SP Funds S&P 500 Sharia Industry Exclusions ETF
Ticker: SPUS

SP Funds Dow Jones Global Sukuk ETF
Ticker: SPSK

SP Funds S&P Global REIT Sharia ETF
Ticker: SPRE

Semi-Annual Report
May 31, 2022

(Unaudited)

TABLE OF CONTENTS

This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.

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

1

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.