Motley Fool Small-Cap Growth ETF
Schedule of Investments
May 31, 2026 (Unaudited)

COMMON STOCKS - 98.8%

Shares  

Value  
Aerospace & Defense - 6.8%

Hexcel Corp.

            22,323

    $        2,004,382
Leonardo DRS, Inc. (a)

            41,510

             2,024,028




             4,028,410






Air Freight & Logistics - 4.3%

GXO Logistics, Inc. (b)

            51,136

             2,562,425






Banks - 5.5%

Live Oak Bancshares, Inc.

            53,601

             2,038,446
Towne Bank/Portsmouth VA

            35,455

             1,207,952




             3,246,398






Biotechnology - 4.3%

ADMA Biologics, Inc. (b)

            96,557

             770,525
Ultragenyx Pharmaceutical, Inc. (a)(b)

            74,931

             1,793,848




             2,564,373






Capital Markets - 5.6%

StoneX Group, Inc. (b)

            29,028

             3,290,324






Chemicals - 2.5%

Eastman Chemical Co.

            19,427

             1,473,926






Diversified Consumer Services - 3.6%

Frontdoor, Inc. (b)

            34,105

             2,116,897






Electronic Equipment, Instruments & Components - 6.5%

Evolv Technologies Holdings, Inc. (b)

            346,768

             2,236,654
IPG Photonics Corp. (a)(b)

            14,168

             1,622,519




             3,859,173






Financial Services - 3.2%

Toast, Inc. - Class A (a)(b)

            71,669

             1,865,544






Health Care Equipment & Supplies - 9.5%

Alphatec Holdings, Inc. (b)

            208,832

             1,618,448
Penumbra, Inc. (a)(b)

            6,500

             2,068,950
UFP Technologies, Inc. (a)(b)

            8,754

             1,926,755




             5,614,153






Health Care Providers & Services - 4.1%

HealthEquity, Inc. (b)

            27,824

             2,448,234






Hotels, Restaurants & Leisure - 3.0%

Wingstop, Inc. (a)

            11,422

             1,792,797






Industrial REITs - 2.4%

STAG Industrial, Inc.

            37,935

             1,436,598








Insurance - 2.0%

Goosehead Insurance, Inc. - Class A (b)

            35,204

             1,210,666






Oil, Gas & Consumable Fuels - 3.1%

Northern Oil & Gas, Inc.

            83,533

             1,818,513






Professional Services - 0.5%

Verra Mobility Corp. (b)

            58,645

             264,489






Retail REITs - 3.0%

Agree Realty Corp. (a)

            23,846

             1,768,181






Semiconductors & Semiconductor Equipment - 5.8%

SiTime Corp. (b)

            3,397

             2,412,549
Ultra Clean Holdings, Inc. (b)

            11,972

             1,024,444




             3,436,993






Software - 12.0%

LiveRamp Holdings, Inc. (b)

            81,180

             3,049,121
nCino, Inc. (b)

            101,045

             1,624,803
Q2 Holdings, Inc. (b)

            50,922

             2,411,157




             7,085,081






Specialty Retail - 2.5%

Warby Parker, Inc. - Class A (a)(b)

            61,309

             1,503,297






Trading Companies & Distributors - 8.6%

Herc Holdings, Inc. (a)

            18,200

             2,420,600
QXO, Inc. (a)(b)

            98,376

             1,696,986
SiteOne Landscape Supply, Inc. (a)(b)

            9,196

             998,686




             5,116,272
TOTAL COMMON STOCKS (Cost $54,512,209)

             58,502,744






SHORT-TERM INVESTMENTS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING - 16.9%
Units  

Value  
Mount Vernon Liquid Assets Portfolio, LLC, 3.74% (c)

            10,037,871

             10,037,871
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $10,037,871)

             10,037,871






TOTAL INVESTMENTS - 115.7% (Cost $64,550,080)

             68,540,615
Liabilities in Excess of Other Assets - (15.7)%
(0.15717)
            (9,309,215)
TOTAL NET ASSETS - 100.0%




    $        59,231,400


Percentages are stated as a percent of net assets.




REIT - Real Estate Investment Trust
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.




(a)

All or a portion of this security is on loan as of May 31, 2026. The fair value of these securities was $9,714,068.
(b)

Non-income producing security.
(c)

The rate shown represents the 7-day annualized yield as of May 31, 2026.




Summary of Fair Value Disclosure as of May 31, 2026 (Unaudited)
 
Motley Fool Small-Cap Growth ETF 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, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        58,502,744

    $        –

    $        –

    $        58,502,744
  Investments Purchased with Proceeds from Securities Lending(a)
            –

            –

            –

            10,037,871
Total Investments
    $        58,502,744

    $        –

    $        –

    $        68,540,615

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 presented in the table is intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.