SP FUNDS S&P GLOBAL REIT SHARIA ETF | ||||||||
Schedule of Investments at February 28, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
Common Stocks - 99.7% | ||||||||
Homes - 4.1% | ||||||||
Equity LifeStyle Properties, Inc. | 30,195 | $ | 2,068,659 | |||||
Private Equity - 0.1% | ||||||||
Ziraat Gayrimenkul Yatirim Ortakligi AS | 95,178 | 25,359 | ||||||
Real Estate Management Service - 0.2% | ||||||||
HMC Capital Ltd. | 35,869 | 105,461 | ||||||
REITS - Apartments - 18.6% | ||||||||
AvalonBay Communities, Inc. | 14,235 | 2,455,822 | ||||||
Camden Property Trust | 18,388 | 2,110,207 | ||||||
Equity Residential | 38,771 | 2,423,963 | ||||||
Mid-America Apartment Communities, Inc. | 14,900 | 2,385,490 | ||||||
9,375,482 | ||||||||
REITS - Diversified - 34.1% | ||||||||
Arena REIT | 63,976 | 166,529 | ||||||
Axis Real Estate Investment Trust | 216,111 | 92,464 | ||||||
Charter Hall Group | 86,782 | 778,920 | ||||||
Citicore Energy REIT Corp. | 225,034 | 9,758 | ||||||
Crown Castle, Inc. | 44,427 | 5,808,830 | ||||||
Equinix, Inc. | 8,716 | 5,998,961 | ||||||
IGIS Value Plus REIT Co. Ltd. | 5,660 | 20,766 | ||||||
IMPACT Growth Real Estate Investment Trust | 79,595 | 30,855 | ||||||
Ingenia Communities Group | 67,300 | 179,720 | ||||||
Kizilbuk Gayrimenkul Yatirim Ortakligi AS (1) | 5,809 | 6,954 | ||||||
MREIT, Inc. | 105,743 | 28,542 | ||||||
PotlatchDeltic Corp. | 14,727 | 679,798 | ||||||
Rayonier, Inc. | 26,710 | 896,922 | ||||||
RL Commercial REIT, Inc. | 649,578 | 66,894 | ||||||
Weyerhaeuser Co. | 76,435 | 2,388,594 | ||||||
17,154,507 | ||||||||
REITS - Health Care - 0.9% | ||||||||
Community Healthcare Trust, Inc. | 4,287 | 166,079 | ||||||
HealthCo REIT | 34,341 | 37,863 | ||||||
Parkway Life Real Estate Investment Trust | 70,687 | 225,795 | ||||||
429,737 | ||||||||
REITS - Office Property - 0.6% | ||||||||
Elme Communities | 15,967 | 297,146 | ||||||
Filinvest REIT Corp. | 151,486 | 14,040 | ||||||
311,186 | ||||||||
REITS - Regional Malls - 0.2% | ||||||||
IGB Real Estate Investment Trust | 259,222 | 101,667 | ||||||
REITS - Storage - 12.5% | ||||||||
Public Storage | 21,097 | 6,306,948 | ||||||
REITS - Warehouse & Industry - 28.4% | ||||||||
BWP Trust | 88,395 | 231,284 | ||||||
EastGroup Properties, Inc. | 7,942 | 1,296,690 | ||||||
First Industrial Realty Trust, Inc. | 24,100 | 1,271,275 | ||||||
Frasers Property Thailand Industrial Freehold & Leasehold REIT | 183,550 | 57,650 | ||||||
Indus Realty Trust, Inc. | 883 | 58,746 | ||||||
Innovative Industrial Properties, Inc. | 5,097 | 450,626 | ||||||
Prologis, Inc. | 49,091 | 6,057,829 | ||||||
Rexford Industrial Realty, Inc. | 32,918 | 1,990,222 | ||||||
Segro PLC | 208,528 | 2,078,716 | ||||||
Terreno Realty Corp. | 12,944 | 805,246 | ||||||
14,298,284 | ||||||||
Total Common Stocks | ||||||||
(Cost $54,847,201) | 50,177,290 | |||||||
Total Investments in Securities - 99.7% | ||||||||
(Cost $54,847,201) | 50,177,290 | |||||||
Other Assets in Excess of Liabilities - 0.3% | 136,087 | |||||||
Total Net Assets - 100.0% | $ | 50,313,377 |
REIT | Real Estate Investment Trust | ||||
(1) | Non-income producing security. |
Summary of Fair Value Exposure at February 28, 2023 (Unaudited) | ||||
The SP Funds S&P Global REIT Sharia 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) | $ | 50,177,290 | $ | – | $ | – | $ | 50,177,290 | |||||||
Total Investments in Securities | $ | 50,177,290 | $ | – | $ | – | $ | 50,177,290 | |||||||
(1) See Schedule of Investments for industry breakout. |