NPORT-EX 2 wahedshariah.htm

Wahed FTSE USA Shariah ETF
  
Schedule of Investments
  
February 28, 2026 (Unaudited)
  
   
COMMON STOCKS - 98.6%
  
Shares
    
Value
 
Automobiles and Parts - 4.2%
        
Aptiv PLC (a)
    
5,958
    
$
438,151
  
Genuine Parts Co.
    
3,788
      
451,757
  
Tesla, Inc. (a)
    
77,533
      
31,207,808
  
             
32,097,716
  
                 
Basic Resources - 1.1%
          
Fastenal Co.
    
31,526
      
1,451,457
  
International Paper Co.
    
14,377
      
626,118
  
Newmont Corp.
    
29,965
      
3,895,450
  
Nucor Corp.
    
6,308
      
1,115,759
  
Solstice Advanced Materials, Inc.
    
4,178
      
328,015
  
Southern Copper Corp.
    
2,287
      
499,246
  
Steel Dynamics, Inc.
    
3,740
      
722,306
  
             
8,638,351
  
                 
Chemicals - 1.3%
          
CF Industries Holdings, Inc.
    
4,425
      
440,464
  
Ecolab, Inc.
    
6,850
      
2,112,197
  
International Flavors & Fragrances, Inc.
    
7,065
      
580,955
  
Linde PLC
    
12,883
      
6,545,595
  
LyondellBasell Industries NV - Class A
    
7,023
      
403,963
  
             
10,083,174
  
                 
Construction and Materials - 1.5%
          
Carrier Global Corp.
    
21,547
      
1,387,627
  
CRH PLC
    
18,616
      
2,233,548
  
Martin Marietta Materials, Inc.
    
1,637
      
1,107,545
  
Quanta Services, Inc.
    
4,036
      
2,272,591
  
Trane Technologies PLC
    
6,107
      
2,823,388
  
Vulcan Materials Co.
    
3,619
      
1,121,890
  
             
10,946,589
  
                 
Consumer Products and Services - 2.1%
          
DR Horton, Inc.
    
7,225
      
1,158,818
  
eBay, Inc.
    
12,391
      
1,125,846
  
Electronic Arts, Inc.
    
6,900
      
1,383,933
  
Estee Lauder Cos., Inc. - Class A
    
6,570
      
719,218
  
Garmin Ltd.
    
4,470
      
1,130,150
  
Lennar Corp. - Class A
    
5,613
      
641,903
  
Lennar Corp. - Class B
    
247
      
26,362
  
Lululemon Athletica, Inc. (a)
    
2,829
      
523,846
  
NIKE, Inc. - Class B
    
31,789
      
1,976,640
  
NVR, Inc. (a)
    
72
      
541,281
  
PulteGroup, Inc.
    
5,333
      
731,688
  
Rollins, Inc.
    
7,711
      
469,523
  
Take-Two Interactive Software, Inc. (a)
    
4,995
      
1,056,342
  
Uber Technologies, Inc. (a)
    
55,334
      
4,173,290
  
             
15,658,840
  
                 
Energy - 6.1%
          
Baker Hughes Co.
    
27,234
      
1,777,291
  
Chevron Corp.
    
51,440
      
9,606,934
  
ConocoPhillips
    
34,349
      
3,897,238
  
Devon Energy Corp.
    
16,856
      
733,742
  
EOG Resources, Inc.
    
15,013
      
1,862,813
  
Expand Energy Corp.
    
6,225
      
671,802
  
Exxon Mobil Corp.
    
116,048
      
17,697,320
  
First Solar, Inc. (a)
    
2,770
      
546,244
  
Halliburton Co.
    
23,037
      
829,332
  
Marathon Petroleum Corp.
    
8,346
      
1,654,261
  
Occidental Petroleum Corp.
    
19,366
      
1,027,947
  
Phillips 66
    
11,071
      
1,708,587
  
SLB Ltd.
    
41,187
      
2,114,541
  
Valero Energy Corp.
    
8,341
      
1,706,902
  
             
45,834,954
  
                 
Food, Beverage and Tobacco - 1.2%
          
Archer-Daniels-Midland Co.
    
13,126
      
906,219
  
Corteva, Inc.
    
18,795
      
1,505,855
  
DuPont de Nemours, Inc.
    
11,479
      
574,409
  
Hershey Co.
    
3,995
      
943,939
  
Keurig Dr Pepper, Inc.
    
35,557
      
1,076,666
  
McCormick & Co., Inc.
    
6,945
      
493,373
  
Mondelez International, Inc. - Class A
    
35,599
      
2,192,186
  
Monster Beverage Corp. (a)
    
19,146
      
1,633,154
  
             
9,325,801
  
                 
Health Care - 13.6%
          
Abbott Laboratories
    
47,557
      
5,533,257
  
Agilent Technologies, Inc.
    
7,822
      
949,434
  
Align Technology, Inc. (a)
    
1,861
      
353,776
  
Biogen, Inc. (a)
    
4,006
      
768,431
  
Boston Scientific Corp. (a)
    
40,554
      
3,116,575
  
Cardinal Health, Inc.
    
6,541
      
1,499,393
  
Cooper Cos., Inc. (a)
    
5,465
      
457,257
  
Danaher Corp.
    
17,275
      
3,638,806
  
Edwards Lifesciences Corp. (a)
    
15,792
      
1,365,534
  
Eli Lilly & Co.
    
19,285
      
20,287,627
  
GE HealthCare Technologies, Inc.
    
12,574
      
1,059,611
  
Gilead Sciences, Inc.
    
34,216
      
5,096,473
  
Hologic, Inc. (a)
    
6,111
      
460,525
  
IDEXX Laboratories, Inc. (a)
    
2,175
      
1,428,388
  
Illumina, Inc. (a)
    
4,201
      
564,866
  
Insulet Corp. (a)
    
1,927
      
475,218
  
Intuitive Surgical, Inc. (a)
    
9,694
      
4,881,026
  
Johnson & Johnson
    
66,114
      
16,424,701
  
Labcorp Holdings, Inc.
    
2,277
      
658,326
  
Medtronic PLC
    
35,230
      
3,440,562
  
Merck & Co., Inc.
    
69,207
      
8,569,211
  
Pfizer, Inc.
    
156,080
      
4,315,612
  
Regeneron Pharmaceuticals, Inc.
    
2,768
      
2,163,663
  
ResMed, Inc.
    
4,003
      
1,025,809
  
STERIS PLC
    
2,683
      
677,055
  
Stryker Corp.
    
9,441
      
3,658,010
  
Thermo Fisher Scientific, Inc.
    
10,362
      
5,399,742
  
Vertex Pharmaceuticals, Inc. (a)
    
7,051
      
3,503,148
  
Waters Corp. (a)
    
1,627
      
519,631
  
West Pharmaceutical Services, Inc.
    
1,965
      
499,778
  
Zimmer Biomet Holdings, Inc.
    
5,434
      
534,923
  
             
103,326,368
  
                 
Industrial Goods and Services - 5.3%
          
3M Co.
    
14,641
      
2,420,450
  
Allegion PLC
    
2,342
      
377,413
  
Cintas Corp.
    
9,431
      
1,896,857
  
Cummins, Inc.
    
3,761
      
2,195,935
  
Dover Corp.
    
3,707
      
835,929
  
Dow, Inc.
    
19,431
      
597,115
  
Emerson Electric Co.
    
15,484
      
2,334,213
  
Expeditors International of Washington, Inc.
    
3,693
      
535,596
  
FedEx Corp.
    
5,885
      
2,277,495
  
Ferguson Enterprises, Inc.
    
5,226
      
1,362,732
  
Fortive Corp.
    
8,709
      
515,573
  
GE Vernova, Inc.
    
7,497
      
6,549,379
  
Hubbell, Inc.
    
1,469
      
751,584
  
IDEX Corp.
    
2,069
      
433,393
  
Ingersoll Rand, Inc.
    
10,905
      
1,026,597
  
Jacobs Solutions, Inc.
    
3,251
      
448,183
  
JB Hunt Transport Services, Inc.
    
2,095
      
488,994
  
Johnson Controls International PLC
    
18,122
      
2,615,005
  
Old Dominion Freight Line, Inc.
    
5,105
      
1,036,570
  
Packaging Corp. of America
    
2,426
      
563,172
  
Pentair PLC
    
4,486
      
444,966
  
PPG Industries, Inc.
    
6,152
      
758,357
  
Rockwell Automation, Inc.
    
3,098
      
1,262,280
  
Smurfit Westrock PLC
    
14,301
      
672,290
  
Snap-on, Inc.
    
1,385
      
533,530
  
Trimble, Inc. (a)
    
6,531
      
436,728
  
United Parcel Service, Inc. - Class B
    
20,144
      
2,335,898
  
Veralto Corp.
    
6,536
      
636,802
  
Westinghouse Air Brake Technologies Corp.
    
4,642
      
1,225,256
  
WW Grainger, Inc.
    
1,189
      
1,361,084
  
Xylem, Inc.
    
6,665
      
863,517
  
Zebra Technologies Corp. - Class A (a)
    
1,374
      
307,721
  
             
40,100,614
  
                 
Media - 0.2%
          
Liberty Media Corp.-Liberty Formula One - Class A (a)
    
617
      
52,056
  
Liberty Media Corp.-Liberty Formula One - Class C (a)
    
5,739
      
525,635
  
News Corp. - Class A
    
10,387
      
252,300
  
News Corp. - Class B
    
2,913
      
78,010
  
Omnicom Group, Inc.
    
2,092
      
178,427
  
             
1,086,428
  
                 
Personal Care, Drug and Grocery Stores - 2.3%
          
Cencora, Inc.
    
5,020
      
1,868,143
  
Church & Dwight Co., Inc.
    
6,584
      
690,398
  
Kenvue, Inc.
    
52,204
      
998,140
  
McKesson Corp.
    
3,445
      
3,401,490
  
Procter & Gamble Co.
    
64,534
      
10,790,085
  
             
17,748,256
  
                 
Real Estate - 0.2%
          
CBRE Group, Inc. - Class A (a)
    
7,960
      
1,175,374
  
CoStar Group, Inc. (a)
    
10,975
      
489,814
  
             
1,665,188
  
                 
Retail - 1.5%
          
Burlington Stores, Inc. (a)
    
1,712
      
525,361
  
Carvana Co. (a)
    
3,553
      
1,187,271
  
Dollar Tree, Inc. (a)
    
5,291
      
669,206
  
Ross Stores, Inc.
    
8,749
      
1,799,144
  
TJX Cos., Inc.
    
30,711
      
4,964,740
  
Tractor Supply Co.
    
14,597
      
756,709
  
Ulta Beauty, Inc. (a)
    
1,227
      
840,237
  
Williams-Sonoma, Inc.
    
3,235
      
665,278
  
             
11,407,946
  
                 
Technology - 55.9% (b)
          
Adobe, Inc. (a)
    
11,462
      
3,007,743
  
Advanced Micro Devices, Inc. (a)
    
44,224
      
8,854,087
  
Alphabet, Inc. - Class A
    
159,720
      
49,794,307
  
Alphabet, Inc. - Class C
    
130,043
      
40,499,291
  
Analog Devices, Inc.
    
13,624
      
4,847,283
  
Apple, Inc.
    
400,567
      
105,821,790
  
Applied Materials, Inc.
    
22,018
      
8,197,301
  
Autodesk, Inc. (a)
    
5,850
      
1,438,340
  
Cadence Design Systems, Inc. (a)
    
7,483
      
2,255,376
  
Corning, Inc.
    
21,437
      
3,223,696
  
Dell Technologies, Inc. - Class C
    
8,386
      
1,241,799
  
Docusign, Inc. (a)
    
5,507
      
248,201
  
F5, Inc. (a)
    
1,575
      
427,392
  
Flex Ltd. (a)
    
10,107
      
636,943
  
Gartner, Inc. (a)
    
2,018
      
317,230
  
GLOBALFOUNDRIES, Inc. (a)
    
2,802
      
133,235
  
Hewlett Packard Enterprise Co.
    
36,237
      
778,008
  
HP, Inc.
    
25,893
      
491,708
  
Intel Corp. (a)
    
121,248
      
5,530,121
  
KLA Corp.
    
3,603
      
5,492,954
  
Lam Research Corp.
    
34,476
      
8,063,592
  
Marvell Technology, Inc.
    
23,743
      
1,939,566
  
Meta Platforms, Inc. - Class A
    
59,976
      
38,875,244
  
Microchip Technology, Inc.
    
14,494
      
1,081,832
  
Micron Technology, Inc.
    
30,680
      
12,651,512
  
Microsoft Corp.
    
203,773
      
80,029,808
  
Monolithic Power Systems, Inc.
    
1,256
      
1,435,281
  
NXP Semiconductors NV
    
6,923
      
1,571,590
  
Okta, Inc. (a)
    
4,586
      
332,485
  
ON Semiconductor Corp. (a)
    
11,213
      
745,440
  
Palo Alto Networks, Inc. (a)
    
18,447
      
2,747,127
  
PTC, Inc. (a)
    
3,256
      
509,857
  
Qnity Electronics, Inc.
    
5,727
      
725,955
  
QUALCOMM, Inc.
    
29,667
      
4,223,394
  
Roper Technologies, Inc.
    
2,947
      
1,030,654
  
Salesforce, Inc.
    
25,646
      
4,995,584
  
ServiceNow, Inc. (a)
    
28,396
      
3,067,052
  
Strategy, Inc. (a)
    
7,353
      
952,214
  
Super Micro Computer, Inc. (a)
    
14,099
      
456,667
  
TE Connectivity PLC
    
8,109
      
1,866,286
  
Teradyne, Inc.
    
4,279
      
1,369,408
  
Texas Instruments, Inc.
    
24,951
      
5,292,357
  
Twilio, Inc. - Class A (a)
    
3,883
      
469,688
  
Tyler Technologies, Inc. (a)
    
1,172
      
415,697
  
Vertiv Holdings Co. - Class A
    
10,437
      
2,660,287
  
Western Digital Corp.
    
9,337
      
2,611,559
  
             
423,356,941
  
                 
Telecommunications - 1.9%
          
AT&T, Inc.
    
189,852
      
5,317,755
  
Cisco Systems, Inc.
    
109,353
      
8,689,189
  
Ubiquiti, Inc.
    
110
      
84,369
  
             
14,091,313
  
                 
Travel and Leisure - 0.1%
          
Delta Air Lines, Inc.
    
4,486
      
294,730
  
Southwest Airlines Co.
    
3,550
      
174,873
  
United Airlines Holdings, Inc. (a)
    
2,232
      
237,262
  
             
706,865
  
                 
Utilities - 0.1%
          
Atmos Energy Corp.
    
4,395
      
820,942
  
TOTAL COMMON STOCKS (Cost $515,250,572)
      
746,896,286
  
                 
REAL ESTATE INVESTMENT TRUSTS - 0.9%
                
Real Estate - 0.9%
          
Digital Realty Trust, Inc.
    
9,440
      
1,672,768
  
Sun Communities, Inc.
    
3,340
      
455,777
  
Welltower, Inc.
    
18,891
      
3,912,704
  
Weyerhaeuser Co.
    
19,904
      
488,245
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,741,798)
      
6,529,494
  
                 
TOTAL INVESTMENTS - 99.5% (Cost $519,992,370)
      
753,425,780
  
Other Assets in Excess of Liabilities - 0.5%
      
3,989,963
  
TOTAL NET ASSETS - 100.0%
          
$
757,415,743
  
                 
Percentages are stated as a percent of net assets.
          

PLC - Public Limited Company

(a)
Non-income producing security.
(b)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
Summary of Fair Value Disclosure as of February 28, 2026 (Unaudited)
 
Wahed FTSE USA Shariah ETF (the "Fund") 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 February 28, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
746,896,286
    
$
–
    
$
–
    
$
746,896,286
  
  Real Estate Investment Trusts
    
6,529,494
      
–
      
–
      
6,529,494
  
Total Investments
  
$
753,425,780
    
$
–
    
$
–
    
$
753,425,780
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.