AMALY — SHARIAH COMPLIANCE REPORT
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Symbol: ZSL
Report Date: 2026-05-11
Full Report: https://amaly.io/stock/ZSL

EXECUTIVE SUMMARY
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Compliance Status: NON_COMPLIANT
Quality Rating: B
Description: ZSL, the ProShares UltraShort Silver ETF, provides inverse leveraged exposure to silver futures. While silver as a commodity is Shariah-permissible, the ETF's use of derivatives and leveraged structure raises significant compliance concerns related to gharar (uncertainty) and maysir (gambling). Financial ratios indicate no issues due to the fund's structure, but business activity screening disqualifies it. No inclusion in major Shariah indices confirms non-compliance. Investors should consider physical silver alternatives or compliant equity funds.

Primary Compliance Concerns:
- Leveraged derivatives involve gharar and maysir
- ETN/ETF structure may imply riba elements
- Insufficient traditional financial ratios due to fund nature
- Exclusion from all major Shariah indices

Purification Requirement: 5.00%
Index Inclusion: Not included in any major Shariah-compliant indices

KEY FINANCIAL METRICS
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Debt Ratio: 0.0%
Liquidity Ratio: 0.0%
Interest Income Ratio: 0.0%
Purification Required: 5.00%

INDEX INCLUSION STATUS
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S&P Shariah: EXCLUDED
MSCI Islamic: EXCLUDED
DJIM: EXCLUDED
FTSE Shariah: EXCLUDED
Total: 0 of 4
Last Verified: 2025-12-31

REPORTING PERIOD
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Latest Annual Report: FY 2025
Latest Quarterly Data: Q4 2025
Trend Period: FY 2020 to FY 2025
Data Retrieved: 2026-02-14T12:00:00Z

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Full interactive report: https://amaly.io/stock/ZSL
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.