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: August 31
Date of reporting period: February 28, 2022
Item 1. Reports to Stockholders.
(a) |
Adasina Social Justice All Cap Global ETF
Ticker: JSTC
Semi-Annual Report
February 28, 2022
Adasina Social Justice All Cap Global ETF
TABLE OF CONTENTS | ||
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| 2 | |
| 12 | |
| 13 | |
17 | 14 | |
| 15 | |
| 16 | |
| 23 | |
| 24 | |
| 25 |
1 |
Adasina Social Justice All Cap Global ETF
| | |
Sector | % of | |
Financial | 29.2% | |
Consumer, Non-cyclical | 22.9 | |
Technology | 15.4 | |
Consumer, Cyclical | 11.4 | |
Industrial | 10.8 | |
Communications | 8.7 | |
Basic Materials | 0.7 | |
Cash & Cash Equivalents(1) | 0.4 | |
Utilities | 0.4 | |
Energy | 0.1 | |
Diversified | 0.0(2) | |
Total | 100.0% | |
(1)Represents cash, short-term investments, and liabilities in excess of other assets.
(2)Does not round to 0.1% or (0.1)%, as applicable.
Adasina Social Justice All Cap Global ETF
2 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.0% | | | | | |
Advertising – 0.9% | | | | | |
DKSH Holding AG | | 621 | | $53,169 | |
The Interpublic Group of Companies, Inc. (2) | | 13,702 | | 504,233 | |
IPSOS (1) | | 732 | | 35,272 | |
Publicis Groupe SA (1) | | 2,991 | | 200,361 | |
Stroeer SE & Co. KGaA | | 346 | | 26,252 | |
| | | | 819,287 | |
Aerospace & Defense – 0.1% | | | | | |
Barnes Group, Inc. | | 1,903 | | 88,394 | |
| | | | | |
Apparel – 0.1% | | | | | |
Kontoor Brands, Inc. | | 605 | | 29,972 | |
SMCP SA (1) | | 2,707 | | 20,082 | |
Tod’s SpA | | 663 | | 33,898 | |
| | | | 83,952 | |
Auto Manufacturers – 1.5% | | | | | |
Geely Automobile Holdings Ltd. | | 51,034 | | 94,182 | |
Isuzu Motors Ltd. | | 11,044 | | 149,299 | |
Mazda Motor Corp. | | 3,704 | | 27,529 | |
SAIC Motor Corp. Ltd. | | 100,799 | | 289,250 | |
Subaru Corp. | | 12,181 | | 200,258 | |
Suzuki Motor Corp. | | 5,735 | | 227,707 | |
Traton SE | | 15,715 | | 323,899 | |
XPeng, Inc. - ADR (1) | | 1,087 | | 39,534 | |
| | | | 1,351,658 | |
Auto Parts & Equipment – 2.3% | | | | | |
Aisin Corp. | | 5,185 | | 188,402 | |
Denso Corp. | | 5,747 | | 401,529 | |
Fox Factory Holding Corp. (1)(2) | | 226 | | 26,672 | |
Gentherm, Inc. (1) | | 508 | | 43,099 | |
Hella GmbH & Co. KGaA | | 476 | | 33,159 | |
Huayu Automotive Systems Co. Ltd. | | 34,400 | | 138,231 | |
Hyundai Mobis Co. Ltd. | | 1,807 | | 336,647 | |
Hyundai Wia Corp. | | 350 | | 17,757 | |
Magna International, Inc. | | 8,195 | | 608,446 | |
Sebang Global Battery Co. Ltd. | | 417 | | 22,058 | |
Sumitomo Electric Industries Ltd. | | 18,934 | | 250,289 | |
Visteon Corp. (1) | | 345 | | 41,459 | |
| | | | 2,107,748 | |
Banks – 8.7% | | | | | |
Associated Banc-Corp | | 1,891 | | 46,121 | |
Banca IFIS SpA (1) | | 1,952 | | 41,526 | |
Bank Central Asia Tbk PT | | 300,258 | | 168,238 | |
Bank Mandiri Persero Tbk PT | | 224,728 | | 120,443 |
|
| Shares |
| Value | |
Banks – 8.7% (Continued) | | | | | |
Bank Negara Indonesia Persero Tbk PT | | 44,040 | | $24,523 | |
Bank of Hawaii Corp. (2) | | 491 | | 42,314 | |
Bank of Jiangsu Co. Ltd. | | 44,300 | | 46,679 | |
Bank OZK | | 885 | | 41,613 | |
Bank Polska Kasa Opieki SA | | 1,763 | | 48,716 | |
Bank Rakyat Indonesia Persero Tbk PT | | 774,822 | | 245,385 | |
BankUnited, Inc. (2) | | 691 | | 30,542 | |
Banner Corp. | | 2,558 | | 157,598 | |
BAWAG Group AG | | 670 | | 36,152 | |
BDO Unibank, Inc. | | 35,516 | | 89,500 | |
Cadence Bank | | 841 | | 26,592 | |
Cathay General Bancorp | | 565 | | 26,572 | |
China Minsheng Banking Corp. Ltd. - H Shares | | 761,362 | | 296,216 | |
Credicorp Ltd. | | 1,570 | | 237,462 | |
DBS Group Holdings Ltd. | | 22,646 | | 564,211 | |
Deutsche Pfandbriefbank AG | | 4,243 | | 46,428 | |
DNB Bank ASA | | 15,997 | | 358,555 | |
East West Bancorp, Inc. | | 6,354 | | 556,356 | |
FinecoBank Banca Fineco SpA | | 9,702 | | 162,643 | |
First Abu Dhabi Bank PJSC (1) | | 18,641 | | 104,953 | |
First Bancorp | | 2,768 | | 39,084 | |
First Hawaiian, Inc. | | 1,267 | | 36,832 | |
Glacier Bancorp, Inc. (2) | | 594 | | 32,908 | |
Hancock Whitney Corp. | | 715 | | 39,811 | |
Home Capital Group, Inc. | | 3,740 | | 112,965 | |
Hope Bancorp, Inc. (2) | | 11,543 | | 195,769 | |
Japan Post Bank Co. Ltd. | | 22,252 | | 195,906 | |
Kasikornbank PCL | | 15,626 | | 77,951 | |
Laurentian Bank of Canada | | 3,472 | | 116,532 | |
OTP Bank Nyrt | | 3,548 | | 137,152 | |
Oversea-Chinese Banking Corp. Ltd. | | 60,830 | | 522,956 | |
PacWest Bancorp | | 1,176 | | 58,118 | |
Popular, Inc. (2) | | 915 | | 84,043 | |
Powszechna Kasa Oszczednosci Bank Polski SA (1) | | 19,417 | | 187,185 | |
Prosperity Bancshares, Inc. | | 678 | | 50,484 | |
Regional SAB de CV | | 4,493 | | 26,746 | |
S&T Bancorp, Inc. | | 4,188 | | 130,205 | |
The Siam Commercial Bank PCL - NVDR | | 124,807 | | 479,366 | |
Signature Bank | | 1,142 | | 393,864 | |
SouthState Corp. (2) | | 303 | | 27,270 | |
SVB Financial Group (1) | | 707 | | 428,442 | |
Texas Capital Bancshares, Inc. (1) | | 385 | | 25,641 | |
Trustmark Corp. | | 3,794 | | 119,473 | |
United Overseas Bank Ltd. | | 19,104 | | 420,937 | |
Walker & Dunlop, Inc. | | 189 | | 26,148 | |
Webster Financial Corp. | | 1,813 | | 109,161 | |
Adasina Social Justice All Cap Global ETF
3 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Banks – 8.7% (Continued) | | | | | |
Westamerica BanCorp | | 2,130 | | $126,352 | |
Wintrust Financial Corp. | | 526 | | 52,263 | |
Zions Bancorp N.A. | | 1,247 | | 88,400 | |
| | | | 7,861,302 | |
Beverages – 2.1% | | | | | |
C&C Group PLC (1) | | 12,052 | | 34,088 | |
Diageo PLC | | 12,229 | | 611,204 | |
Heineken Holding NV | | 4,968 | | 405,951 | |
JDE Peet’s NV | | 14,706 | | 483,560 | |
Kweichow Moutai Co. Ltd. | | 700 | | 198,585 | |
Royal Unibrew A/S | | 286 | | 30,506 | |
Wuliangye Yibin Co. Ltd. | | 3,400 | | 102,360 | |
| | | | 1,866,254 | |
Biotechnology – 2.4% | | | | | |
Biogen, Inc. (1)(2) | | 1,448 | | 305,543 | |
BioMarin Pharmaceutical, Inc. (1) | | 1,914 | | 149,522 | |
Bluebird Bio, Inc. (1) | | 3,272 | | 19,763 | |
Frontage Holdings Corp. (1) | | 58,523 | | 26,963 | |
Halozyme Therapeutics, Inc. (1)(2) | | 1,207 | | 42,812 | |
Horizon Therapeutics PLC (1) | | 1,376 | | 125,450 | |
Incyte Corp. (1) | | 3,163 | | 216,033 | |
Innoviva, Inc. (1)(2) | | 4,182 | | 80,336 | |
Inovio Pharmaceuticals, Inc. (1) | | 3,655 | | 11,842 | |
Intercept Pharmaceuticals, Inc. (1) | | 1,588 | | 22,645 | |
Maravai LifeSciences Holdings, Inc. - Class A (1) | | 759 | | 29,654 | |
NeoGenomics, Inc. (1)(2) | | 745 | | 15,950 | |
Oxford Biomedica PLC (1) | | 1,914 | | 19,209 | |
Radius Health, Inc. (1) | | 2,180 | | 18,138 | |
REGENXBIO, Inc. (1)(2) | | 1,266 | | 33,182 | |
Royalty Pharma PLC - Class A | | 7,951 | | 312,156 | |
Seagen, Inc. (1) | | 742 | | 95,622 | |
Theravance Biopharma, Inc. (1) | | 3,039 | | 30,603 | |
United Therapeutics Corp. (1) | | 152 | | 25,262 | |
Vertex Pharmaceuticals, Inc. (1) | | 2,336 | | 537,327 | |
Vitrolife AB | | 500 | | 16,783 | |
| | | | 2,134,795 | |
Building Materials – 0.6% | | | | | |
AAON, Inc. | | 476 | | 27,874 | |
American Woodmark Corp. (1) | | 1,276 | | 68,368 | |
Apogee Enterprises, Inc. | | 2,351 | | 105,960 | |
The AZEK Co., Inc. (1) | | 788 | | 23,238 | |
Forbo Holding AG | | 10 | | 17,178 | |
Fujimi, Inc. | | 398 | | 23,394 | |
Ibstock PLC | | 13,146 | | 31,485 | |
Investment AB Latour - Class B | | 7,165 | | 200,643 |
|
| Shares |
| Value | |
Building Materials – 0.6% (Continued) | | | | | |
Lixil Corp. | | 1,675 | | $37,158 | |
| | | | 535,298 | |
Chemicals – 0.7% | | | | | |
Chr Hansen Holding A/S | | 619 | | 45,295 | |
Ecopro Co. Ltd. | | 371 | | 26,690 | |
Foosung Co. Ltd. | | 1,060 | | 18,602 | |
HB Fuller Co. | | 1,264 | | 86,420 | |
Hyosung Chemical Corp. | | 89 | | 20,356 | |
Kansai Paint Co. Ltd. | | 1,517 | | 30,281 | |
Nippon Paint Holdings Co. Ltd. | | 15,621 | | 138,205 | |
Nissan Chemical Corp. | | 651 | | 36,740 | |
Nitto Denko Corp. | | 1,748 | | 126,727 | |
Sensient Technologies Corp. | | 1,064 | | 87,386 | |
| | | | 616,702 | |
Commercial Services – 5.1% | | | | | |
Adecco Group AG (1) | | 1,665 | | 79,017 | |
Afya Ltd. - Class A (1) | | 1,471 | | 18,976 | |
ALD SA | | 4,278 | | 60,063 | |
ASGN, Inc. (1) | | 541 | | 59,937 | |
Automatic Data Processing, Inc. | | 3,370 | | 688,963 | |
The Bidvest Group Ltd. | | 2,572 | | 35,025 | |
Bravida Holding AB | | 4,890 | | 59,945 | |
Bright Horizons Family Solutions, Inc. (1) | | 938 | | 122,540 | |
CBIZ, Inc. (1) | | 4,295 | | 167,118 | |
CorVel Corp. (1)(2) | | 126 | | 20,042 | |
CoStar Group, Inc. (1) | | 3,102 | | 189,253 | |
Euromoney Institutional Investor PLC | | 3,932 | | 47,851 | |
EVERTEC, Inc. | | 1,392 | | 56,181 | |
Forrester Research, Inc. (1) | | 1,645 | | 85,425 | |
FTI Consulting, Inc. (1) | | 398 | | 58,108 | |
Gartner, Inc. (1) | | 720 | | 201,902 | |
GC Cell Corp. | | 270 | | 15,225 | |
Global Payments, Inc. | | 3,547 | | 473,099 | |
Gruppo MutuiOnline SpA | | 1,120 | | 46,860 | |
Huron Consulting Group, Inc. (1) | | 1,688 | | 83,269 | |
Insperity, Inc. | | 389 | | 34,991 | |
Korn Ferry | | 776 | | 51,418 | |
LiveRamp Holdings, Inc. (1) | | 476 | | 20,544 | |
MarketAxess Holdings, Inc. | | 333 | | 127,016 | |
Medifast, Inc. | | 139 | | 25,854 | |
Monro, Inc. (2) | | 542 | | 25,301 | |
Moody’s Corp. | | 1,656 | | 533,282 | |
PROG Holdings, Inc. | | 432 | | 13,237 | |
Progyny, Inc. (1) | | 392 | | 15,429 | |
Promotora y Operadora de Infraestructura | | 3,030 | | 23,874 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
4 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Commercial Services – 5.1% (Continued) | | | | | |
Robert Half International, Inc. | | 2,734 | | $328,873 | |
S&P Global, Inc. | | 911 | | 342,155 | |
Savills PLC | | 2,224 | | 37,987 | |
Triton International Ltd | | 1,146 | | 75,269 | |
Verisk Analytics, Inc. | | 1,926 | | 341,557 | |
Zhejiang Expressway Co. Ltd. - H Shares | | 29,762 | | 26,815 | |
| | | | 4,592,401 | |
Computers – 2.4% | | | | | |
Amdocs Ltd. | | 2,004 | | 157,715 | |
Atos SE | | 1,084 | | 38,889 | |
Bechtle AG | | 1,048 | | 54,206 | |
Check Point Software Technologies Ltd. (1) | | 2,244 | | 325,111 | |
Chinasoft International Ltd. | | 16,061 | | 14,594 | |
Computacenter PLC | | 1,150 | | 42,093 | |
CyberArk Software Ltd. (1) | | 302 | | 51,382 | |
EPAM Systems, Inc. (1) | | 129 | | 26,800 | |
ExlService Holdings, Inc. (1) | | 463 | | 55,926 | |
FDM Group Holdings PLC | | 3,362 | | 38,523 | |
Fortinet, Inc. (1) | | 339 | | 116,792 | |
Genpact Ltd. | | 2,650 | | 110,876 | |
Insight Enterprises, Inc. (1)(2) | | 997 | | 103,688 | |
Logitech International SA | | 1,595 | | 119,784 | |
Lumentum Holdings, Inc. (1)(2) | | 497 | | 49,133 | |
Maximus, Inc. | | 1,210 | | 95,420 | |
NetApp, Inc. (2) | | 5,473 | | 428,974 | |
NetScout Systems, Inc. (1) | | 930 | | 28,951 | |
Otsuka Corp. | | 799 | | 30,767 | |
Pure Storage, Inc. (1)(2) | | 1,053 | | 27,315 | |
S&T AG | | 2,111 | | 33,385 | |
SCSK Corp. | | 1,302 | | 22,134 | |
Softcat PLC | | 1,065 | | 22,263 | |
Sopra Steria Group SACA | | 328 | | 58,946 | |
Tenable Holdings, Inc. (1) | | 553 | | 30,614 | |
TTEC Holdings, Inc. (2) | | 832 | | 66,144 | |
Varonis Systems, Inc. (1)(2) | | 731 | | 31,872 | |
| | | | 2,182,297 | |
Cosmetics & Personal Care – 0.3% | | | | | |
Beiersdorf AG | | 2,761 | | 280,407 | |
LG Household & Health Care Ltd. | | 30 | | 23,704 | |
| | | | 304,111 | |
Distribution & Wholesale – 2.5% | | | | | |
AddTech AB - Class B | | 2,290 | | 38,093 | |
ALSO Holding AG | | 137 | | 36,884 | |
Bossard Holding AG - A Shares | | 78 | | 21,807 | |
IAA, Inc. (1) | | 1,058 | | 38,871 | |
IMCD NV (1) | | 312 | | 50,709 |
|
| Shares |
| Value | |
Distribution & Wholesale – 2.5% (Continued) | | | | | |
Inchcape PLC | | 2,592 | | $25,979 | |
KAR Auction Services, Inc. (1)(2) | | 4,214 | | 77,790 | |
Leslie’s, Inc. (1) | | 1,479 | | 31,517 | |
Munters Group AB | | 6,468 | | 44,133 | |
Pool Corp. | | 713 | | 326,968 | |
Resideo Technologies, Inc. (1) | | 1,269 | | 32,664 | |
ScanSource, Inc. (1) | | 1,714 | | 54,128 | |
SiteOne Landscape Supply, Inc. (1) | | 1,076 | | 185,535 | |
Sojitz Corp. | | 5,292 | | 87,300 | |
Toromont Industries Ltd. | | 1,367 | | 115,797 | |
Toyota Tsusho Corp. | | 3,921 | | 162,219 | |
W.W. Grainger, Inc. | | 2,005 | | 956,505 | |
| | | | 2,286,899 | |
Diversified Financial Services – 5.9% | | | | | |
Aareal Bank AG | | 1,309 | | 40,315 | |
AerCap Holdings NV (1)(2) | | 505 | | 27,487 | |
Affiliated Managers Group, Inc. | | 258 | | 35,697 | |
Air Lease Corp. | | 879 | | 36,707 | |
Ally Financial, Inc. | | 7,078 | | 353,192 | |
American Express Co. | | 4,801 | | 933,987 | |
Amundi SA | | 2,568 | | 179,986 | |
Artisan Partners Asset Management, Inc. - Class A | | 986 | | 37,576 | |
Avanza Bank Holding AB | | 812 | | 23,169 | |
Banca Generali SpA | | 1,543 | | 57,244 | |
BFF Bank SpA | | 4,302 | | 31,167 | |
Blucora, Inc. (1) | | 3,152 | | 62,725 | |
Brewin Dolphin Holdings PLC | | 5,326 | | 21,117 | |
China International Capital Corp. Ltd. - H Shares | | 27,618 | | 67,157 | |
CITIC Securities Co. Ltd. - H Share | | 40,719 | | 98,701 | |
Collector AB (1) | | 11,270 | | 37,852 | |
Columbia Financial, Inc. (1) | | 7,136 | | 151,569 | |
CSC Financial Co. Ltd. - H Shares | | 149,424 | | 158,724 | |
DWS Group GmbH & Co. KGaA | | 609 | | 22,368 | |
Euronext NV (1) | | 995 | | 90,357 | |
Evercore, Inc. - Class A | | 401 | | 50,931 | |
First National Financial Corp. | | 692 | | 24,093 | |
Hana Financial Group, Inc. | | 4,522 | | 183,159 | |
Hong Kong Exchanges & Clearing Ltd. | | 2,712 | | 131,058 | |
IGM Financial, Inc. | | 2,024 | | 71,858 | |
Intrum AB | | 730 | | 18,834 | |
Jaccs Co. Ltd. | | 1,200 | | 33,757 | |
Japan Exchange Group, Inc. | | 2,832 | | 53,111 | |
KB Financial Group, Inc. - ADR | | 3,949 | | 194,291 | |
Leonteq AG | | 407 | | 27,904 | |
Liontrust Asset Management PLC | | 1,089 | | 22,122 | |
Mastercard, Inc. - Class A | | 3,318 | | 1,197,201 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
5 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Diversified Financial Services – 5.9% (Continued) | | | | ||
Nordnet AB | | 1,355 | | $23,494 | |
Old Mutual Ltd. | | 28,424 | | 23,177 | |
OneMain Holdings, Inc. | | 2,011 | | 102,521 | |
PennyMac Financial Services, Inc. | | 400 | | 23,100 | |
Piper Sandler Companies | | 138 | | 20,425 | |
Sanlam Ltd. | | 12,550 | | 52,515 | |
SBI Holdings, Inc. | | 1,536 | | 40,009 | |
Singapore Exchange Ltd. | | 6,333 | | 43,574 | |
Stifel Financial Corp. | | 933 | | 68,575 | |
Synchrony Financial | | 8,755 | | 374,539 | |
TMX Group Ltd. | | 733 | | 73,996 | |
Virtus Investment Partners, Inc. | | 90 | | 21,656 | |
| | | | 5,342,997 | |
Electric – 0.1% | | | | | |
Boralex, Inc. | | 1,468 | | 42,836 | |
Encavis AG | | 1,285 | | 22,184 | |
| | | | 65,020 | |
Electrical Components & Equipment – 0.4% | | | | | |
Belden, Inc. | | 777 | | 43,784 | |
Contemporary Amperex Technology Co. Ltd. | | 748 | | 63,215 | |
EnerSys | | 550 | | 40,002 | |
Fujikura Ltd. | | 5,006 | | 26,817 | |
Littelfuse, Inc. | | 324 | | 83,660 | |
Novanta, Inc. (1) | | 256 | | 34,977 | |
SMA Solar Technology AG | | 616 | | 24,590 | |
Xinjiang Goldwind Science & Technology Co Ltd. - H Shares | | 12,529 | | 20,428 | |
| | | | 337,473 | |
Electronics – 2.7% | | | | | |
Advanced Energy Industries, Inc. | | 410 | | 35,199 | |
AEM Holdings Ltd. | | 13,836 | | 42,096 | |
Arrow Electronics, Inc. (1) | | 1,167 | | 142,234 | |
AT&S Austria Technologie & Systemtechnik AG | | 933 | | 51,245 | |
Avary Holding Shenzhen Co. Ltd. | | 13,500 | | 74,034 | |
Avnet, Inc. | | 1,846 | | 77,661 | |
Badger Meter, Inc. | | 466 | | 46,325 | |
Brady Corp. - Class A | | 656 | | 30,228 | |
Coherent, Inc. (1) | | 132 | | 34,890 | |
Electrocomponents PLC | | 1,419 | | 18,839 | |
FARO Technologies, Inc. (1) | | 1,376 | | 75,322 | |
II-VI, Inc. (1)(2) | | 629 | | 43,690 | |
Itron, Inc. (1)(2) | | 396 | | 18,877 | |
Keysight Technologies, Inc. (1) | | 3,353 | | 527,662 | |
National Instruments Corp. | | 1,546 | | 62,072 |
|
| Shares |
| Value | |
Electronics – 2.7% (Continued) | | | | | |
Nidec Corp. | | 1,691 | | $145,102 | |
Sensata Technologies Holding PLC (1) | | 2,008 | | 116,283 | |
Sesa SpA | | 96 | | 15,419 | |
Shenzhen Inovance Technology Co. Ltd. | | 2,900 | | 29,253 | |
TD SYNNEX Corp. (2) | | 4,297 | | 437,564 | |
TDK Corp. | | 3,987 | | 159,238 | |
Tokyo Electron Device Ltd. | | 447 | | 20,686 | |
TTM Technologies, Inc. (1) | | 9,920 | | 124,694 | |
Vontier Corp. | | 1,856 | | 45,101 | |
Zhejiang Chint Electrics Co. Ltd. | | 5,900 | | 46,669 | |
| | | | 2,420,383 | |
Energy - Alternate Sources – 0.1% | | | | | |
China Everbright Environment Group Ltd. | | 59,419 | | 42,585 | |
Landis+Gyr Group AG | | 680 | | 44,434 | |
| | | | 87,019 | |
Engineering & Construction – 1.4% | | | | | |
AF Poyry AB | | 2,875 | | 55,257 | |
Akka Technologies | | 1,172 | | 64,161 | |
Alten SA | | 456 | | 69,759 | |
Bilfinger SE | | 2,447 | | 93,119 | |
China Tower Corp. Ltd. - H Shares | | 1,994,531 | | 232,287 | |
Dycom Industries, Inc. (1) | | 279 | | 24,290 | |
Enav SpA | | 7,972 | | 36,766 | |
Frontdoor, Inc. (1) | | 1,621 | | 48,711 | |
Grupo Aeroportuario del Sureste SAB de CV | | 1,476 | | 31,851 | |
Kajima Corp. | | 7,051 | | 94,523 | |
KUMHOE&C Co. Ltd. | | 2,064 | | 18,454 | |
Nishimatsu Construction Co. Ltd. | | 1,626 | | 54,000 | |
Obayashi Corp. | | 8,622 | | 71,940 | |
Shimizu Corp. | | 8,837 | | 58,389 | |
SNC-Lavalin Group, Inc. | | 1,580 | | 35,553 | |
Stantec, Inc. | | 1,837 | | 91,231 | |
Taisei Corp. | | 1,891 | | 62,637 | |
TAV Havalimanlari Holding AS | | 11,624 | | 28,247 | |
Tokyu Construction Co. Ltd. | | 5,418 | | 33,399 | |
Waskita Karya Persero Tbk PT | | 351,240 | | 13,935 | |
YIT Oyj | | 10,223 | | 44,598 | |
| | | | 1,263,107 | |
Entertainment – 0.7% | | | | | |
888 Holdings PLC | | 6,511 | | 21,159 | |
Evolution AB | | 1,855 | | 216,380 | |
Flutter Entertainment PLC (1) | | 2,549 | | 369,200 | |
International Game Technology PLC | | 2,036 | | 62,342 | |
| | | | 669,081 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
6 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Environmental Control – 0.3% | | | | | |
Hitachi Zosen Corp. | | 5,711 | | $39,172 | |
Kurita Water Industries Ltd. | | 1,147 | | 46,806 | |
Sweco AB - Class B | | 3,965 | | 55,958 | |
Tetra Tech, Inc. | | 542 | | 86,053 | |
| | | | 227,989 | |
Food – 1.3% | | | | | |
Aryzta AG (1) | | 31,631 | | 36,063 | |
Axfood AB | | 1,792 | | 47,239 | |
B&G Foods, Inc. (2) | | 2,330 | | 68,968 | |
Beyond Meat, Inc. (1)(2) | | 301 | | 14,081 | |
Cloetta AB - B Shares | | 11,745 | | 29,667 | |
George Weston Ltd. | | 3,365 | | 364,635 | |
J Sainsbury PLC | | 8,296 | | 30,688 | |
Lamb Weston Holdings, Inc. (2) | | 1,414 | | 93,932 | |
Lancaster Colony Corp. | | 343 | | 57,696 | |
Metro, Inc. | | 2,322 | | 121,121 | |
Nomad Foods Ltd. (1)(2) | | 2,240 | | 56,403 | |
The North West Co., Inc. | | 2,987 | | 84,828 | |
Ocado Group PLC (1) | | 2,826 | | 52,061 | |
Saputo, Inc. | | 2,992 | | 73,269 | |
Sligro Food Group NV | | 1,761 | | 44,999 | |
Woolworths Holdings Ltd. | | 6,590 | | 21,537 | |
| | | | 1,197,187 | |
Hand & Machine Tools – 0.1% | | | | | |
Disco Corp. | | 114 | | 31,822 | |
Finning International, Inc. | | 2,599 | | 75,572 | |
Schweiter Technologies AG | | 18 | | 23,308 | |
| | | | 130,702 | |
Healthcare - Products – 4.8% | | | | | |
Align Technology, Inc. (1) | | 306 | | 156,507 | |
Ambu A/S - Class B | | 885 | | 16,410 | |
AtriCure, Inc. (1) | | 517 | | 35,906 | |
Avantor, Inc. (1)(2) | | 3,606 | | 125,092 | |
Bio-Techne Corp. | | 193 | | 80,946 | |
CareDx, Inc. (1)(2) | | 506 | | 19,420 | |
CONMED Corp. (2) | | 497 | | 72,642 | |
Danaher Corp. | | 3,519 | | 965,649 | |
DENTSPLY SIRONA, Inc. | | 4,284 | | 231,936 | |
Elekta AB - Class B | | 3,092 | | 26,962 | |
Glaukos Corp. (1)(2) | | 401 | | 22,179 | |
Haemonetics Corp. (1) | | 956 | | 55,171 | |
Henry Schein, Inc. (1) | | 4,174 | | 360,550 | |
ICU Medical, Inc. (1) | | 273 | | 64,627 | |
IDEXX Laboratories, Inc. (1) | | 519 | | 276,290 | |
Inari Medical, Inc. (1) | | 293 | | 25,778 | |
Insulet Corp. (1)(2) | | 94 | | 24,881 |
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| Shares |
| Value | |
Healthcare - Products – 4.8% (Continued) | | | | | |
Intuitive Surgical, Inc. (1) | | 1,874 | | $544,078 | |
Koninklijke Philips NV | | 6,447 | | 219,701 | |
LivaNova PLC (1) | | 461 | | 36,336 | |
Natus Medical, Inc. (1) | | 3,793 | | 105,521 | |
NuVasive, Inc. (1) | | 679 | | 36,747 | |
Orthofix Medical, Inc. (1) | | 3,785 | | 128,614 | |
Penumbra, Inc. (1) | | 218 | | 48,339 | |
QIAGEN NV (1) | | 3,002 | | 149,169 | |
ResMed, Inc. | | 879 | | 216,893 | |
Sectra AB - Class B | | 1,058 | | 16,983 | |
STAAR Surgical Co. (1) | | 218 | | 17,292 | |
STRATEC SE | | 282 | | 36,426 | |
Tecan Group AG | | 82 | | 35,555 | |
Waters Corp. (1) | | 448 | | 141,895 | |
| | | | 4,294,495 | |
Healthcare - Services – 1.9% | | | | | |
Attendo AB | | 4,613 | | 15,787 | |
DaVita, Inc. (1) | | 3,687 | | 415,783 | |
Encompass Health Corp. | | 1,087 | | 71,764 | |
The Ensign Group, Inc. | | 621 | | 52,189 | |
ICON PLC (1) | | 120 | | 28,561 | |
Laboratory Corp. of America Holdings (1) | | 1,655 | | 448,935 | |
LHC Group, Inc. (1) | | 343 | | 46,706 | |
Medibank Pvt Ltd. | | 44,442 | | 102,553 | |
Medicover AB - B Shares | | 817 | | 19,823 | |
The Pennant Group, Inc. (1) | | 1,120 | | 18,200 | |
Quest Diagnostics, Inc. | | 2,980 | | 391,185 | |
Syneos Health, Inc. (1) | | 702 | | 55,599 | |
Terveystalo Oyj | | 2,821 | | 35,361 | |
| | | | 1,702,446 | |
Holding Companies - Divers – 0.0% (3) | | | | | |
EVENT Hospitality and Entertainment Ltd. | | 2,574 | | 26,915 | |
| | | | | |
Home Builders – 0.3% | | | | | |
Barratt Developments PLC | | 7,078 | | 58,026 | |
Bonava AB - Class B | | 6,335 | | 45,542 | |
Installed Building Products, Inc. | | 292 | | 28,236 | |
Sekisui Chemical Co. Ltd. | | 1,759 | | 28,727 | |
Tama Home Co. Ltd. | | 1,902 | | 38,065 | |
Tri Pointe Homes, Inc. (1) | | 1,933 | | 43,241 | |
| | | | 241,837 | |
Home Furnishings – 0.3% | | | | | |
GN Store Nord AS | | 655 | | 34,666 | |
Haier Smart Home Co. Ltd. - H Shares | | 29,108 | | 101,513 | |
iRobot Corp. (1)(2) | | 402 | | 24,989 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
7 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Home Furnishings – 0.3% (Continued) | | | | | |
Sonos, Inc. (1)(2) | | 1,057 | | $28,951 | |
TCL Technology Group Corp. | | 125,800 | | 110,829 | |
| | | | 300,948 | |
Household Products & Wares – 0.5% | | | | | |
Reckitt Benckiser Group PLC | | 3,871 | | 328,305 | |
Reynolds Consumer Products, Inc. | | 1,762 | | 52,455 | |
WD-40 Co. | | 140 | | 29,665 | |
| | | | 410,425 | |
Insurance – 11.3% | | | | | |
AIA Group Ltd. | | 23,088 | | 240,078 | |
American National Group, Inc. | | 167 | | 31,568 | |
Aon PLC | | 1,719 | | 502,189 | |
Arch Capital Group Ltd. (1) | | 10,320 | | 486,175 | |
Argo Group International Holdings Ltd. | | 1,866 | | 78,689 | |
Arthur J. Gallagher & Co. | | 2,388 | | 377,758 | |
Assicurazioni Generali SpA | | 27,816 | | 553,939 | |
Axis Capital Holdings Ltd. | | 1,031 | | 56,313 | |
Baloise Holding AG | | 244 | | 40,984 | |
Brown & Brown, Inc. | | 3,356 | | 226,899 | |
China Life Insurance Co. Ltd. - H Shares | | 167,367 | | 277,599 | |
China Pacific Insurance Group Co. Ltd. - H Shares | | 40,854 | | 113,720 | |
Chubb Ltd. | | 5,310 | | 1,081,328 | |
Cincinnati Financial Corp. | | 3,751 | | 460,585 | |
CNO Financial Group, Inc. | | 1,279 | | 30,913 | |
CNP Assurances | | 16,554 | | 404,781 | |
eHealth, Inc. (1) | | 1,579 | | 24,538 | |
Employers Holdings, Inc. | | 2,526 | | 98,160 | |
Essent Group Ltd. | | 782 | | 34,549 | |
Everest Re Group Ltd. | | 1,622 | | 483,713 | |
Hannover Rueck SE | | 985 | | 182,328 | |
The Hanover Insurance Group, Inc. | | 797 | | 111,189 | |
Harel Insurance Investments & Financial | | 3,577 | | 43,387 | |
Helvetia Holding AG | | 237 | | 28,881 | |
Horace Mann Educators Corp. | | 2,720 | | 113,125 | |
iA Financial Corp., Inc. | | 1,104 | | 65,552 | |
Japan Post Holdings Co. Ltd. | | 27,800 | | 230,293 | |
Just Group PLC (1) | | 27,005 | | 30,454 | |
Kemper Corp. | | 789 | | 42,164 | |
Kinsale Capital Group, Inc. | | 116 | | 24,332 | |
Lincoln National Corp. | | 9,528 | | 642,378 | |
Mapfre SA (1) | | 28,493 | | 56,374 | |
Mercury General Corp. | | 785 | | 43,175 | |
MGIC Investment Corp. | | 3,309 | | 50,231 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 2,247 | | 623,767 |
|
| Shares |
| Value | |
Insurance – 11.3% (Continued) | | | | | |
New China Life Insurance Co. Ltd. - H Shares | | 34,817 | | $99,589 | |
NN Group NV | | 4,788 | | 230,067 | |
Phoenix Group Holdings PLC | | 3,754 | | 31,158 | |
The Phoenix Holdings Ltd. | | 3,648 | | 45,295 | |
Powszechny Zaklad Ubezpieczen SA | | 12,439 | | 93,779 | |
Primerica, Inc. | | 239 | | 31,044 | |
ProAssurance Corp. | | 2,506 | | 60,395 | |
Reinsurance Group of America, Inc. | | 918 | | 101,770 | |
RenaissanceRe Holdings Ltd. (2) | | 478 | | 72,073 | |
Safety Insurance Group, Inc. | | 1,410 | | 117,650 | |
SCOR SE | | 1,208 | | 39,524 | |
SiriusPoint Ltd. (1) | | 13,891 | | 102,655 | |
State Auto Financial Corp. | | 671 | | 34,899 | |
Storebrand ASA | | 5,132 | | 50,867 | |
Swiss Life Holding AG | | 445 | | 271,816 | |
Swiss Re AG (1) | | 3,842 | | 367,763 | |
Unipol Gruppo SpA (1) | | 9,634 | | 49,051 | |
Unum Group | | 2,205 | | 61,564 | |
Vienna Insurance Group AG Wiener | | 1,330 | | 34,956 | |
White Mountains Insurance Group Ltd. | | 42 | | 44,108 | |
Willis Towers Watson PLC | | 1,863 | | 414,145 | |
| | | | 10,246,276 | |
Internet – 2.6% | | | | | |
Adevinta ASA (1) | | 3,048 | | 32,741 | |
Anaplan, Inc. (1)(2) | | 720 | | 34,106 | |
Atea ASA | | 1,797 | | 28,037 | |
Auto Trader Group PLC | | 5,222 | | 46,454 | |
CDW Corp. | | 2,050 | | 353,543 | |
DoorDash, Inc. - Class A (1) | | 713 | | 74,829 | |
F5, Inc. (1) | | 2,238 | | 449,502 | |
Fiverr International Ltd. (1)(2) | | 144 | | 11,363 | |
IAC/InterActiveCorp (1) | | 1,518 | | 174,206 | |
Kakao Corp. | | 985 | | 77,090 | |
Mimecast Ltd. (1) | | 685 | | 54,478 | |
My EG Services Bhd (1) | | 115,766 | | 26,470 | |
NAVER Corp. | | 254 | | 67,178 | |
Perficient, Inc. (1)(2) | | 461 | | 46,976 | |
Rakuten Group, Inc. | | 10,781 | | 91,172 | |
Reply SpA | | 218 | | 35,676 | |
SEEK Ltd. | | 1,165 | | 22,546 | |
Spotify Technology SA (1) | | 864 | | 134,948 | |
Trend Micro, Inc. | | 703 | | 39,064 | |
United Internet AG | | 1,269 | | 43,274 | |
Upwork, Inc. (1)(2) | | 608 | | 15,370 | |
Usen-Next Holdings Co. Ltd. | | 849 | | 17,632 | |
VeriSign, Inc. (1) | | 1,646 | | 351,783 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
8 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Internet – 2.6% (Continued) | | | | | |
Wix.com Ltd. (1) | | 624 | | $57,146 | |
Z Holdings Corp. | | 11,788 | | 57,070 | |
ZOZO, Inc. | | 953 | | 26,892 | |
| | | | 2,369,546 | |
Investment Companies – 1.3% | | | | | |
EXOR NV | | 5,422 | | 412,903 | |
Groupe Bruxelles Lambert SA | | 4,536 | | 473,516 | |
Grupo de Inversiones Suramericana SA | | 3,905 | | 31,991 | |
Sofina SA | | 578 | | 225,406 | |
VNV Global AB (1) | | 1,730 | | 12,171 | |
| | | | 1,155,987 | |
Leisure Time – 0.1% | | | | | |
Basic-Fit NV (1) | | 514 | | 23,451 | |
Roland Corp. | | 712 | | 23,955 | |
Technogym SpA | | 2,376 | | 18,854 | |
Trigano SA (1) | | 165 | | 28,448 | |
YETI Holdings, Inc. (1) | | 619 | | 38,106 | |
| | | | 132,814 | |
Lodging – 0.5% | | | | | |
Choice Hotels International, Inc. | | 1,055 | | 152,289 | |
Dalata Hotel Group PLC (1) | | 10,510 | | 49,758 | |
Hilton Grand Vacations, Inc. (1) | | 1,533 | | 79,501 | |
Kangwon Land, Inc. | | 1,502 | | 33,104 | |
NagaCorp Ltd. | | 49,319 | | 45,446 | |
Paradise Co. Ltd. | | 2,110 | | 29,131 | |
Scandic Hotels Group AB | | 13,505 | | 60,484 | |
SKYCITY Entertainment Group Ltd. | | 9,162 | | 18,353 | |
| | | | 468,066 | |
Machinery - Diversified – 2.4% | | | | | |
Albany International Corp. - Class A | | 618 | | 54,273 | |
Altra Industrial Motion Corp. | | 585 | | 24,845 | |
Bobst Group SA (1) | | 448 | | 40,823 | |
Colfax Corp. (1) | | 1,818 | | 73,102 | |
Daifuku Co. Ltd. | | 1,094 | | 78,458 | |
FANUC Corp. | | 1,136 | | 208,657 | |
Graco, Inc. (2) | | 10,504 | | 757,233 | |
Interpump Group SpA | | 1,160 | | 63,139 | |
Komax Holding AG | | 110 | | 29,063 | |
NARI Technology Co. Ltd. | | 5,595 | | 31,339 | |
Nordson Corp. | | 2,887 | | 653,877 | |
Omron Corp. | | 524 | | 35,305 | |
Rieter Holding AG | | 293 | | 52,184 | |
Stabilus SA | | 668 | | 39,691 | |
Zehnder Group AG | | 581 | | 50,219 | |
| | | | 2,192,208 |
|
| Shares |
| Value | |
Media – 1.1% | | | | | |
Cable One, Inc. | | 138 | | $197,733 | |
Cyfrowy Polsat SA | | 6,014 | | 39,130 | |
The EW Scripps Co. - Class A | | 4,782 | | 106,447 | |
ITV PLC | | 16,060 | | 23,843 | |
Metropole Television SA | | 1,140 | | 22,741 | |
Nordic Entertainment Group AB - Class B | | 358 | | 12,282 | |
ProSiebenSat.1 Media SE | | 2,033 | | 28,007 | |
Sirius XM Holdings, Inc. (2) | | 62,021 | | 382,050 | |
Vivendi SE | | 16,917 | | 214,904 | |
| | | | 1,027,137 | |
Metal Fabricate & Hardware – 0.4% | | | | | |
Helios Technologies, Inc. | | 458 | | 35,912 | |
Martinrea International, Inc. | | 8,171 | | 63,714 | |
Proto Labs, Inc. (1) | | 746 | | 41,947 | |
Reliance Worldwide Corp. Ltd. | | 8,617 | | 28,826 | |
SFS Group AG | | 344 | | 50,469 | |
Standex International Corp. | | 1,330 | | 140,887 | |
Troax Group AB | | 465 | | 12,415 | |
| | | | 374,170 | |
Miscellaneous Manufacturers – 0.9% | | | | | |
China Jushi Co. Ltd. | | 24,700 | | 66,730 | |
China Railway Signal & Communication Corp. Ltd. - H Shares | | 90,797 | | 33,001 | |
CRRC Corp Ltd. - H Shares | | 568,463 | | 252,450 | |
Enerpac Tool Group Corp. | | 2,980 | | 51,405 | |
ESCO Technologies, Inc. | | 632 | | 43,968 | |
Fabrinet (1) | | 298 | | 29,839 | |
Federal Signal Corp. | | 1,732 | | 62,542 | |
Hillenbrand, Inc. | | 1,359 | | 64,838 | |
Indutrade AB | | 3,445 | | 77,199 | |
John Bean Technologies Corp. | | 273 | | 30,950 | |
SKC Co. Ltd. | | 119 | | 13,609 | |
Sunny Optical Technology Group Co. Ltd. | | 1,624 | | 38,804 | |
Uponor Oyj | | 1,635 | | 36,655 | |
| | | | 801,990 | |
Office & Business Equipment – 0.1% | | | | | |
Datalogic SpA | | 1,703 | | 23,987 | |
FUJIFILM Holdings Corp. | | 683 | | 43,064 | |
| | | | 67,051 | |
Packaging & Containers – 0.1% | | | | | |
TriMas Corp. | | 2,742 | | 89,142 | |
| | | | | |
Pharmaceuticals – 4.7% | | | | | |
Alector, Inc. (1) | | 1,642 | | 26,009 | |
Amneal Pharmaceuticals, Inc. - Class A (1) | | 8,632 | | 39,103 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
9 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Pharmaceuticals – 4.7% (Continued) | | | | | |
AstraZeneca PLC | | 3,956 | | $480,845 | |
Bausch Health Cos, Inc. (1) | | 4,939 | | 118,729 | |
Bristol-Myers Squibb Co. | | 11,897 | | 816,967 | |
Celltrion, Inc. | | 271 | | 35,950 | |
China Feihe Ltd. | | 30,030 | | 35,819 | |
Chongqing Zhifei Biological Products Co. Ltd. | | 1,300 | | 26,630 | |
Heron Therapeutics, Inc. (1) | | 3,783 | | 26,859 | |
Ironwood Pharmaceuticals, Inc. (1) | | 1,881 | | 20,240 | |
Jazz Pharmaceuticals PLC (1) | | 399 | | 54,831 | |
Madrigal Pharmaceuticals, Inc. (1) | | 411 | | 38,161 | |
McKesson Corp. | | 2,133 | | 586,490 | |
Neurocrine Biosciences, Inc. (1) | | 558 | | 50,148 | |
Novartis AG | | 13,538 | | 1,185,507 | |
Novo Nordisk A/S - Class B | | 2,734 | | 281,593 | |
Prestige Consumer Healthcare, Inc. (1) | | 527 | | 31,372 | |
Revenio Group Oyj | | 810 | | 39,431 | |
Richter Gedeon Nyrt | | 1,496 | | 31,591 | |
Shanghai Fosun Pharmaceutical Group Co. Ltd. | | 9,045 | | 36,232 | |
Supernus Pharmaceuticals, Inc. (1) | | 2,200 | | 70,290 | |
USANA Health Sciences, Inc. (1) | | 524 | | 46,117 | |
Zogenix, Inc. (1) | | 5,474 | | 143,747 | |
| | | | 4,222,661 | |
Private Equity – 0.9% | | | | | |
3i Group PLC | | 5,403 | | 96,816 | |
Brookfield Asset Management, Inc. - Class A | | 11,507 | | 628,447 | |
EQT AB | | 380 | | 12,920 | |
Intermediate Capital Group PLC | | 794 | | 18,260 | |
Ratos AB - Class B | | 5,283 | | 28,379 | |
| | | | 784,822 | |
Retail – 2.5% | | | | | |
Alsea SAB de CV (1) | | 26,876 | | 59,007 | |
Bilia AB | | 2,828 | | 37,095 | |
BJ’s Wholesale Club Holdings, Inc. (1) | | 713 | | 44,826 | |
CCC SA | | 1,696 | | 21,730 | |
El Puerto de Liverpool SAB de CV | | 5,270 | | 25,764 | |
Fast Retailing Co. Ltd. | | 455 | | 244,260 | |
Fielmann AG | | 734 | | 43,777 | |
Food & Life Companies Ltd. | | 671 | | 22,139 | |
Frasers Group PLC (1) | | 2,343 | | 20,010 | |
Freshpet, Inc. (1)(2) | | 232 | | 22,093 | |
Industria de Diseno Textil SA (1) | | 18,226 | | 483,128 | |
Jack in the Box, Inc. (2) | | 794 | | 68,498 | |
Jollibee Foods Corp. | | 6,594 | | 30,996 | |
Kingfisher PLC | | 11,702 | | 48,077 |
|
| Shares |
| Value | |
Retail – 2.5% (Continued) | | | | | |
Kura Sushi, Inc. | | 768 | | $24,705 | |
Lotte Shopping Co. Ltd. | | 270 | | 19,155 | |
Mango Excellent Media Co. Ltd. | | 12,600 | | 68,141 | |
National Vision Holdings, Inc. (1)(2) | | 1,436 | | 52,658 | |
Next PLC | | 1,057 | | 97,318 | |
Petco Health & Wellness Co., Inc. (1) | | 2,361 | | 41,365 | |
Restaurant Brands International, Inc. | | 11,722 | | 655,715 | |
Shake Shack, Inc. - Class A (1) | | 567 | | 42,366 | |
Takkt AG | | 4,926 | | 84,985 | |
Truworths International Ltd. | | 8,058 | | 30,542 | |
| | | | 2,288,350 | |
Savings & Loans – 0.6% | | | | | |
Investors Bancorp, Inc. | | 2,782 | | 46,571 | |
Northwest Bancshares, Inc. | | 15,585 | | 219,437 | |
Pacific Premier Bancorp, Inc. | | 818 | | 31,665 | |
People’s United Financial, Inc. | | 3,576 | | 75,382 | |
Provident Financial Services, Inc. | | 7,204 | | 170,951 | |
Washington Federal, Inc. | | 728 | | 25,902 | |
| | | | 569,908 | |
Semiconductors – 4.1% | | | | | |
Advanced Micro Devices, Inc. (1) | | 5,459 | | 673,286 | |
Allegro MicroSystems, Inc. (1) | | 610 | | 17,489 | |
Ambarella, Inc. (1) | | 122 | | 17,045 | |
ams-OSRAM AG | | 1,735 | | 27,119 | |
ASM International NV (1) | | 392 | | 126,893 | |
BE Semiconductor Industries NV (1) | | 270 | | 23,091 | |
Cirrus Logic, Inc. (1) | | 559 | | 48,560 | |
Diodes, Inc. (1) | | 398 | | 35,657 | |
Entegris, Inc. (2) | | 2,417 | | 315,370 | |
Lattice Semiconductor Corp. (1) | | 399 | | 24,985 | |
Marvell Technology, Inc. | | 5,080 | | 347,116 | |
Melexis NV (1) | | 140 | | 12,863 | |
MKS Instruments, Inc. (2) | | 312 | | 46,987 | |
Nova Ltd. (1) | | 331 | | 34,682 | |
NVIDIA Corp. | | 4,456 | | 1,086,596 | |
Renesas Electronics Corp. (1) | | 2,464 | | 28,667 | |
Rohm Co. Ltd. | | 281 | | 22,031 | |
SOITEC (1) | | 89 | | 14,755 | |
SUMCO Corp. | | 1,650 | | 27,033 | |
Taiwan Semiconductor Manufacturing Co. | | 6,675 | | 714,292 | |
u-blox Holding AG | | 328 | | 23,256 | |
United Microelectronics Corp. - ADR (2) | | 4,813 | | 44,665 | |
X-Fab Silicon Foundries SE (1) | | 5,246 | | 41,423 | |
| | | | 3,753,861 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
10 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Software – 8.8% | | | | | |
1Life Healthcare, Inc. (1) | | 672 | | $7,264 | |
ACI Worldwide, Inc. (1) | | 1,656 | | 55,509 | |
Adobe, Inc. (1) | | 1,880 | | 879,238 | |
ANSYS, Inc. (1)(2) | | 794 | | 257,407 | |
Atlassian Corp. PLC - Class A (1) | | 147 | | 44,941 | |
Autodesk, Inc. (1) | | 1,513 | | 333,208 | |
Avalara, Inc. (1) | | 444 | | 46,136 | |
Black Knight, Inc. (1) | | 3,360 | | 188,798 | |
Blackbaud, Inc. (1) | | 491 | | 30,683 | |
Blackline, Inc. (1) | | 476 | | 35,848 | |
Bottomline Technologies DE, Inc. (1) | | 555 | | 31,435 | |
Box, Inc. - Class A (1) | | 1,539 | | 39,414 | |
Broadridge Financial Solutions, Inc. (2) | | 1,340 | | 195,921 | |
Cadence Design Systems, Inc. (1) | | 1,573 | | 238,199 | |
CD Projekt SA | | 634 | | 25,521 | |
CDK Global, Inc. | | 2,114 | | 95,849 | |
Cerence, Inc. (1) | | 333 | | 12,025 | |
Change Healthcare, Inc. (1) | | 4,502 | | 96,433 | |
CommVault Systems, Inc. (1) | | 721 | | 45,358 | |
CompuGroup Medical SE & Co. KgaA | | 419 | | 23,743 | |
Coupa Software, Inc. (1)(2) | | 358 | | 43,322 | |
CSG Systems International, Inc. (2) | | 3,107 | | 191,764 | |
The Descartes Systems Group, Inc. (1) | | 631 | | 44,934 | |
DocuSign, Inc. (1) | | 666 | | 78,874 | |
Evolent Health, Inc. (1) | | 900 | | 23,985 | |
Fair Isaac Corp. (1) | | 704 | | 331,718 | |
Fidelity National Information Services, Inc. | | 4,930 | | 469,484 | |
Hansen Technologies Ltd. | | 6,341 | | 22,547 | |
HubSpot, Inc. (1)(2) | | 44 | | 23,100 | |
Intuit, Inc. | | 975 | | 462,511 | |
Kinaxis, Inc. (1) | | 143 | | 16,383 | |
Konami Holdings Corp. | | 850 | | 47,823 | |
Manhattan Associates, Inc. (1) | | 594 | | 79,406 | |
MongoDB, Inc. (1)(2) | | 63 | | 24,065 | |
MSCI, Inc. | | 305 | | 153,015 | |
New Relic, Inc. (1) | | 311 | | 20,601 | |
NextGen Healthcare, Inc. (1) | | 4,932 | | 96,322 | |
PagerDuty, Inc. (1) | | 572 | | 19,345 | |
Paychex, Inc. (2) | | 4,177 | | 497,314 | |
Playtika Holding Corp. (1) | | 4,990 | | 102,794 | |
Roper Technologies, Inc. | | 1,243 | | 557,137 | |
The Sage Group PLC | | 10,274 | | 96,881 | |
Sailpoint Technologies Holdings, Inc. (1)(2) | | 722 | | 29,869 | |
SAP SE | | 5,219 | | 593,938 | |
Sapiens International Corp. NV | | 2,043 | | 55,141 | |
Schrodinger, Inc. (1)(2) | | 582 | | 20,230 | |
ServiceNow, Inc. (1) | | 616 | | 357,231 |
|
| Shares |
| Value | |
Software – 8.8% (Continued) | | | | | |
SimCorp A/S | | 221 | | $20,029 | |
Smartsheet, Inc. (1) | | 383 | | 20,364 | |
Splunk, Inc. (1) | | 1,085 | | 128,138 | |
SPS Commerce, Inc. (1) | | 298 | | 38,695 | |
Synopsys, Inc. (1) | | 1,205 | | 376,430 | |
Take-Two Interactive Software, Inc. (1) | | 918 | | 148,716 | |
Teradata Corp. (1) | | 814 | | 40,692 | |
Tinexta Spa | | 954 | | 30,882 | |
TIS, Inc. | | 1,038 | | 24,333 | |
| | | | 7,970,943 | |
Telecommunications – 4.0% | | | | | |
1&1 AG | | 936 | | 22,519 | |
AudioCodes Ltd. | | 1,103 | | 31,259 | |
Ciena Corp. (1) | | 1,118 | | 76,494 | |
CommScope Holding Co., Inc. (1) | | 3,156 | | 30,108 | |
Corning, Inc. | | 23,018 | | 929,927 | |
DiGi.Com Bhd | | 35,524 | | 34,268 | |
InterDigital, Inc. | | 331 | | 21,323 | |
Iridium Communications, Inc. (1)(2) | | 690 | | 27,317 | |
Juniper Networks, Inc. | | 3,172 | | 107,182 | |
Maxis Bhd | | 33,752 | | 32,317 | |
MTN Group Ltd. | | 13,584 | | 168,432 | |
NETGEAR, Inc. (1) | | 2,259 | | 60,112 | |
Nippon Telegraph & Telephone Corp. | | 8,417 | | 240,653 | |
Nokia Oyj | | 38,993 | | 211,869 | |
Plantronics, Inc. (1) | | 1,318 | | 37,128 | |
Proximus SADP | | 4,540 | | 90,564 | |
Singapore Telecommunications Ltd. | | 150,013 | | 278,487 | |
SoftBank Corp. | | 3,201 | | 40,313 | |
SoftBank Group Corp. | | 5,545 | | 246,739 | |
Tele2 AB - Class B | | 7,368 | | 98,168 | |
Telefonica Deutschland Holding AG | | 16,152 | | 44,357 | |
Telekom Malaysia Bhd | | 17,687 | | 21,316 | |
Telenor ASA | | 26,525 | | 393,487 | |
Telia Co AB | | 34,870 | | 130,473 | |
Telkom Indonesia Persero Tbk PT | | 434,365 | | 131,214 | |
Tower Bersama Infrastructure Tbk PT | | 144,561 | | 29,582 | |
Viavi Solutions, Inc. (1) | | 2,721 | | 44,624 | |
| | | | 3,580,232 | |
Toys, Games & Hobbies – 0.4% | | | | | |
Hasbro, Inc. (2) | | 3,874 | | 375,972 | |
| | | | | |
Transportation – 1.3% | | | | | |
Atlas Corp. | | 2,037 | | 29,394 | |
Cargojet, Inc. | | 187 | | 27,012 | |
Forward Air Corp. | | 548 | | 56,543 | |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
11 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Transportation – 1.3% (Continued) | | | | | |
Freightways Ltd. | | 4,161 | | $34,298 | |
Hankyu Hanshin Holdings, Inc. | | 2,345 | | 69,938 | |
Heartland Express, Inc. | | 6,076 | | 87,251 | |
Hyundai Glovis Co. Ltd. | | 186 | | 27,227 | |
Kyushu Railway Co. | | 1,536 | | 33,874 | |
Matson, Inc. | | 552 | | 61,145 | |
Nippon Express Holdings, Inc. | | 659 | | 39,938 | |
Odakyu Electric Railway Co. Ltd. | | 2,516 | | 41,374 | |
SG Holdings Co. Ltd. | | 1,501 | | 31,695 | |
TFI International, Inc. | | 1,984 | | 206,667 | |
Tobu Railway Co. Ltd. | | 1,963 | | 48,148 | |
Tokyu Corp. | | 5,067 | | 67,399 | |
Wallenius Wilhelmsen ASA | | 8,660 | | 65,686 | |
West Japan Railway Co. | | 4,365 | | 187,675 | |
Yamato Holdings Co. Ltd. | | 1,931 | | 37,689 | |
| | | | 1,152,953 | |
Trucking & Leasing – 0.0% (3) | | | | | |
GATX Corp. | | 347 | | 37,001 | |
Water – 0.4% | | | | | |
American States Water Co. | | 888 | | 74,734 | |
Severn Trent PLC | | 3,349 | | 129,233 | |
United Utilities Group PLC | | 9,413 | | 135,707 | |
| | | | 339,674 | |
Total Common Stocks | | | | 89,549,886 | |
Preferred Stocks – 0.6% | | | | | |
Banks – 0.6% | | | | | |
Banco Bradesco SA - ADR | | 53,693 | | 207,255 | |
Bancolombia SA - ADR | | 2,248 | | 81,445 | |
Itau Unibanco Holding SA - ADR | | 42,143 | | 203,550 | |
| | | | 492,250 | |
Total Preferred Stocks | | | | 492,250 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund - Class X, 0.026% (4) | | 105,440 | | 105,440 | |
Total Short-Term Investments | | | | 105,440 | |
Investments Purchased with Collateral from Securities Lending – 5.6% | | | | | |
Mount Vernon Liquid Assets Portfolio, LLC, 0.120% (4) | | 5,095,431 | | 5,095,431 |
|
| Shares |
| Value | |
Total Investments Purchased with Collateral from Securities Lending | | | | $5,095,431 | |
Total Investments in Securities – 105.3% | | | | 95,243,007 | |
Liabilities in Excess of Other Assets – (5.3)% | | | (4,757,645 | ) | |
Total Net Assets – 100.0% | | | | $90,485,362 | |
ADRAmerican Depository Receipt NVDRNon-Voting Depositary Receipt (1)Non-income producing security. (2)This security or a portion of this security was out on loan as of February 28, 2022. Total loaned securities had a value of $4,943,609 or 5.5% of net assets as of February 28, 2022. The remainining 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 February 28, 2022. |
SCHEDULE OF INVESTMENTS at February 28, 2022 (Unaudited) (Continued) |
Adasina Social Justice All Cap Global ETF
12 |
The accompanying notes are an integral part of these financial statements.
Assets: | | | |
Investments in securities, at value (Cost $97,934,538) (Note 2) (1) | | $95,243,007 | |
Cash | | 628 | |
Receivables: | | | |
Investment securities sold | | 318,764 | |
Dividends and interest | | 80,328 | |
Securities lending income, net (Note 5) | | 1,059 | |
Total assets | | 95,643,786 | |
| | | |
Liabilities: | | | |
Collateral received for securities loaned (Note 5) | | 5,095,431 | |
Payables: | | | |
Management fees (Note 4) | | 62,993 | |
Total liabilities | | 5,158,424 | |
Net Assets | | $90,485,362 | |
| | | |
Components of Net Assets: | | | |
Paid-in capital | | $92,438,429 | |
Total distributable (accumulated) earnings (losses) | | (1,953,067 | ) |
Net assets | | $90,485,362 | |
| | | |
Net Asset Value (unlimited shares authorized): | | | |
Net assets | | $90,485,362 | |
Shares of beneficial interest issued and outstanding | | 5,400,000 | |
Net asset value | | $16.76 | |
(1)Includes loaned securities with a value of $4,943,609.
Adasina Social Justice All Cap Global ETF
13 |
The accompanying notes are an integral part of these financial statements.
Investment Income: | | | |
Dividend income (net of foreign withholding tax of $30,687) | | $421,687 | |
Securities lending income (Note 5) | | 3,526 | |
Interest income | | 21 | |
Total investment income | | 425,234 | |
| | | |
Expenses: | | | |
Management fees (Note 4) | | 357,772 | |
Total expenses | | 357,772 | |
Net investment income (loss) | | 67,462 | |
| | | |
Realized and Unrealized Gain (Loss) on Investments | | ||
Net realized gain (loss) on: | | | |
Investments | | 1,017,200 | |
Foreign currency transactions | | (1,812 | ) |
Change in net unrealized appreciation/depreciation on: | | | |
Investments and foreign currency translation | | (6,990,462 | ) |
Net realized and unrealized gain (loss) on investments | | (5,975,074 | ) |
Net increase (decrease) in net assets resulting from operations | | $(5,907,612 | ) |
Adasina Social Justice All Cap Global ETF
14 |
The accompanying notes are an integral part of these financial statements.
|
| Period Ended |
| Period Ended |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $67,462 | | $268,165 | |
Net realized gain (loss) on investments and foreign currency translation | | 1,015,388 | | 2,807,504 | |
Change in net unrealized appreciation/depreciation on investments and | | (6,990,462 | ) | 4,282,001 | |
Net increase (decrease) in net assets resulting from operations | | (5,907,612 | ) | 7,357,670 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (517,000 | ) | (223,040 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net change in outstanding shares (2) | | 25,639,866 | | 64,135,478 | |
Total increase (decrease) in net assets | | 19,215,254 | | 71,270,108 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period | | 71,270,108 | | — | |
End of period | | $90,485,362 | | $71,270,108 | |
(1)The Fund commenced operations on December 8, 2020. The information presented is from December 8, 2020 to August 31, 2021.
(2)Summary of share transactions is as follows:
| | Six-Months Ended | | Period Ended | | ||||
| | Shares | | Value | | Shares | | Value | |
Shares sold | | 2,400,000 | | $43,027,740 | | 4,600,000 | | $74,481,380 | |
Shares redeemed | | (1,000,000 | ) | (17,393,000 | ) | (600,000 | ) | (10,350,180 | ) |
Variable fees | | — | | 5,126 | | — | | 4,278 | |
Net increase (decrease) | | 1,400,000 | | $25,639,866 | | 4,000,000 | | $64,135,478 | |
Adasina Social Justice All Cap Global ETF
15 |
The accompanying notes are an integral part of these financial statements.
|
| Period Ended |
| Period Ended |
|
| |||||
Net asset value, beginning of period | | $17.82 | | $15.00 | |
| | | | | |
Income from Investment Operations: | | | | | |
Net investment income (loss) (2) | | 0.01 | | 0.10 | |
Net realized and unrealized gain (loss) on investments | | (1.06 | ) | 2.79 | |
Total from investment operations | | (1.05 | ) | 2.89 | |
| | | | | |
Less Distributions: | | | | | |
From net investment income | | (0.01 | ) | (0.07 | ) |
Total distributions | | (0.01 | ) | (0.07 | ) |
| | | | | |
Net asset value, end of period | | $16.76 | | $17.82 | |
Total return (3)(4) | | (5.38 | )% | 19.24 | % |
| | | | | |
Ratios / Supplemental Data: | | | | | |
Net assets, end of period (millions) | | $90.5 | | $71.3 | |
Portfolio turnover rate (3) | | 40 | % | 59 | % |
Ratio of expenses to average net assets (5) | | 0.89 | % | 0.89 | % |
Ratio of net investment income (loss) to average net assets (5) | | 0.17 | % | 0.80 | % |
(1)The Fund commenced operations on December 8, 2020. The information presented is from December 8, 2020 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.
16 |
Adasina Social Justice All Cap Global ETF
NOTE 1 – ORGANIZATION |
The Fund is a diversified series of shares 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 the Fund’s shares is registered under the Securities Act of 1933, as amended. The 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 Fund commenced operations on December 8, 2020.
The investment objective of the Fund is to seek to provide capital appreciation and income.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.Security Valuation. Equity securities that are 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 Fund is open for business.
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.
As described above, the Fund utilizes various methods to measure the fair value of its 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 Fund has the ability to access.
Level 2 –Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 –Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability and 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.
17 |
Adasina Social Justice All Cap Global ETF
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 the Fund’s investments as of February 28, 2022:
Investments in Securities | | Investments Measured at Net Asset Value | | Level 1 | | Level 2 | | Level 3 | | Total |
Common Stocks (1) | | $— | | $89,549,886 | | $— | | $— | | $89,549,886 |
Preferred Stocks (1) | | — | | 492,250 | | — | | — | | 492,250 |
Short-Term Investments | | — | | 105,440 | | — | | — | | 105,440 |
Investments Purchased With Collateral From | | 5,095,431 | | — | | — | | — | | 5,095,431 |
Total Investments in Securities | | $5,095,431 | | $90,147,576 | | $— | | $— | | $95,243,007 |
(1)See Schedule of Investments 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. The 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 Fund intends to declare as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of February 28, 2022, the Fund 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 Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Fund is 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. 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 Fund does 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 Fund reports 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 the 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.
NOTES TO FINANCIAL STATEMENTS February 28, 2022 (Unaudited) (Continued) |
18 |
Adasina Social Justice All Cap Global ETF
E. Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the Fund are declared and paid semi-annually. Distributions to shareholders from net realized gains on securities, if any, for the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.
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 NAV per share of the 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 Fund’s 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 Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.
I.Illiquid Investments. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board-approved Liquidity Risk Management Program (“the Program”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any investment that the 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 the Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.
NOTE 3 – PRINCIPAL INVESTMENT RISKS |
A.Emerging and Developing Markets Risk. The Fund may invest in securities issued by companies domiciled or headquartered in emerging and developing market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value.
B.Equity Market Risk. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests. The Fund will invest in common stocks directly. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers.
C.Exchange Traded Fund (“ETF”) Risks.
•Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem shares of the Fund (“Shares”) directly from the Fund (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.
•Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and 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.
NOTES TO FINANCIAL STATEMENTS February 28, 2022 (Unaudited) (Continued) |
19 |
Adasina Social Justice All Cap Global ETF
•Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary at market prices. Although it is expected that the market price of Shares will approximate the 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 Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Fund 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. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, 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 the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.
D.Foreign Securities Risks. Investments in securities or other instruments of non-U.S. issuers, including ADRs, involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities, including ADRs, can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.
E.Market Capitalization Risk.
•Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.
•Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole.
•Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available.
F.Sector Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector or group of industries. The prices of securities of issuers in a particular sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of Shares may fluctuate in response to events affecting that industry or sector. As of February 28, 2022, 29.2% of the Fund’s net assets were invested in the financial sector.
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
Toroso Investments, LLC (the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions.
NOTES TO FINANCIAL STATEMENTS February 28, 2022 (Unaudited) (Continued) |
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Adasina Social Justice All Cap Global ETF
Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund at the annualized rate of 0.89%. Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund 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 Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”). The Management Fees incurred are paid monthly to the Adviser.
Robasciotti & Associates, Inc., doing business as Adasina Social Capital (the “Sub-Adviser”), serves as sub-adviser to the Fund, 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 day-to-day management of the Fund’s portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated and paid monthly, at an annual rate of 0.02% of the Fund’s average daily net assets. The Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses incurred by the Fund, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub-Adviser the profits, if any, generated by the Fund’s Management Fee. Expenses incurred by the Fund and paid by the Sub-Adviser include fees charged by Tidal, as defined below.
Tidal ETF Services LLC (“Tidal”), an affiliate of the Adviser, serves as the Fund’s administrator and, in that capacity, performs various administrative and management services for the Fund. 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 Fund’s sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Fund. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Fund’s custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Fund’s custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Fund.
Foreside Fund Services, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s shares.
Certain officers and a trustee of the Trust are affiliated with the Adviser and Fund Services. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Fund.
NOTE 5 – SECURITIES LENDING |
The Fund may lend up to 33 1/3% of the value of the securities in its portfolio 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 Fund. The Fund receives 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 Fund continues 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 Fund. The Fund has the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of February 28, 2022, market value of the securities on loan and payable on collateral received for securities lending were as follows:
Market Value of | | Payable on | | Percentage of |
$4,943,609 | | $5,095,431 | | 5.5% |
NOTES TO FINANCIAL STATEMENTS February 28, 2022 (Unaudited) (Continued) |
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Adasina Social Justice All Cap Global ETF
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 Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Fund bears the risk of loss associated with the investment of cash collateral received.
During the period ended February 28, 2022, the Fund loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in the Fund’s Schedule of Investments. Securities lending income is disclosed in the Fund’s Statement of Operations.
The Fund is not subject to a master netting agreement with respect to the Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.
NOTE 6 – PURCHASES AND SALES OF SECURITIES |
For the period ended February 28, 2022, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments and U.S. government securities were $33,029,473 and $31,767,538, respectively.
For the period ended February 28, 2022, there were no purchases or sales of long-term U.S. Government securities.
For the period ended February 28, 2022, in-kind transactions associated with creations and redemptions for the Fund were $40,776,709 and $17,189,466, respectively.
NOTE 7 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS |
The Fund is subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at the fiscal year-end; accordingly, tax basis balances have not been determined for the period ended February 28, 2022. Differences between the tax cost of investments and the cost noted in the Schedule of Investments will be determined at fiscal year-end. The tax character of distributions paid during the period ended February 28, 2022 (estimated) was as follows:
Distributions paid from: | | |
Ordinary income | | $517,000 |
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 Fund’s next taxable year.
NOTE 8 – SHARE TRANSACTIONS |
Shares of the Fund are listed and traded on the Exchange. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in large blocks of shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. 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 Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
NOTES TO FINANCIAL STATEMENTS February 28, 2022 (Unaudited) (Continued) |
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Adasina Social Justice All Cap Global ETF
The 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 Fund is $9,500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s 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 of up to a maximum of 3% and for Redemption Units of up to a maximum of 2%, respectively, of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.
NOTE 9 – RECENT MARKET EVENTS |
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 COVID-19 as a global pandemic and related public health crisis, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, rising inflation, trade tensions, and the threat of tariffs imposed by the U.S. and other countries. In particular, the global spread of COVID-19 has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Health crises and related political, social and economic disruptions caused by the spread of COVID-19 may also exacerbate other pre-existing political, social and economic risks in certain countries. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. 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, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.
NOTE 10 – SUBSEQUENT EVENTS |
In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be disclosed in the Fund’s financial statements.
NOTES TO FINANCIAL STATEMENTS February 28, 2022 (Unaudited) (Continued) |
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Adasina Social Justice All Cap Global ETF
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of the Fund’s shares, and (2) ongoing costs, including management fees of the Fund. The example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from September 1, 2021 to February 28, 2022.
Actual Expenses
The first line of the following table provides information about actual account values and actual expenses. To the extent the Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Fund invests, in addition to the expenses of the Fund. 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 table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund 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 the Fund’s shares. Therefore, the second line of the following table 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.
| | Beginning | | Ending | | Expenses Paid |
Actual | | $1,000.00 | | $ 946.20 | | $4.29 |
Hypothetical (5% annual return before expenses) | | $1,000.00 | | $1,020.38 | | $4.46 |
(1)Expenses are equal to the Fund’s annualized net expense ratio for the most recent six-month period of 0.89%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent six-month period).
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Adasina Social Justice All Cap Global ETF
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 Adasina Social Justice All Cap Global ETF (the “Fund”), has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for the Fund and to protect the Fund’s shareholders from dilution of their interests. The Trust’s Board of Trustees (the “Board”) has approved the designation of Toroso Investments, LLC, the Fund’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 23, 2021, the Board reviewed the Program Administrator’s written annual report for the period October 1, 2020 through September 30, 2021 (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 reasonably designed and operating effectively.
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Adasina Social Justice All Cap Global ETF
INFORMATION ABOUT PROXY VOTING (Unaudited) |
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (833) 743-0080 or by accessing the Fund’s website at www.adasinaetf.com. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-months ending June 30 is available upon request without charge by calling (833) 743-0080 or by accessing the SEC’s website at www.sec.gov.
INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited) |
The Fund’s portfolio holdings are posted on the Fund’s website daily at www.adasinaetf.com. The Fund files its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters on Part F of Form N-PORT. The Fund’s Part F of Form N-PORT is available without charge, upon request, by calling (833) 743-0080. 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 Fund trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily NAV is available, without charge, on the Fund’s website at www.adasinaetf.com.
INFORMATION ABOUT THE FUND’S TRUSTEES (Unaudited) |
The Statement of Additional Information (“SAI”) includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling (833) 743-0080. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Fund’s website at www.adasinaetf.com.
Investment Adviser
Toroso Investments, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Investment Sub-Adviser
Adasina Social Capital
870 Market Street, Suite 1275
San Francisco, California 94102
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, Suite 2900
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 |
Adasina Social Justice All Cap Global ETF | | JSTC | | 886364876 |
(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.
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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. |
(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(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.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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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 | 05/09/2022 |
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 | 05/09/2022 |
By (Signature and Title)* | /s/ Daniel Carlson |
| Daniel Carlson, Treasurer/Principal Financial Officer |
Date | 05/09/2022 |
* Print the name and title of each signing officer under his or her signature.
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