TrimTabs ETF Trust
FCF US Quality ETF (TTAC)
FCF International Quality ETF (TTAI)
Donoghue Forlines Tactical High Yield ETF (DFHY)
Donoghue Forlines Risk Managed Innovation ETF (DFNV)
Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA)




Semi-Annual Report
January 31, 2023

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
    
61
       

TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES
For the Six-Months Ended January 31, 2023 (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
8/1/22 –
 
8/1/22
1/31/23
1/31/23(a)
FCF US Quality ETF
      
Actual
$1,000.00
$1,009.50
$2.99
Hypothetical (5% return before expenses)
$1,000.00
$1,022.23
$3.01
1
TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES
For the Six-Months Ended January 31, 2023 (Unaudited) (Continued)
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/22 –
 
8/1/22
1/31/23
1/31/23(a)
FCF International Quality ETF
      
Actual
$1,000.00
$1,010.90
$2.99
Hypothetical (5% return before expenses)
$1,000.00
$1,022.23
$3.01
       
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/22 –
 
8/1/22
1/31/23
1/31/23(b)
       
Donoghue Forlines Tactical
      
  High Yield ETF
      
Actual
$1,000.00
$   971.20
$3.43
Hypothetical (5% return before expenses)
$1,000.00
$1,021.73
$3.52
       
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/22 –
 
8/1/22
1/31/23
1/31/23(b)
       
Donoghue Forlines Risk
      
  Managed Innovation ETF
      
Actual
$1,000.00
$   969.20
$3.42
Hypothetical (5% return before expenses)
$1,000.00
$1,021.73
$3.52
       
     
Expenses
 
Beginning
Ending
Paid During
 
Account
Account
Period
 
Value
Value
8/1/22 –
 
8/1/22
1/31/23
1/31/23(b)
       
Donoghue Forlines Yield
      
  Enhanced Real Asset ETF
      
Actual
$1,000.00
$1,111.60
$3.67
Hypothetical (5% return before expenses)
$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.

2
TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)
January 31, 2023 (Unaudited)
FCF US Quality ETF
      
Communications
    
3.6
%
Consumer Discretionary
    
8.3
%
Consumer Staples
    
7.3
%
Energy
    
7.9
%
Financials
    
5.9
%
Health Care
    
17.9
%
Industrials
    
6.0
%
Materials
    
4.2
%
Technology
    
33.5
%(a)
Utilities
    
1.4
%
REITs
    
2.9
%
Money Market Fund
    
0.8
%
Investment Purchased with the Cash Proceeds from Securities Lending
    
8.2
%(b)
Liabilities in Excess of Other Assets
    
(7.9
)%
Total Net Assets
    
100.0
%
         
FCF International Quality ETF
        
Australia
    
8.9
%
Austria
    
0.4
%
Belgium
    
0.7
%
Brazil
    
1.7
%
Canada
    
8.6
%
China
    
12.2
%
Denmark
    
4.5
%
Finland
    
1.0
%
France
    
6.9
%
Germany
    
0.9
%
Hong Kong
    
2.0
%
India
    
0.4
%
Ireland
    
1.6
%
Israel
    
1.0
%
Italy
    
1.4
%
Japan
    
4.7
%
Netherlands
    
4.3
%
Norway
    
3.2
%
Portugal
    
0.7
%
Republic of Korea
    
2.7
%
Singapore
    
0.7
%
South Africa
    
2.8
%
Spain
    
0.6
%
Sweden
    
1.7
%
Switzerland
    
7.4
%
Taiwan
    
6.8
%
United Kingdom
    
8.8
%
Money Market Fund
    
0.7
%
Investment Purchased with the Cash Proceeds from Securities Lending
    
2.5
%(b)
Other Assets in Excess of Liabilities
    
0.2
%
Total Net Assets
    
100.0
%
3
TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)
January 31, 2023 (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
    
33.5
%(b)
Liabilities in Excess of Other Assets
    
(33.6
)%
Total Net Assets
    
100.0
%
         
Donoghue Forlines Risk Managed Innovation ETF
        
Communications
    
7.0
%
Consumer Discretionary
    
1.1
%
Energy
    
0.5
%
Health Care
    
12.2
%
Industrials
    
0.9
%
Technology
    
29.6
%(c)
Exchange-Traded Funds
    
48.5
%
Money Market Fund
    
0.2
%
Investment Purchased with the Cash Proceeds from Securities Lending
    
10.5
%(b)
Liabilities in Excess of Other Assets
    
(10.5
)%
Total Net Assets
    
100.0
%
         
Donoghue Forlines Yield Enhanced Real Asset ETF
        
Energy
    
32.6
%(d)
Industrials
    
14.9
%
Materials
    
18.5
%
REITs
    
18.2
%
Master Limited Partnerships
    
12.6
%
Preferred Stocks
    
2.6
%
Money Market Fund
    
0.5
%
Investment Purchased with the Cash Proceeds from Securities Lending
    
16.3
%(b)
Liabilities in Excess of Other Assets
    
(16.2
)%
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.
(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.
(d)
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 Yield Enhanced Real Asset Index is concentrated.

4
FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited)
   
Shares
    
Value
  
             
COMMON STOCKS – 96.0%
            
             
Communications – 3.6%
            
Airbnb, Inc. – Class A (a)
    
10,268
    
$
1,140,878
  
Alphabet, Inc. – Class A (a)
    
29,822
      
2,947,607
  
Booking Holdings, Inc. (a)
    
479
      
1,165,934
  
Expedia Group, Inc. (a)
    
7,023
      
802,729
  
Sirius XM Holdings, Inc. (d)
    
90,223
      
522,391
  
             
6,579,539
  
                 
Consumer Discretionary – 8.3%
                
AutoNation, Inc. (a)
    
9,922
      
1,257,316
  
AutoZone, Inc. (a)
    
755
      
1,841,332
  
Chipotle Mexican Grill, Inc. (a)
    
659
      
1,084,964
  
Etsy, Inc. (a)(d)
    
6,115
      
841,302
  
Genuine Parts Co.
    
4,265
      
715,752
  
Group 1 Automotive, Inc. (d)
    
5,904
      
1,262,570
  
Home Depot, Inc.
    
3,624
      
1,174,792
  
Lowe’s Cos., Inc.
    
4,833
      
1,006,472
  
O’Reilly Automotive, Inc. (a)
    
2,365
      
1,873,908
  
Starbucks Corp.
    
18,830
      
2,055,106
  
Ulta Beauty, Inc. (a)
    
3,353
      
1,723,308
  
Williams-Sonoma, Inc. (d)
    
3,171
      
427,895
  
             
15,264,717
  
                 
Consumer Staples – 7.3%
                
Altria Group, Inc.
    
42,553
      
1,916,587
  
Clorox Co. (d)
    
6,127
      
886,516
  
Coca-Cola Co.
    
36,909
      
2,263,260
  
Colgate-Palmolive Co.
    
20,209
      
1,506,177
  
Costco Wholesale Corp.
    
1,301
      
664,993
  
Hershey Co.
    
5,230
      
1,174,658
  
Kimberly-Clark Corp.
    
6,749
      
877,438
  
Philip Morris International, Inc.
    
21,913
      
2,284,211
  
Procter & Gamble Co.
    
12,809
      
1,823,745
  
             
13,397,585
  
                 
Energy – 7.9%
                
APA Corp.
    
19,574
      
867,715
  
Cheniere Energy, Inc.
    
7,758
      
1,185,345
  
ConocoPhillips
    
12,261
      
1,494,248
  

The accompanying notes are an integral part of these financial statements.
5
FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 96.0% (Continued)
            
             
Energy – 7.9% (Continued)
            
Enphase Energy, Inc. (a)
    
3,782
    
$
837,259
  
Exxon Mobil Corp.
    
32,948
      
3,822,298
  
Magnolia Oil & Gas Corp. – Class A (d)
    
67,613
      
1,596,343
  
Occidental Petroleum Corp.
    
12,604
      
816,613
  
Ovintiv, Inc.
    
14,083
      
693,306
  
Targa Resources Corp.
    
14,960
      
1,122,299
  
Texas Pacific Land Corp.
    
492
      
981,958
  
Valero Energy Corp.
    
7,661
      
1,072,770
  
             
14,490,154
  
                 
Financials – 5.9%
                
American Express Co.
    
7,461
      
1,305,152
  
Aon PLC – Class A
    
4,482
      
1,428,324
  
Erie Indemnity Co. – Class A (d)
    
3,291
      
804,156
  
JPMorgan Chase & Co.
    
6,875
      
962,225
  
LPL Financial Holdings, Inc.
    
4,701
      
1,114,701
  
RLI Corp. (d)
    
8,185
      
1,084,103
  
SEI Investments Co.
    
18,070
      
1,128,110
  
Synchrony Financial
    
32,012
      
1,175,801
  
T Rowe Price Group, Inc. (d)
    
7,702
      
897,052
  
Willis Towers Watson PLC
    
3,494
      
888,140
  
             
10,787,764
  
                 
Health Care – 17.9%
                
Abbott Laboratories
    
13,258
      
1,465,672
  
AbbVie, Inc.
    
17,450
      
2,578,237
  
Amgen, Inc.
    
7,630
      
1,925,812
  
Bio-Rad Laboratories, Inc. – Class A (a)
    
1,390
      
649,769
  
Bristol-Myers Squibb Co.
    
24,880
      
1,807,532
  
Cardinal Health, Inc.
    
10,481
      
809,657
  
Chemed Corp.
    
1,277
      
645,064
  
CVS Health Corp.
    
11,448
      
1,009,943
  
Elevance Health, Inc.
    
2,153
      
1,076,478
  
Eli Lilly & Co.
    
6,910
      
2,378,077
  
Gilead Sciences, Inc.
    
15,453
      
1,297,125
  
Hologic, Inc. (a)
    
12,835
      
1,044,384
  
Humana, Inc.
    
1,474
      
754,246
  

The accompanying notes are an integral part of these financial statements.
6
FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 96.0% (Continued)
            
             
Health Care – 17.9% (Continued)
            
Johnson & Johnson
    
16,842
    
$
2,752,320
  
McKesson Corp.
    
4,146
      
1,570,007
  
Medpace Holdings, Inc. (a)
    
5,563
      
1,229,812
  
Merck & Co., Inc.
    
13,069
      
1,403,741
  
Mettler-Toledo International, Inc. (a)
    
479
      
734,269
  
Molina Healthcare, Inc. (a)
    
4,774
      
1,488,676
  
Pfizer, Inc.
    
46,996
      
2,075,343
  
Regeneron Pharmaceuticals, Inc. (a)
    
1,255
      
951,880
  
UnitedHealth Group, Inc.
    
6,511
      
3,250,226
  
             
32,898,270
  
                 
Industrials – 6.0%
                
Cintas Corp.
    
2,462
      
1,092,488
  
General Dynamics Corp.
    
4,342
      
1,011,947
  
Insperity, Inc. (d)
    
7,450
      
823,597
  
Keysight Technologies, Inc. (a)
    
5,531
      
991,985
  
Landstar System, Inc.
    
3,498
      
604,559
  
Lockheed Martin Corp.
    
4,474
      
2,072,625
  
Matson, Inc.
    
8,381
      
554,152
  
Otis Worldwide Corp.
    
17,257
      
1,419,043
  
Rollins, Inc.
    
17,229
      
627,136
  
United Parcel Service, Inc. – Class B
    
9,448
      
1,750,053
  
             
10,947,585
  
                 
Materials – 4.2%
                
CF Industries Holdings, Inc.
    
12,717
      
1,077,130
  
Dow, Inc.
    
11,566
      
686,442
  
Eagle Materials, Inc.
    
8,547
      
1,248,546
  
Louisiana-Pacific Corp. (d)
    
13,026
      
886,940
  
LyondellBasell Industries NV – Class A
    
11,632
      
1,124,698
  
Olin Corp.
    
18,478
      
1,193,494
  
Sylvamo Corp.
    
12,585
      
598,165
  
Trex Co., Inc. (a)(d)
    
17,936
      
945,586
  
             
7,761,001
  
                 
Technology – 33.5% (c)
                
Accenture PLC – Class A
    
6,844
      
1,909,818
  
Adobe, Inc. (a)
    
4,194
      
1,553,206
  

The accompanying notes are an integral part of these financial statements.
7
FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 96.0% (Continued)
            
             
Technology – 33.5% (c) (Continued)
            
Apple, Inc.
    
74,833
    
$
10,797,654
  
ASML Holding NV – NY Reg Shares
    
2,591
      
1,712,236
  
Atlassian Corp. – Class A (a)
    
6,043
      
976,670
  
Autodesk, Inc. (a)
    
4,988
      
1,073,218
  
Box, Inc. – Class A (a)(d)
    
31,782
      
1,016,706
  
Broadcom, Inc.
    
3,852
      
2,253,459
  
Cadence Design Systems, Inc. (a)
    
8,028
      
1,467,759
  
Cisco Systems, Inc.
    
42,587
      
2,072,709
  
CommVault Systems, Inc. (a)
    
13,807
      
859,210
  
Crowdstrike Holdings, Inc. – Class A (a)
    
2,430
      
257,337
  
Datadog, Inc. – Class A (a)(d)
    
4,443
      
332,381
  
DocuSign, Inc. (a)
    
6,739
      
408,653
  
Dropbox, Inc. – Class A (a)
    
46,630
      
1,083,215
  
Extreme Networks, Inc. (a)
    
32,327
      
582,856
  
FactSet Research Systems, Inc.
    
2,539
      
1,073,845
  
Fair Isaac Corp. (a)
    
2,735
      
1,821,373
  
Fortinet, Inc. (a)
    
30,724
      
1,608,094
  
Gartner, Inc. (a)
    
4,652
      
1,573,027
  
HP, Inc. (d)
    
41,103
      
1,197,741
  
International Business Machines Corp. (d)
    
6,995
      
942,436
  
Jack Henry & Associates, Inc.
    
6,771
      
1,219,389
  
Manhattan Associates, Inc. (a)
    
7,820
      
1,019,415
  
MarketAxess Holdings, Inc.
    
1,520
      
553,052
  
Mastercard, Inc. – Class A
    
5,170
      
1,916,002
  
MaxLinear, Inc. (a)(d)
    
8,558
      
352,590
  
Microchip Technology, Inc.
    
8,808
      
683,677
  
Microsoft Corp.
    
19,640
      
4,866,988
  
Motorola Solutions, Inc.
    
3,072
      
789,535
  
MSCI, Inc.
    
1,854
      
985,512
  
NVIDIA Corp.
    
8,824
      
1,723,945
  
Palo Alto Networks, Inc. (a)(d)
    
9,900
      
1,570,536
  
Paychex, Inc.
    
5,380
      
623,327
  
Progress Software Corp. (d)
    
15,036
      
797,509
  
Pure Storage, Inc. – Class A (a)
    
33,432
      
967,522
  
Qualys, Inc. (a)
    
4,920
      
567,571
  
Rambus, Inc. (a)(d)
    
16,129
      
652,741
  
ServiceNow, Inc. (a)(d)
    
3,359
      
1,528,782
  

The accompanying notes are an integral part of these financial statements.
8
FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 96.0% (Continued)
            
             
Technology – 33.5% (c) (Continued)
            
Synopsys, Inc. (a)
    
3,125
    
$
1,105,469
  
Teradata Corp. (a)
    
18,700
      
652,256
  
Veeva Systems, Inc. – Class A (a)
    
1,822
      
310,742
  
Visa, Inc. – Class A (d)
    
6,442
      
1,483,013
  
VMware, Inc. – Class A (a)
    
4,615
      
565,199
  
             
61,508,375
  
                 
Utilities – 1.4%
                
Clearway Energy, Inc. – Class C (d)
    
24,996
      
844,615
  
ONE Gas, Inc.
    
20,881
      
1,719,759
  
             
2,564,374
  
TOTAL COMMON STOCKS
                
  (Cost $160,643,436)
            
176,199,364
  
                 
                 
REITs – 2.9%
                
                 
Real Estate – 2.9%
                
American Tower Corp.
    
5,592
      
1,249,197
  
Gaming and Leisure Properties, Inc. (d)
    
14,310
      
766,443
  
Iron Mountain, Inc. (d)
    
21,667
      
1,182,585
  
Lamar Advertising Co. – Class A
    
9,894
      
1,054,107
  
Simon Property Group, Inc.
    
7,704
      
989,656
  
TOTAL REITs
                
  (Cost $5,019,637)
            
5,241,988
  
                 
                 
MONEY MARKET FUND – 0.8%
                
Fidelity Institutional Money Market Fund –
                
  Government Portfolio, Institutional Class, 4.20% (b)
    
1,492,038
      
1,492,038
  
TOTAL MONEY MARKET FUND
                
  (Cost $1,492,038)
            
1,492,038
  
9
FCF US Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
INVESTMENT PURCHASED WITH THE CASH
            
  PROCEEDS FROM SECURITIES LENDING – 8.2%
            
             
Investment Company – 8.2%
            
Mount Vernon Liquid Asset Portfolio, LLC, 4.53% (b)
    
14,982,931
    
$
14,982,931
  
TOTAL INVESTMENT PURCHASED WITH THE
                
  CASH PROCEEDS FROM SECURITIES LENDING
                
  (Cost $14,982,931)
            
14,982,931
  
                 
Total Investments (Cost $182,138,042) – 107.9%
            
197,916,321
  
Liabilities in Excess of Other Assets – (7.9)%
            
(14,429,224
)
TOTAL NET ASSETS – 100.0%
          
$
183,487,097
  

Percentages are stated as a percent of net assets.
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, 2023.
(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, 2023. Total loaned securities had a market value of $14,892,064 as of January 31, 2023.

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, 2023 (Unaudited)
   
Shares
    
Value
  
             
COMMON STOCKS – 94.7%
            
             
Communications – 5.5%
            
AfreecaTV Co., Ltd.
    
1,240
    
$
79,929
  
Auto Trader Group PLC (b)
    
19,753
      
152,690
  
Kakaku.com, Inc.
    
8,918
      
147,303
  
KDDI Corp.
    
6,706
      
209,116
  
MTN Group, Ltd.
    
9,941
      
83,910
  
MultiChoice Group
    
27,415
      
188,754
  
NetEase, Inc. – ADR
    
3,424
      
303,401
  
Telenor ASA
    
18,190
      
190,162
  
Telstra Corp., Ltd.
    
62,169
      
179,039
  
             
1,534,304
  
                 
Consumer Discretionary – 12.2%
                
ANTA Sports Products, Ltd.
    
14,516
      
219,189
  
Bunzl PLC
    
3,409
      
124,823
  
BYD Co., Ltd. – Class H
    
12,356
      
386,068
  
Ferrari NV (e)
    
368
      
92,482
  
Geberit AG – Reg Shares
    
369
      
208,623
  
Hennes & Mauritz AB – Class B
    
17,865
      
218,871
  
Hermes International
    
171
      
318,729
  
Howden Joinery Group PLC
    
21,644
      
184,225
  
Industria de Diseno Textil SA
    
5,157
      
160,455
  
JD Sports Fashion PLC
    
74,631
      
149,744
  
La Francaise des Jeux SAEM (b)
    
4,059
      
173,199
  
LVMH Moet Hennessy Louis Vuitton SE
    
663
      
576,622
  
Pinduoduo, Inc. – ADR (a)
    
3,117
      
305,404
  
Topsports International Holdings, Ltd. (b)
    
70,506
      
66,449
  
ZOZO, Inc.
    
7,126
      
183,399
  
             
3,368,282
  
                 
Consumer Staples – 9.8%
                
BGF Retail Co., Ltd.
    
1,239
      
187,791
  
Chongqing Brewery Co., Ltd. – Class A
    
13,742
      
244,458
  
Coles Group, Ltd.
    
20,045
      
251,282
  
Dollarama, Inc.
    
5,618
      
335,970
  
Imperial Brands PLC
    
8,457
      
211,756
  
Jeronimo Martins SGPS SA
    
9,604
      
208,192
  
Kweichow Moutai Co., Ltd. – Class A
    
401
      
109,539
  

The accompanying notes are an integral part of these financial statements.
11
FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 94.7% (Continued)
            
             
Consumer Staples – 9.8% (Continued)
            
Loblaw Cos., Ltd.
    
2,519
    
$
225,670
  
L’Oreal SA
    
190
      
78,089
  
Nongfu Spring Co., Ltd. – Class H (b)
    
27,967
      
157,826
  
President Chain Store Corp.
    
30,223
      
271,781
  
Shanxi Xinghuacun Fen Wine
                
  Factory Co., Ltd. – Class A
    
6,205
      
267,734
  
Unilever PLC
    
3,369
      
170,645
  
             
2,720,733
  
                 
Energy – 7.2%
                
Aker BP ASA
    
7,488
      
227,455
  
BP PLC – ADR
    
7,398
      
268,030
  
Canadian Natural Resources, Ltd.
    
3,383
      
207,651
  
Equinor ASA – ADR (e)
    
10,470
      
318,602
  
Imperial Oil, Ltd.
    
4,305
      
235,286
  
LONGi Green Energy Technology Co., Ltd. – Class A
    
28,600
      
203,803
  
OMV AG
    
2,065
      
102,931
  
Petroleo Brasileiro SA – ADR
    
22,768
      
264,109
  
TotalEnergies SE – ADR (e)
    
2,710
      
168,128
  
             
1,995,995
  
                 
Financials – 12.1%
                
Admiral Group PLC
    
4,795
      
130,053
  
China Merchants Bank Co., Ltd. – Class H
    
11,453
      
74,273
  
Commonwealth Bank of Australia
    
1,322
      
102,701
  
Deutsche Boerse AG
    
789
      
140,887
  
East Money Information Co., Ltd. – Class A
    
2,199
      
7,319
  
FinecoBank Banca Fineco SpA
    
5,773
      
103,242
  
Gjensidige Forsikring ASA
    
7,960
      
142,667
  
Hargreaves Lansdown PLC
    
11,979
      
131,290
  
Hong Kong Exchanges & Clearing, Ltd.
    
6,593
      
296,305
  
Japan Exchange Group, Inc.
    
3,755
      
57,090
  
Meritz Fire & Marine Insurance Co., Ltd. (c)
    
7,742
      
324,312
  
Partners Group Holding AG
    
318
      
296,638
  
Ping An Insurance Group Co. of China, Ltd. – Class H
    
5,810
      
44,976
  
Royal Bank of Canada
    
4,524
      
463,077
  
Singapore Exchange, Ltd.
    
28,577
      
200,548
  

The accompanying notes are an integral part of these financial statements.
12
FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 94.7% (Continued)
            
             
Financials – 12.1% (Continued)
            
Toronto-Dominion Bank
    
5,727
    
$
396,248
  
Wisdom Marine Lines Co., Ltd.
    
90,667
      
183,297
  
Zurich Insurance Group AG
    
536
      
264,750
  
             
3,359,673
  
                 
Health Care – 10.6%
                
Amplifon SpA
    
6,593
      
181,124
  
Astellas Pharma, Inc.
    
8,895
      
130,693
  
GSK PLC – ADR
    
5,756
      
202,957
  
Ipsen SA
    
1,385
      
145,149
  
Medibank Pvt, Ltd.
    
74,619
      
154,849
  
Novo Nordisk A/S – Class B
    
7,379
      
1,016,908
  
Orion Oyj – Class B
    
2,348
      
125,563
  
Roche Holding AG
    
1,697
      
528,749
  
Sonic Healthcare, Ltd.
    
9,492
      
211,584
  
Zhangzhou Pientzehuang
                
  Pharmaceutical Co., Ltd. – Class A
    
4,930
      
226,766
  
             
2,924,342
  
                 
Industrials – 10.7%
                
AP Moller – Maersk A/S – Class A
    
115
      
243,858
  
Atlas Copco AB – Class A
    
21,739
      
256,396
  
COSCO SHIPPING Holdings Co., Ltd. – Class H
    
150,068
      
155,022
  
Dassault Aviation SA
    
1,335
      
227,425
  
Deutsche Post AG – Reg Shares
    
2,544
      
108,913
  
Evergreen Marine Corp. Taiwan, Ltd.
    
21,067
      
106,651
  
Intertek Group PLC
    
3,400
      
182,129
  
Kone Oyj – Class B
    
3,054
      
166,140
  
Korean Air Lines Co., Ltd. (a)
    
8,194
      
161,312
  
Kuehne + Nagel International AG – Reg Shares
    
951
      
226,038
  
Orient Overseas International, Ltd.
    
5,616
      
92,894
  
Recruit Holdings Co., Ltd.
    
5,112
      
162,748
  
Safran SA
    
1,620
      
232,123
  
Schindler Holding AG
    
746
      
158,367
  
SGS SA – Reg Shares
    
102
      
247,897
  
Wan Hai Lines, Ltd.
    
41,400
      
104,655
  
Yang Ming Marine Transport Corp.
    
63,200
      
131,557
  
             
2,964,125
  

The accompanying notes are an integral part of these financial statements.
13
FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 94.7% (Continued)
            
             
Materials – 8.0%
            
Aluminum Corp of China, Ltd. – Class H
    
244,704
    
$
130,136
  
BHP Group, Ltd.
    
12,869
      
448,548
  
Evraz PLC (c)
    
49,526
      
49,390
  
Exxaro Resources, Ltd.
    
11,512
      
144,072
  
Fortescue Metals Group, Ltd.
    
14,067
      
220,825
  
Kumba Iron Ore, Ltd.
    
7,258
      
220,889
  
OCI NV
    
5,454
      
185,231
  
Rio Tinto, Ltd.
    
2,022
      
180,744
  
Shaanxi Coal Industry Co., Ltd. – Class A
    
114,717
      
331,913
  
Sibanye Stillwater, Ltd.
    
57,154
      
148,962
  
Xinyi Glass Holdings, Ltd.
    
75,775
      
160,998
  
             
2,221,708
  
                 
Real Estate – 0.5%
                
Daito Trust Construction Co., Ltd.
    
1,435
      
141,334
  
                 
Technology – 16.6%
                
Accenture PLC – Class A
    
723
      
201,753
  
ASML Holding NV
    
1,060
      
694,421
  
Atlassian Corp. – Class A (a)(e)
    
1,384
      
223,682
  
CGI, Inc. (a)
    
1,106
      
94,794
  
Check Point Software Technologies, Ltd. (a)
    
2,164
      
275,261
  
Constellation Software, Inc.
    
243
      
429,324
  
eMemory Technology, Inc.
    
3,334
      
179,886
  
Experian PLC
    
6,791
      
247,233
  
Globalwafers Co., Ltd.
    
12,000
      
209,026
  
Infosys, Ltd. – ADR (e)
    
6,117
      
115,000
  
Lenovo Group, Ltd.
    
202,520
      
161,941
  
Nomura Research Institute, Ltd.
    
4,352
      
103,647
  
Nuvoton Technology Corp.
    
18,656
      
80,465
  
Realtek Semiconductor Corp.
    
13,085
      
139,457
  
RELX PLC
    
13,303
      
393,942
  
Temenos AG – Reg Shares
    
1,514
      
107,460
  
Trend Micro, Inc.
    
3,206
      
157,388
  
Unimicron Technology Corp.
    
59,500
      
270,499
  
Wiwynn Corp.
    
8,000
      
199,833
  
Wolters Kluwer NV
    
2,902
      
315,963
  
             
4,600,975
  

The accompanying notes are an integral part of these financial statements.
14
FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 94.7% (Continued)
            
             
Utilities – 1.5%
            
Elia Group SA/NV
    
1,395
    
$
195,334
  
Origin Energy, Ltd.
    
43,079
      
227,143
  
             
422,477
  
TOTAL COMMON STOCKS
                
  (Cost $29,201,938)
            
26,253,948
  
                 
                 
REITs – 1.2%
                
                 
Real Estate – 1.2%
                
Goodman Group
    
18,135
      
255,628
  
Segro PLC
    
8,639
      
88,421
  
TOTAL REITs
                
  (Cost $409,219)
            
344,049
  
                 
                 
PREFERRED STOCK – 0.7%
                
                 
Utilities – 0.7%
                
Cia Energetica de Minas Gerais – ADR (e)
    
92,458
      
207,106
  
TOTAL PREFERRED STOCK
                
  (Cost $179,176)
            
207,106
  

The accompanying notes are an integral part of these financial statements.
15
FCF International Quality ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
MONEY MARKET FUND – 0.7%
            
Fidelity Institutional Money Market Fund –
            
  Government Portfolio, Institutional Class, 4.20% (d)
    
184,568
    
$
184,568
  
TOTAL MONEY MARKET FUND
                
  (Cost $184,568)
            
184,568
  
                 
                 
INVESTMENT PURCHASED WITH THE CASH
                
  PROCEEDS FROM SECURITIES LENDING – 2.5%
                
                 
Investment Company – 2.5%
                
Mount Vernon Liquid Asset Portfolio, LLC, 4.53% (d)
    
684,129
      
684,129
  
TOTAL INVESTMENT PURCHASED WITH THE
                
  CASH PROCEEDS FROM SECURITIES LENDING
                
  (Cost $684,129)
            
684,129
  
                 
Total Investments (Cost $30,659,030) – 99.8%
            
27,673,800
  
Other Assets in Excess of Liabilities – 0.2%
            
61,051
  
TOTAL NET ASSETS – 100.0%
          
$
27,734,851
  

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)
Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. At January 31, 2023, the value of these securities amounted to $550,164 or 1.98% of net assets.
(c)
Value determined using significant unobservable inputs. The value of these securities at January 31, 2023 is $373,702 or 1.35% of net assets.
(d)
Rate disclosed is the seven day annualized yield as of January 31, 2023.
(e)
All or a portion of this security was out on loan at January 31, 2023. Total loaned securities had a market value of $678,846 as of January 31, 2023.

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, 2023 (Unaudited)
   
Shares
    
Value
  
             
EXCHANGE-TRADED FUNDS – 99.9%
            
iShares 0-5 Year High Yield Corporate Bond ETF (b)
    
100,544
    
$
4,223,853
  
iShares Broad USD High Yield Corporate Bond ETF
    
193,881
      
6,939,001
  
iShares Fallen Angels USD Bond ETF
    
110,505
      
2,823,403
  
iShares iBoxx High Yield Corporate Bond ETF (b)
    
82,933
      
6,330,276
  
SPDR Bloomberg High Yield Bond ETF (b)
    
48,984
      
4,586,372
  
SPDR Bloomberg Short-Term High Yield Bond ETF
    
102,380
      
2,561,547
  
VanEck Fallen Angel High Yield Bond ETF
    
93,057
      
2,612,110
  
Xtrackers USD High Yield Corporate Bond ETF
    
145,907
      
5,102,368
  
TOTAL EXCHANGE-TRADED FUNDS
                
  (Cost $34,774,520)
            
35,178,930
  
                 
MONEY MARKET FUND – 0.2%
                
Fidelity Institutional Money Market Fund –
                
  Government Portfolio, Institutional Class, 4.20% (a)
    
72,435
      
72,435
  
TOTAL MONEY MARKET FUND
                
  (Cost $72,435)
            
72,435
  
                 
INVESTMENT PURCHASED WITH THE CASH
                
  PROCEEDS FROM SECURITIES LENDING – 33.5%
                
                 
Investment Company – 33.5%
                
Mount Vernon Liquid Asset Portfolio, LLC, 4.53% (a)
    
11,816,185
      
11,816,185
  
TOTAL INVESTMENT PURCHASED WITH THE
                
  CASH PROCEEDS FROM SECURITIES LENDING
                
  (Cost $11,816,185)
            
11,816,185
  
                 
Total Investments (Cost $46,663,140) – 133.6%
            
47,067,550
  
Liabilities in Excess of Other Assets – (33.6%)
            
(11,834,496
)
TOTAL NET ASSETS – 100.0%
          
$
35,233,054
  

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, 2023.
(b)
All or a portion of this security was out on loan at January 31, 2023. Total loaned securities had a market value of $11,635,440 as of January 31, 2023.

The accompanying notes are an integral part of these financial statements.
17
Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited)
   
Shares
    
Value
  
             
COMMON STOCKS – 51.3%
            
             
Communications – 7.0%
            
Airbnb, Inc. – Class A (a)
    
3,090
    
$
343,330
  
Alphabet, Inc. – Class A (a)
    
7,984
      
789,139
  
Expedia Group, Inc. (a)
    
2,215
      
253,175
  
GoDaddy, Inc. – Class A (a)
    
2,695
      
221,340
  
Match Group, Inc. (a)
    
4,286
      
231,958
  
Meta Platforms, Inc. – Class A (a)
    
4,412
      
657,256
  
ROBLOX Corp. – Class A (a)
    
7,457
      
277,475
  
Trade Desk, Inc. – Class A (a)(d)
    
5,083
      
257,708
  
Zillow Group, Inc. – Class C (a)(d)
    
5,207
      
230,201
  
             
3,261,582
  
                 
Consumer Discretionary – 1.1%
                
eBay, Inc. (d)
    
5,873
      
290,713
  
Etsy, Inc. (a)(d)
    
1,796
      
247,094
  
             
537,807
  
                 
Energy – 0.5%
                
Enphase Energy, Inc. (a)
    
992
      
219,609
  
                 
Health Care – 12.2%
                
AbbVie, Inc.
    
3,452
      
510,033
  
Amgen, Inc.
    
1,617
      
408,131
  
Bristol-Myers Squibb Co.
    
6,000
      
435,900
  
Eli Lilly & Co.
    
1,574
      
541,692
  
Exelixis, Inc. (a)
    
8,611
      
151,726
  
Gilead Sciences, Inc.
    
4,870
      
408,788
  
Halozyme Therapeutics, Inc. (a)(d)
    
3,115
      
161,264
  
Hologic, Inc. (a)
    
3,174
      
258,268
  
Ionis Pharmaceuticals, Inc. (a)
    
3,790
      
151,107
  
Jazz Pharmaceuticals PLC (a)
    
1,291
      
202,248
  
Johnson & Johnson
    
3,427
      
560,040
  
Merck & Co., Inc.
    
4,855
      
521,476
  
Neurocrine Biosciences, Inc. (a)
    
1,685
      
186,917
  
QIAGEN NV (a)
    
3,983
      
195,167
  
Regeneron Pharmaceuticals, Inc. (a)
    
489
      
370,892
  
Royalty Pharma PLC – Class A
    
5,387
      
211,117
  
Vertex Pharmaceuticals, Inc. (a)
    
1,214
      
392,243
  
             
5,667,009
  

The accompanying notes are an integral part of these financial statements.
18
Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 51.3% (Continued)
            
Industrials – 0.9%
            
Lockheed Martin Corp.
    
871
    
$
403,499
  
                 
Technology – 29.6% (c)
                
Adobe, Inc. (a)
    
1,377
      
509,958
  
Akamai Technologies, Inc. (a)
    
2,337
      
207,876
  
ANSYS, Inc. (a)
    
960
      
255,706
  
Apple, Inc.
    
7,046
      
1,016,667
  
Atlassian Corp. – Class A (a)
    
1,914
      
309,341
  
Autodesk, Inc. (a)
    
1,607
      
345,762
  
Bentley Systems, Inc. – Class B
    
5,283
      
206,301
  
Broadcom, Inc.
    
961
      
562,195
  
Cadence Design Systems, Inc. (a)
    
1,919
      
350,851
  
Cisco Systems, Inc.
    
9,881
      
480,908
  
Crowdstrike Holdings, Inc. – Class A (a)
    
2,324
      
246,112
  
Datadog, Inc. – Class A (a)(d)
    
3,470
      
259,591
  
DocuSign, Inc. (a)
    
4,348
      
263,663
  
Dropbox, Inc. – Class A (a)
    
7,485
      
173,877
  
Dynatrace, Inc. (a)
    
5,452
      
209,520
  
F5, Inc. (a)
    
1,272
      
187,823
  
FactSet Research Systems, Inc.
    
517
      
218,660
  
Fair Isaac Corp. (a)
    
368
      
245,070
  
Fortinet, Inc. (a)
    
5,806
      
303,886
  
HubSpot, Inc. (a)
    
766
      
265,810
  
International Business Machines Corp. (d)
    
2,925
      
394,085
  
Intuit, Inc.
    
1,033
      
436,618
  
Jack Henry & Associates, Inc.
    
1,157
      
208,364
  
Lattice Semiconductor Corp. (a)
    
2,837
      
215,016
  
Manhattan Associates, Inc. (a)
    
1,534
      
199,972
  
Microchip Technology, Inc.
    
4,007
      
311,023
  
Motorola Solutions, Inc.
    
1,098
      
282,197
  
NetApp, Inc.
    
3,341
      
221,274
  
Palantir Technologies, Inc. – Class A (a)(d)
    
30,237
      
235,244
  
Palo Alto Networks, Inc. (a)(d)
    
1,999
      
317,121
  
Paylocity Holding Corp. (a)
    
950
      
197,875
  
PayPal Holdings, Inc. (a)
    
4,910
      
400,116
  
PTC, Inc. (a)
    
1,724
      
232,533
  
Pure Storage, Inc. – Class A (a)
    
6,874
      
198,934
  

The accompanying notes are an integral part of these financial statements.
19
Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 51.3% (Continued)
            
             
Technology – 29.6% (c) (Continued)
            
Qorvo, Inc. (a)
    
1,960
    
$
212,974
  
Qualys, Inc. (a)
    
1,016
      
117,206
  
Salesforce, Inc. (a)
    
2,807
      
471,492
  
ServiceNow, Inc. (a)(d)
    
946
      
430,553
  
Snowflake, Inc. – Class A (a)
    
2,116
      
331,027
  
SPS Commerce, Inc. (a)
    
952
      
129,548
  
Synopsys, Inc. (a)
    
999
      
353,396
  
Ubiquiti, Inc. (d)
    
767
      
224,087
  
Veeva Systems, Inc. – Class A (a)
    
1,450
      
247,297
  
Workday, Inc. – Class A (a)
    
1,771
      
321,313
  
Zoom Video Communications, Inc. – Class A (a)(d)
    
3,199
      
239,925
  
Zscaler, Inc. (a)
    
1,881
      
233,545
  
             
13,782,312
  
TOTAL COMMON STOCKS
                
  (Cost $25,045,347)
            
23,871,818
  
                 
EXCHANGE-TRADED FUNDS – 48.5%
                
iShares 1-3 Year Treasury Bond ETF (d)
    
76,811
      
6,283,140
  
Schwab Short-Term U.S. Treasury ETF
    
107,615
      
5,230,089
  
SPDR Portfolio Short Term Treasury ETF
    
119,529
      
3,480,684
  
Vanguard Short-Term Treasury ETF
    
130,206
      
7,584,500
  
TOTAL EXCHANGE-TRADED FUNDS
                
  (Cost $22,670,022)
            
22,578,413
  
                 
MONEY MARKET FUND – 0.2%
                
Fidelity Institutional Money Market Fund –
                
  Government Portfolio, Institutional Class, 4.20% (b)
    
81,863
      
81,863
  
TOTAL MONEY MARKET FUND
                
  (Cost $81,863)
            
81,863
  

The accompanying notes are an integral part of these financial statements.
20
Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
INVESTMENT PURCHASED WITH THE CASH
            
  PROCEEDS FROM SECURITIES LENDING – 10.5%
            
             
Investment Company – 10.5%
            
Mount Vernon Liquid Asset Portfolio, LLC, 4.53% (b)
    
4,873,821
    
$
4,873,821
  
TOTAL INVESTMENT PURCHASED WITH THE
                
  CASH PROCEEDS FROM SECURITIES LENDING
                
  (Cost $4,873,821)
            
4,873,821
  
                 
Total Investments (Cost $52,671,053) – 110.5%
            
51,405,915
  
Liabilities in Excess of Other Assets – (10.5)%
            
(4,890,570
)
TOTAL NET ASSETS – 100.0%
          
$
46,515,345
  

Percentages are stated as a percent of net assets.
ETF – Exchange-Traded Fund
PLC – Public Limited Company
(a)
Non-income producing security.
(b)
Rate disclosed is the seven day annualized yield as of January 31, 2023.
(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 FCF Risk Managed Quality Innovation Index is concentrated.
(d)
All or a portion of this security was out on loan at January 31, 2023. Total loaned securities had a market value of $4,808,309 as of January 31, 2023.

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, 2023 (Unaudited)
   
Shares
    
Value
  
             
COMMON STOCKS – 66.0%
            
             
Energy – 32.6% (c)
            
Antero Midstream Corp.
    
46,440
    
$
506,196
  
BP PLC – ADR
    
32,236
      
1,167,910
  
Chevron Corp.
    
8,088
      
1,407,474
  
Civitas Resources, Inc.
    
6,886
      
458,263
  
ConocoPhillips
    
9,126
      
1,112,185
  
Coterra Energy, Inc.
    
21,789
      
545,379
  
Diamondback Energy, Inc.
    
4,719
      
689,540
  
DT Midstream, Inc.
    
8,202
      
448,321
  
Ecopetrol SA – ADR (b)
    
69,080
      
786,821
  
Eni SpA – ADR (b)
    
28,583
      
883,215
  
EOG Resources, Inc.
    
5,802
      
767,314
  
Equinor ASA – ADR (b)
    
29,279
      
890,960
  
Equitrans Midstream Corp.
    
58,547
      
424,466
  
Exxon Mobil Corp.
    
14,708
      
1,706,275
  
Kinder Morgan, Inc. (b)
    
44,359
      
811,770
  
Murphy Oil Corp.
    
10,390
      
453,108
  
ONEOK, Inc. (b)
    
12,178
      
833,949
  
Petroleo Brasileiro SA – ADR
    
79,233
      
919,103
  
Plains GP Holdings LP – Class A
    
28,343
      
371,010
  
TotalEnergies SE – ADR
    
20,591
      
1,277,466
  
Williams Cos., Inc.
    
25,358
      
817,542
  
Woodside Energy Group, Ltd. – ADR
    
30,467
      
791,533
  
             
18,069,800
  
                 
Industrials – 14.9%
                
Allison Transmission Holdings, Inc.
    
8,045
      
362,669
  
AO Smith Corp. (b)
    
7,915
      
535,846
  
Emerson Electric Co.
    
6,545
      
590,490
  
Honeywell International, Inc.
    
3,946
      
822,662
  
Hubbell, Inc.
    
2,290
      
524,204
  
Norfolk Southern Corp.
    
3,129
      
769,139
  
Oshkosh Corp.
    
4,093
      
412,493
  
Parker-Hannifin Corp. (b)
    
2,641
      
860,966
  
Siemens AG – ADR
    
15,779
      
1,232,024
  
Union Pacific Corp.
    
4,618
      
942,949
  
Waste Management, Inc.
    
4,898
      
757,868
  
Watsco, Inc. (b)
    
1,514
      
435,078
  
             
8,246,388
  

The accompanying notes are an integral part of these financial statements.
22
Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
COMMON STOCKS – 66.0% (Continued)
            
             
Materials – 18.5%
            
Avient Corp.
    
9,823
    
$
398,028
  
BHP Group, Ltd. – ADR (b)
    
20,721
      
1,453,578
  
Celanese Corp.
    
4,151
      
511,403
  
Dow, Inc.
    
16,916
      
1,003,965
  
Element Solutions, Inc.
    
18,070
      
370,074
  
Huntsman Corp.
    
17,475
      
553,783
  
LyondellBasell Industries NV – Class A
    
9,711
      
938,956
  
Newmont Corp.
    
16,924
      
895,787
  
Olin Corp.
    
9,285
      
599,718
  
Rio Tinto PLC – ADR (b)
    
15,735
      
1,248,572
  
Sibanye Stillwater, Ltd. – ADR (b)
    
55,593
      
598,181
  
Southern Copper Corp. (b)
    
14,756
      
1,109,799
  
Ternium SA – ADR
    
13,798
      
556,749
  
             
10,238,593
  
TOTAL COMMON STOCKS
                
  (Cost $34,554,380)
            
36,554,781
  
                 
                 
REITs – 18.2%
                
                 
Financials – 0.8%
                
Starwood Property Trust, Inc.
    
23,113
      
482,831
  
                 
Real Estate – 17.4%
                
American Tower Corp.
    
3,913
      
874,125
  
AvalonBay Communities, Inc.
    
3,216
      
570,647
  
Boston Properties, Inc.
    
6,033
      
449,700
  
Crown Castle, Inc.
    
6,315
      
935,315
  
EastGroup Properties, Inc.
    
2,962
      
498,356
  
Equity LifeStyle Properties, Inc.
    
7,575
      
543,733
  
Extra Space Storage, Inc.
    
3,582
      
565,347
  
Gaming and Leisure Properties, Inc. (b)
    
12,470
      
667,893
  
Iron Mountain, Inc.
    
12,490
      
681,704
  
Lamar Advertising Co. – Class A
    
6,088
      
648,616
  
LXP Industrial Trust
    
32,131
      
371,113
  
Medical Properties Trust, Inc. (b)
    
37,689
      
488,073
  
Omega Healthcare Investors, Inc. (b)
    
16,494
      
485,583
  

The accompanying notes are an integral part of these financial statements.
23
Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
REITs – 18.2% (Continued)
            
             
Real Estate – 17.4% (Continued)
            
Public Storage
    
2,805
    
$
853,674
  
Simon Property Group, Inc.
    
7,697
      
988,757
  
             
9,622,636
  
TOTAL REITs
                
  (Cost $9,891,678)
            
10,105,467
  
                 
MASTER LIMITED PARTNERSHIPS – 12.6%
                
                 
Energy – 11.8%
                
Cheniere Energy Partners LP
    
13,660
      
745,426
  
DCP Midstream, LP
    
14,826
      
623,285
  
Energy Transfer, LP
    
67,892
      
901,606
  
EnLink Midstream, LLC
    
43,458
      
552,786
  
Enterprise Products Partners, LP
    
37,880
      
969,728
  
Magellan Midstream Partners, LP
    
11,500
      
614,100
  
MPLX, LP
    
25,594
      
893,742
  
Plains All American Pipeline, LP
    
49,070
      
611,412
  
Western Midstream Partners, LP
    
23,352
      
630,971
  
             
6,543,056
  
                 
Materials – 0.8%
                
Alliance Resource Partners, LP
    
18,130
      
415,721
  
TOTAL MASTER LIMITED PARTNERSHIPS
                
  (Cost $6,183,245)
            
6,958,777
  
                 
PREFERRED STOCKS – 2.6%
                
                 
Energy – 1.5%
                
Petroleo Brasileiro SA – ADR
    
82,073
      
846,993
  
                 
Materials – 1.1%
                
Gerdau SA – ADR
    
88,143
      
572,930
  
TOTAL PREFERRED STOCKS
                
  (Cost $1,360,065)
            
1,419,923
  
                 
MONEY MARKET FUND – 0.5%
                
Fidelity Institutional Money Market Fund –
                
  Government Portfolio, Institutional Class, 4.20% (a)
    
265,730
      
265,730
  
TOTAL MONEY MARKET FUND
                
  (Cost $265,730)
            
265,730
  

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

24
Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS
January 31, 2023 (Unaudited) (Continued)
   
Shares
    
Value
  
             
INVESTMENT PURCHASED WITH THE CASH
            
  PROCEEDS FROM SECURITIES LENDING – 16.3%
            
             
Investment Company – 16.3%
            
Mount Vernon Liquid Asset Portfolio, LLC, 4.53% (a)
    
9,046,749
    
$
9,046,749
  
TOTAL INVESTMENT PURCHASED WITH THE
                
  CASH PROCEEDS FROM SECURITIES LENDING
                
  (Cost $9,046,749)
            
9,046,749
  
                 
Total Investments (Cost $61,301,847) – 116.2%
            
64,351,427
  
Liabilities in Excess of Other Assets – (16.2)%
            
(8,970,903
)
TOTAL NET ASSETS – 100.0%
          
$
55,380,524
  

Percentages are stated as a percent of net assets.
ADR – American Depositary Receipt
PLC – Public Limited Company
REIT – Real Estate Investment Trust
(a)
Rate disclosed is the seven day annualized yield as of January 31, 2023.
(b)
All or a portion of this security was out on loan at January 31, 2023. Total loaned securities had a market value of $8,971,722 as of January 31, 2023.
(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 FCF Yield Enhanced Real Asset Index is concentrated.

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.
25
TrimTabs ETF Trust

STATEMENTS OF ASSETS & LIABILITIES
January 31, 2023 (Unaudited)
         
FCF
  
   
FCF US
    
International
  
   
Quality ETF
    
Quality ETF
  
ASSETS
            
Investments in Securities, at Value* (Including securities on
            
  loan valued at $14,892,064 and $678,846, respectively)
  
$
197,916,321
    
$
27,673,800
  
Cash
    
1,209,660
      
—
  
Foreign Currency, at Value*
    
—
      
601,532
  
Receivable for Investment Securities Sold
    
2,342,158
      
—
  
Interest and Dividends Receivable
    
137,583
      
158,975
  
Securities Lending Income Receivable
    
5,127
      
253
  
Receivable for Fund Shares Sold
    
25,518,045
      
—
  
Total Assets
    
227,128,894
      
28,434,560
  
                 
LIABILITIES
                
Payable for Securities Loaned
    
14,982,931
      
684,129
  
Payable for Investment Securities Purchased
    
24,977,330
      
—
  
Management Fees Payable
    
78,651
      
13,586
  
Due to Custodian
    
—
      
1,994
  
Payable for Fund Shares Redeemed
    
3,602,885
      
—
  
Total Liabilities
    
43,641,797
      
699,709
  
NET ASSETS
  
$
183,487,097
    
$
27,734,851
  
                 
NET ASSETS CONSIST OF:
                
Paid-in Capital
  
$
167,579,988
    
$
40,055,268
  
Total Distributable Earnings (Deficit)
    
15,907,109
      
(12,320,417
)
Net Assets
  
$
183,487,097
    
$
27,734,851
  
* Identified Cost:
                
Investments in Securities
  
$
182,138,042
    
$
30,659,030
  
Foreign Currency
  
$
—
    
$
575,839
  
                 
Net Asset Value (unlimited shares authorized):
                
Net Assets
  
$
183,487,097
    
$
27,734,851
  
Shares Outstanding (No Par Value)
    
3,775,000
      
1,025,000
  
Net Asset Value per Share
  
$
48.61
    
$
27.06
  

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

STATEMENTS OF ASSETS & LIABILITIES
January 31, 2023 (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 $11,635,440,
                  
  $4,808,309, and $8,971,722, respectively)
  
$
47,067,550
    
$
51,405,915
    
$
64,351,427
  
Interest and Dividends Receivable
    
234
      
8,814
      
105,260
  
Securities Lending Income Receivable
    
1,931
      
1,148
      
2,165
  
Total Assets
    
47,069,715
      
51,415,877
      
64,458,852
  
                         
LIABILITIES
                        
Payable for Securities Loaned
    
11,816,185
      
4,873,821
      
9,046,749
  
Management Fees Payable
    
20,476
      
26,711
      
31,579
  
Total Liabilities
    
11,836,661
      
4,900,532
      
9,078,328
  
NET ASSETS
  
$
35,233,054
    
$
46,515,345
    
$
55,380,524
  
                         
NET ASSETS CONSIST OF:
                        
Paid-in Capital
  
$
42,708,570
    
$
58,659,933
    
$
52,763,408
  
Total Distributable Earnings (Deficit)
    
(7,475,516
)
    
(12,144,588
)
    
2,617,116
  
Net Assets
  
$
35,233,054
    
$
46,515,345
    
$
55,380,524
  
* Identified Cost:
                        
Investments in Securities
  
$
46,663,140
    
$
52,671,053
    
$
61,301,847
  
                         
Net Asset Value (unlimited shares authorized):
                        
Net Assets
  
$
35,233,054
    
$
46,515,345
    
$
55,380,524
  
Shares Outstanding (No Par Value)
    
1,675,000
      
2,025,000
      
2,025,000
  
Net Asset Value per Share
  
$
21.03
    
$
22.97
    
$
27.35
  

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

STATEMENTS OF OPERATIONS
Six-Months Ended January 31, 2023 (Unaudited)
         
FCF
  
   
FCF US
    
International
  
   
Quality ETF
    
Quality ETF
  
INVESTMENT INCOME
            
Income:
            
Dividends (net of foreign withholding tax and issuance fees
            
  of $754 and $64,462, respectively)
  
$
1,365,764
    
$
832,079
  
Interest
    
20,930
      
2,687
  
Securities Lending Income
    
33,130
      
2,632