NPORT-EX 2 mfammf100.htm NPORT-EX

MOTLEY FOOL 100 INDEX ETF
        
         
SCHEDULE OF INVESTMENTS
        
NOVEMBER 30, 2021 (UNAUDITED)
        
         
   
NUMBER OF
        
   
SHARES
    
VALUE
  
Common Stocks — 99.9%
            
Aerospace & Defense — 0.1%
            
TransDigm Group, Inc. (United States)*
    
1,354
    
$
782,680
  
Air Freight & Logistics — 0.3%
                
FedEx Corp. (United States)
    
7,572
      
1,744,362
  
Automobiles — 4.8%
                
Tesla, Inc. (United States)*
    
23,279
      
26,648,868
  
Banks — 0.2%
                
SVB Financial Group (United States)*
    
1,314
      
909,722
  
Beverages — 0.2%
                
Monster Beverage Corp. (United States)*
    
13,832
      
1,158,845
  
Biotechnology — 2.0%
                
Amgen, Inc. (United States)
    
14,291
      
2,842,194
  
Biogen, Inc. (United States)*
    
3,916
      
923,158
  
Gilead Sciences, Inc. (United States)
    
31,545
      
2,174,397
  
Moderna, Inc. (United States)*
    
11,077
      
3,903,867
  
Vertex Pharmaceuticals, Inc. (United States)*
    
6,609
      
1,235,486
  
             
11,079,102
  
Capital Markets — 1.8%
                
Charles Schwab Corp., (The) (United States)
    
44,065
      
3,410,190
  
CME Group, Inc. (United States)
    
8,670
      
1,911,909
  
Intercontinental Exchange, Inc. (United States)
    
14,279
      
1,866,551
  
S&P Global, Inc. (United States)(a)
    
6,263
      
2,854,237
  
             
10,042,887
  
Chemicals — 0.7%
                
Ecolab, Inc. (United States)
    
7,362
      
1,630,462
  
Sherwin-Williams Co., (The) (United States)
    
6,824
      
2,260,382
  
             
3,890,844
  
Commercial Services & Supplies — 0.5%
                
Cintas Corp. (United States)
    
2,634
      
1,112,048
  
Waste Management, Inc. (United States)
    
10,695
      
1,718,366
  
             
2,830,414
  
Consumer Finance — 0.1%
                
Discover Financial Services (United States)
    
7,211
      
777,706
  
Diversified Financial Services — 2.8%
                
Berkshire Hathaway, Inc., Class B (United States)*
    
56,832
      
15,724,846
  
Electric Utilities — 0.8%
                
NextEra Energy, Inc. (United States)
    
51,198
      
4,442,962
  
Entertainment — 3.3%
                
Activision Blizzard, Inc. (United States)
    
19,276
      
1,129,574
  
Electronic Arts, Inc. (United States)
    
6,626
      
823,082
  
Netflix, Inc. (United States)*
    
10,468
      
6,719,409
  
ROBLOX Corp., Class A (United States)*(a)
    
15,026
      
1,894,779
  
Roku, Inc. (United States)*
    
3,468
      
789,351
  
Walt Disney Co., (The) (United States)*
    
47,579
      
6,894,197
  
             
18,250,392
  
Equity Real Estate Investment Trusts (REITs) — 1.3%
                
American Tower Corp. (United States)
    
12,358
      
3,243,728
  
Crown Castle International Corp. (United States)
    
11,440
      
2,078,076
  
Equinix, Inc. (United States)
    
2,387
      
1,938,721
  
             
7,260,525
  
Food & Staples Retailing — 1.1%
                
Costco Wholesale Corp. (United States)
    
11,096
      
5,984,960
  
Health Care Equipment & Supplies — 1.7%
                
Align Technology, Inc. (United States)*
    
2,094
      
1,280,544
  
Becton Dickinson and Co. (United States)
    
7,479
      
1,773,570
  
DexCom, Inc. (United States)*
    
2,484
      
1,397,474
  
IDEXX Laboratories, Inc. (United States)*
    
2,232
      
1,357,212
  
Intuitive Surgical, Inc. (United States)*
    
9,060
      
2,938,520
  
ResMed, Inc. (United States)
    
3,886
      
990,347
  
             
9,737,667
  
Health Care Providers & Services — 2.8%
                
CVS Health Corp. (United States)
    
32,461
      
2,890,977
  
HCA Healthcare, Inc. (United States)
    
8,276
      
1,866,983
  
UnitedHealth Group, Inc. (United States)
    
24,791
      
11,012,658
  
             
15,770,618
  
Health Care Technology — 0.2%
                
Veeva Systems, Inc., Class A (United States)*
    
3,916
      
1,106,583
  
Hotels, Restaurants & Leisure — 1.8%
                
Airbnb, Inc., Class A (United States)*(a)
    
14,889
      
2,568,948
  
Booking Holdings, Inc. (United States)*
    
1,005
      
2,112,359
  
Chipotle Mexican Grill, Inc. (United States)*(a)
    
721
      
1,184,899
  
Marriott International, Inc., Class A (United States)*
    
7,860
      
1,159,822
  
Starbucks Corp. (United States)
    
29,879
      
3,275,933
  
             
10,301,961
  
Industrial Conglomerates — 0.7%
                
3M Co. (United States)
    
14,616
      
2,485,305
  
Roper Technologies, Inc. (United States)
    
2,683
      
1,245,314
  
             
3,730,619
  
Insurance — 0.2%
                
Aflac, Inc. (United States)
    
16,730
      
905,762
  
Interactive Media & Services — 13.4%
                
Alphabet, Inc., Class C (United States)*
    
17,318
      
49,339,675
  
Facebook, Inc., Class A (United States)*
    
73,731
      
23,922,760
  
Match Group, Inc. (United States)*(a)
    
6,857
      
891,341
  
Twitter, Inc. (United States)*
    
20,376
      
895,322
  
             
75,049,098
  
Internet & Direct Marketing Retail — 8.3%
                
Amazon.com, Inc. (United States)*
    
12,904
      
45,255,231
  
eBay, Inc. (United States)
    
16,575
      
1,118,150
  
             
46,373,381
  
IT Services — 6.1%
                
Cloudflare, Inc., Class A (United States)*
    
8,915
      
1,678,160
  
Cognizant Technology Solutions Corp., Class A (United States)
    
13,225
      
1,031,285
  
EPAM Systems, Inc. (United States)*
    
1,492
      
907,957
  
Mastercard, Inc., Class A (United States)
    
23,913
      
7,530,682
  
Okta, Inc. (United States)*
    
4,150
      
893,204
  
PayPal Holdings, Inc. (United States)*
    
30,409
      
5,622,320
  
Snowflake, Inc., Class A (United States)*
    
7,692
      
2,616,434
  
Square, Inc., Class A (United States)*(a)
    
11,967
      
2,493,085
  
Twilio, Inc., Class A (United States)*
    
4,799
      
1,373,234
  
Visa, Inc., Class A (United States)(a)
    
52,227
      
10,120,026
  
             
34,266,387
  
Life Sciences Tools & Services — 0.3%
                
Illumina, Inc. (United States)*
    
3,907
      
1,427,344
  
Oil, Gas & Consumable Fuels — 0.1%
                
Kinder Morgan, Inc. (United States)
    
53,384
      
825,317
  
Pharmaceuticals — 1.0%
                
Bristol-Myers Squibb Co. (United States)
    
56,414
      
3,025,483
  
Zoetis, Inc. (United States)
    
12,024
      
2,669,809
  
             
5,695,292
  
Professional Services — 0.1%
                
CoStar Group, Inc. (United States)*
    
10,304
      
801,239
  
Road & Rail — 1.0%
                
Uber Technologies, Inc. (United States)*
    
41,757
      
1,586,766
  
Union Pacific Corp. (United States)
    
16,236
      
3,825,851
  
             
5,412,617
  
Semiconductors & Semiconductor Equipment — 7.1%
                
Broadcom, Inc. (United States)
    
10,500
      
5,813,640
  
Intel Corp. (United States)
    
101,161
      
4,977,121
  
Lam Research Corp. (United States)
    
3,677
      
2,499,809
  
NVIDIA Corp. (United States)
    
63,603
      
20,782,916
  
Texas Instruments, Inc. (United States)
    
23,147
      
4,452,788
  
Xilinx, Inc. (United States)
    
6,127
      
1,399,713
  
             
39,925,987
  
Software — 19.0%
                
Adobe Systems, Inc. (United States)*
    
13,223
      
8,857,427
  
Autodesk, Inc. (United States)*
    
5,396
      
1,371,609
  
Cadence Design Systems, Inc. (United States)*
    
7,323
      
1,299,540
  
Crowdstrike Holdings, Inc., Class A (United States)*(a)
    
6,103
      
1,325,205
  
Datadog, Inc., Class A (United States)*(a)
    
7,851
      
1,399,755
  
DocuSign, Inc. (United States)*
    
5,199
      
1,280,826
  
Fortinet, Inc. (United States)*
    
4,172
      
1,385,563
  
Intuit, Inc. (United States)
    
6,955
      
4,536,746
  
Microsoft Corp. (United States)
    
195,691
      
64,693,488
  
Palo Alto Networks, Inc. (United States)*(a)
    
2,437
      
1,332,893
  
Salesforce.com, Inc. (United States)*
    
23,252
      
6,625,890
  
ServiceNow, Inc. (United States)*
    
5,182
      
3,356,381
  
Synopsys, Inc. (United States)*
    
4,053
      
1,382,073
  
Unity Software, Inc. (United States)*(a)
    
7,182
      
1,238,105
  
VMware, Inc., Class A (United States)
    
11,875
      
1,386,288
  
Workday, Inc., Class A (United States)*(a)
    
6,476
      
1,775,913
  
Zoom Video Communications, Inc., Class A (United States)*
    
8,090
      
1,710,307
  
Zscaler, Inc. (United States)*
    
3,625
      
1,257,766
  
             
106,215,775
  
Specialty Retail — 1.9%
                
Home Depot, Inc., (The) (United States)
    
26,559
      
10,639,801
  
Technology Hardware, Storage & Peripherals — 12.3%
                
Apple, Inc. (United States)
    
416,667
      
68,875,055
  
Textiles, Apparel & Luxury Goods — 1.3%
                
NIKE, Inc., Class B (United States)
    
41,998
      
7,107,742
  
Wireless Telecommunication Services — 0.6%
                
T-Mobile US, Inc. (United States)*
    
30,620
      
3,331,762
  
Total Common Stocks (Cost $$329,574,481)
            
559,029,122
  
                 
Rights — 0.0%
                
Altaba, Inc. - Escrow Shares (United States)*
    
8,565
      
55,244
  
Total Rights (Cost $26,017)
            
55,244
  
                 
Investments Purchased with Proceeds from Securities Lending Collateral — 4.7%
                
Mount Vernon Liquid Assets Portfolio, LLC, 0.10%
    
26,540,253
      
26,540,253
  
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $26,540,253)
            
26,540,253
  
                 
Short-Term Investments — 0.1%
                
U.S. Bank Money Market Deposit Account, 0.01% (United States)(b)
    
381,931
      
381,931
  
Total Short-Term Investments (Cost $381,931)
            
381,931
  
                 
Total Investments (Cost $$356,522,682) — 104.7%
            
586,006,550
  
Liabilities in Excess of Other Assets — (4.7)%
            
(26,452,438
)
NET ASSETS — 100.0%
          
$
559,554,112
  
(Applicable to 12,925,000 shares outstanding)
                

*
Non-income producing security.
      
(a)
All or a portion of the security is on loan. At November 30, 2021, the market value of securities on loan was $$25,487,807.
    
(b)
The rate shown is as of November 30, 2021.
      

 
MOTLEY FOOL 100 INDEX ETF
  
NOTES TO THE SCHEDULE OF INVESTMENTS
  
NOVEMBER 30, 2021
  
(UNAUDITED)
  
                       
PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.
  
                       
FAIR VALUE  MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund's investments are summarized into three levels as described in the hierarchy below:
  
                       
•  Level 1 — Prices are determined using quoted prices in active markets for identical securities.
  
                       
•  Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
  
                       
• Level 3 — Prices are determined using significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
  
                       
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
  
                       
The following is a summary of the inputs used, as of November 30, 2021, in valuing the Fund's investments carried at fair value:
  
   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE^
  
FOOL 100 FUND
                              
Common Stocks
  
$
559,029,122
    
$
559,029,122
    
$
-
    
$
-
    
$
-
  
Rights
    
55,244
      
55,244
      
-
      
-
      
-
  
Investments Purchased with Proceeds From Securities Lending Collateral
    
26,540,253
      
-
      
-
      
-
      
26,540,253
  
Short-Term Investments
    
381,931
      
381,931
      
-
      
-
      
-
  
Total Investments*
  
$
586,006,550
    
$
559,466,297
    
$
-
    
$
-
    
$
26,540,253
  

* Please refer to Schedule of Investments for further details.
  
^ 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 amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
  
 
                       
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
  
                       
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
  
                       
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period.  A reconciliation of Level 3 investments is presented only if the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when the Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
  
                       
For the period ended November 30, 2021, the Fund had no Level 3 transfers.
  
                       
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.