FMQQETF / FundFMQQ The Next Frontier Internet ETF
Verdicts genuinely change. Free email alert the moment FMQQ'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.
FMQQ The Next Frontier Internet ETF ETF · EXCHANGE TRADED CONCEPTS TRUST
37 holdings · as of 2026-08-31 (2.0 months ago)
This fund holds short positions, so exposure is counted gross — long and short both count as exposure rather than netting off, and the weights below therefore sum to 101% of net assets rather than 100%. Shares of the portfolio are shown as shares of that gross exposure.
NON-COMPLIANT 39.71% of portfolio weight is in non-compliant holdings, over the 5% threshold.
37 holdings, 32 matched (93% of weight). Portfolio as of 2026-08-31, filed 2026-10-29. Source: SEC Form N-PORT.
2.06% of this portfolio’s income is non-permissible — weighted across holdings, computed over 86% of portfolio weight (30 of 37 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.
53.8% compliant 0.0% questionable 39.2% non-compliant 7.0% unscreened
All holdings (37)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| SE SEA LIMITED | COMPLIANT | 7.94% | AAOIFI3.7% Usmani8.8% Dow Jones Islamic3.3% S&P Shariah4.1% MSCI Islamic8.6% MSCI Islamic M-Series4.1% FTSE Shariah3.6% |
| MELI MercadoLibre, Inc. | COMPLIANT | 7.74% | AAOIFI20.1% Usmani38.5% Dow Jones Islamic19.0% S&P Shariah20.6% MSCI Islamic38.3% MSCI Islamic M-Series20.6% FTSE Shariah33.3% |
| RELIANCE.NS RELIANCE INDUSTRIES LIMITED | COMPLIANT | 6.98% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| NU Nu Holdings Ltd. | NON_COMPLIANT | 6.51% | AAOIFI2.5% Usmani3.5% Dow Jones Islamic2.6% S&P Shariah2.8% MSCI Islamic3.5% MSCI Islamic M-Series2.8% FTSE Shariah3.5% |
| BAJFINANCE.NS BAJAJ FINANCE LIMITED | NON_COMPLIANT | 6.30% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ETERNAL.NS Eternal Limited | COMPLIANT | 5.32% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| ALE.WA Allegro.eu SA | COMPLIANT | 5.05% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| Joint Stock Company Kaspi.kz | UNSCREENED | 4.73% | no in-house ratios for this holding |
| GRAB GRAB HOLDINGS LIMITED | NON_COMPLIANT | 4.07% | AAOIFI14.7% Usmani17.1% Dow Jones Islamic11.1% S&P Shariah12.2% MSCI Islamic17.1% MSCI Islamic M-Series12.2% FTSE Shariah17.1% |
| JIOFIN.NS JIO FINANCIAL SERVICES LIMITED | COMPLIANT | 4.06% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| XP XP Inc. | NON_COMPLIANT | 3.78% | AAOIFI15.5% Usmani0.5% Dow Jones Islamic3.1% S&P Shariah2.9% MSCI Islamic0.5% MSCI Islamic M-Series2.9% FTSE Shariah0.5% |
| POLICYBZR.NS PB Fintech Limited | NON_COMPLIANT | 3.52% | AAOIFI0.4% Usmani8.3% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic4.1% MSCI Islamic M-Seriesfail FTSE Shariah4.1% |
| PAYTM.NS ONE 97 COMMUNICATIONS LIMITED | NON_COMPLIANT | 3.01% | AAOIFI0.2% Usmani1.4% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.7% MSCI Islamic M-Seriesfail FTSE Shariah0.7% |
| 035420.KS NAVER Corporation | COMPLIANT | 2.97% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| LENSKART.NS Lenskart Solutions Ltd | COMPLIANT | 2.73% | AAOIFI2.8% Usmani41.4% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic21.5% MSCI Islamic M-Seriespass FTSE Shariah21.5% |
| CPNG COUPANG, INC. | COMPLIANT | 2.73% | AAOIFI20.5% Usmani32.4% Dow Jones Islamic13.3% S&P Shariah14.3% MSCI Islamic32.4% MSCI Islamic M-Series14.3% FTSE Shariah15.0% |
| SWIGGY.NS SWIGGY LIMITED | COMPLIANT | 2.58% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| NAUKRI.NS INFO EDGE (INDIA) LIMITED | NON_COMPLIANT | 2.51% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| NYKAA.NS FSN E-COMMERCE VENTURES LIMITED | COMPLIANT | 2.38% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| MMYT MakeMyTrip Limited | NON_COMPLIANT | 2.26% | AAOIFI4.7% Usmani12.9% Dow Jones Islamic3.0% S&P Shariah3.3% MSCI Islamic12.9% MSCI Islamic M-Series3.3% FTSE Shariah12.9% |
| MEESHO.NS Meesho Limited | COMPLIANT | 1.56% | AAOIFI0.1% Usmani1.6% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic0.8% MSCI Islamic M-Seriespass FTSE Shariah0.8% |
| GOTO.JK PT GoTo Gojek Tokopedia Tbk | NON_COMPLIANT | 1.42% | AAOIFI15.3% Usmani17.3% Dow Jones Islamicfail S&P Shariahpass MSCI Islamic16.9% MSCI Islamic M-Seriespass FTSE Shariah16.9% |
| GROWW.NS BILLIONBRAINS GARAGE VENTURES LIMITED | NON_COMPLIANT | 1.39% | AAOIFI0.2% Usmani1.9% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic1.6% MSCI Islamic M-Seriesfail FTSE Shariah1.6% |
| StoneCo Ltd. | UNSCREENED | 1.21% | no in-house ratios for this holding |
| 035720.KS Kakao Corp. | NON_COMPLIANT | 1.07% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| JUBLFOOD.NS Jubilant FoodWorks Limited | COMPLIANT | 1.06% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| DHER.DE Delivery Hero SE | NON_COMPLIANT | 1.05% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| INTR Inter & Co, Inc. | NON_COMPLIANT | 0.91% | AAOIFI4.3% Usmani0.2% Dow Jones Islamic1.3% S&P Shariah1.4% MSCI Islamic0.2% MSCI Islamic M-Series1.4% FTSE Shariah0.2% |
| PAGSEGURO DIGITAL LTD. | UNSCREENED | 0.76% | no in-house ratios for this holding |
| 323410.KS KakaoBank Corp. | NON_COMPLIANT | 0.72% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| ANGELONE.NS ANGEL ONE LIMITED | NON_COMPLIANT | 0.67% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| DLO DLocal Limited | COMPLIANT | 0.55% | AAOIFI2.0% Usmani5.6% Dow Jones Islamic2.5% S&P Shariah2.4% MSCI Islamic5.6% MSCI Islamic M-Series2.4% FTSE Shariah5.6% |
| PINELABS.NS Pine Labs Limited | NON_COMPLIANT | 0.51% | AAOIFI2.3% Usmani4.5% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic3.3% MSCI Islamic M-Seriesfail FTSE Shariah3.3% |
| AFFLE.NS Affle 3i Ltd | COMPLIANT | 0.47% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| JMIA Jumia Technologies AG | COMPLIANT | 0.44% | AAOIFI0.9% Usmani5.9% Dow Jones Islamic0.5% S&P Shariah0.6% MSCI Islamic5.9% MSCI Islamic M-Series0.6% FTSE Shariah5.9% |
| NC Corporation | UNSCREENED | 0.41% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.00% | no in-house ratios for this holding |
The published standards disagree about this fund by 32 points of portfolio weight — 62.4% of it passes S&P Shariah, 30.0% 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 59.9% ratios fail on 33.4% 8.1% not rated under AAOIFI
ratios pass on 30.0% ratios fail on 56.5% 14.9% not rated under Usmani
ratios pass on 59.9% ratios fail on 33.4% 8.1% not rated under Dow Jones Islamic
ratios pass on 62.4% ratios fail on 30.9% 8.1% not rated under S&P Shariah
ratios pass on 35.1% ratios fail on 51.4% 14.9% not rated under MSCI Islamic
ratios pass on 61.3% ratios fail on 32.0% 8.1% not rated under MSCI Islamic M-Series
ratios pass on 35.1% ratios fail on 51.4% 14.9% not rated under FTSE Shariah
32 of 37 listed holdings carry our own per-methodology verdicts (94% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 17 (51% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| NU Nu Holdings Ltd. | 6.51% |
| BAJFINANCE.NS BAJAJ FINANCE LIMITED | 6.30% |
| GRAB GRAB HOLDINGS LIMITED | 4.07% |
| XP XP Inc. | 3.78% |
| POLICYBZR.NS PB Fintech Limited | 3.52% |
| PAYTM.NS ONE 97 COMMUNICATIONS LIMITED | 3.01% |
| NAUKRI.NS INFO EDGE (INDIA) LIMITED | 2.51% |
| MMYT MakeMyTrip Limited | 2.26% |
| GOTO.JK PT GoTo Gojek Tokopedia Tbk | 1.42% |
| GROWW.NS BILLIONBRAINS GARAGE VENTURES LIMITED | 1.39% |
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.
FMQQ The Next Frontier Internet ETF (FMQQ) 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 FMQQ — 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) | 30.00 | NEUTRAL |
| Stochastic %K (14) | 10.13 | BUY |
| CCI (20) | -142.61 | BUY |
| Williams %R (14) | -89.87 | BUY |
| MACD (12,26,9) | -0.11 | SELL |
| ROC (10) | -9.31 | SELL |
| Momentum (10) | -1.15 | SELL |
| EMA (10) | 11.65 | SELL |
| SMA (10) | 11.76 | SELL |
| EMA (20) | 11.91 | SELL |
| SMA (20) | 12.10 | SELL |
| EMA (30) | 12.04 | SELL |
| SMA (30) | 12.10 | SELL |
| EMA (50) | 12.16 | SELL |
| SMA (50) | 12.34 | SELL |
| EMA (100) | 12.25 | SELL |
| SMA (100) | 12.25 | SELL |
| EMA (200) | 12.49 | SELL |
| SMA (200) | 12.18 | SELL |
About FMQQ The Next Frontier Internet ETF
The fund invests in securities comprising the index or in depositary receipts representing securities of the index. The index was designed by EMQQ Global LLC to measure the performance of an investable universe of publicly traded emerging market and frontier market internet and ecommerce companies. Under normal circumstances, the fund will invest at least 80% of its net assets in the securities of internet companies. The fund is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
No real edge — avoid
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 | BEARISH | 42 |
| 🕐 1H | BEARISH | 22 |
| ⏱ 15-Min | BEARISH | 89 |
| ⏲ 5-Min | RANGING | 234 |
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.