Verdicts genuinely change. Free email alert the moment EMXAX'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.
Ashmore Emerging Markets Equity ex China Fund · Ashmore Funds
51 holdings
NON-COMPLIANT 28.78% of portfolio weight is in non-compliant holdings, over the 5% threshold.
51 holdings, 30 matched (73% of weight). Portfolio as of 2026-07-31, filed 2026-09-28. Source: SEC Form N-PORT.
2.48% of this portfolio’s income is non-permissible — weighted across holdings, computed over 66% of portfolio weight (26 of 51 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.
42.2% compliant 0.0% questionable 28.8% non-compliant 26.0% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| TSM TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | COMPLIANT | 15.71% | AAOIFI1.5% Usmani13.8% Dow Jones Islamic0.5% S&P Shariah0.6% MSCI Islamic13.4% MSCI Islamic M-Series0.6% FTSE Shariah13.4% |
| 005930.KS SAMSUNG ELECTRONICS CO LTD | COMPLIANT | 5.08% | AAOIFI1.4% Usmani5.3% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic4.5% MSCI Islamic M-Seriespass FTSE Shariah4.5% |
| 000660.KS SK HYNIX INC | COMPLIANT | 4.77% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| HDFCBANK.NS HDFC BANK LTD | NON_COMPLIANT | 4.65% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ALE.WA ALLEGRO.EU SA | COMPLIANT | 4.51% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| NPN.JO NASPERS LTD | NON_COMPLIANT | 3.56% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 402340.KS SK SQUARE CO LTD | COMPLIANT | 3.12% | AAOIFI0.1% Usmani0.7% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic0.4% MSCI Islamic M-Seriespass FTSE Shariah0.4% |
| RDOR3.SA REDE D'OR SAO LUIZ SA | NON_COMPLIANT | 1.94% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MMYT MAKEMYTRIP LTD | NON_COMPLIANT | 1.91% | AAOIFI4.7% Usmani12.9% Dow Jones Islamic3.0% S&P Shariah3.3% MSCI Islamic12.9% MSCI Islamic M-Series3.3% FTSE Shariah12.9% |
| GRAB GRAB HOLDINGS LTD | NON_COMPLIANT | 1.88% | AAOIFI14.7% Usmani17.1% Dow Jones Islamic11.1% S&P Shariah12.2% MSCI Islamic17.1% MSCI Islamic M-Series12.2% FTSE Shariah17.1% |
| M&M.NS MAHINDRA & MAHINDRA LTD | NON_COMPLIANT | 1.83% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| HANSOL CHEMICAL CO LTD | UNSCREENED | 1.76% | no in-house ratios for this holding |
| 005830.KS DB INSURANCE CO LTD | NON_COMPLIANT | 1.69% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BANGKOK DUSIT MEDICAL SERVICES PCL | UNSCREENED | 1.69% | no in-house ratios for this holding |
| KASPI.KZ JSC | UNSCREENED | 1.67% | no in-house ratios for this holding |
| 2454.TW MEDIATEK INC | COMPLIANT | 1.67% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 005930.KS SAMSUNG ELECTRONICS CO LTD | COMPLIANT | 1.56% | AAOIFI1.4% Usmani5.3% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic4.5% MSCI Islamic M-Seriespass FTSE Shariah4.5% |
| NU NU HOLDINGS LTD | NON_COMPLIANT | 1.52% | AAOIFI2.5% Usmani3.5% Dow Jones Islamic2.6% S&P Shariah2.8% MSCI Islamic3.5% MSCI Islamic M-Series2.8% FTSE Shariah3.5% |
| KINIK COMPANY | UNSCREENED | 1.51% | no in-house ratios for this holding |
| GRUPO FINANCIERO BANORTE SAB DE CV | UNSCREENED | 1.50% | no in-house ratios for this holding |
| COWAY CO LTD | UNSCREENED | 1.46% | no in-house ratios for this holding |
| POLICYBZR.NS PB FINTECH LTD | NON_COMPLIANT | 1.46% | AAOIFI0.4% Usmani8.3% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic4.1% MSCI Islamic M-Seriesfail FTSE Shariah4.1% |
| LTM.SN LATAM AIRLINES GROUP SA | NON_COMPLIANT | 1.44% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| CLASSYS INC | UNSCREENED | 1.39% | no in-house ratios for this holding |
| GRUPO AEROPORTUARIO DEL CENTRO SAB DE CV | UNSCREENED | 1.39% | no in-house ratios for this holding |
| CREDITACC.NS CREDITACCESS GRAMEEN LTD | NON_COMPLIANT | 1.34% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| LOTES CO LTD | UNSCREENED | 1.31% | no in-house ratios for this holding |
| APOLLO HOSPITALS ENTERPRISES LTD | UNSCREENED | 1.30% | no in-house ratios for this holding |
| 028260.KS SAMSUNG C&T CORP | COMPLIANT | 1.29% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| SHP.JO SHOPRITE HOLDINGS LTD | NON_COMPLIANT | 1.29% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| SINBON ELECTRONICS CO LTD | UNSCREENED | 1.28% | no in-house ratios for this holding |
| PKO.WA POWSZECHNA KASA OSZCZEDNOSCI BANK POLSKI SA | NON_COMPLIANT | 1.28% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 8069.TWO E INK HOLDINGS INC | COMPLIANT | 1.26% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| VISTA ENERGY SAB DE CV | UNSCREENED | 1.23% | no in-house ratios for this holding |
| GUDENG PRECISION INDUSTRIAL COMPANY | UNSCREENED | 1.14% | no in-house ratios for this holding |
| TOTVS SA | UNSCREENED | 1.13% | no in-house ratios for this holding |
| 2308.TW DELTA ELECTRONICS INC | COMPLIANT | 1.13% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| 2383.TW ELITE MATERIAL COMPANY LTD | COMPLIANT | 1.11% | AAOIFI1.0% Usmani19.2% Dow Jones Islamic— S&P Shariah— MSCI Islamic18.6% MSCI Islamic M-Series— FTSE Shariah18.6% |
| ABU DHABI ISLAMIC BANK PJSC | UNSCREENED | 1.06% | no in-house ratios for this holding |
| EUGENE TECHNOLOGY CO LTD | UNSCREENED | 1.05% | no in-house ratios for this holding |
| 3661.TW ALCHIP TECHNOLOGIES LTD | NON_COMPLIANT | 1.05% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MWG.VN MOBILE WORLD INVESTMENT CORP | NON_COMPLIANT | 1.04% | AAOIFI28.2% Usmani35.7% Dow Jones Islamicfail S&P Shariahpass MSCI Islamic35.7% MSCI Islamic M-Seriesfail FTSE Shariah35.7% |
| CHROMA ATE INC | UNSCREENED | 1.00% | no in-house ratios for this holding |
| RAIA DROGASIL SA | UNSCREENED | 0.92% | no in-house ratios for this holding |
| RASAN INFORMATION TECHNOLOGY COMPANY | UNSCREENED | 0.90% | no in-house ratios for this holding |
| GENTERA.MX GENTERA SAB DE CV | NON_COMPLIANT | 0.88% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| IGIL.NS INTERNATIONAL GEMOLOGICAL INSTITUTE LTD | COMPLIANT | 0.82% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| ZETRIX AI BHD | UNSCREENED | 0.76% | no in-house ratios for this holding |
| ASIA VITAL COMPONENTS COMPANY LTD | UNSCREENED | 0.56% | no in-house ratios for this holding |
| 6533.TW ANDES TECHNOLOGY CORP | COMPLIANT | 0.16% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| BMRI.JK BANK MANDIRI (PERSERO) TBK PT | NON_COMPLIANT | 0.05% | AAOIFI56.2% Usmani7.7% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic7.7% MSCI Islamic M-Seriesfail FTSE Shariah7.7% |
The published standards disagree about this fund by 22 points of portfolio weight — 46.0% of it passes AAOIFI, 23.6% passes MSCI Islamic. 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 46.0% ratios fail on 25.0% 26.0% not rated under AAOIFI
ratios pass on 25.9% ratios fail on 45.1% 26.0% not rated under Usmani
ratios pass on 44.9% ratios fail on 25.0% 27.1% not rated under Dow Jones Islamic
ratios pass on 45.9% ratios fail on 24.0% 27.1% not rated under S&P Shariah
ratios pass on 23.6% ratios fail on 47.3% 26.0% not rated under MSCI Islamic
ratios pass on 44.9% ratios fail on 25.0% 27.1% not rated under MSCI Islamic M-Series
ratios pass on 26.4% ratios fail on 44.5% 26.0% not rated under FTSE Shariah
29 of 51 listed holdings carry our own per-methodology verdicts (71% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 10 (34% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| HDFCBANK.NS HDFC BANK LTD | 4.65% |
| NPN.JO NASPERS LTD | 3.56% |
| RDOR3.SA REDE D'OR SAO LUIZ SA | 1.94% |
| MMYT MAKEMYTRIP LTD | 1.91% |
| GRAB GRAB HOLDINGS LTD | 1.88% |
| M&M.NS MAHINDRA & MAHINDRA LTD | 1.83% |
| 005830.KS DB INSURANCE CO LTD | 1.69% |
| NU NU HOLDINGS LTD | 1.52% |
| POLICYBZR.NS PB FINTECH LTD | 1.46% |
| LTM.SN LATAM AIRLINES GROUP SA | 1.44% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Ashmore Emerging Markets Equity ex China Fund (EMXAX) 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.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| TSMTAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LTD | 15.71% | Compliant |
| 005930.KSSAMSUNG ELECTRONICS CO LTD | 5.08% | Compliant |
| 000660.KSSK HYNIX INC | 4.77% | Compliant |
| HDFCBANK.NSHDFC BANK LTD | 4.65% | Non-compliant |
| ALE.WAALLEGRO.EU SA | 4.51% | Compliant |
| NPN.JONASPERS LTD | 3.56% | Non-compliant |
| 402340.KSSK SQUARE CO LTD | 3.12% | Compliant |
| RDOR3.SAREDE D'OR SAO LUIZ SA | 1.94% | Non-compliant |
| MMYTMAKEMYTRIP LTD | 1.91% | Non-compliant |
| GRABGRAB HOLDINGS LTD | 1.88% | Non-compliant |
Top 10 of 51 holdings, 47.1% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for EMXAX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
ℹ️ no compliance scan has run for 3 days - this is not a reading of today
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
This fund prices once a day, so its bars carry no intraday high or low — floor-trader pivots are not defined for it.
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) | 52.30 | NEUTRAL |
| Stochastic %K (14) | 37.88 | NEUTRAL |
| CCI (20) | 26.97 | NEUTRAL |
| Williams %R (14) | -62.12 | NEUTRAL |
| MACD (12,26,9) | -0.01 | SELL |
| ROC (10) | -0.68 | SELL |
| Momentum (10) | -0.12 | SELL |
| EMA (10) | 17.47 | SELL |
| SMA (10) | 17.45 | BUY |
| EMA (20) | 17.40 | BUY |
| SMA (20) | 17.35 | BUY |
| EMA (30) | 17.33 | BUY |
| SMA (30) | 17.31 | BUY |
| EMA (50) | 17.21 | BUY |
| SMA (50) | 17.16 | BUY |
| EMA (100) | 16.80 | BUY |
| SMA (100) | 17.15 | BUY |
| EMA (200) | 15.52 | BUY |
| SMA (200) | 15.76 | BUY |
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
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.
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.