NPORT-EX 2 mf-smallcap.htm NPORT-EX

Motley Fool Small-Cap Growth ETF
  
Schedule of Investments
  
November 30, 2025 (Unaudited)
  
   
COMMON STOCKS - 98.7%
  
Shares
    
Value
 
Aerospace & Defense - 6.3%
        
Hexcel Corp. (a)
    
37,336
    
$
2,846,123
  
Leonardo DRS, Inc.
    
49,219
      
1,681,813
  
             
4,527,936
  
                 
Air Freight & Logistics - 4.3%
          
GXO Logistics, Inc. (a)(b)
    
60,626
      
3,076,163
  
                 
Automobile Components - 0.3%
          
Gentex Corp.
    
8,893
      
203,027
  
                 
Banks - 3.2%
          
Live Oak Bancshares, Inc.
    
72,500
      
2,314,200
  
                 
Biotechnology - 6.7%
          
ADMA Biologics, Inc. (b)
    
114,484
      
2,195,803
  
Ultragenyx Pharmaceutical, Inc. (a)(b)
    
77,088
      
2,678,808
  
             
4,874,611
  
                 
Building Products - 1.2%
          
Trex Co., Inc. (b)
    
24,508
      
857,290
  
                 
Capital Markets - 5.4%
          
StoneX Group, Inc. (b)
    
42,791
      
3,877,292
  
                 
Chemicals - 2.9%
          
Eastman Chemical Co.
    
33,972
      
2,108,982
  
                 
Diversified Consumer Services - 3.0%
          
Frontdoor, Inc. (b)
    
40,436
      
2,180,713
  
                 
Electronic Equipment, Instruments & Components - 5.8%
          
Evolv Technologies Holdings, Inc. (b)
    
361,722
      
2,311,403
  
IPG Photonics Corp. (b)
    
23,128
      
1,841,914
  
             
4,153,317
  
                 
Financial Services - 4.5%
          
Toast, Inc. - Class A (b)
    
96,114
      
3,286,138
  
                 
Ground Transportation - 0.2%
          
RXO, Inc. (a)(b)
    
10,845
      
143,371
  
                 
Health Care Equipment & Supplies - 12.7%
          
Alphatec Holdings, Inc. (b)
    
189,320
      
4,269,166
  
Penumbra, Inc. (b)
    
8,713
      
2,554,390
  
UFP Technologies, Inc. (b)
    
10,379
      
2,352,816
  
             
9,176,372
  
                 
Health Care Providers & Services - 4.3%
          
HealthEquity, Inc. (a)(b)
    
29,503
      
3,103,126
  
                 
Industrial REITs - 2.4%
          
STAG Industrial, Inc.
    
44,968
      
1,766,343
  
                 
Insurance - 3.2%
          
Goosehead Insurance, Inc. - Class A (a)
    
32,558
      
2,329,525
  
                 
Oil, Gas & Consumable Fuels - 2.8%
          
Northern Oil & Gas, Inc. (a)
    
89,143
      
1,995,912
  
                 
Personal Care Products - 2.5%
          
BellRing Brands, Inc. (b)
    
59,630
      
1,841,971
  
                 
Professional Services - 2.9%
          
Verra Mobility Corp. (b)
    
94,956
      
2,071,940
  
                 
Retail REITs - 2.7%
          
Agree Realty Corp. (a)
    
25,940
      
1,951,207
  
                 
Semiconductors & Semiconductor Equipment - 3.2%
          
SiTime Corp. (a)(b)
    
7,842
      
2,334,563
  
                 
Software - 9.4%
          
Alarm.com Holdings, Inc. (b)
    
49,376
      
2,565,577
  
LiveRamp Holdings, Inc. (b)
    
74,872
      
2,160,057
  
Q2 Holdings, Inc. (a)(b)
    
28,973
      
2,089,823
  
             
6,815,457
  
                 
Textiles, Apparel & Luxury Goods - 0.2%
          
Crocs, Inc. (a)(b)
    
1,708
      
145,146
  
                 
Trading Companies & Distributors - 8.6%
          
Herc Holdings, Inc. (a)
    
21,579
      
2,897,412
  
QXO, Inc. (b)
    
116,641
      
2,184,686
  
SiteOne Landscape Supply, Inc. (b)
    
8,384
      
1,125,804
  
             
6,207,902
  
TOTAL COMMON STOCKS (Cost $65,305,382)
      
71,342,504
  
                 
SHORT-TERM INVESTMENTS
  
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 9.4%
  
Units
    
Value
 
Mount Vernon Liquid Assets Portfolio, LLC, 4.09% (c)
    
6,757,931
      
6,757,931
  
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,757,931)
      
6,757,931
  
                 
TOTAL INVESTMENTS - 108.1% (Cost $72,063,313)
      
78,100,435
  
Liabilities in Excess of Other Assets - (8.1)%
      
(5,885,209
)
TOTAL NET ASSETS - 100.0%
          
$
72,215,226
  
                 
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)
All or a portion of this security is on loan as of November 30, 2025. The fair value of these securities was $6,650,123.
(b)
Non-income producing security.
(c)
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 Small-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
  
$
71,342,504
    
$
–
    
$
–
    
$
71,342,504
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
6,757,931
  
Total Investments
  
$
71,342,504
    
$
–
    
$
–
    
$
78,100,435
  
   
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 $6,757,931 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.