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.