NPORT-EX 2 mf-midcap.htm NPORT-EX

Motley Fool Mid-Cap Growth ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 96.3%
  
Shares
    
Value
 
Aerospace & Defense - 6.0%
        
Axon Enterprise, Inc. (a)
    
14,384
    
$
10,793,178
  
                 
Air Freight & Logistics - 1.4%
          
GXO Logistics, Inc. (a)(b)
    
59,056
      
2,429,564
  
                 
Automobile Components - 0.0%(c)
          
Gentex Corp.
    
1,897
      
40,918
  
                 
Biotechnology - 3.9%
          
BioMarin Pharmaceutical, Inc. (a)
    
61,961
      
3,598,075
  
Ultragenyx Pharmaceutical, Inc. (a)
    
101,882
      
3,467,045
  
             
7,065,120
  
                 
Building Products - 2.6%
          
Carlisle Cos., Inc. (b)
    
11,531
      
4,383,855
  
Trex Co., Inc. (a)
    
3,748
      
209,401
  
             
4,593,256
  
                 
Capital Markets - 8.8%
          
Morningstar, Inc.
    
11,753
      
3,624,860
  
StoneX Group, Inc. (a)
    
142,813
      
12,089,835
  
             
15,714,695
  
                 
Chemicals - 3.2%
          
Eastman Chemical Co.
    
73,606
      
5,768,502
  
                 
Consumer Staples Distribution & Retail - 1.6%
          
Performance Food Group Co. (a)
    
31,508
      
2,821,856
  
                 
Financial Services - 4.7%
          
Toast, Inc. - Class A (a)
    
197,666
      
8,337,552
  
                 
Ground Transportation - 0.6%
          
RXO, Inc. (a)(b)
    
70,582
      
1,096,138
  
                 
Health Care Equipment & Supplies - 5.2%
          
Cooper Cos., Inc. (a)
    
39,250
      
2,679,990
  
DexCom, Inc. (a)
    
73,975
      
6,347,055
  
Globus Medical, Inc. - Class A (a)
    
5,191
      
307,203
  
             
9,334,248
  
                 
Health Care Providers & Services - 4.6%
          
HealthEquity, Inc. (a)
    
81,739
      
8,223,761
  
                 
Hotels, Restaurants & Leisure - 1.6%
          
Wingstop, Inc. (b)
    
8,417
      
2,876,089
  
                 
Insurance - 8.3%
          
Brown & Brown, Inc.
    
85,864
      
9,694,046
  
Goosehead Insurance, Inc. - Class A (b)
    
48,689
      
5,271,071
  
             
14,965,117
  
                 
Life Sciences Tools & Services - 5.7%
          
Waters Corp. (a)
    
16,362
      
5,714,265
  
West Pharmaceutical Services, Inc.
    
21,553
      
4,544,450
  
             
10,258,715
  
                 
Personal Care Products - 1.5%
          
BellRing Brands, Inc. (a)
    
44,000
      
2,769,800
  
                 
Professional Services - 5.0%
          
Broadridge Financial Solutions, Inc.
    
36,694
      
8,910,404
  
                 
Real Estate Management & Development - 1.5%
          
CoStar Group, Inc. (a)
    
36,161
      
2,660,003
  
                 
Software - 14.5%
          
Alarm.com Holdings, Inc. (a)
    
91,315
      
5,241,481
  
Datadog, Inc. - Class A (a)
    
21,720
      
2,560,354
  
Guidewire Software, Inc. (a)
    
33,225
      
7,144,040
  
Nutanix, Inc. - Class A (a)
    
44,748
      
3,431,724
  
Tyler Technologies, Inc. (a)
    
13,268
      
7,655,503
  
             
26,033,102
  
                 
Specialized REITs - 4.3%
          
SBA Communications Corp. (b)
    
33,019
      
7,656,776
  
                 
Specialty Retail - 1.6%
          
Tractor Supply Co. (b)
    
60,930
      
2,949,012
  
                 
Textiles, Apparel & Luxury Goods - 1.9%
          
Crocs, Inc. (a)(b)
    
33,780
      
3,445,560
  
                 
Trading Companies & Distributors - 7.8%
          
Fastenal Co. (b)
    
151,676
      
6,270,286
  
QXO, Inc. (b)
    
290,847
      
4,944,399
  
Watsco, Inc. (b)
    
6,230
      
2,763,441
  
             
13,978,126
  
TOTAL COMMON STOCKS (Cost $108,652,932)
      
172,721,492
  
                 
SHORT-TERM INVESTMENTS - 18.8%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 18.8%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (d)
    
33,636,561
      
33,636,561
  
TOTAL SHORT-TERM INVESTMENTS (Cost $33,636,561)
      
33,636,561
  
                 
TOTAL INVESTMENTS - 115.1% (Cost $142,289,493)
      
206,358,053
  
Liabilities in Excess of Other Assets - (15.1)%
      
(26,980,471
)
TOTAL NET ASSETS - 100.0%
          
$
179,377,582
  
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.
  

LLC - Limited Liability Company
REIT - Real Estate Investment Trust

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $32,760,508 which represented 18.3% 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 May 31, 2025.


Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
 
Motley Fool Mid-Cap Growth 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
    
172,721,492
      
–
      
–
      
172,721,492
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
33,636,561
  
Total Investments
    
172,721,492
      
–
      
–
      
206,358,053
  
   
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 $33,636,561 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.