Verdicts genuinely change. Free email alert the moment FBDC'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.
FT Confluence BDC & Specialty Finance Income ETF ETF · First Trust Exchange-Traded Fund VIII
21 holdings · as of 2026-05-31 (4.4 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 At least 64.27% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 36% turns out to be. Matching more holdings can only raise this share, never lower it.
21 holdings, 13 matched (64% of weight). Portfolio as of 2026-05-31, filed 2026-07-23. Source: SEC Form N-PORT.
71.00% of this portfolio’s income is non-permissible — weighted across holdings, computed over 37% of portfolio weight (5 of 21 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.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| MAIN MAIN STREET CAPITAL CORP | NON_COMPLIANT | 11.53% | AAOIFI47.0% Usmani42.6% Dow Jones Islamic53.0% S&P Shariah59.6% MSCI Islamic42.6% MSCI Islamic M-Series59.6% FTSE Shariah42.6% |
| ARES CAPITAL CORP | UNSCREENED | 10.59% | no in-house ratios for this holding |
| HTGC HERCULES CAPITAL INC | NON_COMPLIANT | 10.34% | AAOIFI70.8% Usmani49.8% Dow Jones Islamic82.8% S&P Shariah90.0% MSCI Islamic49.8% MSCI Islamic M-Series90.0% FTSE Shariah49.8% |
| GBDC GOLUB CAPITAL BDC INC | NON_COMPLIANT | 9.60% | AAOIFI136.7% Usmani54.4% Dow Jones Islamic133.8% S&P Shariah153.0% MSCI Islamic54.4% MSCI Islamic M-Series153.0% FTSE Shariah54.4% |
| BLACKSTONE SECURED LENDING FUND | UNSCREENED | 8.07% | no in-house ratios for this holding |
| TSLX SIXTH STREET SPECIALTY LENDING INC | NON_COMPLIANT | 7.93% | AAOIFI109.8% Usmani54.3% Dow Jones Islamic106.8% S&P Shariah113.3% MSCI Islamic54.3% MSCI Islamic M-Series113.3% FTSE Shariah54.3% |
| OWL BLUE OWL CAPITAL CORP | NON_COMPLIANT | 6.61% | AAOIFI21.8% Usmani30.9% Dow Jones Islamic16.0% S&P Shariah16.4% MSCI Islamic30.9% MSCI Islamic M-Series16.4% FTSE Shariah30.9% |
| BARINGS BDC INC | UNSCREENED | 5.09% | no in-house ratios for this holding |
| NMFC NEW MOUNTAIN FINANCE CORP | NON_COMPLIANT | 4.59% | AAOIFI188.7% Usmani55.7% Dow Jones Islamic150.8% S&P Shariah147.2% MSCI Islamic55.7% MSCI Islamic M-Series147.2% FTSE Shariah55.7% |
| CAPITAL SOUTHWEST CORP | UNSCREENED | 4.54% | no in-house ratios for this holding |
| MFIC MIDCAP FINANCIAL INVESTMENT CORP | NON_COMPLIANT | 3.09% | AAOIFI228.4% Usmani60.8% Dow Jones Islamic181.1% S&P Shariah199.4% MSCI Islamic60.8% MSCI Islamic M-Series199.4% FTSE Shariah60.8% |
| BAIN CAPITAL SPECIALTY FINANCE INC | UNSCREENED | 2.70% | no in-house ratios for this holding |
| MSDL MORGAN STANLEY DIRECT LENDING FUND | NON_COMPLIANT | 2.19% | AAOIFI154.5% Usmani53.4% Dow Jones Islamic143.1% S&P Shariah141.1% MSCI Islamic53.4% MSCI Islamic M-Series141.1% FTSE Shariah53.4% |
| OCSL OAKTREE SPECIALTY LENDING CORP | NON_COMPLIANT | 2.18% | AAOIFI125.4% Usmani50.3% Dow Jones Islamic136.0% S&P Shariah132.8% MSCI Islamic50.3% MSCI Islamic M-Series132.8% FTSE Shariah50.3% |
| KAYNE ANDERSON BDC INC | UNSCREENED | 2.15% | no in-house ratios for this holding |
| NCDL NUVEEN CHURCHILL DIRECT LENDING CORP | NON_COMPLIANT | 1.99% | AAOIFI175.7% Usmani55.0% Dow Jones Islamic159.7% S&P Shariah159.4% MSCI Islamic55.0% MSCI Islamic M-Series159.4% FTSE Shariah55.0% |
| DREYFUS GOVERNMENT CASH MANAGEMENT FUNDS | UNSCREENED | 1.66% | no in-house ratios for this holding |
| TRIN TRINITY CAPITAL INC | NON_COMPLIANT | 1.64% | AAOIFI87.1% Usmani54.0% Dow Jones Islamic153.3% S&P Shariah186.5% MSCI Islamic54.0% MSCI Islamic M-Series186.5% FTSE Shariah54.0% |
| SLRC SLR INVESTMENT CORP | NON_COMPLIANT | 1.62% | AAOIFI168.8% Usmani45.1% Dow Jones Islamic151.8% S&P Shariah159.1% MSCI Islamic45.1% MSCI Islamic M-Series159.1% FTSE Shariah45.1% |
| GLADSTONE INVESTMENT CORP | UNSCREENED | 1.01% | no in-house ratios for this holding |
| MSIF MSC INCOME FUND INC | NON_COMPLIANT | 0.97% | AAOIFI115.3% Usmani45.8% Dow Jones Islamic— S&P Shariah— MSCI Islamic45.8% MSCI Islamic M-Series— FTSE Shariah45.8% |
The published standards disagree about this fund by 7 points of portfolio weight — 6.6% of it passes AAOIFI, 0.0% passes Usmani. 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 6.6% ratios fail on 57.7% 35.8% not rated under AAOIFI
ratios pass on 0.0% ratios fail on 57.7% 42.4% not rated under Usmani
ratios pass on 6.6% ratios fail on 56.7% 36.8% not rated under Dow Jones Islamic
ratios pass on 6.6% ratios fail on 56.7% 36.8% not rated under S&P Shariah
ratios pass on 6.6% ratios fail on 57.7% 35.8% not rated under MSCI Islamic
ratios pass on 6.6% ratios fail on 56.7% 36.8% not rated under MSCI Islamic M-Series
ratios pass on 6.6% ratios fail on 57.7% 35.8% not rated under FTSE Shariah
13 of 21 listed holdings carry our own per-methodology verdicts (64% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none.
| Non-compliant holding | Weight |
|---|---|
| MAIN MAIN STREET CAPITAL CORP | 11.53% |
| HTGC HERCULES CAPITAL INC | 10.34% |
| GBDC GOLUB CAPITAL BDC INC | 9.60% |
| TSLX SIXTH STREET SPECIALTY LENDING INC | 7.93% |
| OWL BLUE OWL CAPITAL CORP | 6.61% |
| NMFC NEW MOUNTAIN FINANCE CORP | 4.59% |
| MFIC MIDCAP FINANCIAL INVESTMENT CORP | 3.09% |
| MSDL MORGAN STANLEY DIRECT LENDING FUND | 2.19% |
| OCSL OAKTREE SPECIALTY LENDING CORP | 2.18% |
| NCDL NUVEEN CHURCHILL DIRECT LENDING CORP | 1.99% |
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.
FT Confluence BDC & Specialty Finance Income ETF (FBDC) 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 FBDC — 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
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
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) | 36.70 | NEUTRAL |
| Stochastic %K (14) | 22.18 | NEUTRAL |
| CCI (20) | -121.91 | BUY |
| Williams %R (14) | -77.82 | NEUTRAL |
| MACD (12,26,9) | -0.05 | SELL |
| ROC (10) | -2.66 | SELL |
| Momentum (10) | -0.45 | SELL |
| EMA (10) | 16.72 | SELL |
| SMA (10) | 16.75 | SELL |
| EMA (20) | 16.88 | SELL |
| SMA (20) | 16.95 | SELL |
| EMA (30) | 16.97 | SELL |
| SMA (30) | 17.10 | SELL |
| EMA (50) | 17.00 | SELL |
| SMA (50) | 17.22 | SELL |
| EMA (100) | 16.94 | SELL |
| SMA (100) | 16.81 | SELL |
| EMA (200) | 17.01 | SELL |
| SMA (200) | 16.82 | SELL |
Under normal market conditions, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in a portfolio of equity securities of business development companies (“BDCs”) and other specialty finance companies that Confluence Investment Management LLC, the fund's investment sub-advisor (the “Sub-Advisor”), believes offer attractive opportunities for income and capital appreciation. The fund is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
Average — needs more confirmation before sizing up
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 | BEARISH | 41 |
| 🕐 1H | BEARISH | 25 |
| ⏱ 15-Min | RANGING | 102 |
| ⏲ 5-Min | BULLISH | 234 |
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.