SP Funds S&P 500 Sharia Industry Exclusions ETF
Schedule of Investments
February 28, 2025 (Unaudited)
| COMMON STOCKS - 98.7% | Shares | Value | ||||||
| Agriculture - 0.1% | ||||||||
| Archer-Daniels-Midland Co. | 16,781 | $ | 792,063 | |||||
| Apparel - 0.4% | ||||||||
| Deckers Outdoor Corp.(a) | 5,355 | 746,273 | ||||||
| NIKE, Inc. - Class B | 41,945 | 3,331,692 | ||||||
| Ralph Lauren Corp. | 1,381 | 374,444 | ||||||
| 4,452,409 | ||||||||
| Auto Manufacturers - 2.7% | ||||||||
| Cummins, Inc. | 4,785 | 1,761,742 | ||||||
| Tesla, Inc. (a) | 98,537 | 28,869,370 | ||||||
| 30,631,112 | ||||||||
| Beverages - 0.9% | ||||||||
| Keurig Dr Pepper, Inc. | 39,939 | 1,338,755 | ||||||
| Monster Beverage Corp.(a) | 24,675 | 1,348,489 | ||||||
| PepsiCo, Inc. | 48,341 | 7,418,893 | ||||||
| 10,106,137 | ||||||||
| Biotechnology - 0.9% | ||||||||
| Biogen, Inc.(a) | 5,062 | 711,211 | ||||||
| Corteva, Inc. | 24,164 | 1,521,849 | ||||||
| Gilead Sciences, Inc. | 43,924 | 5,020,952 | ||||||
| Incyte Corp.(a) | 5,619 | 412,996 | ||||||
| Regeneron Pharmaceuticals, Inc. | 3,674 | 2,567,171 | ||||||
| 10,234,179 | ||||||||
| Building Materials - 1.0% | ||||||||
| Builders FirstSource, Inc.(a) | 3,962 | 550,679 | ||||||
| Carrier Global Corp. | 29,365 | 1,902,852 | ||||||
| Johnson Controls International PLC | 23,546 | 2,016,950 | ||||||
| Lennox International, Inc. | 1,125 | 676,181 | ||||||
| Martin Marietta Materials, Inc. | 2,166 | 1,046,481 | ||||||
| Masco Corp. | 7,707 | 579,412 | ||||||
| Mohawk Industries, Inc.(a) | 1,711 | 201,197 | ||||||
| Trane Technologies PLC | 7,892 | 2,791,401 | ||||||
| Vulcan Materials Co. | 4,646 | 1,149,002 | ||||||
| 10,914,155 | ||||||||
| Chemicals - 1.7% | ||||||||
| Air Products and Chemicals, Inc. | 7,805 | 2,467,551 | ||||||
| Albemarle Corp. | 3,993 | 307,581 | ||||||
| CF Industries Holdings, Inc. | 6,063 | 491,224 | ||||||
| DuPont de Nemours, Inc. | 14,658 | 1,198,585 | ||||||
| Ecolab, Inc. | 8,854 | 2,381,814 | ||||||
| FMC Corp. | 4,399 | 162,323 | ||||||
| Linde PLC | 16,717 | 7,807,675 | ||||||
| PPG Industries, Inc. | 8,140 | 921,611 | ||||||
| The Mosaic Co. | 11,207 | 268,071 | ||||||
| The Sherwin-Williams Co. | 8,106 | 2,936,561 | ||||||
| 18,942,996 | ||||||||
| Commercial Services - 0.5% | ||||||||
| Cintas Corp. | 12,055 | 2,501,412 | ||||||
| Equifax, Inc. | 4,361 | 1,069,317 | ||||||
| Quanta Services, Inc. | 5,120 | 1,329,306 | ||||||
| Rollins, Inc. | 9,917 | 519,552 | ||||||
| 5,419,587 | ||||||||
| Computers - 13.0% | ||||||||
| Accenture PLC - Class A | 21,968 | 7,655,848 | ||||||
| Apple, Inc. | 533,298 | 128,972,788 | ||||||
| Cognizant Technology Solutions Corp. - Class A | 17,445 | 1,453,692 | ||||||
| EPAM Systems, Inc.(a) | 1,884 | 388,368 | ||||||
| Fortinet, Inc.(a) | 22,428 | 2,422,448 | ||||||
| Gartner, Inc.(a) | 2,661 | 1,326,029 | ||||||
| HP, Inc. | 33,994 | 1,049,395 | ||||||
| Leidos Holdings, Inc. | 4,665 | 606,310 | ||||||
| NetApp, Inc. | 7,138 | 712,444 | ||||||
| Super Micro Computer, Inc.(a) | 17,752 | 735,998 | ||||||
| 145,323,320 | ||||||||
| Cosmetics & Personal Care - 1.7% | ||||||||
| Colgate-Palmolive Co. | 28,807 | 2,626,334 | ||||||
| Estee Lauder Cos., Inc. - Class A | 8,202 | 589,806 | ||||||
| Kenvue, Inc. | 67,565 | 1,594,534 | ||||||
| The Procter & Gamble Co. | 83,052 | 14,437,760 | ||||||
| 19,248,434 | ||||||||
| Distribution & Wholesale - 0.5% | ||||||||
| Copart, Inc.(a) | 30,913 | 1,694,033 | ||||||
| Fastenal Co. | 20,206 | 1,530,200 | ||||||
| Pool Corp. | 1,305 | 452,835 | ||||||
| W.W. Grainger, Inc. | 1,506 | 1,537,942 | ||||||
| 5,215,010 | ||||||||
| Electric - 0.2% | ||||||||
| Constellation Energy Corp. | 10,995 | 2,754,742 | ||||||
| Electrical Components & Equipment - 0.7% | ||||||||
| AMETEK, Inc. | 8,093 | 1,532,005 | ||||||
| Eaton Corp. PLC | 13,928 | 4,085,361 | ||||||
| Emerson Electric Co. | 20,023 | 2,434,997 | ||||||
| Generac Holdings, Inc.(a) | 2,139 | 291,225 | ||||||
| 8,343,588 | ||||||||
| Electronics - 1.4% | ||||||||
| Allegion PLC | 2,960 | 380,981 | ||||||
| Amphenol Corp. - Class A | 42,523 | 2,832,032 | ||||||
| Fortive Corp. | 12,188 | 969,433 | ||||||
| Garmin Ltd. | 5,444 | 1,246,295 | ||||||
| Honeywell International, Inc. | 22,879 | 4,870,710 | ||||||
| Hubbell, Inc. | 1,791 | 665,518 | ||||||
| Jabil, Inc. | 3,878 | 600,780 | ||||||
| Keysight Technologies, Inc.(a) | 6,041 | 963,721 | ||||||
| Mettler-Toledo International, Inc.(a) | 643 | 818,359 | ||||||
| TE Connectivity PLC | 10,462 | 1,611,462 | ||||||
| Trimble, Inc.(a) | 8,658 | 623,203 | ||||||
| 15,582,494 |
| Energy - Alternate Sources - 0.1% | ||||||||
| Enphase Energy, Inc.(a) | 4,712 | 270,139 | ||||||
| First Solar, Inc.(a) | 3,729 | 507,815 | ||||||
| 777,954 | ||||||||
| Engineering & Construction - 0.1% | ||||||||
| Jacobs Solutions, Inc. | 4,418 | 565,990 | ||||||
| Environmental Control - 0.5% | ||||||||
| Pentair PLC | 5,781 | 544,570 | ||||||
| Republic Services, Inc. | 7,136 | 1,691,375 | ||||||
| Veralto Corp. | 8,741 | 872,002 | ||||||
| Waste Management, Inc. | 12,871 | 2,996,111 | ||||||
| 6,104,058 | ||||||||
| Food - 0.6% | ||||||||
| General Mills, Inc. | 19,686 | 1,193,365 | ||||||
| Kellanova | 9,550 | 791,695 | ||||||
| Lamb Weston Holdings, Inc. | 4,949 | 256,705 | ||||||
| McCormick & Co., Inc. | 8,882 | 733,742 | ||||||
| Mondelez International, Inc. - Class A | 47,129 | 3,027,096 | ||||||
| The Hershey Co. | 5,124 | 884,966 | ||||||
| 6,887,569 | ||||||||
| Healthcare - Products - 4.8% | ||||||||
| Abbott Laboratories | 61,123 | 8,435,585 | ||||||
| Agilent Technologies, Inc. | 10,230 | 1,308,622 | ||||||
| Align Technology, Inc.(a) | 2,428 | 454,109 | ||||||
| Bio-Techne Corp. | 5,554 | 342,960 | ||||||
| Boston Scientific Corp.(a) | 51,994 | 5,396,457 | ||||||
| Danaher Corp. | 22,641 | 4,703,894 | ||||||
| Edwards Lifesciences Corp.(a) | 20,748 | 1,485,972 | ||||||
| GE HealthCare Technologies, Inc. | 16,204 | 1,415,419 | ||||||
| Hologic, Inc.(a) | 8,110 | 514,093 | ||||||
| IDEXX Laboratories, Inc.(a) | 2,806 | 1,226,531 | ||||||
| Insulet Corp.(a) | 2,449 | 666,789 | ||||||
| Intuitive Surgical, Inc.(a) | 12,484 | 7,155,205 | ||||||
| Medtronic PLC | 45,181 | 4,157,556 | ||||||
| ResMed, Inc. | 5,095 | 1,189,784 | ||||||
| STERIS PLC | 3,475 | 761,928 | ||||||
| Stryker Corp. | 12,064 | 4,658,996 | ||||||
| Teleflex, Inc. | 1,562 | 207,356 | ||||||
| The Cooper Cos., Inc.(a) | 6,953 | 628,412 | ||||||
| Thermo Fisher Scientific, Inc. | 13,424 | 7,100,759 | ||||||
| Waters Corp.(a) | 2,121 | 800,338 | ||||||
| West Pharmaceutical Services, Inc. | 2,518 | 585,032 | ||||||
| Zimmer Biomet Holdings, Inc. | 6,963 | 726,380 | ||||||
| 53,922,177 | ||||||||
| Healthcare - Services - 0.1% | ||||||||
| Charles River Laboratories International, Inc.(a) | 1,689 | 279,208 | ||||||
| Molina Healthcare, Inc.(a) | 1,890 | 569,117 | ||||||
| 848,325 | ||||||||
| Home Builders - 0.2% | ||||||||
| D.R. Horton, Inc. | 10,220 | 1,295,998 | ||||||
| PulteGroup, Inc. | 7,194 | 742,997 | ||||||
| 2,038,995 |
| Household Products & Wares - 0.3% | ||||||||
| Avery Dennison Corp. | 2,759 | 518,609 | ||||||
| Church & Dwight Co., Inc. | 8,629 | 959,545 | ||||||
| Kimberly-Clark Corp. | 11,756 | 1,669,469 | ||||||
| The Clorox Co. | 4,356 | 681,235 | ||||||
| 3,828,858 | ||||||||
| Internet - 18.4% | ||||||||
| Alphabet, Inc. - Class A | 206,104 | 35,095,389 | ||||||
| Alphabet, Inc. - Class C | 167,874 | 28,911,260 | ||||||
| Amazon.com, Inc.(a) | 330,130 | 70,079,996 | ||||||
| Booking Holdings, Inc. | 1,158 | 5,808,540 | ||||||
| CDW Corp. | 4,659 | 830,234 | ||||||
| eBay, Inc. | 16,808 | 1,088,150 | ||||||
| F5, Inc.(a) | 1,925 | 562,928 | ||||||
| Meta Platforms, Inc. - Class A | 76,860 | 51,357,852 | ||||||
| Palo Alto Networks, Inc.(a) | 23,016 | 4,382,937 | ||||||
| Uber Technologies, Inc.(a) | 74,284 | 5,646,327 | ||||||
| VeriSign, Inc.(a) | 2,823 | 671,535 | ||||||
| 204,435,148 | ||||||||
| Iron & Steel - 0.2% | ||||||||
| Nucor Corp. | 8,256 | 1,134,952 | ||||||
| Steel Dynamics, Inc. | 4,945 | 667,921 | ||||||
| 1,802,873 | ||||||||
| Machinery - Diversified - 0.7% | ||||||||
| Dover Corp. | 4,785 | 951,114 | ||||||
| IDEX Corp. | 2,618 | 508,756 | ||||||
| Ingersoll Rand, Inc. | 14,260 | 1,208,963 | ||||||
| Nordson Corp. | 1,811 | 380,835 | ||||||
| Otis Worldwide Corp. | 14,065 | 1,403,406 | ||||||
| Rockwell Automation, Inc. | 3,907 | 1,121,895 | ||||||
| Westinghouse Air Brake Technologies Corp. | 5,995 | 1,111,233 | ||||||
| Xylem, Inc. | 8,620 | 1,128,272 | ||||||
| 7,814,474 | ||||||||
| Mining - 0.3% | ||||||||
| Freeport-McMoRan, Inc. | 50,617 | 1,868,274 | ||||||
| Newmont Corp. | 40,080 | 1,717,027 | ||||||
| 3,585,301 | ||||||||
| Miscellaneous Manufacturers - 0.8% | ||||||||
| 3M Co. | 19,201 | 2,978,459 | ||||||
| A O Smith Corp. | 4,109 | 273,167 | ||||||
| Illinois Tool Works, Inc. | 9,389 | 2,478,508 | ||||||
| Parker-Hannifin Corp. | 4,514 | 3,017,654 | ||||||
| 8,747,788 | ||||||||
| Office & Business Equipment - 0.0%(b) | ||||||||
| Zebra Technologies Corp. - Class A(a) | 1,727 | 544,091 | ||||||
| Oil & Gas - 2.7% | ||||||||
| ConocoPhillips | 45,633 | 4,524,512 | ||||||
| Coterra Energy, Inc. | 25,939 | 700,094 | ||||||
| Devon Energy Corp. | 23,093 | 836,428 | ||||||
| EOG Resources, Inc. | 19,902 | 2,526,360 | ||||||
| Exxon Mobil Corp. | 155,038 | 17,260,380 | ||||||
| Hess Corp. | 9,788 | 1,457,825 | ||||||
| Texas Pacific Land Corp. | 604 | 862,482 | ||||||
| Valero Energy Corp. | 11,117 | 1,453,325 | ||||||
| 29,621,406 | ||||||||
| Oil & Gas Services - 0.4% | ||||||||
| Baker Hughes Co. | 34,821 | 1,552,668 | ||||||
| Halliburton Co. | 30,972 | 816,732 | ||||||
| Schlumberger NV | 49,823 | 2,075,626 | ||||||
| 4,445,026 | ||||||||
| Packaging & Containers - 0.1% | ||||||||
| Packaging Corp. of America | 3,179 | 677,413 | ||||||
| Pharmaceuticals - 6.3% | ||||||||
| AbbVie, Inc. | 62,268 | 13,015,880 | ||||||
| Becton Dickinson & Co. | 10,138 | 2,286,423 | ||||||
| Cardinal Health, Inc. | 8,533 | 1,104,853 | ||||||
| Cencora, Inc. | 6,106 | 1,548,115 | ||||||
| Dexcom, Inc.(a) | 13,781 | 1,217,827 | ||||||
| Eli Lilly & Co. | 27,778 | 25,573,260 | ||||||
| Henry Schein, Inc.(a) | 4,461 | 321,950 | ||||||
| Johnson & Johnson | 84,931 | 14,015,314 | ||||||
| McKesson Corp. | 4,457 | 2,853,639 | ||||||
| Merck & Co., Inc. | 89,230 | 8,231,468 | ||||||
| 70,168,729 | ||||||||
| Retail - 3.3% | ||||||||
| AutoZone, Inc.(a) | 542 | 1,893,211 | ||||||
| Best Buy Co., Inc. | 6,845 | 615,434 | ||||||
| Genuine Parts Co. | 4,824 | 602,421 | ||||||
| Lowe's Cos., Inc. | 19,929 | 4,955,147 | ||||||
| Lululemon Athletica, Inc.(a) | 3,921 | 1,433,557 | ||||||
| O'Reilly Automotive, Inc.(a) | 1,914 | 2,629,147 | ||||||
| Ross Stores, Inc. | 11,701 | 1,641,884 | ||||||
| Target Corp. | 16,221 | 2,015,297 | ||||||
| The Home Depot, Inc. | 35,039 | 13,896,467 | ||||||
| TJX Cos., Inc. | 39,741 | 4,958,087 | ||||||
| Tractor Supply Co. | 18,887 | 1,045,396 | ||||||
| Ulta Beauty, Inc.(a) | 1,591 | 582,879 | ||||||
| 36,268,927 | ||||||||
| Semiconductors - 16.5% | ||||||||
| Advanced Micro Devices, Inc.(a) | 57,254 | 5,717,384 | ||||||
| Analog Devices, Inc. | 17,466 | 4,018,228 | ||||||
| Applied Materials, Inc. | 29,044 | 4,590,985 | ||||||
| Broadcom, Inc. | 164,741 | 32,854,298 | ||||||
| KLA Corp. | 4,675 | 3,313,827 | ||||||
| Lam Research Corp. | 45,316 | 3,477,550 | ||||||
| Microchip Technology, Inc. | 19,098 | 1,124,108 | ||||||
| Micron Technology, Inc. | 39,031 | 3,654,473 | ||||||
| Monolithic Power Systems, Inc. | 1,642 | 1,003,278 | ||||||
| NVIDIA Corp. | 865,508 | 108,119,259 | ||||||
| NXP Semiconductors NV | 8,922 | 1,923,494 | ||||||
| ON Semiconductor Corp.(a) | 15,180 | 714,219 | ||||||
| QUALCOMM, Inc. | 39,200 | 6,161,064 | ||||||
| Skyworks Solutions, Inc. | 5,615 | 374,296 | ||||||
| Teradyne, Inc. | 5,715 | 627,850 | ||||||
| Texas Instruments, Inc. | 32,149 | 6,300,883 | ||||||
| 183,975,196 |
| Software - 13.7% | ||||||||
| Adobe, Inc.(a) | 15,468 | 6,783,646 | ||||||
| Akamai Technologies, Inc.(a) | 5,300 | 427,604 | ||||||
| ANSYS, Inc.(a) | 2,976 | 991,752 | ||||||
| Autodesk, Inc.(a) | 7,570 | 2,075,770 | ||||||
| Cadence Design Systems, Inc.(a) | 9,664 | 2,420,832 | ||||||
| Fair Isaac Corp.(a) | 780 | 1,471,353 | ||||||
| Microsoft Corp. | 262,269 | 104,118,170 | ||||||
| Oracle Corp. | 56,657 | 9,408,461 | ||||||
| Paycom Software, Inc. | 1,637 | 359,272 | ||||||
| PTC, Inc.(a) | 4,272 | 699,027 | ||||||
| Roper Technologies, Inc. | 3,734 | 2,182,523 | ||||||
| Salesforce, Inc. | 33,650 | 10,022,653 | ||||||
| ServiceNow, Inc.(a) | 7,185 | 6,680,326 | ||||||
| Synopsys, Inc.(a) | 5,409 | 2,473,428 | ||||||
| Tyler Technologies, Inc.(a) | 1,460 | 888,308 | ||||||
| Workday, Inc. - Class A(a) | 7,506 | 1,976,630 | ||||||
| 152,979,755 | ||||||||
| Telecommunications - 1.5% | ||||||||
| Arista Networks, Inc.(a) | 36,409 | 3,387,857 | ||||||
| Cisco Systems, Inc. | 140,568 | 9,011,815 | ||||||
| Corning, Inc. | 27,125 | 1,360,319 | ||||||
| Juniper Networks, Inc. | 11,708 | 423,830 | ||||||
| Motorola Solutions, Inc. | 5,842 | 2,571,765 | ||||||
| 16,755,586 | ||||||||
| Transportation - 1.4% | ||||||||
| C.H. Robinson Worldwide, Inc. | 4,068 | 413,390 | ||||||
| CSX Corp. | 68,020 | 2,177,320 | ||||||
| Expeditors International of Washington, Inc. | 4,876 | 572,247 | ||||||
| J.B. Hunt Transport Services, Inc. | 2,726 | 439,404 | ||||||
| Norfolk Southern Corp. | 7,931 | 1,949,043 | ||||||
| Old Dominion Freight Line, Inc. | 6,649 | 1,173,549 | ||||||
| Union Pacific Corp. | 21,372 | 5,272,259 | ||||||
| United Parcel Service, Inc. - Class B | 25,771 | 3,067,522 | ||||||
| 15,064,734 | ||||||||
| TOTAL COMMON STOCKS (Cost $914,977,990) | 1,099,820,599 | |||||||
| REAL ESTATE INVESTMENT TRUSTS - 1.0% | ||||||||
| AvalonBay Communities, Inc. | 4,941 | 1,117,556 | ||||||
| Camden Property Trust | 3,680 | 456,541 | ||||||
| Equinix, Inc. | 3,384 | 3,061,234 | ||||||
| Equity Residential | 12,060 | 894,490 | ||||||
| Mid-America Apartment Communities, Inc. | 4,028 | 677,187 | ||||||
| Prologis, Inc. | 32,597 | 4,039,420 | ||||||
| Weyerhaeuser Co. | 25,821 | 777,212 | ||||||
| TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $10,202,079) | 11,023,640 | |||||||
| RIGHTS - 0.0%(b) | ||||||||
| Healthcare - Products - 0.0% | ||||||||
| ABIOMED, Inc., Expires , Exercise Price $0.00 (a) | 405 | 0 | ||||||
| TOTAL RIGHTS (Cost $0) | 0 | |||||||
| TOTAL INVESTMENTS - 99.7% (Cost $925,180,069) | 1,110,844,239 | |||||||
| Other Assets in Excess of Liabilities - 0.3% | 3,175,395 | |||||||
| TOTAL NET ASSETS - 100.0% | $ | 1,114,019,634 |
Percentages are stated as a percent of net assets.
| PLC - Public Limited Company |
| (a) | Non-income producing security. |
| (b) | Represents less than 0.05% of net assets. |
Summary of Fair Value Disclosure as of February 28, 2025 (Unaudited)
SP Funds S&P 500 Sharia Industry Exclusions 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: | ||||||||||||||||
| Common Stocks | $ | 1,099,820,599 | $ | — | $ | — | $ | 1,099,820,599 | ||||||||
| Real Estate Investment Trusts | 11,023,640 | — | — | 11,023,640 | ||||||||||||
| Rights | — | — | 0 | 0 | (a) | |||||||||||
| Total Investments | $ | 1,110,844,239 | $ | — | $ | 0 | $ | 1,110,844,239 | ||||||||
Refer to the Schedule of Investments for further disaggregation of investment categories.
| (a) | Amount is less than $0.50. |
The following is a reconciliation of Level 3 investments for the SP Funds S&P 500 Sharia Industry Exclusions ETF for which significant unobservable inputs were used to determine fair value:
| Rights(a) | ||||
| Balance as of November 30, 2024 | $ | 0 | ||
| Accrued discounts/premiums | — | |||
| Realized gain (loss) | — | |||
| Change in unrealized appreciation/depreciation | — | |||
| Purchases | — | |||
| Sales | — | |||
| Transfer into and/or out of Level 3 | — | |||
| Balance as of February 28, 2025 | $ | 0 | ||
| Change in unrealized appreciation/depreciation during the period for Level 3 investments held at February 28, 2025: | ||||
| $ | — | |||
| (a) | The securities (Rights) are classified as Level 3 securities due to a lack of market activity. |