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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number (811-23377)

 

Tidal ETF Trust
(Exact name of registrant as specified in charter)

 

234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

 

Eric W. Falkeis

Tidal ETF Trust
234 West Florida Street, Suite 203

Milwaukee, Wisconsin 53204
(Name and address of agent for service)

 

(844) 986-7700

Registrant's telephone number, including area code

 

Date of fiscal year end: February 29

 

Date of reporting period: August 31, 2024

 

Updated June 27, 2024 

 

 

 

 

 

Item 1. Reports to Stockholders.

 

 

 

SoFi Next 500 ETF Tailored Shareholder Report

semi-annual Shareholder Report August 31, 2024

SoFi Next 500 ETF

Ticker: SFYX (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the SoFi Next 500 ETF (the "Fund") for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.sofi.com/invest/etfs/. You can also request this information by contacting us at (877) 358-0096 or by contacting the Fund at SoFi ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

Fund Name

 Costs of a $10,000 investment

 Costs paid as a percentage of a $10,000 investment

SoFi Next 500 ETF

$0

0.00%

Key Fund Statistics

(as of August 31, 2024 )

 

 

Fund Size (Thousands)

$93,395

Number of Holdings

498

Portfolio Turnover

22%

Security Type (% of net assets)

Sector

%

Financial

0.217

Consumer, Non-cyclical

0.190

Industrial

0.188

Consumer, Cyclical

0.146

Technology

0.122

Energy

0.053

Communications

0.041

Basic Materials

0.021

Utilities

0.020

Cash & Cash Equivalents

0.002

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

What did the Fund invest in?

(as of August 31, 2024 )

Top Ten Holdings

(% of net assets)

Dynatrace, Inc.

0.87

Blue Owl Capital, Inc. - Class A

0.79

TechnipFMC PLC

0.76

Nutanix, Inc. - Class A

0.76

Pure Storage, Inc. - Class A

0.76

FTAI Aviation Ltd.

0.69

Regal Rexnord Corp.

0.64

Molson Coors Brewing Co. - Class B

0.62

Interactive Brokers Group, Inc. - Class A

0.61

Kimco Realty Corp.

0.59

This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus.

How has the Fund changed?

Tidal Investments LLC (the ''Adviser'') has contractually agreed to waive a portion of its Management Fees for the Fund until at least June 30, 2025, such that Management Fees do not exceed 0.06% of the Fund’s average daily net assets. This agreement may be terminated only by, or with the consent of, the Trust’s Board of Trustees, on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This agreement may not be terminated by the Adviser without the consent of the Board of Trustees. In addition, the Adviser has voluntarily agreed to waive its full Management Fees through January 31, 2025. The additional voluntary fee waiver may fluctuate or be discontinued by the Adviser at any time with prior notice to shareholders; however, the Adviser currently anticipates maintaining the waiver through January 31, 2025.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

 

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.sofi.com/invest/etfs/.

SoFi Next 500 ETF Tailored Shareholder Report

 

 

SoFi Social 50 ETF Tailored Shareholder Report

semi-annual Shareholder Report August 31, 2024

SoFi Social 50 ETF

Ticker: SFYF (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the SoFi Social 50 ETF (the "Fund") for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.sofi.com/invest/etfs/. You can also request this information by contacting us at (877) 358-0096 or by contacting the Fund at SoFi ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

Fund Name

 Costs of a $10,000 investment

 Costs paid as a percentage of a $10,000 investment

SoFi Social 50 ETF

$16

0.29%

Key Fund Statistics

(as of August 31, 2024)

 

 

Fund Size (Thousands)

$17,473

Number of Holdings

51

Portfolio Turnover

26%

Security Type (% of net assets)

Sector

%

Technology

0.319

Consumer, Cyclical

0.279

Communications

0.232

Financial

0.095

Consumer, Non-cyclical

0.056

Energy

0.010

Industrial

0.007

Cash & Cash Equivalents

0.002

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments, investments purchased with collateral from securities lending and liabilities in excess of other assets.

 

What did the Fund invest in?

(as of August 31, 2024)

Top Ten Holdings

(% of net assets)

NVIDIA Corp.

10.13

Tesla, Inc.

9.16

Palantir Technologies, Inc. - Class A

5.17

Microsoft Corp.

4.89

Amazon.com, Inc.

4.81

Apple, Inc.

4.80

Meta Platforms, Inc. - Class A

4.71

Alphabet, Inc. - Class A

4.54

Berkshire Hathaway, Inc. - Class B

3.90

Rivian Automotive, Inc. - Class A

3.85

How has the Fund changed?

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

 

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.sofi.com/invest/etfs/.

SoFi Social 50 ETF Tailored Shareholder Report

 

 

SoFi Enhanced Yield ETF Tailored Shareholder Report

semi-annual Shareholder Report August 31, 2024

SoFi Enhanced Yield ETF

Ticker: THTA (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the SoFi Enhanced Yield ETF (the "Fund") for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.sofi.com/invest/etfs/. You can also request this information by contacting us at (877) 358-0096 or by contacting the Fund at SoFi ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

Fund Name

 Costs of a $10,000 investment

 Costs paid as a percentage of a $10,000 investment

SoFi Enhanced Yield ETF

$29

0.58%

Key Fund Statistics

(as of August 31, 2024)

 

 

Fund Size (Thousands)

$39,078

Number of Holdings

8

Portfolio Turnover

270%

Security Type (% of total investments)

Sector

%

U.S. Treasury Obligations

1.102

Options Purchased

0.085

Options Written

-0.093

Cash & Cash Equivalents

-0.094

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments and liabilities in excess of other assets.

What did the Fund invest in?

(as of August 31, 2024)

Top Holdings

(% of net assets)

United States Treasury Note/Bond - 3.88%, 03/31/2025

36.09

United States Treasury Note/Bond - 4.50%, 11/30/2024

35.41

United States Treasury Note/Bond - 3.00%, 07/15/2025

29.29

S&P 500 Index, Expiration: 09/27/2024; Exercise Price: $6,150.00

7.67

S&P 500 Index, Expiration: 09/27/2024; Exercise Price: $4,880.00

0.11

How has the Fund changed?

There were no material changes during the reporting period.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

 

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.sofi.com/invest/etfs/.

SoFi Enhanced Yield ETF Tailored Shareholder Report

 

 

SoFi Select 500 ETF Tailored Shareholder Report

semi-annual Shareholder Report August 31, 2024

SoFi Select 500 ETF

Ticker: SFY (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the SoFi Select 500 ETF (the "Fund") for the period March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.sofi.com/invest/etfs/. You can also request this information by contacting us at (877) 358-0096 or by contacting the Fund at SoFi ETFs, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701. This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the past six months?
(based on a hypothetical $10,000 investment)

Fund Name

 Costs of a $10,000 investment

 Costs paid as a percentage of a $10,000 investment

SoFi Select 500 ETF

$0

0.00%

Key Fund Statistics

(as of August 31, 2024)

 

 

Fund Size (Thousands)

$852,911

Number of Holdings

502

Portfolio Turnover

12%

Security Type (% of net assets)

Sector

%

Technology

0.350

Communications

0.182

Financial

0.156

Consumer, Non-cyclical

0.146

Consumer, Cyclical

0.062

Industrial

0.055

Energy

0.020

Utilities

0.015

Basic Materials

0.012

Cash & Cash Equivalents

0.002

Percentages are based on total net assets. Cash & Cash Equivalents represents short-term investments, investments purchased with proceeds from securities lending and liabilities in excess of other assets.

 

What did the Fund invest in?

(as of August 31, 2024)

Top Ten Holdings

(% of net assets)

NVIDIA Corp.

15.1

Amazon.com, Inc.

8.3

Microsoft Corp.

4.6

Apple, Inc.

4.2

Meta Platforms, Inc. - Class A

2.6

Berkshire Hathaway, Inc. - Class B

1.9

JPMorgan Chase & Co.

1.8

Eli Lilly & Co.

1.7

Broadcom, Inc.

1.4

Alphabet, Inc. - Class A

1.3

This is a summary of certain changes to the Fund. For more complete information, you may review the Fund's prospectus.

How has the Fund changed?

Tidal Investments LLC (the ''Adviser'') has contractually agreed to waive a portion of its Management Fees for the Fund until at least June 30, 2025, such that Management Fees do not exceed 0.05% of the Fund’s average daily net assets. This agreement may be terminated only by, or with the consent of, the Trust’s Board of Trustees, on behalf of the Fund, upon sixty (60) days’ written notice to the Adviser. This agreement may not be terminated by the Adviser without the consent of the Board of Trustees. In addition, the Adviser has voluntarily agreed to waive its full Management Fees through January 31, 2025. The additional voluntary fee waiver may fluctuate or be discontinued by the Adviser at any time with prior notice to shareholders; however, the Adviser currently anticipates maintaining the waiver through January 31, 2025.

Changes in and Disagreements with Accountants

There were no changes in or disagreements with accountants.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

 

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.sofi.com/invest/etfs/.

SoFi Select 500 ETF Tailored Shareholder Report

 

 

 

Item 2. Code of Ethics.

 

Not applicable for semi-annual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable for semi-annual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable for semi-annual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable for semi-annual reports.

 

Item 6. Investments.

 

(a)Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

 

(b)Not applicable.

 

 1

 

 

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

 

(a) 

 

 

 

 

Core Financial Statements
August 31, 2024 (Unaudited)

 

Tidal ETF Trust
SoFi Select 500 ETF | SFY | NYSE Arca, Inc.
SoFi Next 500 ETF | SFYX | NYSE Arca, Inc.
SoFi Social 50 ETF | SFYF | NYSE Arca, Inc.
SoFi Enhanced Yield ETF | THTA | NYSE Arca, Inc.

 

 

 

 

SoFi ETFs

Table of Contents

 

  Page
Schedule of Investments: SoFi Select 500 ETF 1
Schedule of Investments: SoFi Next 500 ETF 15
Schedule of Investments: SoFi Social 50 ETF 29
Schedule of Investments: SoFi Enhanced Yield ETF 32
Schedule of Written Options Contracts: SoFi Enhanced Yield ETF 33
Statements of Assets and Liabilities 34
Statements of Operations 35
Statements of Changes in Net Assets 36
Financial Highlights 40
Notes to the Financial Statements 44

 

 

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

 
COMMON STOCKS - 98.1%  Shares   Value 
Advertising - 0.2%    
Omnicom Group, Inc. (a)   2,131   $214,016 
The Trade Desk, Inc. - Class A (b)   10,145    1,060,457 
         1,274,473 
           
Aerospace & Defense - 1.8%          
General Dynamics Corp.   3,244    971,124 
General Electric Co.   31,858    5,563,044 
Howmet Aerospace, Inc.   6,001    580,057 
L3Harris Technologies, Inc.   2,763    653,919 
Lockheed Martin Corp.   2,644    1,502,056 
Northrop Grumman Corp.   1,591    832,427 
RTX Corp.   17,032    2,100,727 
The Boeing Co. (b)   12,097    2,101,733 
TransDigm Group, Inc.   957    1,314,162 
         15,619,249 
           
Agriculture - 0.4%          
Altria Group, Inc.   17,988    967,215 
Archer-Daniels-Midland Co.   4,519    275,614 
Bunge Global SA   1,239    125,610 
Philip Morris International, Inc.   18,801    2,317,975 
         3,686,414 
           
Airlines - 0.1%          
Delta Air Lines, Inc.   11,999    509,838 
Southwest Airlines Co. (a)   9,400    271,848 
United Airlines Holdings, Inc. (b)   6,878    302,907 
         1,084,593 
           
Apparel - 0.2%          
Deckers Outdoor Corp. (b)   376    360,693 
Nike, Inc. - Class B (a)   13,311    1,109,073 
         1,469,766 
           
Auto Manufacturers - 1.3%          
Cummins, Inc.   2,789    872,539 
Ford Motor Co.   85,658    958,513 
General Motors Co.   13,037    648,982 
PACCAR, Inc.   8,944    860,234 
Tesla, Inc. (b)   34,767    7,443,962 
         10,784,230 
           
Banks - 5.7%          
Bank of America Corp.   175,443    7,149,302 
Citigroup, Inc.   44,504    2,787,731 
Citizens Financial Group, Inc.   7,366    317,106 
Fifth Third Bancorp   11,529    492,173 
First Citizens BancShares, Inc. - Class A (a)   634    1,287,464 
Huntington Bancshares, Inc.   26,853    401,989 

 

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

 

 1

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

JPMorgan Chase & Co.   68,134    15,316,523 
KeyCorp   15,284    260,745 
M&T Bank Corp.   3,772    649,199 
Morgan Stanley   35,507    3,678,880 
Northern Trust Corp.   5,064    461,887 
Regions Financial Corp. (a)   12,656    296,404 
State Street Corp.   6,340    552,214 
The Bank of New York Mellon Corp.   19,065    1,300,614 
The Goldman Sachs Group, Inc.   7,920    4,041,180 
The PNC Financial Services Group, Inc.   7,186    1,330,057 
Truist Financial Corp.   34,628    1,539,561 
U.S. Bancorp   33,210    1,568,508 
Wells Fargo & Co.   80,601    4,712,741 
         48,144,278 
           
Beverages - 1.1%          
Brown-Forman Corp. - Class B (a)   3,426    156,191 
Constellation Brands, Inc. - Class A   6,765    1,628,403 
Keurig Dr Pepper, Inc.   15,753    576,717 
Monster Beverage Corp. (b)   14,355    676,551 
PepsiCo, Inc.   15,504    2,680,332 
The Coca-Cola Co.   47,710    3,457,544 
         9,175,738 
           
Biotechnology - 1.1%          
Alnylam Pharmaceuticals, Inc. (b)   3,414    896,824 
Amgen, Inc.   6,252    2,087,105 
Biogen, Inc. (b)   1,329    272,126 
BioMarin Pharmaceutical, Inc. (b)   3,679    335,562 
Corteva, Inc.   7,946    455,306 
Gilead Sciences, Inc.   14,489    1,144,631 
GRAIL, Inc. (b)   330    4,656 
Illumina, Inc. (b)   2,011    264,245 
Incyte Corp. (b)   3,453    226,724 
Moderna, Inc. (b)   2,289    177,169 
Regeneron Pharmaceuticals, Inc. (b)   1,255    1,486,786 
Royalty Pharma PLC - Class A   16,651    483,378 
Vertex Pharmaceuticals, Inc. (b)   3,274    1,623,544 
         9,458,056 
           
Building Materials - 0.5%          
Builders FirstSource, Inc. (b)   864    150,336 
Carrier Global Corp.   9,575    696,869 
CRH PLC   8,329    756,023 
Johnson Controls International PLC   8,950    652,008 
Martin Marietta Materials, Inc.   827    441,750 
Masco Corp.   2,108    167,713 
Trane Technologies PLC   2,626    949,719 
Vulcan Materials Co.   1,687    413,669 
         4,228,087 

 

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

 

 2

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Chemicals - 0.9%          
Air Products and Chemicals, Inc.   2,132    594,508 
Albemarle Corp. (a)   1,625    146,656 
Celanese Corp.   1,290    168,474 
CF Industries Holdings, Inc.   1,208    100,373 
Dow, Inc.   7,119    381,436 
DuPont de Nemours, Inc.   4,690    395,132 
Eastman Chemical Co.   1,045    106,977 
Ecolab, Inc.   3,483    881,826 
International Flavors & Fragrances, Inc.   2,612    271,622 
Linde PLC   5,353    2,560,072 
LyondellBasell Industries NV - Class A   2,587    255,337 
PPG Industries, Inc.   2,926    379,590 
The Mosaic Co.   2,093    59,797 
The Sherwin-Williams Co.   2,974    1,098,506 
Westlake Corp.   1,047    152,276 
         7,552,582 
           
Commercial Services - 1.5%          
Automatic Data Processing, Inc.   4,821    1,330,162 
Block, Inc. (b)   27,130    1,792,750 
Booz Allen Hamilton Holding Corp.   1,744    276,912 
Cintas Corp.   1,253    1,008,815 
Corpay, Inc. (b)   864    272,635 
Equifax, Inc.   1,492    458,238 
Global Payments, Inc.   10,618    1,178,704 
Moody's Corp.   2,198    1,072,053 
PayPal Holdings, Inc. (b)   13,981    1,012,644 
Quanta Services, Inc.   2,296    631,698 
Rollins, Inc.   6,531    327,726 
S&P Global, Inc.   4,167    2,138,671 
TransUnion   3,071    297,304 
United Rentals, Inc.   1,030    763,498 
Verisk Analytics, Inc.   1,591    434,057 
         12,995,867 
           
Computers - 5.9%          
Accenture PLC - Class A   7,067    2,416,561 
Apple, Inc.   155,912    35,703,848 
Cognizant Technology Solutions Corp. - Class A   5,167    401,838 
Crowdstrike Holdings, Inc. - Class A (b)   11,029    3,058,121 
Dell Technologies, Inc. - Class C   3,009    347,660 
EPAM Systems, Inc. (b)   625    125,475 
Fortinet, Inc. (b)   11,977    918,756 
Gartner, Inc. (b)   979    481,629 
Hewlett Packard Enterprise Co.   16,482    319,256 
HP, Inc.   9,150    331,047 
International Business Machines Corp.   19,029    3,846,332 
Leidos Holdings, Inc.   2,242    355,379 
NetApp, Inc.   2,016    243,371 
Seagate Technology Holdings PLC   1,495    148,827 
Super Micro Computer, Inc. (a)(b)   1,749    765,537 

 

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

 

 3

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Western Digital Corp. (b)   2,307    151,316 
Zscaler, Inc. (b)   4,917    983,302 
         50,598,255 
           
Cosmetics & Personal Care - 0.7%          
Colgate-Palmolive Co.   9,681    1,031,026 
Kenvue, Inc.   21,270    466,876 
The Estee Lauder Co., Inc. - Class A   2,742    251,332 
The Procter & Gamble Co.   24,833    4,259,853 
         6,009,087 
           
Distribution & Wholesale - 0.2%          
Copart, Inc. (b)   12,017    636,420 
Fastenal Co.   6,440    439,723 
LKQ Corp.   3,506    145,815 
W.W. Grainger, Inc.   628    618,530 
         1,840,488 
           
Diversified Financial Services - 3.3%          
American Express Co.   10,663    2,757,985 
Ameriprise Financial, Inc.   1,360    611,238 
Apollo Global Management, Inc.   18,001    2,083,256 
Ares Management Corp. - Class A   4,525    662,460 
BlackRock, Inc.   1,779    1,604,320 
Capital One Financial Corp.   5,735    842,644 
Cboe Global Markets, Inc.   1,424    292,490 
CME Group, Inc.   4,560    983,774 
Coinbase Global, Inc. - Class A (b)   7,679    1,408,021 
Discover Financial Services   4,543    630,160 
Franklin Resources, Inc. (a)   6,151    124,496 
Intercontinental Exchange, Inc.   7,488    1,209,686 
LPL Financial Holdings, Inc.   1,014    227,481 
Mastercard, Inc. - Class A   12,581    6,080,901 
Nasdaq, Inc.   6,040    435,363 
Raymond James Financial, Inc.   2,797    334,437 
Synchrony Financial   7,421    372,979 
T. Rowe Price Group, Inc.   2,318    245,801 
The Charles Schwab Corp.   21,975    1,430,573 
Visa, Inc. - Class A   21,104    5,832,512 
         28,170,577 
           
Electric - 1.4%          
Alliant Energy Corp.   2,397    139,673 
Ameren Corp.   2,447    201,902 
American Electric Power Co., Inc.   5,275    528,977 
Avangrid, Inc.   4,257    151,932 
CenterPoint Energy, Inc.   5,580    152,334 
CMS Energy Corp.   2,530    171,686 
Consolidated Edison, Inc.   3,155    320,422 
Constellation Energy Corp.   9,804    1,928,447 
Dominion Energy, Inc.   7,406    413,995 
DTE Energy Co.   1,426    178,279 

 

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

 

 4

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Duke Energy Corp.   7,841    893,482 
Edison International   4,211    366,483 
Entergy Corp.   1,973    238,121 
Evergy, Inc.   2,094    123,839 
Eversource Energy   5,588    377,358 
Exelon Corp.   12,471    475,020 
FirstEnergy Corp.   8,628    378,942 
NextEra Energy, Inc.   19,225    1,547,805 
PG&E Corp.   27,370    539,189 
PPL Corp.   8,629    275,351 
Public Service Enterprise Group, Inc. (a)   4,515    364,586 
Sempra   6,603    542,635 
The AES Corp.   15,521    265,875 
The Southern Co.   9,100    786,240 
Vistra Corp.   3,697    315,835 
WEC Energy Group, Inc. (a)   2,836    263,833 
Xcel Energy, Inc.   5,209    318,947 
         12,261,188 
           
Electrical Components & Equipment - 0.3%          
AMETEK, Inc.   2,731    467,137 
Eaton Corp. PLC   5,292    1,624,274 
Emerson Electric Co.   5,253    553,614 
         2,645,025 
           
Electronics - 0.5%          
Amphenol Corp. - Class A   11,842    798,743 
Fortive Corp.   4,556    338,966 
Garmin Ltd.   2,143    392,790 
Honeywell International, Inc.   7,146    1,485,725 
Hubbell, Inc. (a)   699    279,544 
Keysight Technologies, Inc. (b)   1,741    268,323 
Mettler-Toledo International, Inc. (b)   194    279,182 
         3,843,273 
           
Energy - Alternate Sources - 0.1%          
Enphase Energy, Inc. (b)   1,109    134,233 
First Solar, Inc. (b)   4,623    1,051,132 
         1,185,365 
           
Engineering & Construction - 0.0%(c)          
Jacobs Solutions, Inc.   1,583    238,843 
           
Entertainment - 0.1%          
DraftKings, Inc. - Class A (b)   13,885    479,033 
Live Nation Entertainment, Inc. (a)(b)   5,454    532,692 
         1,011,725 
           
Environmental Control - 0.2%          
Republic Services, Inc.   3,941    820,556 
Veralto Corp.   2,531    284,560 

 

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

 

 5

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Waste Management, Inc.   4,518    957,997 
         2,063,113 
           
Food - 0.6%          
Campbell Soup Co.   2,950    146,674 
Conagra Brands, Inc.   5,083    158,590 
General Mills, Inc.   5,581    403,451 
Hormel Foods Corp.   5,134    167,112 
Kellanova   2,930    236,187 
Lamb Weston Holdings, Inc.   2,872    177,834 
McCormick & Co., Inc.   2,709    216,801 
Mondelez International, Inc. - Class A   18,329    1,316,205 
Sysco Corp.   6,118    477,020 
The Hershey Co. (a)   1,612    311,213 
The J.M. Smucker Co.   3,297    378,100 
The Kraft Heinz Co.   13,541    479,758 
The Kroger Co.   8,026    427,063 
Tyson Foods, Inc. - Class A   3,086    198,461 
         5,094,469 
           
Forest Products & Paper - 0.0%(c)          
International Paper Co. (a)   3,408    165,015 
           
Gas - 0.0%(c)          
Atmos Energy Corp.   1,250    163,425 
           
Hand & Machine Tools - 0.0%(c)          
Snap-on, Inc.   613    173,933 
Stanley Black & Decker, Inc. (a)   1,735    177,594 
         351,527 
           
Healthcare - Products - 2.4%          
Abbott Laboratories   16,510    1,870,088 
Agilent Technologies, Inc.   2,902    414,754 
Align Technology, Inc. (b)   978    232,001 
Baxter International, Inc. (a)   18,642    707,277 
Boston Scientific Corp. (b)   26,664    2,180,849 
Danaher Corp.   5,951    1,602,664 
Edwards Lifesciences Corp. (b)   7,620    533,095 
Exact Sciences Corp. (a)(b)   3,211    198,087 
GE HealthCare Technologies, Inc. (a)   5,675    481,353 
Hologic, Inc. (b)   2,095    170,198 
IDEXX Laboratories, Inc. (b)   1,027    494,326 
Insulet Corp. (b)   2,833    574,447 
Intuitive Surgical, Inc. (b)   5,346    2,633,600 
Medtronic PLC   15,920    1,410,194 
ResMed, Inc. (a)   1,763    431,970 
Revvity, Inc.   1,196    146,558 
Solventum Corp. (b)   1,614    103,473 
STERIS PLC   3,708    893,999 
Stryker Corp.   5,326    1,919,597 
Teleflex, Inc.   564    138,276 

 

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

 

 6

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

The Cooper Cos., Inc.(b)   2,845    300,802 
Thermo Fisher Scientific, Inc.   3,587    2,206,256 
Waters Corp. (b)   553    191,531 
West Pharmaceutical Services, Inc.   775    243,063 
Zimmer Biomet Holdings, Inc.   3,884    448,447 
         20,526,905 
           
Healthcare - Services - 1.5%          
Centene Corp. (b)   7,738    609,986 
Elevance Health, Inc.   2,817    1,568,759 
HCA Healthcare, Inc.   2,991    1,183,210 
Humana, Inc.   1,596    565,734 
IQVIA Holdings, Inc. (b)   2,121    533,538 
Labcorp Holdings, Inc.   811    186,441 
Molina Healthcare, Inc. (b)   842    294,523 
Quest Diagnostics, Inc.   951    149,278 
UnitedHealth Group, Inc.   12,239    7,223,458 
         12,314,927 
           
Home Builders - 0.2%          
D.R. Horton, Inc.   3,874    731,256 
Lennar Corp. - Class A   2,563    466,620 
NVR, Inc. (b)   29    266,001 
PulteGroup, Inc.   2,052    270,146 
         1,734,023 
           
Household Products & Wares - 0.2%          
Avery Dennison Corp.   718    159,288 
Church & Dwight Co., Inc.   3,222    328,258 
Kimberly-Clark Corp.   3,412    493,580 
The Clorox Co.   3,765    596,037 
         1,577,163 
           
Insurance - 4.2%          
Aflac, Inc. (a)   5,227    576,852 
American International Group, Inc.   5,134    395,575 
Aon PLC - Class A   2,466    847,614 
Arch Capital Group Ltd. (b)   8,616    974,383 
Arthur J Gallagher & Co.   3,559    1,041,257 
Berkshire Hathaway, Inc. - Class B (b)   34,526    16,431,614 
Brown & Brown, Inc.   4,425    465,200 
Chubb Ltd.   6,255    1,777,546 
Cincinnati Financial Corp.   5,259    720,641 
CNA Financial Corp.   3,445    178,864 
Erie Indemnity Co. - Class A   647    328,825 
Everest Group Ltd.   959    376,158 
Markel Group, Inc. (b)   508    813,145 
Marsh & McLennan Co., Inc.   6,300    1,433,313 
MetLife, Inc.   10,021    776,427 
Principal Financial Group, Inc.   2,028    165,120 
Prudential Financial, Inc.   5,469    662,624 
The Allstate Corp.   10,242    1,935,123 

 

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

 

 7

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

The Hartford Financial Services Group, Inc.   3,756    436,072 
The Progressive Corp.   17,343    4,373,905 
The Travelers Co., Inc.   3,141    716,368 
W.R. Berkley Corp.   5,065    302,380 
Willis Towers Watson PLC   1,266    369,811 
         36,098,817 
           
Internet - 15.8%          
Airbnb, Inc. - Class A (b)   7,355    862,815 
Alphabet, Inc. - Class A   69,247    11,313,575 
Alphabet, Inc. - Class C   66,292    10,945,472 
Amazon.com, Inc. (b)   397,281    70,914,658 
Booking Holdings, Inc.   620    2,423,723 
CDW Corp.   1,348    304,163 
DoorDash, Inc. - Class A (b)   8,491    1,092,877 
eBay, Inc. (a)   8,882    524,926 
Expedia Group, Inc. (b)   2,232    310,449 
Gen Digital, Inc.   12,012    317,838 
GoDaddy, Inc. - Class A (b)   2,285    382,532 
Meta Platforms, Inc. - Class A   42,627    22,221,881 
Netflix, Inc. (b)   6,360    4,460,586 
Okta, Inc. (b)   3,465    272,799 
Palo Alto Networks, Inc. (b)   12,140    4,403,421 
Pinterest, Inc. - Class A (b)   18,186    582,679 
Snap, Inc. - Class A (b)   10,782    100,704 
Uber Technologies, Inc. (b)   39,505    2,889,001 
VeriSign, Inc. (b)   1,186    218,105 
         134,542,204 
           
Iron & Steel - 0.1%          
Nucor Corp.   2,075    315,213 
Reliance, Inc.   519    148,772 
Steel Dynamics, Inc.   1,279    152,853 
         616,838 
           
Leisure Time - 0.3%          
Carnival Corp. (b)   55,840    921,360 
Royal Caribbean Cruises Ltd. (b)   7,146    1,176,374 
         2,097,734 
           
Lodging - 0.4%          
Hilton Worldwide Holdings, Inc.   3,815    837,927 
Las Vegas Sands Corp.   27,399    1,068,287 
Marriott International, Inc. - Class A   3,823    897,220 
MGM Resorts International (a)(b)   4,528    170,207 
         2,973,641 
           
Machinery - Construction & Mining - 0.5%          
Caterpillar, Inc. (a)   7,271    2,589,203 
GE Vernova, Inc. (b)   5,653    1,136,253 

 

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

 

 8

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Vertiv Holdings Co. - Class A   10,748    892,406 
         4,617,862 
           
Machinery - Diversified - 0.5%          
Deere & Co.   3,261    1,257,898 
Dover Corp.   1,335    248,350 
IDEX Corp.   794    163,945 
Ingersoll Rand, Inc.   6,039    552,267 
Otis Worldwide Corp.   4,707    445,706 
Rockwell Automation, Inc.   1,581    430,079 
Westinghouse Air Brake Technologies Corp.   2,487    421,721 
Xylem, Inc.   4,840    665,645 
         4,185,611 
           
Media - 0.7%          
Charter Communications, Inc. - Class A (a)(b)   1,462    508,104 
Comcast Corp. - Class A   55,509    2,196,491 
FactSet Research Systems, Inc. (a)   455    192,392 
Sirius XM Holdings, Inc. (a)   40,715    133,952 
The Walt Disney Co.   27,144    2,453,275 
Warner Bros Discovery, Inc. (a)(b)   49,287    386,410 
         5,870,624 
           
Mining - 0.2%          
Freeport-McMoRan, Inc.   14,765    653,794 
Newmont Corp.   11,141    594,818 
Southern Copper Corp. (a)   7,868    800,375 
         2,048,987 
           
Miscellaneous Manufacturers - 0.4%          
3M Co.   4,889    658,500 
Axon Enterprise, Inc. (b)   1,290    470,811 
Carlisle Cos., Inc.   320    135,616 
Illinois Tool Works, Inc.   3,152    798,023 
Parker-Hannifin Corp.   2,067    1,240,613 
Teledyne Technologies, Inc. (b)   512    221,594 
Textron, Inc.   2,403    219,154 
         3,744,311 
           
Office & Business Equipment - 0.0%(c)          
Zebra Technologies Corp. - Class A (b)   370    127,791 
           
Oil & Gas - 1.3%          
Chevron Corp.   14,887    2,202,532 
ConocoPhillips   8,520    969,491 
Coterra Energy, Inc.   5,099    124,059 
Devon Energy Corp.   4,742    212,347 
Diamondback Energy, Inc.   1,583    308,859 
EOG Resources, Inc.   4,577    589,609 
Exxon Mobil Corp. (a)   37,046    4,369,205 
Hess Corp.   2,843    392,504 
Marathon Oil Corp.   4,843    138,752 

 

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

 

 9

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Marathon Petroleum Corp.   3,147    557,397 
Occidental Petroleum Corp. (a)   6,534    372,307 
Phillips 66   3,897    546,788 
Valero Energy Corp.   2,715    398,372 
         11,182,222 
           
Oil & Gas Services - 0.3%          
Baker Hughes Co.   26,511    932,392 
Halliburton Co.   13,580    422,202 
Schlumberger NV   23,595    1,037,944 
         2,392,538 
           
Packaging & Containers - 0.0%(c)          
Ball Corp.   2,719    173,499 
Packaging Corp. of America   801    167,842 
         341,341 
           
Pharmaceuticals - 5.2%          
AbbVie, Inc.   24,953    4,898,523 
Becton Dickinson & Co.   4,042    979,821 
Bristol-Myers Squibb Co.   21,351    1,066,483 
Cardinal Health, Inc.   5,272    594,260 
Cencora, Inc.   2,767    662,890 
CVS Health Corp.   22,654    1,296,715 
Dexcom, Inc. (b)   7,216    500,358 
Eli Lilly & Co.   15,511    14,890,870 
Johnson & Johnson   23,860    3,957,420 
McKesson Corp.   1,616    906,705 
Merck & Co., Inc.   82,347    9,754,002 
Pfizer, Inc.   67,720    1,964,557 
The Cigna Group   3,299    1,193,611 
Viatris, Inc.   36,021    435,134 
Zoetis, Inc.   4,988    915,248 
         44,016,597 
           
Pipelines - 0.3%          
Cheniere Energy, Inc.   3,518    651,745 
Kinder Morgan, Inc.   16,945    365,503 
ONEOK, Inc.   4,848    447,761 
Targa Resources Corp.   1,701    249,877 
The Williams Co., Inc.   10,905    499,122 
         2,214,008 
           
Private Equity - 0.6%          
Blackstone, Inc.   6,983    994,100 
KKR & Co., Inc.   35,016    4,333,930 
         5,328,030 
Real Estate - 0.1%          
CBRE Group, Inc. - Class A (b)   3,241    373,169 
CoStar Group, Inc. (b)   4,650    359,445 
         732,614 
           

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

 

 10

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Retail - 3.5%          
AutoZone, Inc. (b)   200    636,296 
Best Buy Co., Inc.   2,103    211,141 
Burlington Stores, Inc. (b)   900    241,416 
CarMax, Inc. (a)(b)   1,381    116,764 
Chipotle Mexican Grill, Inc. (b)   19,030    1,067,202 
Costco Wholesale Corp.   5,025    4,484,210 
Darden Restaurants, Inc. (a)   1,407    222,517 
Dollar General Corp.   2,289    189,918 
Dollar Tree, Inc. (b)   2,976    251,442 
Domino's Pizza, Inc.   325    134,618 
Genuine Parts Co.   1,380    197,699 
Lowe's Co., Inc.   5,145    1,278,533 
McDonald's Corp.   8,952    2,584,084 
O'Reilly Automotive, Inc. (b)   821    927,705 
Ross Stores, Inc.   4,212    634,369 
Starbucks Corp.   17,004    1,608,068 
Target Corp.   5,235    804,201 
The Home Depot, Inc.   9,488    3,496,328 
The TJX Co., Inc.   13,243    1,553,007 
Tractor Supply Co.   1,036    277,182 
Ulta Beauty, Inc. (b)   582    205,353 
Walgreens Boots Alliance, Inc. (a)   20,884    193,177 
Walmart, Inc.   98,733    7,625,150 
Williams-Sonoma, Inc. (a)   1,092    146,688 
Yum! Brands, Inc.   3,159    426,212 
         29,513,280 
           
Semiconductors - 18.7%          
Advanced Micro Devices, Inc. (b)   43,114    6,405,016 
Analog Devices, Inc.   4,399    1,033,061 
Applied Materials, Inc.   8,973    1,770,014 
Broadcom, Inc.   71,010    11,561,848 
Entegris, Inc.   2,410    279,247 
GLOBALFOUNDRIES, Inc. (a)(b)   4,649    217,015 
Intel Corp.   57,939    1,276,975 
KLA Corp.   1,236    1,012,815 
Lam Research Corp.   1,034    848,924 
Marvell Technology, Inc.   9,082    692,412 
Microchip Technology, Inc.   5,598    459,932 
Micron Technology, Inc.   9,190    884,446 
Monolithic Power Systems, Inc.   556    519,682 
NVIDIA Corp.   1,076,238    128,470,530 
ON Semiconductor Corp. (b)   4,003    311,714 
Qorvo, Inc. (b)   1,177    136,402 
QUALCOMM, Inc.   9,512    1,667,454 
Skyworks Solutions, Inc.   1,503    164,714 
Teradyne, Inc.   1,120    153,138 
Texas Instruments, Inc.   6,844    1,466,943 
         159,332,282 

 

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

 

 11

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Software - 10.4%          
Adobe, Inc. (b)   6,224    3,575,128 
Akamai Technologies, Inc. (b)   1,911    194,616 
ANSYS, Inc. (b)   1,147    368,669 
AppLovin Corp. - Class A (b)   6,208    576,537 
Aspen Technology, Inc. (b)   883    206,746 
Atlassian Corp. - Class A (b)   3,906    646,834 
Autodesk, Inc. (b)   3,097    800,265 
Broadridge Financial Solutions, Inc.   1,493    317,800 
Cadence Design Systems, Inc. (b)   4,260    1,145,642 
Cloudflare, Inc. - Class A (b)   6,931    569,312 
Datadog, Inc. - Class A (b)   14,338    1,666,936 
DocuSign, Inc. (b)   7,904    467,996 
Electronic Arts, Inc.   3,286    498,880 
Fair Isaac Corp. (b)   341    590,022 
Fidelity National Information Services, Inc.   8,707    717,892 
Fiserv, Inc. (b)   7,875    1,374,975 
HubSpot, Inc. (a)(b)   1,163    580,418 
Intuit, Inc.   4,087    2,575,873 
Jack Henry & Associates, Inc.   859    148,633 
Microsoft Corp.   94,824    39,554,883 
MicroStrategy, Inc. - Class A (a)(b)   2,072    274,374 
MongoDB, Inc. (a)(b)   1,577    458,576 
MSCI, Inc.   1,180    685,096 
Oracle Corp.   38,689    5,466,369 
Palantir Technologies, Inc. - Class A (b)   50,172    1,579,414 
Paychex, Inc. (a)   4,073    534,378 
Paycom Software, Inc.   920    149,758 
PTC, Inc. (a)(b)   1,897    339,734 
ROBLOX Corp. - Class A (b)   8,529    375,191 
Roper Technologies, Inc.   1,524    844,921 
Salesforce, Inc.   39,862    10,081,100 
ServiceNow, Inc. (b)   6,533    5,585,715 
Snowflake, Inc. - Class A (b)   6,870    784,760 
SS&C Technologies Holdings, Inc.   3,038    228,123 
Synopsys, Inc. (b)   2,501    1,299,469 
Take-Two Interactive Software, Inc. (b)   1,997    322,935 
Twilio, Inc. - Class A (b)   2,663    167,130 
Tyler Technologies, Inc. (b)   437    256,899 
Veeva Systems, Inc. - Class A (b)   2,221    480,713 
Workday, Inc. - Class A (b)   5,785    1,522,554 
Zoom Video Communications, Inc. - Class A (b)   6,763    467,188 
         88,482,454 
Telecommunications - 1.6%          
Arista Networks, Inc. (b)   6,000    2,120,280 
AT&T, Inc.   113,763    2,263,884 
Cisco Systems, Inc.   49,517    2,502,589 
Corning, Inc.   8,212    343,672 
Motorola Solutions, Inc.   2,135    943,755 
T-Mobile US, Inc.   17,337    3,445,209 
Verizon Communications, Inc.   44,402    1,855,116 
         13,474,505 

 

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

 

 12

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

 

Transportation - 0.6%          
CSX Corp.   19,835    679,745 
Expeditors International of Washington, Inc.   1,000    123,410 
FedEx Corp.   2,535    757,382 
J.B. Hunt Transport Services, Inc.   874    151,377 
Norfolk Southern Corp.   2,230    571,237 
Old Dominion Freight Line, Inc.   2,346    452,309 
Union Pacific Corp.   5,769    1,477,383 
United Parcel Service, Inc. - Class B   6,123    787,112 
         4,999,955 
           
Water - 0.0%(c)          
American Water Works Co., Inc.   2,269    324,739 
TOTAL COMMON STOCKS (Cost $624,880,767)        836,526,711 
           
REAL ESTATE INVESTMENT TRUSTS - 1.7%          
Alexandria Real Estate Equities, Inc. (a)   4,309    515,227 
American Tower Corp.   5,962    1,335,846 
AvalonBay Communities, Inc.   1,423    321,214 
Crown Castle, Inc.   4,058    454,577 
Digital Realty Trust, Inc.   4,852    735,612 
Equinix, Inc.   1,341    1,118,877 
Equity Residential   3,842    287,689 
Essex Property Trust, Inc.   622    187,713 
Extra Space Storage, Inc.   3,740    661,980 
Healthpeak Properties, Inc.   7,170    159,747 
Host Hotels & Resorts, Inc. (a)   8,091    143,211 
Invitation Homes, Inc.   8,001    294,757 
Iron Mountain, Inc.   3,833    434,125 
Mid-America Apartment Communities, Inc.   1,181    191,759 
Prologis, Inc.   17,523    2,239,790 
Public Storage   1,830    629,008 
Realty Income Corp.   13,356    829,541 
SBA Communications Corp.   1,223    277,205 
Simon Property Group, Inc.   3,651    610,995 
Sun Communities, Inc. (a)   1,571    212,462 
UDR, Inc.   6,253    278,321 
Ventas, Inc.   4,235    263,036 
VICI Properties, Inc.   22,170    742,252 
W.P. Carey, Inc.   2,772    166,375 
Welltower, Inc.   10,331    1,246,745 
Weyerhaeuser Co.   5,465    166,628 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $12,733,433)        14,504,692 
           
CONTINGENT VALUE RIGHTS - 0.0%(c)          
Healthcare - Products - 0.0%(c)          
ABIOMED, Inc., Expires, Exercise Price $0.00 (b)(d)   455    0 
TOTAL CONTINGENT VALUE RIGHTS (Cost $0)        0 

 

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

 

 13

 

 

Schedule of Investments SoFi Select 500 ETF
August 31, 2024 (Unaudited)

           
SHORT-TERM INVESTMENTS - 2.4%          
Investments Purchased with Proceeds from Securities Lending - 2.3%          
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (e)   19,521,308    19,521,308 
           
Money Market Funds - 0.1%          
First American Government Obligations Fund - Class X, 5.22% (e)   1,161,749    1,161,749 
TOTAL SHORT-TERM INVESTMENTS (Cost $20,683,057)        20,683,057 
           
TOTAL INVESTMENTS - 102.2% (Cost $658,297,257)       $871,714,460 
Liabilities in Excess of Other Assets - (2.2)%        (18,803,824)
TOTAL NET ASSETS - 100.0%       $852,910,636 
           
Percentages are stated as a percent of net assets.          
           
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
 
(a)   All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $19,268,606 which represented 2.3% of net assets.
(b)   Non-income producing security.
(c)   Represents less than 0.05% of net assets.
(d)   Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2024.
(e)   The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

 

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

 

 14

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

COMMON STOCKS - 93.3%  Shares   Value 
Advertising - 0.2%    
The Interpublic Group of Co., Inc. (a)   6,416   $209,226 
           
Aerospace & Defense - 0.9%          
Curtiss-Wright Corp.   750    236,895 
HEICO Corp.   1,524    390,997 
Hexcel Corp.   1,743    110,315 
Leonardo DRS, Inc. (b)   4,494    128,259 
         866,466 
           
Agriculture - 0.1%          
Darling Ingredients, Inc. (b)   2,653    110,710 
           
Airlines - 0.6%          
Alaska Air Group, Inc. (b)   4,852    175,206 
American Airlines Group, Inc. (a)(b)   32,653    346,775 
         521,981 
           
Apparel - 1.1%          
Capri Holdings Ltd. (a)(b)   1,967    70,261 
Columbia Sportswear Co. (a)   887    71,608 
Crocs, Inc. (b)   1,225    179,058 
PVH Corp.   1,504    148,430 
Ralph Lauren Corp.   688    117,827 
Skechers U.S.A., Inc. - Class A (b)   2,326    159,284 
Tapestry, Inc.   4,150    170,026 
VF Corp. (a)   4,696    85,514 
         1,002,008 
           
Auto Manufacturers - 0.7%          
Lucid Group, Inc. (a)(b)   28,961    116,423 
Rivian Automotive, Inc. - Class A (a)(b)   38,927    550,039 
         666,462 
           
Auto Parts & Equipment - 0.7%          
Allison Transmission Holdings, Inc.   1,855    172,052 
BorgWarner, Inc.   3,315    112,942 
Gentex Corp.   5,440    170,435 
Lear Corp.   1,465    170,892 
         626,321 
           
Banks - 5.1%          
Bank OZK   4,380    189,873 
BOK Financial Corp.   1,938    203,393 
Cadence Bank   9,556    308,468 
Columbia Banking System, Inc.   8,354    210,354 
Comerica, Inc.   3,656    208,794 
Commerce Bancshares, Inc.   3,112    199,044 
Cullen/Frost Bankers, Inc. (a)   1,852    207,850 
East West Bancorp, Inc. (a)   4,630    389,244 
First Financial Bankshares, Inc. (a)   2,767    101,189 

 

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

 

 15

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

First Horizon National Corp.   15,263    253,213 
Glacier Bancorp, Inc. (a)   2,339    110,635 
Home BancShares, Inc.   4,952    137,864 
Old National Bancorp   9,768    193,895 
Pinnacle Financial Partners, Inc.   2,898    288,554 
Prosperity Bancshares, Inc.   2,283    167,983 
SouthState Corp.   1,915    185,927 
Synovus Financial Corp.   4,011    184,987 
United Bankshares, Inc.   3,531    137,250 
Valley National Bancorp   16,260    141,137 
Webster Financial Corp.   6,070    287,900 
Western Alliance Bancorp   3,090    252,391 
Wintrust Financial Corp.   2,293    249,478 
Zions Bancorp N.A.   3,878    192,194 
         4,801,617 
           
Beverages - 1.2%          
Celsius Holdings, Inc. (b)   12,016    456,968 
Molson Coors Brewing Co. - Class B (a)   10,697    577,317 
National Beverage Corp.   1,756    79,301 
         1,113,586 
           
Biotechnology - 2.5%          
Apellis Pharmaceuticals, Inc. (b)   5,610    218,229 
Bio-Rad Laboratories, Inc. - Class A (b)   556    187,550 
Blueprint Medicines Corp. (b)   1,368    130,699 
Cytokinetics, Inc. (a)(b)   1,201    68,553 
Exelixis, Inc. (b)   7,185    187,025 
Halozyme Therapeutics, Inc. (b)   3,303    210,897 
Intra-Cellular Therapies, Inc. (b)   4,707    344,929 
Ionis Pharmaceuticals, Inc. (b)   3,136    149,524 
REVOLUTION Medicines, Inc. (b)   1,554    66,247 
Sarepta Therapeutics, Inc. (a)(b)   2,784    378,011 
United Therapeutics Corp. (b)   1,043    379,183 
         2,320,847 
           
Building Materials - 2.9%          
AAON, Inc.   2,210    211,077 
Armstrong World Industries, Inc.   809    102,549 
Boise Cascade Co.   529    71,743 
Eagle Materials, Inc. (a)   633    163,156 
Fortune Brands Innovations, Inc.   2,135    169,540 
Knife River Corp. (b)   1,253    98,824 
Lennox International, Inc. (a)   677    399,559 
Louisiana-Pacific Corp.   837    81,231 
MDU Resources Group, Inc.   2,340    60,115 
Mohawk Industries, Inc. (b)   625    96,962 
Owens Corning   1,379    232,679 
Simpson Manufacturing Co., Inc.   770    140,956 
SPX Technologies, Inc. (b)   2,307    376,364 
Summit Materials, Inc. - Class A (b)   3,411    138,146 
The AZEK Co., Inc. (b)   4,553    194,094 

 

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

 

 16

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Trex Co., Inc. (b)   1,822    116,134 
UFP Industries, Inc.   754    91,739 
         2,744,868 
           
Chemicals - 1.3%          
Ashland, Inc. (a)   758    67,841 
Axalta Coating Systems Ltd. (b)   4,278    156,147 
Balchem Corp.   536    94,888 
Cabot Corp. (a)   860    90,395 
Element Solutions, Inc.   4,353    116,399 
FMC Corp.   1,680    108,494 
Huntsman Corp.   5,434    119,820 
NewMarket Corp.   177    101,557 
Olin Corp.   1,435    62,667 
RPM International, Inc.   2,269    263,771 
The Chemours Co.   2,409    46,831 
         1,228,810 
           
Commercial Services - 4.5%          
ADT, Inc.   28,878    210,521 
Affirm Holdings, Inc. (a)(b)   6,371    280,388 
Alight, Inc. - Class A (b)   5,768    43,029 
API Group Corp. (b)   7,737    275,050 
Avis Budget Group, Inc.   571    46,816 
Bright Horizons Family Solutions, Inc. (b)   1,506    211,924 
Dun & Bradstreet Holdings, Inc. (a)   12,553    150,636 
Euronet Worldwide, Inc. (b)   887    95,716 
FTI Consulting, Inc. (b)   723    165,068 
GXO Logistics, Inc. (b)   2,462    123,223 
H&R Block, Inc. (a)   2,380    150,678 
Insperity, Inc.   666    62,597 
MarketAxess Holdings, Inc. (a)   661    160,220 
Morningstar, Inc.   1,184    371,504 
Paylocity Holding Corp. (b)   1,902    306,983 
R1 RCM, Inc. (b)   27,266    384,723 
Robert Half, Inc.   1,448    90,746 
Service Corp. International (a)   2,309    180,726 
Toast, Inc. - Class A (a)(b)   13,995    347,916 
TriNet Group, Inc.   1,058    108,794 
Valvoline, Inc. (b)   1,420    59,924 
WEX, Inc. (b)   1,135    216,808 
WillScot Holdings Corp. (a)(b)   4,050    156,087 
         4,200,077 
           
Computers - 2.7%          
Amdocs Ltd.   2,210    192,204 
ASGN, Inc. (b)   700    67,312 
CACI International, Inc. - Class A (b)   404    197,200 
DXC Technology Co. (b)   2,860    59,116 
ExlService Holdings, Inc. (b)   3,673    134,211 
Insight Enterprises, Inc. (a)(b)   513    111,357 
KBR, Inc.   2,024    140,385 

 

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

 

 17

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Maximus, Inc.   1,139    105,084 
Parsons Corp. (b)   3,165    302,131 
Pure Storage, Inc. - Class A (b)   13,756    705,545 
Qualys, Inc. (b)   813    101,763 
Science Applications International Corp.   862    112,569 
Tenable Holdings, Inc. (b)   3,540    146,131 
Varonis Systems, Inc. (b)   2,408    136,293 
         2,511,301 
           
Cosmetics & Personal Care - 1.1%          
Coty, Inc. - Class A (b)   23,414    219,624 
elf Beauty, Inc. (b)   2,994    448,471 
Inter Parfums, Inc.   823    106,035 
Perrigo Co. PLC (a)   7,362    214,234 
         988,364 
           
Distribution & Wholesale - 0.9%          
Core & Main, Inc. - Class A (b)   3,220    154,657 
Pool Corp. (a)   552    194,094 
SiteOne Landscape Supply, Inc. (a)(b)   877    124,411 
Watsco, Inc. (a)   506    240,562 
WESCO International, Inc.   865    143,054 
         856,778 
Diversified Financial Services - 5.2%          
Affiliated Managers Group, Inc.   446    77,528 
Air Lease Corp. (a)   5,160    238,753 
Ally Financial, Inc.   6,798    293,606 
Blue Owl Capital, Inc. - Class A (a)   41,790    737,176 
Credit Acceptance Corp. (b)   230    107,302 
Enact Holdings, Inc.   2,690    95,629 
Evercore, Inc. - Class A   587    144,249 
FTAI Aviation Ltd.   5,010    640,328 
Houlihan Lokey, Inc.   890    139,392 
Interactive Brokers Group, Inc. - Class A   4,440    572,272 
Invesco Ltd.   18,903    323,052 
Jefferies Financial Group, Inc.   4,008    240,280 
Mr Cooper Group, Inc. (b)   813    76,268 
OneMain Holdings, Inc.   1,961    96,893 
Radian Group, Inc. (a)   2,453    88,676 
SEI Investments Co.   2,189    148,042 
SLM Corp.   5,523    121,837 
Stifel Financial Corp.   1,981    174,605 
The Western Union Co.   5,183    63,233 
Tradeweb Markets, Inc. - Class A   2,529    299,029 
Voya Financial, Inc.   2,456    173,958 
         4,852,108 
           
Electric - 1.3%          
Black Hills Corp.   971    57,406 
IDACORP, Inc. (a)   891    90,802 
NRG Energy, Inc.   6,342    539,133 
OGE Energy Corp.   2,423    95,854 

 

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

 

 18

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Ormat Technologies, Inc.   1,362    101,510 
Pinnacle West Capital Corp. (a)   2,244    196,395 
Portland General Electric Co.   1,857    89,340 
         1,170,440 
           
Electrical Components & Equipment - 0.5%          
Acuity Brands, Inc.   486    123,784 
Generac Holdings, Inc. (b)   897    140,408 
Littelfuse, Inc.   357    97,175 
Universal Display Corp.   735    142,384 
         503,751 
           
Electronics - 2.4%          
Allegion PLC   1,843    255,882 
Arrow Electronics, Inc. (b)   718    96,987 
Atkore, Inc.   501    46,758 
Coherent Corp. (b)   1,639    127,760 
Jabil, Inc.   2,081    227,412 
NEXTracker, Inc. - Class A (b)   7,058    287,049 
nVent Electric PLC   3,548    241,122 
Sensata Technologies Holding PLC   6,263    241,439 
TD SYNNEX Corp.   1,391    168,895 
Trimble, Inc. (b)   4,597    260,604 
Vontier Corp.   2,529    88,591 
Woodward, Inc.   1,465    244,142 
         2,286,641 
           
Engineering & Construction - 2.0%          
AECOM   4,004    400,960 
Comfort Systems USA, Inc.   916    323,824 
EMCOR Group, Inc.   1,011    397,384 
Exponent, Inc.   738    79,903 
Fluor Corp. (b)   4,457    223,162 
MasTec, Inc. (a)(b)   2,159    244,248 
TopBuild Corp. (b)   541    212,624 
         1,882,105 
Entertainment - 1.8%          
Caesars Entertainment, Inc. (b)   6,353    239,127 
Churchill Downs, Inc.   1,870    259,874 
International Game Technology PLC   3,783    84,701 
Light & Wonder, Inc. - Class A (b)   2,943    323,200 
Marriott Vacations Worldwide Corp.   593    43,882 
TKO Group Holdings, Inc.   4,681    553,435 
Vail Resorts, Inc. (a)   737    133,913 
Warner Music Group Corp. - Class A (a)   2,711    77,562 
         1,715,694 
           
Environmental Control - 1.3%          
Casella Waste Systems, Inc. - Class A (b)   1,218    131,373 
Clean Harbors, Inc. (b)   893    219,589 
Pentair PLC   2,924    259,330 
Stericycle, Inc. (b)   4,612    273,307 

 

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

 

 19

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Tetra Tech, Inc.   1,422    338,066 
         1,221,665 
           
Food - 1.7%          
Albertsons Cos., Inc. - Class A   9,723    190,765 
Flowers Foods, Inc.   3,734    86,778 
Ingredion, Inc.   1,167    156,740 
Lancaster Colony Corp. (a)   532    90,844 
Performance Food Group Co. (b)   3,330    248,551 
Pilgrim's Pride Corp. (b)   4,061    189,162 
Post Holdings, Inc. (b)   1,166    134,988 
Sprouts Farmers Market, Inc. (b)   1,795    186,770 
US Foods Holding Corp. (b)   5,533    327,609 
         1,612,207 
           
Food Service - 0.3%          
Aramark   6,906    252,967 
           
Gas - 0.6%          
National Fuel Gas Co.   1,024    61,194 
New Jersey Resources Corp.   1,029    47,653 
NiSource, Inc. (a)   6,740    222,824 
ONE Gas, Inc.   824    56,807 
Southwest Gas Holdings, Inc.   2,037    148,131 
UGI Corp.   2,008    50,019 
         586,628 
           
Hand & Machine Tools - 1.1%          
Lincoln Electric Holdings, Inc.   1,216    235,429 
MSA Safety, Inc.   1,203    219,704 
Regal Rexnord Corp.   3,559    597,236 
         1,052,369 
           
Healthcare - Products - 3.5%          
Avantor, Inc. (a)(b)   10,884    281,242 
Bio-Techne Corp.   2,336    172,841 
Bruker Corp.   3,284    220,652 
DENTSPLY SIRONA, Inc. (a)   7,084    179,154 
Glaukos Corp. (b)   907    121,438 
Globus Medical, Inc. - Class A (b)   4,330    314,791 
Haemonetics Corp. (a)(b)   1,079    81,551 
Inspire Medical Systems, Inc. (b)   1,137    204,455 
Lantheus Holdings, Inc. (a)(b)   3,645    388,083 
Masimo Corp. (b)   886    104,123 
Merit Medical Systems, Inc. (b)   1,237    119,593 
Natera, Inc. (b)   3,226    381,507 
Penumbra, Inc. (b)   2,102    425,277 
QIAGEN NV   3,099    141,655 
Repligen Corp. (b)   760    114,707 
         3,251,069 

 

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

 

 20

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Healthcare - Services - 2.7%          
Acadia Healthcare Co., Inc. (b)   4,562    373,765 
Catalent, Inc. (b)   1,715    104,546 
Charles River Laboratories International, Inc. (b)   902    178,371 
Chemed Corp.   307    179,954 
DaVita, Inc. (a)(b)   1,507    227,437 
Encompass Health Corp.   2,127    197,917 
HealthEquity, Inc. (b)   3,324    264,457 
Medpace Holdings, Inc. (b)   829    294,519 
Tenet Healthcare Corp. (b)   1,670    276,953 
The Ensign Group, Inc.   1,362    206,152 
Universal Health Services, Inc. - Class B   1,097    261,053 
         2,565,124 
           
Home Builders - 0.7%          
Installed Building Products, Inc. (a)   490    108,932 
Meritage Homes Corp.   516    102,204 
Taylor Morrison Home Corp. (b)   1,465    98,638 
Thor Industries, Inc. (a)   649    69,612 
Toll Brothers, Inc.   1,636    235,699 
         615,085 
           
Home Furnishings - 0.7%          
Dolby Laboratories, Inc. - Class A   1,127    80,423 
SharkNinja, Inc.   3,457    331,250 
Tempur Sealy International, Inc.   2,869    150,421 
Whirlpool Corp. (a)   1,362    136,595 
         698,689 
           
Household Products & Wares - 0.1%          
Reynolds Consumer Products, Inc.   3,533    111,289 
           
Housewares - 0.1%          
The Scotts Miracle-Gro Co. (a)   1,001    71,051 
           
Insurance - 4.5%          
American Financial Group, Inc.   1,617    216,064 
Assurant, Inc.   1,302    255,648 
Axis Capital Holdings Ltd.   2,079    166,071 
Corebridge Financial, Inc.   7,875    232,785 
Equitable Holdings, Inc.   4,513    191,893 
Essent Group Ltd.   1,881    120,929 
Fidelity National Financial, Inc. (a)   4,795    282,713 
First American Financial Corp.   1,545    98,571 
Globe Life, Inc.   1,449    152,217 
Jackson Financial, Inc. - Class A (a)   716    64,418 
Kinsale Capital Group, Inc. (a)   1,005    493,545 
Lincoln National Corp.   3,142    100,858 
MGIC Investment Corp.   4,006    101,873 
Old Republic International Corp.   3,952    141,758 
Primerica, Inc.   665    175,048 
Reinsurance Group of America, Inc.   1,456    321,427 

 

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

 

 21

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

RLI Corp.   1,100    169,510 
Ryan Specialty Holdings, Inc. (a)   5,287    341,699 
Selective Insurance Group, Inc.   1,483    134,923 
The Hanover Insurance Group, Inc.   1,729    254,146 
Unum Group   3,291    182,618 
         4,198,714 
           
Internet - 2.0%          
Etsy, Inc. (b)   2,838    156,346 
F5, Inc. (b)   1,348    273,846 
IAC, Inc. (b)   1,245    65,711 
Lyft, Inc. - Class A (b)   10,109    117,972 
Maplebear, Inc. (a)(b)   3,107    111,510 
Match Group, Inc. (b)   5,725    213,027 
Robinhood Markets, Inc. - Class A (b)   26,190    526,943 
Roku, Inc. (b)   2,325    157,565 
Wayfair, Inc. - Class A (a)(b)   1,913    81,398 
Zillow Group, Inc. - Class C (a)(b)   2,746    151,854 
         1,856,172 
           
Iron & Steel - 0.6%          
ATI, Inc. (a)(b)   3,089    197,325 
Cleveland-Cliffs, Inc. (a)(b)   9,784    127,779 
Commercial Metals Co. (a)   1,676    89,817 
United States Steel Corp.   3,062    116,081 
         531,002 
           
Leisure Time - 1.0%          
Brunswick Corp. (a)   1,046    82,686 
Harley-Davidson, Inc. (a)   2,482    92,926 
Norwegian Cruise Line Holdings Ltd. (b)   26,274    470,042 
Planet Fitness, Inc. - Class A (a)(b)   2,084    169,242 
Polaris, Inc. (a)   939    79,486 
         894,382 
           
Lodging - 1.1%          
Boyd Gaming Corp.   1,999    119,980 
Choice Hotels International, Inc. (a)   922    117,638 
Hilton Grand Vacations, Inc. (b)   1,922    74,151 
Hyatt Hotels Corp. - Class A   953    144,780 
Wyndham Hotels & Resorts, Inc.   1,168    91,922 
Wynn Resorts Ltd.   6,129    471,197 
         1,019,668 
           
Machinery - Construction & Mining - 0.5%          
BWX Technologies, Inc.   1,753    180,559 
Oshkosh Corp.   2,275    245,495 
         426,054 

 

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

 

 22

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Machinery - Diversified - 2.8%          
AGCO Corp.   1,624    147,849 
Applied Industrial Technologies, Inc.   749    153,635 
Chart Industries, Inc. (a)(b)   3,066    375,278 
CNH Industrial NV   25,234    260,920 
Cognex Corp.   2,212    89,321 
Crane Co.   991    156,955 
Esab Corp.   1,170    122,815 
Flowserve Corp. (a)   3,072    153,231 
Gates Industrial Corp. PLC (b)   4,821    87,549 
Graco, Inc.   3,185    265,470 
Nordson Corp.   991    254,251 
The Middleby Corp. (b)   941    132,323 
The Toro Co.   1,554    143,900 
Watts Water Technologies, Inc. - Class A   480    94,416 
Zurn Elkay Water Solutions Corp.   4,928    159,815 
         2,597,728 
           
Media - 1.1%          
Endeavor Group Holdings, Inc. - Class A (a)   8,312    228,414 
Fox Corp. - Class A (a)   4,029    166,680 
Liberty Broadband Corp. - Class C (b)   1,965    122,577 
News Corp. - Class A   6,755    191,369 
Nexstar Media Group, Inc. (a)   528    90,225 
The New York Times Co. - Class A   3,038    166,877 
Paramount Global - Class B (a)   6,846    71,677 
         1,037,819 
           
Metal Fabricate & Hardware - 0.7%          
Advanced Drainage Systems, Inc.   1,174    184,036 
Mueller Industries, Inc.   1,401    101,867 
RBC Bearings, Inc. (a)(b)   581    173,051 
The Timken Co.   1,207    102,028 
Valmont Industries, Inc.   344    98,301 
         659,283 
           
Mining - 0.2%          
Alcoa Corp.   1,702    54,634 
Royal Gold, Inc.   1,162    162,878 
         217,512 
           
Miscellaneous Manufacturers - 1.0%          
A.O. Smith Corp.   2,912    243,793 
Donaldson Co., Inc.   2,074    150,842 
Fabrinet (b)   687    167,387 
Federal Signal Corp.   1,492    140,979 
ITT, Inc.   1,563    217,601 
         920,602 
           
Oil & Gas - 3.3%          
Antero Resources Corp. (b)   2,761    74,519 
APA Corp. (a)   4,753    135,413 

 

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

 

 23

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Chesapeake Energy Corp. (a)   1,324    98,625 
Chord Energy Corp.   756    112,213 
Civitas Resources, Inc.   1,616    99,109 
EQT Corp.   8,679    290,833 
Helmerich & Payne, Inc. (a)   3,044    99,326 
HF Sinclair Corp.   2,726    133,956 
Magnolia Oil & Gas Corp. - Class A (a)   2,271    58,160 
Matador Resources Co.   2,026    114,915 
Murphy Oil Corp.   2,090    77,915 
Noble Corp. PLC (a)   7,641    291,504 
Ovintiv, Inc.   3,287    140,782 
PBF Energy, Inc. - Class A   1,657    56,438 
Permian Resources Corp. (a)   19,698    280,500 
Range Resources Corp.   2,572    76,851 
SM Energy Co. (a)   1,433    65,388 
Southwestern Energy Co. (b)   11,753    74,984 
Texas Pacific Land Corp. (a)   384    333,654 
Transocean Ltd. (a)(b)   17,087    80,992 
Weatherford International PLC   3,532    370,648 
         3,066,725 
           
Oil & Gas Services - 1.6%          
ChampionX Corp.   4,240    131,991 
NOV, Inc.   18,560    329,811 
TechnipFMC PLC   26,394    708,415 
Tidewater, Inc. (b)   3,497    310,184 
         1,480,401 
           
Other Financial Investment Activities - 0.4%          
SoFi Technologies, Inc. (a)(b)   45,150    360,748 
           
Packaging & Containers - 1.1%          
AptarGroup, Inc.   1,182    181,071 
Berry Global Group, Inc. (a)   1,690    116,373 
Crown Holdings, Inc.   1,710    154,601 
Graphic Packaging Holding Co.   5,779    172,966 
Sealed Air Corp.   2,219    77,554 
Silgan Holdings, Inc. (a)   1,761    92,048 
Smurfit WestRock PLC   2,889    136,996 
Sonoco Products Co.   1,541    87,174 
         1,018,783 

Pharmaceuticals - 1.6%

          
Alkermes PLC (a)(b)   8,670    246,661 
BellRing Brands, Inc. (b)   3,241    181,269 
Elanco Animal Health, Inc. (b)   5,031    77,830 
Henry Schein, Inc. (b)   2,154    151,965 
Jazz Pharmaceuticals PLC (b)   2,312    268,146 
Neurocrine Biosciences, Inc. (b)   2,876    365,425 
Option Care Health, Inc. (b)   3,872    123,981 
Organon & Co.   4,295    95,993 
         1,511,270 

 

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

 

 24

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Pipelines - 0.4%          
Antero Midstream Corp.   10,186    151,466 
DT Midstream, Inc. (a)   1,663    130,695 
New Fortress Energy, Inc. (a)   5,832    71,850 
         354,011 
           
Private Equity - 0.2%          
The Carlyle Group, Inc.   4,805    192,825 
           
Real Estate - 0.2%          
Jones Lang LaSalle, Inc. (b)   793    202,397 
           
Retail - 4.8%          
Abercrombie & Fitch Co. - Class A (b)   2,413    356,086 
Academy Sports & Outdoors, Inc. (a)   1,165    64,634 
Advance Auto Parts, Inc. (a)   2,034    92,161 
Asbury Automotive Group, Inc. (b)   305    74,920 
AutoNation, Inc. (a)(b)   600    106,788 
Bath & Body Works, Inc.   3,613    111,136 
Beacon Roofing Supply, Inc. (b)   1,150    104,190 
BJ's Wholesale Club Holdings, Inc. (b)   2,305    184,308 
Carvana Co. (a)(b)   1,412    212,675 
Casey's General Stores, Inc.   578    209,415 
Cava Group, Inc. (b)   3,609    411,570 
Dick's Sporting Goods, Inc. (a)   1,040    246,438 
Dillard's, Inc. - Class A (a)   179    60,676 
FirstCash Holdings, Inc.   1,044    125,374 
Five Below, Inc. (b)   1,258    94,891 
Floor & Decor Holdings, Inc. - Class A (a)(b)   1,758    197,669 
Freshpet, Inc. (b)   1,494    203,184 
Lithia Motors, Inc. (a)   548    164,992 
Macy's, Inc.   8,073    125,697 
MSC Industrial Direct Co., Inc. - Class A (a)   953    78,375 
Murphy USA, Inc. (a)   314    163,164 
Penske Automotive Group, Inc. (a)   1,112    189,151 
RH (b)   242    61,395 
Texas Roadhouse, Inc.   1,372    231,525 
The Gap, Inc. (a)   12,453    279,321 
The Wendy's Co. (a)   3,638    61,555 
Wingstop, Inc.   743    286,880 
         4,498,170 
           
Semiconductors - 1.3%          
Allegro MicroSystems, Inc. (a)(b)   4,160    102,045 
Amkor Technology, Inc.   3,479    114,459 
Cirrus Logic, Inc. (b)   826    120,340 
IPG Photonics Corp. (b)   798    54,559 
Lattice Semiconductor Corp. (a)(b)   2,926    138,575 
MACOM Technology Solutions Holdings, Inc. (b)   1,123    122,665 
MKS Instruments, Inc. (a)   679    80,957 
Onto Innovation, Inc. (b)   645    137,527 
Power Integrations, Inc. (a)   626    42,005 

 

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

 

 25

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Rambus, Inc. (b)   5,149    230,263 
Silicon Laboratories, Inc. (b)   366    43,324 
         1,186,719 
           
Shipbuilding - 0.2%          
Huntington Ingalls Industries, Inc.   727    205,574 
           
Software - 7.8%          
Appfolio, Inc. - Class A (b)   1,395    323,626 
Bentley Systems, Inc. - Class B   6,222    320,246 
BILL Holdings, Inc. (b)   4,416    240,937 
BlackLine, Inc. (b)   2,463    122,042 
CCC Intelligent Solutions Holdings, Inc. (b)   10,357    111,648 
Concentrix Corp. (a)   1,516    114,049 
Confluent, Inc. - Class A (a)(b)   6,517    138,291 
Dayforce, Inc. (a)(b)   5,585    319,294 
DoubleVerify Holdings, Inc. (b)   4,627    91,152 
Dropbox, Inc. - Class A (b)   4,769    119,893 
Duolingo, Inc. (b)   1,528    324,807 
Dynatrace, Inc. (a)(b)   16,030    811,438 
Elastic NV (a)(b)   2,906    221,408 
Five9, Inc. (b)   2,261    72,917 
Gitlab, Inc. - Class A (b)   3,019    143,101 
Guidewire Software, Inc. (b)   2,629    391,116 
Informatica, Inc. - Class A (b)   6,491    161,691 
Manhattan Associates, Inc. (a)(b)   1,782    471,214 
Nutanix, Inc. - Class A (b)   11,169    705,769 
Pegasystems, Inc.   2,661    188,612 
Procore Technologies, Inc. (b)   4,912    291,134 
Samsara, Inc. - Class A (b)   5,987    245,886 
SentinelOne, Inc. - Class A (b)   9,060    213,454 
Smartsheet, Inc. - Class A (b)   4,586    223,797 
SPS Commerce, Inc. (b)   842    168,181 
Teradata Corp. (b)   2,741    77,406 
UiPath, Inc. - Class A (b)   20,358    262,211 
Unity Software, Inc. (a)(b)   14,584    238,740 
Workiva, Inc. (a)(b)   1,110    86,769 
ZoomInfo Technologies, Inc. (b)   8,848    87,507 
         7,288,336 
           
Telecommunications - 0.8%          
Ciena Corp. (b)   3,170    182,751 
Frontier Communications Parent, Inc. (a)(b)   3,218    92,678 
GCI Liberty, Inc. Escrow (b)(c)   806    0 
Juniper Networks, Inc.   6,674    259,485 
Ubiquiti, Inc.   1,103    213,453 
         748,367 
Toys, Games & Hobbies - 0.2%          
Hasbro, Inc.   1,116    76,067 
Mattel, Inc. (b)   6,094    115,664 
         191,731 

 

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

 

 26

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

Transportation - 1.2%          
C.H. Robinson Worldwide, Inc.   1,315    136,116 
Kirby Corp. (b)   1,225    146,902 
Knight-Swift Transportation Holdings, Inc.   2,554    133,779 
Landstar System, Inc.   402    73,389 
Ryder System, Inc.   614    89,177 
Saia, Inc. (a)(b)   646    242,786 
XPO, Inc. (b)   2,606    298,700 
         1,120,849 
           
Water - 0.2%          
Essential Utilities, Inc. (a)   3,918    152,763 
TOTAL COMMON STOCKS (Cost $75,210,949)        87,156,909 
           
REAL ESTATE INVESTMENT TRUSTS - 6.5%          
AGNC Investment Corp. (a)   30,911    315,601 
Agree Realty Corp. (a)   2,542    185,591 
American Homes 4 Rent - Class A   6,766    269,084 
Americold Realty Trust, Inc.   2,786    80,794 
Annaly Capital Management, Inc.   12,913    260,326 
Brixmor Property Group, Inc.   4,723    129,363 
BXP, Inc.   2,687    202,116 
Camden Property Trust   1,657    207,456 
CubeSmart   4,393    227,689 
EastGroup Properties, Inc.   1,136    211,750 
Equity LifeStyle Properties, Inc.   3,432    249,541 
Federal Realty Investment Trust   1,288    148,120 
First Industrial Realty Trust, Inc.   2,617    148,462 
Gaming and Leisure Properties, Inc.   5,061    263,273 
Healthcare Realty Trust, Inc. (a)   4,958    88,252 
Independence Realty Trust, Inc. (a)   5,620    116,784 
Kilroy Realty Corp.   1,939    70,328 
Kimco Realty Corp.   23,819    554,030 
Kite Realty Group Trust   8,104    211,352 
Lamar Advertising Co. - Class A   1,497    188,293 
NNN REIT, Inc. (a)   3,331    156,524 
Omega Healthcare Investors, Inc. (a)   4,412    174,451 
Rayonier, Inc.   3,286    101,242 
Regency Centers Corp.   3,190    231,881 
Rexford Industrial Realty, Inc.   5,957    303,330 
Rithm Capital Corp.   18,266    218,096 
Ryman Hospitality Properties, Inc.   1,705    177,252 
STAG Industrial, Inc.   3,306    134,158 
Starwood Property Trust, Inc. (a)   8,082    168,429 
Terreno Realty Corp.   1,924    132,833 
Vornado Realty Trust (a)   3,790    130,262 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $5,233,693)        6,056,663 

 

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

 

 27

 

 

Schedule of Investments SoFi Next 500 ETF
August 31, 2024 (Unaudited)

 

SHORT-TERM INVESTMENTS - 20.7%          
Investments Purchased with Proceeds from Securities Lending - 20.6%          
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (d)   19,210,492    19,210,492 
           
Money Market Funds - 0.1%          
First American Government Obligations Fund - Class X, 5.22% (d)   114,093    114,092 
TOTAL SHORT-TERM INVESTMENTS (Cost $19,324,584)        19,324,584 
           
TOTAL INVESTMENTS - 120.5% (Cost $99,769,226)       $112,538,156 
Liabilities in Excess of Other Assets - (20.5)%        (19,143,076)
TOTAL NET ASSETS - 100.0%       $93,395,080 
           
Percentages are stated as a percent of net assets.          
NV - Naamloze Vennootschap          
PLC - Public Limited Company          
           
(a)   All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $18,745,929 which represented 20.1% of net assets.
(b)   Non-income producing security.
(c)   Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2024.
(d)   The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

 

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

 

 28

 

 

Schedule of Investments SoFi Social 50 ETF
August 31, 2024 (Unaudited)

 

COMMON STOCKS - 98.3%  Shares   Value 
Aerospace & Defense - 0.8%          
The Boeing Co. (a)   700   $121,618 
Virgin Galactic Holdings, Inc. (a)   1,328    8,884 
         130,502 
           
Airlines - 0.9%          
American Airlines Group, Inc. (a)(b)   6,790    72,110 
Delta Air Lines, Inc.   2,081    88,421 
         160,531 
           
Apparel - 0.8%          
Nike, Inc. - Class B (b)   1,673    139,394 
           
Auto Manufacturers - 15.7%          
Ford Motor Co.   17,629    197,268 
Lucid Group, Inc. (a)(b)   37,909    152,394 
NIO, Inc. - ADR (a)(b)   29,943    120,970 
Rivian Automotive, Inc. - Class A (a)(b)   47,551    671,896 
Tesla, Inc. (a)   7,478    1,601,115 
         2,743,643 
           
Banks - 2.3%          
NU Holdings Ltd. - Class A (a)(b)   26,408    395,328 
           
Beverages - 1.0%          
The Coca-Cola Co.   2,483    179,943 
           
Biotechnology - 0.2%          
Moderna, Inc. (a)   532    41,177 
           
Commercial Services - 2.3%          
Block, Inc. (a)   2,121    140,156 
PayPal Holdings, Inc. (a)   3,572    258,720 
         398,876 
           
Computers - 4.8%          
Apple, Inc.   3,660    838,140 
           
Diversified Financial Services - 1.8%          
Coinbase Global, Inc. - Class A (a)   1,724    316,113 
           
Entertainment - 1.5%          
AMC Entertainment Holdings, Inc. (a)   25,637    123,570 
DraftKings, Inc. - Class A (a)   4,186    144,417 
         267,987 

 

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

 

 29

 

 

Schedule of Investments SoFi Social 50 ETF
August 31, 2024 (Unaudited)

 

Food - 0.1%          
Beyond Meat, Inc. (a)   1,661    10,099 
           
Insurance - 3.9%          
Berkshire Hathaway, Inc. - Class B (a)   1,430    680,566 
           
Internet - 19.7%          
Airbnb, Inc. - Class A (a)   759    89,038 
Alibaba Group Holding Ltd. - ADR   2,002    166,847 
Alphabet, Inc. - Class A   4,857    793,537 
Amazon.com, Inc. (a)   4,712    841,092 
Maplebear, Inc. (a)(b)   1,487    53,368 
Meta Platforms, Inc. - Class A   1,580    823,670 
Netflix, Inc. (a)   360    252,486 
Reddit, Inc. - Class A (a)(b)   2,416    145,032 
Shopify, Inc. - Class A (a)   3,743    277,244 
         3,442,314 
           
Leisure Time - 0.7%          
Carnival Corp. (a)   7,799    128,683 
           
Media - 2.3%          
The Walt Disney Co.   4,231    382,398 
Warner Bros Discovery, Inc. (a)   2,718    21,309 
         403,707 
           
Oil & Gas - 1.0%          
Exxon Mobil Corp. (b)   1,517    178,915 
           
Pharmaceuticals - 2.0%          
Johnson & Johnson   547    90,725 
Pfizer, Inc.   7,223    209,539 
Tilray Brands, Inc. (a)(b)   25,959    44,390 
         344,654 
           
Retail - 8.2%          
Costco Wholesale Corp.   658    587,186 
GameStop Corp. - Class A (a)(b)   15,762    369,146 
Starbucks Corp.   1,628    153,960 
Target Corp.   748    114,908 
Walmart, Inc.   2,757    212,923 
         1,438,123 
           
Semiconductors - 17.0%          
Advanced Micro Devices, Inc. (a)   4,109    610,433 
ARM Holdings PLC - ADR (a)(b)   3,345    444,484 
Intel Corp.   6,927    152,671 
NVIDIA Corp.   14,831    1,770,376 
         2,977,964 

 

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

 

 30

 

 

Schedule of Investments SoFi Social 50 ETF
August 31, 2024 (Unaudited)

 

Software - 10.1%          
Microsoft Corp. (b)   2,047    853,886 
Palantir Technologies, Inc. - Class A (a)   28,696    903,350 
         1,757,236 
           
Telecommunications - 1.2%          
AT&T, Inc.   10,234    203,657 
TOTAL COMMON STOCKS (Cost $13,175,328)        17,177,552 
           
REAL ESTATE INVESTMENT TRUSTS - 1.5%          
Realty Income Corp.   4,206    261,235 
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $253,574)        261,235 
           
SHORT-TERM INVESTMENTS - 17.9%          
Investments Purchased with Proceeds from Securities Lending - 17.8%          
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (c)   3,109,845    3,109,845 
           
Money Market Funds - 0.1%          
First American Government Obligations Fund - Class X, 5.22% (c)   24,881    24,881 
TOTAL SHORT-TERM INVESTMENTS (Cost $3,134,726)        3,134,726 
           
TOTAL INVESTMENTS - 117.7% (Cost $16,563,628)       $20,573,513 
Liabilities in Excess of Other Assets - (17.7)%        (3,100,825)
TOTAL NET ASSETS - 100.0%       $17,472,688 
           
Percentages are stated as a percent of net assets.          
ADR - American Depositary Receipt          
PLC - Public Limited Company          
           
(a)   Non-income producing security.
(b)   All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $3,076,534 which represented 17.6% of net assets.
(c)   The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

 

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

 

 31

 

 

Schedule of Investments SoFi Enhanced Yield ETF
August 31, 2024 (Unaudited)

 

U.S. TREASURY SECURITIES - 100.8%  Par   Value 
United States Treasury Note/Bond          
4.50%, 11/30/2024  $13,855,000   $13,839,271 
3.88%, 03/31/2025   14,168,500    14,103,761 
3.00%, 07/15/2025   11,589,000    11,445,553 
TOTAL U.S. TREASURY SECURITIES (Cost $39,330,902)        39,388,585 

 

PURCHASED OPTIONS - 7.8% (a)(b)  Notional Amount   Contracts     
Call Options - 0.1%            $ 
S&P 500 Index, Expiration: 09/27/2024; Exercise Price: $6,150.00  $564,840,000    1,000    42,500 
                
Put Options - 7.7%            $ 
S&P 500 Index, Expiration: 09/27/2024; Exercise Price: $4,880.00   4,032,392,760    7,139    2,998,380 
TOTAL PURCHASED OPTIONS (Cost $4,015,982)             3,040,880 
                

SHORT-TERM INVESTMENTS - 0.0%(c)  Shares     
Money Market Funds - 0.0%(c)          
First American Government Obligations Fund - Class X, 5.22% (d)   3,967    3,967 
TOTAL SHORT-TERM INVESTMENTS (Cost $3,967)        3,967 
           
TOTAL INVESTMENTS - 108.6% (Cost $43,350,851)       $42,433,432 
Liabilities in Excess of Other Assets - (8.6)%        (3,355,855)
TOTAL NET ASSETS - 100.0%       $39,077,577 

 

Percentages are stated as a percent of net assets.
(a)   Exchange-traded.
(b)   100 shares per contract.
(c)   Represents less than 0.05% of net assets.
(d)   The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

 

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

 

 32

 

 

Schedule of Written Options Contracts SoFi Enhanced Yield ETF
August 31, 2024 (Unaudited)

 

WRITTEN OPTIONS - (8.5)% (a)(b)  Notional Amount   Contracts   Value 
Call Options - (0.1)%               
S&P 500 Index, Expiration: 09/27/2024; Exercise Price: $6,100.00  $(564,840,000)   (1,000)  $(52,500)
                
Put Options - (8.4)%               
S&P 500 Index, Expiration: 09/27/2024; Exercise Price: $4,930.00   (4,032,392,760)   (7,139)   (3,283,940)
TOTAL WRITTEN OPTIONS (Premiums received $4,429,563)            $(3,336,440)
                
Percentages are stated as a percent of net assets.               
                
(a)   100 shares per contract.
(b)   Exchange-traded.

 

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

 

 33

 

 

Statements of Assets and Liabilities SoFi ETFs

 

August 31, 2024 (Unaudited)

 

  

SoFi Select 500
ETF

  

SoFi Next 500
ETF

  

SoFi Social 50 ETF

  

SoFi Enhanced
Yield ETF

 
ASSETS:                    
Investments, at value (Note 2)  $871,714,460   $112,538,156   $20,573,513   $42,433,432 
Dividends receivable   699,857    64,023    11,245     
Interest receivable   2,404    645    116    436,941 
Securities lending receivable (Note 5)   15,223    2,748    1,825     
Deposit at broker for option contracts               503,414 
Prepaid expenses and other assets               188 
Total assets   872,431,944    112,605,572    20,586,699    43,373,975 
                     
LIABILITIES:                    
Written option contracts, at value               3,336,440 
Payable upon return of securities loaned (Note 5)   19,521,308    19,210,492    3,109,845     
Payable to adviser (Note 4)           4,166    18,068 
Payable for investments purchased               941,890 
Total liabilities   19,521,308    19,210,492    3,114,011    4,296,398 
NET ASSETS  $852,910,636   $93,395,080   $17,472,688   $39,077,577 
                     
NET ASSETS CONSISTS OF:                    
Paid-in capital  $668,252,274   $91,067,703   $24,342,944   $42,353,661 
Total distributable earnings (losses)   184,658,362    2,327,377    (6,870,256)   (3,276,084)
Total net assets  $852,910,636   $93,395,080   $17,472,688   $39,077,577 
                     
Net assets  $852,910,636   $93,395,080   $17,472,688   $39,077,577 
Shares issued and outstanding(a)   42,050,000    6,650,000    490,000    2,075,000 
Net asset value per share  $20.28   $14.04   $35.66   $18.83 
                     
COST:                    
Investments, at cost  $658,297,257   $99,769,226   $16,563,628   $43,350,851 
    (1,204,581)   (52,059)   (798,433)   (798,433)
PROCEEDS:                    
Written options premium  $   $   $   $4,429,563 
                     
LOANED SECURITIES:   (1,204,581)   (52,059)   (798,433)   (798,433)
At value (included in investments) (Note 5)  $19,268,606   $18,745,929   $3,076,534   $ 

(a)Unlimited shares authorized without par value

 

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

34

 

 

Statements of Operations SoFi ETFs

 

For the Period Ended August 31, 2024 (Unaudited)

 

   SoFi Select 500 ETF   SoFi Next 500 ETF   SoFi Social 50 ETF  

SoFi Enhanced
Yield ETF

 
INVESTMENT INCOME:                    
Dividend income  $4,191,095   $513,851   $44,199   $ 
Less: Dividend withholding taxes   (12,933)            
Less: Issuance fees   (16)       (91)    
Interest income   34,212    4,619    517    590,744 
Securities lending income (Note 5)   46,117    20,671    15,235     
Total investment income   4,258,475    539,141    59,860    590,744 
                     
EXPENSES:                    
Investment advisory fee (Note 4)   735,855    80,206    24,078    64,348 
Interest expense               11,022 
Total expenses   735,855    80,206    24,078    75,370 
Expense reimbursement by Adviser (Note 4)   (735,855)   (80,206)        
Net expenses           24,078    75,370 
NET INVESTMENT INCOME/(LOSS)   4,258,475    539,141    35,782    515,374 
                     
REALIZED AND UNREALIZED GAIN/(LOSS)   27,564,669    25,449    7,511,868    (819,076)
Net realized gain/(loss) from:              
Investments   8,624,018    1,213,783    99,634    (8,190,140)
Written option contracts expired or closed               5,966,843 
Net realized gain/(loss)   8,624,018    1,213,783    99,634    (2,223,297)
Net change in unrealized appreciation on:                
Investments   80,944,177    3,187,631    1,697,965    (586,018)
Written option contracts               727,873 
Net change in unrealized appreciation   80,924,759    3,187,631    1,697,965    141,855 
Net realized and unrealized gain (loss)   89,568,195    4,401,414    1,797,599    (2,081,442)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  $93,826,670   $4,940,555   $1,833,381   $(1,566,068)

 

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

35

 

 

Statements of Changes in Net Assets SoFi ETFs

 

 

    

SoFi Select 500 ETF

 
    

Six Months Ended August
31, 2024 (Unaudited)

    

Year Ended February 29,
2024

 
OPERATIONS:          
Net investment income  $4,258,475   $8,277,842 
Net realized gain (loss)   8,624,018    (1,906,697)
Net change in unrealized appreciation   80,944,177    139,996,156 
Net increase in net assets from operations   93,826,670    146,367,301 
           
DISTRIBUTIONS TO SHAREHOLDERS:          
Distributions to shareholders   (4,299,330)   (7,924,575)
Total distributions to shareholders   (4,299,330)   (7,924,575)
           
CAPITAL TRANSACTIONS:          
Subscriptions   153,749,810    144,324,855 
Redemptions   (59,888,875)   (39,213,435)
Net increase in net assets from capital transactions   93,860,935    105,111,420 
           
NET INCREASE IN NET ASSETS   183,388,275    243,554,146 
           
NET ASSETS:          
Beginning of the period/year   669,522,361    425,968,215 
End of the period/year  $852,910,636   $669,522,361 
           
SHARES TRANSACTIONS          
Subscriptions   8,250,000    9,300,000 
Redemptions   (3,250,000)   (2,750,000)
Total increase in shares outstanding   5,000,000    6,550,000 

 

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

36

 

 

Statements of Changes in Net Assets SoFi ETFs

 

 

    

SoFi Next 500 ETF

 
    

Six Months Ended August
31, 2024 (Unaudited)

    

Year Ended February 29,
2024

 
OPERATIONS:          
Net investment income  $539,141   $957,117 
Net realized gain (loss)   1,213,783    (4,481,998)
Net change in unrealized appreciation   3,187,631    12,935,643 
Net increase in net assets from operations   4,940,555    9,410,762 
           
DISTRIBUTIONS TO SHAREHOLDERS:          
Distributions to shareholders   (516,600)   (974,225)
Total distributions to shareholders   (516,600)   (974,225)
           
CAPITAL TRANSACTIONS:          
Subscriptions   28,578,800    18,142,445 
Redemptions   (15,127,215)   (5,023,935)
Net increase in net assets from capital transactions   13,451,585    13,118,510 
           
NET INCREASE IN NET ASSETS   17,875,540    21,555,047 
           
NET ASSETS:          
Beginning of the period/year   75,519,540    53,964,493 
End of the period/year  $93,395,080   $75,519,540 
           
SHARES TRANSACTIONS          
Subscriptions   2,150,000    1,550,000 
Redemptions   (1,150,000)   (450,000)
Total increase in shares outstanding   1,000,000    1,100,000 

 

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

37

 

 

Statements of Changes in Net Assets SoFi ETFs

 

 

    

SoFi Social 50 ETF

 
    

Six Months Ended August
31, 2024 (Unaudited)

    

Year Ended February 29,
2024

 
OPERATIONS:          
Net investment income  $35,782   $207,676 
Net realized gain (loss)   99,634    687,344 
Net change in unrealized appreciation   1,697,965    4,287,573 
Net increase in net assets from operations   1,833,381    5,182,593 
           
DISTRIBUTIONS TO SHAREHOLDERS:          
Distributions to shareholders   (38,220)   (272,786)
Total distributions to shareholders   (38,220)   (272,786)
           
CAPITAL TRANSACTIONS:          
Subscriptions       6,268,287 
Redemptions   (1,618,030)   (7,574,791)
Net increase in net assets from capital transactions   (1,618,030)   (1,306,504)
           
NET INCREASE IN NET ASSETS   177,131    3,603,303 
           
NET ASSETS:          
Beginning of the period/year   17,295,557    13,692,254 
End of the period/year  $17,472,688   $17,295,557 
           
SHARES TRANSACTIONS          
Subscriptions       230,000 
Redemptions   (50,000)   (290,000)
Total increase in shares outstanding   (50,000)   (60,000)

 

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

38

 

 

Statements of Changes in Net Assets SoFi ETFs

 

 

    

SoFi Enhanced Yield ETF

 
    

Six Months Ended August
31, 2024 (Unaudited)

    

Period Ended February 29,
2024 (a)

 
OPERATIONS:          
Net investment income  $515,374   $79,750 
Net realized gain (loss)   (2,223,297)   54,610 
Net change in unrealized appreciation   141,855    33,849 
Net increase in net assets from operations   (1,566,068)   168,209 
           
DISTRIBUTIONS TO SHAREHOLDERS:          
Distributions to shareholders   (1,706,998)   (171,227)
Total distributions to shareholders   (1,706,998)   (171,227)
           
CAPITAL TRANSACTIONS:          
Subscriptions   46,499,588    10,030,477 
Redemptions   (14,190,150)    
ETF transaction fees (Note 7)   12,137    1,609 
Net increase in net assets from capital transactions   32,321,575    10,032,086 
           
NET INCREASE IN NET ASSETS   29,048,509    10,029,068 
           
NET ASSETS:          
Beginning of the period   10,029,068     
End of the period  $39,077,577   $10,029,068 
           
SHARES TRANSACTIONS          
Subscriptions   2,325,000    500,000 
Redemptions   (750,000)    
Total increase in shares outstanding   1,575,000    500,000 

 

(a)Inception date of the Fund was November 14, 2023.

 

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

39

 

 

Financial Highlights SoFi ETFs

 

For a share outstanding throughout the periods presented

 

SoFi Select 500 ETF

 

 

   Six Months
Ended August
31, 2024
(Unaudited)
   Year Ended
February 29,
2024
   Year Ended
February 28,
2023
   Year Ended
February 28,
2022
   Year Ended
February 28,
2021
   Period ended
February 29,
2020
(a)
 
PER SHARE DATA:                              
                               
Net asset value, beginning of period/year  $18.07   $13.97   $15.73   $13.94   $10.38   $10.00 
                               
INVESTMENT OPERATIONS:                              
Net investment income(b)   0.11    0.25    0.24    0.19    0.18    0.17 
Net realized and unrealized gain on investments(c)   2.20    4.09    (1.79)   1.76    3.54    0.33 
Total from investment operations   2.31    4.34    (1.55)   1.95    3.72    0.50 
                               
LESS DISTRIBUTIONS FROM:                              
Net investment income   (0.10)   (0.24)   (0.21)   (0.16)   (0.16)   (0.12)
Net realized gain                   (0.00)(f)    
Total distributions   (0.10)   (0.24)   (0.21)   (0.16)   (0.16)   (0.12)
                               
Net asset value, end of period/year  $20.28   $18.07   $13.97   $15.73   $13.94   $10.38 
                               
TOTAL RETURN(d)   12.83%   31.30%   (9.78)%   13.89%   36.04%   4.95%
                               
SUPPLEMENTAL DATA AND RATIOS:                              
Net assets, end of period/year (in thousands)  $852,911   $669,522   $425,968   $380,646   $177,070   $73,733 
Ratio of expenses to average net assets:                              
Before investment advisory fees waived(e)   0.19%   0.19%   0.19%   0.19%   0.19%   0.19%
After investment advisory fees waived(e)   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
Ratio of net investment income to average net assets:                              
Before investment advisory fees waived(e)   0.93%   1.40%   1.48%   0.96%   1.25%   1.60%
After investment advisory fees waived(e)   1.12%   1.59%   1.67%   1.15%   1.44%   1.79%
Portfolio turnover rate(d)(g)   12%   16%   17%   9%   26%   22%

 

(a) Inception date of the Fund was April 10, 2019.
(b) Net investment income per share has been calculated based on average shares outstanding during the period/year.
(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period/year, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period/year.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Does not round to 0.01 or (0.01), as applicable.
(g) Portfolio turnover rate excludes in-kind transactions.

 

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

40

 

 

Financial Highlights SoFi ETFs

 

For a share outstanding throughout the periods presented

 

SoFi Next 500 ETF

 

 

   Six Months
Ended August
31, 2024
(Unaudited)
   Year Ended
February 29,
2024
   Year Ended
February 28,
2023
   Year Ended
February 28,
2022
   Year Ended
February 28,
2021
   Period ended
February 29,
2020
(a)
 
PER SHARE DATA:                              
                               
Net asset value, beginning of period/year  $13.37   $11.86   $13.25   $13.31   $9.62   $10.00 
                               
INVESTMENT OPERATIONS:                              
Net investment income(b)   0.10    0.19    0.19    0.15    0.16    0.13 
Net realized and unrealized gain on investments(c)   0.65    1.51    (1.41)   (0.08)   3.67    (0.40)
Total from investment operations   0.75    1.70    (1.22)   0.07    3.83    (0.27)
                               
LESS DISTRIBUTIONS FROM:                              
Net investment income   (0.08)   (0.19)   (0.17)   (0.13)   (0.14)   (0.11)
Net realized gain                   (0.00)(f)    
Total distributions   (0.08)   (0.19)   (0.17)   (0.13)   (0.14)   (0.11)
                               
Net asset value, end of period/year  $14.04   $13.37   $11.86   $13.25   $13.31   $9.62 
                               
TOTAL RETURN(d)   5.73%   14.47%   (9.06)%   0.45%   40.17%   (2.84)%
                               
SUPPLEMENTAL DATA AND RATIOS:                              
Net assets, end of period/year (in thousands)  $93,395   $75,520   $53,965   $49,008   $24,619   $9,136 
Ratio of expenses to average net assets:                              
Before investment advisory fees waived(e)   0.19%   0.19%   0.19%   0.19%   0.19%   0.19%
After investment advisory fees waived(e)   0.00%   0.00%   0.00%   0.00%   0.00%   0.00%
Ratio of net investment income to average net assets:                              
Before investment advisory fees waived (e)   1.24%   1.39%   1.43%   0.85%   1.29%   1.29%
After investment advisory fees waived(e)   1.43%   1.58%   1.62%   1.04%   1.48%   1.48%
Portfolio turnover rate(d)(g)   22%   31%   38%   27%   53%   55%

 

(a) Inception date of the Fund was April 10, 2019.
(b) Net investment income per share has been calculated based on average shares outstanding during the period/year.
(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period/year, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period/year.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Does not round to 0.01 or (0.01), as applicable.
(g) Portfolio turnover rate excludes in-kind transactions.

 

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

41

 

 

Financial Highlights SoFi ETFs

 

For a share outstanding throughout the periods presented

 

SoFi Social 50 ETF

 

 

   Six Months
Ended August
31, 2024
(Unaudited)
   Year Ended
February 29,
2024
   Year Ended
February 28,
2023
   Year Ended
February 28,
2022
   Year Ended
February 28,
2021
   Period ended
February 29,
2020
(a)
 
PER SHARE DATA:                              
                               
Net asset value, beginning of period/year  $32.03   $22.82   $31.60   $29.38   $18.73   $20.00 
                               
INVESTMENT OPERATIONS:                              
Net investment income(b)   0.07    0.37    0.31    0.11    0.12    0.15 
Net realized and unrealized gain on investments(c)   3.64    9.35    (8.86)   2.21    10.64    (1.27)
Total from investment operations   3.71    9.72    (8.55)   2.32    10.76    (1.12)
                               
LESS DISTRIBUTIONS FROM:                              
Net investment income   (0.08)   (0.51)   (0.23)   (0.10)   (0.11)   (0.15)
Total distributions   (0.08)   (0.51)   (0.23)   (0.10)   (0.11)   (0.15)
                               
Net asset value, end of period/year  $35.66   $32.03   $22.82   $31.60   $29.38   $18.73 
                               
TOTAL RETURN(d)   11.58%   42.96%   (26.98)%   7.85%   57.67%   (5.67)%
                               
SUPPLEMENTAL DATA AND RATIOS:                              
Net assets, end of period/year (in thousands)  $17,473   $17,296   $13,692   $20,542   $11,751   $2,809 
Ratio of expenses to average net assets(e)   0.29%   0.29%   0.29%   0.29%   0.29%   0.29%
Ratio of net investment income to average net assets(e)   0.43%   1.38%   1.24%   0.31%   0.52%   0.92%
Portfolio turnover rate(d)(f)   26%   42%   96%   62%   414%   168%

 

(a) Inception date of the Fund was May 7, 2019.
(b) Net investment income per share has been calculated based on average shares outstanding during the period/year.
(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period/year, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period/year.
(d) Not annualized for periods less than one year.
(e) Annualized for periods less than one year.
(f) Portfolio turnover rate excludes in-kind transactions.

 

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

42

 

 

Financial Highlights SoFi ETFs

 

For a share outstanding throughout the periods presented

 

SoFi Enhanced Yield ETF        
         
   Six Months Ended
August 31, 2024
(Unaudited)
   Period Ended
February 29, 2024(a)
 
PER SHARE DATA:          
           
Net asset value, beginning of period  $20.06   $20.00 
           
INVESTMENT OPERATIONS:          
Net investment income(b)   0.39    0.26 
Net realized and unrealized gain on investments(c)   (0.31)   0.26 
Total from investment operations   0.08    0.52 
           
LESS DISTRIBUTIONS FROM:          
Net investment income   (1.32)   (0.46)
Total distributions   (1.32)   (0.46)
           
ETF transaction fees per share   0.01    0.00(h) 
Net asset value, end of period  $18.83   $20.06 
           
TOTAL RETURN(e)   0.35%   2.64%
           
SUPPLEMENTAL DATA AND RATIOS:          
Net assets, end of period (in thousands)  $39,078   $10,029 
Ratio of expenses to average net assets(f)   0.58%   0.49%
Ratio of broker fee expense to average net assets(f)   0.09%   -%
Ratio of operational expenses to average net assets excluding broker fee expense(f)   0.49%   -%
           
Ratio of net investment income to average net assets(d)(f)   3.85%   4.50%
Portfolio turnover rate(e)(g)   270%   8%

 

(a) Inception date of the Fund was November 14, 2023.
(b) Net investment income per share has been calculated based on average shares outstanding during the period/year.
(c) Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period/year, and may not reconcile with the aggregate gains and losses in the Statements of Operations due to share transactions for the period/year.
(d) The net investment income  ratio includes broker fee expense. The impact of broker fee expense is 0.08%.
(e) Not annualized for periods less than one year.
(f) Annualized for periods less than one year.
(g) Portfolio turnover rate excludes in-kind transactions.
(h) Does not round to 0.01 or (0.01), as applicable.

 

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

43

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

NOTE 1 – ORGANIZATION

 

The SoFi Select 500 ETF, SoFi Next 500 ETF and SoFi Social 50 ETF are diversified series of shares and the SoFi Enhanced Yield ETF is a non-diversified series of shares (each a “Fund”, and collectively the “Funds”) of beneficial interest of Tidal ETF Trust (the “Trust”). The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds and ZEGA Financial, LLC (the “Sub-Adviser”) serves as Sub-Adviser to the SoFi Enhanced Yield ETF only. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services—Investment Companies.” The SoFi Select 500 ETF and SoFi Next 500 ETF commenced operations on April 10, 2019, the SoFi Social 50 ETF commenced operations on May 7, 2019, and the SoFi Enhanced Yield ETF commenced operations on November 14, 2023.

 

The investment objective of the SoFi Select 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US 500 Growth Index. The investment objective of the SoFi Next 500 ETF is to seek to track the performance, before fees and expenses, of the Solactive SoFi US Next 500 Growth Index. The investment objective of the SoFi Social 50 ETF is to seek to track the performance, before fees and expenses, of the SoFi Social 50 Index. The investment objective of the SoFi Enhanced Yield ETF is to seek current income.

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

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

 

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

 

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

 

Options are valued at the mean between the closing bid and ask prices as provided by an Independent Pricing Agent.

 

Units of Mount Vernon Liquid Assets Portfolio, LLC are not traded on an exchange and are measured at fair value using the investment company's net asset value per share (or its equivalent) practical expedient as provided by the underlying fund's administrator.

 

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the net asset value (“NAV”) of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

 

44

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

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

 

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

 

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

 

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

 

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

 

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

 

The following is a summary of the inputs used to value each Fund’s investments and options written as of August 31, 2024:

 

SoFi Select 500 ETF

 

   Level 1   Level 2   Level 3   Total 
Investments:                    
Common Stocks(d)  $836,526,711   $   $   $836,526,711 
Real Estate Investment Trusts   14,504,692            14,504,692 
Contingent Value Rights           0(a)    
Investments Purchased with Proceeds from Securities Lending(b)               19,521,308 
Money Market Funds   1,161,749            1,161,749 
Total Investments  $852,193,152   $   $0   $871,714,460 

 

   Contingent
Value Rights
 
Balance as of February 29, 2024  $0(a)
Accrued discounts/premiums    
Realized gain (loss)    
Change in unrealized appreciation/depreciation    
Purchases    
Sales    
Transfer into and/or out of Level 3    
Balance as of August 31, 2024  $0 
      
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31,2024:  $ 

 

45

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

SoFi Next 500 ETF

 

   Level 1   Level 2   Level 3   Total 
Investments:                    
Common Stocks(d)  $87,156,909   $   $0(c)  $87,156,909 
Real Estate Investment Trusts   6,056,663            6,056,663 
Investments Purchased with Proceeds from Securities Lending(b)               19,210,492 
Money Market Funds   114,092            114,092 
Total Investments  $93,327,664   $   $0   $112,538,156 

 

   

Common

Stocks

 
Balance as of February 29, 2024  $(c)
Accrued discounts/premiums    
Realized gain (loss)    
Change in unrealized appreciation/depreciation   0 
Purchases    
Sales    
Transfer into and/or out of Level 3    
Balance as of August 31, 2024  $0 
      
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31, 2024:  $0 

 

SoFi Social 50 ETF

 

   Level 1   Level 2   Level 3   Total 
Investments:                    
Common Stocks(d)  $17,177,552   $   $   $17,177,552 
Real Estate Investment Trusts   261,235              261,235 
Investments Purchased with Collateral from Securities Lending(b)               3,109,845 
Money Market Funds   24,881            24,881 
Total Investments  $17,463,668   $   $   $20,573,513 

 

46

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

SoFi Enhanced Yield ETF

 

   Level 1   Level 2   Level 3   Total 
Assets:                    
Investments:                    
U.S. Treasury Obligations  $   $39,388,585   $   $39,388,585 
Options Purchased       3,040,880        3,040,880 
Money Market Funds   3,967            3,967 
Total Investments  $3,967   $42,429,465   $   $42,433,432 
                     
Liabilities:                    
Investments:                    
Options Written  $   $(3,336,440)  $   $(3,336,440)
Total Liabilities  $   $(3,336,440)  $   $(3,336,440)

 

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

 

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

 

(c)The Level 3 securities (Common Stock) are fair valued at $0 due to a halt in trading as a result of a merger.

 

(d)Refer to the Schedules of Investments for industry classifications.

 

B. Derivative Instruments (SoFi Enhanced Yield ETF Only). As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (e.g., a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

 

As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument’s market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Sub-Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

 

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

 

Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing “covered” call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

 

47

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

If the Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of such Fund as segregated to satisfy its obligations under the option. The Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, the Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be “called away,” requiring the Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and such the Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

 

As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, such Fund will realize a gain in the amount of the premium received.

 

By virtue of the Fund’s investment in option contracts on equity ETFs and equity indices, the Fund is exposed to common stocks indirectly which subjects the Fund to equity market risk. Common stocks are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. Equity securities may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

 

The Fund has adopted financial reporting rules and regulations that require enhanced disclosure regarding derivatives and hedging activity intending to improve financial reporting of derivative instruments by enabling investors to understand how an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

 

For the period ended August 31, 2024, the Fund’s monthly average quantity and notional value are described below:

 

   Average
Contracts
   Average
Notional Amount
 
Options Purchased   6,012   $3,280,083,299 
Options Written   (6,012)   (3,280,083,299)

 

Statements of Assets and Liabilities

 

Fair value of derivative instruments as of August 31, 2024:

 

Instrument  Asset Derivatives as of
August 31, 2024
   Liability Derivatives as of
August 31, 2024
 
   Balance Sheet
Location
   Fair Value   Balance Sheet
Location
  Fair Value 
Equity Contracts – Options Purchased   Investments, at value   $3,040,880     $ 
Equity Contracts – Options Written          Written options contracts, at value   (3,336,440)

 

48

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

Statements of Operations

 

The effect of derivative instruments on the Statements of Operations for the period ended August 31, 2024:

 

Instrument  Location of Gain (Loss)
on Derivatives Recognized
in Income
  Realized Gain (Loss)
on Derivatives
Recognized
in Income
   Change in Unrealized
Appreciation/Depreciation
on Derivatives
Recognized in Income
 
Equity Contracts – Options Purchased  Net Realized Gain (Loss) on Investments  $(8,166,028)  $(652,188)
Equity Contracts – Options Written  Net Realized Gain (Loss) on Options Written   5,966,843    727,873 

 

The SoFi Enhanced Yield ETF is not subject to a master netting agreement with respect to its investment in options written and options purchased; therefore, no additional disclosures regarding netting arrangements is required.

 

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

 

In order to avoid imposition of the excise tax applicable to regulated investment companies, the Funds intend to declare as dividends in each calendar year at least 98.0% of its net investment income (earned during the calendar year) and at least 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a registered investment company, the Funds are subject to a 4% excise tax that is imposed if the Funds do not distribute by the end of any calendar year at least the sum of (i) 98% of their ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of their capital gain in excess of their capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use each Fund’s fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management, in consultation with the Board of Trustees, evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

 

As of August 31, 2024, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially.

 

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

 

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

 

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

 

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.

 

49

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

F. Distributions to Shareholders. Distributions to shareholders from net investment income, if any, for the SoFi Select 500 ETF, SoFi Next 500 ETF, and the SoFi Social 50 ETF are declared and paid at least semi-annually, and for the SoFi Enhanced Yield ETF are declared and paid at least monthly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid on an annual basis. Distributions are recorded on the ex-dividend date.

 

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

 

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

 

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

 

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

 

K. Derivatives Transactions. Pursuant to Rule 18f-4 under the 1940 Act, the SEC imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation and cover framework arising from prior SEC guidance for covering derivatives and certain financial instruments currently used by funds to comply with Section 18 of the 1940 Act and treats derivatives as senior securities. Under Rule 18f-4, a fund’s derivatives exposure is limited through a value-at-risk test. Funds whose use of derivatives is more than a limited specified exposure amount are required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund’s board of trustees, and appoint a derivatives risk manager. The SoFi Enhanced Yield ETF has implemented a Rule 18f-4 Derivative Risk Management Program that complies with Rule 18f-4.

 

L. 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.

 

NOTE 3 – PRINCIPAL INVESTMENT RISKS

 

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

 

B. Credit Risk (SoFi Enhanced Yield ETF Only). If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund’s portfolio will typically decline.

 

C. Derivatives Risk (SoFi Enhanced Yield ETF Only). Derivatives include instruments and contracts that are based on and valued in relation to one or more underlying securities, financial benchmarks, indices, or other reference obligations or measures of value. Major types of derivatives include options. Depending on how the Fund uses derivatives and the relationship between the market value of the derivative and the underlying instrument, the use of derivatives could increase or decrease the Fund’s exposure to the risks of the underlying instrument. Using derivatives can have a leveraging effect if the Sub-Adviser is unable to set an appropriate spread between two options held by the Fund and increase Fund volatility. In that event, a small investment in derivatives could have a potentially large impact on the Fund’s performance. Derivatives transactions can be highly illiquid and difficult to unwind or value, and changes in the value of a derivative held by the Fund may not correlate with the value of the underlying instrument or the Fund’s other investments. Many of the risks applicable to trading the instruments underlying derivatives are also applicable to derivatives trading. Financial reform laws have changed many aspects of financial regulation applicable to derivatives. Once implemented, new regulations, including margin, clearing, and trade execution requirements, may make derivatives more costly, may limit their availability, may present different risks or may otherwise adversely affect the value or performance of these instruments. The extent and impact of these regulations are not yet fully known and may not be known for some time.

 

50

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

D. Equity Market Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). The equity securities held in the Funds’ portfolios may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Funds invest. Common stocks, such as those held by the Funds, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to received payment from issuers.

 

E. Exchange Traded Fund (“ETF”) Risks.

 

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

 

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

 

Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

 

Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares will approximate a Fund’s NAV, there may be times when the market price of shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of the shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for shares in the secondary market, in which case such premiums or discounts may be significant.

 

Trading. Although Shares are listed on a national exchange, such as the NYSE Arca, Inc. (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurances that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Funds’ underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

 

F. Fixed Income Securities Risk (SoFi Enhanced Yield ETF Only). The prices of fixed income securities respond to economic developments, particularly interest rate changes, as well as to changes in an issuer’s credit rating or market perceptions about the creditworthiness of an issuer. Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, and longer-term and lower rated securities are more volatile than shorter-term and higher rated securities.

 

G. 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.

 

51

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

H. Implied Volatility Risk (SoFi Enhanced Yield ETF Only). When the Fund sells an option, it gains the amount of the premium it receives, but also incurs a liability representing the value of the option it has sold until the option is either exercised and finishes “in the money,” meaning it has value and can be sold, or the option expires worthless, or the expiration of the option is “rolled,” or extended forward. The value of the options in which the Fund invests is based partly on the volatility used by market participants to price such options (i.e., implied volatility). Accordingly, increases in the implied volatility of such options will cause the value of such options to increase (even if the prices of the options’ underlying stocks do not change), which will result in a corresponding increase in the liabilities of the Fund under such options and thus decrease the Fund’s NAV.

 

I. Index Risk (SoFi Enhanced Yield ETF Only). If a derivative is linked to the performance of an index, the derivative will be subject to the risks associated with changes in that index.

 

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

 

K. Interest Rate Risk (SoFi Enhanced Yield ETF Only). Generally fixed income securities decrease in value if interest rates rise and increase in value if interest rates fall, with longer-term securities being more sensitive than shorter-term securities. For example, the price of a security with a one-year duration would be expected to drop by approximately 1% in response to a 1% increase in interest rates. Generally, the longer the maturity and duration of a bond or fixed rate loan, the more sensitive it is to this risk. Falling interest rates also create the potential for a decline in the Fund’s income. These risks are greater during periods of rising inflation.

 

L. Leveraging Risk (SoFi Enhanced Yield ETF Only). Derivative instruments held by the Fund involve inherent leverage, whereby small cash deposits allow the Fund to hold contracts with greater face value, which may magnify the Fund’s gains or losses. Adverse changes in the value or level of the underlying asset, reference rate or index can result in loss of an amount substantially greater than the amount invested in the derivative. In addition, the use of leverage may cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy redemption obligations.

 

M. Liquidity Risk (SoFi Enhanced Yield ETF Only). Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

 

N. Management and Strategy Risk (SoFi Enhanced Yield ETF Only). The value of your investment depends on the judgment of the Sub-Adviser about the value and risks associated with its credit spread strategy, including its ability to correctly analyze the impact of volatility on the underlying equity indexes. The Sub-Adviser may be incorrect in its assessment of the potential rate of return of one or more credit spreads or may incorrectly forecast the outlook for an index or the markets in general with regard to whether make a credit put spread (bullish position) or a credit call spread (bearish position). The Sub-Adviser’s proprietary techniques to monitor the Fund’s credit spreads for potential exit triggers may not work as expected, thereby increasing the risks to the Fund of maintaining these positions through expiration. Like all managers, the Sub-Adviser activities are subject to operational risks, which may adversely impact the management of the Fund.

 

O. Market Capitalization Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only).

 

Large-Capitalization Investing. 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.

 

Mid-Capitalization Investing. 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.

 

52

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

P. Models and Data Risk (SoFi Select 500 ETF and SoFi Next 500 ETF Only). The composition of each Fund’s 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.

 

Q. Newer Fund Risk (SoFi Enhanced Yield ETF Only). The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions. There can be no assurance that the Fund will grow to or maintain an economically viable size.

 

R. Non-Diversification Risk (SoFi Enhanced Yield ETF Only). The Fund is classified as “non-diversified,” which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. The Fund will generally have up to 15 credit spreads at any given time, with up to 25% exposure to a single equity index credit spread. Investment in a limited number of equity indexes exposes the Fund to greater market risk and potential losses than if its assets were diversified among a greater number of indexes.

 

S. Options Risk (SoFi Enhanced Yield ETF Only). Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities. If the Fund is not able to sell an option held in its portfolio, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase or sale of the underlying securities. Ownership of options involves the payment of premiums, which may adversely affect the Fund’s performance.

 

T. Passive Investment Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). The Funds invest in the securities included in, or representative of, its Index regardless of their investment merit. The Funds do not attempt to outperform its Index or take defensive positions in declining markets. As a result, each Fund’s performance may be adversely affected by a general decline in the market segments relating to their Index.

 

U. 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.

 

V. Sector Risk (SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF Only). Each Fund’s investing approach may dictate an emphasis on certain sectors, industries, or sub-sectors of the market at any given time. To the extent the Funds invest more heavily in one sector, industry, or sub-sector of the market, it thereby presents a more concentrated risk and their performance will be especially sensitive to developments that significantly affect those sectors, industries, or sub-sectors. In addition, the value of Shares may change at different rates compared to the value of shares of a fund with investments in a more diversified mix of sectors and industries. An individual sector, industry, or sub-sector of the market may have above-average performance during particular periods, but may also move up and down more than the broader market. The several industries that constitute a sector may all react in the same way to economic, political or regulatory events. Each Fund’s performance could also be affected if the sectors, industries, or sub-sectors do not perform as expected. Alternatively, the lack of exposure to one or more sectors or industries may adversely affect performance.

 

Communications Sector Risk (SoFi Social 50 ETF Only). The Fund may invest significantly in companies in the communications sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Communication companies are particularly vulnerable to the potential obsolescence of products and services due to technological advancement and the innovation of competitors. Companies in the communications 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. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication company’s profitability. While all companies may be susceptible to network security breaches, certain companies in the communications sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.

 

53

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

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.

 

Technology Sector Risk (SoFi Select 500 ETF & SoFi Social 50 ETF Only). The Funds may invest in companies in the technology sector, and therefore the performance of the Funds could be negatively impacted by events affecting this sector. 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.

 

W. Third Party Data Risk (SoFi Social 50 ETF Only). The composition of the Index, and consequently the Fund’s portfolio, is heavily dependent on information and data calculated and published by an independent third party calculation agent (“Third Party Data”). When Third Party Data proves to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index that would have been excluded or included had the Third Party Data been correct and complete. If the composition of the Index reflects such errors, the Fund’s portfolio can also be expected to reflect the errors.

 

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

 

Y. U.S. Government Securities Risk (SoFi Enhanced Yield ETF Only). U.S. Treasury obligations may differ in their interest rates, maturities, times of issuance and other characteristics. Obligations of U.S. Government agencies and authorities are supported by varying degrees of credit but generally are not backed by the full faith and credit of the U.S. Government. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

 

Z. 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.

 

AA. Written Options Risk (SoFi Enhanced Yield ETF Only). The Fund will incur a loss as a result of writing (selling) options (also referred to as a short position) if the price of the written option instrument increases in value between the date the Fund writes the option and the date on which the Fund purchases an offsetting position. The Fund’s losses are potentially large in a written put transaction and potentially unlimited in a written call transaction.). Because of the fund’s strategy of coupling written and purchased puts and call options with the same expiration date and different strike prices, the Fund expects that the maximum potential loss for the Fund for any given credit spread is equal to the difference between the strike prices minus any net premium received. Nonetheless, because up to 100% of the Fund’s portfolio may be subject to this risk - the value of an investment in the Fund – could decline significantly and without warning, including to zero.

 

54

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

 

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

 

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

 

Fund  

Investment Advisory

Fee

 

Investment

Advisory Fee
After

Reimbursement

SoFi Select 500 ETF   0.19%   0.05%
SoFi Next 500 ETF   0.19%   0.06%
SoFi Social 50 ETF   0.29%   0.29%
SoFi Enhanced Yield ETF   0.49%   0.49%

 

 

The Adviser has contractually agreed to waive a portion of its Investment Advisory Fees for the SoFi Select 500 ETF and SoFi Next 500 ETF until at least June 30, 2025 (the “Fee Waiver Agreement”). The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. In addition, the Adviser has voluntarily agreed to waive its full management fees through January 31, 2025 for each of the SoFi Select 500 ETF and SoFi Next 500 ETF. The additional voluntary fee waiver may fluctuate or be discontinued by the Adviser at any time with prior notice to shareholders; however, the Adviser currently anticipates maintaining the waiver through January 31, 2025. Any waived Investment Advisory Fees are not able to be recouped by the Adviser under the Fee Waiver Agreement. There is currently no Fee Waiver Agreement in effect for the SoFi Social 50 ETF and SoFi Enhanced Yield ETF.

 

Out of the Investment Advisory 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, or require the Sub-Adviser to pay (SoFi Enhanced Yield ETF only), 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”). The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the period ended August 31, 2024 are disclosed in the Statements of Operations.

 

The Adviser has entered into an agreement with Social Finance, Inc. (“SoFi”) with respect to the SoFi Select 500 EF, SoFi Next 500 ETF and SoFi Social 50 ETF, under which SoFi or an affiliate of SoFi, assumes the obligation of the Adviser to pay all expenses of the Funds, except Excluded Expenses (such expenses of a Fund, except Excluded Expenses, the “Unitary Expenses”). For assuming the payment obligation, SoFi is entitled to a fee, paid by the Adviser, based on the total investment advisory fee earned by the Adviser under the Advisory Agreement less the Unitary Expenses and certain start-up costs. The Adviser has entered into an agreement with SoFi and the Sub-Adviser with respect to the SoFi Enhanced Yield ETF, under which each of SoFi and the Sub-Adviser assume a portion of the obligation of the Adviser to pay all of the Unitary Expenses of the SoFi Enhanced Yield ETF and certain start-up costs. For assuming the payment obligation, each of SoFi and the Sub-Adviser is entitled to a fee, paid by the Adviser, based on the total Investment Advisory Fee earned by the Adviser under the Advisory Agreement less the Unitary Expenses and certain start-up costs for the SoFi Enhanced Yield ETF. Although SoFi has agreed to be responsible for the Unitary Expenses for the Funds, the Adviser retains the ultimate obligation to the Funds to pay such expenses. SoFi also provides marketing support for the Funds, including hosting the Funds’ website and preparing marketing materials related to the Funds.

 

The Sub-Adviser serves as investment sub-adviser to the SoFi Enhanced Yield ETF pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Fund (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for day-to-day management of the SoFi Enhanced Yield ETF’s portfolio, including determining the securities purchased and sold by the Fund and the execution of the Fund’s portfolio investments. The Sub-Adviser is responsible for trading portfolio securities for the SoFi Enhanced Yield ETF, including selecting broker-dealers to execute purchase and sale transactions subject to the supervision of the Adviser and the Board. For its services, the Sub-Adviser is paid a fee by the Adviser, which is calculated daily and monthly, at an annual rate of 0.15% of the Fund’s daily net assets.

 

55

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

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

 

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

 

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

 

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

 

NOTE 5 – SECURITIES LENDING

 

The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least the market value of the securities loaned by the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF. Each Fund receives compensation in the form of fees and earned interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and length of the loan. Each Fund continues to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of each Fund. The SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand. The SoFi Enhanced Yield ETF does not currently participate in securities lending.

 

As of August 31, 2024, 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  $19,268,606   $19,521,308    2.3%
SoFi Next 500 ETF   18,745,929    19,210,492    20.1%
SoFi Social 50 ETF   3,076,534    3,109,845    17.6%

 

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, 2024, the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF each loaned securities that were collateralized by cash. The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

 

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.

 

56

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

NOTE 6 – PURCHASES AND SALES OF SECURITIES

 

For the period ended August 31, 2024, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:

 

Fund  Purchases   Sales 
SoFi Select 500 ETF  $259,626,218   $90,466,305 
SoFi Next 500 ETF   19,884,229    18,483,959 
SoFi Social 50 ETF   4,297,211    4,318,001 
SoFi Enhanced Yield ETF        

 

For the period ended August 31, 2024, the purchases and sales of long-term U.S. government securities were as follows:

 

Fund  Purchases   Sales 
SoFi Select 500 ETF  $   $ 
SoFi Next 500 ETF        
SoFi Social 50 ETF        
SoFi Enhanced Yield ETF   12,197,100    12,258,943 

 

For the period ended August 31, 2024, the cost of purchases and proceeds from in-kind transactions were as follows:

 

Fund  In-Kind Purchases   In-Kind Sales 
SoFi Select 500 ETF  $145,170,645   $57,938,851 
SoFi Next 500 ETF   27,224,811    14,989,102 
SoFi Social 50 ETF       1,599,335 
SoFi Enhanced Yield ETF        

 

NOTE 7 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS

 

The tax character of distributions paid during the period ended August 31, 2024 (estimated) and the year/period ended February 29, 2024, are as follows:

 

   Ordinary Income   Long-Term Capital Gain 
    August 31, 2024    February 29, 2024    August 31, 2024    February 29, 2024 
SoFi Select 500 ETF  $4,299,330   $7,924,575   $   $ 
SoFi Next 500 ETF   516,600    974,225         
SoFi Social 50 ETF   38,220    272,786         
SoFi Enhanced Yield ETF   1,706,998    118,604        52,623 

 

As of the most recent fiscal year/period ended February 29, 2024, the components of distributable earnings on a tax basis were as follows:

 

   SoFi Select
500 ETF
   SoFi Next
500 ETF
   SoFi Social
50 ETF
   SoFi
Enhanced
Yield ETF
 
Investments, at cost(a)  $588,132,253   $89,182,174   $21,437,545   $9,365,022 
Gross tax unrealized appreciation   154,179,001    15,272,342    4,551,977    366,017 
Gross tax unrealized depreciation   (35,487,643)   (8,181,568)   (4,858,779)   (332,386)
Net tax unrealized appreciation (depreciation)   118,691,358    7,090,774    (306,802)   33,631 
Undistributed ordinary income (loss)   1,575,928    109,500    15,727     
Undistributed long-term capital gain (loss)               5,686 
Total distributable earnings   1,575,928    109,500    15,727    5,686 
Other accumulated gain (loss)   (25,136,264)   (9,296,852)   (8,374,342)   (42,335)
Total distributable earnings  $95,131,022   $(2,096,578)  $(8,665,417)  $(3,018)

 

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

 

57

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

Net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the most recent fiscal year/period ended February 29, 2024, the Funds have not elected to defer late year losses. As of the most recent fiscal year/period ended February 29, 2024, the following Funds had long-term and short-term capital loss carryovers, which do not expire:

 

Short-Term Capital Loss Carryover

 

SoFi Select 500 ETF  $14,246,754 
SoFi Next 500 ETF   5,248,334 
SoFi Social 50 ETF   5,082,643 
SoFi Enhanced Yield ETF    

 

Long-Term Capital Loss Carryover

 

SoFi Select 500 ETF  $10,889,510 
SoFi Next 500 ETF   4,048,518 
SoFi Social 50 ETF   3,291,699 
SoFi Enhanced Yield ETF    

 

NOTE 8 – SHARE TRANSACTIONS

 

Shares of the Funds are listed and traded on the Exchange. 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, and SoFi Enhanced Yield ETF is $500, and for the SoFi Social 50 ETF is $300, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units for Funds of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

 

NOTE 9 – RECENT MARKET EVENTS

 

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks’ interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflict between Israel and Hamas in the Middle East, and the impact of COVID-19. The global recovery from COVID-19 may last for an extended period of time. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. The Middle East conflict has led to significant loss of life, damaged infrastructure and escalated tensions both in the region and globally. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.

 

58

 

 

Notes to the Financial Statements SoFi ETFs
August 31, 2024 (Unaudited)

 

NOTE 10 – SUBSEQUENT EVENTS

 

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Effective October 1, 2024, the shares of the SoFi Select 500 ETF were adjusted to reflect a one for five reverse stock split. The effect of this reverse stock split was to reduce the number of shares outstanding in the Fund while maintaining the Fund’s and each shareholder’s aggregate NAV. Set forth below are details regarding the reverse stocked split.

 

   Date   Rate  

Net Asset

Value Before

Split

   Net Asset Value After Split  

Shares

Outstanding

Before Split

  

Shares

Outstanding

After Split

 
SFY  10/1/2024   1 for 5   $20.52   $102.60    43,000,000    8,600,000 

 

Management has determined that there are no other subsequent events that would need to be recorded or disclosed in the Funds’ financial statements.

 

59

 

 

(b)Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.”

 

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

 

There have been no changes in or disagreements with the Funds’ accountants.

 

Item 9. Proxy Disclosure for Open-End Investment Companies.

 

There were no matters submitted to a vote of shareholders during the period covered by the report.

 

 

 

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

 

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.

 

The Board of Trustees (the “Board” or the “Trustees”) of Tidal ETF Trust (the “Trust”) met at a meeting held on April 3, 2024 to consider the renewal of the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of each of the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 ETF (each, a “Fund,” and collectively, the “Funds”), each a series of the Trust, and Tidal Investments LLC (formerly, 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 the portfolio manager of the SoFi Select 500 ETF, SoFi Next 500 ETF, and SoFi Social 50 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 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 each Fund achieves is investment objectives as a passively-managed ETF. The Board noted that the Funds are each designed to track the performance of an index and the Adviser is responsible for 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 Funds were designed to track the performance of an index and considered the extent to which the Funds tracked their respective indexes, before fees and expenses, in addition to the performance of the Funds against their benchmark indexes and respective select peer groups.

 

The Board considered the performance of the SoFi Select 500 ETF on an absolute basis, in comparison to its underlying index (the Solactive SoFi US 500 Growth Index) and in comparison to its benchmark index (the S&P 500 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista Research, LLC (“AltaVista”), a third-party ETF research firm, comparing the Fund to a peer group of ETFs within the Fund’s designated Morningstar category (a peer group of U.S. large growth funds) (the “SFY Peer Group”), as well as a peer group of ETFs representing a subset of the SFY Peer Group based on select criteria (the “SFY Select Peer Group”). The Board considered 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 outperformed the S&P 500 Total Return Index over the one-year and since inception periods ended December 31, 2023, but underperformed the Index over the three-year period ended December 31, 2023. The Board considered that the Fund underperformed the SFY Peer Group median and average over the one-year period ended February 29, 2024, but outperformed the SFY Peer Group median and average over the three-year period ended February 29, 2024. The Board also noted that the Fund ranked 64 out of 84 funds in the SFY Peer Group over the one-year period ended February 29, 2024, and 16 out of 52 funds in the SFY Peer Group over the three-year period ended February 29, 2024.

 

The Board considered the performance of the SoFi Next 500 ETF on an absolute basis, in comparison to its underlying index (the Solactive SoFi US Next 500 Growth Index) and in comparison to its benchmark index (the S&P MidCap 400 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista, comparing the Fund to a peer group of ETFs within the Fund’s designated Morningstar category (a peer group of U.S. mid-cap blend funds) (the “SFYX Peer Group”), as well as a peer group of ETFs representing a subset of the SFYX Peer Group based on select criteria (the “SFYX Select 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 outperformed the S&P MidCap 400 Total Return Index over the one-year period ended December 31, 2023, but underperformed the Index over the three-year and since inception periods ended December 31, 2023. The Board considered that the Fund underperformed the SFYX Peer Group median and average for the one-year and three-year periods ended February 29, 2024. The Board also noted that the Fund ranked 183 out of 204 funds in the SFYX Peer Group over the one- year period ended February 29, 2024, and 136 out of 138 funds in the SFYX Peer Group over the three-year period ended February 29, 2024.

 

 

 

The Board considered the performance of the SoFi Social 50 ETF on an absolute basis, in comparison to its underlying index (the SoFi Social 50 Index), in comparison to its benchmark index (the S&P 500 Total Return Index) and in comparison to a secondary benchmark index (the NASDAQ 100 Total Return Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista, comparing the Fund to a peer group of ETFs within the Fund’s designated Morningstar category (a peer group of U.S. large growth funds) (the “SFYF Peer Group”), as well as a peer group of ETFs representing a subset of the SFYF Peer Group based on select criteria (the “SFYF Select 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 outperformed the S&P 500 Total Return Index over the one- year period ended December 31, 2023, but underperformed the Index over the three-year and since inception periods ended December 31, 2023. The Board considered that the Fund outperformed the NASDAQ 100 Total Return Index over the one-year period ended December 31, 2023, but underperformed the Index over the three-year and since inception periods ended December 31, 2023. The Board also considered that the Fund outperformed the SFYF Peer Group median and average for the one-year period ended February 29, 2024, but underperformed the SFYF Peer Group median and average over the three-year period ended February 29, 2024. The Board noted that the Fund ranked 35 out of 84 funds in the SFYF Peer Group for the one-year period ended February 29, 2024, and 39 out of 52 funds in the SFYF Peer Group for the three-year period ended February 29, 2024.

 

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 12b-1 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 SoFi 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, 2024. The Board considered that the Fund’s advisory fee of 0.19% was below the SFY Peer Group and SFY Select Peer Group averages of 0.48% and 0.41%, respectively, and that the Fund’s net expense ratio of 0.00% was below the SFY Peer Group and SFY Select Peer Group averages of 0.50% and 0.46%, respectively.

 

For the SoFi 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, 2024. The Board considered that the Fund’s advisory fee of 0.19% was below the SFYX Peer Group and SFYX Select Peer Group averages of 0.39% and 0.35%, respectively, and that the Fund’s net expense ratio of 0.00% was below the SFYX Peer Group and SFYX Select Peer Group averages of 0.41% and 0.35%, respectively.

 

For the SoFi Social 50 ETF, the Board noted that Fund’s advisory fee of 0.29% was below the SFYF Peer Group and SFYF Select Peer Group averages of 0.47% and 0.41%, respectively. The Board also considered that the Fund’s expense ratio of 0.29% was below the SFYF Peer Group and SFYF Select Peer Group averages of 0.50% and 0.46%, respectively.

 

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 from their 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.

 

4.Extent of Economies of Scale as the Funds Grow. The Board compared each Fund’s expenses relative to its applicable peer groups 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.

 

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable to open-end investment companies.

 

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable to open-end investment companies.

 

Item 15. Submission of Matters to a Vote of Security Holders.

 

Not Applicable.

 

Item 16. Controls and Procedures.

 

(a)The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

 

(b)There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

 

 

 

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

 

Not applicable to open-end investment companies.

 

Item 18. Recovery of Erroneously Awarded Compensation.

 

(a) Not Applicable

 

(b) Not Applicable

 

Item 19. Exhibits.

 

(a)(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

 

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

 

(3) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

 

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

 

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

 

(b)Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  (Registrant) Tidal ETF Trust  

 

  By (Signature and Title)* /s/ Eric W. Falkeis  
      Eric W. Falkeis, President/Principal Executive Officer  

  

  Date November 7, 2024  

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

  By (Signature and Title)* /s/ Eric W. Falkeis  
      Eric W. Falkeis, President/Principal Executive Officer  

  

  Date November 7, 2024  

 

  By (Signature and Title)* /s/ Aaron J. Perkovich  
      Aaron J. Perkovich, Treasurer/Principal Financial Officer  

  

  Date November 8, 2024  

 

* Print the name and title of each signing officer under his or her signature.