Jacob Forward ETF

Schedule of Investments ⁽⁺⁾

as of November 30, 2023 (Unaudited)

COMMON STOCKS - 99.9%	Shares		Value
Auto Dealers & Gasoline Stations - 2.0%
Autohome, Inc. - ADR		1,786	$	48,776
Biological Products (No Diagnostic Substances) - 6.4%
Beam Therapeutics, Inc.(a)		1,315		36,925
CRISPR Therapeutics AG(a)(b)		770		51,382
Krystal Biotech, Inc.(a)		648		67,541
				155,848
Business Services - 7.2%
Digital Turbine, Inc.(a)		11,582		53,856
OptimizeRx Corp.(a)		11,607		110,383
Zhihu, Inc. - ADR(a)(b)		14,500		10,629
				174,868
Computer and Peripheral Equipment Manufacturing - 4.5%
Identiv, Inc.(a)		15,970		110,512
Computer Processing & Data Preparation - 8.3%
Doximity, Inc. - Class A(a)		4,370		101,602
HUYA, Inc. - ADR(a)		11,519		39,048
JOYY, Inc. - ADR		353		13,559
Nextdoor Holdings, Inc.(a)		30,758		49,213
				203,422
Computer Programming Services - 4.0%
HashiCorp, Inc. - Class A(a)		2,843		60,898
Twilio, Inc. - Class A(a)		561		36,285
				97,183
Computer Programming, Data Processing, Etc. - 14.8%
Braze, Inc. - Class A(a)		705		38,733
Cloudflare, Inc. - Class A(a)		2,144		165,411
Confluent, Inc. - Class A(a)		2,323		49,294
MongoDB, Inc.(a)		260		108,092
				361,530
Finance Services - 5.7%
Block, Inc.(a)		1,769		112,208
SoFi Technologies, Inc.(a)		3,738		27,250
				139,458
Industrial Organic Chemicals - 0.8%
Codexis, Inc.(a)		7,912		18,672
Medical Laboratories - 3.5%
CareDx, Inc.(a)		8,810		85,545
Miscellaneous Amusement & Recreation - 11.3%
DraftKings, Inc. - Class A(a)		4,450		170,168
Inspired Entertainment, Inc.(a)		13,607		106,951
				277,119
Personal Services - 1.8%
Hello Group, Inc. - ADR		5,665		36,596
Rover Group, Inc.(a)		678		7,417
				44,013
Pharmaceutical Preparations - 11.2%
Apellis Pharmaceuticals, Inc.(a)		413		22,248
Arcturus Therapeutics Holdings, Inc.(a)		625		14,963
Harrow, Inc.(a)		6,183		57,069
Heron Therapeutics, Inc.(a)		71,233		87,616
Ideaya Biosciences, Inc.(a)		1,333		41,923
Schrodinger, Inc.(a)		1,595		49,589
				273,408
Real Estate - 7.5%
Porch Group, Inc.(a)		80,530		122,405
Zillow Group, Inc. - Class C(a)		1,469		60,141
				182,546
Semiconductors & Related Devices - 1.2%
Impinj, Inc.(a)		353		29,507
Surgical & Medical Instruments & Apparatus - 9.7%
Alphatec Holdings, Inc.(a)		10,933		129,775
Tela Bio, Inc.(a)		20,425		106,414
				236,189
TOTAL COMMON STOCKS (Cost $3,627,266)				2,438,596
MONEY MARKET FUNDS - 0.1%	Shares		Value
First American Government Obligations Fund - Class X, 5.29%(c)		2,144		2,144
TOTAL MONEY MARKET FUNDS (Cost $2,144)				2,144
COLLATERAL FOR SECURITIES ON LOAN - 2.0%	Shares		Value
First American Government Obligations Fund - Class X, 5.29%(c)		48,172		48,172
TOTAL COLLATERAL FOR SECURITIES ON LOAN (Cost $48,172)				48,172
TOTAL INVESTMENTS - 102.0% (Cost $3,677,582)			$	2,488,912
Liabilities in Excess of Other Assets - (2.0)%				(47,857	)
TOTAL NET ASSETS - 100.0%			$	2,441,055

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

(+)	Schedule of Investments is classified using the U.S. Securities and Exchange Commission’s Standard Industrial Classification (SIC) Code List.
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of November 30, 2023. The total market value of these securities was $43,183 which represented 1.8% of net assets.
(c)	The rate shown represents the 7-day effective yield as of November 30, 2023.

 Jacob Forward ETF Fund Summary of Fair Value Exposure (Unaudited)

Investment securities traded on a national securities exchange are valued at their market value determined by their last sales price in the principal market in which these securities are normally traded (except those traded on the NASDAQ National Market and Capital Market exchanges which are valued at the NASDAQ Official Closing Price (“NOCP”)), unless there are no transactions on the valuation date, in which case they are valued at the mean between the closing bid and ask prices. Securities traded over-the-counter are valued at the last reported sales price unless there is no reported sales price, in which case the mean between the closing bid and ask prices is used.  Foreign securities, currencies and other assets denominated in foreign currencies are translated into U.S. dollars at the exchange rate of such currencies. Foreign equity securities are valued at the last sale price at the close of the exchange on which the security is principally traded. The Jacob Forward ETF (the "Fund") values foreign securities at fair value, using fair valuation procedures approved by the Board of Directors (the "Board"), taking into account the occurrence of events after the close of foreign markets in calculating the net asset value ("NAV"). In such cases, use of fair valuation can reduce the investor's ability to seek profit by estimating the Fund's NAV in advance of the time the NAV is calculated. The Board has retained an independent fair value pricing service to assist in valuing foreign securities held by the Fund. Debt securities with maturities of 60 days or less are valued at amortized cost, which approximates market value. Short-term securities with 60 days or less remaining to maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, based on the value determined on the 61st day.  If amortized cost does not approximate fair value, short-term securities are reported at fair value. When reliable market quotations are not readily available or a pricing service does not provide a valuation (or provides a valuation that in the judgement of the Adviser does not represent the security's fair value) or when, in the judgment of the Adviser, events have rendered the market value unreliable, a security is fair valued in good faith by the Adviser under valuation procedures approved by the Board.

The Fund adheres to fair valuation accounting standards which provide an authoritative definition of fair value and sets out a hierarchy for measuring fair value. These standards require disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Fund's investments as of November 30, 2023:

Jacob Forward ETF
	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	2,438,596	$	–	$	–	$	2,438,596
Money Market Funds		2,144		–		–		2,144
Collateral for Securities on Loan(a)		48,172		–		–		48,172
Total Investments	$	2,488,912	$	–	$	–	$	2,488,912

Refer to the Schedule of Investments for industry classifications.

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.