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

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.

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

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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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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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.

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.

SoFi Funds

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

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

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

SoFi Funds

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

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

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

SoFi Funds

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

⁽¹⁾Represents cash, 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.

SoFi Select 500 ETF

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

SoFi Select 500 ETF

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