NPORT-EX 2 mf-global.htm NPORT-EX

Motley Fool Global Opportunities ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 97.1%
  
Shares
    
Value
 
Argentina - 2.5%
        
MercadoLibre, Inc. (a)
    
4,539
    
$
9,403,809
  
                 
Australia - 1.0%
          
Atlassian Corp. - Class A (a)
    
24,421
      
3,651,428
  
                 
Canada - 5.4%
          
Canadian National Railway Co.
    
52,254
      
5,010,636
  
Waste Connections, Inc.
    
87,511
      
15,450,067
  
             
20,460,703
  
                 
China - 2.6%
          
Yum China Holdings, Inc.
    
203,128
      
9,778,582
  
                 
Germany - 1.7%
          
Symrise AG
    
76,206
      
6,317,119
  
                 
Ireland - 5.3%
          
ICON PLC (a)
    
64,231
      
11,882,735
  
Kerry Group PLC - Class A
    
72,315
      
6,708,653
  
Kerry Group PLC - Class A
    
18,349
      
1,660,716
  
             
20,252,104
  
                 
Israel - 1.9%
          
Cellebrite DI Ltd. (a)
    
421,608
      
7,108,311
  
                 
Japan - 5.7%
          
Nintendo Co. Ltd.
    
257,606
      
21,900,757
  
                 
Kenya - 0.2%
          
Safaricom PLC
    
4,000,000
      
888,031
  
                 
Netherlands - 1.0%
          
Universal Music Group NV
    
150,520
      
3,856,397
  
                 
Philippines - 3.9%
          
International Container Terminal Services, Inc.
    
1,610,522
      
14,898,255
  
                 
Spain - 1.2%
          
Cellnex Telecom SA (b)
    
154,979
      
4,650,395
  
                 
Taiwan - 3.1%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
41,144
      
11,993,887
  
                 
Thailand - 2.5%
          
Fabrinet (a)(c)
    
21,075
      
9,682,066
  
                 
United Arab Emirates - 0.0%(d)
          
NMC Health PLC (a)(e)
    
485,482
      
0
  
                 
United Kingdom - 10.1%
          
Aon PLC - Class A
    
28,211
      
9,984,437
  
Ashtead Group PLC
    
98,561
      
6,298,844
  
Close Brothers Group PLC (a)
    
1,589,554
      
9,481,019
  
London Stock Exchange Group PLC
    
83,625
      
9,860,635
  
Rentokil Initial PLC - ADR (c)
    
108,975
      
3,013,159
  
System1 Group PLC
    
13,786
      
38,869
  
             
38,676,963
  
                 
United States - 49.0%(f)
          
Alphabet, Inc. - Class C
    
85,461
      
27,357,775
  
Alphatec Holdings, Inc. (a)
    
368,567
      
8,311,186
  
Amazon.com, Inc. (a)
    
98,615
      
22,998,990
  
American Tower Corp.
    
50,858
      
9,219,030
  
Axon Enterprise, Inc. (a)
    
21,720
      
11,731,841
  
Brookfield Asset Management Ltd. (c)
    
187,436
      
9,885,375
  
Costco Wholesale Corp.
    
14,050
      
12,835,940
  
Crocs, Inc. (a)(c)
    
33,205
      
2,821,761
  
DexCom, Inc. (a)
    
122,709
      
7,788,340
  
Equinix, Inc.
    
12,114
      
9,125,597
  
Fastenal Co.
    
221,804
      
8,960,882
  
Mastercard, Inc. - Class A
    
29,104
      
16,022,625
  
Salesforce, Inc.
    
34,757
      
8,012,879
  
SBA Communications Corp.
    
23,308
      
4,528,045
  
StoneX Group, Inc. (a)
    
92,174
      
8,351,886
  
Waters Corp. (a)
    
20,260
      
8,173,289
  
Watsco, Inc. (c)
    
30,595
      
10,598,108
  
             
186,723,549
  
TOTAL COMMON STOCKS (Cost $201,505,534)
      
370,242,356
  
                 
PREFERRED STOCKS - 1.9%
  
Shares
    
Value
 
Germany - 1.9%
          
Dr Ing hc F Porsche AG, 0.00% (b)
    
140,171
      
7,260,572
  
TOTAL PREFERRED STOCKS (Cost $12,517,323)
      
7,260,572
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 6.8%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (g)
    
25,880,675
      
25,880,675
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $25,880,675)
      
25,880,675
  
                 
TOTAL INVESTMENTS - 105.8% (Cost $239,903,532)
      
403,383,603
  
Liabilities in Excess of Other Assets - (5.8)%
      
(22,035,257
)
TOTAL NET ASSETS - 100.0%
          
$
381,348,346
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of November 30, 2025, the value of these securities total $11,910,967 or 3.1% of the Fund’s net assets.
(c)
All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $25,591,570.
(d)
Represents less than 0.05% of net assets.
(e)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.
(f)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(g)
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 Global Opportunities 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
  
$
370,242,356
    
$
–
    
$
0
    
$
370,242,356
  
  Preferred Stocks
    
7,260,572
      
–
      
–
      
7,260,572
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
25,880,675
  
Total Investments
  
$
377,502,928
    
$
–
    
$
0
    
$
403,383,603
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  

(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 $25,880,675 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.