SoFi Be Your Own Boss ETF | ||||||||
SCHEDULE OF INVESTMENTS at May 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Common Stocks - 99.8% | ||||||||
Advertising Services - 1.1% | ||||||||
The Trade Desk, Inc. - Class A (1)(2) | 1,026 | $ | 71,902 | |||||
Applications Software - 5.9% | ||||||||
Five9, Inc. (1) | 954 | 63,069 | ||||||
Materialise NV - ADR (1) | 7,158 | 66,712 | ||||||
Microsoft Corp. (2) | 248 | 81,441 | ||||||
Monday.com Ltd. (1)(2) | 1,090 | 196,418 | ||||||
407,640 | ||||||||
Auto Manufacturers - 1.6% | ||||||||
Rivian Automotive, Inc. - Class A (1)(2) | 1,804 | 26,573 | ||||||
Tesla, Inc. (1)(2) | 393 | 80,144 | ||||||
106,717 | ||||||||
Commercial Services - 0.4% | ||||||||
IWG PLC (1) | 15,001 | 27,033 | ||||||
Commercial Services - Finance - 12.5% | ||||||||
Adyen NV (1) | 56 | 91,152 | ||||||
Block, Inc. - Class A (1) | 3,182 | 192,161 | ||||||
PayPal Holdings, Inc. (1)(2) | 2,467 | 152,929 | ||||||
Shift4 Payments, Inc. - Class A (1)(2) | 1,980 | 124,186 | ||||||
StoneCo Ltd. - Class A (1) | 16,253 | 203,650 | ||||||
Yeahka Ltd. (1) | 35,685 | 91,170 | ||||||
855,248 | ||||||||
Communications Software - 1.0% | ||||||||
2U, Inc. (1) | 9,184 | 36,736 | ||||||
Zoom Video Communications, Inc. - Class A (1) | 464 | 31,148 | ||||||
67,884 | ||||||||
Computer Software - 10.1% | ||||||||
Cloudflare, Inc. - Class A (1) | 965 | 66,740 | ||||||
DraftKings, Inc. - Class A (1) | 7,377 | 172,179 | ||||||
Dropbox, Inc. - Class A (1) | 1,935 | 44,544 | ||||||
Fastly, Inc. (1)(2) | 3,729 | 60,708 | ||||||
Lightspeed Commerce, Inc. (1) | 4,284 | 57,834 | ||||||
MongoDB, Inc. - Class A (1) | 143 | 42,012 | ||||||
Snowflake, Inc. (1)(2) | 1,040 | 171,974 | ||||||
Splunk, Inc. (1) | 610 | 60,567 | ||||||
Twilio, Inc. - Class A (1) | 261 | 18,171 | ||||||
694,729 | ||||||||
Computers - Other - 3.1% | ||||||||
Nano Dimension Ltd. - ADR (1)(2) | 33,467 | 80,655 | ||||||
Stratasys Ltd. (1) | 9,081 | 132,129 | ||||||
212,784 | ||||||||
Data Processing & Management - 0.2% | ||||||||
DocuSign, Inc. (1) | 232 | 13,085 | ||||||
E-Commerce & Products - 8.6% | ||||||||
Alibaba Group Holding Ltd. - ADR (1) | 1,843 | 146,611 | ||||||
eBay, Inc. | 712 | 30,289 | ||||||
Etsy, Inc. (1) | 343 | 27,800 | ||||||
Farfetch Ltd. - Class A (1) | 4,222 | 20,814 | ||||||
JD.com, Inc. - Class A - ADR (2) | 2,913 | 94,964 | ||||||
JD.com, Inc. - Class A | 452 | 7,269 | ||||||
PDD Holdings, Inc. - ADR (1) | 1,961 | 128,093 | ||||||
Rakuten Group, Inc. | 19,696 | 81,200 | ||||||
Sea Ltd. - Class A - ADR (1) | 976 | 56,032 | ||||||
593,072 | ||||||||
E-Commerce & Services - 10.4% | ||||||||
Airbnb, Inc. - Class A (1)(2) | 1,512 | 165,972 | ||||||
BASE, Inc. (1) | 4,374 | 8,327 | ||||||
Demae-Can Co. Ltd. | 3,536 | 10,959 | ||||||
Fiverr International Ltd. (1)(2) | 1,341 | �� | 35,121 | |||||
Lyft, Inc. - Class A (1)(2) | 2,289 | 20,647 | ||||||
MercadoLibre, Inc. (1)(2) | 184 | 227,976 | ||||||
Uber Technologies, Inc. (1)(2) | 4,192 | 159,003 | ||||||
Upwork, Inc. (1) | 10,647 | 87,305 | ||||||
715,310 | ||||||||
E-Marketing - Information - 0.5% | ||||||||
Jumia Technologies AG - ADR (1)(2) | 11,259 | 31,413 | ||||||
Enterprise Software & Services - 7.4% | ||||||||
HubSpot, Inc. (1)(2) | 234 | 121,210 | ||||||
Salesforce, Inc. (1) | 330 | 73,715 | ||||||
UiPath, Inc. - Class A (1) | 14,327 | 256,310 | ||||||
Workday, Inc. - Class A (1) | 252 | 53,422 | ||||||
504,657 | ||||||||
Entertainment Software - 8.8% | ||||||||
Bilibili, Inc. - ADR - Class Z - ADR (1)(2) | 1,962 | 30,725 | ||||||
HUYA, Inc. - Class A - ADR (1) | 18,756 | 54,580 | ||||||
NetEase, Inc. - ADR | 1,615 | 137,404 | ||||||
ROBLOX Corp. - Class A (1) | 5,366 | 224,621 | ||||||
Unity Software, Inc. (1)(2) | 5,161 | 153,385 | ||||||
600,715 | ||||||||
Finance - Consumer Loans - 1.3% | ||||||||
Dave, Inc. - Class A (1) | 475 | 2,546 | ||||||
LendingClub Corp. (1) | 3,664 | 30,045 | ||||||
LendingTree, Inc. (1) | 944 | 17,265 | ||||||
Upstart Holdings, Inc. (1) | 1,341 | 36,529 | ||||||
86,385 | ||||||||
Finance - Other Services - 2.9% | ||||||||
Coinbase Global, Inc. - Class A (1)(2) | 3,159 | 196,490 | ||||||
Internet Application Software - 4.6% | ||||||||
Shopify, Inc. - Class A (1)(2) | 5,555 | 317,690 | ||||||
Internet Content - Entertainment - 6.7% | ||||||||
JOYY, Inc. - Class A - ADR (2) | 2,628 | 65,175 | ||||||
Pinterest, Inc. - Class A (1) | 2,368 | 56,690 | ||||||
Snap, Inc. - Class A (1) | 6,686 | 68,197 | ||||||
Spotify Technology SA (1) | 1,809 | 269,360 | ||||||
459,422 | ||||||||
Internet Content - Information & News - 3.9% | ||||||||
Meituan - Class B (1) | 5,260 | 74,039 | ||||||
Nerdy, Inc. - Class A (1) | 20,754 | 53,753 | ||||||
Tencent Holdings Ltd. | 3,573 | 141,765 | ||||||
269,557 | ||||||||
Medical - HMO - 1.9% | ||||||||
Oscar Health, Inc. - Class A (1) | 17,919 | 131,525 | ||||||
Medical - Outpatient & Home Medicine - 1.3% | ||||||||
Teladoc Health, Inc. (1) | 3,702 | 85,701 | ||||||
Metal Processors & Fabrication - 1.4% | ||||||||
Proto Labs, Inc. (1) | 3,075 | 94,587 | ||||||
Property & Casualty Insurance - 1.6% | ||||||||
Lemonade, Inc. (1)(2) | 6,050 | 106,601 | ||||||
Real Estate Operations & Development - 0.0% (3) | ||||||||
WeWork, Inc. - Class A (1)(2) | 5,292 | 907 | ||||||
Transport - Services - 0.7% | ||||||||
DiDi Global, Inc. - Class A - ADR (1) | 19,791 | 50,665 | ||||||
Web Portals & ISPs - 2.0% | ||||||||
Baidu, Inc. - Class A - ADR (1) | 1,134 | 139,312 | ||||||
Yandex NV - Class A (1)(4) | 4,764 | 0 | ||||||
139,312 | ||||||||
Total Common Stocks | ||||||||
(Cost $17,185,922) | 6,841,031 | |||||||
Short-Term Investments - 0.2% | ||||||||
Money Market Funds - 0.2% | ||||||||
First American Government Obligations Fund, Class X, 4.970% (5) | 17,086 | 17,086 | ||||||
Total Short-Term Investments | ||||||||
(Cost $17,086) | 17,086 | |||||||
Investments Purchased with Proceeds from Securities Lending - 34.0% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.290% (5) | 2,332,695 | 2,332,695 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | ||||||||
(Cost $2,332,695) | 2,332,695 | |||||||
Total Investments in Securities - 134.0% | ||||||||
(Cost $19,535,703) | 9,190,812 | |||||||
Liabilities in Excess of Other Asset - (34.0)% | (2,333,191 | ) | ||||||
Total Net Assets - 100.0% | $ | 6,857,621 |
ADR | American Depositary Receipt. | ||||
(1) | Non-income producing security. | ||||
(2) | This security or a portion of this security was out on loan as of May 31, 2023. Total loaned securities had a value of $2,293,191 or 33.4% of net assets. 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 security is fair valued by the Fair Valuation Committee. | ||||
(5) | The rate shown is the annualized seven-day effective yield as of May 31, 2023. |
Summary of Fair Value Exposure at May 31, 2023 (Unaudited) | |||||||||
The SoFi Be Your Own Boss ETF (the “Fund”) utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are: | |||||||||
• Level 1 �� Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. • Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default rates and similar data. • Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. | |||||||||
The following is a summary of the inputs used to value the Fund’s investments as of May 31, 2023: |
Description | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks (1) | $ | – | $ | 6,841,031 | $ | – | $ | 0 | (2) | $ | 6,841,031 | ||||||||
Short-Term Investments | - | 17,086 | - | - | 17,086 | ||||||||||||||
Investments Purchased With Collateral From Securities Lending (3) | 2,332,695 | - | - | - | 2,332,695 | ||||||||||||||
Total Investments in Securities | $ | 2,332,695 | $ | 6,858,117 | $ | – | $ | 0 | $ | 9,190,812 | |||||||||
Common Stocks (2) | |||||||||||||||||||
Balance as of February 28, 2023 | $ | 0 | |||||||||||||||||
Accrued discounts/premiums | - | ||||||||||||||||||
Realized gain (loss) | - | ||||||||||||||||||
Change in unrealized appreciation/depreciation | - | ||||||||||||||||||
Purchases | - | ||||||||||||||||||
Sales | - | ||||||||||||||||||
Transfer into and/or out of Level 3 | - | ||||||||||||||||||
Balance as of May 31, 2023 | $ | 0 | |||||||||||||||||
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at May 31, 2023: | $ | - | |||||||||||||||||
(1) See Schedule of Investments for industry breakout. | |||||||||||||||||||
(2) The Level 3 securities (Common Stocks) are fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible. | |||||||||||||||||||
(3) 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. |