Verdicts genuinely change. Free email alert the moment HSSAX'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.
Emerald Finance & Banking Innovation Fund · FINANCIAL INVESTORS TRUST
57 holdings
NON-COMPLIANT 79.61% of portfolio weight is in non-compliant holdings, over the 5% threshold.
57 holdings, 50 matched (86% of weight). Portfolio as of 2026-07-31, filed 2026-09-25. Source: SEC Form N-PORT.
30.58% of this portfolio’s income is non-permissible — weighted across holdings, computed over 36% of portfolio weight (25 of 57 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.
7.0% compliant 0.0% questionable 79.5% non-compliant 13.6% unscreened
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| ESQ Esquire Financial Holdings Inc | NON_COMPLIANT | 4.92% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| AX Axos Financial Inc | NON_COMPLIANT | 4.63% | AAOIFI23.3% Usmani4.3% Dow Jones Islamic28.2% S&P Shariah32.0% MSCI Islamic4.3% MSCI Islamic M-Series32.0% FTSE Shariah4.3% |
| TBBK Bancorp Inc/the | NON_COMPLIANT | 4.54% | AAOIFI269.0% Usmani79.6% Dow Jones Islamic270.7% S&P Shariah295.8% MSCI Islamic79.6% MSCI Islamic M-Series295.8% FTSE Shariah79.6% |
| CUBI Customers Bancorp Inc | NON_COMPLIANT | 4.40% | AAOIFI6.0% Usmani0.6% Dow Jones Islamic7.9% S&P Shariah8.7% MSCI Islamic0.6% MSCI Islamic M-Series8.7% FTSE Shariah0.6% |
| HAPN Happen Inc | NON_COMPLIANT | 4.22% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| MCB Metropolitan Bank Holding Corp | NON_COMPLIANT | 4.13% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| Northeast Bank | UNSCREENED | 4.11% | no in-house ratios for this holding |
| CASH Pathward Financial Inc | NON_COMPLIANT | 3.89% | AAOIFI12.4% Usmani2.9% Dow Jones Islamic11.9% S&P Shariah13.0% MSCI Islamic2.9% MSCI Islamic M-Series13.0% FTSE Shariah2.9% |
| NP Neptune Insurance Holdings Inc | NON_COMPLIANT | 3.60% | AAOIFI0.0% Usmani0.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| ENVA Enova International Inc | NON_COMPLIANT | 3.33% | AAOIFI87.3% Usmani69.4% Dow Jones Islamic150.4% S&P Shariah180.7% MSCI Islamic69.4% MSCI Islamic M-Series180.7% FTSE Shariah69.4% |
| PNFP Pinnacle Financial Partners Inc | NON_COMPLIANT | 3.10% | AAOIFI16.1% Usmani1.9% Dow Jones Islamic27.2% S&P Shariah30.6% MSCI Islamic1.9% MSCI Islamic M-Series30.6% FTSE Shariah1.9% |
| First American Government Obligations Fund | UNSCREENED | 3.02% | no in-house ratios for this holding |
| WTFC Wintrust Financial Corp | NON_COMPLIANT | 2.87% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| QCRH Qcr Holdings Inc | NON_COMPLIANT | 2.78% | AAOIFI0.5% Usmani0.1% Dow Jones Islamic0.7% S&P Shariah0.7% MSCI Islamic0.1% MSCI Islamic M-Series0.7% FTSE Shariah0.1% |
| MCHB Mechanics Bancorp | NON_COMPLIANT | 2.09% | AAOIFI5.7% Usmani1.0% Dow Jones Islamic89.9% S&P Shariah96.6% MSCI Islamic1.0% MSCI Islamic M-Series96.6% FTSE Shariah1.0% |
| HOOD Robinhood Markets Inc | NON_COMPLIANT | 2.08% | AAOIFI0.2% Usmani0.4% Dow Jones Islamic0.3% S&P Shariah0.4% MSCI Islamic0.4% MSCI Islamic M-Series0.4% FTSE Shariah0.0% |
| OPFI Oppfi Inc | NON_COMPLIANT | 2.05% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| FRBT Forbright Inc | NON_COMPLIANT | 2.03% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| SEZL Sezzle Inc | COMPLIANT | 2.03% | AAOIFI0.0% Usmani0.1% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.1% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| FSBC Five Star Bancorp | NON_COMPLIANT | 1.97% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| RELY Remitly Global Inc | COMPLIANT | 1.96% | AAOIFI0.7% Usmani2.4% Dow Jones Islamic1.0% S&P Shariah1.0% MSCI Islamic2.4% MSCI Islamic M-Series1.0% FTSE Shariah0.2% |
| Dave Inc | UNSCREENED | 1.90% | no in-house ratios for this holding |
| Western Alliance Bancorp | UNSCREENED | 1.90% | no in-house ratios for this holding |
| Coastal Financial Corp/wa | UNSCREENED | 1.74% | no in-house ratios for this holding |
| TCBX Third Coast Bancshares Inc | NON_COMPLIANT | 1.72% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| MVBF Mvb Financial Corp | NON_COMPLIANT | 1.72% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| EWBC East West Bancorp Inc | NON_COMPLIANT | 1.70% | AAOIFI44.9% Usmani9.5% Dow Jones Islamic56.5% S&P Shariah64.1% MSCI Islamic9.5% MSCI Islamic M-Series64.1% FTSE Shariah9.5% |
| PRCH Porch Group Inc | COMPLIANT | 1.67% | AAOIFI21.3% Usmani49.5% Dow Jones Islamic35.2% S&P Shariah48.3% MSCI Islamic49.5% MSCI Islamic M-Series48.3% FTSE Shariah49.5% |
| FINW Finwise Bancorp | NON_COMPLIANT | 1.54% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| FIGR Figure Technology Solutions Inc | NON_COMPLIANT | 1.43% | AAOIFI3.7% Usmani10.6% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic10.6% MSCI Islamic M-Seriesfail FTSE Shariah10.5% |
| UMBF Umb Financial Corp | NON_COMPLIANT | 1.28% | AAOIFI5.5% Usmani0.8% Dow Jones Islamic7.5% S&P Shariah9.1% MSCI Islamic0.8% MSCI Islamic M-Series9.1% FTSE Shariah0.8% |
| SKWD Skyward Specialty Insurance Group Inc | NON_COMPLIANT | 1.26% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| PGY Pagaya Technologies Ltd | NON_COMPLIANT | 1.18% | AAOIFI16.6% Usmani18.8% Dow Jones Islamic21.6% S&P Shariah22.9% MSCI Islamic18.8% MSCI Islamic M-Series22.9% FTSE Shariah18.8% |
| TRIN Trinity Capital Inc | NON_COMPLIANT | 1.12% | AAOIFI87.1% Usmani54.0% Dow Jones Islamic153.3% S&P Shariah186.5% MSCI Islamic54.0% MSCI Islamic M-Series186.5% FTSE Shariah54.0% |
| BSVN Bank7 Corp | NON_COMPLIANT | 1.08% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| NCNO Ncino Inc | COMPLIANT | 1.05% | AAOIFI12.3% Usmani21.5% Dow Jones Islamic9.7% S&P Shariah9.1% MSCI Islamic18.3% MSCI Islamic M-Series9.1% FTSE Shariah17.5% |
| PLMR Palomar Holdings Inc | NON_COMPLIANT | 1.02% | AAOIFI8.4% Usmani7.5% Dow Jones Islamic9.1% S&P Shariah10.7% MSCI Islamic7.5% MSCI Islamic M-Series10.7% FTSE Shariah7.5% |
| AFRM Affirm Holdings Inc | NON_COMPLIANT | 0.96% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| SBCF Seacoast Banking Corp Of Florida | NON_COMPLIANT | 0.95% | AAOIFI3.4% Usmani0.5% Dow Jones Islamic4.3% S&P Shariah4.7% MSCI Islamic0.5% MSCI Islamic M-Series4.7% FTSE Shariah0.5% |
| FCBM First Carolina Financial Services Inc | NON_COMPLIANT | 0.92% | AAOIFI12.7% Usmani1.5% Dow Jones Islamic12.7% S&P Shariah12.7% MSCI Islamic1.5% MSCI Islamic M-Series12.7% FTSE Shariah1.5% |
| ABCB Ameris Bancorp | NON_COMPLIANT | 0.80% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| RKT Rocket Cos Inc | NON_COMPLIANT | 0.76% | AAOIFI27.1% Usmani17.7% Dow Jones Islamic24.8% S&P Shariah26.9% MSCI Islamic17.7% MSCI Islamic M-Series26.9% FTSE Shariah17.7% |
| PBAM Private Bancorp Of America Inc | NON_COMPLIANT | 0.64% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| UBSI United Bankshares Inc/wv | NON_COMPLIANT | 0.63% | AAOIFI109.1% Usmani21.1% Dow Jones Islamic133.5% S&P Shariah144.6% MSCI Islamic21.1% MSCI Islamic M-Series144.6% FTSE Shariah21.1% |
| BOW Bowhead Specialty Holdings Inc | NON_COMPLIANT | 0.56% | AAOIFI13.2% Usmani5.5% Dow Jones Islamic14.6% S&P Shariahfail MSCI Islamic5.5% MSCI Islamic M-Seriesfail FTSE Shariah5.5% |
| Compass Inc | UNSCREENED | 0.54% | no in-house ratios for this holding |
| AII American Integrity Insurance Group Inc | NON_COMPLIANT | 0.49% | AAOIFI0.1% Usmani0.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| CCNE Cnb Financial Corp/pa | NON_COMPLIANT | 0.37% | AAOIFI168.3% Usmani20.6% Dow Jones Islamic257.7% S&P Shariah298.7% MSCI Islamic20.6% MSCI Islamic M-Series298.7% FTSE Shariah20.6% |
| Ategrity Specialty Holdings Llc | UNSCREENED | 0.37% | no in-house ratios for this holding |
| MPB Mid Penn Bancorp Inc | NON_COMPLIANT | 0.34% | AAOIFI14.6% Usmani1.9% Dow Jones Islamic21.6% S&P Shariah25.6% MSCI Islamic1.9% MSCI Islamic M-Series25.6% FTSE Shariah1.9% |
| TWFG Twfg Inc | COMPLIANT | 0.27% | AAOIFI0.5% Usmani2.1% Dow Jones Islamic2.1% S&P Shariahpass MSCI Islamic2.1% MSCI Islamic M-Seriesfail FTSE Shariah0.8% |
| PWP Perella Weinberg Partners | NON_COMPLIANT | 0.21% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| GBFH Gbank Financial Holdings Inc | NON_COMPLIANT | 0.19% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariahfail MSCI Islamic0.0% MSCI Islamic M-Seriesfail FTSE Shariah0.0% |
| OPEN Opendoor Technologies Inc | NON_COMPLIANT | 0.13% | AAOIFI0.3% Usmani0.3% Dow Jones Islamic0.3% S&P Shariah0.3% MSCI Islamic0.3% MSCI Islamic M-Series0.3% FTSE Shariah0.0% |
| OPEN Opendoor Technologies Inc | NON_COMPLIANT | 0.00% | AAOIFI0.3% Usmani0.3% Dow Jones Islamic0.3% S&P Shariah0.3% MSCI Islamic0.3% MSCI Islamic M-Series0.3% FTSE Shariah0.0% |
| OPEN Opendoor Technologies Inc | NON_COMPLIANT | 0.00% | AAOIFI0.3% Usmani0.3% Dow Jones Islamic0.3% S&P Shariah0.3% MSCI Islamic0.3% MSCI Islamic M-Series0.3% FTSE Shariah0.0% |
| OPEN Opendoor Technologies Inc | NON_COMPLIANT | 0.00% | AAOIFI0.3% Usmani0.3% Dow Jones Islamic0.3% S&P Shariah0.3% MSCI Islamic0.3% MSCI Islamic M-Series0.3% FTSE Shariah0.0% |
The published standards disagree about this fund by 3 points of portfolio weight — 4.2% of it passes AAOIFI, 1.0% 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 4.2% ratios fail on 78.4% 17.6% not rated under AAOIFI
ratios pass on 1.0% ratios fail on 80.5% 18.6% not rated under Usmani
ratios pass on 2.2% ratios fail on 80.2% 17.7% not rated under Dow Jones Islamic
ratios pass on 2.5% ratios fail on 80.0% 17.7% not rated under S&P Shariah
ratios pass on 2.2% ratios fail on 80.5% 17.5% not rated under MSCI Islamic
ratios pass on 2.2% ratios fail on 80.4% 17.6% not rated under MSCI Islamic M-Series
ratios pass on 2.2% ratios fail on 80.5% 17.5% not rated under FTSE Shariah
47 of 57 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, 44 (84% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| ESQ Esquire Financial Holdings Inc | 4.92% |
| AX Axos Financial Inc | 4.63% |
| TBBK Bancorp Inc/the | 4.54% |
| CUBI Customers Bancorp Inc | 4.40% |
| HAPN Happen Inc | 4.22% |
| MCB Metropolitan Bank Holding Corp | 4.13% |
| CASH Pathward Financial Inc | 3.89% |
| NP Neptune Insurance Holdings Inc | 3.60% |
| ENVA Enova International Inc | 3.33% |
| PNFP Pinnacle Financial Partners Inc | 3.10% |
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Emerald Finance & Banking Innovation Fund (HSSAX) 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 |
|---|---|---|
| ESQEsquire Financial Holdings Inc | 4.92% | Non-compliant |
| AXAxos Financial Inc | 4.63% | Non-compliant |
| TBBKBancorp Inc/the | 4.54% | Non-compliant |
| CUBICustomers Bancorp Inc | 4.40% | Non-compliant |
| HAPNHappen Inc | 4.22% | Non-compliant |
| MCBMetropolitan Bank Holding Corp | 4.13% | Non-compliant |
| Northeast Banknot matched to a ticker | 4.11% | Not screened |
| CASHPathward Financial Inc | 3.89% | Non-compliant |
| NPNeptune Insurance Holdings Inc | 3.60% | Non-compliant |
| ENVAEnova International Inc | 3.33% | Non-compliant |
Top 10 of 57 holdings, 41.8% 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 HSSAX. 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) | 38.70 | NEUTRAL |
| Stochastic %K (14) | 42.54 | NEUTRAL |
| CCI (20) | -49.24 | NEUTRAL |
| Williams %R (14) | -57.46 | NEUTRAL |
| MACD (12,26,9) | 0.04 | BUY |
| ROC (10) | -1.33 | SELL |
| Momentum (10) | -0.42 | SELL |
| EMA (10) | 31.23 | SELL |
| SMA (10) | 31.05 | BUY |
| EMA (20) | 31.63 | SELL |
| SMA (20) | 31.58 | SELL |
| EMA (30) | 31.99 | SELL |
| SMA (30) | 32.22 | SELL |
| EMA (50) | 32.37 | SELL |
| SMA (50) | 32.97 | SELL |
| EMA (100) | 32.39 | SELL |
| SMA (100) | 32.71 | SELL |
| EMA (200) | 31.83 | SELL |
| SMA (200) | 31.68 | SELL |
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.