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)
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Name and address of agent for service)
(844) 986-7700
Registrant's telephone number, including area code
Date of fiscal year end: February 29
Date of reporting period: August 31, 2023
Item 1. Reports to Stockholders.
(a) |
![](https://capedge.com/proxy/N-CSRS/0001999371-23-000066/sofi-ncsrs_083123img001.gif)
SoFi Select 500 ETF
Ticker: SFY
SoFi Next 500 ETF
Ticker: SFYX
SoFi Social 50 ETF
Ticker: SFYF
SoFi Be Your Own Boss ETF
Ticker: BYOB
SoFi Weekly Income ETF
Ticker: TGIF
SoFi Weekly Dividend ETF
Ticker: WKLY
SoFi Web 3 ETF
Ticker: TWEB
SoFi Smart Energy ETF
Ticker: ENRG
Semi-Annual Report
August 31, 2023
SoFi Funds
TABLE OF CONTENTS | ||
| ||
| 1 | |
| 4 | |
| 39 | |
| 41 | |
| 43 | |
| 51 | |
| 59 | |
| 84 | |
| 86 | |
Basis For Trustees’ Approval of Investment Advisory Agreement | | 87 |
| 91 |
This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
1 |
SoFi Funds
Sector | % of Net Assets | |||
Technology | | 25.3 | % | |
Communications | | 16.2 | | |
Consumer, Non-cyclical | | 16.2 | | |
Financial | | 12.2 | | |
Consumer, Cyclical | | 10.5 | | |
Energy | | 8.5 | | |
Industrial | | 6.0 | | |
Utilities | | 2.6 | | |
Basic Materials | | 2.0 | | |
Cash & Cash Equivalents(1) | | 0.5 | | |
| | 100.0 | % | |
(1)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
SOFI NEXT 500 ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited) |
Sector | % of Net Assets | |||
Consumer, Non-cyclical | | 18.6 | % | |
Financial | | 18.1 | | |
Industrial | | 16.9 | | |
Consumer, Cyclical | | 15.0 | | |
Technology | | 12.8 | | |
Energy | | 10.8 | | |
Communications | | 2.7 | | |
Utilities | | 2.4 | | |
Basic Materials | | 2.3 | | |
Cash & Cash Equivalents(2) | | 0.4 | | |
| | 100.0 | % | |
(2)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
SOFI SOCIAL 50 ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited) |
Sector | % of Net Assets | |||
Consumer, Cyclical | | 30.0 | % | |
Technology | | 27.2 | | |
Communications | | 26.8 | | |
Financial | | 6.6 | | |
Consumer, Non-cyclical | | 6.3 | | |
Industrial | | 1.6 | | |
Energy | | 1.2 | | |
Cash & Cash Equivalents(3) | | 0.3 | | |
| | 100.0 | % | |
(3)Represents cash, short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
2 |
SoFi Funds
SOFI BE YOUR OWN BOSS ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited) |
Sector | % of Net Assets | |||
Communications | | 43.2 | % | |
Technology | | 31.0 | | |
Consumer, Non-cyclical | | 14.1 | | |
Financial | | 5.8 | | |
Consumer, Cyclical | | 4.7 | | |
Industrial | | 1.2 | | |
Cash & Cash Equivalents(4) | | 0.0 | (5) | |
| | 100.0 | % | |
(4)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
(5)Does not round to 0.1% or (0.1)%, as applicable.
SOFI WEEKLY INCOME ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited) |
Sector/Investment Type | % of Net Assets | |||
Financial | | 24.2 | % | |
Consumer, Cyclical | | 21.3 | | |
Energy | | 13.6 | | |
Communications | | 9.5 | | |
Industrial | | 8.1 | | |
Consumer, Non-cyclical | | 7.7 | | |
Asset Backed Securities | | 2.9 | | |
Basic Materials | | 2.6 | | |
Technology | | 2.5 | | |
Utilities | | 2.5 | | |
Cash & Cash Equivalents(6) | | 2.1 | | |
Government | | 1.8 | | |
Mortgage Backed Securities | | 1.2 | | |
| | 100.0 | % | |
(6)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
SOFI WEEKLY DIVIDEND ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited) |
Sector | % of Net Assets | |||
Financial | | 24.5 | % | |
Consumer, Non-cyclical | | 23.8 | | |
Energy | | 12.7 | | |
Industrial | | 10.7 | | |
Consumer, Cyclical | | 7.5 | | |
Technology | | 5.9 | | |
Utilities | | 5.3 | | |
Communications | | 5.2 | | |
Basic Materials | | 3.7 | | |
Cash & Cash Equivalents(7) | | 0.7 | | |
Diversified | | 0.0 | (8) | |
| | 100.0 | % | |
(7)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
(8)Does not round to 0.1% or (0.1)%, as applicable.
3 |
SoFi Funds
SOFI WEB 3 ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited) |
Sector | % of Net Assets | |||
Technology | | 35.7 | % | |
Communications | | 25.1 | | |
Consumer, Cyclical | | 14.6 | | |
Financial | | 11.0 | | |
Consumer, Non-cyclical | | 13.0 | | |
Cash & Cash Equivalents(9) | | 0.6 | | |
| | 100.0 | % | |
(9)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
SOFI SMART ENERGY ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited) |
Sector | % of Net Assets | |||
Industrial | | 45.8 | % | |
Energy | | 30.9 | | |
Consumer, Cyclical | | 9.4 | | |
Technology | | 6.7 | | |
Utilities | | 4.6 | | |
Consumer, Non-cyclical | | 2.5 | | |
Cash & Cash Equivalents(10) | | 0.1 | | |
| | 100.0 | % | |
(10)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.
SoFi Select 500 ETF
4 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.5% | | | | | |
Advertising – 0.1% | | | | | |
Omnicom Group, Inc.(1) | | 1,775 | | $143,793 | |
The Trade Desk, Inc. - Class A(1)(2) | | 8,004 | | 640,560 | |
| | | | 784,353 | |
Aerospace & Defense – 1.3% | | | | | |
General Dynamics Corp. | | 2,728 | | 618,274 | |
Howmet Aerospace, Inc. | | 5,600 | | 277,032 | |
L3Harris Technologies, Inc. | | 1,852 | | 329,823 | |
Lockheed Martin Corp. | | 2,394 | | 1,073,350 | |
Northrop Grumman Corp. | | 1,345 | | 582,506 | |
RTX Corp. | | 16,587 | | 1,427,145 | |
The Boeing Co.(2) | | 7,356 | | 1,647,965 | |
TransDigm Group, Inc. | | 674 | | 609,195 | |
| | | | 6,565,290 | |
Agriculture – 0.6% | | | | | |
Altria Group, Inc. | | 22,075 | | 976,156 | |
Archer-Daniels-Midland Co. | | 7,702 | | 610,769 | |
Bunge Ltd. | | 1,619 | | 185,084 | |
Philip Morris International, Inc. | | 14,762 | | 1,418,038 | |
| | | | 3,190,047 | |
Airlines – 0.4% | | | | | |
Delta Air Lines, Inc. | | 26,103 | | 1,119,297 | |
Southwest Airlines Co. | | 14,459 | | 456,904 | |
United Airlines Holdings, Inc.(2) | | 12,548 | | 625,016 | |
| | | | 2,201,217 | |
Apparel – 0.2% | | | | | |
Nike, Inc. - Class A | | 11,448 | | 1,164,376 | |
| | | | | |
Auto Manufacturers – 4.6% | | | | | |
Cummins, Inc. | | 1,668 | | 383,706 | |
Ford Motor Co. | | 71,246 | | 864,214 | |
General Motors Co. | | 17,535 | | 587,598 | |
PACCAR, Inc. | | 7,579 | | 623,676 | |
Stellantis NV(1) | | 44,400 | | 823,620 | |
Tesla, Inc.(2) | | 81,186 | | 20,952,483 | |
| | | | 24,235,297 | |
Banks – 3.4% | | | | | |
Bank of America Corp. | | 98,223 | | 2,816,053 | |
Citigroup, Inc. | | 25,009 | | 1,032,622 | |
Citizens Financial Group, Inc. | | 7,688 | | 216,264 | |
Fifth Third Bancorp | | 8,597 | | 228,250 | |
Huntington Bancshares, Inc. | | 27,555 | | 305,585 | |
JPMorgan Chase & Co. | | 37,186 | | 5,441,427 | |
KeyCorp | | 10,945 | | 124,007 |
|
| Shares |
| Value | |
Banks – 3.4% (Continued) | | | | | |
M&T Bank Corp. | | 3,286 | | $410,914 | |
Morgan Stanley | | 16,345 | | 1,391,777 | |
Northern Trust Corp. | | 2,785 | | 211,855 | |
Regions Financial Corp. | | 11,174 | | 204,931 | |
State Street Corp. | | 3,869 | | 265,955 | |
The Bank of New York Mellon Corp. | | 11,158 | | 500,660 | |
The Goldman Sachs Group, Inc. | | 2,942 | | 964,123 | |
The PNC Financial Services Group, Inc. | | 4,984 | | 601,718 | |
Truist Financial Corp. | | 16,582 | | 506,580 | |
U.S. Bancorp | | 23,300 | | 851,149 | |
Wells Fargo & Co. | | 42,054 | | 1,736,410 | |
| | | | 17,810,280 | |
Beverages – 1.6% | | | | | |
Brown-Forman Corp. - Class A | | 3,194 | | 211,219 | |
Constellation Brands, Inc. - Class 1 | | 7,709 | | 2,008,657 | |
Keurig Dr Pepper, Inc. | | 16,113 | | 542,203 | |
Monster Beverage Corp.(2) | | 10,179 | | 584,376 | |
PepsiCo, Inc. | | 13,721 | | 2,441,240 | |
The Coca-Cola Co. | | 44,923 | | 2,687,743 | |
| | | | 8,475,438 | |
Biotechnology – 1.4% | | | | | |
Alnylam Pharmaceuticals, Inc.(1)(2) | | 1,531 | | 302,862 | |
Amgen, Inc. | | 5,560 | | 1,425,250 | |
Biogen, Inc.(2) | | 1,176 | | 314,415 | |
BioMarin Pharmaceutical, Inc.(2) | | 4,556 | | 416,327 | |
Bio-Rad Laboratories, Inc. - Class A(2) | | 182 | | 72,836 | |
Corteva, Inc. | | 7,976 | | 402,868 | |
Gilead Sciences, Inc. | | 12,236 | | 935,809 | |
Horizon Therapeutics PLC(1)(2) | | 3,131 | | 352,989 | |
Illumina, Inc.(1)(2) | | 1,145 | | 189,177 | |
Incyte Corp.(2) | | 2,982 | | 192,429 | |
Moderna, Inc.(2) | | 3,427 | | 387,491 | |
Regeneron Pharmaceuticals, Inc.(2) | | 703 | | 581,023 | |
Royalty Pharma PLC - Class A | | 12,279 | | 366,160 | |
Seagen, Inc.(1)(2) | | 2,601 | | 535,988 | |
Vertex Pharmaceuticals, Inc.(2) | | 2,908 | | 1,012,973 | |
| | | | 7,488,597 | |
Building Materials – 0.4% | | | | | |
Carrier Global Corp.(1) | | 9,113 | | 523,542 | |
Johnson Controls International PLC | | 7,179 | | 423,992 | |
Martin Marietta Materials, Inc. | | 675 | | 301,327 | |
Masco Corp. | | 2,378 | | 140,326 | |
Trane Technologies PLC | | 2,522 | | 517,665 | |
Vulcan Materials Co. | | 1,884 | | 411,183 | |
| | | | 2,318,035 | |
SoFi Select 500 ETF
5 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Chemicals – 1.5% | | | | | |
Air Products and Chemicals, Inc. | | 2,543 | | $751,431 | |
Albemarle Corp.(1) | | 6,453 | | 1,282,276 | |
Celanese Corp.(1) | | 1,147 | | 144,935 | |
CF Industries Holdings, Inc. | | 5,965 | | 459,723 | |
Dow, Inc. | | 6,125 | | 334,180 | |
DuPont de Nemours, Inc. | | 3,547 | | 272,729 | |
Eastman Chemical Co. | | 1,078 | | 91,641 | |
Ecolab, Inc. | | 2,888 | | 530,843 | |
FMC Corp. | | 1,518 | | 130,897 | |
International Flavors & Fragrances, Inc. | | 1,767 | | 124,485 | |
Linde PLC | | 5,374 | | 2,079,953 | |
LyondellBasell Industries NV | | 3,185 | | 314,582 | |
PPG Industries, Inc. | | 2,299 | | 325,906 | |
The Mosaic Co. | | 7,790 | | 302,641 | |
The Sherwin-Williams Co. | | 2,750 | | 747,230 | |
Westlake Corp. | | 1,867 | | 244,540 | |
| | | | 8,137,992 | |
Commercial Services – 1.7% | | | | | |
Automatic Data Processing, Inc. | | 4,378 | | 1,114,683 | |
Block, Inc. - Class A(2) | | 4,323 | | 249,221 | |
Booz Allen Hamilton Holding Corp. | | 1,468 | | 166,339 | |
Cintas Corp. | | 1,081 | | 545,008 | |
CoStar Group, Inc.(2) | | 4,126 | | 338,291 | |
Equifax, Inc.(1) | | 1,098 | | 226,957 | |
FleetCor Technologies, Inc.(2) | | 958 | | 260,317 | |
Gartner, Inc.(2) | | 868 | | 303,522 | |
Global Payments, Inc. | | 7,882 | | 998,571 | |
MarketAxess Holdings, Inc. | | 351 | | 84,566 | |
Moody’s Corp. | | 1,352 | | 455,354 | |
PayPal Holdings, Inc.(2) | | 12,669 | | 791,939 | |
Quanta Services, Inc. | | 2,214 | | 464,652 | |
Rollins, Inc. | | 4,875 | | 192,904 | |
S&P Global, Inc. | | 5,055 | | 1,975,797 | |
TransUnion | | 2,980 | | 242,036 | |
United Rentals, Inc. | | 1,008 | | 480,352 | |
Verisk Analytics, Inc. | | 1,107 | | 268,137 | |
| | | | 9,158,646 | |
Computers – 6.8% | | | | | |
Accenture PLC - Class A | | 7,674 | | 2,484,611 | |
Apple, Inc. | | 141,143 | | 26,516,535 | |
Cognizant Technology Solutions Corp. | | 4,913 | | 351,820 | |
Crowdstrike Holdings, Inc. - Class A(2) | | 7,406 | | 1,207,400 | |
Dell Technologies, Inc. - Class A | | 2,219 | | 124,797 | |
EPAM Systems, Inc.(2) | | 897 | | 232,314 | |
Fortinet, Inc.(2) | | 14,295 | | 860,702 | |
Hewlett Packard Enterprise Co. | | 15,136 | | 257,161 |
|
| Shares |
| Value | |
Computers – 6.8% (Continued) | | | | | |
HP, Inc. | | 7,348 | | $218,309 | |
International Business Machines Corp. | | 14,838 | | 2,178,663 | |
Leidos Holdings, Inc. | | 1,454 | | 141,780 | |
NetApp, Inc. | | 2,199 | | 168,663 | |
Seagate Technology Holdings PLC | | 1,494 | | 105,760 | |
Western Digital Corp.(2) | | 2,714 | | 122,130 | |
Zscaler, Inc.(2) | | 4,137 | | 645,579 | |
| | | | 35,616,224 | |
Cosmetics & Personal Care – 0.8% | | | | | |
Colgate-Palmolive Co. | | 7,214 | | 530,012 | |
The Estee Lauder Companies, Inc. | | 2,300 | | 369,219 | |
The Procter & Gamble Co. | | 20,620 | | 3,182,491 | |
| | | | 4,081,722 | |
Distribution & Wholesale – 0.3% | | | | | |
Copart, Inc.(2) | | 10,660 | | 477,888 | |
Fastenal Co. | | 6,542 | | 376,688 | |
LKQ Corp. | | 2,220 | | 116,616 | |
W.W. Grainger, Inc. | | 605 | | 432,055 | |
| | | | 1,403,247 | |
Diversified Financial Services – 3.6% | | | | | |
American Express Co. | | 10,620 | | 1,677,854 | |
Ameriprise Financial, Inc. | | 1,609 | | 543,166 | |
Apollo Global Management, Inc. | | 13,628 | | 1,190,270 | |
BlackRock, Inc. | | 1,207 | | 845,552 | |
Capital One Financial Corp. | | 4,288 | | 439,048 | |
Cboe Global Markets, Inc. | | 1,451 | | 217,229 | |
CME Group, Inc. - Class A | | 3,749 | | 759,847 | |
Coinbase Global, Inc. - Class A(1)(2) | | 1,356 | | 107,938 | |
Discover Financial Services | | 3,029 | | 272,822 | |
Franklin Resources, Inc.(1) | | 4,076 | | 108,992 | |
Intercontinental Exchange, Inc. | | 4,633 | | 546,648 | |
LPL Financial Holdings, Inc.(1) | | 1,167 | | 269,099 | |
Mastercard, Inc. - Class A | | 11,230 | | 4,633,947 | |
Nasdaq, Inc. | | 5,015 | | 263,187 | |
Raymond James Financial, Inc. | | 2,837 | | 296,722 | |
Synchrony Financial(1) | | 4,819 | | 155,557 | |
T. Rowe Price Group, Inc.(1) | | 1,634 | | 183,384 | |
The Charles Schwab Corp. | | 23,886 | | 1,412,857 | |
Visa, Inc. - Class A(1) | | 20,536 | | 5,045,284 | |
| | | | 18,969,403 | |
Electric – 2.6% | | | | | |
Alliant Energy Corp. | | 2,754 | | 138,168 | |
Ameren Corp. | | 3,422 | | 271,262 | |
American Electric Power Co., Inc. | | 5,899 | | 462,482 | |
Avangrid, Inc. | | 4,351 | | 150,110 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Select 500 ETF
6 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Electric – 2.6% (Continued) | | | | | |
CenterPoint Energy, Inc.(1) | | 7,353 | | $205,075 | |
CMS Energy Corp. | | 3,415 | | 191,889 | |
Consolidated Edison, Inc. | | 4,051 | | 360,377 | |
Constellation Energy Corp.(1) | | 11,444 | | 1,192,007 | |
Dominion Energy, Inc. | | 13,741 | | 666,988 | |
DTE Energy Co. | | 3,092 | | 319,651 | |
Duke Energy Corp. | | 8,518 | | 756,398 | |
Edison International | | 5,325 | | 366,626 | |
Entergy Corp. | | 2,573 | | 245,078 | |
Evergy, Inc. | | 2,169 | | 119,230 | |
Eversource Energy(1) | | 4,824 | | 307,868 | |
Exelon Corp. | | 7,325 | | 293,879 | |
FirstEnergy Corp.(1) | | 8,647 | | 311,897 | |
NextEra Energy, Inc. | | 30,670 | | 2,048,756 | |
PG&E Corp.(2) | | 59,157 | | 964,259 | |
PPL Corp. | | 28,515 | | 710,594 | |
Public Service Enterprise Group, Inc. | | 12,206 | | 745,543 | |
Sempra Energy | | 9,174 | | 644,198 | |
The AES Corp. | | 12,894 | | 231,189 | |
The Southern Co. | | 16,068 | | 1,088,286 | |
WEC Energy Group, Inc. | | 3,568 | | 300,140 | |
Xcel Energy, Inc. | | 6,213 | | 354,949 | |
| | | | 13,446,899 | |
Electrical Components & Equipment – 0.2% | | | | ||
AMETEK, Inc. | | 2,315 | | 369,266 | |
Emerson Electric Co. | | 5,062 | | 497,341 | |
| | | | 866,607 | |
Electronics – 0.6% | | | | | |
Agilent Technologies, Inc.(1) | | 3,130 | | 378,949 | |
Amphenol Corp. | | 7,012 | | 619,721 | |
Fortive Corp.(1) | | 4,350 | | 342,997 | |
Garmin Ltd. | | 1,627 | | 172,495 | |
Honeywell International, Inc. | | 6,161 | | 1,157,898 | |
Keysight Technologies, Inc.(2) | | 2,058 | | 274,331 | |
Mettler-Toledo International, Inc.(2) | | 221 | | 268,179 | |
| | | | 3,214,570 | |
Energy – Alternate Sources – 0.3% | | | | | |
Enphase Energy, Inc.(2) | | 5,642 | | 713,882 | |
First Solar, Inc.(2) | | 3,203 | | 605,752 | |
| | | | 1,319,634 | |
Engineering & Construction – 0.0%(3) | | | | | |
Jacobs Solutions, Inc. | | 1,755 | | 236,609 | |
Entertainment – 0.1% | | | | | |
Live Nation Entertainment, Inc.(2) | | 7,320 | | 618,760 | |
| | | | |
|
| Shares |
| Value | |
Environmental Control – 0.2% | | | | | |
Republic Services, Inc. | | 3,610 | | $520,309 | |
Waste Management, Inc. | | 4,268 | | 669,137 | |
| | | | 1,189,446 | |
Food – 0.8% | | | | | |
Campbell Soup Co.(1) | | 2,991 | | 124,725 | |
Conagra Brands, Inc. | | 4,823 | | 144,111 | |
General Mills, Inc. | | 5,558 | | 376,054 | |
Hormel Foods Corp. | | 5,029 | | 194,069 | |
Kellogg Co.(1) | | 3,022 | | 184,402 | |
Lamb Weston Holdings, Inc. | | 2,351 | | 229,011 | |
McCormick & Co., Inc.(1) | | 2,131 | | 174,912 | |
Mondelez International, Inc. | | 12,611 | | 898,660 | |
Sysco Corp. | | 7,937 | | 552,812 | |
The Hershey Co. | | 1,594 | | 342,487 | |
The J.M. Smucker Co. | | 1,072 | | 155,386 | |
The Kraft Heinz Co. | | 15,328 | | 507,204 | |
The Kroger Co. | | 7,745 | | 359,291 | |
Tyson Foods, Inc. - Class A | | 2,526 | | 134,560 | |
| | | | 4,377,684 | |
Forest Products & Paper – 0.0%(3) | | | | | |
International Paper Co. | | 4,111 | | 143,556 | |
| | | | | |
Gas – 0.1% | | | | | |
Atmos Energy Corp.(1) | | 2,264 | | 262,511 | |
| | | | | |
Hand & Machine Tools – 0.0%(3) | | | | | |
Snap-on, Inc. | | 446 | | 119,796 | |
Stanley Black & Decker, Inc.(1) | | 1,419 | | 133,925 | |
| | | | 253,721 | |
Healthcare – Products – 2.8% | | | | | |
Abbott Laboratories | | 15,722 | | 1,617,794 | |
Align Technology, Inc.(2) | | 720 | | 266,501 | |
Baxter International, Inc.(1) | | 3,866 | | 156,960 | |
Boston Scientific Corp.(2) | | 21,678 | | 1,169,311 | |
Danaher Corp. | | 7,517 | | 1,992,005 | |
Edwards Lifesciences Corp.(2) | | 5,518 | | 421,961 | |
Exact Sciences Corp.(1)(2) | | 2,277 | | 190,517 | |
GE HealthCare Technologies, Inc. | | 4,275 | | 301,174 | |
Hologic, Inc.(2) | | 1,651 | | 123,396 | |
IDEXX Laboratories, Inc.(1)(2) | | 788 | | 402,991 | |
Insulet Corp.(2) | | 2,235 | | 428,472 | |
Intuitive Surgical, Inc.(2) | | 3,476 | | 1,086,876 | |
Medtronic PLC | | 11,158 | | 909,377 | |
QIAGEN NV(2) | | 1,901 | | 86,476 | |
ResMed, Inc. | | 1,602 | | 255,663 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Select 500 ETF
7 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Healthcare – Products – 2.8% (Continued) | | | |||
Revvity, Inc. | | 888 | | $103,923 | |
STERIS PLC | | 2,881 | | 661,449 | |
Stryker Corp. | | 4,393 | | 1,245,635 | |
Teleflex, Inc. | | 416 | | 88,500 | |
The Cooper Companies, Inc. | | 500 | | 184,995 | |
Thermo Fisher Scientific, Inc. | | 4,455 | | 2,481,880 | |
Waters Corp.(2) | | 568 | | 159,494 | |
West Pharmaceutical Services, Inc. | | 625 | | 254,312 | |
Zimmer Biomet Holdings, Inc. | | 2,832 | | 337,348 | |
| | | | 14,927,010 | |
Healthcare – Services – 1.6% | | | | | |
Centene Corp.(2) | | 7,853 | | 484,137 | |
Elevance Health, Inc. | | 2,561 | | 1,131,988 | |
Fortrea Holdings, Inc.(2) | | 694 | | 19,120 | |
HCA Healthcare, Inc. | | 2,299 | | 637,513 | |
Humana, Inc. | | 1,198 | | 553,033 | |
IQVIA Holdings, Inc.(2) | | 2,145 | | 477,541 | |
Laboratory Corp of America Holdings | | 694 | | 144,421 | |
Molina Healthcare, Inc.(2) | | 668 | | 207,160 | |
Quest Diagnostics, Inc. | | 847 | | 111,381 | |
UnitedHealth Group, Inc. | | 10,168 | | 4,845,865 | |
| | | | 8,612,159 | |
| | | | | |
Home Builders – 0.2% | | | | | |
D.R. Horton, Inc. | | 3,411 | | 405,977 | |
Lennar Corp. - Class A | | 2,893 | | 344,527 | |
NVR, Inc.(2) | | 36 | | 229,584 | |
PulteGroup, Inc. | | 2,376 | | 194,975 | |
| | | | 1,175,063 | |
Household Products & Wares – 0.2% | | | | | |
Avery Dennison Corp. | | 816 | | 153,718 | |
Church & Dwight Co., Inc. | | 2,136 | | 206,700 | |
Kimberly-Clark Corp. | | 3,019 | | 388,938 | |
The Clorox Co. | | 1,191 | | 186,332 | |
| | | | 935,688 | |
Insurance – 2.7% | | | | | |
Aflac, Inc.(1) | | 4,460 | | 332,582 | |
American International Group, Inc. | | 6,984 | | 408,704 | |
Aon PLC | | 2,416 | | 805,470 | |
Arch Capital Group Ltd.(2) | | 3,467 | | 266,474 | |
Arthur J Gallagher & Co. | | 2,254 | | 519,502 | |
Berkshire Hathaway, Inc. - Class A(2) | | 14,806 | | 5,333,121 | |
Brown & Brown, Inc. | | 3,080 | | 228,228 | |
Chubb Ltd. | | 3,925 | | 788,415 | |
Cincinnati Financial Corp. | | 1,291 | | 136,575 |
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Insurance – 2.7% (Continued) | | | | | |
CNA Financial Corp. | | 2,439 | | $95,926 | |
Everest Group Ltd. | | 415 | | 149,682 | |
Globe Life, Inc. | | 892 | | 99,521 | |
Markel Group, Inc.(2) | | 171 | | 252,895 | |
Marsh & McLennan Companies, Inc. | | 4,558 | | 888,764 | |
MetLife, Inc. | | 7,967 | | 504,630 | |
Principal Financial Group, Inc. | | 4,361 | | 338,893 | |
Prudential Financial, Inc. | | 4,119 | | 389,946 | |
The Allstate Corp. | | 2,805 | | 302,407 | |
The Hartford Financial Services | 2,818 | | 202,389 | | |
The Progressive Corp. | | 10,373 | | 1,384,484 | |
The Travelers Companies, Inc. | | 2,208 | | 355,996 | |
W.R. Berkley Corp. | | 3,533 | | 218,551 | |
Willis Towers Watson PLC | | 933 | | 192,907 | |
| | | | 14,196,062 | |
Internet – 13.2% | | | | | |
Airbnb, Inc. - Class A(1)(2) | | 15,044 | | 1,979,038 | |
Alphabet, Inc. - Class A(2) | | 56,772 | | 7,797,634 | |
Alphabet, Inc. - Class A(2) | | 56,584 | | 7,705,043 | |
Amazon.com, Inc.(2) | | 252,395 | | 34,833,034 | |
Booking Holdings, Inc.(2) | | 984 | | 3,055,350 | |
CDW Corp. | | 1,507 | | 318,203 | |
DoorDash, Inc. - Class A(1)(2) | | 3,754 | | 315,824 | |
eBay, Inc. | | 3,508 | | 157,088 | |
Etsy, Inc.(1)(2) | | 1,029 | | 75,704 | |
Expedia Group, Inc. - Class A(2) | | 6,820 | | 739,220 | |
Gen Digital, Inc. | | 7,810 | | 158,152 | |
GoDaddy, Inc. - Class A(2) | | 1,684 | | 122,107 | |
Match Group, Inc.(2) | | 3,345 | | 156,780 | |
Meta Platforms, Inc. - Class A(2) | | 16,631 | | 4,920,947 | |
Netflix, Inc.(2) | | 4,278 | | 1,855,283 | |
Okta, Inc. - Class A(2) | | 3,329 | | 278,005 | |
Palo Alto Networks, Inc.(1)(2) | | 13,005 | | 3,164,116 | |
Pinterest, Inc. - Class A(2) | | 6,951 | | 191,083 | |
Snap, Inc. - Class A(2) | | 13,439 | | 139,094 | |
Spotify Technology SA(2) | | 1,141 | | 175,680 | |
Uber Technologies, Inc.(2) | | 29,619 | | 1,398,905 | |
VeriSign, Inc.(2) | | 976 | | 202,803 | |
| | | | 69,739,093 | |
Iron & Steel – 0.2% | | | | | |
Nucor Corp. | | 2,512 | | 432,315 | |
Reliance Steel & Aluminum Co. | | 709 | | 202,037 | |
Steel Dynamics, Inc. | | 2,042 | | 217,657 | |
| | | | 852,009 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Select 500 ETF
8 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Leisure Time – 0.2% | | | | | |
Carnival Corp.(1)(2) | | 33,873 | | $535,871 | |
Royal Caribbean Cruises Ltd.(2) | | 7,570 | | 748,976 | |
| | | | 1,284,847 | |
Lodging – 0.6% | | | | | |
Hilton Worldwide Holdings, Inc. | | 6,781 | | 1,007,996 | |
Las Vegas Sands Corp.(1) | | 9,476 | | 519,853 | |
Marriott International, Inc. | | 6,506 | | 1,324,036 | |
MGM Resorts International(1) | | 5,460 | | 240,131 | |
| | | | 3,092,016 | |
Machinery – Construction & Mining – 0.3% | | | | ||
Caterpillar, Inc. | | 6,109 | | 1,717,423 | |
| | | | | |
Machinery – Diversified – 0.7% | | | | | |
Deere & Co. | | 4,341 | | 1,783,891 | |
Dover Corp. | | 1,411 | | 209,251 | |
IDEX Corp. | | 916 | | 207,383 | |
Ingersoll Rand, Inc. | | 5,050 | | 351,531 | |
Otis Worldwide Corp. | | 3,388 | | 289,843 | |
Rockwell Automation, Inc.(1) | | 1,140 | | 355,771 | |
Westinghouse Air Brake | | 2,016 | | 226,840 | |
Xylem, Inc. | | 1,826 | | 189,064 | |
| | | | 3,613,574 | |
Media – 1.1% | | | | | |
Charter Communications, Inc. - Class A(1)(2) | 1,402 | | 614,244 | | |
Comcast Corp. - Class A | | 41,320 | | 1,932,123 | |
FactSet Research Systems, Inc. | | 474 | | 206,859 | |
Liberty Broadband Corp. - Class A(2) | | 1,143 | | 106,939 | |
Sirius XM Holdings, Inc.(1) | | 37,648 | | 165,651 | |
The Walt Disney Co. | | 24,783 | | 2,073,842 | |
ViacomCBS, Inc. - Class A(1) | | 4,926 | | 74,333 | |
Warner Bros Discovery, Inc.(1)(2) | | 46,688 | | 613,480 | |
| | | | 5,787,471 | |
Mining – 0.3% | | | | | |
Freeport-McMoRan, Inc. | | 14,396 | | 574,544 | |
Newmont Corp. | | 11,139 | | 439,100 | |
Southern Copper Corp.(1) | | 6,506 | | 524,774 | |
| | | | 1,538,418 | |
Miscellaneous Manufacturers – 1.1% | | | | | |
3M Co. | | 4,692 | | 500,496 | |
Axon Enterprise, Inc.(2) | | 1,927 | | 410,278 | |
Eaton Corp PLC | | 3,849 | | 886,694 | |
General Electric Co. | | 18,187 | | 2,081,684 | |
Illinois Tool Works, Inc. | | 3,102 | | 767,280 |
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Miscellaneous Manufacturers – 1.1% (Continued) | | | | ||
Parker-Hannifin Corp. | | 1,497 | | $624,099 | |
Teledyne Technologies, Inc.(2) | | 675 | | 282,352 | |
Textron, Inc. | | 2,045 | | 158,917 | |
| | | | 5,711,800 | |
Office & Business Equipment – 0.0%(3) | | | | | |
Zebra Technologies Corp.(2) | | 507 | | 139,430 | |
| | | | | |
Oil & Gas – 7.1% | | | | | |
Chevron Corp. | | 45,464 | | 7,324,250 | |
ConocoPhillips | | 34,953 | | 4,160,456 | |
Coterra Energy, Inc.(1) | | 26,246 | | 739,875 | |
Devon Energy Corp. | | 14,624 | | 747,140 | |
Diamondback Energy, Inc.(1) | | 3,916 | | 594,371 | |
EOG Resources, Inc. | | 12,613 | | 1,622,284 | |
Exxon Mobil Corp. | | 89,679 | | 9,971,408 | |
Hess Corp. | | 9,086 | | 1,403,787 | |
Marathon Oil Corp. | | 15,483 | | 407,977 | |
Marathon Petroleum Corp. | | 19,451 | | 2,777,019 | |
Occidental Petroleum Corp. | | 25,103 | | 1,576,217 | |
Phillips 66 | | 19,531 | | 2,229,659 | |
Pioneer Natural Resources Co. | | 5,958 | | 1,417,587 | |
Valero Energy Corp. | | 17,212 | | 2,235,839 | |
| | | | 37,207,869 | |
Oil & Gas Services – 0.5% | | | | | |
Baker Hughes Co. | | 13,065 | | 472,822 | |
Halliburton Co. | | 17,562 | | 678,245 | |
Schlumberger NV | | 25,718 | | 1,516,333 | |
| | | | 2,667,400 | |
Packaging & Containers – 0.1% | | | | | |
Ball Corp.(1) | | 3,181 | | 173,205 | |
Packaging Corp of America(1) | | 958 | | 142,838 | |
| | | | 316,043 | |
Pharmaceuticals – 4.6% | | | | | |
AbbVie, Inc. | | 19,392 | | 2,849,848 | |
Becton Dickinson & Co. | | 2,731 | | 763,178 | |
Bristol-Myers Squibb Co. | | 24,128 | | 1,487,491 | |
Cardinal Health, Inc. | | 1,938 | | 169,246 | |
Cencora, Inc.(1) | | 2,118 | | 372,726 | |
CVS Health Corp. | | 15,713 | | 1,024,016 | |
Dexcom, Inc.(2) | | 6,552 | | 661,621 | |
Eli Lilly & Co. | | 7,698 | | 4,266,232 | |
Johnson & Johnson | | 24,439 | | 3,951,298 | |
McKesson Corp. | | 1,729 | | 712,901 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Select 500 ETF
9 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Pharmaceuticals – 4.6% (Continued) | | | | | |
Merck & Co., Inc. | | 31,078 | | $3,386,880 | |
Pfizer, Inc. | | 74,646 | | 2,640,975 | |
The Cigna Group | | 2,997 | | 827,951 | |
Viatris, Inc. | | 19,489 | | 209,507 | |
Zoetis, Inc. | | 4,318 | | 822,622 | |
| | | | 24,146,492 | |
Pipelines – 0.7% | | | | | |
Cheniere Energy, Inc. | | 8,784 | | 1,433,549 | |
Kinder Morgan, Inc. | | 26,796 | | 461,427 | |
ONEOK, Inc. | | 7,388 | | 481,697 | |
Targa Resources Corp. | | 8,076 | | 696,555 | |
The Williams Companies, Inc. | | 13,094 | | 452,136 | |
| | | | 3,525,364 | |
Private Equity – 0.3% | | | | | |
Ares Management Corp. | | 2,067 | | 213,810 | |
Blackstone, Inc. | | 7,842 | | 834,154 | |
KKR & Co., Inc.(1) | | 10,745 | | 674,893 | |
| | | | 1,722,857 | |
Real Estate – 0.0%(3) | | | | | |
CBRE Group, Inc.(2) | | 2,933 | | 249,452 | |
| | | | | |
Real Estate Investment Trusts (REITs) – 2.1% | | | | ||
Alexandria Real Estate Equities, Inc.(1) | | 2,191 | | 254,901 | |
American Tower Corp. | | 5,213 | | 945,221 | |
AvalonBay Communities, Inc. | | 1,383 | | 254,223 | |
Crown Castle, Inc. | | 5,560 | | 558,780 | |
Digital Realty Trust, Inc. | | 2,444 | | 321,924 | |
Equinix, Inc. | | 1,020 | | 797,008 | |
Equity Residential | | 3,419 | | 221,654 | |
Essex Property Trust, Inc. | | 616 | | 146,848 | |
Extra Space Storage, Inc. | | 1,744 | | 224,418 | |
Healthpeak Properties, Inc. | | 4,972 | | 102,324 | |
Host Hotels & Resorts, Inc. | | 31,446 | | 496,532 | |
Invitation Homes, Inc. | | 7,851 | | 267,641 | |
Iron Mountain, Inc.(1) | | 3,084 | | 195,957 | |
Mid-America Apartment | | 1,255 | | 182,264 | |
Prologis, Inc. | | 11,914 | | 1,479,719 | |
Public Storage | | 2,692 | | 744,015 | |
Realty Income Corp.(1) | | 16,842 | | 943,826 | |
SBA Communications Corp. | | 1,593 | | 357,676 | |
Simon Property Group, Inc. | | 3,119 | | 353,975 | |
Sun Communities, Inc. | | 1,745 | | 213,623 | |
UDR, Inc. | | 4,155 | | 165,784 | |
Ventas, Inc. | | 2,610 | | 114,005 | |
VICI Properties, Inc. | | 27,416 | | 845,509 |
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| Value | |
Real Estate Investment Trusts (REITs) – 2.1% (Continued) | | ||||
W.P. Carey, Inc.(1) | | 2,338 | | $152,087 | |
Welltower, Inc. | | 6,937 | | 574,939 | |
Weyerhaeuser Co. | | 6,226 | | 203,901 | |
| | | | 11,118,754 | |
Retail – 3.8% | | | | | |
AutoZone, Inc.(2) | | 180 | | 455,639 | |
Best Buy Co., Inc. | | 1,571 | | 120,103 | |
Burlington Stores, Inc.(2) | | 525 | | 85,187 | |
CarMax, Inc.(1)(2) | | 1,255 | | 102,508 | |
Chipotle Mexican Grill, Inc.(2) | | 292 | | 562,579 | |
Costco Wholesale Corp. | | 4,968 | | 2,728,823 | |
Darden Restaurants, Inc. | | 1,359 | | 211,338 | |
Dollar General Corp. | | 2,191 | | 303,454 | |
Dollar Tree, Inc.(2) | | 2,131 | | 260,749 | |
Domino’s Pizza, Inc. | | 314 | | 121,644 | |
Genuine Parts Co. | | 1,638 | | 251,810 | |
Lowe’s Companies, Inc. | | 5,286 | | 1,218,317 | |
McDonald’s Corp. | | 6,315 | | 1,775,462 | |
O’Reilly Automotive, Inc.(2) | | 572 | | 537,508 | |
Ross Stores, Inc. | | 2,931 | | 357,025 | |
Starbucks Corp. | | 11,489 | | 1,119,488 | |
Target Corp. | | 4,209 | | 532,649 | |
The Home Depot, Inc. | | 9,461 | | 3,124,968 | |
The TJX Companies, Inc. | | 10,901 | | 1,008,125 | |
Tractor Supply Co.(1) | | 1,167 | | 254,990 | |
Ulta Beauty, Inc.(2) | | 612 | | 253,998 | |
Walgreens Boots Alliance, Inc. | | 8,539 | | 216,122 | |
Walmart, Inc. | | 26,481 | | 4,306,076 | |
Yum! Brands, Inc. | | 2,530 | | 327,331 | |
| | | | 20,235,893 | |
Semiconductors – 7.0% | | | | | |
Advanced Micro Devices, Inc.(2) | | 39,264 | | 4,150,990 | |
Analog Devices, Inc. | | 12,893 | | 2,343,690 | |
Applied Materials, Inc. | | 7,816 | | 1,193,972 | |
Broadcom, Inc. | | 6,334 | | 5,845,585 | |
GLOBALFOUNDRIES, Inc.(1)(2) | | 19,926 | | 1,100,912 | |
Intel Corp. | | 25,795 | | 906,436 | |
KLA Corp. | | 1,748 | | 877,269 | |
Lam Research Corp. | | 1,347 | | 946,133 | |
Marvell Technology, Inc. | | 34,686 | | 2,020,460 | |
Microchip Technology, Inc. | | 10,131 | | 829,121 | |
Micron Technology, Inc. | | 7,854 | | 549,309 | |
Monolithic Power Systems, Inc. | | 1,011 | | 526,943 | |
NVIDIA Corp. | | 22,689 | | 11,198,156 | |
ON Semiconductor Corp.(2) | | 6,433 | | 633,393 | |
Qorvo, Inc.(2) | | 707 | | 75,925 | |
QUALCOMM, Inc. | | 13,946 | | 1,597,235 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Select 500 ETF
10 |
The accompanying notes are an integral part of these financial statements.
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| Shares |
| Value | |
Semiconductors – 7.0% (Continued) | | | | | |
Skyworks Solutions, Inc. | | 1,552 | | $168,764 | |
Teradyne, Inc.(1) | | 1,145 | | 123,511 | |
Texas Instruments, Inc. | | 9,699 | | 1,630,014 | |
| | | | 36,717,818 | |
Software – 11.6% | | | | | |
Activision Blizzard, Inc. | | 6,948 | | 639,146 | |
Adobe, Inc.(2) | | 5,466 | | 3,057,352 | |
Akamai Technologies, Inc.(2) | | 1,601 | | 168,249 | |
ANSYS, Inc.(2) | | 986 | | 314,406 | |
Aspen Technology, Inc.(1)(2) | | 1,160 | | 225,040 | |
Atlassian Corp. - Class A(2) | | 3,477 | | 709,517 | |
Autodesk, Inc.(2) | | 3,078 | | 683,131 | |
Broadridge Financial Solutions, Inc. | | 1,150 | | 214,141 | |
Cadence Design Systems, Inc.(2) | | 3,811 | | 916,317 | |
Cloudflare, Inc. - Class A(1)(2) | | 9,291 | | 604,194 | |
Datadog, Inc. - Class A(2) | | 12,149 | | 1,172,135 | |
DocuSign, Inc.(2) | | 5,651 | | 284,245 | |
Electronic Arts, Inc. | | 3,660 | | 439,127 | |
Fair Isaac Corp.(2) | | 223 | | 201,724 | |
Fidelity National Information | | 4,066 | | 227,127 | |
Fiserv, Inc.(2) | | 8,605 | | 1,044,561 | |
HubSpot, Inc.(2) | | 1,005 | | 549,253 | |
Intuit, Inc. | | 4,062 | | 2,200,832 | |
Jack Henry & Associates, Inc. | | 687 | | 107,708 | |
Microsoft Corp. | | 71,325 | | 23,377,482 | |
MongoDB, Inc.(1)(2) | | 1,463 | | 557,842 | |
MSCI, Inc. | | 991 | | 538,727 | |
Oracle Corp. | | 30,241 | | 3,640,714 | |
Palantir Technologies, Inc. - Class A(1)(2) | | 42,265 | | 633,130 | |
Paychex, Inc. | | 3,929 | | 480,242 | |
Paycom Software, Inc. | | 1,057 | | 311,646 | |
PTC, Inc.(1)(2) | | 1,139 | | 167,627 | |
ROBLOX Corp. - Class A(2) | | 5,973 | | 168,976 | |
Roper Technologies, Inc. | | 848 | | 423,203 | |
Salesforce, Inc.(2) | | 32,251 | | 7,142,306 | |
ServiceNow, Inc.(2) | | 5,738 | | 3,378,707 | |
Snowflake, Inc.(2) | | 8,117 | | 1,273,151 | |
Splunk, Inc.(2) | | 4,663 | | 565,435 | |
SS&C Technologies Holdings, Inc. | | 2,707 | | 155,436 | |
Synopsys, Inc.(2) | | 1,941 | | 890,705 | |
Take-Two Interactive Software, Inc.(2) | | 3,184 | | 452,765 | |
Twilio, Inc.(2) | | 3,494 | | 222,603 | |
Tyler Technologies, Inc.(2) | | 448 | | 178,497 | |
Unity Software, Inc.(2) | | 5,865 | | 217,416 | |
Veeva Systems, Inc. - Class A(2) | | 1,839 | | 383,799 |
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Software – 11.6% (Continued) | | | | | |
VMware, Inc. | | 4,834 | | $815,882 | |
Workday, Inc. - Class A(2) | | 2,752 | | 672,864 | |
Zoom Video Communications, Inc. - Class A(2) | | 7,858 | | 558,154 | |
| | | | 60,965,514 | |
Telecommunications – 1.8% | | | | | |
Arista Networks, Inc.(2) | | 7,500 | | 1,464,225 | |
AT&T, Inc. | | 65,780 | | 972,886 | |
Cisco Systems, Inc. | | 41,120 | | 2,358,232 | |
Corning, Inc. | | 7,817 | | 256,554 | |
Motorola Solutions, Inc. | | 1,836 | | 520,635 | |
T-Mobile US, Inc.(2) | | 16,316 | | 2,223,055 | |
Ubiquiti, Inc.(1) | | 539 | | 94,341 | |
Verizon Communications, Inc. | | 38,255 | | 1,338,160 | |
| | | | 9,228,088 | |
Transportation – 1.1% | | | | | |
C.H. Robinson Worldwide, Inc.(1) | | 977 | | 88,350 | |
CSX Corp. | | 23,024 | | 695,325 | |
Expeditors International of Washington, Inc.(1) | | 1,322 | | 154,291 | |
FedEx Corp. | | 2,338 | | 610,265 | |
J.B. Hunt Transport Services, Inc. | | 1,345 | | 252,699 | |
Norfolk Southern Corp. | | 2,510 | | 514,575 | |
Old Dominion Freight Line, Inc. | | 1,448 | | 618,832 | |
Union Pacific Corp. | | 6,820 | | 1,504,287 | |
United Parcel Service, Inc. - Class B | | 7,076 | | 1,198,674 | |
| | | | 5,637,298 | |
Water – 0.0%(3) | | | | | |
American Water Works Co., Inc. | | 1,592 | | 220,874 | |
Total Common Stocks | | | | | |
(Cost $467,417,560) | | | | 524,811,940 | |
Contingent Value Rights – 0.0%(3) | | | | | |
Abiomed, Inc.(2)(4) | | 455 | | 0 | |
Total Contingent Value Rights | | | | | |
(Cost $0) | | | | | |
Short-Term Investments – 0.3% | | | | | |
Money Market Funds – 0.3% | | | | | |
First American Government Obligations Fund, Class X, 5.248%(5) | | 1,332,847 | | 1,332,847 | |
Total Short-Term Investments | | | | | |
(Cost $1,332,847) | | | | 1,332,847 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Select 500 ETF
11 |
The accompanying notes are an integral part of these financial statements.
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| Value | |
Investments Purchased with Collateral from Securities Lending – 4.9% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(5) | | 25,783,040 | | $25,783,040 | |
Total Investments Purchased with Collateral from Securities Lending | | ||||
(Cost $25,783,040) | | | | 25,783,040 | |
Total Investments in Securities – 104.7% | | | | ||
(Cost $494,497,078) | | | | 551,927,827 | |
Liabilities in Excess of Other Assets - (4.7)% | | (24,972,168 | ) | ||
Total Net Assets – 100.0% | | | | $526,955,659 | |
(1)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $25,141,582 or 4.8% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(2)Non-income producing security.
(3)Does not round to 0.1% or (0.1)%, as applicable.
(4)This security was fair valued.
(5)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Next 500 ETF
12 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Common Stocks – 99.7% | | | | | |
| | | | | |
Advertising – 0.2% | | | | | |
The Interpublic Group of Companies, Inc.(1) | | 4,852 | | $158,224 | |
| | | | | |
Aerospace & Defense – 0.7% | | | | | |
Curtiss-Wright Corp. | | 443 | | 92,140 | |
HEICO Corp.(1) | | 740 | | 124,845 | |
Hexcel Corp. | | 2,683 | | 196,664 | |
| | | | 413,649 | |
| | | | | |
Agriculture – 0.3% | | | | | |
Darling Ingredients, Inc.(2) | | 2,705 | | 167,061 | |
| | | | | |
Airlines – 1.2% | | | | | |
Alaska Air Group, Inc.(2) | | 5,807 | | 243,720 | |
American Airlines Group, Inc.(2) | | 34,094 | | 502,204 | |
| | | | 745,924 | |
| | | | | |
Apparel – 1.4% | | | | | |
Capri Holdings Ltd.(2) | | 1,760 | | 92,382 | |
Columbia Sportswear Co.(1) | | 793 | | 58,159 | |
Crocs, Inc.(2) | | 1,373 | | 133,648 | |
Deckers Outdoor Corp.(2) | | 351 | | 185,711 | |
PVH Corp.(1) | | 800 | | 66,880 | |
Ralph Lauren Corp. - Class A(1) | | 502 | | 58,548 | |
Skechers U.S.A., Inc. - Class A(2) | | 1,528 | | 76,874 | |
Tapestry, Inc.(1) | | 2,889 | | 96,261 | |
VF Corp.(1) | | 4,580 | | 90,501 | |
| | | | 858,964 | |
| | | | | |
Auto Manufacturers – 1.6% | | | | | |
Lucid Group, Inc.(1)(2) | | 57,188 | | 359,140 | |
Rivian Automotive, Inc. - Class A(1)(2) | | 27,360 | | 621,893 | |
| | | | 981,033 | |
| | | | | |
Auto Parts & Equipment – 0.7% | | | | | |
BorgWarner, Inc.(1) | | 3,251 | | 132,478 | |
Fox Factory Holding Corp.(2) | | 608 | | 67,373 | |
Gentex Corp. | | 2,742 | | 89,554 | |
Lear Corp.(1) | | 871 | | 125,502 | |
Phinia, Inc.(2) | | 646 | | 17,959 | |
| | | | 432,866 | |
| | | | | |
Banks – 4.5% | | | | | |
Bank OZK(1) | | 1,659 | | 66,642 | |
BOK Financial Corp. | | 812 | | 67,485 | |
Cadence Bank(1) | | 5,353 | | 122,477 | |
Columbia Banking System, Inc. | | 4,218 | | 86,385 | |
Comerica, Inc.(1) | | 2,344 | | 112,770 | |
Commerce Bancshares, Inc.(1) | | 1,449 | | 71,131 |
|
| Shares |
| Value | |
Banks – 4.5% (Continued) | | | | | |
Cullen/Frost Bankers, Inc.(1) | | 1,162 | | $109,844 | |
East West Bancorp, Inc. | | 3,012 | | 166,684 | |
First Citizens BancShares, Inc. - Class A(1) | 495 | | 673,398 | | |
First Financial Bankshares, Inc.(1) | | 1,785 | | 51,265 | |
First Horizon National Corp. | | 8,018 | | 100,626 | |
Glacier Bancorp, Inc.(1) | | 1,809 | | 54,650 | |
Home BancShares, Inc.(1) | | 3,598 | | 79,804 | |
Pinnacle Financial Partners, Inc.(1) | | 1,233 | | 82,068 | |
Prosperity Bancshares, Inc.(1) | | 1,053 | | 59,821 | |
SouthState Corp.(1) | | 1,135 | | 82,060 | |
Synovus Financial Corp.(1) | | 2,085 | | 64,552 | |
United Bankshares, Inc. | | 2,180 | | 65,574 | |
Valley National Bancorp(1) | | 11,234 | | 103,128 | |
Webster Financial Corp.(1) | | 7,018 | | 297,633 | |
Western Alliance Bancorp(1) | | 2,660 | | 133,027 | |
Wintrust Financial Corp.(1) | | 972 | | 75,437 | |
Zions Bancorp N.A.(1) | | 2,515 | | 89,283 | |
| | | | 2,815,744 | |
| | | | | |
Beverages – 1.0% | | | | | |
Celsius Holdings, Inc.(2) | | 1,571 | | 307,979 | |
Molson Coors Brewing Co. - Class B(1) | | 3,784 | | 240,246 | |
National Beverage Corp. | | 999 | | 51,259 | |
| | | | 599,484 | |
| | | | | |
Biotechnology – 1.4% | | | | | |
Apellis Pharmaceuticals, Inc.(2) | | 1,376 | | 58,081 | |
Arrowhead Pharmaceuticals, Inc.(2) | | 1,975 | | 54,589 | |
Exelixis, Inc.(2) | | 3,890 | | 87,097 | |
Halozyme Therapeutics, Inc.(2) | | 2,627 | | 111,805 | |
Intra-Cellular Therapies, Inc.(2) | | 2,979 | | 165,394 | |
Ionis Pharmaceuticals, Inc.(2) | | 964 | | 38,820 | |
Karuna Therapeutics, Inc.(2) | | 272 | | 51,071 | |
Sarepta Therapeutics, Inc.(2) | | 1,276 | | 154,409 | |
United Therapeutics Corp.(2) | | 667 | | 149,648 | |
| | | | 870,914 | |
| | | | | |
Building Materials – 2.3% | | | | | |
AAON, Inc. | | 1,971 | | 124,291 | |
Armstrong World Industries, Inc. | | 593 | | 45,418 | |
Builders FirstSource, Inc.(1)(2) | | 1,475 | | 213,934 | |
Eagle Materials, Inc. | | 446 | | 84,437 | |
Fortune Brands Innovations, Inc. | | 1,075 | | 74,196 | |
Knife River Corp.(1)(2) | | 708 | | 36,434 | |
Lennox International, Inc.(1) | | 395 | | 148,840 | |
Louisiana-Pacific Corp. | | 592 | | 36,988 | |
MDU Resources Group, Inc. | | 2,878 | | 58,596 | |
Mohawk Industries, Inc.(2) | | 2,185 | | 221,537 | |
Owens Corning | | 1,060 | | 152,545 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
SoFi Next 500 ETF
13 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Building Materials – 2.3% (Continued) | | | | | |
Simpson Manufacturing Co., Inc. | | 583 | | $93,140 | |
Trex Co., Inc.(2) | | 1,065 | | 76,009 | |
UFP Industries, Inc. | | 718 | | 74,923 | |
| | | | 1,441,288 | |
| | | | | |
Chemicals – 1.0% | | | | | |
Ashland, Inc.(1) | | 812 | | 70,344 | |
Axalta Coating Systems Ltd.(2) | | 2,917 | | 82,551 | |
Element Solutions, Inc. | | 3,054 | | 62,973 | |
Huntsman Corp. | | 1,934 | | 53,901 | |
Olin Corp.(1) | | 1,482 | | 85,986 | |
RPM International, Inc. | | 1,654 | | 164,970 | |
The Chemours Co. | | 1,707 | | 58,072 | |
Valvoline, Inc. | | 1,476 | | 50,833 | |
| | | | 629,630 | |
| | | | | |
Commercial Services – 4.7% | | | | | |
ADT, Inc.(1) | | 24,554 | | 157,637 | |
Alight, Inc. - Class A(2) | | 5,945 | | 45,420 | |
API Group Corp.(2) | | 7,911 | | 222,695 | |
ASGN, Inc.(2) | | 714 | | 58,662 | |
Avis Budget Group, Inc.(2) | | 665 | | 141,904 | |
Bright Horizons Family Solutions, Inc.(1)(2) | 826 | | 77,991 | | |
Driven Brands Holdings, Inc.(2) | | 6,333 | | 95,312 | |
Dun & Bradstreet Holdings, Inc. | | 20,204 | | 220,224 | |
Euronet Worldwide, Inc.(2) | | 982 | | 85,787 | |
FTI Consulting, Inc.(2) | | 446 | | 82,876 | |
H&R Block, Inc.(1) | | 1,733 | | 69,285 | |
Hertz Global Holdings, Inc.(1)(2) | | 7,745 | | 131,278 | |
Insperity, Inc. | | 550 | | 55,731 | |
ManpowerGroup, Inc. | | 577 | | 45,508 | |
Morningstar, Inc. | | 551 | | 128,201 | |
Paylocity Holding Corp.(2) | | 1,241 | | 248,820 | |
R1 RCM, Inc.(1)(2) | | 5,850 | | 100,854 | |
Robert Half, Inc. | | 1,399 | | 103,470 | |
Service Corp. International(1) | | 1,672 | | 105,520 | |
Toast, Inc. - Class A(2) | | 7,647 | | 169,534 | |
TriNet Group, Inc.(1)(2) | | 592 | | 65,671 | |
WEX, Inc.(2) | | 2,084 | | 408,839 | |
WillScot Mobile Mini Holdings Corp.(2) | | 2,951 | | 121,050 | |
| | | | 2,942,269 | |
| | | | | |
Computers – 3.0% | | | | | |
Amdocs Ltd. | | 1,505 | | 134,246 | |
CACI International, Inc.(2) | | 266 | | 87,251 | |
DXC Technology Co.(2) | | 3,357 | | 69,624 | |
ExlService Holdings, Inc.(2) | | 2,366 | | 69,158 | |
Insight Enterprises, Inc.(2) | | 437 | | 69,959 | |
KBR, Inc. | | 4,459 | | 274,318 |
|
| Shares |
| Value | |
Computers – 3.0% (Continued) | | | | | |
Maximus, Inc.(1) | | 661 | | $53,422 | |
Parsons Corp.(2) | | 1,549 | | 88,324 | |
Pure Storage, Inc.(2) | | 10,530 | | 385,293 | |
Qualys, Inc.(2) | | 635 | | 98,838 | |
Science Applications International Corp. | | 641 | | 75,420 | |
Super Micro Computer, Inc.(1)(2) | | 1,362 | | 374,659 | |
Tenable Holdings, Inc.(2) | | 2,253 | | 102,218 | |
| | | | 1,882,730 | |
| | | | | |
Cosmetics & Personal Care – 0.6% | | | | | |
Coty, Inc.(1)(2) | | 11,234 | | 129,865 | |
elf Beauty, Inc.(2) | | 1,121 | | 155,494 | |
Inter Parfums, Inc. | | 471 | | 65,813 | |
| | | | 351,172 | |
| | | | | |
Distribution & Wholesale – 1.0% | | | | | |
Core & Main, Inc. - Class A(2) | | 3,108 | | 102,067 | |
Pool Corp.(1) | | 471 | | 172,197 | |
SiteOne Landscape Supply, Inc.(2) | | 478 | | 81,829 | |
Watsco, Inc.(1) | | 409 | | 149,101 | |
WESCO International, Inc. | | 741 | | 119,931 | |
| | | | 625,125 | |
| | | | | |
Diversified Financial Services – 2.8% | | | | | |
Affiliated Managers Group, Inc. | | 428 | | 57,356 | |
Air Lease Corp. | | 2,931 | | 119,467 | |
Ally Financial, Inc. | | 3,672 | | 101,678 | |
Blue Owl Capital, Inc. - Class A | | 25,100 | | 299,945 | |
Credit Acceptance Corp.(1)(2) | | 140 | | 70,248 | |
Evercore, Inc. - Class A(1) | | 400 | | 56,020 | |
Houlihan Lokey, Inc. - Class A | | 478 | | 50,352 | |
Interactive Brokers Group, Inc. - Class A(1) | 2,194 | | 199,829 | | |
Invesco Ltd. | | 4,361 | | 69,427 | |
Jefferies Financial Group, Inc. | | 2,086 | | 74,449 | |
Lazard Ltd. | | 1,259 | | 43,738 | |
OneMain Holdings, Inc.(1) | | 1,415 | | 58,737 | |
Radian Group, Inc.(1) | | 1,527 | | 41,351 | |
SEI Investments Co. | | 1,493 | | 92,656 | |
SLM Corp. | | 2,607 | | 37,124 | |
Stifel Financial Corp. | | 1,201 | | 78,089 | |
The Western Union Co. | | 3,394 | | 41,916 | |
Tradeweb Markets, Inc. - Class A | | 1,632 | | 141,054 | |
Voya Financial, Inc. | | 1,684 | | 117,341 | |
| | | | 1,750,777 | |
| | | | | |
Electric – 1.3% | | | | | |
Black Hills Corp. | | 980 | | 53,900 | |
Hawaiian Electric Industries, Inc. | | 1,649 | | 23,119 | |
IDACORP, Inc. | | 609 | | 58,366 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Next 500 ETF
14 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Electric – 1.3% (Continued) | | | | | |
NRG Energy, Inc. | | 2,811 | | $105,553 | |
OGE Energy Corp. | | 1,979 | | 67,385 | |
Ormat Technologies, Inc.(1) | | 801 | | 60,828 | |
Pinnacle West Capital Corp. | | 1,362 | | 105,242 | |
PNM Resources, Inc. | | 1,236 | | 54,767 | |
Portland General Electric Co.(1) | | 1,056 | | 46,316 | |
Vistra Corp. | | 8,059 | | 253,214 | |
| | | | 828,690 | |
| | | | | |
Electrical Components & Equipment – 0.5% | | ||||
Acuity Brands, Inc.(1) | | 390 | | 62,899 | |
Generac Holdings, Inc.(1)(2) | | 689 | | 81,860 | |
Littelfuse, Inc. | | 316 | | 84,397 | |
Universal Display Corp. | | 621 | | 100,950 | |
| | | | 330,106 | |
| | | | | |
Electronics – 2.9% | | | | | |
Allegion PLC | | 1,045 | | 118,931 | |
Arrow Electronics, Inc.(2) | | 655 | | 87,397 | |
Atkore, Inc.(2) | | 534 | | 82,220 | |
Coherent Corp.(2) | | 5,803 | | 218,367 | |
Hubbell, Inc. | | 622 | | 202,803 | |
Jabil, Inc. | | 1,842 | | 210,762 | |
National Instruments Corp. | | 1,868 | | 111,333 | |
nVent Electric PLC | | 2,388 | | 135,017 | |
Sensata Technologies Holding PLC | | 2,182 | | 82,087 | |
SYNNEX Corp. | | 2,988 | | 304,029 | |
Trimble, Inc.(1)(2) | | 2,809 | | 153,905 | |
Woodward, Inc. | | 600 | | 77,622 | |
| | | | 1,784,473 | |
| | | | | |
Energy – Alternate Sources – 0.4% | | | | | |
NextEra Energy Partners LP | | 1,973 | | 98,413 | |
Plug Power, Inc.(1)(2) | | 9,250 | | 78,255 | |
Sunrun, Inc.(1)(2) | | 5,244 | | 81,964 | |
| | | | 258,632 | |
| | | | | |
Engineering & Construction – 1.4% | | | | | |
AECOM | | 1,620 | | 142,155 | |
Comfort Systems USA, Inc. | | 550 | | 101,514 | |
EMCOR Group, Inc. | | 545 | | 122,216 | |
Exponent, Inc. | | 650 | | 58,409 | |
MasTec, Inc.(2) | | 3,102 | | 308,618 | |
TopBuild Corp.(2) | | 568 | | 164,765 | |
| | | | 897,677 | |
| | | | | |
Entertainment – 1.9% | | | | | |
Caesars Entertainment, Inc.(2) | | 3,604 | | 199,157 | |
Churchill Downs, Inc. | | 890 | | 111,499 | |
DraftKings, Inc. - Class A(2) | | 10,280 | | 304,802 |
|
| Shares |
| Value | |
Entertainment – 1.9% (Continued) | | | | | |
International Game Technology PLC | | 4,270 | | $136,725 | |
Light & Wonder, Inc.(2) | | 943 | | 72,300 | |
Marriott Vacations Worldwide Corp.(1) | | 1,344 | | 146,079 | |
Penn Entertainment, Inc.(2) | | 1,649 | | 39,065 | |
SeaWorld Entertainment, Inc.(2) | | 812 | | 39,545 | |
Vail Resorts, Inc. | | 665 | | 150,503 | |
| | | | 1,199,675 | |
| | | | | |
Environmental Control – 0.9% | | | | | |
Casella Waste Systems, Inc. - Class A(2) | | 708 | | 55,769 | |
Clean Harbors, Inc.(2) | | 1,032 | | 174,759 | |
Pentair PLC | | 1,776 | | 124,782 | |
Stericycle, Inc.(2) | | 2,162 | | 95,582 | |
Tetra Tech, Inc. | | 629 | | 98,973 | |
| | | | 549,865 | |
| | | | | |
Food – 2.1% | | | | | |
Albertsons Cos, Inc. | | 6,877 | | 154,045 | |
Flowers Foods, Inc.(1) | | 2,531 | | 59,630 | |
Ingredion, Inc. | | 1,390 | | 143,045 | |
Lancaster Colony Corp. | | 338 | | 55,834 | |
Performance Food Group Co.(1)(2) | | 6,195 | | 384,895 | |
Pilgrim’s Pride Corp.(2) | | 8,542 | | 214,917 | |
Post Holdings, Inc.(1)(2) | | 1,713 | | 153,673 | |
US Foods Holding Corp.(1)(2) | | 3,871 | | 156,505 | |
| | | | 1,322,544 | |
| | | | | |
Food Service – 0.6% | | | | | |
Aramark | | 9,699 | | 360,609 | |
| | | | | |
Gas – 0.9% | | | | | |
National Fuel Gas Co. | | 1,869 | | 100,440 | |
New Jersey Resources Corp. | | 1,592 | | 67,135 | |
NiSource, Inc.(1) | | 5,650 | | 151,194 | |
ONE Gas, Inc.(1) | | 954 | | 69,136 | |
Southwest Gas Holdings, Inc. | | 1,060 | | 65,646 | |
UGI Corp. | | 3,989 | | 100,443 | |
| | | | 553,994 | |
| | | | | |
Hand & Machine Tools – 1.0% | | | | | |
Lincoln Electric Holdings, Inc. | | 768 | | 147,810 | |
MSA Safety, Inc.(1) | | 1,243 | | 227,071 | |
Regal Rexnord Corp.(1) | | 1,385 | | 224,633 | |
| | | | 599,514 | |
| | | | | |
Healthcare – Products – 4.3% | | | | | |
10X Genomics, Inc. - Class A(2) | | 888 | | 46,043 | |
Avantor, Inc.(2) | | 8,126 | | 175,928 | |
Bio-Techne Corp. | | 1,964 | | 153,977 | |
Bruker Corp. | | 1,771 | | 116,178 | |
DENTSPLY SIRONA, Inc. | | 1,763 | | 65,390 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Next 500 ETF
15 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Healthcare – Products – 4.3% (Continued) | | ||||
Envista Holdings Corp.(2) | | 1,884 | | $60,326 | |
Globus Medical, Inc. - Class A(1)(2) | | 967 | | 52,315 | |
Haemonetics Corp.(1)(2) | | 1,282 | | 115,034 | |
ICU Medical, Inc.(1)(2) | | 532 | | 77,156 | |
Inspire Medical Systems, Inc.(2) | | 640 | | 145,203 | |
Integra LifeSciences Holdings Corp.(2) | | 1,082 | | 46,028 | |
Lantheus Holdings, Inc.(1)(2) | | 4,686 | | 320,710 | |
Masimo Corp.(1)(2) | | 1,151 | | 131,536 | |
Merit Medical Systems, Inc.(2) | | 784 | | 51,179 | |
Natera, Inc.(2) | | 1,666 | | 97,844 | |
Penumbra, Inc.(2) | | 1,244 | | 329,038 | |
QuidelOrtho Corp.(1)(2) | | 1,553 | | 127,905 | |
Repligen Corp.(1)(2) | | 786 | | 136,693 | |
Shockwave Medical, Inc.(2) | | 1,884 | | 415,215 | |
| | | | 2,663,698 | |
| | | | | |
Healthcare – Services – 2.3% | | | | | |
Acadia Healthcare Co., Inc.(1)(2) | | 1,301 | | 100,307 | |
agilon health, Inc.(1)(2) | | 10,332 | | 183,083 | |
Catalent, Inc.(2) | | 1,824 | | 91,145 | |
Charles River Laboratories | | 680 | | 140,638 | |
Chemed Corp.(1) | | 164 | | 83,876 | |
DaVita, Inc.(1)(2) | | 873 | | 89,413 | |
Encompass Health Corp. | | 921 | | 65,428 | |
HealthEquity, Inc.(1)(2) | | 1,610 | | 108,755 | |
Medpace Holdings, Inc.(2) | | 436 | | 117,838 | |
Sotera Health Co.(2) | | 2,937 | | 47,403 | |
Surgery Partners, Inc.(2) | | 2,085 | | 75,602 | |
Syneos Health, Inc.(2) | | 1,217 | | 52,002 | |
Teladoc Health, Inc.(1)(2) | | 1,640 | | 37,130 | |
Tenet Healthcare Corp.(2) | | 1,032 | | 80,042 | |
The Ensign Group, Inc. | | 757 | | 75,866 | |
Universal Health Services, Inc. - Class D(1) | 661 | | 89,037 | | |
| | | | 1,437,565 | |
| | | | | |
Home Builders – 0.4% | | | | | |
Meritage Homes Corp. | | 471 | | 65,488 | |
Thor Industries, Inc.(1) | | 496 | | 51,991 | |
Toll Brothers, Inc.(1) | | 1,348 | | 110,441 | |
| | | | 227,920 | |
| | | | | |
Home Furnishings – 0.4% | | | | | |
Dolby Laboratories, Inc. - Class A | | 660 | | 55,750 | |
Leggett & Platt, Inc. | | 1,373 | | 38,719 | |
Tempur Sealy International, Inc.(1) | | 1,875 | | 87,600 | |
Whirlpool Corp.(1) | | 502 | | 70,260 | |
| | | | 252,329 | |
| | | | |
|
| Shares |
| Value | |
Household Products & Wares – 0.1% | | | | | |
Reynolds Consumer Products, Inc. | | 2,289 | | $62,467 | |
| | | | | |
Housewares – 0.1% | | | | | |
Newell Brands, Inc.(1) | | 5,471 | | 57,883 | |
The Scotts Miracle-Gro Co. | | 549 | | 31,106 | |
| | | | 88,989 | |
| | | | | |
Insurance – 3.3% | | | | | |
American Financial Group, Inc. | | 1,046 | | 121,252 | |
Assurant, Inc. | | 562 | | 78,304 | |
Axis Capital Holdings Ltd. | | 1,130 | | 61,992 | |
Corebridge Financial, Inc. | | 8,542 | | 152,304 | |
Equitable Holdings, Inc. | | 11,837 | | 340,906 | |
Erie Indemnity Co. - Class A(1) | | 564 | | 157,204 | |
Essent Group Ltd. | | 1,143 | | 57,401 | |
Fidelity National Financial, Inc. | | 2,436 | | 100,850 | |
First American Financial Corp. | | 966 | | 59,583 | |
Kinsale Capital Group, Inc.(1) | | 335 | | 133,541 | |
Lincoln National Corp. | | 1,661 | | 42,621 | |
MGIC Investment Corp. | | 3,102 | | 54,533 | |
Old Republic International Corp. | | 2,717 | | 74,310 | |
Primerica, Inc. | | 423 | | 85,006 | |
Reinsurance Group of America, Inc. | | 780 | | 108,124 | |
RLI Corp.(1) | | 491 | | 64,576 | |
Ryan Specialty Holdings, Inc. - Class A(2) | | 2,908 | | 141,765 | |
Selective Insurance Group, Inc.(1) | | 686 | | 68,058 | |
The Hanover Insurance Group, Inc. | | 459 | | 48,985 | |
Unum Group | | 2,190 | | 107,726 | |
| | | | 2,059,041 | |
| | | | | |
Internet – 0.9% | | | | | |
Chewy, Inc. - Class A(2) | | 1,712 | | 41,054 | |
F5, Inc.(2) | | 802 | | 131,255 | |
IAC, Inc. - Class A(2) | | 876 | | 48,469 | |
Robinhood Markets, Inc. - Class A(2) | | 9,551 | | 104,010 | |
Roku, Inc. - Class A(1)(2) | | 1,119 | | 90,863 | |
Ziff Davis, Inc.(1)(2) | | 776 | | 51,721 | |
Zillow Group, Inc. - Class A(1)(2) | | 1,745 | | 91,019 | |
| | | | 558,391 | |
| | | | | |
Iron & Steel – 0.8% | | | | | |
ATI, Inc.(1)(2) | | 4,472 | | 202,716 | |
Cleveland-Cliffs, Inc.(1)(2) | | 6,265 | | 95,792 | |
Commercial Metals Co. | | 1,974 | | 111,116 | |
United States Steel Corp.(1) | | 2,620 | | 81,456 | |
| | | | 491,080 | |
| | | | | |
Leisure Time – 1.0% | | | | | |
Brunswick Corp.(1) | | 927 | | 73,344 | |
Harley-Davidson, Inc. | | 1,801 | | 60,784 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Next 500 ETF
16 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Leisure Time – 1.0% (Continued) | | | | | |
Norwegian Cruise Line Holdings Ltd.(1)(2) | | 13,928 | | $230,787 | |
Planet Fitness, Inc. - Class A(2) | | 2,147 | | 130,538 | |
Polaris, Inc.(1) | | 669 | | 74,988 | |
YETI Holdings, Inc.(1)(2) | | 1,016 | | 50,749 | |
| | | | 621,190 | |
| | | | | |
Lodging – 1.2% | | | | | |
Boyd Gaming Corp. | | 1,152 | | 77,035 | |
Choice Hotels International, Inc.(1) | | 739 | | 93,779 | |
Hilton Grand Vacations, Inc.(2) | | 2,985 | | 130,504 | |
Hyatt Hotels Corp. - Class A | | 1,636 | | 183,903 | |
Wyndham Hotels & Resorts, Inc. | | 954 | | 71,922 | |
Wynn Resorts Ltd. | | 1,648 | | 167,074 | |
| | | | 724,217 | |
| | | | | |
Machinery – Construction & Mining – 0.7% | | | |||
BWX Technologies, Inc.(1) | | 992 | | 73,170 | |
Oshkosh Corp. | | 804 | | 83,479 | |
Vertiv Holdings Co. | | 7,386 | | 290,935 | |
| | | | 447,584 | |
| | | | | |
Machinery – Diversified – 2.2% | | | | | |
AGCO Corp. | | 952 | | 123,312 | |
Applied Industrial Technologies, Inc. | | 545 | | 84,132 | |
Chart Industries, Inc.(1)(2) | | 1,021 | | 184,372 | |
Cognex Corp. | | 1,779 | | 83,755 | |
Crane Co.(1) | | 664 | | 60,504 | |
Flowserve Corp. | | 1,531 | | 60,582 | |
Gates Industrial Corp. PLC(2) | | 2,970 | | 36,472 | |
Graco, Inc. | | 1,739 | | 137,277 | |
Nordson Corp. | | 656 | | 160,156 | |
The Middleby Corp.(2) | | 713 | | 103,806 | |
The Toro Co. | | 1,385 | | 141,713 | |
Watts Water Technologies, Inc. - Class A | | 329 | | 62,105 | |
Zurn Elkay Water Solutions Corp. | | 3,683 | | 109,090 | |
| | | | 1,347,276 | |
| | | | | |
Media – 0.9% | | | | | |
Cable One, Inc. | | 62 | | 40,335 | |
Endeavor Group Holdings, Inc. - Class A(2) | 4,885 | | 106,933 | | |
Fox Corp. - Class B | | 3,487 | | 115,280 | |
News Corp. - Class A | | 4,121 | | 88,560 | |
Nexstar Media Group, Inc.(1) | | 467 | | 76,027 | |
The New York Times Co. - Class A | | 1,947 | | 86,194 | |
World Wrestling Entertainment, Inc. - Class A(1) | | 563 | | 54,358 | |
| | | | 567,687 | |
| | | | |
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| Value | |
Metal Fabricate & Hardware – 0.8% | | | | | |
Advanced Drainage Systems, Inc.(1) | | 1,337 | | $171,350 | |
RBC Bearings, Inc.(2) | | 888 | | 204,720 | |
The Timken Co. | | 896 | | 68,472 | |
Valmont Industries, Inc. | | 316 | | 80,106 | |
| | | | 524,648 | |
| | | | | |
Mining – 0.5% | | | | | |
Alcoa Corp. | | 3,875 | | 116,560 | |
MP Materials Corp.(1)(2) | | 4,851 | | 101,580 | |
Royal Gold, Inc. | | 685 | | 76,782 | |
| | | | 294,922 | |
| | | | | |
Miscellaneous Manufacturers – 0.9% | | | | | |
A.O. Smith Corp. - Class A | | 1,496 | | 108,460 | |
Carlisle Companies, Inc. | | 1,063 | | 279,590 | |
Donaldson Co., Inc. | | 1,434 | | 91,590 | |
ITT, Inc. | | 1,002 | | 102,484 | |
| | | | 582,124 | |
| | | | | |
Oil & Gas – 9.2% | | | | | |
Antero Resources Corp.(1)(2) | | 12,368 | | 342,223 | |
APA Corp. | | 8,256 | | 361,943 | |
Chesapeake Energy Corp.(1) | | 3,328 | | 293,563 | |
Chord Energy Corp.(1) | | 2,301 | | 371,611 | |
Civitas Resources, Inc.(1) | | 4,416 | | 363,084 | |
Denbury, Inc.(2) | | 2,075 | | 190,028 | |
EQT Corp.(1) | | 11,562 | | 499,710 | |
Helmerich & Payne, Inc.(1) | | 4,176 | | 166,998 | |
HF Sinclair Corp. | | 8,729 | | 480,881 | |
Matador Resources Co.(1) | | 3,478 | | 220,853 | |
Murphy Oil Corp. | | 7,272 | | 330,149 | |
Noble Corp PLC(1) | | 4,184 | | 220,664 | |
Ovintiv, Inc.(1) | | 5,418 | | 254,429 | |
PBF Energy, Inc. - Class A | | 6,540 | | 306,661 | |
Range Resources Corp.(1) | | 5,868 | | 190,006 | |
Southwestern Energy Co.(2) | | 63,481 | | 430,401 | |
Texas Pacific Land Corp. | | 163 | | 307,214 | |
Transocean Ltd.(2) | | 9,551 | | 78,127 | |
Weatherford International PLC(2) | | 3,443 | | 304,774 | |
| | | | 5,713,319 | |
| | | | | |
Oil & Gas Services – 0.6% | | | | | |
ChampionX Corp.(1) | | 3,774 | | 136,204 | |
NOV, Inc.(1) | | 12,186 | | 257,490 | |
| | | | 393,694 | |
| | | | | |
Other Financial Investment Activities – 0.4% | | | |||
SoFi Technologies, Inc.(1)(2) | | 26,585 | | 230,226 | |
| | | | | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Next 500 ETF
17 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Packaging & Containers – 1.6% | | | | | |
AptarGroup, Inc. | | 721 | | $95,576 | |
Berry Global Group, Inc.(1) | | 1,433 | | 93,632 | |
Crown Holdings, Inc. | | 2,171 | | 201,165 | |
Graphic Packaging Holding Co. | | 6,429 | | 142,981 | |
Sealed Air Corp. | | 1,792 | | 66,411 | |
Silgan Holdings, Inc.(1) | | 1,527 | | 68,913 | |
Sonoco Products Co. | | 3,602 | | 206,935 | |
Westrock Co. | | 3,146 | | 102,906 | |
| | | | 978,519 | |
| | | | | |
Pharmaceuticals – 1.9% | | | | | |
Alkermes PLC(2) | | 1,354 | | 39,523 | |
BellRing Brands, Inc.(2) | | 2,816 | | 116,864 | |
Elanco Animal Health, Inc.(2) | | 12,972 | | 158,258 | |
Henry Schein, Inc.(2) | | 1,504 | | 115,116 | |
Jazz Pharmaceuticals PLC(2) | | 2,072 | | 297,042 | |
Neurocrine Biosciences, Inc.(2) | | 2,028 | | 220,829 | |
Option Care Health, Inc.(2) | | 2,171 | | 75,616 | |
Organon & Co. | | 2,607 | | 57,250 | |
Perrigo Co. PLC | | 2,604 | | 91,140 | |
| | | | 1,171,638 | |
| | | | | |
Pipelines – 0.6% | | | | | |
Antero Midstream Corp. | | 5,469 | | 66,284 | |
DT Midstream, Inc.(1) | | 1,249 | | 65,310 | |
New Fortress Energy, Inc.(1) | | 8,415 | | 261,202 | |
| | | | 392,796 | |
| | | | | |
Private Equity – 0.2% | | | | | |
The Carlyle Group, Inc. | | 3,372 | | 109,084 | |
| | | | | |
| | | | | |
Real Estate – 0.2% | | | | | |
Howard Hughes Holdings, Inc.(2) | | 830 | | 65,279 | |
Jones Lang LaSalle, Inc.(2) | | 537 | | 92,794 | |
| | | | 158,073 | |
| | | | | |
Real Estate Investment Trusts (REITs) – 6.3% | | ||||
AGNC Investment Corp.(1) | | 8,443 | | 83,670 | |
Agree Realty Corp. | | 1,356 | | 83,828 | |
American Homes 4 Rent - Class A | | 4,366 | | 157,351 | |
Americold Realty Trust, Inc. | | 5,982 | | 201,294 | |
Annaly Capital Management, Inc.(1) | | 15,193 | | 307,962 | |
Apartment Income REIT Corp. | | 1,792 | | 61,036 | |
Boston Properties, Inc. | | 2,031 | | 135,610 | |
Brixmor Property Group, Inc. | | 3,423 | | 75,238 | |
Camden Property Trust | | 1,550 | | 166,811 | |
Cousins Properties, Inc. | | 1,624 | | 38,164 | |
CubeSmart | | 3,377 | | 140,855 | |
EastGroup Properties, Inc.(1) | | 564 | | 101,311 |
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| Shares |
| Value | |
Real Estate Investment Trusts (REITs) – 6.3% (Continued) | | ||||
Equity LifeStyle Properties, Inc.(1) | | 2,359 | | $157,959 | |
Federal Realty Investment Trust | | 1,026 | | 100,486 | |
First Industrial Realty Trust, Inc. | | 1,547 | | 80,351 | |
Gaming and Leisure Properties, Inc. | | 3,291 | | 155,993 | |
Healthcare Realty Trust, Inc. | | 4,198 | | 73,549 | |
Independence Realty Trust, Inc.(1) | | 7,713 | | 129,810 | |
Kilroy Realty Corp. | | 1,494 | | 55,203 | |
Kimco Realty Corp.(1) | | 11,148 | | 211,143 | |
Kite Realty Group Trust | | 7,044 | | 158,983 | |
Lamar Advertising Co. - Class A(1) | | 1,151 | | 104,994 | |
Medical Properties Trust, Inc.(1) | | 6,874 | | 49,630 | |
National Storage Affiliates Trust(1) | | 1,558 | | 52,349 | |
NNN REIT, Inc. | | 2,133 | | 84,019 | |
Omega Healthcare Investors, Inc. | | 2,013 | | 64,054 | |
Rayonier, Inc. | | 1,379 | | 41,232 | |
Regency Centers Corp. | | 2,032 | | 126,390 | |
Rexford Industrial Realty, Inc. | | 3,518 | | 188,107 | |
Rithm Capital Corp. | | 4,606 | | 47,488 | |
Ryman Hospitality Properties, Inc. | | 1,849 | | 157,221 | |
Spirit Realty Capital, Inc. | | 2,022 | | 78,069 | |
STAG Industrial, Inc. - Class A(1) | | 2,056 | | 75,106 | |
Starwood Property Trust, Inc.(1) | | 5,480 | | 111,956 | |
Terreno Realty Corp. | | 1,322 | | 80,497 | |
| | | | 3,937,719 | |
| | | | | |
Retail – 3.3% | | | | | |
Academy Sports & Outdoors, Inc.(1) | | 849 | | 46,330 | |
Advance Auto Parts, Inc.(1) | | 673 | | 46,316 | |
Asbury Automotive Group, Inc.(1)(2) | | 486 | | 111,780 | |
AutoNation, Inc.(1)(2) | | 505 | | 79,331 | |
Bath & Body Works, Inc. | | 2,364 | | 87,161 | |
BJ’s Wholesale Club Holdings, Inc.(1)(2) | | 1,780 | | 119,954 | |
Casey’s General Stores, Inc. | | 566 | | 138,336 | |
Dick’s Sporting Goods, Inc.(1) | | 660 | | 76,784 | |
FirstCash Holdings, Inc. | | 1,032 | | 92,178 | |
Five Below, Inc.(1)(2) | | 668 | | 114,869 | |
Floor & Decor Holdings, Inc.(1)(2) | | 1,467 | | 146,260 | |
GameStop Corp.(1)(2) | | 4,052 | | 75,165 | |
Lithia Motors, Inc. - Class B(1) | | 367 | | 113,043 | |
Macy’s, Inc.(1) | | 3,301 | | 40,371 | |
MSC Industrial Direct Co., Inc. - Class A | | 616 | | 62,869 | |
Murphy USA, Inc.(1) | | 341 | | 108,315 | |
Penske Automotive Group, Inc.(1) | | 837 | | 137,519 | |
RH(1)(2) | | 204 | | 74,499 | |
Texas Roadhouse, Inc. | | 841 | | 87,548 | |
The Gap, Inc.(1) | | 4,184 | | 48,451 | |
The Wendy’s Co.(1) | | 2,561 | | 50,682 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Next 500 ETF
18 |
The accompanying notes are an integral part of these financial statements.
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| Shares |
| Value | |
Retail – 3.3% (Continued) | | | | | |
Williams-Sonoma, Inc.(1) | | 770 | | $108,724 | |
Wingstop, Inc. | | 375 | | 60,240 | |
| | | | 2,026,725 | |
| | | | | |
Savings & Loans – 0.3% | | | | | |
New York Community Bancorp, Inc.(1) | | 10,629 | | 130,524 | |
TFS Financial Corp. | | 3,975 | | 54,100 | |
| | | | 184,624 | |
| | | | | |
Semiconductors – 2.7% | | | | | |
Allegro MicroSystems, Inc.(2) | | 3,555 | | 135,979 | |
Amkor Technology, Inc. | | 3,333 | | 93,191 | |
Cirrus Logic, Inc.(1)(2) | | 851 | | 69,816 | |
Entegris, Inc. | | 2,529 | | 256,112 | |
IPG Photonics Corp.(2) | | 518 | | 56,130 | |
Lattice Semiconductor Corp.(1)(2) | | 2,799 | | 272,231 | |
MACOM Technology Solutions Holdings, Inc.(2) | | 1,019 | | 86,167 | |
MKS Instruments, Inc. | | 754 | | 75,573 | |
Power Integrations, Inc.(1) | | 571 | | 47,975 | |
Rambus, Inc.(1)(2) | | 4,403 | | 248,637 | |
Silicon Laboratories, Inc.(1)(2) | | 1,037 | | 139,850 | |
Synaptics, Inc.(2) | | 700 | | 61,278 | |
Wolfspeed, Inc.(1)(2) | | 3,172 | | 151,685 | |
| | | | 1,694,624 | |
| | | | | |
Shipbuilding – 0.2% | | | | | |
Huntington Ingalls Industries, Inc. | | 517 | | 113,905 | |
| | | | | |
Software – 7.1% | | | | | |
AppLovin Corp. - Class A(1)(2) | | 2,876 | | 124,301 | |
Bentley Systems, Inc. - Class A(1) | | 4,033 | | 201,287 | |
BILL Holdings, Inc.(1)(2) | | 3,220 | | 371,266 | |
Black Knight, Inc.(2) | | 2,172 | | 164,551 | |
BlackLine, Inc.(2) | | 1,738 | | 104,384 | |
CCC Intelligent Solutions Holdings, Inc.(2) | 15,720 | | 168,204 | | |
Ceridian HCM Holding, Inc.(1)(2) | | 2,914 | | 211,323 | |
Concentrix Corp. | | 761 | | 60,751 | |
Confluent, Inc. - Class A(2) | | 4,272 | | 141,361 | |
DigitalOcean Holdings, Inc.(1)(2) | | 4,025 | | 108,876 | |
DoubleVerify Holdings, Inc.(1)(2) | | 3,410 | | 115,292 | |
Doximity, Inc. - Class A(2) | | 1,712 | | 40,814 | |
Dropbox, Inc. - Class A(2) | | 3,893 | | 108,186 | |
Duolingo, Inc. - Class A(2) | | 707 | | 104,042 | |
Dynatrace, Inc.(2) | | 10,269 | | 494,966 | |
Elastic NV(2) | | 1,798 | | 111,260 | |
Five9, Inc.(2) | | 1,474 | | 106,673 | |
Guidewire Software, Inc.(2) | | 1,119 | | 96,715 | |
Informatica, Inc. - Class A(2) | | 6,610 | | 138,480 |
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| Shares |
| Value | |
Software – 7.1% (Continued) | | | | | |
Manhattan Associates, Inc.(2) | | 781 | | $158,246 | |
New Relic, Inc.(2) | | 1,219 | | 103,749 | |
Nutanix, Inc.(2) | | 3,756 | | 116,812 | |
Paycor HCM, Inc.(1)(2) | | 3,483 | | 81,746 | |
Pegasystems, Inc.(1) | | 801 | | 39,778 | |
Procore Technologies, Inc.(1)(2) | | 2,513 | | 169,753 | |
SentinelOne, Inc. - Class B(1)(2) | | 7,000 | | 116,410 | |
Smartsheet, Inc.(2) | | 2,699 | | 112,629 | |
SPS Commerce, Inc.(1)(2) | | 526 | | 97,904 | |
Teradata Corp.(2) | | 1,857 | | 85,923 | |
UiPath, Inc. - Class A(2) | | 10,048 | | 158,859 | |
Workiva, Inc. - Class A(2) | | 583 | | 65,209 | |
ZoomInfo Technologies, Inc.(1)(2) | | 8,004 | | 144,232 | |
| | | | 4,423,982 | |
| | | | | |
Telecommunications – 0.7% | | | | | |
Ciena Corp.(2) | | 1,934 | | 96,661 | |
Frontier Communications Parent, Inc.(2) | | 1,958 | | 31,367 | |
Iridium Communications, Inc. | | 2,653 | | 129,865 | |
Juniper Networks, Inc. | | 5,416 | | 157,714 | |
| | | | 415,607 | |
| | | | | |
Toys, Games & Hobbies – 0.3% | | | | | |
Hasbro, Inc. | | 1,446 | | 104,112 | |
Mattel, Inc.(2) | | 3,448 | | 76,408 | |
| | | | 180,520 | |
| | | | | |
Transportation – 0.8% | | | | | |
GXO Logistics, Inc.(1)(2) | | 1,618 | | 103,504 | |
Knight-Swift Transportation | | 2,084 | | 114,245 | |
Landstar System, Inc. | | 435 | | 82,567 | |
Saia, Inc.(2) | | 341 | | 145,334 | |
XPO, Inc.(1)(2) | | 836 | | 62,391 | |
| | | | 508,041 | |
| | | | | |
Water – 0.2% | | | | | |
Essential Utilities, Inc. | | 3,655 | | 134,870 | |
| | | | | |
Total Common Stocks | | | | | |
(Cost $58,652,879) | | | | 62,071,727 | |
| | | | | |
Short-Term Investments – 0.3% | | | | | |
| | | | | |
Money Market Funds – 0.3% | | | | | |
First American Government Obligations Fund, Class X, 5.248%(3) | | 153,655 | | 153,655 | |
| | | | | |
Total Short-Term Investments | | | | | |
(Cost $153,655) | | | | 153,655 | |
| | | | | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Next 500 ETF
19 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Investments Purchased with Collateral from Securities Lending – 33.4% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(3) | | 20,816,983 | | $20,816,983 | |
Total Investments Purchased with Collateral from Securities Lending | | ||||
(Cost $20,816,983) | | | | 20,816,983 | |
| | | | | |
Total Investments in Securities – 133.3% | | | | ||
(Cost $79,623,516) | | | | 83,042,365 | |
Liabilities in Excess of Other Assets – (33.3)% | | (20,762,468 | ) | ||
Total Net Assets – 100.0% | | | | $62,279,896 | |
(1)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $20,377,360 or 32.7% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(2)Non-income producing security.
(3)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SoFi Social 50 ETF
20 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
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| Shares |
| Value | |
Common Stocks – 99.7% | | | | | |
Aerospace & Defense – 1.2% | | | | | |
The Boeing Co.(1) | | 816 | | $182,808 | |
Airlines – 1.5% | | | | | |
American Airlines Group, Inc.(1) | | 6,288 | | 92,622 | |
Delta Air Lines, Inc. | | 3,315 | | 142,147 | |
| | | | 234,769 | |
Apparel – 0.4% | | | | | |
Nike, Inc. - Class A | | 614 | | 62,450 | |
Auto Manufacturers – 19.2% | | | | | |
Ford Motor Co. | | 23,304 | | 282,678 | |
Lucid Group, Inc.(1)(2) | | 34,949 | | 219,480 | |
NIO, Inc. - Class C - ADR(1)(2) | | 18,983 | | 194,955 | |
Rivian Automotive, Inc. - Class A(1)(2) | | 31,876 | | 724,542 | |
Tesla, Inc.(1) | | 6,368 | | 1,643,453 | |
| | | | 3,065,108 | |
Banks – 2.0% | | | | | |
NU Holdings Ltd. - Class A(1) | | 46,549 | | 318,861 | |
Beverages – 1.0% | | | | | |
The Coca-Cola Co. | | 2,736 | | 163,695 | |
Biotechnology – 0.5% | | | | | |
Moderna, Inc.(1)(2) | | 723 | | 81,750 | |
Commercial Services – 2.4% | | | | | |
Block, Inc. - Class A(1) | | 2,574 | | 148,391 | |
PayPal Holdings, Inc.(1) | | 3,779 | | 236,225 | |
| | | | 384,616 | |
Computers – 10.2% | | | | | |
Apple, Inc. | | 8,666 | | 1,628,081 | |
Diversified Financial Services – 1.6% | | | | | |
Coinbase Global, Inc. - Class A(1)(2) | | 3,128 | | 248,989 | |
Entertainment – 1.6% | | | | | |
AMC Entertainment Holdings, Inc.(1)(2) | | 6,223 | | 78,094 | |
DraftKings, Inc. - Class A(1) | | 6,035 | | 178,938 | |
| | | | 257,032 | |
Food – 0.1% | | | | | |
Beyond Meat, Inc.(1)(2) | | 1,511 | | 17,830 | |
Healthcare – Products – 0.2% | | | | | |
GE HealthCare Technologies, Inc. | | 350 | | 24,658 | |
Insurance – 3.0% | | | | | |
Berkshire Hathaway, Inc. - Class A(1) | | 1,339 | | 482,308 | |
| | | | |
|
| Shares |
| Value | |
Internet – 21.3% | | | | | |
Airbnb, Inc. - Class A(1)(2) | | 1,509 | | $198,509 | |
Alibaba Group Holding Ltd. - ADR(1)(2) | | 2,172 | | 201,779 | |
Alphabet, Inc. - Class A(1) | | 6,112 | | 832,271 | |
Amazon.com, Inc.(1) | | 6,378 | | 880,228 | |
Meta Platforms, Inc. - Class A(1) | | 2,188 | | 647,407 | |
Netflix, Inc.(1) | | 578 | | 250,667 | |
Shopify, Inc. - Class A(1) | | 5,089 | | 338,367 | |
Snap, Inc. - Class A(1)(2) | | 3,765 | | 38,968 | |
| | | | 3,388,196 | |
Leisure Time – 1.4% | | | | | |
Carnival Corp.(1)(2) | | 12,080 | | 191,106 | |
Virgin Galactic Holdings, Inc. - Class A(1)(2) | 14,922 | | 37,603 | | |
| | | | 228,709 | |
Media – 3.7% | | | | | |
The Walt Disney Co. | | 6,417 | | 536,975 | |
Warner Bros Discovery, Inc.(1)(2) | | 3,681 | | 48,368 | |
| | | | 585,343 | |
Miscellaneous Manufacturers – 0.4% | | | | | |
General Electric Co.(2) | | 527 | | 60,320 | |
Oil & Gas – 1.2% | | | | | |
Exxon Mobil Corp. | | 1,691 | | 188,022 | |
Pharmaceuticals – 2.1% | | | | | |
Johnson & Johnson | | 820 | | 132,578 | |
Pfizer, Inc. | | 4,043 | | 143,041 | |
Tilray Brands, Inc.(1)(2) | | 19,954 | | 59,064 | |
| | | | 334,683 | |
Retail – 5.8% | | | | | |
Costco Wholesale Corp. | | 584 | | 320,780 | |
GameStop Corp.(1)(2) | | 11,230 | | 208,317 | |
Starbucks Corp. | | 1,277 | | 124,431 | |
Target Corp. | | 1,199 | | 151,733 | |
Walmart, Inc. | | 768 | | 124,884 | |
| | | | 930,145 | |
Semiconductors – 8.0% | | | | | |
Advanced Micro Devices, Inc.(1) | | 3,720 | | 393,279 | |
NVIDIA Corp. | | 1,786 | | 881,480 | |
| | | | 1,274,759 | |
Software – 9.0% | | | | | |
Microsoft Corp. | | 2,441 | | 800,062 | |
Palantir Technologies, Inc. - Class A(1)(2) | | 38,998 | | 584,190 | |
Zoom Video Communications, Inc. - Class A(1) | | 687 | | 48,798 | |
| | | | 1,433,050 | |
SoFi Social 50 ETF
21 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
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| Shares |
| Value | |
Telecommunications – 1.9% | | | | | |
AT&T, Inc.(2) | | 17,747 | | $262,478 | |
Nokia Oyj - ADR(2) | | 9,018 | | 35,982 | |
| | | | 298,460 | |
Total Common Stocks | | | | | |
(Cost $15,855,360) | | | | 15,874,642 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund, Class X, 5.248%(3) | | 22,546 | | 22,546 | |
Total Short-Term Investments | | | | | |
(Cost $22,547) | | | | 22,546 | |
Investments Purchased with Collateral from Securities Lending – 18.0% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(3) | | 2,871,970 | | 2,871,970 | |
Total Investments Purchased with Collateral from Securities Lending | | | | | |
(Cost $2,871,970) | | | | 2,871,970 | |
Total Investments in Securities – 117.8% | | | | ||
(Cost $18,749,877) | | | | 18,769,158 | |
Liabilities in Excess of Other Assets - (17.8)% | | (2,834,332 | ) | ||
Total Net Assets – 100.0% | | | | $15,934,826 | |
ADRAmerican Depositary Receipt.
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $2,728,572 or 17.1% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SoFi Be Your Own Boss ETF
22 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 100.0% | | | | | |
Advertising Services – 1.1% | | | | | |
The Trade Desk, Inc. - Class A(1)(2) | | 982 | | $78,590 | |
Applications Software – 5.3% | | | | | |
Five9, Inc.(1) | | 912 | | 66,001 | |
Materialise NV - ADR(1) | | 6,840 | | 46,238 | |
Microsoft Corp. | | 238 | | 78,007 | |
Monday.com Ltd.(1) | | 1,042 | | 184,893 | |
| | | | 375,139 | |
Auto Manufacturers – 1.9% | | | | | |
Rivian Automotive, Inc. - Class A(1)(2) | | 1,724 | | 39,187 | |
Tesla, Inc.(1)(2) | | 377 | | 97,296 | |
| | | | 136,483 | |
Commercial Services – 0.5% | | | | | |
IWG PLC(1) | | 14,335 | | 32,551 | |
Commercial Services – Finance – 10.8% | | | | | |
Adyen NV(1) | | 54 | | 45,275 | |
Block, Inc. - Class A(1) | | 3,474 | | 200,276 | |
PayPal Holdings, Inc.(1) | | 2,359 | | 147,461 | |
Shift4 Payments, Inc. - Class A(1)(2) | | 1,892 | | 107,447 | |
StoneCo Ltd. - Class A(1) | | 15,531 | | 190,410 | |
Yeahka Ltd.(1) | | 34,099 | | 67,835 | |
| | | | 758,704 | |
Communications Software – 0.8% | | | | | |
2U, Inc.(1) | | 8,776 | | 27,820 | |
Zoom Video Communications, Inc. - Class A(1) | | 444 | | 31,537 | |
| | | | 59,357 | |
Computer Software – 10.7% | | | | | |
Cloudflare, Inc. - Class A(1)(2) | | 923 | | 60,023 | |
DraftKings, Inc. - Class A(1) | | 6,509 | | 192,992 | |
Dropbox, Inc. - Class A(1)(2) | | 1,849 | | 51,384 | |
Fastly, Inc.(1) | | 3,565 | | 84,811 | |
Lightspeed Commerce, Inc.(1) | | 4,094 | | 66,855 | |
MongoDB, Inc. - Class A(1)(2) | | 137 | | 52,238 | |
Snowflake, Inc.(1) | | 994 | | 155,909 | |
Splunk, Inc.(1) | | 584 | | 70,816 | |
Twilio, Inc.(1) | | 251 | | 15,991 | |
| | | | 751,019 | |
Computers – Other – 3.3% | | | | | |
Nano Dimension Ltd. - ADR(1)(2) | | 31,981 | | 101,700 | |
Stratasys Ltd.(1) | | 8,679 | | 127,581 | |
| | | | 229,281 |
|
| Shares |
| Value | |
Data Processing & Management – 0.1% | | | | | |
DocuSign, Inc.(1) | | 222 | | $11,167 | |
E-Commerce & Products – 9.2% | | | | | |
Alibaba Group Holding Ltd. - ADR(1)(2) | | 2,005 | | 186,264 | |
eBay, Inc.(2) | | 682 | | 30,540 | |
Etsy, Inc.(1)(2) | | 329 | | 24,205 | |
Farfetch Ltd. - Class A(1)(2) | | 4,036 | | 11,503 | |
JD.com, Inc. - Class A - ADR | | 2,785 | | 92,490 | |
JD.com, Inc. - Class A | | 452 | | 7,424 | |
PDD Holdings, Inc. - ADR(1) | | 1,875 | | 185,569 | |
Rakuten Group, Inc. | | 18,822 | | 73,473 | |
Sea Ltd. - Class A - ADR(1)(2) | | 934 | | 35,146 | |
| | | | 646,614 | |
E-Commerce & Services – 13.7% | | | | | |
Airbnb, Inc. - Class A(1)(2) | | 1,830 | | 240,737 | |
BASE, Inc.(1) | | 4,180 | | 10,279 | |
Demae-Can Co. Ltd. | | 3,380 | | 9,356 | |
Fiverr International Ltd.(1)(2) | | 1,283 | | 36,117 | |
Lyft, Inc. - Class A(1)(2) | | 2,189 | | 25,787 | |
MercadoLibre, Inc.(1)(2) | | 176 | | 241,535 | |
Uber Technologies, Inc.(1) | | 4,006 | | 189,203 | |
Upwork, Inc.(1) | | 14,246 | | 210,983 | |
| | | | 963,997 | |
E-Marketing – Information – 0.5% | | | | | |
Jumia Technologies AG - ADR(1) | | 10,759 | | 33,030 | |
Enterprise Software & Services – 6.3% | | | | | |
HubSpot, Inc.(1) | | 224 | | 122,421 | |
Salesforce, Inc.(1) | | 316 | | 69,981 | |
UiPath, Inc. - Class A(1) | | 12,295 | | 194,384 | |
Workday, Inc. - Class A(1) | | 242 | | 59,169 | |
| | | | 445,955 | |
Entertainment Software – 7.6% | | | | | |
HUYA, Inc. - Class A - ADR(1) | | 17,924 | | 48,036 | |
NetEase, Inc. - ADR | | 1,545 | | 159,877 | |
ROBLOX Corp. - Class A(1)(2) | | 5,128 | | 145,071 | |
Unity Software, Inc.(1)(2) | | 4,933 | | 182,866 | |
| | | | 535,850 | |
Finance – Consumer Loans – 1.2% | | | | | |
Dave, Inc. - Class A(1) | | 455 | | 3,503 | |
LendingClub Corp.(1) | | 3,502 | | 24,374 | |
LendingTree, Inc.(1) | | 904 | | 17,095 | |
Upstart Holdings, Inc.(1)(2) | | 1,283 | | 41,274 | |
| | | | 86,246 | |
Finance – Other Services – 3.4% | | | | | |
Coinbase Global, Inc. - Class A(1)(2) | | 3,019 | | 240,312 | |
SoFi Be Your Own Boss ETF
23 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Internet Application Software – 4.2% | | | | | |
Shopify, Inc. - Class A(1) | | 4,457 | | $296,346 | |
Internet Content – Entertainment – 6.1% | | | | | |
JOYY, Inc. - Class A - ADR | | 2,512 | | 86,212 | |
Pinterest, Inc. - Class A(1) | | 2,264 | | 62,237 | |
Snap, Inc. - Class A(1)(2) | | 6,390 | | 66,136 | |
Spotify Technology SA(1) | | 1,378 | | 212,171 | |
| | | | 426,756 | |
Internet Content – Information & News – 6.3% | | | | ||
Bilibili, Inc. - Class Z - ADR(1)(2) | | 1,876 | | 28,384 | |
DiDi Global, Inc. - Class A - ADR(1) | | 18,913 | | 64,871 | |
Meituan - Class B(1) | | 5,027 | | 82,376 | |
Nerdy, Inc. - Class A(1) | | 19,832 | | 92,814 | |
Tencent Holdings Ltd. | | 4,205 | | 174,275 | |
| | | | 442,720 | |
Medical – HMO – 1.4% | | | | | |
Oscar Health, Inc. - Class A(1) | | 15,486 | | 97,097 | |
Medical – Outpatient & Home Medicine – 1.1% | | ||||
Teladoc Health, Inc.(1)(2) | | 3,538 | | 80,100 | |
Metal Processors & Fabrication – 1.2% | | | | | |
Proto Labs, Inc.(1) | | 2,939 | | 86,701 | |
Property & Casualty Insurance – 1.1% | | | | | |
Lemonade, Inc.(1)(2) | | 5,782 | | 79,560 | |
Real Estate Operations & Development – 0.0%(3) | | | | ||
WeWork, Inc. - Class A(1)(2) | | 5,058 | | 597 | |
Web Portals & ISPs – 2.2% | | | | | |
Baidu, Inc. - Class A - ADR(1)(2) | | 1,084 | | 154,828 | |
Yandex NV - Class A(1)(4) | | 4,764 | | 0 | |
| | | | 154,828 | |
Total Common Stocks | | | | | |
(Cost $16,530,435) | | | | 7,049,000 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund, Class X, 5.248%(5) | | 3,966 | | 3,966 | |
Total Short-Term Investments | | | | | |
(Cost $3,966) | | | | 3,966 |
|
| Shares |
| Value | |
Investments Purchased with Collateral from Securities Lending – 31.8% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(5) | | 2,244,633 | | $2,244,633 | |
Total Investments Purchased with Collateral from Securities Lending | | ||||
(Cost $2,244,633) | | | | 2,244,633 | |
Total Investments in Securities – 131.9% | | | |||
(Cost $18,779,034) | | | | 9,297,599 | |
Liabilities in Excess of Other Assets – (31.9)% | | (2,247,285 | ) | ||
Total Net Assets – 100.0% | | | | $7,050,314 | |
ADRAmerican Depositary Receipt.
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $2,182,599 or 31.0% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)Does not round to 0.1% or (0.1)%, as applicable.
(4)The security is fair valued.
(5)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SoFi Weekly Income ETF
24 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
|
| Principal |
| Value | |
Asset Backed Securities – 2.9% | | | | | |
AB Issuer, LLC, Series 2021-1, Class A2 | | | | | |
3.734%, 07/30/2051 (1) | | $88,650 | | $75,009 | |
DB Master Finance, LLC, Series 2021-1A, | | ||||
2.045%, 11/20/2051 (1) | | 78,600 | | 69,182 | |
ITE Rail Fund Levered L.P., Series | | | | | |
2.250%, 02/28/2051 | | 88,609 | | 76,075 | |
Planet Fitness Master Issuer, LLC, Series 2022-1A, Class A2I | | | | | |
3.251%, 12/05/2051 | | 74,063 | | 66,671 | |
ServiceMaster Funding, LLC, Series 2020-1, Class A2II | | | | | |
3.337%, 01/30/2051 | | 109,296 | | 87,811 | |
SERVPRO Master Issuer, LLC, Series 2021-1A, Class A2 | | | | | |
2.394%, 04/25/2051 | | 123,165 | | 102,967 | |
Total Asset Backed Securities | | | | | |
(Cost $557,071) | | | | 477,715 | |
Corporate Bonds – 92.0% | | | | | |
Aerospace & Defense – 1.9% | | | | | |
Bombardier, Inc. | | | | | |
7.875%, 04/15/2027 | | 121,000 | | 120,817 | |
7.500%, 02/01/2029 | | 65,000 | | 63,752 | |
TransDigm, Inc. | | | | | |
6.250%, 03/15/2026 | | 86,000 | | 85,265 | |
6.750%, 08/15/2028 | | 40,000 | | 40,190 | |
| | | | 310,024 | |
Agriculture – 0.7% | | | | | |
Vector Group Ltd. | | | | | |
5.750%, 02/01/2029 | | 128,000 | | 111,545 | |
Airlines – 1.7% | | | | | |
Delta Air Lines, Inc. | | | | | |
7.375%, 01/15/2026 | | 113,000 | | 116,375 | |
Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets Ltd. | | | | | |
6.500%, 06/20/2027 | | 135,200 | | 134,865 | |
United Airlines, Inc. | | | | | |
4.375%, 04/15/2026 | | 32,000 | | 30,189 | |
| | | | 281,429 | |
Apparel – 0.9% | | | | | |
Hanesbrands, Inc. | | | | | |
4.875%, 05/15/2026 (7) | | 166,000 | | 155,359 |
|
| Principal |
| Value | |
Auto Manufacturers – 2.9% | | | | | |
Allison Transmission, Inc. | | | | | |
4.750%, 10/01/2027 | | 105,000 | | $98,673 | |
Ford Motor Credit Co., LLC | | | | | |
3.664%, 09/08/2024 | | 400,000 | | 388,374 | |
| | | | 487,047 | |
Auto Parts & Equipment – 2.3% | | | | | |
American Axle & Manufacturing, Inc. | | | | | |
6.500%, 04/01/2027 (7) | | 50,000 | | 47,435 | |
Clarios Global L.P. / Clarios US Finance Co. | | | | | |
6.750%, 05/15/2028 | | 80,000 | | 79,864 | |
Dana, Inc. | | | | | |
5.375%, 11/15/2027 | | 102,000 | | 96,587 | |
Tenneco, Inc. | | | | | |
8.000%, 11/17/2028 | | 20,000 | | 16,445 | |
ZF North America Capital, Inc. | | | | | |
6.875%, 04/14/2028 | | 150,000 | | 149,663 | |
| | | | 389,994 | |
Banks – 5.4% | | | | | |
Barclays PLC | | | | | |
5.304%, ( 1 Year CMT Rate + 2.300%), 08/09/2026 (1)(2) | | 200,000 | | 197,143 | |
Citizens Financial Group, Inc. | | | | | |
8.533% (3 Month LIBOR USD 3.003%), 10/06/2023 (1)(2)(3)(8) | | 132,000 | | 118,137 | |
Credit Suisse AG/New York NY | | | | | |
7.950%, 01/09/2025 | | 250,000 | | 255,042 | |
Fifth Third Bancorp | | | | | |
6.339% (SOFR +2.340%), 07/27/2029 (1) | 40,000 | | 40,506 | | |
NatWest Group PLC | | | | | |
6.000% (5 Year CMT Rate + 5.625%), 12/29/2025 (1)(2)(3) | | 200,000 | | 184,295 | |
Truist Financial Corp. | | | | | |
4.950% (5 Year CMT Rate + 4.605%), 09/01/2025 (1)(2)(3) | | 60,000 | | 55,899 | |
Wells Fargo & Co. | | | | | |
3.900% (5 Year CMT Rate + 3.453%), 03/15/2026 (1)(2)(3) | | 65,000 | | 57,663 | |
| | | | 908,685 | |
Building Materials – 0.9% | | | | | |
Eco Material Technologies, Inc. | | | | | |
7.875%, 01/31/2027 | | 90,000 | | 87,842 | |
Knife River Corp. | | | | | |
7.750%, 05/01/2031 | | 65,000 | | 66,614 | |
| | | | 154,456 | |
SoFi Weekly Income ETF
25 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
|
| Principal |
| Value | |
Chemicals – 0.5% | | | | | |
Olin Corp. | | | | | |
5.125%, 09/15/2027 | | 43,000 | | $41,211 | |
The Chemours Co. | | | | | |
4.625%, 11/15/2029 | | 56,000 | | 46,606 | |
| | | | 87,817 | |
Commercial Services – 2.5% | | | | | |
Allied Universal Holdco LLC / Allied Universal Finance Corp. | | | | | |
6.625%, 07/15/2026 | | 129,000 | | 122,829 | |
Block, Inc. | | | | | |
2.750%, 06/01/2026 | | 94,000 | | 85,569 | |
Global Payments, Inc. | | | | | |
4.950%, 08/15/2027 | | 84,000 | | 81,922 | |
The Brink’s Co. | | | | | |
4.625%, 10/15/2027 | | 59,000 | | 54,918 | |
Upbound Group, Inc. | | | | | |
6.375%, 02/15/2029 | | 75,000 | | 68,205 | |
| | | | 413,443 | |
Computers – 0.9% | | | | | |
KBR, Inc. | | | | | |
4.750%, 09/30/2028 | | 105,000 | | 94,698 | |
Seagate HDD Cayman | | | | | |
8.250%, 12/15/2029 | | 53,000 | | 55,651 | |
| | | | 150,349 | |
Distribution & Wholesale – 0.7% | | | | | |
LKQ Corp. | | | | | |
5.750%, 06/15/2028 | | 125,000 | | 124,046 | |
Diversified Financial Services – 7.8% | | | | | |
AerCap Holdings N.V. | | | | | |
5.875% (5 Year CMT Rate + 4.535%), 10/10/2079 (1)(2)(7) | | 238,000 | | 230,138 | |
Aircastle Ltd. | | | | | |
4.250%, 06/15/2026 | | 45,000 | | 42,739 | |
Avolon Holdings Funding Ltd. | | | | | |
4.250%, 04/15/2026 | | 116,000 | | 109,479 | |
BGC Partners, Inc. | | | | | |
4.375%, 12/15/2025 | | 62,000 | | 57,745 | |
Castlelake Aviation Finance DAC | | | | | |
5.000%, 04/15/2027 | | 67,000 | | 61,835 | |
The Depository Trust & Clearing Corp. | | | | | |
3.375% (5 Year CMT Rate + 2.606%), 06/20/2026 (1)(2)(3) | | 250,000 | | 185,916 | |
Navient Corp. | | | | | |
6.750%, 06/15/2026 | | 111,000 | | 109,175 |
|
| Principal |
| Value | |
Diversified Financial Services – 7.8% (Continued) | | ||||
OneMain Finance Corp. | | | | | |
3.500%, 01/15/2027 | | 221,000 | | $192,524 | |
7.125%, 03/15/2026 | | 56,000 | | 55,154 | |
Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc. | | | | | |
6.375%, 02/01/2027 | | 93,000 | | 87,238 | |
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. | | | | | |
2.875%, 10/15/2026 | | 151,000 | | 134,352 | |
SLM Corp. | | | | | |
4.200%, 10/29/2025 | | 38,000 | | 35,773 | |
| | | | 1,302,068 | |
Electric – 2.5% | | | | | |
American Electric Power Co., Inc. | | | | | |
5.699%, 08/15/2025 | | 85,000 | | 85,111 | |
NextEra Energy Operating Partners L.P. | | | | | |
4.250%, 09/15/2024 | | 180,000 | | 172,907 | |
3.875%, 10/15/2026 | | 56,000 | | 51,798 | |
Talen Energy Supply, LLC | | | | | |
8.625%, 06/01/2030 | | 60,000 | | 62,536 | |
TransAlta Corp. | | | | | |
7.750%, 11/15/2029 | | 49,000 | | 50,782 | |
| | | | 423,134 | |
Electrical Components & Equipment – 0.5% | | | | ||
EnerSys | | | | | |
4.375%, 12/15/2027 | | 86,000 | | 78,771 | |
Entertainment – 3.5% | | | | | |
Allwyn Entertainment Financing UK PLC | | | | | |
7.875%, 04/30/2029 | | 200,000 | | 204,000 | |
Caesars Entertainment, Inc. | | | | | |
6.250%, 07/01/2025 | | 115,000 | | 114,211 | |
Jacobs Entertainment, Inc. | | | | | |
6.750%, 02/15/2029 | | 80,000 | | 72,573 | |
Light & Wonder International, Inc. | | | | | |
7.000%, 05/15/2028 | | 65,000 | | 64,816 | |
Scientific Games Holdings LP/Scientific Games US FinCo, Inc. | | | | | |
6.625%, 03/01/2030 | | 140,000 | | 123,537 | |
| | | | 579,137 | |
Environmental Control – 1.0% | | | | | |
Stericycle, Inc. | | | | | |
5.375%, 07/15/2024 | | 167,000 | | 166,564 | |
Healthcare – Products – 0.3% | | | | | |
Garden Spinco Corp. | | | | | |
8.625%, 07/20/2030 | | 40,000 | | 42,742 | |
SoFi Weekly Income ETF
26 |
The accompanying notes are an integral part of these financial statements.
|
| Principal |
| Value | |
Healthcare Services – 2.9% | | | | | |
CHS/Community Health Systems, Inc. | | | | | |
8.000%, 03/15/2026 (7) | | 126,000 | | $123,139 | |
DaVita, Inc. | | | | | |
4.625%, 06/01/2030 | | 60,000 | | 51,519 | |
Encompass Health Corp. | | | | | |
4.500%, 02/01/2028 | | 70,000 | | 65,087 | |
Fortrea Holdings, Inc. | | | | | |
7.500%, 07/01/2030 | | 75,000 | | 73,500 | |
Pediatrix Medical Group, Inc. | | | | | |
5.375%, 02/15/2030 | | 100,000 | | 91,290 | |
Tenet Healthcare Corp. | | | | | |
5.125%, 11/01/2027 | | 88,000 | | 83,765 | |
| | | | 488,300 | |
Home Builders – 1.5% | | | | | |
Ashton Woods USA LLC / Ashton Woods Finance Co. | | | | | |
6.625%, 01/15/2028 | | 56,000 | | 53,579 | |
Dream Finders Homes, Inc. | | | | | |
8.250%, 08/15/2028 | | 130,000 | | 132,161 | |
LGI Homes, Inc. | | | | | |
4.000%, 07/15/2029 | | 78,000 | | 64,574 | |
| | | | 250,314 | |
Insurance – 1.4% | | | | | |
Global Atlantic Fin Co. | | | | | |
7.950%, 06/15/2033 | | 50,000 | | 49,120 | |
NMI Holdings, Inc. | | | | | |
7.375%, 06/01/2025 | | 84,000 | | 84,645 | |
SBL Holdings, Inc. | | | | | |
5.125%, 11/13/2026 | | 121,000 | | 108,603 | |
| | | | 242,368 | |
Internet – 0.9% | | | | | |
Uber Technologies, Inc. | | | | | |
8.000%, 11/01/2026 | | 63,000 | | 64,203 | |
7.500%, 05/15/2025 | | 78,000 | | 78,823 | |
| | | | 143,026 | |
Investment Companies – 5.2% | | | | | |
Bain Capital Specialty Finance, Inc. | | | | | |
2.950%, 03/10/2026 | | 88,000 | | 78,842 | |
Blackstone Private Credit Fund | | | | | |
2.625%, 12/15/2026 | | 156,000 | | 134,305 | |
Blue Owl Credit Income Corp. | | | | | |
4.700%, 02/08/2027 | | 132,000 | | 121,099 | |
Blue Owl Technology Finance Corp. | | | | | |
4.750%, 12/15/2025 | | 229,000 | | 212,036 |
|
| Principal |
| Value | |
Investment Companies – 5.2% (Continued) | | | | ||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | | | | | |
4.750%, 09/15/2024 | | 90,000 | | $87,085 | |
5.250%, 05/15/2027 | | 50,000 | | 43,929 | |
Oaktree Specialty Lending Corp. | | | | | |
2.700%, 01/15/2027 | | 54,000 | | 46,995 | |
Sixth Street Specialty Lending, Inc. | | | | | |
6.950%, 08/14/2028 | | 65,000 | | 64,881 | |
3.875%, 11/01/2024 | | 89,000 | | 86,344 | |
| | | | 875,516 | |
Iron & Steel – 1.1% | | | | | |
Cleveland-Cliffs, Inc. | | | | | |
5.875%, 06/01/2027 | | 86,000 | | 82,919 | |
Mineral Resources Ltd. | | | | | |
8.125%, 05/01/2027 | | 46,000 | | 45,953 | |
8.000%, 11/01/2027 | | 51,000 | | 50,885 | |
| | | | 179,757 | |
Leisure Time – 1.8% | | | | | |
Carnival Corp. | | | | | |
7.625%, 03/01/2026 (7) | | 97,000 | | 96,800 | |
NCL Corp. Ltd. | | | | | |
5.875%, 02/15/2027 | | 54,000 | | 52,377 | |
NCL Corp. Ltd. | | | | | |
8.375%, 02/01/2028 | | 65,000 | | 67,058 | |
Royal Caribbean Cruises Ltd. | | | | | |
4.250%, 07/01/2026 | | 95,000 | | 88,659 | |
| | | | 304,894 | |
Media – 6.1% | | | | | |
AMC Networks, Inc. | | | | | |
4.750%, 08/01/2025 | | 95,000 | | 89,146 | |
Block Communications, Inc. | | | | | |
4.875%, 03/01/2028 | | 95,000 | | 78,722 | |
CCO Holdings LLC / CCO Holdings Capital Corp. | | | | | |
5.125%, 05/01/2027 | | 138,000 | | 129,857 | |
6.375%, 09/01/2029 (7) | | 51,000 | | 48,330 | |
CSC Holdings, LLC | | | | | |
5.250%, 06/01/2024 | | 149,000 | | 141,480 | |
DISH DBS Corp. | | | | | |
5.875%, 11/15/2024 | | 37,000 | | 34,449 | |
5.250%, 12/01/2026 | | 184,000 | | 155,447 | |
Gray Television, Inc. | | | | | |
7.000%, 05/15/2027 | | 84,000 | | 75,483 | |
Midcontinent Communications / Midcontinent Finance Corp. | | | | | |
5.375%, 08/15/2027 | | 44,000 | | 41,674 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Weekly Income ETF
27 |
The accompanying notes are an integral part of these financial statements.
|
| Principal |
| Value | |
Media – 6.1% (Continued) | | | | | |
Nexstar Media, Inc. | | | | | |
4.750%, 11/01/2028 | | 55,000 | | $48,308 | |
Sirius XM Radio, Inc. | | | | | |
4.000%, 07/15/2028 | | 122,000 | | 105,754 | |
3.125%, 09/01/2026 | | 78,000 | | 70,481 | |
| | | | 1,019,131 | |
Metal Fabricate & Hardware – 0.5% | | | | | |
Advanced Drainage Systems, Inc. | | | | | |
6.375%, 06/15/2030 | | 88,000 | | 86,768 | |
Mining – 1.0% | | | | | |
Arsenal AIC Parent, LLC | | | | | |
8.000%, 10/01/2030 | | 85,000 | | 86,912 | |
Hudbay Minerals, Inc. | | | | | |
4.500%, 04/01/2026 | | 78,000 | | 73,702 | |
| | | | 160,614 | |
Miscellaneous Manufacturers – 0.4% | | | | | |
Trinity Industries, Inc. | | | | | |
7.750%, 07/15/2028 | | 60,000 | | 61,084 | |
Oil & Gas – 6.3% | | | | | |
Civitas Resources, Inc. | | | | | |
8.375%, 07/01/2028 | | 100,000 | | 103,125 | |
CNX Resources Corp. | | | | | |
7.375%, 01/15/2031 | | 70,000 | | 69,939 | |
Comstock Resources, Inc. | | | | | |
6.750%, 03/01/2029 | | 90,000 | | 84,292 | |
Earthstone Energy Holdings, LLC | | | | | |
9.875%, 07/15/2031 | | 60,000 | | 65,837 | |
Occidental Petroleum Corp. (6) | | | | | |
5.138%, 10/10/2036 | | 186,000 | | 97,203 | |
Ovintiv, Inc. | | | | | |
5.650%, 05/15/2028 (5)(6) | | 80,000 | | 79,437 | |
Parkland Corp. | | | | | |
5.875%, 07/15/2027 | | 105,000 | | 101,574 | |
Permian Resources Operating, LLC | | | | | |
6.875%, 04/01/2027 | | 65,000 | | 64,675 | |
Range Resources Corp. | | | | | |
4.875%, 05/15/2025 | | 64,000 | | 62,620 | |
Southwestern Energy Co. | | | | | |
5.700%, 01/23/2025 (4) | | 86,000 | | 85,243 | |
Strathcona Resources Ltd./Alberta | | | | | |
6.875%, 08/01/2026 (7) | | 127,000 | | 119,074 | |
Vital Energy, Inc. | | | | | |
9.500%, 01/15/2025 | | 70,000 | | 70,422 | |
7.750%, 07/31/2029 | | 55,000 | | 49,553 | |
| | | | 1,052,994 |
|
| Principal |
| Value | |
Oil & Gas Services – 0.7% | | | | | |
Enerflex Ltd. | | | | | |
9.000%, 10/15/2027 | | 116,000 | | $115,505 | |
Packaging & Containers – 3.0% | | | | | |
Berry Global, Inc. | | | | | |
4.875%, 07/15/2026 | | 90,000 | | 86,951 | �� |
LABL, Inc. | | | | | |
6.750%, 07/15/2026 | | 143,000 | | 139,928 | |
Mauser Packaging Solutions Holding Co. | | | | | |
7.875%, 08/15/2026 (7) | | 100,000 | | 98,564 | |
OI European Group BV | | | | | |
4.750%, 02/15/2030 | | 46,000 | | 41,974 | |
Owens-Brockway Glass Container, Inc. | | | | | |
7.250%, 05/15/2031 | | 65,000 | | 65,663 | |
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer, LLC | | | | | |
4.000%, 10/15/2027 | | 75,000 | | 67,524 | |
| | | | 500,604 | |
Pharmaceuticals – 1.3% | | | | | |
BellRing Brands, Inc. | | | | | |
7.000%, 03/15/2030 | | 80,000 | | 80,108 | |
Owens & Minor, Inc. | | | | | |
6.625%, 04/01/2030 (7) | | 90,000 | | 81,958 | |
Teva Pharmaceutical Finance Netherlands III BV | | | | | |
3.150%, 10/01/2026 | | 65,000 | | 58,833 | |
| | | | 220,899 | |
Pipelines – 6.6% | | | | | |
Buckeye Partners L.P. | | | | | |
3.950%, 12/01/2026 | | 121,000 | | 111,714 | |
4.125%, 03/01/2025 | | 50,000 | | 48,197 | |
Columbia Pipelines Holding Co., LLC | | | | | |
6.042%, 08/15/2028 | | 100,000 | | 101,006 | |
Energy Transfer L.P. | | | | | |
6.500% (5 Year CMT Rate + 5.694%), 11/15/2026 (1)(2)(3) | | 95,000 | | 86,882 | |
Enterprise Products Operating, LLC | | | | | |
8.619% (3 Month LIBOR USD + 3.248%), 08/16/2077 (1)(8) | | 136,000 | | 133,713 | |
EQM Midstream Partners L.P. | | | | | |
6.500%, 07/01/2027 | | 50,000 | | 49,729 | |
Genesis Energy L.P. / Genesis Energy Finance Corp. | | | | | |
6.250%, 05/15/2026 | | 90,000 | | 87,378 | |
Global Partners L.P. / GLP Finance Corp. | | | | | |
7.000%, 08/01/2027 | | 51,000 | | 50,281 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Weekly Income ETF
28 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
|
| Principal |
| Value | |
Pipelines – 6.6% (Continued) | | | | | |
Hess Midstream Operations L.P. | | | | | |
5.125%, 06/15/2028 | | 113,000 | | $106,103 | |
New Fortress Energy, Inc. | | | | | |
6.500%, 09/30/2026 | | 180,000 | | 167,476 | |
NuStar Logistics L.P. | | | | | |
5.750%, 10/01/2025 (7) | | 167,000 | | 163,924 | |
| | | | 1,106,403 | |
Real Estate – 0.9% | | | | | |
Cushman & Wakefield US Borrower, LLC | | | | | |
8.875%, 09/01/2031 | | 60,000 | | 60,546 | |
Newmark Group, Inc. | | | | | |
6.125%, 11/15/2023 (1) | | 88,000 | | 87,906 | |
| | | | 148,452 | |
Real Estate Investment Trusts (REITs) – 3.4% | | | | ||
Blackstone Mortgage Trust, Inc. | | | | | |
3.750%, 01/15/2027 | | 73,000 | | 62,505 | |
EPR Properties | | | | | |
4.750%, 12/15/2026 | | 140,000 | | 128,714 | |
MPT Operating Partnership L.P. / MPT Finance Corp. | | | | | |
5.000%, 10/15/2027 (7) | | 173,000 | | 136,871 | |
RHP Hotel Properties L.P. / | | | | | |
7.250%, 07/15/2028 | | 65,000 | | 65,383 | |
Starwood Property Trust, Inc. | | | | | |
4.750%, 03/15/2025 | | 78,000 | | 75,481 | |
3.750%, 12/31/2024 | | 38,000 | | 36,576 | |
VICI Properties L.P. / VICI Note Co., Inc. | | | | | |
3.750%, 02/15/2027 | | 71,000 | | 65,244 | |
| | | | 570,774 | |
Retail – 5.2% | | | | | |
Academy Ltd. | | | | | |
6.000%, 11/15/2027 | | 84,000 | | 80,564 | |
Asbury Automotive Group, Inc. | | | | | |
4.500%, 03/01/2028 | | 108,000 | | 98,617 | |
Bath & Body Works, Inc. | | | | | |
6.694%, 01/15/2027 | | 109,000 | | 109,132 | |
Beacon Roofing Supply, Inc. | | | | | |
6.500%, 08/01/2030 | | 65,000 | | 64,285 | |
Evergreen Acqco 1 L.P. / TVI, Inc. | | | | | |
9.750%, 04/26/2028 | | 85,000 | | 88,715 | |
FirstCash, Inc. | | | | | |
4.625%, 09/01/2028 | | 91,000 | | 81,027 | |
Group 1 Automotive, Inc. | | | | | |
4.000%, 08/15/2028 | | 102,000 | | 90,662 |
|
| Principal |
| Value | |
Retail – 5.2% (Continued) | | | | | |
LCM Investments Holdings II, LLC | | | | | |
8.250%, 08/01/2031 | | 90,000 | | $90,141 | |
Lithia Motors, Inc. | | | | | |
3.875%, 06/01/2029 | | 50,000 | | 42,979 | |
Macy’s Retail Holdings, LLC | | | | | |
5.875%, 03/15/2030 | | 59,000 | | 51,678 | |
QVC, Inc. | | | | | |
4.850%, 04/01/2024 | | 66,000 | | 64,186 | |
| | | | 861,986 | |
Semiconductors – 1.0% | | | | | |
Amkor Technology, Inc. | | | | | |
6.625%, 09/15/2027 | | 167,000 | | 167,059 | |
Software – 0.6% | | | | | |
Consensus Cloud Solutions, Inc. | | | | | |
6.000%, 10/15/2026 | | 116,000 | | 108,142 | |
Telecommunications – 2.5% | | | | | |
Altice France SA/France | | | | | |
8.125%, 02/01/2027 | | 200,000 | | 169,208 | |
Frontier Communications Holdings, LLC | | | | | |
5.875%, 10/15/2027 | | 85,000 | | 77,495 | |
5.000%, 05/01/2028 | | 40,000 | | 34,312 | |
Level 3 Financing, Inc. | | | | | |
4.250%, 07/01/2028 (7) | | 61,000 | | 40,051 | |
Lumen Technologies, Inc. | | | | | |
4.000%, 02/15/2027 | | 165,000 | | 104,142 | |
| | | | 425,208 | |
Toys, Games, & Hobbies – 0.8% | | | | | |
Mattel, Inc. | | | | | |
3.375%, 04/01/2026 | | 137,000 | | 127,660 | |
Total Corporate Bonds | | | | | |
(Cost $15,988,407) | | | | 15,384,068 | |
Mortgage Backed Securities – 1.2% | | | | | |
Federal Home Loan Mortgage Corporation REMICS | | | | | |
4.000%, 07/15/2047 | | 106,964 | | 17,468 | |
Federal National Mortgage Association Interest Strips | | | | | |
5.000%, 01/25/2043 | | 508,802 | | 88,958 | |
4.000%, 01/25/2048 | | 393,763 | | 47,441 | |
Federal National Mortgage Association REMICS | | | | | |
3.000%, 03/25/2028 | | 726,943 | | 31,088 | |
5.000%, 07/25/2046 | | 65,984 | | 10,507 | |
0.574% (SOFR + 1.500%), 05/25/2051 (1) | 271,860 | | 162 | |
SoFi Weekly Income ETF
29 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
|
| Principal |
| Value | |
Total Mortgage Backed Securities | | | | | |
(Cost $148,832) | | | | $195,624 | |
United States Treasury Obligations – 1.8% | | | | ||
United States Treasury Bills – 1.8% | | | | | |
United States Treasury Bills (5)(6) | | | | | |
2.628%, 9/14/2023 | | 130,000 | | 129,754 | |
2.994%, 3/21/2024 | | 181,000 | | 175,789 | |
Total United States Treasury Obligations | | | | | |
(Cost $305,573) | | | | 305,543 | |
|
| Shares |
|
| |
Short-Term Investments – 1.1% | | | | | |
Money Market Funds – 1.1% | | | | | |
First American Government Obligations Fund, Class X, 5.248% (9) | | 177,680 | | 177,680 | |
Total Short-Term Investments | | | |
| |
(Cost $177,680) | | | | 177,680 | |
Investments Purchased with Collateral from Securities Lending – 7.8% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540% (9) | | 1,303,469 | | 1,303,469 | |
Total Investments Purchased with Collateral from Securities Lending | | ||||
(Cost $1,303,469) | | | | 1,303,469 | |
Total Investments in Securities – 106.8% | | | | | |
(Cost $18,481,033) | | | | 17,844,099 | |
Liabilities in Excess of Other Assets – (6.8)% | | (1,138,859 | ) | ||
Total Net Assets – 100.0% | | | | $16,705,240 | |
CMTConstant Maturity Treasury Rate
LIBORLondon Interbank Offered Rate
SOFRSecured Overnight Financing Rate
USDUnited States Dollar
(1)Variable rate security; rate shown is the rate in effect on August 31, 2023. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
(2)Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on August 31, 2023. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.
(3)Perpetual call date security. Date shown is next call date.
(4)Step-up bond; the interest rate shown is the rate in effect as of August 31, 2023.
(5)Rate represents the annualized effective yield to maturity from the purchase price.
(6)Zero coupon security.
(7)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $1,276,935 or 7.6% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(8)Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.
(9)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SoFi Weekly Dividend ETF
30 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 98.9% | | | | | |
Advertising – 0.0% (1) | | | | | |
Dentsu Group, Inc. | | 154 | | $4,607 | |
Aerospace & Defense – 2.5% | | | | | |
BAE Systems PLC | | 2,367 | | 30,219 | |
General Dynamics Corp. | | 175 | | 39,662 | |
IHI Corp. | | 112 | | 2,794 | |
Kawasaki Heavy Industries Ltd. | | 119 | | 3,056 | |
Lockheed Martin Corp. (2) | | 198 | | 88,773 | |
RTX Corp. | | 1,134 | | 97,569 | |
| | | | 262,073 | |
Agriculture – 1.0% | | | | | |
Archer-Daniels-Midland Co. | | 420 | | 33,306 | |
British American Tobacco PLC | | 1,592 | | 52,904 | |
Japan Tobacco, Inc. | | 860 | | 18,850 | |
| | | | 105,060 | |
Airlines – 0.1% | | | | | |
Singapore Airlines Ltd. | | 1,030 | | 5,240 | |
Apparel – 0.4% | | | | | |
Burberry Group PLC | | 294 | | 8,136 | |
Kering SA | | 55 | | 29,501 | |
| | | | 37,637 | |
Auto Manufacturers – 3.4% | | | | | |
Bayerische Motoren Werke AG | | 236 | | 24,889 | |
Cummins, Inc. | | 110 | | 25,304 | |
Daimler Truck Holding AG | | 334 | | 11,778 | |
Isuzu Motors Ltd. | | 450 | | 5,780 | |
Mazda Motor Corp. | | 444 | | 4,674 | |
Mercedes-Benz Group AG | | 610 | | 44,716 | |
PACCAR, Inc. | | 401 | | 32,998 | |
Stellantis NV | | 1,695 | | 31,598 | |
Toyota Motor Corp. | | 8,837 | | 152,660 | |
Volkswagen AG | | 22 | | 3,150 | |
Volvo AB - Class A | | 1,156 | | 23,353 | |
| | | | 360,900 | |
Auto Parts & Equipment – 0.4% | | | | | |
Bridgestone Corp. | | 425 | | 16,526 | |
Cie Generale des Etablissements Michelin SCA | | 521 | | 16,348 | |
Niterra Co. Ltd. | | 145 | | 3,371 | |
Pirelli & C SpA | | 192 | | 960 | |
Toyota Boshoku Corp. | | 55 | | 1,042 | |
Toyota Industries Corp. | | 129 | | 9,126 | |
| | | | 47,373 |
|
| Shares |
| Value | |
Banks – 14.2% | | | | | |
Bank Hapoalim BM | | 945 | | $7,847 | |
Bank of America Corp. (2) | | 5,427 | | 155,592 | |
Bank of Montreal | | 554 | | 47,651 | |
Barclays PLC | | 12,067 | | 22,532 | |
Canadian Imperial Bank of Commerce | | 713 | | 28,215 | |
Citigroup, Inc. | | 1,469 | | 60,655 | |
Citizens Financial Group, Inc. | | 375 | | 10,549 | |
Commonwealth Bank of Australia | | 1,297 | | 85,832 | |
DBS Group Holdings Ltd. | | 1,421 | | 35,038 | |
Deutsche Bank AG | | 1,511 | | 16,485 | |
Fifth Third Bancorp | | 527 | | 13,992 | |
HSBC Holdings PLC (3) | | 15,384 | | 113,669 | |
Huntington Bancshares, Inc. (2) | | 1,116 | | 12,376 | |
Israel Discount Bank Ltd. | | 933 | | 4,679 | |
JPMorgan Chase & Co. | | 2,252 | | 329,535 | |
M&T Bank Corp. | | 130 | | 16,256 | |
Morgan Stanley | | 1,002 | | 85,320 | |
National Bank of Canada | | 261 | | 18,166 | |
NatWest Group PLC | | 3,493 | | 10,198 | |
Northern Trust Corp. | | 161 | | 12,247 | |
Oversea-Chinese Banking Corp. Ltd. | | 2,497 | | 23,204 | |
Regions Financial Corp. (2) | | 737 | | 13,517 | |
Royal Bank of Canada | | 1,077 | | 96,910 | |
State Street Corp. | | 259 | | 17,804 | |
The Bank of New York Mellon Corp. | | 594 | | 26,653 | |
The Bank of Nova Scotia | | 931 | | 44,123 | |
The Chiba Bank Ltd. | | 506 | | 3,620 | |
The PNC Financial Services Group, Inc. | | 309 | | 37,306 | |
The Toronto-Dominion Bank | | 1,420 | | 86,505 | |
U.S. Bancorp | | 1,149 | | 41,973 | |
United Overseas Bank Ltd. | | 1,040 | | 21,901 | |
| | | | 1,500,350 | |
Beverages – 1.9% | | | | | |
Carlsberg AS - Class A | | 71 | | 10,298 | |
JDE Peet’s NV | | 72 | | 2,007 | |
Kirin Holdings Co. Ltd. | | 633 | | 8,896 | |
The Coca-Cola Co. | | 3,022 | | 180,806 | |
Treasury Wine Estates Ltd. | | 549 | | 4,149 | |
| | | | 206,156 | |
Biotechnology – 0.7% | | | | | |
Gilead Sciences, Inc. | | 968 | | 74,033 | |
Building Materials – 1.0% | | | | | |
Cie de Saint-Gobain SA | | 361 | | 23,571 | |
CRH PLC (3) | | 565 | | 32,525 | |
Geberit AG | | 26 | | 13,500 | |
SoFi Weekly Dividend ETF
31 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Building Materials – 1.0% (Continued) | | | | | |
Heidelberg Materials AG | | 105 | | $8,465 | |
Holcim AG | | 398 | | 26,388 | |
Wienerberger AG | | 73 | | 2,016 | |
| | | | 106,465 | |
Chemicals – 2.1% | | | | | |
Air Products and Chemicals, Inc. | | 170 | | 50,233 | |
Air Water, Inc. | | 128 | | 1,612 | |
Dow, Inc. (2) | | 549 | | 29,953 | |
Eastman Chemical Co. | | 90 | | 7,651 | |
FMC Corp. | | 95 | | 8,192 | |
Givaudan SA | | 7 | | 23,364 | |
Kuraray Co. Ltd. | | 252 | | 2,866 | |
Nissan Chemical Corp. | | 100 | | 4,292 | |
Nitto Denko Corp. | | 111 | | 7,585 | |
Nutrien Ltd. | | 385 | | 24,356 | |
Shin-Etsu Chemical Co. Ltd. | | 1,521 | | 48,675 | |
Solvay SA | | 54 | | 6,265 | |
Toray Industries, Inc. | | 1,140 | | 6,155 | |
Yara International ASA | | 119 | | 4,351 | |
| | | | 225,550 | |
Coal – 0.0% (1) | | | | | |
Whitehaven Coal Ltd. | | 614 | | 2,422 | |
Commercial Services – 0.9% | | | | | |
Automatic Data Processing, Inc. | | 321 | | 81,730 | |
Brambles Ltd. | | 1,057 | | 10,248 | |
Persol Holdings Co. Ltd. | | 143 | | 2,451 | |
| | | | 94,429 | |
Computers – 0.2% | | | | | |
Hewlett Packard Enterprise Co. | | 1,000 | | 16,990 | |
Cosmetics & Personal Care – 3.8% | | | | | |
Essity AB - Class A | | 460 | | 10,742 | |
Kao Corp. | | 351 | | 13,595 | |
The Procter & Gamble Co. | | 1,829 | | 282,288 | |
Unilever PLC | | 1,935 | | 99,108 | |
| | | | 405,733 | |
Distribution & Wholesale – 1.4% | | | | | |
ITOCHU Corp. | | 964 | | 36,233 | |
Marubeni Corp. | | 1,302 | | 21,325 | |
Mitsubishi Corp. | | 953 | | 47,105 | |
Mitsui & Co. Ltd. | | 1,160 | | 43,282 | |
| | | | 147,945 | |
Diversified Financial Services – 1.4% | | | | | |
Ally Financial, Inc. | | 210 | | 5,815 | |
BlackRock, Inc. | | 115 | | 80,562 |
|
| Shares |
| Value | |
Diversified Financial Services – 1.4% (Continued) | | | | ||
Discover Financial Services | | 197 | | $17,744 | |
IGM Financial, Inc. | | 74 | | 2,107 | |
Singapore Exchange Ltd. | | 622 | | 4,435 | |
St James’s Place PLC | | 416 | | 4,664 | |
Synchrony Financial (2) | | 340 | | 10,975 | |
T. Rowe Price Group, Inc. | | 171 | | 19,192 | |
| | | | 145,494 | |
Electric – 5.0% | | | | | |
A2A SpA | | 1,072 | | 2,059 | |
Alliant Energy Corp. | | 190 | | 9,532 | |
Ameren Corp. | | 203 | | 16,092 | |
American Electric Power Co., Inc. | | 400 | | 31,360 | |
CLP Holdings Ltd. | | 1,476 | | 11,576 | |
CMS Energy Corp. (2) | | 226 | | 12,699 | |
DTE Energy Co. | | 159 | | 16,437 | |
EDP - Energias de Portugal SA | | 2,145 | | 9,915 | |
Electric Power Development Co. Ltd. | | 128 | | 1,998 | |
Emera, Inc. | | 203 | | 7,600 | |
Endesa SA | | 245 | | 5,100 | |
Entergy Corp. | | 164 | | 15,621 | |
Evergy, Inc. | | 172 | | 9,455 | |
Eversource Energy | | 270 | | 17,231 | |
Exelon Corp. (2) | | 771 | | 30,933 | |
Fortis Inc/Canada | | 376 | | 14,727 | |
Hera SpA | | 532 | | 1,614 | |
Hydro One Ltd. | | 236 | | 6,126 | |
Iberdrola SA | | 4,509 | | 53,637 | |
National Grid PLC | | 2,858 | | 35,860 | |
NextEra Energy, Inc. | | 1,571 | | 104,943 | |
Origin Energy Ltd. | | 1,326 | | 7,480 | |
Public Service Enterprise Group, Inc. | | 387 | | 23,638 | |
Redeia Corp. SA | | 313 | | 5,097 | |
Sempra Energy | | 489 | | 34,338 | |
Verbund AG | | 25 | | 2,051 | |
WEC Energy Group, Inc. | | 245 | | 20,609 | |
Xcel Energy, Inc. | | 427 | | 24,395 | |
| | | | 532,123 | |
Electrical Components & Equipment – 0.7% | | | | ||
Schneider Electric SE | | 418 | | 71,944 | |
Electronics – 0.7% | | | | | |
ABB Ltd. | | 1,215 | | 46,344 | |
Garmin Ltd. | | 118 | | 12,510 | |
Kyocera Corp. | | 258 | | 13,252 | |
SCREEN Holdings Co. Ltd. | | 34 | | 3,468 | |
Venture Corp. Ltd. | | 207 | | 2,010 | |
| | | | 77,584 | |
SoFi Weekly Dividend ETF
32 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Engineering & Construction – 0.6% | | | | | |
Bouygues SA | | 151 | | $5,228 | |
CK Infrastructure Holdings Ltd. | | 462 | | 2,339 | |
Kajima Corp. | | 320 | | 5,349 | |
Keppel Corp. Ltd. | | 1,084 | | 5,571 | |
Obayashi Corp. | | 500 | | 4,530 | |
Vinci SA | | 376 | | 42,017 | |
| | | | 65,034 | |
Environmental Control – 0.2% | | | | | |
Republic Services, Inc. | | 160 | | 23,061 | |
Food – 2.4% | | | | | |
Campbell Soup Co. (2) | | 150 | | 6,255 | |
Carrefour SA | | 456 | | 8,745 | |
CK Hutchison Holdings Ltd. | | 2,067 | | 11,268 | |
Coles Group Ltd. | | 988 | | 10,411 | |
Conagra Brands, Inc. | | 369 | | 11,026 | |
General Mills, Inc. | | 454 | | 30,718 | |
Hormel Foods Corp. | | 216 | | 8,336 | |
Kesko Oyj - B Shares | | 184 | | 3,599 | |
Koninklijke Ahold Delhaize NV | | 745 | | 24,399 | |
Mondelez International, Inc. | | 1,055 | | 75,179 | |
Saputo, Inc. | | 190 | | 4,102 | |
The Kroger Co. (2) | | 551 | | 25,561 | |
Tyson Foods, Inc. - Class A | | 220 | | 11,719 | |
WH Group Ltd. | | 5,909 | | 3,044 | |
Woolworths Group Ltd. | | 938 | | 23,164 | |
| | | | 257,526 | |
Forest Products & Paper – 0.2% | | | | | |
Holmen AB - Class A | | 71 | | 2,694 | |
International Paper Co. | | 267 | | 9,324 | |
Oji Holdings Corp. | | 707 | | 2,894 | |
Smurfit Kappa Group PLC | | 195 | | 8,208 | |
| | | | 23,120 | |
Gas – 0.3% | | | | | |
Atmos Energy Corp. (2) | | 112 | | 12,986 | |
Canadian Utilities Ltd. - Class A | | 90 | | 2,130 | |
China Gas Holdings Ltd. | | 2,052 | | 2,094 | |
Naturgy Energy Group SA | | 95 | | 2,757 | |
NiSource, Inc. (2) | | 307 | | 8,215 | |
| | | | 28,182 | |
Hand & Machine Tools – 0.3% | | | | | |
Amada Co. Ltd. | | 262 | | 2,778 | |
Fuji Electric Co. Ltd. | | 99 | | 4,675 | |
Snap-on, Inc. | | 40 | | 10,744 | |
Techtronic Industries Co. Ltd. | | 1,062 | | 10,496 | |
| | | | 28,693 |
|
| Shares |
| Value | |
Healthcare – Products – 0.8% | | | | | |
EBOS Group Ltd. | | 121 | | $2,734 | |
Elekta AB - B Shares | | 263 | | 1,883 | |
Medtronic PLC | | 1,033 | | 84,189 | |
| | | | 88,806 | |
Healthcare – Services – 0.2% | | | | | |
Fresenius SE & Co. KGaA | | 319 | | 10,252 | |
Medibank Pvt Ltd. | | 2,095 | | 4,966 | |
Sonic Healthcare Ltd. | | 349 | | 7,269 | |
| | | | 22,487 | |
Holding Companies – Diversified – 0.0% (1) | | | | | |
Swire Pacific Ltd. - Class A | | 319 | | 2,632 | |
Home Builders – 0.2% | | | | | |
Berkeley Group Holdings PLC | | 81 | | 4,168 | |
Open House Group Co. Ltd. | | 58 | | 1,962 | |
Sekisui Chemical Co. Ltd. | | 299 | | 4,592 | |
Sekisui House Ltd. | | 463 | | 9,447 | |
Taylor Wimpey PLC | | 2,740 | | 3,969 | |
| | | | 24,138 | |
Household Products & Wares – 0.1% | | | | | |
Henkel AG & Co. KGaA | | 73 | | 5,053 | |
Insurance – 6.2% | | | | | |
Aflac, Inc. (2) | | 424 | | 31,618 | |
Ageas SA/NV (3) | | 116 | | 4,618 | |
Allianz SE | | 312 | | 75,972 | |
American International Group, Inc. | | 569 | | 33,298 | |
AXA SA | | 1,380 | | 41,601 | |
Cincinnati Financial Corp. | | 120 | | 12,695 | |
Dai-ichi Life Holdings, Inc. | | 749 | | 13,950 | |
Everest Group Ltd. (1)(2) | | 33 | | 11,902 | |
Fairfax Financial Holdings Ltd. - SVS | | 19 | | 15,648 | |
Fidelity National Financial, Inc. | | 195 | | 8,073 | |
Great-West Lifeco, Inc. | | 202 | | 5,797 | |
Hannover Rueck SE | | 46 | | 9,798 | |
Intact Financial Corp. | | 136 | | 19,149 | |
Manulife Financial Corp. | | 1,433 | | 26,458 | |
Marsh & McLennan Company, Inc. | | 384 | | 74,876 | |
MetLife, Inc. | | 501 | | 31,733 | |
MS&AD Insurance Group Holdings, Inc. | | 330 | | 11,878 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | | 106 | | 41,210 | |
Power Corp. of Canada | | 403 | | 10,991 | |
Principal Financial Group, Inc. | | 188 | | 14,610 | |
QBE Insurance Group Ltd. | | 1,132 | | 10,982 | |
Sompo Holdings, Inc. | | 253 | | 11,030 | |
Sun Life Financial, Inc. | | 455 | | 22,166 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
33 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Insurance – 6.2% (Continued) | | | | | |
Talanx AG | | 34 | | $2,290 | |
The Travelers Company, Inc. (2) | | 179 | | 28,860 | |
Tokio Marine Holdings, Inc. | | 1,476 | | 32,717 | |
Zurich Insurance Group AG | | 115 | | 54,033 | |
| | | | 657,953 | |
Internet – 0.1% | | | | | |
carsales.com Ltd. | | 253 | | 4,709 | |
ZOZO, Inc. | | 91 | | 1,819 | |
| | | | 6,528 | |
Investment Companies – 0.1% | | | | | |
Industrivarden AB - Class A | | 120 | | 3,131 | |
Industrivarden AB - Class C | | 100 | | 2,605 | |
| | | | 5,736 | |
Iron & Steel – 0.5% | | | | | |
Nippon Steel Corp. | | 662 | | 15,674 | |
Nucor Corp. (2) | | 195 | | 33,559 | |
voestalpine AG | | 84 | | 2,460 | |
| | | | 51,693 | |
Leisure Time – 0.1% | | | | | |
Yamaha Motor Co. Ltd. | | 231 | | 5,996 | |
Lodging – 0.0% (1) | | | | | |
City Developments Ltd. | | 336 | | 1,662 | |
Machinery – Construction & Mining – 0.8% | | | | ||
Hitachi Ltd. | | 711 | | 47,343 | |
Komatsu Ltd. | | 696 | | 19,840 | |
Metso Oyj | | 527 | | 6,077 | |
Sandvik AB | | 811 | | 15,361 | |
| | | | 88,621 | |
Machinery – Diversified – 0.1% | | | | | |
ANDRITZ AG | | 55 | | 2,930 | |
Ebara Corp. | | 70 | | 3,490 | |
Husqvarna AB - Class B | | 300 | | 2,589 | |
Sumitomo Heavy Industries Ltd. | | 89 | | 2,233 | |
| | | | 11,242 | |
Media – 1.6% | | | | | |
Comcast Corp. - Class A (2) | | 3,202 | | 149,726 | |
Pearson PLC | | 555 | | 5,900 | |
Thomson Reuters Corp. | | 110 | | 14,146 | |
| | | | 169,772 | |
Metal Fabricate & Hardware – 0.1% | | | | | |
SKF AB - Class A | | 279 | | 4,529 | |
Tenaris SA | | 355 | | 5,687 | |
| | | | 10,216 |
|
| Shares |
| Value | |
Mining – 0.9% | | | | | |
Agnico Eagle Mines Ltd. | | 393 | | $19,058 | |
B2Gold Corp. | | 997 | | 3,066 | |
Boliden AB | | 208 | | 5,538 | |
Glencore PLC | | 7,265 | | 38,798 | |
Newcrest Mining Ltd. | | 691 | | 11,649 | |
Norsk Hydro ASA | | 1,014 | | 5,634 | |
South32 Ltd. | | 3,359 | | 7,397 | |
| | | | 91,140 | |
Miscellaneous Manufacturers – 1.5% | | | | | |
Eaton Corp. PLC | | 308 | | 70,954 | |
Nikon Corp. | | 258 | | 2,789 | |
Siemens AG | | 573 | | 86,370 | |
Trelleborg AB - Class A | | 150 | | 3,814 | |
| | | | 163,927 | |
Office & Business Equipment – 0.1% | | | | | |
Ricoh Co. Ltd. | | 392 | | 3,199 | |
Seiko Epson Corp. | | 209 | | 3,277 | |
| | | | 6,476 | |
Oil & Gas – 12.2% | | | | | |
Ampol Ltd. | | 181 | | 4,138 | |
ARC Resources Ltd. | | 473 | | 7,205 | |
Canadian Natural Resources Ltd. | | 837 | | 54,082 | |
Chevron Corp. | | 1,342 | | 216,196 | |
ConocoPhillips | | 939 | | 111,769 | |
DCC PLC | | 75 | | 4,112 | |
Devon Energy Corp. | | 495 | | 25,290 | |
Diamondback Energy, Inc. (2) | | 134 | | 20,339 | |
Eni SpA | | 1,646 | | 25,518 | |
EOG Resources, Inc. | | 453 | | 58,265 | |
Equinor ASA | | 765 | | 23,603 | |
Exxon Mobil Corp. | | 3,140 | | 349,137 | |
Inpex Corp. | | 693 | | 9,687 | |
Marathon Petroleum Corp. (2) | | 329 | | 46,971 | |
Neste Oyj | | 333 | | 12,209 | |
OMV AG | | 108 | | 5,013 | |
ORLEN SA | | 451 | | 6,900 | |
Phillips 66 | | 356 | | 40,641 | |
Pioneer Natural Resources Co. | | 181 | | 43,065 | |
Suncor Energy, Inc. (2) | | 1,029 | | 34,811 | |
TotalEnergies SE | | 1,772 | | 111,683 | |
Tourmaline Oil Corp. | | 241 | | 12,343 | |
Valero Energy Corp. | | 280 | | 36,372 | |
Woodside Energy Group Ltd. | | 1,471 | | 35,269 | |
| | | | 1,294,618 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
34 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Packaging & Containers – 0.3% | | | | | |
Amcor PLC (2) | | 1,139 | | $11,094 | |
DS Smith PLC | | 1,038 | | 4,107 | |
Huhtamaki Oyj | | 79 | | 2,719 | |
Packaging Corp of America (2) | | 68 | | 10,139 | |
Stora Enso Oyj - R Shares | | 443 | | 5,652 | |
| | | | 33,711 | |
Pharmaceuticals – 11.8% | | | | | |
Bristol-Myers Squibb Co. (2) | | 1,631 | | 100,551 | |
CSPC Pharmaceutical Group Ltd. | | 6,379 | | 4,799 | |
Hikma Pharmaceuticals PLC | | 122 | | 3,384 | |
Johnson & Johnson | | 2,017 | | 326,109 | |
Merck & Co., Inc. | | 1,970 | | 214,691 | |
Novartis AG | | 1,526 | | 154,302 | |
Ono Pharmaceutical Co. Ltd. | | 335 | | 6,354 | |
Orion Oyj - B Shares | | 78 | | 3,199 | |
Pfizer, Inc. | | 4,385 | | 155,141 | |
Recordati Industria Chimica e Farmaceutica SpA | | 74 | | 3,725 | |
Roche Holding AG | | 21 | | 6,567 | |
Roche Holding AG | | 545 | | 160,615 | |
Sanofi | | 858 | | 91,857 | |
Shionogi & Co. Ltd. | | 223 | | 9,829 | |
Sino Biopharmaceutical Ltd. | | 7,631 | | 2,900 | |
Viatris, Inc. | | 917 | | 9,858 | |
| | | | 1,253,881 | |
Pipelines – 0.5% | | | | | |
Kinder Morgan, Inc. (2) | | 1,522 | | 26,209 | |
ONEOK, Inc. | | 347 | | 22,624 | |
| | | | 48,833 | |
Private Equity – 0.4% | | | | | |
3i Group PLC | | 732 | | 18,491 | |
Intermediate Capital Group PLC | | 217 | | 3,719 | |
Partners Group Holding AG | | 17 | | 18,385 | |
| | | | 40,595 | |
Real Estate – 0.5% | | | | | |
CK Asset Holdings Ltd. | | 1,402 | | 7,742 | |
Hang Lung Properties Ltd. | | 1,322 | | 1,767 | |
Henderson Land Development Co. Ltd. | | 995 | | 2,734 | |
Hulic Co. Ltd. | | 373 | | 3,351 | |
Mitsui Fudosan Co. Ltd. | | 679 | | 14,887 | |
Nomura Real Estate Holdings, Inc. | | 84 | | 2,116 | |
Sun Hung Kai Properties Ltd. | | 1,133 | | 12,758 | |
Swire Properties Ltd. | | 825 | | 1,726 | |
Tokyu Fudosan Holdings Corp. | | 397 | | 2,472 | |
UOL Group Ltd. | | 408 | | 2,006 | |
| | | | 51,559 |
|
| Shares |
| Value | |
Real Estate Investment Trusts (REITs) – 1.8% | | | | ||
AvalonBay Communities, Inc. | | 110 | | $20,220 | |
CapitaLand Ascendas REIT | | 2,760 | | 5,661 | |
CapitaLand Integrated Commercial Trust | | 3,997 | | 5,653 | |
Charter Hall Group | | 330 | | 2,317 | |
Dexus | | 813 | | 4,081 | |
Frasers Logistics & Commercial Trust | | 2,120 | | 1,884 | |
Goodman Group | | 1,426 | | 21,574 | |
Keppel DC REIT | | 1,046 | | 1,704 | |
Mapletree Logistics Trust | | 2,486 | | 3,092 | |
Mid-America Apartment Communities, Inc. | 90 | | 13,071 | | |
Orix JREIT, Inc. | | 2 | | 2,488 | |
Prologis, Inc. | | 715 | | 88,803 | |
VICI Properties, Inc. | | 779 | | 24,024 | |
| | | | 194,572 | |
Retail – 1.3% | | | | | |
Best Buy Co., Inc. (2) | | 149 | | 11,391 | |
Canadian Tire Corp Ltd. - Class A | | 41 | | 4,858 | |
Darden Restaurants, Inc. | | 94 | | 14,618 | |
Dillard’s, Inc. - Class B | | 6 | | 2,071 | |
Genuine Parts Co. | | 107 | | 16,449 | |
Industria de Diseno Textil SA | | 857 | | 32,890 | |
Jardine Cycle & Carriage Ltd. | | 61 | | 1,509 | |
Kingfisher PLC | | 1,488 | | 4,412 | |
Marui Group Co. Ltd. | | 138 | | 2,391 | |
Shimamura Co. Ltd. | | 18 | | 1,856 | |
Target Corp. | | 358 | | 45,305 | |
| | | | 137,750 | |
Semiconductors – 5.3% | | | | | |
Broadcom, Inc. | | 314 | | 289,787 | |
QUALCOMM, Inc. | | 864 | | 98,954 | |
SUMCO Corp. | | 258 | | 3,450 | |
Texas Instruments, Inc. | | 702 | | 117,978 | |
Tokyo Electron Ltd. | | 351 | | 52,017 | |
| | | | 562,186 | |
Shipbuilding – 0.0% (1) | | | | | |
Yangzijiang Shipbuilding Holdings Ltd. | | 2,018 | | 2,525 | |
Software – 0.4% | | | | | |
Paychex, Inc. | | 250 | | 30,557 | |
The Sage Group PLC | | 778 | | 9,573 | |
| | | | 40,130 | |
Telecommunications – 3.5% | | | | | |
Cisco Systems, Inc. | | 3,166 | | 181,570 | |
Elisa Oyj | | 107 | | 5,257 | |
Hikari Tsushin, Inc. | | 15 | | 2,500 | |
KDDI Corp. | | 1,196 | | 35,530 | |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Weekly Dividend ETF
35 |
The accompanying notes are an integral part of these financial statements.
|
| Shares |
| Value | |
Telecommunications – 3.5% (Continued) | | | | ||
Orange SA | | 1,453 | | $16,335 | |
Swisscom AG | | 20 | | 12,182 | |
Verizon Communications, Inc. | | 3,266 | | 114,245 | |
| | | | 367,619 | |
Transportation – 1.7% | | | | | |
C.H. Robinson Worldwide, Inc. (2) | | 87 | | 7,867 | |
DHL Group | | 732 | | 34,230 | |
Frontline PLC | | 111 | | 1,986 | |
Kawasaki Kisen Kaisha Ltd. | | 96 | | 3,222 | |
Kuehne + Nagel International AG | | 39 | | 11,741 | |
Kyushu Railway Co. | | 107 | | 2,332 | |
Mitsui OSK Lines Ltd. | | 275 | | 7,624 | |
MTR Corp. Ltd. | | 1,219 | | 5,091 | |
NIPPON EXPRESS HOLDINGS, INC. | | 62 | | 3,223 | |
Nippon Yusen KK | | 376 | | 10,036 | |
United Parcel Service, Inc. - Class B (2) | | 563 | | 95,372 | |
| | | | 182,724 | |
Total Common Stocks | | | |
| |
(Cost $10,104,894) | | | | 10,480,505 | |
| | | | | |
Preferred Stocks – 0.4% | | | | | |
Auto Manufacturers – 0.3% | | | | | |
Bayerische Motoren Werke AG (4) | | 43 | | 4,142 | |
Porsche Automobil Holding SE (4) | | 119 | | 6,402 | |
Volkswagen AG (4) | | 142 | | 17,422 | |
| | | | 27,966 | |
Household Products & Wares – 0.1% | | | | | |
Henkel AG & Co. KGaA (4) | | 126 | | 9,671 | |
Total Preferred Stocks | | | | | |
(Cost $35,588) | | | | 37,637 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund, Class X, 5.248% (5) | | 13,255 | | 13,255 | |
Total Short-Term Investments | | | |
| |
(Cost $13,255) | | | | 13,255 |
|
| Shares |
| Value | |
Investments Purchased with Collateral from Securities Lending – 10.6% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540%, (5) | | 1,128,421 | | $1,128,421 | |
Total Investments Purchased with Collateral from Securities Lending | | ||||
(Cost $1,128,421) | | | | 1,128,421 | |
Total Investments in Securities – 110.0% | | ||||
(Cost $11,282,018) | | | | 11,659,818 | |
Liabilities in Excess of Other Assets – (10.0)% | | (1,060,598 | ) | ||
Total Net Assets – 100.0% | | | | $10,599,220 | |
(1)Does not round to 0.1% or (0.1)%, as applicable.
(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $1,092,587 or 10.3% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)Non-income producing security.
(4)There is currently no dividend rate available.
(5)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
SoFi Web 3 ETF
36 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 99.4% | | | | | |
Advertising – 0.4% | | | | | |
S4 Capital PLC (1) | | 4,173 | | $5,246 | |
Apparel – 0.8% | | | | | |
PLBY Group, Inc. (1)(2) | | 8,904 | | 11,575 | |
Commercial Services – 9.6% | | | | | |
Bakkt Holdings, Inc. - Class A (1)(2) | | 8,121 | | 11,207 | |
Block, Inc. - Class A (1) | | 392 | | 22,599 | |
CompoSecure, Inc. - Class A (1)(2) | | 7,519 | | 47,219 | |
Creek & River Co. Ltd. | | 1,504 | | 22,376 | |
Marathon Digital Holdings, Inc. (1)(2) | | 2,454 | | 30,847 | |
| | | | 134,248 | |
Computers – 7.1% | | | | | |
Apple, Inc. | | 271 | | 50,913 | |
Vuzix Corp. (1)(2) | | 12,137 | | 48,548 | |
| | | | 99,461 | |
Diversified Financial Services – 8.6% | | | | | |
Applied Digital Corp. (1) | | 989 | | 5,974 | |
Coinbase Global, Inc. - Class A (1)(2) | | 702 | | 55,879 | |
SBI Holdings Inc/Japan | | 2,816 | | 57,554 | |
| | | | 119,407 | |
Electronics – 3.1% | | | | | |
Kopin Corp. (1) | | 29,560 | | 43,158 | |
Entertainment – 5.9% | | | | | |
AMC Entertainment Holdings, Inc. (1) | | 773 | | 9,700 | |
DraftKings, Inc. - Class A (1) | | 2,419 | | 71,724 | |
| | | | 81,424 | |
Internet – 23.8% | | | | | |
Alphabet, Inc. - Class A (1) | | 530 | | 72,170 | |
Amazon.com, Inc. (1) | | 329 | | 45,405 | |
Farfetch Ltd. - Class A (1)(2) | | 1,221 | | 3,480 | |
Hive Digital Technologies Ltd. | | 11,092 | | 40,664 | |
Meta Platforms, Inc. - Class A (1) | | 239 | | 70,718 | |
Overstock.com, Inc. (1) | | 1,181 | | 30,836 | |
Robinhood Markets, Inc. - Class A (1) | | 4,178 | | 45,498 | |
Snap, Inc. - Class A (1)(2) | | 2,248 | | 23,267 | |
| | | | 332,038 | |
Investment Companies – 1.2% | | | | | |
Galaxy Digital Holdings Ltd. (1) | | 4,347 | | 16,675 | |
Media – 3.0% | | | | | |
The Walt Disney Co. (1) | | 500 | | 41,840 | |
Real Estate – 0.9% | | | | | |
eXp World Holdings, Inc. (2) | | 615 | | 11,820 | |
|
| Shares |
| Value | |
Retail – 3.9% | | | | | |
GameStop Corp. (1)(2) | | 2,896 | | $53,721 | |
Semiconductors – 17.8% | | | | | |
Advanced Micro Devices, Inc. (1) | | 446 | | 47,151 | |
Ambarella, Inc. (1)(2) | | 360 | | 22,374 | |
CEVA, Inc. (1) | | 284 | | 6,594 | |
eMagin Corp. (1) | | 22,281 | | 44,562 | |
Himax Technologies, Inc. - ADR | | 5,034 | | 30,758 | |
Intel Corp. | | 446 | | 15,672 | |
NVIDIA Corp. (2) | | 163 | | 80,449 | |
| | | | 247,560 | |
Software – 9.7% | | | | | |
C3.ai, Inc. - Class A (1)(2) | | 992 | | 30,772 | |
Microsoft Corp. | | 171 | | 56,047 | |
MIXI, Inc. | | 1,887 | | 31,510 | |
Veritone, Inc. (1) | | 5,434 | | 16,682 | |
| | | | 135,011 | |
Toys, Games & Hobbies – 3.6% | | | | | |
Funko, Inc. - Class A (1) | | 7,254 | | 50,560 | |
Total Common Stocks | | | | | |
(Cost $1,466,823) | | | | 1,383,744 | |
| | | | | |
Short-Term Investments – 0.5% | | | | | |
Money Market Funds – 0.5% | | | | | |
First American Government Obligations Fund, Class X, 5.248% (3) | | 6,670 | | 6,670 | |
Total Short-Term Investments | | | |
| |
(Cost $6,670) | | | | 6,670 | |
Investments Purchased with Collateral from Securities Lending – 31.1% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540% (3) | | 433,388 | | 433,388 | |
Total Investments Purchased with Collateral from Securities Lending | | ||||
(Cost $433,388) | | | | 433,388 | |
Total Investments in Securities – 131.0% | | | | ||
(Cost $1,906,881) | | | | 1,823,802 | |
Liabilities in Excess of Other Assets – (31.0)% | | (431,047 | ) | ||
Total Net Assets – 100.0% | | | | $1,392,755 | |
ADRAmerican Depositary Receipt.
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $408,221 or 29.3% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SoFi Smart Energy ETF
37 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
|
| Shares |
| Value | |
Common Stocks – 99.9% | | | | | |
Auto Manufacturers – 4.8% | | | | | |
BYD Co. Ltd. - H Shares | | 1,403 | | $43,977 | |
Proterra, Inc. (1) | | 26,467 | | 2,303 | |
Tesla, Inc. (1) | | 191 | | 49,293 | |
| | | | 95,573 | |
Commercial Services – 2.5% | | | | | |
Quanta Services, Inc. | | 239 | | 50,159 | |
Distribution & Wholesale – 2.3% | | | | | |
Resideo Technologies, Inc. (1) | | 2,634 | | 44,409 | |
Electric – 4.6% | | | | | |
Altus Power, Inc. - Class A (1)(2) | | 7,776 | | 50,233 | |
Ameresco, Inc. - Class A (1) | | 945 | | 41,098 | |
| | | | 91,331 | |
Electrical Components & Equipment – 15.5% | | | | ||
Blink Charging Co. (1)(2) | | 7,903 | | 31,138 | |
ChargePoint Holdings, Inc. - Class A (1)(2) | | 5,957 | | 42,652 | |
EnerSys (2) | | 453 | | 47,556 | |
Nexans SA | | 549 | | 45,315 | |
Prysmian SpA | | 1,190 | | 48,808 | |
Schneider Electric SE | | 274 | | 47,160 | |
SMA Solar Technology AG | | 540 | | 43,546 | |
| | | | 306,175 | |
Electronics – 11.7% | | | | | |
ABB Ltd. | | 1,225 | | 46,725 | |
Advanced Energy Industries, Inc. (2) | | 393 | | 46,402 | |
Smart Metering Systems PLC | | 5,472 | | 47,636 | |
Trimble, Inc. (1)(2) | | 900 | | 49,311 | |
Vicor Corp. (1)(2) | | 617 | | 41,814 | |
| | | | 231,888 | |
Energy – Alternate Sources – 30.8% (3) | | | | | |
Ballard Power Systems, Inc. (1) | | 10,833 | | 45,559 | |
Canadian Solar, Inc. (1) | | 1,379 | | 38,626 | |
Enphase Energy, Inc. (1) | | 344 | | 43,526 | |
Fluence Energy, Inc. - Class A (1) | | 1,750 | | 46,112 | |
FuelCell Energy, Inc. (1)(2) | | 24,062 | | 33,687 | |
ITM Power PLC (1) | | 42,433 | | 47,317 | |
Landis+Gyr Group AG | | 560 | | 41,528 | |
Meyer Burger Technology AG (1) | | 83,441 | | 37,505 | |
Plug Power, Inc. (1)(2) | | 4,152 | | 35,126 | |
SolarEdge Technologies, Inc. (1)(2) | | 248 | | 40,317 | |
Stem, Inc. (1)(2) | | 7,395 | | 37,641 | |
Sunnova Energy International, Inc. (1)(2) | | 2,915 | | 40,548 | |
SunPower Corp. (1) | | 5,350 | | 38,306 |
|
| Shares |
| Value | |
Energy – Alternate Sources – 30.8% (3) (Continued) | | ||||
Sunrun, Inc. (1) | | 2,712 | | $42,389 | |
Xinyi Solar Holdings Ltd. | | 51,688 | | 43,174 | |
| | | | 611,361 | |
Engineering & Construction – 4.6% | | | | | |
Alfen N.V. (1) | | 756 | | 43,849 | |
MYR Group, Inc. (1) | | 336 | | 47,735 | |
| | | | 91,584 | |
Hand & Machine Tools – 2.5% | | | | | |
Meidensha Corp. | | 3,232 | | 48,529 | |
Industrial Other – 2.1% | | | | | |
Nibe Industries AB - B Shares (1) | | 5,594 | | 41,984 | |
Machinery – Construction & Mining – 2.2% | | ||||
Bloom Energy Corp. - Class A (1)(2) | | 2,884 | | 43,231 | |
Metal Fabricate & Hardware – 2.4% | | | | | |
Valmont Industries, Inc. | | 186 | | 47,151 | |
Miscellaneous Manufacturers – 4.9% | | | | | |
Eaton Corp PLC | | 223 | | 51,372 | |
Siemens AG | | 301 | | 45,371 | |
| | | | 96,743 | |
Retail – 2.3% | | | | | |
EVgo, Inc. - Class A (1)(2) | | 11,407 | | 45,856 | |
Semiconductors – 6.7% | | | | | |
Analog Devices, Inc. (2) | | 252 | | 45,809 | |
Infineon Technologies AG | | 1,156 | | 41,423 | |
NXP Semiconductors NV | | 224 | | 46,081 | |
| | | | 133,313 | |
Total Common Stocks | | | |
| |
(Cost $2,653,853) | | | | 1,979,287 | |
Short-Term Investments – 0.1% | | | | | |
Money Market Funds – 0.1% | | | | | |
First American Government Obligations Fund, Class X, 5.248% (4) | | 2,818 | | 2,818 | |
Total Short-Term Investments | | | |
| |
(Cost $2,818) | | | | 2,818 | |
SoFi Smart Energy ETF
38 |
The accompanying notes are an integral part of these financial statements.
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued) |
|
| Shares |
| Value | |
Investments Purchased with Collateral from Securities Lending – 30.7% | | ||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(4) | | 609,593 | | $609,593 | |
Total Investments Purchased with Collateral from Securities Lending | | ||||
(Cost $609,593) | | | | 609,593 | |
Total Investments in Securities – 130.7% | | ||||
(Cost $3,266,264) | | | | 2,591,698 | |
Liabilities in Excess of Other Assets – (30.7)% | | (608,857 | ) | ||
Total Net Assets – 100.0% | | | | $1,982,841 | |
(1)Non-income producing security.
(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $586,848 or 29.6% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(3)Despite a concentration greater than 25% of total assets, as of August 31, 2023, the Fund was in compliance with its investment limitations as the index the Fund tracks will at times invest in greater than 25% of an industry.
(4)The rate shown is the annualized seven-day effective yield as of August 31, 2023.
SoFi Funds
39 |
The accompanying notes are an integral part of these financial statements.
|
| SoFi Select 500 ETF |
| SoFi Next 500 ETF |
| SoFi Social 50 ETF |
| SoFi Be |
|
Assets: | | | | | | | | | |
Investments in securities, at value (Note 2)(1) | | $551,927,827 | | $83,042,365 | | $18,769,158 | | $9,297,599 | |
Cash | | — | | — | | 4,340 | | — | |
Foreign currency (cost of $- ,$- ,$-, $55, $-, $389, $-, and $-, respectively) | | — | | — | | — | | 54 | |
Receivables: | | | | | | | | | |
Investment securities sold | | — | | — | | — | | — | |
Dividends and interest | | 802,664 | | 51,704 | | 12,455 | | 379 | |
Securities lending income, net (Note 5) | | 8,208 | | 2,810 | | 24,948 | | 574 | |
Total assets | | 552,738,699 | | 83,096,878 | | 18,810,901 | | 9,298,606 | |
| | | | | | | | | |
Liabilities: | | | | | | | | | |
Collateral received for securities loaned (Note 5) | | 25,783,040 | | 20,816,983 | | 2,871,970 | | 2,244,633 | |
Payables: | | | | | | | | | |
Investment securities purchased | | — | | — | | — | | — | |
Distributions | | — | | — | | — | | — | |
Management fees, net (Note 4) | | — | | — | | 4,105 | | 3,659 | |
Total liabilities | | 25,783,040 | | 20,816,982 | | 2,876,075 | | 2,248,292 | |
Net Assets | | $526,955,659 | | $62,279,896 | | $15,934,826 | | $7,050,314 | |
| | | | | | | | | |
Components of Net Assets: | | | | | | | | | |
Paid-in capital | | $490,771,864 | | $68,632,881 | | $27,070,003 | | $21,736,263 | |
Total distributable (accumulated) earnings (losses) | | 36,183,795 | | (6,352,985 | ) | (11,135,177 | ) | (14,685,949 | ) |
Net assets | | $526,955,659 | | $62,279,896 | | $15,934,826 | | $7,050,314 | |
| | | | | | | | | |
Net Asset Value (unlimited shares authorized): | | | | | | | | | |
Net assets | | $526,955,659 | | $62,279,896 | | $15,934,826 | | $7,050,314 | |
Shares of beneficial interest issued and outstanding | | 33,000,000 | | 5,050,000 | | 570,000 | | 430,000 | |
Net asset value | | $15.97 | | $12.33 | | $27.96 | | $16.40 | |
| | | | | | | | | |
Cost of investments | | $494,497,078 | | $79,623,516 | | $18,749,877 | | $18,779,034 | |
SoFi Funds
40 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF ASSETS AND LIABILITIES at August 31, 2023 (Unaudited) (Continued) |
|
| SoFi |
| SoFi Weekly Dividend ETF |
| SoFi |
| SoFi Smart Energy ETF |
|
Assets: | | | | | | | | | |
Investments in securities, at value (Note 2)(1) | | $17,844,099 | | $11,659,818 | | $1,823,802 | | $2,591,698 | |
Cash | | — | | — | | — | | — | |
Foreign currency (cost of $- ,$- ,$-, $55, $-, $389, $-, and $-, respectively) | | — | | 387 | | — | | — | |
Receivables: | | | | | | | | | |
Investment securities sold | | 32,004 | | 1,890,591 | | — | | — | |
Dividends and interest | | 232,207 | | 39,718 | | 228 | | 1,050 | |
Securities lending income, net (Note 5) | | 229 | | 400 | | 2,830 | | 786 | |
Total assets | | 18,108,539 | | 13,590,914 | | 1,826,860 | | 2,593,534 | |
| | | | | | | | | |
Liabilities: | | | | | | | | | |
Collateral received for securities loaned (Note 5) | | 1,303,469 | | 1,128,421 | | 433,388 | | 609,593 | |
Payables: | | | | | | | | | |
Investment securities purchased | | 75,756 | | 1,858,869 | | — | | — | |
Distributions | | 15,750 | | — | | — | | — | |
Management fees, net (Note 4) | | 8,324 | | 4,404 | | 717 | | 1,100 | |
Total liabilities | | 1,403,299 | | 2,991,694 | | 434,105 | | 610,693 | |
Net Assets | | $16,705,240 | | $10,599,220 | | $1,392,755 | | $1,982,841 | |
| | | | | | | | | |
Components of Net Assets: | | | | | | | | | |
Paid-in capital | | $18,010,178 | | $11,168,438 | | $1,266,650 | | $3,118,834 | |
Total distributable (accumulated) earnings (losses) | | (1,304,938 | ) | (569,218 | ) | 126,105 | | (1,135,993 | ) |
Net assets | | $16,705,240 | | $10,599,220 | | $1,392,755 | | $1,982,841 | |
| | | | | | | | | |
Net Asset Value (unlimited shares authorized): | | | | | | | | | |
Net assets | | $16,705,240 | | $10,599,220 | | $1,392,755 | | $1,982,841 | |
Shares of beneficial interest issued and outstanding | | 175,000 | | 225,000 | | 75,000 | | 140,000 | |
Net asset value | | $95.46 | | $47.11 | | $18.57 | | $14.16 | |
| | | | | | | | | |
Cost of investments | | $18,481,033 | | $11,282,018 | | $1,906,881 | | $3,266,264 | |
(1)Includes loaned securities with values of $25,141,582, $20,377,360, $2,728,572, $2,182,599, $1,276,935, $1,092,587, $408,221, and $586,848, respectively.
SoFi Funds
41 |
The accompanying notes are an integral part of these financial statements.
| | SoFi Select | | SoFi Next | | SoFi Social | | SoFi Be | |
| | Six Months Ended August 31, | | Six Months Ended August 31, | | Six Months Ended August 31, | | Six Months Ended August 31, | |
Investment Income: | | | | | | | | | |
Dividend income (net of foreign withholding tax of $25,270, $-, $144, $41, $-, $19,506, $189, and $2,089, respectively) | | $3,906,662 | | $463,951 | | $37,513 | | $7,246 | |
Securities lending income, net (Note 5) | | 47,960 | | 34,473 | | 145,090 | | 5,854 | |
Interest income | | 20,429 | | 3,124 | | 801 | | 371 | |
Total investment income | | 3,975,051 | | 501,548 | | 183,404 | | 13,471 | |
| | | | | | | | | |
Expenses: | | | | | | | | | |
Management fees (Note 4) | | 454,057 | | 53,795 | | 21,119 | | 21,602 | |
Total expenses | | 454,057 | | 53,795 | | 21,119 | | 21,602 | |
Less: Management fee waiver (Note 4) | | (454,057 | ) | (53,795 | ) | — | | — | |
Net expenses | | — | | — | | 21,119 | | 21,602 | |
Net investment income (loss) | | 3,975,051 | | 501,548 | | 162,285 | | (8,131 | ) |
| | | | | | | | | |
Realized and Unrealized Gain (Loss): | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | |
Investments | | (2,002,830 | ) | (4,427,065 | ) | 690,782 | | (1,042,648 | ) |
Foreign currency transactions | | — | | — | | — | | (25 | ) |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | |
Investments | | 64,934,460 | | 6,826,034 | | 1,994,933 | | 1,612,103 | |
Foreign currency translations | | — | | — | | — | | 3,785 | |
Net realized and unrealized gain (loss) on investments | | 62,931,630 | | 2,398,969 | | 2,685,715 | | 573,215 | |
Net increase (decrease) in net assets resulting from operations | | $66,906,681 | | $2,900,517 | | $2,848,000 | | $565,084 | |
SoFi Funds
42 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF OPERATIONS For the Periods Ended August 31, 2023 (Unaudited) (Continued) |
| | SoFi Weekly Income ETF | | SoFi Weekly Dividend ETF | | SoFi | | SoFi Smart Energy ETF | |
| | Six Months Ended August 31, | | Six Months Ended August 31, | | Six Months Ended August 31, | | Six Months Ended August 31, | |
Investment Income: | | | | | | | | | |
Dividend income (net of foreign withholding tax of $25,270, $-, $144, $41, $-, $19,506, $189, and $2,089, respectively) | | $2,813 | | $211,160 | | $3,594 | | $10,909 | |
Securities lending income, net (Note 5) | | 2,042 | | 1,311 | | 17,719 | | 11,145 | |
Interest income | | 497,973 | | 1,839 | | 84 | | 237 | |
Total investment income | | 502,828 | | 214,310 | | 21,397 | | 22,291 | |
| | | | | | | | | |
Expenses: | | | | | | | | | |
Management fees (Note 4) | | 49,034 | | 24,324 | | 3,584 | | 7,518 | |
Total expenses | | 49,034 | | 24,324 | | 3,584 | | 7,518 | |
Less: Management fee waiver (Note 4) | | — | | — | | — | | — | |
Net expenses | | 49,034 | | 24,324 | | 3,584 | | 7,518 | |
Net investment income (loss) | | 453,794 | | 189,986 | | 17,813 | | 14,773 | |
| | | | | | | | | |
Realized and Unrealized Gain (Loss) on Investments: | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | |
Investments | | (231,157 | ) | (267,121 | ) | 320,237 | | (209,386 | ) |
Foreign currency transactions | | — | | (316 | ) | 458 | | (5 | ) |
Change in net unrealized appreciation/depreciation on: | | | | | | | | | |
Investments | | 402,050 | | 363,465 | | (47,632 | ) | (249,630 | ) |
Foreign currency translations | | — | | 84,167 | | (6,410 | ) | 32,827 | |
Net realized and unrealized gain (loss) on investments | | 170,893 | | 180,195 | | 266,653 | | (426,194 | ) |
Net increase (decrease) in net assets resulting from operations | | $624,687 | | $370,181 | | $284,466 | | $(411,421 | ) |
SoFi Select 500 ETF
43 |
The accompanying notes are an integral part of these financial statements.
|
| Six Months Ended |
| Year Ended |
|
Increase (Decrease) in Net Assets From: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $3,975,051 | | $6,438,218 | |
Net realized gain (loss) | | (2,002,830 | ) | (67,222 | ) |
Change in net unrealized appreciation/depreciation | | 64,934,460 | | (43,526,505 | ) |
Net increase (decrease) in net assets resulting from operations | | 66,906,681 | | (37,155,509 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (3,698,392 | ) | (5,974,658 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 37,779,155 | | 88,452,755 | |
Total increase (decrease) in net assets | | 100,987,444 | | 45,322,588 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 425,968,215 | | 380,645,627 | |
End of period/year | | $526,955,659 | | $425,968,215 | |
(1)Summary of share transactions is as follows:
| | Six Months Ended |
| Year Ended |
| ||||
| | Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 5,150,000 | | $75,482,030 | | 8,700,000 | | $124,430,655 | |
Shares redeemed | | (2,650,000 | ) | (37,702,875 | ) | (2,400,000 | ) | (35,977,900 | ) |
Net increase (decrease) | | 2,500,000 | | 37,779,155 | | 6,300,000 | | 88,452,755 | |
SoFi Next 500 ETF
44 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six Months Ended |
| Year Ended |
|
Increase (Decrease) in Net Assets From: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $501,548 | | $792,653 | |
Net realized gain (loss) | | (4,427,065 | ) | (1,034,661 | ) |
Change in net unrealized appreciation/depreciation | | 6,826,034 | | (3,940,644 | ) |
Net increase (decrease) in net assets resulting from operations | | 2,900,517 | | (4,182,652 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (475,959 | ) | (731,180 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (1) | | 5,890,845 | | 9,870,670 | |
Total increase (decrease) in net assets | | 8,315,403 | | 4,956,838 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 53,964,493 | | 49,007,655 | |
End of period/year | | $62,279,896 | | $53,964,493 | |
(1)Summary of share transactions is as follows:
| | Six Months Ended |
| Year Ended | | ||||
| | Shares |
| Value |
| Shares |
| Value | |
Shares sold | | 950,000 | | $10,914,780 | | 1,650,000 | | $20,037,805 | |
Shares redeemed | | (450,000 | ) | (5,023,935 | ) | (800,000 | ) | (10,167,135 | ) |
Net increase (decrease) | | 500,000 | | 5,890,845 | | 850,000 | | 9,870,670 | |
SoFi Social 50 ETF
45 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six Months Ended |
| Year Ended |
|
Increase (Decrease) in Net Assets From: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $162,285 | | $195,435 | |
Net realized gain (loss) | | 690,782 | | (9,102,761 | ) |
Change in net unrealized appreciation/depreciation | | 1,994,933 | | 3,235,911 | |
Net increase (decrease) in net assets resulting from operations | | 2,848,000 | | (5,671,415 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (170,723 | ) | (142,199 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | (434,705 | ) | (1,035,785 | ) |
Total increase (decrease) in net assets | | 2,242,572 | | (6,849,399 | ) |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 13,692,254 | | 20,541,653 | |
End of period/year | | $15,934,826 | | $13,692,254 | |
(1)Summary of share transactions is as follows:
|
| Six Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 220,000 | | $5,952,019 | | — | | $— | |
Shares redeemed | | (250,000 | ) | (6,386,724 | ) | (50,000 | ) | (1,035,785 | ) |
Net increase (decrease) | | (30,000 | ) | $(434,705 | ) | (50,000 | ) | $(1,035,785 | ) |
SoFi Be Your Own Boss ETF
46 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six Months Ended |
| Year Ended |
|
Increase (Decrease) in Net Assets From: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $(8,131 | ) | $3,229 | |
Net realized gain (loss) | | (1,042,673 | ) | (4,519,950 | ) |
Change in net unrealized appreciation/depreciation | | 1,615,888 | | 87,165 | |
Net increase (decrease) in net assets resulting from operations | | 565,084 | | (4,429,556 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net distributions to shareholders | | (3,077 | ) | — | |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (1) | | (1,122,760 | ) | (4,804,680 | ) |
Total increase (decrease) in net assets | | (560,753 | ) | (9,234,236 | ) |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 7,611,067 | | 16,845,303 | |
End of period/year | | $7,050,314 | | $7,611,067 | |
(1)Summary of share transactions is as follows:
|
| Six Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | — | | $— | | — | | $— | |
Shares redeemed | | (70,000 | ) | (1,122,760 | ) | (250,000 | ) | (4,804,680 | ) |
Variable fees | | — | | — | | — | | — | |
Net increase (decrease) | | (70,000 | ) | (1,122,760 | ) | (250,000 | ) | (4,804,680 | ) |
SoFi Weekly Income ETF
47 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six Months Ended |
| Year Ended |
|
Increase (Decrease) in Net Assets from: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $453,794 | | $909,482 | |
Net realized gain (loss) | | (231,157 | ) | (937,931 | ) |
Change in net unrealized appreciation/depreciation | | 402,050 | | (646,201 | ) |
Net increase (decrease) in net assets resulting from operations | | 624,687 | | (674,650 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net dividends and distributions | | (355,250 | ) | (901,768 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | — | | (4,573,018 | ) |
Total increase (decrease) in net assets | | 269,437 | | (6,149,436 | ) |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 16,435,803 | | 22,585,239 | |
End of period/year | | $16,705,240 | | $16,435,803 | |
(1)Summary of share transactions is as follows:
|
| Six Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | — | | $— | | 75,000 | | $7,294,305 | |
Shares redeemed | | — | | — | | (125,000 | ) | (11,868,795 | ) |
Variable fees | | — | | — | | — | | 1,472 | |
Net increase (decrease) | | — | | $— | | (50,000 | ) | $(4,573,018 | ) |
SoFi Weekly Dividend ETF
48 |
The accompanying notes are an integral part of these financial statements.
STATEMENTS OF CHANGES IN NET ASSETS |
|
| Six Months Ended |
| Year Ended |
|
Increase (Decrease) in Net Assets from: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $189,986 | | $308,083 | |
Net realized gain (loss) | | (267,437 | ) | (634,764 | ) |
Change in net unrealized appreciation/depreciation | | 447,632 | | (146,602 | ) |
Net increase (decrease) in net assets resulting from operations | | 370,181 | | (473,283 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Distributable earnings | | (110,500 | ) | (299,722 | ) |
Return of capital | | — | | (3,054 | ) |
| | (110,500 | ) | (302,776 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) | | 1,120,138 | | — | |
Total increase (decrease) in net assets | | 1,379,819 | | (776,059 | ) |
| | | | | |
Net Assets: | | | | | |
Beginning of period/year | | 9,219,401 | | 9,995,460 | |
End of period/year | | $10,599,220 | | $9,219,401 | |
(1)Summary of share transactions is as follows:
|
| Six Months Ended |
| Year Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 25,000 | | $1,120,138 | | — | | $— | |
Shares redeemed | | — | | — | | — | | — | |
Variable fees | | — | | — | | — | | — | |
Net increase (decrease) | | 25,000 | | $1,120,138 | | — | | $— | |
SoFi Web 3 ETF
49 |
The accompanying notes are an integral part of these financial statements.
|
| Six Months Ended |
| Period Ended |
|
Increase (Decrease) in Net Assets from: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $17,813 | | $3,172 | |
Net realized gain (loss) | | 320,695 | | (562,261 | ) |
Change in net unrealized appreciation/depreciation | | (54,042 | ) | (29,037 | ) |
Net increase (decrease) in net assets resulting from operations | | 284,466 | | (588,126 | ) |
| | | | | |
Distributions to Shareholders: | | | | | |
Net dividends and distributions | | (12,946 | ) | (13,439 | ) |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) | | 373,106 | | 1,349,694 | |
Total increase (decrease) in net assets | | 644,626 | | 748,129 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period | | 748,129 | | — | |
End of period | | $1,392,755 | | $748,129 | |
(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.
(2)Summary of share transactions is as follows:
|
| Six Months Ended |
| Period Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | 55,000 | | $1,010,726 | | 500,000 | | $7,580,760 | |
Shares redeemed | | (30,000 | ) | (637,620 | ) | (450,000 | ) | (6,473,135 | ) |
Variable fees | | — | | — | | — | | 242,069 | |
Net increase (decrease) | | 25,000 | | $373,106 | | 50,000 | | $1,349,694 | |
STATEMENTS OF CHANGES IN NET ASSETS |
SoFi Smart Energy ETF
50 |
The accompanying notes are an integral part of these financial statements.
| | Six Months Ended |
| Period Ended | |
Increase (Decrease) in Net Assets from: | | | | | |
Operations: | | | | | |
Net investment income (loss) | | $14,773 | | $4,783 | |
Net realized gain (loss) | | (209,391 | ) | 113,987 | |
Change in net unrealized appreciation/depreciation | | (216,803 | ) | 32,847 | |
Net increase (decrease) in net assets resulting from operations | | (411,421 | ) | 151,617 | |
| | | | | |
Distributions to Shareholders: | | | | | |
Net dividends and distributions | | — | | — | |
| | | | | |
Capital Share Transactions: | | | | | |
Net increase (decrease) in net assets derived from net changes in outstanding shares(2) | | (859,906 | ) | 1,154,103 | |
Total increase (decrease) in net assets | | (1,271,327 | ) | 1,305,720 | |
| | | | | |
Net Assets: | | | | | |
Beginning of period | | 3,254,168 | | 1,948,448 | |
End of period | | $1,982,841 | | $3,254,168 | |
(1)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.
(2)Summary of share transactions is as follows:
|
| Six-Months Ended |
| Period Ended |
| ||||
|
| Shares |
| Value |
| Shares |
| Value |
|
Shares sold | | — | | $— | | 150,000 | | $2,469,825 | |
Shares redeemed | | (60,000 | ) | (859,906 | ) | (75,000 | ) | (1,316,003 | ) |
Variable fees | | — | | — | | — | | 281 | |
Net increase (decrease) | | (60,000 | ) | (859,906 | ) | 75,000 | | 1,154,103 | |
STATEMENTS OF CHANGES IN NET ASSETS |
SoFi Select 500 ETF
51 |
The accompanying notes are an integral part of these financial statements.
|
| Six Months Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $13.97 | | $15.73 | | $13.94 | | $10.38 | | $10.00 | |
| | | | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | | | |
Net investment income (loss)(2) | | 0.13 | | 0.24 | | 0.19 | | 0.18 | | 0.17 | |
Net realized and unrealized gain (loss) | | 1.99 | | (1.79 | ) | 1.76 | | 3.54 | | 0.33 | |
Total from investment operations | | 2.12 | | (1.55 | ) | 1.95 | | 3.72 | | 0.50 | |
| | | | | | | | | | | |
Less Distributions: | | | | | | | | | | | |
From net investment income | | (0.12 | ) | (0.21 | ) | (0.16 | ) | (0.16 | ) | (0.12 | ) |
From net realized gain | | — | | — | | — | | (0.00) | (6) | — | |
Total distributions | | (0.12 | ) | (0.21 | ) | (0.16 | ) | (0.16 | ) | (0.12 | ) |
| | | | | | | | | | | |
Net asset value, end of period/year | | $15.97 | | $13.97 | | $15.73 | | $13.94 | | $10.38 | |
Total return(4) | | 15.20 | %(3) | (9.78 | )% | 13.89 | % | 36.04 | % | 4.95 | %(3) |
| | | | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | | | |
Net assets, end of period/year (millions) | | $527.0 | | $426.0 | | $380.6 | | $177.1 | | $73.7 | |
Portfolio turnover rate(7) | | 16 | %(3) | 17 | % | 9 | % | 26 | % | 22 | %(3) |
Ratio of expenses to average net assets | | | | | | | | | | | |
Before management fees waived | | 0.19 | %(5) | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | %(5) |
After management fees waived | | 0.00 | %(5) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) | | | | | | | | | | | |
Before management fees waived | | 1.47 | %(5) | 1.48 | % | 0.96 | % | 1.25 | % | 1.60 | %(5) |
After management fees waived | | 1.66 | %(5) | 1.67 | % | 1.15 | % | 1.44 | % | 1.79 | %(5) |
(1)The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.
(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 $0.01 or $(0.01), as applicable.
(7)Excludes the impact of in-kind transactions.
(8)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
SoFi Next 500 ETF
52 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six Months Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $11.86 | | $13.25 | | $13.31 | | $9.62 | | $10.00 | |
| | | | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | | | |
Net investment income (loss)(2) | | 0.10 | | 0.19 | | 0.15 | | 0.16 | | 0.13 | |
Net realized and unrealized gain (loss) | | 0.47 | | (1.41 | ) | (0.08 | ) | 3.67 | | (0.40 | ) |
Total from investment operations | | 0.57 | | (1.22 | ) | 0.07 | | 3.83 | | (0.27 | ) |
| | | | | | | | | | | |
Less Distributions: | | | | | | | | | | | |
From net investment income | | (0.10 | ) | (0.17 | ) | (0.13 | ) | (0.14 | ) | (0.11 | ) |
From net realized gain | | — | | — | | — | | (0.00) | (6) | — | |
Total distributions | | (0.10 | ) | (0.17 | ) | (0.13 | ) | (0.14 | ) | (0.11 | ) |
| | | | | | | | | | | |
Net asset value, end of period/year | | $12.33 | | $11.86 | | $13.25 | | $13.31 | | $9.62 | |
Total return(4) | | 4.85 | %(3) | (9.06 | )% | 0.45 | % | 40.17 | % | (2.84 | )%(3) |
| | | | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | | | |
Net assets, end of period/year (millions) | | $62.3 | | $54.0 | | $49.0 | | $24.6 | | $9.1 | |
Portfolio turnover rate(7) | | 30 | %(3) | 38 | % | 27 | % | 53 | % | 55 | %(3) |
Ratio of expenses to average net assets | | | | | | | | | | | |
Before management fees waived | | 0.19 | %(5) | 0.19 | % | 0.19 | % | 0.19 | % | 0.19 | %(5) |
After management fees waived | | 0.00 | %(5) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | %(5) |
Ratio of net investment income (loss) | | | | | | | | | | | |
Before management fees waived | | 1.58 | %(5) | 1.43 | % | 0.85 | % | 1.29 | % | 1.29 | %(5) |
After management fees waived | | 1.77 | %(5) | 1.62 | % | 1.04 | % | 1.48 | % | 1.48 | %(5) |
(1)The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.
(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 $0.01 or $(0.01), as applicable.
(7)Excludes the impact of in-kind transactions.
(8)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
SoFi Social 50 ETF
53 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six Months Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $22.82 | | $31.60 | | $29.38 | | $18.73 | | $20.00 | |
| | | | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | | | |
Net investment income (loss)(2) | | 0.29 | | 0.31 | | 0.11 | | 0.12 | | 0.15 | |
Net realized and unrealized gain (loss) | | 5.18 | | (8.86 | ) | 2.21 | | 10.64 | | (1.27 | ) |
Total from investment operations | | 5.47 | | (8.55 | ) | 2.32 | | 10.76 | | (1.12 | ) |
| | | | | | | | | | | |
Less Distributions: | | | | | | | | | | | |
From net investment income | | (0.33 | ) | (0.23 | ) | (0.10 | ) | (0.11 | ) | (0.15 | ) |
Total distributions | | (0.33 | ) | (0.23 | ) | (0.10 | ) | (0.11 | ) | (0.15 | ) |
| | | | | | | | | | | |
Net asset value, end of period/year | | $27.96 | | $22.82 | | $31.60 | | $29.38 | | $18.73 | |
Total return(4) | | 24.03 | %(3) | (26.98 | )% | 7.85 | % | 57.67 | % | (5.67 | )%(3) |
| | | | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | | | |
Net assets, end of period/year (millions) | | $15.9 | | $13.7 | | $20.5 | | $11.8 | | $2.8 | |
Portfolio turnover rate(6) | | 17 | %(3) | 96 | % | 62 | % | 414 | % | 168 | %(3) |
Ratio of expenses to average net assets | | 0.29 | %(5) | 0.29 | % | 0.29 | % | 0.29 | % | 0.29 | %(5) |
Ratio of net investment income (loss) | | 2.23 | %(5) | 1.24 | % | 0.31 | % | 0.52 | % | 0.92 | %(5) |
(1)The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.
(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)Excludes the impact of in-kind transactions.
(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
54 |
The accompanying notes are an integral part of these financial statements.
SoFi Be Your Own Boss ETF
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six Months Ended |
| Year Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $15.22 | | $22.46 | | $41.47 | | $18.56 | | $20.00 | |
| | | | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | | | |
Net investment income (loss)(2) | | (0.02 | ) | 0.01 | | (0.11 | ) | (0.11 | ) | (0.05 | ) |
Net realized and unrealized gain (loss) on investments(7) | | 1.21 | | (7.25 | ) | (18.10 | ) | 23.14 | | (1.39 | ) |
Total from investment operations | | 1.19 | | (7.24 | ) | (18.21 | ) | 23.03 | | (1.44 | ) |
| | | | | | | | | | | |
Less Distributions: | | | | | | | | | | | |
From net investment income | | (0.01 | ) | — | | (0.80 | ) | (0.12 | ) | — | |
Total distributions | | (0.01 | ) | — | | (0.80 | ) | (0.12 | ) | — | |
| | | | | | | | | | | |
Net asset value, end of period/year | | $16.40 | | $15.22 | | $22.46 | | $41.47 | | $18.56 | |
Total return(4) | | 7.76 | %(3) | (32.23 | )% | (44.32 | )% | 124.22 | % | (7.22 | )%(3) |
| | | | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | | | |
Net assets, end of period/year (millions) | | $7.1 | | $7.6 | | $16.8 | | $51.8 | | $7.4 | |
Portfolio turnover rate(6) | | 3 | %(3) | 38 | % | 47 | % | 68 | % | 33 | %(3) |
Ratio of expenses to average net assets | | 0.59 | %(5) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | %(5) |
Ratio of net investment income (loss) to average net assets | | -0.22% | (5) | 0.03 | % | (0.32 | )% | (0.36 | )% | (0.36 | )%(5) |
(1)The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.
(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)Excludes the impact of in-kind transactions.
(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
SoFi Weekly Income ETF
55 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year |
|
| Six Months Ended |
| Year Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $93.92 | | $100.38 | | $103.84 | | $100.00 | |
| | | | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | | | |
Net investment income (loss)(2) | | 2.59 | | 3.84 | | 2.56 | | 1.16 | |
Net realized and unrealized gain (loss) | | 0.98 | | (6.14 | ) | (1.98 | ) | 3.73 | |
Total from investment operations | | 3.57 | | (2.30 | ) | 0.58 | | 4.89 | |
| | | | | | | | | |
Less Distributions: | | | | | | | | | |
From net investment income | | (2.03 | ) | (4.16 | ) | (4.04 | ) | (1.05 | ) |
Total distributions | | (2.03 | ) | (4.16 | ) | (4.04 | ) | (1.05 | ) |
| | | | | | | | | |
Net asset value, end of period/year | | $95.46 | | $93.92 | | $100.38 | | $103.84 | |
Total return(4) | | 3.84 | %(3) | (2.24 | )% | 0.48 | % | 4.91 | %(3) |
| | | | | | | | | |
Ratios / Supplemental Data: | | | | | | | | | |
Net assets, end of period/year (millions) | | $16.7 | | $16.4 | | $22.6 | | $20.8 | |
Portfolio turnover rate(6) | | 21 | %(3) | 50 | % | 49 | % | 8 | %(3) |
Ratio of expenses to average net assets | | 0.59 | %(5) | 0.59 | % | 0.59 | % | 0.59 | %(5) |
Ratio of net investment income (loss) | | 5.46 | %(5) | 4.03 | % | 2.44 | % | 2.73 | %(5) |
(1)The Fund commenced operations on October 1, 2020. The information presented is from October 1, 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)Excludes the impact of in-kind transactions.
(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
SoFi Weekly Dividend ETF
56 |
The accompanying notes are an integral part of these financial statements.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
|
| Six Months Ended |
| Year Ended |
| Period Ended |
|
Net asset value, beginning of period/year | | $46.10 | | $49.98 | | $50.00 | |
| | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | |
Net investment income (loss)(2) | | 0.89 | | 1.54 | | 0.78 | |
Net realized and unrealized gain (loss) on investments(7) | | 0.63 | | (3.91 | ) | 0.02 | |
Total from investment operations | | 1.52 | | (2.37 | ) | 0.80 | |
| | | | | | | |
Less Distributions: | | | | | | | |
From net investment income | | (0.51 | ) | (1.50 | ) | (0.79 | ) |
From return of capital | | — | | (0.01 | ) | (0.03 | ) |
Total distributions | | (0.51 | ) | (1.51 | ) | (0.82 | ) |
| | | | | | | |
Net asset value, end of period/year | | $47.11 | | $46.10 | | $49.98 | |
Total return(4) | | 3.35 | %(3) | (4.68 | )% | 1.62 | %(3) |
| | | | | | | |
Ratios / Supplemental Data: | | | | | | | |
Net assets, end of period/year (millions) | | $10.6 | | $9.2 | | $10.0 | |
Portfolio turnover rate(6) | | 40 | %(3) | 69 | % | 68 | %(3) |
Ratio of expenses to average net assets | | 0.49 | %(5) | 0.49 | % | 0.49 | %(5) |
Ratio of net investment income (loss) to average net assets | | 3.83 | %(5) | 3.32 | % | 1.93 | %(5) |
(1)The Fund commenced operations on May 10, 2021. The information presented is from May 10, 2021 to February 28, 2022.
(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)Excludes the impact of in-kind transactions.
(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
SoFi Web 3 ETF
57 |
The accompanying notes are an integral part of these financial statements.
|
| Six Months Ended |
| Period Ended |
|
Net asset value, beginning of period | | $14.96 | | $20.00 | |
| | | | | |
Income (Loss) from Investment Operations: | | | | | |
Net investment income (loss)(2) | | 0.26 | | 0.04 | |
Net realized and unrealized gain (loss) on investments(7) | | 3.52 | | (4.81 | ) |
Total from investment operations | | 3.78 | | (4.77 | ) |
| | | | | |
Less Distributions: | | | | | |
From net investment income | | (0.17 | ) | (0.27 | ) |
Total distributions | | (0.17 | ) | (0.27 | ) |
| | | | | |
Net asset value, end of period | | $18.57 | | $14.96 | |
Total return(3)(4) | | 25.33 | % | (23.41 | )% |
| | | | | |
Ratios / Supplemental Data: | | | | | |
Net assets, end of period (millions) | | $1.4 | | $0.7 | |
Portfolio turnover rate(3)(6) | | 44 | % | 55 | % |
Ratio of expenses to average net assets(5) | | 0.59 | % | 0.59 | % |
Ratio of net investment income (loss) to average net assets(5) | | 2.93 | % | 0.46 | % |
(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.
(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)Excludes the impact of in-kind transactions.
(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period |
58 |
The accompanying notes are an integral part of these financial statements.
SoFi Smart Energy ETF
|
| Six Months Ended |
| Period Ended |
| Period Ended |
|
Net asset value, beginning of period | | $16.27 | | $15.59 | | $20.00 | |
| | | | | | | |
Income (Loss) from Investment Operations: | | | | | | | |
Net investment income (loss)(3) | | 0.09 | | 0.03 | | (0.03 | ) |
Net realized and unrealized gain (loss) on investments(9) | | (2.20 | ) | 0.65 | | (4.38 | ) |
Total from investment operations | | (2.11 | ) | 0.68 | | (4.41 | ) |
| | | | | | | |
Less Distributions: | | | | | | | |
From net investment income | | — | | — | | — | |
Total distributions | | — | | — | | — | |
| | | | | | | |
Net asset value, end of period | | $14.16 | | $16.27 | | $15.59 | |
Total return(4)(5) | | (12.95 | )% | 4.38 | % | (22.06 | )% |
| | | | | | | |
Ratios / Supplemental Data: | | | | | | | |
Net assets, end of period (millions) | | $2.0 | | $3.3 | | $1.9 | |
Portfolio turnover rate(4)(8) | | 22 | % | 26 | % | 41 | % |
Ratio of expenses to average net assets(6) | | 0.59 | % | 0.60 | %(7) | 0.65 | % |
Ratio of net investment income (loss) to average net assets(6) | | 1.16 | % | 0.22 | % | (0.19 | )% |
(1)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.
(2)The Fund commenced operations on July 20, 2021. The information presented is from July 20, 2021 to April 30, 2022.
(3)Calculated using average shares outstanding method.
(4)Not annualized.
(5)The total return is based on the Fund’s net asset value.
(6)Annualized.
(7)Effective August 9, 2022, the unitary fee was reduced from 0.65% to 0.59%.
(8)Excludes the impact of in-kind transactions.
(9)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
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NOTE 1 – ORGANIZATION |
The SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF and SoFi Web 3 ETF are diversified series of shares and the SoFi Weekly Income ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy ETF, are non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the 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 each Fund’s shares is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Toroso Investments, LLC (“Toroso” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019, the SoFi Social 50 ETF and SoFi Be Your Own Boss ETF commenced operations on May 7, 2019, the SoFi Weekly Income ETF commenced operations on October 1, 2020, the SoFi Weekly Dividend ETF commenced operations on May 10, 2021, the SoFi Smart Energy ETF commenced operations on July 20, 2021 and the SoFi Web 3 ETF commenced operations on August 8, 2022.
The investment objective of the SoFi Select 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index. The investment objective of the SoFi Next 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. The investment objective of the SoFi Social 50 ETF is to seek to track the performance, before fees and expenses, of the SoFi Social 50 Index. The investment objective of the SoFi Be Your Own Boss ETF is to seek long-term capital appreciation. The investment objective of the SoFi Weekly Income ETF is to seek to provide current income. The investment objective of the SoFi Weekly Dividend ETF is to seek to track the performance, before fees and expenses, of the SoFi Sustainable Dividend Index. The investment objective of the SoFi Web 3 ETF is to seek to track the performance, before fees and expenses, of the Solactive Web 3.0 Index. The investment objective of the SoFi Smart Energy ETF is to seek to track the performance, before fees and expenses, of the iClima Distributed Renewable Energy Index (together with the Solactive SoFi US 500 Growth Index, the Solactive SoFi US Next 500 Growth Index, the SoFi Social 50 Index, the Solactive Web 3.0 Index and the iClima Distributed Renewable Energy Index, the “Indexes”).
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on 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 Funds are open for business.
Debt securities are valued by using an evaluated mean of the bid and asked prices provided by Independent Pricing Agents. The Independent Pricing Agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.
Effective September 8, 2022, for securities for which quotations are not readily available, under Rule 2a-5 of the 1940 Act, a fair value will be determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,”
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consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. 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 (“NAV”) of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 –Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 –Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value each Fund’s investments as of August 31, 2023:
SoFi Select 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Common Stocks(1) | | $ | — | | $ | 524,811,940 | | $ | — | | $ | — | | $ | 524,811,940 |
Contingent Value Rights | | | — | | | — | | | — | | | 0 | (3) | | — |
Short-Term Investments | | | — | | | 1,332,847 | | | — | | | — | | | 1,332,847 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 25,783,040 | |
|
| |
| — | |
| — | |
| 25,783,040 |
Total Investments in Securities | | $ | 25,783,040 | | $ | 526,144,787 | | $ | — | | $ | 0 | | $ | 551,927,827 |
| | Contingent |
Balance as of February 28, 2023 | | $0 |
Accrued discounts/premiums | | — |
Realized gain (loss) | | — |
Change in unrealized appreciation/depreciation | | — |
Purchases | | — |
Sales | | — |
Transfer into and/or out of Level 3 | | — |
Balance as of August 31, 2023 | | $0 |
| | |
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31, 2023: | | $0 |
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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SoFi Next 500 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Common Stocks(1) | | $ | — | | $ | 62,071,727 | | $ | — | | $ | — | | $ | 62,071,727 |
Short-Term Investments | | | — | | | 153,655 | | | — | | | — | | | 153,655 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 20,816,983 | |
| — | |
| — | |
| — | |
| 20,816,983 |
Total Investments in Securities | | $ | 20,816,983 | | $ | 62,225,382 | | $ | — | | $ | — | | $ | 83,042,365 |
SoFi Social 50 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Common Stocks(1) | | $ | — | | $ | 15,874,642 | | $ | — | | $ | — | | $ | 15,874,642 |
Short-Term Investments | | | — | | | 22,546 | | | — | | | — | | | 22,546 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 2,871,970 | |
| — | |
| — | |
| — | |
| 2,871,970 |
Total Investments in Securities | | $ | 2,871,970 | | $ | 15,897,188 | | $ | — | | $ | — | | $ | 18,769,158 |
SoFi Be Your Own Boss ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Common Stocks(1) | | $ | — | | $ | 7,049,000 | | $ | — | | $ | 0 | (4) | $ | 7,049,000 |
Short-Term Investments | | | — | | | 3,966 | | | — | | | — | | | 3,966 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 2,244,633 | |
| — | |
| — | |
| — | |
| 2,244,633 |
Total Investments in Securities | | $ | 2,244,633 | | $ | 7,052,966 | | $ | — | | $ | 0 | | $ | 9,297,599 |
| Common |
Balance as of February 28, 2023 | $0 |
Accrued discounts/premiums | — |
Realized gain (loss) | — |
Change in unrealized appreciation/depreciation | — |
Purchases | — |
Sales | — |
Transfer into and/or out of Level 3 | — |
Balance as of August 31, 2023 | $0 |
| |
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31, 2023: | $0 |
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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SoFi Weekly Income ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Asset Backed Securities | | $ | — | | $ | — | | $ | 477,715 | | $ | — | | $ | 477,715 |
Corporate Bonds(1) | | | — | | | — | | | 15,384,068 | | | — | | | 15,384,068 |
Mortgage Backed Securities | | | — | | | — | | | 195,624 | | | — | | | 195,624 |
United States Treasury Obligations | | | — | | | — | | | 305,543 | | | — | | | 305,543 |
Short-Term Investments | | | — | | | 177,680 | | | — | | | — | | | 177,680 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 1,303,469 | |
| — | |
| — | |
| — | |
| 1,303,469 |
Total Investments in Securities | | $ | 1,303,469 | | $ | 177,680 | | $ | 16,362,950 | | $ | — | | $ | 17,844,099 |
SoFi Weekly Dividend ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Common Stocks(1) | | $ | — | | $ | 10,480,505 | | $ | — | | $ | — | | $ | 10,480,505 |
Preferred Stocks(1) | | | — | | | 37,637 | | | — | | | — | | | 37,637 |
Short-Term Investments | | | — | | | 13,255 | | | — | | | — | | | 13,255 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 1,128,421 | |
| — | |
| — | |
| — | |
| 1,128,421 |
Total Investments in Securities | | $ | 1,128,421 | | $ | 10,531,397 | | $ | — | | $ | — | | $ | 11,659,818 |
SoFi Web 3 ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Common Stocks(1) | | $ | — | | $ | 1,383,744 | | $ | — | | $ | — | | $ | 1,383,744 |
Short-Term Investments | | | — | | | 6,670 | | | — | | | — | | | 6,670 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 433,388 | |
| — | |
| — | |
| — | |
| 433,388 |
Total Investments in Securities | | $ | 433,388 | | $ | 1,390,414 | | $ | — | | $ | — | | $ | 1,823,802 |
SoFi Smart Energy ETF
Investments in Securities | | Investments | | Level 1 | | Level 2 | | Level 3 | | Total | |||||
Common Stocks(1) | | $ | — | | $ | 1,979,287 | | $ | — | | $ | — | | $ | 1,979,287 |
Short-Term Investments | | | — | | | 2,818 | | | — | | | — | | | 2,818 |
Investments Purchased With Collateral From Securities Lending(2) | |
| 609,593 | |
| — | |
| — | |
| — | |
| 609,593 |
Total Investments in Securities | | $ | 609,593 | | $ | 3,252,331 | | $ | — | | $ | — | | $ | 2,591,698 |
(1) See Schedule of Investment for the industry breakout.
(2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.
(3)The Level 3 securities (Contingent Value Rights) were fair valued at $0 due to a lack of market activity.
(4)The Level 3 securities (Common Stocks) were fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible.
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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B.Federal Income Taxes. Each 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 Funds intend to declare as dividends in each calendar year at least 98.0% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of August 31, 2023, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
C.Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. 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 Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each 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.
E.Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, and SoFi Web 3 ETF are declared and paid at least semi-annually, for the SoFi Weekly Income ETF and SoFi Weekly Dividend ETF are declared and paid at least weekly, and for the SoFi Smart Energy ETF are declared and paid at least annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.
F.Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
G.Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.
H.Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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I.Illiquid Investments. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of each Fund’s net assets. An illiquid investment is any investment that a 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 a Fund should be in a position where the value of illiquid investments held by each Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.
J.Recently Issued Accounting Pronouncements.
•In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact, if any, of these amendments on the financial statements.
•In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022- 06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. The Funds are currently evaluating the impact, if any, of applying ASU 2022-06.
M.Other Regulatory Matters. In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require the funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
NOTE 3 – PRINCIPAL INVESTMENT RISKS |
A.Agency Debt Risk (SoFi Weekly Income ETF Only). Bonds or debentures issued by U.S. government agencies, government-sponsored entities, or government corporations, including, among others, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), are generally backed only by the general creditworthiness and reputation of the U.S. government agency, government-sponsored entity, or government corporation issuing the bond or debenture and are not guaranteed by the U.S. Department of the Treasury (“U.S. Treasury”) or backed by the full faith and credit of the U.S. government.
Some U.S. government agencies, including Fannie Mae and Freddie Mac, purchase and guarantee residential mortgages and form MBS that they issue to the market. These agencies also hold their own Mortgage Backed Securities (“MBS”) as well as those of other institutions with funding from the agency debentures they issue. The market for MBS has been adversely affected by the value of those MBS held and/or issued by these agencies. These securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the U.S. (e.g., U.S. Treasury bonds). If a U.S. government agency that is the issuer of securities in which the Fund invests is unable to meet its obligations or ceases to exist and no plan is made for repayment of securities, the performance of the Fund will be adversely impacted. For obligations of Fannie Mae, Freddie Mac and other agencies that have been placed under conservatorship of the federal government, there is no guarantee that the financial support will continue. If the conservatorship is terminated, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by Fannie Mae and Freddie Mac will no longer have the protection of the U.S. Treasury.
B.Asset Backed Securities (“ABS”) Risk (SoFi Weekly Income ETF Only). The value of ABS may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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C.Associated Risk of Investing in Distributed Smart Energy Companies (SoFi Smart Energy ETF Only). Distributed Smart Energy Companies (as defined in the Fund’s prospectus) typically face intense competition, potentially short product lifecycles and potentially rapid product obsolescence (e.g., when a better, higher utility solution becomes available) due to anticipated and frequent technological improvements. These companies may be significantly affected by fluctuations in energy prices and in the supply and demand of renewable energy, tax incentives, subsidies and other governmental regulations and policies. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Distributed Smart Energy Companies may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, availability of certain inputs and materials required for production, depletion of resources (such as lithium, copper and cobalt), technological developments and labor relations. A decline in the price of conventional energy such as oil and natural gas could have a materially adverse impact on Distributed Smart Energy Companies. Renewable energy resources may be highly dependent upon on government policies that support renewable generation and enhance the economic viability of owning renewable electric generation assets. Investors should additionally take notice of the distinction between implemented government policy based on legislation and less guaranteed commitments which may be aspirational, subject to political risk, and difficult to enforce. Additionally, adverse environmental conditions may cause fluctuations in renewable electric generation and adversely affect the cash flows associated with Distributed Smart Energy Companies.
D.Bank Loans Risk (SoFi Weekly Income ETF Only). Bank loans often involve borrowers whose financial conditions are troubled or uncertain and companies that are highly leveraged. The market for bank loans may not be highly liquid and the Fund may have difficulty selling bank loans. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. Bank loans generally are subject to legal or contractual restrictions on resale. In addition, bank loans may have trade settlement periods extending beyond seven days, which means that, in certain cases, it could take the Fund a significant amount of time to get its money after selling an investment. Bank loans may be structured such that they are not “securities” under federal securities laws and therefore not subject to federal securities laws protections against fraud and misrepresentation. As such, there can be no assurances that fraud or misrepresentation will not occur with respect to bank loans in which the Fund invests.
E.Big Data & AI Risk (SoFi Web 3 ETF Only). Companies that develop or support the development of Big Data (as defined in the Fund’s prospectus) analytics systems and AI (artificial intelligence) systems may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Big Data and AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Big Data and AI companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Big Data and AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. In addition, Big Data and AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Big Data and AI companies face increased risk from trade agreements between countries that develop these technologies and countries in which customers of these technologies are based. Lack of resolution or potential imposition of trade tariffs may hinder the companies’ ability to successfully deploy their inventories. The customers and/or suppliers of Big Data and AI companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Big Data and AI companies.
F.Blockchain Technology Risk (SoFi Web 3 ETF Only). Blockchain technology is a relatively new and untested technology which operates as a distributed ledger. The risks associated with blockchain technology may not emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Access to a given blockchain requires an individualized key, which, if compromised, could result in loss due to theft, destruction or inaccessibility. There is little regulation of blockchain technology other than the intrinsic public nature of the blockchain system. Any future regulatory developments could affect the viability and expansion of the use of blockchain technology. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation. Blockchain technology is not a product or service that provides identifiable revenue for companies that implement, or otherwise use it. Therefore, the values of
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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the companies included in the Fund’s portfolio, if any, may not be a reflection of their connection to blockchain technology, but may be based on other business operations. Currently, blockchain technology is primarily used for the recording of transactions in digital currency, which are extremely speculative, unregulated and volatile. Problems in digital currency markets could have a wider effect on companies associated with blockchain technology. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in the Fund’s portfolio, if any. There are currently a number of competing blockchain platforms with competing intellectual property claims. The uncertainty inherent in these competing technologies could cause companies to use alternatives to blockchain. Finally, because digital assets registered in a blockchain do not have a standardized exchange, like a stock market, there is less liquidity for such assets and greater possibility of fraud or manipulation.
G.Call Risk (SoFi Weekly Income ETF Only). During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.
H.Collateralized Mortgage-Backed Securities(“CMBS”) Risk (SoFi Weekly Income ETF Only). The Fund’s investments in CMBS are subject to the risk that if there is a shortfall in loan payments from borrowers or if an underlying property is sold via foreclosure and does not generate sufficient proceeds to meet scheduled payments on all bond classes, investments in the most subordinate outstanding bond class will incur a principal loss first, with any further losses impacting more senior classes in reverse order of payment priority. CMBS are historically more volatile than RMBS. Such securities are subject to credit, interest rate, prepayment, and extension risks.
I.Collateralized Mortgage Obligations (“CMOs”) Risk (SoFi Weekly Income ETF Only). CMOs represent interests in a short-term, intermediate-term or long-term portion of a mortgage pool. Each portion of the pool receives monthly interest payments, but the principal repayments pass through to the short-term CMO first and to the long-term CMO last. Investments in CMOs are subject to the same risks as direct investments in the underlying mortgage-backed securities including credit, interest rate, prepayment, and extension risks. In the event of a bankruptcy or other default of a broker who issued the CMO held by the Fund, the Fund could experience both delays in liquidating its position and losses. In addition, classes of CMOs may also include interest only (“IOs”) and principal only (“POs”). IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages the cash flow from which has been separated into interest and principal components. IOs (interest only securities) receive the interest portion of the cash flow while POs (principal only securities) receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. When payments on mortgages underlying a PO are slow, the life of the PO is lengthened and the yield to maturity is reduced.
J.Concentration Risk (SoFi Next 500 ETF, SoFi Select 500 ETF, SoFi Social 50 ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF Only). Each Fund’s investments will be concentrated in an industry or group of industries to the extent the applicable Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries.
K.Convertible Securities Risk (SoFi Weekly Income ETF Only). Convertible securities rank senior to the issuer’s common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.
L.Credit Risk (SoFi Weekly Income ETF Only). Issuers and/or counterparties may fail to make payments when due or default completely. If an issuer’s or counterparty’s financial condition worsens, the credit quality of the issuer or counterparty may deteriorate, making it difficult for the Fund to sell such investments. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.
M.Currency Exchange Rate Risk (SoFi Be Your Own Boss ETF Only). Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of your Fund shares. Because the Fund’s NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar. This is true even if the local currency value of securities in the Fund’s holdings goes up. Conversely, the dollar value of your investment in the Fund may
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go up if the value of the local currency appreciates against the U.S. dollar. The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include: national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention and restrictive or opaque business and investment policies may also reduce the value of a country’s currency. Government monetary policies and the buying or selling of currency by a country’s government may also influence exchange rates. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning, and you may lose money.
N.Cybersecurity Risk. With the increased use of technologies such as the Internet to conduct business, the Funds are susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with each Fund’s ability to calculate their NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Funds invest, counterparties with which the Funds engage in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds’ service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders. As a result, the Funds and their shareholders could be negatively impacted.
O.Depositary Receipt Risk (SoFi Smart Energy ETF and SoFi Web 3 ETF Only). Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the Underlying Shares. When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Funds are exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States. The Funds will not invest in any unlisted depositary receipts or any depositary receipt that the Adviser deems to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored. However, the Funds may invest in unsponsored depositary receipts under certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts. The use of a depositary receipt may increase tracking error relative to the applicable Index if the Index includes the foreign security instead of the depositary receipt.
P.Dividend Risk (SoFi Weekly Income ETF and SoFi Weekly Dividend ETF Only). Dividend payments may fluctuate widely in amounts. There is no guarantee that issuers of the securities held by the Funds will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time. An issuer of a security may be unwilling or unable to pay income on a security. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. The Funds’ NAV may fluctuate based on the timing of the receipt and payment of dividends.
Q.Emerging Markets Risk (SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF and SoFi Web 3 ETF Only). Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political, and economic uncertainty, (iv) governmental controls on foreign investments
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and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Funds to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for each Fund’s Shares and cause the Funds to decline in value.
R.Emerging and Developing Markets Risk (SoFi Smart Energy ETF Only). 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 Shares and cause the Fund to decline in value. Because of these risk factors, the Fund’s investments in developing market countries are subject to greater price volatility and illiquidity than investments in developed markets. The Index Provider may have less reliable or outdated information from emerging or developing market companies due to issues associated with the regulatory, accounting, auditing, and financial reporting and recordkeeping standards when assessing if a company should be included in the Index.
S.Equity Market Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF Only). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.
T.Event Risk (SoFi Weekly Income ETF Only). Corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.
U.Exchange Traded Fund (“ETF”) Risks.
•Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Funds (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/ or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
•Cash Redemption Risk (SoFi Weekly Income ETF Only). The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.
•Costs of Buying or Selling Shares. Investors buying or selling shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for shares based on trading volume and market liquidity and is generally lower if shares have more trading volume and market liquidity and higher if shares have little trading volume and market liquidity. Further, a relatively
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small investor base in the Funds, asset swings in the Funds and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling shares, including bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.
•Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares will approximate a 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 the shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. The market price of shares during the trading day, like the price of any exchange-traded security, includes a “bid-ask” spread charged by the exchange specialist, market makers, or other participants that trade the shares. In times of severe market disruption, the bid-ask spread can increase significantly. At those times, shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your shares. The Adviser believes that, under normal market conditions, large market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities. Because securities held by the SoFi Be Your Own Boss ETF 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. and The NASDAQ Stock Market, LLC (the “Exchanges”) and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Exchanges, make trading in shares inadvisable. In addition, trading in shares on the Exchanges is subject to trading halts caused by extraordinary market volatility pursuant to Exchange “circuit breaker” rules, which temporarily halt trading on the Exchanges when a decline in the S&P 500 during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the Exchanges may halt trading in shares when extraordinary volatility causes sudden, significant swings in the market price of shares. 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 a Fund’s underlying portfolio holdings, which can be significantly less liquid than shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effect on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.
V.Extension Risk (SoFi Weekly Income ETF Only). When interest rates rise, certain obligations will be repaid by the obligor more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to future changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than the value of shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.
W.Floating and Variable Rate Securities Risk (SoFi Weekly Income ETF Only). Securities with floating or variable interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates but may decline in value if their interest rates do not rise as much, or as quickly, as comparable market interest rates. Conversely, floating or variable rate securities will not generally increase in value if interest rates decline. The impact of interest rate changes on floating or variable rate securities is typically mitigated by the periodic interest rate reset of the investments. Floating or variable rate securities can be rated below investment grade or unrated; therefore, the Fund relies heavily on the analytical ability of the Sub-Adviser (defined below). Floating or variable rate securities are often subject to restrictions on resale, which can result in reduced liquidity.
X.Foreign Securities Risks (SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF, Only). Certain foreign countries may impose exchange control regulations, restrictions on repatriation of profit on investments or of capital invested, local taxes on investments, and restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Funds will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, the imposition of economic sanctions, different legal systems and laws relating to bankruptcy and creditors’ rights, and the potential inability to enforce legal judgments, all of which could
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cause the Funds to lose money on its investments in non-U.S. securities. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because non-U.S. securities may trade on days when shares are not priced, NAV may change at times when shares cannot be sold.
Foreign banks and securities depositories at which the Funds hold their foreign securities and cash may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Additionally, many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.
In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of each Fund’s investments.
Y.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in each 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, and government controls.
Z.High-Yield Securities Risk (SoFi Weekly Income ETF Only). Below investment grade instruments are commonly referred to as “junk” or high-yield instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments.
Lower grade instruments, though higher yielding, are characterized by higher risk. The retail secondary market for lower grade instruments, which are often thinly traded or subject to irregular trading, may be less liquid than that for higher rated instruments. Such instruments can be more difficult to sell and to value than higher rated instruments because there is generally less public information available about such securities. As a result, subjective judgment may play a greater role in valuing such instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund’s NAV. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in the Fund, both in the short-term and the long-term.
AA.Illiquid Investment Risk (SoFi Weekly Income ETF Only). The Fund may invest up to 15% of its net assets in illiquid or restricted investments deemed illiquid. Investments in restricted investments could have the effect of increasing the amount of the Fund’s assets invested in illiquid investments if qualified institutional buyers are unwilling to purchase these investments.
Illiquid and restricted investments may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted investments generally is more volatile than that of more liquid investments, which may adversely affect the price that the Fund pays for or recovers upon the sale of such investments. Illiquid and restricted investments are also more difficult to value, especially in challenging markets. The Adviser’s or Sub-Adviser’s judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid and restricted investments may restrict the Fund’s ability to take advantage of market opportunities. To dispose of an unregistered investment, the Fund, where it has contractual rights to do so, may have to cause such investment to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the investment is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of investments vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the investments. In either case, the Fund would bear market risks during that period. Liquidity risk may impact the Fund’s ability to meet shareholder redemptions and as a result, the Fund may be forced to sell investments at inopportune prices.
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BB.Index ETF Risk (SoFi Next 500, SoFi Select 500, Sofi Smart Energy ETF, SoFi Social 50, SoFi Weekly Dividend ETF, and SoFi Web 3 ETF Only). Each Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Funds and their correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Funds to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Funds and their shareholders. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Funds and their shareholders.
CC. Interest Rate Risk (SoFi Weekly Income ETF Only). The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value.
DD.Limited Operating History Risk (SoFi Smart Energy ETF, SoFi Web 3 ETF, and SoFi Weekly Dividend ETF Only). Each Fund is a recently organized management investment company with a limited operating history and a small asset base. As a result, prospective investors have a limited track record or history on which to base their investment decisions. Additionally, due to each Fund’s small asset base, certain of each Fund’s expenses and their portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Funds do not grow to or maintain a viable size, they may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders.
EE.London Interbank Offered Rate (“LIBOR”) Risk (SoFi Weekly Income ETF only). Instruments in which the Fund invests may pay interest at floating rates based on the LIBOR or may be subject to interest caps or floors based on LIBOR. LIBOR is an interest rate benchmark that will no longer be offered after June 30, 2023. The U.S. Congress passed the Adjustable Interest Rate (LIBOR) Act on March 15, 2022. The LIBOR Act replaces references to LIBOR for U.S. contracts that will not mature before June 30, 2023 with benchmark replacements based on the Secured Overnight Financing Rate (“SOFR”). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities and is published daily by the Federal Reserve Bank of New York. The benchmark replacement rate may not have the same value or economic equivalence as LIBOR. The transition from LIBOR could have a significant impact on the financial markets, including increased volatility and illiquidity in markets for instruments that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments. The transition to an alternative interest rate may not be orderly, may occur over various time periods or may have unintended consequences.
FF.Management Risk (SoFi Be Your Own Boss ETF and SoFi Weekly Income ETF Only). The Funds are actively-managed and may not meet their investment objective based on the Adviser’s or Sub-Adviser’s, as applicable, success or failure to implement investment strategies for the Funds.
GG.Market Capitalization Risk.
•Large-Capitalization Investing (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Dividend ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). 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.
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•Mid-Capitalization Investing (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Dividend ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). 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 (SoFi Be Your Own Boss ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). 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 information concerning smaller-capitalization companies than for larger, more established companies.
•Micro-Capitalization Investing (SoFi Web 3 ETF Only). Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio.
HH.Metaverse Risk (SoFi Web 3 ETF Only). Metaverse companies provide internet navigation services and reference guide information and publish, provide or present proprietary advertising and/or third-party content. In addition, they often derive a large portion of their revenues from advertising, and a reduction in spending by or loss of advertisers could seriously harm their business. This industry is rapidly evolving and intensely competitive, and is subject to changing technologies, shifting user needs, and frequent introductions of new products and services. The research and development of new, technologically advanced products is a complex and uncertain process requiring high levels of innovation and investment, as well as the accurate anticipation of technology, market trends and consumer needs. The number of people who access the Internet has increased dramatically and a failure to attract and retain a substantial number of such users to a company’s products and services or to develop products and technologies that are more compatible with alternative devices, could adversely affect operating results. Concerns regarding a company’s products, services or processes that may compromise the privacy of users or other privacy related matters, even if unfounded, could damage a company’s reputation and adversely affect operating results. Many internet-related companies have declared bankruptcy, gone out of business and incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Metaverse companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements, and changing customer demands. The failure of a Metaverse company to adapt to such changes could have a material adverse effect on the company’s business. Additionally, the widespread adoption of a Metaverse or other new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by a Metaverse company to modify or adapt its services or infrastructure, which could have a material adverse effect on the company’s business.
II.Mortgage-Backed Securities Risk (SoFi Weekly Income ETF Only). Mortgage-related securities represent ownership in pools of mortgage loans assembled for sale to investors by various government agencies such as Ginnie Mae and government-related organizations such as Fannie Mae and Freddie Mac. Although these mortgage-related securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured.
These securities differ from conventional bonds in that the principal is paid back to the investor as payments are made on the underlying mortgages in the pool. Accordingly, the Fund will receive scheduled payments of principal and interest along with any unscheduled principal prepayments on the underlying mortgages. Because these scheduled and unscheduled principal payments must be reinvested at prevailing interest rates, MBS do not provide an effective means of locking in long-term interest rates for the investor. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS.
The mortgage market in the United States has experienced and may in the future experience difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage loans (including subprime and second-lien mortgage loans) may increase and real-estate values may decline due to such difficulties, which may exacerbate such delinquencies and losses. Reduced investor demand for mortgage loans and
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mortgage-related securities and increased investor yield requirements may cause limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities and the Fund. MBS, like traditional fixed-income securities, are subject to credit, interest rate, prepayment, and extension risks.
JJ.Models and Data Risk (SoFi Next 500, SoFi Select 500, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). The composition of the Index is heavily dependent on proprietary quantitative models as well as Models and Data. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, each Fund’s portfolio can be expected to also reflect the errors.
KK.Municipal Securities Risk (SoFi Weekly Income ETF Only). Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the inability to collect revenues from the project or the assets.
LL.NFT & Tokenization Industry Risk (SoFi Web 3 ETF Only). The NFT (non-fungible tokens) and tokenization industries are rapidly evolving and intensely competitive, and are subject to changing technologies, shifting user needs, and frequent introductions of new products and services. If the NFT marketplace fails to continue to grow, firms that support NFT marketplaces may lose money or go out of business. In addition, the value of NFTs and other digital assets are extremely volatile and are subject to significant risks.
Blockchain (distributed ledgers) is used to record transfers of ownership of NFTs and other digital assets. NFTs are “held” in digital wallets and are solely represented by ledger balances and secured by cryptographic key pairs, a public key and a private key (via a password). A private key is needed to sell or transfer an NFT. As a result, NFTs can be lost permanently if an owner loses the private key to its digital wallet. In addition, NFTs may be vulnerable to cyber theft or technology failures. For example, if an NFT company is hacked and any one or more of its private keys (or passwords) are stolen, the thief could transfer the digital assets to its own account and/or sell them. Further, if such a breach were to occur companies cannot guarantee that it could be detected in time to prevent the unauthorized sale/transfer/use of the affected digital assets. The blockchain on which ownership of NFTs is recorded may be the target of malicious cyberattacks or may contain exploitable flaws in its underlying code, which may result in security breaches or the loss, decline in value, or theft of underlying digital assets. There is currently no insurance available for NFTs. As a result, NFT firms are largely self-insured for NFT losses. An NFT company that suffers a large loss may be subject to significant financial stress.
NFTs and other digital assets are a new and relatively untested asset class. There is considerable uncertainty about their long-term viability. In addition, the success of digital assets will depend on whether blockchain and other new technologies related to digital assets turn out to be useful and economically viable. The value of NFTs relies in part on the development, general acceptance and adoption and usage of blockchain assets, rather than solely on the value of the underlying item itself (for example, artwork). There can be no assurance that the market for NFTs will be sustained, which may materially adversely affect the value of NFT companies and the Fund’s investments.
MM.Non-Diversification Risk (SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, and SoFi Smart Energy ETF Only). A non-diversified Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase a Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on a Fund’s performance.
NN.Passive Investment Risk (SoFi Next 500, SoFi Select 500, SoFi Social 50, Sofi Weekly Dividend ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF Only). The Funds invest in the securities included in, or representative of, its Index regardless of their investment merit. The Funds do not attempt to outperform its Index or take defensive positions in declining markets. As a result, each Fund’s performance may be adversely affected by a general decline in the market segments relating to their Index. The returns from the types of securities in which the Funds invest may underperform returns from the various general securities markets or different asset classes. This may cause the Funds to underperform other investment vehicles that invest in different asset classes. Different types of securities (for example, large-, mid- and small-capitalization stocks) tend to go through cycles of doing better – or worse – than the general securities markets. In the past, these periods have lasted for as long as several years.
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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SoFi Funds
OO.Prepayment Risk (SoFi Weekly Income ETF Only). The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to repay debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.
PP.Privately Placed Securities Risk (SoFi Weekly Income ETF Only). Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.
QQ. Rating Agencies Risk (SoFi Weekly Income ETF Only). Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. In addition, rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.
RR.REIT Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent a Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action such as the exercise of eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.
In addition to these risks, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the “Code”), or to maintain their exemptions from registration under the 1940 Act. The Funds expect that dividends received from a REIT and distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income, but may be taxable as return of capital. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.
SS.Residential Mortgage Back Securities (“RMBS”) Risk (SoFi Weekly Income ETF Only). RMBS are particularly susceptible to prepayment risks, as they generally do not contain prepayment penalties and a reductio in interest rates will increase the prepayments on the RMBS. Such securities are also subject to credit, interest rate, and extension risks. The rate of defaults and losses on residential mortgage loans will be affected by a number of factors, including general economic conditions and those in the geographic area where the mortgaged property is located, the terms of the mortgage loan, the borrower’s equity in the mortgaged property, and the financial circumstances of the borrower. Certain mortgage loans may be of sub-prime credit quality (i.e., do not meet the customary credit standards of Fannie Mae and Freddie Mac). Delinquencies and liquidation proceedings are more likely with sub-prime mortgage loans than with mortgage loans that satisfy customary credit standards. If a portfolio of RMBS is backed by loans with disproportionately large aggregate principal amounts secured by properties in only a few states or regions in the United States, residential mortgage loans may be more susceptible to geographic risks relating to such areas. Violation of laws, public policies, and principles designed to protect consumers may limit the servicer’s ability to collect all or part of the principal or interest on a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it, or subject the servicer to damages and administrative enforcement. Any such violation could also result in cash flow delays and losses on the related issue of RMBS. It is not expected that RMBS will be guaranteed or insured by any U.S. governmental agency or instrumentality or by any other person. Distributions on RMBS will depend solely upon the amount and timing of payments and other collections on the related underlying mortgage loans. (See “Credit Risk,” “Interest Rate Risk,” and “Extension Risk” for more information on these risks).
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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SoFi Funds
TT.Sector Risk. Each Fund’s investing approach may dictate an emphasis on certain sectors, industries, or sub-sectors of the market at any given time. To the extent the Funds invest more heavily in one sector, industry, or sub-sector of the market, it thereby presents a more concentrated risk and their performance will be especially sensitive to developments that significantly affect those sectors, industries, or sub-sectors. In addition, the value of Shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector, industry, or sub-sector of the market may have above-average performance during particular periods, but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. Each Fund’s performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.
•Communication Services Sector Risk (SoFi Be Your Own Boss ETF Only). The Fund may emphasize its investments in companies in the communication services sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Communication services companies are susceptible to the risk of potential obsolescence of products and services due to technological. advancements and innovation competition among companies. Demand for product, shifting consumer demographics and shifting consumer preferences can drastically affect a communication services company’s profitability. Companies in the communication services sector may be particular targets of cyber-security losses and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation.
•Consumer Discretionary Sector Risk (SoFi Social 50 ETF Only). The Fund may emphasize its investments in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.
•Energy Sector Risk (SoFi Smart Energy ETF Only). Companies operating in the energy sector or issuers in energy-related industries are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas, or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing, or delivering; slowdowns in new construction; worldwide economic growth; extreme weather or other natural disasters; imposition of taxes, tariffs, sanctions or embargoes; domestic or international conflicts and threats of attack by terrorists, or cyber attacks on energy assets. Additionally, energy sector companies are subject to substantial government regulation and changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies. Any factors adversely affecting companies in the energy sector could have a significant adverse impact on Distributed Smart Energy Companies and the Fund’s performance.
•Financial Services Sector Risk (Sofi Weekly Income ETF and Sofi Weekly Dividend ETF Only). The Funds may emphasize their investments in companies in the financial services sector, and therefore the performance of the Funds could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and disruptions in the banking sector, among other factors. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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SoFi Funds
•Industrials Sector Risk (SoFi Smart Energy ETF Only). The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.
•Technology Sector Risk (SoFi Be Your Own Boss ETF and SoFi Web 3 ETF Only). The Funds may emphasize their investments in companies in the technology sector, and therefore the performance of the Funds could be negatively impacted by events affecting this sector. The securities of technology or technology-related companies have historically been more volatile than those of other companies, especially recently. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of each Fund’s investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.
UU.TBA Securities and Rolls Risk (SoFi Weekly Income ETF Only). TBA transactions are subject to increased credit risk and increased overall investment exposure. TBA rolls involve the risk that the Fund’s counterparty will be unable to deliver the MBS underlying the TBA roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. TBA roll transactions may have the effect of creating leverage in the Fund’s portfolio.
VV.Third Party Data Risk (SoFi Social 50 ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy ETF Only). The composition of the Index, and consequently each Fund’s portfolio, is heavily dependent on proprietary Third Party Data. When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, each Fund’s portfolio can also be expected to reflect the errors.
WW.TIPS Risk (SoFi Weekly Income ETF Only). Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for inflation. There can be no assurance that the Consumer Price Index (“CPI”) will accurately measure the real rate of inflation in the prices of goods and services. Any increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In addition, TIPS are subject to credit risk and interest rate risk.
XX. Tracking Error Risk (Sofi Next 500 ETF, Sofi Select 500 ETF, SoFi Social 50 ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF Only). As with all index funds, the performance of the Funds and their Index may differ from each other for a variety of reasons. For example, the Funds incur operating expenses and portfolio transaction costs not incurred by their Index. In addition, the Funds may not be fully invested in the securities of their Index at all times or may hold securities not included in their Index. The use of sampling techniques may affect each Fund’s ability to achieve close correlation with their Index. The Funds may use a representative sampling strategy to achieve their investment objective, if the Adviser believes it is in the best interest of the Funds, which generally can be expected to produce a greater non-correlation risk.
YY. Uncertain Tax Treatment Risk (SoFi Weekly Income ETF Only). The Fund may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease accruing interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary to seek to ensure that it distributes sufficient income that it does not become subject to U.S. federal income or excise tax.
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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SoFi Funds
ZZ.Unrelated Business Risk (SoFi Web 3 ETF Only). Many of the companies in which the Fund will invest have other business lines unrelated to one of the thematic categories. These other lines of business could adversely affect those firms’ operating results and, in turn, hurt the Fund’s performance. The operating results of companies with other business lines may fluctuate independently of the fluctuations in the relevant thematic category businesses. In addition, a particular company’s ability to engage in new business activities may expose it to additional risks for which it has less experience than its existing business lines. Despite a company’s possible success in activities linked to its use of one or more of the thematic categories, there can be no assurance that its other lines of business will not adversely affect the company’s business, financial condition, or market value. In addition, a particular company’s unrelated businesses may impact the Fund’s investment returns and it may be difficult to isolate thematic category-related returns from other return sources.
AAA.U.S. Government Obligations Risk (SoFi Weekly Income ETF Only). Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.
BBB. User Bias Risk (SoFi Social 50 ETF Only). The securities that comprise the Index are selected by retail investors holding SoFi Accounts, who may not be professional investors, may have no financial expertise, and may not do any research on the companies in which they invest prior to investing. In some cases, investment decisions made may be influenced by non-quantitative factors, including, without limitation, cognitive and emotional biases, resulting in the inclusion of certain securities in the Index which may underperform the market generally and result in lower returns for the Fund.
CCC.Valuation Risk (SoFi Weekly Income ETF Only). It may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to sell securities for what the Adviser believes is the appropriate price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity and for investments that trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund’s investments can be difficult to value and potentially less liquid and therefore particularly prone to these risks.
DDD.When-Issued, Delayed Delivery, and Forward Commitment Risk (SoFi Weekly Income ETF Only). The purchase of securities on a when-issued, delayed delivery, or forward commitment basis involves a risk of loss if the value of the security to be purchased declines prior to the settlement date. Although the Fund would generally purchase securities on a when-issued, delayed delivery, or forward commitment basis with the intention of actually acquiring securities for its portfolio, it may dispose of a when- issued or delayed delivery security or forward commitment prior to settlement if the SoFi Weekly Income ETF’s Sub-Adviser deems it appropriate to do so.
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
The Adviser serves as the investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, has overall responsibility for the general management and administration of the Funds. For the SoFi Weekly Income ETF, the Adviser provides oversight of the Sub-Adviser (defined below), monitoring of the Sub-Adviser’s buying and selling of securities for the Fund, and review of the Sub-Adviser’s performance.
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
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SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund as follows:
Fund | Management Fee |
| Management Fee | ||
SoFi Select 500 ETF | 0.19 | % | | 0.00 | % |
SoFi Next 500 ETF | 0.19 | % | | 0.00 | % |
SoFi Social 50 ETF | 0.29 | % | | 0.29 | % |
SoFi Be Your Own Boss ETF | 0.59 | % | | 0.59 | % |
SoFi Weekly Income ETF | 0.59 | % | | 0.59 | % |
SoFi Weekly Dividend ETF | 0.49 | % | | 0.49 | % |
SoFi Web 3 ETF | 0.59 | % | | 0.59 | % |
SoFi Smart Energy ETF | 0.59 | % | | 0.59 | % |
The Adviser has contractually agreed to waive its full Management Fee for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2024 (the “Fee Waiver Agreement”). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Any waived Management Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement. There is currently no Fee Waiver Agreement in effect for the SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, or SoFi Smart Energy ETF. Management Fees for the period ended August 31, 2023 are disclosed in the Statements of Operations.
Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (“Excluded Expenses”), and the Management Fee payable to the Adviser. The Management Fees incurred are paid monthly to the Adviser. The Adviser has entered into an agreement with Social Finance, Inc. (“SoFi”), under which SoFi, or an affiliate of SoFi, assumes the obligation of the Adviser to pay all expenses of the Funds, except Excluded Expenses (such expenses of a Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligation, the Adviser has agreed to pay SoFi the profits, if any, generated by each Fund’s unitary Management Fee. Although SoFi has agreed to be responsible for the Unitary Expenses, the Adviser retains the ultimate obligation to the Funds to pay such expenses. SoFi also provides marketing support for the Funds, including hosting the Funds’ website and preparing marketing materials related to the Funds.
Income Research + Management (“IR+M”) (the “Sub-Adviser”) serves as a sub-adviser to the SoFi Weekly Income ETF 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 day-to-day management of the SoFi Weekly Income ETF’s portfolio, including determining the securities purchased and sold by the Fund and the execution of the Fund’s portfolio investments. The Sub-Adviser is responsible for trading portfolio securities for the SoFi Weekly Income ETF, including selecting broker-dealers to execute purchase and sale transactions subject to the supervision of the Adviser and the Board.
Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities the Sub-Adviser provides (the “Sub-Advisory Fee”) based on the average daily net assets of the Fund as follows:
Fund | IR+M |
SoFi Weekly Income ETF | 0.35% on first $20 million |
| 0.30% on next $80 million |
| 0.20% on next $200 million |
| 0.15% on next $300 million |
| 0.10% on next $400 million |
| 0.075% on amounts over $1 billion |
The Sub-Advisory Fees incurred are paid monthly to the Sub-Adviser by the Adviser.
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NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.
Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.
NOTE 5 – SECURITIES LENDING |
The Funds may lend up to 33 1/3% of the value of the securities in their portfolios 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 Funds. The Funds receive 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 Funds continue 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 Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.
As of August 31, 2023, the market value of the securities on loan and payable on collateral received for securities lending were as follows:
Fund | Market Value of |
| Payable on |
| Percentage of Net Assets | |||
SoFi Select 500 ETF | $25,141,582 | | | $25,783,040 | | | 4.8 | % |
SoFi Next 500 ETF | 20,377,360 | | | 20,816,983 | | | 32.7 | % |
SoFi Social 50 ETF | 2,728,572 | | | 2,871,970 | | | 17.1 | % |
SoFi Be Your Own Boss ETF | 2,182,599 | | | 2,244,633 | | | 31.0 | % |
SoFi Weekly Income ETF | 1,276,935 | | | 1,303,469 | | | 7.6 | % |
SoFi Weekly Dividend ETF | 1,092,587 | | | 1,128,421 | | | 10.3 | % |
SoFi Web 3 ETF | 408,221 | | | 433,388 | | | 29.3 | % |
SoFi Smart Energy ETF | 586,848 | | | 609,593 | | | 29.6 | % |
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 Funds 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 Funds bear the risk of loss associated with the investment of cash collateral received.
During the period ended August 31, 2023, the Funds each loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations.
The Funds are not subject to a master netting agreement with respect to each Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.
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SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
NOTE 6 – PURCHASES AND SALES OF SECURITIES |
For the period ended August 31, 2023, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:
Fund | Purchases |
| Sales |
SoFi Select 500 ETF | $78,655,252 | | $74,567,122 |
SoFi Next 500 ETF | 17,564,776 | | 16,970,995 |
SoFi Social 50 ETF | 2,508,441 | | 2,539,027 |
SoFi Be Your Own Boss ETF | 220,429 | | 228,429 |
SoFi Weekly Income ETF | 3,388,192 | | 3,350,592 |
SoFi Weekly Dividend ETF | 5,108,994 | | 3,934,564 |
SoFi Web 3 ETF | 551,861 | | 530,195 |
SoFi Smart Energy ETF | 556,316 | | 561,799 |
For the period ended August 31, 2023, there were no purchases or sales of long-term U.S. government securities.
For the period ended August 31, 2023, the cost of purchases and proceeds from in-kind transactions were as follows:
Fund | In-Kind Purchases |
| In-Kind Sales |
SoFi Select 500 ETF | $71,065,146 | | $37,065,380 |
SoFi Next 500 ETF | 10,505,616 | | 5,137,262 |
SoFi Social 50 ETF | 5,895,254 | | 6,305,661 |
SoFi Be Your Own Boss ETF | — | | 1,112,019 |
SoFi Weekly Income ETF | — | | — |
SoFi Weekly Dividend ETF | — | | — |
SoFi Web 3 ETF | 1,001,181 | | 650,001 |
SoFi Smart Energy ETF | — | | 838,602 |
NOTE 7 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS |
The tax character of distributions paid during the period ended August 31, 2023 and year/period ended February 28, 2023 was as follows:
| Ordinary Income | ||
| August 31, 2023 | | February 28, 2023 |
SoFi Select 500 ETF | $3,698,392 | | $5,974,658 |
SoFi Next 500 ETF | 475,959 | | 731,180 |
SoFi Social 50 ETF | 170,723 | | 142,199 |
SoFi Be Your Own Boss ETF | 3,077 | | — |
SoFi Weekly Income ETF | 355,250 | | 901,768 |
SoFi Weekly Dividend ETF | 110,500 | | 299,722 |
SoFi Web 3 ETF | 12,946 | | 13,439 |
SoFi Smart Energy ETF | — | | — |
| Return of Capital | ||
| August 31, 2023 | | February 28, 2023 |
SoFi Weekly Dividend ETF | $— | | $3,054 |
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SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
As of the most recent fiscal year/period ended February 28, 2023, the components of accumulated earnings/(losses) on a tax basis were as follows:
| SoFi Select | | SoFi Next | | SoFi Social | | SoFi Be | | SoFi Weekly | | SoFi Weekly | | SoFi Web | | SoFi Smart | |
| | | | | | | | |||||||||
Cost of investments(5) | $478,102,748 | | $76,612,345 | | $23,647,580 | | $21,582,271 | | $17,924,176 | | $10,434,890 | | $1,064,548 | | $4,372,841 | |
Gross tax unrealized appreciation | 28,103,022 | | 4,843,619 | | 698,572 | | 56,560 | | 142,210 | | 460,621 | | 64,556 | | 131,617 | |
Gross tax unrealized depreciation | (44,311,401 | ) | (9,819,207 | ) | (6,944,317 | ) | (11,513,684 | ) | (1,181,194 | ) | (573,705 | ) | (155,234 | ) | (757,508 | ) |
Net tax unrealized appreciation (depreciation) | (16,208,379 | ) | (4,975,588 | ) | (6,245,745 | ) | (11,457,124 | ) | (1,038,984 | ) | (113,084 | ) | (90,678 | ) | (625,892 | ) |
Undistributed ordinary income (loss) | 1,222,661 | | 124,574 | | 80,837 | | 3,635 | | 8,784 | | — | | — | | 3,121 | |
Undistributed long-term capital gain (loss) | — | | — | | — | | — | | — | | — | | — | | — | |
Total distributable earnings | 1,222,661 | | 124,574 | | 80,837 | | 3,635 | | 8,784 | | — | | — | | 3,121 | |
Other accumulated gain (loss) | (12,038,776 | ) | (3,926,529 | ) | (7,647,546 | ) | (3,794,467 | ) | (544,175 | ) | (715,815 | ) | (54,737 | ) | (101,802 | ) |
Total accumulated gain (loss) | $(27,024,494 | ) | $(8,777,543 | ) | $(13,812,454 | ) | $(15,247,956 | ) | $(1,574,375 | ) | $(828,899 | ) | $(145,515 | ) | $(724,573 | ) |
(5)The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales.
(6)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.
Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Funds’ next taxable year. As of the most recent fiscal year ended February 28, 2023, the Funds had no late year losses and the SoFi Web 3 ETF had post-October losses of $54,737. As of the most recent fiscal year ended February 28, 2023, the following Funds had short-term and long-term capital loss carryovers, both of which do not expire:
Short-Term Capital Loss Carryover
SoFi Select 500 ETF | 10,077,940 |
SoFi Next 500 ETF | 3,104,573 |
SoFi Social 50 ETF | 5,254,091 |
SoFi Be Your Own Boss ETF | 686,603 |
SoFi Weekly Income ETF | 190,965 |
SoFi Weekly Dividend ETF | 503,413 |
SoFi Smart Energy ETF | 67,921 |
Long-Term Capital Loss Carryover
SoFi Select 500 ETF | 1,960,836 |
SoFi Next 500 ETF | 821,956 |
SoFi Social 50 ETF | 2,393,455 |
SoFi Be Your Own Boss ETF | 3,107,864 |
SoFi Weekly Income ETF | 353,210 |
SoFi Weekly Dividend ETF | 212,402 |
SoFi Smart Energy ETF | 33,881 |
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SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
NOTE 8 – CREDIT FACILITY |
U.S. Bank N.A. has made available to the following Funds a credit facility pursuant to Loan Agreements for temporary or extraordinary purposes. Credit facility details for the period ended August 31, 2023, are as follows:
SoFi Be Your Own Boss ETF | |
Maximum available credit | $50,000,000 |
Largest amount outstanding on an individual day | — |
Average daily loan outstanding | — |
Credit facility outstanding as of August 31, 2023 | — |
Average interest rate, when in use | — |
SoFi Weekly Income ETF | |
Maximum available credit | $1,000,000 |
Largest amount outstanding on an individual day | — |
Average daily loan outstanding | — |
Credit facility outstanding as of August 31, 2023 | — |
Average interest rate, when in use | — |
SoFi Weekly Dividend ETF | |
Maximum available credit | $50,000,000 |
Largest amount outstanding on an individual day | — |
Average daily loan outstanding | — |
Credit facility outstanding as of August 31, 2023 | — |
Average interest rate, when in use | — |
Interest expense incurred for the period ended August 31, 2023 is disclosed in the Statements of Operations, if applicable.
The credit facility for the SoFi Be Your Own Boss ETF and the SoFi Weekly Dividend ETF is an uncommitted, senior secured 364- day umbrella line of credit used for the benefit of certain funds within the Trust. The credit facility for the SoFi Weekly Income ETF is an uncommitted, senior secured 364-day line of credit used for the benefit of the Fund.
NOTE 9 – SHARE TRANSACTIONS |
Shares of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy ETF are listed and traded on NYSE Arca, Inc. and shares of the SoFi Be Your Own Boss ETF and SoFi Web 3 ETF are listed and traded on The NASDAQ Stock Market, LLC. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of 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 Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF is $500, for the SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, and SoFi Weekly Income ETF is $300, and for the SoFi Weekly Dividend ETF is $1,500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units for Funds of up to a maximum
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NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued) |
of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
NOTE 10 – RECENT MARKET EVENTS |
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. 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, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.
NOTE 11 – SUBSEQUENT EVENTS |
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there are no subsequent events that would need to be disclosed in the Funds’ financial statements.
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SoFi Funds
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Funds’ shares, and (2) ongoing costs, including management fees of the Funds. The examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2023 to August 31, 2023.
Actual Expenses
The first line of the following tables provides information about actual account values and actual expenses. The examples include, but are not limited to, unitary fees. However, the examples do 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 tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Funds’ shares. Therefore, the second line of the following tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
SoFi Select 500 ETF | | | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $1,152.00 | | $— |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,025.14 | | — |
| | | | | |
(1)Expenses are equal to the Fund’s annualized net expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period). | |||||
| | | | | |
SoFi Next 500 ETF | | | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $1,048.50 | | $— |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,025.14 | | — |
| | | | | |
(2) Expenses are equal to the Fund’s annualized net expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period). | |||||
| | | | | |
SoFi Social 50 ETF | | | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $1,240.30 | | $1.63 |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,023.68 | | 1.48 |
| | | | | |
(3)Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.29%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six-month period). | |||||
| | | | | |
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SoFi Funds
SoFi Be Your Own Boss ETF | | | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $1,077.60 | | $3.09 |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,022.17 | | 3.00 |
| | | | | |
(4)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period). | |||||
| | | | | |
SoFi Weekly Income ETF | | | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $1,038.40 | | $3.02 |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,022.17 | | 3.00 |
| | | | | |
(5)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period). | |||||
| | | | | |
SoFi Weekly Dividend ETF | | | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $1,033.50 | | $2.50 |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,022.67 | | 2.49 |
| | | | | |
(6)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.49%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period). | |||||
| | | | | |
SoFi Web 3 ETF | | �� | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $1,253.30 | | $3.34 |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,022.17 | | 3.00 |
| | | | | |
(7)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period). | |||||
| | | | | |
SoFi Smart Energy ETF | | | | | |
| Beginning | | Ending | | Expenses |
| | | |||
| | | |||
Actual | $1,000.00 | | $870.50 | | $2.77 |
Hypothetical (5% annual return before expenses) | 1,000.00 | | 1,022.17 | | 3.00 |
| | | | | |
(8)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period). |
EXPENSE EXAMPLES For the Periods Ended August 31, 2023 (Unaudited) (Continued) |
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SoFi Funds
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 SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF (the “Funds”), has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for the Funds and to protect the Funds’ shareholders from dilution of their interests. The Trust’s Board of Trustees (the “Board”) has approved the designation of Toroso Investments, LLC, each Fund’s investment adviser, as the program administrator (the “Program Administrator”). The Program Administrator has further delegated administration of the Program to a member of its compliance team. The Program Administrator has also delegated certain responsibilities under the Program to the investment sub-adviser of the SoFi Weekly Income ETF; 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 August 24, 2023, the Board reviewed the Program Administrator’s written annual report for the period October 1, 2022 through June 30, 2023 (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, Inc., a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s assessment. The Report noted that no highly liquid investment minimum is required for the Funds because each Fund is classified (other than the SoFi Weekly Income ETF) as an In-Kind ETF ( as defined under Rule 22e-4). The Report also noted that no highly liquid investment minimum is required for the SoFi Weekly Income ETF because the Fund qualifies as a primarily highly liquid fund (as defined under Rule 22e-4). The Report noted that there were no breaches of the restrictions on acquiring or holding greater than 15% illiquid investments of the Fund during the review period. The Report confirmed that each Fund’s investment strategies remained appropriate for an open-end fund and that the Funds were able to meet requests for redemptions without significant dilution of remaining investors’ interests in the Funds. The Report noted that no material changes had been made to the Program during the review period. The Program Administrator determined that the Program complies with the requirements of Rule 22e-4 and is reasonably designed and operating effectively.
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SoFi Funds
The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met at a meeting held on April 5, 2023 to consider the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Select 500 ETF (the “Select 500 ETF”), the SoFi Next 500 ETF (the “Next 500 ETF”), the SoFi Social 50 ETF (the “Social 50 ETF”), the SoFi Be Your Own Boss ETF (the “BYOB ETF”), the SoFi Weekly Dividend ETF (the “Weekly Dividend ETF”) and the SoFi Smart Energy ETF (the “Smart Energy ETF”) (each, a “Fund,” and collectively, the “Funds”), each a series of the Trust, and Toroso Investments, LLC, the Funds’ investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the renewal 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 outside legal counsel to the Trust and Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal 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 outside legal counsel to the Trust and Independent Trustees, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the unitary advisory fees for the Funds, 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 renewal of the Advisory Agreement for an additional one-year term.
Discussion of Factors Considered
In considering the renewal 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 Provided. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Charles Ragauss, who serves as a portfolio manager of the Select 500 ETF, Next 500 ETF, Social 50 ETF, BYOB ETF, Weekly Dividend ETF and Smart Energy ETF, Michael Venuto, who serves as a portfolio manager of the BYOB ETF, Weekly Dividend ETF and Smart Energy ETF, and David Dziekanski, who serves as a portfolio manager of the BYOB ETF, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The Board noted that prior to August 9, 2022, the SoFi Smart Energy ETF was named the iClima Distributed Smart Energy ETF and the SoFi Be Your Own Boss ETF was named the SoFi Gig Economy ETF, but each Fund operated under the same investment objective and principal investment strategies, respectively. 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 employed by each of the Funds.
The Board also considered other services provided to the Funds, such as monitoring adherence to each Fund’s investment strategy and restrictions, oversight of other service providers to the Funds, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the Select 500 ETF, Next 500 ETF, Social 50 ETF, Weekly Dividend ETF and Smart Energy ETF (the “SoFi Index Funds”) achieve their investment objectives as passively-managed ETFs and the extent to which the BYOB ETF achieves its investment objective as an actively-managed ETF. The Board noted that the SoFi Index Funds are each designed to track the performance of an index and the Adviser is responsible for trade execution. The Board noted that, with respect to the BYOB ETF, the Adviser is responsible for active portfolio management, including selecting the Fund’s investments and trade execution.
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 Funds and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser’s compliance program, were satisfactory.
2.Investment Performance of the Funds and the Adviser. The Board considered the investment performance of the Funds and the Adviser. The Board noted that the SoFi Index Funds were designed to track the performance of an index and considered the extent to which the SoFi Index Funds tracked their respective indexes, before fees and expenses, in addition to the performance of the Funds against their benchmark indexes and respective peer groups. For the BYOB ETF, the Board considered the Fund’s performance against its benchmark index and peer group.
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SoFi Funds
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
The Board considered the performance of the Select 500 ETF on an absolute basis, in comparison to its underlying index (the Solactive SoFi US 500 Growth Index), in comparison to its benchmark index (the S&P 500 Total Return Index), and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. large growth funds) (the “SFY Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in-line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the S&P 500 Total Return Index over the one-year and since inception periods ended December 31, 2022. The Board also noted that the Fund underperformed the SFY Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but outperformed the Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.
The Board considered the performance of the Next 500 ETF on an absolute basis, in comparison to its underlying index (the Solactive SoFi US Next 500 Growth Index), in comparison to its benchmark index (the S&P MidCap 400 Total Return Index), and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. mid-cap blend funds) (the “SFYX Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the S&P MidCap 400 Total Return Index over the one-year and since inception periods ended December 31, 2022. The Board also noted that the Fund outperformed the SFYX Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but underperformed the Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.
The Board discussed the performance of the Social 50 ETF on both an absolute basis and in comparison to its underlying index (the SoFi Social 50 Index), a benchmark index (the S&P 500 Total Return Index), and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. large-cap growth funds) (the “SFYF Morningstar Peer Group”). The Board noted that the Social 50 ETF’s investment objective and principal investment strategies were substantially revised on June 30, 2020 and the performance of the Fund for periods prior to that date were achieved under the Fund’s prior investment objectives and principal investment strategies and would have differed if the Fund’s current investment objective and principal investment strategies had been in effect during those periods. As a result, when evaluating the Social 50 ETF’s performance in comparison to its underlying index, the Board evaluated blended index performance for the prior underlying index (the Solactive SoFi US 50 Growth Index) and the current underlying index (the SoFi Social 50 Index) for the relevant periods. The Board noted that the Social 50 ETF’s performance was generally in line with the blended underlying index. The Board noted that the Social 50 ETF underperformed the S&P 500 Index for the one-year and since inception periods ended December 31, 2022. The Board also noted that the Fund outperformed the SFYF Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but underperformed the SFYF Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.
The Board discussed the performance of the BYOB ETF on both an absolute basis and in comparison to its primary benchmark index, the S&P 500 Total Return Index, a secondary benchmark index, the NASDAQ 100 Total Return Index, and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. global large-stock growth funds) (the “BYOB Morningstar Peer Group”). The Board noted that the BYOB ETF had underperformed the S&P 500 Total Return Index and NASDAQ 100 Total Return Index for the one-year and since inception periods ended December 31, 2022. The Board also noted that the BYOB ETF had outperformed the BYOB Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but underperformed the BYOB Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.
The Board considered the performance of the Weekly Dividend ETF on an absolute basis, in comparison to its underlying index (the SoFi Sustainable Dividend Index), in comparison to its primary benchmark index, the S&P 500 Total Return Index, in comparison to a secondary benchmark index, the Bloomberg 1-3 Year Credit Index, and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. global large-stock value funds) (the “WKLY Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the Bloomberg 1-3 Year Credit Index over the one-year period ended December 31, 2022, outperformed the S&P 500 Total Return Index over the one-year period ended December 31, 2022, and outperformed the S&P 500 Total Return Index and Bloomberg 1-3 Year Credit Index over the since inception period ended December 31, 2022. The Board also noted that the Fund underperformed the WKLY Morningstar Peer Group average for the year-to-date and one-year periods ended February 28, 2023.
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SoFi Funds
The Board considered the performance of the Smart Energy ETF on an absolute basis, in comparison to its underlying index (the iClima Distributed Renewable Energy Index), in comparison to its benchmark index, the Dow Jones Global Index, and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. miscellaneous sector funds) (the “ENRG Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the Dow Jones Global Index over the one-year and since-inception periods ended December 31, 2022. The Board also noted that the Fund outperformed the ENRG Morningstar Peer Group average for the year-to-date and one-year periods ended February 28, 2023.
After considering all of the information, the Board concluded that the performance of each Fund was satisfactory under current market conditions and that the Adviser has the necessary expertise and resources in providing investment advisory services in accordance with each Fund’s investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that each Fund and its shareholders were likely to benefit from the Adviser’s continued management.
3.Cost of Services Provided and Profits Realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s advisory fees, including a review of comparative expenses, expense components and peer group selection for each Fund. The Board took into consideration that the advisory fee was a “unitary fee,” meaning that each Fund pays 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 each Fund’s Rule 12b1 Plan. The Board noted that the Adviser continues to responsible for compensating each Fund’s other service providers and paying each Fund’s other expenses out of its own fees and resources, subject to the contractual agreement of each Fund’s sponsor, Social Finance, Inc., to assume such obligation in exchange for the profits, if any, generated by each Fund’s unitary fee. The Board also considered the overall profitability of the Adviser and examined the level of profits accrued to the Adviser from the fees payable under the Advisory Agreement with respect to each Fund.
For the Select 500 ETF, the Board noted that the Adviser had contractually agreed to maintain an annual net expense ratio of 0.00% since the Fund’s inception and at least through June 30, 2023. The Board noted that the Fund’s advisory fee of 0.19% was below the SFY Morningstar Peer Group average of 0.40% and the Fund’s expense ratio, net of fee waivers, of 0.00% was below the SFY Morningstar Peer Group average of 0.42%.
For the Next 500 ETF, the Board noted that the Adviser had contractually agreed to maintain an annual net expense ratio of 0.00% since the Fund’s inception and at least through June 30, 2023. The Board noted that the Fund’s advisory fee of 0.19% was below the SFYX Morningstar Peer Group average of 0.31% and the Fund’s expense ratio, net of fee waivers, of 0.00% was below the SFYX Morningstar Peer Group average of 0.34%.
For the Social 50 ETF, the Board noted that the Fund’s advisory fee of 0.29% was below the SFYF Morningstar Peer Group average of 0.40% and the Fund’s expense ratio of 0.29% was below the SFYF Morningstar Peer Group average of 0.42%.
For the BYOB ETF, the Board noted that the Fund’s advisory fee of 0.59% was above the BYOB Morningstar Peer Group average of 0.53% and the Fund’s expense ratio of 0.59% was above the BYOB Morningstar Peer average of 0.54%.
For the Weekly Dividend ETF, the Board noted that the Fund’s advisory fee of 0.49% was below the WKLY Morningstar Peer Group average of 0.50% and the Fund’s expense ratio of 0.49% was below the WKLY Morningstar Peer Group average of 0.53%.
For the Smart Energy ETF, the Board noted that the Adviser had reduced the Fund’s advisory fee from 0.69% to 0.59% effective as of August 9, 2022. The Board considered that the Smart Energy ETF’s advisory fee of 0.59% was above the ENRG Morningstar Peer Group average of 0.55% and the Fund’s expense ratio of 0.59% was equal to the ENRG Morningstar Peer Group average of 0.59%.
The Board concluded that each Fund’s expense ratio and advisory fee were fair and reasonable in light of the comparative performance, advisory fee and expense information and the investment management services provided to the Fund by the Adviser given the nature of the Fund’s strategies. The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates and the profits realized by the Adviser from its relationship with each Fund, and concluded that the fees had not been, and currently were not, excessive, and that while each Fund was not yet profitable to the Adviser, the Adviser had adequate financial resources to support its services to each Fund from the revenues of its overall investment advisory business.
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
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4.Extent of Economies of Scale as the Funds Grow. The Board compared each Fund’s expenses relative to its Morningstar Peer Group and discussed realized and potential economies of scale. The Board considered the potential economies of scale that each Fund might realize under the structure of the advisory fees. The Board noted the advisory fees did not contain any breakpoint reductions as each Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structures.
5.Benefits Derived from the Relationship with the Funds. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the Funds. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Funds.
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 fees are reasonable in light of the services that the Adviser provides to each of the Funds; and (c) the approval of renewal of the Advisory Agreement for an additional one-year term was in the best interests of each Fund and its shareholders.
BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued) |
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SoFi Funds
INFORMATION ABOUT PROXY VOTING (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (877) 358-0096 or by accessing the Funds’ website at www.sofi.com/invest/etfs. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request without charge by calling (877) 358-0096 or by accessing the SEC’s website at www.sec.gov.
INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited) |
The Funds’ portfolio holdings are posted on the Funds’ website daily at www.sofi.com/invest/etfs. The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited) |
Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily net asset value (“NAV”) is available, without charge, on the Funds’ website at www.sofi.com/invest/etfs.
INFORMATION ABOUT THE FUNDS’ TRUSTEES (Unaudited) |
The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Funds’ website www.sofi.com/invest/etfs.
Investment Adviser
Toroso Investments, LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Investment Sub-Adviser
(SoFi Weekly Income ETF Only)
Income Research + Management
100 Federal Street, 30th Floor
Boston, Massachusetts 02110
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, 29th Floor
Philadelphia, Pennsylvania 19102
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, Wisconsin 53202
Custodian
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
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 |
SoFi Select 500 ETF | SFY | 886364207 |
SoFi Next 500 ETF | SFYX | 886364306 |
SoFi Social 50 ETF | SFYF | 886364405 |
SoFi Be Your Own Boss ETF | BYOB | 886364504 |
SoFi Weekly Income ETF | TGIF | 886364884 |
SoFi Weekly Dividend ETF | WKLY | 886364736 |
SoFi Web 3 ETF | TWEB | 886364512 |
SoFi Smart Energy ETF | ENRG | 886364686 |
(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.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
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.
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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. |
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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 | November 9, 2023 |
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 | November 9, 2023 |
By (Signature and Title)* | /s/ Aaron J. Perkovich | |
Aaron J. Perkovich, Treasurer/Principal Financial Officer |
Date | November 9, 2023 |
* Print the name and title of each signing officer under his or her signature.
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