SoFi Select 500 ETF

Ticker: SFY

SoFi Next 500 ETF

Ticker: SFYX

SoFi Social 50 ETF

Ticker: SFYF

SoFi Be Your Own Boss ETF

Ticker: BYOB

SoFi Weekly Income ETF

Ticker: TGIF

SoFi Weekly Dividend ETF

Ticker: WKLY

SoFi Web 3 ETF

Ticker: TWEB

SoFi Smart Energy ETF

Ticker: ENRG

Semi-Annual Report

August 31, 2023

SoFi Funds

TABLE OF CONTENTS

 

Portfolio Allocations

1

Schedules of Investments

4

Statements of Assets and Liabilities

39

Statements of Operations

41

Statements of Changes in Net Assets

43

Financial Highlights

51

Notes to Financial Statements

59

Expense Examples

84

Statement Regarding Liquidity Risk Management Program

86

Basis For Trustees’ Approval of Investment Advisory Agreement

87

Additional Information

91

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

1

SoFi Funds

SOFI SELECT 500 ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector

% of Net Assets

Technology

25.3

%

Communications

16.2

Consumer, Non-cyclical

16.2

Financial

12.2

Consumer, Cyclical

10.5

Energy

8.5

Industrial

6.0

Utilities

2.6

Basic Materials

2.0

Cash & Cash Equivalents(1)

0.5

100.0

%

(1)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

SOFI NEXT 500 ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector

% of Net Assets

Consumer, Non-cyclical

18.6

%

Financial

18.1

Industrial

16.9

Consumer, Cyclical

15.0

Technology

12.8

Energy

10.8

Communications

2.7

Utilities

2.4

Basic Materials

2.3

Cash & Cash Equivalents(2)

0.4

100.0

%

(2)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

SOFI SOCIAL 50 ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector

% of Net Assets

Consumer, Cyclical

30.0

%

Technology

27.2

Communications

26.8

Financial

6.6

Consumer, Non-cyclical

6.3

Industrial

1.6

Energy

1.2

Cash & Cash Equivalents(3)

0.3

100.0

%

(3)Represents cash, short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

2

SoFi Funds

SOFI BE YOUR OWN BOSS ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector

% of Net Assets

Communications

43.2

%

Technology

31.0

Consumer, Non-cyclical

14.1

Financial

5.8

Consumer, Cyclical

4.7

Industrial

1.2

Cash & Cash Equivalents(4)

0.0

(5) 

100.0

%

(4)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

(5)Does not round to 0.1% or (0.1)%, as applicable.

SOFI WEEKLY INCOME ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector/Investment Type

% of Net Assets

Financial

24.2

%

Consumer, Cyclical

21.3

Energy

13.6

Communications

9.5

Industrial

8.1

Consumer, Non-cyclical

7.7

Asset Backed Securities

2.9

Basic Materials

2.6

Technology

2.5

Utilities

2.5

Cash & Cash Equivalents(6)

2.1

Government

1.8

Mortgage Backed Securities

1.2

100.0

%

(6)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

SOFI WEEKLY DIVIDEND ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector

% of Net Assets

Financial

24.5

%

Consumer, Non-cyclical

23.8

Energy

12.7

Industrial

10.7

Consumer, Cyclical

7.5

Technology

5.9

Utilities

5.3

Communications

5.2

Basic Materials

3.7

Cash & Cash Equivalents(7)

0.7

Diversified

0.0

(8) 

100.0

%

(7)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

(8)Does not round to 0.1% or (0.1)%, as applicable.

3

SoFi Funds

SOFI WEB 3 ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector

% of Net Assets

Technology

35.7

%

Communications

25.1

Consumer, Cyclical

14.6

Financial

11.0

Consumer, Non-cyclical

13.0

Cash & Cash Equivalents(9)

0.6

100.0

%

(9)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

SOFI SMART ENERGY ETF PORTFOLIO ALLOCATION at August 31, 2023 (Unaudited)

Sector

% of Net Assets

Industrial

45.8

%

Energy

30.9

Consumer, Cyclical

9.4

Technology

6.7

Utilities

4.6

Consumer, Non-cyclical

2.5

Cash & Cash Equivalents(10)

0.1

100.0

%

(10)Represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

SoFi Select 500 ETF

4

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

 

 

Shares

 

Value

Common Stocks – 99.5%

Advertising – 0.1%

Omnicom Group, Inc.(1)

1,775

$143,793

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

8,004

640,560

784,353

Aerospace & Defense – 1.3%

General Dynamics Corp.

2,728

618,274

Howmet Aerospace, Inc.

5,600

277,032

L3Harris Technologies, Inc.

1,852

329,823

Lockheed Martin Corp.

2,394

1,073,350

Northrop Grumman Corp.

1,345

582,506

RTX Corp.

16,587

1,427,145

The Boeing Co.(2)

7,356

1,647,965

TransDigm Group, Inc.

674

609,195

6,565,290

Agriculture – 0.6%

Altria Group, Inc.

22,075

976,156

Archer-Daniels-Midland Co.

7,702

610,769

Bunge Ltd.

1,619

185,084

Philip Morris International, Inc.

14,762

1,418,038

3,190,047

Airlines – 0.4%

Delta Air Lines, Inc.

26,103

1,119,297

Southwest Airlines Co.

14,459

456,904

United Airlines Holdings, Inc.(2)

12,548

625,016

2,201,217

Apparel – 0.2%

Nike, Inc. - Class A

11,448

1,164,376

Auto Manufacturers – 4.6%

Cummins, Inc.

1,668

383,706

Ford Motor Co.

71,246

864,214

General Motors Co.

17,535

587,598

PACCAR, Inc.

7,579

623,676

Stellantis NV(1)

44,400

823,620

Tesla, Inc.(2)

81,186

20,952,483

24,235,297

Banks – 3.4%

Bank of America Corp.

98,223

2,816,053

Citigroup, Inc.

25,009

1,032,622

Citizens Financial Group, Inc.

7,688

216,264

Fifth Third Bancorp

8,597

228,250

Huntington Bancshares, Inc.

27,555

305,585

JPMorgan Chase & Co.

37,186

5,441,427

KeyCorp

10,945

124,007

 

 

Shares

 

Value

Banks – 3.4% (Continued)

M&T Bank Corp.

3,286

$410,914

Morgan Stanley

16,345

1,391,777

Northern Trust Corp.

2,785

211,855

Regions Financial Corp.

11,174

204,931

State Street Corp.

3,869

265,955

The Bank of New York Mellon Corp.

11,158

500,660

The Goldman Sachs Group, Inc.

2,942

964,123

The PNC Financial Services Group, Inc.

4,984

601,718

Truist Financial Corp.

16,582

506,580

U.S. Bancorp

23,300

851,149

Wells Fargo & Co.

42,054

1,736,410

17,810,280

Beverages – 1.6%

Brown-Forman Corp. - Class A

3,194

211,219

Constellation Brands, Inc. - Class 1

7,709

2,008,657

Keurig Dr Pepper, Inc.

16,113

542,203

Monster Beverage Corp.(2)

10,179

584,376

PepsiCo, Inc.

13,721

2,441,240

The Coca-Cola Co.

44,923

2,687,743

8,475,438

Biotechnology – 1.4%

Alnylam Pharmaceuticals, Inc.(1)(2)

1,531

302,862

Amgen, Inc.

5,560

1,425,250

Biogen, Inc.(2)

1,176

314,415

BioMarin Pharmaceutical, Inc.(2)

4,556

416,327

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

182

72,836

Corteva, Inc.

7,976

402,868

Gilead Sciences, Inc.

12,236

935,809

Horizon Therapeutics PLC(1)(2)

3,131

352,989

Illumina, Inc.(1)(2)

1,145

189,177

Incyte Corp.(2)

2,982

192,429

Moderna, Inc.(2)

3,427

387,491

Regeneron Pharmaceuticals, Inc.(2)

703

581,023

Royalty Pharma PLC - Class A

12,279

366,160

Seagen, Inc.(1)(2)

2,601

535,988

Vertex Pharmaceuticals, Inc.(2)

2,908

1,012,973

7,488,597

Building Materials – 0.4%

Carrier Global Corp.(1)

9,113

523,542

Johnson Controls International PLC

7,179

423,992

Martin Marietta Materials, Inc.

675

301,327

Masco Corp.

2,378

140,326

Trane Technologies PLC

2,522

517,665

Vulcan Materials Co.

1,884

411,183

2,318,035


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

SoFi Select 500 ETF

5

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

 

 

Shares

 

Value

Chemicals – 1.5%

Air Products and Chemicals, Inc.

2,543

$751,431

Albemarle Corp.(1)

6,453

1,282,276

Celanese Corp.(1)

1,147

144,935

CF Industries Holdings, Inc.

5,965

459,723

Dow, Inc.

6,125

334,180

DuPont de Nemours, Inc.

3,547

272,729

Eastman Chemical Co.

1,078

91,641

Ecolab, Inc.

2,888

530,843

FMC Corp.

1,518

130,897

International Flavors & Fragrances, Inc.

1,767

124,485

Linde PLC

5,374

2,079,953

LyondellBasell Industries NV

3,185

314,582

PPG Industries, Inc.

2,299

325,906

The Mosaic Co.

7,790

302,641

The Sherwin-Williams Co.

2,750

747,230

Westlake Corp.

1,867

244,540

8,137,992

Commercial Services – 1.7%

Automatic Data Processing, Inc.

4,378

1,114,683

Block, Inc. - Class A(2)

4,323

249,221

Booz Allen Hamilton Holding Corp.

1,468

166,339

Cintas Corp.

1,081

545,008

CoStar Group, Inc.(2)

4,126

338,291

Equifax, Inc.(1)

1,098

226,957

FleetCor Technologies, Inc.(2)

958

260,317

Gartner, Inc.(2)

868

303,522

Global Payments, Inc.

7,882

998,571

MarketAxess Holdings, Inc.

351

84,566

Moody’s Corp.

1,352

455,354

PayPal Holdings, Inc.(2)

12,669

791,939

Quanta Services, Inc.

2,214

464,652

Rollins, Inc.

4,875

192,904

S&P Global, Inc.

5,055

1,975,797

TransUnion

2,980

242,036

United Rentals, Inc.

1,008

480,352

Verisk Analytics, Inc.

1,107

268,137

9,158,646

Computers – 6.8%

Accenture PLC - Class A

7,674

2,484,611

Apple, Inc.

141,143

26,516,535

Cognizant Technology Solutions Corp.

4,913

351,820

Crowdstrike Holdings, Inc. - Class A(2)

7,406

1,207,400

Dell Technologies, Inc. - Class A

2,219

124,797

EPAM Systems, Inc.(2)

897

232,314

Fortinet, Inc.(2)

14,295

860,702

Hewlett Packard Enterprise Co.

15,136

257,161

 

 

Shares

 

Value

Computers – 6.8% (Continued)

HP, Inc.

7,348

$218,309

International Business Machines Corp.

14,838

2,178,663

Leidos Holdings, Inc.

1,454

141,780

NetApp, Inc.

2,199

168,663

Seagate Technology Holdings PLC

1,494

105,760

Western Digital Corp.(2)

2,714

122,130

Zscaler, Inc.(2)

4,137

645,579

35,616,224

Cosmetics & Personal Care – 0.8%

Colgate-Palmolive Co.

7,214

530,012

The Estee Lauder Companies, Inc.

2,300

369,219

The Procter & Gamble Co.

20,620

3,182,491

4,081,722

Distribution & Wholesale – 0.3%

Copart, Inc.(2)

10,660

477,888

Fastenal Co.

6,542

376,688

LKQ Corp.

2,220

116,616

W.W. Grainger, Inc.

605

432,055

1,403,247

Diversified Financial Services – 3.6%

American Express Co.

10,620

1,677,854

Ameriprise Financial, Inc.

1,609

543,166

Apollo Global Management, Inc.

13,628

1,190,270

BlackRock, Inc.

1,207

845,552

Capital One Financial Corp.

4,288

439,048

Cboe Global Markets, Inc.

1,451

217,229

CME Group, Inc. - Class A

3,749

759,847

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

1,356

107,938

Discover Financial Services

3,029

272,822

Franklin Resources, Inc.(1)

4,076

108,992

Intercontinental Exchange, Inc.

4,633

546,648

LPL Financial Holdings, Inc.(1)

1,167

269,099

Mastercard, Inc. - Class A

11,230

4,633,947

Nasdaq, Inc.

5,015

263,187

Raymond James Financial, Inc.

2,837

296,722

Synchrony Financial(1)

4,819

155,557

T. Rowe Price Group, Inc.(1)

1,634

183,384

The Charles Schwab Corp.

23,886

1,412,857

Visa, Inc. - Class A(1)

20,536

5,045,284

18,969,403

Electric – 2.6%

Alliant Energy Corp.

2,754

138,168

Ameren Corp.

3,422

271,262

American Electric Power Co., Inc.

5,899

462,482

Avangrid, Inc.

4,351

150,110


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Select 500 ETF

6

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

 

 

Shares

 

Value

Electric – 2.6% (Continued)

CenterPoint Energy, Inc.(1)

7,353

$205,075

CMS Energy Corp.

3,415

191,889

Consolidated Edison, Inc.

4,051

360,377

Constellation Energy Corp.(1)

11,444

1,192,007

Dominion Energy, Inc.

13,741

666,988

DTE Energy Co.

3,092

319,651

Duke Energy Corp.

8,518

756,398

Edison International

5,325

366,626

Entergy Corp.

2,573

245,078

Evergy, Inc.

2,169

119,230

Eversource Energy(1)

4,824

307,868

Exelon Corp.

7,325

293,879

FirstEnergy Corp.(1)

8,647

311,897

NextEra Energy, Inc.

30,670

2,048,756

PG&E Corp.(2)

59,157

964,259

PPL Corp.

28,515

710,594

Public Service Enterprise Group, Inc.

12,206

745,543

Sempra Energy

9,174

644,198

The AES Corp.

12,894

231,189

The Southern Co.

16,068

1,088,286

WEC Energy Group, Inc.

3,568

300,140

Xcel Energy, Inc.

6,213

354,949

13,446,899

Electrical Components & Equipment – 0.2%

AMETEK, Inc.

2,315

369,266

Emerson Electric Co.

5,062

497,341

866,607

Electronics – 0.6%

Agilent Technologies, Inc.(1)

3,130

378,949

Amphenol Corp.

7,012

619,721

Fortive Corp.(1)

4,350

342,997

Garmin Ltd.

1,627

172,495

Honeywell International, Inc.

6,161

1,157,898

Keysight Technologies, Inc.(2)

2,058

274,331

Mettler-Toledo International, Inc.(2)

221

268,179

3,214,570

Energy – Alternate Sources – 0.3%

Enphase Energy, Inc.(2)

5,642

713,882

First Solar, Inc.(2)

3,203

605,752

1,319,634

Engineering & Construction – 0.0%(3)

Jacobs Solutions, Inc.

1,755

236,609

Entertainment – 0.1%

Live Nation Entertainment, Inc.(2)

7,320

618,760

 

 

Shares

 

Value

Environmental Control – 0.2%

Republic Services, Inc.

3,610

$520,309

Waste Management, Inc.

4,268

669,137

1,189,446

Food – 0.8%

Campbell Soup Co.(1)

2,991

124,725

Conagra Brands, Inc.

4,823

144,111

General Mills, Inc.

5,558

376,054

Hormel Foods Corp.

5,029

194,069

Kellogg Co.(1)

3,022

184,402

Lamb Weston Holdings, Inc.

2,351

229,011

McCormick & Co., Inc.(1)

2,131

174,912

Mondelez International, Inc.

12,611

898,660

Sysco Corp.

7,937

552,812

The Hershey Co.

1,594

342,487

The J.M. Smucker Co.

1,072

155,386

The Kraft Heinz Co.

15,328

507,204

The Kroger Co.

7,745

359,291

Tyson Foods, Inc. - Class A

2,526

134,560

4,377,684

Forest Products & Paper – 0.0%(3)

International Paper Co.

4,111

143,556

Gas – 0.1%

Atmos Energy Corp.(1)

2,264

262,511

Hand & Machine Tools – 0.0%(3)

Snap-on, Inc.

446

119,796

Stanley Black & Decker, Inc.(1)

1,419

133,925

253,721

Healthcare – Products – 2.8%

Abbott Laboratories

15,722

1,617,794

Align Technology, Inc.(2)

720

266,501

Baxter International, Inc.(1)

3,866

156,960

Boston Scientific Corp.(2)

21,678

1,169,311

Danaher Corp.

7,517

1,992,005

Edwards Lifesciences Corp.(2)

5,518

421,961

Exact Sciences Corp.(1)(2)

2,277

190,517

GE HealthCare Technologies, Inc.

4,275

301,174

Hologic, Inc.(2)

1,651

123,396

IDEXX Laboratories, Inc.(1)(2)

788

402,991

Insulet Corp.(2)

2,235

428,472

Intuitive Surgical, Inc.(2)

3,476

1,086,876

Medtronic PLC

11,158

909,377

QIAGEN NV(2)

1,901

86,476

ResMed, Inc.

1,602

255,663


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Select 500 ETF

7

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

 

 

Shares

 

Value

Healthcare – Products – 2.8% (Continued)

Revvity, Inc.

888

$103,923

STERIS PLC

2,881

661,449

Stryker Corp.

4,393

1,245,635

Teleflex, Inc.

416

88,500

The Cooper Companies, Inc.

500

184,995

Thermo Fisher Scientific, Inc.

4,455

2,481,880

Waters Corp.(2)

568

159,494

West Pharmaceutical Services, Inc.

625

254,312

Zimmer Biomet Holdings, Inc.

2,832

337,348

14,927,010

Healthcare – Services – 1.6%

Centene Corp.(2)

7,853

484,137

Elevance Health, Inc.

2,561

1,131,988

Fortrea Holdings, Inc.(2)

694

19,120

HCA Healthcare, Inc.

2,299

637,513

Humana, Inc.

1,198

553,033

IQVIA Holdings, Inc.(2)

2,145

477,541

Laboratory Corp of America Holdings

694

144,421

Molina Healthcare, Inc.(2)

668

207,160

Quest Diagnostics, Inc.

847

111,381

UnitedHealth Group, Inc.

10,168

4,845,865

8,612,159

Home Builders – 0.2%

D.R. Horton, Inc.

3,411

405,977

Lennar Corp. - Class A

2,893

344,527

NVR, Inc.(2)

36

229,584

PulteGroup, Inc.

2,376

194,975

1,175,063

Household Products & Wares – 0.2%

Avery Dennison Corp.

816

153,718

Church & Dwight Co., Inc.

2,136

206,700

Kimberly-Clark Corp.

3,019

388,938

The Clorox Co.

1,191

186,332

935,688

Insurance – 2.7%

Aflac, Inc.(1)

4,460

332,582

American International Group, Inc.

6,984

408,704

Aon PLC

2,416

805,470

Arch Capital Group Ltd.(2)

3,467

266,474

Arthur J Gallagher & Co.

2,254

519,502

Berkshire Hathaway, Inc. - Class A(2)

14,806

5,333,121

Brown & Brown, Inc.

3,080

228,228

Chubb Ltd.

3,925

788,415

Cincinnati Financial Corp.

1,291

136,575

 

 

Shares

 

Value

Insurance – 2.7% (Continued)

CNA Financial Corp.

2,439

$95,926

Everest Group Ltd.

415

149,682

Globe Life, Inc.

892

99,521

Markel Group, Inc.(2)

171

252,895

Marsh & McLennan Companies, Inc.

4,558

888,764

MetLife, Inc.

7,967

504,630

Principal Financial Group, Inc.

4,361

338,893

Prudential Financial, Inc.

4,119

389,946

The Allstate Corp.

2,805

302,407

The Hartford Financial Services
Group, Inc.

2,818

202,389

The Progressive Corp.

10,373

1,384,484

The Travelers Companies, Inc.

2,208

355,996

W.R. Berkley Corp.

3,533

218,551

Willis Towers Watson PLC

933

192,907

14,196,062

Internet – 13.2%

Airbnb, Inc. - Class A(1)(2)

15,044

1,979,038

Alphabet, Inc. - Class A(2)

56,772

7,797,634

Alphabet, Inc. - Class A(2)

56,584

7,705,043

Amazon.com, Inc.(2)

252,395

34,833,034

Booking Holdings, Inc.(2)

984

3,055,350

CDW Corp.

1,507

318,203

DoorDash, Inc. - Class A(1)(2)

3,754

315,824

eBay, Inc.

3,508

157,088

Etsy, Inc.(1)(2)

1,029

75,704

Expedia Group, Inc. - Class A(2)

6,820

739,220

Gen Digital, Inc.

7,810

158,152

GoDaddy, Inc. - Class A(2)

1,684

122,107

Match Group, Inc.(2)

3,345

156,780

Meta Platforms, Inc. - Class A(2)

16,631

4,920,947

Netflix, Inc.(2)

4,278

1,855,283

Okta, Inc. - Class A(2)

3,329

278,005

Palo Alto Networks, Inc.(1)(2)

13,005

3,164,116

Pinterest, Inc. - Class A(2)

6,951

191,083

Snap, Inc. - Class A(2)

13,439

139,094

Spotify Technology SA(2)

1,141

175,680

Uber Technologies, Inc.(2)

29,619

1,398,905

VeriSign, Inc.(2)

976

202,803

69,739,093

Iron & Steel – 0.2%

Nucor Corp.

2,512

432,315

Reliance Steel & Aluminum Co.

709

202,037

Steel Dynamics, Inc.

2,042

217,657

852,009


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Select 500 ETF

8

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

 

 

Shares

 

Value

Leisure Time – 0.2%

Carnival Corp.(1)(2)

33,873

$535,871

Royal Caribbean Cruises Ltd.(2)

7,570

748,976

1,284,847

Lodging – 0.6%

Hilton Worldwide Holdings, Inc.

6,781

1,007,996

Las Vegas Sands Corp.(1)

9,476

519,853

Marriott International, Inc.

6,506

1,324,036

MGM Resorts International(1)

5,460

240,131

3,092,016

Machinery – Construction & Mining – 0.3%

Caterpillar, Inc.

6,109

1,717,423

Machinery – Diversified – 0.7%

Deere & Co.

4,341

1,783,891

Dover Corp.

1,411

209,251

IDEX Corp.

916

207,383

Ingersoll Rand, Inc.

5,050

351,531

Otis Worldwide Corp.

3,388

289,843

Rockwell Automation, Inc.(1)

1,140

355,771

Westinghouse Air Brake
Technologies Corp.

2,016

226,840

Xylem, Inc.

1,826

189,064

3,613,574

Media – 1.1%

Charter Communications, Inc. - Class A(1)(2)

1,402

614,244

Comcast Corp. - Class A

41,320

1,932,123

FactSet Research Systems, Inc.

474

206,859

Liberty Broadband Corp. - Class A(2)

1,143

106,939

Sirius XM Holdings, Inc.(1)

37,648

165,651

The Walt Disney Co.

24,783

2,073,842

ViacomCBS, Inc. - Class A(1)

4,926

74,333

Warner Bros Discovery, Inc.(1)(2)

46,688

613,480

5,787,471

Mining – 0.3%

Freeport-McMoRan, Inc.

14,396

574,544

Newmont Corp.

11,139

439,100

Southern Copper Corp.(1)

6,506

524,774

1,538,418

Miscellaneous Manufacturers – 1.1%

3M Co.

4,692

500,496

Axon Enterprise, Inc.(2)

1,927

410,278

Eaton Corp PLC

3,849

886,694

General Electric Co.

18,187

2,081,684

Illinois Tool Works, Inc.

3,102

767,280

 

 

Shares

 

Value

Miscellaneous Manufacturers – 1.1% (Continued)

Parker-Hannifin Corp.

1,497

$624,099

Teledyne Technologies, Inc.(2)

675

282,352

Textron, Inc.

2,045

158,917

5,711,800

Office & Business Equipment – 0.0%(3)

Zebra Technologies Corp.(2)

507

139,430

Oil & Gas – 7.1%

Chevron Corp.

45,464

7,324,250

ConocoPhillips

34,953

4,160,456

Coterra Energy, Inc.(1)

26,246

739,875

Devon Energy Corp.

14,624

747,140

Diamondback Energy, Inc.(1)

3,916

594,371

EOG Resources, Inc.

12,613

1,622,284

Exxon Mobil Corp.

89,679

9,971,408

Hess Corp.

9,086

1,403,787

Marathon Oil Corp.

15,483

407,977

Marathon Petroleum Corp.

19,451

2,777,019

Occidental Petroleum Corp.

25,103

1,576,217

Phillips 66

19,531

2,229,659

Pioneer Natural Resources Co.

5,958

1,417,587

Valero Energy Corp.

17,212

2,235,839

37,207,869

Oil & Gas Services – 0.5%

Baker Hughes Co.

13,065

472,822

Halliburton Co.

17,562

678,245

Schlumberger NV

25,718

1,516,333

2,667,400

Packaging & Containers – 0.1%

Ball Corp.(1)

3,181

173,205

Packaging Corp of America(1)

958

142,838

316,043

Pharmaceuticals – 4.6%

AbbVie, Inc.

19,392

2,849,848

Becton Dickinson & Co.

2,731

763,178

Bristol-Myers Squibb Co.

24,128

1,487,491

Cardinal Health, Inc.

1,938

169,246

Cencora, Inc.(1)

2,118

372,726

CVS Health Corp.

15,713

1,024,016

Dexcom, Inc.(2)

6,552

661,621

Eli Lilly & Co.

7,698

4,266,232

Johnson & Johnson

24,439

3,951,298

McKesson Corp.

1,729

712,901


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Select 500 ETF

9

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

 

 

Shares

 

Value

Pharmaceuticals – 4.6% (Continued)

Merck & Co., Inc.

31,078

$3,386,880

Pfizer, Inc.

74,646

2,640,975

The Cigna Group

2,997

827,951

Viatris, Inc.

19,489

209,507

Zoetis, Inc.

4,318

822,622

24,146,492

Pipelines – 0.7%

Cheniere Energy, Inc.

8,784

1,433,549

Kinder Morgan, Inc.

26,796

461,427

ONEOK, Inc.

7,388

481,697

Targa Resources Corp.

8,076

696,555

The Williams Companies, Inc.

13,094

452,136

3,525,364

Private Equity – 0.3%

Ares Management Corp.

2,067

213,810

Blackstone, Inc.

7,842

834,154

KKR & Co., Inc.(1)

10,745

674,893

1,722,857

Real Estate – 0.0%(3)

CBRE Group, Inc.(2)

2,933

249,452

Real Estate Investment Trusts (REITs) – 2.1%

Alexandria Real Estate Equities, Inc.(1)

2,191

254,901

American Tower Corp.

5,213

945,221

AvalonBay Communities, Inc.

1,383

254,223

Crown Castle, Inc.

5,560

558,780

Digital Realty Trust, Inc.

2,444

321,924

Equinix, Inc.

1,020

797,008

Equity Residential

3,419

221,654

Essex Property Trust, Inc.

616

146,848

Extra Space Storage, Inc.

1,744

224,418

Healthpeak Properties, Inc.

4,972

102,324

Host Hotels & Resorts, Inc.

31,446

496,532

Invitation Homes, Inc.

7,851

267,641

Iron Mountain, Inc.(1)

3,084

195,957

Mid-America Apartment
Communities, Inc.

1,255

182,264

Prologis, Inc.

11,914

1,479,719

Public Storage

2,692

744,015

Realty Income Corp.(1)

16,842

943,826

SBA Communications Corp.

1,593

357,676

Simon Property Group, Inc.

3,119

353,975

Sun Communities, Inc.

1,745

213,623

UDR, Inc.

4,155

165,784

Ventas, Inc.

2,610

114,005

VICI Properties, Inc.

27,416

845,509

 

 

Shares

 

Value

Real Estate Investment Trusts (REITs) – 2.1% (Continued)

W.P. Carey, Inc.(1)

2,338

$152,087

Welltower, Inc.

6,937

574,939

Weyerhaeuser Co.

6,226

203,901

11,118,754

Retail – 3.8%

AutoZone, Inc.(2)

180

455,639

Best Buy Co., Inc.

1,571

120,103

Burlington Stores, Inc.(2)

525

85,187

CarMax, Inc.(1)(2)

1,255

102,508

Chipotle Mexican Grill, Inc.(2)

292

562,579

Costco Wholesale Corp.

4,968

2,728,823

Darden Restaurants, Inc.

1,359

211,338

Dollar General Corp.

2,191

303,454

Dollar Tree, Inc.(2)

2,131

260,749

Domino’s Pizza, Inc.

314

121,644

Genuine Parts Co.

1,638

251,810

Lowe’s Companies, Inc.

5,286

1,218,317

McDonald’s Corp.

6,315

1,775,462

O’Reilly Automotive, Inc.(2)

572

537,508

Ross Stores, Inc.

2,931

357,025

Starbucks Corp.

11,489

1,119,488

Target Corp.

4,209

532,649

The Home Depot, Inc.

9,461

3,124,968

The TJX Companies, Inc.

10,901

1,008,125

Tractor Supply Co.(1)

1,167

254,990

Ulta Beauty, Inc.(2)

612

253,998

Walgreens Boots Alliance, Inc.

8,539

216,122

Walmart, Inc.

26,481

4,306,076

Yum! Brands, Inc.

2,530

327,331

20,235,893

Semiconductors – 7.0%

Advanced Micro Devices, Inc.(2)

39,264

4,150,990

Analog Devices, Inc.

12,893

2,343,690

Applied Materials, Inc.

7,816

1,193,972

Broadcom, Inc.

6,334

5,845,585

GLOBALFOUNDRIES, Inc.(1)(2)

19,926

1,100,912

Intel Corp.

25,795

906,436

KLA Corp.

1,748

877,269

Lam Research Corp.

1,347

946,133

Marvell Technology, Inc.

34,686

2,020,460

Microchip Technology, Inc.

10,131

829,121

Micron Technology, Inc.

7,854

549,309

Monolithic Power Systems, Inc.

1,011

526,943

NVIDIA Corp.

22,689

11,198,156

ON Semiconductor Corp.(2)

6,433

633,393

Qorvo, Inc.(2)

707

75,925

QUALCOMM, Inc.

13,946

1,597,235


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Select 500 ETF

10

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

 

 

Shares

 

Value

Semiconductors – 7.0% (Continued)

Skyworks Solutions, Inc.

1,552

$168,764

Teradyne, Inc.(1)

1,145

123,511

Texas Instruments, Inc.

9,699

1,630,014

36,717,818

Software – 11.6%

Activision Blizzard, Inc.

6,948

639,146

Adobe, Inc.(2)

5,466

3,057,352

Akamai Technologies, Inc.(2)

1,601

168,249

ANSYS, Inc.(2)

986

314,406

Aspen Technology, Inc.(1)(2)

1,160

225,040

Atlassian Corp. - Class A(2)

3,477

709,517

Autodesk, Inc.(2)

3,078

683,131

Broadridge Financial Solutions, Inc.

1,150

214,141

Cadence Design Systems, Inc.(2)

3,811

916,317

Cloudflare, Inc. - Class A(1)(2)

9,291

604,194

Datadog, Inc. - Class A(2)

12,149

1,172,135

DocuSign, Inc.(2)

5,651

284,245

Electronic Arts, Inc.

3,660

439,127

Fair Isaac Corp.(2)

223

201,724

Fidelity National Information
Services, Inc.

4,066

227,127

Fiserv, Inc.(2)

8,605

1,044,561

HubSpot, Inc.(2)

1,005

549,253

Intuit, Inc.

4,062

2,200,832

Jack Henry & Associates, Inc.

687

107,708

Microsoft Corp.

71,325

23,377,482

MongoDB, Inc.(1)(2)

1,463

557,842

MSCI, Inc.

991

538,727

Oracle Corp.

30,241

3,640,714

Palantir Technologies, Inc. - Class A(1)(2)

42,265

633,130

Paychex, Inc.

3,929

480,242

Paycom Software, Inc.

1,057

311,646

PTC, Inc.(1)(2)

1,139

167,627

ROBLOX Corp. - Class A(2)

5,973

168,976

Roper Technologies, Inc.

848

423,203

Salesforce, Inc.(2)

32,251

7,142,306

ServiceNow, Inc.(2)

5,738

3,378,707

Snowflake, Inc.(2)

8,117

1,273,151

Splunk, Inc.(2)

4,663

565,435

SS&C Technologies Holdings, Inc.

2,707

155,436

Synopsys, Inc.(2)

1,941

890,705

Take-Two Interactive Software, Inc.(2)

3,184

452,765

Twilio, Inc.(2)

3,494

222,603

Tyler Technologies, Inc.(2)

448

178,497

Unity Software, Inc.(2)

5,865

217,416

Veeva Systems, Inc. - Class A(2)

1,839

383,799

 

 

Shares

 

Value

Software – 11.6% (Continued)

VMware, Inc.

4,834

$815,882

Workday, Inc. - Class A(2)

2,752

672,864

Zoom Video Communications, Inc. - Class A(2)

7,858

558,154

60,965,514

Telecommunications – 1.8%

Arista Networks, Inc.(2)

7,500

1,464,225

AT&T, Inc.

65,780

972,886

Cisco Systems, Inc.

41,120

2,358,232

Corning, Inc.

7,817

256,554

Motorola Solutions, Inc.

1,836

520,635

T-Mobile US, Inc.(2)

16,316

2,223,055

Ubiquiti, Inc.(1)

539

94,341

Verizon Communications, Inc.

38,255

1,338,160

9,228,088

Transportation – 1.1%

C.H. Robinson Worldwide, Inc.(1)

977

88,350

CSX Corp.

23,024

695,325

Expeditors International of Washington, Inc.(1)

1,322

154,291

FedEx Corp.

2,338

610,265

J.B. Hunt Transport Services, Inc.

1,345

252,699

Norfolk Southern Corp.

2,510

514,575

Old Dominion Freight Line, Inc.

1,448

618,832

Union Pacific Corp.

6,820

1,504,287

United Parcel Service, Inc. - Class B

7,076

1,198,674

5,637,298

Water – 0.0%(3)

American Water Works Co., Inc.

1,592

220,874

Total Common Stocks

(Cost $467,417,560)

524,811,940

Contingent Value Rights – 0.0%(3)

Abiomed, Inc.(2)(4)

455

0

Total Contingent Value Rights

(Cost $0)

Short-Term Investments – 0.3%

Money Market Funds – 0.3%

First American Government Obligations Fund, Class X, 5.248%(5)

1,332,847

1,332,847

Total Short-Term Investments

(Cost $1,332,847)

1,332,847


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Select 500 ETF

11

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

 

 

Shares

 

Value

Investments Purchased with Collateral from Securities Lending – 4.9%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(5)

25,783,040

$25,783,040

Total Investments Purchased with Collateral from Securities Lending

(Cost $25,783,040)

25,783,040

Total Investments in Securities – 104.7%

(Cost $494,497,078)

551,927,827

Liabilities in Excess of Other Assets - (4.7)%

(24,972,168

)

Total Net Assets – 100.0%

$526,955,659

(1)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $25,141,582 or 4.8% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(2)Non-income producing security.

(3)Does not round to 0.1% or (0.1)%, as applicable.

(4)This security was fair valued.

(5)The rate shown is the annualized seven-day effective yield as of August 31, 2023.

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Next 500 ETF

12

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

 

 

Shares

 

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Common Stocks – 99.7%

Advertising – 0.2%

The Interpublic Group of Companies, Inc.(1)

4,852

$158,224

Aerospace & Defense – 0.7%

Curtiss-Wright Corp.

443

92,140

HEICO Corp.(1)

740

124,845

Hexcel Corp.

2,683

196,664

413,649

Agriculture – 0.3%

Darling Ingredients, Inc.(2)

2,705

167,061

Airlines – 1.2%

Alaska Air Group, Inc.(2)

5,807

243,720

American Airlines Group, Inc.(2)

34,094

502,204

745,924

Apparel – 1.4%

Capri Holdings Ltd.(2)

1,760

92,382

Columbia Sportswear Co.(1)

793

58,159

Crocs, Inc.(2)

1,373

133,648

Deckers Outdoor Corp.(2)

351

185,711

PVH Corp.(1)

800

66,880

Ralph Lauren Corp. - Class A(1)

502

58,548

Skechers U.S.A., Inc. - Class A(2)

1,528

76,874

Tapestry, Inc.(1)

2,889

96,261

VF Corp.(1)

4,580

90,501

858,964

Auto Manufacturers – 1.6%

Lucid Group, Inc.(1)(2)

57,188

359,140

Rivian Automotive, Inc. - Class A(1)(2)

27,360

621,893

981,033

Auto Parts & Equipment – 0.7%

BorgWarner, Inc.(1)

3,251

132,478

Fox Factory Holding Corp.(2)

608

67,373

Gentex Corp.

2,742

89,554

Lear Corp.(1)

871

125,502

Phinia, Inc.(2)

646

17,959

432,866

Banks – 4.5%

Bank OZK(1)

1,659

66,642

BOK Financial Corp.

812

67,485

Cadence Bank(1)

5,353

122,477

Columbia Banking System, Inc.

4,218

86,385

Comerica, Inc.(1)

2,344

112,770

Commerce Bancshares, Inc.(1)

1,449

71,131

 

 

Shares

 

Value

Banks – 4.5% (Continued)

Cullen/Frost Bankers, Inc.(1)

1,162

$109,844

East West Bancorp, Inc.

3,012

166,684

First Citizens BancShares, Inc. - Class A(1)

495

673,398

First Financial Bankshares, Inc.(1)

1,785

51,265

First Horizon National Corp.

8,018

100,626

Glacier Bancorp, Inc.(1)

1,809

54,650

Home BancShares, Inc.(1)

3,598

79,804

Pinnacle Financial Partners, Inc.(1)

1,233

82,068

Prosperity Bancshares, Inc.(1)

1,053

59,821

SouthState Corp.(1)

1,135

82,060

Synovus Financial Corp.(1)

2,085

64,552

United Bankshares, Inc.

2,180

65,574

Valley National Bancorp(1)

11,234

103,128

Webster Financial Corp.(1)

7,018

297,633

Western Alliance Bancorp(1)

2,660

133,027

Wintrust Financial Corp.(1)

972

75,437

Zions Bancorp N.A.(1)

2,515

89,283

2,815,744

Beverages – 1.0%

Celsius Holdings, Inc.(2)

1,571

307,979

Molson Coors Brewing Co. - Class B(1)

3,784

240,246

National Beverage Corp.

999

51,259

599,484

Biotechnology – 1.4%

Apellis Pharmaceuticals, Inc.(2)

1,376

58,081

Arrowhead Pharmaceuticals, Inc.(2)

1,975

54,589

Exelixis, Inc.(2)

3,890

87,097

Halozyme Therapeutics, Inc.(2)

2,627

111,805

Intra-Cellular Therapies, Inc.(2)

2,979

165,394

Ionis Pharmaceuticals, Inc.(2)

964

38,820

Karuna Therapeutics, Inc.(2)

272

51,071

Sarepta Therapeutics, Inc.(2)

1,276

154,409

United Therapeutics Corp.(2)

667

149,648

870,914

Building Materials – 2.3%

AAON, Inc.

1,971

124,291

Armstrong World Industries, Inc.

593

45,418

Builders FirstSource, Inc.(1)(2)

1,475

213,934

Eagle Materials, Inc.

446

84,437

Fortune Brands Innovations, Inc.

1,075

74,196

Knife River Corp.(1)(2)

708

36,434

Lennox International, Inc.(1)

395

148,840

Louisiana-Pacific Corp.

592

36,988

MDU Resources Group, Inc.

2,878

58,596

Mohawk Industries, Inc.(2)

2,185

221,537

Owens Corning

1,060

152,545


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

SoFi Next 500 ETF

13

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

 

 

Shares

 

Value

Building Materials – 2.3% (Continued)

Simpson Manufacturing Co., Inc.

583

$93,140

Trex Co., Inc.(2)

1,065

76,009

UFP Industries, Inc.

718

74,923

1,441,288

Chemicals – 1.0%

Ashland, Inc.(1)

812

70,344

Axalta Coating Systems Ltd.(2)

2,917

82,551

Element Solutions, Inc.

3,054

62,973

Huntsman Corp.

1,934

53,901

Olin Corp.(1)

1,482

85,986

RPM International, Inc.

1,654

164,970

The Chemours Co.

1,707

58,072

Valvoline, Inc.

1,476

50,833

629,630

Commercial Services – 4.7%

ADT, Inc.(1)

24,554

157,637

Alight, Inc. - Class A(2)

5,945

45,420

API Group Corp.(2)

7,911

222,695

ASGN, Inc.(2)

714

58,662

Avis Budget Group, Inc.(2)

665

141,904

Bright Horizons Family Solutions, Inc.(1)(2)

826

77,991

Driven Brands Holdings, Inc.(2)

6,333

95,312

Dun & Bradstreet Holdings, Inc.

20,204

220,224

Euronet Worldwide, Inc.(2)

982

85,787

FTI Consulting, Inc.(2)

446

82,876

H&R Block, Inc.(1)

1,733

69,285

Hertz Global Holdings, Inc.(1)(2)

7,745

131,278

Insperity, Inc.

550

55,731

ManpowerGroup, Inc.

577

45,508

Morningstar, Inc.

551

128,201

Paylocity Holding Corp.(2)

1,241

248,820

R1 RCM, Inc.(1)(2)

5,850

100,854

Robert Half, Inc.

1,399

103,470

Service Corp. International(1)

1,672

105,520

Toast, Inc. - Class A(2)

7,647

169,534

TriNet Group, Inc.(1)(2)

592

65,671

WEX, Inc.(2)

2,084

408,839

WillScot Mobile Mini Holdings Corp.(2)

2,951

121,050

2,942,269

Computers – 3.0%

Amdocs Ltd.

1,505

134,246

CACI International, Inc.(2)

266

87,251

DXC Technology Co.(2)

3,357

69,624

ExlService Holdings, Inc.(2)

2,366

69,158

Insight Enterprises, Inc.(2)

437

69,959

KBR, Inc.

4,459

274,318

 

 

Shares

 

Value

Computers – 3.0% (Continued)

Maximus, Inc.(1)

661

$53,422

Parsons Corp.(2)

1,549

88,324

Pure Storage, Inc.(2)

10,530

385,293

Qualys, Inc.(2)

635

98,838

Science Applications International Corp.

641

75,420

Super Micro Computer, Inc.(1)(2)

1,362

374,659

Tenable Holdings, Inc.(2)

2,253

102,218

1,882,730

Cosmetics & Personal Care – 0.6%

Coty, Inc.(1)(2)

11,234

129,865

elf Beauty, Inc.(2)

1,121

155,494

Inter Parfums, Inc.

471

65,813

351,172

Distribution & Wholesale – 1.0%

Core & Main, Inc. - Class A(2)

3,108

102,067

Pool Corp.(1)

471

172,197

SiteOne Landscape Supply, Inc.(2)

478

81,829

Watsco, Inc.(1)

409

149,101

WESCO International, Inc.

741

119,931

625,125

Diversified Financial Services – 2.8%

Affiliated Managers Group, Inc.

428

57,356

Air Lease Corp.

2,931

119,467

Ally Financial, Inc.

3,672

101,678

Blue Owl Capital, Inc. - Class A

25,100

299,945

Credit Acceptance Corp.(1)(2)

140

70,248

Evercore, Inc. - Class A(1)

400

56,020

Houlihan Lokey, Inc. - Class A

478

50,352

Interactive Brokers Group, Inc. - Class A(1)

2,194

199,829

Invesco Ltd.

4,361

69,427

Jefferies Financial Group, Inc.

2,086

74,449

Lazard Ltd.

1,259

43,738

OneMain Holdings, Inc.(1)

1,415

58,737

Radian Group, Inc.(1)

1,527

41,351

SEI Investments Co.

1,493

92,656

SLM Corp.

2,607

37,124

Stifel Financial Corp.

1,201

78,089

The Western Union Co.

3,394

41,916

Tradeweb Markets, Inc. - Class A

1,632

141,054

Voya Financial, Inc.

1,684

117,341

1,750,777

Electric – 1.3%

Black Hills Corp.

980

53,900

Hawaiian Electric Industries, Inc.

1,649

23,119

IDACORP, Inc.

609

58,366


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Next 500 ETF

14

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

 

 

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Electric – 1.3% (Continued)

NRG Energy, Inc.

2,811

$105,553

OGE Energy Corp.

1,979

67,385

Ormat Technologies, Inc.(1)

801

60,828

Pinnacle West Capital Corp.

1,362

105,242

PNM Resources, Inc.

1,236

54,767

Portland General Electric Co.(1)

1,056

46,316

Vistra Corp.

8,059

253,214

828,690

Electrical Components & Equipment – 0.5%

Acuity Brands, Inc.(1)

390

62,899

Generac Holdings, Inc.(1)(2)

689

81,860

Littelfuse, Inc.

316

84,397

Universal Display Corp.

621

100,950

330,106

Electronics – 2.9%

Allegion PLC

1,045

118,931

Arrow Electronics, Inc.(2)

655

87,397

Atkore, Inc.(2)

534

82,220

Coherent Corp.(2)

5,803

218,367

Hubbell, Inc.

622

202,803

Jabil, Inc.

1,842

210,762

National Instruments Corp.

1,868

111,333

nVent Electric PLC

2,388

135,017

Sensata Technologies Holding PLC

2,182

82,087

SYNNEX Corp.

2,988

304,029

Trimble, Inc.(1)(2)

2,809

153,905

Woodward, Inc.

600

77,622

1,784,473

Energy – Alternate Sources – 0.4%

NextEra Energy Partners LP

1,973

98,413

Plug Power, Inc.(1)(2)

9,250

78,255

Sunrun, Inc.(1)(2)

5,244

81,964

258,632

Engineering & Construction – 1.4%

AECOM

1,620

142,155

Comfort Systems USA, Inc.

550

101,514

EMCOR Group, Inc.

545

122,216

Exponent, Inc.

650

58,409

MasTec, Inc.(2)

3,102

308,618

TopBuild Corp.(2)

568

164,765

897,677

Entertainment – 1.9%

Caesars Entertainment, Inc.(2)

3,604

199,157

Churchill Downs, Inc.

890

111,499

DraftKings, Inc. - Class A(2)

10,280

304,802

 

 

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Entertainment – 1.9% (Continued)

International Game Technology PLC

4,270

$136,725

Light & Wonder, Inc.(2)

943

72,300

Marriott Vacations Worldwide Corp.(1)

1,344

146,079

Penn Entertainment, Inc.(2)

1,649

39,065

SeaWorld Entertainment, Inc.(2)

812

39,545

Vail Resorts, Inc.

665

150,503

1,199,675

Environmental Control – 0.9%

Casella Waste Systems, Inc. - Class A(2)

708

55,769

Clean Harbors, Inc.(2)

1,032

174,759

Pentair PLC

1,776

124,782

Stericycle, Inc.(2)

2,162

95,582

Tetra Tech, Inc.

629

98,973

549,865

Food – 2.1%

Albertsons Cos, Inc.

6,877

154,045

Flowers Foods, Inc.(1)

2,531

59,630

Ingredion, Inc.

1,390

143,045

Lancaster Colony Corp.

338

55,834

Performance Food Group Co.(1)(2)

6,195

384,895

Pilgrim’s Pride Corp.(2)

8,542

214,917

Post Holdings, Inc.(1)(2)

1,713

153,673

US Foods Holding Corp.(1)(2)

3,871

156,505

1,322,544

Food Service – 0.6%

Aramark

9,699

360,609

Gas – 0.9%

National Fuel Gas Co.

1,869

100,440

New Jersey Resources Corp.

1,592

67,135

NiSource, Inc.(1)

5,650

151,194

ONE Gas, Inc.(1)

954

69,136

Southwest Gas Holdings, Inc.

1,060

65,646

UGI Corp.

3,989

100,443

553,994

Hand & Machine Tools – 1.0%

Lincoln Electric Holdings, Inc.

768

147,810

MSA Safety, Inc.(1)

1,243

227,071

Regal Rexnord Corp.(1)

1,385

224,633

599,514

Healthcare – Products – 4.3%

10X Genomics, Inc. - Class A(2)

888

46,043

Avantor, Inc.(2)

8,126

175,928

Bio-Techne Corp.

1,964

153,977

Bruker Corp.

1,771

116,178

DENTSPLY SIRONA, Inc.

1,763

65,390


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Next 500 ETF

15

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

 

 

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Healthcare – Products – 4.3% (Continued)

Envista Holdings Corp.(2)

1,884

$60,326

Globus Medical, Inc. - Class A(1)(2)

967

52,315

Haemonetics Corp.(1)(2)

1,282

115,034

ICU Medical, Inc.(1)(2)

532

77,156

Inspire Medical Systems, Inc.(2)

640

145,203

Integra LifeSciences Holdings Corp.(2)

1,082

46,028

Lantheus Holdings, Inc.(1)(2)

4,686

320,710

Masimo Corp.(1)(2)

1,151

131,536

Merit Medical Systems, Inc.(2)

784

51,179

Natera, Inc.(2)

1,666

97,844

Penumbra, Inc.(2)

1,244

329,038

QuidelOrtho Corp.(1)(2)

1,553

127,905

Repligen Corp.(1)(2)

786

136,693

Shockwave Medical, Inc.(2)

1,884

415,215

2,663,698

Healthcare – Services – 2.3%

Acadia Healthcare Co., Inc.(1)(2)

1,301

100,307

agilon health, Inc.(1)(2)

10,332

183,083

Catalent, Inc.(2)

1,824

91,145

Charles River Laboratories
International, Inc.
(2)

680

140,638

Chemed Corp.(1)

164

83,876

DaVita, Inc.(1)(2)

873

89,413

Encompass Health Corp.

921

65,428

HealthEquity, Inc.(1)(2)

1,610

108,755

Medpace Holdings, Inc.(2)

436

117,838

Sotera Health Co.(2)

2,937

47,403

Surgery Partners, Inc.(2)

2,085

75,602

Syneos Health, Inc.(2)

1,217

52,002

Teladoc Health, Inc.(1)(2)

1,640

37,130

Tenet Healthcare Corp.(2)

1,032

80,042

The Ensign Group, Inc.

757

75,866

Universal Health Services, Inc. - Class D(1)

661

89,037

1,437,565

Home Builders – 0.4%

Meritage Homes Corp.

471

65,488

Thor Industries, Inc.(1)

496

51,991

Toll Brothers, Inc.(1)

1,348

110,441

227,920

Home Furnishings – 0.4%

Dolby Laboratories, Inc. - Class A

660

55,750

Leggett & Platt, Inc.

1,373

38,719

Tempur Sealy International, Inc.(1)

1,875

87,600

Whirlpool Corp.(1)

502

70,260

252,329

 

 

Shares

 

Value

Household Products & Wares – 0.1%

Reynolds Consumer Products, Inc.

2,289

$62,467

Housewares – 0.1%

Newell Brands, Inc.(1)

5,471

57,883

The Scotts Miracle-Gro Co.

549

31,106

88,989

Insurance – 3.3%

American Financial Group, Inc.

1,046

121,252

Assurant, Inc.

562

78,304

Axis Capital Holdings Ltd.

1,130

61,992

Corebridge Financial, Inc.

8,542

152,304

Equitable Holdings, Inc.

11,837

340,906

Erie Indemnity Co. - Class A(1)

564

157,204

Essent Group Ltd.

1,143

57,401

Fidelity National Financial, Inc.

2,436

100,850

First American Financial Corp.

966

59,583

Kinsale Capital Group, Inc.(1)

335

133,541

Lincoln National Corp.

1,661

42,621

MGIC Investment Corp.

3,102

54,533

Old Republic International Corp.

2,717

74,310

Primerica, Inc.

423

85,006

Reinsurance Group of America, Inc.

780

108,124

RLI Corp.(1)

491

64,576

Ryan Specialty Holdings, Inc. - Class A(2)

2,908

141,765

Selective Insurance Group, Inc.(1)

686

68,058

The Hanover Insurance Group, Inc.

459

48,985

Unum Group

2,190

107,726

2,059,041

Internet – 0.9%

Chewy, Inc. - Class A(2)

1,712

41,054

F5, Inc.(2)

802

131,255

IAC, Inc. - Class A(2)

876

48,469

Robinhood Markets, Inc. - Class A(2)

9,551

104,010

Roku, Inc. - Class A(1)(2)

1,119

90,863

Ziff Davis, Inc.(1)(2)

776

51,721

Zillow Group, Inc. - Class A(1)(2)

1,745

91,019

558,391

Iron & Steel – 0.8%

ATI, Inc.(1)(2)

4,472

202,716

Cleveland-Cliffs, Inc.(1)(2)

6,265

95,792

Commercial Metals Co.

1,974

111,116

United States Steel Corp.(1)

2,620

81,456

491,080

Leisure Time – 1.0%

Brunswick Corp.(1)

927

73,344

Harley-Davidson, Inc.

1,801

60,784


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Next 500 ETF

16

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

 

 

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Leisure Time – 1.0% (Continued)

Norwegian Cruise Line Holdings Ltd.(1)(2)

13,928

$230,787

Planet Fitness, Inc. - Class A(2)

2,147

130,538

Polaris, Inc.(1)

669

74,988

YETI Holdings, Inc.(1)(2)

1,016

50,749

621,190

Lodging – 1.2%

Boyd Gaming Corp.

1,152

77,035

Choice Hotels International, Inc.(1)

739

93,779

Hilton Grand Vacations, Inc.(2)

2,985

130,504

Hyatt Hotels Corp. - Class A

1,636

183,903

Wyndham Hotels & Resorts, Inc.

954

71,922

Wynn Resorts Ltd.

1,648

167,074

724,217

Machinery – Construction & Mining – 0.7%

BWX Technologies, Inc.(1)

992

73,170

Oshkosh Corp.

804

83,479

Vertiv Holdings Co.

7,386

290,935

447,584

Machinery – Diversified – 2.2%

AGCO Corp.

952

123,312

Applied Industrial Technologies, Inc.

545

84,132

Chart Industries, Inc.(1)(2)

1,021

184,372

Cognex Corp.

1,779

83,755

Crane Co.(1)

664

60,504

Flowserve Corp.

1,531

60,582

Gates Industrial Corp. PLC(2)

2,970

36,472

Graco, Inc.

1,739

137,277

Nordson Corp.

656

160,156

The Middleby Corp.(2)

713

103,806

The Toro Co.

1,385

141,713

Watts Water Technologies, Inc. - Class A

329

62,105

Zurn Elkay Water Solutions Corp.

3,683

109,090

1,347,276

Media – 0.9%

Cable One, Inc.

62

40,335

Endeavor Group Holdings, Inc. - Class A(2)

4,885

106,933

Fox Corp. - Class B

3,487

115,280

News Corp. - Class A

4,121

88,560

Nexstar Media Group, Inc.(1)

467

76,027

The New York Times Co. - Class A

1,947

86,194

World Wrestling Entertainment, Inc. - Class A(1)

563

54,358

567,687

 

 

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Value

Metal Fabricate & Hardware – 0.8%

Advanced Drainage Systems, Inc.(1)

1,337

$171,350

RBC Bearings, Inc.(2)

888

204,720

The Timken Co.

896

68,472

Valmont Industries, Inc.

316

80,106

524,648

Mining – 0.5%

Alcoa Corp.

3,875

116,560

MP Materials Corp.(1)(2)

4,851

101,580

Royal Gold, Inc.

685

76,782

294,922

Miscellaneous Manufacturers – 0.9%

A.O. Smith Corp. - Class A

1,496

108,460

Carlisle Companies, Inc.

1,063

279,590

Donaldson Co., Inc.

1,434

91,590

ITT, Inc.

1,002

102,484

582,124

Oil & Gas – 9.2%

Antero Resources Corp.(1)(2)

12,368

342,223

APA Corp.

8,256

361,943

Chesapeake Energy Corp.(1)

3,328

293,563

Chord Energy Corp.(1)

2,301

371,611

Civitas Resources, Inc.(1)

4,416

363,084

Denbury, Inc.(2)

2,075

190,028

EQT Corp.(1)

11,562

499,710

Helmerich & Payne, Inc.(1)

4,176

166,998

HF Sinclair Corp.

8,729

480,881

Matador Resources Co.(1)

3,478

220,853

Murphy Oil Corp.

7,272

330,149

Noble Corp PLC(1)

4,184

220,664

Ovintiv, Inc.(1)

5,418

254,429

PBF Energy, Inc. - Class A

6,540

306,661

Range Resources Corp.(1)

5,868

190,006

Southwestern Energy Co.(2)

63,481

430,401

Texas Pacific Land Corp.

163

307,214

Transocean Ltd.(2)

9,551

78,127

Weatherford International PLC(2)

3,443

304,774

5,713,319

Oil & Gas Services – 0.6%

ChampionX Corp.(1)

3,774

136,204

NOV, Inc.(1)

12,186

257,490

393,694

Other Financial Investment Activities – 0.4%

SoFi Technologies, Inc.(1)(2)

26,585

230,226


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Next 500 ETF

17

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

 

 

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Packaging & Containers – 1.6%

AptarGroup, Inc.

721

$95,576

Berry Global Group, Inc.(1)

1,433

93,632

Crown Holdings, Inc.

2,171

201,165

Graphic Packaging Holding Co.

6,429

142,981

Sealed Air Corp.

1,792

66,411

Silgan Holdings, Inc.(1)

1,527

68,913

Sonoco Products Co.

3,602

206,935

Westrock Co.

3,146

102,906

978,519

Pharmaceuticals – 1.9%

Alkermes PLC(2)

1,354

39,523

BellRing Brands, Inc.(2)

2,816

116,864

Elanco Animal Health, Inc.(2)

12,972

158,258

Henry Schein, Inc.(2)

1,504

115,116

Jazz Pharmaceuticals PLC(2)

2,072

297,042

Neurocrine Biosciences, Inc.(2)

2,028

220,829

Option Care Health, Inc.(2)

2,171

75,616

Organon & Co.

2,607

57,250

Perrigo Co. PLC

2,604

91,140

1,171,638

Pipelines – 0.6%

Antero Midstream Corp.

5,469

66,284

DT Midstream, Inc.(1)

1,249

65,310

New Fortress Energy, Inc.(1)

8,415

261,202

392,796

Private Equity – 0.2%

The Carlyle Group, Inc.

3,372

109,084

Real Estate – 0.2%

Howard Hughes Holdings, Inc.(2)

830

65,279

Jones Lang LaSalle, Inc.(2)

537

92,794

158,073

Real Estate Investment Trusts (REITs) – 6.3%

AGNC Investment Corp.(1)

8,443

83,670

Agree Realty Corp.

1,356

83,828

American Homes 4 Rent - Class A

4,366

157,351

Americold Realty Trust, Inc.

5,982

201,294

Annaly Capital Management, Inc.(1)

15,193

307,962

Apartment Income REIT Corp.

1,792

61,036

Boston Properties, Inc.

2,031

135,610

Brixmor Property Group, Inc.

3,423

75,238

Camden Property Trust

1,550

166,811

Cousins Properties, Inc.

1,624

38,164

CubeSmart

3,377

140,855

EastGroup Properties, Inc.(1)

564

101,311

 

 

Shares

 

Value

Real Estate Investment Trusts (REITs) – 6.3% (Continued)

Equity LifeStyle Properties, Inc.(1)

2,359

$157,959

Federal Realty Investment Trust

1,026

100,486

First Industrial Realty Trust, Inc.

1,547

80,351

Gaming and Leisure Properties, Inc.

3,291

155,993

Healthcare Realty Trust, Inc.

4,198

73,549

Independence Realty Trust, Inc.(1)

7,713

129,810

Kilroy Realty Corp.

1,494

55,203

Kimco Realty Corp.(1)

11,148

211,143

Kite Realty Group Trust

7,044

158,983

Lamar Advertising Co. - Class A(1)

1,151

104,994

Medical Properties Trust, Inc.(1)

6,874

49,630

National Storage Affiliates Trust(1)

1,558

52,349

NNN REIT, Inc.

2,133

84,019

Omega Healthcare Investors, Inc.

2,013

64,054

Rayonier, Inc.

1,379

41,232

Regency Centers Corp.

2,032

126,390

Rexford Industrial Realty, Inc.

3,518

188,107

Rithm Capital Corp.

4,606

47,488

Ryman Hospitality Properties, Inc.

1,849

157,221

Spirit Realty Capital, Inc.

2,022

78,069

STAG Industrial, Inc. - Class A(1)

2,056

75,106

Starwood Property Trust, Inc.(1)

5,480

111,956

Terreno Realty Corp.

1,322

80,497

3,937,719

Retail – 3.3%

Academy Sports & Outdoors, Inc.(1)

849

46,330

Advance Auto Parts, Inc.(1)

673

46,316

Asbury Automotive Group, Inc.(1)(2)

486

111,780

AutoNation, Inc.(1)(2)

505

79,331

Bath & Body Works, Inc.

2,364

87,161

BJ’s Wholesale Club Holdings, Inc.(1)(2)

1,780

119,954

Casey’s General Stores, Inc.

566

138,336

Dick’s Sporting Goods, Inc.(1)

660

76,784

FirstCash Holdings, Inc.

1,032

92,178

Five Below, Inc.(1)(2)

668

114,869

Floor & Decor Holdings, Inc.(1)(2)

1,467

146,260

GameStop Corp.(1)(2)

4,052

75,165

Lithia Motors, Inc. - Class B(1)

367

113,043

Macy’s, Inc.(1)

3,301

40,371

MSC Industrial Direct Co., Inc. - Class A

616

62,869

Murphy USA, Inc.(1)

341

108,315

Penske Automotive Group, Inc.(1)

837

137,519

RH(1)(2)

204

74,499

Texas Roadhouse, Inc.

841

87,548

The Gap, Inc.(1)

4,184

48,451

The Wendy’s Co.(1)

2,561

50,682


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Next 500 ETF

18

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

 

 

Shares

 

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Retail – 3.3% (Continued)

Williams-Sonoma, Inc.(1)

770

$108,724

Wingstop, Inc.

375

60,240

2,026,725

Savings & Loans – 0.3%

New York Community Bancorp, Inc.(1)

10,629

130,524

TFS Financial Corp.

3,975

54,100

184,624

Semiconductors – 2.7%

Allegro MicroSystems, Inc.(2)

3,555

135,979

Amkor Technology, Inc.

3,333

93,191

Cirrus Logic, Inc.(1)(2)

851

69,816

Entegris, Inc.

2,529

256,112

IPG Photonics Corp.(2)

518

56,130

Lattice Semiconductor Corp.(1)(2)

2,799

272,231

MACOM Technology Solutions Holdings, Inc.(2)

1,019

86,167

MKS Instruments, Inc.

754

75,573

Power Integrations, Inc.(1)

571

47,975

Rambus, Inc.(1)(2)

4,403

248,637

Silicon Laboratories, Inc.(1)(2)

1,037

139,850

Synaptics, Inc.(2)

700

61,278

Wolfspeed, Inc.(1)(2)

3,172

151,685

1,694,624

Shipbuilding – 0.2%

Huntington Ingalls Industries, Inc.

517

113,905

Software – 7.1%

AppLovin Corp. - Class A(1)(2)

2,876

124,301

Bentley Systems, Inc. - Class A(1)

4,033

201,287

BILL Holdings, Inc.(1)(2)

3,220

371,266

Black Knight, Inc.(2)

2,172

164,551

BlackLine, Inc.(2)

1,738

104,384

CCC Intelligent Solutions Holdings, Inc.(2)

15,720

168,204

Ceridian HCM Holding, Inc.(1)(2)

2,914

211,323

Concentrix Corp.

761

60,751

Confluent, Inc. - Class A(2)

4,272

141,361

DigitalOcean Holdings, Inc.(1)(2)

4,025

108,876

DoubleVerify Holdings, Inc.(1)(2)

3,410

115,292

Doximity, Inc. - Class A(2)

1,712

40,814

Dropbox, Inc. - Class A(2)

3,893

108,186

Duolingo, Inc. - Class A(2)

707

104,042

Dynatrace, Inc.(2)

10,269

494,966

Elastic NV(2)

1,798

111,260

Five9, Inc.(2)

1,474

106,673

Guidewire Software, Inc.(2)

1,119

96,715

Informatica, Inc. - Class A(2)

6,610

138,480

 

 

Shares

 

Value

Software – 7.1% (Continued)

Manhattan Associates, Inc.(2)

781

$158,246

New Relic, Inc.(2)

1,219

103,749

Nutanix, Inc.(2)

3,756

116,812

Paycor HCM, Inc.(1)(2)

3,483

81,746

Pegasystems, Inc.(1)

801

39,778

Procore Technologies, Inc.(1)(2)

2,513

169,753

SentinelOne, Inc. - Class B(1)(2)

7,000

116,410

Smartsheet, Inc.(2)

2,699

112,629

SPS Commerce, Inc.(1)(2)

526

97,904

Teradata Corp.(2)

1,857

85,923

UiPath, Inc. - Class A(2)

10,048

158,859

Workiva, Inc. - Class A(2)

583

65,209

ZoomInfo Technologies, Inc.(1)(2)

8,004

144,232

4,423,982

Telecommunications – 0.7%

Ciena Corp.(2)

1,934

96,661

Frontier Communications Parent, Inc.(2)

1,958

31,367

Iridium Communications, Inc.

2,653

129,865

Juniper Networks, Inc.

5,416

157,714

415,607

Toys, Games & Hobbies – 0.3%

Hasbro, Inc.

1,446

104,112

Mattel, Inc.(2)

3,448

76,408

180,520

Transportation – 0.8%

GXO Logistics, Inc.(1)(2)

1,618

103,504

Knight-Swift Transportation
Holdings, Inc.
(1)

2,084

114,245

Landstar System, Inc.

435

82,567

Saia, Inc.(2)

341

145,334

XPO, Inc.(1)(2)

836

62,391

508,041

Water – 0.2%

Essential Utilities, Inc.

3,655

134,870

Total Common Stocks

(Cost $58,652,879)

62,071,727

Short-Term Investments – 0.3%

Money Market Funds – 0.3%

First American Government Obligations Fund, Class X, 5.248%(3)

153,655

153,655

Total Short-Term Investments

(Cost $153,655)

153,655


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Next 500 ETF

19

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Shares

 

Value

Investments Purchased with Collateral from Securities Lending – 33.4%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(3)

20,816,983

$20,816,983

Total Investments Purchased with Collateral from Securities Lending

(Cost $20,816,983)

20,816,983

Total Investments in Securities – 133.3%

(Cost $79,623,516)

83,042,365

Liabilities in Excess of Other Assets – (33.3)%

(20,762,468

)

Total Net Assets – 100.0%

$62,279,896

(1)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $20,377,360 or 32.7% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(2)Non-income producing security.

(3)The rate shown is the annualized seven-day effective yield as of August 31, 2023.

SoFi Social 50 ETF

20

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

 

 

Shares

 

Value

Common Stocks – 99.7%

Aerospace & Defense – 1.2%

The Boeing Co.(1)

816

$182,808

Airlines – 1.5%

American Airlines Group, Inc.(1)

6,288

92,622

Delta Air Lines, Inc.

3,315

142,147

234,769

Apparel – 0.4%

Nike, Inc. - Class A

614

62,450

Auto Manufacturers – 19.2%

Ford Motor Co.

23,304

282,678

Lucid Group, Inc.(1)(2)

34,949

219,480

NIO, Inc. - Class C - ADR(1)(2)

18,983

194,955

Rivian Automotive, Inc. - Class A(1)(2)

31,876

724,542

Tesla, Inc.(1)

6,368

1,643,453

3,065,108

Banks – 2.0%

NU Holdings Ltd. - Class A(1)

46,549

318,861

Beverages – 1.0%

The Coca-Cola Co.

2,736

163,695

Biotechnology – 0.5%

Moderna, Inc.(1)(2)

723

81,750

Commercial Services – 2.4%

Block, Inc. - Class A(1)

2,574

148,391

PayPal Holdings, Inc.(1)

3,779

236,225

384,616

Computers – 10.2%

Apple, Inc.

8,666

1,628,081

Diversified Financial Services – 1.6%

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

3,128

248,989

Entertainment – 1.6%

AMC Entertainment Holdings, Inc.(1)(2)

6,223

78,094

DraftKings, Inc. - Class A(1)

6,035

178,938

257,032

Food – 0.1%

Beyond Meat, Inc.(1)(2)

1,511

17,830

Healthcare – Products – 0.2%

GE HealthCare Technologies, Inc.

350

24,658

Insurance – 3.0%

Berkshire Hathaway, Inc. - Class A(1)

1,339

482,308

 

 

Shares

 

Value

Internet – 21.3%

Airbnb, Inc. - Class A(1)(2)

1,509

$198,509

Alibaba Group Holding Ltd. - ADR(1)(2)

2,172

201,779

Alphabet, Inc. - Class A(1)

6,112

832,271

Amazon.com, Inc.(1)

6,378

880,228

Meta Platforms, Inc. - Class A(1)

2,188

647,407

Netflix, Inc.(1)

578

250,667

Shopify, Inc. - Class A(1)

5,089

338,367

Snap, Inc. - Class A(1)(2)

3,765

38,968

3,388,196

Leisure Time – 1.4%

Carnival Corp.(1)(2)

12,080

191,106

Virgin Galactic Holdings, Inc. - Class A(1)(2)

14,922

37,603

228,709

Media – 3.7%

The Walt Disney Co.

6,417

536,975

Warner Bros Discovery, Inc.(1)(2)

3,681

48,368

585,343

Miscellaneous Manufacturers – 0.4%

General Electric Co.(2)

527

60,320

Oil & Gas – 1.2%

Exxon Mobil Corp.

1,691

188,022

Pharmaceuticals – 2.1%

Johnson & Johnson

820

132,578

Pfizer, Inc.

4,043

143,041

Tilray Brands, Inc.(1)(2)

19,954

59,064

334,683

Retail – 5.8%

Costco Wholesale Corp.

584

320,780

GameStop Corp.(1)(2)

11,230

208,317

Starbucks Corp.

1,277

124,431

Target Corp.

1,199

151,733

Walmart, Inc.

768

124,884

930,145

Semiconductors – 8.0%

Advanced Micro Devices, Inc.(1)

3,720

393,279

NVIDIA Corp.

1,786

881,480

1,274,759

Software – 9.0%

Microsoft Corp.

2,441

800,062

Palantir Technologies, Inc. - Class A(1)(2)

38,998

584,190

Zoom Video Communications, Inc. - Class A(1)

687

48,798

1,433,050


SoFi Social 50 ETF

21

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Shares

 

Value

Telecommunications – 1.9%

AT&T, Inc.(2)

17,747

$262,478

Nokia Oyj - ADR(2)

9,018

35,982

298,460

Total Common Stocks

(Cost $15,855,360)

15,874,642

Short-Term Investments – 0.1%

Money Market Funds – 0.1%

First American Government Obligations Fund, Class X, 5.248%(3)

22,546

22,546

Total Short-Term Investments

(Cost $22,547)

22,546

Investments Purchased with Collateral from Securities Lending – 18.0%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(3)

2,871,970

2,871,970

Total Investments Purchased with Collateral from Securities Lending

(Cost $2,871,970)

2,871,970

Total Investments in Securities – 117.8%

(Cost $18,749,877)

18,769,158

Liabilities in Excess of Other Assets - (17.8)%

(2,834,332

)

Total Net Assets – 100.0%

$15,934,826

ADRAmerican Depositary Receipt.

(1)Non-income producing security.

(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $2,728,572 or 17.1% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(3)The rate shown is the annualized seven-day effective yield as of August 31, 2023.

SoFi Be Your Own Boss ETF

22

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

 

 

Shares

 

Value

Common Stocks – 100.0%

Advertising Services – 1.1%

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

982

$78,590

Applications Software – 5.3%

Five9, Inc.(1)

912

66,001

Materialise NV - ADR(1)

6,840

46,238

Microsoft Corp.

238

78,007

Monday.com Ltd.(1)

1,042

184,893

375,139

Auto Manufacturers – 1.9%

Rivian Automotive, Inc. - Class A(1)(2)

1,724

39,187

Tesla, Inc.(1)(2)

377

97,296

136,483

Commercial Services – 0.5%

IWG PLC(1)

14,335

32,551

Commercial Services – Finance – 10.8%

Adyen NV(1)

54

45,275

Block, Inc. - Class A(1)

3,474

200,276

PayPal Holdings, Inc.(1)

2,359

147,461

Shift4 Payments, Inc. - Class A(1)(2)

1,892

107,447

StoneCo Ltd. - Class A(1)

15,531

190,410

Yeahka Ltd.(1)

34,099

67,835

758,704

Communications Software – 0.8%

2U, Inc.(1)

8,776

27,820

Zoom Video Communications, Inc. - Class A(1)

444

31,537

59,357

Computer Software – 10.7%

Cloudflare, Inc. - Class A(1)(2)

923

60,023

DraftKings, Inc. - Class A(1)

6,509

192,992

Dropbox, Inc. - Class A(1)(2)

1,849

51,384

Fastly, Inc.(1)

3,565

84,811

Lightspeed Commerce, Inc.(1)

4,094

66,855

MongoDB, Inc. - Class A(1)(2)

137

52,238

Snowflake, Inc.(1)

994

155,909

Splunk, Inc.(1)

584

70,816

Twilio, Inc.(1)

251

15,991

751,019

Computers – Other – 3.3%

Nano Dimension Ltd. - ADR(1)(2)

31,981

101,700

Stratasys Ltd.(1)

8,679

127,581

229,281

 

 

Shares

 

Value

Data Processing & Management – 0.1%

DocuSign, Inc.(1)

222

$11,167

E-Commerce & Products – 9.2%

Alibaba Group Holding Ltd. - ADR(1)(2)

2,005

186,264

eBay, Inc.(2)

682

30,540

Etsy, Inc.(1)(2)

329

24,205

Farfetch Ltd. - Class A(1)(2)

4,036

11,503

JD.com, Inc. - Class A - ADR

2,785

92,490

JD.com, Inc. - Class A

452

7,424

PDD Holdings, Inc. - ADR(1)

1,875

185,569

Rakuten Group, Inc.

18,822

73,473

Sea Ltd. - Class A - ADR(1)(2)

934

35,146

646,614

E-Commerce & Services – 13.7%

Airbnb, Inc. - Class A(1)(2)

1,830

240,737

BASE, Inc.(1)

4,180

10,279

Demae-Can Co. Ltd.

3,380

9,356

Fiverr International Ltd.(1)(2)

1,283

36,117

Lyft, Inc. - Class A(1)(2)

2,189

25,787

MercadoLibre, Inc.(1)(2)

176

241,535

Uber Technologies, Inc.(1)

4,006

189,203

Upwork, Inc.(1)

14,246

210,983

963,997

E-Marketing – Information – 0.5%

Jumia Technologies AG - ADR(1)

10,759

33,030

Enterprise Software & Services – 6.3%

HubSpot, Inc.(1)

224

122,421

Salesforce, Inc.(1)

316

69,981

UiPath, Inc. - Class A(1)

12,295

194,384

Workday, Inc. - Class A(1)

242

59,169

445,955

Entertainment Software – 7.6%

HUYA, Inc. - Class A - ADR(1)

17,924

48,036

NetEase, Inc. - ADR

1,545

159,877

ROBLOX Corp. - Class A(1)(2)

5,128

145,071

Unity Software, Inc.(1)(2)

4,933

182,866

535,850

Finance – Consumer Loans – 1.2%

Dave, Inc. - Class A(1)

455

3,503

LendingClub Corp.(1)

3,502

24,374

LendingTree, Inc.(1)

904

17,095

Upstart Holdings, Inc.(1)(2)

1,283

41,274

86,246

Finance – Other Services – 3.4%

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

3,019

240,312


SoFi Be Your Own Boss ETF

23

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Shares

 

Value

Internet Application Software – 4.2%

Shopify, Inc. - Class A(1)

4,457

$296,346

Internet Content – Entertainment – 6.1%

JOYY, Inc. - Class A - ADR

2,512

86,212

Pinterest, Inc. - Class A(1)

2,264

62,237

Snap, Inc. - Class A(1)(2)

6,390

66,136

Spotify Technology SA(1)

1,378

212,171

426,756

Internet Content – Information & News – 6.3%

Bilibili, Inc. - Class Z - ADR(1)(2)

1,876

28,384

DiDi Global, Inc. - Class A - ADR(1)

18,913

64,871

Meituan - Class B(1)

5,027

82,376

Nerdy, Inc. - Class A(1)

19,832

92,814

Tencent Holdings Ltd.

4,205

174,275

442,720

Medical – HMO – 1.4%

Oscar Health, Inc. - Class A(1)

15,486

97,097

Medical – Outpatient & Home Medicine – 1.1%

Teladoc Health, Inc.(1)(2)

3,538

80,100

Metal Processors & Fabrication – 1.2%

Proto Labs, Inc.(1)

2,939

86,701

Property & Casualty Insurance – 1.1%

Lemonade, Inc.(1)(2)

5,782

79,560

Real Estate Operations & Development – 0.0%(3)

WeWork, Inc. - Class A(1)(2)

5,058

597

Web Portals & ISPs – 2.2%

Baidu, Inc. - Class A - ADR(1)(2)

1,084

154,828

Yandex NV - Class A(1)(4)

4,764

0

154,828

Total Common Stocks

(Cost $16,530,435)

7,049,000

Short-Term Investments – 0.1%

Money Market Funds – 0.1%

First American Government Obligations Fund, Class X, 5.248%(5)

3,966

3,966

Total Short-Term Investments

(Cost $3,966)

3,966

 

 

Shares

 

Value

Investments Purchased with Collateral from Securities Lending – 31.8%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(5)

2,244,633

$2,244,633

Total Investments Purchased with Collateral from Securities Lending

(Cost $2,244,633)

2,244,633

Total Investments in Securities – 131.9%

(Cost $18,779,034)

9,297,599

Liabilities in Excess of Other Assets – (31.9)%

(2,247,285

)

Total Net Assets – 100.0%

$7,050,314

ADRAmerican Depositary Receipt.

(1)Non-income producing security.

(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $2,182,599 or 31.0% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(3)Does not round to 0.1% or (0.1)%, as applicable.

(4)The security is fair valued.

(5)The rate shown is the annualized seven-day effective yield as of August 31, 2023.


SoFi Weekly Income ETF

24

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

 

 

Principal
Amount

 

Value

Asset Backed Securities – 2.9%

AB Issuer, LLC, Series 2021-1, Class A2

3.734%, 07/30/2051 (1)

$88,650

$75,009

DB Master Finance, LLC, Series 2021-1A,
Class A2I

2.045%, 11/20/2051 (1)

78,600

69,182

ITE Rail Fund Levered L.P., Series
2021-1A, Class A

2.250%, 02/28/2051

88,609

76,075

Planet Fitness Master Issuer, LLC, Series 2022-1A, Class A2I

3.251%, 12/05/2051

74,063

66,671

ServiceMaster Funding, LLC, Series 2020-1, Class A2II

3.337%, 01/30/2051

109,296

87,811

SERVPRO Master Issuer, LLC, Series 2021-1A, Class A2

2.394%, 04/25/2051

123,165

102,967

Total Asset Backed Securities

(Cost $557,071)

477,715

Corporate Bonds – 92.0%

Aerospace & Defense – 1.9%

Bombardier, Inc.

7.875%, 04/15/2027

121,000

120,817

7.500%, 02/01/2029

65,000

63,752

TransDigm, Inc.

6.250%, 03/15/2026

86,000

85,265

6.750%, 08/15/2028

40,000

40,190

310,024

Agriculture – 0.7%

Vector Group Ltd.

5.750%, 02/01/2029

128,000

111,545

Airlines – 1.7%

Delta Air Lines, Inc.

7.375%, 01/15/2026

113,000

116,375

Mileage Plus Holdings, LLC / Mileage Plus Intellectual Property Assets Ltd.

6.500%, 06/20/2027

135,200

134,865

United Airlines, Inc.

4.375%, 04/15/2026

32,000

30,189

281,429

Apparel – 0.9%

Hanesbrands, Inc.

4.875%, 05/15/2026 (7)

166,000

155,359

 

 

Principal
Amount

 

Value

Auto Manufacturers – 2.9%

Allison Transmission, Inc.

4.750%, 10/01/2027

105,000

$98,673

Ford Motor Credit Co., LLC

3.664%, 09/08/2024

400,000

388,374

487,047

Auto Parts & Equipment – 2.3%

American Axle & Manufacturing, Inc.

6.500%, 04/01/2027 (7)

50,000

47,435

Clarios Global L.P. / Clarios US Finance Co.

6.750%, 05/15/2028

80,000

79,864

Dana, Inc.

5.375%, 11/15/2027

102,000

96,587

Tenneco, Inc.

8.000%, 11/17/2028

20,000

16,445

ZF North America Capital, Inc.

6.875%, 04/14/2028

150,000

149,663

389,994

Banks – 5.4%

Barclays PLC

5.304%, ( 1 Year CMT Rate + 2.300%), 08/09/2026 (1)(2)

200,000

197,143

Citizens Financial Group, Inc.

8.533% (3 Month LIBOR USD 3.003%), 10/06/2023 (1)(2)(3)(8)

132,000

118,137

Credit Suisse AG/New York NY

7.950%, 01/09/2025

250,000

255,042

Fifth Third Bancorp

6.339% (SOFR +2.340%), 07/27/2029 (1)

40,000

40,506

NatWest Group PLC

6.000% (5 Year CMT Rate + 5.625%), 12/29/2025 (1)(2)(3)

200,000

184,295

Truist Financial Corp.

4.950% (5 Year CMT Rate + 4.605%), 09/01/2025 (1)(2)(3)

60,000

55,899

Wells Fargo & Co.

3.900% (5 Year CMT Rate + 3.453%), 03/15/2026 (1)(2)(3)

65,000

57,663

908,685

Building Materials – 0.9%

Eco Material Technologies, Inc.

7.875%, 01/31/2027

90,000

87,842

Knife River Corp.

7.750%, 05/01/2031

65,000

66,614

154,456


SoFi Weekly Income ETF

25

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Principal
Amount

 

Value

Chemicals – 0.5%

Olin Corp.

5.125%, 09/15/2027

43,000

$41,211

The Chemours Co.

4.625%, 11/15/2029

56,000

46,606

87,817

Commercial Services – 2.5%

Allied Universal Holdco LLC / Allied Universal Finance Corp.

6.625%, 07/15/2026

129,000

122,829

Block, Inc.

2.750%, 06/01/2026

94,000

85,569

Global Payments, Inc.

4.950%, 08/15/2027

84,000

81,922

The Brink’s Co.

4.625%, 10/15/2027

59,000

54,918

Upbound Group, Inc.

6.375%, 02/15/2029

75,000

68,205

413,443

Computers – 0.9%

KBR, Inc.

4.750%, 09/30/2028

105,000

94,698

Seagate HDD Cayman

8.250%, 12/15/2029

53,000

55,651

150,349

Distribution & Wholesale – 0.7%

LKQ Corp.

5.750%, 06/15/2028

125,000

124,046

Diversified Financial Services – 7.8%

AerCap Holdings N.V.

5.875% (5 Year CMT Rate + 4.535%), 10/10/2079 (1)(2)(7)

238,000

230,138

Aircastle Ltd.

4.250%, 06/15/2026

45,000

42,739

Avolon Holdings Funding Ltd.

4.250%, 04/15/2026

116,000

109,479

BGC Partners, Inc.

4.375%, 12/15/2025

62,000

57,745

Castlelake Aviation Finance DAC

5.000%, 04/15/2027

67,000

61,835

The Depository Trust & Clearing Corp.

3.375% (5 Year CMT Rate + 2.606%), 06/20/2026 (1)(2)(3)

250,000

185,916

Navient Corp.

6.750%, 06/15/2026

111,000

109,175

 

 

Principal
Amount

 

Value

Diversified Financial Services – 7.8% (Continued)

OneMain Finance Corp.

3.500%, 01/15/2027

221,000

$192,524

7.125%, 03/15/2026

56,000

55,154

Oxford Finance LLC / Oxford Finance Co-Issuer II, Inc.

6.375%, 02/01/2027

93,000

87,238

Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc.

2.875%, 10/15/2026

151,000

134,352

SLM Corp.

4.200%, 10/29/2025

38,000

35,773

1,302,068

Electric – 2.5%

American Electric Power Co., Inc.

5.699%, 08/15/2025

85,000

85,111

NextEra Energy Operating Partners L.P.

4.250%, 09/15/2024

180,000

172,907

3.875%, 10/15/2026

56,000

51,798

Talen Energy Supply, LLC

8.625%, 06/01/2030

60,000

62,536

TransAlta Corp.

7.750%, 11/15/2029

49,000

50,782

423,134

Electrical Components & Equipment – 0.5%

EnerSys

4.375%, 12/15/2027

86,000

78,771

Entertainment – 3.5%

Allwyn Entertainment Financing UK PLC

7.875%, 04/30/2029

200,000

204,000

Caesars Entertainment, Inc.

6.250%, 07/01/2025

115,000

114,211

Jacobs Entertainment, Inc.

6.750%, 02/15/2029

80,000

72,573

Light & Wonder International, Inc.

7.000%, 05/15/2028

65,000

64,816

Scientific Games Holdings LP/Scientific Games US FinCo, Inc.

6.625%, 03/01/2030

140,000

123,537

579,137

Environmental Control – 1.0%

Stericycle, Inc.

5.375%, 07/15/2024

167,000

166,564

Healthcare – Products – 0.3%

Garden Spinco Corp.

8.625%, 07/20/2030

40,000

42,742


SoFi Weekly Income ETF

26

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

 

 

Principal
Amount

 

Value

Healthcare Services – 2.9%

CHS/Community Health Systems, Inc.

8.000%, 03/15/2026 (7)

126,000

$123,139

DaVita, Inc.

4.625%, 06/01/2030

60,000

51,519

Encompass Health Corp.

4.500%, 02/01/2028

70,000

65,087

Fortrea Holdings, Inc.

7.500%, 07/01/2030

75,000

73,500

Pediatrix Medical Group, Inc.

5.375%, 02/15/2030

100,000

91,290

Tenet Healthcare Corp.

5.125%, 11/01/2027

88,000

83,765

488,300

Home Builders – 1.5%

Ashton Woods USA LLC / Ashton Woods Finance Co.

6.625%, 01/15/2028

56,000

53,579

Dream Finders Homes, Inc.

8.250%, 08/15/2028

130,000

132,161

LGI Homes, Inc.

4.000%, 07/15/2029

78,000

64,574

250,314

Insurance – 1.4%

Global Atlantic Fin Co.

7.950%, 06/15/2033

50,000

49,120

NMI Holdings, Inc.

7.375%, 06/01/2025

84,000

84,645

SBL Holdings, Inc.

5.125%, 11/13/2026

121,000

108,603

242,368

Internet – 0.9%

Uber Technologies, Inc.

8.000%, 11/01/2026

63,000

64,203

7.500%, 05/15/2025

78,000

78,823

143,026

Investment Companies – 5.2%

Bain Capital Specialty Finance, Inc.

2.950%, 03/10/2026

88,000

78,842

Blackstone Private Credit Fund

2.625%, 12/15/2026

156,000

134,305

Blue Owl Credit Income Corp.

4.700%, 02/08/2027

132,000

121,099

Blue Owl Technology Finance Corp.

4.750%, 12/15/2025

229,000

212,036

 

 

Principal
Amount

 

Value

Investment Companies – 5.2% (Continued)

Icahn Enterprises LP / Icahn Enterprises Finance Corp.

4.750%, 09/15/2024

90,000

$87,085

5.250%, 05/15/2027

50,000

43,929

Oaktree Specialty Lending Corp.

2.700%, 01/15/2027

54,000

46,995

Sixth Street Specialty Lending, Inc.

6.950%, 08/14/2028

65,000

64,881

3.875%, 11/01/2024

89,000

86,344

875,516

Iron & Steel – 1.1%

Cleveland-Cliffs, Inc.

5.875%, 06/01/2027

86,000

82,919

Mineral Resources Ltd.

8.125%, 05/01/2027

46,000

45,953

8.000%, 11/01/2027

51,000

50,885

179,757

Leisure Time – 1.8%

Carnival Corp.

7.625%, 03/01/2026 (7)

97,000

96,800

NCL Corp. Ltd.

5.875%, 02/15/2027

54,000

52,377

NCL Corp. Ltd.

8.375%, 02/01/2028

65,000

67,058

Royal Caribbean Cruises Ltd.

4.250%, 07/01/2026

95,000

88,659

304,894

Media – 6.1%

AMC Networks, Inc.

4.750%, 08/01/2025

95,000

89,146

Block Communications, Inc.

4.875%, 03/01/2028

95,000

78,722

CCO Holdings LLC / CCO Holdings Capital Corp.

5.125%, 05/01/2027

138,000

129,857

6.375%, 09/01/2029 (7)

51,000

48,330

CSC Holdings, LLC

5.250%, 06/01/2024

149,000

141,480

DISH DBS Corp.

5.875%, 11/15/2024

37,000

34,449

5.250%, 12/01/2026

184,000

155,447

Gray Television, Inc.

7.000%, 05/15/2027

84,000

75,483

Midcontinent Communications / Midcontinent Finance Corp.

5.375%, 08/15/2027

44,000

41,674


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Weekly Income ETF

27

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

 

 

Principal
Amount

 

Value

Media – 6.1% (Continued)

Nexstar Media, Inc.

4.750%, 11/01/2028

55,000

$48,308

Sirius XM Radio, Inc.

4.000%, 07/15/2028

122,000

105,754

3.125%, 09/01/2026

78,000

70,481

1,019,131

Metal Fabricate & Hardware – 0.5%

Advanced Drainage Systems, Inc.

6.375%, 06/15/2030

88,000

86,768

Mining – 1.0%

Arsenal AIC Parent, LLC

8.000%, 10/01/2030

85,000

86,912

Hudbay Minerals, Inc.

4.500%, 04/01/2026

78,000

73,702

160,614

Miscellaneous Manufacturers – 0.4%

Trinity Industries, Inc.

7.750%, 07/15/2028

60,000

61,084

Oil & Gas – 6.3%

Civitas Resources, Inc.

8.375%, 07/01/2028

100,000

103,125

CNX Resources Corp.

7.375%, 01/15/2031

70,000

69,939

Comstock Resources, Inc.

6.750%, 03/01/2029

90,000

84,292

Earthstone Energy Holdings, LLC

9.875%, 07/15/2031

60,000

65,837

Occidental Petroleum Corp. (6)

5.138%, 10/10/2036

186,000

97,203

Ovintiv, Inc.

5.650%, 05/15/2028 (5)(6)

80,000

79,437

Parkland Corp.

5.875%, 07/15/2027

105,000

101,574

Permian Resources Operating, LLC

6.875%, 04/01/2027

65,000

64,675

Range Resources Corp.

4.875%, 05/15/2025

64,000

62,620

Southwestern Energy Co.

5.700%, 01/23/2025 (4)

86,000

85,243

Strathcona Resources Ltd./Alberta

6.875%, 08/01/2026 (7)

127,000

119,074

Vital Energy, Inc.

9.500%, 01/15/2025

70,000

70,422

7.750%, 07/31/2029

55,000

49,553

1,052,994

 

 

Principal
Amount

 

Value

Oil & Gas Services – 0.7%

Enerflex Ltd.

9.000%, 10/15/2027

116,000

$115,505

Packaging & Containers – 3.0%

Berry Global, Inc.

4.875%, 07/15/2026

90,000

86,951

LABL, Inc.

6.750%, 07/15/2026

143,000

139,928

Mauser Packaging Solutions Holding Co.

7.875%, 08/15/2026 (7)

100,000

98,564

OI European Group BV

4.750%, 02/15/2030

46,000

41,974

Owens-Brockway Glass Container, Inc.

7.250%, 05/15/2031

65,000

65,663

Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer, LLC

4.000%, 10/15/2027

75,000

67,524

500,604

Pharmaceuticals – 1.3%

BellRing Brands, Inc.

7.000%, 03/15/2030

80,000

80,108

Owens & Minor, Inc.

6.625%, 04/01/2030 (7)

90,000

81,958

Teva Pharmaceutical Finance Netherlands III BV

3.150%, 10/01/2026

65,000

58,833

220,899

Pipelines – 6.6%

Buckeye Partners L.P.

3.950%, 12/01/2026

121,000

111,714

4.125%, 03/01/2025

50,000

48,197

Columbia Pipelines Holding Co., LLC

6.042%, 08/15/2028

100,000

101,006

Energy Transfer L.P.

6.500% (5 Year CMT Rate + 5.694%), 11/15/2026 (1)(2)(3)

95,000

86,882

Enterprise Products Operating, LLC

8.619% (3 Month LIBOR USD + 3.248%), 08/16/2077 (1)(8)

136,000

133,713

EQM Midstream Partners L.P.

6.500%, 07/01/2027

50,000

49,729

Genesis Energy L.P. / Genesis Energy Finance Corp.

6.250%, 05/15/2026

90,000

87,378

Global Partners L.P. / GLP Finance Corp.

7.000%, 08/01/2027

51,000

50,281


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Weekly Income ETF

28

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Principal
Amount

 

Value

Pipelines – 6.6% (Continued)

Hess Midstream Operations L.P.

5.125%, 06/15/2028

113,000

$106,103

New Fortress Energy, Inc.

6.500%, 09/30/2026

180,000

167,476

NuStar Logistics L.P.

5.750%, 10/01/2025 (7)

167,000

163,924

1,106,403

Real Estate – 0.9%

Cushman & Wakefield US Borrower, LLC

8.875%, 09/01/2031

60,000

60,546

Newmark Group, Inc.

6.125%, 11/15/2023 (1)

88,000

87,906

148,452

Real Estate Investment Trusts (REITs) – 3.4%

Blackstone Mortgage Trust, Inc.

3.750%, 01/15/2027

73,000

62,505

EPR Properties

4.750%, 12/15/2026

140,000

128,714

MPT Operating Partnership L.P. / MPT Finance Corp.

5.000%, 10/15/2027 (7)

173,000

136,871

RHP Hotel Properties L.P. /
RHP Finance Corp.

7.250%, 07/15/2028

65,000

65,383

Starwood Property Trust, Inc.

4.750%, 03/15/2025

78,000

75,481

3.750%, 12/31/2024

38,000

36,576

VICI Properties L.P. / VICI Note Co., Inc.

3.750%, 02/15/2027

71,000

65,244

570,774

Retail – 5.2%

Academy Ltd.

6.000%, 11/15/2027

84,000

80,564

Asbury Automotive Group, Inc.

4.500%, 03/01/2028

108,000

98,617

Bath & Body Works, Inc.

6.694%, 01/15/2027

109,000

109,132

Beacon Roofing Supply, Inc.

6.500%, 08/01/2030

65,000

64,285

Evergreen Acqco 1 L.P. / TVI, Inc.

9.750%, 04/26/2028

85,000

88,715

FirstCash, Inc.

4.625%, 09/01/2028

91,000

81,027

Group 1 Automotive, Inc.

4.000%, 08/15/2028

102,000

90,662

 

 

Principal
Amount

 

Value

Retail – 5.2% (Continued)

LCM Investments Holdings II, LLC

8.250%, 08/01/2031

90,000

$90,141

Lithia Motors, Inc.

3.875%, 06/01/2029

50,000

42,979

Macy’s Retail Holdings, LLC

5.875%, 03/15/2030

59,000

51,678

QVC, Inc.

4.850%, 04/01/2024

66,000

64,186

861,986

Semiconductors – 1.0%

Amkor Technology, Inc.

6.625%, 09/15/2027

167,000

167,059

Software – 0.6%

Consensus Cloud Solutions, Inc.

6.000%, 10/15/2026

116,000

108,142

Telecommunications – 2.5%

Altice France SA/France

8.125%, 02/01/2027

200,000

169,208

Frontier Communications Holdings, LLC

5.875%, 10/15/2027

85,000

77,495

5.000%, 05/01/2028

40,000

34,312

Level 3 Financing, Inc.

4.250%, 07/01/2028 (7)

61,000

40,051

Lumen Technologies, Inc.

4.000%, 02/15/2027

165,000

104,142

425,208

Toys, Games, & Hobbies – 0.8%

Mattel, Inc.

3.375%, 04/01/2026

137,000

127,660

Total Corporate Bonds

(Cost $15,988,407)

15,384,068

Mortgage Backed Securities – 1.2%

Federal Home Loan Mortgage Corporation REMICS

4.000%, 07/15/2047

106,964

17,468

Federal National Mortgage Association Interest Strips

5.000%, 01/25/2043

508,802

88,958

4.000%, 01/25/2048

393,763

47,441

Federal National Mortgage Association REMICS

3.000%, 03/25/2028

726,943

31,088

5.000%, 07/25/2046

65,984

10,507

0.574% (SOFR + 1.500%), 05/25/2051 (1)

271,860

162


SoFi Weekly Income ETF

29

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Principal
Amount

 

Value

Total Mortgage Backed Securities

(Cost $148,832)

$195,624

United States Treasury Obligations – 1.8%

United States Treasury Bills – 1.8%

United States Treasury Bills (5)(6)

2.628%, 9/14/2023

130,000

129,754

2.994%, 3/21/2024

181,000

175,789

Total United States Treasury Obligations

(Cost $305,573)

305,543

 

 

Shares

 

 

Short-Term Investments – 1.1%

Money Market Funds – 1.1%

First American Government Obligations Fund, Class X, 5.248% (9)

177,680

177,680

Total Short-Term Investments

 

(Cost $177,680)

177,680

Investments Purchased with Collateral from Securities Lending – 7.8%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540% (9)

1,303,469

1,303,469

Total Investments Purchased with Collateral from Securities Lending 

(Cost $1,303,469)

1,303,469

Total Investments in Securities – 106.8%

(Cost $18,481,033)

17,844,099

Liabilities in Excess of Other Assets – (6.8)%

(1,138,859

)

Total Net Assets – 100.0%

$16,705,240

CMTConstant Maturity Treasury Rate

LIBORLondon Interbank Offered Rate

SOFRSecured Overnight Financing Rate

USDUnited States Dollar

(1)Variable rate security; rate shown is the rate in effect on August 31, 2023. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.

(2)Fixed-to-variable or fixed-to-float bond; rate shown is the rate in effect on August 31, 2023. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor.

(3)Perpetual call date security. Date shown is next call date.

(4)Step-up bond; the interest rate shown is the rate in effect as of August 31, 2023.

(5)Rate represents the annualized effective yield to maturity from the purchase price.

(6)Zero coupon security.

(7)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $1,276,935 or 7.6% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(8)Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

(9)The rate shown is the annualized seven-day effective yield as of August 31, 2023.

SoFi Weekly Dividend ETF

30

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

 

 

Shares

 

Value

Common Stocks – 98.9%

Advertising – 0.0% (1)

Dentsu Group, Inc.

154

$4,607

Aerospace & Defense – 2.5%

BAE Systems PLC

2,367

30,219

General Dynamics Corp.

175

39,662

IHI Corp.

112

2,794

Kawasaki Heavy Industries Ltd.

119

3,056

Lockheed Martin Corp. (2)

198

88,773

RTX Corp.

1,134

97,569

262,073

Agriculture – 1.0%

Archer-Daniels-Midland Co.

420

33,306

British American Tobacco PLC

1,592

52,904

Japan Tobacco, Inc.

860

18,850

105,060

Airlines – 0.1%

Singapore Airlines Ltd.

1,030

5,240

Apparel – 0.4%

Burberry Group PLC

294

8,136

Kering SA

55

29,501

37,637

Auto Manufacturers – 3.4%

Bayerische Motoren Werke AG

236

24,889

Cummins, Inc.

110

25,304

Daimler Truck Holding AG

334

11,778

Isuzu Motors Ltd.

450

5,780

Mazda Motor Corp.

444

4,674

Mercedes-Benz Group AG

610

44,716

PACCAR, Inc.

401

32,998

Stellantis NV

1,695

31,598

Toyota Motor Corp.

8,837

152,660

Volkswagen AG

22

3,150

Volvo AB - Class A

1,156

23,353

360,900

Auto Parts & Equipment – 0.4%

Bridgestone Corp.

425

16,526

Cie Generale des Etablissements Michelin SCA

521

16,348

Niterra Co. Ltd.

145

3,371

Pirelli & C SpA

192

960

Toyota Boshoku Corp.

55

1,042

Toyota Industries Corp.

129

9,126

47,373

 

 

Shares

 

Value

Banks – 14.2%

Bank Hapoalim BM

945

$7,847

Bank of America Corp. (2)

5,427

155,592

Bank of Montreal

554

47,651

Barclays PLC

12,067

22,532

Canadian Imperial Bank of Commerce

713

28,215

Citigroup, Inc.

1,469

60,655

Citizens Financial Group, Inc.

375

10,549

Commonwealth Bank of Australia

1,297

85,832

DBS Group Holdings Ltd.

1,421

35,038

Deutsche Bank AG

1,511

16,485

Fifth Third Bancorp

527

13,992

HSBC Holdings PLC (3)

15,384

113,669

Huntington Bancshares, Inc. (2)

1,116

12,376

Israel Discount Bank Ltd.

933

4,679

JPMorgan Chase & Co.

2,252

329,535

M&T Bank Corp.

130

16,256

Morgan Stanley

1,002

85,320

National Bank of Canada

261

18,166

NatWest Group PLC

3,493

10,198

Northern Trust Corp.

161

12,247

Oversea-Chinese Banking Corp. Ltd.

2,497

23,204

Regions Financial Corp. (2)

737

13,517

Royal Bank of Canada

1,077

96,910

State Street Corp.

259

17,804

The Bank of New York Mellon Corp.

594

26,653

The Bank of Nova Scotia

931

44,123

The Chiba Bank Ltd.

506

3,620

The PNC Financial Services Group, Inc.

309

37,306

The Toronto-Dominion Bank

1,420

86,505

U.S. Bancorp

1,149

41,973

United Overseas Bank Ltd.

1,040

21,901

1,500,350

Beverages – 1.9%

Carlsberg AS - Class A

71

10,298

JDE Peet’s NV

72

2,007

Kirin Holdings Co. Ltd.

633

8,896

The Coca-Cola Co.

3,022

180,806

Treasury Wine Estates Ltd.

549

4,149

206,156

Biotechnology – 0.7%

Gilead Sciences, Inc.

968

74,033

Building Materials – 1.0%

Cie de Saint-Gobain SA

361

23,571

CRH PLC (3)

565

32,525

Geberit AG

26

13,500


SoFi Weekly Dividend ETF

31

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Shares

 

Value

Building Materials – 1.0% (Continued)

Heidelberg Materials AG

105

$8,465

Holcim AG

398

26,388

Wienerberger AG

73

2,016

106,465

Chemicals – 2.1%

Air Products and Chemicals, Inc.

170

50,233

Air Water, Inc.

128

1,612

Dow, Inc. (2)

549

29,953

Eastman Chemical Co.

90

7,651

FMC Corp.

95

8,192

Givaudan SA

7

23,364

Kuraray Co. Ltd.

252

2,866

Nissan Chemical Corp.

100

4,292

Nitto Denko Corp.

111

7,585

Nutrien Ltd.

385

24,356

Shin-Etsu Chemical Co. Ltd.

1,521

48,675

Solvay SA

54

6,265

Toray Industries, Inc.

1,140

6,155

Yara International ASA

119

4,351

225,550

Coal – 0.0% (1)

Whitehaven Coal Ltd.

614

2,422

Commercial Services – 0.9%

Automatic Data Processing, Inc.

321

81,730

Brambles Ltd.

1,057

10,248

Persol Holdings Co. Ltd.

143

2,451

94,429

Computers – 0.2%

Hewlett Packard Enterprise Co.

1,000

16,990

Cosmetics & Personal Care – 3.8%

Essity AB - Class A

460

10,742

Kao Corp.

351

13,595

The Procter & Gamble Co.

1,829

282,288

Unilever PLC

1,935

99,108

405,733

Distribution & Wholesale – 1.4%

ITOCHU Corp.

964

36,233

Marubeni Corp.

1,302

21,325

Mitsubishi Corp.

953

47,105

Mitsui & Co. Ltd.

1,160

43,282

147,945

Diversified Financial Services – 1.4%

Ally Financial, Inc.

210

5,815

BlackRock, Inc.

115

80,562

 

 

Shares

 

Value

Diversified Financial Services – 1.4% (Continued)

Discover Financial Services

197

$17,744

IGM Financial, Inc.

74

2,107

Singapore Exchange Ltd.

622

4,435

St James’s Place PLC

416

4,664

Synchrony Financial (2)

340

10,975

T. Rowe Price Group, Inc.

171

19,192

145,494

Electric – 5.0%

A2A SpA

1,072

2,059

Alliant Energy Corp.

190

9,532

Ameren Corp.

203

16,092

American Electric Power Co., Inc.

400

31,360

CLP Holdings Ltd.

1,476

11,576

CMS Energy Corp. (2)

226

12,699

DTE Energy Co.

159

16,437

EDP - Energias de Portugal SA

2,145

9,915

Electric Power Development Co. Ltd.

128

1,998

Emera, Inc.

203

7,600

Endesa SA

245

5,100

Entergy Corp.

164

15,621

Evergy, Inc.

172

9,455

Eversource Energy

270

17,231

Exelon Corp. (2)

771

30,933

Fortis Inc/Canada

376

14,727

Hera SpA

532

1,614

Hydro One Ltd.

236

6,126

Iberdrola SA

4,509

53,637

National Grid PLC

2,858

35,860

NextEra Energy, Inc.

1,571

104,943

Origin Energy Ltd.

1,326

7,480

Public Service Enterprise Group, Inc.

387

23,638

Redeia Corp. SA

313

5,097

Sempra Energy

489

34,338

Verbund AG

25

2,051

WEC Energy Group, Inc.

245

20,609

Xcel Energy, Inc.

427

24,395

532,123

Electrical Components & Equipment – 0.7%

Schneider Electric SE

418

71,944

Electronics – 0.7%

ABB Ltd.

1,215

46,344

Garmin Ltd.

118

12,510

Kyocera Corp.

258

13,252

SCREEN Holdings Co. Ltd.

34

3,468

Venture Corp. Ltd.

207

2,010

77,584


SoFi Weekly Dividend ETF

32

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

 

 

Shares

 

Value

Engineering & Construction – 0.6%

Bouygues SA

151

$5,228

CK Infrastructure Holdings Ltd.

462

2,339

Kajima Corp.

320

5,349

Keppel Corp. Ltd.

1,084

5,571

Obayashi Corp.

500

4,530

Vinci SA

376

42,017

65,034

Environmental Control – 0.2%

Republic Services, Inc.

160

23,061

Food – 2.4%

Campbell Soup Co. (2)

150

6,255

Carrefour SA

456

8,745

CK Hutchison Holdings Ltd.

2,067

11,268

Coles Group Ltd.

988

10,411

Conagra Brands, Inc.

369

11,026

General Mills, Inc.

454

30,718

Hormel Foods Corp.

216

8,336

Kesko Oyj - B Shares

184

3,599

Koninklijke Ahold Delhaize NV

745

24,399

Mondelez International, Inc.

1,055

75,179

Saputo, Inc.

190

4,102

The Kroger Co. (2)

551

25,561

Tyson Foods, Inc. - Class A

220

11,719

WH Group Ltd.

5,909

3,044

Woolworths Group Ltd.

938

23,164

257,526

Forest Products & Paper – 0.2%

Holmen AB - Class A

71

2,694

International Paper Co.

267

9,324

Oji Holdings Corp.

707

2,894

Smurfit Kappa Group PLC

195

8,208

23,120

Gas – 0.3%

Atmos Energy Corp. (2)

112

12,986

Canadian Utilities Ltd. - Class A

90

2,130

China Gas Holdings Ltd.

2,052

2,094

Naturgy Energy Group SA

95

2,757

NiSource, Inc. (2)

307

8,215

28,182

Hand & Machine Tools – 0.3%

Amada Co. Ltd.

262

2,778

Fuji Electric Co. Ltd.

99

4,675

Snap-on, Inc.

40

10,744

Techtronic Industries Co. Ltd.

1,062

10,496

28,693

 

 

Shares

 

Value

Healthcare – Products – 0.8%

EBOS Group Ltd.

121

$2,734

Elekta AB - B Shares

263

1,883

Medtronic PLC

1,033

84,189

88,806

Healthcare – Services – 0.2%

Fresenius SE & Co. KGaA

319

10,252

Medibank Pvt Ltd.

2,095

4,966

Sonic Healthcare Ltd.

349

7,269

22,487

Holding Companies – Diversified – 0.0% (1)

Swire Pacific Ltd. - Class A

319

2,632

Home Builders – 0.2%

Berkeley Group Holdings PLC

81

4,168

Open House Group Co. Ltd.

58

1,962

Sekisui Chemical Co. Ltd.

299

4,592

Sekisui House Ltd.

463

9,447

Taylor Wimpey PLC

2,740

3,969

24,138

Household Products & Wares – 0.1%

Henkel AG & Co. KGaA

73

5,053

Insurance – 6.2%

Aflac, Inc. (2)

424

31,618

Ageas SA/NV (3)

116

4,618

Allianz SE

312

75,972

American International Group, Inc.

569

33,298

AXA SA

1,380

41,601

Cincinnati Financial Corp.

120

12,695

Dai-ichi Life Holdings, Inc.

749

13,950

Everest Group Ltd. (1)(2)

33

11,902

Fairfax Financial Holdings Ltd. - SVS

19

15,648

Fidelity National Financial, Inc.

195

8,073

Great-West Lifeco, Inc.

202

5,797

Hannover Rueck SE

46

9,798

Intact Financial Corp.

136

19,149

Manulife Financial Corp.

1,433

26,458

Marsh & McLennan Company, Inc.

384

74,876

MetLife, Inc.

501

31,733

MS&AD Insurance Group Holdings, Inc.

330

11,878

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen

106

41,210

Power Corp. of Canada

403

10,991

Principal Financial Group, Inc.

188

14,610

QBE Insurance Group Ltd.

1,132

10,982

Sompo Holdings, Inc.

253

11,030

Sun Life Financial, Inc.

455

22,166


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Weekly Dividend ETF

33

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

 

 

Shares

 

Value

Insurance – 6.2% (Continued)

Talanx AG

34

$2,290

The Travelers Company, Inc. (2)

179

28,860

Tokio Marine Holdings, Inc.

1,476

32,717

Zurich Insurance Group AG

115

54,033

657,953

Internet – 0.1%

carsales.com Ltd.

253

4,709

ZOZO, Inc.

91

1,819

6,528

Investment Companies – 0.1%

Industrivarden AB - Class A

120

3,131

Industrivarden AB - Class C

100

2,605

5,736

Iron & Steel – 0.5%

Nippon Steel Corp.

662

15,674

Nucor Corp. (2)

195

33,559

voestalpine AG

84

2,460

51,693

Leisure Time – 0.1%

Yamaha Motor Co. Ltd.

231

5,996

Lodging – 0.0% (1)

City Developments Ltd.

336

1,662

Machinery – Construction & Mining – 0.8%

Hitachi Ltd.

711

47,343

Komatsu Ltd.

696

19,840

Metso Oyj

527

6,077

Sandvik AB

811

15,361

88,621

Machinery – Diversified – 0.1%

ANDRITZ AG

55

2,930

Ebara Corp.

70

3,490

Husqvarna AB - Class B

300

2,589

Sumitomo Heavy Industries Ltd.

89

2,233

11,242

Media – 1.6%

Comcast Corp. - Class A (2)

3,202

149,726

Pearson PLC

555

5,900

Thomson Reuters Corp.

110

14,146

169,772

Metal Fabricate & Hardware – 0.1%

SKF AB - Class A

279

4,529

Tenaris SA

355

5,687

10,216

 

 

Shares

 

Value

Mining – 0.9%

Agnico Eagle Mines Ltd.

393

$19,058

B2Gold Corp.

997

3,066

Boliden AB

208

5,538

Glencore PLC

7,265

38,798

Newcrest Mining Ltd.

691

11,649

Norsk Hydro ASA

1,014

5,634

South32 Ltd.

3,359

7,397

91,140

Miscellaneous Manufacturers – 1.5%

Eaton Corp. PLC

308

70,954

Nikon Corp.

258

2,789

Siemens AG

573

86,370

Trelleborg AB - Class A

150

3,814

163,927

Office & Business Equipment – 0.1%

Ricoh Co. Ltd.

392

3,199

Seiko Epson Corp.

209

3,277

6,476

Oil & Gas – 12.2%

Ampol Ltd.

181

4,138

ARC Resources Ltd.

473

7,205

Canadian Natural Resources Ltd.

837

54,082

Chevron Corp.

1,342

216,196

ConocoPhillips

939

111,769

DCC PLC

75

4,112

Devon Energy Corp.

495

25,290

Diamondback Energy, Inc. (2)

134

20,339

Eni SpA

1,646

25,518

EOG Resources, Inc.

453

58,265

Equinor ASA

765

23,603

Exxon Mobil Corp.

3,140

349,137

Inpex Corp.

693

9,687

Marathon Petroleum Corp. (2)

329

46,971

Neste Oyj

333

12,209

OMV AG

108

5,013

ORLEN SA

451

6,900

Phillips 66

356

40,641

Pioneer Natural Resources Co.

181

43,065

Suncor Energy, Inc. (2)

1,029

34,811

TotalEnergies SE

1,772

111,683

Tourmaline Oil Corp.

241

12,343

Valero Energy Corp.

280

36,372

Woodside Energy Group Ltd.

1,471

35,269

1,294,618


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Weekly Dividend ETF

34

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

 

 

Shares

 

Value

Packaging & Containers – 0.3%

Amcor PLC (2)

1,139

$11,094

DS Smith PLC

1,038

4,107

Huhtamaki Oyj

79

2,719

Packaging Corp of America (2)

68

10,139

Stora Enso Oyj - R Shares

443

5,652

33,711

Pharmaceuticals – 11.8%

Bristol-Myers Squibb Co. (2)

1,631

100,551

CSPC Pharmaceutical Group Ltd.

6,379

4,799

Hikma Pharmaceuticals PLC

122

3,384

Johnson & Johnson

2,017

326,109

Merck & Co., Inc.

1,970

214,691

Novartis AG

1,526

154,302

Ono Pharmaceutical Co. Ltd.

335

6,354

Orion Oyj - B Shares

78

3,199

Pfizer, Inc.

4,385

155,141

Recordati Industria Chimica e Farmaceutica SpA

74

3,725

Roche Holding AG

21

6,567

Roche Holding AG

545

160,615

Sanofi

858

91,857

Shionogi & Co. Ltd.

223

9,829

Sino Biopharmaceutical Ltd.

7,631

2,900

Viatris, Inc.

917

9,858

1,253,881

Pipelines – 0.5%

Kinder Morgan, Inc. (2)

1,522

26,209

ONEOK, Inc.

347

22,624

48,833

Private Equity – 0.4%

3i Group PLC

732

18,491

Intermediate Capital Group PLC

217

3,719

Partners Group Holding AG

17

18,385

40,595

Real Estate – 0.5%

CK Asset Holdings Ltd.

1,402

7,742

Hang Lung Properties Ltd.

1,322

1,767

Henderson Land Development Co. Ltd.

995

2,734

Hulic Co. Ltd.

373

3,351

Mitsui Fudosan Co. Ltd.

679

14,887

Nomura Real Estate Holdings, Inc.

84

2,116

Sun Hung Kai Properties Ltd.

1,133

12,758

Swire Properties Ltd.

825

1,726

Tokyu Fudosan Holdings Corp.

397

2,472

UOL Group Ltd.

408

2,006

51,559

 

 

Shares

 

Value

Real Estate Investment Trusts (REITs) – 1.8%

AvalonBay Communities, Inc.

110

$20,220

CapitaLand Ascendas REIT

2,760

5,661

CapitaLand Integrated Commercial Trust

3,997

5,653

Charter Hall Group

330

2,317

Dexus

813

4,081

Frasers Logistics & Commercial Trust

2,120

1,884

Goodman Group

1,426

21,574

Keppel DC REIT

1,046

1,704

Mapletree Logistics Trust

2,486

3,092

Mid-America Apartment Communities, Inc.

90

13,071

Orix JREIT, Inc.

2

2,488

Prologis, Inc.

715

88,803

VICI Properties, Inc.

779

24,024

194,572

Retail – 1.3%

Best Buy Co., Inc. (2)

149

11,391

Canadian Tire Corp Ltd. - Class A

41

4,858

Darden Restaurants, Inc.

94

14,618

Dillard’s, Inc. - Class B

6

2,071

Genuine Parts Co.

107

16,449

Industria de Diseno Textil SA

857

32,890

Jardine Cycle & Carriage Ltd.

61

1,509

Kingfisher PLC

1,488

4,412

Marui Group Co. Ltd.

138

2,391

Shimamura Co. Ltd.

18

1,856

Target Corp.

358

45,305

137,750

Semiconductors – 5.3%

Broadcom, Inc.

314

289,787

QUALCOMM, Inc.

864

98,954

SUMCO Corp.

258

3,450

Texas Instruments, Inc.

702

117,978

Tokyo Electron Ltd.

351

52,017

562,186

Shipbuilding – 0.0% (1)

Yangzijiang Shipbuilding Holdings Ltd.

2,018

2,525

Software – 0.4%

Paychex, Inc.

250

30,557

The Sage Group PLC

778

9,573

40,130

Telecommunications – 3.5%

Cisco Systems, Inc.

3,166

181,570

Elisa Oyj

107

5,257

Hikari Tsushin, Inc.

15

2,500

KDDI Corp.

1,196

35,530


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Weekly Dividend ETF

35

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

 

 

Shares

 

Value

Telecommunications – 3.5% (Continued)

Orange SA

1,453

$16,335

Swisscom AG

20

12,182

Verizon Communications, Inc.

3,266

114,245

367,619

Transportation – 1.7%

C.H. Robinson Worldwide, Inc. (2)

87

7,867

DHL Group

732

34,230

Frontline PLC

111

1,986

Kawasaki Kisen Kaisha Ltd.

96

3,222

Kuehne + Nagel International AG

39

11,741

Kyushu Railway Co.

107

2,332

Mitsui OSK Lines Ltd.

275

7,624

MTR Corp. Ltd.

1,219

5,091

NIPPON EXPRESS HOLDINGS, INC.

62

3,223

Nippon Yusen KK

376

10,036

United Parcel Service, Inc. - Class B (2)

563

95,372

182,724

Total Common Stocks

 

(Cost $10,104,894)

10,480,505

Preferred Stocks – 0.4%

Auto Manufacturers – 0.3%

Bayerische Motoren Werke AG (4)

43

4,142

Porsche Automobil Holding SE (4)

119

6,402

Volkswagen AG (4)

142

17,422

27,966

Household Products & Wares – 0.1%

Henkel AG & Co. KGaA (4)

126

9,671

Total Preferred Stocks

(Cost $35,588)

37,637

Short-Term Investments – 0.1%

Money Market Funds – 0.1%

First American Government Obligations Fund, Class X, 5.248% (5)

13,255

13,255

Total Short-Term Investments

 

(Cost $13,255)

13,255

 

 

Shares

 

Value

Investments Purchased with Collateral from Securities Lending – 10.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540%, (5)

1,128,421

$1,128,421

Total Investments Purchased with Collateral from Securities Lending 

(Cost $1,128,421)

1,128,421

Total Investments in Securities – 110.0%

(Cost $11,282,018)

11,659,818

Liabilities in Excess of Other Assets – (10.0)%

(1,060,598

)

Total Net Assets – 100.0%

$10,599,220

(1)Does not round to 0.1% or (0.1)%, as applicable.

(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $1,092,587 or 10.3% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(3)Non-income producing security.

(4)There is currently no dividend rate available.

(5)The rate shown is the annualized seven-day effective yield as of August 31, 2023.


SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

SoFi Web 3 ETF

36

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

 

 

Shares

 

Value

Common Stocks – 99.4%

Advertising – 0.4%

S4 Capital PLC (1)

4,173

$5,246

Apparel – 0.8%

PLBY Group, Inc. (1)(2)

8,904

11,575

Commercial Services – 9.6%

Bakkt Holdings, Inc. - Class A (1)(2)

8,121

11,207

Block, Inc. - Class A (1)

392

22,599

CompoSecure, Inc. - Class A (1)(2)

7,519

47,219

Creek & River Co. Ltd.

1,504

22,376

Marathon Digital Holdings, Inc. (1)(2)

2,454

30,847

134,248

Computers – 7.1%

Apple, Inc.

271

50,913

Vuzix Corp. (1)(2)

12,137

48,548

99,461

Diversified Financial Services – 8.6%

Applied Digital Corp. (1)

989

5,974

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

702

55,879

SBI Holdings Inc/Japan

2,816

57,554

119,407

Electronics – 3.1%

Kopin Corp. (1)

29,560

43,158

Entertainment – 5.9%

AMC Entertainment Holdings, Inc. (1)

773

9,700

DraftKings, Inc. - Class A (1)

2,419

71,724

81,424

Internet – 23.8%

Alphabet, Inc. - Class A (1)

530

72,170

Amazon.com, Inc. (1)

329

45,405

Farfetch Ltd. - Class A (1)(2)

1,221

3,480

Hive Digital Technologies Ltd.

11,092

40,664

Meta Platforms, Inc. - Class A (1)

239

70,718

Overstock.com, Inc. (1)

1,181

30,836

Robinhood Markets, Inc. - Class A (1)

4,178

45,498

Snap, Inc. - Class A (1)(2)

2,248

23,267

332,038

Investment Companies – 1.2%

Galaxy Digital Holdings Ltd. (1)

4,347

16,675

Media – 3.0%

The Walt Disney Co. (1)

500

41,840

Real Estate – 0.9%

eXp World Holdings, Inc. (2)

615

11,820

 

 

Shares

 

Value

Retail – 3.9%

GameStop Corp. (1)(2)

2,896

$53,721

Semiconductors – 17.8%

Advanced Micro Devices, Inc. (1)

446

47,151

Ambarella, Inc. (1)(2)

360

22,374

CEVA, Inc. (1)

284

6,594

eMagin Corp. (1)

22,281

44,562

Himax Technologies, Inc. - ADR

5,034

30,758

Intel Corp.

446

15,672

NVIDIA Corp. (2)

163

80,449

247,560

Software – 9.7%

C3.ai, Inc. - Class A (1)(2)

992

30,772

Microsoft Corp.

171

56,047

MIXI, Inc.

1,887

31,510

Veritone, Inc. (1)

5,434

16,682

135,011

Toys, Games & Hobbies – 3.6%

Funko, Inc. - Class A (1)

7,254

50,560

Total Common Stocks

(Cost $1,466,823)

1,383,744

Short-Term Investments – 0.5%

Money Market Funds – 0.5%

First American Government Obligations Fund, Class X, 5.248% (3)

6,670

6,670

Total Short-Term Investments

 

(Cost $6,670)

6,670

Investments Purchased with Collateral from Securities Lending – 31.1%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540% (3)

433,388

433,388

Total Investments Purchased with Collateral from Securities Lending 

(Cost $433,388)

433,388

Total Investments in Securities – 131.0%

(Cost $1,906,881)

1,823,802

Liabilities in Excess of Other Assets – (31.0)%

(431,047

)

Total Net Assets – 100.0%

$1,392,755

ADRAmerican Depositary Receipt.

(1)Non-income producing security.

(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $408,221 or 29.3% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(3)The rate shown is the annualized seven-day effective yield as of August 31, 2023.


SoFi Smart Energy ETF

37

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited)

 

 

Shares

 

Value

Common Stocks – 99.9%

Auto Manufacturers – 4.8%

BYD Co. Ltd. - H Shares

1,403

$43,977

Proterra, Inc. (1)

26,467

2,303

Tesla, Inc. (1)

191

49,293

95,573

Commercial Services – 2.5%

Quanta Services, Inc.

239

50,159

Distribution & Wholesale – 2.3%

Resideo Technologies, Inc. (1)

2,634

44,409

Electric – 4.6%

Altus Power, Inc. - Class A (1)(2)

7,776

50,233

Ameresco, Inc. - Class A (1)

945

41,098

91,331

Electrical Components & Equipment – 15.5%

Blink Charging Co. (1)(2)

7,903

31,138

ChargePoint Holdings, Inc. - Class A (1)(2)

5,957

42,652

EnerSys (2)

453

47,556

Nexans SA

549

45,315

Prysmian SpA

1,190

48,808

Schneider Electric SE

274

47,160

SMA Solar Technology AG

540

43,546

306,175

Electronics – 11.7%

ABB Ltd.

1,225

46,725

Advanced Energy Industries, Inc. (2)

393

46,402

Smart Metering Systems PLC

5,472

47,636

Trimble, Inc. (1)(2)

900

49,311

Vicor Corp. (1)(2)

617

41,814

231,888

Energy – Alternate Sources – 30.8% (3)

Ballard Power Systems, Inc. (1)

10,833

45,559

Canadian Solar, Inc. (1)

1,379

38,626

Enphase Energy, Inc. (1)

344

43,526

Fluence Energy, Inc. - Class A (1)

1,750

46,112

FuelCell Energy, Inc. (1)(2)

24,062

33,687

ITM Power PLC (1)

42,433

47,317

Landis+Gyr Group AG

560

41,528

Meyer Burger Technology AG (1)

83,441

37,505

Plug Power, Inc. (1)(2)

4,152

35,126

SolarEdge Technologies, Inc. (1)(2)

248

40,317

Stem, Inc. (1)(2)

7,395

37,641

Sunnova Energy International, Inc. (1)(2)

2,915

40,548

SunPower Corp. (1)

5,350

38,306

 

 

Shares

 

Value

Energy – Alternate Sources – 30.8% (3) (Continued)

Sunrun, Inc. (1)

2,712

$42,389

Xinyi Solar Holdings Ltd.

51,688

43,174

611,361

Engineering & Construction – 4.6%

Alfen N.V. (1)

756

43,849

MYR Group, Inc. (1)

336

47,735

91,584

Hand & Machine Tools – 2.5%

Meidensha Corp.

3,232

48,529

Industrial Other – 2.1%

Nibe Industries AB - B Shares (1)

5,594

41,984

Machinery – Construction & Mining – 2.2%

Bloom Energy Corp. - Class A (1)(2)

2,884

43,231

Metal Fabricate & Hardware – 2.4%

Valmont Industries, Inc.

186

47,151

Miscellaneous Manufacturers – 4.9%

Eaton Corp PLC

223

51,372

Siemens AG

301

45,371

96,743

Retail – 2.3%

EVgo, Inc. - Class A (1)(2)

11,407

45,856

Semiconductors – 6.7%

Analog Devices, Inc. (2)

252

45,809

Infineon Technologies AG

1,156

41,423

NXP Semiconductors NV

224

46,081

133,313

Total Common Stocks

 

(Cost $2,653,853)

1,979,287

Short-Term Investments – 0.1%

Money Market Funds – 0.1%

First American Government Obligations Fund, Class X, 5.248% (4)

2,818

2,818

Total Short-Term Investments

 

(Cost $2,818)

2,818


SoFi Smart Energy ETF

38

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

SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) (Continued)

 

 

Shares

 

Value

Investments Purchased with Collateral from Securities Lending – 30.7%

Mount Vernon Liquid Assets Portfolio, LLC, 5.540%(4)

609,593

$609,593

Total Investments Purchased with Collateral from Securities Lending  

(Cost $609,593)

609,593

Total Investments in Securities – 130.7%

(Cost $3,266,264)

2,591,698

Liabilities in Excess of Other Assets – (30.7)%

(608,857

)

Total Net Assets – 100.0%

$1,982,841

(1)Non-income producing security.

(2)This security or a portion of this security was out on loan as of August 31, 2023. Total loaned securities had a value of $586,848 or 29.6% of net assets as of August 31, 2023. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(3)Despite a concentration greater than 25% of total assets, as of August 31, 2023, the Fund was in compliance with its investment limitations as the index the Fund tracks will at times invest in greater than 25% of an industry.

(4)The rate shown is the annualized seven-day effective yield as of August 31, 2023.

SoFi Funds

39

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

STATEMENTS OF ASSETS AND LIABILITIES at August 31, 2023 (Unaudited)

 

 

SoFi Select 500 ETF

 

SoFi Next 500 ETF

 

SoFi Social 50 ETF

 

SoFi Be
Your Own Boss ETF

 

Assets:

Investments in securities, at value (Note 2)(1)

$551,927,827

$83,042,365

$18,769,158

$9,297,599

Cash

4,340

Foreign currency (cost of $- ,$- ,$-, $55, $-, $389, $-, and $-, respectively)

54

Receivables:

Investment securities sold

Dividends and interest

802,664

51,704

12,455

379

Securities lending income, net (Note 5)

8,208

2,810

24,948

574

Total assets

552,738,699

83,096,878

18,810,901

9,298,606

Liabilities:

Collateral received for securities loaned (Note 5)

25,783,040

20,816,983

2,871,970

2,244,633

Payables:

Investment securities purchased

Distributions

Management fees, net (Note 4)

4,105

3,659

Total liabilities

25,783,040

20,816,982

2,876,075

2,248,292

Net Assets

$526,955,659

$62,279,896

$15,934,826

$7,050,314

Components of Net Assets:

Paid-in capital

$490,771,864

$68,632,881

$27,070,003

$21,736,263

Total distributable (accumulated) earnings (losses)

36,183,795

(6,352,985

)

(11,135,177

)

(14,685,949

)

Net assets

$526,955,659

$62,279,896

$15,934,826

$7,050,314

Net Asset Value (unlimited shares authorized):

Net assets

$526,955,659

$62,279,896

$15,934,826

$7,050,314

Shares of beneficial interest issued and outstanding

33,000,000

5,050,000

570,000

430,000

Net asset value

$15.97

$12.33

$27.96

$16.40

Cost of investments

$494,497,078

$79,623,516

$18,749,877

$18,779,034

SoFi Funds

40

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

STATEMENTS OF ASSETS AND LIABILITIES at August 31, 2023 (Unaudited) (Continued)

 

 

SoFi
Weekly Income ETF

 

SoFi Weekly Dividend ETF

 

SoFi
Web 3 ETF

 

SoFi Smart Energy ETF

 

Assets:

Investments in securities, at value (Note 2)(1)

$17,844,099

$11,659,818

$1,823,802

$2,591,698

Cash

Foreign currency (cost of $- ,$- ,$-, $55, $-, $389, $-, and $-, respectively)

387

Receivables:

Investment securities sold

32,004

1,890,591

Dividends and interest

232,207

39,718

228

1,050

Securities lending income, net (Note 5)

229

400

2,830

786

Total assets

18,108,539

13,590,914

1,826,860

2,593,534

Liabilities:

Collateral received for securities loaned (Note 5)

1,303,469

1,128,421

433,388

609,593

Payables:

Investment securities purchased

75,756

1,858,869

Distributions

15,750

Management fees, net (Note 4)

8,324

4,404

717

1,100

Total liabilities

1,403,299

2,991,694

434,105

610,693

Net Assets

$16,705,240

$10,599,220

$1,392,755

$1,982,841

Components of Net Assets:

Paid-in capital

$18,010,178

$11,168,438

$1,266,650

$3,118,834

Total distributable (accumulated) earnings (losses)

(1,304,938

)

(569,218

)

126,105

(1,135,993

)

Net assets

$16,705,240

$10,599,220

$1,392,755

$1,982,841

Net Asset Value (unlimited shares authorized):

Net assets

$16,705,240

$10,599,220

$1,392,755

$1,982,841

Shares of beneficial interest issued and outstanding

175,000

225,000

75,000

140,000

Net asset value

$95.46

$47.11

$18.57

$14.16

Cost of investments

$18,481,033

$11,282,018

$1,906,881

$3,266,264

(1)Includes loaned securities with values of $25,141,582, $20,377,360, $2,728,572, $2,182,599, $1,276,935, $1,092,587, $408,221, and $586,848, respectively.

SoFi Funds

41

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

STATEMENTS OF OPERATIONS  For the Periods Ended August 31, 2023 (Unaudited)

SoFi Select
500 ETF

SoFi Next
500 ETF

SoFi Social
50 ETF

SoFi Be
Your Own Boss ETF

Six Months Ended August 31,
2023
(Unaudited)

Six Months Ended August 31,
2023
(Unaudited)

Six Months Ended August 31,
2023
(Unaudited)

Six Months Ended August 31,
2023
(Unaudited)

Investment Income:

Dividend income (net of foreign withholding tax of $25,270, $-, $144, $41, $-, $19,506, $189, and $2,089, respectively)

$3,906,662

$463,951

$37,513

$7,246

Securities lending income, net (Note 5)

47,960

34,473

145,090

5,854

Interest income

20,429

3,124

801

371

Total investment income

3,975,051

501,548

183,404

13,471

Expenses:

Management fees (Note 4)

454,057

53,795

21,119

21,602

Total expenses

454,057

53,795

21,119

21,602

Less: Management fee waiver (Note 4)

(454,057

)

(53,795

)

Net expenses

21,119

21,602

Net investment income (loss)

3,975,051

501,548

162,285

(8,131

)

Realized and Unrealized Gain (Loss):

Net realized gain (loss) on:

Investments

(2,002,830

)

(4,427,065

)

690,782

(1,042,648

)

Foreign currency transactions

(25

)

Change in net unrealized appreciation/depreciation on:

Investments

64,934,460

6,826,034

1,994,933

1,612,103

Foreign currency translations

3,785

Net realized and unrealized gain (loss) on investments

62,931,630

2,398,969

2,685,715

573,215

Net increase (decrease) in net assets resulting from operations

$66,906,681

$2,900,517

$2,848,000

$565,084

SoFi Funds

42

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

STATEMENTS OF OPERATIONS  For the Periods Ended August 31, 2023 (Unaudited) (Continued)

SoFi Weekly Income ETF

SoFi Weekly Dividend ETF

SoFi
Web 3 ETF

SoFi Smart Energy ETF

Six Months Ended August 31,
2023
(Unaudited)

Six Months Ended August 31,
2023
(Unaudited)

Six Months Ended August 31,
2023
(Unaudited)

Six Months Ended August 31,
2023
(Unaudited)

Investment Income:

Dividend income (net of foreign withholding tax of $25,270, $-, $144, $41, $-, $19,506, $189, and $2,089, respectively)

$2,813

$211,160

$3,594

$10,909

Securities lending income, net (Note 5)

2,042

1,311

17,719

11,145

Interest income

497,973

1,839

84

237

Total investment income

502,828

214,310

21,397

22,291

Expenses:

Management fees (Note 4)

49,034

24,324

3,584

7,518

Total expenses

49,034

24,324

3,584

7,518

Less: Management fee waiver (Note 4)

Net expenses

49,034

24,324

3,584

7,518

Net investment income (loss)

453,794

189,986

17,813

14,773

Realized and Unrealized Gain (Loss) on Investments:

Net realized gain (loss) on:

Investments

(231,157

)

(267,121

)

320,237

(209,386

)

Foreign currency transactions

(316

)

458

(5

)

Change in net unrealized appreciation/depreciation on:

Investments

402,050

363,465

(47,632

)

(249,630

)

Foreign currency translations

84,167

(6,410

)

32,827

Net realized and unrealized gain (loss) on investments

170,893

180,195

266,653

(426,194

)

Net increase (decrease) in net assets resulting from operations

$624,687

$370,181

$284,466

$(411,421

)

SoFi Select 500 ETF

43

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

STATEMENTS OF CHANGES IN NET ASSETS

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Increase (Decrease) in Net Assets From:

Operations:

Net investment income (loss)

$3,975,051

$6,438,218

Net realized gain (loss)

(2,002,830

)

(67,222

)

Change in net unrealized appreciation/depreciation

64,934,460

(43,526,505

)

Net increase (decrease) in net assets resulting from operations

66,906,681

(37,155,509

)

Distributions to Shareholders:

Net distributions to shareholders

(3,698,392

)

(5,974,658

)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares(1)

37,779,155

88,452,755

Total increase (decrease) in net assets

100,987,444

45,322,588

Net Assets:

Beginning of period/year

425,968,215

380,645,627

End of period/year

$526,955,659

$425,968,215

(1)Summary of share transactions is as follows:

Six Months Ended
August 31, 2023
(Unaudited)

 

Year Ended
February 28, 2023

 

Shares

 

Value

 

Shares

 

Value

 

Shares sold

5,150,000

$75,482,030

8,700,000

$124,430,655

Shares redeemed

(2,650,000

)

(37,702,875

)

(2,400,000

)

(35,977,900

)

Net increase (decrease)

2,500,000

37,779,155

6,300,000

88,452,755

SoFi Next 500 ETF

44

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

STATEMENTS OF CHANGES IN NET ASSETS

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Increase (Decrease) in Net Assets From:

Operations:

Net investment income (loss)

$501,548

$792,653

Net realized gain (loss)

(4,427,065

)

(1,034,661

)

Change in net unrealized appreciation/depreciation

6,826,034

(3,940,644

)

Net increase (decrease) in net assets resulting from operations

2,900,517

(4,182,652

)

Distributions to Shareholders:

Net distributions to shareholders

(475,959

)

(731,180

)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares (1)

5,890,845

9,870,670

Total increase (decrease) in net assets

8,315,403

4,956,838

Net Assets:

Beginning of period/year

53,964,493

49,007,655

End of period/year

$62,279,896

$53,964,493

(1)Summary of share transactions is as follows:

Six Months Ended
August 31, 2023
(Unaudited)

 

Year Ended
February 28, 2023

Shares

 

Value

 

Shares

 

Value

Shares sold

950,000

$10,914,780

1,650,000

$20,037,805

Shares redeemed

(450,000

)

(5,023,935

)

(800,000

)

(10,167,135

)

Net increase (decrease)

500,000

5,890,845

850,000

9,870,670

SoFi Social 50 ETF

45

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

STATEMENTS OF CHANGES IN NET ASSETS

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Increase (Decrease) in Net Assets From:

Operations:

Net investment income (loss)

$162,285

$195,435

Net realized gain (loss)

690,782

(9,102,761

)

Change in net unrealized appreciation/depreciation

1,994,933

3,235,911

Net increase (decrease) in net assets resulting from operations

2,848,000

(5,671,415

)

Distributions to Shareholders:

Net distributions to shareholders

(170,723

)

(142,199

)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares(1)

(434,705

)

(1,035,785

)

Total increase (decrease) in net assets

2,242,572

(6,849,399

)

Net Assets:

Beginning of period/year

13,692,254

20,541,653

End of period/year

$15,934,826

$13,692,254

(1)Summary of share transactions is as follows:

 

Six Months Ended
August 31, 2023
(Unaudited)

 

Year Ended
February 28, 2023

 

 

Shares

 

Value

 

Shares

 

Value

 

Shares sold

220,000

$5,952,019

$

Shares redeemed

(250,000

)

(6,386,724

)

(50,000

)

(1,035,785

)

Net increase (decrease)

(30,000

)

$(434,705

)

(50,000

)

$(1,035,785

)

SoFi Be Your Own Boss ETF

46

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

STATEMENTS OF CHANGES IN NET ASSETS

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Increase (Decrease) in Net Assets From:

Operations:

Net investment income (loss)

$(8,131

)

$3,229

Net realized gain (loss)

(1,042,673

)

(4,519,950

)

Change in net unrealized appreciation/depreciation

1,615,888

87,165

Net increase (decrease) in net assets resulting from operations

565,084

(4,429,556

)

Distributions to Shareholders:

Net distributions to shareholders

(3,077

)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares (1)

(1,122,760

)

(4,804,680

)

Total increase (decrease) in net assets

(560,753

)

(9,234,236

)

Net Assets:

Beginning of period/year

7,611,067

16,845,303

End of period/year

$7,050,314

$7,611,067

(1)Summary of share transactions is as follows:

 

Six Months Ended
August 31, 2023
(Unaudited)

 

Year Ended
February 28, 2023

 

 

Shares

 

Value

 

Shares

 

Value

 

Shares sold

$

$

Shares redeemed

(70,000

)

(1,122,760

)

(250,000

)

(4,804,680

)

Variable fees

Net increase (decrease)

(70,000

)

(1,122,760

)

(250,000

)

(4,804,680

)

SoFi Weekly Income ETF

47

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

STATEMENTS OF CHANGES IN NET ASSETS

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)

$453,794

$909,482

Net realized gain (loss)

(231,157

)

(937,931

)

Change in net unrealized appreciation/depreciation

402,050

(646,201

)

Net increase (decrease) in net assets resulting from operations

624,687

(674,650

)

Distributions to Shareholders:

Net dividends and distributions

(355,250

)

(901,768

)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares(1)

(4,573,018

)

Total increase (decrease) in net assets

269,437

(6,149,436

)

Net Assets:

Beginning of period/year

16,435,803

22,585,239

End of period/year

$16,705,240

$16,435,803

(1)Summary of share transactions is as follows:

 

Six Months Ended
August 31, 2023
(Unaudited)

 

Year Ended
February 28, 2023

 

 

Shares

 

Value

 

Shares

 

Value

 

Shares sold

$

75,000

$7,294,305

Shares redeemed

(125,000

)

(11,868,795

)

Variable fees

1,472

Net increase (decrease)

$

(50,000

)

$(4,573,018

)

SoFi Weekly Dividend ETF

48

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

STATEMENTS OF CHANGES IN NET ASSETS

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)

$189,986

$308,083

Net realized gain (loss)

(267,437

)

(634,764

)

Change in net unrealized appreciation/depreciation

447,632

(146,602

)

Net increase (decrease) in net assets resulting from operations

370,181

(473,283

)

Distributions to Shareholders:

Distributable earnings

(110,500

)

(299,722

)

Return of capital

(3,054

)

(110,500

)

(302,776

)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares(1)

1,120,138

Total increase (decrease) in net assets

1,379,819

(776,059

)

Net Assets:

Beginning of period/year

9,219,401

9,995,460

End of period/year

$10,599,220

$9,219,401

(1)Summary of share transactions is as follows:

 

Six Months Ended
August 31, 2023
(Unaudited)

 

Year Ended
February 28, 2023

 

 

Shares

 

Value

 

Shares

 

Value

 

Shares sold

25,000

$1,120,138

$

Shares redeemed

Variable fees

Net increase (decrease)

25,000

$1,120,138

$

SoFi Web 3 ETF

49

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

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Period Ended
February 28, 2023
(1)

 

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)

$17,813

$3,172

Net realized gain (loss)

320,695

(562,261

)

Change in net unrealized appreciation/depreciation

(54,042

)

(29,037

)

Net increase (decrease) in net assets resulting from operations

284,466

(588,126

)

Distributions to Shareholders:

Net dividends and distributions

(12,946

)

(13,439

)

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares (2)

373,106

1,349,694

Total increase (decrease) in net assets

644,626

748,129

Net Assets:

Beginning of period

748,129

End of period

$1,392,755

$748,129

(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.

(2)Summary of share transactions is as follows:

 

Six Months Ended
August 31, 2023
(Unaudited)

 

Period Ended
February 28, 2023
(1)

 

 

Shares

 

Value

 

Shares

 

Value

 

Shares sold

55,000

$1,010,726

500,000

$7,580,760

Shares redeemed

(30,000

)

(637,620

)

(450,000

)

(6,473,135

)

Variable fees

242,069

Net increase (decrease)

25,000

$373,106

50,000

$1,349,694

STATEMENTS OF CHANGES IN NET ASSETS

SoFi Smart Energy ETF

50

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

Six Months Ended
August 31, 2023 (Unaudited)

 

Period Ended
February 28, 2023
(1)

Increase (Decrease) in Net Assets from:

Operations:

Net investment income (loss)

$14,773

$4,783

Net realized gain (loss)

(209,391

)

113,987

Change in net unrealized appreciation/depreciation

(216,803

)

32,847

Net increase (decrease) in net assets resulting from operations

(411,421

)

151,617

Distributions to Shareholders:

Net dividends and distributions

Capital Share Transactions:

Net increase (decrease) in net assets derived from net changes in outstanding shares(2)

(859,906

)

1,154,103

Total increase (decrease) in net assets

(1,271,327

)

1,305,720

Net Assets:

Beginning of period

3,254,168

1,948,448

End of period

$1,982,841

$3,254,168

(1)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.

(2)Summary of share transactions is as follows:

 

Six-Months Ended
August 31, 2023
(Unaudited)

 

Period Ended
February 28, 2023
(1)

 

 

Shares

 

Value

 

Shares

 

Value

 

Shares sold

$

150,000

$2,469,825

Shares redeemed

(60,000

)

(859,906

)

(75,000

)

(1,316,003

)

Variable fees

281

Net increase (decrease)

(60,000

)

(859,906

)

75,000

1,154,103

STATEMENTS OF CHANGES IN NET ASSETS

SoFi Select 500 ETF

51

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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Year Ended
February 28, 2022

 

Year Ended
February 28, 2021

 

Period Ended
February 29, 2020
(1)

 

Net asset value, beginning of period/year

$13.97

$15.73

$13.94

$10.38

$10.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

0.13

0.24

0.19

0.18

0.17

Net realized and unrealized gain (loss)
on investments
(8)

1.99

(1.79

)

1.76

3.54

0.33

Total from investment operations

2.12

(1.55

)

1.95

3.72

0.50

Less Distributions:

From net investment income

(0.12

)

(0.21

)

(0.16

)

(0.16

)

(0.12

)

From net realized gain

(0.00)

(6)

Total distributions

(0.12

)

(0.21

)

(0.16

)

(0.16

)

(0.12

)

Net asset value, end of period/year

$15.97

$13.97

$15.73

$13.94

$10.38

Total return(4)

15.20

%(3)

(9.78

)%

13.89

%

36.04

%

4.95

%(3)

Ratios / Supplemental Data:

Net assets, end of period/year (millions)

$527.0

$426.0

$380.6

$177.1

$73.7

Portfolio turnover rate(7)

16

%(3)

17

%

9

%

26

%

22

%(3)

Ratio of expenses to average net assets

Before management fees waived

0.19

%(5)

0.19

%

0.19

%

0.19

%

0.19

%(5)

After management fees waived

0.00

%(5)

0.00

%

0.00

%

0.00

%

0.00

%(5)

Ratio of net investment income (loss)
to average net assets

Before management fees waived

1.47

%(5)

1.48

%

0.96

%

1.25

%

1.60

%(5)

After management fees waived

1.66

%(5)

1.67

%

1.15

%

1.44

%

1.79

%(5)

(1)The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value.

(5)Annualized.

(6)Does not round to $0.01 or $(0.01), as applicable.

(7)Excludes the impact of in-kind transactions.

(8)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

SoFi Next 500 ETF

52

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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Year Ended
February 28, 2022

 

Year Ended
February 28, 2021

 

Period Ended
February 29, 2020
(1)

 

Net asset value, beginning of period/year

$11.86

$13.25

$13.31

$9.62

$10.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

0.10

0.19

0.15

0.16

0.13

Net realized and unrealized gain (loss)
on investments
(8)

0.47

(1.41

)

(0.08

)

3.67

(0.40

)

Total from investment operations

0.57

(1.22

)

0.07

3.83

(0.27

)

Less Distributions:

From net investment income

(0.10

)

(0.17

)

(0.13

)

(0.14

)

(0.11

)

From net realized gain

(0.00)

(6)

Total distributions

(0.10

)

(0.17

)

(0.13

)

(0.14

)

(0.11

)

Net asset value, end of period/year

$12.33

$11.86

$13.25

$13.31

$9.62

Total return(4)

4.85

%(3)

(9.06

)%

0.45

%

40.17

%

(2.84

)%(3)

Ratios / Supplemental Data:

Net assets, end of period/year (millions)

$62.3

$54.0

$49.0

$24.6

$9.1

Portfolio turnover rate(7)

30

%(3)

38

%

27

%

53

%

55

%(3)

Ratio of expenses to average net assets

Before management fees waived

0.19

%(5)

0.19

%

0.19

%

0.19

%

0.19

%(5)

After management fees waived

0.00

%(5)

0.00

%

0.00

%

0.00

%

0.00

%(5)

Ratio of net investment income (loss)
to average net assets

Before management fees waived

1.58

%(5)

1.43

%

0.85

%

1.29

%

1.29

%(5)

After management fees waived

1.77

%(5)

1.62

%

1.04

%

1.48

%

1.48

%(5)

(1)The Fund commenced operations on April 10, 2019. The information presented is from April 10, 2019 to February 29, 2020.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value.

(5)Annualized.

(6)Does not round to $0.01 or $(0.01), as applicable.

(7)Excludes the impact of in-kind transactions.

(8)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

SoFi Social 50 ETF

53

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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Year Ended
February 28, 2022

 

Year Ended
February 28, 2021

 

Period Ended
February 29, 2020
(1)

 

Net asset value, beginning of period/year

$22.82

$31.60

$29.38

$18.73

$20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

0.29

0.31

0.11

0.12

0.15

Net realized and unrealized gain (loss)
on investments
(7)

5.18

(8.86

)

2.21

10.64

(1.27

)

Total from investment operations

5.47

(8.55

)

2.32

10.76

(1.12

)

Less Distributions:

From net investment income

(0.33

)

(0.23

)

(0.10

)

(0.11

)

(0.15

)

Total distributions

(0.33

)

(0.23

)

(0.10

)

(0.11

)

(0.15

)

Net asset value, end of period/year

$27.96

$22.82

$31.60

$29.38

$18.73

Total return(4)

24.03

%(3)

(26.98

)%

7.85

%

57.67

%

(5.67

)%(3)

Ratios / Supplemental Data:

Net assets, end of period/year (millions)

$15.9

$13.7

$20.5

$11.8

$2.8

Portfolio turnover rate(6)

17

%(3)

96

%

62

%

414

%

168

%(3)

Ratio of expenses to average net assets

0.29

%(5)

0.29

%

0.29

%

0.29

%

0.29

%(5)

Ratio of net investment income (loss)
to average net assets

2.23

%(5)

1.24

%

0.31

%

0.52

%

0.92

%(5)

(1)The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value.

(5)Annualized.

(6)Excludes the impact of in-kind transactions.

(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

54

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

SoFi Be Your Own Boss ETF

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Year Ended
February 28, 2022

 

Year Ended
February 28, 2021

 

Period Ended
February 29, 2020
(1)

 

Net asset value, beginning of period/year

$15.22

$22.46

$41.47

$18.56

$20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

(0.02

)

0.01

(0.11

)

(0.11

)

(0.05

)

Net realized and unrealized gain (loss) on investments(7)

1.21

(7.25

)

(18.10

)

23.14

(1.39

)

Total from investment operations

1.19

(7.24

)

(18.21

)

23.03

(1.44

)

Less Distributions:

From net investment income

(0.01

)

(0.80

)

(0.12

)

Total distributions

(0.01

)

(0.80

)

(0.12

)

Net asset value, end of period/year

$16.40

$15.22

$22.46

$41.47

$18.56

Total return(4)

7.76

%(3)

(32.23

)%

(44.32

)%

124.22

%

(7.22

)%(3)

Ratios / Supplemental Data:

Net assets, end of period/year (millions)

$7.1

$7.6

$16.8

$51.8

$7.4

Portfolio turnover rate(6)

3

%(3)

38

%

47

%

68

%

33

%(3)

Ratio of expenses to average net assets

0.59

%(5)

0.59

%

0.59

%

0.59

%

0.59

%(5)

Ratio of net investment income (loss) to average net assets

-0.22%

(5) 

0.03

%

(0.32

)%

(0.36

)%

(0.36

)%(5)

(1)The Fund commenced operations on May 7, 2019. The information presented is from May 7, 2019 to February 29, 2020.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value.

(5)Annualized.

(6)Excludes the impact of in-kind transactions.

(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

SoFi Weekly Income ETF

55

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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period/year

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Year Ended
February 28, 2022

 

Period Ended
February 28, 2021
(1)

 

Net asset value, beginning of period/year

$93.92

$100.38

$103.84

$100.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

2.59

3.84

2.56

1.16

Net realized and unrealized gain (loss)
on investments
(7)

0.98

(6.14

)

(1.98

)

3.73

Total from investment operations

3.57

(2.30

)

0.58

4.89

Less Distributions:

From net investment income

(2.03

)

(4.16

)

(4.04

)

(1.05

)

Total distributions

(2.03

)

(4.16

)

(4.04

)

(1.05

)

Net asset value, end of period/year

$95.46

$93.92

$100.38

$103.84

Total return(4)

3.84

%(3)

(2.24

)%

0.48

%

4.91

%(3)

Ratios / Supplemental Data:

Net assets, end of period/year (millions)

$16.7

$16.4

$22.6

$20.8

Portfolio turnover rate(6)

21

%(3)

50

%

49

%

8

%(3)

Ratio of expenses to average net assets

0.59

%(5)

0.59

%

0.59

%

0.59

%(5)

Ratio of net investment income (loss)
to average net assets

5.46

%(5)

4.03

%

2.44

%

2.73

%(5)

(1)The Fund commenced operations on October 1, 2020. The information presented is from October 1, 2020 to February 28, 2021.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value.

(5)Annualized.

(6)Excludes the impact of in-kind transactions.

(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

SoFi Weekly Dividend ETF

56

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

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Year Ended
February 28, 2023

 

Period Ended
February 28, 2022
(1)

 

Net asset value, beginning of period/year

$46.10

$49.98

$50.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

0.89

1.54

0.78

Net realized and unrealized gain (loss) on investments(7)

0.63

(3.91

)

0.02

Total from investment operations

1.52

(2.37

)

0.80

Less Distributions:

From net investment income

(0.51

)

(1.50

)

(0.79

)

From return of capital

(0.01

)

(0.03

)

Total distributions

(0.51

)

(1.51

)

(0.82

)

Net asset value, end of period/year

$47.11

$46.10

$49.98

Total return(4)

3.35

%(3)

(4.68

)%

1.62

%(3)

Ratios / Supplemental Data:

Net assets, end of period/year (millions)

$10.6

$9.2

$10.0

Portfolio turnover rate(6)

40

%(3)

69

%

68

%(3)

Ratio of expenses to average net assets

0.49

%(5)

0.49

%

0.49

%(5)

Ratio of net investment income (loss) to average net assets

3.83

%(5)

3.32

%

1.93

%(5)

(1)The Fund commenced operations on May 10, 2021. The information presented is from May 10, 2021 to February 28, 2022.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value.

(5)Annualized.

(6)Excludes the impact of in-kind transactions.

(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

SoFi Web 3 ETF

57

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

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Period Ended
February 28, 2023
(1)

 

Net asset value, beginning of period

$14.96

$20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(2)

0.26

0.04

Net realized and unrealized gain (loss) on investments(7)

3.52

(4.81

)

Total from investment operations

3.78

(4.77

)

Less Distributions:

From net investment income

(0.17

)

(0.27

)

Total distributions

(0.17

)

(0.27

)

Net asset value, end of period

$18.57

$14.96

Total return(3)(4)

25.33

%

(23.41

)%

Ratios / Supplemental Data:

Net assets, end of period (millions)

$1.4

$0.7

Portfolio turnover rate(3)(6)

44

%

55

%

Ratio of expenses to average net assets(5)

0.59

%

0.59

%

Ratio of net investment income (loss) to average net assets(5)

2.93

%

0.46

%

(1)The Fund commenced operations on August 8, 2022. The information presented is from August 8, 2022 to February 28, 2023.

(2)Calculated using average shares outstanding method.

(3)Not annualized.

(4)The total return is based on the Fund’s net asset value.

(5)Annualized.

(6)Excludes the impact of in-kind transactions.

(7)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout the period

58

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

SoFi Smart Energy ETF

 

 

Six Months Ended
August 31, 2023 (Unaudited)

 

Period Ended
February 28, 2023
(1)

 

Period Ended
April 30,
2022
(2)

 

Net asset value, beginning of period

$16.27

$15.59

$20.00

Income (Loss) from Investment Operations:

Net investment income (loss)(3)

0.09

0.03

(0.03

)

Net realized and unrealized gain (loss) on investments(9)

(2.20

)

0.65

(4.38

)

Total from investment operations

(2.11

)

0.68

(4.41

)

Less Distributions:

From net investment income

Total distributions

Net asset value, end of period

$14.16

$16.27

$15.59

Total return(4)(5)

(12.95

)%

4.38

%

(22.06

)%

Ratios / Supplemental Data:

Net assets, end of period (millions)

$2.0

$3.3

$1.9

Portfolio turnover rate(4)(8)

22

%

26

%

41

%

Ratio of expenses to average net assets(6)

0.59

%

0.60

%(7)

0.65

%

Ratio of net investment income (loss) to average net assets(6)

1.16

%

0.22

%

(0.19

)%

(1)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.

(2)The Fund commenced operations on July 20, 2021. The information presented is from July 20, 2021 to April 30, 2022.

(3)Calculated using average shares outstanding method.

(4)Not annualized.

(5)The total return is based on the Fund’s net asset value.

(6)Annualized.

(7)Effective August 9, 2022, the unitary fee was reduced from 0.65% to 0.59%.

(8)Excludes the impact of in-kind transactions.

(9)Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value per share for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.

FINANCIAL HIGHLIGHTS For a capital share outstanding throughout each period

59

SoFi Funds

NOTE 1 – ORGANIZATION

The SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF and SoFi Web 3 ETF are diversified series of shares and the SoFi Weekly Income ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy ETF, are non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Toroso Investments, LLC (“Toroso” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019, the SoFi Social 50 ETF and SoFi Be Your Own Boss ETF commenced operations on May 7, 2019, the SoFi Weekly Income ETF commenced operations on October 1, 2020, the SoFi Weekly Dividend ETF commenced operations on May 10, 2021, the SoFi Smart Energy ETF commenced operations on July 20, 2021 and the SoFi Web 3 ETF commenced operations on August 8, 2022.

The investment objective of the SoFi Select 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index. The investment objective of the SoFi Next 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. The investment objective of the SoFi Social 50 ETF is to seek to track the performance, before fees and expenses, of the SoFi Social 50 Index. The investment objective of the SoFi Be Your Own Boss ETF is to seek long-term capital appreciation. The investment objective of the SoFi Weekly Income ETF is to seek to provide current income. The investment objective of the SoFi Weekly Dividend ETF is to seek to track the performance, before fees and expenses, of the SoFi Sustainable Dividend Index. The investment objective of the SoFi Web 3 ETF is to seek to track the performance, before fees and expenses, of the Solactive Web 3.0 Index. The investment objective of the SoFi Smart Energy ETF is to seek to track the performance, before fees and expenses, of the iClima Distributed Renewable Energy Index (together with the Solactive SoFi US 500 Growth Index, the Solactive SoFi US Next 500 Growth Index, the SoFi Social 50 Index, the Solactive Web 3.0 Index and the iClima Distributed Renewable Energy Index, the “Indexes”).

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

A.Security Valuation. Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on the NASDAQ Stock Market, LLC (“NASDAQ”)), including securities traded over the counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (“Independent Pricing Agents”) each day that the Funds are open for business.

Debt securities are valued by using an evaluated mean of the bid and asked prices provided by Independent Pricing Agents. The Independent Pricing Agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Effective September 8, 2022, for securities for which quotations are not readily available, under Rule 2a-5 of the 1940 Act, a fair value will be determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,”

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited)

60

SoFi Funds

consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the net asset value (“NAV”) of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 –Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 –Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund’s investments as of August 31, 2023:

SoFi Select 500 ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Common Stocks(1)

$

$

524,811,940

$

$

$

524,811,940

Contingent Value Rights

0

(3) 

Short-Term Investments

1,332,847

1,332,847

Investments Purchased With Collateral From Securities Lending(2)

 

25,783,040

 

 

 

 

 

25,783,040

Total Investments in Securities

$

25,783,040

$

526,144,787

$

$

0

$

551,927,827

Contingent
Value Rights
(3)

Balance as of February 28, 2023

$0

Accrued discounts/premiums

Realized gain (loss)

Change in unrealized appreciation/depreciation

Purchases

Sales

Transfer into and/or out of Level 3

Balance as of August 31, 2023

$0

Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31, 2023:

$0

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

61

SoFi Funds

SoFi Next 500 ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Common Stocks(1)

$

$

62,071,727

$

$

$

62,071,727

Short-Term Investments

153,655

153,655

Investments Purchased With Collateral From Securities Lending(2)

 

20,816,983

 

 

 

 

20,816,983

Total Investments in Securities

$

20,816,983

$

62,225,382

$

$

$

83,042,365

SoFi Social 50 ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Common Stocks(1)

$

$

15,874,642

$

$

$

15,874,642

Short-Term Investments

22,546

22,546

Investments Purchased With Collateral From Securities Lending(2)

 

2,871,970

 

 

 

 

2,871,970

Total Investments in Securities

$

2,871,970

$

15,897,188

$

$

$

18,769,158

SoFi Be Your Own Boss ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Common Stocks(1)

$

$

7,049,000

$

$

0

(4) 

$

7,049,000

Short-Term Investments

3,966

3,966

Investments Purchased With Collateral From Securities Lending(2)

 

2,244,633

 

 

 

 

2,244,633

Total Investments in Securities

$

2,244,633

$

7,052,966

$

$

0

$

9,297,599

Common
Stocks
(4)

Balance as of February 28, 2023

$0

Accrued discounts/premiums

Realized gain (loss)

Change in unrealized appreciation/depreciation

Purchases

Sales

Transfer into and/or out of Level 3

Balance as of August 31, 2023

$0

Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31, 2023:

$0

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

62

SoFi Funds

SoFi Weekly Income ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Asset Backed Securities

$

$

$

477,715

$

$

477,715

Corporate Bonds(1)

15,384,068

15,384,068

Mortgage Backed Securities

195,624

195,624

United States Treasury Obligations

305,543

305,543

Short-Term Investments

177,680

177,680

Investments Purchased With Collateral From Securities Lending(2)

 

1,303,469

 

 

 

 

1,303,469

Total Investments in Securities

$

1,303,469

$

177,680

$

16,362,950

$

$

17,844,099

SoFi Weekly Dividend ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Common Stocks(1)

$

$

10,480,505

$

$

$

10,480,505

Preferred Stocks(1)

37,637

37,637

Short-Term Investments

13,255

13,255

Investments Purchased With Collateral From Securities Lending(2)

 

1,128,421

 

 

 

 

1,128,421

Total Investments in Securities

$

1,128,421

$

10,531,397

$

$

$

11,659,818

SoFi Web 3 ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Common Stocks(1)

$

$

1,383,744

$

$

$

1,383,744

Short-Term Investments

6,670

6,670

Investments Purchased With Collateral From Securities Lending(2)

 

433,388

 

 

 

 

433,388

Total Investments in Securities

$

433,388

$

1,390,414

$

$

$

1,823,802

SoFi Smart Energy ETF

Investments in Securities

Investments
Measured at
Net Asset Value

Level 1

Level 2

Level 3

Total

Common Stocks(1)

$

$

1,979,287

$

$

$

1,979,287

Short-Term Investments

2,818

2,818

Investments Purchased With Collateral From Securities Lending(2)

 

609,593

 

 

 

 

609,593

Total Investments in Securities

$

609,593

$

3,252,331

$

$

$

2,591,698

(1) See Schedule of Investment for the industry breakout.

(2) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

(3)The Level 3 securities (Contingent Value Rights) were fair valued at $0 due to a lack of market activity.

(4)The Level 3 securities (Common Stocks) were fair valued at $0 due to a halt in trading of Russian securities as a result of the ongoing Ukrainian/Russian conflict and the Russian markets being currently uninvestible.

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

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B.Federal Income Taxes. Each Fund has elected to be taxed as a “regulated investment company” and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years.

As of August 31, 2023, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

C.Securities Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Debt income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Trust’s understanding of the applicable country’s tax rules and rates.

D.Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on each Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

E.Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, and SoFi Web 3 ETF are declared and paid at least semi-annually, for the SoFi Weekly Income ETF and SoFi Weekly Dividend ETF are declared and paid at least weekly, and for the SoFi Smart Energy ETF are declared and paid at least annually. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

F.Use of Estimates. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

G.Share Valuation. The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

H.Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

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I.Illiquid Investments. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of each Fund’s net assets. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by each Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

J.Recently Issued Accounting Pronouncements.

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact, if any, of these amendments on the financial statements.

In December 2022, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2022- 06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the LIBOR and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. The Funds are currently evaluating the impact, if any, of applying ASU 2022-06.

M.Other Regulatory Matters. In October 2022, the Securities and Exchange Commission (the “SEC”) adopted a final rule relating to Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule and form amendments will, among other things, require the Funds to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require the funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendment.

NOTE 3 – PRINCIPAL INVESTMENT RISKS

A.Agency Debt Risk (SoFi Weekly Income ETF Only). Bonds or debentures issued by U.S. government agencies, government-sponsored entities, or government corporations, including, among others, Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”), are generally backed only by the general creditworthiness and reputation of the U.S. government agency, government-sponsored entity, or government corporation issuing the bond or debenture and are not guaranteed by the U.S. Department of the Treasury (“U.S. Treasury”) or backed by the full faith and credit of the U.S. government.

Some U.S. government agencies, including Fannie Mae and Freddie Mac, purchase and guarantee residential mortgages and form MBS that they issue to the market. These agencies also hold their own Mortgage Backed Securities (“MBS”) as well as those of other institutions with funding from the agency debentures they issue. The market for MBS has been adversely affected by the value of those MBS held and/or issued by these agencies. These securities are subject to more credit risk than U.S. government securities that are supported by the full faith and credit of the U.S. (e.g., U.S. Treasury bonds). If a U.S. government agency that is the issuer of securities in which the Fund invests is unable to meet its obligations or ceases to exist and no plan is made for repayment of securities, the performance of the Fund will be adversely impacted. For obligations of Fannie Mae, Freddie Mac and other agencies that have been placed under conservatorship of the federal government, there is no guarantee that the financial support will continue. If the conservatorship is terminated, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by Fannie Mae and Freddie Mac will no longer have the protection of the U.S. Treasury.

B.Asset Backed Securities (“ABS”) Risk (SoFi Weekly Income ETF Only). The value of ABS may be significantly affected by changes in interest rates, the market’s perception of issuers, and the creditworthiness of the parties involved. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile.

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

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SoFi Funds

C.Associated Risk of Investing in Distributed Smart Energy Companies (SoFi Smart Energy ETF Only). Distributed Smart Energy Companies (as defined in the Fund’s prospectus) typically face intense competition, potentially short product lifecycles and potentially rapid product obsolescence (e.g., when a better, higher utility solution becomes available) due to anticipated and frequent technological improvements. These companies may be significantly affected by fluctuations in energy prices and in the supply and demand of renewable energy, tax incentives, subsidies and other governmental regulations and policies. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. Distributed Smart Energy Companies may be adversely affected by commodity price volatility, changes in exchange rates, imposition of import controls, availability of certain inputs and materials required for production, depletion of resources (such as lithium, copper and cobalt), technological developments and labor relations. A decline in the price of conventional energy such as oil and natural gas could have a materially adverse impact on Distributed Smart Energy Companies. Renewable energy resources may be highly dependent upon on government policies that support renewable generation and enhance the economic viability of owning renewable electric generation assets. Investors should additionally take notice of the distinction between implemented government policy based on legislation and less guaranteed commitments which may be aspirational, subject to political risk, and difficult to enforce. Additionally, adverse environmental conditions may cause fluctuations in renewable electric generation and adversely affect the cash flows associated with Distributed Smart Energy Companies.

D.Bank Loans Risk (SoFi Weekly Income ETF Only). Bank loans often involve borrowers whose financial conditions are troubled or uncertain and companies that are highly leveraged. The market for bank loans may not be highly liquid and the Fund may have difficulty selling bank loans. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower. Bank loans generally are subject to legal or contractual restrictions on resale. In addition, bank loans may have trade settlement periods extending beyond seven days, which means that, in certain cases, it could take the Fund a significant amount of time to get its money after selling an investment. Bank loans may be structured such that they are not “securities” under federal securities laws and therefore not subject to federal securities laws protections against fraud and misrepresentation. As such, there can be no assurances that fraud or misrepresentation will not occur with respect to bank loans in which the Fund invests.

E.Big Data & AI Risk (SoFi Web 3 ETF Only). Companies that develop or support the development of Big Data (as defined in the Fund’s prospectus) analytics systems and AI (artificial intelligence) systems may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Big Data and AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. Big Data and AI companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. Big Data and AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. In addition, Big Data and AI technology could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. Big Data and AI companies face increased risk from trade agreements between countries that develop these technologies and countries in which customers of these technologies are based. Lack of resolution or potential imposition of trade tariffs may hinder the companies’ ability to successfully deploy their inventories. The customers and/or suppliers of Big Data and AI companies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on Big Data and AI companies.

F.Blockchain Technology Risk (SoFi Web 3 ETF Only). Blockchain technology is a relatively new and untested technology which operates as a distributed ledger. The risks associated with blockchain technology may not emerge until the technology is widely used. Blockchain systems could be vulnerable to fraud, particularly if a significant minority of participants colluded to defraud the rest. Access to a given blockchain requires an individualized key, which, if compromised, could result in loss due to theft, destruction or inaccessibility. There is little regulation of blockchain technology other than the intrinsic public nature of the blockchain system. Any future regulatory developments could affect the viability and expansion of the use of blockchain technology. Because blockchain technology systems may operate across many national boundaries and regulatory jurisdictions, it is possible that blockchain technology may be subject to widespread and inconsistent regulation. Blockchain technology is not a product or service that provides identifiable revenue for companies that implement, or otherwise use it. Therefore, the values of

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

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SoFi Funds

the companies included in the Fund’s portfolio, if any, may not be a reflection of their connection to blockchain technology, but may be based on other business operations. Currently, blockchain technology is primarily used for the recording of transactions in digital currency, which are extremely speculative, unregulated and volatile. Problems in digital currency markets could have a wider effect on companies associated with blockchain technology. Blockchain technology also may never be implemented to a scale that provides identifiable economic benefit to the companies included in the Fund’s portfolio, if any. There are currently a number of competing blockchain platforms with competing intellectual property claims. The uncertainty inherent in these competing technologies could cause companies to use alternatives to blockchain. Finally, because digital assets registered in a blockchain do not have a standardized exchange, like a stock market, there is less liquidity for such assets and greater possibility of fraud or manipulation.

G.Call Risk (SoFi Weekly Income ETF Only). During periods of falling interest rates, an issuer of a callable bond held by the Fund may “call” or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds in securities with lower yields, which would result in a decline in the Fund’s income, or in securities with greater risks or with other less favorable features.

H.Collateralized Mortgage-Backed Securities(“CMBS”) Risk (SoFi Weekly Income ETF Only). The Fund’s investments in CMBS are subject to the risk that if there is a shortfall in loan payments from borrowers or if an underlying property is sold via foreclosure and does not generate sufficient proceeds to meet scheduled payments on all bond classes, investments in the most subordinate outstanding bond class will incur a principal loss first, with any further losses impacting more senior classes in reverse order of payment priority. CMBS are historically more volatile than RMBS. Such securities are subject to credit, interest rate, prepayment, and extension risks.

I.Collateralized Mortgage Obligations (“CMOs”) Risk (SoFi Weekly Income ETF Only). CMOs represent interests in a short-term, intermediate-term or long-term portion of a mortgage pool. Each portion of the pool receives monthly interest payments, but the principal repayments pass through to the short-term CMO first and to the long-term CMO last. Investments in CMOs are subject to the same risks as direct investments in the underlying mortgage-backed securities including credit, interest rate, prepayment, and extension risks. In the event of a bankruptcy or other default of a broker who issued the CMO held by the Fund, the Fund could experience both delays in liquidating its position and losses. In addition, classes of CMOs may also include interest only (“IOs”) and principal only (“POs”). IOs and POs are stripped mortgage-backed securities representing interests in a pool of mortgages the cash flow from which has been separated into interest and principal components. IOs (interest only securities) receive the interest portion of the cash flow while POs (principal only securities) receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. When payments on mortgages underlying a PO are slow, the life of the PO is lengthened and the yield to maturity is reduced.

J.Concentration Risk (SoFi Next 500 ETF, SoFi Select 500 ETF, SoFi Social 50 ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF Only). Each Fund’s investments will be concentrated in an industry or group of industries to the extent the applicable Index is so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries.

K.Convertible Securities Risk (SoFi Weekly Income ETF Only). Convertible securities rank senior to the issuer’s common stock, but may be subordinate to senior debt obligations. In part, the total return for a convertible security may depend upon the performance of the underlying stock into which it can be converted. Synthetic convertibles may respond differently to market fluctuations than traditional convertible securities. They are also subject to counterparty risk.

L.Credit Risk (SoFi Weekly Income ETF Only). Issuers and/or counterparties may fail to make payments when due or default completely. If an issuer’s or counterparty’s financial condition worsens, the credit quality of the issuer or counterparty may deteriorate, making it difficult for the Fund to sell such investments. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.

M.Currency Exchange Rate Risk (SoFi Be Your Own Boss ETF Only). Changes in currency exchange rates and the relative value of non-U.S. currencies will affect the value of the Fund’s investments and the value of your Fund shares. Because the Fund’s NAV is determined on the basis of U.S. dollars, the U.S. dollar value of your investment in the Fund may go down if the value of the local currency of the non-U.S. markets in which the Fund invests depreciates against the U.S. dollar. This is true even if the local currency value of securities in the Fund’s holdings goes up. Conversely, the dollar value of your investment in the Fund may

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

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SoFi Funds

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

go up if the value of the local currency appreciates against the U.S. dollar. The value of the U.S. dollar measured against other currencies is influenced by a variety of factors. These factors include: national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, and global energy prices. Political instability, the possibility of government intervention and restrictive or opaque business and investment policies may also reduce the value of a country’s currency. Government monetary policies and the buying or selling of currency by a country’s government may also influence exchange rates. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the value of an investment in the Fund may change quickly and without warning, and you may lose money.

N.Cybersecurity Risk. With the increased use of technologies such as the Internet to conduct business, the Funds are susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through “hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Fund or its service providers have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with each Fund’s ability to calculate their NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Funds invest, counterparties with which the Funds engage in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds’ service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Funds cannot control the cyber security plans and systems put in place by their service providers or any other third parties whose operations may affect the Funds or their shareholders. As a result, the Funds and their shareholders could be negatively impacted.

O.Depositary Receipt Risk (SoFi Smart Energy ETF and SoFi Web 3 ETF Only). Depositary receipts involve risks similar to those associated with investments in foreign securities and certain additional risks. Depositary receipts listed on U.S. exchanges are issued by banks or trust companies, and entitle the holder to all dividends and capital gains that are paid out on the Underlying Shares. When the Fund invests in depositary receipts as a substitute for an investment directly in the Underlying Shares, the Funds are exposed to the risk that the depositary receipts may not provide a return that corresponds precisely with that of the Underlying Shares. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States. The Funds will not invest in any unlisted depositary receipts or any depositary receipt that the Adviser deems to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored. However, the Funds may invest in unsponsored depositary receipts under certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts. The use of a depositary receipt may increase tracking error relative to the applicable Index if the Index includes the foreign security instead of the depositary receipt.

P.Dividend Risk (SoFi Weekly Income ETF and SoFi Weekly Dividend ETF Only). Dividend payments may fluctuate widely in amounts. There is no guarantee that issuers of the securities held by the Funds will declare dividends in the future or that, if declared, they will either remain at current levels or increase over time. An issuer of a security may be unwilling or unable to pay income on a security. Dividends are paid only when declared by an issuer’s board of directors, and the amount of any dividend may vary over time. The Funds’ NAV may fluctuate based on the timing of the receipt and payment of dividends.

Q.Emerging Markets Risk (SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF and SoFi Web 3 ETF Only). Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S. securities and instruments. For example, developing and emerging markets may be subject to (i) greater market volatility, (ii) lower trading volume and liquidity, (iii) greater social, political, and economic uncertainty, (iv) governmental controls on foreign investments

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and limitations on repatriation of invested capital, (v) lower disclosure, corporate governance, auditing and financial reporting standards, (vi) fewer protections of property rights, (vii) restrictions on the transfer of securities or currency, and (viii) settlement and trading practices that differ from those in U.S. markets. Each of these factors may impact the ability of the Funds to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for each Fund’s Shares and cause the Funds to decline in value.

R.Emerging and Developing Markets Risk (SoFi Smart Energy ETF Only). Investments in securities traded in developing or emerging markets, or that provide exposure to such securities or markets, can involve additional risks relating to political, economic, currency, or regulatory conditions not associated with investments in U.S. securities and investments in more developed international markets. Such conditions may impact the ability of the Fund to buy, sell, or otherwise transfer securities, adversely affect the trading market and price for Shares and cause the Fund to decline in value. Because of these risk factors, the Fund’s investments in developing market countries are subject to greater price volatility and illiquidity than investments in developed markets. The Index Provider may have less reliable or outdated information from emerging or developing market companies due to issues associated with the regulatory, accounting, auditing, and financial reporting and recordkeeping standards when assessing if a company should be included in the Index.

S.Equity Market Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF Only). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. These investor perceptions are based on various and unpredictable factors including: expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic and banking crises. If you held common stock, or common stock equivalents, of any given issuer, you would generally be exposed to greater risk than if you held preferred stocks and debt obligations of the issuer because common stockholders, or holders of equivalent interests, generally have inferior rights to receive payments from issuers in comparison with the rights of preferred stockholders, bondholders, and other creditors of such issuers.

T.Event Risk (SoFi Weekly Income ETF Only). Corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.

U.Exchange Traded Fund (“ETF”) Risks.

Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Funds have a limited number of financial institutions that are authorized to purchase and redeem shares directly from the Funds (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/ or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

Cash Redemption Risk (SoFi Weekly Income ETF Only). The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., derivative instruments and bonds that cannot be broken up beyond certain minimum sizes needed for transfer and settlement). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

Costs of Buying or Selling Shares. Investors buying or selling shares in the secondary market will pay brokerage commissions or other charges imposed by brokers, as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the bid-ask spread. The bid-ask spread varies over time for shares based on trading volume and market liquidity and is generally lower if shares have more trading volume and market liquidity and higher if shares have little trading volume and market liquidity. Further, a relatively

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small investor base in the Funds, asset swings in the Funds and/or increased market volatility may cause increased bid-ask spreads. Due to the costs of buying or selling shares, including bid-ask spreads, frequent trading of shares may significantly reduce investment results and an investment in shares may not be advisable for investors who anticipate regularly making small investments.

Shares May Trade at Prices Other Than NAV. As with all ETFs, shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares will approximate a Fund’s NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the shares or during periods of market volatility. This risk is heightened in times of market volatility or periods of steep market declines. The market price of shares during the trading day, like the price of any exchange-traded security, includes a “bid-ask” spread charged by the exchange specialist, market makers, or other participants that trade the shares. In times of severe market disruption, the bid-ask spread can increase significantly. At those times, shares are most likely to be traded at a discount to NAV, and the discount is likely to be greatest when the price of shares is falling fastest, which may be the time that you most want to sell your shares. The Adviser believes that, under normal market conditions, large market price discounts or premiums to NAV will not be sustained because of arbitrage opportunities. Because securities held by the SoFi Be Your Own Boss ETF may trade on foreign exchanges that are closed when the Fund’s primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.

Trading. Although shares are listed on a national securities exchange, such as NYSE Arca, Inc. and The NASDAQ Stock Market, LLC (the “Exchanges”) and may be listed or traded on U.S. and non-U.S. stock exchanges other than the Exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares may be halted due to market conditions or for reasons that, in the view of the Exchanges, make trading in shares inadvisable. In addition, trading in shares on the Exchanges is subject to trading halts caused by extraordinary market volatility pursuant to Exchange “circuit breaker” rules, which temporarily halt trading on the Exchanges when a decline in the S&P 500 during a single day reaches certain thresholds (e.g., 7%, 13%, and 20%). Additional rules applicable to the Exchanges may halt trading in shares when extraordinary volatility causes sudden, significant swings in the market price of shares. There can be no assurance that shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of shares may begin to mirror the liquidity of a Fund’s underlying portfolio holdings, which can be significantly less liquid than shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings. These adverse effect on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

V.Extension Risk (SoFi Weekly Income ETF Only). When interest rates rise, certain obligations will be repaid by the obligor more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to future changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than the value of shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

W.Floating and Variable Rate Securities Risk (SoFi Weekly Income ETF Only). Securities with floating or variable interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates but may decline in value if their interest rates do not rise as much, or as quickly, as comparable market interest rates. Conversely, floating or variable rate securities will not generally increase in value if interest rates decline. The impact of interest rate changes on floating or variable rate securities is typically mitigated by the periodic interest rate reset of the investments. Floating or variable rate securities can be rated below investment grade or unrated; therefore, the Fund relies heavily on the analytical ability of the Sub-Adviser (defined below). Floating or variable rate securities are often subject to restrictions on resale, which can result in reduced liquidity.

X.Foreign Securities Risks (SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF, Only). Certain foreign countries may impose exchange control regulations, restrictions on repatriation of profit on investments or of capital invested, local taxes on investments, and restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Funds will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, the imposition of economic sanctions, different legal systems and laws relating to bankruptcy and creditors’ rights, and the potential inability to enforce legal judgments, all of which could

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cause the Funds to lose money on its investments in non-U.S. securities. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because non-U.S. securities may trade on days when shares are not priced, NAV may change at times when shares cannot be sold.

Foreign banks and securities depositories at which the Funds hold their foreign securities and cash may be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory oversight. Additionally, many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as does the United States and may not have laws to protect investors that are comparable to U.S. securities laws. Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of securities not typically associated with settlement and clearance of U.S. investments.

In recent years, the European financial markets have experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe, including countries that do not use the Euro. These events may affect the value and liquidity of certain of each Fund’s investments.

Y.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in each Fund’s portfolio may underperform in comparison to securities in the general financial markets, a particular financial market, or other asset classes, due to a number of factors, including inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.

Z.High-Yield Securities Risk (SoFi Weekly Income ETF Only). Below investment grade instruments are commonly referred to as “junk” or high-yield instruments and are regarded as predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments.

Lower grade instruments, though higher yielding, are characterized by higher risk. The retail secondary market for lower grade instruments, which are often thinly traded or subject to irregular trading, may be less liquid than that for higher rated instruments. Such instruments can be more difficult to sell and to value than higher rated instruments because there is generally less public information available about such securities. As a result, subjective judgment may play a greater role in valuing such instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund’s NAV. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in the Fund, both in the short-term and the long-term.

AA.Illiquid Investment Risk (SoFi Weekly Income ETF Only). The Fund may invest up to 15% of its net assets in illiquid or restricted investments deemed illiquid. Investments in restricted investments could have the effect of increasing the amount of the Fund’s assets invested in illiquid investments if qualified institutional buyers are unwilling to purchase these investments.

Illiquid and restricted investments may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted investments generally is more volatile than that of more liquid investments, which may adversely affect the price that the Fund pays for or recovers upon the sale of such investments. Illiquid and restricted investments are also more difficult to value, especially in challenging markets. The Adviser’s or Sub-Adviser’s judgment may play a greater role in the valuation process. Investment of the Fund’s assets in illiquid and restricted investments may restrict the Fund’s ability to take advantage of market opportunities. To dispose of an unregistered investment, the Fund, where it has contractual rights to do so, may have to cause such investment to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the investment is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of investments vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the investments. In either case, the Fund would bear market risks during that period. Liquidity risk may impact the Fund’s ability to meet shareholder redemptions and as a result, the Fund may be forced to sell investments at inopportune prices.

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BB.Index ETF Risk (SoFi Next 500, SoFi Select 500, Sofi Smart Energy ETF, SoFi Social 50, SoFi Weekly Dividend ETF, and SoFi Web 3 ETF Only). Each Fund’s strategy is linked to an Index maintained by the Index Provider that exercises complete control over the Index. Neither the Adviser nor the Index Provider is able to guarantee the continuous availability or timeliness of the production of the Index. There is no assurance that the Index Provider, or any agents that act on its behalf, will compile the Index accurately, or that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. The Adviser relies upon the Index Provider and its agents to compile, determine, maintain, construct, reconstitute, rebalance, compose, calculate (or arrange for an agent to calculate), and disseminate the Index accurately. The Index Provider may delay or add a rebalance date, which may adversely impact the performance of the Funds and their correlation to the Index. In addition, there is no guarantee that the methodology used by the Index Provider to identify constituents for the Index will achieve its intended result or positive performance. The Index may not reflect all companies meeting the Index’s eligibility criteria if certain characteristics of a company are not known at the time the Index is composed or reconstituted. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Provider, calculation agent, data providers and/or relevant stock exchange malfunction for any reason. A significant delay may cause trading in shares of the Funds to be suspended. Errors in Index data, computation and/or the construction in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider, calculation agent or other applicable party for a period of time or at all, which may have an adverse impact on the Funds and their shareholders. Any losses or costs associated with errors made by the Index Provider or its agents generally will be borne by the Funds and their shareholders.

CC. Interest Rate Risk (SoFi Weekly Income ETF Only). The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value.

DD.Limited Operating History Risk (SoFi Smart Energy ETF, SoFi Web 3 ETF, and SoFi Weekly Dividend ETF Only). Each Fund is a recently organized management investment company with a limited operating history and a small asset base. As a result, prospective investors have a limited track record or history on which to base their investment decisions. Additionally, due to each Fund’s small asset base, certain of each Fund’s expenses and their portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Funds do not grow to or maintain a viable size, they may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders.

EE.London Interbank Offered Rate (“LIBOR”) Risk (SoFi Weekly Income ETF only). Instruments in which the Fund invests may pay interest at floating rates based on the LIBOR or may be subject to interest caps or floors based on LIBOR. LIBOR is an interest rate benchmark that will no longer be offered after June 30, 2023. The U.S. Congress passed the Adjustable Interest Rate (LIBOR) Act on March 15, 2022. The LIBOR Act replaces references to LIBOR for U.S. contracts that will not mature before June 30, 2023 with benchmark replacements based on the Secured Overnight Financing Rate (“SOFR”). SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities and is published daily by the Federal Reserve Bank of New York. The benchmark replacement rate may not have the same value or economic equivalence as LIBOR. The transition from LIBOR could have a significant impact on the financial markets, including increased volatility and illiquidity in markets for instruments that currently rely on LIBOR to determine interest rates and a reduction in the values of some LIBOR-based investments. The transition to an alternative interest rate may not be orderly, may occur over various time periods or may have unintended consequences.

FF.Management Risk (SoFi Be Your Own Boss ETF and SoFi Weekly Income ETF Only). The Funds are actively-managed and may not meet their investment objective based on the Adviser’s or Sub-Adviser’s, as applicable, success or failure to implement investment strategies for the Funds.

GG.Market Capitalization Risk.

Large-Capitalization Investing (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Dividend ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

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Mid-Capitalization Investing (SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Dividend ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). The securities of mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large-capitalization companies. The securities of mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large-capitalization stocks or the stock market as a whole.

Small-Capitalization Investing (SoFi Be Your Own Boss ETF, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). The securities of small-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of large- or mid-capitalization companies. The securities of small-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than large- or mid-capitalization stocks or the stock market as a whole. There is typically less publicly available information concerning smaller-capitalization companies than for larger, more established companies.

Micro-Capitalization Investing (SoFi Web 3 ETF Only). Micro-capitalization companies often have limited product lines, narrower markets for their goods and/or services and more limited managerial and financial resources than larger, more established companies, including companies which are considered small- or mid-capitalization. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio.

HH.Metaverse Risk (SoFi Web 3 ETF Only). Metaverse companies provide internet navigation services and reference guide information and publish, provide or present proprietary advertising and/or third-party content. In addition, they often derive a large portion of their revenues from advertising, and a reduction in spending by or loss of advertisers could seriously harm their business. This industry is rapidly evolving and intensely competitive, and is subject to changing technologies, shifting user needs, and frequent introductions of new products and services. The research and development of new, technologically advanced products is a complex and uncertain process requiring high levels of innovation and investment, as well as the accurate anticipation of technology, market trends and consumer needs. The number of people who access the Internet has increased dramatically and a failure to attract and retain a substantial number of such users to a company’s products and services or to develop products and technologies that are more compatible with alternative devices, could adversely affect operating results. Concerns regarding a company’s products, services or processes that may compromise the privacy of users or other privacy related matters, even if unfounded, could damage a company’s reputation and adversely affect operating results. Many internet-related companies have declared bankruptcy, gone out of business and incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Metaverse companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements, and changing customer demands. The failure of a Metaverse company to adapt to such changes could have a material adverse effect on the company’s business. Additionally, the widespread adoption of a Metaverse or other new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by a Metaverse company to modify or adapt its services or infrastructure, which could have a material adverse effect on the company’s business.

II.Mortgage-Backed Securities Risk (SoFi Weekly Income ETF Only). Mortgage-related securities represent ownership in pools of mortgage loans assembled for sale to investors by various government agencies such as Ginnie Mae and government-related organizations such as Fannie Mae and Freddie Mac. Although these mortgage-related securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured.

These securities differ from conventional bonds in that the principal is paid back to the investor as payments are made on the underlying mortgages in the pool. Accordingly, the Fund will receive scheduled payments of principal and interest along with any unscheduled principal prepayments on the underlying mortgages. Because these scheduled and unscheduled principal payments must be reinvested at prevailing interest rates, MBS do not provide an effective means of locking in long-term interest rates for the investor. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS.

The mortgage market in the United States has experienced and may in the future experience difficulties that may adversely affect the performance and market value of certain of the Fund’s mortgage-related investments. Delinquencies and losses on mortgage loans (including subprime and second-lien mortgage loans) may increase and real-estate values may decline due to such difficulties, which may exacerbate such delinquencies and losses. Reduced investor demand for mortgage loans and

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mortgage-related securities and increased investor yield requirements may cause limited liquidity in the secondary market for mortgage-related securities, which can adversely affect the market value of mortgage-related securities and the Fund. MBS, like traditional fixed-income securities, are subject to credit, interest rate, prepayment, and extension risks.

JJ.Models and Data Risk (SoFi Next 500, SoFi Select 500, SoFi Smart Energy ETF and SoFi Web 3 ETF Only). The composition of the Index is heavily dependent on proprietary quantitative models as well as Models and Data. When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universe that would have been excluded or included had the Models and Data been correct and complete. If the composition of the Index reflects such errors, each Fund’s portfolio can be expected to also reflect the errors.

KK.Municipal Securities Risk (SoFi Weekly Income ETF Only). Municipal securities can be significantly affected by political or economic changes, including changes made in the law after issuance of the securities, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders, including in connection with an issuer insolvency. Municipal securities backed by current or anticipated revenues from a specific project or specific assets can be negatively affected by the inability to collect revenues from the project or the assets.

LL.NFT & Tokenization Industry Risk (SoFi Web 3 ETF Only). The NFT (non-fungible tokens) and tokenization industries are rapidly evolving and intensely competitive, and are subject to changing technologies, shifting user needs, and frequent introductions of new products and services. If the NFT marketplace fails to continue to grow, firms that support NFT marketplaces may lose money or go out of business. In addition, the value of NFTs and other digital assets are extremely volatile and are subject to significant risks.

Blockchain (distributed ledgers) is used to record transfers of ownership of NFTs and other digital assets. NFTs are “held” in digital wallets and are solely represented by ledger balances and secured by cryptographic key pairs, a public key and a private key (via a password). A private key is needed to sell or transfer an NFT. As a result, NFTs can be lost permanently if an owner loses the private key to its digital wallet. In addition, NFTs may be vulnerable to cyber theft or technology failures. For example, if an NFT company is hacked and any one or more of its private keys (or passwords) are stolen, the thief could transfer the digital assets to its own account and/or sell them. Further, if such a breach were to occur companies cannot guarantee that it could be detected in time to prevent the unauthorized sale/transfer/use of the affected digital assets. The blockchain on which ownership of NFTs is recorded may be the target of malicious cyberattacks or may contain exploitable flaws in its underlying code, which may result in security breaches or the loss, decline in value, or theft of underlying digital assets. There is currently no insurance available for NFTs. As a result, NFT firms are largely self-insured for NFT losses. An NFT company that suffers a large loss may be subject to significant financial stress.

NFTs and other digital assets are a new and relatively untested asset class. There is considerable uncertainty about their long-term viability. In addition, the success of digital assets will depend on whether blockchain and other new technologies related to digital assets turn out to be useful and economically viable. The value of NFTs relies in part on the development, general acceptance and adoption and usage of blockchain assets, rather than solely on the value of the underlying item itself (for example, artwork). There can be no assurance that the market for NFTs will be sustained, which may materially adversely affect the value of NFT companies and the Fund’s investments.

MM.Non-Diversification Risk (SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, and SoFi Smart Energy ETF Only). A non-diversified Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a smaller number of issuers than a fund that invests more widely. This may increase a Fund’s volatility and cause the performance of a relatively smaller number of issuers to have a greater impact on a Fund’s performance.

NN.Passive Investment Risk (SoFi Next 500, SoFi Select 500, SoFi Social 50, Sofi Weekly Dividend ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF Only). The Funds invest in the securities included in, or representative of, its Index regardless of their investment merit. The Funds do not attempt to outperform its Index or take defensive positions in declining markets. As a result, each Fund’s performance may be adversely affected by a general decline in the market segments relating to their Index. The returns from the types of securities in which the Funds invest may underperform returns from the various general securities markets or different asset classes. This may cause the Funds to underperform other investment vehicles that invest in different asset classes. Different types of securities (for example, large-, mid- and small-capitalization stocks) tend to go through cycles of doing better – or worse – than the general securities markets. In the past, these periods have lasted for as long as several years.

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OO.Prepayment Risk (SoFi Weekly Income ETF Only). The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as borrowers are motivated to repay debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the management team will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.

PP.Privately Placed Securities Risk (SoFi Weekly Income ETF Only). Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.

QQ. Rating Agencies Risk (SoFi Weekly Income ETF Only). Rating agencies may fail to make timely changes in credit ratings and an issuer’s current financial condition may be better or worse than a rating indicates. In addition, rating agencies are subject to an inherent conflict of interest because they are often compensated by the same issuers whose securities they grade.

RR.REIT Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Investments in REITs involve unique risks. REITs may have limited financial resources, may trade less frequently and in limited volume, and may be more volatile than other securities. In addition, to the extent a Fund holds interests in REITs, it is expected that investors in the Fund will bear two layers of asset-based management fees and expenses (directly at the Fund level and indirectly at the REIT level). The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action such as the exercise of eminent domain; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; and other factors.

In addition to these risks, REITs are dependent upon management skills and generally may not be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers and self-liquidation. In addition, REITs could possibly fail to qualify for the beneficial tax treatment available to REITs under the Internal Revenue Code of 1986, as amended (the “Code”), or to maintain their exemptions from registration under the 1940 Act. The Funds expect that dividends received from a REIT and distributed to Fund shareholders generally will be taxable to the shareholder as ordinary income, but may be taxable as return of capital. In the event of a default by a borrower or lessee, the REIT may experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with protecting investments.

SS.Residential Mortgage Back Securities (“RMBS”) Risk (SoFi Weekly Income ETF Only). RMBS are particularly susceptible to prepayment risks, as they generally do not contain prepayment penalties and a reductio in interest rates will increase the prepayments on the RMBS. Such securities are also subject to credit, interest rate, and extension risks. The rate of defaults and losses on residential mortgage loans will be affected by a number of factors, including general economic conditions and those in the geographic area where the mortgaged property is located, the terms of the mortgage loan, the borrower’s equity in the mortgaged property, and the financial circumstances of the borrower. Certain mortgage loans may be of sub-prime credit quality (i.e., do not meet the customary credit standards of Fannie Mae and Freddie Mac). Delinquencies and liquidation proceedings are more likely with sub-prime mortgage loans than with mortgage loans that satisfy customary credit standards. If a portfolio of RMBS is backed by loans with disproportionately large aggregate principal amounts secured by properties in only a few states or regions in the United States, residential mortgage loans may be more susceptible to geographic risks relating to such areas. Violation of laws, public policies, and principles designed to protect consumers may limit the servicer’s ability to collect all or part of the principal or interest on a residential mortgage loan, entitle the borrower to a refund of amounts previously paid by it, or subject the servicer to damages and administrative enforcement. Any such violation could also result in cash flow delays and losses on the related issue of RMBS. It is not expected that RMBS will be guaranteed or insured by any U.S. governmental agency or instrumentality or by any other person. Distributions on RMBS will depend solely upon the amount and timing of payments and other collections on the related underlying mortgage loans. (See “Credit Risk,” “Interest Rate Risk,” and “Extension Risk” for more information on these risks).

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TT.Sector Risk. Each Fund’s investing approach may dictate an emphasis on certain sectors, industries, or sub-sectors of the market at any given time. To the extent the Funds invest more heavily in one sector, industry, or sub-sector of the market, it thereby presents a more concentrated risk and their performance will be especially sensitive to developments that significantly affect those sectors, industries, or sub-sectors. In addition, the value of Shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector, industry, or sub-sector of the market may have above-average performance during particular periods, but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. Each Fund’s performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

Communication Services Sector Risk (SoFi Be Your Own Boss ETF Only). The Fund may emphasize its investments in companies in the communication services sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Communication services companies are susceptible to the risk of potential obsolescence of products and services due to technological. advancements and innovation competition among companies. Demand for product, shifting consumer demographics and shifting consumer preferences can drastically affect a communication services company’s profitability. Companies in the communication services sector may be particular targets of cyber-security losses and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. Companies in the communication services sector may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation.

Consumer Discretionary Sector Risk (SoFi Social 50 ETF Only). The Fund may emphasize its investments in companies in the consumer discretionary sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

Energy Sector Risk (SoFi Smart Energy ETF Only). Companies operating in the energy sector or issuers in energy-related industries are subject to specific risks, including, among others, fluctuations in commodity prices; reduced consumer demand for commodities such as oil, natural gas, or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing, or delivering; slowdowns in new construction; worldwide economic growth; extreme weather or other natural disasters; imposition of taxes, tariffs, sanctions or embargoes; domestic or international conflicts and threats of attack by terrorists, or cyber attacks on energy assets. Additionally, energy sector companies are subject to substantial government regulation and changes in the regulatory environment for energy companies may adversely impact their profitability. Over time, depletion of natural gas reserves and other energy reserves may also affect the profitability of energy companies. Any factors adversely affecting companies in the energy sector could have a significant adverse impact on Distributed Smart Energy Companies and the Fund’s performance.

Financial Services Sector Risk (Sofi Weekly Income ETF and Sofi Weekly Dividend ETF Only). The Funds may emphasize their investments in companies in the financial services sector, and therefore the performance of the Funds could be negatively impacted by events affecting this sector. This sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and disruptions in the banking sector, among other factors. Insurance companies, in particular, may be significantly affected by changes in interest rates, catastrophic events, price and market competition, the imposition of premium rate caps, or other changes in government regulation or tax law and/or rate regulation, which may have an adverse impact on their profitability. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly frequent in this sector and have caused significant losses.

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

76

SoFi Funds

Industrials Sector Risk (SoFi Smart Energy ETF Only). The Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

Technology Sector Risk (SoFi Be Your Own Boss ETF and SoFi Web 3 ETF Only). The Funds may emphasize their investments in companies in the technology sector, and therefore the performance of the Funds could be negatively impacted by events affecting this sector. The securities of technology or technology-related companies have historically been more volatile than those of other companies, especially recently. Market or economic factors impacting technology companies and companies that rely heavily on technological advances could have a significant effect on the value of each Fund’s investments. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

UU.TBA Securities and Rolls Risk (SoFi Weekly Income ETF Only). TBA transactions are subject to increased credit risk and increased overall investment exposure. TBA rolls involve the risk that the Fund’s counterparty will be unable to deliver the MBS underlying the TBA roll at the fixed time. If the buyer files for bankruptcy or becomes insolvent, the buyer or its representative may ask for and receive an extension of time to decide whether to enforce the Fund’s repurchase obligation. In addition, the Fund earns interest by investing the transaction proceeds during the roll period. TBA roll transactions may have the effect of creating leverage in the Fund’s portfolio.

VV.Third Party Data Risk (SoFi Social 50 ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy ETF Only). The composition of the Index, and consequently each Fund’s portfolio, is heavily dependent on proprietary Third Party Data. When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, each Fund’s portfolio can also be expected to reflect the errors.

WW.TIPS Risk (SoFi Weekly Income ETF Only). Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for inflation. There can be no assurance that the Consumer Price Index (“CPI”) will accurately measure the real rate of inflation in the prices of goods and services. Any increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In addition, TIPS are subject to credit risk and interest rate risk.

XX. Tracking Error Risk (Sofi Next 500 ETF, Sofi Select 500 ETF, SoFi Social 50 ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF Only). As with all index funds, the performance of the Funds and their Index may differ from each other for a variety of reasons. For example, the Funds incur operating expenses and portfolio transaction costs not incurred by their Index. In addition, the Funds may not be fully invested in the securities of their Index at all times or may hold securities not included in their Index. The use of sampling techniques may affect each Fund’s ability to achieve close correlation with their Index. The Funds may use a representative sampling strategy to achieve their investment objective, if the Adviser believes it is in the best interest of the Funds, which generally can be expected to produce a greater non-correlation risk.

YY. Uncertain Tax Treatment Risk (SoFi Weekly Income ETF Only). The Fund may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease accruing interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary to seek to ensure that it distributes sufficient income that it does not become subject to U.S. federal income or excise tax.

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

77

SoFi Funds

ZZ.Unrelated Business Risk (SoFi Web 3 ETF Only). Many of the companies in which the Fund will invest have other business lines unrelated to one of the thematic categories. These other lines of business could adversely affect those firms’ operating results and, in turn, hurt the Fund’s performance. The operating results of companies with other business lines may fluctuate independently of the fluctuations in the relevant thematic category businesses. In addition, a particular company’s ability to engage in new business activities may expose it to additional risks for which it has less experience than its existing business lines. Despite a company’s possible success in activities linked to its use of one or more of the thematic categories, there can be no assurance that its other lines of business will not adversely affect the company’s business, financial condition, or market value. In addition, a particular company’s unrelated businesses may impact the Fund’s investment returns and it may be difficult to isolate thematic category-related returns from other return sources.

AAA.U.S. Government Obligations Risk (SoFi Weekly Income ETF Only). Obligations of U.S. government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.

BBB. User Bias Risk (SoFi Social 50 ETF Only). The securities that comprise the Index are selected by retail investors holding SoFi Accounts, who may not be professional investors, may have no financial expertise, and may not do any research on the companies in which they invest prior to investing. In some cases, investment decisions made may be influenced by non-quantitative factors, including, without limitation, cognitive and emotional biases, resulting in the inclusion of certain securities in the Index which may underperform the market generally and result in lower returns for the Fund.

CCC.Valuation Risk (SoFi Weekly Income ETF Only). It may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued for purposes of the Fund’s NAV, causing the Fund to be less liquid and unable to sell securities for what the Adviser believes is the appropriate price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity and for investments that trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. Based on its investment strategies, a significant portion of the Fund’s investments can be difficult to value and potentially less liquid and therefore particularly prone to these risks.

DDD.When-Issued, Delayed Delivery, and Forward Commitment Risk (SoFi Weekly Income ETF Only). The purchase of securities on a when-issued, delayed delivery, or forward commitment basis involves a risk of loss if the value of the security to be purchased declines prior to the settlement date. Although the Fund would generally purchase securities on a when-issued, delayed delivery, or forward commitment basis with the intention of actually acquiring securities for its portfolio, it may dispose of a when- issued or delayed delivery security or forward commitment prior to settlement if the SoFi Weekly Income ETF’s Sub-Adviser deems it appropriate to do so.

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

The Adviser serves as the investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, has overall responsibility for the general management and administration of the Funds. For the SoFi Weekly Income ETF, the Adviser provides oversight of the Sub-Adviser (defined below), monitoring of the Sub-Adviser’s buying and selling of securities for the Fund, and review of the Sub-Adviser’s performance.

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

78

SoFi Funds

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Management Fee”) based on the average daily net assets of the Fund as follows:

Fund

Management Fee

 

Management Fee
After Waiver

SoFi Select 500 ETF

0.19

%

0.00

%

SoFi Next 500 ETF

0.19

%

0.00

%

SoFi Social 50 ETF

0.29

%

0.29

%

SoFi Be Your Own Boss ETF

0.59

%

0.59

%

SoFi Weekly Income ETF

0.59

%

0.59

%

SoFi Weekly Dividend ETF

0.49

%

0.49

%

SoFi Web 3 ETF

0.59

%

0.59

%

SoFi Smart Energy ETF

0.59

%

0.59

%

The Adviser has contractually agreed to waive its full Management Fee for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2024 (the “Fee Waiver Agreement”). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Any waived Management Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement. There is currently no Fee Waiver Agreement in effect for the SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, or SoFi Smart Energy ETF. Management Fees for the period ended August 31, 2023 are disclosed in the Statements of Operations.

Out of the Management Fee, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (“Excluded Expenses”), and the Management Fee payable to the Adviser. The Management Fees incurred are paid monthly to the Adviser. The Adviser has entered into an agreement with Social Finance, Inc. (“SoFi”), under which SoFi, or an affiliate of SoFi, assumes the obligation of the Adviser to pay all expenses of the Funds, except Excluded Expenses (such expenses of a Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligation, the Adviser has agreed to pay SoFi the profits, if any, generated by each Fund’s unitary Management Fee. Although SoFi has agreed to be responsible for the Unitary Expenses, the Adviser retains the ultimate obligation to the Funds to pay such expenses. SoFi also provides marketing support for the Funds, including hosting the Funds’ website and preparing marketing materials related to the Funds.

Income Research + Management (“IR+M”) (the “Sub-Adviser”) serves as a sub-adviser to the SoFi Weekly Income ETF pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for day-to-day management of the SoFi Weekly Income ETF’s portfolio, including determining the securities purchased and sold by the Fund and the execution of the Fund’s portfolio investments. The Sub-Adviser is responsible for trading portfolio securities for the SoFi Weekly Income ETF, including selecting broker-dealers to execute purchase and sale transactions subject to the supervision of the Adviser and the Board.

Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities the Sub-Adviser provides (the “Sub-Advisory Fee”) based on the average daily net assets of the Fund as follows:

Fund

IR+M
Sub-Advisory Fee

SoFi Weekly Income ETF

0.35% on first $20 million

0.30% on next $80 million

0.20% on next $200 million

0.15% on next $300 million

0.10% on next $400 million

0.075% on amounts over $1 billion

The Sub-Advisory Fees incurred are paid monthly to the Sub-Adviser by the Adviser.

79

SoFi Funds

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds’ administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fund accountant and transfer agent. In those capacities Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds’ custodian. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds’ custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds.

Foreside Fund Services, LLC (the “Distributor”) acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.

NOTE 5 – SECURITIES LENDING

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the Funds. The Funds receive compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of August 31, 2023, the market value of the securities on loan and payable on collateral received for securities lending were as follows:

Fund

Market Value of
Securities on Loan

 

Payable on
Collateral Received

 

Percentage of Net Assets
of Securities on Loan

SoFi Select 500 ETF

$25,141,582

$25,783,040

4.8

%

SoFi Next 500 ETF

20,377,360

20,816,983

32.7

%

SoFi Social 50 ETF

2,728,572

2,871,970

17.1

%

SoFi Be Your Own Boss ETF

2,182,599

2,244,633

31.0

%

SoFi Weekly Income ETF

1,276,935

1,303,469

7.6

%

SoFi Weekly Dividend ETF

1,092,587

1,128,421

10.3

%

SoFi Web 3 ETF

408,221

433,388

29.3

%

SoFi Smart Energy ETF

586,848

609,593

29.6

%

The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC, of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable NAV of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the period ended August 31, 2023, the Funds each loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations.

The Funds are not subject to a master netting agreement with respect to each Fund’s participation in securities lending; therefore, no additional disclosures regarding netting arrangements are required.

80

SoFi Funds

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

NOTE 6 – PURCHASES AND SALES OF SECURITIES

For the period ended August 31, 2023, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:

Fund

Purchases

 

Sales

SoFi Select 500 ETF

$78,655,252

$74,567,122

SoFi Next 500 ETF

17,564,776

16,970,995

SoFi Social 50 ETF

2,508,441

2,539,027

SoFi Be Your Own Boss ETF

220,429

228,429

SoFi Weekly Income ETF

3,388,192

3,350,592

SoFi Weekly Dividend ETF

5,108,994

3,934,564

SoFi Web 3 ETF

551,861

530,195

SoFi Smart Energy ETF

556,316

561,799

For the period ended August 31, 2023, there were no purchases or sales of long-term U.S. government securities.

For the period ended August 31, 2023, the cost of purchases and proceeds from in-kind transactions were as follows:

Fund

In-Kind Purchases

 

In-Kind Sales

SoFi Select 500 ETF

$71,065,146

$37,065,380

SoFi Next 500 ETF

10,505,616

5,137,262

SoFi Social 50 ETF

5,895,254

6,305,661

SoFi Be Your Own Boss ETF

1,112,019

SoFi Weekly Income ETF

SoFi Weekly Dividend ETF

SoFi Web 3 ETF

1,001,181

650,001

SoFi Smart Energy ETF

838,602

NOTE 7 – INCOME TAXES AND DISTRIBUTONS TO SHAREHOLDERS

The tax character of distributions paid during the period ended August 31, 2023 and year/period ended February 28, 2023 was as follows:

Ordinary Income

August 31, 2023

February 28, 2023

SoFi Select 500 ETF

$3,698,392

$5,974,658

SoFi Next 500 ETF

475,959

731,180

SoFi Social 50 ETF

170,723

142,199

SoFi Be Your Own Boss ETF

3,077

SoFi Weekly Income ETF

355,250

901,768

SoFi Weekly Dividend ETF

110,500

299,722

SoFi Web 3 ETF

12,946

13,439

SoFi Smart Energy ETF

Return of Capital

August 31, 2023

February 28, 2023

SoFi Weekly Dividend ETF

$

$3,054

81

SoFi Funds

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

As of the most recent fiscal year/period ended February 28, 2023, the components of accumulated earnings/(losses) on a tax basis were as follows:

SoFi Select
500 ETF

SoFi Next
500 ETF

SoFi Social
50 ETF

SoFi Be
Your Own
Boss ETF

SoFi Weekly
Income ETF

SoFi Weekly
Dividend ETF

SoFi Web
3 ETF

SoFi Smart
Energy ETF
(6)

Cost of investments(5)

$478,102,748

$76,612,345

$23,647,580

$21,582,271

$17,924,176

$10,434,890

$1,064,548

$4,372,841

Gross tax unrealized appreciation

28,103,022

4,843,619

698,572

56,560

142,210

460,621

64,556

131,617

Gross tax unrealized depreciation

(44,311,401

)

(9,819,207

)

(6,944,317

)

(11,513,684

)

(1,181,194

)

(573,705

)

(155,234

)

(757,508

)

Net tax unrealized appreciation (depreciation)

(16,208,379

)

(4,975,588

)

(6,245,745

)

(11,457,124

)

(1,038,984

)

(113,084

)

(90,678

)

(625,892

)

Undistributed ordinary income (loss)

1,222,661

124,574

80,837

3,635

8,784

3,121

Undistributed long-term capital gain (loss)

Total distributable earnings

1,222,661

124,574

80,837

3,635

8,784

3,121

Other accumulated gain (loss)

(12,038,776

)

(3,926,529

)

(7,647,546

)

(3,794,467

)

(544,175

)

(715,815

)

(54,737

)

(101,802

)

Total accumulated gain (loss)

$(27,024,494

)

$(8,777,543

)

$(13,812,454

)

$(15,247,956

)

$(1,574,375

)

$(828,899

)

$(145,515

)

$(724,573

)

(5)The difference between book and tax-basis cost of investments was attributable primarily to the treatment of wash sales.

(6)The Fund changed its fiscal year end from April 30 to February 28 effective as of the close of business on June 28, 2022. The information presented is from May 1, 2022 to February 28, 2023.

Net capital losses incurred after October 31 and net investment losses incurred after December 31, and within the taxable year, are deemed to arise on the first business day of the Funds’ next taxable year. As of the most recent fiscal year ended February 28, 2023, the Funds had no late year losses and the SoFi Web 3 ETF had post-October losses of $54,737. As of the most recent fiscal year ended February 28, 2023, the following Funds had short-term and long-term capital loss carryovers, both of which do not expire:

Short-Term Capital Loss Carryover

SoFi Select 500 ETF

10,077,940

SoFi Next 500 ETF

3,104,573

SoFi Social 50 ETF

5,254,091

SoFi Be Your Own Boss ETF

686,603

SoFi Weekly Income ETF

190,965

SoFi Weekly Dividend ETF

503,413

SoFi Smart Energy ETF

67,921

Long-Term Capital Loss Carryover

SoFi Select 500 ETF

1,960,836

SoFi Next 500 ETF

821,956

SoFi Social 50 ETF

2,393,455

SoFi Be Your Own Boss ETF

3,107,864

SoFi Weekly Income ETF

353,210

SoFi Weekly Dividend ETF

212,402

SoFi Smart Energy ETF

33,881

82

SoFi Funds

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

NOTE 8 – CREDIT FACILITY

U.S. Bank N.A. has made available to the following Funds a credit facility pursuant to Loan Agreements for temporary or extraordinary purposes. Credit facility details for the period ended August 31, 2023, are as follows:

SoFi Be Your Own Boss ETF

Maximum available credit

$50,000,000

Largest amount outstanding on an individual day

Average daily loan outstanding

Credit facility outstanding as of August 31, 2023

Average interest rate, when in use

SoFi Weekly Income ETF

Maximum available credit

$1,000,000

Largest amount outstanding on an individual day

Average daily loan outstanding

Credit facility outstanding as of August 31, 2023

Average interest rate, when in use

SoFi Weekly Dividend ETF

Maximum available credit

$50,000,000

Largest amount outstanding on an individual day

Average daily loan outstanding

Credit facility outstanding as of August 31, 2023

Average interest rate, when in use

Interest expense incurred for the period ended August 31, 2023 is disclosed in the Statements of Operations, if applicable.

The credit facility for the SoFi Be Your Own Boss ETF and the SoFi Weekly Dividend ETF is an uncommitted, senior secured 364- day umbrella line of credit used for the benefit of certain funds within the Trust. The credit facility for the SoFi Weekly Income ETF is an uncommitted, senior secured 364-day line of credit used for the benefit of the Fund.

NOTE 9 – SHARE TRANSACTIONS

Shares of the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF and SoFi Smart Energy ETF are listed and traded on NYSE Arca, Inc. and shares of the SoFi Be Your Own Boss ETF and SoFi Web 3 ETF are listed and traded on The NASDAQ Stock Market, LLC. Market prices for the shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV generally in large blocks of shares (“Creation Units”). Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Web 3 ETF and SoFi Smart Energy ETF is $500, for the SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, and SoFi Weekly Income ETF is $300, and for the SoFi Weekly Dividend ETF is $1,500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units for Funds of up to a maximum

83

SoFi Funds

NOTES TO FINANCIAL STATEMENTS August 31, 2023 (Unaudited) (Continued)

of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

NOTE 10 – RECENT MARKET EVENTS

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on your account.

NOTE 11 – SUBSEQUENT EVENTS

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. The Funds have determined that there are no subsequent events that would need to be disclosed in the Funds’ financial statements.

84

SoFi Funds

EXPENSE EXAMPLES For the Six Months Ended August 31, 2023 (Unaudited)

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of Funds’ shares, and (2) ongoing costs, including management fees of the Funds. The examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which is from March 1, 2023 to August 31, 2023.

Actual Expenses

The first line of the following tables provides information about actual account values and actual expenses. The examples include, but are not limited to, unitary fees. However, the examples do not include portfolio trading commissions and related expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled “Expenses Paid During the Period’’ to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Funds’ shares. Therefore, the second line of the following tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

SoFi Select 500 ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(1)

Actual

$1,000.00

$1,152.00

$

Hypothetical (5% annual return before expenses)

1,000.00

1,025.14

(1)Expenses are equal to the Fund’s annualized net expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period).

SoFi Next 500 ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(2)

Actual

$1,000.00

$1,048.50

$

Hypothetical (5% annual return before expenses)

1,000.00

1,025.14

(2) Expenses are equal to the Fund’s annualized net expense ratio for the most recent six month period of 0.00% (fee waiver in effect), multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period).

SoFi Social 50 ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(3)

Actual

$1,000.00

$1,240.30

$1.63

Hypothetical (5% annual return before expenses)

1,000.00

1,023.68

1.48

(3)Expenses are equal to the Fund’s annualized expense ratio for the most recent six-month period of 0.29%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six-month period).

85

SoFi Funds

SoFi Be Your Own Boss ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(4)

Actual

$1,000.00

$1,077.60

$3.09

Hypothetical (5% annual return before expenses)

1,000.00

1,022.17

3.00

(4)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period).

SoFi Weekly Income ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(5)

Actual

$1,000.00

$1,038.40

$3.02

Hypothetical (5% annual return before expenses)

1,000.00

1,022.17

3.00

(5)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period).

SoFi Weekly Dividend ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(6)

Actual

$1,000.00

$1,033.50

$2.50

Hypothetical (5% annual return before expenses)

1,000.00

1,022.67

2.49

(6)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.49%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period).

SoFi Web 3 ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(7)

Actual

$1,000.00

$1,253.30

$3.34

Hypothetical (5% annual return before expenses)

1,000.00

1,022.17

3.00

(7)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period).

SoFi Smart Energy ETF

Beginning
Account Value
March 1, 2023

Ending
Account Value
August 31, 2023

Expenses
Paid During
the Period
(8)

Actual

$1,000.00

$870.50

$2.77

Hypothetical (5% annual return before expenses)

1,000.00

1,022.17

3.00

(8)Expenses are equal to the Fund’s annualized expense ratio for the most recent six month period of 0.59%, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the most recent six month period).

EXPENSE EXAMPLES For the Periods Ended August 31, 2023 (Unaudited) (Continued)

86

SoFi Funds

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (“Rule 22e-4”), Tidal ETF Trust (the “Trust”), on behalf of its series, the SoFi Select 500 ETF, SoFi Next 500 ETF, SoFi Social 50 ETF, SoFi Be Your Own Boss ETF, SoFi Weekly Income ETF, SoFi Weekly Dividend ETF, SoFi Web 3 ETF, and SoFi Smart Energy ETF (the “Funds”), has adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to promote effective liquidity risk management for the Funds and to protect the Funds’ shareholders from dilution of their interests. The Trust’s Board of Trustees (the “Board”) has approved the designation of Toroso Investments, LLC, each Fund’s investment adviser, as the program administrator (the “Program Administrator”). The Program Administrator has further delegated administration of the Program to a member of its compliance team. The Program Administrator has also delegated certain responsibilities under the Program to the investment sub-adviser of the SoFi Weekly Income ETF; however, the Program Administrator remains responsible for the overall administration and operation of the Program. The Program Administrator is required to provide a written annual report to the Board regarding the adequacy and effectiveness of the Program, including the operation of the highly liquid investment minimum, if applicable, and any material changes to the Program.

On August 24, 2023, the Board reviewed the Program Administrator’s written annual report for the period October 1, 2022 through June 30, 2023 (the “Report”). The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The risk is managed by monitoring the degree of liquidity of a fund’s investments, limiting the amount of illiquid investments and utilizing various risk management tools and facilities available to a fund, among other means. The Trust has engaged the services of ICE Data Services, Inc., a third-party vendor, to provide daily portfolio investment classification services to assist in the Program Administrator’s assessment. The Report noted that no highly liquid investment minimum is required for the Funds because each Fund is classified (other than the SoFi Weekly Income ETF) as an In-Kind ETF ( as defined under Rule 22e-4). The Report also noted that no highly liquid investment minimum is required for the SoFi Weekly Income ETF because the Fund qualifies as a primarily highly liquid fund (as defined under Rule 22e-4). The Report noted that there were no breaches of the restrictions on acquiring or holding greater than 15% illiquid investments of the Fund during the review period. The Report confirmed that each Fund’s investment strategies remained appropriate for an open-end fund and that the Funds were able to meet requests for redemptions without significant dilution of remaining investors’ interests in the Funds. The Report noted that no material changes had been made to the Program during the review period. The Program Administrator determined that the Program complies with the requirements of Rule 22e-4 and is reasonably designed and operating effectively.

87

SoFi Funds

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited)

The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met at a meeting held on April 5, 2023 to consider the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the SoFi Select 500 ETF (the “Select 500 ETF”), the SoFi Next 500 ETF (the “Next 500 ETF”), the SoFi Social 50 ETF (the “Social 50 ETF”), the SoFi Be Your Own Boss ETF (the “BYOB ETF”), the SoFi Weekly Dividend ETF (the “Weekly Dividend ETF”) and the SoFi Smart Energy ETF (the “Smart Energy ETF”) (each, a “Fund,” and collectively, the “Funds”), each a series of the Trust, and Toroso Investments, LLC, the Funds’ investment adviser (the “Adviser”). Prior to this meeting, the Board requested and received materials to assist them in considering the renewal of the Advisory Agreement. The materials provided contained information with respect to the factors enumerated below, including a copy of the Advisory Agreement, a memorandum prepared by outside legal counsel to the Trust and Independent Trustees discussing in detail the Trustees’ fiduciary obligations and the factors they should assess in considering the renewal of the Advisory Agreement, due diligence materials relating to the Adviser (including the due diligence response completed by the Adviser with respect to a specific request letter from outside legal counsel to the Trust and Independent Trustees, the Adviser’s Form ADV, select ownership, organizational, financial and insurance information for the Adviser, biographical information of the Adviser’s key management and compliance personnel, detailed comparative information regarding the unitary advisory fees for the Funds, and information regarding the Adviser’s compliance program) and other pertinent information. Based on their evaluation of the information provided, the Trustees, by a unanimous vote (including a separate vote of the Trustees who are not “interested persons,” as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”)), approved the renewal of the Advisory Agreement for an additional one-year term.

Discussion of Factors Considered

In considering the renewal of the Advisory Agreement and reaching their conclusions, the Trustees reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

1.Nature, Extent and Quality of Services Provided. The Board considered the nature, extent and quality of the Adviser’s overall services provided to the Funds as well as its specific responsibilities in all aspects of day-to-day investment management of the Funds. The Board considered the qualifications, experience and responsibilities of the Adviser’s investment management team, including Charles Ragauss, who serves as a portfolio manager of the Select 500 ETF, Next 500 ETF, Social 50 ETF, BYOB ETF, Weekly Dividend ETF and Smart Energy ETF, Michael Venuto, who serves as a portfolio manager of the BYOB ETF, Weekly Dividend ETF and Smart Energy ETF, and David Dziekanski, who serves as a portfolio manager of the BYOB ETF, as well as the responsibilities of other key personnel of the Adviser involved in the day-to-day activities of the Funds. The Board noted that prior to August 9, 2022, the SoFi Smart Energy ETF was named the iClima Distributed Smart Energy ETF and the SoFi Be Your Own Boss ETF was named the SoFi Gig Economy ETF, but each Fund operated under the same investment objective and principal investment strategies, respectively. The Board reviewed due diligence information provided by the Adviser, including information regarding the Adviser’s compliance program, its compliance personnel and compliance record, as well as the Adviser’s cybersecurity program and business continuity plan. The Board noted that the Adviser does not manage any other accounts that utilize a strategy similar to that employed by each of the Funds.

The Board also considered other services provided to the Funds, such as monitoring adherence to each Fund’s investment strategy and restrictions, oversight of other service providers to the Funds, monitoring compliance with various Fund policies and procedures and with applicable securities regulations, and monitoring the extent to which the Select 500 ETF, Next 500 ETF, Social 50 ETF, Weekly Dividend ETF and Smart Energy ETF (the “SoFi Index Funds”) achieve their investment objectives as passively-managed ETFs and the extent to which the BYOB ETF achieves its investment objective as an actively-managed ETF. The Board noted that the SoFi Index Funds are each designed to track the performance of an index and the Adviser is responsible for trade execution. The Board noted that, with respect to the BYOB ETF, the Adviser is responsible for active portfolio management, including selecting the Fund’s investments and trade execution.

The Board concluded that the Adviser had sufficient quality and depth of personnel, resources, investment methods, and compliance policies and procedures essential to performing its duties under the Advisory Agreement and managing the Funds and that the nature, overall quality and extent of the management services provided to the Funds, as well as the Adviser’s compliance program, were satisfactory.

2.Investment Performance of the Funds and the Adviser. The Board considered the investment performance of the Funds and the Adviser. The Board noted that the SoFi Index Funds were designed to track the performance of an index and considered the extent to which the SoFi Index Funds tracked their respective indexes, before fees and expenses, in addition to the performance of the Funds against their benchmark indexes and respective peer groups. For the BYOB ETF, the Board considered the Fund’s performance against its benchmark index and peer group.

88

SoFi Funds

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

The Board considered the performance of the Select 500 ETF on an absolute basis, in comparison to its underlying index (the Solactive SoFi US 500 Growth Index), in comparison to its benchmark index (the S&P 500 Total Return Index), and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. large growth funds) (the “SFY Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in-line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the S&P 500 Total Return Index over the one-year and since inception periods ended December 31, 2022. The Board also noted that the Fund underperformed the SFY Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but outperformed the Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.

The Board considered the performance of the Next 500 ETF on an absolute basis, in comparison to its underlying index (the Solactive SoFi US Next 500 Growth Index), in comparison to its benchmark index (the S&P MidCap 400 Total Return Index), and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. mid-cap blend funds) (the “SFYX Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the S&P MidCap 400 Total Return Index over the one-year and since inception periods ended December 31, 2022. The Board also noted that the Fund outperformed the SFYX Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but underperformed the Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.

The Board discussed the performance of the Social 50 ETF on both an absolute basis and in comparison to its underlying index (the SoFi Social 50 Index), a benchmark index (the S&P 500 Total Return Index), and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. large-cap growth funds) (the “SFYF Morningstar Peer Group”). The Board noted that the Social 50 ETF’s investment objective and principal investment strategies were substantially revised on June 30, 2020 and the performance of the Fund for periods prior to that date were achieved under the Fund’s prior investment objectives and principal investment strategies and would have differed if the Fund’s current investment objective and principal investment strategies had been in effect during those periods. As a result, when evaluating the Social 50 ETF’s performance in comparison to its underlying index, the Board evaluated blended index performance for the prior underlying index (the Solactive SoFi US 50 Growth Index) and the current underlying index (the SoFi Social 50 Index) for the relevant periods. The Board noted that the Social 50 ETF’s performance was generally in line with the blended underlying index. The Board noted that the Social 50 ETF underperformed the S&P 500 Index for the one-year and since inception periods ended December 31, 2022. The Board also noted that the Fund outperformed the SFYF Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but underperformed the SFYF Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.

The Board discussed the performance of the BYOB ETF on both an absolute basis and in comparison to its primary benchmark index, the S&P 500 Total Return Index, a secondary benchmark index, the NASDAQ 100 Total Return Index, and in comparison to a peer group of funds based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. global large-stock growth funds) (the “BYOB Morningstar Peer Group”). The Board noted that the BYOB ETF had underperformed the S&P 500 Total Return Index and NASDAQ 100 Total Return Index for the one-year and since inception periods ended December 31, 2022. The Board also noted that the BYOB ETF had outperformed the BYOB Morningstar Peer Group average for the year-to-date period ended February 28, 2023, but underperformed the BYOB Morningstar Peer Group average for the one-year and three-year periods ended February 28, 2023.

The Board considered the performance of the Weekly Dividend ETF on an absolute basis, in comparison to its underlying index (the SoFi Sustainable Dividend Index), in comparison to its primary benchmark index, the S&P 500 Total Return Index, in comparison to a secondary benchmark index, the Bloomberg 1-3 Year Credit Index, and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. global large-stock value funds) (the “WKLY Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the Bloomberg 1-3 Year Credit Index over the one-year period ended December 31, 2022, outperformed the S&P 500 Total Return Index over the one-year period ended December 31, 2022, and outperformed the S&P 500 Total Return Index and Bloomberg 1-3 Year Credit Index over the since inception period ended December 31, 2022. The Board also noted that the Fund underperformed the WKLY Morningstar Peer Group average for the year-to-date and one-year periods ended February 28, 2023.

89

SoFi Funds

The Board considered the performance of the Smart Energy ETF on an absolute basis, in comparison to its underlying index (the iClima Distributed Renewable Energy Index), in comparison to its benchmark index, the Dow Jones Global Index, and in comparison to a peer group of funds in the Fund’s current Morningstar category based on comparative information prepared by Fund Services utilizing data provided by Morningstar Direct (a peer group of U.S. miscellaneous sector funds) (the “ENRG Morningstar Peer Group”). The Board noted that the Fund’s performance was generally in line with its underlying index and noted factors that contributed to any tracking error. The Board noted that the Fund underperformed the Dow Jones Global Index over the one-year and since-inception periods ended December 31, 2022. The Board also noted that the Fund outperformed the ENRG Morningstar Peer Group average for the year-to-date and one-year periods ended February 28, 2023.

After considering all of the information, the Board concluded that the performance of each Fund was satisfactory under current market conditions and that the Adviser has the necessary expertise and resources in providing investment advisory services in accordance with each Fund’s investment objective and strategies. Although past performance is not a guarantee or indication of future results, the Board determined that each Fund and its shareholders were likely to benefit from the Adviser’s continued management.

3.Cost of Services Provided and Profits Realized by the Adviser. The Board considered the cost of services and the structure of the Adviser’s advisory fees, including a review of comparative expenses, expense components and peer group selection for each Fund. The Board took into consideration that the advisory fee was a “unitary fee,” meaning that each Fund pays no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses and, to the extent it is implemented, fees pursuant to each Fund’s Rule 12b1 Plan. The Board noted that the Adviser continues to responsible for compensating each Fund’s other service providers and paying each Fund’s other expenses out of its own fees and resources, subject to the contractual agreement of each Fund’s sponsor, Social Finance, Inc., to assume such obligation in exchange for the profits, if any, generated by each Fund’s unitary fee. The Board also considered the overall profitability of the Adviser and examined the level of profits accrued to the Adviser from the fees payable under the Advisory Agreement with respect to each Fund.

For the Select 500 ETF, the Board noted that the Adviser had contractually agreed to maintain an annual net expense ratio of 0.00% since the Fund’s inception and at least through June 30, 2023. The Board noted that the Fund’s advisory fee of 0.19% was below the SFY Morningstar Peer Group average of 0.40% and the Fund’s expense ratio, net of fee waivers, of 0.00% was below the SFY Morningstar Peer Group average of 0.42%.

For the Next 500 ETF, the Board noted that the Adviser had contractually agreed to maintain an annual net expense ratio of 0.00% since the Fund’s inception and at least through June 30, 2023. The Board noted that the Fund’s advisory fee of 0.19% was below the SFYX Morningstar Peer Group average of 0.31% and the Fund’s expense ratio, net of fee waivers, of 0.00% was below the SFYX Morningstar Peer Group average of 0.34%.

For the Social 50 ETF, the Board noted that the Fund’s advisory fee of 0.29% was below the SFYF Morningstar Peer Group average of 0.40% and the Fund’s expense ratio of 0.29% was below the SFYF Morningstar Peer Group average of 0.42%.

For the BYOB ETF, the Board noted that the Fund’s advisory fee of 0.59% was above the BYOB Morningstar Peer Group average of 0.53% and the Fund’s expense ratio of 0.59% was above the BYOB Morningstar Peer average of 0.54%.

For the Weekly Dividend ETF, the Board noted that the Fund’s advisory fee of 0.49% was below the WKLY Morningstar Peer Group average of 0.50% and the Fund’s expense ratio of 0.49% was below the WKLY Morningstar Peer Group average of 0.53%.

For the Smart Energy ETF, the Board noted that the Adviser had reduced the Fund’s advisory fee from 0.69% to 0.59% effective as of August 9, 2022. The Board considered that the Smart Energy ETF’s advisory fee of 0.59% was above the ENRG Morningstar Peer Group average of 0.55% and the Fund’s expense ratio of 0.59% was equal to the ENRG Morningstar Peer Group average of 0.59%.

The Board concluded that each Fund’s expense ratio and advisory fee were fair and reasonable in light of the comparative performance, advisory fee and expense information and the investment management services provided to the Fund by the Adviser given the nature of the Fund’s strategies. The Board also evaluated, based on a profitability analysis prepared by the Adviser, the fees received by the Adviser and its affiliates and the profits realized by the Adviser from its relationship with each Fund, and concluded that the fees had not been, and currently were not, excessive, and that while each Fund was not yet profitable to the Adviser, the Adviser had adequate financial resources to support its services to each Fund from the revenues of its overall investment advisory business.

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

90

SoFi Funds

4.Extent of Economies of Scale as the Funds Grow. The Board compared each Fund’s expenses relative to its Morningstar Peer Group and discussed realized and potential economies of scale. The Board considered the potential economies of scale that each Fund might realize under the structure of the advisory fees. The Board noted the advisory fees did not contain any breakpoint reductions as each Fund’s assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints in the fee structures.

5.Benefits Derived from the Relationship with the Funds. The Board considered the direct and indirect benefits that could be received by the Adviser and its affiliates from association with the Funds. The Board concluded that the benefits the Adviser may receive, such as greater name recognition or the ability to attract additional investor assets, appear to be reasonable and in many cases may benefit the Funds.

Conclusion. Based on the Board’s deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fees are reasonable in light of the services that the Adviser provides to each of the Funds; and (c) the approval of renewal of the Advisory Agreement for an additional one-year term was in the best interests of each Fund and its shareholders.

BASIS FOR TRUSTEES’ APPROVAL OF INVESTMENT ADVISORY AGREEMENT (Unaudited) (Continued)

91

SoFi Funds

ADDITIONAL INFORMATION

INFORMATION ABOUT PROXY VOTING (Unaudited)

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request without charge, by calling (877) 358-0096 or by accessing the Funds’ website at www.sofi.com/invest/etfs. Furthermore, you can obtain the description on the SEC’s website at www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available upon request without charge by calling (877) 358-0096 or by accessing the SEC’s website at www.sec.gov.

INFORMATION ABOUT THE PORTFOLIO HOLDINGS (Unaudited)

The Funds’ portfolio holdings are posted on the Funds’ website daily at www.sofi.com/invest/etfs. The Funds file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the Part F of Form N-PORT on the SEC’s website at www.sec.gov.

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS (Unaudited)

Information regarding how often shares of the Funds trade on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) to its daily net asset value (“NAV”) is available, without charge, on the Funds’ website at www.sofi.com/invest/etfs.

INFORMATION ABOUT THE FUNDS’ TRUSTEES (Unaudited)

The Statement of Additional Information (“SAI”) includes additional information about the Funds’ Trustees and is available without charge, upon request, by calling (877) 358-0096. Furthermore, you can obtain the SAI on the SEC’s website at www.sec.gov or the Funds’ website www.sofi.com/invest/etfs.

Investment Adviser
Toroso Investments, LLC
234 West Florida Street, Suite 203
Milwaukee,
Wisconsin 53204

Investment Sub-Adviser
(SoFi Weekly Income ETF Only)
Income Research + Management
100 Federal Street, 30th Floor
Boston,
Massachusetts 02110

Independent Registered Public Accounting Firm
Tait, Weller & Baker LLP
Two Liberty Place
50 South 16th Street, 29th Floor
Philadelphia,
Pennsylvania 19102

Legal Counsel
Godfrey & Kahn, S.C.
833 East Michigan Street, Suite 1800
Milwaukee,
Wisconsin 53202

Custodian
U.S. Bank N.A.
1555 North RiverCenter Drive, Suite 302
Milwaukee,
Wisconsin 53212

Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee,
Wisconsin 53204

Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee,
Wisconsin 53202

Distributor
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland,
Maine 04101

 

Fund Information

Fund

Ticker

CUSIP

SoFi Select 500 ETF

SFY

886364207

SoFi Next 500 ETF

SFYX

886364306

SoFi Social 50 ETF

SFYF

886364405

SoFi Be Your Own Boss ETF

BYOB

886364504

SoFi Weekly Income ETF

TGIF

886364884

SoFi Weekly Dividend ETF

WKLY

886364736

SoFi Web 3 ETF

TWEB

886364512

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