SPRE

The SP Funds S&P Global REIT Sharia ETF

Why SPRE ETF?

SP Funds S&P Global REIT Sharia ETF (SPRE) provides value exposure to real estate asset class through Sharia-compliant REITs which meets screening requirements, including Sharia-compliant business activities, lower debt levels, permissible income below acceptable levels and prescribed level of cash and marketable securities.
Tracks the S&P Global Shariah All REIT Capped Index which includes all Sharia-compliant constituents of the S&P Global REIT
SP Funds approach is geared towards investors and advisors focused on faith-based, socially responsible and ethical investing solutions
Offers a strong potential for income and price returns, capital preservation and inflation hedging.

“The SP Funds S&P Global REIT Sharia ETF has joined our family of ETFs which are designed not only for investors who might be looking for halal exposure, but for any investor who is seeking value-focused portfolio as well as those who are seeking to avoid over-levered enterprises,” Naushad Virji, CEO of SP Funds.

Fund Details

Name	Value
Inception Date	12/29/2020
Ticker	SPRE
Primary Exchange	NYSE
CUSIP	886364769
IOPV Symbol	SPRE.IV
NAV Symbol	SPRE.NV
Expense Ratio	0.55%
30 Day SEC Yield As of 11/30/2023	3.29%

Fund Details & Pricing

Name	value
Net Assets	$76.65m
NAV	$18.93
Shares Outstanding	4,050,000
Premium/discount Percentage	0.39%
Closing Price	$19.00
Median 30 Day Spread**	0.33%

Rate Date
12/07/2023

IOPV, or Indicative Optimized Portfolio Value, is a calculation disseminated by the stock exchange that approximates the Fund’s NAV every fifteen seconds throughout the trading day.

The 30-Day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and does not reflect waivers in effect.

30 Day Median Spread is a calculation of Fund’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, computed by: identifying the Fund’s national best bid and national best offer as of the end of each 10 second interval during each trading day of the last 30 calendar days; dividing the difference between each such bid and offer by the midpoint of the national best bid and national best offer; and identifying the median of those values.

Performance

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	Since Inception Cumulative	1 Year	5 Year	Since Inception Annualized	Date
SP Funds S&P Global REIT Sharia ETF	SPRE NAV	11.90	-1.72	0.11	0.62	3.48	-3.92	-	1.18	11/30/2023
SP Funds S&P Global REIT Sharia ETF	SPRE MKT	11.97	-1.67	0.24	0.02	3.51	-3.95	-	1.19	11/30/2023
S&P 500 TR	SPTR2	9.13	1.74	10.17	20.80	28.33	13.84	-	8.92	11/30/2023
S&P Global All Equity REIT Shariah Capped Index (USD) TR	SPERSCUT	11.88	-1.67	0.25	1.07	5.61	-3.41	-	1.89	11/30/2023

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	Since Inception Cumulative	1 Year	5 Year	Since Inception Annualized	Date
SP Funds S&P Global REIT Sharia ETF	SPRE NAV	-7.07	-9.39	-9.07	-4.85	-2.15	-2.44	-	-0.79	09/30/2023
SP Funds S&P Global REIT Sharia ETF	SPRE MKT	-7.11	-9.36	-9.43	-5.52	-2.22	-2.54	-	-0.81	09/30/2023
S&P 500 TR	SPTR2	-4.77	-3.27	5.18	13.07	20.12	21.62	-	6.88	09/30/2023
S&P Global All Equity REIT Shariah Capped Index (USD) TR	SPERSCUT	-7.07	-9.34	-8.86	-4.48	-0.19	-2.08	-	-0.07	09/30/2023

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

Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized.

A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

Distribution Detail

declared_date	Ex Date	Record Date	Payable Date	Dividend Amount	dividend_frequency	dividend_type
2023-11-24	11/27/2023	11/28/2023	11/30/2023	0.0670	Monthly	Income
2023-10-25	10/26/2023	10/27/2023	10/31/2023	0.0670	Monthly	Income
2023-09-25	09/26/2023	09/27/2023	09/29/2023	0.0670	Monthly	Income
2023-08-25	08/28/2023	08/29/2023	08/31/2023	0.0670	Monthly	Income
2023-07-25	07/26/2023	07/27/2023	07/31/2023	0.0670	Monthly	Income
2023-06-26	06/27/2023	06/28/2023	06/30/2023	0.0670	Monthly	Income
2023-05-24	05/25/2023	05/26/2023	05/31/2023	0.0670	Monthly	Income
2023-04-24	04/25/2023	04/26/2023	04/28/2023	0.0670	Monthly	Income
2023-03-27	03/28/2023	03/29/2023	03/31/2023	0.0670	Monthly	Income
2023-02-22	02/23/2023	02/24/2023	02/28/2023	0.0670	Monthly	Income
2023-01-25	01/26/2023	01/27/2023	01/31/2023	0.0670	Monthly	Income
2022-12-23	12/27/2022	12/28/2022	12/30/2022	0.0670	Monthly	Income
2022-11-23	11/25/2022	11/28/2022	11/30/2022	0.0670	Monthly	Income
2022-10-25	10/26/2022	10/27/2022	10/31/2022	0.0670	Monthly	Income
2022-09-26	09/27/2022	09/28/2022	09/30/2022	0.0670	Monthly	Income
2022-08-25	08/26/2022	08/29/2022	08/31/2022	0.0670	Monthly	Income
2022-07-25	07/26/2022	07/27/2022	07/29/2022	0.0670	Monthly	Income
2022-06-24	06/27/2022	06/28/2022	06/30/2022	0.0670	Monthly	Income
2022-05-25	05/26/2022	05/27/2022	05/31/2022	0.0670	Monthly	Income
2022-04-25	04/26/2022	04/27/2022	04/29/2022	0.0670	Monthly	Income
2022-03-25	03/28/2022	03/29/2022	03/31/2022	0.0670	Monthly	Income
2022-02-22	02/23/2022	02/24/2022	02/28/2022	0.0670	Monthly	Income
2022-01-25	01/26/2022	01/27/2022	01/28/2022	0.0670	Monthly	Income
2021-12-27	12/28/2021	12/29/2021	12/31/2021	0.0670	Monthly	Income
2021-12-22	12/23/2021	12/27/2021	12/29/2021	0.0000	Monthly	Omitted
2021-11-30	12/01/2021	12/02/2021	12/06/2021	0.0670	Monthly	Income
2021-10-25	10/26/2021	10/27/2021	10/29/2021	0.0670	Monthly	Income
2021-09-24	09/27/2021	09/28/2021	09/30/2021	0.0670	Monthly	Income
2021-08-25	08/26/2021	08/27/2021	08/31/2021	0.0670	Monthly	Income
2021-07-26	07/27/2021	07/28/2021	07/30/2021	0.0670	Monthly	Income
2021-06-24	06/25/2021	06/28/2021	06/30/2021	0.0670	Monthly	Income
2021-05-24	05/25/2021	05/26/2021	05/28/2021	0.0670	Monthly	Income
2021-04-26	04/27/2021	04/28/2021	04/30/2021	0.0670	Monthly	Income
2021-03-25	03/26/2021	03/29/2021	03/31/2021	0.0670	Monthly	Income
2021-02-22	02/23/2021	02/24/2021	02/26/2021	0.0670	Monthly	Income
2021-01-25	01/26/2021	01/27/2021	01/29/2021	0.0670	Irreg	Income

DOWNLOAD PREMIUM DISCOUNT INFORMATION

Top 10 Holdings

Download Full Holdings

Date	Account	StockTicker	Weightings	SecurityName	CUSIP	Shares	Price	MarketValue	NetAssets	SharesOutstanding	CreationUnits	MoneyMarketFlag
12/08/2023	SPRE	ARF AU	0.32%	ARENA REIT	B99K263	107,907	3.49	248,232.12	77,598,240	4,100,000	164
12/08/2023	SPRE	AVB	4.64%	AVALONBAY CMNTYS INC	053484101	20,515	175.38	3,597,920.70	77,598,240	4,100,000	164
12/08/2023	SPRE	AXREIT MK	0.25%	AXIS REIT NPV (REIT)	B0CMCL8	509,379	1.78	193,986.87	77,598,240	4,100,000	164
12/08/2023	SPRE	BWP AU	0.45%	BWP TRUST	6127453	147,711	3.56	346,613.73	77,598,240	4,100,000	164
12/08/2023	SPRE	CCI	13.31%	CROWN CASTLE INC	22822V101	87,819	117.64	10,331,027.16	77,598,240	4,100,000	164
12/08/2023	SPRE	CHC AU	1.32%	CHARTER HALL GROUP	B15F6S6	145,751	10.68	1,026,043.39	77,598,240	4,100,000	164
12/08/2023	SPRE	CPT	3.78%	CAMDEN PPTY TR	133131102	31,410	93.40	2,933,694.00	77,598,240	4,100,000	164
12/08/2023	SPRE	CREIT PM	0.05%	CITICORE ENERGY RE	BM8GQ50	815,886	2.55	37,618.49	77,598,240	4,100,000	164
12/08/2023	SPRE	CUBE	3.69%	CUBESMART	229663109	68,456	41.81	2,862,145.36	77,598,240	4,100,000	164
12/08/2023	SPRE	EGP	3.02%	EASTGROUP PPTYS INC	277276101	13,559	173.10	2,347,062.90	77,598,240	4,100,000	164
12/08/2023	SPRE	ELS	4.70%	EQUITY LIFESTYLE PPTYS INC	29472R108	51,381	71.00	3,648,051.00	77,598,240	4,100,000	164
12/08/2023	SPRE	EQIX	11.66%	EQUINIX INC	29444U700	11,172	810.11	9,050,548.92	77,598,240	4,100,000	164
12/08/2023	SPRE	EQR	4.79%	EQUITY RESIDENTIAL	29476L107	63,346	58.70	3,718,410.20	77,598,240	4,100,000	164
12/08/2023	SPRE	FR	2.52%	FIRST INDL RLTY TR INC	32054K103	39,792	49.19	1,957,368.48	77,598,240	4,100,000	164
12/08/2023	SPRE	HMC AU	0.35%	HMC CAPITAL LTD	BJRBL61	74,601	5.46	268,485.12	77,598,240	4,100,000	164
12/08/2023	SPRE	IGBREIT MK	0.24%	IGB REAL ESTATE IN UNITS	B89JCF2	500,569	1.71	183,135.00	77,598,240	4,100,000	164
12/08/2023	SPRE	IIPR	0.94%	INNOVATIVE INDL PPTYS INC	45781V101	8,501	85.88	730,065.88	77,598,240	4,100,000	164
12/08/2023	SPRE	IMPACT TB	0.10%	IMPACT GROWTH REIT THB10.6 (LOCAL)	BRCFFZ1	229,854	12.20	79,721.93	77,598,240	4,100,000	164
12/08/2023	SPRE	KZBGY TI	0.01%	KIZILBUK GAYRIMENK	BMVFFG8	8,843	19.54	5,974.06	77,598,240	4,100,000	164
12/08/2023	SPRE	LPF TB	0.22%	LOTUS'S RETAIL GRO	B7HJYW8	483,135	12.60	173,063.28	77,598,240	4,100,000	164
12/08/2023	SPRE	MAA	4.70%	MID-AMER APT CMNTYS INC	59522J103	28,663	127.18	3,645,360.34	77,598,240	4,100,000	164
12/08/2023	SPRE	MREIT PM	0.10%	MREIT INC	BLH17T0	348,481	12.00	75,612.23	77,598,240	4,100,000	164
12/08/2023	SPRE	PCH	1.40%	POTLATCHDELTIC CORPORATION	737630103	24,229	44.85	1,086,670.65	77,598,240	4,100,000	164
12/08/2023	SPRE	PLD	12.38%	PROLOGIS INC.	74340W103	80,761	118.95	9,606,520.95	77,598,240	4,100,000	164
12/08/2023	SPRE	PREIT SP	0.40%	PARKWAY LIFE REAL	B23WXW9	118,701	3.49	309,361.88	77,598,240	4,100,000	164
12/08/2023	SPRE	PSA	11.92%	PUBLIC STORAGE	74460D109	33,867	273.09	9,248,739.03	77,598,240	4,100,000	164
12/08/2023	SPRE	RCR PM	0.15%	RL COMMERCIAL REIT	BLFMKR4	1,301,894	4.79	112,756.82	77,598,240	4,100,000	164
12/08/2023	SPRE	REXR	4.08%	REXFORD INDL RLTY INC	76169C100	60,733	52.18	3,169,047.94	77,598,240	4,100,000	164
12/08/2023	SPRE	RYN	1.65%	RAYONIER INC	754907103	41,372	30.87	1,277,153.64	77,598,240	4,100,000	164
12/08/2023	SPRE	SRVGY TI	0.05%	SERVET GAYRIMENKUL	B95JG62	3,388	356.25	41,729.55	77,598,240	4,100,000	164
12/08/2023	SPRE	TRNO	1.95%	TERRENO RLTY CORP	88146M101	25,622	58.93	1,509,904.46	77,598,240	4,100,000	164
12/08/2023	SPRE	WY	4.49%	WEYERHAEUSER CO MTN BE	962166104	112,679	30.89	3,480,654.31	77,598,240	4,100,000	164
12/08/2023	SPRE	ZRGYO TI	0.07%	ZIRAAT GAYR MENKUL	BNG2TV4	309,559	4.82	51,586.48	77,598,240	4,100,000	164
12/08/2023	SPRE	Cash&Other	0.31%	Cash & Other	Cash&Other	240,517	1.00	240,517.67	77,598,240	4,100,000	164	Y

Name
12/08/2023

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

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 Fund 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.

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 the Fund can invest. The strategy to reduce the investable universe may limit investment opportunities and adversely affect the Fund’s performance, especially in comparison to a more diversified fund.

It is not possible to invest directly in an index. Investments in emerging markets may be more volatile and less liquid than more developed markets and therefore may involve greater risks.