UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-23377)
Tidal ETF Trust
(Exact name of registrant as specified in charter)
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Name and address of agent for service)
(844) 986-7676
Registrant’s telephone number, including area code
Date of fiscal year end: February 28
Date of reporting period: August 31, 2021
Item 1. Reports to Stockholders.
(a) |
SoFi Select 500 ETF
Ticker: SFY
SoFi Next 500 ETF
Ticker: SFYX
SoFi Social 50 ETF
Ticker: SFYF
SoFi Gig Economy ETF
Ticker: GIGE
SoFi Weekly Income ETF
Ticker: TGIF
SoFi Weekly Dividend ETF
Ticker: WKLY
Semi-Annual Report
August 31, 2021
SoFi Funds
TABLE OF CONTENTS | ||
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| 9 | |
| 38 | |
| 39 | |
| 40 | |
| 46 | |
| 52 | |
| 65 | |
Basis For Trustees’ Approval of Investment Advisory Agreement - SoFi Weekly Dividend ETF | | 67 |
Statement Regarding Liquidity Risk Management Program - SoFi Weekly Dividend ETF | | 69 |
| 70 |
This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
1 |
SoFi Funds
The information presented in this report relates to the performance during the 6-month period beginning March 1, 2021 and ended August 31, 2021 (the “fiscal period”). The SoFi Weekly Dividend ETF commenced operations on May 10, 2021, and the information presented for the Fund relates to the performance during the period beginning May 10, 2021 and ended August 31, 2021.
The SoFi Select 500 ETF
The SoFi Select 500 ETF (“SFY”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index (the “SFY Index”).
Index Description:
In summary, the SFY Index is rebalanced and reconstituted annually. The process begins with the selection of the 500 largest constituents by market capitalization of the Solactive US Broad Market Index, which generally includes common stocks and equity interests in real estate investment trusts (“REITs”). The weight of these constituents is initially based on their free-float market capitalization and then adjusted upward or downward based on three growth-oriented factors:
1)trailing 12-month sales growth,
2)trailing 12-month earnings per share (“EPS”) growth, and
3)12-month forward-looking EPS growth consensus estimates.
The SFY Index’s construction does not naturally target any specific sector or industry, however, due to market conditions and certain factors, a sector may be relatively overweight/underweight for periods of time.
Fund Description:
SFY, via the SFY Index, is composed of 500 of the largest publicly traded U.S. companies and seeks to track the performance of the SFY Index.
Performance Overview:
During the fiscal period, SFY generated a total return of 20.87% (NAV) and 20.55% (Market). This compares to the 20.91% total return of the SFY Index, and the 19.52% total return of the benchmark, the S&P 500® Total Return Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Technology and Consumer (Non-Cyclical) were the leading contributors, while Energy, Basic Materials, and Utilities were the leading detractors. As of August 31, 2021, 27.3% of the SFY’s net assets were invested in the Technology sector.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Microsoft Corp., Apple, Inc., and NVIDIA Corp. Conversely, the leading detractors included Zoom Video Communications, Inc., Intel Corp., and Micron Technology, Inc.
The SoFi Next 500 ETF
The SoFi Next 500 ETF (“SFYX”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index (the “SFYX Index”).
Index Description:
Similar to the SFY Index described above, in summary, the SFYX Index is rebalanced and reconstituted annually, and the process begins with the selection of the next 500 largest constituents by market capitalization of the Solactive US Broad Market Index, and generally includes common stocks and equity interests in REITs. Again, the weight of these constituents is initially based on their free-float market capitalization and then adjusted upward or downward based on the same three growth-oriented factors:
1)trailing 12-month sales growth,
2)trailing 12-month earnings per share (“EPS”) growth, and
3)12-month forward-looking EPS growth consensus estimates.
The Index’s construction does not target any specific sector or industry but may be relatively overweight/underweight for periods of time.
2 |
SoFi Funds
Fund Description:
SFYX, via the SFYX Index, is composed of 500 publicly traded U.S. companies in the second tier of 500 companies based on market capitalization and seeks to track the performance of the Index.
Performance Overview:
During the fiscal period, SFYX generated a total return of 10.20% (NAV) and 10.28% (Market). This compares to the 10.18% total return of the SFYX Index, and the 10.97% total return of the benchmark, the S&P MidCap 400® Total Return Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Technology and Financial were the leading contributors, while Communications and Energy were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Datadog, Inc., Upstart Holdings, Inc., and Novavax, Inc. Conversely, the leading detractors included Axon Enterprise, Inc., Enphase Energy, Inc., and Boston Beer Company, Inc.
The SoFi Social 50 ETF
The SoFi Social 50 ETF (“SFYF”) seeks to track the performance, before fees and expenses, of the SoFi Social 50 Index (the “SFYF Index”).
Index Description:
The SFYF Index is designed to reflect the 50 most widely held U.S.-listed equity securities in the self-directed brokerage accounts of SoFi Securities, LLC, an affiliate of Social Finance, Inc. (the “SoFi Accounts”), as weighted by aggregate holdings within the SoFi Accounts. Securities eligible for inclusion in the SFYF Index must: (a) be U.S.-listed equity securities held in SoFi Accounts, and (b) have an average daily trading volume of at least $10,000,000 during the preceding one-month and six-month periods (the “Eligible Universe”). The SFYF Index may include common stocks and equity interests in REITs. ETFs and other investment companies are not eligible for the SFYF Index.
Securities in the Eligible Universe are sorted based on:
1)The number of SoFi Accounts that hold a particular security and
2)The total market value of the security held in the SoFi Accounts.
Each security in the Eligible Universe is then ranked from highest to lowest based on its “Weighted Average Value” (e.g., the security with the highest Weighted Average Value is assigned rank 1).
Subject to a “buffer rule” aimed at limiting SFYF Index turnover, securities ranked within the top 50 are included in the SFYF Index. Each security in the SFYF Index is then weighted based on its Weighted Average Value in relation to that of the other SFYF Index components and is subject to certain individual security weight and sector concentration caps. For example, the weight of each individual SFYF Index component is capped at 10%, and securities representing investments in any particular industry sector are capped at 50%. The SFYF Index is rebalanced and reconstituted monthly.
The SFYF Index’s construction does not target any specific sector or industry, however, due to market conditions and certain factors a sector may be relatively overweight/underweight for periods of time.
Fund Description:
SFYF, via the SFYF Index, is composed of the 50 most widely held U.S.-listed equity securities in the SoFi Accounts as weighted by their calculated Weighted Average Value (see above for detail) within the SoFi Accounts.
Performance Overview:
During the fiscal period, SFYF generated a total return of 37.20% (NAV) and 36.74% (Market). This compares to the 37.47% total return of the SFYF Index, and 19.52% total return of the benchmark, the S&P 500® Total Return Index, for the same period.
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SoFi Funds
From a sector perspective, based on performance attribution to the overall portfolio, Communications and Technology were the leading contributors, while Industrial and Consumer (Non-Cyclical) were the leading detractors. As of August 31, 2021, 34.7% of the SFYF’s net assets were invested in the Consumer (Cyclical) sector.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included AMC Entertainment Holdings, Inc., Gamestop Corp., and Moderna, Inc. Conversely, the leading detractors included Zomedica Corp., Sundial Growers, Inc., and Alibaba Group Holding Ltd.
The SoFi Gig Economy ETF
The SoFi Gig Economy ETF (“GIGE”) is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective of long-term capital appreciation primarily by investing in a portfolio of companies listed around the world that GIGE’s investment adviser considers part of the “gig economy”.
Fund Description:
The “gig economy” refers to the group of companies that have embraced, that support, or that otherwise benefit from a workforce where individual employees or independent contractors are empowered to create their own freelance business by leveraging recent developments in technology platforms that enable individuals to offer their services directly to retail and commercial customers. Examples of gig economy businesses include selling or reselling products through auction platforms or web-based stores and offering delivery services through an app-based platform.
The investment management team behind the strategy seeks investments in underlying companies that:
•drive the overall gig economy universe,
•transform the way our economy transacts goods and services,
•modify how work gets done, and
•embraces the work from home economy.
These companies are broken up into categories, seeking direct participants, direct & indirect supportive gig economy businesses, companies that help facilitate processes within the gig economy, and any other ancillary benefiting companies because of the gig economy. These companies are put into a multi-tiered process based on their growth prospects within the gig economy and managed to allow for necessary concentration to generate alpha but not overconcentration which may cause significant volatility. The team actively rebalances the portfolio frequently, as such a new industry classification, GIGE can experience large individual position volatility and new issuances can occur frequently.
Performance Overview:
During the fiscal period, GIGE generated a total return of -11.48% (NAV) and -12.01% (Market). This compares to the 21.15% total return of the Nasdaq-100® Total Return Index, and the 19.52% return of the benchmark, the S&P 500® Total Return Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Technology and Financial were the largest contributors. While Consumer (Cyclical) and Communications detracted the most. As of August 31, 2021, 53.5% of GIGE’s net assets were invested in the Communication sector.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Monday.com Ltd., LendingClub Corp., and Lightspeed Commerce, Inc. Conversely, the leading detractors included New Oriental Education & Technology Group, Inc., Huya Inc., and Baidu, Inc.
The SoFi Weekly Income ETF
The SoFi Weekly Income ETF (“TGIF”) is an actively-managed ETF that seeks to achieve weekly income by investing in investment grade and high-yield fixed income securities. TGIF expects to distribute income on Fridays. TGIF is actively managed by Income Research + Management (“IR + M”), TGIF’s sub-adviser, a value-oriented fixed income manager with over 30 years of experience. The Fund targets a duration of less than 3 years, with the goal to reduce interest rate risk relative to longer dated bonds.
4 |
SoFi Funds
Fund Description:
TGIF seeks to achieve its investment objective, under normal circumstances, by investing in U.S.-dollar denominated investment grade and non-investment grade (also known as “high-yield” or “junk”) fixed income securities and instruments and expects to distribute income from its investments to shareholders weekly. TGIF anticipates making its weekly income distributions each Friday (or, in the event the New York Stock Exchange (the “NYSE “) is closed for trading on Friday, on a day earlier in the week). While obligations of any maturity may be purchased, under normal circumstances, TGIF will generally have a short to intermediate overall effective duration (i.e., typically less than three years). Effective duration is a measure of a fund’s price sensitivity to changes in yields or interest rates and a fund with a higher effective duration will, under normal circumstances, have a greater sensitivity to interest rates. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by TGIF and, therefore, the TGIF’s exposure to changes in interest rates.
Investment decisions for TGIF are made by IR+M primarily through a fundamental analysis of available debt instruments and their issuers.
IR+M applies a bottom-up investing approach focusing on the analysis of individual companies rather than on the industry or sector in which a company operates or on the economy as a whole.
IR+M’s bottom-up process focuses on the following attributes of investment opportunities:
•Credit: IR+M evaluates the strength of a company’s management, its financial statements, and its competitive position in its industry or peer group.
•Structure: IR+M focuses on the shape of the curve reflecting the relationship of a bond’s price to interest rates (also known as “convexity”) with a particular interest in the extent to which an instrument may be callable (i.e., the issuer can redeem the bond prior to its maturity date) or have other such options attached to it that may affect the bond’s convexity. This analysis favors bonds with positive convexity (i.e., where the price would be expected to increase as interest rates rise) and those with structures that may add to the bond’s effective yield without increasing credit risk.
•Price: IR+M seeks bonds that it believes are under- or mis-priced and will seek to avoid bonds it determines are overpriced.
Performance Overview:
During the fiscal period, TGIF generated a total return of 3.91% (NAV) and 4.47% (Market). This compares to the 0.33% return of the benchmark, the Bloomberg 1-3 Year Credit Index (formally the Bloomberg Barclays 1-3 Year Credit Index), for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Energy and Consumer (Cyclical) were the largest contributors. While Consumer (Non-Cyclical) and Basic Materials detracted the most. As of August 31, 2021, 30.9% of TGIF’s net assets were invested in the Financial sector.
Reviewing individual holdings based on performance attribution to the overall portfolio, leading contributors included TransAlta Corp. (4.500%, 11/15/2022), Service Properties Trust (4.650%, 03/15/2024), and iStar, Inc. (4.750%, 10/01/2024). Conversely, the leading detractors included AMC Networks, Inc. (5.000%, 04/01/2024), Qwest Corp. (6.750%, 12/01/2021), and Sprint Corp. (7.875%, 09/15/2023).
The SoFi Weekly Dividend ETF
The SoFi Weekly Dividend ETF (“WKLY”) seeks to track the performance, before fees and expenses, of the SoFi Sustainable Dividend Index (the “WKLY Index”).
Index Description:
The WKLY Index’s initial investible universe consists of all of the securities comprising the Solactive GBS Developed Markets Large & Mid Cap USD Index (the “GBS Universe”). The GBS Universe tracks the performance of the large- and mid- capitalization segment covering approximately the largest 85% of the free-float market capitalization in developed markets. To be eligible for inclusion in the WKLY Index at its next reconstitution, companies in the GBS Universe must meet the following eligibility requirements as of each selection day (“Selection Day”), which is 10 weekdays before the scheduled rebalance day.
•Liquidity. Companies must have a minimum average daily value traded (“ADV”) of $5 million USD over the previous 1-month and 6-months periods ($3.75 million USD for companies already included in the WKLY Index);
5 |
SoFi Funds
•Market Capitalization. Companies must have a minimum free-float market capitalization of $1 billion USD ($750 million USD for companies already included in the WKLY Index). Free float market capitalization measures a company’s market capitalization based on the number of outstanding shares for trading by the general public, rather than the total value of all of the company’s shares of stock;
•Dividend Sustainability. Companies must have a stable dividend payout in which they paid regular dividends during the previous twelve months and be forecasted to pay regular dividends during the next twelve months. In order to forecast the payment of regular dividends, the index provider utilizes a third-party service provider to provide consensus estimates of dividends per share. Companies must also have dividends per share over the previous twelve months which are higher or equal to 90% of the annual dividends per share paid out one year ago and five years ago;
•Payout Ratio. Companies must have a payout ratio between 0% and 100% (for companies already included in the WKLY Index, the payout ratio needs to be outside of this range for two consecutive Selection Days to be removed from the WKLY Index). The payout ratio is the percentage of earnings paid to shareholders in dividends, determined by the total amount of dividends paid out to shareholders per share during the last twelve months divided by the latest reported company earnings per share over the 12 months. The payout ratio is used to determine earnings paid to shareholders versus earnings retained by the company. A company with negative earnings will have a negative payout ratio;
•Debt/Equity Ratio. Companies must have a debt/equity ratio that is not in the top 10% of companies included in the GBS Universe in their respective sector;
•Price Return. Companies must have a 1-year price return that does not rank in the bottom 5% of companies included in the GBS Universe; and
•Dividend Yield. The companies that meet the eligibility requirements set forth above are included in the WKLY Index if they have a dividend yield over the past 12 months that is higher than 1.2x the weighted average dividend yield of the GBS Universe. “Dividend yield” is a financial ratio (dividend divided by price) that shows how much a company pays out in dividends each year relative to its stock price. If less than 100 companies meet the eligibility requirements to be included in the WKLY Index, additional companies are selected based on the highest dividend yield until the WKLY Index reaches 100 constituent companies.
The weight of each WKLY Index constituent is based on each constituent’s free-float market capitalization. Individual security weights are capped at 5%. Any excess weight is distributed among the securities within the same sector that have not yet reached the 5% cap on a pro-rata basis. Additionally, individual sector weights are capped at 30% with any excess weight distributed among the sectors that have not reached the 30% cap on a pro-rata basis.
The WKLY Index is rebalanced and reconstituted quarterly on the last business day of each February, May, August, and November based on data that is ten weekdays prior to the date of such rebalance and reconstitution.
Fund Description:
WKLY seeks to provide investors with consistent income by tracking the WKLY Index, made up of the most consistent dividend-paying companies globally. Securities selected for the WKLY Index have maintained their dividend payments over the last 12 months, been forecasted to continue to pay over the next 12 months, and have met a number of additional screens designed to remove companies at risk of reducing their dividend payouts.
Performance Overview:
During the period beginning May 10, 2021 (WKLY’s commencement of operations) and ended August 31, 2021, WKLY generated a total return of 1.66% (NAV) and 1.61% (Market). This compares to the 2.00% total return of the WKLY Index, and the 0.18% total return of the benchmark, the Bloomberg 1-3 Year Credit Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Consumer (Non-Cyclical) and Financial were the leading contributors, while Basic Materials and Energy were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Pfizer, Inc., Morgan Stanley, and Cisco Systems, Inc. Conversely, the leading detractors included BHP Group Ltd., Allianz SE and Rio Tinto Ltd.
6 |
SoFi Funds
Past performance does not guarantee future results.
Must be preceded or accompanied by a prospectus.
Investors buy and sell ETF shares through a brokerage account or an investment advisor. Like ordinary stocks, brokerage commissions, and/or transaction costs or service fees may apply. Please consult your broker or financial advisor for their fee schedule.
There is no guarantee that a Fund’s investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market, and a Fund’s holdings and returns may deviate from those of its index, if applicable. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase a Fund’s expenses. The Funds are newer and each has a limited operating history. You can lose money on your investment in a Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Because GIGE may invest in a single sector, country or industry, its shares do not represent a complete investment program. As non-diversified funds, the value of the GIGE’s, TGIF’s, and WKLY’s shares may fluctuate more than shares invested in a broader range of industries and companies because of concentration in a specific sector, country or industry.
The S&P 500® Total Return Index is an index of 500 large-capitalization companies selected by Standard & Poor’s Financial Services LLC. The S&P MidCap 400® Total Return Index is an index of 400 mid-capitalization companies selected by Standard & Poor’s Financial Services LLC. The Nasdaq-100® Total Return Index is an index of 100 of the largest non-financial securities, based on market capitalization, listed on The Nasdaq Stock Market, LLC. The Bloomberg 1-3 Year Credit Index is an index of investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related debt with 1 to 3 years to maturity. It is not possible to invest directly in an index. Holdings are subject to change.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of portfolio holdings, please refer to the Schedule of Investments provided in this report.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, Toroso Investments, LLC, IR+M, the distributor, or any of their affiliates. SoFi and/or its affiliates, including SoFi Securities, LLC, do not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds. SoFi has provided support in developing the methodology used by the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, and SoFi Weekly Dividend ETF’s underlying index to determine the securities included in such Index. However, SoFi is not involved in the maintenance of each such Index and does not act in the capacity of an index provider.
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SoFi Funds
SOFI SELECT 500 ETF PORTFOLIO ALLOCATION at August 31, 2021 (Unaudited)
Sector | % of Net Assets |
Technology | 27.3% |
Consumer (Non-Cyclical) | 21.2 |
Communications | 19.2 |
Financial | 10.8 |
Consumer (Cyclical) | 10.8 |
Industrial | 6.0 |
Utilities | 1.9 |
Energy | 1.3 |
Basic Materials | 1.2 |
Cash & Cash Equivalents (1) | 0.3 |
| 100.0% |
(1)Represents cash, short-term investments and other assets in excess of liabilities.
SOFI NEXT 500 ETF PORTFOLIO ALLOCATION at August 31, 2021 (Unaudited)
Sector | % of Net Assets |
Consumer (Non-Cyclical) | 24.0% |
Financial | 20.6 |
Technology | 16.3 |
Industrial | 14.4 |
Consumer (Cyclical) | 12.4 |
Communications | 3.6 |
Basic Materials | 3.1 |
Energy | 2.8 |
Utilities | 2.6 |
Cash & Cash Equivalents (1) | 0.2 |
| 100.0% |
(1)Represents cash, short-term investments and other assets in excess of liabilities.
SOFI SOCIAL 50 ETF PORTFOLIO ALLOCATION at August 31, 2021 (Unaudited)
Sector | % of Net Assets |
Consumer (Cyclical) | 34.7% |
Technology | 23.2 |
Communications | 20.9 |
Consumer (Non-Cyclical) | 13.1 |
Financial | 4.2 |
Industrial | 2.8 |
Energy | 1.0 |
Cash & Cash Equivalents (1) | 0.1 |
| 100.0% |
(1)Represents cash, short-term investments and other assets in excess of liabilities.
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SoFi Funds
SOFI GIG ECONOMY ETF PORTFOLIO ALLOCATION at August 31, 2021 (Unaudited) (Continued)
Sector | % of Net Assets |
Communications | 53.5% |
Technology | 25.5 |
Consumer (Non-Cyclical) | 11.0 |
Financial | 3.6 |
Industrial | 2.4 |
Diversified | 1.7 |
Cash & Cash Equivalents (1) | 1.2 |
Consumer (Cyclical) | 1.1 |
| 100.0% |
(1)Represents cash, short-term investments and other assets in excess of liabilities.
SOFI WEEKLY INCOME ETF PORTFOLIO ALLOCATION at August 31, 2021 (Unaudited)
Sector | % of Net Assets |
Financial | 30.9% |
Energy | 15.0 |
Communications | 11.1 |
Consumer (Cyclical) | 10.2 |
Consumer (Non-Cyclical) | 8.6 |
Industrial | 7.4 |
Asset Backed Securities | 3.7 |
Technology | 3.7 |
Cash & Cash Equivalents (1) | 3.3 |
Utilities | 1.8 |
Mortgage Securities | 1.5 |
Government | 1.4 |
Basic Materials | 1.4 |
| 100.0% |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
SOFI WEEKLY DIVIDEND ETF PORTFOLIO ALLOCATION at August 31, 2021 (Unaudited)
Sector | % of Net Assets |
Financial | 30.2% |
Consumer (Non-Cyclical) | 29.8 |
Industrial | 10.5 |
Utilities | 6.8 |
Consumer (Cyclical) | 6.6 |
Basic Materials | 5.4 |
Technology | 5.0 |
Communications | 3.8 |
Energy | 1.7 |
Cash & Cash Equivalents (1) | 0.2 |
| 100.0% |
(1)Represents cash, short-term investments and other assets in excess of liabilities.
SoFi Select 500 ETF
9 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | | ||
Common Stocks – 99.7% | | | | | | ||
Advertising – 0.1% | | | | | | ||
Omnicom Group, Inc. (2) | | 1,051 | | $76,954 | | ||
The Trade Desk, Inc. - Class A (1) | | 4,317 | | 345,576 | | ||
| | | | | | 422,530 | |
Aerospace & Defense – 1.0% | | | | | | ||
The Boeing Co. (1) | | 1,329 | | 291,715 | | ||
General Dynamics Corp. | | 1,514 | | 303,269 | | ||
L3Harris Technologies, Inc. | | 3,004 | | 699,962 | | ||
Lockheed Martin Corp. | | 1,829 | | 658,074 | | ||
Northrop Grumman Corp. | | 1,036 | | 380,937 | | ||
Raytheon Technologies Corp. | | 6,434 | | 545,346 | | ||
Teledyne Technologies, Inc. (1) | | 207 | | 95,920 | | ||
TransDigm Group, Inc. (1) | | 265 | | 160,980 | | ||
| | | | | | 3,136,203 | |
Agriculture – 0.7% | | | | | | ||
Altria Group, Inc. | | 22,407 | | 1,125,504 | | ||
Archer-Daniels-Midland Co. | | 3,115 | | 186,900 | | ||
Philip Morris International, Inc. | | 8,906 | | 917,318 | | ||
| | | | | | 2,229,722 | |
Airlines – 0.1% | | | | | | ||
Delta Air Lines, Inc. (1) | | 1,716 | | 69,395 | | ||
Southwest Airlines Co. (1) | | 1,788 | | 89,007 | | ||
United Airlines Holdings, Inc. (1) | | 836 | | 38,882 | | ||
| | | | | | 197,284 | |
Apparel – 0.4% | | | | | | ||
Nike, Inc. - Class B | | 7,011 | | 1,154,992 | | ||
VF Corp. | | 2,559 | | 195,687 | | ||
| | | | | | 1,350,679 | |
Auto Manufacturers – 4.4% | | | | | | ||
Cummins, Inc. (2) | | 707 | | 166,838 | | ||
Ford Motor Co. (1) | | 10,322 | | 134,496 | | ||
General Motors Co. (1) | | 7,491 | | 367,134 | | ||
PACCAR, Inc. | | 1,576 | | 129,027 | | ||
Stellantis NV | | 46,497 | | 930,870 | | ||
Tesla, Inc. (1) | | 16,060 | | 11,815,663 | | ||
| | | | | | 13,544,028 | |
Banks – 3.3% | | | | | | ||
Bank of America Corp. (2) | | 38,676 | | 1,614,723 | | ||
The Bank of New York Mellon Corp. | | 3,757 | | 207,462 | | ||
Citigroup, Inc. | | 9,895 | | 711,549 | | ||
Citizens Financial Group, Inc. | | 2,059 | | 90,164 | | ||
Fifth Third Bancorp | | 3,222 | | 125,207 | | ||
First Republic Bank | | 1,086 | | 216,049 | | ||
The Goldman Sachs Group, Inc. | | 1,893 | | 782,774 |
|
| Shares |
| Value | | ||
Banks – 3.3% (Continued) | | | | | | ||
Huntington Bancshares, Inc. | | 5,510 | | $85,570 | | ||
JPMorgan Chase & Co. | | 14,307 | | 2,288,405 | | ||
KeyCorp | | 4,836 | | 98,268 | | ||
Morgan Stanley | | 9,892 | | 1,033,022 | | ||
Northern Trust Corp. | | 981 | | 116,268 | | ||
The PNC Financial Services Group, Inc. | | 1,900 | | 363,090 | | ||
Regions Financial Corp. | | 4,904 | | 100,189 | | ||
State Street Corp. | | 1,702 | | 158,133 | | ||
SVB Financial Group (1) | | 329 | | 184,075 | | ||
Truist Financial Corp. | | 14,971 | | 854,245 | | ||
U.S. Bancorp | | 7,234 | | 415,159 | | ||
Wells Fargo & Co. | | 19,780 | | 903,946 | | ||
| | | | | | 10,348,298 | |
Beverages – 1.2% | | | | | | ||
Brown-Forman Corp. - Class B | | 1,772 | | 124,430 | | ||
The Coca-Cola Co. | | 22,474 | | 1,265,511 | | ||
Constellation Brands, Inc. - Class A | | 1,308 | | 276,171 | | ||
Keurig Dr Pepper, Inc. | | 9,699 | | 345,963 | | ||
Monster Beverage Corp. (1) | | 3,666 | | 357,692 | | ||
PepsiCo, Inc. | | 8,712 | | 1,362,470 | | ||
| | | | | | 3,732,237 | |
Biotechnology – 3.2% | | | | | | ||
Alnylam Pharmaceuticals, Inc. (1)(2) | | 1,814 | | 365,394 | | ||
Amgen, Inc. | | 3,907 | | 881,146 | | ||
Biogen, Inc. (1) | | 774 | | 262,316 | | ||
BioMarin Pharmaceutical, Inc. (1)(2) | | 2,163 | | 182,146 | | ||
Bio-Rad Laboratories, Inc. - Class A (1) | | 192 | | 154,525 | | ||
Corteva, Inc. | | 8,212 | | 361,082 | | ||
Exact Sciences Corp. (1) | | 668 | | 69,726 | | ||
Gilead Sciences, Inc. | | 22,955 | | 1,670,665 | | ||
Illumina, Inc. (1) | | 792 | | 362,071 | | ||
Incyte Corp. (1) | | 1,753 | | 134,087 | | ||
Moderna, Inc. (1) | | 9,446 | | 3,558,214 | | ||
Regeneron Pharmaceuticals, Inc. (1) | | 813 | | 547,474 | | ||
Seagen, Inc. (1) | | 3,964 | | 664,366 | | ||
Vertex Pharmaceuticals, Inc. (1) | | 3,041 | | 609,082 | | ||
| | | | | | 9,822,294 | |
Building Materials – 0.3% | | | | | | ||
Carrier Global Corp. | | 4,565 | | 262,944 | | ||
Johnson Controls International PLC | | 3,959 | | 296,133 | | ||
Martin Marietta Materials, Inc. | | 340 | | 129,625 | | ||
Masco Corp. | | 1,637 | | 99,399 | | ||
Vulcan Materials Co. | | 704 | | 130,895 | | ||
| | | | | | 918,996 | |
SoFi Select 500 ETF
10 |
The accompanying notes are an integral part of these financial statements.
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Chemicals – 0.8% | | | | | | ||
Air Products and Chemicals, Inc. | | 1,273 | | $343,086 | | ||
Albemarle Corp. (2) | | 524 | | 124,052 | | ||
Celanese Corp. | | 656 | | 104,042 | | ||
Dow, Inc. | | 5,646 | | 355,133 | | ||
DuPont de Nemours, Inc. | | 2,019 | | 149,446 | | ||
Eastman Chemical Co. | | 693 | | 78,420 | | ||
Ecolab, Inc. | | 1,309 | | 294,996 | | ||
FMC Corp. | | 754 | | 70,597 | | ||
International Flavors & Fragrances, Inc. | | 1,618 | | 245,127 | | ||
LyondellBasell Industries NV | | 1,619 | | 162,467 | | ||
PPG Industries, Inc. | | 1,266 | | 201,990 | | ||
The Sherwin-Williams Co. | | 1,628 | | 494,375 | | ||
| | | | | | 2,623,731 | |
Commercial Services – 3.0% | | | | | | ||
Automatic Data Processing, Inc. | | 2,506 | | 523,854 | | ||
Booz Allen Hamilton Holding Corp. | | 907 | | 74,292 | | ||
Cintas Corp. | | 594 | | 235,087 | | ||
CoStar Group, Inc. (1) | | 3,074 | | 260,491 | | ||
Equifax, Inc. | | 994 | | 270,627 | | ||
FleetCor Technologies, Inc. (1) | | 427 | | 112,421 | | ||
Gartner, Inc. (1) | | 428 | | 132,141 | | ||
Global Payments, Inc. | | 3,938 | | 640,476 | | ||
IHS Markit Ltd. | | 2,554 | | 308,012 | | ||
MarketAxess Holdings, Inc. | | 397 | | 188,940 | | ||
Moody’s Corp. | | 1,273 | | 484,720 | | ||
PayPal Holdings, Inc. (1) | | 10,745 | | 3,101,652 | | ||
Rollins, Inc. | | 3,098 | | 120,574 | | ||
S&P Global, Inc. (2) | | 1,609 | | 714,106 | | ||
Square, Inc. - Class A (1)(2) | | 6,211 | | 1,664,983 | | ||
TransUnion | | 1,115 | | 135,506 | | ||
United Rentals, Inc. (1)(2) | | 354 | | 124,838 | | ||
Verisk Analytics, Inc. | | 1,227 | | 247,560 | | ||
| | | | | | 9,340,280 | |
Computers – 7.4% | | | | | | ||
Accenture PLC - Class A | | 3,998 | | 1,345,567 | | ||
Apple, Inc. | | 116,939 | | 17,754,848 | | ||
Cognizant Technology Solutions Corp. | | 2,969 | | 226,564 | | ||
Crowdstrike Holdings, Inc. - Class A (1) | | 2,989 | | 839,909 | | ||
Dell Technologies, Inc. - Class C (1) | | 1,723 | | 167,924 | | ||
EPAM Systems, Inc. (1) | | 409 | | 258,819 | | ||
Fortinet, Inc. (1) | | 1,273 | | 401,173 | | ||
Hewlett Packard Enterprise Co. | | 10,475 | | 161,944 | | ||
HP, Inc. | | 7,195 | | 213,979 | | ||
International Business Machines Corp. | | 4,976 | | 698,332 | | ||
Leidos Holdings, Inc. | | 906 | | 88,888 | | ||
NetApp, Inc. | | 1,247 | | 110,896 |
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Computers – 7.4% (Continued) | | | | | | ||
Seagate Technology Holdings PLC | | 1,258 | | $110,188 | | ||
Western Digital Corp. (1) | | 4,617 | | 291,794 | | ||
Zscaler, Inc. (1)(2) | | 1,187 | | 330,390 | | ||
| | | | | | 23,001,215 | |
Cosmetics & Personal Care – 1.3% | | | | | | ||
Colgate-Palmolive Co. | | 5,355 | | 417,422 | | ||
The Estee Lauder Companies, Inc. - Class A | | 1,323 | | 450,469 | | ||
The Procter & Gamble Co. | | 21,421 | | 3,050,136 | | ||
| | | | | | 3,918,027 | |
Distribution & Wholesale – 0.2% | | | | | | ||
Copart, Inc. (1) | | 1,395 | | 201,326 | | ||
Fastenal Co. | | 3,459 | | 193,185 | | ||
LKQ Corp. (1)(2) | | 1,549 | | 81,617 | | ||
W.W. Grainger, Inc. | | 285 | | 123,605 | | ||
| | | | | | 599,733 | |
Diversified Financial Services – 2.9% | | | | | | ||
American Express Co. | | 3,646 | | 605,090 | | ||
Ameriprise Financial, Inc. | | 547 | | 149,282 | | ||
BlackRock, Inc. | | 1,015 | | 957,439 | | ||
Capital One Financial Corp. | | 2,191 | | 363,640 | | ||
Cboe Global Markets, Inc. | | 934 | | 117,824 | | ||
The Charles Schwab Corp. | | 10,282 | | 749,044 | | ||
CME Group, Inc. - Class A (2) | | 2,136 | | 430,874 | | ||
Discover Financial Services | | 1,439 | | 184,509 | | ||
Franklin Resources, Inc. (2) | | 2,627 | | 85,220 | | ||
Intercontinental Exchange, Inc. | | 4,639 | | 554,500 | | ||
Mastercard, Inc. - Class A | | 5,320 | | 1,841,944 | | ||
Nasdaq, Inc. | | 1,386 | | 271,351 | | ||
Raymond James Financial, Inc. | | 775 | | 108,422 | | ||
Synchrony Financial (2) | | 2,495 | | 124,126 | | ||
T. Rowe Price Group, Inc. | | 1,514 | | 338,939 | | ||
Visa, Inc. - Class A (2) | | 8,910 | | 2,041,281 | | ||
The Western Union Co. | | 2,256 | | 48,820 | | ||
| | | | | | 8,972,305 | |
Electric – 1.8% | | | | | | ||
The AES Corp. | | 12,155 | | 290,140 | | ||
Alliant Energy Corp. | | 1,400 | | 85,106 | | ||
Ameren Corp. | | 1,484 | | 130,177 | | ||
American Electric Power Co., Inc. | | 2,914 | | 261,007 | | ||
Avangrid, Inc. | | 1,859 | | 101,594 | | ||
CenterPoint Energy, Inc. (2) | | 2,175 | | 54,571 | | ||
CMS Energy Corp. | | 1,686 | | 108,123 | | ||
Consolidated Edison, Inc. | | 1,996 | | 150,598 | | ||
Dominion Energy, Inc. | | 4,826 | | 375,656 | | ||
DTE Energy Co. | | 1,130 | | 135,984 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Select 500 ETF
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The accompanying notes are an integral part of these financial statements.
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Electric – 1.8% (Continued) | | | | | | ||
Duke Energy Corp. | | 4,644 | | $486,041 | | ||
Edison International | | 2,717 | | 157,151 | | ||
Entergy Corp. | | 1,082 | | 119,680 | | ||
Evergy, Inc. | | 1,263 | | 86,452 | | ||
Eversource Energy | | 2,382 | | 216,119 | | ||
Exelon Corp. | | 5,839 | | 286,228 | | ||
FirstEnergy Corp. | | 3,176 | | 123,451 | | ||
NextEra Energy, Inc. | | 11,992 | | 1,007,208 | | ||
PG&E Corp. (1) | | 18,242 | | 167,279 | | ||
PPL Corp. | | 4,390 | | 128,847 | | ||
Public Service Enterprise Group, Inc. | | 2,992 | | 191,309 | | ||
Sempra Energy | | 1,978 | | 261,808 | | ||
The Southern Co. | | 5,718 | | 375,844 | | ||
WEC Energy Group, Inc. | | 1,792 | | 169,308 | | ||
Xcel Energy, Inc. | | 3,187 | | 219,106 | | ||
| | | | | | 5,688,787 | |
Electrical Components & Equipment – 0.2% | | | | | |||
AMETEK, Inc. | | 1,147 | | 155,958 | | ||
Emerson Electric Co. | | 3,234 | | 341,187 | | ||
| | | | | | 497,145 | |
Electronics – 1.0% | | | | | | ||
Agilent Technologies, Inc. (2) | | 1,996 | | 350,238 | | ||
Amphenol Corp. | | 3,734 | | 286,137 | | ||
Fortive Corp. | | 1,567 | | 115,754 | | ||
Garmin Ltd. | | 1,263 | | 220,305 | | ||
Honeywell International, Inc. | | 3,596 | | 833,948 | | ||
Keysight Technologies, Inc. (1) | | 1,135 | | 203,596 | | ||
Mettler-Toledo International, Inc. (1) | | 141 | | 218,949 | | ||
TE Connectivity Ltd. | | 5,502 | | 826,511 | | ||
Waters Corp. (1) | | 333 | | 137,869 | | ||
| | | | | | 3,193,307 | |
Engineering & Construction – 0.0% (3) | | | | | | ||
Jacobs Engineering Group, Inc. | | 845 | | 114,041 | | ||
Entertainment – 0.0% (3) | | | | | | ||
DraftKings, Inc. - Class A (1)(2) | | 1,925 | | 114,133 | | ||
Live Nation Entertainment, Inc. (1)(2) | | 418 | | 36,241 | | ||
| | | | | | 150,374 | |
Environmental Control – 0.2% | | | | | | ||
Republic Services, Inc. | | 1,754 | | 217,724 | | ||
Waste Management, Inc. | | 2,322 | | 360,165 | | ||
| | | | | | 577,889 | |
Food – 0.9% | | | | | | ||
Campbell Soup Co. (2) | | 2,263 | | 94,435 | | ||
Conagra Brands, Inc. (2) | | 3,385 | | 112,111 | | ||
General Mills, Inc. | | 4,023 | | 232,570 |
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Food – 0.9% (Continued) | | | | | | ||
The Hershey Co. | | 856 | | $152,111 | | ||
Hormel Foods Corp. (2) | | 3,137 | | 142,859 | | ||
The J.M. Smucker Co. (2) | | 745 | | 92,134 | | ||
Kellogg Co. (2) | | 2,160 | | 136,382 | | ||
The Kraft Heinz Co. (2) | | 12,411 | | 446,672 | | ||
The Kroger Co. (2) | | 5,399 | | 248,516 | | ||
McCormick & Co., Inc. | | 1,563 | | 134,871 | | ||
Mondelez International, Inc. | | 8,284 | | 514,188 | | ||
Sysco Corp. | | 2,969 | | 236,481 | | ||
Tyson Foods, Inc. - Class A | | 1,728 | | 135,683 | | ||
| | | | | | 2,679,013 | |
Forest Products & Paper – 0.0% (3) | | | | | | ||
International Paper Co. | | 2,213 | | 132,979 | | ||
Gas – 0.0% (3) | | | | | | ||
Atmos Energy Corp. | | 759 | | 74,010 | | ||
Hand & Machine Tools – 0.1% | | | | | | ||
Snap-on, Inc. (2) | | 286 | | 64,335 | | ||
Stanley Black & Decker, Inc. | | 977 | | 188,825 | | ||
| | | | | | 253,160 | |
Healthcare - Products – 4.3% | | | | | | ||
Abbott Laboratories | | 13,370 | | 1,689,567 | | ||
ABIOMED, Inc. (1) | | 275 | | 100,089 | | ||
Align Technology, Inc. (1)(2) | | 781 | | 553,729 | | ||
Baxter International, Inc. | | 3,268 | | 249,087 | | ||
Boston Scientific Corp. (1) | | 22,959 | | 1,036,599 | | ||
The Cooper Companies, Inc. | | 464 | | 209,129 | | ||
Danaher Corp. | | 5,898 | | 1,911,896 | | ||
DENTSPLY SIRONA, Inc. | | 1,758 | | 108,469 | | ||
Edwards Lifesciences Corp. (1) | | 3,857 | | 451,963 | | ||
Hologic, Inc. (1) | | 4,197 | | 332,192 | | ||
IDEXX Laboratories, Inc. (1) | | 622 | | 419,079 | | ||
Insulet Corp. (1) | | 1,002 | | 298,406 | | ||
Intuitive Surgical, Inc. (1) | | 706 | | 743,813 | | ||
Masimo Corp. (1) | | 468 | | 127,081 | | ||
Medtronic PLC | | 7,684 | | 1,025,660 | | ||
PerkinElmer, Inc. | | 1,209 | | 223,423 | | ||
QIAGEN NV (1) | | 3,308 | | 184,652 | | ||
ResMed, Inc. | | 1,138 | | 330,623 | | ||
STERIS PLC | | 534 | | 114,815 | | ||
Stryker Corp. | | 2,328 | | 645,089 | | ||
Teleflex, Inc. | | 284 | | 112,311 | | ||
Thermo Fisher Scientific, Inc. | | 3,571 | | 1,981,726 | | ||
West Pharmaceutical Services, Inc. | | 559 | | 252,456 | | ||
Zimmer Biomet Holdings, Inc. | | 2,535 | | 381,391 | | ||
| | | | | | 13,483,245 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Select 500 ETF
12 |
The accompanying notes are an integral part of these financial statements.
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Healthcare - Services – 1.9% | | | | | | ||
Anthem, Inc. | | 1,733 | | $650,100 | | ||
Catalent, Inc. (1) | | 1,788 | | 233,227 | | ||
Centene Corp. (1) | | 6,153 | | 387,516 | | ||
DaVita, Inc. (1) | | 603 | | 78,854 | | ||
HCA Healthcare, Inc. | | 1,896 | | 479,650 | | ||
Humana, Inc. | | 904 | | 366,500 | | ||
IQVIA Holdings, Inc. (1) | | 1,724 | | 447,774 | | ||
Laboratory Corp. of America Holdings (1) | | 786 | | 238,457 | | ||
Molina Healthcare, Inc. (1) | | 383 | | 102,939 | | ||
Quest Diagnostics, Inc. | | 1,021 | | 156,039 | | ||
Teladoc Health, Inc. (1)(2) | | 1,674 | | 241,759 | | ||
UnitedHealth Group, Inc. | | 5,808 | | 2,417,696 | | ||
Universal Health Services, Inc. - Class B (2) | | 443 | | 69,002 | | ||
| | | | | | 5,869,513 | |
Home Builders – 0.2% | | | | | | ||
D.R. Horton, Inc. | | 2,785 | | 266,301 | | ||
Lennar Corp. - Class A | | 1,694 | | 181,783 | | ||
NVR, Inc. (1) | | 20 | | 103,599 | | ||
PulteGroup, Inc. | | 1,566 | | 84,345 | | ||
| | | | | | 636,028 | |
Home Furnishings – 0.0% (3) | | | | | | ||
Whirlpool Corp. (2) | | 317 | | 70,225 | | ||
Household Products & Wares – 0.2% | | | | | | ||
Church & Dwight Co., Inc. | | 1,722 | | 144,062 | | ||
The Clorox Co. (2) | | 1,067 | | 179,309 | | ||
Kimberly-Clark Corp. | | 2,176 | | 299,875 | | ||
| | | | | | 623,246 | |
Insurance – 2.1% | | | | | | ||
Aflac, Inc. | | 3,968 | | 224,906 | | ||
The Allstate Corp. | | 1,675 | | 226,594 | | ||
American International Group, Inc. | | 3,339 | | 182,176 | | ||
Aon PLC | | 1,284 | | 368,328 | | ||
Arch Capital Group Ltd. (1) | | 2,893 | | 118,902 | | ||
Arthur J. Gallagher & Co. | | 1,072 | | 153,961 | | ||
Berkshire Hathaway, Inc. - Class B (1) | | 6,408 | | 1,831,214 | | ||
Brown & Brown, Inc. | | 1,770 | | 102,749 | | ||
Chubb Ltd. | | 2,669 | | 490,883 | | ||
Cincinnati Financial Corp. (2) | | 746 | | 92,056 | | ||
CNA Financial Corp. | | 1,558 | | 69,097 | | ||
Everest Re Group Ltd. | | 306 | | 81,059 | | ||
Globe Life, Inc. | | 621 | | 59,659 | | ||
The Hartford Financial Services Group, Inc. | | 1,996 | | 134,171 | | ||
Markel Corp. (1) | | 75 | | 95,269 |
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Insurance – 2.1% (Continued) | | | | | | ||
Marsh & McLennan Companies, Inc. | | 2,992 | | $470,342 | | ||
MetLife, Inc. | | 4,741 | | 293,942 | | ||
Principal Financial Group, Inc. | | 1,391 | | 92,933 | | ||
The Progressive Corp. | | 3,801 | | 366,188 | | ||
Prudential Financial, Inc. | | 4,462 | | 472,437 | | ||
The Travelers Companies, Inc. | | 1,459 | | 233,017 | | ||
W.R. Berkley Corp. | | 1,123 | | 84,573 | | ||
Willis Towers Watson PLC | | 716 | | 158,036 | | ||
| | | | | | 6,402,492 | |
Internet – 15.2% | | | | | | ||
Alphabet, Inc. - Class A (1) | | 2,075 | | 6,004,946 | | ||
Alphabet, Inc. - Class C (1) | | 2,240 | | 6,516,698 | | ||
Amazon.com, Inc. (1) | | 5,143 | | 17,850,273 | | ||
Booking Holdings, Inc. (1) | | 519 | | 1,193,529 | | ||
CDW Corp. | | 910 | | 182,555 | | ||
DoorDash, Inc. - Class A (1)(2) | | 5,016 | | 960,062 | | ||
eBay, Inc. | | 4,278 | | 328,294 | | ||
Etsy, Inc. (1) | | 2,630 | | 568,764 | | ||
Expedia Group, Inc. - Class A (1) | | 342 | | 49,419 | | ||
F5 Networks, Inc. (1)(2) | | 468 | | 95,271 | | ||
Facebook, Inc. - Class A (1) | | 18,839 | | 7,147,140 | | ||
GoDaddy, Inc. - Class A (1) | | 666 | | 48,824 | | ||
Lyft, Inc. - Class A (1)(2) | | 1,660 | | 79,033 | | ||
Netflix, Inc. (1) | | 3,962 | | 2,255,131 | | ||
NortonLifeLock, Inc. | | 2,790 | | 74,102 | | ||
Okta, Inc. - Class A (1) | | 1,296 | | 341,626 | | ||
Palo Alto Networks, Inc. (1)(2) | | 799 | | 368,371 | | ||
Pinterest, Inc. - Class A (1) | | 8,139 | | 452,284 | | ||
Roku, Inc. - Class A (1) | | 1,591 | | 560,668 | | ||
Snap, Inc. - Class A (1)(2) | | 13,150 | | 1,000,846 | | ||
Twitter, Inc. (1) | | 5,464 | | 352,428 | | ||
Uber Technologies, Inc. (1) | | 10,274 | | 402,124 | | ||
VeriSign, Inc. (1) | | 661 | | 142,948 | | ||
Wayfair, Inc. - Class A (1)(2) | | 1,017 | | 285,523 | | ||
Zillow Group, Inc. - Class C (1) | | 1,873 | | 179,377 | | ||
| | | | | | 47,440,236 | |
Iron & Steel – 0.1% | | | | | | ||
Nucor Corp. | | 1,550 | | 182,218 | | ||
Leisure Time – 0.2% | | | | | | ||
Carnival Corp. (1)(2) | | 2,484 | | 59,964 | | ||
Peloton Interactive, Inc. - Class A (1)(2) | | 5,488 | | 549,842 | | ||
Royal Caribbean Cruises Ltd. (1)(2) | | 663 | | 54,850 | | ||
| | | | | | 664,656 | |
Lodging – 0.2% | | | | | | ||
Hilton Worldwide Holdings, Inc. (1) | | 938 | | 117,119 | | ||
Las Vegas Sands Corp. (1)(2) | | 2,552 | | 113,845 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Select 500 ETF
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The accompanying notes are an integral part of these financial statements.
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| Value | | ||
Lodging – 0.2% (Continued) | | | | | | ||
Marriott International, Inc. (1) | | 1,394 | | $188,385 | | ||
MGM Resorts International | | 1,523 | | 64,910 | | ||
Wynn Resorts Ltd. (1) | | 214 | | 21,761 | | ||
| | | | | | 506,020 | |
Machinery - Construction & Mining – 0.2% | | | | | |||
Caterpillar, Inc. | | 2,421 | | 510,516 | | ||
Machinery - Diversified – 0.7% | | | | | | ||
Deere & Co. (2) | | 1,804 | | 681,966 | | ||
Dover Corp. | | 793 | | 138,267 | | ||
IDEX Corp. | | 407 | | 91,168 | | ||
Ingersoll Rand, Inc. (1) | | 10,906 | | 578,236 | | ||
Otis Worldwide Corp. | | 2,171 | | 200,210 | | ||
Rockwell Automation, Inc. (2) | | 650 | | 211,543 | | ||
Westinghouse Air Brake Technologies Corp. | | 1,153 | | 103,528 | | ||
Xylem, Inc. | | 908 | | 123,769 | | ||
| | | | | | 2,128,687 | |
Media – 1.7% | | | | | | ||
Cable One, Inc. | | 48 | | 100,780 | | ||
Charter Communications, Inc. - Class A (1)(2) | | 1,385 | | 1,131,074 | | ||
Comcast Corp. - Class A | | 24,026 | | 1,457,898 | | ||
DISH Network Corp. - Class A (1) | | 1,946 | | 84,826 | | ||
FactSet Research Systems, Inc. | | 216 | | 82,127 | | ||
Liberty Broadband Corp. - Class C (1) | | 3,083 | | 589,840 | | ||
Sirius XM Holdings, Inc. (2) | | 43,467 | | 272,538 | | ||
ViacomCBS, Inc. - Class B | | 3,187 | | 132,101 | | ||
The Walt Disney Co. | | 8,269 | | 1,499,170 | | ||
| | | | | | 5,350,354 | |
Mining – 0.3% | | | | | | ||
Freeport-McMoRan, Inc. | | 17,019 | | 619,321 | | ||
Newmont Corp. | | 5,853 | | 339,416 | | ||
| | | | | | 958,737 | |
Miscellaneous Manufacturers – 1.0% | | | | | | ||
3M Co. | | 3,455 | | 672,827 | | ||
Eaton Corp. PLC | | 1,900 | | 319,884 | | ||
General Electric Co. | | 10,683 | | 1,126,095 | | ||
Illinois Tool Works, Inc. | | 1,562 | | 363,727 | | ||
Parker-Hannifin Corp. | | 742 | | 220,129 | | ||
Textron, Inc. | | 1,011 | | 73,470 | | ||
Trane Technologies PLC | | 1,020 | | 202,470 | | ||
| | | | | | 2,978,602 | |
Office & Business Equipment – 0.1% | | | | | | ||
Zebra Technologies Corp. (1) | | 317 | | 186,133 |
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Oil & Gas – 0.8% | | | | | | ||
Chevron Corp. | | 6,903 | | $668,003 | | ||
ConocoPhillips | | 4,896 | | 271,875 | | ||
EOG Resources, Inc. | | 2,749 | | 185,613 | | ||
Exxon Mobil Corp. | | 14,497 | | 790,376 | | ||
Hess Corp. | | 615 | | 42,281 | | ||
Marathon Petroleum Corp. | | 1,557 | | 92,283 | | ||
Occidental Petroleum Corp. | | 1,975 | | 50,738 | | ||
Phillips 66 | | 1,384 | | 98,389 | | ||
Pioneer Natural Resources Co. | | 2,051 | | 306,973 | | ||
Valero Energy Corp. | | 1,363 | | 90,381 | | ||
| | | | | | 2,596,912 | |
Oil & Gas Services – 0.1% | | | | | | ||
Baker Hughes Co. - Class A | | 1,530 | | 34,853 | | ||
Halliburton Co. | | 2,875 | | 57,443 | | ||
Schlumberger NV | | 5,634 | | 157,977 | | ||
| | | | | | 250,273 | |
Packaging & Containers – 0.1% | | | | | | ||
Ball Corp. | | 2,136 | | 204,970 | | ||
Packaging Corp. of America | | 480 | | 72,816 | | ||
Westrock Co. | | 1,245 | | 64,790 | | ||
| | | | | | 342,576 | |
Pharmaceuticals – 4.6% | | | | | | ||
AbbVie, Inc. | | 18,583 | | 2,244,455 | | ||
AmerisourceBergen Corp. | | 710 | | 86,769 | | ||
Becton Dickinson and Co. | | 2,375 | | 597,788 | | ||
Bristol-Myers Squibb Co. | | 19,089 | | 1,276,291 | | ||
Cardinal Health, Inc. | | 2,330 | | 122,302 | | ||
Cigna Corp. | | 2,269 | | 480,234 | | ||
CVS Health Corp. (2) | | 7,585 | | 655,268 | | ||
Dexcom, Inc. (1) | | 1,329 | | 703,599 | | ||
Elanco Animal Health, Inc. (1) | | 1,217 | | 40,623 | | ||
Eli Lilly & Co. | | 6,653 | | 1,718,403 | | ||
Johnson & Johnson | | 16,272 | | 2,817,171 | | ||
McKesson Corp. | | 687 | | 140,244 | | ||
Merck & Co., Inc. | | 16,671 | | 1,271,831 | | ||
Organon & Co. | | 1,634 | | 55,376 | | ||
Pfizer, Inc. | | 27,909 | | 1,285,768 | | ||
Viatris, Inc. | | 3,841 | | 56,194 | | ||
Zoetis, Inc. | | 3,027 | | 619,203 | | ||
| | | | | | 14,171,519 | |
Pipelines – 0.4% | | | | | | ||
Cheniere Energy, Inc. (1) | | 3,270 | | 285,994 | | ||
DT Midstream, Inc. | | 553 | | 25,698 | | ||
Kinder Morgan, Inc. | | 35,345 | | 575,063 | | ||
ONEOK, Inc. | | 2,228 | | 117,015 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Select 500 ETF
14 |
The accompanying notes are an integral part of these financial statements.
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Pipelines – 0.4% (Continued) | | | | | | ||
The Williams Companies, Inc. | | 9,390 | | $231,839 | | ||
| | | | | | 1,235,609 | |
Private Equity – 0.2% | | | | | | ||
Blackstone, Inc. - Class A (2) | | 4,651 | | 584,770 | | ||
KKR & Co., Inc. | | 2,900 | | 186,441 | | ||
| | | | | | 771,211 | |
Real Estate – 0.1% | | | | | | ||
CBRE Group, Inc. (1) | | 1,806 | | 173,918 | | ||
Real Estate Investment Trusts (REITs) – 2.3% | | | | ||||
Alexandria Real Estate Equities, Inc. | | 1,282 | | 264,566 | | ||
American Tower Corp. | | 2,821 | | 824,212 | | ||
Annaly Capital Management, Inc. | | 9,000 | | 78,210 | | ||
AvalonBay Communities, Inc. | | 794 | | 182,286 | | ||
Boston Properties, Inc. | | 880 | | 99,431 | | ||
Crown Castle International Corp. | | 2,654 | | 516,707 | | ||
Digital Realty Trust, Inc. | | 1,990 | | 326,181 | | ||
Duke Realty Corp. | | 2,120 | | 111,321 | | ||
Equinix, Inc. | | 622 | | 524,626 | | ||
Equity Residential | | 2,013 | | 169,233 | | ||
Essex Property Trust, Inc. | | 413 | | 136,596 | | ||
Extra Space Storage, Inc. | | 823 | | 153,827 | | ||
Healthpeak Properties, Inc. | | 3,069 | | 110,484 | | ||
Host Hotels & Resorts, Inc. (1) | | 2,080 | | 34,445 | | ||
Invitation Homes, Inc. | | 5,031 | | 207,177 | | ||
Iron Mountain, Inc. (2) | | 1,768 | | 84,422 | | ||
Mid-America Apartment | | 662 | | 127,349 | | ||
Prologis, Inc. | | 6,256 | | 842,433 | | ||
Public Storage | | 1,013 | | 327,817 | | ||
Realty Income Corp. (2) | | 2,642 | | 190,805 | | ||
SBA Communications Corp. | | 1,175 | | 421,790 | | ||
Simon Property Group, Inc. | | 1,491 | | 200,465 | | ||
Sun Communities, Inc. | | 937 | | 188,796 | | ||
UDR, Inc. | | 1,794 | | 96,912 | | ||
Ventas, Inc. | | 2,146 | | 120,047 | | ||
W.P. Carey, Inc. (2) | | 1,102 | | 86,088 | | ||
Welltower, Inc. (2) | | 2,620 | | 229,329 | | ||
Weyerhaeuser Co. | | 9,692 | | 348,912 | | ||
| | | | | | 7,004,467 | |
Retail – 5.0% | | | | | | ||
Advance Auto Parts, Inc. | | 404 | | 81,951 | | ||
AutoZone, Inc. (1) | | 140 | | 216,881 | | ||
Best Buy Co., Inc. | | 1,661 | | 193,523 | | ||
Burlington Stores, Inc. (1)(2) | | 315 | | 94,339 | | ||
CarMax, Inc. (1) | | 833 | | 104,300 |
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Retail – 5.0% (Continued) | | | | | | ||
Chipotle Mexican Grill, Inc. (1) | | 202 | | $384,473 | | ||
Costco Wholesale Corp. | | 3,033 | | 1,381,501 | | ||
Darden Restaurants, Inc. | | 1,087 | | 163,756 | | ||
Dollar General Corp. | | 1,909 | | 425,535 | | ||
Dollar Tree, Inc. (1) | | 1,658 | | 150,115 | | ||
Domino’s Pizza, Inc. | | 245 | | 126,638 | | ||
Genuine Parts Co. | | 837 | | 102,273 | | ||
The Home Depot, Inc. | | 7,893 | | 2,574,539 | | ||
Lowe’s Companies, Inc. | | 6,019 | | 1,227,214 | | ||
McDonald’s Corp. | | 3,876 | | 920,395 | | ||
O’Reilly Automotive, Inc. (1) | | 470 | | 279,218 | | ||
Ross Stores, Inc. | | 4,919 | | 582,410 | | ||
Starbucks Corp. | | 7,970 | | 936,395 | | ||
Target Corp. | | 3,732 | | 921,729 | | ||
The TJX Companies, Inc. (1) | | 17,869 | | 1,299,434 | | ||
Tractor Supply Co. | | 888 | | 172,494 | | ||
Ulta Beauty, Inc. (1) | | 283 | | 109,609 | | ||
Walgreens Boots Alliance, Inc. | | 7,968 | | 404,376 | | ||
Walmart, Inc. | | 17,537 | | 2,597,230 | | ||
Yum! Brands, Inc. | | 1,655 | | 216,855 | | ||
| | | | | | 15,667,183 | |
Semiconductors – 6.2% | | | | | | ||
Advanced Micro Devices, Inc. (1) | | 19,146 | | 2,119,845 | | ||
Analog Devices, Inc. | | 3,502 | | 570,636 | | ||
Applied Materials, Inc. | | 7,721 | | 1,043,339 | | ||
Broadcom, Inc. | | 3,563 | | 1,771,559 | | ||
Intel Corp. (2) | | 28,471 | | 1,539,142 | | ||
IPG Photonics Corp. (1)(2) | | 346 | | 59,055 | | ||
KLA Corp. | | 1,232 | | 418,831 | | ||
Lam Research Corp. | | 1,251 | | 756,630 | | ||
Marvell Technology, Inc. | | 5,835 | | 357,044 | | ||
Microchip Technology, Inc. | | 2,447 | | 385,060 | | ||
Micron Technology, Inc. | | 8,856 | | 652,687 | | ||
NVIDIA Corp. | | 29,037 | | 6,499,933 | | ||
Qorvo, Inc. (1) | | 1,008 | | 189,534 | | ||
QUALCOMM, Inc. | | 8,358 | | 1,226,035 | | ||
Skyworks Solutions, Inc. | | 1,424 | | 261,247 | | ||
Teradyne, Inc. (2) | | 1,639 | | 199,040 | | ||
Texas Instruments, Inc. | | 5,740 | | 1,095,823 | | ||
Xilinx, Inc. | | 1,354 | | 210,669 | | ||
| | | | | | 19,356,109 | |
Software – 13.6% | | | | | | ||
Activision Blizzard, Inc. | | 6,806 | | 560,610 | | ||
Adobe, Inc. (1) | | 3,984 | | 2,644,181 | | ||
Akamai Technologies, Inc. (1)(2) | | 1,121 | | 126,953 | | ||
ANSYS, Inc. (1) | | 598 | | 218,485 | | ||
Autodesk, Inc. (1) | | 2,843 | | 881,586 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Select 500 ETF
15 |
The accompanying notes are an integral part of these financial statements.
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Software – 13.6% (Continued) | | | | | | ||
Black Knight, Inc. (1) | | 1,272 | | $96,252 | | ||
Broadridge Financial Solutions, Inc. | | 759 | | 130,715 | | ||
Cadence Design Systems, Inc. (1) | | 2,057 | | 336,278 | | ||
Cerner Corp. | | 1,876 | | 143,233 | | ||
Citrix Systems, Inc. | | 918 | | 94,435 | | ||
Coupa Software, Inc. (1)(2) | | 659 | | 161,330 | | ||
DocuSign, Inc. (1) | | 2,377 | | 704,162 | | ||
Electronic Arts, Inc. | | 1,725 | | 250,487 | | ||
Fidelity National Information | | 12,530 | | 1,600,958 | | ||
Fiserv, Inc. (1)(2) | | 8,167 | | 961,991 | | ||
HubSpot, Inc. (1) | | 416 | | 284,740 | | ||
Intuit, Inc. | | 1,906 | | 1,079,006 | | ||
Jack Henry & Associates, Inc. (2) | | 492 | | 86,779 | | ||
Microsoft Corp. | | 56,582 | | 17,080,974 | | ||
MSCI, Inc. | | 536 | | 340,135 | | ||
Oracle Corp. | | 16,298 | | 1,452,641 | | ||
Palantir Technologies, Inc. - Class A (1) | | 17,073 | | 449,703 | | ||
Paychex, Inc. | | 2,021 | | 231,344 | | ||
Paycom Software, Inc. (1) | | 480 | | 234,672 | | ||
RingCentral, Inc. - Class A (1) | | 825 | | 208,114 | | ||
ROBLOX Corp. - Class A (1)(2) | | 5,790 | | 475,070 | | ||
Roper Technologies, Inc. | | 559 | | 270,154 | | ||
salesforce.com, Inc. (1) | | 13,402 | | 3,555,149 | | ||
ServiceNow, Inc. (1) | | 2,992 | | 1,925,771 | | ||
Snowflake, Inc. (1) | | 4,346 | | 1,322,705 | | ||
Splunk, Inc. (1) | | 857 | | 131,010 | | ||
SS&C Technologies Holdings, Inc. | | 1,718 | | 129,984 | | ||
Synopsys, Inc. (1) | | 1,227 | | 407,658 | | ||
Take-Two Interactive Software, Inc. (1) | | 927 | | 149,451 | | ||
Twilio, Inc. - Class A (1) | | 1,775 | | 633,604 | | ||
Tyler Technologies, Inc. (1) | | 276 | | 134,053 | | ||
Unity Software, Inc. (1)(2) | | 2,658 | | 336,901 | | ||
Veeva Systems, Inc. - Class A (1) | | 1,287 | | 427,258 | | ||
VMware, Inc. - Class A (1)(2) | | 674 | | 100,338 | | ||
Workday, Inc. - Class A (1) | | 1,980 | | 540,857 | | ||
Zoom Video Communications, Inc. - Class A (1) | | 5,327 | | 1,542,167 | | ||
| | | | | | 42,441,894 | |
Telecommunications – 2.0% | | | | | | ||
Arista Networks, Inc. (1) | | 411 | | 151,877 | | ||
AT&T, Inc. | | 42,733 | | 1,171,739 | | ||
Cisco Systems, Inc. | | 23,541 | | 1,389,390 | | ||
Corning, Inc. | | 5,196 | | 207,788 | | ||
Lumen Technologies, Inc. (2) | | 8,459 | | 104,045 | | ||
Motorola Solutions, Inc. | | 978 | | 238,847 | | ||
T-Mobile US, Inc. (1) | | 11,939 | | 1,635,882 | | ||
Ubiquiti, Inc. | | 584 | | 190,010 |
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Telecommunications – 2.0% (Continued) | | | | | | ||
Verizon Communications, Inc. | | 23,204 | | $1,276,220 | | ||
| | | | | | 6,365,798 | |
Toys, Games & Hobbies – 0.0% (3) | | | | | | ||
Hasbro, Inc. | | 998 | | 98,113 | | ||
Transportation – 1.3% | | | | | | ||
C.H. Robinson Worldwide, Inc. (2) | | 792 | | 71,327 | | ||
CSX Corp. | | 11,775 | | 383,041 | | ||
Expeditors International of | | 1,279 | | 159,415 | | ||
FedEx Corp. | | 3,058 | | 812,480 | | ||
J.B. Hunt Transport Services, Inc. | | 632 | | 112,117 | | ||
Kansas City Southern | | 507 | | 142,300 | | ||
Norfolk Southern Corp. | | 1,234 | | 312,868 | | ||
Old Dominion Freight Line, Inc. | | 629 | | 181,605 | | ||
Union Pacific Corp. | | 3,472 | | 752,868 | | ||
United Parcel Service, Inc. - Class B | | 5,565 | | 1,088,681 | | ||
| | | | | | 4,016,702 | |
Water – 0.1% | | | | | | ||
American Water Works Co., Inc. | | 1,198 | | 218,336 | | ||
Total Common Stocks | | | | | | ||
(Cost $247,683,404) | | | | 310,219,795 | | ||
Short-Term Investments – 0.2% | | | | | | ||
Money Market Funds – 0.2% | | | | | | ||
First American Government Obligations Fund - Class X, 0.030% (4) | | 495,791 | | 495,791 | | ||
Total Short-Term Investments | | | | | | ||
(Cost $495,791) | | | | 495,791 | | ||
Investments Purchased With Collateral From Securities Lending – 6.9% | | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.090% (4) | | 21,495,840 | | 21,495,840 | | ||
Total Investments Purchased With Collateral From Securities Lending | |||||||
(Cost $21,495,840) | | | | 21,495,840 | | ||
Total Investments in Securities – 106.8% | | | | | |||
(Cost $269,675,035) | | | | 332,211,426 | | ||
Liabilities in Excess of Other Assets – (6.8)% | | (21,105,645 | ) | ||||
Total Net Assets – 100.0% | | | | $311,105,781 | |
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2021. Total loaned securities had a value of $21,056,270 or 6.8% of net assets as of August 31, 2021. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)Does not round to 0.1% or (0.1)%, as applicable.
(4)The rate shown is the annualized seven-day effective yield as of August 31, 2021.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Next 500 ETF
16 |
The accompanying notes are an integral part of these financial statements.
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Common Stocks – 99.8% | | | | | | ||
Advertising – 0.3% | | | | | | ||
The Interpublic Group of Companies, Inc. | | 2,652 | | $98,734 | | ||
Aerospace & Defense – 0.5% | | | | | | ||
HEICO Corp. | | 344 | | 43,626 | | ||
Hexcel Corp. (1) | | 512 | | 29,035 | | ||
Howmet Aerospace, Inc. | | 2,305 | | 73,184 | | ||
Mercury Systems, Inc. (1) | | 666 | | 33,553 | | ||
Spirit AeroSystems Holdings, Inc. | | 516 | | 20,248 | | ||
| | | | | | 199,646 | |
Agriculture – 0.5% | | | | | | ||
Bunge Ltd. | | 1,164 | | 88,126 | | ||
Darling Ingredients, Inc. (1) | | 1,337 | | 99,607 | | ||
| | | | | | 187,733 | |
Airlines – 0.3% | | | | | | ||
Alaska Air Group, Inc. (1) | | 590 | | 33,831 | | ||
American Airlines Group, Inc. (1)(2) | | 2,344 | | 46,739 | | ||
JetBlue Airways Corp. (1) | | 1,433 | | 21,681 | | ||
| | | | | | 102,251 | |
Apparel – 1.2% | | | | | | ||
Capri Holdings Ltd. (1) | | 802 | | 45,321 | | ||
Carter’s, Inc. | | 268 | | 27,438 | | ||
Columbia Sportswear Co. | | 479 | | 48,863 | | ||
Deckers Outdoor Corp. (1) | | 224 | | 93,733 | | ||
Hanesbrands, Inc. | | 4,262 | | 79,614 | | ||
PVH Corp. (1) | | 333 | | 34,895 | | ||
Ralph Lauren Corp. - Class A | | 283 | | 32,865 | | ||
Skechers U.S.A., Inc. - Class A (1)(2) | | 943 | | 47,555 | | ||
Tapestry, Inc. | | 1,729 | | 69,713 | | ||
| | | | | | 479,997 | |
Auto Parts & Equipment – 0.7% | | | | | | ||
Allison Transmission Holdings, Inc. | | 715 | | 26,441 | | ||
BorgWarner, Inc. | | 1,822 | | 77,763 | | ||
Fox Factory Holding Corp. (1) | | 364 | | 55,936 | | ||
Gentex Corp. | | 1,750 | | 53,900 | | ||
Lear Corp. | | 531 | | 84,928 | | ||
| | | | | | 298,968 | |
Banks – 3.2% | | | | | | ||
Bank OZK | | 843 | | 35,769 | | ||
BOK Financial Corp. | | 470 | | 41,384 | | ||
Comerica, Inc. | | 812 | | 60,015 | | ||
Commerce Bancshares, Inc. | | 811 | | 57,354 | | ||
Cullen/Frost Bankers, Inc. (2) | | 414 | | 47,287 | | ||
East West Bancorp, Inc. | | 933 | | 68,426 |
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Banks – 3.2% (Continued) | | | | | | ||
First Citizens BancShares, Inc. - Class A (2) | | 73 | | $65,532 | | ||
First Financial Bankshares, Inc. | | 1,127 | | 53,668 | | ||
First Horizon Corp. (2) | | 6,146 | | 100,733 | | ||
Glacier Bancorp, Inc. | | 833 | | 44,366 | | ||
Home BancShares, Inc. | | 1,167 | | 25,849 | | ||
M&T Bank Corp. | | 840 | | 117,608 | | ||
Pinnacle Financial Partners, Inc. | | 560 | | 54,275 | | ||
Prosperity Bancshares, Inc. | | 939 | | 65,617 | | ||
Signature Bank | | 413 | | 107,103 | | ||
Synovus Financial Corp. | | 1,032 | | 44,479 | | ||
UMB Financial Corp. | | 334 | | 30,588 | | ||
United Bankshares, Inc. | | 1,129 | | 41,017 | | ||
Valley National Bancorp (2) | | 2,972 | | 38,755 | | ||
Webster Financial Corp. | | 600 | | 30,312 | | ||
Western Alliance Bancorp | | 784 | | 76,487 | | ||
Wintrust Financial Corp. | | 417 | | 31,208 | | ||
Zions Bancorp N.A. | | 1,050 | | 60,795 | | ||
| | | | | | 1,298,627 | |
Beverages – 0.3% | | | | | | ||
The Boston Beer Co., Inc. - Class A (1) | | 129 | | 73,557 | | ||
Molson Coors Brewing Co. - Class B | | 997 | | 47,388 | | ||
| | | | | | 120,945 | |
Biotechnology – 6.7% | | | | | | ||
Acceleron Pharma, Inc. (1)(2) | | 534 | | 71,492 | | ||
Arrowhead Pharmaceuticals, Inc. (1)(2) | | 490 | | 32,889 | | ||
Blueprint Medicines Corp. (1) | | 1,430 | | 133,376 | | ||
Bridgebio Pharma, Inc. (1)(2) | | 776 | | 38,885 | | ||
Denali Therapeutics, Inc. (1) | | 2,902 | | 154,386 | | ||
Exelixis, Inc. (1) | | 2,412 | | 46,238 | | ||
Fate Therapeutics, Inc. (1)(2) | | 2,070 | | 151,628 | | ||
Guardant Health, Inc. (1) | | 799 | | 101,689 | | ||
Halozyme Therapeutics, Inc. (1)(2) | | 1,945 | | 81,671 | | ||
Horizon Therapeutics PLC (1) | | 3,071 | | 331,944 | | ||
ImmunityBio, Inc. (1) | | 7,760 | | 88,309 | | ||
Ionis Pharmaceuticals, Inc. (1) | | 738 | | 29,343 | | ||
Mirati Therapeutics, Inc. (1) | | 1,175 | | 199,433 | | ||
NeoGenomics, Inc. (1)(2) | | 1,315 | | 63,935 | | ||
Novavax, Inc. (1)(2) | | 2,277 | | 543,156 | | ||
Royalty Pharma PLC - Class A | | 3,396 | | 131,255 | | ||
Twist Bioscience Corp. (1) | | 715 | | 80,945 | | ||
Ultragenyx Pharmaceutical, Inc. (1) | | 1,293 | | 124,503 | | ||
United Therapeutics Corp. (1) | | 625 | | 134,300 | | ||
Vir Biotechnology, Inc. (1)(2) | | 3,106 | | 160,083 | | ||
| | | | | | 2,699,460 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) |
SoFi Next 500 ETF
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The accompanying notes are an integral part of these financial statements.
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| Value | | ||
Building Materials – 1.9% | | | | | | ||
Armstrong World Industries, Inc. | | 359 | | $37,311 | | ||
The AZEK Co., Inc. - Class A (1) | | 999 | | 42,447 | | ||
Builders FirstSource, Inc. (1) | | 1,899 | | 101,198 | | ||
Eagle Materials, Inc. | | 474 | | 74,342 | | ||
Fortune Brands Home & Security, Inc. | | 1,052 | | 102,433 | | ||
Lennox International, Inc. | | 264 | | 88,488 | | ||
Louisiana-Pacific Corp. | | 1,683 | | 106,770 | | ||
MDU Resources Group, Inc. | | 1,540 | | 49,542 | | ||
Owens Corning | | 759 | | 72,522 | | ||
Trex Co., Inc. (1)(2) | | 979 | | 107,455 | | ||
| | | | | | 782,508 | |
Chemicals – 1.5% | | | | | | ||
Ashland Global Holdings, Inc. | | 352 | | 32,071 | | ||
Axalta Coating Systems Ltd. (1)(2) | | 1,761 | | 53,781 | | ||
CF Industries Holdings, Inc. | | 1,442 | | 65,495 | | ||
Huntsman Corp. | | 1,456 | | 38,482 | | ||
The Mosaic Co. | | 3,237 | | 104,167 | | ||
Olin Corp. | | 452 | | 22,528 | | ||
RPM International, Inc. | | 1,000 | | 82,290 | | ||
Valvoline, Inc. | | 1,225 | | 36,946 | | ||
W.R. Grace & Co. | | 1,404 | | 97,774 | | ||
Westlake Chemical Corp. | | 943 | | 82,371 | | ||
| | | | | �� | 615,905 | |
Commercial Services – 5.4% | | | | | | ||
ADT, Inc. | | 5,643 | | 48,304 | | ||
Affirm Holdings, Inc. - Class A (1)(2) | | 2,039 | | 196,437 | | ||
ASGN, Inc. (1) | | 413 | | 46,334 | | ||
Bright Horizons Family Solutions, Inc. (1) | | 612 | | 89,205 | | ||
Chegg, Inc. (1)(2) | | 4,385 | | 364,920 | | ||
Dun & Bradstreet Holdings, Inc. (1) | | 6,126 | | 112,290 | | ||
Euronet Worldwide, Inc. (1) | | 1,252 | | 166,804 | | ||
FTI Consulting, Inc. (1)(2) | | 261 | | 36,464 | | ||
Grand Canyon Education, Inc. (1) | | 385 | | 34,319 | | ||
GXO Logistics, Inc. (1)(2) | | 1,059 | | 86,616 | | ||
HealthEquity, Inc. (1)(2) | | 736 | | 47,229 | | ||
ManpowerGroup, Inc. | | 901 | | 109,399 | | ||
Nielsen Holdings PLC | | 8,765 | | 188,097 | | ||
Paylocity Holding Corp. (1) | | 532 | | 143,214 | | ||
Quanta Services, Inc. | | 977 | | 99,752 | | ||
R1 RCM, Inc. (1) | | 4,463 | | 88,010 | | ||
Robert Half International, Inc. | | 687 | | 71,036 | | ||
Service Corp. International | | 1,277 | | 80,145 | | ||
Terminix Global Holdings, Inc. (1) | | 1,486 | | 61,862 | | ||
TriNet Group, Inc. (1) | | 536 | | 49,355 | | ||
WEX, Inc. (1)(2) | | 309 | | 56,723 | | ||
| | | | | | 2,176,515 |
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| Value | | ||
Computers – 1.7% | | | | | | ||
Amdocs Ltd. | | 1,017 | | $78,340 | | ||
CACI International, Inc. (1) | | 188 | | 48,418 | | ||
DXC Technology Co. (1) | | 1,700 | | 62,424 | | ||
Genpact Ltd. | | 1,423 | | 73,825 | | ||
Lumentum Holdings, Inc. (1)(2) | | 1,467 | | 127,101 | | ||
Maximus, Inc. | | 504 | | 43,893 | | ||
NCR Corp. (1)(2) | | 2,601 | | 110,490 | | ||
Parsons Corp. (1)(2) | | 785 | | 27,813 | | ||
Pure Storage, Inc. (1)(2) | | 2,535 | | 65,479 | | ||
Science Applications International Corp. (2) | 469 | | 39,504 | | |||
| | | | | | 677,287 | |
Cosmetics & Personal Care – 0.1% | | | | | | ||
Coty, Inc. (1) | | 4,495 | | 43,916 | | ||
Distribution & Wholesale – 0.9% | | | | | | ||
IAA, Inc. (1) | | 1,041 | | 55,298 | | ||
Pool Corp. | | 325 | | 160,648 | | ||
SiteOne Landscape Supply, Inc. (1) | | 354 | | 70,835 | | ||
Watsco, Inc. | | 248 | ��� | 69,048 | | ||
| | | | | | 355,829 | |
Diversified Financial Services – 4.3% | | | | | | ||
Affiliated Managers Group, Inc. | | 660 | | 112,273 | | ||
Air Lease Corp. | | 808 | | 32,110 | | ||
Ally Financial, Inc. | | 2,514 | | 132,991 | | ||
Apollo Global Management, Inc. - Class A (2) | | 2,664 | | 159,254 | | ||
Credit Acceptance Corp. (1) | | 119 | | 68,982 | | ||
Evercore, Inc. - Class A | | 349 | | 48,734 | | ||
Interactive Brokers Group, Inc. - Class A | | 721 | | 46,605 | | ||
Invesco Ltd. | | 3,507 | | 88,797 | | ||
Jefferies Financial Group, Inc. | | 2,382 | | 88,039 | | ||
Lazard Ltd. | | 896 | | 42,470 | | ||
LPL Financial Holdings, Inc. | | 556 | | 82,205 | | ||
OneMain Holdings, Inc. | | 1,072 | | 61,994 | | ||
Santander Consumer USA Holdings, Inc. | | 2,133 | | 89,010 | | ||
SEI Investments Co. | | 1,080 | | 67,835 | | ||
SLM Corp. | | 2,346 | | 43,987 | | ||
Stifel Financial Corp. | | 799 | | 55,211 | | ||
Tradeweb Markets, Inc. - Class A | | 1,032 | | 89,794 | | ||
Upstart Holdings, Inc. (1) | | 1,757 | | 402,564 | | ||
| | | | | | 1,712,855 | |
Electric – 1.2% | | | | | | ||
Black Hills Corp. | | 495 | | 34,813 | | ||
Hawaiian Electric Industries, Inc. | | 761 | | 33,180 | | ||
IDACORP, Inc. (2) | | 376 | | 39,612 | | ||
NRG Energy, Inc. | | 1,865 | | 85,175 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Next 500 ETF
18 |
The accompanying notes are an integral part of these financial statements.
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| Value | | ||
Electric – 1.2% (Continued) | | | | | | ||
OGE Energy Corp. | | 1,668 | | $59,064 | | ||
Ormat Technologies, Inc. (1) | | 440 | | 31,297 | | ||
Pinnacle West Capital Corp. (2) | | 869 | | 66,826 | | ||
PNM Resources, Inc. | | 765 | | 37,867 | | ||
Portland General Electric Co. | | 696 | | 35,740 | | ||
Vistra Corp. | | 3,593 | | 68,590 | | ||
| | | | | | 492,164 | |
Electrical Components & Equipment – 1.0% | | | | | |||
Acuity Brands, Inc. | | 224 | | 41,335 | | ||
Generac Holdings, Inc. (1) | | 562 | | 245,583 | | ||
Littelfuse, Inc. | | 191 | | 54,511 | | ||
Universal Display Corp. | | 382 | | 79,681 | | ||
| | | | | | 421,110 | |
Electronics – 2.5% | | | | | | ||
Allegion PLC | | 642 | | 92,442 | | ||
Arrow Electronics, Inc. (1) | | 851 | | 103,158 | | ||
Avnet, Inc. | | 909 | | 36,778 | | ||
Coherent, Inc. (1) | | 78 | | 19,708 | | ||
Hubbell, Inc. | | 362 | | 74,612 | | ||
II-VI, Inc. (1)(2) | | 2,116 | | 133,266 | | ||
Jabil, Inc. | | 1,509 | | 93,226 | | ||
National Instruments Corp. | | 1,054 | | 44,078 | | ||
nVent Electric PLC | | 1,796 | | 61,711 | | ||
Sensata Technologies Holding PLC (1) | | 1,245 | | 73,679 | | ||
SYNNEX Corp. | | 388 | | 49,303 | | ||
Trimble, Inc. (1) | | 1,845 | | 173,836 | | ||
Woodward, Inc. | | 392 | | 47,408 | | ||
| | | | | | 1,003,205 | |
Energy - Alternate Sources – 1.4% | | | | | | ||
Enphase Energy, Inc. (1) | | 1,565 | | 271,887 | | ||
First Solar, Inc. (1)(2) | | 1,274 | | 119,756 | | ||
NextEra Energy Partners LP (2) | | 884 | | 70,658 | | ||
Plug Power, Inc. (1) | | 2,508 | | 65,359 | | ||
Sunrun, Inc. (1)(2) | | 1,149 | | 50,843 | | ||
| | | | | | 578,503 | |
Engineering & Construction – 1.0% | | | | | | ||
AECOM (1) | | 1,117 | | 73,230 | | ||
EMCOR Group, Inc. | | 414 | | 50,301 | | ||
Exponent, Inc. | | 385 | | 45,006 | | ||
Frontdoor, Inc. (1) | | 719 | | 31,363 | | ||
MasTec, Inc. (1) | | 459 | | 41,971 | | ||
TopBuild Corp. (1)(2) | | 259 | | 56,667 | | ||
WillScot Mobile Mini Holdings Corp. (1) | | 4,005 | | 118,548 | | ||
| | | | | | 417,086 |
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Entertainment – 1.3% | | | | | | ||
Caesars Entertainment, Inc. (1)(2) | | 677 | | $68,804 | | ||
Churchill Downs, Inc. | | 666 | | 140,193 | | ||
Marriott Vacations Worldwide Corp. (1)(2) | | 232 | | 34,696 | | ||
Penn National Gaming, Inc. (1)(2) | | 464 | | 37,630 | | ||
Vail Resorts, Inc. | | 846 | | 257,903 | | ||
| | | | | | 539,226 | |
Environmental Control – 0.6% | | | | | | ||
Clean Harbors, Inc. (1) | | 369 | | 37,867 | | ||
Pentair PLC | | 1,220 | | 94,135 | | ||
Stericycle, Inc. (1)(2) | | 899 | | 62,570 | | ||
Tetra Tech, Inc. | | 408 | | 58,687 | | ||
| | | | | | 253,259 | |
Food – 2.0% | | | | | | ||
Albertsons Companies, Inc. | | 4,472 | | 135,770 | | ||
Beyond Meat, Inc. (1)(2) | | 513 | | 61,375 | | ||
Flowers Foods, Inc. | | 1,729 | | 41,721 | | ||
The Hain Celestial Group, Inc. (1)(2) | | 2,157 | | 80,693 | | ||
Ingredion, Inc. | | 496 | | 43,579 | | ||
Lamb Weston Holdings, Inc. | | 1,037 | | 67,561 | | ||
Lancaster Colony Corp. | | 208 | | 36,866 | | ||
Performance Food Group Co. (1)(2) | | 1,188 | | 59,661 | | ||
Pilgrim’s Pride Corp. (1) | | 2,506 | | 69,767 | | ||
Post Holdings, Inc. (1)(2) | | 1,309 | | 146,490 | | ||
US Foods Holding Corp. (1) | | 1,602 | | 54,468 | | ||
| | | | | | 797,951 | |
Food Service – 0.1% | | | | | | ||
Aramark | | 1,387 | | 48,254 | | ||
Gas – 1.0% | | | | | | ||
National Fuel Gas Co. | | 778 | | 40,308 | | ||
NiSource, Inc. | | 9,000 | | 221,850 | | ||
ONE Gas, Inc. | | 397 | | 28,513 | | ||
Southwest Gas Holdings, Inc. | | 476 | | 33,468 | | ||
UGI Corp. | | 1,527 | | 70,715 | | ||
| | | | | | 394,854 | |
Hand & Machine Tools – 0.4% | | | | | | ||
Lincoln Electric Holdings, Inc. | | 394 | | 55,006 | | ||
MSA Safety, Inc. | | 283 | | 46,084 | | ||
Regal Beloit Corp. (2) | | 283 | | 42,286 | | ||
| | | | | | 143,376 | |
Healthcare - Products – 4.8% | | | | | | ||
10X Genomics, Inc. - Class A (1) | | 302 | | 53,128 | | ||
Adaptive Biotechnologies Corp. (1)(2) | | 1,173 | | 42,603 | | ||
Avantor, Inc. (1) | | 7,483 | | 295,129 | | ||
Bio-Techne Corp. (2) | | 320 | | 159,725 | | ||
Bruker Corp. | | 1,115 | | 98,466 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Next 500 ETF
19 |
The accompanying notes are an integral part of these financial statements.
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Healthcare - Products – 4.8% (Continued) | | | | | |||
Envista Holdings Corp. (1)(2) | | 1,916 | | $81,986 | | ||
Globus Medical, Inc. - Class A (1) | | 572 | | 46,675 | | ||
Henry Schein, Inc. (1) | | 974 | | 73,625 | | ||
Hill-Rom Holdings, Inc. | | 592 | | 86,183 | | ||
ICU Medical, Inc. (1) | | 166 | | 33,092 | | ||
Inspire Medical Systems, Inc. (1) | | 299 | | 66,844 | | ||
Integra LifeSciences Holdings Corp. (1) | | 752 | | 56,573 | | ||
Natera, Inc. (1)(2) | | 739 | | 87,520 | | ||
Neogen Corp. (1) | | 834 | | 36,513 | | ||
Nevro Corp. (1) | | 248 | | 30,256 | | ||
Omnicell, Inc. (1)(2) | | 337 | | 52,326 | | ||
Penumbra, Inc. (1) | | 332 | | 91,283 | | ||
Quidel Corp. (1) | | 1,386 | | 178,725 | | ||
Repligen Corp. (1) | | 745 | | 210,820 | | ||
STAAR Surgical Co. (1)(2) | | 392 | | 60,552 | | ||
Tandem Diabetes Care, Inc. (1) | | 701 | | 78,631 | | ||
| | | | | | 1,920,655 | |
Healthcare - Services – 2.5% | | | | | | ||
Amedisys, Inc. (1) | | 303 | | 55,585 | | ||
Charles River Laboratories International, Inc. (1) | | 400 | | 177,544 | | ||
Chemed Corp. | | 130 | | 61,971 | | ||
Encompass Health Corp. | | 763 | | 59,857 | | ||
Invitae Corp. (1)(2) | | 1,840 | | 54,519 | | ||
LHC Group, Inc. (1) | | 265 | | 49,491 | | ||
Medpace Holdings, Inc. (1) | | 342 | | 62,364 | | ||
Oak Street Health, Inc. (1)(2) | | 2,557 | | 119,489 | | ||
PPD, Inc. (1) | | 4,312 | | 199,689 | | ||
Sotera Health Co. (1) | | 3,884 | | 95,003 | | ||
Syneos Health, Inc. (1) | | 944 | | 87,584 | | ||
| | | | | | 1,023,096 | |
Home Builders – 0.3% | | | | | | ||
Thor Industries, Inc. | | 449 | | 50,930 | | ||
Toll Brothers, Inc. | | 862 | | 55,220 | | ||
| | | | | | 106,150 | |
Home Furnishings – 0.5% | | | | | | ||
Dolby Laboratories, Inc. - Class A | | 527 | | 52,231 | | ||
Leggett & Platt, Inc. | | 835 | | 40,406 | | ||
Tempur Sealy International, Inc. | | 1,975 | | 88,282 | | ||
| | | | | | 180,919 | |
Household Products & Wares – 0.6% | | | | | | ||
Avery Dennison Corp. | | 619 | | 139,517 | | ||
Helen of Troy Ltd. (1) | | 239 | | 57,166 | | ||
Reynolds Consumer Products, Inc. | | 1,797 | | 50,819 | | ||
| | | | | | 247,502 |
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Housewares – 0.4% | | | | | | ||
Newell Brands, Inc. | | 2,210 | | $56,156 | | ||
The Scotts Miracle-Gro Co. | | 541 | | 84,845 | | ||
| | | | | | 141,001 | |
Insurance – 3.4% | | | | | | ||
American Financial Group, Inc. | | 657 | | 90,627 | | ||
Assurant, Inc. | | 458 | | 77,910 | | ||
Athene Holding Ltd. (1) | | 1,225 | | 82,038 | | ||
Axis Capital Holdings Ltd. | | 698 | | 35,717 | | ||
Equitable Holdings, Inc. | | 5,590 | | 173,346 | | ||
Erie Indemnity Co. - Class A | | 374 | | 66,232 | | ||
Essent Group Ltd. | | 881 | | 41,477 | | ||
Fidelity National Financial, Inc. | | 2,679 | | 130,815 | | ||
First American Financial Corp. | | 853 | | 60,162 | | ||
The Hanover Insurance Group, Inc. | | 251 | | 35,469 | | ||
Kemper Corp. | | 513 | | 35,192 | | ||
Lincoln National Corp. | | 1,631 | | 111,968 | | ||
MGIC Investment Corp. (2) | | 2,391 | | 36,511 | | ||
Old Republic International Corp. | | 2,029 | | 52,754 | | ||
Primerica, Inc. | | 307 | | 46,953 | | ||
Radian Group, Inc. | | 1,384 | | 32,704 | | ||
Reinsurance Group of America, Inc. | | 523 | | 60,574 | | ||
RLI Corp. | | 334 | | 36,483 | | ||
Selective Insurance Group, Inc. | | 464 | | 38,776 | | ||
Unum Group | | 1,586 | | 42,219 | | ||
Voya Financial, Inc. | | 993 | | 64,525 | | ||
| | | | | | 1,352,452 | |
Internet – 1.8% | | | | | | ||
Airbnb, Inc. - Class A (1) | | 536 | | 83,075 | | ||
Anaplan, Inc. (1) | | 1,468 | | 88,051 | | ||
Bumble, Inc. - Class A (1)(2) | | 918 | | 50,031 | | ||
Chewy, Inc. - Class A (1)(2) | | 1,295 | | 114,115 | | ||
ContextLogic, Inc. - Class A (1)(2) | | 3,160 | | 22,784 | | ||
Opendoor Technologies, Inc. (1) | | 4,421 | | 78,384 | | ||
Proofpoint, Inc. (1) | | 424 | | 74,624 | | ||
Q2 Holdings, Inc. (1)(2) | | 547 | | 48,185 | | ||
TripAdvisor, Inc. - Class A (1) | | 610 | | 21,350 | | ||
Zendesk, Inc. (1) | | 1,237 | | 152,893 | | ||
| | | | | | 733,492 | |
Iron & Steel – 1.2% | | | | | | ||
Cleveland-Cliffs, Inc. (1)(2) | | 12,447 | | 292,131 | | ||
Reliance Steel & Aluminum Co. | | 389 | | 58,366 | | ||
Steel Dynamics, Inc. | | 1,402 | | 94,621 | | ||
United States Steel Corp. | | 1,562 | | 41,783 | | ||
| | | | | | 486,901 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Next 500 ETF
20 |
The accompanying notes are an integral part of these financial statements.
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| Value | | ||
Leisure Time – 1.3% | | | | | | ||
Brunswick Corp. | | 1,165 | | $112,854 | | ||
Harley-Davidson, Inc. (2) | | 3,197 | | 126,377 | | ||
Norwegian Cruise Line Holdings Ltd. (1)(2) | 1,442 | | 37,261 | | |||
Planet Fitness, Inc. - Class A (1) | | 872 | | 70,894 | | ||
Polaris, Inc. | | 610 | | 73,054 | | ||
YETI Holdings, Inc. (1) | | 927 | | 92,088 | | ||
| | | | | | 512,528 | |
Lodging – 0.3% | | | | | | ||
Boyd Gaming Corp. (1)(2) | | 682 | | 41,854 | | ||
Choice Hotels International, Inc. (2) | | 353 | | 42,134 | | ||
Wyndham Hotels & Resorts, Inc. (2) | | 571 | | 41,512 | | ||
| | | | | | 125,500 | |
Machinery - Construction & Mining – 0.5% | | | | | |||
BWX Technologies, Inc. | | 811 | | 46,576 | | ||
Oshkosh Corp. | | 419 | | 48,009 | | ||
Vertiv Holdings Co. | | 3,400 | | 95,778 | | ||
| | | | | | 190,363 | |
Machinery - Diversified – 2.2% | | | | | | ||
AGCO Corp. | | 740 | | 101,839 | | ||
Cognex Corp. | | 1,576 | | 139,665 | | ||
Colfax Corp. (1) | | 2,279 | | 109,779 | | ||
Crane Co. | | 428 | | 43,558 | | ||
Curtiss-Wright Corp. | | 293 | | 35,681 | | ||
Flowserve Corp. | | 907 | | 35,255 | | ||
Gates Industrial Corp. PLC (1) | | 2,310 | | 37,838 | | ||
Graco, Inc. | | 1,262 | | 98,966 | | ||
The Middleby Corp. (1) | | 389 | | 71,164 | | ||
Nordson Corp. | | 437 | | 104,268 | | ||
The Toro Co. | | 856 | | 94,109 | | ||
| | | | | | 872,122 | |
Media – 1.1% | | | | | | ||
Altice USA, Inc. - Class A (1) | | 2,677 | | 73,457 | | ||
Discovery, Inc. - Class A (1)(2) | | 1,228 | | 35,416 | | ||
Fox Corp. - Class A | | 2,745 | | 102,773 | | ||
The New York Times Co. - Class A | | 1,394 | | 70,787 | | ||
News Corp. - Class A | | 2,288 | | 51,411 | | ||
Nexstar Media Group, Inc. | | 591 | | 88,502 | | ||
| | | | | | 422,346 | |
Metal Fabricate & Hardware – 0.6% | | | | | | ||
Advanced Drainage Systems, Inc. | | 783 | | 89,379 | | ||
RBC Bearings, Inc. (1) | | 167 | | 38,664 | | ||
Rexnord Corp. | | 893 | | 54,259 | | ||
The Timken Co. | | 509 | | 37,432 | | ||
Valmont Industries, Inc. | | 157 | | 39,071 | | ||
| | | | | | 258,805 |
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| Value | | ||
Mining – 0.4% | | | | | | ||
Alcoa Corp. (1) | | 1,801 | | $79,910 | | ||
Royal Gold, Inc. (2) | | 612 | | 68,134 | | ||
| | | | | | 148,044 | |
Miscellaneous Manufacturers – 1.1% | | | | | | ||
A.O. Smith Corp. - Class A | | 938 | | 68,211 | | ||
Axon Enterprise, Inc. (1) | | 963 | | 175,141 | | ||
Carlisle Companies, Inc. | | 330 | | 69,544 | | ||
Donaldson Co., Inc. | | 869 | | 58,875 | | ||
ITT, Inc. (2) | | 719 | | 68,787 | | ||
| | | | | | 440,558 | |
Office & Business Equipment – 0.1% | | | | | | ||
Xerox Holdings Corp. | | 1,265 | | 28,475 | | ||
Oil & Gas – 1.0% | | | | | | ||
APA Corp. | | 1,967 | | 38,317 | | ||
Cabot Oil & Gas Corp. | | 2,481 | | 39,423 | | ||
Cimarex Energy Co. (2) | | 258 | | 16,569 | | ||
Continental Resources, Inc. | | 1,795 | | 70,507 | | ||
Devon Energy Corp. | | 1,714 | | 50,649 | | ||
Diamondback Energy, Inc. | | 488 | | 37,644 | | ||
EQT Corp. (1) | | 1,596 | | 29,255 | | ||
HollyFrontier Corp. | | 893 | | 28,871 | | ||
Marathon Oil Corp. | | 3,332 | | 39,151 | | ||
Texas Pacific Land Corp. | | 40 | | 54,390 | | ||
| | | | | | 404,776 | |
Oil & Gas Services – 0.1% | | | | | | ||
NOV, Inc. (1) | | 2,132 | | 28,078 | | ||
Packaging & Containers – 1.2% | | | | | | ||
AptarGroup, Inc. | | 495 | | 66,726 | | ||
Berry Global Group, Inc. (1) | | 1,247 | | 83,761 | | ||
Crown Holdings, Inc. | | 1,020 | | 111,986 | | ||
Graphic Packaging Holding Co. | | 2,341 | | 48,037 | | ||
Sealed Air Corp. | | 1,064 | | 64,936 | | ||
Silgan Holdings, Inc. | | 969 | | 41,115 | | ||
Sonoco Products Co. | | 733 | | 47,865 | | ||
| | | | | | 464,426 | |
Pharmaceuticals – 1.0% | | | | | | ||
Herbalife Nutrition Ltd. (1)(2) | | 1,011 | | 51,905 | | ||
Jazz Pharmaceuticals PLC (1) | | 555 | | 73,099 | | ||
Neurocrine Biosciences, Inc. (1) | | 1,785 | | 169,932 | | ||
Perrigo Co. PLC (2) | | 1,109 | | 45,413 | | ||
Sarepta Therapeutics, Inc. (1) | | 825 | | 64,449 | | ||
| | | | | | 404,798 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Next 500 ETF
21 |
The accompanying notes are an integral part of these financial statements.
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| Value | | ||
Pipelines – 0.3% | | | | | | ||
New Fortress Energy, Inc. (2) | | 2,738 | | $80,415 | | ||
Targa Resources Corp. | | 977 | | 42,910 | | ||
| | | | | | 123,325 | |
Private Equity – 0.6% | | | | | | ||
Ares Management Corp. | | 1,375 | | 106,122 | | ||
The Carlyle Group, Inc. | | 2,399 | | 118,463 | | ||
| | | | | | 224,585 | |
Real Estate – 0.6% | | | | | | ||
Compass, Inc. - Class A (1)(2) | | 4,514 | | 71,818 | | ||
The Howard Hughes Corp. (1) | | 283 | | 25,620 | | ||
Jones Lang LaSalle, Inc. (1)(2) | | 342 | | 82,911 | | ||
Redfin Corp. (1)(2) | | 1,090 | | 52,941 | | ||
| | | | | | 233,290 | |
Real Estate Investment Trusts (REITs) – 8.1% | | | | ||||
AGNC Investment Corp. (2) | | 3,498 | | 57,052 | | ||
Agree Realty Corp. (2) | | 664 | | 49,501 | | ||
American Campus Communities, Inc. | | 944 | | 48,002 | | ||
American Homes 4 Rent - Class A (2) | | 2,280 | | 95,623 | | ||
Americold Realty Trust | | 3,169 | | 116,429 | | ||
Apartment Income REIT Corp. | | 994 | | 50,515 | | ||
Blackstone Mortgage Trust, Inc. - Class A | | 1,126 | | 36,944 | | ||
Brixmor Property Group, Inc. | | 2,001 | | 46,923 | | ||
Camden Property Trust | | 751 | | 112,680 | | ||
CoreSite Realty Corp. | | 364 | | 54,007 | | ||
Cousins Properties, Inc. (2) | | 1,508 | | 58,149 | | ||
CubeSmart | | 1,502 | | 80,357 | | ||
CyrusOne, Inc. | | 915 | | 70,437 | | ||
Douglas Emmett, Inc. | | 1,172 | | 38,688 | | ||
EastGroup Properties, Inc. | | 322 | | 58,044 | | ||
Equity LifeStyle Properties, Inc. | | 1,346 | | 114,504 | | ||
Federal Realty Investment Trust | | 495 | | 60,276 | | ||
First Industrial Realty Trust, Inc. | | 963 | | 53,918 | | ||
Gaming and Leisure Properties, Inc. | | 1,787 | | 88,099 | | ||
Healthcare Realty Trust, Inc. (2) | | 1,225 | | 36,787 | | ||
Healthcare Trust of America, Inc. (2) | | 2,130 | | 64,603 | | ||
Highwoods Properties, Inc. (2) | | 870 | | 39,750 | | ||
Hudson Pacific Properties, Inc. | | 2,737 | | 72,202 | | ||
JBG SMITH Properties | | 776 | | 23,381 | | ||
Kilroy Realty Corp. | | 952 | | 62,499 | | ||
Kimco Realty Corp. (2) | | 3,226 | | 70,295 | | ||
Lamar Advertising Co. - Class A | | 572 | | 65,111 | | ||
Life Storage, Inc. | | 592 | | 73,669 | | ||
Medical Properties Trust, Inc. | | 14,473 | | 296,407 | | ||
MGM Growth Properties, LLC - Class A | | 842 | | 34,909 | | ||
National Retail Properties, Inc. | | 1,346 | | 64,083 |
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| Value | | ||
Real Estate Investment Trusts (REITs) – 8.1% (Continued) | |||||||
New Residential Investment Corp. | | 2,167 | | $23,664 | | ||
Omega Healthcare Investors, Inc. | | 1,922 | | 64,445 | | ||
PS Business Parks, Inc. | | 200 | | 31,446 | | ||
QTS Realty Trust, Inc. - Class A (2) | | 1,777 | | 138,571 | | ||
Rayonier, Inc. (2) | | 1,223 | | 44,982 | | ||
Regency Centers Corp. (2) | | 1,339 | | 91,882 | | ||
Rexford Industrial Realty, Inc. | | 1,123 | | 69,547 | | ||
SL Green Realty Corp. | | 472 | | 33,078 | | ||
STAG Industrial, Inc. - Class A | | 1,812 | | 76,557 | | ||
Starwood Property Trust, Inc. | | 2,023 | | 52,193 | | ||
STORE Capital Corp. | | 2,099 | | 75,711 | | ||
Terreno Realty Corp. | | 530 | | 35,409 | | ||
VEREIT, Inc. | | 1,914 | | 96,714 | | ||
VICI Properties, Inc. (2) | | 5,646 | | 174,518 | | ||
Vornado Realty Trust | | 1,409 | | 59,009 | | ||
| | | | | | 3,261,570 | |
Retail – 4.8% | | | | | | ||
American Eagle Outfitters, Inc. (2) | | 1,175 | | 35,861 | | ||
AutoNation, Inc. (1)(2) | | 564 | | 61,527 | | ||
Bath & Body Works, Inc. (1) | | 2,847 | | 192,116 | | ||
BJ’s Wholesale Club Holdings, Inc. (1) | | 1,249 | | 70,768 | | ||
Carvana Co. - Class A (1)(2) | | 694 | | 227,674 | | ||
Casey’s General Stores, Inc. | | 249 | | 50,935 | | ||
Five Below, Inc. (1) | | 449 | | 95,552 | | ||
Floor & Decor Holdings, Inc. (1) | | 922 | | 113,683 | | ||
Foot Locker, Inc. | | 698 | | 39,570 | | ||
Freshpet, Inc. (1) | | 657 | | 84,188 | | ||
GameStop Corp. (1) | | 496 | | 108,247 | | ||
The Gap, Inc. | | 2,125 | | 56,801 | | ||
Kohl’s Corp. | | 1,215 | | 69,741 | | ||
Lithia Motors, Inc. - Class A (2) | | 225 | | 74,542 | | ||
MSC Industrial Direct Co., Inc. - Class A | | 319 | | 26,863 | | ||
Nordstrom, Inc. (1) | | 823 | | 23,546 | | ||
Ollie’s Bargain Outlet Holdings, Inc. (1) | | 690 | | 49,942 | | ||
Penske Automotive Group, Inc. (2) | | 550 | | 49,461 | | ||
Qurate Retail, Inc. - Series A | | 4,164 | | 45,929 | | ||
RH (1)(2) | | 182 | | 127,522 | | ||
Texas Roadhouse, Inc. | | 640 | | 60,800 | | ||
Victoria’s Secret & Co. (1) | | 949 | | 62,919 | | ||
The Wendy’s Co. | | 1,663 | | 38,282 | | ||
Williams-Sonoma, Inc. | | 684 | | 127,703 | | ||
Wingstop, Inc. | | 268 | | 46,077 | | ||
| | | | | | 1,940,249 | |
Savings & Loans – 0.4% | | | | | | ||
New York Community Bancorp, Inc. (2) | | 3,481 | | 43,582 | | ||
People’s United Financial, Inc. | | 3,179 | | 52,231 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Next 500 ETF
22 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | | ||
Savings & Loans – 0.4% (Continued) | | | | | | ||
Sterling Bancorp | | 1,165 | | $26,667 | | ||
TFS Financial Corp. | | 2,079 | | 41,559 | | ||
| | | | | | 164,039 | |
Semiconductors – 2.9% | | | | | | ||
Brooks Automation, Inc. | | 974 | | 82,751 | | ||
Cirrus Logic, Inc. (1) | | 557 | | 46,604 | | ||
CMC Materials, Inc. | | 276 | | 36,603 | | ||
Cree, Inc. (1)(2) | | 747 | | 63,480 | | ||
Entegris, Inc. (2) | | 1,227 | | 147,412 | | ||
Lattice Semiconductor Corp. (1) | | 1,335 | | 82,930 | | ||
MKS Instruments, Inc. | | 612 | | 90,074 | | ||
Monolithic Power Systems, Inc. | | 551 | | 272,706 | | ||
ON Semiconductor Corp. (1) | | 3,989 | | 176,952 | | ||
Semtech Corp. (1) | | 704 | | 49,224 | | ||
Silicon Laboratories, Inc. (1) | | 851 | | 134,135 | | ||
| | | | | | 1,182,871 | |
Shipbuilding – 0.2% | | | | | | ||
Huntington Ingalls Industries, Inc. | | 304 | | 62,068 | | ||
Software – 11.6% | | | | | | ||
ACI Worldwide, Inc. (1)(2) | | 1,046 | | 33,713 | | ||
Alteryx, Inc. - Class A (1) | | 498 | | 36,837 | | ||
Aspen Technology, Inc. (1)(2) | | 676 | | 87,542 | | ||
Avalara, Inc. (1)(2) | | 929 | | 166,941 | | ||
Bentley Systems, Inc. - Class B | | 2,231 | | 143,877 | | ||
Bill.com Holdings, Inc. (1) | | 724 | | 198,659 | | ||
Blackline, Inc. (1) | | 610 | | 66,551 | | ||
C3.ai, Inc. - Class A (1) | | 1,180 | | 60,817 | | ||
CDK Global, Inc. | | 890 | | 37,024 | | ||
Ceridian HCM Holding, Inc. (1) | | 1,629 | | 183,018 | | ||
Change Healthcare, Inc. (1) | | 4,129 | | 90,136 | | ||
Cloudflare, Inc. - Class A (1) | | 2,714 | | 327,688 | | ||
Concentrix Corp. (1) | | 454 | | 78,719 | | ||
Datadog, Inc. - Class A (1)(2) | | 3,695 | | 509,171 | | ||
Digital Turbine, Inc. (1)(2) | | 2,159 | | 126,194 | | ||
Dropbox, Inc. - Class A (1) | | 2,428 | | 76,992 | | ||
Dynatrace, Inc. (1) | | 3,331 | | 228,940 | | ||
Elastic NV (1) | | 1,117 | | 178,217 | | ||
Everbridge, Inc. (1)(2) | | 364 | | 57,137 | | ||
Fair Isaac Corp. (1) | | 262 | | 120,452 | | ||
Fastly, Inc. - Class A (1)(2) | | 1,200 | | 52,320 | | ||
Five9, Inc. (1) | | 369 | | 58,387 | | ||
Guidewire Software, Inc. (1) | | 830 | | 98,322 | | ||
J2 Global, Inc. (1)(2) | | 405 | | 55,769 | | ||
Manhattan Associates, Inc. (1) | | 420 | | 68,456 | | ||
Medallia, Inc. (1) | | 1,299 | | 43,867 | | ||
MongoDB, Inc. - Class A (1) | | 681 | | 266,836 |
|
| Shares |
| Value | | ||
Software – 11.6% (Continued) | | | | | | ||
N-Able, Inc. (1)(2) | | 2,727 | | $36,896 | | ||
nCino, Inc. (1) | | 1,110 | | 68,831 | | ||
Nuance Communications, Inc. (1) | | 6,234 | | 343,182 | | ||
Nutanix, Inc. - Class A (1) | | 1,530 | | 56,472 | | ||
Pegasystems, Inc. | | 839 | | 115,472 | | ||
PTC, Inc. (1) | | 2,442 | | 321,514 | | ||
Smartsheet, Inc. (1) | | 1,295 | | 103,043 | | ||
SolarWinds Corp. | | 2,945 | | 50,271 | | ||
Teradata Corp. (1)(2) | | 1,286 | | 70,331 | | ||
Zynga, Inc. (1) | | 5,391 | | 47,710 | | ||
| | | | | | 4,666,304 | |
Telecommunications – 0.5% | | | | | | ||
Ciena Corp. (1) | | 1,233 | | 70,441 | | ||
Iridium Communications, Inc. (1) | | 1,172 | | 52,166 | | ||
Juniper Networks, Inc. | | 2,532 | | 73,377 | | ||
| | | | | | 195,984 | |
Textiles – 0.2% | | | | | | ||
Mohawk Industries, Inc. (1) | | 458 | | 90,574 | | ||
Toys, Games & Hobbies – 0.2% | | | | | | ||
Mattel, Inc. (1)(2) | | 3,218 | | 68,704 | | ||
Transportation – 0.6% | | | | | | ||
Knight-Swift Transportation Holdings, Inc. | | 1,218 | | 63,251 | | ||
Landstar System, Inc. | | 282 | | 47,384 | | ||
Saia, Inc. (1) | | 207 | | 49,707 | | ||
XPO Logistics, Inc. (1) | | 1,059 | | 92,038 | | ||
| | | | | | 252,380 | |
Water – 0.4% | | | | | | ||
Essential Utilities, Inc. | | 3,241 | | 160,851 | | ||
Total Common Stocks | | | | | | ||
(Cost $34,555,388) | | | | 40,059,945 | | ||
Escrow Units – 0.0% (3) | | | | | | ||
Healthcare - Products – 0.0% (3) | | | | | | ||
Wright Medical Group N.V. (1) | | 776 | | — | | ||
Total Escrow Units | | | | | | ||
(Cost $0) | | | | — | | ||
Short-Term Investments – 0.1% | | | | | | ||
Money Market Funds – 0.1% | | | | | | ||
First American Government Obligations Fund - Class X, 0.030% (4) | | 32,318 | | 32,318 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Next 500 ETF
23 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
|
| Shares |
| Value | | ||
Total Short-Term Investments | | | | | | ||
(Cost $32,318) | | | | $32,318 | | ||
Investments Purchased With Collateral From Securities Lending – 17.2% | |||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.090%% (4) | | 6,894,331 | | 6,894,331 | | ||
Total Investments Purchased With Collateral From Securities Lending | |||||||
(Cost $6,894,331) | | | | 6,894,331 | | ||
Total Investments in Securities – 117.1% | | | | | |||
(Cost $41,482,037) | | | | 46,986,594 | | ||
Liabilities in Excess of Other Assets – (17.1)% | | (6,849,720 | ) | ||||
Total Net Assets – 100.0% | | | | $40,136,874 | |
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2021. Total loaned securities had a value of $6,806,703 or 17.0% of net assets as of August 31, 2021. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)Does not round to 0.1% or (0.1)%, as applicable.
(4)The rate shown is the annualized seven-day effective yield as of August 31, 2021.
SoFi Social 50 ETF
24 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) |
|
| Shares |
| Value | | ||
Common Stocks – 99.9% | | | | | | ||
Aerospace & Defense – 1.8% | | | | | | ||
The Boeing Co. (1) | | 2,171 | | $476,534 | | ||
| | | | | | | |
Airlines – 3.5% | | | | | | ||
American Airlines Group, Inc. (1)(2) | | 14,382 | | 286,777 | | ||
Delta Air Lines, Inc. (1)(2) | | 11,157 | | 451,189 | | ||
Southwest Airlines Co. (1)(2) | | 3,599 | | 179,158 | | ||
| | | | | | 917,124 | |
Apparel – 0.4% | | | | | | ||
Nike, Inc. - Class B | | 706 | | 116,306 | | ||
Auto Manufacturers – 11.5% | | | | | | ||
Ford Motor Co. (1) | | 27,796 | | 362,182 | | ||
NIO, Inc. - Class A - ADR (1) | | 26,947 | | 1,059,287 | | ||
Tesla, Inc. (1) | | 2,153 | | 1,584,005 | | ||
| | | | | | 3,005,474 | |
Beverages – 0.8% | | | | | | ||
The Coca-Cola Co. | | 3,478 | | 195,846 | | ||
Biotechnology – 3.1% | | | | | | ||
Moderna, Inc. (1) | | 2,168 | | 816,664 | | ||
Commercial Services – 3.5% | | | | | | ||
PayPal Holdings, Inc. (1) | | 1,010 | | 291,546 | | ||
Square, Inc. - Class A (1)(2) | | 2,366 | | 634,254 | | ||
| | | | | | 925,800 | |
Computers – 5.9% | | | | | | ||
Apple, Inc. | | 10,129 | | 1,537,886 | | ||
Diversified Financial Services – 2.7% | | | | | | ||
Coinbase Global, Inc. - Class A (1) | | 2,733 | | 707,847 | | ||
Entertainment – 7.2% | | | | | | ||
AMC Entertainment Holdings, Inc. (1)(2) | | 39,834 | | 1,877,376 | | ||
Food – 0.6% | | | | | | ||
Beyond Meat, Inc. (1)(2) | | 1,195 | | 142,970 | | ||
Insurance – 1.5% | | | | | | ||
Berkshire Hathaway, Inc. - Class B (1) | | 1,335 | | 381,503 | | ||
Internet – 15.2% | | | | | | ||
Alibaba Group Holding Ltd. - ADR (1) | | 2,217 | | 370,217 | | ||
Alphabet, Inc. - Class A (1) | | 235 | | 680,078 | | ||
Amazon.com, Inc.(1) | | 442 | | 1,534,089 | | ||
Facebook, Inc. - Class A (1) | | 991 | | 375,966 | | ||
Netflix, Inc. (1) | | 515 | | 293,133 |
|
| Shares |
| Value | | ||
Internet – 15.2% (Continued) | | | | | | ||
Shopify, Inc. - Class A (1)(2) | | 383 | | $583,991 | | ||
Uber Technologies, Inc. (1) | | 3,859 | | 151,041 | | ||
| | | | | | 3,988,515 | |
Leisure Time – 2.4% | | | | | | ||
Carnival Corp. (1)(2) | | 16,805 | | 405,673 | | ||
Virgin Galactic Holdings, Inc. - Class A (1) | 8,610 | | 233,417 | | |||
| | | | | | 639,090 | |
Media – 3.5% | | | | | | ||
The Walt Disney Co. | | 5,072 | | 919,554 | | ||
Miscellaneous Manufacturers – 1.0% | | | | | | ||
3M Co. | | 490 | | 95,423 | | ||
General Electric Co. | | 1,510 | | 159,169 | | ||
| | | | | | 254,592 | |
Oil & Gas – 1.0% | | | | | | ||
Exxon Mobil Corp. | | 4,814 | | 262,459 | | ||
Pharmaceuticals – 5.2% | | | | | | ||
Aurora Cannabis, Inc. (1)(2) | | 22,891 | | 169,851 | | ||
Canopy Growth Corp. (1) | | 3,849 | | 66,318 | | ||
Johnson & Johnson | | 1,101 | | 190,616 | | ||
Pfizer, Inc. | | 6,311 | | 290,748 | | ||
Sundial Growers, Inc. (1)(2) | | 318,327 | | 248,232 | | ||
Tilray, Inc. (1)(2) | | 20,650 | | 282,699 | | ||
Zomedica Corp. (1) | | 160,971 | | 102,667 | | ||
| | | | | | 1,351,131 | |
Retail – 9.6% | | | | | | ||
Costco Wholesale Corp. | | 657 | | 299,257 | | ||
GameStop Corp. (1) | | 7,450 | | 1,625,888 | | ||
Starbucks Corp. | | 1,968 | | 231,220 | | ||
Target Corp. | | 715 | | 176,591 | | ||
Walmart, Inc. | | 1,284 | | 190,160 | | ||
| | | | | | 2,523,116 | |
Semiconductors – 6.8% | | | | | | ||
Advanced Micro Devices, Inc. (1) | | 5,276 | | 584,159 | | ||
NVIDIA Corp. | | 5,292 | | 1,184,614 | | ||
| | | | | | 1,768,773 | |
Software – 10.5% | | | | | | ||
BlackBerry Ltd. (1)(2) | | 27,181 | | 310,135 | | ||
Microsoft Corp. | | 4,053 | | 1,223,520 | | ||
Palantir Technologies, Inc. - Class A (1) | | 39,128 | | 1,030,632 | | ||
Zoom Video Communications, Inc. - Class A (1) | | 655 | | 189,622 | | ||
| | | | | | 2,753,909 | |
SoFi Social 50 ETF
25 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
|
| Shares |
| Value | | ||
Telecommunications – 2.2% | | | | | | ||
AT&T, Inc. | | 12,262 | | $336,224 | | ||
Nokia Oyj - ADR (1) | | 39,498 | | 235,408 | | ||
| | | | | | 571,632 | |
Total Common Stocks | | | | | | ||
(Cost $23,831,789) | | | | 26,134,101 | | ||
| | | | | | ||
Short-Term Investments – 0.1% | | | | | | ||
Money Market Funds – 0.1% | | | | | | ||
First American Government Obligations Fund - Class X, 0.030% (3) | | 18,591 | | 18,591 | | ||
Total Short-Term Investments | | | | | | ||
(Cost $18,591) | | | | 18,591 | | ||
| | | | |
|
| Shares |
| Value | | ||
Investments Purchased With Collateral From Securities Lending – 18.9% | |||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.090% (3) | | 4,944,110 | | $4,944,110 | | ||
Total Investments Purchased With Collateral From Securities Lending | |||||||
(Cost $4,944,110) | | | | 4,944,110 | | ||
Total Investments in Securities – 118.9% | | | | | |||
(Cost $28,794,490) | | | | 31,096,802 | | ||
Liabilities in Excess of Other Assets – (18.9)% | | (4,933,988 | ) | ||||
Total Net Assets – 100.0% | | | | $26,162,814 | |
ADRAmerican Depositary Receipt
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2021. Total loaned securities had a value of $4,939,694 or 18.9% of net assets as of August 31, 2021. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)The rate shown is the annualized seven-day effective yield as of August 31, 2021.
SoFi GIG Economy ETF
26 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) |
|
| Shares |
| Value | | ||
Common Stocks – 98.9% | | | | | | ||
Applications Software – 5.3% | | | | | | ||
Materialise NV - ADR (1) | | 12,462 | | $274,912 | | ||
Microsoft Corp. | | 1,216 | | 367,086 | | ||
Monday.com Ltd. (1) | | 3,181 | | 1,206,744 | | ||
| | | | | | 1,848,742 | |
Auto-Cars & Light Trucks – 0.6% | | | | | | ||
Tesla, Inc. (1) | | 286 | | 210,416 | | ||
Commercial Services – 0.4% | | | | | | ||
IWG PLC (1) | | 31,661 | | 130,329 | | ||
Commercial Services - Finance – 7.8% | | | | | | ||
Adyen NV (1) | | 134 | | 432,546 | | ||
PayPal Holdings, Inc. (1) | | 3,019 | | 871,464 | | ||
Square, Inc. - Class A (1)(2) | | 4,181 | | 1,120,801 | | ||
Yeahka Ltd. (1) | | 75,331 | | 309,466 | | ||
| | | | | | 2,734,277 | |
Communications Software – 0.4% | | | | | | ||
Zoom Video Communications, Inc. - Class A (1) | | 519 | | 150,250 | | ||
Computer Software – 7.4% | | | | | | ||
Box, Inc. - Class A (1) | | 4,751 | | 122,481 | | ||
Citrix Systems, Inc. (1) | | 514 | | 52,875 | | ||
Cloudera, Inc. (1) | | 10,232 | | 162,996 | | ||
Dropbox, Inc. - Class A (1) | | 4,085 | | 129,535 | | ||
Fastly, Inc. - Class A (1) | | 4,294 | | 187,218 | | ||
Lightspeed Commerce, Inc. (1) | | 11,464 | | 1,274,568 | | ||
MongoDB, Inc. - Class A (1) | | 676 | | 264,877 | | ||
Splunk, Inc. (1) | | 1,280 | | 195,674 | | ||
Twilio, Inc. - Class A (1) | | 549 | | 195,971 | | ||
| | | | | | 2,586,195 | |
Computers - Other – 2.5% | | | | | | ||
Nano Dimension Ltd. - ADR (1)(2) | | 55,877 | | 357,613 | | ||
Stratasys Ltd. (1)(2) | | 25,023 | | 526,984 | | ||
| | | | | | 884,597 | |
Data Processing & Management – 1.0% | | | | | | ||
DocuSign, Inc. (1) | | 1,128 | | 334,159 | | ||
E-Commerce & Products – 14.1% | | | | | | ||
Alibaba Group Holding Ltd. - ADR (1) | | 4,243 | | 708,538 | | ||
eBay, Inc. | | 3,466 | | 265,981 | | ||
Etsy, Inc. (1)(2) | | 2,451 | | 530,053 | | ||
Farfetch Ltd. - Class A (1)(2) | | 8,910 | | 372,973 | | ||
JD.com, Inc. - Class A - ADR (1) | | 7,427 | | 583,465 |
|
| Shares |
| Value | | ||
E-Commerce & Products – 14.1% (Continued) | | | | ||||
Pinduoduo, Inc. - Class A - ADR (1) | | 7,182 | | $718,344 | | ||
Rakuten Group, Inc. (1) | | 47,131 | | 494,219 | | ||
Sea Ltd. - Class A - ADR (1) | | 3,634 | | 1,229,455 | | ||
| | | | | | 4,903,028 | |
E-Commerce & Services – 16.0% | | | | | | ||
Airbnb, Inc. - Class A (1) | | 7,392 | | 1,145,686 | | ||
BASE, Inc. (1) | | 9,226 | | 96,073 | | ||
Delivery Hero SE (1) | | 1,454 | | 210,429 | | ||
Demae-Can Co. Ltd. (1) | | 7,456 | | 105,671 | | ||
DoorDash, Inc. - Class A (1)(2) | | 685 | | 131,109 | | ||
Eventbrite, Inc. - Class A (1)(2) | | 14,340 | | 253,531 | | ||
Fiverr International Ltd. (1)(2) | | 4,029 | | 723,246 | | ||
Lyft, Inc. - Class A (1)(2) | | 9,178 | | 436,964 | | ||
MercadoLibre, Inc. (1) | | 575 | | 1,073,784 | | ||
Uber Technologies, Inc. (1)(2) | | 13,135 | | 514,104 | | ||
Upwork, Inc. (1)(2) | | 19,923 | | 890,757 | | ||
| | | | | | 5,581,354 | |
E-Marketing - Information – 1.4% | | | | | | ||
Jumia Technologies AG - ADR (1)(2) | | 23,767 | | 475,578 | | ||
Enterprise Software & Services – 2.9% | | | | | | ||
HubSpot, Inc. (1)(2) | | 859 | | 587,960 | | ||
salesforce.com, Inc. (1) | | 1,045 | | 277,207 | | ||
Workday, Inc. - Class A (1) | | 523 | | 142,862 | | ||
| | | | | | 1,008,029 | |
Entertainment Software – 6.0% | | | | | | ||
Bilibili, Inc. - ADR (1) | | 4,138 | | 331,992 | | ||
HUYA, Inc. - Class A - ADR (1)(2) | | 39,833 | | 425,815 | | ||
NetEase, Inc. - ADR | | 5,299 | | 516,228 | | ||
ROBLOX Corp. - Class A (1)(2) | | 9,958 | | 817,054 | | ||
| | | | | | 2,091,089 | |
Finance - Consumer Loans – 3.6% | | | | | | ||
LendingClub Corp. (1) | | 24,432 | | 758,858 | | ||
LendingTree, Inc. (1)(2) | | 3,002 | | 500,223 | | ||
| | | | | | 1,259,081 | |
Internet Application Software – 3.5% | | | | | | ||
Shopify, Inc. - Class A (1) | | 791 | | 1,206,101 | | ||
Internet Content - Entertainment – 10.3% | | | | | |||
JOYY, Inc. - Class A - ADR (1)(2) | | 6,792 | | 429,934 | | ||
Pinterest, Inc. - Class A (1) | | 11,622 | | 645,835 | | ||
Snap, Inc. - Class A (1)(2) | | 8,195 | | 623,721 | | ||
Spotify Technology SA (1) | | 3,939 | | 923,065 | | ||
Twitter, Inc. (1) | | 15,095 | | 973,627 | | ||
| | | | | | 3,596,182 | |
SoFi GIG Economy ETF
27 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
|
| Shares |
| Value | | ||
Internet Content - Information & News – 4.2% | | | | ||||
Just Eat Takeaway.com NV - ADR (1) | | 7,624 | | $138,147 | | ||
Just Eat Takeaway.com NV (1) | | 757 | | 68,333 | | ||
Just Eat Takeaway.com NV (1) | | 945 | | 85,583 | | ||
Meituan - Class B (1) | | 12,527 | | 401,065 | | ||
Tencent Holdings Ltd. | | 12,429 | | 769,007 | | ||
| | | | | | 1,462,135 | |
Metal Processors & Fabrication – 1.2% | | | | | | ||
Proto Labs, Inc. (1) | | 5,510 | | 408,622 | | ||
Recreational Vehicles – 0.5% | | | | | | ||
Camping World Holdings, Inc. - Class A (1) | | 3,972 | | 158,642 | | ||
Schools – 2.8% | | | | | | ||
2U, Inc. (1)(2) | | 23,744 | | 879,240 | | ||
New Oriental Education & Technology Group, Inc. - ADR (1) | | 43,130 | | 97,474 | | ||
| | | | | | 976,714 | |
Special Purpose Acquisition Companies – 1.7% | | | | ||||
BowX Acquisition Corp. - Class A (1)(2) | | 14,279 | | 141,790 | | ||
TPG Pace Tech Opportunities Corp. - Class A (1) | | 43,807 | | 437,194 | | ||
| | | | | | 578,984 | |
Transport - Services – 1.2% | | | | | | ||
DiDi Global, Inc. - Class A - ADR (1)(2) | | 30,742 | | 252,699 | | ||
FedEx Corp. (1) | | 634 | | 168,448 | | ||
| | | | | | 421,147 | |
Web Hosting & Design – 0.5% | | | | | | ||
GoDaddy, Inc. - Class A (1) | | 2,482 | | 181,955 | | ||
| | | | | | |
|
| Shares |
| Value | | ||
Web Portals & ISPs – 3.6% | | | | | | ||
Baidu, Inc. - Class A - ADR (1) | | 5,107 | | $801,901 | | ||
Yandex NV - Class A (1) | | 6,032 | | 463,861 | | ||
| | | | | | 1,265,762 | |
Total Common Stocks | | | | | | ||
(Cost $38,141,141) | | | | 34,453,368 | | ||
Short-Term Investments – 1.2% | | | | | | ||
Money Market Funds – 1.2% | | | | | | ||
First American Government Obligations Fund - Class X, 0.030% (3) | | 430,348 | | 430,348 | | ||
Total Short-Term Investments | | | | | | ||
(Cost $430,348) | | | | 430,348 | | ||
Investments Purchased With Collateral From Securities Lending – 26.2% | | ||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.090% (3) | | 9,145,094 | | 9,145,094 | | ||
Total Investments Purchased With Collateral From Securities Lending | | ||||||
(Cost $9,145,094) | | | | 9,145,094 | | ||
Total Investments in Securities – 126.3% | | | | | |||
(Cost $47,716,583) | | | | 44,028,810 | | ||
Liabilities in Excess of Other Assets – (26.3)% | | (9,159,682 | ) | ||||
Total Net Assets – 100.0% | | | | $34,869,128 | |
ADRAmerican Depositary Receipt
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2021. Total loaned securities had a value of $8,977,271 or 25.7% of net assets as of August 31, 2021. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)The rate shown is the annualized seven-day effective yield as of August 31, 2021.
SoFi Weekly Income ETF
28 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) |
|
| Principal |
| Value | | ||
Asset Backed Securities – 3.7% | | | | | | ||
AB Issuer, LLC, Series 2021-1, Class A2 | | | | | | ||
3.734%, 07/30/2051 | | $90,000 | | $92,933 | | ||
Applebee’s Funding, LLC / IHOP Funding, LLC, Series 2019-1A, Class A2I | | | | | | ||
4.194%, 06/07/2049 | | 198,500 | | 202,692 | | ||
Hardee’s Funding, LLC, Series 2021-1A, Class A2 | | | | | | ||
2.865%, 06/20/2051 | | 150,000 | | 153,172 | | ||
ITE Rail Fund Levered L.P., Series 2021-1A, Class A | | | | | | ||
2.250%, 02/28/2051 | | 97,506 | | 98,650 | | ||
ServiceMaster Funding, LLC, Series 2020-1, Class A2II | | | | | | ||
3.337%, 01/30/2051 | | 114,425 | | 120,648 | | ||
SERVPRO Master Issuer, LLC, Series 2021-1A, Class A2 | | | | | | ||
2.394%, 04/25/2051 | | 125,685 | | 128,286 | | ||
Total Asset Backed Securities | | | | | | ||
(Cost $770,159) | | | | 796,381 | | ||
Convertible Bonds – 0.5% | | | | | | ||
Investment Companies – 0.5% | | | | | | ||
BlackRock Capital Investment Corp. | | | | | | ||
5.000%, 06/15/2022 | | 100,000 | | 101,388 | | ||
Total Convertible Bonds | | | | | | ||
(Cost $101,949) | | | | 101,388 | | ||
Corporate Bonds – 88.0% | | | | | | ||
Aerospace & Defense – 0.8% | | | | | | ||
Howmet Aerospace, Inc. | | | | | | ||
6.875%, 05/01/2025 | | 100,000 | | 118,313 | | ||
3.000%, 01/15/2029 | | 50,000 | | 51,065 | | ||
| | | | 169,378 | | ||
Airlines – 2.1% | | | | | | ||
Delta Air Lines, Inc. | | | | | | ||
7.375%, 01/15/2026 | | 151,000 | | 177,871 | | ||
Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | | ||
6.500%, 06/20/2027 | | 214,000 | | 232,747 | | ||
United Airlines, Inc. | | | | | | ||
4.375%, 04/15/2026 | | 40,000 | | 41,575 | | ||
| | | | 452,193 | | ||
Apparel – 1.0% | | | | | | ||
Hanesbrands, Inc. | | | | | | ||
4.875%, 05/15/2026 | | 110,000 | | 120,175 | | ||
Wolverine World Wide, Inc. | | | | | | ||
4.000%, 08/15/2029 | | 100,000 | | 101,557 | | ||
| | | | | | 221,732 |
|
| Principal |
| Value | | ||
Auto Manufacturers – 2.6% | | | | | | ||
Allison Transmission, Inc. | | | | | | ||
4.750%, 10/01/2027 | | $135,000 | | $141,683 | | ||
Ford Motor Credit Co, LLC | | | | | | ||
3.664%, 09/08/2024(8) | | 400,000 | | 417,500 | | ||
| | | | | | 559,183 | |
Auto Parts & Equipment – 1.1% | | | | | | ||
Meritor, Inc. | | | | | | ||
6.250%, 06/01/2025 | | 172,000 | | 183,173 | | ||
4.500%, 12/15/2028 | | 55,000 | | 56,176 | | ||
| | | | | | 239,349 | |
Banks – 2.6% | | | | | | ||
Citizens Financial Group, Inc. | | | | | | ||
6.000% (3 Month LIBOR USD + 3.003%), 7/6/2023 (1)(2)(3) | | 227,000 | | 237,215 | | ||
Natwest Group PLC | | | | | | ||
6.000% (5 Year CMT Rate + 5.625%), 12/29/2025 (1)(2)(3) | | 200,000 | | 224,430 | | ||
Wells Fargo & Co. | | | | | | ||
3.900% (5 Year CMT Rate + 3.453%), 3/15/2026 (1)(2)(3)(8) | | 79,000 | | 82,180 | | ||
| | | | | | 543,825 | |
Chemicals – 0.2% | | | | | | ||
Olin Corp. | | | | | | ||
5.125%, 09/15/2027 | | 45,000 | | 46,800 | | ||
Commercial Services – 2.9% | | | | | | ||
The Brink’s Co. | | | | | | ||
4.625%, 10/15/2027 | | 179,000 | | 188,233 | | ||
Gartner, Inc. | | | | | | ||
3.625%, 06/15/2029 | | 200,000 | | 206,160 | | ||
Square, Inc. | | | | | | ||
2.750%, 06/01/2026 | | 100,000 | | 103,022 | | ||
United Rentals North America, Inc. | | | | | | ||
5.500%, 05/15/2027 | | 119,000 | | 125,671 | | ||
| | | | | | 623,086 | |
Diversified Financial Services – 7.7% | | | | | | ||
AerCap Holdings N.V. | | | | | | ||
5.875% (5 Year CMT Rate + 4.535%), 10/10/2079 (1)(2) | | 388,000 | | 406,608 | | ||
American Express Co. | | | | | | ||
3.553% (3 Month LIBOR USD + 3.428%), 11/15/2021 (1)(3) | | 115,000 | | 115,845 | | ||
Avolon Holdings Funding Ltd. | | | | | | ||
4.250%, 04/15/2026 | | 105,000 | | 113,914 | | ||
BGC Partners, Inc. | | | | | | ||
4.375%, 12/15/2025 | | 80,000 | | 87,118 | |
SoFi Weekly Income ETF
29 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
|
| Principal |
| Value | | ||
Diversified Financial Services – 7.7% (Continued) | | ||||||
The Depository Trust & Clearing Corp. | | | | | | ||
3.375% (5 Year CMT Rate + 2.606%), 06/20/2026 (1)(2)(3) | | $250,000 | | $258,906 | | ||
Navient Corp. | | | | | | ||
5.500%, 01/25/2023 | | 355,000 | | 372,750 | | ||
OneMain Finance Corp. | | | | | | ||
3.500%, 01/15/2027 | | 235,000 | | 238,175 | | ||
SLM Corp. | | | | | | ||
4.200%, 10/29/2025 | | 50,000 | | 53,938 | | ||
| | | | | | 1,647,254 | |
Electric – 1.8% | | | | | | ||
NextEra Energy Operating Partners L.P. | | | | | | ||
4.250%, 9/15/2024 | | 135,000 | | 142,486 | | ||
3.875%, 10/15/2026 | | 115,000 | | 122,081 | | ||
TransAlta Corp. | | | | | | ||
4.500%, 11/15/2022 | | 115,000 | | 119,678 | | ||
| | | | | | 384,245 | |
Electrical Components & Equipment – 1.0% | | ||||||
EnerSys | | | | | | ||
4.375%, 12/15/2027 | | 200,000 | | 210,497 | | ||
Energy - Alternate Sources – 1.3% | | | | | | ||
TerraForm Power Operating, LLC | | | | | | ||
4.250%, 01/31/2023 | | 267,000 | | 274,676 | | ||
Environmental Control – 1.0% | | | | | | ||
Stericycle, Inc. | | | | | | ||
5.375%, 07/15/2024 | | 215,000 | | 220,650 | | ||
Healthcare - Products – 1.0% | | | | | | ||
Hologic, Inc. | | | | | | ||
3.250%, 02/15/2029 | | 215,000 | | 220,579 | | ||
Healthcare Services – 2.7% | | | | | | ||
Centene Corp. | | | | | | ||
2.450%, 07/15/2028 | | 80,000 | | 81,285 | | ||
HCA, Inc. | | | | | | ||
5.375%, 02/01/2025 | | 253,000 | | 285,418 | | ||
Magellan Health, Inc. | | | | | | ||
4.900%, 09/22/2024(4) | | 190,000 | | 209,553 | | ||
| | | | | | 576,256 | |
Home Builders – 1.0% | | | | | | ||
LGI Homes, Inc. | | | | | | ||
4.000%, 07/15/2029 | | 100,000 | | 100,641 | | ||
Meritage Homes Corp. | | | | | | ||
6.000%, 06/01/2025 | | 95,000 | | 109,057 | | ||
| | | | | | 209,698 |
|
| Principal |
| Value | | ||
Insurance – 3.2% | | | | | | ||
Allianz SE | | | | | | ||
3.500% (5 Year CMT Rate + 2.973%), 11/17/2025 (1)(2)(3) | | $200,000 | | $207,800 | | ||
NMI Holdings, Inc. | | | | | | ||
7.375%, 06/01/2025 | | 255,000 | | 288,787 | | ||
SBL Holdings, Inc. | | | | | | ||
5.125%, 11/13/2026 | | 155,000 | | 173,374 | | ||
| | | | | | 669,961 | |
Internet – 1.8% | | | | | | ||
NortonLifeLock, Inc. | | | | | | ||
5.000%, 04/15/2025 | | 276,000 | | 279,359 | | ||
Uber Technologies, Inc. | | | | | | ||
7.500%, 05/15/2025 | | 100,000 | | 106,750 | | ||
| | | | | | 386,109 | |
Investment Companies – 7.0% | | | | | | ||
Ares Capital Corp. | | | | | | ||
2.150%, 07/15/2026 | | 163,000 | | 164,269 | | ||
Bain Capital Specialty Finance, Inc. | | | | | | ||
2.950%, 03/10/2026 | | 114,000 | | 117,354 | | ||
BlackRock TCP Capital Corp. | | | | | | ||
3.900%, 08/23/2024 | | 135,000 | | 143,692 | | ||
Blackstone Secured Lending Fund | | | | | | ||
3.625%, 01/15/2026 | | 115,000 | | 122,262 | | ||
Main Street Capital Corp. | | | | | | ||
5.200%, 05/01/2024 | | 195,000 | | 211,732 | | ||
Oaktree Specialty Lending Corp. | | | | | | ||
2.700%, 01/15/2027 | | 120,000 | | 121,273 | | ||
Owl Rock Capital Corp. | | | | | | ||
4.250%, 01/15/2026 | | 115,000 | | 124,122 | | ||
Owl Rock Technology Finance Corp. | | | | | | ||
4.750%, 12/15/2025 | | 195,000 | | 214,857 | | ||
Prospect Capital Corp. | | | | | | ||
5.875%, 03/15/2023(8) | | 140,000 | | 148,269 | | ||
Sixth Street Specialty Lending, Inc. | | | | | | ||
3.875%, 11/01/2024 | | 115,000 | | 123,152 | | ||
| | | | | | 1,490,982 | |
Media – 3.6% | | | | | | ||
AMC Networks, Inc. | | | | | | ||
5.000%, 04/01/2024 | | 148,000 | | 150,035 | | ||
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | | ||
5.125%, 05/01/2027 | | 178,000 | | 186,312 | | ||
Quebecor Media, Inc. | | | | | | ||
5.750%, 01/15/2023 | | 115,000 | | 122,187 | | ||
Sirius XM Radio, Inc. | | | | | | ||
3.125%, 09/01/2026 | | 100,000 | | 102,020 | | ||
4.000%, 07/15/2028 | | 200,000 | | 204,570 | | ||
| | | | | | 765,124 | |
SoFi Weekly Income ETF
30 |
The accompanying notes are an integral part of these financial statements.
|
| Principal |
| Value | | ||
Mining – 1.2% | | | | | | ||
Freeport-McMoRan, Inc. | | | | | | ||
4.550%, 11/14/2024 | | $237,000 | | $256,849 | | ||
Miscellaneous Manufacturers – 0.7% | | | | | | ||
General Electric Co. | | | | | | ||
3.449% (3 Month LIBOR USD + 3.330%), 12/15/2021 (1)(3) | | 145,000 | | 140,981 | | ||
Oil & Gas – 6.9% | | | | | | ||
Apache Corp. | | | | | | ||
4.625%, 11/15/2025 | | 230,000 | | 249,196 | | ||
Cenovus Energy, Inc. | | | | | | ||
5.375%, 07/15/2025 | | 90,000 | | 102,207 | | ||
Continental Resources, Inc. | | | | | | ||
4.500%, 04/15/2023 | | 210,000 | | 219,187 | | ||
EQT Corp. | | | | | | ||
6.625%, 02/01/2025(4) | | 253,000 | | 290,310 | | ||
Occidental Petroleum Corp. | | | | | | ||
3.200%, 08/15/2026 | | 171,000 | | 176,702 | | ||
5.134%, 10/10/2036(5)(6) | | 463,000 | | 251,759 | | ||
Ovintiv Exploration, Inc. | | | | | | ||
5.375%, 01/01/2026 | | 50,000 | | 56,566 | | ||
Sunoco LP / Sunoco Finance Corp. | | | | | | ||
6.000%, 04/15/2027 | | 120,000 | | 125,545 | | ||
| | | | | | 1,471,472 | |
Packaging & Containers – 3.9% | | | | | | ||
Berry Global, Inc. | | | | | | ||
4.875%, 07/15/2026 | | 350,000 | | 369,530 | | ||
Graphic Packaging International, LLC | | | | | | ||
4.125%, 08/15/2024 | | 180,000 | | 192,415 | | ||
Sealed Air Corp. | | | | | | ||
5.500%, 09/15/2025 | | 165,000 | | 185,321 | | ||
Silgan Holdings, Inc. | | | | | | ||
4.750%, 03/15/2025 | | 87,000 | | 88,414 | | ||
| | | | | | 835,680 | |
Pharmaceuticals – 2.0% | | | | | | ||
PRA Health Sciences, Inc. | | | | | | ||
2.875%, 07/15/2026 | | 200,000 | | 204,778 | | ||
Teva Pharmaceutical Finance Netherlands III BV | | | | | | ||
2.800%, 07/21/2023 | | 218,000 | | 215,286 | | ||
| | | | | | 420,064 | |
Pipelines – 6.8% | | | | | | ||
Buckeye Partners L.P. | | | | | | ||
3.950%, 12/01/2026 | | 155,000 | | 160,151 | | ||
DCP Midstream Operating L.P. | | | | | | ||
5.375%, 07/15/2025 | | 195,000 | | 214,988 |
|
| Principal |
| Value | | ||
Pipelines – 6.8% (Continued) | | | | | | ||
EnLink Midstream Partners L.P. | | | | | | ||
4.400%, 04/01/2024 | | $125,000 | | $130,181 | | ||
Enterprise Products Operating, LLC | | | | | | ||
4.875% (3 Month LIBOR USD + 2.986%), 08/16/2077 (1)(2) | | 181,000 | | 177,507 | | ||
Hess Midstream Operations L.P. | | | | | | ||
5.125%, 06/15/2028 | | 100,000 | | 104,875 | | ||
NuStar Logistics L.P. | | | | | | ||
5.750%, 10/01/2025 | | 175,000 | | 188,344 | | ||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. | | | | | | ||
5.375%, 02/01/2027 | | 146,000 | | 151,475 | | ||
Transcanada Trust | | | | | | ||
5.625% (3 Month LIBOR USD + 3.528%), 05/20/2075 (1)(2) | | 114,000 | | 123,706 | | ||
Western Midstream Operating L.P. | | | | | | ||
4.000%, 07/01/2022 | | 195,000 | | 197,681 | | ||
| | | | | | 1,448,908 | |
Real Estate – 0.6% | | | | | | ||
Newmark Group, Inc. | | | | | | ||
6.125%, 11/15/2023 | | 112,000 | | 121,660 | | ||
Real Estate Investment Trusts (REITs) – 7.8% | | | | ||||
EPR Properties | | | | | | ||
4.750%, 12/15/2026 | | 80,000 | | 86,445 | | ||
Iron Mountain, Inc. | | | | | | ||
4.875%, 09/15/2027 | | 314,000 | | 327,345 | | ||
iStar, Inc. | | | | | | ||
4.750%, 10/01/2024 | | 187,000 | | 198,697 | | ||
MPT Operating Partnership LP / MPT Finance Corp. | | | | | | ||
5.000%, 10/15/2027 | | 178,000 | | 188,680 | | ||
Office Properties Income Trust | | | | | | ||
4.500%, 02/01/2025 | | 154,000 | | 166,572 | | ||
2.650%, 06/15/2026 | | 55,000 | | 56,160 | | ||
Service Properties Trust | | | | | | ||
4.650%, 03/15/2024 | | 340,000 | | 344,680 | | ||
Starwood Property Trust, Inc. | | | | | | ||
4.750%, 03/15/2025 | | 100,000 | | 104,875 | | ||
VICI Properties LP / VICI Note Co., Inc. | | | | | | ||
3.750%, 02/15/2027 | | 180,000 | | 187,425 | | ||
| | | | | | 1,660,879 | |
Retail – 1.4% | | | | | | ||
QVC, Inc. | | | | | | ||
4.850%, 04/01/2024 | | 84,000 | | 91,434 | | ||
4.750%, 02/15/2027 | | 200,000 | | 214,566 | | ||
| | | | | | 306,000 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Weekly Income ETF
31 |
The accompanying notes are an integral part of these financial statements.
|
| Principal |
| Value | | ||
Semiconductors – 2.8% | | | | | | ||
Amkor Technology, Inc. | | | | | | ||
6.625%, 09/15/2027 | | $215,000 | | $231,834 | | ||
ON Semiconductor Corp. | | | | | | ||
3.875%, 09/01/2028 | | 204,000 | | 214,608 | | ||
Qorvo, Inc. | | | | | | ||
4.375%, 10/15/2029 | | 141,000 | | 156,510 | | ||
| | | | | | 602,952 | |
Software – 0.9% | | | | | | ||
PTC, Inc. | | | | | | ||
4.000%, 02/15/2028 | | 180,000 | | 186,300 | | ||
Telecommunications – 5.7% | | | | | | ||
Level 3 Financing, Inc. | | | | | | ||
4.250%, 07/01/2028 | | 292,000 | | 295,857 | | ||
Nokia Oyj | | | | | | ||
4.375%, 06/12/2027 | | 168,000 | | 186,643 | | ||
Sprint Corp. | | | | | | ||
7.875%, 09/15/2023 | | 291,000 | | 330,052 | | ||
T-Mobile USA, Inc. | | | | | | ||
2.250%, 02/15/2026 | | 287,000 | | 293,458 | | ||
2.250%, 02/15/2026 | | 110,000 | | 112,475 | | ||
| | | | | | 1,218,485 | |
Toys, Games, & Hobbies – 0.9% | | | | | | ||
Mattel, Inc. | | | | | | ||
3.375%, 04/01/2026 | | 175,000 | | 182,011 | | ||
Total Corporate Bonds | | | | | | ||
(Cost $18,133,800) | | | | 18,763,818 | | ||
Mortgage Backed Securities – 1.5% | | | | | | ||
Federal National Mortgage Association Interest Strips | | | | | | ||
5.000%, 01/25/2043 | | 891,614 | | 154,717 | | ||
4.000%, 01/25/2048 | | 711,812 | | 56,766 | | ||
Federal National Mortgage Association REMICS | | | | | | ||
3.000%, 03/25/2028 | | 1,498,415 | | 90,092 | | ||
1.450% (SOFR + 1.500%), | | 316,435 | | 10,256 | | ||
Total Mortgage Backed Securities | | | | | | ||
(Cost $301,343) | | | | 311,831 | | ||
Municipal – 1.3% | | | | | | ||
Metropolitan Transportation Authority | | | | | | ||
5.000%, 09/01/2022 | | 115,000 | | 120,401 | | ||
State of Illinois | | | | | | ||
4.950%, 06/01/2023 | | 157,818 | | 167,334 | | ||
Total Municipal Bonds | | | | | | ||
(Cost $276,515) | | | | 287,735 | |
|
| Shares |
| Value | |
Preferred Stocks – 1.7% | | | | | |
Banks – 1.1% | | | | | |
U.S. Bancorp | | | | | |
3.750%, 01/15/2026 (3) | | 9,000 | | $224,550 | |
| | | | | |
Diversified Financial Services – 0.6% | | | | | |
Brookfield Finance, Inc. | | | | | |
4.625%, 10/16/2080 | | 5,000 | | 127,000 | |
Total Preferred Stocks | | | | | |
(Cost $350,000) | | | | 351,550 | |
| | | | | |
Short-Term Investments – 2.5% | | | | | |
Money Market Funds – 2.5% | | | | | |
First American Government Obligations Fund – Class X, 0.030% (7) | | 535,177 | | 535,177 | |
Total Short-Term Investments | | | | | |
(Cost $535,177) | | | | 535,177 | |
| | | | | |
Investments Purchased With Collateral | | | | | |
Mount Vernon Liquid Assets Portfolio, LLC, 0.090% (7) | | 524,700 | | 524,700 | |
Total Investments Purchased With | | | | | |
(Cost $524,700) | | | | 524,700 | �� |
| | | | | |
Total Investments in Securities – 101.7% | | | | | |
(Cost $20,993,643) | | | | 21,672,580 | |
Liabilities in Excess of Other Assets – (1.7)% | | | (357,964 | ) | |
Total Net Assets – 100.0% | | | | $21,314,616 | |
CMTConstant Maturity Treasury Rate
LIBORLondon Interbank Offered Rate
SOFRSecured Overnight Financing Rate
USDUnited States Dollar
(1)Variable rate security; rate shown is the rate in effect on August 31, 2021. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
(2)Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on August 31, 2021. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
(3)Perpetual call date security. Date shown is next call date.
(4)Step-up bond; the interest rate shown is the rate in effect as of August 31, 2021.
(5)Rate represents the annualized effective yield to maturity from the purchase price.
(6)Zero coupon security.
(7)The rate shown is the annualized seven-day effective yield as of August 31, 2021.
(8)This security or a portion of this security was out on loan as of August 31, 2021. Total loaned securities had a value of $514,827 or 2.4% of net assets as of August 31, 2021. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
32 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 99.6% | | | | | |
Advertising – 0.1% | | | | | |
Omnicom Group, Inc. | | 102 | | $7,468 | |
| | | | | |
Aerospace & Defense – 1.3% | | | | | |
BAE Systems PLC | | 1,546 | | 12,094 | |
General Dynamics Corp. | | 118 | | 23,637 | |
Lockheed Martin Corp. | | 113 | | 40,657 | |
Thales SA | | 50 | | 5,072 | |
| | | | 81,460 | |
Agriculture – 1.1% | | | | | |
Archer-Daniels-Midland Co. | | 266 | | 15,960 | |
British American Tobacco PLC | | 1,104 | | 41,464 | |
Japan Tobacco, Inc. | | 516 | | 10,016 | |
| | | | 67,440 | |
Apparel – 0.1% | | | | | |
Burberry Group PLC | | 195 | | 4,990 | |
| | | | | |
Auto Manufacturers – 2.3% | | | | | |
Cummins, Inc. | | 69 | | 16,283 | |
Honda Motor Co. Ltd. | | 785 | | 23,880 | |
Suzuki Motor Corp. | | 193 | | 8,355 | |
Toyota Motor Corp. | | 1,074 | | 93,772 | |
| | | | 142,290 | |
Auto Parts & Equipment – 0.6% | | | | | |
Aisin Corp. | | 81 | | 3,100 | |
Bridgestone Corp. | | 273 | | 12,584 | |
Magna International, Inc. | | 135 | | 10,644 | |
Sumitomo Rubber Industries Ltd. | | 88 | | 1,057 | |
Toyoda Gosei Co. Ltd. | | 45 | | 958 | |
Toyota Industries Corp. | | 70 | | 5,919 | |
The Yokohama Rubber Co. Ltd. | | 80 | | 1,367 | |
| | | | 35,629 | |
Banks – 16.8% | | | | | |
Bank of America Corp. | | 3,615 | | 150,926 | |
Bank of Montreal | | 306 | | 30,405 | |
The Bank of New York Mellon Corp. | | 366 | | 20,211 | |
The Bank of Nova Scotia | | 564 | | 34,880 | |
Canadian Imperial Bank of Commerce | | 211 | | 24,235 | |
The Chiba Bank Ltd. | | 318 | | 1,989 | |
Citigroup, Inc. | | 992 | | 71,335 | |
Citizens Financial Group, Inc. | | 185 | | 8,101 | |
Concordia Financial Group Ltd. | | 513 | | 1,994 | |
Fifth Third Bancorp | | 336 | | 13,057 | |
Huntington Bancshares, Inc. | | 706 | | 10,964 | |
Japan Post Bank Co. Ltd. | | 192 | | 1,683 | |
JPMorgan Chase & Co. | | 1,436 | | 229,688 | |
KeyCorp | | 415 | | 8,433 |
|
| Shares |
| Value | |
Banks – 16.8% (Continued) | | | | | |
M&T Bank Corp. | | 56 | | $7,841 | |
Macquarie Group Ltd. | | 165 | | 20,107 | |
Morgan Stanley | | 703 | | 73,414 | |
National Bank of Canada | | 159 | | 12,600 | |
Natwest Group PLC | | 2,497 | | 7,323 | |
Northern Trust Corp. | | 92 | | 10,904 | |
Oversea-Chinese Banking Corp. Ltd. | | 1,924 | | 16,349 | |
The PNC Financial Services Group, Inc. | | 201 | | 38,411 | |
Raiffeisen Bank International AG | | 65 | | 1,561 | |
Regions Financial Corp. | | 456 | | 9,316 | |
Resona Holdings, Inc. | | 1,129 | | 4,375 | |
Royal Bank of Canada | | 681 | | 69,843 | |
Seven Bank Ltd. | | 287 | | 656 | |
The Shizuoka Bank Ltd. | | 240 | | 1,883 | |
State Street Corp. | | 156 | | 14,494 | |
Sumitomo Mitsui Financial Group, Inc. | | 612 | | 21,174 | |
The Toronto-Dominion Bank | | 861 | | 55,824 | |
Truist Financial Corp. | | 637 | | 36,347 | |
U.S. Bancorp | | 645 | | 37,017 | |
United Overseas Bank Ltd. | | 753 | | 14,320 | |
| | | | 1,061,660 | |
Beverages – 1.9% | | | | | |
Asahi Group Holdings Ltd. | | 208 | | 9,683 | |
The Coca-Cola Co. | | 1,840 | | 103,610 | |
Kirin Holdings Co. Ltd. | | 361 | | 6,552 | |
Suntory Beverage & Food Ltd. | | 59 | | 2,366 | |
| | | | 122,211 | |
Biotechnology – 0.7% | | | | | |
Gilead Sciences, Inc. | | 580 | | 42,212 | |
| | | | | |
Building Materials – 1.1% | | | | | |
AGC, Inc. | | 89 | | 4,310 | |
Buzzi Unicem SpA | | 55 | | 1,459 | |
Cie de Saint-Gobain | | 227 | | 16,450 | |
CRH PLC | | 360 | | 19,159 | |
HeidelbergCement AG | | 70 | | 6,082 | |
Holcim Ltd. | | 234 | | 13,334 | |
Lixil Corp. | | 132 | | 3,851 | |
Taiheiyo Cement Corp. | | 54 | | 1,240 | |
Wienerberger AG | | 60 | | 2,354 | |
Xinyi Glass Holdings Ltd. | | 815 | | 3,427 | |
| | | | 71,666 | |
Chemicals – 2.4% | | | | | |
Air Products and Chemicals, Inc. | | 105 | | 28,299 | |
Air Water, Inc. | | 91 | | 1,470 | |
Akzo Nobel NV | | 81 | | 9,982 | |
Asahi Kasei Corp. | | 646 | | 6,680 | |
SoFi Weekly Dividend ETF
33 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Common Stocks – 99.6% (Continued) | | | | | |
Chemicals – 2.4% (Continued) | | | | | |
Celanese Corp. | | 53 | | $8,406 | |
Covestro AG | | 89 | | 5,768 | |
Daicel Corp. | | 165 | | 1,331 | |
DIC Corp. | | 45 | | 1,296 | |
Dow, Inc. | | 345 | | 21,701 | |
Eastman Chemical Co. | | 65 | | 7,355 | |
Evonik Industries AG | | 84 | | 2,836 | |
FMC Corp. | | 61 | | 5,711 | |
Givaudan SA | | 4 | | 20,064 | |
LyondellBasell Industries NV | | 127 | | 12,744 | |
Mitsubishi Gas Chemical Co., Inc. | | 91 | | 1,719 | |
Mitsui Chemicals, Inc. | | 86 | | 2,975 | |
Nitto Denko Corp. | | 70 | | 5,327 | |
Solvay SA | | 34 | | 4,453 | |
Tosoh Corp. | | 136 | | 2,473 | |
Yara International ASA | | 77 | | 3,862 | |
| | | | 154,452 | |
Coal – 0.0%(3) | | | | | |
Thungela Resources Ltd.(1) | | 61 | | 255 | |
| | | | | |
Commercial Services – 0.9% | | | | | |
Automatic Data Processing, Inc. | | 202 | | 42,226 | |
Dai Nippon Printing Co. Ltd. | | 108 | | 2,572 | |
Intertek Group PLC | | 78 | | 5,657 | |
Randstad NV | | 55 | | 4,045 | |
| | | | 54,500 | |
Computers – 0.3% | | | | | |
Avast PLC | | 312 | | 2,567 | |
Computershare Ltd. | | 245 | | 2,954 | |
Hewlett Packard Enterprise Co. | | 613 | | 9,477 | |
Otsuka Corp. | | 60 | | 3,113 | |
SCSK Corp. | | 25 | | 1,582 | |
| | | | 19,693 | |
Cosmetics & Personal Care – 4.4% | | | | | |
L’Oreal SA | | 100 | | 46,781 | |
The Procter & Gamble Co. | | 1,156 | | 164,603 | |
Unilever PLC | | 1,223 | | 68,101 | |
| | | | 279,485 | |
Distribution & Wholesale – 1.7% | | | | | |
Bunzl PLC | | 161 | | 5,841 | |
Fastenal Co. | | 270 | | 15,079 | |
Ferguson PLC | | 107 | | 15,470 | |
ITOCHU Corp. | | 705 | | 21,247 | |
Jardine Cycle & Carriage Ltd. | | 51 | | 737 | |
Marubeni Corp. | | 819 | | 6,528 | |
Mitsubishi Corp. | | 647 | | 19,499 |
|
| Shares |
| Value | |
Distribution & Wholesale – 1.7% (Continued) | | | | ||
Mitsui & Co. Ltd. | | 724 | | $16,008 | |
Seven Group Holdings Ltd. | | 70 | | 1,087 | |
Toyota Tsusho Corp. | | 110 | | 4,871 | |
| | | | 106,367 | |
Diversified Financial Services – 1.8% | | | | | |
Ally Financial, Inc. | | 165 | | 8,728 | |
Daiwa Securities Group, Inc. | | 676 | | 3,830 | |
Deutsche Boerse AG | | 87 | | 15,004 | |
Discover Financial Services | | 145 | | 18,592 | |
Franklin Resources, Inc. | | 140 | | 4,542 | |
Hargreaves Lansdown PLC | | 169 | | 3,509 | |
IGM Financial, Inc. | | 50 | | 1,820 | |
Japan Exchange Group, Inc. | | 250 | | 5,960 | |
ORIX Corp. | | 583 | | 10,887 | |
SBI Holdings, Inc. | | 115 | | 2,795 | |
Schroders PLC | | 70 | | 3,642 | |
Singapore Exchange Ltd. | | 394 | | 2,900 | |
Synchrony Financial | | 266 | | 13,233 | |
T. Rowe Price Group, Inc. | | 95 | | 21,268 | |
| | | | 116,710 | |
Electric – 6.5% | | | | | |
A2A SpA | | 749 | | 1,645 | |
Algonquin Power & Utilities Corp. | | 292 | | 4,527 | |
Alliant Energy Corp. | | 119 | | 7,234 | |
Ameren Corp. | | 119 | | 10,439 | |
American Electric Power Co., Inc. | | 238 | | 21,318 | |
Atco Ltd. - Class I | | 48 | | 1,612 | |
Chubu Electric Power Co., Inc. | | 350 | | 4,234 | |
CLP Holdings Ltd. | | 908 | | 9,077 | |
CMS Energy Corp. | | 136 | | 8,722 | |
Consolidated Edison, Inc. | | 167 | | 12,600 | |
DTE Energy Co. | | 92 | | 11,071 | |
Electric Power Development Co. Ltd. | | 79 | | 1,182 | |
Emera, Inc. | | 120 | | 5,656 | |
Entergy Corp. | | 99 | | 10,950 | |
Evergy, Inc. | | 108 | | 7,393 | |
Eversource Energy | | 162 | | 14,698 | |
Fortis, Inc. | | 222 | | 10,154 | |
Fortum Oyj | | 201 | | 6,103 | |
Hera SpA | | 407 | | 1,760 | |
Hydro One Ltd. | | 150 | | 3,727 | |
Iberdrola SA | | 2,929 | | 36,287 | |
NextEra Energy, Inc. | | 940 | | 78,951 | |
Pinnacle West Capital Corp. | | 55 | | 4,230 | |
Power Assets Holdings Ltd. | | 669 | | 4,202 | |
Public Service Enterprise Group, Inc. | | 240 | | 15,346 | |
Red Electrica Corp. SA | | 207 | | 4,127 | |
SoFi Weekly Dividend ETF
34 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.6% (Continued) | | | | | |
Electric – 6.5% (Continued) | | | | | |
RWE AG | | 301 | | $11,757 | |
Sempra Energy | | 150 | | 19,854 | |
The Southern Co. | | 480 | | 31,550 | |
SSE PLC | | 506 | | 11,368 | |
Terna - Rete Elettrica Nazionale | | 688 | | 5,438 | |
WEC Energy Group, Inc. | | 150 | | 14,172 | |
Xcel Energy, Inc. | | 253 | | 17,394 | |
| | | | 408,778 | |
Electrical Components & Equipment – 1.7% | | | | ||
ABB Ltd. | | 781 | | 28,919 | |
Brother Industries Ltd. | | 125 | | 2,569 | |
Casio Computer Co. Ltd. | | 112 | | 1,732 | |
Emerson Electric Co. | | 281 | | 29,646 | |
Mabuchi Motor Co. Ltd. | | 25 | | 876 | |
Schneider Electric SE | | 255 | | 45,544 | |
| | | | 109,286 | |
Electronics – 0.3% | | | | | |
Garmin Ltd. | | 70 | | 12,210 | |
Venture Corp. Ltd. | | 142 | | 2,023 | |
Yokogawa Electric Corp. | | 124 | | 1,945 | |
| | | | 16,178 | |
Engineering & Construction – 0.7% | | | | | |
CK Infrastructure Holdings Ltd. | | 291 | | 1,768 | |
Infrastrutture Wireless Italiane SpA | | 168 | | 1,997 | |
Kajima Corp. | | 210 | | 2,720 | |
Obayashi Corp. | | 302 | | 2,491 | |
Singapore Technologies Engineering Ltd. | | 735 | | 2,066 | |
Skanska AB - B Shares | | 174 | | 5,005 | |
Taisei Corp. | | 90 | | 2,822 | |
Vinci SA | | 262 | | 28,110 | |
| | | | 46,979 | |
Environmental Control – 0.2% | | | | | |
Republic Services, Inc. | | 99 | | 12,289 | |
SWECO AB (1) | | 195 | | 3,415 | |
| | | | 15,704 | |
Food – 6.4% | | | | | |
AAK AB | | 92 | | 2,198 | |
Campbell Soup Co. | | 97 | | 4,048 | |
Coles Group Ltd. | | 603 | | 7,968 | |
Conagra Brands, Inc. | | 226 | | 7,485 | |
Danone SA | | 315 | | 23,006 | |
General Mills, Inc. | | 292 | | 16,881 | |
George Weston Ltd. | | 35 | | 3,767 | |
The Hershey Co. | | 69 | | 12,261 |
|
| Shares |
| Value | |
Food – 6.4% (Continued) | | | | | |
Hormel Foods Corp. | | 134 | | $6,102 | |
ICA Gruppen AB | | 43 | | 2,137 | |
The J.M. Smucker Co. | | 52 | | 6,431 | |
Kesko Oyj - B Shares | | 126 | | 5,200 | |
Koninklijke Ahold Delhaize NV | | 498 | | 16,795 | |
The Kroger Co. | | 326 | | 15,006 | |
Metro, Inc. | | 116 | | 5,900 | |
Mondelez International, Inc. | | 661 | | 41,028 | |
Nestle SA | | 1,249 | | 157,807 | |
NH Foods Ltd. | | 48 | | 1,863 | |
Nisshin Seifun Group, Inc. | | 126 | | 2,069 | |
Orkla ASA | | 348 | | 3,105 | |
Salmar ASA | | 27 | | 1,808 | |
Seven & i Holdings Co. Ltd. | | 370 | | 16,217 | |
Tesco PLC | | 3,689 | | 12,954 | |
Tyson Foods, Inc. - Class A | | 140 | | 10,993 | |
Wilmar International Ltd. | | 885 | | 2,724 | |
Woolworths Group Ltd. | | 599 | | 18,277 | |
| | | | 404,030 | |
Forest Products & Paper – 0.7% | | | | | |
International Paper Co. | | 187 | | 11,237 | |
Mondi PLC | | 236 | | 6,512 | |
Oji Holdings Corp. | | 414 | | 2,170 | |
Smurfit Kappa Group PLC (1) | | 123 | | 7,054 | |
Stora Enso Oyj - R Shares | | 272 | | 5,322 | |
UPM-Kymmene Oyj | | 250 | | 10,161 | |
| | | | 42,456 | |
Gas – 0.3% | | | | | |
Atmos Energy Corp. | | 62 | | 6,046 | |
China Gas Holdings Ltd. | | 1,080 | | 3,131 | |
Osaka Gas Co. Ltd. | | 194 | | 3,643 | |
Snam SpA | | 923 | | 5,452 | |
Tokyo Gas Co. Ltd. | | 200 | | 3,852 | |
| | | | 22,124 | |
Hand & Machine Tools – 0.2% | | | | | |
Disco Corp. | | 13 | | 3,792 | |
Fuji Electric Co. Ltd. | | 61 | | 2,646 | |
Snap-on, Inc. | | 25 | | 5,624 | |
| | | | 12,062 | |
Healthcare – Products – 0.3% | | | | | |
Koninklijke Philips NV | | 436 | | 20,093 | |
| | | | | |
Healthcare – Services – 0.4% | | | | | |
Fresenius Medical Care AG & Co. KGaA | | 96 | | 7,370 | |
Fresenius SE & Co. KGaA | | 189 | | 9,828 | |
Sonic Healthcare Ltd. | | 222 | | 7,042 | |
| | | | 24,240 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
35 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.6% (Continued) | | | | | |
Home Builders – 0.3% | | | | | |
Daiwa House Industry Co. Ltd. | | 286 | | $8,737 | |
Haseko Corp. | | 121 | | 1,678 | |
Iida Group Holdings Co. Ltd. | | 71 | | 1,807 | |
Sekisui Chemical Co. Ltd. | | 180 | | 3,087 | |
Sekisui House Ltd. | | 285 | | 5,689 | |
| | | | 20,998 | |
Home Furnishings – 0.2% | | | | | |
Electrolux AB - Class B | | 117 | | 2,961 | |
Whirlpool Corp. | | 30 | | 6,646 | |
| | | | 9,607 | |
Household Products & Wares – 0.1% | | | | | |
Henkel AG & Co. KGaA | | 48 | | 4,318 | |
| | | | | |
Housewares – 0.1% | | | | | |
Newell Brands, Inc. | | 182 | | 4,625 | |
| | | | | |
Insurance – 7.7% | | | | | |
Admiral Group PLC | | 125 | | 6,212 | |
Aflac, Inc. | | 301 | | 17,061 | |
Ageas SA/NV | | 84 | | 4,199 | |
Allianz SE | | 198 | | 46,508 | |
The Allstate Corp. | | 127 | | 17,181 | |
American International Group, Inc. | | 400 | | 21,824 | |
Assicurazioni Generali SpA | | 553 | | 11,274 | |
Aviva PLC | | 1,856 | | 10,322 | |
AXA SA | | 1,079 | | 30,289 | |
Cincinnati Financial Corp. | | 67 | | 8,268 | |
Dai-ichi Life Holdings, Inc. | | 488 | | 9,637 | |
Everest Re Group Ltd. | | 20 | | 5,298 | |
Fairfax Financial Holdings Ltd. | | 10 | | 4,419 | |
Fidelity National Financial, Inc. | | 116 | | 5,664 | |
Great-West Lifeco, Inc. | | 130 | | 4,015 | |
Hannover Rueck SE | | 29 | | 5,339 | |
The Hartford Financial Services Group, Inc. | | 170 | | 11,427 | |
iA Financial Corp., Inc. | | 52 | | 2,879 | |
Intact Financial Corp. | | 66 | | 8,975 | |
Japan Post Holdings Co. Ltd. | | 542 | | 4,659 | |
Japan Post Insurance Co. Ltd. | | 91 | | 1,652 | |
Legal & General Group PLC | | 2,846 | | 10,583 | |
M&G PLC | | 1,261 | | 3,575 | |
Mapfre SA | | 450 | | 970 | |
Marsh & McLennan Companies, Inc. | | 240 | | 37,728 | |
MetLife, Inc. | | 326 | | 20,212 | |
MS&AD Insurance Group Holdings, Inc. | | 220 | | 7,119 |
|
| Shares |
| Value | |
Insurance – 7.7% (Continued) | | | | | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 67 | | $19,571 | |
Principal Financial Group, Inc. | | 116 | | 7,750 | |
The Progressive Corp. | | 277 | | 26,686 | |
Prudential Financial, Inc. | | 187 | | 19,800 | |
Sompo Holdings, Inc. | | 153 | | 6,724 | |
Storebrand ASA | | 216 | | 1,916 | |
Sun Life Financial, Inc. | | 277 | | 14,240 | |
Suncorp Group Ltd. | | 597 | | 5,445 | |
T&D Holdings, Inc. | | 232 | | 2,819 | |
Tokio Marine Holdings, Inc. | | 306 | | 14,977 | |
The Travelers Company, Inc. | | 120 | | 19,165 | |
Zurich Insurance Group AG | | 72 | | 31,596 | |
| | | | 487,978 | |
Internet – 0.1% | | | | | |
Trend Micro Inc/Japan | | 64 | | 3,513 | |
| | | | | |
Investment Companies – 0.5% | | | | | |
Aker ASA | | 10 | | 721 | |
Industrivarden AB - Class A | | 57 | | 2,096 | |
Industrivarden AB - Class C | | 72 | | 2,507 | |
INVESTOR AB (1) | | 242 | | 5,799 | |
INVESTOR AB (1) | | 856 | | 20,452 | |
| | | | 31,575 | |
Iron & Steel – 0.5% | | | | | |
Fortescue Metals Group Ltd. | | 845 | | 12,969 | |
Mineral Resources Ltd. | | 82 | | 3,291 | |
Nucor Corp. | | 141 | | 16,576 | |
| | | | 32,836 | |
Leisure Time – 0.1% | | | | | |
Yamaha Motor Co. Ltd. | | 135 | | 3,441 | |
| | | | | |
Machinery – Construction & Mining – 0.6% | | | | ||
Hitachi Ltd. | | 466 | | 25,811 | |
Sandvik AB | | 504 | | 12,836 | |
| | | | 38,647 | |
Machinery – Diversified – 0.4% | | | | | |
Ebara Corp. | | 46 | | 2,295 | |
Husqvarna AB - Class B | | 189 | | 2,532 | |
Rockwell Automation, Inc. | | 54 | | 17,574 | |
| | | | 22,401 | |
Media – 0.3% | | | | | |
Nippon Television Holdings, Inc. | | 80 | | 851 | |
Shaw Communications, Inc. - Class B | | 212 | | 6,229 | |
ViacomCBS, Inc. - Class B | | 277 | | 11,482 | |
| | | | 18,562 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
36 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.6% (Continued) | | | | | |
Mining – 1.8% | | | | | |
Anglo American PLC | | 565 | | $23,864 | |
Boliden AB | | 128 | | 4,458 | |
Newmont Corp. | | 360 | | 20,876 | |
Norsk Hydro ASA | | 609 | | 4,199 | |
Rio Tinto Ltd. | | 177 | | 14,496 | |
Rio Tinto PLC | | 521 | | 38,591 | |
Sumitomo Metal Mining Co. Ltd. | | 122 | | 4,691 | |
| | | | 111,175 | |
Miscellaneous Manufacturers – 2.6% | | | | | |
3M Co. | | 274 | | 53,359 | |
Eaton Corp. PLC | | 190 | | 31,988 | |
Siemens AG | | 380 | | 63,177 | |
Smiths Group PLC | | 192 | | 3,812 | |
Toshiba Corp. | | 197 | | 8,562 | |
Trelleborg AB - Class B | | 112 | | 2,719 | |
| | | | 163,617 | |
Office & Business Equipment – 0.0%(3) | | | | | |
Seiko Epson Corp. | | 152 | | 2,836 | |
| | | | | |
Oil & Gas – 1.7% | | | | | |
Canadian Natural Resources Ltd. | | 536 | | 17,709 | |
DCC PLC | | 46 | | 3,913 | |
ENEOS Holdings, Inc. | | 1,498 | | 5,810 | |
EOG Resources, Inc. | | 270 | | 18,230 | |
OMV AG | | 67 | | 3,712 | |
TotalEnergies SE | | 1,246 | | 54,929 | |
| | | | 104,303 | |
Packaging & Containers – 0.3% | | | | | |
Amcor PLC | | 735 | | 9,444 | |
Huhtamaki Oyj | | 43 | | 2,295 | |
Packaging Corp. of America | | 44 | | 6,675 | |
| | | | 18,414 | |
Pharmaceuticals – 13.6% | | | | | |
Astellas Pharma, Inc. | | 879 | | 14,858 | |
Cardinal Health, Inc. | | 139 | | 7,296 | |
CVS Health Corp. | | 618 | | 53,389 | |
Grifols SA | | 141 | | 3,444 | |
Johnson & Johnson | | 1,260 | | 218,144 | |
Medipal Holdings Corp. | | 82 | | 1,570 | |
Merck & Co., Inc. | | 1,208 | | 92,158 | |
Novartis AG | | 1,111 | | 102,835 | |
Otsuka Holdings Co. Ltd. | | 190 | | 8,096 | |
Pfizer, Inc. | | 2,713 | | 124,988 | |
Recordati Industria Chimica e Farmaceutica SpA | | 45 | | 2,951 | |
Roche Holding AG | | 12 | | 5,371 |
|
| Shares |
| Value | |
Pharmaceuticals – 13.6% (Continued) | | | | | |
Roche Holding AG | | 331 | | $132,880 | |
Sanofi | | 518 | | 53,577 | |
Shionogi & Co. Ltd. | | 150 | | 9,492 | |
Takeda Pharmaceutical Co. Ltd. | | 754 | | 25,250 | |
| | | | 856,299 | |
Private Equity – 0.8% | | | | | |
3i Group PLC | | 465 | | 8,560 | |
Blackstone, Inc. - Class A | | 311 | | 39,102 | |
Intermediate Capital Group PLC | | 137 | | 4,144 | |
| | | | 51,806 | |
Real Estate – 0.8% | | | | | |
Aeon Mall Co. Ltd. | | 44 | | 672 | |
CA Immobilien Anlagen AG | | 35 | | 1,523 | |
Castellum AB | | 97 | | 2,822 | |
Deutsche Wohnen SE | | 132 | | 8,190 | |
Fabege AB | | 122 | | 2,209 | |
Henderson Land Development Co. Ltd. | | 637 | | 2,883 | |
Hulic Co. Ltd. | | 154 | | 1,808 | |
Nomura Real Estate Holdings, Inc. | | 49 | | 1,256 | |
Sun Hung Kai Properties Ltd. | | 686 | | 9,667 | |
Vonovia SE | | 272 | | 18,353 | |
| | | | 49,383 | |
Real Estate Investment Trusts (REITs) – 1.7% | | | | ||
Alexandria Real Estate Equities, Inc. | | 57 | | 11,763 | |
AvalonBay Communities, Inc. | | 65 | | 14,923 | |
Boston Properties, Inc. | | 67 | | 7,570 | |
Canadian Apartment Properties REIT | | 79 | | 3,820 | |
CapitaLand Integrated Commercial Trust | | 2,162 | | 3,311 | |
Extra Space Storage, Inc. | | 61 | | 11,402 | |
Frasers Logistics & Commercial Trust | | 1,253 | | 1,397 | |
Goodman Group | | 842 | | 14,234 | |
Japan Metropolitan Fund Invest | | 3 | | 2,919 | |
Japan Real Estate Investment Corp. | | 1 | | 6,199 | |
Keppel DC REIT | | 770 | | 1,431 | |
Mapletree Logistics Trust | | 1,410 | | 2,128 | |
Mirvac Group | | 1,867 | | 4,257 | |
Nippon Building Fund, Inc. | | 1 | | 6,508 | |
Nippon Prologis REIT, Inc. | | 1 | | 3,609 | |
Segro PLC | | 567 | | 10,020 | |
| | | | 105,491 | |
Retail – 0.7% | | | | | |
ABC-Mart, Inc. | | 15 | | 804 | |
Best Buy Co., Inc. | | 110 | | 12,816 | |
Canadian Tire Corp Ltd. - Class A | | 27 | | 4,102 | |
Chow Tai Fook Jewellery Group Ltd. | | 838 | | 1,698 | |
Genuine Parts Co. | | 69 | | 8,431 | |
Sundrug Co. Ltd. | | 33 | | 1,098 | |
Walgreens Boots Alliance, Inc. | | 330 | | 16,748 | |
Yamada Holdings Co. Ltd. | | 362 | | 1,559 | |
| | | | 47,256 | |
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
37 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.6% (Continued) | | | | | |
Semiconductors – 3.1% | | | | | |
Advantest Corp. | | 90 | | $7,799 | |
ASM Pacific Technology Ltd. | | 149 | | 1,774 | |
Intel Corp. | | 1,921 | | 103,850 | |
Texas Instruments, Inc. | | 432 | | 82,473 | |
| | | | 195,896 | |
Shipbuilding – 0.0%(3) | | | | | |
Yangzijiang Shipbuilding Holdings Ltd. | | 1,290 | | 1,573 | |
| | | | | |
Software – 1.5% | | | | | |
Koei Tecmo Holdings Co. Ltd. | | 27 | | 1,156 | |
Paychex, Inc. | | 153 | | 17,514 | |
The Sage Group PLC | | 508 | | 5,189 | |
SAP SE | | 478 | | 71,921 | |
| | | | 95,780 | |
Telecommunications – 3.4% | | | | | |
Cisco Systems, Inc. | | 1,860 | | 109,777 | |
Corning, Inc. | | 360 | | 14,397 | |
Elisa Oyj | | 68 | | 4,354 | |
KDDI Corp. | | 734 | | 22,516 | |
Nippon Telegraph & Telephone Corp. | | 1,075 | | 28,729 | |
Orange SA | | 959 | | 10,890 | |
Rogers Communications, Inc. - Class B | | 166 | | 8,444 | |
Swisscom AG | | 12 | | 7,040 | |
Tele2 AB - Class B | | 212 | | 3,174 | |
Telecom Italia SpA | | 4,762 | | 2,155 | |
Telecom Italia SpA | | 3,440 | | 1,660 | |
| | | | 213,136 | |
Toys, Games & Hobbies – 0.5% | | | | | |
Hasbro, Inc. | | 61 | | 5,997 | |
Nintendo Co. Ltd. | | 58 | | 27,928 | |
| | | | 33,925 | |
Transportation – 1.0% | | | | | |
Aurizon Holdings Ltd. | | 849 | | 2,346 | |
C.H. Robinson Worldwide, Inc. | | 65 | | 5,854 | |
Deutsche Post AG | | 471 | | 33,126 | |
Kuehne + Nagel International AG | | 26 | | 9,511 | |
Mitsui OSK Lines Ltd. | | 49 | | 3,791 | |
Nippon Express Co. Ltd. | | 40 | | 2,727 | |
Nippon Yusen KK | | 72 | | 5,813 | |
| | | | 63,168 | |
Total Common Stocks | | | | | |
(Cost $6,149,631) | | | | 6,282,977 | |
| | | | |
|
| Shares |
| Value | |
Preferred Stocks – 0.2% | | | | | |
Auto Manufacturers – 0.1% | | | | | |
Porsche Automobil Holding SE | | 73 | | $7,390 | |
| | | | | |
Household Products & Wares – 0.1% | | | | | |
Henkel AG & Co. KGaA | | 83 | | 8,107 | |
Total Preferred Stocks | | | | | |
(Cost $17,125) | | | | 15,497 | |
| | | | | |
Short-Term Investments – 0.0%(3) | | | | | |
Money Market Funds – 0.0%(3) | | | | | |
First American Government | | 2,665 | | 2,665 | |
Total Short-Term Investments | | | | | |
(Cost $2,665) | | | | 2,665 | |
| | | | | |
Total Investments in Securities – 99.8% | | | | | |
(Cost $6,169,421) | | | | 6,301,139 | |
Other Assets in Excess of Liabilities – 0.2% | | | 10,618 | | |
Total Net Assets – 100.0% | | | | $6,311,757 | |
(1)Non-income producing security.
(2)The rate shown is the annualized seven-day effective yield as of August 31, 2021.
(3)Does not round to 0.1% or (0.1)%, as applicable.
SCHEDULE OF INVESTMENTS at August 31, 2021 (Unaudited) (Continued) |
SoFi Funds
38 |
The accompanying notes are an integral part of these financial statements.
|
| SoFi Select 500 ETF |
| SoFi Next 500 ETF |
| SoFi Social 50 ETF |
| SoFi Gig Economy ETF |
| SoFi |
| SoFi Weekly Dividend ETF |
| ||||||||||||
Assets: | | | | | | | | | | | | |
Investments in securities, at value (Note 2)(1) | | $332,211,426 | | $46,986,594 | | $31,096,802 | | $44,028,810 | | $21,672,580 | | $6,301,139 |
Foreign currency (cost of $-, $-, $-, $58, $-, and $76, respectively) | | — | | — | | — | | 59 | | — | | 76 |
Receivables: | | | | | | | | | | | | |
Fund shares sold | | 2,515,680 | | 730,635 | | — | | — | | — | | — |
Investment securities sold | | 785,042 | | — | | — | | — | | — | | 915,955 |
Dividends and interest | | 282,184 | | 20,567 | | 13,386 | | 1,314 | | 227,342 | | 17,500 |
Securities lending (Note 5) | | 974 | | 507 | | 2,888 | | 866 | | 36 | | — |
Total assets | | 335,795,306 | | 47,738,303 | | 31,113,076 | | 44,031,049 | | 21,899,958 | | 7,234,670 |
| | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | |
Collateral received for securities loaned (Note 5) | | 21,495,840 | | 6,894,331 | | 4,944,110 | | 9,145,094 | | 524,700 | | — |
Payables: | | | | | | | | | | | | |
Fund shares redeemed | | 838,560 | | — | | — | | — | | — | | — |
Investment securities purchased | | 2,355,125 | | 707,098 | | — | | — | | 50,000 | | 917,796 |
Distributions | | — | | — | | — | | — | | — | | 2,500 |
Management fees, net (Note 4) | | — | | — | | 6,152 | | 16,827 | | 10,642 | | 2,617 |
Total liabilities | | 24,689,525 | | 7,601,429 | | 4,950,262 | | 9,161,921 | | 585,342 | | 922,913 |
Net Assets | | $311,105,781 | | $40,136,874 | | $26,162,814 | | $34,869,128 | | $21,314,616 | | $6,311,757 |
| | | | | | | | | | | | |
Components of Net Assets: | | | | | | | | | | | | |
Paid-in capital | | $239,505,316 | | $32,744,293 | | $20,987,578 | | $32,842,582 | | $20,331,695 | | $6,187,205 |
Total distributable (accumulated) earnings (losses) | | 71,600,465 | | 7,392,581 | | 5,175,236 | | 2,026,546 | | 982,921 | | 124,552 |
Net assets | | $311,105,781 | | $40,136,874 | | $26,162,814 | | $34,869,128 | | $21,314,616 | | $6,311,757 |
| | | | | | | | | | | | |
Net Asset Value (unlimited shares authorized): | | | | | | | | | | | | |
Net assets | | $311,105,781 | | $40,136,874 | | $26,162,814 | | $34,869,128 | | $21,314,616 | | $6,311,757 |
Shares of beneficial interest issued and outstanding | | 18,550,000 | | 2,750,000 | | 650,000 | | 950,000 | | 200,000 | | 125,000 |
Net asset value | | $16.77 | | $14.60 | | $40.25 | | $36.70 | | $106.57 | | $50.49 |
| | | | | | | | | | | | |
Cost of investments | | $269,675,035 | | $41,482,037 | | $28,794,490 | | $47,716,583 | | $20,993,643 | | $6,169,421 |
(1)Includes loaned securities with value of $21,056,270, $6,806,703, $4,939,694, $8,977,271, $514,827, and $-, respectively.
SoFi Funds
39 |
The accompanying notes are an integral part of these financial statements.
|
| SoFi Select 500 ETF |
| SoFi Next 500 ETF |
| SoFi Social 50 ETF |
| SoFi Gig Economy ETF |
| SoFi |
| SoFi Weekly Dividend ETF(1) | |
| |||||||||||||
Investment Income: | | | | | | | | | | | | | |
Dividend income (net of foreign withholding tax of $329, $71, $-, $77, $-, and $1,390, respectively) | | $1,455,989 | | $177,764 | | $43,599 | | $16,574 | | $6,150 | | $38,225 | |
Securities lending income (Note 5) | | 4,350 | | 6,200 | | 26,537 | | 12,064 | | 210 | | — | |
Interest income | | 115 | | 24 | | 5 | | 69 | | 298,894 | | 1 | |
Total investment income | | 1,460,454 | | 183,988 | | 70,141 | | 28,707 | | 305,254 | | 38,226 | |
| | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | |
Management fees (Note 4) | | 231,381 | | 30,781 | | 30,132 | | 117,100 | | 59,473 | | 7,513 | |
Total expenses | | 231,381 | | 30,781 | | 30,132 | | 117,100 | | 59,473 | | 7,513 | |
Less: Management fee wavier (Note 4) | | (231,381 | ) | (30,781 | ) | — | | — | | — | | — | |
Net expenses | | — | | — | | 30,132 | | 117,100 | | 59,473 | | 7,513 | |
Net investment income (loss) | | 1,460,454 | | 183,988 | | 40,009 | | (88,393 | ) | 245,781 | | 30,713 | |
| | | | | | | | | | | | | |
Realized and Unrealized Gain (Loss) on Investments: | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | |
Investments | | 12,949,148 | | 3,079,561 | | 3,752,055 | | 5,670,763 | | 274,406 | | (2,547 | ) |
Foreign currency transactions | | — | | — | | — | | (1,308 | ) | — | | (1,305 | ) |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | | |
Investments and foreign currency translations | | 30,578,704 | | (175,851 | ) | 2,212,806 | | (11,198,377 | ) | 23,513 | | 131,691 | |
Net realized and unrealized gain (loss) | | 43,527,852 | | 2,903,710 | | 5,964,861 | | (5,528,922 | ) | 297,919 | | 127,839 | |
Net increase (decrease) in net assets | | $44,988,306 | | $3,087,698 | | $6,004,870 | | $(5,617,315 | ) | $543,700 | | $158,552 | |
(1)The Fund commenced operations on May 10, 2021. The information presented is from May 10, 2021 to August 31, 2021.
SoFi Select 500 ETF
40 |
The accompanying notes are an integral part of these financial statements.
|
|
|
|
|
| Six-Months Ended |
| Year Ended February 28, 2021 |
|
| |||||||||
Increase (Decrease) in Net Assets From: | | | | | | | | | |
| |||||||||
Operations: | | | | | | | | | |
Net investment income (loss) | | $1,460,454 | | $1,585,705 | | ||||
Net realized gain (loss) on investments | | 12,949,148 | | (938,576 | ) | ||||
Change in net unrealized appreciation/depreciation on investments | | 30,578,704 | | 32,011,373 | | ||||
Net increase (decrease) in net assets resulting from operations | | 44,988,306 | | 32,658,502 | | ||||
| | | | | | | | | |
Distributions to Shareholders: | | | | | | | | | |
Net distributions to shareholders | | (1,221,345 | ) | (1,509,898 | ) | ||||
| | | | | | | | | |
Capital Share Transactions: | | | | | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 90,268,466 | | 72,189,295 | | ||||
Total increase (decrease) in net assets | | 134,035,427 | | 103,337,899 | | ||||
| | | | | | | | | |
Net Assets: | | | | | | | | | |
Beginning of period/year | | 177,070,354 | | 73,732,455 | | ||||
End of period/year | | $311,105,781 | | $177,070,354 | |
(1)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 8,800,000 | | $135,003,166 | | 6,900,000 | | $85,547,705 | (3) |
Shares redeemed | | (2,950,000 | ) | (44,734,700 | ) | (1,300,000 | ) | (13,358,410 | ) |
Net increase (decrease) | | 5,850,000 | | $90,268,466 | | 5,600,000 | | $72,189,295 | |
(3)Net variable fees of $8.
SoFi Next 500 ETF
41 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended February 28, 2021 |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $183,988 | | $201,900 | |
Net realized gain (loss) on investments | | 3,079,561 | | (693,794 | ) |
Change in net unrealized appreciation/depreciation on investments | | (175,851 | ) | 6,192,697 | |
Net increase (decrease) in net assets resulting from operations | | 3,087,698 | | 5,700,803 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (161,040 | ) | (192,104 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 12,591,375 | | 9,974,455 | |
Total increase (decrease) in net assets | | 15,518,033 | | 15,483,154 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 24,618,841 | | 9,135,687.00 | |
End of period/year | | $40,136,874 | | $24,618,841 | |
(1)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares | | Value |
|
Shares sold | | 1,600,000 | | $22,337,545 | | 1,200,000 | | $12,542,035 | |
Shares redeemed | | (700,000 | ) | (9,746,170 | ) | (300,000 | ) | (2,567,580 | ) |
Net increase (decrease) | | 900,000 | | $12,591,375 | | 900,000 | | $9,974,455 | |
SoFi Social 50 ETF
42 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $40,009 | | $25,832 | |
Net realized gain (loss) on investments | | 3,752,055 | | 1,688,603 | |
Change in net unrealized appreciation/depreciation on investments | | 2,212,806 | | 255,604 | |
Net increase (decrease) in net assets resulting from operations | | 6,004,870 | | 1,970,039 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (34,515 | ) | (19,729 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 8,441,475 | | 6,991,255 | |
Total increase (decrease) in net assets | | 14,411,830 | | 8,941,565 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 11,750,984 | | 2,809,419.00 | |
End of period/year | | $26,162,814 | | $11,750,984 | |
(1)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 950,000 | | $31,595,060 | | 800,000 | | $19,595,975 | |
Shares redeemed | | (700,000 | ) | (23,153,585 | ) | (550,000 | ) | (12,604,720 | ) |
Net increase (decrease) | | 250,000 | | $8,441,475 | | 250,000 | | $6,991,255 | |
SoFi Gig Economy ETF
43 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $(88,393) | | $(56,109) | |
Net realized gain (loss) on investments | | 5,669,455 | | 2,055,906 | |
Change in net unrealized appreciation/depreciation on investments | | (11,198,377 | ) | 7,869,637 | |
Net increase (decrease) in net assets resulting from operations | | (5,617,315 | ) | 9,869,434 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | — | | (86,786 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | (11,345,910 | ) | 34,626,975 | |
Total increase (decrease) in net assets | | (16,963,225 | ) | 44,409,623 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 51,832,353 | | 7,422,730 | |
End of period/year | | $34,869,128 | | $51,832,353 | |
(1)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 500,000 | | $18,255,900 | | 950,000 | | $37,608,830 | |
Shares redeemed | | (800,000 | ) | (29,601,810 | ) | (100,000 | ) | (2,981,855 | ) |
Net increase (decrease) | | (300,000 | ) | $(11,345,910 | ) | 850,000 | | $34,626,975 | |
SoFi Weekly Income ETF
44 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Period Ended |
|
| |||||
Increase (Decrease) in Net Assets from: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $245,781 | | $212,573 | |
Net realized gain (loss) on investments | | 274,406 | | 14,974 | |
Change in net unrealized appreciation/depreciation on investments | | 23,513 | | 655,424 | |
Net increase (decrease) in net assets resulting from operations | | 543,700 | | 882,971 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net dividends and distributions | | (247,500 | ) | (196,250 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(2) | | 250,774 | | 20,080,921 | |
Total increase (decrease) in net assets | | 546,974 | | 20,767,642 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period | | 20,767,642 | | — | |
End of period | | $21,314,616 | | $20,767,642 | |
(1)The Fund commenced operations on October 1, 2020. The information presented is from October 1, 2020 to February 28, 2021.
(2)Summary of share transactions is as follows:
| | Period Ended |
| Period Ended | | ||||
| | Shares |
| Value |
| Shares |
| Value | |
Shares sold | | 150,000 | | $15,678,433 | | 200,000 | | $20,080,921 | (3) |
Shares redeemed | | (150,000 | ) | (15,427,659 | )(4) | — | | — | |
Net increase (decrease) | | — | | $250,774 | | 200,000 | | $20,080,921 | |
(3)Net variable fees of $11,414.
(4)Net variable fees of $54,186.
SoFi Weekly Dividend ETF
45 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Period Ended |
|
| |||
Increase (Decrease) in Net Assets from: | | | |
| |||
Operations: | | | |
Net investment income (loss) | | $30,713 | |
Net realized gain (loss) on investments | | (3,852 | ) |
Change in net unrealized appreciation/depreciation on investments | | 131,691 | |
Net increase (decrease) in net assets resulting from operations | | 158,552 | |
| | | |
Distributions to Shareholders: | | | |
Net dividends and distributions | | (34,000 | ) |
| | | |
Capital Share Transactions: | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(2) | | 6,187,205 | |
Total increase (decrease) in net assets | | 6,311,757 | |
| | | |
Net Assets: | | | |
Beginning of period | | — | |
End of period | | $6,311,757 | |
(1)The Fund commenced operations on May 10, 2021. The information presented is from May 10, 2021 to August 31, 2021.
(2)Summary of share transactions is as follows:
|
| Period Ended |
| ||
|
| Shares |
| Value |
|
Shares sold | | 125,000 | | $6,187,205 | |
Shares redeemed | | — | | — | |
Net increase (decrease) | | 125,000 | | $6,187,205 | |
SoFi Select 500 ETF
46 |
The accompanying notes are an integral part of these financial statements.
|
| Six-Months Ended August 31, 2021 (Unaudited) |
| Year Ended February 28, 2021 |
| Period Ended February 29, 2020(1) |
|
Net asset value, beginning of period | | $13.94 | | $10.38 | | $10.00 | |
| | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | |
Net investment income (loss)(2) | | 0.09 | | 0.18 | | 0.17 | |
Net realized and unrealized gain (loss) on investments | | 2.81 | | 3.54 | | 0.33 | |
Total from investment operations | | 2.90 | | 3.72 | | 0.50 | |
| | | | | | | |
Less Distributions: | | | | | | | |
From net investment income | | (0.07 | ) | (0.16 | ) | (0.12 | ) |
| | — | | (0.00 | )(6) | — | |
Total distributions | | (0.07 | ) | (0.16 | ) | (0.12 | ) |
| | | | | | | |
Net asset value, end of period | | $16.77 | | $13.94 | | $10.38 | |
Total return (4) | | 20.87 | %(3) | 36.04 | % | 4.95 | %(3) |
| | | | | | | |
Ratios / Supplemental Data: | | | | | | | |
Net assets, end of period (millions) | | $311.1 | | $177.1 | | $73.7 | |
Portfolio turnover rate | | 29 | %(3) | 26 | % | 22 | %(3) |
Ratio of expenses to average net assets | | | | | | | |
Before management fees waived | | 0.19 | %(5) | 0.19 | % | 0.19 | %(5) |
After management fees waived | | 0.00 | %(5) | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) to average net assets | | | | | | | |
Before management fees waived | | 1.01 | %(5) | 1.25 | % | 1.60 | %(5) |
After management fees waived | | 1.20 | %(5) | 1.44 | % | 1.79 | %(5) |
(1)The Fund comenced operations on April 10, 2019. The information presented is from April 10. 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
(6)Does not round to $0.01 or $(0.01), as applicable.
SoFi Next 500 ETF
47 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
| Six-Months Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period | $13.31 | | $9.62 | | $10.00 | |
| | | | | | |
Income (Loss) from Investment Operations: | | | | | | |
Net investment income (loss)(2) | 0.08 | | 0.16 | | 0.13 | |
Net realized and unrealized gain (loss) on investments | 1.28 | | 3.67 | | (0.40 | ) |
Total from investment operations | 1.36 | | 3.83 | | (0.27 | ) |
| | | | | | |
Less Distributions: | | | | | | |
From net investment income | (0.07 | ) | (0.14 | ) | (0.11 | ) |
| — | | (0.00 | )(6) | — | |
Total distributions | (0.07 | ) | (0.14 | ) | (0.11 | ) |
| | | | | | |
Net asset value, end of period | $14.60 | | $13.31 | | $9.62 | |
Total return(4) | 10.20 | %(3) | 40.17 | % | (2.84 | )%(3) |
| | | | | | |
Ratios / Supplemental Data: | | | | | | |
Net assets, end of period (millions) | $40.1 | | $24.6 | | $9.1 | |
Portfolio turnover rate | 58 | %(3) | 53 | % | 55 | %(3) |
Ratio of expenses to average net assets | | | | | | |
Before management fees waived | 0.19 | %(5) | 0.19 | % | 0.19 | %(5) |
After management fees waived | 0.00 | %(5) | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) to average net assets | | | | | | |
Before management fees waived | 0.95 | %(5) | 1.29 | % | 1.29 | %(5) |
After management fees waived | 1.14 | %(5) | 1.48 | % | 1.48 | %(5) |
(1)The Fund comenced operations on April 10, 2019. The information presented is from April 10. 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
(6)Does not round to $0.01 or $(0.01), as applicable.
SoFi Social 50 ETF
48 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
|
| Six-Months Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period | | $29.38 | | $18.73 | | $20.00 | |
| | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | |
Net investment income (loss)(2) | | 0.07 | | 0.12 | | 0.15 | |
Net realized and unrealized gain (loss) on investments | | 10.85 | | 10.64 | | (1.27 | ) |
Total from investment operations | | 10.92 | | 10.76 | | (1.12 | ) |
| | | | | | | |
Less Distributions: | | | | | | | |
From net investment income | | (0.05 | ) | (0.11 | ) | (0.15 | ) |
Total distributions | | (0.05 | ) | (0.11 | ) | (0.15 | ) |
| | | | | | | |
Net asset value, end of period | | $40.25 | | $29.38 | | $18.73 | |
Total return(4) | | 37.20 | %(3) | 57.67% | | (5.67 | )%(3) |
| | | | | | | |
Ratios / Supplemental Data: | | | | | | | |
Net assets, end of period (millions) | | $26.2 | | $11.8 | | $2.8 | |
Portfolio turnover rate | | 148 | %(3) | 414 | % | 168 | %(3) |
Ratio of expenses to average net assets | | 0.29 | %(5) | 0.29 | % | 0.29 | %(5) |
Ratio of net investment income (loss) to average net assets | | 0.39 | %(5) | 0.52 | % | 0.92 | %(5) |
(1)The Fund comenced operations on May 7, 2019. The information presented is from May 7. 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
SoFi Gig Economy ETF
49 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
|
| Six-Months Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period | | $41.47 | | $18.56 | | $20.00 | |
| | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | |
Net investment income (loss)(2) | | (0.08 | ) | (0.11 | ) | (0.05 | ) |
Net realized and unrealized gain (loss) on investments | | (4.69 | ) | 23.14 | | (1.39 | ) |
Total from investment operations | | (4.77 | ) | 23.03 | | (1.44 | ) |
| | | | | | | |
Less Distributions: | | | | | | | |
From net investment income | | — | | (0.12 | ) | — | |
Total distributions | | — | | (0.12 | ) | — | |
| | | | | | | |
Net asset value, end of period | | $36.70 | | $41.47 | | $18.56 | |
Total return(4) | | (11.48 | )%(3) | 124.22 | % | (7.22 | )%(3) |
| | | | | | | |
Ratios / Supplemental Data: | | | | | | | |
Net assets, end of period (millions) | | $34.9 | | $51.8 | | $7.4 | |
Portfolio turnover rate | | 73 | %(3) | 68 | % | 33 | %(3) |
Ratio of expenses to average net assets | | 0.59 | %(5) | 0.59 | % | 0.29 | %(5) |
Ratio of net investment income (loss) to average net assets | | (0.45 | )%(5) | (0.36 | )% | (0.36 | )%(5) |
(1)The Fund comenced operations on May 7, 2019. The information presented is from May 7. 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
SoFi Weekly Income ETF
50 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
|
| Six-Months Ended |
| Period Ended |
|
Net asset value, beginning of period | | $103.84 | | $100.00 | |
| | | | | |
Income (Loss) from Investment Operations: | | | | | |
Net investment income (loss)(2) | | 1.30 | | 1.16 | |
Net realized and unrealized gain (loss) on investments | | 2.73 | | 3.73 | |
Total from investment operations | | 4.03 | | 4.89 | |
| | | | | |
Less Distributions: | | | | | |
From net investment income | | (1.30 | ) | (1.05 | ) |
Total distributions | | (1.30 | ) | (1.05 | ) |
| | | | | |
Net asset value, end of period | | $106.57 | | $103.84 | |
Total return(3)(4) | | 3.93 | % | 4.91 | % |
| | | | | |
Ratios / Supplemental Data: | | | | | |
Net assets, end of period (millions) | | $21.3 | | $20.8 | |
Portfolio turnover rate(3) | | 60 | % | 8 | % |
Ratio of expenses to average net assets(5) | | 0.59 | % | 0.59 | % |
Ratio of net investment income (loss) to average net assets(5) | | 2.44 | % | 2.73 | % |
(1)The Fund commenced operations on October 1, 2020. The information presented is from October 1, 2020 to February 28, 2021.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
SoFi Weekly Dividend ETF
51 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
|
| Period Ended |
|
Net asset value, beginning of period | | $50.00 | |
| | | |
Income (Loss) from Investment Operations: | | | |
Net investment income (loss)(2) | | 0.31 | |
Net realized and unrealized gain (loss) on investments | | 0.50 | |
Total from investment operations | | 0.81 | |
| | | |
Less Distributions: | | | |
From net investment income | | (0.32 | ) |
Total distributions | | (0.32 | ) |
| | | |
Net asset value, end of period | | $50.49 | |
Total return(3)(4) | | 1.66 | % |
| | | |
Ratios / Supplemental Data: | | | |
Net assets, end of period (millions) | | $6.3 | |
Portfolio turnover rate(3) | | 35 | % |
Ratio of expenses to average net assets(5) | | 0.49 | % |
Ratio of net investment income (loss) to average net assets(5) | | 2.00 | % |
(1)The Fund commenced operations on May 10, 2021. The information presented is from May 10, 2021 to August 31, 2021.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
52 |
SoFi Funds
NOTE 1 – ORGANIZATION |
The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF are diversified series of shares and the SoFi Gig Economy ETF, SoFi Weekly Income ETF, and SoFi Weekly Dividend ETF are non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares is registered under the Securities Act of 1933, as amended. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019, the SoFi Social 50 ETF and SoFi Gig Economy ETF commenced operations on May 7, 2019, the SoFi Weekly Income ETF commenced operations on October 1, 2020, and the SoFi Weekly Dividend ETF commenced operations on May 10, 2021.
The investment objective of the SoFi Select 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index. The investment objective of the SoFi Next 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. The investment objective of the SoFi Social 50 ETF is to seek to track the performance, before fees and expenses, of the SoFi Social 50 Index. The investment objective of the SoFi Gig Economy ETF is long-term capital appreciation. The investment objective of the SoFi Weekly Income ETF is to seek to provide current income. The investment objective of the SoFi Weekly Dividend ETF is to seek to track the performance, before fees and expenses, of the SoFi Sustainable Dividend Index (together with the Solactive SoFi US 500 Growth Index, the Solactive SoFi US Next 500 Growth Index, and the SoFi Social 50 Index, the “Indexes”).
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Funds are open for business.
Debt securities are valued by using an evaluated mean of the bid and asked prices provided by Independent Pricing Agents. The Independent Pricing Agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.
For securities for which quotations are not readily available, a fair value will be determined by the Valuation Committee using the Fair Value Procedures approved by the Trust’s Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Fair Value Procedures adopted by the Board. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.
53 |
SoFi Funds
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value each Fund’s investments as of August 31, 2021:
SoFi Select 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks (1) | | $— | | $310,219,795 | | $— | | $— | | $310,219,795 | |
Short-Term Investments | | — | | 495,791 | | — | | — | | 495,791 | |
Investments Purchased With Collateral From Securities Lending (2) | | 21,495,840 | | — | | — | | — | | 21,495,840 | |
Total Investments in Securities | | $21,495,840 | | $310,715,586 | | $— | | $— | | $332,211,426 | |
SoFi Next 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks (1) | | $— | | $40,059,945 | | $— | | $— | | $40,059,945 | |
Escrow Units (1) | | — | | — | | — | | 0 | | 0 | |
Short-Term Investments | | — | | 32,318 | | — | | — | | 32,318 | |
Investments Purchased With Collateral From Securities Lending (2) | | 6,894,331 | | — | | — | | — | | 6,894,331 | |
Total Investments in Securities | | $6,894,331 | | $40,092,263 | | $— | | $0 | | $46,986,594 | |
NOTES TO FINANCIAL STATEMENTS August 31, 2021 (Unaudited) (Continued) |
54 |
SoFi Funds
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
| | Investments | |
Balance as of February 28, 2021 | | $0 | |
Accrued discounts/premiums | | — | |
Realized gain (loss) | | — | |
Change in unrealized depreciation | | — | |
Purchases | | 0 | |
Sales | | — | |
Transfer into and/or out of Level 3 | | — | |
Balance as of August 31, 2021 | | $0 | (3) |
| | | |
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31, 2021: | | $0 | |
(3)The security, Wright Medical Group N.V., is classified as a Level 3 security due to a lack of market activity and is valued at fair value as determined in good faith by the Valuation Committee of the Trust.
SoFi Social 50 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks (1) | | $— | | $26,134,101 | | $— | | $— | | $26,134,101 | |
Short-Term Investments | | — | | 18,591 | | — | | — | | 18,591 | |
Investments Purchased With Collateral From Securities Lending (2) | | 4,944,110 | | — | | — | | — | | 4,944,110 | |
Total Investments in Securities | | $4,944,110 | | $26,152,692 | | $— | | $— | | $31,096,802 | |
SoFi Gig Economy ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks (1) | | $— | | $34,453,368 | | $— | | $— | | $34,453,368 | |
Short-Term Investments | | — | | 430,348 | | — | | — | | 430,348 | |
Investments Purchased With Collateral From Securities Lending (2) | | 9,145,094 | | — | | — | | — | | 9,145,094 | |
Total Investments in Securities | | $9,145,094 | | $34,883,716 | | $— | | $— | | $44,028,810 | |
SoFi Weekly Income ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Asset Backed Securities | | $— | | $— | | $796,381 | | $— | | $796,381 | |
Convertible Bonds (1) | | — | | — | | 101,388 | | — | | 101,388 | |
Corporate Bonds (1) | | — | | — | | 18,763,818 | | — | | 18,763,818 | |
Mortgage Backed Securities | | — | | — | | 311,831 | | — | | 311,831 | |
Municipal Bonds | | — | | — | | 287,735 | | — | | 287,735 | |
Preferred Stocks (1) | | — | | 351,550 | | — | | — | | 351,550 | |
Short-Term Investments | | — | | 535,177 | | — | | — | | 535,177 | |
Investments Purchased With Collateral From Securities Lending (2) | | 524,700 | | — | | — | | — | | 524,700 | |
Total Investments in Securities | | $524,700 | | $886,727 | | $20,261,153 | | $— | | $21,672,580 | |
NOTES TO FINANCIAL STATEMENTS August 31, 2021 (Unaudited) (Continued) |
55 |
SoFi Funds
SoFi Weekly Dividend ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks (1) | | $— | | $6,282,977 | | $— | | $— | | $6,282,977 | |
Preferred Stock (1) | | — | | 15,497 | | — | | — | | 15,497 | |
Short-Term Investments | | — | | 2,665 | | — | | — | | 2,665 | |
Total Investments in Securities | | $— | | $6,301,139 | | $— | | $— | | $6,301,139 | |
(1)See Schedule of Investment for the industry breakout.
(2)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
B.Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of August 31, 2021, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
C.Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Debt income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
D.Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.
E.Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, and SoFi Gig Economy ETF are declared and paid at least semi-annually and for the SoFi Weekly Income ETF and SoFi Weekly Dividend ETF are declared and paid at least weekly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.
NOTES TO FINANCIAL STATEMENTS August 31, 2021 (Unaudited) (Continued) |
56 |
SoFi Funds
F.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 at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.
G.Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.
H.Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
I.Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (“the Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of each Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by each Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.
J.LIBOR Transition. In July 2017, the United Kingdom’s Financial Conduct Authority, which regulates LIBOR, announced that banks were no longer required to provide rate information used to calculate LIBOR after December 31, 2021. This has created uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. The potential effect of a transition away from LIBOR on a Fund or the financial instruments in which a Fund invests cannot yet be determined. LIBOR likely will be phased out for all short-term lending arrangements by June 2023. Industry initiatives are underway to identify alternative reference rates such as the Secured Overnight Funding Rate (SOFR), which the Federal Reserve Bank of New York began publishing in April 2018; however, there is no assurance that the composition or characteristics of any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. The transition process to an alternative reference rate might lead to increased volatility and reduced liquidity in markets that currently rely on LIBOR to determine interest rates. LIBOR’s deterioration may adversely affect the value of some LIBOR-based investments and result in additional costs incurred in connection with closing out positions and entering into new trades. Because the usefulness of LIBOR as a reference rate could deteriorate during the transition period, these effects could occur prior to the end of 2021.
NOTE 3 – PRINCIPAL INVESTMENT RISKS |
A.Asset-Backed Securities (“ABS”) Risk (SoFi Weekly Income ETF Only). The value of ABS may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.
B.Call Risk (SoFi Weekly Income ETF Only). During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.
C.Convertible Securities Risk (SoFi Weekly Income ETF Only). Convertible securities rank senior to the issuer’s common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.
D.Credit Risk (SoFi Weekly Income ETF Only). Issuers and/or counterparties may fail to make payments when due or default completely. If an issuer’s or counterparty’s financial condition worsens, the credit quality of the issuer or counterparty may deteriorate, making it difficult for the Fund to sell such investments. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.
NOTES TO FINANCIAL STATEMENTS August 31, 2021 (Unaudited) (Continued) |
57 |
SoFi Funds
E.Currency Exchange Rate Risk (SoFi Gig Economy ETF Only). Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of your Fund shares. Because the Fund’s NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar. This is true even if the local currency value of securities in the Fund’s holdings goes up. Conversely, the dollar value of your investment in the Fund may go up if the value of the local currency appreciates against the U.S. dollar. The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include: national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention and restrictive or opaque business and investment policies may also reduce the value of a country’s currency. Government monetary policies and the buying or selling of currency by a country’s government may also influence exchange rates. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning, and you may lose money.
F.Dividend Risk (SoFi Weekly Dividend ETF Only). Dividend payments may fluctuate widely in amounts. There is no guarantee that issuers of the securities held by the Fund will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time. An issuer of a security may be unwilling or unable to pay income on a security. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. The Fund’s NAV may fluctuate based on the timing of the receipt and payment of dividends.
G.Emerging Markets Risk (SoFi Gig Economy and SoFi Weekly Income ETF Only). Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political, and economic uncertainty, (iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Fund to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.
H.Equity Market Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Gig Economy ETF, and SoFi Weekly Dividend ETF Only). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.
I.Exchange-Traded Fund (“ETF”) Risks.
•Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Funds (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
•Cash Redemption Risk (SoFi Weekly Income ETF Only). The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or
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unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.
•Costs of Buying or Selling Shares. Investors buying or selling shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for shares based on trading volume and market liquidity, and is generally lower if hares have more trading volume and market liquidity and higher if shares have little trading volume and market liquidity. Further, a relatively small investor base in the Funds, asset swings in the Funds and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling shares, including bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.
•Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares will approximate a Fund’s NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. The market price of shares during the trading day, like the price of any exchange-traded security, includes a “bid-ask” spread charged by the exchange specialist, market makers, or other participants that trade the shares. In times of severe market disruption, the bid-ask spread can increase significantly. At those times, shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your shares. Toroso Investments, LLC, the Funds’ investment adviser (the “Adviser”), believes that, under normal market conditions, large market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities. Because securities held by the SoFi Gig Economy ETF may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.
•Trading. Although shares are listed on a national securities exchange, such as NYSE Arca, Inc. and The NASDAQ Stock Market, LLC (the “Exchanges”) and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Exchanges, make trading in shares inadvisable. In addition, trading in shares on the Exchanges is subject to trading halts caused by extraordinary market volatility pursuant to Exchange “circuit breaker” rules, which temporarily halt trading on the Exchanges when a decline in the S&P 500 during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the Exchanges may halt trading in shares when extraordinary volatility causes sudden, significant swings in the market price of shares. There can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of a Fund’s underlying portfolio holdings, which can be significantly less liquid than shares.
J.Event Risk (SoFi Weekly Income ETF Only). Corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.
K.Extension Risk (SoFi Weekly Income ETF Only). When interest rates rise, certain obligations will be repaid by the obligor more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to future changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than the value of shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.
L.Fixed Income Risk (SoFi Weekly Income ETF Only). The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned indirectly by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of
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potential government fiscal policy initiatives and resulting market reaction to those initiatives. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.
M.Floating and Variable Rate Securities Risk (SoFi Weekly Income ETF Only). Securities with floating or variable interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as comparable market interest rates. Conversely, floating or variable rate securities will not generally increase in value if interest rates decline. The impact of interest rate changes on floating or variable rate securities is typically mitigated by the periodic interest rate reset of the investments. Floating or variable rate securities can be rated below investment grade or unrated; therefore, the Fund relies heavily on the analytical ability of the Sub-Adviser (defined below). Floating or variable rate securities are often subject to restrictions on resale, which can result in reduced liquidity.
N.Foreign Securities Risks (SoFi Gig Economy ETF, SoFi Weekly Income ETF, and SoFi Weekly Dividend ETF Only). Certain foreign countries may impose exchange control regulations, restrictions on repatriation of profit on investments or of capital invested, local taxes on investments, and restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Funds will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, the imposition of economic sanctions, different legal systems and laws relating to bankruptcy and creditors’ rights, and the potential inability to enforce legal judgments, all of which could cause the Funds to lose money on its investments in non-U.S. securities. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because non-U.S. securities may trade on days when shares are not priced, NAV may change at times when shares cannot be sold.
Foreign banks and securities depositories at which the Funds hold their foreign securities and cash may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Additionally, many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of each Fund’s investments.
O.High-Yield Securities Risk (SoFi Weekly Income ETF Only). Below investment grade instruments are commonly referred to as “junk” or high-yield instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments.
Lower grade instruments, though higher yielding, are characterized by higher risk. The retail secondary market for lower grade instruments, which are often thinly traded or subject to irregular trading, may be less liquid than that for higher rated instruments. Such instruments can be more difficult to sell and to value than higher rated instruments because there is generally less public information available about such securities. As a result, subjective judgment may play a greater role in valuing such instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund’s NAV. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in the Fund, both in the short-term and the long-term.
P.Interest Rate Risk (SoFi Weekly Income ETF Only). The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value.
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NOTES TO FINANCIAL STATEMENTS August 31, 2021 (Unaudited) (Continued) |
Q.Mortgage-Backed Securities Risk (SoFi Weekly Income ETF Only). Mortgage-related securities represent ownership in pools of mortgage loans assembled for sale to investors by various government agencies such as Ginnie Mae and government-related organizations such as Fannie Mae and Freddie Mac. Although these mortgage-related securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured. MBS, like traditional fixed-income securities, are subject to credit, interest rate, prepayment, and extension risks.
These securities differ from conventional bonds in that the principal is paid back to the investor as payments are made on the underlying mortgages in the pool. Accordingly, the Fund will receive scheduled payments of principal and interest along with any unscheduled principal prepayments on the underlying mortgages. Because these scheduled and unscheduled principal payments must be reinvested at prevailing interest rates, MBS do not provide an effective means of locking in long-term interest rates for the investor. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS.
The mortgage market in the United States has experienced and may in the future experience difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage loans (including subprime and second-lien mortgage loans) may increase and real-estate values may decline due to such difficulties, which may exacerbate such delinquencies and losses. Reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements may cause limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities and the Fund.
R.Municipal Securities Risk (SoFi Weekly Income ETF Only). Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the inability to collect revenues from the project or the assets.
S.Non-Diversification Risk (SoFi Gig Economy ETF, SoFi Weekly Income ETF and SoFi Weekly Dividend ETF Only). A non-diversified Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase a Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on a Fund’s performance.
T.REIT Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent a Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action such as the exercise of eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.
In addition to these risks, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the “Code”), or to maintain their exemptions from registration under the 1940 Act. The Funds expect that dividends received from a REIT and distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income, but may be taxable as return of capital. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
Toroso Investments, LLC serves as the investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, has overall responsibility for the general management and administration of the Funds. The Adviser provides oversight of the Sub-Adviser (defined below), monitoring of the Sub-Adviser’s buying and selling of securities for the SoFi Weekly Income ETF, and review of the Sub-Adviser’s performance.
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Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund as follows:
Fund | Management Fee | Management Fee |
SoFi Select 500 ETF | 0.19% | 0.00% |
SoFi Next 500 ETF | 0.19% | 0.00% |
SoFi Social 50 ETF | 0.29% | 0.29% |
SoFi Gig Economy ETF | 0.59% | 0.59% |
SoFi Weekly Income ETF | 0.59% | 0.59% |
SoFi Weekly Dividend ETF | 0.49% | 0.49% |
The Adviser has contractually agreed to waive its full Management Fee for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2022 (the “Fee Waiver Agreement”). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Any waived Management Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement. There is currently no Fee Waiver Agreement in effect for the SoFi Social 50 ETF, SoFi Gig Economy ETF, SoFi Weekly Income ETF, and SoFi Weekly Dividend ETF. Management Fees for the period ended August 31, 2021 are disclosed in the Statements of Operations.
Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the Management Fee payable to the Adviser. The Management Fees incurred are paid monthly to the Adviser. The Adviser has entered into an agreement with Social Finance, Inc. (“SoFi”), under which SoFi assumes the obligation of the Adviser to pay all expenses of the Funds, except Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the “Unitary Expenses”). Although SoFi has agreed to be responsible for the Unitary Expenses, the Adviser retains the ultimate obligation to the Funds to pay such expenses. SoFi will also provide marketing support for the Funds, including hosting the Funds’ website and preparing marketing materials related to the Funds. For these services and payments, SoFi is entitled to a fee, to be paid by the Adviser, based on the total management fee earned by the Adviser under the Advisory Agreement less the Unitary Expenses and certain start-up costs.
Income Research + Management (“IR+M”) (the “Sub-Adviser”) serves as a sub-adviser to the SoFi Weekly Income ETF pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the execution of the Fund’s portfolio investments. The Sub-Adviser is responsible for trading portfolio securities for the SoFi Weekly Income ETF, including selecting broker-dealers to execute purchase and sale transactions or, as applicable, in connection with any rebalancing or reconstitution of the Index, subject to the supervision of the Adviser and the Board.
Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities the Sub-Adviser provides (the “Sub-Advisory Fee”) based on the average daily net assets of the Fund as follows:
Fund | IR+M |
SoFi Weekly Income ETF | 0.35% on first $20 million |
| 0.30% on next $80 million |
| 0.20% on next $200 million |
| 0.15% on next $300 million |
| 0.10% on next $400 million |
| 0.075% on amounts over $1 billion |
The Sub-Advisory Fees incurred are paid monthly to the Sub-Adviser by the Adviser irrespective of any fee waiver.
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Tidal ETF Services LLC (“Tidal”), an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.
Certain officers and a trustee of the Trust are affiliated with the Adviser and Fund Services. Neither the affiliated trustee or the Trust’s officers receive compensation from the Funds.
NOTE 5 – SECURITIES LENDING |
The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the Funds. The Funds receive compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of August 31, 2021, the market value of the securities on loan and payable on collateral received for securities lending were as follows:
Fund |
| Market Value of |
| Payable on |
| Percentage of Net Assets |
SoFi Select 500 ETF | | $21,056,270 | | $21,495,840 | | 6.8% |
SoFi Next 500 ETF | | 6,806,703 | | 6,894,331 | | 17.0% |
SoFi Social 50 ETF | | 4,939,694 | | 4,944,110 | | 18.9% |
SoFi Gig Economy ETF | | 8,977,271 | | 9,145,094 | | 25.7% |
SoFi Weekly Income ETF | | 514,827 | | 524,700 | | 2.4% |
The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.
During the period ended August 31, 2021, the Funds each loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations.
The Funds are not subject to a master netting agreement with respect to each Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.
The SoFi Weekly Dividend ETF did not lend securities during the period ended August 31, 2021.
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NOTE 6 – PURCHASES AND SALES OF SECURITIES |
For the period ended August 31, 2021, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments and U.S. government securities were as follows:
Fund |
| Purchases |
| Sales |
SoFi Select 500 ETF | | $159,998,444 | | $70,002,482 |
SoFi Next 500 ETF | | 31,330,596 | | 18,701,437 |
SoFi Social 50 ETF | | 37,892,743 | | 29,463,725 |
SoFi Gig Economy ETF | | 28,831,045 | | 40,047,294 |
SoFi Weekly Income ETF | | 12,050,696 | | 11,697,860 |
SoFi Weekly Dividend ETF | | 8,101,568 | | 1,932,139 |
There were no purchases or sales of long-term U.S. Government securities for the period ended August 31, 2021.
NOTE 7 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS |
The tax character of distributions paid during the period ended August 31, 2021 and year/period ended February 28, 2021, are as follows:
| Ordinary Income | ||
| August 31, 2021 | | February 28, 2021 |
SoFi Select 500 ETF | $1,221,345 | | $1,505,371 |
SoFi Next 500 ETF | 161,040 | | 187,985 |
SoFi Social 50 ETF | 34,515 | | 19,729 |
SoFi Gig Economy ETF | — | | 86,786 |
SoFi Weekly Income ETF | 247,500 | | 196,250 |
SoFi Weekly Dividend ETF | 34,000 | | |
| Long-Term Capital Gains | ||
| August 31, 2021 | | February 28, 2021 |
SoFi Select 500 ETF | $— | | $4,527 |
SoFi Next 500 ETF | — | | 4,119 |
As of the year/period ended February 28, 2021, the components of accumulated earnings/(losses) on a tax basis were as follows:
| SoFi Select | | SoFi Next | | SoFi Social | | SoFi Gig | | SoFi Weekly | |
Cost of investments (3) | $152,312,855 | | $23,465,361 | | $13,274,518 | | $53,657,105 | | $20,078,146 | |
Gross tax unrealized appreciation | 35,652,527 | | 6,137,942 | | 735,087 | | 10,003,810 | | 698,196 | |
Gross tax unrealized depreciation | (5,748,686 | ) | (1,027,000 | ) | (705,951 | ) | (2,749,111 | ) | (42,769 | ) |
Net tax unrealized appreciation (depreciation) | 29,903,841 | | 5,110,942 | | 29,136 | | 7,254,699 | | 655,424 | |
Undistributed ordinary income (loss) | 367,371 | | 28,494 | | 8,694 | | 599,273 | | 31,297 | |
Undistributed long-term capital gain (loss) | — | | — | | — | | — | | — | |
Total distributable earnings | 367,371 | | 28,494 | | 8,694 | | 599,273 | | 31,297 | |
Other accumulated gain (loss) | (2,437,708 | ) | (673,513 | ) | (832,949 | ) | (210,111 | ) | — | |
Total accumulated gain (loss) | 27,833,504 | | 4,465,923 | | (795,119 | ) | 7,643,861 | | 686,721 | |
(3)The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales.
NOTES TO FINANCIAL STATEMENTS August 31, 2021 (Unaudited) (Continued) |
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Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Funds’ next taxable year. As of February 28, 2021, the Funds had no late year losses and the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF had short-term capital loss carryovers of $1,289,060, $312,576, and $805,344, respectively, and long-term capital loss carryovers of $1,148,648, and $360,937, and $27,605, respectively, both of which do not expire. The SoFi Weekly Dividend ETF had not commenced operations prior to February 28, 2021 and is not included in the chart above.
NOTE 8 – SHARE TRANSACTIONS |
Shares of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Weekly Income ETF, and SoFi Weekly Dividend ETF are listed and traded on NYSE Arca, Inc. and shares of the SoFi Gig Economy ETF are listed and traded on The NASDAQ Stock Market, LLC. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares (“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 the Funds. Creation Units may only be purchased or redeemed by 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 the shares directly from the Funds. 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 the SoFi Select 500 ETF and SoFi Next 500 ETF is $500, for the SoFi Social 50 ETF, SoFi Gig Economy ETF, and SoFi Weekly Income ETF is $250, and for the SoFi Weekly Dividend ETF is $1,500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units for Funds of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
NOTE 9 – COVID-19 PANDEMIC |
U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the novel coronavirus (COVID-19) as a global pandemic, which has resulted in public health issues, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims, changed travel and social behaviors, and reduced consumer spending. The recovery from the effects of COVID-19 is uncertain and may last for an extended period of time. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage the Funds in a manner consistent with each Fund’s investment objective but there can be no assurance that it will be successful in doing so.
NOTE 10 – SUBSEQUENT EVENTS |
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there were no subsequent events that would need to be disclosed in the Funds’ financial statements.
NOTES TO FINANCIAL STATEMENTS August 31, 2021 (Unaudited) (Continued) |
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SoFi Funds
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Funds’ shares, and (2) ongoing costs, including management fees of the Funds. The example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The actual expense examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2021 to August 31, 2021 for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Gig Economy ETF, and SoFi Weekly Income ETF, and from May 10, 2021 (commencement of operations) to August 31, 2021 for the SoFi Weekly Dividend ETF. The hypothetical examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2021 to August 31, 2021.
Actual Expenses
The first line of the following tables provides information about actual account values and actual expenses. To the extent the Funds invest in shares of other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest, in addition to the expenses of the Funds. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example. The example includes, but is not limited to, unitary fees. However, the example does not include portfolio trading commissions and related 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 the Period’’ to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ 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 the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Funds’ shares. Therefore, the second line of the following tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
SoFi Select 500 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,208.70 | | $— | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,025.21 | | — | |
(1)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
SoFi Next 500 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,102.00 | | $— | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,025.21 | | — | |
(2)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
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SoFi Funds
SoFi Social 50 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,372.00 | | $1.73 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,023.74 | | 1.48 | |
(3)Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.29%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six-month period).
SoFi Gig Economy ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $885.20 | | $2.80 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,022.23 | | 3.01 | |
(4)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
SoFi Weekly Income ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,039.30 | | $3.03 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,022.23 | | 3.01 | |
(5)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
SoFi Weekly Dividend ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,016.60 | | $1.54 | |
| | | | | | | |
| | Beginning | | Ending | | Expenses | |
Hypothetical (5% annual return before expenses) | | $1,000.00 | | $1,022.74 | | $2.50 | |
(6)The actual expenses are equal to the Fund’s annualized expense ratio for the most-recent six month period of 0.49%, multiplied by the average account value over the period, multiplied by 114/365 (to reflect the period from May 10, 2021 to August 31, 2021, the commencement of operations date to the end of the period).
(7)The hypothetical expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.49%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six-month period).
EXPENSE EXAMPLES For the Six Months Ended August 31, 2021 (Unaudited) (Continued) |
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SoFi Funds
The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met via video conference at a meeting held on March 24, 2021 to consider the initial approval of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Weekly Dividend ETF (the “Fund”), a series of the Trust, and Toroso Investments, LLC, the Fund’s investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and the Independent Trustees (as defined below) discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from the Trust’s outside legal counsel, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographic information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the proposed unitary advisory fee for the Fund, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Advisory Agreement for an initial two-year term.
Discussion of Factors Considered
In considering the approval of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1.Nature, extent and quality of services to be provided. The Board considered the nature, extent and quality of the Adviser’s overall services to be provided to the Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Michael Venuto and Charles Ragauss, who will each serve as a portfolio manager of the Fund, as well as the responsibilities of other key personnel of the Adviser to be involved in the day-to-day activities of the Fund. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that to be employed by the Fund.
The Board also considered other services to be provided to the Fund, such as monitoring adherence to the Fund’s investment strategy and restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the Fund achieves its investment objective as a passively-managed ETF.
The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services to be provided to the Fund, as well as the Adviser’s compliance program, were satisfactory.
2.Investment performance of the Fund and the Adviser. The Board noted that the Fund had not yet commenced operations and, therefore, concluded that performance of the Fund was not a relevant factor for consideration. The Board also considered that because the Fund is designed to track the performance of an index, the performance of the Fund would not be the direct result of investment decisions made by the Adviser. However, with respect to the Fund’s performance, the Board in the future would focus on the Adviser’s trade execution services, including whether the Fund’s performance exhibited significant tracking error.
3.Cost of services to be provided and profits to be realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s proposed advisory fee, including a review of comparative expenses, expense components and peer group selection. The Board took into consideration that the advisory fee was a “unitary fee,” meaning that the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Fund’s Rule 12b-1 Plan. The Board noted that the Adviser agreed to pay all other expenses incurred by the Fund. The Board considered comparative information prepared by Fund Services utilizing data provided by Morningstar Direct relating to the cost structure of the Fund relative to a peer group. The Fund was compared to ETFs in multiple Morningstar categories.
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SoFi Funds
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
The Board concluded that the Fund’s proposed expense ratio and the advisory fee to be paid to the Adviser were fair and reasonable in light of the comparative expense information and the investment management services to be provided to the Fund by the Adviser given the nature of the Fund’s strategy. The Board also evaluated, based on information provided by the Adviser, the compensation and benefits expected to be received by the Adviser and its affiliates from their relationship with the Fund, taking into account an analysis of the Adviser’s expected profitability with respect to the Fund and the Board further concluded that the Adviser had adequate financial resources to support its services to the Fund from the revenues of its overall investment advisory business.
4.Extent of economies of scale as the Fund grows. The Board considered the potential economies of scale that the Fund might realize under the structure of the proposed advisory fee. The Board noted the advisory fee did not contain any breakpoint reductions as the Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structure.
5.The benefits to be derived from the relationship with the Fund. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the Fund. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Fund.
Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fee is reasonable in light of the services that the Adviser will provide to the Fund; and (c) the approval of the Advisory Agreement for an initial term of two years was in the best interests of the Fund and its shareholders.
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SoFi Funds
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (“Rule 22e-4”), Tidal ETF Trust (the “Trust”), on behalf of its series, the SoFi Weekly Dividend ETF, has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for the SoFi Weekly Dividend ETF and to protect Fund shareholders from dilution of their interests. The Trust’s Board of Trustees (the “Board”) has approved the designation of Toroso Investments, LLC, the SoFi Weekly Dividend ETF’s investment adviser, as the program administrator (the “Program Administrator”). The Program Administrator has further delegated administration of the Program to a Program Administrator Committee composed of certain Trust officers. The Program Administrator is required to provide a written annual report to the Board regarding the adequacy and effectiveness of the Program, including the operation of the highly liquid investment minimum, if applicable, and any material changes to the Program.
On November 19, 2020, the Board reviewed the Program Administrator’s written annual report for the period December 1, 2019 through September 30, 2020 (the “Report”). The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The risk is managed by monitoring the degree of liquidity of a fund’s investments, limiting the amount of illiquid investments and utilizing various risk management tools and facilities available to a fund, among other means. The Trust has engaged the services of ICE Data Services, a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s assessment. The Report noted that no material changes had been made to the Program during the review period. The Program Administrator determined that the Program is adequately designed and operating effectively.
The SoFi Weekly Dividend ETF commenced operations on May 10, 2021 and was not a part of the Report but has adopted the Program upon commencement of operations.
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SoFi Funds
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (877) 358-0096 or by accessing the Funds’ website at www.sofi.com/invest/etfs. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request without charge by calling (877) 358-0096 or by accessing the SEC’s website at www.sec.gov.
INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited) |
The Funds’ portfolio holdings are posted on the Funds’ website daily at www.sofi.com/invest/etfs. The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited) |
Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily net asset value (“NAV”) is available, without charge, on the Funds’ website at www.sofi.com/invest/etf.
INFORMATION ABOUT THE FUND’S TRUSTEES (Unaudited) |
The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Funds’ website www.sofi.com/invest/etfs.
Investment Adviser
Toroso Investments, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Investment Sub-Adviser
(SoFi Weekly Income ETF Only)
Income Research + Management
100 Federal Street, 30th Floor
Boston, Massachusetts 02110
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, 29th Floor
Philadelphia, Pennsylvania 19102
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, Wisconsin 53202
Custodian
U.S. Bank N.A.
Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Fund Information | ||||
Fund | | Ticker | | CUSIP |
SoFi Select 500 ETF | | SFY | | 886364207 |
SoFi Next 500 ETF | | SFYX | | 886364306 |
SoFi Social 50 ETF | | SFYF | | 886364405 |
SoFi Gig Economy ETF | | GIGE | | 886364504 |
SoFi Weekly Income ETF | | TGIF | | 886364884 |
SoFi Weekly Dividend ETF | | WKLY | | 886364736 |
Item 1. Reports to Stockholders.
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Tidal ETF Trust |
| By (Signature and Title) | /s/ Eric W. Falkeis |
|
| Eric W. Falkeis, President/Principal Executive Officer |
| Date | 11/4/2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Eric W. Falkeis |
|
| Eric W. Falkeis, President/Principal Executive Officer |
| Date | 11/4/2021 |
| By (Signature and Title)* | /s/ Daniel Carlson |
|
| Daniel Carlson, Treasurer/Principal Financial Officer |
| Date | 11/4/2021 |
* Print the name and title of each signing officer under his or her signature.