| SP Funds S&P Global REIT Sharia ETF |
| Schedule of Investments |
| as of February 29, 2024 (Unaudited) |
| COMMON STOCKS - 2.6% | Shares | Value | ||||||
| Diversified – 1.8% | ||||||||
| Arena REIT | 127,594 | $ | 284,975 | |||||
| Charter Hall Group | 170,542 | 1,390,331 | ||||||
| Kizilbuk Gayrimenkul Yatirim Ortakligi AS(a) | 37,831 | 29,325 | ||||||
| 1,704,631 | ||||||||
| Private Equity - 0.1% | ||||||||
| Servet Gayrimenkul Yatirim Ortakligi AS(a) | 3,743 | 36,927 | ||||||
| Ziraat Gayrimenkul Yatirim Ortakligi AS | 321,436 | 71,556 | ||||||
| 108,483 | ||||||||
| Real Estate Management & Services - 0.5% | ||||||||
| HMC Capital Ltd. | 87,975 | 401,568 | ||||||
| Shopping Centers - 0.2% | ||||||||
| Lotus's Retail Growth Freehold And Leasehold Property Fund | 564,449 | 206,170 | ||||||
| TOTAL COMMON STOCKS (Cost $2,280,779) | 2,420,852 | |||||||
| REAL ESTATE INVESTMENT TRUSTS – 97.4% | ||||||||
| REITS - Apartments - 18.5% | ||||||||
| Asce Gayrimenkul Yatirim Ortakligi AS(a) | 66,504 | 33,337 | ||||||
| AvalonBay Communities, Inc. | 26,442 | 4,681,027 | ||||||
| Camden Property Trust | 38,514 | 3,638,803 | ||||||
| Equity Residential | 77,976 | 4,694,936 | ||||||
| Mid-America Apartment Communities, Inc. | 36,618 | 4,602,150 | ||||||
| 17,650,253 | ||||||||
| REITS - Diversified - 21.1% | ||||||||
| Axis Real Estate Investment Trust | 551,060 | 205,537 | ||||||
| Citicore Energy REIT Corp. | 855,474 | 41,393 | ||||||
| Equinix, Inc. | 13,291 | 11,813,308 | ||||||
| IMPACT Growth Real Estate Investment Trust | 235,117 | 77,356 | ||||||
| MREIT, Inc. | 326,943 | 76,189 | ||||||
| PotlatchDeltic Corp. | 28,630 | 1,294,362 | ||||||
| Rayonier, Inc. | 49,217 | 1,694,541 | ||||||
| RL Commercial REIT, Inc. | 1,254,390 | 117,149 | ||||||
| Weyerhaeuser Co. | 139,630 | 4,800,479 | ||||||
| 20,120,314 | ||||||||
| REITS - Health Care - 1.4% | ||||||||
| CareTrust REIT, Inc. | 42,965 | 969,290 | ||||||
| Parkway Life Real Estate Investment Trust | 139,563 | 365,359 | ||||||
| 1,334,649 | ||||||||
| REITS - Manufactured Homes - 4.8% | ||||||||
| Equity LifeStyle Properties, Inc. | 67,242 | 4,526,731 | ||||||
| REITS - Regional Malls - 0.2% | ||||||||
| IGB Real Estate Investment Trust | 578,856 | 211,025 | ||||||
| REITS - Storage - 15.6% | ||||||||
| CubeSmart | 81,119 | 3,537,600 | ||||||
| Public Storage | 39,942 | 11,338,335 | ||||||
| 14,875,935 | ||||||||
| REITS - Warehouse & Industry - 35.8%(b) | ||||||||
| BWP Trust | 173,711 | 394,762 | ||||||
| EastGroup Properties, Inc. | 16,712 | 2,936,131 | ||||||
| First Industrial Realty Trust, Inc. | 47,717 | 2,529,001 | ||||||
| Goodman Group | 506,286 | 9,857,106 | ||||||
| Innovative Industrial Properties, Inc. | 10,111 | 990,777 | ||||||
| Prologis, Inc. | 87,036 | 11,599,288 | ||||||
| Rexford Industrial Realty, Inc. | 76,155 | 3,874,766 | ||||||
| Terreno Realty Corp. | 30,270 | 1,946,361 | ||||||
| 34,128,192 | ||||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $89,754,179) | 92,847,099 | |||||||
| TOTAL INVESTMENTS - 100.0% (Cost $92,034,958) | $ | 95,267,951 | ||||||
| Other Assets in Excess of Liabilities - 0.0%(c) | 42,719 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 95,310,670 |
Percentages are stated as a percent of net assets.
| (a) | Non-income producing security. |
| (b) | 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. |
| (c) | Represents less than 0.05% of net assets. |
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 S&P Global REIT Sharia ETF
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Common Stocks | $ | 2,420,852 | $ | — | $ | — | $ | 2,420,852 | ||||||||
| Real Estate Investment Trusts | 92,847,099 | — | — | 92,847,099 | ||||||||||||
| Total Assets | $ | 95,267,951 | $ | — | $ | — | $ | 95,267,951 | ||||||||
Refer to the Schedule of Investments for industry classifications.