SoFi Select 500 ETF
Ticker: SFY
SoFi Next 500 ETF
Ticker: SFYX
SoFi Social 50 ETF
Ticker: SFYF
SoFi Enhanced Yield ETF
Ticker: THTA
Annual Report
February 29, 2024
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number (811-23377)
Tidal ETF Trust
(Exact name of registrant as specified in charter)
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
(Name and address of agent for service)
(844) 986-7700
Registrant's telephone number, including area code
Date of fiscal year end: February 29
Date of reporting period: February 29, 2024
Item 1. Reports to Stockholders.
| (a) |
SoFi Select 500 ETF
Ticker: SFY
SoFi Next 500 ETF
Ticker: SFYX
SoFi Social 50 ETF
Ticker: SFYF
SoFi Enhanced Yield ETF
Ticker: THTA
Annual Report
February 29, 2024
SoFi Funds
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TABLE OF CONTENTS |
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1 |
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5 |
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9 |
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11 |
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28 |
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29 |
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30 |
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31 |
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35 |
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39 |
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55 |
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56 |
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Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements |
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58 |
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61 |
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62 |
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64 |
This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
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1 |
SoFi Funds
Market Commentary
The S&P 500 posted eight new closing highs in March (ending on one of them) to total 22 YTD even as the Magnificent Seven turned into the Gang of Four, all while breadth widened and the other 493 issues were up 6.4% YTD. The S&P 500 continued its onward-and-upward trades in March (up 3.10%). The five-month run (cumulatively 25.29%) added roughly $8.9 trillion into shareholder pockets (Microsoft, Apple, Nvidia, and Amazon totaling $9.5 trillion in market cap).
The Magnificent Seven (29% of the market value of the S&P 500) accounted for 37% of the YTD return (of 10.16%), but a new Gang of Four (18% of the S&P 500) has emerged, as Nvidia, Microsoft, Meta Platforms (META) and Amazon, with their gains accounting for 47% of the YTD return, left the remaining three in the dust (Tesla was down 29.3% YTD, the worst issue in the index). While breadth improved in the month of March investors have patiently waited for the Fed to tip their cap on the possibility of upcoming rate cuts.
The information presented in this report relates to the Funds’ performance for the fiscal year or fiscal period ended February 29, 2024 (the “fiscal period”), as applicable.
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 incudes 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 certain factors, a sector such as Information Technology, may be relatively overweight/underweight for periods of time.
Fund Description:
SFY, via its 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 fiscal period, SFY generated a total return of 31.30% (NAV) and 31.09% (Market). This compares to the 31.34% total return of the SFY Index, and the 30.45% 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, Health Care and Financials were the leading contributors, while Information Technology, Energy and Communication Services were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Amazon, NVIDIA, and Meta. Conversely, the leading detractors included Apple, Tesla, and Pfizer.
|
2 |
SoFi Funds
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:
Similar to the SFY Index described above, in summary, the SFYX Index is rebalanced and reconstituted annually, and the process begins with the selection of the next 500 largest constituents by market capitalization of the Solactive US Broad Market Index, and generally includes common stocks and equity interests in REITs. Again, 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,
2) trailing 12-month EPS growth, and
3) 12-month forward-looking EPS growth consensus estimates.
The Index’s construction does not target any specific sector or industry but may be relatively overweight/underweight certain sectors for periods of time.
Fund Description:
SFYX, via the SFYX Index, is composed of 500 publicly traded U.S. companies in the second tier of 500 companies based on market capitalization and seeks to track the performance of the Index.
Performance Overview:
During the fiscal period, SFYX generated a total return of 14.47% (NAV) and 14.01% (Market). This compares to the 14.36% total return of the SFYX Index, and the 13.05% 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, Information Technology and Financials were the leading contributors, while Industrials, Health Care, and Consumer Discretionary were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Super Micro Computers, Vertiv Holdings, Vistra Corp. Conversely, the leading detractors included Lucid, Agilon Health, Cleveland-Cliffs were the leading detractors.
The SoFi 50 ETF
The SoFi 50 ETF (“SFYF”) seeks to track the performance, before fees and expenses, of the SoFi Social 50 Index (the “SFYF Index”).
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 of SoFi Securities, LLC, an affiliate of Social Finance, Inc. (the “SoFi Accounts”), 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. 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.
|
SHAREHOLDER LETTER (Continued) |
|
3 |
SoFi Funds
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 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 certain 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.
Performance Overview:
During the fiscal period, SFYF generated a total return of 42.96% (NAV) and 42.87% (Market). This compares to the 42.48% total return of the SoFi Social 50 Index for the same period, and the 30.45% total return of the benchmark, the S&P 500® Total Return Index.
From a sector perspective, based on performance attribution to the overall portfolio, Consumer Discretionary and Communication Staples were the leading contributors, while Industrials and Information Technology were the leading detractors.
Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included NVIDIA, Meta, and Amazon. Conversely, the leading detractors included Apple, AMC, and Lucid.
The SoFi Enhanced Yield ETF
The SoFi Enhanced Yield ETF (THTA) is an actively managed fund that invests in U.S. government securities combined with a credit spread option strategy. The funds goal is to generate monthly income, and pursue risk-adjusted returns, independent of trends in the equity and bond markets.
Fund Description:
THTA aims to capitalize on US equity market volatility through option credit spreads combined with U.S. Treasury Bills/Bonds. The funds primary focus is maximizing premiums obtained from options, potentially leading to an enhanced yield. U.S. Treasury Bills/Bonds constitute 95%-100% of the funds portfolio, with up to 90% serving as collateral for options on major equity indices like the S&P 500, NASDAQ 100, and the Russell 2000® Total Return Index. The fund manager utilizes put or call credit spreads, involving the purchase or sale of options with varying strike prices on the broad equity indices. Returns are expected to come from the interest and capital gains of the securities portfolio, as well as the credit spread strategy. THTA takes bullish, bearish, or neutral positions, sometimes simultaneously, and closely monitors and adjusts spreads while reallocating capital as needed. The fund strives to achieve risk-adjusted earnings that are not reliant on traditional equity and fixed income markets.
Performance Overview:
During the period since inception (November 14, 2023) ending February 29, 2024, THTA generated a total return of 2.64% (NAV) and 2.80% (Market).
Reviewing individual positions based on performance attribution to the overall portfolio, THTA’s options positions were most impactful to overall performance. Leading contributors included SPX 3/8/24 P4450, SPX 2/9/24 P4225, and SPX 1/26/24 P4200. Conversely, the leading detractors included SPC 3/8/24 P4400, SPX 2/9/24 P4175, and SPX 1/26/24 P4150.
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SHAREHOLDER LETTER (Continued) |
|
4 |
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 service 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. THTA is newer 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.
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. Russell 2000® Total Return Index is a small-cap U.S. stock market index that makes up the smallest 2,000 stocks in the Russell Index.
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, Tidal Investments LLC 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.
|
SHAREHOLDER LETTER (Continued) |
|
5 |
SoFi Funds
|
Total Returns for the Year Ended February 29, 2024: |
|
1 Year |
|
Since |
|
Ending Value |
|
SoFi Select 500 ETF - NAV |
|
31.30% |
|
14.35% |
|
$19,261 |
|
SoFi Select 500 ETF - Market |
|
31.09% |
|
14.33% |
|
19,241 |
|
Solactive SoFi US 500 Growth Index |
|
31.34% |
|
14.37% |
|
19,275 |
|
S&P 500® Total Return Index |
|
30.45% |
|
14.22% |
|
19,152 |
This chart illustrates the performance of a hypothetical $10,000 investment made on April 10, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect fee waivers in effect for the “NAV” return. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s gross expense ratio is 0.19% and net expense ratio is 0.00% (as of the Fund’s most recently filed Prospectus). The Fund’s investment adviser (defined below) has agreed to waive its Management Fees (defined below) for the Fund until at least June 30, 2024.
|
6 |
SoFi Funds
|
SoFi Next 500 ETF PERFORMANCE SUMMARY (Unaudited) |
|
Total Returns for the Year Ended February 29, 2024: |
|
1 Year |
|
Since |
|
Ending Value |
|
SoFi Next 500 ETF - NAV |
|
14.47% |
|
7.50% |
|
$14,239 |
|
SoFi Next 500 ETF - Market |
|
14.01% |
|
7.46% |
|
14,213 |
|
Solactive SoFi US Next 500 Growth Index |
|
14.36% |
|
7.48% |
|
14,228 |
|
S&P MidCap 400® Total Return Index |
|
13.05% |
|
10.17% |
|
16,056 |
This chart illustrates the performance of a hypothetical $10,000 investment made on April 10, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The returns reflect fee waivers in effect for the “NAV” return. In the absence of such waivers, total return would be reduced. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s gross expense ratio is 0.19% and net expense ratio is 0.00% (as of the Fund’s most recently filed Prospectus). The Fund’s investment adviser (defined below) has agreed to waive its Management Fees (defined below) for the Fund until at least June 30, 2024.
|
7 |
SoFi Funds
|
SoFi Social 50 ETF PERFORMANCE SUMMARY (Unaudited) |
|
Total Returns for the Year Ended February 29, 2024: |
|
1 Year |
|
Since |
|
Ending Value |
|
SoFi Social 50 ETF - NAV |
|
42.96% |
|
11.30% |
|
$16,746 |
|
SoFi Social 50 ETF - Market |
|
42.87% |
|
11.33% |
|
16,764 |
|
SoFi Social 50 Index |
|
42.48% |
|
11.63% |
|
16,985 |
|
S&P 500® Total Return Index |
|
30.45% |
|
14.47% |
|
19,166 |
This chart illustrates the performance of a hypothetical $10,000 investment made on May 7, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.29% (as of the Fund’s most recently filed Prospectus).
|
8 |
SoFi Funds
|
SOFI ENHANCED YIELD ETF PERFORMANCE SUMMARY(a) (Unaudited) |
|
Total Returns for the Period Ended February 29, 2024: |
|
Since |
|
Ending Value |
|
SoFi Enhanced Yield ETF - NAV |
|
2.64% |
|
$10,264 |
|
SoFi Enhanced Yield ETF - Market |
|
2.80% |
|
10,280 |
|
Bloomberg U.S. Aggregate Bond Index |
|
3.34% |
|
10,334 |
(a)The Fund commenced operations on November 14, 2023.
This chart illustrates the performance of a hypothetical $10,000 investment made on November 14, 2023 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (877) 358-0096. The Fund’s expense ratio is 0.49% (as of the Fund’s most recently filed Prospectus).
|
9 |
SoFi Funds
|
Sector |
% of |
|||
|
Technology |
|
27.3 |
% |
|
|
Communications |
|
17.5 |
|
|
|
Consumer, Non-cyclical |
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15.1 |
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|
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Financial |
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12.7 |
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|
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Consumer, Cyclical |
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9.4 |
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|
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Energy |
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7.5 |
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|
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Industrial |
|
5.9 |
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|
|
Utilities |
|
2.4 |
|
|
|
Basic Materials |
|
1.8 |
|
|
|
Cash Equivalents(a) |
|
0.4 |
|
|
|
|
|
100.0 |
% |
|
(a)Represents short-term investments, and liabilities in excess of other assets.
|
SOFI NEXT 500 ETF PORTFOLIO ALLOCATIONS at February 29, 2024 (Unaudited) |
|
Sector |
% of |
|||
|
Consumer, Non-cyclical |
|
18.6 |
% |
|
|
Financial |
|
18.1 |
|
|
|
Industrial |
|
17.8 |
|
|
|
Consumer, Cyclical |
|
14.5 |
|
|
|
Technology |
|
14.4 |
|
|
|
Energy |
|
9.1 |
|
|
|
Communications |
|
2.6 |
|
|
|
Utilities |
|
2.5 |
|
|
|
Basic Materials |
|
2.1 |
|
|
|
Cash Equivalents(b) |
|
0.3 |
|
|
|
|
|
100.0 |
% |
|
(b)Represents short-term investments, and liabilities in excess of other assets.
|
SOFI SOCIAL 50 ETF PORTFOLIO ALLOCATIONS at February 29, 2024 (Unaudited) |
|
Sector |
% of |
|||
|
Consumer, Cyclical |
|
25.2 |
% |
|
|
Technology |
|
33.5 |
|
|
|
Communications |
|
24.5 |
|
|
|
Financial |
|
8.3 |
|
|
|
Consumer, Non-cyclical |
|
6.3 |
|
|
|
Industrial |
|
0.9 |
|
|
|
Energy |
|
1.1 |
|
|
|
Cash Equivalents(c) |
|
0.2 |
|
|
|
|
|
100.0 |
% |
|
(c)Represents short-term investments, and liabilities in excess of other assets.
|
10 |
SoFi Funds
|
SOFI ENHANCED YIELD ETF PORTFOLIO ALLOCATIONS at February 29, 2024 (Unaudited) |
|
Sector |
% of |
|||
|
U.S. Treasury Obligations |
|
71.5 |
% |
|
|
Cash Equivalents(d) |
|
28.5 |
|
|
|
Options Purchased |
|
0.7 |
|
|
|
Options Written |
|
(0.7 |
) |
|
|
|
|
100.0 |
% |
|
(d)Represents short-term investments and other assets in excess of liabilities.
SoFi Select 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
11 |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% |
|
|
|
|
|
|
Advertising — 0.1% |
|
|
|||
|
Omnicom Group, Inc. |
|
2,051 |
|
$181,288 |
|
|
The Trade Desk, Inc. - Class A(a) |
|
8,497 |
|
725,899 |
|
|
|
|
|
|
907,187 |
|
|
Aerospace & Defense — 1.2% |
|
|
|||
|
General Dynamics Corp. |
|
3,102 |
|
847,622 |
|
|
Howmet Aerospace, Inc. |
|
5,801 |
|
386,057 |
|
|
L3Harris Technologies, Inc. |
|
2,111 |
|
446,814 |
|
|
Lockheed Martin Corp. |
|
2,706 |
|
1,158,817 |
|
|
Northrop Grumman Corp. |
|
1,527 |
|
703,978 |
|
|
RTX Corp.(b) |
|
18,930 |
|
1,697,453 |
|
|
The Boeing Co.(a) |
|
8,163 |
|
1,662,966 |
|
|
TransDigm Group, Inc. |
|
750 |
|
883,305 |
|
|
|
|
|
|
7,787,012 |
|
|
Agriculture — 0.4% |
|
|
|||
|
Altria Group, Inc. |
|
24,773 |
|
1,013,463 |
|
|
Archer-Daniels-Midland Co. |
|
8,736 |
|
463,969 |
|
|
Bunge Global SA |
|
1,802 |
|
170,055 |
|
|
Philip Morris International, Inc. |
|
16,828 |
|
1,513,847 |
|
|
|
|
|
|
3,161,334 |
|
|
Airlines — 0.4% |
|
|
|||
|
Delta Air Lines, Inc. |
|
28,848 |
|
1,219,405 |
|
|
Southwest Airlines Co. |
|
16,344 |
|
560,109 |
|
|
United Airlines Holdings, Inc.(a) |
|
14,749 |
|
670,932 |
|
|
|
|
|
|
2,450,446 |
|
|
Apparel — 0.2% |
|
|
|||
|
Nike, Inc. - Class B(b) |
|
12,726 |
|
1,322,613 |
|
|
|
|
|
|
|
|
|
Auto Manufacturers — 3.4% |
|
|
|||
|
Cummins, Inc. |
|
1,908 |
|
512,508 |
|
|
Ford Motor Co. |
|
82,389 |
|
1,024,919 |
|
|
General Motors Co.(b) |
|
19,066 |
|
781,325 |
|
|
PACCAR, Inc. |
|
8,330 |
|
923,714 |
|
|
Stellantis NV(b) |
|
49,989 |
|
1,312,711 |
|
|
Tesla, Inc.(a) |
|
91,088 |
|
18,388,845 |
|
|
|
|
|
|
22,944,022 |
|
|
Banks — 3.7% |
|
|
|||
|
Bank of America Corp. |
|
113,344 |
|
3,912,635 |
|
|
Citigroup, Inc. |
|
28,633 |
|
1,588,845 |
|
|
Citizens Financial Group, Inc. |
|
9,052 |
|
284,142 |
|
|
Fifth Third Bancorp |
|
9,062 |
|
311,189 |
|
|
Huntington Bancshares, Inc. |
|
32,187 |
|
419,718 |
|
|
JPMorgan Chase & Co. |
|
42,151 |
|
7,842,616 |
|
|
KeyCorp |
|
12,878 |
|
183,769 |
|
|
M&T Bank Corp.(b) |
|
3,784 |
|
528,776 |
|
|
Morgan Stanley |
|
18,862 |
|
1,622,886 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Banks — 3.7% (Continued) |
|
|
|
|
|
|
Northern Trust Corp. |
|
3,232 |
|
$265,444 |
|
|
Regions Financial Corp. |
|
13,147 |
|
244,929 |
|
|
State Street Corp. |
|
4,477 |
|
330,089 |
|
|
The Bank of New York Mellon Corp. |
|
12,883 |
|
722,607 |
|
|
The Goldman Sachs Group, Inc. |
|
3,236 |
|
1,258,966 |
|
|
The PNC Financial Services Group, Inc. |
|
5,829 |
|
858,029 |
|
|
Truist Financial Corp. |
|
18,704 |
|
654,266 |
|
|
U.S. Bancorp |
|
25,834 |
|
1,083,995 |
|
|
Wells Fargo & Co. |
|
48,012 |
|
2,668,987 |
|
|
|
|
|
|
24,781,888 |
|
|
Beverages — 1.4% |
|
|
|||
|
Brown-Forman Corp. - Class B(b) |
|
3,544 |
|
213,455 |
|
|
Constellation Brands, Inc. - Class A |
|
8,683 |
|
2,157,899 |
|
|
Keurig Dr Pepper, Inc. |
|
18,286 |
|
546,934 |
|
|
Monster Beverage Corp.(a) |
|
11,406 |
|
674,095 |
|
|
PepsiCo, Inc. |
|
15,690 |
|
2,594,185 |
|
|
The Coca-Cola Co. |
|
51,786 |
|
3,108,195 |
|
|
|
|
|
|
9,294,763 |
|
|
Biotechnology — 1.2% |
|
|
|||
|
Alnylam Pharmaceuticals, Inc.(a) |
|
1,693 |
|
255,795 |
|
|
Amgen, Inc. |
|
6,305 |
|
1,726,497 |
|
|
Biogen, Inc.(a) |
|
1,311 |
|
284,474 |
|
|
BioMarin Pharmaceutical, Inc.(a) |
|
5,042 |
|
435,024 |
|
|
Bio-Rad Laboratories, Inc. - Class A(a) |
|
185 |
|
60,288 |
|
|
Corteva, Inc. |
|
8,976 |
|
480,396 |
|
|
Gilead Sciences, Inc. |
|
14,366 |
|
1,035,789 |
|
|
Illumina, Inc.(a) |
|
1,231 |
|
172,131 |
|
|
Incyte Corp.(a) |
|
3,316 |
|
193,522 |
|
|
Moderna, Inc.(a)(b) |
|
3,832 |
|
353,464 |
|
|
Regeneron Pharmaceuticals, Inc.(a) |
|
790 |
|
763,211 |
|
|
Royalty Pharma PLC - Class A |
|
13,737 |
|
416,781 |
|
|
Vertex Pharmaceuticals, Inc.(a) |
|
3,264 |
|
1,373,295 |
|
|
|
|
|
|
7,550,667 |
|
|
Building Materials — 0.5% |
|
|
|||
|
Carrier Global Corp. |
|
10,439 |
|
580,200 |
|
|
Johnson Controls International PLC |
|
7,699 |
|
456,320 |
|
|
Martin Marietta Materials, Inc. |
|
756 |
|
436,749 |
|
|
Masco Corp. |
|
2,621 |
|
201,188 |
|
|
Trane Technologies PLC |
|
2,826 |
|
796,847 |
|
|
Vulcan Materials Co. |
|
2,247 |
|
597,364 |
|
|
|
|
|
|
3,068,668 |
|
|
Chemicals — 1.4% |
|
|
|||
|
Air Products and Chemicals, Inc. |
|
2,873 |
|
672,397 |
|
|
Albemarle Corp.(b) |
|
7,060 |
|
973,221 |
|
|
Celanese Corp.(b) |
|
1,292 |
|
196,345 |
|
|
CF Industries Holdings, Inc. |
|
6,741 |
|
544,134 |
|
SoFi Select 500 ETF
|
12 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Chemicals — 1.4% (Continued) |
|
|
|
|
|
|
Dow, Inc. |
|
7,155 |
|
$399,821 |
|
|
DuPont de Nemours, Inc.(b) |
|
3,985 |
|
275,722 |
|
|
Eastman Chemical Co. |
|
1,202 |
|
105,463 |
|
|
Ecolab, Inc. |
|
3,234 |
|
727,133 |
|
|
FMC Corp. |
|
2,241 |
|
126,370 |
|
|
International Flavors & Fragrances, Inc.(b) |
|
2,360 |
|
178,180 |
|
|
Linde PLC |
|
6,082 |
|
2,729,723 |
|
|
LyondellBasell Industries NV - Class A |
|
3,643 |
|
365,320 |
|
|
PPG Industries, Inc. |
|
2,601 |
|
368,302 |
|
|
The Mosaic Co. |
|
9,823 |
|
306,085 |
|
|
The Sherwin-Williams Co. |
|
3,074 |
|
1,020,660 |
|
|
Westlake Corp. |
|
2,325 |
|
322,501 |
|
|
|
|
|
|
9,311,377 |
|
|
Commercial Services — 1.7% |
|
|
|||
|
Automatic Data Processing, Inc. |
|
4,849 |
|
1,217,729 |
|
|
Block, Inc.(a) |
|
4,825 |
|
383,443 |
|
|
Booz Allen Hamilton Holding Corp. |
|
1,630 |
|
240,767 |
|
|
Cintas Corp. |
|
1,252 |
|
787,020 |
|
|
CoStar Group, Inc.(a) |
|
4,258 |
|
370,574 |
|
|
Equifax, Inc.(b) |
|
1,211 |
|
331,317 |
|
|
FleetCor Technologies, Inc.(a) |
|
1,055 |
|
294,630 |
|
|
Gartner, Inc.(a) |
|
949 |
|
441,816 |
|
|
Global Payments, Inc. |
|
8,917 |
|
1,156,535 |
|
|
MarketAxess Holdings, Inc. |
|
411 |
|
87,712 |
|
|
Moody’s Corp. |
|
1,536 |
|
582,789 |
|
|
PayPal Holdings, Inc.(a) |
|
14,208 |
|
857,311 |
|
|
Quanta Services, Inc. |
|
2,477 |
|
598,220 |
|
|
Rollins, Inc. |
|
5,442 |
|
239,829 |
|
|
S&P Global, Inc. |
|
5,691 |
|
2,437,911 |
|
|
TransUnion |
|
3,337 |
|
259,051 |
|
|
United Rentals, Inc. |
|
1,138 |
|
788,941 |
|
|
Verisk Analytics, Inc. |
|
1,229 |
|
297,295 |
|
|
|
|
|
|
11,372,890 |
|
|
Computers — 6.3% |
|
|
|||
|
Accenture PLC - Class A |
|
8,651 |
|
3,242,222 |
|
|
Apple, Inc. |
|
159,212 |
|
28,777,569 |
|
|
Cognizant Technology Solutions Corp. - Class A |
|
5,558 |
|
439,193 |
|
|
Crowdstrike Holdings, Inc. - Class A(a) |
|
8,333 |
|
2,701,142 |
|
|
Dell Technologies, Inc. - Class C |
|
2,462 |
|
233,053 |
|
|
EPAM Systems, Inc.(a) |
|
978 |
|
297,703 |
|
|
Fortinet, Inc.(a) |
|
16,090 |
|
1,111,980 |
|
|
Hewlett Packard Enterprise Co. |
|
17,377 |
|
264,652 |
|
|
HP, Inc. |
|
8,431 |
|
238,850 |
|
|
International Business Machines Corp. |
|
17,102 |
|
3,164,383 |
|
|
Leidos Holdings, Inc. |
|
1,626 |
|
207,900 |
|
|
NetApp, Inc.(b) |
|
2,444 |
|
217,809 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Computers — 6.3% (Continued) |
|
|
|
|
|
|
Seagate Technology Holdings PLC |
|
1,702 |
|
$158,371 |
|
|
Western Digital Corp.(a) |
|
3,548 |
|
211,000 |
|
|
Zscaler, Inc.(a) |
|
4,510 |
|
1,091,285 |
|
|
|
|
|
|
42,357,112 |
|
|
Cosmetics & Personal Care — 0.7% |
|
|
|||
|
Colgate-Palmolive Co. |
|
7,936 |
|
686,623 |
|
|
The Estee Lauder Company, Inc. - Class A |
|
2,593 |
|
385,268 |
|
|
The Procter & Gamble Co. |
|
23,484 |
|
3,732,547 |
|
|
|
|
|
|
4,804,438 |
|
|
Distribution & Wholesale — 0.3% |
|
|
|||
|
Copart, Inc.(a) |
|
11,763 |
|
625,203 |
|
|
Fastenal Co. |
|
7,834 |
|
571,960 |
|
|
LKQ Corp. |
|
2,482 |
|
129,784 |
|
|
W.W. Grainger, Inc.(b) |
|
649 |
|
631,776 |
|
|
|
|
|
|
1,958,723 |
|
|
Diversified Financial Services — 3.9% |
|
|
|||
|
American Express Co. |
|
12,039 |
|
2,641,597 |
|
|
Ameriprise Financial, Inc. |
|
1,833 |
|
746,691 |
|
|
Apollo Global Management, Inc.(b) |
|
15,447 |
|
1,726,975 |
|
|
Ares Management Corp. - Class A |
|
2,326 |
|
308,497 |
|
|
BlackRock, Inc.(b) |
|
1,344 |
|
1,090,441 |
|
|
Capital One Financial Corp.(b) |
|
4,912 |
|
675,940 |
|
|
Cboe Global Markets, Inc. |
|
1,615 |
|
310,080 |
|
|
CME Group, Inc. |
|
4,237 |
|
933,623 |
|
|
Coinbase Global, Inc. - Class A(a) |
|
1,388 |
|
282,541 |
|
|
Discover Financial Services |
|
3,439 |
|
415,087 |
|
|
Franklin Resources, Inc. |
|
4,619 |
|
126,792 |
|
|
Intercontinental Exchange, Inc. |
|
5,302 |
|
733,903 |
|
|
LPL Financial Holdings, Inc. |
|
1,288 |
|
345,042 |
|
|
Mastercard, Inc. - Class A |
|
12,678 |
|
6,019,008 |
|
|
Nasdaq, Inc. |
|
5,616 |
|
315,619 |
|
|
Raymond James Financial, Inc. |
|
3,229 |
|
388,513 |
|
|
Synchrony Financial |
|
5,428 |
|
224,176 |
|
|
T. Rowe Price Group, Inc. |
|
1,832 |
|
207,657 |
|
|
The Charles Schwab Corp. |
|
27,428 |
|
1,831,642 |
|
|
Visa, Inc. - Class A(b) |
|
23,302 |
|
6,586,078 |
|
|
|
|
|
|
25,909,902 |
|
|
Electric — 2.3% |
|
|
|||
|
Alliant Energy Corp. |
|
3,105 |
|
148,264 |
|
|
Ameren Corp. |
|
3,901 |
|
277,712 |
|
|
American Electric Power Co., Inc. |
|
6,800 |
|
579,292 |
|
|
Avangrid, Inc. |
|
4,837 |
|
150,576 |
|
|
CenterPoint Energy, Inc.(b) |
|
8,262 |
|
227,205 |
|
|
CMS Energy Corp. |
|
4,331 |
|
248,469 |
|
|
Consolidated Edison, Inc. |
|
4,632 |
|
403,957 |
|
|
Constellation Energy Corp. |
|
12,821 |
|
2,159,697 |
|
SoFi Select 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
13 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Electric — 2.3% (Continued) |
|
|
|
|
|
|
Dominion Energy, Inc. |
|
15,830 |
|
$757,149 |
|
|
DTE Energy Co. |
|
3,451 |
|
373,916 |
|
|
Duke Energy Corp. |
|
9,818 |
|
901,587 |
|
|
Edison International(b) |
|
6,136 |
|
417,371 |
|
|
Entergy Corp. |
|
2,913 |
|
295,873 |
|
|
Evergy, Inc.(b) |
|
2,428 |
|
120,283 |
|
|
Eversource Energy |
|
5,414 |
|
317,802 |
|
|
Exelon Corp. |
|
8,381 |
|
300,375 |
|
|
FirstEnergy Corp.(b) |
|
9,846 |
|
360,462 |
|
|
NextEra Energy, Inc. |
|
34,514 |
|
1,904,828 |
|
|
PG&E Corp. |
|
66,595 |
|
1,111,471 |
|
|
PPL Corp. |
|
32,506 |
|
857,183 |
|
|
Public Service Enterprise Group, Inc. |
|
13,972 |
|
871,853 |
|
|
Sempra |
|
10,152 |
|
716,731 |
|
|
The AES Corp. |
|
13,070 |
|
198,664 |
|
|
The Southern Co.(b) |
|
18,740 |
|
1,260,265 |
|
|
WEC Energy Group, Inc. |
|
3,766 |
|
295,593 |
|
|
Xcel Energy, Inc. |
|
7,028 |
|
370,305 |
|
|
|
|
|
|
15,626,883 |
|
|
Electrical Components & Equipment — 0.4% |
|
|
|||
|
AMETEK, Inc. |
|
2,591 |
|
466,846 |
|
|
Eaton Corp PLC |
|
4,334 |
|
1,252,526 |
|
|
Emerson Electric Co. |
|
6,049 |
|
646,336 |
|
|
|
|
|
|
2,365,708 |
|
|
Electronics — 0.5% |
|
|
|||
|
Amphenol Corp. - Class A |
|
7,570 |
|
826,947 |
|
|
Fortive Corp. |
|
5,258 |
|
447,614 |
|
|
Garmin Ltd.(b) |
|
2,001 |
|
274,837 |
|
|
Honeywell International, Inc. |
|
7,005 |
|
1,392,103 |
|
|
Keysight Technologies, Inc.(a) |
|
2,483 |
|
383,127 |
|
|
Mettler-Toledo International, Inc.(a) |
|
242 |
|
301,827 |
|
|
|
|
|
|
3,626,455 |
|
|
Energy — Alternate Sources — 0.2% |
|
|
|||
|
Enphase Energy, Inc.(a)(b) |
|
6,338 |
|
804,990 |
|
|
First Solar, Inc.(a) |
|
3,796 |
|
584,166 |
|
|
|
|
|
|
1,389,156 |
|
|
Engineering & Construction — 0.0%(c) |
|
|
|||
|
Jacobs Solutions, Inc. |
|
2,003 |
|
293,740 |
|
|
Entertainment — 0.1% |
|
|
|||
|
Live Nation Entertainment, Inc.(a) |
|
8,180 |
|
793,296 |
|
|
Environmental Control — 0.3% |
|
|
|||
|
Republic Services, Inc. |
|
4,079 |
|
748,904 |
|
|
Veralto Corp. |
|
2,760 |
|
238,519 |
|
|
Waste Management, Inc. |
|
4,831 |
|
993,496 |
|
|
|
|
|
1,980,919 |
||
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Food — 0.7% |
|
|
|
|
|
|
Campbell Soup Co.(b) |
|
3,344 |
|
$142,588 |
|
|
Conagra Brands, Inc. |
|
4,329 |
|
121,558 |
|
|
General Mills, Inc. |
|
5,782 |
|
371,089 |
|
|
Hormel Foods Corp. |
|
5,596 |
|
197,651 |
|
|
Kellanova(b) |
|
3,502 |
|
193,135 |
|
|
Lamb Weston Holdings, Inc. |
|
2,380 |
|
243,260 |
|
|
McCormick & Co., Inc. |
|
2,382 |
|
164,025 |
|
|
Mondelez International, Inc. - Class A(b) |
|
14,250 |
|
1,041,247 |
|
|
Sysco Corp. |
|
8,957 |
|
725,247 |
|
|
The Hershey Co. |
|
1,934 |
|
363,437 |
|
|
The J.M. Smucker Co. |
|
988 |
|
118,728 |
|
|
The Kraft Heinz Co. |
|
17,634 |
|
622,128 |
|
|
The Kroger Co. |
|
8,303 |
|
411,912 |
|
|
Tyson Foods, Inc. - Class A |
|
2,398 |
|
130,068 |
|
|
WK Kellogg Co. |
|
875 |
|
12,810 |
|
|
|
|
|
|
4,858,883 |
|
|
Forest Products & Paper — 0.0%(c) |
|
|
|||
|
International Paper Co. |
|
4,741 |
|
167,642 |
|
|
Gas — 0.0%(c) |
|
|
|||
|
Atmos Energy Corp. |
|
2,541 |
|
286,904 |
|
|
Hand & Machine Tools — 0.0%(c) |
|
|
|||
|
Snap-on, Inc. |
|
409 |
|
112,745 |
|
|
Stanley Black & Decker, Inc. |
|
1,245 |
|
111,166 |
|
|
|
|
|
|
223,911 |
|
|
Healthcare — Products — 2.8% |
|
|
|||
|
Abbott Laboratories |
|
17,997 |
|
2,135,164 |
|
|
Agilent Technologies, Inc. |
|
3,498 |
|
480,485 |
|
|
Align Technology, Inc.(a) |
|
652 |
|
197,178 |
|
|
Baxter International, Inc. |
|
4,346 |
|
177,838 |
|
|
Boston Scientific Corp.(a) |
|
24,385 |
|
1,614,531 |
|
|
Danaher Corp. |
|
8,472 |
|
2,144,602 |
|
|
Edwards Lifesciences Corp.(a) |
|
5,741 |
|
487,239 |
|
|
Exact Sciences Corp.(a) |
|
2,892 |
|
166,377 |
|
|
GE HealthCare Technologies, Inc. |
|
5,108 |
|
466,258 |
|
|
Hologic, Inc.(a) |
|
1,813 |
|
133,799 |
|
|
IDEXX Laboratories, Inc.(a) |
|
882 |
|
507,353 |
|
|
Insulet Corp.(a) |
|
2,506 |
|
410,984 |
|
|
Intuitive Surgical, Inc.(a) |
|
3,976 |
|
1,533,146 |
|
|
Medtronic PLC |
|
12,991 |
|
1,082,930 |
|
|
QIAGEN NV |
|
1,367 |
|
58,494 |
|
|
ResMed, Inc. |
|
1,764 |
|
306,442 |
|
|
Revvity, Inc. |
|
969 |
|
106,193 |
|
|
STERIS PLC |
|
3,120 |
|
726,679 |
|
|
Stryker Corp. |
|
4,934 |
|
1,722,311 |
|
|
Teleflex, Inc. |
|
448 |
|
99,810 |
|
|
The Cooper Cos, Inc. |
|
1,916 |
|
179,338 |
|
SoFi Select 500 ETF
|
14 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Healthcare — Products — 2.8% (Continued) |
|
||||
|
Thermo Fisher Scientific, Inc. |
|
4,935 |
|
$2,813,837 |
|
|
Waters Corp.(a) |
|
537 |
|
181,195 |
|
|
West Pharmaceutical Services, Inc. |
|
677 |
|
242,610 |
|
|
Zimmer Biomet Holdings, Inc. |
|
3,205 |
|
398,574 |
|
|
|
|
|
|
18,373,367 |
|
|
Healthcare — Services — 1.5% |
|
|
|||
|
Centene Corp.(a) |
|
8,506 |
|
667,126 |
|
|
Elevance Health, Inc. |
|
2,867 |
|
1,437,083 |
|
|
Fortrea Holdings, Inc.(a) |
|
1 |
|
38 |
|
|
HCA Healthcare, Inc. |
|
2,601 |
|
810,732 |
|
|
Humana, Inc. |
|
1,330 |
|
465,926 |
|
|
IQVIA Holdings, Inc.(a) |
|
2,395 |
|
591,948 |
|
|
Laboratory Corp of America Holdings |
|
775 |
|
167,268 |
|
|
Molina Healthcare, Inc.(a) |
|
746 |
|
293,857 |
|
|
Quest Diagnostics, Inc. |
|
946 |
|
118,146 |
|
|
UnitedHealth Group, Inc. |
|
11,516 |
|
5,684,297 |
|
|
|
|
|
|
10,236,421 |
|
|
Home Builders — 0.3% |
|
|
|||
|
D.R. Horton, Inc. |
|
3,852 |
|
575,643 |
|
|
Lennar Corp. - Class A |
|
3,197 |
|
506,756 |
|
|
NVR, Inc.(a) |
|
43 |
|
327,900 |
|
|
PulteGroup, Inc. |
|
2,619 |
|
283,847 |
|
|
|
|
|
|
1,694,146 |
|
|
Household Products & Wares — 0.2% |
|
|
|||
|
Avery Dennison Corp. |
|
915 |
|
198,125 |
|
|
Church & Dwight Co., Inc.(b) |
|
2,379 |
|
238,185 |
|
|
Kimberly-Clark Corp. |
|
3,438 |
|
416,583 |
|
|
The Clorox Co. |
|
1,332 |
|
204,209 |
|
|
|
|
|
|
1,057,102 |
|
|
Insurance — 2.8% |
|
|
|||
|
Aflac, Inc. |
|
5,110 |
|
412,581 |
|
|
American International Group, Inc. |
|
8,374 |
|
610,381 |
|
|
Aon PLC - Class A |
|
2,686 |
|
848,749 |
|
|
Arch Capital Group Ltd.(a) |
|
3,865 |
|
338,535 |
|
|
Arthur J Gallagher & Co. |
|
2,645 |
|
645,195 |
|
|
Berkshire Hathaway, Inc. - Class B(a) |
|
16,659 |
|
6,820,195 |
|
|
Brown & Brown, Inc. |
|
3,406 |
|
286,819 |
|
|
Chubb Ltd. |
|
4,472 |
|
1,125,469 |
|
|
Cincinnati Financial Corp. |
|
1,396 |
|
159,144 |
|
|
CNA Financial Corp. |
|
2,682 |
|
117,874 |
|
|
Everest Group Ltd. |
|
464 |
|
171,160 |
|
|
Globe Life, Inc. |
|
1,024 |
|
129,976 |
|
|
Markel Group, Inc.(a) |
|
170 |
|
253,722 |
|
|
Marsh & McLennan Company, Inc. |
|
4,961 |
|
1,003,461 |
|
|
MetLife, Inc. |
|
9,111 |
|
635,401 |
|
|
Principal Financial Group, Inc.(b) |
|
4,738 |
|
383,115 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Insurance — 2.8% (Continued) |
|
|
|
|
|
|
Prudential Financial, Inc. |
|
4,746 |
|
$517,267 |
|
|
The Allstate Corp. |
|
3,202 |
|
510,783 |
|
|
The Hartford Financial Services Group, Inc. |
3,192 |
|
305,921 |
|
|
|
The Progressive Corp. |
|
11,474 |
|
2,175,011 |
|
|
The Travelers Company, Inc. |
|
2,349 |
|
519,035 |
|
|
W.R. Berkley Corp. |
|
3,530 |
|
295,108 |
|
|
Willis Towers Watson PLC |
|
1,043 |
|
284,332 |
|
|
|
|
|
|
18,549,234 |
|
|
Internet — 14.7% |
|
|
|||
|
Airbnb, Inc. - Class A(a)(b) |
|
16,922 |
|
2,664,707 |
|
|
Alphabet, Inc. - Class C(a) |
|
63,922 |
|
8,935,017 |
|
|
Alphabet, Inc. - Class A(a) |
|
63,742 |
|
8,825,717 |
|
|
Amazon.com, Inc.(a) |
|
283,916 |
|
50,184,993 |
|
|
Booking Holdings, Inc. |
|
1,089 |
|
3,777,556 |
|
|
CDW Corp. |
|
1,711 |
|
421,265 |
|
|
DoorDash, Inc. - Class A(a) |
|
4,111 |
|
512,107 |
|
|
eBay, Inc. |
|
4,581 |
|
216,590 |
|
|
Etsy, Inc.(a)(b) |
|
1,119 |
|
80,221 |
|
|
Expedia Group, Inc.(a) |
|
7,667 |
|
1,048,999 |
|
|
Gen Digital, Inc. |
|
8,808 |
|
189,284 |
|
|
GoDaddy, Inc. - Class A(a) |
|
1,934 |
|
220,766 |
|
|
Match Group, Inc.(a) |
|
3,803 |
|
137,060 |
|
|
Meta Platforms, Inc. - Class A |
|
18,720 |
|
9,175,235 |
|
|
Netflix, Inc.(a) |
|
4,736 |
|
2,855,429 |
|
|
Okta, Inc.(a)(b) |
|
3,657 |
|
392,396 |
|
|
Palo Alto Networks, Inc.(a)(b) |
|
14,624 |
|
4,541,483 |
|
|
Pinterest, Inc. - Class A(a)(b) |
|
8,525 |
|
312,868 |
|
|
Snap, Inc. - Class A(a) |
|
15,270 |
|
168,275 |
|
|
Spotify Technology SA(a) |
|
1,240 |
|
317,948 |
|
|
Uber Technologies, Inc.(a) |
|
33,376 |
|
2,653,392 |
|
|
VeriSign, Inc.(a) |
|
1,057 |
|
206,422 |
|
|
|
|
|
|
97,837,730 |
|
|
Iron & Steel — 0.2% |
|
|
|||
|
Nucor Corp. |
|
2,800 |
|
538,440 |
|
|
Reliance, Inc. |
|
888 |
|
285,243 |
|
|
Steel Dynamics, Inc. |
|
2,022 |
|
270,584 |
|
|
|
|
|
|
1,094,267 |
|
|
Leisure Time — 0.2% |
|
|
|||
|
Carnival Corp.(a) |
|
36,339 |
|
576,337 |
|
|
Royal Caribbean Cruises Ltd.(a) |
|
8,284 |
|
1,021,831 |
|
|
|
|
|
|
1,598,168 |
|
|
Lodging — 0.6% |
|
|
|||
|
Hilton Worldwide Holdings, Inc. |
|
7,779 |
|
1,589,405 |
|
|
Las Vegas Sands Corp. |
|
10,194 |
|
555,777 |
|
|
Marriott International, Inc. - Class A |
|
7,342 |
|
1,834,546 |
|
|
MGM Resorts International |
|
6,114 |
|
264,614 |
|
|
|
|
|
|
4,244,342 |
|
SoFi Select 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
15 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Machinery — Construction & Mining — 0.3% |
|
|
|||
|
Caterpillar, Inc. |
|
6,937 |
|
$2,316,681 |
|
|
Machinery — Diversified — 0.6% |
|
|
|||
|
Deere & Co. |
|
4,903 |
|
1,789,840 |
|
|
Dover Corp. |
|
1,573 |
|
260,143 |
|
|
IDEX Corp. |
|
868 |
|
204,761 |
|
|
Ingersoll Rand, Inc. |
|
5,617 |
|
513,001 |
|
|
Otis Worldwide Corp.(b) |
|
3,479 |
|
331,549 |
|
|
Rockwell Automation, Inc. |
|
1,192 |
|
339,815 |
|
|
Westinghouse Air Brake Technologies Corp. |
1,949 |
|
275,374 |
|
|
|
Xylem, Inc. |
|
2,041 |
|
259,309 |
|
|
|
|
|
|
3,973,792 |
|
|
Media — 1.0% |
|
|
|||
|
Charter Communications, Inc. - Class A(a)(b) |
|
1,556 |
|
457,355 |
|
|
Comcast Corp. - Class A |
|
46,843 |
|
2,007,223 |
|
|
FactSet Research Systems, Inc.(b) |
|
524 |
|
242,392 |
|
|
Liberty Broadband Corp. - Class C(a) |
|
1,643 |
|
98,876 |
|
|
Sirius XM Holdings, Inc.(b) |
|
47,250 |
|
208,845 |
|
|
The Walt Disney Co. |
|
27,974 |
|
3,121,338 |
|
|
ViacomCBS, Inc. - Class B(b) |
|
5,493 |
|
60,643 |
|
|
Warner Bros Discovery, Inc.(a)(b) |
|
49,927 |
|
438,858 |
|
|
|
|
|
|
6,635,530 |
|
|
Mining — 0.2% |
|
|
|||
|
Freeport-McMoRan, Inc. |
|
16,195 |
|
612,333 |
|
|
Newmont Corp.(b) |
|
12,897 |
|
403,031 |
|
|
Southern Copper Corp.(b) |
|
7,906 |
|
639,279 |
|
|
|
|
|
|
1,654,643 |
|
|
Miscellaneous Manufacturers — 1.0% |
|
|
|||
|
3M Co. |
|
5,441 |
|
501,225 |
|
|
Axon Enterprise, Inc.(a) |
|
2,233 |
|
686,357 |
|
|
General Electric Co. |
|
20,225 |
|
3,173,101 |
|
|
Illinois Tool Works, Inc. |
|
3,501 |
|
917,787 |
|
|
Parker-Hannifin Corp. |
|
1,629 |
|
872,248 |
|
|
Teledyne Technologies, Inc.(a) |
|
753 |
|
321,734 |
|
|
Textron, Inc. |
|
2,288 |
|
203,792 |
|
|
|
|
|
|
6,676,244 |
|
|
Office & Business Equipment — 0.0%(c) |
|
|
|||
|
Zebra Technologies Corp. - Class A(a)(b) |
|
438 |
|
122,412 |
|
|
Oil & Gas — 6.3% |
|
|
|||
|
Chevron Corp. |
|
52,231 |
|
7,939,634 |
|
|
ConocoPhillips |
|
39,895 |
|
4,489,783 |
|
|
Coterra Energy, Inc. |
|
30,313 |
|
781,469 |
|
|
Devon Energy Corp. |
|
16,570 |
|
730,074 |
|
|
Diamondback Energy, Inc. |
|
4,562 |
|
832,656 |
|
|
EOG Resources, Inc. |
|
14,282 |
|
1,634,718 |
|
|
Exxon Mobil Corp. |
|
102,467 |
|
10,709,851 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Oil & Gas — 6.3% (Continued) |
|
|
|
|
|
|
Hess Corp. |
|
10,252 |
|
$1,494,229 |
|
|
Marathon Oil Corp. |
|
17,609 |
|
427,018 |
|
|
Marathon Petroleum Corp. |
|
21,942 |
|
3,713,245 |
|
|
Occidental Petroleum Corp. |
|
28,425 |
|
1,722,839 |
|
|
Phillips 66 |
|
22,407 |
|
3,193,222 |
|
|
Pioneer Natural Resources Co. |
|
6,842 |
|
1,609,170 |
|
|
Valero Energy Corp. |
|
19,669 |
|
2,782,377 |
|
|
|
|
|
|
42,060,285 |
|
|
Oil & Gas Services — 0.4% |
|
|
|||
|
Baker Hughes Co. |
|
14,604 |
|
432,132 |
|
|
Halliburton Co. |
|
19,909 |
|
698,209 |
|
|
Schlumberger NV |
|
29,845 |
|
1,442,409 |
|
|
|
|
|
|
2,572,750 |
|
|
Packaging & Containers — 0.1% |
|
|
|||
|
Ball Corp. |
|
3,521 |
|
225,415 |
|
|
Packaging Corp of America |
|
1,059 |
|
191,880 |
|
|
|
|
|
|
417,295 |
|
|
Pharmaceuticals — 4.5% |
|
|
|||
|
AbbVie, Inc. |
|
22,247 |
|
3,916,584 |
|
|
Becton Dickinson & Co. |
|
3,177 |
|
748,342 |
|
|
Bristol-Myers Squibb Co. |
|
27,452 |
|
1,393,189 |
|
|
Cardinal Health, Inc. |
|
2,158 |
|
241,653 |
|
|
Cencora, Inc. |
|
2,397 |
|
564,733 |
|
|
CVS Health Corp. |
|
17,445 |
|
1,297,385 |
|
|
Dexcom, Inc.(a) |
|
7,307 |
|
840,816 |
|
|
Eli Lilly & Co. |
|
8,682 |
|
6,543,451 |
|
|
Johnson & Johnson |
|
27,737 |
|
4,476,197 |
|
|
McKesson Corp. |
|
1,928 |
|
1,005,278 |
|
|
Merck & Co., Inc. |
|
35,212 |
|
4,477,207 |
|
|
Pfizer, Inc. |
|
86,132 |
|
2,287,666 |
|
|
The Cigna Group |
|
3,382 |
|
1,136,825 |
|
|
Viatris, Inc. |
|
22,379 |
|
276,828 |
|
|
Zoetis, Inc.(b) |
|
4,868 |
|
965,470 |
|
|
|
|
|
|
30,171,624 |
|
|
Pipelines — 0.6% |
|
|
|||
|
Cheniere Energy, Inc. |
|
9,870 |
|
1,531,823 |
|
|
Kinder Morgan, Inc. |
|
30,945 |
|
538,134 |
|
|
ONEOK, Inc. |
|
7,988 |
|
600,059 |
|
|
Targa Resources Corp. |
|
9,169 |
|
900,762 |
|
|
The Williams Company, Inc. |
|
15,290 |
|
549,523 |
|
|
|
|
|
|
4,120,301 |
|
|
Private Equity — 0.3% |
|
|
|||
|
Blackstone, Inc.(b) |
|
9,036 |
|
1,154,982 |
|
|
KKR & Co., Inc. |
|
12,002 |
|
1,179,316 |
|
|
|
|
|
|
2,334,298 |
|
SoFi Select 500 ETF
|
16 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Real Estate — 0.0%(c) |
|
|
|||
|
CBRE Group, Inc. - Class A(a) |
|
3,270 |
|
$300,480 |
|
|
Retail — 3.9% |
|
|
|||
|
AutoZone, Inc.(a) |
|
181 |
|
544,090 |
|
|
Best Buy Co., Inc. |
|
1,773 |
|
143,400 |
|
|
Burlington Stores, Inc.(a)(b) |
|
575 |
|
117,933 |
|
|
CarMax, Inc.(a)(b) |
|
1,823 |
|
144,017 |
|
|
Chipotle Mexican Grill, Inc.(a) |
|
312 |
|
838,896 |
|
|
Costco Wholesale Corp. |
|
5,588 |
|
4,156,857 |
|
|
Darden Restaurants, Inc.(b) |
|
1,530 |
|
261,186 |
|
|
Dollar General Corp. |
|
2,465 |
|
358,189 |
|
|
Dollar Tree, Inc.(a)(b) |
|
2,385 |
|
349,832 |
|
|
Domino’s Pizza, Inc.(b) |
|
288 |
|
129,125 |
|
|
Genuine Parts Co. |
|
1,854 |
|
276,728 |
|
|
Lowe’s Company, Inc. |
|
5,984 |
|
1,440,169 |
|
|
McDonald’s Corp. |
|
7,177 |
|
2,097,694 |
|
|
O’Reilly Automotive, Inc.(a) |
|
610 |
|
663,326 |
|
|
Ross Stores, Inc. |
|
3,297 |
|
491,121 |
|
|
Starbucks Corp. |
|
13,031 |
|
1,236,642 |
|
|
Target Corp. |
|
4,813 |
|
736,004 |
|
|
The Home Depot, Inc. |
|
10,774 |
|
4,100,692 |
|
|
The TJX Company, Inc. |
|
12,287 |
|
1,218,133 |
|
|
Tractor Supply Co.(b) |
|
1,155 |
|
293,740 |
|
|
Ulta Beauty, Inc.(a) |
|
652 |
|
357,661 |
|
|
Walgreens Boots Alliance, Inc. |
|
11,212 |
|
238,367 |
|
|
Walmart, Inc. |
|
89,806 |
|
5,263,529 |
|
|
Yum! Brands, Inc.(b) |
|
2,842 |
|
393,390 |
|
|
|
|
|
|
25,850,721 |
|
|
Semiconductors — 8.8% |
|
|
|||
|
Advanced Micro Devices, Inc.(a) |
|
44,206 |
|
8,510,981 |
|
|
Analog Devices, Inc. |
|
14,730 |
|
2,825,509 |
|
|
Applied Materials, Inc. |
|
8,813 |
|
1,776,877 |
|
|
Broadcom, Inc. |
|
7,152 |
|
9,301,104 |
|
|
GLOBALFOUNDRIES, Inc.(a)(b) |
|
22,430 |
|
1,226,248 |
|
|
Intel Corp. |
|
28,635 |
|
1,232,737 |
|
|
KLA Corp. |
|
1,906 |
|
1,300,464 |
|
|
Lam Research Corp. |
|
1,566 |
|
1,469,300 |
|
|
Marvell Technology, Inc. |
|
39,122 |
|
2,803,483 |
|
|
Microchip Technology, Inc. |
|
11,509 |
|
968,367 |
|
|
Micron Technology, Inc. |
|
8,910 |
|
807,335 |
|
|
Monolithic Power Systems, Inc. |
|
1,123 |
|
808,605 |
|
|
NVIDIA Corp. |
|
25,469 |
|
20,149,034 |
|
|
ON Semiconductor Corp.(a) |
|
7,162 |
|
565,225 |
|
|
Qorvo, Inc.(a) |
|
525 |
|
60,139 |
|
|
QUALCOMM, Inc. |
|
15,682 |
|
2,474,463 |
|
|
Skyworks Solutions, Inc. |
|
1,728 |
|
181,302 |
|
|
Teradyne, Inc.(b) |
|
1,242 |
|
128,659 |
|
|
Texas Instruments, Inc. |
|
11,037 |
|
1,846,821 |
|
|
|
|
|
58,436,653 |
||
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Software — 12.3% |
|
|
|||
|
Adobe, Inc.(a) |
|
6,147 |
|
$3,444,041 |
|
|
Akamai Technologies, Inc.(a) |
|
1,563 |
|
173,368 |
|
|
ANSYS, Inc.(a) |
|
1,119 |
|
373,936 |
|
|
Aspen Technology, Inc.(a)(b) |
|
1,123 |
|
217,738 |
|
|
Atlassian Corp. - Class A(a) |
|
3,907 |
|
810,390 |
|
|
Autodesk, Inc.(a) |
|
3,327 |
|
858,932 |
|
|
Broadridge Financial Solutions, Inc. |
|
1,262 |
|
256,918 |
|
|
Cadence Design Systems, Inc.(a) |
|
4,248 |
|
1,293,006 |
|
|
Cloudflare, Inc. - Class A(a) |
|
10,505 |
|
1,035,163 |
|
|
Datadog, Inc. - Class A(a) |
|
13,668 |
|
1,796,795 |
|
|
DocuSign, Inc.(a) |
|
6,362 |
|
338,904 |
|
|
Electronic Arts, Inc. |
|
4,106 |
|
572,705 |
|
|
Fair Isaac Corp.(a) |
|
238 |
|
302,239 |
|
|
Fidelity National Information Services, Inc. |
|
4,148 |
|
287,000 |
|
|
Fiserv, Inc.(a) |
|
9,688 |
|
1,446,128 |
|
|
HubSpot, Inc.(a) |
|
1,117 |
|
691,211 |
|
|
Intuit, Inc. |
|
4,589 |
|
3,042,002 |
|
|
Jack Henry & Associates, Inc. |
|
773 |
|
134,324 |
|
|
Microsoft Corp. |
|
80,577 |
|
33,329,871 |
|
|
MongoDB, Inc.(a) |
|
1,642 |
|
734,926 |
|
|
MSCI, Inc. |
|
1,107 |
|
620,994 |
|
|
Oracle Corp. |
|
34,446 |
|
3,846,929 |
|
|
Palantir Technologies, Inc. - Class A(a) |
|
47,073 |
|
1,180,591 |
|
|
Paychex, Inc. |
|
4,482 |
|
549,583 |
|
|
Paycom Software, Inc. |
|
1,279 |
|
233,277 |
|
|
PTC, Inc.(a) |
|
1,429 |
|
261,521 |
|
|
ROBLOX Corp. - Class A(a) |
|
6,671 |
|
266,173 |
|
|
Roper Technologies, Inc. |
|
948 |
|
516,404 |
|
|
Salesforce, Inc. |
|
36,127 |
|
11,156,741 |
|
|
ServiceNow, Inc.(a) |
|
6,450 |
|
4,975,143 |
|
|
Snowflake, Inc. - Class A(a) |
|
9,131 |
|
1,719,185 |
|
|
Splunk, Inc.(a) |
|
5,137 |
|
802,502 |
|
|
SS&C Technologies Holdings, Inc. |
|
3,048 |
|
194,340 |
|
|
Synopsys, Inc.(a) |
|
2,109 |
|
1,209,997 |
|
|
Take-Two Interactive Software, Inc.(a) |
|
3,508 |
|
515,430 |
|
|
Twilio, Inc. - Class A(a) |
|
4,299 |
|
256,177 |
|
|
Tyler Technologies, Inc.(a) |
|
426 |
|
186,222 |
|
|
Unity Software, Inc.(a)(b) |
|
6,531 |
|
191,489 |
|
|
Veeva Systems, Inc. - Class A(a) |
|
2,020 |
|
455,530 |
|
|
Workday, Inc. - Class A(a) |
|
3,090 |
|
910,499 |
|
|
Zoom Video Communications, Inc. - Class A(a) |
|
9,140 |
|
646,472 |
|
|
|
|
|
|
81,834,796 |
|
|
Telecommunications — 1.7% |
|
|
|||
|
Arista Networks, Inc.(a) |
|
8,454 |
|
2,346,323 |
|
|
AT&T, Inc. |
|
75,469 |
|
1,277,690 |
|
|
Cisco Systems, Inc. |
|
46,180 |
|
2,233,727 |
|
|
Corning, Inc. |
|
8,269 |
|
266,593 |
|
SoFi Select 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
17 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 97.6% (Continued) |
|
|
|
|
|
|
Telecommunications — 1.7% (Continued) |
|
||||
|
Motorola Solutions, Inc. |
|
1,988 |
|
$656,815 |
|
|
T-Mobile US, Inc.(b) |
|
18,427 |
|
3,009,129 |
|
|
Ubiquiti, Inc.(b) |
|
423 |
|
49,567 |
|
|
Verizon Communications, Inc. |
|
43,349 |
|
1,734,827 |
|
|
|
|
|
|
11,574,671 |
|
|
Transportation — 1.0% |
|
|
|||
|
C.H. Robinson Worldwide, Inc. |
|
1,069 |
|
79,192 |
|
|
CSX Corp. |
|
25,278 |
|
959,047 |
|
|
Expeditors International of Washington, Inc. |
1,385 |
|
165,646 |
|
|
|
FedEx Corp. |
|
2,504 |
|
623,421 |
|
|
J.B. Hunt Transport Services, Inc. |
|
1,507 |
|
310,909 |
|
|
Norfolk Southern Corp. |
|
2,838 |
|
719,092 |
|
|
Old Dominion Freight Line, Inc.(b) |
|
1,628 |
|
720,357 |
|
|
Union Pacific Corp. |
|
7,724 |
|
1,959,503 |
|
|
United Parcel Service, Inc. - Class B |
|
8,101 |
|
1,201,054 |
|
|
|
|
|
|
6,738,221 |
|
|
Water — 0.0%(c) |
|
|
|||
|
American Water Works Co., Inc. |
|
1,790 |
|
212,187 |
|
|
Total Common Stocks (Cost $520,515,745) |
|
653,284,900 |
|
||
|
Real Estate Investment Trusts — 2.0% |
|||||
|
Alexandria Real Estate Equities, Inc.(b) |
|
2,434 |
|
303,593 |
|
|
American Tower Corp. |
|
5,778 |
|
1,149,013 |
|
|
AvalonBay Communities, Inc. |
|
1,560 |
|
276,167 |
|
|
Crown Castle, Inc. |
|
6,353 |
|
698,449 |
|
|
Digital Realty Trust, Inc. |
|
2,756 |
|
404,608 |
|
|
Equinix, Inc. |
|
1,147 |
|
1,019,477 |
|
|
Equity Residential |
|
3,897 |
|
234,638 |
|
|
Essex Property Trust, Inc.(b) |
|
664 |
|
153,650 |
|
|
Extra Space Storage, Inc.(b) |
|
1,927 |
|
271,649 |
|
|
Healthpeak Properties, Inc. |
|
5,604 |
|
93,867 |
|
|
Host Hotels & Resorts, Inc. |
|
34,757 |
|
720,860 |
|
|
Invitation Homes, Inc. |
|
8,992 |
|
306,357 |
|
|
Iron Mountain, Inc. |
|
3,428 |
|
269,578 |
|
|
Mid-America Apartment Communities, Inc. |
|
1,392 |
|
174,947 |
|
|
NET Lease Office Properties |
|
166 |
|
4,049 |
|
|
Prologis, Inc. |
|
13,708 |
|
1,826,865 |
|
|
Public Storage |
|
3,091 |
|
877,442 |
|
|
Realty Income Corp. |
|
19,443 |
|
1,013,175 |
|
|
SBA Communications Corp. |
|
1,726 |
|
361,131 |
|
|
Simon Property Group, Inc. |
|
3,588 |
|
531,526 |
|
|
Sun Communities, Inc. |
|
1,943 |
|
259,896 |
|
|
UDR, Inc. |
|
4,680 |
|
166,140 |
|
|
Ventas, Inc. |
|
2,879 |
|
121,753 |
|
|
VICI Properties, Inc. |
|
31,295 |
|
936,659 |
|
|
W.P. Carey, Inc. |
|
2,682 |
|
151,077 |
|
|
|
|
Shares |
|
Value |
|
|
Real Estate Investment Trusts — 2.0% (Continued) |
|||||
|
Welltower, Inc.(b) |
|
7,839 |
|
$722,442 |
|
|
Weyerhaeuser Co. |
|
6,955 |
|
239,113 |
|
|
Total Real Estate Investment Trusts (Cost $13,564,832) |
|
13,288,121 |
|
||
|
Contingent Value Rights — 0.0%(C) |
|
||||
|
Healthcare — Products — 0.0%(c) |
|
|
|||
|
ABIOMED, Inc.(a)(d) |
|
455 |
|
0 |
|
|
Total Contingent Value Rights (Cost $0) |
|
0 |
|
||
|
|
|
|
|
|
|
|
Short-Term Investments — 6.0% |
|
||||
|
Investments Purchased with Collateral from Securities Lending — 5.7% |
|
||||
|
Mount Vernon Liquid Assets Portfolio, LLC, 5.51%(e) |
|
38,306,536 |
|
38,306,536 |
|
|
Money Market Funds — 0.3% |
|
|
|
|
|
|
First American Government Obligations Fund - Class X, 5.23%(e) |
|
1,944,054 |
|
1,944,054 |
|
|
Total Short-Term Investments (Cost $40,250,590) |
|
40,250,590 |
|
||
|
Total Investments — 105.6% (Cost $574,331,167) |
|
$706,823,611 |
|
||
|
Liabilities in Excess of Other Assets — (5.6)% |
|
(37,301,250 |
) |
||
|
Total Net Assets — 100.0% |
|
|
|
$669,522,361 |
|
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
SA - Sociedad Anónima
NV - Naamloze Vennootschap
(a)Non-income producing security.
(b)All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $37,639,218 which represented 5.6% of net assets.
(c)Represents less than 0.05% of net assets.
(d)Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of February 29, 2024.
(e)The rate shown represents the 7-day effective yield as of February 29, 2024.
SoFi Next 500 ETF
|
18 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% |
|
|
|
|
|
|
Advertising — 0.2% |
|
|
|||
|
The Interpublic Group of Companies, Inc.(a) |
|
5,549 |
|
$174,239 |
|
|
Aerospace & Defense — 0.7% |
|
|
|||
|
Curtiss-Wright Corp. |
|
487 |
|
115,063 |
|
|
HEICO Corp. |
|
850 |
|
164,390 |
|
|
Hexcel Corp. |
|
3,029 |
|
225,540 |
|
|
|
|
|
|
504,993 |
|
|
Agriculture — 0.2% |
|
|
|||
|
Darling Ingredients, Inc.(b) |
|
3,170 |
|
134,123 |
|
|
Airlines — 1.1% |
|
|
|||
|
Alaska Air Group, Inc.(b) |
|
6,556 |
|
245,129 |
|
|
American Airlines Group, Inc.(b) |
|
38,891 |
|
609,811 |
|
|
|
|
|
|
854,940 |
|
|
Apparel — 1.7% |
|
|
|||
|
Capri Holdings Ltd.(b) |
|
1,867 |
|
86,125 |
|
|
Columbia Sportswear Co.(a) |
|
906 |
|
74,917 |
|
|
Crocs, Inc.(b) |
|
1,537 |
|
187,898 |
|
|
Deckers Outdoor Corp.(b) |
|
394 |
|
352,862 |
|
|
PVH Corp.(a) |
|
956 |
|
130,657 |
|
|
Ralph Lauren Corp. |
|
574 |
|
106,718 |
|
|
Skechers U.S.A., Inc. - Class A(b) |
|
1,621 |
|
100,194 |
|
|
Tapestry, Inc. |
|
3,281 |
|
155,946 |
|
|
VF Corp.(a) |
|
5,334 |
|
87,158 |
|
|
|
|
|
|
1,282,475 |
|
|
Auto Manufacturers — 0.7% |
|
|
|||
|
Lucid Group, Inc.(a)(b) |
|
64,300 |
|
212,190 |
|
|
Rivian Automotive, Inc. - Class A(a)(b) |
|
31,051 |
|
351,497 |
|
|
|
|
|
|
563,687 |
|
|
Auto Parts & Equipment — 0.5% |
|
|
|||
|
BorgWarner, Inc. |
|
3,621 |
|
112,722 |
|
|
Fox Factory Holding Corp.(b) |
|
633 |
|
32,023 |
|
|
Gentex Corp. |
|
3,101 |
|
113,280 |
|
|
Lear Corp. |
|
965 |
|
132,543 |
|
|
Phinia, Inc. |
|
718 |
|
24,570 |
|
|
|
|
|
|
415,138 |
|
|
Banks — 4.8% |
|
|
|||
|
Bank OZK(a) |
|
1,887 |
|
82,651 |
|
|
BOK Financial Corp. |
|
932 |
|
79,229 |
|
|
Cadence Bank(a) |
|
6,176 |
|
170,952 |
|
|
Columbia Banking System, Inc. |
|
4,842 |
|
87,640 |
|
|
Comerica, Inc. |
|
2,688 |
|
132,733 |
|
|
Commerce Bancshares, Inc. |
|
1,713 |
|
89,145 |
|
|
Cullen/Frost Bankers, Inc.(a) |
|
1,312 |
|
142,365 |
|
|
East West Bancorp, Inc. |
|
3,323 |
|
242,114 |
|
|
First Citizens BancShares, Inc. - Class A |
|
547 |
|
860,874 |
|
|
First Financial Bankshares, Inc. |
|
2,008 |
|
62,128 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Banks — 4.8% (Continued) |
|
|
|||
|
First Horizon National Corp. |
|
8,816 |
|
$124,306 |
|
|
Glacier Bancorp, Inc.(a) |
|
2,072 |
|
77,534 |
|
|
Home BancShares, Inc. |
|
4,231 |
|
99,259 |
|
|
Pinnacle Financial Partners, Inc.(a) |
|
1,388 |
|
114,815 |
|
|
Prosperity Bancshares, Inc. |
|
1,189 |
|
74,205 |
|
|
SouthState Corp.(a) |
|
1,279 |
|
107,487 |
|
|
Synovus Financial Corp. |
|
2,386 |
|
90,525 |
|
|
United Bankshares, Inc.(a) |
|
2,534 |
|
87,904 |
|
|
Valley National Bancorp |
|
12,756 |
|
104,472 |
|
|
Webster Financial Corp. |
|
7,964 |
|
379,405 |
|
|
Western Alliance Bancorp |
|
3,026 |
|
174,691 |
|
|
Wintrust Financial Corp.(a) |
|
1,091 |
|
105,118 |
|
|
Zions Bancorp N.A. |
|
2,781 |
|
109,655 |
|
|
|
|
|
|
3,599,207 |
|
|
Beverages — 1.0% |
|
|
|||
|
Celsius Holdings, Inc.(b) |
|
5,464 |
|
445,972 |
|
|
Molson Coors Brewing Co. - Class B |
|
4,226 |
|
263,787 |
|
|
National Beverage Corp. |
|
1,107 |
|
58,272 |
|
|
|
|
|
|
768,031 |
|
|
Biotechnology — 1.5% |
|
|
|||
|
Apellis Pharmaceuticals, Inc.(b) |
|
1,492 |
|
92,459 |
|
|
Arrowhead Pharmaceuticals, Inc.(b) |
|
2,281 |
|
73,220 |
|
|
Exelixis, Inc.(b) |
|
4,294 |
|
94,039 |
|
|
Halozyme Therapeutics, Inc.(b) |
|
3,039 |
|
120,983 |
|
|
Intra-Cellular Therapies, Inc.(b) |
|
3,392 |
|
235,811 |
|
|
Ionis Pharmaceuticals, Inc.(b) |
|
981 |
|
44,351 |
|
|
Karuna Therapeutics, Inc.(b) |
|
310 |
|
97,331 |
|
|
Mural Oncology PLC(b) |
|
148 |
|
783 |
|
|
Sarepta Therapeutics, Inc.(b) |
|
1,443 |
|
184,560 |
|
|
United Therapeutics Corp.(b) |
|
747 |
|
168,553 |
|
|
|
|
|
|
1,112,090 |
|
|
Building Materials — 2.7% |
|
|
|||
|
AAON, Inc. |
|
2,293 |
|
192,566 |
|
|
Armstrong World Industries, Inc. |
|
664 |
|
80,085 |
|
|
Builders FirstSource, Inc.(b) |
|
1,665 |
|
324,976 |
|
|
Eagle Materials, Inc. |
|
493 |
|
125,000 |
|
|
Fortune Brands Innovations, Inc. |
|
1,207 |
|
98,177 |
|
|
Knife River Corp.(b) |
|
792 |
|
58,679 |
|
|
Lennox International, Inc.(a) |
|
454 |
|
213,929 |
|
|
Louisiana-Pacific Corp. |
|
666 |
|
49,264 |
|
|
MDU Resources Group, Inc. |
|
3,243 |
|
70,308 |
|
|
Mohawk Industries, Inc.(b) |
|
2,442 |
|
289,670 |
|
|
Owens Corning |
|
1,246 |
|
186,626 |
|
|
Simpson Manufacturing Co., Inc. |
|
651 |
|
135,851 |
|
|
Trex Co., Inc.(b) |
|
1,215 |
|
111,488 |
|
|
UFP Industries, Inc. |
|
839 |
|
96,175 |
|
|
|
|
|
|
2,032,794 |
|
SoFi Next 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
19 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Chemicals — 0.8% |
|
|
|||
|
Ashland, Inc. |
|
914 |
|
$85,587 |
|
|
Axalta Coating Systems Ltd.(b) |
|
3,426 |
|
112,133 |
|
|
Element Solutions, Inc.(a) |
|
3,453 |
|
81,146 |
|
|
Huntsman Corp. |
|
2,229 |
|
57,062 |
|
|
Olin Corp. |
|
1,603 |
|
86,241 |
|
|
RPM International, Inc.(a) |
|
1,876 |
|
216,397 |
|
|
The Chemours Co. |
|
1,942 |
|
38,199 |
|
|
|
|
|
|
676,765 |
|
|
Commercial Services — 4.8% |
|
|
|||
|
ADT, Inc.(a) |
|
28,509 |
|
206,975 |
|
|
Alight, Inc. - Class A(a)(b) |
|
6,860 |
|
61,809 |
|
|
API Group Corp.(a)(b) |
|
9,072 |
|
317,974 |
|
|
Avis Budget Group, Inc.(a) |
|
770 |
|
83,191 |
|
|
Bright Horizons Family Solutions, Inc.(b) |
|
922 |
|
105,901 |
|
|
Driven Brands Holdings, Inc.(b) |
|
7,077 |
|
97,592 |
|
|
Dun & Bradstreet Holdings, Inc.(a) |
|
23,148 |
|
243,980 |
|
|
Euronet Worldwide, Inc.(b) |
|
1,140 |
|
124,762 |
|
|
FTI Consulting, Inc.(b) |
|
499 |
|
103,233 |
|
|
GXO Logistics, Inc.(a)(b) |
|
1,889 |
|
97,775 |
|
|
H&R Block, Inc. |
|
1,932 |
|
94,571 |
|
|
Hertz Global Holdings, Inc.(a)(b) |
|
8,726 |
|
68,499 |
|
|
Insperity, Inc. |
|
602 |
|
61,278 |
|
|
ManpowerGroup, Inc. |
|
650 |
|
46,904 |
|
|
Morningstar, Inc. |
|
624 |
|
186,320 |
|
|
Paylocity Holding Corp.(a)(b) |
|
1,401 |
|
236,223 |
|
|
R1 RCM, Inc.(a)(b) |
|
6,488 |
|
91,156 |
|
|
Robert Half, Inc. |
|
1,583 |
|
127,273 |
|
|
Service Corp. International(a) |
|
1,879 |
|
137,524 |
|
|
Toast, Inc. - Class A(a)(b) |
|
9,023 |
|
207,529 |
|
|
TriNet Group, Inc. |
|
678 |
|
86,791 |
|
|
Valvoline, Inc. |
|
1,741 |
|
74,236 |
|
|
Vestis Corp. |
|
5,661 |
|
106,200 |
|
|
WEX, Inc.(a)(b) |
|
2,348 |
|
515,925 |
|
|
WillScot Mobile Mini Holdings Corp.(a)(b) |
|
3,321 |
|
158,578 |
|
|
|
|
|
|
3,642,199 |
|
|
Computers — 4.5% |
|
|
|||
|
Amdocs Ltd. |
|
1,683 |
|
153,490 |
|
|
ASGN, Inc.(b) |
|
798 |
|
79,257 |
|
|
CACI International, Inc. - Class A(b) |
|
288 |
|
107,957 |
|
|
DXC Technology Co.(b) |
|
3,794 |
|
82,937 |
|
|
ExlService Holdings, Inc.(b) |
|
2,560 |
|
79,667 |
|
|
Insight Enterprises, Inc.(b) |
|
500 |
|
94,000 |
|
|
KBR, Inc. |
|
5,006 |
|
300,510 |
|
|
Maximus, Inc. |
|
682 |
|
57,056 |
|
|
Parsons Corp.(b) |
|
1,702 |
|
137,198 |
|
|
Pure Storage, Inc. - Class A(b) |
|
12,023 |
|
633,011 |
|
|
Qualys, Inc.(b) |
|
699 |
|
120,130 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Computers — 4.5% (Continued) |
|
|
|||
|
Science Applications International Corp. |
|
697 |
|
$97,552 |
|
|
Super Micro Computer, Inc.(a)(b) |
|
1,513 |
|
1,310,441 |
|
|
Tenable Holdings, Inc.(a)(b) |
|
2,520 |
|
121,363 |
|
|
|
|
|
|
3,374,569 |
|
|
Cosmetics & Personal Care — 0.7% |
|
|
|||
|
Coty, Inc. - Class A(a)(b) |
|
12,658 |
|
158,984 |
|
|
elf Beauty, Inc.(b) |
|
1,252 |
|
261,080 |
|
|
Inter Parfums, Inc. |
|
543 |
|
79,669 |
|
|
|
|
|
|
499,733 |
|
|
Distribution & Wholesale — 1.0% |
|
|
|||
|
Core & Main, Inc. - Class A(b) |
|
3,448 |
|
164,573 |
|
|
Pool Corp.(a) |
|
523 |
|
208,217 |
|
|
SiteOne Landscape Supply, Inc.(a)(b) |
|
551 |
|
92,832 |
|
|
Watsco, Inc.(a) |
|
473 |
|
186,419 |
|
|
WESCO International, Inc.(a) |
|
817 |
|
122,133 |
|
|
|
|
|
|
774,174 |
|
|
Diversified Financial Services — 3.2% |
|
|
|||
|
Affiliated Managers Group, Inc. |
|
487 |
|
76,123 |
|
|
Air Lease Corp. |
|
3,362 |
|
134,816 |
|
|
Ally Financial, Inc. |
|
4,133 |
|
152,880 |
|
|
Blue Owl Capital, Inc. - Class A(a) |
|
28,962 |
|
520,157 |
|
|
Credit Acceptance Corp.(a)(b) |
|
155 |
|
85,808 |
|
|
Evercore, Inc. - Class A |
|
454 |
|
84,934 |
|
|
Houlihan Lokey, Inc. |
|
532 |
|
68,447 |
|
|
Interactive Brokers Group, Inc. - Class A |
|
2,504 |
|
272,235 |
|
|
Invesco Ltd. |
|
4,885 |
|
75,278 |
|
|
Jefferies Financial Group, Inc. |
|
2,343 |
|
97,984 |
|
|
Lazard, Inc. |
|
1,434 |
|
55,266 |
|
|
OneMain Holdings, Inc. |
|
1,690 |
|
79,819 |
|
|
Radian Group, Inc. |
|
1,733 |
|
50,500 |
|
|
SEI Investments Co. |
|
1,677 |
|
112,778 |
|
|
SLM Corp.(a) |
|
2,972 |
|
61,907 |
|
|
Stifel Financial Corp. |
|
1,360 |
|
103,170 |
|
|
The Western Union Co.(a) |
|
4,052 |
|
54,337 |
|
|
Tradeweb Markets, Inc. - Class A |
|
1,817 |
|
192,275 |
|
|
Voya Financial, Inc. |
|
1,877 |
|
128,312 |
|
|
|
|
|
|
2,407,026 |
|
|
Electric — 1.5% |
|
|
|||
|
Black Hills Corp. |
|
1,084 |
|
56,401 |
|
|
Hawaiian Electric Industries, Inc. |
|
1,891 |
|
23,032 |
|
|
IDACORP, Inc.(a) |
|
681 |
|
60,003 |
|
|
NRG Energy, Inc.(a) |
|
3,171 |
|
175,420 |
|
|
OGE Energy Corp. |
|
2,189 |
|
72,040 |
|
|
Ormat Technologies, Inc. |
|
909 |
|
59,221 |
|
|
Pinnacle West Capital Corp. |
|
1,589 |
|
108,576 |
|
|
PNM Resources, Inc. |
|
1,376 |
|
50,238 |
|
SoFi Next 500 ETF
|
20 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Electric — 1.5% (Continued) |
|
|
|||
|
Portland General Electric Co. |
|
1,203 |
|
$48,325 |
|
|
Vistra Corp. |
|
9,097 |
|
496,150 |
|
|
|
|
|
|
1,149,406 |
|
|
Electrical Components & Equipment — 0.5% |
|
|
|||
|
Acuity Brands, Inc. |
|
422 |
|
106,023 |
|
|
Generac Holdings, Inc.(b) |
|
777 |
|
87,420 |
|
|
Littelfuse, Inc. |
|
346 |
|
82,431 |
|
|
Universal Display Corp. |
|
684 |
|
119,304 |
|
|
|
|
|
|
395,178 |
|
|
Electronics — 3.0% |
|
|
|||
|
Allegion PLC(a) |
|
1,175 |
|
150,247 |
|
|
Arrow Electronics, Inc.(b) |
|
740 |
|
86,950 |
|
|
Atkore, Inc.(a) |
|
625 |
|
105,875 |
|
|
Coherent Corp.(b) |
|
6,757 |
|
401,907 |
|
|
Hubbell, Inc. |
|
706 |
|
268,753 |
|
|
Jabil, Inc. |
|
2,023 |
|
291,494 |
|
|
nVent Electric PLC |
|
2,802 |
|
188,630 |
|
|
Sensata Technologies Holding PLC |
|
2,450 |
|
84,329 |
|
|
SYNNEX Corp. |
|
3,359 |
|
349,000 |
|
|
Trimble, Inc.(a)(b) |
|
3,155 |
|
193,054 |
|
|
Woodward, Inc. |
|
680 |
|
96,213 |
|
|
|
|
|
|
2,216,452 |
|
|
Energy — Alternate Sources — 0.2% |
|
|
|||
|
NextEra Energy Partners LP |
|
2,201 |
|
60,461 |
|
|
Plug Power, Inc.(a)(b) |
|
9,564 |
|
33,761 |
|
|
Sunrun, Inc.(a)(b) |
|
5,981 |
|
72,011 |
|
|
|
|
|
|
166,233 |
|
|
Engineering & Construction — 1.5% |
|
|
|||
|
AECOM |
|
1,836 |
|
163,092 |
|
|
Comfort Systems USA, Inc.(a) |
|
621 |
|
189,858 |
|
|
EMCOR Group, Inc.(b) |
|
617 |
|
193,442 |
|
|
Exponent, Inc.(a) |
|
727 |
|
58,807 |
|
|
MasTec, Inc.(b) |
|
3,569 |
|
269,316 |
|
|
TopBuild Corp.(b) |
|
628 |
|
252,695 |
|
|
|
|
|
|
1,127,210 |
|
|
Entertainment — 2.0% |
|
|
|||
|
Caesars Entertainment, Inc.(b) |
|
4,107 |
|
178,531 |
|
|
Churchill Downs, Inc. |
|
996 |
|
121,383 |
|
|
DraftKings, Inc. - Class A(b) |
|
11,689 |
|
506,367 |
|
|
International Game Technology PLC |
|
4,703 |
|
127,781 |
|
|
Light & Wonder, Inc. - Class A(b) |
|
1,075 |
|
108,048 |
|
|
Marriott Vacations Worldwide Corp.(a) |
|
1,569 |
|
146,215 |
|
|
Penn Entertainment, Inc.(b) |
|
1,946 |
|
35,612 |
|
|
TKO Group Holdings, Inc.(a) |
|
655 |
|
54,843 |
|
|
United Parks & Resorts, Inc.(b) |
|
963 |
|
49,450 |
|
|
Vail Resorts, Inc. |
|
741 |
|
170,660 |
|
|
|
|
|
1,498,890 |
||
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Environmental Control — 0.9% |
|
|
|||
|
Casella Waste Systems, Inc. - Class A(b) |
|
772 |
|
$69,557 |
|
|
Clean Harbors, Inc.(b) |
|
1,185 |
|
215,789 |
|
|
Pentair PLC |
|
2,000 |
|
155,580 |
|
|
Stericycle, Inc.(a)(b) |
|
2,426 |
|
131,950 |
|
|
Tetra Tech, Inc. |
|
719 |
|
127,493 |
|
|
|
|
|
|
700,369 |
|
|
Food — 2.3% |
|
|
|||
|
Albertsons Cos., Inc. - Class A |
|
7,672 |
|
155,588 |
|
|
Flowers Foods, Inc. |
|
2,869 |
|
64,323 |
|
|
Ingredion, Inc. |
|
1,524 |
|
179,268 |
|
|
Lancaster Colony Corp. |
|
405 |
|
83,803 |
|
|
Performance Food Group Co.(b) |
|
7,073 |
|
542,994 |
|
|
Pilgrim’s Pride Corp.(b) |
|
9,613 |
|
306,078 |
|
|
Post Holdings, Inc.(b) |
|
1,865 |
|
194,258 |
|
|
US Foods Holding Corp.(b) |
|
4,319 |
|
219,362 |
|
|
|
|
|
|
1,745,674 |
|
|
Food Service — 0.4% |
|
|
|||
|
Aramark |
|
10,910 |
|
330,900 |
|
|
Gas — 0.8% |
|
|
|||
|
National Fuel Gas Co. |
|
2,154 |
|
104,986 |
|
|
New Jersey Resources Corp. |
|
1,795 |
|
74,690 |
|
|
NiSource, Inc.(a) |
|
6,457 |
|
168,269 |
|
|
ONE Gas, Inc.(a) |
|
991 |
|
59,064 |
|
|
Southwest Gas Holdings, Inc. |
|
1,194 |
|
81,371 |
|
|
UGI Corp. |
|
4,487 |
|
109,842 |
|
|
|
|
|
|
598,222 |
|
|
Hand & Machine Tools — 1.0% |
|
|
|||
|
Lincoln Electric Holdings, Inc. |
|
859 |
|
220,419 |
|
|
MSA Safety, Inc. |
|
1,411 |
|
259,836 |
|
|
Regal Rexnord Corp. |
|
1,553 |
|
266,324 |
|
|
|
|
|
|
746,579 |
|
|
Healthcare — Products — 4.0% |
|
|
|||
|
10X Genomics, Inc. - Class A(a)(b) |
|
1,037 |
|
48,366 |
|
|
Avantor, Inc.(b) |
|
9,108 |
|
224,421 |
|
|
Bio-Techne Corp. |
|
2,201 |
|
161,928 |
|
|
Bruker Corp. |
|
2,001 |
|
173,167 |
|
|
DENTSPLY SIRONA, Inc. |
|
1,994 |
|
65,164 |
|
|
Envista Holdings Corp.(b) |
|
2,177 |
|
44,955 |
|
|
Globus Medical, Inc. - Class A(b) |
|
1,056 |
|
57,013 |
|
|
Haemonetics Corp.(b) |
|
1,409 |
|
102,829 |
|
|
ICU Medical, Inc.(b) |
|
587 |
|
64,118 |
|
|
Inspire Medical Systems, Inc.(a)(b) |
|
779 |
|
139,472 |
|
|
Integra LifeSciences Holdings Corp.(b) |
|
1,132 |
|
41,782 |
|
|
Lantheus Holdings, Inc.(b) |
|
5,201 |
|
340,041 |
|
|
Masimo Corp.(b) |
|
1,269 |
|
163,117 |
|
|
Merit Medical Systems, Inc.(b) |
|
878 |
|
66,904 |
|
SoFi Next 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
21 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Healthcare — Products — 4.0% (Continued) |
|
|
|||
|
Natera, Inc.(b) |
|
1,967 |
|
$170,126 |
|
|
Penumbra, Inc.(a)(b) |
|
1,391 |
|
326,774 |
|
|
QuidelOrtho Corp.(b) |
|
1,775 |
|
80,940 |
|
|
Repligen Corp.(a)(b) |
|
863 |
|
167,413 |
|
|
Shockwave Medical, Inc.(a)(b) |
|
2,131 |
|
555,914 |
|
|
|
|
|
|
2,994,444 |
|
|
Healthcare — Services — 2.2% |
|
|
|||
|
Acadia Healthcare Co., Inc.(b) |
|
1,503 |
|
125,425 |
|
|
agilon health, Inc.(b) |
|
12,145 |
|
74,449 |
|
|
Catalent, Inc.(b) |
|
2,003 |
|
114,852 |
|
|
Charles River Laboratories International, Inc.(b) |
|
761 |
|
193,439 |
|
|
Chemed Corp. |
|
181 |
|
113,330 |
|
|
DaVita, Inc.(a)(b) |
|
980 |
|
124,431 |
|
|
Encompass Health Corp. |
|
1,024 |
|
76,186 |
|
|
HealthEquity, Inc.(b) |
|
1,753 |
|
144,815 |
|
|
Medpace Holdings, Inc.(b) |
|
489 |
|
194,386 |
|
|
Sotera Health Co.(b) |
|
3,285 |
|
49,308 |
|
|
Surgery Partners, Inc.(b) |
|
2,502 |
|
77,637 |
|
|
Teladoc Health, Inc.(a)(b) |
|
1,877 |
|
28,305 |
|
|
Tenet Healthcare Corp.(b) |
|
1,201 |
|
111,693 |
|
|
The Ensign Group, Inc. |
|
839 |
|
104,808 |
|
|
Universal Health Services, Inc. - Class B |
|
738 |
|
123,290 |
|
|
|
|
|
|
1,656,354 |
|
|
Home Builders — 0.4% |
|
|
|||
|
Meritage Homes Corp. |
|
540 |
|
85,136 |
|
|
Thor Industries, Inc.(a) |
|
550 |
|
70,499 |
|
|
Toll Brothers, Inc. |
|
1,527 |
|
175,056 |
|
|
|
|
|
|
330,691 |
|
|
Home Furnishings — 0.4% |
|
|
|||
|
Dolby Laboratories, Inc. - Class A(a) |
|
743 |
|
60,183 |
|
|
Leggett & Platt, Inc. |
|
1,560 |
|
31,855 |
|
|
Tempur Sealy International, Inc.(a) |
|
2,137 |
|
116,402 |
|
|
Whirlpool Corp.(a) |
|
581 |
|
62,394 |
|
|
|
|
|
|
270,834 |
|
|
Household Products & Wares — 0.1% |
|
|
|||
|
Reynolds Consumer Products, Inc. |
|
2,398 |
|
70,741 |
|
|
Housewares — 0.1% |
|
|
|||
|
Newell Brands, Inc. |
|
5,894 |
|
44,205 |
|
|
The Scotts Miracle-Gro Co.(a) |
|
623 |
|
40,931 |
|
|
|
|
|
|
85,136 |
|
|
Insurance — 3.7% |
|
|
|||
|
American Financial Group, Inc. |
|
1,210 |
|
154,481 |
|
|
Assurant, Inc. |
|
611 |
|
110,866 |
|
|
Axis Capital Holdings Ltd. |
|
1,285 |
|
80,403 |
|
|
Corebridge Financial, Inc. |
|
10,637 |
|
264,117 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Insurance — 3.7% (Continued) |
|
|
|||
|
Equitable Holdings, Inc.(a) |
|
13,678 |
|
$468,334 |
|
|
Erie Indemnity Co. - Class A(a) |
|
642 |
|
261,217 |
|
|
Essent Group Ltd. |
|
1,292 |
|
69,212 |
|
|
Fidelity National Financial, Inc.(a) |
|
2,732 |
|
138,185 |
|
|
First American Financial Corp.(a) |
|
1,089 |
|
63,608 |
|
|
Kinsale Capital Group, Inc.(a) |
|
368 |
|
189,954 |
|
|
Lincoln National Corp. |
|
1,925 |
|
53,015 |
|
|
MGIC Investment Corp.(a) |
|
3,330 |
|
66,234 |
|
|
Old Republic International Corp. |
|
2,991 |
|
86,619 |
|
|
Primerica, Inc. |
|
481 |
|
117,970 |
|
|
Reinsurance Group of America, Inc. |
|
892 |
|
157,750 |
|
|
RLI Corp. |
|
535 |
|
78,351 |
|
|
Ryan Specialty Holdings, Inc.(a) |
|
3,254 |
|
170,445 |
|
|
Selective Insurance Group, Inc.(a) |
|
748 |
|
78,151 |
|
|
The Hanover Insurance Group, Inc. |
|
522 |
|
68,627 |
|
|
Unum Group |
|
2,404 |
|
118,878 |
|
|
|
|
|
|
2,796,417 |
|
|
Internet — 0.9% |
|
|
|||
|
Chewy, Inc. - Class A(b) |
|
2,073 |
|
36,568 |
|
|
F5, Inc.(b) |
|
920 |
|
172,242 |
|
|
IAC, Inc.(b) |
|
988 |
|
56,118 |
|
|
Robinhood Markets, Inc. - Class A(b) |
|
11,130 |
|
181,531 |
|
|
Roku, Inc.(b) |
|
1,324 |
|
83,650 |
|
|
Ziff Davis, Inc.(a)(b) |
|
873 |
|
60,027 |
|
|
Zillow Group, Inc. - Class C(a)(b) |
|
1,959 |
|
109,998 |
|
|
|
|
|
|
700,134 |
|
|
Iron & Steel — 0.8% |
|
|
|||
|
ATI, Inc.(a)(b) |
|
4,897 |
|
240,835 |
|
|
Cleveland-Cliffs, Inc.(b) |
|
6,948 |
|
144,518 |
|
|
Commercial Metals Co. |
|
2,229 |
|
120,366 |
|
|
United States Steel Corp. |
|
2,853 |
|
135,061 |
|
|
|
|
|
|
640,780 |
|
|
Leisure Time — 1.0% |
|
|
|||
|
Brunswick Corp.(a) |
|
1,044 |
|
91,246 |
|
|
Harley-Davidson, Inc. |
|
2,036 |
|
73,846 |
|
|
Norwegian Cruise Line Holdings Ltd.(b) |
|
16,343 |
|
316,891 |
|
|
Planet Fitness, Inc. - Class A(b) |
|
2,452 |
|
152,146 |
|
|
Polaris, Inc.(a) |
|
750 |
|
69,533 |
|
|
YETI Holdings, Inc.(b) |
|
1,136 |
|
46,621 |
|
|
|
|
|
|
750,283 |
|
|
Lodging — 1.2% |
|
|
|||
|
Boyd Gaming Corp. |
|
1,304 |
|
86,234 |
|
|
Choice Hotels International, Inc. |
|
855 |
|
95,709 |
|
|
Hilton Grand Vacations, Inc.(b) |
|
3,402 |
|
152,682 |
|
|
Hyatt Hotels Corp. - Class A |
|
1,822 |
|
279,840 |
|
|
Wyndham Hotels & Resorts, Inc.(b) |
|
1,070 |
|
81,909 |
|
|
Wynn Resorts Ltd. |
|
1,894 |
|
199,248 |
|
|
|
|
|
|
895,622 |
|
SoFi Next 500 ETF
|
22 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Machinery — Construction & Mining — 1.0% |
|
|
|||
|
BWX Technologies, Inc. |
|
1,090 |
|
$109,905 |
|
|
Oshkosh Corp. |
|
908 |
|
100,661 |
|
|
Vertiv Holdings Co. - Class A |
|
8,500 |
|
574,770 |
|
|
|
|
|
|
785,336 |
|
|
Machinery — Diversified — 2.1% |
|
|
|||
|
AGCO Corp. |
|
1,090 |
|
119,573 |
|
|
Applied Industrial Technologies, Inc. |
|
581 |
|
110,326 |
|
|
Chart Industries, Inc.(a)(b) |
|
1,168 |
|
166,860 |
|
|
Cognex Corp. |
|
2,086 |
|
82,293 |
|
|
Crane Co. |
|
747 |
|
90,805 |
|
|
Flowserve Corp. |
|
1,735 |
|
73,425 |
|
|
Gates Industrial Corp. PLC(b) |
|
3,318 |
|
48,841 |
|
|
Graco, Inc. |
|
2,008 |
|
183,250 |
|
|
Nordson Corp. |
|
754 |
|
200,301 |
|
|
The Middleby Corp.(b) |
|
820 |
|
124,771 |
|
|
The Toro Co. |
|
1,527 |
|
140,957 |
|
|
Watts Water Technologies, Inc. - Class A |
|
363 |
|
74,034 |
|
|
Zurn Elkay Water Solutions Corp.(a) |
|
4,152 |
|
131,826 |
|
|
|
|
|
|
1,547,262 |
|
|
Media — 0.8% |
|
|
|||
|
Cable One, Inc. |
|
64 |
|
29,184 |
|
|
Endeavor Group Holdings, Inc. - Class A(a) |
|
5,510 |
|
132,516 |
|
|
Fox Corp. - Class A |
|
3,882 |
|
115,645 |
|
|
News Corp. - Class A |
|
4,773 |
|
128,298 |
|
|
Nexstar Media Group, Inc. - Class A(a) |
|
502 |
|
83,417 |
|
|
The New York Times Co. - Class A |
|
2,173 |
|
96,220 |
|
|
|
|
|
|
585,280 |
|
|
Metal Fabricate & Hardware — 0.9% |
|
|
|||
|
Advanced Drainage Systems, Inc. |
|
1,523 |
|
248,615 |
|
|
RBC Bearings, Inc.(a)(b) |
|
1,006 |
|
274,466 |
|
|
The Timken Co. |
|
1,022 |
|
85,838 |
|
|
Valmont Industries, Inc. |
|
341 |
|
72,268 |
|
|
|
|
|
|
681,187 |
|
|
Mining — 0.4% |
|
|
|||
|
Alcoa Corp. |
|
4,620 |
|
125,710 |
|
|
MP Materials Corp.(a)(b) |
|
5,656 |
|
86,028 |
|
|
Royal Gold, Inc. |
|
769 |
|
78,922 |
|
|
|
|
|
|
290,660 |
|
|
Miscellaneous Manufacturers — 1.1% |
|
|
|||
|
A.O. Smith Corp. |
|
1,655 |
|
137,200 |
|
|
Carlisle Companies, Inc. |
|
1,214 |
|
424,900 |
|
|
Donaldson Co., Inc. |
|
1,534 |
|
109,865 |
|
|
ITT, Inc. |
|
1,130 |
|
142,538 |
|
|
|
|
|
814,503 |
||
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Oil & Gas — 7.8% |
|
|
|||
|
Antero Resources Corp.(b) |
|
14,203 |
|
$365,017 |
|
|
APA Corp.(a) |
|
9,217 |
|
274,574 |
|
|
Chesapeake Energy Corp.(a) |
|
3,798 |
|
314,398 |
|
|
Chord Energy Corp.(a) |
|
2,658 |
|
431,792 |
|
|
Civitas Resources, Inc.(a) |
|
4,958 |
|
340,515 |
|
|
EQT Corp. |
|
13,125 |
|
487,594 |
|
|
Helmerich & Payne, Inc. |
|
4,736 |
|
181,815 |
|
|
HF Sinclair Corp. |
|
10,009 |
|
555,501 |
|
|
Matador Resources Co.(a) |
|
3,945 |
|
249,127 |
|
|
Murphy Oil Corp. |
|
8,331 |
|
330,491 |
|
|
Noble Corp. PLC(a) |
|
4,801 |
|
200,730 |
|
|
Ovintiv, Inc.(a) |
|
6,127 |
|
302,735 |
|
|
PBF Energy, Inc. - Class A |
|
7,490 |
|
349,783 |
|
|
Range Resources Corp. |
|
6,585 |
|
208,218 |
|
|
Southwestern Energy Co.(b) |
|
72,159 |
|
502,949 |
|
|
Texas Pacific Land Corp.(a) |
|
179 |
|
282,000 |
|
|
Transocean Ltd.(b) |
|
10,199 |
|
47,833 |
|
|
Weatherford International PLC(b) |
|
3,801 |
|
390,020 |
|
|
|
|
|
|
5,815,092 |
|
|
Oil & Gas Services — 0.5% |
|
|
|||
|
ChampionX Corp.(a) |
|
4,234 |
|
131,508 |
|
|
NOV, Inc. |
|
13,900 |
|
234,910 |
|
|
|
|
|
|
366,418 |
|
|
Other Financial Investment Activities — 0.4% |
|
|
|||
|
SoFi Technologies, Inc.(a)(b) |
|
30,435 |
|
273,306 |
|
|
Packaging & Containers — 1.5% |
|
|
|||
|
AptarGroup, Inc. |
|
826 |
|
116,020 |
|
|
Berry Global Group, Inc.(a) |
|
1,585 |
|
92,263 |
|
|
Crown Holdings, Inc. |
|
2,427 |
|
185,957 |
|
|
Graphic Packaging Holding Co. |
|
7,392 |
|
191,822 |
|
|
Sealed Air Corp. |
|
1,968 |
|
68,624 |
|
|
Silgan Holdings, Inc. |
|
1,741 |
|
76,447 |
|
|
Sonoco Products Co. |
|
4,142 |
|
234,769 |
|
|
Westrock Co. |
|
3,648 |
|
165,218 |
|
|
|
|
|
|
1,131,120 |
|
|
Pharmaceuticals — 1.8% |
|
|
|||
|
Alkermes PLC(b) |
|
1,510 |
|
44,832 |
|
|
BellRing Brands, Inc.(b) |
|
3,234 |
|
184,176 |
|
|
Elanco Animal Health, Inc.(b) |
|
15,170 |
|
241,052 |
|
|
Henry Schein, Inc.(b) |
|
1,704 |
|
130,305 |
|
|
Jazz Pharmaceuticals PLC(b) |
|
2,428 |
|
288,689 |
|
|
Neurocrine Biosciences, Inc.(b) |
|
2,306 |
|
300,703 |
|
|
Option Care Health, Inc.(b) |
|
2,361 |
|
76,189 |
|
|
Organon & Co. |
|
2,874 |
|
50,036 |
|
|
Perrigo Co. PLC(a) |
|
2,977 |
|
78,176 |
|
|
|
|
|
|
1,394,158 |
|
SoFi Next 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
23 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
|
|
||
|
Pipelines — 0.7% |
|
|
|||
|
Antero Midstream Corp. |
|
6,280 |
|
$84,152 |
|
|
DT Midstream, Inc.(a) |
|
1,420 |
|
81,835 |
|
|
New Fortress Energy, Inc.(a) |
|
9,738 |
|
342,290 |
|
|
|
|
|
|
508,277 |
|
|
Private Equity — 0.2% |
|
|
|||
|
The Carlyle Group, Inc.(a) |
|
3,976 |
|
182,300 |
|
|
Real Estate — 0.3% |
|
|
|||
|
Howard Hughes Holdings, Inc.(b) |
|
926 |
|
70,746 |
|
|
Jones Lang LaSalle, Inc.(b) |
|
621 |
|
118,139 |
|
|
|
|
|
|
188,885 |
|
|
Retail — 3.6% |
|
|
|||
|
Academy Sports & Outdoors, Inc.(a) |
|
923 |
|
68,967 |
|
|
Advance Auto Parts, Inc.(a) |
|
704 |
|
47,548 |
|
|
Asbury Automotive Group, Inc.(a)(b) |
|
550 |
|
114,857 |
|
|
AutoNation, Inc.(a)(b) |
|
572 |
|
85,686 |
|
|
Bath & Body Works, Inc. |
|
2,661 |
|
121,608 |
|
|
BJ’s Wholesale Club Holdings, Inc.(b) |
|
1,977 |
|
144,400 |
|
|
Casey’s General Stores, Inc. |
|
629 |
|
191,523 |
|
|
Dick’s Sporting Goods, Inc.(a) |
|
741 |
|
131,816 |
|
|
FirstCash Holdings, Inc. |
|
1,160 |
|
132,820 |
|
|
Five Below, Inc.(a)(b) |
|
767 |
|
153,922 |
|
|
Floor & Decor Holdings, Inc. - Class A(b) |
|
1,700 |
|
205,903 |
|
|
GameStop Corp. - Class A(a)(b) |
|
4,955 |
|
70,708 |
|
|
Lithia Motors, Inc.(a) |
|
413 |
|
123,512 |
|
|
Macy’s, Inc.(a) |
|
3,600 |
|
62,784 |
|
|
MSC Industrial Direct Co., Inc. - Class A(a) |
|
737 |
|
74,393 |
|
|
Murphy USA, Inc.(a) |
|
375 |
|
156,379 |
|
|
Penske Automotive Group, Inc.(a) |
|
977 |
|
149,970 |
|
|
RH(b) |
|
235 |
|
64,484 |
|
|
Texas Roadhouse, Inc. |
|
944 |
|
141,005 |
|
|
The Gap, Inc. |
|
4,704 |
|
89,094 |
|
|
The Wendy’s Co. |
|
2,902 |
|
52,555 |
|
|
Williams-Sonoma, Inc.(a) |
|
892 |
|
210,092 |
|
|
Wingstop, Inc.(a) |
|
432 |
|
151,654 |
|
|
|
|
|
|
2,745,680 |
|
|
Savings & Loans — 0.1% |
|
|
|||
|
New York Community Bancorp, Inc.(a) |
|
12,115 |
|
58,030 |
|
|
TFS Financial Corp. |
|
4,326 |
|
55,157 |
|
|
|
|
|
|
113,187 |
|
|
Semiconductors — 2.5% |
|
|
|||
|
Allegro MicroSystems, Inc.(a)(b) |
|
4,095 |
|
128,952 |
|
|
Amkor Technology, Inc. |
|
3,644 |
|
113,037 |
|
|
Cirrus Logic, Inc.(b) |
|
956 |
|
87,780 |
|
|
Entegris, Inc.(a) |
|
2,865 |
|
384,941 |
|
|
IPG Photonics Corp.(b) |
|
587 |
|
50,687 |
|
|
Lattice Semiconductor Corp.(a)(b) |
|
3,180 |
|
243,620 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
|
|
||
|
Semiconductors — 2.5% (Continued) |
|
|
|||
|
MACOM Technology Solutions Holdings, Inc.(a)(b) |
|
1,163 |
|
$102,728 |
|
|
MKS Instruments, Inc.(a) |
|
872 |
|
107,047 |
|
|
Power Integrations, Inc.(a) |
|
600 |
|
42,876 |
|
|
Rambus, Inc.(b) |
|
5,060 |
|
299,754 |
|
|
Silicon Laboratories, Inc.(a)(b) |
|
1,202 |
|
165,323 |
|
|
Synaptics, Inc.(b) |
|
764 |
|
76,476 |
|
|
Wolfspeed, Inc.(a)(b) |
|
3,595 |
|
93,542 |
|
|
|
|
|
|
1,896,763 |
|
|
Shipbuilding — 0.2% |
|
|
|||
|
Huntington Ingalls Industries, Inc. |
|
584 |
|
170,306 |
|
|
Software — 7.1% |
|
|
|||
|
AppLovin Corp. - Class A(b) |
|
3,267 |
|
195,105 |
|
|
Bentley Systems, Inc. - Class B(a) |
|
4,543 |
|
233,374 |
|
|
BILL Holdings, Inc.(a)(b) |
|
3,622 |
|
229,381 |
|
|
BlackLine, Inc.(b) |
|
2,078 |
|
117,885 |
|
|
CCC Intelligent Solutions Holdings, Inc.(b) |
|
17,841 |
|
208,918 |
|
|
Concentrix Corp.(a) |
|
868 |
|
62,887 |
|
|
Confluent, Inc. - Class A(b) |
|
5,027 |
|
170,264 |
|
|
Dayforce, Inc.(a)(b) |
|
3,303 |
|
230,417 |
|
|
DigitalOcean Holdings, Inc.(a)(b) |
|
4,752 |
|
180,196 |
|
|
DoubleVerify Holdings, Inc.(a)(b) |
|
4,000 |
|
123,560 |
|
|
Doximity, Inc. - Class A(a)(b) |
|
1,800 |
|
50,814 |
|
|
Dropbox, Inc. - Class A(b) |
|
4,303 |
|
103,057 |
|
|
Duolingo, Inc.(b) |
|
830 |
|
198,370 |
|
|
Dynatrace, Inc.(b) |
|
11,533 |
|
571,460 |
|
|
Elastic NV(b) |
|
2,047 |
|
273,909 |
|
|
Five9, Inc.(b) |
|
1,702 |
|
103,822 |
|
|
Guidewire Software, Inc.(b) |
|
1,259 |
|
150,249 |
|
|
Informatica, Inc. - Class A(a)(b) |
|
7,448 |
|
242,656 |
|
|
Manhattan Associates, Inc.(b) |
|
888 |
|
224,957 |
|
|
Nutanix, Inc. - Class A(b) |
|
4,259 |
|
268,998 |
|
|
Paycor HCM, Inc.(a)(b) |
|
3,923 |
|
82,854 |
|
|
Pegasystems, Inc. |
|
865 |
|
56,260 |
|
|
Procore Technologies, Inc.(b) |
|
2,895 |
|
225,897 |
|
|
SentinelOne, Inc. - Class A(a)(b) |
|
8,035 |
|
226,346 |
|
|
Smartsheet, Inc. - Class A(b) |
|
3,074 |
|
129,754 |
|
|
SPS Commerce, Inc.(b) |
|
589 |
|
109,059 |
|
|
Teradata Corp.(b) |
|
2,121 |
|
79,792 |
|
|
UiPath, Inc. - Class A(b) |
|
11,377 |
|
270,204 |
|
|
Workiva, Inc.(b) |
|
662 |
|
57,011 |
|
|
ZoomInfo Technologies, Inc.(a)(b) |
|
8,872 |
|
148,695 |
|
|
|
|
|
|
5,326,151 |
|
|
Telecommunications — 0.7% |
|
|
|||
|
Ciena Corp.(b) |
|
2,246 |
|
127,977 |
|
|
Frontier Communications Parent, Inc.(a)(b) |
|
2,230 |
|
52,806 |
|
|
GCI Liberty, Inc. Escrow(b)(c) |
|
806 |
|
0 |
|
SoFi Next 500 ETF
|
24 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 93.8% (Continued) |
|
||||
|
Telecommunications — 0.7% (Continued) |
|
|
|||
|
Iridium Communications, Inc. |
|
3,058 |
|
$88,529 |
|
|
Juniper Networks, Inc. |
|
6,125 |
|
226,809 |
|
|
|
|
|
|
496,121 |
|
|
Toys, Games & Hobbies — 0.2% |
|
|
|||
|
Hasbro, Inc.(a) |
|
1,644 |
|
82,677 |
|
|
Mattel, Inc.(b) |
|
3,856 |
|
75,963 |
|
|
|
|
|
|
158,640 |
|
|
Transportation — 0.7% |
|
|
|||
|
Knight-Swift Transportation Holdings, Inc. |
|
2,337 |
|
131,667 |
|
|
Landstar System, Inc. |
|
470 |
|
89,394 |
|
|
Saia, Inc.(a)(b) |
|
383 |
|
220,378 |
|
|
XPO, Inc.(b) |
|
975 |
|
117,312 |
|
|
|
|
|
|
558,751 |
|
|
Water — 0.2% |
|
|
|||
|
Essential Utilities, Inc.(a) |
|
4,128 |
|
143,572 |
|
|
Total Common Stocks (Cost $61,059,742) |
|
70,855,687 |
|
||
|
Real Estate Investment Trusts — 5.9% |
|
||||
|
AGNC Investment Corp.(a) |
|
9,913 |
|
94,768 |
|
|
Agree Realty Corp.(a) |
|
1,500 |
|
82,425 |
|
|
American Homes 4 Rent - Class A |
|
4,950 |
|
183,200 |
|
|
Americold Realty Trust, Inc. |
|
6,746 |
|
170,674 |
|
|
Annaly Capital Management, Inc.(a) |
|
17,785 |
|
339,515 |
|
|
Apartment Income REIT Corp. |
|
2,015 |
|
61,095 |
|
|
Boston Properties, Inc.(a) |
|
2,322 |
|
150,280 |
|
|
Brixmor Property Group, Inc. |
|
3,922 |
|
88,676 |
|
|
Camden Property Trust(a) |
|
1,805 |
|
170,536 |
|
|
Cousins Properties, Inc. |
|
1,867 |
|
42,586 |
|
|
CubeSmart |
|
3,751 |
|
163,581 |
|
|
EastGroup Properties, Inc. |
|
624 |
|
109,631 |
|
|
Equity LifeStyle Properties, Inc. |
|
2,634 |
|
177,321 |
|
|
Federal Realty Investment Trust |
|
1,168 |
|
117,793 |
|
|
First Industrial Realty Trust, Inc. |
|
1,771 |
|
93,863 |
|
|
Gaming and Leisure Properties, Inc. |
|
3,751 |
|
170,595 |
|
|
Healthcare Realty Trust, Inc. |
|
4,965 |
|
68,418 |
|
|
Independence Realty Trust, Inc.(a) |
|
8,506 |
|
124,528 |
|
|
Kilroy Realty Corp. |
|
1,823 |
|
69,073 |
|
|
Kimco Realty Corp. |
|
12,585 |
|
248,680 |
|
|
Kite Realty Group Trust |
|
8,136 |
|
174,192 |
|
|
Lamar Advertising Co. - Class A |
|
1,294 |
|
143,052 |
|
|
Medical Properties Trust, Inc.(a) |
|
8,543 |
|
35,966 |
|
|
National Storage Affiliates Trust(a) |
|
1,771 |
|
63,420 |
|
|
NNN REIT, Inc.(a) |
|
2,360 |
|
96,028 |
|
|
Omega Healthcare Investors, Inc. |
|
2,108 |
|
65,601 |
|
|
Rayonier, Inc.(a) |
|
1,583 |
|
54,503 |
|
|
Realty Income Corp. |
|
1,730 |
|
90,150 |
|
|
|
|
Shares |
|
Value |
|
|
Real Estate Investment Trusts — 5.9% (Continued) |
|
||||
|
Regency Centers Corp. |
|
2,300 |
|
$142,485 |
|
|
Rexford Industrial Realty, Inc. |
|
3,976 |
|
202,299 |
|
|
Rithm Capital Corp. |
|
5,414 |
|
58,688 |
|
|
Ryman Hospitality Properties, Inc. |
|
2,088 |
|
247,386 |
|
|
STAG Industrial, Inc.(a) |
|
2,420 |
|
89,879 |
|
|
Starwood Property Trust, Inc.(a) |
|
6,524 |
|
133,024 |
|
|
Terreno Realty Corp. |
|
1,503 |
|
96,643 |
|
|
Total Real Estate Investment Trusts (Cost $4,647,099) |
|
4,420,554 |
|
||
|
Short-Term Investments — 27.8% |
|
||||
|
Investments Purchased with Collateral from Securities Lending — 27.6% |
|
||||
|
Mount Vernon Liquid Assets Portfolio, LLC, 5.51%(d) |
|
20,824,955 |
|
20,824,955 |
|
|
Money Market Funds — 0.2% |
|
|
|
|
|
|
First American Government Obligations Fund - Class X, 5.23%(d) |
|
171,752 |
|
171,752 |
|
|
Total Short-Term Investments (Cost $20,996,707) |
|
20,996,707 |
|
||
|
Total Investments — 127.5% (Cost $86,703,548) |
|
$96,272,948 |
|
||
|
Liabilities in Excess of Other Assets — (27.5)% |
|
(20,753,408 |
) |
||
|
Total Net Assets — 100.0% |
|
|
|
$75,519,540 |
|
Percentages are stated as a percent of net assets.
PLC - Public Limited Company
(a)All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $20,539,039 which represented 27.2% of net assets.
(b)Non-income producing security.
(c)Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of February 29, 2024.
(d)The rate shown represents the 7-day effective yield as of February 29, 2024.
SoFi Social 50 ETF
|
The accompanying notes are an integral part of these financial statements. |
25 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 |
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.8% |
|
|
|
|
|
|
Aerospace & Defense — 0.9% |
|
|
|||
|
The Boeing Co.(a)(b) |
|
733 |
|
$149,327 |
|
|
Airlines — 1.1% |
|
|
|||
|
American Airlines Group, Inc.(a)(b) |
|
5,195 |
|
81,458 |
|
|
Delta Air Lines, Inc. |
|
2,718 |
|
114,889 |
|
|
|
|
|
|
196,347 |
|
|
Apparel — 0.4% |
|
|
|||
|
Nike, Inc. - Class B(b) |
|
595 |
|
61,838 |
|
|
Auto Manufacturers — 15.7% |
|
|
|||
|
Ford Motor Co. |
|
20,145 |
|
250,604 |
|
|
Lucid Group, Inc.(a)(b) |
|
43,558 |
|
143,741 |
|
|
NIO, Inc. - ADR(a)(b) |
|
24,966 |
|
143,555 |
|
|
Rivian Automotive, Inc. - Class A(a)(b) |
|
46,425 |
|
525,531 |
|
|
Tesla, Inc.(a) |
|
8,192 |
|
1,653,802 |
|
|
|
|
|
|
2,717,233 |
|
|
Banks — 2.1% |
|
|
|||
|
NU Holdings Ltd./Cayman Islands - Class A(a) |
|
33,021 |
|
365,873 |
|
|
Beverages — 1.0% |
|
|
|||
|
The Coca-Cola Co. |
|
2,789 |
|
167,396 |
|
|
Biotechnology — 0.4% |
|
|
|||
|
Moderna, Inc.(a)(b) |
|
664 |
|
61,247 |
|
|
Commercial Services — 3.0% |
|
|
|||
|
Block, Inc.(a) |
|
2,530 |
|
201,059 |
|
|
PayPal Holdings, Inc.(a) |
|
5,361 |
|
323,483 |
|
|
|
|
|
|
524,542 |
|
|
Computers — 4.3% |
|
|
|||
|
Apple, Inc. |
|
4,143 |
|
748,847 |
|
|
Diversified Financial Services — 3.1% |
|
|
|||
|
Coinbase Global, Inc. - Class A(a)(b) |
|
2,669 |
|
543,302 |
|
|
Entertainment — 1.6% |
|
|
|||
|
AMC Entertainment Holdings, Inc.(a)(b) |
|
20,399 |
|
88,124 |
|
|
DraftKings, Inc. - Class A(a)(b) |
|
4,186 |
|
181,337 |
|
|
|
|
|
|
269,461 |
|
|
Food — 0.1% |
|
|
|||
|
Beyond Meat, Inc.(a)(b) |
|
1,413 |
|
15,105 |
|
|
Insurance — 3.0% |
|
|
|||
|
Berkshire Hathaway, Inc. - Class B(a)(b) |
|
1,284 |
|
525,670 |
|
|
Internet — 19.9% |
|
|
|||
|
Airbnb, Inc. - Class A(a)(b) |
|
1,009 |
|
158,887 |
|
|
Alibaba Group Holding Ltd. - ADR(b) |
|
3,098 |
|
229,345 |
|
|
Alphabet, Inc. - Class A(a) |
|
5,493 |
|
760,561 |
|
|
Amazon.com, Inc.(a) |
|
4,672 |
|
825,823 |
|
|
Maplebear, Inc.(a)(b) |
|
2,846 |
|
92,609 |
|
|
|
|
Shares |
|
Value |
|
|
Common Stocks — 99.8% (Continued) |
|
|
|
||
|
Internet — 19.9% (Continued) |
|
|
|||
|
Meta Platforms, Inc. - Class A |
|
1,582 |
|
$775,386 |
|
|
Netflix, Inc.(a) |
|
436 |
|
262,873 |
|
|
Shopify, Inc. - Class A(a)(b) |
|
3,743 |
|
285,853 |
|
|
Snap, Inc. - Class A(a) |
|
3,742 |
|
41,237 |
|
|
|
|
|
|
3,432,574 |
|
|
Leisure Time — 1.0% |
|
|
|||
|
Carnival Corp.(a)(b) |
|
9,606 |
|
152,351 |
|
|
Virgin Galactic Holdings, Inc.(a) |
|
13,565 |
|
23,603 |
|
|
|
|
|
|
175,954 |
|
|
Media — 3.4% |
|
|
|||
|
The Walt Disney Co. |
|
4,993 |
|
557,119 |
|
|
Warner Bros Discovery, Inc.(a)(b) |
|
3,643 |
|
32,022 |
|
|
|
|
|
|
589,141 |
|
|
Oil & Gas — 1.1% |
|
|
|||
|
Exxon Mobil Corp.(b) |
|
1,824 |
|
190,644 |
|
|
Pharmaceuticals — 1.8% |
|
|
|||
|
Johnson & Johnson |
|
766 |
|
123,617 |
|
|
Pfizer, Inc. |
|
5,743 |
|
152,534 |
|
|
Tilray Brands, Inc.(a)(b) |
|
23,073 |
|
39,916 |
|
|
|
|
|
|
316,067 |
|
|
Retail — 5.5% |
|
|
|||
|
Costco Wholesale Corp. |
|
567 |
|
421,785 |
|
|
GameStop Corp. - Class A(a)(b) |
|
9,249 |
|
131,983 |
|
|
Starbucks Corp. |
|
1,069 |
|
101,448 |
|
|
Target Corp.(b) |
|
1,053 |
|
161,025 |
|
|
Walmart, Inc. |
|
2,237 |
|
131,111 |
|
|
|
|
|
|
947,352 |
|
|
Semiconductors — 20.0% |
|
|
|||
|
Advanced Micro Devices, Inc.(a)(b) |
|
3,302 |
|
635,734 |
|
|
ARM Holdings PLC - ADR(a)(b) |
|
4,655 |
|
656,540 |
|
|
Intel Corp. |
|
4,306 |
|
185,373 |
|
|
NVIDIA Corp. |
|
2,506 |
|
1,982,548 |
|
|
|
|
|
|
3,460,195 |
|
|
Software — 9.2% |
|
|
|||
|
Microsoft Corp. |
|
1,931 |
|
798,738 |
|
|
Palantir Technologies, Inc. - Class A(a) |
|
29,937 |
|
750,820 |
|
|
Zoom Video Communications, Inc. - Class A(a) |
|
561 |
|
39,680 |
|
|
|
|
|
|
1,589,238 |
|
|
Telecommunications — 1.2% |
|
|
|||
|
AT&T, Inc. |
|
12,638 |
|
213,961 |
|
|
Total Common Stocks (Cost $14,949,394) |
|
17,261,314 |
|
||
SoFi Social 50 ETF
|
26 |
The accompanying notes are an integral part of these financial statements. |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 (Continued) |
|
|
|
Shares |
|
Value |
|
|
Short-Term Investments — 22.4% |
|
|
|
|
|
|
Investments Purchased with Collateral from Securities Lending — 22.3% |
|||||
|
Mount Vernon Liquid Assets Portfolio, LLC, 4.93%(c) |
|
3,852,970 |
|
$3,852,970 |
|
|
Money Market Funds — 0.1% |
|
|
|
|
|
|
First American Government Obligations Fund - Class X, 5.23%(c) |
|
16,459 |
|
16,459 |
|
|
Total Short-Term Investments (Cost $3,869,429) |
|
3,869,429 |
|
||
|
Total Investments — 122.2% (Cost $18,818,823) |
|
$21,130,743 |
|
||
|
Liabilities in Excess of Other Assets — (22.2)% |
|
(3,835,186 |
) |
||
|
Total Net Assets — 100.0% |
|
|
|
$17,295,557 |
|
Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt
PLC - Public Limited Company
(a)Non-income producing security.
(b)All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $3,764,653 which represented 21.8% of net assets.
(c)The rate shown represents the 7-day effective yield as of February 29, 2024.
SoFi Enhanced Yield ETF
|
The accompanying notes are an integral part of these financial statements. |
27 |
|
SCHEDULE OF INVESTMENTS as of February 29, 2024 |
|
|
|
Par |
|
Value |
|
|
U.S. Treasury Obligations — 71.0% |
|
||||
|
United States Treasury Note/Bond |
|
||||
|
0.38%, 08/15/2024 |
|
$2,275,500 |
|
$2,225,507 |
|
|
4.50%, 11/30/2024 |
|
2,695,000 |
|
2,680,570 |
|
|
3.88%, 03/31/2025 |
|
2,241,500 |
|
2,215,101 |
|
|
Total U.S. Treasury Obligations (Cost $7,128,535) |
|
7,121,178 |
|
||
|
|
|
Notional |
|
Contracts |
|
Value |
|
|
Options Purchased — 0.7%(a)(b) |
|
||||||
|
Put Options — 0.7% |
|
|
|
|
|
||
|
S&P 500 Index, Expiration: 03/08/2024; Exercise Price: $4,400.00(c) |
|
815,403,200 |
|
1,600 |
|
72,000 |
|
|
Total Options Purchased (Cost $394,914) |
|
72,000 |
|
||||
|
|
|
Shares |
|
Value |
|
|
Short-Term Investments — 22.7% |
|
|
|
|
|
|
Money Market Funds — 0.5% |
|
|
|
|
|
|
First American Government Obligations Fund - Class X, 5.23%(d) |
|
50,651 |
|
50,651 |
|
|
|
|
Par |
|
Value |
|
|
U.S. Treasury Bills — 22.2% |
|
|
|
|
|
|
5.09%, 05/09/2024(e) |
|
2,253,500 |
|
2,230,824 |
|
|
Total Short-Term Investments (Cost $2,282,605) |
|
2,281,475 |
|
||
|
|
|
|
|
|
|
|
Total Investments — 94.4% (Cost $9,806,054) |
|
$9,474,653 |
|
||
|
Other Assets in Excess of Liabilities — 5.6% |
|
554,415 |
|
||
|
Total Net Assets — 100.0% |
|
|
|
$10,029,068 |
|
Percentages are stated as a percent of net assets.
(a)Exchange-traded.
(b)100 shares per contract.
(c)Held in connection with written option contracts. See Schedule of Options Written for further information.
(d)The rate shown represents the annualized seven-day effective yield as of February 29, 2024.
(e)The rate shown is the effective yield.
SoFi Enhanced Yield ETF
|
28 |
The accompanying notes are an integral part of these financial statements. |
|
|
|
Notional |
|
Contracts |
|
Value |
|
|
Options Written — (0.7)% (a)(b) |
|
||||||
|
Put Options — (0.7)% |
|
|
|
|
|
|
|
|
S&P 500 Index, Expiration: 03/08/2024; Exercise Price: $4,450.00 |
|
$(815,403,200 |
) |
(1,600 |
) |
$(76,000 |
) |
|
Total Options Written (Premiums received $441,250) |
|
(76,000 |
) |
||||
(a)Exchange-traded.
(b)100 shares per contract.
SoFi Funds
|
The accompanying notes are an integral part of these financial statements. |
29 |
|
|
|
SoFi Select 500 ETF |
|
SoFi Next |
|
SoFi Social |
|
SoFi Enhanced Yield ETF |
|
|
|
|||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
Investments in securities, at value (Note 2)(1) |
|
$706,823,611 |
|
$96,272,948 |
|
$21,130,743 |
|
$9,474,653 |
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
|
Fund shares sold |
|
897,605 |
|
— |
|
316,268 |
|
501,448 |
|
|
Dividends and interest |
|
946,125 |
|
68,222 |
|
15,779 |
|
67,890 |
|
|
Securities lending income, net (Note 5) |
|
8,686 |
|
3,325 |
|
2,071 |
|
— |
|
|
Collateral at broker for options written |
|
— |
|
— |
|
— |
|
64,378 |
|
|
Variable fee |
|
— |
|
— |
|
— |
|
100 |
|
|
Total assets |
|
708,676,027 |
|
96,344,495 |
|
21,464,861 |
|
10,108,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Collateral received for securities loaned (Note 5) |
|
38,306,536 |
|
20,824,955 |
|
3,852,970 |
|
— |
|
|
Options written (Premiums received of $441,250) (Note 2) |
|
— |
|
— |
|
— |
|
76,000 |
|
|
Payables: |
|
|
|
|
|
|
|
|
|
|
Investment securities purchased |
|
847,130 |
|
— |
|
312,573 |
|
— |
|
|
Management fees, net (Note 4) |
|
— |
|
— |
|
3,761 |
|
3,401 |
|
|
Total liabilities |
|
39,153,666 |
|
20,824,955 |
|
4,169,304 |
|
79,401 |
|
|
Net Assets |
|
$669,522,361 |
|
$75,519,540 |
|
$17,295,557 |
|
$10,029,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Components of Net Assets: |
|
|
|
|
|
|
|
|
|
|
Paid-in capital |
|
$574,391,339 |
|
$77,616,118 |
|
$25,960,974 |
|
$10,032,086 |
|
|
Total distributable (accumulated) earnings (losses) |
|
95,131,022 |
|
(2,096,578 |
) |
(8,665,417 |
) |
(3,018 |
) |
|
Net assets |
|
$669,522,361 |
|
$75,519,540 |
|
$17,295,557 |
|
$10,029,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value (unlimited shares authorized): |
|
|
|
|
|
|
|
|
|
|
Net assets |
|
$669,522,361 |
|
$75,519,540 |
|
$17,295,557 |
|
$10,029,068 |
|
|
Shares of beneficial interest issued and outstanding |
|
37,050,000 |
|
5,650,000 |
|
540,000 |
|
500,000 |
|
|
Net asset value |
|
$18.07 |
|
$13.37 |
|
$32.03 |
|
$20.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of investments |
|
$574,331,167 |
|
$86,703,548 |
|
$18,818,823 |
|
$9,806,054 |
|
(1)Includes loaned securities with value of $37,639,218, $20,539,039, $3,764,653, and $- respectively.
SoFi Funds
|
30 |
The accompanying notes are an integral part of these financial statements. |
|
|
|
SoFi Select |
|
SoFi Next |
|
SoFi Social |
|
SoFi Enhanced Yield ETF |
|
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Period Ended |
|
|
|
|||||||||
|
Investment Income: |
|
|
|
|
|
|
|
|
|
|
Dividend income (net of foreign withholding tax of $25,270, $-, $204, and $-, respectively) |
|
$8,035,645 |
|
$895,205 |
|
$94,027 |
|
$— |
|
|
Securities lending income, net (Note 5) |
|
186,169 |
|
54,908 |
|
155,902 |
|
— |
|
|
Interest income |
|
56,028 |
|
7,004 |
|
1,524 |
|
88,432 |
|
|
Total investment income |
|
8,277,842 |
|
957,117 |
|
251,453 |
|
88,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Management fees (Note 4) |
|
988,068 |
|
114,946 |
|
43,777 |
|
8,682 |
|
|
Total expenses |
|
988,068 |
|
114,946 |
|
43,777 |
|
8,682 |
|
|
Less: Management fee waiver (Note 4) |
|
(988,068 |
) |
(114,946 |
) |
— |
|
— |
|
|
Net expenses |
|
— |
|
— |
|
43,777 |
|
8,682 |
|
|
Net investment income (loss) |
|
8,277,842 |
|
957,117 |
|
207,676 |
|
79,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized and Unrealized Gain (Loss): |
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) on: |
|
|
|
|
|
|
|
|
|
|
Investments |
|
(1,906,697 |
) |
(4,481,998 |
) |
687,344 |
|
(377,633 |
) |
|
Options written |
|
— |
|
— |
|
— |
|
432,243 |
|
|
Change in net unrealized appreciation/depreciation on: |
|
|
|
|
|
|
|
|
|
|
Investments |
|
139,996,156 |
|
12,935,643 |
|
4,287,573 |
|
(331,401 |
) |
|
Options written |
|
— |
|
— |
|
— |
|
365,250 |
|
|
Net realized and unrealized gain (loss) |
|
138,089,459 |
|
8,453,645 |
|
4,974,917 |
|
88,459 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
$146,367,301 |
|
$9,410,762 |
|
$5,182,593 |
|
$168,209 |
|
(1)The Fund commenced operations on November 14, 2023. The information presented is from November 14, 2023 to February 29, 2024.
SoFi Select 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
31 |
|
|
|
Year Ended |
|
Year Ended |
|
|
|
|||||
|
Increase (Decrease) in Net Assets From: |
|
|
|
|
|
|
|
|||||
|
Operations: |
|
|
|
|
|
|
Net investment income (loss) |
|
$8,277,842 |
|
$6,438,218 |
|
|
Net realized gain (loss) |
|
(1,906,697 |
) |
(67,222 |
) |
|
Change in net unrealized appreciation/depreciation |
|
139,996,156 |
|
(43,526,505 |
) |
|
Net increase (decrease) in net assets resulting from operations |
|
146,367,301 |
|
(37,155,509 |
) |
|
|
|
|
|
|
|
|
Distributions to Shareholders: |
|
|
|
|
|
|
Net distributions to shareholders |
|
(7,924,575 |
) |
(5,974,658 |
) |
|
|
|
|
|
|
|
|
Capital Share Transactions: |
|
|
|
|
|
|
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) |
|
105,111,420 |
|
88,452,755 |
|
|
Total increase (decrease) in net assets |
|
243,554,146 |
|
45,322,588 |
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
Beginning of year |
|
425,968,215 |
|
380,645,627 |
|
|
End of year |
|
$669,522,361 |
|
$425,968,215 |
|
(1)Summary of share transactions is as follows:
|
|
|
Year Ended |
|
Year Ended |
|
||||
|
|
|
Shares |
|
Value |
|
Shares |
|
Value |
|
|
Shares sold |
|
9,300,000 |
|
$144,324,855 |
|
8,700,000 |
|
$124,430,655 |
|
|
Shares redeemed |
|
(2,750,000 |
) |
(39,213,435 |
) |
(2,400,000 |
) |
(35,977,900 |
) |
|
Net increase (decrease) |
|
6,550,000 |
|
$105,111,420 |
|
6,300,000 |
|
$88,452,755 |
|
SoFi Next 500 ETF
|
32 |
The accompanying notes are an integral part of these financial statements. |
|
STATEMENTS OF CHANGES IN NET ASSETS |
|
|
|
Year Ended |
|
Year Ended |
|
|
|
|||||
|
Increase (Decrease) in Net Assets From: |
|
|
|
|
|
|
|
|||||
|
Operations: |
|
|
|
|
|
|
Net investment income (loss) |
|
$957,117 |
|
$792,653 |
|
|
Net realized gain (loss) |
|
(4,481,998 |
) |
(1,034,661 |
) |
|
Change in net unrealized appreciation/depreciation |
|
12,935,643 |
|
(3,940,644 |
) |
|
Net increase (decrease) in net assets resulting from operations |
|
9,410,762 |
|
(4,182,652 |
) |
|
|
|
|
|
|
|
|
Distributions to Shareholders: |
|
|
|
|
|
|
Net distributions to shareholders |
|
(974,225 |
) |
(731,180 |
) |
|
|
|
|
|
|
|
|
Capital Share Transactions: |
|
|
|
|
|
|
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) |
|
13,118,510 |
|
9,870,670 |
|
|
Total increase (decrease) in net assets |
|
21,555,047 |
|
4,956,838 |
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
Beginning of year |
|
53,964,493 |
|
49,007,655 |
|
|
End of year |
|
$75,519,540 |
|
$53,964,493 |
|
(1)Summary of share transactions is as follows:
|
|
|
Year Ended |
|
Year Ended |
|
||||
|
|
|
Shares |
|
Value |
|
Shares |
|
Value |
|
|
Shares sold |
|
1,550,000 |
|
$18,142,445 |
|
1,650,000 |
|
$20,037,805 |
|
|
Shares redeemed |
|
(450,000 |
) |
(5,023,935 |
) |
(800,000 |
) |
(10,167,135 |
) |
|
Net increase (decrease) |
|
1,100,000 |
|
$13,118,510 |
|
850,000 |
|
$9,870,670 |
|
SoFi Social 50 ETF
|
The accompanying notes are an integral part of these financial statements. |
33 |
|
|
|
Year Ended |
|
Year Ended |
|
|
|
|||||
|
Increase (Decrease) in Net Assets From: |
|
|
|
|
|
|
|
|||||
|
Operations: |
|
|
|
|
|
|
Net investment income (loss) |
|
$207,676 |
|
$195,435 |
|
|
Net realized gain (loss) |
|
687,344 |
|
(9,102,761 |
) |
|
Change in net unrealized appreciation/depreciation |
|
4,287,573 |
|
3,235,911 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
5,182,593 |
|
(5,671,415 |
) |
|
|
|
|
|
|
|
|
Distributions to Shareholders: |
|
|
|
|
|
|
Net distributions to shareholders |
|
(272,786 |
) |
(142,199 |
) |
|
|
|
|
|
|
|
|
Capital Share Transactions: |
|
|
|
|
|
|
Net increase (decrease) in net assets derived from net changes in outstanding shares(1) |
|
(1,306,504 |
) |
(1,035,785 |
) |
|
Total increase (decrease) in net assets |
|
3,603,303 |
|
(6,849,399 |
) |
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
Beginning of year |
|
13,692,254 |
|
20,541,653 |
|
|
End of year |
|
$17,295,557 |
|
$13,692,254 |
|
(1)Summary of share transactions is as follows:
|
|
|
Year Ended |
|
Year Ended |
|
||||
|
|
|
Shares |
|
Value |
|
Shares |
|
Value |
|
|
Shares sold |
|
230,000 |
|
$6,268,287 |
|
— |
|
$— |
|
|
Shares redeemed |
|
(290,000 |
) |
(7,574,791 |
) |
(50,000 |
) |
(1,035,785 |
) |
|
Net increase (decrease) |
|
(60,000 |
) |
$(1,306,504 |
) |
(50,000 |
) |
$(1,035,785 |
) |
|
STATEMENTS OF CHANGES IN NET ASSETS |
SoFi Enhanced Yield ETF
|
34 |
The accompanying notes are an integral part of these financial statements. |
|
|
|
Period Ended |
|
|
|
|||
|
Increase (Decrease) in Net Assets From: |
|
|
|
|
|
|||
|
Operations: |
|
|
|
|
Net investment income (loss) |
|
$79,750 |
|
|
Net realized gain (loss) |
|
54,610 |
|
|
Change in net unrealized appreciation/depreciation |
|
33,849 |
|
|
Net increase (decrease) in net assets resulting from operations |
|
168,209 |
|
|
|
|
|
|
|
Distributions to Shareholders: |
|
|
|
|
Net distributions to shareholders |
|
(171,227 |
) |
|
|
|
|
|
|
Capital Share Transactions: |
|
|
|
|
Net increase (decrease) in net assets derived from net changes in outstanding shares(2) |
|
10,032,086 |
|
|
Total increase (decrease) in net assets |
|
10,029,068 |
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
Beginning of period |
|
— |
|
|
End of period |
|
$10,029,068 |
|
(1)The Fund commenced operations on November 14, 2023. The information presented is from November 14, 2023 to February 29, 2024.
(2)Summary of share transactions is as follows:
|
|
|
Period Ended |
|
||
|
|
|
Shares |
|
Value |
|
|
Shares sold |
|
500,000 |
|
$10,030,477 |
|
|
Shares redeemed |
|
— |
|
— |
|
|
Variable fees |
|
— |
|
1,609 |
|
|
Net increase (decrease) |
|
500,000 |
|
$10,032,086 |
|
|
STATEMENTS OF CHANGES IN NET ASSETS |
SoFi Select 500 ETF
|
The accompanying notes are an integral part of these financial statements. |
35 |
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Period Ended |
|
|
|
Net asset value, beginning of year/period |
|
$13.97 |
|
$15.73 |
|
$13.94 |
|
$10.38 |
|
$10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(2) |
|
0.25 |
|
0.24 |
|
0.19 |
|
0.18 |
|
0.17 |
|
|
|
Net realized and unrealized gain (loss) on investments(3) |
|
4.09 |
|
(1.79 |
) |
1.76 |
|
3.54 |
|
0.33 |
|
|
|
Total from investment operations |
|
4.34 |
|
(1.55 |
) |
1.95 |
|
3.72 |
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.24 |
) |
(0.21 |
) |
(0.16 |
) |
(0.16 |
) |
(0.12 |
) |
|
|
From net realized gain |
|
— |
|
— |
|
— |
|
(0.00 |
)(7) |
— |
|
|
|
Total distributions |
|
(0.24 |
) |
(0.21 |
) |
(0.16 |
) |
(0.16 |
) |
(0.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year/period |
|
$18.07 |
|
$13.97 |
|
$15.73 |
|
$13.94 |
|
$10.38 |
|
|
|
Total return(5) |
|
31.30 |
% |
(9.78 |
)% |
13.89 |
% |
36.04 |
% |
4.95 |
% |
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios / Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year/period (millions) |
|
$669.5 |
|
$426.0 |
|
$380.6 |
|
$177.1 |
|
$73.7 |
|
|
|
Ratio of expenses to average net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Before management fees waived |
|
0.19 |
% |
0.19 |
% |
0.19 |
% |
0.19 |
% |
0.19 |
% |
(6) |
|
After management fees waived |
|
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
(6) |
|
Ratio of net investment income (loss) to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Before management fees waived |
|
1.40 |
% |
1.48 |
% |
0.96 |
% |
1.25 |
% |
1.60 |
% |
(6) |
|
After management fees waived |
|
1.59 |
% |
1.67 |
% |
1.15 |
% |
1.44 |
% |
1.79 |
% |
(6) |
|
Portfolio turnover rate(8) |
|
16 |
% |
17 |
% |
9 |
% |
26 |
% |
22 |
% |
(4) |
(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)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
(4)Not annualized.
(5)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)Annualized.
(7)Does not round to $0.01 or $(0.01), as applicable.
(8)Excludes the impact of in-kind transactions.
SoFi Next 500 ETF
|
36 |
The accompanying notes are an integral part of these financial statements. |
|
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the year/period |
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Period Ended |
|
|
|
Net asset value, beginning of year/period |
|
$11.86 |
|
$13.25 |
|
$13.31 |
|
$9.62 |
|
$10.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(2) |
|
0.19 |
|
0.19 |
|
0.15 |
|
0.16 |
|
0.13 |
|
|
|
Net realized and unrealized gain (loss) on investments(3) |
|
1.51 |
|
(1.41 |
) |
(0.08 |
) |
3.67 |
|
(0.40 |
) |
|
|
Total from investment operations |
|
1.70 |
|
(1.22 |
) |
0.07 |
|
3.83 |
|
(0.27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.19 |
) |
(0.17 |
) |
(0.13 |
) |
(0.14 |
) |
(0.11 |
) |
|
|
From net realized gain |
|
— |
|
— |
|
— |
|
(0.00 |
)(7) |
— |
|
|
|
Total distributions |
|
(0.19 |
) |
(0.17 |
) |
(0.13 |
) |
(0.14 |
) |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year/period |
|
$13.37 |
|
$11.86 |
|
$13.25 |
|
$13.31 |
|
$9.62 |
|
|
|
Total return(5) |
|
14.47 |
% |
(9.06 |
)% |
0.45 |
% |
40.17 |
% |
(2.84 |
)% |
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios / Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year/period (millions) |
|
$75.5 |
|
$54.0 |
|
$49.0 |
|
$24.6 |
|
$9.1 |
|
|
|
Ratio of expenses to average net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Before management fees waived |
|
0.19 |
% |
0.19 |
% |
0.19 |
% |
0.19 |
% |
0.19 |
% |
(6) |
|
After management fees waived |
|
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
0.00 |
% |
(6) |
|
Ratio of net investment income (loss) to |
|
|
|
|
|
|
|
|
|
|
|
|
|
Before management fees waived |
|
1.39 |
% |
1.43 |
% |
0.85 |
% |
1.29 |
% |
1.29 |
% |
(6) |
|
After management fees waived |
|
1.58 |
% |
1.62 |
% |
1.04 |
% |
1.48 |
% |
1.48 |
% |
(6) |
|
Portfolio turnover rate(8) |
|
31 |
% |
38 |
% |
27 |
% |
53 |
% |
55 |
% |
(4) |
(1) 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)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
(4)Not annualized.
(5)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)Annualized.
(7)Does not round to $0.01 or $(0.01), as applicable.
(8)Excludes the impact of in-kind transactions.
SoFi Social 50 ETF
|
The accompanying notes are an integral part of these financial statements. |
37 |
|
|
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Year Ended |
|
Period Ended |
|
|
|
Net asset value, beginning of year/period |
|
$22.82 |
|
$31.60 |
|
$29.38 |
|
$18.73 |
|
$20.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from Investment Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)(2) |
|
0.37 |
|
0.31 |
|
0.11 |
|
0.12 |
|
0.15 |
|
|
|
Net realized and unrealized gain (loss) on investments(3) |
|
9.35 |
|
(8.86 |
) |
2.21 |
|
10.64 |
|
(1.27 |
) |
|
|
Total from investment operations |
|
9.72 |
|
(8.55 |
) |
2.32 |
|
10.76 |
|
(1.12 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income |
|
(0.51 |
) |
(0.23 |
) |
(0.10 |
) |
(0.11 |
) |
(0.15 |
) |
|
|
Total distributions |
|
(0.51 |
) |
(0.23 |
) |
(0.10 |
) |
(0.11 |
) |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value, end of year/period |
|
$32.03 |
|
$22.82 |
|
$31.60 |
|
$29.38 |
|
$18.73 |
|
|
|
Total return(5) |
|
42.96 |
% |
(26.98 |
)% |
7.85 |
% |
57.67 |
% |
(5.67 |
)% |
(4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios / Supplemental Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of year/period (millions) |
|
$17.3 |
|
$13.7 |
|
$20.5 |
|
$11.8 |
|
$2.8 |
|
|
|
Ratio of expenses to average net assets |
|
0.29 |
% |
0.29 |
% |
0.29 |
% |
0.29 |
% |
0.29 |
% |
(6) |
|
Ratio of net investment income (loss) to |
|
1.38 |
% |
1.24 |
% |
0.31 |
% |
0.52 |
% |
0.92 |
% |
(6) |
|
Portfolio turnover rate(7) |
|
42 |
% |
96 |
% |
62 |
% |
414 |
% |
168 |
% |
(4) |
(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)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
(4)Not annualized.
(5)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)Annualized.
(7)Excludes the impact of in-kind transactions.
|
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the year/period |
SoFi Enhanced Yield ETF
|
38 |
The accompanying notes are an integral part of these financial statements. |
|
|
|
Period Ended |
|
|
Net asset value, beginning of period |
|
$20.00 |
|
|
|
|
|
|
|
Income (Loss) from Investment Operations: |
|
|
|
|
Net investment income (loss)(2) |
|
0.26 |
|
|
Net realized and unrealized gain (loss) on investments(3) |
|
0.26 |
|
|
Total from investment operations |
|
0.52 |
|
|
|
|
|
|
|
Less Distributions: |
|
|
|
|
From net investment income |
|
(0.46 |
) |
|
Total distributions |
|
(0.46 |
) |
|
|
|
|
|
|
Net asset value, end of period |
|
$20.06 |
|
|
Total return(4)(5) |
|
2.64 |
% |
|
|
|
|
|
|
Ratios / Supplemental Data: |
|
|
|
|
Net assets, end of period (millions) |
|
$10.0 |
|
|
Ratio of expenses to average net assets(6) |
|
0.49 |
% |
|
Ratio of net investment income (loss) to average net assets(6) |
|
4.50 |
% |
|
Portfolio turnover rate(4)(7) |
|
8 |
% |
(1)The Fund commenced operations on November 14, 2023. The information presented is from November 14, 2023 to February 29, 2024.
(2)Calculated using average shares outstanding method.
(3)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
(4)Not annualized.
(5)The total return is based on the Fund’s net asset value. Additional performance information is presented in the Performance Summary.
(6)Annualized.
(7)Excludes the impact of in-kind transactions.
|
FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period |
|
39 |
SoFi Funds
|
NOTE 1 – ORGANIZATION |
The SoFi Select 500 ETF, SoFi Next 500 ETF and SoFi Social 50 ETF are diversified series of shares and the SoFi Enhanced Yield ETF is a non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Tidal Investments LLC (f/k/a Toroso Investments, LLC) (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds and ZEGA Financial, LLC (the “Sub-Adviser”) serves as Sub-Adviser to the SoFi Enhanced Yield ETF only. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019, the SoFi Social 50 ETF commenced operations on May 7, 2019, and the SoFi Enhanced Yield ETF commenced operations on November 14, 2023.
The investment objective of the SoFi Select 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index. The investment objective of the SoFi Next 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. The investment objective of the SoFi Social 50 ETF is to seek to track the performance, before fees and expenses, of the SoFi Social 50 Index. The investment objective of the SoFi Enhanced Yield ETF is to seek current income.
|
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES |
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
A.Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Funds are open for business.
Debt securities are valued by using an evaluated mean of the bid and asked prices provided by Independent Pricing Agents. The Independent Pricing Agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.
Options are valued at the mean between the closing bid and ask prices as provided by an independent pricing agent.
Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the net asset value (“NAV”) of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.
|
40 |
SoFi Funds
As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 –Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
Level 2 –Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The following is a summary of the inputs used to value each Fund’s investments and options written as of February 29, 2024:
SoFi Select 500 ETF
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
Common Stocks(d) |
|
$653,284,900 |
|
$— |
|
$— |
|
$653,284,900 |
|
Real Estate Investment Trusts |
|
13,288,121 |
|
— |
|
— |
|
13,288,121 |
|
Contingent Value Rights |
|
— |
|
— |
|
0 |
(a) |
— |
|
Investments Purchased with Collateral from Securities Lending(b) |
|
— |
|
— |
|
— |
|
38,306,536 |
|
Money Market Funds |
|
1,944,054 |
|
— |
|
— |
|
1,944,054 |
|
Total Assets |
|
$668,517,075 |
|
$— |
|
$0 |
|
$706,823,611 |
|
|
|
Contingent Value Rights |
|
|
Balance as of February 28, 2023 |
|
$0 |
(a) |
|
Accrued discounts/premiums |
|
— |
|
|
Realized gain (loss) |
|
— |
|
|
Change in unrealized appreciation/depreciation |
|
— |
|
|
Purchases |
|
— |
|
|
Sales |
|
— |
|
|
Transfer into and/or out of Level 3 |
|
— |
|
|
Balance as of February 29, 2024 |
|
$0 |
|
|
|
|
|
|
|
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at February 29, 2024: |
|
$— |
|
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
41 |
SoFi Funds
SoFi Next 500 ETF
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
Common Stocks(d) |
|
$70,855,687 |
|
$— |
|
$0 |
(c) |
$70,855,687 |
|
Real Estate Investment Trusts |
|
4,420,554 |
|
— |
|
— |
|
4,420,554 |
|
Investments Purchased with Proceeds from Securities Lending(b) |
|
— |
|
— |
|
— |
|
20,824,955 |
|
Money Market Funds |
|
171,752 |
|
— |
|
— |
|
171,752 |
|
Total Assets |
|
$75,447,993 |
|
$— |
|
$0 |
|
$96,272,948 |
|
|
|
Common Stocks |
|
|
Balance as of February 28, 2023 |
|
$— |
(c) |
|
Accrued discounts/premiums |
|
— |
|
|
Realized gain (loss) |
|
— |
|
|
Change in unrealized appreciation/depreciation |
|
0 |
|
|
Purchases |
|
— |
|
|
Sales |
|
— |
|
|
Transfer into and/or out of Level 3 |
|
— |
|
|
Balance as of February 29, 2024 |
|
$0 |
|
|
|
|
|
|
|
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at February 29, 2024: |
|
$0 |
|
SoFi Social 50 ETF
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
Common Stocks(d) |
|
$17,261,314 |
|
$— |
|
$— |
|
$17,261,314 |
|
Investments Purchased with Collateral from Securities Lending(b) |
|
— |
|
— |
|
— |
|
3,852,970 |
|
Money Market Funds |
|
16,459 |
|
— |
|
— |
|
16,459 |
|
Total Assets |
|
$17,277,773 |
|
$— |
|
$— |
|
$21,130,743 |
SoFi Enhanced Yield ETF
|
|
|
Level 1 |
|
Level 2 |
|
Level 3 |
|
Total |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Obligations |
|
$— |
|
$7,121,178 |
|
$— |
|
$7,121,178 |
|
|
Options Purchased |
|
— |
|
72,000 |
|
— |
|
72,000 |
|
|
Money Market Funds |
|
50,651 |
|
— |
|
— |
|
50,651 |
|
|
U.S. Treasury Bills |
|
— |
|
2,230,824 |
|
— |
|
2,230,824 |
|
|
Total Assets |
|
$50,651 |
|
$9,424,002 |
|
$— |
|
$9,474,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Options Written |
|
$ — |
|
$ (76,000 |
) |
$ — |
|
$ (76,000 |
) |
|
Total Liabilities |
|
$— |
|
$(76,000 |
) |
$— |
|
$(76,000 |
) |
(a)The Level 3 securities (Contingent Value Rights) are fair valued at $0 due to lack of market activity.
(b)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.
(c)The Level 3 securities (Common Stock) are fair valued at $0 due to a halt in trading as a result of a merger.
(d)Refer to the Schedule of Investments for industry classifications.
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
42 |
SoFi Funds
B. Derivative Instruments (SoFi Enhanced Yield ETF Only). As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.
As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, are able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub-Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.
If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.
By virtue of the Fund’s investment in option contracts on equity ETFs and equity indices, the Fund is exposed to common stocks indirectly which subjects the Funds to equity market risk. 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 specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.
The Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
For the period ended February 29, 2024, the Fund’s monthly average quantity and notional value are described below:
|
|
|
Average |
|
Average |
|
|
Options Purchased |
|
1,129 |
|
$553,804,045 |
|
|
Options Written |
|
(1,129 |
) |
(553,804,045 |
) |
Statements of Assets and Liabilities
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
43 |
SoFi Funds
Fair value of derivative instruments as of February 29, 2024:
|
Instrument |
|
Asset Derivatives as of |
|
Liability Derivatives as of |
||||
|
|
|
Balance Sheet |
|
Fair Value |
|
Balance Sheet |
|
Fair Value |
|
Equity Contracts – Put Options Purchased |
|
Investments |
|
$72,000 |
|
— |
|
$ — |
|
Equity Contracts – Put Options Written |
|
— |
|
— |
|
Option Written |
|
(76,000) |
Statements of Operations
The effect of derivative instruments on the Statement of Operations for the period ended February 29, 2024:
|
Instrument |
|
Location of Gain (Loss) |
|
Realized Gain (Loss) |
|
Change in Unrealized |
|
Equity Contracts – Put Options Purchased |
|
Net Realized Gain (Loss) |
|
$(377,397) |
|
$(322,914) |
|
Equity Contracts – Put Options Written |
|
Net Realized Gain (Loss) |
|
432,243 |
|
365,250 |
The SoFi Enhanced Yield ETF is not subject to a master netting agreement with respect to its investment in options written and options purchased; therefore, no additional disclosures regarding netting arrangements is required.
C.Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.
As of February 29, 2024, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.
D.Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital 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.
E.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.
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
44 |
SoFi Funds
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.
F.Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the SoFi Select 500 ETF, SoFi Next 500 ETF, and the SoFi Social 50 ETF are declared and paid at least semi-annually, and for the SoFi Enhanced Yield ETF is declared and paid at least monthly. 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.
G.Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
H.Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.
I.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.
J.Illiquid Securities. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that the Funds limit their illiquid investments that are assets to no more than 15% of the value of the Funds’ net assets. An illiquid investment is any security that the Funds reasonably expect cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If the Funds should be in a position where the value of illiquid investments held by each Fund exceeds 15% of each Fund’s net assets, the Funds will take such steps as set forth in the Program.
K. Derivatives Transactions. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The SoFi Enhanced Yield ETF has implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.
L.Reclassification of Capital Accounts. Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. These differences are primarily due to redemptions in-kind. For the year ended February 29, 2024, the following adjustments were made:
|
Fund |
|
Paid-In Capital |
|
Distributable |
|
SoFi Select 500 ETF |
|
$16,287,210 |
|
$(16,287,210) |
|
SoFi Next 500 ETF |
|
$1,755,572 |
|
$(1,755,572) |
|
SoFi Social 50 ETF |
|
$(237,230) |
|
$237,230 |
|
SoFi Enhanced Yield ETF |
|
$— |
|
$— |
During the year ended February 29, 2024, the SoFi Select 500 ETF realized $16,287,210, the SoFi Next 500 ETF realized $1,755,572, and the SoFi Social 50 ETF realized $(237,230) in net capital gains (losses) resulting from in-kind redemptions, in which Authorized Participants exchange Fund shares for securities held by the Funds rather than for cash. Because such gains (losses) are not taxable to the Funds, and are not distributed to shareholders, they have been reclassified from accumulated gains to paid-in capital.
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
45 |
SoFi Funds
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
M.Recently Issued Accounting Pronouncements. In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact, if any, of these amendments on the financial statements.
N.Other Regulatory Matters. In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require the funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.
|
NOTE 3 – PRINCIPAL INVESTMENT RISKS |
A.Concentration Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Each Fund’s investments will be concentrated in an industry or group of industries to the extent the applicable Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries.
B.Credit Risk (SoFi Enhanced Yield ETF Only). If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline.
C.Cybersecurity Risk. With the increased use of technologies such as the Internet to conduct business, the Funds are susceptible to operational, information security, and related risks. Cyber incidents affecting the Funds or their service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with each Fund’s ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.
D. Derivatives Risk (SoFi Enhanced Yield ETF Only). Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include options. Depending on how the Fund uses derivatives and the relationship between the market value of the derivative and the underlying instrument, the use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives can have a leveraging effect if the Sub-Adviser is unable to set an appropriate spread between two options held by the Fund and increase Fund volatility. In that event, a small investment in derivatives could have a potentially large impact on the Fund’s performance. Derivatives transactions can be highly illiquid and difficult to unwind or value, and changes in the value of a derivative held by the Fund may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. Financial reform laws have changed many aspects of financial regulation applicable to derivatives. Once implemented, new regulations, including margin, clearing, and trade execution requirements, may make derivatives more costly, may limit their availability, may present different risks or may otherwise adversely affect the value or performance of these instruments. The extent and impact of these regulations are not yet fully known and may not be known for some time.
E.Equity Market Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). The equity securities held in the Funds’ portfolios may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest. Common stocks, such as those held by the Funds, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to received payment from issuers.
|
46 |
SoFi Funds
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
F.Exchange Traded Fund (“ETF”) Risks.
•Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Funds (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/ or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.
•Cash Redemption Risk (SoFi Enhanced Yield ETF Only). The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.
•Costs of Buying or Selling Shares. 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 prices. Although it is expected that the market price of the shares will approximate a Fund’s NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Funds may trade on foreign exchanges that are closed when each Fund’s primary listing exchange is open, the Funds are likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.
•Trading. Although shares are listed on a national exchange, such as the NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurances that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than shares. Also, in stressed market conditions, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings. These adverse effects on liquidity for shares, in turn, could lead to wider bid/ask spreads and differences between the market price of shares and the underlying value of those shares.
G.Fixed Income Securities Risk (SoFi Enhanced Yield ETF Only). The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter- term and higher rated securities.
H.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in each Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.
I. Implied Volatility Risk (SoFi Enhanced Yield ETF Only). When the Fund sells an option, it gains the amount of the premium it receives, but also incurs a liability representing the value of the option it has sold until the option is either exercised and finishes “in the money,” meaning it has value and can be sold, or the option expires worthless, or the expiration of the option is “rolled,” or extended forward. The value of the options in which the Fund invests is based partly on the volatility used by market
|
47 |
SoFi Funds
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
participants to price such options (i.e., implied volatility). Accordingly, increases in the implied volatility of such options will cause the value of such options to increase (even if the prices of the options’ underlying stocks do not change), which will result in a corresponding increase in the liabilities of the Fund under such options and thus decrease the Fund’s NAV.
J. Index Risk (SoFi Enhanced Yield ETF Only). If a derivative is linked to the performance of an index, the derivative will be subject to the risks associated with changes in that index.
K. Index ETF Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Each Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Funds and their correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Funds to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Funds and their shareholders. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Funds and their shareholders.
L. Interest Rate Risk (SoFi Enhanced Yield ETF Only). Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a one-year duration would be expected to drop by approximately 1% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. These risks are greater during periods of rising inflation.
M. Leveraging Risk (SoFi Enhanced Yield ETF Only). Derivative instruments held by the Fund involve inherent leverage, whereby small cash deposits allow the Fund to hold contracts with greater face value, which may magnify the Fund’s gains or losses. Adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative. In addition, the use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy redemption obligations.
N. Liquidity Risk (SoFi Enhanced Yield ETF Only). Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.
O. Management and Strategy Risk (SoFi Enhanced Yield ETF Only). The value of your investment depends on the judgment of the Sub-Adviser about the value and risks associated with its credit spread strategy, including its ability to correctly analyze the impact of volatility on the underlying equity indexes. The Sub-Adviser may be incorrect in its assessment of the potential rate of return of one or more credit spreads or may incorrectly forecast the outlook for an index or the markets in general with regard to whether make a credit put spread (bullish position) or a credit call spread (bearish position). The Sub-Adviser’s proprietary techniques to monitor the Fund’s credit spreads for potential exit triggers may not work as expected, thereby increasing the risks to the Fund of maintaining these positions through expiration. Like all managers, the Sub-Adviser activities are subject to operational risks, which may adversely impact the management of the Fund.
P.Market Capitalization Risk.
•Large-Capitalization Investing (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.
|
48 |
SoFi Funds
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
•Mid-Capitalization Investing (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.
Q. Models and Data Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). The composition of the Index is heavily dependent on proprietary quantitative models as well as Models and Data. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, each Fund’s portfolio can be expected to also reflect the errors.
R. New Fund Risk (SoFi Enhanced Yield ETF Only). The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.
S.Non-Diversification Risk (SoFi Enhanced Yield ETF Only). The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund will generally have up to 15 credit spreads at any given time, with up to 25% exposure to a single equity index credit spread. Investment in a limited number of equity indexes exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of indexes.
T. Options Risk (SoFi Enhanced Yield ETF Only). Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance.
U. Passive Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). The Funds invest in the securities included in, or representative of, its Index regardless of their investment merit. The Funds do not attempt to outperform its Index or take defensive positions in declining markets. As a result, each Fund’s performance may be adversely affected by a general decline in the market segments relating to their Index. The returns from the types of securities in which the Funds invest may underperform returns from the various general securities markets or different asset classes. This may cause the Funds to underperform other investment vehicles that invest in different asset classes. Different types of securities (for example, large-, mid- and small-capitalization stocks) tend to go through cycles of doing better – or worse – than the general securities markets. In the past, these periods have lasted for as long as several years.
V. Regulatory Risk (SoFi Enhanced Yield ETF Only). Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.
W.REIT Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent a Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action such as the exercise of eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.
In addition to these risks, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the “Code”), or to maintain their exemptions from registration under the 1940 Act. The Funds expect that dividends received from a REIT and
|
49 |
SoFi Funds
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income, but may be taxable as return of capital. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.
X. Sector Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Each Fund’s investing approach may dictate an emphasis on certain sectors, industries, or sub-sectors of the market at any given time. To the extent the Funds invest more heavily in one sector, industry, or sub-sector of the market, it thereby presents a more concentrated risk and their performance will be especially sensitive to developments that significantly affect those sectors, industries, or sub-sectors. In addition, the value of Shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector, industry, or sub-sector of the market may have above-average performance during particular periods, but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. Each Fund’s performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.
○ Consumer Discretionary Sector Risk (SoFi Social 50 ETF Only). The Fund may emphasize its investments in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.
Y. Third Party Data Risk (SoFi Social 50 ETF Only). The composition of the Index, and consequently the Fund’s portfolio, is heavily dependent on information and data calculated and published by an independent third party calculation agent (“Third Party Data”). When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can also be expected to reflect the errors.
Z.Tracking Error Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). As with all index funds, the performance of the Funds and their Index may differ from each other for a variety of reasons. For example, the Funds incur operating expenses and portfolio transaction costs not incurred by their Index. In addition, the Funds may not be fully invested in the securities of their Index at all times or may hold securities not included in their Index. The use of sampling techniques may affect each Fund’s ability to achieve close correlation with their Index. The Funds may use a representative sampling strategy to achieve their investment objective, if the Adviser believes it is in the best interest of the Funds, which generally can be expected to produce a greater non-correlation risk.
AA.U.S. Government Securities Risk (SoFi Enhanced Yield ETF Only). U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.
BB.User Bias Risk (SoFi Social 50 ETF Only.) The securities that comprise the Index are selected by retail investors holding SoFi Accounts, who may not be professional investors, may have no financial expertise, and may not do any research on the companies in which they invest prior to investing. In some cases, investment decisions made may be influenced by non-quantitative factors, including, without limitation, cognitive and emotional biases, resulting in the inclusion of certain securities in the Index which may underperform the market generally and result in lower returns for the Fund.
CC.Written Options Risk (SoFi Enhanced Yield ETF Only). The Fund will incur a loss as a result of writing (selling) options (also referred to as a short position) if the price of the written option instrument increases in value between the date the Fund writes the option and the date on which the Fund purchases an offsetting position. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in a written call transaction.). Because of the fund’s strategy of coupling written and purchased puts and call options with the same expiration date and different strike prices, the Fund expects that the maximum
|
50 |
SoFi Funds
potential loss for the Fund for any given credit spread is equal to the difference between the strike prices minus any net premium received. Nonetheless, because up to 90% of the Fund’s portfolio may be subject to this risk - the value of an investment in the Fund – could decline significantly and without warning, including to zero.
|
NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS |
The Adviser serves as the investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, has overall responsibility for the general management and administration of the Funds. For the SoFi Enhanced Yield ETF, the Adviser provides oversight of the Sub-Adviser, monitoring of the Sub-Adviser’s buying and selling of securities for the Fund, and review of the Sub-Adviser’s performance.
Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund as follows:
|
Fund |
|
Management Fee |
|
Management Fee |
|
SoFi Select 500 ETF |
|
0.19% |
|
0.00% |
|
SoFi Next 500 ETF |
|
0.19% |
|
0.00% |
|
SoFi Social 50 ETF |
|
0.29% |
|
0.29% |
|
SoFi Enhanced Yield ETF |
|
0.49% |
|
0.49% |
The Adviser has contractually agreed to waive its full Management Fee for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2024 (the “Fee Waiver Agreement”). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Any waived Management Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement. There is currently no Fee Waiver Agreement in effect for the SoFi Social 50 ETF and SoFi Enhanced Yield ETF. Management Fees for the year/period ended February 29, 2024 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 (“Excluded Expenses”). The Management Fees incurred are paid monthly to the Adviser.
The Adviser has entered into an agreement with Social Finance, Inc.(“SoFi”) with respect to the SoFi Select 500 EF, SoFi Next 500 ETF and SoFi Social 50 ETF, under which SoFi or an affiliate of SoFi, assumes the obligation of the Adviser to pay all expenses of the Funds, except Excluded Expenses (such expenses of a Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligation, SoFi is entitled to a fee, paid by the Adviser, based on the total management fee earned by the Adviser under the Advisory Agreement less the Unitary Expenses and certain start-up costs. The Adviser has entered into an agreement with SoFi and the Sub-Adviser with respect to the SoFi Enhanced Yield ETF, under which each of SoFi and the Sub-Adviser assume a portion of the obligation of the Adviser to pay all of the Unitary Expenses of the SoFi Enhanced Yield ETF. For assuming the payment obligation, each of SoFi and the Sub-Adviser is entitled to a fee, paid by the Adviser, based on the total management fee earned by the Adviser under the Advisory Agreement less the Unitary Expenses and certain start-up costs for the SoFi Enhanced Yield ETF. Although SoFi has agreed to be responsible for the Unitary Expenses for the Funds, the Adviser retains the ultimate obligation to the Funds to pay such expenses. SoFi also provides marketing support for the Funds, including hosting the Funds’ website and preparing marketing materials related to the Funds.
The Sub-Adviser serves as sub-adviser to the SoFi Enhanced Yield ETF pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for day-to-day management of the SoFi Enhanced Yield ETF’s portfolio, including determining the securities purchased and sold by the Fund and the execution of the Fund’s portfolio investments. The Sub-Adviser is responsible for trading portfolio securities for the SoFi Enhanced Yield ETF, including selecting broker-dealers to execute purchase and sale transactions subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which is calculated daily and monthly.
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
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51 |
SoFi Funds
Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds.
Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.
Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.
|
NOTE 5 – SECURITIES LENDING |
The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF. Each Fund receives compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of each Fund. The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand. The SoFi Enhanced Yield ETF does not currently participate in securities lending.
As of February 29, 2024 the market value of the securities on loan and payable on collateral received for securities lending were as follows:
|
Fund |
|
Market Value of |
|
Payable on |
|
Percentage of Net Assets |
|
SoFi Select 500 ETF |
|
$37,639,218 |
|
$38,306,536 |
|
5.6% |
|
SoFi Next 500 ETF |
|
20,539,039 |
|
20,824,955 |
|
27.2% |
|
SoFi Social 50 ETF |
|
3,764,653 |
|
3,852,970 |
|
21.8% |
The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.
During the year ended February 29, 2024, the SoFi Select 500 ETF, SoFi Next 500 ETF, and Sofi Social 50 ETF each loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations. The remaining contractual maturity of all of the securities lending transactions is overnight and continous.
The Funds are not subject to a master netting agreement with respect to each Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
52 |
SoFi Funds
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
NOTE 6 – PURCHASES AND SALES OF SECURITIES |
For the year/period ended February 29, 2024, the cost of purchases and proceeds from the sales or maturities of securities, excluding short term investments, U.S. government securities, and in-kind transactions were as follows:
|
Fund |
|
Purchases |
|
Sales |
||||||
|
SoFi Select 500 ETF |
|
|
$ |
89,803,459 |
|
|
|
$ |
82,476,032 |
|
|
SoFi Next 500 ETF |
|
|
|
19,774,062 |
|
|
|
|
18,905,140 |
|
|
SoFi Social 50 ETF |
|
|
|
6,339,011 |
|
|
|
|
6,410,771 |
|
|
SoFi Enhanced Yield ETF |
|
|
|
2,338,707 |
|
|
|
|
123,972 |
|
For the year/period ended February 29, 2024, the purchases and sales of long-term U.S. government securities were as follows:
|
Fund |
|
Purchases |
|
Sales |
||||||
|
SoFi Select 500 ETF |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
SoFi Next 500 ETF |
|
|
|
— |
|
|
|
|
— |
|
|
SoFi Social 50 ETF |
|
|
|
— |
|
|
|
|
— |
|
|
SoFi Enhanced Yield ETF |
|
|
|
2,338,707 |
|
|
|
|
123,972 |
|
For the year/period ended February 29, 2024, the cost of purchases and proceeds from in-kind transactions were as follows:
|
Fund |
|
In-Kind Purchases |
|
In-Kind Sales |
||||||
|
SoFi Select 500 ETF |
|
|
$ |
135,940,008 |
|
|
|
$ |
38,491,097 |
|
|
SoFi Next 500 ETF |
|
|
|
17,448,493 |
|
|
|
|
5,137,262 |
|
|
SoFi Social 50 ETF |
|
|
|
6,207,827 |
|
|
|
|
7,479,590 |
|
|
SoFi Enhanced Yield ETF |
|
|
|
— |
|
|
|
|
— |
|
|
NOTE 7 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS |
The tax character of distributions paid during the year/period ended February 29, 2024, and the year ended February 28, 2023, are as follows:
|
|
|
Ordinary Income |
|
Long Term Capital Gain |
||||||||||||||||
|
|
|
February 29, 2024 |
|
February 28, 2023 |
|
February 29, 2024 |
|
February 28, 2023 |
||||||||||||
|
SoFi Select 500 ETF |
|
|
$ |
7,924,575 |
|
|
|
$ |
5,974,658 |
|
|
|
$ |
— |
|
|
|
$ |
— |
|
|
SoFi Next 500 ETF |
|
|
|
974,225 |
|
|
|
|
731,180 |
|
|
|
|
— |
|
|
|
|
— |
|
|
SoFi Social 50 ETF |
|
|
|
272,786 |
|
|
|
|
142,199 |
|
|
|
|
— |
|
|
|
|
— |
|
|
SoFi Enhanced Yield ETF |
|
|
|
118,604 |
|
|
|
|
N/A |
|
|
|
|
52,623 |
|
|
|
|
N/A |
|
As of the most recent fiscal year/period ended February 29, 2024, the components of distributable (accumulated) earnings (losses) on a tax basis were as follows:
|
|
|
SoFi Select |
|
SoFi Next |
|
SoFi Social |
|
SoFi |
|
||||
|
Cost of investments(a) |
|
$ |
588,132,253 |
|
$ |
89,182,174 |
|
$ |
21,437,545 |
|
$ |
9,365,022 |
|
|
Gross tax unrealized appreciation |
|
|
154,179,001 |
|
|
15,272,342 |
|
|
4,551,977 |
|
|
366,017 |
|
|
Gross tax unrealized depreciation |
|
|
(35,487,643 |
) |
|
(8,181,568 |
) |
|
(4,858,779 |
) |
|
(332,386 |
) |
|
Net tax unrealized appreciation (depreciation) |
|
|
118,691,358 |
|
|
7,090,774 |
|
|
(306,802 |
) |
|
33,631 |
|
|
Undistributed ordinary income (loss) |
|
|
1,575,928 |
|
|
109,500 |
|
|
15,727 |
|
|
— |
|
|
Undistributed long-term capital gain (loss) |
|
|
— |
|
|
— |
|
|
— |
|
|
5,686 |
|
|
Total distributable earnings |
|
|
1,575,928 |
|
|
109,500 |
|
|
15,727 |
|
|
5,686 |
|
|
Other accumulated gain (loss) |
|
|
(25,136,264 |
) |
|
(9,296,852 |
) |
|
(8,374,342 |
) |
|
(42,335 |
) |
|
Total distributable (accumulated) earnings (losses) |
|
$ |
95,131,022 |
|
$ |
(2,096,578 |
) |
$ |
(8,665,417 |
) |
$ |
(3,018 |
) |
(a)The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales.
|
53 |
SoFi Funds
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
Net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the most recent fiscal year/period ended February 29, 2024, the Funds have not elected to defer late year losses. As of the most recent fiscal year/period ended February 29, 2024, the following Funds had long-term and short-term capital loss carryovers, which do not expire:
Short-Term Capital Loss Carryover
|
SoFi Select 500 ETF |
|
$14,246,754 |
|
SoFi Next 500 ETF |
|
5,248,334 |
|
SoFi Social 50 ETF |
|
5,082,643 |
|
SoFi Enhanced Yield ETF |
|
— |
Long-Term Capital Loss Carryover
|
SoFi Select 500 ETF |
|
$10,889,510 |
|
SoFi Next 500 ETF |
|
4,048,518 |
|
SoFi Social 50 ETF |
|
3,291,699 |
|
SoFi Enhanced Yield ETF |
|
— |
|
NOTE 8 – SHARE TRANSACTIONS |
Shares of the Funds are listed and traded on NYSE Arca, Inc. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares (“Creation Units”). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a brokerdealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Enhanced Yield ETF is $500, and for the SoFi Social 50 ETF is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units for Funds of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.
|
NOTE 9 – RECENT MARKET EVENTS |
U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflict between Israel and Hamas in the Middle East, and the impact of COVID-19. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. The Middle East conflict has led to significant loss of life, damaged infrastructure and escalated tensions both in the region and globally. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.
|
54 |
SoFi Funds
|
NOTE 10 – SUBSEQUENT EVENTS |
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there are no subsequent events that would need to be disclosed in the Funds’ financial statements.
|
NOTES TO FINANCIAL STATEMENTS February 29, 2024 (Continued) |
|
55 |
SoFi Funds
To the Shareholders of SoFi ETFs and
The Board of Trustees of Tidal ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF and SoFi Enhanced Yield ETF (the “Funds”), each a series of Tidal ETF Trust (the “Trust”), including the schedules of investments, as of February 29, 2024, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of February 29, 2024, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
|
Individual Funds Constituting |
|
Statement Of |
|
Statements Of |
|
Financial Highlights |
|
SoFi Select 500 ETF and |
|
For the year ended February 29, 2024 |
|
For the two years ended |
|
For the four years ended February 29, 2024 and for the period April 10, 2019 (commencement of operations) to February 29, 2020 |
|
SoFi Social 50 ETF |
|
For the year ended February 29, 2024 |
|
For the two years ended |
|
For the four years ended February 29, 2024 and for the period May 7, 2019 (commencement of operations) to February 29, 2020 |
|
SoFi Enhanced Yield ETF |
|
For the period November 14, 2023 (commencement of operations) to February 29, 2024 |
|
For the period November 14, 2023 (commencement of operations) to February 29, 2024 |
|
For the period November 14, 2023 (commencement of operations) to February 29, 2024 |
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2018.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 29, 2024 by correspondence with the custodian and brokers or through other appropriate auditing procedures when replies from brokers were unable to be obtained. We believe that our audits provide a reasonable basis for our opinion.
TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
April 26, 2024
|
56 |
SoFi Funds
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Funds’ shares, and (2) ongoing costs, including management fees of the Funds. The examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, and SoFi Enhanced Yield ETF (hypothetical example only) are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from September 1, 2023 to February 29, 2024. The actual example for the SoFi Enhanced Yield ETF is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from November 14, 2023 (commencement of operations) to February 29, 2024.
Actual Expenses
The first line of the following tables provides information about actual account values and actual expenses. The examples include, but are not limited to, unitary fees. However, the examples do not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of each Fund’s shares. Therefore, the second line of the 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 Paid |
|
|
Actual |
|
$1,000.00 |
|
$1,139.80 |
|
$— |
|
|
Hypothetical (5% annual return before expenses) |
|
1,000.00 |
|
1,024.86 |
|
— |
|
(1)Expenses are equal to the Fund’s annualized net expense ratio for the most recent six-month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent six-month period).
SoFi Next 500 ETF
|
|
|
Beginning |
|
Ending |
|
Expenses Paid |
|
|
Actual |
|
$1,000.00 |
|
$1,091.80 |
|
$— |
|
|
Hypothetical (5% annual return before expenses) |
|
1,000.00 |
|
1,024.86 |
|
— |
|
(2)Expenses are equal to the Fund’s annualized net expense ratio for the most recent six-month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent six-month period).
|
57 |
SoFi Funds
|
EXPENSE EXAMPLES For the Six-Months Ended February 29, 2024 (Unaudited) (Continued) |
SoFi Social 50 ETF
|
|
|
Beginning |
|
Ending |
|
Expenses Paid |
|
|
Actual |
|
$1,000.00 |
|
$1,152.70 |
|
$1.55 |
|
|
Hypothetical (5% annual return before expenses) |
|
1,000.00 |
|
1,023.42 |
|
1.46 |
|
(3)Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.29%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent six-month period).
SoFi Enhanced Yield ETF
|
|
|
Beginning |
|
Ending |
|
Expenses Paid |
|
|
Actual |
|
$1,000.00 |
|
$1,026.40 |
|
$1.45 |
|
|
|
|
Beginning |
|
Ending |
|
Expenses Paid |
|
|
Hypothetical (5% annual return before expenses) |
|
$1,000.00 |
|
$1,022.43 |
|
$2.46 |
|
(4)The actual expenses are equal to the Fund’s annualized expense ratio of 0.49%, multiplied by the average account value over the period, multiplied by 107/366 (to reflect the period from November 14, 2023 to February 29, 2024, the commencement of operations date to the end of the period).
(5)The hypothetical expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.49%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the most recent six-month period).
|
58 |
SoFi Funds
The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met at a meeting held on October 4, 2023 to consider the initial approval of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Enhanced Yield ETF (the “Fund”), a proposed series of the Trust, and Tidal Investments LLC (formerly, Toroso Investments, LLC), the Fund’s proposed investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the proposed unitary advisory fee for the Fund, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the Advisory Agreement for an initial two-year term.
Discussion of Factors Considered
In considering the approval of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1.Nature, Extent and Quality of Services to be Provided. The Board considered the nature, extent and quality of the Adviser’s overall services to be provided to the Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund, including recommendations with respect to the hiring, termination, or replacement of sub-advisers to the Fund. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Qiao Duan and Charles Ragauss, who will each serve as a portfolio manager to the Fund, as well as the responsibilities of other key personnel of the Adviser to be involved in the day-to-day activities of the Fund. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that to be employed by the Fund.
The Board also considered other services to be provided to the Fund, such as monitoring adherence to the Fund’s investment strategy and restrictions, oversight of ZEGA Financial, LLC (“ZEGA” or the “Sub-Adviser”), the Fund’s sub-adviser, and other service providers to the Fund, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the Fund achieves its investment objective as an actively- managed ETF. The Board noted that the Fund’s Sub-Adviser would be responsible for selecting the Fund’s investments and trade execution, subject to the supervision of the Adviser.
The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services to be provided to the Fund, as well as the Adviser’s compliance program, were satisfactory.
2.Investment Performance of the Fund and the Adviser. The Board noted that the Fund had not yet commenced operations and, therefore, concluded that performance of the Fund was not a relevant factor for consideration. The Board also considered that because the portfolio investment decision-making for the Fund would be performed by the Sub-Adviser, the Fund’s performance would not be the direct result of investment decisions made by the Adviser. Consequently, with respect to the Fund’s performance, the Board in the future would focus on the Adviser’s services, including the extent to which the Fund’s performance was achieving its investment objective, as well as the Adviser’s oversight of the Sub-Adviser’s services.
3.Cost of Services to be Provided and Profits to be Realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s proposed advisory fee, including a review of comparative expenses, expense components and peer group selection. The Board took into consideration that the advisory fee for the Fund was a “unitary fee,” meaning that the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to the Fund’s Rule 12b-1 Plan. The Board noted that the Adviser
|
59 |
SoFi Funds
agreed to pay all other expenses incurred by the Fund, subject to the Sub-Adviser’s contractual agreement to assume a portion of such obligations in exchange for a corresponding portion of the profits, if any, generated by the Fund’s unitary fee. The Board considered comparative information prepared by U.S. Bank Global Fund Services utilizing data provided by Morningstar Direct relating to the cost structure of the Fund relative to a peer group. The Board noted that the Fund was compared to a peer group of ETFs in the U.S. fund nontraditional bond fund category (the “Morningstar category”). The Board also considered comparative information prepared by Tidal Fund Services, LLC, the Fund’s administrator, in partnership with AltaVista Research, LLC, comparing the Fund’s cost structure to additional peer groups within the broader Morningstar category based on select criteria.
The Board concluded that the Fund’s proposed expense ratio and the advisory fee to be paid to the Adviser were fair and reasonable in light of the comparative expense information and the investment management services to be provided to the Fund by the Adviser given the nature of the Fund’s investment strategy. The Board also evaluated, based on information provided by the Adviser, the compensation and benefits expected to be received by the Adviser and its affiliates from their relationship with the Fund, taking into account an analysis of the Adviser’s expected profitability with respect to the Fund. The Board further concluded that the Adviser had adequate financial resources to support its services to the Fund from the revenues of its overall investment advisory business.
4.Extent of Economies of Scale as the Fund Grows. The Board considered the potential economies of scale that the Fund might realize under the structure of the proposed advisory fee. The Board noted the advisory fee did not contain any breakpoint reductions as the Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structure.
5.Benefits to be Derived from the Relationship with the Fund. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the Fund. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Fund.
Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fee is reasonable in light of the services that the Adviser will provide to the Fund; and (c) the approval of the Advisory Agreement for an initial term of two years was in the best interests of the Fund and its shareholders.
At the meeting held on October 4, 2023, the Board also considered the initial approval of the sub-advisory agreement (the “Sub-Advisory Agreement”) for the Fund, proposed to be entered into between the Adviser and ZEGA. Prior to this meeting, the Board requested and received materials to assist them in considering the approval of the Sub-Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Sub-Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and the Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the approval of the Sub-Advisory Agreement, due diligence materials prepared by the Sub-Adviser (including the due diligence response completed by the Sub-Adviser with respect to a specific request letter from outside legal counsel to the Trust and the Independent Trustees, the Sub-Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Sub-Adviser, biographical information of key management and compliance personnel, and the Sub-Adviser’s compliance manual and code of ethics) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Independent Trustees), approved the Sub-Advisory Agreement for an initial two-year term.
Discussion of Factors Considered
In considering the approval of the Sub-Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.
1.Nature, Extent and Quality of Services to be Provided. The Board considered the nature, extent and quality of the Sub-Adviser’s overall services to be provided to the Fund as well as its specific responsibilities in all aspects of day-to-day investment management of the Fund. The Board considered the qualifications, experience and responsibilities of Mick Brokaw and Jay Pestrichelli, who will each serve as a portfolio manager for the Fund, as well as the responsibilities of other key personnel of the Sub-Adviser to be involved in the day-to-day activities of the Fund. The Board reviewed the due diligence information provided by the Sub-Adviser, including information regarding the Sub-Adviser’s compliance program, its compliance personnel and
|
Basis for TrusteeS’ Approval of Investment Advisory AND SUB-ADVISORY AgreementS (Continued) |
|
60 |
SoFi Funds
compliance record, as well as the Sub-Adviser’s cybersecurity program and business continuity plan. The Board noted that the Sub-Adviser does not currently manage any accounts that utilize a strategy similar to the strategy that is to be employed by Fund, although the Sub-Adviser does manage other accounts with strategies focused on investments in options contracts.
The Board also considered other services to be provided to the Fund, such as monitoring adherence to the Fund’s investment strategies and restrictions, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, monitoring the extent to which the Fund meets its investment objective as an actively-managed ETF and quarterly reporting to the Board. The Board noted that the Sub-Adviser would be responsible for Fund’s portfolio investment decisions and trade execution, subject to the supervision of the Adviser.
The Board concluded that the Sub-Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Sub-Advisory Agreement and managing the Fund and that the nature, overall quality and extent of the management services to be provided to the Fund, as well as the Sub- Adviser’s compliance program, were satisfactory.
2.Investment Performance of the Fund and the Sub-Adviser. The Board noted that the Fund had not yet commenced operations and, therefore, concluded that performance of the Fund was not a relevant factor for consideration.
3.Cost of Services to be Provided and Profits to be Realized by the Sub-Adviser. The Board considered the structure of the proposed sub-advisory fee to be paid by the Adviser to the Sub- Adviser under the Sub-Advisory Agreement. The Board noted that the Adviser represented to the Board that the sub-advisory fee payable under the Sub-Advisory Agreement was reasonable in light of the services to be performed by the Sub-Adviser. Since the sub-advisory fee is to be paid by the Adviser, the overall advisory fee paid by the Fund is not directly affected by the sub- advisory fees paid to the Sub-Adviser. Consequently, the Board did not consider the cost of services provided by the Sub-Adviser or the potential profitability of its relationship with the Fund to be material factors for consideration given that the Sub-Adviser is not affiliated with the Adviser and, therefore, the sub-advisory fees to be paid to the Sub-Adviser were negotiated on an arm’s- length basis. Based on all of these factors, the Board concluded that the sub-advisory fees to be paid to the Sub-Adviser by the Adviser reflected an appropriate allocation of the advisory fees and was reasonable in light of the services to be provided by the Sub-Adviser.
4.Extent of Economies of Scale as the Fund Grows. Since the sub-advisory fees payable to the Sub-Adviser are not paid by the Fund, the Board did not consider whether the sub-advisory fees should reflect any potential economies of scale that might be realized as the Fund’s assets increase.
5.Benefits to be Derived from the Relationship with the Fund. The Board considered the direct and indirect benefits that could be received by the Sub-Adviser from its association with the Fund. The Board concluded that the benefits the Sub-Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Fund.
Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Sub-Advisory Agreement are fair and reasonable; (b) the sub-advisory fees are reasonable in light of the services that the Sub-Adviser will provide to the Fund; and (c) the approval of the Sub-Advisory Agreement for an initial term of two years was in the best interests of the Fund and its shareholders.
|
Basis for TrusteeS’ Approval of Investment Advisory AND SUB-ADVISORY AgreementS (Continued) |
|
61 |
SoFi Funds
In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (“Rule 22e-4”), Tidal ETF Trust (the “Trust”), on behalf of its series, the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, and the SoFi Enhanced Yield ETF (the “Funds”), has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for the Funds and to protect the Funds’ shareholders from dilution of their interests. The Trust’s Board of Trustees (the “Board”) has approved the designation of Tidal Investments LLC, the Fund’s investment adviser, as the program administrator (the “Program Administrator”). The Program Administrator has further delegated administration of the Program to a member of its compliance team. The Program Administrator has also delegated certain responsibilities under the Program to the investment sub-adviser of the SoFi Enhanced Yield ETF; however, the Program Administrator remains responsible for the overall administration and operation of the Program. The Program Administrator is required to provide a written annual report to the Board regarding the adequacy and effectiveness of the Program, including the operation of the highly liquid investment minimum, if applicable, and any material changes to the Program.
On August 24, 2023, the Board reviewed the Program Administrator’s written annual report for the period October 1, 2022 through June 30, 2023 (the “Report”). The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The risk is managed by monitoring the degree of liquidity of a fund’s investments, limiting the amount of illiquid investments and utilizing various risk management tools and facilities available to a fund, among other means. The Trust has engaged the services of ICE Data Services, Inc., a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s assessment. The Report noted that no highly liquid investment minimum is required for the Funds because each Fund qualifies as In-Kind ETFs (as defined under Rule 22e-4).The Report noted that there were no breaches of the restrictions on acquiring or holding greater than 15% illiquid investments of the Fund during the review period. The Report confirmed that each Fund’s investment strategies remained appropriate for an open-end fund and that each Fund was able to meet requests for redemptions without significant dilution of remaining investors’ interests in the Fund. The Report noted that no material changes had been made to the Program during the review period. The Program Administrator determined that the Program complies with the requirements of Rule 22e-4 and is reasonably designed and operating effectively.
The SoFi Enhanced Yield ETF commenced operations after June 30, 2023 and was not a part of the Report but has adopted the Program upon commencement of operations.
|
STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited) |
|
62 |
SoFi Funds
|
Name, Address |
|
Position |
|
Term of |
|
Principal |
|
Number of |
|
Other Directorships |
|
Independent Trustees(1) |
||||||||||
|
Mark H.W. Baltimore c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1967 |
|
Trustee |
|
Indefinite term; since 2018 |
|
Co-Chief Executive Officer, Global Rhino, LLC (asset management consulting firm) (since 2018); Chief Business Development Officer, Joot (asset management compliance services firm) (2019 to 2023); Chief Executive Officer, Global Sight, LLC (asset management distribution consulting firm) (2016 to 2018). |
|
34 |
|
None |
|
Dusko Culafic c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1958 |
|
Trustee |
|
Indefinite term; since 2018 |
|
Retired (since 2018); Senior Operational Due Diligence Analyst, Aurora Investment Management, LLC (2012 to 2018). |
|
34 |
|
None |
|
Eduardo Mendoza c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1966 |
|
Trustee |
|
Indefinite term; since 2018 |
|
Chief Financial Officer (since 2022), Executive Vice President - Head of Capital Markets & Corporate Development (since 2019), Advisor (2017 to 2019), Credijusto (financial technology company). |
|
34 |
|
None |
|
Interested Trustee and Executive Officer |
||||||||||
|
Eric W. Falkeis (2) c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1973 |
|
President, Principal Executive Officer, Interested Trustee, and Chairman |
|
President and Principal Executive Officer since 2019, Indefinite term; Interested Trustee, and Chairman, since 2018, Indefinite term |
|
Chief Executive Officer, Tidal ETF Services LLC (since 2018); Chief Operating Officer (and other positions), Rafferty Asset Management, LLC (2013 to 2018) and Direxion Advisors, LLC (2017 to 2018). |
|
34 |
|
Trustee, Tidal Trust II (60 Funds) (since 2022); Independent Director, Muzinich Direct Lending Income Fund, Inc. (since 2023); Independent Director, Muzinich BDC, Inc. (since 2019); Trustee, Professionally Managed Portfolios (27 series) (since 2011); Interested Trustee, Direxion Funds, Direxion Shares ETF Trust, and Direxion Insurance Trust (2014–2018). |
|
63 |
SoFi Funds
|
TRUSTEES AND EXECUTIVE OFFICERS (Unaudited) (Continued) |
|
Name, Address |
|
Position |
|
Term of |
|
Principal |
|
Number of |
|
Other Directorships |
|
Executive Officers |
||||||||||
|
Aaron J. Perkovich c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1973 |
|
Treasurer, Principal Financial Officer, and Principal Accounting Officer |
|
Indefinite term; since 2022 |
|
Head of Fund Administration (since 2023), Fund Administration Manager (2022 to 2023), Tidal ETF Services LLC; Assistant Director – Investments, Mason Street Advisors, LLC (2021 to 2022); Vice President, U.S. Bancorp Fund Services, LLC (2006 to 2021). |
|
Not Applicable |
|
Not Applicable |
|
William H. Woolverton, Esq 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1951 |
|
Chief Compliance Officer and AML Compliance Officer |
|
AML Compliance Officer since 2023, Indefinite term; Chief Compliance Officer since 2021, Indefinite term |
|
Chief Compliance Officer (since 2023), Compliance Advisor (2022 to 2023), Toroso Investments, LLC; Chief Compliance Officer, Tidal ETF Services LLC (since 2022); Senior Compliance Advisor, ACA Global (2020 to 2022); Operating Partner, Altamont Capital Partners (private equity firm) (since 2021); Managing Director and Head of Legal - US, Waystone (global governance solutions) (2016 to 2019). |
|
Not Applicable |
|
Not Applicable |
|
Ally L. Mueller c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1979 |
|
Vice President |
|
Indefinite term; since 2023 |
|
Head of ETF Launches and Client Success (since 2023), Head of ETF Launches and Finance Director (2019 to 2023), Tidal ETF Services LLC. |
|
Not Applicable |
|
Not Applicable |
|
Lissa M. Richter c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1979 |
|
Secretary |
|
Indefinite term; since 2023 |
|
ETF Regulatory Manager (since 2021), Tidal ETF Services LLC; Senior Paralegal, Rafferty Asset Management, LLC (2013 to 2020); Senior Paralegal, Officer, U.S Bancorp Fund Services LLC (2005 to 2013). |
|
Not Applicable |
|
Not Applicable |
|
Melissa Breitzman c/o Tidal ETF Services, LLC 234 West Florida Street, Suite 203 Milwaukee, Wisconsin 53204 Born: 1983 |
|
Assistant Treasurer |
|
Indefinite term; since 2023 |
|
Fund Administration Manager, Tidal ETF Services LLC (since 2023); Assistant Vice President, U.S Bancorp Fund Services, LLC (2005 to 2023). |
|
Not Applicable |
|
Not Applicable |
(1)All Independent Trustees of the Trust are not “interested persons” of the Trust as defined under the 1940 Act (“Independent Trustees”).
(2)Mr. Falkeis is considered an “interested person” of the Trust due to his positions as President, Principal Executive Officer, Chairman, and Chief Executive Officer of Tidal ETF Services LLC, a Tidal Financial Group company and an affiliate of the Adviser.
(3)The Trust, as of the date of this shareholder report, offers for sale to the public 34 of the 48 funds registered with the SEC.
|
64 |
SoFi Funds
|
QUALIFIED DIVIDEND INCOME/DIVIDENDS RECEIVED DEDUCTION (Unaudited) |
For the periods ended February 29, 2024, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:
|
SoFi Select 500 ETF |
|
79.51% |
|
SoFi Next 500 ETF |
|
39.27% |
|
SoFi Social 50 ETF |
|
29.55% |
|
SoFi Enhanced Yield ETF |
|
0.00% |
For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the periods ended February 29, 2024, was as follows:
|
SoFi Select 500 ETF |
|
75.37% |
|
SoFi Next 500 ETF |
|
38.38% |
|
SoFi Social 50 ETF |
|
28.89% |
|
SoFi Enhanced Yield ETF |
|
0.00% |
The percentage of taxable ordinary income distributions that are designated as short-term capital gain distribution under Internal Revenue Section 871(k)(2)(c) for the periods ended February 29, 2024, was as follows:
|
SoFi Select 500 ETF |
|
0.00% |
|
SoFi Next 500 ETF |
|
0.00% |
|
SoFi Social 50 ETF |
|
0.00% |
|
SoFi Enhanced Yield ETF |
|
32.76% |
|
INFORMATION ABOUT PROXY VOTING (Unaudited) |
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (877) 358-0096 or by accessing the Funds’ website at www.sofi.com/invest/etfs. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request without charge by calling (877) 358-0096 or by accessing the SEC’s website at www.sec.gov.
|
INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited) |
The Funds’ portfolio holdings are posted on the Funds’ website daily at www.sofi.com/invest/etfs. The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.
|
FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited) |
Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily net asset value (“NAV”) is available, without charge, on the Funds’ website at www.sofi.com/invest/etf.
|
65 |
SoFi Funds
The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Funds’ website www.sofi.com/invest/etfs.
|
INFORMATION ABOUT THE FUNDS’ TRUSTEES (Unaudited) |
Investment Adviser
Tidal Investments LLC
(f/k/a Toroso Investment, LLC)
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Investment Sub-Adviser
(SoFi Enhanced Yield ETF Only)
ZEGA Financial, LLC
3801 PGA Blvd, Suite 600
Palm Beach Gardens, Florida 33410
Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place 50 South 16th Street, 29th Floor
Philadelphia, Pennsylvania 19102
Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee, Wisconsin 53202
Custodian
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, Maine 04101
|
Fund Information |
||
|
Fund |
Ticker |
CUSIP |
|
SoFi Select 500 ETF |
SFY |
886364207 |
|
SoFi Next 500 ETF |
SFYX |
886364306 |
|
SoFi Social 50 ETF |
SFYF |
886364405 |
|
SoFi Enhanced Yield ETF |
THTA |
886364280 |
| (b) | Not applicable |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Dusko Culafic is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past fiscal year. “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
SoFi Select 500 ETF
| FYE 2/29/2024 | FYE 2/28/2023 | |
| Audit Fees | $13,125 | $13,125 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2,625 | $2,625 |
| All Other Fees | N/A | N/A |
SoFi Next 500 ETF
| FYE 2/29/2024 | FYE 2/28/2023 | |
| Audit Fees | $13,125 | $13,125 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2,625 | $2,625 |
| All Other Fees | N/A | N/A |
SoFi Social 50 ETF
| FYE 2/29/2024 | FYE 2/28/2023 | |
| Audit Fees | $13,125 | $13,125 |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2,625 | $2,625 |
| All Other Fees | N/A | N/A |
SoFi Enhanced Yield ETF
| FYE 2/29/2024 | FYE 2/28/2023 | |
| Audit Fees | $13,125 | N/A |
| Audit-Related Fees | N/A | N/A |
| Tax Fees | $2,625 | N/A |
| All Other Fees | N/A | N/A |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Tait, Weller & Baker LLP. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
| FYE 2/29/2024 | FYE 2/28/2023 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full-time permanent employees of the principal accountant.
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
| Non-Audit Related Fees | FYE 2/29/2024 | FYE 2/28/2023 |
| Registrant | N/A | N/A |
| Registrant’s Investment Adviser | N/A | N/A |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
(j) The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
| (a) | The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Dusko Culafic, Eduardo Mendoza, and Mark H.W. Baltimore. |
(b) Not applicable.
Item 6. Investments.
(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of Trustees.
Item 11. Controls and Procedures.
| (a) | The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
| (b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Exhibits.
| (a) | (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith. |
| (2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. | |
| (3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies. | |
| (4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report. | |
| (b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Tidal ETF Trust |
| By (Signature and Title) | /s/ Eric W. Falkeis | ||
| Eric W. Falkeis, President/Principal Executive Officer | |||
| Date | May 7, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title)* | /s/ Eric W. Falkeis | ||
| Eric W. Falkeis, President/Principal Executive Officer | |||
| Date | May 7, 2024 |
| By (Signature and Title)* | /s/ Aaron J. Perkovich | ||
| Aaron J. Perkovich, Treasurer/Principal Financial Officer | |||
| Date | May 7, 2024 |
* Print the name and title of each signing officer under his or her signature.