NETZETF / FundTCW Transform Systems ETF
Verdicts genuinely change. Free email alert the moment NETZ'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.
TCW Transform Systems ETF · TCW ETF Trust
31 holdings
NON-COMPLIANT 18.80% of portfolio weight is in non-compliant holdings, over the 5% threshold.
31 holdings, 26 matched (83% of weight). Portfolio as of 2026-07-31, filed 2026-09-22. Source: SEC Form N-PORT.
0.72% of this portfolio’s income is non-permissible — weighted across holdings, computed over 78% of portfolio weight (24 of 31 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.
61.9% compliant 0.0% questionable 18.8% non-compliant 16.0% unscreened
All holdings (31)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| GE GENERAL ELECTRIC | NON_COMPLIANT | 10.15% | AAOIFI6.4% Usmani16.1% Dow Jones Islamic7.2% S&P Shariah8.3% MSCI Islamic16.1% MSCI Islamic M-Series8.3% FTSE Shariah15.3% |
| SAFRAN SA /EUR/ | UNSCREENED | 5.56% | no in-house ratios for this holding |
| AMAT APPLIED MATERIALS INC | COMPLIANT | 5.42% | AAOIFI1.9% Usmani16.6% Dow Jones Islamic3.4% S&P Shariah3.7% MSCI Islamic16.6% MSCI Islamic M-Series3.7% FTSE Shariah14.8% |
| VG VENTURE GLOBAL INC-CL A | NON_COMPLIANT | 5.25% | AAOIFI137.8% Usmani69.6% Dow Jones Islamic142.4% S&P Shariahfail MSCI Islamic69.2% MSCI Islamic M-Seriesfail FTSE Shariah68.0% |
| VRT VERTIV HOLDINGS CO-A | COMPLIANT | 4.94% | AAOIFI3.2% Usmani19.0% Dow Jones Islamic4.5% S&P Shariah5.7% MSCI Islamic19.0% MSCI Islamic M-Series5.7% FTSE Shariah18.5% |
| KLAC KLA CORP | COMPLIANT | 4.29% | AAOIFI2.5% Usmani34.3% Dow Jones Islamic4.0% S&P Shariah4.7% MSCI Islamic34.3% MSCI Islamic M-Series4.7% FTSE Shariah32.8% |
| AVGO BROADCOM INC | COMPLIANT | 4.22% | AAOIFI3.8% Usmani32.5% Dow Jones Islamic4.4% S&P Shariah5.5% MSCI Islamic32.5% MSCI Islamic M-Series5.5% FTSE Shariah32.5% |
| AIRBUS SE /EUR/ | UNSCREENED | 4.12% | no in-house ratios for this holding |
| ANET ARISTA NETWORKS INC | COMPLIANT | 4.05% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| POWL POWELL INDUSTRIES INC | COMPLIANT | 4.03% | AAOIFI0.0% Usmani0.2% Dow Jones Islamic0.1% S&P Shariah0.1% MSCI Islamic0.2% MSCI Islamic M-Series0.1% FTSE Shariah0.0% |
| UNP UNION PACIFIC CORP | COMPLIANT | 4.03% | AAOIFI18.2% Usmani43.8% Dow Jones Islamic22.0% S&P Shariah22.4% MSCI Islamic43.8% MSCI Islamic M-Series22.4% FTSE Shariah42.6% |
| GEV GE VERNOVA INC | COMPLIANT | 3.51% | AAOIFI1.1% Usmani3.5% Dow Jones Islamic1.7% S&P Shariah2.0% MSCI Islamic3.5% MSCI Islamic M-Series2.0% FTSE Shariah3.5% |
| BE BLOOM ENERGY CORP- A | COMPLIANT | 3.44% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| PWR QUANTA SERVICES INC | COMPLIANT | 3.22% | AAOIFI6.9% Usmani23.3% Dow Jones Islamic10.1% S&P Shariah12.1% MSCI Islamic23.3% MSCI Islamic M-Series12.1% FTSE Shariah21.5% |
| XOM EXXONMOBIL HOLDINGS CORP | COMPLIANT | 3.13% | AAOIFI6.5% Usmani9.1% Dow Jones Islamic8.5% S&P Shariah9.0% MSCI Islamic9.1% MSCI Islamic M-Series9.0% FTSE Shariah9.1% |
| TT TRANE TECHNOLOGIES PLC | COMPLIANT | 2.99% | AAOIFI4.5% Usmani19.3% Dow Jones Islamic5.0% S&P Shariah5.5% MSCI Islamic19.3% MSCI Islamic M-Series5.5% FTSE Shariah19.3% |
| TAIWAN SEMICONDUCTOR-SP ADR | UNSCREENED | 2.88% | no in-house ratios for this holding |
| Q QNITY ELECTRONICS INC | COMPLIANT | 2.76% | AAOIFI17.6% Usmani31.6% Dow Jones Islamicpass S&P Shariahpass MSCI Islamic31.6% MSCI Islamic M-Seriespass FTSE Shariah28.1% |
| SANDVIK AB /SEK/ | UNSCREENED | 1.98% | no in-house ratios for this holding |
| CAT CATERPILLAR INC | COMPLIANT | 1.91% | AAOIFI1.6% Usmani5.3% Dow Jones Islamic2.0% S&P Shariah2.4% MSCI Islamic5.3% MSCI Islamic M-Series2.4% FTSE Shariah5.3% |
| FIX COMFORT SYSTEMS USA INC | COMPLIANT | 1.81% | AAOIFI0.6% Usmani4.4% Dow Jones Islamic1.2% S&P Shariah1.5% MSCI Islamic4.4% MSCI Islamic M-Series1.5% FTSE Shariah0.6% |
| LNG CHENIERE ENERGY INC | NON_COMPLIANT | 1.72% | AAOIFI44.4% Usmani55.8% Dow Jones Islamic54.4% S&P Shariah58.8% MSCI Islamic55.8% MSCI Islamic M-Series58.8% FTSE Shariah50.6% |
| MOD MODINE MANUFACTURING CO | COMPLIANT | 1.69% | AAOIFI6.1% Usmani22.5% Dow Jones Islamic7.8% S&P Shariah9.3% MSCI Islamic22.4% MSCI Islamic M-Series9.3% FTSE Shariah17.3% |
| MIR MIRION TECHNOLOGIES INC | NON_COMPLIANT | 1.67% | AAOIFI11.3% Usmani13.5% Dow Jones Islamic10.2% S&P Shariah12.1% MSCI Islamic13.5% MSCI Islamic M-Series12.1% FTSE Shariah12.6% |
| CCJ CAMECO CORP | COMPLIANT | 1.53% | AAOIFI— Usmani— Dow Jones Islamic— S&P Shariah— MSCI Islamic— MSCI Islamic M-Series— FTSE Shariah— |
| SIEMENS ENERGY AG /EUR/ | UNSCREENED | 1.49% | no in-house ratios for this holding |
| ETN EATON CORP PLC | COMPLIANT | 1.34% | AAOIFI13.4% Usmani38.0% Dow Jones Islamic15.6% S&P Shariah16.9% MSCI Islamic38.0% MSCI Islamic M-Series16.9% FTSE Shariah36.7% |
| FSLR FIRST SOLAR INC | COMPLIANT | 1.24% | AAOIFI0.9% Usmani1.4% Dow Jones Islamic0.7% S&P Shariah0.7% MSCI Islamic1.2% MSCI Islamic M-Series0.7% FTSE Shariah0.3% |
| PRIM PRIMORIS SERVICES CORP | COMPLIANT | 1.22% | AAOIFI31.5% Usmani27.6% Dow Jones Islamic23.7% S&P Shariah29.6% MSCI Islamic27.6% MSCI Islamic M-Series29.6% FTSE Shariah17.2% |
| RSG REPUBLIC SERVICES INC | COMPLIANT | 1.11% | AAOIFI21.1% Usmani40.7% Dow Jones Islamic21.0% S&P Shariah22.6% MSCI Islamic40.7% MSCI Islamic M-Series22.6% FTSE Shariah40.0% |
| VST VISTRA CORP | NON_COMPLIANT | 0.01% | AAOIFI39.4% Usmani46.0% Dow Jones Islamic36.7% S&P Shariah46.3% MSCI Islamic46.0% MSCI Islamic M-Series46.3% FTSE Shariah46.0% |
The published standards disagree about this fund by 25 points of portfolio weight — 54.3% of it passes Dow Jones Islamic, 29.2% passes MSCI Islamic. 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 53.1% ratios fail on 8.2% 35.4% not rated under AAOIFI
ratios pass on 39.6% ratios fail on 21.8% 35.4% not rated under Usmani
ratios pass on 54.3% ratios fail on 7.0% 35.4% not rated under Dow Jones Islamic
ratios pass on 54.3% ratios fail on 7.0% 35.4% not rated under S&P Shariah
ratios pass on 29.2% ratios fail on 32.1% 35.4% not rated under MSCI Islamic
ratios pass on 54.3% ratios fail on 7.0% 35.4% not rated under MSCI Islamic M-Series
ratios pass on 43.8% ratios fail on 17.5% 35.4% not rated under FTSE Shariah
26 of 31 listed holdings carry our own per-methodology verdicts (81% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 24 (76% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
Trade setup
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
TCW Transform Systems ETF (NETZ) 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 |
|---|---|---|
| GEGENERAL ELECTRIC | 10.15% | Non-compliant |
| SAFRAN SA /EUR/not matched to a ticker | 5.56% | Not screened |
| AMATAPPLIED MATERIALS INC | 5.42% | Compliant |
| VGVENTURE GLOBAL INC-CL A | 5.25% | Non-compliant |
| VRTVERTIV HOLDINGS CO-A | 4.94% | Compliant |
| KLACKLA CORP | 4.29% | Compliant |
| AVGOBROADCOM INC | 4.22% | Compliant |
| AIRBUS SE /EUR/not matched to a ticker | 4.12% | Not screened |
| ANETARISTA NETWORKS INC | 4.05% | Compliant |
| POWLPOWELL INDUSTRIES INC | 4.03% | Compliant |
Top 10 of 31 holdings, 52.0% 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.
- GEnon-compliant10.15%
- SAFRAN SA /EUR/not screened5.56%
- VGnon-compliant5.25%
- AIRBUS SE /EUR/not screened4.12%
- TAIWAN SEMICONDUCTOR-SP ADRnot screened2.88%
- SANDVIK AB /SEK/not screened1.98%
What changed, and when
Verdict history for NETZ. 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 NETZ 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 6 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.