IPAVETF / FundGlobal X Infrastructure Development ex-U.S. ETF
Verdicts genuinely change. Free email alert the moment IPAV'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.
Global X Infrastructure Development ex-U.S. ETF ETF · GLOBAL X FUNDS
105 holdings · as of 2026-05-31 (4.7 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 47.54% of portfolio weight is in non-compliant holdings, over the 5% threshold.
105 holdings, 88 matched (88% of weight). Portfolio as of 2026-05-31, filed 2026-07-29. Source: SEC Form N-PORT.
0.66% of this portfolio’s income is non-permissible — weighted across holdings, computed over 87% of portfolio weight (85 of 105 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.
41.1% compliant 0.0% questionable 47.4% non-compliant 11.5% unscreened
All holdings (105)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| PRY.MI PRYSMIAN S.P.A. | COMPLIANT | 4.53% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| MT ArcelorMittal SA | NON_COMPLIANT | 4.30% | AAOIFI31.9% Usmani13.7% Dow Jones Islamic40.2% S&P Shariah46.6% MSCI Islamic13.7% MSCI Islamic M-Series46.6% FTSE Shariah13.7% |
| 4063.T Shin-Etsu Chemical Co., Ltd. | COMPLIANT | 4.16% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| Canadien Pacifique Kansas City Limitee | UNSCREENED | 3.17% | no in-house ratios for this holding |
| 005490.KS POSCO Holdings Inc. | NON_COMPLIANT | 3.14% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| CEMEXCPO.MX Cemex, S.A.B. de C.V. | NON_COMPLIANT | 3.13% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| CNI Canadian National Railway Company | COMPLIANT | 3.11% | AAOIFI22.7% Usmani38.5% Dow Jones Islamic25.4% S&P Shariah24.2% MSCI Islamic38.5% MSCI Islamic M-Series24.2% FTSE Shariah37.8% |
| KMTUY KOMATSU LTD. | NON_COMPLIANT | 3.10% | AAOIFI20.8% Usmani23.3% Dow Jones Islamic27.9% S&P Shariah30.2% MSCI Islamic22.1% MSCI Islamic M-Series30.2% FTSE Shariah22.1% |
| Epiroc Aktiebolag | UNSCREENED | 3.04% | no in-house ratios for this holding |
| CLNX.MC Cellnex Telecom S.A. | NON_COMPLIANT | 2.82% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| HOLN.SW Holcim AG | COMPLIANT | 2.79% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| TATASTEEL.NS TATA STEEL LIMITED | NON_COMPLIANT | 2.77% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| FER Ferrovial N.V. | COMPLIANT | 2.71% | AAOIFI29.5% Usmani38.0% Dow Jones Islamic30.9% S&P Shariah35.1% MSCI Islamic38.0% MSCI Islamic M-Series35.1% FTSE Shariah38.0% |
| DG.PA VINCI SA | NON_COMPLIANT | 2.66% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| LT.NS LARSEN AND TOUBRO LIMITED | COMPLIANT | 2.34% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| HEI.DE Heidelberg Materials AG | COMPLIANT | 2.27% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| ULTRACEMCO.NS ULTRATECH CEMENT LIMITED | COMPLIANT | 2.25% | AAOIFI7.1% Usmani17.5% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic16.8% MSCI Islamic M-Seriespass FTSE Shariah16.8% |
| 5401.T NIPPON STEEL CORPORATION | NON_COMPLIANT | 2.23% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| FGR.PA EIFFAGE SA | NON_COMPLIANT | 2.11% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| JSWSTEEL.BO JSW STEEL LIMITED | NON_COMPLIANT | 2.07% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 010120.KS LS ELECTRIC CO., LTD | COMPLIANT | 1.98% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| BSL.AX BLUESCOPE STEEL LIMITED | COMPLIANT | 1.64% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| ATKINSREALIS GROUP INC. | UNSCREENED | 1.64% | no in-house ratios for this holding |
| NKT.CO NKT A/S | COMPLIANT | 1.41% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| NEX.PA NEXANS SA | NON_COMPLIANT | 1.12% | AAOIFI32.2% Usmani25.6% Dow Jones Islamic— S&P Shariah— MSCI Islamic23.6% MSCI Islamic M-Series— FTSE Shariah23.6% |
| ANA.MC Acciona, S.A. | NON_COMPLIANT | 1.11% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| POLYCAB.NS POLYCAB INDIA LIMITED | COMPLIANT | 1.06% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| SAIPEM S.P.A. | UNSCREENED | 0.99% | no in-house ratios for this holding |
| SSAB-A.ST SSAB AB | COMPLIANT | 0.97% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| INDUSTOWER.NS INDUS TOWERS LIMITED | COMPLIANT | 0.95% | AAOIFIpass Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 5411.T JFE Holdings, Inc. | NON_COMPLIANT | 0.95% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 0788.HK China Tower Corporation Limited | NON_COMPLIANT | 0.95% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| GGBR4.SA GERDAU S.A. | NON_COMPLIANT | 0.94% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| VOE.VI voestalpine AG | NON_COMPLIANT | 0.93% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 028050.KS SAMSUNG E&A CO.,LTD | COMPLIANT | 0.90% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 1101.TW TCC Group Holdings CO., LTD. | NON_COMPLIANT | 0.87% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| AZJ.AX AURIZON HOLDINGS LIMITED | NON_COMPLIANT | 0.86% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| BBY.L BALFOUR BEATTY PLC | NON_COMPLIANT | 0.85% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| JINDALSTEL.NS JINDAL STEEL LIMITED | COMPLIANT | 0.81% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 5398.KL GAMUDA BERHAD | NON_COMPLIANT | 0.71% | AAOIFI32.7% Usmani33.0% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic32.5% MSCI Islamic M-Seriesfail FTSE Shariah32.5% |
| AALB.AS Aalberts N.V. | COMPLIANT | 0.70% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| BZU.MI Buzzi SpA | COMPLIANT | 0.66% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| AMBUJACEM.NS AMBUJA CEMENTS LIMITED | COMPLIANT | 0.63% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| KEI.NS KEI INDUSTRIES LIMITED | COMPLIANT | 0.56% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| ACX.MC Acerinox, S.A. | NON_COMPLIANT | 0.54% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 001440.KS Taihan Cable & Solution Co., Ltd. | COMPLIANT | 0.54% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| SAIL.NS STEEL AUTHORITY OF INDIA LIMITED | NON_COMPLIANT | 0.51% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 5805.T SWCC Corporation | COMPLIANT | 0.51% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 6305.T Hitachi Construction Machinery Co., Ltd. | NON_COMPLIANT | 0.50% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 1721.T COMSYS Holdings Corporation | COMPLIANT | 0.50% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| EXEO Group, Inc. | UNSCREENED | 0.48% | no in-house ratios for this holding |
| 5233.T TAIHEIYO CEMENT CORPORATION | NON_COMPLIANT | 0.48% | AAOIFI91.2% Usmani28.7% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic27.5% MSCI Islamic M-Seriesfail FTSE Shariah27.5% |
| 0914.HK ANHUI CONCH CEMENT COMPANY LIMITED | NON_COMPLIANT | 0.47% | AAOIFI32.1% Usmani10.5% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic10.4% MSCI Islamic M-Seriesfail FTSE Shariah10.4% |
| SCYR.MC Sacyr, S.A. | NON_COMPLIANT | 0.45% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| SKBN.TA SHIKUN & BINUI LTD | NON_COMPLIANT | 0.45% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| SHREECEM.NS SHREE CEMENT LIMITED | COMPLIANT | 0.43% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 1893.T PENTA-OCEAN CONSTRUCTION CO.,LTD. | NON_COMPLIANT | 0.42% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 5076.T INFRONEER Holdings Inc. | NON_COMPLIANT | 0.42% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| OUT1V.HE Outokumpu Oyj | COMPLIANT | 0.41% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| BUDIMEX SPOLKA AKCYJNA | UNSCREENED | 0.40% | no in-house ratios for this holding |
| HTWS.L HELIOS TOWERS PLC | NON_COMPLIANT | 0.40% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 3323.HK China National Building Material Company Limited | NON_COMPLIANT | 0.40% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| MAIRE.MI MAIRE S.P.A. | NON_COMPLIANT | 0.40% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| SHAPIR ENGINEERING AND INDUSTRY LTD | UNSCREENED | 0.39% | no in-house ratios for this holding |
| EREGLI DEMIR VE CELIK FABRIKALARI TURK ANONIM SIRKETI | UNSCREENED | 0.39% | no in-house ratios for this holding |
| 1102.TW Asia Cement Corporation | NON_COMPLIANT | 0.38% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| JKCEMENT.BO J. K. CEMENT LIMITED. | COMPLIANT | 0.37% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| 004020.KS HYUNDAI STEEL COMPANY | NON_COMPLIANT | 0.36% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| TITAN.NS Titan SA | COMPLIANT | 0.34% | AAOIFIpass Usmanifail Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahfail |
| INW.MI INFRASTRUTTURE WIRELESS ITALIANE S.P.A. | NON_COMPLIANT | 0.33% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| TX TERNIUM S.A. | NON_COMPLIANT | 0.33% | AAOIFI21.3% Usmani10.2% Dow Jones Islamic3.4% S&P Shariah3.5% MSCI Islamic10.2% MSCI Islamic M-Series3.5% FTSE Shariah10.2% |
| 241560.KS Doosan Bobcat Inc. | NON_COMPLIANT | 0.32% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 5444.T YAMATO KOGYO CO.,LTD. | NON_COMPLIANT | 0.31% | AAOIFI0.1% Usmani0.1% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic0.1% MSCI Islamic M-Seriesfail FTSE Shariah0.1% |
| JSL.NS JINDAL STAINLESS LIMITED | COMPLIANT | 0.31% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 0390.HK China Railway Group Limited | NON_COMPLIANT | 0.30% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| STR.VI STRABAG SE | NON_COMPLIANT | 0.30% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| KEPCO Engineering & Construction Company, Inc | UNSCREENED | 0.27% | no in-house ratios for this holding |
| 5463.T Maruichi Steel Tube Ltd. | COMPLIANT | 0.26% | AAOIFI1.9% Usmani1.7% Dow Jones Islamicfail S&P Shariahpass MSCI Islamic1.7% MSCI Islamic M-Seriesfail FTSE Shariah1.7% |
| ENKA INSAAT VE SANAYI ANONIM SIRKETI | UNSCREENED | 0.26% | no in-house ratios for this holding |
| KPIL.NS KALPATARU PROJECTS INTERNATIONAL LIMITED | COMPLIANT | 0.25% | AAOIFIpass Usmanipass Dow Jones Islamicfail S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| PEAB-B.ST Peab AB | NON_COMPLIANT | 0.25% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| DALBHARAT.NS DALMIA BHARAT LIMITED | COMPLIANT | 0.24% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| RVNL.NS Rail Vikas Nigam Ltd | COMPLIANT | 0.24% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 3336.KL IJM CORPORATION BERHAD | NON_COMPLIANT | 0.24% | AAOIFI65.4% Usmani31.1% Dow Jones Islamic— S&P Shariah— MSCI Islamic30.0% MSCI Islamic M-Series— FTSE Shariah30.0% |
| VICAT SA | UNSCREENED | 0.21% | no in-house ratios for this holding |
| 1157.HK Zoomlion Heavy Industry Science And Technology Co., Ltd | NON_COMPLIANT | 0.21% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 0552.HK China Communications Services Corporation Limited | NON_COMPLIANT | 0.21% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| WBD.MI WEBUILD S.P.A. | NON_COMPLIANT | 0.20% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahpass |
| RAMCOCEM.NS THE RAMCO CEMENTS LIMITED | COMPLIANT | 0.19% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| NMDC Group PJSC | UNSCREENED | 0.19% | no in-house ratios for this holding |
| 601868.SS China Energy Engineering Corporation Limited | NON_COMPLIANT | 0.18% | AAOIFI282.6% Usmani35.6% Dow Jones Islamic— S&P Shariah— MSCI Islamic35.2% MSCI Islamic M-Series— FTSE Shariah35.2% |
| IRB.NS IRB INFRASTRUCTURE DEVELOPERS LIMITED | NON_COMPLIANT | 0.15% | AAOIFI89.7% Usmani37.1% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic37.1% MSCI Islamic M-Seriesfail FTSE Shariah37.1% |
| Companhia Siderurgica Nacional S. A. | UNSCREENED | 0.13% | no in-house ratios for this holding |
| KEC.NS KEC INTERNATIONAL LIMITED | NON_COMPLIANT | 0.11% | AAOIFI48.2% Usmani22.5% Dow Jones Islamicfail S&P Shariahfail MSCI Islamic21.4% MSCI Islamic M-Seriesfail FTSE Shariah21.4% |
| CEM.MI Cementir Holding N.V. | COMPLIANT | 0.11% | AAOIFI6.4% Usmani7.6% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic5.1% MSCI Islamic M-Seriespass FTSE Shariah5.1% |
| 2233.HK WEST CHINA CEMENT LIMITED | NON_COMPLIANT | 0.08% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 6655.HK HUAXIN BUILDING MATERIALS GROUP CO., LTD. | NON_COMPLIANT | 0.08% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| EGL.LS Mota-Engil, SGPS, SA | NON_COMPLIANT | 0.08% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| 2610.HK Nanshan Aluminium International Holdings Limited | COMPLIANT | 0.06% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicpass MSCI Islamic M-Seriespass FTSE Shariahpass |
| 0323.HK MAANSHAN IRON & STEEL COMPANY LIMITED | NON_COMPLIANT | 0.06% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| 0347.HK Angang Steel Company Limited | NON_COMPLIANT | 0.02% | AAOIFIfail Usmanipass Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| TURKISH LIRA | UNSCREENED | 0.00% | no in-house ratios for this holding |
| TURKISH LIRA | UNSCREENED | 0.00% | no in-house ratios for this holding |
| BANK OF NEW YORK (THE) | UNSCREENED | 0.00% | no in-house ratios for this holding |
| BANK OF NEW YORK (THE) | UNSCREENED | 0.00% | no in-house ratios for this holding |
The published standards disagree about this fund by 29 points of portfolio weight — 63.8% of it passes FTSE Shariah, 34.4% passes MSCI Islamic M-Series. 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 44.3% ratios fail on 44.4% 11.6% not rated under AAOIFI
ratios pass on 59.3% ratios fail on 28.1% 12.9% not rated under Usmani
ratios pass on 39.4% ratios fail on 47.5% 13.4% not rated under Dow Jones Islamic
ratios pass on 37.3% ratios fail on 49.6% 13.4% not rated under S&P Shariah
ratios pass on 52.4% ratios fail on 35.8% 12.1% not rated under MSCI Islamic
ratios pass on 34.4% ratios fail on 52.5% 13.4% not rated under MSCI Islamic M-Series
ratios pass on 63.8% ratios fail on 23.3% 13.2% not rated under FTSE Shariah
88 of 105 listed holdings carry our own per-methodology verdicts (89% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 17 (20% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| MT ArcelorMittal SA | 4.30% |
| 005490.KS POSCO Holdings Inc. | 3.14% |
| CEMEXCPO.MX Cemex, S.A.B. de C.V. | 3.13% |
| KMTUY KOMATSU LTD. | 3.10% |
| CLNX.MC Cellnex Telecom S.A. | 2.82% |
| TATASTEEL.NS TATA STEEL LIMITED | 2.77% |
| DG.PA VINCI SA | 2.66% |
| 5401.T NIPPON STEEL CORPORATION | 2.23% |
| FGR.PA EIFFAGE SA | 2.11% |
| JSWSTEEL.BO JSW STEEL LIMITED | 2.07% |
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.
Global X Infrastructure Development ex-U.S. ETF (IPAV) 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 IPAV — 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
Not enough completed daily bars to compute pivots.
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) | 36.60 | NEUTRAL |
| Stochastic %K (14) | 11.06 | BUY |
| CCI (20) | -81.15 | NEUTRAL |
| Williams %R (14) | -88.94 | BUY |
| MACD (12,26,9) | -0.03 | SELL |
| ROC (10) | -3.68 | SELL |
| Momentum (10) | -1.14 | SELL |
| EMA (10) | 29.93 | SELL |
| SMA (10) | 29.86 | SELL |
| EMA (20) | 30.32 | SELL |
| SMA (20) | 30.35 | SELL |
| EMA (30) | 30.62 | SELL |
| SMA (30) | 30.79 | SELL |
| EMA (50) | 31.02 | SELL |
| SMA (50) | 31.38 | SELL |
| EMA (100) | 31.41 | SELL |
| SMA (100) | 31.76 | SELL |
| EMA (200) | 31.18 | SELL |
| SMA (200) | 31.85 | SELL |
About Global X Infrastructure Development ex-U.S. ETF
The fund invests at least 80% of its net assets, plus borrowings for investment purposes, in the securities of the index, which may include common stocks, ADRs and GDRs based on the securities in the index. The index is designed to provide exposure to equity securities listed and domiciled in international markets, including developed and emerging markets but excluding the U.S., that provide exposure to infrastructure development. The fund is non-diversified.
Background via Yahoo Finance — informational, not part of the verdict.
Weak — low conviction, small size or skip
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 |
| ⏱ 15-Min | NEUTRAL | 16 |
| ⏲ 5-Min | BEARISH | 50 |
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
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.