Is DIA (SPDR Dow Jones Industrial Average ETF) halal?

Q: Is DIA (SPDR Dow Jones Industrial Average ETF) halal?

HARAM: Dow Jones ETF — includes banks, pharmaceutical, and other mixed holdings. DIA's April 30, 2026 report shows $42.885 billion of assets and liquidity of 0.07% of assets; a comparable fund-level prohibited-income numerator is unavailable. The Dow includes capital markets (11.5%), consumer finance (4.0%), banks (3.9%), insurance (3.8%), beverages and entertainment, so the pass-through portfolio is not Sharia-screened.

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DIA

SPDR Dow Jones Industrial Average ETF

HARAM — DATA INCOMPLETEetf

Is DIA Halal?

Dow Jones ETF — includes banks, pharmaceutical, and other mixed holdings.

What You Should Know

DIA's April 30, 2026 report shows $42.885 billion of assets and liquidity of 0.07% of assets; a comparable fund-level prohibited-income numerator is unavailable. The Dow includes capital markets (11.5%), consumer finance (4.0%), banks (3.9%), insurance (3.8%), beverages and entertainment, so the pass-through portfolio is not Sharia-screened.

⚠️ Concerns

•JPMorgan, Goldman Sachs holdings
•No Sharia screening

Current quantitative Sharia screen

Based on N-30D figures for the period ended 2026-04-30; calculated 2026-07-14.

USD · millions

Interest-bearing debt / assets

0.00%Within limit

Below 33.333% under FTSE Yasaar

0 / 42,884.518

Cash + interest-bearing securities / assets

0.07%Within limit

Below 33.333% under FTSE Yasaar

30.456 / 42,884.518

Receivables + cash / assets

0.13%Within limit

Below 50% under FTSE Yasaar

54.633 / 42,884.518

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Incomplete	Incomplete	Debt/assets is 0.00%, liquidity/assets is 0.07% and receivables plus cash/assets is 0.13%; a comparable fund-level prohibited-income numerator is unavailable.
MSCI Islamic (total-assets series) October 2024 methodology	Pass	Incomplete	Debt/assets, liquidity/assets and receivables plus cash/assets are below the examined MSCI asset limits, but the underlying portfolio is not classified by a universal prohibited-revenue numerator.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Pass	Incomplete	Debt/assets and liquidity/assets are below the examined Malaysia limits; the pass-through portfolio remains qualitatively and methodologically incomplete.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Incomplete	A licensed historical market-cap series and a fund-level prohibited-income convention are not stored.

FTSE Yasaar

v4.6, February 2026

Financial: Incomplete
Overall: Incomplete

Debt/assets is 0.00%, liquidity/assets is 0.07% and receivables plus cash/assets is 0.13%; a comparable fund-level prohibited-income numerator is unavailable.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Pass
Overall: Incomplete

Debt/assets, liquidity/assets and receivables plus cash/assets are below the examined MSCI asset limits, but the underlying portfolio is not classified by a universal prohibited-revenue numerator.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Pass
Overall: Incomplete

Debt/assets and liquidity/assets are below the examined Malaysia limits; the pass-through portfolio remains qualitatively and methodologically incomplete.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Incomplete

A licensed historical market-cap series and a fund-level prohibited-income convention are not stored.

Business-activity disclosure

DIA is a Dow Jones Industrial Average pass-through ETF. The underlying portfolio includes conventional banks, capital markets, consumer finance, insurance, beverages, entertainment and mixed customer end uses.

Limitation: The report provides holdings and industry weights but no school-neutral prohibited-revenue allocation across every underlying issuer.

Purification

DIA passes through dividend income from underlying issuers; no scholar-approved purification percentage is inferred from the aggregate fund distribution.

Inputs, assumptions and primary sources

Amounts are USD millions from DIA's April 30, 2026 N-30D report.
The report shows USD 42,884.518 million of total assets, USD 30.456 million of cash and USD 24.177 million of dividend and in-kind receivables; no interest-bearing securities or debt balance is separately reported.
A comparable prohibited-income numerator is unavailable in the fund report.
Industry weights include capital markets 11.5%, consumer finance 4.0%, banks 3.9%, insurance 3.8%, beverages and entertainment; these are look-through observations, not a universal prohibited-revenue percentage.
ETF look-through ratios are not an official FTSE, MSCI or Malaysia classification.

State Street SPDR Dow Jones Industrial Average ETF Trust: SPDR Dow Jones Industrial Average ETF Trust N-30D report for April 30, 2026 FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.

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