SEMI-ANNUAL
report 2022

Motley Fool Asset Management ETFs
Series of The RBB Fund, Inc.

2/28/22
(UNAUDITED)

Motley Fool Global Opportunities ETF (Formerly MFAM Global Opportunities Fund)
Motley Fool Mid-Cap Growth ETF (Formerly MFAM Mid-Cap Growth Fund)
Motley Fool 100 Index ETF
Motley Fool Small-Cap Growth ETF (Formerly MFAM Small-Cap Growth ETF)
Motley Fool Capital Efficiency 100 Index ETF
Motley Fool Next Index ETF

Motley Fool Global Opportunities ETF (TMFG)
Motley Fool Mid-Cap Growth ETF (TMFM)
Motley Fool 100 Index ETF (TMFC)
Motley Fool Small-Cap Growth ETF (TMFS)
Motley Fool Capital Efficiency 100 Index ETF (TMFE)
Motley Fool Next Index ETF (TMFX)

Table of Contents


Portfolio Characteristics	1
Fund Expense Examples	14
Schedules of Investments	16
Financial Statements	47
Notes to Financial Statements	65
Approval of Investment Advisory Agreement	79
Notice to Shareholders	80

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended FEBRUARY 28, 2022
	SIX MONTHS^†	One Year	FIVE YEAR	Since Inception	Inception Date
Motley Fool Global Opportunities ETF*	-17.50%	-8.03%	14.94%	10.67%	6/17/2014
FTSE Global All Cap Net Tax Index**	-5.32%	7.31%	11.56%	8.88%⁽¹⁾	—
Fund Expense Ratio⁽²⁾: 0.85%

Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

^†	Not annualized.

⁽¹⁾	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾	The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios.

The Motley Fool Global Opportunities ETF operated as a series of The Motley Fool Funds Trust (the “Predecessor Fund”) prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower.

The FTSE Global All Cap Net Tax Index is a market-capitalization weighted index representing the performance of large, mid and small cap companies in Developed and Emerging markets. The index is comprised of approximately 7,900 securities from 49 countries and captures 98% of the world’s investable market capitalization. Fair value prices and foreign exchange as of 4 pm ET are used in the calculation of this index, and returns are adjusted for withholding taxes applicable to dividends received by a U.S. Regulated Investment Company domiciled in the United States. The index is unmanaged and not available for direct investments. Its performance does not reflect deductions for fees, expenses or taxes.

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics (CONTINUED)

(Unaudited)

The investment objective of the Motley Fool Global Opportunities ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies located anywhere in the world. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of Motley Fool Asset Management, LLC (the “Adviser”), high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors.

The Fund will invest in areas of the market, that, in the view of the Adviser, offer the greatest potential for long-term capital appreciation, and it does not attempt to match the allocations of its benchmark. As such, significant deviation from the benchmark is expected from time to time, especially over shorter time frames.

The allocations to various sectors, countries, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns.

The following tables show the top ten holdings, sector allocations, and top ten countries in which the Fund was invested in as of February 28, 2022. Portfolio holdings are subject to change without notice.

Top Ten Holdings	% OF NET Assets
Amazon.com, Inc.	6.2%
Mastercard, Inc., Class A	5.5
Atlassian Corp., PLC, Class A	5.1
Watsco, Inc.	4.4
Alphabet, Inc., Class C	4.3
Brookfield Asset Management, Inc., Class A	3.9
Medtronic PLC	3.8
Axon Enterprise, Inc.	3.8
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR	3.5
Waste Connections, Inc.	3.4
	43.9%

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The Motley Fool Global Opportunities ETF uses the Global Industry Classification Standard^SM (“GICS ^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”).

Sector Allocation	% OF Net Assets
Information Technology	21.7%
Industrials	17.6
Communication Services	17.0
Consumer Discretionary	13.2
Financials	9.2
Health Care	9.2
Real Estate	8.7
Consumer Staples	2.1
	98.7%

Top ten Countries	% OF Net Assets
United States*	52.4%
Canada	7.3
Ireland	7.2
Australia	5.1
China	3.7
Taiwan	3.5
Philippines	3.3
Argentina	2.9
India	2.3
Netherlands	2.1
	89.8%

*	As of the date of this report, the Fund had a holding of 1.3% in the U.S. Bank Money Market Deposit Account.

Motley Fool MID-CAP GROWTH ETF

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended FEBRUARY 28, 2022
	SIX MONTHS^†	One Year	FIVE YEAR	Since Inception	Inception Date
Motley Fool Mid-Cap Growth ETF*	-16.52%	-8.99%	12.02%	9.74%	6/17/2014
Russell MidCap^® Growth Total Return Index**	-15.80%	-4.32%	14.86%	12.18%⁽¹⁾	—
Fund Expense Ratio⁽²⁾: 0.85%

Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

^†	Not annualized.

⁽¹⁾	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾	The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios.

The Motley Fool Mid-Cap Growth ETF operated as a series of The Motley Fool Funds Trust (the “Predecessor Fund”) prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower.

The Russell Midcap^® Growth Total Return Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Total Return Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

The investment objective of the Motley Fool Mid-Cap Growth ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies organized in the United States. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of the Adviser, high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors.

The allocations to various sectors, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns. The Adviser views its time as best spent focused on evaluating businesses and seeking to minimize company-specific risk in order to pursue its objective of long-term capital appreciation.

Although the Motley Fool Mid-Cap Growth ETF may invest in companies with any market capitalization, the Adviser expects that investments in the securities of companies having smaller- and mid-market capitalizations will be important components of the Fund’s investment program. Investments in securities of these companies may involve greater risk than do investments in larger, more established companies. Small- and mid-cap stocks tend to be more volatile and less liquid than their large-cap counterparts.

Motley Fool MID-CAP GROWTH ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The following tables show the top ten holdings, and sector allocations in which the Fund was invested in as of February 28, 2022.Portfolio holdings are subject to change without notice.

Top ten Holdings	% OF Net Assets
Watsco, Inc.	6.6%
Cooper Companies, Inc., (The)	5.4
SBA Communications Corp.	5.1
Brown & Brown, Inc.	5.0
Axon Enterprise, Inc.	4.7
ResMed, Inc.	4.6
Tyler Technologies, Inc.	4.5
Jones Lang LaSalle, Inc.	4.5
Markel Corp.	4.1
SVB Financial Group	4.1
	48.6%

The Motley Fool Mid-Cap Growth ETF uses the Global Industry Classification Standard^SM (“GICS ^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”).

Sector Allocation	% OF Net Assets
Information Technology	28.4%
Industrials	20.9
Health Care	15.0
Financials	13.2
Consumer Discretionary	10.3
Real Estate	9.5
Communication Services	0.8
	98.1%

Motley Fool 100 Index ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2022
	SIX MONTHS^†	One Year	Since Inception	Inception Date
Motley Fool 100 Index ETF	-7.58%	11.11%	18.20%	1/29/2018
Motley Fool 100 Index*	-7.34%	11.70%	18.79%⁽¹⁾	—
S&P 500* Total Return Index**	-2.62%	16.39%	13.05%⁽¹⁾	—
Fund Expense Ratio⁽²⁾: 0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

^†	Not annualized.

⁽¹⁾	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾	The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

The Motley Fool 100 Index (“Fool 100 Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters or the highest-rated stocks in Fool IQ, the company’s analyst opinion database. Every company included in the Fool 100 Index is incorporated and listed in the U.S. The Fool 100 Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Fool 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500^® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500^® Index was first introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

Motley Fool 100 Index ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool 100 Index ETF was invested in as of February 28, 2022. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Apple, Inc.	13.8%
Microsoft Corp.	11.4
Alphabet, Inc., Class C	9.1
Amazon.com, Inc.	7.9
Tesla, Inc.	4.4
Berkshire Hathaway, Inc., Class B	3.7
NVIDIA Corp.	3.1
Facebook, Inc., Class A	3.0
Visa, Inc., Class A	2.3
UnitedHealth Group, Inc.	2.3
	61.0%

The Motley Fool 100 Index ETF uses the Global Industry Classification Standard^SM (“GICS^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”). We believe that this makes the SOI classifications more standard with the rest of the industry.

Sector Allocation	% OF Net Assets
Information Technology	42.6%
Consumer Discretionary	17.3
Communication Services	16.1
Health Care	10.3
Financials	5.9
Industrials	3.3
Real Estate	1.4
Consumer Staples	1.4
Utilities	0.8
Materials	0.6
Energy	0.2
	99.9%

MOTLEY FOOL SMALL-CAP GROWTH ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2022
	SIX MONTHS^†	One Year	Since Inception	Inception Date
Motley Fool Small-Cap Growth ETF	-22.06%	-22.60%	17.23%	10/29/2018
Russell 2000 Growth Total Return^® Index*	-16.35%	-17.40%	11.35%⁽¹⁾	—
Fund Expense Ratio⁽²⁾: 0.85%

^†	Not annualized.

⁽¹⁾	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾	The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

The Russell 2000 Growth Total Return^® Index measures the performance of those companies included in the Russell 2000 Index with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Index measures the performance of approximately 2,000 companies with small-market capitalizations.

MOTLEY FOOL SMALL-CAP GROWTH ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Small-Cap Growth ETF was invested in as of February 28, 2022. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Watsco, Inc.	5.4%
Axon Enterprise, Inc.	5.0
Alarm.com Holdings, Inc.	5.0
Heska Corp.	4.8
Penumbra, Inc.	4.2
Globus Medical, Inc., Class A	4.0
Howard Hughes Corp., (The)	3.9
Paylocity Holding Corp.	3.7
RADA Electronic Industries Ltd.	3.5
Ping Identity Holding Corp.	3.3
	42.8%

The Motley Fool Small-Cap Growth ETF uses GICS^SMas the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Information Technology	22.7%
Industrials	22.2
Health Care	20.5
Real Estate	10.7
Consumer Discretionary	6.8
Financials	3.2
Communication Services	2.5
	88.6%

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2022
	Since Inception	Inception Date
Motley Fool Capital Efficiency 100 Index ETF	-12.61%	12/30/2021
Motley Fool Capital Efficiency 100 Index*	-12.62%⁽¹⁾	—
S&P 500 Total Return Index**	-8.25%⁽¹⁾	—
Fund Expense Ratio⁽²⁾: 0.50%

⁽¹⁾	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾	The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

The Motley Fool Capital Efficiency 100 Index (“Capital Efficiency 100 Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), in 2021 and is a proprietary, rules-based index designed to track the performance of the highest scoring stocks of U.S. companies, measured by a company’s capital efficiency, that have been recommended by The Motley Fool’s analysts and newsletters, and that also meet certain liquidity requirements. Capital efficiency is a measure of how a business turns its investments into revenue and profit and it provides insight into the company’s return on invested capital. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The Capital Efficiency 100 Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Capital Efficiency 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Capital Efficiency 100 Index ETF was invested in as of February 28, 2022. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Visa, Inc., Class A	5.7%
Johnson & Johnson	5.4
UnitedHealth Group, Inc.	5.4
Apple, Inc.	5.4
Alphabet, Inc., Class C	5.2
Microsoft Corp.	5.1
Amazon.com, Inc.	5.0
Mastercard, Inc., Class A	5.0
NVIDIA Corp.	4.8
Home Depot, Inc., (The)	4.5
	51.5%

The Motley Fool Capital Efficiency 100 Index ETF uses GICS^SMas the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Information Technology	40.2%
Health Care	20.3
Consumer Discretionary	14.3
Communication Services	12.9
Industrials	5.8
Consumer Staples	4.4
Materials	0.8
Financials	0.4
Real Estate	0.2
	99.3%

MOTLEY FOOL NEXT INDEX ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 28, 2022
	Since Inception	Inception Date
Motley Fool Next Index ETF	-12.44%	12/30/2021
Motley Fool Next Index*	-12.45%⁽¹⁾	—
Russell 2000 Growth Total Return^® Index**	-14.33%⁽¹⁾	—
Fund Expense Ratio⁽²⁾: 0.50%

⁽¹⁾	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾	The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

The Motley Fool Next Index (“Next Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), in 2021 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The Next Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Next Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

MOTLEY FOOL NEXT INDEX ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Next Index ETF was invested in as of February 28, 2022. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
McKesson Corp.	2.3%
Trade Desk, Inc., (The) Class A	2.2
Arista Networks, Inc.	2.0
Corning, Inc.	1.9
Cummins, Inc.	1.6
Nasdaq, Inc.	1.5
Cerner Corp.	1.5
Live Nation Entertainment, Inc.	1.4
Sirius XM Holdings, Inc.	1.4
MongoDB, Inc.	1.4
	17.2%

The Motley Fool Next Index ETF uses GICS^SMas the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Information Technology	33.1%
Health Care	17.1
Consumer Discretionary	16.3
Industrials	11.6
Financials	8.2
Communication Services	7.3
Consumer Staples	3.5
Real Estate	1.7
Materials	0.8
Energy	0.2
	99.8%

Motley Fool Asset Management ETFs

Fund Expense Examples

FEBRUARY 28, 2022 (Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other ETFs.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2021 through February 28, 2022, and held for the entire period. For the Motley Fool Capital Efficiency Fund and the Motley Fool Next Index Fund the actual values and expenses are based on the 60-day period from inception on December 30, 2021 through February 28, 2022.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Do you know how many times a fund, or the market, has returned a smooth 5% over a long period of time? Never. But we have to pick some example. In reality, the market’s returns are always far bumpier, with the market returning 20% one year, followed by a loss of 10% the next year, followed by a 3% gain,etc. These variations affect actual expenses as well. Happily, over almost all time periods of 20 years or longer, according to the research of University of Pennsylvania’s Jeremy Siegel and others, the domestic market’s returns have been at least 5% per year on average.

Motley Fool Asset Management ETFs

Fund Expense Examples (Concluded)

FEBRUARY 28, 2022 (Unaudited)

	Beginning Account Value SEPTEMBER 1, 2021	Ending Account Value FEBRUARY 28, 2022	Expenses Paid During Period⁽¹⁾	Annualized Expense Ratio⁽²⁾	Actual Six-Month Total Investment Returns for the Funds
Motley Fool Global Opportunities ETF
Actual	$ 1,000.00	$ 825.00	$ 4.39	0.97%	-17.50%
Hypothetical (5% return before expenses)	1,000.00	1,019.98	4.86	0.97	N/A
Motley Fool Mid-Cap Growth ETF
Actual	$ 1,000.00	$ 834.80	$ 4.55	1.00%	-16.52%
Hypothetical (5% return before expenses)	1,000.00	1,019.84	5.01	1.00	N/A
Motley Fool 100 Index ETF
Actual	$ 1,000.00	$ 924.20	$ 2.39	0.50%	-7.58%
Hypothetical (5% return before expenses)	1,000.00	1,022.32	2.51	0.50	N/A
Motley Fool Small-Cap Growth ETF
Actual	$ 1,000.00	$ 779.40	$ 3.75	0.85%	-22.06%
Hypothetical (5% return before expenses)	1,000.00	1,020.58	4.26	0.85	N/A
Motley Fool Capital Efficiency 100 Index ETF
Actual	$ 1,000.00	$ 1,022.32	$ 0.83	0.50%	-12.61%⁽³⁾
Hypothetical (5% return before expenses)	1,000.00	1,000.00	2.48	0.50	N/A
Motley Fool Next Index ETF
Actual	$ 1,000.00	$ 1,000.00	$ 0.82	0.50%	-12.44%⁽³⁾
Hypothetical (5% return before expenses)	1,000.00	1,000.00	2.48	0.50	N/A

⁽¹⁾

Expenses are equal to the Fund’s annualized expense ratio for the period September 1, 2021 through February 28, 2022, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. For the Motley Fool Capital Efficiency Fund and the Motley Fool Next Index Fund the actual dollar amounts shown are expenses paid by the Funds during the period from the Funds’ inception on December 30, 2021 through February 28, 2022 multiplied by 60 days, which is the number of days from the Funds’ inception through February 28, 2022. The Fund’s ending account value in the first section in the table is based on the actual since inception total investment return for the Fund.

⁽²⁾	For the Motley Fool Global Opportunities ETF and Motley Fool Mid-Cap Growth ETF the ratios reflect expenses waived by the Funds’ investment adviser. Without these waivers, the Funds’ expenses would have been higher and the ending account values would have been lower.

⁽³⁾	Since inception December 30, 2021.

Motley Fool global opportunities ETF

Schedule of Investments

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks — 98.6%
Aerospace & Defense — 3.7%
Axon Enterprise, Inc. (United States)*^(a)		145,864	$	20,457,426
Banks — 3.3%
Bank of Georgia Group PLC (Georgia)		285,036		5,039,741
HDFC Bank., Ltd., ADR (India)^(a)		204,892		12,738,136
				17,777,877
Biotechnology — 0.5%
Ultragenyx Pharmaceutical, Inc. (United States)*^(a)		43,768		2,946,462
Capital Markets — 4.3%
Brookfield Asset Management, Inc., Class A (Canada)^(a)		388,956		21,252,556
Georgia Capital PLC (Georgia)*		302,237		2,274,592
				23,527,148
Commercial Services & Supplies — 3.4%
Waste Connections, Inc. (Canada)		150,732		18,613,895
Consumer Finance — 1.6%
Gentera SAB de CV (Mexico)*		11,609,894		8,741,007
Diversified Telecommunication Services — 1.7%
Cellnex Telecom SA (Spain)*		199,346		9,083,737
Entertainment — 3.8%
Sea Ltd. ADR (Cayman Islands)*^(a)		19,450		2,831,920
Universal Music Group NV (Netherlands)		510,502		11,636,922
Vivendi SA (France)		510,502		6,473,861
				20,942,703
Equity Real Estate Investment Trusts (REITs) — 6.3%
American Tower Corp. (United States)		43,768		9,929,646
Equinix, Inc. (United States)		19,450		13,804,249
SBA Communications Corp. (United States)		34,532		10,476,663
				34,210,558
Food & Staples Retailing — 2.1%
Costco Wholesale Corp. (United States)		22,384		11,622,892

The accompanying notes are an integral part of these financial statements.

Motley Fool global opportunities ETF

Schedule of Investments (continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Health Care Equipment & Supplies — 5.2%
Medtronic PLC (Ireland)		199,618	$	20,957,894
ResMed, Inc. (United States)		31,120		7,678,860
				28,636,754
Health Care Providers & Services — 0.0%
NMC Health PLC (United Arab Emirates)^(b)		485,482		9,769
Hotels, Restaurants & Leisure — 4.0%
Starbucks Corp. (United States)		150,732		13,835,690
Yum China Holdings, Inc. (China)^(a)		156,329		8,132,235
				21,967,925
Interactive Media & Services — 6.5%
Alphabet, Inc., Class C (United States)*		8,782		23,692,255
Tencent Holding Ltd. (China)		219,374		11,824,064
				35,516,319
Internet & Direct Marketing Retail — 9.2%
Amazon.com, Inc. (United States)*		11,092		34,066,416
JD.com, Inc., Class A (Cayman Islands)*		10,531		376,236
MercadoLibre, Inc. (Argentina)*^(a)		13,991		15,762,960
				50,205,612
IT Services — 7.3%
Mastercard, Inc., Class A (United States)		83,624		30,173,212
PayPal Holdings, Inc. (United States)*		85,480		9,567,776
				39,740,988
Life Sciences Tools & Services — 3.4%
ICON PLC (Ireland)*		77,800		18,517,178
Machinery — 0.5%
Fanuc Corp. (Japan)		15,560		2,863,235
Media — 3.2%
Cardlytics, Inc. (United States)*^(a)		72,932		4,230,056
Comcast Corp., Class A (United States)		228,510		10,685,127
System1 Group PLC (United Kingdom)*		627,180		2,355,827
				17,271,010

The accompanying notes are an integral part of these financial statements.

Motley Fool global opportunities ETF

Schedule of Investments (continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Real Estate Management & Development — 2.5%
Jones Lang LaSalle, Inc. (United States)*		54,460	$	13,409,141
Semiconductors & Semiconductor Equipment — 3.5%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)^(a)		178,818		19,135,314
Software — 10.9%
Atlassian Corp., PLC, Class A (Australia)*		91,404		27,944,031
Avalara, Inc. (United States)*^(a)		38,900		4,042,099
Douzone Bizon Co., Ltd. (South Korea)		124,798		5,013,302
Everbridge, Inc. (United States)^(a)*		110,376		4,362,060
Paycom Software, Inc. (United States)*		35,988		12,207,489
Splunk, Inc. (United States)*		50,570		5,972,317
				59,541,298
Trading Companies & Distributors — 6.6%
Fastenal Co. (United States)		241,158		12,409,991
Watsco, Inc. (United States)		87,514		23,896,573
				36,306,564
Transportation Infrastructure — 3.3%
International Container Terminal Services, Inc. (Philippines)		4,366,915		17,937,825
Wireless Telecommunication Services — 1.8%
Safaricom PLC (Kenya)		4,000,000		1,263,065
SoftBank Group Corp. (Japan)		194,478		8,669,593
				9,932,658
Total Common Stocks (Cost $297,586,786)				538,915,295

Investments Purchased with Proceeds from Securities Lending Collateral — 12.0%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12%		65,451,217		65,451,217
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $65,451,217)				65,451,217

The accompanying notes are an integral part of these financial statements.

Motley Fool global opportunities ETF

Schedule of Investments (CONCLUDED)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Short-Term Investments — 1.3%
U.S. Bank Money Market Deposit Account, 0.01% (United States)^(c)		6,881,880	$	6,881,880
Total Short-Term Investments (Cost $6,881,880)				6,881,880

Total Investments (Cost $369,919,883) — 111.9%				611,248,392
Liabilities in Excess of Other Assets — (11.9)%				(64,800,842	)
NET ASSETS — 100.0%
(Applicable to 19,356,769 shares outstanding)			$	546,447,550

*	Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored ADR

(a)	All or a portion of the security is on loan. At February 28, 2022, the market value of securities on loan was $64,170,936.

(b)	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2022, these securities amounted to $9,769 or 0.0% of net assets.

(c)	The rate shown is as of February 28, 2022.

The accompanying notes are an integral part of these financial statements.

Motley Fool mid-cap growth ETF

Schedule of Investments

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks — 98.2%
Aerospace & Defense — 4.7%
Axon Enterprise, Inc. (United States)*		86,544	$	12,137,796
Air Freight & Logistics — 3.1%
GXO Logistics, Inc. (United States)*^(a)		96,159		8,070,625
Auto Components — 6.0%
Gentex Corp. (United States)^(a)		288,448		8,731,321
LCI Industries (United States)^(a)		53,286		6,635,173
				15,366,494
Automobiles — 2.4%
Thor Industries, Inc. (United States)^(a)		69,716		6,309,298
Banks — 4.1%
SVB Financial Group (United States)*		17,312		10,491,072
Biotechnology — 0.3%
Ultragenyx Pharmaceutical, Inc. (United States)*^(a)		10,584		712,515
Electronic Equipment, Instruments & Components — 3.8%
Cognex Corp. (United States)		72,120		4,872,427
IPG Photonics Corp. (United States)*^(a)		37,980		4,950,693
				9,823,120
Equity Real Estate Investment Trusts (REITs) — 5.1%
SBA Communications Corp. (United States)		43,272		13,128,292
Health Care Equipment & Supplies — 10.9%
Cooper Companies, Inc. (The) (United States)^(a)		34,040		13,923,041
Heska Corp. (United States)*^(a)		15,418		2,189,356
ResMed, Inc. (United States)		48,564		11,983,167
				28,095,564
Health Care Providers & Services — 1.9%
HealthEquity, Inc. (United States)*^(a)		91,352		4,906,516
Health Care Technology — 2.0%
Teladoc, Inc. (United States)*^(a)		67,312		5,109,654

The accompanying notes are an integral part of these financial statements.

Motley Fool mid-cap growth ETF

Schedule of Investments (continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Insurance — 9.2%
Brown & Brown, Inc. (United States)		192,304	$	13,001,673
Markel Corp. (United States)*		8,564		10,644,281
				23,645,954
IT Services — 3.0%
Broadridge Financial Solutions, Inc. (United States)^(a)		52,888		7,732,754
Media — 0.8%
Cardlytics, Inc. (United States)*^(a)		33,656		1,952,048
Real Estate Management & Development — 4.4%
Jones Lang LaSalle, Inc. (United States)*		46,644		11,484,686
Road & Rail — 2.7%
XPO Logistics, Inc. (United States)*		96,159		6,988,836
Software — 21.6%
Alarm.com Holdings, Inc. (United States)*		131,638		8,665,730
ANSYS, Inc. (United States)*^(a)		7,696		2,494,966
Avalara, Inc. (United States)*^(a)		47,112		4,895,408
Everbridge, Inc. (United States)*		71,636		2,831,055
Paycom Software, Inc. (United States)*		21,546		7,308,619
Paylocity Holding Corp. (United States)*		47,353		10,059,671
Splunk, Inc. (United States)*		65,392		7,722,795
Tyler Technologies, Inc. (United States)*^(a)		27,312		11,696,637
				55,674,881
Specialty Retail — 1.9%
Tractor Supply Co. (United States)		23,856		4,861,614
Trading Companies & Distributors — 10.3%
Fastenal Co. (United States)		186,044		9,573,824
Watsco, Inc. (United States)		62,504		17,067,342
				26,641,166
Total Common Stocks (Cost $129,042,393)				253,132,885

The accompanying notes are an integral part of these financial statements.

Motley Fool mid-cap growth ETF

Schedule of Investments (CONCLUDED)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Investments Purchased with Proceeds from Securities Lending Collateral — 20.9%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12%		53,984,485	$	53,984,485
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $53,984,485)				53,984,485

Short-Term Investments — 1.9%
U.S. Bank Money Market Deposit Account, 0.01% (United States)^(b)		4,966,393		4,966,393
Total Short-Term Investments (Cost $4,966,393)				4,966,393

Total Investments (Cost $187,993,271) — 121.0%				312,083,763
Liabilities in Excess of Other Assets — (21.0)%				(54,131,520	)
NET ASSETS — 100.0%
(Applicable to 9,990,777 shares outstanding)			$	257,952,243

*	Non-income producing security.

(a)	All or a portion of the security is on loan. At February 28, 2022, the market value of securities on loan was $52,897,373.

(b)	The rate shown is as of February 28, 2022.

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Schedule of Investments

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks — 99.9%
Aerospace & Defense — 0.2
TransDigm Group, Inc. (United States)*^(a)		1,422	$	947,891
Air Freight & Logistics — 0.3%
FedEx Corp. (United States)^(a)		6,826		1,517,215
Automobiles — 4.4%
Tesla, Inc. (United States)*		25,965		22,600,715
Banks — 0.2%
SVB Financial Group (United States)*		1,511		915,666
Beverages — 0.2%
Monster Beverage Corp. (United States)*		13,631		1,150,456
Biotechnology — 1.8%
Amgen, Inc. (United States)^(a)		14,657		3,319,517
Biogen, Inc. (United States)*		3,784		798,462
Gilead Sciences, Inc. (United States)		32,281		1,949,772
Moderna, Inc. (United States)*		10,446		1,604,506
Vertex Pharmaceuticals, Inc. (United States)*		6,550		1,506,631
				9,178,888
Capital Markets — 1.9%
Charles Schwab Corp., (The) (United States)		48,880		4,128,405
CME Group, Inc. (United States)^(a)		9,249		2,187,666
Intercontinental Exchange, Inc. (United States)		14,536		1,862,352
Moody’s Corp. (United States)		4,784		1,540,592
				9,719,015
Chemicals — 0.6%
Ecolab, Inc. (United States)		7,383		1,301,328
Sherwin-Williams Co., (The) (United States)		6,703		1,763,760
				3,065,088
Commercial Services & Supplies — 0.6%
Cintas Corp. (United States)		2,664		999,852
Copart, Inc. (United States)*		6,104		750,060
Waste Management, Inc. (United States)		10,765		1,554,466
				3,304,378

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Diversified Financial Services — 3.6%
Berkshire Hathaway, Inc., Class B (United States)*		57,787	$	18,575,631
Electric Utilities — 0.8%
NextEra Energy, Inc. (United States)		50,502		3,952,792
Entertainment — 3.0%
Activision Blizzard, Inc. (United States)		20,044		1,633,586
Electronic Arts, Inc. (United States)		7,279		946,925
Netflix, Inc. (United States)*^(a)		11,429		4,508,969
ROBLOX Corp., Class A (United States)*^(a)		14,911		768,960
Roku, Inc. (United States)*^(a)		3,462		483,053
Walt Disney Co., (The) (United States)*		46,895		6,962,032
				15,303,525
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp. (United States)		11,721		2,659,143
Crown Castle International Corp. (United States)		11,135		1,854,979
Digital Realty Trust, Inc. (United States)		7,304		985,456
Equinix, Inc. (United States)		2,316		1,643,735
				7,143,313
Food & Staples Retailing — 1.2%
Costco Wholesale Corp. (United States)		11,458		5,949,566
Health Care Equipment & Supplies — 1.7%
Align Technology, Inc. (United States)*^(a)		2,027		1,036,729
Becton Dickinson and Co. (United States)^(a)		7,343		1,992,009
DexCom, Inc. (United States)*		2,495		1,032,705
IDEXX Laboratories, Inc. (United States)*		2,185		1,163,185
Intuitive Surgical, Inc. (United States)*		9,194		2,669,294
ResMed, Inc. (United States)		3,766		929,261
				8,823,183
Health Care Providers & Services — 3.4%
CVS Health Corp. (United States)		34,263		3,551,360
HCA Healthcare, Inc. (United States)		8,013		2,005,734
UnitedHealth Group, Inc. (United States)		24,300		11,563,641
				17,120,735

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Health Care Technology — 0.2%
Veeva Systems, Inc., Class A (United States)*		3,958	$	906,580
Hotels, Restaurants & Leisure — 2.0%
Airbnb, Inc., Class A (United States)*		16,115		2,441,262
Booking Holdings, Inc. (United States)*		1,057		2,296,068
Chipotle Mexican Grill, Inc. (United States)*		723		1,101,382
Marriott International, Inc., Class A (United States)*		8,381		1,425,943
Starbucks Corp. (United States)		30,421		2,792,344
				10,056,999
Industrial Conglomerates — 0.7%
3M Co. (United States)		15,011		2,231,385
Roper Technologies, Inc. (United States)^(a)		2,713		1,216,021
				3,447,406
Insurance — 0.2%
Aflac, Inc. (United States)		17,175		1,049,221
Interactive Media & Services — 12.3%
Alphabet, Inc., Class C (United States)*		17,075		46,065,276
Meta Platforms, Inc., Class A (United States)*^(a)		71,768		15,145,201
Match Group, Inc. (United States)*		7,286		812,316
Twitter, Inc. (United States)*^(a)		20,610		732,686
				62,755,479
Internet & Direct Marketing Retail — 8.1%
Amazon.com, Inc. (United States)*		13,084		40,184,366
eBay, Inc. (United States)		16,127		880,373
				41,064,739
IT Services — 6.3%
Cloudflare, Inc., Class A (United States)*		8,290		965,122
Cognizant Technology Solutions Corp., Class A (United States)		13,518		1,164,305
EPAM Systems, Inc. (United States)*		1,462		303,730
Mastercard, Inc., Class A (United States)		25,383		9,158,694
Okta, Inc. (United States)*^(a)		4,008		732,823
PayPal Holdings, Inc. (United States)*		30,239		3,384,651
Snowflake, Inc., Class A (United States)*		7,882		2,093,932
Block, Inc. (United States)*^(a)		11,883		1,515,083

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
IT Services (continued)
Twilio, Inc., Class A (United States)*^(a)		4,595	$	803,206
Visa, Inc., Class A (United States)^(a)		54,488		11,775,947
				31,897,493
Life Sciences Tools & Services — 0.3%
Illumina, Inc. (United States)*		4,023		1,313,912
Oil, Gas & Consumable Fuels — 0.2%
Kinder Morgan, Inc. (United States)^(a)		59,416		1,033,838
Pharmaceuticals — 3.0%
Bristol-Myers Squibb Co. (United States)		57,661		3,959,581
Johnson & Johnson (United States)		68,356		11,249,347
				15,208,928
Professional Services — 0.1%
CoStar Group, Inc. (United States)*		10,175		620,777
Road & Rail — 1.3%
Old Dominion Freight Line, Inc. (United States)^(a)		2,960		929,529
Uber Technologies, Inc. (United States)*		49,927		1,798,870
Union Pacific Corp. (United States)^(a)		16,666		4,099,002
				6,827,401
Semiconductors & Semiconductor Equipment — 4.7%
Advanced Micro Devices, Inc. (United States)*		0		31
Broadcom, Inc. (United States)		10,652		6,257,411
Lam Research Corp. (United States)^(a)		3,621		2,032,648
NVIDIA Corp. (United States)		64,498		15,727,837
				24,017,927
Software — 17.8%
Adobe Systems, Inc. (United States)*		12,276		5,741,240
Autodesk, Inc. (United States)*		5,662		1,246,942
Cadence Design Systems, Inc. (United States)*		7,141		1,081,362
Crowdstrike Holdings, Inc., Class A (United States)*		5,908		1,153,301
Datadog, Inc., Class A (United States)*^(a)		8,030		1,293,713
DocuSign, Inc. (United States)*		5,099		603,875
Fortinet, Inc. (United States)*		4,208		1,449,740
Intuit, Inc. (United States)		7,315		3,470,017

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Software (continued)
Microsoft Corp. (United States)		194,102	$	57,995,737
Palo Alto Networks, Inc. (United States)*		2,540		1,509,395
Salesforce.com, Inc. (United States)*		25,413		5,350,199
ServiceNow, Inc. (United States)*		5,119		2,968,610
Synopsys, Inc. (United States)*		3,953		1,234,878
Unity Software, Inc. (United States)*^(a)		7,521		800,610
VMware, Inc., Class A (United States)		10,829		1,270,458
Workday, Inc., Class A (United States)*^(a)		6,441		1,475,311
Zoom Video Communications, Inc., Class A (United States)*^(a)		7,677		1,017,970
Zscaler, Inc. (United States)*^(a)		3,610		863,331
				90,526,689
Specialty Retail — 1.7%
Home Depot, Inc., (The) (United States)		26,941		8,508,776
Technology Hardware, Storage & Peripherals — 13.8%
Apple, Inc. (United States)		423,814		69,980,168
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B (United States)		40,836		5,576,156
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc. (United States)*		32,226		3,970,565
Total Common Stocks (Cost $342,401,044)				508,031,111

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Rights — 0.0%
Altaba, Inc. - Escrow Shares (United States)*^(b)		8,565	$	51,604
Total Rights (Cost $21,401)				51,604

Investments Purchased with Proceeds from Securities Lending Collateral — 9.4%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12%		47,627,881		47,627,881
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $47,627,881)				47,627,881

Short-Term Investments — 0.0%
U.S. Bank Money Market Deposit Account, 0.01% (United States)^(c)		70,459		70,459
Total Short-Term Investments (Cost $70,459)				70,459

Total Investments (Cost $390,120,785) — 109.3%				555,781,055
Liabilities in Excess of Other Assets — (9.3)%				(47,517,495	)
NET ASSETS — 100.0%
(Applicable to 13,075,000 shares outstanding)			$	508,263,560

*	Non-income producing security.

(a)	All or a portion of the security is on loan. At February 28, 2022, the market value of securities on loan was $47,068,496.

(b)	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2022, these securities amounted to $51,604 or 0.0% of net assets.

(c)	The rate shown is as of February 28, 2022.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks — 88.6%
Aerospace & Defense — 8.4%
Axon Enterprise, Inc. (United States)*		41,204	$	5,778,861
RADA Electronic Industries Ltd. (Israel)*		307,704		4,027,845
				9,806,706
Auto Components — 5.7%
Fox Factory Holding Corp. (United States)*^(a)		26,223		3,094,838
Gentex Corp. (United States)		117,648		3,561,205
				6,656,043
Biotechnology — 3.2%
PTC Therapeutics, Inc. (United States)*		35,276		1,238,893
Ultragenyx Pharmaceutical, Inc. (United States)*^(a)		37,667		2,535,743
				3,774,636
Building Products — 2.9%
Trex Co., Inc. (United States)*^(a)		36,930		3,391,651
Diversified Consumer Services — 1.1%
Frontdoor, Inc. (United States)*		43,139		1,296,327
Electronic Equipment, Instruments & Components — 1.9%
NLight, Inc. (United States)*^(a)		135,914		2,215,398
Equity Real Estate Investment Trusts (REITs) — 2.7%
STAG Industrial, Inc. (United States)		79,693		3,104,839
Health Care Equipment & Supplies — 15.6%
Globus Medical, Inc., Class A (United States)*		66,248		4,658,560
Heska Corp. (United States)*^(a)		39,453		5,602,326
Mesa Laboratories, Inc. (United States)^(a)		11,504		2,937,316
Penumbra, Inc. (United States)*^(a)		22,050		4,889,367
				18,087,569
Health Care Providers & Services — 0.7%
HealthEquity, Inc. (United States)*^(a)		15,472		831,001
Health Care Technology — 1.0%
Schrodinger, Inc. (United States)*^(a)		31,761		1,104,012
Insurance — 3.2%
Goosehead Insurance, Inc., Class A (United States)^(a)		43,008		3,740,836

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (CONTINUED)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Machinery — 2.6%
John Bean Technologies Corp. (United States)		26,186	$	2,968,707
Media — 2.5%
Cardlytics, Inc. (United States)*^(a)		50,666		2,938,628
Real Estate Management & Development — 8.0%
Howard Hughes Corp., (The) (United States)*^(a)		47,046		4,496,657
Jones Lang LaSalle, Inc. (United States)*		9,853		2,426,005
Newmark Group, Inc., Class A (United States)^(a)		133,513		2,360,510
				9,283,172
Road & Rail — 2.9%
Landstar System, Inc. (United States)^(a)		21,750		3,358,418
Software — 20.8%
Alarm.com Holdings, Inc. (United States)*		87,502		5,760,257
Everbridge, Inc. (United States)*		40,586		1,603,959
Paylocity Holding Corp. (United States)*		20,221		4,295,749
Ping Identity Holding Corp. (United States)*		183,130		3,853,055
Q2 Holdings, Inc. (United States)*^(a)		54,300		3,532,215
Smartsheet, Inc., Class A (United States)*		63,799		3,392,193
Upland Software, Inc. (United States)*		88,858		1,675,862
				24,113,290
Trading Companies & Distributors — 5.4%
Watsco, Inc. (United States)^(a)		22,800		6,225,768
Total Common Stocks (Cost $101,488,306)				102,897,001

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Investments Purchased with Proceeds from Securities Lending Collateral — 29.3%
Mount Vernon Liquid Assets Portfolio, LLC, 0.12%		34,085,831	$	34,085,831
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $34,085,831)				34,085,831

Short-Term Investments — 11.5%
U.S. Bank Money Market Deposit Account, 0.01% (United States)^(b)		13,337,010		13,337,010
Total Short-Term Investments (Cost $13,337,010)				13,337,010

Total Investments (Cost $148,911,147) — 129.4%				150,319,842
Liabilities in Excess of Other Assets — (29.4)%				(34,143,690	)
NET ASSETS — 100.0%
(Applicable to 3,750,000 shares outstanding)			$	116,176,152

*	Non-income producing security.

(a)	All or a portion of the security is on loan. At February 28, 2022, the market value of securities on loan was $33,206,822.

(b)	The rate shown is as of February 28, 2022.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks — 99.3%
Aerospace & Defense — 0.0%
AeroVironment, Inc. (United States)*		7	$	497
Beverages — 0.8%
Boston Beer Co Inc., Class A (The) (United States)*		7		2,684
Monster Beverage Corp. (United States)*		259		21,860
				24,544
Biotechnology — 3.1%
Amgen, Inc. (United States)		232		52,543
Biogen, Inc. (United States)*		63		13,294
Exact Sciences Corp. (United States)*		56		4,371
Exelixis, Inc. (United States)*		133		2,731
Vertex Pharmaceuticals, Inc. (United States)*		99		22,772
				95,711
Capital Markets — 0.2%
MarketAxess Holdings, Inc. (United States)		14		5,340
PJT Partners, Inc., Class A (United States)		7		447
				5,787
Chemicals — 0.8%
Balchem Corp. (United States)		11		1,522
Ecolab, Inc. (United States)		109		19,212
RPM International, Inc. (United States)		56		4,736
				25,470
Commercial Services & Supplies — 1.6%
Cintas Corp. (United States)		42		15,763
Copart, Inc. (United States)*		91		11,182
Waste Management, Inc. (United States)		154		22,238
				49,183
Construction & Engineering — 0.1%
MasTec, Inc. (United States)*		21		1,654
Consumer Finance — 0.2%
Upstart Holdings, Inc. (United States)*		35		5,530
Distributors — 0.2%
LKQ Corp. (United States)		126		5,916

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Electronic Equipment, Instruments & Components — 0.6%
Cognex Corp. (United States)		63	$	4,256
National Instruments Corp. (United States)		63		2,529
Zebra Technologies Corp., Class A (United States)*		28		11,574
				18,359
Entertainment — 3.3%
Activision Blizzard, Inc. (United States)		323		26,325
Netflix, Inc. (United States)*		172		67,857
Skillz, Inc. (United States)*		336		1,045
Take-Two Interactive Software, Inc. (United States)*		42		6,804
				102,031
Food & Staples Retailing — 3.5%
Casey’s General Stores, Inc. (United States)		17		3,197
Costco Wholesale Corp. (United States)		200		103,850
				107,047
Food Products — 0.1%
Darling Ingredients, Inc. (United States)*		56		4,059
Health Care Equipment & Supplies — 2.9%
ABIOMED, Inc. (United States)*		17		5,283
Globus Medical, Inc., Class A (United States)*		35		2,461
IDEXX Laboratories, Inc. (United States)*		50		26,617
Intuitive Surgical, Inc. (United States)*		135		39,195
ResMed, Inc. (United States)		63		15,545
				89,101
Health Care Providers & Services — 7.1%
HCA Healthcare, Inc. (United States)		145		36,295
McKesson Corp. (United States)		56		15,398
UnitedHealth Group, Inc. (United States)		347		165,127
				216,820
Health Care Technology — 1.2%
Cerner Corp. (United States)		161		15,013
Doximity, Inc., Class A (United States)*		126		7,730
Veeva Systems, Inc., Class A (United States)*		64		14,659
				37,402

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Hotels, Restaurants & Leisure — 0.1%
Wingstop, Inc. (United States)		14	$	2,035
Household Durables — 0.2%
iRobot Corp. (United States)*		7		435
Meritage Homes Corp. (United States)*		14		1,380
NVR, Inc. (United States)*		1		4,959
				6,774
Industrial Conglomerates — 1.1%
3M Co. (United States)		219		32,554
Interactive Media & Services — 9.1%
Alphabet, Inc., Class C (United States)*		59		159,171
Bumble, Inc., Class A (United States)*		98		2,512
Facebook, Inc., Class A (United States)*		516		108,891
Pinterest, Inc., Class A (United States)*		238		6,367
				276,941
Internet & Direct Marketing Retail — 5.7%
Amazon.com, Inc. (United States)*		50		153,563
eBay, Inc. (United States)		231		12,610
Etsy, Inc. (United States)*		56		8,674
				174,847
IT Services — 11.8%
Cognizant Technology Solutions Corp., Class A (United States)		231		19,896
EPAM Systems, Inc. (United States)*		21		4,363
GoDaddy, Inc., Class A (United States)*		63		5,255
Jack Henry & Associates, Inc. (United States)		28		4,950
Mastercard, Inc., Class A (United States)		424		152,987
Visa, Inc., Class A (United States)		807		174,409
				361,860
Life Sciences Tools & Services — 0.6%
Illumina, Inc. (United States)*		52		16,983
Machinery — 0.3%
Cummins, Inc. (United States)		50		10,206

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Media — 0.5%
New York Times Co., Class A (The) (United States)		63	$	2,771
Sirius XM Holdings, Inc. (United States)		1,897		11,686
				14,457
Multiline Retail — 0.0%
Ollie’s Bargain Outlet Holdings, Inc. (United States)*		21		907
Pharmaceuticals — 5.4%
Johnson & Johnson (United States)		1,010		166,216
Professional Services — 0.0%
Upwork, Inc. (United States)*		49		1,239
Real Estate Management & Development — 0.2%
Zillow Group, Inc., Class C (United States)*		84		4,832
Road & Rail — 2.5%
Old Dominion Freight Line, Inc. (United States)		53		16,643
Union Pacific Corp. (United States)		242		59,520
				76,163
Semiconductors & Semiconductor Equipment — 6.4%
Advanced Micro Devices, Inc. (United States)*		0		55
Cirrus Logic, Inc. (United States)*		21		1,824
Lam Research Corp. (United States)		60		33,681
NVIDIA Corp. (United States)		607		148,017
Skyworks Solutions, Inc. (United States)		63		8,705
Universal Display Corp. (United States)		14		2,169
				194,451
Software — 16.0%
Adobe Systems, Inc. (United States)*		249		116,452
Alarm.com Holdings, Inc. (United States)*		14		922
Appfolio, Inc., Class A (United States)*		14		1,584
Autodesk, Inc. (United States)*		105		23,124
Cadence Design Systems, Inc. (United States)*		140		21,200
Fair Isaac Corp. (United States)*		15		7,068
Fortinet, Inc. (United States)*		74		25,495
Microsoft Corp. (United States)		527		157,462
Paycom Software, Inc. (United States)*		21		7,123

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Software (continued)
ServiceNow, Inc. (United States)*		88	$	51,033
Synopsys, Inc. (United States)*		70		21,867
UiPath, Inc., Class A (United States)*		217		7,532
VMware, Inc., Class A (United States)		147		17,246
Workday, Inc., Class A (United States)*		112		25,654
Zendesk, Inc. (United States)*		42		4,900
				488,662
Specialty Retail — 5.0%
Home Depot, Inc. (The) (United States)		432		136,439
RH (United States)*		10		4,019
Sleep Number Corp. (United States)*		7		460
Ulta Beauty, Inc. (United States)*		22		8,239
Williams-Sonoma, Inc. (United States)		32		4,635
Winmark Corp. (United States)		1		226
				154,018
Technology Hardware, Storage & Peripherals — 5.5%
Apple, Inc. (United States)		992		163,799
Pure Storage, Inc., Class A (United States)*		119		3,087
				166,886
Textiles, Apparel & Luxury Goods — 3.0%
NIKE, Inc., Class B (United States)		651		88,894
Under Armour, Inc., Class A (United States)*		182		3,256
				92,150
Trading Companies & Distributors — 0.2%
Watsco, Inc. (United States)		17		4,642
Total Common Stocks (Cost $3,212,751)				3,035,934

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Short-Term Investments — 0.3%
U.S. Bank Money Market Deposit Account, 0.01% (United States)^(a)		10,571	$	10,571
Total Short-Term Investments (Cost $10,571)				10,571

Total Investments (Cost $3,223,322) — 99.6%				3,046,505
Other Assets in Excess of Liabilities — 0.4%				12,038
NET ASSETS — 100.0%
(Applicable to 175,000 shares outstanding)			$	3,058,543

*	Non-income producing security.

(a)	The rate shown is as of February 28, 2022.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks — 99.8%
Aerospace & Defense — 2.6%
AeroVironment, Inc. (United States)*		432	$	30,694
Axon Enterprise, Inc. (United States)*		1,261		176,855
HEICO Corp. (United States)		2,340		345,174
Textron, Inc. (United States)		4,072		297,785
Virgin Galactic Holdings, Inc. (United States)*		4,705		45,544
				896,052
Airlines — 0.7%
Alaska Air Group, Inc. (United States)*		2,299		129,066
Hawaiian Holdings, Inc. (United States)*		936		17,952
JetBlue Airways Corp. (United States)*		5,850		89,330
				236,348
Auto Components — 0.5%
BorgWarner, Inc. (United States)		4,446		182,331
Banks — 0.5%
Western Alliance Bancorp (United States)		1,897		177,825
Beverages — 0.5%
Boston Beer Co. Inc., (The) (United States)*		226		86,662
Celsius Holdings, Inc. (United States)*		1,364		87,146
				173,808
Biotechnology — 5.3%
2seventy bio, Inc. (United States)*		390		5,788
Alnylam Pharmaceuticals, Inc. (United States)*		2,203		347,744
AnaptysBio, Inc. (United States)*		495		15,132
BioMarin Pharmaceutical, Inc. (United States)*		3,383		264,280
Bluebird Bio, Inc. (United States)*		1,248		7,538
Editas Medicine, Inc. (United States)*		1,248		21,366
Emergent BioSolutions, Inc. (United States)*		975		40,345
Exact Sciences Corp. (United States)*		3,198		249,636
Exelixis, Inc. (United States)*		5,850		120,100
Invitae Corp. (United States)*		4,134		44,606
Ionis Pharmaceuticals, Inc. (United States)*		2,600		86,788
Neurocrine Biosciences, Inc. (United States)*		1,742		156,554
Seagen, Inc. (United States)*		3,374		434,807
				1,794,684

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Building Products — 0.6%
Trex Co., Inc. (United States)*		2,122	$	194,885
Capital Markets — 5.1%
Affiliated Managers Group, Inc. (United States)		752		104,047
Cboe Global Markets, Inc. (United States)		1,966		230,592
FactSet Research Systems, Inc. (United States)		698		283,451
Interactive Brokers Group, Inc. (United States)		1,809		119,719
Jefferies Financial Group, Inc. (United States)		4,581		162,809
MarketAxess Holdings, Inc. (United States)		702		267,764
Nasdaq, Inc. (United States)		3,095		529,709
PJT Partners, Inc. (United States)		428		27,315
				1,725,406
Chemicals — 0.8%
Balchem Corp. (United States)		599		82,866
RPM International, Inc. (United States)		2,411		203,898
				286,764
Commercial Services & Supplies — 0.9%
Rollins, Inc. (United States)		9,126		297,781
Communications Equipment — 2.9%
Arista Networks, Inc. (United States)*		5,694		698,825
Ubiquiti, Inc. (United States)		1,159		294,258
				993,083
Construction & Engineering — 0.3%
MasTec, Inc. (United States)*		1,336		105,223
Consumer Finance — 0.7%
Upstart Holdings, Inc. (United States)*		1,505		237,775
Distributors — 0.7%
LKQ Corp. (United States)		5,382		252,685
Diversified Consumer Services — 0.5%
2U, Inc. (United States)*		1,371		14,396
Chegg, Inc. (United States)*		2,652		82,928
Grand Canyon Education, Inc. (United States)*		722		62,691
				160,015

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Diversified Telecommunication Services — 0.0%
Bandwidth, Inc. (United States)*		468	$	14,297
Electronic Equipment, Instruments & Components — 5.5%
Cognex Corp. (United States)		3,276		221,327
Coherent, Inc. (United States)*		457		120,794
Corning, Inc. (United States)		15,901		642,400
II-VI, Inc. (United States)*		1,960		136,142
IPG Photonics Corp. (United States)*		987		128,655
Littelfuse, Inc. (United States)		457		118,002
National Instruments Corp. (United States)		2,433		97,685
Zebra Technologies Corp. (United States)*		989		408,793
				1,873,798
Energy Equipment & Services — 0.1%
Oceaneering International, Inc. (United States)*		1,794		26,264
Entertainment — 3.0%
Live Nation Entertainment, Inc. (United States)*		4,070		491,738
Skillz, Inc. (United States)*		7,566		23,530
Take-Two Interactive Software, Inc. (United States)*		2,028		328,536
Zynga, Inc. (United States)*		20,748		188,392
				1,032,196
Equity Real Estate Investment Trusts (REITs) — 0.5%
Retail Opportunity Investments Corp. (United States)		2,225		40,406
STAG Industrial, Inc. (United States)		3,232		125,919
				166,325
Food & Staples Retailing — 0.4%
Casey’s General Stores, Inc. (United States)		688		129,399
Food Products — 2.4%
Beyond Meat, Inc. (United States)*		1,170		54,733
Darling Ingredients, Inc. (United States)*		2,985		216,353
Freshpet, Inc. (United States)*		795		75,708
McCormick & Co., Inc. (United States)		4,937		469,854
				816,648
Health Care Equipment & Supplies — 3.5%
ABIOMED, Inc. (United States)*		842		261,643

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Health Care Equipment & Supplies (continued)
Globus Medical, Inc., Class A (United States)*		1,872	$	131,639
Insulet Corp. (United States)*		1,276		337,744
Masimo Corp. (United States)*		1,019		160,442
NuVasive, Inc. (United States)*		950		51,414
Quidel Corp. (United States)*		771		81,564
Shockwave Medical, Inc. (United States)*		643		113,959
STAAR Surgical Co. (United States)*		873		69,246
				1,207,651
Health Care Providers & Services — 3.2%
Fulgent Genetics, Inc. (United States)*		546		34,016
Guardant Health, Inc. (United States)*		1,872		124,057
HealthEquity, Inc. (United States)*		1,524		81,854
McKesson Corp. (United States)		2,822		775,937
Progyny, Inc. (United States)*		1,661		65,377
				1,081,241
Health Care Technology — 3.4%
Cerner Corp. (United States)		5,460		509,145
Doximity, Inc. (United States)*		3,458		212,149
GoodRx Holdings, Inc. (United States)*		7,410		203,034
Teladoc, Inc. (United States)*		2,964		224,997
				1,149,325
Hotels, Restaurants & Leisure — 2.2%
Dave & Buster’s Entertainment, Inc. (United States)*		883		38,269
Hyatt Hotels Corp. (United States)*		2,028		196,939
Planet Fitness, Inc. (United States)*		1,521		128,722
Texas Roadhouse, Inc. (United States)		1,275		121,010
Vail Resorts, Inc. (United States)		749		195,152
Wingstop, Inc. (United States)		550		79,943
				760,035
Household Durables — 1.2%
iRobot Corp. (United States)*		488		30,334
Meritage Homes Corp. (United States)*		691		68,119
NVR, Inc. (United States)*		65		322,298
				420,751

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Household Products — 0.2%
Spectrum Brands Holdings, Inc. (United States)		766	$	71,070
Insurance — 1.5%
Kinsale Capital Group, Inc. (United States)		422		88,519
Lemonade, Inc. (United States)*		1,123		28,580
Markel Corp. (United States)*		253		314,456
Safety Insurance Group, Inc. (United States)		262		21,861
Trupanion, Inc. (United States)*		731		65,520
				518,936
Interactive Media & Services — 1.3%
Bumble, Inc. (United States)*		2,374		60,846
Eventbrite, Inc. (United States)*		1,716		25,929
fuboTV, Inc. (United States)*		2,730		23,341
Pinterest, Inc., Class A (United States)*		12,090		323,407
				433,523
Internet & Direct Marketing Retail — 3.1%
Chewy, Inc., Class A (United States)*		7,722		364,015
Etsy, Inc. (United States)*		2,345		363,217
RealReal Inc., (The) (United States)*		1,716		15,290
Stitch Fix, Inc. (United States)*		1,991		24,987
Wayfair, Inc., Class A (United States)*		1,935		272,583
				1,040,092
IT Services — 6.4%
Broadridge Financial Solutions, Inc. (United States)		2,203		322,100
DigitalOcean Holdings, Inc. (United States)*		2,028		120,301
Euronet Worldwide, Inc. (United States)*		978		125,409
Fastly, Inc. (United States)*		2,184		40,622
Gartner, Inc. (United States)*		1,522		426,799
GoDaddy, Inc. (United States)*		3,065		255,652
Jack Henry & Associates, Inc. (United States)		1,370		242,216
MongoDB, Inc. (United States)*		1,235		471,758
TaskUS, Inc. (United States)*		1,794		51,524
WEX, Inc. (United States)*		830		139,863
				2,196,244

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Leisure Products — 1.2%
Hasbro, Inc. (United States)		2,559	$	248,351
Peloton Interactive, Inc., Class A (United States)*		6,084		176,801
				425,152
Life Sciences Tools & Services — 1.1%
10X Genomics, Inc. (United States)*		2,054		167,339
Repligen Corp. (United States)*		1,020		200,634
				367,973
Machinery — 4.0%
Chart Industries, Inc. (United States)*		673		97,181
Cummins, Inc. (United States)		2,663		543,572
Middleby Corp., (The) (United States)*		1,024		181,883
Proto Labs, Inc. (United States)*		495		27,834
Tennant Co. (United States)		332		26,155
Toro Co., (The) (United States)		1,934		181,428
Westinghouse Air Brake Technologies Corp. (United States)		3,449		320,136
				1,378,189
Media — 3.0%
Boston Omaha Corp. (United States)*		546		15,283
Discovery, Inc. (United States)*		12,558		351,247
Magnite, Inc. (United States)*		2,418		35,255
New York Times Co., (The) (United States)		3,078		135,401
Sirius XM Holdings, Inc. (United States)		76,782		472,977
				1,010,163
Multiline Retail — 0.2%
Ollie’s Bargain Outlet Holdings, Inc. (United States)*		1,170		50,521
Oil, Gas & Consumable Fuels — 0.1%
Clean Energy Fuels Corp. (United States)*		4,134		30,054
Pharmaceuticals — 0.7%
Viatris, Inc. (United States)		22,464		247,329
Professional Services — 0.9%
Robert Half International, Inc. (United States)		2,028		243,948
Upwork, Inc. (United States)*		2,340		59,155
				303,103

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Real Estate Management & Development — 1.2%
Opendoor Technologies, Inc. (United States)*		11,388	$	95,090
Redfin Corp. (United States)*		1,950		42,178
Zillow Group, Inc. (United States)*		4,680		269,194
				406,462
Road & Rail — 1.1%
AMERCO (United States)		363		209,673
XPO Logistics, Inc. (United States)*		2,118		153,936
				363,609
Semiconductors & Semiconductor Equipment — 2.8%
Cirrus Logic, Inc. (United States)*		1,042		90,519
First Solar, Inc. (United States)*		1,962		147,719
Impinj, Inc. (United States)*		430		29,562
Silicon Laboratories, Inc. (United States)*		744		114,360
Skyworks Solutions, Inc. (United States)		3,074		424,735
Universal Display Corp. (United States)		867		134,307
				941,202
Software — 15.1%
Alarm.com Holdings, Inc. (United States)*		902		59,379
Alteryx, Inc. (United States)*		1,248		77,750
Anaplan, Inc. (United States)*		2,730		129,320
Appfolio, Inc. (United States)*		636		71,957
Appian Corp. (United States)*		1,293		78,821
Asana, Inc. (United States)*		3,445		188,752
Avalara, Inc. (United States)*		1,592		165,425
Blackbaud, Inc. (United States)*		858		53,616
Blackline, Inc. (United States)*		1,060		79,829
Cerence, Inc. (United States)*		702		25,349
Coupa Software, Inc. (United States)*		1,382		167,236
Fair Isaac Corp. (United States)*		506		238,422
Five9, Inc. (United States)*		1,256		138,160
HubSpot, Inc. (United States)*		875		459,375
LivePerson, Inc. (United States)*		1,326		26,891
MicroStrategy, Inc. (United States)*		194		85,942
New Relic, Inc. (United States)*		1,196		79,223
Nutanix, Inc. (United States)*		4,003		106,880

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Software (continued)
PagerDuty, Inc. (United States)*		1,581	$	53,469
Paycom Software, Inc. (United States)*		1,073		363,972
Pegasystems, Inc. (United States)		1,501		130,767
Q2 Holdings, Inc. (United States)*		1,038		67,522
Smartsheet, Inc., Class A (United States)*		2,340		124,418
Splunk, Inc. (United States)*		2,939		347,096
SS&C Technologies Holdings, Inc. (United States)		4,698		352,209
Trade Desk, Inc., (The) Class A (United States)*		8,892		758,666
UiPath, Inc. (United States)*		9,750		338,423
Varonis Systems, Inc. (United States)*		1,974		86,066
Zendesk, Inc. (United States)*		2,237		260,991
Zuora, Inc. (United States)*		2,340		35,521
				5,151,447
Specialty Retail — 5.6%
Camping World Holdings, Inc. (United States)		812		24,936
CarMax, Inc. (United States)*		2,988		326,678
Designer Brands, Inc. (United States)*		1,326		17,304
Five Below, Inc. (United States)*		1,029		168,355
GameStop Corp. (United States)*		1,404		173,169
RH (United States)*		395		158,739
Sleep Number Corp. (United States)*		409		26,871
Tractor Supply Co. (United States)		2,116		431,220
Ulta Beauty, Inc. (United States)*		1,002		375,249
Williams-Sonoma, Inc. (United States)		1,346		194,982
Winmark Corp. (United States)		78		17,645
				1,915,148
Technology Hardware, Storage & Peripherals — 0.4%
Pure Storage, Inc. (United States)*		5,382		139,609
Textiles, Apparel & Luxury Goods — 1.0%
Carter’s, Inc. (United States)		780		75,410
Skechers USA, Inc. (United States)*		2,886		132,698
Under Armour, Inc. (United States)*		8,112		145,124
				353,232

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL next index ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2022 (UNAUDITED)

	Number of Shares		Value (Note 2)

Common Stocks (continued)
Thrifts & Mortgage Finance — 0.4%
Axos Financial, Inc. (United States)*		1,092	$	59,776
Walker & Dunlop, Inc. (United States)		596		82,457
				142,233
Trading Companies & Distributors — 0.5%
Watsco, Inc. (United States)		663		181,039
Total Common Stocks (Cost $35,056,848)				34,058,925

Short-Term Investments — 0.8%
U.S. Bank Money Market Deposit Account, 0.01% (United States)^(a)		279,672		279,672
Total Short-Term Investments (Cost $279,672)				279,672

Total Investments (Cost $35,336,520) — 100.6%				34,338,597
Liabilities in Excess of Other Assets — (0.6)%				(191,555	)
NET ASSETS — 100.0%
(Applicable to 1,950,000 shares outstanding)			$	34,147,042

*	Non-income producing security.

(a)	The rate shown is as of February 28, 2022.

The accompanying notes are an integral part of these financial statements.

Motley Fool Asset Management ETFs

Statements of Assets and Liabilities

FEBRUARY 28, 2022 (UNAUDITED)

	Motley Fool Global Opportunities ETF⁽¹⁾		Motley Fool Mid-Cap Growth ETF⁽¹⁾		Motley Fool 100 Index ETF		Motley Fool Small-Cap Growth ETF
ASSETS
Investments in securities, at value^ (cost $297,586,786, $129,042,393, $342,422,445, $101,488,306, $3,212,752 and $35,056,848 respectively)^	$	538,915,295	$	253,132,885	$	508,082,715	$	102,897,001
Investments purchased with proceeds from securities lending collateral (cost $65,451,217, $53,984,485, $47,627,881, $34,085,831, $3,212,752 and $35,056,848 respectively)		65,451,217		53,984,485		47,627,881		34,085,831
Short-term investments, at value (cost $6,881,880, $4,966,393, $70,459, $13,337,010, $10,571 and $279,672 respectively)		6,881,880		4,966,393		70,459		13,337,010
Receivables for:
Dividends and tax reclaims		1,119,719		104,125		328,247		20,625
Investments sold		1,321,088		627,165		953,179
Capital shares sold		—		—		971,823		—
Prepaid expenses and other assets		41,847		31,801		—		—
Total assets		613,731,046		312,846,854		558,034,304		150,340,467

LIABILITIES
Payables for:
Securities lending collateral (see Note 7)		65,451,217		53,984,485		47,627,881		34,085,831
Advisory fees		365,900		170,765		198,107		78,484
Shares of beneficial interest redeemed		1,411,020		641,338		—		—
Shareholder service fee		39,256		77,421		—		—
Investments purchased		—		—		975,823		—
Capital shares redeemed		—		—		968,933		—
Other accrued expenses and liabilities		16,103		20,602		—		—
Total liabilities		67,283,496		54,894,611		49,770,744		34,164,315
Net assets	$	546,447,550	$	257,952,243	$	508,263,560	$	116,176,152

NET ASSETS CONSIST OF:
Par value	$	19,357	$	9,991	$	13,075	$	3,750
Paid-in capital		287,915,030		128,991,185		338,771,524		104,851,669
Total distributable earnings/(losses)		258,513,163		128,951,067		169,478,961		11,320,733
Net assets	$	546,447,550	$	257,952,243	$	508,263,560	$	116,176,152

Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		19,356,769		9,990,777		13,075,000		3,750,000
Net asset value, price per share		28.23		25.82		38.87		30.98
^ Includes market value of securities on loan	$	64,170,936	$	52,897,373	$	47,068,496	$	33,206,822

⁽¹⁾	Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

The accompanying notes are an integral part of these financial statements.

Motley Fool Asset Management ETFs

Statements of Assets and Liabilities (concluded)

FEBRUARY 28, 2022 (UNAUDITED)

	Motley Fool Capital Efficiency 100 Index ETF			Motley Fool Next Index ETF
ASSETS
Investments in securities, at value (cost $3,212,751 and $35,056,848 respectively)^	$	3,035,934		$	34,058,925
Short-term investments, at value (cost $10,571 and $279,672 respectively)		10,571			279,672
Receivables for:
Dividends and tax reclaims		2,555			21,566
Capital shares sold		436,935			—
Prepaid expenses and other assets
Total assets		3,485,995			34,360,163

LIABILITIES
Payables for:
Advisory fees		937			10,461
Investments purchased		426,515			202,660
Total liabilities		427,452			213,121
Net assets	$	3,058,543		$	34,147,042

NET ASSETS CONSIST OF:
Par value	$	175		$	1,950
Paid-in capital		3,234,070			35,116,523
Total distributable earnings/(losses)		(175,702	)		(971,431	)
Net assets	$	3,058,543		$	34,147,042

Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		175,000			1,950,000
Net asset value, price per share		17.48			17.51

The accompanying notes are an integral part of these financial statements.

Motley Fool Asset Management ETFs

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)

	Motley Fool Global Opportunities ETF			Motley Fool Mid-Cap Growth ETF			Motley Fool 100 Index ETF			Motley Fool Small-Cap Growth ETF
INVESTMENT INCOME
Dividends	$	18,104,578		$	836,694		$	1,636,170		$	244,628
Less foreign taxes withheld		(2,413,688	)		—			—			—
Securities lending income		424,460			14,911			22,223			16,494
Total investment income		16,115,350			851,605			1,658,393			261,122

EXPENSES
Advisory fees (Note 3)		2,708,761			1,289,545			1,341,198			675,996
Shareholder service fees		160,693			116,039			—			—
Administration and accounting services fees		56,262			29,361			—			—
Transfer agent fees and shareholder account services		49,616			25,781			—			—
Officer fees		20,500			9,946			—			—
Director fees		19,473			9,313			—			—
Legal fees		16,748			7,703			—			—
Custodian fees		14,994			2,363			—			—
Printing and shareholder reporting fees		13,846			7,435			—			—
Registration and filing fees		11,016			10,674			—			—
Audit and tax service fees		5,081			5,838			—			—
Other expenses		14,396			22,185			—			—
Total expenses		3,091,386			1,536,183			1,341,198			675,996
Expense fees waived/reimbursed net of amount recaptured		(8,459	)		(20,654	)		—			—
Net expenses after waivers/reimbursements		3,082,927			1,515,529			1,341,198			675,996
Net investment income/(loss)		13,032,423			(663,924	)		317,195			(414,874	)

NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		20,561,838			9,494,416			(1,088,536	)		(1,006,760	)
Foreign currency transactions		(12,782	)		—			—			—
Redemption in-kind		—			—			7,266,079			11,942,756
Net change in unrealized appreciation/(depreciation) on:
Investments		(153,054,123	)		(61,992,036	)		(49,720,634	)		(49,203,384	)
Foreign currency translation		(38,785	)		—			—			—
Net realized and unrealized gain/(loss)		(132,543,852	)		(52,497,620	)		(43,543,091	)		(38,267,388	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(119,511,429	)	$	(53,161,544	)	$	(43,225,896	)	$	(38,682,262	)

The accompanying notes are an integral part of these financial statements.

Motley Fool Asset Management ETFs

Statements of Operations (CONCLUDED)

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)

	Motley Fool Capital Efficiency 100 Index ETF			Motley Fool Next Index ETF
INVESTMENT INCOME
Dividends	$	3,315		$	42,034
Total investment income		3,315			42,034

EXPENSES
Advisory fees (Note 3)		1,422			15,121
Total expenses		1,422			15,121
Net investment income/(loss)		1,893			26,913

NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(778	)		(421	)
Net change in unrealized appreciation/(depreciation) on:
Investments		(176,817	)		(997,923	)
Net realized and unrealized gain/(loss)		(177,595	)		(998,344	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(175,702	)	$	(971,431	)

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Global Opportunities ETF
Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2021
OPERATIONS
Net investment income/(loss)	$	13,032,423		$	(1,529,228	)
Net realized gain/(loss) from investments and foreign currency transactions		20,549,056			40,352,385
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation and assets and liabilities denominated in foreign currencies		(153,092,908	)		127,446,258
Net increase/(decrease) in net assets resulting from operations		(119,511,429	)		166,269,415
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		—			(29,627,168	)
Institutional Shares		(48,049,079	)		(8,731,295	)
Total dividends and distributions to shareholders		(48,049,079	)		(38,358,463	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold		6,639,475			38,245,067
Reinvestment of dividends		34,320,337			28,940,492
Shares redeemed		(21,247,190	)		(70,627,638	)
Shares redeemed from exchange to Institutional Shares⁽¹⁾		(458,662,430	)		—
Total from Investor Shares		(438,949,808	)		(3,442,079	)
Institutional Shares
Proceeds from shares sold		1,095,106,394			26,065,853
Proceeds from Investor Shares exchange⁽¹⁾		458,662,430			—
Reinvestment of dividends		12,058,120			8,440,970
Shares redeemed		(1,114,443,130	)		(7,360,393	)
Total from Institutional Shares		451,383,814			27,146,430
Net increase/(decrease) in net assets from capital share transactions		12,434,006			23,704,351
Total increase/(decrease) in net assets		(155,126,502	)		151,615,303
NET ASSETS:
Beginning of period	$	701,574,052		$	549,958,749
End of period	$	546,447,550		$	701,574,052

⁽¹⁾	Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Global Opportunities ETF
Statements of Changes in Net Assets (CONCLUDED)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2021
SHARE TRANSACTIONS:
Investor Shares
Shares sold		186,937			1,169,191
Shares reinvested		1,111,050			908,079
Shares redeemed		(602,054	)		(2,183,641	)
Shares exchanged into Institutional Shares⁽¹⁾		(14,826,857	)		—
Net increase/(decrease) in shares		(16,161,743	)		(106,371	)

Institutional Shares
Shares sold		34,793,590			806,765
Shares exchanged from Investor Shares⁽¹⁾		14,826,857			—
Shares reinvested		387,405			263,533
Shares redeemed		(20,726,055	)		(225,516	)
Net increase/(decrease) in shares		29,282,113			844,782

⁽¹⁾	Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Mid-Cap Growth ETF
Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2021
OPERATIONS
Net investment income/(loss)	$	(663,924	)	$	(1,276,392	)
Net realized gain/(loss) from investments and foreign currency transactions		9,494,416			27,656,516
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		(61,992,036	)		41,096,995
Net increase/(decrease) in net assets resulting from operations		(53,161,544	)		67,477,119
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		—			(28,230,758	)
Institutional Shares		(20,813,933	)		(4,600,549	)
Total dividends and distributions to shareholders		(20,813,933	)		(32,831,307	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold		3,027,966			13,864,720
Reinvestment of dividends		16,919,946			27,593,542
Shares redeemed		(9,950,531	)		(44,985,080	)
Shares redeemed from exchange to Institutional Shares⁽¹⁾		(250,832,842	)		—
Total from Investor Shares		(240,835,458	)		(3,526,818	)
Institutional Shares⁽¹⁾
Proceeds from shares sold		552,285,093			7,535,394
Proceeds from Investor Shares exchange⁽¹⁾		250,832,842			—
Reinvestment of dividends		3,235,692			4,435,828
Shares redeemed		(564,875,366	)		(2,493,650	)
Total from Institutional Shares		241,478,261			9,477,572
Net increase/(decrease) in net assets from capital share transactions		642,803			5,950,754
Total increase/(decrease) in net assets		(73,332,674	)		40,596,566
NET ASSETS:
Beginning of period	$	331,284,917		$	290,688,351
End of period	$	257,952,243		$	331,284,917

⁽¹⁾	Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Mid-Cap Growth ETF
Statements of Changes in Net Assets (CONCLUDED)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2021
SHARE TRANSACTIONS:
Investor Shares
Shares sold		95,392			457,162
Shares reinvested		601,491			952,158
Shares redeemed		(312,655	)		(1,484,062	)
Shares exchanged into Institutional Shares⁽¹⁾		(8,833,388	)		—
Net increase/(decrease) in shares		(8,449,160	)		(74,742	)

Institutional Shares
Shares sold		19,136,044			243,287
Shares exchanged from Investor Shares⁽¹⁾		8,833,388			—
Shares reinvested		113,334			151,238
Shares redeemed		(10,897,076	)		(80,018	)
Net increase/(decrease) in shares		17,175,690			314,507

⁽¹⁾	Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2021
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	317,195		$	608,321
Net realized gain/(loss) from investments		6,177,543			3,950,823
Net change in unrealized appreciation/(depreciation) on investments		(49,720,634	)		98,157,416
Net increase/(decrease) in net assets resulting from operations		(43,225,896	)		102,716,560

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,325,790	)		(1,629,559	)
Net decrease in net assets from dividends and distributions to shareholders		(1,325,790	)		(1,629,559	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		38,539,380			92,015,882
Shares redeemed		(13,735,633	)		(2,638,120	)
Net increase/(decrease) in net assets from capital share transactions		24,803,747			89,377,762
Total increase/(decrease) in net assets		(19,747,939	)		190,464,763

NET ASSETS:
Beginning of period		528,011,499			337,546,736
End of period	$	508,263,560		$	528,011,499

SHARES TRANSACTIONS:
Shares sold		900,000			2,575,000
Shares redeemed		(350,000	)		(75,000	)
Net increase/(decrease) in shares outstanding		550,000			2,500,000

The accompanying notes are an integral part of these financial statements.

Motley Fool Small-Cap Growth ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2022 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2021
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	(414,874	)	$	(838,753	)
Net realized gain/(loss) from investments		10,935,996			11,029,903
Net change in unrealized appreciation/(depreciation) on investments		(49,203,384	)		26,857,789
Net increase/(decrease) in net assets resulting from operations		(38,682,262	)		37,048,939

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(3,829,540	)		(8,371,857	)
Net decrease in net assets from dividends and distributions to shareholders		(3,829,540	)		(8,371,857	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,045,968			68,065,890
Shares redeemed		(32,739,603	)		(14,105,940	)
Net increase/(decrease) in net assets from capital share transactions		(30,693,635	)		53,959,950
Total increase/(decrease) in net assets		(73,205,437	)		82,637,032

NET ASSETS:
Beginning of period		189,381,589			106,744,557
End of period	$	116,176,152		$	189,381,589

SHARES TRANSACTIONS:
Shares sold		50,000			1,750,000
Shares redeemed		(950,000	)		(375,000	)
Net increase/(decrease) in shares outstanding		(900,000	)		1,375,000

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Statement of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 28, 2022* (UNAUDITED)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	1,893
Net realized gain/(loss) from investments		(778	)
Net change in unrealized appreciation/(depreciation) on investments		(176,817	)
Net increase/(decrease) in net assets resulting from operations		(175,702	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,234,245
Shares redeemed		—
Net increase/(decrease) in net assets from capital share transactions		3,234,245
Total increase/(decrease) in net assets		3,058,543

NET ASSETS:
Beginning of period		—
End of period	$	3,058,543

SHARES TRANSACTIONS:
Shares sold		175,000
Shares redeemed		—
Net increase/(decrease) in shares outstanding		175,000

*	Inception date of the Fund was December 30, 2021.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL NEXT INDEX ETF

Statement of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 28, 2022* (UNAUDITED)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	26,913
Net realized gain/(loss) from investments		(421	)
Net change in unrealized appreciation/(depreciation) on investments		(997,923	)
Net increase/(decrease) in net assets resulting from operations		(971,431	)

CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		35,118,473
Shares redeemed		—
Net increase/(decrease) in net assets from capital share transactions		35,118,473
Total increase/(decrease) in net assets		34,147,042

NET ASSETS:
Beginning of period		—
End of period	$	34,147,042

SHARES TRANSACTIONS:
Shares sold		1,950,000
Shares redeemed		—
Net increase/(decrease) in shares outstanding		1,950,000

*	Inception date of the Fund was December 30, 2021.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Global Opportunities ETF
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the SIX MONTHS ENDED FEBRUARY 28, 2022			YEARS ENDED AUGUST 31,												FISCAL PERIOD ENDED AUGUST 31,			YEAR ENDED OCTOBER 31,
Institutional Shares	(UNAUDITED)			2021			2020			2019			2018			2017⁽¹⁾⁽²⁾			2016
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	37.03		$	30.17		$	25.09		$	25.97		$	24.09		$	20.40		$	20.35
Net investment income/(loss)⁽³⁾		0.68			(0.05	)		—	*		0.05			0.02			0.09			0.08
Net realized and unrealized gain/(loss) from investments		(4.34	)		9.03			6.21			0.80			4.94			4.25			0.02
Net increase/(decrease) in net assets resulting from operations		(3.66	)		8.98			6.21			0.85			4.96			4.34			0.10
Dividends and distributions to shareholders from:
Net investment income		(1.52	)		—			(0.04	)		—			(0.03	)		(0.09	)		(0.04	)
Net realized capital gains		(3.62	)		(2.12	)		(1.09	)		(1.73	)		(3.05	)		(0.56	)		(0.01	)
Total dividends and distributions to shareholders		(5.14	)		(2.12	)		(1.13	)		(1.73	)		(3.08	)		(0.65	)		(0.05	)
Redemption and small-balance account fees⁽³⁾		—			—			—			—			—	*		—	*		—	*
Net asset value, end of period	$	28.23		$	37.03		$	30.17		$	25.09		$	25.97		$	24.09		$	20.40
Market value, end of period	$	27.80		$	—		$	—		$	—		$	—		$	—		$	—
Total investment return/(loss) on net asset value		(17.50	)%⁽⁶⁾		30.86	%		25.64	%		4.94	%		22.48	%		21.97	%⁽⁶⁾		(0.47	)%
Total investment return/(loss) on market price⁽⁵⁾		(18.70	)%		—	%		—	%		—	%		—	%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	546,448		$	181,509		$	122,406		$	92,760		$	78,987		$	60,623		$	7,243
Ratio of expenses to average net assets		0.97	%⁽⁷⁾		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%⁽⁷⁾		0.95	%
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.97	%⁽⁷⁾		0.98	%		1.00	%		0.99	%		1.06	%		1.17	%⁽⁷⁾		2.12	%
Ratio of net investment income/(loss) to average net assets		4.09	%⁽⁷⁾		(0.16	)%		(0.01	)%		0.19	%		0.07	%		0.48	%⁽⁷⁾		0.39	%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		4.09	%⁽⁷⁾		(0.19	)%		(0.06	)%		0.15	%		(0.04	)%		0.26	%⁽⁷⁾		(0.78	)%
Portfolio turnover rate		3	%⁽⁶⁾		12	%		10	%		11	%		15	%		38	%⁽⁶⁾		26	%

*	Amount represents less than $0.005 per share.

⁽¹⁾	The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾

Effective as of December 21, 2016, the Fund acquired all the assets and liabilities of the Motley Fool Global Opportunities ETF, a series of The Motley Fool Funds Trust (the “Predecessor Fund”). The financial highlights for the periods prior to that date reflect the performances of the Predecessor Fund.

⁽³⁾	Per share data calculated using average shares outstanding method.

⁽⁴⁾

Total investment return/(loss) on net asset value reflects the rate an investor would have earned on an investment in the Fund during the period. For the year ended August 31, 2018, the fiscal period ended August 31, 2017 and the years ended October 31, 2016, October 31, 2015 and October 31, 2014, redemption and small-balance account fees received had no effect on the Fund’s Investor Shares total investment return.

⁽⁵⁾	Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Annualized.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Mid-Cap Growth ETF
Financial Highlights

	For the SIX MONTHS ENDED FEBRUARY 28, 2022			YEARS ENDED AUGUST 31,												FISCAL PERIOD ENDED AUGUST 31,			YEAR ENDED OCTOBER 31,
Institutional Shares	(UNAUDITED)			2021			2020			2019			2018			2017⁽¹⁾⁽²⁾			2016
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	33.20		$	29.79		$	24.48		$	27.50		$	22.14		$	18.34		$	18.75
Net investment income/(loss)⁽³⁾		(0.07	)		(0.09	)		(0.02	)		0.02			(0.01	)		(0.03	)		(0.02	)
Net realized and unrealized gain/(loss) from investments		(3.11	)		6.90			6.79			(1.88	)		6.72			3.83			(0.33	)
Net increase/(decrease) in net assets resulting from operations		(3.18	)		6.81			6.77			(1.86	)		6.71			3.80			(0.35	)
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			—			(0.06	)
Net realized capital gains		(4.20	)		(3.40	)		(1.46	)		(1.16	)		(1.35	)		—			—
Total dividends and distributions to shareholders		(4.20	)		(3.40	)		(1.46	)		(1.16	)		(1.35	)		—			(0.06	)
Redemption and small-balance account fees		—			—			—			—			—	*		—	*		—	*
Net asset value, end of period	$	25.82		$	33.20		$	29.79		$	24.48		$	27.50		$	22.14		$	18.34
Market value, end of period	$	25.78		$	—		$	—		$	—		$	—		$	—		$	—
Total investment return/(loss) on net asset value		(16.52	)%⁽⁶⁾		24.38	%		28.77	%		(5.97	)%		31.10	%		20.72	%⁽⁶⁾		(1.89	)%
Total investment return/(loss) on market price⁽⁵⁾		(18.70	)%		—	%		—	%		—	%		—	%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	257,952		$	54,460		$	39,488		$	29,205		$	30,562		$	20,365		$	5,502
Ratio of expenses to average net assets		1.00	%⁽⁷⁾		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%⁽⁷⁾		0.95	%
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		1.00	%⁽⁷⁾		0.98	%		1.00	%		0.98	%		1.17	%		1.47	%⁽⁷⁾		2.40	%
Ratio of net investment income/(loss) to average net assets		(0.44	)%⁽⁷⁾		(0.30	)%		(0.06	)%		0.10	%		(0.05	)%		(0.15	)%⁽⁷⁾		(0.08	)%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		(0.45	)%⁽⁷⁾		(0.33	)%		(0.11	)%		0.07	%		(0.26	)%		(0.67	)%⁽⁷⁾		(1.53	)%
Portfolio turnover rate		0	%⁽⁶⁾		15	%		14	%		4	%		19	%		24	%⁽⁶⁾		21	%

*	Amount represents less than $0.005 per share.

⁽¹⁾	The Fund changed its fiscal year end to August 31 during the period.

⁽²⁾

Effective as of December 21, 2016, the Fund acquired all the assets and liabilities of the Motley Fool Small-Mid Cap Growth ETF, a series of The Motley Fool Funds Trust (the “Predecessor Fund”). The financial highlights for the periods prior to that date reflect the performances of the Predecessor Fund.

⁽³⁾	Per share data calculated using average shares outstanding method.

⁽⁴⁾

Total investment return/(loss) at net asset value reflects the rate an investor would have earned on an investment in the Fund during the period. For the year ended October 31, 2014, 0.06% of the Fund’s Investor Shares total investment return was attributable to redemption and small-balance account fees received. Excluding this item, the total investment return would have been 9.29%. For the year ended August 31, 2018, the fiscal period ended August 31, 2017 and years ended October 31, 2016 and October 31, 2015, redemption and small-balance account fees received had no effect on the Fund’s Investor Shares total investment return.

⁽⁵⁾	Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Annualized.

The accompanying notes are an integral part of these financial statements.

Motley Fool 100 Index ETF

Financial Highlights

	For the SIX MONTHS ENDED FEBRUARY 28, 2022			YEARS ENDED AUGUST 31,									For the Period Ended august 31,
	(UNAUDITED)			2021			2020			2019			2018⁽¹⁾
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	42.16		$	33.67		$	22.46		$	22.10		$	20.00
Net investment income/(loss)⁽²⁾		0.02			0.05			0.11			0.15			0.08
Net realized and unrealized gain/(loss) from investments		(3.21	)		8.59			11.23			0.32			2.02
Net increase/(decrease) in net assets resulting from operations		(3.19	)		8.64			11.34			0.47			2.10
Dividends and distributions to shareholders from:
Net investment income		(0.02	)		(0.10	)		(0.13	)		(0.11	)		—
Net realized capital gains		(0.08	)		(0.05	)		—			—			—
Total dividends and distributions to shareholders		(0.10	)		(0.15	)		(0.13	)		(0.11	)		—
Net asset value, end of period	$	38.87		$	42.16		$	33.67		$	22.46		$	22.10
Market value, end of period	$	38.90		$	42.20		$	33.66		$	22.42		$	22.13
Total investment return/(loss) on net asset value⁽³⁾		(7.58	)%⁽⁵⁾		25.74	%		50.67	%		2.27	%		10.49	%⁽⁵⁾
Total investment return/(loss) on market price⁽⁴⁾		(7.60	)%⁽⁵⁾		25.91	%		50.89	%		1.93	%		10.65	%⁽⁵⁾
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	508,264		$	528,011		$	337,547		$	185,871		$	140,879
Ratio of expenses to average net assets		0.50	%⁽⁶⁾		0.50	%		0.50	%		0.50	%		0.50	%⁽⁶⁾
Ratio of net investment income/(loss) to average net assets		0.12	%⁽⁶⁾		0.15	%		0.43	%		0.69	%		0.68	%⁽⁶⁾
Portfolio turnover rate		8	%⁽⁵⁾		23	%		26	%		26	%		10	%⁽⁵⁾

⁽¹⁾	Inception date of the Fund was January 29, 2018.

⁽²⁾	Per share data calculated using average shares outstanding method.

⁽³⁾	Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾	Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL Small-Cap Growth ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the SIX MONTHS ENDED FEBRUARY 28, 2022			YEARS ENDED AUGUST 31,						FOR THE PERIOD ENDED AUGUST 31,
	(UNAUDITED)			2021			2020			2019⁽¹⁾
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	40.73		$	32.59		$	23.33		$	20.00
Net investment income/(loss)⁽²⁾		(0.10	)		(0.19	)		(0.07	)		—	⁽³⁾
Net realized and unrealized gain/(loss) from investments		(8.78	)		10.48			9.67			3.33
Net increase/(decrease) in net assets resulting from operations		(8.88	)		10.29			9.60			3.33
Dividends and distributions to shareholders from:
Net realized capital gains		(0.87	)		(2.15	)		(0.34	)		—
Total dividends and distributions to shareholders		(0.87	)		(2.15	)		(0.34	)		—
Net asset value, end of period	$	30.98		$	40.73		$	32.59		$	23.33
Market value, end of period	$	30.94		$	40.74		$	32.68		$	23.34
Total investment return/(loss) on net asset value⁽⁴⁾		(22.06	)%⁽⁶⁾		32.00	%		41.58	%		16.65	%⁽⁶⁾
Total investment return/(loss) on market price⁽⁵⁾		(22.14	)%⁽⁶⁾		31.54	%		41.88	%		16.69	%⁽⁶⁾
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	116,176		$	189,382		$	106,745		$	71,153
Ratio of expenses to average net assets		0.85	%⁽⁷⁾		0.85	%		0.85	%		0.85	%⁽⁷⁾
Ratio of net investment income/(loss) to average net assets		(0.52	)%⁽⁷⁾		(0.51	)%		(0.29	)%		(0.01	)%⁽⁷⁾
Portfolio turnover rate		3	%⁽⁶⁾		21	%		27	%		21	%⁽⁶⁾

⁽¹⁾	Inception date of the Fund was October 29, 2018.

⁽²⁾	Per share data calculated using average shares outstanding method.

⁽³⁾	Amount rounds to less than 0.01 per share.

⁽⁴⁾	Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁵⁾	Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁶⁾	Not annualized.

⁽⁷⁾	Annualized.

The accompanying notes are an integral part of these financial statements.

Motley Fool CAPITAL EFFICIENCY 100 INDEX ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) return, ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

	For the PERIOD ENDED FEBRUARY 28, 2022⁽¹⁾
	(UNAUDITED)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	20.00
Net investment income/(loss)⁽²⁾		0.02
Net realized and unrealized gain/(loss) from investments		(2.54	)
Net increase/(decrease) in net assets resulting from operations		(2.52	)
Net asset value, end of period	$	17.48
Market value, end of period	$	17.50
Total investment return/(loss) on net asset value⁽³⁾		(12.61	)%⁽⁵⁾
Total investment return/(loss) on market price⁽⁴⁾		(12.52	)%⁽⁵⁾
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	3,059
Ratio of expenses to average net assets		0.50	%⁽⁶⁾
Ratio of net investment income/(loss) to average net assets		0.67	%⁽⁶⁾
Portfolio turnover rate		1	%⁽⁵⁾

⁽¹⁾	Inception date of the Fund was December 30, 2021.

⁽²⁾	Per share data calculated using average shares outstanding method.

⁽³⁾	Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾	Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

The accompanying notes are an integral part of these financial statements.

MOTLEY FOOL NEXT INDEX ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) return, ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

	For the PERIOD ENDED FEBRUARY 28, 2022⁽¹⁾
	(UNAUDITED)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	20.00
Net investment income/(loss)⁽²⁾		0.03
Net realized and unrealized gain/(loss) from investments		(2.52	)
Net increase/(decrease) in net assets resulting from operations		(2.49	)
Net asset value, end of period	$	17.51
Market value, end of period	$	17.53
Total investment return/(loss) on net asset value⁽³⁾		(12.44	)%⁽⁵⁾
Total investment return/(loss) on market price⁽⁴⁾		(12.34	)%⁽⁵⁾
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	34,147
Ratio of expenses to average net assets		0.50	%⁽⁶⁾
Ratio of net investment income/(loss) to average net assets		0.89	%⁽⁶⁾
Portfolio turnover rate		0	%⁽⁵⁾

⁽¹⁾	Inception date of the Fund was December 30, 2021.

⁽²⁾	Per share data calculated using average shares outstanding method.

⁽³⁾	Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾	Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

The accompanying notes are an integral part of these financial statements.

Motley Fool Asset Management ETFs

Notes to Financial Statements

FEBRUARY 28, 2022 (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-one separate investment portfolios, including the Motley Fool Global Opportunities ETF (“Global Opportunities Fund”) (formerly MFAM Global Opportunities Fund), the Motley Fool Mid-Cap Growth ETF (“Mid-Cap Growth Fund”) (formerly MFAM Mid-Cap Growth Fund), the Motley Fool 100 Index ETF (the “Fool 100 Fund”), the Motley Fool Small-Cap Growth ETF (“Small-Cap Growth Fund”) (formerly MFAM Small-Cap Growth ETF), the Motley Fool Capital Efficiency 100 Index ETF (“Capital Efficiency Fund”) and the Motley Fool Next Index ETF (“Next Fund”) (each a “Fund” and together the “Funds”). The Global Opportunities Fund, Mid-Cap Growth Fund, Fool 100 Fund, Small-Cap Growth Fund, Capital Efficiency Fund and Next Fund commenced investment operations on June 17, 2014, June 17, 2014, January 29, 2018, October 29, 2018, December 30, 2021 and December 30, 2021, respectively.

Effective December 3, 2021 (the “Conversion Date”), the outstanding Investor Class Shares of the Global Opportunities Fund and Mid-Cap Growth Fund were converted into Institutional Class Shares of the Funds (the “Class Conversions”). The Class Conversions were completed based on the share classes’ relative net asset values on the Conversion Date, without the imposition of any fees or expenses. All Investor Class Shares of the Funds were converted into Institutional Class Shares as of the Conversion Date.

The Funds identified below as “Acquiring Portfolios” became series of the Trust as of the date indicated following a reorganization (“Reorganization”), pursuant to Agreements and Plans of Reorganization dated as shown below (each, a “Plan” and collectively, the “Plans”), which resulted in the conversion of corresponding “Target Portfolios” organized as mutual funds to ETFs. The Acquiring Portfolios were established as “shell” funds, organized solely in connection with the Reorganization for the purpose of acquiring the assets and liabilities of the corresponding Target Portfolios and continuing the operations of the Target Portfolios as ETFs. The Acquiring Portfolios had no performance history prior to the Reorganization.

TARGET PORTFOLIO	ACQUIRING PORTFOLIO	DATE
MFAM Global Opportunities Fund	Motley Fool Global Opportunities ETF	December 10, 2021
MFAM Mid-Cap Growth Fund	Motley Fool Mid-Cap Growth ETF	December 10, 2021

Each Reorganization was accomplished by a tax-free exchange of shares (with an exception for fractional mutual fund shares) of the Acquiring Portfolio for shares of the Target Portfolio of equivalent aggregate net asset value.

Fees and expenses incurred to effect the Reorganizations were borne by Motley Fool Asset Management, LLC (the “Adviser”). The management fee of each Acquiring Portfolio is the same as the management fee of its corresponding Target Portfolio, however, each Acquiring Portfolio is expected to experience lower overall expenses as compared to its corresponding Target Portfolio because each Acquiring Portfolio has a unitary fee structure under which both operating expenses and management fees are paid. The Reorganizations did not result in a material change to the Target Portfolios’ investment portfolios as compared to those of the Acquiring Portfolios. There are no material differences in accounting policies of the Target Portfolios as compared to those of the Acquiring Portfolios.

The Acquiring Portfolios did not purchase or sell securities following the Reorganizations for purposes of realigning its investment portfolio. Accordingly, the acquisition of the Target Portfolios did not affect the Acquiring Portfolios’ portfolio turnover ratios for the period ended February 28, 2022.

RBB has authorized capital of one hundred billion shares of common stock of which 89.023 billion shares are currently classified into two hundred and one classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of each Fund is to achieve long-term capital appreciation. The Global Opportunities Fund pursues its objective by investing primarily in common stocks of United States companies and of companies that are organized under the laws of other countries around the world. The Mid-Cap Growth Fund pursues its objective by investing primarily in common stocks of companies that are organized in the United States and that are engaged in a broad range of industries.

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

The investment objective of the Fool 100 Fund is to achieve investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool 100 Index (the “Fool 100 Index”). The Fool 100 Index was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of the Adviser, in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters or the highest-rated stocks in Fool IQ, the company’s analyst opinion database. Every company include in the Fool 100 Index is incorporated and listed in the U.S. The investment objective of the Small-Cap Growth Fund is to achieve long-term capital appreciation.

The investment objective of the Capital Efficiency Fund is to seek investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Capital Efficiency 100 Index (the “Capital Efficiency 100 Index”). The Capital Efficiency 100 Index was developed by The Motley Fool in 2021 and is a proprietary, rules-based index designed to track the performance of the highest scoring stocks of U.S. companies, measured by a company’s capital efficiency, that have been recommended by The Motley Fool’s analysts and newsletters, and that also meet certain liquidity requirements. Capital efficiency is a measure of how a business turns its investments into revenue and profit and it provides insight into the company’s return on invested capital. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The investment objective of the Next Fund is to seek investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Next Index (the “Next Index”). The Next Index was developed by The Motley Fool in 2021 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters. Every company included in the Next Index is incorporated and listed in the U.S.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Funds is February 28, 2022, and the period covered by these Notes to Financial Statements is the six-months ended February 28, 2022 (the “current fiscal period”).

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.

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ 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 Funds’ 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.

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

GLOBAL OPPORTUNITIES FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	538,915,295	$	523,841,991	$	15,063,535	$	9,769	$	—
Investments Purchased with Proceeds From Securities Lending Collateral		65,451,217		—		—		—		65,451,217
Short-Term Investments		6,881,880		6,881,880		—		—		—
Total Investments*	$	611,248,392	$	530,723,871	$	15,063,535	$	9,769	$	65,451,217

MID-CAP GROWTH FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	253,132,885	$	253,132,885	$	—	$	—	$	—
Investments Purchased with Proceeds From Securities Lending Collateral		53,984,485		—		—		—		53,984,485
Short-Term Investments		4,966,393		4,966,393		—		—		—
Total Investments*	$	312,083,763	$	258,099,278	$	—	$	—	$	53,984,485

FOOL 100 FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	508,031,111	$	508,031,111	$	—	$	—	$	—
Rights		51,604		—		—		51,604		—
Investments Purchased with Proceeds From Securities Lending Collateral		47,627,881		—		—		—		47,627,881
Short-Term Investments		70,459		70,459		—		—		—
Total Investments*	$	555,781,055	$	508,101,570	$	—	$	51,604	$	47,627,881

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

SMALL-CAP GROWTH FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	102,897,001	$	102,897,001	$	—	$	—	$	—
Investments Purchased with Proceeds From Securities Lending Collateral		34,085,831		—		—		—		34,085,831
Short-Term Investments		13,337,010		13,337,010		—		—		—
Total Investments*	$	150,319,842	$	116,234,011	$	—	$	—	$	34,085,831

CAPITAL EFFICIENCY FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	3,035,934	$	3,035,934	$	—	$	—	$	—
Short-Term Investments		10,571		10,571		—		—		—
Total Investments*	$	3,046,505	$	3,046,505	$	—	$	—	$	—

NEXT FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	34,058,925	$	34,058,925	$	—	$	—	$	—
Short-Term Investments		279,672		279,672		—		—		—
Total Investments*	$	34,338,597	$	34,338,597	$	—	$	—	$	—

*	Please refer to the 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 Statements of Assets and Liabilities.

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.

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

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 Funds’ 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 Funds 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 each 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 when a 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 all Level 3 transfers are disclosed if a 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.

During the current fiscal period, the Funds had no Level 3 transfers.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Certain expenses are shared with PENN Capital Funds Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of each Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund pays dividends from its net investment income and distributes any net capital gains that it realizes. Dividends and capital gains distributions are generally paid once a year and as required to comply with federal excise tax requirements. Distributions to shareholders are determined in accordance with tax regulations and recorded on ex dividend date. Additionally, each Fund reports details of distribution-related transactions on quarterly account statements. You may not receive a separate confirmation statement for these transactions.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Funds’ intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are becoming more widely available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars as follows: (1) the values of investment securities and other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing at the end of the period; and (2) purchases, sales and income are translated at the rates of exchange prevailing on the respective dates of such transactions. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement from foreign currency transactions are reported in the Statements of Operations for the current period. The Funds do not isolate the portion of gains and losses on investments.

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss from such claims to be remote.

2. Investment Policies and Practices

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

TYPES OF FIXED-INCOME SECURITIES — Each Fund may invest in bonds and other types of debt obligations of U.S. and foreign issuers. Fixed income securities purchased by a Fund may include, among others, bonds, notes, and debentures issued by corporations; debt securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities (“U.S. Government Securities”); municipal securities; mortgage-backed and asset-backed securities; and debt securities issued or guaranteed by foreign governments, their agencies, instrumentalities, or political subdivisions, or by government-owned, -controlled, or -sponsored entities, including central banks. These investments also include money market instruments and other types of obligations. Investors should recognize that, although securities ratings issued by S&P Global Ratings (“S&P”), a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Services^©, Inc. (“Moody’s”), provide a generally useful guide as to credit risks, they do not offer any criteria to evaluate interest rate risk. Changes in interest rate levels generally cause fluctuations in the prices of fixed-income securities and will, therefore, cause fluctuations in the NAV per share of a Fund. Subsequent to the purchase of a fixed-income security by a Fund, the ratings or credit quality of such security may deteriorate. Any such subsequent adverse changes in the rating or quality of a security held by a Fund would not require a Fund to sell the security.

REAL ESTATE INVESTMENT TRUSTS — Real estate investment trusts (“REITs”) are pooled investment vehicles that manage a portfolio of real estate or real estate-related loans to earn profits for their shareholders. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of the borrower on any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property type, and are subject to heavy cash-flow dependency, default by borrowers, and self-liquidation. REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”), to avoid entity level tax and be eligible to pass through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to the risks of changes in the Code, affecting their tax status.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

periodically, yields on a REIT’s investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which a REIT may not have control over its investments. REITs may use significant amounts of leverage.

REITs often do not provide complete tax information until after the end of the calendar year. Consequently, because of the delay, it may be necessary for a Fund, if invested in REITs, to request permission to extend the deadline for issuance of Forms 1099-DIV beyond January 31. Alternatively, amended Forms 1099-DIV may be sent.

FOREIGN SECURITIES — The Global Opportunities Fund and the Mid-Cap Growth Fund may invest, in equity and fixed-income securities of foreign companies, including companies located in both developed and emerging-market countries. Investment in foreign securities may include the purchase of American Depositary Receipts (“ADRs”) and other depositary receipts (European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)) that represent indirect interests in securities of foreign issuers. A significant portion of a Fund’s exposure to foreign investments may be composed of such investments. Investments in foreign securities are affected by risk factors generally not associated with investments in the securities of U.S. companies in the U.S. With respect to such securities, there may be more limited information publicly available concerning the issuer than would be the case with respect to domestic securities, foreign issuers may use different accounting standards, and foreign trading markets may not be as liquid as are U.S. markets. Foreign securities also involve such risks as currency risks, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments, and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging-market countries and in less-developed countries.

The purchase of securities denominated in foreign currencies will subject the value of the Funds’ investments in those securities to fluctuations caused by changes in foreign exchange rates. To hedge against the effects of changes in foreign exchange rates, the Funds may enter into forward foreign currency exchange contracts (“forward contracts”). These contracts represent agreements to exchange an amount of currency at an agreed-upon future date and rate. The Funds will generally use forward contracts only to “lock in” the price in U.S. dollars of a foreign security that a Fund plans to purchase or to sell. In certain limited cases, it may use such contracts to hedge against an anticipated substantial decline in the price of a foreign currency against the U.S. dollar that would adversely affect the U.S. dollar value of foreign securities held by the Fund. Forward contracts will not be used in all cases and, in any event, cannot completely protect the Funds against all changes in the values of foreign securities resulting from fluctuations in foreign exchange rates. The Funds will not enter into a forward contract if, as a result, forward contracts would represent more than 20% of a Fund’s total assets. For hedging purposes, the Funds may also use options on foreign currencies, which expose the Funds to certain risks.

Some foreign securities are traded in the U.S. in the form of ADRs. ADRs are receipts typically issued by a U.S. bank or company evidencing ownership of the underlying securities of foreign issuers. EDRs and GDRs are receipts typically issued by foreign banks or trust companies, evidencing ownership of underlying securities issued by either a foreign or U.S. issuer. Generally, depositary receipts in registered form are designed for use in the U.S. and depositary receipts in bearer form are designed for use in securities markets outside the U.S. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. Depositary receipts generally involve the same risks as other investments in foreign securities. However, holders of ADRs and other depositary receipts may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.

PARTICIPATORY NOTES — A participatory note, as used by a Fund, is an instrument used by investors to obtain exposure to an equity investment, including common stocks and warrants, in a local market where direct ownership is not permitted (or is impractical.) In countries where direct ownership by a foreign investor, such as a Fund, is not allowed by local law, such as Saudi Arabia, an investor may gain exposure to the market through a participatory note, which derives its value from a group of underlying equity securities. A participatory note is intended (disregarding the effect of any fees and expenses) to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain more in absolute terms than they would have made had they invested in the underlying securities directly, and will not normally lose more than they would have lost had they invested in the underlying securities directly.

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

In addition to providing access to otherwise closed markets, participatory notes can also provide a less expensive option to direct investment (where ownership by foreign investors is permitted) by reducing registration and transaction costs in acquiring and selling local registered shares. The Funds’ investment manager also believes that participatory notes can offer greater liquidity in markets that restrict the ability of the Funds to dispose of an investment by either restricting transactions by size or requiring registration and/or regulatory approvals.

The purchase of participatory notes involves risks that are in addition to the risks normally associated with a direct investment in the underlying securities. The Fund is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer), which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note, also known as counterparty risk.

While the holder of a participatory note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights.

Participatory notes may not be traded on exchanges, are privately issued, and may be illiquid. To the extent a participatory note is determined to be illiquid, it would be subject to the Fund’s limitation on investments in illiquid securities. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying value of the equity securities they seek to replicate.

TEMPORARY INVESTMENTS — During periods of adverse market or economic conditions, a Fund may temporarily invest all or a substantial portion of its assets in high-quality, fixed-income securities, money market instruments, and shares of money market mutual funds, or it may hold cash. At such times, a Fund would not be pursuing its stated investment objective with its usual investment strategies. A Fund may also hold these investments for liquidity purposes. Fixed-income securities will be deemed to be of high quality if they are rated “A” or better by S&P or Moody’s or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high-quality, short-term fixed income obligations (which generally have remaining maturities of one year or less), and may include U.S. Government Securities, commercial paper, certificates of deposit and banker’s acceptances issued by domestic branches of United States banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements for US. Government Securities. In lieu of purchasing money market instruments, a Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. A Fund, as an investor in a money market fund, will indirectly bear the fees and expenses of the money market fund. These indirect fees and expenses will be in addition to the fees and expenses of the Funds. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

3. INVESTMENT adviser and other services

Each Fund pays all of its expenses other than those expressly assumed by Motley Fool Asset Management, LLC (the “Adviser”). Expenses of each Fund are deducted from the Fund’s total income before dividends are paid. Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the Investment Advisory Agreements between the Adviser and the Company on behalf of each Fund. The Adviser is a wholly-owned subsidiary of Motley Fool Investment Management, LLC, which is a wholly owned subsidiary of The Motley Fool Holdings Inc. (“TMF Holdings”), a multimedia financial-services holding company that also owns The Motley Fool, which publishes investment information and analysis across a wide range of media, including investment newsletter services, websites, and books. TMF Holdings is controlled by David Gardner and Tom Gardner, along with other private shareholders. Each Fund compensates the Adviser with a unitary management fee for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown on the following table. From the Advisory Fee, the Adviser pays most of the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

FUND	ADVISORY FEE
Global Opportunities Fund		0.85	%
Mid-Cap Growth Fund		0.85	%
Fool 100 Fund		0.50	%
Small-Cap Growth Fund		0.85	%
Capital Efficiency Fund		0.50	%
Next Fund		0.50	%

Effective December 3, 2021, the outstanding Investor Class Shares of the Global Opportunities Fund and Mid-Cap Growth Fund were converted into Institutional Class Shares of each Fund. Prior to that date, the Adviser had contractually agreed to maintain Expense Caps for Investor Class Shares and Institutional Class Shares of the Funds of 1.15% and 0.95%, respectively.

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	GROSS ADVISORY FEES		RECOUPMENT/ WAIVERS			NET ADVISORY FEES
Global Opportunities Fund	$	2,708,761	$	(8,459	)	$	2,700,302
Mid-Cap Growth Fund		1,289,545		(20,654	)		1,268,891
Fool 100 Fund		1,341,198		—			1,341,198
Small-Cap Growth Fund		675,996		—			675,996
Capital Efficiency Fund		1,422		—			1,422
Next Fund		15,121		—			15,121

U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors, LLC (“Foreside”) serves as the principal underwriter and distributor of the Global Opportunities Fund’s shares and Mid-Cap Growth Fund’s shares pursuant to a Distribution Agreement with RBB.

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fool 100 Fund’s shares, Small-Cap Growth Fund’s shares, Capital Efficiency Fund’s shares and Next Fund’s shares pursuant to a Distribution Agreement with RBB.

Under the Fund’s unitary fee, the Adviser compensates Fund Services and the Custodian for its services provided.

DIRECTOR AND OFFICER COMPENSATION — The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as President and Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as Treasurer, Secretary and Director of Marketing & Business Development of the Company. They are compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. Until October 1, 2020, an employee of Vigilant Compliance, LLC served as Chief Compliance Officer of the Adviser. Neither the Funds nor the Company compensated this individual or Vigilant Compliance, LLC for the services provided to Motley Fool Asset Management. For Director and Officer compensation amounts, please refer to the Statements of Operations.

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

REDEMPTION FEE — Prior to January 1, 2018, the Global Opportunities Fund and Mid-Cap Growth Fund imposed a redemption fee of 2.00% on redemptions/exchanges of Fund shares held less than 90 days. The redemption fee was calculated as a percentage of the net asset value of the total redemption proceeds and was retained by the Funds and accounted for as additional paid-in capital. Effective January 1, 2018, the Funds have eliminated their redemption fees. Please see the Funds’ prospectus for more information.

TRANSACTIONS WITH AFFILIATES — Advisers to investment companies, including MFAM Funds, are permitted under 17a-7 of the 1940 Act to purchase or sell securities directly between affiliated clients. When affecting these “cross” transactions, Rule 17a-7 imposes restrictions on how the trades are processed and reported. The specified conditions within Rule 17a-7 are outlined in procedures established by or under the direction of the Board of Directors. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another Fund complies with Rule 17a-7 under the 1940 Act.

During the current fiscal period, the Funds did not engage in any security transactions with affiliates.

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

During the current fiscal period, aggregate purchases and sales and maturities of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

FUND	PURCHASES		SALES
Global Opportunities Fund	$	22,882,897	$	20,167,292
Mid-Cap Growth Fund		—		12,567,734
Fool 100 Fund		44,364,101		44,512,789
Small-Cap Growth Fund		4,260,682		16,870,934
Capital Efficiency Fund		64,965		24,835
Next Fund		1,019,489		10,873

There were no purchases or sales of long-term U.S. Government Securities during the current fiscal period.

During the current fiscal period, aggregate purchases and sales and maturities of in-kind transactions of the Funds were as follows:

FUND	PURCHASES		SALES
Global Opportunities Fund	$	—	$	15,396,038
Mid-Cap Growth Fund		—		10,392,192
Fool 100 Fund		37,816,633		13,486,897
Small-Cap Growth Fund		1,983,611		31,924,420
Capital Efficiency Fund		3,173,398		—
Next Fund		34,048,653		—

5. Federal Income tax information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business,

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired. Since the Capital Efficiency Fund and Next Fund did not have a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

As of August 31, 2021, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

FUND	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Global Opportunities Fund	$	350,149,612	$	408,227,942	$	(14,003,173	)	$	394,224,769
Mid-Cap Growth Fund		193,696,917		186,269,382		(186,854	)		186,082,528
Fool 100 Fund		340,404,928		217,892,162		(5,187,218	)		212,704,944
Small-Cap Growth Fund		181,017,375		57,610,757		(7,018,837	)		50,591,920

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

The following permanent differences as of August 31, 2021, primarily attributable to foreign currency transactions and in-kind redemptions gains, were reclassified among the following accounts:

FUND	DISTRIBUTABLE EARNINGS/(LOSS)			PAID-IN CAPITAL
Global Opportunities Fund	$	325,798		$	(325,798	)
Mid-Cap Growth Fund		529,010			(529,010	)
Fool 100 Fund		(1,277,059	)		1,277,059
Small-Cap Growth Fund		(5,844,417	)		5,844,417

As of August 31, 2021, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		QUALIFIED LATE-YEAR LOSS DEFERRAL			UNREALIZED APPRECIATION/ (DEPRECIATION)		Total
Global Opportunities Fund	$	—	$	33,191,007	$	(1,349,566	)	$	394,232,230	$	426,073,671
Mid-Cap Growth Fund		—		17,958,485		(1,114,469	)		186,082,528		202,926,544
Fool 100 Fund		311,015		1,014,688		—			212,704,944		214,030,647
Small-Cap Growth Fund		—		3,829,513		(588,898	)		50,591,920		53,832,535

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes.

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

The tax character of dividends and distributions paid during the fiscal period ended August 31, 2021 were as follows:

FUND	ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL
Global Opportunities Fund	$	254,531	$	38,103,932	$	38,358,463
Mid-Cap Growth Fund		—		32,831,307		32,831,307
Fool 100 Fund		1,067,239		562,320		1,629,559
Small-Cap Growth Fund		454,925		7,916,932		8,371,857

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2021, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2021. The Global Opportunities Fund, Mid-Cap Growth Fund and Small-Cap Growth Fund deferred qualified late-year losses of $1,349,566, $1,114,469 and $588,898, respectively, which will be treated as arising on the first business day of the following fiscal year.

6. SHARE TRANSACTIONS

Shares of the Global Opportunities Fund, Mid-Cap Growth Fund, Fool 100 Fund and Small-Cap Growth Fund are listed and trade on the Cboe BZX Exchange, Inc. Shares of the Capital Efficiency Fund and Next Fund are listed and trade on the NYSE, Arca, Inc. Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 25,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $250, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with $0.001 par value per share. Shares of each Fund have equal rights and privileges.

7. SECURITIES LENDING

The Funds may make secured loans of its portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 100% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the Funds’ lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is

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Notes to Financial Statements (continued)

FEBRUARY 28, 2022 (UNAUDITED)

invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the reporting period and the income generated from the program during the current fiscal period with respect to such secured loans were as follows:

FUND	MARKET VALUE OF SECURITIES LOANED		MARKET VALUE OF COLLATERAL		INCOME RECEIVED FROM SECURITIES LENDING
Global Opportunities Fund	$	64,170,936	$	65,451,217	$	424,460
Mid-Cap Growth Fund		52,897,373		53,984,485		14,911
Fool 100 Fund		47,068,496		47,627,881		22,223
Small-Cap Growth Fund		33,206,822		34,085,831		16,494

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds’ under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

							GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES
FUND	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENTS¹			CASH COLLATERAL RECEIVED		NET AMOUNT²
Global Opportunities Fund	$	64,170,936		—	$	64,170,936	$	(64,170,936	)		—		—
Mid-Cap Growth Fund		52,897,373		—		52,897,373		(52,897,373	)		—		—
Fool 100 Fund		47,068,496		—		47,068,496		(47,068,496	)		—		—
Small-Cap Growth Fund		33,206,822		—		33,206,822		(33,206,822	)		—		—

¹	Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.

²	Net amount represents the net amount receivable from the counterparty in the event of default.

Motley Fool Asset Management ETFs

Notes to Financial Statements (concluded)

FEBRUARY 28, 2022 (UNAUDITED)

8. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In October 2020, the Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Funds will be required to comply with Rule 18f-4 by August 19, 2022. It is not currently clear what impact, if any, Rule 18f-4 will have on the availability, liquidity or performance of derivatives. Management is currently evaluating the potential impact of Rule 18f-4 on the Funds. When fully implemented, Rule 18f-4 may require changes in how a Fund uses derivatives, adversely affect a Fund’s performance and increase costs related to a Fund’s use of derivatives.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds will be required to comply with the rules by September 8, 2022. Management is currently assessing the potential impact of the new rules on the Funds’ financial statements.

9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

Motley Fool Asset Management ETFs

Approval of Investment Advisory Agreement

(Unaudited)

As required by the 1940 Act, the Board, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of the investment advisory agreement between the Adviser and the Company (the “Investment Advisory Agreement”) on behalf of the Motley Fool Global Opportunities ETF, Motley Fool Mid-Cap Growth ETF, Motley Fool Efficiency 100 Index ETF and Motley Fool Next Index ETF (for this section only, each a “Fund” and together the “Funds”), at a meeting of the Board held on September 21-22, 2021 (for this section only, the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial period ending August 16, 2023. In approving the Investment Advisory Agreement, the Board considered information provided by the Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Investment Advisory Agreements, the Directors took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, the presentations made during the Meeting and the discussions held during the Meeting. Among other things, the Directors considered (i) the nature, extent, and quality of services to be provided to the Funds by the Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) the Adviser’s investment philosophy and process; (iv) the Adviser’s assets under management and client descriptions; (v) the Adviser’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the Adviser’s advisory fee arrangements and other similarly managed clients, as applicable; (vii) the Adviser’s compliance procedures; (viii) the Adviser’s financial information and insurance coverage; (ix) the extent to which economies of scale are relevant to the Funds; and (x) a report prepared by Broadridge/Lipper comparing each Fund’s proposed management fees and total expense ratio to those of its Lipper Group.. The Directors noted that the Funds had not yet commenced operations, and consequently there was no performance information to review with respect to the Funds.

As part of their review, the Directors considered the nature, extent and quality of the services proposed to be provided by the Adviser. The Directors concluded that the Adviser had sufficient resources to provide services to the Funds.

The Board also considered the effect of the unitary management fee payable by the Funds under the Advisory Agreement. In this regard, information on the fees to be paid by each Fund and each Fund’s expected total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms.

After reviewing the information regarding the Adviser’s estimated costs, profitability and economies of scale, and after considering the services to be provided by the Adviser, the Directors concluded that the unitary investment advisory fees to be paid by each of the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial period ending August 16, 2023.

Motley Fool Asset Management ETFs

Notice to Shareholders

(Unaudited)

Information on Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (888) 863-8803; and (ii) on the SEC’s website at http://www.sec.gov.

Quarterly Schedule of Investments

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT are available on the SEC’s website at http://www.sec.gov.

Liquidity Risk Management Program

The Company has adopted and implemented a Liquidity Risk Management Program (the “Company Program”) as required by rule 22e-4 under the 1940 Act. In accordance with the Company Program, the Adviser has adopted and implemented a liquidity risk management program (the “Adviser Program” and together with the Company Program, the “Programs”) on behalf of the Funds. The Programs seek to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interest in the Fund.

The Board has appointed Vigilant Compliance, LLC (“Vigilant”) as the program administrator for the Company Program and the Liquidity Risk Management Committee of the Adviser as the program administrator for the Adviser Program. The process of monitoring and determining the liquidity of each Fund’s investments is supported by one or more third-party vendors.

At meetings held during the current fiscal period, the Board and its Regulatory Oversight Committee received and reviewed a written report (the “Report”) of Vigilant and the Adviser concerning the operation of the Programs for the period from July 1, 2020 to June 30, 2021 (the “Period”). The Report summarized the operation of the Programs and the information and factors considered by Vigilant and the Adviser in reviewing the adequacy and effectiveness of the implementation of the Programs with respect to each Fund. Such information and factors included, among other things: (i) the methodology used to classify the liquidity of each Fund’s portfolio investments and the Adviser’s assessment that each Fund’s strategy remained appropriate for an open-end mutual fund; (ii) analyses of each Fund’s trading environment and reasonably anticipated trading size; (iii) that each Fund held primarily highly liquid assets (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value); (iv) that each Fund did not require the establishment of a highly liquid investment minimum and the methodology for that determination; (v) confirmation that none of the Funds had breached the 15% maximum illiquid security threshold (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment) during the Period and the procedures for monitoring compliance with the limit; (vi) that the processes, technologies and third-party vendors used to assess, manage, and/or periodically review each Fund’s Liquidity Risk functioned appropriately during the Period; and (vii) that the Programs operated adequately during the Period. The Report also indicated that there were no material changes made to the Programs during the Period.

Based on the review, the Report concluded that the Programs were being implemented effectively and reasonably designed to assess and manage Liquidity Risk in each Fund’s portfolio.

There can be no assurance that the Company Program or the Adviser Program will achieve its objectives under all circumstances in the future. Please refer to the Funds’ prospectuses for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.

Frequency Distributions of Premiums and Discounts

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.fooletfs.com.

Investment Adviser

Motley Fool Asset Management, LLC
2000 Duke Street
Suite 275
Alexandria, VA 22314

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Principal Underwriters

Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Foreside Funds Distributors, LLC
899 Cassatt Road
400 Berwyn Park, Suite 110
Berwyn, PA 19312

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 S 16^th St. Suite 2900
Philadelphia, PA 19102-2529

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

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