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)

Annual Report

July 31, 2022

TrimTabs ETF Trust

TABLE OF CONTENTS

Management’s Discussion of Fund Performance for FCF US Quality ETF			1

Performance Summary for FCF US Quality ETF			3

Management’s Discussion of Fund Performance for
FCF International Quality ETF			4

Performance Summary for FCF International Quality ETF			6

Management’s Discussion of Fund Performance for
Donoghue Forlines Tactical High Yield ETF			7

Performance Summary for Donoghue Forlines Tactical High Yield ETF			9

Management’s Discussion of Fund Performance for
Donoghue Forlines Risk Managed Innovation ETF			10

Performance Summary for Donoghue Forlines Risk Managed Innovation ETF			12

Management’s Discussion of Fund Performance for
Donoghue Forlines Yield Enhanced Real Asset ETF			13

Performance Summary for Donoghue Forlines Yield Enhanced Real Asset ETF			15

Shareholder Expense Examples			16

Portfolio Holdings Allocation			18

Schedules of Investments			20

Statements of Assets and Liabilities			42

Statements of Operations			44

Statements of Changes in Net Assets			46

Financial Highlights			51

Notes to Financial Statements			56

Report of Independent Registered Public Accounting Firm			77

Additional Information			79

FCF US Quality ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited)

The FCF US Quality ETF (TTAC) returned -2.92% (NAV) and -2.89% (Market) for the 12 months ended July 31, 2022. Our benchmark, the Russell 3000 Total Return Index (R3000), returned -7.35% over the same period.

For the 12-month period, on an absolute basis, the leading contributors of TTAC were Energy and Large Blend stocks, adding 1.57% and 0.71% respectively. On a benchmark relative basis, the best active contributors were Communication Services and Large Blend stocks, adding 2.08% and 1.73% active returns over R3000; The main active detractors were Utilities and Large Value stocks, losing 0.54% and 0.78% respectively.

TTAC owns a portfolio of high-quality stocks selected by our proprietary free cash flow algorithm: as of July 31, 2022, the weighted average return on assets for TTAC was 13.56%, compared to 10.65% for R3000; and a cash flow return of 6.53% compared to 1.16%. Historically, high-quality stocks underperformed in the recovery stage but remained resilient throughout the economic cycle. We believe holding a Large and Mid-cap high-quality portfolio selected by the proprietary free cash flow metrics informed by our research as a core position may benefit investors in the long term.

Must be preceded or accompanied by a current Fund prospectus.

The views and opinions expressed in this discussion are those of FCF Advisors LLC. The views and opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

Past performance is no guarantee of future results.

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. Please refer to the Schedule of Investments contained in this report for a full listing of fund holdings.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (toll free 800-617-0004).

The Russell 3000^® Index measures the performance of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The Index measures the performance of approximately 98% of the total market capitalization of the publicly traded U.S. equity market. The Index return reflects the reinvestment of income dividends and capital gain distributions, if any, but does not reflect fees, brokerage commissions, or other expenses of investing. It is not possible to invest directly in the Index.

Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.

FCF US Quality ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited) (Continued)

The FCF US Quality ETF is distributed by Quasar Distributors, LLC.

The return on equity is a measure of the profitability of a business in relation to the equity.

A company’s debt-to-capital ratio or D/C ratio is the ratio of its total debt to its total capital, its debt and equity combined.

FCF US Quality ETF

PERFORMANCE SUMMARY

July 31, 2022 (Unaudited)

Growth of a $10,000 Investment

	One	Five	Since
Average Annual Total Returns (as of July 31, 2022)	Year	Year	Inception^(a)
FCF US Quality ETF – NAV	-2.92%	12.90%	14.37%
FCF US Quality ETF – Market	-2.89%	12.84%	14.38%
Russell 3000^® Total Return Index	-7.35%	12.18%	13.20%

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

^(a)	Commencement of operations on September 27, 2016.

FCF International Quality ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited)

The FCF International Quality ETF (TTAI) returned -17.93% (NAV) and -17.75% (Market) for the 12 months ended July 31, 2022. Our benchmark, the MSCI All Country World Index ex-USA, returned -15.26% over the same period.

For the 12-month period ended July 31, 2022, on an absolute basis, the leading detractors of TTAI were Industrials and Large Blend stocks with -4.09% and -4.48% returns respectively. On a benchmark relative basis, the main active contributors were Information Technology and Large Growth stocks, adding 1.04% and 0.92% respectively; geographically, we outperformed in Emerging Asia, Canada and Latin America, adding 0.98%, 0.74% and 0.57% respectively active returns over the benchmark.

TTAI owns a portfolio of high-quality stocks selected by our proprietary free cash flow algorithm: as of July 31, 2022, the weighted average cash flow return for TTAI was 14.97% compared to the benchmark’s 7.08%. Historically, high-quality stocks underperformed in the recovery stage but remained resilient throughout the economic cycle. We believe holding a Large and Mid-cap high-quality portfolio selected by the proprietary free cash flow metrics informed by our research as a core position may benefit investors in the long term.

Must be preceded or accompanied by a current Fund prospectus.

Past performance is no guarantee of future results.

The MSCI All Country World Index ex-USA (“MSCI Index”) is a market capitalization weighted index maintained by Morgan Stanley Capital International (MSCI). It is designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The MSCI Index includes both developed and emerging markets. It is not possible to invest directly in the MSCI Index.

FCF International Quality ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited) (Continued)

Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.

The FCF International Quality ETF is distributed by Quasar Distributors, LLC.

The return on equity is a measure of the profitability of a business in relation to the equity.

A company’s debt-to-capital ratio or D/C ratio is the ratio of its total debt to its total capital, its debt and equity combined.

FCF International Quality ETF

PERFORMANCE SUMMARY

July 31, 2022 (Unaudited)

Growth of a $10,000 Investment

	One	Five	Since
Average Annual Total Returns (as of July 31, 2022)	Year	Year	Inception^(a)
FCF International Quality ETF – NAV	-17.93%	3.99%	4.30%
FCF International Quality ETF – Market	-17.75%	3.71%	4.34%
S&P Developed Ex-U.S. BMI Index*	-15.54%	2.82%	3.31%
MSCI All Country World Index ex-USA (Net)*	-15.26%	2.45%	3.05%

*	Effective March 28, 2022, the Fund’s broad-based securities market index was changed from the S&P Developed Ex-U.S. BMI Index to the MSCI All Country World Index ex-USA to more closely align the Fund’s principal investment strategy, which includes exposure to emerging markets countries.

This chart assumes an initial gross investment of $10,000 made on June 27, 2017 (commencement of the Fund’s operations). Returns shown include the reinvestment of all dividends. Returns shown do not reflect the deductions of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Past performance is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than original cost. Index returns do not reflect the effects of fees or expenses. It is not possible to invest directly in an index. The total operating expense ratio as stated in the fee table to the Fund’s prospectus dated November 29, 2021 is 0.60%. For performance information current to the most recent month-end, please call 1-800-617-0004.

^(a)	Commencement of operations on June 27, 2017.

Donoghue Forlines Tactical High Yield ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited)

The Donoghue Forlines Tactical High Yield ETF (DFHY or the “Fund”) was down -9.96% (NAV) and -10.01% (Market) for the 1 year ended July 31, 2022. Our benchmark, the Bloomberg U.S. Aggregate Bond Index was down -9.12% for the same time period.

DFHY slightly underperformed the broader market index, the Bloomberg U.S. Aggregate Bond Index, for the 1 year ended July 31, 2022. During this time period, bond markets were challenged by sharply higher interest rates and volatility. DFHY is a fund of funds that tactically allocates exposure to high yield bond ETFs or intermediate term treasury bond ETFs on a daily buy-sell signal. DFHY aims to capture the majority of the upside and more importantly avoid the majority of the downside of the high yield asset class during a full credit market cycle. The strategy utilizes proprietary defensive “Tactical” indicators to attempt to mitigate downside volatility and preserve capital by shifting primarily towards intermediate term treasury exposure during market declines. The underlying funds are passively managed and track indexes, therefore DFHY seeks to derive its alpha from being invested in the high yield bond market or intermediate term treasury market at the more opportune time. The Fund could also seek to derive alpha from the broader fixed income benchmark, the Bloomberg U.S. Aggregate Bond Index, by holding high yield bonds (which the benchmark Index does not) and holding less duration than the broader market index, the Bloomberg U.S. Aggregate Bond Index. On an absolute basis, both our high yield bond ETFs and intermediate term treasury ETFs produced negative returns during the period.

The Fund’s underlying index experienced 7 risk mitigation signals for the 1 year ended July 31, 2022. The Fund began the time period allocated to a 100% mix of high yield bond ETFs. The first sell signal occurred on August 5, 2021, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on August 26, 2021, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund performed in line with its benchmark over that time period. Another sell signal occurred on October 1, 2021, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on November 5, 2021, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund underperformed its benchmark over that time period. Another sell signal occurred on November 18, 2021, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on December 13, 2021, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund underperformed its benchmark over that time period. Another sell signal occurred on January 10, 2022, which saw the Fund allocate to an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on April 5, 2022, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund underperformed its benchmark over that time period. A risk mitigation signal triggered on April 8, 2022, which saw the Fund allocate back an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on May 31, 2022, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. The Fund

Donoghue Forlines Tactical High Yield ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited) (Continued)

underperformed its benchmark over that time period. A risk mitigation signal triggered on June 10, 2022, which saw the Fund allocate back an 80% mix of intermediate term Treasury ETFs and a 20% mix of high yield bond ETFs. A subsequent buy signal triggered on July 21, 2022, which saw the Fund allocate back to a 100% mix of high yield bond ETFs. While the signals did not provide positive attribution against being fully invested in high yield bond ETFs for the duration of the time period, the portfolio benefited from less exposure to duration than the benchmark index.

Must be preceded or accompanied by a current Fund prospectus.

The views and opinions expressed in this discussion are those of FCF Advisors LLC and Donoghue Forlines LLC. The views and opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

Past performance is no guarantee of future results.

Investing involves risk, including the possible loss of principal. Individual shares of any ETF are bought and sold at market price (not NAV), may trade at a discount or premium to NAV and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Because the Fund invests in ETFs, an investor will indirectly bear the principal risks of the underlying funds, including illiquidity, and an investment in the Fund will entail more costs and expenses than a direct investment in the Underlying ETFs. Passive funds that seek to track an index may hold the component securities of the underlying index regardless of the current or projected performance of a specific security or the relevant market as a whole, which could cause the fund returns to be lower than if the fund employed an active strategy. The performance of the Fund may diverge from that of its Index. Active and frequent trading of portfolio securities may result in increased transaction costs to the Fund and may also result in higher taxes if Shares are held in a taxable account. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in high yield securities and unrated securities of similar credit quality are considered to be speculative and are generally subject to a greater risk of loss of principal and interest than investment grade securities. Investment in a fund that utilizes a tactical overlay that seeks to minimize risk may not be appropriate for every investor seeking a particular risk profile.

The Donoghue Forlines Tactical High Yield ETF is distributed by Quasar Distributors, LLC

FCF Tactical High Yield Index tracks the performance of a rules-based tactical strategy that employs technical signals to determine a bullish or defensive posture: when bullish, the Index is fully invested into selected High Yield Bond exchange-traded funds (“ETFs”); when defensive, the Index directs 80% of its position into selected intermediate-term U.S. Treasury ETFs.

The Bloomberg U.S. Aggregate Bond Index, or the Agg, is a broad base, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States.

Alpha is a term used in investing to describe an investment strategy’s ability to beat the market, or its “edge.”

Bond duration is a way of measuring how much bond prices are likely to change if and when interest rates move. In more technical terms, bond duration is measurement of interest rate risk.

Donoghue Forlines Tactical High Yield ETF

PERFORMANCE SUMMARY

July 31, 2022 (Unaudited)

Growth of a $10,000 Investment

	One	Since
Average Annual Total Returns (as of July 31, 2022)	Year	Inception^(a)
Donoghue Forlines Tactical High Yield ETF – NAV	-9.96%	-4.52%
Donoghue Forlines Tactical High Yield ETF – Market	-10.01%	-4.52%
FCF Tactical High Yield Index	-9.99%	-4.76%
Bloomberg U.S. Aggregate Bond Index	-9.12%	-5.69%

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

^(a)	Commencement of operations on December 7, 2020.

Donoghue Forlines Risk Managed Innovation ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited)

The Donoghue Forlines Risk Managed Innovation ETF (DFNV) was down -15.16% (NAV) and -15.10% (Market) for the 1 year ended July 31, 2022. Our benchmark, the Russell 1000 Total Return Index (R1000), was down -6.87% for the same time period.

On an absolute basis, the leading contributors of DFNV were Healthcare stocks with a -9.38% return, and Information Technology stocks with -13.99% return; the largest detractors were Consumer Discretionary stocks with a -35.16% return, and Communication Services stocks with a -26.35% return. On a benchmark relative basis, the best active contributors were Communications stocks, adding 1.16% active return over R1000. The main active detractors were Information Technology stocks, losing -3.60%, and Energy stocks, losing -1.74%.

DFNV owns a portfolio of high-quality innovative stocks selected by our proprietary free cash flow algorithm: as of July 31, 2022, the weighted average return on equity for DFNV was 44.99%, compared to 39.68% of R1000 and debt-to-capital of 44.76% compared to 41.81. DFNV remained fully invested during the period ended July 31st, 2022, as the fund’s underlying index did not employ the downside risk mitigation model. Rising interest rates and persistent inflation weighed on growth stocks during the time period. We believe holding a portfolio of high-quality innovative stocks selected by the proprietary free cash flow metrics informed by our research as a core position may benefit investors in the long term.

Must be preceded or accompanied by a current Fund prospectus.

Past performance is no guarantee of future results.

Donoghue Forlines Risk Managed Innovation ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited) (Continued)

the Fund will entail more costs and expenses than a direct investment in the Underlying ETFs. Passive funds that seek to track an index may hold the component securities of the underlying index regardless of the current or projected performance of a specific security or the relevant market as a whole, which could cause the fund returns to be lower than if the fund employed an active strategy. The performance of the Fund may diverge from that of its Index. Active and frequent trading of portfolio securities may result in increased transaction costs to the Fund and may also result in higher taxes if Shares are held in a taxable account. Investment in a fund that utilizes a downside protection model that seeks to minimize risk only during certain prolonged bear market environments may not be appropriate for ever investor seeking a particular risk profile.

Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.

The Donoghue Forlines Risk Managed Innovation ETF is distributed by Quasar Distributors, LLC.

FCF Risk Managed Quality Innovation Index tracks the performance of a rules-based strategy that aims to provide risk-managed exposure to U.S. publicly traded companies with strong free cash flow and strong research and development (“R&D”) investment.

The Russell 1000 Index is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 90% of the total market capitalization of that index.

Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders’ equity.

The weighted average return is the sum total of the product (or multiplication) of weights that are associated with different investment options and their respective returns.

A company’s debt-to-capital ratio or D/C ratio is the ratio of its total debt to its total capital, its debt and equity combined.

Donoghue Forlines Risk Managed Innovation ETF

PERFORMANCE SUMMARY

July 31, 2022 (Unaudited)

Growth of a $10,000 Investment

	One	Since
Average Annual Total Returns (as of July 31, 2022)	Year	Inception^(a)
Donoghue Forlines Risk Managed Innovation ETF – NAV	-15.16%	0.32%
Donoghue Forlines Risk Managed Innovation ETF – Market	-15.10%	0.34%
FCF Risk Managed Quality Innovation Index	-14.93%	0.70%
Russell 1000^® Total Return Index	-6.87%	6.84%

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

^(a)	Commencement of operations on December 7, 2020.

Donoghue Forlines Yield Enhanced Real Asset ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited)

The Donoghue Forlines Yield Enhanced Real Asset ETF (DFRA) began trading on December 14, 2021. Since inception on December 13, 2021 through the period ending July 31, 2022, the Fund was up 6.88% (NAV) and 6.79% (Market). Our benchmark, the S&P Real Assets Equity Index, was down -0.42% over the same period.

DFRA outperformed its benchmark since inception to the period ended July 31st, 2022. Real asset equities, as represented by the S&P Real Asset Equity Index, outperformed the broader market, as represented by the S&P 500 Index , during this time period. The largest contributors to performance were Energy stocks and Consumer Staples stocks, respectively up 46.27% and 41.58% during the time period. The largest detractors were Real Estate stocks and Information Technology stocks, respectively down -15.05% and -9.84%.

DFRA owns a portfolio of high-quality real asset stocks* selected by our proprietary free cash flow algorithm: as of July 31st, 2022 the weighted average return on equity for DFRA was 24.91% and debt-to-capital of 46.64%. The price-to-sales ratio was 3.90 and the price-to-earnings ratio 13.26. Historically, real asset stocks have outperformed in periods of high inflation. We believe holding a portfolio of high-quality real asset stocks selected by the proprietary free cash flow metrics informed by our research as a core position may provide diversification and benefit investors in the long term.

“Real asset” stocks are currently defined as common stock, real estate investment trusts (“REITs”), master limited partnerships (“MLPs”), and American Depositary Receipts (“ADRs”) included in the “Real Assets Industry Group,” as defined by FCF Indexes LLC, the index provider for the FCF Yield Enhanced Real Asset Index.

Passive funds that seek to track an index may hold the component securities of the underlying index regardless of the current or projected performance of a specific security or the relevant market as a whole, which could cause the fund returns to be lower than if the fund employed an active strategy. The performance of the Fund may diverge from that of its Index known as tracking error. The Fund is new with limited performance history to evaluate.

Donoghue Forlines Yield Enhanced Real Asset ETF

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

July 31, 2022 (Unaudited) (Continued)

The Fund may be subject to certain risks associated with direct investments in REITs such as the quality of credit, changes in their underlying properties and by defaults by borrowers or tenants. MLPs can be affected by macroeconomic factors, expectations of interest rates, investor sentiment or changes in a particular issuer’s financial condition. The Fund is more susceptible to adverse developments affecting one or more of these sectors.

Free Cash Flow represents the cash that a company is able to generate after accounting for capital expenditures.

The Donoghue Forlines Yield Enhanced Real Asset ETF is distributed by Quasar Distributors, LLC.

Return on equity (ROE) is a measure of financial performance calculated by dividing net income by shareholders’ equity. A company’s earnings are its after-tax net income. This is the company’s bottom line or its profits.

Market Price: The current price at which shares are bought and sold. Market returns are based upon last trade price.

NAV: The dollar value of a single share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. Calculated at the end of each business day.

The S&P Real Assets Equity Index is a static weighted return of investable and liquid equity indexed components that measures the performance of real return strategies that invest in listed global property, infrastructure, natural resources, and timber and forestry companies.

The FCF Yield Enhanced Real Asset Index is designed to track the investment result of a rules-based strategy that aims to provide exposure to global “real assets” equities.

The Standard and Poor’s 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 large companies listed on exchanges in the United States.

Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is calculated by dividing the company’s market capitalization by the revenue in the most recent year; or, equivalently, divide the per-share stock price by the per-share revenue.

The price-earnings ratio, also known as P/E ratio, P/E, or PER, is the ratio of a company’s share price to the company’s earnings per share. The ratio is used for valuing companies and to find out whether they are overvalued or undervalued.

Donoghue Forlines Yield Enhanced Real Asset ETF

PERFORMANCE SUMMARY

July 31, 2022 (Unaudited)

Growth of a $10,000 Investment

	Since
Cumulative Returns (as of July 31, 2022)	Inception^(a)
Donoghue Forlines Yield Enhanced Real Asset ETF – NAV	6.88%
Donoghue Forlines Yield Enhanced Real Asset ETF – Market	6.79%
FCF Yield Enhanced Real Asset Index	6.58%
S&P Real Assets Equity Index (Net Total Return)	-0.42%

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

^(a)	Commencement of operations on December 13, 2021.

TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES

For the Six-Months Ended July 31, 2022 (Unaudited)

As a shareholder of a Fund you incur two types of costs: (1) transaction costs for purchasing and selling shares; and (2) ongoing costs, including management fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period as indicated below.

Actual Expenses

The first line in the table below provides information about actual account values and actual expenses. You may use the information provided in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 ending account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical Example for Comparison Purposes

The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as brokerage commissions paid on purchases and sales of Fund shares. Therefore, the second line in the table below is useful in comparing ongoing Fund costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning	Ending	Expenses Paid
	Account	Account	During Period
	Value	Value	2/1/22 –
	2/1/22	7/31/22	7/31/22^(a)
FCF US Quality ETF
Actual	$1,000.00	$ 945.00	$2.85
Hypothetical (5% return before expenses)	$1,000.00	$1,021.87	$2.96

TrimTabs ETF Trust

SHAREHOLDER EXPENSE EXAMPLES

For the Six-Months Ended July 31, 2022 (Unaudited) (Continued)

	Beginning	Ending	Expenses Paid
	Account	Account	During Period
	Value	Value	2/1/22 –
	2/1/22	7/31/22	7/31/22^(a)
FCF International Quality ETF
Actual	$1,000.00	$ 864.30	$2.73
Hypothetical (5% return before expenses)	$1,000.00	$1,021.87	$2.96

	Beginning	Ending	Expenses Paid
	Account	Account	During Period
	Value	Value	2/1/22
	2/1/22	7/31/22	7/31/22^(b)
Donoghue Forlines
Tactical High Yield ETF
Actual	$1,000.00	$ 923.00	$3.29
Hypothetical (5% return before expenses)	$1,000.00	$1,021.37	$3.46

	Beginning	Ending	Expenses Paid
	Account	Account	During Period
	Value	Value	2/1/22
	2/1/22	7/31/22	7/31/22^(b)
Donoghue Forlines Risk
Managed Innovation ETF
Actual	$1,000.00	$ 908.10	$3.26
Hypothetical (5% return before expenses)	$1,000.00	$1,021.37	$3.46

	Beginning	Ending	Expenses Paid
	Account	Account	During Period
	Value	Value	2/1/22
	2/1/22	7/31/22	7/31/22^(b)
Donoghue Forlines Yield
Enhanced Real Asset ETF
Actual	$1,000.00	$1,018.90	$3.45
Hypothetical (5% return before expenses)	$1,000.00	$1,021.37	$3.46

^(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 181/365 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 181/365 to reflect the period.

TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)

July 31, 2022 (Unaudited)

FCF US Quality ETF
Communications	4.3	%
Consumer Discretionary	8.6	%
Consumer Staples	8.1	%
Energy	7.1	%
Financials	9.4	%
Health Care	16.0	%
Industrials	5.6	%
Materials	3.4	%
Technology	33.6	%^(a)
REITs	2.8	%
Money Market Fund	0.8	%
Investment Purchased with the Cash Proceeds from Securities Lending	10.6	%^(b)
Liabilities in Excess of Other Assets	(10.3	)%
Total Net Assets	100.0	%

FCF International Quality ETF
Australia	9.7	%
Austria	0.5	%
Belgium	0.7	%
Brazil	2.6	%
Canada	10.2	%
China	8.6	%
Denmark	5.2	%
Finland	1.5	%
France	3.6	%
Germany	3.5	%
Hong Kong	1.2	%
India	0.4	%
Ireland	2.3	%
Israel	0.8	%
Italy	1.3	%
Japan	7.4	%
Mexico	0.7	%
Netherlands	2.9	%
Norway	3.4	%
Portugal	0.7	%
Republic of Korea	0.3	%
Singapore	0.7	%
South Africa	2.8	%
Spain	0.5	%
Sweden	3.4	%
Switzerland	7.7	%
Taiwan	2.7	%
United Kingdom	12.9	%
Money Market Fund	1.0	%
Investment Purchased with the Cash Proceeds from Securities Lending	6.0	%^(b)
Liabilities in Excess of Other Assets	(5.2	)%
Total Net Assets	100.0	%

TrimTabs ETF Trust

PORTFOLIO HOLDINGS ALLOCATION (as a % of net assets)

July 31, 2022 (Unaudited) (Continued)

Donoghue Forlines Tactical High Yield ETF
Exchange-Traded Funds	99.7	%
Money Market Fund	0.3	%
Investment Purchased with the Cash Proceeds from Securities Lending	29.4	%^(b)
Liabilities in Excess of Other Assets	(29.4	)%
Total Net Assets	100.0	%

Donoghue Forlines Risk Managed Innovation ETF
Communications	9.9	%
Consumer Discretionary	1.6	%
Consumer Staples	2.7	%
Energy	1.4	%
Health Care	25.6	%^(c)
Industrials	3.5	%
Technology	55.0	%^(c)
Money Market Fund	0.3	%
Investment Purchased with the Cash Proceeds from Securities Lending	14.6	%^(b)
Liabilities in Excess of Other Assets	(14.6	)%
Total Net Assets	100.0	%

Donoghue Forlines Yield Enhanced Real Asset ETF
Consumer Staples	1.3	%
Energy	29.3	%^(d)
Industrials	19.9	%
Materials	13.2	%
Technology	1.4	%
Preferred Stock	2.3	%
Master Limited Partnerships	11.5	%
REITs	20.7	%
Money Market Fund	0.3	%
Investment Purchased with the Cash Proceeds from Securities Lending	24.0	%^(b)
Liabilities in Excess of Other Assets	(23.9	)%
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.

FCF US Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022

	Shares		Value

COMMON STOCKS – 96.1%

Communications – 4.3%
Alphabet, Inc. – Class A (a)		28,640	$	3,331,405
Booking Holdings, Inc. (a)		452		874,932
Expedia Group, Inc. (a)		3,529		374,250
Interpublic Group of Cos., Inc.		42,496		1,269,356
Meta Platforms, Inc. – Class A (a)		7,410		1,178,931
Sirius XM Holdings, Inc. (d)		86,641		578,762
VeriSign, Inc. (a)		200		37,832
				7,645,468

Consumer Discretionary – 8.6%
AutoNation, Inc. (a)(d)		14,243		1,691,214
AutoZone, Inc. (a)		813		1,737,698
Chipotle Mexican Grill, Inc. (a)(d)		523		818,087
Dick’s Sporting Goods, Inc. (d)		60		5,616
Etsy, Inc. (a)(d)		5,756		597,012
Genuine Parts Co.		5,670		866,773
Group 1 Automotive, Inc.		5,670		1,003,136
Home Depot, Inc.		3,479		1,046,970
Lowe’s Cos., Inc.		4,625		885,826
Masco Corp. (d)		23,206		1,285,148
O’Reilly Automotive, Inc. (a)		2,465		1,734,349
Starbucks Corp.		17,716		1,501,963
Ulta Beauty, Inc. (a)		3,156		1,227,400
Williams-Sonoma, Inc. (d)		6,173		891,505
Winmark Corp.		112		24,881
				15,317,578

Consumer Staples – 8.1%
Altria Group, Inc.		23,584		1,034,394
BellRing Brands, Inc. (a)		33,247		802,583
Clorox Co.		5,631		798,701
Coca-Cola Co.		39,748		2,550,629
Colgate-Palmolive Co.		15,397		1,212,360
Costco Wholesale Corp.		3,731		2,019,590
Estee Lauder Cos., Inc. – Class A		3,225		880,748
Hershey Co. (d)		4,814		1,097,399
Kroger Co.		14,746		684,804

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

FCF US Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.1% (Continued)

Consumer Staples – 8.1% (Continued)
Philip Morris International, Inc.		16,941	$	1,645,818
Procter & Gamble Co.		11,777		1,635,943
Target Corp.		17		2,778
				14,365,747

Energy – 7.1%
APA Corp.		18,414		684,448
Chord Energy Corp. (d)		34		4,360
ConocoPhillips		11,534		1,123,758
Devon Energy Corp.		10,570		664,325
Enphase Energy, Inc. (a)		3,397		965,360
Exxon Mobil Corp.		27,129		2,629,614
Magnolia Oil & Gas Corp. – Class A (d)		64,931		1,566,785
Occidental Petroleum Corp.		11,859		779,729
Ovintiv, Inc.		30,303		1,548,180
PDC Energy, Inc. (d)		10,186		669,118
Targa Resources Corp.		14,366		992,834
Texas Pacific Land Corp.		474		869,245
				12,497,756

Financials – 9.4%
Allstate Corp.		370		43,279
American Express Co.		7,021		1,081,375
American Financial Group, Inc.		10,031		1,340,944
Bank of America Corp.		151		5,105
Berkshire Hathaway, Inc. – Class B (a)		6,634		1,994,180
Goldman Sachs Group, Inc.		3,307		1,102,521
JPMorgan Chase & Co.		22,701		2,618,787
LPL Financial Holdings, Inc. (d)		7,766		1,630,239
Morgan Stanley		10,584		892,231
SEI Investments Co.		16,602		919,087
Synchrony Financial		30,737		1,029,075
T Rowe Price Group, Inc. (d)		7,396		913,184
U.S. Bancorp		21,946		1,035,851
Visa, Inc. – Class A (d)		5,922		1,256,116
Wells Fargo & Co.		928		40,711
Willis Towers Watson PLC		3,210		664,277
				16,566,962

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

FCF US Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.1% (Continued)

Health Care – 16.0%
Abbott Laboratories		12,736	$	1,386,186
AbbVie, Inc.		16,760		2,405,228
Alector, Inc. (a)		40,000		408,800
Amgen, Inc.		9,216		2,280,683
Bristol-Myers Squibb Co.		26,314		1,941,447
Chemed Corp. (d)		1,799		865,481
Eli Lilly & Co.		6,640		2,189,142
Gilead Sciences, Inc.		14,841		886,750
Hologic, Inc. (a)		12,325		879,758
Johnson & Johnson		16,176		2,823,035
McKesson Corp.		5,171		1,766,310
Medpace Holdings, Inc. (a)		5,347		906,477
Mettler-Toledo International, Inc. (a)		844		1,139,172
Molina Healthcare, Inc. (a)		5,173		1,695,296
Pfizer, Inc.		51,282		2,590,254
Regeneron Pharmaceuticals, Inc. (a)		1,207		702,100
UnitedHealth Group, Inc.		5,031		2,728,512
Waters Corp. (a)		2,088		760,095
				28,354,726

Industrials – 5.6%
3M Co. (d)		45		6,446
Allegion PLC (d)		48		5,074
Emerson Electric Co.		59		5,314
General Dynamics Corp.		3,150		714,011
Insperity, Inc.		6,846		751,280
Keysight Technologies, Inc. (a)		6,127		996,250
Lennox International, Inc. (d)		280		67,068
Lockheed Martin Corp.		3,475		1,437,990
Louisiana-Pacific Corp. (d)		20,132		1,280,999
Oshkosh Corp.		11,603		999,018
Otis Worldwide Corp.		17,667		1,381,029
Rollins, Inc. (d)		15,821		610,216
Union Pacific Corp.		29		6,592
United Parcel Service, Inc. – Class B		8,680		1,691,645
				9,952,932

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

FCF US Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.1% (Continued)

Materials – 3.4%
CF Industries Holdings, Inc.		11,963	$	1,142,347
Dow, Inc.		11,110		591,163
Eagle Materials, Inc.		8,211		1,038,281
LyondellBasell Industries NV – Class A		11,161		994,668
Sherwin-Williams Co.		6,042		1,461,802
Trex Co., Inc. (a)		11,401		735,593
Vale SA – ADR (d)		1,316		17,713
				5,981,567

Technology – 33.6% (c)
Accenture PLC – Class A		7,176		2,197,722
Adobe, Inc. (a)		4,495		1,843,489
Apple, Inc.		65,092		10,578,101
ASML Holding NV – NY Reg Shares		1,894		1,087,989
Atlassian Corp. PLC – Class A (a)		5,684		1,189,775
Autodesk, Inc. (a)		4,010		867,443
Box, Inc. – Class A (a)		24,063		684,352
Broadcom, Inc.		4,389		2,350,222
Cadence Design Systems, Inc. (a)		7,552		1,405,276
Cisco Systems, Inc.		45,095		2,045,960
CommVault Systems, Inc. (a)		13,261		743,809
Crowdstrike Holdings, Inc. – Class A (a)		3,292		604,411
Dropbox, Inc. – Class A (a)		37,661		856,411
FactSet Research Systems, Inc.		2,443		1,049,708
Fair Isaac Corp. (a)		2,627		1,213,753
Fortinet, Inc. (a)		28,901		1,723,945
Gartner, Inc. (a)		4,472		1,187,226
HP, Inc.		39,471		1,317,937
International Business Machines Corp.		9,289		1,214,908
Jack Henry & Associates, Inc.		7,077		1,470,388
Manhattan Associates, Inc. (a)(d)		7,362		1,035,612
MarketAxess Holdings, Inc.		1,460		395,339
Mastercard, Inc. – Class A		4,966		1,756,921
Microchip Technology, Inc. (d)		8,287		570,643
Microsoft Corp.		22,023		6,182,737
Moody’s Corp.		3,563		1,105,421
Motorola Solutions, Inc.		2,952		704,318

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

FCF US Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.1% (Continued)

Technology – 33.6% (c) (Continued)
MSCI, Inc.		1,782	$	857,748
NetApp, Inc.		55		3,923
NVIDIA Corp.		8,476		1,539,496
Palo Alto Networks, Inc. (a)		3,105		1,549,705
Paychex, Inc.		8,035		1,030,730
Pure Storage, Inc. – Class A (a)		31,448		891,551
QUALCOMM, Inc.		585		84,860
ServiceNow, Inc. (a)		3,162		1,412,339
Synopsys, Inc. (a)		2,945		1,082,287
Veeva Systems, Inc. – Class A (a)		3,977		889,178
VMware, Inc. – Class A		5,954		691,855
Western Union Co.		24,142		410,897
Workday, Inc. – Class A (a)		5,666		878,797
Zebra Technologies Corp. (a)		2,011		719,315
				59,426,497
TOTAL COMMON STOCKS
(Cost $152,918,281)				170,109,233


REITs – 2.8%

Real Estate – 2.8%
American Tower Corp.		8,174		2,213,764
Gaming and Leisure Properties, Inc.		13,150		683,668
Iron Mountain, Inc. (d)		26,632		1,291,386
Simon Property Group, Inc.		7,389		802,741
TOTAL REITs
(Cost $4,548,022)				4,991,559


MONEY MARKET FUND – 0.8%
Fidelity Institutional Money Market Fund –
Government Portfolio, Institutional Class, 1.49% (b)		1,361,957		1,361,957
TOTAL MONEY MARKET FUND
(Cost $1,361,957)				1,361,957

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

FCF US Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

INVESTMENT PURCHASED WITH THE CASH
PROCEEDS FROM SECURITIES LENDING – 10.6%

Investment Company – 10.6%
Mount Vernon Liquid Asset Portfolio, LLC, 2.02% (b)		18,745,040	$	18,745,040
TOTAL INVESTMENT PURCHASED WITH THE
CASH PROCEEDS FROM SECURITIES LENDING
(Cost $18,745,040)				18,745,040

Total Investments (Cost $177,573,300) – 110.3%				195,207,789
Liabilities in Excess of Other Assets – (10.3)%				(18,270,147	)
TOTAL NET ASSETS – 100.0%			$	176,937,642

Percentages are stated as a percent of net assets.

ADR – American Depositary Receipt

PLC – Public Limited Company

REIT – Real Estate Investment Trust

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day annualized yield as of July 31, 2022.
(c)	Amount represents investments in a particular sector. No industry within this sector represented more than 25% of the Fund’s total assets at the time of investment.
(d)	All or a portion of this security was out on loan at July 31, 2022. Total loaned securities had a market value of $18,626,055 as of July 31, 2022.

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

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

FCF International Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022

	Shares		Value

COMMON STOCKS – 96.2%

Communications – 7.1%
America Movil SAB de CV – ADR		20,139	$	381,231
Kakaku.com, Inc.		22,206		431,464
KDDI Corp.		11,944		384,429
MTN Group Ltd.		33,434		279,804
MultiChoice Group		48,823		349,634
NetEase, Inc. – ADR (e)		8,405		781,497
Telenor ASA		32,392		392,119
Telstra Corp. Ltd.		110,738		300,979
Ubisoft Entertainment SA – ADR (a)		30,092		254,578
WPP PLC – ADR		4,963		267,804
				3,823,539

Consumer Discretionary – 11.3%
adidas AG		1,820		312,129
Bunzl PLC		11,437		427,730
BYD Co. Ltd. – Class H		13,986		508,848
Domino’s Pizza Enterprises Ltd.		4,102		207,618
Geberit AG		614		321,820
Hennes & Mauritz AB – Class B		31,823		404,967
Howden Joinery Group PLC		38,541		317,471
JD Sports Fashion PLC		251,153		396,235
La Francaise des Jeux SAEM (b)		7,209		256,772
Lululemon Athletica, Inc. (a)		812		252,134
LVMH Moet Hennessy Louis Vuitton SE		1,171		807,850
Mercedes-Benz Group AG		5,332		311,823
Next PLC		4,603		381,514
Pandora A/S		3,454		254,939
Persimmon PLC – ADR		60		2,768
Pinduoduo, Inc. – ADR (a)		5,737		281,170
Topsports International Holdings Ltd. (b)		177,970		148,272
Yadea Group Holdings Ltd. (b)		107,766		232,009
ZOZO, Inc.		12,697		272,602
				6,098,671

Consumer Staples – 10.6%
Chongqing Brewery Co. Ltd. – Class A		16,166		294,900
Coles Group Ltd.		42,221		553,121
Diageo PLC		9,601		453,889

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

FCF International Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.2% (Continued)

Consumer Staples – 10.6% (Continued)
Dollarama, Inc.		9,454	$	572,976
Haleon PLC – ADR (a)		14,014		98,518
Imperial Brands PLC		14,052		307,856
Jeronimo Martins SGPS SA		16,128		372,858
Kesko Oyj – Class B		15,069		371,477
Kweichow Moutai Co. Ltd. – Class A		1,482		417,605
Loblaw Cos Ltd.		4,199		382,240
L’Oreal SA		1,726		649,347
Reckitt Benckiser Group PLC		3,878		313,867
Sun Art Retail Group Ltd.		439,218		129,249
Unilever PLC		16,947		826,248
				5,744,151

Energy – 4.8%
Aker BP ASA		13,304		459,605
Equinor ASA – ADR (e)		18,082		694,530
Imperial Oil Ltd.		7,145		342,422
OMV AG		6,769		286,553
Orron Energy AB		13,988		17,206
Petroleo Brasileiro SA – ADR		47,421		677,172
Woodside Energy Group Ltd. – ADR (e)		1,369		31,090
Woodside Energy Group Ltd.		3,853		86,093
				2,594,671

Financials – 13.5%
Admiral Group PLC		8,521		199,029
Bank of Montreal		3,092		308,246
China Merchants Bank Co. Ltd. – Class H		53,020		286,379
Commonwealth Bank of Australia		9,545		672,044
Deutsche Boerse AG		2,513		437,912
FinecoBank Banca Fineco SpA		23,237		287,129
Gjensidige Forsikring ASA		14,168		295,231
Hargreaves Lansdown PLC		21,307		220,089
Hong Kong Exchanges & Clearing Ltd.		11,740		536,906
Industrial & Commercial Bank of China Ltd. – Class H		440,106		232,671
Japan Exchange Group, Inc.		12,606		199,323
Nihon M&A Center Holdings, Inc.		9,956		131,776

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

FCF International Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.2% (Continued)

Financials – 13.5% (Continued)
Partners Group Holding AG		532	$	577,356
Ping An Insurance Group Co. of China Ltd. – Class H		47,154		277,521
Royal Bank of Canada (e)		10,690		1,042,382
Singapore Exchange Ltd.		50,916		364,897
Toronto-Dominion Bank		10,179		661,192
Zurich Insurance Group AG		1,325		577,552
				7,307,635

Health Care – 9.5%
Amplifon SpA		11,740		386,482
Astellas Pharma, Inc.		21,824		341,639
Coloplast A/S – Class B		1,653		192,770
Getinge AB – Class B		10,009		224,858
GSK PLC – ADR		11,211		472,776
Medibank Pvt Ltd.		132,964		316,796
Novo Nordisk A/S – Class B		13,301		1,559,538
Roche Holding AG		3,000		994,064
Sonic Healthcare Ltd.		16,882		404,230
Straumann Holding AG		2,019		271,081
				5,164,234

Industrials – 12.0%
AP Moller – Maersk A/S – Class A		301		802,132
Atlas Copco AB – Class A		62,370		724,342
COSCO SHIPPING Holdings Co. Ltd. – Class H		267,367		399,864
Deutsche Post AG		8,560		340,325
Epiroc AB – Class A		7,997		140,625
Evergreen Marine Corp. Taiwan Ltd.		79,000		251,979
GEA Group AG		13,223		491,523
Intertek Group PLC		6,036		321,665
Iveco Group NV (a)		7,158		43,591
Kone Oyj – Class B		8,992		408,965
Kuehne + Nagel International AG		1,678		449,888
Recruit Holdings Co. Ltd.		12,876		478,251
Rentokil Initial PLC		44,272		291,786
Samsung Heavy Industries Co. Ltd. (a)		44,225		191,321
Schindler Holding AG		1,321		256,747

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

FCF International Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.2% (Continued)

Industrials – 12.0% (Continued)
SGS SA		164	$	398,865
Wan Hai Lines Ltd.		62,100		221,927
Yang Ming Marine Transport Corp.		94,800		283,694
				6,497,490

Materials – 9.2%
Anglo American PLC – ADR		22,096		398,391
BHP Group Ltd. – ADR (e)		3,601		198,199
BHP Group Ltd.		21,324		576,296
Evraz PLC (c)		49,526		151,676
Exxaro Resources Ltd.		20,477		248,742
Fortescue Metals Group Ltd. – ADR		4,340		111,929
Fortescue Metals Group Ltd.		22,025		282,232
James Hardie Industries PLC		14,784		363,601
Kumba Iron Ore Ltd.		12,920		382,897
MMG Ltd. (a)		681,580		201,438
Rio Tinto Ltd.		3,596		245,800
Shaanxi Coal Industry Co. Ltd. – Class A		162,900		462,064
Sibanye Stillwater Ltd.		101,838		248,284
Vale SA – ADR (e)		31,546		424,609
West Fraser Timber Co. Ltd.		7,476		699,932
				4,996,090

Real Estate – 0.6%
Daito Trust Construction Co. Ltd.		3,627		342,437

Technology – 16.5%
Accenture PLC – Class A (e)		1,491		456,634
ASML Holding NV		1,850		1,050,141
Atlassian Corp. PLC – Class A (a)		2,905		608,075
AUO Corp.		572,000		255,042
Capcom Co. Ltd.		10,030		277,545
CGI, Inc. (a)		6,216		532,987
Check Point Software Technologies Ltd. (a)		3,620		451,052
Constellation Software, Inc.		425		722,973
Experian PLC		12,090		421,527
Infosys Ltd. – ADR (e)		11,323		220,685

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

FCF International Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

COMMON STOCKS – 96.2% (Continued)

Technology – 16.5% (Continued)
Lenovo Group Ltd.		360,844	$	348,897
Nomura Research Institute Ltd.		10,951		327,257
Pegatron Corp.		112,592		233,901
Realtek Semiconductor Corp.		19,627		224,189
RELX PLC		27,855		822,946
Telefonaktiebolaget LM Ericsson – ADR (e)		13,601		102,551
Telefonaktiebolaget LM Ericsson – Class B		28,323		214,244
Temenos AG		3,810		300,205
Trend Micro, Inc.		14,471		836,681
Wolters Kluwer NV		4,862		526,734
				8,934,266

Utilities – 1.1%
Elia Group SA/NV		2,457		372,406
Red Electrica Corp. SA		12,519		246,048
				618,454
TOTAL COMMON STOCKS
(Cost $61,066,030)				52,121,638


PREFERRED STOCK – 0.6%

Utilities – 0.6%
Cia Energetica de Minas Gerais – ADR		155,592		345,414
TOTAL PREFERRED STOCK
(Cost $301,525)				345,414


REITs – 1.4%

Real Estate – 1.4%
Goodman Group		32,277		466,825
Segro PLC		21,800		290,702
TOTAL REITs
(Cost $800,185)				757,527

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

FCF International Quality ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value

MONEY MARKET FUND – 1.0%
Fidelity Institutional Money Market Fund –
Government Portfolio, Institutional Class, 1.49% (d)		541,439	$	541,439
TOTAL MONEY MARKET FUND
(Cost $541,439)				541,439


INVESTMENT PURCHASED WITH THE CASH
PROCEEDS FROM SECURITIES LENDING – 6.0%

Investment Company – 6.0%
Mount Vernon Liquid Asset Portfolio, LLC, 2.02% (d)		3,228,249		3,228,249
TOTAL INVESTMENT PURCHASED WITH THE
CASH PROCEEDS FROM SECURITIES LENDING
(Cost $3,228,249)				3,228,249

Total Investments (Cost $65,937,428) – 105.2%				56,994,267
Liabilities in Excess of Other Assets – (5.2)%				(2,837,054	)
TOTAL NET ASSETS – 100.0%			$	54,157,213

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 July 31, 2022, the value of these securities amounted to $637,053 or 1.18% of net assets.
(c)	Security fair valued using valuation guidelines established by the Board of Trustees. The value of this security at July 31, 2022 was $151,676.
(d)	Rate disclosed is the seven day annualized yield as of July 31, 2022.
(e)	All or a portion of this security was out on loan at July 31, 2022. Total loaned securities had a market value of $3,162,859 as of July 31, 2022.

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

Donoghue Forlines Tactical High Yield ETF

SCHEDULE OF INVESTMENTS

July 31, 2022

	Shares		Value
EXCHANGE-TRADED FUNDS – 99.7%
iShares 0-5 Year High Yield Corporate Bond ETF (b)		114,660	$	4,846,678
iShares Broad USD High Yield Corporate Bond ETF (b)		223,569		8,211,689
iShares Fallen Angels USD Bond ETF		163,812		4,213,245
iShares iBoxx High Yield Corporate Bond ETF (b)		106,463		8,324,342
JPMorgan High Yield Research Enhanced ETF		69,237		3,207,058
SPDR Bloomberg High Yield Bond ETF (b)		52,060		5,017,543
SPDR Bloomberg Short-Term High Yield Bond ETF (b)		139,664		3,516,739
VanEck Fallen Angel High Yield Bond ETF		128,416		3,640,593
Xtrackers USD High Yield Corporate Bond ETF		180,624		6,462,727
TOTAL EXCHANGE-TRADED FUNDS
(Cost $46,589,591)				47,440,614

MONEY MARKET FUND – 0.3%
Fidelity Institutional Money Market Fund –
Government Portfolio, Institutional Class, 1.49% (a)		162,381		162,381
TOTAL MONEY MARKET FUND
(Cost $162,381)				162,381

INVESTMENT PURCHASED WITH THE CASH
PROCEEDS FROM SECURITIES LENDING – 29.4%

Investment Company – 29.4%
Mount Vernon Liquid Asset Portfolio, LLC, 2.02% (a)		13,991,235		13,991,235
TOTAL INVESTMENT PURCHASED WITH THE
CASH PROCEEDS FROM SECURITIES LENDING
(Cost $13,991,235)				13,991,235

Total Investments (Cost $60,743,207) – 129.4%				61,594,230
Liabilities in Excess of Other Assets – (29.4%)				(14,007,200	)
TOTAL NET ASSETS – 100.0%			$	47,587,030

Percentages are stated as a percent of net assets.

ETF – Exchange-Traded Fund

(a)	Rate disclosed is the seven day annualized yield as of July 31, 2022.
(b)	All or a portion of this security was out on loan at July 31, 2022. Total loaned securities had a market value of $13,704,208 as of July 31, 2022.

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

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS

July 31, 2022

	Shares		Value

COMMON STOCKS – 99.7%

Communications – 9.9%
Alphabet, Inc. – Class A (a)		17,586	$	2,045,604
Electronic Arts, Inc.		7,341		963,359
Expedia Group, Inc. (a)		5,958		631,846
GoDaddy, Inc. – Class A (a)		10,131		751,518
Match Group, Inc. (a)		8,555		627,167
Meta Platforms, Inc. – Class A (a)		9,085		1,445,423
Pinterest, Inc. – Class A (a)		29,765		579,822
Playtika Holding Corp. (a)		33,973		416,849
Sirius XM Holdings, Inc. (d)		151,241		1,010,290
Trade Desk, Inc. – Class A (a)(d)		14,953		672,885
				9,144,763

Consumer Discretionary – 1.6%
eBay, Inc. (d)		15,654		761,254
Etsy, Inc. (a)(d)		7,182		744,917
				1,506,171

Consumer Staples – 2.7%
Clorox Co. (d)		5,131		727,781
Colgate-Palmolive Co.		12,382		974,959
Philip Morris International, Inc.		8,590		834,518
				2,537,258

Energy – 1.4%
Enphase Energy, Inc. (a)		4,647		1,320,584

Health Care – 25.6% (c)
Abbott Laboratories		3,372		367,009
AbbVie, Inc.		12,409		1,780,816
ABIOMED, Inc. (a)		2,547		746,296
Agilent Technologies, Inc.		6,215		833,432
Amgen, Inc.		6,018		1,489,274
Bio-Techne Corp.		1,857		715,465
Bristol-Myers Squibb Co.		21,648		1,597,189
Edwards Lifesciences Corp. (a)(d)		7,909		795,171
Eli Lilly & Co.		5,212		1,718,344
Exelixis, Inc. (a)(d)		21,400		447,688
Gilead Sciences, Inc.		19,521		1,166,380

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

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value
COMMON STOCKS – 99.7% (Continued)

Health Care – 25.6% (c) (Continued)
Hologic, Inc. (a)		10,398	$	742,209
Horizon Therapeutics PLC (a)		8,656		718,188
Jazz Pharmaceuticals PLC (a)		4,248		662,943
Johnson & Johnson		9,951		1,736,649
Merck & Co., Inc.		15,312		1,367,974
Mettler-Toledo International, Inc. (a)		665		897,570
Moderna, Inc. (a)(d)		4,440		728,560
Organon & Co.		18,740		594,433
Pfizer, Inc. (d)		35,091		1,772,446
Regeneron Pharmaceuticals, Inc. (a)		1,279		743,982
Royalty Pharma PLC – Class A		16,123		701,189
Tandem Diabetes Care, Inc. (a)		5,661		374,815
Vertex Pharmaceuticals, Inc. (a)		3,803		1,066,399
				23,764,421

Industrials – 3.5%
Keysight Technologies, Inc. (a)		5,867		953,974
Lennox International, Inc. (d)		1,999		478,821
Lockheed Martin Corp.		2,635		1,090,389
Trimble, Inc. (a)		10,761		747,136
				3,270,320

Technology – 55.0% (c)
Accenture PLC – Class A		2,295		702,867
Adobe, Inc. (a)(d)		3,736		1,532,208
Akamai Technologies, Inc. (a)		5,283		508,330
ANSYS, Inc. (a)		2,265		631,912
Apple, Inc.		19,769		3,212,660
Arista Networks, Inc. (a)(d)		8,615		1,004,767
Atlassian Corp. PLC – Class A (a)		4,174		873,702
Autodesk, Inc. (a)		5,001		1,081,816
Bentley Systems, Inc. – Class B		18,246		722,542
Broadcom, Inc.		3,008		1,610,724
Cadence Design Systems, Inc. (a)		6,744		1,254,924
Cisco Systems, Inc.		33,971		1,541,264
Coupa Software, Inc. (a)		5,011		327,820
Crowdstrike Holdings, Inc. – Class A (a)		5,801		1,065,064
Datadog, Inc. – Class A (a)(d)		8,649		882,285

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

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value
COMMON STOCKS – 99.7% (Continued)

Technology – 55.0% (c) (Continued)
DocuSign, Inc. (a)(d)		8,501	$	543,894
Dropbox, Inc. – Class A (a)(d)		27,728		630,535
Dynatrace, Inc. (a)		16,772		631,130
F5 Networks, Inc. (a)		3,890		651,030
FactSet Research Systems, Inc.		1,909		820,259
Fair Isaac Corp. (a)		1,169		540,113
Fortinet, Inc. (a)		17,900		1,067,735
GlobalFoundries, Inc. (a)(d)		12,875		662,805
HubSpot, Inc. (a)		2,073		638,484
International Business Machines Corp. (d)		10,387		1,358,516
Intuit, Inc.		3,166		1,444,234
Jack Henry & Associates, Inc.		3,926		815,705
Juniper Networks, Inc.		20,410		572,092
Lattice Semiconductor Corp. (a)		11,206		689,169
Lumentum Holdings, Inc. (a)(d)		6,301		569,989
Manhattan Associates, Inc. (a)(d)		5,010		704,757
Microchip Technology, Inc. (d)		13,800		950,268
Motorola Solutions, Inc.		4,622		1,102,763
MSCI, Inc.		1,876		902,994
NetApp, Inc.		10,446		745,113
NortonLifeLock, Inc.		29,412		721,476
NXP Semiconductors NV		5,426		997,733
ON Semiconductor Corp. (a)(d)		13,975		933,251
Oracle Corp.		20,722		1,613,001
Palantir Technologies, Inc. – Class A (a)		80,026		828,269
Palo Alto Networks, Inc. (a)		2,145		1,070,570
PayPal Holdings, Inc. (a)		12,561		1,086,903
Pure Storage, Inc. – Class A (a)(d)		24,863		704,866
RingCentral, Inc. – Class A (a)		5,670		280,608
ServiceNow, Inc. (a)		2,711		1,210,895
Synaptics, Inc. (a)		3,382		490,221
Synopsys, Inc. (a)(d)		3,384		1,243,620
Tenable Holdings, Inc. (a)		7,374		285,005
Teradyne, Inc.		4,992		503,643
Ubiquiti, Inc. (d)		2,508		756,488
Veeva Systems, Inc. – Class A (a)		4,778		1,068,265
VMware, Inc. – Class A		9,819		1,140,968

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

Donoghue Forlines Risk Managed Innovation ETF

SCHEDULE OF INVESTMENTS

July 31, 2022 (Continued)

	Shares		Value
COMMON STOCKS – 99.7% (Continued)

Technology – 55.0% (c) (Continued)
Workday, Inc. – Class A (a)		5,601	$	868,715
Zebra Technologies Corp. (a)		2,133		762,953
Zoom Video Communications, Inc. – Class A (a)		7,461		774,899
Zscaler, Inc. (a)		5,003		775,765
				51,112,584
TOTAL COMMON STOCKS
(Cost $96,813,709)				92,656,101

MONEY MARKET FUND – 0.3%
Fidelity Institutional Money Market Fund –
Government Portfolio, Institutional Class, 1.49% (b)		283,957		283,957
TOTAL MONEY MARKET FUND
(Cost $283,957)				283,957

INVESTMENT PURCHASED WITH THE CASH
PROCEEDS FROM SECURITIES LENDING – 14.6%

Investment Company – 14.6%
Mount Vernon Liquid Asset Portfolio, LLC, 2.02% (b)		13,550,477		13,550,477
TOTAL INVESTMENT PURCHASED WITH THE
CASH PROCEEDS FROM SECURITIES LENDING
(Cost $13,550,477)				13,550,477

Total Investments (Cost $110,648,143) – 114.6%				106,490,535
Liabilities in Excess of Other Assets – (14.6)%				(13,537,583	)
TOTAL NET ASSETS – 100.0%			$	92,952,952

Percentages are stated as a percent of net assets.

PLC – Public Limited Company

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day annualized yield as of July 31, 2022.
(c)	The amount represents investments in a particular sector. Within the sector, the Fund will concentrate its investments (i.e. invest more than 25% of its total assets) in a particular industry or group of industries to approximately the same extent of the Underlying Index is concentrated.
(d)	All or a portion of this security was out on loan at July 31, 2022. Total loaned securities had a market value of $13,381,801 as of July 31, 2022.

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

Donoghue Forlines Yield Enhanced Real Asset ETF

SCHEDULE OF INVESTMENTS

July 31, 2022

	Shares		Value
COMMON STOCKS – 65.1%

Consumer Staples – 1.3%
Archer-Daniels-Midland Co.		5,557	$	459,953

Energy – 29.3% (c)
Antero Midstream Corp. (b)		30,355		305,371
BP PLC – ADR		21,255		624,472
Chesapeake Energy Corp. (b)		3,732		351,442
Chevron Corp.		5,248		859,517
ConocoPhillips		5,920		576,786
Coterra Energy, Inc.		11,647		356,282
Devon Energy Corp.		7,908		497,018
Ecopetrol SA – ADR		26,516		284,782
Eni SpA – ADR		17,229		413,841
EOG Resources, Inc.		3,881		431,645
Equinor ASA – ADR (b)		18,229		700,176
Equitrans Midstream Corp.		39,012		306,244
Exxon Mobil Corp. (b)		10,338		1,002,062
Kinder Morgan, Inc.		27,923		502,335
ONEOK, Inc. (b)		7,621		455,279
Petroleo Brasileiro SA – ADR		41,911		598,489
Shell PLC – ADR		13,093		698,904
TotalEnergies SE – ADR (b)