NPORT-EX 2 motleycapitalefficiency.htm NPORT-EX

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF
  
SCHEDULE OF INVESTMENTS
  
NOVEMBER 30, 2022 (UNAUDITED)
  

   
NUMBER OF
        
   
SHARES
    
VALUE
  
Common Stocks — 99.7%
            
Beverages — 0.8%
            
Boston Beer Co., Inc., Class A (The) (United States)*
    
30
    
$
11,531
  
Monster Beverage Corp. (United States)*
    
1,557
      
160,153
  
             
171,684
  
Biotechnology — 3.9%
                
Amgen, Inc. (United States)
    
1,595
      
456,808
  
Biogen, Inc. (United States)*
    
393
      
119,932
  
Exelixis, Inc. (United States)*
    
988
      
16,875
  
Vertex Pharmaceuticals, Inc. (United States)*
    
661
      
209,140
  
             
802,755
  
Capital Markets — 0.6%
                
Houlihan Lokey, Inc. (United States)
    
251
      
24,686
  
Nasdaq, Inc. (United States)
    
1,227
      
84,000
  
PJT Partners, Inc., Class A (United States)
    
79
      
6,084
  
             
114,770
  
Chemicals — 0.8%
                
Balchem Corp. (United States)
    
79
      
11,123
  
Ecolab, Inc. (United States)
    
750
      
112,372
  
RPM International, Inc. (United States)
    
388
      
40,205
  
             
163,700
  
Commercial Services & Supplies — 2.0%
                
Cintas Corp. (United States)
    
318
      
146,846
  
Copart, Inc. (United States)*
    
1,292
      
85,995
  
Waste Management, Inc. (United States)
    
1,079
      
180,970
  
             
413,811
  
Communications Equipment — 0.2%
                
Ubiquiti, Inc. (United States)
    
149
      
44,705
  
Consumer Finance — 0.0%
                
Upstart Holdings, Inc. (United States)*
    
209
      
4,086
  
Distributors — 0.2%
                
LKQ Corp. (United States)
    
869
      
47,213
  
Electronic Equipment, Instruments & Components — 1.1%
                
CDW Corp. (United States)
    
391
      
73,758
  
Cognex Corp. (United States)
    
428
      
21,306
  
Corning, Inc. (United States)
    
2,075
      
70,820
  
National Instruments Corp. (United States)
    
426
      
17,474
  
Zebra Technologies Corp., Class A (United States)*
    
177
      
47,840
  
             
231,198
  
Entertainment — 2.8%
                
Activision Blizzard, Inc. (United States)
    
2,035
      
150,488
  
Netflix, Inc. (United States)*
    
1,163
      
355,332
  
Take-Two Interactive Software, Inc. (United States)*
    
412
      
43,544
  
World Wrestling Entertainment, Inc., Class A (United States)
    
197
      
15,736
  
             
565,100
  
Food & Staples Retailing — 3.7%
                
Casey's General Stores, Inc. (United States)
    
133
      
32,321
  
Costco Wholesale Corp. (United States)
    
1,323
      
713,428
  
             
745,749
  
Food Products — 0.1%
                
Darling Ingredients, Inc. (United States)*
    
401
      
28,804
  
Health Care Equipment & Supplies — 2.9%
                
ABIOMED, Inc. (United States)*
    
124
      
46,846
  
Globus Medical, Inc., Class A (United States)*
    
260
      
19,211
  
IDEXX Laboratories, Inc. (United States)*
    
355
      
151,184
  
Intuitive Surgical, Inc. (United States)*
    
914
      
247,137
  
Masimo Corp. (United States)*
    
130
      
18,842
  
ResMed, Inc. (United States)
    
484
      
111,417
  
             
594,637
  
Health Care Providers & Services — 6.8%
                
HCA Healthcare, Inc. (United States)
    
927
      
222,684
  
McKesson Corp. (United States)
    
377
      
143,893
  
UnitedHealth Group, Inc. (United States)
    
1,848
      
1,012,261
  
             
1,378,838
  
Health Care Technology — 0.4%
                
Veeva Systems, Inc., Class A (United States)*
    
443
      
84,330
  
Hotels, Restaurants & Leisure — 0.1%
                
Wingstop, Inc. (United States)
    
84
      
13,903
  
Household Durables — 0.2%
                
Meritage Homes Corp. (United States)*
    
91
      
7,863
  
NVR, Inc. (United States)*
    
9
      
41,751
  
             
49,614
  
Industrial Conglomerates — 0.9%
                
3M Co. (United States)
    
1,429
      
180,011
  
Interactive Media & Services — 8.6%
                
Alphabet, Inc., Class C (United States)*
    
9,296
      
943,079
  
Facebook, Inc., Class A (United States)*
    
6,523
      
770,366
  
Pinterest, Inc., Class A (United States)*
    
1,751
      
44,511
  
             
1,757,956
  
Internet & Direct Marketing Retail — 4.2%
                
Amazon.com, Inc. (United States)*
    
7,753
      
748,475
  
eBay, Inc. (United States)
    
1,483
      
67,387
  
Etsy, Inc. (United States)*
    
362
      
47,817
  
             
863,679
  
IT Services — 12.3%
                
Cognizant Technology Solutions Corp., Class A (United States)
    
1,616
      
100,531
  
EPAM Systems, Inc. (United States)*
    
165
      
60,816
  
Gartner, Inc. (United States)*
    
209
      
73,227
  
GoDaddy, Inc., Class A (United States)*
    
447
      
35,371
  
Jack Henry & Associates, Inc. (United States)
    
211
      
39,953
  
Mastercard, Inc., Class A (United States)
    
3,075
      
1,095,930
  
TaskUS, Inc. Class A (United States)*
    
237
      
4,662
  
Visa, Inc., Class A (United States)
    
5,013
      
1,087,821
  
             
2,498,311
  
Machinery — 0.4%
                
Cummins, Inc. (United States)
    
350
      
87,906
  
Media — 0.5%
                
New York Times Co., Class A (The) (United States)
    
468
      
17,152
  
Sirius XM Holdings, Inc. (United States)
    
12,137
      
78,769
  
             
95,921
  
Pharmaceuticals — 5.1%
                
Johnson & Johnson (United States)
    
5,806
      
1,033,468
  
Professional Services — 0.0%
                
Upwork, Inc. (United States)*
    
301
      
3,687
  
Road & Rail — 2.3%
                
Old Dominion Freight Line, Inc. (United States)
    
363
      
109,847
  
Union Pacific Corp. (United States)
    
1,644
      
357,455
  
             
467,302
  
Semiconductors & Semiconductor Equipment — 8.9%
                
Advanced Micro Devices, Inc. (United States)*
    
4,201
      
326,124
  
Broadcom, Inc. (United States)
    
1,103
      
607,786
  
Cirrus Logic, Inc. (United States)*
    
147
      
10,982
  
Impinj, Inc. (United States)*
    
69
      
8,801
  
Lam Research Corp. (United States)
    
440
      
207,847
  
Skyworks Solutions, Inc. (United States)
    
377
      
36,049
  
Texas Instruments, Inc. (United States)
    
3,293
      
594,255
  
Universal Display Corp. (United States)
    
118
      
13,289
  
             
1,805,133
  
Software — 13.9%
                
Adobe Systems, Inc. (United States)*
    
1,677
      
578,448
  
Appfolio, Inc., Class A (United States)*
    
83
      
9,469
  
Autodesk, Inc. (United States)*
    
802
      
161,964
  
Braze, Inc., Class A (United States)*
    
380
      
9,766
  
Cadence Design Systems, Inc. (United States)*
    
914
      
157,245
  
Fair Isaac Corp. (United States)*
    
95
      
58,873
  
Fortinet, Inc. (United States)*
    
2,561
      
136,143
  
Microsoft Corp. (United States)
    
3,948
      
1,007,293
  
ServiceNow, Inc. (United States)*
    
620
      
258,106
  
Synopsys, Inc. (United States)*
    
513
      
174,184
  
UiPath, Inc., Class A (United States)*
    
1,345
      
16,772
  
VMware, Inc., Class A (United States)*
    
1,054
      
128,050
  
Workday, Inc., Class A (United States)*
    
727
      
122,063
  
             
2,818,376
  
Specialty Retail — 8.5%
                
Camping World Holdings, Inc., Class A (United States)
    
109
      
3,001
  
Home Depot, Inc., (The) (United States)
    
3,442
      
1,115,174
  
Lowe's Cos, Inc. (United States)
    
2,288
      
486,314
  
RH (United States)*
    
70
      
20,078
  
Ulta Beauty, Inc. (United States)*
    
160
      
74,374
  
Williams-Sonoma, Inc. (United States)
    
205
      
23,965
  
Winmark Corp. (United States)
    
20
      
4,800
  
             
1,727,706
  
Technology Hardware, Storage & Peripherals — 4.7%
                
Apple, Inc. (United States)
    
6,257
      
926,224
  
Pure Storage, Inc., Class A (United States)*
    
879
      
25,658
  
             
951,882
  
Textiles, Apparel & Luxury Goods — 2.4%
                
NIKE, Inc., Class B (United States)
    
4,282
      
469,693
  
Under Armour, Inc., Class A (United States)*
    
1,352
      
13,520
  
             
483,213
  
Thrifts & Mortgage Finance — 0.0%
                
Walker & Dunlop, Inc. (United States)
    
70
      
6,252
  
Trading Companies & Distributors — 0.2%
                
Watsco, Inc. (United States)
    
123
      
33,085
  
Total Common Stocks (Cost $21,312,073)
            
20,268,785
  
                 
Short-Term Investments — 0.2%
                
U.S. Bank Money Market Deposit Account, 3.50% (United States)(a)
    
37,726
      
37,726
  
Total Short-Term Investments (Cost $37,726)
            
37,726
  
                 
Total Investments (Cost $21,349,799) — 99.9%
            
20,306,511
  
Other Assets in Excess of Liabilities — 0.1%
            
18,593
  
NET ASSETS — 100.0%
                
(Applicable to 1,300,000 shares outstanding)
          
$
20,325,104
  

*
Non-income producing security.
      
(a)
The rate shown is as of November 30, 2022.
      


MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF
NOTES TO THE SCHEDULE OF INVESTMENTS
November 30, 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 November 30, 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
  
$
20,268,785
    
$
20,268,785
    
$
-
    
$
-
    
$
-
  
Short-Term Investments
    
37,726
      
37,726
      
-
      
-
      
-
  
Total Investments*
  
$
20,306,511
    
$
20,306,511
    
$
-
    
$
-
    
$
-
  

* 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, 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.