SPSK

The SP Funds Dow Jones Global Sukuk ETF

SPSK is an ETF that tracks Sharia-compliant sukuk, offering diversified, interest-free exposure with decreased duration and interest rate risk.

Why SPSK?

Sharia-Compliant Investment Opportunity

SPSK offers a unique investment vehicle that aligns with AAOIFI Sharia-compliant guidelines, providing an ethical and religiously appropriate choice for investors seeking to avoid interest-bearing instruments.

Asset-Backed and Interest-Free

This ETF is built on the foundation of Sukuk, which are asset-backed financial certificates. Unlike traditional bonds, Sukuk do not involve interest, making them a suitable option for investors adhering to Islamic finance principles.

Tracks the Dow Jones Sukuk Index

SPSK is designed to mirror the performance of the Dow Jones Sukuk Total Return Index. This index tracks a diversified portfolio of Sukuk, offering investors a reliable benchmark for Sharia-compliant fixed income securities.

Reduced Duration and Interest Rate Risk

Reduced Duration and Interest Rate Risk

SPSK provides a strategic alternative to traditional fixed income investments by offering decreased exposure to duration risk and interest rate risk. This makes it an attractive option for investors looking for stable income sources amidst fluctuating interest rate environments.

“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

Fund Details & Pricing

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.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the Fund in creation units. Brokerage commissions will reduce returns.

Performance Statistics

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.

The Dow Jones Sukuk Total Return Index (ex-Reinvestment) (DJSUKTXR) is designed to measure the performance of global investment-grade sukuk, tracking a diversified portfolio of U.S. dollar—denominated sukuk issued in accordance with Islamic finance principles.

The Bloomberg Global Aggregate Index is a flagship measure of global investment-grade debt from twenty—eight local currency markets, including treasury government-related, corporate, and securitized fixed-rate bonds.

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.

Investing involves risk, including the possible loss of principal. Shares of any ETF are bought and sold at market price (not NAV) and may trade at a discount or premium to NAV. Shares are not individually redeemable from the Fund and may only be acquired or redeemed from the Fund in creation units. Brokerage commissions will reduce returns.

Distribution Details

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Top 10 Holdings

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Holdings are subject to change

Interested in SPSK ETF? Download Documents Here

Investment Case

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Prospectus

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Summary Prospectus

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SAI

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Factsheet

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ESG White Paper

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Semi Annual Financial Statements & Other Information

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Fiscal Q1 Holdings

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Fiscal Q3 Holdings

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Certificate of Sharia Accreditation

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Sharia Auditor Report

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Annual TSR

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Semi-Annual TSR

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Proxy Votes

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Annual Financial Statements & Other Information

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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.

Investing involves risk including loss of principal. Key risks for SPSK include:

  • Credit and Collateral Risk — no collateral backs sukuk, exposing investors to issuer default risk and potential underlying asset underperformance.
  • International Investment Risk — foreign securities carry risks including political instability, illiquidity, currency fluctuations, and limited regulation.
  • Emerging Markets Risk — emerging market investments face greater risks from smaller markets, lower liquidity, and higher volatility than developed markets.

Please see the Fund’s prospectus for a complete description of all risks.
Diversification does not ensure a profit or protect against loss in declining markets.

Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus or summary prospectus. A prospectus or summary prospectus may be obtained by clicking here:

Please read the prospectus carefully before you invest.

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