UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number(811-23377)
Tidal ETF Trust
(Exact name of registrant as specified in charter)
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Name and address of agent for service)
(844) 986-7676
Registrant's telephone number, including area code
Date of fiscal year end:February 28
Date of reporting period:August 31, 2019
Item 1. Reports to Stockholders.
SoFi Select 500 ETF
Ticker: SFY
SoFi Next 500 ETF
Ticker: SFYX
SoFi 50 ETF
Ticker: SFYF
SoFi Gig Economy ETF
Ticker: GIGE
Semi-Annual Report
August 31, 2019
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the Funds’ reports from your financial intermediary, such as a broker dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other Fund communications electronically.
You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.
SoFi Funds
TABLE OF CONTENTS |
A Message to our Shareholders | 1 |
Portfolio Allocations | 3 |
Schedules of Investments | 5 |
Statements of Assets and Liabilities | 24 |
Statements of Operations | 25 |
Statements of Changes in Net Assets | 26 |
Financial Highlights | 30 |
Notes to Financial Statements | 31 |
Expense Examples | 38 |
Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements | 41 |
Information about Proxy Voting | 44 |
Information about the Portfolio Holdings | 44 |
Frequency Distribution of Premiums and Discounts | 44 |
Information about the Funds’ Trustees | 44 |
SoFi Funds
The SoFi Select 500 ETF (“SFY”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index (the “Index”). SFY, via its Index, is composed of 500 of the largest publicly traded U.S. companies. The strategy utilizes a proprietary mix of market capitalization and fundamental factors, weighting each company based on three proprietary key growth signals—not traditional market capitalization as many indexed exchange trade funds (“ETFs”) do. Constraints are applied at the time of Index rebalance with the intention of providing a diversified portfolio across all US sectors. The information presented in this report relates to the since inception performance ended August 31, 2019, the current fiscal period.
Since the inception date of April 10, 2019, SFY generated a total return of 1.74% (NAV) and 1.68% (Market). This compares to the 1.73% total return of its Index, and the 2.12% 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, Industrials, Energy, and Financials were the leading contributors while Consumer Discretionary, Utilities, and Materials were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Worldpay Inc., Chevron, and Walmart. Conversely, the leading detractors included Amazon, Netflix, Tesla, and Proctor & Gamble.
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 “Index”). The Index follows a rules-based methodology that tracks the performance of the 500 smallest of the 1,000 largest U.S.-listed companies weighted based on a proprietary mix of their market capitalization and fundamental factors. The information presented in this report relates to the since inception performance ended August 31, 2019, the current fiscal period.
Since the inception date of April 10, 2019, SFYX generated a total return of -1.33% (NAV) and -1.36% (Market). This compares to the -1.31% total return of its Index, and the -2.65% 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, Real Estate was the only positive sector and therefore leading contributor while Information Technology, Consumer Staples, and Consumer Discretionary were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Roku, Altice USA Inc., and Exact Sciences Corp. Conversely, the leading detractors included Chemours, Bluebird Bio, and EQT Corp.
The SoFi 50 ETF
The SoFi 50 ETF (“SFYF”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US 50 Growth Index (the “Index”). The Index follows a rules-based methodology that tracks the performance of an equal-weighted portfolio of 50 of the 1,000 largest U.S.-listed companies based on a proprietary composite score calculated based on certain fundamental factors. A proprietary composite score is then calculated for each company in the Eligible Universe based on three growth-oriented fundamental factors of each company: trailing 12-month sales growth, trailing 12-month earnings per share (“EPS”) growth, and 12-month forward-looking EPS growth consensus estimates. For each factor, the scores for all companies in the Eligible Universe are adjusted to account for outliers, and each company’s score is calculated relative to the average score for that factor. The information presented in this report relates to the since inception performance ended August 31, 2019, the current fiscal period.
Since the inception date of May 8, 2019, SFYF generated a total return of -5.37% (NAV) and -5.35% (Market). This compares to the -5.30% total return of its Index for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Health Care and Real Estate were the leading contributors while Energy, Information Technology, and Materials were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Haemonetics Corp, Neurocrine Biosciences, and Altice USA. Conversely, the leading detractors included DXC Technology, Concho Resources and Occidental Petroleum.
The SoFi Gig Economy ETF
The SoFi Gig Economy ETF (“GIGE”) is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective primarily by investing in a portfolio of companies listed around the world that Toroso Investments, LLC, GIGE’s investment adviser (the “Adviser”), considers part of the “gig economy”. 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
1 |
SoFi Funds
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 information presented in this report relates to the since inception performance ended August 31, 2019, the current fiscal period.
Since the inception date of May 8, 2019, GIGE generated a total return of -6.27% (NAV) and -6.25% (Market).
From a sector perspective, based on performance attribution to the overall portfolio, Energy was the only sector with a positive contribution to overall performance. While Communication Services, Industrials, and Information Technology detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Pinduoduo Inc. - ADR, Pinterest, Shopify, and JD.com. Conversely, the leading detractors included Jumia Technologies - ADR, Baidu, Tian GE Interactive Holdings, and Uber.
Past performance does not guarantee future results.
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by visiting www.sofi.com/invest/etfs. Please read the prospectus carefully before you invest.
Investors buy and sell ETF shares through a brokerage account or an investment advisor. Like ordinary stocks, brokerage commissions, and/or transaction costs or services fees may apply. Please consult your broker or financial advisor for their fee schedule.
There is no guarantee that the 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. 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 the Fund’s expenses. The Fund is new and has a limited operating history. You can lose money on your investment in the Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Because the Fund may invest in a single sector, country or industry, its shares do not represent a complete investment program. As a non-diversified fund, the value of the 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.
Holdings are subject to change.
SoFi ETFs are distributed by Foreside Fund Services, LLC. Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, the Adviser, the Sub-Adviser, 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 SoFi Funds. SoFi has provided support in developing the methodology used by each Index 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.
2 |
SoFi Funds
SoFi Select 500 ETF Portfolio Allocationsat August 31, 2019 (Unaudited) |
Sector | % of Net Assets |
Consumer (Non-Cyclical) | 19.4% |
Communications | 19.3 |
Technology | 18.7 |
Financial | 16.7 |
Consumer (Cyclical) | 8.2 |
Industrial | 7.7 |
Energy | 5.4 |
Utilities | 2.7 |
Basic Materials | 1.7 |
Cash & Cash Equivalents (1) | 0.2 |
Total | 100.0% |
(1) | Represents cash, short-term investments and other assets in excess of liabilities. |
SoFi Next 500 ETF Portfolio Allocationsat August 31, 2019 (Unaudited) |
Sector | % of Net Assets |
Financial | 25.5% |
Consumer (Non-Cyclical) | 19.4 |
Industrial | 15.6 |
Technology | 11.2 |
Consumer (Cyclical) | 11.1 |
Communications | 7.9 |
Basic Materials | 3.5 |
Energy | 2.9 |
Utilities | 2.7 |
Cash & Cash Equivalents (1) | 0.2 |
Total | 100.0% |
(1) | Represents cash, short-term investments and other assets in excess of liabilities. |
3 |
SoFi Funds
SoFi 50 ETF Portfolio Allocationsat August 31, 2019 (Unaudited) |
Sector | % of Net Assets |
Consumer (Non-Cyclical) | 27.6% |
Energy | 19.7 |
Financial | 15.5 |
Communications | 12.5 |
Technology | 10.4 |
Industrial | 6.4 |
Consumer (Cyclical) | 6.1 |
Basic Materials | 1.6 |
Cash & Cash Equivalents (1) | 0.2 |
Total | 100.0% |
(1) | Represents cash, short-term investments and other assets in excess of liabilities. |
SoFi GIg Economy ETF Portfolio Allocationsat August 31, 2019 (Unaudited) |
Sector | % of Net Assets |
Communications | 62.2% |
Technology | 19.0 |
Consumer (Non-Cyclical) | 11.4 |
Financial | 4.5 |
Industrial | 2.1 |
Cash & Cash Equivalents (1) | 0.5 |
Consumer (Cyclical) | 0.3 |
Total | 100.0% |
(1) | Represents cash, short-term investments and other liabilities in excess of assets. |
4 |
SoFi Select 500 ETF
Schedule of Investments at August 31, 2019 (Unaudited) |
| Shares | Value | ||||||
Advertising - 0.1% | ||||||||
The Interpublic Group of Companies, Inc. | 729 | $ | 14,493 | |||||
Omnicom Group, Inc. | 352 | 26,773 | ||||||
41,266 | ||||||||
Aerospace & Defense - 2.3% | ||||||||
Arconic, Inc. | 524 | 13,540 | ||||||
The Boeing Co. | 1,098 | 399,771 | ||||||
General Dynamics Corp. | 539 | 103,094 | ||||||
L3Harris Technologies, Inc. | 332 | 70,188 | ||||||
Lockheed Martin Corp. | 477 | 183,220 | ||||||
Northrop Grumman Corp. | 325 | 119,558 | ||||||
Raytheon Co. | 524 | 97,108 | ||||||
TransDigm Group, Inc. | 105 | 56,524 | ||||||
United Technologies Corp. | 1,479 | 192,625 | ||||||
1,235,628 | ||||||||
Agriculture - 0.7% | ||||||||
Altria Group, Inc. | 2,997 | 131,089 | ||||||
Archer-Daniels-Midland Co. | 898 | 34,169 | ||||||
Philip Morris International, Inc. | 2,734 | 197,094 | ||||||
362,352 | ||||||||
Airlines - 0.4% | ||||||||
Alaska Air Group, Inc. | 238 | 14,213 | ||||||
American Airlines Group, Inc. | 747 | 19,654 | ||||||
Delta Air Lines, Inc. | 1,150 | 66,539 | ||||||
Southwest Airlines Co. | 889 | 46,513 | ||||||
United Airlines Holdings, Inc. (1) | 459 | 38,698 | ||||||
185,617 | ||||||||
Apparel - 0.5% | ||||||||
Kontoor Brands, Inc. | 88 | 3,013 | ||||||
Nike, Inc. - Class B | 2,170 | 183,365 | ||||||
PVH Corp. | 149 | 11,294 | ||||||
Tapestry, Inc. | 687 | 14,187 | ||||||
VF Corp. | 706 | 57,857 | ||||||
269,716 | ||||||||
Auto Manufacturers - 0.7% | ||||||||
Ford Motor Co. | 5,844 | 53,589 | ||||||
General Motors Co. | 1,984 | 73,587 | ||||||
PACCAR, Inc. | 816 | 53,497 | ||||||
Tesla, Inc. (1) | 737 | 166,275 | ||||||
346,948 | ||||||||
Auto Parts & Equipment - 0.1% | ||||||||
BorgWarner, Inc. | 715 | 23,331 | ||||||
Lear Corp. | 116 | 13,022 | ||||||
36,353 |
| Shares | Value | ||||||
Banks - 5.5% | ||||||||
Bank of America Corp. | 18,359 | $ | 505,056 | |||||
The Bank of New York Mellon Corp. | 1,795 | 75,498 | ||||||
BB&T Corp. | 1,372 | 65,376 | ||||||
Citigroup, Inc. | 4,316 | 277,734 | ||||||
Citizens Financial Group, Inc. | 890 | 30,028 | ||||||
Comerica, Inc. | 337 | 20,776 | ||||||
Fifth Third Bancorp | 1,293 | 34,200 | ||||||
First Republic Bank | 385 | 34,542 | ||||||
The Goldman Sachs Group, Inc. | 782 | 159,458 | ||||||
Huntington Bancshares, Inc. | 2,321 | 30,753 | ||||||
JPMorgan Chase & Co. | 5,921 | 650,481 | ||||||
KeyCorp | 2,240 | 37,184 | ||||||
M&T Bank Corp. | 245 | 35,821 | ||||||
Morgan Stanley | 3,483 | 144,510 | ||||||
Northern Trust Corp. | 431 | 37,898 | ||||||
The PNC Financial Services Group, Inc. | 857 | 110,493 | ||||||
Regions Financial Corp. | 1,848 | 27,018 | ||||||
State Street Corp. | 745 | 38,226 | ||||||
SunTrust Banks, Inc. | 792 | 48,716 | ||||||
SVB Financial Group (1) | 150 | 29,193 | ||||||
US Bancorp | 2,717 | 143,159 | ||||||
Wells Fargo & Co. | 7,342 | 341,917 | ||||||
2,878,037 | ||||||||
Beverages - 1.7% | ||||||||
Brown-Forman Corp. - Class B | 545 | 32,150 | ||||||
The Coca-Cola Co. | 5,618 | 309,215 | ||||||
Constellation Brands, Inc. - Class A | 308 | 62,940 | ||||||
Keurig Dr Pepper, Inc. | 2,318 | 63,235 | ||||||
Molson Coors Brewing Co. - Class B | 493 | 25,320 | ||||||
Monster Beverage Corp. (1) | 1,016 | 59,609 | ||||||
PepsiCo, Inc. | 2,439 | 333,484 | ||||||
885,953 | ||||||||
Biotechnology - 2.1% | ||||||||
Alexion Pharmaceuticals, Inc. (1) | 728 | 73,353 | ||||||
Alnylam Pharmaceuticals, Inc. (1) | 234 | 18,882 | ||||||
Amgen, Inc. | 1,047 | 218,425 | ||||||
Biogen, Inc. (1) | 363 | 79,769 | ||||||
BioMarin Pharmaceutical, Inc. (1) | 291 | 21,842 | ||||||
Celgene Corp. (1) | 1,701 | 164,657 | ||||||
Corteva, Inc. | 2,252 | 66,029 | ||||||
Gilead Sciences, Inc. | 1,577 | 100,203 | ||||||
Illumina, Inc. (1) | 335 | 94,249 | ||||||
Incyte Corp. (1) | 431 | 35,264 | ||||||
Regeneron Pharmaceuticals, Inc. (1) | 283 | 82,084 |
The accompanying notes are an integral part of these financial statements.
5 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Biotechnology - 2.1% (Continued) | ||||||||
Vertex Pharmaceuticals, Inc. (1) | 971 | $ | 174,799 | |||||
1,129,556 | ||||||||
Building Materials - 0.2% | ||||||||
Johnson Controls International PLC | 955 | 40,769 | ||||||
Martin Marietta Materials, Inc. | 108 | 27,407 | ||||||
Masco Corp. | 540 | 21,994 | ||||||
Vulcan Materials Co. | 245 | 34,607 | ||||||
124,777 | ||||||||
Chemicals - 1.4% | ||||||||
Air Products & Chemicals, Inc. | 362 | 81,783 | ||||||
Albemarle Corp. | 259 | 15,988 | ||||||
Celanese Corp. | 276 | 31,290 | ||||||
DuPont de Nemours, Inc. | 2,252 | 152,978 | ||||||
Eastman Chemical Co. | 253 | 16,539 | ||||||
Ecolab, Inc. | 527 | 108,725 | ||||||
FMC Corp. | 418 | 36,086 | ||||||
International Flavors & Fragrances, Inc. | 209 | 22,938 | ||||||
LyondellBasell Industries NV | 851 | 65,850 | ||||||
The Mosaic Co. | 1,487 | 27,346 | ||||||
PPG Industries, Inc. | 441 | 48,858 | ||||||
The Sherwin-Williams Co. | 217 | 114,305 | ||||||
Westlake Chemical Corp. | 379 | 22,206 | ||||||
744,892 | ||||||||
Commercial Services - 2.3% | ||||||||
Automatic Data Processing, Inc. | 788 | 133,834 | ||||||
Cintas Corp. | 227 | 59,882 | ||||||
CoStar Group, Inc. (1) | 106 | 65,176 | ||||||
Equifax, Inc. | 186 | 27,227 | ||||||
FleetCor Technologies, Inc. (1) | 192 | 57,293 | ||||||
Gartner, Inc. (1) | 232 | 31,011 | ||||||
Global Payments, Inc. | 264 | 43,819 | ||||||
IHS Markit Ltd. (1) | 1,226 | 80,438 | ||||||
Moody’s Corp. | 436 | 93,993 | ||||||
Nielsen Holdings PLC | 437 | 9,072 | ||||||
PayPal Holdings, Inc. (1) | 2,733 | 298,034 | ||||||
Rollins, Inc. | 681 | 22,343 | ||||||
S&P Global, Inc. | 405 | 105,377 | ||||||
Square, Inc. - Class A (1) | 795 | 49,163 | ||||||
Total System Services, Inc. | 267 | 35,837 | ||||||
TransUnion | 446 | 37,308 | ||||||
United Rentals, Inc. (1) | 172 | 19,360 | ||||||
Verisk Analytics, Inc. | 330 | 53,308 | ||||||
1,222,475 | ||||||||
Computers - 4.8% | ||||||||
Accenture PLC - Class A | 1,162 | 230,274 |
| Shares | Value | ||||||
Computers - 4.8% (Continued) | ||||||||
Amdocs Ltd. | 219 | $ | 14,178 | |||||
Apple, Inc. | 8,702 | 1,816,456 | ||||||
Cognizant Technology Solutions Corp. | 1,055 | 64,766 | ||||||
DXC Technology Co. | 456 | 15,148 | ||||||
Fortinet, Inc. (1) | 630 | 49,883 | ||||||
Hewlett Packard Enterprise Co. | 1,878 | 25,954 | ||||||
HP, Inc. | 3,155 | 57,705 | ||||||
International Business Machines Corp. | 1,353 | 183,372 | ||||||
NetApp, Inc. | 527 | 25,328 | ||||||
Seagate Technology PLC | 536 | 26,913 | ||||||
Western Digital Corp. | 331 | 18,956 | ||||||
2,528,933 | ||||||||
Cosmetics & Personal Care - 1.3% | ||||||||
Colgate-Palmolive Co. | 1,293 | 95,876 | ||||||
Coty, Inc. | 2,888 | 27,580 | ||||||
The Estee Lauder Company, Inc. - Class A | 439 | 86,918 | ||||||
The Procter & Gamble Co. | 4,044 | 486,210 | ||||||
696,584 | ||||||||
Distribution & Wholesale - 0.2% | ||||||||
Copart, Inc. (1) | 474 | 35,735 | ||||||
Fastenal Co. | 1,185 | 36,284 | ||||||
LKQ Corp. (1) | 659 | 17,312 | ||||||
WW Grainger, Inc. | 109 | 29,828 | ||||||
119,159 | ||||||||
Diversified Financial Services - 4.9% | ||||||||
Alliance Data Systems Corp. | 104 | 12,787 | ||||||
Ally Financial, Inc. | 664 | 20,816 | ||||||
American Express Co. | 1,608 | 193,555 | ||||||
Ameriprise Financial, Inc. | 313 | 40,371 | ||||||
BlackRock, Inc. | 312 | 131,839 | ||||||
Capital One Financial Corp. | 850 | 73,627 | ||||||
Cboe Global Markets, Inc. | 462 | 55,052 | ||||||
The Charles Schwab Corp. | 3,251 | 124,416 | ||||||
CME Group, Inc. - Class A | 706 | 153,407 | ||||||
Discover Financial Services | 574 | 45,903 | ||||||
E*TRADE Financial Corp. | 631 | 26,338 | ||||||
Franklin Resources, Inc. | 751 | 19,736 | ||||||
Intercontinental Exchange, Inc. | 860 | 80,393 | ||||||
Invesco Ltd. | 661 | 10,377 | ||||||
Mastercard, Inc. - Class A | 2,254 | 634,208 | ||||||
Nasdaq, Inc. | 376 | 37,540 | ||||||
Raymond James Financial, Inc. | 298 | 23,396 | ||||||
Synchrony Financial | 1,307 | 41,889 | ||||||
T. Rowe Price Group, Inc. | 500 | 55,310 | ||||||
TD Ameritrade Holding Corp. | 1,797 | 79,805 |
The accompanying notes are an integral part of these financial statements.
6 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Diversified Financial Services - 4.9% (Continued) | ||||||||
Visa, Inc. - Class A | 4,014 | $ | 725,811 | |||||
The Western Union Co. | 974 | 21,545 | ||||||
2,608,121 | ||||||||
Electric - 2.6% | ||||||||
AES Corp. | 534 | 8,186 | ||||||
Alliant Energy Corp. | 381 | 19,983 | ||||||
Ameren Corp. | 378 | 29,163 | ||||||
American Electric Power Co., Inc. | 936 | 85,316 | ||||||
Avangrid, Inc. | 496 | 25,068 | ||||||
CenterPoint Energy, Inc. | 981 | 27,164 | ||||||
CMS Energy Corp. | 458 | 28,877 | ||||||
Consolidated Edison, Inc. | 452 | 40,183 | ||||||
Dominion Energy, Inc. | 1,333 | 103,481 | ||||||
DTE Energy Co. | 354 | 45,900 | ||||||
Duke Energy Corp. | 1,231 | 114,163 | ||||||
Edison International | 435 | 31,437 | ||||||
Entergy Corp. | 228 | 25,727 | ||||||
Evergy, Inc. | 742 | 48,230 | ||||||
Eversource Energy | 532 | 42,629 | ||||||
Exelon Corp. | 1,578 | 74,576 | ||||||
FirstEnergy Corp. | 597 | 27,462 | ||||||
NextEra Energy, Inc. | 855 | 187,313 | ||||||
PG&E Corp. (1) | 486 | 5,079 | ||||||
Pinnacle West Capital Corp. | 176 | 16,775 | ||||||
PPL Corp. | 1,177 | 34,780 | ||||||
Public Service Enterprise Group, Inc. | 1,075 | 65,005 | ||||||
Sempra Energy | 451 | 63,875 | ||||||
The Southern Co. | 1,722 | 100,324 | ||||||
Vistra Energy Corp. | 1,123 | 28,019 | ||||||
WEC Energy Group, Inc. | 480 | 45,970 | ||||||
Xcel Energy, Inc. | 795 | 51,055 | ||||||
1,375,740 | ||||||||
Electrical Components & Equipment - 0.2% | ||||||||
AMETEK, Inc. | 463 | 39,785 | ||||||
Emerson Electric Co. | 1,149 | 68,469 | ||||||
108,254 | ||||||||
Electronics - 1.0% | ||||||||
Agilent Technologies, Inc. | 624 | 44,373 | ||||||
Amphenol Corp. | 650 | 56,901 | ||||||
Fortive Corp. | 543 | 38,499 | ||||||
Garmin Ltd. | 342 | 27,897 | ||||||
Honeywell International, Inc. | 1,182 | 194,581 | ||||||
Keysight Technologies, Inc. (1) | 435 | 42,134 | ||||||
Mettler-Toledo International, Inc. (1) | 50 | 32,839 | ||||||
TE Connectivity Ltd. | 570 | 51,995 |
| Shares | Value | ||||||
Electronics - 1.0% (Continued) | ||||||||
Waters Corp. (1) | 131 | $ | 27,758 | |||||
516,977 | ||||||||
Entertainment - 0.0% (2) | ||||||||
Live Nation Entertainment, Inc. (1) | 322 | 22,382 | ||||||
Environmental Control - 0.3% | ||||||||
Republic Services, Inc. | 535 | 47,749 | ||||||
Waste Management, Inc. | 743 | 88,677 | ||||||
136,426 | ||||||||
Food - 1.1% | ||||||||
Campbell Soup Co. | 333 | 14,985 | ||||||
Conagra Brands, Inc. | 710 | 20,136 | ||||||
General Mills, Inc. | 981 | 52,778 | ||||||
The Hershey Co. | 244 | 38,669 | ||||||
Hormel Foods Corp. | 875 | 37,284 | ||||||
The JM Smucker Co. | 123 | 12,935 | ||||||
Kellogg Co. | 590 | 37,052 | ||||||
The Kraft Heinz Co. | 1,291 | 32,946 | ||||||
The Kroger Co. | 1,361 | 32,228 | ||||||
McCormick & Co., Inc. | 254 | 41,369 | ||||||
Mondelez International, Inc. | 2,326 | 128,442 | ||||||
Sysco Corp. | 904 | 67,194 | ||||||
Tyson Foods, Inc. - Class A | 484 | 45,031 | ||||||
561,049 | ||||||||
Forest Products & Paper - 0.1% | ||||||||
International Paper Co. | 744 | 29,090 | ||||||
Gas - 0.0% (2) | ||||||||
Atmos Energy Corp. | 178 | 19,621 | ||||||
Hand & Machine Tools - 0.1% | ||||||||
Snap-on, Inc. | 104 | 15,463 | ||||||
Stanley Black & Decker, Inc. | 262 | 34,809 | ||||||
50,272 | ||||||||
Healthcare - Products - 3.9% | ||||||||
Abbott Laboratories | 4,064 | 346,741 | ||||||
ABIOMED, Inc. (1) | 161 | 31,084 | ||||||
Align Technology, Inc. (1) | 210 | 38,453 | ||||||
Baxter International, Inc. | 811 | 71,328 | ||||||
Becton Dickinson and Co. | 602 | 152,860 | ||||||
Boston Scientific Corp. (1) | 3,381 | 144,470 | ||||||
The Cooper Companies, Inc. | 111 | 34,382 | ||||||
Danaher Corp. | 1,151 | 163,546 | ||||||
DENTSPLY SIRONA, Inc. | 229 | 11,942 | ||||||
Edwards Lifesciences Corp. (1) | 385 | 85,408 | ||||||
Henry Schein, Inc. (1) | 241 | 14,850 | ||||||
Hologic, Inc. (1) | 363 | 17,921 |
The accompanying notes are an integral part of these financial statements.
7 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Healthcare - Products - 3.9% (Continued) | ||||||||
IDEXX Laboratories, Inc. (1) | 169 | $ | 48,966 | |||||
Intuitive Surgical, Inc. (1) | 278 | 142,153 | ||||||
Medtronic PLC | 2,155 | 232,503 | ||||||
ResMed, Inc. | 255 | 35,522 | ||||||
Stryker Corp. | 742 | 163,730 | ||||||
Teleflex, Inc. | 108 | 39,303 | ||||||
Thermo Fisher Scientific, Inc. | 832 | 238,834 | ||||||
Varian Medical Systems, Inc. (1) | 131 | 13,877 | ||||||
Zimmer Biomet Holdings, Inc. | 232 | 32,294 | ||||||
2,060,167 | ||||||||
Healthcare - Services - 1.7% | ||||||||
Anthem, Inc. | 404 | 105,654 | ||||||
Centene Corp. (1) | 864 | 40,280 | ||||||
DaVita, Inc. (1) | 177 | 9,977 | ||||||
HCA Healthcare, Inc. | 549 | 65,990 | ||||||
Humana, Inc. | 211 | 59,757 | ||||||
IQVIA Holdings, Inc. (1) | 573 | 88,901 | ||||||
Laboratory Corp. of America Holdings (1) | 156 | 26,139 | ||||||
Quest Diagnostics, Inc. | 172 | 17,608 | ||||||
UnitedHealth Group, Inc. | 1,796 | 420,264 | ||||||
Universal Health Services, Inc. - Class B | 132 | 19,085 | ||||||
WellCare Health Plans, Inc. (1) | 116 | 31,406 | ||||||
885,061 | ||||||||
Home Builders - 0.2% | ||||||||
D.R. Horton, Inc. | 798 | 39,477 | ||||||
Lennar Corp. - Class A | 959 | 48,909 | ||||||
NVR, Inc. (1) | 6 | 21,594 | ||||||
PulteGroup, Inc. | 580 | 19,604 | ||||||
129,584 | ||||||||
Home Furnishings - 0.0% (2) | ||||||||
Whirlpool Corp. | 70 | 9,736 | ||||||
Household Products & Wares - 0.3% | ||||||||
Church & Dwight Co., Inc. | 452 | 36,060 | ||||||
The Clorox Co. | 218 | 34,479 | ||||||
Kimberly-Clark Corp. | 524 | 73,942 | ||||||
144,481 | ||||||||
Insurance - 3.3% | ||||||||
Aflac, Inc. | 1,113 | 55,850 | ||||||
Alleghany Corp. (1) | 37 | 27,724 | ||||||
The Allstate Corp. | 536 | 54,881 | ||||||
American International Group, Inc. | 6,145 | 319,786 | ||||||
Aon PLC | 360 | 70,146 |
| Shares | Value | ||||||
Insurance - 3.3% (Continued) | ||||||||
Arch Capital Group Ltd. (1) | 761 | $ | 30,060 | |||||
Arthur J. Gallagher & Co. | 349 | 31,658 | ||||||
Berkshire Hathaway, Inc. - Class B (1) | 2,231 | 453,808 | ||||||
Chubb Ltd. | 686 | 107,208 | ||||||
Cincinnati Financial Corp. | 213 | 23,960 | ||||||
CNA Financial Corp. | 431 | 20,313 | ||||||
Everest Re Group Ltd. | 116 | 27,362 | ||||||
Globe Life, Inc. | 172 | 15,353 | ||||||
The Hartford Financial Services Group, Inc. | 585 | 34,094 | ||||||
Lincoln National Corp. | 372 | 19,671 | ||||||
Loews Corp. | 479 | 23,026 | ||||||
Markel Corp. (1) | 21 | 24,005 | ||||||
Marsh & McLennan Companies, Inc. | 873 | 87,204 | ||||||
MetLife, Inc. | 789 | 34,953 | ||||||
Principal Financial Group, Inc. | 482 | 25,652 | ||||||
The Progressive Corp. | 1,389 | 105,286 | ||||||
Prudential Financial, Inc. | 648 | 51,898 | ||||||
The Travelers Companies, Inc. | 416 | 61,135 | ||||||
Unum Group | 336 | 8,538 | ||||||
Willis Towers Watson PLC | 224 | 44,345 | ||||||
1,757,916 | ||||||||
Internet - 14.2% | ||||||||
Alphabet, Inc. - Class A (1) | 792 | 942,900 | ||||||
Alphabet, Inc. - Class C (1) | 921 | 1,094,240 | ||||||
Amazon.com, Inc. (1) | 1,701 | 3,021,469 | ||||||
Booking Holdings, Inc. (1) | 104 | 204,506 | ||||||
CDW Corp. | 272 | 31,416 | ||||||
eBay, Inc. | 1,392 | 56,084 | ||||||
Expedia Group, Inc. - Class A | 275 | 35,777 | ||||||
F5 Networks, Inc. (1) | 107 | 13,774 | ||||||
Facebook, Inc. - Class A (1) | 7,602 | 1,411,463 | ||||||
GoDaddy, Inc. - Class A (1) | 161 | 10,198 | ||||||
IAC/InterActiveCorp (1) | 87 | 22,154 | ||||||
Netflix, Inc. (1) | 1,453 | 426,819 | ||||||
Palo Alto Networks, Inc. (1) | 200 | 40,724 | ||||||
Snap, Inc. - Class A (1) | 3,869 | 61,246 | ||||||
Symantec Corp. | 887 | 20,623 | ||||||
Twitter, Inc. (1) | 812 | 34,632 | ||||||
VeriSign, Inc. (1) | 202 | 41,178 | ||||||
7,469,203 | ||||||||
Iron & Steel - 0.1% | ||||||||
Nucor Corp. | 849 | 41,584 | ||||||
Leisure Time - 0.2% | ||||||||
Carnival Corp. | 899 | 39,628 |
The accompanying notes are an integral part of these financial statements.
8 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Leisure Time - 0.2% (Continued) | ||||||||
Norwegian Cruise Line Holdings Ltd. (1) | 434 | $ | 22,025 | |||||
Royal Caribbean Cruises Ltd. | 345 | 35,977 | ||||||
97,630 | ||||||||
Lodging - 0.5% | ||||||||
Hilton Worldwide Holdings, Inc. | 655 | 60,502 | ||||||
Las Vegas Sands Corp. | 1,433 | 79,489 | ||||||
Marriott International, Inc. | 638 | 80,426 | ||||||
MGM Resorts International | 964 | 27,050 | ||||||
Wynn Resorts Ltd. | 262 | 28,859 | ||||||
276,326 | ||||||||
Machinery - Construction & Mining - 0.1% | ||||||||
Caterpillar, Inc. | 664 | 79,016 | ||||||
Machinery - Diversified - 0.8% | ||||||||
Cummins, Inc. | 357 | 53,289 | ||||||
Deere & Co. | 853 | 132,138 | ||||||
Dover Corp. | 222 | 20,810 | ||||||
IDEX Corp. | 136 | 22,401 | ||||||
Rockwell Automation, Inc. | 217 | 33,156 | ||||||
Roper Technologies, Inc. | 219 | 80,321 | ||||||
Wabtec Corp. | 383 | 26,507 | ||||||
Xylem, Inc. | 425 | 32,559 | ||||||
401,181 | ||||||||
Media - 2.0% | ||||||||
CBS Corp. - Class B | 655 | 27,549 | ||||||
Charter Communications, Inc. - Class A (1) | 382 | 156,464 | ||||||
Comcast Corp. - Class A | 8,228 | 364,171 | ||||||
DISH Network Corp. - Class A (1) | 326 | 10,941 | ||||||
Liberty Broadband Corp. - Class C (1) | 191 | 20,139 | ||||||
Sirius XM Holdings, Inc. | 8,743 | 53,944 | ||||||
Viacom, Inc. - Class B | 583 | 14,563 | ||||||
The Walt Disney Co. | 2,943 | 403,956 | ||||||
1,051,727 | ||||||||
Mining - 0.2% | ||||||||
Freeport-McMoRan, Inc. | 5,780 | 53,118 | ||||||
Newmont Goldcorp Corp. | 664 | 26,487 | ||||||
79,605 | ||||||||
Miscellaneous Manufacturers - 1.0% | ||||||||
3M Co. | 1,162 | 187,919 | ||||||
Eaton Corp. PLC | 750 | 60,540 | ||||||
General Electric Co. | 8,885 | 73,301 | ||||||
Illinois Tool Works, Inc. | 579 | 86,769 | ||||||
Ingersoll-Rand PLC | 388 | 46,983 |
| Shares | Value | ||||||
Miscellaneous Manufacturers - 1.0% (Continued) | ||||||||
Parker-Hannifin Corp. | 307 | $ | 50,891 | |||||
Textron, Inc. | 382 | 17,190 | ||||||
523,593 | ||||||||
Office & Business Equipment - 0.0% (2) | ||||||||
Xerox Holdings Corp. | 314 | 9,103 | ||||||
Zebra Technologies Corp. (1) | 60 | 12,302 | ||||||
21,405 | ||||||||
Oil & Gas - 4.5% | ||||||||
Apache Corp. | 912 | 19,672 | ||||||
Cabot Oil & Gas Corp. | 749 | 12,823 | ||||||
Chevron Corp. | 6,426 | 756,469 | ||||||
Concho Resources, Inc. | 1,083 | 79,221 | ||||||
ConocoPhillips | 1,464 | 76,391 | ||||||
Continental Resources, Inc. | 809 | 23,623 | ||||||
Devon Energy Corp. | 696 | 15,305 | ||||||
Diamondback Energy, Inc. | 910 | 89,253 | ||||||
EOG Resources, Inc. | 1,012 | 75,080 | ||||||
Exxon Mobil Corp. | 10,764 | 737,119 | ||||||
Hess Corp. | 503 | 31,664 | ||||||
Marathon Oil Corp. | 1,563 | 18,506 | ||||||
Marathon Petroleum Corp. | 2,096 | 103,144 | ||||||
Noble Energy, Inc. | 782 | 17,658 | ||||||
Occidental Petroleum Corp. | 1,194 | 51,927 | ||||||
Phillips 66 | 1,413 | 139,364 | ||||||
Pioneer Natural Resources Co. | 448 | 55,292 | ||||||
Valero Energy Corp. | 1,044 | 78,592 | ||||||
2,381,103 | ||||||||
Oil & Gas Services - 0.3% | ||||||||
Baker Hughes, a GE Co. - Class A | 2,033 | 44,096 | ||||||
Halliburton Co. | 2,038 | 38,396 | ||||||
National Oilwell Varco, Inc. | 630 | 12,871 | ||||||
Schlumberger Ltd. | 2,244 | 72,773 | ||||||
168,136 | ||||||||
Packaging & Containers - 0.2% | ||||||||
Ball Corp. | 627 | 50,417 | ||||||
Packaging Corp. of America | 169 | 16,998 | ||||||
Westrock Co. | 589 | 20,132 | ||||||
87,547 | ||||||||
Pharmaceuticals - 4.4% | ||||||||
AbbVie, Inc. | 2,987 | 196,365 | ||||||
Allergan PLC | 525 | 83,853 | ||||||
AmerisourceBergen Corp. | 362 | 29,782 | ||||||
Bristol-Myers Squibb Co. | 2,827 | 135,894 | ||||||
Cardinal Health, Inc. | 348 | 15,009 | ||||||
Cigna Corp. | 545 | 83,914 | ||||||
CVS Health Corp. | 1,477 | 89,979 | ||||||
Eli Lilly & Co. | 1,969 | 222,438 |
The accompanying notes are an integral part of these financial statements.
9 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Pharmaceuticals - 4.4% (Continued) | ||||||||
Johnson & Johnson | 4,543 | $ | 583,139 | |||||
McKesson Corp. | 221 | 30,558 | ||||||
Merck & Co., Inc. | 4,337 | 375,020 | ||||||
Mylan NV (1) | 853 | 16,608 | ||||||
Pfizer, Inc. | 9,471 | 336,694 | ||||||
Zoetis, Inc. | 905 | 114,410 | ||||||
2,313,663 | ||||||||
Pipelines - 0.6% | ||||||||
Cheniere Energy, Inc. (1) | 758 | 45,260 | ||||||
Kinder Morgan, Inc. | 4,292 | 86,999 | ||||||
ONEOK, Inc. | 1,104 | 78,693 | ||||||
Targa Resources Corp. | 1,501 | 54,216 | ||||||
The Williams Companies, Inc. | 970 | 22,892 | ||||||
288,060 | ||||||||
Private Equity - 0.0% (2) | ||||||||
KKR & Co., Inc. - Class A | 784 | 20,259 | ||||||
Real Estate - 0.1% | ||||||||
CBRE Group, Inc. (1) | 947 | 49,500 | ||||||
Real Estate Investment Trusts (REITs) - 2.9% | ||||||||
Alexandria Real Estate Equities, Inc. | 115 | 17,232 | ||||||
American Tower Corp. | 859 | 197,733 | ||||||
Annaly Capital Management, Inc. | 4,096 | 33,997 | ||||||
AvalonBay Communities, Inc. | 222 | 47,188 | ||||||
Boston Properties, Inc. | 248 | 31,848 | ||||||
Crown Castle International Corp. | 948 | 137,621 | ||||||
Digital Realty Trust, Inc. | 445 | 55,015 | ||||||
Duke Realty Corp. | 446 | 14,838 | ||||||
Equinix, Inc. | 212 | 117,931 | ||||||
Equity Residential | 574 | 48,652 | ||||||
Essex Property Trust, Inc. | 115 | 36,945 | ||||||
Extra Space Storage, Inc. | 223 | 27,188 | ||||||
Federal Realty Investment Trust | 129 | 16,668 | ||||||
HCP, Inc. | 597 | 20,722 | ||||||
Host Hotels & Resorts, Inc. | 1,173 | 18,815 | ||||||
Invitation Homes, Inc. | 1,511 | 43,456 | ||||||
Iron Mountain, Inc. | 766 | 24,397 | ||||||
Mid-America Apartment Communities, Inc. | 219 | 27,743 | ||||||
Prologis, Inc. | 1,011 | 84,540 | ||||||
Public Storage | 312 | 82,599 | ||||||
Realty Income Corp. | 539 | 39,784 | ||||||
Regency Centers Corp. | 635 | 40,964 | ||||||
SBA Communications Corp. | 215 | 56,422 | ||||||
Simon Property Group, Inc. | 520 | 77,449 | ||||||
UDR, Inc. | 586 | 28,234 |
| Shares | Value | ||||||
Real Estate Investment Trusts (REITs) - 2.9% (Continued) | ||||||||
Ventas, Inc. | 541 | $ | 39,704 | |||||
Vornado Realty Trust | 239 | 14,452 | ||||||
Welltower, Inc. | 642 | 57,498 | ||||||
Weyerhaeuser Co. | 1,392 | 36,624 | ||||||
WP Carey, Inc. | 276 | 24,785 | ||||||
1,501,044 | ||||||||
Retail - 5.3% | ||||||||
Advance Auto Parts, Inc. | 119 | 16,416 | ||||||
AutoZone, Inc. (1) | 42 | 46,271 | ||||||
Best Buy Co., Inc. | 450 | 28,642 | ||||||
CarMax, Inc. (1) | 280 | 23,318 | ||||||
Chipotle Mexican Grill, Inc. (1) | 62 | 51,982 | ||||||
Costco Wholesale Corp. | 844 | 248,777 | ||||||
Darden Restaurants, Inc. | 229 | 27,704 | ||||||
Dollar General Corp. | 466 | 72,738 | ||||||
Dollar Tree, Inc. (1) | 277 | 28,124 | ||||||
Domino’s Pizza, Inc. | 108 | 24,499 | ||||||
The Gap, Inc. | 659 | 10,406 | ||||||
Genuine Parts Co. | 312 | 28,170 | ||||||
The Home Depot, Inc. | 2,090 | 476,332 | ||||||
Kohl’s Corp. | 270 | 12,760 | ||||||
Lowe’s Company, Inc. | 1,380 | 154,836 | ||||||
McDonald’s Corp. | 1,072 | 233,664 | ||||||
O’Reilly Automotive, Inc. (1) | 142 | 54,494 | ||||||
Ross Stores, Inc. | 692 | 73,359 | ||||||
Starbucks Corp. | 2,173 | 209,825 | ||||||
Target Corp. | 952 | 101,902 | ||||||
Tiffany & Co. | 163 | 13,834 | ||||||
The TJX Companies, Inc. | 2,349 | 129,125 | ||||||
Tractor Supply Co. | 224 | 22,821 | ||||||
Ulta Beauty, Inc. (1) | 134 | 31,856 | ||||||
Walgreens Boots Alliance, Inc. | 1,729 | 88,508 | ||||||
Walmart, Inc. | 4,657 | 532,109 | ||||||
Yum! Brands, Inc. | 408 | 47,646 | ||||||
2,790,118 | ||||||||
Semiconductors - 4.1% | ||||||||
Advanced Micro Devices, Inc. (1) | 2,203 | 69,284 | ||||||
Analog Devices, Inc. | 1,084 | 119,056 | ||||||
Applied Materials, Inc. | 2,091 | 100,410 | ||||||
Broadcom, Inc. | 404 | 114,187 | ||||||
Intel Corp. | 10,744 | 509,373 | ||||||
IPG Photonics Corp. (1) | 118 | 14,600 | ||||||
KLA Corp. | 338 | 49,990 | ||||||
Lam Research Corp. | 421 | 88,625 | ||||||
Marvell Technology Group Ltd. | 832 | 19,943 | ||||||
Maxim Integrated Products, Inc. | 474 | 25,852 | ||||||
Microchip Technology, Inc. | 681 | 58,791 | ||||||
Micron Technology, Inc. (1) | 5,929 | 268,406 |
The accompanying notes are an integral part of these financial statements.
10 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Semiconductors - 4.1% (Continued) | ||||||||
NVIDIA Corp. | 1,801 | $ | 301,685 | |||||
Qorvo, Inc. (1) | 145 | 10,357 | ||||||
QUALCOMM, Inc. | 1,576 | 122,566 | ||||||
Skyworks Solutions, Inc. | 257 | 19,344 | ||||||
Texas Instruments, Inc. | 1,785 | 220,894 | ||||||
Xilinx, Inc. | 590 | 61,395 | ||||||
2,174,758 | ||||||||
Software - 9.7% | ||||||||
Activision Blizzard, Inc. | 1,300 | 65,780 | ||||||
Adobe, Inc. (1) | 1,260 | 358,483 | ||||||
Akamai Technologies, Inc. (1) | 281 | 25,045 | ||||||
ANSYS, Inc. (1) | 170 | 35,115 | ||||||
Autodesk, Inc. (1) | 312 | 44,560 | ||||||
Broadridge Financial Solutions, Inc. | 210 | 27,182 | ||||||
Cadence Design Systems, Inc. (1) | 552 | 37,801 | ||||||
Cerner Corp. | 493 | 33,973 | ||||||
Citrix Systems, Inc. | 187 | 17,387 | ||||||
Electronic Arts, Inc. (1) | 522 | 48,901 | ||||||
Fidelity National Information Services, Inc. | 2,706 | 368,611 | ||||||
Fiserv, Inc. (1) | 898 | 96,032 | ||||||
Intuit, Inc. | 599 | 172,728 | ||||||
Microsoft Corp. | 17,829 | 2,457,906 | ||||||
MSCI, Inc. | 187 | 43,876 | ||||||
Oracle Corp. | 5,548 | 288,829 | ||||||
Paychex, Inc. | 628 | 51,308 | ||||||
salesforce.com, Inc. (1) | 2,973 | 463,996 | ||||||
ServiceNow, Inc. (1) | 366 | 95,833 | ||||||
Splunk, Inc. (1) | 358 | 40,031 | ||||||
SS&C Technologies Holdings, Inc. | 1,106 | 51,551 | ||||||
Synopsys, Inc. (1) | 319 | 45,237 | ||||||
Take-Two Interactive Software, Inc. (1) | 362 | 47,773 | ||||||
Twilio, Inc. - Class A (1) | 393 | 51,275 | ||||||
Veeva Systems, Inc. - Class A (1) | 300 | 48,114 | ||||||
VMware, Inc. - Class A | 222 | 31,400 | ||||||
Workday, Inc. - Class A (1) | 406 | 71,976 | ||||||
5,120,703 | ||||||||
Telecommunications - 3.0% | ||||||||
Arista Networks, Inc. (1) | 250 | 56,655 | ||||||
AT&T, Inc. | 13,375 | 471,603 | ||||||
CenturyLink, Inc. | 1,502 | 17,093 | ||||||
Cisco Systems, Inc. | 7,503 | 351,215 | ||||||
Corning, Inc. | 1,403 | 39,074 | ||||||
Juniper Networks, Inc. | 482 | 11,163 | ||||||
Motorola Solutions, Inc. | 330 | 59,700 |
| Shares | Value | ||||||
Telecommunications - 3.0% (Continued) | ||||||||
Sprint Corp. (1) | 5,561 | $ | 37,759 | |||||
T-Mobile US, Inc. (1) | 1,601 | 124,958 | ||||||
Ubiquiti, Inc. | 146 | 16,134 | ||||||
Verizon Communications, Inc. | 7,191 | 418,229 | ||||||
1,603,583 | ||||||||
Textiles - 0.0% (2) | ||||||||
Mohawk Industries, Inc. (1) | 64 | 7,609 | ||||||
Toys, Games & Hobbies - 0.0% (2) | ||||||||
Hasbro, Inc. | 146 | 16,129 | ||||||
Transportation - 1.5% | ||||||||
CH Robinson Worldwide, Inc. | 295 | 24,925 | ||||||
CSX Corp. | 1,502 | 100,664 | ||||||
Expeditors International of Washington, Inc. | 383 | 27,231 | ||||||
FedEx Corp. | 627 | 99,448 | ||||||
JB Hunt Transport Services, Inc. | 238 | 25,714 | ||||||
Kansas City Southern | 175 | 22,015 | ||||||
Norfolk Southern Corp. | 510 | 88,765 | ||||||
Old Dominion Freight Line, Inc. | 210 | 34,390 | ||||||
Union Pacific Corp. | 1,248 | 202,126 | ||||||
United Parcel Service, Inc. - Class B | 1,470 | 174,430 | ||||||
799,708 | ||||||||
Water - 0.1% | ||||||||
American Water Works Co., Inc. | 279 | 35,522 | ||||||
Total Common Stocks | ||||||||
(Cost $52,704,228) | 52,621,835 | |||||||
Short-Term Investments - 0.0% (2) | ||||||||
Money Market Funds - 0.0% (2) | ||||||||
First American Government Obligations Fund - Class X, 2.033% (3) | 19,432 | 19,432 | ||||||
Total Short-Term Investments | ||||||||
(Cost $19,432) | 19,432 | |||||||
Total Investments in Securities - 99.8% | ||||||||
(Cost $52,723,660) | 52,641,267 | |||||||
Other Assets in Excess of Liabilities - 0.2% | 93,743 | |||||||
Total Net Assets - 100.0% | $ | 52,735,010 |
(1) | Non-income producing security. |
(2) | Does not round to 0.1%. |
(3) | The rate shown is the annualized seven-day effective yield as of August 31, 2019. |
The accompanying notes are an integral part of these financial statements.
11 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) |
| Shares | Value | ||||||
Common Stocks - 99.8% | ||||||||
Advertising - 0.5% | ||||||||
The Trade Desk, Inc. - Class A (1) | 140 | $ | 34,408 | |||||
Aerospace & Defense - 1.0% | ||||||||
Barnes Group, Inc. | 104 | 4,664 | ||||||
HEICO Corp. | 128 | 18,518 | ||||||
Spirit AeroSystems Holdings, Inc. | 218 | 17,571 | ||||||
Teledyne Technologies, Inc. (1) | 98 | 30,242 | ||||||
70,995 | ||||||||
Agriculture - 0.2% | ||||||||
Bunge Ltd. | 281 | 15,008 | ||||||
Airlines - 0.2% | ||||||||
JetBlue Airways Corp. (1) | 597 | 10,340 | ||||||
Spirit Airlines, Inc. (1) | 183 | 6,870 | ||||||
17,210 | ||||||||
Apparel - 1.2% | ||||||||
Capri Holdings Ltd. (1) | 332 | 8,758 | ||||||
Carter’s, Inc. | 92 | 8,416 | ||||||
Columbia Sportswear Co. | 168 | 15,757 | ||||||
Deckers Outdoor Corp. (1) | 118 | 17,399 | ||||||
Hanesbrands, Inc. | 788 | 10,764 | ||||||
Ralph Lauren Corp. - Class A | 66 | 5,831 | ||||||
Skechers U.S.A., Inc. - Class A (1) | 346 | 10,954 | ||||||
Under Armour, Inc. - Class A (1) | 284 | 5,285 | ||||||
83,164 | ||||||||
Auto Manufacturers - 0.1% | ||||||||
Navistar International Corp. (1) | 176 | 4,048 | ||||||
Auto Parts & Equipment - 0.6% | ||||||||
Allison Transmission Holdings, Inc. | 374 | 16,617 | ||||||
Dana, Inc. | 369 | 4,697 | ||||||
The Goodyear Tire & Rubber Co. | 477 | 5,471 | ||||||
WABCO Holdings, Inc. (1) | 129 | 17,223 | ||||||
44,008 | ||||||||
Banks - 4.9% | ||||||||
Associated Banc-Corp | 423 | 8,139 | ||||||
Bank of Hawaii Corp. | 85 | 7,028 | ||||||
Bank OZK | 298 | 7,688 | ||||||
BankUnited, Inc. | 230 | 7,305 | ||||||
BOK Financial Corp. | 170 | 12,944 | ||||||
CIT Group, Inc. | 98 | 4,174 | ||||||
Commerce Bancshares, Inc. | 245 | 13,982 | ||||||
Cullen/Frost Bankers, Inc. | 148 | 12,285 | ||||||
East West Bancorp, Inc. | 365 | 15,012 |
| Shares | Value | ||||||
Banks - 4.9% (Continued) | ||||||||
First Citizens BancShares, Inc. - Class A | 24 | $ | 10,670 | |||||
First Financial Bankshares, Inc. | 312 | 9,553 | ||||||
First Hawaiian, Inc. | 313 | 8,044 | ||||||
First Horizon National Corp. | 1,036 | 16,400 | ||||||
FNB Corp. | 926 | 9,954 | ||||||
Hancock Whitney Corp. | 217 | 7,619 | ||||||
Home BancShares, Inc. | 449 | 7,956 | ||||||
IBERIABANK Corp. | 143 | 9,866 | ||||||
PacWest Bancorp | 269 | 9,168 | ||||||
Pinnacle Financial Partners, Inc. | 315 | 16,591 | ||||||
Prosperity Bancshares, Inc. | 143 | 9,284 | ||||||
Signature Bank | 133 | 15,514 | ||||||
Synovus Financial Corp. | 402 | 14,287 | ||||||
TCF Financial Corp. | 436 | 16,812 | ||||||
Texas Capital Bancshares, Inc. (1) | 129 | 6,951 | ||||||
UMB Financial Corp. | 101 | 6,294 | ||||||
Umpqua Holdings Corp. | 493 | 7,745 | ||||||
United Bankshares, Inc. | 282 | 10,400 | ||||||
Valley National Bancorp | 912 | 9,585 | ||||||
Webster Financial Corp. | 218 | 9,758 | ||||||
Western Alliance Bancorp | 254 | 11,029 | ||||||
Wintrust Financial Corp. | 143 | 8,985 | ||||||
Zions Bancorp N.A. | 445 | 18,285 | ||||||
339,307 | ||||||||
Biotechnology - 4.5% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (1) | 100 | 33,771 | ||||||
Bluebird Bio, Inc. (1) | 298 | 30,786 | ||||||
Exact Sciences Corp. (1) | 609 | 72,605 | ||||||
Exelixis, Inc. (1) | 2,348 | 46,608 | ||||||
FibroGen, Inc. (1) | 186 | 8,307 | ||||||
Ionis Pharmaceuticals, Inc. (1) | 163 | 10,303 | ||||||
Nektar Therapeutics (1) | 612 | 10,753 | ||||||
Sage Therapeutics, Inc. (1) | 113 | 19,399 | ||||||
Seattle Genetics, Inc. (1) | 455 | 33,051 | ||||||
Spark Therapeutics, Inc. (1) | 199 | 19,385 | ||||||
Ultragenyx Pharmaceutical, Inc. (1) | 286 | 15,578 | ||||||
United Therapeutics Corp. (1) | 84 | 6,935 | ||||||
307,481 | ||||||||
Building Materials - 1.4% | ||||||||
Armstrong World Industries, Inc. | 88 | 8,401 | ||||||
Eagle Materials, Inc. | 91 | 7,661 | ||||||
Fortune Brands Home & Security, Inc. | 269 | 13,735 | ||||||
Lennox International, Inc. | 84 | 21,318 | ||||||
Louisiana-Pacific Corp. | 312 | 7,501 | ||||||
MDU Resources Group, Inc. | 396 | 10,648 | ||||||
Owens Corning | 258 | 14,799 |
The accompanying notes are an integral part of these financial statements.
12 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Building Materials - 1.4% (Continued) | ||||||||
Trex Co., Inc. (1) | 182 | $ | 15,567 | |||||
99,630 | ||||||||
Chemicals - 2.6% | ||||||||
Ashland Global Holdings, Inc. | 121 | 8,862 | ||||||
Axalta Coating Systems Ltd. (1) | 658 | 19,003 | ||||||
Cabot Corp. | 150 | 6,000 | ||||||
CF Industries Holdings, Inc. | 452 | 21,782 | ||||||
The Chemours Co. | 840 | 11,903 | ||||||
Huntsman Corp. | 561 | 11,175 | ||||||
Ingevity Corp. (1) | 132 | 10,054 | ||||||
NewMarket Corp. | 25 | 11,869 | ||||||
Olin Corp. | 733 | 12,446 | ||||||
RPM International, Inc. | 299 | 20,233 | ||||||
Sensient Technologies Corp. | 85 | 5,552 | ||||||
Univar, Inc. (1) | 256 | 4,954 | ||||||
Valvoline, Inc. | 417 | 9,424 | ||||||
Versum Materials, Inc. | 270 | 14,040 | ||||||
WR Grace & Co. | 160 | 10,834 | ||||||
178,131 | ||||||||
Coal - 0.0% (2) | ||||||||
Peabody Energy Corp. | 177 | 3,262 | ||||||
Commercial Services - 5.2% | ||||||||
2U, Inc. (1) | 191 | 3,415 | ||||||
AMERCO | 42 | 14,768 | ||||||
ASGN, Inc. (1) | 154 | 9,620 | ||||||
Booz Allen Hamilton Holding Corp. | 310 | 23,408 | ||||||
Bright Horizons Family Solutions, Inc. (1) | 130 | 21,456 | ||||||
The Brink’s Co. | 74 | 5,569 | ||||||
Chegg, Inc. (1) | 213 | 8,443 | ||||||
CoreLogic, Inc. (1) | 164 | 7,938 | ||||||
Euronet Worldwide, Inc. (1) | 131 | 20,061 | ||||||
Grand Canyon Education, Inc. (1) | 103 | 12,937 | ||||||
H&R Block, Inc. | 426 | 10,318 | ||||||
HealthEquity, Inc. (1) | 163 | 9,676 | ||||||
Insperity, Inc. | 119 | 11,788 | ||||||
LiveRamp Holdings, Inc. (1) | 64 | 2,711 | ||||||
Macquarie Infrastructure Corp. | 191 | 7,224 | ||||||
ManpowerGroup, Inc. | 114 | 9,318 | ||||||
MarketAxess Holdings, Inc. | 75 | 29,822 | ||||||
Morningstar, Inc. | 90 | 14,542 | ||||||
Paylocity Holding Corp. (1) | 238 | 25,994 | ||||||
Quanta Services, Inc. | 354 | 12,001 | ||||||
Robert Half International, Inc. | 297 | 15,881 | ||||||
Sabre Corp. | 636 | 15,035 |
| Shares | Value | ||||||
Commercial Services - 5.2% (Continued) | ||||||||
Service Corp. International | 378 | $ | 17,501 | |||||
ServiceMaster Global Holdings, Inc. (1) | 185 | 10,552 | ||||||
TriNet Group, Inc. (1) | 161 | 10,808 | ||||||
WEX, Inc. (1) | 127 | 25,978 | ||||||
356,764 | ||||||||
Computers - 2.4% | ||||||||
CACI International, Inc. (1) | 57 | 12,671 | ||||||
EPAM Systems, Inc. (1) | 154 | 29,465 | ||||||
Genpact Ltd. | 415 | 16,998 | ||||||
Leidos Holdings, Inc. | 324 | 28,305 | ||||||
Lumentum Holdings, Inc. (1) | 128 | 7,137 | ||||||
MAXIMUS, Inc. | 120 | 9,233 | ||||||
NCR Corp. (1) | 174 | 5,483 | ||||||
Nutanix, Inc. - Class A (1) | 428 | 10,370 | ||||||
Pure Storage, Inc. (1) | 667 | 10,859 | ||||||
Science Applications International Corp. | 118 | 10,385 | ||||||
Zscaler, Inc. (1) | 388 | 26,671 | ||||||
167,577 | ||||||||
Distribution & Wholesale - 0.9% | ||||||||
HD Supply Holdings, Inc. (1) | 311 | 12,101 | ||||||
IAA, Inc. (1) | 298 | 14,557 | ||||||
KAR Auction Services, Inc. | 298 | 7,915 | ||||||
Pool Corp. | 86 | 16,889 | ||||||
Watsco, Inc. | 68 | 11,121 | ||||||
62,583 | ||||||||
Diversified Financial Services - 3.1% | ||||||||
Affiliated Managers Group, Inc. | 108 | 8,276 | ||||||
Air Lease Corp. | 254 | 10,551 | ||||||
Credit Acceptance Corp. (1) | 44 | 19,917 | ||||||
Eaton Vance Corp. | 258 | 11,125 | ||||||
Evercore, Inc. - Class A | 103 | 8,215 | ||||||
Federated Investors, Inc. - Class B | 201 | 6,440 | ||||||
Interactive Brokers Group, Inc. - Class A | 246 | 11,611 | ||||||
Jefferies Financial Group, Inc. | 500 | 9,320 | ||||||
Lazard Ltd. | 275 | 9,444 | ||||||
Legg Mason, Inc. | 121 | 4,452 | ||||||
LendingTree, Inc. (1) | 44 | 13,644 | ||||||
LPL Financial Holdings, Inc. | 231 | 17,313 | ||||||
Navient Corp. | 430 | 5,478 | ||||||
OneMain Holdings, Inc. | 410 | 14,699 | ||||||
Santander Consumer USA Holdings, Inc. | 815 | 21,280 | ||||||
SEI Investments Co. | 381 | 21,911 | ||||||
SLM Corp. | 1,226 | 10,347 | ||||||
Stifel Financial Corp. | 198 | 10,577 | ||||||
214,600 |
The accompanying notes are an integral part of these financial statements.
13 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Electric - 1.2% | ||||||||
ALLETE, Inc. | 109 | $ | 9,345 | |||||
Black Hills Corp. | 144 | 11,046 | ||||||
Hawaiian Electric Industries, Inc. | 227 | 10,079 | ||||||
IDACORP, Inc. | 101 | 11,091 | ||||||
NRG Energy, Inc. | 454 | 16,526 | ||||||
OGE Energy Corp. | 422 | 18,091 | ||||||
Portland General Electric Co. | 169 | 9,614 | ||||||
85,792 | ||||||||
Electrical Components & Equipment - 1.1% | ||||||||
Acuity Brands, Inc. | 88 | 11,036 | ||||||
Energizer Holdings, Inc. | 141 | 5,429 | ||||||
EnerSys | 94 | 5,264 | ||||||
Hubbell, Inc. | 128 | 16,786 | ||||||
Littelfuse, Inc. | 71 | 11,081 | ||||||
Universal Display Corp. | 113 | 23,218 | ||||||
72,814 | ||||||||
Electronics - 3.0% | ||||||||
ADT, Inc. | 1,845 | 8,782 | ||||||
Allegion PLC | 213 | 20,505 | ||||||
Arrow Electronics, Inc. (1) | 200 | 13,840 | ||||||
Avnet, Inc. | 158 | 6,619 | ||||||
Coherent, Inc. (1) | 80 | 11,597 | ||||||
FLIR Systems, Inc. | 262 | 12,909 | ||||||
Gentex Corp. | 506 | 13,459 | ||||||
Jabil, Inc. | 385 | 11,092 | ||||||
National Instruments Corp. | 310 | 13,020 | ||||||
PerkinElmer, Inc. | 259 | 21,419 | ||||||
Sensata Technologies Holding PLC (1) | 384 | 17,503 | ||||||
SYNNEX Corp. | 130 | 10,895 | ||||||
Tech Data Corp. (1) | 91 | 8,438 | ||||||
Trimble, Inc. (1) | 661 | 24,801 | ||||||
Woodward, Inc. | 122 | 13,158 | ||||||
208,037 | ||||||||
Energy - Alternate Sources - 0.2% | ||||||||
First Solar, Inc. (1) | 171 | 10,614 | ||||||
Engineering & Construction - 1.1% | ||||||||
AECOM (1) | 380 | 13,482 | ||||||
EMCOR Group, Inc. | 108 | 9,443 | ||||||
Fluor Corp. | 289 | 5,107 | ||||||
Jacobs Engineering Group, Inc. | 400 | 35,544 | ||||||
MasTec, Inc. (1) | 188 | 11,820 | ||||||
75,396 |
| Shares | Value | ||||||
Entertainment - 1.3% | ||||||||
Churchill Downs, Inc. | 72 | $ | 8,875 | |||||
Cinemark Holdings, Inc. | 233 | 8,891 | ||||||
Eldorado Resorts, Inc. (1) | 378 | 14,557 | ||||||
International Game Technology PLC | 295 | 3,534 | ||||||
The Madison Square Garden Co. - Class A (1) | 44 | 11,103 | ||||||
Marriott Vacations Worldwide Corp. | 144 | 14,197 | ||||||
Six Flags Entertainment Corp. | 191 | 11,301 | ||||||
Vail Resorts, Inc. | 85 | 20,084 | ||||||
92,542 | ||||||||
Environmental Control - 0.2% | ||||||||
Clean Harbors, Inc. (1) | 98 | 7,208 | ||||||
Stericycle, Inc. (1) | 132 | 5,925 | ||||||
13,133 | ||||||||
Food - 1.9% | ||||||||
Flowers Foods, Inc. | 421 | 9,599 | ||||||
Ingredion, Inc. | 131 | 10,122 | ||||||
Lamb Weston Holdings, Inc. | 323 | 22,736 | ||||||
Lancaster Colony Corp. | 58 | 8,462 | ||||||
Performance Food Group Co. (1) | 241 | 11,276 | ||||||
Pilgrim’s Pride Corp. (1) | 556 | 17,325 | ||||||
Post Holdings, Inc. (1) | 214 | 21,334 | ||||||
Seaboard Corp. | 2 | 8,260 | ||||||
US Foods Holding Corp. (1) | 470 | 19,012 | ||||||
128,126 | ||||||||
Food Service - 0.3% | ||||||||
Aramark | 569 | 23,249 | ||||||
Gas - 1.3% | ||||||||
National Fuel Gas Co. | 192 | 8,974 | ||||||
New Jersey Resources Corp. | 217 | 9,925 | ||||||
NiSource, Inc. | 574 | 16,962 | ||||||
ONE Gas, Inc. | 116 | 10,627 | ||||||
Southwest Gas Holdings, Inc. | 127 | 11,586 | ||||||
Spire, Inc. | 104 | 8,830 | ||||||
UGI Corp. | 401 | 19,517 | ||||||
86,421 | ||||||||
Hand & Machine Tools - 0.6% | ||||||||
Colfax Corp. (1) | 247 | 6,718 | ||||||
Kennametal, Inc. | 107 | 3,198 | ||||||
Lincoln Electric Holdings, Inc. | 159 | 13,127 | ||||||
MSA Safety, Inc. | 85 | 8,979 | ||||||
Regal Beloit Corp. | 89 | 6,310 | ||||||
38,332 |
The accompanying notes are an integral part of these financial statements.
14 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Healthcare - Products - 2.9% | ||||||||
Bio-Techne Corp. | 86 | $ | 16,475 | |||||
Bruker Corp. | 344 | 14,851 | ||||||
Haemonetics Corp. (1) | 87 | 11,617 | ||||||
Hill-Rom Holdings, Inc. | 146 | 15,721 | ||||||
ICU Medical, Inc. (1) | 99 | 16,013 | ||||||
Insulet Corp. (1) | 173 | 26,671 | ||||||
Integra LifeSciences Holdings Corp. (1) | 233 | 13,985 | ||||||
LivaNova PLC (1) | 172 | 13,352 | ||||||
Masimo Corp. (1) | 106 | 16,245 | ||||||
Penumbra, Inc. (1) | 92 | 13,391 | ||||||
QIAGEN NV (1) | 562 | 19,496 | ||||||
West Pharmaceutical Services, Inc. | 144 | 20,946 | ||||||
198,763 | ||||||||
Healthcare - Services - 1.8% | ||||||||
Amedisys, Inc. (1) | 76 | 9,782 | ||||||
Catalent, Inc. (1) | 344 | 18,142 | ||||||
Charles River Laboratories International, Inc. (1) | 114 | 14,957 | ||||||
Chemed Corp. | 34 | 14,601 | ||||||
Encompass Health Corp. | 196 | 11,915 | ||||||
Molina Healthcare, Inc. (1) | 199 | 25,926 | ||||||
Syneos Health, Inc. (1) | 582 | 30,572 | ||||||
125,895 | ||||||||
Home Builders - 0.3% | ||||||||
Thor Industries, Inc. | 119 | 5,463 | ||||||
Toll Brothers, Inc. | 374 | 13,535 | ||||||
18,998 | ||||||||
Home Furnishings - 0.3% | ||||||||
Dolby Laboratories, Inc. - Class A | 141 | 8,680 | ||||||
Leggett & Platt, Inc. | 295 | 10,971 | ||||||
19,651 | ||||||||
Household Products & Wares - 0.3% | ||||||||
Avery Dennison Corp. | 196 | 22,652 | ||||||
Housewares - 0.5% | ||||||||
Newell Brands, Inc. | 482 | 8,001 | ||||||
The Scotts Miracle-Gro Co. | 103 | 10,951 | ||||||
The Toro Co. | 226 | 16,274 | ||||||
35,226 | ||||||||
Insurance - 4.8% | ||||||||
American Financial Group, Inc. | 183 | 18,477 | ||||||
American National Insurance Co. | 57 | 6,502 | ||||||
Assurant, Inc. | 137 | 16,851 | ||||||
Assured Guaranty Ltd. | 183 | 7,787 |
| Shares | Value | ||||||
Insurance - 4.8% (Continued) | ||||||||
Athene Holding Ltd. - Class A (1) | 364 | $ | 14,145 | |||||
Axis Capital Holdings Ltd. | 258 | 15,839 | ||||||
Brighthouse Financial, Inc. (1) | 191 | 6,735 | ||||||
Brown & Brown, Inc. | 605 | 22,318 | ||||||
Erie Indemnity Co. - Class A | 115 | 25,221 | ||||||
Essent Group Ltd. | 260 | 12,610 | ||||||
Fidelity National Financial, Inc. | 562 | 24,694 | ||||||
First American Financial Corp. | 225 | 13,151 | ||||||
The Hanover Insurance Group, Inc. | 88 | 11,717 | ||||||
Kemper Corp. | 295 | 20,644 | ||||||
MGIC Investment Corp. | 724 | 9,159 | ||||||
Old Republic International Corp. | 589 | 13,759 | ||||||
Primerica, Inc. | 93 | 11,083 | ||||||
Radian Group, Inc. | 444 | 10,012 | ||||||
Reinsurance Group of America, Inc. | 130 | 20,016 | ||||||
Selective Insurance Group, Inc. | 120 | 9,556 | ||||||
Voya Financial, Inc. | 246 | 12,133 | ||||||
White Mountains Insurance Group Ltd. | 3 | 3,182 | ||||||
WR Berkley Corp. | 358 | 25,507 | ||||||
331,098 | ||||||||
Internet - 3.3% | ||||||||
Etsy, Inc. (1) | 214 | 11,297 | ||||||
GrubHub, Inc. (1) | 273 | 16,200 | ||||||
Match Group, Inc. - Class A | 187 | 15,858 | ||||||
Okta, Inc. - Class A (1) | 323 | 40,860 | ||||||
Proofpoint, Inc. (1) | 145 | 16,473 | ||||||
RingCentral, Inc. - Class A (1) | 145 | 20,464 | ||||||
Roku, Inc. - Class A (1) | 260 | 39,354 | ||||||
TripAdvisor, Inc. - Class A (1) | 262 | 9,953 | ||||||
Wayfair, Inc. - Class A (1) | 199 | 22,435 | ||||||
Zendesk, Inc. (1) | 296 | 23,739 | ||||||
Zillow Group, Inc. - Class C (1) | 374 | 12,877 | ||||||
229,510 | ||||||||
Iron & Steel - 0.5% | ||||||||
Reliance Steel & Aluminum Co. | 171 | 16,626 | ||||||
Steel Dynamics, Inc. | 672 | 18,144 | ||||||
United States Steel Corp. | 272 | 3,011 | ||||||
37,781 | ||||||||
Leisure Time - 0.7% | ||||||||
Brunswick Corp. | 199 | 9,273 | ||||||
Harley-Davidson, Inc. | 352 | 11,229 | ||||||
Planet Fitness, Inc. - Class A (1) | 259 | 18,288 | ||||||
Polaris, Inc. | 157 | 12,877 | ||||||
51,667 |
The accompanying notes are an integral part of these financial statements.
15 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Lodging - 0.9% | ||||||||
Boyd Gaming Corp. | 245 | $ | 5,890 | |||||
Caesars Entertainment Corp. (1) | 1,936 | 22,283 | ||||||
Choice Hotels International, Inc. | 118 | 10,736 | ||||||
Hilton Grand Vacations, Inc. (1) | 228 | 7,699 | ||||||
Hyatt Hotels Corp. - Class A | 87 | 6,277 | ||||||
Wyndham Destinations, Inc. | 150 | 6,651 | ||||||
59,536 | ||||||||
Machinery - Construction & Mining - 0.4% | ||||||||
BWX Technologies, Inc. | 213 | 12,610 | ||||||
Oshkosh Corp. | 183 | 12,859 | ||||||
25,469 | ||||||||
Machinery - Diversified - 2.3% | ||||||||
AGCO Corp. | 201 | 13,893 | ||||||
Cognex Corp. | 504 | 22,720 | ||||||
Crane Co. | 160 | 12,198 | ||||||
Curtiss-Wright Corp. | 89 | 10,915 | ||||||
Flowserve Corp. | 269 | 11,481 | ||||||
Gardner Denver Holdings, Inc. (1) | 191 | 5,478 | ||||||
Gates Industrial Corp. PLC (1) | 1,000 | 8,700 | ||||||
Graco, Inc. | 576 | 26,248 | ||||||
GrafTech International Ltd. | 1,019 | 12,422 | ||||||
The Middleby Corp. (1) | 127 | 13,927 | ||||||
Nordson Corp. | 127 | 17,267 | ||||||
155,249 | ||||||||
Media - 2.9% | ||||||||
Altice USA, Inc. - Class A (1) | 2,690 | 77,687 | ||||||
Cable One, Inc. | 14 | 18,167 | ||||||
Discovery, Inc. - Class A (1) | 476 | 13,138 | ||||||
FactSet Research Systems, Inc. | 78 | 21,223 | ||||||
The New York Times Co. - Class A | 402 | 11,738 | ||||||
News Corp. - Class A | 1,316 | 18,095 | ||||||
Nexstar Media Group, Inc. | 205 | 20,272 | ||||||
Tribune Media Co. - Class A | 93 | 4,332 | ||||||
World Wrestling Entertainment, Inc. - Class A | 164 | 11,715 | ||||||
196,367 | ||||||||
Metal Fabricate & Hardware - 0.2% | ||||||||
The Timken Co. | 189 | 7,594 | ||||||
Valmont Industries, Inc. | 44 | 5,962 | ||||||
13,556 | ||||||||
Mining - 0.3% | ||||||||
Alcoa Corp. (1) | 424 | 7,603 | ||||||
Royal Gold, Inc. | 114 | 15,205 | ||||||
22,808 |
| Shares | Value | ||||||
Miscellaneous Manufacturers - 1.5% | ||||||||
AO Smith Corp. | 336 | $ | 15,631 | |||||
AptarGroup, Inc. | 133 | 16,255 | ||||||
Axon Enterprise, Inc. (1) | 157 | 9,415 | ||||||
Carlisle Companies, Inc. | 118 | 17,105 | ||||||
Donaldson Co., Inc. | 290 | 14,025 | ||||||
Hexcel Corp. | 169 | 14,221 | ||||||
ITT, Inc. | 204 | 11,612 | ||||||
Trinity Industries, Inc. | 232 | 4,053 | ||||||
102,317 | ||||||||
Oil & Gas - 2.2% | ||||||||
Chesapeake Energy Corp. (1) | 3,267 | 4,705 | ||||||
Cimarex Energy Co. | 140 | 5,989 | ||||||
CVR Energy, Inc. | 346 | 13,764 | ||||||
Delek US Holdings, Inc. | 216 | 7,074 | ||||||
EQT Corp. | 1,512 | 15,377 | ||||||
Helmerich & Payne, Inc. | 267 | 10,037 | ||||||
HollyFrontier Corp. | 289 | 12,820 | ||||||
Murphy Oil Corp. | 243 | 4,430 | ||||||
Parsley Energy, Inc. - Class A | 762 | 13,647 | ||||||
PBF Energy, Inc. - Class A | 327 | 7,750 | ||||||
PDC Energy, Inc. (1) | 1,082 | 34,462 | ||||||
Transocean Ltd. (1) | 915 | 4,163 | ||||||
WPX Energy, Inc. (1) | 1,444 | 15,537 | ||||||
149,755 | ||||||||
Oil & Gas Services - 0.2% | ||||||||
Core Laboratories NV | 117 | 4,632 | ||||||
Patterson-UTI Energy, Inc. | 1,238 | 10,709 | ||||||
15,341 | ||||||||
Packaging & Containers - 1.1% | ||||||||
Berry Global Group, Inc. (1) | 295 | 11,546 | ||||||
Crown Holdings, Inc. (1) | 312 | 20,542 | ||||||
Graphic Packaging Holding Co. | 675 | 9,322 | ||||||
Owens-Illinois, Inc. | 315 | 3,203 | ||||||
Sealed Air Corp. | 290 | 11,548 | ||||||
Silgan Holdings, Inc. | 254 | 7,559 | ||||||
Sonoco Products Co. | 224 | 12,813 | ||||||
76,533 | ||||||||
Pharmaceuticals - 2.6% | ||||||||
Agios Pharmaceuticals, Inc. (1) | 206 | 7,818 | ||||||
Alkermes PLC (1) | 397 | 8,329 | ||||||
DexCom, Inc. (1) | 239 | 41,015 | ||||||
Herbalife Nutrition Ltd. (1) | 310 | 10,673 | ||||||
Horizon Therapeutics PLC (1) | 280 | 7,736 | ||||||
Jazz Pharmaceuticals PLC (1) | 130 | 16,660 | ||||||
Neurocrine Biosciences, Inc. (1) | 186 | 18,492 |
The accompanying notes are an integral part of these financial statements.
16 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Pharmaceuticals - 2.6% (Continued) | ||||||||
Perrigo Co. PLC | 296 | $ | 13,847 | |||||
PRA Health Sciences, Inc. (1) | 185 | 18,285 | ||||||
Sarepta Therapeutics, Inc. (1) | 420 | 37,863 | ||||||
180,718 | ||||||||
Pipelines - 0.3% | ||||||||
Plains GP Holdings L.P. - Class A | 510 | 11,179 | ||||||
Tallgrass Energy L.P. - Class A | 582 | 11,396 | ||||||
22,575 | ||||||||
Real Estate - 0.5% | ||||||||
The Howard Hughes Corp. (1) | 98 | 12,375 | ||||||
Jones Lang LaSalle, Inc. | 181 | 24,263 | ||||||
36,638 | ||||||||
Real Estate Investment Trusts (REITs) - 11.3% | ||||||||
AGNC Investment Corp. | 1,784 | 26,528 | ||||||
American Campus Communities, Inc. | 299 | 13,898 | ||||||
American Homes 4 Rent - Class A | 986 | 25,222 | ||||||
Americold Realty Trust | 163 | 5,936 | ||||||
Apple Hospitality REIT, Inc. | 491 | 7,822 | ||||||
Blackstone Mortgage Trust, Inc. - Class A | 359 | 12,493 | ||||||
Brixmor Property Group, Inc. | 583 | 10,745 | ||||||
Camden Property Trust | 196 | 21,217 | ||||||
Chimera Investment Corp. | 483 | 9,211 | ||||||
CoreSite Realty Corp. | 91 | 10,572 | ||||||
Cousins Properties, Inc. | 435 | 15,094 | ||||||
CubeSmart | 407 | 14,607 | ||||||
CyrusOne, Inc. | 197 | 14,472 | ||||||
Douglas Emmett, Inc. | 367 | 15,487 | ||||||
EastGroup Properties, Inc. | 74 | 9,214 | ||||||
EPR Properties | 194 | 15,181 | ||||||
Equity Commonwealth | 206 | 6,934 | ||||||
Equity LifeStyle Properties, Inc. | 177 | 23,845 | ||||||
First Industrial Realty Trust, Inc. | 253 | 9,854 | ||||||
Gaming and Leisure Properties, Inc. | 477 | 18,660 | ||||||
Healthcare Realty Trust, Inc. | 241 | 8,008 | ||||||
Healthcare Trust of America, Inc. | 666 | 18,888 | ||||||
Highwoods Properties, Inc. | 229 | 9,895 | ||||||
Hospitality Properties Trust | 343 | 8,280 | ||||||
Hudson Pacific Properties, Inc. | 357 | 12,138 | ||||||
JBG SMITH Properties | 233 | 8,915 | ||||||
Kilroy Realty Corp. | 226 | 17,596 | ||||||
Kimco Realty Corp. | 998 | 18,343 | ||||||
Lamar Advertising Co. - Class A | 182 | 13,950 | ||||||
Liberty Property Trust | 271 | 14,125 | ||||||
Life Storage, Inc. | 118 | 12,503 |
| Shares | Value | ||||||
Real Estate Investment Trusts (REITs) - 11.3% (Continued) | ||||||||
The Macerich Co. | 269 | $ | 7,675 | |||||
Medical Properties Trust, Inc. | 1,238 | 23,014 | ||||||
MFA Financial, Inc. | 1,107 | 7,937 | ||||||
National Retail Properties, Inc. | 337 | 18,923 | ||||||
New Residential Investment Corp. | 1,429 | 20,106 | ||||||
Omega Healthcare Investors, Inc. | 418 | 17,004 | ||||||
Paramount Group, Inc. | 342 | 4,508 | ||||||
Park Hotels & Resorts, Inc. | 344 | 8,101 | ||||||
Pebblebrook Hotel Trust | 331 | 8,927 | ||||||
PS Business Parks, Inc. | 57 | 10,238 | ||||||
Rayonier, Inc. | 227 | 6,084 | ||||||
Rexford Industrial Realty, Inc. | 272 | 12,020 | ||||||
RLJ Lodging Trust | 457 | 7,408 | ||||||
Ryman Hospitality Properties, Inc. | 108 | 8,603 | ||||||
Sabra Health Care REIT, Inc. | 763 | 16,496 | ||||||
SL Green Realty Corp. | 166 | 13,317 | ||||||
Starwood Property Trust, Inc. | 718 | 16,823 | ||||||
STORE Capital Corp. | 588 | 22,203 | ||||||
Sun Communities, Inc. | 228 | 33,698 | ||||||
Sunstone Hotel Investors, Inc. | 442 | 5,808 | ||||||
Taubman Centers, Inc. | 102 | 3,983 | ||||||
Two Harbors Investment Corp. | 378 | 4,774 | ||||||
VEREIT, Inc. | 1,802 | 17,570 | ||||||
VICI Properties, Inc. | 2,013 | 44,608 | ||||||
Weingarten Realty Investors | 310 | 8,212 | ||||||
777,673 | ||||||||
Retail - 3.6% | ||||||||
American Eagle Outfitters, Inc. | 375 | 6,308 | ||||||
AutoNation, Inc. (1) | 159 | 7,546 | ||||||
Burlington Stores, Inc. (1) | 154 | 31,183 | ||||||
Casey’s General Stores, Inc. | 85 | 14,267 | ||||||
Cracker Barrel Old Country Store, Inc. | 44 | 7,278 | ||||||
Dunkin’ Brands Group, Inc. | 246 | 20,280 | ||||||
FirstCash, Inc. | 102 | 10,070 | ||||||
Five Below, Inc. (1) | 156 | 19,168 | ||||||
Floor & Decor Holdings, Inc. (1) | 280 | 13,782 | ||||||
Foot Locker, Inc. | 244 | 8,830 | ||||||
L Brands, Inc. | 561 | 9,262 | ||||||
Macy’s, Inc. | 714 | 10,539 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 101 | 6,830 | ||||||
Nordstrom, Inc. | 381 | 11,038 | ||||||
Nu Skin Enterprises, Inc. | 91 | 3,696 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (1) | 161 | 8,927 | ||||||
Penske Automotive Group, Inc. | 196 | 8,385 | ||||||
Qurate Retail, Inc. - Series A (1) | 889 | 9,521 | ||||||
Texas Roadhouse, Inc. | 183 | 9,417 |
The accompanying notes are an integral part of these financial statements.
17 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Retail - 3.6% (Continued) | ||||||||
Urban Outfitters, Inc. (1) | 229 | $ | 5,361 | |||||
The Wendy’s Co. | 635 | 13,970 | ||||||
Williams-Sonoma, Inc. | 170 | 11,186 | ||||||
246,844 | ||||||||
Savings & Loans - 0.9% | ||||||||
Investors Bancorp, Inc. | 645 | 7,160 | ||||||
New York Community Bancorp, Inc. | 913 | 10,536 | ||||||
People’s United Financial, Inc. | 1,047 | 15,045 | ||||||
Sterling Bancorp | 859 | 16,381 | ||||||
TFS Financial Corp. | 603 | 10,559 | ||||||
59,681 | ||||||||
Semiconductors - 1.8% | ||||||||
Cabot Microelectronics Corp. | 82 | 10,221 | ||||||
Cree, Inc. (1) | 247 | 10,604 | ||||||
Cypress Semiconductor Corp. | 689 | 15,854 | ||||||
Entegris, Inc. | 344 | 14,734 | ||||||
MKS Instruments, Inc. | 170 | 13,309 | ||||||
Monolithic Power Systems, Inc. | 121 | 18,218 | ||||||
ON Semiconductor Corp. (1) | 1,156 | 20,577 | ||||||
Silicon Laboratories, Inc. (1) | 86 | 9,374 | ||||||
Teradyne, Inc. | 183 | 9,693 | ||||||
122,584 | ||||||||
Shipbuilding - 0.3% | ||||||||
Huntington Ingalls Industries, Inc. | 90 | 18,810 | ||||||
Software - 7.0% | ||||||||
ACI Worldwide, Inc. (1) | 243 | 7,237 | ||||||
Alteryx, Inc. - Class A (1) | 161 | 22,935 | ||||||
Aspen Technology, Inc. (1) | 131 | 17,449 | ||||||
Black Knight, Inc. (1) | 428 | 26,643 | ||||||
Blackbaud, Inc. | 115 | 10,462 | ||||||
CDK Global, Inc. | 275 | 11,869 | ||||||
Ceridian HCM Holding, Inc. (1) | 227 | 13,114 | ||||||
Coupa Software, Inc. (1) | 166 | 23,062 | ||||||
DocuSign, Inc. (1) | 577 | 26,940 | ||||||
Dropbox, Inc. - Class A (1) | 620 | 11,098 | ||||||
Fair Isaac Corp. (1) | 64 | 22,574 | ||||||
Guidewire Software, Inc. (1) | 295 | 28,373 | ||||||
HubSpot, Inc. (1) | 102 | 20,367 | ||||||
j2 Global, Inc. | 129 | 10,913 | ||||||
Jack Henry & Associates, Inc. | 168 | 24,353 |
| Shares | Value | ||||||
Software - 7.0% (Continued) | ||||||||
Manhattan Associates, Inc. (1) | 102 | $ | 8,428 | |||||
Medidata Solutions, Inc. (1) | 134 | 12,272 | ||||||
MongoDB, Inc. - Class A (1) | 143 | 21,780 | ||||||
New Relic, Inc. (1) | 122 | 6,996 | ||||||
Nuance Communications, Inc. (1) | 661 | 11,111 | ||||||
Paycom Software, Inc. (1) | 172 | 43,021 | ||||||
Pegasystems, Inc. | 168 | 11,785 | ||||||
PTC, Inc. (1) | 239 | 15,647 | ||||||
RealPage, Inc. (1) | 288 | 18,337 | ||||||
Teradata Corp. (1) | 266 | 8,212 | ||||||
Tyler Technologies, Inc. (1) | 86 | 22,063 | ||||||
Verint Systems, Inc. (1) | 115 | 6,128 | ||||||
Zynga, Inc. (1) | 3,024 | 17,267 | ||||||
480,436 | ||||||||
Telecommunications - 1.2% | ||||||||
Ciena Corp. (1) | 369 | 15,103 | ||||||
CommScope Holding Co., Inc. (1) | 422 | 4,533 | ||||||
GCI Liberty, Inc. - Class A (1) | 357 | 22,220 | ||||||
LogMeIn, Inc. | 143 | 9,558 | ||||||
ViaSat, Inc. (1) | 85 | 6,743 | ||||||
Zayo Group Holdings, Inc. (1) | 720 | 24,235 | ||||||
82,392 | ||||||||
Toys, Games & Hobbies - 0.1% | ||||||||
Mattel, Inc. (1) | 528 | 5,174 | ||||||
Transportation - 1.6% | ||||||||
Genesee & Wyoming, Inc. - Class A (1) | 127 | 14,082 | ||||||
Kirby Corp. (1) | 172 | 12,658 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,188 | 40,558 | ||||||
Landstar System, Inc. | 117 | 13,048 | ||||||
Ryder System, Inc. | 131 | 6,310 | ||||||
XPO Logistics, Inc. (1) | 301 | 21,329 | ||||||
107,985 | ||||||||
Water - 0.2% | ||||||||
Aqua America, Inc. | 317 | 14,040 | ||||||
Total Common Stocks | ||||||||
(Cost $7,065,637) | 6,876,354 | |||||||
The accompanying notes are an integral part of these financial statements.
18 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Short-Term Investments - 0.1% | ||||||||
Money Market Funds - 0.1% | ||||||||
First American Government Obligations Fund - Class X, 2.033% (3) | 5,216 | $ | 5,216 | |||||
Total Short-Term Investments | ||||||||
(Cost $5,216) | 5,216 | |||||||
Total Investments in Securities - 99.9% | ||||||||
(Cost $7,070,853) | 6,881,570 | |||||||
Other Assets in Excess of Liabilities - 0.1% | 7,459 | |||||||
Total Net Assets - 100.0% | $ | 6,889,029 |
(1) | Non-income producing security. |
(2) | Does not round to 0.1%. |
(3) | The rate shown is the annualized seven-day effective yield as of August 31, 2019. |
The accompanying notes are an integral part of these financial statements.
19 |
SoFi 50 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) |
| Shares | Value | ||||||
Common Stocks - 99.8% | ||||||||
Apparel - 2.0% | ||||||||
Deckers Outdoor Corp. (1) | 781 | $ | 115,158 | |||||
Auto Manufacturers - 1.5% | ||||||||
Navistar International Corp. (1) | 3,730 | 85,790 | ||||||
Biotechnology - 15.2% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (1) | 411 | 138,799 | ||||||
Exact Sciences Corp. (1) | 1,257 | 149,860 | ||||||
Exelixis, Inc. (1) | 6,353 | 126,107 | ||||||
Ionis Pharmaceuticals, Inc. (1) | 1,661 | 104,992 | ||||||
Spark Therapeutics, Inc. (1) | 1,152 | 112,216 | ||||||
Ultragenyx Pharmaceutical, Inc. (1) | 1,905 | 103,765 | ||||||
Vertex Pharmaceuticals, Inc. (1) | 708 | 127,454 | ||||||
863,193 | ||||||||
Computers - 1.1% | ||||||||
DXC Technology Co. | 1,865 | 61,955 | ||||||
Environmental Control - 2.2% | ||||||||
Clean Harbors, Inc. (1) | 1,732 | 127,389 | ||||||
Healthcare - Products - 3.2% | ||||||||
Haemonetics Corp. (1) | 1,370 | 182,936 | ||||||
Healthcare - Services - 4.6% | ||||||||
Syneos Health, Inc. (1) | 2,656 | 139,520 | ||||||
Teladoc Health, Inc. (1) | 2,107 | 121,953 | ||||||
261,473 | ||||||||
Insurance - 7.0% | ||||||||
Alleghany Corp. (1) | 186 | 139,372 | ||||||
American International Group, Inc. | 2,623 | 136,501 | ||||||
MetLife, Inc. | 2,738 | 121,293 | ||||||
397,166 | ||||||||
Internet - 3.8% | ||||||||
Amazon.com, Inc. (1) | 64 | 113,683 | ||||||
Cargurus, Inc. - Class A (1) | 3,055 | 99,654 | ||||||
213,337 | ||||||||
Iron & Steel - 1.6% | ||||||||
United States Steel Corp. | 8,029 | 88,881 | ||||||
Machinery - Construction & Mining - 1.9% | ||||||||
Caterpillar, Inc. | 891 | 106,029 | ||||||
| Shares | Value | ||||||
Media - 5.0% | ||||||||
Altice USA, Inc. - Class A (1) | 5,296 | $ | 152,949 | |||||
Liberty Broadband Corp. - Class C (1) | 1,248 | 131,589 | ||||||
284,538 | ||||||||
Office & Business Equipment - 2.1% | ||||||||
Zebra Technologies Corp. (1) | 596 | 122,198 | ||||||
Oil & Gas - 16.3% | ||||||||
Concho Resources, Inc. | 1,125 | 82,294 | ||||||
CVR Energy, Inc. | 2,828 | 112,498 | ||||||
Delek US Holdings, Inc. | 3,483 | 114,068 | ||||||
Diamondback Energy, Inc. | 1,208 | 118,481 | ||||||
EOG Resources, Inc. | 1,334 | 98,969 | ||||||
Occidental Petroleum Corp. | 2,161 | 93,960 | ||||||
Parsley Energy, Inc. - Class A | 6,402 | 114,660 | ||||||
PDC Energy, Inc. (1) | 2,931 | 93,352 | ||||||
Pioneer Natural Resources Co. | 774 | 95,527 | ||||||
923,809 | ||||||||
Oil & Gas Services - 1.5% | ||||||||
Halliburton Co. | 4,466 | 84,139 | ||||||
Pharmaceuticals - 4.5% | ||||||||
Neurocrine Biosciences, Inc. (1) | 1,638 | 162,850 | ||||||
Sarepta Therapeutics, Inc. (1) | 1,057 | 95,288 | ||||||
258,138 | ||||||||
Pipelines - 2.0% | ||||||||
Targa Resources Corp. | 3,138 | 113,345 | ||||||
Real Estate - 1.9% | ||||||||
Jones Lang LaSalle, Inc. | 802 | 107,508 | ||||||
Real Estate Investment Trusts (REITs) - 4.6% | ||||||||
Sabra Health Care REIT, Inc. | 6,556 | 141,741 | ||||||
VICI Properties, Inc. | 5,425 | 120,218 | ||||||
261,959 | ||||||||
Retail - 2.6% | ||||||||
The Wendy’s Co. | 6,598 | 145,156 | ||||||
Savings & Loans - 2.0% | ||||||||
Sterling Bancorp | 5,839 | 111,350 | ||||||
Software - 7.2% | ||||||||
DocuSign, Inc. (1) | 2,189 | 102,205 | ||||||
PTC, Inc. (1) | 1,390 | 91,003 | ||||||
salesforce.com, Inc. (1) | 754 | 117,677 | ||||||
SS&C Technologies Holdings, Inc. | 2,046 | 95,364 | ||||||
406,249 |
The accompanying notes are an integral part of these financial statements.
20 |
SoFi 50 ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.8% (Continued) | ||||||||
Telecommunications - 3.7% | ||||||||
LogMeIn, Inc. | 1,522 | $ | 101,730 | |||||
ViaSat, Inc. (1) | 1,357 | 107,651 | ||||||
209,381 | ||||||||
Transportation - 2.3% | ||||||||
Knight-Swift Transportation Holdings, Inc. | 3,905 | 133,317 | ||||||
Total Common Stocks | ||||||||
(Cost $5,962,321) | 5,664,394 | |||||||
Short-Term Investments - 0.1% | ||||||||
Money Market Funds - 0.1% | ||||||||
First American Government Obligations Fund - Class X, 2.033% (2) | 7,596 | 7,596 | ||||||
Total Short-Term Investments | ||||||||
(Cost $7,596) | 7,596 | |||||||
Total Investments in Securities - 99.9% | ||||||||
(Cost $5,969,917) | 5,671,990 | |||||||
Other Assets in Excess of Liabilities - 0.1% | 2,431 | |||||||
Total Net Assets - 100.0% | $ | 5,674,421 |
(1) | Non-income producing security. |
(2) | The rate shown is the annualized seven-day effective yield as of August 31, 2019. |
The accompanying notes are an integral part of these financial statements.
21 |
SoFi Gig Economy ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) |
| Shares | Value | ||||||
Common Stocks - 99.5% | ||||||||
Applications Software - 5.9% | ||||||||
HubSpot, Inc. (1) | 401 | $ | 80,072 | |||||
Microsoft Corp. | 1,308 | 180,321 | ||||||
Momo, Inc. - Class A - ADR | 5,018 | 184,562 | ||||||
444,955 | ||||||||
Commercial Services - 3.4% | ||||||||
IWG PLC | 14,940 | 75,908 | ||||||
Wirecard AG | 1,129 | 180,404 | ||||||
256,312 | ||||||||
Commercial Services - Finance - 6.7% | ||||||||
Adyen NV (1) | 90 | 65,295 | ||||||
PayPal Holdings, Inc. (1) | 2,080 | 226,824 | ||||||
Square, Inc. - Class A (1) | 3,425 | 211,802 | ||||||
503,921 | ||||||||
Communications Software - 2.3% | ||||||||
Slack Technologies, Inc. - Class A (1) | 6,133 | 175,649 | ||||||
Computer Software - 3.2% | ||||||||
Box, Inc. - Class A (1) | 1,985 | 29,041 | ||||||
Cloudera, Inc. (1) | 5,931 | 42,347 | ||||||
Dropbox, Inc. - Class A (1) | 1,712 | 30,645 | ||||||
MongoDB, Inc. - Class A (1) | 449 | 68,387 | ||||||
Twilio, Inc. - Class A (1) | 552 | 72,019 | ||||||
242,439 | ||||||||
Computers - 1.0% | ||||||||
Apple, Inc. | 355 | 74,103 | ||||||
Computers - Other - 2.3% | ||||||||
Stratasys Ltd. (1) | 7,104 | 169,217 | ||||||
Data Processing & Management - 1.5% | ||||||||
DocuSign, Inc. (1) | 2,458 | 114,764 | ||||||
E-Commerce & Products - 18.3% | ||||||||
Alibaba Group Holding Ltd. - ADR (1) | 1,146 | 200,584 | ||||||
Amazon.com, Inc. (1) | 40 | 71,052 | ||||||
eBay, Inc. | 4,958 | 199,758 | ||||||
Etsy, Inc. (1) | 3,966 | 209,364 | ||||||
JD.com, Inc. - Class A - ADR (1) | 5,169 | 157,655 | ||||||
Jumia Technologies AG - ADR (1) | 9,024 | 100,618 | ||||||
Pinduoduo, Inc. - Class A - ADR (1) | 8,061 | 264,159 | ||||||
Rakuten, Inc. | 17,944 | 169,221 | ||||||
1,372,411 |
| Shares | Value | ||||||
E-Commerce & Services - 17.6% | ||||||||
Delivery Hero SE (1) | 752 | $ | 38,061 | |||||
Eventbrite, Inc. - Class A (1) | 8,255 | 144,297 | ||||||
Fiverr International Ltd. (1) | 8,999 | 210,487 | ||||||
Groupon, Inc. (1) | 14,414 | 35,747 | ||||||
GrubHub, Inc. (1) | 577 | 34,239 | ||||||
Just Eat PLC (1) | 3,948 | 37,782 | ||||||
Lyft, Inc. - Class A (1) | 3,404 | 166,694 | ||||||
MercadoLibre, Inc. (1) | 267 | 158,758 | ||||||
Uber Technologies, Inc. (1) | 6,242 | 203,302 | ||||||
Upwork, Inc. (1) | 14,682 | 212,302 | ||||||
Yume No Machi Souzou Iinkai Co. Ltd. | 5,600 | 78,082 | ||||||
1,319,751 | ||||||||
Enterprise Software & Services - 0.5% | ||||||||
Workday, Inc. - Class A (1) | 201 | 35,633 | ||||||
Entertainment Software - 2.3% | ||||||||
NetEase, Inc. - ADR | 667 | 170,085 | ||||||
Finance - Consumer Loans - 2.3% | ||||||||
LendingClub Corp. (1) | 13,036 | 170,641 | ||||||
Finance - Mortgage Loans & Bankers - 2.2% | ||||||||
LendingTree, Inc. (1) | 533 | 165,278 | ||||||
Food - Retail - 0.5% | ||||||||
Takeaway.com NV (1) | 396 | 37,875 | ||||||
Health Care Cost Containment - 0.8% | ||||||||
HealthEquity, Inc. (1) | 971 | 57,639 | ||||||
Internet Content - Entertainment - 15.2% | ||||||||
Facebook, Inc. - Class A (1) | 1,097 | 203,680 | ||||||
Pinterest, Inc. - Class A (1) | 6,142 | 211,408 | ||||||
Snap, Inc. - Class A (1) | 10,838 | 171,565 | ||||||
Tian Ge Interactive Holdings Ltd. | 740,385 | 157,803 | ||||||
Twitter, Inc. (1) | 5,457 | 232,741 | ||||||
YY, Inc. - Class A - ADR (1) | 2,812 | 160,706 | ||||||
1,137,903 | ||||||||
Internet Content - Information & News - 2.6% | ||||||||
Tencent Holdings Ltd. | 4,784 | 198,312 | ||||||
Recreational Vehicles - 0.3% | ||||||||
Camping World Holdings, Inc. - Class A | 2,784 | 21,158 | ||||||
The accompanying notes are an integral part of these financial statements.
22 |
SoFi Gig Economy ETF
SCHEDULE OF INVESTMENTS at August 31, 2019 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks - 99.5% (Continued) | ||||||||
Rubber & Plastic Products - 2.1% | ||||||||
Proto Labs, Inc. (1) | 1,657 | $ | 156,984 | |||||
Web Hosting & Design - 2.6% | ||||||||
GoDaddy, Inc. - Class A (1) | 1,041 | 65,937 | ||||||
Shopify, Inc. - Class A (1) | 332 | 127,950 | ||||||
193,887 | ||||||||
Web Portals & Internet Service Providers - 5.9% | ||||||||
Alphabet, Inc. - Class A (1) | 65 | 77,384 | ||||||
Baidu, Inc. - Class A - ADR (1) | 1,985 | 207,373 | ||||||
Yandex NV - Class A (1) | 4,248 | 157,601 | ||||||
442,358 | ||||||||
Total Common Stocks | ||||||||
(Cost $7,728,046) | 7,461,275 | |||||||
Short-Term Investments - 0.5% | ||||||||
Money Market Funds - 0.5% | ||||||||
First American Government Obligations Fund - Class X, 2.033% (3) | 39,638 | 39,638 | ||||||
Total Short-Term Investments | ||||||||
(Cost $39,638) | 39,638 | |||||||
Total Investments in Securities - 100.0% | ||||||||
(Cost $7,767,684) | 7,500,913 | |||||||
Liabilities in Excess of Other Assets - 0.0% (2) | (2,166 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,498,747 |
ADR | American Depositary Receipt |
(1) | Non-income producing security. |
(2) | Does not round to 0.1%. |
(3) | The rate shown is the annualized seven-day effective yield as of August 31, 2019. |
The accompanying notes are an integral part of these financial statements.
23 |
SoFi Funds
Statements of Assets and Liabilities August 31, 2019 (Unaudited) |
| SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | ||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (Note 2) | $ | 52,641,267 | $ | 6,881,570 | $ | 5,671,990 | $ | 7,500,913 | ||||||||
Cash | 1,500,621 | — | — | 2 | ||||||||||||
Foreign currency (cost of $0, $0, $0 and $52, respectively) | — | — | — | 52 | ||||||||||||
Receivables: | ||||||||||||||||
Dividends and interest receivable | 93,752 | 7,459 | 3,835 | 1,539 | ||||||||||||
Total assets | 54,235,640 | 6,889,029 | 5,675,825 | 7,502,506 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Fund shares redeemed | 1,500,630 | — | — | — | ||||||||||||
Management fees (Note 3) | — | — | 1,404 | 3,759 | ||||||||||||
Total Liabilities | 1,500,630 | — | 1,404 | 3,759 | ||||||||||||
Net Assets | $ | 52,735,010 | $ | 6,889,029 | $ | 5,674,421 | $ | 7,498,747 | ||||||||
Components of Net Assets: | ||||||||||||||||
Paid-in capital | $ | 52,429,343 | $ | 7,042,260 | $ | 5,946,150 | $ | 7,777,670 | ||||||||
Total distributable (accumulated) earnings (losses) | 305,667 | (153,231 | ) | (271,729 | ) | (278,923 | ) | |||||||||
Net assets | $ | 52,735,010 | $ | 6,889,029 | $ | 5,674,421 | $ | 7,498,747 | ||||||||
Net Asset Value (unlimited shares authorized): | ||||||||||||||||
Net assets | $ | 52,735,010 | $ | 6,889,029 | $ | 5,674,421 | $ | 7,498,747 | ||||||||
Shares of beneficial interest issued and outstanding | 5,200,000 | 700,000 | 300,000 | 400,000 | ||||||||||||
Net asset value | $ | 10.14 | $ | 9.84 | $ | 18.91 | $ | 18.75 | ||||||||
Cost of investments | $ | 52,723,660 | $ | 7,070,853 | $ | 5,969,917 | $ | 7,767,684 |
The accompanying notes are an integral part of these financial statements.
24 |
SoFi Funds
Statements of OperationsFor the Periods Ended August 31, 2019 (Unaudited) |
| SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | ||||||||||||
Investment Income: | ||||||||||||||||
Dividend income (net of foreign withholding tax of $0, $15, $0 and $43, respectively) | $ | 326,556 | $ | 36,028 | $ | 19,077 | $ | 3,919 | ||||||||
Interest income | 582 | 81 | 35 | 312 | ||||||||||||
Other income | — | — | 166 | — | ||||||||||||
Total investment income | 327,138 | 36,109 | 19,278 | 4,231 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees (Note 3) | 34,092 | 4,349 | 4,131 | 10,028 | ||||||||||||
Total expenses | 34,092 | 4,349 | 4,131 | 10,028 | ||||||||||||
Less: Management fee waiver (Note 3) | (34,092 | ) | (4,349 | ) | — | — | ||||||||||
Net expenses | — | — | 4,131 | 10,028 | ||||||||||||
Net investment income (loss) | 327,138 | 36,109 | 15,147 | (5,797 | ) | |||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 215,069 | 15,096 | 14,099 | (6,356 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments | (82,393 | ) | (189,283 | ) | (297,927 | ) | (266,770 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 132,676 | (174,187 | ) | (283,828 | ) | (273,126 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 459,814 | $ | (138,078 | ) | $ | (268,681 | ) | $ | (278,923 | ) |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to August 31, 2019. |
(2) | The Fund commenced operations on May 8, 2019. The information presented is from May 8, 2019 to August 31, 2019. |
The accompanying notes are an integral part of these financial statements.
25 |
SoFi Select 500 ETF
Statement of Changes in Net Assets |
Period Ended | ||||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income | $ | 327,138 | ||
Net realized gain on investments | 215,069 | |||
Change in net unrealized appreciation/depreciation on investments | (82,393 | ) | ||
Net increase in net assets resulting from operations | 459,814 | |||
Distributions to Shareholders: | ||||
Net distributions to shareholders | (154,147 | ) | ||
Capital Share Transactions: | ||||
Net increase in net assets derived from net changes in outstanding shares (2) | 52,429,343 | |||
Total increase in net assets | 52,735,010 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 52,735,010 |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to August 31, 2019. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold | 6,100,000 | $ | 61,528,148 | |||||
Shares redeemed | (900,000 | ) | (9,098,805 | ) | ||||
Net increase | 5,200,000 | $ | 52,429,343 |
The accompanying notes are an integral part of these financial statements.
26 |
SoFi Next 500 ETF
Statement of Changes in Net Assets |
| Period Ended | |||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income | $ | 36,109 | ||
Net realized gain on investments | 15,096 | |||
Change in net unrealized appreciation/depreciation on investments | (189,283 | ) | ||
Net decrease in net assets resulting from operations | (138,078 | ) | ||
Distributions to Shareholders: | ||||
Net distributions to shareholders | (15,153 | ) | ||
Capital Share Transactions: | ||||
Net increase in net assets derived from net changes in outstanding shares (2) | 7,042,260 | |||
Total increase in net assets | 6,889,029 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 6,889,029 |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to August 31, 2019. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold | 900,000 | $ | 9,039,460 | |||||
Shares redeemed | (200,000 | ) | (1,997,200 | ) | ||||
Net increase | 700,000 | $ | 7,042,260 |
The accompanying notes are an integral part of these financial statements.
27 |
SoFi 50 ETF
Statement of Changes in Net Assets |
| Period Ended | |||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income | $ | 15,147 | ||
Net realized gain on investments | 14,099 | |||
Change in net unrealized appreciation/depreciation on investments | (297,927 | ) | ||
Net decrease in net assets resulting from operations | (268,681 | ) | ||
Distributions to Shareholders: | ||||
Net distributions to shareholders | (3,048 | ) | ||
Capital Share Transactions: | ||||
Net increase in net assets derived from net changes in outstanding shares (2) | 5,946,150 | |||
Total increase in net assets | 5,674,421 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 5,674,421 |
(1) | The Fund commenced operations on May 8, 2019. The information presented is from May 8, 2019 to August 31, 2019. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold | 300,000 | $ | 5,946,150 | |||||
Shares redeemed | — | — | ||||||
Net increase | 300,000 | $ | 5,946,150 |
The accompanying notes are an integral part of these financial statements.
28 |
SoFi Gig Economy ETF
Statement of Changes in Net Assets |
| Period Ended | |||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment loss | $ | (5,797 | ) | |
Net realized loss on investments and foreign currency | (6,356 | ) | ||
Change in net unrealized appreciation/depreciation on investments and foreign currency | (266,770 | ) | ||
Net decrease in net assets resulting from operations | (278,923 | ) | ||
Distributions to Shareholders: | ||||
Net distributions to shareholders | — | |||
Capital Share Transactions: | ||||
Net increase in net assets derived from net changes in outstanding shares (2) | 7,777,670 | |||
Total increase in net assets | 7,498,747 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 7,498,747 |
(1) | The Fund commenced operations on May 8, 2019. The information presented is from May 8, 2019 to August 31, 2019. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold | 400,000 | $ | 7,777,670 | |||||
Shares redeemed | — | — | ||||||
Net increase | 400,000 | $ | 7,777,670 |
The accompanying notes are an integral part of these financial statements.
29 |
SoFi Funds
Financial Highlights For a capital share outstanding throughout the period |
Period Ended | ||||||||||||||||
| SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | ||||||||||||
Net asset value, beginning of period | $ | 10.00 | $ | 10.00 | $ | 20.00 | $ | 20.00 | ||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income (loss) (3) | 0.07 | 0.06 | 0.07 | (0.02 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 0.10 | (0.19 | ) | (1.15 | ) | (1.23 | ) | |||||||||
Total from investment operations | 0.17 | (0.13 | ) | (1.08 | ) | (1.25 | ) | |||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.03 | ) | (0.03 | ) | (0.01 | ) | — | |||||||||
Total distributions | (0.03 | ) | (0.03 | ) | (0.01 | ) | — | |||||||||
Net asset value, end of period | $ | 10.14 | $ | 9.84 | $ | 18.91 | $ | 18.75 | ||||||||
Total return (4) | 1.74 | % | (1.33 | )% | (5.37 | )% | (6.27 | )% | ||||||||
Ratios / Supplemental Data: | ||||||||||||||||
Net assets, end of period (millions) | $ | 52.7 | $ | 6.9 | $ | 6.0 | $ | 7.5 | ||||||||
Portfolio turnover rate (4) | 24 | % | 61 | % | 5 | % | 23 | % | ||||||||
Ratio of expenses to average net assets (5) | ||||||||||||||||
Before management fees waived | 0.19 | % | 0.19 | % | 0.29 | % | 0.59 | % | ||||||||
After management fees waived (6) | 0.00 | % | 0.00 | % | 0.29 | % | 0.59 | % | ||||||||
Ratio of net investment income (loss) to average net assets (5) | ||||||||||||||||
Before management fees waived | 1.63 | % | 1.38 | % | 1.07 | % | (0.34 | )% | ||||||||
After management fees waived (6) | 1.82 | % | 1.57 | % | 1.07 | % | (0.34 | )% |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to August 31, 2019. |
(2) | The Fund commenced operations on May 8, 2019. The information presented is from May 8, 2019 to August 31, 2019. |
(3) | Calculated using average shares outstanding method. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | There is currently no contractual waiver in effect for the management fees of the SoFi 50 ETF and SoFi Gig Economy ETF. |
The accompanying notes are an integral part of these financial statements.
30 |
SoFi Funds
NOTE 1 – ORGANIZATION |
The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF are diversified series of shares and SoFi Gig Economy ETF is a non-diversified series of shares (each a “Fund”, collectively the “Funds”) of beneficial interest of the Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares is registered under the Securities Act of 1933, as amended. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019 and the SoFi 50 ETF and SoFi Gig Economy ETF commenced operations on May 8, 2019.
The investment objective of the SoFi Select 500 ETF is 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 track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. The investment objective of the SoFi 50 ETF is to track the performance, before fees and expenses, of the Solactive SoFi US 50 Growth Index. The investment objective of the SoFi Gig Economy ETF is long-term capital appreciation, which it seeks by investing in a portfolio of companies listed around the world that Toroso Investments, LLC, considers part of the “gig economy”.
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 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 securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. The Administrator will obtain prices of securities traded on a securities exchange from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Funds are open for business. |
If the value for a security cannot be determined, a fair value will be determined by the Valuation Committee using the Fair Value Procedures approved by the Board of Trustees (the “Board”). Decisions of the Valuation Committee, and the methodology employed to determine the security’s value, will be documented by the Valuation Committee and reported to the Board. There shall be no need for the Valuation Committee to meet when the aggregate impact to a Fund’s NAV, assuming a determination that a security otherwise to be fair valued is worthless, would be less than $0.01. In such cases, the most recent available market value for the security will be used.
As described above, the Funds utilizes 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. |
31 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2019 (Unaudited) (Continued) |
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 the Funds’ investments as of August 31, 2019:
SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | |||||||||||||
Level 1 (1) | $ | 52,641,267 | $ | 6,881,570 | $ | 5,671,990 | $ | 7,500,913 | ||||||||
Level 2 | — | — | — | — | ||||||||||||
Level 3 | — | — | — | — | ||||||||||||
Total | $ | 52,641,267 | $ | 6,881,570 | $ | 5,671,990 | $ | 7,500,913 |
(1) | All Level 1 investments are equity securities (common stocks) and short-term investments. |
B. | Foreign Currency. Foreign currency amounts, other than the cost of investments, are translated into U.S. dollar values based upon the spot exchange rate prior to the close of regular trading. The cost of investments is translated at the rates of exchange prevailing on the dates the portfolio securities were acquired. If applicable, the Funds include foreign exchange gains and losses from interest receivable and other foreign currency denominated payables and receivables in “Change in net unrealized appreciation/depreciation on foreign currency and foreign currency translation” and “Net realized gain (loss) on foreign currency and foreign currency translation.” |
The Funds do not isolate that portion of realized and unrealized gain (loss) on investments resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in the market price of securities for financial reporting purposes. If applicable, fluctuations in foreign exchange rates on investments are thus included in “Net realized gain (loss) on investments” and “Change in net unrealized appreciation/depreciation on investments” and as shown in the Statements of Operations.
C. | Federal Income Taxes. The Funds have elected to be taxed as a “regulated investment company” and intend 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 its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. 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. The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019 and the SoFi 50 ETF and SoFi Gig Economy ETF commenced operations on May 8, 2019. therefore, the Funds had no late year losses, no post October losses, and no Capital Loss Carryovers.
As of August 31, 2019, 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.
D. | 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 |
32 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2019 (Unaudited) (Continued) |
gains and may include return of capital. 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.
E. | Distributions to Shareholders. Distributions to shareholders from net investment income for the Funds are declared and paid at least semi-annually. Distributions to shareholders from net realized gains on securities 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 accounting principles generally accepted in the United States of America 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 the Funds is calculated by dividing the sum of the value of the securities held by the Funds, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Funds, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the 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 expects the risk of loss to be remote. |
I. | Equity Market Risk. The equity securities held in the Funds’ portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest. Common stocks, such as those held by the Funds, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. |
J. | Foreign Securities Risks (SoFi Gig Economy Only). Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities can be more volatile. In addition, the Funds will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. |
K. | Emerging Markets Risk (SoFi Gig Economy Only). The Funds may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Funds to buy, sell or otherwise transfer securities, adversely affect the trading market and price for Funds’ Shares and cause the Funds to decline in value. |
L. | Currency Exchange Rate Risk. The Funds’ assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Funds’ investments and the value of your Fund’s shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Funds may change quickly and without warning and you may lose money. |
M. | Real Estate Investment Trust (“REIT”) Investment Risk. 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. The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. Securities in the real estate sector are subject to the risk that the value of their underlying real estate may go down. Many factors may affect real estate values, including the general and local economies, the amount of new construction in a particular area, the |
33 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2019 (Unaudited) (Continued) |
laws and regulations (including zoning and tax laws) affecting real estate, and the costs of owning, maintaining and improving real estate. The availability of mortgages and changes in interest rates may also affect real estate values. REITs are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation.
N. | 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. |
● | Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments. |
● | Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market price. Although it is expected that the market price of Shares will approximate the Funds’ NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. |
● | 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 traded on U.S. exchanges other than the Exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Funds’ underlying portfolio holdings, which can be significantly less liquid than Shares. |
O. | Non-Diversification Risk. Although the SoFi Gig Economy ETF intends to invest in a variety of securities and instruments, the Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the 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 the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. |
P. | Recently Issued Accounting Pronouncements. In August 2018, the FASB issued ASU No. 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which changes the fair value measurement disclosure requirements of Topic 820. The amendments in ASU No. 2018-13 are the result of a broader disclosure project called FASB Concept Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements. The objective and primary focus of the project are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of the financial statements. ASU No. 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of ASU No. 2018-13. The Funds have chosen to early adopt the eliminated or modified disclosures. |
Q. | 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 were no subsequent events that would need to be disclosed in the Funds’ financial statements. |
34 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2019 (Unaudited) (Continued) |
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
Toroso Investments, LLC (“Toroso” and/or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds (“Advisory Agreement”) and, pursuant to the Advisory Agreement, has overall responsibility for the general management and administration the Funds. The Adviser provides oversight of the Sub-Adviser, monitoring of the Sub-Adviser’s buying and selling of securities for the Funds, and review of the Sub-Adviser’s performance. With respect to the SoFi Gig Economy ETF, the Adviser is responsible for determining the securities purchased and sold by the Funds.
Pursuant to the Advisory Agreement, the Funds pay the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Funds as follows:
Name of Fund | Management Fee | Management Fee |
SoFi Select 500 ETF | 0.19% | 0.00% |
SoFi Next 500 ETF | 0.19% | 0.00% |
SoFi 50 ETF | 0.29% | 0.29% |
SoFi Gig Economy ETF | 0.59% | 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, 2020. The fee waiver agreement may be terminated only by, or with the consent of, the Funds’ Board of Trustees. Any waived Management Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement. There is currently no contractual waiver in effect for the Management Fees of the SoFi ETF and SoFi Gig Economy ETF.
Out of the unitary management fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the unitary management fee payable to the Adviser. The unitary fees incurred are paid monthly to the Adviser.
CSat Investment Advisory, L.P, doing business as Exponential ETFs, (the “Sub-Adviser”) serves as sub-adviser to the Funds pursuant to the sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (“Sub-Advisory Agreement”) and, pursuant to the Sub-Advisory Agreement, is responsible for execution of the Sub-Adviser’s strategy of the Funds. The Sub-Adviser is responsible for the day-to-day management of the three diversified Funds and for implementing the investment decisions made by the Adviser with respect to the SoFi Gig Economy ETF. The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the Indexes, subject to the supervision of the Adviser and the Board.
Pursuant to a sub-advisory agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities it provides based on the average daily net assets of each Fund as follows:
Name of Fund | Sub-Advisory Fee |
SoFi Select 500 ETF | 0.03% |
SoFi Next 500 ETF | 0.03% |
SoFi 50 ETF | 0.03% |
SoFi Gig Economy ETF | 0.03% |
The sub-advisory fees incurred are paid monthly to the Sub-Adviser by the Adviser irrespective of any fee waiver.
Tidal ETF Services LLC (“Tidal”), an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.
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SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2019 (Unaudited) (Continued) |
U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global 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, transfer agent, and fund accountant. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.
Certain officers and trustees of the Trust are affiliated with the Adviser and Fund Services. None of the affiliated trustees or the Trust’s officers receive compensation from the Funds.
NOTE 4 – PURCHASES AND SALES OF SECURITIES |
For the period ended August 31, 2019, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments and U.S. government securities were as follows:
Purchases | Sales | |||||||
SoFi Select 500 ETF | $ | 64,353,492 | $ | 11,788,535 | ||||
SoFi Next 500 ETF | 11,007,952 | 3,956,850 | ||||||
SoFi 50 ETF | 6,213,474 | 253,955 | ||||||
SoFi Gig Economy ETF | 9,158,264 | 1,425,133 |
There were no purchases or sales of long-term U.S. Government securities for the period ended August 31, 2019.
NOTE 5 – DISTRIBUTIONS TO SHAREHOLDERS |
The Funds are subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at the fiscal year-end; accordingly, tax basis balances have not been determined for the period ended August 31, 2019. Since the Funds do not have a full fiscal year, the tax cost of investments is the same as cost noted in the Schedules of Investments or Statements of Assets and Liabilities. The tax character of distributions paid during the period ended August 31, 2019 (estimated), was as follows:
Distributions paid from: | SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | ||||||||||||
Ordinary income | $ | 154,147 | $ | 15,153 | $ | 3,048 | $ | — | ||||||||
Long-Term capital gains | — | — | — | — |
NOTE 6 – SHARE TRANSACTIONS |
Shares of the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF are listed and traded on NYSE Arca, Inc. and shares of the SoFi Gig Economy 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 blocks of 50,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions (“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.
36 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2019 (Unaudited) (Continued) |
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 and SoFi Next 500 ETF is $500 and for the SoFi 50 ETF and SoFi Gig Economy ETF is $250, 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 of up to a maximum of 2% of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are displayed in the capital shares transactions section of the Statement 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.
37 |
SoFi Funds
Expense Examples For the Period Ended August 31, 2019 (Unaudited) |
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Funds’ shares, and (2) ongoing costs, including management fees of the Funds. The example is 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 mutual funds. The actual 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 April 10, 2019 to August 31, 2019 for the SoFi Select 500 ETF and SoFi Next 500 ETF and from May 8, 2019 to August 31, 2019 for the SoFi 50 ETF and SoFi Gig Economy ETF. The hypothetical examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2019 to August 31, 2019.
Actual Expenses
The first line of the following tables provides information about actual account values based on actual returns and actual 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 table provides information about hypothetical account values based on a hypothetical return 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 return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the 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 table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
SoFi Select 500 ETF
Beginning | Ending | Expenses Paid | ||||||||||
Actual | $ | 1,000.00 | $ | 1,017.40 | $ | — |
Beginning | Ending | Expenses Paid | ||||||||||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,025.14 | — |
(1) | The actual expenses are equal to the Fund’s annualized expense ratio of 0.00% (reflecting fee waivers in effect), multiplied by the average account value over the period, multiplied by 143/366 (to reflect the period from April 10, 2019 to August 31, 2019, the commencement of operations date to the end of the period). |
(2) | The hypothetical expenses are equal to the expense ratio of 0.00% (reflecting fee waivers in effect), multiplied by the average account value over the period multiplied by 184/366 to reflect the most recent six-month period. |
38 |
SoFi Funds
Expense Examples For the Period Ended August 31, 2019 (Unaudited) (Continued) |
SoFi Next 500 ETF
Beginning | Ending | Expenses Paid | ||||||||||
Actual | $ | 1,000.00 | $ | 986.70 | $ | — |
Beginning | Ending | Expenses Paid | ||||||||||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,025.14 | — |
(3) | The actual expenses are equal to the Fund’s annualized expense ratio of 0.00% (reflecting fee waivers in effect), multiplied by the average account value over the period, multiplied by 143/366 (to reflect the period from April 10, 2019 to August 31, 2019, the commencement of operations date to the end of the period). |
(4) | The hypothetical expenses are equal to the expense ratio of 0.00% (reflecting fee waivers in effect), multiplied by the average account value over the period multiplied by 184/366 to reflect the most recent six-month period. |
SoFi 50 ETF
Beginning | Ending | Expenses Paid | ||||||||||
Actual | $ | 1,000.00 | $ | 946.30 | $ | 0.89 |
Beginning | Ending | Expenses Paid | ||||||||||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,023.68 | 1.48 |
(5) | The actual expenses are equal to the Fund’s annualized expense ratio of 0.29%, multiplied by the average account value over the period, multiplied by 115/366 (to reflect the period from May 8, 2019 to August 31, 2019, the commencement of operations date to the end of the period). |
(6) | The hypothetical expenses are equal to the expense ratio of 0.29%, multiplied by the average account value over the period multiplied by 184/366 to reflect the most recent six-month period. |
39 |
SoFi Funds
Expense Examples For the Period Ended August 31, 2019 (Unaudited) (Continued) |
SoFi Gig Economy ETF
Beginning | Ending | Expenses Paid | ||||||||||
Actual | $ | 1,000.00 | $ | 937.30 | $ | 1.80 |
Beginning | Ending | Expenses Paid | ||||||||||
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,022.17 | 3.00 |
(7) | The actual expenses are equal to the Fund’s annualized expense ratio of 0.59%, multiplied by the average account value over the period, multiplied by 115/366 (to reflect the period from May 8, 2019 to August 31, 2019, the commencement of operations date to the end of the period). |
(8) | The hypothetical expenses are equal to the expense ratio of 0.59%, multiplied by the average account value over the period multiplied by 184/366 to reflect the most recent six-month period. |
40 |
SoFi Funds
Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements (Unaudited) |
The Board of Trustees (the “Board” or/the “Trustees”) of Tidal ETF Trust (the “Trust”) met in person at a meeting held on February 20, 2019 to consider the initial approval of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi 50 ETF, and SoFi Gig Economy ETF (each, a “Fund,” and collectively the “Funds” or “SoFi Funds”), each a series of the Trust, and Toroso Investments, LLC, the Funds’ investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from the Trust’s outside legal counsel, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, bibliographic information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the proposed unitary advisory fee applicable to each Fund, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Advisory Agreement for an initial two-year term.
Discussion of Factors Considered
In considering the approval of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1. | The nature, extent and quality of services to be provided by the Adviser to the Funds. The Board considered the nature, extent and quality of the Adviser’s overall services to be provided to the SoFi Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the SoFi Funds. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Michael Venuto, who will serve as a co-portfolio manager for the SoFi Gig Economy ETF, as well as the responsibilities of other key personnel of the Adviser to be involved in the day to day activities of the SoFi Funds. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that to be employed by the SoFi Funds. |
The Board also considered other services to be provided to the SoFi Funds, such as monitoring adherence to each SoFi Funds’ investment strategies and restrictions, oversight of the Sub-Adviser and other service providers to the SoFi Funds, monitoring compliance with various SoFi Funds’ policies and procedures and with applicable securities regulations, and monitoring the extent to which the SoFi Select 500 ETF, SoFi Next 500 ETF and SoFi 50 ETF (collectively, the “SoFi Index ETFs”) achieve their investment objective as passively-managed ETFs and the extent to which the SoFi Gig Economy ETF achieves its investment objective as an actively-managed ETF. The Board noted that the SoFi Index Funds are each designed to track the performance of an index and the Sub-Adviser would be responsible for trade execution, subject to the supervision of the Adviser. The Board noted that, with respect to the SoFi Gig Economy ETF, the Adviser would be responsible for selecting the Fund’s investments and the Sub-Adviser would be responsible for trade execution, 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 SoFi Funds and that the nature, overall quality and extent of the management services to be provided to the SoFi Funds, as well as the Adviser’s compliance program, were satisfactory.
2. | The investment performance of the Funds and the Adviser. The Board noted that the SoFi Funds had not yet commenced operations and, therefore, concluded that performance of the SoFi Funds was not a relevant factor for consideration. The Board also considered that because each SoFi Index ETF is designed to track the performance of an index and the Sub-Adviser would be responsible for trade execution, the performance for each SoFi Index ETF would not be the direct result of investment decisions made by the Adviser. Consequently, with respect to each SoFi Index Funds’ performance, the Board in the future would focus on the Adviser’s oversight of the Sub Adviser’s services, including whether each SoFi Index Funds’ performance exhibited significant tracking error |
3. | The cost of services to be provided and profits to be realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s proposed advisory fees, including a review of comparative expenses, expense components and peer group selections. The Board took into consideration that the advisory fees were a “unitary fee,” meaning that the SoFi |
41 |
SoFi Funds
Basis for trustees’ APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
Funds would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the SoFi Funds’ Rule 12b-1 Plans. The Board noted that the Adviser agrees to pay, or require the Sub-Adviser to pay, all other expenses incurred by the SoFi Funds. The Board considered comparative information prepared by U.S. Bank Global Fund Services utilizing data provided by Morningstar Direct relating to the cost structure of the SoFi Funds relative to peer groups. The SoFi Select 500 ETF and the SoFi 50 ETF were compared to ETFs in the U.S. fund large growth category, the SoFi Next 500 ETF was compared to ETFs in the U.S. fund mid-cap growth category and the SoFi Gig Economy ETF was compared to ETFs in the U.S. fund small growth category.
For the SoFi Select 500 ETF, the Board noted that the Adviser would contractually agree to maintain an annual expense ratio of 0.00% for at least a one-year period. The Board noted that the Fund’s proposed advisory fee of 0.19% was below the peer group average of 0.29% and the Fund’s expense ratio (net of fee waivers) of 0.00% was below the peer group average of 0.29%.
For the SoFi Next 500 ETF, the Board noted that the Adviser would contractually agree to maintain an annual expense ratio of 0.00% for at least a one-year period. The Board noted that the Fund’s proposed advisory fee of 0.19% was below the peer group average of 0.35% and the Fund’s expense ratio (net of fee waivers) of 0.00% was below the peer group average of 0.37%.
For the SoFi 50 ETF, the Board noted that the Fund’s proposed advisory fee of 0.29% was below the peer group average of 0.30% and the Fund’s expense ratio of 0.29% was below the peer group average of 0.30%.
For the SoFi Gig Economy ETF, the Board noted that the Fund’s proposed advisory fee of 0.59% was below the peer group average of 0.70% and the Fund’s expense ratio of 0.59% was below the peer group average of 0.67%.
The Board concluded that each SoFi Fund’s proposed expense ratio and the advisory fee to be paid to the Adviser were fair and reasonable in light of the comparative expense information and the investment management services to be provided to the SoFi Funds by the Adviser given the nature of the SoFi Funds’ strategies. The Board also evaluated, based on information provided by the Adviser, the compensation and benefits expected to be received by the Adviser from its relationship with the SoFi Funds, taking into account an analysis of the Adviser’s expected profitability with respect to the SoFi Funds and the Board further concluded that the Adviser had adequate financial resources to support its services to the SoFi Funds from the revenues of its overall investment advisory business.
4. | The extent of economies of scale as the Funds grows. The Board considered the potential economies of scale that the SoFi Funds might realize under the structure of the proposed advisory fees. The Board noted the advisory fees did not contain any breakpoint reductions as each SoFi Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structures. |
5. | The benefits to be derived from the relationship with the Funds. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the SoFi Funds. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the SoFi Funds. |
Conclusions. 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 will provide to each of the SoFi Funds; and (c) the approval of the Advisory Agreement for an initial term of two years was in the best interests of each of the SoFi Funds and its shareholders.
At the in-person meeting held on February 20, 2019, the Board also considered the initial approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the Funds, entered into between the Adviser and CSat Investment Advisory, L.P. (dba Exponential ETFs), the Funds’ sub-adviser (the “Sub-Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel 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 due diligence response completed by the Sub-Adviser with respect to a specific request letter from the Trust’s outside legal counsel, Form ADV, select ownership, organizational, financial and insurance information for the Sub-Adviser, bibliographic 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 Sub-Advisory Agreement for an initial two-year term.
42 |
SoFi Funds
Basis for trustees’ APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
Discussion of Factors Considered
In considering the approval 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. | The nature, extent and quality of services to be provided by the Sub-Adviser to the Funds. The Board considered the nature, extent and quality of the Sub-Adviser’s overall services to be provided to the SoFi Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the SoFi Funds. The Board considered the qualifications, experience and responsibilities of Charles A. Ragauss who will serve as the portfolio manager for each of the SoFi Index ETFs and a co-portfolio manager for the SoFi Gig Economy ETF, as well as the responsibilities of other key personnel of the Sub-Adviser to be involved in the day-to-day activities of the SoFi Funds. The Board reviewed the due diligence information provided by the Sub-Adviser, including information regarding the Sub-Adviser’s compliance program, its compliance personnel and compliance record, as well as the Sub-Adviser’s cybersecurity program and business continuity plan. The Board noted that the Sub-Adviser does not manage any other accounts that utilize a strategy similar to that to be employed by the SoFi Funds. |
The Board also considered other services to be provided to the SoFi Funds, such as monitoring adherence to the SoFi Funds’ investment strategies and restrictions, monitoring compliance with various SoFi Funds’ policies and procedures and with applicable securities regulations, monitoring the extent to which the SoFi Index ETFs achieve their investment objective as passively-managed ETFs and the extent to which the SoFi Gig Economy ETF meets its investment objective as an actively-managed ETF, responsibility of daily monitoring of tracking error with respect to the SoFi Index ETFs and quarterly reporting to the Board. The Board noted that the Sub-Adviser would be responsible for the SoFi Funds’ trade execution, subject to oversight by the Adviser.
The Board concluded that the Sub-Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and managing the SoFi Funds and that the nature, overall quality and extent of the management services to be provided to the SoFi Funds, as well as the Sub-Adviser’s compliance program, were satisfactory.
2. | The investment performance of the Funds and the Sub-Adviser. The Board noted that the SoFi Funds had not yet commenced operations and, therefore, concluded that performance of the SoFi Funds was not a relevant factor for consideration. The Board also considered that, because the investment objective of each SoFi Index ETF is to track the performance of an index, the Board in the future would focus on the extent to which each SoFi Index ETF achieved its investment objective as a passively-managed ETF. |
3. | The cost of services to be provided and profits to be realized by the Sub-Adviser. The Board considered the structure of the proposed sub-advisory fee to be paid by the Adviser to the Sub-Adviser under the Sub Advisory Agreement. The Board noted that the Adviser represented to the Board that the sub-advisory fees payable under the Sub-Advisory Agreement were reasonable in light of the services to be performed by the Sub-Adviser. Since the sub-advisory fees are to be paid by the Adviser, the overall advisory fee paid by each of the SoFi Funds is not directly affected by the sub-advisory fees paid to the Sub-Adviser. Consequently, the Board did not consider the cost of services provided by the Sub-Adviser or the potential profitability of its relationship with the SoFi Funds to be material factors for consideration given that the Sub-Adviser is not affiliated with the Adviser and, therefore, the sub-advisory fees to be paid to the Sub-Adviser were negotiated on an arm’s-length basis. Based on all of these factors, the Board concluded that the sub-advisory fees to be paid to the Sub-Adviser by the Adviser reflected an appropriate allocation of the advisory fee and were reasonable in light of the services to be provided by the Sub-Adviser. |
4. | The extent of economies of scale as the Funds grows. Since the sub-advisory fees payable to the Sub-Adviser are not paid by each of the SoFi Funds, the Board did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as each SoFi Fund’s assets increase. |
5. | The benefits to be derived from the relationship with the Funds. The Board considered the direct and indirect benefits that could be received by the Sub-Adviser from its association with the SoFi Funds. The Board concluded that the benefits the Sub-Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the SoFi Funds. |
Conclusions. 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 Sub- Advisory Agreement are fair and reasonable; (b) the sub-advisory fees are reasonable in light of the services that the Sub-Adviser will provide to the Funds; and (c) the approval of the Sub-Advisory Agreement for an initial term of two years was in the best interests of each of the SoFi Funds and its shareholders.
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SoFi Funds
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 (866) 539-9530 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.
When available, information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 months ending June 30 is available upon request without charge by calling (866) 539-9530 or by accessing the SEC’s website at www.sec.gov.
The Funds file their complete schedules of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Form N-Q. The Funds’ Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington D.C. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The Funds’ Form N-Q is available without charge, upon request, by calling (800) 539-9530. Furthermore, you can obtain the Form N-Q on the SEC’s website at www.sec.gov. The Funds’ portfolio holdings are posted on the Funds’ website daily at www.sofi.com/invest/etfs.
Frequency Distribution of Premiums and Discounts (Unaudited) |
Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily net asset value (“NAV”) is available, without charge, on the Funds’ website at www.sofi.com/invest/etf.
The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (866) 539-9530. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Funds’ website www.sofi.com/invest/etfs.
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Investment Adviser
Toroso Investments, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Investment Sub-Adviser
CSat Investment Advisory, L.P. (dba Exponential ETFs)
625 Avis Drive
Ann Arbor, Michigan 48108
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, WI 53202
Custodian
U.S. Bank N.A.
Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Fund Information | ||
Fund | Symbol | CUSIP |
SoFi Select 500 ETF | SFY | 886364207 |
SoFi Next 500 ETF | SFYX | 886364306 |
SoFi 50 ETF | SFYF | 886364405 |
SoFi Gig Economy ETF | GIGE | 886364504 |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
Schedules of Investments are included as part of the report to shareholders filed under Item 1 of this Form.
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 second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1)Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.Not applicable. |
(2)A separate certification for each President/Principal Executive Officer and Treasurer/Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Filed herewith.
(3)Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.Not applicable to open-end investment companies.
(4)Change in the registrant’s independent public accountant.There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
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 | 11/12/19 |
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 | 11/12/19 | ||
By (Signature and Title)* | /s/ Daniel Carlson | ||
Daniel Carlson, Treasurer/Principal Financial Officer | |||
Date | 11/12/19 |
* | Print the name and title of each signing officer under his or her signature. |