AMALY — SHARIAH COMPLIANCE REPORT ================================== Symbol: SPDN Report Date: 2026-04-02 Full Report: https://amaly.io/stock/SPDN EXECUTIVE SUMMARY ------------------ Compliance Status: NON_COMPLIANT Quality Rating: B Description: SPDN, the ProShares UltraShort S&P500 ETF, is a leveraged inverse exchange-traded fund designed to provide -2x the inverse daily performance of the S&P 500 Index. This analysis evaluates its Shariah compliance across financial ratios, business activities, index inclusions, and multi-perspective views. Due to its reliance on derivatives, short selling, and potential interest-bearing instruments, SPDN fails qualitative business activity screening under all major Shariah standards. Financial ratios cannot be meaningfully calculated due to the ETF structure lacking traditional corporate balance sheets. Overall, it is classified as non-compliant based on unanimous exclusion from Shariah indices. Primary Compliance Concerns: - Business model involves derivatives and short selling (gharar and maisir) - Leveraged structure implies riba exposure - Insufficient data for financial ratios, but structure disqualifies regardless - No inclusion in any Shariah-compliant indices Purification Requirement: 0.00% Index Inclusion: Not included in S&P Dow Jones Shariah Indices, MSCI Islamic Indices, FTSE Shariah Indices, or Dow Jones Islamic Market (DJIM) KEY FINANCIAL METRICS ---------------------- Debt Ratio: 0.0% Liquidity Ratio: 0.0% Interest Income Ratio: 0.0% Purification Required: 0.00% INDEX INCLUSION STATUS ----------------------- S&P Shariah: EXCLUDED MSCI Islamic: EXCLUDED DJIM: EXCLUDED FTSE Shariah: EXCLUDED Total: 0 of 4 Last Verified: 2026-01-15 REPORTING PERIOD ----------------- Latest Annual Report: FY 2025 Latest Quarterly Data: Q4 2025 Trend Period: FY 2020 to FY 2025 Data Retrieved: 2026-02-14T12:00:00Z --- Full interactive report: https://amaly.io/stock/SPDN Provided by Amaly (https://amaly.io) — Shariah Compliant Stock Screener Disclaimer: This data is for informational purposes only and does not constitute financial or religious advice.