CEFZETF / FundRiverNorth Active Income ETF
Verdicts genuinely change. Free email alert the moment CEFZ'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.
RiverNorth Active Income ETF · Elevation Series Trust
49 holdings
NON-COMPLIANT At least 6.84% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 93% turns out to be. Matching more holdings can only raise this share, never lower it.
49 holdings, 7 matched (7% of weight). Portfolio as of 2026-07-31, filed 2026-09-29. Source: SEC Form N-PORT.
18.58% of this portfolio’s income is non-permissible — weighted across holdings, computed over 6% of portfolio weight (4 of 49 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 (49)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| Pershing Square USA Ltd | UNSCREENED | 9.63% | no in-house ratios for this holding |
| Saba Capital Income & Opportun | UNSCREENED | 6.14% | no in-house ratios for this holding |
| iShares Flexible Income Active | UNSCREENED | 5.03% | no in-house ratios for this holding |
| BlackRock Science and Technolo | UNSCREENED | 4.65% | no in-house ratios for this holding |
| Invesco RAFI Emerging Markets | UNSCREENED | 4.65% | no in-house ratios for this holding |
| Clough Global Equity Fund | UNSCREENED | 4.38% | no in-house ratios for this holding |
| Pershing Square Holdings Ltd/F | UNSCREENED | 4.34% | no in-house ratios for this holding |
| Royce Micro-Cap Trust Inc | UNSCREENED | 3.97% | no in-house ratios for this holding |
| Western Asset Inflation-Linked | UNSCREENED | 3.88% | no in-house ratios for this holding |
| Royce Small-Cap Trust Inc | UNSCREENED | 3.69% | no in-house ratios for this holding |
| BlackRock Health Sciences Term | UNSCREENED | 3.50% | no in-house ratios for this holding |
| Clough Global Opportunities Fu | UNSCREENED | 3.18% | no in-house ratios for this holding |
| BlackRock Corporate High Yield | UNSCREENED | 3.10% | no in-house ratios for this holding |
| Calamos Long/Short Equity & Dy | UNSCREENED | 3.06% | no in-house ratios for this holding |
| FS Specialty Lending Fund | UNSCREENED | 2.82% | no in-house ratios for this holding |
| OTF Blue Owl Technology Finance Co | NON_COMPLIANT | 2.79% | AAOIFI137.3% Usmani47.5% Dow Jones Islamic— S&P Shariah— MSCI Islamic47.5% MSCI Islamic M-Series— FTSE Shariah47.5% |
| FS Credit Opportunities Corp | UNSCREENED | 2.71% | no in-house ratios for this holding |
| Blackstone Senior Floating Rat | UNSCREENED | 2.67% | no in-house ratios for this holding |
| Kayne Anderson Energy Infrastr | UNSCREENED | 2.44% | no in-house ratios for this holding |
| State Street Institutional Tre | UNSCREENED | 2.43% | no in-house ratios for this holding |
| Gabelli Equity Trust Inc/The | UNSCREENED | 2.08% | no in-house ratios for this holding |
| Liberty All-Star Equity Fund | UNSCREENED | 1.99% | no in-house ratios for this holding |
| Calamos Strategic Total Return | UNSCREENED | 1.84% | no in-house ratios for this holding |
| First Trust High Yield Opportu | UNSCREENED | 1.27% | no in-house ratios for this holding |
| Guggenheim Strategic Opportuni | UNSCREENED | 1.25% | no in-house ratios for this holding |
| Clough Global Dividend and Inc | UNSCREENED | 1.12% | no in-house ratios for this holding |
| TSLX Sixth Street Specialty Lending | NON_COMPLIANT | 1.05% | AAOIFI109.8% Usmani54.3% Dow Jones Islamic106.8% S&P Shariah113.3% MSCI Islamic54.3% MSCI Islamic M-Series113.3% FTSE Shariah54.3% |
| Saba Capital Income & Opportun | UNSCREENED | 1.01% | no in-house ratios for this holding |
| OWL Blue Owl Capital Corp | NON_COMPLIANT | 1.01% | AAOIFI23.8% Usmani29.8% Dow Jones Islamic16.4% S&P Shariah16.0% MSCI Islamic29.8% MSCI Islamic M-Series16.0% FTSE Shariah29.8% |
| HHH Howard Hughes Holdings Inc | NON_COMPLIANT | 0.98% | AAOIFI133.4% Usmani32.1% Dow Jones Islamic124.7% S&P Shariah129.5% MSCI Islamic32.1% MSCI Islamic M-Series129.5% FTSE Shariah32.1% |
| BlackRock Multi-Sector Income | UNSCREENED | 0.78% | no in-house ratios for this holding |
| BlackRock Technology and Priva | UNSCREENED | 0.65% | no in-house ratios for this holding |
| Special Opportunities Fund Inc | UNSCREENED | 0.58% | no in-house ratios for this holding |
| Credit Suisse High Yield Credi | UNSCREENED | 0.51% | no in-house ratios for this holding |
| CCAP Crescent Capital BDC Inc | NON_COMPLIANT | 0.51% | AAOIFI243.6% Usmani56.8% Dow Jones Islamic199.5% S&P Shariah195.6% MSCI Islamic56.8% MSCI Islamic M-Series195.6% FTSE Shariah56.8% |
| Tortoise Energy Infrastructure | UNSCREENED | 0.50% | no in-house ratios for this holding |
| Carlyle Secured Lending Inc | UNSCREENED | 0.50% | no in-house ratios for this holding |
| NMFC New Mountain Finance Corp | NON_COMPLIANT | 0.50% | AAOIFI188.7% Usmani55.7% Dow Jones Islamic150.8% S&P Shariah147.2% MSCI Islamic55.7% MSCI Islamic M-Series147.2% FTSE Shariah55.7% |
| Neuberger High Yield Strategie | UNSCREENED | 0.48% | no in-house ratios for this holding |
| Pimco Dynamic Income Fund | UNSCREENED | 0.37% | no in-house ratios for this holding |
| Bluerock Private Real Estate F | UNSCREENED | 0.34% | no in-house ratios for this holding |
| Barings Corporate Investors | UNSCREENED | 0.31% | no in-house ratios for this holding |
| Flaherty & Crumrine Preferred | UNSCREENED | 0.29% | no in-house ratios for this holding |
| Aberdeen India Fund Inc | UNSCREENED | 0.27% | no in-house ratios for this holding |
| Cohen & Steers Quality Income | UNSCREENED | 0.26% | no in-house ratios for this holding |
| PIMCO Dynamic Income Strategy | UNSCREENED | 0.21% | no in-house ratios for this holding |
| Total Return Securities Fund | UNSCREENED | 0.15% | no in-house ratios for this holding |
| Barings Participation Investor | UNSCREENED | 0.14% | no in-house ratios for this holding |
| MS Morgan Stanley | 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 2 points of portfolio weight — 2.0% of it passes MSCI Islamic, 0.0% 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 1.0% ratios fail on 5.8% 93.2% not rated under AAOIFI
ratios pass on 0.0% ratios fail on 4.9% 95.2% not rated under Usmani
ratios pass on 1.0% ratios fail on 3.0% 96.0% not rated under Dow Jones Islamic
ratios pass on 1.0% ratios fail on 3.0% 96.0% not rated under S&P Shariah
ratios pass on 2.0% ratios fail on 4.9% 93.2% not rated under MSCI Islamic
ratios pass on 1.0% ratios fail on 3.0% 96.0% not rated under MSCI Islamic M-Series
ratios pass on 2.0% ratios fail on 4.9% 93.2% not rated under FTSE Shariah
7 of 49 listed holdings carry our own per-methodology verdicts (7% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none.
Methodology breakdown computing — it will appear here on its own.
Trade setup
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Why this signal?
The factors behind the read, each shown with the figure it rests on, including the ones pointing the other way.
RiverNorth Active Income ETF (CEFZ) 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.
🕌 In-house Compliance Research
Computing the full ratio and business-activity breakdown for CEFZ — this runs off the critical path so the page paints first. It will appear here on its own.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
Price Forecast
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.
Technical Summary
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.
Every indicator, and what it reads
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 49.10 | NEUTRAL |
| Stochastic %K (14) | 41.92 | NEUTRAL |
| CCI (20) | -24.37 | NEUTRAL |
| Williams %R (14) | -58.08 | NEUTRAL |
| MACD (12,26,9) | 0.00 | BUY |
| ROC (10) | -0.06 | SELL |
| Momentum (10) | -0.00 | SELL |
| EMA (10) | 7.84 | SELL |
| SMA (10) | 7.85 | SELL |
| EMA (20) | 7.83 | SELL |
| SMA (20) | 7.81 | BUY |
| EMA (30) | 7.84 | SELL |
| SMA (30) | 7.81 | BUY |
| EMA (50) | 7.86 | SELL |
| SMA (50) | 7.85 | SELL |
| EMA (100) | 7.87 | SELL |
| SMA (100) | 7.93 | SELL |
| EMA (200) | 7.78 | BUY |
| SMA (200) | 7.82 | BUY |
About RiverNorth Active Income ETF
The fund's adviser will allocate the fund's investments among equities, fixed income securities, and cash and cash equivalents. The adviser may allocate to the various asset classes either through the purchase of closed-end investment companies (including business development companies (BDCs)), exchange-traded funds ("ETFs") and other investment companies (collectively, "underlying funds") or through direct investment in the various securities. To achieve exposure to the asset classes discussed above, it will typically invest more than 50% of its assets in underlying funds.
Background via Yahoo Finance — informational, not part of the verdict.
Weak — low conviction, small size or skip
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.
| Timeframe | Bias | Bars |
|---|---|---|
| 📅 Daily | RANGING | 44 |
| 🕐 1H | NEUTRAL | 17 |
| ⏱ 15-Min | BULLISH | 71 |
| ⏲ 5-Min | RANGING | 213 |
Momentum & Volume
Rate of change and relative volume against this symbol's own recent history. Momentum describes what price has done; it is not a claim about what it will do.
Peer Movement
How the rest of the sector moved over the same window. Context for a price move, never a cause of one.
Peer movement computing — it will appear here on its own.
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.
Insider Activity (90d)
Insider transactions reported in the last ninety days. Insiders sell for reasons that have nothing to do with a view, so a sale on its own is not a signal.
NO DATA 0 buys · 0 sells
COT Positioning — E-MINI S&P 500 - CHICAGO MERCANTILE EXCHANGE
The weekly CFTC Commitments of Traders report for the broad market it tracks, not for this symbol. Positioning context for the tape — it says nothing about this company.
NEUTRAL report date 2026-11-03 · Asset managers net 928584 (+5135)
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.