NPORT-EX 2 spsk.htm SPSK ETF - 02/29/24 PART F

SP Funds Dow Jones Global Sukuk ETF
  
Schedule of Investments
  
as of February 29, 2024 (Unaudited)
  
   
FOREIGN GOVERNMENT SUKUK - 53.6%
  
Par
    
Value
  
Multi-National - 10.6%
  
ICDPS Sukuk Ltd., 1.81%, 10/15/2025
  
$
800,000
    
$
754,180
  
IDB Trust Services Ltd., 0.91%, 06/25/2025
    
2,200,000
      
2,081,519
  
Isdb Trust Services NO 2 SARL
  
1.26%, 03/31/2026
    
3,700,000
      
3,439,980
  
1.44%, 10/21/2026
    
2,227,000
      
2,043,250
  
3.21%, 04/28/2027
    
2,600,000
      
2,491,385
  
4.75%, 10/27/2027
    
1,400,000
      
1,402,786
  
4.60%, 03/14/2028
    
3,100,000
      
3,089,522
  
4.91%, 10/03/2028
    
2,900,000
      
2,950,286
  
             
18,252,908
  
                 
Sovereign - 43.0%(a)
  
Hong Kong Sukuk 2017 Ltd., 3.13%, 02/28/2027
    
1,600,000
      
1,535,041
  
KSA Sukuk Ltd.
  
3.63%, 04/20/2027
    
6,800,000
      
6,546,428
  
5.27%, 10/25/2028
    
3,700,000
      
3,761,328
  
4.30%, 01/19/2029
    
3,000,000
      
2,927,937
  
4.27%, 05/22/2029
    
4,400,000
      
4,263,516
  
2.97%, 10/29/2029
    
3,700,000
      
3,334,732
  
2.25%, 05/17/2031
    
3,000,000
      
2,500,167
  
4.51%, 05/22/2033
    
4,500,000
      
4,341,573
  
Malaysia Sovereign Sukuk Bhd.
  
3.04%, 04/22/2025
    
1,400,000
      
1,368,979
  
4.24%, 04/22/2045
    
700,000
      
645,404
  
Malaysia Sukuk Global Bhd.
  
3.18%, 04/27/2026
    
1,350,000
      
1,305,801
  
4.08%, 04/27/2046
    
700,000
      
630,029
  
Malaysia Wakala Sukuk Bhd.
  
2.07%, 04/28/2031
    
1,150,000
      
979,254
  
3.08%, 04/28/2051
    
700,000
      
518,963
  
Perusahaan Penerbit SBSN Indonesia III
  
4.33%, 05/28/2025
    
2,900,000
      
2,884,050
  
2.30%, 06/23/2025
    
1,200,000
      
1,156,856
  
4.55%, 03/29/2026
    
2,600,000
      
2,583,889
  
1.50%, 06/09/2026
    
1,800,000
      
1,666,373
  
4.15%, 03/29/2027
    
3,000,000
      
2,932,251
  
4.40%, 06/06/2027
    
2,600,000
      
2,552,977
  
4.40%, 03/01/2028
    
2,600,000
      
2,549,882
  
5.40%, 11/15/2028
    
1,500,000
      
1,517,808
  
4.45%, 02/20/2029
    
1,900,000
      
1,852,918
  
2.80%, 06/23/2030
    
1,400,000
      
1,234,033
  
2.55%, 06/09/2031
    
1,400,000
      
1,193,184
  
4.70%, 06/06/2032
    
2,200,000
      
2,154,229
  
5.60%, 11/15/2033
    
1,400,000
      
1,451,084
  
3.80%, 06/23/2050
    
1,200,000
      
921,934
  
3.55%, 06/09/2051
    
1,200,000
      
885,894
  
RAK Capital, 3.09%, 03/31/2025
    
1,400,000
      
1,361,773
  
ROP Sukuk Trust, 5.05%, 06/06/2029
    
1,500,000
      
1,498,125
  
Sharjah Sukuk Program Ltd.
  
3.85%, 04/03/2026
    
1,400,000
      
1,354,963
  
2.94%, 06/10/2027
    
1,600,000
      
1,480,074
  
4.23%, 03/14/2028
    
1,800,000
      
1,721,477
  
3.23%, 10/23/2029
    
1,440,000
      
1,290,269
  
3.89%, 04/04/2030
    
1,200,000
      
1,100,321
  
3.20%, 07/13/2031
    
1,200,000
      
1,030,032
  
6.09%, 03/19/2034
    
1,400,000
      
1,449,088
  
             
74,482,636
  
TOTAL FOREIGN GOVERNMENT SUKUK (Cost $95,659,843)
      
92,735,544
  
                 
CORPORATE SUKUK - 44.3%
                
Airlines - 0.5%
  
Unity 1 Sukuk Ltd., 2.39%, 11/03/2025
    
900,000
      
855,000
  
                 
Banks - 14.1%
  
Adib Sukuk Co. II Ltd., 5.70%, 11/15/2028
    
700,000
      
717,175
  
AL Rajhi Sukuk Ltd., 4.75%, 04/05/2028
    
1,400,000
      
1,389,444
  
AUB Sukuk Ltd., 2.62%, 09/09/2026
    
1,000,000
      
927,429
  
Banque Saudi Fransi, 4.75%, 05/31/2028
    
1,300,000
      
1,280,143
  
Boubyan Sukuk Ltd., 3.39%, 03/29/2027
    
800,000
      
760,681
  
BSF Sukuk Ltd., 5.00%, 01/25/2029
    
1,000,000
      
992,370
  
DIB Sukuk Ltd.
  
2.95%, 01/16/2026
    
2,000,000
      
1,914,660
  
1.96%, 06/22/2026
    
1,400,000
      
1,297,961
  
2.74%, 02/16/2027
    
1,200,000
      
1,121,401
  
5.49%, 11/30/2027
    
1,200,000
      
1,217,712
  
4.80%, 08/16/2028
    
1,600,000
      
1,583,040
  
EI Sukuk Co. Ltd.
  
1.83%, 09/23/2025
    
800,000
      
755,944
  
2.08%, 11/02/2026
    
800,000
      
737,089
  
Fab Sukuk Co. Ltd.
  
1.41%, 01/14/2026
    
1,000,000
      
931,140
  
2.59%, 03/02/2027
    
800,000
      
747,957
  
4.58%, 01/17/2028
    
800,000
      
791,336
  
4.78%, 01/23/2029
    
1,200,000
      
1,191,116
  
MAR Sukuk Ltd., 2.21%, 09/02/2025
    
1,200,000
      
1,141,856
  
QIB Sukuk Ltd.
  
1.95%, 10/27/2025
    
1,200,000
      
1,132,848
  
5.58%, 11/22/2028
    
1,100,000
      
1,121,568
  
QIIB Senior Oryx Ltd., 5.25%, 01/24/2029
    
800,000
      
807,882
  
SIB Sukuk Co. III Ltd., 2.85%, 06/23/2025
    
800,000
      
769,541
  
SNB Sukuk Ltd., 2.34%, 01/19/2027
    
1,200,000
      
1,111,993
  
             
24,442,286
  
                 
Commercial Services - 3.3%
  
DP World Crescent Ltd.
  
4.85%, 09/26/2028
    
1,400,000
      
1,378,373
  
3.88%, 07/18/2029
    
1,400,000
      
1,310,144
  
3.75%, 01/30/2030
    
800,000
      
739,787
  
5.50%, 09/13/2033
    
2,200,000
      
2,215,831
  
             
5,644,135
  
                 
Diversified Financial Services - 1.6%
  
AIR Lease Corp. Sukuk Ltd., 5.85%, 04/01/2028
    
800,000
      
798,484
  
Aldar Investment Properties Sukuk Ltd., 4.88%, 05/24/2033
    
800,000
      
781,004
  
DAE Sukuk Difc Ltd., 3.75%, 02/15/2026
    
1,200,000
      
1,156,621
  
             
2,736,109
  
                 
Electric - 7.1%
  
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/2043
    
1,400,000
      
1,315,450
  
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/2044
    
1,400,000
      
1,367,548
  
Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/2028
    
1,800,000
      
1,784,524
  
Saudi Electricity Global Sukuk Co. 5
  
1.74%, 09/17/2025
    
1,000,000
      
945,391
  
2.41%, 09/17/2030
    
1,000,000
      
854,180
  
Saudi Electricity Sukuk Programme Co.
  
4.63%, 04/11/2033
    
1,800,000
      
1,740,262
  
5.68%, 04/11/2053
    
1,100,000
      
1,082,969
  
Tabreed Sukuk SPC Ltd., 5.50%, 10/31/2025
    
800,000
      
804,184
  
TNB Global Ventures Capital Bhd.
  
3.24%, 10/19/2026
    
1,200,000
      
1,137,166
  
4.85%, 11/01/2028
    
1,200,000
      
1,185,341
  
             
12,217,015
  
                 
Food - 0.6%
  
Almarai Co. JSC, 5.23%, 07/25/2033
    
1,100,000
      
1,108,944
  
                 
Investment Companies - 5.7%
  
Dua Capital Ltd.
  
1.66%, 05/11/2026
    
600,000
      
554,530
  
2.78%, 05/11/2031
    
1,000,000
      
854,330
  
KFH Sukuk Co., 5.01%, 01/17/2029
    
1,500,000
      
1,489,380
  
Khazanah Global Sukuk Bhd., 4.69%, 06/01/2028
    
1,100,000
      
1,084,098
  
Senaat Sukuk Ltd., 4.76%, 12/05/2025
    
600,000
      
593,157
  
Suci Second Investment Co.
  
6.00%, 10/25/2028
    
3,300,000
      
3,404,081
  
6.25%, 10/25/2033
    
1,800,000
      
1,954,188
  
             
9,933,764
  
                 
Oil & Gas - 3.8%
  
SA Global Sukuk Ltd.
  
1.60%, 06/17/2026
    
3,000,000
      
2,765,076
  
2.69%, 06/17/2031
    
4,400,000
      
3,767,152
  
             
6,532,228
  
                 
Pipelines - 1.3%
  
TMS Issuer Sarl, 5.78%, 08/23/2032
    
2,200,000
      
2,257,633
  
                 
Real Estate - 4.4%
  
Aldar Sukuk Ltd., 4.75%, 09/29/2025
    
800,000
      
792,273
  
Aldar Sukuk No 2 Ltd., 3.88%, 10/22/2029
    
800,000
      
750,457
  
Emaar Sukuk Ltd.
  
3.64%, 09/15/2026
    
1,200,000
      
1,150,589
  
3.88%, 09/17/2029
    
800,000
      
749,046
  
3.70%, 07/06/2031
    
800,000
      
726,950
  
MAF Sukuk Ltd.
  
4.50%, 11/03/2025
    
800,000
      
786,574
  
4.64%, 05/14/2029
    
1,000,000
      
973,125
  
3.93%, 02/28/2030
    
1,000,000
      
933,238
  
5.00%, 06/01/2033
    
800,000
      
786,936
  
             
7,649,188
  
                 
Telecommunications - 1.9%
  
Axiata SPV2 Bhd.
  
4.36%, 03/24/2026
    
800,000
      
783,292
  
2.16%, 08/19/2030
    
1,000,000
      
834,413
  
Saudi Telecom Co., 3.89%, 05/13/2029
    
1,800,000
      
1,711,419
  
             
3,329,124
  
TOTAL CORPORATE SUKUK (Cost $78,234,455)
      
76,705,426
  
                 
TOTAL INVESTMENTS - 97.9% (Cost $174,283,298)
    
$
169,440,970
  
Other Assets in Excess of Liabilities - 2.1%
      
3,617,905
  
TOTAL NET ASSETS - 100.0%
          
$
173,058,875
  
                 
Percentages are stated as a percent of net assets.
          

SA - Sociedad Anónima

(a)
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.
Allocation of Portfolio Holdings by Country as of February 29, 2024
  
(% of Total Investments)
  
Cayman Islands
  
$
100,390,167
      
59.3
%
Indonesia
    
27,537,362
      
16.3
  
Luxembourg
    
17,674,842
      
10.4
  
Malaysia
    
11,881,599
      
7.0
  
Saudi Arabia
    
4,100,506
      
2.4
  
United Arab Emirates
    
2,741,809
      
1.6
  
Jersey
    
2,081,519
      
1.2
  
Hong Kong
    
1,535,041
      
0.9
  
Philippines
    
1,498,125
      
0.9
  
   
$
169,440,970
      
100.0
%
Summary of Fair Value Exposure at February 29, 2024 (Unaudited)
 
The Fund utilizes various methods to measure the fair value of its 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 Fund has 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 spreads, credit risk, yield curves, default rates and similar data.
• Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s 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 following is a summary of the inputs used to value the Fund's investments as of February 29, 2024:

SP Funds Dow Jones Global Sukuk ETF
  
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Foreign Government Sukuk
  
$
–
    
$
92,735,544
    
$
–
    
$
92,735,544
  
  Corporate Sukuk
    
–
      
76,705,426
      
–
      
76,705,426
  
Total Assets
  
$
–
    
$
169,440,970
    
$
–
    
$
169,440,970
  
                                 
   
Refer to the Schedule of Investments for industry classifications.