|
|
1.84%(e)
|
|
|
1.74%(e)
|
|
|
1.60%(e)(f)
|
|
|
1.64%(g)
|
After expense reimbursement/
recoupment
|
|
|
1.73%(e)
|
|
|
1.60%(e)
|
|
|
1.70%(e)
|
|
|
1.65%(e)
|
|
|
1.49%(e)(f)
|
|
|
1.64%(g)
|
Ratio of dividends, interest and borrowing expense on securities sold short to average net assets
|
|
|
0.88%
|
|
|
0.75%
|
|
|
0.99%
|
|
|
0.89%
|
|
|
0.74%
|
|
|
0.79%
|
Ratio of net investment income (loss) to average net assets
|
|
|
1.21%
|
|
|
1.87%
|
|
|
0.81%
|
|
|
(0.49)%
|
|
|
(0.16)%(f)
|
|
|
(0.65)%
|
Portfolio turnover rate(h)
|
|
|
115%
|
|
|
99%
|
|
|
62%(i)
|
|
|
55%(i)
|
|
|
75%(d)(i)
|
|
|
23%(j)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The Board of Trustees elected to change the Fund's fiscal year end to March 31 from October 31.
|
(b)
|
Net investment income (loss) per share has been calculated based on average shares outstanding during the period.
|
(c)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
(d)
|
Not annualized.
|
(e)
|
Includes interest expense (borrowing fees) and dividend expense associated with short sale transactions. For the period ended March 31, 2021, interest expense (borrowing fees) and dividend expense were 0.21% and 0.53%, respectively. For the year ended March 31, 2022, interest expense (borrowing fees) and dividend expense were 0.19% and 0.70%, respectively. For the year ended March 31, 2023, interest expense (borrowing fees) and dividend expense were 0.37% and 0.62%, respectively. For the year ended March 31, 2024, interest expense (borrowing fees) and dividend expense were 0.00% and 0.75%, respectively. For the year ended March 31, 2025, interest expense (borrowing fees) and dividend expense were 0.00% and 0.88%, respectively.
|
(f)
|
Annualized.
|
(g)
|
Includes interest expense (borrowing fees), rebates and dividend expense associated with short sale transactions. For the year ended October 31, 2020, interest expense (borrowing fees) and dividend expense were 0.05% and 0.74%, respectively.
|
(h)
|
Portfolio turnover rate excludes in-kind transactions.
|
(i)
|
During the fiscal period, the Fund underwent a portfolio re-balancing. As a result, investment transactions were increased during the period, which caused a higher than normal turnover.
|
(j)
|
Portfolio turnover rate excludes the purchase and sale of the Reality Shares DIVCON Dividend Guard ETF acquired on March 27, 2020. If these transactions were included, portfolio turnover would have been higher.
|
|
10
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Year Ended March 31,
|
|
|
Period Ended
March 31,
2021(a)
|
|
|
Year Ended
October 31,
2020
|
||||||||||
|
2025
|
|
|
2024
|
|
|
2023
|
|
|
2022
|
|
|||||||
PER SHARE DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net asset value, beginning of period
|
|
|
$27.85
|
|
|
$21.46
|
|
|
$37.27
|
|
|
$47.89
|
|
|
$33.08
|
|
|
$24.03
|
INVESTMENT OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income(b)
|
|
|
0.09
|
|
|
0.14
|
|
|
0.25
|
|
|
0.24
|
|
|
0.12
|
|
|
0.29
|
Net realized and unrealized gain (loss) on investments(c)
|
|
|
(8.68)
|
|
|
6.41
|
|
|
(15.78)
|
|
|
(10.66)
|
|
|
14.83
|
|
|
8.97
|
Total from investment operations
|
|
|
(8.59)
|
|
|
6.55
|
|
|
(15.53)
|
|
|
(10.42)
|
|
|
14.95
|
|
|
9.26
|
LESS DISTRIBUTIONS FROM:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net investment income
|
|
|
(0.06)
|
|
|
(0.16)
|
|
|
(0.28)
|
|
|
(0.20)
|
|
|
(0.14)
|
|
|
(0.21)
|
Return of capital
|
|
|
(0.06)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
Total distributions
|
|
|
(0.12)
|
|
|
(0.16)
|
|
|
(0.28)
|
|
|
(0.20)
|
|
|
(0.14)
|
|
|
(0.21)
|
Net asset value, end of period
|
|
|
$19.14
|
|
|
$27.85
|
|
|
$21.46
|
|
|
$37.27
|
|
|
$47.89
|
|
|
$33.08
|
Total return
|
|
|
−30.97%
|
|
|
30.69%
|
|
|
−41.79%
|
|
|
−21.82%
|
|
|
45.25%(d)
|
|
|
38.81%
|
SUPPLEMENTAL DATA AND RATIOS:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net assets, end of period
(in thousands)
|
|
|
$42,098
|
|
|
$79,376
|
|
|
$79,935
|
|
|
$193,803
|
|
|
$301,688
|
|
|
$128,195
|
Ratio of expenses to average net assets
|
|
|
0.68%
|
|
|
0.68%
|
|
|
0.68%
|
|
|
0.68%
|
|
|
0.68%(e)
|
|
|
0.68%
|
Ratio of net investment income to average net assets
|
|
|
0.37%
|
|
|
0.62%
|
|
|
0.98%
|
|
|
0.53%
|
|
|
0.68%(e)
|
|
|
1.01%
|
Portfolio turnover rate(f)
|
|
|
771%(g)
|
|
|
339%(g)
|
|
|
135%(g)
|
|
|
71%(g)
|
|
|
38%(d)
|
|
|
18%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
The Board of Trustees elected to change the Fund's fiscal year end to March 31 from October 31.
|
(b)
|
Net investment income per share has been calculated based on average shares outstanding during the period.
|
(c)
|
Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
|
(d)
|
Not annualized.
|
(e)
|
Annualized.
|
(f)
|
Portfolio turnover rate excludes in-kind transactions.
|
(g)
|
During the fiscal year, the Fund underwent a portfolio re-balancing. As a result, investment transactions were increased during the period, which caused a higher than normal turnover.
|
|
11
|
|
TABLE OF CONTENTS
|
|
|
|
Fund
|
|
|
Commencement of Operations Date
|
Siren DIVCON Leaders Dividend ETF
|
|
|
January 6, 2016
|
Siren DIVCON Dividend Defender ETF
|
|
|
January 14, 2016
|
Siren Nasdaq NexGen Economy ETF
|
|
|
January 17, 2018
|
|
|
|
|
|
|
|
|
Successor Fund
|
|
|
Predecessor Fund
|
Siren DIVCON Leaders Dividend ETF
|
|
|
Reality Shares DIVCON Leaders Dividend ETF
|
Siren DIVCON Dividend Defender ETF
|
|
|
Reality Shares DIVCON Dividend Defender ETF
|
Siren Nasdaq NexGen Economy ETF
|
|
|
Reality Shares Nasdaq NexGen Economy ETF
|
|
|
|
|
|
12
|
|
TABLE OF CONTENTS
|
13
|
|
TABLE OF CONTENTS
(1)
|
Value of investment securities, other assets and liabilities - at the exchange rates prevailing at market close.
|
(2)
|
Purchases and sales of investment securities, income and expenses - at the rates of exchange prevailing on the respective dates of such transactions.
|
|
14
|
|
TABLE OF CONTENTS
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.
|
|
15
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Assets:
|
|
|
|
|
|
|
|
|
||||
Common Stocks
|
|
|
$48,691,648
|
|
|
$-
|
|
|
$ -
|
|
|
$48,691,648
|
Money Market Funds
|
|
|
3,222,482
|
|
|
-
|
|
|
-
|
|
|
3,222,482
|
Total Assets
|
|
|
$51,914,130
|
|
|
$-
|
|
|
$-
|
|
|
$51,914,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Assets:
|
|
|
|
|
|
|
|
|
||||
Common Stocks
|
|
|
$7,666,243
|
|
|
$-
|
|
|
$-
|
|
|
$7,666,243
|
Real Estate Investment Trusts - Common
|
|
|
235,630
|
|
|
-
|
|
|
-
|
|
|
235,630
|
Money Market Funds
|
|
|
1,519,729
|
|
|
-
|
|
|
-
|
|
|
1,519,729
|
Total Assets
|
|
|
$9,421,602
|
|
|
$-
|
|
|
$-
|
|
|
$9,421,602
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||
Common Stocks
|
|
|
$(2,833,267)
|
|
|
$-
|
|
|
$-
|
|
|
$(2,833,267)
|
Total Liabilities
|
|
|
$(2,833,267)
|
|
|
$-
|
|
|
$ -
|
|
|
$(2,833,267)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Assets:
|
|
|
|
|
|
|
|
|
||||
Common Stocks
|
|
|
$38,843,118
|
|
|
$-
|
|
|
$-
|
|
|
$38,843,118
|
Money Market Funds
|
|
|
3,061,594
|
|
|
-
|
|
|
-
|
|
|
3,061,594
|
Total Assets
|
|
|
$41,904,712
|
|
|
$-
|
|
|
$ -
|
|
|
$41,904,712
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Advisory Fee
|
Siren DIVCON Leaders Dividend ETF
|
|
|
0.43%
|
Siren DIVCON Dividend Defender ETF
|
|
|
0.85%
|
Siren Nasdaq NexGen Economy ETF
|
|
|
0.68%
|
|
|
|
|
|
16
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
Fund
|
|
|
Purchases
|
|
|
Sales
|
Siren DIVCON Leaders Dividend ETF
|
|
|
$14,463,915
|
|
|
$17,675,699
|
Siren DIVCON Dividend Defender ETF
|
|
|
$9,998,241
|
|
|
$10,641,729
|
Siren Nasdaq NexGen Economy ETF
|
|
|
$481,264,105
|
|
|
$484,889,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Purchases
|
|
|
Sales
|
Siren DIVCON Leaders Dividend ETF
|
|
|
$1,615,928
|
|
|
$6,486,740
|
Siren DIVCON Dividend Defender ETF
|
|
|
$936,904
|
|
|
$1,813,518
|
Siren Nasdaq NexGen Economy ETF
|
|
|
$569,777
|
|
|
$16,337,290
|
|
|
|
|
|
|
|
|
17
|
|
TABLE OF CONTENTS
|
|
|
|
|||||||||
|
|
Fiscal Year Ended March 31, 2025
|
||||||||||
Fund
|
|
|
Ordinary
Income
|
|
|
Long-Term
Capital Gains
|
|
|
Return of
Capital
|
|
|
Total
|
Siren DIVCON Leaders Dividend ETF
|
|
|
$502,957
|
|
|
$ -
|
|
|
$-
|
|
|
$502,957
|
Siren DIVCON Dividend Defender ETF
|
|
|
118,100
|
|
|
-
|
|
|
-
|
|
|
118,100
|
Siren Nasdaq NexGen Economy ETF
|
|
|
146,503
|
|
|
-
|
|
|
180,825
|
|
|
327,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Fiscal Year Ended March 31, 2024
|
||||||||||
Fund
|
|
|
Ordinary
Income
|
|
|
Long-Term
Capital Gains
|
|
|
Return of
Capital
|
|
|
Total
|
Siren DIVCON Leaders Dividend ETF
|
|
|
$574,220
|
|
|
$ -
|
|
|
$-
|
|
|
$574,220
|
Siren DIVCON Dividend Defender ETF
|
|
|
208,845
|
|
|
-
|
|
|
-
|
|
|
208,845
|
Siren Nasdaq NexGen Economy ETF
|
|
|
512,224
|
|
|
-
|
|
|
-
|
|
|
512,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Siren DIVCON
Leaders
Dividend ETF
|
|
|
Siren DIVCON
Dividend
Defender ETF
|
|
|
Siren Nasdaq
NexGen
Economy ETF
|
|
Cost of investments
|
|
|
$45,026,915
|
|
|
$9,136,428
|
|
|
$51,266,662
|
Gross unrealized appreciation
|
|
|
$8,195,176
|
|
|
$975,396
|
|
|
$2,911,755
|
Gross unrealized depreciation
|
|
|
(1,307,961)
|
|
|
(668,144)
|
|
|
(12,273,705)
|
Net unrealized appreciation/depreciation
|
|
|
6,887,215
|
|
|
307,252(a)
|
|
|
(9,361,950)
|
Undistributed ordinary income
|
|
|
15,417
|
|
|
10,664
|
|
|
-
|
Other accumulated losses
|
|
|
(1,408,273)
|
|
|
(4,754,404)
|
|
|
(110,706,950)(b)
|
Total distributable earnings (accumulated losses)
|
|
|
$5,494,359
|
|
|
$(4,436,488)
|
|
|
$(120,068,900)
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes amounts from shorted securities.
|
(b)
|
Includes other accumulated losses related to post 30-day wash sales of $4,162,293 and foreign currency translation of $16,521.
|
|
|
|
|
|
|
|
Fund
|
|
|
Total
Distributable
Earnings (Loss)
|
|
|
Paid-In Capital
|
Siren DIVCON Leaders Dividend ETF
|
|
|
$(1,450,157)
|
|
|
$1,450,157
|
Siren DIVCON Dividend Defender ETF
|
|
|
$(350,605)
|
|
|
$350,605
|
Siren Nasdaq NexGen Economy ETF
|
|
|
$(3,041,665)
|
|
|
$3,041,665
|
|
|
|
|
|
|
|
|
18
|
|
TABLE OF CONTENTS
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Non-Expiring
Short-Term
Losses
|
|
|
Non-Expiring
Long-Term
Losses
|
|
|
Total
|
Siren DIVCON Leaders Dividend ETF
|
|
|
$1,408,273
|
|
|
$-
|
|
|
$1,408,273
|
Siren DIVCON Dividend Defender ETF
|
|
|
$4,754,404
|
|
|
$-
|
|
|
$4,754,404(a)
|
Siren Nasdaq NexGen Economy ETF
|
|
|
$77,527,455
|
|
|
$28,980,067
|
|
|
$106,507,522
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes losses of $595,480 that are subject to IRC Section 382 limitation as a result of the Fund's merger with Reality Shares DIVCON Dividend Guard ETF. Utilization of these carry forwards is limited to a maximum of $164,767 per year.
|
|
19
|
|
TABLE OF CONTENTS
|
20
|
|
TABLE OF CONTENTS
|
21
|
|
TABLE OF CONTENTS
|
22
|
|
TABLE OF CONTENTS
|
|
|
|
Siren DIVCON Leaders Dividend ETF
|
|
|
100.00%
|
Siren DIVCON Dividend Defender ETF
|
|
|
83.53%
|
Siren Nasdaq NexGen Economy ETF
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
Siren DIVCON Leaders Dividend ETF
|
|
|
100.00%
|
Siren DIVCON Dividend Defender ETF
|
|
|
83.70%
|
Siren Nasdaq NexGen Economy ETF
|
|
|
85.68%
|
|
|
|
|
|
|
|
|
Siren DIVCON Leaders Dividend ETF
|
|
|
0.00%
|
Siren DIVCON Dividend Defender ETF
|
|
|
0.00%
|
Siren Nasdaq NexGen Economy ETF
|
|
|
0.00%
|
|
|
|
|
|
23
|
|
TABLE OF CONTENTS
|
24
|
|
TABLE OF CONTENTS
|
25
|
|
(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
See item 7(a).
Item 9. Proxy Disclosure for Open-End Investment Companies.
See item 7(a).
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of Trustees.
Item 16. Controls and Procedures.
(a) | The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not Applicable
(b) Not Applicable
Item 19. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith. |
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable.
(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). Filed herewith.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) | Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Siren ETF Trust |
By (Signature and Title)* | /s/ Scott Freeze | ||
Scott Freeze, Principal Executive Officer |
Date | 6/6/2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Scott Freeze | ||
Scott Freeze, Principal Executive Officer |
Date | 6/6/2025 |
By (Signature and Title)* | /s/ Troy Statczar | ||
Troy Statczar, Principal Financial Officer |
Date | 6/5/2025 |
* Print the name and title of each signing officer under his or her signature.