TrimTabs ETF Trust
FCF US Quality ETF
FCF International Quality ETF
Donoghue Forlines Tactical High Yield ETF
Donoghue Forlines Risk Managed Innovation ETF
Donoghue Forlines Yield Enhanced Real Asset ETF




Semi-Annual Report
January 31, 2022


TrimTabs ETF Trust

TABLE OF CONTENTS
   
Shareholder Letter for FCF US Quality ETF
   
1
Performance Summary for FCF US Quality ETF
   
3
Shareholder Letter for FCF International Quality ETF
   
4
Performance Summary for FCF International Quality ETF
   
6
Shareholder Letter for Donoghue Forlines Tactical High Yield ETF
   
7
Performance Summary for Donoghue Forlines Tactical High Yield ETF
   
9
Shareholder Letter for Donoghue Forlines Risk Managed Innovation ETF
   
10
Performance Summary for Donoghue Forlines Risk Managed Innovation ETF
   
12
Shareholder Letter for Donoghue Forlines Yield Enhanced Real Asset ETF
   
13
Performance Summary for Donoghue Forlines Yield Enhanced Real Asset ETF
   
15
Shareholder Expense Examples
   
16
Portfolio Holdings Allocation
   
18
Schedules of Investments
   
20
Statements of Assets and Liabilities
   
40
Statements of Operations
   
42
Statements of Changes in Net Assets
   
44
Financial Highlights
   
49
Notes to Financial Statements
   
54
Additional Information
   
75

FCF US Quality ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited)
Dear Shareholder,
 
The FCF US Quality ETF (TTAC) was up 2.73% (NAV) and 2.76% (Market) for the 6 months ended January 31, 2022.  Our benchmark, the Russell 3000 Total Return Index (R3000), was up 1.03% over the same period.
 
On an absolute basis, the leading contributors of TTAC were Information Technology stocks contributed to 2.08% return, and Large Blend stocks with 1.63% return. On a benchmark relative basis, the best active contributors were Information Technology, adding 1.38% active return over R3000; and Large Blend stocks, contributed to 0.77% active return. The main active detractors were Financials stocks and Large Value stocks, losing 0.84% and 0.65% respectively.
 
TTAC owns a portfolio of high-quality stocks selected by our proprietary free cash flow algorithm: as of January 31, 2022, the weighted average return on assets for TTAC was 13.16%, compared to 10.42% of R3000; and cash flow return of 5.72% compared to 3.83%. Historically, high quality stocks underperformed in the recovery stage but remained resilient throughout the economic cycle. We believe holding a Large and Mid-cap high-quality portfolio selected by the proprietary free cash flow metrics informed by our research as a core position can benefit investors in the long-term.
 
 
Must be preceded or accompanied by a current Fund prospectus.
 
The views and opinions expressed in this discussion are those of FCF Advisors LLC. The views and opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance is no guarantee of future results.
 
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings.
 
Investing involves risk, including the possible loss of principal. Individual shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Investments in the Fund include risks associated with small and mid-cap securities which may have less liquidity and greater volatility than large-cap securities.
 
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (toll free 800-617-0004).
 
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 Index return reflects the reinvestment of income dividends and capital gain distributions, if any, but does not reflect fees, brokerage commissions, or other expenses of investing. It is not possible to invest directly in the Index.
1

FCF US Quality ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited) (Continued)
Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.
 
The FCF US Quality ETF is distributed by Quasar Distributors, LLC.
 
The return on equity is a measure of the profitability of a business in relation to the equity.
 
A company’s debt-to-capital ratio or D/C ratio is the ratio of its total debt to its total capital, its debt and equity combined.
2

FCF US Quality ETF

PERFORMANCE SUMMARY
January 31, 2022 (Unaudited)
Growth of a $10,000 Investment



 
One
Five
Since
Average Annual Total Returns (as of January 31, 2022)
Year
Year
Inception(a)
FCF US Quality ETF – NAV
24.04%
16.07%
17.04%
FCF US Quality ETF – Market
23.68%
16.04%
17.04%
Russell 3000® Total Return Index
18.80%
16.11%
16.38%

This chart assumes an initial gross investment of $10,000 made on September 27, 2016 (commencement of the Fund’s operations).  Returns shown include the reinvestment of all dividends.  Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not predictive of future performance.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than original cost.  Index returns do not reflect the effects of fees or expenses.  It is not possible to invest directly in an index. The total operating expense ratio as stated in the fee table to the Fund’s prospectus dated November 29, 2021 is 0.59%. For performance information current to the most recent month-end, please call 1-800-617-0004.
 
(a)
Commencement of operations on September 27, 2016.
3

FCF International Quality ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited)
Dear Shareholder,
 
The FCF International Quality ETF (TTAI) returned -5.04% (NAV) and -4.16% (Market) for the 6 months ended January 31, 2022.  Our benchmark, the S&P Developed Ex-U.S. BMI Net Total Return Index (SCRTWU), returned -4.64% over the same period.
 
On an absolute basis, the leading contributors of TTAI were Information energy stocks with a 0.22% return, Foreign Large Value stocks with 0.27% return and Canadian stocks with 0.10% return. On a benchmark relative basis, the best active contributors were Information Technology, Foreign Large Growth and Developed Asia stocks, adding 0.93%, 0.75% and 0.82% active returns over SCRTWU, respectively. The main active detractors were Financials, Foreign Large Blend and Europe Ex EU stocks losing 1.44%, 1.31% and 0.92%, respectively.
 
TTAI owns a portfolio of high-quality stocks selected by our proprietary free cash flow algorithm: as of January 31, 2022, the weighted average cash flow return for TTAI was 8.22% compared to the benchmark’s 3.95%. Historically, high quality stocks underperformed in the recovery stage but remained resilient throughout of the economic cycle. We believe holding a Large and Mid-cap high-quality portfolio selected by the proprietary free cash flow metrics informed by our research as a core position can benefit investors in the long-term.
 
 
Must be preceded or accompanied by a current Fund prospectus.
 
The views and opinions expressed in this discussion are those of FCF Advisors LLC. The views and opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance is no guarantee of future results.
 
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings.
 
Investing involves risk, including the possible loss of principal. Individual shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Investments in the Fund include risks associated with small-and mid-cap securities which may have less liquidity and greater volatility than large-cap securities. Returns on investments in foreign securities could be more volatile than investments in securities of domestic issuers.
 
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (toll free 800-617-0004).
4

FCF International Quality ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited) (Continued)
The S&P Developed Ex-U.S. BMI Net Total Return Index (“S&P Index”) is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in developed countries outside the U.S. The S&P Index is float adjusted, meaning that only those shares publicly available to investors are included in the S&P Index calculation. It is not possible to invest directly in the Index.
 
Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.
 
The FCF International Quality ETF is distributed by Quasar Distributors, LLC.
5

FCF International Quality ETF

PERFORMANCE SUMMARY
January 31, 2022 (Unaudited)
Growth of a $10,000 Investment


 
One
Three
Since
Average Annual Total Returns (as of January 31, 2022)
Year
Year
Inception(a)
FCF International Quality ETF – NAV
  9.60%
14.08%
8.15%
FCF International Quality ETF – Market
10.38%
14.24%
8.37%
S&P Developed Ex-U.S. BMI Index
  5.83%
  9.68%
6.45%
 
This chart assumes an initial gross investment of $10,000 made on June 27, 2017 (commencement of the Fund’s operations).  Returns shown include the reinvestment of all dividends.  Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Past performance is not predictive of future performance.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than original cost.  Index returns do not reflect the effects of fees or expenses.  It is not possible to invest directly in an index. The total operating expense ratio as stated in the fee table to the Fund’s prospectus dated November 29, 2021 is 0.60%. For performance information current to the most recent month-end, please call 1-800-617-0004.
 
(a)
Commencement of operations on June 27, 2017.
6

Donoghue Forlines Tactical High Yield ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited)
Dear Shareholder,
 
The Donoghue Forlines Tactical High Yield ETF (DFHY or the “Fund”) was down -2.45% (NAV) and -2.52% (Market) for the 6 months ended January 31, 2022. The underlying index, FCF Tactical High Yield Index (the Index), was down -2.52%. Our benchmark, the Bloomberg U.S. Aggregate Bond Index was down -3.17%.
 
DFHY outperformed the broader market index, the Bloomberg U.S. Aggregate Bond Index, for the 6 months ended January 31, 2022. During this time period, bond markets were challenged by sharply higher interest rates and volatility. DFHY is a fund of funds that tactically allocates exposure to high yield bond ETFs or intermediate term treasury bond ETFs on a daily buy-sell signal. DFHY aims to capture the majority of the upside and more importantly avoid the majority of the downside of the high yield asset class during a full credit market cycle. The strategy utilizes proprietary defensive “Tactical” indicators to attempt to mitigate downside volatility and preserve capital by shifting primarily towards intermediate term treasury exposure during market declines. The underlying funds are passively managed and track indexes, therefore DFHY derives its alpha from being invested in the high yield bond market or intermediate term treasury market at the right time. The Fund also derives alpha from the broader fixed income benchmark, the Bloomberg U.S. Aggregate Bond Index, by holding high yield bonds (which the benchmark Index does not) and less duration than the broader market index, the Bloomberg U.S. Aggregate Bond Index.  On an absolute basis, both our high yield bond ETFs and intermediate term treasury ETFs produced negative returns during the period, with high yield bond ETFs outperforming on a relative basis.
 
The Fund’s underlying index experienced 4 risk mitigation signals for the 6 months ended January 31, 2022. The first sell signal occurred on August 5, 2021, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on August 26, 2021, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund performed in line with its benchmark, both down -0.44% over that time period. The second sell signal occurred on October 1, 2021, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on November 5, 2021, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund underperformed its benchmark by 0.63%, with DFHY down -0.30% and the benchmark up 0.33% over that time period. The third sell signal occurred on November 18, 2021, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on December 13, 2021, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund underperformed its benchmark by 0.15%, with DFHY up 0.31% and the benchmark up 0.46% over that time period. The fourth sell signal occurred on January 10, 2022, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. DFHY allocation remained that way at the end of the six month period ended January 31, 2022.
7

Donoghue Forlines Tactical High Yield ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited) (Continued)
The Fund underperformed its benchmark by 0.11%, with DFHY down -0.65% and the benchmark down -0.54% over that time period. While the signals did not provide positive attribution against being fully invested in high yield bond ETFs for the duration of the time period, the portfolio benefited from its high yield allocation when invested and benefited from less exposure to duration than the benchmark index which allowed it to outperform on a relative basis.
 

Must be preceded or accompanied by a current Fund prospectus.
 
The views and opinions expressed in this discussion are those of FCF Advisors LLC and Donoghue Forlines LLC. The views and opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance is no guarantee of future results.
 
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings.
 
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (toll free 800-617-0004).
 
Investing involves risk, including the possible loss of principal. Individual shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Because the Fund invests in ETFs, an investor will indirectly bear the principal risks of the underlying funds, including illiquidity, and an investment in the Fund will entail more costs and expenses than a direct investment in the Underlying ETFs. Passive funds that seek to track an index may hold the component securities of the underlying index regardless of the current or projected performance of a specific security or the relevant market as a whole, which could cause the fund returns to be lower than if the fund employed an active strategy. The performance of the Fund may diverge from that of its Index. Active and frequent trading of portfolio securities may result in increased transaction costs to the Fund and may also result in higher taxes if Shares are held in a taxable account. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in high yield securities and unrated securities of similar credit quality are considered to be speculative and are generally subject to a greater risk of loss of principal and interest than investment grade securities. Investment in a fund that utilizes a tactical overlay that seeks to minimize risk may not be appropriate for every investor seeking a particular risk profile.
 
The Donoghue Forlines Tactical High Yield ETF is distributed by Quasar Distributors, LLC.
 
FCF Tactical High Yield Index tracks the performance of a rules-based tactical strategy that employs technical signals to determine a bullish or defensive posture: when bullish, the Index is fully invested into selected High Yield Bond exchange-traded funds (“ETFs”); when defensive, the Index directs 80% of its position into selected intermediate-term U.S. Treasury ETFs.
 
The Bloomberg U.S. Aggregate Bond Index, or the Agg, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States.
 
Alpha is a term used in investing to describe an investment strategy’s ability to beat the market, or its “edge.”
8

Donoghue Forlines Tactical High Yield ETF

PERFORMANCE SUMMARY
January 31, 2022 (Unaudited)
Growth of a $10,000 Investment


 
One
Since
Average Annual Total Returns (as of January 31, 2022)
Year
Inception(a)
Donoghue Forlines Tactical High Yield ETF – NAV
-0.25%
 0.35%
Donoghue Forlines Tactical High Yield ETF – Market
-0.34%
 0.32%
FCF Tactical High Yield Index
-0.58%
-0.04%
Bloomberg U.S. Aggregate Bond Index
-2.97%
-2.84%

This chart assumes an initial gross investment of $10,000 made on December 7, 2020 (commencement of the Fund’s operations).  Returns shown include the reinvestment of all dividends.  Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Past performance is not predictive of future performance.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than original cost.  Index returns do not reflect the effects of fees or expenses.  It is not possible to invest directly in an index. The total operating expense ratio as stated in the fee table to the Fund’s prospectus dated November 29, 2021 is 0.88%. For performance information current to the most recent month-end, please call 1-800-617-0004.
 
(a)
Commencement of operations on December 7, 2020.
9

Donoghue Forlines Risk Managed Innovation ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited)
Dear Shareholder,
 
The Donoghue Forlines Risk Managed Innovation ETF (DFNV) was down -6.57% (NAV) and -6.55% (Market) for the 6 months ended January 31, 2022. The underlying index, FCF Risk Managed Quality Innovation Index, was down -6.43%. Our benchmark, the Russell 1000 Total Return Index (R1000), was up 1.69%.
 
On an absolute basis, the leading contributors of DFNV were Financial stocks with a 0.18% return, and Large Growth stocks with 27.96% return; the largest detractors were Communication stocks with a -15.09% return. On a benchmark relative basis, the best active contributors were Communications stocks, adding 0.24% active return over R1000, and Large Growth stocks contributed to 0.98% active return. The main active detractor was Information Technology stocks, losing -3.59%, and Mid Blend stocks, losing -0.73%.
 
DFNV owns a portfolio of high-quality innovative stocks selected by our proprietary free cash flow algorithm: as of January 31, 2022, the weighted average return on equity for DFNV was 20.46%, compared to 54.36% of R1000 and debt-to-capital of 41.53% compared to 42.10%. The Free Cash Flow Growth YoY (year-over-year) for DFNV was 205.92%, compared to Russell 1000’s 73.87%. DFNV remained fully invested during the period ending January 31, 2022, as the Fund’s underlying index did not employ the downside risk mitigation model.
 

Must be preceded or accompanied by a current Fund prospectus.
 
The views and opinions expressed in this discussion are those of FCF Advisors LLC and Donoghue Forlines LLC. The views and opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Past performance is no guarantee of future results.
 
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings.
 
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (toll free 800-617-0004).
 
Investing involves risk, including the possible loss of principal. Individual shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Investments in the Fund include risks associated with small-and mid-cap securities which may have less liquidity and greater volatility than large-cap securities. Because the Fund may invest in ETFs, an investor will indirectly bear the principal risks of the underlying funds, including illiquidity, and an investment in the Fund will entail more costs and expenses than a direct investment in the Underlying ETFs. Passive funds that seek to track an index may hold the component securities of the underlying index regardless
10

Donoghue Forlines Risk Managed Innovation ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited) (Continued)
of the current or projected performance of a specific security or the relevant market as a whole, which could cause the fund returns to be lower than if the fund employed an active strategy. The performance of the Fund may diverge from that of its Index. Active and frequent trading of portfolio securities may result in increased transaction costs to the Fund and may also result in higher taxes if Shares are held in a taxable account. Investment in a fund that utilizes a downside protection model that seeks to minimize risk only during certain prolonged bear market environments may not be appropriate for ever investor seeking a particular risk profile.
 
Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.
 
The Donoghue Forlines Risk Managed Innovation ETF is distributed by Quasar Distributors, LLC.
 
FCF Risk Managed Quality Innovation Index tracks the performance of a rules-based strategy that aims to provide risk-managed exposure to U.S. publicly traded companies with strong free cash flow and strong research and development (“R&D”) investment.
 
The Russell 1000 Index is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 90% of the total market capitalization of that index.
 
Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders’ equity.
 
The weighted average return is the sum total of the product (or multiplication) of weights that are associated with different investment options and their respective returns.
 
A company’s debt-to-capital ratio or D/C ratio is the ratio of its total debt to its total capital, its debt and equity combined.
 
YOY (Year over Year) is used to make comparisons between one time period and another that is one year earlier.
11

Donoghue Forlines Risk Managed Innovation ETF

PERFORMANCE SUMMARY
January 31, 2022 (Unaudited)
Growth of a $10,000 Investment


 
One
Since
Average Annual Total Returns (as of January 31, 2022)
Year
Inception(a)
Donoghue Forlines Risk Managed Innovation ETF – NAV
  5.23%
  9.23%
Donoghue Forlines Risk Managed Innovation ETF – Market
  4.93%
  9.23%
FCF Risk Managed Quality Innovation Index
  5.67%
  9.73%
Russell 1000® Total Return Index
20.32%
18.66%

This chart assumes an initial gross investment of $10,000 made on December 7, 2020 (commencement of the Fund’s operations).  Returns shown include the reinvestment of all dividends.  Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Past performance is not predictive of future performance.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than original cost.  Index returns do not reflect the effects of fees or expenses.  It is not possible to invest directly in an index. The total operating expense ratio as stated in the fee table to the Fund’s prospectus dated November 29, 2021 is 0.69%. For performance information current to the most recent month-end, please call 1-800-617-0004.
 
(a)
Commencement of operations on December 7, 2020.
12

Donoghue Forlines Yield Enhanced Real Asset ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited)
Dear Shareholder,
 
The Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) began trading on December 14, 2021.  Since the commencement of operations on December 13, 2021 through the period ended January 31, 2022, DFRA was up 4.89% (NAV) and 4.45% (Market). The underlying index, FCF Yield Enhanced Real Asset Index, was up 4.89%. DFRA’s benchmark, the S&P Real Assets Equity Index was up 1.01%.
 
DFRA outperformed its benchmark since inception to the period ended January 31, 2022. Real asset equities, as represented by the S&P Real Assets Equity Index, outperformed the broader market, as represented by the S&P 500 Index, during this time period. The largest contributors to performance were Energy stocks and Consumer Staples, respectively up 16.04% and 15.65% during the time period. The largest detractors were Real Estate Stocks and Industrials, respectively down -3.00% and -3.35%.
 
DFRA owns a portfolio of high-quality real asset stocks* selected by our proprietary free cash flow algorithm: as of January 31, 2022 the weighted average return on equity for DFRA was 24.61% and debt-to-capital of 47.57%. The price-to-sales ratio was 17.06 and the price-to-earnings ratio 17.06. Earnings growth year-over-year was 66.21% and the Free Cash Flow Growth YoY was 346.41%.
 
* 
“Real asset” stocks are currently defined as common stock, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), and American Depositary Receipts (“ADRs”) included in the “Real Assets Industry Group,” as defined by FCF Indexes LLC, the index provider for the FCF Yield Enhanced Real Asset Index.

 
The views and opinions expressed in this discussion are those of FCF Advisors LLC and Donoghue Forlines LLC. The views and opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.
 
Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings.
 
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (toll free 800-617-0004).
 
Investing involves risk, including the possible loss of principal. Individual shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.
 
Passive funds that seek to track an index may hold the component securities of the underlying index regardless of the current or projected performance of a specific security or the relevant market as a whole, which could cause the fund returns to be lower than if the fund employed an active strategy.  The performance of the Fund may diverge from that of its Index known as tracking error. The Fund is new with limited performance history to evaluate.
13

Donoghue Forlines Yield Enhanced Real Asset ETF

SHAREHOLDER LETTER
January 31, 2022 (Unaudited) (Continued)
The Fund may be subject to certain risks associated with direct investments in REITs such as the quality of credit, changes in their underlying properties and by defaults by borrowers or tenants. MLPs can be affected by macroeconomic  factors, expectations of interest rates, investor sentiment or changes in a particular issuer’s financial condition.  The Fund is more susceptible to adverse developments affecting one or more of these sectors.
 
Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.
 
The Donoghue Forlines Yield Enhanced Real Asset ETF is distributed by Quasar Distributors, LLC.
 
Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders’ equity.
 
A company’s earnings are its after-tax net income. This is the company’s bottom line or its profits.
 
Market Price: The current price at which shares are bought and sold. Market returns are based upon last trade price.
 
NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.
 
The S&P Real Assets Equity Index is a static weighted return of investable and liquid equity indexed components that measures the performance of real return strategies that invest in listed global property, infrastructure, natural resources, and timber and forestry companies.
 
The FCF Yield Enhanced Real Asset Index is designed to track the investment result of a rules-based strategy that aims to provide exposure to global “real assets” equities.
14

Donoghue Forlines Yield Enhanced Real Asset ETF

PERFORMANCE SUMMARY
January 31, 2022 (Unaudited)
Growth of a $10,000 Investment


 
Since
Cumulative Returns (as of January 31, 2022)
Inception(a)
Donoghue Forlines Yield Enhanced Real Asset ETF – NAV
4.89%
Donoghue Forlines Yield Enhanced Real Asset ETF – Market
4.45%
FCF Yield Enhanced Real Asset Index
4.89%
S&P Real Assets Equity Index (Net Total Return)
1.01%

This chart assumes an initial gross investment of $10,000 made on December 13, 2021 (commencement of the Fund’s operations).  Returns shown include the reinvestment of all dividends.  Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.  Past performance is not predictive of future performance.  Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than original cost.  Index returns do not reflect the effects of fees or expenses.  It is not possible to invest directly in an index. The total operating expense ratio as stated in the fee table to the Fund’s prospectus dated November 29, 2021 is 0.69%. For performance information current to the most recent month-end, please call 1-800-617-0004.
 
(a) 
Commencement of operations on December 13, 2021.
15

TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES
For the Six-Months Ended January 31, 2022 (Unaudited)
As a shareholder of a Fund you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.
 
Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period as indicated below.
 
Actual Expenses
 
The first line in the table below provides information about actual account values and actual expenses. You may use the information provided in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.
 
Hypothetical Example for Comparison Purposes
 
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table below is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
 
 
Beginning
Ending
Expenses Paid
 
Account
Account
During Period
 
Value
Value
8/1/21 –
 
8/1/21
1/31/22
1/31/22(a)
FCF US Quality ETF
     
Actual
$1,000.00
$1,027.30
$3.01
Hypothetical (5% return before expenses)
$1,000.00
$1,022.23
$3.01

16

TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES
For the Six-Months Ended January 31, 2022 (Unaudited) (Continued)
 
Beginning
Ending
Expenses Paid
 
Account
Account
During Period
 
Value
Value
8/1/21 –
 
8/1/21
1/31/22
1/31/22(a)
FCF International Quality ETF
     
Actual
$1,000.00
$   949.60
$2.90
Hypothetical (5% return before expenses)
$1,000.00
$1,022.23
$3.01
       
 
Beginning
Ending
Expenses Paid
 
Account
Account
During Period
 
Value
Value
8/1/21 –
 
8/1/21
1/31/22
1/31/22(b)
Donoghue Forlines
     
  Tactical High Yield ETF
     
Actual
$1,000.00
$   975.50
$3.44
Hypothetical (5% return before expenses)
$1,000.00
$1,021.73
$3.52
       
 
Beginning
Ending
Expenses Paid
 
Account
Account
During Period
 
Value
Value
8/1/21 –
 
8/1/21
1/31/22
1/31/22(b)
Donoghue Forlines Risk
     
  Managed Innovation ETF
     
Actual
$1,000.00
$   934.30
$3.36
Hypothetical (5% return before expenses)
$1,000.00
$1,021.73
$3.52
       
 
Beginning
Ending
Expenses Paid
 
Account
Account
During Period
 
Value
Value
12/13/21 –
 
12/13/21
1/31/22
1/31/22(c)
Donoghue Forlines Yield
     
  Enhanced Real Asset ETF
     
Actual(c)
$1,000.00
$1,048.90
$0.95
Hypothetical (5% return before expenses)(d)
$1,000.00
$1,021.73
$3.52

(a)
Actual Expenses Paid are equal to the Fund’s annualized expense ratio of 0.59%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the period.
(b)
Actual Expenses Paid are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the period.
(c)
Actual Expenses Paid are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by 49/365 to reflect the period.
(d)
Hypothetical Expenses Paid are equal to the Fund’s annualized expense ratio of 0.69%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the period.
17

TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)
January 31, 2022 (Unaudited)
FCF US Quality ETF
     
Communications
   
4.6
%
Consumer Discretionary
   
9.4
%
Consumer Staples
   
7.8
%
Energy
   
2.8
%
Financials
   
11.8
%
Health Care
   
12.4
%
Industrials
   
8.7
%
Materials
   
2.0
%
Technology
   
37.4
%(a)
REITs
   
2.7
%
Money Market Fund
   
0.4
%
Investment Purchased with the Cash Proceeds from Securities Lending
   
8.7
%(b)
Liabilities in Excess of Other Assets
   
(8.7
)%
Total Net Assets
   
100.0
%
         
FCF International Quality ETF
       
Australia
   
8.7
%
Brazil
   
1.3
%
Canada
   
7.9
%
China
   
5.1
%
Denmark
   
6.0
%
Finland
   
2.1
%
France
   
5.4
%
Germany
   
3.9
%
Hong Kong
   
1.0
%
India
   
0.4
%
Ireland
   
2.9
%
Israel
   
0.7
%
Italy
   
1.5
%
Japan
   
10.1
%
Mexico
   
0.9
%
Netherlands
   
2.7
%
Norway
   
1.4
%
Portugal
   
0.6
%
Republic of Korea
   
1.0
%
Singapore
   
0.5
%
South Africa
   
1.3
%
Sweden
   
6.9
%
Switzerland
   
10.8
%
Taiwan
   
1.0
%
United Kingdom
   
15.2
%
Money Market Fund
   
0.4
%
Investment Purchased with the Cash Proceeds from Securities Lending
   
4.6
%(b)
Liabilities in Excess of Other Assets
   
(4.3
)%
Total Net Assets
   
100.0
%
18

TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)
January 31, 2022 (Unaudited) (Continued)
Donoghue Forlines Tactical High Yield ETF
     
Exchange-Traded Funds
   
99.9
%
Money Market Fund
   
0.2
%
Investment Purchased with the Cash Proceeds from Securities Lending
   
24.8
%(b)
Liabilities in Excess of Other Assets
   
(24.9
)%
Total Net Assets
   
100.0
%
         
Donoghue Forlines Risk Managed Innovation ETF
       
Communications
   
7.4
%
Consumer Discretionary
   
2.0
%
Consumer Staples
   
0.8
%
Energy
   
0.5
%
Financials
   
0.4
%
Health Care
   
25.6
%(c)
Industrials
   
3.8
%
Technology
   
59.2
%(c)
Money Market Fund
   
0.3
%
Investment Purchased with the Cash Proceeds from Securities Lending
   
8.8
%(b)
Liabilities in Excess of Other Assets
   
(8.8
)%
Total Net Assets
   
100.0
%
         
Donoghue Forlines Yield Enhanced Real Asset ETF
       
Consumer Staples
   
1.2
%
Energy
   
24.0
%
Industrials
   
24.2
%
Materials
   
21.8
%
Technology
   
1.4
%
Preferred Stock
   
1.7
%
Master Limited Partnerships
   
10.1
%
REITs
   
15.2
%
Money Market Fund
   
0.3
%
Investment Purchased with the Cash Proceeds from Securities Lending
   
16.9
%(b)
Liabilities in Excess of Other Assets
   
(16.8
)%
Total Net Assets
   
100.0
%

(a)
Amount represents investments in a particular sector.  No industry within this sector represented more than 25% of the Fund’s total assets at the time of investment.
(b)
Represents cash received as collateral in return for securities lent as part of the securities lending program.  The cash is invested in the Mount Vernon Liquid Assets Portfolio, LLC as noted in the applicable schedules of investments listed in this report.
(c)
The amount represents investments in a particular sector.  Within the sector, the Fund will concentrate its investments (i.e. invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent the FCF Risk Managed Quality Innovation Index is concentrated.
19

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited)
   
Shares
   
Value
 
COMMON STOCKS – 96.9%
           
             
Communications – 4.6%
           
Alphabet, Inc. – Class A (a)
   
1,519
   
$
4,110,520
 
Interpublic Group of Cos., Inc.
   
45,133
     
1,604,027
 
Omnicom Group, Inc. (d)
   
12,738
     
959,936
 
Sirius XM Holdings, Inc. (d)
   
92,017
     
585,228
 
VeriSign, Inc. (a)
   
5,209
     
1,131,290
 
World Wrestling Entertainment, Inc. – Class A (d)
   
15,470
     
772,572
 
             
9,163,573
 
                 
Consumer Discretionary – 9.4%
               
AutoNation, Inc. (a)(d)
   
17,454
     
1,902,486
 
AutoZone, Inc. (a)
   
862
     
1,712,234
 
Dick’s Sporting Goods, Inc. (d)
   
10,537
     
1,215,970
 
Etsy, Inc. (a)
   
6,112
     
960,073
 
Genuine Parts Co.
   
10,010
     
1,333,632
 
Home Depot, Inc.
   
4,317
     
1,584,253
 
Lowe’s Cos., Inc.
   
5,593
     
1,327,499
 
Masco Corp.
   
24,646
     
1,560,831
 
O’Reilly Automotive, Inc. (a)
   
2,618
     
1,706,281
 
Ross Stores, Inc.
   
7,807
     
763,134
 
Starbucks Corp.
   
18,815
     
1,849,891
 
Ulta Beauty, Inc. (a)
   
3,350
     
1,218,529
 
Williams-Sonoma, Inc. (d)
   
6,555
     
1,052,340
 
Winmark Corp.
   
2,232
     
480,817
 
             
18,667,970
 
                 
Consumer Staples – 7.8%
               
BellRing Brands, Inc. – Class A (a)(d)
   
35,310
     
860,152
 
Clorox Co. (d)
   
5,979
     
1,003,635
 
Coca-Cola Co.
   
46,313
     
2,825,556
 
Colgate-Palmolive Co.
   
14,567
     
1,201,049
 
Costco Wholesale Corp.
   
3,961
     
2,000,820
 
Estee Lauder Cos., Inc. – Class A
   
4,651
     
1,450,135
 
Hershey Co.
   
5,112
     
1,007,422
 
Philip Morris International, Inc.
   
17,991
     
1,850,374
 
Procter & Gamble Co.
   
12,507
     
2,006,748
 
Target Corp.
   
6,199
     
1,366,446
 
             
15,572,337
 

The accompanying notes are an integral part of these financial statements.
20

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 96.9% (Continued)
           
             
Energy – 2.8%
           
Antero Midstream Corp. (d)
   
84,998
   
$
845,730
 
Continental Resources, Inc. (d)
   
33,526
     
1,741,341
 
Magnolia Oil & Gas Corp. – Class A (d)
   
68,960
     
1,491,605
 
Ovintiv, Inc.
   
39,424
     
1,529,651
 
             
5,608,327
 
                 
Financials – 11.8%
               
Allstate Corp.
   
11,499
     
1,387,584
 
American Financial Group, Inc.
   
10,653
     
1,387,873
 
Aon PLC – Class A
   
4,196
     
1,159,942
 
Berkshire Hathaway, Inc. – Class B (a)
   
11,037
     
3,454,802
 
Goldman Sachs Group, Inc.
   
5,494
     
1,948,612
 
JPMorgan Chase & Co.
   
24,109
     
3,582,597
 
LPL Financial Holdings, Inc.
   
8,247
     
1,421,123
 
Morgan Stanley
   
17,160
     
1,759,586
 
Progressive Corp.
   
14,949
     
1,624,358
 
SEI Investments Co.
   
17,631
     
1,033,353
 
SVB Financial Group (a)
   
1,642
     
958,764
 
Synchrony Financial
   
25,977
     
1,106,361
 
T Rowe Price Group, Inc. (d)
   
7,855
     
1,213,048
 
U.S. Bancorp
   
23,307
     
1,356,234
 
             
23,394,237
 
                 
Health Care – 12.4%
               
Abbott Laboratories
   
12,400
     
1,580,504
 
AbbVie, Inc.
   
19,172
     
2,624,455
 
Amgen, Inc.
   
10,517
     
2,388,831
 
Bristol-Myers Squibb Co.
   
25,257
     
1,638,927
 
Cerner Corp.
   
17,824
     
1,625,549
 
Chemed Corp. (d)
   
1,910
     
895,618
 
Johnson & Johnson
   
17,179
     
2,959,770
 
McKesson Corp.
   
7,987
     
2,050,423
 
Mettler-Toledo International, Inc. (a)
   
895
     
1,318,048
 
Molina Healthcare, Inc. (a)
   
5,014
     
1,456,467
 
Pfizer, Inc.
   
54,464
     
2,869,708
 
UnitedHealth Group, Inc.
   
5,342
     
2,524,469
 
Waters Corp. (a)
   
2,217
     
709,706
 
             
24,642,475
 

The accompanying notes are an integral part of these financial statements.
21

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 96.9% (Continued)
           
             
Industrials – 8.7%
           
3M Co.
   
7,027
   
$
1,166,623
 
Allegion PLC
   
7,462
     
915,811
 
Emerson Electric Co.
   
13,277
     
1,220,820
 
Illinois Tool Works, Inc.
   
4,386
     
1,025,973
 
Keysight Technologies, Inc. (a)
   
6,506
     
1,098,343
 
Lennox International, Inc.
   
5,461
     
1,548,849
 
Louisiana-Pacific Corp.
   
21,380
     
1,420,487
 
Otis Worldwide Corp.
   
18,762
     
1,602,838
 
Rollins, Inc.
   
16,802
     
518,342
 
Terminix Global Holdings, Inc. (a)
   
11,352
     
489,725
 
Toro Co.
   
11,318
     
1,093,092
 
Trane Technologies PLC
   
4,641
     
803,357
 
TriNet Group, Inc. (a)
   
12,271
     
1,045,489
 
United Parcel Service, Inc. – Class B
   
12,907
     
2,609,925
 
WW Grainger, Inc.
   
1,567
     
775,837
 
             
17,335,511
 
                 
Materials – 2.0%
               
Eagle Materials, Inc.
   
8,719
     
1,271,666
 
Sherwin-Williams Co.
   
6,415
     
1,837,962
 
Vale SA – ADR
   
50,801
     
771,159
 
             
3,880,787
 
                 
Technology – 37.4% (c)
               
Accenture PLC – Class A
   
8,651
     
3,058,821
 
Apple, Inc.
   
69,130
     
12,082,541
 
ASML Holding NV – NY Reg Shares
   
2,011
     
1,361,849
 
Atlassian Corp. PLC – Class A (a)
   
6,036
     
1,957,716
 
Autodesk, Inc. (a)
   
4,257
     
1,063,356
 
Broadcom, Inc.
   
4,660
     
2,730,201
 
Cadence Design Systems, Inc. (a)
   
8,020
     
1,220,163
 
CDW Corp.
   
6,245
     
1,180,617
 
Cisco Systems, Inc.
   
47,894
     
2,666,259
 
Crowdstrike Holdings, Inc. – Class A (a)
   
3,495
     
631,337
 
FactSet Research Systems, Inc.
   
2,593
     
1,093,961
 
Fair Isaac Corp. (a)
   
2,789
     
1,380,527
 
Fortinet, Inc. (a)
   
6,138
     
1,824,459
 

The accompanying notes are an integral part of these financial statements.
22

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 96.9% (Continued)
           
             
Technology – 37.4% (c) (Continued)
           
Gartner, Inc. (a)
   
4,748
   
$
1,395,390
 
HP, Inc.
   
46,434
     
1,705,521
 
International Business Machines Corp.
   
17,760
     
2,372,203
 
Intuit, Inc.
   
2,091
     
1,160,986
 
Jack Henry & Associates, Inc. (d)
   
7,515
     
1,261,092
 
KLA Corp.
   
2,384
     
928,020
 
Manhattan Associates, Inc. (a)
   
7,817
     
1,046,462
 
MarketAxess Holdings, Inc.
   
1,550
     
533,944
 
Mastercard, Inc. – Class A
   
5,273
     
2,037,382
 
Microchip Technology, Inc. (d)
   
8,801
     
681,902
 
Microsoft Corp.
   
23,388
     
7,273,200
 
Moody’s Corp.
   
3,783
     
1,297,569
 
Motorola Solutions, Inc.
   
3,134
     
726,900
 
MSCI, Inc.
   
1,892
     
1,014,339
 
NVIDIA Corp.
   
9,001
     
2,203,985
 
Palo Alto Networks, Inc. (a)
   
4,196
     
2,171,010
 
Paychex, Inc.
   
8,533
     
1,004,846
 
QUALCOMM, Inc.
   
8,671
     
1,524,015
 
S&P Global, Inc. (d)
   
4,909
     
2,038,315
 
ServiceNow, Inc. (a)
   
3,357
     
1,966,463
 
Texas Instruments, Inc.
   
6,469
     
1,161,121
 
Veeva Systems, Inc. – Class A (a)
   
4,039
     
955,385
 
VMware, Inc. – Class A
   
6,323
     
812,379
 
Western Union Co.
   
25,639
     
484,834
 
Workday, Inc. – Class A (a)
   
6,017
     
1,522,361
 
Xilinx, Inc.
   
9,086
     
1,758,595
 
Zebra Technologies Corp. – Class A (a)
   
2,134
     
1,086,462
 
             
74,376,488
 
TOTAL COMMON STOCKS
               
  (Cost $161,019,301)
           
192,641,705
 
                 
REITs – 2.7%
               
                 
Real Estate – 2.7%
               
American Tower Corp.
   
8,680
     
2,183,020
 
Gaming and Leisure Properties, Inc.
   
13,965
     
630,939
 

The accompanying notes are an integral part of these financial statements.
23

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
REITs – 2.7% (Continued)
           
             
Real Estate – 2.7% (Continued)
           
Iron Mountain, Inc. (d)
   
28,284
   
$
1,298,801
 
Simon Property Group, Inc.
   
7,846
     
1,154,931
 
TOTAL REITs
               
  (Cost $4,907,507)
           
5,267,691
 
                 
MONEY MARKET FUND – 0.4%
               
Fidelity Institutional Money Market Fund –
               
  Government Portfolio, Institutional Class, 0.01% (b)
   
884,804
     
884,804
 
TOTAL MONEY MARKET FUND
               
  (Cost $884,804)
           
884,804
 
                 
INVESTMENT PURCHASED WITH THE CASH
               
  PROCEEDS FROM SECURITIES LENDING – 8.7%
               
Investment Company – 8.7%
               
Mount Vernon Liquid Asset Portfolio, LLC, 0.12% (b)
   
17,336,685
     
17,336,685
 
TOTAL INVESTMENT PURCHASED WITH THE
               
  CASH PROCEEDS FROM SECURITIES LENDING
               
  (Cost $17,336,685)
           
17,336,685
 
                 
Total Investments (Cost $184,148,297) – 108.7%
           
216,130,885
 
Liabilities in Excess of Other Assets – (8.7)%
           
(17,281,411
)
TOTAL NET ASSETS – 100.0%
         
$
198,849,474
 

Percentages are stated as a percent of net assets.
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
(a)
Non-income producing security.
(b)
Rate disclosed is the seven day annualized yield as of January 31, 2022.
(c)
Amount represents investments in a particular sector. No industry within this sector represented more than 25% of the Fund’s total assets at the time of investment.
(d)
All or a portion of this security was out on loan at January 31, 2022. Total loaned securities had a market value of $17,233,685 as of January 31, 2022.

For Fund compliance purposes, the Fund’s sector classifications refers to any one or more of the sector classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management.  This definition does not apply for all purposes of this report, which may combine classifications for reporting ease.

The accompanying notes are an integral part of these financial statements.
24

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited)
   
Shares
   
Value
 
COMMON STOCKS – 98.0%
           
             
Communications – 6.9%
           
America Movil SAB de CV – ADR
   
38,097
   
$
718,510
 
Kakaku.com, Inc.
   
29,301
     
598,853
 
KDDI Corp.
   
15,820
     
501,077
 
MultiChoice Group
   
59,802
     
486,509
 
NetEase, Inc. – ADR
   
10,284
     
1,062,954
 
Publicis Groupe SA
   
8,033
     
538,770
 
Telenor ASA
   
39,667
     
654,055
 
Telstra Corp. Ltd.
   
135,638
     
375,938
 
WPP PLC – ADR (c)
   
6,074
     
473,225
 
             
5,409,891
 
                 
Consumer Discretionary – 13.6%
               
adidas AG
   
2,214
     
602,550
 
Bunzl PLC
   
13,999
     
520,950
 
BYD Co. Ltd. – Class H
   
14,148
     
401,737
 
Daimler AG
   
6,998
     
549,780
 
Domino’s Pizza Enterprises Ltd.
   
8,383
     
612,871
 
Fast Retailing Co. Ltd.
   
764
     
444,737
 
Geberit AG
   
750
     
506,016
 
Hennes & Mauritz AB – Class B
   
38,979
     
766,391
 
Howden Joinery Group PLC
   
47,199
     
515,441
 
Iida Group Holdings Co. Ltd.
   
18,600
     
383,217
 
JD Sports Fashion PLC
   
307,630
     
778,022
 
La Francaise des Jeux SAEM
   
8,816
     
362,893
 
Lululemon Athletica, Inc. (a)(c)
   
1,643
     
548,368
 
LVMH Moet Hennessy Louis Vuitton SE
   
1,426
     
1,157,628
 
Next PLC
   
6,697
     
675,329
 
Pandora A/S
   
4,222
     
455,157
 
Persimmon PLC – ADR
   
1,941
     
125,350
 
Persimmon PLC
   
11,616
     
373,999
 
Valeo
   
16,236
     
449,075
 
ZOZO, Inc.
   
19,080
     
502,367
 
             
10,731,878
 

The accompanying notes are an integral part of these financial statements.
25

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 98.0% (Continued)
           
             
Consumer Staples – 8.0%
           
Chongqing Brewery Co. Ltd. – Class A (a)
   
17,300
   
$
362,560
 
Coles Group Ltd.
   
51,715
     
592,353
 
Diageo PLC
   
14,741
     
738,091
 
Dollarama, Inc.
   
11,571
     
597,052
 
Jeronimo Martins SGPS SA
   
19,747
     
473,864
 
Kesko Oyj – Class B
   
18,450
     
578,920
 
Lawson, Inc.
   
8,200
     
359,124
 
L’Oreal SA
   
2,103
     
890,347
 
Reckitt Benckiser Group PLC
   
5,678
     
459,020
 
Unilever PLC
   
23,999
     
1,222,463
 
             
6,273,794
 
                 
Energy – 1.9%
               
Lundin Energy AB
   
17,131
     
689,668
 
Neste Oyj
   
7,910
     
353,414
 
Petroleo Brasileiro SA – ADR (c)
   
32,747
     
437,172
 
             
1,480,254
 
                 
Financials – 14.4%
               
Admiral Group PLC
   
10,434
     
441,187
 
China Merchants Bank Co. Ltd.
   
76,864
     
639,790
 
Commonwealth Bank of Australia
   
11,447
     
758,693
 
Deutsche Boerse AG
   
3,074
     
542,885
 
FinecoBank Banca Fineco SpA
   
28,447
     
473,147
 
Gjensidige Forsikring ASA
   
17,345
     
422,411
 
Hargreaves Lansdown PLC
   
26,088
     
470,500
 
Hong Kong Exchanges & Clearing Ltd.
   
14,370
     
807,973
 
Investor AB – Class B
   
20,704
     
444,843
 
Japan Exchange Group, Inc.
   
20,140
     
411,533
 
Kinnevik AB – Class B (a)
   
14,847
     
438,177
 
Nihon M&A Center, Inc.
   
19,256
     
299,013
 
Partners Group Holding AG
   
651
     
897,132
 
Ping An Insurance Group Co. of China Ltd.
   
57,746
     
451,034
 
Royal Bank of Canada (c)
   
13,082
     
1,491,871
 
Singapore Exchange Ltd.
   
62,360
     
429,751
 
Toronto-Dominion Bank
   
14,614
     
1,170,477
 
Zurich Insurance Group AG
   
1,614
     
767,593
 
             
11,358,010
 

The accompanying notes are an integral part of these financial statements.
26

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 98.0% (Continued)
           
             
Health Care – 10.8%
           
Amplifon SpA
   
14,370
   
$
605,880
 
Astellas Pharma, Inc.
   
36,552
     
587,761
 
Coloplast A/S – Class B
   
2,642
     
382,318
 
CSL Ltd.
   
1,873
     
344,782
 
GlaxoSmithKline PLC – ADR (c)
   
15,410
     
690,676
 
GN Store Nord AS
   
7,646
     
459,014
 
Medibank Pvt Ltd.
   
162,866
     
355,826
 
Novartis AG – ADR (c)
   
2,020
     
175,558
 
Novartis AG
   
10,612
     
917,649
 
Novo Nordisk A/S – Class B
   
16,288
     
1,613,552
 
Roche Holding AG
   
3,666
     
1,411,963
 
Sonic Healthcare Ltd.
   
11,351
     
304,255
 
Straumann Holding AG
   
238
     
389,240
 
Sysmex Corp.
   
2,704
     
254,469
 
             
8,492,943
 
                 
Industrials – 16.6%
               
AP Moller – Maersk A/S – Class A
   
355
     
1,184,584
 
Ashtead Group PLC
   
9,472
     
668,282
 
Atlas Copco AB – Class A
   
19,094
     
1,112,294
 
CNH Industrial NV (c)
   
35,789
     
541,488
 
COSCO SHIPPING Holdings Co. Ltd. – Class H (a)
   
327,500
     
588,883
 
Deutsche Post AG
   
10,473
     
623,471
 
Edenred
   
12,070
     
513,923
 
Epiroc AB – Class A
   
23,919
     
505,326
 
Ferguson PLC
   
3,639
     
567,714
 
GEA Group AG
   
16,193
     
759,513
 
Husqvarna AB – Class B
   
60,824
     
839,818
 
Intertek Group PLC
   
7,385
     
530,770
 
Iveco Group NV (a)
   
7,158
     
75,228
 
Kone Oyj – Class B
   
11,007
     
707,568
 
Kuehne + Nagel International AG
   
2,052
     
576,416
 
Recruit Holdings Co. Ltd.
   
15,763
     
766,371
 
Rentokil Initial PLC
   
54,228
     
377,930
 
Samsung Engineering Co. Ltd. (a)
   
23,216
     
415,019
 
Samsung Heavy Industries Co. Ltd. (a)
   
89,157
     
383,105
 
Schindler Holding AG
   
1,610
     
399,785
 

The accompanying notes are an integral part of these financial statements.
27

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 98.0% (Continued)
           
             
Industrials – 16.6% (Continued)
           
Schneider Electric SE
   
2,264
   
$
379,894
 
SGS SA
   
198
     
560,891
 
             
13,078,273
 
                 
Materials – 7.7%
               
BHP Group Ltd. – ADR
   
4,403
     
280,031
 
BHP Group Ltd. (c)
   
24,929
     
816,966
 
Evraz PLC
   
56,942
     
382,370
 
Fortescue Metals Group Ltd. – ADR
   
5,312
     
148,099
 
Fortescue Metals Group Ltd.
   
25,593
     
359,557
 
James Hardie Industries PLC
   
19,562
     
650,900
 
Kumba Iron Ore Ltd.
   
15,822
     
556,591
 
Novozymes A/S – Class B
   
8,891
     
607,992
 
Sika AG
   
2,361
     
818,127
 
Vale SA – ADR
   
38,634
     
586,464
 
West Fraser Timber Co. Ltd.
   
9,151
     
847,033
 
             
6,054,130
 
                 
Real Estate – 0.6%
               
Daito Trust Construction Co. Ltd.
   
4,432
     
504,512
 
                 
Technology – 17.5%
               
Accenture PLC – Class A
   
2,803
     
991,085
 
ASML Holding NV
   
2,258
     
1,507,329
 
Atlassian Corp. PLC – Class A (a)
   
3,910
     
1,268,169
 
CGI, Inc. (a)
   
7,841
     
669,460
 
Check Point Software Technologies Ltd. (a)
   
4,422
     
535,106
 
Constellation Software, Inc.
   
510
     
878,392
 
Experian PLC
   
14,805
     
613,465
 
Infosys Ltd. – ADR
   
13,865
     
326,798
 
Lenovo Group Ltd.
   
442,000
     
474,480
 
Logitech International SA
   
6,188
     
512,589
 
Nintendo Co. Ltd.
   
1,308
     
638,315
 
Nomura Research Institute Ltd.
   
13,408
     
461,381
 
Pegatron Corp.
   
174,000
     
433,530
 
Realtek Semiconductor Corp.
   
21,000
     
397,138
 
RELX PLC
   
33,584
     
1,025,293
 

The accompanying notes are an integral part of these financial statements.
28

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 98.0% (Continued)
           
             
Technology – 17.5% (Continued)
           
Sharp Corp.
   
30,740
   
$
338,974
 
Telefonaktiebolaget LM Ericsson – ADR
   
16,656
     
206,201
 
Telefonaktiebolaget LM Ericsson – Class B
   
34,691
     
427,092
 
Temenos AG
   
4,663
     
553,783
 
Trend Micro, Inc. (a)
   
17,716
     
932,907
 
Wolters Kluwer NV
   
5,953
     
603,513
 
             
13,795,000
 
TOTAL COMMON STOCKS
               
  (Cost $77,176,547)
           
77,178,685
 
                 
REITs – 1.3%
               
                 
Real Estate – 1.3%
               
Goodman Group
   
39,535
     
648,234
 
Segro PLC
   
21,485
     
376,215
 
TOTAL REITs
               
  (Cost $845,589)
           
1,024,449
 
                 
MONEY MARKET FUND – 0.4%
               
Fidelity Institutional Money Market Fund –
               
  Government Portfolio, Institutional Class, 0.01% (b)
   
299,328
     
299,328
 
TOTAL MONEY MARKET FUND
               
  (Cost $299,328)
           
299,328
 

The accompanying notes are an integral part of these financial statements.
29

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
INVESTMENT PURCHASED WITH THE CASH
           
  PROCEEDS FROM SECURITIES LENDING – 4.6%
           
             
Investment Company – 4.6%
           
Mount Vernon Liquid Asset Portfolio, LLC, 0.12% (b)
   
3,593,118
   
$
3,593,118
 
TOTAL INVESTMENT PURCHASED WITH THE
               
  CASH PROCEEDS FROM SECURITIES LENDING
               
  (Cost $3,593,118)
           
3,593,118
 
                 
Total Investments (Cost $81,914,582) – 104.3%
           
82,095,580
 
Liabilities in Excess of Other Assets – (4.3)%
           
(3,359,846
)
TOTAL NET ASSETS – 100.0%
         
$
78,735,734
 

Percentages are stated as a percent of net assets.
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
(a)
Non-income producing security.
(b)
Rate disclosed is the seven day annualized yield as of January 31, 2022.
(c)
All or a portion of this security was out on loan at January 31, 2022. Total loaned securities had a market value of $3,516,023 as of January 31, 2022.

For Fund compliance purposes, the Fund’s sector classifications refer to any one or more of the sector classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine classifications for reporting ease.

The accompanying notes are an integral part of these financial statements.
30


Donoghue Forlines Tactical High Yield ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited)
   
Shares
   
Value
 
EXCHANGE-TRADED FUNDS – 99.9%
           
iShares 0-5 Year High Yield Corporate Bond ETF
   
28,011
   
$
1,250,691
 
iShares 3-7 Year Treasury Bond ETF (b)
   
73,656
     
9,341,790
 
iShares Broad USD High Yield Corporate Bond ETF (b)
   
56,316
     
2,253,203
 
iShares Fallen Angels USD Bond ETF
   
45,245
     
1,301,246
 
iShares iBoxx High Yield Corporate Bond ETF (b)
   
30,482
     
2,581,826
 
iShares U.S. Treasury Bond ETF
   
502,616
     
13,057,964
 
JPMorgan High Yield Research Enhanced ETF
   
15,777
     
793,583
 
Schwab Intermediate-Term U.S. Treasury ETF
   
185,642
     
10,254,864
 
SPDR Bloomberg High Yield Bond ETF (b)
   
14,049
     
1,483,153
 
SPDR Bloomberg Short Term High Yield Bond ETF
   
35,429
     
948,434
 
SPDR Portfolio Intermediate Term Treasury ETF (b)
   
282,194
     
8,894,755
 
VanEck Fallen Angel High Yield Bond ETF
   
35,231
     
1,113,652
 
Vanguard Intermediate-Term Treasury ETF
   
215,881
     
14,122,935
 
Xtrackers USD High Yield Corporate Bond ETF (b)
   
52,290
     
2,027,806
 
TOTAL EXCHANGE-TRADED FUNDS
               
  (Cost $69,869,783)
           
69,425,902
 
                 
MONEY MARKET FUND – 0.2%
               
Fidelity Institutional Money Market Fund –
               
  Government Portfolio, Institutional Class, 0.01% (a)
   
141,758
     
141,758
 
TOTAL MONEY MARKET FUND
               
  (Cost $141,758)
           
141,758
 
                 
INVESTMENT PURCHASED WITH THE CASH
               
  PROCEEDS FROM SECURITIES LENDING – 24.8%
               
Investment Company – 24.8%
               
Mount Vernon Liquid Asset Portfolio, LLC, 0.12% (a)
   
17,263,693
     
17,263,693
 
TOTAL INVESTMENT PURCHASED WITH THE
               
  CASH PROCEEDS FROM SECURITIES LENDING
               
  (Cost $17,263,693)
           
17,263,693
 
                 
Total Investments (Cost $87,275,234) – 124.9%
           
86,831,353
 
Liabilities in Excess of Other Assets – (24.9%)
           
(17,299,148
)
TOTAL NET ASSETS – 100.0%
         
$
69,532,205
 

Percentages are stated as a percent of net assets.
ETF – Exchange-Traded Fund
(a)
Rate disclosed is the seven day annualized yield as of January 31, 2022.
(b)
All or a portion of this security was out on loan at January 31, 2022. Total loaned securities had a market value of $16,891,133 as of January 31, 2022.

The accompanying notes are an integral part of these financial statements.
31

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited)
   
Shares
   
Value
 
COMMON STOCKS – 99.7%
           
             
Communications – 7.4%
           
Electronic Arts, Inc.
   
7,330
   
$
972,398
 
Expedia Group, Inc. (a)
   
5,017
     
919,566
 
GoDaddy, Inc. – Class A (a)
   
9,695
     
734,008
 
Match Group, Inc. (a)
   
7,116
     
801,973
 
New York Times Co. – Class A
   
12,370
     
495,171
 
Playtika Holding Corp. (a)
   
31,619
     
538,472
 
Sirius XM Holdings, Inc. (d)
   
135,367
     
860,934
 
Trade Desk, Inc. – Class A (a)
   
10,116
     
703,467
 
             
6,025,989
 
                 
Consumer Discretionary – 2.0%
               
Axon Enterprise, Inc. (a)(d)
   
3,240
     
453,373
 
Etsy, Inc. (a)
   
3,483
     
547,110
 
Hasbro, Inc.
   
6,624
     
612,587
 
             
1,613,070
 
                 
Consumer Staples – 0.8%
               
Clorox Co. (d)
   
3,864
     
648,611
 
                 
Energy – 0.5%
               
Enphase Energy, Inc. (a)
   
3,008
     
422,534
 
                 
Financials – 0.4%
               
Upstart Holdings, Inc. (a)
   
3,125
     
340,656
 
                 
Health Care – 25.6%
               
Abbott Laboratories
   
10,310
     
1,314,113
 
AbbVie, Inc.
   
13,933
     
1,907,288
 
ABIOMED, Inc. (a)
   
2,123
     
628,132
 
Agilent Technologies, Inc.
   
5,326
     
742,018
 
Align Technology, Inc. (a)
   
1,609
     
796,391
 
Amgen, Inc.
   
6,562
     
1,490,493
 
Arrowhead Pharmaceuticals, Inc. (a)(d)
   
8,359
     
441,021
 
Biogen, Inc. (a)
   
3,570
     
806,820
 
Bio-Techne Corp.
   
1,494
     
562,356
 
Bristol-Myers Squibb Co.
   
25,278
     
1,640,289
 
CureVac NV (a)(d)
   
12,370
     
238,865
 
Gilead Sciences, Inc.
   
17,686
     
1,214,674
 
Hologic, Inc. (a)
   
8,351
     
586,574
 

The accompanying notes are an integral part of these financial statements.
32

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 99.7% (Continued)
           
             
Health Care – 25.6% (Continued)
           
Incyte Corp. (a)
   
10,017
   
$
744,564
 
Johnson & Johnson
   
12,289
     
2,117,272
 
Merck & Co., Inc.
   
16,631
     
1,355,094
 
Mettler-Toledo International, Inc. (a)
   
572
     
842,373
 
Novavax, Inc. (a)(d)
   
3,611
     
338,351
 
Novocure Ltd. (a)
   
6,481
     
444,921
 
Organon & Co.
   
16,619
     
530,312
 
Pfizer, Inc.
   
32,434
     
1,708,947
 
Tandem Diabetes Care, Inc. (a)
   
4,473
     
528,306
 
             
20,979,174
 
                 
Industrials – 3.8%
               
Cognex Corp.
   
8,276
     
550,023
 
Keysight Technologies, Inc. (a)
   
4,957
     
836,841
 
Toro Co.
   
6,392
     
617,339
 
Trimble, Inc. (a)
   
8,922
     
643,811
 
Woodward, Inc. (d)
   
4,265
     
470,302
 
             
3,118,316
 
                 
Technology – 59.2% (c)
               
Accenture PLC – Class A
   
4,561
     
1,612,678
 
Adobe, Inc. (a)
   
2,587
     
1,382,234
 
Allegro MicroSystems, Inc. (a)
   
15,429
     
437,875
 
Ambarella, Inc. (a)
   
2,486
     
348,413
 
Analog Devices, Inc.
   
6,483
     
1,063,018
 
Apple, Inc.
   
3,947
     
689,857
 
Arista Networks, Inc. (a)(d)
   
8,020
     
996,966
 
Atlassian Corp. PLC – Class A (a)
   
2,443
     
792,363
 
Autodesk, Inc. (a)
   
4,210
     
1,051,616
 
Bentley Systems, Inc. – Class B (d)
   
13,497
     
542,175
 
Broadcom, Inc.
   
3,055
     
1,789,863
 
Cadence Design Systems, Inc. (a)
   
6,081
     
925,163
 
Cerner Corp.
   
11,446
     
1,043,875
 
Cisco Systems, Inc.
   
30,333
     
1,688,638
 
Citrix Systems, Inc.
   
7,635
     
778,312
 
Crowdstrike Holdings, Inc. – Class A (a)
   
4,676
     
844,673
 
Datadog, Inc. – Class A (a)
   
5,831
     
851,967
 
Dell Technologies, Inc. – Class C (a)
   
13,936
     
791,704
 

The accompanying notes are an integral part of these financial statements.
33

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 99.7% (Continued)
           
             
Technology – 59.2% (c) (Continued)
           
DocuSign, Inc. (a)
   
4,274
   
$
537,541
 
Dropbox, Inc. – Class A (a)
   
24,497
     
606,301
 
Dynatrace, Inc. (a)
   
11,953
     
655,742
 
F5 Networks, Inc. (a)(d)
   
3,237
     
672,066
 
FactSet Research Systems, Inc.
   
1,706
     
719,744
 
Fair Isaac Corp. (a)
   
1,739
     
860,788
 
Fortinet, Inc. (a)
   
3,324
     
988,026
 
HubSpot, Inc. (a)(d)
   
1,219
     
595,847
 
International Business Machines Corp.
   
11,008
     
1,470,339
 
Intuit, Inc.
   
2,476
     
1,374,750
 
Jack Henry & Associates, Inc. (d)
   
4,289
     
719,737
 
Juniper Networks, Inc.
   
19,249
     
670,250
 
Lattice Semiconductor Corp. (a)
   
9,018
     
497,974
 
Lumentum Holdings, Inc. (a)(d)
   
5,928
     
601,573
 
Manhattan Associates, Inc. (a)
   
4,259
     
570,152
 
Microchip Technology, Inc.
   
12,136
     
940,297
 
Monolithic Power Systems, Inc.
   
1,594
     
642,270
 
Motorola Solutions, Inc.
   
3,972
     
921,266
 
MSCI, Inc.
   
1,444
     
774,157
 
NetApp, Inc. (d)
   
9,144
     
791,047
 
NortonLifeLock, Inc. (d)
   
27,535
     
716,185
 
NXP Semiconductors NV
   
4,694
     
964,335
 
ON Semiconductor Corp. (a)
   
11,334
     
668,706
 
Palantir Technologies, Inc. – Class A (a)
   
39,209
     
537,555
 
Palo Alto Networks, Inc. (a)
   
2,091
     
1,081,883
 
Paylocity Holding Corp. (a)
   
2,700
     
550,746
 
Pure Storage, Inc. – Class A (a)(d)
   
20,541
     
544,131
 
ServiceNow, Inc. (a)
   
2,230
     
1,306,289
 
Synaptics, Inc. (a)(d)
   
2,385
     
501,685
 
Synopsys, Inc. (a)
   
3,213
     
997,637
 
Veeva Systems, Inc. – Class A (a)
   
3,462
     
818,902
 
VMware, Inc. – Class A
   
8,653
     
1,111,737
 
Workday, Inc. – Class A (a)
   
4,025
     
1,018,365
 
Workiva, Inc. (a)
   
3,053
     
361,109
 
Xilinx, Inc.
   
3,963
     
767,039
 
Zebra Technologies Corp. (a)
   
1,577
     
802,882
 
Zendesk, Inc. (a)(d)
   
6,315
     
622,091
 

The accompanying notes are an integral part of these financial statements.
34

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 99.7% (Continued)
           
             
Technology – 59.2% (c) (Continued)
           
Ziff Davis, Inc. (a)(d)
   
3,966
   
$
416,668
 
Zoom Video Communications, Inc. – Class A (a)(d)
   
4,795
     
739,773
 
Zscaler, Inc. (a)
   
2,887
     
742,277
 
             
48,511,252
 
TOTAL COMMON STOCKS
               
  (Cost $80,493,849)
           
81,659,602
 
                 
MONEY MARKET FUND – 0.3%
               
Fidelity Institutional Money Market Fund –
               
  Government Portfolio, Institutional Class, 0.01% (b)
   
214,059
     
214,059
 
TOTAL MONEY MARKET FUND
               
  (Cost $214,059)
           
214,059
 
                 
INVESTMENT PURCHASED WITH THE CASH
               
  PROCEEDS FROM SECURITIES LENDING – 8.8%
               
                 
Investment Company – 8.8%
               
Mount Vernon Liquid Asset Portfolio, LLC, 0.12% (b)
   
7,201,121
     
7,201,121
 
TOTAL INVESTMENT PURCHASED WITH THE
               
  CASH PROCEEDS FROM SECURITIES LENDING
               
  (Cost $7,201,121)
           
7,201,121
 
                 
Total Investments (Cost $87,909,029) – 108.8%
           
89,074,782
 
Liabilities in Excess of Other Assets – (8.8)%
           
(7,184,794
)
TOTAL NET ASSETS – 100.0%
         
$
81,889,988
 

Percentages are stated as a percent of net assets.
PLC – Public Limited Company
(a)
Non-income producing security.
(b)
Rate disclosed is the seven day annualized yield as of January 31, 2022.
(c)
The amount represents investments in a particular sector.  Within the sector, the Fund will concentrate its investments (i.e. invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent of the Underlying Index is concentrated.
(d)
All or a portion of this security was out on loan at January 31, 2022. Total loaned securities had a market value of $7,319,468 as of January 31, 2022.

For Fund compliance purposes, the Fund’s sector classifications refers to any one or more of the sector classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine classifications for reporting ease.

The accompanying notes are an integral part of these financial statements.
35

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS – 72.6%
           
             
Consumer Staples – 1.2%
           
Archer-Daniels-Midland Co.
   
9,859
   
$
739,425
 
                 
Energy – 24.0%
               
Antero Midstream Corp. (c)
   
62,523
     
622,104
 
Chevron Corp.
   
8,061
     
1,058,651
 
ConocoPhillips
   
11,330
     
1,004,065
 
Coterra Energy, Inc.
   
33,779
     
739,760
 
Devon Energy Corp. (c)
   
20,141
     
1,018,531
 
Diamondback Energy, Inc.
   
4,533
     
571,883
 
Equinor ASA – ADR (c)
   
29,558
     
814,323
 
Equitrans Midstream Corp.
   
60,719
     
492,431
 
Exxon Mobil Corp. (c)
   
18,266
     
1,387,485
 
Kinder Morgan, Inc.
   
58,793
     
1,020,647
 
ONEOK, Inc.
   
12,699
     
770,575
 
Ovintiv, Inc.
   
17,034
     
660,919
 
PetroChina Co. Ltd. – ADR
   
9,722
     
481,142
 
Shell PLC – ADR (a)
   
35,225
     
1,810,565
 
TotalEnergies SE – ADR
   
21,869
     
1,242,159
 
Williams Cos., Inc.
   
35,148
     
1,052,331
 
             
14,747,571
 
                 
Industrials – 24.2%
               
3M Co.
   
7,128
     
1,183,391
 
ABB Ltd. – ADR
   
20,813
     
723,668
 
Allegion PLC
   
3,336
     
409,427
 
Allison Transmission Holdings, Inc.
   
15,017
     
570,496
 
AO Smith Corp.
   
8,030
     
613,653
 
Caterpillar, Inc.
   
5,565
     
1,121,681
 
Cummins, Inc.
   
3,712
     
819,906
 
Donaldson Co., Inc.
   
9,786
     
544,689
 
Emerson Electric Co.
   
11,577
     
1,064,505
 
Hillenbrand, Inc.
   
11,808
     
548,836
 
Honeywell International, Inc. (c)
   
3,694
     
755,349
 
Hubbell, Inc.
   
3,062
     
573,482
 
Lincoln Electric Holdings, Inc.
   
2,993
     
382,625
 
nVent Electric PLC
   
15,810
     
546,868
 
Oshkosh Corp.
   
5,365
     
610,591
 

The accompanying notes are an integral part of these financial statements.
36

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
COMMON STOCKS – 72.6% (Continued)
           
             
Industrials – 24.2% (Continued)
           
Siemens AG – ADR
   
12,244
   
$
966,541
 
Trane Technologies PLC
   
4,458
     
771,680
 
Union Pacific Corp.
   
4,498
     
1,099,986
 
Waste Management, Inc. (c)
   
6,282
     
945,064
 
Watsco, Inc.
   
2,365
     
668,254
 
             
14,920,692
 
                 
Materials – 21.8%
               
BHP Group Ltd. – ADR
   
42,355
     
2,693,778
 
CF Industries Holdings, Inc.
   
12,920
     
889,800
 
Chemours Co.
   
19,667
     
643,308
 
Cia Siderurgica Nacional SA – ADR
   
101,075
     
482,128
 
Dow, Inc.
   
15,214
     
908,732
 
Eastman Chemical Co.
   
6,880
     
818,238
 
Newmont Corp.
   
15,590
     
953,640
 
Olin Corp.
   
11,832
     
599,527
 
Owens Corning
   
5,926
     
525,636
 
POSCO – ADR
   
8,312
     
469,961
 
PPG Industries, Inc.
   
5,198
     
811,928
 
Rio Tinto PLC – ADR
   
17,109
     
1,221,583
 
Southern Copper Corp.
   
16,616
     
1,061,596
 
Vale SA – ADR
   
88,660
     
1,345,859
 
             
13,425,714
 
                 
Technology – 1.4%
               
Corning, Inc.
   
19,896
     
836,428
 
TOTAL COMMON STOCKS
               
  (Cost $42,612,218)
           
44,669,830
 
                 
PREFERRED STOCK – 1.7%
               
                 
Energy – 1.7%
               
Petroleo Brasileiro SA – ADR
   
86,540
     
1,050,595
 
TOTAL PREFERRED STOCK
               
  (Cost $890,484)
           
1,050,595
 

The accompanying notes are an integral part of these financial statements.
37

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
MASTER LIMITED PARTNERSHIPS – 10.1%
           
             
Energy – 10.1%
           
Energy Transfer, LP
   
94,088
   
$
900,422
 
EnLink Midstream, LLC
   
78,629
     
625,887
 
Enterprise Products Partners, LP
   
43,189
     
1,020,988
 
Magellan Midstream Partners, LP
   
13,788
     
673,820
 
MPLX, LP
   
30,164
     
989,983
 
Phillips 66 Partners, LP
   
17,524
     
733,905
 
Plains All American Pipeline, LP
   
44,760
     
482,065
 
Western Midstream Partners, LP
   
32,341
     
771,009
 
TOTAL MASTER LIMITED PARTNERSHIPS
               
  (Cost $5,368,848)
           
6,198,079
 
                 
REITs – 15.2%
               
                 
Financials – 1.2%
               
Annaly Capital Management, Inc.
   
92,747
     
732,701
 
                 
Real Estate – 14.0%
               
American Tower Corp.
   
4,559
     
1,146,588
 
Crown Castle International Corp.
   
4,964
     
905,980
 
Equity LifeStyle Properties, Inc.
   
8,720
     
682,689
 
Extra Space Storage, Inc.
   
4,289
     
850,037
 
First Industrial Realty Trust, Inc.
   
5,955
     
361,945
 
Gaming and Leisure Properties, Inc.
   
15,899
     
718,317
 
Iron Mountain, Inc. (c)
   
15,972
     
733,434
 
Lamar Advertising Co. – Class A
   
6,311
     
699,006
 
Omega Healthcare Investors, Inc. (c)
   
12,812
     
403,322
 
Public Storage
   
3,269
     
1,172,035
 
Simon Property Group, Inc. (c)
   
6,636
     
976,819
 
             
8,650,172
 
TOTAL REITs
               
  (Cost $9,835,881)
           
9,382,873
 
                 
MONEY MARKET FUND – 0.3%
               
Fidelity Institutional Money Market Fund –
               
  Government Portfolio, Institutional Class, 0.01% (b)
   
183,836
     
183,836
 
TOTAL MONEY MARKET FUND
               
  (Cost $183,836)
           
183,836
 

The accompanying notes are an integral part of these financial statements.
38

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2022 (Unaudited) (Continued)
   
Shares
   
Value
 
INVESTMENT PURCHASED WITH THE CASH
           
  PROCEEDS FROM SECURITIES LENDING – 16.9%
           
             
Investment Company – 16.9%
           
Mount Vernon Liquid Asset Portfolio, LLC, 0.12% (b)
   
10,429,665
   
$
10,429,665
 
TOTAL INVESTMENT PURCHASED WITH THE
               
  CASH PROCEEDS FROM SECURITIES LENDING
               
  (Cost $10,429,665)
           
10,429,665
 
                 
Total Investments (Cost $69,320,932) – 116.8%
           
71,914,878
 
Liabilities in Excess of Other Assets – (16.8)%
           
(10,342,162
)
TOTAL NET ASSETS – 100.0%
         
$
61,572,716
 

Percentages are stated as a percent of net assets.
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
(a)
Non-income producing security.
(b)
Rate disclosed is the seven day annualized yield as of January 31, 2022.
(c)
All or a portion of this security was out on loan at January 31, 2022. Total loaned securities had a market value of $10,211,289 as of January 31, 2022.

For Fund compliance purposes, the Fund’s sector classifications refers to any one or more of the sector classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine classifications for reporting ease.

The accompanying notes are an integral part of these financial statements.
39

TrimTabs ETF Trust

STATEMENTS OF ASSETS & LIABILITIES
January 31, 2022 (Unaudited)
         
FCF
 
   
FCF US
   
International
 
   
Quality ETF
   
Quality ETF
 
ASSETS
           
Investments in Securities, at Value* (Including securities on
           
  loan valued at $17,233,685 and $3,516,023, respectively)
 
$
216,130,885
   
$
82,095,580
 
Interest and Dividends Receivable
   
157,462
     
88,356
 
Securities Lending Income Receivable
   
1,374
     
1,573
 
Foreign Currency, at Value*
   
     
184,220
 
Total Assets
   
216,289,721
     
82,369,729
 
                 
LIABILITIES
               
Payable for Securities Loaned
   
17,336,685
     
3,593,118
 
Management Fees Payable
   
100,124
     
40,877
 
Due to Custodian
   
3,438
     
 
Total Liabilities
   
17,440,247
     
3,633,995
 
NET ASSETS
 
$
198,849,474
   
$
78,735,734
 
                 
NET ASSETS CONSIST OF:
               
Paid-in Capital
 
$
157,157,751
   
$
77,795,376
 
Total Distributable Earnings
   
41,691,723
     
940,358
 
Net Assets
 
$
198,849,474
   
$
78,735,734
 
* Identified Cost:
               
Investments in Securities
 
$
184,148,297
   
$
81,914,582
 
Foreign Currency
 
$
   
$
181,703
 
                 
Net Asset Value (unlimited shares authorized):
               
Net Assets
 
$
198,849,474
   
$
78,735,734
 
Shares Outstanding (No Par Value)
   
3,850,000
     
2,325,000
 
Net Asset Value, Offering and Redemption Price per Share
 
$
51.65
   
$
33.86
 

The accompanying notes are an integral part of these financial statements.
40

TrimTabs ETF Trust

STATEMENTS OF ASSETS & LIABILITIES
January 31, 2022 (Unaudited) (Continued

   
Donoghue
   
Donoghue
   
Donoghue
 
   
Forlines
   
Forlines
   
Forlines
 
   
Tactical High
   
Risk Managed
   
Yield Enhanced
 
   
Yield ETF
   
Innovation ETF
   
Real Asset ETF
 
ASSETS
                 
Investments in Securities, at Value* (Including
                 
  securities on loan valued at $16,891,133,
                 
  $7,319,468, and $10,211,289, respectively)
 
$
86,831,353
   
$
89,074,782
   
$
71,914,878
 
Cash
   
     
     
650,319
 
Interest and Dividends Receivable
   
2
     
62,293
     
120,259
 
Securities Lending Income Receivable
   
12,814
     
1,251
     
2,328
 
Total Assets
   
86,844,169
     
89,138,326
     
72,687,784
 
                         
LIABILITIES
                       
Payable for Securities Loaned
   
17,263,693
     
7,201,121
     
10,429,665
 
Management Fees Payable
   
48,271
     
47,217
     
35,166
 
Payable for Fund Shares Redeemed
   
     
     
650,237
 
Total Liabilities
   
17,311,964
     
7,248,338
     
11,115,068
 
NET ASSETS
 
$
69,532,205
   
$
81,889,988
   
$
61,572,716
 
                         
NET ASSETS CONSIST OF:
                       
Paid-in Capital
 
$
72,355,673
   
$
77,601,711
   
$
58,772,165
 
Total Distributable Earnings (Deficit)
   
(2,823,468
)
   
4,288,277
     
2,800,551
 
Net Assets
 
$
69,532,205
   
$
81,889,988
   
$
61,572,716
 
* Identified Cost: