SP Funds S&P Global REIT Sharia ETF |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
Shares | Value | |||||||
Common Stocks - 99.7% | ||||||||
Private Equity - 0.1% | ||||||||
Ziraat Gayrimenkul Yatirim Ortakligi AS | 294,279 | $ | 60,384 | |||||
REITS - Apartments - 20.0% | ||||||||
AvalonBay Communities, Inc. | 19,607 | 3,604,158 | ||||||
Camden Property Trust | 32,992 | 3,550,599 | ||||||
Elme Communities | 28,559 | 439,238 | ||||||
Equity Residential | 55,207 | 3,579,070 | ||||||
Mid-America Apartment Communities, Inc. | 24,512 | 3,559,878 | ||||||
14,732,943 | ||||||||
REITS - Diversified - 34.9% | ||||||||
Arena REIT | 114,200 | 274,398 | ||||||
Axis Real Estate Investment Trust | 509,379 | 205,289 | ||||||
Charter Hall Group | 156,805 | 1,100,856 | ||||||
Citicore Energy REIT Corp. | 815,886 | 37,033 | ||||||
Crown Castle, Inc. | 84,835 | 8,525,917 | ||||||
Equinix, Inc. | 11,461 | 8,955,396 | ||||||
IMPACT Growth Real Estate Investment Trust | 215,844 | 82,596 | ||||||
Kizilbuk Gayrimenkul Yatirim Ortakligi AS (1) | 8,411 | 7,087 | ||||||
MREIT, Inc. | 348,481 | 83,212 | ||||||
PotlatchDeltic Corp. | 26,031 | 1,230,225 | ||||||
Rayonier, Inc. | 48,281 | 1,443,602 | ||||||
RL Commercial REIT, Inc. | 1,301,894 | 111,749 | ||||||
Weyerhaeuser Co. | 108,793 | 3,562,971 | ||||||
25,620,331 | ||||||||
REITS - Health Care - 0.7% | ||||||||
HealthCo REIT | 148,898 | 142,722 | ||||||
Parkway Life Real Estate Investment Trust | 128,201 | 364,526 | ||||||
507,248 | ||||||||
REITS - Management & Service - 0.4% | ||||||||
HMC Capital Ltd. | 80,358 | 279,997 | ||||||
REITS - Manufactured Homes - 4.7% | ||||||||
Equity LifeStyle Properties, Inc. | 51,932 | 3,477,367 | ||||||
REITS - Office Property - 0.0% (2) | ||||||||
Filinvest REIT Corp. | 416,330 | 24,706 | ||||||
REITS - Regional Malls - 0.3% | ||||||||
IGB Real Estate Investment Trust | 577,079 | 202,724 |
REITS - Storage - 11.7% | ||||||||
Public Storage | 31,000 | 8,567,780 | ||||||
REITS - Warehouse & Industry - 26.9% | ||||||||
BWP Trust | 159,348 | 381,847 | ||||||
EastGroup Properties, Inc. | 14,466 | 2,598,528 | ||||||
First Industrial Realty Trust, Inc. | 43,076 | 2,237,367 | ||||||
Innovative Industrial Properties, Inc. | 9,264 | 808,562 | ||||||
Prologis, Inc. | 72,406 | 8,992,825 | ||||||
Rexford Industrial Realty, Inc. | 62,100 | 3,320,487 | ||||||
Terreno Realty Corp. | 24,137 | 1,469,702 | ||||||
19,809,318 | ||||||||
Total Common Stocks | ||||||||
(Cost $78,943,735) | 73,282,798 | |||||||
Total Investments in Securities - 99.7% | ||||||||
(Cost $78,943,735) | 73,282,798 | |||||||
Other Assets in Excess of Liabilities - 0.3% | 185,296 | |||||||
Total Net Assets - 100.0% | $ | 73,468,094 |
REIT | Real Estate Investment Trust |
(1) | Non-income producing security. |
(2) | Does not round to 0.1% or (0.1)%, as applicable. |
Summary of Fair Value Exposure at August 31, 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 August 31, 2023: |
Investments in Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks (1) | $ | 73,282,798 | $ | — | $ | — | $ | 73,282,798 | ||||||||
Total Investments in Securities | $ | 73,282,798 | $ | — | $ | — | $ | 73,282,798 |
(1) | See Schedule of Investments for the industry breakout. |