NPORT-EX 2 mfefficiency100index.htm NPORT-EX

Motley Fool Capital Efficiency 100 Index ETF
  
Schedule of Investments
  
May 31, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.7%
  
Number of
Shares
    
Value
  
Air Freight & Logistics - 1.1%
        
GXO Logistics, Inc.(a)
    
388
    
$
19,489
  
United Parcel Service, Inc. - Class B
    
3,150
      
437,630
  
             
457,119
  
                 
Beverages - 0.5%
          
Boston Beer Co., Inc. - Class A(a)
    
24
      
7,528
  
Monster Beverage Corp.(a)
    
3,791
      
196,829
  
             
204,357
  
                 
Biotechnology - 1.9%
          
Gilead Sciences, Inc.
    
5,499
      
353,421
  
Neurocrine Biosciences, Inc.(a)
    
499
      
67,569
  
Vertex Pharmaceuticals, Inc.(a)
    
849
      
386,584
  
             
807,574
  
                 
Broadline Retail - 5.3%
          
Amazon.com, Inc.(a)
    
12,019
      
2,120,633
  
eBay, Inc.
    
1,974
      
107,030
  
Etsy, Inc.(a)
    
388
      
24,626
  
             
2,252,289
  
                 
Capital Markets - 0.4%
          
Cboe Global Markets, Inc.
    
377
      
65,217
  
Nasdaq, Inc.
    
1,865
      
110,091
  
PJT Partners, Inc. - Class A
    
81
      
8,640
  
             
183,948
  
                 
Chemicals - 1.7%
          
Balchem Corp.
    
90
      
13,824
  
Ecolab, Inc.
    
1,096
      
254,491
  
RPM International, Inc.
    
598
      
67,036
  
Sherwin-Williams Co.
    
1,248
      
379,142
  
             
714,493
  
                 
Commercial Services & Supplies - 2.1%
          
Cintas Corp.
    
497
      
336,951
  
Copart, Inc.(a)
    
3,022
      
160,347
  
Rollins, Inc.
    
2,024
      
92,477
  
Waste Management, Inc.
    
1,482
      
312,302
  
             
902,077
  
                 
Communications Equipment - 0.8%
          
Arista Networks, Inc.(a)
    
1,114
      
331,582
  
                 
Consumer Staples Distribution & Retail - 9.5%
          
Casey's General Stores, Inc.
    
191
      
63,370
  
Costco Wholesale Corp.
    
2,079
      
1,683,761
  
Walmart, Inc.
    
34,457
      
2,265,893
  
             
4,013,024
  
                 
Distributors - 0.1%
          
LKQ Corp.
    
1,043
      
44,880
  
                 
Entertainment - 2.8%
          
Electronic Arts, Inc.
    
1,046
      
138,992
  
Netflix, Inc.(a)
    
1,653
      
1,060,598
  
             
1,199,590
  
                 
Financial Services - 9.3%
          
Jack Henry & Associates, Inc.
    
301
      
49,569
  
Mastercard, Inc. - Class A
    
4,198
      
1,876,800
  
Visa, Inc. - Class A
    
7,348
      
2,002,036
  
             
3,928,405
  
                 
Food Products - 0.0%(b)
          
Darling Ingredients, Inc.(a)
    
459
      
18,544
  
                 
Ground Transportation - 1.6%
          
Old Dominion Freight Line, Inc.
    
877
      
153,694
  
RXO, Inc.(a)
    
374
      
7,633
  
Union Pacific Corp.
    
2,184
      
508,479
  
             
669,806
  
                 
Health Care Equipment & Supplies - 2.8%
          
Becton Dickinson & Co.
    
1,003
      
232,666
  
IDEXX Laboratories, Inc.(a)
    
449
      
223,131
  
Insulet Corp.(a)
    
297
      
52,625
  
Intuitive Surgical, Inc.(a)
    
1,333
      
536,026
  
ResMed, Inc.
    
589
      
121,528
  
Solventum Corp.(a)
    
444
      
26,347
  
STAAR Surgical Co.(a)
    
175
      
7,268
  
             
1,199,591
  
                 
Health Care Providers & Services - 6.1%
          
HCA Healthcare, Inc.
    
1,238
      
420,610
  
McKesson Corp.
    
474
      
269,986
  
UnitedHealth Group, Inc.
    
3,794
      
1,879,434
  
             
2,570,030
  
                 
Health Care Technology - 0.2%
          
Veeva Systems, Inc. - Class A(a)
    
570
      
99,322
  
                 
Household Durables - 0.1%
          
Dream Finders Homes, Inc. - Class A(a)
    
259
      
7,358
  
Meritage Homes Corp.
    
105
      
18,517
  
             
25,875
  
                 
Industrial Conglomerates - 0.4%
          
3M Co.
    
1,777
      
177,949
  
                 
Interactive Media & Services - 10.7%
          
Alphabet, Inc. - Class C(a)
    
14,107
      
2,454,054
  
Meta Platforms, Inc. - Class A
    
4,221
      
1,970,489
  
Pinterest, Inc. - Class A(a)
    
2,529
      
104,928
  
             
4,529,471
  
                 
IT Services - 1.1%
          
Cognizant Technology Solutions Corp. - Class A
    
2,035
      
134,615
  
EPAM Systems, Inc.(a)
    
217
      
38,611
  
Gartner, Inc.(a)
    
360
      
151,081
  
GoDaddy, Inc. - Class A(a)
    
632
      
88,246
  
MongoDB, Inc.(a)
    
282
      
66,569
  
             
479,122
  
                 
Machinery - 0.1%
          
Tennant Co.
    
45
      
4,620
  
Toro Co.
    
377
      
30,231
  
             
34,851
  
                 
Media - 0.5%
          
New York Times Co. - Class A
    
591
      
30,259
  
Trade Desk, Inc. - Class A(a)
    
1,732
      
160,695
  
             
190,954
  
                 
Personal Care Products - 0.1%
          
elf Beauty, Inc.(a)
    
222
      
41,494
  
                 
Pharmaceuticals - 3.4%
          
Johnson & Johnson
    
9,964
      
1,461,420
  
                 
Professional Services - 0.0%(b)
          
TaskUS, Inc. - Class A(a)
    
321
      
4,594
  
Upwork, Inc.(a)
    
406
      
4,291
  
             
8,885
  
                 
Semiconductors & Semiconductor Equipment - 12.7%
          
Broadcom, Inc.
    
1,682
      
2,234,621
  
Cirrus Logic, Inc.(a)
    
177
      
20,302
  
Enphase Energy, Inc.(a)
    
398
      
50,904
  
Impinj, Inc.(a)
    
90
      
14,731
  
Lam Research Corp.
    
464
      
432,652
  
NVIDIA Corp.
    
2,372
      
2,600,495
  
Universal Display Corp.
    
193
      
33,910
  
             
5,387,615
  
                 
Software - 13.2%
          
Adobe Systems, Inc.(a)
    
2,297
      
1,021,614
  
Appfolio, Inc. - Class A(a)
    
145
      
33,106
  
Autodesk, Inc.(a)
    
1,029
      
207,446
  
DocuSign, Inc.(a)
    
750
      
41,055
  
Fair Isaac Corp.(a)
    
134
      
172,851
  
Fortinet, Inc.(a)
    
3,489
      
206,967
  
HubSpot, Inc.(a)
    
190
      
116,100
  
Manhattan Associates, Inc.(a)
    
224
      
49,177
  
Microsoft Corp.
    
5,026
      
2,086,443
  
Nutanix, Inc. - Class A(a)
    
1,277
      
70,637
  
Palo Alto Networks, Inc.(a)
    
1,299
      
383,088
  
Pegasystems, Inc.
    
330
      
18,962
  
ServiceNow, Inc.(a)
    
849
      
557,734
  
Synopsys, Inc.(a)
    
722
      
404,898
  
Workday, Inc. - Class A(a)
    
1,105
      
233,652
  
Zuora, Inc. - Class A(a)
    
459
      
4,659
  
             
5,608,389
  
                 
Specialty Retail - 4.1%
          
Camping World Holdings, Inc. - Class A
    
151
      
3,035
  
Chewy, Inc. - Class A(a)
    
1,285
      
27,255
  
Home Depot, Inc.
    
4,628
      
1,549,778
  
Stitch Fix, Inc. - Class A(a)
    
432
      
1,067
  
Ulta Beauty, Inc.(a)
    
194
      
76,648
  
Wayfair, Inc. - Class A(a)
    
398
      
23,677
  
Williams-Sonoma, Inc.
    
219
      
64,215
  
Winmark Corp.
    
30
      
10,677
  
             
1,756,352
  
                 
Technology Hardware, Storage & Peripherals - 5.7%
          
Apple, Inc.
    
12,055
      
2,317,574
  
Pure Storage, Inc. - Class A(a)
    
1,422
      
85,732
  
             
2,403,306
  
                 
Textiles, Apparel & Luxury Goods - 1.2%
          
NIKE, Inc. - Class B
    
5,216
      
495,781
  
Under Armour, Inc. - Class A(a)
    
1,700
      
12,223
  
             
508,004
  
                 
Trading Companies & Distributors - 0.2%
          
Watsco, Inc.
    
165
      
78,359
  
TOTAL COMMON STOCKS (Cost $35,296,587)
      
42,288,677
  
                 
TOTAL INVESTMENTS - 99.7% (Cost $35,296,587)
    
$
42,288,677
  
Other Assets in Excess of Liabilities - 0.3%(c)
      
129,020
  
TOTAL NET ASSETS - 100.0%
          
           
$
42,417,697
  

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.
  

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
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 sales 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. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the RBB, Fund, Inc.’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.
 
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 necessaly an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used, as of Returns the end of the date range, in valuing the Fund’s investments carried at fair value:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
    
42,288,677
      
–
      
–
      
42,288,677
  
Total Investments
    
42,288,677
      
–
      
–
      
42,288,677
  
   
Refer to the Schedule of Investments for additional information.
  
 
Refer to Schedule of Investments for industry classifications.
 
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 when 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 are disclosed if the Fund had an amount of total 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, 2024, the Fund had no Level 3 transfers.       
 
For more information with regard to significant accounting policies, see the most recent annual report or prospectus filed with the Securities and Exchange Commission.