# EDGAR Filing Document

**Accession Number:** 0001742912
**File Stem:** 0001999371-25-017361
**Filing Date:** 2025-11
**Character Count:** 255210
**Document Hash:** 8f9267b7692ebf6e9b30d4bc6b43ed68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-017361.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001999371-25-017361

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251110

**DATE AS OF CHANGE**: 20251110

**EFFECTIVENESS DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tidal Trust I
- **CENTRAL INDEX KEY:** 0001742912

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23377
- **FILM NUMBER:** 251466188

**BUSINESS ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204
- **BUSINESS PHONE:** 844-986-7676

**MAIL ADDRESS:**
- **STREET 1:** 234 WEST FLORIDA STREET, SUITE 203
- **CITY:** MILWAUKEE,
- **STATE:** WI
- **ZIP:** 53204

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Tidal ETF Trust
- **DATE OF NAME CHANGE:** 20180606

## Series and Classes Contracts Data

### SoFi Select 500 ETF (Series ID: S000065093)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000210797 | SoFi Select 500 ETF | SFY             |

### SoFi Next 500 ETF (Series ID: S000065094)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000210798 | SoFi Next 500 ETF | SFYX            |

### SoFi Social 50 ETF (Series ID: S000065095)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000210799 | SoFi Social 50 ETF | SFYF            |

### SoFi Enhanced Yield ETF (Series ID: S000083023)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000246517 | SoFi Enhanced Yield ETF | THTA            |

?xml version='1.0' encoding='ASCII'? Semi Annual Shareholder Report

**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 **<u>(811-23377)</u>**

**<u>Tidal Trust I</u>**

(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 Trust I**

 **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: **<u>February 28, 2025</u>**

Date of reporting period: **<u>August 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

SoFi Enhanced Yield ETF Tailored Shareholder Report

**semi-annual shareholder reportAugust 31, 2025**<br>**SoFi Enhanced Yield ETF**<br>Ticker: THTA (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the SoFi Enhanced Yield ETF (the "Fund") for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.sofi.com/invest/etfs/thta. You can also request this information by contacting us at 877-358-0096 or by writing to the SoFi Enhanced Yield ETF, 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 | $35 | 0.76% |

---

Cost paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $34493 |
| **Number of Holdings** | 8 |
| **Total Advisory Fee** | $95656 |
| **Portfolio Turnover Rate** | 0% |

---

#### Sector Breakdown (% of Total Net Assets)
![bar](qes8prgx61mgv5icvx.jpg)

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **United States Treasury Bill - 11/28/2025** | 45.5 |
| **United States Treasury Note/Bond - 01/15/2026** | 24.9 |
| **United States Treasury Bill - 07/09/2026** | 24.1 |
| **S&P 500 Index,**<br>**Expiration: 09/26/25;**<br>**Exercise Price: $57.50** | -4.3 |
| **S&P 500 Index,**<br>**Expiration: 09/26/25;**<br>**Exercise Price: $57.00** | 3.9 |
| **United States Treasury Bill - 08/06/2026** | 3.5 |
| **United States Treasury Note/Bond - 10/15/2025** | 0.6 |

---

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

#### 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.

**SoFi Next 500 ETF** Tailored Shareholder Report

**semi-annual Shareholder Report August 31, 2025**<br>**SoFi Next 500 ETF**<br>Ticker: SFYX (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the SoFi Next 500 ETF (the "Fund") for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.sofi.com/invest/etfs/sfyx. You can also request this information by contacting us at 877-358-0096 or by writing to the SoFi Next 500 ETF, 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 Next 500 ETF | $3 | 0.06% |

---

Cost paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $26107 |
| **Number of Holdings** | 498 |
| **Total Advisory Fee** | $7558 |
| **Portfolio Turnover Rate** | 37% |

---

#### Sector Breakdown (% of Total Net Assets)
![bar](qesea6uoo1mh9hin3v.jpg)

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| **TKO Group Holdings Inc** | 1.2 |
| **FTAI Aviation Ltd** | 1.2 |
| **Astera Labs Inc** | 1.1 |
| **CoreWeave Inc** | 1.1 |
| **Reddit Inc** | 1.0 |
| **TechnipFMC PLC** | 1.0 |
| **Rocket Lab Corp** | 1.0 |
| **Carlyle Group Inc/The** | 0.9 |
| **SoFi Technologies Inc** | 0.9 |
| **Affirm Holdings Inc** | 0.8 |

---

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

#### 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.

SoFi Select 500 ETF Tailored Shareholder Report

**semi-annual Shareholder Report August 31, 2025**<br>**SoFi Select 500 ETF**<br>Ticker: SFY (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the SoFi Select 500 ETF (the "Fund") for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.sofi.com/invest/etfs/sfy. You can also request this information by contacting us at 877-358-0096 or by writing to the SoFi Select 500 ETF, 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 Select 500 ETF | $3 | 0.05% |

---

Cost paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Millions)** | $538 |
| **Number of Holdings** | 502 |
| **Total Advisory Fee** | $121713 |
| **Portfolio Turnover Rate** | 9% |

---

#### Sector Breakdown (% of Total Net Assets)
![bar](qes3mv8p1mh9hk14q.jpg)

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| **NVIDIA Corp** | 13.7 |
| **Microsoft Corp** | 5.6 |
| **Apple Inc** | 4.2 |
| **Amazon.com Inc** | 4.2 |
| **Broadcom Inc** | 4.1 |
| **Meta Platforms Inc** | 3.3 |
| **Alphabet Inc** | 2.5 |
| **Eli Lilly & Co** | 2.2 |
| **Alphabet Inc** | 2.2 |
| **JPMORGAN CHASE & CO.** | 1.4 |

---

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

#### 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.

SoFi Social 50 ETF Tailored Shareholder Report

**semi-annual Shareholder Report August 31, 2025**<br>**SoFi Social 50 ETF**<br>Ticker: SFYF (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the SoFi Social 50 ETF (the "Fund") for the period March 1, 2025 to August 31, 2025. You can find additional information about the Fund at www.sofi.com/invest/etfs/sfyf. You can also request this information by contacting us at 877-358-0096 or by writing to the SoFi Social 50 ETF, 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% |

---

Cost paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of August 31, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $32687 |
| **Number of Holdings** | 51 |
| **Total Advisory Fee** | $38096 |
| **Portfolio Turnover Rate** | 18% |

---

#### Sector Breakdown (% of Total Net Assets)
![bar](qesd7hlt1mgv4ocka.jpg)

#### What did the Fund invest in?
(as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Ten Holdings** | **(% of net assets)** |
| **Tesla Inc** | 10.4 |
| **NVIDIA Corp** | 8.4 |
| **Amazon.com Inc** | 5.7 |
| **Berkshire Hathaway Inc** | 4.8 |
| **Apple Inc** | 4.8 |
| **Alphabet Inc** | 4.7 |
| **Palantir Technologies Inc** | 4.2 |
| **Meta Platforms Inc** | 4.1 |
| **Microsoft Corp** | 4.1 |
| **Advanced Micro Devices Inc** | 3.9 |

---

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

#### 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.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable for semi-annual reports.

**<u>Item 6. Investments.</u>**

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

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](sofifinancials001.jpg)

**Core Financial Statements**

**August 31, 2025 (Unaudited)**

**Tidal Trust I**

---

| | |
|:---|:---|
| SoFi Enhanced Yield ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| THTA \| NYSE Arca, Inc. |
| SoFi Next 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| SFYX \| NYSE Arca, Inc. |
| SoFi Select 500 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| SFY \| NYSE Arca, Inc. |
| SoFi Social 50 ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| SFYF \| NYSE Arca, Inc. |

---

**SoFi ETFs**

**Table of Contents**

---

| | |
|:---|:---|
| | **Page** |
| [Schedule of Investments: SoFi Enhanced Yield ETF](#sofifinancialsa001) | 1 |
| [Schedule of Written Options Contracts: SoFi Enhanced Yield ETF](#sofifinancialsa002) | 2 |
| [Schedule of Investments: SoFi Next 500 ETF](#sofifinancialsa003) | 3 |
| [Schedule of Investments: SoFi Select 500 ETF](#sofifinancialsa004) | 15 |
| [Schedule of Investments: SoFi Social 50 ETF](#sofifinancialsa005) | 27 |
| [Statements of Assets and Liabilities](#sofifinancialsa006) | 30 |
| [Statements of Operations](#sofifinancialsa007) | 31 |
| [Statements of Changes in Net Assets](#sofifinancialsa008) | 32 |
| [Financial Highlights](#sofifinancialsa009) | 34 |
| [Notes to the Financial Statements](#sofifinancialsa010) | 41 |

---

**SoFi Enhanced Yield ETF**

**Schedule of Investments**

**August 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PURCHASED OPTIONS - 3.9%<sup>(a)(b)(c)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Put Options - 3.9%** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500 Index, Expiration: 9/26/2025; Exercise Price: $5,700.00 | $1337273820 | 2070 | $1335150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL PURCHASED OPTIONS (Cost $1,283,761)** |  |  | 1335150 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. TREASURY SECURITIES - 25.5%** | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Principal**<br>**Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**United States Treasury Note/Bond - 25.5%<sup>(d)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note/Bond | 3.88% | 01/15/2026 | $8598000 | 8590854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Note/Bond | 4.25% | 10/15/2025 | 200000 | 199997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL U.S. TREASURY SECURITIES (Cost $8,792,165)** |  |  |  | 8790851 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 73.2%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.2%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.22%<sup>(e)</sup> | 70289 | 70289 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**U.S. Treasury Bills - 73.0%<sup>(d)</sup>** | **Principal**<br>**Amount** |<br>**Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, 11/28/2025, 4.05%<sup>(f)(g)</sup> | $15845000 | 15689917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, 7/9/2026, 3.87%<sup>(f)</sup> | 8571000 | 8296664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bill, 8/6/2026, 3.86%<sup>(f)</sup> | 1254000 | 1210509 |
|  |  | 25197090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $25,251,167)** |  | 25267379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 102.6% (Cost $35,327,093)** |  | $35393380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (2.6)% |  | (900191) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $34493189 |

---

Percentages are stated as a percent of net assets.

(a) Exchange-traded.

(b) 100
 shares per contract.

(c) Held
 in connection with written option contracts. See Schedule of Written Options Contracts
 for further information.

(d) To
the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially
sensitive to developments that significantly affect those industries or sectors.

(e) The
 rate shown represents the 7-day annualized effective yield as of August 31, 2025.

(f) The
 rate shown is the annualized effective yield as of August 31, 2025.

(g) Fair
value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial
statements, is available from the SEC's EDGAR database at www.sec.gov.

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

**SoFi Enhanced Yield ETF**

**Schedule of Written Options Contracts**

**August 31, 2025 (Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **WRITTEN OPTIONS - (4.3)%<sup>(a)(b)</sup>** | **Notional Amount** | **Contracts** | **Value** |
| **Put Options - (4.3)%** |  |  |  |
| S&P 500 Index, Expiration: 9/26/2025; Exercise Price: $5,750.00 | $(1337273820) | (2070) | $(1480050) |
| **TOTAL WRITTEN OPTIONS (Premiums received $1,417,589)** |  |  | (1480050) |
| 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.

**SoFi Next 500 ETF**

**Schedule of Investments**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank OZK | 650 | $34105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Bank | 3333 | 125454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Columbia Banking System, Inc.<sup>(a)</sup> | 1054 | 28216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comerica, Inc. | 527 | 37196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc.<sup>(a)</sup> | 522 | 32333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 272 | 35096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 733 | 77068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 693 | 25759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Horizon Corp. | 2215 | 50059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FNB Corp. | 1957 | 32662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc.<sup>(a)</sup> | 612 | 30080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 380 | 23910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 957 | 28480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp<sup>(a)</sup> | 1838 | 42072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 410 | 39860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 485 | 33528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SouthState Bank Corp. | 644 | 65727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 612 | 31585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UMB Financial Corp.<sup>(a)</sup> | 404 | 49248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 685 | 26263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valley National Bancorp | 2242 | 23451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Webster Financial Corp. | 789 | 49092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp<sup>(a)</sup> | 621 | 55610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 401 | 55053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorp., N.A. | 727 | 42173 |
|  |  | 1074080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 214 | 41895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 965 | 41263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Champion Homes, Inc. | 342 | 25807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crocs, Inc.<sup>(a)(b)</sup> | 245 | 21364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 609 | 35639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gentex Corp. | 999 | 27982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hasbro, Inc. | 575 | 46673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lear Corp. | 232 | 25520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. | 1437 | 26297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 338 | 26259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.<sup>(b)</sup> | 298 | 39542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PVH Corp.<sup>(a)</sup> | 214 | 18044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralph Lauren Corp. - Class A | 178 | 52853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. - Class A<sup>(a)(b)</sup> | 4319 | 58609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 440 | 51462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skechers USA, Inc. - Class A<sup>(b)</sup> | 550 | 34694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 879 | 89500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. - Class A<sup>(b)</sup> | 510 | 34359 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempur Sealy International, Inc. | 958.0 | 80424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 198.0 | 21701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 473.0 | 65747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VF Corp. | 1767.0 | 26735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whirlpool Corp.<sup>(a)</sup> | 201.0 | 18723 |
|  |  | 911092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boyd Gaming Corp.<sup>(a)</sup> | 277.0 | 23783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.<sup>(b)</sup> | 350.0 | 41314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | 312.0 | 48666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.<sup>(b)</sup> | 904.0 | 24200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cava Group, Inc.<sup>(a)(b)</sup> | 1397.0 | 94367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 130.0 | 15546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 357.0 | 37032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dutch Bros, Inc. - Class A<sup>(b)</sup> | 2369.0 | 170165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>(b)</sup> | 133.0 | 26809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. - Class A<sup>(a)</sup> | 274.0 | 39533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Light & Wonder, Inc.<sup>(a)(b)</sup> | 366.0 | 33844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGM Resorts International | 1015.0 | 40285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.<sup>(b)</sup> | 3926.0 | 97522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A | 438.0 | 45903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Service Corp. International | 663.0 | 52543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stride, Inc.<sup>(b)</sup> | 216.0 | 35249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. - Class A | 375.0 | 64706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. - Class A | 1661.0 | 314859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vail Resorts, Inc.<sup>(a)</sup> | 179.0 | 29320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viking Holdings Ltd.<sup>(a)(b)</sup> | 1308.0 | 83215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wingstop, Inc. | 192.0 | 62999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc.<sup>(a)</sup> | 356.0 | 30833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 403.0 | 51080 |
|  |  | 1463773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc.<sup>(b)</sup> | 1011.0 | 41502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 480.0 | 55507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Campbell's Co. | 988.0 | 31547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.<sup>(b)</sup> | 875.0 | 55020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.<sup>(b)</sup> | 544.0 | 18474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;elf Beauty, Inc.<sup>(b)</sup> | 476.0 | 59500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc.<sup>(a)</sup> | 945.0 | 14213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1279.0 | 32538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingredion, Inc. | 243.0 | 31478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 601.0 | 34575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 107.0 | 19538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. - Class B<sup>(a)</sup> | 777.0 | 39231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perrigo Co. PLC<sup>(a)</sup> | 642.0 | 15241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc.<sup>(b)</sup> | 251.0 | 28401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corp. | 5164.0 | 129668 |
|  |  | 606433 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 10.0%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 122 | 27428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affirm Holdings, Inc. - Class A<sup>(b)</sup> | 2474 | 218850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGNC Investment Corp. - REIT<sup>(a)</sup> | 17786 | 173591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Lease Corp. - Class A | 428 | 25770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 1231 | 50533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. - REIT | 4356 | 92304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. - Class A | 10205 | 188997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 3699 | 238807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essent Group Ltd. | 479 | 30052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.<sup>(b)</sup> | 198 | 18452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evercore, Inc. - Class A | 234 | 75243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Financial Corp. | 562 | 37092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1719 | 44110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GATX Corp. | 191 | 32147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. - Class A | 333 | 51395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. - Class A | 349 | 69538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invesco Ltd. | 3921 | 85831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 1023 | 66342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MARA Holdings, Inc.<sup>(b)</sup> | 4277 | 68346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 178 | 32723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 1007 | 28025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morningstar, Inc. | 150 | 39363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc.<sup>(b)</sup> | 378 | 71264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. - Class A | 604 | 37363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 107 | 35716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Radian Group, Inc. | 623 | 21730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rithm Capital Corp. - REIT | 3611 | 44704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Co. | 499 | 44052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. - Class A<sup>(a)(b)</sup> | 541 | 48923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SLM Corp.<sup>(a)</sup> | 816 | 25524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.<sup>(b)</sup> | 9329 | 238263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. - REIT | 1552 | 31459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 569 | 65600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. - Class A | 1910 | 115268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.<sup>(b)</sup> | 657 | 48145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 448 | 33640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Union Co. | 1530 | 13265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEX, Inc.<sup>(a)(b)</sup> | 168 | 28787 |
|  |  | 2598642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.<sup>(b)</sup> | 4152 | 71664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alkermes PLC<sup>(b)</sup> | 545 | 15789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avantor, Inc.<sup>(a)(b)</sup> | 3230 | 43508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.<sup>(b)</sup> | 307 | 37233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. - Class A<sup>(b)</sup> | 80 | 23830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bio-Techne Corp.<sup>(a)</sup> | 821 | 44851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.<sup>(a)(b)</sup> | 1706 | 88303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bruker Corp. | 660 | 22427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.<sup>(b)</sup> | 610 | 99619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemed Corp. | 78 | 35720 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.<sup>(b)</sup> | 825.0 | 57519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cytokinetics, Inc.<sup>(a)(b)</sup> | 2022.0 | 71437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc.<sup>(b)</sup> | 198.0 | 27276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.<sup>(a)(b)</sup> | 2007.0 | 36828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 551.0 | 67090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 316.0 | 54282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exact Sciences Corp.<sup>(b)</sup> | 661.0 | 31345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc.<sup>(b)</sup> | 1780.0 | 66608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Glaukos Corp.<sup>(b)</sup> | 386.0 | 36987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc. - Class A<sup>(b)</sup> | 1766.0 | 108203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guardant Health, Inc.<sup>(a)(b)</sup> | 1032.0 | 69577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corp.<sup>(a)(b)</sup> | 273.0 | 14889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>(b)</sup> | 745.0 | 54497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>(b)</sup> | 548.0 | 48953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Henry Schein, Inc.<sup>(b)</sup> | 528.0 | 36738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc.<sup>(b)</sup> | 1026.0 | 139639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.<sup>(b)</sup> | 296.0 | 27732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp.<sup>(a)(b)</sup> | 194.0 | 20927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.<sup>(b)</sup> | 553.0 | 23577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc.<sup>(b)</sup> | 378.0 | 48290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.<sup>(b)</sup> | 622.0 | 91869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.<sup>(b)</sup> | 562.0 | 30854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masimo Corp.<sup>(a)</sup> | 205.0 | 28641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(b)</sup> | 129.0 | 61341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.<sup>(a)(b)</sup> | 335.0 | 30331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.<sup>(b)</sup> | 593.0 | 82783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Option Care Health, Inc.<sup>(b)</sup> | 872.0 | 25009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organon & Co. | 1724.0 | 16240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc.<sup>(b)</sup> | 460.0 | 125414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QIAGEN NV<sup>(a)</sup> | 1450.0 | 67425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repligen Corp.<sup>(b)</sup> | 353.0 | 43179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.<sup>(a)(b)</sup> | 651.0 | 24718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.<sup>(b)</sup> | 1867.0 | 33979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solventum Corp.<sup>(b)</sup> | 643.0 | 46997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teleflex, Inc. | 455.0 | 57517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc. - Class A<sup>(b)</sup> | 512.0 | 38840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. | 489.0 | 90137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.<sup>(b)</sup> | 2580.0 | 75671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Therapeutics Corp.<sup>(b)</sup> | 264.0 | 80457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Health Services, Inc. - Class B | 302.0 | 54837 |
|  |  | 2631577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 12.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.O. Smith Corp.<sup>(a)</sup> | 486.0 | 34647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AAON, Inc.<sup>(a)</sup> | 262.0 | 21733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acuity Brands, Inc. | 139.0 | 45379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AeroVironment, Inc.<sup>(b)</sup> | 182.0 | 43926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AGCO Corp. | 201.0 | 21746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC<sup>(a)</sup> | 409.0 | 69448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 389.0 | 33964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATI, Inc. | 514.0 | 39856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 180.0 | 32926 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Belden, Inc. | 170.0 | 22134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bloom Energy Corp. - Class A<sup>(b)</sup> | 1983.0 | 104980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 464.0 | 75187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chart Industries, Inc.<sup>(a)(b)</sup> | 417.0 | 83133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNH Industrial NV - Class A | 2885.0 | 33033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognex Corp. | 839.0 | 36866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crane Co. | 231.0 | 42804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 94.0 | 25713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 180.0 | 86067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | 560.0 | 44615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 261.0 | 30112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 262.0 | 32223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flowserve Corp. | 657.0 | 35255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 2020.0 | 310777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>(b)</sup> | 980.0 | 25049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generac Holdings, Inc. | 307.0 | 56872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graco, Inc. | 721.0 | 61566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp. - Class A | 466.0 | 114175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HEICO Corp. | 259.0 | 80813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hexcel Corp. | 410.0 | 25891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 166.0 | 44951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Itron, Inc.<sup>(a)(b)</sup> | 290.0 | 35653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 409.0 | 69632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JBT Marel Corp. | 220.0 | 31524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.<sup>(a)(b)</sup> | 1116.0 | 73477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 233.0 | 56533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 99.0 | 25723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 225.0 | 30791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Modine Manufacturing Co.<sup>(a)</sup> | 221.0 | 30085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moog, Inc. - Class A | 136.0 | 26636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 257.0 | 43844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. - Class A | 1057.0 | 27862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nordson Corp. | 250.0 | 56272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 613.0 | 55409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oshkosh Corp. | 346.0 | 48222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 150.0 | 58494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp.<sup>(a)</sup> | 482.0 | 71977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rocket Lab Corp.<sup>(a)(b)</sup> | 5256.0 | 255442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | 2470.0 | 80374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc. - Class A | 463.0 | 19256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 232.0 | 43409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Timken Co. | 260.0 | 20080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toro Co. | 475.0 | 38503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trimble, Inc.<sup>(b)</sup> | 1407.0 | 113714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 97.0 | 35611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 600.0 | 25746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. - Class A | 138.0 | 38212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Woodward, Inc. | 282.0 | 69603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 697.0 | 31616 |
|  |  | 3229541 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 6.6%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ADT, Inc. | 6102 | 53148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AECOM | 1002 | 125140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. | 768 | 48215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. | 2933 | 39214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;API Group Corp.<sup>(b)(c)</sup> | 1448 | 51665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc., ADR | 196 | 51662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aramark | 907 | 35473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. - Class A<sup>(b)</sup> | 423 | 41691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 561 | 72201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clean Harbors, Inc.<sup>(b)</sup> | 242 | 58615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 280 | 196946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. - Class A<sup>(b)</sup> | 553 | 35790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dycom Industries, Inc.<sup>(b)</sup> | 135 | 34083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exponent, Inc. | 242 | 17274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fluor Corp. | 2580 | 105832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FTI Consulting, Inc.<sup>(b)</sup> | 167 | 28163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GEO Group, Inc. - REIT | 1155 | 23955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc.<sup>(a)(b)</sup> | 690 | 36328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H&R Block, Inc. | 616 | 31016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Installed Building Products, Inc.<sup>(a)</sup> | 113 | 29586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kirby Corp. | 264 | 25661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. - Class A | 820 | 35998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Landstar System, Inc. | 146 | 19320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MasTec, Inc.<sup>(b)</sup> | 487 | 88483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc. - Class A<sup>(a)</sup> | 175 | 15790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert Half, Inc. | 368 | 13734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryder System, Inc. | 200 | 37504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Saia, Inc.<sup>(b)</sup> | 137 | 40615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.<sup>(b)</sup> | 205 | 29364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>(b)</sup> | 134 | 37323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 1487 | 54156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TopBuild Corp.<sup>(b)</sup> | 137 | 57644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 193 | 42429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | 1623 | 39341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;XPO, Inc.<sup>(b)</sup> | 554 | 71854 |
|  |  | 1725213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 362 | 49181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assurant, Inc. | 244 | 52609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty Ltd.<sup>(a)</sup> | 176 | 14467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. | 440 | 43375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corebridge Financial, Inc.<sup>(a)</sup> | 1788 | 62169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 1799 | 95815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Erie Indemnity Co. - Class A | 156 | 55283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. | 429 | 60038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 497 | 86220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. - Class A | 324 | 32011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc.<sup>(a)</sup> | 157 | 71820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corp. | 2086 | 89552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Republic International Corp. | 1296 | 51801 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Primerica, Inc. | 175.0 | 47134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | 420.0 | 81812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd.<sup>(a)</sup> | 338.0 | 82131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RLI Corp. | 463.0 | 31359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. - Class A<sup>(a)</sup> | 998.0 | 56417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc.<sup>(a)</sup> | 372.0 | 29102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unum Group | 759.0 | 53024 |
|  |  | 1145320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc.<sup>(a)</sup> | 309.0 | 44487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albemarle Corp.<sup>(a)</sup> | 396.0 | 33628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alcoa Corp. | 4438.0 | 142859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 304.0 | 42338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.<sup>(b)</sup> | 1076.0 | 33636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balchem Corp. | 148.0 | 23989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boise Cascade Co. | 172.0 | 14964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cabot Corp. | 262.0 | 21369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 265.0 | 63833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Celanese Corp. | 387.0 | 18433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.<sup>(a)</sup> | 1482.0 | 15932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Metals Co. | 441.0 | 25433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 498.0 | 49491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 140.0 | 32326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 516.0 | 36295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 1204.0 | 30967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FMC Corp. | 561.0 | 21935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co.<sup>(a)</sup> | 1513.0 | 33695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knife River Corp.<sup>(a)(b)</sup> | 260.0 | 21060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 377.0 | 35857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mosaic Co. | 1243.0 | 41516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc.<sup>(a)</sup> | 412.0 | 73987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sealed Air Corp. | 605.0 | 19644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 337.0 | 15812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 203.0 | 38797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Products Co. | 658.0 | 31091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Copper Corp.<sup>(a)</sup> | 596.0 | 57266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trex Co., Inc.<sup>(b)</sup> | 534.0 | 32910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 253.0 | 25545 |
|  |  | 1079095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class A | 1141.0 | 68118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fox Corp. - Class B | 729.0 | 39767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | 1563.0 | 41951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corp. - Class C<sup>(b)</sup> | 486.0 | 29578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lyft, Inc. - Class A<sup>(b)</sup> | 3842.0 | 62317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maplebear, Inc.<sup>(a)(b)</sup> | 900.0 | 39033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Match Group, Inc. | 1038.0 | 38759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York Times Co. - Class A | 735.0 | 43983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;News Corp. - Class A | 1737.0 | 51085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. - Class A | 155.0 | 31702 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paramount Skydance Corp. - Class B | 2277 | 33472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A<sup>(a)(b)</sup> | 1188.0 | 267395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc. - Class A<sup>(b)</sup> | 1036.0 | 100036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 760.0 | 17966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Music Group Corp. - Class A<sup>(a)</sup> | 605.0 | 20177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zillow Group, Inc. - Class C<sup>(a)(b)</sup> | 1126.0 | 94933 |
|  |  | 980272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 1602.0 | 28499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Resources Corp.<sup>(b)</sup> | 4066.0 | 129787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APA Corp.<sup>(a)</sup> | 1984.0 | 46068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archrock, Inc. | 1168.0 | 28920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chord Energy Corp. | 439.0 | 48242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CNX Resources Corp. | 997.0 | 29112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 487.0 | 50736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 541.0 | 23707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream LP - Class A | 714.0 | 29417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 569.0 | 28951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. - Class A<sup>(a)</sup> | 968.0 | 24084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Co. | 858.0 | 43209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 72.0 | 27108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOV, Inc.<sup>(a)</sup> | 1677.0 | 22287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 1019.0 | 42920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permian Resources Corp. - Class A | 6728.0 | 96143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corp. | 1237.0 | 42392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TechnipFMC PLC | 7185.0 | 264120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viper Energy, Inc. - Class A | 899.0 | 35821 |
|  |  | 1041523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agree Realty Corp. - REIT<sup>(a)</sup> | 655.0 | 47645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. - REIT | 1112.0 | 47582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Homes 4 Rent - Class A - REIT | 1519.0 | 54411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. - REIT | 1813.0 | 26180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. - REIT | 1470.0 | 41145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BXP, Inc. - REIT | 2438.0 | 176779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camden Property Trust - REIT | 424.0 | 47480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. - REIT | 1717.0 | 59082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cousins Properties, Inc. - REIT | 828.0 | 24418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CubeSmart - REIT | 949.0 | 38833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. - REIT | 302.0 | 51207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. - REIT | 838.0 | 50523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. - REIT | 1429.0 | 44756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal Realty Investment Trust - REIT | 377.0 | 37907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. - REIT | 660.0 | 34716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. - REIT | 1359.0 | 65246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. - REIT<sup>(a)</sup> | 1414.0 | 24575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. - REIT<sup>(a)</sup> | 1645.0 | 29791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc. | 305.0 | 93199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kilroy Realty Corp. - REIT<sup>(a)</sup> | 541.0 | 22500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kite Realty Group Trust - REIT | 3390.0 | 77360 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lamar Advertising Co. - Class A - REIT<sup>(a)</sup> | 416.0 | 52936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NNN REIT, Inc. - REIT | 856.0 | 36731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. - REIT<sup>(a)</sup> | 1685.0 | 71730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. - REIT | 681.0 | 23964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rayonier, Inc. - REIT | 984.0 | 25860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. - REIT | 904.0 | 65540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. - REIT | 1446.0 | 59879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. - REIT | 265.0 | 26179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. - REIT<sup>(a)</sup> | 2716.0 | 51903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc. - Class A - REIT<sup>(a)</sup> | 894.0 | 32944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terreno Realty Corp. - REIT | 612.0 | 35355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vornado Realty Trust - REIT | 634.0 | 24111 |
|  |  | 1602467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enphase Energy, Inc.<sup>(b)</sup> | 469.0 | 17681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A<sup>(b)</sup> | 1261.0 | 84815 |
|  |  | 102496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co.<sup>(a)</sup> | 287.0 | 26843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 108.0 | 27166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoNation, Inc.<sup>(b)</sup> | 105.0 | 23003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 881.0 | 25734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chewy, Inc. - Class A<sup>(b)</sup> | 2174.0 | 89047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc.<sup>(a)</sup> | 265.0 | 56392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc.<sup>(b)</sup> | 490.0 | 25975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 183.0 | 26951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. - Class A<sup>(b)</sup> | 463.0 | 37929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freshpet, Inc.<sup>(b)</sup> | 372.0 | 20765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GameStop Corp. - Class A<sup>(a)</sup> | 6076.0 | 136163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc.<sup>(a)</sup> | 910.0 | 20029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 72.0 | 33464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 144.0 | 48482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LKQ Corp. | 1076.0 | 35099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pool Corp. | 156.0 | 48471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QXO, Inc. | 6723.0 | 135334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valvoline, Inc. | 651.0 | 25246 |
|  |  | 842093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Albertsons Cos., Inc. - Class A | 1819.0 | 35398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.<sup>(b)</sup> | 573.0 | 55971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc.<sup>(b)</sup> | 245.0 | 35549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc. - Class A<sup>(a)(b)</sup> | 1675.0 | 70936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.<sup>(b)</sup> | 300.0 | 38052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co.<sup>(b)</sup> | 748.0 | 75847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;US Foods Holding Corp.<sup>(b)</sup> | 1070.0 | 83032 |
|  |  | 394785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.<sup>(b)</sup> | 549.0 | 27093 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 479.0 | 40988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appfolio, Inc. - Class A<sup>(b)</sup> | 402.0 | 111507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bentley Systems, Inc. - Class B<sup>(a)</sup> | 752.0 | 41849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BILL Holdings, Inc.<sup>(b)</sup> | 785.0 | 36440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Box, Inc. - Class A<sup>(a)(b)</sup> | 700.0 | 22841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. - Class A<sup>(b)</sup> | 127.0 | 60924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. - Class A<sup>(b)</sup> | 3784.0 | 78215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commvault Systems, Inc. <sup>(b)</sup> | 699.0 | 130465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc. - Class A<sup>(a)(b)</sup> | 2254.0 | 44764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoreWeave, Inc. - Class A<sup>(b)</sup> | 2766.0 | 285009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dayforce, Inc.<sup>(b)</sup> | 1730.0 | 120702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. - Class A<sup>(b)</sup> | 770.0 | 52314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A<sup>(b)</sup> | 975.0 | 28334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duolingo, Inc. - Class A<sup>(a)(b)</sup> | 379.0 | 112889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc.<sup>(a)(b)</sup> | 1983.0 | 100340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elastic NV<sup>(a)(b)</sup> | 493.0 | 41935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc.<sup>(b)</sup> | 257.0 | 45325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.<sup>(b)</sup> | 793.0 | 34718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gitlab, Inc. - Class A<sup>(a)(b)</sup> | 2625.0 | 126053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Globant SA<sup>(b)</sup> | 272.0 | 18295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.<sup>(b)</sup> | 127.0 | 16530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc.<sup>(a)(b)</sup> | 2691.0 | 115013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KBR, Inc. | 916.0 | 46221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.<sup>(b)</sup> | 1167.0 | 37099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximus, Inc. | 302.0 | 26552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parsons Corp.<sup>(b)</sup> | 359.0 | 28756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 275.0 | 62466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp.<sup>(b)</sup> | 276.0 | 49467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pegasystems, Inc.<sup>(a)</sup> | 598.0 | 32418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procore Technologies, Inc.<sup>(b)</sup> | 708.0 | 49213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.<sup>(b)</sup> | 509.0 | 40074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc.<sup>(b)</sup> | 198.0 | 26890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rubrik, Inc. - Class A<sup>(b)</sup> | 542.0 | 48455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Samsara, Inc. - Class A<sup>(b)</sup> | 2487.0 | 89880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Science Applications International Corp.<sup>(a)</sup> | 203.0 | 23893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SentinelOne, Inc. - Class A<sup>(a)(b)</sup> | 2447.0 | 46150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceTitan, Inc. - Class A<sup>(b)</sup> | 276.0 | 29595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SPS Commerce, Inc.<sup>(b)</sup> | 266.0 | 29340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.<sup>(b)</sup> | 1297.0 | 40103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UiPath, Inc. - Class A<sup>(b)</sup> | 3576.0 | 39765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unity Software, Inc.<sup>(a)(b)</sup> | 1356.0 | 53440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc.<sup>(b)</sup> | 602.0 | 35530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. - Class A<sup>(a)(b)</sup> | 427.0 | 35116 |
|  |  | 2562966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arrow Electronics, Inc. | 183.0 | 23118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Astera Labs, Inc.<sup>(b)</sup> | 1584.0 | 288605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avnet, Inc. | 361.0 | 19700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ciena Corp.<sup>(b)</sup> | 701.0 | 65873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.<sup>(b)</sup> | 257.0 | 29347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 1448.0 | 131001 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. - Class A | 308.0 | 22077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F5, Inc.<sup>(b)</sup> | 289.0 | 90497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc.<sup>(a)</sup> | 244.0 | 66297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 375.0 | 76811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.<sup>(b)</sup> | 523.0 | 34717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.<sup>(b)</sup> | 293.0 | 38913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.<sup>(a)(b)</sup> | 426.0 | 54592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MKS Instruments, Inc.<sup>(a)</sup> | 362.0 | 37409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onto Innovation, Inc.<sup>(b)</sup> | 333.0 | 35298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(b)</sup> | 1502.0 | 136231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc.<sup>(b)</sup> | 799.0 | 58942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sanmina Corp.<sup>(b)</sup> | 227.0 | 26677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.<sup>(b)</sup> | 96.0 | 12898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TD SYNNEX Corp.<sup>(a)</sup> | 350.0 | 51825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Universal Display Corp. | 213.0 | 29520 |
|  |  | 1330348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.<sup>(b)</sup> | 858.0 | 31815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCI Liberty, Inc. - Class C<sup>(b)</sup> | 98.0 | 3591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GCI Liberty, Inc.<sup>(b)(d)</sup> | 806.0 |  |
|  |  | 35406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corp. | 5687.0 | 77002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corp. | 307.0 | 18362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 1123.0 | 44370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc.<sup>(a)</sup> | 252.0 | 31525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 594.0 | 9676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;National Fuel Gas Co.<sup>(a)</sup> | 1163.0 | 100879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 519.0 | 24544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OGE Energy Corp. | 1098.0 | 49037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 208.0 | 15912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 280.0 | 25729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 604.0 | 53973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portland General Electric Co. | 630.0 | 26951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 241.0 | 19251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Spire, Inc. | 248.0 | 18997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corp.<sup>(b)</sup> | 282.0 | 106855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 508.0 | 28773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UGI Corp.<sup>(a)</sup> | 964.0 | 33393 |
|  |  | 685229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $23,335,207)** |  | 26042351 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 18.7%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments Purchased with Proceeds from Securities Lending -18.6%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(e)</sup> | 4841703 | 4841703 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.1%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.22%<sup>(e)</sup> | 35940 | 35940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $4,877,643)** |  | 4877643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 118.4% (Cost $28,212,850)** |  | $30919994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (18.4)% |  | (4813088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $26106906 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

(a) All
or a portion of this security is on loan as of August 31, 2025. The total market value of these securities was $4,709,970 which
represented 18.0% of net assets.

(b) Non-income
 producing security.

(c) Security
exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in
transactions exempt from registration to qualified institutional investors.

(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, 2025.

(e) The
 rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**SoFi Select 500 ETF**

**Schedule of Investments**

**August 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.6%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp. | 50549 | $2564856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citigroup, Inc. | 14094 | 1361058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 2523 | 131903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 5621 | 257273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. - Class A<sup>(a)</sup> | 65 | 128954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 11794 | 210051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 25858 | 7794118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KeyCorp | 10865 | 210347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corp. | 1302 | 262561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 2566 | 532291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regions Financial Corp. | 5762 | 157821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Truist Financial Corp. | 24087 | 1127753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bancorp | 10287 | 502314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 21065 | 1731122 |
|  |  | 16972422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | 1942 | 329130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.<sup>(b)</sup> | 1335 | 159706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 29945 | 352453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Motors Co. | 6930 | 406029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corp. - Class A | 1499 | 199577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Masco Corp. | 1266 | 92912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 6285 | 486270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVR, Inc. | 17 | 138000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 1221 | 161196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(b)</sup> | 15101 | 5041771 |
|  |  | 7367044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carnival Corp. | 19348 | 617008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. - Class A<sup>(b)</sup> | 13132 | 553382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 834 | 172588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 174 | 79744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A<sup>(b)</sup> | 8107 | 388974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flutter Entertainment PLC | 4924 | 1512505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 1830 | 505190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 2397 | 138139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.<sup>(b)</sup> | 1673 | 278538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marriott International, Inc. - Class A | 1518 | 406611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McDonald's Corp. | 4337 | 1359823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd.<sup>(a)</sup> | 2856 | 1037356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 6798 | 599516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 1704 | 250437 |
|  |  | 7899811 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 2.2%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Altria Group, Inc. | 10211 | 686281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown-Forman Corp. - Class B<sup>(a)</sup> | 2030 | 60778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | 1906 | 177563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clorox Co. | 2361 | 279070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 24187 | 1668661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 5389 | 453053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 3007 | 57524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Brands, Inc. - Class A | 1131 | 183154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc. - Class A | 1615 | 148144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. | 3004 | 148187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hershey Co. | 969 | 178054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Co. | 845 | 93381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kellanova | 1432 | 113844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kenvue, Inc. | 12399 | 256783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 8046 | 234058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 2016 | 260346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Co.<sup>(a)</sup> | 4790 | 133976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | 1582 | 111326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mondelez International, Inc. - Class A | 7258 | 445932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monster Beverage Corp.<sup>(b)</sup> | 4917 | 306870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 8477 | 1260106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 11380 | 1901940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 14373 | 2257136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyson Foods, Inc. - Class A | 4394 | 249492 |
|  |  | 11665659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Express Co. | 4635 | 1535483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 786 | 404641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1765 | 240446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares Management Corp.<sup>(a)</sup> | 1574 | 282061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 7108 | 750605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 1368 | 1541927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blackstone, Inc. | 10476 | 1795586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A<sup>(b)</sup> | 14085 | 1121729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 884 | 225968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4902 | 1113832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 644 | 151952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 11120 | 1065741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CME Group, Inc. - Class A | 2874 | 765950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A<sup>(b)</sup> | 5844 | 1779732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc.<sup>(b)</sup> | 451 | 146877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equifax, Inc. | 883 | 217483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 255 | 95197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Isaac Corp. | 190 | 289112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 3400 | 203558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 5068 | 353797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(b)</sup> | 4233 | 584916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Payments, Inc. | 2297 | 204019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 2863 | 2133651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A | 4294 | 267259 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 5027 | 887768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jackson Financial, Inc. | 527 | 86038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 9915 | 1383043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 619 | 225613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. - Class A | 6426 | 3825333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moody's Corp. | 1653 | 842633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan Stanley | 10437 | 1570560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MSCI, Inc. - Class A | 625 | 354825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 5021 | 475689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corp. | 2988 | 392265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(b)</sup> | 7221 | 506842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 1322 | 224000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. - Class A<sup>(b)</sup> | 18419 | 1916129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P Global, Inc. | 2958 | 1622285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State Street Corp. | 3219 | 370088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial | 4354 | 332384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 1361 | 146471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toast, Inc. - Class A<sup>(b)</sup> | 14297 | 644795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. - Class A | 1513 | 186644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransUnion | 3248 | 287123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. - Class A | 850 | 227902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc. - Class A<sup>(a)</sup> | 13142 | 4623093 |
|  |  | 38403045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Abbott Laboratories, ADR | 16273 | 2158776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AbbVie, Inc. | 19627 | 4129521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1479 | 185851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(b)</sup> | 594 | 84324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 1503 | 671105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amgen, Inc. | 5717 | 1644838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baxter International, Inc. | 2273 | 56120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 3178 | 613290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biogen, Inc.<sup>(b)</sup> | 783 | 103528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.<sup>(b)</sup> | 2709 | 157853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston Scientific Corp.<sup>(b)</sup> | 18637 | 1966204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 11954 | 563990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 2033 | 302470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 1389 | 405046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Centene Corp.<sup>(b)</sup> | 3408 | 98968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cigna Group | 3067 | 922768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cooper Cos., Inc. | 1682 | 113358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CVS Health Corp. | 7290 | 533264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Danaher Corp. | 3935 | 809902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dexcom, Inc.<sup>(b)</sup> | 2831 | 213288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.<sup>(b)</sup> | 3845 | 312752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 1500 | 477975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 16068 | 11771095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 2612 | 192583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 27362 | 3091085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 1252 | 505758 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hologic, Inc.<sup>(b)</sup> | 1253 | 84101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Humana, Inc. | 849.0 | 257807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.<sup>(b)</sup> | 632.0 | 408961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illumina, Inc.<sup>(b)</sup> | 1180.0 | 117953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incyte Corp.<sup>(b)</sup> | 2487.0 | 210425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insulet Corp.<sup>(b)</sup> | 900.0 | 305892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(b)</sup> | 3919.0 | 1854843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(b)</sup> | 1227.0 | 234124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 17624.0 | 3122444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 807.0 | 224338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;McKesson Corp. | 1081.0 | 742258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Medtronic PLC | 9284.0 | 861648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 52902.0 | 4450116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.<sup>(a)(b)</sup> | 131.0 | 170436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Moderna, Inc.<sup>(a)(b)</sup> | 1332.0 | 32088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.<sup>(b)</sup> | 539.0 | 97467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natera, Inc.<sup>(b)</sup> | 2010.0 | 338183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 92848.0 | 2298917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 567.0 | 102990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 817.0 | 474432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ResMed, Inc.<sup>(a)</sup> | 1047.0 | 287412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revvity, Inc. | 738.0 | 66501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC - Class A | 2381.0 | 85668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;STERIS PLC | 631.0 | 154633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stryker Corp. | 2678.0 | 1048196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 2284.0 | 1125373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 7238.0 | 2242839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 4509.0 | 1763109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Viatris, Inc. | 7152.0 | 75454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waters Corp.<sup>(b)</sup> | 342.0 | 103216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 371.0 | 91618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc.<sup>(a)</sup> | 1756.0 | 186312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoetis, Inc. - Class A | 3370.0 | 527068 |
|  |  | 56232534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3M Co. | 2971.0 | 462080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1404.0 | 259459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp. | 15985.0 | 1740127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.<sup>(b)</sup> | 1079.0 | 806326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co.<sup>(b)</sup> | 2790.0 | 654757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carrier Global Corp. | 4660.0 | 303832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 2500.0 | 1047600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cummins, Inc. | 2340.0 | 932350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 920.0 | 440349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dover Corp. | 789.0 | 141120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eaton Corp. PLC | 2815.0 | 982829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Emerson Electric Co. | 4465.0 | 589380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortive Corp. | 2686.0 | 128552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 5135.0 | 3147601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Dynamics Corp. | 2058.0 | 667965 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 3924 | 1079885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 4033.0 | 885243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 3288.0 | 572441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hubbell, Inc.<sup>(a)</sup> | 440.0 | 189636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IDEX Corp. | 440.0 | 72380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 1607.0 | 425293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 3265.0 | 259339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 3201.0 | 342155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.<sup>(b)</sup> | 966.0 | 157873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 1537.0 | 426702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennox International, Inc. | 253.0 | 141139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1505.0 | 685723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Northrop Grumman Corp.<sup>(a)</sup> | 1187.0 | 700377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 2500.0 | 215950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PACCAR, Inc. | 3249.0 | 324835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 873.0 | 662913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pentair PLC | 961.0 | 103336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ralliant Corp. | 895.0 | 37420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 636.0 | 218421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RTX Corp. | 15188.0 | 2408817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap-on, Inc. | 366.0 | 119038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 1048.0 | 77856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TE Connectivity PLC | 1684.0 | 347746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textron, Inc. | 1435.0 | 115030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trane Technologies PLC | 1774.0 | 737274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 550.0 | 769384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veralto Corp. | 1519.0 | 161303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vertiv Holdings Co. - Class A | 3980.0 | 507649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 1467.0 | 283864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xylem, Inc. | 2421.0 | 342717 |
|  |  | 25676066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2588.0 | 786881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cintas Corp. | 2362.0 | 496091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CSX Corp. | 10026.0 | 325945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 4354.0 | 268990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 438.0 | 271560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 594.0 | 71601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fastenal Co. | 6668.0 | 331133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FedEx Corp. | 1247.0 | 288144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | 911.0 | 133216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | 443.0 | 64231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 1325.0 | 370973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 963.0 | 145384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paychex, Inc. | 2046.0 | 285325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1339.0 | 506088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Republic Services, Inc. - Class A | 1414.0 | 330834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rollins, Inc.<sup>(a)</sup> | 2474.0 | 139880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Co.<sup>(a)</sup> | 3575.0 | 117618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3389.0 | 757679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. | 2182.0 | 229110 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B | 4382 | 383162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Rentals, Inc. | 560.0 | 535550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.W. Grainger, Inc. | 269.0 | 272631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Waste Management, Inc. | 3326.0 | 752973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Watsco, Inc. | 223.0 | 89731 |
|  |  | 7954730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aflac, Inc. | 3088.0 | 329984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allstate Corp. | 5379.0 | 1094357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American International Group, Inc. | 2831.0 | 230217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aon PLC - Class A | 2002.0 | 734734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 3785.0 | 346441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | 2797.0 | 846792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 7867.0 | 3956944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 1855.0 | 179842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chubb Ltd. | 2881.0 | 792477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 1073.0 | 164813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 452.0 | 154530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hartford Financial Services Group, Inc. | 2182.0 | 288700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Markel Group, Inc.<sup>(b)</sup> | 78.0 | 152807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | 3662.0 | 753676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MetLife, Inc. | 6806.0 | 553736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 1219.0 | 98142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Progressive Corp. | 8155.0 | 2014774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 4810.0 | 527464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | 2292.0 | 622301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | 2369.0 | 169833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 1868.0 | 610444 |
|  |  | 14623008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Materials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 1238.0 | 364108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 441.0 | 75698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ball Corp. | 1592.0 | 83803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc.<sup>(a)</sup> | 221.0 | 85282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 728.0 | 63067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corteva, Inc. | 4628.0 | 343351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 4032.0 | 455414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow, Inc. | 4178.0 | 102904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 4302.0 | 330910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ecolab, Inc. | 1916.0 | 530809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 12010.0 | 533244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 2975.0 | 200842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Paper Co. | 4813.0 | 239110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Linde PLC | 2968.0 | 1419565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LyondellBasell Industries NV - Class A | 1523.0 | 85821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 449.0 | 276764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corp. | 24543.0 | 1825999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nucor Corp. | 962.0 | 143078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owens Corning | 531.0 | 79740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Packaging Corp. of America | 461.0 | 100480 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 1479 | 164509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | 286.0 | 84559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RPM International, Inc. | 788.0 | 98744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1334.0 | 488017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | 9692.0 | 459013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 700.0 | 91644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 784.0 | 228269 |
|  |  | 8954744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A<sup>(b)</sup> | 2877.0 | 375535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 62487.0 | 13304107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 54995.0 | 11743082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AppLovin Corp. - Class A<sup>(b)</sup> | 6033.0 | 2887334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 268.0 | 1500545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A<sup>(a)(b)</sup> | 446.0 | 118449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comcast Corp. - Class A | 22224.0 | 754949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A<sup>(b)</sup> | 8556.0 | 2098359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 1531.0 | 263256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expedia Group, Inc. - Class A | 978.0 | 210074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GoDaddy, Inc. - Class A<sup>(b)</sup> | 884.0 | 131106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 23780.0 | 17566286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(b)</sup> | 4536.0 | 5480622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Omnicom Group, Inc.<sup>(a)</sup> | 1237.0 | 96894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class A<sup>(b)</sup> | 12748.0 | 466959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROBLOX Corp. - Class A<sup>(b)</sup> | 6391.0 | 796255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snap, Inc. - Class A<sup>(a)(b)</sup> | 6274.0 | 44796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc. | 834.0 | 194547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Desk, Inc. - Class A<sup>(b)</sup> | 5701.0 | 311617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc.<sup>(b)</sup> | 38563.0 | 3615281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VeriSign, Inc. | 570.0 | 155821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co. | 14679.0 | 1737700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.<sup>(b)</sup> | 10384.0 | 120870 |
|  |  | 63974444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baker Hughes Co. | 9274.0 | 421040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 760.0 | 183783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chevron Corp. | 12749.0 | 2047490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ConocoPhillips | 7188.0 | 711396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 2971.0 | 72611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2784.0 | 100502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 2547.0 | 378892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2700.0 | 337014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EQT Corp. | 10484.0 | 543491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expand Energy Corp. | 701.0 | 67843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 26622.0 | 3042628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Halliburton Co. | 5228.0 | 118833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 9881.0 | 266589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1573.0 | 282684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 3139.0 | 149448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 7682.0 | 586751 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phillips 66 | 2312 | 308837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schlumberger NV | 11760.0 | 433238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 2064.0 | 346257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Pacific Land Corp.<sup>(a)</sup> | 155.0 | 144689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1311.0 | 199285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. | 8109.0 | 469349 |
|  |  | 11212650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. - REIT | 1931.0 | 159192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp. - REIT | 2876.0 | 586273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. - REIT | 850.0 | 166473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CBRE Group, Inc. - Class A<sup>(b)</sup> | 2408.0 | 390385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(b)</sup> | 2744.0 | 245561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Castle, Inc. - REIT | 2104.0 | 208591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. - REIT | 1812.0 | 303764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equinix, Inc. - REIT | 696.0 | 547188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Residential - REIT | 2262.0 | 149563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. - REIT | 397.0 | 107273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. - REIT | 2360.0 | 338849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. - REIT | 4200.0 | 75348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. - REIT | 4564.0 | 78546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Invitation Homes, Inc. - REIT | 4683.0 | 146531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron Mountain, Inc. - REIT | 2259.0 | 208573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kimco Realty Corp. - REIT | 4270.0 | 96032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. - REIT | 698.0 | 101782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prologis, Inc. - REIT | 5523.0 | 628407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Storage - REIT | 879.0 | 258945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. - REIT<sup>(a)</sup> | 10528.0 | 618625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SBA Communications Corp. - Class A - REIT | 713.0 | 146058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Simon Property Group, Inc. - REIT | 2140.0 | 386612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sun Communities, Inc. - REIT | 935.0 | 118623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UDR, Inc. - REIT | 1704.0 | 67427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ventas, Inc. - REIT | 8357.0 | 568945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VICI Properties, Inc. - REIT | 8281.0 | 279732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Welltower, Inc. - REIT | 11224.0 | 1888775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weyerhaeuser Co. - REIT | 3211.0 | 83069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WP Carey, Inc. - REIT | 1226.0 | 82265 |
|  |  | 9037407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Renewable Energy - 0.0%<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Solar, Inc.<sup>(b)</sup> | 1539.0 | 300397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(b)</sup> | 98427.0 | 22539783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AutoZone, Inc.<sup>(b)</sup> | 105.0 | 440846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | 1173.0 | 86380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.<sup>(a)(b)</sup> | 532.0 | 73778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc.<sup>(b)</sup> | 568.0 | 165106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(b)</sup> | 808.0 | 49571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Carvana Co. - Class A<sup>(b)</sup> | 1576.0 | 586146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copart, Inc.<sup>(b)</sup> | 5601.0 | 273385 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;eBay, Inc. | 2597 | 235314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | 1059.0 | 244788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genuine Parts Co. | 807.0 | 112439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Home Depot, Inc. | 6338.0 | 2578108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | 2810.0 | 725149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.<sup>(b)</sup> | 5644.0 | 585170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 2468.0 | 363191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TJX Cos., Inc. | 7734.0 | 1056542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tractor Supply Co. | 3021.0 | 186577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ulta Beauty, Inc. | 261.0 | 128602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 645.0 | 121382 |
|  |  | 30552257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 2288.0 | 143320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bunge Global SA | 729.0 | 61397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 254.0 | 125608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 3007.0 | 2836563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corp. | 1332.0 | 144868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollar Tree, Inc.<sup>(b)</sup> | 1318.0 | 143886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kroger Co. | 3554.0 | 241104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.<sup>(b)</sup> | 934.0 | 131264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sysco Corp. | 2972.0 | 239157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 2687.0 | 257898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 29896.0 | 2899314 |
|  |  | 7224379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accenture PLC - Class A | 3931.0 | 1021942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 3531.0 | 1259508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(b)</sup> | 1132.0 | 89575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.<sup>(b)</sup> | 54.0 | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlassian Corp. - Class A<sup>(b)</sup> | 2805.0 | 498673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Autodesk, Inc. | 1856.0 | 584083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. - Class A | 1220.0 | 132638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.<sup>(b)</sup> | 2657.0 | 931093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CDW Corp. | 802.0 | 132138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cloudflare, Inc. - Class A<sup>(b)</sup> | 5704.0 | 1190482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. - Class A | 2834.0 | 204756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. - Class A<sup>(b)</sup> | 6117.0 | 2591773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Datadog, Inc. - Class A<sup>(b)</sup> | 6368.0 | 870378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DocuSign, Inc.<sup>(b)</sup> | 3754.0 | 287782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fortinet, Inc.<sup>(b)</sup> | 5575.0 | 439143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gartner, Inc. | 501.0 | 125846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 3878.0 | 117116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guidewire Software, Inc.<sup>(a)(b)</sup> | 1990.0 | 431870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc.<sup>(b)</sup> | 1426.0 | 689000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Business Machines Corp. | 5442.0 | 1325073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2494.0 | 1663498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 2410.0 | 436017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.<sup>(b)</sup> | 644.0 | 138743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 59492.0 | 30144001 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MongoDB, Inc. - Class A<sup>(a)(b)</sup> | 941.0 | 296989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nutanix, Inc. - Class A<sup>(b)</sup> | 4960.0 | 333362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. - Class A<sup>(b)</sup> | 4176.0 | 387408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 11541.0 | 2609766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(b)</sup> | 38859.0 | 6089594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.<sup>(b)</sup> | 5055.0 | 963079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTC, Inc.<sup>(a)(b)</sup> | 1026.0 | 219051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 915.0 | 481574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. | 8411.0 | 2155319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc.<sup>(b)</sup> | 2575.0 | 2362459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Snowflake, Inc. - Class A<sup>(b)</sup> | 3546.0 | 846288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 1760.0 | 156042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy, Inc. - Class A<sup>(b)</sup> | 973.0 | 325381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc.<sup>(b)</sup> | 1124.0 | 678356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc. - Class A<sup>(b)</sup> | 2493.0 | 263286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. | 355.0 | 199822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc. - Class A<sup>(b)</sup> | 1316.0 | 354267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Workday, Inc. - Class A<sup>(b)</sup> | 2322.0 | 535964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. - Class A<sup>(b)</sup> | 2063.0 | 167969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zscaler, Inc.<sup>(b)</sup> | 2735.0 | 757732 |
|  |  | 65490183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 26.1%<sup>(e)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc. | 24033.0 | 3908487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 2193.0 | 551123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 97610.0 | 22659185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 4785.0 | 769237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(b)</sup> | 8946.0 | 1221576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 74083.0 | 22031543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 19863.0 | 1372335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corning, Inc. | 7090.0 | 475243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dell Technologies, Inc. - Class C | 2096.0 | 256026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc.<sup>(a)</sup> | 1442.0 | 120753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Garmin Ltd. | 1662.0 | 401905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 8542.0 | 192793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HP, Inc. | 5322.0 | 151890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 20128.0 | 490117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 1170.0 | 1020240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lam Research Corp. | 13015.0 | 1303452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 8821.0 | 554532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 2013.0 | 130845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 24461.0 | 2911104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 810.0 | 676965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 1241.0 | 586323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NetApp, Inc. | 1185.0 | 133656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 422443.0 | 73581122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ON Semiconductor Corp.<sup>(b)</sup> | 2097.0 | 103990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. - Class A<sup>(a)(b)</sup> | 4540.0 | 352349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 10479.0 | 1684290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | 3153.0 | 527812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 894.0 | 66996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(a)(b)</sup> | 10403.0 | 432141 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.<sup>(b)</sup> | 298 | 160375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Teradyne, Inc. | 1053 | 124507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 4381 | 887065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Digital Corp. | 6059 | 486780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zebra Technologies, Corp.<sup>(b)</sup> | 244 | 77370 |
|  |  | 140404127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 40341 | 1181588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 3208 | 808384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 28149 | 1245030 |
|  |  | 3235002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Utilities - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alliant Energy Corp.<sup>(a)</sup> | 1429 | 92985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corp. | 1320 | 131710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 3811 | 423097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | 1312 | 188285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 740 | 122936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 3263 | 123048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1518 | 108643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1866 | 183297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 2638 | 812451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 5601 | 335500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Co. | 853 | 116563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corp.<sup>(a)</sup> | 4984 | 610490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 2467 | 138473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corp. | 2036 | 179351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evergy, Inc. | 1252 | 89218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eversource Energy | 5320 | 340852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corp. | 8137 | 355424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 5052 | 220368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 14413 | 1038457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NiSource, Inc. | 2200 | 92994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 3405 | 495632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PG&E Corp. | 15924 | 243319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corp.<sup>(a)</sup> | 4398 | 160395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 2620 | 215705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sempra | 2685 | 221674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Co. | 7554 | 697234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vistra Corp. | 3857 | 729397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WEC Energy Group, Inc.<sup>(a)</sup> | 1673 | 178191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 2731 | 197697 |
|  |  | 8843386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $415,023,492)** |  | 536023295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**CONTINGENT VALUE RIGHTS - 0.0%<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Healthcare – Products – 0.0%<sup>(d)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ABIOMED, Inc.<sup>(b)(c)</sup> | 455 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CONTINGENT VALUE RIGHTS (COST $0)** |  | 0 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 2.2%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments Purchased with Proceeds from Securities Lending - 1.9%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.48% <sup>(f)</sup> | 10349229 | 10349229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.3%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.22%<sup>(f)</sup> | 1677018 | 1677018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $12,026,247)** |  | 12026247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 101.8% (Cost $427,049,739)** |  | $548049542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (1.8)% |  | (9923235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $538126307 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt <br> PLC Public Limited Company <br> REIT Real Estate Investment Trust

(a) All
 or a portion of this security is on loan as of August 31, 2025. The total market value
 of these securities was $10,127,290 which represented 1.9% 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, 2025.

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

(e) To
 the extent that the Fund invests more heavily in a particular industry or sector of the
 economy, its performance will be especially sensitive to developments that significantly
 affect those industries or sectors.

(f) The
 rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**SoFi Social 50 ETF**

 **Schedule of Investments**

 **August 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**COMMON STOCKS - 99.8%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Banking - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NU Holdings Ltd. - Class A<sup>(a)</sup> | 35585 | $526658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Products - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Empery Digital, Inc.<sup>(a)</sup> | 109 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ford Motor Co. | 25120 | 295662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lucid Group, Inc.<sup>(a)(b)</sup> | 96189 | 190454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nike, Inc. - Class B | 3473 | 268706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NIO, Inc. - Class A<sup>(a)(b)</sup> | 62254 | 397181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. - Class A<sup>(a)(b)</sup> | 67329 | 913655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tesla, Inc.<sup>(a)</sup> | 10222 | 3412819 |
|  |  | 5479245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Discretionary Services - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. - Class A <sup>(a)</sup> | 32830 | 92252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DraftKings, Inc. - Class A<sup>(a)</sup> | 3670 | 176087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Starbucks Corp. | 1443 | 127258 |
|  |  | 395597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Consumer Staple Products - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Co. | 4489 | 309696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tilray Brands, Inc.<sup>(a)(b)</sup> | 75431 | 104095 |
|  |  | 413791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial Services - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A<sup>(a)</sup> | 2092 | 166607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Coinbase Global, Inc. - Class A<sup>(a)</sup> | 1948 | 593244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.<sup>(a)</sup> | 4588 | 322031 |
|  |  | 1081882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Health Care - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Johnson & Johnson | 915 | 162111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pfizer, Inc. | 15399 | 381279 |
|  |  | 543390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Products - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boeing Co.<sup>(a)</sup> | 933 | 218957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General Electric Co. | 471 | 129619 |
|  |  | 348576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial Services - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. <sup>(a)</sup> | 10040 | 134235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 2691 | 166250 |
|  |  | 300485 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Insurance - 4.8%** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 3132 | 1575333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Media - 16.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class A | 7270 | 1547856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. - Class C | 3827 | 817179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A | 1805 | 1333353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc.<sup>(a)</sup> | 463 | 559420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reddit, Inc. - Class A<sup>(a)(b)</sup> | 2508 | 564501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walt Disney Co.<sup>(b)</sup> | 4178 | 494592 |
|  |  | 5316901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Oil & Gas - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 2432 | 277953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Real Estate - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realty Income Corp. - REIT<sup>(b)</sup> | 6316 | 371128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Discretionary - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 2445 | 330075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 8077 | 1849633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GameStop Corp. - Class A<sup>(a)(b)</sup> | 19595 | 439124 |
|  |  | 2618832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail & Wholesale - Staples - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1226 | 1156510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Corp. | 1838 | 176411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 5228 | 507012 |
|  |  | 1839933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Software & Tech Services - 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 2618 | 1326514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. - Class A<sup>(a)(b)</sup> | 8858 | 1388137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shopify, Inc. - Class A<sup>(a)</sup> | 3588 | 506913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SoundHound AI, Inc. - Class A<sup>(a)(b)</sup> | 19192 | 249880 |
|  |  | 3471444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Tech Hardware & Semiconductors - 23.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.<sup>(a)</sup> | 7915 | 1287217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 6727 | 1561606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ARM Holdings PLC<sup>(a)(b)</sup> | 2674 | 369841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2178 | 647715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intel Corp. | 13403 | 326363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 15728 | 2739503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 3014 | 695842 |
|  |  | 7628087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Telecommunications - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AT&T, Inc. | 8383 | 245538 |

---

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 4298 | 190101 |
|  |  | 435639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL COMMON STOCKS (Cost $23,496,378)** |  | 32624874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS - 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments Purchased with Proceeds from Securities Lending - 15.1%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC, 4.48% | 4927388 | 4927388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Money Market Funds - 0.1%** | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.22%<sup>(c)</sup> | 50302 | 50302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS (Cost $4,977,690)** |  | 4977690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS - 115.0% (Cost $28,474,068)** |  | $37602564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities in Excess of Other Assets - (15.0)% |  | (4915070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NET ASSETS - 100.0%** |  | $32687494 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

(a) Non-income producing security.

(b) All or a portion of this
security is on loan as of August 31, 2025. The total market value of these securities was $4,709,493 which represented 14.4% of
net assets.

(c) The rate shown represents
the 7-day annualized effective yield as of August 31, 2025.

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

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **SoFi ETFs** |

---

**August 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SoFi <br>Enhanced Yield ETF** | **SoFi <br>Next 500 ETF** | **SoFi <br>Select 500 ETF** | **SoFi <br>Social 50 ETF** |
| **ASSETS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments, at value (cost $35,327,093, $28,212,850, $427,049,739 and $28,474,068) (Note 2) | $35393380 | $30919994 | $548049542 | $37602564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 1417589 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposits with brokers for option contracts | 410838 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest receivable | 50018 | 227 | 5595 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends receivable |  | 15186 | 440125 | 18375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash |  | 86 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend tax reclaim receivable |  | 47 | 1716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income receivable (Note 6) |  | 14364 | 1288 | 1633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets |  |  | (2) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | 37271825 | 30949904 | 548498264 | 37622736 |
| **LIABILITIES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts, at value (cost $1,417,589, $–, $– and $–) | 1480050 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable upon return of securities loaned (cost $-, $4,709,970, $10,127,290, and $4,709,493) (Note 6) |  | 4841703 | 10349229 | 4927388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 1283761 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 14825 | 1295 | 22728 | 7854 |
| **Total liabilities** | 2778636 | 4842998 | 10371957 | 4935242 |
| **NET ASSETS** | $34493189 | $26106906 | $538126307 | $32687494 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $45863699 | $37268933 | $451507503 | $32802380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (11370510) | (11162027) | 86618804 | (114886) |
| **Total Net Assets** | $34493189 | $26106906 | $538126307 | $32687494 |
| Net assets | $34493189 | $26106906 | $538126307 | $32687494 |
| Shares issued and outstanding<sup>(a)</sup> | 2300000 | 1650000 | 4349973 | 650000 |
| Net asset value per share | $15.00 | $15.82 | $123.71 | $50.29 |

---

(a) Unlimited shares authorized
without par value.

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

---

| | |
|:---|:---|
| **Statements of Operations** | **SoFi ETFs** |

---

**For the Period Ended August 31, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SoFi Enhanced<br> Yield ETF** | **SoFi Next 500<br> ETF** | **SoFi Select 500<br> ETF** | **SoFi Social 50<br> ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $— | $150724 | $2599116 | $82431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  | (124) |  | (788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Issuance fees |  | (6) | (53) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 829759 | 1343 | 22435 | 990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income (Note 6) |  | 80772 | 5656 | 7588 |
| **Total investment income** | 829759 | 232709 | 2627154 | 90139 |
| **EXPENSES:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 95656 | 23934 | 462510 | 38096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 43720 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker fees | 9532 |  |  |  |
| **Total expenses** | 148908 | 23934 | 462510 | 38096 |
| Expense reimbursement by Adviser (Note 4) |  | (16376) | (340797) |  |
| Net expenses | 148908 | 7558 | 121713 | 38096 |
| **NET INVESTMENT INCOME (LOSS)** | 680851 | 225151 | 2505441 | 52043 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) from: Investments | 70672533 | (930750) | (3117913) | (868179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In-kind redemptions |  | 344969 | 8438164 | 2215637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | (80041466) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions received from other investment companies |  | 2258 |  |  |
| **Net realized gain (loss)** | (9368933) | (583523) | 5320251 | 1347458 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2257628 | 2623026 | 52835567 | 3701659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written option contracts | (2384758) |  |  |  |
| **Net change in unrealized appreciation (depreciation)** | (127130) | 2623026 | 52835567 | 3701659 |
| Net realized and unrealized gain (loss) | (9496063) | 2039503 | 58155818 | 5049117 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(8815212) | $2264654 | $60661259 | $5101160 |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets <br> (Unaudited)** | **SoFi ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SoFi Enhanced Yield ETF** | **SoFi Enhanced Yield ETF** | **SoFi Next 500 ETF** | **SoFi Next 500 ETF** |
|  | **Period Ended**<br> **August 31, 2025 (Unaudited)** | **Year Ended** <br> **February 28,<br> 2025** | **Period Ended**<br> **August 31, 2025 (Unaudited)** | **Year Ended <br> February 28,**<br> **2025** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $680851 | $1229149 | $225151 | $1157106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (9368933) | (365056) | (583523) | 21225169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (127130) | 97107 | 2623026 | (9485282) |
| Net increase (decrease) in net assets resulting from operations | (8815212) | 961200 | 2264654 | 12896993 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (2278645) | (1234835) | (201110) | (1219316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  | (2590578) |  |  |
| Total distributions to shareholders | (2278645) | (3825413) | (201110) | (1219316) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 9560385 | 66975188 |  | 36728590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (13039183) | (25097133) | (3559030) | (96323415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ETF transaction fees (Note 9) | 4520 | 18414 |  |  |
| Net increase (decrease) in net assets from capital transactions | (3474278) | 41896469 | (3559030) | (59594825) |
| **NET INCREASE (DECREASE) IN NET ASSETS** | (14568135) | 39032256 | (1495486) | (47917148) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 49061324 | 10029068 | 27602392 | 75519540 |
| End of the period | $34493189 | $49061324 | $26106906 | $27602392 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 625000 | 3400000 |  | 2700000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (900000) | (1325000) | (250000) | (6450000) |
| Total increase (decrease) in shares outstanding | (275000) | 2075000 | (250000) | (3750000) |

---

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

---

| | |
|:---|:---|
| **Statements of Changes in Net Assets <br> (Unaudited)** | **SoFi ETFs** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SoFi Select 500 ETF** | **SoFi Select 500 ETF** | **SoFi Social 50 ETF** | **SoFi Social 50 ETF** |
|  | **Period Ended**<br> **August 31, 2025 (Unaudited)** | **Year Ended <br> February 28,**<br> **2025** | **Period Ended**<br> **August 31, 2025 (Unaudited)** | **Year Ended <br> February 28,**<br> **2025** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | $2505441 | $8793514 | $52043 | $72296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 5320251 | 240669888 | 1347458 | 1530568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 52835567 | (64328209) | 3701659 | 3114916 |
| Net increase (decrease) in net assets resulting from operations | 60661259 | 185135193 | 5101160 | 4717780 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | (2788407) | (9213159) | (54780) | (71108) |
| Total distributions to shareholders | (2788407) | (9213159) | (54780) | (71108) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 12161060 | 328846800 | 7654065 | 6088547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (42036150) | (664162650) | (4339024) | 3704703 |
| Net increase (decrease) in net assets from capital transactions | (29875090) | (335315850) | 3315041 | 2383844 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 27997762 | (159393816) | 8361421 | 7030516 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 510128545 | 669522361 | 24326073 | 17295557 |
| End of the period | $538126307 | $510128545 | $32687494 | $24326073 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriptions | 100000 | 10650000 <sup>(a)</sup> | 170000 | 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | (400000) | (8650027)<sup>(a)</sup> | (100000) | 100000 |
| Total increase (decrease) in shares outstanding | (300000) | 1999973 | 70000 | 40000 |

---

(a) Share amounts for the Fund
have been adjusted for a one-for-five reverse stock split effective on October 1, 2024 (Note 10).

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

**Financial Highlights** 

**For a share outstanding throughout the periods presented**

---

| | | | |
|:---|:---|:---|:---|
|  | **SoFi Enhanced Yield ETF** | **SoFi Enhanced Yield ETF** | **SoFi Enhanced Yield ETF** |
|  | **Period Ended** <br>**August 31, 2025<br>(Unaudited)** | <br>**Year Ended<br>February 28, 2025** | <br>**Period Ended<br>February 29, 2024<sup>(a)</sup>** |
| **PER SHARE DATA:** |  |  |  |
| Net asset value, beginning of period | $19.05 | $20.06 | $20.00 |
| **INVESTMENTS OPERATIONS:** |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.28 | 0.76 | 0.26 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | (3.39) | 0.64 | 0.26 |
| Total from investment operations | (3.11) | 1.40 | 0.52 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |
| Net investment income | (0.94) | (0.78) | (0.46) |
| Return of capital |  | (1.64) |  |
| Total distributions | (0.94) | (2.42) | (0.46) |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.01 | 0.00<sup>(d)</sup> |
| Net asset value, end of period | $15.00 | $19.05 | $20.06 |
| **TOTAL RETURN<sup>(e)</sup>** | (16.40)% | 7.53% | 2.64% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |
| Net assets, end of period (in thousands) | $34493 | $49061 | $10029 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.76% | 0.61% | 0.49% |
| Ratio of broker fee expense to average net assets<sup>(f)</sup> | 0.05% | 0.12% | —% |
| Ratio of dividend and interest expense on written options to average net assets<sup>(f)</sup> | 0.22% | —% | —% |
| Ratio of operational expenses to average net assets excluding broker fee expense<sup>(f)</sup> | 0.49% | 0.49% | —% |
| Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on written options<sup>(f)</sup> | 0.54% | —% | —% |
| Ratio of net investment income to average net assets<sup>(f)(g)</sup> | 3.48% | 3.93% | 4.50% |
| Portfolio turnover rate<sup>(e)(h)</sup> | 0% | 330% | 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 periods.

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

(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 periods and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the periods.

(d) Amount represents less
than $0.005 per share.

(e) Not annualized for periods
less than one year.

(f) Annualized for periods
less than one year.

(g) The net investment income
ratio includes broker fee expense. The impact of broker fee expense is 0.12%.

(h) Portfolio turnover rate
excludes in-kind transactions.

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

**Financial Highlights** 

**For a share outstanding throughout the periods presented**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SoFi Next 500 ETF** | **SoFi Next 500 ETF** | **SoFi Next 500 ETF** | **SoFi Next 500 ETF** | **SoFi Next 500 ETF** | **SoFi Next 500 ETF** |
|  | **Period Ended<br> August 31, 2025<br> (Unaudited)** | **Year Ended<br> February 28,<br> 2025** | **Year Ended<br> February 29,<br> 2024** | **Year Ended<br> February 28,<br> 2023** | **Year Ended<br> February 28,<br> 2022** | **Period Ended<br> February 28,<br> 2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $14.53 | $13.37 | $11.86 | $13.25 | $13.31 | $9.62 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | 0.13 | 0.19 | 0.19 | 0.19 | 0.15 | 0.16 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 1.28 | 1.15 | 1.51 | (1.41) | (0.08) | 3.67 |
| Total from investment operations | 1.41 | 1.34 | 1.70 | (1.22) | 0.07 | 3.83 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.12) | (0.18) | (0.19) | (0.17) | (0.13) | (0.14) |
| Net realized gains |  |  |  |  |  | (0.00)<sup>(e)</sup> |
| Total distributions | (0.12) | (0.18) | (0.19) | (0.17) | (0.13) | (0.14) |
| Net asset value, end of period | $15.82 | $14.53 | $13.37 | $11.86 | $13.25 | $13.31 |
| **TOTAL RETURN<sup>(c)</sup>** | 9.78% | 10.10% | 14.47% | (9.06)% | 0.45% | 40.17% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands)  | $26107 | $27602 | $75520 | $53964 | $49008 | $24619 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(d)</sup> | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(d)</sup> | 0.06% | 0.00%<sup>(e)</sup> | —% | —% | —% | —% |
| Ratio of net investment income to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(d)</sup> | 1.66% | 1.15% | 1.39% | 1.43% | 0.85% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(d)</sup> | 1.79% | 1.34% | 1.58% | 1.62% | 1.04% | 1.48% |
| Portfolio turnover rate<sup>(c)(f)</sup> | 37% | 27% | 31% | 38% | 27% | 53% |

---

(a) Net investment income per
share has been calculated based on average shares outstanding during the periods.

(b) 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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the periods.

(c) Not annualized for periods
less than one year.

(d) Annualized for periods
less than one year.

(e) Amount represents less
than 0.005%.

(f) Portfolio turnover rate
excludes in-kind transactions.

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

**Financial Highlights** 

**For a share outstanding throughout the periods presented**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **SoFi Select 500 ETF** | **SoFi Select 500 ETF** | **SoFi Select 500 ETF** | **SoFi Select 500 ETF** | **SoFi Select 500 ETF** | **SoFi Select 500 ETF** |
|  | **Period Ended<br> August 31, 2025<br> (Unaudited)** | **Year Ended**<br> **February 28,**<br> **2025<sup>(a)</sup>** | **Year Ended February 29, <br> 2024** | **Year Ended February 28, <br> 2023** | **Year Ended February 28, <br> 2022** | **Period Ended February 28, <br> 2021** |
| **PER SHARE DATA:** |  |  |  |  |  |  |
| Net asset value, beginning of period | $109.71 | $90.35 | $69.85 | $78.65 | $69.70 | $51.90 |
| **INVESTMENTS OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<sup>(b)</sup> | 0.58 | 1.10 | 1.25 | 1.18 | 0.93 | 0.88 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 14.08 | 19.33 | 20.43 | (8.91) | 8.81 | 17.74 |
| Total from investment operations | 14.66 | 20.43 | 21.68 | (7.73) | 9.74 | 18.62 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| Net investment income | (0.66) | (1.07) | (1.18) | (1.07) | (0.79) | (0.82) |
| Net realized gains |  |  |  |  |  | (0.00)<sup>(f)</sup> |
| Total distributions | (0.66) | (1.07) | (1.18) | (1.07) | (0.79) | (0.82) |
| Net asset value, end of period | $123.71 | $109.71 | $90.35 | $69.85 | $78.65 | $69.70 |
| **TOTAL RETURN<sup>(d)</sup>** | 13.40% | 22.66% | 31.30% | (9.78)% | 13.89% | 36.04% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | $538126 | $510129 | $669522 | $425968 | $38065 | $177070 |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)</sup> | 0.05% | 0.00%<sup>(f)</sup> | —% | —% | —% | —% |
| Ratio of net investment income to average net assets<sup>(e)</sup> | 0.00%<sup>(f)</sup> | —% | —% | —% | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Investment Advisory Fees waived<sup>(e)</sup> | 0.89% | 0.89% | 1.40% | 1.48% | 0.96% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Investment Advisory Fees waived<sup>(e)</sup> | 1.03% | 1.08% | 1.59% | 1.67% | 1.15% | 1.44% |
| Portfolio turnover rate<sup>(d)(g)</sup> | 9% | 29% | 16% | 17% | 9% | 26% |

---

(a) During the year ended February
28, 2025, the Fund effected the following reverse stock split: October 1, 2024, 1 for 5. All historical per share information
has been retroactively adjusted to reflect this reverse stock split.

(b) Net investment income per
share has been calculated based on average shares outstanding during the periods.

(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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the periods.

(d) Not annualized for periods
less than one year.

(e) Annualized for periods
less than one year.

(f) Amount represents less
than 0.005%.

(g) Portfolio turnover rate
excludes in-kind transactions.

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

**Financial Highlights** 

**For a share outstanding throughout the periods presented**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **** | **SoFi Social 50 ETF** | **SoFi Social 50 ETF** | **SoFi Social 50 ETF** | **SoFi Social 50 ETF** | **SoFi Social 50 ETF** | **SoFi Social 50 ETF** |
|  | **** | **Period Ended <br> August 31, 2025<br> (Unaudited)** | **Year Ended February 28, <br> 2025** | **Year Ended February 29, <br> 2024** | **Year Ended February 28, <br> 2023** | **Year Ended February 28, <br> 2022** | **Period Ended February 28, <br> 2021** |
| **PER SHARE DATA:** | |  |  |  |  |  |  |
|  | |  |  |  |  |  |  |
| Net asset value, beginning of period | | $41.94 | $32.03 | $22.82 | $31.60 | $29.38 | $18.73 |
|  | |  |  |  |  |  |  |
| **INVESTMENTS OPERATIONS:** | |  |  |  |  |  |  |
| Net investment income (loss)<sup>(a)</sup> | | 0.09 | 0.14 | 0.37 | 0.31 | 0.11 | 0.12 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | | 8.35 | 9.91 | 9.35 | (8.86) | 2.21 | 10.64 |
| Total from investment operations | | 8.44 | 10.05 | 9.72 | (8.55) | 2.32 | 10.76 |
| **LESS DISTRIBUTIONS FROM:** | |  |  |  |  |  |  |
| Net investment income | | (0.09) | (0.14) | (0.51) | (0.23) | (0.10) | (0.11) |
| Total distributions | | (0.09) | (0.14) | (0.51) | (0.23) | (0.10) | (0.11) |
| Net asset value, end of period | | $50.29 | $41.94 | $32.03 | $22.82 | $31.60 | $29.38 |
| **TOTAL RETURN<sup>(c)</sup>** | | 20.14% | 31.41% | 42.96% | (26.98)% | 7.85% | 57.67% |
| **SUPPLEMENTAL DATA AND RATIOS:** | |  |  |  |  |  |  |
| Net assets, end of period (in thousands) | | $32687 | $24326 | $17296 | $13692 | $20542 | $11751 |
| Ratio of expenses to average net assets<sup>(d)</sup> | | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% |
| Ratio of net investment income to average net assets<sup>(d)</sup> | | 0.40% | 0.38% | 1.38% | 1.24% | 0.31% | 0.52% |
| Portfolio turnover rate<sup>(c)(e)</sup> | | 18% | 48% | 42% | 96% | 62% | 414% |

---

(a) Net investment income per
share has been calculated based on average shares outstanding during the periods.

(b) 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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the periods.

(c) Not annualized for periods
less than one year.

(d) Annualized for periods
less than one year.

(e) Portfolio turnover rate
excludes in-kind transactions.

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

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

**NOTE 1 – ORGANIZATION**

The SoFi Enhanced Yield ETF is a non-diversified series of shares and the SoFi Next 500 ETF, SoFi Select 500 ETF and SoFi Social 50 ETF are diversified series of shares (each a "Fund", and collectively, the "Funds") of beneficial interest of Tidal Trust I (formerly, 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. 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 Enhanced Yield ETF commenced operations on November 14, 2023, the SoFi Next 500 ETF and SoFi Select 500 ETF commenced operations on April 10, 2019, and the SoFi Social 50 ETF commenced operations on May 7, 2019.

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

**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").

**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 each day that the Funds are open for business.

Debt securities are valued by using an evaluated mean of the bid and ask 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 ("NAV") 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 NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

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

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

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

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

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

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

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

The following is a summary of the inputs used to value each Fund's investments as of August 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **SoFi Enhanced Yield ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchased Options | $— | $1335150 | $— | $1335150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities |  | 8790851 |  | 8790851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term Investments |  | 25197090 |  | 25197090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 70289 |  |  | 70289 |
| **Total Investments** | $70289 | $35323091 | $— | $35393380 |
| **Liabilities:** |  |  |  |  |
| **Other Financial Instruments:<sup>(a)</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Options |  | (1480050) |  | (1480050) |
| **Total Other Financial Instruments** | $— | $(1480050) | $— | $(1480050) |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **SoFi Next 500 ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $26042351 | $— | $0 <sup>(c)</sup> | $26042351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending<sup>(b)</sup> |  |  |  | 4841703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 35940 |  |  | 35940 |
| **Total Investments** | $26078291 | $— | $— | $30919994 |

---

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

---

| | |
|:---|:---|
|  | **Common Stocks** |
| **Balance as of February 28, 2025** | $0<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Accrued discounts/premiums |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized appreciation/ |  |
| &nbsp;&nbsp;&nbsp;(depreciation) | 0 |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfer into and/or out of Level 3 |  |
| **Balance as of August 31, 2025** | $0 |
| Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at August 31, 2025: | $0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SoFi Select 500 ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $536023295 | $— | $— | $536023295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent Value Rights |  |  | 0 <sup>(c)</sup> | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending<sup>(b)</sup> |  |  |  | 10349229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1677018 |  |  | 1677018 |
| **Total Investments** | $537700313 | $— | $0 | $548049542 |

---

---

| | |
|:---|:---|
|  | **Contingent Value**<br>**Rights** |
| **Balance as of February 28, 2025** | $0<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Accrued discounts/premiums |  |
| &nbsp;&nbsp;&nbsp;Realized gain (loss) |  |
| &nbsp;&nbsp;&nbsp;Change in unrealized |  |
| &nbsp;&nbsp;&nbsp;appreciation/ (depreciation) | 0 |
| &nbsp;&nbsp;&nbsp;Purchases |  |
| &nbsp;&nbsp;&nbsp;Sales |  |
| &nbsp;&nbsp;&nbsp;Transfer into and/or out of Level 3 |  |
| **Balance as of August 31, 2025** | $0 |
| Change in unrealized appreciation/(depreciation) during the period for Level 3 investments held at August 31, 2025: | $0 |

---

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **SoFi Social 50 ETF** | | | | |
|  |<br>**Level 1** |<br>**Level 2** |<br>**Level 3** |<br>**Total** |
| **Assets:** | | | | |
| **Investments:** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks<sup>(a)</sup> | $32624874 | $— | $— | $32624874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending<sup>(b)</sup> |  |  |  | 4927388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 50302 |  |  | 50302 |
| **Total Investments** | $32675176 | $— | $— | $37602564 |

---

<sup>(a)</sup> Refer to the Schedules of Investments for further disaggregation of investment categories.

<sup>(b)</sup> 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.

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

**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 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 is 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

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

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 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, 2025, the SoFi Enhanced Yield ETF's monthly average quantity and notional value are described below:

---

| | | |
|:---|:---|:---|
|  | **Average Contracts** | **Average Notional Amount** |
| Purchased Options | 6856 | $&nbsp;&nbsp;&nbsp;&nbsp;4045292483 |
| Written Options | (6856) | (4045292483) |

---

*Statements of Assets and Liabilities*

Fair value of derivative instruments as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives as of** | **Asset Derivatives as of** | **Liability Derivatives as of** | **Liability Derivatives as of** |
| <br>**Instrument** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** | **August 31, 2025** |
|  | **Balance Sheet**<br>**Location** | <br>**Fair Value** | **Balance Sheet**<br>**Location** | <br>**Fair Value** |
| Equity Contracts – Purchased Options | Investments, at value | $1335150 |  | $— |
| Equity Contracts – Written Options |  |  | Written options contracts, at value | (1480050) |

---

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

*Statements of Operations*

The effect of derivative instruments on the Statements of Operations for the period ended August 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Instrument** | **Location of Gain (Loss)<br> on Derivatives Recognized <br> in Income** | **Realized Gain (Loss)<br> on Derivatives <br> Recognized <br> in Income** | **Change in Unrealized <br> Appreciation/(Depreciation)<br> on Derivatives <br> Recognized in Income** |
| Equity Contracts – Purchased Options | Net realized gain (loss) on Investments | $70680367 | $2384758 |
| Equity Contracts – Written Options | Net realized gain (loss) on Written Options | (80041466) | (2384758) |

---

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.

**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, each Fund intends to declare as dividends in each calendar year at least 98% 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 the Funds' 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 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, 2025, 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.

**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. Interest 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.

**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.

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

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.

**Distributions to Shareholders.** Distributions to shareholders from net investment income, if any, for the SoFi Next 500 ETF, SoFi Select 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 at least annually. Distributions are recorded on the ex-dividend date.

**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.

**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. Fund shares will not be priced on the days on which the New York Stock Exchange ("NYSE") is closed for trading.

**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.

**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 limit 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 a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by the Fund exceeds 15% of the Fund's net assets, the Fund will take such steps as set forth in the Program.

**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.

**NOTE 3 – PRINCIPAL INVESTMENT RISKS** 

**Concentration Risk (SoFi Next 500 ETF, SoFi Select 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.

**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.

**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 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.

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

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.

**Equity Market Risk (SoFi Next 500 ETF, SoFi Select 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.

**Exchange Traded Fund ("ETF") Risks.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

**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.

**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

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

or resources, natural disasters or events, pandemic diseases, terrorism, regulatory events, and government controls.

**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.

**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.

**Index ETF Risk (SoFi Next 500 ETF, SoFi Select 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.

**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.

**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.

**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.

**Management and Strategy Risk (SoFi Enhanced Yield ETF Only).** The value of your investment depends on the judgment of the 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 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 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 Adviser's activities are subject to operational risks, which may adversely impact the management of the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Mid-Capitalization Investing*. The securities of mid-capitalization companies may be more vulnerable to adverse issuer,

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

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.

**Models and Data Risk (SoFi Next 500 ETF and SoFi Select 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.

**Newer Fund Risk (SoFi Enhanced Yield ETF Only).** The Fund is a recently organized management investment company with limited operating history. As a result, prospective investors have a limited 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.

**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.

**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.

**Passive Investment Risk (SoFi Next 500 ETF, SoFi Select 500 ETF, and SoFi Social 50 ETF Only).** Each Fund invests in the securities included in, or representative of, its Index regardless of their investment merit. The Funds do not attempt to outperform their Indexes 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 its Index.

**Regulatory Risk (SoFi Enhanced Yield ETF).** Changes in the laws or regulations of the United States or other countries, including any changes to applicable tax laws and regulations, could impair the ability of the Fund to achieve its investment objective and could increase the operating expenses of the Fund.

**REIT Investment Risk (SoFi Next 500 ETF, SoFi Select 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.

**Sector Risk (SoFi Next 500 ETF, SoFi Select 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

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

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 the Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○ *Technology Sector Risk (SoFi Next 500 ETF, 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.

**Third Party Data Risk (SoFi Next 500 ETF, SoFi Select 500 ETF, and 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.

**Tracking Error Risk (SoFi Next 500 ETF, SoFi Select 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.

**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.

**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.

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

**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.**

**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, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Board.

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 each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Advisory**<br> **Fee**  | **Investment**<br> **Advisory Fee**<br> **After Fee Waiver** |
| SoFi Enhanced Yield ETF | 0.49% | 0.49% |
| SoFi Next 500 ETF | 0.19% | 0.06% |
| SoFi Select 500 ETF | 0.19% | 0.05% |
| SoFi Social 50 ETF | 0.29% | 0.29% |

---

The Adviser has contractually agreed to waive a portion of its Investment Advisory Fees for the SoFi Next 500 ETF and SoFi Select 500 ETF until at least June 30, 2026 (the "Fee Waiver Agreement") such that the management fees do not exceed 0.06% and 0.05%, respectively, of the average daily net assets for the SoFi Next 500 ETF and the SoFi Select 500 ETF. The Fee Waiver Agreement may be terminated only by, or with the consent of, the Board. Separately, the Adviser voluntarily waived its full management fees for the SoFi Next 500 ETF and SoFi Select 500 ETF from each Fund's commencement of operations 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 Enhanced Yield ETF or the SoFi Social 50 ETF.

Out of the Investment Advisory Fees, the Adviser is obligated to pay, or arrange for the payment of, substantially all expenses of the Funds, including the cost of transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate, as well as the sub-advisory fees for the SoFi Enhanced Yield ETF prior to January 1, 2025. Under the Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Excluded Expenses"). The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the period ended August 31, 2025 are disclosed in the Statements of Operations.

The Adviser has entered into an agreement with Social Finance, Inc. ("SoFi"), with respect to each of the Funds, under which SoFi or an affiliate of SoFi, assumes the obligation of the Adviser to pay all or a portion of the expenses of the Funds, except Excluded Expenses (such expenses of a Fund, except Excluded Expenses, the "Unitary Expenses"). For assuming all or a portion of 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 also entered into an agreement with ZEGA Financial, LLC ("ZEGA"), with respect to the SoFi Enhanced Yield ETF, under which ZEGA assumes the obligation of the Adviser to pay a portion of the expenses of the Fund, except the Unitary Expenses. For assuming a portion of the payment obligation, ZEGA is entitled to a fee, paid by the Adviser, based on the total Investment Advisory Fee earned by the Adviser under the Advisory Agreement from the SoFi Enhanced Yield ETF, less the Unitary Expenses and certain start-up costs Although SoFi

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

and ZEGA, as applicable, have agreed to be responsible for all or a portion of 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. Effective January 1, 2025, the Adviser assumed full management responsibilities for the SoFi Enhanced Yield ETF following the resignation of ZEGA as sub-adviser and its cessation of operations as a registered investment adviser. As a result, there is no sub-advisory agreement currently in effect for the SoFi Enhanced Yield ETF, and the Adviser is directly responsible for all portfolio management functions, including day-to-day trading, security selection, and execution, under the oversight of the Board.

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. As compensation for the services it provides, Tidal receives a fee based on each Fund's average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. 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 as applicable. Prior to August 1, 2025, Fund Services also served as the Funds' sub-administrator.

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 – SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Adviser evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

**NOTE 6 – SECURITIES LENDING**

The SoFi Next 500 ETF, SoFi Select 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 Next 500 ETF, SoFi Select 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

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

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 Next 500 ETF, SoFi Select 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, 2025, the market value of the securities on loan and payable on collateral received for securities lending were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Market Value of <br>Securities on Loan** | **Payable on <br>Collateral Received** | **Percentage of Net <br>Assets of Securities on Loan** |
| SoFi Next 500 ETF | $4709970 | $4841703 | 18.0% |
| SoFi Select 500 ETF | 10127290 | 10349229 | 1.9% |
| SoFi Social 50 ETF | 4709493 | 4927388 | 14.4% |

---

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, 2025, the SoFi Next 500 ETF, SoFi Select 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.

**NOTE 7 – PURCHASES AND SALES OF SECURITIES**

For the period ended August 31, 2025, 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** | **Purchases** | **Sales** |
| SoFi Enhanced Yield ETF | $— | —&nbsp;&nbsp;&nbsp;&nbsp; | $—&nbsp;&nbsp;&nbsp;&nbsp; |
| SoFi Next 500 ETF |  | 9214009 | 9257030 |
| SoFi Select 500 ETF |  | 45726508 | 47.248.536 |
| SoFi Social 50 ETF |  | 4774289 | 11948459 |

---

For the period ended August 31, 2025, the purchases and sales of long-term U.S. government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| SoFi Enhanced Yield ETF | $45032118 | $16525919 |
| SoFi Next 500 ETF |  |  |
| SoFi Select 500 ETF |  |  |
| SoFi Social 50 ETF |  |  |

---

For the period ended August 31, 2025, the cost of purchases and proceeds from in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| SoFi Enhanced Yield ETF | $— | $— |
| SoFi Next 500 ETF |  | 3432062 |
| SoFi Select 500 ETF | 11992188 | 41517455 |
| SoFi Social 50 ETF | 7566325 | 3881478 |

---

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

**NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the period ended August 31, 2025 and the year ended February 28, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Ordinary Income** | **Ordinary Income** |
|  | **August 31, 2025** | **February 28, 2025** |
| SoFi Enhanced Yield ETF | $2278645 | $1229149 |
| SoFi Next 500 ETF | 201110 | 1219316 |
| SoFi Select 500 ETF | 2788407 | 9213159 |
| SoFi Social 50 ETF | 54780 | 71108 |

---

---

| | | |
|:---|:---|:---|
|  | **Return of Capital** | **Return of Capital** |
|  | **August 31, 2025** | **February 28, 2025** |
| SoFi Enhanced Yield ETF | $— | $2590578 |
| SoFi Next 500 ETF |  |  |
| SoFi Select 500 ETF |  |  |
| SoFi Social 50 ETF |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Long-Term Capital Gain** | **Long-Term Capital Gain** |
|  | **August 28, 2025** | **February 28, 2025** |
| SoFi Enhanced Yield ETF | $— | $5686 |
| SoFi Next 500 ETF |  |  |
| SoFi Select 500 ETF |  |  |
| SoFi Social 50 ETF |  |  |

---

As of the most recent fiscal year ended February 28, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SoFi Enhanced**<br>**Yield ETF** | **SoFi Next**<br>**500 ETF** | **SoFi Select**<br>**500 ETF** | **SoFi Social**<br>**50 ETF** |
| Investments, at cost<sup>(a)</sup> | $46636388 | $32598447 | $455417982 | $25289858 |
| Gross tax unrealized appreciation | 2358161 | 3238318 | 85999164 | 6834575 |
| Gross tax unrealized depreciation | (2238567) | (3793700) | (23813371) | (3824320) |
| Net tax unrealized appreciation (depreciation) | 119594 | (555382) | 62185793 | 3010255 |
| Undistributed ordinary income |  | 180695 | 1156283 | 16915 |
| Undistributed long-term capital gain (loss) |  |  |  |  |
| Total distributable earnings |  | 180695 | 1156283 | 16915 |
| Other accumulated gain (loss) | (396247) | (12850884) | (34596124) | (8188436) |
| Total distributable earnings/(accumulated losses) | $(276653) | $(13225571) | $28745952 | $(5161266) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 difference between book and tax-basis cost of investments was attributable primarily
 to the treatment of wash sales and, when applicable, to the treatment of written options
 and PFICs.

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 ended February 28, 2025, the Funds have not elected to defer late-year losses. As of the most recent fiscal year ended February 28, 2025, the Funds had long-term and short-term capital loss carryovers, which do not expire:

**Short-Term Capital Loss Carryover**

---

| | |
|:---|:---|
| SoFi Enhanced Yield ETF | $123125 |
| SoFi Next 500 ETF | 6297082 |
| SoFi Select 500 ETF | 12549990 |
| SoFi Social 50 ETF | 4346437 |

---

**Notes to the Financial Statements**

August 31, 2025 (Unaudited)

**Long-Term Capital Loss Carryover**

---

| | |
|:---|:---|
| SoFi Enhanced Yield ETF | $176147 |
| SoFi Next 500 ETF | 6553802 |
| SoFi Select 500 ETF | 22046134 |
| SoFi Social 50 ETF | 3841999 |

---

**NOTE 9 – SHARES 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 called 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 Next 500 ETF, SoFi Select 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 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 10 – RECENT MARKET EVENTS**

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. 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.

**NOTE 11 – 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. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

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

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There have been no changes in or disagreements with the Fund's accountants.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

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

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

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

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

The Board of Trustees (the "Board" or the "Trustees") of Tidal Trust I (the "Trust") met at a meeting held on April 3, 2025 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 (the "SFY ETF"), SoFi Next 500 ETF (the "SFYX ETF"), SoFi Social 50 ETF (the "SFYF ETF") and the SoFi Enhanced Yield ETF (the "THTA ETF") (each, a "Fund," and collectively, the "Funds"), each a series of the Trust, and Tidal 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 SFY ETF, SFYX ETF, and SFYF ETF, and Jay Pestrichelli, Charles
Ragauss, and Qiao Duan, who each serve as a portfolio manager of the THTA 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 assumed full management responsibilities
for the THTA ETF effective as of January 1, 2025, following the Adviser's acquisition of the trading team previously employed by
ZEGA Financial, LLC ("ZEGA"), the former sub-adviser to the THTA ETF from the Fund's inception through December 31,
2024. 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, the investment purpose and potential benefits and risks of the THTA ETF's use of derivatives instruments, and monitoring the extent to which each of the SFY ETF, SFYX ETF, and SFYF ETF achieves its investment objectives as a passively-managed ETF, and monitoring the extent to which the THTA ETF achieves its investment objective as an actively-managed ETF. The Board noted that the SFY ETF, SFYX ETF, and SFYF ETF are each designed to track the performance of an index. The Board also noted that the Adviser is responsible for trade execution for each of the Funds.

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.

 

&nbsp;&nbsp;&nbsp;&nbsp;**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 SFY ETF, SFYX ETF, and SFYF ETF were designed to track the performance of an index
and considered the extent to which the SFY ETF, SFYX ETF, and SFYF ETF tracked their respective indexes, before fees and expenses. The
Board also considered each Fund's performance (at net asset value) against its benchmark index and respective custom peer group.

The Board considered the performance of the SFY 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, utilizing a peer group selection process managed by Barrington Partners ("Barrington"), an independent investment management analytics consulting firm, comparing the SFY ETF to a customized group of ETFs selected by Barrington (the "SFY 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, three-year, five-year and since inception periods ended February 28, 2025. The Board considered that the Fund outperformed the SFY Peer Group median and averages over the one-year and three-year periods ended February 28, 2025. The Board also noted that the Fund ranked first out of 11 funds in the SFY Peer Group over the one-year period ended February 28, 2025, and first out of nine funds in the SFY Peer Group over the three-year period ended February 28, 2025.

The Board considered the performance of the SFYX 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, utilizing a peer group selection process managed by Barrington, comparing the SFYX ETF to a customized group of ETFs selected by Barrington (the "SFYX 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 February 28, 2025, but underperformed the Index over the three-year, five-year and since inception periods ended February 28, 2025. The Board considered that the Fund was generally in-line with the SFYX Peer Group median and average for the one-year period ended February 28, 2025, but underperformed the SFYX Peer Group median and average for the three-year period ended February 28, 2025. The Board also noted that the Fund ranked fifth out of nine funds in the SFYX Peer Group over the one-year period ended February 28, 2025, and last out of nine funds in the SFYX Peer Group over the three-year period ended February 28, 2025.

The Board considered the performance of the SFYF ETF on an absolute basis, in comparison to its underlying index (the SoFi Social 50 Index), in comparison to a blended underlying index (such blended underlying index takes into account the Fund's predecessor underlying index in place prior to substantial revisions made to the Fund's investment objective and principal investment strategies effective on June 30, 2020), 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, utilizing a peer group selection process managed by Barrington, comparing the SFYF ETF to a customized group of ETFs selected by Barrington (the "SFYF Peer Group"). The Board noted that the Fund's performance was generally in-line with its underlying index and blended underlying index (for applicable periods), 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 five-year periods ended February 28, 2025, but underperformed the Index over the three-year and since inception periods ended February 28, 2025. The Board considered that the Fund outperformed the NASDAQ 100 Total Return Index over the one-year period ended February 28, 2025, but underperformed the Index over the three- year, five-year, and since inception periods ended February 28, 2025. The Board also considered that the Fund outperformed the SFYF Peer Group median and average for the one-year period ended February 28, 2025, but underperformed the SFYF Peer Group median and average over the three-year period ended February 28, 2025. The Board noted that the Fund ranked first out of eight funds in the SFYF Peer Group for the one-year period ended February 28, 2025, and last out of seven funds in the SFYF Peer Group for the three-year period ended February 28, 2025.

The Board considered the performance of the THTA ETF on an absolute basis, and in comparison to its benchmark index (the Bloomberg U.S. Aggregate Bond Index). The Board also considered comparative information prepared by the Adviser, in partnership with AltaVista, utilizing a peer group selection process managed by Barrington, comparing the THTA ETF to a customized group of ETFs selected by Barrington (the "THTA Peer Group"). The Board noted that the Fund outperformed the Bloomberg U.S. Aggregate Bond Index over the one-year and since inception periods ended February 28, 2025. The Board also considered that the Fund outperformed the THTA Peer Group median, but trailed the THTA Peer Group average for the one-year period ended February 28, 2025. The Board noted that the Fund ranked third out of seven funds in the THTA Peer Group for the one-year period ended February 28, 2025.

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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 the sponsor for each of the SFY ETF, SFYX ETF, and SFYF ETF, Social Finance, Inc., to assume such
obligation in exchange for the profits, if any, generated by each respective Fund's unitary fee and subject to the contractual agreement
of the sponsors for the THTA ETF, Social Finance, Inc. and ZEGA, who have each contractually agreed to assume a portion of such obligation
in exchange for a corresponding portion of the profits, if any, generated by the THTA ETF'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.

The Board considered that the SFY ETF's advisory fee of 0.19% was above the SFY Peer Group average of 0.053%, and that the Fund's net expense ratio, after fee waivers, of 0.05% was below the SFY Peer Group average of 0.54%.

The Board considered that the SFYX ETF's advisory fee of 0.19% was below the SFYX Peer Group average of 0.242%, and that the Fund's net expense ratio, after fee waivers, of 0.06% was below the SFYX Peer Group average of 0.249%.

The Board considered that the SFYF ETF's advisory fee of 0.29% was above the SFYF Peer Group average of 0.229%. The Board also considered that the Fund's expense ratio of 0.29% was above the SFYF Peer Group average of 0.231%.

The Board considered that the THTA ETF's advisory fee of 0.49% was below the THTA Peer Group average of 0.593%. The Board also considered that the Fund's expense ratio of 0.49% was below the THTA Peer Group average of 0.635%.

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 Funds by the Adviser given the nature of each 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 the profitability of each Fund's unitary fee on an aggregate basis. The Board concluded that the fees had not been, and currently were not, excessive, and that while each Fund was not yet profitable on an aggregate basis, the Adviser had adequate financial resources to support its services the Funds 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 group and discussed realized and potential economies of scale. The Board considered the potential economies of
scale that each Fund might realize under the structure of the advisory fees. The Board noted the advisory fees did not contain any breakpoint
reductions as each Fund's assets grow in size, but that the Adviser would evaluate future circumstances that may warrant breakpoints
in the fee structures.

 

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

**Conclusion.** Based on the Board's deliberations and its evaluation of the information described above, with no single factor determinative of a conclusion, the Board, including the Independent Trustees, unanimously concluded that: (a) the terms of the Advisory Agreement are fair and reasonable; (b) the advisory fees are reasonable in light of the services that the Adviser provides to each of the Funds; and (c) the approval of renewal of the Advisory Agreement for an additional term ending April 9, 2026, April 9, 2026, April 30, 2026 and April 30, 2026, respectively, was in the best interests of the SFY ETF, SFYX ETF, SFYF ETF and THTA ETF, and its shareholders, respectively.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

*(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(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.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](ex99-906cert.htm)

**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 Trust I** |
| By (Signature and Title)\* | /s/ Eric W. Falkeis |
|  | Eric W. Falkeis, President/Principal Executive Officer |
| Date | November 7, 2025 |

---

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, 2025 |
| By (Signature and Title)\* | /s/ Aaron J. Perkovich |
|  | Aaron J. Perkovich, Treasurer/Principal Financial Officer |
| Date | November 10, 2025 |

---

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

## Ex-99.Cert

[Tidal Trust I N-CSRS](sofi-ncsrs_083125.htm)

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Eric W. Falkeis, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 7, 2025 | /s/ Eric W. Falkeis |
| | | Eric W. Falkeis<br> President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Aaron J. Perkovich, certify that:

1. I have reviewed this report on Form N-CSR of Tidal Trust I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | November 10, 2025 | /s/ Aaron J. Perkovich |
| | | Aaron J Perkovich<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[Tidal Trust I N-CSRS](sofi-ncsrs_083125.htm)

**Exhibit 99.906CERT**

**<u>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Tidal Trust I, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Tidal Trust I for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Tidal Trust I for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Eric W. Falkeis | /s/ Eric W. Falkeis | /s/ Aaron J. Perkovich | /s/ Aaron J. Perkovich |
| <br> Eric W. Falkeis <br> President/Principal Executive Officer<br> Tidal Trust I  | <br> Eric W. Falkeis <br> President/Principal Executive Officer<br> Tidal Trust I  | <br> Aaron J. Perkovich <br> Treasurer/Principal Financial Officer<br> Tidal Trust I  | <br> Aaron J. Perkovich <br> Treasurer/Principal Financial Officer<br> Tidal Trust I  |
| Dated: | November 7, 2025 | Dated: | November 10, 2025 |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Tidal Trust I for purposes of Section 18 of the Securities Exchange Act of 1934.