NPORT-EX 2 mf-global.htm NPORT-EX

Motley Fool Global Opportunities ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 94.1%
  
Shares
    
Value
 
Argentina - 3.1%
        
MercadoLibre, Inc. (a)
    
4,803
    
$
12,311,482
  
                 
Australia - 1.3%
          
Atlassian Corp. - Class A (a)
    
26,005
      
5,399,418
  
                 
Canada - 6.1%
          
Canadian National Railway Co.
    
55,653
      
5,840,226
  
Waste Connections, Inc.
    
93,220
      
18,372,730
  
             
24,212,956
  
                 
China - 2.4%
          
Yum China Holdings, Inc.
    
216,427
      
9,447,038
  
                 
Germany - 2.4%
          
Symrise AG
    
81,189
      
9,684,124
  
                 
Ireland - 3.8%
          
ICON PLC (a)
    
35,751
      
4,657,640
  
Kerry Group PLC - Class A
    
77,034
      
8,414,428
  
Kerry Group PLC - Class A
    
19,537
      
2,085,225
  
             
15,157,293
  
                 
Japan - 5.6%
          
Nintendo Co. Ltd.
    
274,469
      
22,574,381
  
                 
Kenya - 0.2%
          
Safaricom PLC
    
4,000,000
      
637,771
  
                 
Netherlands - 1.3%
          
Universal Music Group NV
    
160,354
      
5,127,191
  
                 
Philippines - 3.0%
          
International Container Terminal Services, Inc.
    
1,610,522
      
11,834,645
  
                 
Spain - 1.6%
          
Cellnex Telecom SA (b)
    
165,110
      
6,321,615
  
                 
Taiwan - 2.1%
          
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
43,817
      
8,470,702
  
                 
Thailand - 1.3%
          
Fabrinet (a)
    
22,428
      
5,222,808
  
                 
United Arab Emirates - 0.0%(c)
          
NMC Health PLC (a)(d)
    
485,482
      
0
  
                 
United Kingdom - 10.3%
          
Aon PLC - Class A
    
30,059
      
11,184,353
  
Ashtead Group PLC
    
104,996
      
6,132,547
  
Close Brothers Group PLC (a)
    
1,693,669
      
7,612,611
  
London Stock Exchange Group PLC
    
89,103
      
13,535,925
  
Rentokil Initial PLC - ADR (e)
    
116,103
      
2,759,768
  
System1 Group PLC
    
14,677
      
88,987
  
             
41,314,191
  
                 
United States - 49.6%(f)
          
Alphabet, Inc. - Class C
    
91,038
      
15,735,918
  
Alphatec Holdings, Inc. (a)(e)
    
392,690
      
4,881,137
  
Amazon.com, Inc. (a)
    
105,050
      
21,536,301
  
American Tower Corp.
    
54,158
      
11,625,015
  
Axon Enterprise, Inc. (a)
    
23,139
      
17,362,580
  
Brookfield Asset Management Ltd.
    
199,712
      
11,203,843
  
Costco Wholesale Corp.
    
14,941
      
15,541,329
  
Crocs, Inc. (a)(e)
    
35,350
      
3,605,700
  
DexCom, Inc. (a)
    
130,728
      
11,216,463
  
Equinix, Inc.
    
12,906
      
11,471,111
  
Fastenal Co. (e)
    
236,324
      
9,769,634
  
Mastercard, Inc. - Class A
    
30,985
      
18,144,816
  
Salesforce, Inc.
    
37,001
      
9,818,955
  
SBA Communications Corp. (e)
    
24,826
      
5,756,901
  
StoneX Group, Inc. (a)
    
98,180
      
8,311,428
  
Waters Corp. (a)
    
21,580
      
7,536,599
  
Watsco, Inc. (e)
    
32,575
      
14,449,293
  
             
197,967,023
  
TOTAL COMMON STOCKS (Cost $201,089,341)
      
375,682,638
  
                 
PREFERRED STOCKS - 1.8%
  
Shares
    
Value
 
Germany - 1.8%
          
Dr Ing hc F Porsche AG, 0.00% (b)
    
149,345
      
7,200,087
  
TOTAL PREFERRED STOCKS (Cost $13,083,069)
      
7,200,087
  
                 
SHORT-TERM INVESTMENTS - 7.5%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 7.5%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (g)
    
30,183,803
      
30,183,803
  
TOTAL SHORT-TERM INVESTMENTS (Cost $30,183,803)
      
30,183,803
  
                 
TOTAL INVESTMENTS - 103.4% (Cost $244,356,213)
      
413,066,528
  
Liabilities in Excess of Other Assets - (3.4)%
      
(13,645,383
)
TOTAL NET ASSETS - 100.0%
          
$
399,421,145
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2025, the value of these securities total $13,521,702 or 3.4% of the Fund’s net assets.
(c)
Represents less than 0.05% of net assets.
(d)
Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of May 31, 2025.
(e)
All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $29,489,839 which represented 7.4% of net assets.
(f)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting such country or region.
(g)
The rate shown represents the 7-day annualized effective yield as of May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Motley Fool Global Opportunities ETF (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of May 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
    
375,682,638
      
–
      
0
      
375,682,638
  
  Preferred Stocks
    
7,200,087
      
–
      
–
      
7,200,087
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
30,183,803
  
Total Investments
    
382,882,725
      
–
      
0
      
413,066,528
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  
   
Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.
  

(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 $30,183,803 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.