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...
Spent way too long looking into this, and I don't think the plain S&P 500 Shariah would exclude SpaceX, I spent a while reading through the methodology [1][2] of the index and I don't see why it would be. I do think the S&P 500 Shariah Industry Exclusions Index [2][3] would be the one that excludes SpaceX as it excludes Aerospace, while no such exclusion exists for the plain S&P 500 Shariah.
[1] https://www.spglobal.com/spdji/en/methodology/article/sp-sha... [2] https://www.spglobal.com/spdji/en/documents/methodologies/me... [3] 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?
Dogs went into space. Dogs are haram. Therefore, space is haram.
Probably not this reasoning.
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).
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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?
Interesting, thanks. Actually slightly cheaper than I expected.