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

Percentages are stated as a percent of net assets.
        
PLC
Public Limited Company
                
(a)
Non-income producing security.
                
(b)
Foreign issued security.
                
(c)
To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.
        
(d)
Amount is less than 0.05%.
                
(e)
Value determined based on estimated fair value. The value of this security totals $0, which represents 0.00% of total net assets. Classified as Level 3 in the fair value hierarchy.
        
(f)
Security has been deemed illiquid according to the Fund's liquidity guidelines. The value of these securities total $0, which represents 0.00% of total net assets.
        
Fair Value Measurements
                
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels.
    
Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs
    
(including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant
    
unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the
    
securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
        
                   
The following is a summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2023:
      

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments - Assets:
                        
Common Stocks*
  
$
302,164,857
    
$
-
    
$
-
    
$
302,164,857
  
Real Estate Investment Trusts (REITs)*
    
2,644,052
      
-
      
-
      
2,644,052
  
Total Investments - Assets
  
$
304,808,909
    
$
-
    
$
-
    
$
304,808,909
  
                                 
* See the Schedule of Investments for industry classifications.
                                
^ The Fund held a Level 3 security at the end of the period valued at $-. The security classified as Level 3 is deemed immaterial.