The Zoyaverse Index tracks the collective investment behavior of Muslim retail investors by identifying the most widely held stocks across Zoya users' brokerage accounts. Its goal is to provide a transparent, conviction-weighted benchmark that reflects how Muslims are allocating their portfolios within the U.S. equity market based on real-world holdings. Learn more on our blog.
| Inception | Jul 31, 2025 |
| Rebalance | Monthly |
| Constituents | 100 |
| Weighting | Custom |
Represents the ten sectors that make up the majority of the index.
As of August 31, 2025. Ranked by index weight.
| Symbol | Company Name | Sector | Industry | Weight |
|---|
The Zoyaverse Index is a conviction-weighted benchmark of the 100 most popular U.S. equity securities held by Zoya users, rebalanced monthly based on real portfolio holdings.
The index considers all equity securities listed on major U.S. exchanges (NYSE, NASDAQ) that are held by Zoya users. It excludes ETFs, mutual funds, options, cryptocurrencies, and fixed-income securities to provide the clearest view of direct stock ownership. To provide the most accurate and unfiltered picture of what Zoya users are actually investing in, the index includes all stocks held in their brokerage accounts, regardless of their Shariah compliance status.
Stocks are first ranked by popularity, which is determined by the number of unique Zoya users who hold them. The top 100 most-held stocks are selected for inclusion in the index.
The index is conviction-weighted. For each user, we calculate the percentage that each stock represents of their total eligible equity portfolio. We then average this percentage across all users who hold the stock. This "average conviction" score is then normalized across all 100 constituents to form the final index weights. This ensures each user's conviction is counted equally, regardless of their portfolio size.
The index is rebalanced monthly using end-of-month holdings data.