TrimTabs ETF Trust

FCF US Quality ETF (TTAC)

FCF International Quality ETF (TTAI)

Donoghue Forlines Tactical High Yield ETF (DFHY)

Donoghue Forlines Innovation ETF (DFNV)
(formerly, Donoghue Forlines Risk Managed Innovation ETF)

Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA)




Semi-Annual Report
January 31, 2024











TrimTabs ETF Trust


TABLE OF CONTENTS
Shareholder Expense Examples
1
Portfolio Holdings Allocation
3
Schedules of Investments
5
Statements of Assets and Liabilities
26
Statements of Operations
28
Statements of Changes in Net Assets
30
Financial Highlights
35
Notes to Financial Statements
40
Additional Information
56








TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES
For the Six-Months Ended January 31, 2024 (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.
 
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/23 –
 
8/1/23
1/31/24
1/31/24(a)
FCF US Quality ETF
     
Actual
$1,000.00
$1,069.60
$3.07
Hypothetical (5% return before expenses)
$1,000.00
$1,022.17
$3.00


1

TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES
For the Six-Months Ended January 31, 2024 (Unaudited) (Continued)

     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/23 –
 
8/1/23
1/31/24
1/31/24(a)
FCF International Quality ETF
     
Actual
$1,000.00
$1,045.50
$3.03
Hypothetical (5% return before expenses)
$1,000.00
$1,022.17
$3.00
       
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/23 –
 
8/1/23
1/31/24
1/31/24(b)
Donoghue Forlines
     
  Tactical High Yield ETF
     
Actual
$1,000.00
$1,038.80
$3.54
Hypothetical (5% return before expenses)
$1,000.00
$1,021.67
$3.51
       
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/23 –
 
8/1/23
1/31/24
1/31/24(b)
Donoghue Forlines Innovation ETF
     
Actual
$1,000.00
$1,081.50
$3.61
Hypothetical (5% return before expenses)
$1,000.00
$1,021.67
$3.51
       
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/23 –
 
8/1/23
1/31/24
1/31/24(b)
Donoghue Forlines Yield
     
  Enhanced Real Asset ETF
     
Actual
$1,000.00
$1,023.70
$3.51
Hypothetical (5% return before expenses)
$1,000.00
$1,021.67
$3.51

(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 184/366 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 184/366 to reflect the period.


2

TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)
January 31, 2024 (Unaudited)

FCF US Quality ETF
     
Communications
   
10.2
%
Consumer Discretionary
   
9.9
%
Consumer Staples
   
3.2
%
Energy
   
3.5
%
Financials
   
4.2
%
Health Care
   
14.5
%
Industrials
   
6.6
%
Materials
   
3.2
%
Technology
   
43.8
%(a)
Utilities
   
0.2
%
Investment Purchased with Proceeds from Securities Lending
   
9.1
%(b)
Money Market Deposit Account
   
0.6
%
Liabilities in Excess of Other Assets
   
(9.0
)%
Total Net Assets
   
100.0
%
         
FCF International Quality ETF
       
Australia
   
7.9
%
Austria
   
0.6
%
Brazil
   
2.0
%
Canada
   
7.7
%
China
   
9.1
%
Denmark
   
8.2
%
Finland
   
0.2
%
France
   
3.2
%
Germany
   
2.1
%
Greece
   
0.7
%
Hong Kong
   
0.5
%
India
   
1.5
%
Ireland
   
5.5
%
Israel
   
1.3
%
Italy
   
2.3
%
Japan
   
1.6
%
Luxembourg
   
0.4
%
Netherlands
   
7.1
%
New Zealand
   
0.3
%
Norway
   
1.2
%
Portugal
   
0.7
%
Republic of Korea
   
1.6
%
Singapore
   
1.2
%
South Africa
   
1.9
%
Spain
   
1.2
%
Sweden
   
1.7
%
Switzerland
   
11.8
%
Taiwan
   
1.7
%
United Kingdom
   
11.3
%
United States
   
1.1
%
Investment Purchased with Proceeds from Securities Lending
   
1.8
%(b)
Money Market Deposit Account
   
1.0
%
Liabilities in Excess of Other Assets
   
(0.4
)%
Total Net Assets
   
100.0
%


3

TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)
January 31, 2024 (Unaudited) (Continued)

Donoghue Forlines Tactical High Yield ETF
     
Exchange-Traded Funds
   
99.9
%
Investment Purchased with Proceeds from Securities Lending
   
8.4
%(b)
Money Market Deposit Account
   
0.2
%
Liabilities in Excess of Other Assets
   
(8.5
)%
Total Net Assets
   
100.0
%
         
Donoghue Forlines Innovation ETF
       
Communications
   
18.0
%
Consumer Discretionary
   
0.4
%
Consumer Staples
   
1.6
%
Energy
   
0.5
%
Health Care
   
18.2
%
Industrials
   
2.2
%
Technology
   
58.9
%
Investment Purchased with Proceeds from Securities Lending
   
14.9
%(b)
Money Market Deposit Account
   
0.2
%
Liabilities in Excess of Other Assets
   
(14.9
)%
Total Net Assets
   
100.0
%
         
Donoghue Forlines Yield Enhanced Real Asset ETF
       
Consumer Discretionary
   
1.0
%
Consumer Staples
   
1.7
%
Energy
   
35.2
%
Industrials
   
15.3
%
Materials
   
18.7
%
Technology
   
0.8
%
Real Estate Investment Trusts
   
12.5
%
Master Limited Partnerships
   
12.3
%
Preferred Stock
   
2.1
%
Investment Purchased with Proceeds from Securities Lending
   
20.5
%(b)
Money Market Deposit Account
   
0.1
%
Liabilities in Excess of Other Assets
   
(20.2
)%
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.


4

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS – 99.3%
           
             
Communications – 10.2%
           
Airbnb, Inc. – Class A(a)
   
17,921
   
$
2,583,133
 
Alphabet, Inc. – Class A(a)
   
100,451
     
14,073,185
 
Booking Holdings, Inc.(a)
   
832
     
2,918,215
 
Electronic Arts, Inc.
   
17,330
     
2,384,261
 
Expedia Group, Inc.(a)
   
17,949
     
2,662,375
 
GoDaddy, Inc. – Class A(a)
   
16,575
     
1,767,890
 
Match Group, Inc.(a)
   
44,830
     
1,720,575
 
Meta Platforms, Inc. – Class A(a)
   
15,054
     
5,873,168
 
Netflix, Inc.(a)
   
3,400
     
1,917,974
 
Trade Desk, Inc. – Class A(a)(b)
   
35,255
     
2,412,500
 
             
38,313,276
 
Consumer Discretionary – 9.9%
               
Abercrombie & Fitch Co. – Class A(a)
   
8,924
     
909,356
 
Bath & Body Works, Inc.
   
34,199
     
1,458,929
 
Beacon Roofing Supply, Inc.(a)
   
5,573
     
461,946
 
Builders FirstSource, Inc.(a)
   
21,726
     
3,774,458
 
Chipotle Mexican Grill, Inc.(a)
   
916
     
2,206,433
 
Crocs, Inc.(a)
   
7,980
     
809,810
 
Etsy, Inc.(a)(b)
   
22,457
     
1,494,738
 
Fortune Brands Home & Security, Inc.
   
15,120
     
1,173,161
 
Hilton Worldwide Holdings, Inc.
   
17,383
     
3,319,458
 
Home Depot, Inc.
   
8,404
     
2,966,276
 
KB Home
   
11,439
     
681,650
 
Lennar Corp. – Class A
   
14,418
     
2,160,537
 
Live Nation Entertainment, Inc.(a)
   
16,281
     
1,446,567
 
Masco Corp.
   
23,091
     
1,553,793
 
PulteGroup, Inc.
   
11,900
     
1,244,264
 
Ross Stores, Inc.
   
20,515
     
2,877,844
 
Scotts Miracle-Gro Co.(b)
   
16,795
     
944,887
 
Skechers USA, Inc. – Class A(a)
   
13,674
     
853,805
 
Starbucks Corp.
   
15,702
     
1,460,757
 
Tapestry, Inc.
   
29,258
     
1,134,918
 
Taylor Morrison Home Corp.(a)
   
21,666
     
1,129,665
 
Thor Industries, Inc.(b)
   
4,747
     
536,506
 
Toll Brothers, Inc.
   
10,247
     
1,018,039
 
Williams-Sonoma, Inc.(b)
   
7,077
     
1,368,621
 
             
36,986,418
 


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

5

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 99.3% (Continued)
           
             
Consumer Staples – 3.2%
           
Altria Group, Inc.
   
33,145
   
$
1,329,777
 
BellRing Brands, Inc.(a)
   
17,605
     
973,028
 
Clorox Co.
   
12,101
     
1,757,670
 
Colgate-Palmolive Co.
   
44,293
     
3,729,472
 
Kimberly-Clark Corp.
   
29,586
     
3,579,018
 
National Beverage Corp.(a)
   
12,799
     
591,826
 
             
11,960,791
 
Energy – 3.5%
               
Cheniere Energy, Inc.
   
10,411
     
1,707,300
 
ConocoPhillips
   
14,516
     
1,623,905
 
CVR Energy, Inc.
   
27,390
     
923,865
 
Enphase Energy, Inc.(a)(b)
   
19,935
     
2,075,832
 
Exxon Mobil Corp.
   
15,783
     
1,622,650
 
HF Sinclair Corp.
   
14,093
     
796,114
 
Occidental Petroleum Corp.
   
32,817
     
1,889,275
 
Valero Energy Corp.
   
16,548
     
2,298,516
 
             
12,937,457
 
Financials – 4.2%
               
Aflac, Inc.
   
11,345
     
956,837
 
American Express Co.
   
27,711
     
5,562,706
 
Cincinnati Financial Corp.
   
9,646
     
1,068,777
 
Erie Indemnity Co. – Class A(b)
   
3,748
     
1,296,171
 
OneMain Holdings, Inc.
   
12,432
     
591,763
 
SEI Investments Co.
   
24,624
     
1,557,222
 
Synchrony Financial
   
58,571
     
2,276,655
 
T Rowe Price Group, Inc.(b)
   
20,756
     
2,250,988
 
             
15,561,119
 
Health Care – 14.5%
               
AbbVie, Inc.
   
62,588
     
10,289,466
 
Agilent Technologies, Inc.
   
14,559
     
1,894,126
 
Amgen, Inc.
   
10,403
     
3,269,247
 
Bristol-Myers Squibb Co.
   
108,230
     
5,289,200
 
Cencora, Inc.(b)
   
3,368
     
783,666
 
Chemed Corp.
   
1,374
     
814,493
 
Gilead Sciences, Inc.
   
61,502
     
4,813,147
 
Halozyme Therapeutics, Inc.(a)
   
20,773
     
703,166
 


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

6

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 99.3% (Continued)
           
Health Care – 14.5% (Continued)
           
Jazz Pharmaceuticals PLC(a)
   
4,878
   
$
598,628
 
Lantheus Holdings, Inc.(a)(b)
   
17,320
     
899,428
 
Medpace Holdings, Inc.(a)
   
9,805
     
2,858,942
 
Merck & Co., Inc.
   
56,678
     
6,845,569
 
Molina Healthcare, Inc.(a)
   
3,345
     
1,192,292
 
Neurocrine Biosciences, Inc.(a)
   
9,279
     
1,296,926
 
Progyny, Inc.(a)
   
24,724
     
941,737
 
UnitedHealth Group, Inc.
   
18,192
     
9,309,574
 
Vertex Pharmaceuticals, Inc.(a)
   
5,502
     
2,384,457
 
             
54,184,064
 
Industrials – 6.6%
               
3M Co.
   
40,315
     
3,803,719
 
A.O. Smith Corp.
   
23,536
     
1,826,629
 
CH Robinson Worldwide, Inc.
   
21,413
     
1,800,619
 
Core & Main, Inc. – Class A(a)
   
17,426
     
719,868
 
Donaldson Co., Inc.
   
13,778
     
889,921
 
Expeditors International of Washington, Inc.
   
18,691
     
2,361,234
 
Fastenal Co.
   
32,008
     
2,183,906
 
Ferguson PLC
   
10,006
     
1,879,727
 
H&R Block, Inc.
   
24,281
     
1,137,322
 
Insperity, Inc.
   
11,595
     
1,329,831
 
Keysight Technologies, Inc.(a)
   
3,506
     
537,330
 
Landstar System, Inc.
   
6,211
     
1,190,773
 
Lincoln Electric Holdings, Inc.(b)
   
1,937
     
430,440
 
MSC Industrial Direct Co., Inc. – Class A(b)
   
7,815
     
771,184
 
Mueller Industries, Inc.(b)
   
14,315
     
687,120
 
Robert Half International, Inc.
   
20,625
     
1,640,513
 
Rollins, Inc.
   
33,803
     
1,464,008
 
             
24,654,144
 
Materials – 3.2%
               
Advanced Drainage Systems, Inc.(b)
   
9,010
     
1,175,084
 
CF Industries Holdings, Inc.
   
24,324
     
1,836,705
 
LyondellBasell Industries NV – Class A
   
19,345
     
1,820,751
 
Nucor Corp.
   
16,136
     
3,016,302
 
Olin Corp.
   
14,560
     
758,139
 


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

7

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 99.3% (Continued)
           
             
Materials – 3.2% (Continued)
           
RPM International, Inc.
   
9,171
   
$
978,179
 
Sherwin-Williams Co.
   
4,512
     
1,373,363
 
UFP Industries, Inc.
   
10,731
     
1,217,432
 
             
12,175,955
 
Technology – 43.8%(e)
               
Accenture PLC – Class A
   
19,587
     
7,127,318
 
Adobe, Inc.(a)
   
8,948
     
5,527,895
 
Apple, Inc.
   
148,339
     
27,353,711
 
Applied Materials, Inc.
   
15,243
     
2,504,425
 
Atlassian Corp. – Class A(a)
   
12,515
     
3,125,872
 
Autodesk, Inc.(a)
   
14,043
     
3,564,254
 
Automatic Data Processing, Inc.
   
19,024
     
4,675,719
 
Box, Inc. – Class A(a)(b)
   
56,623
     
1,471,066
 
Broadcom, Inc.
   
5,872
     
6,928,959
 
Broadridge Financial Solutions, Inc.
   
9,243
     
1,887,421
 
Cadence Design Systems, Inc.(a)
   
12,491
     
3,603,154
 
Cisco Systems, Inc.
   
108,332
     
5,436,100
 
CommVault Systems, Inc.(a)
   
24,574
     
2,252,944
 
Crowdstrike Holdings, Inc. – Class A(a)
   
12,302
     
3,598,335
 
Datadog, Inc. – Class A(a)
   
16,656
     
2,072,673
 
DocuSign, Inc.(a)
   
37,889
     
2,308,198
 
Dropbox, Inc. – Class A(a)
   
83,096
     
2,632,481
 
Euronet Worldwide, Inc.(a)
   
8,271
     
824,205
 
Fair Isaac Corp.(a)(b)
   
4,037
     
4,839,677
 
Fortinet, Inc.(a)
   
67,941
     
4,381,515
 
Gartner, Inc.(a)
   
8,186
     
3,744,604
 
International Business Machines Corp.
   
32,030
     
5,882,630
 
Intuit, Inc.
   
2,845
     
1,796,134
 
Jack Henry & Associates, Inc.
   
11,385
     
1,887,975
 
Juniper Networks, Inc.
   
20,147
     
744,633
 
Lattice Semiconductor Corp.(a)(b)
   
23,051
     
1,402,884
 
Manhattan Associates, Inc.(a)
   
9,220
     
2,236,403
 
Mastercard, Inc. – Class A
   
13,017
     
5,847,627
 
Microchip Technology, Inc.
   
29,554
     
2,517,410
 
Nutanix, Inc. – Class A(a)
   
26,676
     
1,499,191
 
Palo Alto Networks, Inc.(a)
   
19,130
     
6,475,696
 


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

8

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 99.3% (Continued)
           
             
Technology – 43.8%(e)(Continued)
           
Paychex, Inc.
   
17,616
   
$
2,144,396
 
Pure Storage, Inc. – Class A(a)
   
43,183
     
1,726,888
 
QUALCOMM, Inc.
   
20,823
     
3,092,424
 
Qualys, Inc.(a)
   
8,692
     
1,644,266
 
RingCentral, Inc. – Class A(a)(b)
   
13,179
     
446,636
 
ServiceNow, Inc.(a)
   
6,583
     
5,038,628
 
Shift4 Payments, Inc. – Class A(a)(b)
   
16,237
     
1,165,979
 
Skyworks Solutions, Inc.
   
18,719
     
1,955,387
 
Splunk, Inc.(a)
   
3,613
     
554,126
 
Tenable Holdings, Inc.(a)
   
17,411
     
820,058
 
Teradata Corp.(a)
   
21,864
     
1,009,680
 
Visa, Inc. – Class A(b)
   
32,566
     
8,898,984
 
Workday, Inc. – Class A(a)
   
4,829
     
1,405,577
 
Zoom Video Communications, Inc. – Class A(a)
   
14,264
     
921,597
 
Zscaler, Inc.(a)(b)
   
11,736
     
2,765,823
 
             
163,741,558
 
Utilities – 0.2%
               
Vistra Corp.
   
22,561
     
925,678
 
TOTAL COMMON STOCKS
               
  (Cost $327,525,041)
           
371,440,460
 


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

9

FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
SHORT-TERM INVESTMENT – 9.1%
           
             
Investment Purchased with
           
  Proceeds from Securities Lending – 9.1%
           
Mount Vernon Liquid Assets Portfolio, LLC, 5.54%(c)
   
33,933,545
   
$
33,933,545
 
TOTAL SHORT-TERM INVESTMENT
               
  (Cost $33,933,545)
           
33,933,545
 
                 
Total Investments – 108.4% (Cost $361,458,586)
           
405,374,005
 
Money Market Deposit Account – 0.6%(d)
           
2,115,651
 
Liabilities in Excess of Other Assets – (9.0)%
           
(33,570,185
)
TOTAL NET ASSETS – 100.0%
         
$
373,919,471
 

Percentages are stated as a percent of net assets.
PLC – Public Limited Company
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $32,703,461 which represented 8.7% of net assets.
(c)
The rate shown represents the 7-day effective yield as of January 31, 2024.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of January 31, 2024 was 5.24%.
(e)
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.

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.

10

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS – 97.4%
           
             
Communications – 5.8%
           
37 Interactive Entertainment Network
           
  Technology Group Co., Ltd. – Class A
   
41,800
   
$
96,763
 
AfreecaTV Co., Ltd.
   
1,159
     
90,400
 
Auto Trader Group PLC(b)
   
44,050
     
406,849
 
Elisa Oyj
   
2,764
     
126,203
 
Focus Media Information
               
  Technology Co., Ltd. – Class A
   
240,800
     
189,499
 
Hellenic Telecommunications Organization SA
   
15,211
     
211,234
 
Koninklijke KPN NV
   
103,762
     
353,001
 
MTN Group, Ltd.
   
17,979
     
91,746
 
MultiChoice Group(a)
   
57,553
     
230,550
 
NetEase, Inc. – ADR(c)
   
6,893
     
673,033
 
REA Group, Ltd.
   
2,662
     
321,235
 
Telstra Corp., Ltd.
   
137,335
     
363,999
 
Universal Music Group NV
   
16,902
     
499,939
 
             
3,654,451
 
Consumer Discretionary – 16.2%
               
ANTA Sports Products, Ltd.
   
29,754
     
249,855
 
Avolta AG(a)
   
4,147
     
159,594
 
Brunello Cucinelli SpA
   
1,694
     
168,973
 
Bunzl PLC
   
7,750
     
315,763
 
Burberry Group PLC
   
12,471
     
206,723
 
Chongqing Changan Automobile Co., Ltd. – Class A
   
69,500
     
123,907
 
Chow Tai Fook Jewellery Group, Ltd.
   
210,179
     
283,897
 
Cie Financiere Richemont SA
   
2,567
     
383,734
 
CTS Eventim AG & Co. KGaA
   
2,275
     
154,522
 
Ferrari NV
   
1,959
     
677,657
 
Games Workshop Group PLC
   
1,377
     
172,849
 
Geberit AG
   
719
     
416,761
 
Gree Electric Appliances, Inc. of Zhuhai – Class A
   
70,800
     
347,613
 
Hennes & Mauritz AB – Class B
   
37,771
     
535,280
 
Hermes International
   
283
     
598,767
 
HLA Group Corp., Ltd. – Class A
   
92,600
     
99,055
 
Industria de Diseno Textil SA
   
17,097
     
733,707
 
InterContinental Hotels Group PLC
   
6,583
     
625,697
 
JD Sports Fashion PLC
   
144,957
     
215,025
 


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

11

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 97.4% (Continued)
           
             
Consumer Discretionary – 16.2% (Continued)
           
Kia Corp.
   
4,168
   
$
321,348
 
La Francaise des Jeux SAEM(b)
   
8,556
     
348,036
 
Lottery Corp., Ltd.
   
41,747
     
138,584
 
MINISO Group Holding, Ltd. – ADR
   
5,552
     
94,162
 
New Oriental Education & Technology
               
  Group, Inc. – ADR(a)
   
4,188
     
321,052
 
Next PLC
   
2,267
     
243,283
 
OPAP SA
   
11,677
     
202,161
 
Pandora AS
   
3,455
     
505,411
 
PDD Holdings, Inc. – ADR(a)
   
10,436
     
1,324,016
 
Topsports International Holdings, Ltd.(b)
   
152,604
     
98,574
 
Vipshop Holdings, Ltd. – ADR(a)
   
16,503
     
262,233
 
             
10,328,239
 
Consumer Staples – 5.6%
               
B&M European Value Retail SA
   
43,416
     
285,339
 
BGF retail Co., Ltd.
   
1,125
     
118,936
 
Carlsberg AS – Class B
   
2,717
     
350,263
 
Chongqing Brewery Co., Ltd. – Class A
   
13,742
     
106,383
 
Dollarama, Inc.
   
9,285
     
681,432
 
Imperial Brands PLC
   
53
     
1,275
 
Jeronimo Martins SGPS SA
   
19,895
     
453,229
 
Kweichow Moutai Co., Ltd. – Class A
   
1,600
     
357,663
 
Loblaw Cos., Ltd.
   
3,508
     
350,552
 
Nongfu Spring Co., Ltd. – Class H(b)
   
45,440
     
246,149
 
President Chain Store Corp.
   
30,223
     
254,920
 
Shanxi Xinghuacun Fen Wine
               
  Factory Co., Ltd. – Class A
   
6,205
     
172,947
 
Woolworths Holdings, Ltd.
   
54,718
     
202,739
 
             
3,581,827
 
Energy – 6.1%
               
BP PLC – ADR
   
23,559
     
826,921
 
Canadian Natural Resources, Ltd.
   
7,318
     
468,326
 
Equinor ASA – ADR(c)
   
22,072
     
632,804
 
Gaztransport Et Technigaz SA
   
1,100
     
154,658
 
Imperial Oil, Ltd.
   
9,221
     
531,881
 


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

12

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 97.4% (Continued)
           
             
Energy – 6.1% (Continued)
           
Petroleo Brasileiro SA – ADR
   
50,804
   
$
867,225
 
Suncor Energy, Inc.
   
8,205
     
271,700
 
Woodside Energy Group, Ltd.
   
8,170
     
173,716
 
             
3,927,231
 
Financials – 6.1%
               
Admiral Group PLC
   
15,227
     
485,323
 
Aon PLC – Class A
   
1,360
     
405,865
 
BB Seguridade Participacoes SA – ADR
   
61,094
     
425,825
 
Brookfield Asset Management, Ltd. – Class A
   
9,672
     
388,909
 
Fairfax Financial Holdings, Ltd.
   
562
     
585,835
 
Hargreaves Lansdown PLC
   
26,461
     
256,803
 
Partners Group Holding AG
   
645
     
876,743
 
Singapore Exchange, Ltd.
   
63,778
     
447,373
 
             
3,872,676
 
Health Care – 14.7%
               
Amplifon SpA
   
13,872
     
455,289
 
BioNTech SE – ADR(a)
   
3,630
     
344,995
 
Dr Reddy’s Laboratories, Ltd. – ADR
   
2,932
     
210,957
 
Genmab AS(a)
   
631
     
175,736
 
Ipsen SA
   
3,048
     
352,454
 
Jazz Pharmaceuticals PLC(a)
   
835
     
102,471
 
Lifco AB – Class B
   
11,940
     
289,360
 
Medibank Pvt, Ltd.
   
150,794
     
379,886
 
Novartis AG
   
15,076
     
1,561,845
 
Novo Nordisk AS – Class B
   
28,702
     
3,224,089
 
Recordati Industria Chimica e Farmaceutica SpA
   
3,389
     
187,885
 
Roche Holding AG
   
5,605
     
1,604,955
 
Sonova Holding AG
   
1,166
     
375,222
 
Zhangzhou Pientzehuang
               
  Pharmaceutical Co., Ltd. – Class A
   
4,930
     
136,923
 
             
9,402,067
 
Industrials – 9.6%
               
AP Moller – Maersk AS – Class A
   
124
     
224,897
 
BAE Systems PLC
   
44,147
     
658,502
 
Dassault Aviation SA
   
2,599
     
492,932
 
Deutsche Post AG
   
5,120
     
246,336
 


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

13

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 97.4% (Continued)
           
             
Industrials – 9.6% (Continued)
           
DSV AS
   
4,049
   
$
726,436
 
FAW Jiefang Group Co., Ltd. – Class A(a)
   
91,400
     
99,935
 
Ferguson PLC
   
1,464
     
275,027
 
Getlink SE
   
6,853
     
118,496
 
Hanwha Aerospace Co., Ltd.
   
2,428
     
251,233
 
Hyundai Glovis Co., Ltd.
   
1,017
     
133,273
 
Intertek Group PLC
   
7,157
     
407,518
 
Jiangxi Special Electric Motor Co., Ltd. – Class A(a)
   
30,696
     
38,650
 
Korean Air Lines Co., Ltd.
   
7,715
     
130,062
 
Kuehne + Nagel International AG
   
2,114
     
719,733
 
Qantas Airways, Ltd.(a)
   
68,143
     
248,562
 
Recruit Holdings Co., Ltd.
   
13,841
     
557,383
 
SGS SA
   
4,755
     
441,034
 
Singapore Airlines, Ltd.
   
63,500
     
316,198
 
             
6,086,207
 
Materials – 10.4%
               
Aluminum Corp. of China, Ltd. – Class H
   
511,227
     
248,487
 
Aluminum Corp. of China, Ltd. – Class A
   
267,267
     
211,817
 
BHP Group, Ltd.
   
47,558
     
1,474,849
 
Brenntag SE
   
2,112
     
187,753
 
China Coal Energy Co., Ltd. – Class A
   
188,200
     
318,754
 
Evraz PLC(a)(d)(h)
   
49,526
     
0
 
Exxaro Resources, Ltd.
   
24,250
     
242,558
 
Fortescue, Ltd.
   
30,187
     
591,751
 
Henan Shenhuo Coal & Power Co., Ltd. – Class A
   
45,900
     
106,126
 
IMCD NV
   
1,484
     
227,733
 
Kumba Iron Ore, Ltd.
   
15,337
     
453,012
 
LyondellBasell Industries NV – Class A
   
2,183
     
205,464
 
Pilbara Minerals, Ltd.
   
121,237
     
282,359
 
Shaanxi Coal Industry Co., Ltd. – Class A
   
114,717
     
386,355
 
Shanxi Coal International
               
  Energy Group Co., Ltd. – Class A
   
67,400
     
158,466
 
Shanxi Coking Coal Energy Group Co., Ltd. – Class A
   
101,800
     
148,739
 
Shanxi Lu’an Environmental Energy
               
  Development Co., Ltd. – Class A
   
83,700
     
276,297
 
SSAB AB – Class B
   
36,867
     
282,703
 
Tenaris SA
   
15,712
     
249,859
 


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

14

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 97.4% (Continued)
           
             
Materials – 10.4% (Continued)
           
Western Mining Co., Ltd. – Class A
   
59,300
   
$
117,451
 
Whitehaven Coal, Ltd.
   
30,097
     
166,452
 
Yancoal Australia, Ltd.
   
41,363
     
162,546
 
Yara International ASA
   
4,005
     
133,053
 
             
6,632,584
 
Technology – 21.4%
               
Accenture PLC – Class A
   
4,322
     
1,572,689
 
ASML Holding NV
   
2,151
     
1,855,476
 
Atlassian Corp. – Class A(a)
   
2,769
     
691,613
 
BE Semiconductor Industries NV
   
2,730
     
412,452
 
CGI, Inc.(a)
   
2,389
     
267,535
 
Check Point Software Technologies, Ltd.(a)
   
4,635
     
736,641
 
Constellation Software, Inc.
   
493
     
1,362,579
 
eMemory Technology, Inc.
   
3,334
     
298,254
 
Experian PLC
   
14,696
     
613,854
 
Infosys, Ltd. – ADR
   
35,761
     
710,213
 
Lens Technology Co., Ltd. – Class A
   
74,686
     
108,707
 
Logitech International SA
   
7,367
     
618,591
 
MediaTek, Inc.
   
12,600
     
388,875
 
Monday.com, Ltd.(a)(c)
   
520
     
109,221
 
Nemetschek SE
   
3,083
     
286,600
 
Nomura Research Institute, Ltd.
   
9,037
     
278,331
 
NXP Semiconductors NV
   
1,085
     
228,468
 
RELX PLC
   
30,286
     
1,252,001
 
Temenos AG
   
3,202
     
327,936
 
Trend Micro, Inc.(a)
   
3,281
     
189,575
 
Wolters Kluwer NV
   
6,528
     
962,978
 
WPG Holdings, Ltd.
   
53,000
     
147,657
 
Xero, Ltd.(a)
   
2,826
     
205,405
 
             
13,625,651
 
Utilities – 1.5%
               
Centrica PLC
   
313,237
     
549,598
 
Verbund AG – Class A
   
4,796
     
392,095
 
             
941,693
 
TOTAL COMMON STOCKS
               
  (Cost $57,137,174)
           
62,052,626
 


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

15

FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
PREFERRED STOCK – 0.2%
           
             
Materials – 0.2%
           
FUCHS SE
   
2,625
   
$
115,742
 
TOTAL PREFERRED STOCK (Cost $108,977)
           
115,742
 
                 
WARRANT – 0.0%(e)
               
                 
Technology – 0.0%(e)
               
Constellation Software, Inc.(a)(d)
   
438
     
0
 
TOTAL WARRANT (Cost $0)
           
0
 
                 
SHORT-TERM INVESTMENT – 1.8%
               
                 
Investment Purchased with Proceeds
               
  from Securities Lending – 1.8%
               
Mount Vernon Liquid Assets Portfolio, LLC, 5.54%(f)
   
1,123,893
     
1,123,893
 
TOTAL SHORT-TERM INVESTMENT
               
  (Cost $1,123,893)
           
1,123,893
 
                 
Total Investments – 99.4% (Cost $58,370,044)
           
63,292,261
 
Money Market Deposit Account – 1.0%(g)
           
608,002
 
Liabilities in Excess of Other Assets – (0.4)%
           
(284,552
)
TOTAL NET ASSETS – 100.0%
         
$
63,615,711
 

Percentages are stated as a percent of net assets.
ADR – American Depositary Receipt
PLC – Public Limited Company
SA – Sociedad Anónima
(a)
Non-income producing security.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of January 31, 2024, the value of these securities total $1,099,608 or 1.7% of the Fund’s net assets.
(c)
All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $1,076,335 which represented 1.7% of net assets.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of January 31, 2024.
(e)
Represents less than 0.05% of net assets.
(f)
The rate shown represents the 7-day effective yield as of January 31, 2024.
(g)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of January 31, 2024 was 5.24%.
(h)
Restricted security.  Security valued using significant unobservable inputs (Level 3).

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.

16

Donoghue Forlines Tactical High Yield ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited)

   
Shares
   
Value
 
EXCHANGE-TRADED FUNDS – 99.9%
           
iShares 0-5 Year High Yield Corporate Bond ETF(a)
   
64,333
   
$
2,729,006
 
iShares Broad USD High Yield Corporate Bond ETF
   
161,290
     
5,885,472
 
iShares Fallen Angels USD Bond ETF
   
76,609
     
2,046,992
 
iShares iBoxx $High Yield Corporate Bond ETF
   
75,111
     
5,819,600
 
SPDR Bloomberg High Yield Bond ETF
   
65,771
     
6,239,696
 
SPDR Bloomberg Short-Term High Yield Bond ETF
   
82,596
     
2,083,071
 
SPDR Portfolio High Yield Bond ETF
   
80,618
     
1,891,298
 
VanEck Fallen Angel High Yield Bond ETF
   
66,754
     
1,939,871
 
Xtrackers USD High Yield Corporate Bond ETF
   
81,681
     
2,905,393
 
TOTAL EXCHANGE-TRADED FUNDS
               
  (Cost $30,401,982)
           
31,540,399
 
                 
SHORT-TERM INVESTMENT – 8.4%
               
                 
Investment Purchased with
               
  Proceeds from Securities Lending – 8.4%
               
Mount Vernon Liquid Assets Portfolio, LLC, 5.54%(b)
   
2,658,546
     
2,658,546
 
TOTAL SHORT-TERM INVESTMENT
               
  (Cost $2,658,546)
           
2,658,546
 
                 
Total Investments – 108.3% (Cost $33,060,528)
           
34,198,945
 
Money Market Deposit Account – 0.2%(c)
           
62,764
 
Liabilities in Excess of Other Assets – (8.5)%
           
(2,675,082
)
TOTAL NET ASSETS – 100.0%
         
$
31,586,627
 

Percentages are stated as a percent of net assets.
ETF – Exchange-Traded Fund
(a)
All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $2,592,541 which represented 8.2% of net assets.
(b)
The rate shown represents the 7-day effective yield as of January 31, 2024.
(c)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of January 31, 2024 was 5.24%.


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

17

Donoghue Forlines Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS – 99.8%
           
             
Communications – 18.0%
           
Alphabet, Inc. – Class A(a)
   
14,875
   
$
2,083,988
 
AppLovin Corp. – Class A(a)
   
4,729
     
194,504
 
Electronic Arts, Inc.
   
2,436
     
335,145
 
Expedia Group, Inc.(a)
   
1,635
     
242,520
 
GoDaddy, Inc. – Class A(a)
   
2,093
     
223,239
 
Grindr, Inc.(a)
   
6,537
     
56,741
 
Magnite, Inc.(a)(b)
   
5,156
     
45,631
 
Match Group, Inc.(a)
   
4,835
     
185,567
 
Meta Platforms, Inc. – Class A(a)(b)
   
4,272
     
1,666,678
 
Netflix, Inc.(a)
   
1,353
     
763,241
 
New York Times Co. – Class A
   
2,664
     
129,364
 
Pinterest, Inc. – Class A(a)
   
7,109
     
266,374
 
Trade Desk, Inc. – Class A(a)(b)
   
4,354
     
297,944
 
VeriSign, Inc.(a)
   
1,162
     
231,099
 
Yelp, Inc.(a)
   
2,254
     
98,567
 
             
6,820,602
 
Consumer Discretionary – 0.4%
               
Etsy, Inc.(a)(b)
   
2,259
     
150,359
 
                 
Consumer Staples – 1.6%
               
Clorox Co.
   
1,402
     
203,641
 
Colgate-Palmolive Co.
   
4,585
     
386,057
 
             
589,698
 
Energy – 0.5%
               
Enphase Energy, Inc.(a)
   
1,953
     
203,366
 
                 
Health Care – 18.2%
               
AbbVie, Inc.
   
6,099
     
1,002,676
 
Agilent Technologies, Inc.
   
2,136
     
277,894
 
Align Technology, Inc.(a)
   
909
     
242,994
 
Alkermes PLC(a)
   
3,964
     
107,226
 
Amgen, Inc.
   
2,118
     
665,603
 
Bristol-Myers Squibb Co.(b)
   
10,592
     
517,631
 
Corcept Therapeutics, Inc.(a)
   
3,623
     
76,445
 
Dynavax Technologies Corp.(a)
   
4,753
     
61,409
 
Exelixis, Inc.(a)
   
6,381
     
138,851
 


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

18

Donoghue Forlines Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 99.8% (Continued)
           
             
Health Care – 18.2% (Continued)
           
Gilead Sciences, Inc.
   
6,551
   
$
512,681
 
Halozyme Therapeutics, Inc.(a)
   
2,993
     
101,313
 
Harmony Biosciences Holdings, Inc.(a)
   
2,166
     
68,316
 
Ironwood Pharmaceuticals, Inc.(a)
   
5,839
     
82,855
 
Jazz Pharmaceuticals PLC(a)
   
1,233
     
151,314
 
Johnson & Johnson
   
5,607
     
890,952
 
Lantheus Holdings, Inc.(a)(b)
   
1,740
     
90,358
 
Ligand Pharmaceuticals, Inc.(a)
   
652
     
47,661
 
Merck & Co., Inc.
   
8,784
     
1,060,931
 
Neurocrine Biosciences, Inc.(a)
   
1,548
     
216,364
 
Vertex Pharmaceuticals, Inc.(a)
   
1,400
     
606,732
 
             
6,920,206
 
Industrials – 2.2%
               
3M Co.
   
3,842
     
362,492
 
A.O. Smith Corp.
   
1,898
     
147,304
 
Keysight Technologies, Inc.(a)
   
1,635
     
250,580
 
Legalzoom.com, Inc.(a)
   
7,028
     
72,459
 
             
832,835
 
Technology – 58.9%(e)
               
Adobe, Inc.(a)
   
1,522
     
940,261
 
Agilysys, Inc.(a)
   
869
     
72,744
 
Apple, Inc.
   
13,581
     
2,504,336
 
Applied Materials, Inc.(b)
   
3,694
     
606,924
 
Atlassian Corp. – Class A(a)
   
1,657
     
413,869
 
Autodesk, Inc.(a)
   
1,804
     
457,873
 
Bentley Systems, Inc. – Class B(b)
   
3,926
     
197,870
 
Box, Inc. – Class A(a)(b)
   
4,299
     
111,688
 
Broadcom, Inc.
   
1,189
     
1,403,020
 
Cadence Design Systems, Inc.(a)
   
1,726
     
497,882
 
Cisco Systems, Inc.
   
15,515
     
778,543
 
Clear Secure, Inc. – Class A(b)
   
3,365
     
64,036
 
CommVault Systems, Inc.(a)
   
1,405
     
128,810
 
Crane NXT Co.
   
1,533
     
89,343
 
Crowdstrike Holdings, Inc. – Class A(a)(b)
   
1,766
     
516,555
 
Datadog, Inc. – Class A(a)
   
2,893
     
360,005
 


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

19

Donoghue Forlines Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 99.8% (Continued)
           
             
Technology – 58.9%(e) (Continued)
           
DocuSign, Inc.(a)
   
3,938
   
$
239,903
 
Dolby Laboratories, Inc. – Class A
   
1,277
     
106,221
 
Doximity, Inc. – Class A(a)(b)
   
3,527
     
95,053
 
Dropbox, Inc. – Class A(a)(b)
   
5,529
     
175,159
 
Dynatrace, Inc.(a)
   
3,866
     
220,362
 
Extreme Networks, Inc.(a)
   
4,848
     
65,496
 
F5, Inc.(a)
   
943
     
173,229
 
Fortinet, Inc.(a)
   
6,766
     
436,339
 
HP, Inc.
   
8,074
     
231,805
 
International Business Machines Corp.
   
3,804
     
698,643
 
Intuit, Inc.
   
1,188
     
750,020
 
Juniper Networks, Inc.
   
5,337
     
197,256
 
KLA Corp.(b)
   
761
     
452,064
 
Lattice Semiconductor Corp.(a)(b)
   
2,598
     
158,114
 
Manhattan Associates, Inc.(a)
   
934
     
226,551
 
Microchip Technology, Inc.
   
4,120
     
350,942
 
Motorola Solutions, Inc.
   
1,119
     
357,521
 
Nutanix, Inc. – Class A(a)
   
4,272
     
240,086
 
NVIDIA Corp.
   
3,372
     
2,074,690
 
Palantir Technologies, Inc. – Class A(a)
   
16,243
     
261,350
 
Palo Alto Networks, Inc.(a)(b)
   
1,872
     
633,691
 
Paylocity Holding Corp.(a)(b)
   
980
     
155,242
 
Pegasystems, Inc.(b)
   
2,288
     
111,517
 
Progress Software Corp.
   
1,502
     
85,329
 
PTC, Inc.(a)(b)
   
1,368
     
247,129
 
Pure Storage, Inc. – Class A(a)
   
5,570
     
222,744
 
QUALCOMM, Inc.
   
5,050
     
749,976
 
Qualys, Inc.(a)
   
808
     
152,849
 
RingCentral, Inc. – Class A(a)(b)
   
3,004
     
101,806
 
ServiceNow, Inc.(a)
   
931
     
712,587
 
Skyworks Solutions, Inc.(b)
   
2,132
     
222,709
 
Smartsheet, Inc. – Class A(a)
   
3,050
     
137,158
 
Squarespace, Inc. – Class A(a)
   
3,253
     
100,843
 
Synopsys, Inc.(a)
   
907
     
483,748
 
Tenable Holdings, Inc.(a)
   
2,895
     
136,355
 
Teradata Corp.(a)
   
2,580
     
119,144
 
Veeva Systems, Inc. – Class A(a)
   
1,558
     
323,145
 


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

20

Donoghue Forlines Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 99.8% (Continued)
           
             
Technology – 58.9%(e) (Continued)
           
Workday, Inc. – Class A(a)
   
1,535
   
$
446,792
 
Zeta Global Holdings Corp. – Class A(a)
   
6,897
     
66,763
 
Zoom Video Communications, Inc. – Class A(a)
   
3,250
     
209,983
 
Zscaler, Inc.(a)(b)
   
1,512
     
356,333
 
             
22,430,406
 
TOTAL COMMON STOCKS
               
  (Cost $33,912,143)
           
37,947,472
 
                 
SHORT-TERM INVESTMENT – 14.9%
               
                 
Investment Purchased with
               
  Proceeds from Securities Lending – 14.9%
               
Mount Vernon Liquid Assets Portfolio, LLC, 5.54%(c)
   
5,657,243
     
5,657,243
 
TOTAL SHORT-TERM INVESTMENT
               
  (Cost $5,657,243)
           
5,657,243
 
                 
Total Investments – 114.7% (Cost $39,569,386)
           
43,604,715
 
Money Market Deposit Account – 0.2%(d)
           
83,503
 
Liabilities in Excess of Other Assets – (14.9)%
           
(5,657,777
)
TOTAL NET ASSETS – 100.0%
         
$
38,030,441
 

Percentages are stated as a percent of net assets.
PLC – Public Limited Company
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $5,418,768 which represented 14.2% of net assets.
(c)
The rate shown represents the 7-day effective yield as of January 31, 2024.
(d)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of January 31, 2024 was 5.24%.
(e)
The “Certain Risks” section of the Notes to Financial Statements outlines risks associated with significant investments in a particular industry.

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.

21

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited)

   
Shares
   
Value
 
COMMON STOCKS – 72.7%
           
             
Consumer Discretionary – 1.0%
           
Scotts Miracle-Gro Co.
   
7,271
   
$
409,066
 
                 
Consumer Staples – 1.7%
               
Andersons, Inc.
   
6,246
     
329,227
 
Cal-Maine Foods, Inc.(a)
   
7,250
     
401,795
 
             
731,022
 
Energy – 35.2% (d)
               
Antero Midstream Corp.
   
31,643
     
387,310
 
BP PLC – ADR
   
23,358
     
819,866
 
California Resources Corp.
   
5,188
     
247,364
 
Chevron Corp.
   
6,945
     
1,023,900
 
Civitas Resources, Inc.(a)
   
5,934
     
384,583
 
ConocoPhillips
   
8,073
     
903,127
 
Coterra Energy, Inc.
   
23,270
     
578,958
 
Devon Energy Corp.
   
9,653
     
405,619
 
Diamondback Energy, Inc.
   
4,204
     
646,323
 
Eni SpA – ADR(a)
   
16,314
     
521,232
 
Equinor ASA – ADR(a)
   
19,084
     
547,138
 
Equitrans Midstream Corp.(a)
   
43,517
     
443,438
 
Exxon Mobil Corp.
   
11,263
     
1,157,948
 
Kinder Morgan, Inc.
   
39,530
     
668,848
 
Marathon Oil Corp.
   
19,851
     
453,595
 
Occidental Petroleum Corp.(a)
   
10,543
     
606,961
 
ONEOK, Inc.
   
10,044
     
685,503
 
Petroleo Brasileiro SA – ADR
   
56,724
     
968,279
 
Pioneer Natural Resources Co.
   
3,052
     
701,441
 
Shell PLC – ADR
   
17,209
     
1,082,619
 
TotalEnergies SE – ADR(a)
   
3,662
     
238,689
 
Williams Cos., Inc.
   
19,062
     
660,689
 
Woodside Energy Group, Ltd. – ADR(a)
   
36,871
     
769,866
 
             
14,903,296
 
Industrials – 15.3%
               
3M Co.
   
8,357
     
788,483
 
A.O. Smith Corp.
   
6,733
     
522,548
 
Allison Transmission Holdings, Inc.
   
6,339
     
383,763
 
Caterpillar, Inc.
   
2,574
     
772,998
 


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

22

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
COMMON STOCKS – 72.7% (Continued)
           
             
Industrials – 15.3% (Continued)
           
Donaldson Co., Inc.
   
7,081
   
$
457,362
 
Fastenal Co.
   
11,284
     
769,907
 
Ferguson PLC
   
3,952
     
742,422
 
Forward Air Corp.
   
4,669
     
206,977
 
Kennametal, Inc.(a)
   
13,685
     
335,556
 
MSC Industrial Direct Co., Inc. – Class A(a)
   
4,722
     
465,967
 
Siemens AG – ADR
   
7,609
     
681,006
 
Timken Co.
   
3,890
     
318,630
 
             
6,445,619
 
Materials – 18.7%
               
BHP Group, Ltd. – ADR(a)
   
16,557
     
1,013,620
 
CF Industries Holdings, Inc.
   
7,416
     
559,982
 
Dow, Inc.
   
14,048
     
752,973
 
Element Solutions, Inc.
   
17,039
     
378,777
 
LyondellBasell Industries NV – Class A
   
7,454
     
701,570
 
Mosaic Co.
   
9,411
     
289,012
 
NewMarket Corp.(a)
   
778
     
433,976
 
Olin Corp.
   
8,522
     
443,741
 
PPG Industries, Inc.
   
3,252
     
458,662
 
Reliance Steel & Aluminum Co.(a)
   
1,335
     
381,036
 
Rio Tinto PLC – ADR
   
11,577
     
801,939
 
RPM International, Inc.
   
3,866
     
412,348
 
Southern Copper Corp.(a)
   
11,059
     
907,943
 
Sylvamo Corp.
   
7,176
     
333,182
 
             
7,868,761
 
Technology – 0.8%
               
Crane NXT Co.
   
5,862
     
341,637
 
TOTAL COMMON STOCKS
               
  (Cost $30,314,575)
           
30,699,401
 
                 
REAL ESTATE INVESTMENT TRUSTS – 12.5%
               
                 
Real Estate – 12.5%
               
CubeSmart
   
12,733
     
550,320
 
Equity LifeStyle Properties, Inc.
   
7,269
     
492,039
 
Gaming and Leisure Properties, Inc.
   
12,119
     
553,232
 


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

23

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
REAL ESTATE INVESTMENT
           
  TRUSTS – 12.5% (Continued)
           
             
Real Estate – 12.5% (Continued)
           
Innovative Industrial Properties, Inc.(a)
   
4,054
   
$
377,954
 
Lamar Advertising Co. – Class A
   
5,085
     
532,298
 
Mid-America Apartment Communities, Inc.
   
4,073
     
514,746
 
Public Storage(a)
   
2,820
     
798,596
 
Simon Property Group, Inc.
   
6,038
     
836,927
 
VICI Properties, Inc.
   
19,693
     
593,153
 
             
5,249,265
 
TOTAL REAL ESTATE INVESTMENT TRUSTS
               
  (Cost $5,300,480)
           
5,249,265
 
                 
MASTER LIMITED PARTNERSHIPS – 12.3%
               
                 
Energy – 11.5%
               
Energy Transfer, LP
   
56,368
     
806,062
 
EnLink Midstream, LLC
   
35,038
     
422,558
 
Enterprise Products Partners, LP
   
28,208
     
754,846
 
Hess Midstream, LP – Class A(a)
   
9,025
     
305,135
 
MPLX, LP
   
20,650
     
796,058
 
NuStar Energy, LP
   
15,458
     
340,076
 
Plains All American Pipeline, LP
   
33,627
     
519,201
 
Plains GP Holdings, LP – Class A
   
25,106
     
406,215
 
Western Midstream Partners, LP(a)
   
18,634
     
535,355
 
             
4,885,506
 
Materials – 0.8%
               
Alliance Resource Partners, LP
   
15,356
     
322,630
 
TOTAL MASTER LIMITED PARTNERSHIPS
               
  (Cost $4,481,371)
           
5,208,136
 
                 
PREFERRED STOCK – 2.1%
               
                 
Energy – 2.1%
               
Petroleo Brasileiro SA – ADR
   
55,202
     
905,313
 
TOTAL PREFERRED STOCK
               
  (Cost $636,826)
           
905,313
 


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

24

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2024 (Unaudited) (Continued)

   
Shares
   
Value
 
SHORT-TERM INVESTMENT – 20.5%
           
             
Investment Purchased with
           
  Proceeds from Securities Lending – 20.5%
           
Mount Vernon Liquid Assets Portfolio, LLC, 5.54%(b)
   
8,683,365
   
$
8,683,365
 
TOTAL SHORT-TERM INVESTMENT
               
  (Cost $8,683,365)
           
8,683,365
 
                 
Total Investments – 120.1% (Cost $49,416,617)
           
50,745,480
 
Money Market Deposit Account – 0.1%(c)
           
45,671
 
Liabilities in Excess of Other Assets – (20.2)%
           
(8,530,760
)
TOTAL NET ASSETS – 100.0%
         
$
42,260,391
 

Percentages are stated as a percent of net assets.
ADR – American Depositary Receipt
PLC – Public Limited Company
SA – Sociedad Anónima
(a)
All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $8,341,193 which represented 19.7% of net assets.
(b)
The rate shown represents the 7-day effective yield as of January 31, 2024.
(c)
The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of January 31, 2024 was 5.24%.
(d)
The “Certain Risks” section of the Notes to Financial Statements outlines risks associated with significant investments in a particular industry.


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

25

TrimTabs ETF Trust

STATEMENTS OF ASSETS AND LIABILITIES
January 31, 2024 (Unaudited)

         
FCF
 
   
FCF US
   
International
 
   
Quality ETF
   
Quality ETF
 
ASSETS
           
Investments in Securities, at Value* (Including securities on
           
  loan valued at $32,703,461 and $1,076,335, respectively)
 
$
405,374,005
   
$
63,292,261
 
Cash – Interest Bearing Deposit Account
   
2,115,651
     
608,002
 
Cash
   
424
     
1,200
 
Interest and Dividends Receivable
   
303,385
     
255,909
 
Securities Lending Income Receivable
   
3,854
     
1,077
 
Foreign Currency, at Value*
   
     
612,363
 
Receivable for Fund Shares Sold
   
4,314,450
     
 
Total Assets
   
412,111,769
     
64,770,812
 
                 
LIABILITIES
               
Payable for Securities Loaned
   
33,933,545
     
1,123,893
 
Payable for Investment Securities Purchased
   
4,082,726
     
 
Management Fees Payable
   
176,027
     
31,208
 
Total Liabilities
   
38,192,298
     
1,155,101
 
NET ASSETS
 
$
373,919,471
   
$
63,615,711
 
                 
NET ASSETS CONSIST OF:
               
Paid-in Capital
 
$
329,325,800
   
$
68,586,440
 
Total Distributable Earnings (Deficit)
   
44,593,671
     
(4,970,729
)
Net Assets
 
$
373,919,471
   
$
63,615,711
 
* Identified Cost:
               
Investments in Securities
 
$
361,458,586
   
$
58,370,044
 
Foreign Currency
 
$
   
$
608,053
 
                 
Net Asset Value (unlimited shares authorized):
               
Net Assets
 
$
373,919,471
   
$
63,615,711
 
Shares Outstanding (No Par Value)
   
6,500,000
     
2,200,000
 
Net Asset Value, Offering and Redemption Price per Share
 
$
57.53
   
$
28.92
 


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

26

TrimTabs ETF Trust

STATEMENTS OF ASSETS AND LIABILITIES
January 31, 2024 (Unaudited) (Continued)

   
Donoghue
   
Donoghue
   
Donoghue
 
   
Forlines
   
Forlines
   
Forlines
 
   
Tactical High
   
Innovation
   
Yield Enhanced
 
   
Yield ETF
   
ETF
   
Real Asset ETF
 
ASSETS
                 
Investments in Securities, at Value*
                 
  (Including securities on loan valued at $2,592,541,
                 
  $5,418,768, and $8,341,193, respectively)
 
$
34,198,945
   
$
43,604,715
   
$
50,745,480
 
Cash – Interest Bearing Deposit Account
   
62,764
     
83,503
     
45,671
 
Interest and Dividends Receivable
   
327
     
20,658
     
175,543
 
Securities Lending Income Receivable
   
1,532
     
640
     
1,920
 
Total Assets
   
34,263,568
     
43,709,516
     
50,968,614
 
                         
LIABILITIES
                       
Payable for Securities Loaned
   
2,658,546
     
5,657,243
     
8,683,365
 
Management Fees Payable
   
18,395