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 03/31/2024	2.62%

Fund Details & Pricing

Name	value
Net Assets	$100.81m
NAV	$18.58
Shares Outstanding	5,425,000
Premium/discount Percentage	0.15%
Closing Price	$18.61
Median 30 Day Spread**	0.47%

Rate Date
04/23/2024

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	3 Year	5 Year	Since Inception Annualized	Date
SP Funds S&P Global REIT Sharia ETF	SPRE NAV	2.49	1.86	17.49	1.86	14.96	6.83	2.91	-	4.38	03/31/2024
SP Funds S&P Global REIT Sharia ETF	SPRE MKT	2.40	1.44	17.39	1.44	14.79	6.32	2.73	-	4.33	03/31/2024
S&P 500 TR	SPTR2	3.22	10.56	23.48	10.56	48.33	29.88	11.49	-	12.89	03/31/2024
S&P Global All Equity REIT Shariah Capped Index (USD) TR	SPERSCUT	2.48	2.04	17.81	2.04	17.59	7.37	3.64	-	5.11	03/31/2024

Fund Name	Fund Ticker	1 Month	3 Month	6 Month	YTD	Since Inception Cumulative	1 Year	3 Year	5 Year	Since Inception Annualized	Date
SP Funds S&P Global REIT Sharia ETF	SPRE NAV	2.49	1.86	17.49	1.86	14.96	6.83	2.91	-	4.38	03/31/2024
SP Funds S&P Global REIT Sharia ETF	SPRE MKT	2.40	1.44	17.39	1.44	14.79	6.32	2.73	-	4.33	03/31/2024
S&P 500 TR	SPTR2	3.22	10.56	23.48	10.56	48.33	29.88	11.49	-	12.89	03/31/2024
S&P Global All Equity REIT Shariah Capped Index (USD) TR	SPERSCUT	2.48	2.04	17.81	2.04	17.59	7.37	3.64	-	5.11	03/31/2024

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
04/24/2024	SPRE	ARF AU	0.38%	Arena REIT	B99K263	164,790	3.63	387,417.23	100,810,062	5,425,000	217
04/24/2024	SPRE	ASGYO TI	0.04%	Asce Gayrimenkul Yatirim Ortakligi AS	BP83MX2	85,537	14.62	38,412.60	100,810,062	5,425,000	217
04/24/2024	SPRE	AVB	10.00%	AvalonBay Communities Inc	053484101	53,433	188.66	10,080,669.78	100,810,062	5,425,000	217
04/24/2024	SPRE	AXREIT MK	0.29%	Axis Real Estate Investment Trust	B0CMCL8	745,731	1.86	290,179.85	100,810,062	5,425,000	217
04/24/2024	SPRE	BWP AU	0.51%	BWP Trust	6127453	223,550	3.52	509,634.47	100,810,062	5,425,000	217
04/24/2024	SPRE	CHC AU	1.70%	Charter Hall Group	B15F6S6	219,471	12.09	1,718,481.64	100,810,062	5,425,000	217
04/24/2024	SPRE	CPT	4.86%	Camden Property Trust	133131102	49,732	98.60	4,903,575.20	100,810,062	5,425,000	217
04/24/2024	SPRE	CUBE	4.34%	CubeSmart	229663109	104,736	41.80	4,377,964.80	100,810,062	5,425,000	217
04/24/2024	SPRE	EGP	3.65%	EastGroup Properties Inc	277276101	22,218	165.75	3,682,633.50	100,810,062	5,425,000	217
04/24/2024	SPRE	ELS	4.77%	Equity LifeStyle Properties Inc	29472R108	77,900	61.77	4,811,883.00	100,810,062	5,425,000	217
04/24/2024	SPRE	EQIX	12.67%	Equinix Inc	29444U700	16,758	761.90	12,767,920.20	100,810,062	5,425,000	217
04/24/2024	SPRE	EQR	4.98%	Equity Residential	29476L107	79,612	63.09	5,022,721.08	100,810,062	5,425,000	217
04/24/2024	SPRE	EUR	0.00%	EURO	CASHEUR	1,299	1.00	1,389.93	100,810,062	5,425,000	217
04/24/2024	SPRE	FR	2.84%	First Industrial Realty Trust Inc	32054K103	61,611	46.47	2,863,063.17	100,810,062	5,425,000	217
04/24/2024	SPRE	GMG AU	12.21%	Goodman Group	B03FYZ4	616,113	30.85	12,309,969.98	100,810,062	5,425,000	217
04/24/2024	SPRE	HMC AU	0.45%	HMC Capital Ltd	BJRBL61	113,192	6.17	452,316.42	100,810,062	5,425,000	217
04/24/2024	SPRE	IGBREIT MK	0.29%	IGB Real Estate Investment Trust	B89JCF2	769,292	1.81	291,300.95	100,810,062	5,425,000	217
04/24/2024	SPRE	IIPR	1.28%	Innovative Industrial Properties Inc	45781V101	13,061	98.63	1,288,206.43	100,810,062	5,425,000	217
04/24/2024	SPRE	IMPACT TB	0.10%	IMPACT Growth Real Estate Investment Trust	BRCFFZ1	302,543	11.80	96,317.48	100,810,062	5,425,000	217
04/24/2024	SPRE	KZBGY TI	0.03%	Kizilbuk Gayrimenkul Yatirim Ortakligi AS	BMVFFG8	48,674	21.96	32,832.33	100,810,062	5,425,000	217
04/24/2024	SPRE	LPF TB	0.25%	Lotus's Retail Growth Freehold And Leasehold Property Fund	B7HJYW8	726,317	13.10	256,704.51	100,810,062	5,425,000	217
04/24/2024	SPRE	MAA	4.93%	Mid-America Apartment Communities Inc	59522J103	38,963	127.49	4,967,392.87	100,810,062	5,425,000	217
04/24/2024	SPRE	MREIT PM	0.10%	MREIT Inc	BLH17T0	441,375	12.94	99,299.21	100,810,062	5,425,000	217
04/24/2024	SPRE	PCH	1.52%	PotlatchDeltic Corp	737630103	36,967	41.45	1,532,282.15	100,810,062	5,425,000	217
04/24/2024	SPRE	PLD	11.21%	Prologis Inc	74340W103	107,809	104.83	11,301,617.47	100,810,062	5,425,000	217
04/24/2024	SPRE	PREIT SP	0.46%	Parkway Life Real Estate Investment Trust	B23WXW9	179,480	3.48	458,785.37	100,810,062	5,425,000	217
04/24/2024	SPRE	RCR PM	0.15%	RL Commercial REIT Inc	BLFMKR4	1,693,437	5.08	149,567.26	100,810,062	5,425,000	217
04/24/2024	SPRE	REXR	4.26%	Rexford Industrial Realty Inc	76169C100	98,162	43.73	4,292,624.26	100,810,062	5,425,000	217
04/24/2024	SPRE	RYN	1.92%	Rayonier Inc	754907103	63,541	30.45	1,934,823.45	100,810,062	5,425,000	217
04/24/2024	SPRE	SRVGY TI	0.05%	Servet Gayrimenkul Yatirim Ortakligi AS	B95JG62	4,821	311.50	46,128.30	100,810,062	5,425,000	217
04/24/2024	SPRE	TRGYO TI	0.10%	Torunlar Gayrimenkul Yatirim Ortakligi AS	B4WW142	69,534	46.04	98,334.25	100,810,062	5,425,000	217
04/24/2024	SPRE	TRNO	2.44%	Terreno Realty Corp	88146M101	43,549	56.51	2,460,953.99	100,810,062	5,425,000	217
04/24/2024	SPRE	UTG LN	2.17%	UNITE Group PLC/The	0692861	189,038	9.33	2,191,748.33	100,810,062	5,425,000	217
04/24/2024	SPRE	WY	4.87%	Weyerhaeuser Co	962166104	154,881	31.71	4,911,276.51	100,810,062	5,425,000	217
04/24/2024	SPRE	ZRGYO TI	0.09%	Ziraat Gayrimenkul Yatirim Ortakligi AS	BNG2TV4	413,400	7.00	88,887.52	100,810,062	5,425,000	217
04/24/2024	SPRE	Cash&Other	0.09%	Cash & Other	Cash&Other	91,232	1.00	91,232.36	100,810,062	5,425,000	217	Y

Name
04/24/2024

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.