NPORT-EX 2 mfcapefficiency.htm NPORT-EX

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF
  
     
SCHEDULE OF INVESTMENTS
  
MAY 31, 2022 (UNAUDITED)
  

   
NUMBER OF
        
   
SHARES
    
VALUE
  
Common Stocks — 98.4%
            
Aerospace & Defense — 0.0%
            
AeroVironment, Inc. (United States)*
    
49
    
$
4,506
  
Beverages — 0.8%
                
Boston Beer Co Inc., Class A (The) (United States)*
    
22
      
7,817
  
Monster Beverage Corp. (United States)*
    
1,617
      
144,107
  
             
151,924
  
Biotechnology — 3.5%
                
Amgen, Inc. (United States)
    
1,499
      
384,853
  
Biogen, Inc. (United States)*
    
403
      
80,600
  
Exact Sciences Corp. (United States)*
    
392
      
19,526
  
Exelixis, Inc. (United States)*
    
931
      
17,065
  
Vertex Pharmaceuticals, Inc. (United States)*
    
658
      
176,772
  
             
678,816
  
Capital Markets — 0.3%
                
Nasdaq, Inc. (United States)
    
370
      
57,446
  
PJT Partners, Inc., Class A (United States)
    
49
      
3,716
  
             
61,162
  
Chemicals — 0.8%
                
Balchem Corp. (United States)
    
53
      
6,595
  
Ecolab, Inc. (United States)
    
691
      
113,262
  
RPM International, Inc. (United States)
    
355
      
31,275
  
             
151,132
  
Commercial Services & Supplies — 1.7%
                
Cintas Corp. (United States)
    
263
      
104,761
  
Copart, Inc. (United States)*
    
603
      
69,062
  
Waste Management, Inc. (United States)
    
1,003
      
158,985
  
             
332,808
  
Communications Equipment — 0.2%
                
Ubiquiti, Inc. (United States)
    
148
      
38,711
  
Construction & Engineering — 0.1%
                
MasTec, Inc. (United States)*
    
147
      
12,288
  
Consumer Finance — 0.0%
                
Upstart Holdings, Inc. (United States)*
    
197
      
9,929
  
Distributors — 0.2%
                
LKQ Corp. (United States)
    
849
      
43,630
  
Electronic Equipment, Instruments & Components — 0.8%
                
Cognex Corp. (United States)
    
398
      
19,271
  
Corning, Inc. (United States)
    
1,917
      
68,667
  
National Instruments Corp. (United States)
    
402
      
14,199
  
Zebra Technologies Corp., Class A (United States)*
    
166
      
56,139
  
             
158,276
  
Entertainment — 2.2%
                
Activision Blizzard, Inc. (United States)
    
2,070
      
161,212
  
Netflix, Inc. (United States)*
    
1,130
      
223,107
  
Skillz, Inc. (United States)*
    
2,352
      
4,469
  
Take-Two Interactive Software, Inc. (United States)*
    
399
      
49,700
  
             
438,488
  
Food & Staples Retailing — 3.1%
                
Casey's General Stores, Inc. (United States)
    
101
      
21,163
  
Costco Wholesale Corp. (United States)
    
1,249
      
582,309
  
             
603,472
  
Food Products — 0.2%
                
Darling Ingredients, Inc. (United States)*
    
392
      
31,387
  
Health Care Equipment & Supplies — 2.4%
                
ABIOMED, Inc. (United States)*
    
101
      
26,634
  
Globus Medical, Inc., Class A (United States)*
    
245
      
16,317
  
IDEXX Laboratories, Inc. (United States)*
    
323
      
126,493
  
Intuitive Surgical, Inc. (United States)*
    
889
      
202,372
  
ResMed, Inc. (United States)
    
441
      
89,726
  
             
461,542
  
Health Care Providers & Services — 7.0%
                
HCA Healthcare, Inc. (United States)
    
905
      
190,412
  
McKesson Corp. (United States)
    
358
      
117,671
  
UnitedHealth Group, Inc. (United States)
    
2,128
      
1,057,148
  
             
1,365,231
  
Health Care Technology — 0.5%
                
Doximity, Inc., Class A (United States)*
    
795
      
27,817
  
Veeva Systems, Inc., Class A (United States)*
    
414
      
70,488
  
             
98,305
  
Hotels, Restaurants & Leisure — 0.0%
                
Wingstop, Inc. (United States)
    
98
      
7,807
  
Household Durables — 0.2%
                
iRobot Corp. (United States)*
    
49
      
2,332
  
Meritage Homes Corp. (United States)*
    
98
      
8,360
  
NVR, Inc. (United States)*
    
5
      
22,253
  
             
32,945
  
Industrial Conglomerates — 1.0%
                
3M Co. (United States)
    
1,339
      
199,899
  
Interactive Media & Services — 9.9%
                
Alphabet, Inc., Class C (United States)*
    
396
      
903,189
  
Bumble, Inc., Class A (United States)*
    
647
      
18,439
  
Meta Platforms, Inc., Class A (United States)*
    
5,076
      
982,917
  
Pinterest, Inc., Class A (United States)*
    
1,593
      
31,302
  
             
1,935,847
  
Internet & Direct Marketing Retail — 4.5%
                
Amazon.com, Inc. (United States)*
    
324
      
778,958
  
eBay, Inc. (United States)
    
1,393
      
67,797
  
Etsy, Inc. (United States)*
    
364
      
29,528
  
             
876,283
  
IT Services — 11.6%
                
Cognizant Technology Solutions Corp., Class A (United States)
    
1,529
      
114,216
  
EPAM Systems, Inc. (United States)*
    
147
      
49,762
  
GoDaddy, Inc., Class A (United States)*
    
413
      
30,996
  
Jack Henry & Associates, Inc. (United States)
    
196
      
36,872
  
Mastercard, Inc., Class A (United States)
    
2,697
      
965,175
  
Visa, Inc., Class A (United States)
    
4,998
      
1,060,426
  
             
2,257,447
  
Machinery — 0.3%
                
Cummins, Inc. (United States)
    
319
      
66,709
  
Media — 0.5%
                
New York Times Co., (The) Class A (United States)
    
441
      
15,210
  
Sirius XM Holdings, Inc. (United States)
    
11,731
      
75,078
  
             
90,288
  
Pharmaceuticals — 5.7%
                
Johnson & Johnson (United States)
    
6,155
      
1,105,007
  
Professional Services — 0.0%
                
Upwork, Inc. (United States)*
    
343
      
6,260
  
Road & Rail — 2.2%
                
Old Dominion Freight Line, Inc. (United States)
    
347
      
89,609
  
Union Pacific Corp. (United States)
    
1,583
      
347,912
  
             
437,521
  
Semiconductors & Semiconductor Equipment — 10.8%
                
Advanced Micro Devices, Inc. (United States)*
    
4,756
      
484,446
  
Broadcom, Inc. (United States)
    
1,030
      
597,534
  
Cirrus Logic, Inc. (United States)*
    
120
      
9,785
  
Lam Research Corp. (United States)
    
396
      
205,932
  
NVIDIA Corp. (United States)
    
4,067
      
759,390
  
Skyworks Solutions, Inc. (United States)
    
368
      
40,064
  
Universal Display Corp. (United States)
    
98
      
12,379
  
             
2,109,530
  
Software — 14.6%
                
Adobe Systems, Inc. (United States)*
    
1,627
      
677,613
  
Appfolio, Inc., Class A (United States)*
    
70
      
7,012
  
Autodesk, Inc. (United States)*
    
715
      
148,541
  
Cadence Design Systems, Inc. (United States)*
    
858
      
131,900
  
Fair Isaac Corp. (United States)*
    
99
      
40,545
  
Fortinet, Inc. (United States)*
    
455
      
133,834
  
Microsoft Corp. (United States)
    
3,632
      
987,432
  
Paycom Software, Inc. (United States)*
    
147
      
41,798
  
ServiceNow, Inc. (United States)*
    
553
      
258,511
  
Synopsys, Inc. (United States)*
    
464
      
148,109
  
UiPath, Inc., Class A (United States)*
    
1,323
      
22,584
  
VMware, Inc., Class A (United States)
    
939
      
120,286
  
Workday, Inc., Class A (United States)*
    
736
      
115,037
  
Zendesk, Inc. (United States)*
    
273
      
24,966
  
             
2,858,168
  
Specialty Retail — 5.6%
                
Camping World Holdings, Inc., Class A (United States)
    
103
      
2,794
  
Home Depot, Inc., (The) (United States)
    
3,287
      
995,139
  
RH (United States)*
    
52
      
15,084
  
Ulta Beauty, Inc. (United States)*
    
129
      
54,580
  
Williams-Sonoma, Inc. (United States)
    
200
      
25,584
  
Winmark Corp. (United States)
    
1
      
198
  
             
1,093,379
  
Technology Hardware, Storage & Peripherals — 5.1%
                
Apple, Inc. (United States)
    
6,566
      
977,284
  
Pure Storage, Inc., Class A (United States)*
    
833
      
19,767
  
             
997,051
  
Textiles, Apparel & Luxury Goods — 2.5%
                
NIKE, Inc., Class B (United States)
    
3,931
      
467,199
  
Under Armour, Inc., Class A (United States)*
    
1,274
      
13,479
  
             
480,678
  
Thrifts & Mortgage Finance — 0.0%
                
Walker & Dunlop, Inc. (United States)
    
67
      
7,123
  
Trading Companies & Distributors — 0.1%
                
Watsco, Inc. (United States)
    
101
      
25,819
  
Total Common Stocks (Cost $20,612,961)
            
19,229,368
  
                 
Short-Term Investments — 1.5%
                
U.S. Bank Money Market Deposit Account, 0.50% (United States)(a)
    
285,900
      
285,900
  
Total Short-Term Investments (Cost $285,900)
            
285,900
  
                 
Total Investments (Cost $20,898,861) — 99.9%
            
19,515,268
  
Other Assets in Excess of Liabilities — 0.1%
            
10,770
  
NET ASSETS — 100.0%
          
$
19,526,038
  
(Applicable to 1,225,000 shares outstanding)
                

*
Non-income producing security.
      
(a)
The rate shown is as of May 31, 2022.
      


MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF
NOTES TO THE SCHEDULE OF INVESTMENTS
MAY 31, 2022
(UNAUDITED)

PORTFOLIO VALUATION — Each 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 Funds 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. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
                     
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 May 31, 2022, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE^
  
CAPITAL EFFICIENCY FUND
                              
Common Stocks
  
$
19,229,368
    
$
19,229,368
    
$
-
    
$
-
    
$
-
  
Short-Term Investments
    
285,900
      
285,900
      
-
      
-
      
-
  
Total Investments*
  
$
19,515,268
    
$
19,515,268
    
$
-
    
$
-
    
$
-
  
                                         
* 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 May 31, 2022, 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.