NPORT-EX 2 forward.htm NPORT-EX

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.