SPSK
The SP Funds Dow Jones Global Sukuk ETF
The world’s first SUKUK ETF
- Sukuk is a financial certificate, similar to a bond, that is Sharia-compliant. Sukuk is asset backed and does not involve interest.
- Gain value-conscious exposure to an ETF composed according to AAOIFI Sharia-compliant guidelines.
- Tracks the performance of the Dow Jones Sukuk Total Return Index.
- Offers potential diversification benefits for fixed income investors.
- Alternative risk profile: SPSK may offer investors decreased exposure to duration risk and interest rate risk.
“The global sukuk marketplace is very robust but to this point there had not been an ETF strategy for investors looking to add this type of exposure to their income-focused portfolios. We’re very pleased to be first to market with this approach,” added Virji. “Not only is this a diversifier in terms of the underlying holdings in SPSK, but the fund is also designed to provide investors with decreased exposure to duration risk and interest rate risk, important considerations as investors are finding it ever more difficult to access yield from the traditional sources.” (Yahoo Finance, Dec. 2019)
Investment CaseFund Details
| Inception Date | 12/27/2019 |
| Ticker | SPSK |
| Primary Exchange | NYSE |
| CUSIP | 886364702 |
| IOPV Symbol | SPSK.IV |
| NAV Symbol | SPSK.NV |
| Expense Ratio | 0.59% |
| 30 Day SEC Yield * | 4.47% |
| * As of 07/31/23 | |
Fund Details & Pricing
| Net Assets as of 05/22/2024 | $200.03m |
| NAV | $17.70 |
| Shares Outstanding | 11,300,000 |
| Premium/Discount Percentage | 0.33% |
| Closing Price | $17.76 |
| Median 30 Day Spread | 0.34% |
Data as of 05/22/2024
The 30-Day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and does not reflect waivers in effect.
Performance
| AVG. ANNUALIZED | Returns as of 07/31/2023 | |||||
|---|---|---|---|---|---|---|
| 1 Month | 3 Month | 6 Month | 1 Year | 3 Year | Since Inception | |
| Market Price | 0.18% | -1.02% | 0.07% | -0.66% | -2.13% | -1.20% |
| Fund NAV | 0.15% | -0.86% | 0.04% | -0.74% | -2.19% | -1.27% |
| Index | 0.23% | 0.66% | 0.65% | 0.32% | -0.81% | 0.74% |
| Bloomberg Global Aggregate | 0/69% | -1.28% | -1.11% | -2.71% | -5.74% | -3.13% |
| RETURNS | |||
|---|---|---|---|
| YTD Returns as of 6/30/2023 | 1 Year Returns as of 12/31/2022 | Inception to 6/30/2023 | |
| Market Price (%) | 0.74% | -7.75% | -1.28% |
| NAV Return (%) | 1.28% | -8.45% | -1.34% |
| Index | 2.03% | -7.81% | 0.69% |
| Bloomberg Global Aggregate | 1.43% | -16.25% | -3.40% |
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. Performance current to the most recent month-end can be obtained by calling (425) 409-9500.
Short term performance, in particular, is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Returns beyond 1 year are annualized.
A fund’s NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.
Distribution Detail
| EX-Date | Record Date | Payable Date | Amount |
|---|---|---|---|
| January 26, 2022 | January 27, 2022 | January 31, 2022 | 0.0420 |
| February 23, 2022 | February 24, 2022 | February 28, 2022 | 0.0320 |
| March 28, 2022 | March 29, 2022 | March 31, 2022 | 0.0320 |
| April 26, 2022 | April 27, 2022 | April 29, 2022 | 0.0320 |
| May 26, 2022 | May 27, 2022 | May 31, 2022 | 0.0320 |
| June 27, 2022 | June 28, 2022 | June 30, 2022 | 0.0320 |
| July 26, 2022 | July 27, 2022 | July 29, 2022 | 0.0320 |
| August 26, 2022 | August 28, 2022 | August 31, 2022 | 0.0320 |
| September 27, 2022 | September 28, 2022 | September 30, 2022 | 0.0320 |
| October 26, 2022 | October 27, 2022 | October 31, 2022 | 0.0320 |
| November 25, 2022 | November 28, 2022 | November 30, 2022 | 0.0320 |
| December 27, 2022 | December 28, 2022 | December 30, 2022 | 0.0320 |
| January 26, 2023 | January 27, 2023 | January 31, 2023 | 0.0320 |
| March 28, 2023 | March 29, 2023 | March 28, 2023 | 0.0320 |
Top 10 Holdings
| Percentage Of Net Assets | Name | Identifier | CUSIP | Shares Held | Market Value |
|---|---|---|---|---|---|
| 3.56 | KSA Sukuk Ltd 3.628% 04/20/2027 | BDHSKG3 | BDHSKG3 | 7400000.000000 | 7130008.04 |
| 2.43 | KSA Sukuk Ltd 4.274% 05/22/2029 | BNC3KG3 | BNC3KG3 | 5000000.000000 | 4860530.00 |
| 2.42 | KSA Sukuk Ltd 4.511% 05/22/2033 | BNDT833 | BNDT833 | 5000000.000000 | 4832365.00 |
| 2.15 | SA Global Sukuk Ltd 2.694% 06/17/2031 | BNKVR46 | BNKVR46 | 5000000.000000 | 4297490.00 |
| 2.08 | KSA Sukuk Ltd 5.268% 10/25/2028 | BM9WJ69 | BM9WJ69 | 4100000.000000 | 4161737.80 |
| 1.96 | Isdb Trust Services NO 2 SARL 1.262% 03/31/2026 | BKSCPG8 | BKSCPG8 | 4200000.000000 | 3920284.20 |
| 1.91 | Suci Second Investment Co 6% 10/25/2028 | BMWPXT6 | BMWPXT6 | 3700000.000000 | 3812073.00 |
| 1.86 | KSA Sukuk Ltd 2.969% 10/29/2029 | BKPTPV7 | BKPTPV7 | 4100000.000000 | 3720290.80 |
| 1.72 | Isdb Trust Services NO 2 SARL 4.906% 10/03/2028 | BS298C8 | BS298C8 | 3400000.000000 | 3434748.00 |
| 1.69 | Suci Second Investment Co 5.171% 03/05/2031 | BSNZ0Q3 | BSNZ0Q3 | 3400000.000000 | 3376285.00 |
Data as of 05/23/2024. Holdings are subject to change.
Diversification does not ensure a profit or protect against loss in declining markets.
As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices. The market price normally should approximate the Fund’s net asset value per share (NAV), but the market price sometimes may be higher or lower than the NAV. The Fund is new with a limited operating history.
The strategy to reduce the investable universe may limit investment opportunities and adversely affect the Fund’s performance, especially in comparison to a more diversified fund. Investments in foreign securities may involve risks such as social and political instability, market illiquidity, exchange-rate fluctuations, a high level of volatility and limited regulation. Investing in emerging markets involves different and greater risks, as these countries are substantially smaller, less liquid and more volatile than securities markets in more developed markets
Sukuk are financial certificates that are similar to conventional bonds but are structured to comply with Sharia law and its investments principles, which, among other things, prohibit charging or paying interest. Because no collateral is pledged as security for sukuk, purchasers of sukuk are subject to the risk that an issuer may not meet its payment obligations or that an underlying asset may not perform as expected or lose value. There may be times when the market is illiquid and it is difficult for the Fund to make an investment in or dispose of sukuk.