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
Index Performance
Top Sectors
Represents the ten sectors that make up the majority of the index.
Top 10 Constituents
As of August 31, 2025. Ranked by index weight.
Symbol
Company Name
Sector
Industry
Weight
View the complete list of all 100 constituents in the Zoya app.
Index Methodology
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.
Frequently Asked Questions
Quick answers about what the Zoyaverse Index.
What is the Zoyaverse Index?
The Zoyaverse Index is a conviction-weighted benchmark of the 100 most popular U.S. equity securities held by Zoya users. It reflects aggregated, anonymized holdings from connected brokerage accounts and is intended for informational purposes only.
How often is the index rebalanced?
The index is rebalanced monthly using end-of-month holdings data.
How are index weights determined?
We calculate each stock’s share of a user’s eligible equity portfolio (their personal conviction), average that percentage across all holders, then normalize across the top 100 constituents to produce final weights.
Does the index include non-compliant stocks?
Yes. To reflect real-world investing behavior, the index includes all eligible U.S.-listed stocks held by users, regardless of Shariah compliance status. Use the Zoya app to check compliance for individual securities.
Is the index investable?
No. The Zoyaverse Index is a non-investable, informational index and does not constitute financial advice or a recommendation to buy or sell any security.