SP Funds S&P Global Technology ETF | ||||||||
Schedule of Investments | ||||||||
as of January 31, 2024 (Unaudited) | ||||||||
COMMON STOCKS - 99.7% | Shares | Value | ||||||
Commercial Services - 0.2% | ||||||||
Gartner, Inc.(a) | 90 | $ | 41,170 | |||||
Computers - 14.7% | ||||||||
Accenture PLC - Class A | 726 | 264,177 | ||||||
Apple, Inc. | 10,742 | 1,980,825 | ||||||
Capgemini SE - ADR | 3,618 | 161,435 | ||||||
CGI, Inc. – Class A(a) | 865 | 97,477 | ||||||
Cognizant Technology Solutions Corp. - Class A | 590 | 45,501 | ||||||
EPAM Systems, Inc.(a) | 72 | 20,024 | ||||||
Fortinet, Inc.(a) | 696 | 44,885 | ||||||
Fujitsu Ltd. - ADR | 3,888 | 105,308 | ||||||
HP, Inc. | 973 | 27,935 | ||||||
Logitech International SA | 689 | 58,198 | ||||||
NetApp, Inc. | 252 | 21,974 | ||||||
Nomura Research Institute Ltd. - ADR | 2,052 | 62,381 | ||||||
Obic Co. Ltd. | 288 | 44,793 | ||||||
2,934,913 | ||||||||
Electronics - 2.4% | ||||||||
Amphenol Corp. - Class A | 685 | 69,253 | ||||||
Halma PLC - ADR | 800 | 44,896 | ||||||
Keysight Technologies, Inc.(a) | 185 | 28,353 | ||||||
Kyocera Corp. - ADR | 6,336 | 92,569 | ||||||
Murata Manufacturing Co. Ltd. - ADR | 17,077 | 172,478 | ||||||
TE Connectivity Ltd. | 397 | 56,449 | ||||||
Trimble, Inc.(a) | 396 | 20,141 | ||||||
484,139 | ||||||||
Energy-Alternate Sources - 0.2% | ||||||||
Enphase Energy, Inc.(a) | 114 | 11,871 | ||||||
First Solar, Inc.(a) | 125 | 18,287 | ||||||
30,158 | ||||||||
Healthcare-Products - 0.6% | ||||||||
FUJIFILM Holdings Corp. - ADR | 1,909 | 120,553 | ||||||
Internet - 3.5% | ||||||||
CDW Corp./DE | 180 | 40,810 | ||||||
F5, Inc.(a) | 72 | 13,226 | ||||||
Palo Alto Networks, Inc.(a) | 367 | 124,233 | ||||||
Shopify, Inc. - Class A(a) | 6,090 | 490,600 | ||||||
VeriSign, Inc.(a) | 103 | 20,485 | ||||||
689,354 | ||||||||
Machinery-Diversified - 2.6% | ||||||||
Hexagon AB - ADR | 9,900 | 107,514 | ||||||
Keyence Corp. | 849 | 386,704 | ||||||
Omron Corp. - ADR | 869 | 39,192 | ||||||
533,410 | ||||||||
Miscellaneous Manufacturing - 0.1% | ||||||||
Teledyne Technologies, Inc.(a) | 55 | 23,016 | ||||||
Office-Business Equipment - 0.8% | ||||||||
Canon, Inc. - ADR | 4,860 | 133,844 | ||||||
Zebra Technologies Corp. - Class A(a) | 43 | 10,301 | ||||||
144,145 | ||||||||
Semiconductors - 46.9%(b) | ||||||||
Advanced Micro Devices, Inc.(a) | 2,195 | 368,080 | ||||||
Advantest Corp. - ADR | 3,384 | 134,446 | ||||||
Analog Devices, Inc. | 551 | 105,990 | ||||||
Applied Materials, Inc. | 940 | 154,442 | ||||||
ASM International NV | 188 | 105,416 | ||||||
ASML Holding NV | 1,717 | 1,488,714 | ||||||
BE Semiconductor Industries NV | 335 | 50,872 | ||||||
Broadcom, Inc. | 540 | 637,199 | ||||||
Disco Corp. - ADR | 4,003 | 108,121 | ||||||
Infineon Technologies AG - ADR | 5,885 | 215,038 | ||||||
Intel Corp. | 4,944 | 212,988 | ||||||
KLA Corp. | 149 | 88,512 | ||||||
Lam Research Corp. | 145 | 119,650 | ||||||
Lasertec Corp. - ADR | 1,766 | 91,620 | ||||||
Microchip Technology, Inc. | 615 | 52,386 | ||||||
Micron Technology, Inc. | 1,261 | 108,131 | ||||||
Monolithic Power Systems, Inc. | 54 | 32,547 | ||||||
NVIDIA Corp. | 2,767 | 1,702,451 | ||||||
NXP Semiconductors NV | 288 | 60,644 | ||||||
ON Semiconductor Corp.(a) | 441 | 31,368 | ||||||
Qorvo, Inc.(a) | 144 | 14,363 | ||||||
QUALCOMM, Inc. | 1,296 | 192,469 | ||||||
Renesas Electronics Corp. - ADR(a) | 13,447 | 110,534 | ||||||
Rohm Co. Ltd. - ADR | 1,445 | 25,259 | ||||||
Skyworks Solutions, Inc. | 181 | 18,907 | ||||||
STMicroelectronics NV | 2,795 | 124,190 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 20,493 | 2,314,890 | ||||||
Teradyne, Inc. | 147 | 14,199 | ||||||
Texas Instruments, Inc. | 1,014 | 162,362 | ||||||
Tokyo Electron Ltd. - ADR | 4,293 | 399,206 | ||||||
United Microelectronics Corp. - ADR | 14,217 | 109,613 | ||||||
9,354,607 | ||||||||
Software - 24.2% | ||||||||
Adobe, Inc.(a) | 618 | 381,788 | ||||||
Akamai Technologies, Inc.(a) | 180 | 22,181 | ||||||
ANSYS, Inc.(a) | 109 | 35,733 | ||||||
Autodesk, Inc.(a) | 252 | 63,960 | ||||||
Cadence Design Systems, Inc.(a) | 324 | 93,461 | ||||||
Constellation Software, Inc./Canada | 78 | 216,936 | ||||||
Dassault Systemes SE - ADR | 3,025 | 157,603 | ||||||
Fair Isaac Corp.(a) | 29 | 34,766 | ||||||
Microsoft Corp. | 5,353 | 2,128,246 | ||||||
PTC, Inc.(a) | 144 | 26,014 | ||||||
Roper Technologies, Inc. | 124 | 66,588 | ||||||
Sage Group PLC/The - ADR | 1,226 | 75,093 | ||||||
Salesforce, Inc.(a) | 1,131 | 317,913 | ||||||
SAP SE - ADR | 4,768 | 825,340 | ||||||
ServiceNow, Inc.(a) | 235 | 179,869 | ||||||
Synopsys, Inc.(a) | 180 | 96,003 | ||||||
Temenos AG - ADR | 288 | 29,324 | ||||||
Tyler Technologies, Inc.(a) | 49 | 20,715 | ||||||
WiseTech Global Ltd. | 781 | 37,683 | ||||||
Xero Ltd.(a) | 600 | 43,943 | ||||||
4,853,159 | ||||||||
Telecommunications - 3.5% | ||||||||
Arista Networks, Inc.(a) | 292 | 75,535 | ||||||
Cisco Systems, Inc. | 4,718 | 236,748 | ||||||
Corning, Inc. | 832 | 27,032 | ||||||
Juniper Networks, Inc. | 432 | 15,967 | ||||||
Motorola Solutions, Inc. | 180 | 57,510 | ||||||
Nokia Oyj - ADR | 25,349 | 91,256 | ||||||
Telefonaktiebolaget LM Ericsson - ADR | 14,905 | 82,127 | ||||||
Xiaomi Corp. - ADR - Class A(a) | 14,414 | 112,862 | ||||||
699,037 | ||||||||
TOTAL COMMON STOCKS (Cost $18,491,729) | 19,907,661 | |||||||
TOTAL INVESTMENTS - 99.7% (Cost $18,491,729) | $ | 19,907,661 | ||||||
Other Assets in Excess of Liabilities - 0.3% | 50,029 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 19,957,690 | ||||||
Percentages are stated as a percent of net assets. |
ADR - American Depositary Receipt |
PLC - Public Limited Company |
SA - Sociedad Anónima |
(a) | Non-income producing security. |
(b) | To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors. |
Allocation of Portfolio Holdings by Country as of January 31, 2024 | ||||||||
(% of Net Assets) | ||||||||
United States | $ | 10,514,812 | 52.6 | % | ||||
Taiwan, Province Of China | 2,424,503 | 12.2 | ||||||
Japan | 2,027,008 | 10.1 | ||||||
Netherlands | 1,705,646 | 8.6 | ||||||
Germany | 1,040,378 | 5.2 | ||||||
Canada | 805,013 | 4.1 | ||||||
France | 443,228 | 2.2 | ||||||
Ireland | 264,177 | 1.4 | ||||||
Sweden | 189,641 | 0.9 | ||||||
United Kingdom | 119,989 | 0.6 | ||||||
China | 112,862 | 0.5 | ||||||
Finland | 91,256 | 0.5 | ||||||
Switzerland | 87,522 | 0.4 | ||||||
New Zealand | 43,943 | 0.2 | ||||||
Australia | 37,683 | 0.2 | ||||||
Other Assets in Excess of Liabilities | 50,029 | 0.3 | ||||||
$ | 19,957,690 | 100.0 | % |
Summary of Fair Value Exposure at January 31, 2024
The SP Funds S&P Global Technology 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 Global Technology ETF | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common Stocks | $ | 19,907,661 | $ | – | $ | – | $ | 19,907,661 | ||||||||
Total Assets | $ | 19,907,661 | $ | – | $ | – | $ | 19,907,661 | ||||||||
Refer to the Schedule of Investments for industry classifications. |