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 29
Date of reporting period:February 29, 2020
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
Annual Report
February 29, 2020
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission (the “SEC”), 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 |
Performance Summary | 5 |
Portfolio Allocations | 9 |
Schedules of Investments | 11 |
Statements of Assets and Liabilities | 30 |
Statements of Operations | 31 |
Statements of Changes in Net Assets | 32 |
Financial Highlights | 36 |
Notes to Financial Statements | 37 |
Report of Independent Registered Public Accounting Firm | 44 |
Expense Examples | 45 |
Trustees and Executive Officers | 47 |
Additional Information | 50 |
SoFi Funds
U.S. equity markets experienced the quickest 30% drawdown in their history and have roared back with unprecedented levels of fiscal stimulus. When or how the economy will reopen is unclear. What is clear is that many industries will struggle for quite some time and could need continued government assistance in the coming 18 months. The other major trend will be the adoption of new ways of doing business caused from the Work From Home (“WFH”) phenomenon we are experiencing during the Covid-19 quarantine. Market dislocations always cause new adoptions of technology and processes. That, coupled with our need to work remotely, could push growth rates on the gig economy to all-time highs.
The information presented in this report relates to the since inception performance ended February 29, 2020.
The SoFi Select 500 ETF
The SoFi Select 500 ETF (“SFY”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index (the “Index”).
Index Description:
In summary, the Index is rebalanced and reconstituted annually. The process begins with the selection of the 500 largest constituents by market capitalization of the Solactive US Broad Market Index, which generally includes equity securities of approximately 3,000 of the largest U.S. companies. The weight of each Index constituent is initially based on each constituent’s free-float market capitalization and then adjusted upward or downward based on a proprietary composite score based on three growth-oriented factors:
1) | trailing 12-month sales growth, |
2) | trailing 12-month earnings per share (“EPS”) growth, and |
3) | 12-month forward-looking EPS growth consensus estimates. |
The Index’s construction does not target any specific sector or industry; however, due to market conditions and certain other factors, a particular sector may be relatively overweight or underweight for periods of time.
Fund Description:
SFY seeks to track the performance of the Index, which is composed of 500 of the largest publicly traded U.S. companies weighted based on a proprietary mix of their market capitalization and fundamental factors.
Performance Overview:
Since inception (April 10, 2019), SFY generated a total return of 4.95% (NAV) and 5.00% (Market). This compares to the 4.92% total return of its Index, and the 4.08% 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, Technology, Communications, and Consumer (Non-Cyclical) were the leading contributors, while Energy, Basic Materials, and Industrials were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Microsoft Corp., Apple, Inc., and Tesla, Inc. Conversely, the leading detractors included Exxon Mobil Corp., Chevron Corp., and Cisco Systems, Inc.
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”).
Index Description:
In summary, the Index is rebalanced and reconstituted annually, beginning with the selection of the next 500 largest constituents after excluding the largest 500 constitutents by market capitalization of the Solactive US Broad Market Index, which as described above, generally includes equity securities of approximately 3,000 of the largest U.S. companies. The weight of each Index constituent is initially based on each constituent’s free-float market capitalization and then adjusted upward or downward based on a proprietary composite score based on three growth-oriented factors:
1) | trailing 12-month sales growth, |
2) | trailing 12-month EPS growth, and |
3) | 12-month forward-looking EPS growth consensus estimates. |
1 |
SoFi Funds
The Index’s construction does not target any specific sector or industry; however, due to market conditions and certain other factors, a particular sector may be relatively overweight or underweight for periods of time.
Fund Description:
SFYX seeks to track the performance of the Index, which is composed of the 500 smallest of the 1,000 largest publicly traded U.S. companies weighted based on a proprietary mix of their market capitalization and fundamental factors.
Performance Overview:
Since inception (April 10, 2019), SFYX generated a total return of -2.84% (NAV) and -3.17% (Market). This compares to the -2.79% total return of its Index, and the -5.32% 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, Technology, Communications, and Consumer (Non-Cyclical) were the leading contributors, while Energy, Consumer (Cyclical), and Basic Materials were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Dexcom, Inc., RingCentral Inc., and DocuSign, Inc. Conversely, the leading detractors included Bluebird Bio, Inc., PDC Energy, Inc., 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 (“Index”).
Index Description:
In summary, the Solactive SoFi US 50 Growth Index is rebalanced and reconstituted semi-annually. The construction of the Index begins with the 1,000 largest constituents of the Solactive US Broad Market Index (the “Eligible Universe”), a market-capitalization weighted index that includes equity securities of approximately 3,000 of the largest U.S. companies. A proprietary composite score is then calculated for each company in the Eligible Universe based on three growth-oriented factors:
1) | trailing 12-month sales growth, |
2) | trailing 12-month EPS growth, and |
3) | 12-month forward-looking EPS growth consensus estimates. |
Subject to constraints that are applied at the time of Index rebalance aimed at limiting Index turnover, the 50 highest scoring companies are included in the Index and equally weighted. The Index’s construction does not target any specific sector or industry; however, due to market conditions and certain other factors, a particular sector may be relatively overweight or underweight for periods of time.
Fund Description:
SFYF seeks to track the performance of the Index, which is composed of an equal-weighted portfolio of 50 of the 1,000 largest publicly traded U.S. companies. Index consituents are selected based on a proprietary composite score calculated based on certain fundamental factors.
Performance Overview:
Since inception (May 7, 2019), SFYF generated a total return of -5.67% (NAV) and -6.25% (Market). This compares to the -5.43% total return of its Index, and the 4.16% 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, Communications, and Financials were the leading contributors, while Energy, Basic Materials, and Consumer (Non-Cyclical) were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Syneos Health, ServiceNow, Inc., and Teladoc Health, Inc. Conversely, the leading detractors included DXC Technology Co., Ultragenyx Pharmaceutical, Inc., and Halliburton Co.
2 |
SoFi Funds
The SoFi Gig Economy ETF
The SoFi Gig Economy ETF (“GIGE”) is an actively-managed ETF that seeks to achieve its investment objective of long-term capital appreciation primarily by investing in a portfolio of companies listed around the world that GIGE’s investment adviser, Toroso Investments, LLC (the “Adviser”), considers part of the “gig economy”.
Fund Description:
The “gig economy” refers to the group of companies that have embraced, that support, or that otherwise benefit from a workforce where individual employees or independent contractors are empowered to create their own freelance business by leveraging recent developments in technology platforms that enable individuals to offer their services directly to retail and commercial customers. Examples of gig economy businesses include selling or reselling products through auction platforms or web-based stores and offering delivery services through an app-based platform.
The investment management team behind the strategy seeks investments in underlying companies that:
● | drive the overall gig economy universe, |
● | transform the way our economy transacts goods and services, |
● | modify how work gets done, and |
● | embraces the work from home economy. |
These companies are broken up into the following categories: seeking direct participants, direct & indirect supportive gig economy businesses, companies that help facilitate processes within the gig economy, and any other ancillary benefiting companies because of the gig economy. These companies are put into a multi-tiered process based on their growth prospects within the gig economy and managed to allow for necessary concentration to generate alpha but not overconcentration which may cause significant volatility. The team actively rebalances the portfolio frequently, as the “gig economy” is such a new industry classification. GIGE can experience large individual position volatility and new issuances can occur frequently.
Performance Overview:
Since inception (May 7, 2019), GIGE generated a total return of -7.22% (NAV) and -8.83% (Market). This compares to the 4.16% 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, Technology and Consumer (Cyclical) were the largest contributors. While Industrials, Communications and Financials detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Pinduoduo, Inc., Fiverr International Ltd., and JD.com, Inc. Conversely, the leading detractors included Jumia Technologies AG, UpWork, Inc., and Stratasys Ltd.
Past performance does not guarantee future results.
Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the Funds’ 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 a Fund’s investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market, and a Fund’s holdings and returns may deviate from those of its index. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase a Fund’s expenses. The Funds are new and have a limited operating history. You can lose money on your investment in a Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Because the SoFi Gig Economy ETF 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 SoFi Gig Economy ETF’s shares may fluctuate more than shares invested in a broader range of industries and companies because of concentration in a specific sector, country or industry.
3 |
SoFi Funds
The S&P 500® Total Return Index is an index of 500 large-capitalization companies selected by Standard & Poor’s Financial Services LLC. The S&P MidCap 400® Total Return Index is an index of 400 mid-capitalization companies selected by Standard & Poor’s Financial Services LLC. It is not possible to invest directly in an index. Holdings are subject to change.
EPS refers to earnings per share, which is a company’s profit dividend by the outstanding shares of common stock.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.
SoFi ETFs are distributed by Foreside Fund Services, LLC. Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, the Adviser, CSat Investment Advisory, L.P., doing business as Exponential ETFs, the Funds’ 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 ETFs. SoFi has provided support in developing the methodology used by each 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.
4 |
SoFi Select 500 ETF
Total Returns for the Period Ended February 29, 2020: | Since Inception | Ending Value |
SoFi Select 500 ETF - NAV | 4.95% | $ 10,495 |
SoFi Select 500 ETF - Market | 5.00% | 10,500 |
Solactive SoFi US 500 Growth Index | 4.92% | 10,492 |
S&P 500® Total Return Index | 4.08% | 10,408 |
This chart illustrates the performance of a hypothetical $10,000 investment made on April 10, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 539-9530.
5 |
SoFi Next 500 ETF
Performance Summary (Unaudited) |
Total Returns for the Period Ended February 29, 2020: | Since Inception | Ending Value |
SoFi Next 500 ETF - NAV | -2.84% | $ 9,716 |
SoFi Next 500 ETF - Market | -3.17% | 9,683 |
Solactive SoFi US Next 500 Growth Index | -2.79% | 9,721 |
S&P MidCap 400® Total Return Index | -5.32% | 9,468 |
This chart illustrates the performance of a hypothetical $10,000 investment made on April 10, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 539-9530.
6 |
SoFi 50 ETF
Performance Summary (Unaudited) |
Total Returns for the Period Ended February 29, 2020: | Since Inception | Ending Value |
SoFi 50 ETF - NAV | -5.67% | $ 9,433 |
SoFi 50 ETF - Market | -6.25% | 9,375 |
Solactive SoFi US 50 Growth Index | -5.43% | 9,457 |
S&P 500® Total Return Index | 4.16% | 10,416 |
This chart illustrates the performance of a hypothetical $10,000 investment made on May 7, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 539-9530.
7 |
SoFi Gig Economy ETF
Performance Summary (Unaudited) |
Total Returns for the Period Ended February 29, 2020: | Since Inception | Ending Value |
SoFi Gig Economy ETF - NAV | -7.22% | $ 9,278 |
SoFi Gig Economy ETF - Market | -8.83% | 9,117 |
S&P 500® Total Return Index | 4.16% | 10,416 |
This chart illustrates the performance of a hypothetical $10,000 investment made on May 7, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (866) 539-9530.
8 |
SoFi Funds
SOFI Select 500 ETF Portfolio Allocationsat February 29, 2020 (Unaudited) |
Sector | % of Net Assets |
Technology | 21.0% |
Communications | 19.5 |
Consumer (Non-Cyclical) | 19.0 |
Financials | 16.1 |
Consumer (Cyclical) | 8.4 |
Industrials | 7.1 |
Energy | 4.3 |
Utilities | 2.7 |
Basic Materials | 1.5 |
Cash & Cash Equivalents (1) | 0.4 |
Total | 100.0% |
(1) | Represents cash, short-term investments and other assets in excess of liabilities. |
SOFI Next 500 ETF Portfolio Allocationsat February 29, 2020 (Unaudited) |
Sector | % of Net Assets |
Financials | 25.4% |
Consumer (Non-Cyclical) | 19.7 |
Industrials | 15.8 |
Technology | 12.7 |
Consumer (Cyclical) | 11.1 |
Communications | 7.5 |
Basic Materials | 2.8 |
Utilities | 2.4 |
Energy | 2.2 |
Cash & Cash Equivalents (2) | 0.4 |
Total | 100.0% |
(2) | Represents cash, short-term investments and other assets in excess of liabilities. |
9 |
SoFi Funds
SOFI 50 ETF Portfolio Allocationsat February 29, 2020 (Unaudited) |
Sector | % of Net Assets |
Consumer (Non-Cyclical) | 25.9% |
Technology | 25.8 |
Financials | 10.6 |
Energy | 10.3 |
Industrials | 9.3 |
Basic Materials | 7.6 |
Communications | 6.4 |
Consumer (Cyclical) | 3.8 |
Cash & Cash Equivalents (1) | 0.3 |
Total | 100.0% |
(1) | Represents cash, short-term investments and other assets in excess of liabilities. |
SOFI GIg Economy ETF Portfolio Allocationsat February 29, 2020 (Unaudited) |
Sector | % of Net Assets |
Communications | 64.1% |
Technology | 17.3 |
Consumer (Non-Cyclical) | 11.5 |
Financials | 4.4 |
Industrials | 2.3 |
Cash & Cash Equivalents (2) | 0.4 |
Total | 100.0% |
(2) | Represents cash, short-term investments and liabilities in excess of other assets. |
10 |
SoFi Select 500 ETF
Schedule of Investments at February 29, 2020 |
| Shares | Value | ||||||
Advertising — 0.1% | ||||||||
The Interpublic Group of Companies, Inc. | 995 | $ | 21,253 | |||||
Omnicom Group, Inc. | 491 | 34,017 | ||||||
55,270 | ||||||||
Aerospace & Defense — 2.0% | ||||||||
Arconic, Inc. | 714 | 20,956 | ||||||
The Boeing Co. | 1,496 | 411,565 | ||||||
General Dynamics Corp. | 710 | 113,380 | ||||||
L3Harris Technologies, Inc. | 428 | 84,628 | ||||||
Lockheed Martin Corp. | 638 | 235,977 | ||||||
Northrop Grumman Corp. | 446 | 146,663 | ||||||
Raytheon Co. | 699 | 131,803 | ||||||
TransDigm Group, Inc. | 154 | 85,903 | ||||||
United Technologies Corp. | 2,031 | 265,228 | ||||||
1,496,103 | ||||||||
Agriculture — 0.7% | ||||||||
Altria Group, Inc. | 4,154 | 167,697 | ||||||
Archer-Daniels-Midland Co. | 1,235 | 46,498 | ||||||
Philip Morris International, Inc. | 3,798 | 310,942 | ||||||
525,137 | ||||||||
Airlines — 0.3% | ||||||||
Alaska Air Group, Inc. | 332 | 16,753 | ||||||
American Airlines Group, Inc. | 1,013 | 19,297 | ||||||
Delta Air Lines, Inc. | 1,586 | 73,162 | ||||||
Southwest Airlines Co. | 1,230 | 56,814 | ||||||
United Airlines Holdings, Inc. (1) | 641 | 39,479 | ||||||
205,505 | ||||||||
Apparel — 0.5% | ||||||||
Kontoor Brands, Inc. | 144 | 4,859 | ||||||
Nike, Inc. - Class B | 2,982 | 266,531 | ||||||
PVH Corp. | 205 | 15,192 | ||||||
Tapestry, Inc. | 915 | 21,457 | ||||||
VF Corp. | 1,016 | 73,152 | ||||||
381,191 | ||||||||
Auto Manufacturers — 1.3% | ||||||||
Cummins, Inc. | 492 | 74,435 | ||||||
Ford Motor Co. | 8,215 | 57,176 | ||||||
General Motors Co. | 2,780 | 84,790 | ||||||
PACCAR, Inc. | 1,165 | 77,939 | ||||||
Tesla, Inc. (1) | 1,003 | 669,994 | ||||||
964,334 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
BorgWarner, Inc. | 971 | 30,683 | ||||||
Lear Corp. | 164 | 18,237 | ||||||
48,920 |
| Shares | Value | ||||||
Banks — 5.4% | ||||||||
Bank of America Corp. | 25,047 | $ | 713,839 | |||||
The Bank of New York Mellon Corp. | 2,481 | 98,992 | ||||||
Citigroup, Inc. | 5,872 | 372,637 | ||||||
Citizens Financial Group, Inc. | 1,243 | 39,391 | ||||||
Comerica, Inc. | 501 | 26,373 | ||||||
Fifth Third Bancorp | 1,807 | 44,091 | ||||||
First Republic Bank | 531 | 53,403 | ||||||
The Goldman Sachs Group, Inc. | 1,048 | 210,407 | ||||||
Huntington Bancshares, Inc. | 3,242 | 39,779 | ||||||
JPMorgan Chase & Co. | 8,148 | 946,064 | ||||||
KeyCorp | 3,106 | 50,783 | ||||||
M&T Bank Corp. | 344 | 48,291 | ||||||
Morgan Stanley | 4,829 | 217,450 | ||||||
Northern Trust Corp. | 599 | 52,568 | ||||||
The PNC Financial Services Group, Inc. | 1,198 | 151,427 | ||||||
Regions Financial Corp. | 2,571 | 34,760 | ||||||
State Street Corp. | 1,039 | 70,766 | ||||||
SVB Financial Group (1) | 212 | 44,130 | ||||||
Truist Financial Corp. | 3,347 | 154,431 | ||||||
U.S. Bancorp | 3,755 | 174,382 | ||||||
Wells Fargo & Co. | 10,077 | 411,645 | ||||||
3,955,609 | ||||||||
Beverages — 1.6% | ||||||||
Brown-Forman Corp. - Class B | 750 | 46,058 | ||||||
The Coca-Cola Co. | 7,759 | 415,029 | ||||||
Constellation Brands, Inc. - Class A | 396 | 68,262 | ||||||
Keurig Dr Pepper, Inc. | 3,206 | 89,383 | ||||||
Molson Coors Brewing Co. - Class B | 684 | 33,933 | ||||||
Monster Beverage Corp. (1) | 1,392 | 86,875 | ||||||
PepsiCo, Inc. | 3,374 | 445,469 | ||||||
1,185,009 | ||||||||
Biotechnology — 2.0% | ||||||||
Alexion Pharmaceuticals, Inc. (1) | 994 | 93,466 | ||||||
Alnylam Pharmaceuticals, Inc. (1) | 325 | 38,240 | ||||||
Amgen, Inc. | 1,442 | 288,011 | ||||||
Biogen, Inc. (1) | 482 | 148,644 | ||||||
BioMarin Pharmaceutical, Inc. (1) | 411 | 37,142 | ||||||
Corteva, Inc. | 3,092 | 84,102 | ||||||
Gilead Sciences, Inc. | 2,197 | 152,384 | ||||||
Illumina, Inc. (1) | 457 | 121,411 | ||||||
Incyte Corp. (1) | 583 | 43,964 | ||||||
Regeneron Pharmaceuticals, Inc. (1) | 376 | 167,158 | ||||||
Vertex Pharmaceuticals, Inc. (1) | 1,323 | 296,392 | ||||||
1,470,914 |
The accompanying notes are an integral part of these financial statements.
11 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Building Materials — 0.2% | ||||||||
Johnson Controls International PLC | 1,297 | $ | 47,431 | |||||
Martin Marietta Materials, Inc. | 146 | 33,219 | ||||||
Masco Corp. | 730 | 30,164 | ||||||
Vulcan Materials Co. | 346 | 41,610 | ||||||
152,424 | ||||||||
Chemicals — 1.2% | ||||||||
Air Products & Chemicals, Inc. | 481 | 105,632 | ||||||
Albemarle Corp. | 395 | 32,331 | ||||||
Celanese Corp. | 385 | 36,090 | ||||||
DuPont de Nemours, Inc. | 3,087 | 132,432 | ||||||
Eastman Chemical Co. | 379 | 23,312 | ||||||
Ecolab, Inc. | 682 | 123,067 | ||||||
FMC Corp. | 570 | 53,067 | ||||||
International Flavors & Fragrances, Inc. | 285 | 34,137 | ||||||
LyondellBasell Industries NV | 1,155 | 82,536 | ||||||
The Mosaic Co. | 2,019 | 34,384 | ||||||
PPG Industries, Inc. | 613 | 64,028 | ||||||
The Sherwin-Williams Co. | 298 | 153,992 | ||||||
Westlake Chemical Corp. | 543 | 30,337 | ||||||
905,345 | ||||||||
Commercial Services — 2.3% | ||||||||
Automatic Data Processing, Inc. | 1,094 | 169,286 | ||||||
Cintas Corp. | 317 | 84,557 | ||||||
CoStar Group, Inc. (1) | 128 | 85,451 | ||||||
Equifax, Inc. | 263 | 37,356 | ||||||
FleetCor Technologies, Inc. (1) | 247 | 65,650 | ||||||
Gartner, Inc. (1) | 320 | 41,405 | ||||||
Global Payments, Inc. | 656 | 120,684 | ||||||
IHS Markit Ltd. | 1,673 | 119,184 | ||||||
Moody’s Corp. | 596 | 143,058 | ||||||
Nielsen Holdings PLC | 589 | 10,726 | ||||||
PayPal Holdings, Inc. (1) | 3,743 | 404,207 | ||||||
Rollins, Inc. | 943 | 35,306 | ||||||
S&P Global, Inc. | 541 | 143,857 | ||||||
Square, Inc. - Class A (1) | 1,094 | 91,163 | ||||||
TransUnion | 614 | 54,597 | ||||||
United Rentals, Inc. (1) | 240 | 31,795 | ||||||
Verisk Analytics, Inc. | 423 | 65,612 | ||||||
1,703,894 | ||||||||
Computers — 5.7% | ||||||||
Accenture PLC - Class A | 1,595 | 288,041 | ||||||
Amdocs Ltd. | 295 | 18,806 | ||||||
Apple, Inc. | 11,869 | 3,244,510 | ||||||
Cognizant Technology Solutions Corp. | 1,453 | 88,531 |
| Shares | Value | ||||||
Computers — 5.7% (Continued) | ||||||||
DXC Technology Co. | 636 | $ | 15,334 | |||||
Fortinet, Inc. (1) | 858 | 87,568 | ||||||
Hewlett Packard Enterprise Co. | 2,562 | 32,768 | ||||||
HP, Inc. | 4,355 | 90,541 | ||||||
International Business Machines Corp. | 1,899 | 247,155 | ||||||
NetApp, Inc. | 739 | 34,526 | ||||||
Seagate Technology PLC | 756 | 36,250 | ||||||
Western Digital Corp. | 468 | 26,002 | ||||||
4,210,032 | ||||||||
Cosmetics & Personal Care — 1.2% | ||||||||
Colgate-Palmolive Co. | 1,784 | 120,545 | ||||||
Coty, Inc. | 4,015 | 37,058 | ||||||
The Estee Lauder Companies, Inc. - Class A | 604 | 110,894 | ||||||
The Procter & Gamble Co. | 5,589 | 632,843 | ||||||
901,340 | ||||||||
Distribution & Wholesale — 0.3% | ||||||||
Copart, Inc. (1) | 654 | 55,250 | ||||||
Fastenal Co. | 1,631 | 55,813 | ||||||
LKQ Corp. (1) | 887 | 26,237 | ||||||
WW Grainger, Inc. | 152 | 42,186 | ||||||
179,486 | ||||||||
Diversified Financial Services — 4.8% | ||||||||
Alliance Data Systems Corp. | 142 | 12,195 | ||||||
Ally Financial, Inc. | 892 | 22,363 | ||||||
American Express Co. | 2,218 | 243,825 | ||||||
Ameriprise Financial, Inc. | 427 | 60,335 | ||||||
BlackRock, Inc. | 426 | 197,242 | ||||||
Capital One Financial Corp. | 1,177 | 103,882 | ||||||
Cboe Global Markets, Inc. | 634 | 72,276 | ||||||
The Charles Schwab Corp. | 4,461 | 181,786 | ||||||
CME Group, Inc. - Class A | 968 | 192,458 | ||||||
Discover Financial Services | 814 | 53,382 | ||||||
E*TRADE Financial Corp. | 859 | 39,325 | ||||||
Franklin Resources, Inc. | 1,058 | 23,022 | ||||||
Intercontinental Exchange, Inc. | 1,271 | 113,399 | ||||||
Invesco Ltd. | 949 | 13,666 | ||||||
Mastercard, Inc. - Class A | 3,053 | 886,133 | ||||||
Nasdaq, Inc. | 537 | 55,069 | ||||||
Raymond James Financial, Inc. | 427 | 35,710 | ||||||
Synchrony Financial | 1,793 | 52,176 | ||||||
T. Rowe Price Group, Inc. | 652 | 76,943 | ||||||
TD Ameritrade Holding Corp. | 2,480 | 104,730 | ||||||
Visa, Inc. - Class A | 5,450 | 990,592 | ||||||
The Western Union Co. | 1,360 | 30,450 | ||||||
3,560,959 |
The accompanying notes are an integral part of these financial statements.
12 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Electric — 2.6% | ||||||||
AES Corp. | 724 | $ | 12,113 | |||||
Alliant Energy Corp. | 545 | 28,405 | ||||||
Ameren Corp. | 524 | 41,396 | ||||||
American Electric Power Co., Inc. | 1,298 | 115,860 | ||||||
Avangrid, Inc. | 747 | 37,118 | ||||||
CenterPoint Energy, Inc. | 1,375 | 31,653 | ||||||
CMS Energy Corp. | 670 | 40,481 | ||||||
Consolidated Edison, Inc. | 710 | 55,962 | ||||||
Dominion Energy, Inc. | 1,925 | 150,497 | ||||||
DTE Energy Co. | 497 | 55,500 | ||||||
Duke Energy Corp. | 1,661 | 152,314 | ||||||
Edison International | 610 | 40,986 | ||||||
Entergy Corp. | 320 | 37,411 | ||||||
Evergy, Inc. | 1,024 | 66,918 | ||||||
Eversource Energy | 736 | 63,635 | ||||||
Exelon Corp. | 2,194 | 94,583 | ||||||
FirstEnergy Corp. | 855 | 38,073 | ||||||
NextEra Energy, Inc. | 1,130 | 285,619 | ||||||
PG&E Corp. (1) | 638 | 9,889 | ||||||
Pinnacle West Capital Corp. | 257 | 22,999 | ||||||
PPL Corp. | 1,626 | 48,796 | ||||||
Public Service Enterprise Group, Inc. | 1,496 | 76,760 | ||||||
Sempra Energy | 631 | 88,201 | ||||||
The Southern Co. | 2,395 | 144,562 | ||||||
Vistra Energy Corp. | 1,563 | 30,057 | ||||||
WEC Energy Group, Inc. | 680 | 62,784 | ||||||
Xcel Energy, Inc. | 1,140 | 71,045 | ||||||
1,903,617 | ||||||||
Electrical Components & Equipment — 0.2% | ||||||||
AMETEK, Inc. | 655 | 56,330 | ||||||
Emerson Electric Co. | 1,567 | 100,460 | ||||||
156,790 | ||||||||
Electronics — 1.1% | ||||||||
Agilent Technologies, Inc. | 852 | 65,664 | ||||||
Amphenol Corp. | 890 | 81,595 | ||||||
Fortive Corp. | 746 | 51,593 | ||||||
Garmin Ltd. | 496 | 43,841 | ||||||
Honeywell International, Inc. | 1,630 | 264,337 | ||||||
Keysight Technologies, Inc. (1) | 587 | 55,624 | ||||||
Mettler-Toledo International, Inc. (1) | 59 | 41,400 | ||||||
Roper Technologies, Inc. | 301 | 105,862 | ||||||
TE Connectivity Ltd. | 810 | 67,125 | ||||||
Waters Corp. (1) | 185 | 36,055 | ||||||
813,096 |
| Shares | Value | ||||||
Entertainment — 0.0% (2) | ||||||||
Live Nation Entertainment, Inc. (1) | 436 | $ | 26,496 | |||||
Environmental Control — 0.3% | ||||||||
Republic Services, Inc. | 737 | 66,522 | ||||||
Waste Management, Inc. | 1,026 | 113,691 | ||||||
180,213 | ||||||||
Food — 1.0% | ||||||||
Campbell Soup Co. | 623 | 28,110 | ||||||
Conagra Brands, Inc. | 996 | 26,583 | ||||||
General Mills, Inc. | 1,360 | 66,640 | ||||||
The Hershey Co. | 340 | 48,957 | ||||||
Hormel Foods Corp. | 1,208 | 50,253 | ||||||
The JM Smucker Co. | 242 | 24,924 | ||||||
Kellogg Co. | 815 | 49,283 | ||||||
The Kraft Heinz Co. | 1,804 | 44,685 | ||||||
The Kroger Co. | 1,855 | 52,181 | ||||||
McCormick & Co., Inc. | 356 | 52,044 | ||||||
Mondelez International, Inc. | 3,204 | 169,171 | ||||||
Sysco Corp. | 1,287 | 85,778 | ||||||
Tyson Foods, Inc. - Class A | 659 | 44,700 | ||||||
743,309 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
International Paper Co. | 1,080 | 39,917 | ||||||
Gas — 0.0% (2) | ||||||||
Atmos Energy Corp. | 288 | 29,736 | ||||||
Hand & Machine Tools — 0.1% | ||||||||
Snap-on, Inc. | 122 | 17,659 | ||||||
Stanley Black & Decker, Inc. | 368 | 52,882 | ||||||
70,541 | ||||||||
Healthcare - Products — 3.3% | ||||||||
Abbott Laboratories | 5,505 | 424,050 | ||||||
ABIOMED, Inc. (1) | 199 | 29,902 | ||||||
Align Technology, Inc. (1) | 286 | 62,448 | ||||||
Baxter International, Inc. | 1,156 | 96,491 | ||||||
Boston Scientific Corp. (1) | 4,597 | 171,882 | ||||||
The Cooper Companies, Inc. | 130 | 42,194 | ||||||
Danaher Corp. | 1,543 | 223,087 | ||||||
DENTSPLY SIRONA, Inc. | 305 | 15,018 | ||||||
Edwards Lifesciences Corp. (1) | 535 | 109,589 | ||||||
Henry Schein, Inc. (1) | 334 | 20,354 | ||||||
Hologic, Inc. (1) | 501 | 23,607 | ||||||
IDEXX Laboratories, Inc. (1) | 215 | 54,720 | ||||||
Intuitive Surgical, Inc. (1) | 374 | 199,701 | ||||||
Medtronic PLC | 2,915 | 293,453 | ||||||
ResMed, Inc. | 359 | 57,067 |
The accompanying notes are an integral part of these financial statements.
13 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Healthcare - Products — 3.3% (Continued) | ||||||||
Stryker Corp. | 1,008 | $ | 192,115 | |||||
Teleflex, Inc. | 126 | 42,212 | ||||||
Thermo Fisher Scientific, Inc. | 1,105 | 321,334 | ||||||
Varian Medical Systems, Inc. (1) | 181 | 22,258 | ||||||
Zimmer Biomet Holdings, Inc. | 320 | 43,568 | ||||||
2,445,050 | ||||||||
Healthcare - Services — 1.7% | ||||||||
Anthem, Inc. | 544 | 139,857 | ||||||
Centene Corp. (1) | 1,709 | 90,611 | ||||||
DaVita, Inc. (1) | 262 | 20,337 | ||||||
HCA Healthcare, Inc. | 753 | 95,639 | ||||||
Humana, Inc. | 287 | 91,748 | ||||||
IQVIA Holdings, Inc. (1) | 774 | 107,965 | ||||||
Laboratory Corp. of America Holdings (1) | 217 | 38,125 | ||||||
Quest Diagnostics, Inc. | 256 | 27,151 | ||||||
UnitedHealth Group, Inc. | 2,467 | 628,986 | ||||||
Universal Health Services, Inc. - Class B | 183 | 22,644 | ||||||
1,263,063 | ||||||||
Home Builders — 0.3% | ||||||||
D.R. Horton, Inc. | 1,114 | 59,343 | ||||||
Lennar Corp. - Class A | 1,319 | 79,588 | ||||||
NVR, Inc. (1) | 10 | 36,672 | ||||||
PulteGroup, Inc. | 809 | 32,522 | ||||||
208,125 | ||||||||
Home Furnishings — 0.0% (2) | ||||||||
Whirlpool Corp. | 103 | 13,170 | ||||||
Household Products & Wares — 0.3% | ||||||||
Church & Dwight Co., Inc. | 623 | 43,311 | ||||||
The Clorox Co. | 301 | 47,985 | ||||||
Kimberly-Clark Corp. | 714 | 93,670 | ||||||
184,966 | ||||||||
Insurance — 3.1% | ||||||||
Aflac, Inc. | 1,538 | 65,903 | ||||||
Alleghany Corp. (1) | 43 | 28,907 | ||||||
The Allstate Corp. | 746 | 78,516 | ||||||
American International Group, Inc. | 8,469 | 357,053 | ||||||
Aon PLC | 492 | 102,336 | ||||||
Arch Capital Group Ltd. (1) | 1,027 | 41,522 | ||||||
Arthur J. Gallagher & Co. | 484 | 47,185 | ||||||
Berkshire Hathaway, Inc. - Class B (1) | 3,042 | 627,686 | ||||||
Chubb Ltd. | 925 | 134,153 |
| Shares | Value | ||||||
Insurance — 3.1% (Continued) | ||||||||
Cincinnati Financial Corp. | 289 | $ | 26,946 | |||||
CNA Financial Corp. | 583 | 24,241 | ||||||
Everest Re Group Ltd. | 132 | 32,720 | ||||||
Globe Life, Inc. | 255 | 23,628 | ||||||
The Hartford Financial Services Group, Inc. | 817 | 40,809 | ||||||
Lincoln National Corp. | 519 | 23,557 | ||||||
Loews Corp. | 681 | 31,074 | ||||||
Markel Corp. (1) | 26 | 30,722 | ||||||
Marsh & McLennan Companies, Inc. | 1,214 | 126,936 | ||||||
MetLife, Inc. | 1,093 | 46,693 | ||||||
Principal Financial Group, Inc. | 668 | 29,653 | ||||||
The Progressive Corp. | 1,961 | 143,467 | ||||||
Prudential Financial, Inc. | 903 | 68,131 | ||||||
The Travelers Companies, Inc. | 568 | 68,052 | ||||||
Unum Group | 450 | 10,490 | ||||||
Willis Towers Watson PLC | 310 | 58,668 | ||||||
2,269,048 | ||||||||
Internet — 14.7% | ||||||||
Alphabet, Inc. - Class A (1) | 1,071 | 1,434,337 | ||||||
Alphabet, Inc. - Class C (1) | 1,252 | 1,676,841 | ||||||
Amazon.com, Inc. (1) | 2,310 | 4,351,462 | ||||||
Booking Holdings, Inc. (1) | 138 | 234,001 | ||||||
CDW Corp. | 375 | 42,832 | ||||||
eBay, Inc. | 1,886 | 65,331 | ||||||
Expedia Group, Inc. - Class A | 381 | 37,574 | ||||||
F5 Networks, Inc. (1) | 145 | 17,393 | ||||||
Facebook, Inc. - Class A (1) | 10,319 | 1,986,098 | ||||||
GoDaddy, Inc. - Class A (1) | 249 | 17,425 | ||||||
IAC/InterActiveCorp (1) | 103 | 21,006 | ||||||
Netflix, Inc. (1) | 1,957 | 722,192 | ||||||
NortonLifeLock, Inc. | 2,133 | 40,591 | ||||||
Palo Alto Networks, Inc. (1) | 245 | 45,232 | ||||||
Snap, Inc. - Class A (1) | 5,275 | 74,747 | ||||||
Twitter, Inc. (1) | 1,118 | 37,118 | ||||||
VeriSign, Inc. (1) | 260 | 49,335 | ||||||
10,853,515 | ||||||||
Iron & Steel — 0.1% | ||||||||
Nucor Corp. | 1,180 | 48,793 | ||||||
Leisure Time — 0.1% | ||||||||
Carnival Corp. | 1,260 | 42,160 | ||||||
Norwegian Cruise Line Holdings Ltd. (1) | 586 | 21,834 | ||||||
Royal Caribbean Cruises Ltd. | 479 | 38,516 | ||||||
102,510 |
The accompanying notes are an integral part of these financial statements.
14 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Lodging — 0.5% | ||||||||
Hilton Worldwide Holdings, Inc. | 978 | $ | 95,061 | |||||
Las Vegas Sands Corp. | 2,039 | 118,894 | ||||||
Marriott International, Inc. | 881 | 109,244 | ||||||
MGM Resorts International | 1,339 | 32,886 | ||||||
Wynn Resorts Ltd. | 366 | 39,521 | ||||||
395,606 | ||||||||
Machinery - Construction & Mining — 0.1% | ||||||||
Caterpillar, Inc. | 854 | 106,101 | ||||||
Machinery - Diversified — 0.5% | ||||||||
Deere & Co. | 1,129 | 176,666 | ||||||
Dover Corp. | 309 | 31,747 | ||||||
IDEX Corp. | 195 | 28,860 | ||||||
Rockwell Automation, Inc. | 302 | 55,417 | ||||||
Westinghouse Air Brake Technologies Corp. | 544 | 37,373 | ||||||
Xylem, Inc. | 577 | 44,625 | ||||||
374,688 | ||||||||
Media — 1.8% | ||||||||
Charter Communications, Inc. - Class A (1) | 507 | 250,037 | ||||||
Comcast Corp. - Class A | 11,218 | 453,544 | ||||||
DISH Network Corp. - Class A (1) | 459 | 15,386 | ||||||
Liberty Broadband Corp. - Class C (1) | 269 | 33,864 | ||||||
Sirius XM Holdings, Inc. | 11,935 | 75,668 | ||||||
ViacomCBS, Inc. - Class B | 1,393 | 34,282 | ||||||
The Walt Disney Co. | 4,010 | 471,776 | ||||||
1,334,557 | ||||||||
Mining — 0.2% | ||||||||
Freeport-McMoRan, Inc. | 7,961 | 79,292 | ||||||
Newmont Corp. | 915 | 40,836 | ||||||
120,128 | ||||||||
Miscellaneous Manufacturers — 1.0% | ||||||||
3M Co. | 1,580 | 235,799 | ||||||
Eaton Corp PLC | 1,036 | 93,986 | ||||||
General Electric Co. | 12,115 | 131,811 | ||||||
Illinois Tool Works, Inc. | 769 | 129,023 | ||||||
Ingersoll-Rand PLC | 540 | 69,681 | ||||||
Parker-Hannifin Corp. | 396 | 73,169 | ||||||
Textron, Inc. | 533 | 21,640 | ||||||
755,109 |
| Shares | Value | ||||||
Office & Business Equipment — 0.0% (2) | ||||||||
Xerox Holdings Corp. | 428 | $ | 13,782 | |||||
Zebra Technologies Corp. (1) | 89 | 18,776 | ||||||
32,558 | ||||||||
Oil & Gas — 3.6% | ||||||||
Apache Corp. | 1,260 | 31,399 | ||||||
Cabot Oil & Gas Corp. | 1,015 | 14,139 | ||||||
Chevron Corp. | 8,826 | 823,819 | ||||||
Concho Resources, Inc. | 1,478 | 100,534 | ||||||
ConocoPhillips | 2,014 | 97,518 | ||||||
Continental Resources, Inc. | 1,117 | 21,167 | ||||||
Devon Energy Corp. | 965 | 15,672 | ||||||
Diamondback Energy, Inc. | 1,248 | 77,376 | ||||||
EOG Resources, Inc. | 1,400 | 88,564 | ||||||
Exxon Mobil Corp. | 14,925 | 767,742 | ||||||
Hess Corp. | 687 | 38,596 | ||||||
Marathon Oil Corp. | 2,133 | 17,661 | ||||||
Marathon Petroleum Corp. | 2,906 | 137,802 | ||||||
Noble Energy, Inc. | 1,048 | 16,590 | ||||||
Occidental Petroleum Corp. | 1,684 | 55,134 | ||||||
Phillips 66 | 1,989 | 148,896 | ||||||
Pioneer Natural Resources Co. | 614 | 75,387 | ||||||
Valero Energy Corp. | 1,444 | 95,665 | ||||||
2,623,661 | ||||||||
Oil & Gas Services — 0.3% | ||||||||
Baker Hughes Co. - Class A | 2,809 | 45,197 | ||||||
Halliburton Co. | 2,899 | 49,167 | ||||||
National Oilwell Varco, Inc. | 858 | 16,053 | ||||||
Schlumberger Ltd. | 3,171 | 85,902 | ||||||
196,319 | ||||||||
Packaging & Containers — 0.2% | ||||||||
Ball Corp. | 855 | 60,243 | ||||||
Packaging Corp. of America | 254 | 23,018 | ||||||
Westrock Co. | 855 | 28,429 | ||||||
111,690 | ||||||||
Pharmaceuticals — 4.8% | ||||||||
AbbVie, Inc. | 4,131 | 354,068 | ||||||
Allergan PLC | 725 | 138,236 | ||||||
AmerisourceBergen Corp. | 526 | 44,352 | ||||||
Becton Dickinson and Co. | 808 | 192,158 | ||||||
Bristol-Myers Squibb Co. | 3,911 | 230,984 | ||||||
Cardinal Health, Inc. | 491 | 25,591 | ||||||
Cigna Corp. | 740 | 135,376 | ||||||
CVS Health Corp. | 2,040 | 120,727 | ||||||
Eli Lilly & Co. | 2,699 | 340,425 | ||||||
Johnson & Johnson | 6,258 | 841,576 | ||||||
McKesson Corp. | 305 | 42,657 | ||||||
Merck & Co., Inc. | 5,970 | 457,063 |
The accompanying notes are an integral part of these financial statements.
15 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Pharmaceuticals — 4.8% (Continued) | ||||||||
Mylan NV (1) | 1,157 | $ | 19,889 | |||||
Pfizer, Inc. | 13,001 | 434,493 | ||||||
Zoetis, Inc. | 1,252 | 166,804 | ||||||
3,544,399 | ||||||||
Pipelines — 0.5% | ||||||||
Cheniere Energy, Inc. (1) | 1,024 | 52,521 | ||||||
Kinder Morgan, Inc. | 6,026 | 115,518 | ||||||
ONEOK, Inc. | 1,563 | 104,283 | ||||||
Targa Resources Corp. | 2,202 | 71,345 | ||||||
The Williams Companies, Inc. | 1,431 | 27,261 | ||||||
370,928 | ||||||||
Private Equity — 0.0% (2) | ||||||||
KKR & Co., Inc. - Class A | 1,094 | 31,288 | ||||||
Real Estate — 0.1% | ||||||||
CBRE Group, Inc. (1) | 1,289 | 72,364 | ||||||
Real Estate Investment Trusts (REITs) — 2.7% | ||||||||
Alexandria Real Estate Equities, Inc. | 161 | 24,453 | ||||||
American Tower Corp. | 1,188 | 269,438 | ||||||
Annaly Capital Management, Inc. | 6,106 | 54,099 | ||||||
AvalonBay Communities, Inc. | 308 | 61,782 | ||||||
Boston Properties, Inc. | 348 | 44,871 | ||||||
Crown Castle International Corp. | 1,318 | 188,856 | ||||||
Digital Realty Trust, Inc. | 626 | 75,189 | ||||||
Duke Realty Corp. | 764 | 24,807 | ||||||
Equinix, Inc. | 281 | 160,957 | ||||||
Equity Residential (1) | 802 | 60,230 | ||||||
Essex Property Trust, Inc. | 138 | 39,104 | ||||||
Extra Space Storage, Inc. | 310 | 31,112 | ||||||
Federal Realty Investment Trust | 175 | 20,359 | ||||||
Healthpeak Properties, Inc. | 881 | 27,875 | ||||||
Host Hotels & Resorts, Inc. | 1,591 | 23,038 | ||||||
Invitation Homes, Inc. | 2,078 | 59,618 | ||||||
Iron Mountain, Inc. | 1,112 | 33,816 | ||||||
Mid-America Apartment Communities, Inc. | 303 | 39,166 | ||||||
Prologis, Inc. | 1,435 | 120,942 | ||||||
Public Storage | 411 | 85,948 | ||||||
Realty Income Corp. | 749 | 54,220 | ||||||
Regency Centers Corp. | 880 | 50,547 | ||||||
SBA Communications Corp. | 263 | 69,719 | ||||||
Simon Property Group, Inc. | 710 | 87,387 | ||||||
UDR, Inc. | 826 | 37,153 | ||||||
Ventas, Inc. | 759 | 40,811 | ||||||
Vornado Realty Trust | 345 | 18,485 |
| Shares | Value | ||||||
Real Estate Investment Trusts (REITs) — 2.7% (Continued) | ||||||||
Welltower, Inc. | 894 | $ | 66,889 | |||||
Weyerhaeuser Co. | 1,886 | 48,998 | ||||||
W.P. Carey, Inc. | 434 | 33,596 | ||||||
1,953,465 | ||||||||
Retail — 4.9% | ||||||||
Advance Auto Parts, Inc. | 164 | 21,809 | ||||||
AutoZone, Inc. (1) | 56 | 57,821 | ||||||
Best Buy Co., Inc. | 624 | 47,206 | ||||||
CarMax, Inc. (1) | 390 | 34,051 | ||||||
Chipotle Mexican Grill, Inc. (1) | 78 | 60,339 | ||||||
Costco Wholesale Corp. | 1,156 | 324,998 | ||||||
Darden Restaurants, Inc. | 319 | 31,102 | ||||||
Dollar General Corp. | 648 | 97,394 | ||||||
Dollar Tree, Inc. (1) | 372 | 30,887 | ||||||
Domino’s Pizza, Inc. | 125 | 42,433 | ||||||
The Gap, Inc. | 887 | 12,711 | ||||||
Genuine Parts Co. | 426 | 37,164 | ||||||
The Home Depot, Inc. | 2,874 | 626,072 | ||||||
Kohl’s Corp. | 388 | 15,190 | ||||||
Lowe’s Companies, Inc. | 1,910 | 203,549 | ||||||
McDonald’s Corp. | 1,477 | 286,789 | ||||||
O’Reilly Automotive, Inc. (1) | 201 | 74,113 | ||||||
Ross Stores, Inc. | 966 | 105,081 | ||||||
Starbucks Corp. | 2,955 | 231,761 | ||||||
Target Corp. | 1,318 | 135,754 | ||||||
Tiffany & Co. | 297 | 39,676 | ||||||
The TJX Companies, Inc. | 3,258 | 194,828 | ||||||
Tractor Supply Co. | 311 | 27,527 | ||||||
Ulta Beauty, Inc. (1) | 187 | 48,076 | ||||||
Walgreens Boots Alliance, Inc. | 2,449 | 112,066 | ||||||
Walmart, Inc. | 6,296 | 677,953 | ||||||
Yum! Brands, Inc. | 571 | 50,962 | ||||||
3,627,312 | ||||||||
Semiconductors — 4.7% | ||||||||
Advanced Micro Devices, Inc. (1) | 3,001 | 136,486 | ||||||
Analog Devices, Inc. | 1,427 | 155,614 | ||||||
Applied Materials, Inc. | 2,901 | 168,606 | ||||||
Broadcom, Inc. | 549 | 149,669 | ||||||
Intel Corp. | 14,629 | 812,202 | ||||||
IPG Photonics Corp. (1) | 163 | 20,805 | ||||||
KLA Corp. | 458 | 70,399 | ||||||
Lam Research Corp. | 551 | 161,680 | ||||||
Marvell Technology Group Ltd. | 1,136 | 24,197 | ||||||
Maxim Integrated Products, Inc. | 665 | 36,987 | ||||||
Microchip Technology, Inc. | 934 | 84,723 | ||||||
Micron Technology, Inc. (1) | 8,027 | 421,899 | ||||||
NVIDIA Corp. | 2,449 | 661,402 | ||||||
Qorvo, Inc. (1) | 200 | 20,116 |
The accompanying notes are an integral part of these financial statements.
16 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Semiconductors — 4.7% (Continued) | ||||||||
QUALCOMM, Inc. | 2,176 | $ | 170,381 | |||||
Skyworks Solutions, Inc. | 438 | 43,879 | ||||||
Texas Instruments, Inc. | 2,431 | 277,474 | ||||||
Xilinx, Inc. | 817 | 68,211 | ||||||
3,484,730 | ||||||||
Software — 10.6% | ||||||||
Activision Blizzard, Inc. | 1,773 | 103,064 | ||||||
Adobe, Inc. (1) | 1,697 | 585,669 | ||||||
Akamai Technologies, Inc. (1) | 369 | 31,922 | ||||||
ANSYS, Inc. (1) | 238 | 57,641 | ||||||
Autodesk, Inc. (1) | 426 | 81,315 | ||||||
Broadridge Financial Solutions, Inc. | 286 | 29,847 | ||||||
Cadence Design Systems, Inc. (1) | 684 | 45,240 | ||||||
Cerner Corp. | 695 | 48,143 | ||||||
Citrix Systems, Inc. | 257 | 26,571 | ||||||
Electronic Arts, Inc. (1) | 712 | 72,175 | ||||||
Fidelity National Information Services, Inc. | 3,711 | 518,501 | ||||||
Fiserv, Inc. (1) | 1,231 | 134,622 | ||||||
Intuit, Inc. | 799 | 212,414 | ||||||
Microsoft Corp. | 24,311 | 3,938,625 | ||||||
MSCI, Inc. | 241 | 71,201 | ||||||
Oracle Corp. | 7,537 | 372,780 | ||||||
Paychex, Inc. | 870 | 67,408 | ||||||
salesforce.com, Inc. (1) | 4,049 | 689,950 | ||||||
ServiceNow, Inc. (1) | 480 | 156,523 | ||||||
Splunk, Inc. (1) | 555 | 81,768 | ||||||
SS&C Technologies Holdings, Inc. | 1,516 | 84,138 | ||||||
Synopsys, Inc. (1) | 433 | 59,724 | ||||||
Take-Two Interactive Software, Inc. (1) | 506 | 54,385 | ||||||
Twilio, Inc. - Class A (1) | 548 | 61,727 | ||||||
Veeva Systems, Inc. - Class A (1) | 462 | 65,590 | ||||||
VMware, Inc. - Class A (1) | 306 | 36,879 | ||||||
Workday, Inc. - Class A (1) | 539 | 93,382 | ||||||
7,781,204 | ||||||||
Telecommunications — 2.9% | ||||||||
Arista Networks, Inc. (1) | 344 | 66,433 | ||||||
AT&T, Inc. | 18,582 | 654,458 | ||||||
CenturyLink, Inc. | 2,117 | 25,552 | ||||||
Cisco Systems, Inc. | 10,309 | 411,639 | ||||||
Corning, Inc. | 1,939 | 46,265 | ||||||
Juniper Networks, Inc. | 683 | 14,493 | ||||||
Motorola Solutions, Inc. | 456 | 75,550 | ||||||
Sprint Corp. (1) | 7,575 | 69,614 | ||||||
T-Mobile US, Inc. (1) | 2,182 | 196,729 |
| Shares | Value | ||||||
Telecommunications — 2.9% (Continued) | ||||||||
Ubiquiti, Inc. | 206 | $ | 27,946 | |||||
Verizon Communications, Inc. | 9,980 | 540,517 | ||||||
2,129,196 | ||||||||
Textiles — 0.0% (2) | ||||||||
Mohawk Industries, Inc. (1) | 170 | 20,596 | ||||||
Toys, Games & Hobbies — 0.0% (2) | ||||||||
Hasbro, Inc. | 204 | 15,759 | ||||||
Transportation — 1.4% | ||||||||
C.H. Robinson Worldwide, Inc. | 413 | 28,456 | ||||||
CSX Corp. | 2,069 | 145,761 | ||||||
Expeditors International of Washington, Inc. | 523 | 36,830 | ||||||
FedEx Corp. | 871 | 122,959 | ||||||
J.B. Hunt Transport Services, Inc. | 330 | 31,825 | ||||||
Kansas City Southern | 243 | 36,615 | ||||||
Norfolk Southern Corp. | 685 | 124,910 | ||||||
Old Dominion Freight Line, Inc. | 286 | 55,427 | ||||||
Union Pacific Corp. | 1,724 | 275,512 | ||||||
United Parcel Service, Inc. - Class B | 2,032 | 183,876 | ||||||
1,042,171 | ||||||||
Water — 0.1% | ||||||||
American Water Works Co., Inc. | 388 | 47,980 | ||||||
Total Common Stocks | ||||||||
(Cost $73,478,922) | 73,425,236 | |||||||
Short-Term Investments — 0.2% | ||||||||
Money Market Funds — 0.2% | ||||||||
First American Government Obligations Fund - Class X, 1.492% (3) | 138,730 | 138,730 | ||||||
Total Short-Term Investments | ||||||||
(Cost $138,730) | 138,730 | |||||||
Total Investments in Securities — 99.8% | ||||||||
(Cost $73,617,652) | 73,563,966 | |||||||
Other Assets in Excess of Liabilities — 0.2% | 168,489 | |||||||
Total Net Assets — 100.0% | $ | 73,732,455 |
(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 February 29, 2020. |
The accompanying notes are an integral part of these financial statements.
17 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 |
| Shares | Value | ||||||
Common Stocks — 99.6% | ||||||||
Advertising — 0.6% | ||||||||
The Trade Desk, Inc. - Class A (1) | 195 | $ | 56,014 | |||||
Aerospace & Defense — 1.1% | ||||||||
Barnes Group, Inc. | 139 | 7,465 | ||||||
HEICO Corp. | 173 | 18,658 | ||||||
Hexcel Corp. | 229 | 14,800 | ||||||
Spirit AeroSystems Holdings, Inc. | 308 | 16,275 | ||||||
Teledyne Technologies, Inc. (1) | 129 | 43,514 | ||||||
100,712 | ||||||||
Agriculture — 0.2% | ||||||||
Bunge Ltd. | 381 | 17,888 | ||||||
Airlines — 0.2% | ||||||||
JetBlue Airways Corp. (1) | 807 | 12,734 | ||||||
Spirit Airlines, Inc. (1) | 248 | 7,056 | ||||||
19,790 | ||||||||
Apparel — 1.3% | ||||||||
Capri Holdings Ltd. (1) | 462 | 11,929 | ||||||
Carter’s, Inc. | 134 | 12,257 | ||||||
Columbia Sportswear Co. | 215 | 17,479 | ||||||
Deckers Outdoor Corp. (1) | 163 | 28,329 | ||||||
Hanesbrands, Inc. | 1,098 | 14,538 | ||||||
Ralph Lauren Corp. - Class A | 100 | 10,551 | ||||||
Skechers U.S.A., Inc. - Class A (1) | 488 | 16,143 | ||||||
Under Armour, Inc. - Class A (1) | 384 | 5,449 | ||||||
116,675 | ||||||||
Auto Manufacturers — 0.1% | ||||||||
Navistar International Corp. (1) | 236 | 8,569 | ||||||
Auto Parts & Equipment — 0.6% | ||||||||
Allison Transmission Holdings, Inc. | 504 | 20,462 | ||||||
Dana, Inc. | 499 | 7,176 | ||||||
The Goodyear Tire & Rubber Co. | 682 | 6,605 | ||||||
WABCO Holdings, Inc. (1) | 165 | 22,292 | ||||||
56,535 | ||||||||
Banks — 4.8% | ||||||||
Associated Banc-Corp | 573 | 9,701 | ||||||
Bank of Hawaii Corp. | 125 | 9,302 | ||||||
Bank OZK | 424 | 10,765 | ||||||
BankUnited, Inc. | 333 | 9,890 | ||||||
BOK Financial Corp. | 240 | 17,376 | ||||||
CIT Group, Inc. | 133 | 5,281 | ||||||
Commerce Bancshares, Inc. | 367 | 22,402 | ||||||
Cullen/Frost Bankers, Inc. | 213 | 16,697 | ||||||
East West Bancorp, Inc. | 516 | 19,990 |
| Shares | Value | ||||||
Banks — 4.8% (Continued) | ||||||||
First Citizens BancShares, Inc. - Class A | 31 | $ | 14,053 | |||||
First Financial Bankshares, Inc. | 434 | 12,473 | ||||||
First Hawaiian, Inc. | 423 | 10,131 | ||||||
First Horizon National Corp. | 1,406 | 18,742 | ||||||
FNB Corp. | 1,293 | 13,046 | ||||||
Hancock Whitney Corp. | 292 | 9,782 | ||||||
Home BancShares, Inc. | 634 | 10,626 | ||||||
IBERIABANK Corp. | 203 | 12,219 | ||||||
PacWest Bancorp | 389 | 12,308 | ||||||
Pinnacle Financial Partners, Inc. | 425 | 22,372 | ||||||
Prosperity Bancshares, Inc. | 203 | 13,114 | ||||||
Signature Bank | 175 | 21,892 | ||||||
Synovus Financial Corp. (1) | 577 | 16,745 | ||||||
TCF Financial Corp. | 573 | 20,880 | ||||||
Texas Capital Bancshares, Inc. (1) | 183 | 8,616 | ||||||
UMB Financial Corp. | 136 | 7,908 | ||||||
Umpqua Holdings Corp. | 668 | 10,281 | ||||||
United Bankshares, Inc. | 399 | 11,523 | ||||||
Valley National Bancorp | 1,237 | 11,504 | ||||||
Webster Financial Corp. | 305 | 11,581 | ||||||
Western Alliance Bancorp | 352 | 16,206 | ||||||
Wintrust Financial Corp. | 200 | 10,682 | ||||||
Zions Bancorp N.A. | 594 | 23,730 | ||||||
441,818 | ||||||||
Biotechnology — 3.9% | ||||||||
Bio-Rad Laboratories, Inc. - Class A (1) | 135 | 47,523 | ||||||
Bluebird Bio, Inc. (1) | 396 | 28,643 | ||||||
Exact Sciences Corp. (1) | 824 | 66,703 | ||||||
Exelixis, Inc. (1) | 3,220 | 59,860 | ||||||
FibroGen, Inc. (1) | 251 | 10,492 | ||||||
Ionis Pharmaceuticals, Inc. (1) | 231 | 11,730 | ||||||
Nektar Therapeutics (1) | 827 | 17,210 | ||||||
Sage Therapeutics, Inc. (1) | 153 | 7,191 | ||||||
Seattle Genetics, Inc. (1) | 620 | 70,593 | ||||||
Ultragenyx Pharmaceutical, Inc. (1) | 394 | 22,095 | ||||||
United Therapeutics Corp. (1) | 114 | 11,737 | ||||||
353,777 | ||||||||
Building Materials — 1.5% | ||||||||
Armstrong World Industries, Inc. | 123 | 12,318 | ||||||
Eagle Materials, Inc. | 128 | 10,103 | ||||||
Fortune Brands Home & Security, Inc. | 364 | 22,477 | ||||||
Lennox International, Inc. | 114 | 26,007 | ||||||
Louisiana-Pacific Corp. | 422 | 12,006 | ||||||
MDU Resources Group, Inc. | 536 | 14,863 | ||||||
Owens Corning | 348 | 19,659 |
The accompanying notes are an integral part of these financial statements.
18 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Building Materials — 1.5% (Continued) | ||||||||
Trex Co., Inc. (1) | 247 | $ | 23,626 | |||||
141,059 | ||||||||
Chemicals — 2.0% | ||||||||
Ashland Global Holdings, Inc. | 161 | 11,518 | ||||||
Axalta Coating Systems Ltd. (1) | 893 | 22,254 | ||||||
Cabot Corp. | 220 | 8,224 | ||||||
CF Industries Holdings, Inc. | 589 | 21,710 | ||||||
The Chemours Co. | 1,140 | 16,940 | ||||||
Ingevity Corp. (1) | 164 | 7,387 | ||||||
NewMarket Corp. | 32 | 12,435 | ||||||
Olin Corp. | 1,055 | 17,080 | ||||||
RPM International, Inc. | 418 | 26,798 | ||||||
Sensient Technologies Corp. | 115 | 5,656 | ||||||
Univar Solutions, Inc. (1) | 346 | 5,879 | ||||||
Valvoline, Inc. | 562 | 10,959 | ||||||
W.R. Grace & Co. | 215 | 12,160 | ||||||
179,000 | ||||||||
Coal — 0.0% (2) | ||||||||
Peabody Energy Corp. | 237 | 1,384 | ||||||
Commercial Services — 5.0% | ||||||||
2U, Inc. (1) | 256 | 6,019 | ||||||
ADT, Inc. | 2,709 | 17,311 | ||||||
AMERCO | 57 | 18,383 | ||||||
ASGN, Inc. (1) | 209 | 10,598 | ||||||
Booz Allen Hamilton Holding Corp. | 420 | 29,946 | ||||||
Bright Horizons Family Solutions, Inc. (1) | 178 | 27,973 | ||||||
The Brink’s Co. | 105 | 8,220 | ||||||
Chegg, Inc. (1) | 288 | 11,292 | ||||||
CoreLogic, Inc. | 229 | 10,390 | ||||||
Euronet Worldwide, Inc. (1) | 171 | 21,211 | ||||||
Grand Canyon Education, Inc. (1) | 138 | 11,134 | ||||||
H&R Block, Inc. | 621 | 12,836 | ||||||
HealthEquity, Inc. (1) | 231 | 16,399 | ||||||
Insperity, Inc. | 159 | 10,696 | ||||||
LiveRamp Holdings, Inc. (1) | 84 | 2,977 | ||||||
Macquarie Infrastructure Corp. | 256 | 10,048 | ||||||
ManpowerGroup, Inc. | 164 | 12,454 | ||||||
MarketAxess Holdings, Inc. | 103 | 33,406 | ||||||
Morningstar, Inc. | 125 | 18,362 | ||||||
Paylocity Holding Corp. (1) | 330 | 42,742 | ||||||
Quanta Services, Inc. | 500 | 19,065 | ||||||
Robert Half International, Inc. | 384 | 19,357 | ||||||
Sabre Corp. | 904 | 12,308 | ||||||
Service Corp. International | 537 | 25,663 |
| Shares | Value | ||||||
Commercial Services — 5.0% (Continued) | ||||||||
ServiceMaster Global Holdings, Inc. (1) | 250 | $ | 8,942 | |||||
TriNet Group, Inc. (1) | 216 | 11,418 | ||||||
WEX, Inc. (1) | 167 | 31,269 | ||||||
460,419 | ||||||||
Computers — 2.4% | ||||||||
CACI International, Inc. (1) | 71 | 17,396 | ||||||
EPAM Systems, Inc. (1) | 211 | 47,095 | ||||||
Genpact Ltd. | 572 | 21,999 | ||||||
Leidos Holdings, Inc. | 449 | 46,090 | ||||||
Lumentum Holdings, Inc. (1) | 173 | 13,463 | ||||||
MAXIMUS, Inc. | 172 | 10,839 | ||||||
NCR Corp. (1) | 234 | 5,897 | ||||||
Pure Storage, Inc. (1) | 902 | 13,765 | ||||||
Science Applications International Corp. | 166 | 13,302 | ||||||
Zscaler, Inc. (1) | 513 | 26,671 | ||||||
216,517 | ||||||||
Distribution & Wholesale — 0.9% | ||||||||
HD Supply Holdings, Inc. (1) | 421 | 16,007 | ||||||
IAA, Inc. (1) | 403 | 17,216 | ||||||
KAR Auction Services, Inc. | 403 | 7,758 | ||||||
Pool Corp. | 116 | 24,471 | ||||||
Watsco, Inc. (1) | 91 | 14,285 | ||||||
79,737 | ||||||||
Diversified Financial Services — 3.2% | ||||||||
Affiliated Managers Group, Inc. | 152 | 11,433 | ||||||
Air Lease Corp. | 344 | 13,196 | ||||||
Credit Acceptance Corp. (1) | 60 | 24,192 | ||||||
Eaton Vance Corp. | 359 | 14,812 | ||||||
Evercore, Inc. - Class A | 153 | 10,193 | ||||||
Federated Investors, Inc. - Class B | 287 | 8,280 | ||||||
Interactive Brokers Group, Inc. - Class A | 340 | 17,374 | ||||||
Jefferies Financial Group, Inc. | 675 | 13,304 | ||||||
Lazard Ltd. | 386 | 13,827 | ||||||
Legg Mason, Inc. | 191 | 9,516 | ||||||
LendingTree, Inc. (1) | 61 | 16,825 | ||||||
LPL Financial Holdings, Inc. | 311 | 24,718 | ||||||
Navient Corp. | 616 | 6,918 | ||||||
OneMain Holdings, Inc. | 610 | 22,417 | ||||||
Santander Consumer USA Holdings, Inc. | 1,105 | 26,962 | ||||||
SEI Investments Co. | 498 | 27,246 | ||||||
SLM Corp. | 1,661 | 17,225 | ||||||
Stifel Financial Corp. | 276 | 15,025 | ||||||
293,463 |
The accompanying notes are an integral part of these financial statements.
19 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Electric — 1.2% | ||||||||
ALLETE, Inc. | 144 | $ | 9,935 | |||||
Black Hills Corp. | 194 | 14,007 | ||||||
Hawaiian Electric Industries, Inc. | 332 | 14,223 | ||||||
IDACORP, Inc. | 143 | 13,819 | ||||||
NRG Energy, Inc. | 639 | 21,221 | ||||||
OGE Energy Corp. | 552 | 21,031 | ||||||
Portland General Electric Co. | 229 | 12,460 | ||||||
106,696 | ||||||||
Electrical Components & Equipment — 0.7% | ||||||||
Acuity Brands, Inc. | 110 | 11,315 | ||||||
Energizer Holdings, Inc. | 200 | 8,598 | ||||||
EnerSys | 137 | 8,436 | ||||||
Littelfuse, Inc. | 96 | 15,329 | ||||||
Universal Display Corp. | 153 | 24,295 | ||||||
67,973 | ||||||||
Electronics — 3.4% | ||||||||
Allegion PLC | 294 | 33,807 | ||||||
Arrow Electronics, Inc. (1) | 270 | 18,106 | ||||||
Avnet, Inc. | 213 | 6,535 | ||||||
Coherent, Inc. (1) | 100 | 12,871 | ||||||
FLIR Systems, Inc. | 372 | 15,799 | ||||||
Gentex Corp. | 705 | 18,823 | ||||||
Hubbell, Inc. | 173 | 23,051 | ||||||
Jabil, Inc. | 532 | 17,051 | ||||||
National Instruments Corp. | 442 | 17,804 | ||||||
PerkinElmer, Inc. | 363 | 31,378 | ||||||
Sensata Technologies Holding PLC (1) | 519 | 21,175 | ||||||
SYNNEX Corp. | 180 | 22,505 | ||||||
Tech Data Corp. (1) | 127 | 18,084 | ||||||
Trimble, Inc. (1) | 907 | 35,808 | ||||||
Woodward, Inc. | 176 | 18,163 | ||||||
310,960 | ||||||||
Energy - Alternate Sources — 0.1% | ||||||||
First Solar, Inc. (1) | 231 | 10,573 | ||||||
Engineering & Construction — 1.1% | ||||||||
AECOM (1) | 525 | 23,594 | ||||||
EMCOR Group, Inc. | 157 | 12,076 | ||||||
Fluor Corp. | 389 | 3,625 | ||||||
Jacobs Engineering Group, Inc. | 540 | 49,864 | ||||||
MasTec, Inc. (1) | 261 | 12,810 | ||||||
101,969 |
| Shares | Value | ||||||
Entertainment — 1.3% | ||||||||
Churchill Downs, Inc. | 97 | $ | 12,187 | |||||
Cinemark Holdings, Inc. | 343 | 8,905 | ||||||
Eldorado Resorts, Inc. (1) | 526 | 26,395 | ||||||
International Game Technology PLC | 400 | 4,256 | ||||||
The Madison Square Garden Co. - Class A (1) | 61 | 16,337 | ||||||
Marriott Vacations Worldwide Corp. | 204 | 19,743 | ||||||
Six Flags Entertainment Corp. | 276 | 6,977 | ||||||
Vail Resorts, Inc. | 115 | 24,450 | ||||||
119,250 | ||||||||
Environmental Control — 0.2% | ||||||||
Clean Harbors, Inc. (1) | 133 | 9,246 | ||||||
Stericycle, Inc. (1) | 177 | 10,165 | ||||||
19,411 | ||||||||
Food — 1.9% | ||||||||
Flowers Foods, Inc. | 594 | 12,789 | ||||||
Ingredion, Inc. | 191 | 15,910 | ||||||
Lamb Weston Holdings, Inc. | 444 | 38,579 | ||||||
Lancaster Colony Corp. | 82 | 11,845 | ||||||
Performance Food Group Co. (1) | 326 | 13,822 | ||||||
Pilgrim’s Pride Corp. (1) | 768 | 16,251 | ||||||
Post Holdings, Inc. (1) | 296 | 29,973 | ||||||
Seaboard Corp. | 3 | 10,245 | ||||||
US Foods Holding Corp. (1) | 647 | 21,765 | ||||||
171,179 | ||||||||
Food Service — 0.3% | ||||||||
Aramark | 769 | 26,715 | ||||||
Gas — 1.1% | ||||||||
National Fuel Gas Co. | 271 | 9,921 | ||||||
New Jersey Resources Corp. | 314 | 11,088 | ||||||
NiSource, Inc. | 802 | 21,670 | ||||||
ONE Gas, Inc. | 156 | 12,814 | ||||||
Southwest Gas Holdings, Inc. | 164 | 10,608 | ||||||
Spire, Inc. | 146 | 10,957 | ||||||
UGI Corp. | 533 | 19,209 | ||||||
96,267 | ||||||||
Hand & Machine Tools — 0.6% | ||||||||
Colfax Corp. (1) | 345 | 11,547 | ||||||
Kennametal, Inc. | 142 | 3,948 | ||||||
Lincoln Electric Holdings, Inc. | 228 | 18,671 | ||||||
MSA Safety, Inc. | 115 | 13,992 | ||||||
Regal Beloit Corp. | 127 | 9,860 | ||||||
58,018 |
The accompanying notes are an integral part of these financial statements.
20 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Healthcare - Products — 3.0% | ||||||||
Bio-Techne Corp. | 116 | $ | 21,911 | |||||
Bruker Corp. | 484 | 21,083 | ||||||
Haemonetics Corp. (1) | 114 | 12,350 | ||||||
Hill-Rom Holdings, Inc. | 193 | 18,538 | ||||||
ICU Medical, Inc. (1) | 129 | 25,259 | ||||||
Insulet Corp. (1) | 233 | 44,263 | ||||||
Integra LifeSciences Holdings Corp. (1) | 331 | 17,245 | ||||||
LivaNova PLC (1) | 232 | 16,175 | ||||||
Masimo Corp. (1) | 144 | 23,519 | ||||||
Penumbra, Inc. (1) | 122 | 20,235 | ||||||
QIAGEN NV (1) | 762 | 27,356 | ||||||
West Pharmaceutical Services, Inc. | 198 | 29,811 | ||||||
277,745 | ||||||||
Healthcare - Services — 2.1% | ||||||||
Amedisys, Inc. (1) | 106 | 18,445 | ||||||
Catalent, Inc. (1) | 464 | 23,910 | ||||||
Charles River Laboratories International, Inc. (1) | 154 | 23,958 | ||||||
Chemed Corp. | 48 | 20,046 | ||||||
Encompass Health Corp. | 272 | 20,356 | ||||||
Molina Healthcare, Inc. (1) | 273 | 33,456 | ||||||
Syneos Health, Inc. (1) | 796 | 50,427 | ||||||
190,598 | ||||||||
Home Builders — 0.4% | ||||||||
Thor Industries, Inc. | 173 | 13,046 | ||||||
Toll Brothers, Inc. | 517 | 19,144 | ||||||
32,190 | ||||||||
Home Furnishings — 0.3% | ||||||||
Dolby Laboratories, Inc. - Class A | 198 | 13,009 | ||||||
Leggett & Platt, Inc. | 425 | 16,855 | ||||||
29,864 | ||||||||
Household Products & Wares — 0.4% | ||||||||
Avery Dennison Corp. | 274 | 31,370 | ||||||
Spectrum Brands Holdings, Inc. | 12 | 647 | ||||||
32,017 | ||||||||
Housewares — 0.5% | ||||||||
Newell Brands, Inc. | 677 | 10,446 | ||||||
The Scotts Miracle-Gro Co. | 143 | 15,156 | ||||||
The Toro Co. | 306 | 21,858 | ||||||
47,460 | ||||||||
Insurance — 4.6% | ||||||||
American Financial Group, Inc. | 248 | 22,920 | ||||||
American National Insurance Co. | 77 | 7,574 | ||||||
Assurant, Inc. | 194 | 23,395 |
| Shares | Value | ||||||
Insurance — 4.6% (Continued) | ||||||||
Assured Guaranty Ltd. | 217 | $ | 8,856 | |||||
Athene Holding Ltd. - Class A (1) | 494 | 20,378 | ||||||
Axis Capital Holdings Ltd. | 368 | 20,652 | ||||||
Brighthouse Financial, Inc. (1) | 256 | 9,175 | ||||||
Brown & Brown, Inc. | 820 | 35,268 | ||||||
Erie Indemnity Co. - Class A | 160 | 22,867 | ||||||
Essent Group Ltd. | 369 | 16,103 | ||||||
Fidelity National Financial, Inc. | 762 | 29,535 | ||||||
First American Financial Corp. | 323 | 18,443 | ||||||
The Hanover Insurance Group, Inc. | 115 | 13,632 | ||||||
Kemper Corp. | 412 | 28,362 | ||||||
MGIC Investment Corp. | 1,016 | 12,223 | ||||||
Old Republic International Corp. | 874 | 17,235 | ||||||
Primerica, Inc. | 137 | 15,254 | ||||||
Radian Group, Inc. | 621 | 13,190 | ||||||
Reinsurance Group of America, Inc. | 180 | 21,965 | ||||||
Selective Insurance Group, Inc. | 167 | 9,315 | ||||||
Voya Financial, Inc. | 342 | 18,003 | ||||||
White Mountains Insurance Group Ltd. | 4 | 3,960 | ||||||
W.R. Berkley Corp. | 483 | 32,429 | ||||||
420,734 | ||||||||
Internet — 2.8% | ||||||||
Etsy, Inc. (1) | 289 | 16,707 | ||||||
Grubhub, Inc. (1) | 377 | 18,137 | ||||||
Match Group, Inc. - Class A (1) | 258 | 16,770 | ||||||
Okta, Inc. - Class A (1) | 442 | 56,603 | ||||||
Proofpoint, Inc. (1) | 200 | 21,330 | ||||||
Roku, Inc. - Class A (1) | 354 | 40,239 | ||||||
TripAdvisor, Inc. - Class A | 410 | 9,615 | ||||||
Wayfair, Inc. - Class A (1) | 269 | 17,004 | ||||||
Zendesk, Inc. (1) | 401 | 31,803 | ||||||
Zillow Group, Inc. - Class C (1) | 514 | 28,686 | ||||||
256,894 | ||||||||
Iron & Steel — 0.6% | ||||||||
Reliance Steel & Aluminum Co. | 241 | 24,652 | ||||||
Steel Dynamics, Inc. | 931 | 24,793 | ||||||
United States Steel Corp. | 367 | 2,943 | ||||||
52,388 | ||||||||
Leisure Time — 0.8% | ||||||||
Brunswick Corp. | 269 | 14,311 | ||||||
Harley-Davidson, Inc. | 477 | 14,534 | ||||||
Planet Fitness, Inc. - Class A (1) | 364 | 24,566 | ||||||
Polaris, Inc. | 222 | 18,322 | ||||||
71,733 |
The accompanying notes are an integral part of these financial statements.
21 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Lodging — 0.9% | ||||||||
Boyd Gaming Corp. | 344 | $ | 9,188 | |||||
Caesars Entertainment Corp. (1) | 2,626 | 33,377 | ||||||
Choice Hotels International, Inc. | 165 | 15,061 | ||||||
Hilton Grand Vacations, Inc. (1) | 308 | 8,211 | ||||||
Hyatt Hotels Corp. - Class A | 117 | 8,962 | ||||||
Wyndham Destinations, Inc. (1) | 213 | 8,499 | ||||||
83,298 | ||||||||
Machinery - Construction & Mining — 0.4% | ||||||||
BWX Technologies, Inc. | 288 | 15,794 | ||||||
Oshkosh Corp. | 258 | 18,615 | ||||||
34,409 | ||||||||
Machinery - Diversified — 2.3% | ||||||||
AGCO Corp. | 276 | 16,679 | ||||||
Cognex Corp. | 703 | 31,312 | ||||||
Crane Co. | 229 | 15,560 | ||||||
Curtiss-Wright Corp. | 125 | 14,992 | ||||||
Flowserve Corp. | 364 | 14,629 | ||||||
Gardner Denver Holdings, Inc. (1) | 256 | 8,394 | ||||||
Gates Industrial Corp. PLC (1) | 1,355 | 14,173 | ||||||
Graco, Inc. | 796 | 39,259 | ||||||
GrafTech International Ltd. | 1,379 | 11,253 | ||||||
The Middleby Corp. (1) | 172 | 19,231 | ||||||
Nordson Corp. | 172 | 24,992 | ||||||
210,474 | ||||||||
Media — 2.8% | ||||||||
Altice USA, Inc. - Class A (1) | 3,631 | 93,898 | ||||||
Cable One, Inc. | 19 | 29,887 | ||||||
Discovery, Inc. - Class A (1) | 646 | 16,602 | ||||||
FactSet Research Systems, Inc. | 108 | 28,727 | ||||||
The New York Times Co. - Class A | 558 | 20,903 | ||||||
News Corp. - Class A | 1,866 | 22,532 | ||||||
Nexstar Media Group, Inc. | 279 | 32,080 | ||||||
World Wrestling Entertainment, Inc. - Class A | 229 | 10,710 | ||||||
255,339 | ||||||||
Metal Fabricate & Hardware — 0.2% | ||||||||
The Timken Co. | 266 | 11,927 | ||||||
Valmont Industries, Inc. | 59 | 6,857 | ||||||
18,784 | ||||||||
Mining — 0.2% | ||||||||
Alcoa Corp. (1) | 574 | 7,961 | ||||||
Royal Gold, Inc. | 145 | 13,988 | ||||||
21,949 |
| Shares | Value | ||||||
Miscellaneous Manufacturers — 1.5% | ||||||||
A.O. Smith Corp. | 456 | $ | 18,035 | |||||
AptarGroup, Inc. | 178 | 17,990 | ||||||
Axon Enterprise, Inc. (1) | 212 | 16,402 | ||||||
Carlisle Companies, Inc. | 164 | 23,828 | ||||||
Donaldson Co., Inc. | 405 | 18,257 | ||||||
Huntsman Corp. | 804 | 15,228 | ||||||
ITT, Inc. | 290 | 17,444 | ||||||
Trinity Industries, Inc. | 334 | 6,797 | ||||||
133,981 | ||||||||
Oil & Gas — 1.7% | ||||||||
Chesapeake Energy Corp. (1) | 4,432 | 1,219 | ||||||
Cimarex Energy Co. | 190 | 6,279 | ||||||
CVR Energy, Inc. | 466 | 13,244 | ||||||
Delek US Holdings, Inc. | 306 | 6,542 | ||||||
EQT Corp. | 2,052 | 12,045 | ||||||
Helmerich & Payne, Inc. | 374 | 13,797 | ||||||
HollyFrontier Corp. | 401 | 13,506 | ||||||
Murphy Oil Corp. | 328 | 6,183 | ||||||
Parsley Energy, Inc. - Class A | 1,032 | 13,829 | ||||||
Patterson-UTI Energy, Inc. | 1,678 | 9,615 | ||||||
PBF Energy, Inc. - Class A | 475 | 10,635 | ||||||
PDC Energy, Inc. (1) | 1,467 | 27,917 | ||||||
Transocean Ltd. (1) | 1,240 | 4,154 | ||||||
WPX Energy, Inc. (1) | 1,959 | 18,277 | ||||||
157,242 | ||||||||
Oil & Gas Services — 0.0% (2) | ||||||||
Core Laboratories NV | 157 | 4,214 | ||||||
Packaging & Containers — 1.1% | ||||||||
Berry Global Group, Inc. (1) | 400 | 15,184 | ||||||
Crown Holdings, Inc. (1) | 438 | 30,879 | ||||||
Graphic Packaging Holding Co. | 943 | 12,749 | ||||||
O-I Glass, Inc. | 425 | 4,590 | ||||||
Sealed Air Corp. | 413 | 12,518 | ||||||
Silgan Holdings, Inc. | 344 | 9,849 | ||||||
Sonoco Products Co. | 286 | 13,788 | ||||||
99,557 | ||||||||
Pharmaceuticals — 3.2% | ||||||||
Agios Pharmaceuticals, Inc. (1) | 276 | 13,104 | ||||||
Alkermes PLC (1) | 537 | 11,191 | ||||||
DexCom, Inc. (1) | 327 | 90,252 | ||||||
Herbalife Nutrition Ltd. (1) | 420 | 13,591 | ||||||
Horizon Therapeutics PLC (1) | 380 | 13,004 | ||||||
Jazz Pharmaceuticals PLC (1) | 180 | 20,624 | ||||||
Neurocrine Biosciences, Inc. (1) | 251 | 23,770 | ||||||
Perrigo Co. PLC | 383 | 19,414 |
The accompanying notes are an integral part of these financial statements.
22 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Pharmaceuticals — 3.2% (Continued) | ||||||||
PRA Health Sciences, Inc. (1) | 254 | $ | 23,927 | |||||
Sarepta Therapeutics, Inc. (1) | 568 | 65,019 | ||||||
293,896 | ||||||||
Pipelines — 0.3% | ||||||||
Plains GP Holdings L.P. - Class A | 752 | 10,355 | ||||||
Tallgrass Energy L.P. - Class A | 787 | 17,369 | ||||||
27,724 | ||||||||
Real Estate — 0.5% | ||||||||
The Howard Hughes Corp. (1) | 133 | 14,348 | ||||||
Jones Lang LaSalle, Inc. | 239 | 35,317 | ||||||
49,665 | ||||||||
Real Estate Investment Trusts (REITs) — 11.3% | ||||||||
AGNC Investment Corp. | 2,464 | 41,987 | ||||||
American Campus Communities, Inc. | 404 | 17,550 | ||||||
American Homes 4 Rent - Class A | 1,376 | 35,625 | ||||||
Americold Realty Trust | 218 | 6,686 | ||||||
Apple Hospitality REIT, Inc. | 728 | 9,515 | ||||||
Blackstone Mortgage Trust, Inc. - Class A | 484 | 17,453 | ||||||
Brixmor Property Group, Inc. | 822 | 14,969 | ||||||
Camden Property Trust | 266 | 28,191 | ||||||
Chimera Investment Corp. | 653 | 12,831 | ||||||
CoreSite Realty Corp. | 121 | 12,551 | ||||||
Cousins Properties, Inc. | 608 | 21,699 | ||||||
CubeSmart | 577 | 17,466 | ||||||
CyrusOne, Inc. | 277 | 16,781 | ||||||
Douglas Emmett, Inc. | 522 | 19,930 | ||||||
EastGroup Properties, Inc. | 104 | 13,076 | ||||||
EPR Properties | 259 | 15,343 | ||||||
Equity Commonwealth | 331 | 10,413 | ||||||
Equity LifeStyle Properties, Inc. | 478 | 32,662 | ||||||
First Industrial Realty Trust, Inc. | 353 | 13,590 | ||||||
Gaming and Leisure Properties, Inc. | 647 | 28,901 | ||||||
Healthcare Realty Trust, Inc. | 340 | 11,662 | ||||||
Healthcare Trust of America, Inc. | 941 | 29,303 | ||||||
Highwoods Properties, Inc. | 309 | 13,868 | ||||||
Hudson Pacific Properties, Inc. | 506 | 16,334 | ||||||
JBG SMITH Properties | 328 | 12,031 | ||||||
Kilroy Realty Corp. | 298 | 21,662 | ||||||
Kimco Realty Corp. | 1,353 | 23,474 | ||||||
Lamar Advertising Co. - Class A | 247 | 20,684 | ||||||
Life Storage, Inc. | 158 | 17,050 | ||||||
The Macerich Co. | 402 | 8,209 | ||||||
Medical Properties Trust, Inc. | 1,738 | 36,724 |
| Shares | Value | ||||||
Real Estate Investment Trusts (REITs) — 11.3% (Continued) | ||||||||
MFA Financial, Inc. | 1,407 | $ | 10,173 | |||||
National Retail Properties, Inc. | 476 | 24,205 | ||||||
New Residential Investment Corp. | 1,986 | 30,902 | ||||||
Omega Healthcare Investors, Inc. | 558 | 22,097 | ||||||
Paramount Group, Inc. | 462 | 5,613 | ||||||
Park Hotels & Resorts, Inc. | 502 | 9,166 | ||||||
Pebblebrook Hotel Trust | 479 | 9,681 | ||||||
PS Business Parks, Inc. | 77 | 11,438 | ||||||
Rayonier, Inc. | 307 | 8,145 | ||||||
Rexford Industrial Realty, Inc. | 376 | 17,585 | ||||||
RLJ Lodging Trust | 672 | 8,877 | ||||||
Ryman Hospitality Properties, Inc. | 157 | 10,913 | ||||||
Sabra Health Care REIT, Inc. | 1,085 | 21,212 | ||||||
Service Properties Trust | 489 | 8,841 | ||||||
SL Green Realty Corp. | 216 | 16,943 | ||||||
Starwood Property Trust, Inc. | 984 | 21,825 | ||||||
STORE Capital Corp. | 798 | 26,222 | ||||||
Sun Communities, Inc. | 308 | 47,087 | ||||||
Sunstone Hotel Investors, Inc. | 656 | 7,183 | ||||||
Taubman Centers, Inc. | 149 | 7,757 | ||||||
Two Harbors Investment Corp. | 551 | 7,466 | ||||||
VEREIT, Inc. | 2,388 | 20,680 | ||||||
VICI Properties, Inc. | 2,760 | 69,166 | ||||||
Weingarten Realty Investors | 442 | 11,903 | ||||||
1,033,300 | ||||||||
Retail — 3.5% | ||||||||
American Eagle Outfitters, Inc. | 505 | 6,505 | ||||||
AutoNation, Inc. (1) | 214 | 9,144 | ||||||
Burlington Stores, Inc. (1) | 204 | 44,117 | ||||||
Casey’s General Stores, Inc. | 115 | 18,747 | ||||||
Cracker Barrel Old Country Store, Inc. | 64 | 9,173 | ||||||
Dunkin’ Brands Group, Inc. | 331 | 22,018 | ||||||
FirstCash, Inc. | 137 | 10,538 | ||||||
Five Below, Inc. (1) | 211 | 20,457 | ||||||
Floor & Decor Holdings, Inc. (1) | 380 | 19,399 | ||||||
Foot Locker, Inc. | 345 | 12,506 | ||||||
L Brands, Inc. | 818 | 17,718 | ||||||
Macy’s, Inc. | 1,034 | 13,680 | ||||||
MSC Industrial Direct Co., Inc. - Class A | 154 | 9,520 | ||||||
Nordstrom, Inc. | 516 | 17,905 | ||||||
Nu Skin Enterprises, Inc. | 121 | 2,967 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (1) | 216 | 10,988 | ||||||
Penske Automotive Group, Inc. | 266 | 12,241 | ||||||
Qurate Retail, Inc. - Series A (1) | 1,204 | 8,211 |
The accompanying notes are an integral part of these financial statements.
23 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Retail — 3.5% (Continued) | ||||||||
Texas Roadhouse, Inc. | 257 | $ | 14,449 | |||||
Urban Outfitters, Inc. (1) | 309 | 7,265 | ||||||
The Wendy’s Co. | 885 | 16,709 | ||||||
Williams-Sonoma, Inc. | 236 | 14,724 | ||||||
318,981 | ||||||||
Savings & Loans — 0.9% | ||||||||
Investors Bancorp, Inc. | 875 | 9,223 | ||||||
New York Community Bancorp, Inc. | 1,314 | 14,204 | ||||||
People’s United Financial, Inc. | 1,417 | 19,824 | ||||||
Sterling Bancorp | 1,190 | 19,730 | ||||||
TFS Financial Corp. | 845 | 17,272 | ||||||
80,253 | ||||||||
Semiconductors — 2.0% | ||||||||
Cabot Microelectronics Corp. | 107 | 14,903 | ||||||
Cree, Inc. (1) | 332 | 14,850 | ||||||
Cypress Semiconductor Corp. | 934 | 21,566 | ||||||
Entegris, Inc. | 483 | 25,754 | ||||||
MKS Instruments, Inc. | 234 | 23,444 | ||||||
Monolithic Power Systems, Inc. | 166 | 26,334 | ||||||
ON Semiconductor Corp. (1) | 1,566 | 29,222 | ||||||
Silicon Laboratories, Inc. (1) | 116 | 10,287 | ||||||
Teradyne, Inc. | 248 | 14,573 | ||||||
180,933 | ||||||||
Shipbuilding — 0.3% | ||||||||
Huntington Ingalls Industries, Inc. | 125 | 25,691 | ||||||
Software — 8.4% | ||||||||
ACI Worldwide, Inc. (1) | 338 | 9,420 | ||||||
Alteryx, Inc. - Class A (1) | 216 | 30,158 | ||||||
Aspen Technology, Inc. (1) | 186 | 19,811 | ||||||
Black Knight, Inc. (1) | 564 | 37,624 | ||||||
Blackbaud, Inc. | 155 | 10,509 | ||||||
CDK Global, Inc. | 390 | 17,948 | ||||||
Cerence, Inc. (1) | 107 | 2,323 | ||||||
Ceridian HCM Holding, Inc. (1) | 307 | 21,714 | ||||||
Coupa Software, Inc. (1) | 221 | 33,095 | ||||||
DocuSign, Inc. (1) | 787 | 67,926 | ||||||
Dropbox, Inc. - Class A (1) | 840 | 16,430 | ||||||
Fair Isaac Corp. (1) | 87 | 32,715 | ||||||
Guidewire Software, Inc. (1) | 400 | 43,844 | ||||||
HubSpot, Inc. (1) | 140 | 25,123 |
| Shares | Value | ||||||
Software — 8.4% (Continued) | ||||||||
j2 Global, Inc. | 174 | $ | 15,195 | |||||
Jack Henry & Associates, Inc. | 228 | 34,597 | ||||||
Manhattan Associates, Inc. (1) | 137 | 9,228 | ||||||
MongoDB, Inc. - Class A (1) | 185 | 28,213 | ||||||
New Relic, Inc. (1) | 171 | 9,620 | ||||||
Nuance Communications, Inc. (1) | 896 | 19,372 | ||||||
Nutanix, Inc. - Class A (1) | 578 | 13,780 | ||||||
Paycom Software, Inc. (1) | 237 | 66,988 | ||||||
Pegasystems, Inc. | 228 | 20,634 | ||||||
PTC, Inc. (1) | 324 | 24,478 | ||||||
RealPage, Inc. (1) | 388 | 24,871 | ||||||
RingCentral, Inc. - Class A (1) | 200 | 47,150 | ||||||
Teradata Corp. (1) | 361 | 7,198 | ||||||
Tyler Technologies, Inc. (1) | 121 | 37,915 | ||||||
Verint Systems, Inc. (1) | 155 | 8,506 | ||||||
Zynga, Inc. (1) | 4,104 | 27,538 | ||||||
763,923 | ||||||||
Telecommunications — 1.3% | ||||||||
Ciena Corp. (1) | 499 | 19,186 | ||||||
CommScope Holding Co., Inc. (1) | 572 | 6,298 | ||||||
GCI Liberty, Inc. - Class A (1) | 496 | 34,279 | ||||||
LogMeIn, Inc. | 199 | 16,962 | ||||||
ViaSat, Inc. (1) | 115 | 6,612 | ||||||
Zayo Group Holdings, Inc. (1) | 989 | 34,605 | ||||||
117,942 | ||||||||
Toys, Games & Hobbies — 0.1% | ||||||||
Mattel, Inc. (1) | 713 | 8,406 | ||||||
Transportation — 1.3% | ||||||||
Kirby Corp. (1) | 232 | 14,790 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,593 | 50,880 | ||||||
Landstar System, Inc. | 157 | 15,852 | ||||||
Ryder System, Inc. | 176 | 6,695 | ||||||
XPO Logistics, Inc. (1) | 412 | 30,476 | ||||||
118,693 | ||||||||
Water — 0.2% | ||||||||
Essential Utilities, Inc. | 444 | 19,096 | ||||||
Total Common Stocks | ||||||||
(Cost $9,614,031) | 9,101,741 | |||||||
The accompanying notes are an integral part of these financial statements.
24 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Short-Term Investments — 0.1% | ||||||||
Money Market Funds — 0.1% | ||||||||
First American Government Obligations Fund - Class X, 1.492% (3) | 9,177 | $ | 9,177 | |||||
Total Short-Term Investments | ||||||||
(Cost $9,177) | 9,177 | |||||||
Total Investments in Securities — 99.7% | ||||||||
(Cost $9,623,208) | 9,110,918 | |||||||
Other Assets in Excess of Liabilities — 0.3% | 24,769 | |||||||
Total Net Assets — 100.0% | $ | 9,135,687 |
(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 February 29, 2020. |
The accompanying notes are an integral part of these financial statements.
25 |
SoFi 50 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 |
| Shares | Value | ||||||
Common Stocks — 99.7% | ||||||||
Agriculture — 1.8% | ||||||||
Bunge Ltd. | 1,065 | $ | 50,002 | |||||
Apparel — 1.7% | ||||||||
Hanesbrands, Inc. | 3,705 | 49,054 | ||||||
Biotechnology — 3.7% | ||||||||
Alexion Pharmaceuticals, Inc. (1) | 549 | 51,623 | ||||||
Ionis Pharmaceuticals, Inc. (1) | 1,053 | 53,471 | ||||||
105,094 | ||||||||
Chemicals — 5.1% | ||||||||
Ashland Global Holdings, Inc. | 748 | 53,512 | ||||||
Univar Solutions, Inc. (1) | 2,463 | 41,846 | ||||||
W.R. Grace & Co. | 855 | 48,359 | ||||||
143,717 | ||||||||
Commercial Services — 2.8% | ||||||||
Square, Inc. - Class A (1) | 953 | 79,413 | ||||||
Computers — 5.8% | ||||||||
Hewlett Packard Enterprise Co. | 3,469 | 44,368 | ||||||
Lumentum Holdings, Inc. (1) | 894 | 69,571 | ||||||
NCR Corp. (1) | 1,959 | 49,367 | ||||||
163,306 | ||||||||
Electrical Components & Equipment — 2.0% | ||||||||
Energizer Holdings, Inc. | 1,335 | 57,392 | ||||||
Electronics — 3.6% | ||||||||
Arrow Electronics, Inc. (1) | 711 | 47,679 | ||||||
Waters Corp. (1) | 274 | 53,400 | ||||||
101,079 | ||||||||
Energy - Alternate Sources — 1.8% | ||||||||
First Solar, Inc. (1) | 1,089 | 49,843 | ||||||
Entertainment — 2.1% | ||||||||
Live Nation Entertainment, Inc. (1) | 953 | 57,914 | ||||||
Hand & Machine Tools — 2.0% | ||||||||
Colfax Corp. (1) | 1,702 | 56,966 | ||||||
Healthcare - Products — 2.0% | ||||||||
Hologic, Inc. (1) | 1,200 | 56,544 | ||||||
Healthcare - Services — 4.8% | ||||||||
Molina Healthcare, Inc. (1) | 484 | 59,314 | ||||||
Syneos Health, Inc. (1) | 1,210 | 76,654 | ||||||
135,968 |
| Shares | Value | ||||||
Insurance — 1.6% | ||||||||
American International Group, Inc. | 1,054 | $ | 44,437 | |||||
Mining — 2.5% | ||||||||
Newmont Corp. | 1,554 | 69,355 | ||||||
Oil & Gas — 1.5% | ||||||||
PBF Energy, Inc. - Class A | 1,822 | 40,795 | ||||||
Oil & Gas Services — 3.3% | ||||||||
Baker Hughes Co. - Class A | 2,678 | 43,089 | ||||||
Halliburton Co. | 2,853 | 48,387 | ||||||
91,476 | ||||||||
Packaging & Containers — 1.6% | ||||||||
Sealed Air Corp. | 1,520 | 46,071 | ||||||
Pharmaceuticals — 10.7% | ||||||||
Bristol-Myers Squibb Co. | 1,032 | 60,950 | ||||||
Eli Lilly & Co. | 517 | 65,209 | ||||||
Johnson & Johnson | 450 | 60,516 | ||||||
Mylan NV (1) | 3,399 | 58,429 | ||||||
Neurocrine Biosciences, Inc. (1) | 572 | 54,168 | ||||||
299,272 | ||||||||
Pipelines — 3.8% | ||||||||
Kinder Morgan, Inc. | 2,885 | 55,305 | ||||||
The Williams Companies, Inc. | 2,672 | 50,902 | ||||||
106,207 | ||||||||
Real Estate Investment Trusts (REITs) — 9.1% | ||||||||
Hudson Pacific Properties, Inc. | 1,657 | 53,488 | ||||||
Invitation Homes, Inc. | 1,950 | 55,945 | ||||||
Pebblebrook Hotel Trust | 2,179 | 44,038 | ||||||
Vornado Realty Trust | 921 | 49,347 | ||||||
Weyerhaeuser Co. | 1,999 | 51,934 | ||||||
254,752 | ||||||||
Semiconductors — 2.1% | ||||||||
Cypress Semiconductor Corp. | 2,523 | 58,256 | ||||||
Software — 17.9% | ||||||||
ACI Worldwide, Inc. (1) | 1,843 | 51,364 | ||||||
Autodesk, Inc. (1) | 385 | 73,489 | ||||||
Nuance Communications, Inc. (1) | 3,595 | 77,724 | ||||||
PTC, Inc. (1) | 813 | 61,422 | ||||||
RealPage, Inc. (1) | 975 | 62,498 | ||||||
ServiceNow, Inc. (1) | 243 | 79,240 |
The accompanying notes are an integral part of these financial statements.
26 |
SoFi 50 ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.7% (Continued) | ||||||||
Software — 17.9% (Continued) | ||||||||
Synopsys, Inc. (1) | 427 | $ | 58,896 | |||||
Teradata Corp. (1) | 1,936 | 38,604 | ||||||
503,237 | ||||||||
Telecommunications — 6.4% | ||||||||
Cisco Systems, Inc. | 1,219 | 48,675 | ||||||
LogMeIn, Inc. | 843 | 71,853 | ||||||
Motorola Solutions, Inc. | 366 | 60,639 | ||||||
181,167 | ||||||||
Total Common Stocks | ||||||||
(Cost $2,967,415) | 2,801,317 | |||||||
Short-Term Investments — 0.2% | ||||||||
Money Market Funds — 0.2% | ||||||||
First American Government Obligations Fund - Class X, 1.492% (2) | 5,549 | 5,549 | ||||||
Total Short-Term Investments | ||||||||
(Cost $5,549) | 5,549 | |||||||
Total Investments in Securities — 99.9% | ||||||||
(Cost $2,972,964) | 2,806,866 | |||||||
Other Assets in Excess of Liabilities — 0.1% | 2,553 | |||||||
Total Net Assets — 100.0% | $ | 2,809,419 |
(1) | Non-income producing security. |
(2) | The rate shown is the annualized seven-day effective yield as of February 29 2020. |
The accompanying notes are an integral part of these financial statements.
27 |
SoFi Gig Economy ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 |
| Shares | Value | ||||||
Common Stocks — 99.6% | ||||||||
Applications Software — 3.3% | ||||||||
HubSpot, Inc. (1) | 401 | $ | 71,959 | |||||
Microsoft Corp. | 1,054 | 170,759 | ||||||
242,718 | ||||||||
Commercial Services — 2.6% | ||||||||
IWG PLC | 13,261 | 59,572 | ||||||
Wirecard AG | 1,044 | 131,823 | ||||||
191,395 | ||||||||
Commercial Services - Finance — 7.9% | ||||||||
Adyen NV (1) | 90 | 78,812 | ||||||
PayPal Holdings, Inc. (1) | 2,080 | 224,619 | ||||||
Square, Inc. - Class A (1) | 3,425 | 285,405 | ||||||
588,836 | ||||||||
Communications Software — 2.7% | ||||||||
Slack Technologies, Inc. - Class A (1) | 7,471 | 201,866 | ||||||
Computer Software — 3.4% | ||||||||
Box, Inc. - Class A (1) | 1,985 | 33,249 | ||||||
Cloudera, Inc. (1) | 4,290 | 38,181 | ||||||
Dropbox, Inc. - Class A (1) | 1,712 | 33,487 | ||||||
MongoDB, Inc. - Class A (1) | 449 | 68,472 | ||||||
Twilio, Inc. - Class A (1) | 672 | 75,694 | ||||||
249,083 | ||||||||
Computers — 1.0% | ||||||||
Apple, Inc. | 270 | 73,807 | ||||||
Computers - Other — 2.3% | ||||||||
Stratasys Ltd. (1) | 10,563 | 169,008 | ||||||
Data Processing & Management — 1.7% | ||||||||
DocuSign, Inc. (1) | 1,455 | 125,581 | ||||||
E-Commerce & Products — 17.1% | ||||||||
Alibaba Group Holding Ltd. - ADR (1) | 1,086 | 225,888 | ||||||
Amazon.com, Inc. (1) | 40 | 75,350 | ||||||
eBay, Inc. | 4,501 | 155,915 | ||||||
Etsy, Inc. (1) | 4,203 | 242,975 | ||||||
JD.com, Inc. - Class A - ADR (1) | 4,675 | 180,034 | ||||||
Pinduoduo, Inc. - Class A - ADR (1) | 6,714 | 240,227 | ||||||
Rakuten, Inc. | 18,244 | 152,731 | ||||||
1,273,120 | ||||||||
E-Commerce & Services — 18.3% | ||||||||
Delivery Hero SE (1) | 752 | 56,171 |
| Shares | Value | ||||||
E-Commerce & Services — 18.3% (Continued) | ||||||||
Demae-Can Co. Ltd. | 5,600 | $ | 51,398 | |||||
Eventbrite, Inc. - Class A (1) | 7,892 | 115,302 | ||||||
Fiverr International Ltd. (1) | 8,872 | 279,290 | ||||||
Groupon, Inc. (1) | 14,414 | 19,315 | ||||||
Grubhub, Inc. (1) | 577 | 27,759 | ||||||
Lyft, Inc. - Class A (1) | 5,085 | 193,840 | ||||||
MercadoLibre, Inc. (1) | 289 | 178,033 | ||||||
Uber Technologies, Inc. (1) | 6,852 | 232,077 | ||||||
Upwork, Inc. (1) | 23,828 | 206,470 | ||||||
1,359,655 | ||||||||
E-Marketing - Information — 1.0% | ||||||||
Jumia Technologies AG - ADR (1) | 18,254 | 75,024 | ||||||
Enterprise Software & Services — 0.5% | ||||||||
Workday, Inc. - Class A (1) | 219 | 37,942 | ||||||
Entertainment Software — 2.5% | ||||||||
NetEase, Inc. - ADR | 577 | 183,896 | ||||||
Finance - Consumer Loans — 4.4% | ||||||||
LendingClub Corp. (1) | 14,684 | 161,671 | ||||||
LendingTree, Inc. (1) | 587 | 161,906 | ||||||
323,577 | ||||||||
Food - Retail — 1.0% | ||||||||
Just Eat Takeaway.com NV (1) | 478 | 41,621 | ||||||
Just Eat Takeaway.com NV (1) | 396 | 34,495 | ||||||
76,116 | ||||||||
Internet Content - Entertainment — 14.1% | ||||||||
Facebook, Inc. - Class A (1) | 885 | 170,336 | ||||||
JOYY, Inc. - Class A - ADR (1) | 2,812 | 151,764 | ||||||
Pinterest, Inc. - Class A (1) | 7,975 | 155,513 | ||||||
Snap, Inc. - Class A (1) | 12,200 | 172,874 | ||||||
Tian Ge Interactive Holdings Ltd. | 713,385 | 160,197 | ||||||
Twitter, Inc. (1) | 7,027 | 233,296 | ||||||
1,043,980 | ||||||||
Internet Content - Information & News — 4.7% | ||||||||
Momo, Inc. - Class A - ADR | 4,836 | 135,989 | ||||||
Tencent Holdings Ltd. | 4,284 | 212,192 | ||||||
348,181 | ||||||||
Rubber & Plastic Products — 2.3% | ||||||||
Proto Labs, Inc. (1) | 1,942 | 170,197 | ||||||
Web Hosting & Design — 2.8% | ||||||||
GoDaddy, Inc. - Class A (1) | 1,041 | 72,849 | ||||||
Shopify, Inc. - Class A (1) | 290 | 134,360 | ||||||
207,209 |
The accompanying notes are an integral part of these financial statements.
28 |
SoFi Gig Economy ETF
SCHEDULE OF INVESTMENTS at February 29, 2020 (Continued) |
| Shares | Value | ||||||
Common Stocks — 99.6% (Continued) | ||||||||
Web Portals & ISPs — 6.0% | ||||||||
Alphabet, Inc. - Class A (1) | 54 | $ | 72,319 | |||||
Baidu, Inc. - Class A - ADR (1) | 1,820 | 218,364 | ||||||
Yandex NV - Class A (1) | 3,902 | 158,460 | ||||||
449,143 | ||||||||
Total Common Stocks | ||||||||
(Cost $7,749,375) | 7,390,334 | |||||||
Short-Term Investments — 0.4% | ||||||||
Money Market Funds — 0.4% | ||||||||
First American Government Obligations Fund - Class X, 1.492% (3) | 33,016 | 33,016 | ||||||
Total Short-Term Investments | ||||||||
(Cost $33,016) | 33,016 | |||||||
Total Investments in Securities — 100.0% | ||||||||
(Cost $7,782,391) | 7,423,350 | |||||||
Liabilities in Excess of Other Assets — (0.0)% (2) | (620 | ) | ||||||
Total Net Assets — 100.0% | $ | 7,422,730 |
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 February 29, 2020. |
The accompanying notes are an integral part of these financial statements.
29 |
SoFi Funds
Statements of Assets and LiabilitiesatFebruary 29, 2020 |
SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | |||||||||||||
Assets: | ||||||||||||||||
Investments in securities, at value (Note 2) | $ | 73,563,966 | $ | 9,110,918 | $ | 2,806,866 | $ | 7,423,350 | ||||||||
Cash | — | 5 | — | — | ||||||||||||
Foreign currency (cost of $—, $—, $— and $56, respectively) | — | — | — | 55 | ||||||||||||
Receivables: | ||||||||||||||||
Fund shares sold | 1,044,910 | 485,790 | — | — | ||||||||||||
Investment securities sold | 487,309 | — | — | 15,134 | ||||||||||||
Dividends and interest receivable | 136,219 | 10,060 | 3,312 | 1,979 | ||||||||||||
Total assets | 75,232,404 | 9,606,773 | 2,810,178 | 7,440,518 | ||||||||||||
Liabilities: | ||||||||||||||||
Payables: | ||||||||||||||||
Fund shares redeemed | 519,245 | — | — | — | ||||||||||||
Investment securities purchased | 980,704 | 471,086 | — | 14,041 | ||||||||||||
Management fees (Note 3) | — | — | 759 | 3,747 | ||||||||||||
Total Liabilities | 1,499,949 | 471,086 | 759 | 17,788 | ||||||||||||
Net Assets | $ | 73,732,455 | $ | 9,135,687 | $ | 2,809,419 | $ | 7,422,730 | ||||||||
Components of Net Assets: | ||||||||||||||||
Paid-in capital | $ | 73,592,947 | $ | 9,670,984 | $ | 3,260,094 | $ | 7,777,670 | ||||||||
Total distributable (accumulated) earnings (losses) | 139,508 | (535,297 | ) | (450,675 | ) | (354,940 | ) | |||||||||
Net assets | $ | 73,732,455 | $ | 9,135,687 | $ | 2,809,419 | $ | 7,422,730 | ||||||||
Net Asset Value (unlimited shares authorized): | ||||||||||||||||
Net assets | $ | 73,732,455 | $ | 9,135,687 | $ | 2,809,419 | $ | 7,422,730 | ||||||||
Shares of beneficial interest issued and outstanding | 7,100,000 | 950,000 | 150,000 | 400,000 | ||||||||||||
Net asset value | $ | 10.38 | $ | 9.62 | $ | 18.73 | $ | 18.56 | ||||||||
Cost of investments | $ | 73,617,652 | $ | 9,623,208 | $ | 2,972,964 | $ | 7,782,391 |
The accompanying notes are an integral part of these financial statements.
30 |
SoFi Funds
Statements of OperationsFor the Periods Ended February 29, 2020 |
| SoFi Select | SoFi Next | SoFi | SoFi Gig | ||||||||||||
Investment Income: | ||||||||||||||||
Dividend income (net of foreign withholding tax of $239, $31, $0 and $128, respectively) | $ | 909,164 | $ | 92,675 | $ | 44,114 | $ | 12,227 | ||||||||
Interest income | 1,400 | 171 | 72 | 607 | ||||||||||||
Other income | — | — | 166 | — | ||||||||||||
Total investment income | 910,564 | 92,846 | 44,352 | 12,834 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees (Note 3) | 96,535 | 11,945 | 10,618 | 32,067 | ||||||||||||
Total expenses | 96,535 | 11,945 | 10,618 | 32,067 | ||||||||||||
Less: Management fee waiver (Note 3) | (96,535 | ) | (11,945 | ) | — | — | ||||||||||
Net expenses | — | — | 10,618 | 32,067 | ||||||||||||
Net investment income (loss) | 910,564 | 92,846 | 33,734 | (19,233 | ) | |||||||||||
Realized and Unrealized Gain (Loss) on Investments: | ||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||
Investments | 299,872 | 25,298 | 691 | 24,870 | ||||||||||||
Foreign currency transactions | — | — | — | (1,545 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments and foreign currency transactions | (53,686 | ) | (512,290 | ) | (166,098 | ) | (359,032 | ) | ||||||||
Net realized and unrealized gain (loss) on investments | 246,186 | (486,992 | ) | (165,407 | ) | (335,707 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,156,750 | $ | (394,146 | ) | $ | (131,673 | ) | $ | (354,940 | ) |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020. |
(2) | The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020. |
The accompanying notes are an integral part of these financial statements.
31 |
SoFi Select 500 ETF
Statement of Changes in Net Assets |
Period Ended | ||||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income (loss) | $ | 910,564 | ||
Net realized gain (loss) on investments | 299,872 | |||
Change in net unrealized appreciation/depreciation on investments | (53,686 | ) | ||
Net increase (decrease) in net assets resulting from operations | 1,156,750 | |||
Distributions to Shareholders: | ||||
Net distributions to shareholders | (666,628 | ) | ||
Capital Share Transactions: | ||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) | 73,242,333 | |||
Total increase (decrease) in net assets | 73,732,455 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 73,732,455 |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold (3) | 8,050,000 | $ | 82,860,383 | |||||
Shares redeemed | (950,000 | ) | (9,618,050 | ) | ||||
Net increase (decrease) | 7,100,000 | $ | 73,242,333 |
(3) | Net variable fees of $8. |
The accompanying notes are an integral part of these financial statements.
32 |
SoFi Next 500 ETF
Statement of Changes in Net Assets |
| Period Ended | |||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income (loss) | $ | 92,846 | ||
Net realized gain (loss) on investments | 25,298 | |||
Change in net unrealized appreciation/depreciation on investments | (512,290 | ) | ||
Net increase (decrease) in net assets resulting from operations | (394,146 | ) | ||
Distributions to Shareholders: | ||||
Net distributions to shareholders | (77,082 | ) | ||
Capital Share Transactions: | ||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) | 9,606,915 | |||
Total increase (decrease) in net assets | 9,135,687 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 9,135,687 |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold | 1,150,000 | $ | 11,604,115 | |||||
Shares redeemed | (200,000 | ) | (1,997,200 | ) | ||||
Net increase (decrease) | 950,000 | $ | 9,606,915 |
The accompanying notes are an integral part of these financial statements.
33 |
SoFi 50 ETF
Statement of Changes in Net Assets |
| Period Ended | |||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income (loss) | $ | 33,734 | ||
Net realized gain (loss) on investments | 691 | |||
Change in net unrealized appreciation/depreciation on investments | (166,098 | ) | ||
Net increase (decrease) in net assets resulting from operations | (131,673 | ) | ||
Distributions to Shareholders: | ||||
Net distributions to shareholders | (31,143 | ) | ||
Capital Share Transactions: | ||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) | 2,972,235 | |||
Total increase (decrease) in net assets | 2,809,419 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 2,809,419 |
(1) | The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold | 350,000 | $ | 6,942,660 | |||||
Shares redeemed | (200,000 | ) | (3,970,425 | ) | ||||
Net increase (decrease) | 150,000 | $ | 2,972,235 |
The accompanying notes are an integral part of these financial statements.
34 |
SoFi Gig Economy ETF
Statement of Changes in Net Assets |
| Period Ended | |||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income (loss) | $ | (19,233 | ) | |
Net realized gain (loss) on investments | 23,325 | |||
Change in net unrealized appreciation/depreciation on investments | (359,032 | ) | ||
Net increase (decrease) in net assets resulting from operations | (354,940 | ) | ||
Capital Share Transactions: | ||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) | 7,777,670 | |||
Total increase (decrease) in net assets | 7,422,730 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 7,422,730 |
(1) | The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold | 400,000 | $ | 7,777,670 | |||||
Shares redeemed | — | — | ||||||
Net increase (decrease) | 400,000 | $ | 7,777,670 |
The accompanying notes are an integral part of these financial statements.
35 |
SoFi Funds
Financial Highlights For a capital share outstanding throughout the period |
Period Ended | ||||||||||||||||
| SoFi Select | SoFi Next | SoFi 50 ETF (2) | 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) | 0.17 | 0.13 | 0.15 | (0.05 | ) | |||||||||||
Net realized and unrealized gain (loss) on investments | 0.33 | (0.40 | ) | (1.27 | ) | (1.39 | ) | |||||||||
Total from investment operations | 0.50 | (0.27 | ) | (1.12 | ) | (1.44 | ) | |||||||||
Less Distributions: | ||||||||||||||||
From net investment income | (0.12 | ) | (0.11 | ) | (0.15 | ) | — | |||||||||
Total distributions | (0.12 | ) | (0.11 | ) | (0.15 | ) | — | |||||||||
Net asset value, end of period | $ | 10.38 | $ | 9.62 | $ | 18.73 | $ | 18.56 | ||||||||
Total return (4) | 4.95 | % | (2.84 | )% | (5.67 | )% | (7.22 | )% | ||||||||
Ratios / Supplemental Data: | ||||||||||||||||
Net assets, end of period (millions) | $ | 73.7 | $ | 9.1 | $ | 2.8 | $ | 7.4 | ||||||||
Portfolio turnover rate (4) | 22 | % | 55 | % | 168 | % | 33 | % | ||||||||
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 | 1.60 | % | 1.29 | % | 0.92 | % | (0.36 | )% | ||||||||
After management fees waived (6) | 1.79 | % | 1.48 | % | 0.92 | % | (0.36 | )% |
(1) | The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020. |
(2) | The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020. |
(3) | Calculated using average shares outstanding method. |
(4) | Not annualized. The total return for the period ended February 29, 2020 is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary. |
(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.
36 |
SoFi Funds
NOTE 1 – ORGANIZATION |
The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF are diversified series of shares and the SoFi Gig Economy ETF is a non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares is registered under the Securities Act of 1933, as amended. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019 and the SoFi 50 ETF and SoFi Gig Economy ETF commenced operations on May 7, 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, the Funds’ investment adviser (the “Adviser”), 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 a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Funds are open for business. |
For securities which quotations are not readily available, a fair value will be determined by the Valuation Committee using the Fair Value Procedures approved by the Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Fair Value Procedures adopted by the Board. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. |
37 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS February 29, 2020 (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 February 29, 2020:
SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | |||||||||||||
Level 1 (1) | $ | 73,563,966 | $ | 9,110,918 | $ | 2,806,866 | $ | 7,423,350 | ||||||||
Level 2 | — | — | — | — | ||||||||||||
Level 3 | — | — | — | — | ||||||||||||
Total | $ | 73,563,966 | $ | 9,110,918 | $ | 2,806,866 | $ | 7,423,350 |
(1) | All Level 1 investments are equity securities (common stocks) and short-term investments. |
B. | Federal Income Taxes. The Funds have elected to be taxed as a “regulated investment company” and intend to distribute substantially all taxable income to their 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 have been made. |
In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of February 29, 2020, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
C. | Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. |
D. | 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. |
E. | Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
F. | Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. |
38 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS February 29, 2020 (Continued) |
G. | 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. |
H. | 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. |
I. | Foreign Securities Risk (SoFi Gig Economy ETF 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 Fund 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. |
J. | Emerging Markets Risk (SoFi Gig Economy ETF Only). The Fund 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 Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for the Fund’s Shares and cause the Fund to decline in value. |
K. | Currency Exchange Rate Risk (SoFi Gig Economy ETF Only). The Fund’s 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 Fund’s 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 Fund may change quickly and without warning and you may lose money. |
L. | Real Estate Investment Trust (“REIT”) Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF and SoFi 50 ETF Only). Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. 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 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. |
M. | 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. |
39 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS February 29, 2020 (Continued) |
● | 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. |
N. | Non-Diversification Risk (SoFi Gig Economy ETF Only). Although the Fund 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. |
O. | Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. |
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.
P. | Reclassification of Capital Accounts. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These differences are primarily due to adjustments for redemptions in-kind. For the period ended February 29, 2020, the following adjustments were made: |
Name of Fund | Paid-In Capital | Total Distributable |
SoFi Select 500 ETF | $350,614 | $(350,614) |
SoFi Next 500 ETF | 64,069 | (64,069) |
SoFi 50 ETF | 287,859 | (287,859) |
During the period ended February 29, 2020, the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF realized $356,396, $70,402 and $290,941, respectively, in net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Funds rather than for cash. Because such gains are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from accumulated losses to paid-in capital. There were no adjustments made for the SoFi Gig Economy ETF.
Q. | 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 |
40 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS February 29, 2020 (Continued) |
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. |
R. | 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. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of economic, political and global macro factors including the impact of the coronavirus (COVID-19) as a global pandemic and related public health issues, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions and the threat of tariffs imposed by the U.S. and other countries. These developments as well as other events, such as the U.S. presidential election, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. As a result, the risk environment remains elevated. The Funds’ investment adviser will monitor developments and seek to manage each Fund in a manner consistent with achieving the Fund’s investment objective, but there can be no assurance that it will be successful in doing so. |
NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
Toroso Investments, LLC (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 of the Funds. The Adviser provides oversight of the Sub-Adviser (defined below), 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 Fund.
Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund as follows:
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”). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Trust’s Board of Trustees (the “Board”). 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 50 ETF or SoFi Gig Economy ETF. Management Fees for the period ended February 29, 2020 are disclosed in the Statements of Operations.
Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the Management Fee payable to the Adviser. The Management 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 each Fund’s portfolio investments. The Sub-Adviser is responsible for the day-to-day management of the three diversified Funds (SoFi Select 500 ETF, SoFi Next 500 ETF and SoFi 50 ETF)
41 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS February 29, 2020 (Continued) |
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 the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities it provides (the “Sub-Advisory Fee”) 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.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian, 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.
Subsequent Event. At a Special Meeting of the Board held on April 22, 2020, the Board approved the continuation of the Fee Waiver Agreement for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2021. Accordingly, through June 30, 2021, the Management Fee for each of the SoFi Select 500 ETF and SoFi Next 500 ETF after the fee waiver is 0.00%. The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Any waived Management Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement.
NOTE 4 – PURCHASES AND SALES OF SECURITIES |
For the period ended February 29, 2020, 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 | $ | 86,257,073 | $ | 12,873,468 | ||||
SoFi Next 500 ETF | 13,706,609 | 4,104,418 | ||||||
SoFi 50 ETF | 10,621,663 | 7,633,776 | ||||||
SoFi Gig Economy ETF | 10,032,418 | 2,307,913 |
There were no purchases or sales of long-term U.S. Government securities for the period ended February 29, 2020.
42 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS February 29, 2020 (Continued) |
NOTE 5 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS |
The tax character of distributions paid during the period ended February 29, 2020, was as follows:
Distributions paid from: | SoFi Select | SoFi Next | SoFi 50 | |||||||||
Ordinary income | $ | 666,628 | $ | 77,082 | $ | 31,143 |
The SoFi Gig Economy ETF did not have any distributions during the period ended February 29, 2020.
As of February 29, 2020, the components of accumulated earnings/(losses) on a tax basis were as follows:
| SoFi Select | SoFi Next | SoFi 50 | SoFi Gig | ||||||||||||
Cost of investments (2) | $ | 73,716,022 | $ | 9,666,150 | $ | 2,974,030 | $ | 7,836,559 | ||||||||
Gross tax unrealized appreciation | 4,832,776 | 552,888 | 144,906 | 708,940 | ||||||||||||
Gross tax unrealized depreciation | (4,984,832 | ) | (1,108,120 | ) | (312,070 | ) | (1,122,094 | ) | ||||||||
Net tax unrealized appreciation (depreciation) | (152,056 | ) | (555,232 | ) | (167,164 | ) | (413,154 | ) | ||||||||
Undistributed ordinary income | 287,037 | 15,816 | 2,591 | 58,203 | ||||||||||||
Undistributed long-term capital gain | 4,527 | 4,119 | — | — | ||||||||||||
Total distributable earnings | 291,564 | 19,935 | 2,591 | 58,203 | ||||||||||||
Other accumulated gain (loss) | — | — | (286,102 | ) | 11 | |||||||||||
Total accumulated gain (loss) | 139,508 | (535,297 | ) | (450,675 | ) | (354,940 | ) |
(2) | The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales. |
Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Funds’ next taxable year. As of February 29, 2020, the Funds had no late year losses and the SoFi 50 ETF had a short-term capital loss carryover of $286,102, which does not expire.
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 Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the SoFi Select 500 ETF 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 disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
43 |
SoFi Funds
To the Shareholders of
SoFi Funds and
The Board of Trustees of
Tidal ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi 50 ETF, and SoFi Gig Economy ETF (the “Funds”), each a series of Tidal ETF Trust (the “Trust”), including the schedules of investments, as of February 29, 2020, the related statements of operations, statements of changes in net assets, and the financial highlights for the period ended February 29, 2020 (with respect to SoFi Select 500 ETF and SoFi Next 500 ETF, for the period April 10, 2019 (commencement of operations) to February 29, 2020, and with respect to SoFi 50 ETF and SoFi Gig Economy ETF, for the period May 7, 2019 (commencement of operations) to February 29, 2020), and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of February 29, 2020, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated above, in conformity with U.S. GAAP.
Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2018.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2020 by correspondence with the custodian and brokers or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audit provides a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
April 29, 2020
44 |
SoFi Funds
Expense Examples For theSix Months Ended February 29, 2020 (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 examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from September 1, 2019 to February 29, 2020.
Actual Expenses
The first line of the following tables provides information about actual account values based on actual returns and actual expenses. To the extent a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Fund invests in addition to the expenses of the Fund. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example. The example includes, but is not limited to, unitary fees. However, the example does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by the Funds. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the following tables provides information about hypothetical account values 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 following tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
SoFi Select 500 ETF
Beginning Account Value | Ending Account Value | Expenses Paid | |
Actual | $ 1,000.00 | $ 1,031.50 | $ — |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,024.86 | — |
(1) | Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.00% multiplied by the average account value over the period multiplied by 182/366 to reflect the most recent six-month period. |
SoFi Next 500 ETF
Beginning Account Value | Ending Account Value | Expenses Paid | |
Actual | $ 1,000.00 | $ 984.70 | $ — |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,024.86 | — |
(2) | Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.00% multiplied by the average account value over the period multiplied by 182/366 to reflect the most recent six-month period. |
45 |
SoFi Funds
Expense Examples For theSix Months Ended February 29, 2020 (Unaudited) (Continued) |
SoFi 50 ETF
Beginning Account Value | Ending Account Value | Expenses Paid | |
Actual | $ 1,000.00 | $ 996.90 | $ 1.44 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,023.42 | 1.46 |
(3) | Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.29% multiplied by the average account value over the period multiplied by 182/366 to reflect the most recent six-month period. |
SoFi Gig Economy ETF
Beginning Account Value | Ending Account Value | Expenses Paid | |
Actual | $ 1,000.00 | $ 989.90 | $ 2.92 |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,021.93 | 2.97 |
(4) | Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.59% multiplied by the average account value over the period multiplied by 182/366 to reflect the most recent six-month period. |
46 |
SoFi Funds
Name, Address | Position | Term of Office | Principal Occupation(s) | Number of | Other Directorships |
Independent Trustees (1) | |||||
Mark H.W. Baltimore c/o Tidal ETF Services LLC 898 N. Broadway, Suite 2 Massapequa, New York 11758 Born: 1967 | Trustee | Indefinite term; since 2018 | Co-Chief Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset management compliance services firm) (since 2019); Chief Executive Officer, Global Sight, LLC (asset management distribution consulting firm) (2016-2018); Head of Global Distribution Services, Foreside Financial Group, LLC (broker-dealer) (2016); Managing Director, Head of Global Distribution Services, Beacon Hill Fund Services (broker-dealer) (2015-2016); Vice President, Head of International Sales & Business Development, Charles Schwab & Company (asset management firm) (2014-2015). | 8 | None |
Dusko Culafic c/o Tidal ETF Services LLC 898 N. Broadway, Suite 2 Massapequa, New York 11758 Born: 1958 | Trustee | Indefinite term; since 2018 | Senior Operational Due Diligence Analyst, Aurora Investment Management, LLC (2012-2018). | 8 | None |
Eduardo Mendoza c/o Tidal ETF Services LLC 898 N. Broadway, Suite 2 Massapequa, New York 11758 Born: 1966 | Trustee | Indefinite term; since 2018 | Senior Strategic & Financial Advisor, Credijusto and Acrecent (financial technology companies) (since 2017); Founding Partner / Capital Markets & Head of Corporate Development, SQN Latina (specialty finance company) (2016-2017); Managing Director: Origination & Structuring, Securitization Group, BMO Capital Markets (2006-2015). | 8 | None |
47 |
SoFi Funds
TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued) |
Name, Address | Position | Term of Office | Principal Occupation(s) | Number of | Other Directorships |
Interested Trustees | |||||
Eric W. Falkeis (2) c/o Tidal ETF Services LLC 898 N. Broadway, Suite 2 Massapequa, New York 11758 Born: 1973 | President, Principal Executive Officer, Trustee, Chairman, and Secretary | President and Principal Executive Officer since 2019, Indefinite term; Trustee, Chairman, and Secretary since 2018, Indefinite term | Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013-2018) and Direxion Advisors, LLC (2017-2018). | 8 | Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (28 series) (since 2011); Interested Trustee, Direxion Funds, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014-2018). |
Ian C. Carroll, CFA (3) c/o Tidal ETF Services LLC 898 N. Broadway, Suite 2 Massapequa, New York 11758 Born: 1970 | Trustee | Indefinite term; since 2018 | Head of Corporate Research, Aware Asset Management, Inc. (since 2018); Principal Corporate Credit Research Analyst, Blue Cross and Blue Shield of Minnesota (insurance company) (since 2017); Credit Research Analyst, California Public Employees’ Retirement System (2013–2017). | 8 | None |
Executive Officers | |||||
Daniel H. Carlson c/o Tidal ETF Services LLC 898 N. Broadway, Suite 2 Massapequa, New York 11758 Born: 1955 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Indefinite term; since 2018 | Chief Financial Officer, Chief Compliance Officer, and Managing Member, Toroso Investments, LLC (since 2012). | Not Applicable | Not Applicable |
48 |
SoFi Funds
TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued) |
Name, Address | Position | Term of Office | Principal Occupation(s) | Number of | Other Directorships |
Bridget P. Garcia, Esq. c/o Cipperman Compliance Services, LLC Wayne, PA 19087 Born: 1985 | Chief Compliance Officer | Indefinite term; since 2018 | Compliance Manager, Cipperman Compliance Services, LLC (since 2017); Senior Associate, Central Compliance - Risk Management Group (2016-2017), Client Services Associate (2014-2016), Macquarie Group (global financial services firm). | Not Applicable | Not Applicable |
Aaron J. Perkovich c/o U.S. Bancorp Fund Services, LLC Milwaukee, Wisconsin 53202 Born: 1973 | Assistant Treasurer | Indefinite term; since 2018 | Vice President, U.S. Bancorp Fund Services, LLC (since 2006). | Not Applicable | Not Applicable |
Cory R. Akers c/o U.S. Bancorp Fund Services, LLC Milwaukee, Wisconsin 53202 Born: 1978 | Assistant Secretary | Indefinite term; since 2019 | Assistant Vice President, U.S. Bancorp Fund Services, LLC (since 2006). | Not Applicable | Not Applicable |
(1) | All Independent Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”). |
(2) | Mr. Falkeis is considered an “interested person” of the Trust due to his positions as President, Principal Executive Officer, Chairman and Secretary of the Trust and Chief Executive Officer of Tidal ETF Services LLC, an affiliate of the Adviser. |
(3) | Mr. Carroll is considered an “interested person” of the Trust due to his position as Head of Corporate Research of Aware Asset Management, Inc., a sub-adviser to a series of the Trust. |
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SoFi Funds
Qualified Dividend Income/Dividends Received Deduction (Unaudited) |
For the period ended February 29, 2020, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
SoFi Select 500 ETF | 91.03% |
SoFi Next 500 ETF | 77.58% |
SoFi 50 ETF | 100.00% |
SoFi Gig Economy ETF | 0.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended February 29, 2020, was as follows:
SoFi Select 500 ETF | 88.99% |
SoFi Next 500 ETF | 76.98% |
SoFi 50 ETF | 100.00% |
SoFi Gig Economy ETF | 0.00% |
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the period ended February 29, 2020, was as follows:
SoFi Select 500 ETF | 0.00% |
SoFi Next 500 ETF | 0.00% |
SoFi 50 ETF | 0.00% |
SoFi Gig Economy ETF | 0.00% |
Information About Proxy Voting (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request without charge by calling (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.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request without charge by calling (866) 539-9530 or by accessing the SEC’s website at www.sec.gov.
Information About The Portfolio Holdings (Unaudited) |
The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling (866) 539-9530. Furthermore, you can obtain the Part F of Form N-PORT 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/etfs.
Information About The Funds’ Trustees (Unaudited) |
The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (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
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street
Philadelphia, PA 19102
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.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Dusko Culafic is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
SoFi Select 500 ETF
FYE 02/29/2020 | FYE 02/28/2019 | |
Audit Fees | $12,500 | N/A |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,500 | N/A |
All Other Fees | N/A | N/A |
SoFi Next 500 ETF
FYE 02/29/2020 | FYE 02/28/2019 | |
Audit Fees | $12,500 | N/A |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,500 | N/A |
All Other Fees | N/A | N/A |
SoFi 50 ETF
FYE 02/29/2020 | FYE 02/28/2019 | |
Audit Fees | $12,500 | N/A |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,500 | N/A |
All Other Fees | N/A | N/A |
SoFi Gig Economy ETF
FYE 02/29/2020 | FYE 02/28/2019 | |
Audit Fees | $12,500 | N/A |
Audit-Related Fees | N/A | N/A |
Tax Fees | $2,500 | N/A |
All Other Fees | N/A | N/A |
The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
Non-Audit Related Fees | FYE 02/29/2020 | FYE 02/28/2019 |
Registrant | N/A | N/A |
Registrant’s Investment Adviser | N/A | N/A |
All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last year. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
Non-Audit Related Fees | FYE 02/29/2020 | FYE 02/28/2019 |
Registrant | N/A | N/A |
Registrant’s Investment Adviser | N/A | N/A |
Item 5. Audit Committee of Listed Registrants.
The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dusko Culafic, Eduardo Mendoza, and Mark H.W. Baltimore.
Item 6. Investments.
Schedule of Investments is 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 Registrant’s last fiscal quarter 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.Filed herewith. |
(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 Falkeis | |
Eric W. Falkeis, President/Principal Executive Officer | ||
Date | 05/06/2020 |
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 Falkeis | |
Eric W. Falkeis, President/Principal Executive Officer | ||
Date | 05/06/2020 | |
By (Signature and Title)* | /s/ Dan Carlson | |
Daniel Carlson, Treasurer/Principal Financial Officer | ||
Date | 05/07/2020 |
* | Print the name and title of each signing officer under his or her signature. |