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

Annual Report

November 30, 2022

SP Funds

Dear Shareholders,

“If there is one common theme to the vast range of the world’s financial crises, it is that excessive debt accumulation, whether by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.” — Carmen Reinhart

The last few years have been very volatile for the equity markets. The markets were hit by COVID in 2020, which led to a sharp decline and a “V” shaped recovery. The market performed strongly in 2021 but faced strong macro-economic headwinds in 2022. Extremely high inflation started jeopardizing four decades of central-bank credibility, and aggressive global monetary tightening featuring jumbo-sized rate hikes has triggered broad-based declines in asset prices. Meanwhile, the global economy is slowing, and the path forward for the economy and markets hinges largely on whether/when price stability will be restored.

As we mentioned in our last letter to shareholders, asset markets can often navigate rising bond yields if the reason is better prospects for economic growth, but a rise in the excess of 50 basis points may provide a test. This is exactly what happened in 2022 as higher and persistent inflation was accompanied by jumbo size rate hikes. Upwards explosion of global interest rates across the developed world led to the extreme downward pressure on the global stocks, causing a bear market for stocks, bonds and real estate. It also created risk of financial contagion in dollar denominated sovereign debt. As we near the end of the interest rate hike cycle, downside for valuations may be limited. Additional risk comes from a looming recession impacting corporate revenues, wage inflation and additional financial costs eroding net margins. A drop in corporate earnings may result in another leg down for markets. The 10-year Treasury yield, at 3.88%¹ (Dec 28, 2022), is still negative in real terms, but it is above long-term inflation expectations. We expect the Federal Reserve to pause their hikes to assess the impact of a lag impact on consumption and labor market by the end of the first quarter of 2023.

This leaves us slightly cautious on the near-term outlook, but moderately positive for the medium-term with macro-risks offset by the benign cycle outlook. The consensus from strategists for the year end 2023 is a flat market for the year. This view is underpinned by estimates of aggregate earnings per share for the companies in the S&P 500 Index that will come in at $234 in 2023 and forward valuations of 17X of forward earnings per share.

Challenges to the global economy include aggressive central-bank rate hikes, extremely high inflation and an energy crisis in Europe stemming from geopolitical tensions. Other risks include China’s troubled real-estate market, U.S. politics and the lingering effects of the pandemic. Although there are risks that inflation could reassert itself if the labor market tightness is not addressed or geopolitical tensions intensify, we anticipate directionally lower inflation in 2023 as the major contributors to inflation have all begun to turn. For the developed world, The International Monetary Fund (IMF) now forecasts moderate economic growth of 2.3% in 2022, followed by just 0.3% in 2023.

The SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS)

The SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS)² (the “Sharia ETF”), a faith-based, broad market equity fund, was launched on December 17, 2019, with a view to providing a broad exposure to Sharia-compliant U.S. stocks. The Sharia ETF seeks to track the performance of the S&P 500 Shariah Industry Exclusions Index, which is a subset of the S&P 500^® Index (the “S&P 500”). The Sharia ETF offers high-income potential at 1.22%³, while offering a good relative defensive characteristic and a strong growth profile. The Sharia ETF has enjoyed widespread industry recognition early in its life. The Sharia ETF is the only Sharia-compliant, broad market U.S. equities fund in the market indexed to S&P Dow Jones Indices LLC and is among a handful of all the Sharia-compliant equity ETFs. It has received strong reviews from industry pundits as published in financial media.

The Sharia ETF performed well since inception under a variety of different market conditions, with a 28.50%⁴ since inception gain (as of December 18, 2022), outperforming the S&P 500 by 9.14%. This period included a global sell off during the COVID and quick recovery afterwards and the inflation and higher interest rates driven bear market in 2022.

The Sharia ETF lost 19.93%⁵ for the calendar year 2022, more than the drop for the S&P 500 Index (16.79%) for the same period despite lower leverage and better quality of income statement, balance sheet, cash flows and business transparency. This higher than the market draw down in this year was precipitated by abnormally higher inflation and its impact on the stock valuations as the U.S., EAFE, emerging markets, smaller capitalization stocks, value/growth and quality all fell in unison. The Sharia ETF has a higher sector exposure to the technology and health care sectors because sharia compliance screens out financial stocks from its investment universe. This results in a

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¹https://www.cnbc.com/quotes/US10Y

²https://www.sp-funds.com/spus/

³https://ycharts.com/companies/SPUS/dividend_yield

⁴https://finance.yahoo.com/quote/SPUS/chart

⁵https://finance.yahoo.com/quote/SPUS/chart

SP Funds

large cap growth tilt for the Sharia ETF which made it more susceptible to discount rate increases. Although stocks are more reasonably priced now, the focus is shifting to corporate profits which remain well above their long-term trend and may soon encounter headwinds from slowing economic growth, especially if a recession were to happen. The market recovery may be bedraggled by inflation, widespread supply chain issues, geopolitical issues and increasing swoon on quantitative tightening.

We remain cautiously bullish about the economic outlook. There likely will be two distinct phases to the path forward. The first, over the next few months, appears challenging. The stocks of the companies included in the Sharia ETF’s portfolio tend to have significantly lower leverage than the broader market because sharia negative screens are screening out the companies with debt-to-market capitalization ratios of more than thirty percent. Also, because the exclusion of more fundamentally cyclical sectors gives Sharia investing style a higher quality tinge. This should make the Sharia ETF more defensive in earnings-related headwinds and higher upside potential because of higher quality.

Despite the market swoon, investors brushed off markets that derailed stock markets in this year. In this tumultuous year, the Sharia ETF’s assets under management grew by 52% from $126.75 million to over $167 million⁶ as of December 18, 2022⁷ (including a market value drop of 19.9% during this time). Importantly, the Sharia ETF’s assets grew consistently through the market turmoil of 2022, which we believe demonstrates investor confidence in its resilience.

The Sharia ETF’s Sharia investing style utilizes negative screening against companies which are engaged in socially injurious activities like alcohol, gambling, interest or weapons. The Sharia ETF also filters out the companies with higher leverage. Generally, higher leverage is used to counter agency problems in the companies with governance issues, which when screened out, results in constituents having relatively better corporate governance. The companies with higher carbon emissions, including oil and gas and utilities-related companies are capital intensive and are also filtered out by Sharia screens.

We thank you for the assets you have entrusted with us and deeply value our relationship. For any questions about the Sharia ETF please contact your financial advisor or one of our shareholder associates. You may also visit our website at www.sp-funds.com or reach us via email at info@sp-funds.com.

Past performance does not guarantee future results.

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⁶https://www.usbank.com/investment-services/global-fund-services.html

⁷Source: https://etfdb.com/etf/SPSK/#etf-ticker-profile.

⁸https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview 

⁹https://finance.yahoo.com/quote/DX=F?p=DX=F&.tsrc=fin-srch

¹⁰https://finance.yahoo.com/quote/GC=F?p=GC=F&.tsrc=fin-srch

¹¹https://www.ishares.com/us/products/285539/ishares-core-5-10-year-usd-bond-etf

¹²https://www.ishares.com/us/products/239467/ishares-tips-bond-etf

SP Funds

The SP Funds Dow Jones Global Sukuk ETF

Dear Shareholders,

The SP Funds Dow Jones Global Sukuk ETF (the “Sukuk ETF”)¹³, a faith-based, fixed income fund, was launched on December 27, 2019, with a view to providing a broad exposure to global sukuks, which are the contracts designed to be Sharia-compliant. The Sukuk ETF seeks to track the performance of the Dow Jones Sukuk Total Return (ex-Reinvestment) Index, which is a diversified mix of sukuks from emerging market sovereigns, corporations and supranational agencies. The Sukuk ETF, though mandated to be investment grade, has an average rating of its constituents at A. It offers a high-income potential at 2.23%¹⁴, while offering potential long term capital preservation.

For the past many years, a set of shared assumptions between market participants and policy makers helped create a somewhat benign investment environment for bonds. Inflation was deemed to be “transitory,” allowing for a prolonged period of accommodative low rates and stable rate expectations. Ample monetary liquidity was supplied providing a tailwind for fixed income markets to continue to climb in 2020 to 2021. These key assumptions and relationships came into question in 2022. The destination of transitory inflation was challenged, casting central bank policy into tightening mode and uncertainty in the U.S. and Europe. Unprecedented amounts of liquidity also started to drain from the financial system, creating market risks. Developed and emerging markets (“EM”) currencies performed poorly in 2022 in response to higher U.S. Treasury yields. Rising yields contrasted with tumbling prices and capital losses in 2022. Cash positions balooned as fixed income markets struggled with liquidity. This was a time of record-low U.S. unemployment, climbing tax receipts, and, for some, the highest wage increases in a generation.

Rise in Fed Fund rates, quantitative tightening and increase in longer-maturity U.S. Treasury yields created a bear market for interest rates in 2022. This was further exacerbated by shortage of the offshore U.S. dollar, which resulted in an increase in the spreads of corporate and sovereign debt. Because of impending recession and global slow down, emerging market bond spreads expanded significantly in 2022 and are still elevated. Credit spreads remained rich in 2022 by historical measures which created a broadly negative attribution for emerging markets and corporate debt. The Sukuk ETF yielded price return of -10.31%¹⁵ for the period December 27, 2021 through December 27, 2022, which outperformed a similar duration and quality bond index, the J.P. Morgan Emerging Market Bond Global Index (EMBI)-16.03%¹⁶. For the U.S. Dollar investors, since inception December 27, 2019 through December 27, 2022, the Sukuk ETF delivered a price return of -11.88% (NAV) -11.86% (Market), which was higher than the -12.68% return of the J.P. Morgan Emerging Market Bond Global Index (EMBI).

Rapidly rising interest rates have caused further declines in global government-bond prices, but we believe that any further losses will likely be limited. Market pricing has dialed back expectations for future Fed rate hikes in 2023 as initial signs of price stability emerge. The 10-year Treasury yield hovers around 3.8%, rising from 2% at the start of the year, still below the 5.25% levels seen in 2006. We expect the federal funds rate to peak at or above 4.95% in the first quarter of the year 2023 and to largely remain there throughout 2023. We expect the Fed will slow its pace of rate hikes, and we will see weakening in the labor market. With that, there will be a stronger case to add duration and quality exposures, which should prove valuable in a weak economic backdrop and when an eventual pivot toward rate cuts occurs. We believe that makes the case to start building longer duration and emerging markets quality positions like the Sukuk ETF. Such an environment may be favorable for the Sukuk ETF because of its diversification with exposure to assets that are biased to outperform during the expected economic outcomes. Such a balanced mix potentially allows the investors to preserve capital in severe market downturns and participate in stronger market periods.

Negative rates are nearly a thing of the past now as Bank of Japan (BOJ), the last bastion of zero rate environment, raised their benchmark rates. The inversion between the 2-year and 10-year U.S. Treasury yields has some investors spooked, as many believe it is an early sign of a recession. Recent history, however, has shown that bond investors have done well in the two years after an inversion has occurred.

With the massive increase in bond yields so far this year, the acute valuation risk that existed across major developed-world sovereign-bond markets has been greatly alleviated. From a contrarian perspective and from a valuation standpoint, the risk-reward profiles of various market sectors—including U.S. Treasuries, corporates, emerging markets, and long-term municipals—are more attractive than they were a year ago. Ironically, the worse returns get, the better bonds should look in the future. Investors need tenacity through turmoil. Ever higher coupons have changed expected return calculations and brought back bonds’ and Sukuks long-established use case.

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¹³https://www.sp-funds.com/spsk/

¹⁴https://ycharts.com/companies/SPSK/dividend_yield

¹⁵https://finance.yahoo.com/quote/SPSK/chart

¹⁶Source: Bloomberg

SP Funds

Comparing the dividend yield on the S&P 500 against Sukuk and Bond yields appears very attractive, making a case for allocation to fixed income assets compared to equities from a portfolio perspective. The Sukuk ETF may also benefit as a diversifier of a fixed income portfolio, which it has proved to be in 2022.

Outside the U.S., there are still some risks to developed markets rates. There could be fresh inflation shocks or events, as recently seen in the United Kingdom and Japan, where governments work at cross-purposes with monetary authorities. Central bank rates should hit 2.5% in the euro zone, 3.5% in Australia, and 5% in the U.K. in 2023. Asian central banks were late to begin hiking, and they will be compelled to meet the global rates ante or it will be difficult to defend their currencies. In absolute terms, emerging markets (EM) credit suffered heavy losses this year. While the majority of the negative return is attributed to rising U.S. Treasury yields, the move in credit spreads has further contributed to the downside. EM was hurt by Russia’s invasion of Ukraine and has remained under pressure because of concerns over global growth and investor outflows. A lot of negative news has already been priced in. With higher yields generating substantial carry for EM and Sukuk investors, as well as reduced new issue supply and attractive valuations, we see potential for strong returns over the coming year. Sukuk returns can also benefit from opportunities in local markets and EM corporate bonds. Many EM corporate issuers retain industry-leading balance sheets and are in a position to retire debt at discount levels, potentially improving their credit profile. Idiosyncratic opportunities are present across the quality spectrum and the long-term attributes of the asset class remain compelling, especially as oil price improvement may result in spread compression in Middle East sovereign spreads. A case in point is that Saudi Arabia generates around 800 million U.S. Dollar from selling oil every day. That should result in credit spread tightening for Sukuks far more than the EM sovereign debt. We continue to view the overall credit risk of the Sukuk ETF as attractive.

The Sukuk ETF has enjoyed widespread industry recognition early in its life. ETF.com awarded the Sukuk ETF as the Best New International/Global Fixed Income ETF – 2019¹⁷. GIFA Islamic Social Finance Award 2020 shortly followed by naming the Sukuk ETF as the “Most Innovative Sukuk Product” of the year in 2020¹⁷ In 2022, the Sukuk ETF’s assets under management increased from $38.98 million at December 28, 2021 to $72.40 million as of December 28, 2022, a gain of 95.73% (including a market drop of 10%). Importantly, the Sukuk ETF’s assets grew consistently through the market turmoil earlier in the year, which we believe demonstrates investor confidence in its resilience. Based on both quantitative and qualitative factors, we can proudly report that the Sukuk ETF overcame the multitude of market hurdles it faced. Strong performance, substantial asset growth and industry recognition highlight the Sukuk ETF’s accomplishments in this year.

We thank you for the assets you have entrusted with us and deeply value our relationship. For any questions about the Sukuk ETF please contact your financial advisor or one of our shareholder associates. You may also visit our website at www.sp-funds.com or reach us via email at info@sp-funds.com.

Past performance does not guarantee future results.

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¹⁷https://www.etf.com/publications/etfr/annual-etfcom-awards/page/0/3?ts=1662821180

¹⁸https://ca.finance.yahoo.com/quote/dx-y.nyb/

¹⁹Source: Bloomberg

²⁰https://www.spglobal.com/spdji/en/indices/fixed-income/sp-us-tips-5-10-year-index/#overview

SP Funds

The SP Funds S&P Global REIT Sharia ETF

Dear Shareholders,

The SP Funds S&P Global REIT Sharia ETF (the “Global REIT ETF”)²¹, a faith-based, high income real estate investment trust (“REIT”) fund, was launched on December 29, 2020, with a view to providing a broad exposure to global REITs, which are designed to be Sharia-compliant. The Global REIT ETF seeks to track the performance of the S&P Global All Equity REIT Sharia Capped Index²², which is a diversified mix of REITs from developed and emerging markets. The Global REIT ETF is diversified in terms of different real estate sectors and contains technology and Tower REITs. It offers a high-income potential, while offering a potential capital preservation relative to the broad market.

Despite the economic chaos inflicted by the COVID-19 pandemic, the U.S. real-estate market proved to be among the most resilient. With buyers keen to capitalize on rock-bottom mortgage rates and housing inventory remaining decidedly tight, prices skyrocketed until the start of 2022. And as the pandemic cooled and businesses opened, office utilization levels were again on the up. Industrial and office properties also gained as U.S. GDP expanded. Lodging/resorts and retail property markets stabilized. Office occupancy began to stabilize from early 2021 on the demand for office space. Demand for apartments rebounded quickly in 2022 with falling vacancy rates and an acceleration in rent growth across most metro areas. There were, however, lingering concerns about potential longer-lasting effects of the pandemic on how people use commercial real estate, especially due to work-from-home trends impacting overall demand for office space.

Last year was highlighted by increasing concerns about a slowing economy, inflation, and rising short- and long-term interest rates. Commercial real estate markets remained in a state of transition as investor pessimism became pervasive. Higher interest rates and spreads severely impacted transactions as buyers and sellers adjusted to the new rate environment. Geopolitical risks increased and as a result of this energy and food prices have risen. At the same time, the Federal Reserve normalized monetary policy and attempted to dampen inflation. This resulted in losses for most REITs as 30-year fixed mortgage rates neared 7%. REITs experienced disappointing stock performance despite continuing to post impressive operational results with record high earnings and resilient balance sheets. The FTSE Nareit All Equity REITs Index fell 29.25%, while the broader S&P 500 Index fell 18.11% in 2022. All real estate sub-sectors declined while self-storage and lodging resorts were the relative outperformers. The sectors with the strongest funds from operations growth in 2022 were lodging/resorts, self-storage, and residential. The Global REIT ETF fell 33.38% in 2022, mainly driven by exposures to the industrials, data and office REITS.

Over the past twelve months, observers have become increasingly pessimistic resulting in lower consensus growth forecasts for 2023 and sharply higher consensus recession risks. Economists expect that the Federal Reserve will pause the rate hikes to assess the impact of higher rates on inflation and labor market. The commercial real estate market may however be affected by a slowing economy reflecting the changing rate environment, the end of government stimulus, and households stressed by higher consumer prices. However, the continuing strength of labor markets – with more than 2.7 million jobs created in the first half of 2022 and 1.7 job openings per unemployed worker suggest that increased labor force participation may provide a buffer for consumer spending that can bolster economic growth which should be supportive of REIT valuations.

Overall, market fundamentals for the commercial real estate space performance metrics remain healthy, with strong demand for leased space pushing down vacancy rates and driving rent growth higher, even as supply remained at relatively high levels in some sectors. On the other hand, REITs have effectively managed both the amount of debt they have outstanding as well as the structure of the debt outstanding. As the debt ratios of REITs have declined substantially since the financial crisis in 2008-2009, both book and market leverage of the REIT industry are near their lowest point on record. REIT balance sheets continued to remain strong heading into a period of slower growth, high inflation, and significantly higher interest rates, we see the Global REIT ETF as well positioned for strong relative performance and stability. Such an environment is expected to be further favorable for the Global REIT ETF because of its diversification with exposure to assets that are biased to outperform during the expected economic outcomes. Such a balanced mix potentially allows it to preserve capital and participate in stronger market periods.

Although we expect inflation to taper off in 2023, disruptions to energy and food production and supply chain issues may keep inflation higher than the Federal Reserve target rate of inflation. Concerningly, price increases in other services, which largely reflect labor costs, are continuing to rise, suggesting that energy, food, and supply chain related inflation may be propagating throughout the economy. REITs have historically outperformed the stock markets during times of high inflation. This is because REITs have high operating margins of around 60%. Additionally, underlying assets of REITs in the Global REIT ETF are perceived as an inflation hedge. REITs present both

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²¹https://www.sp-funds.com/spre/

²²https://www.spglobal.com/spdji/en/indices/equity/sp-global-all-equity-reit-shariah-capped-index/#overview

SP Funds

an attractive yield and a potential hedge against buying power decline. Furthermore, higher rents can be an inflation buffer. We remain optimistic on the outlook for the Global REIT ETF given its now attractive yields and yield pick-up relative to traditional fixed income and equity.

Dividend yield is an important component of a REIT’s total return. The particularly high dividend yields of the REIT sector are, for many investors, the primary reason for investment in this sector. The large cap REIT premium (relative to small cap REITs) significantly increased during 2022. As of July 1 2022, publicly listed U.S. equity REITs traded at a median discount to consensus net asset value per share estimate of -20.7 percent. The industrial sector traded at the greatest median discount to NAV estimate, at -16.0 percent. At the other end of the scale, the office sector traded at a discount of -43.6 percent, currently the greatest median discount to NAV estimate. That means that as interest rates pause, these REITs may revert to their NAVs which may provide a performance kicker for the Global REIT ETF in 2023.

By December 29, 2022, the Global REIT ETF’s assets under management increased from $25.61 million in 2021 to over $40.65 million, a growth of 90% (including a market drop of 31.31%). Importantly, the Global REIT ETF’s assets grew consistently through the REIT underperformance earlier in 2022, which we believe demonstrates investor confidence in its resilience. The Global REIT ETF has enjoyed widespread industry recognition early in its life, as this was the only Sharia-compliant REIT ETF available globally at the time of its launch.

The real estate industry is moving beyond what it perceives as cyclical headwinds — i.e., rising interest rates, declining gross domestic product (GDP), sinking deal flows — and taking a long-term approach to real estate assets.

We thank you for the assets you have entrusted with us and deeply value our relationship. For any questions about the Global REIT ETF please contact your financial advisor or one of our shareholder associates. You may also visit our website at www.sp-funds.com or reach us via email at info@sp-funds.com.

Past performance does not guarantee future results.

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²³https://www.reit.com/data-research/reit-indexes/monthly-index-values-returns

²⁴https://www.reit.com/data-research/reit-indexes/monthly-index-values-returns

²⁵https://www.spglobal.com/spdji/en/indices/equity/sp-500/#overview

SP Funds

Past performance does not guarantee future results.

Before investing you should carefully consider each Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus. A prospectus may be obtained by visiting www.sp-funds.com. Please read the prospectus carefully before you invest.

As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate each Fund’s net asset value per share (NAV), but the market price sometimes may be higher or lower than the NAV. Each Fund is newer with a limited operating history.

Islamic religious law commonly known as Sharia has certain restrictions regarding finance and commercial activities permitted for Muslims, including interest restrictions and prohibited industries, which reduces the size of the overall universe in which each Fund can invest. The strategy to reduce the investable universe may limit investment opportunities and adversely affect each Fund’s performance, especially in comparison to a more diversified fund.

Equity securities, such as common stocks, are subject to market, economic and business risks that may cause their prices to fluctuate.

Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets.

Sukuk are financial certificates that are similar to conventional bonds but are structured to comply with Sharia law and its investments principles, which, among other things, prohibit charging or paying interest. Because no collateral is pledged as security for sukuk, purchasers of sukuk are subject to the risk that an issuer may not meet its payment obligations or that an underlying asset may not perform as expected or lose value. There may be times when the market is illiquid and it is difficult for the Sukuk ETF to make an investment in or dispose of sukuk.

A real estate investment trust (REIT) is a security of a company that invests in real estate, either through real estate property, mortgages and similar real estate investments, or all of the foregoing. The REIT ETF is expected to be concentrated in REITs. Through its investments in REITs, the Fund is subject to the risks of investing in the real estate market, including decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.

Duration is a measure that helps approximate the degree of price sensitivity of a bond to changes in interest rates and is adjusted to account for the change in cash flows of the bond’s embedded option.

The debt ratio is the total debts compared to the total assets of a company.

Net asset value is the net value of an investment fund’s assets less its liabilities, divided by the number of shares outstanding

Market price is the price at which investors can buy or sell an ETF on an exchange.

The S&P 500^® Shariah Industry Exclusions Index is designed to measure the constituents of the S&P 500^® Shariah, excluding companies within certain GICS^® sub-industries.

The Dow Jones Sukuk Total Return (ex-Reinvestment) is designed to track the performance of global Islamic fixed income securities, also known as sukuk. The index measures an investment (excluding reinvestment) in U.S. dollar-denominated, investment-grade sukuk that have been screened for Shariah compliance.

The S&P Global All Equity REIT Sharia Capped Index serves as a comprehensive benchmark of publicly traded equity REITs listed in both developed and emerging markets.

Indexes are unmanaged and cannot be invested in directly. Although index returns were gathered from reliable sources, the Funds’ cannot guarantee their accuracy or completeness.

Opinions expressed are subject to change at any time, are not guaranteed and should not be considered investment advice.

Sharia ETF

This chart illustrates the performance of a hypothetical $10,000 investment made on December 17, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (425) 409-9500. The Fund’s expense ratio is 0.49% (as of the Fund’s most recently filed Prospectus).

Sukuk ETF

This chart illustrates the performance of a hypothetical $10,000 investment made on December 27, 2019 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (425) 409-9500. The Fund’s expense ratio is 0.59% (as of the Fund’s most recently filed Prospectus).

Global REIT ETF

This chart illustrates the performance of a hypothetical $10,000 investment made on December 29, 2020 (commencement of operations), and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The chart assumes reinvestment of capital gains, dividends, and return of capital, if applicable, for a fund and dividends for an index.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling (425) 409-9500. The Fund’s expense ratio is 0.69% (as of the Fund’s most recently filed Prospectus).

SP Funds

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

Sharia ETF

Sharia ETF

Sharia ETF

Sharia ETF