FMKTETF / FundThe Free Markets ETF
Verdicts genuinely change. Free email alert the moment FMKT'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.
The Free Markets ETF ETF · Tidal Trust I
44 holdings · as of 2026-08-31 (2.0 months ago)
NON-COMPLIANT 43.28% of portfolio weight is in non-compliant holdings, over the 5% threshold.
44 holdings, 36 matched (87% of weight). Portfolio as of 2026-08-31, filed 2026-10-26. Source: SEC Form N-PORT.
5.08% of this portfolio’s income is non-permissible — weighted across holdings, computed over 75% of portfolio weight (32 of 44 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.
37.0% compliant 6.8% questionable 43.3% non-compliant 12.9% unscreened
All holdings (44)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| ADM Archer-Daniels-Midland Co | COMPLIANT | 5.19% | AAOIFI21.9% Usmani16.7% Dow Jones Islamic31.3% S&P Shariah30.5% MSCI Islamic16.7% MSCI Islamic M-Series30.5% FTSE Shariah14.2% |
| WELL Welltower Inc | COMPLIANT | 5.03% | AAOIFI10.6% Usmani26.7% Dow Jones Islamic15.6% S&P Shariah19.1% MSCI Islamic26.7% MSCI Islamic M-Series19.1% FTSE Shariah26.7% |
| IBKR Interactive Brokers Group Inc | NON_COMPLIANT | 4.96% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| ORCL Oracle Corp | NON_COMPLIANT | 4.87% | AAOIFI34.1% Usmani64.0% Dow Jones Islamic30.7% S&P Shariah35.2% MSCI Islamic61.0% MSCI Islamic M-Series35.2% FTSE Shariah49.5% |
| HOOD Robinhood Markets Inc | NON_COMPLIANT | 4.69% | AAOIFI0.2% Usmani0.4% Dow Jones Islamic0.3% S&P Shariah0.4% MSCI Islamic0.4% MSCI Islamic M-Series0.4% FTSE Shariah0.0% |
| EME EMCOR Group Inc | COMPLIANT | 4.35% | AAOIFIpass Usmani— Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| HWM Howmet Aerospace Inc | NON_COMPLIANT | 4.24% | AAOIFI5.1% Usmani35.2% Dow Jones Islamic6.2% S&P Shariah7.9% MSCI Islamic35.2% MSCI Islamic M-Series7.9% FTSE Shariah34.0% |
| MSFT Microsoft Corp | QUESTIONABLE | 4.05% | AAOIFI1.5% Usmani7.5% Dow Jones Islamic1.7% S&P Shariah1.8% MSCI Islamic7.5% MSCI Islamic M-Series1.8% FTSE Shariah5.3% |
| BIIB Biogen Inc | COMPLIANT | 3.75% | AAOIFI21.2% Usmani22.5% Dow Jones Islamic27.5% S&P Shariah24.3% MSCI Islamic22.5% MSCI Islamic M-Series24.3% FTSE Shariah21.3% |
| BX Blackstone Inc | NON_COMPLIANT | 3.32% | AAOIFI7.9% Usmani26.7% Dow Jones Islamic12.7% S&P Shariah13.8% MSCI Islamic26.7% MSCI Islamic M-Series13.8% FTSE Shariah26.7% |
| CRCL Circle Internet Group Inc | NON_COMPLIANT | 3.29% | AAOIFI0.1% Usmani0.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| First American Government Obli | UNSCREENED | 3.26% | no in-house ratios for this holding |
| CFG Citizens Financial Group Inc | NON_COMPLIANT | 3.01% | AAOIFI92.6% Usmani11.8% Dow Jones Islamic125.5% S&P Shariah143.3% MSCI Islamic11.8% MSCI Islamic M-Series143.3% FTSE Shariah11.8% |
| PLTR Palantir Technologies Inc | QUESTIONABLE | 2.76% | AAOIFI0.1% Usmani1.8% Dow Jones Islamic0.1% S&P Shariah0.1% MSCI Islamic1.8% MSCI Islamic M-Series0.1% FTSE Shariah0.0% |
| Applied Industrial Technologie | UNSCREENED | 2.65% | no in-house ratios for this holding |
| US Bancorp | UNSCREENED | 2.60% | no in-house ratios for this holding |
| WMB Williams Cos Inc/The | NON_COMPLIANT | 2.58% | AAOIFI35.0% Usmani50.0% Dow Jones Islamic41.0% S&P Shariah47.9% MSCI Islamic50.0% MSCI Islamic M-Series47.9% FTSE Shariah50.0% |
| PNC Financial Services Group I | UNSCREENED | 2.52% | no in-house ratios for this holding |
| INTC Intel Corp | COMPLIANT | 2.48% | AAOIFI9.2% Usmani25.0% Dow Jones Islamic23.9% S&P Shariah26.3% MSCI Islamic25.0% MSCI Islamic M-Series26.3% FTSE Shariah25.0% |
| KEY KeyCorp | NON_COMPLIANT | 2.33% | AAOIFI47.1% Usmani5.7% Dow Jones Islamic56.9% S&P Shariah65.9% MSCI Islamic5.7% MSCI Islamic M-Series65.9% FTSE Shariah5.7% |
| CTRE CareTrust REIT Inc | NON_COMPLIANT | 2.00% | AAOIFI14.4% Usmani20.3% Dow Jones Islamic17.3% S&P Shariah21.3% MSCI Islamic20.3% MSCI Islamic M-Series21.3% FTSE Shariah20.3% |
| ABT Abbott Laboratories | COMPLIANT | 1.96% | AAOIFI19.2% Usmani31.9% Dow Jones Islamic17.6% S&P Shariah18.3% MSCI Islamic31.9% MSCI Islamic M-Series18.3% FTSE Shariah30.8% |
| ETN Eaton Corp PLC | COMPLIANT | 1.93% | AAOIFI13.4% Usmani38.0% Dow Jones Islamic15.6% S&P Shariah16.9% MSCI Islamic38.0% MSCI Islamic M-Series16.9% FTSE Shariah36.7% |
| TSCO Tractor Supply Co | NON_COMPLIANT | 1.93% | AAOIFI35.6% Usmani53.8% Dow Jones Islamic25.1% S&P Shariah25.5% MSCI Islamic53.4% MSCI Islamic M-Series25.5% FTSE Shariah17.7% |
| NOC Northrop Grumman Corp | NON_COMPLIANT | 1.92% | AAOIFI23.3% Usmani33.6% Dow Jones Islamic21.9% S&P Shariah23.0% MSCI Islamic33.6% MSCI Islamic M-Series23.0% FTSE Shariah29.9% |
| TYL Tyler Technologies Inc | COMPLIANT | 1.91% | AAOIFI9.8% Usmani25.0% Dow Jones Islamic7.0% S&P Shariah7.2% MSCI Islamic25.0% MSCI Islamic M-Series7.2% FTSE Shariah24.2% |
| BSX Boston Scientific Corp | COMPLIANT | 1.84% | AAOIFI19.4% Usmani27.9% Dow Jones Islamic10.0% S&P Shariah10.9% MSCI Islamic27.9% MSCI Islamic M-Series10.9% FTSE Shariah27.9% |
| CGNX Cognex Corp | COMPLIANT | 1.80% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| FIX Comfort Systems USA Inc | COMPLIANT | 1.50% | AAOIFI0.6% Usmani4.4% Dow Jones Islamic1.2% S&P Shariah1.5% MSCI Islamic4.4% MSCI Islamic M-Series1.5% FTSE Shariah0.6% |
| ENSG Ensign Group Inc/The | COMPLIANT | 1.38% | AAOIFI22.6% Usmani39.1% Dow Jones Islamic24.0% S&P Shariah26.7% MSCI Islamic39.1% MSCI Islamic M-Series26.7% FTSE Shariah2.4% |
| DE Deere & Co | NON_COMPLIANT | 1.14% | AAOIFI9.1% Usmani15.9% Dow Jones Islamic12.7% S&P Shariah13.8% MSCI Islamic15.9% MSCI Islamic M-Series13.8% FTSE Shariah15.9% |
| FTI TechnipFMC PLC | COMPLIANT | 1.13% | AAOIFI3.9% Usmani12.0% Dow Jones Islamic6.3% S&P Shariah7.5% MSCI Islamic11.2% MSCI Islamic M-Series7.5% FTSE Shariah3.9% |
| BKR Baker Hughes Co | NON_COMPLIANT | 1.03% | AAOIFI29.3% Usmani30.9% Dow Jones Islamic33.5% S&P Shariah37.8% MSCI Islamic30.9% MSCI Islamic M-Series37.8% FTSE Shariah30.9% |
| COR Cencora Inc | COMPLIANT | 0.96% | AAOIFI18.9% Usmani14.0% Dow Jones Islamic20.8% S&P Shariah22.7% MSCI Islamic14.0% MSCI Islamic M-Series22.7% FTSE Shariah14.0% |
| TKR Timken Co/The | COMPLIANT | 0.91% | AAOIFI29.0% Usmani31.9% Dow Jones Islamic34.4% S&P Shariah35.9% MSCI Islamic31.9% MSCI Islamic M-Series35.9% FTSE Shariah30.0% |
| PWR Quanta Services Inc | COMPLIANT | 0.83% | AAOIFI6.9% Usmani23.3% Dow Jones Islamic10.1% S&P Shariah12.1% MSCI Islamic23.3% MSCI Islamic M-Series12.1% FTSE Shariah21.5% |
| COIN Coinbase Global Inc | NON_COMPLIANT | 0.55% | AAOIFI13.1% Usmani23.2% Dow Jones Islamic9.7% S&P Shariah10.8% MSCI Islamic23.2% MSCI Islamic M-Series10.8% FTSE Shariah22.5% |
| Archer Aviation Inc | UNSCREENED | 0.52% | no in-house ratios for this holding |
| Uranium Energy Corp | UNSCREENED | 0.51% | no in-house ratios for this holding |
| FDX FedEx Corp | NON_COMPLIANT | 0.51% | AAOIFI55.5% Usmani43.2% Dow Jones Islamic60.9% S&P Shariah62.7% MSCI Islamic41.7% MSCI Islamic M-Series62.7% FTSE Shariah24.3% |
| Fannie Mae | UNSCREENED | 0.47% | no in-house ratios for this holding |
| TLRY Tilray Brands Inc | NON_COMPLIANT | 0.47% | AAOIFI9.5% Usmani7.7% Dow Jones Islamic5.9% S&P Shariah5.0% MSCI Islamic2.4% MSCI Islamic M-Series5.0% FTSE Shariah0.4% |
| SMR NuScale Power Corp | NON_COMPLIANT | 0.42% | AAOIFI0.3% Usmani0.3% Dow Jones Islamic0.1% S&P Shariah0.1% MSCI Islamic0.3% MSCI Islamic M-Series0.1% FTSE Shariah0.0% |
| Joby Aviation Inc | UNSCREENED | 0.35% | no in-house ratios for this holding |
The published standards disagree about this fund by 29 points of portfolio weight — 55.5% of it passes Dow Jones Islamic, 26.4% 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 51.2% ratios fail on 33.0% 15.8% not rated under AAOIFI
ratios pass on 26.4% ratios fail on 37.2% 36.3% not rated under Usmani
ratios pass on 55.5% ratios fail on 28.2% 16.3% not rated under Dow Jones Islamic
ratios pass on 50.6% ratios fail on 33.1% 16.3% not rated under S&P Shariah
ratios pass on 34.8% ratios fail on 43.5% 21.6% not rated under MSCI Islamic
ratios pass on 50.6% ratios fail on 33.1% 16.3% not rated under MSCI Islamic M-Series
ratios pass on 42.5% ratios fail on 35.8% 21.6% not rated under FTSE Shariah
36 of 44 listed holdings carry our own per-methodology verdicts (87% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 34 (81% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| IBKR Interactive Brokers Group Inc | 4.96% |
| ORCL Oracle Corp | 4.87% |
| HOOD Robinhood Markets Inc | 4.69% |
| HWM Howmet Aerospace Inc | 4.24% |
| BX Blackstone Inc | 3.32% |
| CRCL Circle Internet Group Inc | 3.29% |
| CFG Citizens Financial Group Inc | 3.01% |
| WMB Williams Cos Inc/The | 2.58% |
| KEY KeyCorp | 2.33% |
| CTRE CareTrust REIT Inc | 2.00% |
Methodology breakdown computing — it will appear here on its own.
Trade setup
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Why this signal?
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
The Free Markets ETF (FMKT) 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.
🕌 In-house Compliance Research
Computing the full ratio and business-activity breakdown for FMKT — 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.
Price Forecast
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.
Technical Summary
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.
Every indicator, and what it reads
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 44.70 | NEUTRAL |
| Stochastic %K (14) | 39.26 | NEUTRAL |
| CCI (20) | -36.31 | NEUTRAL |
| Williams %R (14) | -60.74 | NEUTRAL |
| MACD (12,26,9) | 0.02 | BUY |
| ROC (10) | 1.02 | BUY |
| Momentum (10) | 0.22 | BUY |
| EMA (10) | 21.38 | BUY |
| SMA (10) | 21.33 | BUY |
| EMA (20) | 21.51 | SELL |
| SMA (20) | 21.51 | SELL |
| EMA (30) | 21.64 | SELL |
| SMA (30) | 21.69 | SELL |
| EMA (50) | 21.81 | SELL |
| SMA (50) | 22.01 | SELL |
| EMA (100) | 21.95 | SELL |
| SMA (100) | 22.04 | SELL |
| EMA (200) | 21.93 | SELL |
| SMA (200) | 21.92 | SELL |
About The Free Markets ETF
The fund invests in U.S.-listed equity securities of companies that the fund’s investment sub-advisers expect to benefit from shifts in the regulatory environment that are supportive of free market dynamics. These investments may include companies operating in segments of the economy currently burdened by high levels of regulation, such as the healthcare, financial services, and energy sectors, where the Sub-Advisers anticipate regulatory relief.
Background via Yahoo Finance — informational, not part of the verdict.
Good setup, solid confluence
SMC — Top Down
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 |
| ⏱ 15-Min | NEUTRAL | 24 |
| ⏲ 5-Min | BEARISH | 73 |
Momentum & Volume
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.
Peer Movement
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.
Before you act on this
The questions worth asking about any verdict on this page, answered plainly.
Is a fund screened on its name?
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.
What does unrated weight mean?
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.
Does the issuer's board make it compliant?
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.
How often is this re-screened?
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.
Compare with
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 Activity (90d)
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
COT Positioning — E-MINI S&P 500 - CHICAGO MERCANTILE EXCHANGE
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 2026-10-27 · Asset managers net 923449 (+22072)
AI Summary
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.