NPORT-EX 2 spsk.htm SPSK PART F - 02.28.25

SP Funds Dow Jones Global Sukuk ETF
  
Schedule of Investments
  
February 28, 2025 (Unaudited)
  
   
FOREIGN GOVERNMENT SUKUK - 47.0%
  
Par
    
Value
  
Multi-National - 8.6%
  
ICDPS Sukuk Ltd., 4.95%, 02/14/2029
  
$
1,100,000
    
$
1,095,758
  
Isdb Trust Services No. 2 SARL
  
1.44%, 10/21/2026
    
3,327,000
      
3,176,909
  
3.21%, 04/28/2027
    
3,600,000
      
3,516,678
  
4.75%, 10/27/2027
    
2,000,000
      
2,022,880
  
4.60%, 03/14/2028
    
3,900,000
      
3,939,373
  
4.91%, 10/03/2028
    
4,250,000
      
4,343,149
  
4.75%, 05/15/2029
    
4,000,000
      
4,070,624
  
4.05%, 10/15/2029
    
2,500,000
      
2,466,874
  
             
24,632,245
  
                 
Sovereign - 38.4%(a)
  
Hong Kong Sukuk 2017 Ltd., 3.13%, 02/28/2027
    
2,200,000
      
2,161,937
  
KSA Sukuk Ltd.
  
3.63%, 04/20/2027
    
9,175,000
      
8,980,926
  
5.25%, 06/04/2027
    
2,525,000
      
2,559,931
  
5.27%, 10/25/2028
    
4,900,000
      
4,995,766
  
4.30%, 01/19/2029
    
3,800,000
      
3,739,865
  
4.27%, 05/22/2029
    
6,000,000
      
5,902,224
  
2.97%, 10/29/2029
    
4,900,000
      
4,519,170
  
5.25%, 06/04/2030
    
2,900,000
      
2,949,321
  
2.25%, 05/17/2031
    
3,900,000
      
3,345,872
  
4.51%, 05/22/2033
    
5,950,000
      
5,775,516
  
5.25%, 06/04/2034
    
4,600,000
      
4,692,048
  
Malaysia Sovereign Sukuk Bhd., 4.24%, 04/22/2045
    
1,150,000
      
1,044,566
  
Malaysia Sukuk Global Bhd.
  
3.18%, 04/27/2026
    
2,100,000
      
2,072,955
  
4.08%, 04/27/2046
    
1,200,000
      
1,061,520
  
Malaysia Wakala Sukuk Bhd.
  
2.07%, 04/28/2031
    
1,650,000
      
1,442,237
  
3.08%, 04/28/2051
    
1,200,000
      
870,294
  
Perusahaan Penerbit SBSN Indonesia III
  
1.50%, 06/09/2026
    
2,525,000
      
2,439,975
  
4.15%, 03/29/2027
    
3,900,000
      
3,878,381
  
4.40%, 06/06/2027
    
3,550,000
      
3,543,982
  
4.40%, 03/01/2028
    
3,400,000
      
3,379,447
  
5.40%, 11/15/2028
    
1,900,000
      
1,943,992
  
4.45%, 02/20/2029
    
2,500,000
      
2,475,998
  
5.10%, 07/02/2029
    
1,500,000
      
1,519,109
  
5.00%, 05/25/2030
    
2,250,000
      
2,261,537
  
2.80%, 06/23/2030
    
1,800,000
      
1,627,086
  
2.55%, 06/09/2031
    
2,000,000
      
1,744,987
  
4.70%, 06/06/2032
    
3,050,000
      
2,988,322
  
5.60%, 11/15/2033
    
2,025,000
      
2,092,446
  
5.20%, 07/02/2034
    
2,000,000
      
2,001,412
  
5.25%, 11/25/2034
    
1,800,000
      
1,802,493
  
3.80%, 06/23/2050
    
1,400,000
      
1,069,149
  
3.55%, 06/09/2051
    
1,400,000
      
1,022,859
  
5.50%, 07/02/2054
    
1,200,000
      
1,184,044
  
5.65%, 11/25/2054
    
1,400,000
      
1,397,148
  
ROP Sukuk Trust, 5.05%, 06/06/2029
    
2,100,000
      
2,119,005
  
Sharjah Sukuk Program Ltd.
  
3.85%, 04/03/2026
    
1,800,000
      
1,776,880
  
2.94%, 06/10/2027
    
1,800,000
      
1,709,280
  
4.23%, 03/14/2028
    
2,400,000
      
2,325,274
  
3.23%, 10/23/2029
    
1,840,000
      
1,674,824
  
3.89%, 04/04/2030
    
1,400,000
      
1,300,151
  
3.20%, 07/13/2031
    
1,400,000
      
1,218,693
  
6.09%, 03/19/2034
    
1,800,000
      
1,851,599
  
5.43%, 04/17/2035
    
2,050,000
      
2,018,147
  
             
110,480,368
  
TOTAL FOREIGN GOVERNMENT SUKUK (Cost $136,681,233)
      
135,112,613
  
                 
CORPORATE SUKUK - 50.9%
                
Banks - 16.1%
  
Adib Sukuk Co. II Ltd., 5.70%, 11/15/2028
    
1,100,000
      
1,129,914
  
Al Rajhi Sukuk Ltd.
  
4.75%, 04/05/2028
    
2,400,000
      
2,392,261
  
5.05%, 03/12/2029
    
2,100,000
      
2,106,659
  
AUB Sukuk Ltd., 2.62%, 09/09/2026
    
1,500,000
      
1,441,234
  
Banque Saudi Fransi, 4.75%, 05/31/2028
    
1,900,000
      
1,895,952
  
BBG Sukuk Ltd., 4.56%, 10/09/2029
    
1,750,000
      
1,737,684
  
Boubyan Sukuk Ltd., 3.39%, 03/29/2027
    
1,000,000
      
973,804
  
BSF Sukuk Co. Ltd.
  
5.00%, 01/25/2029
    
1,400,000
      
1,400,756
  
5.38%, 01/21/2030
    
1,500,000
      
1,519,634
  
DIB Sukuk Ltd.
  
1.96%, 06/22/2026
    
2,000,000
      
1,930,301
  
2.74%, 02/16/2027
    
1,600,000
      
1,536,762
  
5.49%, 11/30/2027
    
1,600,000
      
1,630,268
  
4.80%, 08/16/2028
    
2,200,000
      
2,197,718
  
5.24%, 03/04/2029
    
2,100,000
      
2,120,669
  
EI Sukuk Co. Ltd.
  
2.08%, 11/02/2026
    
1,000,000
      
955,781
  
5.43%, 05/28/2029
    
1,500,000
      
1,526,310
  
Fab Sukuk Co. Ltd.
  
2.59%, 03/02/2027
    
1,000,000
      
965,393
  
4.58%, 01/17/2028
    
1,000,000
      
1,001,834
  
4.78%, 01/23/2029
    
1,800,000
      
1,806,244
  
5.15%, 01/16/2030
    
1,200,000
      
1,217,706
  
KFH Sukuk Co.
  
5.01%, 01/17/2029
    
2,100,000
      
2,101,612
  
5.38%, 01/14/2030
    
2,000,000
      
2,026,080
  
QIB Sukuk Ltd.
  
5.58%, 11/22/2028
    
1,700,000
      
1,744,228
  
4.49%, 09/17/2029
    
1,600,000
      
1,578,126
  
QIIB Senior Oryx Ltd., 5.25%, 01/24/2029
    
1,600,000
      
1,624,190
  
SIB Sukuk Co. III Ltd., 5.25%, 07/03/2029
    
1,050,000
      
1,064,066
  
SNB Sukuk Ltd.
  
2.34%, 01/19/2027
    
1,600,000
      
1,533,352
  
5.13%, 02/27/2029
    
1,900,000
      
1,910,604
  
Warba Sukuk Ltd., 5.35%, 07/10/2029
    
1,050,000
      
1,059,824
  
             
46,128,966
  
                 
Chemicals – 1.5%
  
Equate Sukuk SPC Ltd., 5.00%, 09/05/2031 1,650,000 1,636,024
  
Ma'aden Sukuk Ltd.
  
5.25%, 02/13/2030
    
1,500,000
      
1,504,297
  
5.50%, 02/13/2035
    
1,000,000
      
1,006,344
  
             
4,146,665
  
Diversified Financial Services - 0.5%
                
AIR Lease Corp. Sukuk Ltd., 5.85%, 04/01/2028 1,450,000 1,476,307
  
   
Commercial Services - 2.8%
  
D.P. World Crescent Ltd.
  
4.85%, 09/26/2028
    
2,000,000
      
1,988,942
  
3.88%, 07/18/2029
    
2,000,000
      
1,911,465
  
3.75%, 01/30/2030
    
1,000,000
      
944,609
  
DP World Crescent Ltd., 5.50%, 09/13/2033
    
3,200,000
      
3,238,246
  
             
8,083,262
  
                 
   
Electric - 9.3%
  
Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/2043
    
2,000,000
      
1,897,500
  
Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/2044
    
2,000,000
      
2,003,768
  
Saudi Electricity Global Sukuk Co. 4, 4.72%, 09/27/2028
    
2,600,000
      
2,602,639
  
Saudi Electricity Global Sukuk Co. 5, 2.41%, 09/17/2030
    
1,400,000
      
1,228,408
  
Saudi Electricity Sukuk Programme Co.
  
4.94%, 02/13/2029
    
1,600,000
      
1,606,322
  
5.23%, 02/18/2030
    
3,100,000
      
3,120,889
  
4.63%, 04/11/2033
    
2,500,000
      
2,454,168
  
5.19%, 02/13/2034
    
2,900,000
      
2,900,756
  
5.49%, 02/18/2035
    
2,600,000
      
2,635,136
  
5.68%, 04/11/2053
    
3,100,000
      
3,064,735
  
TNB Global Ventures Capital Bhd.
  
3.24%, 10/19/2026
    
1,600,000
      
1,567,840
  
4.85%, 11/01/2028
    
1,600,000
      
1,607,219
  
             
26,689,380
  
                 
Food - 0.6%
  
Almarai Co. JSC, 5.23%, 07/25/2033
    
1,700,000
      
1,705,015
  
                 
Investment Companies – 7.4%
  
Dua Capital Ltd.
  
1.66%, 05/11/2026
    
800,000
      
772,384
  
2.78%, 05/11/2031
    
1,200,000
      
1,066,332
  
Khazanah Global Sukuk Bhd.
                
  4.69%, 06/01/2028
    
1,500,000
      
1,497,993
  
  4.48%, 09/05/2029
    
1,000,000
      
992,060
  
Aercap Sukuk Ltd., 4.50%, 10/03/2029
    
1,200,000
      
1,173,085
  
Mdgh Sukuk Ltd., 4.96%, 04/04/2034
    
2,100,000
      
2,117,550
  
Suci Second Investment Co.
  
4.38%, 09/10/2027
    
2,950,000
      
2,919,201
  
6.00%, 10/25/2028
    
4,300,000
      
4,458,302
  
5.17%, 03/05/2031
    
3,800,000
      
3,816,876
  
6.25%, 10/25/2033
    
2,400,000
      
2,586,541
  
             
21,400,324
  
                 
Oil & Gas - 6.5%
  
EDO Sukuk Ltd.
  
5.66%, 07/03/2031
    
1,500,000
      
1,506,818
  
5.88%, 09/21/2033
    
2,250,000
      
2,283,452
  
SA Global Sukuk Ltd.
  
1.60%, 06/17/2026
    
4,025,000
      
3,868,927
  
4.25%, 10/02/2029
    
2,900,000
      
2,835,083
  
2.69%, 06/17/2031
    
6,025,000
      
5,296,879
  
4.75%, 10/02/2034
    
2,900,000
      
2,863,286
  
             
18,654,445
  
                 
Pipelines - 1.1%
  
TMS Issuer SARL JSC, 5.78%, 08/23/2032
    
3,200,000
      
3,302,306
  
                 
Real Estate - 3.9%
  
Aldar Investment Properties Sukuk Ltd.
  
4.88%, 05/24/2033
    
1,000,000
      
979,033
  
5.50%, 05/16/2034
    
1,000,000
      
1,020,542
  
Aldar Sukuk No. 2 Ltd., 3.88%, 10/22/2029
    
1,000,000
      
950,071
  
Emaar Sukuk Ltd.
  
3.64%, 09/15/2026
    
1,600,000
      
1,574,112
  
3.88%, 09/17/2029
    
1,000,000
      
952,586
  
3.70%, 07/06/2031
    
1,000,000
      
922,923
  
Esic Sukuk Ltd., 5.83%, 02/14/2029
    
1,600,000
      
1,619,278
  
MAF Sukuk Ltd.
  
4.64%, 05/14/2029
    
1,200,000
      
1,178,213
  
3.93%, 02/28/2030
    
1,200,000
      
1,139,025
  
5.00%, 06/01/2033
    
1,000,000
      
989,553
  
             
11,325,336
  
                 
Telecommunications - 1.2%
  
Axiata SPV2 Bhd., 2.16%, 08/19/2030
    
1,000,000
      
875,104
  
Saudi Telecom Co., 3.89%, 05/13/2029
    
2,600,000
      
2,511,901
  
             
3,387,005
  
TOTAL CORPORATE SUKUK (Cost $146,895,523)
      
146,299,011
  
           
TOTAL INVESTMENTS - 97.9% (Cost $283,576,756)
      
281,411,624
  
Other Assets in Excess of Liabilities - 2.1%
      
5,994,243
  
TOTAL NET ASSETS - 100.0%
          
$
287,405,867
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

SPV2 – Special-Purpose Vehicle2

(a)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
Summary of Fair Value Disclosure as of February 28, 2025 (Unaudited)
 
SP Funds Dow Jones Global Sukuk ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 speeds, 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 fair valuation hierarchy of the Fund’s securities as of February 28, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Foreign Government Sukuk
  
$
–
    
$
135,112,613
    
$
–
    
$
135,112,613
  
  Corporate Sukuk
    
–
      
146,299,011
      
–
      
146,299,011
  
Total Investments
  
$
–
    
$
281,411,624
    
$
–
    
$
281,411,624
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.