SMCFETF / FundThemes US Small Cap Cash Flow Champions ETF
Verdicts genuinely change. Free email alert the moment SMCF'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.
Themes US Small Cap Cash Flow Champions ETF · Themes ETF Trust
75 holdings
NON-COMPLIANT 50.58% of portfolio weight is in non-compliant holdings, over the 5% threshold.
75 holdings, 59 matched (81% of weight). Portfolio as of 2026-06-30, filed 2026-08-24. Source: SEC Form N-PORT.
7.16% of this portfolio’s income is non-permissible — weighted across holdings, computed over 59% of portfolio weight (44 of 75 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.
30.0% compliant 0.0% questionable 50.6% non-compliant 19.4% unscreened
All holdings (75)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| EWBC East West Bancorp Inc | NON_COMPLIANT | 5.42% | AAOIFI44.9% Usmani9.5% Dow Jones Islamic56.5% S&P Shariah64.1% MSCI Islamic9.5% MSCI Islamic M-Series64.1% FTSE Shariah9.5% |
| NXT Nextpower Inc | COMPLIANT | 4.49% | AAOIFI0.3% Usmani0.9% Dow Jones Islamic0.4% S&P Shariah0.5% MSCI Islamic0.9% MSCI Islamic M-Series0.5% FTSE Shariah0.0% |
| Reinsurance Group of America I | UNSCREENED | 4.29% | no in-house ratios for this holding |
| RNR RenaissanceRe Holdings Ltd | NON_COMPLIANT | 4.28% | AAOIFI17.0% Usmani4.2% Dow Jones Islamic18.5% S&P Shariah19.2% MSCI Islamic4.2% MSCI Islamic M-Series19.2% FTSE Shariah4.2% |
| MLI Mueller Industries Inc | COMPLIANT | 3.96% | AAOIFI0.2% Usmani0.6% Dow Jones Islamic0.2% S&P Shariah0.3% MSCI Islamic0.6% MSCI Islamic M-Series0.3% FTSE Shariah0.1% |
| Fidelity National Financial In | UNSCREENED | 3.72% | no in-house ratios for this holding |
| APA APA Corp | NON_COMPLIANT | 3.41% | AAOIFI25.9% Usmani21.6% Dow Jones Islamic42.6% S&P Shariah41.4% MSCI Islamic21.6% MSCI Islamic M-Series41.4% FTSE Shariah20.8% |
| DINO HF Sinclair Corp | COMPLIANT | 3.27% | AAOIFI16.9% Usmani17.1% Dow Jones Islamic34.7% S&P Shariah34.5% MSCI Islamic16.6% MSCI Islamic M-Series34.5% FTSE Shariah14.6% |
| UMBF UMB Financial Corp | NON_COMPLIANT | 3.17% | AAOIFI5.5% Usmani0.8% Dow Jones Islamic7.5% S&P Shariah9.1% MSCI Islamic0.8% MSCI Islamic M-Series9.1% FTSE Shariah0.8% |
| BLDR Builders FirstSource Inc | NON_COMPLIANT | 2.98% | AAOIFI91.9% Usmani46.3% Dow Jones Islamic41.1% S&P Shariah34.5% MSCI Islamic46.3% MSCI Islamic M-Series34.5% FTSE Shariah40.5% |
| ALKS Alkermes PLC | COMPLIANT | 2.50% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| Hanover Insurance Group Inc/Th | UNSCREENED | 2.33% | no in-house ratios for this holding |
| JXN Jackson Financial Inc | NON_COMPLIANT | 2.12% | AAOIFI29.9% Usmani0.8% Dow Jones Islamic40.4% S&P Shariah46.2% MSCI Islamic0.8% MSCI Islamic M-Series46.2% FTSE Shariah0.8% |
| CHRD Chord Energy Corp | COMPLIANT | 1.99% | AAOIFI18.8% Usmani11.0% Dow Jones Islamic23.8% S&P Shariah23.8% MSCI Islamic11.0% MSCI Islamic M-Series23.8% FTSE Shariah10.8% |
| MTG MGIC Investment Corp | NON_COMPLIANT | 1.91% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| SIGI Selective Insurance Group Inc | NON_COMPLIANT | 1.78% | AAOIFI9.2% Usmani3.3% Dow Jones Islamic9.9% S&P Shariah9.5% MSCI Islamic3.3% MSCI Islamic M-Series9.5% FTSE Shariah3.3% |
| WFRD Weatherford International PLC | COMPLIANT | 1.76% | AAOIFI26.7% Usmani33.0% Dow Jones Islamic29.9% S&P Shariah26.6% MSCI Islamic31.8% MSCI Islamic M-Series26.6% FTSE Shariah29.0% |
| ENVA Enova International Inc | NON_COMPLIANT | 1.75% | AAOIFI87.3% Usmani69.4% Dow Jones Islamic150.4% S&P Shariah180.7% MSCI Islamic69.4% MSCI Islamic M-Series180.7% FTSE Shariah69.4% |
| GTX Garrett Motion Inc | COMPLIANT | 1.74% | AAOIFI30.6% Usmani61.9% Dow Jones Islamic45.9% S&P Shariah52.7% MSCI Islamic61.9% MSCI Islamic M-Series52.7% FTSE Shariah59.7% |
| OZK Bank OZK | NON_COMPLIANT | 1.70% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| White Mountains Insurance Grou | UNSCREENED | 1.54% | no in-house ratios for this holding |
| EBC Eastern Bankshares Inc | NON_COMPLIANT | 1.51% | AAOIFI7.8% Usmani1.3% Dow Jones Islamic10.2% S&P Shariah11.9% MSCI Islamic1.3% MSCI Islamic M-Series11.9% FTSE Shariah1.3% |
| BFH Bread Financial Holdings Inc | NON_COMPLIANT | 1.51% | AAOIFI101.5% Usmani19.3% Dow Jones Islamic143.0% S&P Shariah165.3% MSCI Islamic19.3% MSCI Islamic M-Series165.3% FTSE Shariah19.3% |
| YOU Clear Secure Inc | COMPLIANT | 1.50% | AAOIFI1.5% Usmani7.0% Dow Jones Islamic2.3% S&P Shariah2.8% MSCI Islamic7.0% MSCI Islamic M-Series2.8% FTSE Shariah0.0% |
| HESM Hess Midstream LP | NON_COMPLIANT | 1.50% | AAOIFI44.7% Usmani86.5% Dow Jones Islamic87.9% S&P Shariah105.7% MSCI Islamic86.5% MSCI Islamic M-Series105.7% FTSE Shariah86.5% |
| VIRT Virtu Financial Inc | NON_COMPLIANT | 1.47% | AAOIFI21.8% Usmani7.4% Dow Jones Islamic32.2% S&P Shariah39.0% MSCI Islamic7.4% MSCI Islamic M-Series39.0% FTSE Shariah7.4% |
| MUR Murphy Oil Corp | NON_COMPLIANT | 1.34% | AAOIFI43.3% Usmani22.0% Dow Jones Islamic53.3% S&P Shariah47.5% MSCI Islamic22.0% MSCI Islamic M-Series47.5% FTSE Shariah15.1% |
| FBP First BanCorp/Puerto Rico | NON_COMPLIANT | 1.26% | AAOIFI6.7% Usmani1.5% Dow Jones Islamic8.6% S&P Shariah9.3% MSCI Islamic1.5% MSCI Islamic M-Series9.3% FTSE Shariah1.5% |
| CALM Cal-Maine Foods Inc | COMPLIANT | 1.13% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| TPC Tutor Perini Corp | COMPLIANT | 1.11% | AAOIFI10.0% Usmani8.7% Dow Jones Islamic16.4% S&P Shariah21.9% MSCI Islamic8.7% MSCI Islamic M-Series21.9% FTSE Shariah7.4% |
| STNG Scorpio Tankers Inc | NON_COMPLIANT | 1.01% | AAOIFI15.1% Usmani15.8% Dow Jones Islamic21.1% S&P Shariah19.9% MSCI Islamic15.8% MSCI Islamic M-Series19.9% FTSE Shariah15.8% |
| PLMR Palomar Holdings Inc | NON_COMPLIANT | 1.00% | AAOIFI8.4% Usmani7.5% Dow Jones Islamic9.1% S&P Shariah10.7% MSCI Islamic7.5% MSCI Islamic M-Series10.7% FTSE Shariah7.5% |
| SFNC Simmons First National Corp | NON_COMPLIANT | 1.00% | AAOIFI9.6% Usmani1.3% Dow Jones Islamic12.0% S&P Shariah13.1% MSCI Islamic1.3% MSCI Islamic M-Series13.1% FTSE Shariah1.3% |
| NMIH NMI Holdings Inc | NON_COMPLIANT | 0.95% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| NTCT NetScout Systems Inc | COMPLIANT | 0.93% | AAOIFI1.5% Usmani1.7% Dow Jones Islamic2.0% S&P Shariah2.2% MSCI Islamic1.7% MSCI Islamic M-Series2.2% FTSE Shariah0.0% |
| Dave Inc | UNSCREENED | 0.90% | no in-house ratios for this holding |
| EEFT Euronet Worldwide Inc | NON_COMPLIANT | 0.88% | AAOIFI101.6% Usmani43.2% Dow Jones Islamic75.9% S&P Shariah70.3% MSCI Islamic43.2% MSCI Islamic M-Series70.3% FTSE Shariah40.9% |
| MCY Mercury General Corp | NON_COMPLIANT | 0.87% | AAOIFI16.3% Usmani9.0% Dow Jones Islamic22.0% S&P Shariah25.8% MSCI Islamic9.0% MSCI Islamic M-Series25.8% FTSE Shariah9.0% |
| RNG RingCentral Inc | COMPLIANT | 0.86% | AAOIFI17.6% Usmani84.3% Dow Jones Islamic38.1% S&P Shariah39.9% MSCI Islamic84.3% MSCI Islamic M-Series39.9% FTSE Shariah81.1% |
| Kiniksa Pharmaceuticals Intern | UNSCREENED | 0.85% | no in-house ratios for this holding |
| SYM Symbotic Inc | NON_COMPLIANT | 0.83% | AAOIFI0.1% Usmani0.7% Dow Jones Islamic0.1% S&P Shariah0.1% MSCI Islamic0.7% MSCI Islamic M-Series0.1% FTSE Shariah0.0% |
| VC Visteon Corp | COMPLIANT | 0.82% | AAOIFI15.8% Usmani12.6% Dow Jones Islamic16.4% S&P Shariah15.4% MSCI Islamic12.6% MSCI Islamic M-Series15.4% FTSE Shariah8.7% |
| Park National Corp | UNSCREENED | 0.80% | no in-house ratios for this holding |
| TBBK Bancorp Inc/The | NON_COMPLIANT | 0.80% | AAOIFI269.0% Usmani79.6% Dow Jones Islamic270.7% S&P Shariah295.8% MSCI Islamic79.6% MSCI Islamic M-Series295.8% FTSE Shariah79.6% |
| First Bancorp/Southern Pines N | UNSCREENED | 0.79% | no in-house ratios for this holding |
| MGNI Magnite Inc | COMPLIANT | 0.77% | AAOIFI12.3% Usmani14.0% Dow Jones Islamic18.0% S&P Shariah20.7% MSCI Islamic14.0% MSCI Islamic M-Series20.7% FTSE Shariah11.8% |
| FBK FB Financial Corp | NON_COMPLIANT | 0.72% | AAOIFI11.0% Usmani1.9% Dow Jones Islamic12.2% S&P Shariah13.9% MSCI Islamic1.9% MSCI Islamic M-Series13.9% FTSE Shariah1.9% |
| RAMP LiveRamp Holdings Inc | COMPLIANT | 0.71% | AAOIFI1.4% Usmani2.6% Dow Jones Islamic1.7% S&P Shariah1.7% MSCI Islamic2.6% MSCI Islamic M-Series1.7% FTSE Shariah0.0% |
| Artisan Partners Asset Managem | UNSCREENED | 0.67% | no in-house ratios for this holding |
| OFG OFG Bancorp | NON_COMPLIANT | 0.66% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| PGNY Progyny Inc | COMPLIANT | 0.65% | AAOIFI1.4% Usmani3.8% Dow Jones Islamic1.5% S&P Shariah1.2% MSCI Islamic3.8% MSCI Islamic M-Series1.2% FTSE Shariah0.0% |
| Horace Mann Educators Corp | UNSCREENED | 0.64% | no in-house ratios for this holding |
| First American Treasury Obliga | UNSCREENED | 0.63% | no in-house ratios for this holding |
| ADMA ADMA Biologics Inc | COMPLIANT | 0.60% | AAOIFIpass Usmanipass Dow Jones Islamicpass S&P Shariahpass MSCI Islamicfail MSCI Islamic M-Seriespass FTSE Shariahpass |
| HCI HCI Group Inc | NON_COMPLIANT | 0.58% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| AMR Alpha Metallurgical Resources | COMPLIANT | 0.54% | AAOIFI0.2% Usmani0.3% Dow Jones Islamic0.3% S&P Shariah0.2% MSCI Islamic0.3% MSCI Islamic M-Series0.2% FTSE Shariah0.3% |
| Innovative Industrial Properti | UNSCREENED | 0.53% | no in-house ratios for this holding |
| Harmony Biosciences Holdings I | UNSCREENED | 0.51% | no in-house ratios for this holding |
| NBHC National Bank Holdings Corp | NON_COMPLIANT | 0.51% | AAOIFI10.8% Usmani1.6% Dow Jones Islamic12.9% S&P Shariah13.9% MSCI Islamic1.6% MSCI Islamic M-Series13.9% FTSE Shariah1.6% |
| Teekay Tankers Ltd | UNSCREENED | 0.49% | no in-house ratios for this holding |
| DXC DXC Technology Co | NON_COMPLIANT | 0.47% | AAOIFI224.0% Usmani33.5% Dow Jones Islamic156.3% S&P Shariah135.8% MSCI Islamic32.3% MSCI Islamic M-Series135.8% FTSE Shariah27.1% |
| TRIP TripAdvisor Inc | NON_COMPLIANT | 0.47% | AAOIFI78.5% Usmani35.3% Dow Jones Islamic79.4% S&P Shariah119.1% MSCI Islamic33.8% MSCI Islamic M-Series119.1% FTSE Shariah32.6% |
| TDOC Teladoc Health Inc | NON_COMPLIANT | 0.46% | AAOIFI90.7% Usmani37.5% Dow Jones Islamic74.9% S&P Shariah58.5% MSCI Islamic37.5% MSCI Islamic M-Series58.5% FTSE Shariah36.1% |
| YELP Yelp Inc | COMPLIANT | 0.44% | AAOIFI1.6% Usmani2.4% Dow Jones Islamic1.2% S&P Shariah1.0% MSCI Islamic2.4% MSCI Islamic M-Series1.0% FTSE Shariah0.0% |
| LOB Live Oak Bancshares Inc | NON_COMPLIANT | 0.43% | AAOIFI5.7% Usmani0.7% Dow Jones Islamic6.3% S&P Shariah6.4% MSCI Islamic0.7% MSCI Islamic M-Series6.4% FTSE Shariah0.7% |
| Westamerica BanCorp | UNSCREENED | 0.43% | no in-house ratios for this holding |
| VEON VEON Ltd | NON_COMPLIANT | 0.40% | AAOIFI83.3% Usmani34.1% Dow Jones Islamic3.6% S&P Shariah4.6% MSCI Islamic34.1% MSCI Islamic M-Series4.6% FTSE Shariah34.1% |
| CNA CNA Financial Corp | NON_COMPLIANT | 0.33% | AAOIFI22.7% Usmani4.3% Dow Jones Islamic25.0% S&P Shariah26.6% MSCI Islamic4.3% MSCI Islamic M-Series26.6% FTSE Shariah4.3% |
| FG F&G Annuities & Life Inc | NON_COMPLIANT | 0.30% | AAOIFI68.3% Usmani2.2% Dow Jones Islamic52.6% S&P Shariah51.3% MSCI Islamic2.2% MSCI Islamic M-Series51.3% FTSE Shariah2.2% |
| BULL Webull Corp | NON_COMPLIANT | 0.28% | AAOIFI0.3% Usmani0.3% Dow Jones Islamic0.2% S&P Shariah0.2% MSCI Islamic0.3% MSCI Islamic M-Series0.2% FTSE Shariah0.0% |
| FLNG FLEX LNG Ltd | NON_COMPLIANT | 0.26% | AAOIFI107.9% Usmani70.4% Dow Jones Islamic143.7% S&P Shariah150.3% MSCI Islamic70.4% MSCI Islamic M-Series150.3% FTSE Shariah70.4% |
| Coursera Inc | UNSCREENED | 0.25% | no in-house ratios for this holding |
| CNXN PC Connection Inc | COMPLIANT | 0.24% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| CMRE Costamare Inc | NON_COMPLIANT | 0.19% | AAOIFI80.6% Usmani39.2% Dow Jones Islamic95.3% S&P Shariah100.2% MSCI Islamic39.2% MSCI Islamic M-Series100.2% FTSE Shariah39.2% |
| PLTK Playtika Holding Corp | NON_COMPLIANT | 0.08% | AAOIFI299.1% Usmani76.2% Dow Jones Islamic148.2% S&P Shariah126.3% MSCI Islamic76.2% MSCI Islamic M-Series126.3% FTSE Shariah72.4% |
The published standards disagree about this fund by 10 points of portfolio weight — 23.4% of it passes AAOIFI, 13.2% 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 23.4% ratios fail on 46.8% 29.8% not rated under AAOIFI
ratios pass on 21.3% ratios fail on 52.9% 25.8% not rated under Usmani
ratios pass on 13.7% ratios fail on 57.6% 28.7% not rated under Dow Jones Islamic
ratios pass on 15.5% ratios fail on 55.8% 28.7% not rated under S&P Shariah
ratios pass on 13.2% ratios fail on 62.0% 24.7% not rated under MSCI Islamic
ratios pass on 13.7% ratios fail on 57.6% 28.7% not rated under MSCI Islamic M-Series
ratios pass on 20.8% ratios fail on 53.3% 25.8% not rated under FTSE Shariah
59 of 75 listed holdings carry our own per-methodology verdicts (81% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 53 (73% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| EWBC East West Bancorp Inc | 5.42% |
| RNR RenaissanceRe Holdings Ltd | 4.28% |
| APA APA Corp | 3.41% |
| UMBF UMB Financial Corp | 3.17% |
| BLDR Builders FirstSource Inc | 2.98% |
| JXN Jackson Financial Inc | 2.12% |
| MTG MGIC Investment Corp | 1.91% |
| SIGI Selective Insurance Group Inc | 1.78% |
| ENVA Enova International Inc | 1.75% |
| OZK Bank OZK | 1.70% |
Trade setup
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Themes US Small Cap Cash Flow Champions ETF (SMCF) 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.
Screened on its holdings, not its name
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 |
|---|---|---|
| EWBCEast West Bancorp Inc | 5.42% | Non-compliant |
| NXTNextpower Inc | 4.49% | Compliant |
| Reinsurance Group of America Inot matched to a ticker | 4.29% | Not screened |
| RNRRenaissanceRe Holdings Ltd | 4.28% | Non-compliant |
| MLIMueller Industries Inc | 3.96% | Compliant |
| Fidelity National Financial Innot matched to a ticker | 3.72% | Not screened |
| APAAPA Corp | 3.41% | Non-compliant |
| DINOHF Sinclair Corp | 3.27% | Compliant |
| UMBFUMB Financial Corp | 3.17% | Non-compliant |
| BLDRBuilders FirstSource Inc | 2.98% | Non-compliant |
Top 10 of 75 holdings, 39.0% of the fund by weight. Every holding is screened, not only these.
What holds the number back
The positions keeping this fund short of 100% compliant by weight.
- EWBCnon-compliant5.42%
- Reinsurance Group of America Inot screened4.29%
- RNRnon-compliant4.28%
- Fidelity National Financial Innot screened3.72%
- APAnon-compliant3.41%
- UMBFnon-compliant3.17%
What changed, and when
Verdict history for SMCF. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
- 2026-09-07 No change recorded No verdict change for SMCF has been recorded since tracking began. The scan ledger records that the compliance detectors ran, not which symbols each pass covered.
ℹ️ no compliance scan has run for 2 days - this is not a reading of today
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Not enough completed daily bars to compute pivots.
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.
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.
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.