Screen first
Start from companies currently held by SPUS, which tracks the S&P 500 Sharia Industry Exclusions Index and applies an AAOIFI-oriented screen.
Hypothetical test from June 15, 2025 · forward record from August 17, 2026
AEA Halal
Growth 50
Fifty Sharia-screened U.S. companies, spread across nine sectors and deliberately tilted toward technology. Every company begins at the same 2% weight, because a growth index should not quietly become a five-stock bet.
New here? Start with the four rules, explore the sector map, then search the complete holdings. Everything needed to challenge the construction is on this page.
You cannot invest directly in this index.
An investable ETF would require a licensed sponsor, legal and regulatory work, a custodian, an exchange listing, audited operations, and qualified Sharia supervision. None of that exists here. This is a student research project showing how I would define, select, weight, and maintain a benchmark.
The mandate
Growth, after the screen.
The order matters. A company first has to appear in the current holdings of an AAOIFI-screened U.S. equity ETF. Only then does the index consider growth exposure and sector construction. The screen is the eligibility gate; the growth tilt decides which eligible names make the final 50.
- Constituents
- 50 U.S.-listed companies
- Sectors
- 9 Deliberate breadth
- Technology
- 46% 23 equal-weight names
- Company weight
- 2% Reset each quarter
- Backtest start
- Jun. 15 2025 · hypothetical
Select fifty
Favor durable growth engines—semiconductors, cloud, cybersecurity, medical innovation, electrification, logistics, and digital platforms—while preserving real sector breadth.
Equal weight
Assign 2% to every constituent at rebalance. The rule reduces single-company dominance and makes selection matter more than market capitalization.
Review the evidence
Check eligibility monthly and rebalance quarterly. A confirmed compliance failure triggers removal; a replacement must come from the screened universe and the same sector sleeve where practical.
Historical reconstruction
A price chart—with the asterisk where you can see it.
Hypothetical backtestStart date: June 15, 2025First market observation: June 16, 2025
This asks what a $1,000 starting level would have become if the current 50 companies had been equal-weighted and rebalanced quarterly from June 15, 2025. It is useful for studying the construction—but it is not a live return, because the August 2026 constituent list is being applied to an earlier period.
Index level—Loading latest close
Index return—Since hypothetical start
Benchmark range—QQQ · SPY · VOO · VTI
Maximum drawdown—Backtest peak to trough
AEA HG50Loading history…
AEA Halal Growth 50QQQSPYVOOVTI
Loading historical reconstruction…
The important limitation
The companies were selected in August 2026, then applied backward to June 2025. That introduces look-ahead and survivorship bias: the chart knows which companies survived the screen and made the final list. It is not evidence that this exact portfolio could have been selected with information available in June 2025.
Sector construction
A tech tilt, not a tech monoculture.
Technology receives 23 of 50 seats. The remaining 27 are deliberately distributed across health care, consumer businesses, industrial infrastructure, energy, materials, staples, real estate, and communication services.
Choose a sector to see the companies behind the percentage.
46%23 companies
Information TechnologyNVDA, AAPL, MSFT, AVGO, MU, AMD, CSCO, LRCX, AMAT, PANW, KLAC, ORCL, TXN, SNDK, IBM, CRWD, STX, ANET, MRVL, ADI, QCOM, CRM, NOW
View these holdings ↓Initial composition · August 17, 2026
All fifty constituents.
Every row is 2.00% at launch. Filter by sector or download the full file. Inclusion means the company appeared in the source screen on the selection date; it is not a permanent religious ruling or a recommendation to buy.
50 companies
| # | Ticker | Company | Sector | Role in the index | Weight |
|---|---|---|---|---|---|
| 01 | NVDA | NVIDIA | Technology | Accelerated computing | 2.00% |
| 02 | AAPL | Apple | Technology | Consumer technology platform | 2.00% |
| 03 | MSFT | Microsoft | Technology | Cloud and enterprise software | 2.00% |
| 04 | AVGO | Broadcom | Technology | Semiconductors and infrastructure software | 2.00% |
| 05 | MU | Micron Technology | Technology | Memory semiconductors | 2.00% |
| 06 | AMD | Advanced Micro Devices | Technology | High-performance computing | 2.00% |
| 07 | CSCO | Cisco Systems | Technology | Networking infrastructure | 2.00% |
| 08 | LRCX | Lam Research | Technology | Semiconductor equipment | 2.00% |
| 09 | AMAT | Applied Materials | Technology | Semiconductor equipment | 2.00% |
| 10 | PANW | Palo Alto Networks | Technology | Cybersecurity | 2.00% |
| 11 | KLAC | KLA | Technology | Process control equipment | 2.00% |
| 12 | ORCL | Oracle | Technology | Database and cloud infrastructure | 2.00% |
| 13 | TXN | Texas Instruments | Technology | Analog semiconductors | 2.00% |
| 14 | SNDK | Sandisk | Technology | Flash storage | 2.00% |
| 15 | IBM | IBM | Technology | Hybrid cloud and enterprise AI | 2.00% |
| 16 | CRWD | CrowdStrike | Technology | Cloud-native cybersecurity | 2.00% |
| 17 | STX | Seagate Technology | Technology | Data storage | 2.00% |
| 18 | ANET | Arista Networks | Technology | Data-center networking | 2.00% |
| 19 | MRVL | Marvell Technology | Technology | Data infrastructure semiconductors | 2.00% |
| 20 | ADI | Analog Devices | Technology | Analog and mixed-signal chips | 2.00% |
| 21 | QCOM | Qualcomm | Technology | Wireless semiconductors | 2.00% |
| 22 | CRM | Salesforce | Technology | Enterprise applications | 2.00% |
| 23 | NOW | ServiceNow | Technology | Digital workflow software | 2.00% |
| 24 | LLY | Eli Lilly | Health Care | Innovative medicines | 2.00% |
| 25 | JNJ | Johnson & Johnson | Health Care | Diversified health care | 2.00% |
| 26 | ABBV | AbbVie | Health Care | Biopharmaceuticals | 2.00% |
| 27 | MRK | Merck | Health Care | Biopharmaceuticals | 2.00% |
| 28 | TMO | Thermo Fisher Scientific | Health Care | Life-science tools | 2.00% |
| 29 | ABT | Abbott Laboratories | Health Care | Medical devices and diagnostics | 2.00% |
| 30 | ISRG | Intuitive Surgical | Health Care | Robotic surgery | 2.00% |
| 31 | VRTX | Vertex Pharmaceuticals | Health Care | Specialty biopharmaceuticals | 2.00% |
| 32 | TSLA | Tesla | Consumer Discretionary | Electric vehicles and energy storage | 2.00% |
| 33 | HD | Home Depot | Consumer Discretionary | Home improvement retail | 2.00% |
| 34 | TJX | TJX Companies | Consumer Discretionary | Off-price retail | 2.00% |
| 35 | BKNG | Booking Holdings | Consumer Discretionary | Online travel marketplace | 2.00% |
| 36 | LOW | Lowe's | Consumer Discretionary | Home improvement retail | 2.00% |
| 37 | GEV | GE Vernova | Industrials | Power generation and grid equipment | 2.00% |
| 38 | UNP | Union Pacific | Industrials | Freight rail | 2.00% |
| 39 | UBER | Uber Technologies | Industrials | Mobility and delivery platform | 2.00% |
| 40 | VRT | Vertiv | Industrials | Data-center power and cooling | 2.00% |
| 41 | TT | Trane Technologies | Industrials | Climate and building systems | 2.00% |
| 42 | GOOGL | Alphabet | Communication Services | Search, cloud, and digital platforms | 2.00% |
| 43 | XOM | Exxon Mobil | Energy | Integrated energy | 2.00% |
| 44 | COP | ConocoPhillips | Energy | Exploration and production | 2.00% |
| 45 | LIN | Linde | Materials | Industrial gases | 2.00% |
| 46 | NEM | Newmont | Materials | Gold mining | 2.00% |
| 47 | PG | Procter & Gamble | Consumer Staples | Household and personal care | 2.00% |
| 48 | PEP | PepsiCo | Consumer Staples | Food and beverages | 2.00% |
| 49 | WELL | Welltower | Real Estate | Health-care real estate | 2.00% |
| 50 | PLD | Prologis | Real Estate | Logistics real estate | 2.00% |
Forward record
The scorecard starts now.
I could manufacture a beautiful backtest. I would rather make one decision in public and live with the result. The index begins at 1,000.00 on August 17, 2026; every later change will be dated instead of quietly rewritten.
- Aug. 17, 2026Composition locked50 companies, 2% each, launch level 1,000.00.
- MonthlyEligibility checkConfirm that every constituent remains in the screened source universe.
- QuarterlyScheduled rebalanceRestore equal weights and apply the published seat-count rules.
- As evidence changesRevision, with receiptsPublish additions, deletions, and the reason for each one.
Methodology
The rules are part of the product.
An index is useful only if someone else can understand how it changes. These are the rules I would have to follow even when my favorite company no longer qualifies.
- Eligible universe
- U.S.-listed common equities appearing in the published holdings of SPUS on the selection date. Cash and non-equity positions are excluded.
- Selection
- Fifty companies chosen for a combination of growth relevance and sector breadth. Technology receives 23 seats; other sleeves have fixed seat counts shown above.
- Weighting
- Equal weight: 2.00% per company at each rebalance. No company-level discretion between rebalances.
- Maintenance
- Eligibility reviewed monthly. Constituents and weights reset after the final trading day of March, June, September, and December.
- Extraordinary deletion
- A company confirmed absent from the screened source universe for compliance reasons may be removed before the quarterly review. Its weight remains cash until the next scheduled rebalance.
- Performance record
- The live forward record begins at 1,000.00 on August 17, 2026. The separate June 2025 chart is a labeled hypothetical reconstruction using the August 2026 constituents; it is never presented as a live track record.
Source record and limits
Screened does not mean certified by me.
Constituent source. The initial 50 are drawn from SPUS holdings published by SP Funds on August 17, 2026. SP Funds states that SPUS follows the S&P 500 Sharia Industry Exclusions Index and an AAOIFI-oriented process. The source universe can change as companies' businesses, leverage, cash, receivables, and other inputs change.
Religious limitation. I am not an Islamic scholar, this index has no Sharia supervisory board, and inclusion is not a fatwa. Different scholars and index providers may reach different conclusions. Investors should verify current compliance using a qualified source.
Investment limitation. This is not an offer, solicitation, recommendation, fund, ETF, advisory service, or model portfolio for an individual. It has no fees or trading-cost assumptions and no live assets. Equal weighting can create turnover and tax consequences in a real account.
SP Funds: SPUS holdings and fund information S&P Shariah Indices Methodology AEA Halal Investing Guide