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

MOTLEY FOOL MID-CAP GROWTH ETF
        
SCHEDULE OF INVESTMENTS
        
MAY 31, 2023 (UNAUDITED)
        
         
   
NUMBER OF
        
   
SHARES
    
VALUE
  
Common Stocks — 96.5%
            
Aerospace & Defense — 6.0%
            
Axon Enterprise, Inc. (United States)*(a)
    
56,707
    
$
10,939,347
  
Air Freight & Logistics — 2.4%
                
GXO Logistics, Inc. (United States)*
    
79,297
      
4,434,288
  
Auto Components — 6.0%
                
Gentex Corp. (United States)
    
237,885
      
6,246,860
  
LCI Industries (United States)(a)
    
43,976
      
4,751,167
  
             
10,998,027
  
Automobiles — 2.5%
                
Thor Industries, Inc. (United States)(a)
    
57,536
      
4,503,343
  
Biotechnology — 1.8%
                
Ultragenyx Pharmaceutical, Inc. (United States)*
    
67,340
      
3,323,903
  
Capital Markets — 6.4%
                
Morningstar, Inc. (United States)
    
16,206
      
3,317,368
  
MSCI, Inc. (United States)
    
5,898
      
2,775,186
  
StoneX Group, Inc. (United States)*
    
68,650
      
5,511,909
  
             
11,604,463
  
Chemicals — 2.3%
                
Eastman Chemical Co. (United States)
    
55,280
      
4,261,535
  
Equity Real Estate Investment Trusts (REITs) — 4.3%
                
SBA Communications Corp. (United States)
    
35,712
      
7,920,207
  
Ground Transportation — 0.9%
                
RXO, Inc. (United States)*(a)
    
79,297
      
1,654,928
  
Health Care Equipment & Supplies — 10.1%
                
Cooper Companies, Inc., (The) (United States)
    
19,748
      
7,336,974
  
Heska Corp. (United States)*
    
21,516
      
2,576,111
  
ResMed, Inc. (United States)
    
40,094
      
8,451,414
  
             
18,364,499
  
Health Care Providers & Services — 2.3%
                
HealthEquity, Inc. (United States)*
    
75,350
      
4,129,180
  
Insurance — 11.4%
                
Brown & Brown, Inc. (United States)
    
158,586
      
9,884,665
  
Goosehead Insurance, Inc., Class A (United States)*(a)
    
52,166
      
2,878,520
  
Markel Corp. (United States)*
    
6,100
      
8,019,853
  
             
20,783,038
  
IT Services — 4.1%
                
Broadridge Financial Solutions, Inc. (United States)(a)
    
50,425
      
7,398,356
  
Real Estate Management & Development — 3.0%
                
Jones Lang LaSalle, Inc. (United States)*
    
38,502
      
5,403,371
  
Software — 19.5%
                
Alarm.com Holdings, Inc. (United States)*
    
108,579
      
5,452,837
  
ANSYS, Inc. (United States)*
    
12,222
      
3,954,917
  
Paycom Software, Inc. (United States)(a)
    
17,774
      
4,979,031
  
Paylocity Holding Corp. (United States)*
    
39,093
      
6,753,316
  
Splunk, Inc. (United States)*
    
53,964
      
5,358,085
  
Tyler Technologies, Inc. (United States)*
    
22,552
      
8,952,242
  
             
35,450,428
  
Specialty Retail — 2.6%
                
Tractor Supply Co. (United States)(a)
    
22,230
      
4,659,186
  
Trading Companies & Distributors — 10.9%
                
Fastenal Co. (United States)
    
153,432
      
8,262,313
  
Watsco, Inc. (United States)(a)
    
35,986
      
11,672,779
  
             
19,935,092
  
Total Common Stocks (Cost $101,413,729)
            
175,763,191
  
                 
Investments Purchased with Proceeds from Securities Lending Collateral — 15.4%
                
Mount Vernon Liquid Assets Portfolio, LLC, 5.22%
    
28,133,385
      
28,133,385
  
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $28,133,385)
            
28,133,385
  
                 
Short-Term Investments — 3.6%
                
U.S. Bank Money Market Deposit Account, 3.21% (United States)(b)
    
6,521,792
      
6,521,792
  
Total Short-Term Investments (Cost $6,521,792)
            
6,521,792
  
                 
Total Investments (Cost $136,068,906) — 115.5%
            
210,418,368
  
Liabilities in Excess of Other Assets — (15.5)%
            
(28,166,505
)
NET ASSETS — 100.0%
          
$
182,251,863
  
(Applicable to 8,242,511 shares outstanding)
                

*
Non-income producing security.
      
(a)
All or a portion of the security is on loan. At May 31, 2023, the market value of securities on loan was $27,124,072.
      
(b)
The rate shown is as of May 31, 2023.
      

 
MOTLEY FOOL MID-CAP GROWTH ETF
NOTES TO THE SCHEDULE OF INVESTMENTS
May 31, 2023
(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 May 31, 2023, in valuing the Fund’s investments carried at fair value:

   
TOTAL
    
LEVEL 1
    
LEVEL 2
    
LEVEL 3
    
INVESTMENTS MEASURED AT NET ASSET VALUE^
MID-CAP GROWTH FUND
                            
Common Stocks
  
$
175,763,191
    
$
175,763,191
    
$
-
    
$
-
    
$
-
Investments Purchased with Proceeds From Securities Lending Collateral
    
28,133,385
      
-
      
-
      
-
      
28,133,385
Short-Term Investments
    
6,521,792
      
6,521,792
      
-
      
-
      
-
Total Investments*
  
$
210,418,368
    
$
182,284,983
    
$
-
    
$
-
    
$
28,133,385

* 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 May 31, 2023, 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.