BWDAXETF / FundBoyd Watterson Limited Duration Enhanced Income Fund
Verdicts genuinely change. Free email alert the moment BWDAX's does — no target price to set, unlike a price alert.
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.
Boyd Watterson Limited Duration Enhanced Income Fund · NORTHERN LIGHTS FUND TRUST III
168 holdings
NON-COMPLIANT At least 25.98% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 66% turns out to be. Matching more holdings can only raise this share, never lower it.
9.41% of that is conventional interest-bearing debt, identified from the fund's own filing rather than by screening an issuer. Sukuk are deliberately excluded from this test and are never counted here.
168 holdings, 43 matched (34% of weight). Portfolio as of 2026-06-30, filed 2026-08-28. Source: SEC Form N-PORT.
0.85% of this portfolio’s income is non-permissible — weighted across holdings, computed over 18% of portfolio weight (35 of 168 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.
All holdings (168)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT | NON_COMPLIANT | 5.27% | no in-house ratios for this holding |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT | NON_COMPLIANT | 4.14% | no in-house ratios for this holding |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2021-4 | UNSCREENED | 1.67% | no in-house ratios for this holding |
| FIRST INVESTORS AUTO OWNER TRUST 20 | UNSCREENED | 1.46% | no in-house ratios for this holding |
| MS MORGAN STANLEY | NON_COMPLIANT | 1.39% | AAOIFI115.6% Usmani23.4% Dow Jones Islamic161.6% S&P Shariah189.1% MSCI Islamic23.4% MSCI Islamic M-Series189.1% FTSE Shariah23.4% |
| COF CAPITAL ONE FINANCIAL CORP | NON_COMPLIANT | 1.37% | AAOIFI38.5% Usmani7.6% Dow Jones Islamic49.3% S&P Shariah60.5% MSCI Islamic7.6% MSCI Islamic M-Series60.5% FTSE Shariah7.6% |
| NEUBERGER BERMAN CLO XVII LTD | UNSCREENED | 1.29% | no in-house ratios for this holding |
| Sandstone Peak Ltd. | UNSCREENED | 1.15% | no in-house ratios for this holding |
| MTZ MASTEC INC | COMPLIANT | 1.09% | AAOIFI16.4% Usmani33.2% Dow Jones Islamic19.2% S&P Shariah24.0% MSCI Islamic29.6% MSCI Islamic M-Series24.0% FTSE Shariah25.1% |
| PAA PLAINS ALL AMERICAN PIPELINE LP | NON_COMPLIANT | 1.05% | AAOIFI47.6% Usmani29.6% Dow Jones Islamic68.6% S&P Shariah74.7% MSCI Islamic29.6% MSCI Islamic M-Series74.7% FTSE Shariah28.9% |
| BRIDGECREST LENDING AUTO SECURITIZATION TRUST 2023-1 | UNSCREENED | 1.03% | no in-house ratios for this holding |
| IBP INSTALLED BUILDING PRODUCTS INC | COMPLIANT | 1.02% | AAOIFI18.7% Usmani53.2% Dow Jones Islamic19.1% S&P Shariah20.1% MSCI Islamic52.7% MSCI Islamic M-Series20.1% FTSE Shariah47.2% |
| MAGNETITE XLI LTD | UNSCREENED | 1.02% | no in-house ratios for this holding |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 | UNSCREENED | 1.02% | no in-house ratios for this holding |
| BOOZ ALLEN HAMILTON INC | UNSCREENED | 1.01% | no in-house ratios for this holding |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2022-2 | UNSCREENED | 0.99% | no in-house ratios for this holding |
| ICG US CLO 2015-2R LTD | UNSCREENED | 0.97% | no in-house ratios for this holding |
| OHA CREDIT PARTNERS XIV LTD | UNSCREENED | 0.95% | no in-house ratios for this holding |
| BAC BANK OF AMERICA CORP | NON_COMPLIANT | 0.94% | AAOIFI77.5% Usmani9.7% Dow Jones Islamic95.9% S&P Shariah105.7% MSCI Islamic9.7% MSCI Islamic M-Series105.7% FTSE Shariah9.7% |
| BATTALION CLO XI LTD | UNSCREENED | 0.89% | no in-house ratios for this holding |
| VOYA CLO 2013-1 LTD | UNSCREENED | 0.88% | no in-house ratios for this holding |
| VOLKSWAGEN GROUP OF AMERICA FINANCE LLC | UNSCREENED | 0.87% | no in-house ratios for this holding |
| AGL CLO 22 LTD | UNSCREENED | 0.87% | no in-house ratios for this holding |
| PERMIAN RESOURCES OPERATING LLC | UNSCREENED | 0.86% | no in-house ratios for this holding |
| MTH MERITAGE HOMES CORP | NON_COMPLIANT | 0.86% | AAOIFI13.1% Usmani7.6% Dow Jones Islamic11.9% S&P Shariah11.1% MSCI Islamic7.6% MSCI Islamic M-Series11.1% FTSE Shariah7.6% |
| HBAN HUNTINGTON BANCSHARES INC | NON_COMPLIANT | 0.86% | AAOIFI68.2% Usmani8.2% Dow Jones Islamic90.2% S&P Shariah102.6% MSCI Islamic8.2% MSCI Islamic M-Series102.6% FTSE Shariah8.2% |
| MURPHY OIL USA INC | UNSCREENED | 0.85% | no in-house ratios for this holding |
| NEUBERGER BERMAN LOAN ADVISERS CLO 42 LTD | UNSCREENED | 0.85% | no in-house ratios for this holding |
| ANTERO MIDSTREAM PARTNERS LP / ANTERO MIDSTREAM FINANCE CORP | UNSCREENED | 0.84% | no in-house ratios for this holding |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2026-1 | UNSCREENED | 0.84% | no in-house ratios for this holding |
| FIRSTCASH INC | UNSCREENED | 0.83% | no in-house ratios for this holding |
| CIFC FUNDING 2014-IV-R LTD | UNSCREENED | 0.82% | no in-house ratios for this holding |
| Hayward Industries | UNSCREENED | 0.82% | no in-house ratios for this holding |
| Hayward Industries | UNSCREENED | 0.82% | no in-house ratios for this holding |
| AGL CLO 25 LTD | UNSCREENED | 0.82% | no in-house ratios for this holding |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-1 | UNSCREENED | 0.81% | no in-house ratios for this holding |
| ICG US CLO 2015-2R LTD | UNSCREENED | 0.81% | no in-house ratios for this holding |
| CARMAX AUTO OWNER TRUST 2023-1 | UNSCREENED | 0.81% | no in-house ratios for this holding |
| Sandstone Peak, Ltd | UNSCREENED | 0.79% | no in-house ratios for this holding |
| CRS CARPENTER TECHNOLOGY CORP | COMPLIANT | 0.76% | AAOIFI3.2% Usmani19.0% Dow Jones Islamic4.9% S&P Shariah6.4% MSCI Islamic19.0% MSCI Islamic M-Series6.4% FTSE Shariah18.0% |
| MUR MURPHY OIL CORP | NON_COMPLIANT | 0.76% | AAOIFI43.3% Usmani22.0% Dow Jones Islamic53.3% S&P Shariah47.5% MSCI Islamic22.0% MSCI Islamic M-Series47.5% FTSE Shariah15.1% |
| APEX CREDIT CLO 2020 LTD | UNSCREENED | 0.76% | no in-house ratios for this holding |
| PFGC PERFORMANCE FOOD GROUP INC | NON_COMPLIANT | 0.75% | AAOIFI38.5% Usmani41.3% Dow Jones Islamic41.6% S&P Shariah45.7% MSCI Islamic31.7% MSCI Islamic M-Series45.7% FTSE Shariah26.6% |
| HB Fuller | UNSCREENED | 0.75% | no in-house ratios for this holding |
| First Investors Auto Owner Trust 2022-1 | UNSCREENED | 0.72% | no in-house ratios for this holding |
| LPX LOUISIANA PACIFIC CORP | COMPLIANT | 0.72% | AAOIFI8.0% Usmani14.5% Dow Jones Islamic6.1% S&P Shariah6.5% MSCI Islamic14.5% MSCI Islamic M-Series6.5% FTSE Shariah13.3% |
| SM SM ENERGY COMPANY | NON_COMPLIANT | 0.71% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| JP MORGAN CHASE & COMPANY | UNSCREENED | 0.69% | no in-house ratios for this holding |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2020-1 | UNSCREENED | 0.69% | no in-house ratios for this holding |
| DAR DARLING INGREDIENTS INC | NON_COMPLIANT | 0.68% | AAOIFI42.8% Usmani34.7% Dow Jones Islamic52.9% S&P Shariah54.0% MSCI Islamic34.7% MSCI Islamic M-Series54.0% FTSE Shariah32.6% |
| SILVER POINT CLO 1 LTD | UNSCREENED | 0.68% | no in-house ratios for this holding |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 | UNSCREENED | 0.67% | no in-house ratios for this holding |
| First Investors Auto Owner Trust 2022-1 | UNSCREENED | 0.67% | no in-house ratios for this holding |
| GS GOLDMAN SACHS GROUP INC (THE) | NON_COMPLIANT | 0.67% | AAOIFI147.5% Usmani20.6% Dow Jones Islamic194.6% S&P Shariah229.2% MSCI Islamic20.6% MSCI Islamic M-Series229.2% FTSE Shariah20.6% |
| BWX TECHNOLOGIES INC | UNSCREENED | 0.67% | no in-house ratios for this holding |
| Johnstone Supply | UNSCREENED | 0.67% | no in-house ratios for this holding |
| SOUND POINT CLO XV LTD | UNSCREENED | 0.67% | no in-house ratios for this holding |
| Genesee & Wyoming | UNSCREENED | 0.66% | no in-house ratios for this holding |
| WMS ADVANCED DRAINAGE SYSTEMS INC | COMPLIANT | 0.66% | AAOIFI16.0% Usmani40.8% Dow Jones Islamic16.1% S&P Shariah15.7% MSCI Islamic37.4% MSCI Islamic M-Series15.7% FTSE Shariah35.8% |
| ATS.TO ATS CORP | NON_COMPLIANT | 0.66% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicpass MSCI Islamic M-Seriesfail FTSE Shariahpass |
| SERVICE CORPORATION INTERNATIONAL | UNSCREENED | 0.65% | no in-house ratios for this holding |
| Quikrete | UNSCREENED | 0.65% | no in-house ratios for this holding |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2024-2 | UNSCREENED | 0.63% | no in-house ratios for this holding |
| FCX FREEPORT-MCMORAN INC | COMPLIANT | 0.61% | AAOIFI12.2% Usmani16.8% Dow Jones Islamic14.2% S&P Shariah14.9% MSCI Islamic16.8% MSCI Islamic M-Series14.9% FTSE Shariah15.3% |
| TOPBUILD CORP | UNSCREENED | 0.60% | no in-house ratios for this holding |
| HALSEYPOINT CLO 4 LTD | UNSCREENED | 0.60% | no in-house ratios for this holding |
| CIFC FUNDING 2014-IV-R LTD | UNSCREENED | 0.59% | no in-house ratios for this holding |
| BOYNE USA INC | UNSCREENED | 0.59% | no in-house ratios for this holding |
| MADISON PARK FUNDING XXXIV LTD | UNSCREENED | 0.56% | no in-house ratios for this holding |
| SUN SUNOCO LP | NON_COMPLIANT | 0.56% | AAOIFI104.9% Usmani51.6% Dow Jones Islamic133.3% S&P Shariah140.0% MSCI Islamic49.6% MSCI Islamic M-Series140.0% FTSE Shariah44.5% |
| OCTAGON INVESTMENT PARTNERS 41 LTD | UNSCREENED | 0.55% | no in-house ratios for this holding |
| TRS TRIMAS CORP | NON_COMPLIANT | 0.55% | AAOIFI30.8% Usmani19.5% Dow Jones Islamic34.9% S&P Shariah37.2% MSCI Islamic19.4% MSCI Islamic M-Series37.2% FTSE Shariah17.7% |
| Tcw Clo 2020-1 Ltd / Tcw Clo 2020-1 LLC | UNSCREENED | 0.55% | no in-house ratios for this holding |
| NEUBERGER BERMAN LOAN ADVISERS CLO 45 LTD | UNSCREENED | 0.54% | no in-house ratios for this holding |
| MADISON PARK FUNDING XIV LTD | UNSCREENED | 0.54% | no in-house ratios for this holding |
| CARMAX SELECT RECEIVABLES TRUST 2026-A | UNSCREENED | 0.53% | no in-house ratios for this holding |
| BIRCH GROVE CLO 12 LTD | UNSCREENED | 0.53% | no in-house ratios for this holding |
| EQT EQT CORP | COMPLIANT | 0.52% | AAOIFI16.4% Usmani13.7% Dow Jones Islamic18.1% S&P Shariah21.8% MSCI Islamic13.7% MSCI Islamic M-Series21.8% FTSE Shariah13.7% |
| NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP | UNSCREENED | 0.52% | no in-house ratios for this holding |
| GENESEE & WYOMING INC | UNSCREENED | 0.52% | no in-house ratios for this holding |
| SUN SUNOCO LP | NON_COMPLIANT | 0.51% | AAOIFI104.9% Usmani51.6% Dow Jones Islamic133.3% S&P Shariah140.0% MSCI Islamic49.6% MSCI Islamic M-Series140.0% FTSE Shariah44.5% |
| FORD MOTOR CREDIT COMPANY LLC | UNSCREENED | 0.51% | no in-house ratios for this holding |
| FIRST INVESTORS AUTO OWNER TRUST 2022-2 | UNSCREENED | 0.51% | no in-house ratios for this holding |
| SERVICE CORPORATION INTERNATIONAL | UNSCREENED | 0.51% | no in-house ratios for this holding |
| MAGNETITE XXVIII LTD | UNSCREENED | 0.51% | no in-house ratios for this holding |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2023-2 | UNSCREENED | 0.51% | no in-house ratios for this holding |
| PATK PATRICK INDUSTRIES INC | NON_COMPLIANT | 0.51% | AAOIFI62.1% Usmani51.4% Dow Jones Islamic51.9% S&P Shariah58.1% MSCI Islamic51.4% MSCI Islamic M-Series58.1% FTSE Shariah44.2% |
| GHC GRAHAM HOLDINGS CO | QUESTIONABLE | 0.50% | AAOIFI25.8% Usmani15.4% Dow Jones Islamic29.5% S&P Shariah33.0% MSCI Islamic15.4% MSCI Islamic M-Series33.0% FTSE Shariah10.3% |
| FORD MOTOR CREDIT COMPANY LLC | UNSCREENED | 0.50% | no in-house ratios for this holding |
| KORN FERRY | UNSCREENED | 0.50% | no in-house ratios for this holding |
| MTDR MATADOR RESOURCES COMPANY | NON_COMPLIANT | 0.50% | AAOIFI57.6% Usmani31.2% Dow Jones Islamic69.1% S&P Shariah66.4% MSCI Islamic31.2% MSCI Islamic M-Series66.4% FTSE Shariah31.2% |
| TARGA RESOURCES PARTNERS LP / TARGA RESOURCES PARTNERS FINANCE CORP | UNSCREENED | 0.49% | no in-house ratios for this holding |
| AGL CLO 24 LTD | UNSCREENED | 0.47% | no in-house ratios for this holding |
| PPM CLO 5 LTD | UNSCREENED | 0.46% | no in-house ratios for this holding |
| LCM 33 LTD | UNSCREENED | 0.45% | no in-house ratios for this holding |
| VENTURE 43 CLO LTD | UNSCREENED | 0.44% | no in-house ratios for this holding |
| NGVT INGEVITY CORP | NON_COMPLIANT | 0.44% | AAOIFI51.0% Usmani80.4% Dow Jones Islamic63.7% S&P Shariah67.4% MSCI Islamic80.4% MSCI Islamic M-Series67.4% FTSE Shariah78.1% |
| Sandstone Peak Ltd. | UNSCREENED | 0.43% | no in-house ratios for this holding |
| MTDR MATADOR RESOURCES COMPANY | NON_COMPLIANT | 0.43% | AAOIFI57.6% Usmani31.2% Dow Jones Islamic69.1% S&P Shariah66.4% MSCI Islamic31.2% MSCI Islamic M-Series66.4% FTSE Shariah31.2% |
| ELMWOOD CLO VII LTD | UNSCREENED | 0.42% | no in-house ratios for this holding |
| CIFC Funding Ltd | UNSCREENED | 0.42% | no in-house ratios for this holding |
| APIDOS CLO | UNSCREENED | 0.42% | no in-house ratios for this holding |
| SAGARD-HALSEYPOINT CLO 9 LTD | UNSCREENED | 0.42% | no in-house ratios for this holding |
| BRIDGECREST LENDING AUTO SECURITIZATION TRUST 2026-1 | UNSCREENED | 0.42% | no in-house ratios for this holding |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2025-2 | UNSCREENED | 0.42% | no in-house ratios for this holding |
| ELMWOOD CLO VI LTD | UNSCREENED | 0.42% | no in-house ratios for this holding |
| BIRCH GROVE CLO 3 LTD | UNSCREENED | 0.41% | no in-house ratios for this holding |
| SLGN SILGAN HOLDINGS INC | NON_COMPLIANT | 0.40% | AAOIFI111.4% Usmani50.5% Dow Jones Islamic99.0% S&P Shariah101.1% MSCI Islamic50.5% MSCI Islamic M-Series101.1% FTSE Shariah50.5% |
| SOUND POINT CLO IV-R LTD | UNSCREENED | 0.39% | no in-house ratios for this holding |
| WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2024-3 | UNSCREENED | 0.38% | no in-house ratios for this holding |
| GOLDENTREE LOAN MANAGEMENT US CLO 1 LTD | UNSCREENED | 0.38% | no in-house ratios for this holding |
| Carlyle Global Market Strategi | UNSCREENED | 0.37% | no in-house ratios for this holding |
| SYNA SYNAPTICS INC | COMPLIANT | 0.37% | AAOIFI18.9% Usmani41.7% Dow Jones Islamic27.4% S&P Shariah26.2% MSCI Islamic41.7% MSCI Islamic M-Series26.2% FTSE Shariah39.8% |
| ALLIANCE RESOURCE OPERATING PARTNERS LP / ALLIANCE RESOURCE FINANCE CORP | UNSCREENED | 0.35% | no in-house ratios for this holding |
| EFXT ENERFLEX INC | COMPLIANT | 0.35% | AAOIFI15.5% Usmani21.6% Dow Jones Islamic35.3% S&P Shariah44.5% MSCI Islamic21.6% MSCI Islamic M-Series44.5% FTSE Shariah21.6% |
| Battalion CLO LTD | UNSCREENED | 0.35% | no in-house ratios for this holding |
| SM SM ENERGY COMPANY | NON_COMPLIANT | 0.34% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| WMS ADVANCED DRAINAGE SYSTEMS INC | COMPLIANT | 0.34% | AAOIFI16.0% Usmani40.8% Dow Jones Islamic16.1% S&P Shariah15.7% MSCI Islamic37.4% MSCI Islamic M-Series15.7% FTSE Shariah35.8% |
| TEX TEREX CORP | NON_COMPLIANT | 0.34% | AAOIFI37.4% Usmani26.0% Dow Jones Islamic61.8% S&P Shariah65.1% MSCI Islamic26.0% MSCI Islamic M-Series65.1% FTSE Shariah26.0% |
| ON ON SEMICONDUCTOR CORP | COMPLIANT | 0.34% | AAOIFI16.9% Usmani34.9% Dow Jones Islamic18.0% S&P Shariah16.5% MSCI Islamic34.7% MSCI Islamic M-Series16.5% FTSE Shariah33.1% |
| FIRST INVESTORS AUTO OWNER TRUST 20 | UNSCREENED | 0.34% | no in-house ratios for this holding |
| ALLISON TRANSMISSION INC | UNSCREENED | 0.34% | no in-house ratios for this holding |
| IRON MOUNTAIN INC (REIT) | UNSCREENED | 0.34% | no in-house ratios for this holding |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 | UNSCREENED | 0.34% | no in-house ratios for this holding |
| ALLISON TRANSMISSION INC | UNSCREENED | 0.34% | no in-house ratios for this holding |
| Quikrete | UNSCREENED | 0.34% | no in-house ratios for this holding |
| ANTERO MIDSTREAM PARTNERS LP / ANTERO MIDSTREAM FINANCE CORP | UNSCREENED | 0.33% | no in-house ratios for this holding |
| HGV Hilton Grand Vacations | NON_COMPLIANT | 0.33% | AAOIFI149.2% Usmani39.9% Dow Jones Islamic128.3% S&P Shariah122.5% MSCI Islamic39.9% MSCI Islamic M-Series122.5% FTSE Shariah39.9% |
| BAIN CAPITAL CREDIT CLO 2021-2 LTD | UNSCREENED | 0.33% | no in-house ratios for this holding |
| ABG ASBURY AUTOMOTIVE GROUP INC | NON_COMPLIANT | 0.32% | AAOIFI96.6% Usmani32.3% Dow Jones Islamic82.3% S&P Shariah82.1% MSCI Islamic32.3% MSCI Islamic M-Series82.1% FTSE Shariah30.3% |
| HALSEYPOINT CLO 5 LTD | UNSCREENED | 0.31% | no in-house ratios for this holding |
| Nexstar Broadcasting | UNSCREENED | 0.31% | no in-house ratios for this holding |
| LCM XVIII LLC | UNSCREENED | 0.31% | no in-house ratios for this holding |
| CARMAX SELECT RECEIVABLES TRUST 2026-B | UNSCREENED | 0.30% | no in-house ratios for this holding |
| OCTAGON 51 LTD | UNSCREENED | 0.30% | no in-house ratios for this holding |
| CARMAX SELECT RECEIVABLES TRUST 2025-B | UNSCREENED | 0.27% | no in-house ratios for this holding |
| NEUBERGER BERMAN LOAN ADVISERS CLO 42 LTD | UNSCREENED | 0.27% | no in-house ratios for this holding |
| GLOBAL PARTNERS LP / GLP FINANCE CORP | UNSCREENED | 0.26% | no in-house ratios for this holding |
| NEXSTAR BROADCASTING INC | UNSCREENED | 0.25% | no in-house ratios for this holding |
| FIRST AMERICAN FUNDS INC | UNSCREENED | 0.25% | no in-house ratios for this holding |
| BARDOT CLO LTD | UNSCREENED | 0.25% | no in-house ratios for this holding |
| ABG ASBURY AUTOMOTIVE GROUP INC | NON_COMPLIANT | 0.23% | AAOIFI96.6% Usmani32.3% Dow Jones Islamic82.3% S&P Shariah82.1% MSCI Islamic32.3% MSCI Islamic M-Series82.1% FTSE Shariah30.3% |
| APIDOS CLO XXXII | UNSCREENED | 0.23% | no in-house ratios for this holding |
| VENTURE XV CLO LTD | UNSCREENED | 0.22% | no in-house ratios for this holding |
| BATTALION CLO XXVIII LTD | UNSCREENED | 0.22% | no in-house ratios for this holding |
| ICG US CLO 2015-2R LTD | UNSCREENED | 0.21% | no in-house ratios for this holding |
| WIND RIVER 2021-2 CLO LTD | UNSCREENED | 0.21% | no in-house ratios for this holding |
| CANYON CAPITAL CLO 2021-1 LTD | UNSCREENED | 0.20% | no in-house ratios for this holding |
| BLDR BUILDERS FIRSTSOURCE INC | NON_COMPLIANT | 0.17% | AAOIFI91.9% Usmani46.3% Dow Jones Islamic41.1% S&P Shariah34.5% MSCI Islamic46.3% MSCI Islamic M-Series34.5% FTSE Shariah40.5% |
| CANYON CLO 2017-1 LTD | UNSCREENED | 0.17% | no in-house ratios for this holding |
| VRSN VERISIGN INC | COMPLIANT | 0.17% | AAOIFI0.0% Usmani0.3% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.3% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| SCULPTOR CLO XXVIII LTD | UNSCREENED | 0.17% | no in-house ratios for this holding |
| QXO QXO | NON_COMPLIANT | 0.17% | AAOIFI49.4% Usmani31.0% Dow Jones Islamic64.2% S&P Shariah94.5% MSCI Islamic30.2% MSCI Islamic M-Series94.5% FTSE Shariah26.6% |
| Nexstar Broadcasting | UNSCREENED | 0.17% | no in-house ratios for this holding |
| CCO HOLDINGS LLC / CCO HOLDINGS CAPITAL CORP | UNSCREENED | 0.17% | no in-house ratios for this holding |
| SOUND POINT CLO IX LTD | UNSCREENED | 0.15% | no in-house ratios for this holding |
| OAKTREE CLO 2019-2 LTD | UNSCREENED | 0.14% | no in-house ratios for this holding |
| H.B. FULLER COMPANY | UNSCREENED | 0.13% | no in-house ratios for this holding |
| MURPHY OIL USA INC | UNSCREENED | 0.12% | no in-house ratios for this holding |
| CEDAR FUNDING VI CLO LTD | UNSCREENED | 0.11% | no in-house ratios for this holding |
| VENTURE 35 CLO LTD | UNSCREENED | 0.11% | no in-house ratios for this holding |
| GEN GEN DIGITAL INC | NON_COMPLIANT | 0.08% | AAOIFI44.3% Usmani52.6% Dow Jones Islamic51.3% S&P Shariah54.5% MSCI Islamic52.6% MSCI Islamic M-Series54.5% FTSE Shariah52.1% |
| PRESTIGE BRANDS INC | UNSCREENED | 0.06% | no in-house ratios for this holding |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 | UNSCREENED | 0.06% | no in-house ratios for this holding |
| CEDAR FUNDING II CLO LTD | UNSCREENED | 0.05% | no in-house ratios for this holding |
| ALLISON TRANSMISSION INC | UNSCREENED | 0.02% | no in-house ratios for this holding |
| MADISON PARK FUNDING XXIV LTD | UNSCREENED | 0.01% | no in-house ratios for this holding |
| TOWD POINT MORTGAGE TRUST 2017-6 | UNSCREENED | 0.01% | no in-house ratios for this holding |
The published standards disagree about this fund by 3 points of portfolio weight — 11.3% of it passes FTSE Shariah, 8.3% 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 9.2% ratios fail on 14.5% 75.3% not rated under AAOIFI
ratios pass on 8.3% ratios fail on 11.7% 79.0% not rated under Usmani
ratios pass on 8.9% ratios fail on 14.8% 75.3% not rated under Dow Jones Islamic
ratios pass on 8.4% ratios fail on 15.3% 75.3% not rated under S&P Shariah
ratios pass on 10.8% ratios fail on 9.2% 79.1% not rated under MSCI Islamic
ratios pass on 8.9% ratios fail on 14.8% 75.3% not rated under MSCI Islamic M-Series
ratios pass on 11.3% ratios fail on 8.8% 78.9% not rated under FTSE Shariah
36 of 168 listed holdings carry our own per-methodology verdicts (24% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 35 (23% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT | 5.27% |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT | 4.14% |
| MS MORGAN STANLEY | 1.39% |
| COF CAPITAL ONE FINANCIAL CORP | 1.37% |
| PAA PLAINS ALL AMERICAN PIPELINE LP | 1.05% |
| BAC BANK OF AMERICA CORP | 0.94% |
| MTH MERITAGE HOMES CORP | 0.86% |
| HBAN HUNTINGTON BANCSHARES INC | 0.86% |
| MUR MURPHY OIL CORP | 0.76% |
| PFGC PERFORMANCE FOOD GROUP INC | 0.75% |
Trade setup
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Boyd Watterson Limited Duration Enhanced Income Fund (BWDAX) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
Screened on its holdings, not its name
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 |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBTnot matched to a ticker | 5.27% | Non-compliant |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBTnot matched to a ticker | 4.14% | Non-compliant |
| EXETER AUTOMOBILE RECEIVABLES TRUST 2021-4not matched to a ticker | 1.67% | Not screened |
| FIRST INVESTORS AUTO OWNER TRUST 20not matched to a ticker | 1.46% | Not screened |
| MSMORGAN STANLEY | 1.39% | Non-compliant |
| COFCAPITAL ONE FINANCIAL CORP | 1.37% | Non-compliant |
| NEUBERGER BERMAN CLO XVII LTDnot matched to a ticker | 1.29% | Not screened |
| Sandstone Peak Ltd.not matched to a ticker | 1.15% | Not screened |
| MTZMASTEC INC | 1.09% | Compliant |
| PAAPLAINS ALL AMERICAN PIPELINE LP | 1.05% | Non-compliant |
Top 10 of 168 holdings, 19.9% of the fund by weight. Every holding is screened, not only these.
What holds the number back
The positions keeping this fund short of 100% compliant by weight.
- UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBTnon-compliant5.27%
- UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBTnon-compliant4.14%
- EXETER AUTOMOBILE RECEIVABLES TRUST 2021-4not screened1.67%
- FIRST INVESTORS AUTO OWNER TRUST 20not screened1.46%
- MSnon-compliant1.39%
- COFnon-compliant1.37%
What changed, and when
Verdict history for BWDAX. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
- 2026-09-07 No change recorded No verdict change for BWDAX has been recorded since tracking began. The scan ledger records that the compliance detectors ran, not which symbols each pass covered.
ℹ️ no compliance scan has run for 5 days - this is not a reading of today
SMC — Top Down
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
Before you act on this
The questions worth asking about any verdict on this page, answered plainly.
Is a fund screened on its name?
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.
What does unrated weight mean?
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.
Does the issuer's board make it compliant?
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.
How often is this re-screened?
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.
Compare with
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.
AI Summary
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.