Monthly rebalance of ITS Shariah Index: BSX, TXN, TJX and UBER added

International trading platform ITS has completed its monthly rebalancing of the ITS Shariah Index, which serves as the benchmark for the ITS Shariah ETF (ticker: ITSS).

As a result of the rebalancing, the ITS Shariah Index included the shares of U.S. medical device manufacturer Boston Scientific Corporation (BSX), U.S. semiconductor producer Texas Instruments Inc. (TXN), international apparel and home goods retailer The TJX Companies Inc. (TJX), and U.S. technology company Uber Technologies Inc. (UBER).

Along with the inclusion of these four stocks, the index excluded the shares of payment service providers Visa Inc. (V) and MasterCard Inc. (MA), as well as food and beverage producers The Coca-Cola Company (KO) and PepsiCo Inc. (PEP).

Previously, the independent Shariah Board of IPS Management Company also recommended that the shares of financial information and ratings provider S&P Global (SPGI) not be included in Shariah-compliant investment strategies as part of the ITS Shariah fund’s rebalancing.

Following the rebalancing, the ITS Shariah Index also saw increased weightings for the shares of U.S. technology company Broadcom Inc. (AVGO), electric vehicle manufacturer Tesla Inc. (TSLA), and pharmaceutical company Eli Lilly and Company (LLY).

The rebalancing also adjusted the weightings of other securities within the index, which includes shares of 30 international companies whose business activities and financial standing comply with the criteria of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Shares included in the ITSS fund undergo daily independent monitoring by Sahih Invest, a certified firm. The ITS Shariah Index, and consequently the ITSS fund composition, is rebalanced monthly.

ITSS ETF shares are denominated in U.S. dollars. Trading on ITS runs from 10:00 AM to 3:45 AM Astana time the following day (05:00 AM to 10:45 PM UTC). Since the first trading day, market makers have ensured liquidity for ITSS ETF shares throughout the session.

The fund has a management fee of 0.5% per annum and is managed by IPS Capital, which is licensed by the AIFC to oversee funds for retail investors. The composition, real-time performance, index methodology, and related documents are published on the ITS website.

Investors should be aware that ETF shares and securities are high-risk assets. Past performance data is provided for informational purposes only and should not be viewed as an indication of future results. The value of ITS Shariah ETF shares may fluctuate, reflecting the price movements of the securities in the ITS Shariah basket.

 

ITS Press Service
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