SP Funds S&P Global Technology ETF
Schedule of Investments
July 31, 2025 (Unaudited)

COMMON STOCKS - 98.9%	Shares		Value
Computers - 14.5%
Accenture PLC - Class A		1,434	$	383,021
Apple, Inc.		31,333		6,503,791
Capgemini SE - ADR		8,343		247,954
CGI, Inc.		2,217		214,203
Cognizant Technology Solutions Corp. - Class A		1,168		83,816
Crowdstrike Holdings, Inc. - Class A ^(a)		586		266,378
EPAM Systems, Inc. ^(a)		130		20,502
Fortinet, Inc. ^(a)		1,503		150,150
Fujitsu Ltd. - ADR		18,830		410,494
Gartner, Inc. ^(a)		182		61,634
Logitech International SA		1,583		148,426
NetApp, Inc.		481		50,087
Nomura Research Institute Ltd. - ADR		4,744		188,432
Obic Co. Ltd.		3,327		119,820
Seagate Technology Holdings PLC		494		77,563
Super Micro Computer, Inc. ^(a)		1,172		69,113
				8,995,384

Electrical Components & Equipment - 2.2%
Delta Electronics, Inc.		72,688		1,380,822

Electronics - 2.0%
Halma PLC - ADR		2,035		177,432
Jabil, Inc.		274		61,148
Kyocera Corp. - ADR		14,652		173,773
Murata Manufacturing Co. Ltd. - ADR		39,813		295,412
SCREEN Holdings Co. Ltd.		1,016		80,878
TDK Corp.		21,532		265,689
TE Connectivity PLC		703		144,642
Trimble, Inc. ^(a)		512		42,952
				1,241,926

Energy-Alternate Sources - 0.1%
First Solar, Inc. ^(a)		263		45,954

Healthcare-Products - 0.4%
FUJIFILM Holdings Corp. - ADR		27,685		285,986

Internet - 0.8%
CDW Corp.		296		51,617
F5, Inc. ^(a)		131		41,058
GoDaddy, Inc. - Class A ^(a)		345		55,745
Palo Alto Networks, Inc. ^(a)		1,564		271,510
VeriSign, Inc.		195		52,430
				472,360

Machinery-Diversified - 1.8%
Hexagon AB - ADR		22,894		251,147
Keyence Corp.		2,181		799,968
Omron Corp. - ADR		1,976		51,100
				1,102,215

Office-Business Equipment - 0.5%
Canon, Inc. - ADR		10,504		299,259
Zebra Technologies Corp. - Class A ^(a)		89		30,173
				329,432

Semiconductors - 47.5%^(b)
Advanced Micro Devices, Inc. ^(a)		3,715		654,992
Advantest Corp. - ADR		8,520		568,540
Analog Devices, Inc.		1,162		261,020
Applied Materials, Inc.		1,861		335,092
ASM International NV		507		248,071
ASML Holding NV		4,119		2,890,386
BE Semiconductor Industries NV		749		102,100
Broadcom, Inc.		10,637		3,124,087
Disco Corp. - ADR		11,406		338,302
Infineon Technologies AG - ADR		14,310		562,669
KLA Corp.		308		270,741
Lam Research Corp.		3,010		285,468
Lasertec Corp. - ADR		4,436		87,966
MediaTek, Inc.		60,949		2,797,559
Microchip Technology, Inc.		1,270		85,839
Micron Technology, Inc.		2,633		287,366
Monolithic Power Systems, Inc.		100		71,124
NVIDIA Corp.		40,617		7,224,546
NXP Semiconductors NV		600		128,262
ON Semiconductor Corp. ^(a)		993		55,965
QUALCOMM, Inc.		2,513		368,808
Skyworks Solutions, Inc.		411		28,170
STMicroelectronics NV		7,202		185,055
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		27,745		6,703,747
Teradyne, Inc.		372		39,964
Texas Instruments, Inc.		2,081		376,786
Tokyo Electron Ltd. - ADR		10,505		822,016
United Microelectronics Corp. - ADR		87,024		595,244
				29,499,885

Software - 24.6%
Adobe, Inc. ^(a)		976		349,105
Akamai Technologies, Inc. ^(a)		354		27,014
Autodesk, Inc. ^(a)		512		155,192
Cadence Design Systems, Inc. ^(a)		625		227,856
Constellation Software, Inc./Canada		214		739,923
Dassault Systemes SE - ADR		6,992		229,897
Fair Isaac Corp. ^(a)		54		77,583
Microsoft Corp.		13,139		7,009,656
Oracle Corp.		3,726		945,547
PTC, Inc. ^(a)		283		60,791
Roper Technologies, Inc.		253		139,251
Sage Group PLC - ADR		2,716		174,666
Salesforce, Inc.		2,198		567,809
SAP SE - ADR		11,158		3,198,999
ServiceNow, Inc. ^(a)		482		454,584
Synopsys, Inc. ^(a)		470		297,934
Temenos AG - ADR		656		59,047
Tyler Technologies, Inc. ^(a)		95		55,533
WiseTech Global Ltd.		2,055		157,953
Workday, Inc. - Class A ^(a)		503		115,378
Xero Ltd. ^(a)		1,714		199,733
				15,243,451

Telecommunications - 4.5%
Arista Networks, Inc. ^(a)		2,359		290,676
Cisco Systems, Inc.		9,115		620,549
Corning, Inc.		1,822		115,223
Nokia Oyj - ADR		58,614		239,145
Telefonaktiebolaget LM Ericsson - ADR		34,465		248,838
Xiaomi Corp. - ADR ^(a)		37,303		1,256,365
				2,770,796
TOTAL COMMON STOCKS (Cost $46,954,414)				61,368,211

TOTAL INVESTMENTS - 98.9% (Cost $46,954,414)				61,368,211
Other Assets in Excess of Liabilities - 1.1%				659,901
TOTAL NET ASSETS - 100.0%			$	62,028,112
two				–	%
Percentages are stated as a percent of net assets.				–	%

AB - Aktiebolag

ADR - American Depositary Receipt

AG – Aktiengesellschaft

NV - Naamloze Vennootschap

OYJ - Julkinen Asakeyhtio

PLC - Public Limited Company

SA - Sociedad Anónima

SE - Societas Europeae

(a)	Non-income producing security.
(b)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)

SP Funds S&P Global Technology ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2025:

	Level 1		Level 2		Level 3		Total

Investments:
Common Stocks	$	61,368,211	$	–	$	–	$	61,368,211
Total Investments	$	61,368,211	$	–	$	–	$	61,368,211

Refer to the Schedule of Investments for further disaggregation of investment categories.

Allocation of Portfolio Holdings by Country as of July 31, 2025
(% of Net Assets)

United States	$	32,915,270	53.1	%^(a)
Taiwan		11,477,372	18.5
Japan		4,787,635	7.7
Germany		3,761,668	6.1
Netherlands		3,368,819	5.4
China		1,256,365	2.0
Canada		954,126	1.5
Ireland		527,663	0.8
Sweden		499,985	0.8
France		477,851	0.8
Switzerland		392,528	0.6
United Kingdom		352,098	0.6
Finland		239,145	0.4
New Zealand		199,733	0.3
Australia		157,953	0.3
Other Assets in Excess of Liabilities		659,901	1.1
Total Net Assets	$	62,028,112	100.0	%

(a) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.