NPORT-EX 2 mf-midcap.htm NPORT-EX

Motley Fool Mid-Cap Growth ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.0%
  
Shares
    
Value
 
Aerospace & Defense - 2.8%
        
Axon Enterprise, Inc. (a)
    
7,912
    
$
4,273,588
  
                 
Air Freight & Logistics - 4.2%
          
GXO Logistics, Inc. (a)(b)
    
124,565
      
6,320,428
  
                 
Building Products - 0.1%
          
Carlisle Cos., Inc.
    
248
      
78,881
  
                 
Capital Markets - 9.6%
          
Morningstar, Inc.
    
10,717
      
2,302,655
  
StoneX Group, Inc. (a)
    
133,561
      
12,101,962
  
             
14,404,617
  
                 
Consumer Staples Distribution & Retail - 2.0%
          
Performance Food Group Co. (a)
    
31,577
      
3,065,179
  
                 
Financial Services - 4.4%
          
Toast, Inc. - Class A (a)
    
195,564
      
6,686,333
  
                 
Health Care Equipment & Supplies - 9.1%
          
Cooper Cos., Inc. (a)
    
34,135
      
2,660,141
  
DexCom, Inc. (a)
    
95,105
      
6,036,314
  
Penumbra, Inc. (a)
    
16,960
      
4,972,163
  
             
13,668,618
  
                 
Health Care Providers & Services - 5.3%
          
HealthEquity, Inc. (a)
    
76,447
      
8,040,695
  
                 
Hotels, Restaurants & Leisure - 3.4%
          
Wingstop, Inc. (b)
    
19,564
      
5,179,178
  
                 
Insurance - 8.3%
          
Brown & Brown, Inc. (b)
    
80,308
      
6,459,172
  
Goosehead Insurance, Inc. - Class A (b)
    
85,374
      
6,108,510
  
             
12,567,682
  
                 
IT Services - 1.5%
          
MongoDB, Inc. (a)
    
7,000
      
2,326,590
  
                 
Life Sciences Tools & Services - 7.3%
          
Waters Corp. (a)
    
13,587
      
5,481,267
  
West Pharmaceutical Services, Inc.
    
19,859
      
5,505,908
  
             
10,987,175
  
                 
Professional Services - 5.2%
          
Broadridge Financial Solutions, Inc.
    
34,318
      
7,827,593
  
                 
Real Estate Management & Development - 0.0%(c)
          
CoStar Group, Inc. (a)
    
1,000
      
68,800
  
                 
Software - 17.6%
          
Alarm.com Holdings, Inc. (a)
    
77,256
      
4,014,222
  
Datadog, Inc. - Class A (a)
    
28,523
      
4,563,965
  
Guidewire Software, Inc. (a)
    
33,397
      
7,213,084
  
HubSpot, Inc. (a)
    
8,221
      
3,019,738
  
Monday.com Ltd. (a)(b)
    
12,184
      
1,752,790
  
Nutanix, Inc. - Class A (a)(b)
    
1,160
      
55,448
  
Tyler Technologies, Inc. (a)(b)
    
12,422
      
5,833,620
  
             
26,452,867
  
                 
Specialized REITs - 3.9%
          
SBA Communications Corp.
    
29,912
      
5,811,004
  
                 
Specialty Retail - 3.3%
          
Tractor Supply Co.
    
89,478
      
4,901,605
  
                 
Trading Companies & Distributors - 11.0%
          
Fastenal Co.
    
78,124
      
3,156,210
  
QXO, Inc. (a)(b)
    
356,244
      
6,672,450
  
SiteOne Landscape Supply, Inc. (a)(b)
    
35,211
      
4,728,133
  
Watsco, Inc. (b)
    
5,746
      
1,990,414
  
             
16,547,207
  
TOTAL COMMON STOCKS (Cost $102,967,819)
      
149,208,040
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 8.6%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (d)
    
12,904,822
      
12,904,822
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $12,904,822)
      
12,904,822
  
                 
TOTAL INVESTMENTS - 107.6% (Cost $115,872,641)
      
162,112,862
  
Liabilities in Excess of Other Assets - (7.6)%
      
(11,441,587
)
TOTAL NET ASSETS - 100.0%
          
$
150,671,275
  
                 
Percentages are stated as a percent of net assets.
          
   
The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

LLC - Limited Liability Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $12,827,292.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized yield as of November 30, 2025.


Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
 
Motley Fool Mid-Cap Growth ETF (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 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, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
149,208,040
    
$
–
    
$
–
    
$
149,208,040
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
12,904,822
  
Total Investments
  
$
149,208,040
    
$
–
    
$
–
    
$
162,112,862
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(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 amount of $12,904,822 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.