NPORT-EX 2 mfnextindex.htm NPORT-EX

MOTLEY FOOL NEXT INDEX ETF
  
     
SCHEDULE OF INVESTMENTS
  
MAY 31, 2022 (UNAUDITED)
  

   
NUMBER OF
        
   
SHARES
    
VALUE
  
Common Stocks — 99.3%
            
Aerospace & Defense — 2.7%
            
AeroVironment, Inc. (United States)*
    
509
    
$
46,808
  
Axon Enterprise, Inc. (United States)*
    
1,462
      
148,188
  
HEICO Corp. (United States)
    
2,494
      
356,767
  
Textron, Inc. (United States)
    
4,469
      
291,781
  
Virgin Galactic Holdings, Inc. (United States)*
    
5,245
      
36,767
  
             
880,311
  
Air Freight & Logistics — 0.4%
                
GXO Logistics, Inc. (United States)*
    
2,368
      
128,511
  
Airlines — 0.7%
                
Alaska Air Group, Inc. (United States)*
    
2,597
      
125,331
  
Hawaiian Holdings, Inc. (United States)*
    
1,044
      
18,531
  
JetBlue Airways Corp. (United States)*
    
6,525
      
70,079
  
             
213,941
  
Auto Components — 0.6%
                
BorgWarner, Inc. (United States)
    
4,959
      
199,947
  
Banks — 0.5%
                
Western Alliance Bancorp (United States)
    
2,190
      
178,200
  
Beverages — 0.3%
                
Boston Beer Co. Inc., (The) Class A (United States)*
    
250
      
88,825
  
Biotechnology — 5.5%
                
2seventy bio, Inc. (United States)*
    
435
      
5,394
  
Alnylam Pharmaceuticals, Inc. (United States)*
    
2,480
      
311,984
  
AnaptysBio, Inc. (United States)*
    
549
      
10,425
  
BioMarin Pharmaceutical, Inc. (United States)*
    
3,797
      
285,269
  
Bluebird Bio, Inc. (United States)*
    
1,392
      
4,454
  
Editas Medicine, Inc. (United States)*
    
1,392
      
15,855
  
Emergent BioSolutions, Inc. (United States)*
    
1,083
      
35,696
  
Exact Sciences Corp. (United States)*
    
3,567
      
177,672
  
Exelixis, Inc. (United States)*
    
6,525
      
119,603
  
Ionis Pharmaceuticals, Inc. (United States)*
    
2,897
      
105,798
  
Neurocrine Biosciences, Inc. (United States)*
    
1,965
      
183,708
  
Seagen, Inc. (United States)*
    
3,789
      
514,092
  
             
1,769,950
  
Building Products — 0.5%
                
Trex Co., Inc. (United States)*
    
2,365
      
150,698
  
Capital Markets — 5.4%
                
Affiliated Managers Group, Inc. (United States)
    
833
      
111,305
  
Cboe Global Markets, Inc. (United States)
    
2,191
      
246,071
  
FactSet Research Systems, Inc. (United States)
    
778
      
297,025
  
Interactive Brokers Group, Inc., Class A (United States)
    
2,016
      
124,065
  
Jefferies Financial Group, Inc. (United States)
    
4,989
      
164,737
  
MarketAxess Holdings, Inc. (United States)
    
783
      
220,555
  
Nasdaq, Inc. (United States)
    
3,398
      
527,574
  
PJT Partners, Inc., Class A (United States)
    
473
      
35,872
  
             
1,727,204
  
Chemicals — 1.0%
                
Balchem Corp. (United States)
    
662
      
82,373
  
RPM International, Inc. (United States)
    
2,681
      
236,196
  
             
318,569
  
Commercial Services & Supplies — 1.1%
                
Rollins, Inc. (United States)
    
10,179
      
360,947
  
Communications Equipment — 3.0%
                
Arista Networks, Inc. (United States)*
    
6,351
      
649,580
  
Ubiquiti, Inc. (United States)
    
1,271
      
332,443
  
             
982,023
  
Construction & Engineering — 0.5%
                
MasTec, Inc. (United States)*
    
1,540
      
128,729
  
NV5 Global, Inc. (United States)*
    
318
      
39,171
  
             
167,900
  
Consumer Finance — 0.3%
                
Upstart Holdings, Inc. (United States)*
    
1,733
      
87,343
  
Distributors — 0.9%
                
LKQ Corp. (United States)
    
5,888
      
302,584
  
Diversified Consumer Services — 0.2%
                
2U, Inc. (United States)*
    
1,524
      
14,204
  
Chegg, Inc. (United States)*
    
2,786
      
54,215
  
             
68,419
  
Diversified Telecommunication Services — 0.0%
                
Bandwidth, Inc., Class A (United States)*
    
522
      
10,983
  
Electronic Equipment, Instruments & Components — 5.6%
                
Cognex Corp. (United States)
    
3,593
      
173,973
  
Coherent, Inc. (United States)*
    
510
      
138,190
  
Corning, Inc. (United States)
    
17,471
      
625,811
  
II-VI, Inc. (United States)*
    
2,185
      
136,563
  
IPG Photonics Corp. (United States)*
    
1,095
      
115,512
  
Littelfuse, Inc. (United States)
    
502
      
135,640
  
National Instruments Corp. (United States)
    
2,712
      
95,788
  
Zebra Technologies Corp., Class A (United States)*
    
1,097
      
370,994
  
             
1,792,471
  
Energy Equipment & Services — 0.1%
                
Oceaneering International, Inc. (United States)*
    
2,001
      
25,453
  
Entertainment — 4.3%
                
Live Nation Entertainment, Inc. (United States)*
    
4,619
      
439,036
  
Roku, Inc. (United States)*
    
2,792
      
264,961
  
Skillz, Inc. (United States)*
    
8,439
      
16,034
  
Take-Two Interactive Software, Inc. (United States)*
    
3,212
      
399,964
  
Warner Bros Discovery, Inc. (United States)*
    
13,681
      
252,414
  
             
1,372,409
  
Equity Real Estate Investment Trusts (REITs) — 0.5%
                
Retail Opportunity Investments Corp. (United States)
    
2,477
      
44,759
  
STAG Industrial, Inc. (United States)
    
3,673
      
122,311
  
             
167,070
  
Food & Staples Retailing — 0.5%
                
Casey's General Stores, Inc. (United States)
    
760
      
159,250
  
Food Products — 2.7%
                
Beyond Meat, Inc. (United States)*
    
1,305
      
34,517
  
Darling Ingredients, Inc. (United States)*
    
3,327
      
266,393
  
Freshpet, Inc. (United States)*
    
885
      
63,693
  
McCormick & Co., Inc. (United States)
    
5,504
      
510,331
  
             
874,934
  
Health Care Equipment & Supplies — 3.4%
                
ABIOMED, Inc. (United States)*
    
932
      
245,768
  
Globus Medical, Inc., Class A (United States)*
    
2,088
      
139,061
  
Insulet Corp. (United States)*
    
1,428
      
304,849
  
Masimo Corp. (United States)*
    
1,136
      
159,529
  
NuVasive, Inc. (United States)*
    
1,058
      
60,740
  
Shockwave Medical, Inc. (United States)*
    
735
      
120,694
  
STAAR Surgical Co. (United States)*
    
972
      
64,094
  
             
1,094,735
  
Health Care Providers & Services — 3.8%
                
Fulgent Genetics, Inc. (United States)*
    
609
      
33,197
  
Guardant Health, Inc. (United States)*
    
2,088
      
85,566
  
HealthEquity, Inc. (United States)*
    
1,695
      
106,073
  
McKesson Corp. (United States)
    
3,095
      
1,017,295
  
             
1,242,131
  
Health Care Technology — 1.0%
                
Doximity, Inc., Class A (United States)*
    
3,948
      
138,140
  
GoodRx Holdings, Inc., Class A (United States)*
    
8,265
      
65,872
  
Teladoc, Inc. (United States)*
    
3,306
      
112,702
  
             
316,714
  
Hotels, Restaurants & Leisure — 2.3%
                
Dave & Buster's Entertainment, Inc. (United States)*
    
982
      
37,208
  
Hyatt Hotels Corp., Class A (United States)*
    
2,262
      
199,938
  
Planet Fitness, Inc., Class A (United States)*
    
1,741
      
122,514
  
Texas Roadhouse, Inc. (United States)
    
1,419
      
110,640
  
Vail Resorts, Inc. (United States)
    
830
      
209,334
  
Wingstop, Inc. (United States)
    
613
      
48,832
  
             
728,466
  
Household Durables — 1.3%
                
DREAM FINDERS HOMES, Inc., Class A (United States)*
    
1,915
      
33,819
  
iRobot Corp. (United States)*
    
542
      
25,794
  
Meritage Homes Corp. (United States)*
    
763
      
65,091
  
NVR, Inc. (United States)*
    
68
      
302,642
  
             
427,346
  
Household Products — 0.2%
                
Spectrum Brands Holdings, Inc. (United States)
    
847
      
74,316
  
Insurance — 1.8%
                
Kinsale Capital Group, Inc. (United States)
    
467
      
102,684
  
Lemonade, Inc. (United States)*
    
1,249
      
28,090
  
Markel Corp. (United States)*
    
280
      
383,440
  
Safety Insurance Group, Inc. (United States)
    
289
      
26,837
  
Trupanion, Inc. (United States)*
    
835
      
55,845
  
             
596,896
  
Interactive Media & Services — 1.2%
                
Bumble, Inc., Class A (United States)*
    
2,644
      
75,354
  
Eventbrite, Inc., Class A (United States)*
    
1,914
      
22,451
  
fuboTV, Inc. (United States)*
    
3,045
      
10,018
  
Pinterest, Inc., Class A (United States)*
    
13,584
      
266,926
  
             
374,749
  
Internet & Direct Marketing Retail — 1.8%
                
Chewy, Inc., Class A (United States)*
    
8,613
      
213,602
  
Etsy, Inc. (United States)*
    
2,615
      
212,129
  
Stitch Fix, Inc., Class A (United States)*
    
2,216
      
18,770
  
Wayfair, Inc., Class A (United States)*
    
2,151
      
127,748
  
             
572,249
  
IT Services — 7.9%
                
Broadridge Financial Solutions, Inc. (United States)
    
2,412
      
352,683
  
DigitalOcean Holdings, Inc. (United States)*
    
2,223
      
108,593
  
EPAM Systems, Inc. (United States)*
    
1,173
      
397,084
  
Euronet Worldwide, Inc. (United States)*
    
1,058
      
128,187
  
Fastly, Inc., Class A (United States)*
    
2,436
      
31,790
  
Gartner, Inc. (United States)*
    
1,693
      
444,243
  
GoDaddy, Inc., Class A (United States)*
    
3,449
      
258,847
  
Jack Henry & Associates, Inc. (United States)
    
1,505
      
283,121
  
MongoDB, Inc. (United States)*
    
1,395
      
330,824
  
TaskUS, Inc., Class A (United States)*
    
2,001
      
49,185
  
WEX, Inc. (United States)*
    
920
      
156,658
  
             
2,541,215
  
Leisure Products — 1.1%
                
Hasbro, Inc. (United States)
    
2,847
      
255,518
  
Peloton Interactive, Inc., Class A (United States)*
    
6,786
      
94,733
  
             
350,251
  
Life Sciences Tools & Services — 0.6%
                
Repligen Corp. (United States)*
    
1,137
      
187,002
  
Machinery — 4.7%
                
Chart Industries, Inc. (United States)*
    
745
      
131,031
  
Cummins, Inc. (United States)
    
2,941
      
615,022
  
Middleby Corp., (The) (United States)*
    
1,141
      
172,816
  
Proto Labs, Inc. (United States)*
    
549
      
26,456
  
Tennant Co. (United States)
    
368
      
22,904
  
Toro Co., (The) (United States)
    
2,150
      
177,353
  
Westinghouse Air Brake Technologies Corp. (United States)
    
3,845
      
363,199
  
             
1,508,781
  
Media — 2.1%
                
Boston Omaha Corp., Class A (United States)*
    
609
      
13,307
  
Magnite, Inc. (United States)*
    
2,697
      
29,640
  
New York Times Co., (The) Class A (United States)
    
3,429
      
118,266
  
Sirius XM Holdings, Inc. (United States)
    
81,567
      
522,029
  
             
683,242
  
Oil, Gas & Consumable Fuels — 0.1%
                
Clean Energy Fuels Corp. (United States)*
    
4,611
      
25,499
  
Pharmaceutical and Medicine Manufacturing — 0.2%
                
QUIDELORTHO Corp. (United States)*
    
852
      
80,966
  
Pharmaceuticals — 1.0%
                
Viatris, Inc. (United States)
    
25,056
      
307,437
  
Professional Services — 0.8%
                
Robert Half International, Inc. (United States)
    
2,262
      
203,919
  
Upwork, Inc. (United States)*
    
2,610
      
47,633
  
             
251,552
  
Real Estate Management & Development — 1.0%
                
Opendoor Technologies, Inc. (United States)*
    
12,702
      
91,835
  
Redfin Corp. (United States)*
    
2,175
      
21,315
  
Zillow Group, Inc., Class C (United States)*
    
5,151
      
205,525
  
             
318,675
  
Road & Rail — 1.0%
                
AMERCO (United States)
    
403
      
197,462
  
XPO Logistics, Inc. (United States)*
    
2,361
      
126,172
  
             
323,634
  
Semiconductors & Semiconductor Equipment — 2.7%
                
Cirrus Logic, Inc. (United States)*
    
1,159
      
94,505
  
First Solar, Inc. (United States)*
    
2,187
      
154,424
  
Impinj, Inc. (United States)*
    
509
      
23,826
  
Silicon Laboratories, Inc. (United States)*
    
789
      
117,687
  
Skyworks Solutions, Inc. (United States)
    
3,346
      
364,279
  
Universal Display Corp. (United States)
    
1,000
      
126,310
  
             
881,031
  
Software — 13.6%
                
Alarm.com Holdings, Inc. (United States)*
    
1,037
      
65,570
  
Alteryx, Inc., Class A (United States)*
    
1,392
      
77,465
  
Anaplan, Inc. (United States)*
    
3,099
      
203,294
  
Appfolio, Inc., Class A (United States)*
    
708
      
70,928
  
Appian Corp. (United States)*
    
1,491
      
71,225
  
Asana, Inc., Class A (United States)*
    
3,956
      
86,003
  
Avalara, Inc. (United States)*
    
1,804
      
152,745
  
Blackbaud, Inc. (United States)*
    
1,048
      
66,705
  
Blackline, Inc. (United States)*
    
1,223
      
89,548
  
Cerence, Inc. (United States)*
    
783
      
24,868
  
Confluent, Inc., Class A (United States)*
    
5,632
      
119,004
  
Coupa Software, Inc. (United States)*
    
1,535
      
105,593
  
Fair Isaac Corp. (United States)*
    
543
      
222,386
  
Five9, Inc. (United States)*
    
1,426
      
137,909
  
HubSpot, Inc. (United States)*
    
981
      
331,274
  
LivePerson, Inc. (United States)*
    
1,479
      
24,818
  
MicroStrategy, Inc., Class A (United States)*
    
232
      
61,408
  
New Relic, Inc. (United States)*
    
1,364
      
63,917
  
Nutanix, Inc., Class A (United States)*
    
4,552
      
73,742
  
PagerDuty, Inc. (United States)*
    
1,761
      
43,409
  
Paycom Software, Inc. (United States)*
    
1,242
      
353,150
  
Pegasystems, Inc. (United States)
    
1,672
      
82,831
  
Q2 Holdings, Inc. (United States)*
    
1,155
      
60,903
  
Smartsheet, Inc., Class A (United States)*
    
2,610
      
93,047
  
Splunk, Inc. (United States)*
    
3,272
      
335,576
  
SS&C Technologies Holdings, Inc. (United States)
    
5,290
      
338,507
  
Trade Desk, Inc., (The) Class A (United States)*
    
10,007
      
520,864
  
UiPath, Inc., Class A (United States)*
    
10,875
      
185,636
  
Varonis Systems, Inc. (United States)*
    
2,199
      
72,721
  
Zendesk, Inc. (United States)*
    
2,514
      
229,905
  
Zuora, Inc., Class A (United States)*
    
2,610
      
26,465
  
             
4,391,416
  
Specialty Retail — 6.1%
                
Camping World Holdings, Inc., Class A (United States)
    
902
      
24,471
  
CarMax, Inc. (United States)*
    
3,330
      
330,569
  
Designer Brands, Inc., Class A (United States)
    
1,479
      
22,969
  
Five Below, Inc. (United States)*
    
1,146
      
149,656
  
GameStop Corp., Class A (United States)*
    
1,566
      
195,343
  
RH (United States)*
    
440
      
127,635
  
Sleep Number Corp. (United States)*
    
454
      
20,852
  
Tractor Supply Co. (United States)
    
2,329
      
436,362
  
Ulta Beauty, Inc. (United States)*
    
1,079
      
456,525
  
Williams-Sonoma, Inc. (United States)
    
1,499
      
191,752
  
Winmark Corp. (United States)
    
71
      
14,044
  
             
1,970,178
  
Technology Hardware, Storage & Peripherals — 0.4%
                
Pure Storage, Inc., Class A (United States)*
    
6,003
      
142,451
  
Textiles, Apparel & Luxury Goods — 0.9%
                
Carter's, Inc. (United States)
    
844
      
65,030
  
Skechers USA, Inc., Class A (United States)*
    
3,219
      
126,829
  
Under Armour, Inc., Class A (United States)*
    
9,278
      
98,161
  
             
290,020
  
Thrifts & Mortgage Finance — 0.4%
                
Axos Financial, Inc. (United States)*
    
1,218
      
47,076
  
Walker & Dunlop, Inc. (United States)
    
681
      
72,397
  
             
119,473
  
Trading Companies & Distributors — 0.6%
                
Watsco, Inc. (United States)
    
735
      
187,888
  
Total Common Stocks (Cost $38,837,800)
            
32,016,255
  
                 
Short-Term Investments — 0.7%
                
U.S. Bank Money Market Deposit Account, 0.50% (United States)(a)
    
211,814
      
211,814
  
Total Short-Term Investments (Cost $211,814)
            
211,814
  
                 
Total Investments (Cost $39,049,614) — 100.0%
            
32,228,069
  
Other Assets in Excess of Liabilities — 0.0%
            
15,852
  
NET ASSETS — 100.0%
          
$
32,243,921
  
(Applicable to 2,175,000 shares outstanding)
                

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


MOTLEY FOOL NEXT 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^
  
NEXT FUND
                              
Common Stocks
  
$
32,016,255
    
$
32,016,255
    
$
-
    
$
-
    
$
-
  
Short-Term Investments
    
211,814
      
211,814
      
-
      
-
      
-
  
Total Investments*
  
$
32,228,069
    
$
32,228,069
    
$
-
    
$
-
    
$
-
  

* 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.