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.
  • ADJEX is sub-advised by Ziegler Capital Management, a Chicago-based institutional money manager.
  • All potential investments are screened to exclude companies that profit from interest, alcohol, tobacco, gambling, pornography, weapons, prisons, war/international conflict, hydraulic fracturing, and other areas that cause societal or environmental harm. Companies with high debt ratios are also excluded.
  • 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.


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.


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 9/30/2018)*

Verisign, Inc. 2.13%
TransUnion 1.71%
Citrix Systems, Inc. 1.63%
Tableau Software Inc, Cl A 1.59%
J.B. Hunt Transport Services, Inc. 1.56%
Henry Schein Inc. 1.52%
Packaging Corp of America 1.51%
Booz Allen Hamilton Holding Corp 1.51%
Waters Corp Com 1.50%
Align Technology Inc. 1.50%

Sectors (all values in percentages)*



*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.

Sectors (all values in percentages)*

  • Basic materials
  • Consumer defensives
  • Consumer cyclicals
  • Healthcare
  • Industrials
  • Real estate
  • Technology

*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.

Sectors (all values in percentages)*

*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.

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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

Estimated 2018 Distributions

Dividend 0
ST Cap Gain 0.25657
LT Cap Gain 0.51275

The Azzad Funds will pay year-end income and/or capital gain distributions on December 19, 2018. We are providing you with information regarding the expected distribution dates and estimated rates for your planning purposes. The rates reflected below are estimates that were calculated as of November 29, 2018 and are subject to change based on market movements, fund cash flows, ongoing portfolio transactions and other factors between now and the anticipated distribution date.

Shareholders will have the exact amount on the distribution date. Thank you.

PLEASE NOTE: On the day the distribution is declared, the amount of the distribution is deducted from fund assets and calculated as a per share amount to be passed through to shareholders. On this day, the fund’s share price will decline by the amount of the distribution (plus or minus any share price change related to market activity).

As a shareholder, you are entitled to your share of a Fund’s net income and capital gains on its investments. A Fund is required to pass through substantially all of its earnings along to its investors as distributions. When a Fund earns dividends from stocks and distributes these earnings to shareholders, it is called a dividend distribution. A Fund realizes capital gains when it sells securities for a higher price than it paid. When net long-term capital gains are distributed to shareholders, it is called a capital gain distribution. Net short-term capital gains are considered ordinary income and are included in dividend distributions.

The Funds distribute capital gains, if any, annually. The Azzad Wise Capital Fund (WISEX) distributes dividends, if any, monthly, and the Azzad Ethical Fund (ADJEX) distributes dividends, if any, annually.


Before investing, carefully consider the Fund’s investment goals, risks, charges and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or download them from our literature center. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Investments in small and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions, or other expenses of investing. Investors may not make direct investments into any index.

There is no guarantee that the Fund will meet its investment objectives. Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Please see our glossary for a definition of terms.

Azzad Asset Management is the investment advisor to the Azzad Funds. The Azzad Funds are self-distributed.