SP Funds Dow Jones Global Sukuk ETF

Milwaukee, Wisconsin 53204
(Address of principal executive offices) (Zip code)

SP Funds Dow Jones Global Sukuk ETF Tailored Shareholder Report

semi-annual shareholder report May 31, 2026

Ticker: SPSK (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the SP Funds Dow Jones Global Sukuk ETF (the "Fund") for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.sp-funds.com/spsk. You can also request this information by contacting us at (425) 409-9500 or by writing SP Funds Dow Jones Global Sukuk ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
SP Funds Dow Jones Global Sukuk ETF	$25	0.50%

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of May 31, 2026 )

Fund Size (Thousands)	$542,949
Number of Holdings	167
Total Advisory Fee Paid	$1,164,180
Portfolio Turnover Rate	18%

What did the Fund invest in?

(as of May 31, 2026 )

Sector/Security Type - Investments

(% of total net assets)

Top Ten Holdings	(% of total net assets)
KSA Sukuk Ltd.	10.0
Perusahaan Penerbit SBSN Indonesia III	8.8
Isdb Trust Services NO 2 SARL	6.8
Saudi Electricity Sukuk Programme Co.	5.3
SA Global Sukuk Ltd.	4.6
Suci Second Investment Co.	4.5
Sharjah Sukuk Program Ltd.	3.5
DP World Crescent Ltd.	2.9
KSA Ijarah Sukuk Ltd.	2.9
SRC Sukuk Ltd.	2.5

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.sp-funds.com/spsk.

Householding

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

SP Funds S&P 500 Sharia Industry Exclusions ETF Tailored Shareholder Report

semi-annual Shareholder Report May 31, 2026

SP Funds S&P 500 Sharia Industry Exclusions ETF

Ticker: SPUS (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the SP Funds S&P 500 Sharia Industry Exclusions ETF (the "Fund") for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.sp-funds.com/spus. You can also request this information by contacting us at (425) 409-9500 or by writing SP Funds S&P 500 Sharia Industry Exclusions ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
SP Funds S&P 500 Sharia Industry Exclusions ETF	$24	0.45%

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of May 31, 2026 )

Fund Size (Thousands)	$2,723,971
Number of Holdings	215
Total Advisory Fee Paid	$4,768,333
Portfolio Turnover Rate	2%

What did the Fund invest in?

(as of May 31, 2026 )

Sector/Security Type - Investments

(% of total net assets)

Top Ten Holdings	(% of total net assets)
NVIDIA Corp.	13.5
Apple, Inc.	12.1
Microsoft Corp.	8.8
Alphabet, Inc. - Class A	5.8
Broadcom, Inc.	5.6
Tesla, Inc.	3.2
Micron Technology, Inc.	2.9
Eli Lilly & Co.	2.3
Advanced Micro Devices, Inc.	2.2
Exxon Mobil Corp.	1.6

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.sp-funds.com/spus.

Householding

SP Funds S&P Global REIT Sharia ETF Tailored Shareholder Report

semi-annual Shareholder Report May 31, 2026

SP Funds S&P Global REIT Sharia ETF

Ticker: SPRE (Listed on NYSE Arca, Inc.)

This semi-annual shareholder report contains important information about the SP Funds S&P Global REIT Sharia ETF (the "Fund") for the period December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.sp-funds.com/spre. You can also request this information by contacting us at (425) 409-9500 or by writing SP Funds S&P Global REIT Sharia ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment*
SP Funds S&P Global REIT Sharia ETF	$26	0.50%

Costs paid as a percentage of a $10,000 investment is an annualized figure.

Key Fund Statistics

(as of May 31, 2026 )

Fund Size (Thousands)	$203,354
Number of Holdings	26
Total Advisory Fee Paid	$496,189
Portfolio Turnover Rate	27%

What did the Fund invest in?

(as of May 31, 2026 )

Sector/Security Type - Investments

(% of total net assets)

Top Ten Holdings	(% of total net assets)
Goodman Group - REIT	12.7
Prologis, Inc. - REIT	12.4
Equinix, Inc. - REIT	12.1
Welltower, Inc. - REIT	11.7
Charter Hall Group	5.1
Mid-America Apartment Communities, Inc. - REIT	4.9
Sun Communities, Inc. - REIT	4.9
EastGroup Properties, Inc. - REIT	4.9
Terreno Realty Corp. - REIT	4.8
Weyerhaeuser Co. - REIT	4.8

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit www.sp-funds.com/spre.

Householding

Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.

The SP Funds Dow Jones Global Sukuk ETF (the “Sukuk ETF”), the SP Funds S&P 500 Sharia Industry Exclusions ETF (the “Sharia ETF”), and the SP Funds S&P Global REIT ETF (the “Global REIT ETF”) (each, a “Fund”, and collectively, the “Funds”) are each a series of shares of beneficial interest of Tidal Trust I (the “Trust”). The Sukuk ETF is a diversified series and each of the Sharia ETF and the Global REIT ETF is a non-diversified series of the Trust. The Sukuk ETF commenced operations as a non-diversified series, however, the Fund continuously operated as diversified for three years and as of December 27, 2022, is classified as diversified. The Trust was organized as a Delaware statutory trust on June 4, 2018 and is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of each Fund’s shares (“Shares”) is registered under the Securities Act of 1933, as amended. The Trust is governed by its Board of Trustees (the “Board”). Tidal Investments LLC (“Tidal Investments” or the “Adviser”), a Tidal Financial Group company, serves as investment adviser to the Funds and ShariaPortfolio, Inc. (the “Sub-Adviser”) serves as sub-adviser to the Funds. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services — Investment Companies.” The Sharia ETF commenced operations on December 17, 2019, the Sukuk ETF commenced operations on December 27, 2019 and the Global REIT ETF commenced operations on December 29, 2020.

The investment objective of the Sukuk ETF is to seek to track the performance, before fees and expenses, of the Dow Jones Sukuk Total Return (ex-Reinvestment) Index (the “Sukuk Index”). The investment objective of the Sharia ETF is to seek to track the performance, before fees and expenses, of the S&P 500 Shariah Industry Exclusions Index (the “Shariah Index”). The investment objective of the Global REIT ETF is to seek to track the performance, before fees and expenses, of the S&P Global All Equity REIT Shariah Capped Index (the “Global REIT Index”). The Sukuk Index, the Shariah Index, and the Global REIT Index are each, an “Index”, and collectively, the “Indexes.”

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Security Valuation - Equity securities, which may include Real Estate Investment Trusts (“REITs”), Business Development Companies (“BDCs”), and Master Limited Partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available (except for securities traded on The Nasdaq Stock Market, LLC (the “NASDAQ”)), including securities traded over-the-counter, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded on the valuation date (or at approximately 4:00 p.m. EST if a security’s primary exchange is normally open at that time), or, if there is no such reported sale on the valuation date, at the most recent quoted bid price or mean between the most recent quoted bid and ask prices for long and short positions. For a security that trades on multiple exchanges, the primary exchange will generally be considered the exchange on which the security is generally most actively traded. For securities traded on the NASDAQ, the NASDAQ Official Closing Price will be used. Prices of securities traded on the securities exchange will be obtained from recognized independent pricing agents (the “Independent Pricing Agents”) each day that the Funds are open for business.

Investments in money market mutual funds are valued at each underlying fund’s published net asset value (“NAV”) per share as of the valuation time. Each underlying money market fund calculates NAV using the amortized cost method (which approximates fair value) as permitted by Rule 2a-7 under the 1940 Act.

Sukuk securities are valued by using an evaluated mean of the bid and ask prices provided by Independent Pricing Agents. The Independent Pricing Agents may employ methodologies that utilize actual market transactions (if the security is actively traded), broker-dealer supplied valuations, or other methodologies designed to identify the market value for such securities. In arriving at valuations, such methodologies generally consider factors such as security prices, yields, maturities, call features, ratings and developments relating to specific securities.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser’s Pricing and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have 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 Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following is a summary of the inputs used to value each Fund's investments as of May 31, 2026:

(a) The securities (Rights) are classified as Level 3 securities due to a lack of market activity.

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

The Sharia ETF held contingent value rights with $0 market values at the beginning and end of the period with no activity during the year. As of the period ended May 31, 2026, these investments did not have a material impact on the Fund’s net assets and, therefore, disclosure of unobservable inputs used in formulating valuations is not presented.

Federal Income Taxes - Each Fund has elected to be taxed as a regulated investment company (“RIC”) and intends to distribute substantially all taxable income to its shareholders and otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the “Code”) applicable to RICs. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year, at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, each Fund is subject to a 4% excise tax that is imposed if a Fund does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Funds' fiscal year). The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable.

As of May 31, 2026, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations.

Securities Transactions and Investment Income - Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Discounts/premiums on debt securities purchased are accreted/amortized over the life of the respective securities using the effective interest method. Dividend income is recorded on the ex-dividend date. Dividends received from REITs generally are comprised of ordinary income, capital gains, and may include return of capital. Interest income is recorded on an accrual basis. Other non-cash dividends are recognized as investment income at the fair value of the property received. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country’s tax rules and rates.

Foreign Currency - Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

Distributions to Shareholders - Distributions to shareholders from net investment income, if any, for the Funds are declared and paid at least monthly. Distributions to shareholders from net realized gains on securities, if any, for the Funds normally are declared and paid at least annually. Distributions are recorded on the ex-dividend date.

Use of Estimates - The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Share Valuation - The NAV per Share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities by the total number of Shares outstanding for each Fund, rounded to the nearest cent. Fund Shares will not be priced on the days on which the New York Stock Exchange (“NYSE”) is closed for trading.

Guarantees and Indemnifications - In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Illiquid Securities - Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved Liquidity Risk Management Program (the “Program”) that requires, among other things, that each Fund limit its illiquid investments that are assets to no more than 15% of the value of the Fund’s net assets. An illiquid investment is any security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If a Fund should be in a position where the value of illiquid investments held by a Fund exceeds 15% of the Fund’s net assets, the Fund will take such steps as set forth in the Program.

Concentration Risk. The Funds’ investments will be concentrated in an industry or group of industries to the extent the Indexes are so concentrated. In such event, the value of Shares may rise and fall more than the value of shares that invest in securities of companies in a broader range of industries.

REITs are subject to additional risks, including those related to adverse governmental actions; declines in property value and the real estate market; the potential failure to qualify for tax-free pass through of income; and exemption from registration as an investment company. REITs are dependent upon specialized management skills and may invest in relatively few properties, a small geographic area, or a small number of property types. As a result, investments in REITs may be volatile. To the extent the Fund invests in REITs concentrated in specific geographic areas or property types, the Fund may be subject to a greater loss as a result of adverse developments affecting such area or property types. REITs are pooled investment vehicles with their own fees and expenses and the Fund will indirectly bear a proportionate share of those fees and expenses. As of May 31, 2026, 99.1% of the Fund’s net assets were invested in REITs.

Currency Risk (Global REIT ETF Only). The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Emerging Markets Risk (Sukuk ETF and Global REIT ETF Only). Investments in emerging market securities impose risks different from, or greater than, risks of investing in foreign developed countries, including: smaller market capitalization; significant price volatility; and restrictions on foreign investment. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, and confiscatory taxation, or, in certain instances, reversion to closed market, centrally planned economies. Emerging market economies may also experience more severe downturns. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Funds. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. In addition, less information may be available about companies in emerging markets than in developed markets because such emerging markets companies may not be subject to accounting, auditing and financial reporting standards or to other regulatory practices required by U.S. companies which may lead to potential errors in index data, index computation and/or index construction. Such conditions may impact the ability of the Funds to buy, sell or otherwise transfer securities; adversely affect the trading market and price for such securities; and/or cause the Funds to decline in value.

Equity Market Risk (Sharia ETF and Global REIT ETF Only). Common stocks, in which the Fund primarily invests, are generally exposed to greater risk than other types of securities, such as preferred stock and debt obligations, because common stockholders generally have inferior rights to receive payment from specific issuers. The equity securities held in the Fund’s portfolio may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors that affect securities markets generally or factors affecting specific issuers, industries, or sectors in which the Fund invests.

Foreign Government Risk (Sukuk ETF Only). The Fund’s investment in securities issued by foreign governments or their agencies or instrumentalities (sovereign debt), including those that issue sukuk through a secondary issuing vehicle, differs from debt obligations issued by private entities in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Legal recourse is therefore limited. The foreign sovereign debt securities the Fund purchases involve specific risk, including that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of political constraints, cash flow problems, and other national economic factors; (ii) governments may default on their sovereign debt, which may require holders of such sovereign debt to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there are no bankruptcy proceedings by which defaulted sovereign debt may be collected in whole or in part. These and other factors can make investments in the Fund more volatile and potentially less liquid than other types of investments that track an index of domestic securities.

Foreign Securities Risk (Global REIT ETF Only). Investments in securities or other instruments of non-U.S. issuers involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Financial markets in foreign countries often are not as developed, efficient, or liquid as financial markets in the United States, and therefore, the prices of non-U.S. securities and instruments can be more volatile. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, which may include the imposition of economic sanctions. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices.

General Market Risk. Securities markets and individual securities may increase or decrease in value. Security prices may fluctuate widely over short or extended periods in response to market, economic or political news and conditions, and securities markets also tend to move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose value regardless of the individual results of the companies in which the Fund invests. The magnitude of up and down price or market fluctuations over time is sometimes referred to as “volatility”, and it can be significant. In addition, different asset classes and geographic markets may experience periods of significant correlation with each other. As a result of this correlation, the securities and markets in which the Fund invests may experience volatility due to market, economic, political or social events and conditions that may not readily appear to directly relate to such securities, the securities’ issuer or the markets in which they trade.

Geographic Investment Risk (Sukuk ETF Only). To the extent 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 that country or region.

Models and Data Risk. The compositions of the Indexes are heavily dependent on proprietary quantitative models as well as information and data supplied by third parties (“Models and Data”). When Models and Data prove to be incorrect or incomplete, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities from the Index universes that would have been excluded or included had the Models and Data been correct and complete. If the compositions of the Indexes reflect such errors, the Funds’ portfolios can be expected to also reflect the errors.

Non-Diversification Risk (Sharia ETF and Global REIT ETF Only). Because the Funds are “non-diversified,” they may invest a greater percentage of their assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Funds’ overall values to decline to a greater degree than if the Funds held more diversified portfolios.

Passive Investment Risk. The Funds invest in the securities included in, or representative of, their Indexes regardless of their investment merit. The Funds do not attempt to outperform their Indexes or take defensive positions in declining markets. As a result, the Funds’ performance may be adversely affected by a general decline in the market segments relating to their Indexes.

Sector Risks (Sharia ETF and Sukuk ETF Only). To the extent the Funds invest more heavily in particular sectors of the economy, their performance will be especially sensitive to developments that significantly affect those sectors.

Sharia-Compliant Investing Risk. 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 Funds can invest. The strategy to reduce the investable universe may limit investment opportunities and adversely affect the Funds’ performance, especially in comparison to more diversified funds. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income.

Sukuk Risk (Sukuk ETF Only). 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. Sukuk involve many of the same risks that conventional bonds incur such as credit risk and interest rate risk. In addition to these risks, there are certain risks specific to sukuk. Sukuk represent undivided shares in the ownership of certificates, and such certificates are linked to a specific investment activity, such as an underlying asset or contractual payment obligations of the issuer. 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. While the sukuk market has grown significantly in recent years, 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.

Tax Risk (Global REIT ETF Only). To qualify for the favorable tax treatment generally available to a RIC, the Fund must satisfy certain diversification requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, (i) more than 50% of the value of the Fund’s assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund’s assets or (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund or (ii) more than 25% of the value of the Fund’s assets would be invested in the securities of any one issuer. Given the concentration of the Index in a relatively small number of securities, it may not always be possible for the Fund to fully implement a replication strategy or a representative sampling strategy while satisfying these diversification requirements. The Fund’s efforts to satisfy the diversification requirements may affect the Fund’s execution of its investment strategy and may cause the Fund’s return to deviate from that of the Index, and the Fund’s efforts to replicate or represent the Index may cause it inadvertently to fail to satisfy the diversification requirements. If the Fund were to fail to satisfy the diversification requirements, it could incur penalty taxes and be forced to dispose of certain assets, or it could fail to qualify as a RIC. If the Fund were to fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

Tracking Error Risk. As with all index funds, the performance of the Funds and their respective Indexes may differ from each other for a variety of reasons. For example, the Funds incur operating expenses and portfolio transaction costs not incurred by their respective Indexes. In addition, the Funds may not be fully invested in the securities of their respective Indexes at all times or may hold securities not included in their respective Indexes.

Underlying Index Risk. Neither the Funds’ investment adviser nor the Index Providers (as defined in the Prospectus) are able to guarantee the continuous availability or timeliness of the production of the Indexes. The calculation and dissemination of the Index values may be delayed if the information technology or other facilities of the Index Providers, calculation agents, data providers and/or relevant stock exchanges malfunction for any reason. A significant delay may cause trading in shares of the Funds to be suspended. Errors in Index data, computation and/or construction in accordance with their methodologies may occur from time to time and may not be identified and corrected by the Index Providers, calculation agents or other applicable parties for a period of time or at all, which may have an adverse impact on the Funds and their shareholders.

The Adviser serves as investment adviser to the Funds pursuant to an investment advisory agreement between the Adviser and the Trust, on behalf of the Funds (the “Advisory Agreement”), and, pursuant to the Advisory Agreement, provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and oversight of the Board. The Adviser is also responsible for trading portfolio securities for the Funds, including selecting broker-dealers to execute purchase and sale transactions. The Adviser provides oversight of the Sub-Adviser and review of the Sub-Adviser’s performance.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the “Investment Advisory Fee”) based on the average daily net assets of each Fund as follows:

Out of the Investment Advisory Fees, the Adviser is obligated to pay or arrange for the payment of substantially all expenses of the Funds, including the cost of sub-advisory, transfer agency, custody, fund administration, and all other related services necessary for the Funds to operate. Under the Advisory Agreement, the Adviser has agreed to pay, or require the Sub-Adviser to pay, all expenses incurred by the Funds except for interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, extraordinary expenses, distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act (collectively, “Excluded Expenses”) and the Investment Advisory Fee payable to the Adviser. The Investment Advisory Fees incurred are paid monthly to the Adviser. Investment Advisory Fees for the periods ended May 31, 2026 are disclosed in the Statements of Operations.

The Sub-Adviser serves as the investment sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to the Funds (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for ensuring the Funds follow the character of each applicable Index and providing advice with regard to the interpretation of and compliance with Sharia principles.

Pursuant to the Sub-Advisory Agreement, the Adviser pays the Sub-Adviser a fee for the services and facilities the Sub-Adviser provides (the “Sub-Advisory Fee”) based on the average daily net assets of each Fund as follows:

The Sub-Advisory Fees incurred are paid monthly to the Sub-Adviser by the Adviser. The Adviser has entered into an agreement with SP Funds Management, LLC (“SP Funds Management”) an affiliate of the Sub-Adviser, pursuant to which SP Funds Management has agreed to assume the Adviser’s obligation to pay all expenses incurred by the Funds, except Excluded Expenses. For assuming each Fund’s payment obligations, the Adviser has agreed to pay SP Funds Management, the profits, if any, generated by each Fund’s Investment Advisory Fees, less a contractual fee retained by the Adviser. Expenses incurred by the Funds and paid by SP Funds Management include fees charged by Tidal (defined below), which is the Funds’ administrator and an affiliate of the Adviser.

Tidal ETF Services LLC (“Tidal”), a Tidal Financial Group company and an affiliate of the Adviser, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust’s relationships with its various service providers. As compensation for the services it provides, Tidal receives a fee based on each Fund’s average daily net assets, subject to a minimum annual fee. Tidal also is entitled to certain out-of-pocket expenses for the services mentioned above.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds' fund accountant and transfer agent. In those capacities, Fund Services performs various accounting and transfer agency services for the Funds. U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, serves as the Funds' custodian.

Foreside Fund Services, LLC (the “Distributor”) acts as the Funds' principal underwriter in a continuous public offering of each Fund’s Shares.

Certain officers and a trustee of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust’s officers receive compensation from the Funds.

In accordance with the FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), each Fund has evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker. The Principal Financial Officer is responsible for assessing each Fund’s financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund’s financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

For the period ended May 31, 2026, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were:

For the period ended May 31, 2026, the cost of purchases and proceeds from the sales or maturities of long-term U.S. government securities were as follows:

For the period ended May 31, 2026, in-kind transactions associated with creations and redemptions for the Funds were:

The tax character of distributions paid during the period ended May 31, 2026 (estimated) and the most recent fiscal year ended November 30, 2025 were as follows:

As of the most recent fiscal year ended November 30, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund’s next taxable year. As of the most recent fiscal year ended November 30, 2025, the Funds had not elected to defer any post-October or late-year losses.

As of the most recent fiscal year ended November 30, 2025, the Sukuk ETF, Sharia ETF and the Global REIT ETF had short-term capital loss carryovers of $480,496, $1,047,704 and $3,253,824, respectively, which do not expire. The Sukuk ETF, Sharia ETF and the Global REIT ETF also had long-term capital loss carryovers of $1,159,206, $1,862,522 and $5,624,097, respectively, which do not expire.

U.S. Bank N.A. has made available to the Global REIT ETF a credit facility pursuant to a Loan Agreement for temporary or extraordinary purposes. Credit facility details for the period ended May 31, 2026, were as follows:

Interest expense incurred for the period ended May 31, 2026 is disclosed in the Statements of Operations, if applicable. The credit facility is an uncommitted, senior secured 364-day umbrella line of credit used for the benefit of certain funds in the Trust.

The maximum available credit is disclosed at the Trust level. The Fund’s ability to borrow is therefore limited by borrowings of other funds within the Trust which are party to the agreement and to one-third of the Fund’s total assets.

Shares of the Funds are listed and traded on the Exchange. Market prices for the Shares may be different from their NAV. The Funds issue and redeem shares on a continuous basis at NAV, generally in large blocks of Shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, Shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the Shares directly from the Funds. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of Shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $500, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Funds’ Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units and Redemption Units of up to a maximum of 2% of the value of the Creation Units and Redemption Units subject to the transaction. Variable fees are imposed to compensate the Funds for transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of Shares of beneficial interest, with no par value. All Shares of the Funds have equal rights and privileges.

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks’ interest rate changes, the possibility of a national or global recession, trade tensions and tariffs, political events, armed conflict, war, and geopolitical conflict. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated.

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be recognized or disclosed in the Funds' financial statements.

Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.

There were no matters submitted to a vote of shareholders during the period covered by the report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from the Fund, the Adviser has agreed to pay all expenses incurred by the Fund, including Trustee compensation, except for certain excluded expenses.

Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.

(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(5) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

sector	%
Sovereigns	33.5%
Banks	15.8%
Utilities	9.6%
Financial Services	8.4%
Supranationals	8.0%
Integrated Oils	4.9%
Real Estate	3.5%
Transportation & Logistics	3.1%
Consumer Finance	2.6%
Exploration & Production	2.2%
Wireline Telecommunications Services	1.8%
Chemicals	1.7%
Pipeline	0.9%
Commercial Finance	0.7%
Food & Beverage	0.7%
Power Generation	0.5%
Wireless Telecommunications Services	0.5%
Cash & Other	1.6%

sector	%
Tech Hardware & Semiconductors	45.7%
Software & Tech Services	14.4%
Health Care	10.5%
Media	6.9%
Consumer Discretionary Products	3.7%
Industrial Products	3.6%
Materials	2.8%
Industrial Services	2.7%
Oil & Gas	2.7%
Retail & Wholesale - Discretionary	2.6%
Consumer Staple Products	2.4%
Real Estate	1.1%
Retail & Wholesale - Staples	0.3%
Utilities	0.2%
Financial Services	0.1%
Renewable Energy	0.1%
Cash & Other	0.2%

SP Funds Dow Jones Global Sukuk ETF	\| SPSK	\| NYSE Arca, Inc.
SP Funds S&P 500 Sharia Industry Exclusions ETF	\| SPUS	\| NYSE Arca, Inc.
SP Funds S&P Global REIT Sharia ETF	\| SPRE	\| NYSE Arca, Inc.

CORPORATE SUKUK - 56.9%	Rate		Maturity Date	Principal Amount		Value
Banks - 15.8%
Adib Sukuk Co. II Ltd.		5.70%	11/15/2028	$	1,500,000	$	1,537,189
Ajman Senior Sukuk Ltd.		5.13%	04/30/2030		1,500,000		1,497,721
Al Rajhi Sukuk Ltd.		4.75%	04/05/2028		3,500,000		3,510,043
Al Rajhi Sukuk Ltd.		5.05%	03/12/2029		3,100,000		3,121,124
Al Rajhi Sukuk Ltd.		4.87%	05/19/2030		1,500,000		1,504,013
Alinma Sukuk Ltd.		4.94%	07/15/2030		1,680,000		1,681,594
BBG Sukuk Ltd.		4.56%	10/09/2029		2,550,000		2,536,093
Boubyan Sukuk Ltd.		4.97%	06/04/2030		1,450,000		1,460,268
BSF Sukuk Co. Ltd.		4.75%	05/31/2028		2,500,000		2,495,345
BSF Sukuk Co. Ltd.		5.00%	01/25/2029		2,200,000		2,209,779
BSF Sukuk Co. Ltd.		5.38%	01/21/2030		2,300,000		2,333,765
DIB Sukuk Ltd.		5.49%	11/30/2027		2,400,000		2,435,445
DIB Sukuk Ltd.		4.80%	08/16/2028		3,070,000		3,073,070
DIB Sukuk Ltd.		5.24%	03/04/2029		3,100,000		3,144,409
DIB Sukuk Ltd.		4.57%	11/19/2030		3,115,000		3,093,026
EI Sukuk Co. Ltd.		5.43%	05/28/2029		2,300,000		2,333,531
EI Sukuk Co. Ltd.		5.06%	03/25/2030		2,400,000		2,415,372
EI Sukuk Co. Ltd.		4.54%	03/23/2031		1,585,000		1,559,283
Fab Sukuk Co. Ltd.		4.58%	01/17/2028		1,600,000		1,598,984
Fab Sukuk Co. Ltd.		4.78%	01/23/2029		2,430,000		2,431,140
Fab Sukuk Co. Ltd.		5.15%	01/16/2030		3,900,000		3,950,336
KFH Sukuk Co.		5.01%	01/17/2029		3,095,000		3,108,738
KFH Sukuk Co.		5.38%	01/14/2030		3,070,000		3,112,271
KFH Sukuk Co.		4.56%	01/13/2031		3,175,000		3,121,585
MAR Finance LLC		4.88%	05/29/2030		1,650,000		1,663,251
Mashreq AL Islami Sukuk Co. Ltd.		5.03%	04/22/2030		1,475,000		1,492,171
QIB Sukuk Ltd		4.40%	03/05/2031		2,400,000		2,356,173
QIB Sukuk Ltd.		5.58%	11/22/2028		2,700,000		2,759,586
QIB Sukuk Ltd.		4.49%	09/17/2029		2,400,000		2,378,703
QIB Sukuk Ltd.		4.80%	06/12/2030		2,875,000		2,877,609
QIIB Senior Oryx Ltd.		5.25%	01/24/2029		2,400,000		2,434,270
QIIB Senior Oryx Ltd.		4.50%	11/13/2030		1,535,000		1,520,588
SIB Sukuk Co. III Ltd.		5.25%	07/03/2029		1,450,000		1,463,920
SIB Sukuk Co. III Ltd.		5.20%	02/26/2030		1,600,000		1,608,633
SIB Sukuk Co. III Ltd.		4.60%	11/12/2030		1,540,000		1,509,347
SNB Sukuk Ltd.		5.13%	02/27/2029		2,700,000		2,730,633

Warba Sukuk Ltd.	5.35%	07/10/2029	1,450,000	1,466,479
				85,525,487

Chemicals - 1.7%
Equate Sukuk SPC Ltd.	5.00%	09/05/2031	2,250,000	2,260,296
Ma'aden Sukuk Ltd.	5.25%	02/13/2030	2,325,000	2,342,462
Ma'aden Sukuk Ltd.	5.50%	02/13/2035	2,215,000	2,241,362
Ma'aden Sukuk Ltd.^(a)	5.25%	01/29/2036	2,650,000	2,603,499
				9,447,619

Commercial Finance - 0.7%
Air Lease Corporation Sukuk Ltd.	5.85%	04/01/2028	1,850,000	1,875,234
DAE Sukuk Difc Ltd.	4.50%	10/16/2030	1,945,000	1,883,231
				3,758,465

Consumer Finance - 2.6%
SRC Sukuk Ltd.	5.00%	02/27/2028	3,175,000	3,187,142
SRC Sukuk Ltd.	4.38%	04/02/2029	4,660,000	4,614,988
SRC Sukuk Ltd.	5.38%	02/27/2035	3,150,000	3,205,606
SRC Sukuk Ltd.	4.88%	10/02/2035	3,180,000	3,105,209
				14,112,945

Exploration & Production - 2.2%
Adnoc Murban Sukuk Ltd.	4.75%	05/06/2035	4,725,000	4,669,934
EDO Sukuk Ltd.	5.66%	07/03/2031	2,250,000	2,328,195
EDO Sukuk Ltd.	5.88%	09/21/2033	3,000,000	3,142,728
EDO Sukuk Ltd.	5.14%	01/22/2036	1,950,000	1,943,264
				12,084,121

Financial Services - 8.4%
Aercap Sukuk Ltd.	4.50%	10/03/2029	1,600,000	1,579,111
Dua Capital Ltd.	2.78%	05/11/2031	1,800,000	1,650,739
Khazanah Global Sukuk Bhd.	4.69%	06/01/2028	2,300,000	2,311,126
Khazanah Global Sukuk Bhd.	4.48%	09/05/2029	1,600,000	1,603,001
Mdgh Sukuk Ltd.	4.96%	04/04/2034	3,100,000	3,111,743
Mdgh Sukuk Ltd.	5.00%	06/04/2035	2,855,000	2,874,741
Suci Second Investment Co	5.13%	01/28/2036	6,255,000	6,257,108
Suci Second Investment Co.	4.38%	09/10/2027	4,685,000	4,672,159
Suci Second Investment Co.	6.00%	10/25/2028	7,055,000	7,260,289
Suci Second Investment Co.	5.17%	03/05/2031	6,270,000	6,333,434
Suci Second Investment Co.	4.88%	05/08/2032	3,775,000	3,748,125
Suci Second Investment Co.	6.25%	10/25/2033	3,895,000	4,191,288
				45,592,864

sector	%
Real Estate	99.1%
Financial Services	0.0%
Cash & Other	0.9%

	Page
Schedule of Investments - SP Funds Dow Jones Global Sukuk ETF	1
Schedule of Investments - SP Funds S&P 500 Sharia Industry Exclusions ETF	7
Schedule of Investments - SP Funds S&P Global REIT Sharia ETF	14
Statements of Assets and Liabilities	15
Statements of Operations	16
Statements of Changes in Net Assets	17
Financial Highlights - SP Funds Dow Jones Global Sukuk ETF	19
Financial Highlights - SP Funds S&P 500 Sharia Industry Exclusions ETF	20
Financial Highlights - SP Funds S&P Global REIT Sharia ETF	22
Notes to the Financial Statements	23

Food & Beverage - 0.7%
Almarai Co. JSC	5.23%	07/25/2033	2,300,000	2,316,932
Almarai Sukuk Ltd.	4.45%	09/24/2030	1,575,000	1,550,675
				3,867,607

Integrated Oils - 4.9%
SA Global Sukuk Ltd.	4.25%	10/02/2029	4,725,000	4,661,018
SA Global Sukuk Ltd.	4.13%	09/17/2030	4,660,000	4,539,702
SA Global Sukuk Ltd.	2.69%	06/17/2031	9,375,000	8,472,179
SA Global Sukuk Ltd.	4.75%	10/02/2034	4,675,000	4,562,015
SA Global Sukuk Ltd.	4.63%	09/17/2035	4,540,000	4,365,953
				26,600,867

Pipeline - 0.9%
TMS Issuer SARL^(b)	5.78%	08/23/2032	4,670,000	4,805,495

Power Generation - 0.5%
TNB Global Ventures Capital Bhd.	4.85%	11/01/2028	2,400,000	2,421,746

Real Estate - 3.5%
Aldar Investment Properties Sukuk Ltd.	4.88%	05/24/2033	1,600,000	1,555,868
Aldar Investment Properties Sukuk Ltd.	5.50%	05/16/2034	1,950,000	1,944,474
Aldar Investment Properties Sukuk Ltd.	5.25%	03/25/2035	1,950,000	1,913,725
Aldar Sukuk No. 2 Ltd.	3.88%	10/22/2029	1,600,000	1,539,006
Emaar Sukuk Ltd.	3.88%	09/17/2029	1,600,000	1,552,028
Emaar Sukuk Ltd.	3.70%	07/06/2031	1,600,000	1,507,636
Esic Sukuk Ltd.	5.83%	02/14/2029	2,200,000	2,231,065
MAF Sukuk Ltd.	4.64%	05/14/2029	1,800,000	1,767,369
MAF Sukuk Ltd.	3.93%	02/28/2030	1,800,000	1,714,973
MAF Sukuk Ltd.	5.00%	06/01/2033	1,600,000	1,575,679
MAF Sukuk Ltd.	4.88%	10/22/2035	1,585,000	1,501,425
				18,803,248

Transportation & Logistics - 3.1%
DP World Crescent Ltd.	4.85%	09/26/2028	3,025,000	3,000,336
DP World Crescent Ltd.	3.88%	07/18/2029	3,165,000	3,038,811
DP World Crescent Ltd.	3.75%	01/30/2030	1,600,000	1,519,683
DP World Crescent Ltd.	5.50%	09/13/2033	4,650,000	4,686,136
DP World Crescent Ltd.	5.50%	05/08/2035	4,690,000	4,691,847
				16,936,813

Utilities - 9.6%
AL Jawaher Assets Co Spc	4.66%	10/29/2030	2,300,000	2,264,129
Mazoon Assets Co. SAOC	5.20%	11/08/2027	1,630,000	1,636,480
Mazoon Assets Co. SAOC	5.50%	02/14/2029	1,435,000	1,455,211

Mazoon Assets Co. SAOC	5.25%	10/09/2031	2,260,000	2,284,013
National Central Cooling Co. PJSC	5.28%	03/05/2030	2,250,000	2,275,782
Saudi Electricity Global Sukuk Co. 2	5.06%	04/08/2043	3,075,000	2,898,579
Saudi Electricity Global Sukuk Co. 3	5.50%	04/08/2044	3,140,000	3,093,400
Saudi Electricity Global Sukuk Co. 4	4.72%	09/27/2028	3,775,000	3,772,098
Saudi Electricity Global Sukuk Co. 5	2.41%	09/17/2030	2,000,000	1,813,488
Saudi Electricity Sukuk Programme Co.	4.31%	01/22/2029	1,500,000	1,488,351
Saudi Electricity Sukuk Programme Co.	4.94%	02/13/2029	2,525,000	2,540,838
Saudi Electricity Sukuk Programme Co.	5.23%	02/18/2030	4,700,000	4,768,482
Saudi Electricity Sukuk Programme Co.	4.52%	01/22/2032	2,050,000	1,999,878
Saudi Electricity Sukuk Programme Co.	4.63%	04/11/2033	3,600,000	3,518,987
Saudi Electricity Sukuk Programme Co.	5.19%	02/13/2034	4,400,000	4,410,841
Saudi Electricity Sukuk Programme Co.	5.49%	02/18/2035	3,795,000	3,864,768
Saudi Electricity Sukuk Programme Co.	5.07%	01/22/2036	3,600,000	3,560,393
Saudi Electricity Sukuk Programme Co.	5.68%	04/11/2053	4,500,000	4,390,318
				52,036,036

Wireless Telecommunications Services - 0.5%
Axiata SPV2 Bhd.	2.16%	08/19/2030	1,600,000	1,448,436
Otel Sukuk Ltd.	5.38%	01/24/2031	1,435,000	1,451,628
				2,900,064

Wireline Telecommunications Services - 1.8%
Saudi Telecom Co.	3.89%	05/13/2029	3,790,000	3,709,045
STC Sukuk Co. II Ltd.	4.49%	01/15/2031	2,335,000	2,311,058
STC Sukuk Co. II Ltd.	5.08%	01/15/2036	3,950,000	3,944,398
				9,964,501

TOTAL CORPORATE SUKUK (Cost $309,906,256)				308,857,878

FOREIGN GOVERNMENT SUKUK - 41.5%	Rate		Maturity Date	Principal Amount		Value
Sovereigns - 33.5%^(c)
Global Sukuk Ventures		4.25%	11/10/2035		9,390,000		9,161,686
KSA Ijarah Sukuk Ltd.		4.25%	09/09/2030		7,025,000		6,919,979
KSA Ijarah Sukuk Ltd.		4.88%	09/09/2035		10,125,000		10,011,673
KSA Sukuk Ltd.		5.27%	10/25/2028		7,825,000		7,956,861
KSA Sukuk Ltd.		4.30%	01/19/2029		6,275,000		6,238,683
KSA Sukuk Ltd.		4.27%	05/22/2029		9,385,000		9,321,945
KSA Sukuk Ltd.		2.97%	10/29/2029		7,780,000		7,380,692
KSA Sukuk Ltd.		5.25%	06/04/2030		4,725,000		4,824,012
KSA Sukuk Ltd.		2.25%	05/17/2031		6,175,000		5,497,349
KSA Sukuk Ltd.		4.51%	05/22/2033		9,370,000		9,176,655
KSA Sukuk Ltd.		5.25%	06/04/2034		7,010,000		7,146,234
Malaysia Sovereign Sukuk Bhd.		4.24%	04/22/2045		1,550,000		1,386,493

Malaysia Sukuk Global Bhd.	4.08%	04/27/2046	1,450,000	1,266,324
Malaysia Wakala Sukuk Bhd.	2.07%	04/28/2031	2,550,000	2,316,036
Malaysia Wakala Sukuk Bhd.	3.08%	04/28/2051	1,450,000	1,035,776
Oman Sovereign Sukuk Co.	4.88%	06/15/2030	5,515,000	5,552,082
Oman Sovereign Sukuk Co.	4.53%	04/17/2033	3,160,000	3,116,876
Perusahaan Penerbit SBSN Indonesia III	4.40%	03/01/2028	5,440,000	5,460,400
Perusahaan Penerbit SBSN Indonesia III	5.40%	11/15/2028	3,110,000	3,189,694
Perusahaan Penerbit SBSN Indonesia III	4.45%	02/20/2029	3,900,000	3,914,040
Perusahaan Penerbit SBSN Indonesia III	5.10%	07/02/2029	2,300,000	2,343,700
Perusahaan Penerbit SBSN Indonesia III	5.00%	05/25/2030	3,350,000	3,383,668
Perusahaan Penerbit SBSN Indonesia III	2.80%	06/23/2030	3,100,000	2,875,250
Perusahaan Penerbit SBSN Indonesia III	4.55%	07/23/2030	3,315,000	3,288,231
Perusahaan Penerbit SBSN Indonesia III	4.50%	12/01/2030	3,470,000	3,431,997
Perusahaan Penerbit SBSN Indonesia III	2.55%	06/09/2031	3,170,000	2,863,207
Perusahaan Penerbit SBSN Indonesia III	4.70%	06/06/2032	4,710,000	4,669,867
Perusahaan Penerbit SBSN Indonesia III	5.60%	11/15/2033	3,025,000	3,101,381
Perusahaan Penerbit SBSN Indonesia III	5.20%	07/02/2034	3,120,000	3,102,450
Perusahaan Penerbit SBSN Indonesia III	5.25%	11/25/2034	2,800,000	2,786,156
Perusahaan Penerbit SBSN Indonesia III	5.20%	07/23/2035	3,305,000	3,273,520
Perusahaan Penerbit SBSN Indonesia III	5.00%	12/01/2035	2,845,000	2,773,988
Perusahaan Penerbit SBSN Indonesia III	3.80%	06/23/2050	2,300,000	1,696,549
Perusahaan Penerbit SBSN Indonesia III	3.55%	06/09/2051	2,275,000	1,579,180
Perusahaan Penerbit SBSN Indonesia III	5.50%	07/02/2054	1,800,000	1,730,337
Perusahaan Penerbit SBSN Indonesia III	5.65%	11/25/2054	2,200,000	2,150,134
RAK Capital	5.00%	03/12/2035	3,000,000	3,016,751
ROP Sukuk Trust	5.05%	06/06/2029	3,100,000	3,138,750
Sharjah Sukuk Program Ltd.	4.23%	03/14/2028	3,800,000	3,751,095
Sharjah Sukuk Program Ltd.	3.23%	10/23/2029	3,090,000	2,906,551
Sharjah Sukuk Program Ltd.	3.89%	04/04/2030	2,200,000	2,104,300
Sharjah Sukuk Program Ltd.	3.20%	07/13/2031	2,275,000	2,066,791
Sharjah Sukuk Program Ltd.	6.09%	03/19/2034	2,800,000	2,918,659
Sharjah Sukuk Program Ltd.	3.85%	03/19/2035	1,000,000	896,705
Sharjah Sukuk Program Ltd.	5.43%	04/17/2035	3,050,000	3,048,498
Sharjah Sukuk Program Ltd.	5.19%	05/25/2036	2,315,000	2,269,860
				182,041,065

Supranationals - 8.0%
APICORP Sukuk Ltd	4.72%	02/03/2036	1,525,000	1,495,189
ICDPS Sukuk Ltd.	4.95%	02/14/2029	1,500,000	1,525,928
ICDPS Sukuk Ltd.	4.39%	10/09/2030	1,585,000	1,576,519
Isdb Trust Services No. 2 SARL	4.75%	10/27/2027	3,000,000	3,026,333
Isdb Trust Services No. 2 SARL	4.60%	03/14/2028	5,960,000	6,005,311
Isdb Trust Services No. 2 SARL	4.91%	10/03/2028	6,535,000	6,642,007
Isdb Trust Services No. 2 SARL	4.75%	05/15/2029	6,270,000	6,361,065
Isdb Trust Services No. 2 SARL	4.05%	10/15/2029	3,900,000	3,881,512

Isdb Trust Services No. 2 SARL	4.21%	03/18/2030	4,915,000		4,912,731
Isdb Trust Services No. 2 SARL	4.25%	06/25/2030	8,150,000		8,141,347
					43,567,942

TOTAL FOREIGN GOVERNMENT SUKUK (Cost $226,977,471)					225,609,007

TOTAL INVESTMENTS - 98.4% (Cost $536,883,727)				$	534,466,885
Other Assets in Excess of Liabilities - 1.6%					8,482,584
TOTAL NET ASSETS - 100.0%				$	542,949,469

Percentages are stated as a percent of net assets.

JSC	Joint Stock Company
PJSC	Public Joint Stock Company
SPC	Special-Purpose Company
SPV2	Special-Purpose Vehicle2

COMMON STOCKS - 99.8%	Shares		Value
Consumer Discretionary Products - 3.7%
D.R. Horton, Inc.		19,633	$	2,887,818
Deckers Outdoor Corp.^(a)		10,466		1,191,554
Masco Corp.		15,210		1,068,503
Nike, Inc. - Class B		85,814		3,967,181
PulteGroup, Inc.		14,075		1,663,384
Ralph Lauren Corp. - Class A		2,557		930,492
Tapestry, Inc.		15,055		2,189,900
Tesla, Inc.^(a)		200,518		87,383,739
				101,282,571

Consumer Staple Products - 2.4%
Church & Dwight Co., Inc.		17,546		1,677,924
Clorox Co.		8,482		763,550
Colgate-Palmolive Co.		58,618		5,283,240
Estee Lauder Cos., Inc. - Class A		16,979		1,510,282
Hershey Co.		10,306		1,999,673
Kenvue, Inc.		139,823		2,416,141
Kimberly-Clark Corp.		23,578		2,301,213
McCormick & Co., Inc.		17,873		846,644
Mondelez International, Inc. - Class A		93,934		5,745,943
Monster Beverage Corp.^(a)		50,876		4,481,158
PepsiCo, Inc.		99,514		14,348,924
Procter & Gamble Co.		165,744		23,794,209
				65,168,901

Financial Services - 0.1%
Equifax, Inc.		8,527		1,413,691
Fair Isaac Corp.^(a)		1,386		1,733,318
				3,147,009

Health Care - 10.5%
Abbott Laboratories		126,744		10,849,286
AbbVie, Inc.		125,987		27,429,890
Agilent Technologies, Inc.		20,678		2,802,489
Align Technology, Inc.^(a)		4,566		798,822
Becton Dickinson & Co.		20,750		3,052,740
Biogen, Inc.^(a)		10,236		2,006,256
Bio-Techne Corp.		11,339		586,000
Boston Scientific Corp.^(a)		107,273		5,182,359

Cardinal Health, Inc.	17,176	3,380,237
Cencora, Inc.	13,923	3,750,299
Charles River Laboratories International, Inc.^(a)	3,014	544,660
Cooper Cos., Inc.^(a)	14,073	861,408
Danaher Corp.	45,829	8,371,583
Dexcom, Inc.^(a)	28,356	2,090,971
Edwards Lifesciences Corp.^(a)	42,149	3,644,624
Eli Lilly & Co.	56,477	62,407,085
GE HealthCare Technologies, Inc.	32,804	2,045,001
Gilead Sciences, Inc.	90,222	12,128,543
IDEXX Laboratories, Inc.^(a)	5,766	3,249,314
Incyte Corp.^(a)	11,524	1,114,832
Insulet Corp.^(a)	4,673	677,305
Intuitive Surgical, Inc.^(a)	25,573	10,859,319
Johnson & Johnson	171,838	38,720,257
Labcorp Holdings, Inc.	5,922	1,540,075
McKesson Corp.	8,710	6,466,652
Medtronic PLC	93,337	6,889,204
Merck & Co., Inc.	177,008	21,014,390
Mettler-Toledo International, Inc.^(a)	1,197	1,413,154
Regeneron Pharmaceuticals, Inc.	7,010	4,309,608
ResMed, Inc.	10,241	1,951,627
Revvity, Inc.	8,203	857,624
STERIS PLC	6,646	1,413,804
Stryker Corp.	24,780	7,560,130
Thermo Fisher Scientific, Inc.	27,029	13,312,053
Vertex Pharmaceuticals, Inc.^(a)	18,250	8,167,605
Waters Corp.^(a)	6,818	2,615,180
West Pharmaceutical Services, Inc.	4,734	1,528,183
		285,592,569

Industrial Products - 3.6%
3M Co.	39,168	5,997,796
A.O. Smith Corp.	7,964	451,718
Allegion PLC	6,034	784,842
Carrier Global Corp.	57,963	3,702,097
Cummins, Inc.	9,787	6,328,568
Dover Corp.	9,765	2,063,930
Emerson Electric Co.	40,990	5,895,182
GE Vernova, Inc.	19,465	18,848,349
Generac Holdings, Inc.^(a)	4,104	1,140,543
Hubbell, Inc.	3,833	1,815,347
IDEX Corp.	4,918	1,036,862
Illinois Tool Works, Inc.	19,161	4,738,132
Ingersoll Rand, Inc.	26,239	1,879,762

Johnson Controls International PLC	44,289	5,937,383
Lennox International, Inc.	2,166	1,087,679
Nordson Corp.	3,866	1,110,818
Otis Worldwide Corp.	28,478	2,017,382
Pentair PLC	11,717	830,032
Rockwell Automation, Inc.	7,949	3,585,476
TE Connectivity PLC	21,235	4,531,761
Trane Technologies PLC	15,800	7,130,540
Trimble, Inc.^(a)	17,171	968,616
Veralto Corp.	17,644	1,450,866
Vertiv Holdings Co. - Class A	27,556	8,699,705
Westinghouse Air Brake Technologies Corp.	12,053	3,147,761
Xylem, Inc.	17,411	1,907,201
		97,088,348

Industrial Services - 2.7%
C.H. Robinson Worldwide, Inc.	8,267	1,476,900
Cintas Corp.	24,736	4,236,287
Comfort Systems USA, Inc.	2,421	4,426,096
CSX Corp.	136,561	6,180,751
Expeditors International of Washington, Inc.	9,749	1,540,245
Fastenal Co.	83,051	3,670,854
J.B. Hunt Transport Services, Inc.	5,668	1,566,805
Norfolk Southern Corp.	15,931	4,858,318
Old Dominion Freight Line, Inc.	13,375	3,011,381
Quanta Services, Inc.	10,584	7,532,950
Republic Services, Inc. - Class A	14,222	2,850,658
Rollins, Inc.	20,492	975,419
Union Pacific Corp.	43,319	11,377,302
United Parcel Service, Inc. - Class B	53,032	5,657,984
United Rentals, Inc.	4,447	4,427,745
W.W. Grainger, Inc.	2,935	3,622,494
Waste Management, Inc.	26,480	5,599,461
		73,011,650

Materials - 2.8%
Air Products and Chemicals, Inc.	15,793	4,400,246
Albemarle Corp.	8,207	1,447,879
Avery Dennison Corp.	5,660	900,336
CF Industries Holdings, Inc.	11,588	1,301,912

Linde PLC	34,045	16,943,856
Martin Marietta Materials, Inc.	4,161	2,420,204
Newmont Corp.	79,445	8,723,855
Nucor Corp.	16,799	4,199,750
Packaging Corp. of America	6,203	1,357,899
PPG Industries, Inc.	16,005	1,808,245
Sherwin-Williams Co.	16,790	5,101,474
Steel Dynamics, Inc.	9,811	2,552,332
Vulcan Materials Co.	9,519	2,693,115
		76,007,396

Media - 6.9%
Alphabet, Inc. - Class A	417,524	158,801,078
Booking Holdings, Inc.	56,994	9,542,505
DoorDash, Inc. - Class A^(a)	27,063	4,310,865
Expedia Group, Inc. - Class A	8,345	1,884,218
GoDaddy, Inc. - Class A^(a)	10,021	860,103
Trade Desk, Inc. - Class A^(a)	32,324	696,906
Uber Technologies, Inc.^(a)	151,838	10,689,395
VeriSign, Inc.	5,782	1,650,067
		188,435,137

Oil & Gas - 2.7%
ConocoPhillips	90,113	10,271,080
Devon Energy Corp.	85,243	3,792,479
EOG Resources, Inc.	39,548	5,274,912
Exxon Mobil Corp.	298,033	43,292,274
Halliburton Co.	62,225	2,417,441
SLB NV	108,914	5,941,259
Texas Pacific Land Corp.	4,119	1,618,767
		72,608,212

Real Estate - 1.1%
CoStar Group, Inc.^(a)	30,200	972,440
Equinix, Inc. - REIT	6,861	7,327,823
Mid-America Apartment Communities, Inc. - REIT	8,171	1,054,631
Prologis, Inc. - REIT	67,439	9,675,473
Welltower, Inc. - REIT	49,821	10,229,746
Weyerhaeuser Co. - REIT	52,624	1,289,814
		30,549,927

Retail & Wholesale - Discretionary - 2.6%
AutoZone, Inc.^(a)	1,130	3,316,765
Best Buy Co., Inc.	13,707	1,068,461
Builders FirstSource, Inc.^(a)	7,845	598,260
Copart, Inc.^(a)	63,829	2,091,676
eBay, Inc.	33,555	3,666,555
Genuine Parts Co.	9,845	971,701
Home Depot, Inc.	70,983	22,511,549
Lowe's Cos., Inc.	40,226	8,622,845
Lululemon Athletica, Inc.^(a)	7,846	1,029,238
O'Reilly Automotive, Inc.^(a)	61,993	5,385,952
Pool Corp.	2,435	441,709
Ross Stores, Inc.	23,418	5,426,653
TJX Cos., Inc.	80,941	12,525,620
Tractor Supply Co.	38,172	1,203,563
Ulta Beauty, Inc.^(a)	2,998	1,525,532
Williams-Sonoma, Inc.	8,467	1,723,627
		72,109,706

Retail & Wholesale - Staples - 0.3%
Archer-Daniels-Midland Co.	34,515	2,753,607
Target Corp.	32,624	4,145,531
		6,899,138

Software & Tech Services - 14.4%
Accenture PLC - Class A	45,315	8,477,077
Adobe, Inc.^(a)	30,633	7,940,380
Akamai Technologies, Inc.^(a)	10,221	1,528,448
Autodesk, Inc.^(a)	15,352	3,551,071
Cadence Design Systems, Inc.^(a)	19,473	7,301,012
CDW Corp.	9,499	1,191,650
Cognizant Technology Solutions Corp. - Class A	35,730	1,992,126
CrowdStrike Holdings, Inc. - Class A^(a)	18,030	13,179,930
EPAM Systems, Inc.^(a)	3,989	408,713
Fortinet, Inc.^(a)	45,759	6,313,369
Gartner, Inc.^(a)	5,602	908,644
International Business Machines Corp.	66,592	19,831,098
Microsoft Corp.	532,533	239,767,658
Oracle Corp.	122,927	27,754,458
Palo Alto Networks, Inc.^(a)	57,543	16,209,288

Tyler Technologies, Inc.^(a)	2,730	854,900
Workday, Inc. - Class A^(a)	15,493	2,264,922
		391,571,246

Tech Hardware & Semiconductors - 45.7%^(c)
Advanced Micro Devices, Inc.^(a)	116,230	59,986,303
Analog Devices, Inc.	35,894	14,854,732
Apple, Inc.	1,052,858	328,554,867
Applied Materials, Inc.	56,564	25,457,194
Arista Networks, Inc.^(a)	74,867	11,939,040
Broadcom, Inc.	340,014	151,908,055
Ciena Corp.^(a)	10,110	5,866,125
Cisco Systems, Inc.	281,749	33,928,215
Coherent Corp.^(a)	13,520	4,887,074
Corning, Inc.	56,079	10,159,272
F5, Inc.^(a)	4,026	1,543,770
Garmin Ltd.	11,785	2,756,747
Jabil, Inc.	7,694	2,804,925
KLA Corp.	9,525	18,304,288
Lam Research Corp.	88,986	28,313,565
Microchip Technology, Inc.	39,178	3,708,198
Micron Technology, Inc.	80,257	77,929,547
Monolithic Power Systems, Inc.	3,175	4,972,717
NetApp, Inc.	14,236	2,481,192
NVIDIA Corp.	1,742,671	367,947,555
NXP Semiconductors NV	17,871	5,742,846
ON Semiconductor Corp.^(a)	30,228	3,646,101
QUALCOMM, Inc.	78,257	19,644,072
Sandisk Corp.^(a)	10,012	16,970,140
Seagate Technology Holdings PLC	15,711	13,822,538
Skyworks Solutions, Inc.	10,407	810,185
Super Micro Computer, Inc.^(a)	37,335	1,720,770
Teradyne, Inc.	11,512	4,309,057
Texas Instruments, Inc.	65,871	20,135,447
Zebra Technologies, Corp. - Class A^(a)	3,097	754,522
		1,245,859,059

Utilities - 0.2%
Constellation Energy Corp.	22,672	6,523,868

CONTINGENT VALUE RIGHTS - 0.0%	Shares		Value

TPG, Inc., CVR ^(a)(b)		14,708		—
ABIOMED, Inc., CVR^(a)(b)		405		—

TOTAL CONTINGENT VALUE RIGHTS (Cost $–)				—

TOTAL INVESTMENTS - 99.8% (Cost $1,947,895,321)			$	2,718,213,645
Other Assets in Excess of Liabilities - 0.2%				5,757,358
TOTAL NET ASSETS - 100.0%			$	2,723,971,003

Percentages are stated as a percent of net assets.

PLC	Public Limited Company
REIT	Real Estate Investment Trust
CVR	Contingent Value Rights

COMMON STOCKS - 99.1%	Shares		Value
Financial Services - 0.0%^(a)
Servet Gayrimenkul Yatirim Ortakligi AS		1	$	0

Real Estate - 99.1%^(b)
Avrupakent Gayrimenkul Yatirim Ortakligi AS - REIT		407,545		555,924
Axis Real Estate Investment Trust - REIT		6,853,647		3,370,646
Centurion Accommodation Reit - REIT		3,565,992		3,075,698
Charter Hall Group		704,864		10,335,740
Citicore Energy REIT Corp. - REIT		9,054,051		510,046
Dubai Residential REIT - REIT		7,096,583		2,376,573
EastGroup Properties, Inc. - REIT		48,890		9,871,380
Equinix, Inc. - REIT		23,050		24,618,322
Equity LifeStyle Properties, Inc. - REIT		157,752		9,744,341
Fermi Inc^(c)		111,741		779,952
Goodman Group - REIT		1,129,176		25,730,118
IGB Real Estate Investment Trust - REIT		5,492,575		3,837,184
IMPACT Growth Real Estate Investment Trust - REIT		2,266,991		787,125
Kizilbuk Gayrimenkul Yatirim Ortakligi AS - REIT^(c)		1		0
Mid-America Apartment Communities, Inc. - REIT		76,923		9,928,452
Panora Gayrimenkul Yatirim Ortakligi - REIT		205,766		575,262
Peker Gayrimenkul Yatirim Ortakligi AS - REIT^(c)		12,553,280		3,662,715
Prologis, Inc. - REIT		175,343		25,156,460
Rayonier, Inc. - REIT		469,979		9,817,861
RL Commercial REIT, Inc. - REIT		21,348,177		2,481,480
SITE Centers Corp. - REIT		190,938		964,237
Sun Communities, Inc. - REIT		80,058		9,899,972
Terreno Realty Corp. - REIT		150,118		9,861,251
Welltower, Inc. - REIT		115,789		23,774,955
Weyerhaeuser Co. - REIT		400,705		9,821,280
				201,536,974

TOTAL COMMON STOCKS (Cost $177,164,395)				201,536,974

TOTAL INVESTMENTS - 99.1% (Cost $177,164,395)			$	201,536,974
Other Assets in Excess of Liabilities - 0.9%				1,816,959
TOTAL NET ASSETS - 100.0%			$	203,353,933

Percentages are stated as a percent of net assets.

	SP Funds Dow Jones			SP Funds S&P 500 Sharia Industry		SP Funds S&P Global
	Global Sukuk ETF			Exclusions ETF		REIT Sharia ETF
ASSETS:
Investments, at value (cost $536,883,727, $1,947,895,321 and $177,164,395) (Note 2)	$	534,466,885		$	2,718,213,645	$	201,536,974
Receivable for fund shares sold		22,064,955			2,908,990		–
Receivable for investments sold		12,037,341			–		138,868
Interest receivable		5,818,860			–		–
Dividends receivable		–			2,006,245		157,029
Cash		–			1,821,541		1,571,497
Foreign currency, at value		–			–		39,847
Dividend tax reclaim receivable		–			8,744		1,075
Total assets		574,388,041			2,724,959,165		203,445,290

LIABILITIES:
Payable for investments purchased		29,855,455			–		171
Payable to custodian		1,374,831			–		–
Payable to adviser (Note 4)		208,286			988,162		91,186
Total liabilities		31,438,572			988,162		91,357
NET ASSETS	$	542,949,469		$	2,723,971,003	$	203,353,933

NET ASSETS CONSISTS OF:
Paid-in capital	$	547,739,685		$	1,972,181,413	$	194,435,975
Total distributable earnings/(accumulated losses)		(4,790,216	)		751,789,590		8,917,958
Total Net Assets	$	542,949,469		$	2,723,971,003	$	203,353,933

Net assets	$	542,949,469		$	2,723,971,003	$	203,353,933
Shares issued and outstanding^(a)		30,125,000			46,550,000		9,650,000
Net asset value per share	$	18.02		$	58.52	$	21.07

	SP Funds Dow Jones Global Sukuk ETF			SP Funds S&P 500 Sharia Industry Exclusions ETF			SP Funds S&P Global REIT Sharia ETF
INVESTMENT INCOME:
Interest income	$	10,895,124		$	–		$	–
Dividend income		–			9,537,748		$	2,771,863
Less: Dividend withholding taxes		–			(4,617	)		(40,670	)
Less: Issuance fees		–			(53	)		–
Total investment income		10,895,124			9,533,078			2,731,193

EXPENSES:
Investment advisory fee (Note 4)		1,164,180			4,768,333			496,189
Total expenses		1,164,180			4,768,333			496,189
NET INVESTMENT INCOME (LOSS)		9,730,944			4,764,745			2,235,004

REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments		(1,005,928	)		(3,519,954	)		(639,699	)
In-kind redemptions		–			7			2,729,426
Foreign currency transactions		–			–			(12,456	)
Net realized gain (loss)		(1,005,928	)		(3,519,947	)		2,077,271
Net change in unrealized appreciation (depreciation) on:
Investments		(7,454,127	)		337,057,035			13,267,442
Foreign currency translations		–			–			(22	)
Net change in unrealized appreciation
(depreciation)		(7,454,127	)		337,057,035			13,267,420
Net realized and unrealized gain (loss)		(8,460,055	)		333,537,088			15,344,691
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,270,889		$	338,301,833		$	17,579,695

	SP Funds Dow Jones Global Sukuk ETF						SP Funds S&P 500 Sharia Industry Exclusions ETF
	Period Ended May 31, 2026 (Unaudited)			Year Ended November 30, 2025			Period Ended May 31, 2026 (Unaudited)			Year Ended November 30, 2025
OPERATIONS:
Net investment income (loss)	$	9,730,944		$	13,283,537		$	4,764,745		$	6,146,449
Net realized gain (loss)		(1,005,928	)		(1,284,638	)		(3,519,947	)		55,412,113
Net change in unrealized appreciation (depreciation)		(7,454,127	)		7,269,117			337,057,035			225,764,697
Net increase (decrease) in net assets resulting from operations		1,270,889			19,268,016			338,301,833			287,323,259

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(14,389,747	)		(10,622,765	)		(6,244,814	)		(6,147,611	)
Return of capital		–			–			–			(2,917,748	)
Total distributions to shareholders		(14,389,747	)		(10,622,765	)		(6,244,814	)		(9,065,359	)

CAPITAL TRANSACTIONS:
Subscriptions		155,570,250			156,572,355			555,830,459			828,986,664
Redemptions		(29,018,917	)		–			–			(198,864,757	)
ETF transaction fees (Note 9)		–			3,041			–			–
Net increase (decrease) in net assets from
capital transactions		126,551,333			156,575,396			555,830,459			630,121,907

NET INCREASE (DECREASE) IN NET ASSETS		113,432,475			165,220,647			887,887,478			908,379,807

NET ASSETS:
Beginning of the period		429,516,994			264,296,347			1,836,083,525			927,703,718
End of the period	$	542,949,469		$	429,516,994		$	2,723,971,003		$	1,836,083,525

SHARES TRANSACTIONS
Subscriptions		8,575,000			8,575,000			10,750,000			18,550,000
Redemptions		(1,625,000	)		–			–			(4,375,000	)
Total increase (decrease) in shares outstanding		6,950,000			8,575,000			10,750,000			14,175,000

	SP Funds S&P Global REIT Sharia ETF
	Period Ended May 31, 2026 (Unaudited)			Year Ended November 30, 2025
OPERATIONS:
Net investment income (loss)	$	2,235,004		$	3,009,453
Net realized gain (loss)		2,077,271			(1,755,446	)
Net change in unrealized appreciation (depreciation)		13,267,420			(7,327,862	)
Net increase (decrease) in net assets resulting from operations		17,579,695			(6,073,855	)

DISTRIBUTIONS TO SHAREHOLDERS:
Distributions to shareholders		(3,902,015	)		(4,933,717	)
Return of capital		–			(1,672,831	)
Total distributions to shareholders		(3,902,015	)		(6,606,548	)

CAPITAL TRANSACTIONS:
Subscriptions		23,711,824			33,571,757
Redemptions		(12,682,800	)		(975,045	)
ETF transaction fees (Note 9)		1,274			677
Net increase (decrease) in net assets from capital transactions		11,030,298			32,597,389

NET INCREASE (DECREASE) IN NET ASSETS
		24,707,978			19,916,986
NET ASSETS:
Beginning of the period		178,645,955			158,728,969
End of the period	$	203,353,933		$	178,645,955

SHARES TRANSACTIONS
Subscriptions		1,175,000			1,725,000
Redemptions		(600,000	)		(50,000	)
Total increase (decrease) in shares outstanding		575,000			1,675,000

	SP Funds Dow Jones Global Sukuk ETF
	Period Ended May 31, 2026 (Unaudited)	Year Ended November 30, 2025	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Year Ended November 30, 2021
PER SHARE DATA:

Net asset value, beginning of period	$18.53	$18.10	$17.60	$17.57	$19.76	$20.41

INVESTMENTS OPERATIONS:
Net investment income (loss)^(a)	0.38	0.75	0.69	0.57	0.35	0.27
Net realized and unrealized gain (loss)^(b)	(0.32)	0.31	0.34	(0.16)	(2.09)	(0.42)
Total from investment operations	0.06	1.06	1.03	0.41	(1.74)	(0.15)

LESS DISTRIBUTIONS FROM:
Net investment income	(0.57)	(0.63)	(0.53)	(0.38)	(0.36)	(0.26)
Return of capital	–	–	–	–	(0.09)	(0.24)
Total distributions	(0.57)	(0.63)	(0.53)	(0.38)	(0.45)	(0.50)

ETF transaction fees per share	–	0.00^(c)	0.00^(c)	–	–	–
Net asset value, end of period	$18.02	$18.53	$18.10	$17.60	$17.57	$19.76
TOTAL RETURN^(d)	0.34%	6.02%	5.87%	2.46%	(8.92)%	(0.73)%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$542,949	$429,517	$264,296	$150,950	$65,435	$37,542
Ratio of expenses to average net assets^(e)	0.50%	0.50%^(f)	0.55%^(g)	0.59%	0.59%^(h)	0.65%
Ratio of net investment income to average net assets^(e)	4.18%	4.11%	3.87%	3.23%	1.91%	1.32%
Portfolio turnover rate^(d)(i)	18%	24%	15%	19%	9%	28%

	SP Funds S&P Global REIT Sharia ETF
	Period Ended May 31, 2026 (Unaudited)	Year Ended November 30, 2025	Year Ended November 30, 2024	Year Ended November 30, 2023	Year Ended November 30, 2022	Period Ended November 30, 2021^(a)
PER SHARE DATA:

Net asset value, beginning of period	$19.69	$21.45	$18.54	$20.13	$25.63	$20.00

INVESTMENTS OPERATIONS:
Net investment income (loss)^(b)	0.23	0.37	0.43	0.32	0.36	0.26
Net realized and unrealized gain (loss)^(c)	1.55	(1.31)	3.32	(1.11)	(4.99)	6.04
Total from investment operations	1.78	(0.94)	3.75	(0.79)	(4.63)	6.30

LESS DISTRIBUTIONS FROM:
Net investment income	(0.40)	(0.61)	(0.57)	(0.35)	(0.38)	(0.29)
Net realized gains	–	–	–	–	–	(0.15)
Return of capital	–	(0.21)	(0.27)	(0.45)	(0.49)	(0.23)
Total distributions	(0.40)	(0.82)	(0.84)	(0.80)	(0.87)	(0.67)

ETF transaction fees per share	0.00^(d)	0.00^(d)	–	–	–	–
Net asset value, end of period	$21.07	$19.69	$21.45	$18.54	$20.13	$25.63
TOTAL RETURN^(e)	9.17%	(4.32)%	20.65%	(3.92)%	(18.39)%	31.98%

SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period (in thousands)	$203,354	$178,646	$158,729	$75,085	$39,258	$23,068
Ratio of expenses to average net assets^(f)	0.50%	0.50%^(g)	0.55%^(h)	0.59%⁽ⁱ⁾	0.69%	0.69%
Ratio of interest expense to average net assets^(f)	–%	0.00%^(j)	–%	–%	–%	–%
Ratio of net investment income to average net assets^(f)	2.25%	1.91%	2.10%	1.69%	1.59%	1.19%
Portfolio turnover rate^(e)(k)	27%	49%	46%	29%	50%	79%

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Sukuk	$	–	$	308,857,878	$	–	$	308,857,878
Foreign Government Sukuk		–		225,609,007		–		225,609,007
Total Investments	$	–	$	534,466,885	$	–	$	534,466,885

Sharia ETF
		Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	2,718,213,645	$	–	$	–	$	2,718,213,645
Contingent Value Rights^(a)		–		–		0		0
Total Investments	$	2,718,213,645	$	–	$	0	$	2,718,213,645

Global REIT ETF
		Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	201,536,974	$	–	$	–	$	201,536,974
Total Investments	$	201,536,974	$	–	$	–	$	201,536,974

Fund		Investment Advisory Fee
Sukuk ETF		0.50%
Sharia ETF		0.45%
Global REIT ETF		0.50%

Fund		Sub-Advisory Fee
Sukuk ETF		0.02%
Sharia ETF		0.02%
Global REIT ETF		0.02%

Fund	Purchases		Sales
Sukuk ETF	$	196,669,419	$	81,125,584
Sharia ETF		64,801,709		53,224,949
Global REIT ETF		53,205,751		56,212,979

Distributions paid from:	May 31, 2026		November 30, 2025
Sukuk ETF
Ordinary Income	$	14,389,747	$	10,622,765
Sharia ETF
Ordinary Income		6,244,814		6,147,611
Return of Capital		–		2,917,748
Global REIT ETF
Ordinary Income		3,902,015		4,933,717
Return of Capital		–		1,672,831

Maximum available credit	$	50,000,000
Largest amount outstanding on an individual day		–
Average daily loan outstanding		–
Credit facility outstanding as of May 31, 2026		–
Average interest rate, when in use		N/A
Interest rate terms		Prime
Interest rate as of May 31, 2026		6.75%
Expiration date (renewed through June 23, 2027)		June 24, 2026

By (Signature and Title)*	/s/ Eric W. Falkeis
	Eric W. Falkeis, President/Principal Executive Officer

By (Signature and Title)*	/s/ Aaron J. Perkovich
	Aaron J. Perkovich, Treasurer/Principal Financial Officer