Trimtabs Etf Trust (TTAI) NPORT-P Donoghue Forlines Risk Managed Innovation ETF (Apr 2022 report)

Donoghue Forlines Risk Managed Innovation ETF
Schedule of Investments
April 30, 2022 (Unaudited)
	Shares		Value
COMMON STOCKS - 99.7%
Communications - 9.7%
DoorDash, Inc. - Class A (a)(d)		6,033	$	491,267
Electronic Arts, Inc.		9,449		1,115,455
Expedia Group, Inc. (a)(d)		6,147		1,074,188
GoDaddy, Inc. - Class A (a)		11,677		943,618
Match Group, Inc. (a)		9,828		777,886
Meta Platforms, Inc. - Class A (a)		6,643		1,331,722
Pinterest, Inc. - Class A (a)		19,657		403,362
Playtika Holding Corp. (a)		39,085		687,114
Sirius XM Holdings, Inc. (d)		173,579		1,041,474
Spotify Technology SA (a)(d)		3,830		389,320
Trade Desk, Inc. - Class A (a)(d)		13,812		813,803
				9,069,209
Consumer Discretionary - 1.8%
Axon Enterprise, Inc. (a)		4,964		556,961
eBay, Inc. (d)		11,631		603,881
Etsy, Inc. (a)(d)		5,537		515,993
				1,676,835
Consumer Staples - 2.8%
Clorox Co. (d)		5,832		836,717
Colgate-Palmolive Co.		9,808		755,707
Philip Morris International, Inc.		9,880		988,000
				2,580,424
Energy - 0.9%
Enphase Energy, Inc. (a)(d)		5,188		837,343
Financials - 0.4%
Upstart Holdings, Inc. (a)(d)		4,766		357,545
Health Care - 23.8%
Abbott Laboratories		5,981		678,843
AbbVie, Inc.		16,334		2,399,138
ABIOMED, Inc. (a)		2,839		813,601
Amgen, Inc.		8,105		1,890,005
Bio-Techne Corp.		2,069		785,579
Bristol-Myers Squibb Co.		29,858		2,247,412
Eli Lilly & Co.		4,613		1,347,596
Gilead Sciences, Inc.		24,188		1,435,316
Hologic, Inc. (a)(d)		12,213		879,214
Johnson & Johnson		7,152		1,290,650
Merck & Co., Inc.		9,692		859,583
Mettler-Toledo International, Inc. (a)		766		978,588
Moderna, Inc. (a)		5,137		690,464
Novavax, Inc. (a)(d)		6,786		305,845
Novocure Ltd. (a)(d)		8,820		675,436
Organon & Co.		21,583		697,778
Pfizer, Inc.		44,679		2,192,398
Royalty Pharma PLC - Class A		12,946		551,241
Tandem Diabetes Care, Inc. (a)		6,206		598,755
Vertex Pharmaceuticals, Inc. (a)		3,270		893,429
				22,210,871
Industrials - 3.8%
Cognex Corp.		11,553		781,329
Keysight Technologies, Inc. (a)		6,877		964,637
Lockheed Martin Corp.		2,109		911,341
Trimble, Inc. (a)		12,587		839,553
				3,496,860
Technology - 56.5% (c)
Accenture PLC - Class A		2,642		793,551
Adobe, Inc. (a)		3,985		1,577,861
Advanced Micro Devices, Inc. (a)		8,846		756,510
Analog Devices, Inc.		3,778		583,248
Apple, Inc.		16,298		2,569,380
Arista Networks, Inc. (a)(d)		10,067		1,163,443
Atlassian Corp. PLC - Class A (a)		3,782		850,307
Autodesk, Inc. (a)		5,692		1,077,382
Bentley Systems, Inc. - Class B (d)		19,783		838,601
Broadcom, Inc.		3,786		2,098,921
Cadence Design Systems, Inc. (a)		8,232		1,241,797
Cisco Systems, Inc.		38,489		1,885,191
Crowdstrike Holdings, Inc. - Class A (a)(d)		6,319		1,255,964
Datadog, Inc. - Class A (a)		7,743		935,200
Dell Technologies, Inc. - Class C		17,867		839,928
DocuSign, Inc. (a)		7,557		612,117
Dropbox, Inc. - Class A (a)		31,910		694,043
Dynatrace, Inc. (a)		17,697		678,857
F5 Networks, Inc. (a)		4,283		717,017
FactSet Research Systems, Inc.		2,256		910,273
Fair Isaac Corp. (a)		2,039		761,587
Fortinet, Inc. (a)		4,175		1,206,617
GlobalFoundries, Inc. (a)(d)		10,263		536,652
HubSpot, Inc. (a)(d)		1,861		706,119
International Business Machines Corp.		13,882		1,835,339
Intuit, Inc.		3,548		1,485,725
Jack Henry & Associates, Inc.		5,197		985,247
Juniper Networks, Inc. (d)		24,543		773,595
Lattice Semiconductor Corp. (a)		12,297		590,748
Lumentum Holdings, Inc. (a)(d)		7,566		614,435
Manhattan Associates, Inc. (a)(d)		5,778		754,318
Microchip Technology, Inc.		16,642		1,085,058
Motorola Solutions, Inc.		5,318		1,136,403
MSCI, Inc.		2,155		907,794
NetApp, Inc.		12,225		895,481
NortonLifeLock, Inc. (d)		33,799		846,327
NXP Semiconductors NV		6,437		1,100,083
ON Semiconductor Corp. (a)(d)		16,032		835,428
Palantir Technologies, Inc. - Class A (a)		72,173		750,599
Palo Alto Networks, Inc. (a)(d)		1,208		678,026
Paylocity Holding Corp. (a)		3,742		709,595
PayPal Holdings, Inc. (a)		8,476		745,295
Pure Storage, Inc. - Class A (a)		28,255		827,872
Salesforce, Inc. (a)		5,075		892,896
ServiceNow, Inc. (a)		2,969		1,419,479
Synaptics, Inc. (a)(d)		3,334		494,899
Synopsys, Inc. (a)		4,233		1,213,982
Veeva Systems, Inc. - Class A (a)(d)		4,840		880,638
VMware, Inc. - Class A		11,296		1,220,420
Workday, Inc. - Class A (a)		5,500		1,136,850
Zebra Technologies Corp. (a)		2,286		845,043
Zoom Video Communications, Inc. - Class A (a)(d)		7,599		756,632
Zscaler, Inc. (a)(d)		4,413		894,692
				52,603,465
TOTAL COMMON STOCKS (Cost $101,404,037)				92,832,552
MONEY MARKET FUND - 0.3%
Fidelity Institutional Money Market Fund - Government Portfolio, Institutional Class, 0.15% (b)		299,788		299,788
TOTAL MONEY MARKET FUND (Cost $299,788)				299,788
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING - 19.1%
Investment Company - 19.1%
Mount Vernon Liquid Asset Portfolio, LLC, 0.45% (b)		17,754,171		17,754,171
TOTAL INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (Cost $17,754,171)				17,754,171
Total Investments (Cost $119,457,996) - 119.1%				110,886,511
Liabilities in Excess of Other Assets - (19.1)%				(17,751,395	)
TOTAL NET ASSETS - 100.0%			$	93,135,116
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 April 30, 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 April 30, 2022. Total loaned securities had a market value of $16,753,583 as of April 30, 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.

Donoghue Forlines Risk Managed Innovation ETF
Summary of Fair Value Disclosure at April 30, 2022 (Unaudited)

The FASB established a framework for measuring fair value in accordance with GAAP. Under FASB ASC Topic 820, Fair Value Measurement, various inputs are used in determining the value of each Fund’s investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three Levels of inputs of the fair value hierarchy are defined as follows:

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.

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The following is a summary of the inputs used to value the Fund’s investments as of April 30, 2022:

Donoghue Forlines Risk Managed Innovation ETF
	Level 1		Level 2		Level 3		Total
Common Stocks
Communications	$	9,069,209	$	-	$	-	$	9,069,209
Consumer Discretionary		1,676,835		-		-		1,676,835
Consumer Staples		2,580,424		-		-		2,580,424
Energy		837,343		-		-		837,343
Financials		357,545		-		-		357,545
Health Care		22,210,871		-		-		22,210,871
Industrials		3,496,860		-		-		3,496,860
Technology		52,603,465		-		-		52,603,465
Total Common Stocks		92,832,552		-		-		92,832,552
Money Market Fund		299,788		-		-		299,788
Investment Purchased with the    Cash Proceeds From Securities Lending		17,754,171		-		-		17,754,171
Total Investments	$	110,886,511	$	-	$	-	$	110,886,511
Refer to the Fund’s Schedule of Investments for a detailed break-out of holdings by sector classifications.
The Fund did not invest in any Level 3 securities during the period.