SP Funds S&P 500 Sharia Industry Exclusions ETF |
SCHEDULE OF INVESTMENTS at August 31, 2023 (Unaudited) |
Shares | Value | |||||||
Common Stocks - 99.7% | ||||||||
Agriculture - 0.2% | ||||||||
Archer-Daniels-Midland Co. | 8,013 | $ | 635,431 | |||||
Apparel - 0.6% | ||||||||
NIKE, Inc. - Class B | 18,160 | 1,847,053 | ||||||
Ralph Lauren Corp. - Class A | 582 | 67,879 | ||||||
Tapestry, Inc. | 3,388 | 112,888 | ||||||
2,027,820 | ||||||||
Auto Manufacturers - 3.7% | ||||||||
Cummins, Inc. | 2,074 | 477,103 | ||||||
Tesla, Inc. (1) | 44,228 | 11,414,362 | ||||||
11,891,465 | ||||||||
Auto Parts & Equipment - 0.1% | ||||||||
Aptiv PLC (1) | 3,983 | 404,075 | ||||||
Beverages - 2.5% | ||||||||
The Coca-Cola Co. | 57,395 | 3,433,943 | ||||||
Keurig Dr Pepper, Inc. | 12,394 | 417,058 | ||||||
Monster Beverage Corp. (1) | 11,241 | 645,346 | ||||||
PepsiCo, Inc. | 20,286 | 3,609,285 | ||||||
8,105,632 | ||||||||
Biotechnology - 1.5% | ||||||||
Biogen, Inc. (1) | 2,116 | 565,734 | ||||||
Bio-Rad Laboratories, Inc. - Class A (1) | 280 | 112,056 | ||||||
Corteva, Inc. | 10,454 | 528,032 | ||||||
Illumina, Inc. (1) | 2,290 | 378,354 | ||||||
Incyte Corp. (1) | 2,689 | 173,521 | ||||||
Moderna, Inc. (1) | 4,821 | 545,110 | ||||||
Regeneron Pharmaceuticals, Inc. (1) | 1,589 | 1,313,293 | ||||||
Vertex Pharmaceuticals, Inc. (1) | 3,769 | 1,312,893 | ||||||
4,928,993 | ||||||||
Building Materials - 0.9% | ||||||||
Carrier Global Corp. | 12,297 | 706,463 | ||||||
Johnson Controls International PLC | 10,085 | 595,620 | ||||||
Martin Marietta Materials, Inc. | 900 | 401,769 | ||||||
Masco Corp. | 3,300 | 194,733 | ||||||
Trane Technologies PLC | 3,339 | 685,363 | ||||||
Vulcan Materials Co. | 1,963 | 428,425 | ||||||
3,012,373 | ||||||||
Chemicals - 2.0% |
Air Products and Chemicals, Inc. | 3,261 | 963,593 | ||||||
Albemarle Corp. | 1,713 | 340,390 | ||||||
Ecolab, Inc. | 3,640 | 669,069 | ||||||
FMC Corp. | 1,814 | 156,421 | ||||||
Linde PLC | 7,204 | 2,788,236 | ||||||
PPG Industries, Inc. | 3,435 | 486,946 | ||||||
The Sherwin-Williams Co. | 3,425 | 930,641 | ||||||
6,335,296 | ||||||||
Commercial Services - 0.6% | ||||||||
Cintas Corp. | 1,264 | 637,271 | ||||||
CoStar Group, Inc. (1) | 6,010 | 492,760 | ||||||
Gartner, Inc. (1) | 1,123 | 392,691 | ||||||
Robert Half, Inc. | 1,587 | 117,374 | ||||||
Rollins, Inc. | 3,385 | 133,944 | ||||||
1,774,040 | ||||||||
Computers - 13.1% | ||||||||
Apple, Inc. | 214,840 | 40,361,991 | ||||||
Cognizant Technology Solutions Corp. | 7,482 | 535,786 | ||||||
EPAM Systems, Inc. (1) | 846 | 219,106 | ||||||
Fortinet, Inc. (1) | 9,591 | 577,474 | ||||||
NetApp, Inc. | 3,153 | 241,835 | ||||||
41,936,192 | ||||||||
Cosmetics & Personal Care - 2.1% | ||||||||
Colgate-Palmolive Co. | 12,228 | 898,391 | ||||||
The Estee Lauder Cos, Inc. - Class A | 3,389 | 544,036 | ||||||
The Procter & Gamble Co. | 34,739 | 5,361,618 | ||||||
6,804,045 | ||||||||
Distribution & Wholesale - 0.6% | ||||||||
Copart, Inc. (1) | 12,642 | 566,741 | ||||||
Fastenal Co. | 8,402 | 483,787 | ||||||
LKQ Corp. | 3,721 | 195,464 | ||||||
Pool Corp. | 555 | 202,908 | ||||||
W.W. Grainger, Inc. | 629 | 449,194 | ||||||
1,898,094 | ||||||||
Electrical Components & Equipment - 0.3% | ||||||||
Emerson Electric Co. | 8,408 | 826,086 | ||||||
Generac Holdings, Inc. (1) | 902 | 107,167 | ||||||
933,253 | ||||||||
Electronics - 0.8% | ||||||||
Agilent Technologies, Inc. | 4,357 | 527,502 | ||||||
Allegion plc | 1,284 | 146,132 | ||||||
Fortive Corp. | 5,202 | 410,178 | ||||||
Garmin Ltd. | 2,224 | 235,789 | ||||||
Mettler-Toledo International, Inc. (1) | 288 | 349,482 | ||||||
TE Connectivity Ltd. | 4,611 | 610,450 | ||||||
Trimble, Inc. (1) | 3,641 | 199,490 | ||||||
2,479,023 |
Energy - Alternate Sources - 0.2% | ||||||||
Enphase Energy, Inc. (1) | 2,015 | 254,958 | ||||||
First Solar, Inc. (1) | 1,433 | 271,009 | ||||||
525,967 | ||||||||
Environmental Control - 0.3% | ||||||||
Pentair PLC | 2,424 | 170,310 | ||||||
Waste Management, Inc. | 5,420 | 849,748 | ||||||
1,020,058 | ||||||||
Food - 1.0% | ||||||||
General Mills, Inc. | 8,720 | 589,995 | ||||||
The Hershey Co. | 2,149 | 461,734 | ||||||
Kellogg Co. | 3,763 | 229,618 | ||||||
Lamb Weston Holdings, Inc. | 2,128 | 207,288 | ||||||
McCormick & Co., Inc. | 3,696 | 303,368 | ||||||
Mondelez International, Inc. | 20,079 | 1,430,830 | ||||||
3,222,833 | ||||||||
Healthcare - Products - 5.8% | ||||||||
Abbott Laboratories | 25,633 | 2,637,636 | ||||||
Align Technology, Inc. (1) | 1,020 | 377,543 | ||||||
Bio-Techne Corp. | 2,282 | 178,909 | ||||||
Boston Scientific Corp. (1) | 21,204 | 1,143,744 | ||||||
The Cooper Cos, Inc. | 692 | 256,033 | ||||||
Danaher Corp. | 9,753 | 2,584,545 | ||||||
DENTSPLY SIRONA, Inc. | 3,091 | 114,645 | ||||||
Edwards Lifesciences Corp. (1) | 8,907 | 681,118 | ||||||
Hologic, Inc. (1) | 3,619 | 270,484 | ||||||
IDEXX Laboratories, Inc. (1) | 1,219 | 623,409 | ||||||
Intuitive Surgical, Inc. (1) | 5,161 | 1,613,741 | ||||||
Medtronic PLC | 19,623 | 1,599,274 | ||||||
ResMed, Inc. | 2,144 | 342,161 | ||||||
STERIS PLC | 1,432 | 328,773 | ||||||
Stryker Corp. | 4,952 | 1,404,139 | ||||||
Teleflex, Inc. | 659 | 140,196 | ||||||
Thermo Fisher Scientific, Inc. | 5,667 | 3,157,086 | ||||||
Waters Corp. (1) | 861 | 241,769 | ||||||
West Pharmaceutical Services, Inc. | 1,060 | 431,314 | ||||||
Zimmer Biomet Holdings, Inc. | 3,039 | 362,006 | ||||||
18,488,525 | ||||||||
Healthcare Services - 0.2% | ||||||||
Catalent, Inc. (1) | 2,622 | 131,021 | ||||||
Charles River Laboratories International, Inc. (1) | 714 | 147,670 | ||||||
Laboratory Corp of America Holdings | 1,292 | 268,865 | ||||||
Quest Diagnostics, Inc. | 1,643 | 216,055 | ||||||
763,611 | ||||||||
Home Builders - 0.3% | ||||||||
DR Horton, Inc. | 4,549 | 541,422 | ||||||
PulteGroup, Inc. | 3,275 | 268,746 |
810,168 | ||||||||
Household Products & Wares - 0.5% | ||||||||
Avery Dennison Corp. | 1,189 | 223,984 | ||||||
Church & Dwight Co., Inc. | 3,595 | 347,888 | ||||||
The Clorox Co. | 1,795 | 280,828 | ||||||
Kimberly-Clark Corp. | 4,946 | 637,193 | ||||||
1,489,893 | ||||||||
Internet - 10.9% | ||||||||
Alphabet, Inc. - Class A (1) | 87,616 | 11,930,670 | ||||||
Alphabet, Inc. - Class C (1) | 75,374 | 10,352,619 | ||||||
Booking Holdings, Inc. (1) | 528 | 1,639,456 | ||||||
CDW Corp. | 1,985 | 419,133 | ||||||
eBay, Inc. | 7,883 | 353,001 | ||||||
F5, Inc. (1) | 880 | 144,021 | ||||||
Meta Platforms, Inc. - Class A (1) | 32,623 | 9,652,819 | ||||||
VeriSign, Inc. (1) | 1,318 | 273,867 | ||||||
34,765,586 | ||||||||
Iron & Steel - 0.3% | ||||||||
Nucor Corp. | 3,686 | 634,361 | ||||||
Steel Dynamics, Inc. | 2,367 | 252,298 | ||||||
886,659 | ||||||||
Machinery - Diversified - 0.9% | ||||||||
Dover Corp. | 2,051 | 304,163 | ||||||
IDEX Corp. | 1,078 | 244,059 | ||||||
Ingersoll Rand, Inc. | 5,958 | 414,736 | ||||||
Nordson Corp. | 793 | 193,603 | ||||||
Otis Worldwide Corp. | 6,072 | 519,460 | ||||||
Rockwell Automation, Inc. | 1,680 | 524,295 | ||||||
Westinghouse Air Brake Technologies Corp. | 2,620 | 294,802 | ||||||
Xylem, Inc. | 3,529 | 365,393 | ||||||
2,860,511 | ||||||||
Media - 0.0% (2) | ||||||||
News Corp. - Class B | 1,714 | 37,708 | ||||||
Mining - 0.1% | ||||||||
Newmont Corp. | 11,684 | 460,583 | ||||||
Miscellaneous Manufacturers - 1.0% | ||||||||
3M Co. | 8,105 | 864,560 | ||||||
A.O. Smith Corp. - Class A | 1,807 | 131,007 | ||||||
Eaton Corp PLC | 5,880 | 1,354,576 | ||||||
Illinois Tool Works, Inc. | 4,062 | 1,004,736 | ||||||
3,354,879 | ||||||||
Office & Business Equipment - 0.1% | ||||||||
Zebra Technologies Corp. (1) | 718 | 197,457 | ||||||
Oil & Gas - 4.7% |
Chevron Corp. | 25,682 | 4,137,370 | ||||||
ConocoPhillips | 17,827 | 2,121,948 | ||||||
Coterra Energy, Inc. | 11,152 | 314,375 | ||||||
EOG Resources, Inc. | 8,627 | 1,109,605 | ||||||
Exxon Mobil Corp. | 59,635 | 6,630,815 | ||||||
Pioneer Natural Resources Co. | 3,413 | 812,055 | ||||||
15,126,168 | ||||||||
Oil & Gas Services - 0.2% | ||||||||
Baker Hughes Co. | 14,930 | 540,317 | ||||||
Packaging & Containers - 0.1% | ||||||||
Packaging Corp of America | 1,310 | 195,321 | ||||||
Pharmaceuticals - 6.7% | ||||||||
Becton Dickinson & Co. | 4,159 | 1,162,232 | ||||||
Dexcom, Inc. (1) | 5,693 | 574,879 | ||||||
Eli Lilly & Co. | 11,594 | 6,425,395 | ||||||
Henry Schein, Inc. (1) | 1,892 | 144,814 | ||||||
Johnson & Johnson | 38,301 | 6,192,506 | ||||||
Merck & Co., Inc. | 37,410 | 4,076,942 | ||||||
Pfizer, Inc. | 83,259 | 2,945,703 | ||||||
21,522,471 | ||||||||
Real Estate Investment Trusts (REITs) - 1.7% | ||||||||
AvalonBay Communities, Inc. | 2,080 | 382,346 | ||||||
Camden Property Trust | 1,574 | 169,394 | ||||||
Crown Castle, Inc. | 6,383 | 641,491 | ||||||
Equinix, Inc. | 1,357 | 1,060,333 | ||||||
Equity Residential | 4,994 | 323,761 | ||||||
Mid-America Apartment Communities, Inc. | 1,702 | 247,181 | ||||||
Prologis, Inc. | 13,590 | 1,687,878 | ||||||
Public Storage | 2,292 | 633,463 | ||||||
Weyerhaeuser Co. | 10,778 | 352,980 | ||||||
5,498,827 | ||||||||
Retail - 4.3% | ||||||||
Advance Auto Parts, Inc. | 866 | 59,598 | ||||||
AutoZone, Inc. (1) | 241 | 610,051 | ||||||
Dollar Tree, Inc. (1) | 3,031 | 370,873 | ||||||
Genuine Parts Co. | 2,060 | 316,684 | ||||||
The Home Depot, Inc. | 14,934 | 4,932,700 | ||||||
Lowe's Cos, Inc. | 8,778 | 2,023,153 | ||||||
O'Reilly Automotive, Inc. (1) | 885 | 831,634 | ||||||
Ross Stores, Inc. | 5,008 | 610,024 | ||||||
Starbucks Corp. | 16,905 | 1,647,223 | ||||||
The TJX Cos, Inc. | 16,972 | 1,569,571 | ||||||
Tractor Supply Co. | 1,611 | 352,004 | ||||||
Ulta Beauty, Inc. (1) | 700 | 290,521 | ||||||
13,614,036 |
Semiconductors - 12.4% | ||||||||
Advanced Micro Devices, Inc. (1) | 23,729 | 2,508,630 | ||||||
Analog Devices, Inc. | 7,461 | 1,356,261 | ||||||
Applied Materials, Inc. | 12,432 | 1,899,112 | ||||||
Broadcom, Inc. | 6,120 | 5,648,087 | ||||||
KLA Corp. | 2,017 | 1,012,272 | ||||||
Lam Research Corp. | 1,979 | 1,390,050 | ||||||
Microchip Technology, Inc. | 8,054 | 659,139 | ||||||
Micron Technology, Inc. | 16,163 | 1,130,440 | ||||||
Monolithic Power Systems, Inc. | 634 | 330,447 | ||||||
NVIDIA Corp. | 36,480 | 18,004,704 | ||||||
NXP Semiconductors NV | 3,798 | 781,325 | ||||||
ON Semiconductor Corp. (1) | 6,360 | 626,206 | ||||||
QUALCOMM, Inc. | 16,393 | 1,877,490 | ||||||
Teradyne, Inc. | 2,250 | 242,707 | ||||||
Texas Instruments, Inc. | 13,383 | 2,249,147 | ||||||
39,716,017 | ||||||||
Software - 15.3% | ||||||||
Adobe, Inc. (1) | 6,755 | 3,778,342 | ||||||
Akamai Technologies, Inc. (1) | 2,213 | 232,564 | ||||||
ANSYS, Inc. (1) | 1,267 | 404,008 | ||||||
Autodesk, Inc. (1) | 3,157 | 700,665 | ||||||
Cadence Design Systems, Inc. (1) | 4,011 | 964,405 | ||||||
Ceridian HCM Holding, Inc. (1) | 2,250 | 163,170 | ||||||
Microsoft Corp. | 107,848 | 35,348,261 | ||||||
Paycom Software, Inc. | 681 | 200,786 | ||||||
PTC, Inc. (1) | 1,571 | 231,204 | ||||||
Roper Technologies, Inc. | 1,574 | 785,520 | ||||||
Salesforce, Inc. (1) | 14,405 | 3,190,131 | ||||||
ServiceNow, Inc. (1) | 2,976 | 1,752,358 | ||||||
Synopsys, Inc. (1) | 2,215 | 1,016,441 | ||||||
Tyler Technologies, Inc. (1) | 593 | 236,269 | ||||||
49,004,124 | ||||||||
Telecommunications - 1.7% | ||||||||
Arista Networks, Inc. (1) | 3,666 | 715,713 | ||||||
Cisco Systems, Inc. | 60,415 | 3,464,800 | ||||||
Corning, Inc. | 11,252 | 369,291 | ||||||
Juniper Networks, Inc. | 4,740 | 138,029 | ||||||
Motorola Solutions, Inc. | 2,460 | 697,582 | ||||||
5,385,415 | ||||||||
Transportation - 2.0% | ||||||||
CH Robinson Worldwide, Inc. | 1,701 | 153,821 | ||||||
CSX Corp. | 29,969 | 905,064 | ||||||
Expeditors International of Washington, Inc. | 2,221 | 259,213 | ||||||
JB Hunt Transport Services, Inc. | 1,218 | 228,838 | ||||||
Norfolk Southern Corp. | 3,333 | 683,298 | ||||||
Old Dominion Freight Line, Inc. | 1,310 | 559,855 |
Union Pacific Corp. | 8,953 | 1,974,763 | ||||||
United Parcel Service, Inc. - Class B | 10,680 | 1,809,192 | ||||||
6,574,044 | ||||||||
Total Common Stocks | ||||||||
(Cost $271,168,245) | 319,226,910 | |||||||
Rights - 0.0% (2) | ||||||||
Healthcare - 0.0% (2) | ||||||||
ABIOMED, Inc. - CVR (1)(3) | 405 | – | ||||||
Total Rights | ||||||||
(Cost $0) | – | |||||||
Total Investments in Securities - 99.7% | ||||||||
(Cost $271,168,245) | 319,226,910 | |||||||
Other Assets in Excess of Liabilities - 0.3% | 1,057,862 | |||||||
Total Net Assets - 100.0% | $ | 320,284,772 |
CVR | Contingent Value Rights |
(1) | Non-income producing security. |
(2) | Does not round to 0.1% or (0.1)%, as applicable. |
(3) | The security is fair valued by the Valuation Designee. |
Summary of Fair Value Exposure at August 31, 2023 (Unaudited) |
The SP Funds S&P 500 Sharia Industry Exclusions 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) | $ | 319,226,910 | $ | — | $ | — | $ | 319,226,910 | ||||||||
Rights | — | — | 0 | 0 | ||||||||||||
Total Investments in Securities | $ | 319,226,910 | $ | — | $ | 0 | $ | 319,226,910 |
Rights | ||||
Balance as of November 30, 2022 | $ | — | ||
Accrued discounts/premiums | — | |||
Realized gain (loss) | — | |||
Change in unrealized appreciation/depreciation | — | |||
Purchases | — | |||
Sales | — | |||
Corporate Actions | 0 | |||
Transfer into and/or out of Level 3 | — | |||
Balance as of August 31, 2023 | $ | 0 | ||
Change in unrealized appreciation/depreciation during the period for Level 3 investments held at August 31, 2023: | $ | — |
(1) | See Schedule of Investments for the industry breakout. |