Verdicts genuinely change. Free email alert the moment FRWD'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 Transformational Technologies ETF · Nomura ETF Trust
26 holdings
COMPLIANT 2.38% of portfolio weight is in non-compliant holdings, under the 5% threshold.
26 holdings, 24 matched (97% of weight). Portfolio as of 2026-06-30, filed 2026-08-26. Source: SEC Form N-PORT.
0.81% of this portfolio’s income is non-permissible — weighted across holdings, computed over 91% of portfolio weight (21 of 26 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.
82.7% compliant 12.1% questionable 2.4% non-compliant 2.9% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| NVDA NVIDIA Corp. | COMPLIANT | 8.09% | AAOIFI1.1% Usmani12.1% Dow Jones Islamic0.9% S&P Shariah1.1% MSCI Islamic12.1% MSCI Islamic M-Series1.1% FTSE Shariah10.4% |
| AMD Advanced Micro Devices, Inc. | COMPLIANT | 7.80% | AAOIFI0.5% Usmani5.1% Dow Jones Islamic1.2% S&P Shariah1.3% MSCI Islamic5.1% MSCI Islamic M-Series1.3% FTSE Shariah3.8% |
| STX Seagate Technology Holdings plc | COMPLIANT | 7.74% | AAOIFI2.0% Usmani39.5% Dow Jones Islamic5.8% S&P Shariah7.7% MSCI Islamic39.5% MSCI Islamic M-Series7.7% FTSE Shariah36.1% |
| LRCX Lam Research Corp. | COMPLIANT | 6.65% | AAOIFI1.0% Usmani17.5% Dow Jones Islamic2.1% S&P Shariah2.4% MSCI Islamic17.5% MSCI Islamic M-Series2.4% FTSE Shariah15.8% |
| TSM Taiwan Semiconductor Manufacturing Co. Ltd. | COMPLIANT | 6.30% | AAOIFI1.5% Usmani13.8% Dow Jones Islamic0.5% S&P Shariah0.6% MSCI Islamic13.4% MSCI Islamic M-Series0.6% FTSE Shariah13.4% |
| MU Micron Technology, Inc. | COMPLIANT | 5.14% | AAOIFI0.6% Usmani6.7% Dow Jones Islamic1.8% S&P Shariah2.4% MSCI Islamic4.8% MSCI Islamic M-Series2.4% FTSE Shariah4.3% |
| ASML ASML Holding NV | COMPLIANT | 5.07% | AAOIFI0.8% Usmani8.7% Dow Jones Islamic1.3% S&P Shariah1.4% MSCI Islamic8.7% MSCI Islamic M-Series1.4% FTSE Shariah8.7% |
| WDC Western Digital Corp. | COMPLIANT | 5.04% | AAOIFI0.7% Usmani8.6% Dow Jones Islamic1.8% S&P Shariah2.3% MSCI Islamic8.6% MSCI Islamic M-Series2.3% FTSE Shariah7.6% |
| AVGO Broadcom, Inc. | COMPLIANT | 4.65% | AAOIFI3.8% Usmani32.5% Dow Jones Islamic4.4% S&P Shariah5.5% MSCI Islamic32.5% MSCI Islamic M-Series5.5% FTSE Shariah32.5% |
| 005930.KS Samsung Electronics Co. Ltd. | COMPLIANT | 4.14% | AAOIFI1.4% Usmani5.3% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic4.5% MSCI Islamic M-Seriespass FTSE Shariah4.5% |
| TXN Texas Instruments, Inc. | COMPLIANT | 3.77% | AAOIFI5.9% Usmani39.2% Dow Jones Islamic7.6% S&P Shariah8.1% MSCI Islamic39.2% MSCI Islamic M-Series8.1% FTSE Shariah39.2% |
| DASH DoorDash, Inc. | COMPLIANT | 3.29% | AAOIFI3.6% Usmani16.9% Dow Jones Islamic3.9% S&P Shariah4.5% MSCI Islamic16.9% MSCI Islamic M-Series4.5% FTSE Shariah13.9% |
| NFLX Netflix, Inc. | QUESTIONABLE | 3.27% | AAOIFI5.2% Usmani28.5% Dow Jones Islamic4.1% S&P Shariah4.7% MSCI Islamic28.5% MSCI Islamic M-Series4.7% FTSE Shariah24.5% |
| GOOG Alphabet, Inc. | QUESTIONABLE | 3.20% | AAOIFI2.9% Usmani13.1% Dow Jones Islamic3.9% S&P Shariah4.5% MSCI Islamic12.8% MSCI Islamic M-Series4.5% FTSE Shariah10.9% |
| AMZN Amazon.com, Inc. | QUESTIONABLE | 2.81% | AAOIFI8.2% Usmani22.1% Dow Jones Islamic9.6% S&P Shariah10.6% MSCI Islamic20.9% MSCI Islamic M-Series10.6% FTSE Shariah12.1% |
| MSFT Microsoft Corp. | QUESTIONABLE | 2.81% | AAOIFI1.5% Usmani7.5% Dow Jones Islamic1.7% S&P Shariah1.8% MSCI Islamic7.5% MSCI Islamic M-Series1.8% FTSE Shariah5.3% |
| CLS Celestica, Inc. | COMPLIANT | 2.68% | AAOIFI2.4% Usmani10.8% Dow Jones Islamic4.0% S&P Shariah5.4% MSCI Islamic10.0% MSCI Islamic M-Series5.4% FTSE Shariah8.3% |
| Space Exploration Technologies Corp. | UNSCREENED | 2.49% | no in-house ratios for this holding |
| KTOS Kratos Defense & Security Solutions, Inc. | COMPLIANT | 2.45% | AAOIFI0.6% Usmani4.7% Dow Jones Islamic0.6% S&P Shariah0.8% MSCI Islamic1.3% MSCI Islamic M-Series0.8% FTSE Shariah0.0% |
| SPOT Spotify Technology SA | NON_COMPLIANT | 2.38% | AAOIFI1.6% Usmani9.7% Dow Jones Islamic1.5% S&P Shariah1.9% MSCI Islamic9.7% MSCI Islamic M-Series1.9% FTSE Shariah9.7% |
| MELI MercadoLibre, Inc. | COMPLIANT | 2.31% | AAOIFI20.1% Usmani38.5% Dow Jones Islamic19.0% S&P Shariah20.6% MSCI Islamic38.3% MSCI Islamic M-Series20.6% FTSE Shariah33.3% |
| BKNG Booking Holdings, Inc. | COMPLIANT | 2.04% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| SHOP Shopify, Inc. | COMPLIANT | 1.94% | AAOIFI0.1% Usmani1.2% Dow Jones Islamic0.1% S&P Shariah0.1% MSCI Islamic1.2% MSCI Islamic M-Series0.1% FTSE Shariah0.0% |
| CDNS Cadence Design Systems, Inc. | COMPLIANT | 1.82% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| NOW ServiceNow, Inc. | COMPLIANT | 1.74% | AAOIFI6.1% Usmani26.7% Dow Jones Islamic5.0% S&P Shariah5.3% MSCI Islamic26.7% MSCI Islamic M-Series5.3% FTSE Shariah23.7% |
| Invesco Government & Agency Portfolio | UNSCREENED | 0.39% | no in-house ratios for this holding |
The published standards disagree about this fund by 42 points of portfolio weight — 85.6% of it passes AAOIFI, 43.7% 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 85.6% ratios fail on 0.0% 14.5% not rated under AAOIFI
ratios pass on 58.7% ratios fail on 24.6% 16.8% not rated under Usmani
ratios pass on 85.6% ratios fail on 0.0% 14.5% not rated under Dow Jones Islamic
ratios pass on 85.6% ratios fail on 0.0% 14.5% not rated under S&P Shariah
ratios pass on 43.7% ratios fail on 36.4% 20.0% not rated under MSCI Islamic
ratios pass on 85.6% ratios fail on 0.0% 14.5% not rated under MSCI Islamic M-Series
ratios pass on 53.5% ratios fail on 29.7% 16.8% not rated under FTSE Shariah
24 of 26 listed holdings carry our own per-methodology verdicts (97% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 22 (93% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| SPOT Spotify Technology SA | 2.38% |
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 Transformational Technologies ETF (FRWD) is currently considered halal (Sharia-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 FRWD — 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) | 48.20 | NEUTRAL |
| Stochastic %K (14) | 16.58 | BUY |
| CCI (20) | -4.71 | NEUTRAL |
| Williams %R (14) | -83.42 | BUY |
| MACD (12,26,9) | -0.04 | SELL |
| ROC (10) | -0.24 | SELL |
| Momentum (10) | -0.08 | SELL |
| EMA (10) | 32.95 | SELL |
| SMA (10) | 33.13 | SELL |
| EMA (20) | 32.74 | SELL |
| SMA (20) | 32.61 | SELL |
| EMA (30) | 32.56 | SELL |
| SMA (30) | 32.31 | BUY |
| EMA (50) | 32.27 | BUY |
| SMA (50) | 32.29 | BUY |
| EMA (100) | 31.19 | BUY |
| SMA (100) | 32.11 | BUY |
| EMA (200) | 29.02 | BUY |
Under normal circumstances, the Nomura Transformational Technology ETF invests at least 80% of its net assets, plus any borrowings for investment purposes, in technology companies. The fund may invest in securities issued by companies of any size, and may invest without limitation in foreign securities, including securities of issuers within emerging markets. The fund is non-diversified.
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 | 41 |
| 🕐 1H | RANGING | 36 |
| ⏱ 15-Min | BEARISH | 130 |
| ⏲ 5-Min | BEARISH | 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.
Still fetching insider filings — it ran past this page's budget, so the page painted without waiting. The fetch is still running; reload in a moment and it will be here.
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.