UMMA
Wahed Dow Jones Islamic World ETF
Is UMMA Halal?
Global Sharia-compliant equity ETF.
What You Should Know
UMMA tracks the Dow Jones Islamic Market International Titans 100 Index. Its February 28, 2026 N-PORT reports $230.211 million of assets, $0.127 million of liabilities and $2.353 million of cash; global holdings, purification and look-through activity remain incomplete.
⚠️ Concerns
- •Currency risk from international holdings
- •Emerging market volatility
- •Fund-level proxy ratios do not replace issuer-level review
Current quantitative Sharia screen
Based on Form N-PORT-P figures for the period ended 2026-02-28; calculated 2026-07-15.
0 / 230.211
2.353 / 230.211
2.353 / 230.211
- Financial
- Incomplete
- Overall
- Incomplete
The N-PORT supplies total assets and limited cash information but not complete fund-level revenue, debt, receivables or prohibited-income lines; underlying issuer review remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Proxy debt/assets, liquidity/assets and receivables-plus-cash/assets are 0.00%, 1.02% and 1.02%; unreported lines and look-through activity prevent a complete classification.
- Financial
- Pass
- Overall
- Incomplete
Reported proxy debt/assets and liquidity/assets are below the examined Malaysia limits; complete fund-level activity and income data are unavailable.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical fund look-through market-cap series is not stored.
Business-activity disclosure
UMMA invests in global ex-U.S. companies selected for Sharia characteristics and seeks Dow Jones Islamic Market International Titans exposure. The retained qualitative HALAL verdict is preserved, while holdings, methodology changes and purification require continuing review.
Limitation: The N-PORT does not provide a universal underlying prohibited-revenue numerator or complete fund-level operating-income statement.
Purification
The N-PORT does not provide a universal underlying prohibited-income allocation; ZakatInvest does not invent a purification percentage.
Inputs, assumptions and primary sources
- The February 28, 2026 N-PORT reports total assets of $230.211348 million, total liabilities of $0.127055 million and net assets of $230.084293 million.
- The N-PORT reports $2.353260 million of cash not reported in the schedule of investments and no fund-level borrowings; complete operating revenue and receivable lines are not provided.
- UMMA invests in non-U.S. companies selected for Sharia characteristics. TotalRevenue is zero because an ETF has no operating-company revenue denominator; this is not evidence of a financial pass for every underlying issuer.
- Underlying holdings, purification and scholar interpretation remain separate from fund-level proxy ratios.
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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