| 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. | | | | | |
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:
