UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number (811-23377)
Tidal ETF Trust
(Exact name of registrant as specified in charter)
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Address of principal executive offices) (Zip code)
Eric W. Falkeis
Tidal ETF Trust
898 N. Broadway, Suite 2
Massapequa, New York 11758
(Name and address of agent for service)
(844) 986-7676
Registrant’s telephone number, including area code
Date of fiscal year end: November 30
Date of reporting period: February 29, 2020
Item 1. Schedule of Investments.
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SP Funds S&P 500 Sharia Industry Exclusions ETF
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SCHEDULE OF INVESTMENTS at February 29, 2020 (Unaudited)
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Shares
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Value
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Common Stocks - 99.7%
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Airlines - 0.4%
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Alaska Air Group, Inc.
|
167
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$
|
8,427
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Delta Air Lines, Inc.
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742
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34,229
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Southwest Airlines Co.
|
612
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28,268
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70,924
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Apparel - 1.2%
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Nike, Inc. - Class B
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1,552
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138,718
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Ralph Lauren Corp. - Class A
|
73
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|
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7,702
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Tapestry, Inc.
|
334
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7,832
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Under Armour, Inc. - Class A (1)
|
277
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|
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3,931
|
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Under Armour, Inc. - Class C (1)
|
304
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3,794
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VF Corp.
|
408
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29,376
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191,353
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Auto Manufacturers - 0.2%
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Cummins, Inc.
|
180
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27,232
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Auto Parts & Equipment - 0.2%
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Aptiv PLC
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313
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24,449
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BorgWarner, Inc.
|
267
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8,437
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32,886
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Beverages - 3.3%
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The Coca-Cola Co.
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4,789
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256,163
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Monster Beverage Corp. (1)
|
470
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29,333
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PepsiCo, Inc.
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1,732
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228,676
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514,172
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Biotechnology - 3.6%
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Alexion Pharmaceuticals, Inc. (1)
|
282
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26,516
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Amgen, Inc.
|
738
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147,401
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Biogen, Inc. (1)
|
236
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72,780
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Corteva, Inc.
|
914
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24,861
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Gilead Sciences, Inc.
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1,571
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108,965
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Illumina, Inc. (1)
|
175
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46,492
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Incyte Corp. (1)
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209
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15,761
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Regeneron Pharmaceuticals, Inc. (1)
|
91
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40,456
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Vertex Pharmaceuticals, Inc. (1)
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314
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70,345
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553,577
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Building Materials - 0.6%
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Johnson Controls International PLC
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1,002
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36,643
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Martin Marietta Materials, Inc.
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72
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16,382
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Masco Corp.
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334
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13,801
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Vulcan Materials Co.
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176
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21,166
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87,992
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Chemicals - 2.4%
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Air Products & Chemicals, Inc.
|
274
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60,173
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Albemarle Corp.
|
145
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11,868
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DuPont de Nemours, Inc.
|
939
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40,283
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Ecolab, Inc.
|
315
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56,842
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Linde PLC
|
667
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127,404
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PPG Industries, Inc.
|
303
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31,648
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The Sherwin-Williams Co.
|
100
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51,675
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379,893
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Commercial Services - 0.6%
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Cintas Corp.
|
105
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28,008
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Gartner, Inc. (1)
|
104
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13,457
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IHS Markit Ltd.
|
509
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36,261
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Robert Half International, Inc.
|
142
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7,158
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Rollins, Inc.
|
167
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6,252
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91,136
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Computers - 10.1%
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Apple, Inc.
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5,188
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1,418,192
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Cognizant Technology Solutions Corp.
|
705
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42,956
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Fortinet, Inc. (1)
|
177
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18,065
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HP, Inc.
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1,907
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39,646
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Leidos Holdings, Inc.
|
168
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17,245
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NetApp, Inc.
|
303
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14,156
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Seagate Technology PLC
|
278
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13,330
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1,563,590
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Cosmetics & Personal Care - 3.1%
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Colgate-Palmolive Co.
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1,082
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73,111
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The Estee Lauder Companies, Inc. - Class A
|
278
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51,041
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The Procter & Gamble Co.
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3,097
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350,673
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474,825
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Distribution & Wholesale - 0.4%
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Copart, Inc. (1)
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247
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20,867
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Fastenal Co.
|
715
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24,467
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W.W. Grainger, Inc.
|
50
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13,877
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59,211
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Electrical Components & Equipment - 0.3%
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Emerson Electric Co.
|
773
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49,557
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Electronics - 1.3%
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Agilent Technologies, Inc.
|
382
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29,441
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Allegion PLC
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115
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13,224
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Fortive Corp.
|
367
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25,381
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Garmin Ltd.
|
179
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15,822
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Mettler-Toledo International, Inc. (1)
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24
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16,841
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PerkinElmer, Inc.
|
143
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12,361
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Roper Technologies, Inc.
|
120
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42,204
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TE Connectivity Ltd.
|
435
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36,048
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Waters Corp. (1)
|
75
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14,617
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205,939
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Environmental Control - 0.0% (2)
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Pentair PLC
|
200
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|
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7,878
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Food - 1.0%
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The Hershey Co.
|
174
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25,054
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Lamb Weston Holdings, Inc.
|
176
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15,293
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McCormick & Co., Inc.
|
143
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20,905
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Mondelez International, Inc.
|
1,788
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|
94,407
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|
|
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|
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155,659
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Hand & Machine Tools - 0.2%
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Stanley Black & Decker, Inc.
|
179
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25,722
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Healthcare - Products - 7.2%
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Abbott Laboratories
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2,195
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169,081
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ABIOMED, Inc. (1)
|
50
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7,513
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Align Technology, Inc. (1)
|
84
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18,341
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Baxter International, Inc.
|
647
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54,005
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Boston Scientific Corp. (1)
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1,775
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66,367
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The Cooper Companies, Inc.
|
56
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18,176
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Danaher Corp.
|
794
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114,797
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DENTSPLY SIRONA, Inc.
|
282
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13,886
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Edwards Lifesciences Corp. (1)
|
269
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|
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55,102
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Henry Schein, Inc. (1)
|
181
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|
|
11,030
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Hologic, Inc. (1)
|
311
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|
|
14,654
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IDEXX Laboratories, Inc. (1)
|
106
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|
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26,978
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Intuitive Surgical, Inc. (1)
|
141
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|
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75,288
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Medtronic PLC
|
1,665
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|
167,616
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ResMed, Inc.
|
173
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|
|
27,500
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STERIS PLC
|
105
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|
|
16,655
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Stryker Corp.
|
408
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|
|
77,761
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|
Teleflex, Inc.
|
53
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|
|
17,756
|
|
Thermo Fisher Scientific, Inc.
|
498
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|
|
144,818
|
|
Varian Medical Systems, Inc. (1)
|
107
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|
|
13,158
|
|
|
|
|
|
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|
1,110,482
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Home Builders - 0.2%
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|
|
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|
|
D.R. Horton, Inc.
|
445
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|
|
23,705
|
|
NVR, Inc. (1)
|
4
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|
|
14,669
|
|
|
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|
|
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|
38,374
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|
Household Products & Wares - 0.7%
|
|
|
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Avery Dennison Corp.
|
100
|
|
|
11,449
|
|
Church & Dwight Co., Inc.
|
279
|
|
|
19,396
|
|
The Clorox Co.
|
146
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|
|
23,275
|
|
Kimberly-Clark Corp.
|
437
|
|
|
57,330
|
|
|
|
|
|
|
|
111,450
|
|
Internet - 11.6%
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|
|
|
|
|
Alphabet, Inc. - Class A (1)
|
372
|
|
|
498,201
|
|
Alphabet, Inc. - Class C (1)
|
371
|
|
|
496,891
|
|
Booking Holdings, Inc. (1)
|
48
|
|
|
81,392
|
|
CDW Corp.
|
176
|
|
|
20,103
|
|
eBay, Inc.
|
981
|
|
|
33,982
|
|
Expedia Group, Inc. - Class A
|
178
|
|
|
17,554
|
|
F5 Networks, Inc. (1)
|
77
|
|
|
9,236
|
|
Facebook, Inc. - Class A (1)
|
2,989
|
|
|
575,293
|
|
NortonLifeLock, Inc.
|
706
|
|
|
13,435
|
|
Twitter, Inc. (1)
|
1,005
|
|
|
33,366
|
|
VeriSign, Inc. (1)
|
123
|
|
|
23,339
|
|
|
|
|
|
|
|
1,802,792
|
|
Iron & Steel - 0.1%
|
|
|
|
|
|
Nucor Corp.
|
374
|
|
|
15,465
|
|
|
|
|
|
|
|
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|
Machinery - Diversified - 0.5%
|
|
|
|
|
|
Dover Corp.
|
175
|
|
|
17,979
|
|
Flowserve Corp.
|
177
|
|
|
7,114
|
|
IDEX Corp.
|
106
|
|
|
15,688
|
|
Rockwell Automation, Inc.
|
140
|
|
|
25,690
|
|
Xylem, Inc.
|
235
|
|
|
18,175
|
|
|
|
|
|
|
|
84,646
|
|
Miscellaneous Manufacturers - 1.7%
|
|
|
|
|
|
3M Co.
|
714
|
|
|
106,557
|
|
A.O. Smith Corp.
|
181
|
|
|
7,159
|
|
Eaton Corp. PLC
|
516
|
|
|
46,812
|
|
Illinois Tool Works, Inc.
|
367
|
|
|
61,575
|
|
Ingersoll-Rand PLC
|
282
|
|
|
36,389
|
|
|
|
|
|
|
|
258,492
|
|
Office & Business Equipment - 0.1%
|
|
|
|
|
|
Zebra Technologies Corp. (1)
|
67
|
|
|
14,135
|
|
|
|
|
|
|
|
|
|
Oil & Gas - 4.8%
|
|
|
|
|
|
Cabot Oil & Gas Corp.
|
536
|
|
|
7,467
|
|
Chevron Corp.
|
2,349
|
|
|
219,256
|
|
Concho Resources, Inc.
|
249
|
|
|
16,937
|
|
ConocoPhillips
|
1,376
|
|
|
66,626
|
|
EOG Resources, Inc.
|
739
|
|
|
46,749
|
|
Exxon Mobil Corp.
|
5,255
|
|
|
270,317
|
|
Helmerich & Payne, Inc.
|
146
|
|
|
5,386
|
|
HollyFrontier Corp.
|
181
|
|
|
6,096
|
|
Phillips 66
|
571
|
|
|
42,745
|
|
Pioneer Natural Resources Co.
|
212
|
|
|
26,029
|
|
Valero Energy Corp.
|
516
|
|
|
34,185
|
|
|
|
|
|
|
|
741,793
|
|
Oil & Gas Services - 0.1%
|
|
|
|
|
|
Baker Hughes Co. - Class A
|
805
|
|
|
12,952
|
|
|
|
|
|
|
|
|
|
Packaging & Containers - 0.1%
|
|
|
|
|
|
Packaging Corp. of America
|
111
|
|
|
10,059
|
|
|
|
|
|
|
|
|
|
Pharmaceuticals - 6.7%
|
|
|
|
|
|
Eli Lilly & Co.
|
1,049
|
|
|
132,310
|
|
Johnson & Johnson
|
3,269
|
|
|
439,615
|
|
Merck & Co., Inc.
|
3,162
|
|
|
242,083
|
|
Pfizer, Inc.
|
6,874
|
|
|
229,729
|
|
|
|
|
|
|
|
1,043,737
|
|
Real Estate Investment Trusts (REITs) - 2.3%
|
|
|
|
|
|
American Tower Corp.
|
550
|
|
|
124,740
|
|
AvalonBay Communities, Inc.
|
177
|
|
|
35,504
|
|
Duke Realty Corp.
|
434
|
|
|
14,092
|
|
Equinix, Inc.
|
104
|
|
|
59,571
|
|
Prologis, Inc.
|
801
|
|
|
67,508
|
|
Public Storage
|
179
|
|
|
37,433
|
|
Weyerhaeuser Co.
|
946
|
|
|
24,577
|
|
|
|
|
|
|
|
363,425
|
|
Retail - 6.9%
|
|
|
|
|
|
Advance Auto Parts, Inc.
|
83
|
|
|
11,037
|
|
AutoZone, Inc. (1)
|
23
|
|
|
23,748
|
|
Dollar Tree, Inc. (1)
|
302
|
|
|
25,075
|
|
The Gap, Inc.
|
334
|
|
|
4,786
|
|
Genuine Parts Co.
|
177
|
|
|
15,441
|
|
The Home Depot, Inc.
|
1,355
|
|
|
295,173
|
|
Lowe’s Companies, Inc.
|
952
|
|
|
101,455
|
|
McDonald’s Corp.
|
941
|
|
|
182,714
|
|
O’Reilly Automotive, Inc. (1)
|
90
|
|
|
33,185
|
|
Ross Stores, Inc.
|
474
|
|
|
51,562
|
|
Starbucks Corp.
|
1,467
|
|
|
115,057
|
|
Target Corp.
|
668
|
|
|
68,804
|
|
Tiffany & Co.
|
139
|
|
|
18,569
|
|
The TJX Companies, Inc.
|
1,506
|
|
|
90,059
|
|
Tractor Supply Co.
|
139
|
|
|
12,303
|
|
Ulta Beauty, Inc. (1)
|
72
|
|
|
18,510
|
|
|
|
|
|
|
|
1,067,478
|
|
Semiconductors - 7.3%
|
|
|
|
|
|
Advanced Micro Devices, Inc. (1)
|
1,436
|
|
|
65,309
|
|
Analog Devices, Inc.
|
475
|
|
|
51,799
|
|
Applied Materials, Inc.
|
1,180
|
|
|
68,582
|
|
Intel Corp.
|
5,403
|
|
|
299,975
|
|
IPG Photonics Corp. (1)
|
46
|
|
|
5,871
|
|
KLA Corp.
|
202
|
|
|
31,049
|
|
Lam Research Corp.
|
174
|
|
|
51,057
|
|
Maxim Integrated Products, Inc.
|
338
|
|
|
18,800
|
|
Micron Technology, Inc. (1)
|
1,387
|
|
|
72,901
|
|
NVIDIA Corp.
|
760
|
|
|
205,253
|
|
Qorvo, Inc. (1)
|
142
|
|
|
14,282
|
|
QUALCOMM, Inc.
|
1,418
|
|
|
111,029
|
|
Texas Instruments, Inc.
|
1,161
|
|
|
132,517
|
|
|
|
|
|
|
|
1,128,424
|
|
Software - 15.9%
|
|
|
|
|
|
Activision Blizzard, Inc.
|
939
|
|
|
54,584
|
|
Adobe, Inc. (1)
|
601
|
|
|
207,417
|
|
Akamai Technologies, Inc. (1)
|
210
|
|
|
18,167
|
|
ANSYS, Inc. (1)
|
105
|
|
|
25,430
|
|
Autodesk, Inc. (1)
|
278
|
|
|
53,065
|
|
Cadence Design Systems, Inc. (1)
|
369
|
|
|
24,406
|
|
Cerner Corp.
|
403
|
|
|
27,916
|
|
Citrix Systems, Inc.
|
142
|
|
|
14,681
|
|
Intuit, Inc.
|
316
|
|
|
84,008
|
|
Microsoft Corp.
|
9,476
|
|
|
1,535,207
|
|
Oracle Corp.
|
2,691
|
|
|
133,097
|
|
salesforce.com, Inc. (1)
|
1,102
|
|
|
187,781
|
|
ServiceNow, Inc. (1)
|
236
|
|
|
76,957
|
|
Synopsys, Inc. (1)
|
182
|
|
|
25,103
|
|
|
|
|
|
|
|
2,467,819
|
|
Telecommunications - 1.9%
|
|
|
|
|
|
Arista Networks, Inc. (1)
|
70
|
|
|
13,518
|
|
Cisco Systems, Inc.
|
5,269
|
|
|
210,391
|
|
Corning, Inc.
|
1,007
|
|
|
24,027
|
|
Juniper Networks, Inc.
|
448
|
|
|
9,507
|
|
Motorola Solutions, Inc.
|
212
|
|
|
35,124
|
|
|
|
|
|
|
|
292,567
|
|
Textiles - 0.0% (2)
|
|
|
|
|
|
Mohawk Industries, Inc. (1)
|
77
|
|
|
9,329
|
|
|
|
|
|
|
|
|
|
Toys, Games & Hobbies - 0.1%
|
|
|
|
|
|
Hasbro, Inc.
|
167
|
|
|
12,901
|
|
|
|
|
|
|
|
|
|
Transportation - 2.6%
|
|
|
|
|
|
C.H. Robinson Worldwide, Inc.
|
167
|
|
|
11,506
|
|
CSX Corp.
|
975
|
|
|
68,689
|
|
J.B. Hunt Transport Services, Inc.
|
107
|
|
|
10,319
|
|
Kansas City Southern
|
114
|
|
|
17,178
|
|
Norfolk Southern Corp.
|
335
|
|
|
61,087
|
|
Old Dominion Freight Line, Inc.
|
77
|
|
|
14,923
|
|
Union Pacific Corp.
|
862
|
|
|
137,756
|
|
United Parcel Service, Inc. - Class B
|
902
|
|
|
81,622
|
|
|
|
|
|
|
|
403,080
|
|
Total Common Stocks
|
|
|
|
|
|
(Cost $16,848,859)
|
|
|
|
15,480,946
|
|
|
|
|
|
|
|
Total Investments in Securities - 99.7%
|
|
|
|
|
|
(Cost $16,848,859)
|
|
|
|
15,480,946
|
|
Other Assets in Excess of Liabilities - 0.3%
|
|
|
|
52,462
|
|
Total Net Assets - 100.0%
|
|
|
$
|
15,533,408
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Non-income producing security.
|
|
|
|
|
|
|
(2)
|
Does not round to 0.1%.
|
|
|
|
|
|
Summary of Fair Value Exposure at February 29, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The SP Funds S&P 500 Sharia Industry Exclusions ETF (the “Fund”) utilizes various methods to measure the fair value of its 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 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 spreads, 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 would be based on the best information available.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of the inputs used to value the Fund’s investments as of February 29, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Common Stocks (1)
|
|
$
|
15,480,946
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
15,480,946
|
|
|
Total Investments in Securities
|
|
$
|
15,480,946
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
15,480,946
|
|
|
|
|
|
(1) See Schedule of Investments for industry breakout.
|
|
|
SP Funds Dow Jones Global Sukuk ETF
|
|
|
|
|
|
|
|
|
|
SCHEDULE OF INVESTMENTS at February 29, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal Amount
|
|
|
|
Value
|
|
|
Sukuk - 97.4%
|
|
|
|
|
|
|
|
Airlines - 2.2%
|
|
|
|
|
|
|
|
|
|
Unity 1 Sukuk Ltd.
|
|
|
|
|
|
|
|
$ 299,000
|
|
3.860%, 11/30/21
|
|
|
|
$
|
306,348
|
|
|
|
|
|
|
|
|
|
|
|
|
Banks - 11.7%
|
|
|
|
|
|
|
|
|
|
DIB Sukuk Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.664%, 2/14/22
|
|
|
|
|
204,751
|
|
|
200,000
|
|
3.625%, 2/06/23
|
|
|
|
|
205,815
|
|
|
200,000
|
|
2.950%, 2/20/25
|
|
|
|
|
202,000
|
|
|
|
|
EI Sukuk Co. Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.542%, 5/31/21
|
|
|
|
|
202,859
|
|
|
|
|
Fab Sukuk Co. Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.875%, 1/22/24
|
|
|
|
|
212,025
|
|
|
|
|
QIB Sukuk Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.251%, 5/23/22
|
|
|
|
|
203,000
|
|
|
200,000
|
|
3.982%, 3/26/24
|
|
|
|
|
210,150
|
|
|
|
|
SIB Sukuk Co. III Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
4.231%, 4/18/23
|
|
|
|
|
209,417
|
|
|
|
|
|
|
|
|
|
1,650,017
|
|
|
Commercial Services - 5.9%
|
|
|
|
|
|
|
|
|
|
DP World Crescent Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.908%, 5/31/23
|
|
|
|
|
207,051
|
|
|
200,000
|
|
4.848%, 9/26/28
|
|
|
|
|
216,854
|
|
|
200,000
|
|
3.875%, 7/18/29
|
|
|
|
|
202,175
|
|
|
200,000
|
|
3.750%, 1/30/30
|
|
|
|
|
199,883
|
|
|
|
|
|
|
|
|
|
825,963
|
|
|
Electric - 9.5%
|
|
|
|
|
|
|
|
|
|
Saudi Electricity Global Sukuk Co.
|
|
|
|
|
|
|
|
200,000
|
|
4.211%, 4/03/22
|
|
|
|
|
208,448
|
|
|
|
|
Saudi Electricity Global Sukuk Co. 2
|
|
|
|
|
|
|
|
200,000
|
|
5.060%, 4/08/43
|
|
|
|
|
233,476
|
|
|
|
|
Saudi Electricity Global Sukuk Co. 3
|
|
|
|
|
|
|
|
200,000
|
|
4.000%, 4/08/24
|
|
|
|
|
212,836
|
|
|
200,000
|
|
5.500%, 4/08/44
|
|
|
|
|
247,909
|
|
|
|
|
Saudi Electricity Global Sukuk Co. 4
|
|
|
|
|
|
|
|
200,000
|
|
4.222%, 1/27/24
|
|
|
|
|
213,528
|
|
|
200,000
|
|
4.723%, 9/27/28
|
|
|
|
|
228,869
|
|
|
|
|
|
|
|
|
|
1,345,066
|
|
|
Multi-National - 13.3%
|
|
|
|
|
|
|
|
|
|
IDB Trust Services Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
2.393%, 4/12/22
|
|
|
|
|
203,026
|
|
|
200,000
|
|
2.261%, 9/26/22
|
|
|
|
|
203,052
|
|
|
1,000,000
|
|
3.389%, 9/26/23
|
|
|
|
|
1,062,590
|
|
|
200,000
|
|
2.843%, 4/25/24
|
|
|
|
|
209,938
|
|
|
200,000
|
|
1.957%, 10/02/24
|
|
|
|
|
202,967
|
|
|
|
|
|
|
|
|
|
1,881,573
|
|
|
Real Estate - 10.4%
|
|
|
|
|
|
|
|
|
|
Aldar Sukuk Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
4.750%, 9/29/25
|
|
|
|
|
218,728
|
|
|
|
|
Aldar Sukuk No. 2 Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.875%, 10/22/29
|
|
|
|
|
210,009
|
|
|
|
|
DIFC Sukuk Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
4.325%, 11/12/24
|
|
|
|
|
210,895
|
|
|
|
|
Emaar Sukuk Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.635%, 9/15/26
|
|
|
|
|
202,858
|
|
|
200,000
|
|
3.875%, 9/17/29
|
|
|
|
|
202,700
|
|
|
|
|
EMG SUKUK Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
4.564%, 6/18/24
|
|
|
|
|
210,670
|
|
|
|
|
MAF Sukuk Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
4.500%, 11/03/25
|
|
|
|
|
214,367
|
|
|
|
|
|
|
|
|
|
1,470,227
|
|
|
Sovereign - 42.9%
|
|
|
|
|
|
|
|
|
|
Hong Kong Sukuk 2017 Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.132%, 2/28/27
|
|
|
|
|
216,972
|
|
|
|
|
KSA Sukuk Ltd.
|
|
|
|
|
|
|
|
400,000
|
|
2.894%, 4/20/22
|
|
|
|
|
408,847
|
|
|
600,000
|
|
3.628%, 4/20/27
|
|
|
|
|
645,733
|
|
|
200,000
|
|
4.303%, 1/19/29
|
|
|
|
|
226,378
|
|
|
200,000
|
|
2.969%, 10/29/29
|
|
|
|
|
204,926
|
|
|
|
|
Malaysia Sovereign Sukuk Bhd.
|
|
|
|
|
|
|
|
200,000
|
|
3.043%, 4/22/25
|
|
|
|
|
214,882
|
|
|
|
|
Malaysia Sukuk Global Bhd.
|
|
|
|
|
|
|
|
250,000
|
|
3.179%, 4/27/26
|
|
|
|
|
272,822
|
|
|
|
|
Perusahaan Penerbit SBSN Indonesia III
|
|
|
|
|
|
|
|
200,000
|
|
3.400%, 3/29/21
|
|
|
|
|
203,294
|
|
|
200,000
|
|
3.400%, 3/29/22
|
|
|
|
|
204,932
|
|
|
200,000
|
|
3.750%, 3/01/23
|
|
|
|
|
209,067
|
|
|
200,000
|
|
3.900%, 8/20/24
|
|
|
|
|
214,108
|
|
|
200,000
|
|
4.350%, 9/10/24
|
|
|
|
|
218,255
|
|
|
200,000
|
|
4.325%, 5/28/25
|
|
|
|
|
219,884
|
|
|
200,000
|
|
4.550%, 3/29/26
|
|
|
|
|
223,601
|
|
|
200,000
|
|
4.150%, 3/29/27
|
|
|
|
|
220,150
|
|
|
200,000
|
|
4.400%, 3/01/28
|
|
|
|
|
223,978
|
|
|
500,000
|
|
4.450%, 2/20/29
|
|
|
|
|
566,119
|
|
|
|
|
RAK Capital
|
|
|
|
|
|
|
|
200,000
|
|
3.094%, 3/31/25
|
|
|
|
|
204,250
|
|
|
|
|
Sharjah Sukuk Program Ltd.
|
|
|
|
|
|
|
|
200,000
|
|
3.854%, 4/03/26
|
|
|
|
|
214,029
|
|
|
200,000
|
|
4.226%, 3/14/28
|
|
|
|
|
220,927
|
|
|
240,000
|
|
3.234%, 10/23/29
|
|
|
|
|
247,901
|
|
|
|
|
SoQ Sukuk A QSC
|
|
|
|
|
|
|
|
200,000
|
|
3.241%, 1/18/23
|
|
|
|
|
207,505
|
|
|
|
|
Wakala Global Sukuk Bhd.
|
|
|
|
|
|
|
|
250,000
|
|
4.646%, 7/06/21
|
|
|
|
|
260,863
|
|
|
|
|
|
|
|
|
|
6,049,423
|
|
|
Telecommunications - 1.5%
|
|
|
|
|
|
|
|
|
|
Saudi Telecom Co.
|
|
|
|
|
|
|
|
200,000
|
|
3.890%, 5/13/29
|
|
|
|
|
217,162
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sukuk
|
|
|
|
|
|
|
|
(Cost $13,662,962)
|
|
|
|
|
13,745,779
|
|
|
|
|
|
|
|
|
|
|
Total Investments in Securities - 97.4%
|
|
|
|
|
|
|
|
(Cost $13,662,962)
|
|
|
|
|
13,745,779
|
|
|
Other Assets in Excess of Liabilities - 2.6%
|
|
|
|
|
373,131
|
|
|
Total Net Assets - 100.0%
|
|
|
|
$
|
14,118,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage
|
|
|
|
|
|
|
|
of Total
|
|
|
|
|
Value
|
|
|
Investments
|
|
|
Portfolio Diversification
|
|
|
|
|
|
|
|
Cayman Islands
|
|
$
|
7,759,717
|
|
|
|
56.5
|
%
|
|
Indonesia
|
|
|
2,503,388
|
|
|
|
18.2
|
|
|
Jersey
|
|
|
1,881,573
|
|
|
|
13.7
|
|
|
Malaysia
|
|
|
748,567
|
|
|
|
5.4
|
|
|
Saudi Arabia
|
|
|
217,162
|
|
|
|
1.6
|
|
|
Hong Kong
|
|
|
216,972
|
|
|
|
1.6
|
|
|
United Arab Emirates
|
|
|
210,895
|
|
|
|
1.5
|
|
|
Qatar
|
|
|
207,505
|
|
|
|
1.5
|
|
|
Total
|
|
$
|
13,745,779
|
|
|
|
100.00
|
%
|
|
Summary of Fair Value Exposure at February 29, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The SP Funds Dow Jones Global Sukuk ETF (the “Fund”) utilizes various methods to measure the fair value of its 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 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 spreads, 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 would be based on the best information available.
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The following is a summary of the inputs used to value the Fund’s investments as of February 29, 2020:
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Description
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Level 1
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Level 2
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Level 3
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Total
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Sukuk (1)
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$
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–
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$
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13,745,779
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$
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–
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$
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13,745,779
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Total Investments in Securities
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$
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–
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$
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13,745,779
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$
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–
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$
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13,745,779
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(1) See Schedule of Investments for industry breakout.
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Item 2. Controls and Procedures.
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(a)
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The Registrant’s President/Principal Executive Officer and Treasurer/Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
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(b)
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There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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Item 3. Exhibits.
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).
Filed herewith.
SIGNATURES
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.
(Registrant) Tidal ETF Trust
By (Signature and Title) /s/ Eric W. Falkeis
Eric W. Falkeis, President/Principal Executive Officer
Date 4/29/2020
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.
By (Signature and Title)* /s/ Eric W. Falkeis
Eric W. Falkeis, President/Principal Executive Officer
Date 4/29/2020
By (Signature and Title)* /s/ Daniel H. Carlson
Daniel H. Carlson, Treasurer/Principal Financial Officer
Date 4/29/2020
* Print the name and title of each signing officer under his or her signature.