Wahed Dow Jones Islamic World ETF | ||||||||
Schedule of Investments | ||||||||
August 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS - 99.3% (b) | ||||||||
Aerospace and Defense - 0.8% | ||||||||
Safran SA | 2,383 | $ | 383,562 | |||||
Apparel and Textile Products - 3.0% | ||||||||
adidas AG | 1,209 | 241,994 | ||||||
Compagnie Financière Richemont SA | 3,646 | 518,469 | ||||||
Hermès International | 235 | 484,814 | ||||||
Kering SA | 482 | 258,536 | ||||||
1,503,813 | ||||||||
Automotive - 1.7% | ||||||||
BYD Co. Ltd. - Class H | 6,188 | 193,963 | ||||||
Denso Corp. | 3,510 | 240,108 | ||||||
Ferrari NV | 900 | 286,207 | ||||||
NIO, Inc. - ADR (a) | 9,975 | 102,443 | ||||||
822,721 | ||||||||
Biotechnology and Pharmaceuticals - 18.2% | ||||||||
Astellas Pharma, Inc. | 12,719 | 193,469 | ||||||
AstraZeneca PLC | 7,294 | 985,448 | ||||||
CSL Ltd. | 3,404 | 603,026 | ||||||
Daiichi Sankyo Co. Ltd. | 13,771 | 406,646 | ||||||
Genmab A/S (a) | 442 | 169,927 | ||||||
GSK PLC | 27,737 | 488,122 | ||||||
Novartis AG | 16,983 | 1,717,239 | ||||||
Novo Nordisk A/S - Class B | 11,364 | 2,108,321 | ||||||
Roche Holding AG - Non-Voting Share | 5,038 | 1,484,734 | ||||||
Roche Holding AG - Voting Share | 167 | 52,222 | ||||||
Sanofi | 7,958 | 851,977 | ||||||
9,061,131 | ||||||||
Chemicals - 2.9% | ||||||||
Air Liquide SA | 3,595 | 651,061 | ||||||
DSM BV (e) | 47 | 100,965 | ||||||
DSM-Firmenich AG | 864 | 79,849 | ||||||
Givaudan SA | 1,017 | 156,871 | ||||||
Shin-Etsu Chemical Co. Ltd. | 14,466 | 462,940 | ||||||
1,451,686 | ||||||||
Commercial Support Services - 2.9% | ||||||||
Compass Group PLC | 29,862 | 754,146 | ||||||
Recruit Holdings Co. Ltd. | 12,015 | 430,802 | ||||||
Waste Connections, Inc. | 1,801 | 246,585 | ||||||
1,431,533 | ||||||||
Construction Materials - 0.6% | ||||||||
Sika AG | 1,008 | 285,766 | ||||||
E-Commerce Discretionary - 2.7% | ||||||||
JD.com, Inc. - ADR | 29,192 | 969,466 | ||||||
PDD Holdings, Inc. - ADR (a) | 3,598 | 356,094 | ||||||
1,325,560 | ||||||||
Electrical Equipment - 3.3% | ||||||||
ABB Ltd. | 11,872 | 452,836 | ||||||
Assa Abloy AB - Class B | 6,805 | 153,440 | ||||||
Daikin Industries Ltd. | 2,028 | 351,384 | ||||||
Schneider Electric SE | 3,928 | 676,068 | ||||||
1,633,728 | ||||||||
Food - 2.8% | ||||||||
Nestle SA | 11,437 | 1,377,749 | ||||||
1,377,749 | ||||||||
Health Care Facilities and Services - 0.8% | ||||||||
Lonza Group AG | 484 | 267,906 | ||||||
Wuxi Biologics Cayman, Inc. (a)(c) | 24,350 | 137,093 | ||||||
404,999 | ||||||||
Household Products - 6.0% | ||||||||
Kao Corp. | 23,256 | 900,784 | ||||||
L'Oréal SA | 1,763 | 776,489 | ||||||
Reckitt Benckiser Group PLC | 5,140 | 371,381 | ||||||
Unilever PLC | 18,506 | 947,847 | ||||||
2,996,501 | ||||||||
Industrial Support Services - 0.4% | ||||||||
Ashtead Group PLC | 3,199 | 223,922 | ||||||
Internet, Media and Services - 5.8% | ||||||||
Meituan - Class B (a)(c) | 32,885 | 538,875 | ||||||
NAVER Corp. | 2,186 | 354,755 | ||||||
Prosus NV | 8,144 | 563,758 | ||||||
Tencent Holdings Ltd. | 35,008 | 1,450,901 | ||||||
2,908,289 | ||||||||
Machinery - 2.9% | ||||||||
Atlas Copco AB - Class A | 17,703 | 234,345 | ||||||
Atlas Copco AB - Class B | 10,885 | 125,601 | ||||||
FANUC Corp. | 6,495 | 185,278 | ||||||
Keyence Corp. | 1,413 | 587,387 | ||||||
SMC Corp. | 393 | 190,581 | ||||||
Techtronic Industries Co. Ltd. | 12,135 | 119,930 | ||||||
1,443,122 | ||||||||
Medical Equipment and Devices - 2.5% | ||||||||
Alcon, Inc. | 3,536 | 295,931 | ||||||
EssilorLuxottica SA | 2,091 | 394,661 | ||||||
Hoya Corp. | 2,477 | 274,863 | ||||||
Olympus Corp. | 8,908 | 120,570 | ||||||
Terumo Corp. | 5,291 | 160,382 | ||||||
1,246,407 | ||||||||
Metals and Mining - 5.7% | ||||||||
Anglo American PLC | 9,085 | 241,812 | ||||||
Barrick Gold Corp. | 11,767 | 190,471 | ||||||
BHP Group Ltd. | 35,374 | 1,027,515 | ||||||
Franco-Nevada Corp. | 1,365 | 196,394 | ||||||
Rio Tinto Ltd. | 3,642 | 266,303 | ||||||
Rio Tinto PLC | 10,204 | 630,016 | ||||||
Vale SA - ADR | 23,742 | 312,682 | ||||||
2,865,193 | ||||||||
Oil and Gas Producers - 2.3% | ||||||||
Canadian Natural Resources Ltd. | 7,541 | 487,257 | ||||||
Lukoil PJSC - ADR (a)(d)(e) | 3,928 | – | ||||||
Lukoil PJSC - GDR (a)(d)(e) | 224 | – | ||||||
Suncor Energy, Inc. | 9,377 | 317,222 | ||||||
Woodside Energy Group | 13,611 | 326,338 | ||||||
1,130,817 | ||||||||
Renewable Energy - 0.3% | ||||||||
Vestas Wind Systems A/S (a) | 7,160 | 165,765 | ||||||
Retail - Discretionary - 1.7% | ||||||||
Fast Retailing Co. Ltd. | 1,281 | 294,590 | ||||||
Industria de Diseño Textil SA | 7,439 | 285,494 | ||||||
Wesfarmers Ltd. | 8,096 | 282,461 | ||||||
862,545 | ||||||||
Semiconductors - 14.0% | ||||||||
ASML Holding NV | 2,888 | 1,905,461 | ||||||
Infineon Technologies AG | 60,262 | 2,159,362 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 26,087 | 2,440,961 | ||||||
Tokyo Electron Ltd. | 3,342 | 495,268 | ||||||
7,001,052 | ||||||||
Software - 7.0% | ||||||||
Constellation Software, Inc. | 122 | 250,272 | ||||||
Dassault Systemes SE | 4,820 | 191,521 | ||||||
SAP SE | 7,536 | 1,053,646 | ||||||
Shopify, Inc. - Class A (a) | 30,242 | 2,009,279 | ||||||
3,504,718 | ||||||||
Technology Hardware - 5.6% | ||||||||
Murata Manufacturing Co. Ltd. | 21,637 | 111,308 | ||||||
Nidec Corp. | 4,484 | 252,098 | ||||||
Samsung Electronics Co. Ltd. | 3,772 | 197,740 | ||||||
Samsung SDI Co. Ltd. | 37,446 | 1,895,319 | ||||||
Telefonaktiebolaget LM Ericsson - Class B | 398 | 184,885 | ||||||
Xiaomi Corp. - Class B (a)(c) | 98,688 | 155,550 | ||||||
2,796,900 | ||||||||
Technology Services - 3.0% | ||||||||
Adyen NV (a)(c) | 208 | 174,394 | ||||||
Amadeus IT Group SA | 2,834 | 194,704 | ||||||
Capgemini SE | 1,051 | 196,601 | ||||||
Experian PLC | 6,787 | 237,537 | ||||||
RELX PLC | 13,985 | 456,851 | ||||||
Wolters Kluwer NV | 1,807 | 218,089 | ||||||
1,478,176 | ||||||||
Transportation and Logistics - 2.4% | ||||||||
Canadian National Railway Co. | 4,108 | 462,129 | ||||||
Canadian Pacific Railway Ltd. (a) | 6,514 | 516,421 | ||||||
DSV A/S | 1,277 | 243,147 | ||||||
1,221,697 | ||||||||
TOTAL COMMON STOCKS (Cost $51,084,575) | 49,527,352 | |||||||
RIGHTS - 0.0% (f) | ||||||||
Constellation Software, Inc., Expiration: October 2023 (a)(b) | 122 | 68 | ||||||
TOTAL RIGHTS (Cost $0) | 68 | |||||||
WARRANTS - 0.0% (f) | ||||||||
Constellation Software, Inc., Expiration: March 2040, Exercise Price: TBD (a)(b)(d)(g)(h) | 122 | - | ||||||
TOTAL RIGHTS (Cost $0) | - | |||||||
TOTAL INVESTMENTS (Cost $51,084,575) — 99.3% | 49,527,420 | |||||||
Other assets and liabilities, net — 0.7% | 325,079 | |||||||
NET ASSETS — 100.0% | $ | 49,852,499 |
Percentages are stated as a percent of net assets. | |||||||||
ADR | American Depositary Receipt | ||||||||
GDR | Global Depositary Receipt | ||||||||
PLC | Public Limited Company | ||||||||
(a) | Non-income producing security. | ||||||||
(b) | Foreign issued security. | ||||||||
(c) | Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. | ||||||||
(d) | Value determined based on estimated fair value. The value of this security totals $0, which represents 0.00% of total net assets. Classified as Level 3 in the fair value hierarchy. | ||||||||
(e) | Security has been deemed illiquid according to the Fund's liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets. | ||||||||
(f) | Amount is less than 0.05%. | ||||||||
(g) | Expiration is the earlier of March 2040 or the first date on which all the outstanding Series 1 Debentures have matured or have otherwise been repurchased, redeemed or cancelled. | ||||||||
(h) | Each warrant will, upon exercise, entitle the holder to receive $100 CAD principal of Series 2 Debentures for each $100 principal amount of Series 1 Debentures tendered for repurchase by the company. | ||||||||
COUNTRY | Percentage of Net Assets | ||||||||
Switzerland | 13.4% | ||||||||
Japan | 11.5% | ||||||||
United Kingdom | 10.7% | ||||||||
France | 9.8% | ||||||||
Canada | 9.4% | ||||||||
Cayman Islands | 7.4% | ||||||||
Germany | 6.9% | ||||||||
Netherlands | 6.5% | ||||||||
Denmark | 5.4% | ||||||||
Australia | 5.0% | ||||||||
Taiwan | 4.9% | ||||||||
Republic of Korea | 4.9% | ||||||||
Sweden | 1.3% | ||||||||
Spain | 1.0% | ||||||||
Brazil | 0.6% | ||||||||
China | 0.4% | ||||||||
Hong Kong | 0.2% | ||||||||
Russian Federation | 0.0% | ||||||||
Total Country | 99.3% | ||||||||
RIGHTS | 0.0% | ||||||||
WARRANTS | 0.0% | ||||||||
TOTAL INVESTMENTS | 99.3% | ||||||||
Other assets and liabilities, net | 0.7% | ||||||||
NET ASSETS | 100.0% | ||||||||
Fair Value Measurements | |||||||||
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. | |||||||||
Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs | |||||||||
(including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant | |||||||||
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the | |||||||||
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. | |||||||||
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2023: |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments - Assets: | ||||||||||||||||
Common Stocks* | $ | 49,426,387 | $ | 100,965 | $ | - | ^ | $ | 49,527,352 | |||||||
Rights | 68 | - | - | 68 | ||||||||||||
Warrants | - | - | - | ^ | - | |||||||||||
Total Investments - Assets | $ | 49,426,455 | $ | 100,965 | $ | - | $ | 49,527,420 |
* See the Schedule of Investments for industry classifications. | ||||||||||||||||
^ The Fund held Level 3 securities at the end of the period valued at $-. The securities classified as Level 3 are deemed immaterial. |