NPORT-EX 2 umma.htm
Wahed Dow Jones Islamic World ETF
Schedule of Investments
February 29, 2024 (Unaudited)

     
Shares
    
Value
  
COMMON STOCKS - 99.2% (a)
            
Aerospace and Defense - 0.9%
            
Safran SA
  
3,453
   $
           723,789
  
               
Apparel and Textile Products - 3.0%
            
adidas AG
  
1,684
    
             340,995
  
Compagnie Financière Richemont SA
  
5,181
    
            827,265
  
Hermès International SCA
  
335
    
            838,506
  
Kering SA
  
696
    
            320,136
  
           
         2,326,902
  
Automotive - 1.6%
            
BYD Co. Ltd. - Class H
  
9,514
    
            234,909
  
Denso Corp.
  
19,970
    
            367,458
  
Ferrari NV
  
1,248
    
            526,567
  
Samsung SDI Co. Ltd.
  
516
    
            146,089
  
           
         1,275,023
  
Biotechnology and Pharmaceuticals - 17.0%
            
Argenx SE - ADR (b)
  
569
    
            216,226
  
Astellas Pharma, Inc.
  
18,090
    
            199,610
  
AstraZeneca PLC
  
10,190
    
         1,286,785
  
CSL Ltd.
  
4,868
    
            907,326
  
Daiichi Sankyo Co. Ltd.
  
19,564
    
            650,173
  
Genmab A/S (b)
  
617
    
            172,874
  
GSK PLC
  
40,876
    
            860,694
  
Novartis AG
  
20,586
    
         2,092,148
  
Novo Nordisk A/S - Class B
  
32,368
    
         3,851,756
  
Roche Holding AG - Non-Voting Share
  
7,073
    
         1,863,134
  
Roche Holding AG - Voting Share
  
268
    
              74,689
  
Sanofi
  
11,203
    
         1,065,515
  
           
       13,240,930
  
Chemicals - 2.9%
            
Air Liquide SA
  
5,257
    
         1,068,933
  
Givaudan SA
  
75
    
            315,740
  
Shin-Etsu Chemical Co. Ltd.
  
20,337
    
            867,859
  
           
         2,252,532
  
Commercial Support Services - 2.9%
            
Compass Group PLC
  
42,314
    
         1,161,487
  
Recruit Holdings Co. Ltd.
  
16,896
    
            682,297
  
Waste Connections, Inc.
  
2,586
    
            430,546
  
           
         2,274,330
  
Construction Materials - 1.3%
            
CRH PLC
  
7,000
    
            582,101
  
Sika AG
  
1,521
    
            441,333
  
           
         1,023,434
  
E-Commerce Discretionary - 2.3%
            
JD.com, Inc. - ADR
  
41,612
    
            941,263
  
PDD Holdings, Inc. - ADR (b)
  
6,812
    
            848,366
  
           
         1,789,629
  
Electrical Equipment - 4.2%
            
ABB Ltd.
  
16,183
    
            748,364
  
Assa Abloy AB - Class B
  
9,992
    
            285,253
  
Daikin Industries Ltd.
  
2,928
    
            414,247
  
Legrand SA
  
2,693
    
            272,479
  
Mitsubishi Electric Corp.
  
21,818
    
            347,161
  
Schneider Electric SE
  
5,381
    
         1,221,671
  
           
         3,289,175
  
Food - 2.1%
            
Nestle SA
  
15,926
    
         1,659,610
  
               
Health Care Facilities and Services - 0.5%
            
Lonza Group AG
  
744
    
            390,356
  
               
Household Products - 4.2%
            
L'Oréal SA
  
2,306
    
         1,102,230
  
Reckitt Benckiser Group PLC
  
7,443
    
            470,560
  
Unilever PLC
  
34,188
    
         1,672,100
  
           
         3,244,890
  
Internet, Media and Services - 4.1%
            
Meituan - Class B (b)(c)
  
43,752
    
            445,970
  
NAVER Corp.
  
3,104
    
            454,551
  
Prosus NV
  
15,226
    
            444,707
  
Tencent Holdings Ltd.
  
50,804
    
         1,798,854
  
           
         3,144,082
  
Machinery - 2.9%
            
Atlas Copco AB - Class A
  
25,817
    
            448,478
  
Atlas Copco AB - Class B
  
15,679
    
            234,637
  
FANUC Corp.
  
9,552
    
            279,023
  
Keyence Corp.
  
1,975
    
            924,227
  
SMC Corp.
  
603
    
            363,202
  
           
         2,249,567
  
Medical Equipment and Devices - 2.3%
            
Alcon, Inc.
  
5,005
    
            427,319
  
EssilorLuxottica SA
  
2,852
    
            605,405
  
Hoya Corp.
  
3,490
    
            454,351
  
Terumo Corp.
  
7,440
    
            290,104
  
           
         1,777,179
  
Metals and Mining - 5.5%
            
Anglo American PLC
  
12,767
    
            274,703
  
Barrick Gold Corp.
  
17,430
    
            254,315
  
BHP Group Ltd.
  
50,480
    
         1,443,986
  
Fortescue Ltd.
  
15,919
    
            268,782
  
Franco-Nevada Corp.
  
1,909
    
            199,985
  
Rio Tinto Ltd.
  
5,128
    
            413,315
  
Rio Tinto PLC
  
14,953
    
            960,677
  
Vale SA - ADR
  
34,736
    
            465,810
  
           
         4,281,573
  
Oil and Gas Producers - 2.5%
            
Canadian Natural Resources Ltd.
  
10,930
    
            761,840
  
Cenovus Energy, Inc.
  
13,349
    
            232,760
  
Lukoil PJSC - ADR (b)(d)(e)
  
3,928
    
                       –
  
Lukoil PJSC - GDR (b)(d)(e)
  
224
    
                       –
  
Suncor Energy, Inc.
  
13,175
    
            452,944
  
Woodside Energy Group
  
26,264
    
            519,212
  
           
         1,966,756
  
Renewable Energy - 0.4%
            
Vestas Wind Systems A/S (b)
  
10,068
    
            280,541
  
               
Retail - Discretionary - 2.0%
            
Fast Retailing Co. Ltd.
  
1,954
    
            564,776
  
Industria de Diseño Textil SA
  
11,284
    
            500,770
  
Wesfarmers Ltd.
  
11,370
    
            493,376
  
           
         1,558,922
  
Semiconductors - 18.2%
            
ASML Holding NV
  
4,051
    
         3,816,074
  
Infineon Technologies AG
  
85,720
    
         3,069,943
  
STMicroelectronics NV
  
6,591
    
            297,707
  
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
  
45,249
    
         5,822,189
  
Tokyo Electron Ltd.
  
4,699
    
         1,157,561
  
           
       14,163,474
  
Software - 7.7%
            
Constellation Software, Inc.
  
297
    
            487,498
  
Dassault Systemes SE
  
6,800
    
            317,781
  
SAP SE
  
10,278
    
         1,922,822
  
Shopify, Inc. - Class A (b)
  
42,904
    
         3,279,917
  
           
         6,008,018
  
Technology Hardware - 4.8%
            
Murata Manufacturing Co. Ltd.
  
18,723
    
            378,163
  
NIDEC CORP.
  
5,242
    
            198,970
  
Samsung Electronics Co. Ltd.
  
52,687
    
         2,904,195
  
Xiaomi Corp. - Class B (b)(c)
  
150,492
    
            254,126
  
           
         3,735,454
  
Technology Services - 3.6%
            
Adyen NV (b)(c)
  
300
    
            473,980
  
Amadeus IT Group SA
  
4,525
    
            266,283
  
Capgemini SE
  
1,569
    
            381,515
  
Experian PLC
  
9,194
    
            393,671
  
RELX PLC
  
19,395
    
            849,106
  
Wolters Kluwer NV
  
2,564
    
            404,678
  
           
         2,769,233
  
Transportation and Logistics - 2.3%
            
Canadian National Railway Co.
  
5,712
    
            741,063
  
Canadian Pacific Kansas City Ltd.
  
9,152
    
            777,517
  
DSV AS
  
1,781
    
            285,961
  
           
         1,804,541
  
TOTAL COMMON STOCKS (Cost $72,349,217)
        
       77,229,940
  
             
WARRANTS - 0.0% (f)
            
Constellation Software, Inc., Expiration: March 2040, Exercise Price: TBD (b)(d)(e)(g)(h)
  
122
    
                      -
  
TOTAL WARRANTS (Cost $0)
        
                      -
  
               
TOTAL INVESTMENTS (Cost $72,349,217) — 99.2%
        
       77,229,940
  
Other assets and liabilities, net — 0.8%
        
            626,235
  
NET ASSETS — 100.0%
       $
     77,856,175
  

Percentages are stated as a percent of net assets.
ADR
American Depositary Receipt
                
GDR
Global Depositary Receipt
                
PLC
Public Limited Company
                
(a)
Foreign issued security.
                
(b)
Non-income producing 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
  
11.4%
            
 
Japan
  
10.4%
            
 
United Kingdom
  
10.2%
            
 
France
  
10.2%
            
 
Canada
  
9.8%
            
 
Netherlands
  
7.9%
            
 
Taiwan
  
7.5%
            
 
Germany
  
6.9%
            
 
Denmark
  
5.9%
            
 
Cayman Islands
  
5.5%
            
 
Australia
  
5.2%
            
 
Republic of Korea
  
4.5%
            
 
Sweden
  
1.2%
            
 
Spain
  
1.0%
            
 
Ireland
  
0.7%
            
 
Brazil
  
0.6%
            
 
China
  
0.3%
            
 
Russian Federation
  
0.0%
            
 
Total Country
  
99.2%
            
 
WARRANTS
  
0.0%
            
 
TOTAL INVESTMENTS
  
99.2%
            
 
Other assets and liabilities, net
  
0.8%
            
 
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 February 29, 2024:
        

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments - Assets:
                        
Common Stocks*
  
$
77,229,940
    
$
-
    
$
-
  ^  
$
77,229,940
  
Warrants
    
-
      
-
      
-
  ^    
-
  
Total Investments - Assets
  
$
77,229,940
    
$
-
    
$
-
    
$
77,229,940
  
                                 

* 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.