Motley Fool 100 Index ETF
  
Schedule of Investments
  
May 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 99.7%
  
Shares
    
Value
 
Altaba, Inc. - Escrow Shares (a)(b)
    
8,664
    
$
8,404
  
                 
Aerospace & Defense - 0.8%
          
Axon Enterprise, Inc. (b)
    
3,836
      
2,878,381
  
Howmet Aerospace, Inc.
    
20,338
      
3,455,223
  
TransDigm Group, Inc.
    
2,810
      
4,126,288
  
             
10,459,892
  
                 
Air Freight & Logistics - 0.2%
          
FedEx Corp.
    
12,016
      
2,620,690
  
                 
Automobiles - 4.1%
          
Tesla, Inc. (b)
    
163,102
      
56,508,319
  
                 
Banks - 2.9%
          
JPMorgan Chase & Co.
    
142,498
      
37,619,472
  
Truist Financial Corp.
    
65,543
      
2,588,948
  
             
40,208,420
  
                 
Beverages - 0.2%
          
Monster Beverage Corp. (b)
    
48,886
      
3,126,260
  
                 
Biotechnology - 1.7%
          
Alnylam Pharmaceuticals, Inc. (b)(c)
    
6,498
      
1,979,031
  
Amgen, Inc.
    
27,253
      
7,853,769
  
Biogen, Inc. (b)
    
7,345
      
953,308
  
Gilead Sciences, Inc.
    
62,552
      
6,885,724
  
Vertex Pharmaceuticals, Inc. (b)
    
12,883
      
5,694,930
  
             
23,366,762
  
                 
Broadline Retail - 6.4%
          
Amazon.com, Inc. (b)
    
409,107
      
83,871,026
  
Coupang, Inc. (b)
    
90,686
      
2,543,742
  
eBay, Inc. (c)
    
23,351
      
1,708,593
  
             
88,123,361
  
                 
Capital Markets - 1.5%
          
Charles Schwab Corp.
    
91,988
      
8,126,220
  
CME Group, Inc.
    
18,102
      
5,231,478
  
Intercontinental Exchange, Inc.
    
28,871
      
5,191,006
  
Nasdaq, Inc.
    
28,898
      
2,414,139
  
             
20,962,843
  
                 
Chemicals - 0.6%
          
Ecolab, Inc.
    
14,169
      
3,763,570
  
Sherwin-Williams Co.
    
12,638
      
4,534,641
  
             
8,298,211
  
                 
Commercial Services & Supplies - 0.9%
          
Cintas Corp.
    
20,246
      
4,585,719
  
Copart, Inc. (b)
    
48,491
      
2,496,317
  
Waste Management, Inc.
    
20,179
      
4,862,533
  
             
11,944,569
  
                 
Communications Equipment - 0.6%
          
Arista Networks, Inc. (b)
    
60,189
      
5,214,775
  
Motorola Solutions, Inc.
    
8,369
      
3,476,315
  
             
8,691,090
  
                 
Consumer Staples Distribution & Retail - 4.6%
          
Costco Wholesale Corp.
    
22,537
      
23,442,537
  
Walmart, Inc.
    
406,530
      
40,132,641
  
             
63,575,178
  
                 
Electric Utilities - 0.4%
          
Constellation Energy Corp.
    
15,731
      
4,816,046
  
                 
Electronic Equipment, Instruments & Components - 0.2%
          
Corning, Inc. (c)
    
43,003
      
2,132,519
  
                 
Entertainment - 3.1%
          
Electronic Arts, Inc.
    
13,061
      
1,877,910
  
Netflix, Inc. (b)
    
21,690
      
26,184,819
  
ROBLOX Corp. - Class A (b)
    
33,520
      
2,915,570
  
Take-Two Interactive Software, Inc. (b)
    
8,823
      
1,996,468
  
Walt Disney Co.
    
86,728
      
9,803,733
  
             
42,778,500
  
                 
Financial Services - 8.9%
          
Berkshire Hathaway, Inc. - Class B (b)
    
109,476
      
55,171,525
  
Block, Inc. (b)
    
29,547
      
1,824,527
  
Mastercard, Inc. - Class A
    
45,723
      
26,775,389
  
PayPal Holdings, Inc. (b)
    
49,700
      
3,492,916
  
Visa, Inc. - Class A
    
99,050
      
36,172,069
  
             
123,436,426
  
                 
Ground Transportation - 1.3%
          
Old Dominion Freight Line, Inc. (c)
    
10,624
      
1,701,646
  
Uber Technologies, Inc. (b)
    
105,986
      
8,919,782
  
Union Pacific Corp.
    
30,320
      
6,720,731
  
             
17,342,159
  
                 
Health Care Equipment & Supplies - 1.2%
          
DexCom, Inc. (b)
    
19,584
      
1,680,307
  
GE HealthCare Technologies, Inc. (c)
    
22,973
      
1,620,516
  
IDEXX Laboratories, Inc. (b)
    
4,051
      
2,079,621
  
Intuitive Surgical, Inc. (b)
    
18,180
      
10,041,541
  
ResMed, Inc. (c)
    
7,354
      
1,800,186
  
             
17,222,171
  
                 
Health Care Providers & Services - 1.0%
          
CVS Health Corp.
    
64,779
      
4,148,447
  
HCA Healthcare, Inc.
    
12,324
      
4,700,251
  
McKesson Corp.
    
6,363
      
4,578,242
  
             
13,426,940
  
                 
Health Care Technology - 0.2%
          
Veeva Systems, Inc. - Class A (b)
    
8,155
      
2,280,953
  
                 
Hotels, Restaurants & Leisure - 2.1%
          
Airbnb, Inc. - Class A (b)
    
31,181
      
4,022,349
  
Booking Holdings, Inc.
    
1,635
      
9,023,450
  
Chipotle Mexican Grill, Inc. (b)
    
68,070
      
3,408,946
  
DoorDash, Inc. - Class A (b)
    
21,083
      
4,398,968
  
Marriott International, Inc. - Class A
    
13,829
      
3,648,505
  
Starbucks Corp.
    
54,438
      
4,570,070
  
             
29,072,288
  
                 
Industrial Conglomerates - 0.3%
          
3M Co.
    
27,263
      
4,044,466
  
                 
Insurance - 0.6%
          
Progressive Corp.
    
29,753
      
8,477,522
  
                 
Interactive Media & Services - 10.4%
          
Alphabet, Inc. - Class A
    
4,164
      
715,126
  
Alphabet, Inc. - Class C
    
463,199
      
80,063,947
  
Meta Platforms, Inc. - Class A
    
97,831
      
63,344,594
  
             
144,123,667
  
                 
IT Services - 0.7%
          
Cloudflare, Inc. - Class A (b)
    
17,334
      
2,875,537
  
Cognizant Technology Solutions Corp. - Class A
    
24,816
      
2,009,848
  
Gartner, Inc. (b)
    
3,841
      
1,676,289
  
Snowflake, Inc. - Class A (b)
    
16,727
      
3,440,242
  
             
10,001,916
  
                 
Machinery - 0.2%
          
Cummins, Inc.
    
6,864
      
2,206,639
  
                 
Media - 0.1%
          
Trade Desk, Inc. - Class A (b)
    
23,844
      
1,793,546
  
                 
Oil, Gas & Consumable Fuels - 0.2%
          
Kinder Morgan, Inc.
    
114,320
      
3,205,533
  
                 
Pharmaceuticals - 2.6%
          
Bristol-Myers Squibb Co.
    
97,222
      
4,693,878
  
Eli Lilly & Co.
    
43,007
      
31,724,974
  
             
36,418,852
  
                 
Real Estate Management & Development - 0.1%
          
CoStar Group, Inc. (b)
    
20,551
      
1,511,732
  
                 
Semiconductors & Semiconductor Equipment - 14.4%
          
Advanced Micro Devices, Inc. (b)
    
77,645
      
8,597,631
  
Broadcom, Inc.
    
238,385
      
57,705,857
  
Lam Research Corp.
    
64,469
      
5,208,450
  
NVIDIA Corp.
    
942,536
      
127,364,890
  
             
198,876,828
  
                 
Software - 15.1%
          
Adobe Systems, Inc. (b)
    
22,038
      
9,147,753
  
Autodesk, Inc. (b)
    
10,645
      
3,152,197
  
Crowdstrike Holdings, Inc. - Class A (b)
    
12,401
      
5,845,459
  
Datadog, Inc. - Class A (b)
    
17,217
      
2,029,540
  
Fair Isaac Corp. (b)
    
1,203
      
2,076,715
  
Fortinet, Inc. (b)
    
38,584
      
3,927,080
  
Intuit, Inc.
    
14,189
      
10,690,986
  
Microsoft Corp.
    
287,122
      
132,179,484
  
Palo Alto Networks, Inc. (b)(c)
    
33,211
      
6,390,461
  
Salesforce, Inc.
    
45,831
      
12,162,173
  
ServiceNow, Inc. (b)
    
10,424
      
10,539,602
  
Synopsys, Inc. (b)
    
7,728
      
3,585,637
  
Workday, Inc. - Class A (b)
    
13,328
      
3,301,479
  
Zoom Communications, Inc. - Class A (b)
    
15,337
      
1,246,131
  
Zscaler, Inc. (b)
    
7,733
      
2,131,988
  
             
208,406,685
  
                 
Specialized REITs - 0.9%
          
American Tower Corp.
    
23,847
      
5,118,759
  
Digital Realty Trust, Inc.
    
16,866
      
2,892,856
  
Equinix, Inc.
    
4,863
      
4,322,332
  
             
12,333,947
  
                 
Specialty Retail - 1.9%
          
Home Depot, Inc.
    
50,384
      
18,555,924
  
TJX Cos., Inc.
    
57,017
      
7,235,457
  
             
25,791,381
  
                 
Technology Hardware, Storage & Peripherals - 8.0%
          
Apple, Inc.
    
549,842
      
110,435,766
  
                 
Textiles, Apparel & Luxury Goods - 0.3%
          
NIKE, Inc. - Class B
    
70,634
      
4,279,714
  
                 
Wireless Telecommunication Services - 1.0%
          
T-Mobile US, Inc.
    
57,911
      
14,026,044
  
TOTAL COMMON STOCKS (Cost $973,352,663)
      
1,376,336,239
  
                 
SHORT-TERM INVESTMENTS - 1.1%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 1.1%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.45% (d)
    
14,587,938
      
14,587,938
  
TOTAL SHORT-TERM INVESTMENTS (Cost $14,587,938)
      
14,587,938
  
                 
TOTAL INVESTMENTS - 100.8% (Cost $987,940,601)
      
1,390,924,177
  
Liabilities in Excess of Other Assets - (0.8)%
      
(11,210,570
)
TOTAL NET ASSETS - 100.0%
          
$
1,379,713,607
  
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)
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 $8,404 or 0.0% of net assets as of May 31, 2025.
(b)
Non-income producing security.
(c)
All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $14,452,812 which represented 1.0% 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 100 Index 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
    
1,376,327,835
      
–
      
8,404
      
1,376,336,239
  
  Investments Purchased with Proceeds from Securities Lending(a)
    
–
      
–
      
–
      
14,587,938
  
Total Investments
    
1,376,327,835
      
–
      
8,404
      
1,390,924,177
  
   
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 $14,587,938 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.