SoFi Web 3 ETF | ||||||||
SCHEDULE OF INVESTMENTS at May 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Common Stocks - 99.7% | ||||||||
Advertising - 0.2% | ||||||||
S4 Capital PLC (1) | 1,893 | $ | 2,820 | |||||
Apparel - 0.6% | ||||||||
PLBY Group, Inc. (1) | 5,425 | 8,192 | ||||||
Commercial Services - 16.4% | ||||||||
Bakkt Holdings, Inc. - Class A (1)(2) | 12,448 | 17,676 | ||||||
Block, Inc. - Class A (1) | 219 | 13,226 | ||||||
Creek & River Co. Ltd. | 1,276 | 17,526 | ||||||
Marathon Digital Holdings, Inc. (1)(2) | 5,956 | 58,309 | ||||||
Riot Platforms, Inc. (1)(2) | 8,450 | 101,400 | ||||||
208,137 | ||||||||
Computers - 10.0% | ||||||||
Apple, Inc. | 264 | 46,794 | ||||||
TaskUS, Inc. - Class A (1) | 280 | 3,038 | ||||||
TELUS International CDA, Inc. - SVS (1) | 2,077 | 32,240 | ||||||
Vuzix Corp. (1) | 9,087 | 45,617 | ||||||
127,689 | ||||||||
Diversified Financial Services - 12.0% | ||||||||
Applied Digital Corp. (1) | 2,374 | 19,870 | ||||||
Coinbase Global, Inc. - Class A (1)(2) | 1,018 | 63,320 | ||||||
SBI Holdings Inc/Japan | 2,012 | 37,586 | ||||||
Upstart Holdings, Inc. (1) | 1,185 | 32,279 | ||||||
153,055 | ||||||||
Entertainment - 8.8% | ||||||||
AMC Entertainment Holdings, Inc. (1)(2) | 6,034 | 27,153 | ||||||
DraftKings, Inc. - Class A (1) | 3,243 | 75,692 | ||||||
Madison Square Garden Sports Corp. - Class A | 56 | 9,892 | ||||||
112,737 | ||||||||
Internet - 20.4% | ||||||||
Alphabet, Inc. - Class A (1) | 330 | 40,547 | ||||||
Amazon.com, Inc. (1) | 361 | 43,529 | ||||||
Meta Platforms, Inc. - Class A (1) | 371 | 98,211 | ||||||
Overstock.com, Inc. (1) | 1,489 | 27,889 | ||||||
Robinhood Markets, Inc. - Class A (1) | 3,820 | 34,075 | ||||||
Snap, Inc. - Class A (1)(2) | 1,539 | 15,698 | ||||||
259,949 | ||||||||
Investment Companies - 1.6% | ||||||||
Galaxy Digital Holdings Ltd. (1) | 5,111 | 20,417 | ||||||
Real Estate - 1.8% | ||||||||
eXp World Holdings, Inc. (2) | 1,518 | 23,362 | ||||||
Retail - 3.7% | ||||||||
GameStop Corp. (1)(2) | 1,980 | 47,619 | ||||||
Semiconductors - 15.0% | ||||||||
Ambarella, Inc. (1) | 174 | 12,584 | ||||||
CEVA, Inc. (1) | 333 | 8,332 | ||||||
Himax Technologies, Inc. - ADR | 4,232 | 29,116 | ||||||
Intel Corp. | 860 | 27,038 | ||||||
NVIDIA Corp. | 301 | 113,880 | ||||||
190,950 | ||||||||
Software - 6.1% | ||||||||
C3.ai, Inc. - Class A (1) | 427 | 17,084 | ||||||
ROBLOX Corp. - Class A (1) | 318 | 13,311 | ||||||
Unity Software, Inc. (1)(2) | 804 | 23,895 | ||||||
Veritone, Inc. (1) | 5,925 | 23,345 | ||||||
77,635 | ||||||||
Toys, Games & Hobbies - 3.1% | ||||||||
Funko, Inc. - Class A (1) | 2,945 | 35,929 | ||||||
Vinco Ventures, Inc. (1) | 1,866 | 4,068 | ||||||
39,997 | ||||||||
Total Common Stocks | ||||||||
(Cost $1,165,498) | 1,272,559 | |||||||
Short-Term Investments - 0.1% | ||||||||
Money Market Funds - 0.1% | ||||||||
First American Government Obligations Fund, Class X, 4.970% (3) | 1,061 | 1,061 | ||||||
Total Short-Term Investments | ||||||||
(Cost $1,061) | 1,061 | |||||||
Investments Purchased with Proceeds from Securities Lending - 27.9% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.290% (3) | 356,576 | 356,576 | ||||||
Total Investments Purchased with Proceeds from Securities Lending | ||||||||
(Cost $356,576) | 356,576 | |||||||
Total Investments in Securities - 127.7% | ||||||||
(Cost $1,523,135) | 1,630,196 | |||||||
Liabilities in Excess of Other Assets - (27.7)% | (353,575 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,276,621 |
ADR | American Depositary Receipt | ||||
SVS | Subordinate Voting Shares | ||||
(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 $347,383 or 27.2% of net assets. 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 May 31, 2023. |
Summary of Fair Value Exposure at May 31, 2023 (Unaudited) | |||||
The SoFi Web 3 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: |
Investments in Securities | Investments Measured at Net Asset Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Common Stocks (1) | $ | – | $ | 1,272,559 | $ | – | $ | – | $ | 1,272,559 | |||||||||
Short-Term Investments | – | 1,061 | – | – | 1,061 | ||||||||||||||
Investments Purchased With Collateral From Securities Lending (2) | 356,576 | – | – | – | 356,576 | ||||||||||||||
Total Investments in Securities | $ | 356,576 | $ | 1,273,620 | $ | – | $ | – | $ | 1,630,196 | |||||||||
(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. |