NPORT-EX 2 motleynextindex.htm NPORT-EX

MOTLEY FOOL NEXT INDEX ETF
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2022 (UNAUDITED)

      
NUMBER OF
        
      
SHARES
    
VALUE
  
Common Stocks — 99.1%
            
Aerospace & Defense — 2.9%
            
AeroVironment, Inc. (United States)*
    
459
    
$
42,224
  
Axon Enterprise, Inc. (United States)*
    
1,312
      
241,447
  
HEICO Corp. (United States)
    
2,212
      
359,030
  
Textron, Inc. (United States)
    
3,901
      
278,453
  
               
921,154
  
Air Freight & Logistics — 0.3%
                
GXO Logistics, Inc. (United States)*
    
2,209
      
103,514
  
Airlines — 0.5%
                
Alaska Air Group, Inc. (United States)*
    
2,337
      
110,867
  
Hawaiian Holdings, Inc. (United States)*
    
996
      
13,845
  
JetBlue Airways Corp. (United States)*
    
5,970
      
47,521
  
               
172,233
  
Auto Components — 0.6%
                
BorgWarner, Inc. (United States)
    
4,365
      
185,556
  
Banks — 0.4%
                
Western Alliance Bancorp (United States)
    
1,981
      
135,778
  
Beverages — 0.3%
                
Boston Beer Co., Inc., Class A (The) (United States)*
    
227
      
87,252
  
Biotechnology — 6.0%
                
2seventy bio, Inc. (United States)*
    
728
      
11,408
  
Alnylam Pharmaceuticals, Inc. (United States)*
    
2,214
      
488,386
  
AnaptysBio, Inc. (United States)*
    
525
      
14,506
  
BioMarin Pharmaceutical, Inc. (United States)*
    
3,418
      
345,150
  
Bluebird Bio, Inc. (United States)*
    
1,328
      
10,345
  
Editas Medicine, Inc. (United States)*
    
1,328
      
14,077
  
Emergent BioSolutions, Inc. (United States)*
    
919
      
11,304
  
Exact Sciences Corp. (United States)*
    
3,262
      
146,627
  
Exelixis, Inc. (United States)*
    
5,932
      
101,318
  
Ionis Pharmaceuticals, Inc. (United States)*
    
2,617
      
106,747
  
Neurocrine Biosciences, Inc. (United States)*
    
1,763
      
224,007
  
Seagen, Inc. (United States)*
    
3,401
      
412,847
  
               
1,886,722
  
Building Products — 0.3%
                
Trex Co., Inc. (United States)*
    
2,034
      
93,340
  
Capital Markets — 6.2%
                
Affiliated Managers Group, Inc. (United States)
    
706
      
113,257
  
Cboe Global Markets, Inc. (United States)
    
1,956
      
248,099
  
FactSet Research Systems, Inc. (United States)
    
701
      
323,364
  
Houlihan Lokey, Inc. (United States)
    
1,273
      
125,200
  
Interactive Brokers Group, Inc., Class A (United States)
    
1,891
      
151,847
  
Jefferies Financial Group, Inc. (United States)
    
4,285
      
162,787
  
MarketAxess Holdings, Inc. (United States)
    
695
      
186,204
  
Nasdaq, Inc. (United States)
    
9,091
      
622,370
  
PJT Partners, Inc., Class A (United States)
    
453
      
34,886
  
               
1,968,014
  
Chemicals — 1.0%
                
Balchem Corp. (United States)
    
592
      
83,354
  
RPM International, Inc. (United States)
    
2,379
      
246,512
  
               
329,866
  
Commercial Services & Supplies — 1.2%
                
Rollins, Inc. (United States)
    
9,142
      
369,702
  
Communications Equipment — 3.5%
                
Arista Networks, Inc. (United States)*
    
5,631
      
784,398
  
Ubiquiti, Inc. (United States)
    
1,115
      
334,534
  
               
1,118,932
  
Construction & Engineering — 0.5%
                
MasTec, Inc. (United States)*
    
1,362
      
123,710
  
NV5 Global, Inc. (United States)*
    
288
      
41,619
  
               
165,329
  
Consumer Finance — 0.1%
                
Upstart Holdings, Inc. (United States)*
    
1,499
      
29,305
  
Distributors — 0.9%
                
LKQ Corp. (United States)
    
5,058
      
274,801
  
Diversified Consumer Services — 0.3%
                
2U, Inc. (United States)*
    
1,456
      
11,692
  
Chegg, Inc. (United States)*
    
2,330
      
69,527
  
               
81,219
  
Diversified Telecommunication Services — 0.0%
                
Bandwidth, Inc., Class A (United States)*
    
498
      
11,384
  
Electronic Equipment, Instruments & Components — 5.7%
                
CDW Corp/DE (United States)
    
2,492
      
470,091
  
Cognex Corp. (United States)
    
3,197
      
159,147
  
Coherent Corp. (United States)*
    
2,412
      
88,448
  
Corning, Inc. (United States)
    
15,578
      
531,677
  
IPG Photonics Corp. (United States)*
    
926
      
84,294
  
Littelfuse, Inc. (United States)
    
458
      
112,897
  
National Instruments Corp. (United States)
    
2,439
      
100,048
  
Zebra Technologies Corp., Class A (United States)*
    
959
      
259,198
  
               
1,805,800
  
Energy Equipment & Services — 0.1%
                
Oceaneering International, Inc. (United States)*
    
1,909
      
28,998
  
Entertainment — 4.5%
                
Live Nation Entertainment, Inc. (United States)*
    
4,143
      
301,445
  
Roku, Inc. (United States)*
    
2,543
      
150,978
  
Skillz, Inc. (United States)*
    
8,051
      
7,881
  
Take-Two Interactive Software, Inc. (United States)*
    
3,085
      
326,054
  
Warner Bros Discovery, Inc. (United States)*
    
44,734
      
509,967
  
World Wrestling Entertainment, Inc., Class A (United States)
    
1,372
      
109,595
  
               
1,405,920
  
Equity Real Estate Investment Trusts (REITs) — 0.5%
                
Gladstone Land Corp. (United States)
    
610
      
12,529
  
Retail Opportunity Investments Corp. (United States)
    
2,365
      
36,066
  
STAG Industrial, Inc. (United States)
    
3,304
      
108,735
  
               
157,330
  
Food & Staples Retailing — 0.5%
                
Casey's General Stores, Inc. (United States)
    
687
      
166,955
  
Food Products — 2.3%
                
Beyond Meat, Inc. (United States)*
    
1,174
      
17,129
  
Darling Ingredients, Inc. (United States)*
    
2,957
      
212,401
  
Freshpet, Inc. (United States)*
    
882
      
59,112
  
McCormick & Co., Inc. (United States)
    
4,990
      
425,048
  
               
713,690
  
Health Care Equipment & Supplies — 4.3%
                
ABIOMED, Inc. (United States)*
    
838
      
316,588
  
Globus Medical, Inc., Class A (United States)*
    
1,835
      
135,588
  
Insulet Corp. (United States)*
    
1,280
      
383,194
  
Masimo Corp. (United States)*
    
970
      
140,592
  
Mesa Laboratories, Inc. (United States)
    
94
      
15,902
  
NuVasive, Inc. (United States)*
    
961
      
37,325
  
QuidelOrtho Corp. (United States)*
    
1,236
      
108,286
  
Shockwave Medical, Inc. (United States)*
    
664
      
168,390
  
STAAR Surgical Co. (United States)*
    
886
      
50,600
  
               
1,356,465
  
Health Care Providers & Services — 0.7%
                
Fulgent Genetics, Inc. (United States)*
    
581
      
21,073
  
Guardant Health, Inc. (United States)*
    
1,886
      
98,713
  
HealthEquity, Inc. (United States)*
    
1,559
      
98,965
  
               
218,751
  
Health Care Technology — 0.8%
                
Doximity, Inc., Class A (United States)*
    
3,567
      
121,243
  
GoodRx Holdings, Inc., Class A (United States)*
    
7,337
      
31,989
  
Teladoc, Inc. (United States)*
    
2,981
      
84,988
  
               
238,220
  
Hotels, Restaurants & Leisure — 2.8%
                
Dave & Buster's Entertainment, Inc. (United States)*
    
890
      
35,297
  
Hyatt Hotels Corp., Class A (United States)*
    
2,012
      
201,844
  
Marriott Vacations Worldwide Corp. (United States)
    
727
      
108,309
  
Planet Fitness, Inc., Class A (United States)*
    
1,554
      
121,771
  
Texas Roadhouse, Inc. (United States)
    
1,234
      
122,561
  
Vail Resorts, Inc. (United States)
    
744
      
191,610
  
Wingstop, Inc. (United States)
    
553
      
91,527
  
               
872,919
  
Household Durables — 1.2%
                
DREAM FINDERS HOMES, Inc., Class A (United States)*
    
1,711
      
16,836
  
iRobot Corp. (United States)*
    
518
      
26,983
  
Meritage Homes Corp. (United States)*
    
674
      
58,240
  
NVR, Inc. (United States)*
    
61
      
282,980
  
               
385,039
  
Household Products — 0.1%
                
Spectrum Brands Holdings, Inc. (United States)
    
752
      
40,059
  
Insurance — 1.7%
                
Kinsale Capital Group, Inc. (United States)
    
423
      
130,373
  
Lemonade, Inc. (United States)*
    
1,193
      
23,681
  
Markel Corp. (United States)*
    
251
      
332,535
  
Safety Insurance Group, Inc. (United States)
    
277
      
25,412
  
Trupanion, Inc. (United States)*
    
751
      
39,254
  
               
551,255
  
Interactive Media & Services — 2.0%
                
Bumble, Inc., Class A (United States)*
    
2,390
      
58,220
  
fuboTV, Inc. (United States)*
    
2,905
      
8,105
  
Match Group, Inc. (United States)*
    
5,235
      
264,682
  
Pinterest, Inc., Class A (United States)*
    
12,411
      
315,488
  
               
646,495
  
Internet & Direct Marketing Retail — 2.3%
                
Chewy, Inc., Class A (United States)*
    
7,791
      
336,026
  
Etsy, Inc. (United States)*
    
2,334
      
308,298
  
Stitch Fix, Inc., Class A (United States)*
    
2,116
      
8,548
  
Wayfair, Inc., Class A (United States)*
    
1,962
      
71,888
  
               
724,760
  
IT Services — 9.2%
                
Broadridge Financial Solutions, Inc. (United States)
    
2,162
      
322,376
  
Cloudflare, Inc., Class A (United States)*
    
6,036
      
296,609
  
DigitalOcean Holdings, Inc. (United States)*
    
1,788
      
53,336
  
EPAM Systems, Inc. (United States)*
    
1,059
      
390,326
  
Euronet Worldwide, Inc. (United States)*
    
914
      
84,956
  
Fastly, Inc., Class A (United States)*
    
2,324
      
22,450
  
Gartner, Inc. (United States)*
    
1,459
      
511,190
  
GoDaddy, Inc., Class A (United States)*
    
2,884
      
228,211
  
Jack Henry & Associates, Inc. (United States)
    
1,344
      
254,487
  
Marqeta, Inc., Class A (United States)*
    
10,115
      
67,669
  
MongoDB, Inc. (United States)*
    
1,267
      
193,458
  
Okta, Inc. (United States)*
    
2,929
      
156,174
  
TaskUS, Inc., Class A (United States)*
    
1,811
      
35,623
  
Twilio, Inc., Class A (United States)*
    
3,389
      
166,129
  
WEX, Inc. (United States)*
    
816
      
138,018
  
               
2,921,012
  
Leisure Products — 0.7%
                
Hasbro, Inc. (United States)
    
2,546
      
159,940
  
Peloton Interactive, Inc., Class A (United States)*
    
6,237
      
70,977
  
               
230,917
  
Life Sciences Tools & Services — 0.6%
                
Repligen Corp. (United States)*
    
1,024
      
183,132
  
Machinery — 5.1%
                
Chart Industries, Inc. (United States)*
    
663
      
94,802
  
Cummins, Inc. (United States)
    
2,599
      
652,765
  
Middleby Corp., (The) (United States)*
    
996
      
143,613
  
Proto Labs, Inc. (United States)*
    
525
      
13,923
  
RBC Bearings, Inc. (United States)*
    
531
      
125,831
  
Tennant Co. (United States)
    
352
      
22,362
  
Toro Co., (The) (United States)
    
1,921
      
213,212
  
Westinghouse Air Brake Technologies Corp. (United States)
    
3,352
      
338,854
  
               
1,605,362
  
Media — 3.4%
                
Boston Omaha Corp., Class A (United States)*
    
581
      
16,646
  
New York Times Co., Class A (The) (United States)
    
3,066
      
112,369
  
Sirius XM Holdings, Inc. (United States)
    
72,346
      
469,525
  
Trade Desk, Inc., Class A (The) (United States)*
    
8,998
      
469,156
  
               
1,067,696
  
Oil, Gas & Consumable Fuels — 0.1%
                
Clean Energy Fuels Corp. (United States)*
    
4,096
      
27,689
  
Pharmaceuticals — 0.8%
                
Viatris, Inc. (United States)
    
22,344
      
246,454
  
Professional Services — 0.6%
                
Robert Half International, Inc. (United States)
    
1,989
      
156,693
  
Upwork, Inc. (United States)*
    
2,407
      
29,486
  
               
186,179
  
Real Estate Management & Development — 0.6%
                
Redfin Corp. (United States)*
    
2,075
      
11,122
  
Zillow Group, Inc., Class C (United States)*
    
4,448
      
168,935
  
               
180,057
  
Road & Rail — 1.1%
                
AMERCO (United States)
    
363
      
22,978
  
AMERCO (United States)*
    
3,267
      
206,376
  
RXO, Inc. (United States)*
    
2,122
      
40,318
  
XPO Logistics, Inc. (United States)*
    
2,122
      
81,952
  
               
351,624
  
Semiconductors & Semiconductor Equipment — 3.0%
                
Cirrus Logic, Inc. (United States)*
    
1,033
      
77,175
  
First Solar, Inc. (United States)*
    
1,966
      
339,194
  
Impinj, Inc. (United States)*
    
474
      
60,459
  
Silicon Laboratories, Inc. (United States)*
    
632
      
91,918
  
Skyworks Solutions, Inc. (United States)
    
2,959
      
282,940
  
Universal Display Corp. (United States)
    
871
      
98,092
  
               
949,778
  
Software — 11.6%
                
Alarm.com Holdings, Inc. (United States)*
    
917
      
45,758
  
Alteryx, Inc., Class A (United States)*
    
1,263
      
56,646
  
Appfolio, Inc., Class A (United States)*
    
647
      
73,816
  
Appian Corp. (United States)*
    
1,336
      
50,808
  
Asana, Inc., Class A (United States)*
    
3,906
      
70,933
  
Blackbaud, Inc. (United States)*
    
957
      
56,721
  
Blackline, Inc. (United States)*
    
1,192
      
80,687
  
Braze, Inc., Class A (United States)*
    
1,679
      
43,150
  
Cerence, Inc. (United States)*
    
747
      
15,321
  
Confluent, Inc., Class A (United States)*
    
5,197
      
119,687
  
Coupa Software, Inc. (United States)*
    
1,401
      
88,599
  
DocuSign, Inc. (United States)*
    
3,701
      
174,206
  
Fair Isaac Corp. (United States)*
    
467
      
289,409
  
Five9, Inc. (United States)*
    
1,293
      
82,894
  
HubSpot, Inc. (United States)*
    
886
      
268,485
  
LivePerson, Inc. (United States)*
    
1,411
      
16,565
  
Manhattan Associates, Inc. (United States)*
    
1,161
      
146,216
  
New Relic, Inc. (United States)*
    
1,243
      
69,944
  
Nutanix, Inc., Class A (United States)*
    
4,135
      
116,855
  
PagerDuty, Inc. (United States)*
    
1,681
      
37,385
  
Paycom Software, Inc. (United States)*
    
1,069
      
362,498
  
Pegasystems, Inc. (United States)
    
1,511
      
54,774
  
Q2 Holdings, Inc. (United States)*
    
1,058
      
28,778
  
Smartsheet, Inc., Class A (United States)*
    
2,407
      
73,991
  
Splunk, Inc. (United States)*
    
2,999
      
232,962
  
SS&C Technologies Holdings, Inc. (United States)
    
4,701
      
252,726
  
Tyler Technologies, Inc. (United States)*
    
770
      
263,910
  
UiPath, Inc., Class A (United States)*
    
10,127
      
126,284
  
Unity Software, Inc. (United States)*
    
5,538
      
218,806
  
Varonis Systems, Inc. (United States)*
    
2,027
      
43,054
  
Workiva, Inc. (United States)*
    
969
      
78,063
  
Zuora, Inc., Class A (United States)*
    
2,490
      
19,123
  
               
3,659,054
  
Specialty Retail — 5.6%
                
Camping World Holdings, Inc., Class A (United States)
    
803
      
22,107
  
CarMax, Inc. (United States)*
    
2,934
      
203,502
  
Designer Brands, Inc., Class A (United States)
    
1,185
      
18,130
  
Five Below, Inc. (United States)*
    
1,024
      
164,721
  
GameStop Corp., Class A (United States)*
    
5,583
      
146,330
  
RH (United States)*
    
438
      
125,631
  
Sleep Number Corp. (United States)*
    
434
      
12,694
  
Tractor Supply Co. (United States)
    
2,047
      
463,257
  
Ulta Beauty, Inc. (United States)*
    
946
      
439,739
  
Williams-Sonoma, Inc. (United States)
    
1,232
      
144,021
  
Winmark Corp. (United States)
    
66
      
15,840
  
               
1,755,972
  
Technology Hardware, Storage & Peripherals — 0.5%
                
Pure Storage, Inc., Class A (United States)*
    
5,509
      
160,808
  
Textiles, Apparel & Luxury Goods — 0.8%
                
Carter's, Inc. (United States)
    
720
      
52,589
  
Skechers USA, Inc., Class A (United States)*
    
2,872
      
121,112
  
Under Armour, Inc., Class A (United States)*
    
7,863
      
78,630
  
               
252,331
  
Thrifts & Mortgage Finance — 0.3%
                
Axos Financial, Inc. (United States)*
    
1,106
      
44,362
  
Walker & Dunlop, Inc. (United States)
    
610
      
54,479
  
               
98,841
  
Trading Companies & Distributors — 0.6%
                
Watsco, Inc. (United States)
    
657
      
176,720
  
Total Common Stocks (Cost $36,290,960)
            
31,300,383
  
                   
Short-Term Investments — 0.9%
                
U.S. Bank Money Market Deposit Account, 3.50% (United States)(a)
    
270,178
      
270,178
  
Total Short-Term Investments (Cost $270,178)
            
270,178
  
                   
Total Investments (Cost $36,561,138) — 100.0%
            
31,570,561
  
Other Assets in Excess of Liabilities — 0.0%
            
15,328
  
NET ASSETS — 100.0%
                
(Applicable to 2,075,000 shares outstanding)
          
$
31,585,889
  

*
Non-income producing security.
                
(a)
The rate shown is as of November 30, 2022.
                
                   


MOTLEY FOOL NEXT INDEX ETF
NOTES TO THE SCHEDULE OF INVESTMENTS
November 30, 2022
(UNAUDITED)
 
PORTFOLIO VALUATION — Each 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 Funds are valued using the closing price or the last sale 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. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’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. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
                     
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 necessarily an indication of the risk associated with investing in those securities.
                     
The following is a summary of the inputs used, as of November 30, 2022, in valuing the Fund's investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE^
  
NEXT FUND
                              
Common Stocks
  
$
31,300,383
    
$
31,300,383
    
$
-
    
$
-
    
$
-
  
Short-Term Investments
    
270,178
      
270,178
      
-
      
-
      
-
  
Total Investments*
  
$
31,570,561
    
$
31,570,561
    
$
-
    
$
-
    
$
-
  

* Please refer to Schedule of Investments for further details.
                  
^ 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 amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
                     
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 if 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 in and out of each level is disclosed when the Fund had an amount of total Level 3 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 November 30, 2022, the Fund had no Level 3 transfers.
              
                     
For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.