UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number (811-23377)
Tidal ETF Trust
(Exact name of registrant as specified in charter)
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Name and address of agent for service)
(844) 986-7676
Registrant's telephone number, including area code
Date of fiscal year end: February 28
Date of reporting period: August 31, 2020
Item 1. Reports to Stockholders.
SoFi Select 500 ETF
Ticker: SFY
SoFi Next 500 ETF
Ticker: SFYX
SoFi 50 ETF
Ticker: SFYF
SoFi Gig Economy ETF
Ticker: GIGE
Semi-Annual Report
August 31, 2020
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission (the “SEC”), paper copies of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi 50 ETF, and SoFi Gig Economy ETF (each, a “Fund” and together, the “Funds”) shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the Funds’ reports from your financial intermediary, such as a broker dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. Please contact your financial intermediary to elect to receive shareholder reports and other Fund communications electronically.
You may elect to receive all future reports in paper free of charge. Please contact your financial intermediary to inform them that you wish to continue receiving paper copies of shareholder reports and for details about whether your election to receive reports in paper will apply to all funds held with your financial intermediary.
SoFi Funds
TABLE OF CONTENTS |
A Message to our Shareholders |
1 |
Portfolio Allocations |
5 |
Schedules of Investments |
7 |
Statements of Assets and Liabilities |
27 |
Statements of Operations |
28 |
Statements of Changes in Net Assets |
29 |
Financial Highlights |
33 |
Notes to Financial Statements |
37 |
Expense Examples |
44 |
Information about Proxy Voting |
46 |
Information about the Portfolio Holdings |
46 |
Frequency Distribution of Premiums and Discounts |
46 |
Information about the Funds’ Trustees |
46 |
SoFi Funds
Market Commentary
U.S. equity markets stabilized during the second half of 2020 primarily due to an accommodative Federal Reserve policy and other fiscal stimulus. When or how the economy will fully reopen remains unclear. What is clear is that many industries will struggle for quite some time and could need continued government assistance in the coming 18 months. The global trend toward digitalization and contactless transactions has been accelerated with the adoption of new ways of doing business due to the Work From Anywhere (“WFA”) phenomenon we are experiencing during the novel coronavirus (COVID-19) quarantine. Market dislocations always cause new adoptions of technology and processes. That, coupled with our need to work remotely, has pushed adoption rates of many gig economy trends to all-time highs.
The information presented in this report relates to the performance during the 6-month period beginning March 1, 2020 and ended August 31, 2020 (the “current fiscal period”).
The SoFi Select 500 ETF
The SoFi Select 500 ETF (“SFY”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index (the “SFY Index”).
Index Description:
In summary, the SFY Index is rebalanced and reconstituted annually. The process begins with the selection of the 500 largest constituents by market capitalization of the Solactive US Broad Market Index, which generally includes common stocks and equity interests in real estate investment trusts (“REITs”). The weight of these constituents is initially based on their free-float market capitalization and then adjusted upward or downward based on three growth-oriented factors:
|
1) |
trailing 12-month sales growth, |
|
2) |
trailing 12-month earnings per share (“EPS”) growth, and |
|
3) |
12-month forward-looking EPS growth consensus estimates. |
The SFY Index’s construction does not naturally target any specific sector or industry; however, due to market conditions and other factors, a sector, such as Technology, may be relatively overweight/underweight for periods of time.
Fund Description:
SFY, via the SFY Index, is composed of 500 of the largest publicly traded U.S. companies and seeks to track the performance of the SFY Index.
Performance Overview:
During the current fiscal period, SFY generated a total return of 23.87% (NAV) and 24.19% (Market). This compares to the 23.86% total return of the SFY Index, and the 19.63% total return of the benchmark, the S&P 500® Total Return Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Technology, Consumer (Cyclical), and Consumer (Non-Cyclical) were the leading contributors, while Energy, Financials, and Utilities were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Amazon.com, Inc., Apple, Inc., and Tesla, Inc. Conversely, the leading detractors included JP Morgan Chase & Co., Wells Fargo & Co., and Exxon Mobile Corp.
The SoFi Next 500 ETF
The SoFi Next 500 ETF (“SFYX”) seeks to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index (the “SFYX Index”).
Index Description:
In summary, the SFYX Index is rebalanced and reconstituted annually and begins with the selection of the next 500 largest constituents after excluding the largest 500 constituents by market capitalization of the Solactive US Broad Market Index, which generally incudes common stocks and equity interests in REITs. The weight of these constituents is initially based on their free-float market capitalization and then adjusted upward or downward based on the same three growth-oriented factors:
|
1) |
trailing 12-month sales growth, |
1 |
SoFi Funds
|
2) |
trailing 12-month earnings per share (“EPS”) growth, and |
|
3) |
12-month forward-looking EPS growth consensus estimates. |
The SFYX Index’s construction does not target any specific sector or industry but may be relatively overweight/underweight for periods of time.
Fund Description:
SFYX, via the SFYX Index, is composed of the 500 smallest of the 1,000 largest publicly traded U.S. companies based on market capitalization and seeks to track the performance of the SFYX Index.
Performance Overview:
During the current fiscal period, SFYX generated a total return of 8.03% (NAV) and 8.55% (Market). This compares to the 7.97% total return of the SFYX Index, and the 7.15% total return of the benchmark, the S&P MidCap 400® Total Return Index, for the same period.
From a sector perspective, based on performance attribution to the overall portfolio, Technology, Consumer (Non-Cyclical), and Consumer (Cyclical) were the leading contributors, while Financials and Energy were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Horizon Therapeutics PLC, Dexcom, Inc., and Wayfair, Inc. – Class A. Conversely, the leading detractors included New Residential Investment Corp., VICI Properties, Inc., and eHealth, Inc.
The SoFi 50 ETF
The SoFi 50 ETF (“SFYF”) seeks to track the performance, before fees and expenses, of the SoFi Social 50 Index (“SFYF Index”). Effective June 30, 2020, SFYF changed its underlying index and made corresponding changes to its investment objective, principal investment strategies, and principal risks; please see below for more information.
Index Description:
The SFYF Index is designed to reflect the 50 most widely held U.S.-listed equity securities in the self-directed brokerage accounts (the “SoFi Accounts”) of SoFi Securities, LLC, an affiliate of Social Finance, Inc., as weighted by aggregate holdings within the SoFi Accounts. Securities eligible for inclusion in the SFYF Index must: (a) be U.S.-listed equity securities held in SoFi Accounts, and (b) have an average daily trading volume of at least $10,000,000 during the preceding one-month and six month periods (the “Eligible Universe”). The SFYF Index may include common stocks and equity interests in REITs. Exchange-traded funds (“ETFs”) and other investment companies are not eligible for the SFYF Index.
Securities in the Eligible Universe are sorted based on:
|
1) |
The number of SoFi Accounts that hold a particular security and |
|
2) |
The total market value of the security held in the SoFi Accounts (the “Weighted Average Value”) |
Each security in the Eligible Universe is then ranked from highest to lowest based on its Weighted Average Value (e.g., the security with the highest Weighted Average Value is assigned rank 1).
Subject to a “buffer rule” aimed at limiting the SFYF Index turnover, securities ranked within the top 50 are included in the SFYF Index. Each security in the SFYF Index is then weighted based on its Weighted Average Value in relation to that of the other SFYF Index components and is subject to certain individual security weight and sector concentration caps. For example, the weight of each individual SFYF Index component is capped at 10%, and securities representing investments in any particular industry sector are capped at 50%. The SFYF Index is rebalanced and reconstituted monthly
The SFYF Index’s construction does not target any specific sector or industry, however, due to market conditions and other factors a sector may be relatively overweight/underweight for periods of time.
Fund Description:
SFYF, via the SFYF Index, is composed of the 50 most widely held U.S.-listed equity securities in the SoFi Accounts as weighted by their calculated Weighted Average Value (see above for detail) within the SoFi Accounts.
2 |
SoFi Funds
Performance Overview:
During the current fiscal period, SFYF generated a total return of 32.04% (NAV) and 33.14% (Market). This compares to the 32.42% total return of the SoFi 50 ETF Blended Index (defined below) for the same period, and 19.63% for the S&P 500® Total Return Index. Effective June 30, 2020, SFYF’s investment objective changed to track the total return performance, before fees and expenses, of the SoFi Social 50 Index. Prior to June 30, 2020, SFYF’s investment objective was to track the total return performance, before fees and expenses, of the Solactive SoFi US 50 Growth Index. Performance shown for the SoFi 50 Blended Index for periods beginning June 30, 2020 is that of the SoFi Social 50 Index, and performance shown for periods prior to June 30, 2020 is that of the Solactive SoFi US 50 Growth Index.
From a sector perspective, based on performance attribution to the overall portfolio, Technology, Consumer (Cyclical), and Industrials were the leading contributors, while Financials, Energy, and Consumer (Non-Cyclical) were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Tesla, Inc., Apple, Inc., and Zoom Video Communications, Inc. – Class A. Conversely, the leading detractors included PBF Energy, Inc., Pebblebrook Hotel Trust, and Weyerhaeuser Co.
The SoFi Gig Economy ETF
The SoFi Gig Economy ETF (“GIGE”) is an actively-managed ETF that seeks to achieve its investment objective of long-term capital appreciation primarily by investing in a portfolio of companies listed around the world that GIGE’s investment adviser considers part of the “gig economy”.
Fund Description:
The “gig economy” refers to the group of companies that have embraced, that support, or that otherwise benefit from a workforce where individual employees or independent contractors are empowered to create their own freelance business by leveraging recent developments in technology platforms that enable individuals to offer their services directly to retail and commercial customers. Examples of gig economy businesses include selling or reselling products through auction platforms or web-based stores and offering delivery services through an app-based platform.
The investment management team behind the strategy seeks investments in underlying companies that:
|
● |
drive the overall gig economy universe, |
|
● |
transform the way our economy transacts goods and services, |
|
● |
modify how work gets done, and |
|
● |
embraces the work from home economy. |
These companies are broken up into categories, including direct participants, companies that enable or support gig economy businesses in marketing and sales functions, companies that facilitate financial transactions for gig economy businesses, companies that support the ability of individuals to run gig economy businesses, and other companies expected to benefit from the gig economy and associated lifestyle changes. These companies are put into a multi-tiered process based on their growth prospects within the gig economy and managed to allow for necessary concentration to generate alpha but not overconcentration which may cause significant volatility. The investment management team actively rebalances the portfolio frequently, as such a new industry classification, the Fund can experience large individual position volatility and new issuances can occur frequently.
Performance Overview:
During the current fiscal period, GIGE generated a total return of 52.46% (NAV) and 55.85% (Market), while the NASDAQ®-100 Total Return Index returned 43.80% and the S&P 500® Total Return Index returned 19.63% over the same time period.
From a sector perspective, based on performance attribution to the overall portfolio, Consumer (Non-Cyclical), Technology, and Communications were the largest contributors, while Financials detracted the most.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Fiverr International Ltd., Pinduoduo, Inc. – Class A, and Square, Inc. – Class A. Conversely, the leading detractors included Wirecard AG, LendingClub Corp., and Tian Ge Interactive Holdings Ltd.
3 |
SoFi Funds
Past performance does not guarantee future results.
Must be preceded or accompanied by a prospectus.
Investors buy and sell ETF shares through a brokerage account or an investment advisor. Like ordinary stocks, brokerage commissions, and/or transaction costs or services fees may apply. Please consult your broker or financial advisor for their fee schedule.
There is no guarantee that a Fund’s investment strategy will be successful. Shares may trade at a premium or discount to their NAV in the secondary market, and a fund’s holdings and returns may deviate from those of its index., if applicable. These variations may be greater when markets are volatile or subject to unusual conditions. A high portfolio turnover rate increases transaction costs, which may increase a Fund’s expenses. The Funds are new and each has a limited operating history. You can lose money on your investment in a Fund. Diversification does not ensure profit or protect against loss in declining markets. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets. Because the SoFi Gig Economy ETF may invest in a single sector, country or industry, its shares do not represent a complete investment program. As a non-diversified fund, the value of the SoFi Gig Economy ETF’s shares may fluctuate more than shares invested in a broader range of industries and companies because of concentration in a specific sector, country or industry.
The S&P 500® Total Return Index is an index of 500 large-capitalization companies selected by Standard & Poor’s Financial Services LLC. The S&P MidCap 400® Total Return Index is an index of 400 mid-capitalization companies selected by Standard & Poor’s Financial Services LLC. The NASDAQ®-100 Total Return Index is an index of 100 of the largest non-financial securities, based on market capitalization, listed on The NASDAQ Stock Market, LLC. It is not possible to invest directly in an index. Holdings are subject to change.
Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of portfolio holdings, please refer to the Schedule of Investments provided in this report.
SoFi ETFs are distributed by Foreside Fund Services, LLC.
Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, the Adviser, the Sub-Adviser, the distributor, or any of their affiliates. SoFi and/or its affiliates, including SoFi Securities, LLC, do not make investment decisions, provide investment advice, or otherwise act in the capacity of an investment adviser to the Funds. SoFi has provided support in developing the methodology used by the SoFi Select 500 ETF, SoFi Next 500 ETF and SoFi 50 ETF’s underlying index to determine the securities included in such Index. However, SoFi is not involved in the maintenance of each such Index and does not act in the capacity of an index provider.
4 |
SoFi Funds
SOFI Select 500 ETF Portfolio Allocation at August 31, 2020 (Unaudited) |
Sector |
% of Net Assets |
Technology |
24.6% |
Consumer (Non-Cyclical) |
23.3 |
Communications |
15.9 |
Financials |
15.0 |
Consumer (Cyclical) |
8.8 |
Industrials |
6.4 |
Utilities |
2.7 |
Basic Materials |
1.8 |
Energy |
1.4 |
Cash & Cash Equivalents (1) |
0.1 |
100.0% |
|
(1) |
Represents cash, short-term investments and other assets in excess of liabilities. |
SOFI Next 500 ETF Portfolio ALLOCATION at August 31, 2020 (Unaudited) |
Sector |
% of Net Assets |
Consumer (Non-Cyclical) |
23.8% |
Financials |
20.3 |
Technology |
18.3 |
Industrials |
13.7 |
Consumer (Cyclical) |
10.2 |
Communications |
6.2 |
Utilities |
2.5 |
Basic Materials |
2.4 |
Energy |
2.4 |
Cash & Cash Equivalents (2) |
0.2 |
100.0% |
|
(2) |
Represents cash, short-term investments and liabilities in excess of other assets. |
5 |
SoFi Funds
SOFI 50 ETF Portfolio ALLOCATION at August 31, 2020 (Unaudited) |
Sector |
% of Net Assets |
Consumer (Cyclical) |
30.6% |
Communications |
27.0 |
Technology |
25.0 |
Consumer (Non-Cyclical) |
7.0 |
Industrials |
4.8 |
Financials |
4.0 |
Energy |
1.5 |
Cash & Cash Equivalents (1) |
0.1 |
100.0% |
SOFI GIg Economy ETF Portfolio ALLOCATION at August 31, 2020 (Unaudited) |
Sector |
% of Net Assets |
Communications |
59.7% |
Technology |
19.1 |
Consumer (Non-Cyclical) |
13.2 |
Financials |
3.8 |
Industrials |
3.5 |
Cash & Cash Equivalents (1) |
0.7 |
100.0% |
|
(1) |
Represents cash, short-term investments and other assets in excess of liabilities. |
6 |
SoFi Select 500 ETF
Schedule of Investments at August 31, 2020 (Unaudited) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% |
||||||||
Advertising — 0.1% |
||||||||
Omnicom Group, Inc. |
528 | $ | 28,560 | |||||
The Trade Desk, Inc. - Class A (1) |
94 | 45,242 | ||||||
|
73,802 | |||||||
Aerospace & Defense — 1.5% |
||||||||
The Boeing Co. |
3,658 | 628,517 | ||||||
General Dynamics Corp. |
877 | 130,980 | ||||||
L3Harris Technologies, Inc. |
1,150 | 207,851 | ||||||
Lockheed Martin Corp. |
860 | 335,624 | ||||||
Northrop Grumman Corp. |
559 | 191,519 | ||||||
Teledyne Technologies, Inc. (1) |
103 | 32,302 | ||||||
TransDigm Group, Inc. |
165 | 82,445 | ||||||
|
1,609,238 | |||||||
Agriculture — 1.0% |
||||||||
Altria Group, Inc. |
15,096 | 660,299 | ||||||
Archer-Daniels-Midland Co. |
1,600 | 71,616 | ||||||
Philip Morris International, Inc. |
4,379 | 349,400 | ||||||
|
1,081,315 | |||||||
Airlines — 0.1% |
||||||||
Delta Air Lines, Inc. |
1,473 | 45,442 | ||||||
Southwest Airlines Co. |
1,311 | 49,267 | ||||||
United Airlines Holdings, Inc. (1) |
626 | 22,536 | ||||||
|
117,245 | |||||||
Apparel — 0.5% |
||||||||
Nike, Inc. - Class B |
4,638 | 518,946 | ||||||
VF Corp. |
931 | 61,213 | ||||||
|
580,159 | |||||||
Auto Manufacturers — 2.3% |
||||||||
Cummins, Inc. |
349 | 72,330 | ||||||
Ford Motor Co. |
6,582 | 44,889 | ||||||
General Motors Co. |
3,166 | 93,809 | ||||||
PACCAR, Inc. |
835 | 71,677 | ||||||
Tesla, Inc. (1) |
4,510 | 2,247,423 | ||||||
|
2,530,128 | |||||||
Banks — 2.8% |
||||||||
Bank of America Corp. |
20,571 | 529,498 | ||||||
The Bank of New York Mellon Corp. |
2,383 | 88,123 | ||||||
Citigroup, Inc. |
5,047 | 258,003 | ||||||
Citizens Financial Group, Inc. |
974 | 25,197 | ||||||
Fifth Third Bancorp |
1,790 | 36,981 | ||||||
First Republic Bank |
474 | 53,519 | ||||||
The Goldman Sachs Group, Inc. |
850 | 174,139 | ||||||
Huntington Bancshares, Inc. |
2,503 | 23,553 | ||||||
JPMorgan Chase & Co. |
7,854 | 786,892 | ||||||
KeyCorp |
2,294 | 28,262 | ||||||
|
Shares |
Value |
||||||
Banks — 2.8% (Continued) |
||||||||
Morgan Stanley |
4,096 | $ | 214,057 | |||||
Northern Trust Corp. |
557 | 45,613 | ||||||
The PNC Financial Services Group, Inc. |
1,062 | 118,094 | ||||||
Regions Financial Corp. |
2,185 | 25,259 | ||||||
State Street Corp. |
918 | 62,507 | ||||||
SVB Financial Group (1) |
134 | 34,221 | ||||||
Truist Financial Corp. |
4,002 | 155,318 | ||||||
U.S. Bancorp |
3,729 | 135,736 | ||||||
Wells Fargo & Co. |
10,151 | 245,147 | ||||||
|
3,040,119 | |||||||
Beverages — 1.5% |
||||||||
Brown-Forman Corp. - Class B |
790 | 57,804 | ||||||
The Coca-Cola Co. |
13,266 | 657,065 | ||||||
Constellation Brands, Inc. - Class A |
452 | 83,385 | ||||||
Keurig Dr Pepper, Inc. |
7,077 | 211,107 | ||||||
Molson Coors Brewing Co. - Class B |
896 | 33,726 | ||||||
Monster Beverage Corp. (1) |
1,497 | 125,538 | ||||||
PepsiCo, Inc. |
3,568 | 499,734 | ||||||
|
1,668,359 | |||||||
Biotechnology — 2.3% |
||||||||
Alexion Pharmaceuticals, Inc. (1) |
3,704 | 423,071 | ||||||
Alnylam Pharmaceuticals, Inc. (1) |
367 | 48,679 | ||||||
Amgen, Inc. |
1,579 | 399,992 | ||||||
Biogen, Inc. (1) |
461 | 132,602 | ||||||
BioMarin Pharmaceutical, Inc. (1) |
1,733 | 135,226 | ||||||
Bio-Rad Laboratories, Inc. - Class A (1) |
137 | 69,677 | ||||||
Corteva, Inc. |
6,936 | 198,023 | ||||||
Exact Sciences Corp. (1) |
385 | 28,987 | ||||||
Gilead Sciences, Inc. |
4,031 | 269,069 | ||||||
Illumina, Inc. (1) |
420 | 150,032 | ||||||
Incyte Corp. (1) |
1,452 | 139,900 | ||||||
Moderna, Inc. (1) |
802 | 52,042 | ||||||
Regeneron Pharmaceuticals, Inc. (1) |
391 | 242,393 | ||||||
Seattle Genetics, Inc. (1) |
344 | 54,469 | ||||||
Vertex Pharmaceuticals, Inc. (1) |
859 | 239,764 | ||||||
|
2,583,926 | |||||||
Building Materials — 0.2% |
||||||||
Johnson Controls International PLC |
1,913 | 77,916 | ||||||
Martin Marietta Materials, Inc. |
186 | 37,734 | ||||||
Masco Corp. |
612 | 35,680 | ||||||
Vulcan Materials Co. |
402 | 48,240 | ||||||
|
199,570 | |||||||
The accompanying notes are an integral part of these financial statements.
7 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% (Continued) |
||||||||
Chemicals — 1.0% |
||||||||
Air Products and Chemicals, Inc. |
612 | $ | 178,863 | |||||
Albemarle Corp. |
276 | 25,119 | ||||||
Celanese Corp. |
296 | 29,940 | ||||||
Dow, Inc. |
2,128 | 96,015 | ||||||
DuPont de Nemours, Inc. |
4,126 | 230,066 | ||||||
Eastman Chemical Co. |
315 | 23,030 | ||||||
Ecolab, Inc. |
731 | 144,066 | ||||||
FMC Corp. |
351 | 37,508 | ||||||
International Flavors & Fragrances, Inc. |
355 | 43,945 | ||||||
LyondellBasell Industries NV |
707 | 46,294 | ||||||
PPG Industries, Inc. |
655 | 78,862 | ||||||
The Sherwin-Williams Co. |
284 | 190,578 | ||||||
|
1,124,286 | |||||||
Commercial Services — 3.0% |
||||||||
Automatic Data Processing, Inc. |
1,275 | 177,340 | ||||||
Booz Allen Hamilton Holding Corp. |
409 | 36,017 | ||||||
Cintas Corp. |
261 | 86,976 | ||||||
CoStar Group, Inc. (1) |
99 | 84,011 | ||||||
Equifax, Inc. |
310 | 52,164 | ||||||
FleetCor Technologies, Inc. (1) |
215 | 54,062 | ||||||
Gartner, Inc. (1) |
320 | 41,542 | ||||||
Global Payments, Inc. |
1,898 | 335,225 | ||||||
IHS Markit Ltd. |
1,542 | 123,237 | ||||||
MarketAxess Holdings, Inc. |
107 | 51,996 | ||||||
Moody’s Corp. |
542 | 159,695 | ||||||
PayPal Holdings, Inc. (1) |
3,775 | 770,628 | ||||||
Rollins, Inc. |
825 | 45,490 | ||||||
S&P Global, Inc. |
670 | 245,501 | ||||||
Square, Inc. - Class A (1) |
5,090 | 812,160 | ||||||
TransUnion |
621 | 53,853 | ||||||
United Rentals, Inc. (1) |
183 | 32,400 | ||||||
Verisk Analytics, Inc. |
512 | 95,575 | ||||||
|
3,257,872 | |||||||
Computers — 6.2% |
||||||||
Accenture PLC - Class A |
1,742 | 417,958 | ||||||
Amdocs Ltd. |
399 | 24,431 | ||||||
Apple, Inc. |
43,352 | 5,594,142 | ||||||
Cognizant Technology Solutions Corp. |
1,348 | 90,127 | ||||||
Dell Technologies, Inc. - Class C (1) |
1,433 | 94,693 | ||||||
EPAM Systems, Inc. (1) |
165 | 53,972 | ||||||
Fortinet, Inc. (1) |
523 | 69,039 | ||||||
Hewlett Packard Enterprise Co. |
4,994 | 48,292 | ||||||
HP, Inc. |
3,677 | 71,885 | ||||||
|
Shares |
Value |
||||||
Computers — 6.2% (Continued) |
||||||||
International Business Machines Corp. |
2,452 | $ | 302,356 | |||||
Leidos Holdings, Inc. |
410 | 37,101 | ||||||
NetApp, Inc. |
524 | 24,832 | ||||||
Seagate Technology PLC |
699 | 33,545 | ||||||
Western Digital Corp. |
912 | 35,039 | ||||||
|
6,897,412 | |||||||
Cosmetics & Personal Care — 1.6% |
||||||||
Colgate-Palmolive Co. |
2,453 | 194,425 | ||||||
The Estee Lauder Companies, Inc. - Class A |
624 | 138,353 | ||||||
The Procter & Gamble Co. |
10,079 | 1,394,228 | ||||||
|
1,727,006 | |||||||
Distribution & Wholesale — 0.2% |
||||||||
Copart, Inc. (1) |
618 | 63,852 | ||||||
Fastenal Co. |
1,433 | 70,016 | ||||||
LKQ Corp. (1) |
736 | 23,361 | ||||||
W.W. Grainger, Inc. |
149 | 54,449 | ||||||
|
211,678 | |||||||
Diversified Financial Services — 3.1% |
||||||||
American Express Co. |
2,068 | 210,088 | ||||||
Ameriprise Financial, Inc. |
332 | 52,058 | ||||||
BlackRock, Inc. |
415 | 246,589 | ||||||
Capital One Financial Corp. |
992 | 68,478 | ||||||
Cboe Global Markets, Inc. |
330 | 30,291 | ||||||
The Charles Schwab Corp. |
3,450 | 122,579 | ||||||
CME Group, Inc. - Class A |
1,126 | 198,030 | ||||||
Discover Financial Services |
715 | 37,952 | ||||||
Franklin Resources, Inc. |
1,073 | 22,597 | ||||||
Intercontinental Exchange, Inc. |
1,532 | 162,744 | ||||||
Mastercard, Inc. - Class A |
2,873 | 1,029,080 | ||||||
Nasdaq, Inc. |
558 | 75,006 | ||||||
Raymond James Financial, Inc. |
359 | 27,183 | ||||||
Synchrony Financial |
1,337 | 33,171 | ||||||
T. Rowe Price Group, Inc. |
576 | 80,185 | ||||||
Visa, Inc. - Class A |
4,658 | 987,449 | ||||||
The Western Union Co. |
1,062 | 25,053 | ||||||
|
3,408,533 | |||||||
Electric — 2.5% |
||||||||
The AES Corp. |
2,754 | 48,883 | ||||||
Alliant Energy Corp. |
769 | 41,641 | ||||||
Ameren Corp. |
737 | 58,304 | ||||||
American Electric Power Co., Inc. |
1,486 | 117,141 | ||||||
Avangrid, Inc. |
948 | 45,542 | ||||||
CenterPoint Energy, Inc. |
1,985 | 39,839 | ||||||
CMS Energy Corp. |
881 | 53,292 | ||||||
Consolidated Edison, Inc. |
1,058 | 75,478 | ||||||
Dominion Energy, Inc. |
3,553 | 278,697 | ||||||
The accompanying notes are an integral part of these financial statements.
8 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% (Continued) |
||||||||
Electric — 2.5% (Continued) |
||||||||
DTE Energy Co. |
536 | $ | 63,607 | |||||
Duke Energy Corp. |
2,481 | 199,324 | ||||||
Edison International |
2,905 | 152,454 | ||||||
Entergy Corp. |
634 | 62,855 | ||||||
Evergy, Inc. |
757 | 40,288 | ||||||
Eversource Energy |
1,093 | 93,681 | ||||||
Exelon Corp. |
3,181 | 117,411 | ||||||
FirstEnergy Corp. |
1,794 | 51,290 | ||||||
NextEra Energy, Inc. |
1,409 | 393,351 | ||||||
PG&E Corp. (1) |
1,931 | 17,881 | ||||||
Pinnacle West Capital Corp. |
330 | 24,205 | ||||||
PPL Corp. |
2,182 | 60,289 | ||||||
Public Service Enterprise Group, Inc. |
1,503 | 78,517 | ||||||
Sempra Energy |
1,021 | 126,247 | ||||||
The Southern Co. |
3,746 | 195,466 | ||||||
Vistra Corp. |
7,356 | 141,456 | ||||||
WEC Energy Group, Inc. |
997 | 93,798 | ||||||
Xcel Energy, Inc. |
1,575 | 109,423 | ||||||
|
2,780,360 | |||||||
Electrical Components & Equipment — 0.2% |
||||||||
AMETEK, Inc. |
578 | 58,204 | ||||||
Emerson Electric Co. |
1,495 | 103,858 | ||||||
|
162,062 | |||||||
Electronics — 0.9% |
||||||||
Agilent Technologies, Inc. |
818 | 82,144 | ||||||
Amphenol Corp. |
718 | 78,836 | ||||||
Fortive Corp. |
1,092 | 78,744 | ||||||
Garmin Ltd. |
568 | 58,850 | ||||||
Honeywell International, Inc. |
1,783 | 295,176 | ||||||
Keysight Technologies, Inc. (1) |
1,101 | 108,471 | ||||||
Mettler-Toledo International, Inc. (1) |
65 | 63,101 | ||||||
PerkinElmer, Inc. |
367 | 43,203 | ||||||
Roper Technologies, Inc. |
286 | 122,176 | ||||||
TE Connectivity Ltd. |
745 | 71,967 | ||||||
Waters Corp. (1) |
167 | 36,115 | ||||||
|
1,038,783 | |||||||
Engineering & Construction — 0.0% (2) |
||||||||
Jacobs Engineering Group, Inc. |
543 | 49,017 | ||||||
|
||||||||
Entertainment — 0.0% (2) |
||||||||
Live Nation Entertainment, Inc. (1) |
483 | 27,434 | ||||||
|
||||||||
|
Shares |
Value |
||||||
Environmental Control — 0.2% |
||||||||
Republic Services, Inc. |
844 | $ | 78,256 | |||||
Waste Management, Inc. |
1,149 | 130,986 | ||||||
|
209,242 | |||||||
Food — 1.1% |
||||||||
Campbell Soup Co. |
2,362 | 124,265 | ||||||
Conagra Brands, Inc. |
1,645 | 63,102 | ||||||
General Mills, Inc. |
1,695 | 108,395 | ||||||
The Hershey Co. |
450 | 66,888 | ||||||
Hormel Foods Corp. |
1,509 | 76,929 | ||||||
The J.M. Smucker Co. |
360 | 43,265 | ||||||
Kellogg Co. |
957 | 67,861 | ||||||
The Kraft Heinz Co. |
5,196 | 182,068 | ||||||
The Kroger Co. |
1,988 | 70,932 | ||||||
McCormick & Co., Inc. |
299 | 61,654 | ||||||
Mondelez International, Inc. |
4,134 | 241,508 | ||||||
Sysco Corp. |
1,397 | 84,016 | ||||||
Tyson Foods, Inc. - Class A |
928 | 58,278 | ||||||
|
1,249,161 | |||||||
Forest Products & Paper — 0.0% (2) |
||||||||
International Paper Co. |
891 | 32,317 | ||||||
|
||||||||
Gas — 0.2% |
||||||||
Atmos Energy Corp. |
377 | 37,632 | ||||||
NiSource, Inc. |
5,757 | 127,575 | ||||||
|
165,207 | |||||||
Hand & Machine Tools — 0.1% |
||||||||
Snap-on, Inc. |
133 | 19,720 | ||||||
Stanley Black & Decker, Inc. |
540 | 87,102 | ||||||
|
106,822 | |||||||
Healthcare - Products — 3.9% |
||||||||
Abbott Laboratories |
6,899 | 755,233 | ||||||
ABIOMED, Inc. (1) |
109 | 33,531 | ||||||
Align Technology, Inc. (1) |
347 | 103,052 | ||||||
Baxter International, Inc. |
1,597 | 139,051 | ||||||
Boston Scientific Corp. (1) |
5,489 | 225,159 | ||||||
The Cooper Companies, Inc. |
173 | 54,388 | ||||||
Danaher Corp. |
1,869 | 385,892 | ||||||
DENTSPLY SIRONA, Inc. |
1,079 | 48,415 | ||||||
Edwards Lifesciences Corp. (1) |
2,052 | 176,144 | ||||||
Henry Schein, Inc. (1) |
346 | 22,988 | ||||||
Hologic, Inc. (1) |
1,382 | 82,533 | ||||||
IDEXX Laboratories, Inc. (1) |
234 | 91,508 | ||||||
Insulet Corp. (1) |
595 | 129,859 | ||||||
Intuitive Surgical, Inc. (1) |
338 | 247,024 | ||||||
Masimo Corp. (1) |
128 | 28,672 | ||||||
Medtronic PLC |
3,948 | 424,291 | ||||||
QIAGEN NV (1) |
1,709 | 87,091 | ||||||
The accompanying notes are an integral part of these financial statements.
9 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% (Continued) |
||||||||
Healthcare - Products — 3.9% (Continued) |
||||||||
ResMed, Inc. |
447 | $ | 80,809 | |||||
STERIS PLC |
309 | 49,329 | ||||||
Stryker Corp. |
1,013 | 200,736 | ||||||
Teleflex, Inc. |
202 | 79,376 | ||||||
Thermo Fisher Scientific, Inc. |
1,275 | 546,949 | ||||||
Varian Medical Systems, Inc. (1) |
246 | 42,723 | ||||||
West Pharmaceutical Services, Inc. |
186 | 52,816 | ||||||
Zimmer Biomet Holdings, Inc. |
1,416 | 199,486 | ||||||
|
4,287,055 | |||||||
Healthcare - Services — 1.8% |
||||||||
Anthem, Inc. |
772 | 217,333 | ||||||
Catalent, Inc. (1) |
541 | 50,043 | ||||||
Centene Corp. (1) |
2,686 | 164,706 | ||||||
DaVita, Inc. (1) |
308 | 26,722 | ||||||
HCA Healthcare, Inc. |
934 | 126,762 | ||||||
Humana, Inc. |
418 | 173,541 | ||||||
IQVIA Holdings, Inc. (1) |
1,564 | 256,105 | ||||||
Laboratory Corp. of America Holdings (1) |
251 | 44,113 | ||||||
Molina Healthcare, Inc. (1) |
141 | 26,081 | ||||||
Quest Diagnostics, Inc. |
317 | 35,263 | ||||||
Teladoc Health, Inc. (1) |
233 | 50,256 | ||||||
UnitedHealth Group, Inc. |
2,665 | 832,946 | ||||||
Universal Health Services, Inc. - Class B |
220 | 24,277 | ||||||
|
2,028,148 | |||||||
Home Builders — 0.2% |
||||||||
D.R. Horton, Inc. |
854 | 60,950 | ||||||
Lennar Corp. - Class A |
588 | 43,994 | ||||||
NVR, Inc. (1) |
9 | 37,515 | ||||||
PulteGroup, Inc. |
620 | 27,646 | ||||||
|
170,105 | |||||||
Home Furnishings — 0.1% |
||||||||
Whirlpool Corp. |
642 | 114,096 | ||||||
|
||||||||
Household Products & Wares — 0.3% |
||||||||
Church & Dwight Co., Inc. |
698 | 66,889 | ||||||
The Clorox Co. |
326 | 72,861 | ||||||
Kimberly-Clark Corp. |
1,184 | 186,788 | ||||||
|
326,538 | |||||||
Insurance — 6.6% |
||||||||
Aflac, Inc. |
2,078 | 75,473 | ||||||
Alleghany Corp. |
229 | 126,994 | ||||||
The Allstate Corp. |
1,130 | 105,090 | ||||||
|
Shares |
Value |
||||||
Insurance — 6.6% (Continued) |
||||||||
American International Group, Inc. |
12,894 | $ | 375,731 | |||||
Aon PLC |
865 | 172,991 | ||||||
Arch Capital Group Ltd. (1) |
1,498 | 47,247 | ||||||
Arthur J. Gallagher & Co. |
525 | 55,283 | ||||||
Berkshire Hathaway, Inc. - Class B (1) |
21,590 | 4,707,484 | ||||||
Brown & Brown, Inc. |
850 | 39,440 | ||||||
Chubb Ltd. |
1,395 | 174,375 | ||||||
Cincinnati Financial Corp. |
2,185 | 173,511 | ||||||
CNA Financial Corp. |
879 | 28,277 | ||||||
Everest Re Group Ltd. |
640 | 140,851 | ||||||
Globe Life, Inc. |
294 | 24,249 | ||||||
The Hartford Financial Services Group, Inc. |
1,136 | 45,951 | ||||||
Markel Corp. (1) |
217 | 235,842 | ||||||
Marsh & McLennan Companies, Inc. |
1,541 | 177,076 | ||||||
MetLife, Inc. |
2,454 | 94,381 | ||||||
Principal Financial Group, Inc. |
647 | 27,245 | ||||||
The Progressive Corp. |
1,975 | 187,704 | ||||||
Prudential Financial, Inc. |
1,136 | 76,987 | ||||||
The Travelers Companies, Inc. |
740 | 85,870 | ||||||
W.R. Berkley Corp. |
495 | 30,715 | ||||||
Willis Towers Watson PLC |
478 | 98,243 | ||||||
|
7,307,010 | |||||||
Internet — 11.4% |
||||||||
Alphabet, Inc. - Class A (1) |
800 | 1,303,624 | ||||||
Alphabet, Inc. - Class C (1) |
899 | 1,469,128 | ||||||
Amazon.com, Inc. (1) |
1,634 | 5,638,869 | ||||||
Booking Holdings, Inc. (1) |
104 | 198,687 | ||||||
CDW Corp. |
405 | 46,028 | ||||||
E*TRADE Financial Corp. |
542 | 29,322 | ||||||
eBay, Inc. |
1,988 | 108,903 | ||||||
Expedia Group, Inc. - Class A |
375 | 36,806 | ||||||
F5 Networks, Inc. (1) |
151 | 19,982 | ||||||
Facebook, Inc. - Class A (1) |
6,200 | 1,817,840 | ||||||
GoDaddy, Inc. - Class A (1) |
597 | 49,957 | ||||||
IAC/InterActiveCorp - Class A (1) |
177 | 23,539 | ||||||
Lyft, Inc. - Class A (1) |
793 | 23,528 | ||||||
Match Group, Inc. (1) |
380 | 42,438 | ||||||
Netflix, Inc. (1) |
1,799 | 952,679 | ||||||
NortonLifeLock, Inc. |
8,462 | 199,026 | ||||||
Okta, Inc. - Class A (1) |
335 | 72,149 | ||||||
Palo Alto Networks, Inc. (1) |
608 | 156,505 | ||||||
Roku, Inc. - Class A (1) |
158 | 27,410 | ||||||
Snap, Inc. - Class A (1) |
3,818 | 86,249 | ||||||
TD Ameritrade Holding Corp. |
1,451 | 55,689 | ||||||
The accompanying notes are an integral part of these financial statements.
10 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% (Continued) |
||||||||
Internet — 11.4% (Continued) |
||||||||
Twitter, Inc. (1) |
2,002 | $ | 81,241 | |||||
Uber Technologies, Inc. (1) |
3,730 | 125,440 | ||||||
VeriSign, Inc. (1) |
319 | 68,521 | ||||||
|
12,633,560 | |||||||
Iron & Steel — 0.0% (2) |
||||||||
Nucor Corp. |
600 | 27,276 | ||||||
|
||||||||
Leisure Time — 0.0% (2) |
||||||||
Carnival Corp. |
1,157 | 19,067 | ||||||
Royal Caribbean Cruises Ltd. |
437 | 30,083 | ||||||
|
49,150 | |||||||
Lodging — 0.3% |
||||||||
Hilton Worldwide Holdings, Inc. |
720 | 65,059 | ||||||
Las Vegas Sands Corp. |
1,596 | 80,933 | ||||||
Marriott International, Inc. |
802 | 82,534 | ||||||
MGM Resorts International |
2,504 | 56,340 | ||||||
Wynn Resorts Ltd. |
197 | 17,228 | ||||||
|
302,094 | |||||||
Machinery - Construction & Mining — 0.2% |
||||||||
Caterpillar, Inc. |
1,344 | 191,265 | ||||||
|
||||||||
Machinery - Diversified — 0.4% |
||||||||
Deere & Co. |
810 | 170,149 | ||||||
Dover Corp. |
394 | 43,277 | ||||||
IDEX Corp. |
198 | 35,686 | ||||||
Ingersoll Rand, Inc. (1) |
1,899 | 66,579 | ||||||
Rockwell Automation, Inc. |
278 | 64,087 | ||||||
Westinghouse Air Brake Technologies Corp. |
978 | 65,086 | ||||||
Xylem, Inc. |
524 | 42,014 | ||||||
|
486,878 | |||||||
Media — 2.0% |
||||||||
Altice USA, Inc. - Class A (1) |
5,741 | 158,337 | ||||||
Cable One, Inc. |
16 | 29,445 | ||||||
Charter Communications, Inc. - Class A (1) |
801 | 493,104 | ||||||
Comcast Corp. - Class A |
13,078 | 586,025 | ||||||
DISH Network Corp. - Class A (1) |
697 | 24,758 | ||||||
FactSet Research Systems, Inc. |
116 | 40,646 | ||||||
Liberty Broadband Corp. - Class C (1) |
1,275 | 178,615 | ||||||
Sirius XM Holdings, Inc. |
11,189 | 65,679 | ||||||
ViacomCBS, Inc. - Class B |
2,186 | 60,880 | ||||||
The Walt Disney Co. |
4,662 | 614,778 | ||||||
|
2,252,267 | |||||||
|
Shares |
Value |
||||||
Mining — 0.7% |
||||||||
Freeport-McMoRan, Inc. |
3,938 | $ | 61,472 | |||||
Newmont Corp. |
10,831 | 728,710 | ||||||
|
790,182 | |||||||
Miscellaneous Manufacturers — 1.1% |
||||||||
3M Co. |
1,516 | 247,138 | ||||||
Eaton Corp. PLC |
1,021 | 104,244 | ||||||
General Electric Co. |
93,005 | 589,652 | ||||||
Illinois Tool Works, Inc. |
794 | 156,855 | ||||||
Parker-Hannifin Corp. |
286 | 58,919 | ||||||
Textron, Inc. |
557 | 21,962 | ||||||
|
1,178,770 | |||||||
Office & Business Equipment — 0.0% (2) |
||||||||
Zebra Technologies Corp. (1) |
135 | 38,682 | ||||||
|
||||||||
Oil & Gas — 0.9% |
||||||||
Cabot Oil & Gas Corp. |
1,045 | 19,824 | ||||||
Chevron Corp. |
3,412 | 286,369 | ||||||
Concho Resources, Inc. |
499 | 25,938 | ||||||
ConocoPhillips |
2,010 | 76,159 | ||||||
EOG Resources, Inc. |
1,175 | 53,274 | ||||||
Exxon Mobil Corp. |
8,519 | 340,249 | ||||||
Hess Corp. |
509 | 23,434 | ||||||
Marathon Petroleum Corp. |
1,243 | 44,077 | ||||||
Occidental Petroleum Corp. |
1,488 | 18,957 | ||||||
Phillips 66 |
796 | 46,542 | ||||||
Pioneer Natural Resources Co. |
363 | 37,727 | ||||||
Valero Energy Corp. |
753 | 39,600 | ||||||
|
1,012,150 | |||||||
Oil & Gas Services — 0.1% |
||||||||
Baker Hughes Co. - Class A |
2,092 | 29,874 | ||||||
Halliburton Co. |
1,676 | 27,117 | ||||||
Schlumberger NV |
3,004 | 57,106 | ||||||
|
114,097 | |||||||
Packaging & Containers — 0.1% |
||||||||
Ball Corp. |
1,150 | 92,425 | ||||||
Packaging Corp. of America |
213 | 21,564 | ||||||
Westrock Co. |
799 | 24,234 | ||||||
|
138,223 | |||||||
Pharmaceuticals — 6.8% |
||||||||
AbbVie, Inc. |
6,772 | 648,554 | ||||||
AmerisourceBergen Corp. |
766 | 74,325 | ||||||
Becton Dickinson and Co. |
1,610 | 390,860 | ||||||
Bristol-Myers Squibb Co. |
14,061 | 874,594 | ||||||
Cardinal Health, Inc. |
731 | 37,106 | ||||||
Cigna Corp. |
1,782 | 316,073 | ||||||
CVS Health Corp. |
20,741 | 1,288,431 | ||||||
The accompanying notes are an integral part of these financial statements.
11 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% (Continued) |
||||||||
Pharmaceuticals — 6.8% (Continued) |
||||||||
DexCom, Inc. (1) |
504 | $ | 214,407 | |||||
Elanco Animal Health, Inc. (1) |
3,330 | 96,770 | ||||||
Eli Lilly and Co. |
3,154 | 468,022 | ||||||
Johnson & Johnson |
8,293 | 1,272,229 | ||||||
McKesson Corp. |
851 | 130,577 | ||||||
Merck & Co., Inc. |
9,896 | 843,832 | ||||||
Mylan NV (1) |
3,555 | 58,231 | ||||||
Pfizer, Inc. |
15,376 | 581,059 | ||||||
Zoetis, Inc. |
1,389 | 222,379 | ||||||
|
7,517,449 | |||||||
Pipelines — 0.4% |
||||||||
Cheniere Energy, Inc. (1) |
824 | 42,889 | ||||||
Kinder Morgan, Inc. |
6,532 | 90,272 | ||||||
ONEOK, Inc. |
1,095 | 30,091 | ||||||
The Williams Companies, Inc. |
12,492 | 259,334 | ||||||
|
422,586 | |||||||
Private Equity — 0.2% |
||||||||
The Blackstone Group, Inc. - Class A |
2,130 | 112,783 | ||||||
KKR & Co., Inc. |
1,762 | 63,115 | ||||||
|
175,898 | |||||||
Real Estate — 0.0% (2) |
||||||||
CBRE Group, Inc. (1) |
986 | 46,372 | ||||||
|
||||||||
Real Estate Investment Trusts (REITs) — 2.4% |
||||||||
Alexandria Real Estate Equities, Inc. |
340 | 57,249 | ||||||
American Tower Corp. |
1,499 | 373,476 | ||||||
Annaly Capital Management, Inc. |
3,776 | 27,754 | ||||||
AvalonBay Communities, Inc. |
355 | 56,111 | ||||||
Boston Properties, Inc. |
466 | 40,481 | ||||||
Crown Castle International Corp. |
1,356 | 221,367 | ||||||
Digital Realty Trust, Inc. |
754 | 117,360 | ||||||
Duke Realty Corp. |
946 | 36,468 | ||||||
Equinix, Inc. |
293 | 231,406 | ||||||
Equity Residential |
1,438 | 81,175 | ||||||
Essex Property Trust, Inc. |
181 | 39,188 | ||||||
Extra Space Storage, Inc. |
394 | 41,981 | ||||||
Healthpeak Properties, Inc. |
1,577 | 43,588 | ||||||
Host Hotels & Resorts, Inc. |
1,483 | 16,654 | ||||||
Invitation Homes, Inc. |
3,389 | 97,027 | ||||||
Iron Mountain, Inc. |
872 | 26,239 | ||||||
Mid-America Apartment Communities, Inc. |
332 | 38,884 | ||||||
Prologis, Inc. |
2,015 | 205,248 | ||||||
Public Storage |
483 | 102,589 | ||||||
|
Shares |
Value |
||||||
Real Estate Investment Trusts (REITs) — 2.4% (Continued) |
||||||||
Realty Income Corp. |
1,028 | $ | 63,767 | |||||
Regency Centers Corp. |
415 | 16,480 | ||||||
SBA Communications Corp. |
691 | 211,494 | ||||||
Simon Property Group, Inc. |
757 | 51,363 | ||||||
Sun Communities, Inc. |
260 | 38,761 | ||||||
UDR, Inc. |
667 | 23,218 | ||||||
Ventas, Inc. |
844 | 34,781 | ||||||
Vornado Realty Trust |
1,898 | 68,005 | ||||||
W.P. Carey, Inc. |
463 | 32,118 | ||||||
Welltower, Inc. |
1,255 | 72,188 | ||||||
Weyerhaeuser Co. |
4,942 | 149,792 | ||||||
|
2,616,212 | |||||||
Retail — 5.0% |
||||||||
Advance Auto Parts, Inc. |
182 | 28,448 | ||||||
AutoZone, Inc. (1) |
63 | 75,368 | ||||||
Best Buy Co., Inc. |
642 | 71,204 | ||||||
Burlington Stores, Inc. (1) |
175 | 34,463 | ||||||
CarMax, Inc. (1) |
372 | 39,778 | ||||||
Chipotle Mexican Grill, Inc. (1) |
102 | 133,649 | ||||||
Costco Wholesale Corp. |
1,278 | 444,309 | ||||||
Darden Restaurants, Inc. |
307 | 26,608 | ||||||
Dollar General Corp. |
745 | 150,401 | ||||||
Dollar Tree, Inc. (1) |
1,134 | 109,170 | ||||||
Domino’s Pizza, Inc. |
115 | 47,030 | ||||||
Genuine Parts Co. |
396 | 37,398 | ||||||
The Home Depot, Inc. |
2,632 | 750,225 | ||||||
Lowe’s Company, Inc. |
2,287 | 376,646 | ||||||
McDonald’s Corp. |
2,047 | 437,075 | ||||||
O’Reilly Automotive, Inc. (1) |
187 | 87,073 | ||||||
Ross Stores, Inc. |
876 | 79,786 | ||||||
Starbucks Corp. |
3,397 | 286,945 | ||||||
Target Corp. |
1,317 | 199,144 | ||||||
Tiffany & Co. |
295 | 36,137 | ||||||
The TJX Companies, Inc. |
3,059 | 167,603 | ||||||
Tractor Supply Co. |
294 | 43,756 | ||||||
Ulta Beauty, Inc. (1) |
140 | 32,505 | ||||||
Walgreens Boots Alliance, Inc. |
2,543 | 96,685 | ||||||
Walmart, Inc. |
11,732 | 1,628,988 | ||||||
Yum! Brands, Inc. |
772 | 73,996 | ||||||
|
5,494,390 | |||||||
Semiconductors — 4.7% |
||||||||
Advanced Micro Devices, Inc. (1) |
8,097 | 735,370 | ||||||
Analog Devices, Inc. |
1,003 | 117,231 | ||||||
Applied Materials, Inc. |
2,490 | 153,384 | ||||||
Broadcom, Inc. |
2,025 | 702,979 | ||||||
Intel Corp. |
11,577 | 589,848 | ||||||
IPG Photonics Corp. (1) |
96 | 15,526 | ||||||
KLA Corp. |
454 | 93,134 | ||||||
The accompanying notes are an integral part of these financial statements.
12 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% (Continued) |
||||||||
Semiconductors — 4.7% (Continued) |
||||||||
Lam Research Corp. |
416 | $ | 139,917 | |||||
Marvell Technology Group Ltd. |
8,889 | 344,715 | ||||||
Maxim Integrated Products, Inc. |
670 | 45,855 | ||||||
Microchip Technology, Inc. |
1,169 | 128,239 | ||||||
Micron Technology, Inc. (1) |
2,373 | 107,995 | ||||||
NVIDIA Corp. |
1,641 | 877,902 | ||||||
Qorvo, Inc. (1) |
955 | 122,498 | ||||||
QUALCOMM, Inc. |
4,447 | 529,638 | ||||||
Skyworks Solutions, Inc. |
392 | 56,781 | ||||||
Teradyne, Inc. |
500 | 42,485 | ||||||
Texas Instruments, Inc. |
2,244 | 318,985 | ||||||
Xilinx, Inc. |
722 | 75,203 | ||||||
|
5,197,685 | |||||||
Software — 13.6% |
||||||||
Activision Blizzard, Inc. |
1,903 | 158,939 | ||||||
Adobe, Inc. (1) |
1,628 | 835,799 | ||||||
Akamai Technologies, Inc. (1) |
687 | 79,987 | ||||||
ANSYS, Inc. (1) |
259 | 87,804 | ||||||
Autodesk, Inc. (1) |
2,419 | 594,348 | ||||||
Black Knight, Inc. (1) |
584 | 49,114 | ||||||
Broadridge Financial Solutions, Inc. |
321 | 44,105 | ||||||
Cadence Design Systems, Inc. (1) |
1,191 | 132,094 | ||||||
Cerner Corp. |
1,063 | 77,992 | ||||||
Citrix Systems, Inc. |
364 | 52,853 | ||||||
Coupa Software, Inc. (1) |
213 | 69,809 | ||||||
DocuSign, Inc. (1) |
855 | 190,665 | ||||||
Electronic Arts, Inc. (1) |
879 | 122,594 | ||||||
Fidelity National Information Services, Inc. |
4,844 | 730,717 | ||||||
Fiserv, Inc. (1) |
3,797 | 378,105 | ||||||
Intuit, Inc. |
768 | 265,260 | ||||||
Jack Henry & Associates, Inc. |
187 | 30,934 | ||||||
Microsoft Corp. |
22,162 | 4,998,196 | ||||||
MSCI, Inc. |
231 | 86,225 | ||||||
Oracle Corp. |
14,842 | 849,259 | ||||||
Paychex, Inc. |
1,038 | 79,376 | ||||||
Paycom Software, Inc. (1) |
175 | 52,406 | ||||||
RingCentral, Inc. - Class A (1) |
367 | 106,713 | ||||||
salesforce.com, Inc. (1) |
6,916 | 1,885,647 | ||||||
ServiceNow, Inc. (1) |
2,513 | 1,211,316 | ||||||
Slack Technologies, Inc. - Class A (1) |
751 | 24,663 | ||||||
Splunk, Inc. (1) |
559 | 122,606 | ||||||
SS&C Technologies Holdings, Inc. |
1,997 | 127,249 | ||||||
|
Shares |
Value |
||||||
Software — 13.6% (Continued) |
||||||||
Synopsys, Inc. (1) |
461 | $ | 102,019 | |||||
Take-Two Interactive Software, Inc. (1) |
350 | 59,917 | ||||||
Twilio, Inc. - Class A (1) |
316 | 85,244 | ||||||
Tyler Technologies, Inc. (1) |
110 | 37,984 | ||||||
Veeva Systems, Inc. - Class A (1) |
451 | 127,304 | ||||||
VMware, Inc. - Class A (1) |
435 | 62,831 | ||||||
Workday, Inc. - Class A (1) |
861 | 206,390 | ||||||
Zoom Video Communications, Inc. - Class A (1) |
2,904 | 944,090 | ||||||
|
15,070,554 | |||||||
Telecommunications — 2.4% |
||||||||
Arista Networks, Inc. (1) |
326 | 72,845 | ||||||
AT&T, Inc. |
20,193 | 601,953 | ||||||
CenturyLink, Inc. |
2,543 | 27,337 | ||||||
Cisco Systems, Inc. |
11,803 | 498,323 | ||||||
Corning, Inc. |
2,091 | 67,874 | ||||||
Juniper Networks, Inc. |
966 | 24,150 | ||||||
Motorola Solutions, Inc. |
638 | 98,730 | ||||||
T-Mobile US, Inc. (1) |
3,845 | 448,635 | ||||||
Ubiquiti, Inc. |
182 | 33,079 | ||||||
Verizon Communications, Inc. |
12,608 | 747,276 | ||||||
|
2,620,202 | |||||||
Toys, Games & Hobbies — 0.1% |
||||||||
Hasbro, Inc. |
645 | 50,916 | ||||||
|
||||||||
Transportation — 1.5% |
||||||||
C.H. Robinson Worldwide, Inc. |
325 | 31,948 | ||||||
CSX Corp. |
1,941 | 148,409 | ||||||
Expeditors International of Washington, Inc. |
426 | 37,654 | ||||||
FedEx Corp. |
2,095 | 460,565 | ||||||
J.B. Hunt Transport Services, Inc. |
289 | 40,616 | ||||||
Kansas City Southern |
268 | 48,787 | ||||||
Norfolk Southern Corp. |
621 | 131,981 | ||||||
Old Dominion Freight Line, Inc. |
269 | 54,386 | ||||||
Union Pacific Corp. |
1,693 | 325,801 | ||||||
United Parcel Service, Inc. - Class B |
2,191 | 358,491 | ||||||
|
1,638,638 | |||||||
Water — 0.1% |
||||||||
American Water Works Co., Inc. |
572 | 80,847 | ||||||
Total Common Stocks |
||||||||
(Cost $89,660,144) |
110,310,348 | |||||||
|
||||||||
The accompanying notes are an integral part of these financial statements.
13 |
SoFi Select 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Short-Term Investments — 0.0% (2) |
||||||||
Money Market Funds — 0.0% (2) |
||||||||
First American Government Obligations Fund - Class X, 0.066% (3) |
43,979 | $ | 43,979 | |||||
Total Short-Term Investments |
||||||||
(Cost $43,979) |
43,979 | |||||||
|
||||||||
Total Investments in Securities — 99.9% |
||||||||
(Cost $89,704,123) |
110,354,327 | |||||||
Other Assets in Excess of Liabilities — 0.1% |
125,450 | |||||||
Total Net Assets — 100.0% |
$ | 110,479,777 | ||||||
|
(1) |
Non-income producing security. |
|
(2) |
Does not round to 0.1% or (0.1)%, as applicable. |
|
(3) |
The rate shown is the annualized seven-day effective yield as of August 31, 2020. |
The accompanying notes are an integral part of these financial statements.
14 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% |
||||||||
Advertising — 0.2% |
||||||||
The Interpublic Group of Companies, Inc. |
1,160 | $ | 20,602 | |||||
|
||||||||
Aerospace & Defense — 0.5% |
||||||||
Aerojet Rocketdyne Holdings, Inc. (1) |
290 | 11,997 | ||||||
HEICO Corp. |
193 | 21,215 | ||||||
Hexcel Corp. |
263 | 10,360 | ||||||
Mercury Systems, Inc. (1) |
276 | 20,904 | ||||||
Spirit AeroSystems Holdings, Inc. |
277 | 5,695 | ||||||
|
70,171 | |||||||
Agriculture — 0.6% |
||||||||
Bunge Ltd. |
242 | 11,040 | ||||||
Darling Ingredients, Inc. (1) |
902 | 28,837 | ||||||
Sanderson Farms, Inc. |
298 | 34,854 | ||||||
|
74,731 | |||||||
Airlines — 0.4% |
||||||||
Alaska Air Group, Inc. |
417 | 16,242 | ||||||
American Airlines Group, Inc. |
1,262 | 16,469 | ||||||
JetBlue Airways Corp. (1) |
1,163 | 13,398 | ||||||
|
46,109 | |||||||
Apparel — 0.8% |
||||||||
Carter’s, Inc. |
135 | 10,749 | ||||||
Columbia Sportswear Co. |
246 | 21,050 | ||||||
Deckers Outdoor Corp. (1) |
88 | 17,940 | ||||||
Hanesbrands, Inc. |
1,017 | 15,550 | ||||||
Ralph Lauren Corp. - Class A |
170 | 11,701 | ||||||
Skechers U.S.A., Inc. - Class A (1) |
415 | 12,388 | ||||||
Tapestry, Inc. |
827 | 12,182 | ||||||
|
101,560 | |||||||
Auto Manufacturers — 0.1% |
||||||||
Navistar International Corp. (1) |
244 | 7,803 | ||||||
|
||||||||
Auto Parts & Equipment — 0.4% |
||||||||
Allison Transmission Holdings, Inc. |
334 | 11,980 | ||||||
BorgWarner, Inc. |
576 | 23,380 | ||||||
Lear Corp. |
157 | 17,887 | ||||||
|
53,247 | |||||||
Banks — 2.4% |
||||||||
Bank of Hawaii Corp. |
120 | 6,605 | ||||||
Bank OZK |
353 | 8,133 | ||||||
BOK Financial Corp. |
236 | 13,249 | ||||||
Comerica, Inc. |
392 | 15,496 | ||||||
|
Shares |
Value |
||||||
Banks — 2.4% (Continued) |
||||||||
Commerce Bancshares, Inc. |
340 | $ | 20,254 | |||||
Community Bank System, Inc. |
178 | 10,710 | ||||||
Cullen/Frost Bankers, Inc. |
176 | 12,225 | ||||||
East West Bancorp, Inc. |
380 | 13,976 | ||||||
First Financial Bankshares, Inc. |
467 | 14,138 | ||||||
First Hawaiian, Inc. |
413 | 6,827 | ||||||
First Horizon National Corp. |
915 | 8,738 | ||||||
FNB Corp. |
1,031 | 7,733 | ||||||
Glacier Bancorp, Inc. |
299 | 10,490 | ||||||
Home BancShares, Inc. |
464 | 7,521 | ||||||
Pinnacle Financial Partners, Inc. |
239 | 9,548 | ||||||
Prosperity Bancshares, Inc. |
308 | 16,792 | ||||||
Signature Bank |
163 | 15,816 | ||||||
Synovus Financial Corp. |
503 | 11,001 | ||||||
TCF Financial Corp. |
703 | 18,897 | ||||||
UMB Financial Corp. |
161 | 8,649 | ||||||
Umpqua Holdings Corp. |
690 | 7,783 | ||||||
United Bankshares, Inc. |
313 | 8,182 | ||||||
Valley National Bancorp |
1,393 | 10,461 | ||||||
Webster Financial Corp. |
266 | 7,315 | ||||||
Western Alliance Bancorp |
315 | 11,120 | ||||||
Wintrust Financial Corp. |
186 | 8,095 | ||||||
Zions Bancorp N.A. |
476 | 15,308 | ||||||
|
305,062 | |||||||
Beverages — 0.2% |
||||||||
The Boston Beer Co., Inc. - Class A (1) |
35 | 30,869 | ||||||
|
||||||||
Biotechnology — 3.4% |
||||||||
ACADIA Pharmaceuticals, Inc. (1) |
637 | 25,219 | ||||||
Acceleron Pharma, Inc. (1) |
209 | 20,371 | ||||||
Amicus Therapeutics, Inc. (1) |
1,276 | 18,630 | ||||||
Arrowhead Pharmaceuticals, Inc. (1) |
745 | 31,469 | ||||||
Bluebird Bio, Inc. (1) |
157 | 9,310 | ||||||
Blueprint Medicines Corp. (1) |
202 | 15,641 | ||||||
ChemoCentryx, Inc. (1) |
145 | 7,758 | ||||||
Emergent BioSolutions, Inc. (1) |
307 | 35,013 | ||||||
Exelixis, Inc. (1) |
808 | 17,954 | ||||||
FibroGen, Inc. (1) |
310 | 13,897 | ||||||
Guardant Health, Inc. (1) |
318 | 30,369 | ||||||
Halozyme Therapeutics, Inc. (1) |
941 | 27,284 | ||||||
Ionis Pharmaceuticals, Inc. (1) |
443 | 24,144 | ||||||
Livongo Health, Inc. (1) |
310 | 42,563 | ||||||
Mirati Therapeutics, Inc. (1) |
96 | 14,340 | ||||||
Nektar Therapeutics (1) |
389 | 7,523 | ||||||
NeoGenomics, Inc. (1) |
756 | 29,446 | ||||||
PTC Therapeutics, Inc. (1) |
179 | 8,847 | ||||||
The accompanying notes are an integral part of these financial statements.
15 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% (Continued) |
||||||||
Biotechnology — 3.4% (Continued) |
||||||||
Ultragenyx Pharmaceutical, Inc. (1) |
201 | $ | 17,097 | |||||
United Therapeutics Corp. (1) |
369 | 39,468 | ||||||
|
436,343 | |||||||
Building Materials — 1.1% |
||||||||
Armstrong World Industries, Inc. |
181 | 13,347 | ||||||
Eagle Materials, Inc. |
171 | 13,983 | ||||||
Fortune Brands Home & Security, Inc. |
422 | 35,482 | ||||||
Lennox International, Inc. |
118 | 33,079 | ||||||
Owens Corning |
308 | 20,833 | ||||||
Trex Co., Inc. (1) |
158 | 23,619 | ||||||
|
140,343 | |||||||
Chemicals — 1.6% |
||||||||
Ashland Global Holdings, Inc. |
347 | 25,570 | ||||||
Axalta Coating Systems Ltd. (1) |
884 | 21,083 | ||||||
Balchem Corp. |
120 | 11,724 | ||||||
CF Industries Holdings, Inc. |
870 | 28,388 | ||||||
Huntsman Corp. |
643 | 13,902 | ||||||
The Mosaic Co. |
846 | 15,423 | ||||||
Olin Corp. |
409 | 4,601 | ||||||
RPM International, Inc. |
525 | 44,504 | ||||||
Valvoline, Inc. |
578 | 11,791 | ||||||
W.R. Grace & Co. |
239 | 9,730 | ||||||
Westlake Chemical Corp. |
334 | 19,813 | ||||||
|
206,529 | |||||||
Commercial Services — 5.3% |
||||||||
ADT, Inc. |
2,936 | 31,268 | ||||||
AMERCO |
65 | 23,068 | ||||||
ASGN, Inc. (1) |
128 | 9,187 | ||||||
Avalara, Inc. (1) |
365 | 48,330 | ||||||
Bright Horizons Family Solutions, Inc. (1) |
193 | 25,671 | ||||||
The Brink’s Co. |
876 | 42,363 | ||||||
Chegg, Inc. (1) |
1,895 | 139,737 | ||||||
CoreLogic, Inc. |
304 | 20,186 | ||||||
Euronet Worldwide, Inc. (1) |
185 | 19,125 | ||||||
FTI Consulting, Inc. (1) |
163 | 18,706 | ||||||
Grand Canyon Education, Inc. (1) |
155 | 14,576 | ||||||
H&R Block, Inc. |
564 | 8,178 | ||||||
HealthEquity, Inc. (1) |
200 | 11,496 | ||||||
LiveRamp Holdings, Inc. (1) |
136 | 7,594 | ||||||
Macquarie Infrastructure Corp. |
225 | 6,305 | ||||||
ManpowerGroup, Inc. |
172 | 12,609 | ||||||
Nielsen Holdings PLC |
2,366 | 36,152 | ||||||
Paylocity Holding Corp. (1) |
201 | 29,597 | ||||||
Quanta Services, Inc. |
547 | 28,034 | ||||||
|
Shares |
Value |
||||||
Commercial Services — 5.3% (Continued) |
||||||||
Robert Half International, Inc. |
339 | $ | 18,035 | |||||
Service Corp. International |
581 | 26,523 | ||||||
ServiceMaster Global Holdings, Inc. (1) |
627 | 25,017 | ||||||
Strategic Education, Inc. |
288 | 29,540 | ||||||
TriNet Group, Inc. (1) |
231 | 15,671 | ||||||
WEX, Inc. (1) |
249 | 39,768 | ||||||
|
686,736 | |||||||
Computers — 3.8% |
||||||||
CACI International, Inc. (1) |
93 | 21,780 | ||||||
Crowdstrike Holdings, Inc. - Class A (1) |
623 | 78,330 | ||||||
DXC Technology Co. |
719 | 14,366 | ||||||
Genpact Ltd. |
707 | 29,821 | ||||||
Lumentum Holdings, Inc. (1) |
1,617 | 139,062 | ||||||
MAXIMUS, Inc. |
243 | 18,845 | ||||||
NCR Corp. (1) |
1,582 | 32,336 | ||||||
Parsons Corp. (1) |
310 | 10,310 | ||||||
Perspecta, Inc. |
642 | 13,334 | ||||||
Pure Storage, Inc. (1) |
1,232 | 18,800 | ||||||
Qualys, Inc. (1) |
176 | 18,681 | ||||||
Science Applications International Corp. |
280 | 23,369 | ||||||
Zscaler, Inc. (1) |
476 | 68,230 | ||||||
|
487,264 | |||||||
Cosmetics & Personal Care — 0.1% |
||||||||
Coty, Inc. |
2,790 | 9,988 | ||||||
|
||||||||
Distribution & Wholesale — 1.1% |
||||||||
HD Supply Holdings, Inc. (1) |
554 | 21,972 | ||||||
IAA, Inc. (1) |
393 | 20,562 | ||||||
Pool Corp. |
122 | 39,996 | ||||||
SiteOne Landscape Supply, Inc. (1) |
110 | 13,755 | ||||||
Univar Solutions, Inc. (1) |
816 | 14,843 | ||||||
Watsco, Inc. |
104 | 25,479 | ||||||
|
136,607 | |||||||
Diversified Financial Services — 3.4% |
||||||||
Affiliated Managers Group, Inc. |
1,068 | 73,318 | ||||||
Air Lease Corp. |
353 | 10,971 | ||||||
Ally Financial, Inc. |
1,174 | 26,861 | ||||||
Ares Management Corp. |
948 | 38,347 | ||||||
Credit Acceptance Corp. (1) |
50 | 19,340 | ||||||
Eaton Vance Corp. |
370 | 15,177 | ||||||
Evercore, Inc. - Class A |
118 | 7,302 | ||||||
Interactive Brokers Group, Inc. - Class A |
249 | 13,202 | ||||||
Invesco Ltd. |
2,143 | 21,859 | ||||||
Jefferies Financial Group, Inc. |
1,446 | 25,363 | ||||||
The accompanying notes are an integral part of these financial statements.
16 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% (Continued) |
||||||||
Diversified Financial Services — 3.4% (Continued) |
||||||||
Lazard Ltd. |
334 | $ | 10,578 | |||||
LendingTree, Inc. (1) |
40 | 12,358 | ||||||
LPL Financial Holdings, Inc. |
226 | 18,568 | ||||||
OneMain Holdings, Inc. |
553 | 16,081 | ||||||
Santander Consumer USA Holdings, Inc. |
840 | 14,456 | ||||||
SEI Investments Co. |
497 | 26,023 | ||||||
SLM Corp. |
1,238 | 9,458 | ||||||
Stifel Financial Corp. |
231 | 11,714 | ||||||
Tradeweb Markets, Inc. - Class A |
441 | 25,265 | ||||||
Virtu Financial, Inc. - Class A |
1,628 | 42,051 | ||||||
|
438,292 | |||||||
Electric — 1.8% |
||||||||
ALLETE, Inc. |
183 | 9,875 | ||||||
Avista Corp. |
269 | 9,915 | ||||||
Black Hills Corp. |
236 | 13,235 | ||||||
Hawaiian Electric Industries, Inc. |
422 | 14,606 | ||||||
IDACORP, Inc. |
186 | 16,721 | ||||||
NorthWestern Corp. |
191 | 9,863 | ||||||
NRG Energy, Inc. |
2,696 | 92,769 | ||||||
OGE Energy Corp. |
734 | 23,385 | ||||||
Ormat Technologies, Inc. |
166 | 10,104 | ||||||
PNM Resources, Inc. |
444 | 19,394 | ||||||
Portland General Electric Co. |
363 | 13,849 | ||||||
|
233,716 | |||||||
Electrical Components & Equipment — 1.2% |
||||||||
Acuity Brands, Inc. |
120 | 13,115 | ||||||
Energizer Holdings, Inc. |
622 | 28,792 | ||||||
EnerSys |
134 | 9,645 | ||||||
Generac Holdings, Inc. (1) |
221 | 41,986 | ||||||
Littelfuse, Inc. |
73 | 13,201 | ||||||
Universal Display Corp. |
281 | 49,316 | ||||||
|
156,055 | |||||||
Electronics — 2.6% |
||||||||
Allegion PLC |
300 | 31,017 | ||||||
Arrow Electronics, Inc. (1) |
447 | 35,116 | ||||||
Avnet, Inc. |
653 | 17,964 | ||||||
Coherent, Inc. (1) |
136 | 15,322 | ||||||
FLIR Systems, Inc. |
408 | 15,055 | ||||||
Gentex Corp. |
758 | 20,504 | ||||||
Hubbell, Inc. |
190 | 27,535 | ||||||
Jabil, Inc. |
839 | 28,652 | ||||||
National Instruments Corp. |
469 | 16,832 | ||||||
nVent Electric PLC |
620 | 11,854 | ||||||
|
Shares |
Value |
||||||
Electronics — 2.6% (Continued) |
||||||||
Sensata Technologies Holding PLC (1) |
516 | $ | 21,486 | |||||
SYNNEX Corp. |
173 | 21,997 | ||||||
Trimble, Inc. (1) |
1,060 | 55,555 | ||||||
Woodward, Inc. |
211 | 18,081 | ||||||
|
336,970 | |||||||
Energy - Alternate Sources — 1.2% |
||||||||
Enphase Energy, Inc. (1) |
1,200 | 92,676 | ||||||
First Solar, Inc. (1) |
719 | 55,068 | ||||||
NextEra Energy Partners LP |
229 | 13,814 | ||||||
|
161,558 | |||||||
Engineering & Construction — 0.5% |
||||||||
AECOM (1) |
289 | 11,418 | ||||||
EMCOR Group, Inc. |
205 | 15,377 | ||||||
Exponent, Inc. |
203 | 16,332 | ||||||
Frontdoor, Inc. (1) |
279 | 12,156 | ||||||
MasTec, Inc. (1) |
255 | 11,784 | ||||||
|
67,067 | |||||||
Entertainment — 0.6% |
||||||||
Churchill Downs, Inc. |
128 | 22,369 | ||||||
Marriott Vacations Worldwide Corp. |
294 | 27,833 | ||||||
Vail Resorts, Inc. |
128 | 27,862 | ||||||
|
78,064 | |||||||
Environmental Control — 0.8% |
||||||||
Advanced Disposal Services, Inc. (1) |
529 | 15,939 | ||||||
Clean Harbors, Inc. (1) |
208 | 12,709 | ||||||
Pentair PLC |
519 | 23,427 | ||||||
Stericycle, Inc. (1) |
434 | 27,824 | ||||||
Tetra Tech, Inc. |
227 | 20,954 | ||||||
|
100,853 | |||||||
Food — 2.6% |
||||||||
Beyond Meat, Inc. (1) |
390 | 52,981 | ||||||
Flowers Foods, Inc. |
860 | 21,036 | ||||||
Grocery Outlet Holding Corp. (1) |
632 | 25,994 | ||||||
The Hain Celestial Group, Inc. (1) |
2,703 | 88,631 | ||||||
Ingredion, Inc. |
225 | 18,099 | ||||||
Lamb Weston Holdings, Inc. |
460 | 28,911 | ||||||
Lancaster Colony Corp. |
91 | 16,173 | ||||||
Performance Food Group Co. (1) |
495 | 18,072 | ||||||
Pilgrim’s Pride Corp. (1) |
1,046 | 16,736 | ||||||
Post Holdings, Inc. (1) |
402 | 35,384 | ||||||
US Foods Holding Corp. (1) |
750 | 18,263 | ||||||
|
340,280 | |||||||
The accompanying notes are an integral part of these financial statements.
17 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% (Continued) |
||||||||
Food Service — 0.2% |
||||||||
Aramark |
761 | $ | 20,973 | |||||
|
||||||||
Gas — 0.6% |
||||||||
National Fuel Gas Co. |
292 | 13,327 | ||||||
ONE Gas, Inc. |
212 | 15,713 | ||||||
Southwest Gas Holdings, Inc. |
219 | 13,768 | ||||||
Spire, Inc. |
195 | 11,351 | ||||||
UGI Corp. |
786 | 27,141 | ||||||
|
81,300 | |||||||
Hand & Machine Tools — 1.0% |
||||||||
Colfax Corp. (1) |
2,598 | 86,461 | ||||||
Lincoln Electric Holdings, Inc. |
191 | 18,472 | ||||||
MSA Safety, Inc. |
125 | 15,744 | ||||||
Regal Beloit Corp. |
115 | 11,369 | ||||||
|
132,046 | |||||||
Healthcare - Products — 5.0% |
||||||||
Adaptive Biotechnologies Corp. (1) |
316 | 13,149 | ||||||
Avantor, Inc. (1) |
5,967 | 134,675 | ||||||
Bio-Techne Corp. |
148 | 37,808 | ||||||
Bruker Corp. |
552 | 23,195 | ||||||
Globus Medical, Inc. - Class A (1) |
261 | 14,752 | ||||||
Haemonetics Corp. (1) |
339 | 30,395 | ||||||
Hill-Rom Holdings, Inc. |
357 | 33,483 | ||||||
ICU Medical, Inc. (1) |
147 | 29,435 | ||||||
Integra LifeSciences Holdings Corp. (1) |
682 | 32,593 | ||||||
LivaNova PLC (1) |
302 | 14,164 | ||||||
Natera, Inc. (1) |
262 | 16,692 | ||||||
Nevro Corp. (1) |
91 | 12,516 | ||||||
NuVasive, Inc. (1) |
525 | 27,368 | ||||||
Penumbra, Inc. (1) |
430 | 89,934 | ||||||
Quidel Corp. (1) |
134 | 23,579 | ||||||
Repligen Corp. (1) |
319 | 49,416 | ||||||
Tandem Diabetes Care, Inc. (1) |
344 | 38,776 | ||||||
Wright Medical Group NV (1) |
714 | 21,584 | ||||||
|
643,514 | |||||||
Healthcare - Services — 1.9% |
||||||||
Amedisys, Inc. (1) |
138 | 33,382 | ||||||
Charles River Laboratories International, Inc. (1) |
173 | 37,878 | ||||||
Chemed Corp. |
60 | 31,027 | ||||||
Encompass Health Corp. |
391 | 25,509 | ||||||
LHC Group, Inc. (1) |
158 | 32,934 | ||||||
Medpace Holdings, Inc. (1) |
156 | 20,247 | ||||||
|
Shares |
Value |
||||||
Healthcare - Services — 1.9% (Continued) |
||||||||
Syneos Health, Inc. (1) |
1,123 | $ | 70,861 | |||||
|
251,838 | |||||||
Home Builders — 0.2% |
||||||||
Thor Industries, Inc. |
158 | 14,920 | ||||||
Toll Brothers, Inc. |
311 | 13,130 | ||||||
|
28,050 | |||||||
Home Furnishings — 0.3% |
||||||||
Dolby Laboratories, Inc. - Class A |
226 | 15,786 | ||||||
Leggett & Platt, Inc. |
430 | 17,630 | ||||||
|
33,416 | |||||||
Household Products & Wares — 0.4% |
||||||||
Avery Dennison Corp. |
315 | 36,348 | ||||||
Helen of Troy Ltd. (1) |
79 | 16,339 | ||||||
|
52,687 | |||||||
Housewares — 1.4% |
||||||||
Newell Brands, Inc. |
3,628 | 57,975 | ||||||
The Scotts Miracle-Gro Co. |
583 | 98,253 | ||||||
The Toro Co. |
417 | 31,392 | ||||||
|
187,620 | |||||||
Insurance — 4.4% |
||||||||
American Financial Group, Inc. |
355 | 23,732 | ||||||
Assurant, Inc. |
317 | 38,534 | ||||||
Assured Guaranty Ltd. |
260 | 5,577 | ||||||
Athene Holding Ltd. (1) |
988 | 36,121 | ||||||
Axis Capital Holdings Ltd. |
1,056 | 50,435 | ||||||
Brighthouse Financial, Inc. (1) |
316 | 9,594 | ||||||
eHealth, Inc. (1) |
407 | 25,690 | ||||||
Equitable Holdings, Inc. |
1,598 | 33,862 | ||||||
Erie Indemnity Co. - Class A |
165 | 35,218 | ||||||
Essent Group Ltd. |
330 | 11,781 | ||||||
Fidelity National Financial, Inc. |
1,069 | 35,095 | ||||||
First American Financial Corp. |
364 | 19,135 | ||||||
The Hanover Insurance Group, Inc. |
163 | 16,706 | ||||||
Kemper Corp. |
425 | 33,005 | ||||||
Lincoln National Corp. |
791 | 28,516 | ||||||
MGIC Investment Corp. |
988 | 9,060 | ||||||
Old Republic International Corp. |
1,411 | 22,731 | ||||||
Primerica, Inc. |
142 | 17,729 | ||||||
Radian Group, Inc. |
594 | 9,171 | ||||||
Reinsurance Group of America, Inc. |
266 | 24,387 | ||||||
RLI Corp. |
223 | 20,915 | ||||||
Selective Insurance Group, Inc. |
253 | 15,132 | ||||||
The accompanying notes are an integral part of these financial statements.
18 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% (Continued) |
||||||||
Insurance — 4.4% (Continued) |
||||||||
Unum Group |
1,023 | $ | 18,905 | |||||
Voya Financial, Inc. |
487 | 25,280 | ||||||
|
566,311 | |||||||
Internet — 2.7% |
||||||||
Anaplan, Inc. (1) |
481 | 29,461 | ||||||
Chewy, Inc. - Class A (1) |
301 | 18,382 | ||||||
Cogent Communications Holdings, Inc. |
223 | 14,999 | ||||||
Etsy, Inc. (1) |
354 | 42,374 | ||||||
Grubhub, Inc. (1) |
169 | 12,227 | ||||||
Match Group, Inc. (1) |
265 | 29,595 | ||||||
Pinterest, Inc. - Class A (1) |
655 | 24,098 | ||||||
Proofpoint, Inc. (1) |
317 | 34,765 | ||||||
Q2 Holdings, Inc. (1) |
152 | 14,788 | ||||||
TripAdvisor, Inc. - Class A |
342 | 7,993 | ||||||
Wayfair, Inc. - Class A (1) |
104 | 30,842 | ||||||
Zendesk, Inc. (1) |
580 | 55,901 | ||||||
Zillow Group, Inc. - Class C (1) |
358 | 30,702 | ||||||
|
346,127 | |||||||
Iron & Steel — 0.3% |
||||||||
Reliance Steel & Aluminum Co. |
194 | 20,345 | ||||||
Steel Dynamics, Inc. |
559 | 16,502 | ||||||
|
36,847 | |||||||
Leisure Time — 0.8% |
||||||||
Brunswick Corp. |
829 | 51,307 | ||||||
Harley-Davidson, Inc. |
412 | 11,416 | ||||||
Planet Fitness, Inc. - Class A (1) |
315 | 19,149 | ||||||
Polaris, Inc. |
178 | 17,985 | ||||||
|
99,857 | |||||||
Lodging — 0.3% |
||||||||
Choice Hotels International, Inc. |
177 | 17,575 | ||||||
Wyndham Hotels & Resorts, Inc. |
309 | 16,179 | ||||||
|
33,754 | |||||||
Machinery - Construction & Mining — 0.3% |
||||||||
BWX Technologies, Inc. |
318 | 17,684 | ||||||
Oshkosh Corp. |
227 | 17,481 | ||||||
|
35,165 | |||||||
Machinery - Diversified — 1.5% |
||||||||
AGCO Corp. |
276 | 19,624 | ||||||
Cognex Corp. |
454 | 31,412 | ||||||
Crane Co. |
272 | 15,379 | ||||||
Curtiss-Wright Corp. |
147 | 15,041 | ||||||
Flowserve Corp. |
571 | 16,947 | ||||||
Gates Industrial Corp. PLC (1) |
1,093 | 12,340 | ||||||
Graco, Inc. |
552 | 32,027 | ||||||
|
Shares |
Value |
||||||
Machinery - Diversified — 1.5% (Continued) |
||||||||
The Middleby Corp. (1) |
180 | $ | 17,622 | |||||
Nordson Corp. |
190 | 35,433 | ||||||
|
195,825 | |||||||
Media — 1.0% |
||||||||
Discovery, Inc. - Class A (1) |
1,077 | 23,764 | ||||||
Fox Corp. - Class A |
1,194 | 33,265 | ||||||
News Corp. - Class A |
2,363 | 35,728 | ||||||
The New York Times Co. - Class A |
466 | 20,192 | ||||||
Nexstar Media Group, Inc. |
194 | 18,626 | ||||||
|
131,575 | |||||||
Metal Fabricate & Hardware — 0.4% |
||||||||
RBC Bearings, Inc. (1) |
92 | 12,148 | ||||||
Rexnord Corp. |
593 | 17,173 | ||||||
The Timken Co. |
227 | 12,301 | ||||||
Valmont Industries, Inc. |
82 | 10,418 | ||||||
|
52,040 | |||||||
Mining — 0.5% |
||||||||
Royal Gold, Inc. |
469 | 63,934 | ||||||
|
||||||||
Miscellaneous Manufacturers — 1.9% |
||||||||
A.O. Smith Corp. - Class A |
377 | 18,462 | ||||||
AptarGroup, Inc. |
242 | 28,650 | ||||||
Axon Enterprise, Inc. (1) |
1,543 | 132,204 | ||||||
Carlisle Companies, Inc. |
210 | 27,500 | ||||||
Donaldson Co., Inc. |
390 | 19,640 | ||||||
ITT, Inc. |
286 | 17,964 | ||||||
|
244,420 | |||||||
Office & Business Equipment — 0.1% |
||||||||
Xerox Holdings Corp. |
927 | 17,483 | ||||||
|
||||||||
Oil & Gas — 1.1% |
||||||||
Apache Corp. |
430 | 6,364 | ||||||
Cimarex Energy Co. |
307 | 8,529 | ||||||
Continental Resources, Inc. |
806 | 13,847 | ||||||
Devon Energy Corp. |
646 | 7,022 | ||||||
Diamondback Energy, Inc. |
646 | 25,168 | ||||||
EQT Corp. |
1,306 | 20,726 | ||||||
Helmerich & Payne, Inc. |
146 | 2,406 | ||||||
HollyFrontier Corp. |
403 | 9,620 | ||||||
Marathon Oil Corp. |
1,444 | 7,624 | ||||||
Murphy USA, Inc. (1) |
102 | 13,756 | ||||||
Noble Energy, Inc. |
562 | 5,592 | ||||||
Parsley Energy, Inc. - Class A |
1,025 | 11,019 | ||||||
WPX Energy, Inc. (1) |
1,261 | 7,011 | ||||||
|
138,684 | |||||||
The accompanying notes are an integral part of these financial statements.
19 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% (Continued) |
||||||||
Oil & Gas Services — 0.0% (2) |
||||||||
National Oilwell Varco, Inc. |
564 | $ | 6,768 | |||||
|
||||||||
Packaging & Containers — 1.1% |
||||||||
Berry Global Group, Inc. (1) |
476 | 24,533 | ||||||
Crown Holdings, Inc. (1) |
515 | 39,578 | ||||||
Graphic Packaging Holding Co. |
1,079 | 15,085 | ||||||
Sealed Air Corp. |
831 | 32,658 | ||||||
Silgan Holdings, Inc. |
406 | 15,452 | ||||||
Sonoco Products Co. |
354 | 18,773 | ||||||
|
146,079 | |||||||
Pharmaceuticals — 4.2% |
||||||||
Agios Pharmaceuticals, Inc. (1) |
268 | 10,991 | ||||||
Alkermes PLC (1) |
581 | 9,610 | ||||||
Herbalife Nutrition Ltd. (1) |
506 | 24,870 | ||||||
Horizon Therapeutics PLC (1) |
1,815 | 136,343 | ||||||
Jazz Pharmaceuticals PLC (1) |
213 | 28,625 | ||||||
Momenta Pharmaceuticals, Inc. (1) |
313 | 16,329 | ||||||
MyoKardia, Inc. (1) |
80 | 8,755 | ||||||
Neogen Corp. (1) |
181 | 13,792 | ||||||
Neurocrine Biosciences, Inc. (1) |
1,491 | 173,582 | ||||||
Perrigo Co. PLC |
989 | 51,725 | ||||||
PRA Health Sciences, Inc. (1) |
309 | 33,035 | ||||||
Reata Pharmaceuticals, Inc. - Class A (1) |
51 | 5,352 | ||||||
Sarepta Therapeutics, Inc. (1) |
225 | 32,945 | ||||||
|
545,954 | |||||||
Private Equity — 1.1% |
||||||||
Apollo Global Management, Inc. - Class A |
2,920 | 136,860 | ||||||
|
||||||||
Real Estate — 0.2% |
||||||||
The Howard Hughes Corp. (1) |
160 | 9,457 | ||||||
Jones Lang LaSalle, Inc. |
195 | 20,093 | ||||||
|
29,550 | |||||||
Real Estate Investment Trusts (REITs) — 8.2% |
||||||||
AGNC Investment Corp. |
5,715 | 80,639 | ||||||
Agree Realty Corp. |
216 | 14,455 | ||||||
American Campus Communities, Inc. |
482 | 16,340 | ||||||
American Homes 4 Rent - Class A |
949 | 27,179 | ||||||
Americold Realty Trust |
1,163 | 44,601 | ||||||
Apartment Investment and Management Co. |
401 | 14,448 | ||||||
Blackstone Mortgage Trust, Inc. - Class A |
468 | 11,124 | ||||||
Brixmor Property Group, Inc. |
744 | 8,779 | ||||||
|
Shares |
Value |
||||||
Real Estate Investment Trusts (REITs) — 8.2% (Continued) |
||||||||
Camden Property Trust |
376 | $ | 34,194 | |||||
CoreSite Realty Corp. |
123 | 15,061 | ||||||
Corporate Office Properties Trust |
566 | 13,946 | ||||||
Cousins Properties, Inc. |
753 | 22,477 | ||||||
CubeSmart |
736 | 23,272 | ||||||
CyrusOne, Inc. |
1,253 | 104,663 | ||||||
Douglas Emmett, Inc. |
970 | 27,082 | ||||||
EastGroup Properties, Inc. |
139 | 18,509 | ||||||
Equity Commonwealth |
369 | 11,583 | ||||||
Federal Realty Investment Trust |
240 | 19,018 | ||||||
First Industrial Realty Trust, Inc. |
425 | 18,126 | ||||||
Gaming and Leisure Properties, Inc. |
825 | 29,989 | ||||||
Healthcare Realty Trust, Inc. |
400 | 11,540 | ||||||
Healthcare Trust of America, Inc. |
728 | 19,212 | ||||||
Highwoods Properties, Inc. |
352 | 13,116 | ||||||
Hudson Pacific Properties, Inc. |
501 | 11,764 | ||||||
JBG SMITH Properties |
466 | 12,894 | ||||||
Kilroy Realty Corp. |
402 | 23,525 | ||||||
Kimco Realty Corp. |
1,116 | 13,381 | ||||||
Lamar Advertising Co. - Class A |
264 | 18,277 | ||||||
Life Storage, Inc. |
170 | 17,923 | ||||||
Medical Properties Trust, Inc. |
1,723 | 32,013 | ||||||
MGM Growth Properties, LLC - Class A |
577 | 16,196 | ||||||
National Retail Properties, Inc. |
586 | 20,768 | ||||||
New Residential Investment Corp. |
941 | 7,283 | ||||||
Omega Healthcare Investors, Inc. |
908 | 28,121 | ||||||
Physicians Realty Trust |
738 | 13,395 | ||||||
PS Business Parks, Inc. |
89 | 11,232 | ||||||
QTS Realty Trust, Inc. - Class A |
632 | 42,862 | ||||||
Rayonier, Inc. |
353 | 10,336 | ||||||
Rexford Industrial Realty, Inc. |
388 | 18,616 | ||||||
Sabra Health Care REIT, Inc. |
912 | 13,525 | ||||||
SL Green Realty Corp. |
241 | 11,269 | ||||||
STAG Industrial, Inc. - Class A |
488 | 15,762 | ||||||
Starwood Property Trust, Inc. |
1,089 | 16,988 | ||||||
STORE Capital Corp. |
779 | 21,064 | ||||||
Taubman Centers, Inc. |
142 | 5,439 | ||||||
Terreno Realty Corp. |
229 | 13,658 | ||||||
VEREIT, Inc. |
3,009 | 20,221 | ||||||
VICI Properties, Inc. |
1,812 | 40,480 | ||||||
|
1,056,345 | |||||||
Retail — 3.5% |
||||||||
AutoNation, Inc. (1) |
230 | 13,078 | ||||||
BJ’s Wholesale Club Holdings, Inc. (1) |
568 | 25,225 | ||||||
Carvana Co. - Class A (1) |
154 | 33,258 | ||||||
Casey’s General Stores, Inc. |
130 | 23,121 | ||||||
The accompanying notes are an integral part of these financial statements.
20 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% (Continued) |
||||||||
Retail — 3.5% (Continued) |
||||||||
Cracker Barrel Old Country Store, Inc. |
81 | $ | 10,831 | |||||
Dunkin’ Brands Group, Inc. |
263 | 20,009 | ||||||
FirstCash, Inc. |
135 | 8,066 | ||||||
Five Below, Inc. (1) |
182 | 19,920 | ||||||
Floor & Decor Holdings, Inc. (1) |
304 | 22,265 | ||||||
Foot Locker, Inc. |
309 | 9,372 | ||||||
Freshpet, Inc. (1) |
954 | 108,374 | ||||||
L Brands, Inc. |
961 | 28,253 | ||||||
MSC Industrial Direct Co., Inc. - Class A |
147 | 9,687 | ||||||
Nordstrom, Inc. |
414 | 6,624 | ||||||
Ollie’s Bargain Outlet Holdings, Inc. (1) |
202 | 19,299 | ||||||
Penske Automotive Group, Inc. |
218 | 10,283 | ||||||
Qurate Retail, Inc. - Series A (1) |
1,548 | 17,105 | ||||||
Texas Roadhouse, Inc. |
239 | 15,055 | ||||||
The Wendy’s Co. |
566 | 11,852 | ||||||
Williams-Sonoma, Inc. |
200 | 17,552 | ||||||
Wingstop, Inc. |
109 | 17,811 | ||||||
|
447,040 | |||||||
Savings & Loans — 0.4% |
||||||||
Investors Bancorp, Inc. |
883 | 6,843 | ||||||
New York Community Bancorp, Inc. |
1,556 | 14,082 | ||||||
People’s United Financial, Inc. |
1,501 | 15,881 | ||||||
Sterling Bancorp |
590 | 6,885 | ||||||
TFS Financial Corp. |
854 | 13,194 | ||||||
|
56,885 | |||||||
Semiconductors — 2.4% |
||||||||
Cabot Microelectronics Corp. |
175 | 26,651 | ||||||
Cirrus Logic, Inc. (1) |
254 | 15,390 | ||||||
Cree, Inc. (1) |
355 | 22,400 | ||||||
Entegris, Inc. |
481 | 32,174 | ||||||
Inphi Corp. (1) |
375 | 42,743 | ||||||
MKS Instruments, Inc. |
189 | 22,591 | ||||||
Monolithic Power Systems, Inc. |
197 | 52,625 | ||||||
ON Semiconductor Corp. (1) |
1,519 | 32,461 | ||||||
Semtech Corp. (1) |
366 | 21,466 | ||||||
Silicon Laboratories, Inc. (1) |
444 | 45,470 | ||||||
|
313,971 | |||||||
Shipbuilding — 0.2% |
||||||||
Huntington Ingalls Industries, Inc. |
153 | 23,183 | ||||||
|
||||||||
|
Shares |
Value |
||||||
Software — 11.9% |
||||||||
ACI Worldwide, Inc. (1) |
579 | $ | 17,011 | |||||
Alteryx, Inc. - Class A (1) |
304 | 36,732 | ||||||
Aspen Technology, Inc. (1) |
260 | 33,028 | ||||||
Blackbaud, Inc. |
606 | 38,693 | ||||||
Blackline, Inc. (1) |
316 | 27,609 | ||||||
CDK Global, Inc. |
359 | 16,737 | ||||||
Ceridian HCM Holding, Inc. (1) |
869 | 69,103 | ||||||
Dropbox, Inc. - Class A (1) |
3,993 | 84,532 | ||||||
Dynatrace, Inc. (1) |
520 | 23,000 | ||||||
Elastic NV (1) |
227 | 24,648 | ||||||
Envestnet, Inc. (1) |
477 | 39,586 | ||||||
Everbridge, Inc. (1) |
96 | 14,267 | ||||||
Fair Isaac Corp. (1) |
95 | 39,975 | ||||||
Five9, Inc. (1) |
869 | 110,745 | ||||||
Guidewire Software, Inc. (1) |
646 | 72,552 | ||||||
HubSpot, Inc. (1) |
244 | 73,122 | ||||||
J2 Global, Inc. (1) |
254 | 17,777 | ||||||
Manhattan Associates, Inc. (1) |
178 | 17,310 | ||||||
Medallia, Inc. (1) |
514 | 18,602 | ||||||
MongoDB, Inc. - Class A (1) |
170 | 39,746 | ||||||
New Relic, Inc. (1) |
188 | 11,549 | ||||||
Nuance Communications, Inc. (1) |
1,711 | 51,262 | ||||||
Nutanix, Inc. - Class A (1) |
411 | 11,800 | ||||||
Omnicell, Inc. (1) |
200 | 13,336 | ||||||
Pegasystems, Inc. |
106 | 13,618 | ||||||
PTC, Inc. (1) |
2,391 | 218,561 | ||||||
RealPage, Inc. (1) |
696 | 43,583 | ||||||
Smartsheet, Inc. (1) |
355 | 19,358 | ||||||
SolarWinds Corp. (1) |
7,503 | 157,788 | ||||||
Teradata Corp. (1) |
1,342 | 32,678 | ||||||
Verint Systems, Inc. (1) |
815 | 38,761 | ||||||
Zynga, Inc. (1) |
12,861 | 116,521 | ||||||
|
1,543,590 | |||||||
Telecommunications — 2.4% |
||||||||
Acacia Communications, Inc. (1) |
590 | 39,813 | ||||||
Ciena Corp. (1) |
775 | 43,997 | ||||||
GCI Liberty, Inc. - Class A (1) |
666 | 53,799 | ||||||
Iridium Communications, Inc. (1) |
206 | 5,770 | ||||||
LogMeIn, Inc. |
1,095 | 94,225 | ||||||
ViaSat, Inc. (1) |
1,738 | 69,103 | ||||||
|
306,707 | |||||||
Textiles — 0.1% |
||||||||
Mohawk Industries, Inc. (1) |
206 | 19,020 | ||||||
|
||||||||
Toys, Games & Hobbies — 0.2% |
||||||||
Mattel, Inc. (1) |
1,926 | 20,695 | ||||||
|
||||||||
The accompanying notes are an integral part of these financial statements.
21 |
SoFi Next 500 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.6% (Continued) |
||||||||
Transportation — 0.6% |
||||||||
Kirby Corp. (1) |
260 | $ | 11,034 | |||||
Knight-Swift Transportation Holdings, Inc. |
496 | 22,548 | ||||||
Landstar System, Inc. |
118 | 15,705 | ||||||
XPO Logistics, Inc. (1) |
287 | 25,334 | ||||||
|
74,621 | |||||||
Water — 0.1% |
||||||||
American States Water Co. |
166 | 12,629 | ||||||
Total Common Stocks |
||||||||
(Cost $11,492,595) |
12,860,182 | |||||||
|
||||||||
Mutual Funds — 0.2% |
||||||||
Business Development Companies — 0.2% |
||||||||
Owl Rock Capital Corp. |
2,462 | 30,381 | ||||||
Total Mutual Funds |
||||||||
(Cost $31,141) |
30,381 | |||||||
|
||||||||
|
Shares |
Value |
||||||
Short-Term Investments — 0.8% |
||||||||
Money Market Funds — 0.8% |
||||||||
First American Government Obligations Fund - Class X, 0.066% (3) |
102,202 | $ | 102,202 | |||||
Total Short-Term Investments |
||||||||
(Cost $102,202) |
102,202 | |||||||
|
||||||||
Total Investments in Securities — 100.6% |
||||||||
(Cost $11,625,938) |
12,992,765 | |||||||
Liabilities in Excess of Other Assets — (0.6)% |
(80,459 | ) | ||||||
Total Net Assets — 100.0% |
$ | 12,912,306 | ||||||
|
(1) |
Non-income producing security. |
|
(2) |
Does not round to 0.1% or (0.1)%, as applicable. |
|
(3) |
The rate shown is the annualized seven-day effective yield as of August 31, 2020. |
The accompanying notes are an integral part of these financial statements.
22 |
SoFi 50 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% |
||||||||
Aerospace & Defense — 3.7% |
||||||||
The Boeing Co. |
1,055 | $ | 181,270 | |||||
|
||||||||
Airlines — 8.6% |
||||||||
American Airlines Group, Inc. |
6,678 | 87,148 | ||||||
Delta Air Lines, Inc. |
6,198 | 191,208 | ||||||
Southwest Airlines Co. |
1,743 | 65,502 | ||||||
United Airlines Holdings, Inc. (1) |
2,266 | 81,576 | ||||||
|
425,434 | |||||||
Apparel — 0.5% |
||||||||
Nike, Inc. - Class B |
205 | 22,937 | ||||||
|
||||||||
Auto Manufacturers — 15.8% |
||||||||
Ford Motor Co. |
8,060 | 54,969 | ||||||
Tesla, Inc. (1) |
1,455 | 725,056 | ||||||
|
780,025 | |||||||
Banks — 1.5% |
||||||||
Bank of America Corp. |
1,215 | 31,274 | ||||||
JPMorgan Chase & Co. |
439 | 43,984 | ||||||
|
75,258 | |||||||
Beverages — 0.7% |
||||||||
The Coca-Cola Co. |
733 | 36,306 | ||||||
|
||||||||
Commercial Services — 2.0% |
||||||||
PayPal Holdings, Inc. (1) |
130 | 26,538 | ||||||
Square, Inc. - Class A (1) |
455 | 72,600 | ||||||
|
99,138 | |||||||
Computers — 10.3% |
||||||||
Apple, Inc. |
3,924 | 506,353 | ||||||
|
||||||||
Diversified Financial Services — 0.6% |
||||||||
Visa, Inc. - Class A |
144 | 30,527 | ||||||
|
||||||||
Food — 1.2% |
||||||||
Beyond Meat, Inc. (1) |
445 | 60,453 | ||||||
|
||||||||
Household Products & Wares — 0.2% |
||||||||
Cronos Group, Inc. (1) |
1,380 | 7,687 | ||||||
|
||||||||
Insurance — 1.8% |
||||||||
Berkshire Hathaway, Inc. - Class B (1) |
411 | 89,614 | ||||||
|
||||||||
|
Shares |
Value |
||||||
Internet — 20.7% |
||||||||
Alibaba Group Holding Ltd. - ADR (1) |
228 | $ | 65,443 | |||||
Alphabet, Inc. - Class A (1) |
65 | 105,920 | ||||||
Amazon.com, Inc. (1) |
132 | 455,527 | ||||||
Facebook, Inc. - Class A (1) |
272 | 79,750 | ||||||
Lyft, Inc. - Class A (1) |
426 | 12,639 | ||||||
Netflix, Inc. (1) |
193 | 102,205 | ||||||
Roku, Inc. - Class A (1) |
167 | 28,971 | ||||||
Shopify, Inc. - Class A (1) |
118 | 125,838 | ||||||
Uber Technologies, Inc. (1) |
1,243 | 41,802 | ||||||
|
1,018,095 | |||||||
Leisure Time — 2.5% |
||||||||
Carnival Corp. |
5,332 | 87,872 | ||||||
Virgin Galactic Holdings, Inc. - Class A (1) |
1,968 | 35,227 | ||||||
|
123,099 | |||||||
Media — 4.6% |
||||||||
The Walt Disney Co. |
1,722 | 227,080 | ||||||
|
||||||||
Miscellaneous Manufacturers — 1.2% |
||||||||
3M Co. |
124 | 20,214 | ||||||
General Electric Co. |
5,849 | 37,083 | ||||||
|
57,297 | |||||||
Oil & Gas — 1.4% |
||||||||
Exxon Mobil Corp. |
1,782 | 71,173 | ||||||
|
||||||||
Pharmaceuticals — 2.9% |
||||||||
AbbVie, Inc. |
180 | 17,238 | ||||||
Aurora Cannabis, Inc. (1) |
3,886 | 38,083 | ||||||
Canopy Growth Corp. (1) |
1,253 | 20,699 | ||||||
Johnson & Johnson |
148 | 22,705 | ||||||
Pfizer, Inc. |
1,111 | 41,985 | ||||||
|
140,710 | |||||||
Retail — 3.2% |
||||||||
Costco Wholesale Corp. |
115 | 39,981 | ||||||
McDonald’s Corp. |
81 | 17,295 | ||||||
Starbucks Corp. |
639 | 53,976 | ||||||
Target Corp. |
119 | 17,994 | ||||||
Walmart, Inc. |
206 | 28,603 | ||||||
|
157,849 | |||||||
Semiconductors — 4.6% |
||||||||
Advanced Micro Devices, Inc. (1) |
1,004 | 91,183 | ||||||
NVIDIA Corp. |
250 | 133,745 | ||||||
|
224,928 | |||||||
The accompanying notes are an integral part of these financial statements.
23 |
SoFi 50 ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.9% (Continued) |
||||||||
Software — 10.2% |
||||||||
Microsoft Corp. |
1,301 | $ | 293,414 | |||||
Slack Technologies, Inc. - Class A (1) |
2,601 | 85,417 | ||||||
Zoom Video Communications, Inc. - Class A (1) |
377 | 122,563 | ||||||
|
501,394 | |||||||
Telecommunications — 1.7% |
||||||||
AT&T, Inc. |
2,308 | 68,802 | ||||||
Verizon Communications, Inc. |
282 | 16,714 | ||||||
|
85,516 | |||||||
Total Common Stocks |
||||||||
(Cost $4,092,956) |
4,922,143 | |||||||
|
||||||||
|
Shares |
Value |
||||||
Short-Term Investments — 0.1% |
||||||||
Money Market Funds — 0.1% |
||||||||
First American Government Obligations Fund - Class X, 0.066% (2) |
2,068 | $ | 2,068 | |||||
Total Short-Term Investments |
||||||||
(Cost $2,068) |
2,068 | |||||||
|
||||||||
Total Investments in Securities — 100.0% |
||||||||
(Cost $4,095,024) |
4,924,211 | |||||||
Other Assets in Excess of Liabilities — 0.0% (3) |
1,802 | |||||||
Total Net Assets — 100.0% |
$ | 4,926,013 | ||||||
|
(1) |
Non-income producing security. |
|
(2) |
The rate shown is the annualized seven-day effective yield as of August 31, 2020. |
|
(3) |
Does not round to 0.1% or (0.1)%, as applicable. |
The accompanying notes are an integral part of these financial statements.
24 |
SoFi Gig Economy ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) |
|
Shares |
Value |
||||||
Common Stocks — 99.3% |
||||||||
Applications Software — 4.4% |
||||||||
HubSpot, Inc. (1) |
451 | $ | 135,156 | |||||
Materialise NV - ADR (1) |
5,588 | 227,208 | ||||||
Microsoft Corp. |
863 | 194,632 | ||||||
|
556,996 | |||||||
Commercial Services — 0.4% |
||||||||
IWG PLC |
14,918 | 56,248 | ||||||
|
||||||||
Commercial Services - Finance — 7.4% |
||||||||
Adyen NV (1) |
70 | 118,291 | ||||||
PayPal Holdings, Inc. (1) |
1,964 | 400,931 | ||||||
Square, Inc. - Class A (1) |
2,612 | 416,770 | ||||||
|
935,992 | |||||||
Communications Software — 1.0% |
||||||||
Zoom Video Communications, Inc. - Class A (1) |
391 | 127,114 | ||||||
|
127,114 | |||||||
Computer Software — 6.7% |
||||||||
Box, Inc. (1) |
2,233 | 43,834 | ||||||
Citrix Systems, Inc. |
250 | 36,300 | ||||||
Cloudera, Inc. (1) |
4,826 | 63,752 | ||||||
Dropbox, Inc. - Class A (1) |
1,926 | 40,773 | ||||||
MongoDB, Inc. - Class A (1) |
505 | 118,069 | ||||||
Slack Technologies, Inc. - Class A (1) |
8,519 | 279,764 | ||||||
Splunk, Inc. (1) |
609 | 133,572 | ||||||
Twilio, Inc. - Class A (1) |
499 | 134,610 | ||||||
|
850,674 | |||||||
Computers — 1.0% |
||||||||
Apple, Inc. |
1,036 | 133,685 | ||||||
|
||||||||
Computers - Other — 1.9% |
||||||||
Stratasys Ltd. (1) |
16,659 | 247,553 | ||||||
|
||||||||
Data Processing & Management — 1.7% |
||||||||
DocuSign, Inc. (1) |
958 | 213,634 | ||||||
|
||||||||
E-Commerce & Products — 15.9% |
||||||||
Alibaba Group Holding Ltd. - ADR (1) |
1,335 | 383,185 | ||||||
Amazon.com, Inc. (1) |
38 | 131,136 | ||||||
eBay, Inc. |
4,660 | 255,275 | ||||||
Etsy, Inc. (1) |
2,508 | 300,208 | ||||||
JD.com, Inc. - Class A - ADR (1) |
4,515 | 355,060 | ||||||
Meituan Dianping - Class B (1) |
1,543 | 50,888 | ||||||
|
Shares |
Value |
||||||
E-Commerce & Products — 15.9% (Continued) |
||||||||
Pinduoduo, Inc. - Class A - ADR (1) |
3,993 | $ | 355,137 | |||||
Rakuten, Inc. |
22,320 | 196,375 | ||||||
|
2,027,264 | |||||||
E-Commerce & Services — 17.0% |
||||||||
Delivery Hero SE (1) |
644 | 69,332 | ||||||
Demae-Can Co. Ltd. |
6,300 | 137,175 | ||||||
Eventbrite, Inc. - Class A (1) |
10,561 | 113,531 | ||||||
Fiverr International Ltd. (1) |
3,351 | 404,298 | ||||||
Groupon, Inc. (1) |
1,850 | 58,886 | ||||||
Grubhub, Inc. (1) |
1,073 | 77,632 | ||||||
Lyft, Inc. - Class A (1) |
8,379 | 248,605 | ||||||
MercadoLibre, Inc. (1) |
304 | 355,251 | ||||||
Uber Technologies, Inc. (1) |
9,622 | 323,588 | ||||||
Upwork, Inc. (1) |
24,889 | 379,059 | ||||||
|
2,167,357 | |||||||
E-Marketing - Information — 0.8% |
||||||||
Jumia Technologies AG - ADR (1) |
10,723 | 98,544 | ||||||
|
||||||||
Enterprise Software & Services — 0.5% |
||||||||
Workday, Inc. - Class A (1) |
246 | 58,969 | ||||||
|
||||||||
Entertainment Software — 1.9% |
||||||||
NetEase, Inc. - ADR |
502 | 244,579 | ||||||
|
||||||||
Finance - Consumer Loans — 3.8% |
||||||||
LendingClub Corp. (1) |
35,871 | 191,193 | ||||||
LendingTree, Inc. (1) |
930 | 287,314 | ||||||
|
478,507 | |||||||
Food - Retail — 0.7% |
||||||||
Just Eat Takeaway.com NV (1) |
358 | 40,332 | ||||||
Just Eat Takeaway.com NV (1) |
445 | 49,622 | ||||||
|
89,954 | |||||||
Internet Content - Entertainment — 12.8% |
||||||||
Facebook, Inc. - Class A (1) |
1,117 | 327,504 | ||||||
JOYY, Inc. - Class A - ADR |
2,585 | 220,862 | ||||||
Pinterest, Inc. - Class A (1) |
8,189 | 301,273 | ||||||
Snap, Inc. - Class A (1) |
13,203 | 298,256 | ||||||
Tian Ge Interactive Holdings Ltd. |
1,054,890 | 127,946 | ||||||
Twitter, Inc. (1) |
8,727 | 354,142 | ||||||
|
1,629,983 | |||||||
Internet Content - Information & News — 3.8% |
||||||||
Momo, Inc. - Class A - ADR |
6,942 | 141,617 | ||||||
Tencent Holdings Ltd. |
5,058 | 346,221 | ||||||
|
487,838 | |||||||
The accompanying notes are an integral part of these financial statements.
25 |
SoFi Gig Economy ETF
SCHEDULE OF INVESTMENTS at August 31, 2020 (Unaudited) (Continued) |
|
Shares |
Value |
||||||
Common Stocks — 99.3% (Continued) |
||||||||
Rubber & Plastic Products — 3.0% |
||||||||
Proto Labs, Inc. (1) |
2,642 | $ | 388,374 | |||||
|
||||||||
Schools — 4.7% |
||||||||
2U, Inc. (1) |
8,680 | 359,265 | ||||||
New Oriental Education & Technology Group, Inc. - ADR (1) |
1,653 | 242,380 | ||||||
|
601,645 | |||||||
Transport - Services — 0.5% |
||||||||
FedEx Corp. |
297 | 65,293 | ||||||
|
||||||||
Web Hosting & Design — 3.7% |
||||||||
GoDaddy, Inc. - Class A (1) |
1,171 | 97,989 | ||||||
Shopify, Inc. - Class A (1) |
344 | 366,849 | ||||||
|
464,838 | |||||||
Web Portals & ISPs — 5.7% |
||||||||
Alphabet, Inc. - Class A (1) |
75 | 122,215 | ||||||
Baidu, Inc. - Class A - ADR (1) |
2,727 | 339,702 | ||||||
Yandex NV - Class A (1) |
3,801 | 259,342 | ||||||
|
721,259 | |||||||
Total Common Stocks |
||||||||
(Cost $9,020,805) |
12,646,300 | |||||||
|
||||||||
|
Shares |
Value |
||||||
Short-Term Investments — 0.5% |
||||||||
Money Market Funds — 0.5% |
||||||||
First American Government Obligations Fund - Class X, 0.066% (2) |
64,618 | $ | 64,618 | |||||
Total Short-Term Investments |
||||||||
(Cost $64,618) |
64,618 | |||||||
|
||||||||
Total Investments in Securities — 98.8% |
||||||||
(Cost $9,085,423) |
12,710,918 | |||||||
Other Assets in Excess of Liabilities — 0.2% |
20,779 | |||||||
Total Net Assets — 100.0% |
$ | 12,731,697 | ||||||
|
ADR |
American Depositary Receipt |
|
(1) |
Non-income producing security. |
|
(2) |
The rate shown is the annualized seven-day effective yield as of August 31, 2020. |
The accompanying notes are an integral part of these financial statements.
26 |
SoFi Funds
Statements of Assets and Liabilities at August 31, 2020 (Unaudited) |
|
SoFi Select |
SoFi Next |
SoFi 50 |
SoFi Gig |
||||||||||||
Assets: |
||||||||||||||||
Investments in securities, at value (Note 2) |
$ | 110,354,327 | $ | 12,992,765 | $ | 4,924,211 | $ | 12,710,918 | ||||||||
Foreign currency (cost of $— ,$— ,$— and $53, respectively) |
— | — | — | 57 | ||||||||||||
Receivables: |
||||||||||||||||
Investment securities sold |
— | — | — | 50,382 | ||||||||||||
Dividends and interest receivable |
125,450 | 13,766 | 2,902 | 2,006 | ||||||||||||
Total assets |
110,479,777 | 13,006,531 | 4,927,113 | 12,763,363 | ||||||||||||
Liabilities: |
||||||||||||||||
Payables: |
||||||||||||||||
Due to custodian |
— | 94,225 | — | — | ||||||||||||
Investment securities purchased |
— | — | — | 25,548 | ||||||||||||
Management fees, net (Note 4) |
— | — | 1,100 | 6,118 | ||||||||||||
Total liabilities |
— | 94,225 | 1,100 | 31,666 | ||||||||||||
Net Assets |
$ | 110,479,777 | $ | 12,912,306 | $ | 4,926,013 | $ | 12,731,697 | ||||||||
Components of Net Assets: |
||||||||||||||||
Paid-in capital |
$ | 90,437,867 | $ | 12,305,864 | $ | 4,277,334 | $ | 9,058,270 | ||||||||
Total distributable (accumulated) earnings (losses) |
20,041,910 | 606,442 | 648,679 | 3,673,427 | ||||||||||||
Net assets |
$ | 110,479,777 | $ | 12,912,306 | $ | 4,926,013 | $ | 12,731,697 | ||||||||
Net Asset Value (unlimited shares authorized): |
||||||||||||||||
Net assets |
$ | 110,479,777 | $ | 12,912,306 | $ | 4,926,013 | $ | 12,731,697 | ||||||||
Shares of beneficial interest issued and outstanding |
8,650,000 | 1,250,000 | 200,000 | 450,000 | ||||||||||||
Net asset value |
$ | 12.77 | $ | 10.33 | $ | 24.63 | $ | 28.29 | ||||||||
Cost of investments |
$ | 89,704,123 | $ | 11,625,938 | $ | 4,095,024 | $ | 9,085,423 | ||||||||
The accompanying notes are an integral part of these financial statements.
27 |
SoFi Funds
Statements of Operations For the Six Months Ended August 31, 2020 (Unaudited) |
|
SoFi Select |
SoFi Next |
SoFi |
SoFi Gig |
||||||||||||
Investment Income: |
||||||||||||||||
Dividend income (net of foreign withholding tax of $-, $-, $- and $39, respectively) |
$ | 684,381 | $ | 80,352 | $ | 17,346 | $ | 8,918 | ||||||||
Interest income |
190 | 24 | 7 | 44 | ||||||||||||
Total investment income |
684,571 | 80,376 | 17,353 | 8,962 | ||||||||||||
Expenses: |
||||||||||||||||
Management fees (Note 4) |
81,743 | 9,700 | 4,474 | 26,300 | ||||||||||||
Total expenses |
81,743 | 9,700 | 4,474 | 26,300 | ||||||||||||
Less: Management fee wavier (Note 4) |
(81,743 | ) | (9,700 | ) | — | — | ||||||||||
Net expenses |
— | — | 4,474 | 26,300 | ||||||||||||
Net investment income (loss) |
684,571 | 80,376 | 12,879 | (17,338 | ) | |||||||||||
Realized and Unrealized Gain (Loss) on Investments: |
||||||||||||||||
Net realized gain (loss) on: |
||||||||||||||||
Investments |
(835,211 | ) | (757,770 | ) | 102,904 | 61,487 | ||||||||||
Foreign currency transactions |
— | — | — | (313 | ) | |||||||||||
Change in net unrealized appreciation/depreciation on: |
||||||||||||||||
Investments and foreign currency translations |
20,703,890 | 1,879,117 | 995,285 | 3,984,531 | ||||||||||||
Net realized and unrealized gain (loss) on investments |
19,868,679 | 1,121,347 | 1,098,189 | 4,045,705 | ||||||||||||
Net increase (decrease) in net assets resulting from operations |
$ | 20,553,250 | $ | 1,201,723 | $ | 1,111,068 | $ | 4,028,367 | ||||||||
The accompanying notes are an integral part of these financial statements.
28 |
SoFi Select 500 ETF
StatementS of Changes in Net Assets |
|
Six Months Ended |
Period Ended |
||||||
Increase (Decrease) in Net Assets From: |
||||||||
Operations: |
||||||||
Net investment income (loss) |
$ | 684,571 | $ | 910,564 | ||||
Net realized gain (loss) on investments |
(835,211 | ) | 299,872 | |||||
Change in net unrealized appreciation/depreciation on investments |
20,703,890 | (53,686 | ) | |||||
Net increase (decrease) in net assets resulting from operations |
20,553,250 | 1,156,750 | ||||||
Distributions to Shareholders: |
||||||||
Net distributions to shareholders |
(650,848 | ) | (666,628 | ) | ||||
Capital Share Transactions: |
||||||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) |
16,844,920 | 73,242,333 | ||||||
Total increase (decrease) in net assets |
36,747,322 | 73,732,455 | ||||||
Net Assets: |
||||||||
Beginning of period |
73,732,455 | — | ||||||
End of period |
$ | 110,479,777 | $ | 73,732,455 | ||||
|
(1) |
The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020. |
|
(2) |
Summary of share transactions is as follows: |
Six Months Ended |
Period Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold (3) |
2,850,000 | $ | 30,203,330 | 8,050,000 | $ | 82,860,383 | ||||||||||
Shares redeemed |
(1,300,000 | ) | (13,358,410 | ) | (950,000 | ) | (9,098,805 | ) | ||||||||
Net increase (decrease) |
1,550,000 | $ | 16,844,920 | 7,100,000 | $ | 73,761,578 | ||||||||||
|
(3) |
Net variable fees of $- and $8, respectively. |
The accompanying notes are an integral part of these financial statements.
29 |
SoFi Next 500 ETF
StatementS of Changes in Net Assets |
|
Six Months Ended |
Period Ended |
||||||
Increase (Decrease) in Net Assets From: |
||||||||
Operations: |
||||||||
Net investment income (loss) |
$ | 80,376 | $ | 92,846 | ||||
Net realized gain (loss) on investments |
(757,770 | ) | 25,298 | |||||
Change in net unrealized appreciation/depreciation on investments |
1,879,117 | (512,290 | ) | |||||
Net increase (decrease) in net assets resulting from operations |
1,201,723 | (394,146 | ) | |||||
Distributions to Shareholders: |
||||||||
Net distributions to shareholders |
(59,984 | ) | (77,082 | ) | ||||
Capital Share Transactions: |
||||||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) |
2,634,880 | 9,606,915 | ||||||
Total increase (decrease) in net assets |
3,776,619 | 9,135,687 | ||||||
Net Assets: |
||||||||
Beginning of period |
9,135,687 | — | ||||||
End of period |
$ | 12,912,306 | $ | 9,135,687 | ||||
|
(1) |
The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020. |
|
(2) |
Summary of share transactions is as follows: |
Six Months Ended |
Period Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
600,000 | $ | 5,202,460 | 1,150,000 | $ | 11,604,115 | ||||||||||
Shares redeemed |
(300,000 | ) | (2,567,580 | ) | (200,000 | ) | (1,997,200 | ) | ||||||||
Net increase (decrease) |
300,000 | $ | 2,634,880 | 950,000 | $ | 9,606,915 | ||||||||||
The accompanying notes are an integral part of these financial statements.
30 |
SoFi 50 ETF
StatementS of Changes in Net Assets |
|
Six Months Ended |
Period Ended |
||||||
Increase (Decrease) in Net Assets From: |
||||||||
Operations: |
||||||||
Net investment income (loss) |
$ | 12,879 | $ | 33,734 | ||||
Net realized gain (loss) on investments |
102,904 | 691 | ||||||
Change in net unrealized appreciation/depreciation on investments |
995,285 | (166,098 | ) | |||||
Net increase (decrease) in net assets resulting from operations |
1,111,068 | (131,673 | ) | |||||
Distributions to Shareholders: |
||||||||
Net distributions to shareholders |
(11,714 | ) | (31,143 | ) | ||||
Capital Share Transactions: |
||||||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) |
1,017,240 | 2,972,235 | ||||||
Total increase (decrease) in net assets |
2,116,594 | 2,809,419 | ||||||
Net Assets: |
||||||||
Beginning of period |
2,809,419 | — | ||||||
End of period |
$ | 4,926,013 | $ | 2,809,419 | ||||
|
(1) |
The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020. |
|
(2) |
Summary of share transactions is as follows: |
Six Months Ended |
Period Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
300,000 | $ | 5,838,880 | 350,000 | $ | 6,942,660 | ||||||||||
Shares redeemed |
(250,000 | ) | (4,821,640 | ) | (200,000 | ) | (3,970,425 | ) | ||||||||
Net increase (decrease) |
50,000 | $ | 1,017,240 | 150,000 | $ | 2,972,235 | ||||||||||
The accompanying notes are an integral part of these financial statements.
31 |
SoFi Gig Economy ETF
StatementS of Changes in Net Assets |
|
Six Months Ended |
Period Ended |
||||||
Increase (Decrease) in Net Assets From: |
||||||||
Operations: |
||||||||
Net investment income (loss) |
$ | (17,338 | ) | $ | (19,233 | ) | ||
Net realized gain (loss) on investments |
61,174 | 23,325 | ||||||
Change in net unrealized appreciation/depreciation on investments |
3,984,531 | (359,032 | ) | |||||
Net increase (decrease) in net assets resulting from operations |
4,028,367 | (354,940 | ) | |||||
Capital Share Transactions: |
||||||||
Net increase (decrease) in net assets derived from net changes in outstanding shares (2) |
1,280,600 | 7,777,670 | ||||||
Total increase (decrease) in net assets |
5,308,967 | 7,422,730 | ||||||
Net Assets: |
||||||||
Beginning of period |
7,422,730 | — | ||||||
End of period |
$ | 12,731,697 | $ | 7,422,730 | ||||
|
(1) |
The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020. |
|
(2) |
Summary of share transactions is as follows: |
Six Months Ended |
Period Ended |
|||||||||||||||
Shares |
Value |
Shares |
Value |
|||||||||||||
Shares sold |
50,000 | $ | 1,280,600 | 400,000 | $ | 7,777,670 | ||||||||||
Shares redeemed |
— | — | — | — | ||||||||||||
Net increase (decrease) |
50,000 | $ | 1,280,600 | 400,000 | $ | 7,777,670 | ||||||||||
The accompanying notes are an integral part of these financial statements.
32 |
SoFi Select 500 ETF
Financial Highlights For a capital share outstanding throughout the period |
|
Six Months Ended |
Period Ended |
||||||
Net asset value, beginning of period |
$ | 10.38 | $ | 10.00 | ||||
Income (Loss) from Investment Operations: |
||||||||
Net investment income (loss) (2) |
0.09 | 0.17 | ||||||
Net realized and unrealized gain (loss) on investments |
2.38 | 0.33 | ||||||
Total from investment operations |
2.47 | 0.50 | ||||||
Less Distributions: |
||||||||
From net investment income |
(0.08 | ) | (0.12 | ) | ||||
Total distributions |
(0.08 | ) | (0.12 | ) | ||||
Net asset value, end of period |
$ | 12.77 | $ | 10.38 | ||||
Total return (3)(4) |
23.87 | % | 4.95 | % | ||||
Ratios / Supplemental Data: |
||||||||
Net assets, end of period (millions) |
$ | 110.5 | $ | 73.7 | ||||
Portfolio turnover rate (3) |
33 | % | 22 | % | ||||
Ratio of expenses to average net assets (5) |
||||||||
Before management fees waived |
0.19 | % | 0.19 | % | ||||
After management fees waived |
0.00 | % | 0.00 | % | ||||
Ratio of net investment income (loss) to average net assets (5) |
||||||||
Before management fees waived |
1.40 | % | 1.60 | % | ||||
After management fees waived |
1.59 | % | 1.79 | % | ||||
|
(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. |
The accompanying notes are an integral part of these financial statements.
33 |
SoFi Next 500 ETF
Financial Highlights For a capital share outstanding throughout the period |
|
Six Months Ended |
Period Ended |
||||||
Net asset value, beginning of period |
$ | 9.62 | $ | 10.00 | ||||
Income (Loss) from Investment Operations: |
||||||||
Net investment income (loss) (2) |
0.07 | 0.13 | ||||||
Net realized and unrealized gain (loss) on investments |
0.69 | (0.40 | ) | |||||
Total from investment operations |
0.76 | (0.27 | ) | |||||
Less Distributions: |
||||||||
From net investment income |
(0.05 | ) | (0.11 | ) | ||||
Total distributions |
(0.05 | ) | (0.11 | ) | ||||
Net asset value, end of period |
$ | 10.33 | $ | 9.62 | ||||
Total return (3)(4) |
8.03 | % | (2.84 | )% | ||||
Ratios / Supplemental Data: |
||||||||
Net assets, end of period (millions) |
$ | 12.9 | $ | 9.1 | ||||
Portfolio turnover rate (3) |
65 | % | 55 | % | ||||
Ratio of expenses to average net assets (5) |
||||||||
Before management fees waived |
0.19 | % | 0.19 | % | ||||
After management fees waived |
0.00 | % | 0.00 | % | ||||
Ratio of net investment income (loss) to average net assets (5) |
||||||||
Before management fees waived |
1.38 | % | 1.29 | % | ||||
After management fees waived |
1.57 | % | 1.48 | % | ||||
|
(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. |
The accompanying notes are an integral part of these financial statements.
34 |
SoFi 50 ETF
Financial Highlights For a capital share outstanding throughout the period |
|
Six Months Ended |
Period Ended |
||||||
Net asset value, beginning of period |
$ | 18.73 | $ | 20.00 | ||||
Income (Loss) from Investment Operations: |
||||||||
Net investment income (loss) (2) |
0.08 | 0.15 | ||||||
Net realized and unrealized gain (loss) on investments |
5.90 | (1.27 | ) | |||||
Total from investment operations |
5.98 | (1.12 | ) | |||||
Less Distributions: |
||||||||
From net investment income |
(0.08 | ) | (0.15 | ) | ||||
Total distributions |
(0.08 | ) | (0.15 | ) | ||||
Net asset value, end of period |
$ | 24.63 | $ | 18.73 | ||||
Total return (3)(4) |
32.04 | % | (5.67 | )% | ||||
Ratios / Supplemental Data: |
||||||||
Net assets, end of period (millions) |
$ | 4.9 | $ | 2.8 | ||||
Portfolio turnover rate (3) |
323 | % | 168 | % | ||||
Ratio of expenses to average net assets (5) |
0.29 | % | 0.29 | % | ||||
Ratio of net investment income (loss) to average net assets (5) |
0.83 | % | 0.92 | % | ||||
|
(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. |
The accompanying notes are an integral part of these financial statements.
35 |
SoFi Gig Economy ETF
Financial Highlights For a capital share outstanding throughout the period |
|
Six Months Ended |
Period Ended |
||||||
Net asset value, beginning of period |
$ | 18.56 | $ | 20.00 | ||||
Income (Loss) from Investment Operations: |
||||||||
Net investment income (loss) (2) |
(0.04 | ) | (0.05 | ) | ||||
Net realized and unrealized gain (loss) on investments |
9.77 | (1.39 | ) | |||||
Total from investment operations |
9.73 | (1.44 | ) | |||||
Net asset value, end of period |
$ | 28.29 | $ | 18.56 | ||||
Total return (3)(4) |
52.46 | % | (7.22 | )% | ||||
Ratios / Supplemental Data: |
||||||||
Net assets, end of period (millions) |
$ | 12.7 | $ | 7.4 | ||||
Portfolio turnover rate (3) |
22 | % | 33 | % | ||||
Ratio of expenses to average net assets (5) |
0.59 | % | 0.59 | % | ||||
Ratio of net investment income (loss) to average net assets (5) |
(0.39 | )% | (0.36 | )% | ||||
|
(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. |
The accompanying notes are an integral part of these financial statements.
36 |
SoFi Funds
Notes to Financial Statements August 31, 2020 (Unaudited) |
NOTE 1 – ORGANIZATION |
The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF are diversified series of shares and the SoFi Gig Economy ETF is a non-diversified series of shares of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares is registered under the Securities Act of 1933, as amended. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019 and the SoFi 50 ETF and SoFi Gig Economy ETF commenced operations on May 7, 2019.
The investment objective of the SoFi Select 500 ETF is to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index. The investment objective of the SoFi Next 500 ETF is to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. Effective June 30, 2020, the investment objective of the SoFi 50 ETF is to track the performance, before fees and expenses, of the SoFi Social 50 Index (together with the Solactive SoFi US 500 Growth Index and the Solactive SoFi US Next 500 Growth Index, the “Indexes”). The investment objective of the SoFi Gig Economy ETF is long-term capital appreciation, which it seeks by investing in a portfolio of companies listed around the world that Toroso Investments, LLC, the Funds’ investment adviser (the “Adviser”), considers part of the “gig economy”.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
|
A. |
Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Funds are open for business. |
For securities for which quotations are not readily available, a fair value will be determined by the Valuation Committee using the Fair Value Procedures approved by the Trust’s Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Fair Value Procedures adopted by the Board. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value of its shares to differ significantly from the net asset value that would be calculated without regard to such considerations.
As described above, the 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. |
37 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2020 (Unaudited) (Continued) |
|
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, 2020:
SoFi Select |
SoFi Next |
SoFi 50 |
SoFi Gig |
|||||||||||||
Level 1 (1) |
$ | 110,354,327 | $ | 12,898,540 | $ | 4,924,211 | $ | 12,710,918 | ||||||||
Level 2 (2) |
— | 94,225 | — | — | ||||||||||||
Level 3 |
— | — | — | — | ||||||||||||
Total |
$ | 110,354,327 | $ | 12,992,765 | $ | 4,924,211 | $ | 12,710,918 | ||||||||
|
(1) |
All Level 1 investments are common stocks, mutual funds, and short-term investments. |
|
(2) |
All Level 2 investments are common stocks. |
|
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 have been made. |
In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of August 31, 2020, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
|
C. |
Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. 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.
38 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2020 (Unaudited) (Continued) |
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 Funds are declared and paid at least semi-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 at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
|
G. |
Share Valuation. The net asset value (“NAV”) per share of 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. |
|
I. |
Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (“LRMP”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that 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 the Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the LRMP. |
|
J. |
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. Management has determined that there are no subsequent events that would need to be disclosed in the Funds’ financial statements. |
NOTE 3 – PRINCIPAL INVESTMENT RISKS |
|
A. |
Equity Market Risk. The equity securities held in a Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which a Fund invests. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from issuers. Securities in a Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, or government controls. |
|
B. |
Non-Diversification Risk (SoFi Gig Economy ETF Only). Although the Fund intends to invest in a variety of securities and instruments, the Fund is considered to be non-diversified, which means that it may invest more of its assets in the securities of a single issuer or a smaller number of issuers than if it were a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase the Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on the Fund’s performance. |
|
C. |
REIT Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF Only). Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. The risks of investing in REITs include certain risks associated with the direct ownership of real estate and |
39 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2020 (Unaudited) (Continued) |
the real estate industry in general. Securities in the real estate sector are subject to the risk that the value of their underlying real estate may go down. Many factors may affect real estate values, including the general and local economies, the amount of new construction in a particular area, the laws and regulations (including zoning and tax laws) affecting real estate, and the costs of owning, maintaining and improving real estate. The availability of mortgages and changes in interest rates may also affect real estate values. REITs are also subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation.
|
D. |
Currency Exchange Rate Risk (SoFi Gig Economy ETF Only). The Fund’s assets may include exposure to investments denominated in non-U.S. currencies or in securities or other assets that provide exposure to such currencies. Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of Fund shares. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning and you may lose money. |
|
E. |
Emerging Markets Risk (SoFi Gig Economy ETF Only). The Fund may invest in securities issued by companies domiciled or headquartered in emerging market nations. Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell or otherwise transfer securities, adversely affect the trading market and price for the Fund’s shares and cause the Fund to decline in value. |
|
F. |
Foreign Securities Risks (SoFi Gig Economy ETF Only). Investments in securities of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. |
|
G. |
ETF Risks. |
|
● |
Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Funds (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. |
|
● |
Costs of Buying or Selling Shares. Due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments. |
|
● |
Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary market at market price. Although it is expected that the market price of shares will approximate the Funds’ NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. |
|
● |
Trading. Although shares are listed on a national securities exchange, such as NYSE Arca, Inc. and The NASDAQ Stock Market, LLC (the “Exchanges”) and may be traded on U.S. exchanges other than the Exchanges, there can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of the Funds’ underlying portfolio holdings, which can be significantly less liquid than shares. |
40 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2020 (Unaudited) (Continued) |
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
Toroso Investments, LLC (the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Trust and the Adviser with respect to the Funds (“Advisory Agreement”) and, pursuant to the Advisory Agreement, has overall responsibility for the general management and administration of the Funds. The Adviser provides oversight of the Sub-Adviser (defined below), monitoring of the Sub-Adviser’s buying and selling of securities for the Funds, and review of the Sub-Adviser’s performance. With respect to the SoFi Gig Economy ETF, the Adviser is responsible for determining the securities purchased and sold by the Fund.
Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund as follows:
Name of Fund |
Management Fee |
Management Fee |
SoFi Select 500 ETF |
0.19% |
0.00% |
SoFi Next 500 ETF |
0.19% |
0.00% |
SoFi 50 ETF |
0.29% |
0.29% |
SoFi Gig Economy ETF |
0.59% |
0.59% |
The Adviser has contractually agreed to waive its full Management Fee for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2021 (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 50 ETF and SoFi Gig Economy ETF. Management Fees for the period ended August 31, 2020 are disclosed in the Statements of Operations.
Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and the Management Fee payable to the Adviser. The Management Fees incurred are paid monthly to the Adviser.
CSat Investment Advisory, L.P., doing business as Exponential ETFs (the “Sub-Adviser”), serves as sub-adviser to the Funds, pursuant to the sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (“Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for execution of each Fund’s portfolio investments. The Sub-Adviser is responsible for the day-to-day management of the three index Funds (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF) and for implementing the investment decisions made by the Adviser with respect to the SoFi Gig Economy ETF. The Sub-Adviser is responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the Indexes, subject to the supervision of the Adviser and the Board. Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities the Sub-Adviser provides (the “Sub-Advisory Fee”) based on the average daily net assets of each Fund as follows:
Name of Fund |
Sub-Advisory Fee |
SoFi Select 500 ETF |
0.03% |
SoFi Next 500 ETF |
0.03% |
SoFi 50 ETF |
0.03% |
SoFi Gig Economy ETF |
0.03% |
The Sub-Advisory Fees incurred are paid monthly to the Sub-Adviser by the Adviser irrespective of any fee waiver.
Tidal ETF Services LLC (“Tidal”), an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.
41 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2020 (Unaudited) (Continued) |
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.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.
Certain officers and trustees of the Trust are affiliated with the Adviser and Fund Services. None of the affiliated trustees or the Trust’s officers receive compensation from the Funds.
Subsequent Event. Effective September 15, 2020, CSat Investment Advisory, L.P., doing business as Exponential ETFs, no longer serves as sub-adviser to the Funds and the Adviser is responsible for the day-to-day management of each Fund’s portfolio.
NOTE 5 – PURCHASES AND SALES OF SECURITIES |
For the six months ended August 31, 2020, the cost of purchases and proceeds from the sales or maturities of securities, excluding short term investments and U.S. government securities were as follows:
Fund |
Purchases |
Sales |
||||||
SoFi Select 500 ETF |
$ | 45,378,026 | $ | 28,191,682 | ||||
SoFi Next 500 ETF |
9,346,803 | 6,678,438 | ||||||
SoFi 50 ETF |
11,362,052 | 10,340,017 | ||||||
SoFi Gig Economy ETF |
3,226,219 | 2,016,354 | ||||||
There were no purchases or sales of long-term U.S. Government securities for the period ended August 31, 2020.
NOTE 6 – DISTRIBUTONS TO SHAREHOLDERS |
The tax character of distributions paid during the six months ended August 31, 2020 (estimated) and the period ended February 29, 2020, are as follows:
Six Months Ended August 31, 2020 |
||||||||||||
Distributions paid from: |
SoFi Select |
SoFi Next |
SoFi 50 |
|||||||||
Ordinary income |
$ | 650,848 | $ | 59,984 | $ | 11,714 | ||||||
Period Ended February 29, 2020 |
||||||||||||
Distributions paid from: |
SoFi Select |
SoFi Next |
SoFi 50 |
|||||||||
Ordinary income |
$ | 666,628 | $ | 77,082 | $ | 31,143 | ||||||
The SoFi Gig Economy ETF did not have any distributions during the six months ended August 31, 2020 and the period ended February 29, 2020.
42 |
SoFi Funds
NOTES TO FINANCIAL STATEMENTS August 31, 2020 (Unaudited) (Continued) |
As of fiscal year end February 29, 2020, the components of accumulated earnings/(losses) on a tax basis were as follows:
|
SoFi Select |
SoFi Next |
SoFi 50 |
SoFi Gig |
||||||||||||
Cost of investments (3) |
$ | 73,716,022 | $ | 9,666,150 | $ | 2,974,030 | $ | 7,836,559 | ||||||||
Gross tax unrealized appreciation |
4,832,776 | 552,888 | 144,906 | 708,940 | ||||||||||||
Gross tax unrealized depreciation |
(4,984,832 | ) | (1,108,120 | ) | (312,070 | ) | (1,122,094 | ) | ||||||||
Net tax unrealized appreciation (depreciation) |
(152,056 | ) | (555,232 | ) | (167,164 | ) | (413,154 | ) | ||||||||
Undistributed ordinary income (loss) |
287,037 | 15,816 | 2,591 | 58,203 | ||||||||||||
Undistributed long-term capital gain (loss) |
4,527 | 4,119 | — | — | ||||||||||||
Total distributable earnings |
291,564 | 19,935 | 2,591 | 58,203 | ||||||||||||
Other accumulated gain (loss) |
— | — | (286,102 | ) | 11 | |||||||||||
Total accumulated gain (loss) |
139,508 | (535,297 | ) | (450,675 | ) | (354,940 | ) | |||||||||
|
(3) |
The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales. |
Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Funds’ next taxable year. As of fiscal year end February 29, 2020, the Funds had no late year losses and the SoFi 50 ETF had a short-term capital loss carryover of $286,102, which does not expire.
NOTE 7 – SHARE TRANSACTIONS |
Shares of the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi 50 ETF are listed and traded on NYSE Arca, Inc. and shares of the SoFi Gig Economy ETF are listed and traded on The NASDAQ Stock Market, LLC. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in blocks of 50,000 shares (“Creation Units”). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the SoFi Select 500 ETF and SoFi Next 500 ETF is $500 and for the SoFi 50 ETF and SoFi Gig Economy ETF is $250, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
NOTE 8 – COVID-19 PANDEMIC |
U.S. and international markets have experienced significant periods of volatility in recent months and years due to a number of economic, political and global macro factors including the impact of the novel coronavirus (COVID-19) as a global pandemic, which has resulted in public health issues, growth concerns in the U.S. and overseas, layoffs, rising unemployment claims and reduced consumer spending. The effects of COVID-19 may lead to a substantial economic downturn or recession in the U.S. and global economies, the recovery from which is uncertain and may last for an extended period of time. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.
43 |
SoFi Funds
Expense Examples For the Six Months Ended August 31, 2020 (Unaudited) |
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of a Fund’s shares, and (2) ongoing costs, including management fees of a Fund. The example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2020 to August 31, 2020.
Actual Expenses
The first line of the following tables provides information about actual account values based on actual returns and actual expenses. To the extent the Funds invest in shares of other investment companies as part of their investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which the Funds invest in addition to the expenses of the Funds. Actual expenses of the underlying funds are expected to vary among the various underlying funds. These expenses are not included in the example. The example includes, but is not limited to, unitary fees. However, the example does not include portfolio trading commissions and related expenses, interest expense or dividends on short positions taken by the Funds. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the following tables provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Funds’ shares. Therefore, the second line of the following tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.
SoFi Select 500 ETF
Beginning |
Ending |
Expenses |
|
Actual |
$ 1,000.00 |
$ 1,238.70 |
$ — |
Hypothetical (5% annual return before expenses) |
1,000.00 |
1,025.21 |
— |
|
(1) |
Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.00%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent six month period. |
SoFi Next 500 ETF
Beginning |
Ending |
Expenses |
|
Actual |
$ 1,000.00 |
$ 1,080.30 |
$ — |
Hypothetical (5% annual return before expenses) |
1,000.00 |
1,025.21 |
— |
|
(2) |
Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.00%, multiplied by the average account value over the period, multiplied by 184/365 to reflect the most recent six month period. |
44 |
SoFi Funds
Expense Examples For the Six Months Ended August 31, 2020 (Unaudited) (Continued) |
SoFi 50 ETF
Beginning |
Ending |
Expenses |
|
Actual |
$ 1,000.00 |
$ 1,320.40 |
$ 1.70 |
Hypothetical (5% annual return before expenses) |
1,000.00 |
1,023.74 |
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 184/365 to reflect the most recent six month period. |
SoFi Gig Economy ETF
Beginning |
Ending |
Expenses |
|
Actual |
$ 1,000.00 |
$ 1,524.60 |
$ 3.75 |
Hypothetical (5% annual return before expenses) |
1,000.00 |
1,022.23 |
3.01 |
|
(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 184/365 to reflect the most recent six month period. |
45 |
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 (866) 539-9530 or by accessing the Funds’ website at www.sofi.com/invest/etfs. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.
When available, information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request without charge by calling (866) 539-9530 or by accessing the SEC’s website at www.sec.gov.
Information about the Portfolio Holdings (Unaudited) |
The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling (866) 539-9530. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov. The Funds’ portfolio holdings are posted on the Funds’ website daily at www.sofi.com/invest/etfs.
Frequency Distribution of Premiums and Discounts (Unaudited) |
Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily NAV is available, without charge, on the Funds’ website at www.sofi.com/invest/etf.
Information about the Funds’ Trustees (Unaudited) |
The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (866) 539-9530. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Funds’ website www.sofi.com/invest/etfs.
46 |
(This Page Intentionally Left Blank.)
(This Page Intentionally Left Blank.)
(This Page Intentionally Left Blank.)
Investment Adviser
Toroso Investments, LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Investment Sub-Adviser
CSat Investment Advisory, L.P. (dba Exponential ETFs)
1001 Woodward Avenue, Suite 500
Detroit, Michigan 48226
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.
Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services LLC
898 N. Broadway, Suite 2
Massapequa, New York 11758
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
Fund Information |
||
Fund |
Ticker |
CUSIP |
SoFi Select 500 ETF |
SFY |
886364207 |
SoFi Next 500 ETF |
SFYX |
886364306 |
SoFi 50 ETF |
SFYF |
886364405 |
SoFi Gig Economy ETF |
GIGE |
886364504 |
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable for semi-annual reports.
Item 6. Investments.
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.
Item 11. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 13. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable. |
(2) A separate certification for each President/Principal Executive Officer and Treasurer/Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Tidal ETF Trust | |
| By (Signature and Title) | /s/ Eric Falkeis | |
| Eric W. Falkeis, President/Principal Executive Officer | ||
| Date | 11/06/2020 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Eric Falkeis | |
| Eric W. Falkeis, President/Principal Executive Officer | ||
| Date | 11/06/2020 | |
| By (Signature and Title)* | /s/ Dan Carlson | |
| Daniel Carlson, Treasurer/Principal Financial Officer | ||
| Date | 11/06/2020 |
| * | Print the name and title of each signing officer under his or her signature. |