The USQ Core Real Estate Fund (USQIX) is an open-end mutual fund managed by USQ Advisors, LLC, focusing on U.S. core real estate investments through direct ownership and REITs. As an asset management product in the Financial Services sector, it faces Shariah compliance challenges due to potential interest-bearing debt in underlying assets and lack of traditional financial ratio reporting typical for funds. This report assesses compliance across financial, business activity, and index inclusion criteria, classifying it as NON_COMPLIANT primarily due to exclusions from major Shariah indices. While ESG factors are strong with low risk, investors are advised to monitor portfolio composition for purification needs. Shariah-compliant alternatives in asset management are recommended for ethical alignment.