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Tony Arsta

Tony Arsta, CFAPortfolio Manager and Senior Analyst

  • Joined the firm in 2009
  • Industry experience: 15 years
  • Education: M.B.A. with Distinction from DePaul University; B.S., Computer Science from University of Wisconsin-Madison

With a focus on statistical analysis and investor psychology, Tony studies companies day-in and day-out in a tireless pursuit of the select few he believes can demonstrate quality growth above their competitors – and, at a reasonable price. He’s been putting these principles into practice throughout his entire career with The Motley Fool, which took off in 2008. After working as an analyst for The Motley Fool LLC, Tony moved into his role as Portfolio Manager and Senior Analyst at Motley Fool Asset Management, where he has been managing funds for the past 15 years.

Today he serves as Lead Portfolio Manager for Motley Fool Global Opportunities (TMFG), and also helps manage Motley Fool 100 Index (TMFC), Motley Fool Capital Efficiency 100 Index (TMFE), and Motley Fool Next Index (TMFX).

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T.J. PiggottInvestment Analyst

  • Joined the firm in 2023
  • Industry experience: 15 years
  • Education: B.B.A., Business Administration from Roanoke College

T.J. has spent his entire career in financial services, and in various roles at some of the largest firms on Wall Street. He began his Foolish journey in 2014 as the Director of Trading for Motley Fool Wealth Management, and later entered The Motley Fool, LLC’s Investor Development Program. After completing this program, T.J. partnered with a Lead Advisor to launch Motley Fool Cloud Disruptors, Motley Fool SaaS Superstars, and Motley Fool Cloud Contenders, where he spent most of his time covering tech and tech-enabled companies. He was also promoted to
Senior Analyst during this time with The Motley Fool, LLC. Recently, T.J. joined Motley Fool Asset Management to support our Portfolio Managers with company research.

As a longtime Fool, T.J. invests with Foolishness, which means: marrying qualitative and quantitative data, seeking companies that meet our definition of Quality, and using a long-term investment mindset.

Charly Travers

Charly Travers, CFAPortfolio Manager

  • Joined the firm in 2019
  • Industry experience: 18 years
  • Education: B.A., Business Administration from University of Richmond

Michael’s focus areas range across dividend-oriented stocks, UK-focused investments, value picks, small cap companies, and international equities. But for the diversity of his experience, his investment approach is singularly focused – buying high-quality enterprises at reasonable prices. He first joined The Motley Fool LLC in 2005 where he was Lead Analyst of the company’s dividend-oriented newsletter, and co-advisor for PRO UK, a UK-focused investment service. Since 2019, he has served as a Portfolio Manager for the Global Opportunities ETF with Motley Fool Asset Management. In addition to his specialty in global and international companies, Michael also focuses on technology, media, and business services.

Earlier in his career, Michael worked at the Corporate Executive Board (now Gartner), a DC-based consulting firm. He is a CFA charterholder and a graduate of the University of Richmond, where he earned a degree in business administration with a finance concentration.

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Ayal CusnerHead of Investing Product

  • Joined the firm in 2024
  • Industry experience: 15 years
  • Education: M.S., Finance and B.S. in Biomedical Engineering from Washington University in St. Louis

Ayal has spent his career conducting quantitative research and developing advanced analytic solutions in the financial services industry. He began as an Analytics Senior Consultant at Booz Allen Hamilton, where he specialized in the financial services and healthcare sectors, then worked for seven years with Strategic Investment Group as a Senior Associate. There, he supported quantitative research and trading operations of an equity market-neutral hedge fund, while also contributing to the firm’s core multi-asset outsourced CIO business efforts.

Before joining Motley Fool Asset Management in 2014, Ayal spent more than five years at our sister company, The Motley Fool, LLC, overseeing the Investing Intelligence team and working as their Member Success Lead in Automation and Investing AI. During this time he managed The Motley Fool, LLC’s Showdown ‘22 Quant portfolio as Lead Advisor and developed several proprietary models and algorithms, including the Quant:5Y crowdsourced scoring system.

Continued education is paramount to Ayal’s work: He holds the Chartered Financial Analyst designation, is a current member of the CFA Society of Washington, and is currently pursuing his Ph.D. in Economics at George Mason University.

In addition to serving as Head of Investing Product at Motley Fool Asset Management, where he creates new investment solutions, crafts product strategy, and monitors portfolio investment risk, Ayal serves a functional role in quantitative analysis. As an analyst, he researches broad-based equity signals and works closely with our software development team. Ayal is also the Portfolio Manager for TMFE.

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Nate RonciHead of Quantitative Investing

  • Joined the firm in 2024
  • Industry experience: 12 years
  • Education: B.S., Finance from University of Nebraska-Lincoln

Nate serves as the Head of Quantitative Investing and Portfolio Manager of TMFE. He oversees the research, model design, and risk management of Motley Fool Management ETFs, turning complex data into insightful strategies.

From 2021 to 2024, Nate led The Motley Fool, LLC’s equity index unit and contributed research and portfolio management to several of their recommendation services as a Quantitative Analyst. Previously he spent seven years in quantitative research and trading roles, primarily in international small- and micro-cap equities, and created all- and small- cap systematic international equity strategies. Nate graduated from the University of Nebraska-Lincoln with a Bachelor of Science in Finance, holds the Chartered Financial Analyst designation, and is a current member of the CFA Society San Francisco.

Nate develops the methodology for indices tracked by the Motley Fool Asset Management passive ETFs, including each index’s membership criteria, weighting, and ongoing maintenance. By turning complex data into insightful strategies, he is a key player in the firm’s capacity to offer new products.

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Passive ETF

MFIG

Motley Fool Innovative Growth Factor ETF

Daily Price

Data as of 11/12/2026

$20.43 Market

$20.43NAV

1-Year Return

Data as of 10/30/2026

TBD Market

TBD NAV

Expense Ratio

Data as of 11/12/2026

0.50%

Overview

The Motley Fool Innovative Growth Factor ETF (Ticker: MFIG) gives you access to the most growth-oriented companies recommended by The Motley Fool, LLC. MFIG features a smart-beta growth formula, developed by our quantitative investing team, to track companies we believe can expand earnings or revenues faster than the market anticipates over the long term.

We believe growth isn’t just about what’s worked, but what we anticipate will work in the future. Starting with conventional growth metrics, we adopt key changes to align our Growth Composite Score with The Motley Fool, LLC analysts’ insights and industry-leading research.

Our Growth Strategy is powered by three proprietary scores, designed to identify durable growth drivers within the Fool Recommendation Universe.

  • Gross profit growth: We measure the five-year average change in gross profits over assets (GPOA), using top-line compounding to align with the “Foolish” growth philosophy, consistent with our Capital Efficiency approach.
  • Gross profit acceleration: We track the quarter-over-quarter change in GPOA growth to identify inflection points where improving fundamentals signal early-stage trends.
  • Growth potential: We evaluate the intensity of investment in intangible assets (brand, knowledge, and human capital) that signal capacity to realize sustained future growth.

Like our other passive ETF products, every company in MFIG is either a current active recommendation of The Motley Fool, LLC, or is among the 150 top-ranked companies in the The Motley Fool, LLC, analyst database, Fool Intel.

Prospectus Fact Sheet Holdings All Documents

What is MFIG?

  • A passive factor ETF that uses a proprietary smart-beta formula, developed by our quantitative investing team, to track the most growth-oriented companies recommended by The Motley Fool, LLC—saving you the work of picking individual stocks on your own.
  • Harnesses a growth approach built on fundamental innovation and powerful research.
  • Uses accounting techniques and best practices from modern research to level up conventional growth metrics.
  • Embodies our belief that meaningful opportunities can arise when fundamentals are improving fastest, not just when they are highest or cheapest.
  • Aligns with the Foolish investment philosophy—aiming for long-term returns by buying and holding high-quality businesses we believe have lasting competitive advantages, healthy balance sheets, high profit margins, and attractive returns on capital.
  • Common stocks, REITS, tracking stocks and holding companies are eligible for inclusion in the index, while ADRs, GDR, EDRs, Preferred Stocks, closed-end funds, exchange-traded funds and derivatives are not eligible.
  • Every stock in the index has traded at least $1 million worth of shares daily, on average, during the preceding three months.

For investors seeking:

  • Exposure to growth-oriented U.S. companies recommended by The Motley Fool, LLC whose growth, from our perspective, arises from innovation and reinvestment in themselves.
  • Passive implementation of The Motley Fool, LLC’s active stock recommendations in one convenient fund.
  • A fundamental approach backed by empirical support.
  • Higher risk for higher potential reward. MFIG is for investors with a patient temperament who are comfortable paying up for scalable compounding opportunities.
  • A strategy capturing the belief that markets underreact to innovation and fail to fully price in high-upside reinvestment.
  • Growth complement to your core, value, momentum, or quality strategies.

Key Facts

TickerMFIG
Fund TypePassive Equity ETF
Inception Date2025-12-08
CategoryLarge Growth
Primary ExchangeNASDAQ
Expense Ratio0.50%
Number of Positions*100
Active Share*74.51
Portfolio Turnover Rate*157.73%
2025 Distribution

* As of 2026-10-30

Fund Price

As of 11/12/2026

Market Price20.4309
Market Price Change ($)0.03
Market Price Change (%)0.13%
Shares Outstanding540,000
30-Day Median Bid/Ask Spread0.1407
NAV20.4255
NAV Change ($)0.02
NAV Change (%)0.10%
AUM $11.03M
Premium/Discount2.64%

The Market pricing is subject to change.

The bid-ask spread is the difference between the bid price for a security and its ask (or offer) price. It represents the difference between the highest price a buyer is willing to pay (bid) for a security and the lowest price a seller is willing to accept.

The net asset value (“NAV”) of the Fund’s shares is determined as of the close of regular trading on the NYSE (generally 4:00 p.m. Eastern time) each day the NYSE is open. Share are purchased and sold in secondary market transactions at negotiated market prices rather than at NAV. Shares of the Fund may be bought and sold throughout the day on the exchange through a brokerage account. However, shares are not individually redeemable, and may only be redeemed directly from the Fund by Authorized Participants in very large creation/redemption units. Shares may trade at, above or below NAV. Brokerage commissions will reduce returns.

Performance

As of 10/30/2026

YTD1 Year3 Year5 Year10 YearSince Inception
Motley Fool Innovative Growth Factor ETF NAV 4.11% - - - - 3.99%
Motley Fool Innovative Growth Factor ETF Market Price 3.98% - - - - 3.99%
Russell 1000 Growth Benchmark Total Return -0.44% - - - - -1.39%
Motley Fool Innovative Growth Total Return Index (USD) 4.36% - - - - 4.22%

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 of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. For performance as of the most recent month end, please call 1-800-617-0004. Short term performance, in particular, is not a good indication of a fund's future performance, and investments should not be made based solely on returns.

Top 10 Holdings

As of 11/12/2026

TickerCompany NameCUSIP/IdentifierSharesWeighting
XOM ExxonMobil Holdings Corp 30233Q108 3,572 5.50%
CVX Chevron Corp 166764100 2,783 5.46%
AAPL Apple Inc 037833100 1,666 5.36%
AVGO Broadcom Inc 11135F101 1,513 5.00%
AMD Advanced Micro Devices Inc 007903107 896 4.75%
CSCO Cisco Systems Inc 17275R102 4,942 4.57%
GILD Gilead Sciences Inc 375558103 2,949 4.49%
MU Micron Technology Inc 595112103 548 3.97%
LRCX Lam Research Corp 512807306 1,833 3.89%
NVDA NVIDIA Corp 67066G104 2,484 3.74%
Download all holdings

Allocations As of 11/12/2026

Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk.

Premium/Discount

As of 11/12/2026

NAV$20.43
Market Close Price$20.43
Premium/Discount0.13%

The Premium/Discount information shows the difference between the daily market price of the Fund’s shares and the Fund’s net asset value (“NAV”). The daily market price is calculated using the mid-point between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund’s NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount of the Mid-Point price as a percentage of the NAV. The horizontal axis shows the number of trading days covered by the chart, and each bar in the chart demonstrates how many days the Fund traded within the given premium/discount range. The data presented in the chart and table above represent past performance and cannot be used to predict future results.

Additional Documents

Prospectus

SAI

Summary Prospectus

Methodology

How to buy our ETFs

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Motley Fool Asset Management

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

 

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

 

Motley Fool 100 Index ETF was rated against the following numbers of Large Growth funds over the following time periods: 965 funds in the last three years and 914 in the last five years. As of September 30, 2026, Motley Fool 100 Index ETF (TMFC) is rated 5 stars for the three-year period and 4 stars for the five-year period, and has an Overall Morningstar Rating™ of 5 stars. Motley Fool Next Index ETF was rated against the following numbers of Mid-Cap Growth funds over the following time periods: 442 funds in the last three years and 425 in the last five years. As of September 30, 2026, Motley Fool Next Index ETF (TMFX) is rated 4 stars for the three-year period, and has an Overall Morningstar Rating™ of 4 stars. Past performance is no guarantee of future results.  

MFAM has paid a licensing fee to Morningstar, Inc. for a Morningstar Essentials license, which includes the right to use the Morningstar Rating™ logo and data in advertisements. The payment of this fee is for the distribution and use of the rating and logo only and does not influence the calculation of the rating. The Morningstar methodology involves risk-adjusted return calculations and is not designed to produce a predetermined result.

 

 

Motley Fool Asset Management’s ETFs are each a series of The RBB Fund, Inc. (the “Company”) and are distributed by Quasar Distributors, LLC.

 

The investment advisor for each fund is Motley Fool Asset Management, LLC (“MFAM” or the “Adviser”). MFAM is a wholly owned subsidiary of Motley Fool Investment Management, LLC, whose parent company, The Motley Fool Holdings, Inc., which is a multimedia financial-services holding company. MFAM, an affiliate of The Motley Fool, LLC (“TMF”), is a separate legal entity. No TMF analyst is involved in the investment decision-making or daily operations of MFAM. With respect to its actively-managed funds, MFAM does not attempt to track any TMF services and, as such, those funds may diverge completely from TMF’s services.

 

All investing involves risk. Principal loss is possible. The Fool 100 Fund, the Global Opportunities Fund, the Mid-Cap Growth Fund, the Small-Cap Growth Fund, the Next Fund, the Capital Efficiency Fund, the Innovative Growth Fund, the Value Fund, and the Momentum Fund (collectively “Funds”) invest in particular market capitalizations or qualifications distinct to each of the Funds, including large-cap stocks for the Fool 100 Fund, the Innovative Growth Fund and the Value Fund, mid-cap and small cap stocks for the Next Fund and Global Opportunities Fund, large-cap, mid-cap and small-cap stocks for the Capital Efficiency Fund and the Momentum Fund, mid-cap stocks for the Mid-Cap Growth Fund, and small-cap stocks for the Small-Cap Growth Fund; thus each Fund’s performance will be especially sensitive to market conditions that particularly affect each Fund’s particular market. The Next Fund, the Fool 100 Fund, the Small-Cap Growth Fund, the Capital Efficiency Fund, the Innovative Growth Fund, the Momentum Fund, and the Value Fund are non-diversified, which means their NAV, market price and total returns may fluctuate or fall more than a diversified fund. Gains or losses on a single stock may have a greater impact on the Funds.

 

The Next Fund, the Fool 100 Fund, the Capital Efficiency Fund, the Innovative Growth Fund, the Momentum Fund and the Value Fund are passively managed and thus the Adviser does not attempt to take defensive positions in any market conditions, including adverse markets. The Global Opportunities Fund, the Mid-Cap Growth Fund and the Small-Cap Growth Fund are actively managed and thus the Adviser’s investment approach may fail to produce the intended results. For these and other reasons, there is no guarantee that any of the Funds will achieve their particular, stated objectives.

 

The Capital Efficiency 100 Index (established by TMF in 2021), the Fool 100 Index (established by TMF in 2018), the Next Index (established by TMF in 2021), and the Innovative Growth Index, the Value Index, and the Momentum Index (all established by Motley Fool Investment Analytics, LLC [“MFIA”] in 2025) are all proprietary, rules-based indexes that track the performance of United States company stocks, which were recommended by TMF analysts and newsletters based on specific factors and that also meet certain liquidity requirements.

 

You cannot invest directly in an index. A fund may differ significantly from the securities included in the index. Please visit each Fund’s webpage on www.fooletfs.com for more information about each Fund’s respective index methodologies.

 

MFIA constructs, publishes, and licenses indices and does not offer or provide investment advice or offer or sell any securities, commodities or derivative instruments or products, and nothing in this index methodology document should be taken as constituting financial or investment advice. MFIA is not registered with the SEC and is not permitted to provide investment advice. MFIA does not make any representation regarding the advisability of investing in any security or instrument. Inclusion of a security in an index is not a recommendation to buy, sell or hold that security.

 

The Innovative Growth Fund, the Value Fund and the Momentum Fund are all recently organized, non-diversified management investment companies with limited operating histories. In addition, there can be no assurance that any of the Innovative Growth Fund, the Value Fund or the Momentum Fund will grow to, or maintain, an economically viable size, in which case the Board of Directors of the Company may determine to liquidate any of the Innovative Growth Fund, the Value Fund or the Momentum Fund.

 

Please consider the charges, risks, expenses, and investment objectives carefully before you invest. Please see the prospectuses for any of the Funds containing this and other information. Read it carefully before you invest or send money. Visit www.fooletfs.com (the “Site”) to read these prospectuses.

 

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