|
SP FUNDS S&P 500 SHARIA INDUSTRY EXCLUSIONS ETF
|
||||||||
|
Schedule of Investments at February 28, 2023 (Unaudited)
|
||||||||
|
|
|
Shares
|
Value
|
|||||
|
Common Stocks - 99.6%
|
||||||||
|
Agriculture - 0.2%
|
||||||||
|
Archer-Daniels-Midland Co.
|
5,820
|
$
|
463,272
|
|||||
|
Apparel - 0.9%
|
||||||||
|
Nike, Inc. - Class A
|
13,349
|
1,585,728
|
||||||
|
Ralph Lauren Corp. - Class A
|
424
|
50,113
|
||||||
|
Tapestry, Inc.
|
2,536
|
110,341
|
||||||
|
1,746,182
|
||||||||
|
Auto Manufacturers - 3.2%
|
||||||||
|
Cummins, Inc.
|
1,491
|
362,432
|
||||||
|
Tesla, Inc. (1)
|
28,444
|
5,851,215
|
||||||
|
6,213,647
|
||||||||
|
Auto Parts & Equipment - 0.2%
|
||||||||
|
Aptiv PLC (1)
|
2,852
|
331,630
|
||||||
|
Beverages - 2.9%
|
||||||||
|
The Coca-Cola Co.
|
41,264
|
2,455,621
|
||||||
|
Keurig Dr Pepper, Inc.
|
9,004
|
311,088
|
||||||
|
Monster Beverage Corp. (1)
|
4,038
|
410,907
|
||||||
|
PepsiCo, Inc.
|
14,593
|
2,532,323
|
||||||
|
5,709,939
|
||||||||
|
Biotechnology - 2.5%
|
||||||||
|
Amgen, Inc.
|
5,644
|
1,307,489
|
||||||
|
Biogen, Inc. (1)
|
1,520
|
410,187
|
||||||
|
Bio-Rad Laboratories, Inc. - Class A (1)
|
211
|
100,824
|
||||||
|
Corteva, Inc.
|
7,562
|
471,037
|
||||||
|
Illumina, Inc. (1)
|
1,647
|
328,083
|
||||||
|
Incyte Corp. (1)
|
1,900
|
146,262
|
||||||
|
Moderna, Inc. (1)
|
3,500
|
485,835
|
||||||
|
Regeneron Pharmaceuticals, Inc. (1)
|
1,115
|
847,868
|
||||||
|
Vertex Pharmaceuticals, Inc. (1)
|
2,712
|
787,267
|
||||||
|
4,884,852
|
||||||||
|
Building Materials - 1.0%
|
||||||||
|
Carrier Global Corp.
|
8,830
|
397,615
|
||||||
|
Johnson Controls International PLC
|
7,270
|
455,974
|
||||||
|
Martin Marietta Materials, Inc.
|
652
|
234,635
|
||||||
|
Masco Corp.
|
2,385
|
125,046
|
||||||
|
Trane Technologies PLC
|
2,432
|
449,847
|
||||||
|
Vulcan Materials Co.
|
1,390
|
251,465
|
||||||
|
1,914,582
|
||||||||
|
Chemicals - 2.2%
|
||||||||
|
Air Products and Chemicals, Inc.
|
2,348
|
671,481
|
||||||
|
Albemarle Corp.
|
1,235
|
314,073
|
||||||
|
Ecolab, Inc.
|
2,625
|
418,346
|
||||||
|
FMC Corp.
|
1,322
|
170,736
|
||||||
|
Linde PLC
|
5,238
|
1,824,762
|
||||||
|
PPG Industries, Inc.
|
2,478
|
327,245
|
||||||
|
The Sherwin-Williams Co.
|
2,486
|
550,276
|
||||||
|
4,276,919
|
||||||||
|
Commercial Services - 0.6%
|
||||||||
|
Cintas Corp.
|
911
|
399,446
|
||||||
|
CoStar Group, Inc. (1)
|
4,291
|
303,202
|
||||||
|
Gartner, Inc. (1)
|
818
|
268,148
|
||||||
|
Robert Half International, Inc.
|
1,129
|
91,020
|
||||||
|
Rollins, Inc.
|
2,443
|
85,994
|
||||||
|
1,147,810
|
||||||||
|
Computers - 12.6%
|
||||||||
|
Apple, Inc.
|
158,555
|
23,372,592
|
||||||
|
Cognizant Technology Solutions Corp.
|
5,429
|
340,018
|
||||||
|
EPAM Systems, Inc. (1)
|
607
|
186,744
|
||||||
|
Fortinet, Inc. (1)
|
6,857
|
407,580
|
||||||
|
NetApp, Inc.
|
2,305
|
148,788
|
||||||
|
24,455,722
|
||||||||
|
Cosmetics & Personal Care - 2.4%
|
||||||||
|
Colgate-Palmolive Co.
|
8,840
|
647,972
|
||||||
|
The Estee Lauder Companies, Inc. - Class A
|
2,438
|
592,556
|
||||||
|
The Procter & Gamble Co.
|
25,123
|
3,455,920
|
||||||
|
4,696,448
|
||||||||
|
Distribution & Wholesale - 0.6%
|
||||||||
|
Copart, Inc. (1)
|
4,527
|
318,972
|
||||||
|
Fastenal Co.
|
6,072
|
313,072
|
||||||
|
LKQ Corp.
|
2,684
|
153,766
|
||||||
|
Pool Corp.
|
404
|
144,172
|
||||||
|
W.W. Grainger, Inc.
|
462
|
308,815
|
||||||
|
1,238,797
|
||||||||
|
Electrical Components & Equipment - 0.3%
|
||||||||
|
Emerson Electric Co.
|
6,253
|
517,185
|
||||||
|
Generac Holdings, Inc. (1)
|
665
|
79,807
|
||||||
|
596,992
|
||||||||
|
Electronics - 0.9%
|
||||||||
|
Agilent Technologies, Inc.
|
3,119
|
442,804
|
||||||
|
Allegion PLC
|
906
|
102,115
|
||||||
|
Fortive Corp.
|
3,745
|
249,642
|
||||||
|
Garmin Ltd.
|
1,612
|
158,186
|
||||||
|
Mettler-Toledo International, Inc. (1)
|
218
|
312,549
|
||||||
|
TE Connectivity Ltd.
|
3,357
|
427,413
|
||||||
|
Trimble, Inc. (1)
|
2,614
|
136,085
|
||||||
|
1,828,794
|
||||||||
|
Energy - Alternate Sources - 0.3%
|
||||||||
|
Enphase Energy, Inc. (1)
|
1,441
|
303,374
|
||||||
|
First Solar, Inc. (1)
|
1,037
|
175,398
|
||||||
|
478,772
|
||||||||
|
Environmental Control - 0.4%
|
||||||||
|
Pentair PLC
|
1,730
|
96,776
|
||||||
|
Waste Management, Inc.
|
3,944
|
590,654
|
||||||
|
687,430
|
||||||||
|
Food - 1.2%
|
||||||||
|
General Mills, Inc.
|
6,275
|
498,925
|
||||||
|
The Hershey Co.
|
1,544
|
367,966
|
||||||
|
Kellogg Co.
|
2,705
|
178,368
|
||||||
|
Lamb Weston Holdings, Inc.
|
1,490
|
149,953
|
||||||
|
McCormick & Co., Inc.
|
2,652
|
197,097
|
||||||
|
Mondelez International, Inc.
|
14,482
|
943,937
|
||||||
|
2,336,246
|
||||||||
|
Healthcare - Products - 6.5%
|
||||||||
|
Abbott Laboratories
|
18,484
|
1,880,193
|
||||||
|
Align Technology, Inc. (1)
|
755
|
233,673
|
||||||
|
Bio-Techne Corp.
|
1,647
|
119,638
|
||||||
|
Boston Scientific Corp. (1)
|
15,172
|
708,836
|
||||||
|
The Cooper Companies, Inc.
|
505
|
165,120
|
||||||
|
Danaher Corp.
|
6,945
|
1,719,096
|
||||||
|
DENTSPLY SIRONA, Inc.
|
2,259
|
86,000
|
||||||
|
Edwards Lifesciences Corp. (1)
|
6,549
|
526,802
|
||||||
|
Hologic, Inc. (1)
|
2,607
|
207,621
|
||||||
|
IDEXX Laboratories, Inc. (1)
|
877
|
415,031
|
||||||
|
Intuitive Surgical, Inc. (1)
|
3,747
|
859,524
|
||||||
|
Medtronic PLC
|
14,074
|
1,165,327
|
||||||
|
ResMed, Inc.
|
1,545
|
329,085
|
||||||
|
STERIS PLC
|
1,044
|
196,303
|
||||||
|
Stryker Corp.
|
3,563
|
936,641
|
||||||
|
Teleflex, Inc.
|
481
|
114,589
|
||||||
|
Thermo Fisher Scientific, Inc.
|
4,149
|
2,247,762
|
||||||
|
Waters Corp. (1)
|
618
|
192,130
|
||||||
|
West Pharmaceutical Services, Inc.
|
769
|
243,796
|
||||||
|
Zimmer Biomet Holdings, Inc.
|
2,209
|
273,629
|
||||||
|
12,620,796
|
||||||||
|
Healthcare - Services - 0.3%
|
||||||||
|
Catalent, Inc. (1)
|
1,830
|
124,843
|
||||||
|
Charles River Laboratories International, Inc. (1)
|
520
|
114,057
|
||||||
|
Laboratory Corp. of America Holdings
|
934
|
223,562
|
||||||
|
Quest Diagnostics, Inc.
|
1,203
|
166,447
|
||||||
|
628,909
|
||||||||
|
Home Builders - 0.4%
|
||||||||
|
D.R. Horton, Inc.
|
3,307
|
305,831
|
||||||
|
Lennar Corp. - Class A
|
2,682
|
259,457
|
||||||
|
NVR, Inc. (1)
|
29
|
150,035
|
||||||
|
PulteGroup, Inc.
|
2,407
|
131,591
|
||||||
|
846,914
|
||||||||
|
Household Products & Wares - 0.5%
|
||||||||
|
Avery Dennison Corp.
|
837
|
152,493
|
||||||
|
Church & Dwight Co., Inc.
|
2,564
|
214,812
|
||||||
|
The Clorox Co.
|
1,296
|
201,450
|
||||||
|
Kimberly-Clark Corp.
|
3,569
|
446,304
|
||||||
|
1,015,059
|
||||||||
|
Internet - 8.6%
|
||||||||
|
Alphabet, Inc. - Class C (1)
|
56,125
|
5,068,087
|
||||||
|
Alphabet, Inc. - Class A (1)
|
63,317
|
5,702,329
|
||||||
|
Booking Holdings, Inc. (1)
|
402
|
1,014,648
|
||||||
|
CDW Corp.
|
1,414
|
286,222
|
||||||
|
eBay, Inc.
|
5,733
|
263,145
|
||||||
|
F5, Inc. (1)
|
617
|
88,219
|
||||||
|
Meta Platforms, Inc. - Class A (1)
|
23,827
|
4,168,295
|
||||||
|
VeriSign, Inc. (1)
|
966
|
190,138
|
||||||
|
16,781,083
|
||||||||
|
Iron & Steel - 0.4%
|
||||||||
|
Nucor Corp.
|
2,711
|
453,930
|
||||||
|
Steel Dynamics, Inc.
|
1,766
|
222,710
|
||||||
|
676,640
|
||||||||
|
Machinery - Diversified - 1.0%
|
||||||||
|
Dover Corp.
|
1,488
|
223,051
|
||||||
|
IDEX Corp.
|
783
|
176,159
|
||||||
|
Ingersoll Rand, Inc.
|
4,274
|
248,191
|
||||||
|
Nordson Corp.
|
549
|
120,583
|
||||||
|
Otis Worldwide Corp.
|
4,404
|
372,667
|
||||||
|
Rockwell Automation, Inc.
|
1,213
|
357,750
|
||||||
|
Westinghouse Air Brake Technologies Corp.
|
1,913
|
199,583
|
||||||
|
Xylem, Inc.
|
1,897
|
194,727
|
||||||
|
1,892,711
|
||||||||
|
Media - 0.1%
|
||||||||
|
News Corp. - Class A
|
4,053
|
69,509
|
||||||
|
News Corp. - Class B
|
1,232
|
21,264
|
||||||
|
90,773
|
||||||||
|
Mining - 0.2%
|
||||||||
|
Newmont Corp.
|
8,412
|
366,847
|
||||||
|
Miscellaneous Manufacturers - 1.1%
|
||||||||
|
3M Co.
|
5,854
|
630,710
|
||||||
|
A.O. Smith Corp. - Class A
|
1,302
|
85,450
|
||||||
|
Eaton Corp. PLC
|
4,203
|
735,231
|
||||||
|
Illinois Tool Works, Inc.
|
2,948
|
687,356
|
||||||
|
2,138,747
|
||||||||
|
Office & Business Equipment - 0.1%
|
||||||||
|
Zebra Technologies Corp. (1)
|
528
|
158,532
|
||||||
|
Oil & Gas - 5.5%
|
||||||||
|
Chevron Corp.
|
18,853
|
3,030,997
|
||||||
|
ConocoPhillips
|
13,194
|
1,363,600
|
||||||
|
Coterra Energy, Inc.
|
8,360
|
208,749
|
||||||
|
EOG Resources, Inc.
|
6,215
|
702,419
|
||||||
|
Exxon Mobil Corp.
|
43,656
|
4,798,231
|
||||||
|
Pioneer Natural Resources Co.
|
2,503
|
501,626
|
||||||
|
10,605,622
|
||||||||
|
Oil & Gas Services - 0.2%
|
||||||||
|
Baker Hughes Co. - Class A
|
10,600
|
324,360
|
||||||
|
Packaging & Containers - 0.1%
|
||||||||
|
Packaging Corp. of America
|
953
|
130,294
|
||||||
|
Pharmaceuticals - 6.9%
|
||||||||
|
Becton Dickinson and Co.
|
3,003
|
704,354
|
||||||
|
Dexcom, Inc. (1)
|
4,094
|
454,475
|
||||||
|
Eli Lilly & Co.
|
8,362
|
2,602,422
|
||||||
|
Henry Schein, Inc. (1)
|
1,416
|
110,887
|
||||||
|
Johnson & Johnson
|
27,718
|
4,248,061
|
||||||
|
Merck & Co., Inc.
|
26,877
|
2,855,412
|
||||||
|
Pfizer, Inc.
|
59,508
|
2,414,239
|
||||||
|
13,389,850
|
||||||||
|
Real Estate Investment Trusts (REITs) - 2.1%
|
||||||||
|
AvalonBay Communities, Inc.
|
1,480
|
255,330
|
||||||
|
Camden Property Trust
|
1,109
|
127,269
|
||||||
|
Crown Castle, Inc.
|
4,559
|
596,089
|
||||||
|
Equinix, Inc.
|
972
|
668,998
|
||||||
|
Equity Residential
|
3,555
|
222,259
|
||||||
|
Essex Property Trust, Inc.
|
664
|
151,432
|
||||||
|
Mid-America Apartment Communities, Inc.
|
1,219
|
195,162
|
||||||
|
Prologis, Inc.
|
9,767
|
1,205,248
|
||||||
|
Public Storage
|
1,658
|
495,659
|
||||||
|
Weyerhaeuser Co.
|
7,802
|
243,812
|
||||||
|
4,161,258
|
||||||||
|
Retail - 4.8%
|
||||||||
|
Advance Auto Parts, Inc.
|
624
|
90,455
|
||||||
|
AutoZone, Inc. (1)
|
186
|
462,496
|
||||||
|
Dollar Tree, Inc. (1)
|
2,216
|
321,941
|
||||||
|
Genuine Parts Co.
|
1,491
|
263,698
|
||||||
|
The Home Depot, Inc.
|
10,840
|
3,214,494
|
||||||
|
Lowe’s Companies, Inc.
|
6,563
|
1,350,337
|
||||||
|
O’Reilly Automotive, Inc. (1)
|
657
|
545,376
|
||||||
|
Ross Stores, Inc.
|
3,663
|
404,908
|
||||||
|
Starbucks Corp.
|
12,166
|
1,242,027
|
||||||
|
The TJX Companies, Inc.
|
12,295
|
941,797
|
||||||
|
Tractor Supply Co.
|
1,169
|
272,681
|
||||||
|
Ulta Beauty, Inc. (1)
|
524
|
271,851
|
||||||
|
9,382,061
|
||||||||
|
Semiconductors - 10.3%
|
||||||||
|
Advanced Micro Devices, Inc. (1)
|
17,089
|
1,342,854
|
||||||
|
Analog Devices, Inc.
|
5,433
|
996,793
|
||||||
|
Applied Materials, Inc.
|
9,108
|
1,057,894
|
||||||
|
Broadcom, Inc.
|
4,275
|
2,540,590
|
||||||
|
Intel Corp.
|
43,741
|
1,090,463
|
||||||
|
KLA Corp.
|
1,498
|
568,311
|
||||||
|
Lam Research Corp.
|
1,446
|
702,770
|
||||||
|
Microchip Technology, Inc.
|
5,827
|
472,162
|
||||||
|
Micron Technology, Inc.
|
11,528
|
666,549
|
||||||
|
Monolithic Power Systems, Inc.
|
459
|
222,289
|
||||||
|
NVIDIA Corp.
|
26,389
|
6,126,470
|
||||||
|
NXP Semiconductors NV
|
2,736
|
488,321
|
||||||
|
ON Semiconductor Corp. (1)
|
4,565
|
353,377
|
||||||
|
QUALCOMM, Inc.
|
11,881
|
1,467,660
|
||||||
|
Teradyne, Inc.
|
1,621
|
163,948
|
||||||
|
Texas Instruments, Inc.
|
9,615
|
1,648,492
|
||||||
|
19,908,943
|
||||||||
|
Software - 13.9%
|
||||||||
|
Adobe, Inc. (1)
|
4,927
|
1,596,102
|
||||||
|
Akamai Technologies, Inc. (1)
|
1,615
|
117,249
|
||||||
|
ANSYS, Inc. (1)
|
919
|
279,018
|
||||||
|
Autodesk, Inc. (1)
|
2,268
|
450,629
|
||||||
|
Cadence Design Systems, Inc. (1)
|
2,907
|
560,877
|
||||||
|
Ceridian HCM Holding, Inc. (1)
|
1,614
|
117,709
|
||||||
|
Microsoft Corp.
|
79,036
|
19,713,159
|
||||||
|
Paycom Software, Inc. (1)
|
498
|
143,952
|
||||||
|
PTC, Inc. (1)
|
1,101
|
137,988
|
||||||
|
Roper Technologies, Inc.
|
1,105
|
475,371
|
||||||
|
Salesforce, Inc. (1)
|
10,586
|
1,731,975
|
||||||
|
ServiceNow, Inc. (1)
|
2,132
|
921,386
|
||||||
|
Synopsys, Inc. (1)
|
1,608
|
584,926
|
||||||
|
Tyler Technologies, Inc. (1)
|
430
|
138,138
|
||||||
|
26,968,479
|
||||||||
|
Telecommunications - 1.7%
|
||||||||
|
Arista Networks, Inc. (1)
|
2,622
|
363,671
|
||||||
|
Cisco Systems, Inc.
|
43,535
|
2,107,965
|
||||||
|
Corning, Inc.
|
8,071
|
274,010
|
||||||
|
Juniper Networks, Inc.
|
3,334
|
102,621
|
||||||
|
Motorola Solutions, Inc.
|
1,770
|
465,174
|
||||||
|
3,313,441
|
||||||||
|
Transportation - 2.5%
|
||||||||
|
C.H. Robinson Worldwide, Inc.
|
1,241
|
124,050
|
||||||
|
CSX Corp.
|
22,285
|
679,470
|
||||||
|
Expeditors International of Washington, Inc.
|
1,669
|
174,510
|
||||||
|
J.B. Hunt Transport Services, Inc.
|
873
|
157,830
|
||||||
|
Norfolk Southern Corp.
|
2,443
|
549,235
|
||||||
|
Old Dominion Freight Line, Inc.
|
953
|
323,315
|
||||||
|
Union Pacific Corp.
|
6,505
|
1,348,356
|
||||||
|
United Parcel Service, Inc. - Class B
|
7,720
|
1,408,823
|
||||||
|
4,765,589
|
||||||||
|
Total Common Stocks
|
||||||||
|
(Cost $191,094,210)
|
193,174,942
|
|||||||
|
Rights - 0.0% (2)
|
||||||||
|
Health Care - 0.0% (2)
|
||||||||
|
ABIOMED, Inc. - CVR (1)(3)
|
405
|
0
|
||||||
|
Total Rights
|
||||||||
|
(Cost $0)
|
0
|
|||||||
|
Total Investments in Securities - 99.6%
|
||||||||
|
(Cost $191,094,210)
|
193,174,942
|
|||||||
|
Other Assets in Excess of Liabilities - 0.4%
|
860,049
|
|||||||
|
Total Net Assets - 100.0%
|
$
|
194,034,991
|
||||||
|
CVR - Contingent Value Rights
|
|||||
|
(1)
|
Non-income producing security.
|
||||
|
(2)
|
Does not round to 0.1% or (0.1)%, as applicable.
|
||||
|
(3)
|
The security is fair valued by the Valuation Designee
|
||||
|
Summary of Fair Value Exposure at February 28, 2023 (Unaudited)
|
||||
|
The SP Funds S&P 500 Sharia Industry Exclusions ETF (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 28, 2023:
|
||||
|
Investments in Securities
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||
|
Common Stocks (1)
|
$
|
193,174,942
|
$
|
–
|
$
|
–
|
$
|
193,174,942
|
|||||||
|
Rights (2)
|
-
|
-
|
0
|
0
|
|||||||||||
|
Total Investments in Securities
|
$
|
193,174,942
|
$
|
–
|
$
|
0
|
$
|
193,174,942
|
|||||||
|
Rights(2)
|
|||||||||||||||
|
Balance as of November 30, 2022
|
$
|
-
|
|||||||||||||
|
Accrued discounts/premiums
|
-
|
||||||||||||||
|
Realized gain (loss)
|
-
|
||||||||||||||
|
Change in unrealized appreciation/depreciation
|
-
|
||||||||||||||
|
Purchases
|
-
|
||||||||||||||
|
Sales
|
-
|
||||||||||||||
|
Transfer into and/or out of Level 3
|
0
|
||||||||||||||
|
Balance as of February 28, 2023
|
$
|
0
|
|||||||||||||
|
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at February 28, 2023:
|
$
|
-
|
|||||||||||||
|
(1) See Schedule of Investments for industry breakout.
|
|||||||||||||||
|
(2) The Level 3 security (Right) is fair valued at $0 due to a lack of trading activity.
|
|||||||||||||||