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

Motley Fool Small-Cap Growth ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 94.3%
  
Shares
    
Value
 
Aerospace & Defense - 6.1%
        
Hexcel Corp.
    
41,826
    
$
2,212,177
  
Leonardo DRS, Inc.
    
60,555
      
2,561,477
  
             
4,773,654
  
                 
Air Freight & Logistics - 3.5%
          
GXO Logistics, Inc. (a)(b)
    
67,926
      
2,794,476
  
                 
Automobile Components - 1.5%
          
Gentex Corp.
    
54,783
      
1,181,669
  
                 
Banks - 3.6%
          
Live Oak Bancshares, Inc.
    
101,910
      
2,797,430
  
                 
Biotechnology - 4.3%
          
Blueprint Medicines Corp. (a)
    
11,748
      
1,190,660
  
Ultragenyx Pharmaceutical, Inc. (a)
    
65,566
      
2,231,211
  
             
3,421,871
  
                 
Building Products - 1.9%
          
Trex Co., Inc. (a)
    
27,458
      
1,534,079
  
                 
Capital Markets - 5.1%
          
StoneX Group, Inc. (a)
    
47,941
      
4,058,445
  
                 
Chemicals - 1.9%
          
Eastman Chemical Co.
    
18,980
      
1,487,463
  
                 
Diversified Consumer Services - 3.4%
          
Frontdoor, Inc. (a)
    
48,921
      
2,691,144
  
                 
Electronic Equipment, Instruments & Components - 2.2%
          
IPG Photonics Corp. (a)(b)
    
25,908
      
1,716,664
  
                 
Financial Services - 5.8%
          
Toast, Inc. - Class A (a)
    
107,689
      
4,542,322
  
                 
Ground Transportation - 2.2%
          
RXO, Inc. (a)(b)
    
112,995
      
1,754,812
  
                 
Health Care Equipment & Supplies - 12.4%
          
Alphatec Holdings, Inc. (a)
    
212,120
      
2,636,652
  
Globus Medical, Inc. - Class A (a)
    
31,252
      
1,849,493
  
Penumbra, Inc. (a)
    
9,753
      
2,603,758
  
UFP Technologies, Inc. (a)(b)
    
11,629
      
2,723,512
  
             
9,813,415
  
                 
Health Care Providers & Services - 4.0%
          
HealthEquity, Inc. (a)
    
31,434
      
3,162,575
  
                 
Industrial REITs - 2.3%
          
STAG Industrial, Inc.
    
50,378
      
1,792,449
  
                 
Insurance - 2.3%
          
Goosehead Insurance, Inc. - Class A (b)
    
17,006
      
1,841,070
  
                 
Oil, Gas & Consumable Fuels - 3.4%
          
Northern Oil & Gas, Inc. (b)
    
99,883
      
2,654,890
  
                 
Personal Care Products - 2.9%
          
BellRing Brands, Inc. (a)
    
36,275
      
2,283,511
  
                 
Professional Services - 3.2%
          
Verra Mobility Corp. (a)
    
106,396
      
2,516,265
  
                 
Semiconductors & Semiconductor Equipment - 3.3%
          
SiTime Corp. (a)(b)
    
13,183
      
2,584,791
  
                 
Software - 10.2%
          
Alarm.com Holdings, Inc. (a)
    
55,316
      
3,175,138
  
LiveRamp Holdings, Inc. (a)
    
83,892
      
2,733,201
  
Q2 Holdings, Inc. (a)
    
24,053
      
2,105,119
  
             
8,013,458
  
                 
Textiles, Apparel & Luxury Goods - 2.4%
          
Crocs, Inc. (a)(b)
    
18,718
      
1,909,236
  
                 
Trading Companies & Distributors - 6.4%
          
Herc Holdings, Inc. (b)
    
18,029
      
2,235,596
  
QXO, Inc. (b)
    
98,739
      
1,678,563
  
SiteOne Landscape Supply, Inc. (a)
    
9,394
      
1,097,313
  
             
5,011,472
  
TOTAL COMMON STOCKS (Cost $69,709,801)
      
74,337,161
  
                 
SHORT-TERM INVESTMENTS - 24.0%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 24.0%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (c)
    
18,920,172
      
18,920,172
  
TOTAL SHORT-TERM INVESTMENTS (Cost $18,920,172)
      
18,920,172
  
                 
TOTAL INVESTMENTS - 118.3% (Cost $88,629,973)
      
93,257,333
  
Liabilities in Excess of Other Assets - (18.3)%
      
(14,410,982
)
TOTAL NET ASSETS - 100.0%
          
$
78,846,351
  
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 $18,263,940 which represented 23.2% of net assets.
(c)
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 Small-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
    
74,337,161
      
–
      
–
      
74,337,161
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
18,920,172
  
Total Investments
    
74,337,161
      
–
      
–
      
93,257,333
  
   
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 $18,920,172 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.