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: August 31
Date of reporting period: February 28, 2021
Item 1. Reports to Stockholders.
(a)
Adasina Social Justice All Cap Global ETF
Ticker: JSTC
Semi-Annual Report
February 28, 2021
Adasina Social Justice All Cap Global ETF
TABLE OF CONTENTS |
A Message to our Shareholders | 1 |
Portfolio Allocation | 3 |
Schedule of Investments | 4 |
Statement of Assets and Liabilities | 15 |
Statement of Operations | 16 |
Statement of Changes in Net Assets | 17 |
Financial Highlights | 18 |
Notes to Financial Statements | 19 |
Expense Example | 26 |
Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements | 27 |
Statement Regarding Liquidity Risk Management Program | 30 |
Additional Information | 31 |
Adasina Social Justice All Cap Global ETF
Dear Shareholders,
Robasciotti & Associates, Inc., doing business as Adasina Social Capital (“Adasina”) launched the Adasina Social Justice All Cap Global ETF (the “Fund”) on December 8, 2020. We started the Fund to be a highly diversified, global, all-cap portfolio that allows investors to align their portfolios with social justice values. The Fund uses community-sourced impact data to set the standards for how publicly traded companies participate in gender, racial, economic, and climate justice.
The Fund is designed to be an all-cap, core strategy for investors with social justice values. As a bridge between social justice movements and financial markets, Adasina enables impact-driven investors to pursue justice by harnessing the power of the current economic system. Our investment strategies aim to drive meaningful change because they are informed by the people who are most impacted by systemic inequities. Investors in the Fund can seek both a socially accountable and financially viable return on their investments.
The Fund’s investment objective seeks capital appreciation and income. Adasina seeks to invest the Fund’s assets to achieve returns similar to those of the Adasina Social Justice Index (the “Index”). The Index is designed to support progressive movements for change and includes a global universe of public companies whose practices are in alignment with social justice values. In addition to the metrics traditionally considered for Environmental, Social, and Governance (“ESG”) investing, the Fund screens companies based on the Adasina Social Justice Investment Criteria.
Fund Updates
In 2021, we have received incredible interest in the Fund, and despite the continued economic stressors of the pandemic, we are pleased to share performance updates. The information presented in this report relates to the since inception performance ended February 28, 2021 (the “Fiscal Period”).
During the Fiscal Period, the Fund generated a net asset value (“NAV”) total return of 4.40% and market total return of 4.73%. This compares to the 5.32% total return of the Index for the same period. Deviations between market price and NAV are often largely driven by the amount and timing of trading volume on any given day and, as such, there may be deviations in the short-term based on that factor alone. However, the Fund is expected to have healthy, and growing, daily volume as the track record is built, so we believe that market price and NAV will converge over longer time periods. We do expect some level of deviation regardless of trading volume given that the Fund holds significant foreign securities traded on markets that are closed when the NAV is calculated domestically each day.
During the Fiscal Period, we found from a sector perspective, based on performance attribution to the overall portfolio, the Technology, Financial, and Consumer (Cyclical) sectors were the leading contributors while Consumer (Non-Discretionary) and Basic Materials sectors were the leading detractors. Further, after reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included ASML Holding NV, SVB Financial Group, and Magna International, Inc. Conversely, the leading detractors included Roper Technologies, Inc., Banco Bradesco SA, and Verisk Analytics, Inc.
On February 12, 2021, our Investment Team made the decision to remove Alibaba Group Holding Ltd. from the Fund’s portfolio after reevaluating the company against our social justice investment criteria. Due to recent activity by Alibaba Group Holding Ltd. to develop surveillance that specifically targets Uighurs, an ethnic minority in China, the company was in violation of the Adasina social justice investment criteria’s citizen and immigrant surveillance screen. Our ability to remove companies in cases like this is a key reason why the Fund is actively managed despite its close tracking to the Index.
Looking Ahead
As the Fund continues to grow, we are excited to also grow our partnerships with all our shareholders, financial advisors, and other prospective investors.
Adasina and the Fund have received extensive press engagement and coverage in 2021 which has already resulted in Fund asset growth. We hope to see an increasing amount of Fund assets over the next year, building on the Fund asset growth from the past few months.
Beyond the Fund, Adasina also continues our larger strategy for social change. To achieve lasting social change, we know it takes scale that goes well beyond our own portfolio and must extend to the wider financial ecosystem. Adasina aims to have an impact by not only divesting from harmful industries, but by organizing other investors to join us in divesting and collectively advocating for companies to change their practices. As we use investor organizing and other tools to advance our goals, we look to a number of indicators for progress, and continue to evaluate the metrics most impactful for social justice.
We thank you for the assets you have entrusted with us and deeply value our relationship. For any questions about the Fund please contact your financial advisor or one of our shareholder associates at (833) 743-0080. You may also visit our website at www.adasinaetf.com or reach us via email at invest@adasina.com.
1 |
Adasina Social Justice All Cap Global ETF
Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information is contained in the Fund’s prospectus. The Fund’s prospectus may be obtained by clicking https://www.adasinaetf.com/. Please read the prospectus carefully before you invest.
Past performance does not guarantee future results.
A fund’s net asset value (“NAV”) per share 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.
As with all exchange-traded funds, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate the Fund’s NAV per share, but the market price sometimes may be higher or lower than the NAV. The Fund is newer with a limited operating history. There are a limited number of financial institutions authorized to buy and sell shares directly with the Fund; and there may be a limited number of other liquidity providers in the marketplace. There is no assurance that Fund shares will trade at any volume, or at all, on any stock exchange. Low trading activity may result in shares trading at a material discount to NAV.
Investors buy and sell ETF shares through a brokerage account or an investment advisor. Like ordinary stocks, brokerage commissions, and/or transaction costs or services fees may apply. Please consult your broker or financial advisor for their fee schedule.
There is no guarantee that the Fund’s investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market, and the Fund’s holdings and returns may deviate from those of its benchmark index. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. The Fund is new and has a limited operating history. You can lose money on your investment in the Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.
Shares of the Fund are distributed by Foreside Fund Services, LLC.
2 |
Adasina Social Justice All Cap Global ETF
Portfolio Allocation at February 28, 2021 (Unaudited) |
Sector | % of Net Assets |
Financial | 24.0% |
Consumer (Non-Cyclical) | 22.6 |
Technology | 17.1 |
Industrial | 13.4 |
Consumer (Cyclical) | 11.5 |
Communications | 9.5 |
Basic Materials | 1.4 |
Cash & Cash Equivalents (1) | 0.5 |
Utilities | 0.0(2) |
Energy | 0.0(2) |
Total | 100.0% |
(1) | Represents cash, short-term investments, and liabilities in excess of other assets. |
(2) | Does not round to 0.1% or (0.1)%, as applicable. |
3 |
Adasina Social Justice All Cap Global ETF
Schedule of Investments at February 28, 2021 (Unaudited) |
| Shares | Value | ||||||
Common Stocks — 98.9% | ||||||||
Advertising — 0.7% | ||||||||
Ascential PLC | 1,647 | $ | 8,234 | |||||
Dentsu Group, Inc. | 351 | 12,091 | ||||||
DKSH Holding AG | 135 | 10,133 | ||||||
IPSOS (1) | 378 | 14,705 | ||||||
Publicis Groupe SA (1) | 2,106 | 124,081 | ||||||
WPP PLC | 9,288 | 110,870 | ||||||
280,114 | ||||||||
Aerospace & Defense — 0.1% | ||||||||
Barnes Group, Inc. | 810 | 42,403 | ||||||
Apparel — 0.5% | ||||||||
Adidas AG | 513 | 179,892 | ||||||
Deckers Outdoor Corp. (1) | 59 | 19,240 | ||||||
Kontoor Brands, Inc. | 162 | 6,845 | ||||||
Oxford Industries, Inc. | 216 | 16,468 | ||||||
222,445 | ||||||||
Auto Manufacturers — 1.5% | ||||||||
Autoneum Holding AG | 135 | 24,292 | ||||||
Geely Automobile Holdings Ltd. | 16,073 | 52,213 | ||||||
Great Wall Motor Co. Ltd. - H Shares | 23,422 | 68,086 | ||||||
Mazda Motor Corp. | 1,782 | 14,033 | ||||||
Renault SA | 3,105 | 139,918 | ||||||
Stellantis NV (1) | 9,121 | 148,618 | ||||||
Subaru Corp. | 3,051 | 56,945 | ||||||
Suzuki Motor Corp. | 1,161 | 50,117 | ||||||
Traton SE | 2,970 | 83,095 | ||||||
637,317 | ||||||||
Auto Parts & Equipment — 1.1% | ||||||||
Cooper Tire & Rubber Co. | 216 | 12,364 | ||||||
Denso Corp. | 3,402 | 203,979 | ||||||
Faurecia SE (1) | 297 | 15,433 | ||||||
Magna International, Inc. | 2,538 | 214,888 | ||||||
Methode Electronics, Inc. | 270 | 10,511 | ||||||
457,175 | ||||||||
Banks — 6.7% | ||||||||
Banco BPM SpA | 3,375 | 8,701 | ||||||
Bank Negara Indonesia Persero Tbk PT | 18,090 | 7,559 | ||||||
Bank of Communications Co. Ltd. - H Shares | 215,974 | 121,944 | ||||||
Bank OZK | 216 | 8,904 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 399,762 | 132,225 | ||||||
Banner Corp. | 330 | 17,087 | ||||||
BAWAG Group AG (1) | 243 | 12,695 |
| Shares | Value | ||||||
Banks — 6.7% (Continued) | ||||||||
BOC Hong Kong Holdings Ltd. | 16,584 | $ | 55,156 | |||||
Cadence BanCorp | 783 | 16,067 | ||||||
CaixaBank SA (1) | 13,797 | 40,309 | ||||||
China Merchants Bank Co. Ltd. - H Shares | 22,201 | 170,428 | ||||||
CIT Group, Inc. | 189 | 8,571 | ||||||
Comerica, Inc. | 324 | 22,064 | ||||||
Commerce Bancshares, Inc. (2) | 216 | 15,990 | ||||||
Credicorp Ltd. | 216 | 34,562 | ||||||
DBS Group Holdings Ltd. | 13,662 | 273,713 | ||||||
DNB ASA | 4,131 | 80,898 | ||||||
Eagle Bancorp, Inc. | 297 | 14,520 | ||||||
East West Bancorp, Inc. | 324 | 23,380 | ||||||
Fifth Third Bancorp | 7,425 | 257,573 | ||||||
FinecoBank Banca Fineco SpA | 810 | 14,325 | ||||||
First Bancorp | 1,512 | 15,861 | ||||||
First Financial Bancorp | 513 | 11,507 | ||||||
Hang Seng Bank Ltd. | 3,024 | 58,474 | ||||||
Home Capital Group, Inc. (1) | 594 | 14,737 | ||||||
Hope Bancorp, Inc. | 918 | 12,081 | ||||||
Japan Post Bank Co. Ltd. | 2,376 | 22,614 | ||||||
Malayan Banking Bhd | 5,400 | 10,713 | ||||||
National Bank of Canada | 3,051 | 193,182 | ||||||
NBT Bancorp, Inc. | 1,161 | 42,063 | ||||||
Nordea Bank Abp (1) | 10,206 | 92,728 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 19,737 | 163,127 | ||||||
Popular, Inc. | 162 | 10,825 | ||||||
Prosperity Bancshares, Inc. | 108 | 7,935 | ||||||
Public Bank Bhd | 13,500 | 13,875 | ||||||
S&T Bancorp, Inc. | 378 | 10,917 | ||||||
Sandy Spring Bancorp, Inc. | 567 | 21,308 | ||||||
The Siam Commercial Bank PCL | 16,875 | 57,678 | ||||||
Signature Bank | 108 | 23,581 | ||||||
SpareBank 1 SMN | 594 | 6,897 | ||||||
SVB Financial Group (1) | 486 | 245,605 | ||||||
Svenska Handelsbanken AB - Class A | 1,890 | 20,029 | ||||||
Synovus Financial Corp. | 378 | 15,993 | ||||||
TCF Financial Corp. | 297 | 13,312 | ||||||
Towne Bank | 648 | 18,688 | ||||||
TrustCo Bank Corp. | 2,025 | 13,932 | ||||||
Trustmark Corp. | 567 | 17,101 | ||||||
Umpqua Holdings Corp. | 783 | 13,366 | ||||||
United Overseas Bank Ltd. | 10,071 | 186,924 | ||||||
Webster Financial Corp. | 162 | 8,960 | ||||||
Westpac Banking Corp. | 5,076 | 93,608 | ||||||
Wintrust Financial Corp. | 108 | 7,955 |
The accompanying notes are an integral part of these financial statements.
4 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Banks — 6.7% (Continued) | ||||||||
Zions Bancorp N.A. | 891 | $ | 47,374 | |||||
2,829,621 | ||||||||
Beverages — 1.2% | ||||||||
Ambev SA - ADR | 45,711 | 116,563 | ||||||
Arca Continental SAB de CV | 6,642 | 30,223 | ||||||
Asahi Group Holdings Ltd. | 2,160 | 93,504 | ||||||
Becle SAB de CV | 14,661 | 30,352 | ||||||
Heineken Holding NV | 2,376 | 205,340 | ||||||
Remy Cointreau SA | 162 | 31,068 | ||||||
Royal Unibrew A/S | 54 | 5,594 | ||||||
512,644 | ||||||||
Biotechnology — 1.9% | ||||||||
Alexion Pharmaceuticals, Inc. (1) | 891 | 136,100 | ||||||
Amicus Therapeutics, Inc. (1) | 324 | 3,979 | ||||||
Basilea Pharmaceutica AG (1) | 108 | 5,540 | ||||||
Biogen, Inc. (1) | 540 | 147,355 | ||||||
BioMarin Pharmaceutical, Inc. (1) | 729 | 56,446 | ||||||
ChemoCentryx, Inc. (1) | 108 | 7,327 | ||||||
CSL Ltd. | 81 | 16,467 | ||||||
Eiken Chemical Co. Ltd. | 351 | 6,688 | ||||||
Emergent BioSolutions, Inc. (1) | 54 | 5,184 | ||||||
Exact Sciences Corp. (1) | 405 | 55,129 | ||||||
Exelixis, Inc. (1) | 270 | 5,848 | ||||||
Halozyme Therapeutics, Inc. (1) | 216 | 9,774 | ||||||
Incyte Corp. (1) | 567 | 44,600 | ||||||
Innovent Biologics, Inc. (1) | 252 | 2,596 | ||||||
Innoviva, Inc. (1) | 729 | 8,332 | ||||||
Inovio Pharmaceuticals, Inc. (1) | 594 | 6,593 | ||||||
Intercept Pharmaceuticals, Inc. (1) | 189 | 4,094 | ||||||
Ligand Pharmaceuticals, Inc. (1) | 81 | 12,006 | ||||||
Moderna, Inc. (1) | 405 | 62,698 | ||||||
Myriad Genetics, Inc. (1) | 459 | 13,995 | ||||||
REGENXBIO, Inc. (1) | 216 | 8,837 | ||||||
Seagen, Inc. (1) | 270 | 40,800 | ||||||
Theravance Biopharma, Inc. (1) | 324 | 5,369 | ||||||
Ultragenyx Pharmaceutical, Inc. (1) | 54 | 7,643 | ||||||
Vertex Pharmaceuticals, Inc. (1) | 621 | 131,993 | ||||||
805,393 | ||||||||
Building Materials — 2.3% | ||||||||
AAON, Inc. (2) | 162 | 12,490 | ||||||
AGC, Inc. | 324 | 11,860 | ||||||
American Woodmark Corp. (1) | 219 | 20,457 | ||||||
Apogee Enterprises, Inc. | 541 | 20,233 | ||||||
Boise Cascade Co. | 891 | 44,497 | ||||||
Carrier Global Corp. | 4,050 | 147,946 |
| Shares | Value | ||||||
Building Materials — 2.3% (Continued) | ||||||||
Fortune Brands Home & Security, Inc. | 1,458 | $ | 121,218 | |||||
Geberit AG | 54 | 31,984 | ||||||
Gibraltar Industries, Inc. (1) | 135 | 11,792 | ||||||
Ibstock PLC | 2,673 | 7,975 | ||||||
James Hardie Industries PLC - CDI | 5,373 | 151,873 | ||||||
Lennox International, Inc. | 594 | 166,183 | ||||||
Lixil Corp. | 486 | 13,626 | ||||||
Marshalls PLC | 1,323 | 12,615 | ||||||
Sika AG | 324 | 85,966 | ||||||
Simpson Manufacturing Co., Inc. | 378 | 36,840 | ||||||
Stella-Jones, Inc. | 432 | 15,700 | ||||||
Trex Co., Inc. (1) | 486 | 44,537 | ||||||
957,792 | ||||||||
Chemicals — 1.3% | ||||||||
EMS-Chemie Holding AG (1) | 81 | 72,026 | ||||||
HB Fuller Co. | 729 | 40,875 | ||||||
IMCD NV | 378 | 46,776 | ||||||
Innospec, Inc. | 108 | 10,849 | ||||||
Kansai Paint Co. Ltd. | 216 | 5,640 | ||||||
Mitsubishi Chemical Holdings Corp. | 1,836 | 12,749 | ||||||
Nitto Denko Corp. | 405 | 34,555 | ||||||
Nolato AB - Class B | 54 | 4,850 | ||||||
OC Oerlikon Corp AG | 945 | 10,251 | ||||||
Orion Engineered Carbons SA | 378 | 6,691 | ||||||
Rogers Corp. (1) | 27 | 4,900 | ||||||
RPM International, Inc. | 2,889 | 230,080 | ||||||
Sensient Technologies Corp. | 243 | 18,917 | ||||||
Symrise AG | 540 | 63,395 | ||||||
562,554 | ||||||||
Commercial Services — 4.4% | ||||||||
Adecco Group AG | 810 | 51,071 | ||||||
Adyen NV (1) | 27 | 62,792 | ||||||
ALD SA (1) | 648 | 9,533 | ||||||
Bangkok Expressway & Metro PCL | 45,171 | 11,917 | ||||||
The Bidvest Group Ltd. | 891 | 9,898 | ||||||
Bravida Holding AB | 729 | 9,303 | ||||||
Cardtronics PLC (1) | 439 | 16,923 | ||||||
CBIZ, Inc. (1) | 2,079 | 62,682 | ||||||
Chegg, Inc. (1) | 108 | 10,425 | ||||||
CorVel Corp. (1) | 351 | 35,626 | ||||||
CoStar Group, Inc. (1) | 135 | 111,208 | ||||||
Deluxe Corp. | 270 | 10,673 | ||||||
Edenred | 999 | 55,646 | ||||||
Element Fleet Management Corp. | 918 | 9,049 |
The accompanying notes are an integral part of these financial statements.
5 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Commercial Services — 4.4% (Continued) | ||||||||
Euronet Worldwide, Inc. (1) | 135 | $ | 20,292 | |||||
EVERTEC, Inc. | 378 | 14,704 | ||||||
Forrester Research, Inc. (1) | 405 | 18,298 | ||||||
FTI Consulting, Inc. (1) | 108 | 12,371 | ||||||
Gartner, Inc. (1) | 918 | 164,359 | ||||||
Grace Technology, Inc. | 81 | 4,060 | ||||||
Herc Holdings, Inc. (1) | 270 | 23,695 | ||||||
Hypoport SE (1) | 27 | 19,041 | ||||||
IHS Markit Ltd. | 2,349 | 211,786 | ||||||
Insperity, Inc. | 108 | 9,580 | ||||||
Korn Ferry | 324 | 19,942 | ||||||
Medifast, Inc. | 54 | 13,661 | ||||||
Monro, Inc. | 162 | 10,042 | ||||||
Moody’s Corp. | 686 | 188,575 | ||||||
Morningstar, Inc. | 189 | 42,383 | ||||||
Nexi SpA (1) | 432 | 7,805 | ||||||
Outsourcing, Inc. | 648 | 9,914 | ||||||
Pagegroup PLC | 2,079 | 13,900 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 1,539 | 11,359 | ||||||
Recruit Holdings Co. Ltd. | 2,322 | 115,097 | ||||||
Rent-A-Center, Inc. | 378 | 21,833 | ||||||
Savills PLC | 1,647 | 26,596 | ||||||
Secom Co. Ltd. | 135 | 11,691 | ||||||
Securitas AB - Class B | 999 | 15,395 | ||||||
Terminix Global Holdings, Inc. (1) | 162 | 7,292 | ||||||
TKC Corp. | 243 | 14,415 | ||||||
TransUnion | 1,431 | 120,505 | ||||||
Triton International Ltd | 702 | 40,562 | ||||||
Verisk Analytics, Inc. | 945 | 154,838 | ||||||
WEX, Inc. (1) | 162 | 33,753 | ||||||
Worldline SA (1) | 405 | 36,279 | ||||||
1,880,769 | ||||||||
Computers — 2.9% | ||||||||
3D Systems Corp. (1) | 1,773 | 63,544 | ||||||
Alten SA | 135 | 15,002 | ||||||
Amdocs Ltd. | 1,026 | 77,781 | ||||||
Atos SE (1) | 621 | 48,709 | ||||||
Avast PLC | 1,242 | 8,022 | ||||||
Bechtle AG | 189 | 35,856 | ||||||
CANCOM SE | 135 | 8,685 | ||||||
Capgemini SE | 351 | 56,728 | ||||||
CGI, Inc. - Class A (1) | 756 | 56,730 | ||||||
Check Point Software Technologies Ltd. (1) | 648 | 71,436 | ||||||
Cognyte Software Ltd. (1) | 675 | 19,487 | ||||||
Computacenter PLC | 270 | 7,874 |
| Shares | Value | ||||||
Computers — 2.9% (Continued) | ||||||||
CyberArk Software Ltd. (1) | 324 | $ | 47,573 | |||||
EPAM Systems, Inc. (1) | 216 | 80,700 | ||||||
FDM Group Holdings PLC | 1,161 | 16,297 | ||||||
Fortinet, Inc. (1) | 783 | 132,210 | ||||||
Indra Sistemas SA (1) | 1,377 | 12,159 | ||||||
Itochu Techno-Solutions Corp. | 297 | 9,116 | ||||||
Jenoptik AG | 270 | 8,704 | ||||||
Kainos Group PLC | 837 | 15,400 | ||||||
Logitech International SA | 729 | 78,126 | ||||||
Lumentum Holdings, Inc. (1)(2) | 135 | 12,150 | ||||||
MAXIMUS, Inc. | 594 | 48,280 | ||||||
NCR Corp. (1) | 324 | 11,262 | ||||||
NetScout Systems, Inc. (1) | 1,350 | 38,097 | ||||||
NSD Co. Ltd. | 432 | 7,380 | ||||||
Pentamaster Corp. Bhd (1) | 8,100 | 12,588 | ||||||
Perspecta, Inc. | 594 | 17,345 | ||||||
Pure Storage, Inc. (1)(2) | 567 | 13,256 | ||||||
Qualys, Inc. (1) | 189 | 18,363 | ||||||
S&T AG | 729 | 19,609 | ||||||
SCSK Corp. | 108 | 6,356 | ||||||
Softwareone Holding AG | 432 | 12,407 | ||||||
Sopra Steria Group | 54 | 8,829 | ||||||
Stratasys Ltd. (1) | 621 | 21,418 | ||||||
Tenable Holdings, Inc. (1) | 243 | 9,941 | ||||||
TietoEVRY Oyj | 243 | 7,563 | ||||||
TTEC Holdings, Inc. | 189 | 15,902 | ||||||
Varonis Systems, Inc. (1) | 165 | 30,284 | ||||||
Wipro Ltd. - ADR | 8,586 | 52,632 | ||||||
1,233,801 | ||||||||
Cosmetics & Personal Care — 0.5% | ||||||||
Beiersdorf AG | 783 | 77,838 | ||||||
Edgewell Personal Care Co. | 432 | 13,215 | ||||||
Kao Corp. | 960 | 64,372 | ||||||
Kose Corp. | 27 | 4,326 | ||||||
Pigeon Corp. | 108 | 3,903 | ||||||
Shiseido Co. Ltd. | 324 | 24,064 | ||||||
Unicharm Corp. | 108 | 4,274 | ||||||
YA-MAN Ltd. | 405 | 6,284 | ||||||
198,276 | ||||||||
Distribution & Wholesale — 1.7% | ||||||||
AddTech AB - Class B | 810 | 11,861 | ||||||
ALSO Holding AG | 27 | 7,352 | ||||||
Avient Corp. | 437 | 18,887 | ||||||
H&E Equipment Services, Inc. | 486 | 15,032 | ||||||
IAA, Inc. (1) | 189 | 11,081 | ||||||
KAR Auction Services, Inc. (2) | 540 | 7,512 | ||||||
Munters Group AB | 1,566 | 13,516 | ||||||
Pool Corp. | 351 | 117,504 |
The accompanying notes are an integral part of these financial statements.
6 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Distribution & Wholesale — 1.7% (Continued) | ||||||||
ScanSource, Inc. (1) | 378 | $ | 10,750 | |||||
Seven Group Holdings Ltd. | 567 | 9,521 | ||||||
Toromont Industries Ltd. | 648 | 47,448 | ||||||
Toyota Tsusho Corp. | 3,159 | 132,243 | ||||||
W.W. Grainger, Inc. | 783 | 291,832 | ||||||
WESCO International, Inc. (1) | 540 | 43,351 | ||||||
737,890 | ||||||||
Diversified Financial Services — 6.5% | ||||||||
Aareal Bank AG | 324 | 8,652 | ||||||
Ally Financial, Inc. | 5,724 | 237,546 | ||||||
American Express Co. | 2,675 | 361,821 | ||||||
Azimut Holding SpA | 324 | 7,476 | ||||||
Bolsa Mexicana de Valores SAB de CV | 4,779 | 9,798 | ||||||
Brightsphere Investment Group, Inc. | 841 | 15,222 | ||||||
Columbia Financial, Inc. (1) | 567 | 9,265 | ||||||
CSC Financial Co. Ltd. - H Shares | 7,921 | 10,374 | ||||||
Daiwa Securities Group, Inc. | 1,728 | 8,395 | ||||||
DWS Group GmbH & Co KGaA | 216 | 9,057 | ||||||
ECN Capital Corp. | 3,645 | 23,004 | ||||||
Encore Capital Group, Inc. (1) | 189 | 6,316 | ||||||
First National Financial Corp. | 540 | 18,900 | ||||||
Flow Traders | 216 | 8,856 | ||||||
Franklin Resources, Inc. | 4,374 | 114,468 | ||||||
Haitong Securities Co. Ltd. - H Shares | 12,165 | 11,118 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 435 | 26,535 | ||||||
Julius Baer Group Ltd. | 891 | 54,919 | ||||||
KB Financial Group, Inc. - ADR | 1,566 | 60,009 | ||||||
London Stock Exchange Group PLC | 810 | 108,920 | ||||||
LPL Financial Holdings, Inc. | 162 | 21,310 | ||||||
Muangthai Capital PCL | 3,240 | 7,015 | ||||||
Nasdaq, Inc. | 1,107 | 153,087 | ||||||
Pagseguro Digital Ltd. - Class A (1) | 189 | 10,973 | ||||||
Piper Sandler Companies | 108 | 11,483 | ||||||
PRA Group, Inc. (1) | 270 | 9,952 | ||||||
Quilter PLC | 5,292 | 10,802 | ||||||
Raymond James Financial, Inc. | 2,052 | 239,550 | ||||||
Resurs Holding AB | 1,323 | 7,330 | ||||||
Santander Consumer USA Holdings, Inc. | 513 | 12,825 | ||||||
SBI Holdings, Inc. | 243 | 6,747 | ||||||
SEI Investments Co. | 297 | 16,632 | ||||||
Singapore Exchange Ltd. | 1,620 | 12,171 | ||||||
St. James’s Place PLC | 1,053 | 17,284 |
| Shares | Value | ||||||
Diversified Financial Services — 6.5% (Continued) | ||||||||
Stifel Financial Corp. | 190 | $ | 11,605 | |||||
T. Rowe Price Group, Inc. | 1,647 | 267,045 | ||||||
TMX Group Ltd. | 162 | 15,546 | ||||||
Virtus Investment Partners, Inc. | 216 | 54,194 | ||||||
Visa, Inc. - Class A | 3,456 | 734,020 | ||||||
2,730,222 | ||||||||
Electric — 0.0% (3) | ||||||||
Gunkul Engineering PCL | 136,215 | 12,295 | ||||||
Electrical Components & Equipment — 0.7% | ||||||||
Belden, Inc. | 351 | 15,518 | ||||||
Energizer Holdings, Inc. | 378 | 15,800 | ||||||
EnerSys | 162 | 14,625 | ||||||
Generac Holdings, Inc. (1) | 459 | 151,268 | ||||||
Novanta, Inc. (1) | 81 | 10,719 | ||||||
Universal Display Corp. | 405 | 85,735 | ||||||
293,665 | ||||||||
Electronics — 2.7% | ||||||||
Advanced Energy Industries, Inc. | 139 | 14,519 | ||||||
Allegion PLC | 1,701 | 185,035 | ||||||
Badger Meter, Inc. | 167 | 18,135 | ||||||
Brady Corp. - Class A | 189 | 9,906 | ||||||
Celestica, Inc. (1) | 1,350 | 11,250 | ||||||
Coherent, Inc. (1) | 27 | 6,532 | ||||||
FARO Technologies, Inc. (1) | 216 | 20,187 | ||||||
Flex Ltd. (1) | 837 | 15,225 | ||||||
Itron, Inc. (1) | 108 | 12,662 | ||||||
KCE Electronics PCL | 7,101 | 12,783 | ||||||
Keysight Technologies, Inc. (1) | 1,296 | 183,410 | ||||||
MINEBEA MITSUMI, Inc. | 351 | 8,615 | ||||||
National Instruments Corp. | 378 | 16,783 | ||||||
nVent Electric PLC | 783 | 20,562 | ||||||
Roper Technologies, Inc. | 837 | 316,068 | ||||||
TDK Corp. | 475 | 67,946 | ||||||
Venture Corp. Ltd. | 972 | 14,035 | ||||||
Waters Corp. (1) | 540 | 147,895 | ||||||
Woodward, Inc. | 594 | 67,847 | ||||||
1,149,395 | ||||||||
Engineering & Construction — 1.2% | ||||||||
Ackermans & Van Haaren NV (1) | 405 | 65,676 | ||||||
Aecon Group, Inc. | 2,754 | 40,026 | ||||||
Aena SME SA | 486 | 83,118 | ||||||
AF Poyry AB - Class B | 351 | 9,602 | ||||||
Arcosa, Inc. | 381 | 21,614 | ||||||
Comfort Systems USA, Inc. | 351 | 21,741 | ||||||
Dycom Industries, Inc. (1) | 81 | 6,203 | ||||||
Frontdoor, Inc. (1) | 189 | 9,898 |
The accompanying notes are an integral part of these financial statements.
7 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Engineering & Construction — 1.2% (Continued) | ||||||||
Grupo Aeroportuario del Pacifico SAB de CV - Class B | 972 | $ | 9,831 | |||||
Infrastrutture Wireless Italiane SpA | 4,644 | 48,562 | ||||||
Jasmine Broadband Internet Infrastructure Fund | 53,568 | 16,709 | ||||||
NCC AB - Class B | 351 | 5,854 | ||||||
Obayashi Corp. | 702 | 6,016 | ||||||
Primoris Services Corp. | 648 | 21,689 | ||||||
Skanska AB - Class B | 4,941 | 120,465 | ||||||
SNC-Lavalin Group, Inc. | 756 | 15,287 | ||||||
SPIE SA | 594 | 13,425 | ||||||
Taisei Corp. | 270 | 9,516 | ||||||
525,232 | ||||||||
Entertainment — 1.1% | ||||||||
Evolution Gaming Group AB | 812 | 101,672 | ||||||
Flutter Entertainment PLC | 540 | 104,337 | ||||||
Gamesys Group PLC | 1,053 | 20,081 | ||||||
Great Canadian Gaming Corp. (1) | 594 | 19,894 | ||||||
International Game Technology PLC | 1,435 | 26,246 | ||||||
Oriental Land Co. Ltd. | 273 | 45,713 | ||||||
Scientific Games Corp. (1) | 243 | 11,380 | ||||||
Vail Resorts, Inc. | 459 | 141,914 | ||||||
471,237 | ||||||||
Environmental Control — 0.8% | ||||||||
Befesa SA | 216 | 14,734 | ||||||
Covanta Holding Corp. | 972 | 13,657 | ||||||
Sweco AB - Class B | 918 | 13,267 | ||||||
Tetra Tech, Inc. | 297 | 41,096 | ||||||
Waste Connections, Inc. | 2,565 | 251,779 | ||||||
334,533 | ||||||||
Food — 1.6% | ||||||||
B&G Foods, Inc. | 811 | 24,598 | ||||||
Bid Corp. Ltd. | 378 | 7,072 | ||||||
George Weston Ltd. | 1,701 | 125,587 | ||||||
Grocery Outlet Holding Corp. (1) | 162 | 5,830 | ||||||
HelloFresh SE (1) | 108 | 8,455 | ||||||
ICA Gruppen AB | 216 | 10,309 | ||||||
Ingredion, Inc. | 621 | 56,014 | ||||||
J Sainsbury PLC | 2,862 | 9,051 | ||||||
Lancaster Colony Corp. | 189 | 33,013 | ||||||
Metro, Inc. | 1,242 | 51,897 | ||||||
Nissin Foods Holdings Co. Ltd. | 135 | 10,200 | ||||||
The North West Co., Inc. | 675 | 16,598 | ||||||
Orkla ASA | 4,428 | 41,061 |
| Shares | Value | ||||||
Food — 1.6% (Continued) | ||||||||
P/F Bakkafrost | 108 | $ | 7,725 | |||||
Premium Brands Holdings Corp. | 351 | 28,560 | ||||||
Saputo, Inc. | 3,591 | 101,660 | ||||||
Seven & i Holdings Co. Ltd. | 1,523 | 57,709 | ||||||
The SPAR Group Ltd. | 675 | 8,484 | ||||||
Suedzucker AG | 459 | 7,259 | ||||||
Tiger Brands Ltd. | 756 | 10,066 | ||||||
US Foods Holding Corp. (1) | 513 | 18,704 | ||||||
Woolworths Group Ltd. | 1,431 | 43,650 | ||||||
683,502 | ||||||||
Forest Products & Paper — 0.0% (3) | ||||||||
Neenah, Inc. | 243 | 13,443 | ||||||
Hand & Machine Tools — 0.3% | ||||||||
Franklin Electric Co., Inc. | 459 | 34,453 | ||||||
Snap-on, Inc. | 432 | 87,743 | ||||||
122,196 | ||||||||
Healthcare - Products — 5.5% | ||||||||
Adaptive Biotechnologies Corp. (1) | 108 | 6,110 | ||||||
Alcon, Inc. (1) | 891 | 61,552 | ||||||
Arjo AB - Class B | 1,809 | 13,212 | ||||||
Asahi Intecc Co. Ltd. | 270 | 7,742 | ||||||
Biotage AB | 918 | 16,622 | ||||||
Bio-Techne Corp. | 459 | 166,016 | ||||||
Cantel Medical Corp. | 135 | 10,028 | ||||||
CONMED Corp. | 162 | 19,936 | ||||||
ConvaTec Group PLC | 3,726 | 9,814 | ||||||
The Cooper Companies, Inc. | 486 | 187,659 | ||||||
Demant A/S (1) | 378 | 15,666 | ||||||
DENTSPLY SIRONA, Inc. | 2,241 | 118,930 | ||||||
Elekta AB - Class B | 621 | 8,417 | ||||||
Glaukos Corp. (1) | 108 | 10,212 | ||||||
Hill-Rom Holdings, Inc. | 432 | 46,081 | ||||||
IDEXX Laboratories, Inc. (1) | 304 | 158,132 | ||||||
Inogen, Inc. (1) | 216 | 11,338 | ||||||
Insulet Corp. (1) | 270 | 69,957 | ||||||
Integer Holdings Corp. (1) | 162 | 14,287 | ||||||
Intuitive Surgical, Inc. (1) | 345 | 254,196 | ||||||
Koninklijke Philips NV | 3,456 | 188,581 | ||||||
Lifco AB - Class B | 162 | 15,486 | ||||||
LivaNova PLC (1)(2) | 162 | 12,561 | ||||||
Luminex Corp. | 432 | 14,049 | ||||||
Masimo Corp. (1) | 459 | 115,085 | ||||||
Natus Medical, Inc. (1) | 486 | 12,592 | ||||||
Nevro Corp. (1) | 162 | 26,759 | ||||||
Novocure Ltd. (1) | 189 | 28,180 | ||||||
NuVasive, Inc. (1) | 243 | 14,660 |
The accompanying notes are an integral part of these financial statements.
8 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Healthcare - Products — 5.5% (Continued) | ||||||||
Orthofix Medical, Inc. (1) | 378 | $ | 17,581 | |||||
Penumbra, Inc. (1)(2) | 27 | 7,680 | ||||||
ResMed, Inc. | 729 | 140,537 | ||||||
Sectra AB - Class B | 108 | 8,678 | ||||||
Siemens Healthineers AG | 1,404 | 78,102 | ||||||
Smith & Nephew PLC | 2,457 | 47,593 | ||||||
Sonova Holding AG | 135 | 34,716 | ||||||
STAAR Surgical Co. (1) | 81 | 8,425 | ||||||
STERIS PLC | 945 | 165,186 | ||||||
Tecan Group AG | 81 | 34,197 | ||||||
Varian Medical Systems, Inc. (1) | 729 | 127,772 | ||||||
2,304,327 | ||||||||
Healthcare - Services — 1.9% | ||||||||
Anthem, Inc. | 1,593 | 482,982 | ||||||
Attendo AB | 1,593 | 8,773 | ||||||
Bangkok Dusit Medical Services PCL | 66,177 | 43,920 | ||||||
Chularat Hospital PCL | 129,276 | 11,154 | ||||||
Encompass Health Corp. | 594 | 47,781 | ||||||
The Ensign Group, Inc. | 189 | 15,502 | ||||||
Eurofins Scientific SE | 162 | 14,480 | ||||||
Evotec SE (1) | 324 | 12,612 | ||||||
H.U. Group Holdings, Inc. | 243 | 7,515 | ||||||
IHH Healthcare Bhd | 8,100 | 10,166 | ||||||
LHC Group, Inc. (1) | 216 | 39,249 | ||||||
Syneos Health, Inc. (1)(2) | 216 | 16,708 | ||||||
Tivity Health, Inc. (1) | 1,782 | 42,412 | ||||||
WuXi AppTec Co. Ltd. - H Shares | 1,630 | 33,977 | ||||||
787,231 | ||||||||
Home Builders — 0.2% | ||||||||
Barratt Developments PLC | 1,701 | 15,800 | ||||||
Installed Building Products, Inc. | 108 | 11,811 | ||||||
Sekisui Chemical Co. Ltd. | 459 | 8,164 | ||||||
Taylor Wimpey PLC | 5,967 | 13,148 | ||||||
Winnebago Industries, Inc. | 406 | 28,258 | ||||||
77,181 | ||||||||
Home Furnishings — 0.5% | ||||||||
Herman Miller, Inc. | 216 | 8,285 | ||||||
iRobot Corp. (1) | 108 | 13,404 | ||||||
Panasonic Corp. | 9,882 | 126,655 | ||||||
SEB SA | 189 | 34,113 | ||||||
Sleep Number Corp. (1) | 135 | 18,512 | ||||||
200,969 | ||||||||
Household Products & Wares — 1.0% | ||||||||
ACCO Brands Corp. | 2,163 | 17,520 | ||||||
Henkel AG & Co KGaA | 1,971 | 175,602 |
| Shares | Value | ||||||
Household Products & Wares — 1.0% (Continued) | ||||||||
Reckitt Benckiser Group PLC | 1,350 | $ | 113,246 | |||||
Unilever Indonesia Tbk PT | 185,328 | 91,102 | ||||||
WD-40 Co. | 81 | 25,252 | ||||||
422,722 | ||||||||
Insurance — 9.6% | ||||||||
Ageas SA/NV | 702 | 39,588 | ||||||
AIA Group Ltd. | 8,600 | 107,592 | ||||||
Allianz SE | 1,593 | 386,329 | ||||||
Alm Brand A/S | 459 | 5,275 | ||||||
Arch Capital Group Ltd. (1) | 4,107 | 147,113 | ||||||
Arthur J. Gallagher & Co. | 2,194 | 262,841 | ||||||
Assicurazioni Generali SpA | 7,047 | 133,009 | ||||||
Assured Guaranty Ltd. | 216 | 9,552 | ||||||
AXA SA | 9,288 | 234,494 | ||||||
Axis Capital Holdings Ltd. | 729 | 36,836 | ||||||
Brighthouse Financial, Inc. (1) | 162 | 6,462 | ||||||
China Life Insurance Co. Ltd. - H Shares | 45,172 | 95,266 | ||||||
China Pacific Insurance Group Co. Ltd. - H Shares | 7,518 | 34,550 | ||||||
CNA Financial Corp. | 1,134 | 48,240 | ||||||
CNP Assurances | 4,806 | 86,978 | ||||||
Direct Line Insurance Group PLC | 1,944 | 8,714 | ||||||
Employers Holdings, Inc. | 486 | 16,179 | ||||||
Essent Group Ltd. | 216 | 8,906 | ||||||
Everest Re Group Ltd. | 216 | 52,231 | ||||||
First American Financial Corp. | 297 | 15,604 | ||||||
Globe Life, Inc. | 1,134 | 105,916 | ||||||
Hannover Rueck SE | 270 | 45,980 | ||||||
The Hanover Insurance Group, Inc. | 351 | 40,488 | ||||||
Harel Insurance Investments & Financial Services Ltd. | 1,539 | 13,984 | ||||||
The Hartford Financial Services Group, Inc. | 4,028 | 204,179 | ||||||
Horace Mann Educators Corp. | 945 | 36,420 | ||||||
Intact Financial Corp. | 378 | 42,470 | ||||||
Kemper Corp. | 189 | 14,292 | ||||||
Kinsale Capital Group, Inc. | 54 | 9,507 | ||||||
Lincoln National Corp. | 702 | 39,923 | ||||||
Manulife Financial Corp. | 11,286 | 226,166 | ||||||
MBIA, Inc. (1) | 1,296 | 9,461 | ||||||
Mercury General Corp. | 243 | 14,191 | ||||||
MGIC Investment Corp. | 783 | 9,537 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 594 | 175,202 | ||||||
NMI Holdings, Inc. (1) | 324 | 7,407 | ||||||
Palomar Holdings, Inc. (1) | 217 | 18,473 |
The accompanying notes are an integral part of these financial statements.
9 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Insurance — 9.6% (Continued) | ||||||||
The People’s Insurance Co. Group of China Ltd. - H Shares | 171,540 | $ | 53,293 | |||||
PICC Property & Casualty Co. Ltd. - H Shares | 36,872 | 27,901 | ||||||
Primerica, Inc. | 27 | 3,813 | ||||||
Principal Financial Group, Inc. | 4,320 | 244,426 | ||||||
Radian Group, Inc. | 378 | 7,711 | ||||||
RenaissanceRe Holdings Ltd. | 243 | 40,576 | ||||||
RSA Insurance Group PLC | 1,836 | 17,337 | ||||||
Safety Insurance Group, Inc. | 189 | 14,946 | ||||||
Sampo Oyj - A Shares | 297 | 13,292 | ||||||
SCOR SE (1) | 540 | 18,012 | ||||||
Sun Life Financial, Inc. | 2,214 | 107,097 | ||||||
Suncorp Group Ltd. | 1,026 | 7,896 | ||||||
Swiss Re AG | 1,458 | 137,602 | ||||||
Talanx AG | 405 | 16,940 | ||||||
Third Point Reinsurance Ltd. (1) | 1,620 | 16,540 | ||||||
Tokio Marine Holdings, Inc. | 351 | 17,306 | ||||||
The Travelers Companies, Inc. | 1,782 | 259,281 | ||||||
UnipolSai Assicurazioni SpA (1) | 17,442 | 50,895 | ||||||
United Fire Group, Inc. | 297 | 8,747 | ||||||
Unum Group | 432 | 11,439 | ||||||
White Mountains Insurance Group Ltd. | 27 | 32,267 | ||||||
Willis Towers Watson PLC | 999 | 220,419 | ||||||
4,077,091 | ||||||||
Internet — 3.4% | ||||||||
Adevinta ASA (1) | 2,295 | 32,272 | ||||||
Anaplan, Inc. (1) | 162 | 10,528 | ||||||
Auto Trader Group PLC | 1,809 | 13,915 | ||||||
CDW Corp. | 1,215 | 190,621 | ||||||
Cerved Group SpA | 1,458 | 11,928 | ||||||
Delivery Hero SE (1) | 81 | 10,392 | ||||||
eBay, Inc. | 3,429 | 193,464 | ||||||
F5 Networks, Inc. (1) | 1,053 | 200,049 | ||||||
Farfetch Ltd. - Class A (1) | 783 | 51,584 | ||||||
FireEye, Inc. (1) | 810 | 15,649 | ||||||
Fiverr International Ltd. (1) | 27 | 7,289 | ||||||
Grubhub, Inc. (1) | 108 | 6,920 | ||||||
Iliad SA | 27 | 4,805 | ||||||
M3, Inc. | 216 | 17,081 | ||||||
MercadoLibre, Inc. (1) | 1 | 1,638 | ||||||
Mimecast Ltd. (1) | 243 | 10,420 | ||||||
Moneysupermarket.com Group PLC | 1,836 | 7,444 | ||||||
New Work SE | 27 | 7,243 | ||||||
NIC, Inc. | 1,674 | 58,105 |
| Shares | Value | ||||||
Internet — 3.4% (Continued) | ||||||||
Prosus NV - N Shares | 540 | $ | 64,274 | |||||
Rakuten, Inc. | 3,699 | 41,351 | ||||||
Reply SpA | 81 | 9,448 | ||||||
Rightmove PLC | 675 | 5,332 | ||||||
Scout24 AG | 432 | 32,746 | ||||||
SEEK Ltd. | 594 | 11,819 | ||||||
Spotify Technology SA (1) | 324 | 99,591 | ||||||
Tencent Music Entertainment Group - Class A - ADR (1) | 459 | 11,806 | ||||||
Trend Micro, Inc. | 270 | 12,975 | ||||||
Trip.com Group Ltd. - ADR (1) | 459 | 18,108 | ||||||
VeriSign, Inc. (1) | 972 | 188,597 | ||||||
Wix.com Ltd. (1) | 54 | 18,823 | ||||||
Z Holdings Corp. | 4,216 | 25,662 | ||||||
Zendesk, Inc. (1) | 324 | 47,349 | ||||||
Zooplus AG (1) | 27 | 6,620 | ||||||
1,445,848 | ||||||||
Investment Companies — 0.6% | ||||||||
EXOR NV | 1,863 | 150,377 | ||||||
Groupe Bruxelles Lambert SA | 324 | 32,311 | ||||||
Investor AB - Class A | 1,080 | 80,035 | ||||||
262,723 | ||||||||
Leisure Time — 0.4% | ||||||||
Brunswick Corp. | 274 | 24,213 | ||||||
Callaway Golf Co. | 1,971 | 55,090 | ||||||
Harley-Davidson, Inc. | 297 | 10,594 | ||||||
Peloton Interactive, Inc. - Class A (1) | 405 | 48,790 | ||||||
Thule Group AB | 243 | 10,212 | ||||||
Trigano SA | 27 | 5,096 | ||||||
Yamaha Motor Co. Ltd. | 405 | 8,815 | ||||||
162,810 | ||||||||
Lodging — 0.3% | ||||||||
Choice Hotels International, Inc. | 567 | 59,461 | ||||||
Genting Malaysia Bhd | 16,200 | 11,567 | ||||||
Huazhu Group Ltd. - ADR | 729 | 42,384 | ||||||
Melia Hotels International SA | 1,512 | 12,847 | ||||||
Minor International PCL | 18,522 | 18,593 | ||||||
144,852 | ||||||||
Machinery - Diversified — 2.2% | ||||||||
Applied Industrial Technologies, Inc. | 326 | 27,831 | ||||||
ATS Automation Tooling Systems, Inc. (1) | 783 | 17,349 | ||||||
FANUC Corp. | 297 | 73,428 | ||||||
Graco, Inc. | 3,240 | 224,694 | ||||||
Hexagon AB - Class B | 1,053 | 88,200 |
The accompanying notes are an integral part of these financial statements.
10 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Machinery - Diversified — 2.2% (Continued) | ||||||||
Inficon Holding AG | 27 | $ | 29,824 | |||||
Kardex Holding AG | 135 | 28,781 | ||||||
Mueller Water Products, Inc. | 3,753 | 48,376 | ||||||
Neles Oyj | 432 | 5,369 | ||||||
Nordson Corp. | 891 | 171,437 | ||||||
Otis Worldwide Corp. | 1,917 | 122,132 | ||||||
Stabilus SA | 135 | 10,151 | ||||||
Tennant Co. | 216 | 16,459 | ||||||
The Toro Co. | 621 | 62,578 | ||||||
Zardoya Otis SA | 2,268 | 14,701 | ||||||
Zehnder Group AG | 108 | 8,220 | ||||||
949,530 | ||||||||
Media — 1.3% | ||||||||
Cable One, Inc. | 62 | 118,721 | ||||||
The EW Scripps Co. - Class A | 864 | 16,261 | ||||||
FactSet Research Systems, Inc. | 324 | 98,467 | ||||||
Informa PLC | 10,179 | 78,385 | ||||||
Nordic Entertainment Group AB - Class B | 135 | 6,168 | ||||||
ProSiebenSat.1 Media SE | 702 | 14,468 | ||||||
Quebecor, Inc. - Class B | 1,674 | 43,503 | ||||||
Sirius XM Holdings, Inc. | 30,267 | 177,062 | ||||||
553,035 | ||||||||
Metal Fabricate & Hardware — 0.5% | ||||||||
Helios Technologies, Inc. | 243 | 15,892 | ||||||
Lindab International AB | 567 | 12,447 | ||||||
Martinrea International, Inc. | 1,215 | 14,281 | ||||||
Reliance Worldwide Corp. Ltd. | 2,970 | 9,887 | ||||||
Rexnord Corp. | 1,026 | 46,119 | ||||||
SKF AB - Class B | 1,512 | 41,417 | ||||||
The Timken Co. | 594 | 46,540 | ||||||
Valmont Industries, Inc. | 81 | 19,159 | ||||||
VAT Group AG | 27 | 7,540 | ||||||
213,282 | ||||||||
Miscellaneous Manufacturers — 0.3% | ||||||||
Enerpac Tool Group Corp. | 513 | 12,671 | ||||||
Federal Signal Corp. | 1,323 | 48,170 | ||||||
Hillenbrand, Inc. | 378 | 17,562 | ||||||
Indutrade AB | 567 | 13,014 | ||||||
Raven Industries, Inc. | 405 | 15,876 | ||||||
Uponor Oyj | 378 | 7,965 | ||||||
115,258 | ||||||||
Office & Business Equipment — 0.1% | ||||||||
Datalogic SpA | 459 | 9,321 |
| Shares | Value | ||||||
Office & Business Equipment — 0.1% (Continued) | ||||||||
Xerox Holdings Corp. | 567 | $ | 14,447 | |||||
23,768 | ||||||||
Office Furnishings — 0.1% | ||||||||
HNI Corp. | 1,215 | 43,242 | ||||||
Knoll, Inc. | 567 | 9,248 | ||||||
52,490 | ||||||||
Packaging & Containers — 0.7% | ||||||||
Amcor PLC | 17,550 | 191,997 | ||||||
AptarGroup, Inc. | 486 | 63,214 | ||||||
Mayr Melnhof Karton AG | 108 | 23,701 | ||||||
278,912 | ||||||||
Pharmaceuticals — 4.6% | ||||||||
AbbVie, Inc. | 3,294 | 354,896 | ||||||
Alfresa Holdings Corp. | 297 | 5,726 | ||||||
Amplifon SpA | 378 | 15,141 | ||||||
AstraZeneca PLC | 1,242 | 120,595 | ||||||
Bausch Health Companies, Inc. (1) | 675 | 21,354 | ||||||
Bristol-Myers Squibb Co. | 3,459 | 212,140 | ||||||
DexCom, Inc. (1) | 216 | 85,921 | ||||||
Elan Corp. | 486 | 5,989 | ||||||
Elanco Animal Health, Inc. (1) | 1,836 | 60,331 | ||||||
Fagron (1) | 567 | 13,606 | ||||||
Genomma Lab Internacional SAB de CV (1) | 8,937 | 8,945 | ||||||
Herbalife Nutrition Ltd. (1) | 297 | 13,359 | ||||||
Horizon Therapeutics PLC (1) | 621 | 56,455 | ||||||
Ironwood Pharmaceuticals, Inc. (1) | 837 | 7,726 | ||||||
Jazz Pharmaceuticals PLC (1) | 108 | 18,148 | ||||||
Kalbe Farma Tbk PT | 72,954 | 7,531 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 54 | 5,099 | ||||||
Madrigal Pharmaceuticals, Inc. (1) | 81 | 9,816 | ||||||
Neurocrine Biosciences, Inc. (1) | 135 | 14,784 | ||||||
Novartis AG | 3,375 | 291,496 | ||||||
PRA Health Sciences, Inc. (1) | 378 | 55,721 | ||||||
Prestige Consumer Healthcare, Inc. (1) | 378 | 15,766 | ||||||
Richter Gedeon Nyrt | 1,188 | 34,104 | ||||||
Roche Holding AG (1) | 891 | 293,244 | ||||||
Supernus Pharmaceuticals, Inc. (1) | 486 | 13,059 | ||||||
Takeda Pharmaceutical Co. Ltd. | 567 | 19,063 | ||||||
UCB SA (1) | 135 | 13,509 | ||||||
Vectura Group PLC | 4,266 | 6,680 | ||||||
Vifor Pharma AG | 54 | 6,746 | ||||||
Zoetis, Inc. | 1,080 | 167,659 | ||||||
Zogenix, Inc. (1) | 270 | 5,727 | ||||||
1,960,336 |
The accompanying notes are an integral part of these financial statements.
11 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Pipelines — 0.0% (3) | ||||||||
Dogan Sirketler Grubu Holding AS | 14,608 | $ | 6,243 | |||||
Real Estate — 0.2% | ||||||||
Cushman & Wakefield PLC (1) | 1,026 | 15,882 | ||||||
Ever Sunshine Lifestyle Services Group Ltd. | 1,279 | 3,149 | ||||||
Guangzhou R&F Properties Co. Ltd. | 11,883 | 15,870 | ||||||
McGrath RentCorp | 648 | 50,324 | ||||||
85,225 | ||||||||
Retail — 3.5% | ||||||||
Alimentation Couche-Tard, Inc. - Class B | 3,321 | 100,338 | ||||||
Alsea SAB de CV (1) | 6,561 | 8,001 | ||||||
B&M European Value Retail SA | 1,188 | 9,075 | ||||||
Beacon Roofing Supply, Inc. (1) | 216 | 10,331 | ||||||
Bilia AB | 648 | 8,732 | ||||||
BJ’s Wholesale Club Holdings, Inc. (1) | 216 | 8,679 | ||||||
Canadian Tire Corp. Ltd. - Class A | 324 | 42,084 | ||||||
Clicks Group Ltd. | 486 | 7,854 | ||||||
CP ALL PCL | 30,996 | 61,200 | ||||||
Dollarama, Inc. | 432 | 16,526 | ||||||
Dufry AG | 135 | 9,269 | ||||||
Fielmann AG | 162 | 12,840 | ||||||
Freshpet, Inc. (1) | 81 | 12,626 | ||||||
GrandVision NV | 270 | 8,259 | ||||||
Group 1 Automotive, Inc. | 54 | 8,232 | ||||||
Home Product Center PCL | 17,928 | 7,913 | ||||||
Hornbach Holding AG & Co KGaA | 135 | 12,814 | ||||||
Ichibanya Co. Ltd. | 135 | 6,089 | ||||||
Industria de Diseno Textil SA | 6,021 | 199,589 | ||||||
Kura Sushi, Inc. | 189 | 12,719 | ||||||
La-Z-Boy, Inc. | 1,188 | 50,621 | ||||||
Li Ning Co. Ltd. | 4,686 | 26,338 | ||||||
Lululemon Athletica, Inc. (1) | 540 | 168,307 | ||||||
Maisons du Monde SA | 405 | 7,354 | ||||||
MOS Food Services, Inc. | 189 | 5,446 | ||||||
Next PLC | 729 | 77,052 | ||||||
PTG Energy PCL | 12,555 | 8,083 | ||||||
Restaurant Brands International, Inc. | 3,159 | 190,463 | ||||||
Sheng Siong Group Ltd. | 8,451 | 9,915 | ||||||
Shop Apotheke Europe NV (1) | 27 | 6,604 | ||||||
Skylark Holdings Co. Ltd. | 486 | 7,518 | ||||||
Sun Art Retail Group Ltd. | 7,546 | 6,517 |
| Shares | Value | ||||||
Retail — 3.5% (Continued) | ||||||||
Sushiro Global Holdings Ltd. | 297 | $ | 11,109 | |||||
The TJX Companies, Inc. | 4,509 | 297,549 | ||||||
Toridoll Holdings Corp. | 594 | 8,463 | ||||||
Yamada Holdings Co. Ltd. | 1,161 | 5,547 | ||||||
Zensho Holdings Co. Ltd. | 324 | 8,628 | ||||||
1,458,684 | ||||||||
Savings & Loans — 0.1% | ||||||||
Provident Financial Services, Inc. | 702 | 14,201 | ||||||
Washington Federal, Inc. | 486 | 14,687 | ||||||
28,888 | ||||||||
Semiconductors — 5.1% | ||||||||
Advantest Corp. | 472 | 38,765 | ||||||
AIXTRON SE | 783 | 17,915 | ||||||
Ambarella, Inc. (1) | 81 | 9,112 | ||||||
ams AG | 297 | 7,014 | ||||||
ASM International NV (1) | 54 | 14,656 | ||||||
ASML Holding NV | 918 | 518,524 | ||||||
BE Semiconductor Industries NV | 135 | 10,222 | ||||||
Cirrus Logic, Inc. (1) | 162 | 13,248 | ||||||
CMC Materials, Inc. | 54 | 9,207 | ||||||
Cree, Inc. (1) | 135 | 15,317 | ||||||
Entegris, Inc. | 1,512 | 159,078 | ||||||
FormFactor, Inc. (1) | 270 | 12,250 | ||||||
Inphi Corp. (1) | 81 | 13,332 | ||||||
Lattice Semiconductor Corp. (1) | 243 | 11,693 | ||||||
Melexis NV | 54 | 6,423 | ||||||
MKS Instruments, Inc. | 216 | 35,618 | ||||||
NVIDIA Corp. | 756 | 414,726 | ||||||
Qorvo, Inc. (1) | 1,350 | 235,886 | ||||||
Rambus, Inc. (1) | 2,025 | 42,485 | ||||||
Renesas Electronics Corp. (1) | 2,322 | 25,478 | ||||||
Rohm Co. Ltd. | 81 | 7,960 | ||||||
Semtech Corp. (1) | 135 | 9,897 | ||||||
Siltronic AG | 54 | 9,068 | ||||||
SOITEC (1) | 27 | 5,742 | ||||||
SUMCO Corp. | 459 | 10,469 | ||||||
Synaptics, Inc. (1) | 108 | 14,475 | ||||||
Teradyne, Inc. | 1,620 | 208,348 | ||||||
United Microelectronics Corp. - ADR | 8,235 | 80,703 | ||||||
Xilinx, Inc. | 1,377 | 179,423 | ||||||
2,137,034 | ||||||||
Software — 9.1% | ||||||||
8x8, Inc. (1) | 378 | 12,931 | ||||||
ACI Worldwide, Inc. (1) | 464 | 17,753 | ||||||
Adobe, Inc. (1) | 756 | 347,511 | ||||||
Akamai Technologies, Inc. (1) | 1,107 | 104,612 |
The accompanying notes are an integral part of these financial statements.
12 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Software — 9.1% (Continued) | ||||||||
ANSYS, Inc. (1) | 459 | $ | 156,514 | |||||
Atlassian Corp. PLC - Class A (1) | 216 | 51,343 | ||||||
Autodesk, Inc. (1) | 541 | 149,316 | ||||||
AVEVA Group PLC | 243 | 11,534 | ||||||
Blackline, Inc. (1) | 138 | 17,115 | ||||||
Bottomline Technologies DE, Inc. (1) | 189 | 8,482 | ||||||
Box, Inc. - Class A (1) | 540 | 9,909 | ||||||
Broadridge Financial Solutions, Inc. | 1,053 | 150,042 | ||||||
Cadence Design Systems, Inc. (1) | 1,485 | 209,519 | ||||||
CDK Global, Inc. | 1,026 | 51,444 | ||||||
Cerence, Inc. (1) | 108 | 12,012 | ||||||
Change Healthcare, Inc. (1) | 972 | 22,230 | ||||||
Citrix Systems, Inc. | 729 | 97,380 | ||||||
CompuGroup Medical SE & Co. KgaA | 81 | 6,990 | ||||||
Comture Corp. | 216 | 5,504 | ||||||
Cornerstone OnDemand, Inc. (1) | 243 | 12,276 | ||||||
Coupa Software, Inc. (1) | 135 | 46,745 | ||||||
CSG Systems International, Inc. (1) | 864 | 39,874 | ||||||
The Descartes Systems Group, Inc. (1) | 243 | 14,302 | ||||||
DocuSign, Inc. (1) | 243 | 55,078 | ||||||
Elastic NV (1) | 216 | 29,028 | ||||||
Envestnet, Inc. (1) | 243 | 15,557 | ||||||
Evolent Health, Inc. (1) | 837 | 16,866 | ||||||
Fair Isaac Corp. (1) | 243 | 111,185 | ||||||
HUB24 Ltd. | 351 | 5,679 | ||||||
HubSpot, Inc. (1) | 162 | 83,430 | ||||||
IGG, Inc. | 15,795 | 23,578 | ||||||
Intuit, Inc. | 729 | 284,412 | ||||||
Jack Henry & Associates, Inc. | 675 | 100,197 | ||||||
Kinaxis, Inc. (1) | 54 | 7,336 | ||||||
Koei Tecmo Holdings Co. Ltd. | 81 | 4,554 | ||||||
Manhattan Associates, Inc. (1) | 169 | 20,779 | ||||||
Medallia, Inc. (1) | 189 | 7,630 | ||||||
MongoDB, Inc. (1) | 108 | 41,680 | ||||||
MSCI, Inc. | 351 | 145,497 | ||||||
NextGen Healthcare, Inc. (1) | 837 | 15,652 | ||||||
Paychex, Inc. | 2,462 | 224,214 | ||||||
The Sage Group PLC | 4,725 | 36,901 | ||||||
Salesforce.com, Inc. (1) | 1,100 | 238,150 | ||||||
SAP SE | 1,377 | 170,583 | ||||||
Sapiens International Corp. NV | 540 | 16,945 | ||||||
Splunk, Inc. (1) | 405 | 57,919 | ||||||
SPS Commerce, Inc. (1) | 189 | 19,038 | ||||||
Square Enix Holdings Co. Ltd. | 135 | 7,653 |
| Shares | Value | ||||||
Software — 9.1% (Continued) | ||||||||
SVMK, Inc. (1) | 351 | $ | 6,536 | |||||
Synopsys, Inc. (1) | 864 | 211,861 | ||||||
Take-Two Interactive Software, Inc. (1) | 486 | 89,648 | ||||||
TeamViewer AG (1) | 324 | 17,501 | ||||||
TechMatrix Corp. | 459 | 7,091 | ||||||
Temenos AG | 81 | 10,983 | ||||||
Teradata Corp. (1)(2) | 432 | 17,323 | ||||||
TIS, Inc. | 351 | 7,294 | ||||||
TomTom NV (1) | 1,053 | 9,944 | ||||||
Verint Systems, Inc. (1) | 675 | 33,271 | ||||||
VMware, Inc. - Class A (1) | 918 | 126,877 | ||||||
3,833,208 | ||||||||
Telecommunications — 4.1% | ||||||||
Acacia Communications, Inc. (1) | 169 | 19,433 | ||||||
Advanced Info Service PCL | 9,612 | 52,789 | ||||||
ATN International, Inc. | 270 | 13,144 | ||||||
BT Group PLC | 36,342 | 62,775 | ||||||
Chunghwa Telecom Co. Ltd. - ADR | 1,323 | 52,139 | ||||||
Ciena Corp. (1) | 324 | 16,903 | ||||||
DiGi.Com Bhd | 8,100 | 7,405 | ||||||
Globe Telecom, Inc. | 91 | 3,800 | ||||||
InterDigital, Inc. | 702 | 44,486 | ||||||
Intouch Holdings PCL | 3,969 | 7,343 | ||||||
Iridium Communications, Inc. (1) | 324 | 12,412 | ||||||
Juniper Networks, Inc. | 2,187 | 50,913 | ||||||
KDDI Corp. | 3,942 | 121,731 | ||||||
Maxis Bhd | 8,100 | 9,506 | ||||||
Mobile TeleSystems PJSC - ADR | 5,589 | 45,942 | ||||||
NetLink NBN Trust | 22,005 | 15,721 | ||||||
Nippon Telegraph & Telephone Corp. | 6,264 | 162,156 | ||||||
Nokia Oyj | 20,007 | 80,139 | ||||||
Orange SA | 13,635 | 158,021 | ||||||
PLDT, Inc. | 94 | 2,495 | ||||||
Singapore Telecommunications Ltd. | 106,164 | 187,625 | ||||||
SK Telecom Co. Ltd. - ADR | 2,133 | 51,363 | ||||||
SoftBank Group Corp. | 1,555 | 144,422 | ||||||
StarHub Ltd. (1) | 8,748 | 8,355 | ||||||
Sunrise Communications Group AG | 135 | 16,403 | ||||||
Swisscom AG | 189 | 95,304 | ||||||
Tele2 AB - Class B | 1,350 | 17,124 | ||||||
Telefonica SA (1) | 35,073 | 150,107 | ||||||
Telenor ASA | 2,187 | 35,591 | ||||||
Telia Co. AB | 15,417 | 62,603 | ||||||
True Corp. PCL | 65,934 | 6,870 |
The accompanying notes are an integral part of these financial statements.
13 |
Adasina Social Justice All Cap Global ETF
SCHEDULE OF INVESTMENTS at February 28, 2021 (Unaudited) (Continued) |
| Shares | Value | ||||||
Common Stocks — 98.9% (Continued) | ||||||||
Telecommunications — 4.1% (Continued) | ||||||||
Viavi Solutions, Inc. (1) | 702 | $ | 11,362 | |||||
Vonage Holdings Corp. (1) | 675 | 8,923 | ||||||
1,735,305 | ||||||||
Toys, Games & Hobbies — 0.3% | ||||||||
Games Workshop Group PLC | 27 | 3,607 | ||||||
Hasbro, Inc. | 1,458 | 136,629 | ||||||
140,236 | ||||||||
Transportation — 1.6% | ||||||||
BTS Group Holdings PCL | 65,745 | 20,508 | ||||||
East Japan Railway Co. | 3,969 | 292,702 | ||||||
Forward Air Corp. | 189 | 16,211 | ||||||
Hankyu Hanshin Holdings, Inc. | 594 | 19,709 | ||||||
Heartland Express, Inc. | 837 | 15,233 | ||||||
Keisei Electric Railway Co. Ltd. | 216 | 7,785 | ||||||
Kuehne + Nagel International AG | 432 | 102,930 | ||||||
Kyushu Railway Co. | 297 | 7,727 | ||||||
Matson, Inc. | 135 | 9,351 | ||||||
Nagoya Railroad Co. Ltd. | 432 | 10,964 | ||||||
Nippon Yusen KK | 297 | 8,516 | ||||||
Odakyu Electric Railway Co. Ltd. | 3,213 | 93,941 | ||||||
Seibu Holdings, Inc. | 756 | 9,083 | ||||||
TFI International, Inc. | 351 | 24,645 | ||||||
Tokyu Corp. | 891 | 12,244 | ||||||
West Japan Railway Co. | 243 | 14,857 | ||||||
Yamato Holdings Co. Ltd. | 189 | 4,971 | ||||||
671,377 | ||||||||
Trucking & Leasing — 0.0% (3) | ||||||||
GATX Corp. | 81 | 7,730 | ||||||
Total Common Stocks | ||||||||
(Cost $41,323,436) | 41,830,209 | |||||||
Preferred Stocks — 0.6% | ||||||||
Auto Manufacturers — 0.3% | ||||||||
Porsche Automobil Holding SE | 1,269 | 102,246 | ||||||
Banks — 0.3% | ||||||||
Banco Bradesco SA - ADR | 29,079 | 120,387 | ||||||
Grupo Aval Acciones y Valores SA | 47,304 | 15,541 | ||||||
135,928 | ||||||||
Total Preferred Stocks | ||||||||
(Cost $253,167) | 238,174 | |||||||
| Shares | Value | ||||||
Short-Term Investments — 0.4% | ||||||||
Money Market Funds — 0.4% | ||||||||
First American Government Obligations Fund - Class X, 0.036% (4) | 167,174 | $ | 167,174 | |||||
Total Short-Term Investments | ||||||||
(Cost $167,174) | 167,174 | |||||||
Investments Purchased With Collateral From Securities Lending — 0.3% | ||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 0.130% (4) | 110,871 | 110,871 | ||||||
Total Investments Purchased With Collateral From Securities Lending | ||||||||
(Cost $110,871) | 110,871 | |||||||
Total Investments in Securities — 100.2% | ||||||||
(Cost $41,854,648) | 42,346,428 | |||||||
Liabilities in Excess of Other Assets — (0.2)% | (66,111 | ) | ||||||
Total Net Assets — 100.0% | $ | 42,280,317 |
ADR | American Depositary Receipt |
CDI | CHESS Depositary Interest |
(1) | Non-income producing security. |
(2) | This security or a portion of this security was out on loan as of February 28, 2021. Total loaned securities had a value of $107,488 or 0.3% of net assets. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. |
(3) | Does not round to 0.1% or (0.1)%, as applicable. |
(4) | The rate shown is the annualized seven-day effective yield as of February 28, 2021. |
The accompanying notes are an integral part of these financial statements.
14 |
Adasina Social Justice All Cap Global ETF
Statement of Assets and Liabilities at February 28, 2021 (Unaudited) |
Assets: | ||||
Investments in securities, at value (Cost $41,854,648) (Note 2) (1) | $ | 42,346,428 | ||
Receivables: | ||||
Investment securities sold | 36,422 | |||
Dividends and interest | 35,034 | |||
Securities lending income, net | 1 | |||
Total assets | 42,417,885 | |||
Liabilities: | ||||
Collateral received for securities loaned | 110,871 | |||
Payables: | ||||
Management fees (Note 4) | 26,697 | |||
Total liabilities | 137,568 | |||
Net Assets | $ | 42,280,317 | ||
Components of Net Assets: | ||||
Paid-in capital | $ | 41,751,037 | ||
Total distributable (accumulated) earnings (losses) | 529,280 | |||
Net assets | $ | 42,280,317 | ||
Net Asset Value (unlimited shares authorized): | ||||
Net assets | $ | 42,280,317 | ||
Shares of beneficial interest issued and outstanding | 2,700,000 | |||
Net asset value | $ | 15.66 |
(1) | Includes loaned securities with a value of $107,488. |
The accompanying notes are an integral part of these financial statements.
15 |
Adasina Social Justice All Cap Global ETF
Statement of Operations For the Period Ended February 28, 2021 (Unaudited) (1) |
Investment Income: | ||||
Dividend income (net of foreign withholding tax of $3,341) | $ | 60,291 | ||
Interest income | 357 | |||
Securities lending income | 1 | |||
Total investment income | 60,649 | |||
Expenses: | ||||
Management fees (Note 4) | 53,115 | |||
Total expenses | 53,115 | |||
Net investment income (loss) | 7,534 | |||
Realized and Unrealized Gain (Loss) on Investments | ||||
Net realized gain (loss) on: | ||||
Investments | 33,123 | |||
Foreign currency translation | (2,306 | ) | ||
Change in net unrealized appreciation/depreciation on: | ||||
Investments and foreign currency translation | 490,929 | |||
Net realized and unrealized gain (loss) on investments | 521,746 | |||
Net increase (decrease) in net assets resulting from operations | $ | 529,280 |
(1) | The Fund commenced operations on December 8, 2020. The information presented is from December 8, 2020 to February 28, 2021. |
The accompanying notes are an integral part of these financial statements.
16 |
Adasina Social Justice All Cap Global ETF
Statement of Changes in Net Assets |
| Period Ended | |||
Increase (Decrease) in Net Assets From: | ||||
Operations: | ||||
Net investment income (loss) | $ | 7,534 | ||
Net realized gain (loss) on investments and foreign currency translation | 30,817 | |||
Change in net unrealized appreciation/depreciation on investments and foreign currency translation | 490,929 | |||
Net increase (decrease) in net assets resulting from operations | 529,280 | |||
Distributions to Shareholders: | ||||
Net distributions to shareholders | — | |||
Capital Share Transactions: | ||||
Net increase (decrease) in net assets derived from net change in outstanding shares (2) | 41,751,037 | |||
Total increase (decrease) in net assets | 42,280,317 | |||
Net Assets: | ||||
Beginning of period | — | |||
End of period | $ | 42,280,317 |
(1) | The Fund commenced operations on December 8, 2020. The information presented is from December 8, 2020 to February 28, 2021. |
(2) | Summary of share transactions is as follows: |
Period Ended | ||||||||
Shares | Value | |||||||
Shares sold (3) | 2,700,000 | $ | 41,751,037 | |||||
Shares redeemed | — | — | ||||||
Net increase (decrease) | 2,700,000 | $ | 41,751,037 |
(3) | Net variable fees of $2,947. |
The accompanying notes are an integral part of these financial statements.
17 |
Adasina Social Justice All Cap Global ETF
Financial Highlights For a capital share outstanding throughout the period |
| Period Ended | |||
Net asset value, beginning of period | $ | 15.00 | ||
Income from Investment Operations: | ||||
Net investment income (loss) (2)(6) | 0.00 | |||
Net realized and unrealized gain (loss) on investments | 0.66 | |||
Total from investment operations | 0.66 | |||
Less Distributions: | ||||
From net investment income | — | |||
Total distributions | — | |||
Net asset value, end of period | $ | 15.66 | ||
Total return (3)(4) | 4.40 | % | ||
Ratios / Supplemental Data: | ||||
Net assets, end of period (millions) | $ | 42.3 | ||
Portfolio turnover rate (3) | 2 | % | ||
Ratio of expenses to average net assets (5) | 0.89 | % | ||
Ratio of net investment income (loss) to average net assets (5) | 0.13 | % |
(1) | The Fund commenced operations on December 8, 2020. The information presented is from December 8, 2020 to February 28, 2021. |
(2) | Calculated using average shares outstanding method. |
(3) | Not annualized. |
(4) | The total return is based on the Fund’s net asset value. |
(5) | Annualized. |
(6) | Does not round to 0.1% or (0.1)%, as applicable. |
The accompanying notes are an integral part of these financial statements.
18 |
Adasina Social Justice All Cap Global ETF
Notes to Financial Statements February 28, 2021 (Unaudited) |
NOTE 1 – ORGANIZATION |
The Fund is a diversified series of shares of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Fund’s shares is registered under the Securities Act of 1933, as amended. The 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 Fund commenced operations on December 8, 2020.
The investment objective of the Fund is to seek to provide capital appreciation and income.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A. | Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Fund is open for business. |
For securities for which quotations are not readily available, a fair value will be determined by the Valuation Committee using the Fair Value Procedures approved by the Trust’s 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 Fund utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment 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 Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. |
The 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.
19 |
Adasina Social Justice All Cap Global ETF
NOTES TO FINANCIAL STATEMENTS February 28, 2021 (Unaudited) (Continued) |
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 Fund’s investments as of February 28, 2021:
Investments in Securities | Investments | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||
Common Stocks (1) | $ | — | $ | 41,830,209 | $ | — | $ | — | $ | 41,830,209 | ||||||||||
Preferred Stocks (1) | — | 238,174 | — | — | 238,174 | |||||||||||||||
Short-Term Investments | — | 167,174 | — | — | 167,174 | |||||||||||||||
Investments Purchased With Collateral From Securities Lending (2) | 110,871 | — | — | — | 110,871 | |||||||||||||||
Total Investments in Securities | $ | 110,871 | $ | 42,235,557 | $ | — | $ | — | $ | 42,346,428 |
(1) | See Schedule of Investments for the industry breakout. |
(2) | Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments. |
B. | Federal Income Taxes. The Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made. |
In order to avoid imposition of the excise tax applicable to regulated investment companies, the Fund intends to declare as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of February 28, 2021, the Fund 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 Fund identifies its major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
C. | Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Debt income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. |
D. | Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. |
The Fund does 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 Fund reports 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 Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.
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Adasina Social Justice All Cap Global ETF
NOTES TO FINANCIAL STATEMENTS February 28, 2021 (Unaudited) (Continued) |
E. | Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the Fund are declared and paid at least quarterly. Distributions to shareholders from net realized gains on securities, if any, for the Fund normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date. |
F. | Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
G. | Share Valuation. The net asset value (“NAV”) per share of the 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 Fund’s shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading. |
H. | Guarantees and Indemnifications. In the normal course of business, the Fund enters into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote. |
I. | Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a Board-approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that the Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the LRMP. |
NOTE 3 – PRINCIPAL INVESTMENT RISKS |
A. | Emerging Markets Risk. 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 Fund Shares and cause the Fund to decline in value. |
B. | Equity Market Risk. The equity securities held in the Fund’s 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 Fund invests. Common stocks, such as those held by the Fund, 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. Securities in the Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, or government controls. |
C. | Exchange Traded Fund (“ETF”) Risks. |
● | Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (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. |
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Adasina Social Justice All Cap Global ETF
NOTES TO FINANCIAL STATEMENTS February 28, 2021 (Unaudited) (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 prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of 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. Because securities held by the Fund may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities. |
Trading. Although Shares are listed on a national securities exchange, such as NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, 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 Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. |
D. | Foreign Securities Risks. Investments in securities or other instruments of non-U.S. issuers, including ADRs, 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, including ADRs, 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. |
E. | Market Capitalization Risk. |
● | Large-Capitalization Investing. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. |
● | Mid-Capitalization Investing. The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large capitalization stocks or the stock market as a whole. |
● | Small-Capitalization Investing. The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available |
F. | Sector Risk. At times the Fund may increase the relative emphasis of its investments in a particular sector or group of industries. The prices of securities of issuers in a particular sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of Shares may fluctuate in response to events affecting that industry or sector. |
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
Toroso Investments, LLC (the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Fund (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Fund and oversees the day-to-day operations of the Fund, subject to the direction and control of the Board. The Adviser is also responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions.
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Adasina Social Justice All Cap Global ETF
NOTES TO FINANCIAL STATEMENTS February 28, 2021 (Unaudited) (Continued) |
Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund at the annualized rate of 0.89%. Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Fund to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Fund 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 Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the Management Fee payable to the Adviser (collectively, “Excluded Expenses”). The Management Fees incurred are paid monthly to the Adviser.
Robasciotti & Associates, Inc., doing business as Adasina Social Capital (the “Sub-Adviser”), serves as sub-adviser to the Fund, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day management of the Fund’s portfolio, including determining the securities purchased and sold by the Fund, subject to the supervision of the Adviser and the Board. The Sub-Adviser is paid a fee by the Adviser, which is calculated and paid monthly, at an annual rate of 0.02% of the Fund’s average daily net assets.
Tidal ETF Services LLC (“Tidal”), an affiliate of the Adviser, serves as the Fund’s administrator and, in that capacity, performs various administrative and management services for the Fund. 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 Fund’s sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Fund. Fund Services prepares various federal and state regulatory filings, reports and returns for the Fund, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Fund’s custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Fund’s custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Fund.
Foreside Fund Services, LLC (the “Distributor”) acts as the Fund’s principal underwriter in a continuous public offering of the Fund’s 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 Fund.
NOTE 5 – SECURITIES LENDING |
The Fund may lend up to 33 1/3% of the value of the securities in its portfolio to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the Fund. The Fund receives compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Fund. The Fund has the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of February 28, 2021, the Fund had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Fund bears the risk of loss associated with the investment of cash collateral received.
During the period ended February 28, 2021, the Fund loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in the Fund’s Schedule of Investments. Securities lending income is disclosed in the Fund’s Statement of Operations.
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Adasina Social Justice All Cap Global ETF
NOTES TO FINANCIAL STATEMENTS February 28, 2021 (Unaudited) (Continued) |
NOTE 6 – PURCHASES AND SALES OF SECURITIES |
For the period ended February 28, 2021, the cost of purchases and proceeds from the sales or maturities of securities, excluding short term investments and U.S. government securities were $42,041,177 and $498,662, respectively.
There were no purchases or sales of long-term U.S. Government securities for the period ended February 28, 2021.
NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS |
The Fund is subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including undistributed (accumulated) net investment income (loss), are finalized at the fiscal year-end; accordingly, tax basis balances have not been determined for the period ended February 28, 2021. Differences between the tax cost of investments and the cost noted in the Schedule of Investments will be determined at fiscal year-end. The Fund did not have any distributions paid during the period ended February 28, 2021.
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 Fund’s next taxable year. The Fund commenced operations on December 8, 2020, therefore, the Fund had no late year losses, no post-October losses, and no capital loss carryovers.
NOTE 8 – SHARE TRANSACTIONS |
Shares of the Fund are listed and traded on NYSE Arca, Inc. Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV generally in blocks of 100,000 shares (“Creation Units”). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. 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 Fund. 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.
The 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 Fund is $12,000, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s 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% and for Redemption Units of up to a maximum of 3%, respectively, of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Fund, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Fund may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Fund have equal rights and privileges.
NOTE 9 – COVID-19 PANDEMIC |
U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of the novel coronavirus (COVID-19) as a global pandemic, which has resulted in public health issues, growth concerns in the U.S. and overseas, layoffs in the private sector, rising unemployment claims, changed travel and social behaviors, and reduced consumer spending. The recovery from the effects of COVID-19 is uncertain and may last for an extended period of time. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage the Fund in a manner consistent with the Fund’s investment objective but there can be no assurance that it will be successful in doing so.
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Adasina Social Justice All Cap Global ETF
NOTES TO FINANCIAL STATEMENTS February 28, 2021 (Unaudited) (Continued) |
NOTE 10 – SUBSEQUENT EVENTS |
In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be disclosed in the Fund’s financial statements.
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Adasina Social Justice All Cap Global ETF
Expense Example For the Period Ended February 28, 2021 (Unaudited) |
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of the Fund’s shares, and (2) ongoing costs, including management fees of the Fund. The example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other funds. The actual expenses example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from December 8, 2020 (commencement of operations) to February 28, 2021. The hypothetical example is 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, 2020 to February 28, 2021.
Actual Expenses
The first line of the following table provides information about actual account values based on actual returns and actual expenses. To the extent the 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. 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 table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s 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 Fund 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 the Fund’s shares. Therefore, the second line of the following table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
Beginning | Ending | Expenses Paid | |
Actual | $ 1,000.00 | $ 1,044.00 | $ 2.07 |
Beginning | Ending | Expenses Paid | |
Hypothetical (5% annual return before expenses) | 1,000.00 | 1,020.38 | 4.46 |
(1) | The actual expenses are equal to the Fund’s annualized net expense ratio of 0.89%, multiplied by the average account value over the period, multiplied by 83/365 (to reflect the period from December 8, 2020 to February 28, 2021, the commencement of operations date to the end of the period). |
(2) | The hypothetical expenses are equal to the Fund’s annualized net expense ratio of 0.89%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the most recent six-month period). |
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Adasina Social Justice All Cap Global ETF
Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements (Unaudited) |
The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met via video conference at a meeting held on September 10, 2020 to consider the initial approval of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the Adasina Social Justice All Cap Global ETF (the “Fund”), a series of the Trust, and Toroso Investments, LLC, the Fund’s investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from the Trust’s outside legal counsel, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, bibliographic information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the proposed unitary advisory fee for the Fund, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Advisory Agreement for an initial two-year term.
Discussion of Factors Considered
In considering the approval of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1. | Nature, extent and quality of services to be provided. The Board considered the nature, extent and quality of the Adviser’s overall services to be provided to the Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Michael Venuto and Charles Ragauss, who will serve as co-portfolio managers of the Fund, as well as the responsibilities of other key personnel of the Adviser to be involved in the day to day activities of the Fund. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that to be employed by the Fund. |
The Board also considered other services to be provided to the Fund, such as monitoring adherence to the Fund’s investment strategy and restrictions, oversight of the Fund’s sub-adviser and other service providers to the Fund, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the Fund achieves its investment objective as an actively-managed ETF. The Board noted that the Adviser would be responsible for trade execution and the Fund’s sub-adviser would be responsible for selecting the Fund’s investments.
The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services to be provided to the Fund, as well as the Adviser’s compliance program, were satisfactory.
2. | Investment performance of the Fund and the Adviser. The Board noted that the Fund had not yet commenced operations and, therefore, concluded that performance of the Fund was not a relevant factor for consideration. The Board also considered that because the investment decision-making for the Fund would be performed by the Fund’s sub-adviser, the Fund’s performance would not be the direct result of investment decisions made by the Adviser. Consequently, with respect to the Fund’s performance, the Board in the future would focus on the Adviser’s services, including the extent to which the Fund’s performance was achieving its investment objective, as well as the Adviser’s oversight of the Fund’s sub-adviser services. |
3. | Cost of services to be provided and profits to be realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s proposed advisory fee, including a review of comparative expenses, expense components and peer group selection. The Board took into consideration that the advisory fee was a “unitary fee,” meaning that the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Fund’s Rule 12b-1 Plan. The Board considered comparative information |
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Adasina Social Justice All Cap Global ETF
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
prepared by Fund Services utilizing data provided by Morningstar Direct relating to the cost structure of the Fund relative to a peer group. The Fund was compared to ETFs in multiple U.S. World categories with varying equity capitalization exposures, including U.S. Fund World Large Stock and U.S. Fund World Small/Mid Stock categories.
The Board concluded that the Fund’s proposed expense ratio and the advisory fee to be paid to the Adviser were fair and reasonable in light of the comparative expense information and the investment management services to be provided to the Fund by the Adviser given the nature of the Fund’s strategy. The Board also evaluated, based on information provided by the Adviser, the compensation and benefits expected to be received by the Adviser and its affiliates from its relationship with the Fund, taking into account an analysis of the Adviser’s expected profitability with respect to the Fund and the Board further concluded that the Adviser had adequate financial resources to support its services to the Fund from the revenues of its overall investment advisory business.
4. | Extent of economies of scale as the Fund grows. The Board considered the potential economies of scale that the Fund might realize under the structure of the proposed advisory fee. The Board noted the advisory fee did not contain any breakpoint reductions as the Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structures. |
5. | Benefits to be derived from the relationship with the Fund. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the Fund. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Fund. |
Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fee is reasonable in light of the services that the Adviser will provide to the Fund; and (c) the approval of the Advisory Agreement for an initial term of two years was in the best interests of the Fund and its shareholders.
At the meeting held on September 10, 2020, the Board also considered the initial approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the Fund, entered into between the Adviser and Robasciotti & Associates, Inc., doing business as Adasina Social Capital, the Fund’s sub-adviser (the “Sub-Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including copies of the Sub-Advisory Agreement, a memorandum prepared by the Trust’s outside legal counsel discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreement, due diligence materials prepared by the Sub-Adviser (including the due diligence response completed by the Sub-Adviser with respect to a specific request letter from the Trust’s outside legal counsel, Form ADV, select ownership, organizational, financial and insurance information for the Sub-Adviser, bibliographic information of key management and compliance personnel, and the Sub-Adviser’s compliance manual and code of ethics) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Independent Trustees), approved the Sub-Advisory Agreement for an initial two-year term.
Discussion of Factors Considered
In considering the approval of the Sub-Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1. | Nature, extent and quality of services to be provided. The Board considered the nature, extent and quality of the Sub-Adviser’s overall services to be provided to the Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of Rachel Robasciotti and Maya Philipson, who will serve as co-portfolio managers for the Fund, as well as the responsibilities of other key personnel of the Sub-Adviser to be involved in the day-to-day activities of the Fund. The Board reviewed the due diligence information provided by the Sub-Adviser, including information regarding the Sub-Adviser’s compliance program, its compliance personnel and compliance record, as well as the Sub-Adviser’s cybersecurity program and business continuity plan. The Board noted that the Sub Adviser does not manage any other accounts that utilize a strategy similar to that to be employed by the Fund. |
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Adasina Social Justice All Cap Global ETF
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS (Unaudited) (Continued) |
The Board also considered other services to be provided to the Fund, such as monitoring adherence to the Fund’s investment strategies and restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, monitoring the extent to which the Fund meets its investment objective as an actively-managed ETF and quarterly reporting to the Board. The Board noted that the Sub-Adviser would be responsible for selecting the Fund’s investments, subject to oversight by the Adviser.
The Board concluded that the Sub-Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services to be provided to the Fund, as well as the Sub-Adviser’s compliance program, were satisfactory.
2. | Investment performance of the Fund and the Sub-Adviser. The Board noted that the Fund had not yet commenced operations and, therefore, concluded that performance of the Fund was not a relevant factor for consideration. |
3. | Cost of services to be provided and profits to be realized by the Sub-Adviser. The Board considered the structure of the proposed sub-advisory fee to be paid by the Adviser to the Sub-Adviser under the Sub-Advisory Agreement. The Board noted that the Adviser represented to the Board that the sub-advisory fee payable under the Sub-Advisory Agreement was reasonable in light of the services to be performed by the Sub-Adviser. Since the sub-advisory fee is to be paid by the Adviser, the overall advisory fee paid by the Fund is not directly affected by the sub-advisory fee paid to the Sub-Adviser. Consequently, the Board did not consider the cost of services provided by the Sub-Adviser or the potential profitability of its relationship with the Fund to be material factors for consideration given that the Sub-Adviser is not affiliated with the Adviser and, therefore, the sub-advisory fee to be paid to the Sub-Adviser was negotiated on an arm’s-length basis. Based on all of these factors, the Board concluded that the sub-advisory fee to be paid to the Sub-Adviser by the Adviser reflected an appropriate allocation of the advisory fee and was reasonable in light of the services to be provided by the Sub-Adviser. |
4. | Extent of economies of scale as the Fund grows. Since the sub-advisory fee payable to the Sub-Adviser is not paid by the Fund, the Board did not consider whether the sub-advisory fee should reflect any potential economies of scale that might be realized as the Fund’s assets increase. |
5. | Benefits to be derived from the relationship with the Fund. The Board considered the direct and indirect benefits that could be received by the Sub-Adviser from its association with the Fund. The Board concluded that the benefits the Sub-Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Fund. |
Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Sub-Advisory Agreement are fair and reasonable; (b) the sub-advisory fee is reasonable in light of the services that the Sub-Adviser will provide to the Fund; and (c) the approval of the Sub-Advisory Agreement for an initial term of two years was in the best interests of the Fund and its shareholders.
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Adasina Social Justice All Cap Global ETF
Statement Regarding Liquidity Risk Management Program |
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (“Rule 22e-4”), Tidal ETF Trust (the “Trust”), on behalf of its series, the Adasina Social Justice All Cap Global ETF, has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for the Fund and to protect Fund shareholders from dilution of their interests. The Trust’s Board of Trustees (the “Board”) has approved the designation of Toroso Investments, LLC, the Fund’s investment adviser, as the program administrator (the “Program Administrator”). The Program Administrator has further delegated administration of the Program to a Program Administrator Committee composed of certain Trust officers. The Program Administrator has also delegated certain responsibilities under the Program to a sub-adviser of the Fund; however, the Program Administrator remains responsible for the overall administration and operation of the Program. The Program Administrator is required to provide a written annual report to the Board regarding the adequacy and effectiveness of the Program, including the operation of the highly liquid investment minimum, if applicable, and any material changes to the Program.
On November 19, 2020, the Board reviewed the Program Administrator’s written annual report for the period December 1, 2019 through September 30, 2020 (the “Report”). The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The risk is managed by monitoring the degree of liquidity of a Fund’s investments, limiting the amount of illiquid investments and utilizing various risk management tools and facilities available to a Fund, among other means. The Trust has engaged the services of ICE Data Services, a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s assessment. The Report noted that no material changes had been made to the Program during the review period. The Program Administrator determined that the Program is adequately designed and operating effectively.
The Fund commenced operations on December 8, 2020 and was not a part of the Report but has adopted the Program upon commencement of operations.
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Adasina Social Justice All Cap Global ETF
INFORMATION ABOUT PROXY VOTING (Unaudited) |
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (833) 743-0080 or by accessing the Fund’s website at www.adasinaetf.com. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.
When available, information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-months ending June 30 is available upon request without charge by calling (833) 743-0080 or by accessing the SEC’s website at www.sec.gov.
INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited) |
The Fund files its complete schedule of portfolio holdings with the SEC for first and third fiscal quarters on Part F of Form N-PORT. The Fund’s Part F of Form N-PORT is available without charge, upon request, by calling (833) 743-0080. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov. The Fund’s portfolio holdings are posted on the Fund’s website daily at www.adasinaetf.com.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited) |
Information regarding how often shares of the Fund 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 Fund’s website at www.adasinaetf.com.
INFORMATION ABOUT THE FUND’S TRUSTEES (Unaudited) |
The Statement of Additional Information (“SAI”) includes additional information about the Fund’s Trustees and is available without charge, upon request, by calling (833) 743-0080. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Fund’s website at www.adasinaetf.com.
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Investment Adviser
Toroso Investments, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Investment Sub-Adviser
Adasina Social Capital
870 Market Street, Suite 1275
San Francisco, California 94102
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, Wisconsin 53202
Custodian
U.S. Bank N.A.
Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services, LLC
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 | Ticker | CUSIP |
Adasina Social Justice All Cap Global ETF | JSTC | 886364876 |
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
(a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Tidal ETF Trust | |
By (Signature and Title) | /s/ Eric W. Falkeis | |
Eric W. Falkeis, President/Principal Executive Officer | ||
Date | May 6, 2021 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Eric W. Falkeis | |
Eric W. Falkeis, President/Principal Executive Officer | ||
Date | May 6, 2021 | |
By (Signature and Title)* | /s/ Daniel Carlson | |
Daniel Carlson, Treasurer/Principal Financial Officer | ||
Date | May 6, 2021 |
* | Print the name and title of each signing officer under his or her signature. |