Wahed Dow Jones Islamic World ETF

Wahed Dow Jones Islamic World ETF (UMMA) is an actively managed fund that aims to track the Dow Jones Islamic Market International Titans 100 Index. The index holds about 100 large companies outside the US that pass Shariah (Islamic law) screens. Those screens exclude conventional finance and heavily indebted firms. As of August 31, 2026, that left the fund tilted toward chipmakers such as Samsung and SK hynix. Its 0.65% expense ratio is far above the 0.10% average of similar international funds.

• Over the year to Oct 27, 2026, UMMA returned +24.9%, 1st of 6 among similar funds.
• Its worst full calendar year was 2024 (+4.7%); its best was 2025 (+26.7%).
• The deepest fall in its price history was 34.2% (Jan 12, 2022 to Oct 14, 2022), recovered by May 15, 2024.

As of Aug 31, 2026, the fund held 94 securities; the ten largest made up 41.36% of assets.

• Over the three months to Aug 31, 2026, investors added a net $21.2M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +2.32%, -6.53%, +2.33%.

UMMA is actively managed. Its adviser, Wahed Invest, aims to own securities similar to those in the Dow Jones Islamic Market International Titans 100 Index, run by S&P Dow Jones Indices, and to earn similar returns. The adviser can hold different stocks, or the same stocks at different times or weights, when it judges that fits Shariah better or serves the fund. At least 80% of net assets go to Shariah-compliant companies outside the US, in developed, emerging or frontier markets.

The index first removes any company that earns more than 5% of its revenue from banned activities. These include conventional banking and insurance, alcohol, pork, gambling, tobacco and weapons. The companies that remain must pass three financial tests. Debt, cash plus interest-bearing securities, and accounts receivable must each stay under 33% when measured against the company's average market value over 24 months. The 100 largest companies left are weighted by float-adjusted market value (the value of shares available to the public). No company can be more than 10%.

The list of companies is reset each September, and weights are rebalanced every quarter. A Shariah consultant, Ratings Intelligence Partners, watches the holdings between reviews. A two-percentage-point buffer stops companies near a limit from flipping in and out. Because Islamic principles bar interest, the fund's cash earns nothing.

• UMMA charges 0.65% a year, versus an average of 0.1% for the similar funds below (6th of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).

It gives Shariah-screened exposure to non-US stocks, led by Japan, South Korea and Switzerland, though its tilt toward chipmakers makes it swing more than a typical international fund.

UMMA can add non-US stocks to a portfolio that follows Islamic principles. As of August 31, 2026, it held 94 stocks across Japan, South Korea, Switzerland, Canada and Europe. It launched in January 2022, so it has no record from the 2008 or 2020 crashes. Its price fell 34.2% between January and October 2022. It got back to its old high in May 2024, about 19 months after the low. Someone forced to sell shares for spending during a drop like that would lock in losses. Volatility, a measure of how widely the price swings, was 24.5% over the year to October 27, 2026. The yield was a modest 0.77%, paid quarterly. In the SEC's standard example, $10,000 would cost $810 in fees over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.