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Wahed FTSE USA Shariah ETF
HLAL

51 hedge funds and large institutions have $34.1M invested in Wahed FTSE USA Shariah ETF in 2025 Q4 according to their latest regulatory filings, with 11 funds opening new positions, 20 increasing their positions, 7 reducing their positions, and 1 closing their positions.

New
Increased
Maintained
Reduced
Closed

1,000% more first-time investments, than exits

New positions opened: 11 | Existing positions closed: 1

186% more repeat investments, than reductions

Existing positions increased: 20 | Existing positions reduced: 7

23% more capital invested

Capital invested by funds: $27.7M → $34.1M (+$6.37M)

21% more funds holding

Funds holding: 42 → 51 (+9)

1.36% more ownership

Funds ownership: 3.46% → 4.82% (+1.4%)

Holders
51
Holders Change
+9
Holders Change %
+21.43%
% of All Funds
0.62%
Holding in Top 10
–
Holding in Top 10 Change
–
Holding in Top 10 Change %
–
% of All Funds
–
New
11
Increased
20
Reduced
7
Closed
1
Calls
–
Puts
–
Net Calls
–
Net Calls Change
–

Top Buyers

Rank Fund Capital Flow
1
RF
rebel Financial
Ohio
+$3.68M
2
Mercer Global Advisors
Mercer Global Advisors
Colorado
+$3.25M
3
Royal Bank of Canada
Royal Bank of Canada
Ontario, Canada
+$547K
4
Susquehanna International Group
Susquehanna International Group
Pennsylvania
+$290K
5
MSFS
Main Street Financial Solutions
Pennsylvania
+$231K

Top Sellers

Rank Fund Capital Flow
1
CCC
Compass Capital Corp
Massachusetts
-$142K
2
MWM
Mission Wealth Management
California
-$31.9K
3
WB
WesBanco Bank
West Virginia
-$30.6K
4
MML Investors Services
MML Investors Services
Massachusetts
-$23.6K
5
Osaic Holdings
Osaic Holdings
Arizona
-$3.42K
Name Holding Trade Value Shares
Change 		Change in
Stake
Susquehanna International Group
26
Susquehanna International Group
Pennsylvania
$295K +$290K +4,748 New
BPW
27
BLVD Private Wealth
Kentucky
$288K +$2.32K +38 +0.8%
Raymond James Financial
28
Raymond James Financial
Florida
$281K – – –
Jones Financial Companies
29
Jones Financial Companies
Missouri
$251K +$58.3K +953 +31%
NA
30
NewEdge Advisors
Louisiana
$242K – – –
1832 Asset Management
31
1832 Asset Management
Ontario, Canada
$236K – – –
MSFS
32
Main Street Financial Solutions
Pennsylvania
$234K +$231K +3,778 New
AF
33
Allworth Financial
California
$225K +$222K +3,627 New
PAS
34
Park Avenue Securities
New York
$224K +$221K +3,613 New
KFS
35
Kaizen Financial Strategies
California
$217K – – –
SB
36
Strategic Blueprint
Georgia
$201K +$198K +3,242 New
KAS
37
Kestra Advisory Services
Texas
$148K +$146K +2,380 New
PCA
38
Providence Capital Advisors
North Carolina
$139K – – –
Bank of Montreal
39
Bank of Montreal
Ontario, Canada
$128K +$105K +1,714 +483%
Osaic Holdings
40
Osaic Holdings
Arizona
$124K -$3.42K -56 -3%
MMCM
41
Murphy & Mullick Capital Management
New York
$93K +$91.7K +1,500 New
LFG
42
Larson Financial Group
Missouri
$63.5K +$1.53K +25 +3%
Morgan Stanley
43
Morgan Stanley
New York
$62.7K – – –
PCFFS
44
Pacific Center for Financial Services
California
$58K – – –
IA
45
IFP Advisors
Florida
$54.3K +$61 +1 +0.1%
SPIA
46
Steward Partners Investment Advisory
New York
$53.7K – – –
Qube Research & Technologies (QRT)
47
Qube Research & Technologies (QRT)
United Kingdom
$33.2K +$25.4K +416 +347%
UBS Group
48
UBS Group
Switzerland
$18.6K +$306 +5 +2%
Bank of America
49
Bank of America
North Carolina
$4.65K +$4.59K +75 New
Carson Wealth (CWM LLC)
50
Carson Wealth (CWM LLC)
Nebraska
$3K +$2.75K +45 New
1
2
3

HLAL Hedge Fund Activity: Q4 2025 in Review

51 of the 8,223 institutional investors tracked by Wall St. Rank reported a position in Wahed FTSE USA Shariah ETF (HLAL) for Q4 2025, worth a combined $34.1M — up 23% from $27.7M a quarter earlier.

Buyers outnumbered sellers: 11 funds opened new HLAL positions and 1 closed out — a net gain of 10 holders — while 20 added to existing stakes and 7 trimmed.

The largest buyer was rebel Financial, opening a new position worth an estimated $3.68M. The largest seller was Compass Capital Corp, cutting an estimated $142K.

  • 51 institutional investors held Wahed FTSE USA Shariah ETF (HLAL) as of Q4 2025, up from 42 in Q3 2025.
  • Funds reported $34.1M of Wahed FTSE USA Shariah ETF stock for Q4 2025, up 23% quarter-over-quarter.
  • 11 funds opened new Wahed FTSE USA Shariah ETF positions in Q4 2025 and 1 closed out, a net change of +10 holders.
  • The largest Wahed FTSE USA Shariah ETF buyer in Q4 2025 was rebel Financial, an estimated $3.68M added.
  • The largest Wahed FTSE USA Shariah ETF seller in Q4 2025 was Compass Capital Corp, an estimated $142K sold.

Based on aggregated 13F filings for Q4 2025.