Comment by fragmede
13 hours ago
So the obvious thing to do, for someone that's got ~$3mm to play with, is to setup an ETF that is SP500 but with the old rules. If you can convince $40mm of other people's money to go into your not-specifically-Musk-less-but-just-happens-to-be ETF, they'd come out ahead.
The S&P Shariah index fund is required to exclude SpaceX and already exists https://www.spglobal.com/spdji/en/indices/equity/sp-500-shar...
Seems bizarre to have a Shariah-compliant index fund comprising companies that are all levered with huge amounts of debt financing.
Why? Was space exploration incompatible with Sharia? Is it the pornography bit of xAI?
Advertising, presumably. But that also excludes, like, all of big tech?
One presumes it's because a huge amount of its revenue comes from defense contracts, which are haram. Here is n excerpt from the fund's exclusion criteria:
> S&P 500 Shariah Industry Exclusions. The index universe consists of all the constituents in the S&P 500 Shariah, excluding companies classified as part of GICS sub-industries 20101010 (Aerospace & Defense), 40203040 (Financial Exchanges & Data), 40201060 (Transaction & Payment Processing Services).
4 replies →
Ketamine (and pump and dumps) is haram
Looking at their exclusion criteria, which one do you believe it falls under?
Why would a Shariah index fund have to exclude SpaceX?
Wouldn't the other index stocks need to tank as funds must be shifted by large scale investors into the these new gigalistings?
Only $3mm needed?
According to https://www.etf.com/sections/news/launching-etf-no-cheap-end...
Interesting, thanks. Actually slightly cheaper than I expected.