Verdicts genuinely change. Free email alert the moment BILD's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Nomura Global Listed Infrastructure ETF ETF · Nomura ETF Trust
55 holdings · as of 2026-06-30 (3.5 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
NON-COMPLIANT 77.12% of portfolio weight is in non-compliant holdings, over the 5% threshold.
55 holdings, 42 matched (91% of weight). Portfolio as of 2026-06-30, filed 2026-08-26. Source: SEC Form N-PORT.
1.30% of this portfolio’s income is non-permissible — weighted across holdings, computed over 86% of portfolio weight (40 of 55 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
13.7% compliant 0.0% questionable 77.1% non-compliant 8.9% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| ENB.TO Enbridge, Inc. | NON_COMPLIANT | 5.92% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| UU.L United Utilities Group plc | NON_COMPLIANT | 4.86% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| LNG Cheniere Energy, Inc. | NON_COMPLIANT | 3.79% | AAOIFI44.4% Usmani55.8% Dow Jones Islamic54.4% S&P Shariah58.8% MSCI Islamic55.8% MSCI Islamic M-Series58.8% FTSE Shariah50.6% |
| SRE Sempra | NON_COMPLIANT | 3.78% | AAOIFI65.2% Usmani32.7% Dow Jones Islamic66.4% S&P Shariah71.2% MSCI Islamic31.6% MSCI Islamic M-Series71.2% FTSE Shariah30.4% |
| NG.L National Grid plc | NON_COMPLIANT | 3.28% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| NEE NextEra Energy, Inc. | NON_COMPLIANT | 3.28% | AAOIFI55.9% Usmani44.2% Dow Jones Islamic61.0% S&P Shariah66.0% MSCI Islamic44.2% MSCI Islamic M-Series66.0% FTSE Shariah44.2% |
| AIA.NZ Auckland International Airport Ltd. | COMPLIANT | 3.26% | AAOIFI18.2% Usmani18.7% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic18.7% MSCI Islamic M-Seriespass FTSE Shariah18.7% |
| ADP.PA Aeroports de Paris SA | NON_COMPLIANT | 3.15% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| WTRG Essential Utilities, Inc. | NON_COMPLIANT | 3.06% | AAOIFI74.1% Usmani42.5% Dow Jones Islamic81.4% S&P Shariah84.9% MSCI Islamic42.5% MSCI Islamic M-Series84.9% FTSE Shariah42.4% |
| AEP American Electric Power Co., Inc. | NON_COMPLIANT | 3.04% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| CMS CMS Energy Corp. | NON_COMPLIANT | 3.03% | AAOIFI89.2% Usmani47.2% Dow Jones Islamic90.3% S&P Shariah98.1% MSCI Islamic46.5% MSCI Islamic M-Series98.1% FTSE Shariah46.5% |
| ASURB.MX Grupo Aeroportuario del Sureste SAB de CV | COMPLIANT | 2.92% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| CLNX.MC Cellnex Telecom SA | NON_COMPLIANT | 2.79% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ONEOK, Inc. | UNSCREENED | 2.72% | no in-house ratios for this holding |
| D Dominion Energy, Inc. | NON_COMPLIANT | 2.55% | AAOIFI86.6% Usmani42.8% Dow Jones Islamic102.1% S&P Shariah112.1% MSCI Islamic42.3% MSCI Islamic M-Series112.1% FTSE Shariah41.7% |
| SCYR.MC Sacyr SA | NON_COMPLIANT | 2.54% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| PNN.L Pennon Group plc | NON_COMPLIANT | 2.53% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ENAV.MI Enav SpA | COMPLIANT | 2.52% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| PCG PG&E Corp. | NON_COMPLIANT | 2.48% | AAOIFI201.1% Usmani43.7% Dow Jones Islamic141.7% S&P Shariah142.1% MSCI Islamic43.7% MSCI Islamic M-Series142.1% FTSE Shariah43.3% |
| Black Hills Corp. | UNSCREENED | 2.40% | no in-house ratios for this holding |
| SSE.L SSE plc | NON_COMPLIANT | 2.16% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| KMI Kinder Morgan, Inc. | NON_COMPLIANT | 2.16% | AAOIFI46.1% Usmani43.5% Dow Jones Islamic53.0% S&P Shariah61.2% MSCI Islamic43.5% MSCI Islamic M-Series61.2% FTSE Shariah43.5% |
| EXC Exelon Corp. | NON_COMPLIANT | 2.03% | AAOIFI109.9% Usmani42.1% Dow Jones Islamic115.7% S&P Shariah124.5% MSCI Islamic42.1% MSCI Islamic M-Series124.5% FTSE Shariah42.1% |
| 0002.HK CLP Holdings Ltd. | NON_COMPLIANT | 1.99% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| TCL.AX Transurban Group | NON_COMPLIANT | 1.99% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| EDP Renewables SA | UNSCREENED | 1.95% | no in-house ratios for this holding |
| CCI Crown Castle, Inc. | NON_COMPLIANT | 1.95% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| XEL Xcel Energy, Inc. | NON_COMPLIANT | 1.86% | AAOIFI82.6% Usmani47.8% Dow Jones Islamic94.9% S&P Shariah105.9% MSCI Islamic46.3% MSCI Islamic M-Series105.9% FTSE Shariah45.3% |
| AENA.MC Aena SME SA | COMPLIANT | 1.80% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| VPK.AS Koninklijke Vopak NV | NON_COMPLIANT | 1.74% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| GEI.TO Gibson Energy, Inc. | NON_COMPLIANT | 1.69% | AAOIFI51.5% Usmani61.8% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic60.1% MSCI Islamic M-Seriesfail FTSE Shariah60.1% |
| RED.MC Redeia Corp. SA | NON_COMPLIANT | 1.51% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 0788.HK China Tower Corp. Ltd. | NON_COMPLIANT | 1.43% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| ENEL.MI Enel SpA | NON_COMPLIANT | 1.38% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Invesco Government & Agency Portfolio | UNSCREENED | 1.30% | no in-house ratios for this holding |
| AIA.AT Athens International Airport SA | COMPLIANT | 1.09% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| CNI Canadian National Railway Co. | COMPLIANT | 1.08% | AAOIFI22.7% Usmani38.5% Dow Jones Islamic25.4% S&P Shariah24.2% MSCI Islamic38.5% MSCI Islamic M-Series24.2% FTSE Shariah37.8% |
| NI NiSource, Inc. | NON_COMPLIANT | 1.06% | AAOIFI82.1% Usmani43.4% Dow Jones Islamic85.6% S&P Shariah99.5% MSCI Islamic43.4% MSCI Islamic M-Series99.5% FTSE Shariah43.4% |
| TX3A.F Airports of Thailand PCL | COMPLIANT | 1.06% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| NPI.TO Northland Power, Inc. | NON_COMPLIANT | 1.01% | AAOIFI126.3% Usmani53.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic51.8% MSCI Islamic M-Seriesfail FTSE Shariah51.8% |
| 0384.HK China Gas Holdings Ltd. | NON_COMPLIANT | 0.73% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| LNT Alliant Energy Corp. | NON_COMPLIANT | 0.54% | AAOIFI62.6% Usmani45.2% Dow Jones Islamic67.4% S&P Shariah74.1% MSCI Islamic44.4% MSCI Islamic M-Series74.1% FTSE Shariah44.4% |
| PPL PPL Corp. | NON_COMPLIANT | 0.53% | AAOIFI77.2% Usmani43.2% Dow Jones Islamic78.6% S&P Shariah86.6% MSCI Islamic43.2% MSCI Islamic M-Series86.6% FTSE Shariah43.2% |
| 9023.T Tokyo Metro Co. Ltd. | NON_COMPLIANT | 0.52% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ERG.MI ERG SpA | NON_COMPLIANT | 0.51% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Renewables Infrastructure Group Ltd. (The) | UNSCREENED | 0.50% | no in-house ratios for this holding |
| INW.MI Infrastrutture Wireless Italiane SpA | NON_COMPLIANT | 0.24% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| Baht | UNSCREENED | 0.03% | no in-house ratios for this holding |
| EURO | UNSCREENED | 0.02% | no in-house ratios for this holding |
| Pound Sterling | UNSCREENED | 0.00% | no in-house ratios for this holding |
| Canadian Dollar | UNSCREENED | 0.00% | no in-house ratios for this holding |
| Australian Dollar | UNSCREENED | 0.00% | no in-house ratios for this holding |
| New Zealand Dollar | UNSCREENED | 0.00% | no in-house ratios for this holding |
| Hong Kong Dollar | UNSCREENED | 0.00% | no in-house ratios for this holding |
| Brazilian Real | UNSCREENED | 0.00% | no in-house ratios for this holding |
The published standards disagree about this fund by 4 points of portfolio weight — 16.2% of it passes MSCI Islamic, 12.6% passes S&P Shariah. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 13.7% ratios fail on 75.2% 10.9% not rated under AAOIFI
ratios pass on 13.7% ratios fail on 75.2% 10.9% not rated under Usmani
ratios pass on 13.7% ratios fail on 75.2% 10.9% not rated under Dow Jones Islamic
ratios pass on 12.6% ratios fail on 76.3% 10.9% not rated under S&P Shariah
ratios pass on 16.2% ratios fail on 72.7% 10.9% not rated under MSCI Islamic
ratios pass on 12.6% ratios fail on 76.3% 10.9% not rated under MSCI Islamic M-Series
ratios pass on 16.2% ratios fail on 72.7% 10.9% not rated under FTSE Shariah
42 of 55 listed holdings carry our own per-methodology verdicts (91% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 17 (37% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| ENB.TO Enbridge, Inc. | 5.92% |
| UU.L United Utilities Group plc | 4.86% |
| LNG Cheniere Energy, Inc. | 3.79% |
| SRE Sempra | 3.78% |
| NG.L National Grid plc | 3.28% |
| NEE NextEra Energy, Inc. | 3.28% |
| ADP.PA Aeroports de Paris SA | 3.15% |
| WTRG Essential Utilities, Inc. | 3.06% |
| AEP American Electric Power Co., Inc. | 3.04% |
| CMS CMS Energy Corp. | 3.03% |
Methodology breakdown computing — it will appear here on its own.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
Nomura Global Listed Infrastructure ETF (BILD) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Computing the full ratio and business-activity breakdown for BILD — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Not enough completed daily bars to compute pivots.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 47.70 | NEUTRAL |
| Stochastic %K (14) | 64.58 | NEUTRAL |
| CCI (20) | 103.00 | SELL |
| Williams %R (14) | -35.42 | NEUTRAL |
| MACD (12,26,9) | 0.10 | BUY |
| ROC (10) | 2.18 | BUY |
| Momentum (10) | 0.60 | BUY |
| EMA (10) | 27.96 | BUY |
| SMA (10) | 27.88 | BUY |
| EMA (20) | 28.05 | BUY |
| SMA (20) | 27.91 | BUY |
| EMA (30) | 28.21 | SELL |
| SMA (30) | 28.18 | SELL |
| EMA (50) | 28.49 | SELL |
| SMA (50) | 28.70 | SELL |
| EMA (100) | 28.78 | SELL |
| SMA (100) | 29.06 | SELL |
| EMA (200) | 28.59 | SELL |
| SMA (200) | 29.05 | SELL |
Under normal circumstances, the fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in listed infrastructure companies. For purposes of the 80% policy, the managers define listed infrastructure companies as publicly traded companies engaged in the development, operation, and/or management of infrastructure assets. Infrastructure assets include but are not limited to utilities (electric, gas, water), transportation infrastructure etc.
Background via Yahoo Finance — informational, not part of the verdict.
Weak — low conviction, small size or skip
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | BULLISH | 42 |
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Insider transactions reported in the last ninety days. Insiders sell for reasons that have nothing to do with a view, so a sale on its own is not a signal.
NO DATA 0 buys · 0 sells
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-10-06 · Asset managers net 906615 (+2612)
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.