PDBC
Invesco Optimum Yield Diversified Commodity ETF
Is PDBC Halal?
Commodity ETF using futures — gharar concerns.
What You Should Know
PDBC's April 30, 2026 report shows $6.343 billion of assets, with most assets in affiliated money-market investments and derivative collateral. Interest-like income is 100% of reported investment income in this conservative fund-level calculation. Its oil, metals and agricultural futures and swaps create gharar, leverage and settlement concerns beyond the preserved qualitative verdict.
⚠️ Concerns
- •Futures involve gharar
- •Yield optimization with interest-like income
Current quantitative Sharia screen
Based on N-CSRS figures for the period ended 2026-04-30; calculated 2026-07-14.
0 / 6,342.883
6,038.213 / 6,342.883
189.858 / 6,342.883
91.091 / 91.091
- Financial
- Fails
- Overall
- Fails
Debt/assets is 0.00%, liquidity/assets is 95.20% and receivables plus cash/assets is 2.99%; liquidity exceeds the examined limit and interest-like income is 100% of investment income.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 95.20%, above the examined MSCI asset limit; the derivative structure and interest-like collateral income are separately qualitative concerns.
- Financial
- Fails
- Overall
- Fails
Liquidity/assets is 95.20%, above the examined Malaysia limit; this is not an official SAC classification of a commodity pool.
- Financial
- Not calculated
- Overall
- Fails
Market-cap denominator methods do not apply cleanly to a commodity pool whose exposure is obtained through futures and swaps.
Business-activity disclosure
PDBC is a commodity pool using futures, swaps and affiliated money-market collateral to obtain diversified commodity exposure. Commodities such as gold, energy and agricultural products may be permissible assets, but derivative contracts, settlement, leverage and gharar require scholar-level review.
Limitation: The filing reports derivative and collateral income rather than operating-company revenue; it does not provide a school-neutral contract-compliance conclusion.
Purification
PDBC discloses interest-like income from unaffiliated and affiliated money-market investments, but no scholar-approved purification percentage is inferred from the commodity-pool distribution.
Inputs, assumptions and primary sources
- Amounts are USD millions from PDBC's April 30, 2026 semiannual report.
- The report shows USD 6,342.883 million of total assets, USD 5,866.603 million of affiliated money-market investments, USD 171.610 million of cash and derivative collateral, and USD 18.248 million of dividend and expense receivables.
- The report records USD 1.125 million of unaffiliated interest and USD 89.965 million of affiliated money-market dividend income; both are treated as interest-like income for this conservative fund-level screen, totaling 100% of investment income.
- PDBC uses futures, swaps and commodity baskets spanning energy, metals and agriculture; contract form, delivery, leverage and gharar concerns remain qualitative and methodology-dependent.
- ETF look-through ratios are not an official FTSE, MSCI or Malaysia classification.
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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