Wahed Dow Jones Islamic World ETF
Schedule of Investments
August 31, 2026 (Unaudited)

COMMON STOCKS - 97.5%

Shares  

Value  
Apparel & Textile Products - 2.0%

adidas AG

            4,767

    $        838,356
Cie Financiere Richemont SA

            14,503

             3,449,163
Hermes International SCA

            921

             1,691,410




             5,978,929






Automotive - 1.1%

BYD Co. Ltd. - Class H

            119,711

             1,331,598
Denso Corp.

            53,279

             645,574
Ferrari NV

            3,237

             1,370,559




             3,347,731






Biotechnology & Pharmaceutical - 13.1%

AstraZeneca PLC

            45,418

             7,370,873
Chugai Pharmaceutical Co. Ltd.

            16,627

             719,762
CSL Ltd.

            12,810

             1,575,063
Daiichi Sankyo Co. Ltd.

            51,897

             925,531
GSK PLC

            118,924

             2,988,538
Novartis AG

            50,275

             7,669,901
Novo Nordisk AS – Class B

            82,126

             3,731,550
Otsuka Holdings Co. Ltd.

            14,013

             1,074,919
Roche Holding AG

            20,636

             9,010,930
Roche Holding AG – Bearer Shares

            737

             328,752
Sanofi SA

            28,654

             2,556,586
UCB SA

            3,188

             797,296




             38,749,701






Chemicals - 2.1%

Air Liquide SA

            17,064

             3,360,550
Givaudan SA

            209

             848,986
Shin-Etsu Chemical Co. Ltd.

            56,092

             2,115,546




             6,325,082






Commercial Support Services - 3.2%

Compass Group PLC

            44,037

             1,349,734
Recruit Holdings Co. Ltd.

            42,200

             4,813,382
RELX PLC

            48,680

             1,763,534
Waste Connections, Inc.

            6,769

             1,119,182
Wolters Kluwer NV

            6,240

             513,476




             9,559,308






Construction Materials - 0.8%

Holcim AG

            13,793

             1,212,766
Sika AG

            4,293

             1,020,448




             2,233,214






Diversified Industrials - 1.5%

Hitachi Ltd.

            125,584

             4,276,438






E-Commerce Discretionary - 0.9%

JD.com, Inc. - ADR

            38,469

             1,086,365
PDD Holdings, Inc. - ADR (a)

            20,177

             1,694,868






             2,781,233






Electrical Equipment - 6.0%

ABB Ltd.

            42,350

             4,140,912
Assa Abloy AB - Class B

            26,340

             981,202
Daikin Industries Ltd.

            8,183

             1,084,012
Legrand SA

            7,161

             1,135,855
Mitsubishi Electric Corp.

            59,009

             2,063,717
Schneider Electric SE

            14,669

             5,019,849
Siemens Energy AG

            19,873

             3,282,157




             17,707,704






Food - 2.4%

Chocoladefabriken Lindt & Spruengli AG - Participation Certificate

            22

             238,393
Chocoladefabriken Lindt & Spruengli AG

            2

             223,281
Nestle SA

            67,328

             6,568,220




             7,029,894






Health Care Facilities & Services - 0.4%

Lonza Group AG

            1,855

             1,323,836






Household Products - 4.4%

Haleon PLC

            238,159

             1,188,906
L'Oreal SA

            6,162

             2,753,602
Reckitt Benckiser Group PLC

            16,980

             1,181,466
Unilever PLC

            120,887

             7,827,817




             12,951,791






Internet Media & Services - 0.7%

Meituan - Class B (a)

            139,484

             1,403,861
Trip.com Group Ltd. - ADR (a)

            16,058

             716,990




             2,120,851






IT Services - 1.4%

Fujitsu Ltd.

            46,382

             1,123,717
Infosys Ltd. - ADR

            155,128

             1,870,844
NEC Corp.

            36,761

             1,129,797




             4,124,358






Leisure Facilities & Services - 0.3%

Amadeus IT Group SA

            11,873

             802,953






Machinery - 2.5%

Atlas Copco AB - Class A

            67,950

             1,459,782
Atlas Copco AB - Class B

            42,098

             783,227
FANUC Corp.

            25,394

             962,839
Keyence Corp.

            5,478

             2,869,780
Komatsu Ltd.

            25,160

             1,171,859




             7,247,487






Medical Equipment & Devices - 1.8%

Alcon AG

            13,289

             963,183
EssilorLuxottica SA

            7,860

             1,464,026
FUJIFILM Holdings Corp.

            34,391

             730,051
Hoya Corp.

            9,284

             1,430,141
Terumo Corp.

            40,676

             640,852




             5,228,253








Metals & Mining - 6.7%

Agnico Eagle Mines Ltd.

            12,423

             2,520,176
Barrick Mining Corp.

            48,744

             2,185,622
BHP Group Ltd.

            138,167

             6,557,927
Cameco Corp.

            11,348

             1,119,984
Gold Fields Ltd.

            22,125

             1,015,658
Rio Tinto Ltd.

            10,120

             1,267,810
Rio Tinto PLC

            31,448

             3,271,987
Wheaton Precious Metals Corp.

            11,169

             1,682,964




             19,622,128






Oil & Gas Supply Chain - 2.1%

Canadian Natural Resources Ltd.

            57,098

             2,862,108
LUKOIL PJSC - ADR (a)(b)(c)

            224

             0
Suncor Energy, Inc.

            51,140

             3,420,769




             6,282,877






Retail - Consumer Staples - 0.3%

Dollarama, Inc.

            7,051

             890,441






Retail - Discretionary - 2.2%

Fast Retailing Co. Ltd.

            5,736

             2,602,293
Industria de Diseno Textil SA

            30,311

             2,042,141
Wesfarmers Ltd.

            30,560

             1,739,803




             6,384,237






Semiconductors - 22.8%

Advantest Corp.

            21,114

             4,454,308
ASML Holding NV

            7,564

             12,756,035
Disco Corp.

            2,658

             967,362
Infineon Technologies AG

            133,394

             8,722,177
SK hynix, Inc.

            14,741

             18,030,421
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR

            37,013

             15,372,239
Tokyo Electron Ltd.

            20,020

             7,075,543




             67,378,085






Software - 5.8%

Constellation Software, Inc.

            4,876

             11,039,745
SAP SE

            26,835

             5,950,657




             16,990,402






Specialty Finance - 0.3%

Experian PLC

            24,434

             1,008,407






Technology Hardware - 11.3%

Canon, Inc.

            24,689

             722,759
Murata Manufacturing Co. Ltd.

            151,465

             6,820,407
Samsung Electronics Co. Ltd.

            127,407

             24,204,165
Xiaomi Corp. - Class B (a)

            432,007

             1,522,079




             33,269,410






Transportation & Logistics - 1.4%

Canadian National Railway Co.

            14,388

             1,796,035
Canadian Pacific Kansas City Ltd.

            23,976

             2,220,500




             4,016,535
TOTAL COMMON STOCKS (Cost $215,363,932)

             287,631,285








REAL ESTATE INVESTMENT TRUSTS - 0.4%




REIT - 0.4%

Goodman Group

            56,412

             1,121,060
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,258,683)

             1,121,060






WARRANTS - 0.0% (d)

Contracts  


Software - 0.0% (d)

Constellation Software, Inc., Expires 03/31/2040, Exercise Price $11.50 (a)(c)(f)(g)

            122

             0(e)
TOTAL WARRANTS (Cost $0)

             0(e)






TOTAL INVESTMENTS - 97.9% (Cost $216,622,615)

             288,752,345
Other Assets in Excess of Liabilities - 2.1%
0.02121
            6,256,280
TOTAL NET ASSETS - 100.0%




    $        295,008,625


Percentages are stated as a percent of net assets.




ADR - American Depositary Receipt
PJSC - Public Joint Stock Company
REIT - Real Estate Investment Trust




(a)

Non-income producing security.
(b)

Restricted Russian-issued security. As of August 31, 2026, the value of these securities represented 0.00% 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 $0 or 0.0% of net assets as of August 31, 2026.
(d)

Represents less than 0.05% of net assets.
(e)

Rounds to zero.
(f)

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.
(g)

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.



Summary of Fair Value Disclosure as of August 31, 2026 (Unaudited)

Wahed Dow Jones Islamic World ETF has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of August 31, 2026:



Level 1

Level 2

Level 3

Total
Investments:







  Common Stocks
    $        287,631,285

    $        –

    $        0(a)

    $        287,631,285
  Real Estate Investment Trusts
            1,121,060

            –

            –

            1,121,060
  Warrants
            –

            –

            0(a)

            0(a)
Total Investments
    $        288,752,345

    $        –

    $        0(a)

    $        288,752,345

(a)Amount is less than $0.50. The security classified as Level 3 is deemed immaterial.



 




Refer to the Schedule of Investments for further disaggregation of investment categories.





The Level 3 investments as of August 31, 2026, represented 0.00% of net assets. Certain Russian-issued securities continue to be untradeable due to the ongoing conflict in Russia and Ukraine, which has caused significant disruption and volatility in the global stock market.





Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year’s annual report.







Allocation of Portfolio Holdings by Country as of August 31, 2026


(% of Net Assets)


Japan
    $        50,420,589

        17.2%
South Korea
             42,234,586

        14.3 
Switzerland
             36,998,771

        12.4 
Canada
             30,857,526

        10.6 
United Kingdom
             26,942,855

        9.1 
Germany
             18,793,347

        6.4 
France
             17,981,878

        6.1 
Taiwan
             15,372,239

        5.2 
Netherlands
             13,269,511

        4.5 
Australia
             12,261,663

        4.1 
China
             5,343,903

        1.7 
Denmark
             3,731,550

        1.3 
Sweden
             3,224,211

        1.1 
Spain
             2,845,094

        1.0 
Ireland
             2,703,275

        0.9 
India
             1,870,844

        0.6 
Italy
             1,370,559

        0.5 
South Africa
             1,015,658

        0.4 
Belgium
             797,296

        0.3 
Singapore
             716,990

        0.2 
Russia
             0

        – (a)
Other Assets in Excess of Liabilities
            6,256,280

        2.1

    $        295,008,625

        100.0%



(a)

Represents less than 0.05% of net assets.