NPORT-EX 2 mf-smallcap.htm NPORT-EX

Motley Fool Small-Cap Growth ETF
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 98.8%
  
Shares
    
Value
 
Aerospace & Defense - 9.9%
        
Axon Enterprise, Inc. (a)
    
8,295
    
$
5,366,533
  
Hexcel Corp.
    
25,988
      
1,647,380
  
Leonardo DRS, Inc. (a)
    
88,761
      
3,086,220
  
             
10,100,133
  
                 
Air Freight & Logistics - 3.6%
          
GXO Logistics, Inc. (a)(b)
    
60,932
      
3,706,494
  
                 
Automobile Components - 2.5%
          
Fox Factory Holding Corp. (a)
    
1,190
      
38,651
  
Gentex Corp.
    
82,368
      
2,517,166
  
             
2,555,817
  
                 
Banks - 2.9%
          
Live Oak Bancshares, Inc. (b)
    
62,581
      
2,966,339
  
                 
Biotechnology - 2.7%
          
Ultragenyx Pharmaceutical, Inc. (a)
    
57,872
      
2,756,443
  
                 
Building Products - 2.2%
          
Trex Co., Inc. (a)
    
30,414
      
2,281,962
  
                 
Capital Markets - 3.6%
          
StoneX Group, Inc. (a)
    
35,399
      
3,673,000
  
                 
Electronic Equipment, Instruments & Components - 2.2%
          
IPG Photonics Corp. (a)(b)
    
28,693
      
2,239,202
  
                 
Financial Services - 5.1%
          
Toast, Inc. - Class A (a)
    
119,280
      
5,193,451
  
                 
Ground Transportation - 5.2%
          
Landstar System, Inc.
    
8,145
      
1,514,319
  
RXO, Inc. (a)(b)
    
125,168
      
3,773,815
  
             
5,288,134
  
                 
Health Care Equipment & Supplies - 13.0%
          
Globus Medical, Inc. - Class A (a)(b)
    
56,215
      
4,812,566
  
Inari Medical, Inc. (a)(b)
    
61,425
      
3,189,186
  
Penumbra, Inc. (a)(b)
    
10,795
      
2,635,276
  
UFP Technologies, Inc. (a)(b)
    
8,400
      
2,712,528
  
             
13,349,556
  
                 
Health Care Providers & Services - 3.5%
          
HealthEquity, Inc. (a)(b)
    
34,821
      
3,535,724
  
                 
Health Care Technology - 0.0%(c)
          
Certara, Inc. (a)
    
2,768
      
31,029
  
                 
Industrial REITs - 2.0%
          
STAG Industrial, Inc. (b)
    
55,798
      
2,052,808
  
                 
Insurance - 4.2%
          
Goosehead Insurance, Inc. - Class A (a)(b)
    
34,084
      
4,298,674
  
                 
Oil, Gas & Consumable Fuels - 3.0%
          
Northern Oil & Gas, Inc. (b)
    
69,873
      
3,038,777
  
                 
Personal Care Products - 2.4%
          
BellRing Brands, Inc. (a)
    
31,500
      
2,471,490
  
                 
Semiconductors & Semiconductor Equipment - 3.0%
          
SiTime Corp. (a)(b)
    
14,595
      
3,099,686
  
                 
Software - 19.3%
          
Alarm.com Holdings, Inc. (a)
    
61,267
      
3,990,932
  
DoubleVerify Holdings, Inc. (a)
    
57,856
      
1,176,213
  
LiveRamp Holdings, Inc. (a)
    
92,929
      
2,821,325
  
nCino, Inc. (a)(b)
    
57,572
      
2,417,448
  
Q2 Holdings, Inc. (a)
    
36,400
      
3,812,536
  
QXO, Inc.
    
109,369
      
1,819,900
  
Smartsheet, Inc. - Class A (a)(b)
    
65,466
      
3,662,823
  
             
19,701,177
  
                 
Textiles, Apparel & Luxury Goods - 1.5%
          
Crocs, Inc. (a)(b)
    
14,056
      
1,484,314
  
                 
Trading Companies & Distributors - 7.0%
          
Herc Holdings, Inc.
    
15,588
      
3,616,416
  
Watsco, Inc. (b)
    
6,495
      
3,582,642
  
             
7,199,058
  
TOTAL COMMON STOCKS (Cost $75,097,520)
      
101,023,268
  
                 
SHORT-TERM INVESTMENTS - 36.3%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 36.3%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.93% (d)
    
37,102,237
      
37,102,237
  
TOTAL SHORT-TERM INVESTMENTS (Cost $37,102,237)
      
37,102,237
  
                 
TOTAL INVESTMENTS - 135.1% (Cost $112,199,757)
      
138,125,505
  
Liabilities in Excess of Other Assets - (35.1)%
      
(35,834,544
)
TOTAL NET ASSETS - 100.0%
          
$
102,290,961
  
two
      
–
%
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.
  

REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $36,326,410 which represented 35.5% of net assets.
(c)
Represents less than 0.05% of net assets.
(d)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Motley Fool Small-Cap Growth ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
101,023,268
    
$
–
    
$
–
    
$
101,023,268
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
37,102,237
  
Total Investments
  
$
101,023,268
    
$
–
    
$
–
    
$
138,125,505
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
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 amount of $37,102,237 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.