Filed pursuant to Rule
Registration Nos. 333-227298; 811-23377
SP Funds Dow Jones Global Sukuk ETF |
SP Funds S&P Global REIT Sharia ETF |
each listed on NYSE Arca, Inc.
Supplement to each Summary Prospectus, and
the Prospectus and Statement of Additional Information (“SAI”),
each dated
On December 11, 2024, the Board of Trustees of
Fund | Current Management Fee | New Reduced Management Fee |
SP Funds Dow Jones Global Sukuk ETF
|
0.55% | 0.50% |
SP Funds S&P Global REIT Sharia ETF | 0.55% | 0.50% |
Effective December 16, 2024, the following disclosures in each Summary Prospectus, the Prospectus and the SAI are hereby revised and replaced as follows to reflect each Fund’s management fee reduction.
Prospectus and Summary Prospectus
“SP Funds Dow Jones Global Sukuk ETF - Fund Summary – Fees and Expenses of the Fund”
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.
Management Fees | |
Distribution and/or Service (12b-1) Fees | |
Other Expenses | |
Total Annual Fund Operating Expenses(2) |
1. |
2. |
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS |
$ |
$ |
$ |
$ |
“SP Funds S&P Global REIT Sharia ETF - Fund Summary – Fees and Expenses of the Fund”
This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.
Management Fees | |
Distribution and/or Service (12b-1) Fees | |
Other Expenses | |
Total Annual Fund Operating Expenses(2) |
1. |
2. |
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then hold or redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
2
1 YEAR | 3 YEARS | 5 YEARS | 10 YEARS |
$ |
$ |
$ |
$ |
Prospectus
“Management - Investment Adviser” - The third paragraph and corresponding table are deleted and replaced with the following:
For the services it provides to the Funds, each Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate based on the applicable Fund’s average daily net assets as set forth in the table below.
Name of Fund | Management Fee |
Sharia ETF | 0.45%1 |
Sukuk ETF | 0.50%2 |
Global REIT ETF | 0.50%3 |
1 | Effective December 1, 2023, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Sharia ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Sharia ETF’s management fee from 0.49% to 0.45%. |
2 | Effective December 16, 2024, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Sukuk ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Sukuk ETF’s management fee from 0.55% to 0.50%. |
3 | Effective December 16, 2024, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Global REIT ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Global REIT ETF’s management fee from 0.55% to 0.50%. |
Statement of Additional Information
“Investment Adviser” - The second paragraph and corresponding table are deleted and replaced with the following:
Pursuant to the Investment Advisory Agreement (the “Advisory Agreement”), the Adviser 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. Under the Advisory Agreement, the Adviser is also responsible for arranging sub-advisory, transfer agency, custody, fund administration and accounting, and other related services necessary for the Funds to operate. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping, and administrative services. Under the Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by each Fund except for the Excluded Expenses, as defined in the Prospectus. For services provided to the Funds, each Fund pays the Adviser a unified management fee at an annual rate based on the Fund’s average daily net assets as set forth in the table below.
Name of Fund | Management Fee |
Sharia ETF | 0.45%1 |
Sukuk ETF | 0.50%2 |
Global REIT ETF | 0.50%3 |
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1 | Effective December 1, 2023, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Sharia ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Sharia ETF’s management fee from 0.49% to 0.45%. |
2 | Effective December 1, 2023, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Sukuk ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Sukuk ETF’s management fee from 0.59% to 0.55%. Effective December 16, 2024, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Sukuk ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Sukuk ETF’s management fee from 0.55% to 0.50%. |
3 | Effective December 1, 2022, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Global REIT ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Global REIT ETF’s management fee from 0.69% to 0.59%. Effective December 1, 2023, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Global REIT ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Global REIT ETF’s management fee from 0.59% to 0.55%. Effective December16, 2024, the Board approved an amendment to the investment advisory agreement between the Trust, on behalf of the Global REIT ETF, and the Adviser, pursuant to which the Adviser agreed to reduce the Global REIT ETF’s management fee from 0.55% to 0.50%. |
Please retain this Supplement for future reference.
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