Azzad Ethical Fund

Long-term capital appreciation

  • The Azzad Ethical Fund is an enhanced index fund that invests in mid-sized growth stocks. It trades on the NASDAQ exchange under the ticker symbol ADJEX.
  • All potential investments are screened to exclude companies that profit from interest, alcohol, tobacco, gambling, adult entertainment, insurance, and weapons. We look at companies on a case-by-case basis and exclude some for human rights abuses or operating in an area of conflict. We also remove companies with high debt ratios.
  • The fund’s objective is long-term capital appreciation (growth), making it a sound investment to use in accounts for retirement, education, and other long-term goals.
  • ADJEX Q3 Holdings

Daily Price (NAV)

Azzad Ethical FundADJEX$19.06$-0.32

ADJEX Quarterly Performance

 QuarterYTD1 Year5-Year10-Year
Azzad Ethical Fund6.94%12.42%20.76%12.46%11.76%
Russell MidCap® Growth Index9.37%13.92%23.23%15.53%14.55%
Dow Jones Islamic Market U.S. Mid-Cap Growth Index**8.12%18.28%28.54%15.98%14.86%
Returns for less than one year are not annualized.
Inception date: 12/22/2000
**This data is presented as supplemental information as it is used as a general market indicator and is not used for this composite’s strategy implementation.


Compare the growth of a hypothetical $10,000 investment in the Azzad Ethical Fund (ADJEX) versus its benchmark and category. ADJEX was launched 12/22/2000.


We believe stock prices follow earnings growth, and that mid-cap companies can grow faster and more aggressively than large ones. Using quantitative and fundamental analysis, our investment process is designed to be disciplined, repeatable and focused on selecting companies with optimal risk/reward profiles.

Read more about our investment process.

PORTFOLIO: Largest Holdings (as of 9/30/20)*

Square Inc A2.83
EPAM Systems Inc2.28
Cadence Design Systems Inc2.23
Dollar General Corp2.14
DexCom Inc2.08
KLA Corp2.05
Fastenal Co2.03
Citrix Systems Inc2.02
Teradyne Inc2.02

Sectors as a percentage of total portfolio* (as of 9/30/20)

*Fund holdings and allocations are subject to change and are not a recommendation to buy or sell any security. Figures may not equal 100 due to rounding.


The Azzad Ethical Fund pursues long-term capital appreciation by investing primarily in the common stocks of mid cap companies.

Using quantitative and fundamental analysis, the portfolio manager seeks to identify fast growing companies with strong business models.

These are companies with products or services in high demand, above average and sustainable earnings growth and selling at attractive valuations.

2020 Distributions

ST Cap Gain0
LT Cap Gain1.049943 (est.)

The Funds distribute capital gains, if any, annually. The Azzad Ethical Fund (ADJEX) distributes dividends, if any, annually.

For 2020, the distribution date is December 18.

Fund Facts

Inception date: December 22, 2000
CUSIP: 055060206
Ticker symbol: ADJEX
Asset allocation: Mid-Cap Growth
Minimum investment: $1,000
Retirement and college accounts: $500
Shareholder Services: 888-350-3369


Before investing, carefully consider the Funds’ investment goals, risks, charges and expenses. For a prospectus or summary prospectus containing this and other information, call 888-862-9923 or read them on this website. Read them carefully before investing. 

Investing carries risks, including possible loss of principal. The Azzad Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity. Azzad Asset Management is the investment adviser to the Azzad Funds.

Please see our glossary for a definition of terms.


The performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain recent month end performance, call 888-350-3369.

Azzad Asset Management (the “Adviser”) has contractually agreed to limit the total operating expenses of the Azzad Ethical Fund to 0.99% through 12/1/2023 and Azzad Wise Capital Fund to 1.29% through 12/01/2023, excluding indirect expenses. The gross expense ratio for the previous fiscal year ending 6/30/2018 was 1.15% for Azzad Ethical Fund and 1.44% for Azzad Wise Capital Fund. Absent this arrangement, the performance shown would have been lower. For more detailed information on fund expenses, please see the fund’s prospectus.

The Russell MidCap© Growth Index measures the performance of the mid cap growth segment of the U.S. equity universe. It includes those Russell MidCap® Index companies with higher price to book ratios and higher forecasted growth values. Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Azzad Asset Management’s presentation thereof.

The Dow Jones Islamic Market U.S. Mid-Cap Growth Index is designed to measure the performance of mid-cap U.S. equity securities that are screened for adherence to Shariah investment guidelines and are classified as “growth” based on a multi-factor analysis. The Dow Jones Islamic Market Target Risk Indices were launched Dec. 27, 2017. All information presented prior to an index’s Launch Date is hypothetical (back-tested), not actual performance. The back-test calculations are based on the same methodology that was in effect on the index Launch Date. Complete index methodology details are available at

The Bank of America Merrill Lynch US Corporate and Government 1-3 Year Index tracks the performance of US dollar-denominated investment grade government and corporate public debt issued in the US domestic bond market, excluding collateralized products. The index does not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The index’s returns assume reinvestment of all distributions and dividends; you cannot invest directly in an index.

The Dow Jones Sukuk Index is designed to track the performance of global Islamic fixed income securities, also known as sukuk. The index measures an investment (excluding reinvestment) in U.S. dollar-denominated, investment-grade sukuk that have been screened for Shariah compliance. The Dow Jones Islamic Market Target Risk Indices were launched Dec. 27, 2017. All information presented prior to an index’s launch date is hypothetical (back-tested), not actual performance. The back-test calculations are based on the same methodology that was in effect on the index launch date. Complete index methodology details are available at

The hypothetical charts above do not imply any future performance. They illustrate the performance of a hypothetical $10,000 investment made in each Fund since inception and assume reinvestment of dividends and capital gains. They do not reflect the effect of any redemption fees, which would lower these figures. The initial investment used in the above charts may be higher or lower than the initial minimum amount required to invest in each fund. The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index. Past performance cannot be used to predict future returns. Before making an investment decision, it’s important to check the fund’s prospectus for factors such as investment objectives, costs and expenses, liquidity, fluctuation of principal or return, and tax features.