Jacob Funds NPORT-P Jacob Forward ETF (Nov 2024 report)

Jacob Forward ETF
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 100.0%	Shares		Value
Auto Dealers & Gasoline Stations - 0.6%
Autohome, Inc. - ADR		486	$	13,370
Biological Products (No Diagnostic Substances) - 4.0%
Beam Therapeutics, Inc. (a)		798		21,841
CRISPR Therapeutics AG (a)		293		14,993
Krystal Biotech, Inc. (a)		305		60,213
				97,047
Business Services - 7.6%
Coinbase Global, Inc. - Class A (a)		178		52,724
OptimizeRx Corp. (a)		15,852		86,393
Phreesia, Inc. (a)		2,117		44,520
				183,637
Communications Equipment - 5.3%
Powerfleet, Inc. (a)		18,151		127,783
Computer Processing & Data Preparation - 6.8%
Doximity, Inc. - Class A (a)		1,957		103,721
HUYA, Inc. - ADR		5,503		17,720
Nextdoor Holdings, Inc. (a)		17,385		42,245
				163,686
Computer Programming, Data Processing, Etc. - 13.4%
Braze, Inc. - Class A (a)		2,023		80,354
Cloudflare, Inc. - Class A (a)		808		80,663
Confluent, Inc. - Class A (a)		2,087		64,363
MongoDB, Inc. (a)		297		95,779
				321,159
Finance Services - 7.1%
Block, Inc. (a)		1,233		109,182
SoFi Technologies, Inc. (a)		3,752		61,570
				170,752
Industrial Organic Chemicals - 2.8%
Codexis, Inc. (a)		14,612		66,923
Medical Laboratories - 5.6%
CareDx, Inc. (a)		4,827		118,455
Celcuity, Inc. (a)		1,198		15,334
				133,789
Miscellaneous Amusement & Recreation - 8.8%
DraftKings, Inc. - Class A (a)		2,508		109,474
Flutter Entertainment PLC (a)		90		24,869
Inspired Entertainment, Inc. (a)		8,090		77,826
				212,169
Patent Owners & Lessors - 1.4%
Immersion Corp.		3,840		34,330
Pharmaceutical Preparations - 16.8%
Arcturus Therapeutics Holdings, Inc. (a)		799		14,654
Cartesian Therapeutics, Inc. (a)		1,173		22,088
Esperion Therapeutics, Inc. (a)		47,729		133,641
Harrow, Inc. (a)		3,506		146,936
Heron Therapeutics, Inc. (a)		55,542		66,095
Ideaya Biosciences, Inc. (a)		723		19,781
				403,195
Real Estate - 11.0%
Porch Group, Inc. (a)		36,902		135,061
Zillow Group, Inc. - Class C (a)		1,533		129,861
				264,922
Semiconductors & Related Devices - 0.6%
Impinj, Inc. (a)		73		14,031
Surgical & Medical Instruments & Apparatus - 8.2%
Alphatec Holdings, Inc. (a)		11,790		123,559
Tela Bio, Inc. (a)		23,076		72,459
				196,018
TOTAL COMMON STOCKS (Cost $2,353,437)				2,402,811
MONEY MARKET FUNDS - 0.0%(b)	Shares
First American Government Obligations Fund - Class X, 4.56% (c)		114		114
TOTAL MONEY MARKET FUNDS (Cost $114)				114
TOTAL INVESTMENTS - 100.0% (Cost $2,353,551)				2,402,925
Other Assets in Excess of Liabilities - 0.0% (d)				648
TOTAL NET ASSETS - 100.0%			$	2,403,573
two				–	%
Percentages are stated as a percent of net assets.				–	%
Schedule of Investments is classified using the U.S. Securities and Exchange Commission's Standard Industrial Classification (SIC) Code List.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

PLC - Public Limited Company

(a)	Non-income producing security.
(b)	Represents less than 0.05% of net assets.
(c)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
(d)	Represents less than 0.05% of net assets.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

Jacob Forward ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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 on 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 would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	2,402,811	$	–	$	–	$	2,402,811
Money Market Funds		114		–		–		114
Total Investments	$	2,402,925	$	–	$	–	$	2,402,925
Refer to the Schedule of Investments for further disaggregation of investment categories.