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 Ratio0.65%
30 Day SEC Yield *0.9%
* As of 1/31/21

Fund Details & Pricing

Net Assets as of 02/26/2021$34.77m
NAV$20.15
Shares Outstanding1,725,000
Premium/Discount Percentage-0.42%
Closing Price$20.07
Median 30 Day Spread0.15%

Data as of 02/26/2021

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 1/31/2021
1 Month3 Month6 Month1 Year3 YearSince Incepection
Fund NAV-0.07%1.35%1.84%3.52%-3.59%
Market Price-0.50%1.39%1.52%2.92%-3.34%
Index0.08%1.68%2.49%6.52%-7.13%
RETURNS
QTD Returns as of 12/31/2020YTD Returns as of 1/31/2021Inception to 1/31/2021
NAV Return (%)1.62%-0.07%3.59%
Market Price (%)1.58%-0.50%3.34%
Index1.94%0.08%7.13%

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, 2021January 27, 2021January 29, 20210.04200
February 23. 2021February 24, 2021
February 26, 2021
0.04200
March 26, 2021
March 29, 2021
March 31, 2021
April 27, 2021April 28, 2021
April 30, 2021
May 25, 2021
May 26, 2021
May 28, 2021
June 25, 2021
June 28, 2021
June 30, 2021
July 27, 2021July 28, 2021July 30, 2021
August 26, 2021August 27, 2021August 31, 2021
September 27, 2021
September 28, 2021
September 30, 2021
October 26, 2021
October 27, 2021
October 29, 2021
November 1, 2021
December 2, 2021
December 6, 2021
December 28, 2021
December 29, 2021
December 31, 2021

Top 10 Holdings

Percentage Of Net AssetsNameIdentifier CUSIP Shares HeldMarket Value
5.11KSA SUKUK LTD 3.628% 04/20/2027BDHSKG3BDHSKG31600000.001777257.60
4.72KSA SUKUK LTD 2.894% 04/20/2022BDHSKJ6BDHSKJ61600000.001642553.60
2.43KSA SUKUK LTD 2.969% 10/29/2029BKPTPV7BKPTPV7800000.00846490.40
1.99KSA SUKUK LTD 4.303% 01/19/2029BFX3CW6BFX3CW6600000.00693081.00
1.84IDB TRUST SERVICES 2.843% 04/25/2024BJK43R2BJK43R2600000.00639585.00
1.81SOQ SUKUK A Q.S.C 3.241% 01/18/2023B79G9P5B79G9P5600000.00630399.00
1.80IDB TRUST SERVICES 1.957% 10/02/2024BK9XHD1BK9XHD1600000.00624095.32
1.79IDB TRUST SERVICES 1.809% 02/26/2025BL0FH77BL0FH77600000.00622476.00
1.48SAUDI ELEC GL SUK3 5.5% 04/08/2044BLCG6V5BLCG6V5400000.00513217.60
1.41Cash & OtherCash&OtherCash&Other491619.38491619.38

Data as of 03/01/2021. 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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(425) 409-9500

info@sp-funds.com

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Lake Mary, FL 32746, USA