NPORT-EX 2 umma.htm
Wahed Dow Jones Islamic World ETF
  
Schedule of Investments
  
August 31, 2023 (Unaudited)
  
   
Shares
    
Value
  
COMMON STOCKS - 99.3% (b)
            
Aerospace and Defense - 0.8%
            
Safran SA
    
2,383
    
$
383,562
  
                 
Apparel and Textile Products - 3.0%
                
adidas AG
    
1,209
      
241,994
  
Compagnie Financière Richemont SA
    
3,646
      
518,469
  
Hermès International
    
235
      
484,814
  
Kering SA
    
482
      
258,536
  
             
1,503,813
  
Automotive - 1.7%
                
BYD Co. Ltd. - Class H
    
6,188
      
193,963
  
Denso Corp.
    
3,510
      
240,108
  
Ferrari NV
    
900
      
286,207
  
NIO, Inc. - ADR (a)
    
9,975
      
102,443
  
             
822,721
  
Biotechnology and Pharmaceuticals - 18.2%
                
Astellas Pharma, Inc.
    
12,719
      
193,469
  
AstraZeneca PLC
    
7,294
      
985,448
  
CSL Ltd.
    
3,404
      
603,026
  
Daiichi Sankyo Co. Ltd.
    
13,771
      
406,646
  
Genmab A/S (a)
    
442
      
169,927
  
GSK PLC
    
27,737
      
488,122
  
Novartis AG
    
16,983
      
1,717,239
  
Novo Nordisk A/S - Class B
    
11,364
      
2,108,321
  
Roche Holding AG - Non-Voting Share
    
5,038
      
1,484,734
  
Roche Holding AG - Voting Share
    
167
      
52,222
  
Sanofi
    
7,958
      
851,977
  
             
9,061,131
  
Chemicals - 2.9%
                
Air Liquide SA
    
3,595
      
651,061
  
DSM BV (e)
    
47
      
100,965
  
DSM-Firmenich AG
    
864
      
79,849
  
Givaudan SA
    
1,017
      
156,871
  
Shin-Etsu Chemical Co. Ltd.
    
14,466
      
462,940
  
             
1,451,686
  
Commercial Support Services - 2.9%
                
Compass Group PLC
    
29,862
      
754,146
  
Recruit Holdings Co. Ltd.
    
12,015
      
430,802
  
Waste Connections, Inc.
    
1,801
      
246,585
  
             
1,431,533
  
Construction Materials - 0.6%
                
Sika AG
    
1,008
      
285,766
  
                 
E-Commerce Discretionary - 2.7%
                
JD.com, Inc. - ADR
    
29,192
      
969,466
  
PDD Holdings, Inc. - ADR (a)
    
3,598
      
356,094
  
             
1,325,560
  
Electrical Equipment - 3.3%
                
ABB Ltd.
    
11,872
      
452,836
  
Assa Abloy AB - Class B
    
6,805
      
153,440
  
Daikin Industries Ltd.
    
2,028
      
351,384
  
Schneider Electric SE
    
3,928
      
676,068
  
             
1,633,728
  
Food - 2.8%
                
Nestle SA
    
11,437
      
1,377,749
  
             
1,377,749
  
Health Care Facilities and Services - 0.8%
                
Lonza Group AG
    
484
      
267,906
  
Wuxi Biologics Cayman, Inc. (a)(c)
    
24,350
      
137,093
  
             
404,999
  
Household Products - 6.0%
                
Kao Corp.
    
23,256
      
900,784
  
L'Oréal SA
    
1,763
      
776,489
  
Reckitt Benckiser Group PLC
    
5,140
      
371,381
  
Unilever PLC
    
18,506
      
947,847
  
             
2,996,501
  
Industrial Support Services - 0.4%
                
Ashtead Group PLC
    
3,199
      
223,922
  
                 
Internet, Media and Services - 5.8%
                
Meituan - Class B (a)(c)
    
32,885
      
538,875
  
NAVER Corp.
    
2,186
      
354,755
  
Prosus NV
    
8,144
      
563,758
  
Tencent Holdings Ltd.
    
35,008
      
1,450,901
  
             
2,908,289
  
Machinery - 2.9%
                
Atlas Copco AB - Class A
    
17,703
      
234,345
  
Atlas Copco AB - Class B
    
10,885
      
125,601
  
FANUC Corp.
    
6,495
      
185,278
  
Keyence Corp.
    
1,413
      
587,387
  
SMC Corp.
    
393
      
190,581
  
Techtronic Industries Co. Ltd.
    
12,135
      
119,930
  
             
1,443,122
  
Medical Equipment and Devices - 2.5%
                
Alcon, Inc.
    
3,536
      
295,931
  
EssilorLuxottica SA
    
2,091
      
394,661
  
Hoya Corp.
    
2,477
      
274,863
  
Olympus Corp.
    
8,908
      
120,570
  
Terumo Corp.
    
5,291
      
160,382
  
             
1,246,407
  
Metals and Mining - 5.7%
                
Anglo American PLC
    
9,085
      
241,812
  
Barrick Gold Corp.
    
11,767
      
190,471
  
BHP Group Ltd.
    
35,374
      
1,027,515
  
Franco-Nevada Corp.
    
1,365
      
196,394
  
Rio Tinto Ltd.
    
3,642
      
266,303
  
Rio Tinto PLC
    
10,204
      
630,016
  
Vale SA - ADR
    
23,742
      
312,682
  
             
2,865,193
  
Oil and Gas Producers - 2.3%
                
Canadian Natural Resources Ltd.
    
7,541
      
487,257
  
Lukoil PJSC - ADR (a)(d)(e)
    
3,928
      
–
  
Lukoil PJSC - GDR (a)(d)(e)
    
224
      
–
  
Suncor Energy, Inc.
    
9,377
      
317,222
  
Woodside Energy Group
    
13,611
      
326,338
  
             
1,130,817
  
Renewable Energy - 0.3%
                
Vestas Wind Systems A/S (a)
    
7,160
      
165,765
  
                 
Retail - Discretionary - 1.7%
                
Fast Retailing Co. Ltd.
    
1,281
      
294,590
  
Industria de Diseño Textil SA
    
7,439
      
285,494
  
Wesfarmers Ltd.
    
8,096
      
282,461
  
             
862,545
  
Semiconductors - 14.0%
                
ASML Holding NV
    
2,888
      
1,905,461
  
Infineon Technologies AG
    
60,262
      
2,159,362
  
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
    
26,087
      
2,440,961
  
Tokyo Electron Ltd.
    
3,342
      
495,268
  
             
7,001,052
  
Software - 7.0%
                
Constellation Software, Inc.
    
122
      
250,272
  
Dassault Systemes SE
    
4,820
      
191,521
  
SAP SE
    
7,536
      
1,053,646
  
Shopify, Inc. - Class A (a)
    
30,242
      
2,009,279
  
             
3,504,718
  
Technology Hardware - 5.6%
                
Murata Manufacturing Co. Ltd.
    
21,637
      
111,308
  
Nidec Corp.
    
4,484
      
252,098
  
Samsung Electronics Co. Ltd.
    
3,772
      
197,740
  
Samsung SDI Co. Ltd.
    
37,446
      
1,895,319
  
Telefonaktiebolaget LM Ericsson - Class B
    
398
      
184,885
  
Xiaomi Corp. - Class B (a)(c)
    
98,688
      
155,550
  
             
2,796,900
  
Technology Services - 3.0%
                
Adyen NV (a)(c)
    
208
      
174,394
  
Amadeus IT Group SA
    
2,834
      
194,704
  
Capgemini SE
    
1,051
      
196,601
  
Experian PLC
    
6,787
      
237,537
  
RELX PLC
    
13,985
      
456,851
  
Wolters Kluwer NV
    
1,807
      
218,089
  
             
1,478,176
  
Transportation and Logistics - 2.4%
                
Canadian National Railway Co.
    
4,108
      
462,129
  
Canadian Pacific Railway Ltd. (a)
    
6,514
      
516,421
  
DSV A/S
    
1,277
      
243,147
  
             
1,221,697
  
TOTAL COMMON STOCKS (Cost $51,084,575)
            
49,527,352
  
                 
RIGHTS - 0.0% (f)
                
Constellation Software, Inc., Expiration: October 2023 (a)(b)
    
122
      
68
  
TOTAL RIGHTS (Cost $0)
            
68
  
                 
WARRANTS - 0.0% (f)
                
Constellation Software, Inc., Expiration: March 2040, Exercise Price: TBD (a)(b)(d)(g)(h)
    
122
      
-
  
TOTAL RIGHTS (Cost $0)
            
-
  
                 
TOTAL INVESTMENTS (Cost $51,084,575) — 99.3%
            
49,527,420
  
Other assets and liabilities, net — 0.7%
            
325,079
  
NET ASSETS — 100.0%
          
$
49,852,499
  

Percentages are stated as a percent of net assets.
ADR
American Depositary Receipt
                
GDR
Global Depositary Receipt
                
PLC
Public Limited Company
                
(a)
Non-income producing security.
                
(b)
Foreign issued security.
                
(c)
Security exempt from registration pursuant to Rule 144a under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.
(d)
Value determined based on estimated fair value. The value of this security totals $0, which represents 0.00% of total net assets. Classified as Level 3 in the fair value hierarchy.
(e)
Security has been deemed illiquid according to the Fund's liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets.
(f)
Amount is less than 0.05%.
(g)
Expiration is the earlier of March 2040 or the first date on which all the outstanding Series 1 Debentures have matured or have otherwise been repurchased, redeemed or cancelled.
(h)
Each warrant will, upon exercise, entitle the holder to receive $100 CAD principal of Series 2 Debentures for each $100 principal amount of Series 1 Debentures tendered for repurchase by the company.
                   
 
COUNTRY
  
Percentage of Net
Assets
            
 
Switzerland
  
13.4%
            
 
Japan
  
11.5%
            
 
United Kingdom
  
10.7%
            
 
France
  
9.8%
            
 
Canada
  
9.4%
            
 
Cayman Islands
  
7.4%
            
 
Germany
  
6.9%
            
 
Netherlands
  
6.5%
            
 
Denmark
  
5.4%
            
 
Australia
  
5.0%
            
 
Taiwan
  
4.9%
            
 
Republic of Korea
  
4.9%
            
 
Sweden
  
1.3%
            
 
Spain
  
1.0%
            
 
Brazil
  
0.6%
            
 
China
  
0.4%
            
 
Hong Kong
  
0.2%
            
 
Russian Federation
  
0.0%
            
 
Total Country
  
99.3%
            
 
RIGHTS
  
0.0%
            
 
WARRANTS
  
0.0%
            
 
TOTAL INVESTMENTS
  
99.3%
            
 
Other assets and liabilities, net
  
0.7%
            
 
NET ASSETS
  
100.0%
            
 
                  
Fair Value Measurements
                
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels.
        
Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs
        
(including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant
        
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the
        
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
          
                   
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2023:
        

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments - Assets:
                        
Common Stocks*
  
$
49,426,387
    
$
100,965
    
$
-
^
  
$
49,527,352
  
Rights
    
68
      
-
      
-
      
68
  
Warrants
    
-
      
-
      
-
^
    
-
  
Total Investments - Assets
  
$
49,426,455
    
$
100,965
    
$
-
    
$
49,527,420
  

* See the Schedule of Investments for industry classifications.
                                
^ The Fund held Level 3 securities at the end of the period valued at $-. The securities classified as Level 3 are deemed immaterial.