SP Funds S&P World (ex-US) ETF | ||||||||
Schedule of Investments | ||||||||
as of January 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 99.2% | Shares | Value | ||||||
Aerospace/Defense - 2.3% | ||||||||
Airbus SE - ADR | 2,398 | $ | 95,200 | |||||
BAE Systems PLC - ADR | 759 | 45,950 | ||||||
Melrose Industries PLC | 1,384 | 10,413 | ||||||
MTU Aero Engines AG - ADR | 84 | 9,661 | ||||||
Safran SA - ADR | 1,345 | 62,731 | ||||||
Thales SA - ADR | 420 | 12,241 | ||||||
236,196 | ||||||||
Airlines - 0.1% | ||||||||
Ryanair Holdings PLC - ADR | 63 | 8,417 | ||||||
Apparel - 1.5% | ||||||||
adidas AG - ADR | 334 | 29,432 | ||||||
Burberry Group PLC - ADR | 462 | 7,794 | ||||||
Hermes International SCA - ADR | 330 | 69,673 | ||||||
Kering SA - ADR | 672 | 27,686 | ||||||
Puma SE | 42 | 1,715 | ||||||
Shenzhou International Group Holdings Ltd. - ADR | 2,117 | 18,799 | ||||||
155,099 | ||||||||
Auto Manufacturers - 1.9% | ||||||||
BYD Co. Ltd. - ADR | 1,209 | 54,308 | ||||||
Ferrari NV | 124 | 43,601 | ||||||
Geely Automobile Holdings Ltd. - ADR | 756 | 14,296 | ||||||
Great Wall Motor Co. Ltd. - ADR | 504 | 4,990 | ||||||
Li Auto, Inc. - Class A(a) | 3,144 | 42,632 | ||||||
NIO, Inc. - ADR(a) | 3,728 | 20,951 | ||||||
Subaru Corp. - ADR | 1,302 | 13,007 | ||||||
XPeng, Inc. - Class A(a) | 2,929 | 12,121 | ||||||
205,906 | ||||||||
Auto Parts & Equipment - 0.7% | ||||||||
Bridgestone Corp. - ADR | 1,050 | 22,691 | ||||||
Denso Corp. - ADR | 2,184 | 34,092 | ||||||
Fuyao Glass Industry Group Co. Ltd. - Class H(b) | 1,654 | 7,469 | ||||||
Magna International, Inc. | 312 | 17,843 | ||||||
82,095 | ||||||||
Beverages - 0.2% | ||||||||
Nongfu Spring Co. Ltd. - Class H(b) | 4,513 | 24,449 | ||||||
Biotechnology - 1.8% | ||||||||
Argenx SE - ADR(a) | 63 | 23,972 | ||||||
BeiGene Ltd. - ADR(a) | 168 | 24,903 | ||||||
BioNTech SE - ADR(a) | 84 | 7,983 | ||||||
CSL Ltd. - ADR | 960 | 94,204 | ||||||
Genmab AS - ADR(a) | 714 | 19,714 | ||||||
Innovent Biologics, Inc.(a)(b) | 4,013 | 16,171 | ||||||
186,947 | ||||||||
Building Materials - 1.7% | ||||||||
Anhui Conch Cement Co. Ltd. - ADR | 693 | 6,937 | ||||||
Daikin Industries Ltd. - ADR | 2,940 | 46,835 | ||||||
Geberit AG - ADR | 342 | 19,749 | ||||||
James Hardie Industries PLC - ADR(a) | 438 | 16,451 | ||||||
Kingspan Group PLC - ADR | 159 | 13,019 | ||||||
NIBE INDUSTRIER AB - Class B(a) | 1,579 | 9,588 | ||||||
Sika AG - ADR | 1,617 | 44,791 | ||||||
Svenska Cellulosa AB SCA - Class B | 620 | 8,524 | ||||||
Xinyi Glass Holdings Ltd. - ADR | 357 | 5,883 | ||||||
171,777 | ||||||||
Chemicals - 3.1% | ||||||||
Air Liquide SA - ADR | 2,580 | 96,388 | ||||||
Brenntag SE - ADR | 651 | 11,510 | ||||||
Chr Hansen Holding AS - ADR | 294 | 5,601 | ||||||
Croda International PLC - ADR | 231 | 7,096 | ||||||
DSM-Firmenich AG | 205 | 21,841 | ||||||
Givaudan SA - ADR | 401 | 33,556 | ||||||
Nippon Paint Holdings Co. Ltd. | 1,107 | 8,849 | ||||||
Nissan Chemical Corp. | 84 | 3,403 | ||||||
Nitto Denko Corp. - ADR | 273 | 11,338 | ||||||
Novozymes AS - ADR | 147 | 7,487 | ||||||
Shin-Etsu Chemical Co. Ltd. - ADR | 3,981 | 77,828 | ||||||
Sociedad Quimica y Minera de Chile SA - ADR | 357 | 15,019 | ||||||
Solvay SA | 152 | 4,200 | ||||||
Symrise AG - ADR | 420 | 10,853 | ||||||
314,969 | ||||||||
Coal - 0.3% | ||||||||
China Shenhua Energy Co. Ltd. - ADR | 2,016 | 30,623 | ||||||
Commercial Services - 3.3% | ||||||||
Adyen NV - ADR(a) | 3,096 | 38,824 | ||||||
Amadeus IT Group SA - ADR | 445 | 31,154 | ||||||
Brambles Ltd. - ADR | 672 | 12,869 | ||||||
Bureau Veritas SA - ADR | 126 | 6,746 | ||||||
Experian PLC - ADR | 919 | 38,212 | ||||||
Intertek Group PLC - ADR | 147 | 8,495 | ||||||
MOG Digitech Holdings Ltd.(a) | 4,029 | 768 | ||||||
New Oriental Education & Technology Group, Inc. - ADR(a) | 393 | 30,127 | ||||||
Recruit Holdings Co. Ltd. - ADR | 8,367 | 65,932 | ||||||
RELX PLC - ADR | 1,894 | 78,318 | ||||||
Secom Co. Ltd. - ADR | 756 | 13,789 | ||||||
SGS SA - ADR | 1,512 | 13,910 | ||||||
TOPPAN Holdings, Inc. - ADR | 567 | 7,856 | ||||||
347,000 | ||||||||
Computers - 3.2% | ||||||||
Capgemini SE - ADR | 765 | 34,134 | ||||||
CGI, Inc.(a) | 228 | 25,694 | ||||||
Fujitsu Ltd. - ADR | 858 | 23,239 | ||||||
Globant SA(a) | 42 | 9,904 | ||||||
Infosys Ltd. - ADR | 9,246 | 183,626 | ||||||
Nomura Research Institute Ltd. - ADR | 441 | 13,406 | ||||||
Obic Co. Ltd. | 85 | 13,220 | ||||||
Wipro Ltd. - ADR | 3,360 | 19,018 | ||||||
WNS Holdings Ltd. - ADR(a) | 105 | 7,282 | ||||||
329,523 | ||||||||
Cosmetics/Personal Care - 2.7% | ||||||||
Beiersdorf AG - ADR | 399 | 11,723 | ||||||
Kao Corp. - ADR | 2,016 | 15,886 | ||||||
L'Oreal SA - ADR | 1,133 | 108,315 | ||||||
Shiseido Co. Ltd. - ADR | 525 | 14,642 | ||||||
Unicharm Corp. - ADR | 2,226 | 15,383 | ||||||
Unilever PLC - ADR | 2,457 | 119,631 | ||||||
285,580 | ||||||||
Distribution/Wholesale - 0.1% | ||||||||
Toromont Industries Ltd. | 87 | 7,668 | ||||||
Electric - 0.1% | ||||||||
Orsted AS - ADR | 546 | 10,117 | ||||||
Electrical Components & Equipment - 1.2% | ||||||||
Legrand SA - ADR | 1,334 | 25,880 | ||||||
Schneider Electric SE - ADR | 2,620 | 102,913 | ||||||
128,793 | ||||||||
Electronics - 2.7% | ||||||||
ABB Ltd. | 1,583 | 67,703 | ||||||
Assa Abloy AB - ADR | 1,975 | 27,008 | ||||||
BYD Electronic International Co. Ltd. | 2,027 | 6,936 | ||||||
Delta Electronics Thailand PCL | 12,830 | 28,479 | ||||||
Halma PLC | 388 | 10,836 | ||||||
Hoya Corp. - ADR | 347 | 44,030 | ||||||
Kyocera Corp. - ADR | 1,397 | 20,410 | ||||||
Murata Manufacturing Co. Ltd. - ADR | 3,776 | 38,138 | ||||||
NIDEC CORP - ADR | 2,478 | 23,120 | ||||||
Shimadzu Corp. | 286 | 8,040 | ||||||
274,700 | ||||||||
Energy-Alternate Sources - 0.4% | ||||||||
Energy Absolute PCL | 3,234 | 3,623 | ||||||
Vestas Wind Systems AS - ADR(a) | 3,028 | 28,191 | ||||||
Xinyi Solar Holdings Ltd. | 8,951 | 4,100 | ||||||
35,914 | ||||||||
Engineering & Construction - 0.7% | ||||||||
Airports of Thailand PCL | 11,274 | 18,987 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV - ADR | 105 | 16,369 | ||||||
Grupo Aeroportuario del Sureste SAB de CV - ADR | 42 | 12,278 | ||||||
Stantec, Inc. | 115 | 9,299 | ||||||
WSP Global, Inc. | 124 | 18,331 | ||||||
75,264 | ||||||||
Environmental Control - 0.4% | ||||||||
Waste Connections, Inc. | 254 | 39,678 | ||||||
Food - 4.0% | ||||||||
Ajinomoto Co., Inc. - ADR | 546 | 22,370 | ||||||
Bid Corp. Ltd. | 1,012 | 24,711 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 1 | 12,823 | ||||||
Kerry Group PLC - ADR | 147 | 13,179 | ||||||
Mowi ASA - ADR | 420 | 7,577 | ||||||
Nestle SA - ADR | 2,659 | 302,860 | ||||||
Nissin Foods Holdings Co. Ltd. | 258 | 8,435 | ||||||
Orkla ASA - ADR | 693 | 5,424 | ||||||
Tingyi Cayman Islands Holding Corp. | 3,092 | 3,069 | ||||||
Want Want China Holdings Ltd. | 8,001 | 4,411 | ||||||
Yakult Honsha Co. Ltd. | 189 | 4,176 | ||||||
409,035 | ||||||||
Food Service - 0.5% | ||||||||
Compass Group PLC - ADR | 1,760 | 49,069 | ||||||
Forest Products & Paper - 0.2% | ||||||||
Mondi PLC - ADR | 171 | 6,190 | ||||||
UPM-Kymmene Oyj - ADR | 462 | 16,706 | ||||||
22,896 | ||||||||
Gas - 0.0%(c) | ||||||||
ENN Energy Holdings Ltd. - ADR | 168 | 4,978 | ||||||
Hand/Machine Tools - 0.3% | ||||||||
Fuji Electric Co. Ltd. | 84 | 4,286 | ||||||
Makita Corp. - ADR | 252 | 6,980 | ||||||
Schindler Holding AG | 42 | 10,576 | ||||||
Techtronic Industries Co. Ltd. - ADR | 272 | 14,552 | ||||||
36,394 | ||||||||
Healthcare-Products - 2.8% | ||||||||
Alcon, Inc. | 467 | 35,625 | ||||||
Cochlear Ltd. - ADR | 105 | 10,421 | ||||||
Coloplast AS - ADR | 1,029 | 11,947 | ||||||
EssilorLuxottica SA - ADR | 561 | 55,067 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 600 | 8,742 | ||||||
FUJIFILM Holdings Corp. - ADR | 378 | 23,871 | ||||||
Koninklijke Philips NV | 920 | 19,763 | ||||||
Olympus Corp. | 1,428 | 21,492 | ||||||
QIAGEN NV | 231 | 10,132 | ||||||
Sartorius Stedim Biotech | 25 | 6,822 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H | 3,339 | 2,140 | ||||||
Siemens Healthineers AG - ADR | 574 | 15,997 | ||||||
Smith & Nephew PLC - ADR | 378 | 10,595 | ||||||
Sonova Holding AG - ADR | 244 | 15,634 | ||||||
Straumann Holding AG - ADR | 945 | 14,459 | ||||||
Sysmex Corp. - ADR | 273 | 7,445 | ||||||
Terumo Corp. - ADR | 745 | 25,136 | ||||||
295,288 | ||||||||
Healthcare-Services - 1.2% | ||||||||
Bangkok Dusit Medical Services PCL | 12,890 | 9,992 | ||||||
Bumrungrad Hospital PCL | 651 | 4,404 | ||||||
Eurofins Scientific(a) | 134 | 8,166 | ||||||
Genscript Biotech Corp.(a) | 1,475 | 2,445 | ||||||
ICON PLC(a) | 82 | 21,391 | ||||||
Lonza Group AG - ADR | 819 | 40,099 | ||||||
Sonic Healthcare Ltd. - ADR | 399 | 8,283 | ||||||
WuXi AppTec Co. Ltd. - Class H(b) | 996 | 6,880 | ||||||
Wuxi Biologics Cayman, Inc. - ADR(a) | 4,709 | 24,840 | ||||||
126,500 | ||||||||
Home Builders - 0.0%(c) | ||||||||
Sekisui Chemical Co. Ltd. | 252 | 3,650 | ||||||
Home Furnishings - 0.2% | ||||||||
Haier Smart Home Co. Ltd. - ADR | 1,596 | 17,955 | ||||||
Household Products/Wares - 0.5% | ||||||||
Henkel AG & Co. KGaA - ADR | 315 | 5,390 | ||||||
Reckitt Benckiser Group PLC - ADR | 3,528 | 51,209 | ||||||
56,599 | ||||||||
Internet - 5.9% | ||||||||
Auto Trader Group PLC - ADR | 2,856 | 6,540 | ||||||
Coupang, Inc.(a) | 1,134 | 15,876 | ||||||
Delivery Hero SE - ADR(a) | 1,827 | 4,056 | ||||||
JD.com, Inc. - ADR | 3,339 | 75,294 | ||||||
Kanzhun Ltd. - ADR | 735 | 10,224 | ||||||
M3, Inc. - ADR | 966 | 7,554 | ||||||
Meituan - ADR(a) | 5,574 | 89,965 | ||||||
PDD Holdings, Inc. - ADR(a) | 1,799 | 228,240 | ||||||
Prosus NV - ADR | 7,411 | 43,873 | ||||||
Rightmove PLC - ADR | 357 | 5,141 | ||||||
Shopify, Inc. - Class A(a) | 1,244 | 100,215 | ||||||
Trend Micro, Inc. - ADR | 84 | 4,838 | ||||||
Vipshop Holdings Ltd. - ADR(a) | 588 | 9,343 | ||||||
601,159 | ||||||||
Iron/Steel - 1.7% | ||||||||
BlueScope Steel Ltd. | 472 | 7,366 | ||||||
Fortescue Ltd. - ADR | 836 | 32,328 | ||||||
Mineral Resources Ltd. | 182 | 7,213 | ||||||
Vale SA - ADR | 9,492 | 129,946 | ||||||
176,853 | ||||||||
Leisure Time - 0.1% | ||||||||
Shimano, Inc. - ADR | 693 | 9,945 | ||||||
Lodging - 0.1% | ||||||||
H World Group Ltd. - ADR | 378 | 12,009 | ||||||
Machinery-Construction & Mining - 0.7% | ||||||||
Epiroc AB - ADR | 546 | 9,609 | ||||||
Metso Oyj | 420 | 4,238 | ||||||
Mitsubishi Electric Corp. - ADR | 1,050 | 31,079 | ||||||
Sandvik AB - ADR | 1,086 | 22,719 | ||||||
Siemens Energy AG - ADR(a) | 504 | 7,530 | ||||||
75,175 | ||||||||
Machinery-Diversified - 2.6% | ||||||||
Atlas Copco AB - ADR | 1,561 | 21,807 | ||||||
Atlas Copco AB - ADR | 2,575 | 41,227 | ||||||
FANUC Corp. - ADR | 1,659 | 22,894 | ||||||
Hexagon AB - ADR | 2,141 | 23,251 | ||||||
Keyence Corp. | 195 | 88,819 | ||||||
Kone Oyj - ADR | 693 | 17,117 | ||||||
Omron Corp. - ADR | 189 | 8,524 | ||||||
SMC Corp. - ADR | 1,221 | 34,090 | ||||||
Spirax-Sarco Engineering PLC | 76 | 9,683 | ||||||
Yaskawa Electric Corp. - ADR | 105 | 8,050 | ||||||
275,462 | ||||||||
Media - 0.7% | ||||||||
Informa PLC - ADR | 588 | 11,495 | ||||||
Pearson PLC - ADR | 588 | 7,185 | ||||||
Thomson Reuters Corp. | 150 | 22,410 | ||||||
Wolters Kluwer NV - ADR | 250 | 36,873 | ||||||
77,963 | ||||||||
Metal Fabricate/Hardware - 0.1% | ||||||||
SKF AB - ADR | 273 | 5,381 | ||||||
Tenaris SA - ADR | 189 | 6,012 | ||||||
11,393 | ||||||||
Mining - 4.6% | ||||||||
Agnico Eagle Mines Ltd. | 428 | 21,169 | ||||||
Barrick Gold Corp. | 1,778 | 27,947 | ||||||
BHP Group Ltd. - ADR | 2,535 | 155,192 | ||||||
Boliden AB - ADR | 105 | 5,606 | ||||||
Cameco Corp. | 469 | 22,532 | ||||||
Franco-Nevada Corp. | 195 | 21,230 | ||||||
Gold Fields Ltd. - ADR | 2,373 | 35,120 | ||||||
Impala Platinum Holdings Ltd. - ADR | 2,562 | 9,812 | ||||||
Norsk Hydro ASA - ADR | 1,113 | 6,656 | ||||||
Northam Platinum Holdings Ltd. | 992 | 6,727 | ||||||
Pilbara Minerals Ltd. | 1,643 | 3,856 | ||||||
Rio Tinto Ltd. | 367 | 32,247 | ||||||
Rio Tinto PLC - ADR | 1,095 | 75,851 | ||||||
Sibanye Stillwater Ltd. - ADR | 2,163 | 10,469 | ||||||
South32 Ltd. - ADR | 840 | 9,106 | ||||||
Southern Copper Corp. | 189 | 15,517 | ||||||
Wheaton Precious Metals Corp. | 472 | 22,260 | ||||||
481,297 | ||||||||
Miscellaneous Manufacturing - 0.2% | ||||||||
Alfa Laval AB - ADR | 210 | 7,707 | ||||||
Smiths Group PLC - ADR | 294 | 6,115 | ||||||
Sunny Optical Technology Group Co. Ltd. - ADR | 147 | 8,977 | ||||||
22,799 | ||||||||
Office-Business Equipment - 0.3% | ||||||||
Canon, Inc. | 1,057 | 29,503 | ||||||
Oil & Gas - 1.8% | ||||||||
ARC Resources Ltd. | 635 | 9,924 | ||||||
Canadian Natural Resources Ltd. | 1,088 | 70,065 | ||||||
Imperial Oil Ltd. | 168 | 9,751 | ||||||
Neste Oyj - ADR | 840 | 14,461 | ||||||
PTT Exploration & Production PCL | 3,786 | 16,007 | ||||||
Tourmaline Oil Corp. | 416 | 18,100 | ||||||
Woodside Energy Group Ltd. - ADR | 1,893 | 39,526 | ||||||
177,834 | ||||||||
Pharmaceuticals - 13.6% | ||||||||
Astellas Pharma, Inc. - ADR | 1,843 | 21,379 | ||||||
AstraZeneca PLC - ADR | 3,062 | 204,052 | ||||||
Chugai Pharmaceutical Co. Ltd. - ADR | 1,294 | 23,201 | ||||||
CSPC Pharmaceutical Group Ltd. | 21,644 | 15,893 | ||||||
Daiichi Sankyo Co. Ltd. - ADR | 1,948 | 58,615 | ||||||
Dr Reddy's Laboratories Ltd. - ADR | 294 | 21,153 | ||||||
Eisai Co. Ltd. | 299 | 14,314 | ||||||
GSK PLC - ADR | 1,932 | 76,198 | ||||||
Merck KgaA - ADR | 651 | 21,426 | ||||||
Novartis AG - ADR | 1,995 | 206,423 | ||||||
Novo Nordisk AS - ADR | 3,176 | 364,414 | ||||||
Ono Pharmaceutical Co. Ltd. - ADR | 1,512 | 8,936 | ||||||
Otsuka Holdings Co. Ltd. - ADR | 1,050 | 20,496 | ||||||
Roche Holding AG | 36 | 10,987 | ||||||
Roche Holding AG - ADR | 5,612 | 197,206 | ||||||
Sanofi SA - ADR | 2,211 | 110,329 | ||||||
Shionogi & Co. Ltd. - ADR | 945 | 11,321 | ||||||
Sino Biopharmaceutical Ltd. | 26,740 | 9,612 | ||||||
UCB SA - ADR | 231 | 10,889 | ||||||
1,406,844 | ||||||||
Real Estate - 0.3% | ||||||||
China Resources Mixc Lifestyle Services Ltd.(b) | 1,050 | 3,029 | ||||||
Daito Trust Construction Co. Ltd. - ADR | 231 | 6,519 | ||||||
KE Holdings, Inc. - ADR | 1,617 | 22,913 | ||||||
32,461 | ||||||||
Retail - 3.3% | ||||||||
Alibaba Health Information Technology Ltd.(a) | 7,523 | 2,752 | ||||||
ANTA Sports Products Ltd. - ADR | 127 | 26,670 | ||||||
Associated British Foods PLC - ADR | 252 | 7,469 | ||||||
Cie Financiere Richemont SA - ADR | 4,599 | 68,204 | ||||||
Clicks Group Ltd. - ADR | 210 | 6,644 | ||||||
Dollarama, Inc. | 314 | 23,190 | ||||||
Fast Retailing Co. Ltd. - ADR | 1,977 | 52,371 | ||||||
H & M Hennes & Mauritz AB - ADR | 2,352 | 6,529 | ||||||
Industria de Diseno Textil SA - ADR | 2,226 | 47,325 | ||||||
JD Health International, Inc.(a)(b) | 2,740 | 8,973 | ||||||
Li Ning Co. Ltd. - ADR | 256 | 13,585 | ||||||
MatsukiyoCocokara & Co. | 210 | 3,868 | ||||||
Moncler SpA | 209 | 13,009 | ||||||
Nitori Holdings Co. Ltd. - ADR | 714 | 9,275 | ||||||
Swatch Group AG - ADR | 525 | 6,174 | ||||||
Topsports International Holdings Ltd.(b) | 4,095 | 2,645 | ||||||
Wesfarmers Ltd. - ADR | 2,249 | 42,987 | ||||||
341,670 | ||||||||
Semiconductors - 17.8% | ||||||||
Advantest Corp. - ADR | 718 | 28,526 | ||||||
ASM International NV | 44 | 24,672 | ||||||
ASML Holding NV | 393 | 340,747 | ||||||
Disco Corp. - ADR | 853 | 23,040 | ||||||
Hamamatsu Photonics KK | 84 | 3,376 | ||||||
Infineon Technologies AG - ADR | 1,239 | 45,273 | ||||||
Lasertec Corp. - ADR | 382 | 19,818 | ||||||
Renesas Electronics Corp. - ADR(a) | 2,861 | 23,517 | ||||||
Rohm Co. Ltd. - ADR | 294 | 5,139 | ||||||
STMicroelectronics NV | 650 | 28,881 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 10,296 | 1,163,037 | ||||||
Tokyo Electron Ltd. - ADR | 900 | 83,692 | ||||||
United Microelectronics Corp. - ADR | 6,023 | 46,437 | ||||||
1,836,155 | ||||||||
Software - 2.9% | ||||||||
Constellation Software, Inc. | 19 | 52,844 | ||||||
Dassault Systemes SE - ADR | 658 | 34,282 | ||||||
Kingdee International Software Group Co. Ltd.(a) | 7,521 | 7,245 | ||||||
Sage Group PLC - ADR | 257 | 15,741 | ||||||
SAP SE - ADR | 993 | 171,888 | ||||||
WiseTech Global Ltd. | 189 | 9,119 | ||||||
Xero Ltd.(a) | 144 | 10,546 | ||||||
301,665 | ||||||||
Telecommunications - 2.0% | ||||||||
Advanced Info Service PCL | 3,268 | 20,173 | ||||||
Chunghwa Telecom Co. Ltd. - ADR | 992 | 37,278 | ||||||
Elisa Oyj | 84 | 3,855 | ||||||
Hellenic Telecommunications Organization SA - ADR | 924 | 6,376 | ||||||
Nokia Oyj - ADR | 5,838 | 21,017 | ||||||
Singapore Telecommunications Ltd. - ADR | 630 | 11,271 | ||||||
Swisscom AG - ADR | 231 | 13,849 | ||||||
Telefonaktiebolaget LM Ericsson - ADR | 3,098 | 17,070 | ||||||
Telefonica Brasil SA - ADR | 693 | 7,152 | ||||||
Vodacom Group Ltd. - ADR | 1,617 | 8,118 | ||||||
Xiaomi Corp. - Class B(a)(b) | 39,425 | 62,134 | ||||||
208,293 | ||||||||
Transportation - 2.4% | ||||||||
Canadian National Railway Co. | 574 | 71,653 | ||||||
Canadian Pacific Kansas City Ltd. | 916 | 74,174 | ||||||
DSV AS - ADR | 378 | 33,759 | ||||||
JD Logistics, Inc.(a)(b) | 2,924 | 2,544 | ||||||
Kuehne + Nagel International AG - ADR | 285 | 19,463 | ||||||
MTR Corp. Ltd. | 861 | 2,798 | ||||||
SG Holdings Co. Ltd. | 512 | 6,706 | ||||||
SITC International Holdings Co. Ltd. | 2,084 | 3,167 | ||||||
TFI International, Inc. | 83 | 10,977 | ||||||
Yamato Holdings Co. Ltd. | 355 | 6,209 | ||||||
ZTO Express Cayman, Inc. - ADR | 1,302 | 21,300 | ||||||
252,750 | ||||||||
TOTAL COMMON STOCKS (Cost $10,313,478) | 10,304,309 | |||||||
PREFERRED STOCKS - 0.1% | Value | |||||||
Iron/Steel - 0.1% | ||||||||
Gerdau SA - ADR | 3,024 | 12,791 | ||||||
TOTAL PREFERRED STOCKS (Cost $14,587) | 12,791 | |||||||
TOTAL INVESTMENTS - 99.3% (Cost $10,328,065) | $ | 10,317,100 | ||||||
Other Assets in Excess of Liabilities - 0.7% | 69,662 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 10,386,762 | ||||||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
SA - Sociedad Anónima |
SAB de CV - Sociedad Anónima Bursátil de Capital Variable |
(a) | Non-income producing security. |
(b) | Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of January 31, 2024, the value of these securities total $134,294 or 1.29% of the Fund’s net assets. |
(c) | Represents less than 0.05% of net assets. |
Allocation of Portfolio Holdings by Country as of January 31, 2024 | ||||||||
(% of Net Assets) | ||||||||
Japan | $ | 1,338,589 | 12.9 | % | ||||
Taiwan, Province Of China | 1,246,752 | 12.0 | ||||||
Switzerland | 1,155,932 | 11.1 | ||||||
France | 877,288 | 8.5 | ||||||
United Kingdom | 831,066 | 8.0 | ||||||
China | 736,432 | 7.1 | ||||||
Canada | 696,954 | 6.7 | ||||||
Netherlands | 538,856 | 5.2 | ||||||
Denmark | 481,230 | 4.6 | ||||||
Australia | 464,716 | 4.5 | ||||||
Germany | 354,437 | 3.4 | ||||||
Ireland | 338,909 | 3.3 | ||||||
India | 231,079 | 2.2 | ||||||
Sweden | 206,026 | 2.0 | ||||||
Brazil | 149,890 | 1.4 | ||||||
Thailand | 101,665 | 1.0 | ||||||
South Africa | 101,600 | 1.0 | ||||||
Spain | 78,479 | 0.8 | ||||||
Finland | 77,394 | 0.7 | ||||||
Hong Kong | 57,471 | 0.6 | ||||||
Italy | 56,610 | 0.5 | ||||||
United States | 56,296 | 0.5 | ||||||
Mexico | 28,647 | 0.3 | ||||||
Norway | 19,657 | 0.2 | ||||||
New Zealand | 19,288 | 0.2 | ||||||
Belgium | 15,089 | 0.1 | ||||||
Chile | 15,019 | 0.1 | ||||||
Luxembourg | 14,178 | 0.1 | ||||||
Singapore | 11,271 | 0.1 | ||||||
Uruguay | 9,904 | 0.1 | ||||||
Greece | 6,376 | 0.1 | ||||||
Other Assets in Excess of Liabilities | 69,662 | 0.7 | ||||||
$ | 10,386,762 | 100.0 | % |
Summary of Fair Value Exposure at January 31, 2024
The SP Funds S&P World ex-US ETF (the "Fund") utilizes various methods to measure the fair value of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
• 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 spreads, 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.
• 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 spreads, 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 inputs used to value the Fund's investments as of January 31, 2024:
SP Funds S&P World ex-US ETF
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace/Defense | 236,196 | – | – | 236,196 | ||||||||||||
Airlines | 8,417 | – | – | 8,417 | ||||||||||||
Apparel | 155,099 | – | – | 155,099 | ||||||||||||
Auto Manufacturers | 205,906 | – | – | 205,906 | ||||||||||||
Auto Parts & Equipment | 82,095 | – | – | 82,095 | ||||||||||||
Beverages | 24,449 | – | – | 24,449 | ||||||||||||
Biotechnology | 186,947 | – | – | 186,947 | ||||||||||||
Building Materials | 171,777 | – | – | 171,777 | ||||||||||||
Chemicals | 314,969 | – | – | 314,969 | ||||||||||||
Coal | 30,623 | – | – | 30,623 | ||||||||||||
Commercial Services | 339,144 | 7,856 | – | 347,000 | ||||||||||||
Computers | 329,523 | – | – | 329,523 | ||||||||||||
Cosmetics/Personal Care | 285,580 | – | – | 285,580 | ||||||||||||
Distribution/Wholesale | 7,668 | – | – | 7,668 | ||||||||||||
Electric | 10,117 | – | – | 10,117 | ||||||||||||
Electrical Components & Equipment | 128,793 | – | – | 128,793 | ||||||||||||
Electronics | 274,700 | – | – | 274,700 | ||||||||||||
Energy-Alternate Sources | 35,914 | – | – | 35,914 | ||||||||||||
Engineering & Construction | 75,264 | – | – | 75,264 | ||||||||||||
Environmental Control | 39,678 | – | – | 39,678 | ||||||||||||
Food | 409,035 | – | – | 409,035 | ||||||||||||
Food Service | 49,069 | – | – | 49,069 | ||||||||||||
Forest Products & Paper | 22,896 | – | – | 22,896 | ||||||||||||
Gas | 4,978 | – | – | 4,978 | ||||||||||||
Hand/Machine Tools | 36,394 | – | – | 36,394 | ||||||||||||
Healthcare-Products | 295,288 | – | – | 295,288 | ||||||||||||
Healthcare-Services | 126,500 | – | – | 126,500 | ||||||||||||
Home Builders | 3,650 | – | – | 3,650 | ||||||||||||
Home Furnishings | 17,955 | – | – | 17,955 | ||||||||||||
Household Products/Wares | 56,599 | – | – | 56,599 | ||||||||||||
Internet | 601,159 | – | – | 601,159 | ||||||||||||
Iron/Steel | 176,853 | – | – | 176,853 | ||||||||||||
Leisure Time | 9,945 | – | – | 9,945 | ||||||||||||
Lodging | 12,009 | – | – | 12,009 | ||||||||||||
Machinery-Construction & Mining | 75,175 | – | – | 75,175 | ||||||||||||
Machinery-Diversified | 275,462 | – | – | 275,462 | ||||||||||||
Media | 77,963 | – | – | 77,963 | ||||||||||||
Metal Fabricate/Hardware | 11,393 | – | – | 11,393 | ||||||||||||
Mining | 481,297 | – | – | 481,297 | ||||||||||||
Miscellaneous Manufacturing | 22,799 | – | – | 22,799 | ||||||||||||
Office-Business Equipment | 29,503 | – | – | 29,503 | ||||||||||||
Oil & Gas | 177,834 | – | – | 177,834 | ||||||||||||
Pharmaceuticals | 1,406,844 | – | – | 1,406,844 | ||||||||||||
Real Estate | 32,461 | – | – | 32,461 | ||||||||||||
Retail | 341,670 | – | – | 341,670 | ||||||||||||
Semiconductors | 1,836,155 | – | – | 1,836,155 | ||||||||||||
Software | 301,665 | – | – | 301,665 | ||||||||||||
Telecommunications | 208,293 | – | – | 208,293 | ||||||||||||
Transportation | 252,750 | – | – | 252,750 | ||||||||||||
Common Stocks - Total | $ | 10,296,453 | $ | 7,856 | $ | – | $ | 10,304,309 | ||||||||
Preferred Stocks | 12,791 | – | – | 12,791 | ||||||||||||
Total Assets | $ | 10,309,244 | $ | 7,856 | $ | – | $ | 10,317,100 | ||||||||
Refer to the Schedule of Investments for industry classifications. |