AMALY — SHARIAH COMPLIANCE REPORT ================================== Symbol: TZA Report Date: 2026-04-01 Full Report: https://amaly.io/stock/TZA EXECUTIVE SUMMARY ------------------ Compliance Status: NON_COMPLIANT Quality Rating: B Description: TZA, the Direxion Daily Small Cap Bear 3X Shares, is a leveraged inverse ETF designed to provide three times the inverse daily performance of the Russell 2000 Index. This structure involves derivatives, short selling, and leverage, which are generally considered non-compliant with Shariah principles due to elements of gharar (uncertainty), riba (interest), and maysir (gambling). Financial screening criteria cannot be fully applied due to the ETF's non-traditional balance sheet, but business activity analysis confirms non-compliance. No inclusion in major Shariah indices reinforces this assessment. Investors seeking Shariah-compliant exposure to small-cap markets should consider alternatives like HLAL or SPUS. Primary Compliance Concerns: - Core business activity involves derivatives and short selling, introducing gharar and maysir - Leverage via interest-bearing swaps constitutes riba - Insufficient financial data for ratio screening due to ETF structure - No inclusion in any Shariah-compliant indices Purification Requirement: 0.00% Index Inclusion: Not included in any major Shariah indices (S&P, MSCI, FTSE, 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: 2026-01-31 REPORTING PERIOD ----------------- Latest Annual Report: FY 2025 Latest Quarterly Data: Q4 2025 Trend Period: FY 2021 to FY 2025 Data Retrieved: 2026-02-14T12:00:00Z --- Full interactive report: https://amaly.io/stock/TZA 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.