NFRXETF / FundHarrison Street Infrastructure Active ETF
Verdicts genuinely change. Free email alert the moment NFRX'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.
Harrison Street Infrastructure Active ETF · 2023 ETF Series Trust
34 holdings · as of 2026-06-30 (4.2 months ago) The fund may have traded since. SEC Form N-PORT is filed quarterly and lags the period it covers, so these are the most recent holdings on file, not the fund’s holdings today.
NON-COMPLIANT At least 46.08% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 43% turns out to be. Matching more holdings can only raise this share, never lower it.
34 holdings, 17 matched (56% of weight). Portfolio as of 2026-06-30, filed 2026-08-27. Source: SEC Form N-PORT.
0.81% of this portfolio’s income is non-permissible — weighted across holdings, computed over 52% of portfolio weight (16 of 34 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 (34)
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| UNP UNION PACIFIC CORP | COMPLIANT | 5.37% | AAOIFI18.2% Usmani43.8% Dow Jones Islamic22.0% S&P Shariah22.4% MSCI Islamic43.8% MSCI Islamic M-Series22.4% FTSE Shariah42.6% |
| NATIONAL GRID PLC /GBP/ | UNSCREENED | 4.97% | no in-house ratios for this holding |
| WMB WILLIAMS COS INC | NON_COMPLIANT | 4.83% | AAOIFI35.0% Usmani50.0% Dow Jones Islamic41.0% S&P Shariah47.9% MSCI Islamic50.0% MSCI Islamic M-Series47.9% FTSE Shariah50.0% |
| CNP CENTERPOINT ENERGY INC | NON_COMPLIANT | 4.44% | AAOIFI86.5% Usmani47.1% Dow Jones Islamic92.6% S&P Shariah102.9% MSCI Islamic47.1% MSCI Islamic M-Series102.9% FTSE Shariah47.0% |
| ATO ATMOS ENERGY CORP | NON_COMPLIANT | 4.31% | AAOIFI36.8% Usmani32.5% Dow Jones Islamic39.5% S&P Shariah44.7% MSCI Islamic32.5% MSCI Islamic M-Series44.7% FTSE Shariah32.5% |
| XEL XCEL ENERGY INC | NON_COMPLIANT | 4.06% | AAOIFI82.6% Usmani47.8% Dow Jones Islamic94.9% S&P Shariah105.9% MSCI Islamic46.3% MSCI Islamic M-Series105.9% FTSE Shariah45.3% |
| NEE NEXTERA ENERGY INC | NON_COMPLIANT | 4.00% | AAOIFI55.9% Usmani44.2% Dow Jones Islamic61.0% S&P Shariah66.0% MSCI Islamic44.2% MSCI Islamic M-Series66.0% FTSE Shariah44.2% |
| CANADIAN NATL RAILWAY CO /CAD/ | UNSCREENED | 3.87% | no in-house ratios for this holding |
| TRGP TARGA RESOURCES CORP | NON_COMPLIANT | 3.76% | AAOIFI31.5% Usmani71.4% Dow Jones Islamic46.4% S&P Shariah55.1% MSCI Islamic68.7% MSCI Islamic M-Series55.1% FTSE Shariah68.7% |
| AENA SME SA /EUR/ | UNSCREENED | 3.65% | no in-house ratios for this holding |
| ETR ENTERGY CORP | NON_COMPLIANT | 3.62% | AAOIFI65.8% Usmani43.6% Dow Jones Islamic83.2% S&P Shariah99.2% MSCI Islamic43.5% MSCI Islamic M-Series99.2% FTSE Shariah43.1% |
| AEP AMERICAN ELECTRIC POWER | NON_COMPLIANT | 3.21% | AAOIFIfail Usmanifail Dow Jones Islamicfail S&P Shariahfail MSCI Islamicfail MSCI Islamic M-Seriesfail FTSE Shariahfail |
| CSX CSX CORP | COMPLIANT | 3.11% | AAOIFI21.8% Usmani43.3% Dow Jones Islamic27.6% S&P Shariah28.4% MSCI Islamic43.3% MSCI Islamic M-Series28.4% FTSE Shariah42.2% |
| P G & E CORP | UNSCREENED | 3.07% | no in-house ratios for this holding |
| SRE SEMPRA | NON_COMPLIANT | 3.03% | AAOIFI65.2% Usmani32.7% Dow Jones Islamic66.4% S&P Shariah71.2% MSCI Islamic31.6% MSCI Islamic M-Series71.2% FTSE Shariah30.4% |
| TC ENERGY CORP /CAD/ | UNSCREENED | 2.93% | no in-house ratios for this holding |
| TRANSURBAN GROUP /AUD/ | UNSCREENED | 2.92% | no in-house ratios for this holding |
| ELIA GROUP SA/NV /EUR/ | UNSCREENED | 2.84% | no in-house ratios for this holding |
| AMT AMERICAN TOWER CORP | NON_COMPLIANT | 2.79% | AAOIFI52.7% Usmani71.1% Dow Jones Islamic52.4% S&P Shariah52.4% MSCI Islamic71.1% MSCI Islamic M-Series52.4% FTSE Shariah58.8% |
| FERROVIAL NV /EUR/ | UNSCREENED | 2.75% | no in-house ratios for this holding |
| INTL CONTAINER TERM SVCS /PHP/ | UNSCREENED | 2.59% | no in-house ratios for this holding |
| ITALGAS SPA /EUR/ | UNSCREENED | 2.54% | no in-house ratios for this holding |
| LNG CHENIERE ENERGY INC | NON_COMPLIANT | 2.49% | AAOIFI44.4% Usmani55.8% Dow Jones Islamic54.4% S&P Shariah58.8% MSCI Islamic55.8% MSCI Islamic M-Series58.8% FTSE Shariah50.6% |
| VINCI SA /EUR/ | UNSCREENED | 2.43% | no in-house ratios for this holding |
| AEE AMEREN CORPORATION | NON_COMPLIANT | 2.31% | AAOIFI71.5% Usmani40.2% Dow Jones Islamic76.5% S&P Shariah85.2% MSCI Islamic40.2% MSCI Islamic M-Series85.2% FTSE Shariah40.2% |
| GRUPO AEROPORT DEL SURES /MXN/ | UNSCREENED | 2.04% | no in-house ratios for this holding |
| COMPANHIA PARANAENSE DE /BRL/ | UNSCREENED | 2.00% | no in-house ratios for this holding |
| EAST JAPAN RAILWAY CO /JPY/ | UNSCREENED | 1.91% | no in-house ratios for this holding |
| FE FIRSTENERGY CORP | NON_COMPLIANT | 1.46% | AAOIFI101.8% Usmani48.1% Dow Jones Islamic111.3% S&P Shariah119.2% MSCI Islamic48.0% MSCI Islamic M-Series119.2% FTSE Shariah47.5% |
| CELLNEX TELECOM SA /EUR/ | UNSCREENED | 1.35% | no in-house ratios for this holding |
| ED CONSOLIDATED EDISON INC | NON_COMPLIANT | 1.26% | AAOIFI65.9% Usmani35.2% Dow Jones Islamic73.6% S&P Shariah78.5% MSCI Islamic35.2% MSCI Islamic M-Series78.5% FTSE Shariah34.5% |
| KANSAI ELECTRIC POWER CO /JPY/ | UNSCREENED | 0.82% | no in-house ratios for this holding |
| PENNON GROUP PLC /GBP/ | UNSCREENED | 0.77% | no in-house ratios for this holding |
| D DOMINION ENERGY INC | NON_COMPLIANT | 0.51% | AAOIFI86.6% Usmani42.8% Dow Jones Islamic102.1% S&P Shariah112.1% MSCI Islamic42.3% MSCI Islamic M-Series112.1% FTSE Shariah41.7% |
The published standards disagree about this fund by 1 points of portfolio weight — 8.5% of it passes AAOIFI, 7.3% 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 8.5% ratios fail on 46.1% 43.5% not rated under AAOIFI
ratios pass on 7.3% ratios fail on 47.2% 43.5% not rated under Usmani
ratios pass on 8.5% ratios fail on 46.1% 43.5% not rated under Dow Jones Islamic
ratios pass on 8.5% ratios fail on 46.1% 43.5% not rated under S&P Shariah
ratios pass on 7.3% ratios fail on 47.2% 43.5% not rated under MSCI Islamic
ratios pass on 8.5% ratios fail on 46.1% 43.5% not rated under MSCI Islamic M-Series
ratios pass on 7.3% ratios fail on 47.2% 43.5% not rated under FTSE Shariah
17 of 34 listed holdings carry our own per-methodology verdicts (55% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none. Of those, 16 (51% of weight) also carry the underlying debt ratio; the rest show a verdict without the figure behind it.
| Non-compliant holding | Weight |
|---|---|
| WMB WILLIAMS COS INC | 4.83% |
| CNP CENTERPOINT ENERGY INC | 4.44% |
| ATO ATMOS ENERGY CORP | 4.31% |
| XEL XCEL ENERGY INC | 4.06% |
| NEE NEXTERA ENERGY INC | 4.00% |
| TRGP TARGA RESOURCES CORP | 3.76% |
| ETR ENTERGY CORP | 3.62% |
| AEP AMERICAN ELECTRIC POWER | 3.21% |
| SRE SEMPRA | 3.03% |
| AMT AMERICAN TOWER CORP | 2.79% |
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.
Harrison Street Infrastructure Active ETF (NFRX) 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 NFRX — 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
Not enough completed daily bars to compute pivots.
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) | 61.80 | NEUTRAL |
| Stochastic %K (14) | 81.29 | SELL |
| CCI (20) | 64.29 | NEUTRAL |
| Williams %R (14) | -18.71 | SELL |
| MACD (12,26,9) | 0.08 | BUY |
| ROC (10) | 1.38 | BUY |
| Momentum (10) | 0.36 | BUY |
| EMA (10) | 26.38 | BUY |
| SMA (10) | 26.43 | BUY |
| EMA (20) | 26.07 | BUY |
| SMA (20) | 25.96 | BUY |
| EMA (30) | 25.91 | BUY |
| SMA (30) | 25.52 | BUY |
| EMA (50) | 25.85 | BUY |
| SMA (50) | 25.56 | BUY |
| EMA (100) | 25.99 | BUY |
| SMA (100) | 26.15 | BUY |
| EMA (200) | 26.28 | BUY |
About Harrison Street Infrastructure Active ETF
The fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing primarily in a portfolio of equity securities of infrastructure companies. Under normal circumstances, the fund will invest at least 80% of the value of its net assets,plus any borrowings for investment purposes, in equity securities of infrastructure companies. The fund is non-diversified.
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 | BULLISH | 43 |
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 2026-10-27 · Asset managers net 923449 (+22072)
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.