Trimtabs Etf Trust (TTAI) NPORT-P FCF US Quality ETF (Apr 2023 report)

FCF US Quality ETF
Schedule of Investments
April 30, 2023 (Unaudited)
	Shares		Value
COMMON STOCKS - 99.1%
Communications - 4.7%
Airbnb, Inc. - Class A (a)		10,673	$	1,277,238
Alphabet, Inc. - Class A (a)		30,995		3,327,003
Booking Holdings, Inc. (a)		476		1,278,684
Expedia Group, Inc. (a)		7,297		685,626
Sirius XM Holdings, Inc. (d)		89,626		340,579
Trade Desk, Inc. - Class A (a)(d)		13,904		894,583
VeriSign, Inc. (a)		3,799		842,618
				8,646,331
Consumer Discretionary - 8.4%
AutoNation, Inc. (a)		3,281		432,108
AutoZone, Inc. (a)		750		1,997,482
Builders FirstSource, Inc. (a)		11,725		1,111,178
Chipotle Mexican Grill, Inc. (a)(d)		655		1,354,291
Etsy, Inc. (a)(d)		6,353		641,844
Genuine Parts Co.		4,237		713,129
Group 1 Automotive, Inc.		2,806		629,891
Hilton Worldwide Holdings, Inc.		7,496		1,079,574
Lowe's Cos., Inc.		5,253		1,091,731
O'Reilly Automotive, Inc. (a)		2,350		2,155,679
Starbucks Corp.		18,706		2,137,909
Ulta Beauty, Inc. (a)		3,331		1,836,813
Williams-Sonoma, Inc. (d)		3,150		381,276
				15,562,905
Consumer Staples - 7.3%
Altria Group, Inc.		42,272		2,008,343
Clorox Co. (d)		6,087		1,008,129
Coca-Cola Co.		36,665		2,352,060
Colgate-Palmolive Co.		21,560		1,720,488
Hershey Co.		5,196		1,418,820
Kimberly-Clark Corp.		6,705		971,487
Philip Morris International, Inc.		26,162		2,615,415
Procter & Gamble Co.		8,059		1,260,266
				13,355,008
Energy - 7.0%
Cheniere Energy, Inc.		9,446		1,445,238
Chevron Corp.		10,960		1,847,637
ConocoPhillips		16,412		1,688,631
Enphase Energy, Inc. (a)		4,972		816,402
Exxon Mobil Corp.		35,832		4,240,359
Magnolia Oil & Gas Corp. - Class A (d)		33,621		710,075
Occidental Petroleum Corp.		13,703		843,146
PBF Energy, Inc. - Class A		13,537		471,900
Valero Energy Corp.		7,611		872,753
				12,936,141
Financials - 4.9%
American Express Co.		10,077		1,625,823
Aon PLC - Class A		3,159		1,027,244
Erie Indemnity Co. - Class A (d)		3,270		710,669
LPL Financial Holdings, Inc.		2,348		490,356
Marsh & McLennan Cos., Inc.		6,520		1,174,839
RLI Corp. (d)		8,131		1,130,616
SEI Investments Co.		17,951		1,057,493
Synchrony Financial		31,800		938,418
T Rowe Price Group, Inc. (d)		8,006		899,314
				9,054,772
Health Care - 18.1%
Abbott Laboratories		14,408		1,591,652
AbbVie, Inc.		22,794		3,444,629
Amgen, Inc.		9,949		2,385,173
Bio-Rad Laboratories, Inc. - Class A (a)		1,381		622,541
Bristol-Myers Squibb Co.		29,329		1,958,297
Chemed Corp.		1,269		699,536
CVS Health Corp.		11,894		871,949
Elevance Health, Inc.		2,237		1,048,370
Eli Lilly & Co.		5,474		2,166,938
Gilead Sciences, Inc.		23,776		1,954,625
Hologic, Inc. (a)		12,750		1,096,627
Humana, Inc.		1,465		777,168
Incyte Corp. (a)		11,750		874,318
Johnson & Johnson		5,985		979,745
Lantheus Holdings, Inc. (a)		9,125		779,731
McKesson Corp.		3,431		1,249,707
Medpace Holdings, Inc. (a)		5,527		1,106,174
Merck & Co., Inc.		19,050		2,199,704
Mettler-Toledo International, Inc. (a)		476		709,954
Molina Healthcare, Inc. (a)		2,914		868,051
Pfizer, Inc.		31,402		1,221,224
Regeneron Pharmaceuticals, Inc. (a)		1,247		999,832
UnitedHealth Group, Inc.		7,464		3,672,960
				33,278,905
Industrials - 5.9%
CH Robinson Worldwide, Inc. (d)		7,217		727,979
Cintas Corp.		2,446		1,114,813
Expeditors International of Washington, Inc.		8,962		1,020,234
Insperity, Inc. (d)		7,401		906,327
Landstar System, Inc. (d)		3,475		611,704
Lockheed Martin Corp.		4,445		2,064,480
Matson, Inc.		8,326		566,418
Otis Worldwide Corp.		17,143		1,462,298
Rollins, Inc.		17,115		723,109
United Parcel Service, Inc. - Class B		9,386		1,687,697
				10,885,059
Materials - 4.2%
Advanced Drainage Systems, Inc. (d)		4,818		412,999
CF Industries Holdings, Inc.		12,633		904,270
Dow, Inc.		12,575		684,080
Eagle Materials, Inc.		8,491		1,258,451
Huntsman Corp.		23,534		630,476
LyondellBasell Industries NV - Class A		11,555		1,093,219
Nucor Corp.		7,956		1,178,920
Olin Corp.		18,356		1,016,922
Sylvamo Corp.		12,502		572,842
				7,752,179
Technology - 37.3% (c)
Accenture PLC - Class A		7,439		2,085,077
Adobe, Inc. (a)		4,354		1,643,896
Apple, Inc.		74,338		12,613,672
ASML Holding NV - NY Reg Shares		2,574		1,639,278
Atlassian Corp. - Class A (a)(d)		6,282		927,600
Autodesk, Inc. (a)		5,185		1,009,986
Booz Allen Hamilton Holding Corp.		5,578		533,926
Box, Inc. - Class A (a)(d)		31,572		835,395
Broadcom, Inc.		4,532		2,839,298
Cadence Design Systems, Inc. (a)		7,975		1,670,364
Cirrus Logic, Inc. (a)(d)		4,140		355,171
Cisco Systems, Inc.		49,878		2,356,735
CommVault Systems, Inc. (a)		13,716		799,231
Crowdstrike Holdings, Inc. - Class A (a)		2,526		303,246
Datadog, Inc. - Class A (a)		4,616		311,026
DocuSign, Inc. (a)		7,001		346,129
Dropbox, Inc. - Class A (a)		46,322		942,189
Extreme Networks, Inc. (a)		32,113		570,969
FactSet Research Systems, Inc.		2,523		1,038,694
Fair Isaac Corp. (a)		2,717		1,977,840
Fortinet, Inc. (a)		30,521		1,924,349
Gartner, Inc. (a)		4,622		1,397,970
HP, Inc.		40,831		1,213,089
International Business Machines Corp.		7,603		961,095
Jack Henry & Associates, Inc. (d)		6,727		1,098,788
Lattice Semiconductor Corp. (a)		6,704		534,309
Manhattan Associates, Inc. (a)		7,769		1,287,168
Mastercard, Inc. - Class A		7,210		2,740,016
MaxLinear, Inc. (a)		8,502		205,153
Microchip Technology, Inc.		14,299		1,043,684
Microsoft Corp.		19,510		5,994,643
MSCI, Inc.		1,842		888,673
NVIDIA Corp.		7,848		2,177,741
Palo Alto Networks, Inc. (a)(d)		9,835		1,794,494
Paychex, Inc.		5,846		642,242
Progress Software Corp. (d)		14,937		819,743
Pure Storage, Inc. - Class A (a)		33,211		758,207
Qualys, Inc. (a)		4,888		552,051
Rambus, Inc. (a)		16,023		710,460
ServiceNow, Inc. (a)(d)		3,337		1,533,085
Synopsys, Inc. (a)		3,105		1,152,949
Teradata Corp. (a)		18,577		719,116
Veeva Systems, Inc. - Class A (a)		1,894		339,178
Visa, Inc. - Class A (d)		10,011		2,329,860
VMware, Inc. - Class A (a)		4,585		573,263
Zscaler, Inc. (a)(d)		6,340		571,234
				68,762,282
Utilities - 1.3%
Clearway Energy, Inc. - Class C (d)		24,831		754,117
ONE Gas, Inc. (d)		20,743		1,596,174
				2,350,291
TOTAL COMMON STOCKS (Cost $167,332,419)				182,583,873
REITs - 0.8%
Real Estate - 0.8%
Iron Mountain, Inc.		13,909		768,333
Lamar Advertising Co. - Class A		7,359		777,699
TOTAL REITs (Cost $1,362,663)				1,546,032
MONEY MARKET FUND - 0.1%
Fidelity Institutional Money Market Fund - Government Portfolio, Institutional Class, 4.73% (b)		193,179		193,179
TOTAL MONEY MARKET FUND (Cost $193,179)				193,179
INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING  - 10.7%
Investment Company - 10.7%
Mount Vernon Liquid Asset Portfolio, LLC, 5.03% (b)		19,726,265		19,726,265
TOTAL INVESTMENT PURCHASED WITH THE CASH PROCEEDS FROM SECURITIES LENDING (Cost $19,726,265)				19,726,265
Total Investments (Cost $188,614,526) - 110.7%				204,049,349
Liabilities in Excess of Other Assets - (10.7)%				(19,714,680	)
TOTAL NET ASSETS - 100.0%			$	184,334,669

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Invesment Trust

(a)  Non-income producing security.

(b)  Rate disclosed is the seven day annualized yield as of April 30, 2023.

(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 April 30, 2023. Total loaned securities had a market value of $19,345,294 as of April 30, 2023.

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.

FCF US Quality ETF

Summary of Fair Value Disclosure at April 30, 2023 (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 judgment.

Accordingly, the degree of judgment 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, 2023:

FCF US Quality ETF
	Level 1		Level 2		Level 3		Total
Common Stocks
Communications	$	8,646,331	$	-	$	-	$	8,646,331
Consumer Discretionary		15,562,905		-		-		15,562,905
Consumer Staples		13,355,008		-		-		13,355,008
Energy		12,936,141		-		-		12,936,141
Financials		9,054,772		-		-		9,054,772
Health Care		33,278,905		-		-		33,278,905
Industrials		10,885,059		-		-		10,885,059
Materials		7,752,179		-		-		7,752,179
Technology		68,762,282		-		-		68,762,282
Utilities		2,350,291		-		-		2,350,291
Total Common Stocks		182,583,873		-		-		182,583,873
REITs		1,546,032		-		-		1,546,032
Money Market Fund		193,179		-		-		193,179
Investment Purchased with the    Cash Proceeds From Securities Lending		19,726,265						19,726,265
Total Investments	$	204,049,349	$	-	$	-	$	204,049,349
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.