Wahed FTSE USA Shariah ETF | ||||||||
Schedule of Investments | ||||||||
August 31, 2023 (Unaudited) | ||||||||
Shares | Value | |||||||
COMMON STOCKS — 98.8% | ||||||||
Administrative and Support Services — 0.3% | ||||||||
Baker Hughes Co. | 15,731 | $ | 569,305 | |||||
Robert Half International, Inc. | 1,622 | 119,963 | ||||||
Rollins, Inc. | 3,495 | 138,297 | ||||||
827,565 | ||||||||
Air Transportation — 0.1% | ||||||||
Delta Air Lines, Inc. | 2,499 | 107,157 | ||||||
United Airlines Holdings, Inc. (a) | 1,270 | 63,259 | ||||||
170,416 | ||||||||
Ambulatory Health Care Services — 0.2% | ||||||||
Fortrea Holdings, Inc. (a) | 1,342 | 36,972 | ||||||
Laboratory Corp. of America Holdings | 1,342 | 279,270 | ||||||
Quest Diagnostics, Inc. | 1,742 | 229,073 | ||||||
545,315 | ||||||||
Apparel Manufacturing — 0.2% | ||||||||
Lululemon Athletica, Inc. (a) | 1,747 | 666,061 | ||||||
Beverage and Tobacco Product Manufacturing — 1.6% | ||||||||
Keurig Dr. Pepper, Inc. | 14,838 | 499,299 | ||||||
Monster Beverage Corp. (a) | 11,741 | 674,051 | ||||||
The Coca-Cola Co. | 60,808 | 3,638,143 | ||||||
4,811,493 | ||||||||
Broadcasting (except Internet) — 0.1% | ||||||||
Liberty Broadband Corp. - Class A (a) | 227 | 21,256 | ||||||
Liberty Broadband Corp. - Class C (a) | 1,822 | 170,466 | ||||||
191,722 | ||||||||
Building Material and Garden Equipment and Supplies Dealers — 0.1% | ||||||||
Snap-on, Inc. | 788 | 211,657 | ||||||
Chemical Manufacturing — 12.3% | ||||||||
Abbott Laboratories | 27,105 | 2,789,105 | ||||||
Air Products & Chemicals, Inc. | 3,455 | 1,020,918 | ||||||
Albemarle Corp. | 1,840 | 365,626 | ||||||
Biogen, Inc. (a) | 2,256 | 603,164 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 2,934 | 268,109 | ||||||
Bio-Techne Corp. | 2,377 | 186,357 | ||||||
Bristol-Myers Squibb Co. | 32,664 | 2,013,736 | ||||||
CF Industries Holdings, Inc. | 3,012 | 232,135 | ||||||
Church & Dwight Co., Inc. | 3,818 | 369,468 | ||||||
Dow, Inc. | 11,220 | 612,163 | ||||||
DuPont de Nemours, Inc. | 7,296 | 560,989 | ||||||
Eli Lilly & Co. | 13,425 | 7,440,135 | ||||||
FMC Corp. | 1,936 | 166,941 | ||||||
Gilead Sciences, Inc. | 19,690 | 1,505,891 | ||||||
International Flavors & Fragrances, Inc. | 4,010 | 282,505 | ||||||
Linde PLC (b) | 7,719 | 2,987,562 | ||||||
Merck & Co., Inc. | 40,092 | 4,369,226 | ||||||
Pfizer, Inc. | 88,074 | 3,116,058 | ||||||
PPG Industries, Inc. | 3,638 | 515,723 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 1,605 | 1,326,516 | ||||||
The Estee Lauder Cos., Inc. | 3,537 | 567,795 | ||||||
The Mosaic Co. | 5,183 | 201,360 | ||||||
The Procter & Gamble Co. | 36,860 | 5,688,972 | ||||||
West Pharmaceutical Services, Inc. | 1,142 | 464,680 | ||||||
Westlake Chemical Corp. | 487 | 63,787 | ||||||
37,718,921 | ||||||||
Clothing and Clothing Accessories Stores — 0.8% | ||||||||
Ross Stores, Inc. | 5,282 | 643,400 | ||||||
The TJX Cos., Inc. | 18,244 | 1,687,205 | ||||||
2,330,605 | ||||||||
Computer and Electronic Product Manufacturing — 32.5% (c) | ||||||||
Advanced Micro Devices, Inc. (a) | 25,967 | 2,745,231 | ||||||
Agilent Technologies, Inc. | 4,636 | 561,281 | ||||||
Alphabet, Inc. - Class A (a) | 94,071 | 12,809,648 | ||||||
Alphabet, Inc. - Class C (a) | 82,424 | 11,320,936 | ||||||
Analog Devices, Inc. | 7,981 | 1,450,786 | ||||||
Apple, Inc. | 235,411 | 44,226,665 | ||||||
Bio-Rad Laboratories, Inc. - Class A (a) | 326 | 130,465 | ||||||
Cisco Systems, Inc. | 64,641 | 3,707,161 | ||||||
Danaher Corp. | 10,346 | 2,741,690 | ||||||
Fortive Corp. | 5,547 | 437,381 | ||||||
GE Healthcare Technologies, Inc. | 6,126 | 431,577 | ||||||
GlobalFoundries, Inc. (a)(b) | 1,230 | 67,958 | ||||||
Hologic, Inc. (a) | 3,796 | 283,713 | ||||||
HP, Inc. | 13,646 | 405,423 | ||||||
Illumina, Inc. (a) | 2,489 | 411,233 | ||||||
Intel Corp. | 65,453 | 2,300,018 | ||||||
Juniper Networks, Inc. | 4,999 | 145,571 | ||||||
Lam Research Corp. | 2,104 | 1,477,850 | ||||||
Marvell Technology, Inc. | 13,544 | 788,938 | ||||||
Masimo Corp. (a) | 734 | 83,882 | ||||||
Medtronic PLC (b) | 20,736 | 1,689,984 | ||||||
Micron Technology, Inc. | 17,515 | 1,224,999 | ||||||
NetApp, Inc. | 3,314 | 254,184 | ||||||
NXP Semiconductors NV (b) | 4,041 | 831,315 | ||||||
ON Semiconductor Corp. (a) | 6,872 | 676,617 | ||||||
Qorvo, Inc. (a) | 1,552 | 166,669 | ||||||
QUALCOMM, Inc. | 17,617 | 2,017,675 | ||||||
Revvity, Inc. | 1,943 | 227,389 | ||||||
Roper Technologies, Inc. | 1,638 | 817,460 | ||||||
Teradyne, Inc. | 2,406 | 259,535 | ||||||
Thermo Fisher Scientific, Inc. | 6,024 | 3,355,970 | ||||||
Trane Technologies PLC (b) | 3,539 | 726,415 | ||||||
Trimble, Inc. (a) | 3,859 | 211,435 | ||||||
Western Digital Corp. (a) | 5,102 | 229,590 | ||||||
Zebra Technologies Corp. - Class A (a) | 773 | 212,583 | ||||||
99,429,227 | ||||||||
Construction of Buildings — 0.4% | ||||||||
DR Horton, Inc. | 4,845 | 576,652 | ||||||
Lennar Corp. - Class A | 3,872 | 461,116 | ||||||
Lennar Corp. - Class B | 188 | 20,052 | ||||||
PulteGroup, Inc. | 3,480 | 285,569 | ||||||
1,343,389 | ||||||||
Couriers and Messengers — 0.9% | ||||||||
FedEx Corp. | 3,692 | 963,686 | ||||||
United Parcel Service, Inc. - Class B | 11,431 | 1,936,411 | ||||||
2,900,097 | ||||||||
Data Processing, Hosting and Related Services — 0.9% | ||||||||
Automatic Data Processing, Inc. | 6,505 | 1,656,238 | ||||||
Fiserv, Inc. (a) | 9,708 | 1,178,454 | ||||||
2,834,692 | ||||||||
Electrical Equipment, Appliance and Component Manufacturing — 0.2% | ||||||||
Generac Holdings, Inc. (a) | 956 | 113,582 | ||||||
Rockwell Automation, Inc. | 1,805 | 563,304 | ||||||
676,886 | ||||||||
Fabricated Metal Product Manufacturing — 0.6% | ||||||||
Emerson Electric Co. | 8,976 | 881,892 | ||||||
Nucor Corp. | 3,956 | 680,828 | ||||||
Stanley Black & Decker, Inc. | 2,406 | 227,078 | ||||||
1,789,798 | ||||||||
Food Manufacturing — 0.9% | ||||||||
Archer-Daniels-Midland Co. | 8,468 | 671,512 | ||||||
Bunge Ltd. (b) | 2,305 | 263,508 | ||||||
Mondelez International, Inc. - Class A | 21,304 | 1,518,123 | ||||||
The JM Smucker Co. | 1,591 | 230,615 | ||||||
2,683,758 | ||||||||
Food Services and Drinking Places — 0.2% | ||||||||
Cintas Corp. | 1,342 | 676,596 | ||||||
Funds, Trusts and Other Financial Vehicles — 0.1% | ||||||||
Garmin Ltd. (b) | 2,402 | 254,660 | ||||||
General Merchandise Stores — 0.2% | ||||||||
Burlington Stores, Inc. (a) | 1,007 | 163,396 | ||||||
Dollar Tree, Inc. (a) | 3,308 | 404,767 | ||||||
568,163 | ||||||||
Health and Personal Care Stores — 0.2% | ||||||||
Ulta Beauty, Inc. (a) | 771 | 319,988 | ||||||
Walgreens Boots Alliance, Inc. | 11,223 | 284,054 | ||||||
604,042 | ||||||||
Leather and Allied Product Manufacturing — 0.6% | ||||||||
NIKE, Inc. - Class B | 18,473 | 1,878,889 | ||||||
Machinery Manufacturing — 1.9% | ||||||||
Applied Materials, Inc. | 13,374 | 2,043,012 | ||||||
Carrier Global Corp. | 13,085 | 751,733 | ||||||
Cummins, Inc. | 2,218 | 510,229 | ||||||
Dover Corp. | 2,164 | 320,921 | ||||||
IDEX Corp. | 1,189 | 269,190 | ||||||
Ingersoll Rand, Inc. | 6,379 | 444,042 | ||||||
KLA Corp. | 2,146 | 1,077,013 | ||||||
Phinia, Inc. (a) | 719 | 19,988 | ||||||
Xylem, Inc. | 3,722 | 385,376 | ||||||
5,821,504 | ||||||||
Management of Companies and Enterprises — 0.1% | ||||||||
LyondellBasell Industries NV - Class A (b) | 4,070 | 401,994 | ||||||
Merchant Wholesalers Durable Goods — 1.2% | ||||||||
Copart, Inc. (a) | 13,459 | 603,367 | ||||||
Fastenal Co. | 8,876 | 511,080 | ||||||
Flex Ltd. (a)(b) | 7,147 | 197,186 | ||||||
Genuine Parts Co. | 2,192 | 336,976 | ||||||
Henry Schein, Inc. (a) | 1,997 | 152,850 | ||||||
Johnson Controls International PLC (b) | 10,839 | 640,151 | ||||||
LKQ Corp. | 4,191 | 220,153 | ||||||
TE Connectivity Ltd. (b) | 4,949 | 655,198 | ||||||
WW Grainger, Inc. | 689 | 492,042 | ||||||
3,809,003 | ||||||||
Merchant Wholesalers Nondurable Goods — 0.5% | ||||||||
Cardinal Health, Inc. | 3,995 | 348,883 | ||||||
Cencora, Inc. | 2,542 | 447,341 | ||||||
McKesson Corp. | 2,119 | 873,706 | ||||||
1,669,930 | ||||||||
Mining (except Oil and Gas) — 0.5% | ||||||||
Martin Marietta Materials, Inc. | 962 | 429,446 | ||||||
Newmont Corp. | 12,294 | 484,629 | ||||||
Southern Copper Corp. | 1,321 | 106,552 | ||||||
Vulcan Materials Co. | 2,084 | 454,833 | ||||||
1,475,460 | ||||||||
Miscellaneous Manufacturing — 4.7% | ||||||||
3M Co. | 8,617 | 919,175 | ||||||
Align Technology, Inc. (a) | 1,206 | 446,389 | ||||||
Becton Dickinson and Co. | 4,397 | 1,228,742 | ||||||
Boston Scientific Corp. (a) | 22,633 | 1,220,824 | ||||||
DENTSPLY SIRONA, Inc. | 3,241 | 120,209 | ||||||
Edwards Lifesciences Corp. (a) | 9,351 | 715,071 | ||||||
Johnson & Johnson | 40,834 | 6,602,041 | ||||||
ResMed, Inc. | 2,293 | 365,940 | ||||||
STERIS PLC (b) | 1,552 | 356,324 | ||||||
Stryker Corp. | 5,570 | 1,579,374 | ||||||
Teleflex, Inc. | 712 | 151,471 | ||||||
The Cooper Cos., Inc. | 736 | 272,313 | ||||||
Zimmer Biomet Holdings, Inc. | 3,274 | 389,999 | ||||||
14,367,872 | ||||||||
Miscellaneous Store Retailers — 0.1% | ||||||||
Tractor Supply Co. | 1,738 | 379,753 | ||||||
Motion Picture and Sound Recording Industries — 0.1% | ||||||||
Take-Two Interactive Software, Inc. (a) | 2,582 | 367,160 | ||||||
Motor Vehicle and Parts Dealers — 0.0% (d) | ||||||||
Advance Auto Parts, Inc. | 930 | 64,003 | ||||||
Nonmetallic Mineral Product Manufacturing — 0.1% | ||||||||
Corning, Inc. | 11,472 | 376,511 | ||||||
Nonstore Retailers — 0.1% | ||||||||
eBay, Inc. | 8,466 | 379,107 | ||||||
Oil and Gas Extraction — 1.5% | ||||||||
Coterra Energy, Inc. | 11,780 | 332,078 | ||||||
Devon Energy Corp. | 10,023 | 512,075 | ||||||
EOG Resources, Inc. | 9,117 | 1,172,629 | ||||||
Marathon Oil Corp. | 9,716 | 256,017 | ||||||
Occidental Petroleum Corp. | 10,953 | 687,739 | ||||||
Phillips 66 | 7,215 | 823,664 | ||||||
Pioneer Natural Resources Co. | 3,593 | 854,882 | ||||||
4,639,084 | ||||||||
Other Information Services — 3.3% | ||||||||
Meta Platforms, Inc. - Class A (a) | 34,232 | 10,128,906 | ||||||
Paper Manufacturing — 0.2% | ||||||||
International Paper Co. | 5,449 | 190,279 | ||||||
Packaging Corp. of America | 1,367 | 203,820 | ||||||
Westrock Co. | 3,982 | 130,251 | ||||||
524,350 | ||||||||
Petroleum and Coal Products Manufacturing — 4.6% | ||||||||
Exxon Mobil Corp. | 64,125 | 7,130,059 | ||||||
Chevron Corp. | 27,239 | 4,388,203 | ||||||
Hess Corp. | 4,356 | 673,002 | ||||||
Marathon Petroleum Corp. | 6,959 | 993,536 | ||||||
Valero Energy Corp. | 5,664 | 735,754 | ||||||
13,920,554 | ||||||||
Primary Metal Manufacturing — 0.1% | ||||||||
Steel Dynamics, Inc. | 2,603 | 277,454 | ||||||
Professional, Scientific and Technical Services — 2.2% | ||||||||
Amdocs Ltd. (b) | 1,847 | 164,752 | ||||||
Eaton Corp. PLC (b) | 6,358 | 1,464,692 | ||||||
Exact Sciences Corp. (a) | 2,764 | 231,264 | ||||||
F5, Inc. (a) | 927 | 151,713 | ||||||
Gartner, Inc. (a) | 1,192 | 416,819 | ||||||
Global Payments, Inc. | 4,155 | 526,397 | ||||||
Horizon Therapeutics PLC (a)(b) | 3,517 | 396,507 | ||||||
ICON PLC (a)(b) | 1,257 | 326,745 | ||||||
Omnicom Group, Inc. | 3,105 | 251,536 | ||||||
Palo Alto Networks, Inc. (a) | 4,693 | 1,141,807 | ||||||
Paychex, Inc. | 5,010 | 612,372 | ||||||
Paycom Software, Inc. | 788 | 232,334 | ||||||
The Interpublic Group of Cos., Inc. | 6,121 | 199,606 | ||||||
VMware, Inc. - Class A (a) | 3,413 | 576,046 | ||||||
6,692,590 | ||||||||
Publishing Industries (except Internet) — 16.7% | ||||||||
Adobe, Inc. (a) | 7,013 | 3,922,651 | ||||||
Akamai Technologies, Inc. (a) | 2,408 | 253,057 | ||||||
ANSYS, Inc. (a) | 1,350 | 430,475 | ||||||
Autodesk, Inc. (a) | 3,463 | 768,578 | ||||||
Cadence Design Systems, Inc. (a) | 4,268 | 1,026,198 | ||||||
Ceridian HCM Holding, Inc. (a) | 2,342 | 169,842 | ||||||
Electronic Arts, Inc. | 4,305 | 516,514 | ||||||
Microsoft Corp. | 117,735 | 38,588,824 | ||||||
News Corp. - Class A | 5,989 | 128,704 | ||||||
News Corp. - Class B | 1,816 | 39,952 | ||||||
Okta, Inc. (a) | 2,383 | 199,004 | ||||||
PTC, Inc. (a) | 1,720 | 253,132 | ||||||
salesforce.com, Inc. (a) | 14,892 | 3,297,982 | ||||||
Synopsys, Inc. (a) | 2,394 | 1,098,583 | ||||||
Tyler Technologies, Inc. (a) | 646 | 257,386 | ||||||
Yandex NV - Class A (a)(b)(e)(f) | 3,809 | – | ||||||
ZoomInfo Technologies, Inc. (a) | 4,647 | 83,739 | ||||||
51,034,621 | ||||||||
Specialty Trade Contractors — 0.2% | ||||||||
Quanta Services, Inc. | 2,227 | 467,380 | ||||||
Support Activities for Agriculture and Forestry — 0.2% | ||||||||
Corteva, Inc. | 11,398 | 575,713 | ||||||
Support Activities for Mining — 1.5% | ||||||||
ConocoPhillips | 18,960 | 2,256,809 | ||||||
Diamondback Energy, Inc. | 2,784 | 422,556 | ||||||
Halliburton Co. | 14,152 | 546,550 | ||||||
Schlumberger Ltd. (b) | 22,366 | 1,318,699 | ||||||
4,544,614 | ||||||||
Support Activities for Transportation — 0.1% | ||||||||
JB Hunt Transport Services, Inc. | 1,281 | 240,674 | ||||||
Textile Product Mills — 0.0% (d) | ||||||||
Mohawk Industries, Inc. (a) | 797 | 80,808 | ||||||
Transit and Ground Passenger Transportation — 0.5% | ||||||||
Uber Technologies, Inc. (a) | 30,577 | 1,444,152 | ||||||
Transportation Equipment Manufacturing — 4.2% | ||||||||
Aptiv PLC (a)(b) | 4,272 | 433,394 | ||||||
Autoliv, Inc. | 1,330 | 129,808 | ||||||
BorgWarner, Inc. | 3,668 | 149,471 | ||||||
Gentex Corp. | 3,713 | 121,267 | ||||||
Lear Corp. | 917 | 132,131 | ||||||
PACCAR, Inc. | 8,064 | 663,587 | ||||||
Tesla, Inc. (a) | 42,790 | 11,043,243 | ||||||
Westinghouse Air Brake Technologies Corp. | 2,761 | 310,668 | ||||||
12,983,569 | ||||||||
Truck Transportation — 0.2% | ||||||||
Old Dominion Freight Line, Inc. | 1,539 | 657,722 | ||||||
Utilities — 0.6% | ||||||||
Avangrid, Inc. | 1,084 | 37,398 | ||||||
Constellation Energy Corp. | 5,163 | 537,778 | ||||||
First Solar, Inc. (a) | 1,713 | 323,963 | ||||||
NRG Energy, Inc. | 3,604 | 135,330 | ||||||
Sempra Energy | 9,854 | 691,948 | ||||||
1,726,417 | ||||||||
TOTAL COMMON STOCKS (Cost $244,441,054) | 302,164,857 | |||||||
Real Estate Investment Trusts (REITs) — 0.8% | ||||||||
Real Estate — 0.7% | ||||||||
Alexandria Real Estate Equities, Inc. | 2,770 | 322,262 | ||||||
Prologis, Inc. | 14,348 | 1,782,022 | ||||||
Regency Centers Corp. | 2,655 | 165,141 | ||||||
2,269,425 | ||||||||
Wood Product Manufacturing — 0.1% | ||||||||
Weyerhaeuser Co. | 11,439 | 374,627 | ||||||
TOTAL REITS (Cost $2,592,251) | 2,644,052 | |||||||
TOTAL INVESTMENTS (Cost $247,033,305) — 99.6% | 304,808,909 | |||||||
Other assets and liabilities, net — 0.4% | 1,143,511 | |||||||
NET ASSETS — 100.0% | $ | 305,952,420 |
Percentages are stated as a percent of net assets. | |||||||||
PLC | Public Limited Company | ||||||||
(a) | Non-income producing security. | ||||||||
(b) | Foreign issued security. | ||||||||
(c) | To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors. | ||||||||
(d) | Amount is less than 0.05%. | ||||||||
(e) | 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. | ||||||||
(f) | 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. |
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* | $ | 302,164,857 | $ | - | $ | - | $ | 302,164,857 | ||||||||
Real Estate Investment Trusts (REITs)* | 2,644,052 | - | - | 2,644,052 | ||||||||||||
Total Investments - Assets | $ | 304,808,909 | $ | - | $ | - | $ | 304,808,909 | ||||||||
* See the Schedule of Investments for industry classifications. | ||||||||||||||||
^ The Fund held a Level 3 security at the end of the period valued at $-. The security classified as Level 3 is deemed immaterial. |