UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23226
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee,
WI 53202
(Address of principal executive offices) (Zip code)
Gregory C. Bakken, President
Listed Funds Trust
c/o U.S. Bancorp Fund Services, LLC
777 East Wisconsin Avenue, 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-3097
Registrant’s telephone number, including area code
Date of fiscal year end: May 31, 2024
Date of reporting period:
Item 1. Reports to Stockholders.
(a) |
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Annual Shareholder Report |
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Wahed FTSE USA Shariah ETF
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$
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Wahed FTSE USA Shariah ETF | PAGE 1 | TSR_AR_53656F607 |
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1 Year
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Since Inception
(07/15/2019) |
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Net Assets
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$
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Number of Holdings
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Net Advisory Fee
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$
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Portfolio Turnover
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30-Day SEC Yield
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0.69%
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30-Day SEC Yield Unsubsidized
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0.69%
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Top Sectors
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(%)
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Manufacturing
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Information
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Professional, Scientific, and Technical Services
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Mining, Quarrying, and Oil and Gas Extraction
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Wholesale Trade
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Transportation and Warehousing
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Retail Trade
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Construction
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Real Estate and Rental and Leasing
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Cash & Other
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Top 10 Issuers
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(%)
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Microsoft Corp.
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Apple, Inc.
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Alphabet, Inc.
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Meta Platforms, Inc.
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Eli Lilly & Co.
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Exxon Mobil Corp.
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Tesla, Inc.
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Procter & Gamble Co.
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Johnson & Johnson
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Merck & Co., Inc.
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Wahed FTSE USA Shariah ETF | PAGE 2 | TSR_AR_53656F607 |
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Annual Shareholder Report |
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Fund Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Wahed Dow Jones Islamic World ETF
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$
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Wahed Dow Jones Islamic World ETF | PAGE 1 | TSR_AR_53656F268 |
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1 Year
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Since Inception
(01/06/2022) |
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* |
Net Assets
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$
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Number of Holdings
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Net Advisory Fee
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$
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Portfolio Turnover
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30-Day SEC Yield
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1.10%
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30-Day SEC Yield Unsubsidized
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1.10%
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Top Sectors
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(%)
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Technology
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Health Care
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Industrials
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Materials
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Consumer Discretionary
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Consumer Staples
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Energy
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Communications
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Cash & Other
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Top 10 Issuers
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(%)
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Taiwan Semiconductor Manufacturing Co. Ltd.
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Novo Nordisk AS
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ASML Holding NV
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Infineon Technologies AG
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Samsung Electronics Co. Ltd.
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Shopify, Inc.
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Novartis AG
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Roche Holding AG
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SAP SE
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Nestle SA
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Wahed Dow Jones Islamic World ETF | PAGE 2 | TSR_AR_53656F268 |
Wahed Dow Jones Islamic World ETF | PAGE 3 | TSR_AR_53656F268 |
(b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. John Jacobs is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 5/31/2024 | FYE 5/31/2023 | |
(a) Audit Fees | $31,700 | $30,000 |
(b) Audit-Related Fees | $0 | $0 |
(c) Tax Fees | $6,500 | $6,000 |
(d) All Other Fees | $0 | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Co applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
1 |
FYE 5/31/2024 | FYE 5/31/2023 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) N/A
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 5/31/2024 | FYE 5/31/2023 |
Registrant | N/A | N/A |
Registrant’s Investment Adviser | N/A | N/A |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.
The registrant is not a foreign issuer.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The committee consists of the independent members of the entire Board.
(b) Not applicable
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not Applicable. |
2 |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
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Shares |
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Value |
COMMON
STOCKS - 98.9% | ||||||
Administrative
and Support Services - 0.2% |
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Baker
Hughes Co. |
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20,731 |
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$694,074
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Robert
Half, Inc. |
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2,123 |
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136,360
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Rollins,
Inc. |
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5,313 |
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242,751
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1,073,185
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Air
Transportation - 0.1% |
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Delta
Air Lines, Inc. |
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3,359 |
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171,376
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Southwest
Airlines Co. |
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3,095 |
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83,070
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United
Airlines Holdings, Inc.(a) |
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1,691 |
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89,606
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344,052
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Ambulatory
Health Care Services - 0.1% |
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Labcorp
Holdings, Inc. |
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1,746 |
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340,313
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Quest
Diagnostics, Inc. |
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2,326 |
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330,222
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670,535
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Apparel
Manufacturing - 0.2% |
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Lululemon
Athletica, Inc.(a) |
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2,339 |
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729,745
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Beverage
and Tobacco Product Manufacturing - 1.3% |
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The
Coca-Cola Co. |
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82,259 |
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5,176,559
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Keurig
Dr Pepper, Inc. |
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19,602 |
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671,368
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5,847,927
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Broadcasting
(except Internet) - 0.1% | ||||||
Liberty
Broadband Corp. - Class A(a) |
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318 |
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17,248
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Liberty
Broadband Corp. - Class C(a) |
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2,416 |
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130,682
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Liberty
Media Corp.-Liberty Formula One - Class A(a) |
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489 |
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33,452
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Liberty
Media Corp.-Liberty Formula One - Class C(a) |
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4,064 |
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301,305
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482,687
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Building
Material and Garden Equipment and Supplies Dealers - 0.1% |
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Snap-on,
Inc. |
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1,029 |
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280,773
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Chemical
Manufacturing - 11.6% |
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Abbott
Laboratories |
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37,761 |
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3,858,797
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Air
Products & Chemicals, Inc. |
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4,641 |
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1,237,755
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Albemarle
Corp. |
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2,462 |
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301,817
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Biogen,
Inc.(a) |
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2,916 |
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655,925
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BioMarin
Pharmaceutical, Inc.(a) |
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3,904 |
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293,073
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Bio-Techne
Corp. |
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3,180 |
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245,464
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Bristol-Myers
Squibb Co. |
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42,644 |
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1,752,242
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CF
Industries Holdings, Inc. |
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3,976 |
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317,006
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Church
& Dwight Co., Inc. |
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5,110 |
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546,821
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Dow,
Inc. |
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14,845 |
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855,517
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DuPont
de Nemours, Inc. |
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9,012 |
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740,426
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Eli
Lilly & Co. |
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17,860 |
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14,651,272
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Estee
Lauder Cos., Inc. - Class A |
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4,847 |
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597,926
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FMC
Corp. |
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2,565 |
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156,337
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Gilead
Sciences, Inc. |
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26,206 |
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1,684,260
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1 |
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Shares |
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Value |
COMMON
STOCKS - (Continued) | ||||||
Chemical
Manufacturing - (Continued) | ||||||
International
Flavors & Fragrances, Inc. |
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5,262 |
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$506,099
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Linde
PLC |
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10,242 |
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4,460,596
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Merck
& Co., Inc. |
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52,955 |
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6,647,971
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Mosaic
Co. |
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6,750 |
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208,777
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Pfizer,
Inc. |
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119,265 |
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3,418,135
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PPG
Industries, Inc. |
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4,912 |
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645,486
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Procter
& Gamble Co. |
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49,609 |
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8,162,665
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West
Pharmaceutical Services, Inc. |
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1,554 |
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515,011
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Westlake
Corp. |
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621 |
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99,708
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52,559,086
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Clothing
and Clothing Accessories Stores - 0.8% |
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Ross
Stores, Inc. |
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6,916 |
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966,580
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TJX
Cos., Inc. |
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24,098 |
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2,484,504
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3,451,084
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Computer
and Electronic Product Manufacturing - 24.8% |
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Advanced
Micro Devices, Inc.(a) |
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32,815 |
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5,476,824
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Agilent
Technologies, Inc. |
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6,013 |
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784,155
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Analog
Devices, Inc. |
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10,551 |
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2,474,104
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Apple,
Inc. |
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309,771 |
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59,553,475
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Bio-Rad
Laboratories, Inc. - Class A(a) |
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424 |
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121,629
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Cisco
Systems, Inc. |
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86,002 |
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3,999,093
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Danaher
Corp. |
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13,798 |
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3,543,326
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Flex
Ltd.(a) |
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9,525 |
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315,563
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Fortive
Corp. |
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7,411 |
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551,675
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GE
HealthCare Technologies, Inc. |
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8,679 |
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676,962
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GLOBALFOUNDRIES,
Inc.(a) |
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1,652 |
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80,948
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Hologic,
Inc.(a) |
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4,854 |
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358,128
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HP,
Inc. |
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18,090 |
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660,285
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IDEXX
Laboratories, Inc.(a) |
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1,714 |
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851,772
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Illumina,
Inc.(a) |
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3,303 |
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344,437
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Intel
Corp. |
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84,911 |
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2,619,504
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Juniper
Networks, Inc. |
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6,628 |
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236,421
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Lam
Research Corp. |
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2,790 |
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2,601,508
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Marvell
Technology, Inc. |
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17,593 |
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1,210,574
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Medtronic
PLC |
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28,103 |
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2,286,741
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Micron
Technology, Inc. |
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22,371 |
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2,796,375
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NetApp,
Inc. |
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4,319 |
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520,137
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NXP
Semiconductors NV |
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5,592 |
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1,521,583
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ON
Semiconductor Corp.(a) |
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9,233 |
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674,378
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Qorvo,
Inc.(a) |
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1,890 |
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185,957
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QUALCOMM,
Inc. |
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23,540 |
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4,803,337
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Revvity,
Inc. |
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2,549 |
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278,504
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Roper
Technologies, Inc. |
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2,198 |
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1,171,006
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Teradyne,
Inc. |
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3,211 |
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452,558
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2 |
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Shares |
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Value |
COMMON
STOCKS - (Continued) | ||||||
Computer
and Electronic Product Manufacturing - (Continued) | ||||||
Texas
Instruments, Inc. |
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19,166 |
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$3,737,562
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Thermo
Fisher Scientific, Inc. |
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8,120 |
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4,611,998
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Trane
Technologies PLC |
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4,760 |
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1,558,710
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Trimble,
Inc.(a) |
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5,150 |
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286,752
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Western
Digital Corp.(a) |
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6,848 |
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515,586
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Zebra
Technologies Corp. - Class A(a) |
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1,050 |
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327,957
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112,189,524
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Construction
of Buildings - 0.5% |
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DR
Horton, Inc. |
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6,237 |
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921,829
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Lennar
Corp. - Class A |
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4,917 |
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788,441
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Lennar
Corp. - Class B |
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244 |
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35,687
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PulteGroup,
Inc. |
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4,410 |
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517,381
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2,263,338
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Couriers
and Messengers - 0.7% |
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FedEx
Corp. |
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4,880 |
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1,239,325
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United
Parcel Service, Inc. - Class B |
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15,171 |
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2,107,707
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3,347,032
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Data
Processing, Hosting & Related Services - 0.9% |
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Automatic
Data Processing, Inc. |
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8,774 |
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2,148,928
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Fiserv,
Inc.(a) |
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12,474 |
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1,868,106
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4,017,034
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Electrical
Equipment, Appliance, and Component Manufacturing - 0.3% |
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Generac
Holdings, Inc.(a) |
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1,244 |
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183,129
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Hubbell,
Inc. |
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1,124 |
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437,112
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Rockwell
Automation, Inc. |
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2,397 |
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617,300
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1,237,541
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Fabricated
Metal Product Manufacturing - 0.6% |
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Builders
FirstSource, Inc.(a) |
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2,379 |
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382,519
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Emerson
Electric Co. |
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11,816 |
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1,325,283
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Nucor
Corp. |
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5,023 |
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848,133
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Stanley
Black & Decker, Inc. |
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3,193 |
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278,334
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2,834,269
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Food
Manufacturing - 0.7% |
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Archer-Daniels-Midland
Co. |
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11,003 |
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687,028
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Bunge
Global SA |
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2,992 |
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321,909
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J
M Smucker Co. |
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2,113 |
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235,895
|
Mondelez
International, Inc. - Class A |
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28,704 |
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1,967,085
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3,211,917
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Food
Services and Drinking Places - 0.3% |
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Cintas
Corp. |
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1,801 |
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1,221,024
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Funds,
Trusts, and Other Financial Vehicles - 0.1% |
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Garmin
Ltd. |
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3,210 |
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|
525,958
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3 |
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Shares |
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Value |
COMMON
STOCKS - (Continued) | ||||||
General
Merchandise Retailers - 0.2% |
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Burlington
Stores, Inc.(a) |
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1,318 |
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$316,386
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Dollar
Tree, Inc.(a) |
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4,222 |
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497,985
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|
814,371
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Health
and Personal Care Stores - 0.2% |
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Ulta
Beauty, Inc.(a) |
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1,052 |
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|
415,635
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Walgreens
Boots Alliance, Inc. |
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14,778 |
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|
239,699
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|
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|
655,334
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Leather
and Allied Product Manufacturing - 0.5% |
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NIKE,
Inc. - Class B |
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24,735 |
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2,351,062
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Machinery
Manufacturing - 2.3% |
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Applied
Materials, Inc. |
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17,651 |
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|
3,796,377
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Carrier
Global Corp. |
|
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17,344 |
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|
1,095,967
|
Cummins,
Inc. |
|
|
2,861 |
|
|
806,030
|
Dover
Corp. |
|
|
2,891 |
|
|
531,424
|
IDEX
Corp. |
|
|
1,581 |
|
|
329,860
|
Ingersoll
Rand, Inc. |
|
|
8,461 |
|
|
787,296
|
KLA
Corp. |
|
|
2,848 |
|
|
2,163,141
|
Pentair
PLC |
|
|
3,426 |
|
|
278,808
|
Xylem,
Inc. |
|
|
4,962 |
|
|
699,741
|
|
|
|
|
10,488,644
| ||
Merchant
Wholesalers, Durable Goods - 1.1% |
|
|
|
|
||
Fastenal
Co. |
|
|
11,740 |
|
|
774,605
|
Genuine
Parts Co. |
|
|
2,799 |
|
|
403,448
|
Henry
Schein, Inc.(a) |
|
|
2,715 |
|
|
188,258
|
Johnson
Controls International PLC |
|
|
13,993 |
|
|
1,006,237
|
LKQ
Corp. |
|
|
5,524 |
|
|
237,698
|
Pool
Corp. |
|
|
789 |
|
|
286,841
|
STERIS
PLC |
|
|
2,055 |
|
|
458,018
|
TE
Connectivity Ltd. |
|
|
6,478 |
|
|
969,757
|
WW
Grainger, Inc. |
|
|
910 |
|
|
838,528
|
|
|
|
|
5,163,390
| ||
Merchant
Wholesalers, Nondurable Goods - 0.8% |
|
|
|
|
||
Cardinal
Health, Inc. |
|
|
5,131 |
|
|
509,354
|
Cencora,
Inc. |
|
|
3,516 |
|
|
796,620
|
LyondellBasell
Industries NV - Class A |
|
|
5,364 |
|
|
533,289
|
McKesson
Corp. |
|
|
2,784 |
|
|
1,585,739
|
|
|
|
|
3,425,002
| ||
Mining
(except Oil and Gas) - 0.6% |
|
|
|
|
||
Martin
Marietta Materials, Inc. |
|
|
1,285 |
|
|
735,123
|
Newmont
Goldcorp Corp. |
|
|
24,492 |
|
|
1,027,194
|
Southern
Copper Corp. |
|
|
1,712 |
|
|
203,139
|
Vulcan
Materials Co. |
|
|
2,776 |
|
|
710,018
|
|
|
|
|
2,675,474
| ||
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
Miscellaneous
Manufacturing - 4.0% |
|
|
|
|
||
3M
Co. |
|
|
11,384 |
|
|
$1,139,994
|
Align
Technology, Inc.(a) |
|
|
1,585 |
|
|
407,678
|
Becton
Dickinson & Co. |
|
|
6,094 |
|
|
1,413,625
|
Boston
Scientific Corp.(a) |
|
|
30,783 |
|
|
2,326,271
|
Cooper
Cos., Inc. |
|
|
3,984 |
|
|
375,731
|
Edwards
Lifesciences Corp.(a) |
|
|
12,514 |
|
|
1,087,342
|
Johnson
& Johnson |
|
|
51,042 |
|
|
7,486,330
|
ResMed,
Inc. |
|
|
3,062 |
|
|
631,782
|
Solventum
Corp.(a) |
|
|
2,658 |
|
|
157,726
|
Stryker
Corp. |
|
|
7,483 |
|
|
2,552,377
|
Teleflex,
Inc. |
|
|
944 |
|
|
197,362
|
Zimmer
Biomet Holdings, Inc. |
|
|
4,395 |
|
|
506,084
|
|
|
|
|
18,282,302
| ||
Motion
Picture and Sound Recording Industries - 0.1% |
|
|
|
|
||
Take-Two
Interactive Software, Inc.(a) |
|
|
3,471 |
|
|
556,610
|
Nonmetallic
Mineral Product Manufacturing - 0.1% |
|
|
|
|
||
Corning,
Inc. |
|
|
15,964 |
|
|
594,819
|
Oil
and Gas Extraction - 0.5% |
|
|
|
|
||
Coterra
Energy, Inc. |
|
|
14,949 |
|
|
426,345
|
Devon
Energy Corp. |
|
|
13,419 |
|
|
658,605
|
Marathon
Oil Corp. |
|
|
12,099 |
|
|
350,387
|
Occidental
Petroleum Corp. |
|
|
14,371 |
|
|
898,187
|
|
|
|
|
2,333,524
| ||
Other
Information Services - 4.9% |
|
|
|
|
||
Meta
Platforms, Inc. - Class A |
|
|
46,972 |
|
|
21,927,939
|
Paper
Manufacturing - 0.2% |
|
|
|
|
||
International
Paper Co. |
|
|
7,294 |
|
|
328,887
|
Packaging
Corp. of America |
|
|
1,819 |
|
|
333,768
|
Westrock
Co. |
|
|
5,220 |
|
|
280,001
|
|
|
|
|
942,656
| ||
Petroleum
and Coal Products Manufacturing - 4.9% |
|
|
|
|
||
Chevron
Corp. |
|
|
36,098 |
|
|
5,858,705
|
Exxon
Mobil Corp. |
|
|
98,271 |
|
|
11,523,257
|
Hess
Corp. |
|
|
5,803 |
|
|
894,242
|
Marathon
Petroleum Corp. |
|
|
7,509 |
|
|
1,326,165
|
Phillips
66 |
|
|
9,016 |
|
|
1,281,264
|
Valero
Energy Corp. |
|
|
6,891 |
|
|
1,082,852
|
|
|
|
|
21,966,485
| ||
Primary
Metal Manufacturing - 0.1% |
|
|
|
|
||
Steel
Dynamics, Inc. |
|
|
3,108 |
|
|
416,068
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
Professional,
Scientific, and Technical Services - 10.6% |
|
|
|
|
||
Alphabet,
Inc. - Class A(a) |
|
|
126,578 |
|
|
$21,834,705
|
Alphabet,
Inc. - Class C(a) |
|
|
106,939 |
|
|
18,603,108
|
Amdocs
Ltd. |
|
|
2,411 |
|
|
190,469
|
Charles
River Laboratories International, Inc.(a) |
|
|
1,038 |
|
|
216,361
|
Exact
Sciences Corp.(a) |
|
|
3,684 |
|
|
167,438
|
F5,
Inc.(a) |
|
|
1,247 |
|
|
210,706
|
Gartner,
Inc.(a) |
|
|
1,581 |
|
|
663,498
|
ICON
PLC(a) |
|
|
1,690 |
|
|
548,946
|
Interpublic
Group of Cos., Inc. |
|
|
8,063 |
|
|
252,936
|
Omnicom
Group, Inc. |
|
|
4,108 |
|
|
381,880
|
Palo
Alto Networks, Inc.(a) |
|
|
6,579 |
|
|
1,940,213
|
Paycom
Software, Inc. |
|
|
1,054 |
|
|
153,167
|
ServiceNow,
Inc.(a) |
|
|
4,480 |
|
|
2,943,046
|
|
|
|
|
48,106,473
| ||
Publishing
Industries (Except Internet) - 18.3% |
|
|
|
|
||
Adobe,
Inc.(a) |
|
|
9,559 |
|
|
4,251,461
|
Akamai
Technologies, Inc.(a) |
|
|
3,131 |
|
|
288,803
|
ANSYS,
Inc.(a) |
|
|
1,800 |
|
|
571,410
|
Autodesk,
Inc.(a) |
|
|
4,545 |
|
|
916,272
|
Cadence
Design Systems, Inc.(a) |
|
|
5,659 |
|
|
1,620,228
|
Dayforce,
Inc.(a) |
|
|
3,099 |
|
|
153,277
|
Electronic
Arts, Inc. |
|
|
5,704 |
|
|
757,947
|
Microsoft
Corp. |
|
|
159,403 |
|
|
66,172,967
|
News
Corp. - Class A |
|
|
8,018 |
|
|
218,009
|
News
Corp. - Class B |
|
|
2,437 |
|
|
67,944
|
Okta,
Inc.(a) |
|
|
3,229 |
|
|
286,348
|
PTC,
Inc.(a) |
|
|
2,437 |
|
|
429,497
|
salesforce.com,
Inc. |
|
|
19,965 |
|
|
4,680,595
|
Synopsys,
Inc.(a) |
|
|
3,211 |
|
|
1,800,729
|
Tyler
Technologies, Inc.(a) |
|
|
814 |
|
|
391,013
|
|
|
|
|
82,606,500
| ||
Specialty
Trade Contractors - 0.2% |
|
|
|
|
||
Quanta
Services, Inc. |
|
|
3,007 |
|
|
829,752
|
Sporting
Goods, Hobby, Musical Instrument, Book, and Miscellaneous
Retailers
- 0.1% |
|
|
|
|
||
Tractor
Supply Co. |
|
|
2,201 |
|
|
627,923
|
Support
Activities for Agriculture and Forestry - 0.2% |
|
|
|
|
||
Corteva,
Inc. |
|
|
14,754 |
|
|
825,339
|
Support
Activities for Mining - 1.3% |
|
|
|
|
||
ConocoPhillips |
|
|
25,022 |
|
|
2,914,563
|
Diamondback
Energy, Inc. |
|
|
3,775 |
|
|
752,206
|
Halliburton
Co. |
|
|
18,657 |
|
|
684,712
|
|
|
|
|
|
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
Support
Activities for Mining - (Continued) | ||||||
Schlumberger
NV |
|
|
29,880 |
|
|
$1,371,193
|
|
|
|
|
5,722,674
| ||
Support
Activities for Transportation - 0.1% |
|
|
|
|
||
CH
Robinson Worldwide, Inc. |
|
|
2,409 |
|
|
208,065
|
JB
Hunt Transport Services, Inc. |
|
|
1,693 |
|
|
272,150
|
|
|
|
|
480,215
| ||
Telecommunications
- 0.0%(b) |
|
|
|
|
||
Twilio,
Inc. - Class A(a) |
|
|
3,543 |
|
|
203,368
|
Transit
and Ground Passenger Transportation - 0.6% |
|
|
|
|
||
Uber
Technologies, Inc.(a) |
|
|
41,587 |
|
|
2,684,857
|
Transportation
Equipment Manufacturing - 2.9% |
|
|
|
|
||
Aptiv
PLC(a) |
|
|
5,654 |
|
|
470,752
|
Autoliv,
Inc. |
|
|
1,552 |
|
|
197,989
|
BorgWarner,
Inc. |
|
|
4,873 |
|
|
173,771
|
Lear
Corp. |
|
|
1,200 |
|
|
150,420
|
PACCAR,
Inc. |
|
|
10,533 |
|
|
1,132,297
|
Tesla,
Inc.(a) |
|
|
57,603 |
|
|
10,257,942
|
Westinghouse
Air Brake Technologies Corp. |
|
|
3,742 |
|
|
633,259
|
|
|
|
|
13,016,430
| ||
Truck
Transportation - 0.2% |
|
|
|
|
||
Old
Dominion Freight Line, Inc. |
|
|
4,153 |
|
|
727,813
|
Utilities
- 0.5% |
|
|
|
|
||
Atmos
Energy Corp. |
|
|
3,110 |
|
|
360,511
|
Avangrid,
Inc. |
|
|
1,489 |
|
|
53,619
|
Constellation
Energy Corp. |
|
|
6,618 |
|
|
1,437,761
|
First
Solar, Inc.(a) |
|
|
2,253 |
|
|
612,275
|
|
|
|
|
2,464,166
| ||
TOTAL
COMMON STOCKS
(Cost
$350,381,462) |
|
|
|
|
447,175,901
| |
REAL
ESTATE INVESTMENT TRUSTS - 0.7% |
|
|
|
|
|
|
Alexandria
Real Estate Equities, Inc. |
|
|
3,582 |
|
|
426,258
|
NET
Lease Office Properties |
|
|
282 |
|
|
6,695
|
Prologis,
Inc. |
|
|
19,607 |
|
|
2,166,377
|
Weyerhaeuser
Co. |
|
|
15,330 |
|
|
460,360
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$3,313,996) |
|
|
|
|
3,059,690
| |
TOTAL
INVESTMENTS - 99.6%
(Cost
$353,695,458) |
|
|
|
|
450,235,591
| |
Other
Assets in Excess of Liabilities - 0.4% |
|
|
|
|
1,684,993
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$451,920,584 | |
|
|
|
|
|
|
|
|
7 |
|
(a) |
Non-income producing
security. |
(b) |
Represents less than
0.05% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Assets: |
|
|
|
|
|
|
|
|
||||
Common
Stocks |
|
|
$447,175,901 |
|
|
$ — |
|
|
$ — |
|
|
$447,175,901
|
Real
Estate Investment Trusts |
|
|
3,059,690 |
|
|
— |
|
|
— |
|
|
3,059,690
|
Total
Assets |
|
|
$450,235,591 |
|
|
$— |
|
|
$— |
|
|
$450,235,591 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks
|
Balance
as of May 31, 2023 |
|
|
$—
|
Realized
gain (loss) |
|
|
(191,982)
|
Change
in Net unrealized depreciation |
|
|
233,881
|
Purchases |
|
|
—
|
(Sales) |
|
|
(41,899)
|
Transfer
in/(out) of Level 3 |
|
|
—
|
Balance
as of May 31, 2024 |
|
|
$—
|
Change
in Net unrealized appreciation/depreciation during the period for Level 3 investments held at May 31, 2024 |
|
|
$— |
|
|
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - 99.1% | ||||||
Aerospace
& Defense - 1.0% |
|
|
|
|
||
Safran
SA |
|
|
4,051 |
|
|
$941,561
|
Apparel
& Textile Products - 2.9% |
|
|
|
|
||
adidas
AG |
|
|
1,934 |
|
|
486,046
|
Cie
Financière Richemont SA |
|
|
6,271 |
|
|
1,001,316
|
Hermes
International SCA |
|
|
392 |
|
|
926,008
|
Kering |
|
|
807 |
|
|
277,892
|
|
|
|
|
2,691,262
| ||
Automotive
- 1.6% |
|
|
|
|
||
BYD
Co. Ltd. - Class H |
|
|
10,541 |
|
|
295,884
|
Denso
Corp. |
|
|
25,358 |
|
|
410,356
|
Ferrari
NV |
|
|
1,477 |
|
|
605,135
|
Samsung
SDI Co. Ltd. |
|
|
569 |
|
|
153,906
|
|
|
|
|
1,465,281
| ||
Biotech
& Pharmaceutical - 17.9% |
|
|
|
|
||
Argenx
SE - ADR(a) |
|
|
701 |
|
|
260,085
|
Astellas
Pharma, Inc. |
|
|
21,087 |
|
|
207,791
|
AstraZeneca
PLC |
|
|
11,558 |
|
|
1,793,843
|
CSL
Ltd. |
|
|
5,686 |
|
|
1,059,188
|
Daiichi
Sankyo Co. Ltd. |
|
|
22,773 |
|
|
808,348
|
Genmab
AS(a) |
|
|
767 |
|
|
216,234
|
GSK
PLC |
|
|
48,141 |
|
|
1,082,747
|
Novartis
AG |
|
|
24,224 |
|
|
2,501,746
|
Novo
Nordisk AS – Class B |
|
|
37,646 |
|
|
5,080,870
|
Roche
Holding AG |
|
|
8,191 |
|
|
2,097,346
|
Roche
Holding AG – Bearer Shares |
|
|
291 |
|
|
81,544
|
Sanofi
SA |
|
|
13,002 |
|
|
1,266,959
|
|
|
|
|
16,456,701
| ||
Chemicals
- 2.7% |
|
|
|
|
||
Air
Liquide SA |
|
|
6,107 |
|
|
1,196,406
|
Givaudan
SA |
|
|
91 |
|
|
427,387
|
Shin-Etsu
Chemical Co. Ltd. |
|
|
23,449 |
|
|
873,676
|
|
|
|
|
2,497,469
| ||
Commercial
Support Services - 3.1% |
|
|
|
|
||
Compass
Group PLC |
|
|
47,993 |
|
|
1,339,419
|
Recruit
Holdings Co. Ltd. |
|
|
19,837 |
|
|
1,003,306
|
Waste
Connections, Inc. |
|
|
3,026 |
|
|
496,849
|
|
|
|
|
2,839,574
| ||
Construction
Materials - 1.3% |
|
|
|
|
||
CRH
PLC |
|
|
8,486 |
|
|
661,014
|
Sika
AG |
|
|
1,858 |
|
|
562,044
|
|
|
|
|
1,223,058
| ||
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
Diversified
Industrials - 1.3% |
|
|
|
|
||
Hitachi
Ltd. |
|
|
11,370 |
|
|
$1,168,148
|
E-Commerce
Discretionary - 2.8% |
|
|
|
|
||
JD.com,
Inc. - ADR |
|
|
47,201 |
|
|
1,398,094
|
PDD
Holdings, Inc. - ADR(a) |
|
|
8,026 |
|
|
1,202,134
|
|
|
|
|
2,600,228
| ||
Electrical
Equipment - 4.5% |
|
|
|
|
||
ABB
Ltd. |
|
|
18,813 |
|
|
1,030,164
|
Assa
Abloy AB - Class B |
|
|
11,483 |
|
|
335,410
|
Daikin
Industries Ltd. |
|
|
3,445 |
|
|
503,010
|
Legrand
SA |
|
|
3,082 |
|
|
331,571
|
Mitsubishi
Electric Corp. |
|
|
25,137 |
|
|
436,692
|
Schneider
Electric SE |
|
|
6,247 |
|
|
1,542,507
|
|
|
|
|
4,179,354
| ||
Food
- 2.1% |
|
|
|
|
||
Nestle
SA |
|
|
18,059 |
|
|
1,912,895
|
Health
Care Facilities & Services - 0.5% |
|
|
|
|
||
Lonza
Group AG |
|
|
862 |
|
|
464,753
|
Household
Products - 3.7% |
|
|
|
|
||
L’Oreal
SA |
|
|
2,685 |
|
|
1,317,797
|
Reckitt
Benckiser Group PLC |
|
|
8,622 |
|
|
488,721
|
Unilever
PLC |
|
|
29,694 |
|
|
1,617,741
|
|
|
|
|
3,424,259
| ||
Internet
Media & Services - 1.9% |
|
|
|
|
||
Meituan
- Class B(a)(b) |
|
|
48,297 |
|
|
648,829
|
NAVER
Corp. |
|
|
3,380 |
|
|
415,497
|
Prosus
NV |
|
|
17,729 |
|
|
642,451
|
|
|
|
|
1,706,777
| ||
Machinery
- 2.8% |
|
|
|
|
||
Atlas
Copco AB - Class A |
|
|
30,290 |
|
|
578,313
|
Atlas
Copco AB - Class B |
|
|
18,039 |
|
|
297,157
|
FANUC
Corp. |
|
|
10,979 |
|
|
307,338
|
Keyence
Corp. |
|
|
2,325 |
|
|
1,045,876
|
SMC
Corp. |
|
|
711 |
|
|
356,574
|
|
|
|
|
2,585,258
| ||
Medical
Equipment & Devices - 2.2% |
|
|
|
|
||
Alcon,
Inc. |
|
|
5,861 |
|
|
521,945
|
EssilorLuxottica
SA |
|
|
3,348 |
|
|
746,181
|
Hoya
Corp. |
|
|
4,118 |
|
|
499,469
|
Terumo
Corp. |
|
|
17,532 |
|
|
297,881
|
|
|
|
|
2,065,476
| ||
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
Metals
& Mining - 5.9% |
|
|
|
|
||
Anglo
American PLC |
|
|
15,639 |
|
|
$500,479
|
Barrick
Gold Corp. |
|
|
20,550 |
|
|
350,503
|
BHP
Group Ltd. |
|
|
59,240 |
|
|
1,753,581
|
Fortescue
Ltd. |
|
|
19,810 |
|
|
325,940
|
Franco-Nevada
Corp. |
|
|
2,259 |
|
|
277,894
|
Rio
Tinto Ltd. |
|
|
5,812 |
|
|
498,464
|
Rio
Tinto PLC |
|
|
16,960 |
|
|
1,182,463
|
Vale
SA - ADR |
|
|
42,666 |
|
|
514,125
|
|
|
|
|
5,403,449
| ||
Oil
& Gas Producers - 2.5% |
|
|
|
|
||
Canadian
Natural Resources Ltd. |
|
|
12,541 |
|
|
963,241
|
Cenovus
Energy, Inc. |
|
|
15,614 |
|
|
325,418
|
LUKOIL
PJSC - ADR(a)(c) |
|
|
224 |
|
|
2,464
|
Suncor
Energy, Inc. |
|
|
15,137 |
|
|
617,406
|
Woodside
Energy Group Ltd. |
|
|
21,889 |
|
|
403,236
|
|
|
|
|
2,311,765
| ||
Renewable
Energy - 0.4% |
|
|
|
|
||
Vestas
Wind Systems AS(a) |
|
|
11,733 |
|
|
329,327
|
Retail
- Discretionary - 1.9% |
|
|
|
|
||
Fast
Retailing Co. Ltd. |
|
|
2,343 |
|
|
599,523
|
Industria
de Diseno Textil SA |
|
|
13,102 |
|
|
619,577
|
Wesfarmers
Ltd. |
|
|
13,158 |
|
|
567,833
|
|
|
|
|
1,786,933
| ||
Semiconductors
- 19.5% |
|
|
|
|
||
ASML
Holding NV |
|
|
4,663 |
|
|
4,408,121
|
Infineon
Technologies AG |
|
|
97,231 |
|
|
3,887,023
|
STMicroelectronics
NV |
|
|
7,621 |
|
|
312,650
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR |
|
|
54,066 |
|
|
8,166,129
|
Tokyo
Electron Ltd. |
|
|
5,493 |
|
|
1,175,536
|
|
|
|
|
17,949,459
| ||
Software
- 6.5% |
|
|
|
|
||
Constellation
Software, Inc. |
|
|
228 |
|
|
634,093
|
Dassault
Systemes SE |
|
|
7,778 |
|
|
313,011
|
SAP
SE |
|
|
11,919 |
|
|
2,147,400
|
Shopify,
Inc. - Class A(a) |
|
|
48,664 |
|
|
2,879,535
|
|
|
|
|
5,974,039
| ||
Technology
Hardware - 4.5% |
|
|
|
|
||
Murata
Manufacturing Co. Ltd. |
|
|
22,259 |
|
|
420,194
|
NIDEC
CORP |
|
|
6,048 |
|
|
301,851
|
Samsung
Electronics Co. Ltd. |
|
|
57,517 |
|
|
3,053,338
|
Xiaomi
Corp. - Class B(a)(b) |
|
|
172,051 |
|
|
384,420
|
|
|
|
|
4,159,803
| ||
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
COMMON
STOCKS - (Continued) | ||||||
Technology
Services - 3.4% |
|
|
|
|
||
Adyen
NV(a)(b) |
|
|
357 |
|
|
$459,180
|
Amadeus
IT Group SA |
|
|
5,273 |
|
|
374,030
|
Capgemini
SE |
|
|
1,807 |
|
|
364,087
|
Experian
PLC |
|
|
10,745 |
|
|
493,458
|
RELX
PLC |
|
|
22,299 |
|
|
969,843
|
Wolters
Kluwer NV |
|
|
2,888 |
|
|
457,898
|
|
|
|
|
3,118,496
| ||
Transportation
& Logistics - 2.2% |
|
|
|
|
||
Canadian
National Railway Co. |
|
|
6,751 |
|
|
859,259
|
Canadian
Pacific Kansas City Ltd. |
|
|
10,854 |
|
|
863,845
|
DSV
AS |
|
|
2,119 |
|
|
325,065
|
|
|
|
|
2,048,169
| ||
TOTAL
COMMON STOCKS
(Cost
$82,172,894) |
|
|
|
|
91,303,494
| |
|
|
Contracts |
|
|
||
WARRANTS
- 0.0%(d) | ||||||
Software
- 0.0%(d) |
|
|
|
|
||
Constellation
Software, Inc., Expires 03/31/2040, Exercise Price $0.00(a)(c)(e)(f) |
|
|
122 |
|
|
0
|
TOTAL
WARRANTS
(Cost
$0) |
|
|
|
|
0 | |
TOTAL
INVESTMENTS - 99.1%
(Cost
$82,172,894) |
|
|
|
|
91,303,494
| |
Other
Assets in Excess of Liabilities - 0.9% |
|
|
|
|
867,608
| |
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$92,171,102 | |
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of May 31, 2024, the value of these securities total $1,492,429
or 1.6% of the Fund’s net assets. |
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $2,464 or 0.0% of net assets as of May 31, 2024. |
(d) |
Represents less than
0.05% of net assets. |
|
12 |
|
(e) |
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. |
(f) |
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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
Assets: |
|
|
|
|
|
|
|
|
||||
Common
Stocks |
|
|
$91,301,030 |
|
|
$ — |
|
|
$ 2,464 |
|
|
$91,303,494
|
Warrants |
|
|
— |
|
|
— |
|
|
—(a) |
|
|
—(a)
|
Total
Assets |
|
|
$91,301,030 |
|
|
$— |
|
|
$2,464 |
|
|
$91,303,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Amount is less than
$0.50. The security classified as Level 3 is deemed immaterial. |
|
|
|
|
|
|
|
Common Stocks
|
Balance
as of May 31, 2023 |
|
|
$—
|
Realized
gain (loss) |
|
|
(309,085)
|
Change
in unrealized net depreciation |
|
|
354,757
|
Purchases |
|
|
—
|
(Sales) |
|
|
(43,208)
|
Transfer
in/(out) of Level 3 |
|
|
—
|
Balance
as of May 31, 2024 |
|
|
$2,464
|
Change
in Net unrealized appreciation/depreciation during the year for Level 3 investments held at May 31, 2024 |
|
|
$2,464 |
|
|
|
|
|
|
|
|
|
|
|
Switzerland |
|
|
$10,913,790 |
|
|
11.9%
|
Japan |
|
|
10,415,569 |
|
|
11.2
|
France |
|
|
9,223,980 |
|
|
10.0
|
United
Kingdom |
|
|
8,975,256 |
|
|
9.8
|
Canada |
|
|
8,268,043 |
|
|
8.9
|
Taiwan,
Province Of China |
|
|
8,166,129 |
|
|
8.9
|
Germany |
|
|
6,520,469 |
|
|
7.0
|
Netherlands |
|
|
6,227,735 |
|
|
6.8
|
Denmark |
|
|
5,951,496 |
|
|
6.5
|
Australia |
|
|
4,608,242 |
|
|
5.0
|
Korea,
Republic Of |
|
|
3,622,741 |
|
|
4.0
|
China |
|
|
2,727,227 |
|
|
2.9
|
Ireland |
|
|
2,356,606 |
|
|
2.5
|
|
|
|
|
|
|
|
|
13 |
|
|
|
|
|
|
|
|
Sweden |
|
|
1,210,880 |
|
|
1.3
|
Spain |
|
|
993,607 |
|
|
1.1
|
Italy |
|
|
605,135 |
|
|
0.7
|
Brazil |
|
|
514,125 |
|
|
0.6
|
Russian
Federation |
|
|
2,464 |
|
|
0.0
|
Other
Assets in Excess of Liabilities |
|
|
867,608 |
|
|
0.9
|
|
|
$92,171,102 |
|
|
100.0% | |
|
|
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
Wahed FTSE
USA
Shariah ETF |
|
|
Wahed Dow
Jones
Islamic World
ETF |
ASSETS: |
|
|
|
|
||
Investments,
at value |
|
|
$450,235,591 |
|
|
$91,303,494
|
Cash |
|
|
1,273,881 |
|
|
696,739
|
Dividends
and interest receivable |
|
|
598,918 |
|
|
101,847
|
Dividend
withholding tax reclaims receivable |
|
|
110 |
|
|
119,718
|
Total
assets |
|
|
452,108,500 |
|
|
92,221,798
|
LIABILITIES: |
|
|
|
|
||
Payable
to adviser |
|
|
187,916 |
|
|
50,696
|
Total
liabilities |
|
|
187,916 |
|
|
50,696
|
NET
ASSETS |
|
|
$451,920,584 |
|
|
$92,171,102
|
NET
ASSETS CONSISTS OF: |
|
|
|
|
||
Paid-in
capital |
|
|
$371,750,513 |
|
|
$86,031,501
|
Total
distributable earnings |
|
|
80,170,071 |
|
|
6,139,601
|
Total
net assets |
|
|
$ 451,920,584 |
|
|
$ 92,171,102
|
Net
asset value |
|
|
$451,920,584 |
|
|
$92,171,102
|
Shares
issued and outstanding(a) |
|
|
9,300,000 |
|
|
3,800,000
|
Net
asset value per share |
|
|
$48.59 |
|
|
$24.26
|
Cost: |
|
|
|
|
||
Investments
cost |
|
|
$353,695,458 |
|
|
$82,172,894 |
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized
without par value. |
|
15 |
|
|
|
|
|
|
|
|
| |||
|
|
|
Wahed FTSE
USA
Shariah ETF |
|
|
Wahed Dow
Jones
Islamic World
ETF |
| |||
INVESTMENT
INCOME: |
|
|
|
|
| |||||
Dividend
income |
|
|
$ 4,185,245 |
|
|
$ 1,375,352
|
| |||
Less: Dividend
withholding taxes |
|
|
(25,840) |
|
|
(247,777)
|
| |||
Less:
Issuance fees |
|
|
— |
|
|
(1,971)
|
| |||
Dividend
withholding tax reclaims |
|
|
23,778 |
|
|
101,501
|
| |||
Total
investment income |
|
|
4,183,183 |
|
|
1,227,105
|
| |||
| ||||||||||
EXPENSES: |
|
|
||||||||
Investment
advisory fee |
|
|
1,707,065 |
|
|
400,614
|
| |||
Total
expenses |
|
|
1,707,065 |
|
|
400,614
|
| |||
Net
Investment Income |
|
|
2,476,118 |
|
|
826,491
|
| |||
| ||||||||||
REALIZED
AND UNREALIZED GAIN |
| |||||||||
Net
realized gain/(loss) from: |
| |||||||||
Investments |
|
|
3,010,924 |
|
|
(1,862,921)
|
| |||
Foreign
currency transactions |
|
|
— |
|
|
(20,143)
|
| |||
Net
realized gain/(loss) |
|
|
3,010,924 |
|
|
(1,883,064)
|
| |||
Net
change in unrealized appreciation on: |
| |||||||||
Investments |
|
|
58,317,487 |
|
|
11,312,331
|
| |||
Foreign
currency translation |
|
|
— |
|
|
1,445
|
| |||
Net
change in unrealized appreciation/depreciation |
|
|
58,317,487 |
|
|
11,313,776
|
| |||
Net
realized and unrealized gain |
|
|
61,328,411 |
|
|
9,430,712
|
| |||
NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$63,804,529 |
|
|
$10,257,203 |
| |||
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
| ||||||
|
|
|
Wahed FTSE
USA Shariah ETF |
|
|
Wahed Dow
Jones Islamic World ETF | ||||||
|
|
|
Year ended
May 31, |
|
|
Year ended
May 31, | ||||||
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
OPERATIONS: | ||||||||||||
Net
investment income |
|
|
$2,476,118 |
|
|
$2,066,598 |
|
|
$826,491 |
|
|
$537,108
|
Net
realized gain/(loss) |
|
|
3,010,924 |
|
|
(8,444,153) |
|
|
(1,883,064) |
|
|
(1,599,814)
|
Net
change in unrealized appreciation/depreciation |
|
|
58,317,487 |
|
|
21,521,909 |
|
|
11,313,776 |
|
|
2,960,835
|
Net
increase in net assets from operations |
|
|
63,804,529 |
|
|
15,144,354 |
|
|
10,257,203 |
|
|
1,898,129
|
DISTRIBUTIONS
TO SHAREHOLDERS: | ||||||||||||
Distributable
earnings |
|
|
(1,942,537) |
|
|
(2,037,392) |
|
|
(520,101) |
|
|
(576,603)
|
Total
distributions to shareholders |
|
|
(1,942,537) |
|
|
(2,037,392) |
|
|
(520,101) |
|
|
(576,603)
|
CAPITAL
TRANSACTIONS: | ||||||||||||
Creations |
|
|
169,876,580 |
|
|
78,185,113 |
|
|
39,440,915 |
|
|
9,578,095
|
Redemptions |
|
|
(22,270,655) |
|
|
(16,325,058) |
|
|
— |
|
|
—
|
ETF
transaction fees (See Note 4) |
|
|
41 |
|
|
— |
|
|
12,282 |
|
|
3,719
|
Net
increase in net assets from capital transactions |
|
|
147,605,966 |
|
|
61,860,055 |
|
|
39,453,197 |
|
|
9,581,814
|
NET
INCREASE IN NET ASSETS |
|
|
209,467,958 |
|
|
74,967,017 |
|
|
49,190,299 |
|
|
10,903,340
|
NET
ASSETS: | ||||||||||||
Beginning
of the year |
|
|
242,452,626 |
|
|
167,485,609 |
|
|
42,980,803 |
|
|
32,077,463
|
End
of the year |
|
|
$451,920,584 |
|
|
$242,452,626 |
|
|
$92,171,102 |
|
|
$42,980,803
|
SHARES
TRANSACTIONS | ||||||||||||
Creations |
|
|
3,775,000 |
|
|
2,125,000 |
|
|
1,750,000 |
|
|
500,000
|
Redemptions |
|
|
(500,000) |
|
|
(450,000) |
|
|
— |
|
|
—
|
Total
increase in shares outstanding |
|
|
3,275,000 |
|
|
1,675,000 |
|
|
1,750,000 |
|
|
500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
|
| |||||||||||||||
|
|
|
Year ended
May 31, |
|
|
Period ended
May 31,
2020(a) |
| |||||||||||||||
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
2021 |
| |||||||||||
PER
SHARE DATA: |
|
|
||||||||||||||||||||
Net
asset value, beginning of period |
|
|
$40.24 |
|
|
$38.50 |
|
|
$36.50 |
|
|
$26.00 |
|
|
$25.00
|
| ||||||
INVESTMENTS
OPERATIONS: |
| |||||||||||||||||||||
Net
investment income(b) |
|
|
0.33 |
|
|
0.40 |
|
|
0.40 |
|
|
0.36 |
|
|
0.40
|
| ||||||
Net
realized and unrealized gain on investments |
|
|
8.28 |
|
|
1.74 |
|
|
1.96 |
|
|
10.44 |
|
|
0.90
|
| ||||||
Total
from investment operations |
|
|
8.61 |
|
|
2.14 |
|
|
2.36 |
|
|
10.80 |
|
|
1.30
|
| ||||||
LESS
DISTRIBUTIONS FROM: |
| |||||||||||||||||||||
From
net investment income |
|
|
(0.26) |
|
|
(0.40) |
|
|
(0.36) |
|
|
(0.30) |
|
|
(0.28)
|
| ||||||
From
net realized gains |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(0.02)
|
| ||||||
Total
distributions |
|
|
(0.26) |
|
|
(0.40) |
|
|
(0.36) |
|
|
(0.30) |
|
|
(0.30)
|
| ||||||
ETF
transaction fees per share |
|
|
0.00(c) |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
| ||||||
Net
asset value, end of period |
|
|
$48.59 |
|
|
$40.24 |
|
|
$38.50 |
|
|
$36.50 |
|
|
$26.00
|
| ||||||
Total
return(d) |
|
|
21.47% |
|
|
5.70% |
|
|
6.43% |
|
|
41.70% |
|
|
5.30%
|
| ||||||
SUPPLEMENTAL
DATA AND RATIOS: |
| |||||||||||||||||||||
Net
assets, end of period (in thousands) |
|
|
$451,921 |
|
|
$242,453 |
|
|
$167,486 |
|
|
$109,505 |
|
|
$32,506
|
| ||||||
Ratio
of expenses to average net assets(e) |
|
|
0.50% |
|
|
0.50% |
|
|
0.50% |
|
|
0.50% |
|
|
0.50%
|
| ||||||
Ratio
of net investment income to average net assets(e) |
|
|
0.73% |
|
|
1.10% |
|
|
1.01% |
|
|
1.08% |
|
|
1.81%
|
| ||||||
Portfolio
turnover rate(d)(f) |
|
|
7% |
|
|
29% |
|
|
16% |
|
|
19% |
|
|
15% |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
The Fund commenced
operations on July 15, 2019. |
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
(c) |
Amount represents
less than $0.005 per share. |
(d) |
Not annualized for
periods less than one year. |
(e) |
Annualized for periods
less than one year. |
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
18 |
|
|
|
|
|
|
|
| |||
|
|
|
Year ended
May 31, |
|
|
Period ended
May 31,
2022(a) | |||
|
2024 |
|
|
2023 |
| ||||
PER
SHARE DATA: | |||||||||
Net
asset value, beginning of period |
|
|
$20.97 |
|
|
$20.70 |
|
|
$25.00
|
INVESTMENTS
OPERATIONS: | |||||||||
Net
investment income(b) |
|
|
0.30 |
|
|
0.31 |
|
|
0.25
|
Net
realized and unrealized gain (loss) on investments |
|
|
3.18 |
|
|
0.30 |
|
|
(4.44)
|
Total
from investment operations |
|
|
3.48 |
|
|
0.61 |
|
|
(4.19)
|
LESS
DISTRIBUTIONS FROM: | |||||||||
From
net investment income |
|
|
(0.19) |
|
|
(0.34) |
|
|
(0.13)
|
Total
distributions |
|
|
(0.19) |
|
|
(0.34) |
|
|
(0.13)
|
ETF
transaction fees per share |
|
|
0.00(c) |
|
|
0.00(c) |
|
|
0.02
|
Net
asset value, end of period |
|
|
$24.26 |
|
|
$20.97 |
|
|
$20.70
|
Total
return(d) |
|
|
16.66% |
|
|
3.20% |
|
|
(16.76)%
|
SUPPLEMENTAL
DATA AND RATIOS: | |||||||||
Net
assets, end of period (in thousands) |
|
|
$92,171 |
|
|
$42,981 |
|
|
$32,077
|
Ratio
of expenses to average net assets(e) |
|
|
0.65% |
|
|
0.65% |
|
|
0.65%
|
Ratio
of net investment income to average net assets(e) |
|
|
1.34% |
|
|
1.56% |
|
|
2.91%
|
Portfolio
turnover rate(d)(f) |
|
|
11% |
|
|
11% |
|
|
8% |
|
|
|
|
|
|
|
|
|
|
(a) |
The Fund commenced
operations on January 7, 2022. |
(b) |
Net investment income
per share has been calculated based on average shares outstanding during the year. |
(c) |
Amount represents
less than $0.005 per share. |
(d) |
Not annualized for
periods less than one year. |
(e) |
Annualized for periods
less than one year. |
(f) |
Portfolio turnover
rate excludes in-kind transactions. |
|
19 |
|
|
20 |
|
|
21 |
|
|
22 |
|
|
23 |
|
|
|
|
|
Wahed
FTSE USA Shariah ETF |
|
|
$500
|
Wahed
Dow Jones Islamic World ETF |
|
|
2,000 |
|
|
|
|
|
|
|
| |||
|
|
|
Fiscal Year
Ended May 31, 2024 | |||
|
|
|
Ordinary
Income(1) |
|
|
Long-Term
Capital Gain |
Wahed
FTSE USA Shariah ETF |
|
|
$1,942,537 |
|
|
$ —
|
Wahed
Dow Jones Islamic World ETF |
|
|
520,101 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
Fiscal Year
Ended May 31, 2023 | |||
|
|
|
Ordinary
Income(1) |
|
|
Long-Term
Capital Gain |
Wahed
FTSE USA Shariah ETF |
|
|
$2,037,392 |
|
|
$ —
|
Wahed
Dow Jones Islamic World ETF |
|
|
576,603 |
|
|
— |
|
|
|
|
|
|
|
(1) |
Ordinary income may
include short-term capital gains. |
|
24 |
|
|
|
|
|
|
|
|
|
|
|
Wahed FTSE
USA
Shariah ETF |
|
|
Wahed Dow
Jones
Islamic World
ETF |
Federal
Tax Cost of Investments |
|
|
$361,052,780 |
|
|
$82,855,857
|
Gross
Tax Unrealized Appreciation |
|
|
$109,694,306 |
|
|
$14,283,494
|
Gross
Tax Unrealized Depreciation |
|
|
(20,511,495) |
|
|
(5,836,269)
|
Net
Tax Unrealized Appreciation (Depreciation) |
|
|
89,182,811 |
|
|
8,447,225
|
Undistributed
Ordinary Income |
|
|
924,210 |
|
|
464,248
|
Other
Accumulated Gain (Loss) |
|
|
(9,936,950) |
|
|
(2,771,872)
|
Total
Distributable Earnings / (Accumulated Losses) |
|
|
$80,170,071 |
|
|
$6,139,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Distributable
Earnings
(Accumulated
Losses) |
|
|
Paid-In Capital
|
Wahed
FTSE USA Shariah ETF |
|
|
$(5,093,479) |
|
|
$5,093,479
|
Wahed
Dow Jones Islamic World ETF |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
Gains |
|
|
Realized
Losses |
Wahed
FTSE USA Shariah ETF |
|
|
$5,323,930 |
|
|
$(22,638)
|
Wahed
Dow Jones Islamic World ETF |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases |
|
|
Sales |
|
|
Creations
In-Kind |
|
|
Redemptions
In-Kind |
Wahed
FTSE USA Shariah ETF |
|
|
$24,699,988 |
|
|
$22,513,618 |
|
|
$166,678,214 |
|
|
$21,571,262
|
Wahed
Dow Jones Islamic World ETF |
|
|
9,531,258 |
|
|
6,583,176 |
|
|
36,295,389 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
Ordinary
Income
Rate |
|
|
Ordinary
Income
Distribution
Paid |
Wahed
FTSE USA Shariah ETF |
|
|
$0.02 |
|
|
$193,899
|
Wahed
Dow Jones Islamic World ETF |
|
|
0.01 |
|
|
19,162 |
|
|
|
|
|
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
Fund Name
|
|
|
Statements
of
Operations
|
|
|
Statements
of
Changes in
Net Assets |
|
|
Financial
Highlights |
Wahed
FTSE USA Shariah ETF |
|
|
For
the year ended May 31, 2024 |
|
|
For
the years ended May 31, 2024 and 2023 |
|
|
For
the years ended May 31, 2024, 2023, 2022, and 2021, and for the period from July 15, 2019 (commencement of operations) through
May 31, 2020 |
Wahed
Dow Jones Islamic World ETF |
|
|
For
the year ended May 31, 2024 |
|
|
For
the years ended May 31, 2024 and 2023 |
|
|
For
the years ended May 31, 2024 and 2023, and for the period from January 7, 2022 (commencement of operations) through May 31,
2022 |
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
28 |
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
Foreign Source
Income Earned |
|
|
Foreign Taxes
Paid |
Wahed
FTSE USA Shariah ETF |
|
|
$1,375,337 |
|
|
$146,282 |
|
|
|
|
|
|
|
|
30 |
|
• |
Information we receive about you on applications
or other forms; |
• |
Information you give us orally; and/or |
• |
Information about your transactions with us or
others. |
|
31 |
|
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form. |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
Pursuant to the Advisory Agreement, the Adviser has agreed to pay all expenses of the Funds, except those specified in the Funds’ Prospectus. As a result, the Adviser is responsible for compensating the Independent Trustees. Further information related to Trustee and Officer compensation for the Trust can be obtained from the Funds’ most recent SAI.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant’s President and Treasurer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished 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) | Listed Funds Trust |
By (Signature and Title)* | /s/ Gregory C. Bakken | ||
Gregory C. Bakken, President/Principal Executive Officer |
Date | 8/5/2024 |
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/ Gregory C. Bakken | ||
Gregory C. Bakken, President/Principal Executive Officer |
Date | 8/5/2024 |
By (Signature and Title)* | /s/ Travis G. Babich | ||
Travis G. Babich, Treasurer/Principal Financial Officer |
Date | 8/5/2024 |
* Print the name and title of each signing officer under his or her signature
EX.99.CODE ETH
Listed Funds Trust
Code of Ethics
For Principal Executive Officer & Principal Financial Officer
I. | Introduction/Covered Persons |
Listed Funds Trust (the “Trust”) has been successful in large part by managing its business with honesty and integrity. The principal officers of the Trust have an important and elevated role in corporate governance and in promoting investor confidence. To further the ends of ethical and honest conduct among its officers, the Audit Committee of the Board of Trustees of the Trust has adopted this Code of Ethics. This Code of Ethics is designed to comply with Section 406 of the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”) and the rules promulgated by the Securities and Exchange Commission (the “SEC”) thereunder. This Code of Ethics applies to the principal executive officer, principal financial officer, controller and other senior financial officers of the Trust, as may be identified from time to time by the Audit Committee (collectively, the “Covered Persons”).
The Audit Committee shall be responsible for the overall administration of this Code of Ethics, but has delegated to the Trust’s Chief Compliance Officer (the “Chief Compliance Officer”) the responsibility to oversee the day-to-day operation of this Code of Ethics. This Code of Ethics is in addition to, not in replacement of, the Trust’s Code of Ethics for access persons (the “Investment Company Code of Ethics”), adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). The Covered Persons may also be subject to the Investment Company Code of Ethics.
II. Code of Ethics Requirements
This Code of Ethics requires each Covered Person to:
1. Act with honesty and integrity, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
2. Provide full, fair, accurate, timely and understandable disclosure in reports submitted to or filed with the SEC and in all other public communications made by the Trust;
3. Comply with laws, rules and regulations of the federal government, state governments and other regulatory agencies as they apply to the Trust;
4. Disclose promptly to the Chief Compliance Officer any violations of this Code of Ethics of which the Covered Person may become aware; and
5. Not retaliate against any other Covered Person or any employee of the Trust or their affiliated persons for reports of potential violations that are made in good faith.
III. Conflicts of Interest
A conflict of interest occurs when a Covered Person’s private interest interferes in any way—or even appears to interfere—with the interests of the Trust as a whole or with his or her service to the Trust. For example, a conflict of interest would arise if a Covered Person, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.
Certain conflicts of interest arise out of the relationships between Covered Persons and the Trust and already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”). For example, Covered Persons may not individually engage in certain transactions with the Trust (such as the purchase or sale of securities or other property, except the Trust’s own fund shares) because of their status as “affiliated persons” of the Trust. The Trust’s and the investment adviser’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its investment adviser and/or administrator of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether formally for the Trust or for the adviser and/or administrator, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and/or administrator and the Trust. The participation of the Covered Persons in such activities is inherent in the contractual relationship between the Trust and its investment adviser and/or administrator and is consistent with the performance by the Covered Persons of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the Trust.
Each Covered Person must:
• not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Person would benefit personally to the detriment of the Trust; and
• not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Person rather than for the benefit of the Trust.
There are some conflict of interest situations that should be discussed with the Chief Compliance Officer if material. Examples of these include:
• any ownership interest in, or any consulting or employment relationship with, any of the Trust’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and
• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Person’s employment, such as compensation or equity ownership.
IV. Accurate, Complete, Timely and Understandable Information
The Covered Persons are responsible for ensuring that Trust’s shareholders and the public receive financial and other information that is accurate, complete, timely and understandable. Covered Persons are obligated to comply with all laws and regulations governing the public disclosure of Trust information. All public statements, whether oral or written, must be understandable and accurate, with no material omissions.
The books and records of the Trust must be kept accurate and current to ensure that the public receives information that is full, fair, accurate, complete and timely. The Covered Persons must ensure that transactions are completely and accurately recorded on the Trust’s books and records in accordance with generally accepted accounting principles. Economic evaluations must fairly represent all information relevant to the evaluation being made. No secret or unrecorded cash funds or other assets may be established or maintained for any purpose. Each Covered Person shall also comply with the Trust’s disclosure controls and procedures and the Trust’s internal controls and procedures for financial reporting.
V. Waivers
The Audit Committee may grant a waiver from one or more provisions of this Code of Ethics upon the request of a Covered Person and after a review of the relevant facts and circumstances. The decision by the Audit Committee whether to grant a waiver from this Code of Ethics shall be final.
“Waiver” shall mean the approval of a material departure from a provision of this Code of Ethics. If an executive officer becomes aware of a material departure from a provision of this Code of Ethics by any Covered Person, he or she shall immediately report such violation to the Chief Compliance Officer or the Audit Committee, as appropriate. The Chief Compliance Officer shall promptly report the violation to the Audit Committee. If the Audit Committee fails to take action with respect to the violation within ten business days, the Trust shall be deemed to have made an “implicit waiver” from this Code of Ethics.
If a waiver from one or more provisions of Section II of this Code of Ethics is granted by the Audit Committee to any Covered Person, including an implicit waiver, the Audit Committee shall direct the Trust to (a) post a notice and description of the waiver on the each applicable Fund’s website within five business days following the waiver, including the name of the person to whom the Trust granted the waiver and the date of the waiver, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the waiver occurred; or (b) include a description of the waiver in the Trust’s next report on Form N-CSR relating to the applicable Fund. If the waiver will be disclosed via a Fund’s website, the Trust must have first disclosed in its most recent Form N-CSR relating to the applicable Fund that it intends to disclose these events on the Fund’s website and website’s address.
VI. Amendments
This Code of Ethics may be amended by the Audit Committee as it deems appropriate. If a provision of the Code of Ethics that applies to any Covered Person and that relates to one or more provisions of Section II of this Code is amended, the Audit Committee shall direct the applicable Fund to (a) post a notice and description of the amendment on the Fund’s website within five business days following the amendment, maintain such notice on the website for at least 12 months, and retain such notice for a period of at least 6 years following the end of the fiscal year in which the amendment occurred; or (b) include a description of the amendment in the Trust’s next report on Form N-CSR relating to the applicable Fund. If the amendment will be disclosed via a Fund’s website, the rules applicable to website postings of waivers, discussed in Section V above, apply. Technical, administrative or other non-substantive amendments to the Code of Ethics need not be disclosed.
VII. Violations
If the Audit Committee becomes aware of an actual or potential violation of this Code of Ethics, it shall direct an investigation into the facts and circumstances surrounding the violation. If a violation is found, the Audit Committee may impose on the Covered Person found to be in violation of this Code of Ethics any of a wide range of consequences as it deems appropriate, including warnings or letters of reprimand for less significant, first-time offenses, fines, reduced professional duties, suspension without pay and, in the most serious cases, termination.
VIII. Disclosure
The Audit Committee shall direct the Trust to make this Code of Ethics publicly available through one of the following three methods: (1) filing the Code as an exhibit to the Trust’s annual report on Form N-CSR relating to each Fund; (2) posting the text of the Code on the applicable Fund’s website, provided that the Fund has first disclosed the website’s address and intent to provide disclosure in this manner in its most report on Form N-CSR and provided further that the text of the Code remains on the applicable Fund’s website for as long as the Trust remains subject to the SEC’s rules promulgated under Section 406 of Sarbanes-Oxley ; or (3) providing an undertaking in its most recent report on Form N-CSR relating to each applicable Fund to provide a copy of the Code of Ethics to any person without charge upon request.
IX. Acknowledgement
Each Covered Person shall, in the form attached hereto as Appendix A, acknowledge receipt of and compliance with the Code of Ethics upon adoption of this Code of Ethics or when initially hired, whichever occurs later. Each Covered Person shall annually, in the form attached hereto as Appendix B, acknowledge receipt of and compliance with this Code of Ethics.
X. Confidentiality
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code or in the course of investigating any alleged violation of this Code, such matters shall not be disclosed to anyone other than the Board, its counsel, the Trust, its counsel, the investment adviser, and its counsel.
XI. Internal Use
The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion.
Adopted: March 19, 2019
Amended: June 16, 2022
EX.99.CERT
CERTIFICATIONS
I, Gregory C. Bakken, certify that:
1. | I have reviewed this report on Form N-CSR of Listed Funds Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 8/5/2024 | /s/ Gregory C. Bakken | |
Gregory C. Bakken | |||
President/Principal Executive Officer |
CERTIFICATIONS
I, Travis G. Babich, certify that:
1. | I have reviewed this report on Form N-CSR of Listed Funds Trust; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | 8/5/2024 | /s/ Travis G. Babich | |
Travis G. Babich | |||
Treasurer/Principal Financial Officer |
EX.99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Listed Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Listed Funds Trust, for the year ended May 31, 2024 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Listed Funds Trust for the stated period.
/s/ Gregory C. Bakken | /s/ Travis G. Babich | |
Gregory C. Bakken | Travis G. Babich | |
President/Principal Executive Officer | Treasurer/Principal Financial Officer | |
Listed Funds Trust | Listed Funds Trust |
Dated: | 8/5/2024 |
This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Listed Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.
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Form N-CSR Cover |
12 Months Ended |
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May 31, 2024 | |
Shareholder Report [Line Items] | |
Document Type | N-CSR |
Amendment Flag | false |
Registrant Name | Listed Funds Trust |
Entity Central Index Key | 0001683471 |
Entity Investment Company Type | N-1A |
Document Period End Date | May 31, 2024 |
Shareholder Report |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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May 31, 2024
USD ($)
$ / shares
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Shareholder Report [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Document Type | N-CSR | ||||||||||||||||||||||||||||||||||||||||||||||||
Amendment Flag | false | ||||||||||||||||||||||||||||||||||||||||||||||||
Registrant Name | Listed Funds Trust | ||||||||||||||||||||||||||||||||||||||||||||||||
Entity Central Index Key | 0001683471 | ||||||||||||||||||||||||||||||||||||||||||||||||
Entity Investment Company Type | N-1A | ||||||||||||||||||||||||||||||||||||||||||||||||
Document Period End Date | May 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||
Wahed FTSE USA Shariah ETF | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Report [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Name | Wahed FTSE USA Shariah ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Class Name | Wahed FTSE USA Shariah ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | HLAL | ||||||||||||||||||||||||||||||||||||||||||||||||
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the Wahed FTSE USA Shariah ETF for the period of June 1, 2023, to May 31, 2024. | ||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Report Annual or Semi-Annual | annual shareholder report | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information [Text Block] | You can find additional information about the Fund at https://www.wahed.com/hlal. You can also request this information by contacting us at 1-855-976-4747. | ||||||||||||||||||||||||||||||||||||||||||||||||
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the reporting period.
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Additional Information Phone Number | 1-855-976-4747 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information Website | https://www.wahed.com/hlal | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
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Expenses Paid, Amount | $ 55 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expense Ratio, Percent | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? Through the last two quarters of 2023, HLAL experienced mixed performance in line with broader interest rate sensitive patterns, the advent of 2024 saw significant fluctuations in market sentiments across time and regions regarding the path of monetary policy, and the anticipated trajectory of markets in response. Inflation and the anticipation of monetary easing have continued to be driving factors for U.S. and international equities markets and therefore, the Fund as well. As HLAL continues to mature and reaches the fifth-year anniversary since its inception, we have seen it continue to track its underlying index even considering the moderate volatility roiling through equity markets in the earlier part of this year. HLAL’s continued ability to properly track its underlying index at both NAV and market price, indicate the potential longevity of the Fund going forward. Being historically more resilient and better performing than broader US equities markets, the fund continued to provide well-performing Shariah-compliant equity exposure in a passive, buy-and-hold investment style. The higher exposure to the technology sector was a tailwind for HLAL throughout the 12-month period ending May 31, 2024, and we expect it may continue to benefit the fund as the potential for artificial intelligence and web3 infrastructure continues to be harnessed.
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Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | ||||||||||||||||||||||||||||||||||||||||||||||||
Line Graph [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Return [Table Text Block] | ANNUAL AVERAGE TOTAL RETURN (%)
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No Deduction of Taxes [Text Block] | The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | ||||||||||||||||||||||||||||||||||||||||||||||||
Updated Performance Information Location [Text Block] | Visit https://www.wahed.com/hlal for more recent performance information. Visit https://www.wahed.com/hlal for more recent performance information.
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Net Assets | $ 451,920,584 | ||||||||||||||||||||||||||||||||||||||||||||||||
Holdings Count | $ / shares | 213 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advisory Fees Paid, Amount | $ 1,707,065 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Company Portfolio Turnover | 7.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (as of May 31, 2024)
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Holdings [Text Block] |
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Updated Prospectus Web Address | https://www.wahed.com/hlal | ||||||||||||||||||||||||||||||||||||||||||||||||
Wahed Dow Jones Islamic World ETF | |||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Report [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Fund Name | Wahed Dow Jones Islamic World ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Class Name | Wahed Dow Jones Islamic World ETF | ||||||||||||||||||||||||||||||||||||||||||||||||
Trading Symbol | UMMA | ||||||||||||||||||||||||||||||||||||||||||||||||
Annual or Semi-Annual Statement [Text Block] | This annual shareholder report contains important information about the Wahed Dow Jones Islamic World ETF for the period of June 1, 2023, to May 31, 2024. | ||||||||||||||||||||||||||||||||||||||||||||||||
Shareholder Report Annual or Semi-Annual | annual shareholder report | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information [Text Block] | You can find additional information about the Fund at https://www.wahed.com/umma. You can also request this information by contacting us at 1-855-976-4747. | ||||||||||||||||||||||||||||||||||||||||||||||||
Material Fund Change Notice [Text Block] | This report describes changes to the Fund that occurred during the reporting period.
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Additional Information Phone Number | 1-855-976-4747 | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Information Website | https://www.wahed.com/umma | ||||||||||||||||||||||||||||||||||||||||||||||||
Expenses [Text Block] | WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)
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Expenses Paid, Amount | $ 70 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expense Ratio, Percent | 0.65% | ||||||||||||||||||||||||||||||||||||||||||||||||
Factors Affecting Performance [Text Block] | HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE? Though through the last two quarters of 2023, UMMA experienced mixed performance in line with broader interest rate sensitive patterns, the advent of 2024 saw significant fluctuations in market sentiments across time and regions, regarding the path of monetary policy, and the anticipated trajectory of markets in response, all the while markets steadily moved upward from 2023 lows. Amid these circumstances, UMMA slightly underperformed its benchmark for the third quarter (Dow Jones Islamic Market International Titans 100 Index). On a trailing 9-month basis UMMA kept pace with its benchmark in market and net asset value terms, outperforming by 1.0% and 1.2% respectively against the price index and slightly underperforming by 0.6% and 0.3% respectively against the total return index. In the fourth quarter of 2024, there was amelioration of these factors and a rebound in UMMA’s 2023 performance. Despite worries around China, and potentially Taiwan, artificial intelligence and semiconductor-oriented companies had strong performance in the quarter, helping UMMA outperform its benchmark. For the full 2023 year, UMMA kept pace with its benchmark in market and net asset value terms, outperforming by 3.1% and 3.5% respectively against the price index, in line with our expectations. For the first quarter of 2024, UMMA kept pace with its benchmark in market and net asset value terms, outperforming by 0.30% and 0.10% respectively against the price index, in line with our expectations. 2024 also saw continued rapid movement in international equity markets and related significant volatility. This weighed on the performance of UMMA during the year-to-date performance as of March 31, 2024, as the Fund gained 5.71% at market. As 2024 continues, we expect that the fund should continue to perform in line with its index overtime as macroeconomic conditions become more favorable in the coming quarters and inflationary pressures lessen.
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Performance Past Does Not Indicate Future [Text] | The Fund’s past performance is not a good predictor of the Fund’s future performance. | ||||||||||||||||||||||||||||||||||||||||||||||||
Line Graph [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||
Average Annual Return [Table Text Block] | ANNUAL AVERAGE TOTAL RETURN (%)
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No Deduction of Taxes [Text Block] | The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. | ||||||||||||||||||||||||||||||||||||||||||||||||
Updated Performance Information Location [Text Block] | Visit https://www.wahed.com/umma for more recent performance information. Visit https://www.wahed.com/umma for more recent performance information.
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Net Assets | $ 92,171,102 | ||||||||||||||||||||||||||||||||||||||||||||||||
Holdings Count | $ / shares | 95 | ||||||||||||||||||||||||||||||||||||||||||||||||
Advisory Fees Paid, Amount | $ 400,614 | ||||||||||||||||||||||||||||||||||||||||||||||||
Investment Company Portfolio Turnover | 11.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Fund Statistics [Text Block] | KEY FUND STATISTICS (as of May 31, 2024)
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Holdings [Text Block] |
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Updated Prospectus Web Address | https://www.wahed.com/umma |
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