SPSK

The SP Funds Dow Jones Global Sukuk ETF

The world’s first SUKUK ETF

  • Sukuk is a financial certificate, similar to a bond, that is Sharia-compliant.  Sukuk is asset backed and does not involve interest.
  • Gain value-conscious exposure to an ETF composed according to AAOIFI Sharia-compliant guidelines.
  • Tracks the performance of the Dow Jones Sukuk Total Return Index.
  • Offers potential diversification benefits for fixed income investors.
  • Alternative risk profile: SPSK may offer investors decreased exposure to duration risk and interest rate risk.

“The global sukuk marketplace is very robust but to this point there had not been an ETF strategy for investors looking to add this type of exposure to their income-focused portfolios. We’re very pleased to be first to market with this approach,” added Virji. “Not only is this a diversifier in terms of the underlying holdings in SPSK, but the fund is also designed to provide investors with decreased exposure to duration risk and interest rate risk, important considerations as investors are finding it ever more difficult to access yield from the traditional sources.” (Yahoo Finance, Dec. 2019)

 

Fund Details

Inception Date30/12/2019
TickerSPSK
Primary ExchangeNYSE
CUSIP886364702
IOPV SymbolSPSK.IV
NAV SymbolSPSK.NV
Expense Ratio0.59%
30 Day SEC Yield *3.45%
* As of 07/31/22

Fund Details & Pricing

Net Assets as of 08/10/2022$52.04m
NAV$18.26
Shares Outstanding2,850,000
Premium/Discount Percentage0.06%
Closing Price$18.27
Median 30 Day Spread0.33%

Data as of 08/10/2022

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.
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.

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.

Performance

AVG. ANNUALIZEDReturns as of 07/31/2022
1 Month3 Month6 Month1 Year3 YearSince Inception
Market Price1.50%0.33%-4.81%-6.82%--1.41%
Fund NAV1.38%0.01%-4.95%-7.07%--1.48%
Index1.58%0.32%-4.48%-5.95%-0.90%
RETURNS
QTD Returns as of 06/30/2022YTD Returns as of 07/31/2022Inception to 07/31/2022
Market Price (%)-3.54%-6.27%-1.41%
NAV Return (%)-3.71%-6.45%-1.48%
Index-3.55%-6.03%0.90%

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

EX-DateRecord DatePayable DateAmount
January 26, 2022January 27, 2022January 31, 20220.0420
February 23, 2022February 24, 2022February 28, 20220.0320
March 28, 2022March 29, 2022March 31, 2022
0.0320
April 26, 2022April 27, 2022April 29, 2022
0.0320
May 26, 2022May 27, 2022May 31, 20220.0320
June 27, 2022June 28, 2022June 30, 20220.0320
July 26, 2022July 27, 2022July 29, 20220.0320
August 26, 2022August 28, 2022August 31, 2022
September 27, 2022September 28, 2022September 31, 2022
October 26, 2022October 27, 2022October 31, 2022
November 25, 2022November 28, 2022November 30, 2022
December 25, 2022December 28, 2022December 30, 2022

Top 10 Holdings

Percentage Of Net AssetsNameIdentifier CUSIP Shares HeldMarket Value
4.30KSA SUKUK LTD 3.628% 04/20/2027BDHSKG3BDHSKG32200000.002238979.60
2.46SA GLOBAL SUKUK LT 2.694% 06/17/2031BNKVR46BNKVR461400000.001280944.00
2.42KSA SUKUK LTD 4.303% 01/19/2029BFX3CW6BFX3CW61200000.001259592.00
2.25KSA SUKUK LTD 2.969% 10/29/2029BKPTPV7BKPTPV71200000.001168220.40
1.78SA GLOBAL SUKUK LT 1.602% 06/17/2026BNKVR35BNKVR351000000.00926312.00
1.75KSA SUKUK LTD 2.25% 05/17/2031BMQ80H8BMQ80H81000000.00913168.00
1.72Cash & OtherCash&OtherCash&Other893106.10893106.10
1.55SAUDI ELEC GL SUK3 4% 04/08/2024BLCG701BLCG701800000.00807164.80
1.52IDB TRUST SERVICES 2.843% 04/25/2024BJK43R2BJK43R2800000.00793276.93
1.49IDB TRUST SERVICES 1.957% 10/02/2024BK9XHD1BK9XHD1800000.00773160.00

Data as of 08/11/2022. Holdings are subject to change.

Diversification does not ensure a profit or protect against loss in declining markets.

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.

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. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets

Sukuk are financial certificates that are similar to conventional bonds but are structured to comply with Sharia law and its investments principles, which, among other things, prohibit charging or paying interest. Because no collateral is pledged as security for sukuk, purchasers of sukuk are subject to the risk that an issuer may not meet its payment obligations or that an underlying asset may not perform as expected or lose value. There may be times when the market is illiquid and it is difficult for the Fund to make an investment in or dispose of sukuk.


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Contact Information

(425) 409-9500

info@sp-funds.com

1331 S. International Pkwy Suite #2291
Lake Mary, FL 32746, USA