Trading Analysis Report: HLAL
- Analysis date: 2026-05-31
- Processed decision: Hold
- Price Target: 75
I. Analyst Team Reports
Market Analyst
Market Report
HLAL closed at $73.14 on May 29, 2026, essentially at its $73.265 52-week high and far above its $50.68 52-week low.
Momentum has been very strong. Local yfinance history showed a one-year price return of about 43.2%, with the ETF above its $65.54 50-day average and $62.00 200-day average.
The ETF traded close to NAV. yfinance listed NAV of $73.1211, compared with the $73.14 market price.
Market read: HLAL is a strong Shariah-compliant U.S. equity vehicle, but the current entry point is stretched. Assign Hold with a $75 target.
Sentiment Analyst
Sentiment Report
Sentiment toward HLAL is positive because demand for Shariah-compliant U.S. equity exposure remains structurally attractive and recent performance has been strong.
The ETF offers direct access to a screened U.S. equity portfolio. Wahed states that HLAL tracks the FTSE Shariah USA Index and is structured in accordance with Islamic principles.
The caution is concentration and price. The top 10 holdings represented 55.38% of assets in StockAnalysis holdings data, and the stock is near its 52-week high.
Sentiment read: HLAL is useful for its mandate, but new buyers should avoid assuming the recent 43% price move repeats.
News Analyst
News Report
The key current sources are Wahed's official HLAL overview page and current holdings data.
Wahed lists HLAL's inception date as July 16, 2019, total expense ratio as 0.50%, benchmark as the FTSE Shariah USA Index, rebalance frequency as quarterly, base currency as USD, and asset class as equity.
Wahed says the FTSE Shariah USA Index applies Shariah screening to U.S. stocks and is certified as Shariah-compliant through a Fatwa.
Holdings data showed 210 holdings, $912.00 million of assets, and portfolio P/E of 31.38. Top positions included Apple 13.32%, Microsoft 9.08%, Alphabet Class A 6.51%, Broadcom 5.61%, and Alphabet Class C 5.25%.
News read: HLAL remains a specialized, growth-heavy Shariah ETF with strong recent performance.
Fundamentals Analyst
Fundamentals Report
For HLAL, fundamentals are ETF-level, portfolio-level, and mandate-level.
The fund structure is clear: NASDAQ-listed, U.S.-domiciled, USD-based, equity asset class, quarterly rebalance, and a 0.50% expense ratio.
The portfolio is broad but top-heavy. StockAnalysis listed 210 holdings and 55.38% top-10 concentration.
The income profile is low. yfinance showed only 0.49% yield, so HLAL is better viewed as Shariah-compliant growth/core equity exposure rather than an income ETF.
Fundamental read: HLAL has a useful mandate and strong holdings, but concentration and valuation are meaningful risks.
II. Research Team Decision
Bull Researcher
Bull Research
The bull case is that HLAL offers scarce and convenient Shariah-compliant access to major U.S. equities.
Performance has been strong. Local yfinance history showed a 43.2% one-year price return, and yfinance showed 8.09% YTD return.
The top holdings provide exposure to high-quality growth leaders, including Apple, Microsoft, Alphabet, Broadcom, Meta, Tesla, Eli Lilly, and AMD.
The ETF also trades very close to NAV, reducing concern about large market-price dislocation.
Bull conclusion: HLAL is a credible core Shariah-compliant U.S. equity ETF.
Bear Researcher
Bear Research
The bear case is that HLAL is expensive and concentrated after a major rally.
The ETF closed near the $73.265 52-week high after a 43.2% one-year move. That leaves limited near-term margin of safety.
Portfolio concentration is high. The top 10 holdings were 55.38% of assets, and Apple plus Microsoft alone were 22.40%.
The portfolio P/E was 31.38, and the 0.50% expense ratio is materially above many broad U.S. equity ETFs.
Bear conclusion: the product is useful, but the entry point is not compelling after the run.
Research Manager
Research Manager Synthesis
The bull case is strong mandate fit: HLAL gives investors Shariah-compliant U.S. equity exposure in one ETF.
The bear case is timing and concentration: the ETF is near a high, valuation is elevated, and the top holdings dominate the portfolio.
The correct conclusion is Hold. Existing holders can keep exposure, but new buying should be staged.
Synthesis: assign Hold with a $75 target.
III. Trading Team Plan
Trader
Trader View
HLAL is in a strong uptrend. The close of $73.14 is near the 52-week high and above both the 50-day and 200-day averages.
Upside trigger: continued mega-cap growth leadership and a breakout above the high.
Downside trigger: a rotation away from mega-cap technology, valuation compression, or a break below the 50-day average near $65.54.
Trading plan: hold existing positions; use staged entries rather than chasing the high.
IV. Risk Management Team Decision
Aggressive Analyst
Aggressive Risk View
Aggressive investors may like HLAL's growth-heavy exposure and strong momentum.
However, the fund's 31.38 portfolio P/E and 55.38% top-10 concentration mean downside can be sharp if mega-cap leadership reverses.
The $75 target is modest because the price already reflects a lot of good news.
Aggressive conclusion: Hold, not aggressive Buy, at current levels.
Conservative Analyst
Conservative Risk View
Conservative investors should recognize that HLAL is not a low-volatility income product.
The yield is only 0.49%, and beta was 1.04 in yfinance data. The ETF is also concentrated in large growth companies.
For investors requiring Shariah-compliant U.S. equity exposure, HLAL can be a holding, but position sizing matters.
Conservative conclusion: Hold with disciplined sizing.
Neutral Analyst
Neutral Risk View
The neutral view is that HLAL is a strong solution for a specific investor need but is fairly priced after the rally.
The positive factors are mandate fit, momentum, and top-tier holdings. The negative factors are valuation, concentration, and higher fee versus broad passive ETFs.
The $75 target reflects limited incremental upside from the current price.
Neutral conclusion: Hold is appropriate.
V. Portfolio Manager Decision
Portfolio Manager
Portfolio Manager Decision
Rating: Hold Price Target: 75
Horizon: 6-12 months Current Price Reference: $73.14 close on 2026-05-29
HLAL is a useful specialized ETF for investors seeking Shariah-compliant U.S. equity exposure. Wahed lists HLAL as a NASDAQ-listed ETF tracking the FTSE Shariah USA Index, with quarterly rebalancing, USD base currency, and a 0.50% expense ratio.
The recent market setup is strong but stretched. HLAL closed at $73.14, near the $73.265 52-week high, after a roughly 43.2% one-year price return. The fund also traded close to NAV of $73.1211.
The portfolio is growth-heavy and concentrated. Holdings data showed 210 positions, 55.38% top-10 concentration, portfolio P/E of 31.38, and top weights including Apple 13.32%, Microsoft 9.08%, Alphabet Class A 6.51%, and Broadcom 5.61%.
The $75 target reflects modest upside because the product quality is offset by entry-point risk. Existing holders can keep HLAL, but new investors should use staged entries or wait for a pullback.