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, WI 53204
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
234 West Florida Street, Suite 203
Milwaukee, WI 53204
(Name and address of agent for service)
(844)-986-7700
Registrant's telephone number, including area code
Date of fiscal year end: February 28, 2023
Date of reporting period: February 28, 2023
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)
Annual Report
February 28, 2023
SoFi Funds
TABLE OF CONTENTS |
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Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements | | 97 |
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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.
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SoFi Funds
Market Commentary
A return to deflation might not be a good thing, even if better than inflation. Markets are partying like it’s the 2010s in hopes of rate hikes nearing an end. A sense of deflationary pressures on the horizon have breathed new life into beaten down tech stocks through February 2023. Much of the rally in 2023 has been driven by the most loved retail stocks, often the most shorted by the institutional world, and the related unwinding of hedge fund shorts coupled with increased positioning in the commodity trading advisor (“CTA”) world due to muted volatility and improving correlations between stocks and bonds. Retail is trading in full force both on overall volume and option volume. The birth of zero days to expiration (0DTE) options has changed market structure. Large, quick movements are much more possible. Goldman suggests that options with less than 24 hours to expiration represent 44% of index trading volume.
The information presented in this report relates to each Fund’s performance for the fiscal year or fiscal period ended February 28, 2023 (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:
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 incudes 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 -9.78% (NAV) and -9.63% (Market). This compares to the -9.77% total return of the SFY Index, and the -7.69% 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, Energy and Industrials 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, Gilead Sciences, and Eli Lilly. Conversely, the leading detractors included Tesla, Amazon, 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”).
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SoFi Funds
Index Description:
The SFYX Index is rebalanced and reconstituted annually, and the process begins with the selection of the next 500 largest constituents after excluding the largest constituents by market capitalization of the Solactive US Broad Market Index, and generally includes common stocks and equity interests in 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 EPS growth, and
3)12-month forward-looking EPS growth consensus estimates.
The Index’s construction does not target any specific sector or industry but may be relatively overweight/underweight 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 -9.06% (NAV) and -9.18% (Market). This compares to the -9.12% total return of the SFYX Index, and the -0.62% 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, Materials and Industrials 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 Steel Dynamics, Nielsen Holdings and Penumbra. Conversely, the leading detractors included Upstart, Datadog, and AppLovin Corp.
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”). The investment strategy behind SFYF changed as of June 30, 2020.
Index Description:
The SFYF Index tracks the performance of a portfolio of 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.
SHAREHOLDER LETTER (Continued) |
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SoFi Funds
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 -26.98% (NAV) and -26.74% (Market). This compares to the -25.85% total return of the SFYF Index for the same period, and the -7.69% total return of the benchmark, the S&P 500® Total Return Index.
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 NVIDIA, Exxon, and NU Holdings. Conversely, the leading detractors included Rivian, Amazon, and Gamestop (preferred shares).
The SoFi Be Your Own Boss ETF
The SoFi Be Your Own Boss ETF (“BYOB”) is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective of long-term capital appreciation primarily by investing in a portfolio of global companies 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 & 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 –32.23% (NAV) and -32.11% (Market). This compares to the -14.65% return of the Nasdaq-100® Total Return Index, and the -7.69% 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 Financials 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 Upstart.
SHAREHOLDER LETTER (Continued) |
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SoFi Funds
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 actively managed by Income Research + Management (“IR+M”), TGIF’s sub-adviser, a value-oriented fixed income manager with over 30 years of experience. 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 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, 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 -2.24% (NAV) and -2.47% (Market). This compares to the -1.91% return of the benchmark, the Bloomberg 1-3 Year Credit Index.
From a sector perspective, based on performance attribution to the overall portfolio, Industrials and Materials were the largest contributors, while Financials and Health Care 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 performance of the SoFi Sustainable Dividend Index (the “WKLY Index”), made up of the most consistent dividend-paying companies globally as determined by certain eligibility requirements. 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, starting in February.
SHAREHOLDER LETTER (Continued) |
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SoFi Funds
Fund Description:
WKLY aims to pay dividends on a weekly basis, typically each Thursday. WKLY holds in accordance with the WKLY Index, a portfolio of large- and mid-cap dividend-paying companies from developed markets. Aside from liquidity and market-cap requirements, WKLY filters in accordance with the WKLY Index, 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 WKLY Index. The resulting portfolio is market-cap-weighted, with individual and sector weights capped at 5% and 30%, respectively
•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.
Performance Overview:
During the fiscal period, WKLY generated a total return of -4.68% (NAV) and -4.44% (Market). This compares to the –7.69% return of the benchmark, the S&P 500® Total Return Index, and the -3.78% return of the WKLY Index, over the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Energy and Industrials were the largest contributors, while Financials and Health Care detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Exxon, Merck, and TotalEnergies. Conversely, the leading detractors included Intel Corp, Pfizer, and Roche Holdings.
The SoFi Web 3 ETF
The SoFi Web 3 ETF (“TWEB”) seeks to track the performance, before fees and expenses, of the Solactive Web 3.0 Index (the “Web 3.0 Index”). The Web 3.0 Index’s initial investable universe consists of equity securities listed on securities exchanges in the U.S., developed markets, and South Korea, excluding China. The 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 the four thematic categories stated above. All four underlying technologies are believed to drive a decentralized approach to the internet. Companies within each category are ranked within the Web 3.0 Index using a natural language processing algorithm. The Web 3.0 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 Web 3.0 Index reconstitutes and rebalances semi-annually.
Performance Overview:
During the fiscal period, TWEB generated a total return of –23.41% (NAV) and -22.91% (Market). This compares to the -3.13% return of the benchmark, the S&P 500® Total Return Index, while the total return of the Web 3.0 Index was -23.31% 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 NVIDIA, Meta, and Albert Inc. Conversely, the leading detractors included Gamestop, Funko, and Vuzix.
SHAREHOLDER LETTER (Continued) |
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SoFi Funds
The SoFi Smart Energy ETF
The SoFi Smart Energy ETF (“ENRG”) seeks to track the performance, before fees and expenses, of the iClima Distributed Renewable Energy Index (the “iClima Index”). ENRG will invest all, or substantially all, of its assets in the component securities that make up the iClima Index. The iClima 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 Smart Energy Companies as defined by the iClima Index.
Fund Description:
ENRG provides exposure to global companies that support distributed energy generation (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 environmental, social and governance (“ESG”) standards. The iClima Index is reconstituted and rebalanced semi-annually, assigning each security an equal weight. Prior to February 14, 2022, ENRG’s name was the iClima Distributed Renewable Energy Transition Leaders ETF. Before August 9, 2022, ENRG traded under the name the iClima Distributed Smart Energy ETF and the ticker SHFT.
Performance Overview:
During the period May 1, 2022 through February 28, 2023, ENRG generated a total return of 4.38% (NAV) and 5.20% (Market). This compares to the -2.02% return of the benchmark, the Dow Jones Global Index TR, and the 5.79% return of the iClima Index, over the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Information Technology was the only contributor to the portfolio, while Industrials and Consumer Discretionary detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Vivant, SMASolar Technology, and Mayer Burger Technology. Conversely, the leading detractors included ITM Power, Blink Charging, and CleanSpark.
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. Certain Funds are newer, with 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. As non-diversified funds, the value of TGIF, WKLY 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 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.
SHAREHOLDER LETTER (Continued) |
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SoFi Funds
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.
Earnings per share (`BPS”) are calculated by taking the total earnings divided by the number of shares outstanding.
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a fund and compares its risk-adjusted performance to a benchmark index. The excess return of a fund relative to the return of the benchmark index is a fund’s alpha.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, Toroso Investments, LLC, IR+M, the distributor, or any of their affiliates. SoFi and/or its affiliates, including SoFi Securities, LLC, do not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds. SoFi has provided support in developing the methodology used by the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF and Sofi Weekly Dividend ETF’s underlying index to determine the securities included in such Index. However, SoFi is not involved in the maintenance of each such Index and does not act in the capacity of an index provider.
SHAREHOLDER LETTER (Continued) |
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Annualized Returns for the Periods Ended February 28, 2023: | | 1 Year | | 3 Year | | Since Inception (4/10/2019) | | Ending Value (2/28/2023) |
SoFi Select 500 ETF - NAV | | -9.78% | | 11.81% | | 10.36% | | $14,670 |
SoFi Select 500 ETF - Market | | -9.63% | | 11.81% | | 10.37% | | 14,678 |
Solactive SoFi US 500 Growth Index | | -9.77% | | 11.83% | | 10.37% | | 14,675 |
S&P 500® Total Return Index | | -7.69% | | 12.15% | | 10.38% | | 14,681 |
This chart illustrates the performance of a hypothetical $10,000 investment made on April 10, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect fee waivers in effect for the “NAV” return. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s gross expense ratio is 0.19% and net expense ratio is 0.00% (as of the Fund’s most recently filed Prospectus). The Fund’s investment adviser (defined below) has agreed to waive its Management Fees (defined below) for the Fund until at least June 30, 2023.
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SoFi Next 500 ETF PERFORMANCE SUMMARY (Unaudited) |
Annualized Returns for the Periods Ended February 28, 2023: | | 1 Year | | 3 Year | | Since Inception (4/10/2019) | | Ending Value (2/28/2023) |
SoFi Next 500 ETF - NAV | | -9.06% | | 8.59% | | 5.78% | | $12,439 |
SoFi Next 500 ETF - Market | | -9.18% | | 8.79% | | 5.83% | | 12,466 |
Solactive SoFi US Next 500 Growth Index | | -9.12% | | 8.57% | | 5.78% | | 12,441 |
S&P MidCap 400® Total Return Index | | -0.62% | | 14.47% | | 9.44% | | 14,203 |
This chart illustrates the performance of a hypothetical $10,000 investment made on April 10, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect fee waivers in effect for the “NAV” return. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s gross expense ratio is 0.19% and net expense ratio is 0.00% (as of the Fund’s most recently filed Prospectus). The Fund’s investment adviser (defined below) has agreed to waive its Management Fees (defined below) for the Fund until at least June 30, 2023.
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SoFi Funds
SoFi Social 50 ETF PERFORMANCE SUMMARY (Unaudited) |
Annualized Returns for the Periods Ended February 28, 2023: | | 1 Year | | 3 Year | | Since Inception (5/7/2019) | | Ending Value (2/28/2023) |
SoFi Social 50 ETF - NAV | | -26.98% | | 7.48% | | 4.23% | | $11,713 |
SoFi Social 50 ETF - Market | | -26.74% | | 7.77% | | 4.28% | | 11,733 |
SoFi Social 50 Index | | -25.85% | | 8.02% | | 4.71% | | 11,921 |
S&P 500® Total Return Index | | -7.69% | | 12.15% | | 10.61% | | 14,692 |
This chart illustrates the performance of a hypothetical $10,000 investment made on May 7, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.29% (as of the Fund’s most recently filed Prospectus).
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SoFi Funds
SOFI BE YOUR OWN BOSS ETF PERFORMANCE SUMMARY(1) (Unaudited) |
Annualized Returns for the Periods Ended February 28, 2023: | | 1 Year | | 3 Year | | Since Inception (5/7/2019) | | Ending Value (2/28/2023) |
SoFi Be Your Own Boss ETF - NAV | | -32.23% | | -5.41% | | -6.14% | | $7,853 |
SoFi Be Your Own Boss ETF - Market | | -32.11% | | -5.30% | | -6.16% | | 7,847 |
S&P 500® Total Return Index | | -7.69% | | 12.15% | | 10.61% | | 14,692 |
NASDAQ 100 Total Return Index | | -14.65% | | 13.40% | | 13.66% | | 16,296 |
(1)The Fund was formerly named the SoFi Gig Economy ETF and changed its name effective as of the close of business on August 9, 2022.
This chart illustrates the performance of a hypothetical $10,000 investment made on May 7, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.59% (as of the Fund’s most recently filed Prospectus).
12 |
SoFi Funds
SoFi Weekly Income ETF PERFORMANCE SUMMARY (Unaudited) |
Annualized Returns for the Periods Ended February 28, 2023: | | 1 Year | | Since Inception (10/1/2020) | | Ending Value (2/28/2023) |
SoFi Weekly Income ETF - NAV | | -2.24% | | 1.25% | | $10,304 |
SoFi Weekly Income ETF - Market | | -2.47% | | 1.18% | | 10,288 |
Bloomberg 1-3 Year Credit Index | | -1.91% | | -1.15% | | 9,724 |
This chart illustrates the performance of a hypothetical $10,000 investment made on October 1, 2020 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.59% (as of the Fund’s most recently filed Prospectus).
13 |
SoFi Funds
SoFi Weekly Dividend ETF PERFORMANCE SUMMARY (Unaudited) |
Total Return for the Period Ended February 28, 2023: | | 1 Year | | Since Inception (5/10/2021) | | Ending Value (2/28/2023) |
SoFi Weekly Dividend ETF - NAV | | -4.68% | | -1.75% | | $9,687 |
SoFi Weekly Dividend ETF - Market | | -4.44% | | -1.71% | | 9,694 |
SoFi Sustainable Dividend Total Return Index | | -3.78% | | -0.84% | | 9,849 |
S&P 500® Total Return Index | | -7.69% | | -1.39% | | $9,751 |
This chart illustrates the performance of a hypothetical $10,000 investment made on May 10, 2021 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.49% (as of the Fund’s most recently filed Prospectus).
14 |
SoFi Funds
SOFI WEB 3 ETF PERFORMANCE SUMMARY(1) (Unaudited) |
Total Return for the Period Ended February 28, 2023: | | Since Inception (8/8/2022)(1) | | Ending Value (2/28/2023) |
SoFi Web 3 ETF - NAV | | -23.41% | | $7,659 |
SoFi Web 3 ETF - Market | | -22.91% | | 7,709 |
Solactive Web 3.0 Index | | -23.31% | | 7,669 |
S&P 500® Total Return Index | | -3.13% | | 9,687 |
(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.
This chart illustrates the performance of a hypothetical $10,000 investment made on August 8, 2022 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.59% (as of the Fund’s most recently filed Prospectus).
15 |
SoFi Funds
SOFI SMART ENERGY ETF PERFORMANCE SUMMARY(1)(2) (Unaudited) |
Annualized Returns for the Periods Ended February 28, 2023: | | May 1, | | 1 Year | | Since Inception (7/20/2021) | | Ending Value (2/28/2023) |
SoFi Smart Energy ETF - NAV | | 4.38% | | -8.75% | | -12.03% | | $8,135 |
SoFi Smart Energy ETF - Market | | 5.20% | | -8.24% | | -11.96% | | 8,145 |
iClima Distributed Renewable Energy Index TR | | 5.79% | | -7.51% | | -11.08% | | 8,277 |
Dow Jones Global Index TR | | -2.02% | | -8.00% | | -6.06% | | 9,043 |
(1)The Fund was formerly named the iClima Distributed Smart Energy ETF and changed its name effective as of the close of busines on August 9, 2022.
(2)The Fund changed its fiscal year end from April 30, 2023 to February 28, 2023 effective as of the close of business on August 9, 2022.
This chart illustrates the performance of a hypothetical $10,000 investment made on July 20, 2021 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.59% (as of the Fund’s most recently filed Prospectus).
16 |
SoFi Funds
Sector | % of | |||
Technology | | 22.2 | % | |
Consumer, Non-cyclical | | 19.7 | | |
Financial | | 12.9 | | |
Communications | | 12.7 | | |
Consumer, Cyclical | | 12.4 | | |
Energy | | 8.7 | | |
Industrial | | 6.4 | | |
Utilities | | 2.4 | | |
Basic Materials | | 2.1 | | |
Cash Equivalents(1) | | 0.5 |
| |
| | 100.0 | % | |
(1)Represents short-term investments and liabilities in excess of other assets.
SOFI NEXT 500 ETF PORTFOLIO ALLOCATIONS at February 28, 2023 (Unaudited) |
Sector | % of | |||
Consumer, Non-cyclical | | 19.0 | % | |
Financial | | 18.7 | | |
Consumer, Cyclical | | 15.8 | | |
Industrial | | 14.4 | | |
Energy | | 9.8 | | |
Technology | | 9.2 | | |
Basic Materials | | 6.4 | | |
Utilities | | 3.1 | | |
Communications | | 3.1 | | |
Cash Equivalents(1) | | 0.5 |
| |
| | 100.0 | % | |
(1)Represents short-term investments and liabilities in excess of other assets.
SOFI SOCIAL 50 ETF PORTFOLIO ALLOCATIONS at February 28, 2023 (Unaudited) |
Sector | % of | |||
Consumer, Cyclical | | 36.9 | % | |
Technology | | 24.8 | | |
Communications | | 21.6 | | |
Consumer, Non-cyclical | | 6.9 | | |
Financial | | 6.4 | | |
Industrial | | 1.7 | | |
Energy | | 1.3 | | |
Cash Equivalents(1) | | 0.4 |
| |
| | 100.0 | % | |
(1)Represents short-term investments and liabilities in excess of other assets.
17 |
SoFi Funds
SOFI BE YOUR OWN BOSS ETF PORTFOLIO ALLOCATIONS at February 28, 2023 (Unaudited) |
Sector | % of | |||
Communications | | 39.4 | % | |
Technology | | 30.7 | | |
Consumer, Non-cyclical | | 16.9 | | |
Financial | | 6.5 | | |
Consumer, Cyclical | | 3.7 | | |
Industrial | | 2.6 | | |
Cash & Cash Equivalents(1) | | 0.2 |
| |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
SOFI WEEKLY INCOME ETF PORTFOLIO ALLOCATIONS at February 28, 2023 (Unaudited) |
Sector/Investment Type | % of | |||
Financial | | 26.6 | % | |
Consumer, Cyclical | | 17.1 | | |
Energy | | 12.2 | | |
Industrial | | 11.2 | | |
Communications | | 10.2 | | |
Consumer, Non-cyclical | | 7.4 | | |
Asset Backed Securities | | 3.6 | | |
Cash Equivalents(1) | | 2.9 | | |
Basic Materials | | 2.6 | | |
Technology | | 2.6 | | |
Utilities | | 1.8 | | |
Mortgage Backed Securities | | 1.4 | | |
Government | | 0.4 |
| |
| | 100.0 | % | |
(1)Represents short-term investments and liabilities in excess of other assets.
SOFI WEEKLY DIVIDEND ETF PORTFOLIO ALLOCATIONS at February 28, 2023 (Unaudited) |
Sector | % of | |||
Financial | | 26.6 | % | |
Consumer, Non-cyclical | | 19.6 | | |
Energy | | 12.7 | | |
Industrial | | 10.9 | | |
Basic Materials | | 6.6 | | |
Consumer, Cyclical | | 6.2 | | |
Communications | | 6.0 | | |
Utilities | | 5.7 | | |
Technology | | 4.9 | | |
Cash & Cash Equivalents(1) | | 0.7 | | |
Diversified | | 0.1 |
| |
| | 100.0 | % | |
(1)Represents cash, short-term investments and liabilities in excess of other assets.
18 |
SoFi Funds
SOFI WEB 3 ETF PORTFOLIO ALLOCATIONS at February 28, 2023 (Unaudited) |
Sector | % of | |||
Technology | | 31.9 | % | |
Communications | | 19.2 | | |
Consumer, Cyclical | | 19.0 | | |
Financial | | 16.1 | | |
Consumer, Non-cyclical | | 13.3 | | |
Cash Equivalents(1) | | 0.5 |
| |
| | 100.0 | % | |
(1)Represents short-term investments and liabilities in excess of other assets.
SOFI SMART ENERGY ETF PORTFOLIO ALLOCATIONS at February 28, 2023 (Unaudited) |
Sector | % of | |||
Industrial | | 47.7 | % | |
Energy | | 27.5 | | |
Consumer, Cyclical | | 11.2 | | |
Technology | | 6.1 | | |
Consumer, Non-cyclical | | 4.1 | | |
Utilities | | 3.2 | | |
Cash Equivalents(1) | | 0.2 |
| |
| | 100.0 | % | |
(1)Represents short-term investments and liabilities in excess of other assets.
SoFi Select 500 ETF
The accompanying notes are an integral part of these financial statements. | 19 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% | | | | | |
Advertising — 0.1% | | | | | |
Omnicom Group, Inc. (2) | | 1,781 | | $161,305 | |
The Trade Desk, Inc. - Class A (1)(2) | | 4,680 | | 261,893 | |
| | | | 423,198 | |
Aerospace & Defense — 1.4% | | | | | |
The Boeing Co. (1) | | 7,791 | | 1,570,276 | |
General Dynamics Corp. | | 2,097 | | 477,927 | |
L3Harris Technologies, Inc. | | 1,644 | | 347,196 | |
Lockheed Martin Corp. | | 2,044 | | 969,388 | |
Northrop Grumman Corp. | | 1,118 | | 518,875 | |
Raytheon Technologies Corp. | | 19,316 | | 1,894,707 | |
TransDigm Group, Inc. | | 490 | | 364,496 | |
| | | | 6,142,865 | |
Agriculture — 0.7% | | | | | |
Altria Group, Inc. | | 21,110 | | 980,137 | |
Archer-Daniels-Midland Co. | | 6,273 | | 499,331 | |
Philip Morris International, Inc. | | 12,877 | | 1,252,932 | |
| | | | 2,732,400 | |
Airlines — 0.3% | | | | | |
Delta Air Lines, Inc. (1) | | 21,688 | | 831,518 | |
Southwest Airlines Co. | | 9,726 | | 326,599 | |
United Airlines Holdings, Inc. (1) | | 4,750 | | 246,810 | |
| | | | 1,404,927 | |
Apparel — 0.4% | | | | | |
Nike, Inc. - Class A | | 13,433 | | 1,595,706 | |
VF Corp. | | 8,471 | | 210,250 | |
| | | | 1,805,956 | |
Auto Manufacturers — 5.1% | | | | | |
Cummins, Inc. (2) | | 1,268 | | 308,225 | |
Ford Motor Co. | | 101,689 | | 1,227,386 | |
General Motors Co. | | 11,354 | | 439,854 | |
PACCAR, Inc. | | 5,279 | | 381,144 | |
Stellantis NV (2) | | 112,180 | | 1,965,394 | |
Tesla, Inc. (1) | | 85,136 | | 17,513,327 | |
| | | | 21,835,330 | |
Banks — 3.5% | | | | | |
Bank of America Corp. | | 63,230 | | 2,168,789 | |
The Bank of New York Mellon Corp. | | 5,958 | | 303,143 | |
Citigroup, Inc. (2) | | 14,083 | | 713,867 | |
Citizens Financial Group, Inc. (2) | | 4,102 | | 171,300 | |
Fifth Third Bancorp | | 5,702 | | 206,983 | |
First Republic Bank | | 1,636 | | 201,244 | |
The Goldman Sachs Group, Inc. | | 3,233 | | 1,136,884 | |
Huntington Bancshares, Inc. | | 15,288 | | 234,212 | |
JPMorgan Chase & Co. | | 22,534 | | 3,230,249 | |
KeyCorp | | 7,685 | | 140,559 | |
M&T Bank Corp. (2) | | 1,370 | | 212,747 | |
Morgan Stanley | | 15,681 | | 1,513,216 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Banks — 3.5% (Continued) | | | | | |
Northern Trust Corp. | | 1,676 | | $159,673 | |
The PNC Financial Services Group, Inc. | | 3,578 | | 565,038 | |
Regions Financial Corp. | | 7,603 | | 177,302 | |
State Street Corp. | | 2,913 | | 258,325 | |
SVB Financial Group (1) | | 699 | | 201,389 | |
Truist Financial Corp. | | 10,151 | | 476,589 | |
U.S. Bancorp | | 11,720 | | 559,396 | |
Wells Fargo & Co. | | 48,387 | | 2,263,060 | |
| | | | 14,893,965 | |
Beverages — 1.5% | | | | | |
Brown-Forman Corp. - Class A | | 2,548 | | 165,289 | |
The Coca-Cola Co. | | 38,392 | | 2,284,708 | |
Constellation Brands, Inc. - Class 1 (2) | | 3,835 | | 857,889 | |
Keurig Dr Pepper, Inc. | | 12,139 | | 419,402 | |
Monster Beverage Corp. (1) | | 4,472 | | 455,071 | |
PepsiCo, Inc. | | 11,784 | | 2,044,878 | |
| | | | 6,227,237 | |
Biotechnology — 2.7% | | | | | |
Alnylam Pharmaceuticals, Inc. (1) | | 2,075 | | 397,259 | |
Amgen, Inc. | | 4,710 | | 1,091,118 | |
Biogen, Inc. (1) | | 1,059 | | 285,782 | |
BioMarin Pharmaceutical, Inc. (1) | | 2,558 | | 254,751 | |
Bio-Rad Laboratories, Inc. - Class A (1) | | 196 | | 93,657 | |
Corteva, Inc. | | 6,664 | | 415,100 | |
Gilead Sciences, Inc. | | 36,081 | | 2,905,603 | |
Horizon Therapeutics PLC (1) | | 4,428 | | 484,822 | |
Illumina, Inc. (1) | | 1,775 | | 353,580 | |
Incyte Corp. (1)(2) | | 2,363 | | 181,904 | |
Moderna, Inc. (1) | | 16,848 | | 2,338,671 | |
Regeneron Pharmaceuticals, Inc. (1) | | 2,007 | | 1,526,163 | |
Seagen, Inc. (1) | | 1,286 | | 231,081 | |
Vertex Pharmaceuticals, Inc. (1) | | 2,528 | | 733,853 | |
| | | | 11,293,344 | |
Building Materials — 0.4% | | | | | |
Carrier Global Corp. | | 8,055 | | 362,717 | |
Johnson Controls International PLC | | 7,652 | | 479,933 | |
Martin Marietta Materials, Inc. | | 515 | | 185,333 | |
Masco Corp. | | 2,313 | | 121,271 | |
Trane Technologies PLC | | 2,200 | | 406,934 | |
Vulcan Materials Co. | | 1,117 | | 202,076 | |
| | | | 1,758,264 | |
Chemicals — 1.3% | | | | | |
Air Products and Chemicals, Inc. | | 2,020 | | 577,680 | |
Albemarle Corp. | | 2,294 | | 583,387 | |
Celanese Corp. | | 1,145 | | 133,083 | |
CF Industries Holdings, Inc. | | 4,399 | | 377,830 | |
Dow, Inc. | | 11,150 | | 637,780 | |
DuPont de Nemours, Inc. (2) | | 4,034 | | 294,603 | |
SoFi Select 500 ETF
20 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Chemicals — 1.3% (Continued) | | | | | |
Eastman Chemical Co. | | 1,379 | | $117,491 | |
Ecolab, Inc. | | 2,488 | | 396,513 | |
FMC Corp. | | 1,183 | | 152,785 | |
International Flavors & Fragrances, Inc. | | 8,015 | | 746,998 | |
LyondellBasell Industries NV | | 5,801 | | 556,838 | |
The Mosaic Co. | | 6,623 | | 352,277 | |
PPG Industries, Inc. | | 2,107 | | 278,250 | |
The Sherwin-Williams Co. | | 1,907 | | 422,114 | |
| | | | 5,627,629 | |
Commercial Services — 1.6% | | | | | |
Automatic Data Processing, Inc. | | 3,370 | | 740,793 | |
Block, Inc. - Class A (1) | | 14,566 | | 1,117,649 | |
Booz Allen Hamilton Holding Corp. | | 1,019 | | 96,530 | |
Cintas Corp. | | 842 | | 369,192 | |
CoStar Group, Inc. (1) | | 3,257 | | 230,140 | |
Equifax, Inc. (2) | | 1,159 | | 234,732 | |
FleetCor Technologies, Inc. (1) | | 692 | | 148,635 | |
Gartner, Inc. (1)(2) | | 832 | | 272,738 | |
Global Payments, Inc. | | 3,773 | | 423,331 | |
MarketAxess Holdings, Inc. | | 264 | | 90,143 | |
Moody’s Corp. | | 1,617 | | 469,172 | |
PayPal Holdings, Inc. (1) | | 10,669 | | 785,238 | |
Rollins, Inc. (2) | | 4,093 | | 144,074 | |
S&P Global, Inc. | | 3,340 | | 1,139,608 | |
TransUnion | | 1,993 | | 130,402 | |
United Rentals, Inc. | | 706 | | 330,782 | |
Verisk Analytics, Inc. | | 1,448 | | 247,767 | |
| | | | 6,970,926 | |
Computers — 6.8% | | | | | |
Accenture PLC - Class A | | 5,828 | | 1,547,625 | |
Apple, Inc. | | 159,119 | | 23,455,732 | |
Cognizant Technology Solutions Corp. | | 4,511 | | 282,524 | |
Crowdstrike Holdings, Inc. - Class A (1) | | 4,210 | | 508,105 | |
Dell Technologies, Inc. - Class A | | 2,326 | | 94,529 | |
EPAM Systems, Inc. (1) | | 584 | | 179,667 | |
Fortinet, Inc. (1) | | 9,705 | | 576,865 | |
Hewlett Packard Enterprise Co. | | 23,106 | | 360,685 | |
HP, Inc. | | 8,746 | | 258,182 | |
International Business Machines Corp. | | 7,242 | | 936,391 | |
Leidos Holdings, Inc. | | 1,136 | | 110,271 | |
NetApp, Inc. | | 1,999 | | 129,035 | |
Seagate Technology Holdings PLC | | 2,014 | | 130,024 | |
Western Digital Corp. (1) | | 5,402 | | 207,869 | |
Zscaler, Inc. (1) | | 2,307 | | 302,563 | |
| | | | 29,080,067 | |
Cosmetics & Personal Care — 0.9% | | | | | |
Colgate-Palmolive Co. | | 6,915 | | 506,869 | |
The Estee Lauder Companies, Inc. | | 2,812 | | 683,457 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Cosmetics & Personal Care — 0.9% (Continued) | | ||||
The Procter & Gamble Co. | | 19,185 | | $2,639,089 | |
| | | | 3,829,415 | |
Distribution & Wholesale — 0.2% | | | | | |
Copart, Inc. (1) | | 5,109 | | 359,980 | |
Fastenal Co. | | 4,508 | | 232,433 | |
LKQ Corp. | | 2,328 | | 133,371 | |
W.W. Grainger, Inc. (2) | | 431 | | 288,093 | |
| | | | 1,013,877 | |
Diversified Financial Services — 3.9% | | | | ||
American Express Co. | | 7,360 | | 1,280,566 | |
Ameriprise Financial, Inc. | | 1,031 | | 353,499 | |
Apollo Global Management, Inc. | | 25,379 | | 1,799,371 | |
BlackRock, Inc. | | 1,394 | | 961,066 | |
Capital One Financial Corp. | | 3,931 | | 428,794 | |
Cboe Global Markets, Inc. | | 840 | | 105,983 | |
The Charles Schwab Corp. | | 27,946 | | 2,177,552 | |
CME Group, Inc. - Class A | | 2,861 | | 530,315 | |
Coinbase Global, Inc. - Class A (1)(2) | | 8,133 | | 527,262 | |
Discover Financial Services | | 2,579 | | 288,848 | |
Franklin Resources, Inc. (2) | | 6,728 | | 198,274 | |
Intercontinental Exchange, Inc. | | 6,330 | | 644,394 | |
Mastercard, Inc. - Class A | | 8,970 | | 3,186,951 | |
Nasdaq, Inc. | | 4,121 | | 231,023 | |
Raymond James Financial, Inc. (2) | | 2,260 | | 245,120 | |
Synchrony Financial | | 3,877 | | 138,448 | |
T. Rowe Price Group, Inc. (2) | | 2,175 | | 244,209 | |
Visa, Inc. - Class A (2) | | 15,069 | | 3,314,276 | |
| | | | 16,655,951 | |
Electric — 2.3% | | | | | |
The AES Corp. (2) | | 11,842 | | 292,261 | |
Alliant Energy Corp. | | 2,149 | | 110,179 | |
Ameren Corp. | | 2,182 | | 180,473 | |
American Electric Power Co., Inc. | | 4,200 | | 369,474 | |
Avangrid, Inc. (2) | | 4,285 | | 167,244 | |
CenterPoint Energy, Inc. | | 6,785 | | 188,759 | |
CMS Energy Corp. | | 2,464 | | 145,302 | |
Consolidated Edison, Inc. | | 3,164 | | 282,703 | |
Constellation Energy Corp. (2) | | 6,873 | | 514,719 | |
Dominion Energy, Inc. | | 6,910 | | 384,334 | |
DTE Energy Co. | | 1,913 | | 209,875 | |
Duke Energy Corp. (2) | | 7,252 | | 683,573 | |
Edison International (2) | | 3,871 | | 256,299 | |
Entergy Corp. | | 1,832 | | 188,458 | |
Evergy, Inc. | | 2,036 | | 119,737 | |
Eversource Energy | | 2,969 | | 223,744 | |
Exelon Corp. | | 9,007 | | 363,793 | |
FirstEnergy Corp. | | 4,970 | | 196,514 | |
NextEra Energy, Inc. | | 22,209 | | 1,577,505 | |
SoFi Select 500 ETF
The accompanying notes are an integral part of these financial statements. | 21 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Electric — 2.3% (Continued) | | | | | |
PG&E Corp. (1) | | 50,406 | | $787,342 | |
PPL Corp. (2) | | 16,993 | | 460,000 | |
Public Service Enterprise Group, Inc. (2) | | 6,868 | | 415,033 | |
Sempra Energy (2) | | 3,205 | | 480,622 | |
The Southern Co. | | 9,793 | | 617,547 | |
WEC Energy Group, Inc. | | 2,723 | | 241,421 | |
Xcel Energy, Inc. | | 4,717 | | 304,577 | |
| | | | 9,761,488 | |
Electrical Components & Equipment — 0.2% | | | | ||
AMETEK, Inc. | | 2,144 | | 303,505 | |
Emerson Electric Co. | | 5,197 | | 429,844 | |
| | | | 733,349 | |
Electronics — 0.6% | | | | | |
Agilent Technologies, Inc. | | 2,749 | | 390,276 | |
Amphenol Corp. | | 5,531 | | 428,763 | |
Fortive Corp. | | 3,014 | | 200,913 | |
Garmin Ltd. | | 1,684 | | 165,251 | |
Honeywell International, Inc. | | 5,086 | | 973,867 | |
Keysight Technologies, Inc. (1) | | 1,694 | | 270,972 | |
Mettler-Toledo International, Inc. (1) | | 195 | | 279,574 | |
| | | | 2,709,616 | |
Energy — Alternate Sources — 0.1% | | | | | |
Enphase Energy, Inc. (1) | | 2,139 | | 450,324 | |
| |||||
Engineering & Construction — 0.0% (4) | | | | ||
Jacobs Solutions, Inc. | | 1,538 | | 183,791 | |
| | | | | |
Entertainment — 0.1% | | | | | |
Live Nation Entertainment, Inc. (1)(2) | | 7,013 | | 505,357 | |
| |||||
Environmental Control — 0.2% | | | | | |
Republic Services, Inc. | | 2,642 | | 340,633 | |
Waste Management, Inc. | | 3,644 | | 545,726 | |
| | | | 886,359 | |
Food — 1.0% | | | | | |
Campbell Soup Co. (2) | | 2,029 | | 106,563 | |
Conagra Brands, Inc. | | 3,570 | | 129,984 | |
General Mills, Inc. | | 4,602 | | 365,905 | |
The Hershey Co. | | 1,193 | | 284,316 | |
Hormel Foods Corp. (2) | | 5,172 | | 229,533 | |
The J.M. Smucker Co. | | 849 | | 125,559 | |
Kellogg Co. | | 2,590 | | 170,785 | |
The Kraft Heinz Co. (2) | | 16,234 | | 632,152 | |
The Kroger Co. (2) | | 6,054 | | 261,169 | |
McCormick & Co., Inc. (2) | | 2,152 | | 159,937 | |
Mondelez International, Inc. | | 10,782 | | 702,771 | |
Sysco Corp. | | 9,313 | | 694,470 | |
Tyson Foods, Inc. - Class A | | 2,663 | | 157,756 | |
| | | 4,020,900 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Forest Products & Paper — 0.0% (4) | | | | | |
International Paper Co. | | 3,256 | | $118,486 | |
| |||||
Gas — 0.0% (4) | | | | | |
Atmos Energy Corp. (2) | | 1,300 | | 146,653 | |
| |||||
Hand & Machine Tools — 0.1% | | | | | |
Snap-on, Inc. (2) | | 445 | | 110,663 | |
Stanley Black & Decker, Inc. | | 1,364 | | 116,772 | |
| | | | 227,435 | |
Healthcare - Products — 3.8% | | | | | |
Abbott Laboratories | | 18,166 | | 1,847,845 | |
Align Technology, Inc. (1)(2) | | 1,336 | | 413,492 | |
Baxter International, Inc. | | 4,839 | | 193,318 | |
Boston Scientific Corp. (1) | | 45,694 | | 2,134,824 | |
The Cooper Companies, Inc. | | 443 | | 144,848 | |
Danaher Corp. | | 8,291 | | 2,052,271 | |
Edwards Lifesciences Corp. (1) | | 6,714 | | 540,074 | |
Exact Sciences Corp. (1)(2) | | 1,584 | | 98,731 | |
GE HealthCare Technologies, Inc. (1) | | 3,772 | | 286,672 | |
Hologic, Inc. (1) | | 2,105 | | 167,642 | |
IDEXX Laboratories, Inc. (1) | | 911 | | 431,122 | |
Insulet Corp. (1)(2) | | 1,711 | | 472,852 | |
Intuitive Surgical, Inc. (1) | | 4,462 | | 1,023,538 | |
Medtronic PLC | | 13,786 | | 1,141,481 | |
PerkinElmer, Inc. | | 1,284 | | 159,948 | |
QIAGEN NV (1) | | 1,967 | | 90,384 | |
ResMed, Inc. | | 1,550 | | 330,150 | |
STERIS PLC | | 1,654 | | 311,001 | |
Stryker Corp. | | 4,364 | | 1,147,208 | |
Teleflex, Inc. | | 482 | | 114,827 | |
Thermo Fisher Scientific, Inc. | | 3,689 | | 1,998,553 | |
Waters Corp. (1) | | 464 | | 144,253 | |
West Pharmaceutical Services, Inc. | | 903 | | 286,278 | |
Zimmer Biomet Holdings, Inc. | | 3,998 | | 495,232 | |
| | | | 16,026,544 | |
Healthcare - Services — 1.9% | | | | | |
Catalent, Inc. (1)(2) | | 1,779 | | 121,363 | |
Centene Corp. (1) | | 6,367 | | 435,503 | |
DaVita, Inc. (1) | | 766 | | 63,011 | |
Elevance Health, Inc. | | 2,119 | | 995,231 | |
HCA Healthcare, Inc. | | 3,102 | | 755,182 | |
Humana, Inc. | | 1,016 | | 502,940 | |
IQVIA Holdings, Inc. (1) | | 2,852 | | 594,557 | |
Laboratory Corp. of America Holdings | | 824 | | 197,233 | |
Molina Healthcare, Inc. (1) | | 783 | | 215,583 | |
Quest Diagnostics, Inc. | | 898 | | 124,247 | |
UnitedHealth Group, Inc. | | 8,354 | | 3,976,003 | |
Universal Health Services, Inc. - Class D (2) | | 623 | | 83,214 | |
| | | | 8,064,067 | |
SoFi Select 500 ETF
22 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Home Builders — 0.2% | | | | | |
D.R. Horton, Inc. (2) | | 3,641 | | $336,720 | |
Lennar Corp. - Class A (2) | | 2,293 | | 221,825 | |
NVR, Inc. (1)(2) | | 28 | | 144,861 | |
PulteGroup, Inc. | | 2,271 | | 124,155 | |
| | | | 827,561 | |
Home Furnishings — 0.0% (4) | | | | | |
Whirlpool Corp. | | 433 | | 59,745 | |
| | | | | |
Household Products & Wares — 0.2% | | | | | |
Church & Dwight Co., Inc. | | 1,946 | | 163,036 | |
The Clorox Co. (2) | | 1,005 | | 156,217 | |
Kimberly-Clark Corp. | | 2,290 | | 286,365 | |
| | | | 605,618 | |
Insurance — 2.7% | | | | | |
Aflac, Inc. | | 5,059 | | 344,771 | |
The Allstate Corp. | | 2,229 | | 287,051 | |
American International Group, Inc. | | 7,833 | | 478,675 | |
Aon PLC | | 2,312 | | 702,964 | |
Arch Capital Group Ltd. (1) | | 3,001 | | 210,070 | |
Arthur J Gallagher & Co. | | 2,199 | | 411,983 | |
Berkshire Hathaway, Inc. - Class A (1) | | 10,688 | | 3,261,764 | |
Brown & Brown, Inc. | | 2,802 | | 157,108 | |
Chubb Ltd. | | 3,637 | | 767,480 | |
Cincinnati Financial Corp. (2) | | 1,647 | | 198,793 | |
CNA Financial Corp. | | 2,448 | | 107,173 | |
Everest Re Group Ltd. | | 468 | | 179,698 | |
Globe Life, Inc. | | 792 | | 96,378 | |
The Hartford Financial Services Group, Inc. | 2,695 | | 210,965 | | |
Markel Corp. (1) | | 153 | | 203,468 | |
Marsh & McLennan Companies, Inc. | | 4,642 | | 752,654 | |
MetLife, Inc. | | 6,525 | | 468,038 | |
Principal Financial Group, Inc. (2) | | 1,902 | | 170,343 | |
Prudential Financial, Inc. | | 11,449 | | 1,144,900 | |
The Progressive Corp. | | 4,231 | | 607,233 | |
The Travelers Companies, Inc. (2) | | 1,908 | | 353,209 | |
W.R. Berkley Corp. | | 2,671 | | 176,793 | |
Willis Towers Watson PLC | | 902 | | 211,393 | |
| | | | 11,502,904 | |
Internet — 9.3% | | | | | |
Airbnb, Inc. - Class A (1) | | 10,564 | | 1,302,330 | |
Alphabet, Inc. - Class A (1) | | 76,039 | | 6,866,321 | |
Alphabet, Inc. - Class A (1) | | 72,629 | | 6,540,968 | |
Amazon.com, Inc. (1) | | 108,911 | | 10,262,684 | |
Booking Holdings, Inc. (1) | | 1,692 | | 4,270,608 | |
CDW Corp. (2) | | 1,162 | | 235,212 | |
DoorDash, Inc. - Class A (1) | | 5,623 | | 307,353 | |
eBay, Inc. | | 13,829 | | 634,751 | |
Etsy, Inc. (1)(2) | | 1,264 | | 153,462 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Internet — 9.3% (Continued) | | | | | |
Expedia Group, Inc. - Class A (1) | | 6,325 | | $689,235 | |
F5, Inc. (1) | | 667 | | 95,368 | |
Gen Digital, Inc. | | 5,201 | | 101,472 | |
GoDaddy, Inc. - Class A (1) | | 1,852 | | 140,215 | |
Lyft, Inc. - Class A (1)(2) | | 6,377 | | 63,770 | |
Match Group, Inc. (1) | | 3,588 | | 148,615 | |
Meta Platforms, Inc. - Class A (1) | | 20,784 | | 3,635,953 | |
Netflix, Inc. (1) | | 4,405 | | 1,418,983 | |
Okta, Inc. - Class A (1) | | 2,302 | | 164,110 | |
Palo Alto Networks, Inc. (1)(2) | | 5,406 | | 1,018,328 | |
Pinterest, Inc. - Class A (1) | | 7,822 | | 196,410 | |
Roku, Inc. - Class A (1) | | 3,506 | | 226,803 | |
Snap, Inc. - Class A (1) | | 20,913 | | 212,267 | |
Uber Technologies, Inc. (1) | | 27,294 | | 907,798 | |
VeriSign, Inc. (1) | | 929 | | 182,855 | |
| | | | 39,775,871 | |
Iron & Steel — 0.3% | | | | | |
Nucor Corp. | | 7,639 | | 1,279,074 | |
| |||||
Leisure Time — 0.1% | | | | | |
Carnival Corp. (1)(2) | | 8,609 | | 91,427 | |
Royal Caribbean Cruises Ltd. (1) | | 2,170 | | 153,289 | |
| | | | 244,716 | |
Lodging — 0.6% | | | | | |
Hilton Worldwide Holdings, Inc. (2) | | 4,912 | | 709,833 | |
Las Vegas Sands Corp. (1) | | 9,245 | | 531,310 | |
Marriott International, Inc. | | 6,003 | | 1,015,948 | |
MGM Resorts International | | 8,053 | | 346,360 | |
| | | | 2,603,451 | |
Machinery - Construction & Mining — 0.3% | | | | ||
Caterpillar, Inc. | | 5,468 | | 1,309,859 | |
| |||||
Machinery - Diversified — 0.8% | | | | | |
Deere & Co. | | 3,219 | | 1,349,534 | |
Dover Corp. | | 1,457 | | 218,404 | |
IDEX Corp. (2) | | 661 | | 148,712 | |
Ingersoll Rand, Inc. | | 11,937 | | 693,182 | |
Otis Worldwide Corp. | | 3,478 | | 294,308 | |
Rockwell Automation, Inc. (2) | | 1,221 | | 360,109 | |
Westinghouse Air Brake Technologies Corp. | 1,543 | | 160,981 | | |
Xylem, Inc. (2) | | 1,414 | | 145,147 | |
| | | | 3,370,377 | |
Media — 1.5% | | | | | |
Charter Communications, Inc. - Class A (1) | | 1,860 | | 683,755 | |
Comcast Corp. - Class A | | 43,224 | | 1,606,636 | |
FactSet Research Systems, Inc. | | 332 | | 137,631 | |
Liberty Broadband Corp. - Class A (1) | | 4,391 | | 380,568 | |
Sirius XM Holdings, Inc. (2) | | 71,249 | | 312,783 | |
SoFi Select 500 ETF
The accompanying notes are an integral part of these financial statements. | 23 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Media — 1.5% (Continued) | | | | | |
ViacomCBS, Inc. - Class A (2) | | 5,317 | | $113,890 | |
Warner Bros Discovery, Inc. (1)(2) | | 26,878 | | 419,834 | |
The Walt Disney Co. (1) | | 27,166 | | 2,706,005 | |
| | | | 6,361,102 | |
Mining — 0.5% | | | | | |
Freeport-McMoRan, Inc. | | 38,323 | | 1,570,093 | |
Newmont Corp. | | 8,233 | | 359,041 | |
| | | | 1,929,134 | |
Miscellaneous Manufacturers — 0.8% | | | | ||
3M Co. | | 4,473 | | 481,921 | |
Eaton Corp PLC | | 3,506 | | 613,305 | |
General Electric Co. | | 11,343 | | 960,865 | |
Illinois Tool Works, Inc. (2) | | 2,569 | | 598,988 | |
Parker-Hannifin Corp. | | 1,112 | | 391,257 | |
Teledyne Technologies, Inc. (1)(2) | | 719 | | 309,220 | |
Textron, Inc. | | 1,854 | | 134,471 | |
| | | | 3,490,027 | |
Office & Business Equipment — 0.0% (4) | | | | ||
Zebra Technologies Corp. (1) | | 543 | | 163,036 | |
| |||||
Oil & Gas — 7.3% | | | | | |
Chevron Corp. | | 42,368 | | 6,811,503 | |
ConocoPhillips | | 41,135 | | 4,251,302 | |
Coterra Energy, Inc. (2) | | 27,302 | | 681,731 | |
Devon Energy Corp. (2) | | 19,012 | | 1,025,127 | |
Diamondback Energy, Inc. | | 5,163 | | 725,815 | |
EOG Resources, Inc. | | 18,730 | | 2,116,865 | |
Exxon Mobil Corp. | | 69,143 | | 7,599,507 | |
Hess Corp. (2) | | 8,840 | | 1,190,748 | |
Marathon Petroleum Corp. | | 10,691 | | 1,321,408 | |
Occidental Petroleum Corp. | | 16,089 | | 942,172 | |
Phillips 66 | | 9,911 | | 1,016,472 | |
Pioneer Natural Resources Co. | | 11,791 | | 2,363,034 | |
Valero Energy Corp. | | 8,567 | | 1,128,531 | |
| | | | 31,174,215 | |
Oil & Gas Services — 0.4% | | | | | |
Baker Hughes Co. - Class A | | 26,398 | | 807,779 | |
Halliburton Co. (2) | | 8,366 | | 303,100 | |
Schlumberger Ltd. | | 12,010 | | 639,052 | |
| | | | 1,749,931 | |
Packaging & Containers — 0.1% | | | | | |
Ball Corp. (2) | | 3,291 | | 184,987 | |
Packaging Corp. of America (2) | | 876 | | 119,767 | |
Westrock Co. | | 2,801 | | 87,951 | |
| | | | 392,705 | |
Pharmaceuticals — 5.7% | | | | | |
AbbVie, Inc. | | 23,492 | | 3,615,419 | |
AmerisourceBergen Corp. | | 2,193 | | 341,143 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Pharmaceuticals — 5.7% (Continued) | | | | | |
Becton Dickinson and Co. | | 2,899 | | $679,960 | |
Bristol-Myers Squibb Co. | | 26,091 | | 1,799,235 | |
Cardinal Health, Inc. | | 3,016 | | 228,341 | |
CVS Health Corp. | | 11,253 | | 940,076 | |
Dexcom, Inc. (1) | | 5,324 | | 591,017 | |
Elanco Animal Health, Inc. (1) | | 8,630 | | 98,986 | |
Eli Lilly & Co. | | 8,264 | | 2,571,922 | |
Johnson & Johnson | | 23,824 | | 3,651,266 | |
McKesson Corp. | | 1,691 | | 591,529 | |
Merck & Co., Inc. | | 20,942 | | 2,224,878 | |
Pfizer, Inc. | | 126,822 | | 5,145,169 | |
The Cigna Group | | 2,645 | | 772,605 | |
Viatris, Inc. (2) | | 27,657 | | 315,290 | |
Zoetis, Inc. | | 4,367 | | 729,289 | |
| | | | 24,296,125 | |
Pipelines — 0.8% | | | | | |
Cheniere Energy, Inc. | | 5,120 | | 805,581 | |
Kinder Morgan, Inc. | | 79,303 | | 1,352,909 | |
ONEOK, Inc. | | 10,576 | | 692,199 | |
The Williams Companies, Inc. | | 22,188 | | 667,859 | |
| | | | 3,518,548 | |
Private Equity — 0.6% | | | | | |
Blackstone, Inc. (2) | | 17,507 | | 1,589,636 | |
KKR & Co., Inc. | | 14,980 | | 844,123 | |
| | | | 2,433,759 | |
Real Estate — 0.1% | | | | | |
CBRE Group, Inc. (1) | | 3,208 | | 273,129 | |
| |||||
Real Estate Investment Trusts (REITs) — 2.1% | | | | ||
Alexandria Real Estate Equities, Inc. | | 1,362 | | 204,000 | |
American Tower Corp. | | 4,215 | | 834,612 | |
AvalonBay Communities, Inc. | | 1,159 | | 199,951 | |
Boston Properties, Inc. (2) | | 1,221 | | 79,951 | |
Crown Castle, Inc. | | 4,062 | | 531,107 | |
Digital Realty Trust, Inc. (2) | | 3,013 | | 314,045 | |
Equinix, Inc. | | 823 | | 566,446 | |
Equity Residential | | 2,933 | | 183,371 | |
Essex Property Trust, Inc. (2) | | 480 | | 109,469 | |
Extra Space Storage, Inc. | | 1,287 | | 211,905 | |
Healthpeak Properties, Inc. | | 5,777 | | 138,995 | |
Host Hotels & Resorts, Inc. (2) | | 26,635 | | 447,468 | |
Invitation Homes, Inc. (2) | | 6,027 | | 188,404 | |
Iron Mountain, Inc. (2) | | 2,493 | | 131,506 | |
Mid-America Apartment Communities, Inc. | 1,032 | | 165,223 | | |
Prologis, Inc. | | 8,706 | | 1,074,320 | |
Public Storage | | 1,865 | | 557,542 | |
Realty Income Corp. (2) | | 9,327 | | 596,462 | |
SBA Communications Corp. | | 2,327 | | 603,507 | |
SoFi Select 500 ETF
24 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Real Estate Investment Trusts (REITs) — 2.1% (Continued) | | ||||
Simon Property Group, Inc. | | 3,058 | | $373,351 | |
Sun Communities, Inc. | | 2,014 | | 288,284 | |
UDR, Inc. (2) | �� | 2,897 | | 124,107 | |
Ventas, Inc. (2) | | 2,693 | | 131,014 | |
VICI Properties, Inc. | | 7,776 | | 260,729 | |
W.P. Carey, Inc. (2) | | 1,629 | | 132,210 | |
Welltower, Inc. (2) | | 3,767 | | 279,210 | |
Weyerhaeuser Co. (2) | | 8,752 | | 273,500 | |
| | | | 9,000,689 | |
Retail — 5.3% | | | | | |
Advance Auto Parts, Inc. (2) | | 563 | | 81,612 | |
AutoZone, Inc. (1) | | 179 | | 445,091 | |
Best Buy Co., Inc. (2) | | 1,733 | | 144,030 | |
Burlington Stores, Inc. (1) | | 1,184 | | 253,672 | |
CarMax, Inc. (1)(2) | | 1,892 | | 130,624 | |
Chipotle Mexican Grill, Inc. (1) | | 327 | | 487,583 | |
Costco Wholesale Corp. | | 4,253 | | 2,059,217 | |
Darden Restaurants, Inc. | | 2,708 | | 387,217 | |
Dollar General Corp. | | 1,782 | | 385,447 | |
Dollar Tree, Inc. (1)(2) | | 1,833 | | 266,298 | |
Domino’s Pizza, Inc. (2) | | 302 | | 88,791 | |
Genuine Parts Co. | | 1,902 | | 336,388 | |
The Home Depot, Inc. | | 8,645 | | 2,563,588 | |
Lowe’s Companies, Inc. | | 5,310 | | 1,092,532 | |
McDonald’s Corp. | | 6,741 | | 1,779,017 | |
O’Reilly Automotive, Inc. (1) | | 647 | | 537,075 | |
Ross Stores, Inc. | | 11,766 | | 1,300,614 | |
Starbucks Corp. | | 18,250 | | 1,863,142 | |
Target Corp. | | 4,092 | | 689,502 | |
The TJX Companies, Inc. | | 39,981 | | 3,062,545 | |
Tractor Supply Co. (2) | | 1,028 | | 239,791 | |
Ulta Beauty, Inc. (1) | | 876 | | 454,469 | |
Walgreens Boots Alliance, Inc. (2) | | 14,642 | | 520,230 | |
Walmart, Inc. | | 22,193 | | 3,154,291 | |
Yum! Brands, Inc. | | 2,641 | | 335,830 | |
| | | | 22,658,596 | |
Semiconductors — 6.2% | | | | | |
Advanced Micro Devices, Inc. (1) | | 24,126 | | 1,895,821 | |
Analog Devices, Inc. | | 8,952 | | 1,642,423 | |
Applied Materials, Inc. (2) | | 9,250 | | 1,074,388 | |
Broadcom, Inc. | | 4,505 | | 2,677,276 | |
GLOBALFOUNDRIES, Inc. (1)(2) | | 14,863 | | 971,148 | |
Intel Corp. | | 30,135 | | 751,266 | |
KLA Corp. | | 1,691 | | 641,532 | |
Lam Research Corp. | | 1,453 | | 706,173 | |
Marvell Technology, Inc. | | 22,548 | | 1,018,042 | |
Microchip Technology, Inc. | | 8,476 | | 686,810 | |
Micron Technology, Inc. (2) | | 14,606 | | 844,519 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Semiconductors — 6.2% (Continued) | | | | | |
NVIDIA Corp. | | 40,732 | | $9,456,341 | |
ON Semiconductor Corp. (1) | | 6,125 | | 474,136 | |
Qorvo, Inc. (1) | | 1,054 | | 106,338 | |
QUALCOMM, Inc. | | 11,899 | | 1,469,884 | |
Skyworks Solutions, Inc. (2) | | 1,778 | | 198,371 | |
Teradyne, Inc. (2) | | 1,337 | | 135,224 | |
Texas Instruments, Inc. | | 9,064 | | 1,554,023 | |
| | | | 26,303,715 | |
Software — 9.2% | | | | | |
Activision Blizzard, Inc. | | 6,143 | | 468,404 | |
Adobe, Inc. (1) | | 4,402 | | 1,426,028 | |
Akamai Technologies, Inc. (1) | | 1,599 | | 116,087 | |
ANSYS, Inc. (1) | | 770 | | 233,780 | |
Autodesk, Inc. (1) | | 2,518 | | 500,301 | |
Black Knight, Inc. (1) | | 1,467 | | 87,433 | |
Broadridge Financial Solutions, Inc. | | 1,056 | | 148,664 | |
Cadence Design Systems, Inc. (1)(2) | | 2,404 | | 463,828 | |
Cloudflare, Inc. - Class A (1) | | 4,179 | | 250,782 | |
Datadog, Inc. - Class A (1) | | 10,481 | | 802,006 | |
DocuSign, Inc. (1) | | 6,325 | | 388,039 | |
Electronic Arts, Inc. | | 3,482 | | 386,293 | |
Fidelity National Information Services, Inc. | | 16,799 | | 1,064,553 | |
Fiserv, Inc. (1) | | 7,914 | | 910,822 | |
HubSpot, Inc. (1)(2) | | 949 | | 367,130 | |
Intuit, Inc. | | 4,083 | | 1,662,516 | |
Jack Henry & Associates, Inc. | | 622 | | 102,157 | |
Microsoft Corp. | | 66,299 | | 16,536,297 | |
MongoDB, Inc. (1)(2) | | 1,012 | | 212,034 | |
MSCI, Inc. | | 843 | | 440,172 | |
Oracle Corp. | | 22,694 | | 1,983,456 | |
Palantir Technologies, Inc. - Class A (1)(2) | | 36,201 | | 283,816 | |
Paychex, Inc. | | 3,090 | | 341,136 | |
Paycom Software, Inc. (1) | | 594 | | 171,702 | |
ROBLOX Corp. - Class A (1)(2) | | 10,108 | | 370,357 | |
Roper Technologies, Inc. | | 827 | | 355,775 | |
Salesforce, Inc. (1) | | 13,693 | | 2,240,312 | |
ServiceNow, Inc. (1)(2) | | 5,244 | | 2,266,299 | |
Snowflake, Inc. (1) | | 5,793 | | 894,323 | |
Splunk, Inc. (1) | | 1,675 | | 171,688 | |
SS&C Technologies Holdings, Inc. (2) | | 2,500 | | 146,750 | |
Synopsys, Inc. (1) | | 1,436 | | 522,359 | |
Take-Two Interactive Software, Inc. (1) | | 985 | | 107,907 | |
Twilio, Inc. - Class A (1) | | 2,667 | | 179,249 | |
Tyler Technologies, Inc. (1) | | 451 | | 144,884 | |
Unity Software, Inc. (1)(2) | | 4,209 | | 128,122 | |
Veeva Systems, Inc. - Class A (1) | | 1,437 | | 238,053 | |
VMware, Inc. | | 3,618 | | 398,450 | |
Workday, Inc. - Class A (1) | | 5,796 | | 1,074,984 | |
SoFi Select 500 ETF
The accompanying notes are an integral part of these financial statements. | 25 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Software — 9.2% (Continued) | | | | | |
Zoom Video Communications, Inc. - Class A (1) | | 3,014 | | $224,814 | |
ZoomInfo Technologies, Inc. (1) | | 9,950 | | 240,492 | |
| | | | 39,052,254 | |
Telecommunications — 1.8% | | | | | |
Arista Networks, Inc. (1) | | 3,343 | | 463,674 | |
AT&T, Inc. | | 77,528 | | 1,466,054 | |
Cisco Systems, Inc. | | 35,183 | | 1,703,561 | |
Corning, Inc. | | 9,361 | | 317,806 | |
Lumen Technologies, Inc. (2) | | 9,225 | | 31,365 | |
Motorola Solutions, Inc. | | 1,552 | | 407,881 | |
T-Mobile US, Inc. (1) | | 10,962 | | 1,558,577 | |
Ubiquiti, Inc. (2) | | 520 | | 139,516 | |
Verizon Communications, Inc. | | 37,376 | | 1,450,563 | |
| | | | 7,538,997 | |
Toys, Games & Hobbies — 0.0% (4) | | | | | |
Hasbro, Inc. | | 1,385 | | 76,189 | |
| |||||
Transportation — 1.4% | | | | | |
C.H. Robinson Worldwide, Inc. (2) | | 1,361 | | 136,046 | |
CSX Corp. | | 18,797 | | 573,120 | |
Expeditors International of Washington, Inc. (2) | | 2,124 | | 222,085 | |
FedEx Corp. | | 2,500 | | 508,050 | |
J.B. Hunt Transport Services, Inc. | | 1,001 | | 180,971 | |
Norfolk Southern Corp. | | 2,249 | | 505,620 | |
Old Dominion Freight Line, Inc. (2) | | 1,118 | | 379,293 | |
Union Pacific Corp. | | 5,426 | | 1,124,701 | |
United Parcel Service, Inc. - Class B (2) | | 13,596 | | 2,481,134 | |
| | | | 6,111,020 | |
Water — 0.1% | | | | | |
American Water Works Co., Inc. | | 1,497 | | 210,149 | |
| |||||
Total Common Stocks | | | | | |
(Cost $431,345,928) | | | | 423,842,216 | |
| |||||
Contingent Value Rights — 0.0% (4) | | | | | |
Abiomed, Inc. - Contingent Value Right (1)(5) | 455 | | — | | |
Total Contingent Rights | | | | | |
(Cost $0) | | | | | |
| |||||
Short-Term Investments — 0.3% | | | | | |
Money Market Funds — 0.3% | | | | | |
First American Government Obligations Fund, Class X, 4.370% (3) | | 1,403,454 | | 1,403,454 | |
Total Short-Term Investments | | | | | |
(Cost $1,403,454) | | | | 1,403,454 | |
| | | |
|
| Shares |
| Value |
|
Investments Purchased with Collateral From Securities Lending — 8.6% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (3) | | 36,648,699 | | $36,648,699 | |
| |||||
Total Investments Purchased with Collateral From Securities Lending | |||||
(Cost $36,648,699) | | | | 36,648,699 | |
| |||||
Total Investments in Securities — 108.4% | | | | ||
(Cost $469,398,081) | | | | 461,894,369 | |
Liabilities in Excess of Other Assets - (8.4)% | | (35,926,154 | ) | ||
Total Net Assets — 100.0% | | | | $425,968,215 | |
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $35,849,106 or 8.4% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)The rate shown is the annualized seven-day effective yield as of February 28, 2023.
(4)Does not round to 0.1% or (0.1)%, as applicable.
(5)This security was fair valued by the valuation designee.
SoFi Next 500 ETF
26 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% | | | | | |
Advertising — 0.3% | | | | | |
The Interpublic Group of Companies, Inc. | | 4,993 | | $177,451 | |
| |||||
Aerospace & Defense — 1.0% | | | | | |
Curtiss-Wright Corp. (2) | | 409 | | 71,489 | |
HEICO Corp. | | 598 | | 99,011 | |
Hexcel Corp. | | 1,726 | | 125,911 | |
Howmet Aerospace, Inc. | | 4,650 | | 196,137 | |
Spirit AeroSystems Holdings, Inc. | | 1,471 | | 50,279 | |
| | | | 542,827 | |
Agriculture — 0.6% | | | | | |
Bunge Ltd. | | 1,856 | | 177,248 | |
Darling Ingredients, Inc. (1)(2) | | 2,311 | | 146,217 | |
| | | | 323,465 | |
Airlines — 0.6% | | | | | |
Alaska Air Group, Inc. (1) | | 2,223 | | 106,326 | |
American Airlines Group, Inc. (1) | | 10,272 | | 164,147 | |
JetBlue Airways Corp. (1) | | 7,480 | | 62,084 | |
| | | | 332,557 | |
Apparel — 1.6% | | | | | |
Capri Holdings Ltd. (1) | | 2,443 | | 121,100 | |
Columbia Sportswear Co. | | 913 | | 79,614 | |
Deckers Outdoor Corp. (1) | | 306 | | 127,403 | |
Hanesbrands, Inc. (2) | | 7,500 | | 42,600 | |
PVH Corp. (2) | | 888 | | 71,253 | |
Ralph Lauren Corp. - Class A | | 770 | | 91,006 | |
Skechers U.S.A., Inc. - Class A (1) | | 2,780 | | 123,738 | |
Tapestry, Inc. (2) | | 4,534 | | 197,274 | |
| | | | 853,988 | |
Auto Parts & Equipment — 0.6% | | | | | |
BorgWarner, Inc. (2) | | 3,367 | | 169,293 | |
Gentex Corp. | | 2,132 | | 60,868 | |
Lear Corp. | | 754 | | 105,296 | |
| | | | 335,457 | |
Banks — 3.2% | | | | | |
Bank OZK | | 1,252 | | 57,630 | |
BOK Financial Corp. | | 657 | | 68,775 | |
Cadence Bank | | 2,346 | | 62,310 | |
Comerica, Inc. | | 1,354 | | 94,915 | |
Commerce Bancshares, Inc. (2) | | 1,230 | | 81,365 | |
Cullen/Frost Bankers, Inc. (2) | | 641 | | 84,497 | |
East West Bancorp, Inc. | | 1,504 | | 114,620 | |
First Citizens BancShares, Inc. - Class A (2) | 144 | | 105,661 | | |
First Financial Bankshares, Inc. (2) | | 1,365 | | 50,068 | |
First Horizon National Corp. | | 4,960 | | 122,859 | |
Glacier Bancorp, Inc. | | 1,076 | | 50,981 | |
Pinnacle Financial Partners, Inc. (2) | | 805 | | 59,642 | |
Prosperity Bancshares, Inc. (2) | | 829 | | 60,923 | |
Signature Bank (2) | | 729 | | 83,871 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Banks — 3.2% (Continued) | | | | | |
SouthState Corp. | | 1,066 | | $86,005 | |
Synovus Financial Corp. | | 1,514 | | 63,300 | |
UMB Financial Corp. | | 491 | | 44,514 | |
United Bankshares, Inc. | | 1,171 | | 47,742 | |
Valley National Bancorp (2) | | 4,159 | | 48,161 | |
Webster Financial Corp. | | 2,085 | | 110,755 | |
Western Alliance Bancorp | | 1,448 | | 107,500 | |
Wintrust Financial Corp. | | 588 | | 54,172 | |
Zions Bancorp N.A. (2) | | 1,640 | | 83,017 | |
| | | | 1,743,283 | |
Beverages — 0.2% | | �� | | | |
Molson Coors Brewing Co. - Class B (2) | | 2,400 | | 127,656 | |
| |||||
Biotechnology — 2.2% | | | | | |
Apellis Pharmaceuticals, Inc. (1) | | 967 | | 63,319 | |
Arrowhead Pharmaceuticals, Inc. (1) | | 1,554 | | 50,194 | |
Biohaven Ltd. (1) | | 1,210 | | 18,489 | |
Blueprint Medicines Corp. (1) | | 444 | | 18,812 | |
Exelixis, Inc. (1) | | 4,519 | | 77,185 | |
Guardant Health, Inc. (1) | | 1,244 | | 38,427 | |
Halozyme Therapeutics, Inc. (1) | | 2,280 | | 109,417 | |
Intra-Cellular Therapies, Inc. (1) | | 3,395 | | 166,457 | |
Ionis Pharmaceuticals, Inc. (1) | | 1,441 | | 51,732 | |
Mirati Therapeutics, Inc. (1) | | 1,923 | | 88,150 | |
Novavax, Inc. (1)(2) | | 1,376 | | 12,742 | |
Royalty Pharma PLC - Class A | | 5,637 | | 202,087 | |
Sarepta Therapeutics, Inc. (1) | | 1,076 | | 131,412 | |
Ultragenyx Pharmaceutical, Inc. (1) | | 733 | | 32,611 | |
United Therapeutics Corp. (1) | | 479 | | 117,853 | |
| | | | 1,178,887 | |
Building Materials — 2.0% | | | | | |
Armstrong World Industries, Inc. | | 745 | | 58,743 | |
Builders FirstSource, Inc. (1) | | 4,415 | | 374,304 | |
Eagle Materials, Inc. | | 378 | | 53,041 | |
Fortune Brands Innovations, Inc. | | 1,380 | | 85,491 | |
Lennox International, Inc. (2) | | 424 | | 108,048 | |
Louisiana-Pacific Corp. (2) | | 1,095 | | 64,068 | |
Masterbrand, Inc. (1) | | 1,392 | | 13,558 | |
MDU Resources Group, Inc. | | 2,048 | | 65,229 | |
Mohawk Industries, Inc. (1) | | 562 | | 57,802 | |
Owens Corning (2) | | 1,314 | | 128,496 | |
Trex Co., Inc. (1) | | 1,390 | | 71,071 | |
| | | | 1,079,851 | |
Chemicals — 1.9% | | | | | |
Ashland, Inc. (2) | | 682 | | 69,414 | |
Axalta Coating Systems Ltd. (1) | | 2,481 | | 73,934 | |
The Chemours Co. | | 1,811 | | 61,900 | |
Element Solutions, Inc. (2) | | 3,617 | | 74,293 | |
SoFi Next 500 ETF
The accompanying notes are an integral part of these financial statements. | 27 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Chemicals — 1.9% (Continued) | | | | | |
Huntsman Corp. | | 3,270 | | $95,942 | |
Olin Corp. | | 2,285 | | 131,959 | |
Rogers Corp. (1) | | 201 | | 29,587 | |
RPM International, Inc. | | 1,333 | | 118,144 | |
Valvoline, Inc. | | 2,096 | | 73,779 | |
Westlake Corp. (2) | | 2,457 | | 292,727 | |
| | | | 1,021,679 | |
Commercial Services — 5.1% | | | | | |
ADT, Inc. (2) | | 12,936 | | 97,538 | |
Affirm Holdings, Inc. - Class A (1)(2) | | 2,085 | | 28,398 | |
ASGN, Inc. (1) | | 505 | | 44,844 | |
Avis Budget Group, Inc. (1)(2) | | 979 | | 215,047 | |
Bright Horizons Family Solutions, Inc. (1) | | 1,242 | | 97,919 | |
Dun & Bradstreet Holdings, Inc. (2) | | 14,416 | | 173,136 | |
Euronet Worldwide, Inc. (1) | | 2,342 | | 254,927 | |
FTI Consulting, Inc. (1) | | 347 | | 63,747 | |
GXO Logistics, Inc. (1) | | 2,520 | | 124,917 | |
HealthEquity, Inc. (1)(2) | | 619 | | 40,340 | |
Hertz Global Holdings, Inc. (1)(2) | | 9,039 | | 167,312 | |
ManpowerGroup, Inc. | | 1,783 | | 151,341 | |
Paylocity Holding Corp. (1) | | 645 | | 124,234 | |
Quanta Services, Inc. | | 1,681 | | 271,313 | |
R1 RCM, Inc. (1)(2) | | 3,502 | | 49,728 | |
Robert Half International, Inc. | | 1,473 | | 118,753 | |
Service Corp. International | | 1,646 | | 111,154 | |
Toast, Inc. - Class A (1) | | 4,510 | | 85,329 | |
TriNet Group, Inc. (1)(2) | | 679 | | 56,269 | |
WEX, Inc. (1) | | 1,487 | | 286,709 | |
WillScot Mobile Mini Holdings Corp. (1) | | 3,500 | | 179,900 | |
| | | | 2,742,855 | |
Computers — 2.6% | | | | | |
Amdocs Ltd. | | 1,197 | | 109,657 | |
CACI International, Inc. (1) | | 240 | | 70,320 | |
DXC Technology Co. (1) | | 3,541 | | 98,227 | |
Genpact Ltd. | | 1,996 | | 95,269 | |
KBR, Inc. (2) | | 5,351 | | 294,894 | |
Lumentum Holdings, Inc. (1)(2) | | 721 | | 38,797 | |
Maximus, Inc. (2) | | 691 | | 56,717 | |
NCR Corp. (1) | | 6,801 | | 173,630 | |
Parsons Corp. (1) | | 1,027 | | 46,246 | |
Pure Storage, Inc. (1) | | 5,613 | | 160,195 | |
Qualys, Inc. (1) | | 439 | | 51,868 | |
Rapid7, Inc. (1)(2) | | 807 | | 38,171 | |
Science Applications International Corp. | | 568 | | 60,571 | |
Tenable Holdings, Inc. (1)(2) | | 1,530 | | 67,672 | |
Thoughtworks Holding, Inc. (1) | | 3,288 | | 24,200 | |
Varonis Systems, Inc. (1) | | 1,748 | | 47,336 | |
| | | 1,433,770 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Cosmetics & Personal Care — 0.4% | | | | | |
Coty, Inc. (1)(2) | | 9,875 | | $111,587 | |
Olaplex Holdings, Inc. (1) | | 18,713 | | 92,068 | |
| | | | 203,655 | |
Distribution & Wholesale — 1.3% | | | | | |
IAA, Inc. (1) | | 1,567 | | 64,106 | |
Pool Corp. (2) | | 501 | | 178,787 | |
SiteOne Landscape Supply, Inc. (1) | | 539 | | 79,955 | |
Univar Solutions, Inc. (1)(2) | | 3,486 | | 121,139 | |
Watsco, Inc. (2) | | 392 | | 119,446 | |
WESCO International, Inc. (1) | | 899 | | 148,856 | |
| | | | 712,289 | |
Diversified Financial Services — 2.8% | | | | | |
Affiliated Managers Group, Inc. | | 503 | | 80,183 | |
Air Lease Corp. | | 1,215 | | 52,585 | |
Ally Financial, Inc. (2) | | 3,558 | | 106,918 | |
Credit Acceptance Corp. (1)(2) | | 141 | | 62,652 | |
Evercore, Inc. - Class A | | 493 | | 64,672 | |
Interactive Brokers Group, Inc. - Class A | | 1,204 | | 103,676 | |
Invesco Ltd. | | 5,328 | | 94,093 | |
Jefferies Financial Group, Inc. | | 2,959 | | 111,821 | |
Lazard Ltd. | | 1,262 | | 47,148 | |
LPL Financial Holdings, Inc. (2) | | 1,113 | | 277,760 | |
OneMain Holdings, Inc. (2) | | 1,323 | | 57,008 | |
Radian Group, Inc. | | 1,641 | | 35,035 | |
SEI Investments Co. | | 1,436 | | 86,519 | |
SLM Corp. | | 2,480 | | 35,662 | |
Stifel Financial Corp. | | 1,226 | | 81,934 | |
Tradeweb Markets, Inc. - Class A | | 1,600 | | 113,424 | |
Upstart Holdings, Inc. (1)(2) | | 3,915 | | 72,467 | |
The Western Union Co. (2) | | 4,246 | | 55,028 | |
| | | | 1,538,585 | |
Electric — 1.7% | | | | | |
Black Hills Corp. | | 708 | | 43,478 | |
Hawaiian Electric Industries, Inc. | | 1,160 | | 46,922 | |
IDACORP, Inc. | | 520 | | 53,768 | |
NRG Energy, Inc. | | 8,052 | | 264,025 | |
OGE Energy Corp. (2) | | 4,593 | | 164,062 | |
Ormat Technologies, Inc. (2) | | 547 | | 46,233 | |
Pinnacle West Capital Corp. (2) | | 1,134 | | 83,553 | |
PNM Resources, Inc. | | 934 | | 45,766 | |
Portland General Electric Co. (2) | | 1,083 | | 51,767 | |
Vistra Corp. | | 4,503 | | 99,021 | |
| | | | 898,595 | |
Electrical Components & Equipment — 0.6% | | | | ||
Acuity Brands, Inc. | | 354 | | 68,662 | |
Generac Holdings, Inc. (1)(2) | | 845 | | 101,408 | |
Littelfuse, Inc. (2) | | 305 | | 78,913 | |
Universal Display Corp. | | 555 | | 75,397 | |
| | | | 324,380 | |
SoFi Next 500 ETF
28 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Electronics — 2.3% | | | | | |
Allegion PLC | | 839 | | $94,564 | |
Arrow Electronics, Inc. (1) | | 686 | | 80,941 | |
Coherent Corp. (1)(2) | | 1,600 | | 69,008 | |
Hubbell, Inc. (2) | | 499 | | 125,519 | |
Jabil, Inc. (2) | | 1,780 | | 147,793 | |
National Instruments Corp. | | 1,757 | | 88,746 | |
nVent Electric PLC | | 3,591 | | 164,612 | |
Sensata Technologies Holding PLC | | 2,166 | | 109,556 | |
SYNNEX Corp. | | 1,348 | | 130,109 | |
Trimble, Inc. (1) | | 2,756 | | 143,477 | |
Woodward, Inc. | | 686 | | 67,914 | |
| | | | 1,222,239 | |
Energy - Alternate Sources — 0.9% | | | | | |
Enviva, Inc. | | 546 | | 23,784 | |
First Solar, Inc. (1)(2) | | 911 | | 154,087 | |
NextEra Energy Partners LP (2) | | 1,340 | | 88,788 | |
Plug Power, Inc. (1)(2) | | 9,596 | | 142,692 | |
Sunrun, Inc. (1) | | 2,869 | | 68,971 | |
| | | | 478,322 | |
Engineering & Construction — 0.9% | | | | | |
AECOM | | 1,558 | | 134,549 | |
EMCOR Group, Inc. | | 661 | | 110,533 | |
Exponent, Inc. (2) | | 632 | | 65,033 | |
MasTec, Inc. (1)(2) | | 874 | | 85,407 | |
TopBuild Corp. (1) | | 360 | | 74,732 | |
| | | | 470,254 | |
Entertainment — 3.5% | | | | | |
AMC Entertainment Holdings, Inc. (1)(2) | | 11,214 | | 80,068 | |
Caesars Entertainment, Inc. (1) | | 6,170 | | 313,189 | |
Churchill Downs, Inc. (2) | | 1,448 | | 355,889 | |
DraftKings, Inc. - Class A (1)(2) | | 7,010 | | 132,209 | |
Light & Wonder, Inc. (1) | | 2,914 | | 182,446 | |
Marriott Vacations Worldwide Corp. (2) | | 1,490 | | 227,955 | |
Penn Entertainment, Inc. (1)(2) | | 2,577 | | 78,676 | |
SeaWorld Entertainment, Inc. (1)(2) | | 2,885 | | 186,371 | |
Vail Resorts, Inc. | | 1,458 | | 340,428 | |
| | | | 1,897,231 | |
Environmental Control — 0.9% | | | | | |
Clean Harbors, Inc. (1) | | 659 | | 87,034 | |
Evoqua Water Technologies Corp. (1) | | 1,458 | | 70,801 | |
Pentair PLC | | 1,877 | | 104,999 | |
Stericycle, Inc. (1)(2) | | 2,978 | | 141,991 | |
Tetra Tech, Inc. | | 581 | | 79,533 | |
| | | | 484,358 | |
Food — 2.4% | | | | | |
Albertsons Cos, Inc. | | 6,821 | | 135,602 | |
Flowers Foods, Inc. | | 2,165 | | 60,360 | |
Ingredion, Inc. | | 1,042 | | 103,575 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Food — 2.4% (Continued) | | | | | |
Lamb Weston Holdings, Inc. | | 1,659 | | $166,962 | |
Lancaster Colony Corp. | | 298 | | 57,210 | |
Performance Food Group Co. (1) | | 5,785 | | 327,373 | |
Pilgrim’s Pride Corp. (1) | | 7,036 | | 164,572 | |
Post Holdings, Inc. (1)(2) | | 1,167 | | 104,983 | |
US Foods Holding Corp. (1) | | 4,078 | | 153,047 | |
| | | | 1,273,684 | |
Food Service — 0.6% | | | | | |
Aramark | | 8,640 | | 317,952 | |
| |||||
Gas — 1.2% | | | | | |
National Fuel Gas Co. | | 1,743 | | 99,839 | |
NiSource, Inc. | | 13,921 | | 381,853 | |
ONE Gas, Inc. | | 582 | | 46,653 | |
Southwest Gas Holdings, Inc. | | 703 | | 44,296 | |
UGI Corp. (1)(2) | | 2,369 | | 88,198 | |
| | | | 660,839 | |
Hand & Machine Tools — 0.8% | | | | | |
Lincoln Electric Holdings, Inc. | | 646 | | 108,483 | |
MSA Safety, Inc. | | 1,076 | | 144,561 | |
Regal Rexnord Corp. | | 1,102 | | 173,719 | |
| | | | 426,763 | |
Healthcare - Products — 4.4% | | | | | |
10X Genomics, Inc. - Class A (1) | | 1,495 | | 71,042 | |
Avantor, Inc. (1)(2) | | 9,563 | | 233,050 | |
Azenta, Inc. (2) | | 728 | | 31,952 | |
Bio-Techne Corp. | | 2,035 | | 147,822 | |
Bruker Corp. | | 1,680 | | 115,786 | |
DENTSPLY SIRONA, Inc. | | 4,465 | | 169,983 | |
Envista Holdings Corp. (1)(2) | | 3,444 | | 133,145 | |
Globus Medical, Inc. - Class A (1) | | 1,071 | | 62,482 | |
ICU Medical, Inc. (1) | | 282 | | 48,121 | |
Inspire Medical Systems, Inc. (1) | | 557 | | 144,781 | |
Integra LifeSciences Holdings Corp. (1) | | 963 | | 53,562 | |
Masimo Corp. (1) | | 571 | | 95,534 | |
Omnicell, Inc. (1) | | 549 | | 29,888 | |
Penumbra, Inc. (1)(2) | | 1,379 | | 358,526 | |
QuidelOrtho Corp. (1) | | 405 | | 35,211 | |
Repligen Corp. (1) | | 928 | | 161,815 | |
Shockwave Medical, Inc. (1)(2) | | 2,384 | | 453,532 | |
Tandem Diabetes Care, Inc. (1)(2) | | 1,434 | | 51,423 | |
| | | | 2,397,655 | |
Healthcare - Services — 1.9% | | | | | |
Acadia Healthcare Co., Inc. (1) | | 993 | | 72,002 | |
agilon health, Inc. (1) | | 3,955 | | 83,886 | |
Amedisys, Inc. (1) | | 370 | | 34,021 | |
Charles River Laboratories International, Inc. (1) | | 655 | | 143,668 | |
SoFi Next 500 ETF
The accompanying notes are an integral part of these financial statements. | 29 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Healthcare — Services — 1.9% (Continued) | | | | ||
Chemed Corp. | | 139 | | $72,500 | |
Encompass Health Corp. | | 1,067 | | 60,307 | |
Enhabit, Inc. (1) | | 511 | | 7,844 | |
Medpace Holdings, Inc. (1) | | 408 | | 79,103 | |
Oak Street Health, Inc. (1)(2) | | 3,177 | | 112,466 | |
Sotera Health Co. (1) | | 5,450 | | 90,960 | |
Surgery Partners, Inc. (1)(2) | | 1,194 | | 39,939 | |
Syneos Health, Inc. (1) | | 1,376 | | 55,343 | |
Teladoc Health, Inc. (1) | | 4,167 | | 110,384 | |
Tenet Healthcare Corp. (1) | | 1,336 | | 78,196 | |
| | | | 1,040,619 | |
Home Builders — 0.3% | | | | | |
Thor Industries, Inc. (2) | | 742 | | 67,515 | |
Toll Brothers, Inc. | | 1,324 | | 79,360 | |
| | | | 146,875 | |
Home Furnishings — 0.4% | | | | | |
Dolby Laboratories, Inc. - Class A | | 605 | | 49,779 | |
Leggett & Platt, Inc. (2) | | 1,418 | | 48,907 | |
Tempur Sealy International, Inc. (2) | | 2,162 | | 92,404 | |
| | | | 191,090 | |
Household Products & Wares — 0.4% | | | | | |
Avery Dennison Corp. | | 813 | | 148,120 | |
Helen of Troy Ltd. (1) | | 239 | | 26,933 | |
Reynolds Consumer Products, Inc. (2) | | 2,122 | | 58,228 | |
| | | | 233,281 | |
Housewares — 0.2% | | | | | |
Newell Brands, Inc. | | 5,208 | | 76,506 | |
The Scotts Miracle-Gro Co. (2) | | 539 | | 44,467 | |
| | | | 120,973 | |
Insurance — 3.4% | | | | | |
American Financial Group, Inc. | | 811 | | 108,763 | |
Assurant, Inc. | | 584 | | 74,396 | |
Axis Capital Holdings Ltd. | | 1,368 | | 83,065 | |
Equitable Holdings, Inc. | | 9,341 | | 293,494 | |
Erie Indemnity Co. - Class A | | 456 | | 107,338 | |
Essent Group Ltd. | | 1,114 | | 47,846 | |
F&G Annuities & Life, Inc. | | 234 | | 4,767 | |
Fidelity National Financial, Inc. | | 3,493 | | 139,231 | |
First American Financial Corp. | | 1,177 | | 66,830 | |
The Hanover Insurance Group, Inc. | | 347 | | 48,399 | |
Kinsale Capital Group, Inc. (2) | | 296 | | 94,335 | |
Lincoln National Corp. | | 2,205 | | 69,943 | |
MGIC Investment Corp. (2) | | 2,988 | | 41,115 | |
Old Republic International Corp. | | 4,072 | | 107,379 | |
Primerica, Inc. | | 437 | | 83,878 | |
Reinsurance Group of America, Inc. | | 760 | | 109,797 | |
RLI Corp. | | 479 | | 66,059 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Insurance — 3.4% (Continued) | | | | ||
Selective Insurance Group, Inc. | | 626 | | $63,558 | |
Unum Group | | 1,950 | | 86,872 | |
Voya Financial, Inc. (2) | | 1,848 | | 137,657 | |
| | | | 1,834,722 | |
Internet — 0.8% | | | | | |
Chewy, Inc. - Class A (1)(2) | | 1,266 | | 51,336 | |
IAC, Inc. - Class A (1) | | 902 | | 46,850 | |
Opendoor Technologies, Inc. (1) | | 16,381 | | 23,589 | |
Robinhood Markets, Inc. - Class A (1) | | 7,396 | | 74,478 | |
Wayfair, Inc. - Class A (1)(2) | | 621 | | 25,144 | |
Ziff Davis, Inc. (1)(2) | | 499 | | 39,411 | |
Zillow Group, Inc. - Class A (1)(2) | | 3,977 | | 167,034 | |
| | | | 427,842 | |
Iron & Steel — 3.4% | | | | | |
Cleveland-Cliffs, Inc. (1) | | 31,990 | | 682,347 | |
Commercial Metals Co. | | 1,673 | | 86,578 | |
Reliance Steel & Aluminum Co. | | 1,011 | | 250,566 | |
Steel Dynamics, Inc. (2) | | 4,501 | | 567,621 | |
United States Steel Corp. (2) | | 7,534 | | 230,766 | |
| | | | 1,817,878 | |
Leisure Time — 1.3% | | | | | |
Brunswick Corp. (2) | | 904 | | 79,028 | |
Harley-Davidson, Inc. (2) | | 5,117 | | 243,313 | |
Norwegian Cruise Line Holdings Ltd. (1)(2) | | 4,127 | | 61,162 | |
Peloton Interactive, Inc. - Class A (1) | | 2,764 | | 35,711 | |
Planet Fitness, Inc. - Class A (1)(2) | | 2,110 | | 171,015 | |
Polaris, Inc. (2) | | 806 | | 91,683 | |
YETI Holdings, Inc. (1)(2) | | 1,019 | | 39,721 | |
| | | | 721,633 | |
Lodging — 1.5% | | | | | |
Boyd Gaming Corp. | | 2,419 | | 157,550 | |
Choice Hotels International, Inc. | | 884 | | 104,630 | |
Hilton Grand Vacations, Inc. (1) | | 3,988 | | 190,387 | |
Wyndham Hotels & Resorts, Inc. (1) | | 1,375 | | 105,903 | |
Wynn Resorts Ltd. (1) | | 2,241 | | 242,857 | |
| | | | 801,327 | |
Machinery - Construction & Mining — 0.4% | | | | ||
BWX Technologies, Inc. | | 920 | | 56,221 | |
Oshkosh Corp. (2) | | 715 | | 63,771 | |
Vertiv Holdings Co. | | 5,291 | | 85,979 | |
| | | | 205,971 | |
Machinery - Diversified — 1.9% | | | | | |
AGCO Corp. (2) | | 924 | | 130,108 | |
Chart Industries, Inc. (1)(2) | | 513 | | 68,485 | |
Cognex Corp. (2) | | 2,106 | | 99,867 | |
Crane Holdings Co. | | 663 | | 79,414 | |
Flowserve Corp. (2) | | 1,527 | | 52,972 | |
SoFi Next 500 ETF
30 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Machinery — Diversified — 1.9% (Continued) | | | | ||
Gates Industrial Corp. PLC (1) | | 4,005 | | $56,230 | |
Graco, Inc. | | 1,898 | | 131,987 | |
The Middleby Corp. (1)(2) | | 638 | | 99,203 | |
Nordson Corp. (2) | | 630 | | 138,373 | |
The Toro Co. | | 1,109 | | 122,478 | |
Zurn Elkay Water Solutions Corp. | | 1,438 | | 33,074 | |
| | | | 1,012,191 | |
Media — 1.0% | | | | | |
Cable One, Inc. (2) | | 77 | | 53,177 | |
DISH Network Corp. - Class A (1) | | 3,141 | | 35,839 | |
Endeavor Group Holdings, Inc. - Class A (1) | | 5,205 | | 116,123 | |
Fox Corp. - Class B (2) | | 3,339 | | 116,932 | |
The New York Times Co. - Class A | | 2,026 | | 78,001 | |
News Corp. - Class A | | 4,768 | | 81,771 | |
Nexstar Media Group, Inc. | | 409 | | 76,033 | |
| | | | 557,876 | |
Metal Fabricate & Hardware — 0.6% | | | | | |
Advanced Drainage Systems, Inc. | | 1,141 | | 101,241 | |
RBC Bearings, Inc. (1)(2) | | 383 | | 88,017 | |
The Timken Co. | | 766 | | 65,455 | |
Valmont Industries, Inc. | | 227 | | 72,034 | |
| | | | 326,747 | |
Mining — 1.1% | | | | | |
Alcoa Corp. | | 6,068 | | 296,968 | |
MP Materials Corp. (1)(2) | | 6,832 | | 239,120 | |
Royal Gold, Inc. | | 709 | | 84,222 | |
| | | | 620,310 | |
Miscellaneous Manufacturers — 1.1% | | | | | |
A.O. Smith Corp. - Class A (2) | | 1,555 | | 102,055 | |
Axon Enterprise, Inc. (1) | | 673 | | 134,808 | |
Carlisle Companies, Inc. | | 569 | | 146,927 | |
Donaldson Co., Inc. | | 1,335 | | 84,439 | |
ITT, Inc. | | 1,176 | | 106,887 | |
| | | | 575,116 | |
Oil & Gas — 6.5% | | | | | |
Antero Resources Corp. (1)(2) | | 12,861 | | 336,958 | |
APA Corp. (2) | | 7,432 | | 285,240 | |
Chesapeake Energy Corp. | | 1,760 | | 142,226 | |
Civitas Resources, Inc. (2) | | 4,071 | | 285,662 | |
EQT Corp. (2) | | 10,718 | | 355,623 | |
Helmerich & Payne, Inc. | | 1,152 | | 48,476 | |
HF Sinclair Corp. (2) | | 3,871 | | 192,466 | |
Marathon Oil Corp. | | 15,437 | | 388,240 | |
Matador Resources Co. (2) | | 2,983 | | 160,456 | |
Murphy Oil Corp. (2) | | 6,334 | | 247,153 | |
Ovintiv, Inc. | | 5,065 | | 216,630 | |
PDC Energy, Inc. (2) | | 2,551 | | 171,198 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Oil & Gas — 6.5% (Continued) | | | | ||
Range Resources Corp. (2) | | 6,297 | | $169,641 | |
Southwestern Energy Co. (1) | | 57,336 | | 303,881 | |
Texas Pacific Land Corp. (2) | | 121 | | 215,403 | |
Vitesse Energy, Inc. | | 346 | | 6,017 | |
| | | | 3,525,270 | |
Oil & Gas Services — 0.2% | | | | | |
NOV, Inc. (2) | | 4,762 | | 104,193 | |
| |||||
Packaging & Containers — 1.2% | | | | | |
AptarGroup, Inc. | | 674 | | 78,669 | |
Berry Global Group, Inc. | | 1,442 | | 89,548 | |
Crown Holdings, Inc. | | 1,584 | | 137,032 | |
Graphic Packaging Holding Co. | | 3,977 | | 94,653 | |
Sealed Air Corp. | | 1,524 | | 74,097 | |
Silgan Holdings, Inc. | | 1,136 | | 60,662 | |
Sonoco Products Co. (2) | | 2,341 | | 138,260 | |
| | | | 672,921 | |
Pharmaceuticals — 1.3% | | | | | |
Henry Schein, Inc. (1) | | 1,577 | | 123,495 | |
Jazz Pharmaceuticals PLC (1) | | 1,186 | | 166,514 | |
Neurocrine Biosciences, Inc. (1) | | 1,156 | | 119,183 | |
Option Care Health, Inc. (1) | | 5,794 | | 177,702 | |
Organon & Co. (2) | | 2,149 | | 52,629 | |
Perrigo Co. PLC | | 2,198 | | 82,843 | |
| | | | 722,366 | |
Pipelines — 2.1% | | | | | |
Antero Midstream Corp. (2) | | 7,299 | | 76,931 | |
DT Midstream, Inc. | | 991 | | 49,748 | |
New Fortress Energy, Inc. | | 8,827 | | 291,203 | |
Targa Resources Corp. | | 9,977 | | 739,296 | |
| | | | 1,157,178 | |
Private Equity — 1.8% | | | | | |
Ares Management Corp. | | 5,364 | | 432,499 | |
The Carlyle Group, Inc. | | 15,375 | | 528,900 | |
| | | | 961,399 | |
Real Estate — 0.4% | | | | | |
The Howard Hughes Corp. (1)(2) | | 1,204 | | 100,077 | |
Jones Lang LaSalle, Inc. (1) | | 587 | | 102,408 | |
| | | | 202,485 | |
Real Estate Investment Trusts (REITs) — 6.9% | | | | ||
AGNC Investment Corp. (2) | | 21,975 | | 238,868 | |
Agree Realty Corp. (2) | | 901 | | 63,773 | |
American Homes 4 Rent - Class A (2) | | 4,180 | | 129,664 | |
Americold Realty Trust, Inc. | | 2,898 | | 85,201 | |
Annaly Capital Management, Inc. | | 4,266 | | 88,221 | |
Apartment Income REIT Corp. | | 2,418 | | 91,400 | |
Blackstone Mortgage Trust, Inc. - Class A (2) | 2,139 | | 45,283 | | |
Brixmor Property Group, Inc. | | 3,328 | | 75,346 | |
SoFi Next 500 ETF
The accompanying notes are an integral part of these financial statements. | 31 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Real Estate Investment Trusts (REITs) — 6.9% (Continued) | |||||
Camden Property Trust | | 1,246 | | $142,991 | |
Cousins Properties, Inc. (2) | | 1,492 | | 36,539 | |
CubeSmart | | 2,823 | | 132,653 | |
Douglas Emmett, Inc. (2) | | 1,991 | | 28,133 | |
EastGroup Properties, Inc. | | 509 | | 83,104 | |
Equity LifeStyle Properties, Inc. | | 2,141 | | 146,680 | |
Federal Realty Investment Trust (2) | | 858 | | 91,617 | |
First Industrial Realty Trust, Inc. | | 1,435 | | 75,696 | |
Gaming and Leisure Properties, Inc. | | 2,609 | | 140,573 | |
Healthcare Realty Trust, Inc. | | 4,293 | | 83,714 | |
Highwoods Properties, Inc. | | 1,036 | | 27,454 | |
Independence Realty Trust, Inc. | | 5,275 | | 95,425 | |
Kilroy Realty Corp. (2) | | 1,343 | | 48,375 | |
Kimco Realty Corp. | | 6,428 | | 132,481 | |
Lamar Advertising Co. - Class A | | 1,033 | | 108,010 | |
Life Storage, Inc. | | 1,211 | | 145,950 | |
Medical Properties Trust, Inc. (2) | | 7,528 | | 77,538 | |
National Retail Properties, Inc. | | 1,873 | | 84,884 | |
National Storage Affiliates Trust | | 1,421 | | 60,108 | |
Omega Healthcare Investors, Inc. (2) | | 2,850 | | 76,352 | |
Rayonier, Inc. (2) | | 5,505 | | 184,858 | |
Regency Centers Corp. | | 3,098 | | 194,864 | |
Rexford Industrial Realty, Inc. | | 2,095 | | 126,664 | |
Rithm Capital Corp. | | 8,622 | | 78,460 | |
Ryman Hospitality Properties, Inc. | | 1,137 | | 105,480 | |
SL Green Realty Corp. (2) | | 569 | | 19,374 | |
Spirit Realty Capital, Inc. (2) | | 3,564 | | 146,766 | |
STAG Industrial, Inc. - Class A (2) | | 1,957 | | 65,833 | |
Starwood Property Trust, Inc. | | 3,461 | | 66,313 | |
Terreno Realty Corp. (2) | | 905 | | 56,300 | |
Vornado Realty Trust (2) | | 2,371 | | 46,898 | |
| | | | 3,727,843 | |
Retail — 3.7% | | | | | |
AutoNation, Inc. (1)(2) | | 681 | | 92,963 | |
Bath & Body Works, Inc. | | 2,142 | | 87,544 | |
BJ’s Wholesale Club Holdings, Inc. (1) | | 1,342 | | 96,356 | |
Carvana Co. - Class A (1)(2) | | 2,475 | | 23,314 | |
Casey’s General Stores, Inc. | | 456 | | 94,825 | |
Dick’s Sporting Goods, Inc. (2) | | 720 | | 92,614 | |
Five Below, Inc. (1) | | 861 | | 175,902 | |
Floor & Decor Holdings, Inc. (1)(2) | | 1,296 | | 118,986 | |
Freshpet, Inc. (1) | | 472 | | 29,349 | |
GameStop Corp. (1)(2) | | 3,367 | | 64,747 | |
The Gap, Inc. (2) | | 6,244 | | 81,234 | |
Kohl’s Corp. (2) | | 2,654 | | 74,418 | |
Lithia Motors, Inc. - Class B (2) | | 487 | | 124,273 | |
Macy’s, Inc. (2) | | 3,833 | | 78,423 | |
MSC Industrial Direct Co., Inc. - Class A | | 493 | | 41,668 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Retail — 3.7% (Continued) | | | | | |
Murphy USA, Inc. (2) | | 288 | | $73,466 | |
Nordstrom, Inc. (2) | | 2,902 | | 56,531 | |
Penske Automotive Group, Inc. (2) | | 789 | | 113,734 | |
RH (1)(2) | | 273 | | 81,635 | |
Texas Roadhouse, Inc. | | 1,629 | | 165,409 | |
Victoria’s Secret & Co. (1) | | 2,047 | | 81,143 | |
The Wendy’s Co. (2) | | 2,385 | | 52,375 | |
Williams-Sonoma, Inc. (2) | | 791 | | 98,812 | |
| | | | 1,999,721 | |
Savings & Loans — 0.2% | | | | | |
New York Community Bancorp, Inc. | | 5,418 | | 48,112 | |
TFS Financial Corp. | | 2,582 | | 37,413 | |
| | | | 85,525 | |
Semiconductors — 1.9% | | | | | |
Cirrus Logic, Inc. (1) | | 578 | | 59,390 | |
Entegris, Inc. | | 1,721 | | 146,681 | |
IPG Photonics Corp. (1) | | 525 | | 64,701 | |
Lattice Semiconductor Corp. (1) | | 1,845 | | 156,751 | |
MKS Instruments, Inc. (2) | | 605 | | 58,643 | |
Monolithic Power Systems, Inc. (2) | | 605 | | 292,995 | |
Semtech Corp. (1) | | 798 | | 24,586 | |
Silicon Laboratories, Inc. (1) | | 283 | | 50,524 | |
Synaptics, Inc. (1) | | 579 | | 68,096 | |
Wolfspeed, Inc. (1)(2) | | 1,216 | | 89,960 | |
| | | | 1,012,327 | |
Shipbuilding — 0.2% | | | | | |
Huntington Ingalls Industries, Inc. | | 386 | | 83,067 | |
| |||||
Software — 4.7% | | | | | |
Alteryx, Inc. - Class A (1) | | 423 | | 27,626 | |
AppLovin Corp. - Class A (1) | | 12,252 | | 165,402 | |
Aspen Technology, Inc. (1) | | 248 | | 52,578 | |
Bentley Systems, Inc. - Class A | | 3,737 | | 151,199 | |
BILL Holdings, Inc. (1) | | 1,441 | | 121,952 | |
Blackline, Inc. (1) | | 612 | | 41,836 | |
Ceridian HCM Holding, Inc. (1)(2) | | 1,087 | | 79,275 | |
Concentrix Corp. | | 611 | | 83,609 | |
Coupa Software, Inc. (1) | | 877 | | 71,037 | |
DigitalOcean Holdings, Inc. (1)(2) | | 3,157 | | 100,961 | |
Doximity, Inc. - Class A (1)(2) | | 2,341 | | 78,728 | |
Dropbox, Inc. - Class A (1) | | 4,075 | | 83,130 | |
Dynatrace, Inc. (1)(2) | | 4,243 | | 180,455 | |
Elastic NV (1) | | 1,376 | | 81,212 | |
Fair Isaac Corp. (1)(2) | | 275 | | 186,282 | |
Five9, Inc. (1)(2) | | 1,139 | | 75,174 | |
Guidewire Software, Inc. (1)(2) | | 658 | | 46,198 | |
Informatica, Inc. - Class A (1) | | 4,157 | | 71,708 | |
Manhattan Associates, Inc. (1)(2) | | 699 | | 100,481 | |
SoFi Next 500 ETF
32 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Software — 4.7% (Continued) | | | | | |
nCino, Inc. (1)(2) | | 1,195 | | $32,564 | |
Nutanix, Inc. (1)(2) | | 2,548 | | 71,981 | |
Pegasystems, Inc. | | 1,183 | | 54,868 | |
Procore Technologies, Inc. (1) | | 1,311 | | 87,824 | |
PTC, Inc. (1) | | 1,423 | | 178,345 | |
RingCentral, Inc. - Class A (1) | | 938 | | 30,992 | |
SentinelOne, Inc. - Class A (1)(2) | | 3,405 | | 54,446 | |
Smartsheet, Inc. (1)(2) | | 1,351 | | 59,471 | |
Teradata Corp. (1) | | 1,161 | | 47,322 | |
UiPath, Inc. - Class A (1) | | 4,197 | | 62,283 | |
Workiva, Inc. - Class A (1) | | 562 | | 50,130 | |
| | | | 2,529,069 | |
Telecommunications — 1.0% | | | | | |
Ciena Corp. (1)(2) | | 1,494 | | 72,041 | |
Frontier Communications Parent, Inc. (1)(2) | | 6,694 | | 183,148 | |
Iridium Communications, Inc. | | 2,246 | | 137,837 | |
Juniper Networks, Inc. (2) | | 4,377 | | 134,724 | |
| | | | 527,750 | |
Toys, Games & Hobbies — 0.2% | | | | | |
Mattel, Inc. (1) | | 5,189 | | 93,350 | |
| |||||
Transportation — 0.6% | | | | | |
Knight-Swift Transportation Holdings, Inc. (2) | 1,813 | | 103,051 | | |
Landstar System, Inc. | | 494 | | 89,310 | |
RXO, Inc. (1)(2) | | 1,259 | | 25,898 | |
Saia, Inc. (1) | | 292 | | 79,094 | |
XPO, Inc. (1)(2) | | 1,259 | | 42,000 | |
| | | | 339,353 | |
Water — 0.3% | | | | | |
Essential Utilities, Inc. | | 3,160 | | 135,185 | |
| |||||
Total Common Stocks | | | | | |
(Cost $57,101,061) | | | | 53,713,980 | |
| |||||
Preferred Stocks — 0.0% (4) | | | | | |
Commercial Services — 0.0% (4) | | | | | |
AMC Entertainment Holdings, Inc. | | | | | |
8/19/2171 (2)(5) | | 11,214 | | 23,212 | |
Total Preferred Stocks | | | | | |
(Cost $2,374) | | | | 23,212 | |
| |||||
Short-Term Investments — 0.4% | | | | | |
Money Market Funds — 0.4% | | | | | |
First American Government Obligations Fund, Class X 4.370% (3) | | 221,021 | | 221,021 | |
Total Short-Term Investments | | | | | |
(Cost $221,021) | | | | 221,021 | |
| | | |
|
| Shares |
| Value |
|
Investments Purchased with Collateral from Securities Lending — 32.8% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (3) | | 17,678,544 | | $17,678,544 | |
Total Investments Purchased with Collateral from Securities Lending | |||||
(Cost $17,678,544) | | | | 17,678,544 | |
| |||||
Total Investments in Securities — 132.7% | | | | ||
(Cost $75,003,000) | | | | 71,636,757 | |
Liabilities in Excess of Other Assets - (32.7)% | | (17,672,264 | ) | ||
Total Net Assets — 100.0% | | | | $53,964,493 | |
(1) Non-income producing security.
(2) This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $17,223,719 or 31.9% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3) The rate shown is the annualized seven-day effective yield as of February 28, 2023.
(4) Does not round to 0.1% or (0.1)%, as applicable.
(5) Zero coupon security.
SoFi Social 50 ETF
The accompanying notes are an integral part of these financial statements. | 33 |
SCHEDULE OF INVESTMENTS at February 28, 2023 |
|
| Shares |
| Value |
|
Common Stocks — 99.6% | | | | | |
Aerospace & Defense — 1.4% | | | | | |
The Boeing Co. (1) | | 937 | | $188,852 | |
| |||||
Airlines — 2.0% | | | | | |
American Airlines Group, Inc. (1) | | 8,068 | | 128,927 | |
Delta Air Lines, Inc. (1) | | 3,739 | | 143,353 | |
| | | | 272,280 | |
Apparel — 0.5% | | | | | |
Nike, Inc. - Class A | | 575 | | 68,304 | |
| |||||
Auto Manufacturers — 21.4% | | | | | |
Ford Motor Co. | | 26,481 | | 319,626 | |
Lucid Group, Inc. (1)(2) | | 26,835 | | 245,003 | |
NIO, Inc. - Class C - ADR (1)(2) | | 15,867 | | 148,991 | |
Rivian Automotive, Inc. - Class A (1)(2) | | 35,197 | | 679,302 | |
Tesla, Inc. (1) | | 7,465 | | 1,535,625 | |
| | | | 2,928,547 | |
Banks — 2.2% | | | | | |
NU Holdings Ltd/Cayman Islands - Class A (1)(2) | | 59,763 | | 301,205 | |
| |||||
Beverages — 1.1% | | | | | |
The Coca-Cola Co. | | 2,422 | | 144,133 | |
| |||||
Biotechnology — 0.8% | | | | | |
Moderna, Inc. (1)(2) | | 759 | | 105,357 | |
| |||||
Commercial Services — 2.8% | | | | | |
Block, Inc. - Class A (1)(2) | | 2,730 | | 209,473 | |
PayPal Holdings, Inc. (1) | | 2,275 | | 167,440 | |
| | | | 376,913 | |
Computers — 10.4% | | | | | |
Apple, Inc. | | 9,626 | | 1,418,969 | |
| |||||
Diversified Financial Services — 1.3% | | | | | |
Coinbase Global, Inc. - Class A (1)(2) | | 2,746 | | 178,023 | |
| |||||
Entertainment — 5.0% | | | | | |
AMC Entertainment Holdings, Inc. (1)(2) | | 69,514 | | 496,330 | |
DraftKings, Inc. - Class A (1) | | 10,152 | | 191,467 | |
| | | | 687,797 | |
Food — 0.2% | | | | | |
Beyond Meat, Inc. (1)(2) | | 1,711 | | 30,524 | |
| |||||
Healthcare — Products — 0.1% | | | | | |
GE HealthCare Technologies, Inc. (1) | | 161 | | 12,236 | |
| |||||
Insurance — 2.8% | | | | | |
Berkshire Hathaway, Inc. - Class A (1) | | 1,277 | | 389,715 | |
| |||||
Internet — 15.6% | | | | | |
Airbnb, Inc. - Class A (1)(2) | | 1,853 | | 228,438 | |
Alibaba Group Holding Ltd. - ADR (1) | | 1,651 | | 144,941 | |
Alphabet, Inc. - Class A (1) | | 7,097 | | 639,156 |
|
| Shares |
| Value |
|
Common Stocks — 99.6% (Continued) | | | | | |
Internet — 15.6% (Continued) | | | | | |
Amazon.com, Inc. (1) | | 6,823 | | $642,931 | |
Netflix, Inc. (1) | | 621 | | 200,043 | |
Shopify, Inc. - Class A (1) | | 5,956 | | 245,030 | |
Snap, Inc. - Class A (1) | | 3,339 | | 33,891 | |
| | | | 2,134,430 | |
Leisure Time — 1.4% | | | | | |
Carnival Corp. (1)(2) | | 13,627 | | 144,719 | |
Virgin Galactic Holdings, Inc. - Class A (1) | | 8,464 | | 48,583 | |
| | | | 193,302 | |
Media — 4.1% | | | | | |
The Walt Disney Co. (1)(2) | | 5,153 | | 513,290 | |
Warner Bros Discovery, Inc. (1) | | 3,495 | | 54,592 | |
| | | | 567,882 | |
Miscellaneous Manufacturers — 0.3% | | | | | |
General Electric Co. | | 491 | | 41,593 | |
| |||||
Oil & Gas — 1.3% | | | | | |
Exxon Mobil Corp. (2) | | 1,592 | | 174,977 | |
| |||||
Pharmaceuticals — 2.0% | | | | | |
Johnson & Johnson | | 737 | | 112,953 | |
Pfizer, Inc. | | 3,023 | | 122,643 | |
Tilray Brands, Inc. (1)(2) | | 15,883 | | 44,949 | |
| | | | 280,545 | |
Retail — 6.6% | | | | | |
Costco Wholesale Corp. | | 586 | | 283,729 | |
GameStop Corp. (1)(2) | | 13,733 | | 264,086 | |
Starbucks Corp. | | 1,217 | | 124,244 | |
Target Corp. (2) | | 685 | | 115,422 | |
Walmart, Inc. | | 844 | | 119,958 | |
| | | | 907,439 | |
Semiconductors — 7.5% | | | | | |
Advanced Micro Devices, Inc. (1) | | 4,131 | | 324,614 | |
NVIDIA Corp. | | 2,998 | | 696,016 | |
| | | | 1,020,630 | |
Software — 7.0% | | | | | |
BlackBerry Ltd. (1) | | 9,118 | | 35,378 | |
Microsoft Corp. | | 2,528 | | 630,534 | |
Palantir Technologies, Inc. - Class A (1)(2) | | 31,385 | | 246,058 | |
Zoom Video Communications, Inc. - Class A (1) | | 631 | | 47,066 | |
| | | | 959,036 | |
Telecommunications — 1.8% | | | | | |
AT&T, Inc. | | 10,805 | | 204,322 | |
Nokia Oyj - ADR | | 9,328 | | 42,909 | |
| | | | 247,231 | |
Total Common Stocks | | | | | |
(Cost $15,605,572) | | | | 13,629,920 | |
| | | | | |
SoFi Social 50 ETF
34 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Short-Term Investments — 0.0% (3) | | | | | |
Money Market Funds — 0.0% | | | | | |
First American Government Obligations Fund, Class X, 4.370% (4) | | 5,795 | | $5,795 | |
Total Short-Term Investments | | | | | |
(Cost $5,795) | | | | 5,795 | |
| |||||
Investments Purchased with Collateral from Securities Lending — 27.5% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (4) | | 3,766,120 | | 3,766,120 | |
Total Investments Purchased with Collateral from Securities Lending | |||||
(Cost $3,766,120) | | | | 3,766,120 | |
| |||||
Total Investments in Securities — 127.1% | | | | ||
(Cost $19,377,487) | | | | 17,401,835 | |
Liabilities in Excess of Other Assets - (27.1)% | | (3,709,581 | ) | ||
Total Net Assets — 100.0% | | | | $13,692,254 | |
ADRAmerican Depositary Receipt
(1) Non-income producing security.
(2) This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $3,668,093 or 26.8% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3) Does not round to 0.1% or (0.1)%, as applicable.
(4) The rate shown is the annualized seven-day effective yield as of February 28, 2023.
SoFi Be Your Own Boss ETF
The accompanying notes are an integral part of these financial statements. | 35 |
SCHEDULE OF INVESTMENTS at February 28, 2023 |
|
| Shares |
| Value |
|
Common Stocks — 99.8% | | | | | |
Advertising Services — 0.8% | | | | | |
The Trade Desk, Inc. - Class A (1)(2) | | 1,140 | | $63,794 | |
| |||||
Applications Software — 5.2% | | | | | |
Five9, Inc. (1)(2) | | 1,059 | | 69,894 | |
Materialise NV - ADR (1) | | 7,953 | | 68,396 | |
Microsoft Corp. | | 275 | | 68,590 | |
Monday.com Ltd. (1)(2) | | 1,211 | | 187,366 | |
| | | | 394,246 | |
Auto Manufacturers — 1.7% | | | | | |
Rivian Automotive, Inc. - Class A (1)(2) | | 2,004 | | 38,677 | |
Tesla, Inc. (1) | | 436 | | 89,690 | |
| | | | 128,367 | |
Commercial Services — 0.5% | | | | | |
IWG PLC (1) | | 16,667 | | 36,986 | |
| |||||
Commercial Services — Finance — 12.3% | | | | ||
Adyen NV (1) | | 62 | | 88,448 | |
Block, Inc. - Class A (1)(2) | | 3,535 | | 271,241 | |
PayPal Holdings, Inc. (1) | | 2,282 | | 167,955 | |
Shift4 Payments, Inc. - Class A (1)(2) | | 2,200 | | 141,900 | |
StoneCo Ltd. - Class A (1)(2) | | 15,931 | | 135,573 | |
Yeahka Ltd. (1) | | 39,650 | | 131,333 | |
| | | | 936,450 | |
Communications Software — 1.7% | | | | | |
2U, Inc. (1) | | 10,204 | | 91,428 | |
Zoom Video Communications, Inc. - Class A (1) | | 515 | | 38,414 | |
| | | | 129,842 | |
Computer Software — 9.1% | | | | | |
Cloudflare, Inc. - Class A (1)(2) | | 1,072 | | 64,331 | |
DraftKings, Inc. - Class A (1)(2) | | 8,196 | | 154,577 | |
Dropbox, Inc. - Class A (1) | | 2,150 | | 43,860 | |
Fastly, Inc. (1)(2) | | 4,143 | | 57,546 | |
Lightspeed Commerce, Inc. (1) | | 4,760 | | 72,780 | |
MongoDB, Inc. - Class A (1)(2) | | 158 | | 33,104 | |
Snowflake, Inc. (1) | | 1,155 | | 178,309 | |
Splunk, Inc. (1) | | 677 | | 69,392 | |
Twilio, Inc. - Class A (1) | | 290 | | 19,491 | |
| | | | 693,390 | |
Computers — Other — 3.2% | | | | | |
Nano Dimension Ltd. - ADR (1)(2) | | 37,185 | | 109,324 | |
Stratasys Ltd. (1) | | 10,090 | | 130,665 | |
| | | | 239,989 | |
Data Processing & Management — 0.2% | | | | ||
DocuSign, Inc. (1)(2) | | 257 | | 15,767 | |
| |||||
E-Commerce & Products — 10.7% | | | | | |
Alibaba Group Holding Ltd. - ADR(1) | | 2,047 | | 179,706 | |
eBay, Inc. | | 791 | | 36,307 |
|
| Shares |
| Value |
|
Common Stocks — 99.8% (Continued) | | | | | |
E-Commerce & Products — 10.7% (Continued) | | | | ||
Etsy, Inc. (1)(2) | | 381 | | $46,257 | |
Farfetch Ltd. - Class A (1) | | 4,691 | | 24,065 | |
JD.com, Inc. - Class A - ADR | | 3,236 | | 143,808 | |
JD.com, Inc. - Class A | | 452 | | 10,002 | |
PDD Holdings, Inc. - ADR (1) | | 2,178 | | 191,076 | |
Rakuten Group, Inc. | | 21,884 | | 107,962 | |
Sea Ltd. - Class A - ADR (1)(2) | | 1,230 | | 76,863 | |
| | | | 816,046 | |
E-Commerce & Services — 11.2% | | | | | |
Airbnb, Inc. - Class A (1) | | 1,680 | | 207,110 | |
BASE, Inc. (1) | | 4,860 | | 10,204 | |
Demae-Can Co. Ltd. | | 3,928 | | 13,871 | |
Fiverr International Ltd. (1) | | 1,490 | | 59,019 | |
Lyft, Inc. - Class A (1)(2) | | 2,543 | | 25,430 | |
MercadoLibre, Inc. (1) | | 204 | | 248,880 | |
Uber Technologies, Inc. (1) | | 4,657 | | 154,892 | |
Upwork, Inc. (1) | | 11,829 | | 134,141 | |
| | | | 853,547 | |
E-Marketing - Information — 0.6% | | | | | |
Jumia Technologies AG - ADR (1)(2) | | 12,510 | | 42,159 | |
| |||||
Enterprise Software & Services — 5.9% | | ||||
HubSpot, Inc. (1) | | 260 | | 100,583 | |
Salesforce, Inc. (1) | | 366 | | 59,881 | |
UiPath, Inc. - Class A (1) | | 15,918 | | 236,223 | |
Workday, Inc. - Class A (1)(2) | | 280 | | 51,932 | |
| | | | 448,619 | |
Entertainment Software — 8.7% | | | | | |
Bilibili, Inc. - Class Z - ADR (1) | | 2,180 | | 42,074 | |
HUYA, Inc. - Class A - ADR (1) | | 20,840 | | 89,612 | |
NetEase, Inc. - ADR (2) | | 1,794 | | 139,286 | |
ROBLOX Corp. - Class A (1)(2) | | 5,962 | | 218,448 | |
Unity Software, Inc. (1)(2) | | 5,734 | | 174,543 | |
| | | | 663,963 | |
Finance - Consumer Loans — 1.4% | | | | | |
Dave, Inc. - Class A (1) | | 527 | | 4,432 | |
LendingClub Corp. (1)(2) | | 4,071 | | 38,267 | |
LendingTree, Inc. (1) | | 1,048 | | 34,511 | |
Upstart Holdings, Inc. (1)(2) | | 1,490 | | 27,580 | |
| | | | 104,790 | |
Finance - Other Services — 3.6% | | | | | |
Coinbase Global, Inc. - Class A (1)(2) | | 4,167 | | 270,147 | |
| |||||
Internet Application Software — 3.3% | | | | | |
Shopify, Inc. - Class A (1) | | 6,172 | | 253,916 | |
| |||||
Internet Content - Entertainment — 6.1% | | ||||
JOYY, Inc. - Class A - ADR | | 2,920 | | 91,688 | |
Pinterest, Inc. - Class A (1) | | 2,631 | | 66,065 | |
SoFi Be Your Own Boss ETF
36 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 99.8% (Continued) | | | | | |
Internet Content - Entertainment — 6.1% (Continued) | | | | ||
Snap, Inc. - Class A (1) | | 7,428 | | $75,394 | |
Spotify Technology SA (1)(2) | | 2,010 | | 233,763 | |
| | | | 466,910 | |
Internet Content - Information & News — 4.4% | | | |||
Meituan - Class B (1) | | 5,844 | | 101,319 | |
Nerdy, Inc. - Class A (1) | | 23,060 | | 57,880 | |
Tencent Holdings Ltd. | | 3,969 | | 173,737 | |
| | | | 332,936 | |
Medical - HMO — 1.4% | | | | | |
Oscar Health, Inc. - Class A (1) | | 19,909 | | 110,296 | |
| |||||
Medical - Outpatient & Home Medicine — 1.4% | | ||||
Teladoc Health, Inc. (1) | | 4,113 | | 108,953 | |
| |||||
Metal Processors & Fabrication — 1.4% | | | | | |
Proto Labs, Inc. (1) | | 3,416 | | 107,399 | |
| |||||
Property & Casualty Insurance — 1.4% | | | | | |
Lemonade, Inc. (1)(2) | | 6,722 | | 109,569 | |
| |||||
Real Estate Operations & Development — 0.1% | | | | ||
WeWork, Inc. - Class A | | 5,880 | | 6,821 | |
| |||||
Transport - Services — 1.2% | | | | | |
DiDi Global, Inc. - Class A - ADR (1) | | 21,990 | | 87,520 | |
| |||||
Web Portals & ISPs — 2.3% | | | | | |
Baidu, Inc. - Class A - ADR (1) | | 1,259 | | 173,352 | |
Yandex NV - Class A (1)(4) | | 4,764 | | 0 | |
| | | | 173,352 | |
Total Common Stocks | | | | | |
(Cost $18,693,083) | | | | 7,595,774 | |
| |||||
Short-Term Investments — 0.2% | | | | | |
Money Market Funds — 0.2% | | | | | |
First American Government Obligations Fund, Class X, 4.370% (3) | | 16,905 | | 16,905 | |
Total Short-Term Investments | | | | | |
(Cost $16,905) | | | | 16,905 | |
| |||||
Investments Purchased with Collateral from Securities Lending — 33.0% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (3) | | 2,512,482 | | 2,512,482 | |
| |||||
Total Investments Purchased with Collateral from Securities Lending | |||||
(Cost $2,512,482) | | | | 2,512,482 | |
| |||||
Total Investments in Securities — 133.0% | | | | ||
(Cost $21,222,470) | | | | 10,125,161 | |
Liabilities in Excess of Other Assets - (33.0)% | | (2,514,094 | ) | ||
Total Net Assets — 100.0% | | | | $7,611,067 | |
ADRAmerican Depositary Receipt.
(1) Non-income producing security.
(2) This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $2,501,204 or 32.9% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3) The rate shown is the annualized seven-day effective yield as of February 28, 2023.
(4) The security is fair valued by the valuation designee.
SoFi Weekly Income ETF
The accompanying notes are an integral part of these financial statements. | 37 |
SCHEDULE OF INVESTMENTS at February 28, 2023 |
|
| Principal |
| Value |
|
Asset Backed Securities — 3.6% | | | | | |
AB Issuer, LLC, Series 2021-1, Class A2 | | | | | |
3.734%, 07/30/2051 | | $89,325 | | $73,125 | |
DB Master Finance, LLC, Series 2021-1A, Class A2I | | | | | |
2.045%, 11/20/2051 | | 79,000 | | 69,211 | |
Hardee’s Funding, LLC, Series 2021-1A, Class A2 | | | | | |
2.865%, 06/20/2051 | | 147,750 | | 119,498 | |
ITE Rail Fund Levered L.P., Series 2021-1A, Class A | | | | | |
2.250%, 02/28/2051 | | 90,562 | | 76,987 | |
Planet Fitness Master Issuer, LLC, Series 2022-1A, Class A2I | | | | | |
3.251%, 12/05/2051 | | 74,438 | | 66,063 | |
ServiceMaster Funding, LLC, Series 2020-1, Class A2II | | | | | |
3.337%, 01/30/2051 | | 112,700 | | 88,118 | |
SERVPRO Master Issuer, LLC, Series 2021-1A, Class A2 | | | | | |
2.394%, 04/25/2051 | | 123,795 | | 100,462 | |
| |||||
Total Asset Backed Securities | | | | | |
(Cost $711,962) | | | | 593,464 | |
| |||||
Corporate Bonds — 90.4% | | | | | |
Aerospace & Defense — 3.2% | | | | | |
Bombardier, Inc. | | | | | |
7.875%, 04/15/2027 | | 121,000 | | 120,364 | |
7.500%, 02/01/2029 | | 65,000 | | 63,765 | |
Howmet Aerospace, Inc. | | | | | |
6.875%, 05/01/2025 | | 156,000 | | 158,880 | |
Spirit AeroSystems, Inc. | | | | | |
3.850%, 06/15/2026 | | 56,000 | | 52,134 | |
TransDigm, Inc. | | | | | |
6.250%, 03/15/2026 | | 86,000 | | 84,962 | |
6.750%, 08/15/2028 | | 40,000 | | 39,850 | |
| | | | 519,955 | |
Agriculture — 0.7% | | | | | |
Vector Group Ltd. | | | | | |
5.750%, 02/01/2029 | | 128,000 | | 110,301 | |
| |||||
Airlines — 1.8% | | | | | |
Delta Air Lines, Inc. | | | | | |
7.375%, 01/15/2026 | | 113,000 | | 116,379 | |
Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | |
6.500%, 06/20/2027 | | 152,096 | | 152,248 | |
United Airlines, Inc. | | | | | |
4.375%, 04/15/2026 | | 32,000 | | 30,146 | |
| | | 298,773 |
|
| Principal |
| Value |
|
Apparel — 0.9% | | | | | |
Hanesbrands, Inc. | | | | | |
4.875%, 05/15/2026 | | $166,000 | | $153,462 | |
| |||||
Auto Manufacturers — 2.9% | | | | | |
Allison Transmission, Inc. | | | | | |
4.750%, 10/01/2027 | | 105,000 | | 97,501 | |
Ford Motor Credit Co, LLC | | | | | |
3.664%, 09/08/2024 | | 400,000 | | 384,090 | |
| | | | 481,591 | |
Auto Parts & Equipment — 1.3% | | | | | |
American Axle & Manufacturing, Inc. | | | | | |
6.500%, 04/01/2027 | | 50,000 | | 46,272 | |
Dana, Inc. | | | | | |
5.375%, 11/15/2027 | | 102,000 | | 94,223 | |
The Goodyear Tire & Rubber Co. (7) | | | | | |
4.875%, 03/15/2027 | | 78,000 | | 72,445 | |
| | | | 212,940 | |
Banks — 4.6% | | | | | |
Barclays PLC | | | | | |
5.304% (5 Year CMT Rate + 2.300%), 08/09/2026 (1)(2) | | 200,000 | | 197,111 | |
Citizens Financial Group, Inc. | | | | | |
6.000% (3 Month LIBOR USD 3.003%), 07/06/2023 (1)(2)(3) | | 132,000 | | 128,022 | |
Credit Suisse AG/ New York NY | | | | | |
7.950%, 01/09/2025 | | 250,000 | | 252,591 | |
NatWest Group PLC | | | | | |
6.000% (5 Year CMT Rate + 5.625%), 12/29/2025 (1)(2)(3) | | 200,000 | | 188,042 | |
| | | | 765,766 | |
Building Materials — 1.1% | | | | | |
Eco Material Technologies, Inc. | | | | | |
7.875%, 01/31/2027 | | 90,000 | | 85,977 | |
Smyrna Ready Mix Concrete, LLC | | | | | |
6.000%, 11/01/2028 | | 101,000 | | 89,755 | |
| | | | 175,732 | |
Chemicals — 1.1% | | | | | |
The Chemours Co. | | | | | |
4.625%, 11/15/2029 | | 56,000 | | 45,517 | |
Methanex Corp. | | | | | |
4.250%, 12/01/2024 | | 50,000 | | 48,306 | |
Olin Corp. | | | | | |
5.125%, 09/15/2027 (7) | | 88,000 | | 83,741 | |
| | | | 177,564 | |
Commercial Services — 2.3% | | | | | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | |
6.625%, 07/15/2026 | | 94,000 | | 89,381 | |
SoFi Weekly Income ETF
38 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Commercial Services — 2.3% (Continued) | | | | ||
Block, Inc. | | | | | |
2.750%, 06/01/2026 | | $94,000 | | $83,969 | |
The Brink’s Co. | | | | | |
4.625%, 10/15/2027 | | 59,000 | | 53,704 | |
Global Payments, Inc. | | | | | |
4.950%, 08/15/2027 | | 84,000 | | 81,310 | |
Upbound Group, Inc. | | | | | |
6.375%, 02/15/2029 (7) | | 75,000 | | 64,420 | |
| | | | 372,784 | |
Computers — 0.9% | | | | | |
KBR, Inc. | | | | | |
4.750%, 09/30/2028 | | 105,000 | | 94,594 | |
Seagate HDD Cayman | | | | | |
3.125%, 07/15/2029 | | 70,000 | | 56,607 | |
| | | | 151,201 | |
Diversified Financial Services — 8.8% | | | | | |
AerCap Holdings N.V. | | | | | |
5.875% (5 Year CMT Rate + 4.535%), 10/10/2079 (1)(2) | | 238,000 | | 227,405 | |
Aircastle Ltd. | | | | | |
4.250%, 06/15/2026 | | 45,000 | | 42,746 | |
Avolon Holdings Funding Ltd. | | | | | |
4.250%, 04/15/2026 | | 116,000 | | 107,724 | |
BGC Partners, Inc. | | | | | |
4.375%, 12/15/2025 | | 62,000 | | 57,772 | |
Castlelake Aviation Finance DAC | | | | | |
5.000%, 04/15/2027 | | 67,000 | | 60,245 | |
The Depository Trust & Clearing Corp. | | | | | |
3.375% (5 Year CMT Rate + 2.606%), 06/20/2026 (1)(2)(3) | | 250,000 | | 208,125 | |
Navient Corp. | | | | | |
6.125%, 03/25/2024 | | 42,000 | | 41,734 | |
6.750%, 06/15/2026 | | 111,000 | | 107,017 | |
OneMain Finance Corp. | | | | | |
7.125%, 03/15/2026 | | 56,000 | | 54,493 | |
3.500%, 01/15/2027 | | 221,000 | | 185,839 | |
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. | | | | | |
6.375%, 02/01/2027 | | 93,000 | | 87,753 | |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. | | | | | |
2.875%, 10/15/2026 | | 151,000 | | 130,456 | |
SLM Corp. | | | | | |
4.200%, 10/29/2025 | | 38,000 | | 34,828 | |
United Wholesale Mortgage, LLC | | | | | |
5.500%, 11/15/2025 | | 107,000 | | 99,525 | |
| | | 1,445,662 |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Electric — 1.8% | | | | | |
FirstEnergy Corp. | | | | | |
1.600%, 01/15/2026 | | $38,000 | | $33,913 | |
NextEra Energy Operating Partners L.P. | | | | | |
4.250%, 09/15/2024 | | 180,000 | | 168,688 | |
3.875%, 10/15/2026 | | 56,000 | | 50,741 | |
TransAlta Corp. | | | | | |
7.750%, 11/15/2029 | | 49,000 | | 50,149 | |
| | | | 303,491 | |
Electrical Components & Equipment — 0.9% | | | | ||
EnerSys | | | | | |
4.375%, 12/15/2027 | | 156,000 | | 141,765 | |
| | | | | |
Entertainment — 1.8% | | | | | |
Scientific Games International, Inc. | | | | | |
7.000%, 05/15/2028 | | 65,000 | | 63,588 | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | |
6.625%, 03/01/2030 | | 55,000 | | 48,428 | |
Caesars Entertainment, Inc. | | | | | |
6.250%, 07/01/2025 | | 115,000 | | 114,166 | |
Jacobs Entertainment, Inc. | | | | | |
6.750%, 02/15/2029 | | 80,000 | | 72,890 | |
| | | | 299,072 | |
Environmental Control — 1.0% | | | | | |
Stericycle, Inc. | | | | | |
5.375%, 07/15/2024 | | 167,000 | | 164,731 | |
| |||||
Healthcare — Products — 0.3% | | | | | |
Garden Spinco Corp. | | | | | |
8.625%, 07/20/2030 | | 40,000 | | 42,250 | |
| |||||
Healthcare Services — 2.1% | | | | | |
CHS/Community Health Systems, Inc. | | | | | |
8.000%, 03/15/2026 | | 56,000 | | 54,669 | |
DaVita, Inc. | | | | | |
4.625%, 06/01/2030 | | 60,000 | | 49,514 | |
Encompass Health Corp. | | | | | |
4.500%, 02/01/2028 | | 70,000 | | 64,332 | |
Pediatrix Medical Group, Inc. | | | | | |
5.375%, 02/15/2030 | | 100,000 | | 88,339 | |
Tenet Healthcare Corp. | | | | | |
5.125%, 11/01/2027 | | 88,000 | | 82,811 | |
| | | | 339,665 | |
Home Builders — 0.9% | | | | | |
Ashton Woods USA LLC / Ashton Woods Finance Co. | | | | | |
6.625%, 01/15/2028 | | 56,000 | | 50,776 | |
SoFi Weekly Income ETF
The accompanying notes are an integral part of these financial statements. | 39 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Home Builders — 0.9% (Continued) | | | | | |
LGI Homes, Inc. | | | | | |
4.000%, 07/15/2029 | | $78,000 | | $61,154 | |
Tri Pointe Homes, Inc. | | | | | |
5.700%, 06/15/2028 | | 43,000 | | 40,017 | |
| | | | 151,947 | |
Insurance — 1.9% | | | | | |
NMI Holdings, Inc. | | | | | |
7.375%, 06/01/2025 | | 199,000 | | 198,209 | |
SBL Holdings, Inc. | | | | | |
5.125%, 11/13/2026 | | 121,000 | | 107,769 | |
| | | | 305,978 | |
Internet — 0.9% | | | | | |
Uber Technologies, Inc. | | | | | |
7.500%, 05/15/2025 | | 78,000 | | 78,866 | |
8.000%, 11/01/2026 | | 63,000 | | 64,020 | |
| | | | 142,886 | |
Investment Companies — 5.8% | | | | | |
Bain Capital Specialty Finance, Inc. | | | | | |
2.950%, 03/10/2026 | | 88,000 | | 78,390 | |
Blackstone Private Credit Fund | | | | | |
2.625%, 12/15/2026 | | 156,000 | | 132,610 | |
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | |
4.750%, 09/15/2024 | | 140,000 | | 136,644 | |
5.250%, 05/15/2027 | | 50,000 | | 46,311 | |
Oaktree Specialty Lending Corp. | | | | | |
2.700%, 01/15/2027 | | 54,000 | | 46,921 | |
OWL Rock Core Income Corp. | | | | | |
4.700%, 02/08/2027 | | 132,000 | | 120,633 | |
Owl Rock Technology Finance Corp. | | | | | |
4.750%, 12/15/2025 | | 229,000 | | 209,057 | |
Prospect Capital Corp. | | | | | |
5.875%, 03/15/2023 | | 101,000 | | 100,979 | |
Sixth Street Specialty Lending, Inc. | | | | | |
3.875%, 11/01/2024 | | 89,000 | | 85,766 | |
| | | | 957,311 | |
Iron & Steel — 1.1% | | | | | |
Cleveland-Cliffs, Inc. | | | | | |
5.875%, 06/01/2027 | | 86,000 | | 83,557 | |
Mineral Resources Ltd. | | | | | |
8.125%, 05/01/2027 | | 46,000 | | 45,847 | |
8.000%, 11/01/2027 | | 51,000 | | 50,791 | |
| | | | 180,195 | |
Leisure Time — 1.7% | | | | | |
Carnival Corp. | | | | | |
7.625%, 03/01/2026 (7) | | 97,000 | | 87,189 |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Leisure Time — 1.7% (Continued) | | | | | |
NCL Corp. Ltd. | | | | | |
5.875%, 02/15/2027 | | $54,000 | | $50,137 | |
NCL Corp. Ltd. | | | | | |
8.375%, 02/01/2028 | | 65,000 | | 66,097 | |
Royal Caribbean Cruises Ltd. | | | | | |
4.250%, 07/01/2026 (7) | | 95,000 | | 82,973 | |
| | | | 286,396 | |
Lodging — 0.4% | | | | | |
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp. | | | | | |
4.875%, 04/01/2027 | | 63,000 | | 60,137 | |
| |||||
Media — 6.2% | | | | | |
Block Communications, Inc. | | | | | |
4.875%, 03/01/2028 | | 95,000 | | 83,232 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | |
5.125%, 05/01/2027 | | 138,000 | | 127,830 | |
6.375%, 09/01/2029 | | 51,000 | | 47,603 | |
CSC Holdings, LLC | | | | | |
5.250%, 06/01/2024 | | 149,000 | | 144,506 | |
DISH DBS Corp. | | | | | |
5.000%, 03/15/2023 | | 73,000 | | 72,883 | |
5.875%, 11/15/2024 | | 37,000 | | 34,700 | |
5.250%, 12/01/2026 | | 184,000 | | 154,445 | |
Gray Television, Inc. | | | | | |
7.000%, 05/15/2027 | | 84,000 | | 76,175 | |
Midcontinent Communications / Midcontinent Finance Corp. | | | | | |
5.375%, 08/15/2027 | | 44,000 | | 40,482 | |
Radiate Holdco LLC / Radiate Finance, Inc. | | | | | |
4.500%, 09/15/2026 | | 51,000 | | 38,110 | |
Sirius XM Radio, Inc. | | | | | |
3.125%, 09/01/2026 | | 78,000 | | 69,040 | |
4.000%, 07/15/2028 | | 122,000 | | 104,420 | |
Univision Communications, Inc. | | | | | |
4.500%, 05/01/2029 | | 38,000 | | 32,085 | |
| | | | 1,025,511 | |
Metal Fabricate & Hardware — 0.5% | | | | | |
Advanced Drainage Systems, Inc. | | | | | |
6.375%, 06/15/2030 | | 88,000 | | 84,152 | |
| |||||
Mining — 0.4% | | | | | |
Hudbay Minerals, Inc. | | | | | |
4.500%, 04/01/2026 | | 78,000 | | 70,111 | |
| |||||
Oil & Gas — 6.3% | | | | | |
CNX Resources Corp. | | | | | |
7.375%, 01/15/2031 | | 70,000 | | 66,780 | |
SoFi Weekly Income ETF
40 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Oil & Gas — 6.3% (Continued) | | | | | |
Comstock Resources, Inc. | | | | | |
6.750%, 03/01/2029 | | $90,000 | | $82,910 | |
EQT Corp. | | | | | |
6.125%, 02/01/2025 (4) | | 117,000 | | 117,290 | |
Occidental Petroleum Corp. | | | | | |
5.138%, 10/10/2036 (5)(6) | | 186,000 | | 94,128 | |
Parkland Corp. | | | | | |
5.875%, 07/15/2027 | | 105,000 | | 98,612 | |
Permian Resources Operating, LLC | | | | | |
6.875%, 04/01/2027 | | 65,000 | | 62,671 | |
Range Resources Corp. | | | | | |
4.875%, 05/15/2025 | | 114,000 | | 111,342 | |
Southwestern Energy Co. | | | | | |
5.700%, 01/23/2025 (4) | | 86,000 | | 85,307 | |
Strathcona Resources Ltd/Alberta | | | | | |
6.875%, 08/01/2026 (7) | | 127,000 | | 104,259 | |
Sunoco LP / Sunoco Finance Corp. | | | | | |
6.000%, 04/15/2027 | | 94,000 | | 92,468 | |
Vital Energy, Inc. | | | | | |
9.500%, 01/15/2025 | | 70,000 | | 70,632 | |
7.750%, 07/31/2029 | | 55,000 | | 47,696 | |
| | | | 1,034,095 | |
Oil & Gas Services — 0.4% | | | | | |
Enerflex Ltd. | | | | | |
9.000%, 10/15/2027 | | 76,000 | | 75,076 | |
| |||||
Packaging & Containers — 4.6% | | | | | |
Berry Global, Inc. | | | | | |
4.875%, 07/15/2026 | | 90,000 | | 86,266 | |
Crown Americas LLC / Crown Americas Capital Corp VI | | | | | |
4.750%, 02/01/2026 | | 105,000 | | 100,383 | |
Graphic Packaging International, LLC | | | | | |
1.512%, 04/15/2026 | | 114,000 | | 99,716 | |
LABL, Inc. | | | | | |
6.750%, 07/15/2026 | | 143,000 | | 136,156 | |
Mauser Packaging Solutions Holding Co. | | | | | |
7.875%, 08/15/2026 | | 100,000 | | 100,718 | |
OI European Group BV | | | | | |
4.750%, 02/15/2030 | | 46,000 | | 41,032 | |
Pactiv Evergreen Group Issuer Inc/Pactiv Evergreen Group Issuer, LLC | | | | | |
4.000%, 10/15/2027 | | 75,000 | | 65,494 | |
Sealed Air Corp. | | | | | |
5.500%, 09/15/2025 | | 129,000 | | 127,065 | |
| | | 756,830 |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Pharmaceuticals — 2.2% | | | | | |
BellRing Brands, Inc. | | | | | |
7.000%, 03/15/2030 | | $80,000 | | $79,211 | |
Owens & Minor, Inc. | | | | | |
6.625%, 04/01/2030 | | 90,000 | | 74,150 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | |
2.800%, 07/21/2023 | | 152,000 | | 150,435 | |
3.150%, 10/01/2026 | | 65,000 | | 56,863 | |
| | | | 360,659 | |
Pipelines — 5.4% | | | | | |
Buckeye Partners L.P. | | | | | |
4.125%, 03/01/2025 | | 50,000 | | 46,926 | |
3.950%, 12/01/2026 | | 121,000 | | 107,115 | |
Enterprise Products Operating, LLC | | | | | |
7.858% (3 Month LIBOR USD + 2.986%), 08/16/2077 (1) | | 136,000 | | 130,297 | |
EQM Midstream Partners L.P. | | | | | |
4.125%, 12/01/2026 | | 54,000 | | 48,111 | |
Genesis Energy LP / Genesis Energy Finance Corp. | | | | | |
6.500%, 10/01/2025 | | 70,000 | | 67,600 | |
Global Partners LP / GLP Finance Corp. | | | | | |
7.000%, 08/01/2027 | | 51,000 | | 48,500 | |
Hess Midstream Operations L.P. | | | | | |
5.125%, 06/15/2028 | | 113,000 | | 103,781 | |
New Fortress Energy, Inc. | | | | | |
6.500%, 09/30/2026 | | 115,000 | | 105,379 | |
NuStar Logistics L.P. | | | | | |
5.750%, 10/01/2025 | | 167,000 | | 161,226 | |
Western Midstream Operating L.P. | | | | | |
3.950%, 06/01/2025 | | 77,000 | | 73,232 | |
| | | | 892,167 | |
Real Estate — 0.5% | | | | | |
Newmark Group, Inc. | | | | | |
6.125%, 11/15/2023 (2) | | 88,000 | | 87,953 | |
| | | | | |
Real Estate Investment Trusts (REITs) — 3.7% | | | | ||
Blackstone Mortgage Trust, Inc. | | | | | |
3.750%, 01/15/2027 | | 73,000 | | 62,127 | |
EPR Properties | | | | | |
4.750%, 12/15/2026 | | 140,000 | | 128,010 | |
iStar, Inc. | | | | | |
4.750%, 10/01/2024 | | 96,000 | | 95,917 | |
MPT Operating Partnership LP / MPT Finance Corp. | | | | | |
5.000%, 10/15/2027 (7) | | 173,000 | | 142,101 | |
SoFi Weekly Income ETF
The accompanying notes are an integral part of these financial statements. | 41 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Real Estate Investment Trusts (REITs) — 3.7% (Continued) | |||||
Starwood Property Trust, Inc. | | | | | |
3.750%, 12/31/2024 | | $38,000 | | $35,804 | |
4.750%, 03/15/2025 | | 78,000 | | 74,513 | |
VICI Properties LP / VICI Note Co., Inc. | | | | | |
3.750%, 02/15/2027 | | 71,000 | | 64,358 | |
| | | | 602,830 | |
Retail — 4.5% | | | | | |
Academy Ltd. | | | | | |
6.000%, 11/15/2027 | | 84,000 | | 79,469 | |
Asbury Automotive Group, Inc. | | | | | |
4.500%, 03/01/2028 | | 108,000 | | 96,744 | |
Bath & Body Works, Inc. | | | | | |
6.694%, 01/15/2027 | | 109,000 | | 108,110 | |
Evergreen Acqco 1 LP / TVI, Inc. | | | | | |
9.750%, 04/26/2028 | | 65,000 | | 64,360 | |
FirstCash, Inc. | | | | | |
4.625%, 09/01/2028 | | 91,000 | | 79,146 | |
Group 1 Automotive, Inc. | | | | | |
4.000%, 08/15/2028 | | 102,000 | | 87,682 | |
Lithia Motors, Inc. | | | | | |
3.875%, 06/01/2029 | | 50,000 | | 41,827 | |
Macy’s Retail Holdings, LLC | | | | | |
5.875%, 03/15/2030 | | 59,000 | | 52,085 | |
QVC, Inc. | | | | | |
4.850%, 04/01/2024 | | 66,000 | | 62,040 | |
4.750%, 02/15/2027 | | 108,000 | | 69,265 | |
| | | | 740,728 | |
Semiconductors — 1.0% | | | | | |
Amkor Technology, Inc. | | | | | |
6.625%, 09/15/2027 | | 167,000 | | 165,285 | |
| |||||
Software — 0.6% | | | | | |
Consensus Cloud Solutions, Inc. | | | | | |
6.000%, 10/15/2026 | | 116,000 | | 105,682 | |
| |||||
Telecommunications — 3.1% | | | | | |
Altice France SA/France | | | | | |
8.125%, 02/01/2027 | | 200,000 | | 187,180 | |
Frontier Communications Holdings, LLC | | | | | |
5.875%, 10/15/2027 | | 85,000 | | 79,050 | |
5.000%, 05/01/2028 | | 40,000 | | 35,141 | |
Level 3 Financing, Inc. | | | | | |
4.250%, 07/01/2028 | | 121,000 | | 82,754 | |
Lumen Technologies, Inc. | | | | | |
5.125%, 12/15/2026 (7) | | 45,000 | | 33,005 | |
4.000%, 02/15/2027 | | 120,000 | | 92,274 | |
| | | 509,404 | |
|
| Principal |
| Value |
|
Corporate Bonds — 90.4% (Continued) | | | | | |
Toys, Games, & Hobbies — 0.8% | | | | | |
Mattel, Inc. | | | | | |
3.375%, 04/01/2026 | | $137,000 | | $125,864 | |
| |||||
Total Corporate Bonds | | | | | |
(Cost $15,778,869) | | | | 14,877,902 | |
| |||||
Mortgage Backed Securities — 1.4% | | | | | |
Federal Home Loan Mortgage Corporation REMICS | | | | | |
4.000%, 07/15/2047 | | 112,940 | | 18,904 | |
Federal National Mortgage Association Interest Strips | | | | | |
5.000%, 01/25/2043 | | 544,336 | | 98,291 | |
4.000%, 01/25/2048 | | 398,423 | | 49,940 | |
Federal National Mortgage Association REMICS | | | | | |
3.000%, 03/25/2028 | | 881,496 | | 42,687 | |
5.000%, 07/25/2046 | | 71,639 | | 11,792 | |
0.574% (SOFR + 1.500%), 05/25/2051 (1) | 282,076 | | 411 | | |
Total Mortgage Backed Securities | | | | | |
(Cost $166,942) | | | | 222,025 | |
| |||||
Municipal Bonds — 0.4% | | | | | |
State of Illinois | | | | | |
4.950%, 06/01/2023 | | 63,272 | | 63,186 | |
Total Municipal Bonds | | | | | |
(Cost $63,367) | | | | 63,186 | |
|
| Shares |
| Value |
|
Preferred Stocks — 1.3% | | | | | |
Banks — 1.3% | | | | | |
U.S. Bancorp | | | | | |
3.750%, 01/15/2026 (3)(7) | | 12,000 | | 205,560 | |
Total Preferred Stocks | | | | | |
(Cost $279,981) | | | | 205,560 | |
| |||||
Short-Term Investments — 1.0% | | | | | |
Money Market Funds — 1.0% | | | | | |
First American Government Obligations Fund, Class X, 4.370% (8) | | 165,764 | | 165,764 | |
Total Short-Term Investments | | | | | |
(Cost $165,764) | | | | 165,764 | |
|
SoFi Weekly Income ETF
42 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Investments Purchased with Collateral from Securities Lending — 4.6% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (8) | | 757,291 | | $757,291 | |
Total Investments Purchased with Collateral from Securities Lending | |||||
(Cost $757,291) | | | | 757,291 | |
| |||||
Total Investments in Securities — 102.7% | | | | ||
(Cost $17,924,176) | | | | 16,885,192 | |
Liabilities in Excess of Other Assets - (2.7)% | | (449,389 | ) | ||
Total Net Assets — 100.0% | | | | $16,435,803 | |
CMTConstant Maturity Treasury Rate
DACDesginated Activity Company
LIBORLondon Interbank Offered Rate
SOFRSecured Overnight Financing Rate
USDUnited States Dollar
(1) Variable rate security; rate shown is the rate in effect on February 28, 2023. 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 February 28, 2023. An index mayhave 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 February 28, 2023.
(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 February 28, 2023. Total loaned securities had a value of $741,433 or 4.5% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(8) The rate shown is the annualized seven-day effective yield as of February 28, 2023.
SoFi Weekly Dividend ETF
The accompanying notes are an integral part of these financial statements. | 43 |
SCHEDULE OF INVESTMENTS at February 28, 2023 |
|
| Shares |
| Value |
|
Common Stocks — 98.9% | | | | | |
Advertising — 0.1% | | | | | |
Dentsu Group, Inc. | | 135 | | $4,331 | |
Hakuhodo DY Holdings, Inc. | | 142 | | 1,583 | |
| | | | 5,914 | |
Aerospace & Defense — 1.9% | | | | | |
BAE Systems PLC | | 2,341 | | 25,451 | |
General Dynamics Corp. | | 182 | | 41,480 | |
Lockheed Martin Corp. | | 200 | | 94,852 | |
Saab AB - Class A | | 60 | | 3,477 | |
Thales SA | | 81 | | 11,356 | |
| | | | 176,616 | |
Agriculture — 0.5% | | | | | |
Archer-Daniels-Midland Co. | | 414 | | 32,954 | |
Japan Tobacco, Inc. | | 839 | | 17,059 | |
| | | | 50,013 | |
Auto Manufacturers — 1.4% | | | | | |
Bayerische Motoren Werke AG | | 244 | | 25,294 | |
Cummins, Inc. | | 107 | | 26,009 | |
Honda Motor Co. Ltd. | | 1,200 | | 31,204 | |
Isuzu Motors Ltd. | | 450 | | 5,382 | |
Mazda Motor Corp. | | 444 | | 3,999 | |
Stellantis NV | | 1,645 | | 28,879 | |
Volkswagen AG | | 22 | | 3,938 | |
| | | | 124,705 | |
Auto Parts & Equipment — 0.5% | | | | | |
Cie Generale des Etablissements Michelin SCA | | 544 | | 17,155 | |
Magna International, Inc. | | 215 | | 12,010 | |
NGK Insulators Ltd. | | 229 | | 3,039 | |
NGK Spark Plug Co. Ltd. | | 145 | | 2,916 | |
Pirelli & C SpA | | 263 | | 1,345 | |
Sumitomo Electric Industries Ltd. | | 564 | | 6,937 | |
Toyota Industries Corp. | | 118 | | 6,922 | |
| | | | 50,324 | |
Banks — 17.0% | | | | | |
Bank of America Corp. (1) | | 5,301 | | 181,824 | |
Bank of Montreal | | 493 | | 46,829 | |
The Bank of New York Mellon Corp. | | 561 | | 28,544 | |
The Bank of Nova Scotia | | 861 | | 42,650 | |
Barclays PLC | | 12,064 | | 25,507 | |
Canadian Imperial Bank of Commerce | | 670 | | 30,708 | |
The Chiba Bank Ltd. | | 506 | | 3,704 | |
Citigroup, Inc. | | 1,466 | | 74,312 | |
Citizens Financial Group, Inc. | | 371 | | 15,493 | |
Concordia Financial Group Ltd. | | 817 | | 3,509 | |
DBS Group Holdings Ltd. | | 1,387 | | 35,207 | |
Fifth Third Bancorp | | 517 | | 18,767 | |
Huntington Bancshares, Inc. | | 1,076 | | 16,484 | |
ING Groep NV | | 2,835 | | 39,884 |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Banks — 17.0% (Continued) | | | | | |
Israel Discount Bank Ltd. | | 933 | | $4,429 | |
Japan Post Bank Co. Ltd. | | 267 | | 2,305 | |
JPMorgan Chase & Co. | | 2,200 | | 315,370 | |
KeyCorp | | 705 | | 12,894 | |
M&T Bank Corp. (1) | | 129 | | 20,032 | |
Mediobanca Banca di Credito Finanziario SpA | | 472 | | 5,056 | |
Morgan Stanley | | 981 | | 94,666 | |
National Bank of Canada | | 255 | | 18,771 | |
NatWest Group PLC | | 3,977 | | 14,074 | |
Northern Trust Corp. | | 151 | | 14,386 | |
Oversea-Chinese Banking Corp. Ltd. | | 2,931 | | 27,587 | |
The PNC Financial Services Group, Inc. | | 304 | | 48,008 | |
Powszechna Kasa Oszczednosci Bank Polski SA | | 671 | | 4,700 | |
Regions Financial Corp. | | 705 | | 16,441 | |
Royal Bank of Canada | | 1,047 | | 106,542 | |
State Street Corp. (1) | | 262 | | 23,234 | |
Sumitomo Mitsui Financial Group, Inc. | | 917 | | 40,203 | |
The Toronto-Dominion Bank | | 1,348 | | 89,952 | |
Truist Financial Corp. (1) | | 1,000 | | 46,950 | |
U.S. Bancorp | | 1,016 | | 48,494 | |
UniCredit SpA | | 1,389 | | 28,500 | |
United Overseas Bank Ltd. | | 1,095 | | 24,338 | |
| | | | 1,570,354 | |
Beverages — 2.2% | | | | | |
The Coca-Cola Co. | | 2,942 | | 175,078 | |
Coca-Cola Europacific Partners PLC | | 115 | | 6,325 | |
Endeavour Group Ltd/Australia | | 1,033 | | 4,758 | |
JDE Peet’s NV | | 59 | | 1,742 | |
Molson Coors Brewing Co. - Class B | | 133 | | 7,074 | |
Treasury Wine Estates Ltd. | | 549 | | 5,187 | |
| | | | 200,164 | |
Building Materials — 0.6% | | | | | |
Cie de Saint-Gobain | | 321 | | 19,176 | |
CRH PLC | | 566 | | 26,775 | |
HeidelbergCement AG | | 111 | | 7,666 | |
Lixil Corp. | | 212 | | 3,379 | |
Wienerberger AG | | 73 | | 2,282 | |
| | | | 59,278 | |
Chemicals — 2.9% | | | | | |
Air Products and Chemicals, Inc. | | 168 | | 48,045 | |
Air Water, Inc. | | 128 | | 1,538 | |
BASF SE | | 693 | | 35,626 | |
Covestro AG | | 142 | | 6,272 | |
Dow, Inc. (1) | | 533 | | 30,488 | |
FMC Corp. | | 95 | | 12,269 | |
Givaudan SA (2) | | 6 | | 18,187 | |
SoFi Weekly Dividend ETF
44 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Chemicals — 2.9% (Continued) | | | | | |
ICL Group Ltd. | | 559 | | $4,064 | |
Mitsubishi Chemical Group Corp. | | 1,012 | | 5,892 | |
Mitsui Chemicals, Inc. | | 129 | | 3,111 | |
Nitto Denko Corp. | | 111 | | 6,682 | |
Nutrien Ltd. | | 394 | | 30,769 | |
Shin-Etsu Chemical Co. Ltd. | | 294 | | 41,332 | |
Solvay SA (2) | | 54 | | 6,199 | |
Sumitomo Chemical Co. Ltd. | | 1,204 | | 4,216 | |
Toray Industries, Inc. | | 1,140 | | 6,521 | |
Tosoh Corp. | | 219 | | 2,978 | |
| | | | 264,189 | |
Coal — 0.0% (3) | | | | | |
Whitehaven Coal Ltd. | | 549 | | 2,677 | |
| |||||
Commercial Services — 1.6% | | | | | |
Ashtead Group PLC | | 333 | | 22,213 | |
Automatic Data Processing, Inc. | | 314 | | 69,023 | |
Brambles Ltd. | | 1,057 | | 9,174 | |
RELX PLC | | 1,456 | | 44,121 | |
Sohgo Security Services Co. Ltd. | | 49 | | 1,286 | |
| | | | 145,817 | |
Computers — 0.2% | | | | | |
Hewlett Packard Enterprise Co. | | 968 | | 15,110 | |
Itochu Techno-Solutions Corp. | | 58 | | 1,290 | |
Ricoh Co. Ltd. | | 392 | | 3,045 | |
| | | | 19,445 | |
Cosmetics & Personal Care — 2.8% | | | | | |
Essity AB - Class B | | 460 | | 12,483 | |
The Procter & Gamble Co. | | 1,796 | | 247,058 | |
| | | | 259,541 | |
Distribution & Wholesale — 1.4% | | | | | |
ITOCHU Corp. | | 1,104 | | 32,979 | |
Marubeni Corp. | | 1,264 | | 16,146 | |
Mitsubishi Corp. | | 1,024 | | 34,799 | |
Mitsui & Co. Ltd. | | 1,113 | | 31,246 | |
Seven Group Holdings Ltd. | | 115 | | 1,898 | |
Sumitomo Corp. | | 898 | | 15,314 | |
| | | | 132,382 | |
Diversified Financial Services — 1.3% | | | | | |
Acom Co. Ltd. | | 263 | | 647 | |
Ally Financial, Inc. | | 191 | | 5,739 | |
ASX Ltd. | | 146 | | 6,699 | |
Avanza Bank Holding AB | | 82 | | 2,184 | |
CME Group, Inc. - Class A | | 271 | | 50,233 | |
Franklin Resources, Inc. (1) | | 219 | | 6,454 | |
IGM Financial, Inc. | | 62 | | 1,891 | |
Japan Exchange Group, Inc. | | 399 | | 5,952 | |
ORIX Corp. | | 854 | | 15,307 |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Diversified Financial Services — 1.3% (Continued) | | | |||
SBI Holdings Inc/Japan | | 204 | | $4,399 | |
Schroders PLC | | 708 | | 4,263 | |
Synchrony Financial (1) | | 340 | | 12,141 | |
| | | | 115,909 | |
Electric — 5.2% | | | | | |
A2A SpA | | 1,072 | | 1,587 | |
Alliant Energy Corp. | | 190 | | 9,741 | |
Ameren Corp. | | 195 | | 16,129 | |
American Electric Power Co., Inc. | | 389 | | 34,220 | |
Atco Ltd. - Class I | | 68 | | 2,113 | |
Avangrid, Inc. (1) | | 46 | | 1,795 | |
CMS Energy Corp. | | 219 | | 12,914 | |
Consolidated Edison, Inc. | | 269 | | 24,035 | |
DTE Energy Co. | | 155 | | 17,005 | |
Duke Energy Corp. | | 583 | | 54,954 | |
Emera, Inc. | | 203 | | 8,059 | |
Engie SA | | 1,319 | | 19,354 | |
Entergy Corp. | | 154 | | 15,842 | |
Evergy, Inc. | | 172 | | 10,115 | |
FirstEnergy Corp. | | 412 | | 16,291 | |
Fortis Inc/Canada | | 362 | | 14,358 | |
Hydro One Ltd. | | 236 | | 6,138 | |
Iberdrola SA (2) | | 4,714 | | 54,316 | |
National Grid PLC | | 2,785 | | 35,335 | |
Northland Power, Inc. | | 186 | | 4,529 | |
Power Assets Holdings Ltd. | | 1,038 | | 5,554 | |
Sempra Energy | | 238 | | 35,691 | |
The Southern Co. | | 818 | | 51,583 | |
Terna - Rete Elettrica Nazionale | | 1,071 | | 8,096 | |
WEC Energy Group, Inc. | | 239 | | 21,190 | |
| | | | 480,944 | |
Electrical Components & Equipment — 1.3% | | | |||
ABB Ltd. | | 1,219 | | 40,683 | |
Brother Industries Ltd. | | 186 | | 2,735 | |
Prysmian SpA | | 195 | | 7,522 | |
Schneider Electric SE | | 421 | | 67,917 | |
| | | | 118,857 | |
Electronics — 0.3% | | | | | |
Garmin Ltd. (1) | | 116 | | 11,383 | |
Hirose Electric Co. Ltd. | | 20 | | 2,445 | |
Kyocera Corp. | | 252 | | 12,410 | |
SCREEN Holdings Co. Ltd. | | 28 | | 2,234 | |
Venture Corp. Ltd. | | 207 | | 2,640 | |
| | | | 31,112 | |
Engineering & Construction — 0.7% | | | | | |
CK Infrastructure Holdings Ltd. | | 462 | | 2,437 | |
Kajima Corp. | | 320 | | 3,822 | |
Keppel Corp. Ltd. | | 1,084 | | 4,413 | |
SoFi Weekly Dividend ETF
The accompanying notes are an integral part of these financial statements. | 45 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Engineering & Construction — 0.7% (Continued) | | | |||
Obayashi Corp. | | 500 | | $3,696 | |
Skanska AB - B Shares | | 255 | | 4,661 | |
Vinci SA | | 429 | | 49,062 | |
| | | | 68,091 | |
Entertainment — 0.1% | | | | | |
Vail Resorts, Inc. (1) | | 30 | | 7,005 | |
| | | | | |
Environmental Control — 0.2% | | | | | |
Republic Services, Inc. | | 156 | | 20,113 | |
| | | | | |
Food — 5.6% | | | | | |
Associated British Foods PLC | | 271 | | 6,585 | |
Campbell Soup Co. (1) | | 150 | | 7,878 | |
CK Hutchison Holdings Ltd. | | 2,016 | | 12,020 | |
Coles Group Ltd. | | 988 | | 12,113 | |
Conagra Brands, Inc. | | 362 | | 13,180 | |
General Mills, Inc. | | 446 | | 35,461 | |
Hormel Foods Corp. | | 216 | | 9,586 | |
J. Sainsbury PLC | | 1,530 | | 4,968 | |
The J.M. Smucker Co. | | 77 | | 11,388 | |
Kesko Oyj - B Shares | | 184 | | 4,014 | |
Koninklijke Ahold Delhaize NV | | 708 | | 22,536 | |
The Kroger Co. (1) | | 501 | | 21,613 | |
Metro, Inc. | | 179 | | 9,318 | |
Mondelez International, Inc. | | 1,033 | | 67,331 | |
Nestle SA | | 2,077 | | 235,079 | |
Orkla ASA | | 556 | | 3,757 | |
Saputo, Inc. | | 215 | | 5,770 | |
Tesco PLC | | 5,594 | | 17,270 | |
Tyson Foods, Inc. - Class A | | 217 | | 12,855 | |
| | | | 512,722 | |
Forest Products & Paper — 0.5% | | | | | |
Holmen AB - Class A | | 61 | | 2,474 | |
International Paper Co. | | 269 | | 9,789 | |
Mondi PLC | | 369 | | 6,239 | |
Smurfit Kappa Group PLC | | 195 | | 7,315 | |
Stora Enso Oyj - R Shares | | 440 | | 6,250 | |
UPM-Kymmene Oyj | | 402 | | 14,627 | |
| | | | 46,694 | |
Gas — 0.4% | | | | | |
Atmos Energy Corp. (1) | | 106 | | 11,958 | |
Canadian Utilities Ltd. - Class A | | 79 | | 2,077 | |
China Gas Holdings Ltd. | | 1,428 | | 1,994 | |
NiSource, Inc. | | 307 | | 8,421 | |
Osaka Gas Co. Ltd. | | 301 | | 4,890 | |
Tokyo Gas Co. Ltd. | | 312 | | 6,019 | |
| | | 35,359 |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Hand & Machine Tools — 0.3% | | | | | |
Amada Co. Ltd. | | 225 | | $2,047 | |
Disco Corp. | | 22 | | 6,896 | |
Fuji Electric Co. Ltd. | | 99 | | 3,823 | |
Makita Corp. | | 186 | | 4,643 | |
Snap-on, Inc. | | 40 | | 9,947 | |
| | | | 27,356 | |
Healthcare — Products — 1.0% | | | | | |
Medtronic PLC | | 1,008 | | 83,462 | |
Smith & Nephew PLC | | 664 | | 9,534 | |
| | | | 92,996 | |
Healthcare — Services — 0.1% | | | | | |
Medibank Pvt Ltd. | | 2,095 | | 4,719 | |
Sonic Healthcare Ltd. | | 349 | | 7,580 | |
| | | | 12,299 | |
Holding Companies — Diversified — 0.1% | | | | ||
Jardine Matheson Holdings Ltd. | | 131 | | 6,487 | |
Swire Pacific Ltd. - Class A | | 285 | | 2,324 | |
| | | | 8,811 | |
Home Builders — 0.3% | | | | | |
Daiwa House Industry Co. Ltd. | | 465 | | 10,729 | |
Haseko Corp. | | 165 | | 1,893 | |
Sekisui Chemical Co. Ltd. | | 263 | | 3,524 | |
Sekisui House Ltd. | | 450 | | 8,522 | |
| | | | 24,668 | |
Home Furnishings — 0.2% | | | | | |
Panasonic Holdings Corp. | | 1,640 | | 14,291 | |
| |||||
Household Products & Wares — 0.1% | | | | | |
Henkel AG & Co. KGaA | | 77 | | 5,345 | |
| |||||
Insurance — 5.1% | | | | | |
Ageas SA/NV (2) | | 131 | | 5,936 | |
Allianz SE | | 296 | | 69,735 | |
American International Group, Inc. | | 562 | | 34,344 | |
AXA SA | | 1,738 | | 55,018 | |
Dai-ichi Life Holdings, Inc. | | 741 | | 15,795 | |
Everest Re Group Ltd. | | 29 | | 11,135 | |
Fairfax Financial Holdings Ltd. | | 17 | | 11,912 | |
Fidelity National Financial, Inc. | | 195 | | 7,773 | |
Great-West Lifeco, Inc. | | 202 | | 5,524 | |
iA Financial Corp, Inc. | | 79 | | 5,315 | |
Intact Financial Corp. | | 132 | | 19,004 | |
Japan Post Holdings Co. Ltd. | | 1,625 | | 14,435 | |
Legal & General Group PLC | | 4,546 | | 14,084 | |
Manulife Financial Corp. (1) | | 1,427 | | 28,279 | |
Mapfre SA (2) | | 642 | | 1,381 | |
Marsh & McLennan Company, Inc. | | 375 | | 60,802 | |
MS&AD Insurance Group Holdings, Inc. | | 300 | | 9,805 | |
SoFi Weekly Dividend ETF
46 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Insurance — 5.1% (Continued) | | | | | |
NN Group NV | | 199 | | $8,083 | |
Power Corp of Canada | | 403 | | 10,780 | |
Sampo Oyj - A Shares | | 363 | | 17,723 | |
Sompo Holdings, Inc. | | 234 | | 10,031 | |
Storebrand ASA | | 342 | | 2,843 | |
Sun Life Financial, Inc. | | 449 | | 21,747 | |
The Travelers Company, Inc. (1) | | 177 | | 32,766 | |
| | | | 474,250 | |
Internet — 0.0% (3) | | | | | |
carsales.com Ltd. | | 253 | | 3,871 | |
| |||||
Iron & Steel — 0.6% | | | | | |
BlueScope Steel Ltd. | | 352 | | 4,524 | |
Nippon Steel Corp. | | 654 | | 14,582 | |
Nucor Corp. | | 193 | | 32,316 | |
SSAB AB - A Shares | | 164 | | 1,199 | |
SSAB AB - B Shares | | 466 | | 3,206 | |
Voestalpine AG | | 74 | | 2,748 | |
| | | | 58,575 | |
Leisure Time — 0.1% | | | | | |
Yamaha Motor Co. Ltd. | | 231 | | 5,910 | |
| | | | | |
Machinery — Construction & Mining — 0.6% | | | |||
Hitachi Construction Machinery Co. Ltd. | | 67 | | 1,498 | |
Hitachi Ltd. | | 685 | | 34,648 | |
Komatsu Ltd. | | 707 | | 16,920 | |
Metso Outotec Oyj | | 527 | | 5,634 | |
| | | | 58,700 | |
Machinery — Diversified — 0.1% | | | | | |
ANDRITZ AG | | 55 | | 3,409 | |
Ebara Corp. | | 70 | | 2,975 | |
Husqvarna AB - Class B | | 262 | | 2,335 | |
| | | | 8,719 | |
Media — 1.5% | | | | | |
Comcast Corp. - Class A (1) | | 3,251 | | 120,840 | |
Shaw Communications, Inc. - Class B | | 329 | | 9,553 | |
ViacomCBS, Inc. - Class B (1) | | 439 | | 9,403 | |
| | | | 139,796 | |
Metal Fabricate & Hardware — 0.1% | | | | | |
SKF AB - B Shares | | 279 | | 5,333 | |
Tenaris SA | | 355 | | 5,903 | |
| | | | 11,236 | |
Mining — 2.6% | | | | | |
Alumina Ltd. | | 1,670 | | 1,695 | |
Anglo American PLC | | 942 | | 32,896 | |
B2Gold Corp. | | 691 | | 2,365 | |
BHP Group Ltd. | | 3,855 | | 117,503 | |
Boliden AB | | 202 | | 8,332 |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Mining — 2.6% (Continued) | | | | | |
Glencore PLC | | 7,719 | | $46,290 | |
KGHM Polska Miedz SA | | 91 | | 2,613 | |
Lundin Mining Corp. | | 497 | | 3,099 | |
Norsk Hydro ASA | | 1,014 | | 7,415 | |
South32 Ltd. | | 3,359 | | 9,831 | |
Sumitomo Metal Mining Co. Ltd. | | 188 | | 6,984 | |
| | | | 239,023 | |
Miscellaneous Manufacturers — 2.3% | | | | | |
3M Co. | | 419 | | 45,143 | |
Eaton Corp PLC | | 300 | | 52,479 | |
Knorr-Bremse AG | | 45 | | 3,074 | |
Nikon Corp. | | 227 | | 2,250 | |
Siemens AG | | 606 | | 92,993 | |
Toshiba Corp. | | 319 | | 9,876 | |
Trelleborg AB - Class B | | 181 | | 4,693 | |
| | | | 210,508 | |
Oil & Gas — 12.4% | | | | | |
Aker BP ASA | | 309 | | 8,371 | |
Ampol Ltd. | | 181 | | 4,023 | |
Canadian Natural Resources Ltd. | | 856 | | 48,482 | |
Chevron Corp. | | 1,438 | | 231,187 | |
Coterra Energy, Inc. | | 579 | | 14,458 | |
DCC PLC | | 75 | | 4,197 | |
Devon Energy Corp. (1) | | 492 | | 26,529 | |
Diamondback Energy, Inc. | | 133 | | 18,697 | |
Eni SpA | | 1,849 | | 26,209 | |
EOG Resources, Inc. (1) | | 444 | | 50,181 | |
Equinor ASA | | 714 | | 22,093 | |
Exxon Mobil Corp. (1) | | 3,112 | | 342,040 | |
Idemitsu Kosan Co. Ltd. | | 159 | | 3,543 | |
Inpex Corp. | | 693 | | 7,291 | |
Marathon Petroleum Corp. | | 354 | | 43,754 | |
OMV AG | | 108 | | 5,281 | |
Phillips 66 | | 357 | | 36,614 | |
Pioneer Natural Resources Co. (1) | | 171 | | 34,270 | |
Santos Ltd. | | 2,521 | | 11,900 | |
TotalEnergies SE | | 1,874 | | 116,401 | |
Tourmaline Oil Corp. | | 241 | | 10,586 | |
Valero Energy Corp. (1) | | 291 | | 38,333 | |
Woodside Energy Group Ltd. | | 1,445 | | 34,992 | |
| | | | 1,139,432 | |
Oil & Gas Services — 0.0% (3) | | | | | |
Sembcorp Marine Ltd. (2) | | 17,463 | | 1,648 | |
| |||||
Packaging & Containers — 0.2% | | | | | |
Amcor PLC | | 1,139 | | 12,688 | |
DS Smith PLC | | 1,038 | | 4,239 | |
| | | | 16,927 | |
SoFi Weekly Dividend ETF
The accompanying notes are an integral part of these financial statements. | 47 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Pharmaceuticals — 5.7% | | | | | |
Astellas Pharma, Inc. | | 1,381 | | $19,456 | |
CVS Health Corp. | | 994 | | 83,039 | |
Hikma Pharmaceuticals PLC | | 88 | | 1,845 | |
Medipal Holdings Corp. | | 116 | | 1,520 | |
Novartis AG | | 1,719 | | 145,407 | |
Orion Oyj - B Shares | | 78 | | 3,685 | |
Recordati Industria Chimica e Farmaceutica SpA | | 74 | | 3,150 | |
Roche Holding AG (2) | | 20 | | 6,214 | |
Roche Holding AG | | 535 | | 155,148 | |
Sanofi | | 874 | | 82,390 | |
Shionogi & Co. Ltd. | | 223 | | 9,919 | |
Viatris, Inc. | | 917 | | 10,454 | |
| | | | 522,227 | |
Pipelines — 0.3% | | | | | |
Keyera Corp. | | 166 | | 3,671 | |
Kinder Morgan, Inc. | | 1,490 | | 25,420 | |
| | | | 29,091 | |
Private Equity — 0.4% | | | | | |
3i Group PLC | | 728 | | 14,340 | |
Intermediate Capital Group PLC | | 217 | | 3,683 | |
Partners Group Holding AG | | 17 | | 16,208 | |
| | | | 34,231 | |
Real Estate — 0.7% | | | | | |
Aeon Mall Co. Ltd. | | 58 | | 757 | |
Azrieli Group Ltd. | | 22 | | 1,235 | |
CK Asset Holdings Ltd. | | 1,213 | | 7,603 | |
Fabege AB | | 198 | | 1,685 | |
Hang Lung Properties Ltd. | | 1,104 | | 2,129 | |
Henderson Land Development Co. Ltd. | | 898 | | 3,152 | |
Hongkong Land Holdings Ltd. | | 772 | | 3,528 | |
Mitsubishi Estate Co. Ltd. | | 887 | | 11,041 | |
Mitsui Fudosan Co. Ltd. | | 666 | | 12,688 | |
Nomura Real Estate Holdings, Inc. | | 68 | | 1,515 | |
Sun Hung Kai Properties Ltd. | | 1,106 | | 15,104 | |
Swire Properties Ltd. | | 702 | | 1,847 | |
Tokyu Fudosan Holdings Corp. | | 397 | | 1,918 | |
| | | | 64,202 | |
Real Estate Investment Trusts (REITs) — 2.1% | | | | ||
AvalonBay Communities, Inc. | | 104 | | 17,942 | |
Boston Properties, Inc. | | 108 | | 7,072 | |
Canadian Apartment Properties REIT | | 133 | | 4,828 | |
CapitaLand Ascendas REIT | | 2,301 | | 4,735 | |
CapitaLand Integrated Commercial Trust | | 3,997 | | 5,760 | |
Charter Hall Group | | 330 | | 2,962 | |
Dexus | | 813 | | 4,622 | |
Digital Realty Trust, Inc. | | 218 | | 22,722 | |
Equity Residential | | 278 | | 17,381 |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Real Estate Investment Trusts (REITs) — 2.1% (Continued) | |||||
Extra Space Storage, Inc. | | 100 | | $16,465 | |
Frasers Logistics & Commercial Trust | | 1,759 | | 1,659 | |
Goodman Group | | 1,257 | | 16,834 | |
The GPT Group | | 1,454 | | 4,618 | |
Keppel DC REIT | | 1,046 | | 1,538 | |
Link REIT | | 1,666 | | 10,952 | |
Mapletree Industrial Trust | | 1,537 | | 2,695 | |
Mapletree Logistics Trust | | 2,486 | | 3,121 | |
Mapletree Pan Asia Commercial Trust | | 2,085 | | 2,664 | |
Mid-America Apartment Communities, Inc. | 87 | | 13,929 | | |
Public Storage | | 115 | | 34,379 | |
| | | | 196,878 | |
Retail — 1.8% | | | | | |
Advance Auto Parts, Inc. | | 45 | | 6,523 | |
Best Buy Co., Inc. (1) | | 149 | | 12,384 | |
Canadian Tire Corp Ltd. - Class A | | 41 | | 5,122 | |
Chow Tai Fook Jewellery Group Ltd. | | 1,330 | | 2,576 | |
Darden Restaurants, Inc. | | 92 | | 13,155 | |
Genuine Parts Co. | | 105 | | 18,570 | |
Industria de Diseno Textil SA (2) | | 841 | | 25,945 | |
Jardine Cycle & Carriage Ltd. | | 61 | | 1,346 | |
Sundrug Co. Ltd. | | 42 | | 1,136 | |
Target Corp. (1) | | 348 | | 58,638 | |
USS Co. Ltd. | | 152 | | 2,465 | |
Walgreens Boots Alliance, Inc. | | 540 | | 19,186 | |
Yamada Holdings Co. Ltd. | | 436 | | 1,533 | |
| | | | 168,579 | |
Semiconductors — 3.3% | | | | | |
Broadcom, Inc. | | 310 | | 184,230 | |
SUMCO Corp. | | 227 | | 3,131 | |
Texas Instruments, Inc. | | 688 | | 117,958 | |
| | | | 305,319 | |
Shipbuilding — 0.1% | | | | | |
Kongsberg Gruppen ASA | | 57 | | 2,381 | |
Yangzijiang Shipbuilding Holdings Ltd. (2) | | 2,248 | | 2,154 | |
| | | | 4,535 | |
Software — 1.4% | | | | | |
Open Text Corp. | | 201 | | 6,934 | |
Paychex, Inc. | | 244 | | 26,938 | |
The Sage Group PLC | | 778 | | 7,051 | |
SAP SE | | 789 | | 89,932 | |
| | | | 130,855 | |
Telecommunications — 4.4% | | | | | |
Cisco Systems, Inc. | | 2,847 | | 137,852 | |
Corning, Inc. | | 579 | | 19,657 | |
Elisa Oyj | | 112 | | 6,381 | |
Hikari Tsushin, Inc. | | 17 | | 2,467 | |
SoFi Weekly Dividend ETF
48 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Common Stocks — 98.9% (Continued) | | | | | |
Telecommunications — 4.4% (Continued) | | | | ||
KDDI Corp. | | 1,122 | | $32,832 | |
Nippon Telegraph & Telephone Corp. | | 1,626 | | 47,115 | |
Swisscom AG | | 19 | | 11,766 | |
TELUS Corp. | | 1,076 | | 21,442 | |
Verizon Communications, Inc. (1) | | 3,185 | | 123,610 | |
| | | | 403,122 | |
Toys, Games & Hobbies — 0.1% | | | | | |
Bandai Namco Holdings, Inc. | | 143 | | 8,833 | |
| |||||
Transportation — 2.1% | | | | | |
AP Moller - Maersk A/S - Class A | | 2 | | 4,594 | |
AP Moller - Maersk A/S - Class B | | 3 | | 7,015 | |
C.H. Robinson Worldwide, Inc. (1) | | 87 | | 8,697 | |
Deutsche Post AG | | 747 | | 31,783 | |
Kawasaki Kisen Kaisha Ltd. (1) | | 130 | | 3,116 | |
Kuehne + Nagel International AG | | 39 | | 10,028 | |
Kyushu Railway Co. | | 91 | | 1,990 | |
Mitsui OSK Lines Ltd. (1) | | 267 | | 6,978 | |
NIPPON EXPRESS HOLDINGS, INC. | | 62 | | 3,459 | |
Nippon Yusen KK (1) | | 370 | | 9,594 | |
SG Holdings Co. Ltd. | | 307 | | 4,424 | |
United Parcel Service, Inc. - Class B | | 553 | | 100,917 | |
| | | | 192,595 | |
Water — 0.1% | | | | | |
United Utilities Group PLC | | 519 | | 6,396 | |
| |||||
Total Common Stocks | | | | | |
(Cost $9,189,909) | | | | 9,119,449 | |
| |||||
Preferred Stocks — 0.4% | | | | | |
Auto Manufacturers — 0.3% | | | | | |
Bayerische Motoren Werke AG | | 45 | | 4,283 | |
Porsche Automobil Holding SE | | 116 | | 6,614 | |
Volkswagen AG | | 139 | | 19,039 | |
| | | | 29,936 | |
Household Products & Wares — 0.1% | | | | | |
Henkel AG & Co. KGaA | | 131 | | 9,561 | |
| |||||
Total Preferred Stocks | | | | | |
(Cost $39,159) | | | | 39,497 | |
| |||||
Rights — 0.0% (3) | | | | | |
Real Estate Investment Trusts (REITs) — 0.0% | | | | ||
Link REIT, Expiration: 03/22/2023 (2) | | 281 | | 265 | |
Total Rights | | | | | |
(Cost $336) | | | | 265 | |
| | | |
|
| Shares |
| Value |
|
Short-Term Investments — 0.5% | | | | | |
Money Market Funds — 0.5% | | | | | |
First American Government Obligations Fund, Class X, 4.370% (4) | | 39,463 | | $39,463 | |
Total Short-Term Investments | | | | | |
(Cost $39,463) | | | | 39,463 | |
| |||||
Investments Purchased with Collateral from Securities Lending — 12.2% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (4) | | 1,124,041 | | 1,124,041 | |
Total Investments Purchased with Collateral from Securities Lending | |||||
(Cost $1,124,041) | | | | 1,124,041 | |
| |||||
Total Investments in Securities — 112.0% | | | | ||
(Cost $10,392,908) | | | | 10,322,715 | |
Liabilities in Excess of Other Assets - (12.0)% | | (1,103,314 | ) | ||
Total Net Assets — 100.0% | | | | $9,219,401 | |
(1) This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $1,093,224 or 11.9% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(2) Non-income producing security.
(3) Does not round to 0.1% or (0.1)%, as applicable.
(4) The rate shown is the annualized seven-day effective yield as of February 28, 2023.
SoFi Web 3 ETF
The accompanying notes are an integral part of these financial statements. | 49 |
SCHEDULE OF INVESTMENTS at February 28, 2023 |
|
| Shares |
| Value |
|
Common Stocks — 99.5% | | | | | |
Advertising — 0.4% | | | | | |
S4 Capital PLC (1) | | 1,262 | | $3,138 | |
| |||||
Apparel — 1.0% | | | | | |
PLBY Group, Inc. (1) | | 3,617 | | 7,704 | |
| |||||
Banks — 0.9% | | | | | |
Signature Bank | | 56 | | 6,443 | |
| |||||
Commercial Services — 13.3% | | | | | |
Bakkt Holdings, Inc. - Class A (1)(2) | | 8,183 | | 11,947 | |
Block, Inc. - Class A (1) | | 140 | | 10,742 | |
Creek & River Co. Ltd. | | 840 | | 13,598 | |
Marathon Digital Holdings, Inc. (1)(2) | | 3,944 | | 28,002 | |
Riot Platforms, Inc. (1)(2) | | 5,592 | | 34,950 | |
| | | | 99,239 | |
Computers — 11.1% | | | | | |
Apple, Inc. | | 175 | | 25,797 | |
TaskUS, Inc. - Class A (1) | | 187 | | 3,217 | |
TELUS International CDA, Inc. (1) | | 1,372 | | 29,326 | |
Vuzix Corp. (1) | | 6,034 | | 25,041 | |
| | | | 83,381 | |
Diversified Financial Services — 12.0% | | | | | |
Applied Digital Corp. (1) | | 1,550 | | 4,108 | |
Coinbase Global, Inc. - Class A (1)(2) | | 674 | | 43,695 | |
SBI Holdings Inc/Japan | | 1,282 | | 27,642 | |
Upstart Holdings, Inc. (1)(2) | | 790 | | 14,623 | |
| | | | 90,068 | |
Entertainment — 10.2% | | | | | |
AMC Entertainment Holdings, Inc. (1)(2) | | 3,986 | | 28,460 | |
DraftKings, Inc. - Class A (1) | | 2,147 | | 40,493 | |
Madison Square Garden Sports Corp. - Class A | | 37 | | 7,072 | |
| | | | 76,025 | |
Internet — 18.8% | | | | | |
Alphabet, Inc. - Class A (1) | | 219 | | 19,723 | |
Amazon.com, Inc. (1) | | 240 | | 22,615 | |
Meta Platforms, Inc. - Class A (1) | | 246 | | 43,035 | |
Overstock.com, Inc. (1) | | 984 | | 19,060 | |
Robinhood Markets, Inc. - Class A (1) | | 2,526 | | 25,437 | |
Snap, Inc. - Class A (1) | | 1,026 | | 10,414 | |
| | | | 140,284 | |
Investment Companies — 1.6% | | | | | |
Galaxy Digital Holdings Ltd. (1) | | 3,370 | | 11,683 | |
| |||||
Real Estate — 1.6% | | | | | |
eXp World Holdings, Inc. (2) | | 1,002 | | 12,104 | |
| |||||
Retail — 3.4% | | | | | |
GameStop Corp. (1) | | 1,314 | | 25,268 | |
| | | | |
|
| Shares |
| Value |
|
Common Stocks — 99.5% (Continued) | | | | | |
Semiconductors — 13.2% | | | | | |
Ambarella, Inc. (1) | | 115 | | $10,846 | |
CEVA, Inc. (1) | | 219 | | 6,911 | |
Himax Technologies, Inc. | | 2,802 | | 20,819 | |
Intel Corp. | | 557 | | 13,886 | |
NVIDIA Corp. (2) | | 199 | | 46,200 | |
| | | | 98,662 | |
Software — 7.6% | | | | | |
C3.ai, Inc. - Class A (1) | | 262 | | 5,916 | |
ROBLOX Corp. - Class A (1)(2) | | 201 | | 7,365 | |
Unity Software, Inc. (1)(2) | | 532 | | 16,194 | |
Veritone, Inc. (1) | | 3,848 | | 27,282 | |
| | | | 56,757 | |
Toys, Games & Hobbies — 4.5% | | | | | |
Funko, Inc. - Class A (1) | | 1,950 | | 21,080 | |
Vinco Ventures, Inc. (1) | | 24,879 | | 12,193 | |
| | | | 33,273 | |
Total Common Stocks | | | | | |
(Cost $773,066) | | | | 744,029 | |
| |||||
Short-Term Investments — 0.2% | | | | | |
Money Market Funds — 0.2% | | | | | |
First American Government Obligations Fund, Class X, 4.370% (3) | | 1,712 | | 1,712 | |
Total Short-Term Investments | | | | | |
(Cost $1,712) | | | | 1,712 | |
| |||||
Investments Purchased with Collateral from Securities Lending — 30.5% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (3) | | 228,129 | | 228,129 | |
Total Investments Purchased with Collateral from Securities Lending | |||||
(Cost $228,129) | | | | 228,129 | |
| |||||
Total Investments in Securities — 130.2% | | | | ||
(Cost $1,002,907) | | | | 973,870 | |
Liabilities in Excess of Other Assets - (30.2)% | | (225,741 | ) | ||
Total Net Assets — 100.0% | | | | $748,129 | |
(1) Non-income producing security.
(2) This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $223,352 or 29.9% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3) The rate shown is the annualized seven-day effective yield as of February 28, 2023.
SoFi Smart Energy ETF
50 | The accompanying notes are an integral part of these financial statements. |
SCHEDULE OF INVESTMENTS at February 28, 2023 |
|
| Shares |
| Value |
|
Common Stocks — 99.8% | | | | | |
Auto Manufacturers — 5.7% | | | | | |
BYD Co. Ltd. - H Shares | | 2,030 | | $54,620 | |
Proterra, Inc. (1) | | 13,246 | | 55,633 | |
Tesla, Inc. (1) | | 371 | | 76,318 | |
| | | | 186,571 | |
Commercial Services — 4.1% | | | | | |
Quanta Services, Inc. | | 440 | | 71,016 | |
Vivint Smart Home, Inc. (1) | | 5,619 | | 63,158 | |
| | | | 134,174 | |
Distribution & Wholesale — 2.0% | | | | | |
Resideo Technologies, Inc. (1) | | 3,504 | | 64,263 | |
| | | | | |
Electric — 3.2% | | | | | |
Altus Power, Inc. - Class A (1) | | 8,541 | | 57,822 | |
Ameresco, Inc. - Class A (1) | | 1,043 | | 45,840 | |
| | | | 103,662 | |
Electrical Components & Equipment — 15.3% | | | |||
ABB Ltd. | | 1,932 | | 64,479 | |
Blink Charging Co. (1)(2) | | 4,829 | | 43,702 | |
ChargePoint Holdings, Inc. - Class A (1) | | 5,400 | | 61,344 | |
EnerSys | | 795 | | 72,099 | |
Nexans SA (1) | | 631 | | 61,096 | |
Prysmian SpA | | 1,659 | | 63,988 | |
Schneider Electric SE | | 413 | | 66,627 | |
SMA Solar Technology AG | | 814 | | 63,794 | |
| | | | 497,129 | |
Electronics — 9.1% | | | | | |
Advanced Energy Industries, Inc. | | 685 | | 63,760 | |
Itron, Inc. (1) | | 1,145 | | 63,857 | |
Smart Metering Systems PLC | | 6,118 | | 63,920 | |
Trimble, Inc. (1) | | 1,118 | | 58,203 | |
Vicor Corp. (1)(2) | | 961 | | 45,167 | |
| | | | 294,907 | |
Energy - Alternate Sources — 27.5% (3) | | | | | |
Ballard Power Systems, Inc. (1) | | 10,011 | | 57,355 | |
Canadian Solar, Inc. (1) | | 1,601 | | 63,640 | |
Enphase Energy, Inc. (1) | | 296 | | 62,317 | |
Fluence Energy, Inc. - Class A (1) | | 2,761 | | 51,548 | |
FuelCell Energy, Inc. (1)(2) | | 17,440 | | 58,250 | |
ITM Power PLC (1) | | 52,351 | | 62,377 | |
Landis+Gyr Group AG | | 908 | | 68,493 | |
Meyer Burger Technology AG (1) | | 95,863 | | 71,341 | |
Plug Power, Inc. (1)(2) | | 3,806 | | 56,595 | |
SolarEdge Technologies, Inc. (1) | | 205 | | 65,174 | |
Stem, Inc. (1)(2) | | 6,460 | | 52,714 | |
Sunnova Energy International, Inc. (1) | | 3,352 | | 59,598 | |
SunPower Corp. (1)(2) | | 3,761 | | 56,490 |
|
| Shares |
| Value |
|
Common Stocks — 99.8% (Continued) | | | | | |
Energy - Alternate Sources — 27.5% (3) (Continued) | | ||||
Sunrun, Inc. (1) | | 2,465 | | $59,259 | |
Xinyi Solar Holdings Ltd. | | 48,588 | | 51,872 | |
| | | | 897,023 | |
Engineering & Construction — 4.3% | | | | | |
Alfen N.V. (1) | | 711 | | 57,531 | |
MYR Group, Inc. (1)(2) | | 677 | | 81,653 | |
| | | | 139,184 | |
Hand & Machine Tools — 2.0% | | | | | |
Meidensha Corp. | | 4,616 | | 66,487 | |
| |||||
Industrial Other — 2.0% | | | | | |
Nibe Industries AB - B Shares (1) | | 6,338 | | 65,880 | |
| |||||
Leisure Time — 1.7% | | | | | |
Gogoro, Inc. (1) | | 13,880 | | 55,798 | |
| | | | | |
Machinery - Construction & Mining — 6.7% | | | |||
Bloom Energy Corp. - Class A (1) | | 2,650 | | 57,478 | |
Tritium DCFC Ltd. (1) | | 50,236 | | 90,425 | |
Wallbox NV - Class A (1)(2) | | 12,153 | | 68,908 | |
| | | | 216,811 | |
Metal Fabricate & Hardware — 2.0% | | | | | |
Valmont Industries, Inc. | | 203 | | 64,418 | |
| |||||
Miscellaneous Manufacturers — 6.3% | | | | | |
Alstom SA | | 2,264 | | 66,819 | |
Eaton Corp PLC | | 412 | | 72,071 | |
Siemens AG | | 443 | | 67,981 | |
| | | | 206,871 | |
Retail — 1.8% | | | | | |
EVgo, Inc. - Class A (1)(2) | | 9,714 | | 57,604 | |
| |||||
Semiconductors — 6.1% | | | | | |
Analog Devices, Inc. | | 381 | | 69,902 | |
Infineon Technologies AG | | 1,873 | | 66,571 | |
NXP Semiconductors NV | | 347 | | 61,933 | |
| | | | 198,406 | |
Total Common Stocks | | | | | |
(Cost $3,706,963) | | | | 3,249,188 | |
| |||||
Short-Term Investments — 0.1% | | | | | |
Money Market Funds — 0.1% | | | | | |
First American Government Obligations Fund, Class X, 4.370% (4) | | 3,143 | | 3,143 | |
Total Short -Term Investments | | | | | |
(Cost $3,143) | | | | 3,143 | |
| | | | | |
SoFi Smart Energy ETF
The accompanying notes are an integral part of these financial statements. | 51 |
SCHEDULE OF INVESTMENTS at February 28, 2023 (Continued) |
|
| Shares |
| Value |
|
Investments Purchased with Collateral from Securities Lending — 15.2% | |||||
Mount Vernon Liquid Assets Portfolio, LLC, 4.750% (4) | | 494,622 | | $494,622 | |
Total Investments Purchased with Collateral from Securities Lending | |||||
(Cost $494,622) | | | | 494,622 | |
| |||||
Total Investments in Securities — 115.1% | | | | ||
(Cost $4,204,728) | | | | 3,746,953 | |
Liabilties in Excess of Other Assets - (15.1)% | | (492,785 | ) | ||
Total Net Assets — 100.0% | | | | $3,254,168 | |
(1) Non-income producing security.
(2) This security or a portion of this security was out on loan as of February 28, 2023. Total loaned securities had a value of $484,687 or 14.9% of net assets as of February 28, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3) Despite a concentration greater than 25% of total assets, the Fund is in compliance as the index the Fund tracks will at times invest in greater than 25% of an industry.
(4) The rate shown is the annualized seven-day effective yield as of February 28, 2023.
SoFi Funds
52 | The accompanying notes are an integral part of these financial statements. |
|
| 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 |
| SoFi |
| SoFi | |
| |||||||||||||||||
Assets: | | | | | | | | | | | | | | | | | |
Investments in securities, at value (Note 2) (1) | | $461,894,369 | | $71,636,757 | | $17,401,835 | | $10,125,161 | | $16,885,192 | | $10,322,715 | | $973,870 | | $3,746,953 | |
Foreign currency (cost of $- ,$- ,$-, $55, $-, $1,331, $-, and | | — | | — | | — | | 52 | | — | | 1,328 | | — | | — | |
Receivables: | | | | | | | | | | | | | | | | | |
Fund shares sold | | — | | 594,325 | | — | | — | | — | | — | | — | | — | |
Investment securities sold | | — | | — | | — | | — | | 403,629 | | 1,766,773 | | — | | — | |
Dividends and interest | | 714,727 | | 48,206 | | 23,892 | | 968 | | 233,298 | | 25,470 | | 335 | | 691 | |
Securities lending income, net | | 7,818 | | 6,598 | | 35,793 | | 1,237 | | 708 | | 109 | | 2,407 | | 2,615 | |
Total assets | | 462,616,914 | | 72,285,886 | | 17,461,520 | | 10,127,418 | | 17,522,827 | | 12,116,395 | | 976,612 | | 3,750,259 | |
| | | | | | | | | | | | | | | | | |
Liabilities: | | | | | | | | | | | | | | | | | |
Collateral received for securities loaned (Note 5) | | 36,648,699 | | 17,678,544 | | 3,766,120 | | 2,512,482 | | 757,292 | | 1,124,041 | | 228,129 | | 494,622 | |
Payables: | | | | | | | | | | | | | | | | | |
Investment securities purchased | | — | | 642,849 | | — | | — | | 322,233 | | 1,765,401 | | — | | — | |
Distributions | | — | | — | | — | | — | | — | | 4,000 | | — | | — | |
Management fees, net (Note 4) | | — | | — | | 3,146 | | 3,869 | | 7,499 | | 3,552 | | 354 | | 1,469 | |
Total liabilities | | 36,648,699 | | 18,321,393 | | 3,769,266 | | 2,516,351 | | 1,087,024 | | 2,896,994 | | 228,483 | | 496,091 | |
Net Assets | | $425,968,215 | | $53,964,493 | | $13,692,254 | | $7,611,067 | | $16,435,803 | | $9,219,401 | | $748,129 | | $3,254,168 | |
| | | | | | | | | | | | | | | | | |
Components of Net Assets: | | | | | | | | | | | | | | | | | |
Paid-in capital | | $452,992,709 | | $62,742,036 | | $27,504,708 | | $22,859,023 | | $18,010,178 | | $10,048,300 | | $893,544 | | $3,978,741 | |
Total distributable (accumulated) earnings (losses) | | (27,024,494 | ) | (8,777,543 | ) | (13,812,454 | ) | (15,247,956 | ) | (1,574,375 | ) | (828,899 | ) | (145,415 | ) | (724,573 | ) |
Net assets | | $425,968,215 | | $53,964,493 | | $13,692,254 | | $7,611,067 | | $16,435,803 | | $9,219,401 | | $748,129 | | $3,254,168 | |
| | | | | | | | | | | | | | | | | |
Net Asset Value (unlimited shares authorized): | | | | | | | | | | | | | | | | ||
Net assets | | $425,968,215 | | $53,964,493 | | $13,692,254 | | $7,611,067 | | $16,435,803 | | $9,219,401 | | $748,129 | | $3,254,168 | |
Shares of beneficial interest issued and outstanding | | 30,500,000 | | 4,550,000 | | 600,000 | | 500,000 | | 175,000 | | 200,000 | | 50,000 | | 200,000 | |
Net asset value | | $13.97 | | $11.86 | | $22.82 | | $15.22 | | $93.92 | | $46.10 | | $14.96 | | $16.27 | |
| | | | | | | | | | | | | | | | | |
Cost of investments | | $469,398,081 | | $75,003,000 | | $19,377,487 | | $21,222,470 | | $17,924,176 | | $10,392,908 | | $1,002,907 | | $4,204,728 | |
(1)Includes loaned securities with values of $35,849,106, $17,223,719, $3,668,093, $2,501,204, $741,433, $1,093,224, $223,352, and $484,687, respectively.
SoFi Funds
The accompanying notes are an integral part of these financial statements. | 53 |
|
| SoFi Select |
| SoFi Next |
| SoFi Social |
| SoFi Be Your |
| SoFi Weekly |
| SoFi Weekly |
| SoFi Web 3 |
| SoFi Smart |
| SoFi Smart | |
|
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period |
| Period |
| Period | |
| |||||||||||||||||||
Investment Income: | | | | | | | | | | | | | | | | | | | |
Dividend income (net of foreign withholding tax of $10,538, $138, $87, $156, $-, $28,270, $70, $1,028, and $1,126, respectively) | | $6,338,757 | | $744,942 | | $91,309 | | $29,145 | | $16,305 | | $352,036 | | $889 | | $11,227 | | $7,559 | |
Securities lending income, net (Note 5) | | 82,713 | | 44,796 | | 149,380 | | 28,872 | | 2,790 | | 798 | | 6,187 | | 6,477 | | — | |
Interest income | | 16,748 | | 2,915 | | 428 | | 703 | | 1,023,522 | | 659 | | 128 | | 118 | | — | |
Total investment income | | 6,438,218 | | 792,653 | | 241,117 | | 58,720 | | 1,042,617 | | 353,493 | | 7,204 | | 17,822 | | 7,559 | |
| | | | | | | | | | | | | | | | | | | |
Expenses: | | | | | | | | | | | | | | | | | | | |
Management fees (Note 4) | | 734,580 | | 93,189 | | 45,682 | | 55,491 | | 133,135 | | 45,410 | | 4,032 | | 13,039 | | 10,582 | |
Total expenses | | 734,580 | | 93,189 | | 45,682 | | 55,491 | | 133,135 | | 45,410 | | 4,032 | | 13,039 | | 10,582 | |
Less: Management fee wavier (Note 4) | | (734,580 | ) | (93,189 | ) | — | | — | | — | | — | | — | | — | | — | |
Net expenses | | — | | — | | 45,682 | | 55,491 | | 133,135 | | 45,410 | | 4,032 | | 13,039 | | 10,582 | |
Net investment income (loss) | | 6,438,218 | | 792,653 | | 195,435 | | 3,229 | | 909,482 | | 308,083 | | 3,172 | | 4,783 | | (3,023 | ) |
| | | | | | | | | | | | | | | | | | | |
Realized and Unrealized Gain (Loss): | | ||||||||||||||||||
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | |
Investments | | (68,737 | ) | (1,034,661 | ) | (9,102,761 | ) | (4,520,425 | ) | (937,931 | ) | (634,159 | ) | (563,202 | ) | 112,460 | | (16,318 | ) |
Foreign currency transactions | | 1,515 | | — | | — | | 475 | | — | | (605 | ) | 941 | | 1,527 | | (568 | ) |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | | | | | | | | | | | |
Investments | | (43,526,505 | ) | (3,940,644 | ) | 3,235,911 | | 144,206 | | (646,201 | ) | (73,011 | ) | (29,056 | ) | 18,352 | | (429,373 | ) |
Foreign currency translations | | — | | — | | — | | (57,041 | ) | — | | (73,591 | ) | 19 | | 14,495 | | (61,252 | ) |
Net realized and unrealized gain (loss) on investments | | (43,593,727 | ) | (4,975,305 | ) | (5,866,850 | ) | (4,432,785 | ) | (1,584,132 | ) | (781,366 | ) | (591,298 | ) | 146,834 | | (507,511 | ) |
Net increase (decrease) in net assets resulting from operations | | $(37,155,509 | ) | $(4,182,652 | ) | $(5,671,415 | ) | $(4,429,556 | ) | $(674,650 | ) | $(473,283 | ) | $(588,126 | ) | $151,617 | | $(510,534 | ) |
(1)The Fund was formerly named the SoFi Gig Economy ETF and changed its name effective as of the close of busines on August 9, 2022.
(2)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.
(3)The Fund was formerly named the iClima Distributed Smart Energy ETF and changed its name effective as of the close of business on August 9, 2022. The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.
(4)The Fund commenced operations on July 20, 2021. The information presented is from July 20, 2021 to April 30, 2022.
SoFi Select 500 ETF
54 | The accompanying notes are an integral part of these financial statements. |
|
| Year Ended |
| Year Ended | |
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $6,438,218 | | $3,447,177 | |
Net realized gain (loss) | | (67,222 | ) | 14,207,304 | |
Change in net unrealized appreciation/depreciation | | (43,526,505 | ) | 4,065,106 | |
Net increase (decrease) in net assets resulting from operations | | (37,155,509 | ) | 21,719,587 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (5,974,658 | ) | (3,055,645 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (1) | | 88,452,755 | | 184,911,331 | |
Total increase (decrease) in net assets | | 45,322,588 | | 203,575,273 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 380,645,627 | | 177,070,354 | |
End of period/year | | $425,968,215 | | $380,645,627 | |
(1)Summary of share transactions is as follows:
| | Year Ended | | Year Ended | | ||||
| | Shares | | Value | | Shares | | Value | |
Shares sold | | 8,700,000 | | $124,430,655 | | 14,650,000 | | $232,831,871 | |
Shares redeemed | | (2,400,000 | ) | (35,977,900 | ) | (3,150,000 | ) | (47,920,540 | ) |
Net increase (decrease) | | 6,300,000 | | $88,452,755 | | 11,500,000 | | $184,911,331 | |
SoFi Next 500 ETF
The accompanying notes are an integral part of these financial statements. | 55 |
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Year Ended |
| Year Ended | |
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $792,653 | | $402,585 | |
Net realized gain (loss) | | (1,034,661 | ) | 3,277,805 | |
Change in net unrealized appreciation/depreciation | | (3,940,644 | ) | (5,106,006 | ) |
Net increase (decrease) in net assets resulting from operations | | (4,182,652 | ) | (1,425,616 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (731,180 | ) | (372,090 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (1) | | 9,870,670 | | 26,186,520 | |
Total increase (decrease) in net assets | | 4,956,838 | | 24,388,814 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 49,007,655 | | 24,618,841 | |
End of period/year | | $53,964,493 | | $49,007,655 | |
(1)Summary of share transactions is as follows:
| | Year Ended | | Year Ended | | ||||
| | Shares | | Value | | Shares | | Value | |
Shares sold | | 1,650,000 | | $20,037,805 | | 2,550,000 | | $35,932,690 | |
Shares redeemed | | (800,000 | ) | (10,167,135 | ) | (700,000 | ) | (9,746,170 | ) |
Net increase (decrease) | | 850,000 | | $9,870,670 | | 1,850,000 | | $26,186,520 | |
SoFi Social 50 ETF
56 | The accompanying notes are an integral part of these financial statements. |
|
| Year Ended |
| Year Ended | |
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $195,435 | | $70,659 | |
Net realized gain (loss) | | (9,102,761 | ) | 4,822,235 | |
Change in net unrealized appreciation/depreciation | | 3,235,911 | | (5,301,070 | ) |
Net increase (decrease) in net assets resulting from operations | | (5,671,415 | ) | (408,176 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (142,199 | ) | (66,015 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (1) | | (1,035,785 | ) | 9,264,860 | |
Total increase (decrease) in net assets | | (6,849,399 | ) | 8,790,669 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 20,541,653 | | 11,750,984 | |
End of period/year | | $13,692,254 | | $20,541,653 | |
(1)Summary of share transactions is as follows:
| | Year Ended | | Year Ended | | ||||
| | Shares | | Value | | Shares | | Value | |
Shares sold | | — | | $— | | 1,400,000 | | $49,544,660 | |
Shares redeemed | | (50,000 | ) | (1,035,785 | ) | (1,150,000 | ) | (40,279,800 | ) |
Net increase (decrease) | | (50,000 | ) | $(1,035,785 | ) | 250,000 | | $9,264,860 | |
STATEMENTS OF CHANGES IN NET ASSETS |
The accompanying notes are an integral part of these financial statements. | 57 |
SoFi Be Your Own Boss ETF (1)
|
| Year Ended |
| Year Ended | |
| |||||
Increase (Decrease) in Net Assets From: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $3,229 | | $(105,750 | ) |
Net realized gain (loss) | | (4,519,950 | ) | 2,938,316 | |
Change in net unrealized appreciation/depreciation | | 87,165 | | (18,695,093 | ) |
Net increase (decrease) in net assets resulting from operations | | (4,429,556 | ) | (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 (2) | | (4,804,680 | ) | (18,524,523 | ) |
Total increase (decrease) in net assets | | (9,234,236 | ) | (34,987,050 | ) |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 16,845,303 | | 51,832,353 | |
End of period/year | | $7,611,067 | | $16,845,303 | |
(1)The Fund was formerly named the SoFi Gig Economy ETF and changed its name effective as of the close of busines on August 9, 2022.
(2)Summary of share transactions is as follows:
| | Year Ended | | Year Ended | | ||||
| | Shares | | Value | | Shares | | Value | |
Shares sold | | — | | $— | | 600,000 | | $20,599,730 | |
Shares redeemed | | (250,000 | ) | (4,804,680 | ) | (1,100,000 | ) | (39,125,835 | ) |
Variable fees | | — | | — | | — | | 1,582 | |
Net increase (decrease) | | (250,000 | ) | $(4,804,680 | ) | (500,000 | ) | $(18,524,523 | ) |
STATEMENTS OF CHANGES IN NET ASSETS |
SoFi Weekly Income ETF
58 | The accompanying notes are an integral part of these financial statements. |
|
| Year Ended |
| Year Ended | |
| |||||
Increase (Decrease) in Net Assets from: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $909,482 | | $521,515 | |
Net realized gain (loss) | | (937,931 | ) | 303,202 | |
Change in net unrealized appreciation/depreciation | | (646,201 | ) | (1,048,207 | ) |
Net increase (decrease) in net assets resulting from operations | | (674,650 | ) | (223,490 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net dividends and distributions | | (901,768 | ) | (855,250 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (1) | | (4,573,018 | ) | 2,896,337 | |
Total increase (decrease) in net assets | | (6,149,436 | ) | 1,817,597 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 22,585,239 | | 20,767,642 | |
End of period/year | | $16,435,803 | | $22,585,239 | |
(1)Summary of share transactions is as follows:
| | Year Ended | | Year Ended | | ||||
| | Shares | | Value | | Shares | | Value | |
Shares sold | | 75,000 | | $7,294,305 | | 175,000 | | $18,323,995 | |
Shares redeemed | | (125,000 | ) | (11,868,795 | ) | (150,000 | ) | (15,481,845 | ) |
Variable fees | | — | | 1,472 | | — | | 54,187 | |
Net increase (decrease) | | (50,000 | ) | $(4,573,018 | ) | 25,000 | | $2,896,337 | |
STATEMENTS OF CHANGES IN NET ASSETS |
SoFi Weekly Dividend ETF
The accompanying notes are an integral part of these financial statements. | 59 |
|
| Year Ended |
| Period Ended | |
| |||||
Increase (Decrease) in Net Assets from: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $308,083 | | $110,602 | |
Net realized gain (loss) | | (634,764 | ) | (22,411 | ) |
Change in net unrealized appreciation/depreciation | | (146,602 | ) | 75,500 | |
Net increase (decrease) in net assets resulting from operations | | (473,283 | ) | 163,691 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Distributable earnings | | (299,722 | ) | (112,697 | ) |
Return of capital | | (3,054 | ) | (4,803 | ) |
Net dividends and distributions | | (302,776 | ) | (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 | | (776,059 | ) | 9,995,460 | |
| | | | | |
Net Assets: | | | | | |
Beginning of year/period | | 9,995,460 | | — | |
End of period | | $9,219,401 | | $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:
| | Year 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 | |
STATEMENTS OF CHANGES IN NET ASSETS |
SoFi Web 3 ETF
60 | The accompanying notes are an integral part of these financial statements. |
STATEMENT OF CHANGES IN NET ASSETS |
|
| Period Ended | |
| |||
Increase (Decrease) in Net Assets from: | | | |
| |||
Operations: | | | |
Net investment income (loss) | | $3,172 | |
Net realized gain (loss) | | (562,261 | ) |
Change in net unrealized appreciation/depreciation | | (29,037 | ) |
Net increase (decrease) in net assets resulting from operations | | (588,126 | ) |
| | | |
Distributions to Shareholders: | | | |
Net dividends and distributions | | (13,439 | ) |
| | | |
Capital Share Transactions: | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) | | 1,349,694 | |
Total increase (decrease) in net assets | | 748,129 | |
| | | |
Net Assets: | | | |
Beginning of period | | — | |
End of period | | $748,129 | |
(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.
(2)Summary of share transactions is as follows:
| | Period Ended | | ||
| | Shares | | Value | |
Shares sold | | 500,000 | | $7,580,760 | |
Shares redeemed | | (450,000 | ) | (6,473,135 | ) |
Variable fees | | — | | 242,069 | |
Net increase (decrease) | | 50,000 | | $1,349,694 | |
The accompanying notes are an integral part of these financial statements. | 61 |
SoFi Smart Energy ETF(1)
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Period Ended |
| Period Ended | |
| |||||
Increase (Decrease) in Net Assets from: | | | | | |
| |||||
Operations: | | | | | |
Net investment income (loss) | | $4,783 | | $(3,023 | ) |
Net realized gain (loss) | | 113,987 | | (16,886 | ) |
Change in net unrealized appreciation/depreciation | | 32,847 | | (490,625 | ) |
Net increase (decrease) in net assets resulting from operations | | 151,617 | | (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 (4) | | 1,154,103 | | 2,458,982 | |
Total increase (decrease) in net assets | | 1,305,720 | | 1,948,448 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period | | 1,948,448 | | — | |
End of period | | $3,254,168 | | $1,948,448 | |
(1)The Fund was formerly named the iClima Distributed Smart Energy ETF and changed its name effective as of the close of business on August 9, 2022.
(2)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.
(3)The Fund commenced operations on July 20, 2021. The information presented is from July 20, 2021 to April 30, 2022.
(4)Summary of share transactions is as follows:
| | Period Ended | | Period Ended | | ||||
| | Shares | | Value | | Shares | | Value | |
Shares sold | | 150,000 | | $2,469,825 | | 125,000 | | $2,458,982 | |
Shares redeemed | | (75,000 | ) | (1,316,003 | ) | — | | — | |
Variable fees | | — | | 281 | | — | | — | |
Net increase (decrease) | | 75,000 | | $1,154,103 | | 125,000 | | $2,458,982 | |
SoFi Select 500 ETF
62 | The accompanying notes are an integral part of these financial statements. |
|
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended | |
Net asset value, beginning of year/period | | $15.73 | | $13.94 | | $10.38 | | $10.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 0.24 | | 0.19 | | 0.18 | | 0.17 | |
Net realized and unrealized gain (loss) | | (1.79 | ) | 1.76 | | 3.54 | | 0.33 | |
Total from investment operations | | (1.55 | ) | 1.95 | | 3.72 | | 0.50 | |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | (0.21 | ) | (0.16 | ) | (0.16 | ) | (0.12 | ) |
From net realized gain | | — | | — | | (0.00 | )(6) | — | |
Total distributions | | (0.21 | ) | (0.16 | ) | (0.16 | ) | (0.12 | ) |
| | | | | | | | | |
Net asset value, end of year/period | | $13.97 | | $15.73 | | $13.94 | | $10.38 | |
Total return(4) | | (9.78 | )% | 13.89 | % | 36.04 | % | 4.95 | %(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of year/period (millions) | | $426.0 | | $380.6 | | $177.1 | | $73.7 | |
Portfolio turnover rate(7) | | 17 | % | 9 | % | 26 | % | 22 | %(3) |
Ratio of expenses to average net assets | | | | | | | | | |
Before management fees waived | | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | %(5) |
After management fees waived | | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) to | | | | | | | | | |
Before management fees waived | | 1.48 | % | 0.96 | % | 1.25 | % | 1.60 | %(5) |
After management fees waived | | 1.67 | % | 1.15 | % | 1.44 | % | 1.79 | %(5) |
(1)The Fund comenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(5)Annualized.
(6)Does not round to $0.01 or $(0.01), as applicable.
(7)Excludes the impact of in-kind transactions.
SoFi Next 500 ETF
The accompanying notes are an integral part of these financial statements. | 63 |
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
|
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended | |
Net asset value, beginning of year/period | | $13.25 | | $13.31 | | $9.62 | | $10.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 0.19 | | 0.15 | | 0.16 | | 0.13 | |
Net realized and unrealized gain (loss) | | (1.41 | ) | (0.08 | ) | 3.67 | | (0.40 | ) |
Total from investment operations | | (1.22 | ) | 0.07 | | 3.83 | | (0.27 | ) |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | (0.17 | ) | (0.13 | ) | (0.14 | ) | (0.11 | ) |
From net realized gain | | — | | — | | (0.00 | )(6) | — | |
Total distributions | | (0.17 | ) | (0.13 | ) | (0.14 | ) | (0.11 | ) |
| | | | | | | | | |
Net asset value, end of year/period | | $11.86 | | $13.25 | | $13.31 | | $9.62 | |
Total return(4) | | (9.06 | )% | 0.45 | % | 40.17 | % | (2.84 | )%(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of year/period (millions) | | $54.0 | | $49.0 | | $24.6 | | $9.1 | |
Portfolio turnover rate(7) | | 38 | % | 27 | % | 53 | % | 55 | %(3) |
Ratio of expenses to average net assets | | | | | | | | | |
Before management fees waived | | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | %(5) |
After management fees waived | | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) to | | | | | | | | | |
Before management fees waived | | 1.43 | % | 0.85 | % | 1.29 | % | 1.29 | %(5) |
After management fees waived | | 1.62 | % | 1.04 | % | 1.48 | % | 1.48 | %(5) |
(1)The Fund comenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(5)Annualized.
(6)Does not round to $0.01 or $(0.01), as applicable.
(7)Excludes the impact of in-kind transactions.
SoFi Social 50 ETF
64 | The accompanying notes are an integral part of these financial statements. |
|
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended | |
Net asset value, beginning of year/period | | $31.60 | | $29.38 | | $18.73 | | $20.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 0.31 | | 0.11 | | 0.12 | | 0.15 | |
Net realized and unrealized gain (loss) | | (8.86 | ) | 2.21 | | 10.64 | | (1.27 | ) |
Total from investment operations | | (8.55 | ) | 2.32 | | 10.76 | | (1.12 | ) |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | (0.23 | ) | (0.10 | ) | (0.11 | ) | (0.15 | ) |
Total distributions | | (0.23 | ) | (0.10 | ) | (0.11 | ) | (0.15 | ) |
| | | | | | | | | |
Net asset value, end of year/period | | $22.82 | | $31.60 | | $29.38 | | $18.73 | |
Total return(4) | | (26.98 | )% | 7.85 | % | 57.67 | % | (5.67 | )%(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of year/period (millions) | | $13.7 | | $20.5 | | $11.8 | | $2.8 | |
Portfolio turnover rate(6) | | 96 | % | 62 | % | 414 | % | 168 | %(3) |
Ratio of expenses to average net assets | | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | %(5) |
Ratio of net investment income (loss) to | | 1.24 | % | 0.31 | % | 0.52 | % | 0.92 | %(5) |
(1)The Fund comenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(5)Annualized.
(6)Excludes the impact of in-kind transactions.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
SoFi Be Your Own Boss ETF
The accompanying notes are an integral part of these financial statements. | 65 |
|
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended | |
Net asset value, beginning of year/period | | $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) | | (7.25 | ) | (18.10 | ) | 23.14 | | (1.39 | ) |
Total from investment operations | | (7.24 | ) | (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 year/period | | $15.22 | | $22.46 | | $41.47 | | $18.56 | |
Total return(4) | | (32.23 | )% | (44.32 | )% | 124.22 | % | (7.22 | )%(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of year/period (millions) | | $7.6 | | $16.8 | | $51.8 | | $7.4 | |
Portfolio turnover rate(6) | | 38 | % | 47 | % | 68 | % | 33 | %(3) |
Ratio of expenses to average net assets | | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | %(5) |
Ratio of net investment income (loss) to | | 0.03 | % | (0.32 | )% | (0.36 | )% | (0.36 | )%(5) |
(1)The Fund comenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.
(2)Calculated using average shares outstanding method.
(3)Not annualized.
(4)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(5)Annualized.
(6)Excludes the impact of in-kind transactions.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
SoFi Weekly Income ETF
66 | The accompanying notes are an integral part of these financial statements. |
|
| Year Ended |
| Year Ended |
| Period Ended | |
Net asset value, beginning of year/period | | $100.38 | | $103.84 | | $100.00 | |
| | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | |
Net investment income (loss)(2) | | 3.84 | | 2.56 | | 1.16 | |
Net realized and unrealized gain (loss) on investments | | (6.14 | ) | (1.98 | ) | 3.73 | |
Total from investment operations | | (2.30 | ) | 0.58 | | 4.89 | |
| | | | | | | |
Less Distributions: | | | | | | | |
From net investment income | | (4.16 | ) | (4.04 | ) | (1.05 | ) |
Total distributions | | (4.16 | ) | (4.04 | ) | (1.05 | ) |
| | | | | | | |
Net asset value, end of year/period | | $93.92 | | $100.38 | | $103.84 | |
Total return(4) | | (2.24 | )% | 0.48 | % | 4.91 | %(3) |
| | | | | | | |
Ratios / Supplemental Data: | | | | | | | |
Net assets, end of year/period (millions) | | $16.4 | | $22.6 | | $20.8 | |
Portfolio turnover rate(6) | | 50 | % | 49 | % | 8 | %(3) |
Ratio of expenses to average net assets | | 0.59 | % | 0.59 | % | 0.59 | %(5) |
Ratio of net investment income (loss) to average net assets | | 4.03 | % | 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. Additional performance information is presented in the Performance Summary.
(5)Annualized.
(6)Excludes the impact of in-kind transactions.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
SoFi Weekly Dividend ETF
The accompanying notes are an integral part of these financial statements. | 67 |
|
| Year Ended |
| Period Ended | |
Net asset value, beginning of year/period | | $49.98 | | $50.00 | |
| | | | | |
Income (Loss) from Investment Operations: | | | | | |
Net investment income (loss)(2) | | 1.54 | | 0.78 | |
Net realized and unrealized gain (loss) on investments | | (3.91 | ) | 0.02 | |
Total from investment operations | | (2.37 | ) | 0.80 | |
| | | | | |
Less Distributions: | | | | | |
From net investment income | | (1.50 | ) | (0.79 | ) |
From return of capital | | (0.01 | ) | (0.03 | ) |
Total distributions | | (1.51 | ) | (0.82 | ) |
| | | | | |
Net asset value, end of year/period | | $46.10 | | $49.98 | |
Total return(4) | | (4.68 | )% | 1.62 | %(3) |
| | | | | |
Ratios / Supplemental Data: | | | | | |
Net assets, end of year/period (millions) | | $9.2 | | $10.0 | |
Portfolio turnover rate | | 69 | % | 68 | %(3) |
Ratio of expenses to average net assets | | 0.49 | % | 0.49 | %(5) |
Ratio of net investment income (loss) to average net assets | | 3.32 | % | 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. Additional performance information is presented in the Performance Summary.
(5)Annualized.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
SoFi Web 3 ETF
68 | The accompanying notes are an integral part of these financial statements. |
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
|
| Period Ended | |
Net asset value, beginning of period | | $20.00 | |
| | | |
Income (Loss) from Investment Operations: | | | |
Net investment income (loss)(2) | | 0.04 | |
Net realized and unrealized gain (loss) on investments | | (4.81 | ) |
Total from investment operations | | (4.77 | ) |
| | | |
Less Distributions: | | | |
From net investment income | | (0.27 | ) |
Total distributions | | (0.27 | ) |
| | | |
Net asset value, end of period | | $14.96 | |
Total return(3)(4) | | (23.41 | )% |
| | | |
Ratios / Supplemental Data: | | | |
Net assets, end of period (millions) | | $0.7 | |
Portfolio turnover rate(3)(6) | | 55 | % |
Ratio of expenses to average net assets(5) | | 0.59 | % |
Ratio of net investment income (loss) to average net assets(5) | | 0.46 | % |
(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.
(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)Excludes the impact of in-kind transactions.
SoFi Smart Energy ETF
The accompanying notes are an integral part of these financial statements. | 69 |
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
|
| Period Ended |
| Period Ended | |
Net asset value, beginning of period | | $15.59 | | $20.00 | |
| | | | | |
Income (Loss) from Investment Operations: | | | | | |
Net investment income (loss)(3) | | 0.03 | | (0.03 | ) |
Net realized and unrealized gain (loss) on investments | | 0.65 | | (4.38 | ) |
Total from investment operations | | 0.68 | | (4.41 | ) |
| | | | | |
Less Distributions: | | | | | |
From net investment income | | — | | — | |
Total distributions | | — | | — | |
| | | | | |
Net asset value, end of period | | $16.27 | | $15.59 | |
Total return(4)(5) | | 4.38 | % | (22.06 | )% |
| | | | | |
Ratios / Supplemental Data: | | | | | |
Net assets, end of period (millions) | | $3.3 | | $1.9 | |
Portfolio turnover rate(4)(8) | | 26 | % | 41 | % |
Ratio of expenses to average net assets(6) | | 0.60 | %(7) | 0.65 | % |
Ratio of net investment income (loss) to average net assets(6) | | 0.22 | % | (0.19 | )% |
(1)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.
(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. Additional performance information is presented in the Performance Summary.
(6)Annualized.
(7)Effective August 9, 2022, the unitary management fee was reduced from 0.65% to 0.59%.
(8)Excludes the impact of in-kind transactions.
70 |
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 ETF, are non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Toroso Invesments, LLC (“Toroso” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds. 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. Prior to August 9, 2022, the SoFi Be Your Own Boss ETF was formerly named the SoFi Gig Economy ETF and used the ticker GIGE. Prior to August 9, 2022, the SoFi Smart Energy ETF was formerly named the iClima Distributed Smart Energy ETF and used the ticker SHFT. Prior to February 14, 2022, the SoFi Smart Energy ETF (formerly, the iClima Distributed Smart Energy ETF) was formerly named the iClima Distributed Renewable Energy Transition Leaders ETF.
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 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 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.
71 |
Effective September 8, 2022, for securities for which quotations are not readily available, under Rule 2a-5 of the 1940 Act, a fair value will be 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 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. 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 funds 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 its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
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 February 28, 2023:
SoFi Select 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $423,842,216 | | $— | | $— | | $423,842,216 | |
Contingent Value Rights | | — | | — | | — | | 0 | (3) | — | |
Short-Term Investments | | — | | 1,403,454 | | — | | — | | 1,403,454 | |
Investments Purchased With Collateral From | | 36,648,699 | | — | | — | | — | | 36,648,699 | |
Total Investments in Securities | | $36,648,699 | | $425,245,670 | | $— | | $— | | $461,894,369 | |
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
72 |
| | Contingent |
Balance as of February 28, 2022 | | $— |
Accrued discounts/premiums | | — |
Realized gain (loss) | | — |
Change in unrealized appreciation/depreciation | | — |
Purchases | | — |
Sales | | — |
Transfer into and/or out of Level 3 | | — |
Balance as of February 28, 2023 | | $0 |
| | |
Change in unrealized appreciation/depreciation | | $— |
SoFi Next 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $53,713,980 | | $— | | $— | | $53,713,980 | |
Preferred Stocks(1) | | — | | 23,212 | | — | | — | | 23,212 | |
Short-Term Investments | | — | | 221,021 | | — | | — | | 221,021 | |
Investments Purchased With Collateral From | | 17,678,544 | | — | | — | | — | | 17,678,544 | |
Total Investments in Securities | | $17,678,544 | | $53,958,213 | | $— | | $— | | $71,636,757 | |
SoFi Social 50 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $13,629,920 | | $— | | $— | | $13,629,920 | |
Short-Term Investments | | — | | 5,795 | | — | | — | | 5,795 | |
Investments Purchased With Collateral From | | 3,766,120 | | — | | — | | — | | 3,766,120 | |
Total Investments in Securities | | $3,766,120 | | $13,635,715 | | $— | | $— | | $17,401,835 | |
SoFi Be Your Own Boss ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $7,595,774 | | $— | | $0 | (4) | $7,595,774 | |
Short-Term Investments | | — | | 16,905 | | — | | — | | 16,905 | |
Investments Purchased With Collateral From | | 2,512,482 | | — | | — | | — | | 2,512,482 | |
Total Investments in Securities | | $2,512,482 | | $7,612,679 | | $— | | $0 | | $10,125,161 | |
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
73 |
| | Common Stocks(4) | |
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 February 28, 2023 | | $0 | |
| | | |
Change in unrealized appreciation/depreciation | | $(70,650) | |
SoFi Weekly Income ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Asset Backed Securities | | $— | | $— | | $593,464 | | $— | | $593,464 | |
Corporate Bonds(1) | | — | | — | | 14,877,902 | | — | | 14,877,902 | |
Mortgage Backed Securities | | — | | — | | 222,025 | | — | | 222,025 | |
Municipal Bonds | | — | | — | | 63,186 | | — | | 63,186 | |
Preferred Stocks(1) | | — | | 205,560 | | — | | — | | 205,560 | |
Short-Term Investments | | — | | 165,764 | | — | | — | | 165,764 | |
Investments Purchased With Collateral From | | 757,291 | | — | | — | | — | | 757,291 | |
Total Investments in Securities | | $757,291 | | $371,324 | | $15,756,577 | | $— | | $16,885,192 | |
SoFi Weekly Dividend ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $9,119,449 | | $— | | $— | | $9,119,449 | |
Preferred Stocks(1) | | — | | 39,497 | | — | | — | | 39,497 | |
Rights | | — | | — | | 265 | | — | | 265 | |
Short-Term Investments | | — | | 39,463 | | — | | — | | 39,463 | |
Investments Purchased With Collateral From | | 1,124,041 | | — | | — | | — | | 1,124,041 | |
Total Investments in Securities | | $1,124,041 | | $9,198,409 | | $265 | | $— | | $10,322,715 | |
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
74 |
SoFi Web 3 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $744,029 | | $— | | $— | | $744,029 | |
Short-Term Investments | | — | | 1,712 | | — | | — | | 1,712 | |
Investments Purchased With Collateral From | | 228,129 | | — | | — | | — | | 228,129 | |
Total Investments in Securities | | $228,129 | | $745,741 | | $— | | $— | | $973,870 | |
SoFi Smart Energy ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |
Common Stocks(1) | | $— | | $3,249,188 | | $— | | $— | | $3,249,188 | |
Short-Term Investments | | — | | 3,143 | | — | | — | | 3,143 | |
Investments Purchased With Collateral From | | 494,622 | | — | | — | | — | | 494,622 | |
Total Investments in Securities | | $494,622 | | $3,252,331 | | $— | | $— | | $3,746,953 | |
(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 (Contingent Value Rights) were fair valued at $0 due to a lack of market activity.
(4)The Level 3 securities (Common Stocks) were 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 February 28, 2023, 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 February 28, 2023 (Continued) |
75 |
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 ETF 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 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.
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
76 |
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
K.Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These differences are primarily due to adjustments for redemptions in-kind. For the year ended February 28, 2023, the following adjustments were made:
Name of Fund | | Paid-In | | Total | | ||
SoFi Select 500 ETF | | $ | 16,000,307 | | $ | (16,000,307 | ) |
SoFi Next 500 ETF | | | 3,328,807 | | | (3,328,807 | ) |
SoFi Social 50 ETF | | | (220,817 | ) | | 220,817 | |
SoFi Be Your Own Boss ETF | | | (2,379,542 | ) | | 2,379,542 | |
SoFi Weekly Income ETF | | | (394,062 | ) | | 394,062 | |
SoFi Weekly Dividend ETF | | | (56 | ) | | 56 | |
SoFi Web 3 ETF | | | (456,150 | ) | | 456,150 | |
SoFi Smart Energy ETF | | | 368,371 | | | (368,371 | ) |
During the year ended February 28, 2023, the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Smart Energy ETF realized $16,000,307, $3,328,807, and $368,371, respectively, in net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from undistributed gains to paid-in capital.
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.
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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.
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.
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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, 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.
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O.Emerging Markets Risk (SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political, and economic uncertainty, (iv) governmental controls on foreign investments and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Fund to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for Fund Shares and cause the Fund to decline in value.
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 ETF and SoFi Smart Energy ETF Only). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.
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.
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•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. The Adviser believes that, under normal market conditions, large market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities. Because securities held by the SoFi 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. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those 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 ETF, and SoFi Smart Energy ETF Only). Certain foreign countries may impose exchange control regulations, restrictions on repatriation of profit on investments or of capital invested, local taxes on investments, and restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or
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otherwise. In addition, the Funds will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, the imposition of economic sanctions, different legal systems and laws relating to bankruptcy and creditors’ rights, and the potential inability to enforce legal judgments, all of which could cause the Funds to lose money on its investments in non-U.S. securities. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because non-U.S. securities may trade on days when shares are not priced, NAV may change at times when shares cannot be sold.
Foreign banks and securities depositories at which the Funds hold their foreign securities and cash may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Additionally, many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of each Fund’s investments.
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 Weekly Dividend 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 Weekly Dividend 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
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
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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.
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.
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. MBS, like traditional fixed-income securities, are subject to credit, interest rate, prepayment, and extension risks.
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.
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NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
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.
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.
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NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
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.
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%(1) | | 0.59% |
(1)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 February 28, 2023 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
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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, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (“Excluded Expenses”), and the Management Fee payable to the Adviser. The Management Fees incurred are paid monthly to the Adviser. The Adviser has entered into an agreement with Social Finance, Inc. (“SoFi”), under which SoFi assumes the obligation of the Adviser to pay all expenses of the Funds, except Excluded Expenses (such expenses of the Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming 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”), a Tidal Financial Group company and 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
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
86 |
including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of February 28, 2023, 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 | | $35,849,106 | | $36,648,699 | | 8.4% |
SoFi Next 500 ETF | | 17,223,719 | | 17,678,544 | | 31.9% |
SoFi Social 50 ETF | | 3,668,093 | | 3,766,120 | | 26.8% |
SoFi Be Your Own Boss ETF | | 2,501,204 | | 2,512,482 | | 32.9% |
SoFi Weekly Income ETF | | 741,433 | | 757,291 | | 4.5% |
SoFi Weekly Dividend ETF | | 1,093,224 | | 1,124,041 | | 11.9% |
SoFi Web 3 ETF | | 223,352 | | 228,129 | | 29.9% |
SoFi Smart Energy ETF | | 484,687 | | 494,622 | | 14.9% |
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 February 28, 2023, the Funds each loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations.
The Funds are not subject to a master netting agreement with respect to each Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.
NOTE 6 – PURCHASES AND SALES OF SECURITIES |
For the period ended February 28, 2023, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:
Fund | | Purchases | | Sales |
SoFi Select 500 ETF | | $71,145,903 | | $64,664,849 |
SoFi Next 500 ETF | | 19,424,211 | | 18,467,032 |
SoFi Social 50 ETF | | 15,226,678 | | 15,216,623 |
SoFi Be Your Own Boss ETF | | 3,670,159 | | 3,599,328 |
SoFi Weekly Income ETF | | 11,427,000 | | 10,657,539 |
SoFi Weekly Dividend ETF | | 6,384,622 | | 6,396,371 |
SoFi Web 3 ETF | | 1,156,279 | | 858,787 |
SoFi Smart Energy ETF | | 709,914 | | 728,962 |
For the period ended February 28, 2023, there were no purchases or sales of long-term U.S. government securities.
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
87 |
For the period ended February 28, 2023, in-kind transactions associated with creations and redemptions for the Funds were as follows:
Fund | | In-Kind Purchases | | In-Kind Sales |
SoFi Select 500 ETF | | $117,027,817 | | $35,271,363 |
SoFi Next 500 ETF | | 19,337,342 | | 10,077,060 |
SoFi Social 50 ETF | | — | | 1,032,672 |
SoFi Be Your Own Boss ETF | | — | | 4,770,042 |
SoFi Weekly Income ETF | | 5,859,468 | | 11,082,779 |
SoFi Weekly Dividend ETF | | — | | — |
SoFi Web 3 ETF | | 7,202,640 | | 6,168,034 |
SoFi Smart Energy ETF | | 2,443,041 | | 1,264,443 |
NOTE 7 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS |
The tax character of distributions paid during the year/period ended February 28, 2023 and year/period ended February 28, 2022, was as follows:
| | Ordinary Income | ||
| | February 28, 2023 | | February 28, 2022 |
SoFi Select 500 ETF | | $5,974,658 | | $3,055,645 |
SoFi Next 500 ETF | | 731,180 | | 372,090 |
SoFi Social 50 ETF | | 142,199 | | 66,015 |
SoFi Be Your Own Boss ETF | | — | | 600,000 |
SoFi Weekly Income ETF | | 901,768 | | 837,558 |
SoFi Weekly Dividend ETF | | 299,722 | | 112,697 |
SoFi Web 3 ETF | | 13,439 | | — |
SoFi Smart Energy ETF | | — | | — |
| | Long-Term Capital Gains | ||
| | February 28, 2023 | | February 28, 2022 |
SoFi Weekly Income ETF | | $— | | $17,692 |
| | Return of Capital | ||
| | February 28, 2023 | | February 28, 2022 |
SoFi Weekly Dividend ETF | | $3,054 | | $4,803 |
As of the most recent fiscal year/period ended February 28, 2023, the components of accumulated earnings/(losses) on a tax basis were as follows:
| | SoFi Select | | SoFi Next | | SoFi Social | | SoFi Be Your Own Boss ETF | | SoFi | | SoFi | | SoFi Web | | | SoFi | | |||||||
Cost of investments(1) | | $ | 478,102,748 | | $ | 76,612,345 | | $ | 23,647,580 | | $ | 21,582,271 | | $ | 17,924,176 | | $ | 10,434,890 | | $ | 1,064,548 | | $ | 4,372,841 | |
Gross tax unrealized appreciation | | | 28,103,022 | | | 4,843,619 | | | 698,572 | | | 56,560 | | | 142,210 | | | 460,621 | | | 64,556 | | | 131,617 | |
Gross tax unrealized depreciation | |
| (44,311,401 | ) |
| (9,819,207 | ) |
| (6,944,317 | ) |
| (11,513,684 | ) |
| (1,181,194 | ) |
| (573,705 | ) |
| (155,234 | ) |
| (757,508 | ) |
Net tax unrealized appreciation (depreciation) | |
| (16,208,379 | ) |
| (4,975,588 | ) |
| (6,245,745 | ) |
| (11,457,124 | ) |
| (1,038,984 | ) |
| (113,084 | ) |
| (90,678 | ) |
| (625,892 | ) |
Undistributed ordinary income (loss) | | | 1,222,661 | | | 124,574 | | | 80,837 | | | 3,635 | | | 8,784 | | | — | | | — | | | 3,121 | |
Undistributed long-term capital gain (loss) | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
| — | |
Total distributable earnings | |
| 1,222,661 | |
| 124,574 | |
| 80,837 | |
| 3,635 | |
| 8,784 | |
| — | |
| — | |
| 3,121 | |
Other accumulated gain (loss) | |
| (12,038,776 | ) |
| (3,926,529 | ) |
| (7,647,546 | ) |
| (3,794,467 | ) |
| (544,175 | ) |
| (715,815 | ) |
| (54,737 | ) |
| (101,802 | ) |
Total accumulated gain (loss) | | $ | (27,024,494 | ) | $ | (8,777,543 | ) | $ | (13,812,454 | ) | $ | (15,247,956 | ) | $ | (1,574,375 | ) | $ | (828,899 | ) | $ | (145,415 | ) | $ | (724,573 | ) |
(1)The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales.
(2)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
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Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Funds’ next taxable year. As of February 28, 2023, the Funds had no late year losses and the SoFi Web 3 ETF had post-October losses of $54,737. As of February 28, 2023, the following Funds had short-term and long-term capital loss carryovers, both of which do not expire:
Short-Term Capital Loss Carryover
SoFi Select 500 ETF | | 10,077,940 |
SoFi Next 500 ETF | | 3,104,573 |
SoFi Social 50 ETF | | 5,254,091 |
SoFi Be Your Own Boss ETF | | 686,603 |
SoFi Weekly Income ETF | | 190,965 |
SoFi Weekly Dividend ETF | | 503,413 |
SoFi Smart Energy ETF | | 67,921 |
Long-Term Capital Loss Carryover
SoFi Select 500 ETF | | 1,960,836 |
SoFi Next 500 ETF | | 821,956 |
SoFi Social 50 ETF | | 2,393,455 |
SoFi Be Your Own Boss ETF | | 3,107,864 |
SoFi Weekly Income ETF | | 353,210 |
SoFi Weekly Dividend ETF | | 212,402 |
SoFi Smart Energy ETF | | 33,881 |
NOTE 8 – CREDIT FACILITY |
U.S. Bank N.A. has made available to the following Funds a credit facility pursuant to Loan Agreements for temporary or extraordinary purposes. Credit facility details for the period ended February 28, 2023, 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 February 28, 2023 | | — |
Average interest rate, when in use | | — |
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 February 28, 2023 | | — |
Average interest rate, when in use | | — |
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 February 28, 2023 | | — |
Average interest rate, when in use | | — |
Interest expense incurred for the period ended February 28, 2023 is disclosed in the Statements of Operations, if applicable.
NOTES TO FINANCIAL STATEMENTS February 28, 2023 (Continued) |
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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 ETF are listed and traded on The NASDAQ Stock Market, LLC. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares (“Creation Units”). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Web 3 ETF 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 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 and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the corona virus (COVID-19) global pandemic. The global recovery from COVID-19 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 February 28, 2023 (Continued) |
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To the Shareholders of SoFi ETFs and
The Board of Trustees of Tidal ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF (formerly, SoFi Gig Economy ETF), SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF (formerly, iClima Distributed Smart Energy ETF) (the “Funds”), each a series of Tidal ETF Trust (the “Trust”), including the schedules of investments, as of February 28, 2023, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of February 28, 2023, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Individual Funds Constituting | | Statement Of | | Statements Of | | Financial Highlights |
SoFi Select 500 ETF and SoFi Next 500 ETF | | For the year ended February 28, 2023 | | For the two years ended | | For the three years ended February 28, 2023 and for the period April 10, 2019 (commencement of operations) to February 29, 2020
|
SoFi Social 50 ETF and SoFi Be Your Own Boss ETF (formerly, SoFi Gig Economy ETF) | | For the year ended February 28, 2023 | | For the two years ended | | For the three years ended February 28, 2023 and for the period May 7, 2019 (commencement of operations) to February 29, 2020 |
SoFi Weekly Income ETF | | For the year ended February 28, 2023 | | For the two years ended | | For the two years ended February 28, 2023 and for the period October 1, 2020 (commencement of operations) to February 28, 2021 |
SoFi Weekly Dividend ETF | | For the year ended February 28, 2023 | | For the year ended February 28, 2023 and for the period May 10, 2021 (commencement of operations) to February 28, 2022 | | For the year ended February 28, 2023 and for the period May 10, 2021 (commencement of operations) to February 28, 2022 |
SoFi Web 3 ETF | | For the period August 8, 2022 (commencement of operations) to | | For the period August 8, 2022 (commencement of operations) to February 28, 2023 | | For the period August 8, 2022 (commencement of operations) to February 28, 2023 |
SoFi Smart Energy ETF (formerly, iClima Distributed Smart Energy ETF) | | For the period May 1, 2022 to February 28, 2023 | | For the period May 1, 2022 to February 28, 2023 | | For the period May 1, 2022 to February 28, 2023 |
The statements of operations and changes in net assets and the financial highlights of SoFi Smart Energy ETF (formerly iClima Distributed Smart Energy ETF) for the period July 20, 2021 (commencement of operations) to April 30, 2022, have been audited by other auditors whose report dated June 28, 2022, expressed an unqualified opinion on such statements and financial highlights.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2018.
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Continued) |
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2023 by correspondence with the custodian and brokers or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
April 27, 2023
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As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Funds’ shares, and (2) ongoing costs, including management fees of the Funds. The 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 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 September 1, 2022 to February 28, 2023.
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 | | $1,006.90 | | $— | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,024.79 | | — | |
(1)Expenses are equal to the Fund’s annualized net 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 181/365 (to reflect the most recent six month period).
SoFi Next 500 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,030.30 | | $— | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,024.79 | | — | |
(2)Expenses are equal to the Fund’s annualized net 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 181/365 (to reflect the most recent six month period).
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EXPENSE EXAMPLES For the Six-Months Ended February 28, 2023 (Unaudited) (Continued) |
SoFi Social 50 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $912.30 | | $1.38 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,023.36 | | 1.45 | |
(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 181/365 (to reflect the most recent six-month period).
SoFi Be Your Own Boss ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $974.00 | | $2.89 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,021.87 | | 2.96 | |
(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 181/365 (to reflect the most recent six month period).
SoFi Weekly Income ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,022.60 | | $2.96 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,021.87 | | 2.96 | |
(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 181/365 (to reflect the most recent six month period).
SoFi Weekly Dividend ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $1,059.80 | | $2.50 | |
Hypothetical (5% annual return before expenses) | | $1,000.00 | | $1,022.36 | | $2.46 | |
(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 181/365 (to reflect the most recent six month period).
SoFi Web 3 ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $895.80 | | $2.77 | |
Hypothetical (5% annual return before expenses) | | $1,000.00 | | $1,021.87 | | $2.96 | |
(7)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 181/365 (to reflect the most recent six month period).
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SoFi Smart Energy ETF
| | Beginning | | Ending | | Expenses | |
Actual | | $1,000.00 | | $962.70 | | $2.87 | |
Hypothetical (5% annual return before expenses) | | 1,000.00 | | 1,021.87 | | 2.96 | |
(8)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 181/365 (to reflect the most recent six month period).
EXPENSE EXAMPLES For the Six-Months Ended February 28, 2023 (Unaudited) (Continued) |
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Name, Address |
| Position |
| Term of |
| Principal |
| Number of |
| Other Directorships |
Independent Trustees(1) | ||||||||||
Mark H.W. Baltimore c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1967 | | Trustee | | Indefinite term; since 2018 | | Co-Chief Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset management compliance services firm) (since 2019); Chief Executive Officer, Global Sight, LLC (asset management distribution consulting firm) (2016-2018). | | 46 | | None |
Dusko Culafic c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1958 | | Trustee | | Indefinite term; since 2018 | | Retired (since 2018); Senior Operational Due Diligence Analyst, Aurora Investment Management, LLC (2012–2018). | | 46 | | None |
Eduardo Mendoza c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1966 | | Trustee | | Indefinite term; since 2018 | | Chief Financial Officer (since 2022), Executive Vice President - Head of Capital Markets & Corporate Development (since 2019), Advisor (2017-2019), Credijusto (financial technology company). | | 46 | | None |
Interested Trustee and Executive Officer | ||||||||||
Eric W. Falkeis (2) c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1973 | | President, Principal Executive Officer, Interested Trustee, Chairman, and Secretary | | President and Principal Executive Officer since 2019, Indefinite term; Interested Trustee, Chairman, and Secretary since 2018, Indefinite term | | Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018). | | 46 | | Trustee, Tidal ETF Trust II (8 series) (since 2022); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (25 series) (since 2011); Interested Trustee, Direxion Funds, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014–2018). |
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TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued) |
Name, Address |
| Position |
| Term of |
| Principal |
| Number of |
| Other Directorships |
Executive Officers | ||||||||||
Daniel H. Carlson c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1955 | | Senior Vice President and AML Compliance Officer | | Senior Vice President since 2022, Indefinite term; AML Compliance Officer since 2018, Indefinite term | | Chief Financial Officer and Managing Member (since 2012), Chief Compliance Officer (2012 to 2023), Toroso Investments, LLC. | | Not Applicable | | Not Applicable |
Aaron J. Perkovich c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1973 | | Treasurer, Principal Financial Officer, and Principal Accounting Officer | | Indefinite term; since 2022 | | Fund Administration Manager, Tidal ETF Services LLC (since 2022); Assistant Director – Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). | | Not Applicable | | Not Applicable |
William H. Woolverton, Esq. c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1951 | | Chief Compliance Officer | | Indefinite term; since 2021 | | Chief Compliance Officer (since 2023), Compliance Advisor (2022 to 2023), Toroso Investments, LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Senior Compliance Advisor, Cipperman Compliance Services, LLC (2020 to 2022); Operating Partner, Altamont Capital Partners (private equity firm) (2021 to present); Managing Director and Head of Legal - US, Waystone (global governance solutions) (2016 to 2019). | | Not Applicable | | Not Applicable |
Ally L. Mueller c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1979 | | Assistant Treasurer | | Indefinite term; since 2022 | | Head of ETF Launches and Finance Director, Tidal ETF Services LLC (since 2019). | | Not Applicable | | Not Applicable |
Cory R. Akers c/o U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 Born: 1978 | | Assistant Secretary | | Indefinite term; since 2019 | | Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2006). | | Not Applicable | | Not Applicable |
(1)All Independent Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
(2)Mr. Falkeis is considered an “interested person” of the Trust due to his positions as President, Principal Executive Officer, Chairman and Secretary of the Trust, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.
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The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met at a meeting held on September 14, 2022 to consider the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Weekly Income ETF (the “Fund”), a series of the Trust, and Toroso Investments, LLC, the Fund’s investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the renewal 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 considering 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 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 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 Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Charles Ragauss, who serves as a portfolio manager of the Fund, as well as the responsibilities of other key personnel of the Adviser 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 employed by the Fund.
The Board also considered other services provided to the Fund, such as monitoring adherence to the Fund’s investment strategy and restrictions, oversight of Income Research + Management (“IR+M” or, the “Sub-Adviser”), the Fund’s sub-adviser, and other 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 an actively-managed ETF. The Board noted that IR+M is responsible for trade execution and portfolio investment decisions for the Fund, subject to the supervision of the Adviser.
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 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 considered the investment performance of the Fund and the Adviser. The Board considered the Fund’s performance against its benchmark index and peer group. The Board also considered that because the portfolio investment decision-making for the Fund is performed by IR+M, the Fund’s investment sub- adviser, the Fund’s performance is not the direct result of investment decisions made by the Adviser
The Board discussed the performance of the Fund on both an absolute basis and in comparison to its benchmark index (the Blomberg 1-3 Year Credit 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. multisector bond funds) (the “Morningstar Peer Group”). The Board noted that the Fund underperformed the Blomberg 1-3 Year Credit Index for the year-to-date and one-year periods ended June 30, 2022, but outperformed the Index for the since inception period ended June 30, 2022. The Board also noted that the performance of the Fund was above the Morningstar Peer Group average for the year-to-date and one-year periods ended July 31, 2022.
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After considering all of the information, the Board concluded that the performance of the Fund was satisfactory under current market conditions and that the Adviser has the necessary expertise and resources in providing investment advisory services in accordance with the Fund’s investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that the Fund and its shareholders were likely to benefit from the Adviser’s continued management.
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 the 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 the Fund’s Rule 12b-1 Plan. The Board noted that the Adviser continued to be responsible for compensating the Trust’s other service providers and paying the 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. The Board noted that the Fund’s advisory fee of 0.59% was above the Morningstar Peer Group average of 0.57%, and the Fund’s expense ratio of 0.59% was above the Morningstar Peer Group average of 0.52%.
The Board concluded that the 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 Fund by the Adviser given the nature of the Fund’s 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 Fund, 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 Fund from the revenues of its overall investment advisory business.
4.Extent of Economies of Scale as the Fund Grows. The Board compared the Fund’s expenses relative to its Morningstar Peer Group and discussed realized and potential economies of scale. The Board considered the potential economies of scale that the Fund might realize under the structure of the 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 structures.
5.Benefits 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 fees are reasonable in light of the services that the Adviser provides to each of the Fund; and (c) the approval of renewal of the Advisory Agreement for an additional one-year term was in the best interests of the Fund and its shareholders.
At the meeting held on September 14, 2022, the Board also considered the renewal of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the Fund, entered into between the Adviser and IR+M. Prior to this meeting, the Board requested and received materials to assist them in considering the renewal of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Sub-Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and the Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreement, due diligence materials prepared by the Sub-Adviser (including the due diligence response completed by the Sub-Adviser with respect to a specific request letter from outside legal counsel to the Trust and the Independent Trustees, the Sub-Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Sub-Adviser, biographical information of key management and compliance personnel, and the Sub-Adviser’s compliance manual and code of ethics) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Independent Trustees), approved the renewal of the Sub-Advisory Agreement for an additional one-year term.
Basis for TrusteeS’ Approval of Investment Advisory AND SUB-ADVISORY AgreementS (Continued) |
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Discussion of Factors Considered
In considering the renewal of the Sub-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 IR+M’s overall services provided to the Fund as well as its specific responsibilities in aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of William A. O’Malley, James E. Gubitosi, and William O’Neill who each serve as a portfolio manager for the Fund, as well as the responsibilities of other key personnel of the IR+M involved in the day-to-day activities of the Fund. The Board reviewed the due diligence information provided by IR+M, including information regarding the IR+M’s compliance program, its compliance personnel and compliance record, as well as IR+M’s cybersecurity program and business continuity plan. The Board noted that IR+M does not manage any other accounts that utilize a strategy similar to that employed by the Fund. The Board also considered other services provided to the Fund by IR+M. The Board noted that the Sub-Adviser is responsible for selecting investments for the Fund. The Board concluded that IR+M had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the IR+M Sub-Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services provided to the Fund, as well as the IR+M’s compliance program, were satisfactory.
2.Investment Performance of the Fund and the Sub-Adviser. In considering Fund performance, the Board noted that IR+M is responsible for selecting investments for the Fund. Accordingly, the Board discussed the performance of the Fund on both an absolute basis and in comparison to its benchmark index (the Blomberg 1-3 Year Credit 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. multisector bond funds) (the “Morningstar Peer Group”). The Board noted that the Fund underperformed the Blomberg 1-3 Year Credit Index for the year-to-date and one-year periods ended June 30, 2022, but outperformed the Index for the since inception period ended June 30, 2022. The Board also noted that the performance of the Fund was above the Morningstar Peer Group average for the year-to-date and one-year periods ended July 31, 2022.
After considering all of the information, the Board concluded that the performance of the Fund was satisfactory under current market conditions and that IR+M has the necessary expertise and resources in providing investment advisory services in accordance with the Fund’s investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that the Fund and its shareholders were likely to benefit from IR+M’s continued management.
3.Cost of Services Provided and Profits Realized by the Sub-Adviser. The Board considered the structure of the sub-advisory fees paid by the Adviser to IR+M under the IR+M Sub-Advisory Agreement. The Board noted that the Adviser represented to the Board that the sub-advisory fees payable under the IR+M Sub-Advisory Agreement were reasonable in light of the services performed by IR+M. Since the sub-advisory fees are paid by the Adviser, the overall advisory fees paid by the Fund are not directly affected by the sub-advisory fees paid to IR+M. Consequently, the Board did not consider the cost of services provided by IR+M or profitability from its relationship with the Fund to be material factors for consideration given that IR+M is not affiliated with the Adviser and, therefore, the sub-advisory fees paid to IR+M were negotiated on an arm’s-length basis. Based on all of these factors, the Board concluded that the sub-advisory fees paid to IR+M by the Adviser reflected appropriate allocations of the advisory fees and were reasonable in light of the services provided by IR+M.
4.Extent of Economies of Scale as the Fund Grows. Since the sub-advisory fees payable to IR+M are not paid by the Fund, the Board did not consider whether the sub-advisory fees should reflect any realized or potential economies of scale that might be realized as the Fund’s assets increase.
5.Benefits Derived from the Relationship with the Fund. The Board considered the direct and indirect benefits that could be received by the IR+M from its association with the Fund. The Board concluded that the benefits IR+M 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 IR+M Sub-Advisory Agreement are fair and reasonable; (b) the sub-advisory fees are reasonable in light of the services that IR+M provides to the Fund; and (c) the approval of renewal of the IR+M Sub-Advisory Agreement for an additional one-year term was in the best interests of the Fund and its shareholders.
Basis for TrusteeS’ Approval of Investment Advisory AND SUB-ADVISORY AgreementS (Continued) |
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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 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, SoFi Web 3 ETF, and SoFi Smart Energy ETF (the “Funds”), 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 Funds’ 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 has also delegated certain responsibilities under the Program to the investment sub-adviser of the SoFi Weekly Income ETF; however, the Program Administrator remains responsible for the overall administration and operation of the Program. 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 21, 2022, the Board reviewed the Program Administrator’s written annual report for the period October 1, 2021 through September 30, 2022 (the “Report”). The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The risk is managed by monitoring the degree of liquidity of a fund’s investments, limiting the amount of illiquid investments and utilizing various risk management tools and facilities available to a fund, among other means. The Trust has engaged the services of ICE Data Services, a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s assessment. The Report noted that no material changes had been made to the Program during the review period. The Program Administrator determined that the Program is reasonably designed and operating effectively.
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QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION (Unaudited) |
For the period ended February 28, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
SoFi Select 500 ETF | | 75.03% |
SoFi Next 500 ETF | | 45.19% |
SoFi Social 50 ETF | | 44.56% |
SoFi Be Your Own Boss ETF | | 0.00% |
SoFi Weekly Income ETF | | 1.79% |
SoFi Weekly Dividend ETF | | 100.00% |
SoFi Web 3 ETF | | 6.00% |
SoFi Smart Energy ETF | | 0.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended February 28, 2023, was as follows:
SoFi Select 500 ETF | | 71.07% |
SoFi Next 500 ETF | | 43.26% |
SoFi Social 50 ETF | | 44.50% |
SoFi Be Your Own Boss ETF | | 0.00% |
SoFi Weekly Income ETF | | 1.19% |
SoFi Weekly Dividend ETF | | 44.53% |
SoFi Web 3 ETF | | 3.59% |
SoFi Smart Energy ETF | | 0.00% |
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the period ended February 28, 2023, was as follows:
SoFi Select 500 ETF | | 0.00% |
SoFi Next 500 ETF | | 0.00% |
SoFi Social 50 ETF | | 0.00% |
SoFi Be Your Own Boss ETF | | 0.00% |
SoFi Weekly Income ETF | | 0.00% |
SoFi Weekly Dividend ETF | | 0.00% |
SoFi Web 3 ETF | | 0.00% |
SoFi Smart Energy ETF | | 0.00% |
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.
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/etfs.
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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.
INFORMATION ABOUT THE FUNDS’ TRUSTEES (Unaudited) |
Investment Adviser
Toroso Investments, LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
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.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Dusko Culafic is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
SoFi Select 500 ETF
FYE 02/28/2023 | FYE 02/28/2022 | |
Audit Fees | $13,125 | $12,500 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | $2,500 |
All Other Fees | N/A | N/A |
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SoFi Next 500 ETF
FYE 02/28/2023 | FYE 02/28/2022 | |
Audit Fees | $13,125 | $12,500 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | $2,500 |
All Other Fees | N/A | N/A |
SoFi Social 50 ETF
FYE 02/28/2023 | FYE 02/28/2022 | |
Audit Fees | $13,125 | $12,500 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | $2,500 |
All Other Fees | N/A | N/A |
SoFi Be Your Own Boss ETF
FYE 02/28/2023 | FYE 02/28/2022 | |
Audit Fees | $13,125 | $12,500 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | $2,500 |
All Other Fees | N/A | N/A |
SoFi Weekly Income ETF
FYE 02/28/2023 | FYE 02/28/2022 | |
Audit Fees | $13,125 | $12,500 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | $2,500 |
All Other Fees | N/A | N/A |
SoFi Weekly Dividend ETF
FYE 02/28/2023 | FYE 02/28/2022 | |
Audit Fees | $13,125 | $12,500 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | $2,500 |
All Other Fees | N/A | N/A |
SoFi Smart Energy ETF
FYE 02/28/2023 | FYE 04/30/2022 | |
Audit Fees | $13,125 | $12,500 |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | $3,000 |
All Other Fees | N/A | N/A |
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SoFi Web 3 ETF
FYE 02/28/2023 | FYE 02/28/2022 | |
Audit Fees | $13,125 | N/A |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,625 | N/A |
All Other Fees | N/A | N/A |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
Non-Audit Related Fees | FYE 02/28/2023 | FYE 02/28/2022 |
Registrant | N/A | N/A |
Registrant’s Investment Adviser | N/A | N/A |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two year.
Non-Audit Related Fees | FYE 02/28/2023 | FYE 02/28/2022 |
Registrant | N/A | N/A |
Registrant’s Investment Adviser | N/A | N/A |
The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
Item 5. Audit Committee of Listed Registrants.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dusko Culafic, Eduardo Mendoza, and Mark H.W. Baltimore.
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Item 6. Investments.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.
Item 11. Controls and Procedures.
(a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
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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. Filed 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 | May 8, 2023 |
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 | May 8, 2023 |
By (Signature and Title)* | /s/ Aaron J. Perkovich | |
Aaron J. Perkovich, Treasurer/Principal Financial Officer |
Date | May 8, 2023 |
* Print the name and title of each signing officer under his or her signature.
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