SoFi Select 500 ETF

Ticker: SFY

SoFi Next 500 ETF

Ticker: SFYX

SoFi Social 50 ETF

Ticker: SFYF

SoFi Be Your Own Boss ETF

Ticker: BYOB
(Formerly: SoFi Gig Economy ETF)

SoFi Weekly Income ETF

Ticker: TGIF

SoFi Weekly Dividend ETF

Ticker: WKLY

SoFi Web 3 ETF

Ticker: TWEB

SoFi Smart Energy ETF

Ticker: ENRG
(Formerly: iClima Distributed Smart Energy ETF)

Semi-Annual Report

August 31, 2022

SoFi Funds

TABLE OF CONTENTS

 

A Message to our Shareholders

1

Portfolio Allocations

8

Schedules of Investments

11

Statements of Assets and Liabilities

46

Statements of Operations

48

Statements of Changes in Net Assets

50

Financial Highlights

58

Notes to Financial Statements

66

Expense Examples

85

Basis For Trustees’ Approval of Investment Advisory Agreement

88

Statement Regarding the Liquidity Risk Management Program

93

Additional Information

94

This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

1

SoFi Funds

Market Commentary

U.S. and global equity markets broadly weakened during the first 8 months of 2022 as inflation and central bank tightening began to take shape. The Federal Reserve’s warning of interest rate hikes in the face of widespread inflation finally came to fruition, with several months of rate hikes beginning in March. Additionally, global markets began to grind lower in early 2022 amid the constrained global supply chain and the Russian invasion of Ukraine, which occurred near the end of February 2022. While most global economies were modestly to fully reopened in 2021, the threat of lingering Covid-19 outbreaks continued to drag on certain countries, China’s zero-tolerance policy has continued to disrupt the global supply chain from getting back on track. The global trend toward digitalization and contactless transactions continues to grow throughout 2022. The implementation of the Work From Anywhere (“WFA”) phenomenon has grown steadily even in the face of companies beginning to request employees come back to the office at least part-time.

The information presented in this report relates to the Funds’ performance for the 6-month period ended August 31, 2022 (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 includes common stocks and equity interests in real estate investment trusts (“REITs”). The weight of these constituents is initially based on their free-float market capitalization and then adjusted upward or downward based on three growth-oriented factors:

1)  trailing 12-month sales growth,

2)  trailing 12-month earnings per share (“EPS”) growth, and

3)  12-month forward-looking EPS growth consensus estimates.

The SFY Index’s construction does not naturally target any specific sector or industry, however, due to market conditions and certain factors, a sector such as Information Technology, may be relatively overweight/underweight for periods of time.

Fund Description:

SFY, via the SFY Index, is composed of 500 of the largest publicly traded U.S. companies and seeks to track the performance of the SFY Index.

Performance Overview:

During the fiscal period, SFY generated a total return of -10.40% (NAV) and -10.27% (Market). This compares to the -10.37% total return of the SFY Index, and the -8.84% 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, Utilities and Energy were the leading contributors, while Information Technology, Consumer Discretionary and Communication Services were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included, Exxon, Eli Lilly, and UnitedHealth. Conversely, the leading detractors included Amazon, NVIDIA, and Microsoft.

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.

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SoFi Funds

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 SFYX Index.

Performance Overview:

During the fiscal period, SFYX generated a total return of -11.74% (NAV) and -12.06% (Market). This compares to the -11.73% total return of the SFYX Index, and the -7.89% 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, Energy and Utilities were the leading contributors, while Information Technology, Consumer Discretionary and Financials were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Shockwave Medica, New Fortress, and Nielsen Holdings. Conversely, the leading detractors included Upstart, Datadog, and Cleveland Cliffs.

The SoFi Social 50 ETF

The SoFi Social 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.

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 -19.96% (NAV) and -19.66% (Market). This compares to the -20.61% total return of the SFYF Index for the same period, and the -8.84% total return of the benchmark, the S&P 500® Total Return Index.

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From a sector perspective, based on performance attribution to the overall portfolio, Energy was the only contributor, while Consumer Discretionary and Information Technology were the leading detractors.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Nu Holdings, Exxon and AT&T. Conversely, the leading detractors included Rivian, NVIDIA, and Coinbase.

The SoFi Be Your Own Boss ETF

The SoFi Be Your Own Boss ETF (“BYOB”) is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective primarily by investing in a portfolio of companies listed around the world that BYOB’s investment adviser considers part of the “gig economy”.

Fund Description:

The “gig economy” refers to the group of companies that have embraced, that support, or that otherwise benefit from a workforce where individual employees or independent contractors are empowered to create their own freelance business by leveraging recent developments in technology platforms that enable individuals to offer their services directly to retail and commercial customers. Examples of gig economy businesses include selling or reselling products through auction platforms or web-based stores and offering delivery services through an app-based platform.

The investment management team behind the strategy seeks investments in underlying companies that

drive the overall gig economy universe,

transform the way our economy transacts goods and services,

modify how work gets done, and

embraces the work from home economy.

These companies are broken up into categories, seeking direct participants, direct and indirect supportive gig economy businesses, companies that help facilitate processes within the gig economy, and any other ancillary benefiting companies because of the gig economy. These companies are put into a multi-tiered process based on their growth prospects within the gig economy and managed to allow for necessary concentration to generate alpha but not overconcentration which may cause significant volatility. The team actively rebalances the portfolio frequently, as such a new industry classification, BYOB can experience large individual position volatility and new issuances can occur frequently.

Performance Overview:

During the fiscal period, BYOB generated a total return of -30.39% (NAV) and -30.30% (Market). This compares to the -13.43% return of the Nasdaq-100® Total Return Index, and the -8.84% return of the benchmark, the S&P 500® Total Return Index, over the same period.

From a sector perspective, based on performance attribution to the overall portfolio, Health Care and Real Estate detracted the least from the portfolio (no contributors), while Information Technology and Consumer Discretionary detracted the most.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Pinduoduo, Twitter, and Meituan. Conversely, the leading detractors included Coinbase, Unity Software and Shopify.

The SoFi Weekly Income ETF

The SoFi Weekly Income ETF (“TGIF”) is an actively-managed ETF that seeks to achieve weekly income by investing in investment grade and high-yield fixed income securities. TGIF is managed by Income Research + Management (“IR + M”), TGIF’s sub-adviser, a value-oriented fixed income manager with over 30 years of experience. The Fund targets a duration of less than 3 years, with the goal to reduce interest rate risk relative to longer dated bonds. TGIF does not seek to replicate the performance of a specified index.

Fund Description:

TGIF seeks to achieve its investment objective, under normal circumstances, by investing in U.S.-dollar denominated investment grade and non-investment grade (also known as “high-yield” or “junk”) fixed income securities and instruments and expects to distribute income from its investments to shareholders weekly. TGIF anticipates making its weekly income distributions each Friday (or, in the event the New York Stock Exchange (the “NYSE”) is closed for trading on Friday, on a day earlier in the week). While obligations of any maturity may be purchased, under normal circumstances, TGIF will generally have a short to intermediate overall effective duration (i.e., typically less than three years). Effective duration is a measure of a fund’s price sensitivity to changes in yields or interest rates and

4

SoFi Funds

a fund with a higher effective duration will, under normal circumstances, have a greater sensitivity to interest rates. However, duration may not accurately reflect the true interest rate sensitivity of instruments held by TGIF and, therefore, the TGIF’s exposure to changes in interest rates.

Investment decisions for TGIF are made by IR +M primarily through a fundamental analysis of available debt instruments and their issuers.

IR+M applies a bottom-up investing approach focusing on the analysis of individual companies rather than on the industry or sector in which a company operates or on the economy as a whole.

IR+M’s bottom-up process focuses on the following attributes of investment opportunities:

Credit: IR+M evaluates the strength of a company’s management, its financial statements, and its competitive position in its industry or peer group.

Structure: IR+M focuses on the shape of the curve reflecting the relationship of a bond’s price to interest rates (also known as “convexity”) with a particular interest in the extent to which an instrument may be callable (i.e., the issuer can redeem the bond prior to its maturity date) or have other such options attached to it that may affect the bond’s convexity. This analysis favors bonds with positive convexity (i.e., where the price would be expected to increase as interest rates rise) and those with structures that may add to the bond’s effective yield without increasing credit risk.

Price: IR+M seeks bonds that it believes are under- or mis-priced and will seek to avoid bonds it determines are overpriced.

Performance Overview:

During the period, TGIF generated a total return of -4.40% (NAV) and -4.40% (Market). This compares to the -2.09% return of the benchmark, the Bloomberg Barclays 1-3 Year Credit Index.

From a sector perspective, based on performance attribution to the overall portfolio, Utilities was the only contributor, while Financials and Consumer Discretionary detracted the most.

Reviewing individual holdings based on performance attribution to the overall portfolio, leading contributors included OXY 0 10/10/36 (Occidental Petroleum), APA 4 ⅝ 11/15/25 (Apache), and CLI 3.15 05/15/23 (Mack-Cali Realty). Conversely, the leading detractors included FNS 417 C23 (Fannie Mae Strip), FNS 424 C14 (Fannie Mae Strip), and QVCN 4 ¾ 02/15/27 (QVC Inc.).

The SoFi Weekly Dividend ETF

The SoFi Weekly Dividend ETF (“WKLY”) is a passively-managed ETF that seeks to provide investors with consistent income by tracking the SoFi Sustainable Dividend Index (the “WKLY Index”), made up of global, consistent dividend-paying companies. Securities selected for the WKLY Index have maintained their dividend payments over the last 12 months, been forecasted to continue to pay over the next 12 months and have met a number of additional screens designed to remove companies at risk of reducing their dividend payouts. Holdings are weighted by market capitalization and rebalanced quarterly.

Fund Description:

WKLY aims to pay dividends on a weekly basis, typically each Thursday. The Fund holds a portfolio of large- and mid-cap dividend-paying companies from developed markets. Aside from liquidity and market-cap requirements, the WKLY Index filters securities based on stable dividend payout, forecasted dividends, dividend history, payout ratio, debt/equity ratio, and price return. Eligible stocks are then selected for high dividend yield, relative to the weighted average yield of the parent index. The resulting portfolio is market-cap-weighted, with individual and sector weights capped at 5% and 30%, respectively. The WKLY Index is rebalanced and reconstituted quarterly, starting in February.

Get Paid Weekly-WKLY seeks to distribute income on a weekly basis, providing the opportunity for a steady stream of income.

Global Dividend-Paying Equities-Access the global market of dividend-paying companies.

A Focus on Dividend Sustainability-Securities selected for the WKLY Index have maintained dividend payments over the last 12 months, been forecasted to continue to pay over the next 12 months and have met additional screens designed to remove companies at risk of reducing dividend payouts.

WKLY Does the Work–Instead of manually buying a basket of dividend-paying stocks, you can purchase one ETF to do the work for you.

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SoFi Funds

Performance Overview:

During the fiscal period, WKLY generated a total return of -10.06% (NAV) and -9.91% (Market). This compares to the –2.09% return of the benchmark, the Bloomberg 1-3 Year Credit Index, and the -9.60% return of the WKLY Index over the same period.

From a sector perspective, based on performance attribution to the overall portfolio, Energy and Utilities were the largest contributors, while Financials and Materials detracted the most.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Chevron, ConocoPhillips, and Automatic Data. Conversely, the leading detractors included JP Morgan, Bank of America, and Intel Corp.

The SoFi Smart Energy ETF

The SoFi Smart Energy ETF (“ENRG”) is a passively-managed ETF that seeks to track the performance, before fees and expenses, of the iClima Distributed Renewable Energy Index (the “ENRG Index”). ENRG will invest all, or substantially all, of its assets in the component securities that make up the ENRG Index. The ENRG Index is comprised of equity securities of publicly traded, large-, mid-, and small-cap U.S. and non-U.S. companies in developed and emerging markets that are Distributed Energy Companies as defined in the ENRG Prospectus.

Fund Description:

ENRG provides exposure to global companies that support distributed energy resources (DER). ENRG focuses on renewable energy sources, a subset of all possible DER solutions. Firms are screened to determine the percentage of revenue each company receives from DER compared to its total revenue by analyzing financial and sustainability reports, along with other publicly available information. Companies with at least 20% DER revenue or have at least a 10% increase in DER revenue over the prior year are considered, as well as those that disclose DER as a key revenue source. Companies are then screened for relevant sustainability and ESG standards. The ENRG Index is reconstituted and rebalanced semi-annually, assigning each security an equal weight. Prior to February 14, 2022, ENRG was named the iClima Distributed Renewable Energy Transition Leaders ETF. Before August 9, 2022, ENRG traded under the name iClima Distributed Smart Energy ETF and the ticker SHFT.

Performance Overview:

During the fiscal period, ENRG generated a total return of –5.22% (NAV) and -4.65% (Market). This compares to the -11.21% return of the benchmark, the Dow Jones Global Index TR, and the -4.96% return of the ENRG Index, over the same period.

From a sector perspective, based on performance attribution to the overall portfolio, Utilities was the only contributor to the portfolio, while Information Technology and Consumer Discretionary detracted the most.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included Enphase Energy, Stem Inc., and Canadian Solar. Conversely, the leading detractors included Cleanspark, Veritone, and Nuvve Holding.

The SoFi Web 3 ETF

The SoFi Web 3 ETF (“TWEB”) is a passively-managed ETF that seeks to track the performance, before fees and expenses, of the Solactive Web 3.0 Index (the “TWEB Index”). The TWEB Index’s initial investable universe consists of equity securities listed on securities exchanges in the U.S., developed markets, and South Korea. The TWEB Index includes equity securities of companies (each, a “Web 3.0 Company”) with products or services in one of the following four thematic categories Big Data & Artificial Intelligence; Blockchain Technology; Metaverse; and NFT & Tokenization.

Fund Description:

TWEB is passively-managed to provide exposure to Web 3.0, or the third generation of the internet, by investing in four thematic categories: big data & artificial intelligence, blockchain, metaverse, and NFT & tokenization. All four underlying technologies are believed to drive a decentralized approach to the internet. TWEB principally invests in the U.S., developed markets, and South Korea, while excluding equities traded in China. To be eligible for inclusion, a company must derive significant revenue from the four thematic categories. Companies within each category are ranked using a natural language processing algorithm. The TWEB Index selects the 10 highest ranking in each category to build a narrow portfolio of 40 securities. The four categories are weighted equally, with securities within each category weighted based on thematic relevance. The TWEB Index reconstitutes and rebalances semi-annually.

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SoFi Funds

Performance Overview:

During the period since inception (8/8/22) ending 8/31/22, TWEB generated a total return of –14.54% (NAV) and -14.59% (Market). This compares to the -4.33% return of the benchmark, the S&P 500® Total Return Index, while the total return of the TWEB Index was -10.82% for the period.

From a sector perspective, based on performance attribution to the overall portfolio, Health Care and Real Estate detracted the least (no contributors), while Information Technology and Consumer Discretionary detracted the most.

Reviewing individual stocks based on performance attribution to the overall portfolio, leading contributors included 1Stdibs.com Inc., Funko Inc., and Vinco Ventures. Conversely, the leading detractors included Gamestop, AMC, and Vuzix.

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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. The Funds are 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. Because GIGE may invest in a single sector, country or industry, its shares do not represent a complete investment program. As non-diversified funds, the value of TGIF’s, WKLY’s and ENRG’s shares may fluctuate more than shares invested in a broader range of industries and companies because of concentration in a specific sector, country or industry.

The S&P 500® Total Return Index is an index of 500 large-capitalization companies selected by Standard & Poor’s Financial Services LLC. The S&P MidCap 400® Total Return Index is an index of 400 mid-capitalization companies selected by Standard & Poor’s Financial Services LLC. The Nasdaq-100® Total Return Index is an index of 100 of the largest non-financial securities, based on market capitalization, listed on The Nasdaq Stock Market, LLC. The Bloomberg Barclays 1-3 Year Credit Index is an index of investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate and government-related debt with 1 to 3 years to maturity. The Dow Jones Global Index aims to provide 95% market capitalization coverage of stocks globally, including developed and emerging regions. It is not possible to invest directly in an index. Holdings are subject to change.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. For a complete list of portfolio holdings, please refer to the Schedule of Investments provided in this report.

SoFi ETFs are distributed by Foreside Fund Services, LLC.

Social Finance, Inc. (“SoFi”) is not an affiliated person of the Funds, Toroso Investments, LLC, IR+M, 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 Social 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.

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SoFi Funds

SOFI SELECT 500 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Technology

22.1

%

Consumer, Non-cyclical

19.3

Communications

14.0

Consumer, Cyclical

13.1

Financial

12.1

Energy

8.7

Industrial

6.0

Utilities

2.6

Basic Materials

1.9

Cash & Cash Equivalents(1) 

0.2

 

100.0

%

(1)Represents cash, short-term investments and liabilities in excess of other assets.

SOFI NEXT 500 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Consumer, Non-cyclical

20.6

%

Financial

18.9

Consumer, Cyclical

14.0

Industrial

12.9

Energy

11.2

Technology

10.2

Basic Materials

5.3

Utilities

3.4

Communications

3.3

Cash & Cash Equivalents(1) 

0.2

 

100.0

%

(1)Represents cash, short-term investments and liabilities in excess of other assets.

SOFI SOCIAL 50 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Consumer, Cyclical

36.2

%

Communications

23.9

Technology

22.3

Consumer, Non-cyclical

8.7

Financial

6.0

Industrial

1.5

Energy

1.3

Cash & Cash Equivalents(1) 

0.1

 

100.0

%

(1)Represents cash, short-term investments and liabilities in excess of other assets.

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SoFi Funds

SOFI BE YOUR OWN BOSS ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Communications

40.5

%

Technology

30.0

Consumer, Non-cyclical

15.2

Financial

6.9

Consumer, Cyclical

4.6

Industrial

2.4

Cash & Cash Equivalents(1) 

0.4

 

100.0

%

(1)Represents cash, short-term investments and liabilities in excess of other assets.

SOFI WEEKLY INCOME ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Financial

25.6

%

Communications

14.2

Consumer, Cyclical

12.8

Energy

11.9

Industrial

9.9

Consumer, Non-cyclical

8.1

Asset Backed Securities

3.7

Basic Materials

2.8

Government

2.7

Cash & Cash Equivalents(1) 

2.5

Utilities

2.5

Technology

2.3

Mortgage Backed Securities

1.0

 

100.0

%

(1)Represents cash, short-term investments and liabilities in excess of other assets.

SOFI WEEKLY DIVIDEND ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Consumer, Non-cyclical

26.7

%

Financial

24.4

Energy

11.4

Industrial

8.8

Consumer, Cyclical

6.3

Basic Materials

6.0

Utilities

5.4

Communications

5.3

Technology

5.0

Cash & Cash Equivalents(1) 

0.5

Diversified

0.2

 

100.0

%

(1)Represents cash, short-term investments and liabilities in excess of other assets.

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SoFi Funds

SOFI WEB 3 ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Technology

33.2

%

Communications

24.5

Consumer, Cyclical

16.8

Financial

12.1

Consumer, Non-cyclical

10.8

Industrial

2.5

Cash & Cash Equivalents(1) 

0.1

 

100.0

%

(1)Represents cash, short-term investments and liabilities in excess of other assets.

SOFI SMART ENERGY ETF PORTFOLIO ALLOCATION at August 31, 2022 (Unaudited)

Sector 

% of Net Assets

Industrial

44.3

%

Energy

30.9

Consumer, Cyclical

11.5

Technology

6.6

Consumer, Non-cyclical

4.4

Utilities

2.0

Cash & Cash Equivalents(1) 

0.3

 

100.0

%

(1)Represents cash, short-term investments and other assets in excess of liabilities.

SoFi Select 500 ETF

11

The accompanying notes are an integral part of these financial statements.

 

 

Shares

 

Value

Common Stocks – 99.8%

Advertising – 0.1%

Omnicom Group, Inc. (1) 

1,568

$104,899

The Trade Desk, Inc. - Class A (1)(2) 

4,223

264,782

 

369,681

Aerospace & Defense – 1.4%

General Dynamics Corp. 

1,870

428,099

L3Harris Technologies, Inc. 

1,462

333,614

Lockheed Martin Corp. 

1,821

765,020

Northrop Grumman Corp. 

1,005

480,380

Raytheon Technologies Corp. 

17,251

1,548,277

Teledyne Technologies, Inc. (2) 

645

237,592

The Boeing Co. (2) 

7,003

1,122,231

TransDigm Group, Inc. 

448

268,975

 

5,184,188

Agriculture – 0.6%

Altria Group, Inc. 

18,115

817,349

Archer-Daniels-Midland Co. 

5,632

494,996

Philip Morris International, Inc. 

11,255

1,074,740

 

2,387,085

Airlines – 0.3%

Delta Air Lines, Inc. (2) 

19,611

609,314

Southwest Airlines Co. (2) 

8,751

321,161

United Airlines Holdings, Inc. (2) 

4,280

149,843

 

1,080,318

Apparel – 0.4%

Nike, Inc. - Class B 

11,989

1,276,229

VF Corp. 

7,436

308,222

 

1,584,451

Auto Manufacturers – 6.5%

Cummins, Inc. 

1,134

244,229

Ford Motor Co. 

90,407

1,377,803

General Motors Co. 

10,244

391,423

PACCAR, Inc. 

3,066

268,306

Stellantis NV (1) 

100,417

1,345,588

Tesla, Inc. (2) 

76,471

21,076,172

 

24,703,521

Banks – 3.2%

Bank of America Corp. 

56,102

1,885,588

Citigroup, Inc. 

12,473

608,807

Citizens Financial Group, Inc. 

3,626

133,002

Fifth Third Bancorp 

4,996

170,613

First Republic Bank 

1,455

220,913

Huntington Bancshares, Inc. (1) 

13,326

178,568

JPMorgan Chase & Co. 

19,923

2,265,843

 

 

Shares

 

Value

Banks – 3.2% (Continued)

KeyCorp 

6,740

$119,231

M&T Bank Corp. (1) 

1,224

222,499

Morgan Stanley 

13,956

1,189,330

Northern Trust Corp. 

1,481

140,828

Regions Financial Corp. 

6,694

145,059

State Street Corp. 

2,550

174,292

SVB Financial Group (1)(2) 

630

256,108

The Bank of New York Mellon Corp. 

5,298

220,026

The Goldman Sachs Group, Inc. 

2,853

949,108

The PNC Financial Services Group, Inc. 

3,190

504,020

Truist Financial Corp. 

9,000

421,560

U.S. Bancorp 

10,233

466,727

Wells Fargo & Co. 

43,192

1,887,922

 

12,160,044

Beverages – 1.5%

Brown-Forman Corp. - Class B 

2,276

165,465

Constellation Brands, Inc. - Class A 

3,435

845,182

Keurig Dr Pepper, Inc. 

10,797

411,582

Monster Beverage Corp. (2) 

4,038

358,696

PepsiCo, Inc. 

10,453

1,800,738

The Coca-Cola Co. 

34,006

2,098,510

 

5,680,173

Biotechnology – 2.3%

Alnylam Pharmaceuticals, Inc. (2) 

1,871

386,680

Amgen, Inc. 

4,208

1,011,182

Biogen, Inc. (2) 

947

185,025

BioMarin Pharmaceutical, Inc. (2) 

2,317

206,676

Bio-Rad Laboratories, Inc. - Class A (2) 

172

83,427

Corteva, Inc. 

6,019

369,747

Gilead Sciences, Inc. 

31,785

2,017,394

Horizon Therapeutics PLC (2) 

4,009

237,373

Illumina, Inc. (2) 

1,591

320,809

Incyte Corp. (2) 

2,119

149,241

Moderna, Inc. (2) 

15,133

2,001,642

Regeneron Pharmaceuticals, Inc. (2) 

1,805

1,048,813

Seagen, Inc. (2) 

1,158

178,668

Vertex Pharmaceuticals, Inc. (2) 

2,285

643,822

 

8,840,499

Building Materials – 0.3%

Carrier Global Corp. 

7,189

281,234

Johnson Controls International PLC 

6,799

368,098

Martin Marietta Materials, Inc. 

469

163,076

Masco Corp. 

2,035

103,520

Vulcan Materials Co. 

989

164,659

 

1,080,587


SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited)

SoFi Select 500 ETF

12

The accompanying notes are an integral part of these financial statements.

 

 

Shares

 

Value

Chemicals – 1.3%

Air Products and Chemicals, Inc. 

1,789

$451,633

Albemarle Corp. 

2,053

550,122

Celanese Corp. 

1,015

112,523

CF Industries Holdings, Inc. 

3,954

409,081

Dow, Inc. 

9,841

501,891

DuPont de Nemours, Inc. 

3,610

200,860

Eastman Chemical Co. (1) 

1,217

110,747

Ecolab, Inc. 

2,231

365,505

FMC Corp. 

1,041

112,511

International Flavors & Fragrances, Inc. 

7,098

784,187

LyondellBasell Industries NV 

5,108

423,964

PPG Industries, Inc. 

1,885

239,357

The Mosaic Co. 

5,963

321,227

The Sherwin-Williams Co. 

1,717

398,516

 

4,982,124

Commercial Services – 1.7%

Automatic Data Processing, Inc. 

3,014

736,652

Block, Inc. - Class A (2) 

13,031

897,966

Booz Allen Hamilton Holding Corp. 

889

85,077

Cintas Corp. 

752

305,944

CoStar Group, Inc. (2) 

2,937

204,533

Equifax, Inc. 

1,030

194,412

FleetCor Technologies, Inc. (2) 

628

133,469

Gartner, Inc. (2) 

747

213,134

Global Payments, Inc. 

3,403

422,755

MarketAxess Holdings, Inc. 

230

57,176

Moody’s Corp. 

1,446

411,416

PayPal Holdings, Inc. (2) 

9,644

901,135

Rollins, Inc. 

3,664

123,697

S&P Global, Inc. (1) 

2,997

1,055,483

TransUnion 

1,801

133,040

United Rentals, Inc. (2) 

636

185,737

Verisk Analytics, Inc. 

1,292

241,811

 

6,303,437

Computers – 7.3%

Accenture PLC - Class A 

5,193

1,497,973

Apple, Inc. 

142,708

22,436,552

Cognizant Technology Solutions Corp. 

4,052

255,965

Crowdstrike Holdings, Inc. - Class A (2) 

3,822

697,935

Dell Technologies, Inc. - Class C 

2,033

77,843

EPAM Systems, Inc. (2) 

529

225,618

Fortinet, Inc. (2) 

8,797

428,326

Hewlett Packard Enterprise Co. 

20,464

278,310

HP, Inc. 

7,773

223,163

International Business Machines Corp. 

6,433

826,319

Leidos Holdings, Inc. 

1,017

96,666

 

 

Shares

 

Value

Computers – 7.3% (Continued)

NetApp, Inc. 

1,761

$127,021

Seagate Technology Holdings PLC 

1,776

118,921

Western Digital Corp. (2) 

4,915

207,708

Zscaler, Inc. (2) 

2,070

329,627

 

27,827,947

Cosmetics & Personal Care – 0.9%

Colgate-Palmolive Co. 

6,187

483,885

The Estee Lauder Companies, Inc. 

2,522

641,547

The Procter & Gamble Co. 

17,115

2,360,843

 

3,486,275

Distribution & Wholesale – 0.2%

Copart, Inc. (2) 

2,310

276,391

Fastenal Co. 

4,018

202,226

LKQ Corp. 

2,071

110,219

W.W. Grainger, Inc. 

389

215,872

 

804,708

Diversified Financial Services – 3.6%

American Express Co. 

6,565

997,880

Ameriprise Financial, Inc. 

915

245,229

Apollo Global Management, Inc. (1) 

22,655

1,259,165

BlackRock, Inc. 

1,239

825,657

Capital One Financial Corp. 

3,519

372,381

Cboe Global Markets, Inc. (1) 

743

87,652

CME Group, Inc. - Class A 

2,488

486,678

Coinbase Global, Inc. - Class A (1)(2) 

7,366

492,049

Discover Financial Services 

2,309

232,031

Franklin Resources, Inc. (1) 

5,854

152,614

Intercontinental Exchange, Inc. 

5,680

572,828

Mastercard, Inc. - Class A 

8,031

2,605,015

Nasdaq, Inc. 

3,705

220,559

Raymond James Financial, Inc. 

2,006

209,366

Synchrony Financial 

3,415

111,841

T. Rowe Price Group, Inc. (1) 

1,921

230,520

The Charles Schwab Corp. 

25,039

1,776,517

Visa, Inc. - Class A (1) 

13,509

2,684,373

 

13,562,355

Electric – 2.5%

Alliant Energy Corp. 

1,888

115,244

Ameren Corp. 

1,948

180,424

American Electric Power Co., Inc. 

3,724

373,145

Avangrid, Inc. (1) 

3,783

186,880

CenterPoint Energy, Inc. 

6,078

191,639

CMS Energy Corp. 

2,208

149,128

Consolidated Edison, Inc. 

2,820

275,627

Constellation Energy Corp. 

6,205

506,266


SCHEDULE OF INVESTMENTS at August 31, 2022 (Unaudited) (Continued)

SoFi Select 500 ETF

13

The accompanying notes are an integral part of these financial statements.

 

 

Shares

 

Value

Electric – 2.5% (Continued)

Dominion Energy, Inc. 

6,144

$502,579

DTE Energy Co. 

1,692

220,535

Duke Energy Corp. 

6,418

686,148

Edison International 

3,369

228,317

Entergy Corp. 

1,603

184,826

Evergy, Inc. 

1,797

123,149

Eversource Energy 

2,635

236,333

Exelon Corp. 

8,030

352,597

FirstEnergy Corp. 

4,416

174,653

NextEra Energy, Inc. (1) 

19,757

1,680,531

PG&E Corp. (2) 

45,507

561,101

PPL Corp. 

15,028

437,014

Public Service Enterprise Group, Inc. 

6,123

394,076

Sempra Energy 

2,839

468,350

The AES Corp. 

10,549

268,472

The Southern Co. 

8,673

668,428

WEC Energy Group, Inc. 

2,429

250,527

Xcel Energy, Inc. 

4,215

312,964

 

9,728,953

Electrical Components & Equipment – 0.2%

AMETEK, Inc. 

1,918

230,467

Emerson Electric Co. 

4,630

378,456

 

608,923

Electronics – 0.6%

Agilent Technologies, Inc. 

2,445

313,571

Amphenol Corp. 

4,961

364,782

Fortive Corp. 

2,737

173,334

Garmin Ltd. 

1,472

130,257

Honeywell International, Inc. 

4,548

861,164

Keysight Technologies, Inc. (2) 

1,514

248,130

Mettler-Toledo International, Inc. (2) 

177

214,606

 

2,305,844

Energy – Alternate Sources – 0.1%

Enphase Energy, Inc. (2) 

1,921

550,251

Engineering & Construction – 0.0% (4) 

Jacobs Solutions, Inc. 

1,379

171,796

Entertainment – 0.2%

Live Nation Entertainment, Inc. (1)(2) 

6,350

573,786

Environmental Control – 0.2%

Republic Services, Inc. 

2,355

336,106

Waste Management, Inc. 

3,285

555,263

 

891,369

 

 

Shares

 

Value

Food – 1.0%

Campbell Soup Co. 

1,793

$90,331

Conagra Brands, Inc. 

3,120

107,266

General Mills, Inc. 

4,075

312,960

Hormel Foods Corp. (1) 

4,633

232,947

Kellogg Co. (1) 

2,309

167,957

McCormick & Co., Inc. 

1,912

160,742

Mondelez International, Inc. 

9,577

592,433

Sysco Corp. (1) 

8,260

679,137

The Hershey Co. 

1,054

236,802

The J.M. Smucker Co. 

752

105,273

The Kraft Heinz Co. 

14,391

538,223

The Kroger Co. (1) 

5,420

259,835

Tyson Foods, Inc. - Class A 

2,380

179,404

 

3,663,310

Forest Products & Paper – 0.0% (4) 

International Paper Co. 

2,829

117,743

Gas – 0.0% (4) 

Atmos Energy Corp. (1) 

1,154

130,841

Hand & Machine Tools – 0.1%

Snap-on, Inc. 

386

84,094

Stanley Black & Decker, Inc. (1) 

1,195

105,280

 

189,374

Healthcare – Products – 3.6%

Abbott Laboratories 

16,245

1,667,549

ABIOMED, Inc. (2) 

409

106,045

Align Technology, Inc. (2) 

1,208

294,390