SP Funds Dow Jones Global Sukuk ETF | ||||||||
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Corporate Sukuk - 42.4% | ||||||||
Airlines - 0.6% | ||||||||
Unity 1 Sukuk Ltd. | ||||||||
2.394% , 11/03/2025 | 900,000 | $ | 841,685 | |||||
Banks - 16.3% | ||||||||
AUB Sukuk Ltd. | ||||||||
2.615% , 09/09/2026 | 1,000,000 | 909,450 | ||||||
Boubyan Sukuk Ltd. | ||||||||
2.593% , 02/18/2025 | 1,000,000 | 957,872 | ||||||
3.389% , 03/29/2027 | 800,000 | 761,435 | ||||||
DIB Sukuk Ltd. | ||||||||
2.950% , 02/20/2025 | 1,000,000 | 957,400 | ||||||
2.950% , 01/16/2026 | 1,800,000 | 1,699,981 | ||||||
1.959% , 06/22/2026 | 1,400,000 | 1,280,323 | ||||||
2.740% , 02/16/2027 | 1,000,000 | 919,421 | ||||||
5.493% , 11/30/2027 | 1,000,000 | 1,011,569 | ||||||
4.800% , 08/16/2028 | 1,400,000 | 1,384,494 | ||||||
EI Sukuk Co. Ltd. | ||||||||
1.827% , 09/23/2025 | 800,000 | 744,000 | ||||||
2.082% , 11/02/2026 | 800,000 | 729,960 | ||||||
Fab Sukuk Co. Ltd. | ||||||||
2.500% , 01/21/2025 | 800,000 | 766,240 | ||||||
1.411% , 01/14/2026 | 1,000,000 | 915,478 | ||||||
2.591% , 03/02/2027 | 800,000 | 741,400 | ||||||
4.581% , 01/17/2028 | 800,000 | 787,592 | ||||||
MAR Sukuk Ltd. | ||||||||
3.025% , 11/13/2024 | 800,000 | 774,604 | ||||||
2.210% , 09/02/2025 | 1,000,000 | 940,000 | ||||||
QIB Sukuk Ltd. | ||||||||
6.981% (3 Month LIBOR USD + 1.350%), 02/07/2025 (1) | 1,000,000 | 1,011,782 | ||||||
1.950% , 10/27/2025 | 1,200,000 | 1,115,129 | ||||||
SIB Sukuk Co III Ltd. | ||||||||
2.850% , 06/23/2025 | 800,000 | 765,605 | ||||||
SNB Sukuk Ltd. | ||||||||
2.342% , 01/19/2027 | 1,000,000 | 910,086 | ||||||
Warba Sukuk Ltd. | ||||||||
2.982% , 09/24/2024 | 800,000 | 775,495 | ||||||
20,859,316 | ||||||||
Commercial Services - 2.7% | ||||||||
DP World Crescent Ltd. | ||||||||
4.848% , 09/26/2028 | 1,400,000 | 1,379,819 | ||||||
3.875% , 07/18/2029 | 1,400,000 | 1,304,727 | ||||||
3.750% , 01/30/2030 | 800,000 | 739,990 | ||||||
3,424,536 | ||||||||
Diversified Financial Services - 1.4% | ||||||||
AIR Lease Corp Sukuk Ltd. | ||||||||
5.850% , 04/01/2028 | 800,000 | 810,088 | ||||||
DAE Sukuk Difc Ltd. | ||||||||
3.750% , 02/15/2026 | 1,000,000 | 943,070 | ||||||
1,753,158 | ||||||||
Electric - 6.9% | ||||||||
Saudi Electricity Global Sukuk Co 2 | ||||||||
5.060% , 04/08/2043 | 1,400,000 | 1,319,561 | ||||||
Saudi Electricity Global Sukuk Co 3 | ||||||||
5.500% , 04/08/2044 | 1,400,000 | 1,363,229 | ||||||
Saudi Electricity Global Sukuk Co 4 | ||||||||
4.723% , 09/27/2028 | 1,600,000 | 1,591,702 | ||||||
Saudi Electricity Global Sukuk Co 5 | ||||||||
1.740% , 09/17/2025 | 1,000,000 | 930,477 | ||||||
2.413% , 09/17/2030 | 1,000,000 | 858,250 | ||||||
Tabreed Sukuk Spc Ltd. | ||||||||
5.500% , 10/31/2025 | 800,000 | 797,010 | ||||||
TNB Global Ventures Capital Bhd. | ||||||||
3.244% , 10/19/2026 | 1,000,000 | 936,850 | ||||||
4.851% , 11/01/2028 | 1,000,000 | 982,444 | ||||||
8,779,523 | ||||||||
Investment Companies - 0.5% | ||||||||
Senaat Sukuk Ltd. | ||||||||
4.760% , 12/05/2025 | 600,000 | 594,390 | ||||||
Oil & Gas - 4.4% | ||||||||
SA Global Sukuk Ltd. | ||||||||
1.602% , 06/17/2026 | 2,600,000 | 2,361,180 | ||||||
2.694% , 06/17/2031 | 3,800,000 | 3,239,021 | ||||||
5,600,201 | ||||||||
Pipelines - 1.6% | ||||||||
TMS Issuer Sarl | ||||||||
5.780% , 08/23/2032 | 2,000,000 | 2,037,436 | ||||||
Real Estate - 5.8% | ||||||||
Aldar Sukuk Ltd. | ||||||||
4.750% , 09/29/2025 | 800,000 | 788,000 | ||||||
Aldar Sukuk No 2 Ltd. | ||||||||
3.875% , 10/22/2029 | 800,000 | 740,515 | ||||||
DIFC Sukuk Ltd. | ||||||||
4.325% , 11/12/2024 | 1,000,000 | 979,234 | ||||||
Emaar Sukuk Ltd. | ||||||||
3.635% , 09/15/2026 | 1,000,000 | 944,948 | ||||||
3.875% , 09/17/2029 | 800,000 | 747,800 | ||||||
3.700% , 07/06/2031 | 800,000 | 726,328 | ||||||
MAF Sukuk Ltd. | ||||||||
4.500% , 11/03/2025 | 800,000 | 784,924 | ||||||
4.638% , 05/14/2029 | 800,000 | 779,919 | ||||||
3.933% , 02/28/2030 | 1,000,000 | 928,117 | ||||||
7,419,785 | ||||||||
Telecommunications - 2.2% | ||||||||
Axiata SPV2 Bhd. | ||||||||
4.357% , 03/24/2026 | 600,000 | 583,767 | ||||||
2.163% , 08/19/2030 | 800,000 | 663,995 | ||||||
Saudi Telecom Co. | ||||||||
3.890% , 05/13/2029 | 1,600,000 | 1,519,561 | ||||||
2,767,323 | ||||||||
Total Corporate Sukuk | ||||||||
(Cost $56,455,343) | 54,077,353 | |||||||
Foreign Government Sukuk - 55.8% | ||||||||
Multi-National - 12.2% | ||||||||
ICDPS Sukuk Ltd. | ||||||||
1.810% , 10/15/2025 | 600,000 | 552,900 | ||||||
IDB Trust Services Ltd. | ||||||||
1.957% , 10/02/2024 | 1,800,000 | 1,733,537 | ||||||
1.809% , 02/26/2025 | 1,600,000 | 1,517,741 | ||||||
0.908% , 06/25/2025 | 800,000 | 736,669 | ||||||
Isdb Trust Services NO 2 SARL | ||||||||
1.262% , 03/31/2026 | 3,200,000 | 2,914,064 | ||||||
1.435% , 10/21/2026 | 2,227,000 | 1,998,466 | ||||||
3.213% , 04/28/2027 | 2,200,000 | 2,089,021 | ||||||
4.747% , 10/27/2027 | 1,400,000 | 1,401,169 | ||||||
4.598% , 03/14/2028 | 2,600,000 | 2,592,291 | ||||||
15,535,858 | ||||||||
Sovereign - 43.6% | ||||||||
Hong Kong Sukuk 2017 Ltd. | ||||||||
3.132% , 02/28/2027 | 1,400,000 | 1,336,329 | ||||||
KSA Sukuk Ltd. | ||||||||
3.628% , 04/20/2027 | 5,500,000 | 5,253,270 | ||||||
5.268% , 10/25/2028 | 3,200,000 | 3,255,616 | ||||||
4.303% , 01/19/2029 | 2,600,000 | 2,530,047 | ||||||
2.969% , 10/29/2029 | 3,200,000 | 2,875,063 | ||||||
2.250% , 05/17/2031 | 2,600,000 | 2,167,807 | ||||||
Malaysia Sovereign Sukuk Bhd. | ||||||||
3.043% , 04/22/2025 | 1,400,000 | 1,356,502 | ||||||
4.236% , 04/22/2045 | 700,000 | 641,865 | ||||||
Malaysia Sukuk Global Bhd. | ||||||||
3.179% , 04/27/2026 | 1,350,000 | 1,292,015 | ||||||
4.080% , 04/27/2046 | 700,000 | 620,133 | ||||||
Malaysia Wakala Sukuk Bhd. | ||||||||
2.070% , 04/28/2031 | 1,150,000 | 970,927 | ||||||
3.075% , 04/28/2051 | 700,000 | 511,067 | ||||||
Perusahaan Penerbit SBSN Indonesia III | ||||||||
4.350% , 09/10/2024 | 2,000,000 | 1,981,199 | ||||||
4.325% , 05/28/2025 | 2,500,000 | 2,458,673 | ||||||
2.300% , 06/23/2025 | 1,000,000 | 947,344 | ||||||
4.550% , 03/29/2026 | 2,200,000 | 2,170,544 | ||||||
1.500% , 06/09/2026 | 1,600,000 | 1,449,538 | ||||||
4.150% , 03/29/2027 | 2,600,000 | 2,521,125 | ||||||
4.400% , 06/06/2027 | 2,200,000 | 2,154,013 | ||||||
4.400% , 03/01/2028 | 2,200,000 | 2,141,911 | ||||||
4.450% , 02/20/2029 | 1,700,000 | 1,654,819 | ||||||
2.800% , 06/23/2030 | 1,400,000 | 1,213,762 | ||||||
2.550% , 06/09/2031 | 1,400,000 | 1,178,315 | ||||||
4.700% , 06/06/2032 | 2,000,000 | 1,952,992 | ||||||
3.800% , 06/23/2050 | 1,000,000 | 772,376 | ||||||
3.550% , 06/09/2051 | 1,000,000 | 745,822 | ||||||
RAK Capital | ||||||||
3.094% , 03/31/2025 | 1,400,000 | 1,345,849 | ||||||
Sharjah Sukuk Ltd. | ||||||||
3.764% , 09/17/2024 | 1,000,000 | 979,400 | ||||||
Sharjah Sukuk Program Ltd. | ||||||||
3.854% , 04/03/2026 | 1,400,000 | 1,346,773 | ||||||
2.942% , 06/10/2027 | 1,400,000 | 1,279,580 | ||||||
4.226% , 03/14/2028 | 1,600,000 | 1,521,184 | ||||||
3.234% , 10/23/2029 | 1,440,000 | 1,279,079 | ||||||
3.886% , 04/04/2030 | 1,000,000 | 910,285 | ||||||
3.200% , 07/13/2031 | 1,000,000 | 857,405 | ||||||
55,672,629 | ||||||||
Total Foreign Government Sukuk | ||||||||
(Cost $74,646,359) | 71,208,487 | |||||||
Total Investments in Securities - 98.2% | ||||||||
(Cost $131,101,702) | 125,285,840 | |||||||
Other Assets in Excess of Liabilities - 1.8% | 2,252,029 | |||||||
Total Net Assets - 100.0% | $ | 127,537,869 |
LIBOR | London Interbank Offered Rate | ||||||||
USD | United States Dollar | ||||||||
(1) | Variable rate security; rate shown is the rate in effect on August 31, 2023. An index may have a negative rate. Interest rate may also be subject to a ceiling or floor. | ||||||||
Percentage | |||||||||
of Total | |||||||||
Portfolio Diversification | Value | Investments | |||||||
Cayman Islands | $ | 70,788,245 | 56.5 | % | |||||
Indonesia | 23,342,433 | 18.6 | |||||||
Luxembourg | 13,032,447 | 10.4 | |||||||
Malaysia | 8,559,564 | 6.8 | |||||||
Jersey | 3,987,947 | 3.2 | |||||||
United Arab Emirates | 2,719,314 | 2.2 | |||||||
Saudi Arabia | 1,519,561 | 1.2 | |||||||
Hong Kong | 1,336,329 | 1.1 | |||||||
$ | 125,285,840 | 100.0 | % |
Summary of Fair Value Exposure at August 31, 2023 | |||||
The SP Funds Dow Jones Global Sukuk 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 August 31, 2023: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Corporate Sukuk (1) | $ | – | $ | 54,077,353 | $ | – | $ | 54,077,353 | |||||||
Foreign Government Sukuk (2) | – | 71,208,487 | – | 71,208,487 | |||||||||||
Total Investments in Securities | $ | – | $ | 125,285,840 | $ | – | $ | 125,285,840 | |||||||
(1) See Schedule of Investments for the industry breakout. | |||||||||||||||
(2) See Schedule of Investments for the security type breakout. |