XSOE
WisdomTree EM ex-State-Owned ETF
Is XSOE Halal?
Emerging markets excluding state-owned enterprises — better governance filter, not a Sharia screen.
What You Should Know
XSOE excludes companies with government ownership above 20% but is not Sharia-screened. Its March 2026 factsheet showed financials at 16.84%, with Al Rajhi Bank and HDFC Bank among named holdings alongside Tencent, Alibaba and other mixed-sector issuers.
⚠️ Concerns
- •Not Sharia-screened
- •16.84% financials exposure
- •Mixed bank, technology and communication holdings
Current quantitative Sharia screen
Based on Quarterly Factsheet figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 1,756.51
0 / 1,756.51
0 / 1,756.51
- Financial
- Incomplete
- Overall
- Incomplete
Fund-level debt, liquidity and receivables-plus-cash inputs are not separately disclosed, and a comparable prohibited-income numerator is unavailable.
- Financial
- Pass
- Overall
- Incomplete
The reported fund-level proxy inputs are below the examined MSCI asset limits, but the underlying portfolio has no universal prohibited-income classification.
- Financial
- Pass
- Overall
- Incomplete
The reported fund-level proxy inputs are below the examined Malaysia limits; the look-through portfolio remains qualitatively and methodologically incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series and fund-level prohibited-income convention are not stored.
Business-activity disclosure
XSOE is a pass-through emerging-markets ETF that excludes companies with government ownership above 20%, not companies with prohibited activities. Its March 2026 factsheet showed 16.84% financials exposure and named bank, technology, communication and consumer holdings; it is not Sharia-screened.
Limitation: The factsheet provides sector weights and selected holdings but no school-neutral prohibited-revenue allocation across every underlying issuer, and fund-level cash/debt lines are not separately disclosed.
Purification
Purification is not calculated because XSOE passes through distributions from underlying issuers and the factsheet does not provide a scholar-approved prohibited-income allocation.
Inputs, assumptions and primary sources
- USD millions from WisdomTree's official factsheet as of 31 March 2026; net assets were USD 1,756.51 million across 849 holdings.
- The factsheet does not separately disclose fund-level interest-bearing debt, cash, receivables or revenue; zeroes here mean not separately reported fund-level balances, not that every underlying issuer has zero exposure.
- Look-through observations include Financials at 16.84% of the portfolio, with Al Rajhi Bank at 1.48% and HDFC Bank at 1.01%, plus Tencent, Alibaba and other mixed-sector holdings. These observations are not converted into a universal prohibited-income percentage.
- XSOE excludes companies with government ownership above 20%, but that is not a Sharia screen; every underlying issuer still requires activity and financial review.
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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