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)
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Name and address of agent for service)
(844) 986-7676
Registrant's telephone number, including area code
Date of fiscal year end: February 28
Date of reporting period: August 31, 2022
Item 1. Reports to Stockholders.
(a) |
SoFi Select 500 ETF
Ticker: SFY
SoFi Next 500 ETF
Ticker: SFYX
SoFi Social 50 ETF
Ticker: SFYF
SoFi Be Your Own Boss ETF
Ticker: BYOB
(Formerly: SoFi Gig Economy ETF)
SoFi Weekly Income ETF
Ticker: TGIF
SoFi Weekly Dividend ETF
Ticker: WKLY
SoFi Web 3 ETF
Ticker: TWEB
SoFi Smart Energy ETF
Ticker: ENRG
(Formerly: iClima Distributed Smart Energy ETF)
Semi-Annual Report
August 31, 2022
SoFi Funds
TABLE OF CONTENTS | ||
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Basis For Trustees’ Approval of Investment Advisory Agreement | | 88 |
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This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
1 |
Market Commentary
U.S. and global equity markets broadly weakened during the first 8 months of 2022 as inflation and central bank tightening began to take shape. The Federal Reserve’s warning of interest rate hikes in the face of widespread inflation finally came to fruition, with several months of rate hikes beginning in March. Additionally, global markets began to grind lower in early 2022 amid the constrained global supply chain and the Russian invasion of Ukraine, which occurred near the end of February 2022. While most global economies were modestly to fully reopened in 2021, the threat of lingering Covid-19 outbreaks continued to drag on certain countries, China’s zero-tolerance policy has continued to disrupt the global supply chain from getting back on track. The global trend toward digitalization and contactless transactions continues to grow throughout 2022. The implementation of the Work From Anywhere (“WFA”) phenomenon has grown steadily even in the face of companies beginning to request employees come back to the office at least part-time.
The information presented in this report relates to the Funds’ performance for the 6-month period ended August 31, 2022 (the “fiscal period”), as applicable.
The SoFi Select 500 ETF
The SoFi Select 500 ETF (“SFY”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index (the “SFY Index”).
Index Description:
In summary, the SFY Index is rebalanced and reconstituted annually. The process begins with the selection of the 500 largest constituents by market capitalization of the Solactive US Broad Market Index, which generally includes common stocks and equity interests in real estate investment trusts (“REITs”). The weight of these constituents is initially based on their free-float market capitalization and then adjusted upward or downward based on three growth-oriented factors:
1) trailing 12-month sales growth,
2) trailing 12-month earnings per share (“EPS”) growth, and
3) 12-month forward-looking EPS growth consensus estimates.
The SFY Index’s construction does not naturally target any specific sector or industry, however, due to market conditions and certain factors, a sector such as Information Technology, may be relatively overweight/underweight for periods of time.
Fund Description:
SFY, via the SFY Index, is composed of 500 of the largest publicly traded U.S. companies and seeks to track the performance of the SFY Index.
Performance Overview:
During the fiscal period, SFY generated a total return of -10.40% (NAV) and -10.27% (Market). This compares to the -10.37% total return of the SFY Index, and the -8.84% total return of the benchmark, the S&P 500® Total Return Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Utilities and Energy were the leading contributors, while Information Technology, Consumer Discretionary and Communication Services were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included, Exxon, Eli Lilly, and UnitedHealth. Conversely, the leading detractors included Amazon, NVIDIA, and Microsoft.
The SoFi Next 500 ETF
The SoFi Next 500 ETF (“SFYX”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index (the “SFYX Index”).
Index Description:
Similar to the SFY Index described above, in summary, the SFYX Index is rebalanced and reconstituted annually, and the process begins with the selection of the next 500 largest constituents by market capitalization of the Solactive US Broad Market Index, and generally includes common stocks and equity interests in REITs. Again, the weight of these constituents is initially based on their free-float market capitalization and then adjusted upward or downward based on the same three growth-oriented factors:
1) trailing 12-month sales growth,
2) trailing 12-month EPS growth, and
3) 12-month forward-looking EPS growth consensus estimates.
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SoFi Funds
The Index’s construction does not target any specific sector or industry but may be relatively overweight/underweight certain sectors for periods of time.
Fund Description:
SFYX, via the SFYX Index, is composed of 500 publicly traded U.S. companies in the second tier of 500 companies based on market capitalization and seeks to track the performance of the SFYX Index.
Performance Overview:
During the fiscal period, SFYX generated a total return of -11.74% (NAV) and -12.06% (Market). This compares to the -11.73% total return of the SFYX Index, and the -7.89% total return of the benchmark, the S&P MidCap 400® Total Return Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Energy and Utilities were the leading contributors, while Information Technology, Consumer Discretionary and Financials were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Shockwave Medica, New Fortress, and Nielsen Holdings. Conversely, the leading detractors included Upstart, Datadog, and Cleveland Cliffs.
The SoFi Social 50 ETF
The SoFi Social 50 ETF (“SFYF”) seeks to track the performance, before fees and expenses, of the SoFi Social 50 Index (the “SFYF Index”).
Index Description:
The SFYF Index is designed to reflect the 50 most widely held U.S.-listed equity securities in the self-directed brokerage accounts of SoFi Securities, LLC, an affiliate of Social Finance, Inc. (the “SoFi Accounts”), as weighted by aggregate holdings within the SoFi Accounts. Securities eligible for inclusion in the SFYF Index must: (a) be U.S.-listed equity securities held in SoFi Accounts, and (b) have an average daily trading volume of at least $10,000,000 during the preceding one-month and six-month periods (the “Eligible Universe”). The SFYF Index may include common stocks and equity interests in REITs. ETFs and other investment companies are not eligible for the SFYF Index.
Securities in the Eligible Universe are sorted based on:
1) The number of SoFi Accounts that hold a particular security; and
2) The total market value of the security held in the SoFi Accounts.
Each security in the Eligible Universe is then ranked from highest to lowest based on its “Weighted Average Value” (e.g., the security with the highest Weighted Average Value is assigned rank 1).
Subject to a “buffer rule” aimed at limiting SFYF Index turnover, securities ranked within the top 50 are included in the SFYF Index. Each security in the SFYF Index is then weighted based on its Weighted Average Value in relation to that of the other SFYF Index components and is subject to certain individual security weight and sector concentration caps. For example, the weight of each individual SFYF Index component is capped at 10%, and securities representing investments in any particular industry sector are capped at 50%. The SFYF Index is rebalanced and reconstituted monthly.
The SFYF Index’s construction does not target any specific sector or industry, however, due to market conditions and certain factors a sector may be relatively overweight/underweight for periods of time.
Fund Description:
SFYF, via the SFYF Index, is composed of the 50 most widely held U.S.-listed equity securities in the SoFi Accounts as weighted by their calculated Weighted Average Value (see above for detail) within the SoFi Accounts.
Performance Overview:
During the fiscal period, SFYF generated a total return of -19.96% (NAV) and -19.66% (Market). This compares to the -20.61% total return of the SFYF Index for the same period, and the -8.84% total return of the benchmark, the S&P 500® Total Return Index.
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SoFi Funds
From a sector perspective, based on performance attribution to the overall portfolio, Energy was the only contributor, while Consumer Discretionary and Information Technology were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Nu Holdings, Exxon and AT&T. Conversely, the leading detractors included Rivian, NVIDIA, and Coinbase.
The SoFi Be Your Own Boss ETF (“BYOB”) is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective primarily by investing in a portfolio of companies listed around the world that BYOB’s investment adviser considers part of the “gig economy”.
Fund Description:
The “gig economy” refers to the group of companies that have embraced, that support, or that otherwise benefit from a workforce where individual employees or independent contractors are empowered to create their own freelance business by leveraging recent developments in technology platforms that enable individuals to offer their services directly to retail and commercial customers. Examples of gig economy businesses include selling or reselling products through auction platforms or web-based stores and offering delivery services through an app-based platform.
The investment management team behind the strategy seeks investments in underlying companies that
•drive the overall gig economy universe,
•transform the way our economy transacts goods and services,
•modify how work gets done, and
•embraces the work from home economy.
These companies are broken up into categories, seeking direct participants, direct and indirect supportive gig economy businesses, companies that help facilitate processes within the gig economy, and any other ancillary benefiting companies because of the gig economy. These companies are put into a multi-tiered process based on their growth prospects within the gig economy and managed to allow for necessary concentration to generate alpha but not overconcentration which may cause significant volatility. The team actively rebalances the portfolio frequently, as such a new industry classification, BYOB can experience large individual position volatility and new issuances can occur frequently.
Performance Overview:
During the fiscal period, BYOB generated a total return of -30.39% (NAV) and -30.30% (Market). This compares to the -13.43% return of the Nasdaq-100® Total Return Index, and the -8.84% return of the benchmark, the S&P 500® Total Return Index, over the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Health Care and Real Estate detracted the least from the portfolio (no contributors), while Information Technology and Consumer Discretionary detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Pinduoduo, Twitter, and Meituan. Conversely, the leading detractors included Coinbase, Unity Software and Shopify.
The SoFi Weekly Income ETF
The SoFi Weekly Income ETF (“TGIF”) is an actively-managed ETF that seeks to achieve weekly income by investing in investment grade and high-yield fixed income securities. TGIF is managed by Income Research + Management (“IR + M”), TGIF’s sub-adviser, a value-oriented fixed income manager with over 30 years of experience. The Fund targets a duration of less than 3 years, with the goal to reduce interest rate risk relative to longer dated bonds. TGIF does not seek to replicate the performance of a specified index.
Fund Description:
TGIF seeks to achieve its investment objective, under normal circumstances, by investing in U.S.-dollar denominated investment grade and non-investment grade (also known as “high-yield” or “junk”) fixed income securities and instruments and expects to distribute income from its investments to shareholders weekly. TGIF anticipates making its weekly income distributions each Friday (or, in the event the New York Stock Exchange (the “NYSE”) is closed for trading on Friday, on a day earlier in the week). While obligations of any maturity may be purchased, under normal circumstances, TGIF will generally have a short to intermediate overall effective duration (i.e., typically less than three years). Effective duration is a measure of a fund’s price sensitivity to changes in yields or interest rates and
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SoFi Funds
a fund with a higher effective duration will, under normal circumstances, have a greater sensitivity to interest rates. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by TGIF and, therefore, the TGIF’s exposure to changes in interest rates.
Investment decisions for TGIF are made by IR +M primarily through a fundamental analysis of available debt instruments and their issuers.
IR+M applies a bottom-up investing approach focusing on the analysis of individual companies rather than on the industry or sector in which a company operates or on the economy as a whole.
IR+M’s bottom-up process focuses on the following attributes of investment opportunities:
•Credit: IR+M evaluates the strength of a company’s management, its financial statements, and its competitive position in its industry or peer group.
•Structure: IR+M focuses on the shape of the curve reflecting the relationship of a bond’s price to interest rates (also known as “convexity”) with a particular interest in the extent to which an instrument may be callable (i.e., the issuer can redeem the bond prior to its maturity date) or have other such options attached to it that may affect the bond’s convexity. This analysis favors bonds with positive convexity (i.e., where the price would be expected to increase as interest rates rise) and those with structures that may add to the bond’s effective yield without increasing credit risk.
•Price: IR+M seeks bonds that it believes are under- or mis-priced and will seek to avoid bonds it determines are overpriced.
Performance Overview:
During the period, TGIF generated a total return of -4.40% (NAV) and -4.40% (Market). This compares to the -2.09% return of the benchmark, the Bloomberg Barclays 1-3 Year Credit Index.
From a sector perspective, based on performance attribution to the overall portfolio, Utilities was the only contributor, while Financials and Consumer Discretionary detracted the most.
Reviewing individual holdings based on performance attribution to the overall portfolio, leading contributors included OXY 0 10/10/36 (Occidental Petroleum), APA 4 ⅝ 11/15/25 (Apache), and CLI 3.15 05/15/23 (Mack-Cali Realty). Conversely, the leading detractors included FNS 417 C23 (Fannie Mae Strip), FNS 424 C14 (Fannie Mae Strip), and QVCN 4 ¾ 02/15/27 (QVC Inc.).
The SoFi Weekly Dividend ETF
The SoFi Weekly Dividend ETF (“WKLY”) is a passively-managed ETF that seeks to provide investors with consistent income by tracking the SoFi Sustainable Dividend Index (the “WKLY Index”), made up of global, consistent dividend-paying companies. Securities selected for the WKLY Index have maintained their dividend payments over the last 12 months, been forecasted to continue to pay over the next 12 months and have met a number of additional screens designed to remove companies at risk of reducing their dividend payouts. Holdings are weighted by market capitalization and rebalanced quarterly.
Fund Description:
WKLY aims to pay dividends on a weekly basis, typically each Thursday. The Fund holds a portfolio of large- and mid-cap dividend-paying companies from developed markets. Aside from liquidity and market-cap requirements, the WKLY Index filters securities based on stable dividend payout, forecasted dividends, dividend history, payout ratio, debt/equity ratio, and price return. Eligible stocks are then selected for high dividend yield, relative to the weighted average yield of the parent index. The resulting portfolio is market-cap-weighted, with individual and sector weights capped at 5% and 30%, respectively. The WKLY Index is rebalanced and reconstituted quarterly, starting in February.
•Get Paid Weekly-WKLY seeks to distribute income on a weekly basis, providing the opportunity for a steady stream of income.
•Global Dividend-Paying Equities-Access the global market of dividend-paying companies.
•A Focus on Dividend Sustainability-Securities selected for the WKLY Index have maintained dividend payments over the last 12 months, been forecasted to continue to pay over the next 12 months and have met additional screens designed to remove companies at risk of reducing dividend payouts.
•WKLY Does the Work–Instead of manually buying a basket of dividend-paying stocks, you can purchase one ETF to do the work for you.
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SoFi Funds
Performance Overview:
During the fiscal period, WKLY generated a total return of -10.06% (NAV) and -9.91% (Market). This compares to the –2.09% return of the benchmark, the Bloomberg 1-3 Year Credit Index, and the -9.60% return of the WKLY Index over the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Energy and Utilities were the largest contributors, while Financials and Materials detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Chevron, ConocoPhillips, and Automatic Data. Conversely, the leading detractors included JP Morgan, Bank of America, and Intel Corp.
The SoFi Smart Energy ETF
The SoFi Smart Energy ETF (“ENRG”) is a passively-managed ETF that seeks to track the performance, before fees and expenses, of the iClima Distributed Renewable Energy Index (the “ENRG Index”). ENRG will invest all, or substantially all, of its assets in the component securities that make up the ENRG Index. The ENRG Index is comprised of equity securities of publicly traded, large-, mid-, and small-cap U.S. and non-U.S. companies in developed and emerging markets that are Distributed Energy Companies as defined in the ENRG Prospectus.
Fund Description:
ENRG provides exposure to global companies that support distributed energy resources (DER). ENRG focuses on renewable energy sources, a subset of all possible DER solutions. Firms are screened to determine the percentage of revenue each company receives from DER compared to its total revenue by analyzing financial and sustainability reports, along with other publicly available information. Companies with at least 20% DER revenue or have at least a 10% increase in DER revenue over the prior year are considered, as well as those that disclose DER as a key revenue source. Companies are then screened for relevant sustainability and ESG standards. The ENRG Index is reconstituted and rebalanced semi-annually, assigning each security an equal weight. Prior to February 14, 2022, ENRG was named the iClima Distributed Renewable Energy Transition Leaders ETF. Before August 9, 2022, ENRG traded under the name iClima Distributed Smart Energy ETF and the ticker SHFT.
Performance Overview:
During the fiscal period, ENRG generated a total return of –5.22% (NAV) and -4.65% (Market). This compares to the -11.21% return of the benchmark, the Dow Jones Global Index TR, and the -4.96% return of the ENRG Index, over the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Utilities was the only contributor to the portfolio, while Information Technology and Consumer Discretionary detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Enphase Energy, Stem Inc., and Canadian Solar. Conversely, the leading detractors included Cleanspark, Veritone, and Nuvve Holding.
The SoFi Web 3 ETF
The SoFi Web 3 ETF (“TWEB”) is a passively-managed ETF that seeks to track the performance, before fees and expenses, of the Solactive Web 3.0 Index (the “TWEB Index”). The TWEB Index’s initial investable universe consists of equity securities listed on securities exchanges in the U.S., developed markets, and South Korea. The TWEB Index includes equity securities of companies (each, a “Web 3.0 Company”) with products or services in one of the following four thematic categories Big Data & Artificial Intelligence; Blockchain Technology; Metaverse; and NFT & Tokenization.
Fund Description:
TWEB is passively-managed to provide exposure to Web 3.0, or the third generation of the internet, by investing in four thematic categories: big data & artificial intelligence, blockchain, metaverse, and NFT & tokenization. All four underlying technologies are believed to drive a decentralized approach to the internet. TWEB principally invests in the U.S., developed markets, and South Korea, while excluding equities traded in China. To be eligible for inclusion, a company must derive significant revenue from the four thematic categories. Companies within each category are ranked using a natural language processing algorithm. The TWEB Index selects the 10 highest ranking in each category to build a narrow portfolio of 40 securities. The four categories are weighted equally, with securities within each category weighted based on thematic relevance. The TWEB Index reconstitutes and rebalances semi-annually.
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SoFi Funds
Performance Overview:
During the period since inception (8/8/22) ending 8/31/22, TWEB generated a total return of –14.54% (NAV) and -14.59% (Market). This compares to the -4.33% return of the benchmark, the S&P 500® Total Return Index, while the total return of the TWEB Index was -10.82% for the period.
From a sector perspective, based on performance attribution to the overall portfolio, Health Care and Real Estate detracted the least (no contributors), while Information Technology and Consumer Discretionary detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included 1Stdibs.com Inc., Funko Inc., and Vinco Ventures. Conversely, the leading detractors included Gamestop, AMC, and Vuzix.
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SoFi Funds
Past performance does not guarantee future results.
Must be preceded or accompanied by a prospectus.
Investors buy and sell ETF shares through a brokerage account or an investment advisor. Like ordinary stocks, brokerage commissions, and/or transaction costs or service fees may apply. Please consult your broker or financial advisor for their fee schedule.
There is no guarantee that a Fund’s investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market, and a fund’s holdings and returns may deviate from those of its index, if applicable. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase a Fund’s expenses. The Funds are newer and each has a limited operating history. You can lose money on your investment in a Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Because GIGE may invest in a single sector, country or industry, its shares do not represent a complete investment program. As non-diversified funds, the value of TGIF’s, WKLY’s and ENRG’s shares may fluctuate more than shares invested in a broader range of industries and companies because of concentration in a specific sector, country or industry.
The S&P 500® Total Return Index is an index of 500 large-capitalization companies selected by Standard & Poor’s Financial Services LLC. The S&P MidCap 400® Total Return Index is an index of 400 mid-capitalization companies selected by Standard & Poor’s Financial Services LLC. The Nasdaq-100® Total Return Index is an index of 100 of the largest non-financial securities, based on market capitalization, listed on The Nasdaq Stock Market, LLC. The Bloomberg Barclays 1-3 Year Credit Index is an index of investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related debt with 1 to 3 years to maturity. The Dow Jones Global Index aims to provide 95% market capitalization coverage of stocks globally, including developed and emerging regions. It is not possible to invest directly in an index. Holdings are subject to change.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of portfolio holdings, please refer to the Schedule of Investments provided in this report.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, Toroso Investments, LLC, IR+M, the distributor, or any of their affiliates. SoFi and/or its affiliates, including SoFi Securities, LLC, do not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds. SoFi has provided support in developing the methodology used by the SoFi Select 500 ETF, SoFi Next 500 ETF and SoFi Social 50 ETF’s underlying index to determine the securities included in such Index. However, SoFi is not involved in the maintenance of each such Index and does not act in the capacity of an index provider.
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SOFI SELECT 500 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Technology | | 22.1 | % | |
Consumer, Non-cyclical | | 19.3 | | |
Communications | | 14.0 | | |
Consumer, Cyclical | | 13.1 | | |
Financial | | 12.1 | | |
Energy | | 8.7 | | |
Industrial | | 6.0 | | |
Utilities | | 2.6 | | |
Basic Materials | | 1.9 | | |
Cash & Cash Equivalents(1) | | 0.2 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
SOFI NEXT 500 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Consumer, Non-cyclical | | 20.6 | % | |
Financial | | 18.9 | | |
Consumer, Cyclical | | 14.0 | | |
Industrial | | 12.9 | | |
Energy | | 11.2 | | |
Technology | | 10.2 | | |
Basic Materials | | 5.3 | | |
Utilities | | 3.4 | | |
Communications | | 3.3 | | |
Cash & Cash Equivalents(1) | | 0.2 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
SOFI SOCIAL 50 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Consumer, Cyclical | | 36.2 | % | |
Communications | | 23.9 | | |
Technology | | 22.3 | | |
Consumer, Non-cyclical | | 8.7 | | |
Financial | | 6.0 | | |
Industrial | | 1.5 | | |
Energy | | 1.3 | | |
Cash & Cash Equivalents(1) | | 0.1 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
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SoFi Funds
SOFI BE YOUR OWN BOSS ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Communications | | 40.5 | % | |
Technology | | 30.0 | | |
Consumer, Non-cyclical | | 15.2 | | |
Financial | | 6.9 | | |
Consumer, Cyclical | | 4.6 | | |
Industrial | | 2.4 | | |
Cash & Cash Equivalents(1) | | 0.4 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
SOFI WEEKLY INCOME ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Financial | | 25.6 | % | |
Communications | | 14.2 | | |
Consumer, Cyclical | | 12.8 | | |
Energy | | 11.9 | | |
Industrial | | 9.9 | | |
Consumer, Non-cyclical | | 8.1 | | |
Asset Backed Securities | | 3.7 | | |
Basic Materials | | 2.8 | | |
Government | | 2.7 | | |
Cash & Cash Equivalents(1) | | 2.5 | | |
Utilities | | 2.5 | | |
Technology | | 2.3 | | |
Mortgage Backed Securities | | 1.0 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
SOFI WEEKLY DIVIDEND ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Consumer, Non-cyclical | | 26.7 | % | |
Financial | | 24.4 | | |
Energy | | 11.4 | | |
Industrial | | 8.8 | | |
Consumer, Cyclical | | 6.3 | | |
Basic Materials | | 6.0 | | |
Utilities | | 5.4 | | |
Communications | | 5.3 | | |
Technology | | 5.0 | | |
Cash & Cash Equivalents(1) | | 0.5 | | |
Diversified | | 0.2 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
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SoFi Funds
SOFI WEB 3 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Technology | | 33.2 | % | |
Communications | | 24.5 | | |
Consumer, Cyclical | | 16.8 | | |
Financial | | 12.1 | | |
Consumer, Non-cyclical | | 10.8 | | |
Industrial | | 2.5 | | |
Cash & Cash Equivalents(1) | | 0.1 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
SOFI SMART ENERGY ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)
Sector | % of Net Assets | |||
Industrial | | 44.3 | % | |
Energy | | 30.9 | | |
Consumer, Cyclical | | 11.5 | | |
Technology | | 6.6 | | |
Consumer, Non-cyclical | | 4.4 | | |
Utilities | | 2.0 | | |
Cash & Cash Equivalents(1) | | 0.3 | | |
| | 100.0 | % | |
(1)Represents cash, short-term investments and other assets in excess of liabilities.
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The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.8% | | | | | |
Advertising – 0.1% | | | | | |
Omnicom Group, Inc. (1) | | 1,568 | | $104,899 | |
The Trade Desk, Inc. - Class A (1)(2) | | 4,223 | | 264,782 | |
| | | | 369,681 | |
Aerospace & Defense – 1.4% | | | | | |
General Dynamics Corp. | | 1,870 | | 428,099 | |
L3Harris Technologies, Inc. | | 1,462 | | 333,614 | |
Lockheed Martin Corp. | | 1,821 | | 765,020 | |
Northrop Grumman Corp. | | 1,005 | | 480,380 | |
Raytheon Technologies Corp. | | 17,251 | | 1,548,277 | |
Teledyne Technologies, Inc. (2) | | 645 | | 237,592 | |
The Boeing Co. (2) | | 7,003 | | 1,122,231 | |
TransDigm Group, Inc. | | 448 | | 268,975 | |
| | | | 5,184,188 | |
Agriculture – 0.6% | | | | | |
Altria Group, Inc. | | 18,115 | | 817,349 | |
Archer-Daniels-Midland Co. | | 5,632 | | 494,996 | |
Philip Morris International, Inc. | | 11,255 | | 1,074,740 | |
| | | | 2,387,085 | |
Airlines – 0.3% | | | | | |
Delta Air Lines, Inc. (2) | | 19,611 | | 609,314 | |
Southwest Airlines Co. (2) | | 8,751 | | 321,161 | |
United Airlines Holdings, Inc. (2) | | 4,280 | | 149,843 | |
| | | | 1,080,318 | |
Apparel – 0.4% | | | | | |
Nike, Inc. - Class B | | 11,989 | | 1,276,229 | |
VF Corp. | | 7,436 | | 308,222 | |
| | | | 1,584,451 | |
Auto Manufacturers – 6.5% | | | | | |
Cummins, Inc. | | 1,134 | | 244,229 | |
Ford Motor Co. | | 90,407 | | 1,377,803 | |
General Motors Co. | | 10,244 | | 391,423 | |
PACCAR, Inc. | | 3,066 | | 268,306 | |
Stellantis NV (1) | | 100,417 | | 1,345,588 | |
Tesla, Inc. (2) | | 76,471 | | 21,076,172 | |
| | | | 24,703,521 | |
Banks – 3.2% | | | | | |
Bank of America Corp. | | 56,102 | | 1,885,588 | |
Citigroup, Inc. | | 12,473 | | 608,807 | |
Citizens Financial Group, Inc. | | 3,626 | | 133,002 | |
Fifth Third Bancorp | | 4,996 | | 170,613 | |
First Republic Bank | | 1,455 | | 220,913 | |
Huntington Bancshares, Inc. (1) | | 13,326 | | 178,568 | |
JPMorgan Chase & Co. | | 19,923 | | 2,265,843 |
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Banks – 3.2% (Continued) | | | | | |
KeyCorp | | 6,740 | | $119,231 | |
M&T Bank Corp. (1) | | 1,224 | | 222,499 | |
Morgan Stanley | | 13,956 | | 1,189,330 | |
Northern Trust Corp. | | 1,481 | | 140,828 | |
Regions Financial Corp. | | 6,694 | | 145,059 | |
State Street Corp. | | 2,550 | | 174,292 | |
SVB Financial Group (1)(2) | | 630 | | 256,108 | |
The Bank of New York Mellon Corp. | | 5,298 | | 220,026 | |
The Goldman Sachs Group, Inc. | | 2,853 | | 949,108 | |
The PNC Financial Services Group, Inc. | | 3,190 | | 504,020 | |
Truist Financial Corp. | | 9,000 | | 421,560 | |
U.S. Bancorp | | 10,233 | | 466,727 | |
Wells Fargo & Co. | | 43,192 | | 1,887,922 | |
| | | | 12,160,044 | |
Beverages – 1.5% | | | | | |
Brown-Forman Corp. - Class B | | 2,276 | | 165,465 | |
Constellation Brands, Inc. - Class A | | 3,435 | | 845,182 | |
Keurig Dr Pepper, Inc. | | 10,797 | | 411,582 | |
Monster Beverage Corp. (2) | | 4,038 | | 358,696 | |
PepsiCo, Inc. | | 10,453 | | 1,800,738 | |
The Coca-Cola Co. | | 34,006 | | 2,098,510 | |
| | | | 5,680,173 | |
Biotechnology – 2.3% | | | | | |
Alnylam Pharmaceuticals, Inc. (2) | | 1,871 | | 386,680 | |
Amgen, Inc. | | 4,208 | | 1,011,182 | |
Biogen, Inc. (2) | | 947 | | 185,025 | |
BioMarin Pharmaceutical, Inc. (2) | | 2,317 | | 206,676 | |
Bio-Rad Laboratories, Inc. - Class A (2) | | 172 | | 83,427 | |
Corteva, Inc. | | 6,019 | | 369,747 | |
Gilead Sciences, Inc. | | 31,785 | | 2,017,394 | |
Horizon Therapeutics PLC (2) | | 4,009 | | 237,373 | |
Illumina, Inc. (2) | | 1,591 | | 320,809 | |
Incyte Corp. (2) | | 2,119 | | 149,241 | |
Moderna, Inc. (2) | | 15,133 | | 2,001,642 | |
Regeneron Pharmaceuticals, Inc. (2) | | 1,805 | | 1,048,813 | |
Seagen, Inc. (2) | | 1,158 | | 178,668 | |
Vertex Pharmaceuticals, Inc. (2) | | 2,285 | | 643,822 | |
| | | | 8,840,499 | |
Building Materials – 0.3% | | | | | |
Carrier Global Corp. | | 7,189 | | 281,234 | |
Johnson Controls International PLC | | 6,799 | | 368,098 | |
Martin Marietta Materials, Inc. | | 469 | | 163,076 | |
Masco Corp. | | 2,035 | | 103,520 | |
Vulcan Materials Co. | | 989 | | 164,659 | |
| | | | 1,080,587 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
SoFi Select 500 ETF
12 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Chemicals – 1.3% | | | | | |
Air Products and Chemicals, Inc. | | 1,789 | | $451,633 | |
Albemarle Corp. | | 2,053 | | 550,122 | |
Celanese Corp. | | 1,015 | | 112,523 | |
CF Industries Holdings, Inc. | | 3,954 | | 409,081 | |
Dow, Inc. | | 9,841 | | 501,891 | |
DuPont de Nemours, Inc. | | 3,610 | | 200,860 | |
Eastman Chemical Co. (1) | | 1,217 | | 110,747 | |
Ecolab, Inc. | | 2,231 | | 365,505 | |
FMC Corp. | | 1,041 | | 112,511 | |
International Flavors & Fragrances, Inc. | | 7,098 | | 784,187 | |
LyondellBasell Industries NV | | 5,108 | | 423,964 | |
PPG Industries, Inc. | | 1,885 | | 239,357 | |
The Mosaic Co. | | 5,963 | | 321,227 | |
The Sherwin-Williams Co. | | 1,717 | | 398,516 | |
| | | | 4,982,124 | |
Commercial Services – 1.7% | | | | | |
Automatic Data Processing, Inc. | | 3,014 | | 736,652 | |
Block, Inc. - Class A (2) | | 13,031 | | 897,966 | |
Booz Allen Hamilton Holding Corp. | | 889 | | 85,077 | |
Cintas Corp. | | 752 | | 305,944 | |
CoStar Group, Inc. (2) | | 2,937 | | 204,533 | |
Equifax, Inc. | | 1,030 | | 194,412 | |
FleetCor Technologies, Inc. (2) | | 628 | | 133,469 | |
Gartner, Inc. (2) | | 747 | | 213,134 | |
Global Payments, Inc. | | 3,403 | | 422,755 | |
MarketAxess Holdings, Inc. | | 230 | | 57,176 | |
Moody’s Corp. | | 1,446 | | 411,416 | |
PayPal Holdings, Inc. (2) | | 9,644 | | 901,135 | |
Rollins, Inc. | | 3,664 | | 123,697 | |
S&P Global, Inc. (1) | | 2,997 | | 1,055,483 | |
TransUnion | | 1,801 | | 133,040 | |
United Rentals, Inc. (2) | | 636 | | 185,737 | |
Verisk Analytics, Inc. | | 1,292 | | 241,811 | |
| | | | 6,303,437 | |
Computers – 7.3% | | | | | |
Accenture PLC - Class A | | 5,193 | | 1,497,973 | |
Apple, Inc. | | 142,708 | | 22,436,552 | |
Cognizant Technology Solutions Corp. | | 4,052 | | 255,965 | |
Crowdstrike Holdings, Inc. - Class A (2) | | 3,822 | | 697,935 | |
Dell Technologies, Inc. - Class C | | 2,033 | | 77,843 | |
EPAM Systems, Inc. (2) | | 529 | | 225,618 | |
Fortinet, Inc. (2) | | 8,797 | | 428,326 | |
Hewlett Packard Enterprise Co. | | 20,464 | | 278,310 | |
HP, Inc. | | 7,773 | | 223,163 | |
International Business Machines Corp. | | 6,433 | | 826,319 | |
Leidos Holdings, Inc. | | 1,017 | | 96,666 |
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Computers – 7.3% (Continued) | | | | | |
NetApp, Inc. | | 1,761 | | $127,021 | |
Seagate Technology Holdings PLC | | 1,776 | | 118,921 | |
Western Digital Corp. (2) | | 4,915 | | 207,708 | |
Zscaler, Inc. (2) | | 2,070 | | 329,627 | |
| | | | 27,827,947 | |
Cosmetics & Personal Care – 0.9% | | | | | |
Colgate-Palmolive Co. | | 6,187 | | 483,885 | |
The Estee Lauder Companies, Inc. | | 2,522 | | 641,547 | |
The Procter & Gamble Co. | | 17,115 | | 2,360,843 | |
| | | | 3,486,275 | |
Distribution & Wholesale – 0.2% | | | | | |
Copart, Inc. (2) | | 2,310 | | 276,391 | |
Fastenal Co. | | 4,018 | | 202,226 | |
LKQ Corp. | | 2,071 | | 110,219 | |
W.W. Grainger, Inc. | | 389 | | 215,872 | |
| | | | 804,708 | |
Diversified Financial Services – 3.6% | | | | | |
American Express Co. | | 6,565 | | 997,880 | |
Ameriprise Financial, Inc. | | 915 | | 245,229 | |
Apollo Global Management, Inc. (1) | | 22,655 | | 1,259,165 | |
BlackRock, Inc. | | 1,239 | | 825,657 | |
Capital One Financial Corp. | | 3,519 | | 372,381 | |
Cboe Global Markets, Inc. (1) | | 743 | | 87,652 | |
CME Group, Inc. - Class A | | 2,488 | | 486,678 | |
Coinbase Global, Inc. - Class A (1)(2) | | 7,366 | | 492,049 | |
Discover Financial Services | | 2,309 | | 232,031 | |
Franklin Resources, Inc. (1) | | 5,854 | | 152,614 | |
Intercontinental Exchange, Inc. | | 5,680 | | 572,828 | |
Mastercard, Inc. - Class A | | 8,031 | | 2,605,015 | |
Nasdaq, Inc. | | 3,705 | | 220,559 | |
Raymond James Financial, Inc. | | 2,006 | | 209,366 | |
Synchrony Financial | | 3,415 | | 111,841 | |
T. Rowe Price Group, Inc. (1) | | 1,921 | | 230,520 | |
The Charles Schwab Corp. | | 25,039 | | 1,776,517 | |
Visa, Inc. - Class A (1) | | 13,509 | | 2,684,373 | |
| | | | 13,562,355 | |
Electric – 2.5% | | | | | |
Alliant Energy Corp. | | 1,888 | | 115,244 | |
Ameren Corp. | | 1,948 | | 180,424 | |
American Electric Power Co., Inc. | | 3,724 | | 373,145 | |
Avangrid, Inc. (1) | | 3,783 | | 186,880 | |
CenterPoint Energy, Inc. | | 6,078 | | 191,639 | |
CMS Energy Corp. | | 2,208 | | 149,128 | |
Consolidated Edison, Inc. | | 2,820 | | 275,627 | |
Constellation Energy Corp. | | 6,205 | | 506,266 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Select 500 ETF
13 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Electric – 2.5% (Continued) | | | | | |
Dominion Energy, Inc. | | 6,144 | | $502,579 | |
DTE Energy Co. | | 1,692 | | 220,535 | |
Duke Energy Corp. | | 6,418 | | 686,148 | |
Edison International | | 3,369 | | 228,317 | |
Entergy Corp. | | 1,603 | | 184,826 | |
Evergy, Inc. | | 1,797 | | 123,149 | |
Eversource Energy | | 2,635 | | 236,333 | |
Exelon Corp. | | 8,030 | | 352,597 | |
FirstEnergy Corp. | | 4,416 | | 174,653 | |
NextEra Energy, Inc. (1) | | 19,757 | | 1,680,531 | |
PG&E Corp. (2) | | 45,507 | | 561,101 | |
PPL Corp. | | 15,028 | | 437,014 | |
Public Service Enterprise Group, Inc. | | 6,123 | | 394,076 | |
Sempra Energy | | 2,839 | | 468,350 | |
The AES Corp. | | 10,549 | | 268,472 | |
The Southern Co. | | 8,673 | | 668,428 | |
WEC Energy Group, Inc. | | 2,429 | | 250,527 | |
Xcel Energy, Inc. | | 4,215 | | 312,964 | |
| | | | 9,728,953 | |
Electrical Components & Equipment – 0.2% | | | | | |
AMETEK, Inc. | | 1,918 | | 230,467 | |
Emerson Electric Co. | | 4,630 | | 378,456 | |
| | | | 608,923 | |
Electronics – 0.6% | | | | | |
Agilent Technologies, Inc. | | 2,445 | | 313,571 | |
Amphenol Corp. | | 4,961 | | 364,782 | |
Fortive Corp. | | 2,737 | | 173,334 | |
Garmin Ltd. | | 1,472 | | 130,257 | |
Honeywell International, Inc. | | 4,548 | | 861,164 | |
Keysight Technologies, Inc. (2) | | 1,514 | | 248,130 | |
Mettler-Toledo International, Inc. (2) | | 177 | | 214,606 | |
| | | | 2,305,844 | |
Energy – Alternate Sources – 0.1% | | | | | |
Enphase Energy, Inc. (2) | | 1,921 | | 550,251 | |
Engineering & Construction – 0.0% (4) | | | | | |
Jacobs Solutions, Inc. | | 1,379 | | 171,796 | |
Entertainment – 0.2% | | | | | |
Live Nation Entertainment, Inc. (1)(2) | | 6,350 | | 573,786 | |
Environmental Control – 0.2% | | | | | |
Republic Services, Inc. | | 2,355 | | 336,106 | |
Waste Management, Inc. | | 3,285 | | 555,263 | |
| | | | 891,369 |
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| Value | |
Food – 1.0% | | | | | |
Campbell Soup Co. | | 1,793 | | $90,331 | |
Conagra Brands, Inc. | | 3,120 | | 107,266 | |
General Mills, Inc. | | 4,075 | | 312,960 | |
Hormel Foods Corp. (1) | | 4,633 | | 232,947 | |
Kellogg Co. (1) | | 2,309 | | 167,957 | |
McCormick & Co., Inc. | | 1,912 | | 160,742 | |
Mondelez International, Inc. | | 9,577 | | 592,433 | |
Sysco Corp. (1) | | 8,260 | | 679,137 | |
The Hershey Co. | | 1,054 | | 236,802 | |
The J.M. Smucker Co. | | 752 | | 105,273 | |
The Kraft Heinz Co. | | 14,391 | | 538,223 | |
The Kroger Co. (1) | | 5,420 | | 259,835 | |
Tyson Foods, Inc. - Class A | | 2,380 | | 179,404 | |
| | | | 3,663,310 | |
Forest Products & Paper – 0.0% (4) | | | | | |
International Paper Co. | | 2,829 | | 117,743 | |
Gas – 0.0% (4) | | | | | |
Atmos Energy Corp. (1) | | 1,154 | | 130,841 | |
Hand & Machine Tools – 0.1% | | | | | |
Snap-on, Inc. | | 386 | | 84,094 | |
Stanley Black & Decker, Inc. (1) | | 1,195 | | 105,280 | |
| | | | 189,374 | |
Healthcare – Products – 3.6% | | | | | |
Abbott Laboratories | | 16,245 | | 1,667,549 | |
ABIOMED, Inc. (2) | | 409 | | 106,045 | |
Align Technology, Inc. (2) | | 1,208 | | 294,390 | |
Baxter International, Inc. | | 4,335 | | 249,089 | |
Boston Scientific Corp. (2) | | 41,057 | | 1,655,008 | |
Danaher Corp. | | 7,436 | | 2,007,051 | |
Edwards Lifesciences Corp. (2) | | 6,082 | | 547,988 | |
Exact Sciences Corp. (2) | | 1,398 | | 49,699 | |
Hologic, Inc. (2) | | 1,899 | | 128,296 | |
IDEXX Laboratories, Inc. (2) | | 816 | | 283,658 | |
Insulet Corp. (1)(2) | | 1,530 | | 390,869 | |
Intuitive Surgical, Inc. (2) | | 4,024 | | 827,898 | |
Medtronic PLC | | 12,175 | | 1,070,426 | |
PerkinElmer, Inc. | | 1,156 | | 156,129 | |
QIAGEN NV (2) | | 1,775 | | 80,638 | |
ResMed, Inc. | | 1,388 | | 305,249 | |
STERIS PLC | | 1,478 | | 297,640 | |
Stryker Corp. | | 3,896 | | 799,459 | |
Teleflex, Inc. | | 422 | | 95,482 | |
The Cooper Companies, Inc. | | 389 | | 111,814 | |
Thermo Fisher Scientific, Inc. | | 3,310 | | 1,805,009 | |
Waters Corp. (2) | | 425 | | 126,905 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Select 500 ETF
14 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Healthcare – Products – 3.6% (Continued) | | | | | |
West Pharmaceutical Services, Inc. | | 808 | | $239,726 | |
Zimmer Biomet Holdings, Inc. | | 3,586 | | 381,264 | |
| | | | 13,677,281 | |
Healthcare – Services – 2.0% | | | | | |
Catalent, Inc. (2) | | 1,585 | | 139,480 | |
Centene Corp. (2) | | 5,758 | | 516,723 | |
DaVita, Inc. (2) | | 687 | | 58,594 | |
Elevance Health, Inc. | | 1,897 | | 920,254 | |
HCA Healthcare, Inc. | | 2,792 | | 552,453 | |
Humana, Inc. | | 916 | | 441,310 | |
IQVIA Holdings, Inc. (2) | | 2,564 | | 545,260 | |
Laboratory Corp of America Holdings | | 729 | | 164,222 | |
Molina Healthcare, Inc. (2) | | 704 | | 237,508 | |
Quest Diagnostics, Inc. | | 793 | | 99,371 | |
UnitedHealth Group, Inc. | | 7,457 | | 3,872,644 | |
Universal Health Services, Inc. - Class B | | 559 | | 54,693 | |
| | | | 7,602,512 | |
Home Builders – 0.2% | | | | | |
D.R. Horton, Inc. | | 3,287 | | 233,870 | |
Lennar Corp. - Class A (1) | | 2,053 | | 159,005 | |
NVR, Inc. (2) | | 25 | | 103,502 | |
PulteGroup, Inc. (1) | | 2,034 | | 82,702 | |
| | | | 579,079 | |
Home Furnishings – 0.0% (4) | | | | | |
Whirlpool Corp. (1) | | 372 | | 58,255 | |
Household Products & Wares – 0.1% | | | | | |
Church & Dwight Co., Inc. | | 1,754 | | 146,827 | |
Kimberly-Clark Corp. (1) | | 2,026 | | 258,355 | |
The Clorox Co. | | 884 | | 127,597 | |
| | | | 532,779 | |
Insurance – 2.4% | | | | | |
Aflac, Inc. (1) | | 4,528 | | 269,054 | |
American International Group, Inc. | | 6,999 | | 362,198 | |
Aon PLC | | 2,072 | | 578,627 | |
Arch Capital Group Ltd. (2) | | 2,734 | | 124,998 | |
Arthur J Gallagher & Co. | | 1,970 | | 357,693 | |
Berkshire Hathaway, Inc. - Class B (2) | | 9,599 | | 2,695,399 | |
Brown & Brown, Inc. | | 2,514 | | 158,483 | |
Chubb Ltd. | | 3,237 | | 611,955 | |
Cincinnati Financial Corp. | | 1,453 | | 140,883 | |
CNA Financial Corp. | | 2,131 | | 81,958 | |
Everest Re Group Ltd. | | 407 | | 109,503 | |
Globe Life, Inc. | | 705 | | 68,519 | |
Markel Corp. (2) | | 140 | | 167,175 |
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Insurance – 2.4% (Continued) | | | | | |
Marsh & McLennan Companies, Inc. | | 4,160 | | $671,299 | |
MetLife, Inc. | | 5,810 | | 373,757 | |
Principal Financial Group, Inc. | | 1,680 | | 125,597 | |
Prudential Financial, Inc. | | 10,174 | | 974,161 | |
The Allstate Corp. | | 1,981 | | 238,711 | |
The Hartford Financial Services Group, Inc. | 2,393 | | 153,894 | | |
The Progressive Corp. | | 3,822 | | 468,768 | |
The Travelers Companies, Inc. | | 1,710 | | 276,404 | |
W.R. Berkley Corp. | | 2,377 | | 154,030 | |
Willis Towers Watson PLC | | 795 | | 164,430 | |
| | | | 9,327,496 | |
Internet – 10.5% | | | | | |
Airbnb, Inc. - Class A (2) | | 9,455 | | 1,069,550 | |
Alphabet, Inc. - Class A (2) | | 65,244 | | 7,060,706 | |
Alphabet, Inc. - Class C (2) | | 68,320 | | 7,457,128 | |
Amazon.com, Inc. (2) | | 97,858 | | 12,405,459 | |
Booking Holdings, Inc. (2) | | 1,527 | | 2,864,362 | |
CDW Corp. | | 1,031 | | 175,992 | |
DoorDash, Inc. - Class A (2) | | 5,092 | | 305,011 | |
eBay, Inc. | | 12,381 | | 546,374 | |
Etsy, Inc. (1)(2) | | 1,145 | | 120,923 | |
Expedia Group, Inc. - Class A (2) | | 5,716 | | 586,747 | |
F5, Inc. (2) | | 603 | | 94,707 | |
GoDaddy, Inc. - Class A (2) | | 1,660 | | 125,861 | |
Lyft, Inc. - Class A (2) | | 5,737 | | 84,506 | |
Match Group, Inc. (2) | | 3,223 | | 182,196 | |
Meta Platforms, Inc. - Class A (2) | | 18,672 | | 3,042,229 | |
Netflix, Inc. (2) | | 3,981 | | 889,992 | |
NortonLifeLock, Inc. | | 4,689 | | 105,924 | |
Okta, Inc. - Class A (2) | | 2,068 | | 189,015 | |
Palo Alto Networks, Inc. (2) | | 1,620 | | 902,032 | |
Pinterest, Inc. - Class A (2) | | 7,054 | | 162,524 | |
Roku, Inc. - Class A (2) | | 3,149 | | 214,132 | |
Snap, Inc. - Class A (2) | | 18,942 | | 206,089 | |
Twitter, Inc. (2) | | 15,076 | | 584,195 | |
Uber Technologies, Inc. (2) | | 24,706 | | 710,545 | |
VeriSign, Inc. (2) | | 832 | | 151,607 | |
| | | | 40,237,806 | |
Iron & Steel – 0.2% | | | | | |
Nucor Corp. (1) | | 6,807 | | 904,923 | |
Leisure Time – 0.0% (4) | | | | | |
Carnival Corp. (1)(2) | | 7,713 | | 72,965 | |
Royal Caribbean Cruises Ltd. (2) | | 1,945 | | 79,453 | |
| | | | 152,418 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Select 500 ETF
15 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Lodging – 0.5% | | | | | |
Hilton Worldwide Holdings, Inc. | | 4,432 | | $564,460 | |
Las Vegas Sands Corp. (2) | | 8,368 | | 314,888 | |
Marriott International, Inc. | | 5,392 | | 828,966 | |
MGM Resorts International | | 7,296 | | 238,141 | |
| | | | 1,946,455 | |
Machinery – Construction & Mining – 0.2% | | | | | |
Caterpillar, Inc. | | 4,884 | | 902,124 | |
Machinery – Diversified – 0.7% | | | | | |
Deere & Co. | | 2,876 | | 1,050,459 | |
Dover Corp. | | 1,308 | | 163,448 | |
IDEX Corp. | | 593 | | 119,318 | |
Ingersoll Rand, Inc. | | 10,776 | | 510,459 | |
Otis Worldwide Corp. | | 3,105 | | 224,243 | |
Rockwell Automation, Inc. | | 1,095 | | 259,449 | |
Westinghouse Air Brake Technologies Corp. (1) | 1,374 | | 120,431 | | |
Xylem, Inc. | | 1,261 | | 114,877 | |
| | | | 2,562,684 | |
Media – 1.6% | | | | | |
Charter Communications, Inc. - Class A (1)(2) | 1,665 | | 687,029 | | |
Comcast Corp. - Class A | | 38,191 | | 1,382,132 | |
FactSet Research Systems, Inc. (1) | | 291 | | 126,102 | |
Liberty Broadband Corp. - Class C (2) | | 3,976 | | 404,359 | |
Sirius XM Holdings, Inc. (1) | | 64,126 | | 390,527 | |
The Walt Disney Co. | | 24,405 | | 2,735,313 | |
ViacomCBS, Inc. - Class B (1) | | 4,637 | | 108,460 | |
Warner Bros Discovery, Inc. (2) | | 24,347 | | 322,354 | |
| | | | 6,156,276 | |
Mining – 0.3% | | | | | |
Freeport-McMoRan, Inc. | | 34,251 | | 1,013,830 | |
Newmont Corp. | | 7,265 | | 300,480 | |
| | | | 1,314,310 | |
Miscellaneous Manufacturers – 0.7% | | | | | |
3M Co. (1) | | 3,958 | | 492,177 | |
Eaton Corp PLC | | 3,122 | | 426,590 | |
General Electric Co. | | 10,219 | | 750,483 | |
Illinois Tool Works, Inc. | | 2,277 | | 443,628 | |
Parker-Hannifin Corp. | | 985 | | 261,025 | |
Textron, Inc. | | 1,678 | | 104,674 | |
Trane Technologies PLC | | 1,959 | | 301,823 | |
| | | | 2,780,400 | |
Office & Business Equipment – 0.0% (4) | | | | | |
Zebra Technologies Corp. (2) | | 497 | | 149,915 |
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Oil & Gas – 7.4% | | | | | |
Chevron Corp. | | 37,759 | | $5,968,188 | |
ConocoPhillips | | 36,056 | | 3,946,329 | |
Continental Resources, Inc. | | 10,328 | | 721,204 | |
Coterra Energy, Inc. (1) | | 23,970 | | 740,913 | |
Devon Energy Corp. | | 16,268 | | 1,148,846 | |
Diamondback Energy, Inc. | | 4,578 | | 610,156 | |
EOG Resources, Inc. | | 16,330 | | 1,980,829 | |
Exxon Mobil Corp. | | 61,613 | | 5,889,587 | |
Hess Corp. (1) | | 7,866 | | 950,055 | |
Marathon Petroleum Corp. | | 9,546 | | 961,759 | |
Occidental Petroleum Corp. | | 14,468 | | 1,027,228 | |
Phillips 66 | | 8,825 | | 789,484 | |
Pioneer Natural Resources Co. (1) | | 9,989 | | 2,529,415 | |
Valero Energy Corp. | | 7,598 | | 889,878 | |
| | | | 28,153,871 | |
Oil & Gas Services – 0.3% | | | | | |
Baker Hughes Co. - Class A | | 23,557 | | 595,050 | |
Halliburton Co. | | 7,522 | | 226,638 | |
Schlumberger NV | | 10,771 | | 410,913 | |
| | | | 1,232,601 | |
Packaging & Containers – 0.1% | | | | | |
Ball Corp. | | 2,953 | | 164,807 | |
Packaging Corp of America | | 770 | | 105,428 | |
Westrock Co. | | 2,462 | | 99,933 | |
| | | | 370,168 | |
Pharmaceuticals – 5.6% | | | | | |
AbbVie, Inc. | | 20,895 | | 2,809,542 | |
AmerisourceBergen Corp. | | 1,948 | | 285,499 | |
Becton Dickinson and Co. | | 2,593 | | 654,525 | |
Bristol-Myers Squibb Co. | | 23,087 | | 1,556,295 | |
Cardinal Health, Inc. | | 2,654 | | 187,691 | |
Cigna Corp. | | 2,371 | | 672,060 | |
CVS Health Corp. | | 10,051 | | 986,506 | |
Dexcom, Inc. (2) | | 4,805 | | 395,019 | |
Elanco Animal Health, Inc. (2) | | 7,734 | | 117,015 | |
Eli Lilly & Co. | | 7,406 | | 2,230,909 | |
Johnson & Johnson | | 21,255 | | 3,429,282 | |
McKesson Corp. | | 1,514 | | 555,638 | |
Merck & Co., Inc. | | 18,536 | | 1,582,233 | |
Pfizer, Inc. | | 112,961 | | 5,109,226 | |
Viatris, Inc. | | 24,492 | | 233,898 | |
Zoetis, Inc. | | 3,926 | | 614,537 | |
| | | | 21,419,875 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Select 500 ETF
16 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Pipelines – 0.9% | | | | | |
Cheniere Energy, Inc. | | 4,606 | | $737,789 | |
Kinder Morgan, Inc. | | 70,136 | | 1,284,892 | |
ONEOK, Inc. | | 9,354 | | 572,745 | |
The Williams Companies, Inc. | | 19,559 | | 665,593 | |
| | | | 3,261,019 | |
Private Equity – 0.6% | | | | | |
Blackstone, Inc. - Class A | | 15,580 | | 1,463,585 | |
KKR & Co., Inc. | | 13,458 | | 680,437 | |
| | | | 2,144,022 | |
Real Estate – 0.1% | | | | | |
CBRE Group, Inc. (2) | | 2,904 | | 229,300 | |
Real Estate Investment Trusts (REITs) – 2.3% | | | | ||
Alexandria Real Estate Equities, Inc. | | 1,198 | | 183,773 | |
American Tower Corp. | | 3,725 | | 946,336 | |
AvalonBay Communities, Inc. | | 1,008 | | 202,517 | |
Boston Properties, Inc. | | 1,027 | | 81,575 | |
Crown Castle, Inc. | | 3,597 | | 614,476 | |
Digital Realty Trust, Inc. | | 2,657 | | 328,485 | |
Duke Realty Corp. | | 3,337 | | 196,382 | |
Equinix, Inc. | | 732 | | 481,195 | |
Equity Residential | | 2,556 | | 187,048 | |
Essex Property Trust, Inc. | | 430 | | 113,976 | |
Extra Space Storage, Inc. | | 1,144 | | 227,347 | |
Healthpeak Properties, Inc. | | 5,065 | | 132,956 | |
Host Hotels & Resorts, Inc. (1) | | 23,349 | | 414,912 | |
Invitation Homes, Inc. (1) | | 5,387 | | 195,440 | |
Iron Mountain, Inc. (1) | | 2,202 | | 115,847 | |
Mid-America Apartment Communities, Inc. | 909 | | 150,594 | | |
Prologis, Inc. | | 6,125 | | 762,624 | |
Public Storage | | 1,655 | | 547,524 | |
Realty Income Corp. | | 8,222 | | 561,398 | |
SBA Communications Corp. | | 2,084 | | 677,821 | |
Simon Property Group, Inc. | | 2,656 | | 270,859 | |
Sun Communities, Inc. | | 1,786 | | 274,526 | |
UDR, Inc. | | 2,529 | | 113,476 | |
Ventas, Inc. | | 2,358 | | 112,854 | |
VICI Properties, Inc. (1) | | 6,787 | | 223,903 | |
W.P. Carey, Inc. (1) | | 1,397 | | 117,390 | |
Welltower, Inc. (1) | | 3,357 | | 257,314 | |
Weyerhaeuser Co. | | 7,822 | | 267,200 | |
| | | | 8,759,748 | |
Retail – 4.9% | | | | | |
Advance Auto Parts, Inc. | | 481 | | 81,116 | |
AutoZone, Inc. (2) | | 162 | | 343,312 | |
Best Buy Co., Inc. | | 1,520 | | 107,449 | |
Burlington Stores, Inc. (1)(2) | | 1,057 | | 148,181 |
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Retail – 4.9% (Continued) | | | | | |
CarMax, Inc. (2) | | 1,700 | | $150,348 | |
Chipotle Mexican Grill, Inc. (1)(2) | | 297 | | 474,250 | |
Costco Wholesale Corp. | | 3,825 | | 1,997,032 | |
Darden Restaurants, Inc. (1) | | 2,377 | | 294,059 | |
Dollar General Corp. | | 1,588 | | 377,023 | |
Dollar Tree, Inc. (2) | | 1,660 | | 225,229 | |
Domino’s Pizza, Inc. (1) | | 264 | | 98,171 | |
Genuine Parts Co. | | 1,699 | | 265,061 | |
Lowe’s Companies, Inc. | | 4,736 | | 919,447 | |
McDonald’s Corp. | | 5,983 | | 1,509,391 | |
O’Reilly Automotive, Inc. (2) | | 582 | | 405,724 | |
Ross Stores, Inc. | | 10,469 | | 903,161 | |
Starbucks Corp. | | 16,305 | | 1,370,761 | |
Target Corp. | | 3,646 | | 584,600 | |
The Home Depot, Inc. | | 7,671 | | 2,212,470 | |
The TJX Companies, Inc. | | 35,770 | | 2,230,259 | |
Tractor Supply Co. | | 912 | | 168,857 | |
Ulta Beauty, Inc. (2) | | 786 | | 330,018 | |
Walgreens Boots Alliance, Inc. | | 12,942 | | 453,746 | |
Walmart, Inc. | | 19,863 | | 2,632,841 | |
Yum! Brands, Inc. | | 2,369 | | 263,527 | |
| | | | 18,546,033 | |
Semiconductors – 5.2% | | | | | |
Advanced Micro Devices, Inc. (2) | | 21,675 | | 1,839,557 | |
Analog Devices, Inc. | | 7,972 | | 1,207,997 | |
Applied Materials, Inc. | | 8,288 | | 779,652 | |
Broadcom, Inc. | | 3,974 | | 1,983,463 | |
GLOBALFOUNDRIES, Inc. (1)(2) | | 13,440 | | 803,981 | |
Intel Corp. | | 26,708 | | 852,519 | |
KLA Corp. | | 1,521 | | 523,422 | |
Lam Research Corp. | | 1,299 | | 568,845 | |
Marvell Technology, Inc. | | 20,199 | | 945,717 | |
Microchip Technology, Inc. | | 7,587 | | 495,052 | |
Micron Technology, Inc. | | 13,123 | | 741,843 | |
NVIDIA Corp. | | 36,586 | | 5,522,291 | |
ON Semiconductor Corp. (2) | | 5,548 | | 381,536 | |
Qorvo, Inc. (2) | | 938 | | 84,214 | |
QUALCOMM, Inc. | | 10,563 | | 1,397,168 | |
Skyworks Solutions, Inc. | | 1,563 | | 154,034 | |
Teradyne, Inc. (1) | | 1,209 | | 102,330 | |
Texas Instruments, Inc. | | 8,082 | | 1,335,227 | |
| | | | 19,718,848 | |
Software – 9.6% | | | | | |
Activision Blizzard, Inc. | | 5,564 | | 436,718 | |
Adobe, Inc. (2) | | 3,955 | | 1,476,955 | |
Akamai Technologies, Inc. (2) | | 1,423 | | 128,468 | |
ANSYS, Inc. (2) | | 694 | | 172,320 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Select 500 ETF
17 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Software – 9.6% (Continued) | | | | | |
Autodesk, Inc. (2) | | 2,280 | | $459,967 | |
Black Knight, Inc. (2) | | 1,320 | | 87,331 | |
Broadridge Financial Solutions, Inc. | | 935 | | 160,044 | |
Cadence Design Systems, Inc. (2) | | 2,190 | | 380,556 | |
Citrix Systems, Inc. | | 923 | | 94,857 | |
Cloudflare, Inc. - Class A (2) | | 3,781 | | 236,577 | |
Datadog, Inc. - Class A (2) | | 9,382 | | 984,641 | |
DocuSign, Inc. (2) | | 5,727 | | 333,426 | |
Electronic Arts, Inc. | | 3,130 | | 397,103 | |
Fidelity National Information Services, Inc. | 14,859 | | 1,357,667 | | |
Fiserv, Inc. (2) | | 7,156 | | 724,116 | |
HubSpot, Inc. (2) | | 850 | | 286,484 | |
Intuit, Inc. | | 3,657 | | 1,579,019 | |
Jack Henry & Associates, Inc. (1) | | 558 | | 107,248 | |
Microsoft Corp. | | 59,374 | | 15,524,520 | |
MongoDB, Inc. - Class A (1)(2) | | 909 | | 293,480 | |
MSCI, Inc. | | 753 | | 338,278 | |
Oracle Corp. | | 20,208 | | 1,498,423 | |
Palantir Technologies, Inc. - Class A (2) | | 32,815 | | 253,332 | |
Paychex, Inc. | | 2,764 | | 340,912 | |
Paycom Software, Inc. (2) | | 550 | | 193,160 | |
ROBLOX Corp. - Class A (1)(2) | | 9,110 | | 356,292 | |
Roper Technologies, Inc. | | 739 | | 297,507 | |
Salesforce, Inc. (2) | | 12,302 | | 1,920,588 | |
ServiceNow, Inc. (2) | | 4,713 | | 2,048,364 | |
Snowflake, Inc. (2) | | 5,182 | | 937,683 | |
Splunk, Inc. (2) | | 1,498 | | 134,865 | |
SS&C Technologies Holdings, Inc. | | 2,244 | | 125,125 | |
Synopsys, Inc. (2) | | 1,294 | | 447,750 | |
Take-Two Interactive Software, Inc. (2) | | 877 | | 107,485 | |
Twilio, Inc. - Class A (1)(2) | | 2,411 | | 167,757 | |
Tyler Technologies, Inc. (2) | | 412 | | 153,062 | |
Unity Software, Inc. (1)(2) | | 3,833 | | 163,746 | |
Veeva Systems, Inc. - Class A (2) | | 1,298 | | 258,717 | |
VMware, Inc. | | 3,285 | | 381,159 | |
Workday, Inc. - Class A (2) | | 5,185 | | 853,244 | |
Zoom Video Communications, Inc. - Class A (2) | | 2,751 | | 221,180 | |
ZoomInfo Technologies, Inc. (1)(2) | | 9,011 | | 409,280 | |
| | | | 36,829,406 | |
Telecommunications – 1.7% | | | | | |
Arista Networks, Inc. (2) | | 3,010 | | 360,839 | |
AT&T, Inc. | | 67,455 | | 1,183,161 | |
Cisco Systems, Inc. | | 31,065 | | 1,389,227 | |
Corning, Inc. (1) | | 8,349 | | 286,538 | |
Lumen Technologies, Inc. (1) | | 8,265 | | 82,319 | |
Motorola Solutions, Inc. | | 1,387 | | 337,610 |
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Telecommunications – 1.7% (Continued) | | | | | |
T-Mobile US, Inc. (1)(2) | | 9,859 | | $1,419,301 | |
Ubiquiti, Inc. | | 473 | | 146,814 | |
Verizon Communications, Inc. | | 32,510 | | 1,359,243 | |
| | | | 6,565,052 | |
Toys, Games & Hobbies – 0.0% (4) | | | | | |
Hasbro, Inc. | | 1,216 | | 95,845 | |
Transportation – 1.5% | | | | | |
C.H. Robinson Worldwide, Inc. | | 1,210 | | 138,122 | |
CSX Corp. | | 16,948 | | 536,404 | |
Expeditors International of Washington, Inc. (1) | 1,910 | | 196,520 | | |
FedEx Corp. | | 2,217 | | 467,366 | |
J.B. Hunt Transport Services, Inc. (1) | | 892 | | 155,226 | |
Norfolk Southern Corp. | | 1,998 | | 485,774 | |
Old Dominion Freight Line, Inc. (1) | | 996 | | 270,324 | |
Union Pacific Corp. | | 4,822 | | 1,082,587 | |
United Parcel Service, Inc. - Class B | | 12,099 | | 2,353,376 | |
| | | | 5,685,699 | |
Water – 0.1% | | | | | |
American Water Works Co., Inc. | | 1,326 | | 196,845 | |
Total Common Stocks | | | | | |
(Cost $389,389,673) | | | | 381,062,628 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund, Class X, 2.042% (3) | | 290,926 | | 290,926 | |
Total Short-Term Investments | | | | | |
(Cost $290,926) | | | | 290,926 | |
Investments Purchased With Collateral From Securities Lending – 6.4% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.470% (3) | | 24,630,143 | | 24,630,143 | |
Total Investments Purchased With Collateral From Securities Lending | | ||||
(Cost $24,630,143) | | | | 24,630,143 | |
Total Investments in Securities – 106.3% | | | | | |
(Cost $414,310,742) | | | | 405,983,697 | |
Liabilities in Excess of Other Assets – (6.3)% | | (24,023,580 | ) | ||
Total Net Assets – 100.0% | | | | $381,960,117 | |
(1)This security or a portion of this security was out on loan as of August 31, 2022. Total loaned securities had a value of $23,920,680 or 6.3% of net assets as of August 31, 2022. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(2)Non-income producing security.
(3)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
(4)Does not round to 0.1% or (0.1)%, as applicable.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Next 500 ETF
18 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Common Stocks – 99.7% | | | | | |
Advertising – 0.2% | | | | | |
The Interpublic Group of Companies, Inc. | | 4,453 | | $123,081 | |
Aerospace & Defense – 0.9% | | | | | |
Curtiss-Wright Corp. | | 376 | | 55,343 | |
HEICO Corp. | | 539 | | 82,090 | |
Hexcel Corp. (1) | | 1,551 | | 90,997 | |
Howmet Aerospace, Inc. | | 4,178 | | 148,027 | |
Spirit AeroSystems Holdings, Inc. | | 1,322 | | 39,792 | |
| | | | 416,249 | |
Agriculture – 0.7% | | | | | |
Bunge Ltd. | | 1,660 | | 164,622 | |
Darling Ingredients, Inc. (2) | | 2,079 | | 158,129 | |
| | | | 322,751 | |
Airlines – 0.5% | | | | | |
Alaska Air Group, Inc. (2) | | 2,009 | | 87,512 | |
American Airlines Group, Inc. (1)(2) | | 9,281 | | 120,560 | |
JetBlue Airways Corp. (2) | | 6,758 | | 52,645 | |
| | | | 260,717 | |
Apparel – 1.3% | | | | | |
Capri Holdings Ltd. (2) | | 2,200 | | 103,796 | |
Columbia Sportswear Co. | | 821 | | 58,488 | |
Deckers Outdoor Corp. (1)(2) | | 277 | | 89,075 | |
Hanesbrands, Inc. (1) | | 6,567 | | 57,198 | |
PVH Corp. | | 795 | | 44,719 | |
Ralph Lauren Corp. - Class A (1) | | 684 | | 62,470 | |
Skechers U.S.A., Inc. - Class A (2) | | 2,513 | | 94,991 | |
Tapestry, Inc. | | 4,011 | | 139,302 | |
| | | | 650,039 | |
Auto Parts & Equipment – 0.5% | | | | | |
BorgWarner, Inc. | | 3,003 | | 113,213 | |
Gentex Corp. | | 1,902 | | 51,906 | |
Lear Corp. (1) | | 672 | | 93,166 | |
| | | | 258,285 | |
Banks – 3.2% | | | | | |
Bank OZK | | 1,108 | | 44,907 | |
BOK Financial Corp. | | 591 | | 52,522 | |
Cadence Bank | | 2,075 | | 52,871 | |
Comerica, Inc. | | 1,194 | | 95,878 | |
Commerce Bancshares, Inc. (1) | | 1,047 | | 72,002 | |
Cullen/Frost Bankers, Inc. (1) | | 571 | | 74,207 | |
East West Bancorp, Inc. | | 1,338 | | 96,564 | |
First Citizens BancShares, Inc. - Class A (1) | 130 | | 105,555 | | |
First Financial Bankshares, Inc. | | 1,213 | | 51,565 | |
First Horizon National Corp. | | 4,413 | | 99,822 |
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Banks – 3.2% (Continued) | | | | | |
Glacier Bancorp, Inc. | | 957 | | $48,501 | |
Pinnacle Financial Partners, Inc. | | 721 | | 58,192 | |
Prosperity Bancshares, Inc. (1) | | 738 | | 52,309 | |
Signature Bank | | 650 | | 113,334 | |
SouthState Corp. | | 959 | | 74,840 | |
Synovus Financial Corp. | | 1,339 | | 53,774 | |
UMB Financial Corp. | | 438 | | 39,188 | |
United Bankshares, Inc. (1) | | 1,036 | | 38,436 | |
Valley National Bancorp | | 3,679 | | 42,750 | |
Webster Financial Corp. | | 1,849 | | 86,996 | |
Western Alliance Bancorp (1) | | 1,297 | | 99,506 | |
Wintrust Financial Corp. | | 533 | | 44,953 | |
Zions Bancorp N.A. | | 1,470 | | 80,894 | |
| | | | 1,579,566 | |
Beverages – 0.2% | | | | | |
Molson Coors Brewing Co. - Class B | | 2,133 | | 110,212 | |
Biotechnology – 3.1% | | | | | |
Apellis Pharmaceuticals, Inc. (1)(2) | | 873 | | 52,825 | |
Arrowhead Pharmaceuticals, Inc. (1)(2) | | 1,402 | | 55,673 | |
Biohaven Pharmaceutical Holding Co. Ltd. (1)(2) | 2,185 | | 326,330 | | |
Blueprint Medicines Corp. (2) | | 404 | | 29,581 | |
Exelixis, Inc. (1)(2) | | 4,071 | | 72,220 | |
Guardant Health, Inc. (2) | | 1,123 | | 56,217 | |
Halozyme Therapeutics, Inc. (1)(2) | | 2,059 | | 83,863 | |
Intra-Cellular Therapies, Inc. (1)(2) | | 3,054 | | 153,494 | |
Ionis Pharmaceuticals, Inc. (2) | | 1,305 | | 55,489 | |
Mirati Therapeutics, Inc. (2) | | 1,736 | | 140,668 | |
Novavax, Inc. (1)(2) | | 1,235 | | 40,804 | |
Royalty Pharma PLC - Class A | | 5,053 | | 211,266 | |
Sarepta Therapeutics, Inc. (2) | | 969 | | 105,989 | |
Ultragenyx Pharmaceutical, Inc. (2) | | 658 | | 31,380 | |
United Therapeutics Corp. (1)(2) | | 432 | | 97,900 | |
| | | | 1,513,699 | |
Building Materials – 1.7% | | | | | |
Armstrong World Industries, Inc. | | 665 | | 55,853 | |
Builders FirstSource, Inc. (1)(2) | | 3,972 | | 232,799 | |
Eagle Materials, Inc. | | 337 | | 40,312 | |
Fortune Brands Home & Security, Inc. (1) | | 1,242 | | 76,296 | |
Lennox International, Inc. (1) | | 379 | | 91,006 | |
Louisiana-Pacific Corp. (1) | | 986 | | 53,471 | |
MDU Resources Group, Inc. | | 1,816 | | 54,753 | |
Mohawk Industries, Inc. (2) | | 503 | | 55,511 | |
Owens Corning | | 1,184 | | 96,768 | |
Trex Co., Inc. (1)(2) | | 1,256 | | 58,768 | |
| | | | 815,537 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
SoFi Next 500 ETF
19 |
The accompanying notes are an integral part of these financial statements.
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| Shares |
| Value | |
Chemicals – 1.8% | | | | | |
Ashland, Inc. | | 613 | | $62,379 | |
Axalta Coating Systems Ltd. (1)(2) | | 2,231 | | 57,448 | |
Element Solutions, Inc. | | 3,220 | | 60,117 | |
Huntsman Corp. | | 2,900 | | 81,258 | |
Olin Corp. | | 2,055 | | 112,326 | |
Rogers Corp. (2) | | 184 | | 46,096 | |
RPM International, Inc. | | 1,188 | | 110,674 | |
The Chemours Co. | | 1,613 | | 54,407 | |
Valvoline, Inc. | | 1,872 | | 54,419 | |
Westlake Corp. | | 2,204 | | 217,381 | |
| | | | 856,505 | |
Commercial Services – 5.4% | | | | | |
ADT, Inc. (1) | | 11,564 | | 84,302 | |
Affirm Holdings, Inc. - Class A (1)(2) | | 1,887 | | 44,212 | |
ASGN, Inc. (1)(2) | | 456 | | 44,095 | |
Avis Budget Group, Inc. (2) | | 882 | | 147,629 | |
Bright Horizons Family Solutions, Inc. (2) | | 1,124 | | 76,657 | |
Dun & Bradstreet Holdings, Inc. | | 12,873 | | 183,440 | |
Euronet Worldwide, Inc. (1)(2) | | 2,107 | | 186,807 | |
FTI Consulting, Inc. (1)(2) | | 315 | | 50,589 | |
GXO Logistics, Inc. (2) | | 2,267 | | 100,609 | |
HealthEquity, Inc. (1)(2) | | 559 | | 36,939 | |
Hertz Global Holdings, Inc. (1)(2) | | 8,211 | | 151,575 | |
ManpowerGroup, Inc. | | 1,580 | | 115,846 | |
Nielsen Holdings PLC | | 9,386 | | 261,306 | |
Paylocity Holding Corp. (2) | | 580 | | 139,780 | |
Quanta Services, Inc. | | 1,511 | | 213,504 | |
R1 RCM, Inc. (2) | | 3,154 | | 68,915 | |
Robert Half International, Inc. | | 1,323 | | 101,831 | |
Service Corp. International | | 1,476 | | 91,084 | |
Terminix Global Holdings, Inc. (2) | | 1,773 | | 75,618 | |
Toast, Inc. - Class A (2) | | 4,072 | | 77,083 | |
TriNet Group, Inc. (2) | | 610 | | 50,264 | |
WEX, Inc. (2) | | 1,338 | | 206,387 | |
WillScot Mobile Mini Holdings Corp. (1)(2) | | 3,148 | | 126,361 | |
| | | | 2,634,833 | |
Computers – 2.7% | | | | | |
Amdocs Ltd. | | 1,077 | | 92,051 | |
CACI International, Inc. (2) | | 216 | | 60,668 | |
DXC Technology Co. (2) | | 3,194 | | 79,147 | |
Genpact Ltd. | | 1,790 | | 84,094 | |
KBR, Inc. (1) | | 4,791 | | 231,405 | |
Lumentum Holdings, Inc. (1)(2) | | 655 | | 54,725 | |
Maximus, Inc. (1) | | 620 | | 37,566 | |
NCR Corp. (2) | | 6,118 | | 189,964 | |
Parsons Corp. (2) | | 915 | | 37,863 |
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Computers – 2.7% (Continued) | | | | | |
Pure Storage, Inc. (1)(2) | | 5,049 | | $146,270 | |
Qualys, Inc. (2) | | 396 | | 60,152 | |
Rapid7, Inc. (2) | | 723 | | 41,573 | |
Science Applications International Corp. | | 507 | | 46,172 | |
Tenable Holdings, Inc. (2) | | 1,380 | | 54,662 | |
Thoughtworks Holding, Inc. (2) | | 2,955 | | 38,888 | |
Varonis Systems, Inc. (2) | | 1,569 | | 42,912 | |
| | | | 1,298,112 | |
Cosmetics & Personal Care – 0.6% | | | | | |
Coty, Inc. (2) | | 8,893 | | 66,786 | |
Olaplex Holdings, Inc. (2) | | 16,893 | | 225,015 | |
| | | | 291,801 | |
Distribution & Wholesale – 1.1% | | | | | |
IAA, Inc. (2) | | 1,410 | | 52,537 | |
Pool Corp. | | 450 | | 152,635 | |
SiteOne Landscape Supply, Inc. (2) | | 485 | | 60,703 | |
Univar Solutions, Inc. (2) | | 3,148 | | 79,393 | |
Watsco, Inc. (1) | | 351 | | 95,482 | |
WESCO International, Inc. (2) | | 819 | | 107,846 | |
| | | | 548,596 | |
Diversified Financial Services – 2.6% | | | | | |
Affiliated Managers Group, Inc. | | 451 | | 57,439 | |
Air Lease Corp. | | 1,087 | | 39,523 | |
Ally Financial, Inc. | | 3,137 | | 104,148 | |
Credit Acceptance Corp. (1)(2) | | 127 | | 67,574 | |
Evercore, Inc. - Class A (1) | | 440 | | 41,224 | |
Interactive Brokers Group, Inc. - Class A | | 1,084 | | 66,764 | |
Invesco Ltd. | | 4,756 | | 78,331 | |
Jefferies Financial Group, Inc. (1) | | 2,651 | | 85,071 | |
Lazard Ltd. | | 1,116 | | 40,567 | |
LPL Financial Holdings, Inc. | | 1,001 | | 221,551 | |
OneMain Holdings, Inc. | | 1,155 | | 40,344 | |
Radian Group, Inc. | | 1,461 | | 30,842 | |
SEI Investments Co. | | 1,284 | | 70,235 | |
SLM Corp. | | 2,218 | | 33,891 | |
Stifel Financial Corp. | | 1,097 | | 65,063 | |
The Western Union Co. | | 3,698 | | 54,804 | |
Tradeweb Markets, Inc. - Class A | | 1,436 | | 99,931 | |
Upstart Holdings, Inc. (1)(2) | | 3,532 | | 91,479 | |
| | | | 1,288,781 | |
Electric – 1.8% | | | | | |
Black Hills Corp. (1) | | 631 | | 47,628 | |
Hawaiian Electric Industries, Inc. | | 1,033 | | 40,411 | |
IDACORP, Inc. | | 465 | | 50,796 | |
NRG Energy, Inc. (1) | | 7,053 | | 291,148 | |
OGE Energy Corp. | | 4,040 | | 163,782 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Next 500 ETF
20 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Electric – 1.8% (Continued) | | | | | |
Ormat Technologies, Inc. (1) | | 491 | | $45,899 | |
Pinnacle West Capital Corp. | | 995 | | 74,973 | |
PNM Resources, Inc. | | 828 | | 39,272 | |
Portland General Electric Co. | | 961 | | 49,655 | |
Vistra Corp. | | 3,994 | | 98,851 | |
| | | | 902,415 | |
Electrical Components & Equipment – 0.7% | | | | | |
Acuity Brands, Inc. | | 319 | | 52,294 | |
Generac Holdings, Inc. (1)(2) | | 764 | | 168,393 | |
Littelfuse, Inc. | | 275 | | 65,235 | |
Universal Display Corp. | | 496 | | 55,418 | |
| | | | 341,340 | |
Electronics – 2.0% | | | | | |
Allegion PLC | | 748 | | 71,135 | |
Arrow Electronics, Inc. (2) | | 617 | | 64,668 | |
Hubbell, Inc. | | 446 | | 92,010 | |
II-VI, Inc. (2) | | 1,434 | | 67,728 | |
Jabil, Inc. | | 1,601 | | 96,540 | |
National Instruments Corp. | | 1,561 | | 62,066 | |
nVent Electric PLC | | 3,199 | | 105,439 | |
Sensata Technologies Holding PLC | | 1,940 | | 78,143 | |
SYNNEX Corp. | | 1,211 | | 116,595 | |
Trimble, Inc. (2) | | 2,501 | | 158,188 | |
Woodward, Inc. | | 617 | | 57,424 | |
| | | | 969,936 | |
Energy – Alternate Sources – 1.2% | | | | | |
Enviva, Inc. (1) | | 485 | | 33,717 | |
First Solar, Inc. (2) | | 820 | | 104,591 | |
NextEra Energy Partners LP (1) | | 1,180 | | 96,866 | |
Plug Power, Inc. (1)(2) | | 8,631 | | 242,013 | |
Sunrun, Inc. (2) | | 2,594 | | 85,680 | |
| | | | 562,867 | |
Engineering & Construction – 0.7% | | | | | |
AECOM | | 1,400 | | 102,410 | |
EMCOR Group, Inc. (1) | | 594 | | 70,638 | |
Exponent, Inc. (1) | | 567 | | 53,219 | |
MasTec, Inc. (2) | | 792 | | 63,756 | |
TopBuild Corp. (2) | | 327 | | 60,090 | |
| | | | 350,113 | |
Entertainment – 3.1% | | | | | |
AMC Entertainment Holdings, Inc. (1)(2) | | 10,119 | | 92,285 | |
Caesars Entertainment, Inc. (1)(2) | | 5,551 | | 239,359 | |
Churchill Downs, Inc. (1) | | 1,299 | | 256,020 | |
DraftKings, Inc. - Class A (1)(2) | | 6,315 | | 101,419 | |
Light & Wonder, Inc. (2) | | 2,621 | | 129,032 |
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Entertainment – 3.1% (Continued) | | | | | |
Marriott Vacations Worldwide Corp. (1) | | 1,328 | | $189,134 | |
Penn Entertainment, Inc. (1)(2) | | 2,321 | | 72,485 | |
SeaWorld Entertainment, Inc. (1)(2) | | 2,595 | | 130,399 | |
Vail Resorts, Inc. | | 1,289 | | 289,612 | |
| | | | 1,499,745 | |
Environmental Control – 0.8% | | | | | |
Clean Harbors, Inc. (2) | | 595 | | 69,865 | |
Evoqua Water Technologies Corp. (2) | | 1,311 | | 45,990 | |
Pentair PLC (1) | | 1,672 | | 74,404 | |
Stericycle, Inc. (1)(2) | | 2,679 | | 134,191 | |
Tetra Tech, Inc. | | 525 | | 71,300 | |
| | | | 395,750 | |
Food – 2.2% | | | | | |
Albertsons Cos, Inc. | | 4,541 | | 124,923 | |
Flowers Foods, Inc. | | 1,919 | | 52,389 | |
Ingredion, Inc. | | 934 | | 81,323 | |
Lamb Weston Holdings, Inc. | | 1,484 | | 118,022 | |
Lancaster Colony Corp. | | 265 | | 44,666 | |
Performance Food Group Co. (2) | | 5,204 | | 260,096 | |
Pilgrim’s Pride Corp. (1)(2) | | 6,329 | | 180,187 | |
Post Holdings, Inc. (2) | | 1,050 | | 93,198 | |
US Foods Holding Corp. (2) | | 3,669 | | 112,345 | |
| | | | 1,067,149 | |
Food Service – 0.6% | | | | | |
Aramark | | 7,757 | | 277,002 | |
Gas – 1.3% | | | | | |
National Fuel Gas Co. | | 1,565 | | 111,538 | |
NiSource, Inc. | | 12,224 | | 360,730 | |
ONE Gas, Inc. (1) | | 519 | | 40,622 | |
Southwest Gas Holdings, Inc. | | 627 | | 48,812 | |
UGI Corp. (1) | | 2,101 | | 82,989 | |
| | | | 644,691 | |
Hand & Machine Tools – 0.7% | | | | | |
Lincoln Electric Holdings, Inc. | | 578 | | 79,007 | |
MSA Safety, Inc. | | 971 | | 115,413 | |
Regal Rexnord Corp. | | 990 | | 136,214 | |
| | | | 330,634 | |
Healthcare – Products – 4.8% | | | | | |
10X Genomics, Inc. - Class A (2) | | 1,340 | | 44,207 | |
Avantor, Inc. (1)(2) | | 8,602 | | 214,276 | |
Azenta, Inc. (1) | | 658 | | 34,683 | |
Bio-Techne Corp. (1) | | 458 | | 151,969 | |
Bruker Corp. | | 1,509 | | 84,504 | |
DENTSPLY SIRONA, Inc. | | 3,995 | | 130,916 | |
Envista Holdings Corp. (1)(2) | | 3,098 | | 114,905 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Next 500 ETF
21 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Healthcare – Products – 4.8% (Continued) | | | | | |
Globus Medical, Inc. - Class A (2) | | 964 | | $57,059 | |
Henry Schein, Inc. (2) | | 1,419 | | 104,169 | |
ICU Medical, Inc. (2) | | 254 | | 40,386 | |
Inspire Medical Systems, Inc. (2) | | 503 | | 96,319 | |
Integra LifeSciences Holdings Corp. (1)(2) | | 860 | | 41,031 | |
Masimo Corp. (2) | | 514 | | 75,501 | |
Omnicell, Inc. (1)(2) | | 496 | | 50,736 | |
Penumbra, Inc. (2) | | 1,240 | | 203,571 | |
QuidelOrtho Corp. (2) | | 366 | | 29,009 | |
Repligen Corp. (2) | | 834 | | 182,955 | |
Shockwave Medical, Inc. (1)(2) | | 2,147 | | 637,358 | |
Tandem Diabetes Care, Inc. (2) | | 1,299 | | 59,416 | |
| | | | 2,352,970 | |
Healthcare – Services – 2.0% | | | | | |
Acadia Healthcare Co., Inc. (2) | | 901 | | 73,819 | |
agilon health, Inc. (2) | | 3,571 | | 74,205 | |
Amedisys, Inc. (2) | | 334 | | 39,562 | |
Charles River Laboratories International, Inc. (2) | 594 | | 121,919 | | |
Chemed Corp. | | 126 | | 60,000 | |
Encompass Health Corp. | | 962 | | 46,724 | |
Enhabit, Inc. (2) | | 476 | | 7,902 | |
LHC Group, Inc. (2) | | 290 | | 46,826 | |
Medpace Holdings, Inc. (2) | | 368 | | 54,320 | |
Oak Street Health, Inc. (1)(2) | | 2,865 | | 75,063 | |
Sotera Health Co. (2) | | 4,921 | | 83,214 | |
Surgery Partners, Inc. (1)(2) | | 1,078 | | 29,677 | |
Syneos Health, Inc. (2) | | 1,242 | | 74,657 | |
Teladoc Health, Inc. (2) | | 3,749 | | 116,444 | |
Tenet Healthcare Corp. (2) | | 1,209 | | 68,309 | |
| | | | 972,641 | |
Home Builders – 0.2% | | | | | |
Thor Industries, Inc. (1) | | 662 | | 53,628 | |
Toll Brothers, Inc. | | 1,182 | | 51,760 | |
| | | | 105,388 | |
Home Furnishings – 0.3% | | | | | |
Dolby Laboratories, Inc. - Class A | | 543 | | 39,769 | |
Leggett & Platt, Inc. (1) | | 1,251 | | 47,813 | |
Tempur Sealy International, Inc. (1) | | 1,941 | | 48,545 | |
| | | | 136,127 | |
Household Products & Wares – 0.4% | | | | | |
Avery Dennison Corp. | | 726 | | 133,308 | |
Helen of Troy Ltd. (2) | | 219 | | 27,075 | |
Reynolds Consumer Products, Inc. (1) | | 1,887 | | 52,704 | |
| | | | 213,087 |
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| Value | |
Housewares – 0.2% | | | | | |
Newell Brands, Inc. | | 4,565 | | $81,485 | |
The Scotts Miracle-Gro Co. | | 483 | | 32,337 | |
| | | | 113,822 | |
Insurance – 3.6% | | | | | |
Alleghany Corp. (2) | | 294 | | 247,307 | |
American Financial Group, Inc. | | 702 | | 89,631 | |
Assurant, Inc. | | 520 | | 82,415 | |
Axis Capital Holdings Ltd. | | 1,215 | | 64,577 | |
Equitable Holdings, Inc. | | 8,349 | | 248,383 | |
Erie Indemnity Co. - Class A | | 412 | | 88,551 | |
Essent Group Ltd. | | 996 | | 39,830 | |
Fidelity National Financial, Inc. | | 3,109 | | 121,562 | |
First American Financial Corp. | | 1,039 | | 55,586 | |
Kinsale Capital Group, Inc. | | 265 | | 67,199 | |
Lincoln National Corp. | | 1,964 | | 90,462 | |
MGIC Investment Corp. | | 2,702 | | 38,612 | |
Old Republic International Corp. | | 3,455 | | 75,457 | |
Primerica, Inc. | | 393 | | 49,813 | |
Reinsurance Group of America, Inc. | | 683 | | 85,621 | |
RLI Corp. | | 408 | | 44,782 | |
Selective Insurance Group, Inc. | | 565 | | 44,872 | |
The Hanover Insurance Group, Inc. | | 312 | | 40,370 | |
Unum Group | | 1,728 | | 65,405 | |
Voya Financial, Inc. | | 1,665 | | 102,447 | |
| | | | 1,742,882 | |
Internet – 1.1% | | | | | |
Chewy, Inc. - Class A (2) | | 1,137 | | 39,033 | |
IAC, Inc. - Class A (2) | | 812 | | 52,187 | |
Mandiant, Inc. (2) | | 1,788 | | 40,874 | |
Opendoor Technologies, Inc. (2) | | 14,792 | | 64,049 | |
Robinhood Markets, Inc. - Class A (1)(2) | | 6,679 | | 63,785 | |
Wayfair, Inc. - Class A (1)(2) | | 565 | | 29,781 | |
Zendesk, Inc. (2) | | 1,539 | | 118,149 | |
Zillow Group, Inc. - Class C (2) | | 3,578 | | 119,720 | |
| | | | 527,578 | |
Iron & Steel – 2.5% | | | | | |
Cleveland-Cliffs, Inc. (2) | | 28,715 | | 495,908 | |
Commercial Metals Co. | | 1,495 | | 60,562 | |
Reliance Steel & Aluminum Co. | | 906 | | 170,310 | |
Steel Dynamics, Inc. (1) | | 4,016 | | 324,171 | |
United States Steel Corp. (1) | | 6,811 | | 155,768 | |
| | | | 1,206,719 | |
Leisure Time – 1.1% | | | | | |
Brunswick Corp. | | 809 | | 60,440 | |
Harley-Davidson, Inc. | | 4,569 | | 176,226 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Next 500 ETF
22 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Leisure Time – 1.1% (Continued) | | | | | |
Norwegian Cruise Line Holdings Ltd. (1)(2) | | 3,722 | | $48,684 | |
Peloton Interactive, Inc. - Class A (2) | | 2,493 | | 25,404 | |
Planet Fitness, Inc. - Class A (1)(2) | | 1,898 | | 128,590 | |
Polaris, Inc. (1) | | 720 | | 81,554 | |
YETI Holdings, Inc. (1)(2) | | 917 | | 33,828 | |
| | | | 554,726 | |
Lodging – 1.1% | | | | | |
Boyd Gaming Corp. | | 2,164 | | 117,787 | |
Choice Hotels International, Inc. (1) | | 792 | | 90,850 | |
Hilton Grand Vacations, Inc. (2) | | 3,624 | | 147,787 | |
Wyndham Hotels & Resorts, Inc. (1) | | 1,226 | | 80,107 | |
Wynn Resorts Ltd. (1)(2) | | 2,016 | | 122,149 | |
| | | | 558,680 | |
Machinery – Construction & Mining – 0.3% | | | | | |
BWX Technologies, Inc. | | 821 | | 42,798 | |
Oshkosh Corp. (1) | | 638 | | 50,887 | |
Vertiv Holdings Co. | | 4,775 | | 55,056 | |
| | | | 148,741 | |
Machinery – Diversified – 1.7% | | | | | |
AGCO Corp. | | 834 | | 90,664 | |
Chart Industries, Inc. (1)(2) | | 462 | | 89,563 | |
Cognex Corp. | | 1,900 | | 80,009 | |
Crane Holdings Co. | | 593 | | 55,956 | |
Esab Corp. | | 1 | | 41 | |
Flowserve Corp. | | 1,361 | | 41,470 | |
Gates Industrial Corp. PLC (2) | | 3,595 | | 38,539 | |
Graco, Inc. | | 1,696 | | 108,273 | |
Nordson Corp. (1) | | 566 | | 128,578 | |
The Middleby Corp. (2) | | 576 | | 82,840 | |
The Toro Co. | | 996 | | 82,598 | |
Zurn Elkay Water Solutions Corp. | | 1,302 | | 35,909 | |
| | | | 834,440 | |
Media – 1.1% | | | | | |
Cable One, Inc. (1) | | 69 | | 78,315 | |
DISH Network Corp. - Class A (1)(2) | | 2,823 | | 48,979 | |
Endeavor Group Holdings, Inc. - Class A (2) | 4,699 | | 106,292 | | |
Fox Corp. - Class A | | 2,994 | | 102,335 | |
News Corp. - Class A | | 4,283 | | 72,468 | |
Nexstar Media Group, Inc. (1) | | 366 | | 70,023 | |
The New York Times Co. - Class A | | 1,824 | | 55,614 | |
| | | | 534,026 | |
Metal Fabricate & Hardware – 0.7% | | | | | |
Advanced Drainage Systems, Inc. | | 1,029 | | 139,636 | |
RBC Bearings, Inc. (1)(2) | | 346 | | 83,275 |
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| Value | |
Metal Fabricate & Hardware – 0.7% (Continued) | | | | ||
The Timken Co. | | 685 | | $43,148 | |
Valmont Industries, Inc. | | 205 | | 56,748 | |
| | | | 322,807 | |
Mining – 1.1% | | | | | |
Alcoa Corp. | | 5,428 | | 268,577 | |
MP Materials Corp. (1)(2) | | 6,145 | | 215,014 | |
Royal Gold, Inc. (1) | | 637 | | 58,540 | |
| | | | 542,131 | |
Miscellaneous Manufacturers – 0.9% | | | | | |
A.O. Smith Corp. - Class A (1) | | 1,384 | | 78,127 | |
Axon Enterprise, Inc. (1)(2) | | 604 | | 70,475 | |
Carlisle Companies, Inc. | | 513 | | 151,674 | |
Donaldson Co., Inc. | | 1,198 | | 61,517 | |
ITT, Inc. | | 1,052 | | 76,301 | |
| | | | 438,094 | |
Oil & Gas – 7.6% | | | | | |
Antero Resources Corp. (2) | | 11,578 | | 464,046 | |
APA Corp. | | 6,560 | | 256,561 | |
Chesapeake Energy Corp. (1) | | 1,536 | | 154,353 | |
Civitas Resources, Inc. | | 3,443 | | 231,335 | |
EQT Corp. | | 9,616 | | 459,645 | |
Helmerich & Payne, Inc. | | 1,033 | | 44,161 | |
HF Sinclair Corp. | | 3,464 | | 182,310 | |
Marathon Oil Corp. | | 13,858 | | 354,626 | |
Matador Resources Co. | | 2,682 | | 159,847 | |
Murphy Oil Corp. | | 5,671 | | 220,999 | |
Ovintiv, Inc. | | 4,512 | | 239,768 | |
PDC Energy, Inc. | | 2,247 | | 152,594 | |
Range Resources Corp. | | 5,633 | | 185,100 | |
Southwestern Energy Co. (1)(2) | | 51,612 | | 386,574 | |
Texas Pacific Land Corp. (1) | | 108 | | 198,770 | |
| | | | 3,690,689 | |
Oil & Gas Services – 0.2% | | | | | |
NOV, Inc. (1) | | 4,267 | | 75,398 | |
Packaging & Containers – 1.2% | | | | | |
AptarGroup, Inc. | | 602 | | 61,892 | |
Berry Global Group, Inc. (2) | | 1,293 | | 70,249 | |
Crown Holdings, Inc. | | 1,421 | | 128,728 | |
Graphic Packaging Holding Co. | | 3,554 | | 79,148 | |
Sealed Air Corp. | | 1,367 | | 73,558 | |
Silgan Holdings, Inc. | | 1,021 | | 46,506 | |
Sonoco Products Co. | | 2,089 | | 131,649 | |
| | | | 591,730 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Next 500 ETF
23 |
The accompanying notes are an integral part of these financial statements.
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| Shares |
| Value | |
Pharmaceuticals – 1.2% | | | | | |
Jazz Pharmaceuticals PLC (2) | | 1,067 | | $165,620 | |
Neurocrine Biosciences, Inc. (1)(2) | | 1,040 | | 108,815 | |
Option Care Health, Inc. (2) | | 5,212 | | 161,364 | |
Organon & Co. | | 1,904 | | 54,321 | |
Perrigo Co. PLC | | 1,955 | | 73,156 | |
| | | | 563,276 | |
Pipelines – 2.3% | | | | | |
Antero Midstream Corp. (1) | | 6,293 | | 63,371 | |
DT Midstream, Inc. | | 873 | | 48,198 | |
New Fortress Energy, Inc. (1) | | 7,356 | | 421,867 | |
Targa Resources Corp. | | 8,876 | | 605,609 | |
| | | | 1,139,045 | |
Private Equity – 1.6% | | | | | |
Ares Management Corp. | | 4,751 | | 352,239 | |
The Carlyle Group, Inc. | | 13,646 | | 443,905 | |
| | | | 796,144 | |
Real Estate – 0.3% | | | | | |
Jones Lang LaSalle, Inc. (2) | | 529 | | 91,517 | |
The Howard Hughes Corp. (2) | | 1,087 | | 69,166 | |
| | | | 160,683 | |
Real Estate Investment Trusts (REITs) – 7.3% | | | | ||
AGNC Investment Corp. | | 18,383 | | 219,677 | |
Agree Realty Corp. (1) | | 801 | | 60,331 | |
American Homes 4 Rent - Class A | | 3,757 | | 133,599 | |
Americold Realty Trust, Inc. (1) | | 2,599 | | 76,463 | |
Annaly Capital Management, Inc. (1) | | 14,111 | | 91,016 | |
Apartment Income REIT Corp. | | 2,158 | | 88,154 | |
Blackstone Mortgage Trust, Inc. - Class A (1) | 1,832 | | 53,091 | | |
Brixmor Property Group, Inc. | | 2,980 | | 64,010 | |
Camden Property Trust | | 1,104 | | 141,875 | |
Cousins Properties, Inc. (1) | | 1,312 | | 35,227 | |
CubeSmart | | 2,489 | | 114,619 | |
Douglas Emmett, Inc. | | 1,749 | | 34,141 | |
EastGroup Properties, Inc. | | 456 | | 75,254 | |
Equity LifeStyle Properties, Inc. | | 1,902 | | 133,330 | |
Federal Realty Investment Trust | | 756 | | 76,560 | |
First Industrial Realty Trust, Inc. | | 1,280 | | 64,870 | |
Gaming and Leisure Properties, Inc. | | 2,291 | | 110,587 | |
Healthcare Realty Trust, Inc. (1) | | 3,820 | | 92,902 | |
Highwoods Properties, Inc. | | 920 | | 27,977 | |
Independence Realty Trust, Inc. | | 4,725 | | 91,901 | |
Kilroy Realty Corp. | | 1,181 | | 57,597 | |
Kimco Realty Corp. (1) | | 5,670 | | 119,524 | |
Lamar Advertising Co. - Class A | | 907 | | 85,158 | |
Life Storage, Inc. | | 1,058 | | 134,631 |
|
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| Value | |
Real Estate Investment Trusts (REITs) – 7.3% (Continued) | | ||||
Medical Properties Trust, Inc. | | 6,489 | | $94,804 | |
National Retail Properties, Inc. | | 1,643 | | 73,771 | |
National Storage Affiliates Trust | | 1,247 | | 62,998 | |
Omega Healthcare Investors, Inc. (1) | | 2,396 | | 78,253 | |
Rayonier, Inc. | | 4,872 | | 173,053 | |
Regency Centers Corp. | | 2,730 | | 166,093 | |
Rexford Industrial Realty, Inc. (1) | | 1,868 | | 116,208 | |
Rithm Capital Corp. (1) | | 7,292 | | 68,764 | |
Ryman Hospitality Properties, Inc. (1)(2) | | 1,016 | | 83,536 | |
SL Green Realty Corp. (1) | | 494 | | 21,820 | |
Spirit Realty Capital, Inc. | | 3,107 | | 126,921 | |
STAG Industrial, Inc. - Class A | | 1,732 | | 53,346 | |
Starwood Property Trust, Inc. | | 2,973 | | 68,171 | |
STORE Capital Corp. | | 2,946 | | 79,483 | |
Terreno Realty Corp. | | 807 | | 49,219 | |
Vornado Realty Trust | | 2,048 | | 53,699 | |
| | | | 3,552,633 | |
Retail – 3.5% | | | | | |
AutoNation, Inc. (2) | | 613 | | 76,380 | |
Bath & Body Works, Inc. (1) | | 1,924 | | 71,823 | |
BJ’s Wholesale Club Holdings, Inc. (2) | | 1,213 | | 90,356 | |
Carvana Co. - Class A (1)(2) | | 2,228 | | 73,502 | |
Casey’s General Stores, Inc. | | 411 | | 87,860 | |
Dick’s Sporting Goods, Inc. - RESEARCH (1) | 647 | | 68,821 | | |
Five Below, Inc. (2) | | 773 | | 98,851 | |
Floor & Decor Holdings, Inc. (1)(2) | | 1,171 | | 95,273 | |
Freshpet, Inc. (2) | | 427 | | 18,587 | |
GameStop Corp. (1)(2) | | 3,038 | | 87,008 | |
Kohl’s Corp. (1) | | 2,309 | | 65,622 | |
Lithia Motors, Inc. - Class A | | 438 | | 116,263 | |
Macy’s, Inc. (1) | | 3,394 | | 58,784 | |
MSC Industrial Direct Co., Inc. - Class A | | 437 | | 34,615 | |
Murphy USA, Inc. | | 259 | | 75,154 | |
Nordstrom, Inc. (1) | | 2,544 | | 43,528 | |
Penske Automotive Group, Inc. (1) | | 715 | | 84,306 | |
RH (1)(2) | | 246 | | 62,954 | |
Texas Roadhouse, Inc. (1) | | 1,453 | | 128,968 | |
The Gap, Inc. (1) | | 5,438 | | 49,703 | |
The Wendy’s Co. | | 2,110 | | 40,470 | |
Victoria’s Secret & Co. (1)(2) | | 1,851 | | 61,897 | |
Williams-Sonoma, Inc. | | 703 | | 104,571 | |
| | | | 1,695,296 | |
Savings & Loans – 0.2% | | | | | |
New York Community Bancorp, Inc. (1) | | 4,703 | | 46,042 | |
TFS Financial Corp. | | 2,215 | | 31,675 | |
| | | | 77,717 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Next 500 ETF
24 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Semiconductors – 1.8% | | | | | |
Cirrus Logic, Inc. (2) | | 523 | | $40,109 | |
Entegris, Inc. | | 1,545 | | 146,590 | |
IPG Photonics Corp. (2) | | 473 | | 42,849 | |
Lattice Semiconductor Corp. (2) | | 1,661 | | 89,528 | |
MKS Instruments, Inc. | | 542 | | 53,989 | |
Monolithic Power Systems, Inc. | | 543 | | 246,077 | |
Semtech Corp. (2) | | 721 | | 33,303 | |
Silicon Laboratories, Inc. (1)(2) | | 254 | | 31,834 | |
Synaptics, Inc. (1)(2) | | 522 | | 60,348 | |
Wolfspeed, Inc. (2) | | 1,099 | | 124,703 | |
| | | | 869,330 | |
Shipbuilding – 0.2% | | | | | |
Huntington Ingalls Industries, Inc. | | 347 | | 79,900 | |
Software – 5.7% | | | | | |
Alteryx, Inc. - Class A (1)(2) | | 381 | | 23,744 | |
AppLovin Corp. - Class A (1)(2) | | 11,019 | | 271,398 | |
Aspen Technology, Inc. (1)(2) | | 225 | | 47,385 | |
Avalara, Inc. (2) | | 949 | | 86,919 | |
Bentley Systems, Inc. - Class B (1) | | 3,390 | | 124,650 | |
Bill.com Holdings, Inc. (2) | | 1,297 | | 209,958 | |
Blackline, Inc. (2) | | 556 | | 37,775 | |
Ceridian HCM Holding, Inc. (2) | | 979 | | 58,388 | |
Change Healthcare, Inc. (2) | | 8,744 | | 214,840 | |
Concentrix Corp. | | 548 | | 68,927 | |
Coupa Software, Inc. (2) | | 794 | | 46,370 | |
DigitalOcean Holdings, Inc. (1)(2) | | 2,852 | | 120,041 | |
Doximity, Inc. - Class A (1)(2) | | 2,118 | | 70,296 | |
Dropbox, Inc. - Class A (1)(2) | | 3,671 | | 78,523 | |
Dynatrace, Inc. (2) | | 3,817 | | 145,733 | |
Elastic NV (1)(2) | | 1,242 | | 104,216 | |
Fair Isaac Corp. (2) | | 248 | | 111,451 | |
Five9, Inc. (1)(2) | | 1,030 | | 101,053 | |
Guidewire Software, Inc. (2) | | 591 | | 42,381 | |
Informatica, Inc. - Class A (1)(2) | | 3,754 | | 82,851 | |
Manhattan Associates, Inc. (2) | | 629 | | 88,852 | |
nCino, Inc. (1)(2) | | 1,069 | | 33,716 | |
Nutanix, Inc. (2) | | 2,301 | | 39,807 | |
Pegasystems, Inc. | | 1,067 | | 39,063 | |
Procore Technologies, Inc. (2) | | 1,185 | | 64,701 | |
PTC, Inc. (1)(2) | | 1,292 | | 148,438 | |
RingCentral, Inc. - Class A (2) | | 849 | | 36,541 | |
SentinelOne, Inc. - RESEARCH (2) | | 3,074 | | 83,951 | |
Smartsheet, Inc. (2) | | 1,217 | | 40,490 | |
Teradata Corp. (1)(2) | | 1,041 | | 34,249 |
|
| Shares |
| Value | |
Software – 5.7% (Continued) | | | | | |
UiPath, Inc. - Class A (2) | | 3,746 | | $61,622 | |
Workiva, Inc. - Class A (1)(2) | | 509 | | 34,556 | |
Ziff Davis, Inc. (1)(2) | | 453 | | 35,008 | |
| | | | 2,787,893 | |
Telecommunications – 0.9% | | | | | |
Ciena Corp. (2) | | 1,348 | | 68,397 | |
Frontier Communications Parent, Inc. (2) | | 6,022 | | 155,127 | |
Iridium Communications, Inc. (2) | | 2,021 | | 89,712 | |
Juniper Networks, Inc. (1) | | 3,883 | | 110,355 | |
| | | | 423,591 | |
Toys, Games & Hobbies – 0.2% | | | | | |
Mattel, Inc. (2) | | 4,684 | | 103,610 | |
Transportation – 0.5% | | | | | |
Knight-Swift Transportation Holdings, Inc. (1) | 1,632 | | 82,433 | | |
Landstar System, Inc. | | 440 | | 64,517 | |
Saia, Inc. (2) | | 263 | | 54,396 | |
XPO Logistics, Inc. (1)(2) | | 1,136 | | 59,549 | |
| | | | 260,895 | |
Water – 0.3% | | | | | |
Essential Utilities, Inc. (1) | | 2,825 | | 138,849 | |
Total Common Stocks | | | | | |
(Cost $53,117,470) | | | | 48,621,944 | |
Preferred Stocks – 0.1% | | | | | |
Entertainment – 0.1% | | | | | |
AMC Entertainment Holdings, Inc. (1) | | 10,119 | | 49,583 | |
Total Preferred Stocks | | | | | |
(Cost $0) | | | | 49,583 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund, Class X, 2.042% (3) | | 30,899 | | 30,899 | |
Total Short-Term Investments | | | | | |
(Cost $30,899) | | | | 30,899 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Next 500 ETF
25 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Investments Purchased With Collateral From Securities Lending – 27.2% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.470% (3) | | 13,267,911 | | $13,267,911 | |
Total Investments Purchased With Collateral From Securities Lending | | ||||
(Cost $13,267,911) | | | | 13,267,911 | |
Total Investments in Securities – 127.1% | | | | | |
(Cost $66,416,280) | | | | 61,970,337 | |
Liabilities in Excess of Other Assets – (27.1)% | | (13,216,551 | ) | ||
Total Net Assets – 100.0% | | | | $48,753,786 | |
(1)This security or a portion of this security was out on loan as of August 31, 2022. Total loaned securities had a value of $12,878,352 or 26.4% of net assets as of August 31, 2022. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(2)Non-income producing security.
(3)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
SoFi Social 50 ETF
26 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 98.6% | | | | | |
Aerospace & Defense – 1.3% | | | | | |
The Boeing Co. (1) | | 1,320 | | $211,530 | |
Airlines – 2.2% | | | | | |
American Airlines Group, Inc. (1)(2) | | 9,692 | | 125,899 | |
Delta Air Lines, Inc. (1)(2) | | 4,980 | | 154,729 | |
Southwest Airlines Co. (1) | | 1,985 | | 72,849 | |
| | | | 353,477 | |
Apparel – 0.4% | | | | | |
Nike, Inc. - Class B | | 620 | | 65,999 | |
Auto Manufacturers – 20.9% | | | | | |
Ford Motor Co. | | 25,145 | | 383,210 | |
Lucid Group, Inc. (1)(2) | | 29,240 | | 448,542 | |
NIO, Inc. - Class A - ADR (1) | | 24,455 | | 486,899 | |
Rivian Automotive, Inc. - Class A (1) | | 25,267 | | 826,483 | |
Tesla, Inc. (1) | | 4,665 | | 1,285,721 | |
| | | | 3,430,855 | |
Banks – 2.2% | | | | | |
NU Holdings Ltd/Cayman Islands - Class A (1)(2) | 73,540 | | 360,346 | | |
Beverages – 1.0% | | | | | |
The Coca-Cola Co. | | 2,790 | | 172,171 | |
Biotechnology – 1.0% | | | | | |
Moderna, Inc. (1) | | 1,285 | | 169,967 | |
Commercial Services – 3.2% | | | | | |
Block, Inc. - Class A (1) | | 3,775 | | 260,135 | |
PayPal Holdings, Inc. (1) | | 2,818 | | 263,314 | |
| | | | 523,449 | |
Computers – 8.2% | | | | | |
Apple, Inc. (2) | | 8,539 | | 1,342,502 | |
Diversified Financial Services – 1.1% | | | | | |
Coinbase Global, Inc. - Class A (1)(2) | | 2,616 | | 174,749 | |
Entertainment – 2.2% | | | | | |
AMC Entertainment Holdings, Inc. (1)(2) | | 40,037 | | 365,137 | |
Food – 0.2% | | | | | |
Beyond Meat, Inc. (1) | | 1,268 | | 30,939 | |
Insurance – 2.7% | | | | | |
Berkshire Hathaway, Inc. - Class B (1)(2) | | 1,560 | | 438,048 | |
Internet – 18.0% | | | | | |
Airbnb, Inc. - Class A (1) | | 2,093 | | 236,760 | |
Alibaba Group Holding Ltd. - ADR (1) | | 3,929 | | 374,866 | |
Alphabet, Inc. - Class A (1) | | 7,450 | | 806,239 | |
Amazon.com, Inc. (1) | | 10,268 | | 1,301,674 |
|
| Shares |
| Value | |
Internet – 18.0% (Continued) | | | | | |
Netflix, Inc. (1) | | 971 | | $217,077 | |
Shopify, Inc. - Class A (1)(2) | | 652 | | 20,636 | |
| | | | 2,957,252 | |
Leisure Time – 1.1% | | | | | |
Carnival Corp. (1)(2) | | 14,216 | | 134,483 | |
Virgin Galactic Holdings, Inc. - Class A (1)(2) | 8,533 | | 50,430 | | |
| | | | 184,913 | |
Media – 3.9% | | | | | |
The Walt Disney Co. (1)(2) | | 5,704 | | 639,304 | |
Miscellaneous Manufacturers – 0.2% | | | | | |
General Electric Co. | | 545 | | 40,025 | |
Oil & Gas – 1.3% | | | | | |
Exxon Mobil Corp. | | 2,187 | | 209,055 | |
Pharmaceuticals – 3.2% | | | | | |
Aurora Cannabis, Inc. (1) | | 22,080 | | 35,328 | |
Johnson & Johnson | | 746 | | 120,360 | |
Pfizer, Inc. | | 4,110 | | 185,895 | |
SNDL, Inc. (1)(2) | | 40,238 | | 114,678 | |
Tilray Brands, Inc. (1) | | 18,648 | | 70,863 | |
| | | | 527,124 | |
Retail – 8.2% | | | | | |
Costco Wholesale Corp. | | 710 | | 370,691 | |
GameStop Corp. (1)(2) | | 18,946 | | 542,614 | |
Starbucks Corp. (2) | | 1,931 | | 162,339 | |
Target Corp. (2) | | 751 | | 120,415 | |
Walmart, Inc. | | 1,071 | | 141,961 | |
| | | | 1,338,020 | |
Semiconductors – 6.5% | | | | | |
Advanced Micro Devices, Inc. (1) | | 4,221 | | 358,236 | |
NVIDIA Corp. (2) | | 4,673 | | 705,343 | |
| | | | 1,063,579 | |
Software – 7.6% | | | | | |
BlackBerry Ltd. (1) | | 11,693 | | 69,457 | |
Microsoft Corp. | | 3,086 | | 806,896 | |
Palantir Technologies, Inc. - Class A (1) | | 40,128 | | 309,788 | |
Zoom Video Communications, Inc. - Class A (1) | 797 | | 64,079 | | |
| | | | 1,250,220 | |
Telecommunications – 2.0% | | | | | |
AT&T, Inc. | | 14,682 | | 257,522 | |
Nokia Oyj - ADR | | 12,954 | | 65,418 | |
| | | | 322,940 | |
Total Common Stocks | | | | | |
(Cost $21,690,961) | | | | 16,171,601 | |
SoFi Social 50 ETF
27 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Preferred Stocks – 1.2% | | | | | |
Entertainment – 1.2% | | | | | |
AMC Entertainment Holdings, Inc. | | 40,037 | | $196,181 | |
Total Preferred Stocks | | | | | |
(Cost $0) | | | | 196,181 | |
Short-Term Investments – 0.0% (4) | | | | | |
Money Market Funds – 0.0% (4) | | | | | |
First American Government Obligations Fund, Class X, 2.042% (3) | | 5,889 | | 5,889 | |
Total Short-Term Investments | | | | | |
(Cost $5,889) | | | | 5,889 | |
Investments Purchased With Collateral From Securities Lending – 32.3% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.470% (3) | | 5,299,321 | | 5,299,321 | |
Total Investments Purchased With Collateral From Securities Lending | | ||||
(Cost $5,299,321) | | | | 5,299,321 | |
Total Investments in Securities – 132.2% | | | | ||
(Cost $26,996,171) | | | | 21,672,992 | |
Liabilities in Excess of Other Assets – (32.2)% | | (5,278,790 | ) | ||
Total Net Assets – 100.0% | | | | $16,394,202 | |
ADRAmerican Depoistary Receipt.
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2022. Total loaned securities had a value of $5,110,271 or 31.2% of net assets as of August 31, 2022. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
(4)Does not round to 0.1% or (0.1)%, as applicable.
SoFi Be Your Own Boss ETF
28 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 99.6% | | | | | |
Advertising Services – 0.9% | | | | | |
The Trade Desk, Inc. - Class A (1)(2) | | 1,253 | | $78,563 | |
Applications Software – 3.9% | | | | | |
Materialise NV - ADR (1)(2) | | 8,748 | | 102,264 | |
Microsoft Corp. | | 302 | | 78,964 | |
Monday.com Ltd. (1)(2) | | 1,332 | | 151,449 | |
| | | | 332,677 | |
Athletic Equipment – 0.6% | | | | | |
Peloton Interactive, Inc. - Class A (2) | | 4,708 | | 47,975 | |
Auto Manufacturers – 2.4% | | | | | |
Rivian Automotive, Inc. - Class A (1)(2) | | 2,204 | | 72,093 | |
Tesla, Inc. (2) | | 479 | | 132,017 | |
| | | | 204,110 | |
Commercial Services – 0.4% | | | | | |
IWG PLC | | 18,333 | | 34,324 | |
Commercial Services – Finance – 10.6% | | | | | |
Adyen NV (2) | | 68 | | 105,643 | |
Block, Inc. - Class A (2) | | 3,888 | | 267,922 | |
PayPal Holdings, Inc. (2) | | 2,271 | | 212,202 | |
Shift4 Payments, Inc. - Class A (1)(2) | | 2,420 | | 109,602 | |
StoneCo Ltd. - Class A (1)(2) | | 13,271 | | 125,809 | |
Yeahka Ltd. (2) | | 43,615 | | 90,133 | |
| | | | 911,311 | |
Communications Software – 0.3% | | | | | |
Zoom Video Communications, Inc. - Class A (2) | 307 | | 24,683 | | |
Computer Software – 7.8% | | | | | |
Citrix Systems, Inc. (1) | | 298 | | 30,625 | |
Cloudflare, Inc. - Class A (2) | | 1,179 | | 73,770 | |
Dropbox, Inc. - Class A (1)(2) | | 2,365 | | 50,587 | |
Fastly, Inc. - Class A (1)(2) | | 4,557 | | 42,608 | |
Lightspeed Commerce, Inc. (2) | | 5,236 | | 100,217 | |
MongoDB, Inc. - Class A (1)(2) | | 173 | | 55,855 | |
Snowflake, Inc. (2) | | 1,270 | | 229,807 | |
Splunk, Inc. (2) | | 744 | | 66,982 | |
Twilio, Inc. - Class A (1)(2) | | 319 | | 22,196 | |
| | | | 672,647 | |
Computers – Other – 3.6% | | | | | |
Nano Dimension Ltd. - ADR (1)(2) | | 40,903 | | 121,482 | |
Stratasys Ltd. (2) | | 11,099 | | 191,569 | |
| | | | 313,051 | |
Data Processing & Management – 0.2% | | | | | |
DocuSign, Inc. (2) | | 282 | | 16,418 |
|
| Shares |
| Value | |
E-Commerce & Products – 12.7% | | | | | |
Alibaba Group Holding Ltd. - ADR (2) | | 2,251 | | $214,768 | |
eBay, Inc. (1) | | 1,071 | | 47,263 | |
Etsy, Inc. (1)(2) | | 419 | | 44,251 | |
Farfetch Ltd. - Class A (1)(2) | | 5,160 | | 51,755 | |
JD.com, Inc. - Class A - ADR | | 3,559 | | 225,961 | |
JD.com, Inc. - Class A | | 452 | | 14,213 | |
Pinduoduo, Inc. - Class A - ADR (2) | | 4,157 | | 296,394 | |
Rakuten Group, Inc. (2) | | 24,072 | | 117,386 | |
Sea Ltd. - Class A - ADR (2) | | 1,353 | | 83,886 | |
| | | | 1,095,877 | |
E-Commerce & Services – 10.4% | | | | | |
Airbnb, Inc. - Class A (2) | | 1,848 | | 209,046 | |
BASE, Inc. (2) | | 5,346 | | 11,993 | |
Demae-Can Co. Ltd. | | 4,320 | | 18,573 | |
Fiverr International Ltd. (1)(2) | | 1,639 | | 56,676 | |
Lyft, Inc. - Class A (2) | | 2,797 | | 41,200 | |
MercadoLibre, Inc. (2) | | 247 | | 211,274 | |
Uber Technologies, Inc. (1)(2) | | 5,122 | | 147,309 | |
Upwork, Inc. (1)(2) | | 11,182 | | 194,567 | |
| | | | 890,638 | |
E-Marketing – Information – 1.2% | | | | | |
Jumia Technologies AG - ADR (1)(2) | | 13,761 | | 101,694 | |
Enterprise Software & Services – 5.4% | | | | | |
HubSpot, Inc. (2) | | 285 | | 96,056 | |
Salesforce, Inc. (1)(2) | | 605 | | 94,453 | |
UiPath, Inc. - Class A (2) | | 13,662 | | 224,740 | |
Workday, Inc. - Class A (1)(2) | | 307 | | 50,520 | |
| | | | 465,769 | |
Entertainment Software – 8.8% | | | | | |
Bilibili, Inc. - ADR (1)(2) | | 2,398 | | 59,854 | |
HUYA, Inc. - Class A - ADR (2) | | 22,924 | | 75,420 | |
NetEase, Inc. - ADR (1) | | 1,973 | | 174,630 | |
ROBLOX Corp. - Class A (1)(2) | | 6,735 | | 263,406 | |
Unity Software, Inc. (1)(2) | | 4,279 | | 182,799 | |
| | | | 756,109 | |
Finance – Consumer Loans – 2.0% | | | | | |
Dave, Inc. - Class A (1)(2) | | 18,544 | | 9,550 | |
LendingClub Corp. (2) | | 6,363 | | 83,164 | |
LendingTree, Inc. (2) | | 1,152 | | 35,125 | |
Upstart Holdings, Inc. (1)(2) | | 1,639 | | 42,450 | |
| | | | 170,289 | |
Finance – Other Services – 2.8% | | | | | |
Coinbase Global, Inc. - Class A (1)(2) | | 3,620 | | 241,816 | |
SoFi Be Your Own Boss ETF
29 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Internet Application Software – 3.0% | | | | | |
Shopify, Inc. - Class A (1)(2) | | 8,262 | | $261,492 | |
Internet Content – Entertainment – 4.9% | | | | | |
JOYY, Inc. - Class A - ADR (1)(2) | | 3,212 | | 97,388 | |
Pinterest, Inc. - Class A (2) | | 2,894 | | 66,677 | |
Snap, Inc. - Class A (2) | | 6,227 | | 67,750 | |
Spotify Technology SA (2) | | 1,726 | | 186,667 | |
| | | | 418,482 | |
Internet Content – Information & News – 4.7% | | | | ||
Meituan Dianping - Class B (2) | | 5,991 | | 144,874 | |
Nerdy, Inc. - Class A (2) | | 25,366 | | 77,620 | |
Tencent Holdings Ltd. | | 4,365 | | 181,966 | |
| | | | 404,460 | |
Internet Gambling – 1.7% | | | | | |
DraftKings, Inc. - Class A (1)(2) | | 9,015 | | 144,781 | |
Medical – HMO – 1.7% | | | | | |
Oscar Health, Inc. - Class A (2) | | 21,899 | | 145,190 | |
Medical – Outpatient & Home Medicine – 1.6% | | | | ||
Teladoc Health, Inc. (2) | | 4,524 | | 140,515 | |
Metal Processors & Fabrication – 1.7% | | | | | |
Proto Labs, Inc. (2) | | 3,757 | | 144,269 | |
Property & Casualty Insurance – 1.8% | | | | | |
Lemonade, Inc. (2) | | 6,837 | | 151,234 | |
Real Estate Operations & Development – 0.3% | | | | ||
WeWork, Inc. - Class A (1)(2) | | 6,467 | | 26,515 | |
Schools – 0.9% | | | | | |
2U, Inc. (2) | | 11,224 | | 79,915 | |
Transport – Services – 0.7% | | | | | |
DiDi Global, Inc. - Class A - ADR (2) | | 24,189 | | 61,682 | |
Web Portals & ISPs – 2.6% | | | | | |
Baidu, Inc. - Class A - ADR (1)(2) | | 1,587 | | 228,480 | |
Yandex NV - Class A (2)(4) | | 4,764 | | — | |
| | | | 228,480 | |
Total Common Stock | | | | | |
(Cost $20,391,613) | | | | 8,564,966 |
|
| Shares |
| Value | |
Short-Term Investments – 0.4% | | | | | |
Money Market Funds – 0.4% | | | | | |
First American Government Obligations Fund, Class X, 2.042% (3) | | 32,052 | | $32,052 | |
Total Short-Term Investments | | | | | |
(Cost $32,052) | | | | 32,052 | |
| | | | | |
Investments Purchased With Collateral From Securities Lending – 33.3% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.470% (3) | | 2,862,078 | | 2,862,078 | |
Total Investments Purchased With Collateral From Securities Lending | | ||||
(Cost $2,862,078) | | | | 2,862,078 | |
Total Investments in Securities – 133.3% | | | | | |
(Cost $23,285,743) | | | | 11,459,096 | |
Liabilites in Excess of Other Assets – (33.3)% | | (2,863,305 | ) | ||
Total Net Assets – 100.0% | | | | $8,595,791 | |
ADRAmerican Depoistary Receipt.
(1)This security or a portion of this security was out on loan as of August 31, 2022. Total loaned securities had a value of $2,793,323 or 32.5% of net assets as of August 31, 2022. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(2)Non-income producing security.
(3)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
(4)This security was fair valued by the Fair Valuation Committee.
SoFi Weekly Income ETF
30 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
|
| Principal |
| Value | |
Asset Backed Securities – 3.7% | | | | | |
AB Issuer, LLC, Series 2021-1, Class A2 | | | | | |
3.734%, 07/30/2051 | | $89,325 | | $76,015 | |
Applebee’s Funding, LLC / IHOP Funding, LLC, Series 2019-1A, Class A2I | | | | | |
4.194%, 06/05/2049 | | 198,000 | | 190,813 | |
DB Master Finance, LLC, Series 2021-1A, Class A2I | | | | | |
2.045%, 11/20/2051 | | 79,400 | | 69,330 | |
Hardee’s Funding, LLC, Series 2021-1A, Class A2 | | | | | |
2.865%, 06/20/2051 | | 148,500 | | 124,333 | |
ITE Rail Fund Levered L.P., Series 2021-1A, Class A | | | | | |
2.250%, 02/28/2051 | | 92,851 | | 81,900 | |
Planet Fitness Master Issuer, LLC, Series 2022-1A, Class A2I | | | | | |
3.251%, 12/05/2051 | | 74,813 | | 67,443 | |
ServiceMaster Funding, LLC, Series 2020-1, Class A2II | | | | | |
3.337%, 01/30/2051 | | 113,275 | | 89,060 | |
SERVPRO Master Issuer, LLC, Series 2021-1A, Class A2 | | | | | |
2.394%, 04/25/2051 | | 124,425 | | 102,350 | |
Wendy’s Funding, LLC, Series 2021-1A, Class A2II | | | | | |
2.775%, 06/15/2051 | | 99,000 | | 81,160 | |
Total Asset Backed Securities | | | | | |
(Cost $1,009,338) | | | | 882,404 | |
Corporate Bonds – 88.7% | | | | | |
Advertising – 0.3% | | | | | |
Lamar Media Corp. | | | | | |
3.750%, 02/15/2028 | | 72,000 | | 64,687 | |
Aerospace & Defense – 2.0% | | | | | |
Howmet Aerospace, Inc. | | | | | |
6.875%, 05/01/2025 | | 222,000 | | 228,258 | |
The Boeing Co. | | | | | |
2.196%, 02/04/2026 | | 130,000 | | 119,012 | |
TransDigm, Inc. | | | | | |
6.250%, 03/15/2026 | | 122,000 | | 120,015 | |
| | | | 467,285 | |
Agriculture – 0.5% | | | | | |
BAT International Finance PLC | | | | | |
4.448%, 03/16/2028 | | 78,000 | | 73,972 | |
Vector Group Ltd. | | | | | |
5.750%, 02/01/2029 | | 65,000 | | 56,451 | |
| | | | 130,423 |
|
| Principal |
| Value | |
Airlines – 1.9% | | | | | |
Delta Air Lines, Inc. | | | | | |
7.375%, 01/15/2026 | | $161,000 | | $164,436 | |
Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | |
6.500%, 06/20/2027 | | 238,000 | | 238,895 | |
United Airlines, Inc. | | | | | |
4.375%, 04/15/2026 | | 44,000 | | 40,176 | |
| | | | 443,507 | |
Apparel – 0.7% | | | | | |
Hanesbrands, Inc. | | | | | |
4.875%, 05/15/2026 | | 188,000 | | 173,203 | |
Auto Manufacturers – 2.2% | | | | | |
Allison Transmission, Inc. | | | | | |
4.750%, 10/01/2027 | | 150,000 | | 139,752 | |
Ford Motor Credit Co., LLC | | | | | |
3.664%, 09/08/2024 | | 400,000 | | 383,880 | |
| | | | 523,632 | |
Auto Parts & Equipment – 1.0% | | | | | |
Dana, Inc. | | | | | |
5.375%, 11/15/2027 | | 144,000 | | 128,576 | |
The Goodyear Tire & Rubber Co. | | | | | |
4.875%, 03/15/2027 | | 111,000 | | 104,482 | |
| | | | 233,058 | |
Banks – 2.6% | | | | | |
Barclays PLC | | | | | |
5.304% (3 Month LIBOR USD - 2.3000%), 08/09/2026 (1)(2) | | 200,000 | | 198,626 | |
Citigroup, Inc. | | | | | |
4.300%, 11/20/2026 | | 56,000 | | 55,265 | |
Citizens Financial Group, Inc. | | | | | |
6.000% (3 Month LIBOR USD - 3.003%), 07/6/2023 (1)(2)(3) | | 189,000 | | 173,600 | |
NatWest Group PLC | | | | | |
6.000% (5 Year CMT Rate + 5.625%), 12/29/2025 (1)(2)(3) | | 200,000 | | 188,459 | |
| | | | 615,950 | |
Building Materials – 1.1% | | | | | |
Eco Material Technologies, Inc. | | | | | |
7.875%, 01/31/2027 | | 129,000 | | 120,492 | |
SRM Escrow Issuer, LLC | | | | | |
6.000%, 11/01/2028 | | 146,000 | | 132,659 | |
| | | | 253,151 | |
Chemicals – 1.3% | | | | | |
Celanese US Holdings, LLC | | | | | |
5.900%, 07/05/2024 | | 84,000 | | 84,662 | |
Methanex Corp. | | | | | |
4.250%, 12/01/2024 | | 71,000 | | 69,099 | |
SoFi Weekly Income ETF
31 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Principal |
| Value | |
Chemicals – 1.3% (Continued) | | | | | |
Olin Corp. | | | | | |
5.125%, 09/15/2027 | | $124,000 | | $117,847 | |
The Chemours Co. | | | | | |
4.625%, 11/15/2029 | | 56,000 | | 46,277 | |
| | | | 317,885 | |
Commercial Services – 2.6% | | | | | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | |
6.625%, 07/15/2026 | | 133,000 | | 124,687 | |
Block, Inc. | | | | | |
2.750%, 06/01/2026 | | 133,000 | | 118,448 | |
Global Payments, Inc. | | | | | |
4.950%, 08/15/2027 | | 120,000 | | 118,938 | |
The Brink’s Co. | | | | | |
4.625%, 10/15/2027 | | 199,000 | | 179,370 | |
United Rentals North America, Inc. | | | | | |
5.500%, 05/15/2027 | | 66,000 | | 65,439 | |
| | | | 606,882 | |
Computers – 0.4% | | | | | |
KBR, Inc. | | | | | |
4.750%, 09/30/2028 | | 100,000 | | 90,622 | |
Distribution & Wholesale – 0.2% | | | | | |
H&E Equipment Services, Inc. | | | | | |
3.875%, 12/15/2028 | | 67,000 | | 56,691 | |
Diversified Financial Services – 8.9% | | | | | |
AerCap Holdings N.V. | | | | | |
5.875% (5 Year CMT Rate + 4.535%), 10/10/2079 (1)(2) | | 238,000 | | 215,919 | |
Aircastle Ltd. | | | | | |
4.250%, 06/15/2026 | | 63,000 | | 58,300 | |
Avolon Holdings Funding Ltd. | | | | | |
4.250%, 04/15/2026 | | 167,000 | | 154,042 | |
BGC Partners, Inc. | | | | | |
4.375%, 12/15/2025 | | 89,000 | | 85,483 | |
Castlelake Aviation Finance DAC | | | | | |
5.000%, 04/15/2027 | | 94,000 | | 81,485 | |
Navient Corp. | | | | | |
6.750%, 06/15/2026 | | 159,000 | | 151,050 | |
5.500%, 01/25/2023 | | 323,000 | | 321,757 | |
OneMain Finance Corp. | | | | | |
3.500%, 01/15/2027 (7) | | 317,000 | | 262,037 | |
7.125%, 03/15/2026 | | 80,000 | | 74,616 | |
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. | | | | | |
6.375%, 02/01/2027 | | 135,000 | | 130,019 |
|
| Principal |
| Value | |
Diversified Financial Services – 8.9% (Continued) | | ||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. | | | | | |
2.875%, 10/15/2026 | | $217,000 | | $182,683 | |
SLM Corp. | | | | | |
4.200%, 10/29/2025 | | 56,000 | | 51,430 | |
The Depository Trust & Clearing Corp. | | | | | |
3.375% (5 Year CMT Rate + 2.606%), 06/20/2026 (1)(2)(3) | | 250,000 | | 200,614 | |
United Wholesale Mortgage, LLC | | | | | |
5.500%, 11/15/2025 | | 155,000 | | 137,032 | |
| | | | 2,106,467 | |
Electric – 2.5% | | | | | |
FirstEnergy Corp. | | | | | |
1.600%, 01/15/2026 | | 56,000 | | 50,647 | |
NextEra Energy Operating Partners L.P. | | | | | |
4.250%, 09/15/2024 | | 180,000 | | 176,375 | |
3.875%, 10/15/2026 | | 128,000 | | 119,491 | |
TransAlta Corp. | | | | | |
4.500%, 11/15/2022 | | 239,000 | | 238,724 | |
| | | | 585,237 | |
Electrical Components & Equipment – 0.9% | | | | ||
EnerSys | | | | | |
4.375%, 12/15/2027 | | 222,000 | | 202,360 | |
Environmental Control – 1.0% | | | | | |
Stericycle, Inc. | | | | | |
5.375%, 07/15/2024 | | 239,000 | | 234,213 | |
Entertainment – 0.5% | | | | | |
Caesars Entertainment, Inc. | | | | | |
6.250%, 07/01/2025 | | 113,000 | | 110,480 | |
Healthcare – Products – 0.9% | | | | | |
Garden Spinco Corp. | | | | | |
8.625%, 07/20/2030 | | 58,000 | | 61,862 | |
Hologic, Inc. | | | | | |
3.250%, 02/15/2029 | | 184,000 | | 157,206 | |
| | | | 219,068 | |
Healthcare – Services – 2.8% | | | | | |
Centene Corp. | | | | | |
2.450%, 07/15/2028 | | 152,000 | | 128,413 | |
Encompass Health Corp. | | | | | |
4.500%, 02/01/2028 | | 100,000 | | 87,652 | |
HCA, Inc. | | | | | |
5.375%, 02/01/2025 | | 281,000 | | 284,025 | |
SoFi Weekly Income ETF
32 |
The accompanying notes are an integral part of these financial statements.
|
| Principal |
| Value | |
Healthcare – Services – 2.8% (Continued) | | | | ||
Tenet Healthcare Corp. | | | | | |
4.625%, 07/15/2024 | | $42,000 | | $41,181 | |
5.125%, 11/01/2027 | | 61,000 | | 56,585 | |
6.125%, 06/15/2030 | | 63,000 | | 60,562 | |
| | | | 658,418 | |
Home Builders – 1.0% | | | | | |
Ashton Woods USA LLC / Ashton Woods Finance Co. | | | | | |
4.625%, 04/01/2030 | | 78,000 | | 61,637 | |
LGI Homes, Inc. | | | | | |
4.000%, 07/15/2029 | | 111,000 | | 86,728 | |
Tri Pointe Homes, Inc. | | | | | |
5.700%, 06/15/2028 | | 111,000 | | 100,714 | |
| | | | 249,079 | |
Insurance – 1.9% | | | | | |
NMI Holdings, Inc. | | | | | |
7.375%, 06/01/2025 | | 283,000 | | 286,306 | |
SBL Holdings, Inc. | | | | | |
5.125%, 11/13/2026 | | 172,000 | | 164,074 | |
| | | | 450,380 | |
Internet – 1.2% | | | | | |
NortonLifeLock, Inc. | | | | | |
5.000%, 04/15/2025 | | 101,000 | | 99,816 | |
Uber Technologies, Inc. | | | | | |
8.000%, 11/01/2026 | | 63,000 | | 63,723 | |
7.500%, 05/15/2025 | | 111,000 | | 111,915 | |
| | | | 275,454 | |
Investment Companies – 5.9% | | | | | |
Bain Capital Specialty Finance, Inc. | | | | | |
2.950%, 03/10/2026 | | 127,000 | | 112,726 | |
Blackstone Private Credit Fund | | | | | |
2.625%, 12/15/2026 | | 222,000 | | 187,586 | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | |
4.750%, 09/15/2024 | | 200,000 | | 190,520 | |
5.250%, 05/15/2027 | | 50,000 | | 45,551 | |
Oaktree Specialty Lending Corp. | | | | | |
2.700%, 01/15/2027 | | 133,000 | | 117,352 | |
OWL Rock Core Income Corp. | | | | | |
4.700%, 02/08/2027 | | 189,000 | | 172,202 | |
Owl Rock Technology Finance Corp. | | | | | |
4.750%, 12/15/2025 | | 328,000 | | 305,501 | |
Prospect Capital Corp. | | | | | |
5.875%, 03/15/2023 (7) | | 143,000 | | 143,188 | |
Sixth Street Specialty Lending, Inc. | | | | | |
3.875%, 11/01/2024 | | 128,000 | | 123,995 | |
| | | 1,398,621 |
|
| Principal |
| Value | |
Iron & Steel – 1.1% | | | | | |
Cleveland-Cliffs, Inc. | | | | | |
5.875%, 06/01/2027 | | $122,000 | | $117,024 | |
Mineral Resources Ltd. | | | | | |
8.125%, 05/01/2027 | | 67,000 | | 67,243 | |
8.000%, 11/01/2027 | | 72,000 | | 71,935 | |
| | | | 256,202 | |
Leisure Time – 1.1% | | | | | |
Carnival Corp. | | | | | |
7.625%, 03/01/2026 (7) | | 139,000 | | 118,525 | |
NCL Corp. Ltd. | | | | | |
5.875%, 02/15/2027 | | 78,000 | | 70,800 | |
Royal Caribbean Cruises Ltd. | | | | | |
4.250%, 07/01/2026 | | 100,000 | | 77,009 | |
| | | | 266,334 | |
Lodging – 0.2% | | | | | |
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | | | | | |
4.875%, 04/01/2027 (7) | | 63,000 | | 60,244 | |
Media – 6.3% | | | | | |
AMC Networks, Inc. | | | | | |
5.000%, 04/01/2024 | | 237,000 | | 231,409 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | |
5.125%, 05/01/2027 | | 198,000 | | 188,199 | |
6.375%, 09/01/2029 (7) | | 75,000 | | 72,938 | |
CSC Holdings, LLC | | | | | |
5.250%, 06/01/2024 | | 172,000 | | 167,903 | |
DISH DBS Corp. | | | | | |
5.000%, 03/15/2023 | | 103,000 | | 100,928 | |
5.875%, 11/15/2024 | | 37,000 | | 33,530 | |
5.250%, 12/01/2026 | | 128,000 | | 105,920 | |
Gray Television, Inc. | | | | | |
7.000%, 05/15/2027 | | 120,000 | | 118,513 | |
Midcontinent Communications / Midcontinent Finance Corp. | | | | | |
5.375%, 08/15/2027 | | 65,000 | | 60,865 | |
Radiate Holdco LLC / Radiate Finance, Inc. | | | | | |
4.500%, 09/15/2026 | | 130,000 | | 112,288 | |
Sirius XM Radio, Inc. | | | | | |
4.000%, 07/15/2028 | | 176,000 | | 153,560 | |
3.125%, 09/01/2026 | | 111,000 | | 98,999 | |
Univision Communications, Inc. | | | | | |
4.500%, 05/01/2029 | | 56,000 | | 49,084 | |
| | | | 1,494,136 | |
Metal Fabricate & Hardware – 0.5% | | | | | |
Advanced Drainage Systems, Inc. | | | | | |
6.375%, 06/15/2030 | | 124,000 | | 120,104 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Weekly Income ETF
33 |
The accompanying notes are an integral part of these financial statements.
|
| Principal |
| Value | |
Mining – 0.4% | | | | | |
Hudbay Minerals, Inc. | | | | | |
4.500%, 04/01/2026 | | $111,000 | | $100,899 | |
Oil & Gas – 5.3% | | | | | |
Antero Resources Corp. | | | | | |
8.375%, 07/15/2026 | | 64,000 | | 68,897 | |
Cenovus Energy, Inc. | | | | | |
5.375%, 07/15/2025 | | 56,000 | | 57,501 | |
EQT Corp. | | | | | |
6.125%, 02/01/2025 (4)(7) | | 237,000 | | 243,886 | |
Laredo Petroleum, Inc. | | | | | |
9.500%, 01/15/2025 | | 100,000 | | 100,479 | |
Occidental Petroleum Corp. | | | | | |
3.200%, 08/15/2026 | | 43,000 | | 40,698 | |
4.927%, 10/10/2036 (5)(6) | | 514,000 | | 268,105 | |
Parkland Corp. | | | | | |
5.875%, 07/15/2027 | | 75,000 | | 72,556 | |
Range Resources Corp. | | | | | |
4.875%, 05/15/2025 | | 95,000 | | 92,323 | |
Southwestern Energy Co. | | | | | |
5.700%, 01/23/2025 (4) | | 122,000 | | 122,146 | |
Strathcona Resources Ltd. | | | | | |
6.875%, 08/01/2026 | | 61,000 | | 53,800 | |
Sunoco LP / Sunoco Finance Corp. | | | | | |
6.000%, 04/15/2027 | | 133,000 | | 128,820 | |
| | | | 1,249,211 | |
Packaging & Containers – 4.5% | | | | | |
Berry Global, Inc. | | | | | |
4.875%, 07/15/2026 | | 300,000 | | 292,452 | |
Crown Americas LLC / Crown Americas Capital Corp VI | | | | | |
4.750%, 02/01/2026 | | 150,000 | | 144,851 | |
Graphic Packaging International, LLC | | | | | |
4.125%, 08/15/2024 | | 142,000 | | 138,267 | |
LABL, Inc. | | | | | |
6.750%, 07/15/2026 | | 206,000 | | 196,006 | |
OI European Group BV | | | | | |
4.750%, 02/15/2030 | | 67,000 | | 54,340 | |
Sealed Air Corp. | | | | | |
5.500%, 09/15/2025 | | 183,000 | | 182,355 | |
Silgan Holdings, Inc. | | | | | |
4.125%, 02/01/2028 | | 56,000 | | 51,338 | |
| | | 1,059,609 |
|
| Principal |
| Value | |
Pharmaceuticals – 1.3% | | | | | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | |
2.800%, 07/21/2023 | | $242,000 | | $232,429 | |
3.150%, 10/01/2026 | | 92,000 | | 77,670 | |
| | | | 310,099 | |
Pipelines – 6.7% | | | | | |
Buckeye Partners L.P. | | | | | |
3.950%, 12/01/2026 | | 172,000 | | 152,976 | |
4.125%, 03/01/2025 | | 50,000 | | 46,824 | |
DCP Midstream L.P. | | | | | |
7.375% (3 Month LIBOR USD + 5.148%), 12/15/2022 (1)(2)(3) | | 56,000 | | 55,860 | |
DCP Midstream Operating L.P. | | | | | |
5.375%, 07/15/2025 | | 217,000 | | 217,826 | |
EnLink Midstream, LLC | | | | | |
6.500%, 09/01/2030 | | 75,000 | | 74,706 | |
Enterprise Products Operating, LLC | | | | | |
5.908% (3 Month LIBOR USD + 2.986%), 08/16/2077 (1) | | 193,000 | | 172,162 | |
EQM Midstream Partners L.P. | | | | | |
4.125%, 12/01/2026 | | 78,000 | | 70,417 | |
7.500%, 06/01/2027 | | 66,000 | | 65,343 | |
Global Partners LP / GLP Finance Corp. | | | | | |
7.000%, 08/01/2027 | | 72,000 | | 68,129 | |
Hess Midstream Operations L.P. | | | | | |
5.125%, 06/15/2028 | | 161,000 | | 149,774 | |
New Fortress Energy, Inc. | | | | | |
6.500%, 09/30/2026 | | 123,000 | | 116,687 | |
NuStar Logistics L.P. | | | | | |
5.750%, 10/01/2025 | | 239,000 | | 228,449 | |
Western Midstream Operating L.P. | | | | | |
3.950%, 06/01/2025 | | 167,000 | | 159,798 | |
| | | | 1,578,951 | |
Real Estate – 0.5% | | | | | |
Newmark Group, Inc. | | | | | |
6.125%, 11/15/2023 | | 124,000 | | 124,188 | |
Real Estate Investment Trusts (REITs) – 4.4% | | | | ||
Blackstone Mortgage Trust, Inc. | | | | | |
3.750%, 01/15/2027 | | 106,000 | | 92,388 | |
EPR Properties | | | | | |
4.750%, 12/15/2026 | | 200,000 | | 188,494 | |
iStar, Inc. | | | | | |
4.750%, 10/01/2024 | | 138,000 | | 138,233 | |
MPT Operating Partnership LP / MPT Finance Corp. | | | | | |
5.000%, 10/15/2027 | | 198,000 | | 177,871 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Weekly Income ETF
34 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Principal |
| Value | |
Real Estate Investment Trusts (REITs) – 4.4% (Continued) | | ||||
Starwood Property Trust, Inc. | | | | | |
4.750%, 03/15/2025 | | $111,000 | | $105,851 | |
3.750%, 12/31/2024 | | 56,000 | | 52,282 | |
VICI Properties LP / VICI Note Co., Inc. | | | | | |
3.750%, 02/15/2027 (7) | | 311,000 | | 281,632 | |
| | | | 1,036,751 | |
Retail – 3.1% | | | | | |
Academy Ltd. | | | | | |
6.000%, 11/15/2027 | | 120,000 | | 112,196 | |
Asbury Automotive Group, Inc. | | | | | |
4.500%, 03/01/2028 | | 156,000 | | 139,532 | |
Bath & Body Works, Inc. | | | | | |
6.694%, 01/15/2027 | | 92,000 | | 89,635 | |
Group 1 Automotive, Inc. | | | | | |
4.000%, 08/15/2028 | | 144,000 | | 123,265 | |
Macy’s Retail Holdings, LLC | | | | | |
5.875%, 03/15/2030 | | 61,000 | | 52,238 | |
QVC, Inc. | | | | | |
4.850%, 04/01/2024 | | 93,000 | | 89,609 | |
4.750%, 02/15/2027 | | 144,000 | | 119,152 | |
| | | | 725,627 | |
Semiconductors – 1.0% | | | | | |
Amkor Technology, Inc. | | | | | |
6.625%, 09/15/2027 | | 239,000 | | 233,864 | |
Software – 0.9% | | | | | |
Consensus Cloud Solutions, Inc. | | | | | |
6.000%, 10/15/2026 | | 164,000 | | 149,558 | |
ROBLOX Corp. | | | | | |
3.875%, 05/01/2030 | | 78,000 | | 65,201 | |
| | | | 214,759 | |
Telecommunications – 6.4% | | | | | |
Frontier Communications Holdings, LLC | | | | | |
5.875%, 10/15/2027 | | 71,000 | | 66,358 | |
Level 3 Financing, Inc. | | | | | |
4.250%, 07/01/2028 (7) | | 324,000 | | 269,722 | |
Lumen Technologies, Inc. | | | | | |
5.125%, 12/15/2026 | | 63,000 | | 54,520 | |
4.000%, 02/15/2027 | | 102,000 | | 88,851 | |
Nokia Oyj | | | | | |
4.375%, 06/12/2027 | | 258,000 | | 246,329 | |
Quebecor Media, Inc. | | | | | |
5.750%, 01/15/2023 | | 128,000 | | 128,161 | |
Sprint Corp. | | | | | |
7.875%, 09/15/2023 | | 323,000 | | 333,205 | |
T-Mobile USA, Inc. | | | | | |
2.250%, 02/15/2026 | | 357,000 | | 328,529 | |
| | | 1,515,675 |
|
| Principal |
| Value | |
Toys, Games, & Hobbies – 0.7% | | | | | |
Mattel, Inc. | | | | | |
3.375%, 04/01/2026 | | $194,000 | | $176,602 | |
Total Corporate Bonds | | | | | |
(Cost $22,372,794) | | | | 20,990,008 | |
Mortgage Backed Securities – 1.0% | | | | | |
Federal Home Loan Mortgage Corporation REMICS | | | | | |
4.000%, 07/15/2047 | | 124,363 | | 21,085 | |
Federal National Mortgage Association Interest Strips | | | | | |
5.000%, 1/25/2043 | | 593,707 | | 100,652 | |
4.000%, 1/25/2048 | | 402,961 | | 51,205 | |
Federal National Mortgage Association REMICS | | | | | |
3.000%, 03/25/2028 | | 1,028,119 | | 54,322 | |
5.000%, 07/25/2046 | | 79,329 | | 13,387 | |
0.574% (SOFR + 1.500%), 05/25/2051 (1) | 288,070 | | 900 | | |
Total Mortgage Backed Securities | | | | | |
(Cost $197,694) | | | | 241,551 | |
Municipal Bonds – 0.9% | | | | | |
Municipal – 0.9% | | | | | |
Metropolitan Transportation Authority | | | | | |
5.000%, 09/01/2022 | | 128,000 | | 128,000 | |
State of Illinois | | | | | |
4.950%, 06/01/2023 | | 86,999 | | 87,422 | |
Total Municipal Bonds | | | | | |
(Cost $215,386) | | | | 215,422 | |
United States Treasury Obligations – 1.8% | | | | ||
United States Treasury Bill | | | | | |
2.113%, 10/13/2022 (6) | | 417,000 | | 415,877 | |
Total United States Treasury Obligations | | | | ||
(Cost $415,976) | | | | 415,877 | |
|
| Shares |
|
| |
Preferred Stocks – 1.4% | | | | | |
Banks – 0.9% | | | | | |
U.S. Bancorp | | | | | |
3.750%, 01/15/2026 (3) | | 12,000 | | 206,040 | |
Diversified Financial Services – 0.5% | | | | | |
Brookfield Finance, Inc. | | | | | |
4.625%, 10/16/2080 | | 6,665 | | 121,903 | |
Total Preferred Stocks | | | | | |
(Cost $437,448) | | | | 327,943 | |
SoFi Weekly Income ETF
35 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Short-Term Investments – 1.6% | | | | | |
Money Market Funds – 1.6% | | | | | |
First American Government Obligations Fund, Class X, 2.042% (8) | | 367,049 | | $367,049 | |
Total Short-Term Investments | | | | | |
(Cost $367,049) | | | | 367,049 | |
Investments Purchased With Collateral From Securities Lending – 5.6% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.470% (8) | | 1,334,110 | | 1,334,110 | |
Total Investments Purchased With Collateral From Securities Lending | | ||||
(Cost $1,334,110) | | | | 1,334,110 | |
Total Investments in Securities – 104.7% | | | | ||
(Cost $26,349,795) | | | | 24,774,364 | |
Liabilites in Excess of Other Assets – (4.7)% | | (1,114,263 | ) | ||
Total Net Assets – 100.0% | | | | $23,660,101 | |
CMTConstant Maturity Treasury Rate
LIBORLondon Interbank Offered Rate
SOFRSecured Overnight Financing Rate
USDUnited States Dollar
(1)Variable rate security; rate shown is the rate in effect on August 31, 2022. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
(2)Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on August 31, 2022. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
(3)Perpetual call date security. Date shown is next call date.
(4)Step-up bond; the interest rate shown is the rate in effect as of August 31, 2022.
(5)Rate represents the annualized effective yield to maturity from the purchase price.
(6)Zero coupon security
(7)This security or a portion of this security was out on loan as of August 31, 2022. Total loaned securities had a value of $1,301,129 or 5.5% of net assets as of August 31, 2022. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(8)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
SoFi Weekly Dividend ETF
36 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 99.4% | | | | | |
Advertising – 0.1% | | | | | |
Dentsu Group, Inc. | | 126 | | $4,104 | |
Hakuhodo DY Holdings, Inc. | | 142 | | 1,281 | |
| | | | 5,385 | |
Aerospace & Defense – 1.5% | | | | | |
BAE Systems PLC (1) | | 1,935 | | 17,477 | |
General Dynamics Corp. | | 149 | | 34,110 | |
Lockheed Martin Corp. | | 164 | | 68,898 | |
Saab AB - Class A | | 48 | | 1,611 | |
Thales SA (1) | | 65 | | 7,853 | |
| | | | 129,949 | |
Agriculture – 1.1% | | | | | |
Archer-Daniels-Midland Co. | | 339 | | 29,795 | |
British American Tobacco PLC | | 1,387 | | 55,704 | |
Japan Tobacco, Inc. | | 679 | | 11,560 | |
| | | | 97,059 | |
Apparel – 0.1% | | | | | |
Burberry Group PLC | | 244 | | 4,963 | |
Auto Manufacturers – 2.4% | | | | | |
Bayerische Motoren Werke AG | | 197 | | 14,554 | |
Cummins, Inc. | | 87 | | 18,737 | |
Honda Motor Co. Ltd. | | 982 | | 26,380 | |
Isuzu Motors Ltd. | | 361 | | 4,508 | |
PACCAR, Inc. | | 195 | | 17,065 | |
Stellantis NV | | 1,323 | | 17,765 | |
Suzuki Motor Corp. | | 254 | | 8,940 | |
Toyota Motor Corp. | | 6,698 | | 101,539 | |
| | | | 209,488 | |
Auto Parts & Equipment – 0.6% | | | | | |
Aisin Corp. | | 96 | | 2,877 | |
Bridgestone Corp. | | 353 | | 13,631 | |
Cie Generale des Etablissements Michelin SCA | | 424 | | 10,363 | |
Magna International, Inc. | | 185 | | 10,718 | |
NGK Insulators Ltd. | | 186 | | 2,682 | |
NGK Spark Plug Co. Ltd. | | 119 | | 2,460 | |
Sumitomo Electric Industries Ltd. | | 457 | | 5,283 | |
Toyota Boshoku Corp. | | 49 | | 720 | |
Toyota Industries Corp. | | 95 | | 5,359 | |
| | | | 54,093 | |
Banks – 13.3% | | | | | |
Banco Bilbao Vizcaya Argentaria SA | | 3,639 | | 16,435 | |
Bank Hapoalim BM | | 698 | | 7,281 | |
Bank Leumi Le-Israel BM | 916 | | 9,737 |
|
| Shares |
| Value | |
Banks – 13.3% (Continued) | | | | | |
Bank of America Corp. (2) | | 4,347 | | $146,103 | |
Bank of Montreal | | 408 | | 37,775 | |
Barclays PLC | | 10,092 | | 19,317 | |
CaixaBank SA | | 2,666 | | 8,053 | |
Canadian Imperial Bank of Commerce | | 547 | | 25,942 | |
Citigroup, Inc. | | 1,192 | | 58,182 | |
Citizens Financial Group, Inc. | | 302 | | 11,077 | |
Concordia Financial Group Ltd. | | 658 | | 2,098 | |
DBS Group Holdings Ltd. | | 1,114 | | 26,031 | |
Erste Group Bank AG | | 198 | | 4,476 | |
Fifth Third Bancorp | | 420 | | 14,343 | |
FinecoBank Banca Fineco SpA | | 375 | | 4,078 | |
Huntington Bancshares, Inc. | | 866 | | 11,604 | |
ING Groep NV | | 2,241 | | 19,754 | |
JPMorgan Chase & Co. | | 1,793 | | 203,918 | |
KBC Group NV (1) | | 172 | | 8,195 | |
KeyCorp | | 573 | | 10,136 | |
M&T Bank Corp. | | 109 | | 19,814 | |
Mediobanca Banca di Credito Finanziario SpA | | 384 | | 3,054 | |
Mizrahi Tefahot Bank Ltd. | | 92 | | 3,761 | |
Morgan Stanley | | 826 | | 70,392 | |
National Bank of Canada | | 208 | | 13,801 | |
NatWest Group PLC | | 3,303 | | 9,472 | |
Northern Trust Corp. | | 122 | | 11,601 | |
Oversea-Chinese Banking Corp. Ltd. | | 2,358 | | 20,435 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | 542 | | 2,717 | |
Raiffeisen Bank International AG | | 88 | | 1,118 | |
Regions Financial Corp. | | 570 | | 12,352 | |
Royal Bank of Canada | | 860 | | 80,201 | |
Seven Bank Ltd. | | 371 | | 707 | |
State Street Corp. | | 214 | | 14,627 | |
Sumitomo Mitsui Financial Group, Inc. | | 743 | | 22,479 | |
The Bank of New York Mellon Corp. | | 446 | | 18,522 | |
The Bank of Nova Scotia | | 705 | | 39,094 | |
The Chiba Bank Ltd. | | 417 | | 2,262 | |
The PNC Financial Services Group, Inc. | | 253 | | 39,974 | |
The Shizuoka Bank Ltd. | | 344 | | 2,000 | |
The Toronto-Dominion Bank | | 1,091 | | 70,387 | |
Truist Financial Corp. | | 817 | | 38,268 | |
U.S. Bancorp | | 820 | | 37,400 | |
| | | | 1,178,973 | |
Beverages – 1.9% | | | | | |
Carlsberg AS - Class A | | 59 | | 7,704 | |
Coca-Cola Europacific Partners PLC | | 75 | | 3,688 | |
JDE Peet’s NV | | 59 | | 1,822 | |
SoFi Weekly Dividend ETF
37 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Beverages – 1.9% (Continued) | | | | | |
The Coca-Cola Co. | | 2,386 | | $147,240 | |
Treasury Wine Estates Ltd. | | 443 | | 4,006 | |
| | | | 164,460 | |
Biotechnology – 0.5% | | | | | |
Gilead Sciences, Inc. | | 759 | | 48,174 | |
Building Materials – 0.4% | | | | | |
AGC, Inc. | | 118 | | 4,043 | |
Cie de Saint-Gobain | | 260 | | 10,549 | |
CRH PLC | | 467 | | 17,256 | |
HeidelbergCement AG | | 89 | | 4,036 | |
Lixil Corp. | | 183 | | 3,220 | |
| | | | 39,104 | |
Chemicals – 2.7% | | | | | |
Air Products and Chemicals, Inc. | | 137 | | 34,586 | |
Air Water, Inc. | | 128 | | 1,616 | |
Akzo Nobel NV | | 101 | | 6,402 | |
Asahi Kasei Corp. | | 817 | | 6,029 | |
BASF SE | | 566 | | 23,944 | |
Covestro AG | | 115 | | 3,483 | |
Dow, Inc. (2) | | 447 | | 22,797 | |
Eastman Chemical Co. | | 84 | | 7,644 | |
FMC Corp. | | 81 | | 8,754 | |
Givaudan SA | | 5 | | 16,031 | |
ICL Group Ltd. | | 430 | | 4,137 | |
LyondellBasell Industries NV | | 160 | | 13,280 | |
Mitsubishi Chemical Group Corp. | | 822 | | 4,346 | |
Mitsubishi Gas Chemical Co., Inc. | | 130 | | 1,951 | |
Mitsui Chemicals, Inc. | | 109 | | 2,473 | |
Nitto Denko Corp. | | 90 | | 5,596 | |
Nutrien Ltd. | | 341 | | 31,395 | |
Shin-Etsu Chemical Co. Ltd. | | 248 | | 29,188 | |
Showa Denko KK | | 55 | | 855 | |
Solvay SA | | 43 | | 3,487 | |
Sumitomo Chemical Co. Ltd. | | 971 | | 3,852 | |
Toray Industries, Inc. | | 921 | | 5,308 | |
Tosoh Corp. | | 176 | | 2,294 | |
Yara International ASA | | 99 | | 4,204 | |
| | | | 243,652 | |
Commercial Services – 1.4% | | | | | |
Ashtead Group PLC | | 271 | | 13,402 | |
Automatic Data Processing, Inc. | | 257 | | 62,813 | |
Brambles Ltd. | | 852 | | 7,231 | |
Dai Nippon Printing Co. Ltd. | | 151 | | 3,199 | |
Intertek Group PLC | | 99 | | 4,561 |
|
| Shares |
| Value | |
Commercial Services – 1.4% (Continued) | | | | ||
Randstad NV | | 68 | | $3,179 | |
RELX PLC | | 1,181 | | 31,085 | |
| | | | 125,470 | |
Computers – 0.2% | | | | | |
Computershare Ltd. | | 327 | | 5,537 | |
Hewlett Packard Enterprise Co. | | 819 | | 11,139 | |
Itochu Techno-Solutions Corp. | | 27 | | 689 | |
Otsuka Corp. | | 65 | | 2,124 | |
SCSK Corp. | | 97 | | 1,595 | |
| | | | 21,084 | |
Cosmetics & Personal Care – 3.1% | | | | | |
The Procter & Gamble Co. | | 1,481 | | 204,289 | |
Unilever PLC | | 1,539 | | 70,297 | |
| | | | 274,586 | |
Distribution & Wholesale – 1.1% | | | | | |
ITOCHU Corp. | | 896 | | 24,839 | |
Jardine Cycle & Carriage Ltd. | | 29 | | 683 | |
Marubeni Corp. | | 1,025 | | 10,736 | |
Mitsubishi Corp. | | 827 | | 27,228 | |
Mitsui & Co. Ltd. | | 905 | | 21,322 | |
Seven Group Holdings Ltd. | | 115 | | 1,465 | |
Sojitz Corp. | | 141 | | 2,390 | |
Sumitomo Corp. | | 723 | | 10,248 | |
| | | | 98,911 | |
Diversified Financial Services – 2.4% | | | | | |
Ally Financial, Inc. | | 191 | | 6,341 | |
Apollo Global Management, Inc. | | 261 | | 14,506 | |
ASX Ltd. | | 118 | | 6,346 | |
Avanza Bank Holding AB | | 69 | | 1,114 | |
BlackRock, Inc. | | 88 | | 58,642 | |
CME Group, Inc. - Class A | | 218 | | 42,643 | |
Franklin Resources, Inc. (2) | | 190 | | 4,953 | |
Hargreaves Lansdown PLC | | 216 | | 2,055 | |
Hong Kong Exchanges & Clearing Ltd. | | 789 | | 31,947 | |
IGM Financial, Inc. | | 62 | | 1,693 | |
Japan Exchange Group, Inc. | | 324 | | 4,872 | |
ORIX Corp. | | 732 | | 12,124 | |
SBI Holdings Inc/Japan | | 148 | | 2,932 | |
Schroders PLC | | 80 | | 2,502 | |
Singapore Exchange Ltd. | | 526 | | 3,578 | |
St James’s Place PLC | | 333 | | 4,290 | |
Synchrony Financial (2) | | 307 | | 10,054 | |
| | | | 210,592 | |
SoFi Weekly Dividend ETF
38 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Electric – 5.0% | | | | | |
A2A SpA | | 1,072 | | $1,207 | |
Alliant Energy Corp. | | 154 | | 9,400 | |
Ameren Corp. | | 158 | | 14,634 | |
American Electric Power Co., Inc. | | 316 | | 31,663 | |
Atco Ltd. - Class I | | 68 | | 2,414 | |
Avangrid, Inc. | | 46 | | 2,272 | |
Canadian Utilities Ltd. | | 59 | | 1,810 | |
CLP Holdings Ltd. | | 1,165 | | 10,049 | |
CMS Energy Corp. | | 178 | | 12,022 | |
Consolidated Edison, Inc. | | 217 | | 21,210 | |
Duke Energy Corp. | | 473 | | 50,568 | |
Electric Power Development Co. Ltd. | | 51 | | 789 | |
Entergy Corp. | | 125 | | 14,413 | |
Evergy, Inc. | | 139 | | 9,526 | |
Eversource Energy | | 211 | | 18,925 | |
Exelon Corp. | | 593 | | 26,039 | |
FirstEnergy Corp. | | 331 | | 13,091 | |
Fortis Inc/Canada | | 292 | | 12,919 | |
Hera SpA | | 581 | | 1,461 | |
Hydro One Ltd. | | 190 | | 5,159 | |
Iberdrola SA | | 3,757 | | 39,233 | |
National Grid PLC | | 2,237 | | 28,060 | |
Northland Power, Inc. | | 113 | | 3,879 | |
Pinnacle West Capital Corp. | | 74 | | 5,576 | |
Power Assets Holdings Ltd. | | 842 | | 5,042 | |
SSE PLC | | 654 | | 12,575 | |
The Southern Co. | | 646 | | 49,787 | |
WEC Energy Group, Inc. | | 193 | | 19,906 | |
Xcel Energy, Inc. | | 333 | | 24,725 | |
| | | | 448,354 | |
Electrical Components & Equipment – 1.2% | | | | ||
ABB Ltd. | | 982 | | 27,137 | |
Brother Industries Ltd. | | 151 | | 2,915 | |
Casio Computer Co. Ltd. | | 130 | | 1,240 | |
Emerson Electric Co. | | 366 | | 29,917 | |
Prysmian SpA | | 157 | | 4,832 | |
Schneider Electric SE | | 342 | | 40,848 | |
| | | | 106,889 | |
Electronics – 0.3% | | | | | |
Garmin Ltd. (2) | | 98 | | 8,672 | |
Hirose Electric Co. Ltd. | | 18 | | 2,577 | |
Kyocera Corp. | | 199 | | 11,166 | |
SCREEN Holdings Co. Ltd. | | 28 | | 1,895 | |
Venture Corp. Ltd. | | 166 | | 2,176 | |
Yokogawa Electric Corp. | | 158 | | 2,787 | |
| | | 29,273 |
|
| Shares |
| Value | |
Engineering & Construction – 0.5% | | | | ||
CK Infrastructure Holdings Ltd. | | 374 | | $2,278 | |
Kajima Corp. | | 265 | | 2,808 | |
Keppel Corp. Ltd. | | 855 | | 4,456 | |
Obayashi Corp. | | 384 | | 2,676 | |
Taisei Corp. | | 117 | | 3,574 | |
Vinci SA | | 351 | | 32,559 | |
| | | | 48,351 | |
Environmental Control – 0.2% | | | | | |
Republic Services, Inc. | | 127 | | 18,125 | |
Food – 5.1% | | | | | |
Associated British Foods PLC | | 221 | | 3,922 | |
Axfood AB | | 70 | | 2,117 | |
Campbell Soup Co. | | 132 | | 6,650 | |
Coles Group Ltd. | | 781 | | 9,402 | |
Conagra Brands, Inc. | | 294 | | 10,108 | |
Etablissements Franz Colruyt NV | | 35 | | 974 | |
General Mills, Inc. | | 364 | | 27,955 | |
Hormel Foods Corp. | | 175 | | 8,799 | |
Kesko Oyj - B Shares | | 148 | | 3,122 | |
Koninklijke Ahold Delhaize NV | | 623 | | 17,165 | |
MEIJI Holdings Co. Ltd. | | 81 | | 3,874 | |
Metro Inc/CN | | 155 | | 8,176 | |
Mondelez International, Inc. | | 838 | | 51,839 | |
Nestle SA | | 1,680 | | 197,238 | |
Nichirei Corp. | | 83 | | 1,492 | |
Nisshin Seifun Group, Inc. | | 162 | | 1,835 | |
Orkla ASA | | 456 | | 3,833 | |
Saputo, Inc. | | 180 | | 4,584 | |
Seven & i Holdings Co. Ltd. | | 460 | | 18,360 | |
Tesco PLC | | 4,615 | | 13,355 | |
The J.M. Smucker Co. | | 62 | | 8,679 | |
The Kroger Co. | | 396 | | 18,984 | |
Tyson Foods, Inc. - Class A | | 178 | | 13,418 | |
Wilmar International Ltd. | | 1,100 | | 3,185 | |
Woolworths Group Ltd. | | 745 | | 18,432 | |
| | | | 457,498 | |
Forest Products & Paper – 0.4% | | | | | |
International Paper Co. | | 228 | | 9,489 | |
Oji Holdings Corp. | | 528 | | 2,122 | |
Smurfit Kappa Group PLC | | 159 | | 5,364 | |
Stora Enso Oyj - R Shares | | 355 | | 5,310 | |
UPM-Kymmene Oyj | | 324 | | 11,041 | |
| | | | 33,326 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
39 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Gas – 0.4% | | | | | |
Atmos Energy Corp. (2) | | 88 | | $9,977 | |
NiSource, Inc. | | 248 | | 7,319 | |
Osaka Gas Co. Ltd. | | 247 | | 4,177 | |
Snam SpA | | 1,239 | | 5,900 | |
Tokyo Gas Co. Ltd. | | 254 | | 4,786 | |
| | | | 32,159 | |
Hand & Machine Tools – 0.2% | | | | | |
Disco Corp. | | 18 | | 4,441 | |
Fuji Electric Co. Ltd. | | 84 | | 3,678 | |
Snap-on, Inc. | | 34 | | 7,407 | |
Stanley Black & Decker, Inc. | | 74 | | 6,520 | |
| | | | 22,046 | |
Healthcare – Products – 0.9% | | | | | |
Elekta AB - B Shares (1) | | 204 | | 1,175 | |
Medtronic PLC | | 803 | | 70,600 | |
Smith & Nephew PLC | | 535 | | 6,322 | |
| | | | 78,097 | |
Healthcare – Services – 0.1% | | | | | |
Medibank Pvt Ltd. | | 1,686 | | 4,288 | |
Sonic Healthcare Ltd. | | 292 | | 6,806 | |
| | | | 11,094 | |
Holding Companies – Diversified – 0.2% | | | | | |
CK Hutchison Holdings Ltd. | | 1,635 | | 10,572 | |
Jardine Matheson Holdings Ltd. | | 157 | | 8,337 | |
Swire Pacific Ltd. - Class A | | 285 | | 1,973 | |
| | | | 20,882 | |
Home Builders – 0.3% | | | | | |
Barratt Developments PLC | | 663 | | 3,297 | |
Daiwa House Industry Co. Ltd. | | 372 | | 8,416 | |
Haseko Corp. | | 165 | | 1,904 | |
Iida Group Holdings Co. Ltd. | | 92 | | 1,409 | |
Sekisui Chemical Co. Ltd. | | 242 | | 3,327 | |
Sekisui House Ltd. | | 366 | | 6,268 | |
| | | | 24,621 | |
Home Furnishings – 0.2% | | | | | |
Panasonic Holdings Corp. | | 1,418 | | 11,590 | |
Sharp Corp/Japan | | 98 | | 709 | |
Whirlpool Corp. (2) | | 34 | | 5,324 | |
| | | | 17,623 | |
Housewares – 0.1% | | | | | |
Newell Brands, Inc. | 244 | | 4,355 |
|
| Shares |
| Value | |
Insurance – 5.6% | | | | | |
Aflac, Inc. | | 362 | | $21,510 | |
Allianz SE | | 243 | | 41,192 | |
American International Group, Inc. | | 488 | | 25,254 | |
Assicurazioni Generali SpA | | 715 | | 10,526 | |
AXA SA | | 1,394 | | 32,976 | |
Cincinnati Financial Corp. | | 96 | | 9,308 | |
Dai-ichi Life Holdings, Inc. | | 575 | | 9,984 | |
Direct Line Insurance Group PLC | | 403 | | 966 | |
Everest Re Group Ltd. | | 24 | | 6,457 | |
Fairfax Financial Holdings Ltd. | | 14 | | 6,999 | |
Fidelity National Financial, Inc. | | 176 | | 6,882 | |
Great-West Lifeco, Inc. | | 176 | | 4,146 | |
Hannover Rueck SE | | 37 | | 5,465 | |
iA Financial Corp, Inc. | | 69 | | 3,717 | |
Intact Financial Corp. | | 107 | | 15,544 | |
Japan Post Insurance Co. Ltd. | | 121 | | 1,861 | |
Marsh & McLennan Company, Inc. | | 308 | | 49,702 | |
MetLife, Inc. | | 378 | | 24,317 | |
MS&AD Insurance Group Holdings, Inc. | | 283 | | 8,495 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 86 | | 20,599 | |
NN Group NV | | 173 | | 7,127 | |
Power Corp of Canada | | 328 | | 8,458 | |
Powszechny Zaklad Ubezpieczen SA | | 349 | | 2,094 | |
Principal Financial Group, Inc. (2) | | 154 | | 11,513 | |
Prudential Financial, Inc. | | 231 | | 22,118 | |
Sampo Oyj | | 254 | | 11,519 | |
Sompo Holdings, Inc. | | 192 | | 8,273 | |
Storebrand ASA | | 279 | | 2,244 | |
Sun Life Financial, Inc. | | 361 | | 15,950 | |
The Allstate Corp. | | 167 | | 20,123 | |
The Travelers Company, Inc. | | 147 | | 23,761 | |
Tokio Marine Holdings, Inc. | | 376 | | 21,135 | |
Zurich Insurance Group AG | | 92 | | 40,921 | |
| | | | 501,136 | |
Internet – 0.1% | | | | | |
carsales.com Ltd. | | 191 | | 2,959 | |
Trend Micro Inc/Japan | | 82 | | 5,099 | |
| | | �� | 8,058 | |
Iron & Steel – 0.6% | | | | | |
BlueScope Steel Ltd. | | 288 | | 3,301 | |
Fortescue Metals Group Ltd. | | 1,097 | | 13,853 | |
Nippon Steel Corp. | | 528 | | 8,412 | |
Nucor Corp. | | 164 | | 21,802 | |
SSAB AB - A Shares | | 164 | | 794 | |
SSAB AB - A Shares | | 397 | | 1,867 | |
| | | | 50,029 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
40 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Leisure Time – 0.0% (4) | | | | | |
Yamaha Motor Co. Ltd. | | 187 | | $3,911 | |
Machinery – Construction & Mining – 0.7% | | | | ||
Hitachi Construction Machinery Co. Ltd. | | 67 | | 1,391 | |
Hitachi Ltd. | | 581 | | 29,321 | |
Komatsu Ltd. | | 572 | | 12,090 | |
Metso Outotec Oyj | | 450 | | 3,539 | |
Mitsubishi Electric Corp. | | 1,199 | | 12,269 | |
| | | | 58,610 | |
Machinery – Diversified – 0.2% | | | | | |
ANDRITZ AG | | 47 | | 2,173 | |
Atlas Copco AB - Class A | | 928 | | 8,511 | |
Ebara Corp. | | 56 | | 2,149 | |
Sumitomo Heavy Industries Ltd. | | 77 | | 1,632 | |
THK Co. Ltd. | | 75 | | 1,544 | |
| | | | 16,009 | |
Media – 1.3% | | | | | |
Comcast Corp. - Class A | | 2,686 | | 97,206 | |
Shaw Communications, Inc. - Class B | | 284 | | 7,304 | |
ViacomCBS, Inc. - Class B (2) | | 362 | | 8,467 | |
| | | | 112,977 | |
Metal Fabricate & Hardware – 0.1% | | | | | |
SKF AB - Class A | | 218 | | 3,292 | |
Tenaris SA | | 286 | | 3,954 | |
| | | | 7,246 | |
Mining – 2.3% | | | | | |
Agnico Eagle Mines Ltd. | | 283 | | 11,704 | |
Alumina Ltd. | | 1,670 | | 1,735 | |
Anglo American PLC | | 695 | | 22,506 | |
B2Gold Corp. | | 691 | | 2,126 | |
Barrick Gold Corp. | | 1,088 | | 16,200 | |
BHP Group Ltd. | | 3,109 | | 86,534 | |
Glencore PLC | | 6,402 | | 35,258 | |
KGHM Polska Miedz SA | | 42 | | 792 | |
Lundin Mining Corp. | | 405 | | 2,112 | |
Mitsubishi Materials Corp. | | 78 | | 1,171 | |
Newcrest Mining Ltd. | | 547 | | 6,649 | |
Norsk Hydro ASA | | 820 | | 5,660 | |
Pan American Silver Corp. | | 104 | | 1,552 | |
South32 Ltd. | | 2,792 | | 7,943 | |
Sumitomo Metal Mining Co. Ltd. | | 149 | | 4,735 | |
| | | | 206,677 | |
Miscellaneous Manufacturers – 1.6% | | | | | |
3M Co. (2) | | 350 | | 43,522 | |
Eaton Corp PLC | | 248 | | 33,887 | |
Nikon Corp. | | 192 | | 2,206 |
|
| Shares |
| Value | |
Miscellaneous Manufacturers – 1.6% (Continued) | | | | ||
Siemens AG | | 488 | | $49,601 | |
Toshiba Corp. | | 251 | | 9,356 | |
Trelleborg AB - Class B | | 154 | | 3,221 | |
| | | | 141,793 | |
Office & Business Equipment – 0.0% (4) | | | | | |
Seiko Epson Corp. | | 190 | | 3,010 | |
Oil & Gas – 11.2% | | | | | |
Aker BP ASA | | 244 | | 8,549 | |
Canadian Natural Resources Ltd. | | 687 | | 37,770 | |
Chevron Corp. | | 1,193 | | 188,566 | |
ConocoPhillips | | 791 | | 86,575 | |
DCC PLC | | 62 | | 3,580 | |
Devon Energy Corp. | | 400 | | 28,248 | |
Diamondback Energy, Inc. | | 108 | | 14,394 | |
ENEOS Holdings, Inc. | | 1,889 | | 7,135 | |
Eni SpA | | 1,502 | | 17,834 | |
EOG Resources, Inc. | | 356 | | 43,183 | |
Equinor ASA | | 578 | | 22,289 | |
Exxon Mobil Corp. | | 2,581 | | 246,718 | |
Idemitsu Kosan Co. Ltd. | | 126 | | 3,318 | |
Inpex Corp. | | 610 | | 7,058 | |
Marathon Petroleum Corp. | | 331 | | 33,348 | |
Phillips 66 | | 294 | | 26,301 | |
Pioneer Natural Resources Co. | | 140 | | 35,451 | |
Santos Ltd. | | 2,068 | | 11,186 | |
Suncor Energy, Inc. | | 858 | | 27,838 | |
TotalEnergies SE | | 1,604 | | 81,758 | |
Tourmaline Oil Corp. | | 195 | | 11,562 | |
Valero Energy Corp. | | 250 | | 29,280 | |
Woodside Energy Group Ltd. | | 1,166 | | 27,378 | |
| | | | 999,319 | |
Packaging & Containers – 0.2% | | | | | |
Amcor PLC | | 930 | | 11,169 | |
DS Smith PLC | | 883 | | 2,751 | |
Packaging Corp of America | | 46 | | 6,298 | |
| | | | 20,218 | |
Pharmaceuticals – 12.5% | | | | | |
Alfresa Holdings Corp. | | 109 | | 1,312 | |
Astellas Pharma, Inc. | | 1,120 | | 16,033 | |
Bristol-Myers Squibb Co. | | 1,300 | | 87,633 | |
CVS Health Corp. | | 801 | | 78,618 | |
Eisai Co. Ltd. | | 164 | | 6,740 | |
GSK PLC | | 2,494 | | 40,031 | |
Johnson & Johnson | | 1,611 | | 259,919 | |
Medipal Holdings Corp. | | 116 | | 1,596 | |
Merck & Co., Inc. | | 1,568 | | 133,844 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
41 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Pharmaceuticals – 12.5% (Continued) | | | | | |
Novartis AG | | 1,389 | | $112,620 | |
Pfizer, Inc. | | 3,477 | | 157,265 | |
Recordati Industria Chimica e Farmaceutica SpA | | 60 | | 2,458 | |
Roche Holding AG | | 16 | | 6,135 | |
Roche Holding AG | | 432 | | 139,610 | |
Sanofi | | 667 | | 55,118 | |
Santen Pharmaceutical Co. Ltd. | | 115 | | 835 | |
Shionogi & Co. Ltd. | | 183 | | 8,982 | |
Viatris, Inc. | | 596 | | 5,692 | |
| | | | 1,114,441 | |
Pipelines – 0.1% | | | | | |
Keyera Corp. | | 105 | | 2,595 | |
Pembina Pipeline Corp. | | 275 | | 9,739 | |
| | | | 12,334 | |
Private Equity – 0.7% | | | | | |
3i Group PLC | | 588 | | 8,316 | |
Blackstone, Inc. - Class A | | 430 | | 40,394 | |
Intermediate Capital Group PLC | | 187 | | 2,975 | |
Partners Group Holding AG | | 14 | | 13,576 | |
| | | | 65,261 | |
Real Estate – 0.5% | | | | | |
Aeon Mall Co. Ltd. | | 58 | | 696 | |
Azrieli Group Ltd. | | 22 | | 1,835 | |
Castellum AB | | 65 | | 918 | |
CK Asset Holdings Ltd. | | 1,005 | | 6,799 | |
Hang Lung Properties Ltd. | | 1,104 | | 1,840 | |
Henderson Land Development Co. Ltd. | | 898 | | 3,009 | |
Hulic Co. Ltd. | | 289 | | 2,210 | |
Mitsubishi Estate Co. Ltd. | | 714 | | 9,683 | |
Nomura Real Estate Holdings, Inc. | | 68 | | 1,680 | |
Sino Land Co. Ltd. | | 2,068 | | 3,030 | |
Sun Hung Kai Properties Ltd. | | 876 | | 10,302 | |
Tokyu Fudosan Holdings Corp. | | 183 | | 991 | |
| | | | 42,993 | |
Real Estate Investment Trusts (REITs) – 1.9% | | | | ||
Ascendas Real Estate Investment Trust | | 2,121 | | 4,287 | |
AvalonBay Communities, Inc. | | 84 | | 16,876 | |
Boston Properties, Inc. | | 70 | | 5,560 | |
Canadian Apartment Properties REIT | | 111 | | 3,786 | |
CapitaLand Integrated Commercial Trust | | 3,295 | | 4,889 | |
Charter Hall Group | | 269 | | 2,491 | |
Dexus (1) | | 657 | | 3,932 | |
Digital Realty Trust, Inc. (2) | | 173 | | 21,388 | |
Goodman Group | | 1,112 | | 14,995 |
|
| Shares |
| Value | |
Real Estate Investment Trusts (REITs) – 1.9% (Continued) | | ||||
Keppel DC REIT | | 887 | | $1,233 | |
Land Securities Group PLC | | 455 | | 3,445 | |
Link REIT | | 1,300 | | 10,079 | |
Mapletree Industrial Trust | | 1,221 | | 2,214 | |
Mapletree Logistics Trust | | 2,011 | | 2,407 | |
Mapletree Pan Asia Commercial Trust | | 1,378 | | 1,818 | |
Mirvac Group | | 2,545 | | 3,664 | |
Nippon Building Fund, Inc. | | 1 | | 5,006 | |
Public Storage | | 93 | | 30,767 | |
Segro PLC | | 742 | | 8,142 | |
Stockland | | 1,412 | | 3,504 | |
Suntec Real Estate Investment Trust | | 1,090 | | 1,235 | |
The GPT Group | | 1,239 | | 3,576 | |
Weyerhaeuser Co. | | 453 | | 15,475 | |
| | | | 170,769 | |
Retail – 1.5% | | | | | |
ABC-Mart, Inc. | | 19 | | 769 | |
Best Buy Co., Inc. | | 129 | | 9,119 | |
Canadian Tire Corp Ltd. - Class A | | 35 | | 4,128 | |
Chow Tai Fook Jewellery Group Ltd. | | 1,077 | | 2,176 | |
Darden Restaurants, Inc. | | 76 | | 9,402 | |
Domino’s Pizza Enterprises Ltd. | | 38 | | 1,655 | |
Genuine Parts Co. | | 85 | | 13,261 | |
Industria de Diseno Textil SA | | 679 | | 14,714 | |
Kingfisher PLC | | 1,220 | | 3,295 | |
Next PLC | | 78 | | 5,275 | |
Sundrug Co. Ltd. | | 42 | | 1,033 | |
Target Corp. | | 285 | | 45,697 | |
USS Co. Ltd. | | 116 | | 2,062 | |
Walgreens Boots Alliance, Inc. (2) | | 434 | | 15,216 | |
Yamada Holdings Co. Ltd. | | 436 | | 1,516 | |
| | | | 129,318 | |
Semiconductors – 3.8% | | | | | |
Advantest Corp. | | 117 | | 6,752 | |
ASMPT Ltd. | | 209 | | 1,626 | |
Broadcom, Inc. | | 241 | | 120,286 | |
Intel Corp. | | 2,526 | | 80,630 | |
SUMCO Corp. | | 210 | | 2,893 | |
Texas Instruments, Inc. | | 571 | | 94,335 | |
Tokyo Electron Ltd. | | 92 | | 29,307 | |
| | | | 335,829 | |
Shipbuilding – 0.0% (4) | | | | | |
Yangzijiang Shipbuilding Holdings Ltd. | | 1,713 | | 1,191 | |
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
42 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Software – 1.0% | | | | | |
Koei Tecmo Holdings Co. Ltd. | | 35 | | $1,185 | |
Paychex, Inc. | | 198 | | 24,421 | |
SAP SE | | 634 | | 54,151 | |
Sega Sammy Holdings, Inc. | | 95 | | 1,421 | |
The Sage Group PLC | | 624 | | 5,193 | |
| | | | 86,371 | |
Telecommunications – 3.9% | | | | | |
Cisco Systems, Inc. | | 2,346 | | 104,913 | |
Corning, Inc. | | 466 | | 15,993 | |
Elisa Oyj | | 90 | | 4,820 | |
Hikari Tsushin, Inc. | | 12 | | 1,528 | |
KDDI Corp. | | 927 | | 28,601 | |
Nippon Telegraph & Telephone Corp. | | 1,353 | | 36,786 | |
Swisscom AG | | 16 | | 8,299 | |
Telefonaktiebolaget LM Ericsson - Class A | 1,797 | | 13,516 | | |
TELUS Corp. | | 854 | | 19,289 | |
Verizon Communications, Inc. | | 2,602 | | 108,790 | |
| | | | 342,535 | |
Toys, Games & Hobbies – 0.1% | | | | | |
Hasbro, Inc. | | 79 | | 6,227 | |
Transportation – 1.6% | | | | | |
AP Moller - Maersk A/S - Class B | | 3 | | 7,202 | |
AP Moller - Maersk A/S - Class A | | 2 | | 4,694 | |
C.H. Robinson Worldwide, Inc. (2) | | 77 | | 8,789 | |
Hapag-Lloyd AG | | 15 | | 3,910 | |
Kawasaki Kisen Kaisha Ltd. | | 33 | | 2,114 | |
Kuehne + Nagel International AG | | 31 | | 7,179 | |
Kyushu Railway Co. | | 42 | | 889 | |
Mitsui OSK Lines Ltd. | | 215 | | 5,669 | |
Nippon Yusen KK | | 101 | | 7,788 | |
United Parcel Service, Inc. - Class B (2) | | 450 | | 87,529 | |
Yamato Holdings Co. Ltd. | | 190 | | 2,988 | |
ZIM Integrated Shipping Services Ltd. (2) | | 54 | | 1,949 | |
| | | | 140,700 | |
Total Common Stock | | | | | |
(Cost $9,533,952) | | | | 8,835,598 | |
Preferred Stocks – 0.1% | | | | | |
Auto Manufacturers – 0.0% (4) | | | | | |
Bayerische Motoren Werke AG | | 37 | | 2,576 | |
Household Products & Wares – 0.1% | | | | | |
Henkel AG & Co. KGaA | | 105 | | 6,783 | |
Total Preferred Stocks | | | | | |
(Cost $9,671) | | | 9,359 |
|
| Shares |
| Value | |
Short-Term Investments – 0.2% | | | | | |
Money Market Funds – 0.2% | | | | | |
First American Government Obligations Fund, Class X, 2.042% (3) | | 16,837 | | $16,837 | |
Total Short-Term Investments | | | | | |
(Cost $16,837) | | | | 16,837 | |
Investments Purchased With Collateral From Securities Lending – 4.6% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 2.470% (3) | | 405,264 | | 405,264 | |
Total Investments Purchased With Collateral From Securities Lending | | ||||
(Cost $405,264) | | | | 405,264 | |
Total Investments in Securities – 104.3% | | | | ||
(Cost $9,965,724) | | | | 9,267,058 | |
Liabilities in Excess of Other Assets – (4.3)% | | (379,737 | ) | ||
Total Net Assets – 100.0% | | | | $8,887,321 | |
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2022. Total loaned securities had a value of $391,966 or 4.4% of net assets as of August 31, 2022. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
(4)Does not round to 0.1% or (0.1)%, as applicable.
SoFi Web 3 ETF
43 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 98.8% | | | | | |
Advertising – 5.0% | | | | | |
ALBERT, Inc. (1) | | 693 | | $21,421 | |
Biotechnology – 2.4% | | | | | |
Exscientia PLC - ADR (1) | | 1,074 | | 10,396 | |
Commercial Services – 8.4% | | | | | |
Bakkt Holdings, Inc. - Class A (1) | | 4,222 | | 10,935 | |
Block, Inc. - Class A (1) | | 76 | | 5,237 | |
Marathon Digital Holdings, Inc. (1) | | 942 | | 11,163 | |
PayPal Holdings, Inc. (1) | | 18 | | 1,682 | |
Riot Blockchain, Inc. (1) | | 974 | | 6,983 | |
| | | | 36,000 | |
Computers – 13.6% | | | | | |
Apple, Inc. | | 58 | | 9,119 | |
TaskUS, Inc. - Class A (1) | | 168 | | 2,500 | |
TELUS International CDA, Inc. (1) | | 458 | | 13,118 | |
Vuzix Corp. (1) | | 4,457 | | 33,472 | |
| | | | 58,209 | |
Diversified Financial Services – 10.7% | | | | | |
Argo Blockchain PLC (1) | | 26,697 | | 13,047 | |
Coinbase Global, Inc. - Class A (1) | | 146 | | 9,753 | |
Galaxy Digital Holdings Ltd. (1) | | 769 | | 4,222 | |
SBI Holdings, Inc. | | 859 | | 17,016 | |
Upstart Holdings, Inc. (1) | | 61 | | 1,580 | |
| | | | 45,618 | |
Electronics – 2.5% | | | | | |
Kopin Corp. (1) | | 7,689 | | 10,534 | |
Entertainment – 7.0% | | | | | |
AMC Entertainment Holdings, Inc. (1) | | 984 | | 8,974 | |
DraftKings, Inc. - Class A (1) | | 1,309 | | 21,022 | |
| | | | 29,996 | |
Internet – 19.5% | | | | | |
1stdibs.com, Inc. (1) | | 2,580 | | 17,466 | |
Alphabet, Inc. - Class A (1) | | 169 | | 18,289 | |
Amazon.com, Inc. (1) | | 104 | | 13,184 | |
Meta Platforms, Inc. - Class A (1) | | 91 | | 14,827 | |
Overstock.com, Inc. (1) | | 139 | | 3,628 | |
Robinhood Markets, Inc. - Class A (1) | | 1,109 | | 10,591 | |
Snap, Inc. - Class A (1) | | 178 | | 1,937 | |
Twitter, Inc. (1) | | 88 | | 3,410 | |
| | | | 83,332 | |
Real Estate – 1.4% | | | | | |
eXp World Holdings, Inc. | 460 | | 5,948 | |
|
| Shares |
| Value | |
Retail – 3.9% | | | | | |
GameStop Corp. (1) | | 578 | | $16,554 | |
Semiconductors – 8.6% | | | | | |
CEVA, Inc. (1) | | 83 | | 2,429 | |
Himax Technologies, Inc. - ADR | | 1,507 | | 9,389 | |
Intel Corp. | | 185 | | 5,905 | |
NVIDIA Corp. | | 125 | | 18,868 | |
| | | | 36,591 | |
Software – 11.0% | | | | | |
HIVE Blockchain Technologies, Ltd. (1) | | 2,779 | | 14,218 | |
ROBLOX Corp. - Class A (1) | | 255 | | 9,973 | |
Unity Software, Inc. (1) | | 199 | | 8,501 | |
Veritone, Inc. (1) | | 1,670 | | 12,275 | |
WiMi Hologram Cloud, Inc. - Class A - ADR (1) | 1,273 | | 2,241 | | |
| | | | 47,208 | |
Toys, Games & Hobbies – 4.8% | | | | | |
Funko, Inc. - Class A (1) | | 757 | | 16,858 | |
Vinco Ventures, Inc. (1) | | 3,734 | | 3,622 | |
| | | | 20,480 | |
Total Common Stocks | | | | | |
(Cost $499,615) | | | | 422,287 | |
Preferred Stocks – 1.1% | | | | | |
Entertainment – 1.1% | | | | | |
AMC Entertainment Holdings, Inc. | | 984 | | 4,822 | |
Total Preferred Stocks | | | | | |
(Cost $0) | | | | 4,822 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund, Class X, 2.042% (2) | | 385 | | 385 | |
Total Short-Term Investments | | | | | |
(Cost $385) | | | | 385 | |
Total Investments in Securities – 100.0% | | | | ||
(Cost $500,000) | | | | 427,494 | |
Liabilities in Excess of Other Assets – (0.0)% (3) | | (170 | ) | ||
Total Net Assets – 100.0% | | | | $427,324 | |
ADRAmerican Depoistary Receipt.
(1)Non-income producing security.
(2)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
(3)Does not round to 0.1% or (0.1)%, as applicable.
SoFi Smart Energy ETF
44 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 99.7% | | | | | |
Auto Manufacturers – 6.2% | | | | | |
BYD Co. Ltd. – H Shares | | 2,178 | | $67,209 | |
Proterra, Inc. (1) | | 8,162 | | 49,298 | |
Tesla, Inc. (1) | | 151 | | 41,617 | |
| | | | 158,124 | |
Commercial Services – 4.4% | | | | | |
Quanta Services, Inc. | | 344 | | 48,607 | |
Vivint Smart Home, Inc. (1) | | 9,877 | | 61,830 | |
| | | | 110,437 | |
Distribution & Wholesale – 1.7% | | | | | |
Resideo Technologies, Inc. (1) | | 2,077 | | 43,243 | |
Electric – 2.0% | | | | | |
Ameresco, Inc. – Class A (1) | | 745 | | 51,293 | |
Electrical Components & Equipment – 14.3% | | | | ||
ABB Ltd. | | 1,602 | | 44,271 | |
Blink Charging Co. (1) | | 2,143 | | 45,796 | |
ChargePoint Holdings, Inc. – Class A (1) | | 2,998 | | 48,778 | |
EnerSys | | 703 | | 43,846 | |
Nexans SA | | 493 | | 45,162 | |
Prysmian SpA | | 1,512 | | 46,539 | |
Schneider Electric SE | | 356 | | 42,520 | |
SMA Solar Technology AG | | 914 | | 46,229 | |
| | | | 363,141 | |
Electronics – 8.6% | | | | | |
Advanced Energy Industries, Inc. | | 508 | | 45,613 | |
Itron, Inc. (1) | | 818 | | 38,921 | |
Smart Metering Systems PLC | | 4,209 | | 44,519 | |
Trimble, Inc. (1) | | 681 | | 43,073 | |
Vicor Corp. (1) | | 640 | | 45,530 | |
| | | | 217,656 | |
Energy – Alternate Sources – 31.0% | | | | | |
Ballard Power Systems, Inc. (1) | | 5,751 | | 45,012 | |
Canadian Solar, Inc. (1) | | 1,298 | | 58,631 | |
Enphase Energy, Inc. (1) | | 163 | | 46,690 | |
Fluence Energy, Inc. – Class A (1) | | 3,303 | | 65,895 | |
FuelCell Energy, Inc. (1) | | 12,724 | | 53,313 | |
ITM Power PLC (1) | | 19,261 | | 44,286 | |
Landis+Gyr Group AG | | 739 | | 43,237 | |
Meyer Burger Technology AG (1) | | 87,804 | | 44,120 | |
Plug Power, Inc. (1) | | 2,023 | | 56,725 | |
SolarEdge Technologies, Inc. (1) | | 159 | | 43,879 | |
Stem, Inc. (1) | | 4,054 | | 63,729 | |
Sunnova Energy International, Inc. (1) | | 1,904 | | 48,019 |
|
| Shares |
| Value | |
Energy – Alternate Sources – 31.0% (Continued) | | | | ||
SunPower Corp. (1) | | 2,150 | | $51,600 | |
Sunrun, Inc. (1) | | 1,555 | | 51,362 | |
Xinyi Solar Holdings Ltd. | | 49,374 | | 68,190 | |
| | | | 784,688 | |
Engineering & Construction – 3.6% | | | | | |
Alfen Beheer BV (1) | | 404 | | 45,824 | |
MYR Group, Inc. (1) | | 500 | | 46,470 | |
| | | | 92,294 | |
Hand & Machine Tools – 2.9% | | | | | |
Meidensha Corp. | | 5,011 | | 72,513 | |
Industrial – Other – 1.8% | | | | | |
Nibe Industries AB – B Shares (1) | | 4,948 | | 46,650 | |
Leisure Time – 1.5% | | | | | |
Gogoro, Inc. (1) | | 8,092 | | 38,842 | |
Machinery – Construction & Mining – 6.1% | | | | ||
Bloom Energy Corp. – Class A (1) | | 2,220 | | 56,410 | |
Tritium DCFC Ltd. (1) | | 7,438 | | 51,620 | |
Wallbox NV (1) | | 5,103 | | 45,315 | |
| | | | 153,345 | |
Metal Fabricate & Hardware – 1.9% | | | | | |
Valmont Industries, Inc. | | 175 | | 48,443 | |
Miscellaneous Manufacturers – 5.1% | | | | | |
Alstom SA | | 2,019 | | 41,741 | |
Eaton Corp PLC | | 319 | | 43,588 | |
Siemens AG | | 441 | | 44,824 | |
| | | | 130,153 | |
Retail – 2.0% | | | | | |
EVgo, Inc. – Class A (1) | | 5,312 | | 50,411 | |
Semiconductors – 4.9% | | | | | |
Analog Devices, Inc. | | 268 | | 40,610 | |
Infineon Technologies AG | | 1,686 | | 41,197 | |
NXP Semiconductors NV | | 255 | | 41,968 | |
| | | | 123,775 | |
Software – 1.7% | | | | | |
Veritone, Inc. (1) | | 5,809 | | 42,696 | |
Total Common Stocks | | | | | |
(Cost $2,752,841) | | | | 2,527,704 | |
Short–Term Investments – 0.2% | | | | | |
Money Market Funds – 0.2% | | | | | |
First American Government Obligations Fund, Class X, 2.042% (2) | | 5,390 | | 5,390 | |
SoFi Smart Energy ETF
45 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Total Short–Term Investments | | | | | |
(Cost $5,390) | | | | $5,390 | |
Total Investments in Securities – 99.9% | | | | | |
(Cost $2,758,231) | | | | 2,533,094 | |
Other Assets in Excess of Liabilities – 0.1% | | 1,884 | | ||
Total Net Assets – 100.0% | | | | $2,534,978 | |
(1)Non-income producing security.
(2)The rate quoted is the annualized seven-day effective yield as of August 31, 2022.
46 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF ASSETS AND LIABILITIES at August 31, 2022 (Unaudited) |
|
| SoFi Select 500 ETF |
| SoFi Next 500 ETF |
| SoFi Social 50 ETF |
| SoFi Be |
|
| |||||||||
Assets: | | | | | | | | | |
Investments in securities, at value (Note 2)(1) | | $405,983,697 | | $61,970,337 | | $21,672,992 | | $11,459,096 | |
Foreign currency (cost of $-, $-, $-, and $55, respectively) | | — | | — | | — | | 49 | |
Receivables: | | | | | | | | | |
Fund shares sold | | — | | — | | — | | — | |
Investment securities sold | | — | | — | | — | | — | |
Dividends and interest | | 598,324 | | 46,740 | | 11,225 | | 1,215 | |
Securities lending income, net (Note 5) | | 8,239 | | 4,620 | | 13,719 | | 2,508 | |
Due from adviser, net | | — | | — | | — | | — | |
Total assets | | 406,590,260 | | 62,021,697 | | 21,697,936 | | 11,462,868 | |
| | | | | | | | | |
Liabilities: | | | | | | | | | |
Collateral received for securities loaned (Note 5) | | 24,630,143 | | 13,267,911 | | 5,299,321 | | 2,862,078 | |
Payables: | | | | | | | | | |
Investment securities purchased | | — | | — | | — | | — | |
Distributions | | — | | — | | — | | — | |
Management fees, net (Note 4) | | — | | — | | 4,413 | | 4,999 | |
Total liabilities | | 24,630,143 | | 13,267,911 | | 5,303,734 | | 2,867,077 | |
Net Assets | | $381,960,117 | | $48,753,786 | | $16,394,202 | | $8,595,791 | |
| | | | | | | | | |
Components of Net Assets: | | | | | | | | | |
Paid-in capital | | $393,380,097 | | $55,436,734 | | $28,761,310 | | $26,052,225 | |
Total distributable (accumulated) earnings (losses) | | (11,419,980 | ) | (6,682,948 | ) | (12,367,108 | ) | (17,456,434 | ) |
Net assets | | $381,960,117 | | $48,753,786 | | $16,394,202 | | $8,595,791 | |
| | | | | | | | | |
Net Asset Value (unlimited shares authorized): | | | | | | | | | |
Net assets | | $381,960,117 | | $48,753,786 | | $16,394,202 | | $8,595,791 | |
Shares of beneficial interest issued and outstanding | | 27,300,000 | | 4,200,000 | | 650,000 | | 550,000 | |
Net asset value | | $13.99 | | $11.61 | | $25.22 | | $15.63 | |
| | | | | | | | | |
Cost of investments | | $414,310,742 | | $66,416,280 | | $26,996,171 | | $23,285,743 | |
SoFi Funds
47 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF ASSETS AND LIABILITIES at August 31, 2022 (Unaudited) (Continued) |
|
| SoFi |
| SoFi Weekly Dividend ETF |
| SoFi |
| SoFi Smart Energy ETF |
|
| |||||||||
Assets: | | | | | | | | | |
Investments in securities, at value (Note 2)(1) | | $24,774,364 | | $9,267,058 | | $427,494 | | $2,533,094 | |
Foreign currency (cost of $-, $351, $-, and $-, respectively) | | — | | 351 | | — | | — | |
Receivables: | | | | | | | | | |
Fund shares sold | | — | | — | | — | | 421,550 | |
Investment securities sold | | — | | 1,036,320 | | — | | — | |
Dividends and interest | | 302,946 | | 31,643 | | — | | 774 | |
Securities lending income, net (Note 5) | | 159 | | 87 | | — | | — | |
Due from advisor, net | | — | | — | | — | | 84 | |
Total assets | | 25,077,469 | | 10,335,459 | | 427,494 | | 2,955,502 | |
| | | | | | | | | |
Liabilities: | | | | | | | | | |
Collateral received for securities loaned (Note 5) | | 1,334,110 | | 405,264 | | — | | — | |
Payables: | | | | | | | | | |
Investment securities purchased | | 58,682 | | 1,035,035 | | — | | 419,303 | |
Distributions | | 12,500 | | 4,000 | | — | | — | |
Management fees, net (Note 4) | | 12,076 | | 3,839 | | 170 | | 1,221 | |
Total liabilities | | 1,417,368 | | 1,448,138 | | 170 | | 420,524 | |
Net Assets | | $23,660,101 | | $8,887,321 | | $427,324 | | $2,534,978 | |
| | | | | | | | | |
Components of Net Assets: | | | | | | | | | |
Paid-in capital | | $25,502,613 | | $10,051,410 | | $500,000 | | $2,877,816 | |
Total distributable (accumulated) earnings (losses) | | (1,842,512 | ) | (1,164,089 | ) | (72,676 | ) | (342,838 | ) |
Net assets | | $23,660,101 | | $8,887,321 | | $427,324 | | $2,534,978 | |
| | | | | | | | | |
Net Asset Value (unlimited shares authorized): | | | | | | | | | |
Net assets | | $23,660,101 | | $8,887,321 | | $427,324 | | $2,534,978 | |
Shares of beneficial interest issued and outstanding | | 250,000 | | 200,000 | | 25,000 | | 150,000 | |
Net asset value | | $94.64 | | $44.44 | | $17.09 | | $16.90 | |
| | | | | | | | | |
Cost of investments | | $26,349,795 | | $9,965,724 | | $500,000 | | $2,758,231 | |
(1)Includes loaned securities with value of $23,920,680, $12,878,352, $5,110,271, $2,793,323, $1,301,129, $391,966, $- and $-, respectively.
48 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF OPERATIONS For the Periods Ended August 31, 2022 (Unaudited) |
| | SoFi Select | | SoFi Next | | SoFi Social | | SoFi Be | |
| | Six-Months Ended August 31, | | Six-Months Ended August 31, | | Six-Months Ended August 31, | | Six-Months Ended August 31, | |
| |||||||||
Investment Income: | | | | | | | | | |
Dividend income (net of foreign withholding tax of $10,538, $138, $-, and | | $3,004,507 | | $350,549 | | $39,623 | | $15,730 | |
Securities lending income, net (Note 5) | | 32,210 | | 17,737 | | 63,975 | | 21,015 | |
Interest income | | 2,267 | | 449 | | 104 | | 152 | |
Total investment income | | 3,038,984 | | 368,735 | | 103,702 | | 36,897 | |
| | | | | | | | | |
Expenses: | | | | | | | | | |
Management fees (Note 4) | | 360,495 | | 46,243 | | 25,637 | | 32,717 | |
Total expenses | | 360,495 | | 46,243 | | 25,637 | | 32,717 | |
Less: Management fee wavier (Note 4) | | (360,495 | ) | (46,243 | ) | — | | — | |
Net expenses | | — | | — | | 25,637 | | 32,717 | |
Net investment income (loss) | | 3,038,984 | | 368,735 | | 78,065 | | 4,180 | |
| | | | | | | | | |
Realized and Unrealized Gain (Loss) on Investments: | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | |
Investments | | 375,450 | | (1,197,400 | ) | (4,068,401 | ) | (3,620,982 | ) |
Foreign currency transactions | | 1,516 | | — | | — | | 475 | |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | |
Investments | | (44,321,910 | ) | (4,995,379 | ) | (111,615 | ) | (555,744 | ) |
Foreign currency translations | | — | | — | | — | | (86,421 | ) |
Net realized and unrealized gain (loss) on investments | | (43,944,944 | ) | (6,192,779 | ) | (4,180,016 | ) | (4,262,672 | ) |
Net increase (decrease) in net assets resulting from operations | | $(40,905,960 | ) | $(5,824,044 | ) | $(4,101,951 | ) | $(4,258,492 | ) |
SoFi Funds
49 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF OPERATIONS For the Periods Ended August 31, 2022 (Unaudited) (Continued) |
| | SoFi Weekly Income ETF | | SoFi Weekly Dividend ETF | | SoFi | | SoFi Smart Energy ETF | | SoFi Smart Energy ETF | |
| | Six-Months Ended August 31, | | Six-Months Ended August 31, | | Period Ended August 31, | | Period Ended August 31, | | Period Ended | |
| |||||||||||
Investment Income: | | | | | | | | | | | |
Dividend income (net of foreign withholding tax of $-, $20,561, $-, $421, and $1,126, respectively) | | $8,282 | | $211,990 | | $21 | | $5,294 | | $7,559 | |
Securities lending income, net (Note 5) | | 1,350 | | 287 | | — | | — | | — | |
Interest income | | 490,532 | | 93 | | 1 | | 18 | | — | |
Total investment income | | 500,164 | | 212,370 | | 22 | | 5,312 | | 7,559 | |
| | | | | | | | | | | |
Expenses: | | | | | | | | | | | |
Management fees (Note 4) | | 72,239 | | 23,322 | | 170 | | 4,252 | | 10,582 | |
Total expenses | | 72,239 | | 23,322 | | 170 | | 4,252 | | 10,582 | |
Net investment income (loss) | | 427,925 | | 189,048 | | (148 | ) | 1,060 | | (3,023 | ) |
| | | | | | | | | | | |
Realized and Unrealized Gain (Loss) on Investments: | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | |
Investments | | (354,519 | ) | (412,808 | ) | (24 | ) | (102,084 | ) | (16,318 | ) |
Foreign currency transactions | | — | | (914 | ) | 3 | | 517 | | (568 | ) |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | |
Investments | | (1,182,649 | ) | (774,710 | ) | (70,177 | ) | 288,076 | | (429,373 | ) |
Foreign currency translations | | — | | (755 | ) | (2,330 | ) | (22,589 | ) | (61,252 | ) |
Net realized and unrealized gain (loss) on investments | | (1,537,168 | ) | (1,189,187 | ) | (72,528 | ) | 163,920 | | (507,511 | ) |
Net increase (decrease) in net assets resulting from operations | | $(1,109,243 | ) | $(1,000,139 | ) | $(72,676 | ) | $164,980 | | $(510,534 | ) |
(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to August 31, 2022.
(2)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on August 9, 2022. The information presented is from May 1, 2022 to August 31, 2022.
(3)The Fund commenced operations on July 20, 2021. The information presented is from July 20, 2021 to April 30, 2022.
50 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $3,038,984 | | $3,447,177 | |
Net realized gain (loss) on investments and foreign currency transactions | | 376,966 | | 14,207,304 | |
Change in net unrealized appreciation/depreciation on investments | | (44,321,910 | ) | 4,065,106 | |
Net increase (decrease) in net assets resulting from operations | | (40,905,960 | ) | 21,719,587 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (2,620,000 | ) | (3,055,645 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 44,840,450 | | 184,911,331 | |
Total increase (decrease) in net assets | | 1,314,490 | | 203,575,273 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 380,645,627 | | 177,070,354 | |
End of period/year | | $381,960,117 | | $380,645,627 | |
(1)Summary of share transactions is as follows:
| | Six-Months Ended |
| Year Ended |
| ||||
| | Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 5,400,000 | | $79,477,050 | | 14,650,000 | | $232,831,870 | |
Shares redeemed | | (2,300,000 | ) | (34,636,600 | ) | (3,150,000 | ) | (47,920,540 | ) |
Net increase (decrease) | | 3,100,000 | | $44,840,450 | | 11,500,000 | | $184,911,330 | |
SoFi Next 500 ETF
51 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $368,735 | | $402,585 | |
Net realized gain (loss) on investments | | (1,197,400 | ) | 3,277,805 | |
Change in net unrealized appreciation/depreciation on investments | | (4,995,379 | ) | (5,106,006 | ) |
Net increase (decrease) in net assets resulting from operations | | (5,824,044 | ) | (1,425,616 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (324,000 | ) | (372,090 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 5,894,175 | | 26,186,520 | |
Total increase (decrease) in net assets | | (253,869 | ) | 24,388,814 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 49,007,655 | | 24,618,841 | |
End of period/year | | $48,753,786 | | $49,007,655 | |
(1)Summary of share transactions is as follows:
| | Six-Months Ended |
| Year Ended | | ||||
| | Shares |
| Value |
| Shares |
| Value | |
Shares sold | | 1,250,000 | | $15,469,875 | | 2,550,000 | | $35,932,690 | |
Shares redeemed | | (750,000 | ) | (9,575,700 | ) | (700,000 | ) | (9,746,170 | ) |
Net increase (decrease) | | 500,000 | | $5,894,175 | | 1,850,000 | | $26,186,520 | |
SoFi Social 50 ETF
52 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $78,065 | | $70,659 | |
Net realized gain (loss) on investments | | (4,068,401 | ) | 4,822,235 | |
Change in net unrealized appreciation/depreciation on investments | | (111,615 | ) | (5,301,070 | ) |
Net increase (decrease) in net assets resulting from operations | | (4,101,951 | ) | (408,176 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (45,500 | ) | (66,015 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | — | | 9,264,860 | |
Total increase (decrease) in net assets | | (4,147,451 | ) | 8,790,669 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 20,541,653 | | 11,750,984 | |
End of period/year | | $16,394,202 | | $20,541,653 | |
(1)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | — | | $— | | 1,400,000 | | $49,544,660 | |
Shares redeemed | | — | | — | | (1,150,000 | ) | (40,279,800 | ) |
Net increase (decrease) | | — | | $— | | 250,000 | | $9,264,860 | |
53 |
The accompanying notes are an integral part of these financial statements.
SoFi Be Your Own Boss ETF
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended |
|
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $4,180 | | $(105,750 | ) |
Net realized gain (loss) on investments and foreign currency transactions | | (3,620,507 | ) | 2,938,316 | |
Change in net unrealized appreciation/depreciation on investments and foreign currency translations | | (642,165 | ) | (18,695,093 | ) |
Net increase (decrease) in net assets resulting from operations | | (4,258,492 | ) | (15,862,527 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | — | | (600,000 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | (3,991,020 | ) | (18,524,523 | ) |
Total increase (decrease) in net assets | | (8,249,512 | ) | (34,987,050 | ) |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 16,845,303 | | 51,832,353 | |
End of period/year | | $8,595,791 | | $16,845,303 | |
(1)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | — | | $— | | 600,000 | | $20,599,730 | |
Shares redeemed | | (200,000 | ) | (3,991,020 | ) | (1,100,000 | ) | (39,125,835 | ) |
Variable fees | | — | | — | | — | | 1,582 | |
Net increase (decrease) | | (200,000 | ) | $(3,991,020 | ) | (500,000 | ) | $(18,524,523 | ) |
SoFi Weekly Income ETF
54 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Year Ended |
|
| |||||
Increase (Decrease) in Net Assets from: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $427,925 | | $521,515 | |
Net realized gain (loss) on investments | | (354,519 | ) | 303,202 | |
Change in net unrealized appreciation/depreciation on investments | | (1,182,649 | ) | (1,048,207 | ) |
Net increase (decrease) in net assets resulting from operations | | (1,109,243 | ) | (223,490 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net dividends and distributions | | (341,250 | ) | (855,250 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 2,525,355 | | 2,896,337 | |
Total increase (decrease) in net assets | | 1,074,862 | | 1,817,597 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 22,585,239 | | 20,767,642 | |
End of period/year | | $23,660,101 | | $22,585,239 | |
(1)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 75,000 | | $7,294,305 | | 175,000 | | $18,323,995 | |
Shares redeemed | | (50,000 | ) | (4,768,950 | ) | (150,000 | ) | (15,481,845 | ) |
Variable fees | | — | | — | | — | | 54,187 | |
Net increase (decrease) | | 25,000 | | $2,525,355 | | 25,000 | | $2,896,337 | |
SoFi Weekly Dividend ETF
55 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six-Months Ended |
| Period Ended |
|
| |||||
Increase (Decrease) in Net Assets from: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $189,048 | | $110,602 | |
Net realized gain (loss) on investments and foreign currency transactions | | (413,722 | ) | (22,411 | ) |
Change in net unrealized appreciation/depreciation on investments and foreign currency translations | | (775,465 | ) | 75,500 | |
Net increase (decrease) in net assets resulting from operations | | (1,000,139 | ) | 163,691 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Distributable earnings | | (108,000 | ) | (112,697 | ) |
Return of capital | | — | | (4,803 | ) |
| | (108,000 | ) | (117,500 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(2) | | — | | 9,949,269 | |
Total increase (decrease) in net assets | | (1,108,139 | ) | 9,995,460 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period | | 9,995,460 | | — | |
End of period | | $8,887,321 | | $9,995,460 | |
(1)The Fund commenced operations on May 10, 2021. The information presented is from May 10, 2021 to February 28, 2022.
(2)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Period Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | — | | $— | | 225,000 | | $11,157,765 | |
Shares redeemed | | — | | — | | (25,000 | ) | (1,208,502 | ) |
Variable fees | | — | | — | | — | | 6 | |
Net increase (decrease) | | — | | $— | | 200,000 | | $9,949,269 | |
SoFi Web 3 ETF
56 |
The accompanying notes are an integral part of these financial statements.
|
| Period Ended |
|
| |||
Increase (Decrease) in Net Assets from: | | | |
| |||
Operations: | | | |
Net investment income (loss) | | $(148 | ) |
Net realized gain (loss) on investments and foreign currency transactions | | (21 | ) |
Change in net unrealized appreciation/depreciation on investments and foreign currency translations | | (72,507 | ) |
Net increase (decrease) in net assets resulting from operations | | (72,676 | ) |
| | | |
Distributions to Shareholders: | | | |
Net dividends and distributions | | — | |
| | | |
Capital Share Transactions: | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(2) | | 500,000 | |
Total increase (decrease) in net assets | | 427,324 | |
| | | |
Net Assets: | | | |
Beginning of period | | — | |
End of period | | $427,324 | |
(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to August 31, 2022.
(2)Summary of share transactions is as follows:
|
| Period Ended |
| ||
|
| Shares |
| Value |
|
Shares sold | | 25,000 | | $500,000 | |
Shares redeemed | | — | | — | |
Net increase (decrease) | | 25,000 | | $500,000 | |
STATEMENTS OF CHANGES IN NET ASSETS |
57 |
The accompanying notes are an integral part of these financial statements.
SoFi Smart Energy ETF
| | Period Ended | | Period Ended | |
| |||||
Increase (Decrease) in Net Assets from: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $1,060 | | $(3,023 | ) |
Net realized gain (loss) on investments and foreign currency transactions | | (101,567 | ) | (16,886 | ) |
Change in net unrealized appreciation/depreciation on investments and foreign currency translations | | 265,487 | | (490,625 | ) |
Net increase (decrease) in net assets resulting from operations | | 164,980 | | (510,534 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net dividends and distributions | | — | | — | |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(3) | | 421,550 | | 2,458,982 | |
Total increase (decrease) in net assets | | 586,530 | | 1,948,448 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period | | 1,948,448 | | — | |
End of period | | $2,534,978 | | $1,948,448 | |
(1)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on August 9, 2022. The information presented is from May 1, 2022 to August 31, 2022.
(2)The Fund commenced operations on July 20, 2021. The information presented is from July 20, 2021 to April 30, 2022.
(3)Summary of share transactions is as follows:
|
| Period Ended |
| Period Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 25,000 | | $421,550 | | 125,000 | | $2,458,982 | |
Shares redeemed | | — | | — | | — | | — | |
Net increase (decrease) | | 25,000 | | $421,550 | | 125,000 | | $2,458,982 | |
STATEMENTS OF CHANGES IN NET ASSETS |
58 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six-Months Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $15.73 | | $13.94 | | $10.38 | | $10.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 0.12 | | 0.19 | | 0.18 | | 0.17 | |
Net realized and unrealized gain (loss) on investments | | (1.76 | ) | 1.76 | | 3.54 | | 0.33 | |
Total from investment operations | | (1.64 | ) | 1.95 | | 3.72 | | 0.50 | |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | (0.10 | ) | (0.16 | ) | (0.16 | ) | (0.12 | ) |
From net realized gain | | — | | — | | (0.00 | )(6) | — | |
Total distributions | | (0.10 | ) | (0.16 | ) | (0.16 | ) | (0.12 | ) |
| | | | | | | | | |
Net asset value, end of period/year | | $13.99 | | $15.73 | | $13.94 | | $10.38 | |
Total return(4) | | (10.40 | )%(3) | 13.89 | % | 36.04 | % | 4.95 | %(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of period/year (millions) | | $382.0 | | $380.6 | | $177.1 | | $73.7 | |
Portfolio turnover rate | | 16 | %(3) | 9 | % | 26 | % | 22 | %(3) |
Ratio of expenses to average net assets | | | | | | | | | |
Before management fees waived | | 0.19 | %(5) | 0.19 | % | 0.19 | % | 0.19 | %(5) |
After management fees waived | | 0.00 | %(5) | 0.00 | % | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) to average | | | | | | | | | |
Before management fees waived | | 1.41 | %(5) | 0.96 | % | 1.25 | % | 1.60 | %(5) |
After management fees waived | | 1.60 | %(5) | 1.15 | % | 1.44 | % | 1.79 | %(5) |
(1)The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
(6)Does not round to $0.01 or $(0.01), as applicable.
SoFi Next 500 ETF
59 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six-Months Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $13.25 | | $13.31 | | $9.62 | | $10.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 0.09 | | 0.15 | | 0.16 | | 0.13 | |
Net realized and unrealized gain (loss) on investments | | (1.65 | ) | (0.08 | ) | 3.67 | | (0.40 | ) |
Total from investment operations | | (1.56 | ) | 0.07 | | 3.83 | | (0.27 | ) |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | (0.08 | ) | (0.13 | ) | (0.14 | ) | (0.11 | ) |
From net realized gain | | — | | — | | (0.00 | )(6) | — | |
Total distributions | | (0.08 | ) | (0.13 | ) | (0.14 | ) | (0.11 | ) |
| | | | | | | | | |
Net asset value, end of period/year | | $11.61 | | $13.25 | | $13.31 | | $9.62 | |
Total return(4) | | (11.74 | )%(3) | 0.45 | % | 40.17 | % | (2.84 | )%(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of period/year (millions) | | $48.8 | | $49.0 | | $24.6 | | $9.1 | |
Portfolio turnover rate | | 34 | %(3) | 27 | % | 53 | % | 55 | %(3) |
Ratio of expenses to average net assets | | | | | | | | | |
Before management fees waived | | 0.19 | %(5) | 0.19 | % | 0.19 | % | 0.19 | %(5) |
After management fees waived | | 0.00 | %(5) | 0.00 | % | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) to average | | | | | | | | | |
Before management fees waived | | 1.33 | %(5) | 0.85 | % | 1.29 | % | 1.29 | %(5) |
After management fees waived | | 1.52 | %(5) | 1.04 | % | 1.48 | % | 1.48 | %(5) |
(1)The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
(6)Does not round to $0.01 or $(0.01), as applicable.
SoFi Social 50 ETF
60 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six-Months Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $31.60 | | $29.38 | | $18.73 | | $20.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 0.12 | | 0.11 | | 0.12 | | 0.15 | |
Net realized and unrealized gain (loss) on investments | | (6.43 | ) | 2.21 | | 10.64 | | (1.27 | ) |
Total from investment operations | | (6.31 | ) | 2.32 | | 10.76 | | (1.12 | ) |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | (0.07 | ) | (0.10 | ) | (0.11 | ) | (0.15 | ) |
Total distributions | | (0.07 | ) | (0.10 | ) | (0.11 | ) | (0.15 | ) |
| | | | | | | | | |
Net asset value, end of period/year | | $25.22 | | $31.60 | | $29.38 | | $18.73 | |
Total return(4) | | (19.96 | )%(3) | 7.85 | % | 57.67 | % | (5.67 | )%(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of period/year (millions) | | $16.4 | | $20.5 | | $11.8 | | $2.8 | |
Portfolio turnover rate | | 33 | %(3) | 62 | % | 414 | % | 168 | %(3) |
Ratio of expenses to average net assets | | 0.29 | %(5) | 0.29 | % | 0.29 | % | 0.29 | %(5) |
Ratio of net investment income (loss) to average | | 0.88 | %(5) | 0.31 | % | 0.52 | % | 0.92 | %(5) |
(1)The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
61 |
The accompanying notes are an integral part of these financial statements.
SoFi Be Your Own Boss ETF
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six-Months Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $22.46 | | $41.47 | | $18.56 | | $20.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 0.01 | | (0.11 | ) | (0.11 | ) | (0.05 | ) |
Net realized and unrealized gain (loss) on investments | | (6.84 | ) | (18.10 | ) | 23.14 | | (1.39 | ) |
Total from investment operations | | (6.83 | ) | (18.21 | ) | 23.03 | | (1.44 | ) |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | — | | (0.80 | ) | (0.12 | ) | — | |
Total distributions | | — | | (0.80 | ) | (0.12 | ) | — | |
| | | | | | | | | |
Net asset value, end of period/year | | $15.63 | | $22.46 | | $41.47 | | $18.56 | |
Total return(4) | | (30.39 | )%(3) | (44.32 | )% | 124.22 | % | (7.22 | )%(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of period/year (millions) | | $8.6 | | $16.8 | | $51.8 | | $7.4 | |
Portfolio turnover rate | | 29 | %(3) | 47 | % | 68 | % | 33 | %(3) |
Ratio of expenses to average net assets | | 0.59 | %(5) | 0.59 | % | 0.59 | % | 0.59 | %(5) |
Ratio of net investment income (loss) to average | | 0.08 | %(5) | (0.32 | )% | (0.36 | )% | (0.36 | )%(5) |
(1)The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
SoFi Weekly Income ETF
62 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six-Months Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $100.38 | | $103.84 | | $100.00 | |
| | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | |
Net investment income (loss)(2) | | 1.70 | | 2.56 | | 1.16 | |
Net realized and unrealized gain (loss) on investments | | (3.45 | ) | (1.98 | ) | 3.73 | |
Total from investment operations | | (1.75 | ) | 0.58 | | 4.89 | |
| | | | | | | |
Less Distributions: | | | | | | | |
From net investment income | | (3.99 | ) | (4.04 | ) | (1.05 | ) |
Total distributions | | (3.99 | ) | (4.04 | ) | (1.05 | ) |
| | | | | | | |
Net asset value, end of period/year | | $94.64 | | $100.38 | | $103.84 | |
Total return(4) | | (4.40 | )%(3) | 0.48 | % | 4.91 | %(3) |
| | | | | | | |
Ratios / Supplemental Data: | | | | | | | |
Net assets, end of period/year (millions) | | $23.7 | | $22.6 | | $20.8 | |
Portfolio turnover rate | | 27 | %(3) | 49 | % | 8 | %(3) |
Ratio of expenses to average net assets | | 0.59 | %(5) | 0.59 | % | 0.59 | %(5) |
Ratio of net investment income (loss) to average net assets | | 3.49 | %(5) | 2.44 | % | 2.73 | %(5) |
(1)The Fund commenced operations on October 1, 2020. The information presented is from October 1, 2020 to February 28, 2021.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
SoFi Weekly Dividend ETF
63 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
|
| Six-Months Ended |
| Period Ended |
|
Net asset value, beginning of period | | $49.98 | | $50.00 | |
| | | | | |
Income (Loss) from Investment Operations: | | | | | |
Net investment income (loss)(2) | | 0.95 | | 0.78 | |
Net realized and unrealized gain (loss) on investments | | (5.95 | ) | 0.02 | |
Total from investment operations | | (5.00 | ) | 0.80 | |
| | | | | |
Less Distributions: | | | | | |
From net investment income | | (0.54 | ) | (0.79 | ) |
From return of capital | | — | | (0.03 | ) |
Total distributions | | (0.54 | ) | (0.82 | ) |
| | | | | |
Net asset value, end of period | | $44.44 | | $49.98 | |
Total return(3)(4) | | (10.06 | )% | 1.62 | % |
| | | | | |
Ratios / Supplemental Data: | | | | | |
Net assets, end of period (millions) | | $8.9 | | $10.0 | |
Portfolio turnover rate | | 36 | %(3) | 68 | %(3) |
Ratio of expenses to average net assets | | 0.49 | %(5) | 0.49 | %(5) |
Ratio of net investment income (loss) to average net assets | | 3.97 | %(5) | 1.93 | %(5) |
(1)The Fund commenced operations on May 10, 2021. The information presented is from May 10, 2021 to February 28, 2022.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value.
(5)Annualized.
SoFi Web 3 ETF
64 |
The accompanying notes are an integral part of these financial statements.
|
| Period Ended |
|
Net asset value, beginning of period | | $20.00 | |
| | | |
Income (Loss) from Investment Operations: | | | |
Net investment income (loss)(2) | | (0.01 | ) |
Net realized and unrealized gain (loss) on investments | | (2.90 | ) |
Total from investment operations | | (2.91 | ) |
| | | |
Less Distributions: | | | |
From net investment income | | — | |
Total distributions | | — | |
| | | |
Net asset value, end of period | | $17.09 | |
Total return(3)(4) | | (14.54 | )% |
| | | |
Ratios / Supplemental Data: | | | |
Net assets, end of period (millions) | | $0.4 | |
Portfolio turnover rate(3)(6) | | 0 | % |
Ratio of expenses to average net assets(5) | | 0.59 | % |
Ratio of net investment income (loss) to average net assets(5) | | (0.52 | )% |
(1) The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to August 31, 2022.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(5)Annualized.
(6)Does not round to $0.01 or $(0.01), as applicable.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
65 |
The accompanying notes are an integral part of these financial statements.
SoFi Smart Energy ETF
|
| Period Ended |
| Period Ended |
|
Net asset value, beginning of period | | $15.59 | | $20.00 | |
| | | | | |
Income (Loss) from Investment Operations: | | | | | |
Net investment income (loss)(3) | | 0.01 | | (0.03 | ) |
Net realized and unrealized gain (loss) on investments | | 1.30 | | (4.38 | ) |
Total from investment operations | | 1.31 | | (4.41 | ) |
| | | | | |
Less Distributions: | | | | | |
From net investment income | | — | | — | |
Total distributions | | — | | — | |
| | | | | |
Net asset value, end of period | | $16.90 | | $15.59 | |
Total return(4)(5) | | 8.42 | % | (22.06 | )% |
| | | | | |
Ratios / Supplemental Data: | | | | | |
Net assets, end of period (millions) | | $2.5 | | $1.9 | |
Portfolio turnover rate(4) | | 16 | % | 41 | % |
Ratio of expenses to average net assets(6) | | 0.64 | %(7) | 0.65 | % |
Ratio of net investment income (loss) to average net assets(6) | | 0.16 | % | (0.19 | )% |
(1)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on August 9, 2022. The information presented is from May 1, 2022 to August 31, 2022.
(2)The Fund commenced operations on July 20, 2021. The information presented is from July 20, 2021 to April 30, 2022.
(3)Calculated using average shares outstanding method.
(4)Not annualized.
(5)The total return is based on the Fund’s net asset value.
(6)Annualized.
(7)Effective August 9, 2022, the Fund’s management fee was reduced from 0.65% to 0.59%.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
66 |
NOTE 1 – ORGANIZATION |
The SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF and SoFi Web 3 ETF are diversified series of shares and the SoFi Weekly Income ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy, are non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares is registered under the Securities Act of 1933, as amended. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019, the SoFi Social 50 ETF and SoFi Be Your Own Boss ETF commenced operations on May 7, 2019, the SoFi Weekly Income ETF commenced operations on October 1, 2020, the SoFi Weekly Dividend ETF commenced operations on May 10, 2021, the SoFi Smart Energy ETF commenced operations on July 20, 2021 and the SoFi Web 3 ETF commenced operations on August 8, 2022.
The investment objective of the SoFi Select 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index. The investment objective of the SoFi Next 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. The investment objective of the SoFi Social 50 ETF is to seek to track the performance, before fees and expenses, of the SoFi Social 50 Index. The investment objective of the SoFi Be Your Own Boss ETF is to seek long-term capital appreciation. The investment objective of the SoFi Weekly Income ETF is to seek to provide current income. The investment objective of the SoFi Weekly Dividend ETF is to seek to track the performance, before fees and expenses, of the SoFi Sustainable Dividend Index. The investment objective of the SoFi Web 3 ETF is to seek to track the performance, before fees and expenses, of the SoFi Solactive Web 3.0 Index. The investment objective of the SoFi Smart Energy ETF is to seek to track the performance, before fees and expenses, of the iClima Distributed Renewable Energy Index (together with the Solactive SoFi US 500 Growth Index, the Solactive SoFi US Next 500 Growth Index, the SoFi Social 50 Index, the SoFi Solactive Web 3.0 Index and the iClima Distributed Renewable Energy Index, the “Indexes”).
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Funds are open for business.
Debt securities are valued by using an evaluated mean of the bid and asked prices provided by Independent Pricing Agents. The Independent Pricing Agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.
For securities for which quotations are not readily available, a fair value will be determined by the Valuation Committee using the Fair Value Procedures approved by the Trust’s Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Fair Value Procedures
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) |
67 |
SoFi Funds
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 Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 –Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 –Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value each Fund’s investments as of August 31, 2022:
SoFi Select 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $381,062,628 | | $— | | $— | | $381,062,628 | |
Short-Term Investments | | — | | 290,926 | | — | | — | | 290,926 | |
Investments Purchased With Collateral From | | 24,630,143 | | — | | — | | — | | 24,630,143 | |
Total Investments in Securities | | $24,630,143 | | $381,353,554 | | $— | | $— | | $405,983,697 | |
SoFi Next 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $48,621,944 | | $— | | $— | | $48,621,944 | |
Preferred Stocks(1) | | — | | 49,583 | | — | | — | | 49,583 | |
Short-Term Investments | | — | | 30,899 | | — | | — | | 30,899 | |
Investments Purchased With Collateral From | | 13,267,911 | | — | | — | | — | | 13,267,911 | |
Total Investments in Securities | | $13,267,911 | | $48,702,426 | | $— | | $— | | $61,970,337 | |
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
68 |
SoFi Funds
SoFi Social 50 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $16,171,601 | | $— | | $— | | $16,171,601 | |
Preferred Stocks(1) | | — | | 196,181 | | — | | — | | 196,181 | |
Short-Term Investments | | — | | 5,889 | | — | | — | | 5,889 | |
Investments Purchased With Collateral From | | 5,299,321 | | — | | — | | — | | 5,299,321 | |
Total Investments in Securities | | $5,299,321 | | $16,373,671 | | $— | | $— | | $21,672,992 | |
SoFi Be Your Own Boss ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $8,564,966 | | $— | | $0 | (3) | $8,564,966 | |
Short-Term Investments | | — | | 32,052 | | — | | — | | 32,052 | |
Investments Purchased With Collateral From | | 2,862,078 | | — | | — | | — | | 2,862,078 | |
Total Investments in Securities | | $2,862,078 | | $8,597,018 | | $— | | $0 | | $11,459,096 | |
| | Investments in Securities at Fair Value(3) | |
Balance as of February 28, 2022 | | $— | |
Accrued discounts/premiums | | — | |
Realized gain (loss) | | — | |
Change in unrealized appreciation/depreciation | | (70,650 | ) |
Purchases | | — | |
Sales | | — | |
Transfer into and/or out of Level 3 | | 70,650 | |
Balance as of August 31, 2022 | | $0 | |
| | | |
Change in unrealized appreciation/depreciation for Level 3 investments held at August 31, 2022: | | $(70,650 | ) |
SoFi Weekly Income ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Asset Backed Securities | | $— | | $— | | $882,404 | | $— | | $882,404 | |
Corporate Bonds(1) | | — | | — | | 20,990,008 | | — | | 20,990,008 | |
Mortgage Backed Securities | | — | | — | | 241,551 | | — | | 241,551 | |
Municipal Bonds | | — | | — | | 215,422 | | — | | 215,422 | |
United States Treasury Obligations | | — | | — | | 415,877 | | — | | 415,877 | |
Preferred Stocks(1) | | — | | 327,943 | | — | | — | | 327,943 | |
Short-Term Investments | | — | | 367,049 | | — | | — | | 367,049 | |
Investments Purchased With Collateral From | | 1,334,110 | | — | | — | | — | | 1,334,110 | |
Total Investments in Securities | | $1,334,110 | | $694,992 | | $22,745,262 | | $— | | $24,774,364 | |
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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SoFi Weekly Dividend ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $8,835,598 | | $— | | $— | | $8,835,598 | |
Preferred Stocks(1) | | — | | 9,359 | | — | | — | | 9,359 | |
Short-Term Investments | | — | | 16,837 | | — | | — | | 16,837 | |
Investments Purchased With Collateral From | | 405,264 | | — | | — | | — | | 405,264 | |
Total Investments in Securities | | $405,264 | | $8,861,794 | | $— | | $— | | $9,267,058 | |
SoFi Web 3 ETF
Investments in Securities |
|
| | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | | | $422,287 | | $— | | $— | | $422,287 | |
Preferred Stocks(1) | | | | 4,822 | | — | | — | | 4,822 | |
Short-Term Investments | | | | 385 | | — | | — | | 385 | |
Total Investments in Securities | | | | $427,494 | | $— | | $— | | $427,494 | |
SoFi Smart Energy ETF
Investments in Securities |
|
| | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | | | $2,527,704 | | $— | | $— | | $2,527,704 | |
Short-Term Investments | | | | 5,390 | | — | | — | | 5,390 | |
Total Investments in Securities | | | | $2,533,094 | | $— | | $— | | $2,533,094 | |
(1)See Schedule of Investment for the industry breakout.
(2)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
(3)The Level 3 securities (Common Stocks) are fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible.
B.Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of August 31, 2022, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
C.Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Debt income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.
D.Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.
E.Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, and SoFi Web 3 are declared and paid at least semi-annually, for the SoFi Weekly Income ETF and SoFi Weekly Dividend ETF are declared and paid at least weekly, and for the SoFi Smart Energy ETF are declared and paid at least annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.
F.Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.
G.Share Valuation. The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.
H.Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
I.Illiquid Investments. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of each Fund’s net assets. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by each Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.
J.Recently Issued Accounting Pronouncements.
•In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Fund will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. Management implemented a Rule 18f-4 Derivatives Risk Management Program effective August 19, 2022.
•In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Funds began complying with Rule 2a-5 effective September 8, 2022.
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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Effective on that date, securities for which market quotations are not readily available will have a fair value determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Funds’ investment adviser, Toroso Investments, LLC (the “Adviser”), subject to oversight by 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 Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable.
•In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact, if any, of these amendments on the financial statements.
NOTE 3 – PRINCIPAL INVESTMENT RISKS |
A.Agency Debt Risk (SoFi Weekly Income ETF Only). Bonds or debentures issued by U.S. government agencies, government-sponsored entities, or government corporations, including, among others, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), are generally backed only by the general creditworthiness and reputation of the U.S. government agency, government-sponsored entity, or government corporation issuing the bond or debenture and are not guaranteed by the U.S. Department of the Treasury (“U.S. Treasury”) or backed by the full faith and credit of the U.S. government. As a result, there is uncertainty as to the current status of many obligations of Fannie Mae, Freddie Mac and other agencies that are placed under conservatorship of the federal government. By contrast, Government National Mortgage Association securities are generally backed by the full faith and credit of the U.S. government.
B.Asset Backed Securities (“ABS”) Risk (SoFi Weekly Income ETF Only). The value of ABS may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.
C.Associated Risk of Investing in Distributed Smart Energy Companies (SoFi Smart Energy ETF Only). Distributed Smart Energy Companies (as defined in the Fund’s prospectus) typically face intense competition, potentially short product lifecycles and potentially rapid product obsolescence (e.g., when a better, higher utility solution becomes available) due to anticipated and frequent technological improvements. These companies may be significantly affected by fluctuations in energy prices and in the supply and demand of renewable energy, tax incentives, subsidies and other governmental regulations and policies. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Distributed Smart Energy Companies may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, availability of certain inputs and materials required for production, depletion of resources (such as lithium, copper and cobalt), technological developments and labor relations. A decline in the price of conventional energy such as oil and natural gas could have a materially adverse impact on Distributed Smart Energy Companies. Renewable energy resources may be highly dependent upon on government policies that support renewable generation and enhance the economic viability of owning renewable electric generation assets. Investors should additionally take notice of the distinction between implemented government policy based on legislation and less guaranteed commitments which may be aspirational, subject to political risk, and difficult to enforce. Additionally, adverse environmental conditions may cause fluctuations in renewable electric generation and adversely affect the cash flows associated with Distributed Smart Energy Companies.
D.Bank Loans Risk (SoFi Weekly Income ETF Only). Bank loans often involve borrowers whose financial conditions are troubled or uncertain and companies that are highly leveraged. The market for bank loans may not be highly liquid and the Fund may have difficulty selling bank loans. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. Bank loans generally are subject to legal or contractual restrictions on resale. In addition, bank loans may have trade settlement periods extending beyond seven days, which means that, in certain cases, it could take the Fund a significant amount of time to get its money after selling an investment. Bank loans may be structured such that they are not “securities” under federal securities laws and therefore not subject to federal securities laws protections against fraud and misrepresentation. As such, there can be no assurances that fraud or misrepresentation will not occur with respect to bank loans in which the Fund invests.
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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E.Big Data & AI Risk (SoFi Web 3 ETF Only). Companies that develop or support the development of Big Data (as defined in the Fund’s prospectus) analytics systems and AI (artificial intelligence) systems may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Big Data and AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Big Data and AI companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Big Data and AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. In addition, Big Data and AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Big Data and AI companies face increased risk from trade agreements between countries that develop these technologies and countries in which customers of these technologies are based. Lack of resolution or potential imposition of trade tariffs may hinder the companies’ ability to successfully deploy their inventories. The customers and/or suppliers of Big Data and AI companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Big Data and AI companies.
F.Blockchain Technology Risk (SoFi Web 3 ETF Only). Blockchain technology is a relatively new and untested technology which operates as a distributed ledger. The risks associated with blockchain technology may not emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Access to a given blockchain requires an individualized key, which, if compromised, could result in loss due to theft, destruction or inaccessibility. There is little regulation of blockchain technology other than the intrinsic public nature of the blockchain system. Any future regulatory developments could affect the viability and expansion of the use of blockchain technology. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation. Blockchain technology is not a product or service that provides identifiable revenue for companies that implement, or otherwise use it. Therefore, the values of the companies included in the Fund’s portfolio, if any, may not be a reflection of their connection to blockchain technology, but may be based on other business operations. Currently, blockchain technology is primarily used for the recording of transactions in digital currency, which are extremely speculative, unregulated and volatile. Problems in digital currency markets could have a wider effect on companies associated with blockchain technology. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in the Fund’s portfolio, if any. There are currently a number of competing blockchain platforms with competing intellectual property claims. The uncertainty inherent in these competing technologies could cause companies to use alternatives to blockchain. Finally, because digital assets registered in a blockchain do not have a standardized exchange, like a stock market, there is less liquidity for such assets and greater possibility of fraud or manipulation.
G.Call Risk (SoFi Weekly Income ETF Only). During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.
H.Collateralized Mortgage-Backed Securities(“CMBS”) Risk (SoFi Weekly Income ETF Only). The Fund’s investments in CMBS are subject to the risk that if there is a shortfall in loan payments from borrowers or if an underlying property is sold via foreclosure and does not generate sufficient proceeds to meet scheduled payments on all bond classes, investments in the most subordinate outstanding bond class will incur a principal loss first, with any further losses impacting more senior classes in reverse order of payment priority. CMBS are historically more volatile than RMBS. Such securities are subject to credit, interest rate, prepayment, and extension risks.
I.Collateralized Mortgage Obligations (“CMOs”) Risk (SoFi Weekly Income ETF Only). CMOs represent interests in a short-term, intermediate-term or long-term portion of a mortgage pool. Each portion of the pool receives monthly interest payments, but the principal repayments pass through to the short-term CMO first and to the long-term CMO last. Investments in CMOs are subject to the same risks as direct investments in the underlying mortgage-backed securities including credit, interest rate,
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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prepayment, and extension risks. In the event of a bankruptcy or other default of a broker who issued the CMO held by the Fund, the Fund could experience both delays in liquidating its position and losses. In addition, classes of CMOs may also include interest only (“IOs”) and principal only (“POs”). IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages the cash flow from which has been separated into interest and principal components. IOs (interest only securities) receive the interest portion of the cash flow while POs (principal only securities) receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. When payments on mortgages underlying a PO are slow, the life of the PO is lengthened and the yield to maturity is reduced.
J.Concentration Risk (SoFi Next 500 ETF, SoFi Select 500 ETF, SoFi Social 50 ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF Only). Each Fund’s investments will be concentrated in an industry or group of industries to the extent the applicable Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries.
K.Convertible Securities Risk (SoFi Weekly Income ETF Only). Convertible securities rank senior to the issuer’s common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.
L.Credit Risk (SoFi Weekly Income ETF Only). Issuers and/or counterparties may fail to make payments when due or default completely. If an issuer’s or counterparty’s financial condition worsens, the credit quality of the issuer or counterparty may deteriorate, making it difficult for the Fund to sell such investments. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.
M.Currency Exchange Rate Risk (SoFi Be Your Own Boss ETF Only). Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of your Fund shares. Because the Fund’s NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar. This is true even if the local currency value of securities in the Fund’s holdings goes up. Conversely, the dollar value of your investment in the Fund may go up if the value of the local currency appreciates against the U.S. dollar. The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include: national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention and restrictive or opaque business and investment policies may also reduce the value of a country’s currency. Government monetary policies and the buying or selling of currency by a country’s government may also influence exchange rates. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning, and you may lose money.
N.Dividend Risk (SoFi Weekly Income ETF and SoFi Weekly Dividend ETF Only). Dividend payments may fluctuate widely in amounts. There is no guarantee that issuers of the securities held by the Fund will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time. An issuer of a security may be unwilling or unable to pay income on a security. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. The Fund’s NAV may fluctuate based on the timing of the receipt and payment of dividends.
O.Emerging Markets Risk (SoFi Be Your Own Boss, SoFi Weekly Income ETF, and SoFi Smart Energy Only). Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political, and economic uncertainty, (iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Fund to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
P.Equity Market Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Dividend ETF, SoFi Web 3, and SoFi Smart Energy Only). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.
Q.Event Risk (SoFi Weekly Income ETF Only). Corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.
R.Exchange Traded Fund (“ETF”) Risks.
•Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Funds (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/ or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
•Cash Redemption Risk (SoFi Weekly Income ETF Only). The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.
•Costs of Buying or Selling Shares. Investors buying or selling shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for shares based on trading volume and market liquidity and is generally lower if shares have more trading volume and market liquidity and higher if shares have little trading volume and market liquidity. Further, a relatively small investor base in the Funds, asset swings in the Funds and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling shares, including bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.
•Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares will approximate a Fund’s NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. The market price of shares during the trading day, like the price of any exchange-traded security, includes a “bid-ask” spread charged by the exchange specialist, market makers, or other participants that trade the shares. In times of severe market disruption, the bid-ask spread can increase significantly. At those times, shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your shares. Toroso Investments, LLC, the Funds’ investment adviser (the “Adviser”), believes that, under normal market conditions, large
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market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities. Because securities held by the SoFi Be Your Own Boss ETF may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.
•Trading. Although shares are listed on a national securities exchange, such as NYSE Arca, Inc. and The NASDAQ Stock Market, LLC (the “Exchanges”) and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Exchanges, make trading in shares inadvisable. In addition, trading in shares on the Exchanges is subject to trading halts caused by extraordinary market volatility pursuant to Exchange “circuit breaker” rules, which temporarily halt trading on the Exchanges when a decline in the S&P 500 during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the Exchanges may halt trading in shares when extraordinary volatility causes sudden, significant swings in the market price of shares. There can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of a Fund’s underlying portfolio holdings, which can be significantly less liquid than shares.
S.Extension Risk (SoFi Weekly Income ETF Only). When interest rates rise, certain obligations will be repaid by the obligor more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to future changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than the value of shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.
T.Fixed Income Risk (SoFi Weekly Income ETF Only). The value of the Fund’s investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned indirectly by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities.
U.Floating and Variable Rate Securities Risk (SoFi Weekly Income ETF Only). Securities with floating or variable interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates but may decline in value if their interest rates do not rise as much, or as quickly, as comparable market interest rates. Conversely, floating or variable rate securities will not generally increase in value if interest rates decline. The impact of interest rate changes on floating or variable rate securities is typically mitigated by the periodic interest rate reset of the investments. Floating or variable rate securities can be rated below investment grade or unrated; therefore, the Fund relies heavily on the analytical ability of the Sub-Adviser (defined below). Floating or variable rate securities are often subject to restrictions on resale, which can result in reduced liquidity.
V.Foreign Securities Risks (SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3, and SoFi Smart Energy Only). Certain foreign countries may impose exchange control regulations, restrictions on repatriation of profit on investments or of capital invested, local taxes on investments, and restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Funds will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, the imposition of economic sanctions, different legal systems and laws relating to bankruptcy and creditors’ rights, and the potential inability to enforce legal judgments, all of which could cause the Funds to lose money on its investments in non-U.S. securities. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because non-U.S. securities may trade on days when shares are not priced, NAV may change at times when shares cannot be sold.
Foreign banks and securities depositories at which the Funds hold their foreign securities and cash may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Additionally, many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the
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United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of each Fund’s investments.
W.High-Yield Securities Risk (SoFi Weekly Income ETF Only). Below investment grade instruments are commonly referred to as “junk” or high-yield instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments.
Lower grade instruments, though higher yielding, are characterized by higher risk. The retail secondary market for lower grade instruments, which are often thinly traded or subject to irregular trading, may be less liquid than that for higher rated instruments. Such instruments can be more difficult to sell and to value than higher rated instruments because there is generally less public information available about such securities. As a result, subjective judgment may play a greater role in valuing such instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund’s NAV. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in the Fund, both in the short-term and the long-term.
X.Interest Rate Risk (SoFi Weekly Income ETF Only). The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value.
Y.Market Capitalization Risk.
•Large-Capitalization Investing (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). 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 (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). 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 (SoFi Be Your Own Boss ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). 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 information concerning smaller-capitalization companies than for larger, more established companies.
•Micro-Capitalization Investing (SoFi Web 3 ETF Only). Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio.
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Z.Metaverse Risk (SoFi Web 3 ETF Only). Metaverse companies provide internet navigation services and reference guide information and publish, provide or present proprietary advertising and/or third-party content. In addition, they often derive a large portion of their revenues from advertising, and a reduction in spending by or loss of advertisers could seriously harm their business. This industry is rapidly evolving and intensely competitive, and is subject to changing technologies, shifting user needs, and frequent introductions of new products and services. The research and development of new, technologically advanced products is a complex and uncertain process requiring high levels of innovation and investment, as well as the accurate anticipation of technology, market trends and consumer needs. The number of people who access the Internet has increased dramatically and a failure to attract and retain a substantial number of such users to a company’s products and services or to develop products and technologies that are more compatible with alternative devices, could adversely affect operating results. Concerns regarding a company’s products, services or processes that may compromise the privacy of users or other privacy related matters, even if unfounded, could damage a company’s reputation and adversely affect operating results. Many internet-related companies have declared bankruptcy, gone out of business and incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Metaverse companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements, and changing customer demands. The failure of a Metaverse company to adapt to such changes could have a material adverse effect on the company’s business. Additionally, the widespread adoption of a Metaverse or other new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by a Metaverse company to modify or adapt its services or infrastructure, which could have a material adverse effect on the company’s business.
AA.Mortgage-Backed Securities Risk (SoFi Weekly Income ETF Only). Mortgage-related securities represent ownership in pools of mortgage loans assembled for sale to investors by various government agencies such as Ginnie Mae and government-related organizations such as Fannie Mae and Freddie Mac. Although these mortgage-related securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured. MBS, like traditional fixed-income securities, are subject to credit, interest rate, prepayment, and extension risks.
These securities differ from conventional bonds in that the principal is paid back to the investor as payments are made on the underlying mortgages in the pool. Accordingly, the Fund will receive scheduled payments of principal and interest along with any unscheduled principal prepayments on the underlying mortgages. Because these scheduled and unscheduled principal payments must be reinvested at prevailing interest rates, MBS do not provide an effective means of locking in long-term interest rates for the investor. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS.
The mortgage market in the United States has experienced and may in the future experience difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage loans (including subprime and second-lien mortgage loans) may increase and real-estate values may decline due to such difficulties, which may exacerbate such delinquencies and losses. Reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements may cause limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities and the Fund.
BB.Municipal Securities Risk (SoFi Weekly Income ETF Only). Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the inability to collect revenues from the project or the assets.
CC.NFT & Tokenization Industry Risk (SoFi Web 3 ETF Only). The NFT (non-fungible tokens) and tokenization industries are rapidly evolving and intensely competitive, and are subject to changing technologies, shifting user needs, and frequent introductions of new products and services. If the NFT marketplace fails to continue to grow, firms that support NFT marketplaces may lose money or go out of business. In addition, the value of NFTs and other digital assets are extremely volatile and are subject to significant risks.
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Blockchain (distributed ledgers) is used to record transfers of ownership of NFTs and other digital assets. NFTs are “held” in digital wallets and are solely represented by ledger balances and secured by cryptographic key pairs, a public key and a private key (via a password). A private key is needed to sell or transfer an NFT. As a result, NFTs can be lost permanently if an owner loses the private key to its digital wallet. In addition, NFTs may be vulnerable to cyber theft or technology failures. For example, if an NFT company is hacked and any one or more of its private keys (or passwords) are stolen, the thief could transfer the digital assets to its own account and/or sell them. Further, if such a breach were to occur companies cannot guarantee that it could be detected in time to prevent the unauthorized sale/transfer/use of the affected digital assets. The blockchain on which ownership of NFTs is recorded may be the target of malicious cyberattacks or may contain exploitable flaws in its underlying code, which may result in security breaches or the loss, decline in value, or theft of underlying digital assets. There is currently no insurance available for NFTs. As a result, NFT firms are largely self-insured for NFT losses. An NFT company that suffers a large loss may be subject to significant financial stress.
NFTs and other digital assets are a new and relatively untested asset class. There is considerable uncertainty about their long-term viability. In addition, the success of digital assets will depend on whether blockchain and other new technologies related to digital assets turn out to be useful and economically viable. The value of NFTs relies in part on the development, general acceptance and adoption and usage of blockchain assets, rather than solely on the value of the underlying item itself (for example, artwork). There can be no assurance that the market for NFTs will be sustained, which may materially adversely affect the value of NFT companies and the Fund’s investments.
DD.Non-Diversification Risk (SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, and SoFi Smart Energy ETF Only). A non-diversified Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase a Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on a Fund’s performance.
EE.Privately Placed Securities Risk (SoFi Weekly Income ETF Only). Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.
FF.REIT Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent a Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action such as the exercise of eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.
In addition to these risks, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the “Code”), or to maintain their exemptions from registration under the 1940 Act. The Funds expect that dividends received from a REIT and distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income, but may be taxable as return of capital. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.
GG.TBA Securities and Rolls Risk (SoFi Weekly Income ETF Only). TBA transactions are subject to increased credit risk and increased overall investment exposure. TBA rolls involve the risk that the Fund’s counterparty will be unable to deliver the MBS underlying the TBA roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. TBA roll transactions may have the effect of creating leverage in the Fund’s portfolio.
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HH.TIPS Risk (SoFi Weekly Income ETF Only). Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for inflation. There can be no assurance that the Consumer Price Index (“CPI”) will accurately measure the real rate of inflation in the prices of goods and services. Any increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In addition, TIPS are subject to credit risk and interest rate risk.
II.U.S. Government Obligations Risk (SoFi Weekly Income ETF Only). Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
Toroso Investments, LLC serves as the investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, has overall responsibility for the general management and administration of the Funds. For the SoFi Weekly Income ETF, the Adviser provides oversight of the Sub-Adviser (defined below), monitoring of the Sub-Adviser’s buying and selling of securities for the Fund, and review of the Sub-Adviser’s performance.
Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund as follows:
Fund | Management Fee | Management Fee |
SoFi Select 500 ETF | 0.19% | 0.00% |
SoFi Next 500 ETF | 0.19% | 0.00% |
SoFi Social 50 ETF | 0.29% | 0.29% |
SoFi Be Your Own Boss ETF | 0.59% | 0.59% |
SoFi Weekly Income ETF | 0.59% | 0.59% |
SoFi Weekly Dividend ETF | 0.49% | 0.49% |
SoFi Web 3 ETF | 0.59% | 0.59% |
SoFi Smart Energy ETF | 0.59%(4) | 0.59% |
(4)Effective August 9, 2022, the Management Fee was reduced from 0.65% to 0.59%.
The Adviser has contractually agreed to waive its full Management Fee for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2023 (the “Fee Waiver Agreement”). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Any waived Management Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement. There is currently no Fee Waiver Agreement in effect for the SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, or SoFi Smart Energy ETF. Management Fees for the period ended August 31, 2022 are disclosed in the Statements of Operations.
Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (“Excluded Expenses”). The Management Fees incurred are paid monthly to the Adviser. The Adviser has entered into an agreement with Social Finance, Inc. (“SoFi”), under which SoFi assumes the obligation of the Adviser to pay all expenses of the Funds, except Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming
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the payment obligation, the Adviser has agreed to pay SoFi the profits, if any, generated by each Fund’s unitary Management Fee. Although SoFi has agreed to be responsible for the Unitary Expenses, the Adviser retains the ultimate obligation to the Funds to pay such expenses. SoFi also provides marketing support for the Funds, including hosting the Funds’ website and preparing marketing materials related to the Funds.
Income Research + Management (“IR+M”) (the “Sub-Adviser”) serves as a sub-adviser to the SoFi Weekly Income ETF pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for day-to-day management of the SoFi Weekly Income ETF’s portfolio, including determining the securities purchased and sold by the Fund and the execution of the Fund’s portfolio investments. The Sub-Adviser is responsible for trading portfolio securities for the SoFi Weekly Income ETF, including selecting broker-dealers to execute purchase and sale transactions subject to the supervision of the Adviser and the Board.
Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities the Sub-Adviser provides (the “Sub-Advisory Fee”) based on the average daily net assets of the Fund as follows:
Fund | IR+M |
SoFi Weekly Income ETF | 0.35% on first $20 million |
| 0.30% on next $80 million |
| 0.20% on next $200 million |
| 0.15% on next $300 million |
| 0.10% on next $400 million |
| 0.075% on amounts over $1 billion |
The Sub-Advisory Fees incurred are paid monthly to the Sub-Adviser by the Adviser.
Tidal ETF Services LLC (“Tidal”), an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.
Certain officers and a trustee of the Trust are affiliated with the Adviser and Fund Services. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.
NOTE 5 – SECURITIES LENDING |
The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the Funds. The Funds receive compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
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As of August 31, 2022, the market value of the securities on loan and payable on collateral received for securities lending were as follows:
Fund |
| Market Value of |
| Payable on |
| Percentage of Net Assets |
SoFi Select 500 ETF | | $23,920,680 | | $24,630,143 | | 6.3% |
SoFi Next 500 ETF | | 12,878,352 | | 13,267,911 | | 26.4% |
SoFi Social 50 ETF | | 5,110,271 | | 5,299,321 | | 31.2% |
SoFi Be Your Own Boss ETF | | 2,793,323 | | 2,862,078 | | 32.5% |
SoFi Weekly Income ETF | | 1,301,129 | | 1,334,110 | | 5.5% |
SoFi Weekly Dividend ETF | | 391,966 | | 405,264 | | 4.4% |
The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.
During the period ended August 31, 2022, the Funds each loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations. The SoFi Smart Energy ETF and the SoFi Web 3 ETF did not participate in securities lending during the period ended August 31, 2022.
The Funds are not subject to a master netting agreement with respect to each Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.
NOTE 6 – PURCHASES AND SALES OF SECURITIES |
For the period ended August 31, 2022, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments and U.S. government securities were as follows:
Fund |
| Purchases |
| Sales |
SoFi Select 500 ETF | | $64,996,229 | | $60,057,600 |
SoFi Next 500 ETF | | 17,397,554 | | 16,546,321 |
SoFi Social 50 ETF | | 5,977,471 | | 5,949,060 |
SoFi Be Your Own Boss ETF | | 3,233,986 | | 3,172,836 |
SoFi Weekly Income ETF | | 7,357,656 | | 6,430,441 |
SoFi Weekly Dividend ETF | | 3,496,800 | | 3,415,110 |
SoFi Web 3 ETF | | 400 | | 11,220 |
SoFi Smart Energy ETF | | 344,484 | | 345,678 |
For the period ended August 31, 2022, there were no purchases or sales of long-term U.S. Government securities.
For the period ended August 31, 2022, the cost of purchases and proceeds from in-kind transactions were as follows:
Fund |
| In-Kind Purchases |
| In-Kind Sales |
SoFi Select 500 ETF | | $64,996,229 | | $34,013,172 |
SoFi Next 500 ETF | | 14,942,555 | | 9,507,168 |
SoFi Social 50 ETF | | — | | — |
SoFi Be Your Own Boss ETF | | — | | 3,962,299 |
SoFi Weekly Income ETF | | 5,480,631 | | 4,418,630 |
SoFi Weekly Dividend ETF | | — | | — |
SoFi Web 3 ETF | | 510,436 | | — |
SoFi Smart Energy ETF | | 419,303 | | — |
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NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS |
The tax character of distributions paid during the period ended August 31, 2022 (estimated) and year/period ended February 28, 2022, was as follows:
| | Ordinary Income | ||
| | August 31, 2022 | | February 28, 2022 |
SoFi Select 500 ETF | | $2,620,000 | | $3,055,645 |
SoFi Next 500 ETF | | 324,000 | | 372,090 |
SoFi Social 50 ETF | | 45,500 | | 66,015 |
SoFi Be Your Own Boss ETF | | — | | 600,000 |
SoFi Weekly Income ETF | | 341,250 | | 837,558 |
SoFi Weekly Dividend ETF | | 108,000 | | 112,697 |
SoFi Web 3 ETF | | — | | — |
SoFi Smart Energy ETF | | — | | — |
| | Long-Term Capital Gains | ||
| | August 31, 2022 | | February 28, 2022 |
SoFi Select 500 ETF | | $— | | $— |
SoFi Next 500 ETF | | — | | — |
SoFi Weekly Income ETF | | — | | 17,692 |
| | Return of Capital | ||
| | August 31, 2022 | | February 28, 2022 |
SoFi Weekly Dividend ETF | | $— | | $4,803 |
As of the most recent fiscal year ended February 28, 2022 (and April 30, 2022 for the SoFi Smart Energy ETF) the components of accumulated earnings/(losses) on a tax basis were as follows:
| | SoFi Select | | SoFi Next | | SoFi Social | | SoFi Be | | SoFi Weekly Income ETF | | SoFi Weekly Dividend ETF | | SoFi Smart Energy ETF(6) | |
Cost of investments(5) | | $385,872,345 | | $64,307,809 | | $31,699,660 | | $33,641,258 | | $23,306,018 | | $9,943,041 | | $2,456,215 | |
Gross tax unrealized appreciation | | 58,971,779 | | 6,113,296 | | 628,202 | | 355,136 | | 213,305 | | 426,755 | | $52,627 | |
Gross tax unrealized depreciation | | (25,321,580 | ) | (6,156,244 | ) | (7,203,654 | ) | (12,692,588 | ) | (606,378 | ) | (413,924 | ) | (559,738 | ) |
Net tax unrealized appreciation (depreciation) | | 33,650,199 | | (42,948 | ) | (6,575,452 | ) | (12,337,452 | ) | (393,073 | ) | 12,831 | ) | (507.111 | ) |
Undistributed ordinary income (loss) | | 758,885 | | 60,918 | | 19,948 | | — | | 1,054 | | — | | — | |
Undistributed long-term capital gain (loss) | | — | | — | | — | | — | | — | | — | | — | |
Total distributable earnings | | 758,885 | | 60,918 | | 19,948 | | — | | 1,054 | | — | | — | |
Other accumulated gain (loss) | | (2,303,104 | ) | (552,874 | ) | (1,664,153 | ) | (860,490 | ) | — | | (68,781 | ) | (707 | ) |
Total accumulated gain (loss) | | $32,105,980 | | $(534,904 | ) | $(8,219,657 | ) | $(13,197,942 | ) | $(392,019 | ) | $(55,950 | ) | $(507,818 | ) |
(5)The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales. SoFi Web 3 ETF commenced operations on August 8, 2022 and would not have a cost difference.
(6)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on August 9, 2022. The information presented is as of April 30, 2022.
Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Funds’ next taxable year. As of the most recent fiscal year ended February 28, 2022, the Funds, excluding the SoFi Smart Energy ETF, had no late year losses and the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, and SoFi Weekly Dividend ETF had short-term capital loss carryovers of $1,199,866, $311,023, $1,646,990, $421,186, and $68,781, respectively, and long-term capital loss carryovers of $1,103,238, $241,851, $17,163, $439,304, and $0, respectively, both of which do not expire. As of April 30, 2022, the SoFi Smart Energy ETF had late year losses of $707 and no capital loss carryovers.
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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NOTE 8 – CREDIT FACILITY |
U.S. Bank N.A. has made available to the SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF and SoFi Weekly Dividend ETF credit facilities pursuant to Loan Agreements for temporary or extraordinary purposes. Credit facility details for the period ended August 31, 2022, are as follows:
SoFi Be Your Own Boss ETF | | |
Maximum available credit | | $50,000,000 |
Largest amount outstanding on an individual day | | — |
Average daily loan outstanding | | — |
Credit facility outstanding as of August 31, 2022 | | — |
Average interest rate | | — |
SoFi Weekly Income ETF | | |
Maximum available credit | | $2,000,000 |
Largest amount outstanding on an individual day | | — |
Average daily loan outstanding | | — |
Credit facility outstanding as of August 31, 2022 | | — |
Average interest rate | | — |
SoFi Weekly Dividend ETF | | |
Maximum available credit | | $50,000,000 |
Largest amount outstanding on an individual day | | — |
Average daily loan outstanding | | — |
Credit facility outstanding as of August 31, 2022 | | — |
Average interest rate | | — |
Interest expense incurred for the period ended August 31, 2022 is disclosed in the Statement of Operations, if applicable.
The credit facility for the SoFi Be Your Own Boss ETF and the SoFi Weekly Dividend ETF is an uncommitted, senior secured 364-day umbrella line of credit used for the benefit of certain funds within the Trust. The credit facility for the SoFi Weekly Income ETF is an uncommitted, senior secured 364-day line of credit used for the benefit of the Fund.
NOTE 9 – SHARE TRANSACTIONS |
Shares of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy are listed and traded on NYSE Arca, Inc. and shares of the SoFi Be Your Own Boss ETF and SoFi Web 3 are listed and traded on The NASDAQ Stock Market, LLC. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares (“Creation Units”). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Web 3 and SoFi Smart Energy is $500, for the SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, and SoFi Weekly Income ETF is $300, and for the SoFi Weekly Dividend ETF is $1,500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units for Funds of up to a maximum of 2% of
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
NOTE 10 – 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. 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. 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 11 – SUBSEQUENT EVENTS |
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds’ have determined that there are no subsequent events that would need to be disclosed in the Funds financial statements.
NOTES TO FINANCIAL STATEMENTS August 31, 2022 (Unaudited) (Continued) |
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EXPENSE EXAMPLES For the Periods Ended August 31, 2022 (Unaudited) |
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Fund shares, and (2) ongoing costs, including management fees of the Funds. The examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The actual expense examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2022 to August 31, 2022 for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, and SoFi Smart Energy ETF and from August 8, 2022 (commencement of operations) to August 31, 2022 for the SoFi Web 3 ETF. The hypothetical examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2022 to August 31, 2022.
Actual Expenses
The first line of the following tables provides information about actual account values and actual expenses. The examples include, but are not limited to, unitary fees. However, the examples do not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Funds’ shares. Therefore, the second line of the following tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
SoFi Select 500 ETF
| | Beginning | | Ending | | Expenses |
Actual | | $1,000.00 | | $896.00 | | $— |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,025.21 | | — |
(1)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
SoFi Next 500 ETF
| | Beginning | | Ending | | Expenses |
Actual | | $1,000.00 | | $882.60 | | $— |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,025.21 | | — |
(2)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
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SoFi Social 50 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $800.40 | | $1.32 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,023.74 | | 1.48 | |
(3)Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.29%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six-month period).
SoFi Be Your Own Boss ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $696.10 | | $2.52 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,022.23 | | 3.01 | |
(4)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
SoFi Weekly Income ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $956.00 | | $2.91 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,022.23 | | 3.01 | |
(5)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
SoFi Weekly Dividend ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $899.40 | | $2.35 | |
Hypothetical (5% annual return before expenses) | | $1,000.00 | | $1,022.74 | | $2.50 | |
(6)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.49%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
EXPENSE EXAMPLES For the Periods Ended August 31, 2022 (Unaudited) (Continued) |
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SoFi Web 3 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $854.60 | | $0.36 | |
| | | | | | | |
| | Beginning | | Ending | | Expenses | |
Hypothetical (5% annual return before expenses) | | $1,000.00 | | $1,022.23 | | $3.01 | |
(7)The actual expenses are equal to the Fund’s annualized expense ratio of 0.59%, multiplied by the average account value over the period, multiplied by 24/365 (to reflect the period from August 8, 2022 to August 31, 2022, the commencement of operations date to the end of the period).
(8)The hypothetical expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six-month period).
SoFi Smart Energy ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $947.80 | | $3.14 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,021.98 | | 3.26 | |
(9)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.64%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the most recent six month period).
EXPENSE EXAMPLES For the Periods Ended August 31, 2022 (Unaudited) (Continued) |
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BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) |
The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met via video conference at a meeting held on March 10 and March 14, 2022 to consider the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF and SoFi Gig Economy ETF (n/k/a the “SoFi Be Your Own Boss ETF”) (each, a “Fund,” and collectively, the “Funds”), each a series of the Trust, and Toroso Investments, LLC, the Funds’ investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the renewal of Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the renewal of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the proposed unitary advisory fee for the Funds, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the renewal of the Advisory Agreement for an additional one-year term.
Discussion of Factors Considered
In considering the renewal of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1.Nature, Extent and Quality of Services Provided. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the SoFi Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the SoFi Funds. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Charles Ragauss, who serves as portfolio manager of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, and SoFi Gig Economy ETF, and Michael Venuto and David Dziekanski, who serve as co-portfolio managers of the SoFi Gig Economy ETF, as well as the responsibilities of other key personnel of the Adviser involved in the daytoday activities of the SoFi Funds. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that employed by the SoFi Funds.
The Board also considered other services provided to the SoFi Funds, such as monitoring adherence to each SoFi Fund’s investment strategy and restrictions, oversight of other service providers to the Funds, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF (the “SoFi Index Funds”) achieve their investment objectives as passively-managed ETFs and the extent to which the SoFi Gig Economy ETF achieves its investment objective as an actively-managed ETF. The Board noted that the SoFi Index Funds are each designed to track the performance of an index and the Adviser is responsible for trade execution. The Board noted that, with respect to the SoFi Gig Economy ETF, the Adviser is responsible for active portfolio management, including selecting the Fund’s investments and trade execution.
The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods, and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the SoFi Funds and that the nature, overall quality and extent of the management services provided to the SoFi Funds, as well as the Adviser’s compliance program, were satisfactory.
2.Investment Performance of the Funds and the Adviser. The Board considered the investment performance of the SoFi Funds and the Adviser. The Board noted that the SoFi Index Funds were designed to track the performance of an index and considered the extent to which the SoFi Index Funds tracked their respective indexes, before fees and expenses, in addition to the performance of the Funds against their benchmark indexes and respective peer groups. For the SoFi Gig Economy ETF, the Board considered the Fund’s performance against its benchmark index and peer group.
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BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
The Board discussed the performance of the SoFi Select 500 ETF on both an absolute basis and in comparison to its underlying index (the Solactive SoFi US 500 Growth Index), its benchmark index (the S&P 500 Index), and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. large growth funds and U.S. large blend funds) (the “SFY Morningstar Peer Group”). The Board noted that the SoFi Select 500 ETF’s performance was generally in line with its underlying index. The Board noted that the SoFi Select 500 ETF underperformed the S&P 500 Index for the six-month and one-year periods ended December 31, 2021, but outperformed the S&P 500 Index for the since inception period ended December 31, 2021. The Board also noted that the performance of the SoFi Select 500 ETF was above the SFY Morningstar Peer Group average for the year-to-date and one-year periods ended January 31, 2022.
The Board discussed the performance of the SoFi Next 500 ETF on both an absolute basis and in comparison to its underlying index (the Solactive SoFi US Next 500 Growth Index), its benchmark index (the S&P MidCap 400® Total Return Index (the “S&P 400 Index”)), and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. mid-cap blend funds and U.S. mid-cap growth funds) (the “SFYX Morningstar Peer Group”). The Board noted that the SoFi Next 500 ETF’s performance was generally in line with its underlying index. The Board noted that the SoFi Next 500 ETF underperformed the S&P 400 Index for the six-month, one-year and since inception periods ended December 31, 2021. The Board also noted that the performance of the SoFi Next 500 ETF was above the SFYX Morningstar Peer Group average for the year-to-date and one-year periods ended January 31, 2022.
The Board discussed the performance of the SoFi Social 50 ETF on both an absolute basis and in comparison to its underlying index (the SoFi Social 50 Index), a benchmark index (the S&P 500 Index), and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. large-cap blend funds and U.S. large-cap growth funds) (the “SFYF Morningstar Peer Group”). The Board noted that the SoFi Social 50 ETF’s investment objective and principal investment strategies were substantially revised on June 30, 2020 and the performance of the Fund for periods prior to that date were achieved under the Fund’s prior investment objectives and principal investment strategies and would have differed if the Fund’s current investment objective and principal investment strategies had been in effect during those periods. As a result, when evaluating the SoFi Social 50 ETF’s performance in comparison to its underlying index, the Board evaluated blended index performance for the prior underlying index (the Solactive SoFi US 50 Growth Index) and the current underlying index (the SoFi Social 50 Index) for the relevant periods. The Board noted that the SoFi Social 50 ETF’s performance was generally in line with the blended underlying index. The Board noted that the SoFi Social 50 ETF outperformed the S&P 500 Index for the one-year and since inception periods ended December 31, 2021, but underperformed the S&P 500 Index for the six-month period ended December 31, 2021. The Board also noted that the performance of the SoFi Social 50 ETF was below the SFYF Morningstar Peer Group average for the year-to-date and one-year periods ended January 31, 2022.
The Board discussed the performance of the SoFi Gig Economy ETF on both an absolute basis and in comparison to its primary benchmark index, the S&P 500 Index, a secondary benchmark index, the NASDAQ 100 Index, and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. mid-cap growth funds, U.S. technology funds and U.S. world large stock growth funds) (the “GIGE Morningstar Peer Group”). The Board noted that the SoFi Gig Economy ETF had negative absolute returns and underperformed the S&P 500 Index and NASDAQ 100 Index for the six-month and one-year periods ended December 31, 2021, and had positive absolute returns but relative underperformance versus the S&P 500 Index and the NASDAQ 100 Index for the since inception period ended December 31, 2021. The Board also noted that the performance of the SoFi Gig Economy ETF was above the GIGE Morningstar Peer Group average for the one-year period ended January 31, 2022, but below the Morningstar Peer Group average for the year-to-date period ended January 31, 2022.
After considering all of the information, the Board concluded that the performance of the SoFi Funds was satisfactory under current market conditions and that the Adviser has the necessary expertise and resources in providing investment advisory services in accordance with each SoFi Fund’s investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that each of the SoFi Funds and its shareholders were likely to benefit from the Adviser’s continued management.
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3.Cost of Services Provided and Profits Realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s advisory fee, including a review of comparative expenses, expense components and peer group selection. The Board took into consideration that the advisory fee was a “unitary fee,” meaning that each SoFi Fund pays no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to each SoFi Fund’s Rule 12b1 Plan. The Board noted that the Adviser continued to be responsible for compensating the Trust’s other service providers and paying each SoFi Fund’s other expenses out of its own fee and resources. The Board also considered the overall profitability of the Adviser and examined the level of profits accrued to the Adviser from the fees payable under the Advisory Agreement.
For the SoFi Select 500 ETF, the Board noted that the Adviser had contractually agreed to maintain an annual net expense ratio of 0.00% since the Fund’s inception and at least through June 30, 2022. The Board noted that the Fund’s advisory fee of 0.19% was below the SFY Morningstar Peer Group average of 0.23% and the Fund’s expense ratio, net of fee waivers, of 0.00% was below the SFY Morningstar Peer Group average of 0.25%.
For the SoFi Next 500 ETF, the Board noted that the Adviser had contractually agreed to maintain an annual net expense ratio of 0.00% since the Fund’s inception and at least through June 30, 2022. The Board noted that the Fund’s advisory fee of 0.19% was below the SFYX Morningstar Peer Group average of 0.42% and the Fund’s expense ratio, net of fee waivers, of 0.00% was below the SFYX Morningstar Peer Group average of 0.42%.
For the SoFi Social 50 ETF, the Board noted that the Fund’s advisory fee of 0.29% was above the SFYF Morningstar Peer Group average of 0.24% and the Fund’s expense ratio of 0.29% was above the SFYF Morningstar Peer Group average of 0.27%.
For the SoFi Gig Economy ETF, the Board noted that the Fund’s advisory fee of 0.59% was below the GIGE Morningstar Peer Group average of 0.71% and the Fund’s expense ratio of 0.59% was below the GIGE Morningstar Peer average of 0.71%.
The Board concluded that each SoFi Fund’s expense ratio and advisory fee were fair and reasonable in light of the comparative performance, advisory fee and expense information and the investment management services provided to the SoFi Funds by the Adviser given the nature of the SoFi Funds’ strategies. The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates and the profit realized by the Adviser from its relationship with the SoFi Funds, and concluded that the fees had not been, and currently were not, excessive, and the Board further concluded that the Adviser had adequate financial resources to support its services to the SoFi Funds from the revenues of its overall investment advisory business.
4.Extent of Economies of Scale as the Funds Grow. The Board compared each SoFi Fund’s expenses relative to its respective Morningstar Peer Group and discussed realized and potential economies of scale. The Board considered the potential economies of scale that each of the SoFi Funds might realize under the structure of the advisory fee. The Board noted the advisory fee did not contain any breakpoint reductions as each SoFi Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structures.
5.Benefits to be Derived from the Relationship with the Funds. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the SoFi Funds. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the SoFi Funds.
Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fees are reasonable in light of the services that the Adviser provides to each of the SoFi Funds; and (c) the approval of renewal of the Advisory Agreement for an additional one-year term was in the best interests of each of the SoFi Funds and its shareholders.
The Board of the Trust met via video conference at a meeting held on June 17, 2022 to consider the initial approval of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Web 3 ETF (the “Fund”), a proposed series of the Trust, and Toroso Investments, LLC, the Fund’s proposed investment adviser. Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
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considering the approval of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the proposed unitary advisory fee for the Fund, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Advisory Agreement for an initial two-year term.
Discussion of Factors Considered
In considering the approval of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1.Nature, extent and quality of services to be provided. The Board considered the nature, extent and quality of the Adviser’s overall services to be provided to the Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund, including trade execution. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Michael Venuto and Charles Ragauss, who will each serve as a portfolio manager to the Fund, as well as the responsibilities of other key personnel of the Adviser to be involved in the day-to-day activities of the Fund. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that to be employed by the Fund.
The Board also considered other services to be provided to the Fund by the Adviser, such as monitoring adherence to the Fund’s investment strategy and restrictions, oversight of service providers to the Fund, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the Fund achieves its investment objective as a passively-managed ETF.
The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services to be provided to the Fund, as well as the Adviser’s compliance program, were satisfactory.
2.Investment performance of the Fund and the Adviser. The Board noted that the Fund had not yet commenced operations and, therefore, concluded that performance of the Fund was not a relevant factor for consideration. The Board also considered that because the Fund is designed to track the performance of an index, the performance of the Fund would not be the direct result of investment decisions made by the Adviser. However, with respect to the Fund’s performance, the Board in the future would focus on the Adviser’s trade execution services, including whether the Fund’s performance exhibited significant tracking error.
3.Cost of services to be provided and profits to be realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s proposed advisory fee, including a review of comparative expenses, expense components and peer group selection. The Board took into consideration that the advisory fee for the Fund was a “unitary fee,” meaning that the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Fund’s Rule 12b-1 Plan. The Board noted that the Adviser agreed to pay all other expenses incurred by the Fund. The Board considered comparative information prepared by Fund Services utilizing data provided by Morningstar Direct relating to the cost structure of the Fund relative to a peer group. The Board noted that the Fund was compared to a peer group of ETFs in the U.S. global large stock growth and U.S. global small/mid stock categories. The Board also considered that the Fund was also compared to a peer group of ETFs prepared by the Adviser that the Adviser considered to be a representative sample of peer group competitors for the Fund.
The Board concluded that the Fund’s proposed expense ratio and the advisory fee to be paid to the Adviser were fair and reasonable in light of the comparative expense information and the investment management services to be provided to the Fund by the Adviser given the nature of the Fund’s investment strategy. The Board also evaluated, based on information provided by the Adviser, the compensation and benefits expected to be received by the Adviser and its affiliates from their relationship with
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
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SoFi Funds
the Fund, taking into account an analysis of the Adviser’s expected profitability with respect to the Fund. The Board further concluded that the Adviser had adequate financial resources to support its services to the Fund from the revenues of its overall investment advisory business.
4.Extent of economies of scale as the Fund grows. The Board considered the potential economies of scale that the Fund might realize under the structure of the proposed advisory fee. The Board noted the advisory fee did not contain any breakpoint reductions as the Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structure.
5.Benefits to be derived from the relationship with the Fund. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the Fund. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Fund.
Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fee is reasonable in light of the services that the Adviser will provide to the Fund; and (c) the approval of the Advisory Agreement for an initial term of two years was in the best interests of the Fund and its shareholders.
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
93 |
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (“Rule 22e-4”), Tidal ETF Trust (the “Trust”), on behalf of its series, the SoFi Web 3 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.
The Fund commenced operations on August 8, 2022 and was not a part of the Report but has adopted the Program upon commencement of operations.
STATEMENT REGARDING THE FUND’S LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited) |
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INFORMATION ABOUT PROXY VOTING (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (877) 358-0096 or by accessing the Funds’ website at www.sofi.com/invest/etfs. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request without charge by calling (877) 358-0096 or by accessing the SEC’s website at www.sec.gov. The SoFi Web 3 ETF commenced operations after the June 30, 2022 period end. Proxy voting information will be available for the period ending June 30, 2023.
INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited) |
The Funds’ portfolio holdings are posted on the Funds’ website daily at www.sofi.com/invest/etfs. The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited) |
Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily net asset value (“NAV”) is available, without charge, on the Funds’ website at www.sofi.com/invest/etf.
INFORMATION ABOUT THE FUNDS’ TRUSTEES (Unaudited) |
The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Funds’ website www.sofi.com/invest/etfs.
Investment Adviser
Toroso Investments, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Investment Sub-Adviser
(SoFi Weekly Income ETF Only)
Income Research + Management
100 Federal Street, 30th Floor
Boston, Massachusetts 02110
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, 29th Floor
Philadelphia, Pennsylvania 19102
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, Wisconsin 53202
Custodian
U.S. Bank N.A.
Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Fund Information | ||
Fund | Ticker | CUSIP |
SoFi Select 500 ETF | SFY | 886364207 |
SoFi Next 500 ETF | SFYX | 886364306 |
SoFi Social 50 ETF | SFYF | 886364405 |
SoFi Be Your Own Boss ETF | BYOB | 886364504 |
SoFi Weekly Income ETF | TGIF | 886364884 |
SoFi Weekly Dividend ETF | WKLY | 886364736 |
SoFi Web 3 ETF | TWEB | 886364512 |
SoFi Smart Energy ETF | ENRG | 886364686 |
(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.
(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
November 7, 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
November 7, 2022
By (Signature and Title)* /s/ Aaron Perkovich
Aaron Perkovich, Treasurer/Principal Financial Officer
Date
November 7, 2022
* Print the name and title of each signing officer under his or her signature.
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