spf-ncsrs_053122

SP Funds

SP Funds S&P 500 Sharia Industry Exclusions ETF (“Sharia ETF”) PORTFOLIO ALLOCATION at May 31, 2022 (Unaudited)


Sector	% of Net Assets
Technology		37.2	%
Consumer (Non-Cyclical)		23.2
Communications		11.8
Consumer (Cyclical)		9.8
Industrials		7.1
Energy		5.8
Basic Materials		2.7
Financials		2.2
Cash & Cash Equivalents ⁽¹⁾		0.2
Total		100.0	%

SP Funds S&P Global REIT Sharia ETF (“Global REIT ETF”) PORTFOLIO ALLOCATION at May 31, 2022 (Unaudited)


Sector	% of Net Assets
Financials		99.9	%
Cash & Cash Equivalents ⁽¹⁾		0.1
Total		100.0	%

⁽¹⁾Represents cash, short-term investments and other assets in excess of liabilities.

SP Funds Dow Jones Global Sukuk ETF (“Sukuk ETF”) PORTFOLIO ALLOCATION at May 31, 2022 (Unaudited)


Sector	% of Net Assets
Government		48.4	%
Financials		25.9
Utilities		10.1
Energy		5.9
Consumer (Non-Cyclical)		5.4
Communications		2.1
Cash & Cash Equivalents ⁽¹⁾		1.4
Basic Materials		0.4
Consumer (Cyclical)		0.4
Total		100.0	%

Sharia ETF


2		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited)


	Shares	Value
Common Stocks — 99.8%

Apparel — 0.9%
Nike, Inc. - Class B	9,597	$1,140,603
Tapestry, Inc.	1,983	68,414
Under Armour, Inc. - Class A ⁽¹⁾	1,378	14,579
Under Armour, Inc. - Class C ⁽¹⁾	1,064	10,321
VF Corp.	2,424	122,315
		1,356,232
Auto Manufacturers — 3.4%
Cummins, Inc.	1,068	223,340
Tesla, Inc. ⁽¹⁾	6,294	4,772,489
		4,995,829
Auto Parts & Equipment — 0.1%
Aptiv PLC	2,027	215,348

Beverages — 2.7%
Monster Beverage Corp. ⁽¹⁾	2,813	250,695
PepsiCo, Inc.	10,404	1,745,271
The Coca-Cola Co.	29,238	1,853,104
		3,849,070
Biotechnology - 2.4%
Amgen, Inc.	4,234	1,087,037
Biogen, Inc. ⁽¹⁾	1,103	220,600
Bio-Rad Laboratories, Inc. - Class A ⁽¹⁾	157	84,433
Corteva, Inc.	5,466	342,281
Illumina, Inc. ⁽¹⁾	1,172	280,671
Incyte Corp. ⁽¹⁾	1,414	107,309
Moderna, Inc. ⁽¹⁾	2,649	384,979
Regeneron Pharmaceuticals, Inc. ⁽¹⁾	797	529,798
Vertex Pharmaceuticals, Inc. ⁽¹⁾	1,913	513,927
		3,551,035
Building Materials — 0.7%
Carrier Global Corp.	6,434	252,921
Fortune Brands Home & Security, Inc.	1,007	69,835
Johnson Controls International PLC	5,282	287,922
Martin Marietta Materials, Inc.	466	158,151
Masco Corp.	1,664	94,332
Mohawk Industries, Inc. ⁽¹⁾	414	58,564
Vulcan Materials Co.	987	162,727
		1,084,452
Chemicals — 2.3%
Air Products and Chemicals, Inc.	1,667	410,349
Albemarle Corp.	879	228,909
DuPont de Nemours, Inc.	3,758	254,980
Ecolab, Inc.	1,875	307,331
FMC Corp.	895	109,709


	Shares	Value
Common Stocks — 99.8% (Continued)

Chemicals — 2.3% (Continued)
Linde PLC	3,851	$1,250,343
PPG Industries, Inc.	1,782	225,405
The Sherwin-Williams Co.	1,810	485,153
		3,272,179
Commercial Services — 0.4%
Cintas Corp.	662	263,695
Gartner, Inc. ⁽¹⁾	613	160,851
Robert Half International, Inc.	808	72,841
Rollins, Inc.	1,692	59,998
		557,385
Computers — 12.7%
Apple, Inc.	116,516	17,342,242
Cognizant Technology Solutions Corp.	3,952	295,214
EPAM Systems, Inc. ⁽¹⁾	427	144,548
Fortinet, Inc. ⁽¹⁾	1,015	298,552
HP, Inc.	8,142	316,235
NetApp, Inc.	1,678	120,732
		18,517,523
Cosmetics & Personal Care — 2.5%
Colgate-Palmolive Co.	6,336	499,340
The Estee Lauder Companies, Inc. - Class A	1,747	444,874
The Procter & Gamble Co.	18,029	2,666,128
		3,610,342
Distribution & Wholesale - 0.5%
Copart, Inc. ⁽¹⁾	1,537	176,033
Fastenal Co.	4,324	231,593
LKQ Corp.	1,998	102,677
Pool Corp.	299	119,187
W.W. Grainger, Inc.	322	156,837
		786,327
Electrical Components & Equipment — 0.4%
Emerson Electric Co.	4,464	395,778
Generac Holdings, Inc. ⁽¹⁾	471	116,375
		512,153
Electronics — 0.9%
Agilent Technologies, Inc.	2,248	286,755
Allegion PLC	663	74,024
Fortive Corp.	2,569	158,687
Garmin Ltd.	1,063	112,274
Mettler-Toledo International, Inc. ⁽¹⁾	167	214,782
TE Connectivity Ltd.	2,444	316,229
Trimble, Inc. ⁽¹⁾	1,885	128,274
		1,291,025

Sharia ETF


The accompanying notes are an integral part of these financial statements.		3

SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited)


	Shares	Value
Common Stocks — 99.8% (Continued)

Energy — Alternate Sources — 0.1%
Enphase Energy, Inc. ⁽¹⁾	1,005	$187,121

Environmental Control — 0.5%
Pentair PLC	1,244	62,412
Republic Services, Inc.	1,558	208,523
Waste Management, Inc.	2,889	457,935
		728,870
Food — 0.8%
Lamb Weston Holdings, Inc.	1,085	73,324
McCormick & Co., Inc.	1,875	173,850
Mondelez International, Inc.	10,440	663,566
The Hershey Co.	1,088	230,341
		1,141,081
Hand & Machine Tools — 0.1%
Stanley Black & Decker, Inc.	1,163	138,036

Healthcare — Products — 6.6%
Abbott Laboratories	13,299	1,562,101
ABIOMED, Inc. ⁽¹⁾	339	89,394
Align Technology, Inc. ⁽¹⁾	548	152,147
Bio-Techne Corp.	289	106,852
Boston Scientific Corp. ⁽¹⁾	10,713	439,340
Danaher Corp.	4,786	1,262,642
DENTSPLY SIRONA, Inc.	1,656	65,511
Edwards Lifesciences Corp. ⁽¹⁾	4,692	473,188
Henry Schein, Inc. ⁽¹⁾	1,043	89,323
Hologic, Inc. ⁽¹⁾	1,887	142,034
IDEXX Laboratories, Inc. ⁽¹⁾	637	249,462
Intuitive Surgical, Inc. ⁽¹⁾	2,691	612,579
Medtronic PLC	10,108	1,012,316
ResMed, Inc.	1,099	223,603
STERIS PLC	744	169,781
Stryker Corp.	2,524	591,878
Teleflex, Inc.	348	100,134
The Cooper Companies, Inc.	366	128,371
Thermo Fisher Scientific, Inc.	2,962	1,681,142
Waters Corp. ⁽¹⁾	453	148,561
West Pharmaceutical Services, Inc.	554	171,951
Zimmer Biomet Holdings, Inc.	1,568	188,489
		9,660,799
Healthcare — Services — 0.4%
Catalent, Inc. ⁽¹⁾	1,344	138,513
Charles River Laboratories International, Inc. ⁽¹⁾	374	87,546
Laboratory Corp of America Holdings	696	171,717
Quest Diagnostics, Inc.	893	125,931
		523,707


	Shares	Value
Common Stocks — 99.8% (Continued)

Home Builders — 0.4%
D.R. Horton, Inc.	2,422	$182,013
Lennar Corp. - Class A	1,972	158,253
NVR, Inc. ⁽¹⁾	24	106,815
PulteGroup, Inc.	1,877	84,953
		532,034
Household Products & Wares — 0.5%
Avery Dennison Corp.	623	107,505
Church & Dwight Co., Inc.	1,812	163,189
Kimberly-Clark Corp.	2,532	336,807
The Clorox Co.	926	134,603
		742,104
Internet — 10.3%
Alphabet, Inc. - Class A ⁽¹⁾	2,253	5,126,116
Alphabet, Inc. - Class C ⁽¹⁾	2,089	4,764,549
Booking Holdings, Inc. ⁽¹⁾	303	679,799
CDW Corp.	1,007	171,049
eBay, Inc.	4,704	228,944
Etsy, Inc. ⁽¹⁾	876	71,061
F5, Inc. ⁽¹⁾	455	74,183
Meta Platforms, Inc. - Class A ⁽¹⁾	17,362	3,361,978
NortonLifeLock, Inc.	4,375	106,487
Twitter, Inc. ⁽¹⁾	6,020	238,392
VeriSign, Inc. ⁽¹⁾	720	125,676
		14,948,234
Iron & Steel — 0.2%
Nucor Corp.	2,038	269,953

Machinery — Diversified — 0.8%
Dover Corp.	1,083	145,025
IDEX Corp.	560	107,268
Ingersoll Rand, Inc.	3,033	143,006
Nordson Corp.	401	87,370
Otis Worldwide Corp.	3,192	237,485
Rockwell Automation, Inc.	873	186,124
Westinghouse Air Brake Technologies Corp.	1,405	132,716
Xylem, Inc.	1,342	113,063
		1,152,057
Media — 0.1%
News Corp. - Class A	2,948	51,295
News Corp. - Class B	908	15,963
		67,258
Mining — 0.3%
Newmont Corp.	5,992	406,557

Sharia ETF


4		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited)


	Shares	Value
Common Stocks — 99.8% (Continued)

Miscellaneous Manufacturers — 1.2%
3M Co.	4,291	$640,604
A.O. Smith Corp. - Class A	978	58,797
Eaton Corp. PLC	2,995	415,107
Illinois Tool Works, Inc.	2,146	446,518
Trane Technologies PLC	1,755	242,295
		1,803,321
Office & Business Equipment — 0.1%
Zebra Technologies Corp. ⁽¹⁾	393	132,909

Oil & Gas — 5.5%
Chevron Corp.	14,499	2,532,395
ConocoPhillips	9,793	1,100,342
Coterra Energy, Inc.	6,100	209,413
EOG Resources, Inc.	4,399	602,487
Exxon Mobil Corp.	31,838	3,056,448
Pioneer Natural Resources Co.	1,706	474,166
		7,975,251
Oil & Gas Services — 0.2%
Baker Hughes Co. - Class A	6,807	244,916

Packaging & Containers — 0.1%
Packaging Corp. of America	701	110,253

Pharmaceuticals — 7.0%
Becton Dickinson and Co.	2,140	547,412
Dexcom, Inc. ⁽¹⁾	726	216,304
Eli Lilly & Co.	5,967	1,870,297
Johnson & Johnson	19,797	3,554,155
Merck & Co., Inc.	18,994	1,748,018
Pfizer, Inc.	42,066	2,231,181
		10,167,367
Real Estate Investment Trusts (REITs) — 2.2%
AvalonBay Communities, Inc.	1,049	218,150
Camden Property Trust	764	109,626
Crown Castle International Corp.	3,247	615,794
Duke Realty Corp.	2,742	144,860
Equinix, Inc.	676	464,473
Equity Residential	2,573	197,684
Mid-America Apartment Communities, Inc.	868	157,108
Prologis, Inc.	5,561	708,916
Public Storage	1,144	378,252
Weyerhaeuser Co.	5,631	222,537
		3,217,400


	Shares	Value
Common Stocks — 99.8% (Continued)

Retail — 4.3%
Advance Auto Parts, Inc.	465	$88,285
AutoZone, Inc. ⁽¹⁾	150	308,947
Dollar Tree, Inc. ⁽¹⁾	1,691	271,118
Genuine Parts Co.	1,064	145,481
Lowe’s Companies, Inc.	5,065	989,194
O’Reilly Automotive, Inc. ⁽¹⁾	505	321,771
Ross Stores, Inc.	2,650	225,303
Starbucks Corp.	8,647	678,790
The Home Depot, Inc.	7,849	2,376,285
The TJX Companies, Inc.	8,970	570,223
Tractor Supply Co.	855	160,193
Ulta Beauty, Inc. ⁽¹⁾	401	169,663
		6,305,253
Semiconductors — 9.9%
Advanced Micro Devices, Inc. ⁽¹⁾	12,294	1,252,267
Analog Devices, Inc.	3,951	665,348
Applied Materials, Inc.	6,677	783,145
Broadcom, Inc.	3,105	1,801,304
Intel Corp.	30,622	1,360,229
IPG Photonics Corp. ⁽¹⁾	254	26,794
KLA Corp.	1,131	412,645
Lam Research Corp.	1,049	545,511
Microchip Technology, Inc.	4,181	303,750
Micron Technology, Inc.	8,418	621,585
Monolithic Power Systems, Inc.	323	145,476
NVIDIA Corp.	18,762	3,503,241
NXP Semiconductors NV	1,996	378,761
QUALCOMM, Inc.	8,471	1,213,217
Teradyne, Inc.	1,214	132,642
Texas Instruments, Inc.	6,943	1,227,245
		14,373,160
Software — 14.4%
Adobe, Inc. ⁽¹⁾	3,547	1,477,255
Akamai Technologies, Inc. ⁽¹⁾	1,210	122,258
ANSYS, Inc. ⁽¹⁾	653	170,015
Autodesk, Inc. ⁽¹⁾	1,656	344,034
Cadence Design Systems, Inc. ⁽¹⁾	2,084	320,373
Ceridian HCM Holding, Inc. ⁽¹⁾	1,015	57,145
Cerner Corp.	2,197	208,385
Citrix Systems, Inc.	922	92,836
Microsoft Corp.	56,352	15,320,418
Paycom Software, Inc. ⁽¹⁾	358	101,794
PTC, Inc. ⁽¹⁾	788	91,826
Roper Technologies, Inc.	773	342,006
Salesforce, Inc. ⁽¹⁾	7,404	1,186,417

Sharia ETF


The accompanying notes are an integral part of these financial statements.		5

SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited)


	Shares	Value
Common Stocks — 99.8% (Continued)

Software — 14.4% (Continued)
ServiceNow, Inc. ⁽¹⁾	1,503	$702,607
Synopsys, Inc. ⁽¹⁾	1,148	366,442
Tyler Technologies, Inc. ⁽¹⁾	306	108,881
		21,012,692
Telecommunications — 1.5%
Arista Networks, Inc. ⁽¹⁾	1,682	172,035
Cisco Systems, Inc.	31,721	1,429,031
Corning, Inc.	5,618	201,237
Juniper Networks, Inc.	2,408	73,877
Motorola Solutions, Inc.	1,270	279,070
		2,155,250
Transportation — 2.4%
C.H. Robinson Worldwide, Inc.	976	105,906
CSX Corp.	16,679	530,226
Expeditors International of Washington, Inc.	1,268	138,009
J.B. Hunt Transport Services, Inc.	630	108,725
Norfolk Southern Corp.	1,799	431,148
Old Dominion Freight Line, Inc.	696	179,735
Union Pacific Corp.	4,756	1,045,274
United Parcel Service, Inc. - Class B	5,481	998,912
		3,537,935
Total Common Stocks
(Cost $138,597,631)		145,132,418

Total Investments in Securities — 99.8%
(Cost $138,597,631)		145,132,418
Other Assets in Excess of Liabilities — 0.2%		296,229
Total Net Assets — 100.0%		$145,428,647

⁽¹⁾Non-income producing security.

Sukuk ETF


6		The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS at May 31, 2022 (Unaudited)


	Principal Amount	Value
Corporate Sukuk — 50.2%

Airlines — 0.4%
Unity 1 Sukuk Ltd.
2.394%, 11/03/2025	$200,000	$192,916

Banks — 16.4%
AHB Sukuk Co. Ltd.
4.375%, 09/19/2023	200,000	202,480
AUB Sukuk Ltd.
2.615%, 09/09/2026	400,000	372,424
Boubyan Sukuk Ltd.
2.593%, 02/18/2025	400,000	389,586
3.389%, 03/29/2027	200,000	198,030
DIB Sukuk Ltd.
2.950%, 02/20/2025	400,000	392,127
1.959%, 06/22/2026	600,000	558,970
2.950%, 01/16/2026	600,000	583,167
2.740%, 02/16/2027	400,000	380,003
EI Sukuk Co. Ltd.
1.827%, 09/23/2025	200,000	188,594
2.082%, 11/02/2026	200,000	187,115
Fab Sukuk Co. Ltd.


Portfolio Allocation		1
Schedules of Investments		2
Statements of Assets and Liabilities		10
Statements of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		15
Notes to Financial Statements		18
Expense Examples		29
Basis for Trustees’ Approval of Investment Advisory and Sub-Advisory Agreements		31
Additional Information		35