AMALY — SHARIAH COMPLIANCE REPORT ================================== Symbol: SPY Report Date: 2026-04-01 Full Report: https://amaly.io/stock/SPY EXECUTIVE SUMMARY ------------------ Compliance Status: NON_COMPLIANT Quality Rating: B Description: The SPDR S&P 500 ETF Trust (SPY) is a passive exchange-traded fund that tracks the S&P 500 index, providing broad exposure to the U.S. equity market. Due to its unscreened holdings in non-Shariah-compliant sectors such as conventional finance, alcohol, and defense, SPY fails business activity screening across major standards. Financial ratios are inapplicable to ETFs, but indirect exposures to riba and haram activities render it non-compliant. Index research confirms exclusion from all major Shariah indices, classifying it as NON_COMPLIANT overall. Investors seeking Shariah-compliant U.S. equity exposure should consider screened alternatives like the SP Funds S&P 500 Shariah Industry Exclusions ETF (SPUS). Primary Compliance Concerns: - Significant exposure to riba-based financial services (approximately 25-30% of holdings) - Inclusion of haram sectors such as alcohol, tobacco, and adult entertainment (exceeding 5% revenue thresholds) - Defense and weapons manufacturing in portfolio (3-4% exposure, disqualifying under Shariah principles) - Lack of Shariah screening or purification mechanisms at the ETF level - Indirect generation of non-permissible income through underlying dividends and capital gains Purification Requirement: 0.00% Index Inclusion: Excluded from all major Shariah-compliant indices: S&P Dow Jones Shariah, MSCI Islamic, FTSE Shariah, and 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: 2025-11-30 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/SPY 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.