Verdicts genuinely change. Free email alert the moment ACFIX's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
WATER ISLAND CREDIT OPPORTUNITIES FUND · ARBITRAGE FUNDS
59 holdings
This fund holds short positions, so exposure is counted gross — long and short both count as exposure rather than netting off, and the weights below therefore sum to 119% of net assets rather than 100%. Shares of the portfolio are shown as shares of that gross exposure.
UNVERIFIED 7% of this fund's gross exposure is short across 16 positions. Our look-through asks what a fund owns and whether owning it is permissible; a short position is not ownership but an obligation to deliver something the fund does not hold, so a verdict computed as though this were a long-only portfolio would not describe it. The holdings are listed below, with the short positions marked.
59 holdings, 23 matched (37% of weight). Portfolio as of 2026-05-31, filed 2026-07-07. Source: SEC Form N-PORT.
0.94% of this portfolio’s income is non-permissible — weighted across holdings, computed over 24% of portfolio weight (16 of 59 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| MS Morgan Stanley & Co. LLC | NON_COMPLIANT | 11.83% | AAOIFI115.6% Usmani23.4% Dow Jones Islamic161.6% S&P Shariah189.1% MSCI Islamic23.4% MSCI Islamic M-Series189.1% FTSE Shariah23.4% |
| State Street Global Advisors | UNSCREENED | 11.83% | no in-house ratios for this holding |
| MORGAN STANLEY PRIME BROKER US | UNSCREENED | 8.16% | no in-house ratios for this holding |
| TXNM TXNM ENERGY INC | NON_COMPLIANT | 4.80% | AAOIFI85.5% Usmani45.0% Dow Jones Islamic101.3% S&P Shariah117.1% MSCI Islamic45.0% MSCI Islamic M-Series117.1% FTSE Shariah44.6% |
| CHART INDUSTRIES INC | UNSCREENED | 3.77% | no in-house ratios for this holding |
| TXNM TXNM Energy Inc | NON_COMPLIANT | 3.74% | AAOIFI85.5% Usmani45.0% Dow Jones Islamic101.3% S&P Shariah117.1% MSCI Islamic45.0% MSCI Islamic M-Series117.1% FTSE Shariah44.6% |
| DISH DBS CORP | UNSCREENED | 3.68% | no in-house ratios for this holding |
| NATL NCR ATLEOS LLC | NON_COMPLIANT | 3.47% | AAOIFI87.4% Usmani51.8% Dow Jones Islamic111.7% S&P Shariah127.3% MSCI Islamic51.8% MSCI Islamic M-Series127.3% FTSE Shariah49.3% |
| CVNA CARVANA CO | COMPLIANT | 3.27% | AAOIFI6.8% Usmani38.2% Dow Jones Islamic8.2% S&P Shariah10.9% MSCI Islamic38.2% MSCI Islamic M-Series10.9% FTSE Shariah35.5% |
| Olaplex Inc | UNSCREENED | 3.15% | no in-house ratios for this holding |
| ECHO ECHOSTAR CORP | NON_COMPLIANT | 3.08% | AAOIFI65.9% Usmani44.9% Dow Jones Islamic95.2% S&P Shariah127.3% MSCI Islamic44.6% MSCI Islamic M-Series127.3% FTSE Shariah44.2% |
| LIVE NATION ENTERTAINMEN | UNSCREENED | 2.96% | no in-house ratios for this holding |
| KENNEDY-WILSON INC | UNSCREENED | 2.96% | no in-house ratios for this holding |
| NTNX NUTANIX INC | COMPLIANT | 2.93% | AAOIFI8.3% Usmani30.0% Dow Jones Islamic9.2% S&P Shariah9.9% MSCI Islamic29.9% MSCI Islamic M-Series9.9% FTSE Shariah26.6% |
| BSY BENTLEY SYSTEMS | COMPLIANT | 2.83% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| VARONIS SYSTEM INC | UNSCREENED | 2.81% | no in-house ratios for this holding |
| ZS ZSCALER INC. | COMPLIANT | 2.72% | AAOIFI7.7% Usmani23.6% Dow Jones Islamic5.6% S&P Shariah5.9% MSCI Islamic23.6% MSCI Islamic M-Series5.9% FTSE Shariah21.6% |
| ORGANON & CO/ORGANON FOR | UNSCREENED | 2.64% | no in-house ratios for this holding |
| REDFIN CORP | UNSCREENED | 2.55% | no in-house ratios for this holding |
| KEHE DIST/FIN / NEXTWAVE | UNSCREENED | 2.47% | no in-house ratios for this holding |
| WESCO DISTRIBUTION INC | UNSCREENED | 2.08% | no in-house ratios for this holding |
| BAUSCH + LOMB CORP | UNSCREENED | 2.02% | no in-house ratios for this holding |
| CLEAR CHANNEL OUTDOOR HO | UNSCREENED | 1.96% | no in-house ratios for this holding |
| NEW FLYER HOLDINGS | UNSCREENED | 1.91% | no in-house ratios for this holding |
| ORGANON & CO/ORGANON FOR | UNSCREENED | 1.76% | no in-house ratios for this holding |
| WISDOMTREE INC | UNSCREENED | 1.76% | no in-house ratios for this holding |
| NEXSTAR MEDIA INC | UNSCREENED | 1.75% | no in-house ratios for this holding |
| EMRLD Borrower LP | UNSCREENED | 1.61% | no in-house ratios for this holding |
| TOPBUILD CORP | UNSCREENED | 1.49% | no in-house ratios for this holding |
| RPD RAPID7 INC | NON_COMPLIANT | 1.41% | AAOIFI9.1% Usmani3.9% Dow Jones Islamic4.9% S&P Shariah3.6% MSCI Islamic3.9% MSCI Islamic M-Series3.6% FTSE Shariah0.0% |
| UNITED STATES STEEL CORP | UNSCREENED | 1.37% | no in-house ratios for this holding |
| iShares iBoxx USD High Yield Corporate Bond ETF | UNSCREENED | 1.19% | no in-house ratios for this holding |
| SURGERY CENTER HOLDINGS | UNSCREENED | 1.19% | no in-house ratios for this holding |
| Rand Parent, LLC | UNSCREENED | 1.18% | no in-house ratios for this holding |
| DISH DBS CORP | UNSCREENED | 1.18% | no in-house ratios for this holding |
| CHART INDUSTRIES INC | UNSCREENED | 1.10% | no in-house ratios for this holding |
| RPD RAPID7 INC | NON_COMPLIANT | 1.04% | AAOIFI9.1% Usmani3.9% Dow Jones Islamic4.9% S&P Shariah3.6% MSCI Islamic3.9% MSCI Islamic M-Series3.6% FTSE Shariah0.0% |
| WisdomTree Inc | UNSCREENED | 0.85% | no in-house ratios for this holding |
| NTNX Nutanix Inc | COMPLIANT | 0.84% | AAOIFI8.3% Usmani30.0% Dow Jones Islamic9.2% S&P Shariah9.9% MSCI Islamic29.9% MSCI Islamic M-Series9.9% FTSE Shariah26.6% |
| KENNEDY-WILSON INC | UNSCREENED | 0.73% | no in-house ratios for this holding |
| IHEARTCOMMUNICATIONS INC | UNSCREENED | 0.71% | no in-house ratios for this holding |
| SWAP MORGAN STANLEY COC | UNSCREENED | 0.63% | no in-house ratios for this holding |
| CLEAR CHANNEL OUTDOOR HO | UNSCREENED | 0.59% | no in-house ratios for this holding |
| VRNS Varonis Systems Inc | NON_COMPLIANT | 0.55% | AAOIFI11.5% Usmani31.9% Dow Jones Islamic10.8% S&P Shariah10.9% MSCI Islamic31.9% MSCI Islamic M-Series10.9% FTSE Shariah27.3% |
| IHEARTCOMMUNICATIONS INC | UNSCREENED | 0.54% | no in-house ratios for this holding |
| OGN Organon & Co | NON_COMPLIANT | 0.42% | AAOIFI236.4% Usmani64.9% Dow Jones Islamic282.4% S&P Shariah250.1% MSCI Islamic64.9% MSCI Islamic M-Series250.1% FTSE Shariah64.9% |
| GLADSTONE CAPITAL CORP | UNSCREENED | 0.40% | no in-house ratios for this holding |
| Kennedy-Wilson Holdings Inc | UNSCREENED | 0.30% | no in-house ratios for this holding |
| ZS Zscaler Inc | COMPLIANT | 0.16% | AAOIFI7.7% Usmani23.6% Dow Jones Islamic5.6% S&P Shariah5.9% MSCI Islamic23.6% MSCI Islamic M-Series5.9% FTSE Shariah21.6% |
| BSY Bentley Systems Inc | COMPLIANT | 0.10% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| MS Morgan Stanley & Co. LLC | NON_COMPLIANT | 0.09% | AAOIFI115.6% Usmani23.4% Dow Jones Islamic161.6% S&P Shariah189.1% MSCI Islamic23.4% MSCI Islamic M-Series189.1% FTSE Shariah23.4% |
| Gladstone Capital Corp | UNSCREENED | 0.07% | no in-house ratios for this holding |
| MS Morgan Stanley & Co. LLC | NON_COMPLIANT | 0.07% | AAOIFI115.6% Usmani23.4% Dow Jones Islamic161.6% S&P Shariah189.1% MSCI Islamic23.4% MSCI Islamic M-Series189.1% FTSE Shariah23.4% |
| MS Morgan Stanley & Co. LLC | NON_COMPLIANT | 0.06% | AAOIFI115.6% Usmani23.4% Dow Jones Islamic161.6% S&P Shariah189.1% MSCI Islamic23.4% MSCI Islamic M-Series189.1% FTSE Shariah23.4% |
| TOPBUILD CORP | UNSCREENED | 0.05% | no in-house ratios for this holding |
| RPD Rapid7 Inc | NON_COMPLIANT | 0.03% | AAOIFI9.1% Usmani3.9% Dow Jones Islamic4.9% S&P Shariah3.6% MSCI Islamic3.9% MSCI Islamic M-Series3.6% FTSE Shariah0.0% |
| IHRT iHeartMedia Inc | NON_COMPLIANT | 0.03% | AAOIFI1254.8% Usmani118.8% Dow Jones Islamic1382.4% S&P Shariah1497.1% MSCI Islamic118.8% MSCI Islamic M-Series1497.1% FTSE Shariah103.9% |
| SGRY Surgery Partners Inc | NON_COMPLIANT | 0.00% | AAOIFI216.2% Usmani61.8% Dow Jones Islamic156.6% S&P Shariah137.6% MSCI Islamic50.4% MSCI Islamic M-Series137.6% FTSE Shariah46.6% |
| MS Morgan Stanley & Co. LLC | NON_COMPLIANT | 0.00% | AAOIFI115.6% Usmani23.4% Dow Jones Islamic161.6% S&P Shariah189.1% MSCI Islamic23.4% MSCI Islamic M-Series189.1% FTSE Shariah23.4% |
The published standards disagree about this fund by 4 points of portfolio weight — 10.5% of it passes AAOIFI, 6.7% passes Usmani. Which number is yours depends on which standard you follow.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 10.5% ratios fail on 27.0% 81.4% not rated under AAOIFI
ratios pass on 6.7% ratios fail on 18.2% 94.0% not rated under Usmani
ratios pass on 10.5% ratios fail on 27.0% 81.4% not rated under Dow Jones Islamic
ratios pass on 10.5% ratios fail on 24.5% 83.9% not rated under S&P Shariah
ratios pass on 6.7% ratios fail on 18.2% 94.0% not rated under MSCI Islamic
ratios pass on 10.5% ratios fail on 27.0% 81.4% not rated under MSCI Islamic M-Series
ratios pass on 6.7% ratios fail on 18.2% 94.0% not rated under FTSE Shariah
13 of 59 listed holdings carry our own per-methodology verdicts (43% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 12 (41% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| MSMorgan Stanley & Co. LLC | 11.83% | Non-compliant |
| State Street Global Advisorsnot matched to a ticker | 11.83% | Not screened |
| MORGAN STANLEY PRIME BROKER USnot matched to a ticker | 8.16% | Not screened |
| TXNMTXNM ENERGY INC | 4.80% | Non-compliant |
| CHART INDUSTRIES INCnot matched to a ticker | 3.77% | Not screened |
| TXNMTXNM Energy Inc · short | 3.74% | Non-compliant |
| DISH DBS CORPnot matched to a ticker | 3.68% | Not screened |
| NATLNCR ATLEOS LLC | 3.47% | Non-compliant |
| CVNACARVANA CO | 3.27% | Compliant |
| Olaplex Incnot matched to a ticker | 3.15% | Not screened |
Top 10 of 59 holdings, 57.7% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for ACFIX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
ℹ️ no compliance scan has run for 3 days - this is not a reading of today
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
This fund prices once a day, so its bars carry no intraday high or low — floor-trader pivots are not defined for it.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 46.00 | NEUTRAL |
| Stochastic %K (14) | 66.67 | NEUTRAL |
| CCI (20) | -12.51 | NEUTRAL |
| Williams %R (14) | -33.33 | NEUTRAL |
| MACD (12,26,9) | 0.00 | BUY |
| ROC (10) | 0.00 | NEUTRAL |
| Momentum (10) | 0.00 | NEUTRAL |
| EMA (10) | 9.77 | SELL |
| SMA (10) | 9.77 | SELL |
| EMA (20) | 9.77 | SELL |
| SMA (20) | 9.76 | SELL |
| EMA (30) | 9.77 | SELL |
| SMA (30) | 9.77 | SELL |
| EMA (50) | 9.77 | SELL |
| SMA (50) | 9.77 | SELL |
| EMA (100) | 9.75 | BUY |
| SMA (100) | 9.76 | SELL |
| EMA (200) | 9.68 | BUY |
| SMA (200) | 9.69 | BUY |
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.