The Amana Growth Fund (AMAGX) is a Saturna Capital mutual fund for Muslim investors who want an actively managed, Sharia-screened U.S. growth portfolio and are comfortable owning a mutual fund instead of an ETF. If you want a simple ticker you can buy during market hours, SPUS or HLAL is usually the cleaner fit. AMAGX is one of the longest-running halal funds in the United States. It is not an ETF, it does not track an index the way SPUS does, and holdings change. Confirm current fees, minimums, and the prospectus on Saturna's site before you buy.
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AMAGX vs SPUS vs HLAL
| Factor | AMAGX (Amana Growth) | SPUS | HLAL |
|---|---|---|---|
| What it is | Actively managed mutual fund | Index-tracking halal ETF | Shariah-screened equity ETF |
| Manager | Saturna Capital | SP Funds | Associated with Wahed's ETF lineup |
| How you trade it | Once per day at net asset value | Intraday on an exchange | Intraday on an exchange |
| Stock picking | Managers select screened growth names | Tracks a Sharia-screened S&P 500 exclusions index | Rules-based screened equity basket |
| Best if you | Want active management and a long-running mutual fund | Want a passive S&P 500-style halal ETF | Want a screened ETF you can buy at any broker |
| Skip if you | Only want an ETF in a brokerage app | Want a human manager picking names | Want Saturna's active process |
That table is the decision. AMAGX, SPUS, and HLAL all try to keep you out of prohibited industries and stretched balance sheets. They differ in wrapper (mutual fund vs ETF) and process (active vs index). The full Amana-versus-SPUS framework lives in SPUS vs Amana funds. Use HalalWallet compare when you are ready to line funds up against other products.
What AMAGX Is
AMAGX is the Amana Growth Fund, a U.S. mutual fund from Saturna Capital. The mandate is long-term capital growth in companies that meet Islamic investment guidelines. Like other mutual funds, you typically buy it through a brokerage or retirement platform that lists mutual funds, and orders usually fill at the end-of-day price rather than ticking like an ETF all afternoon. It has been available to U.S. investors for decades, which is why it still shows up in "halal mutual fund" searches next to newer ETFs.
| Feature | Details |
|---|---|
| Fund name | Amana Growth Fund |
| Ticker | AMAGX |
| Provider | Saturna Capital |
| Structure | Mutual fund (not an ETF) |
| Goal | Long-term capital growth |
| Screening | Business activity plus financial ratios |
How Sharia Screening Works
Amana applies screens on what a company does and how it is financed. Business-activity screens exclude industries generally treated as impermissible: conventional banking and interest-based finance, alcohol, gambling, adult entertainment, and pork-related businesses. Financial-ratio screens then look at metrics such as debt, so the fund is not filled with companies that rely heavily on interest-based borrowing. Thresholds and lists are Saturna's. They will not match every scholar or every ETF index. Read the current prospectus and screening description on Saturna's site rather than assuming AMAGX uses the same cuts as SPUS or HLAL.
Holdings: Examples, Not a Permanent List
Because the fund tilts toward growth, it often shows up with large technology and healthcare names. Recent examples discussed around the portfolio include Microsoft, Apple, Alphabet, Eli Lilly, and Tesla. Those names are illustrations, not a promise. Managers rebalance, companies fail screens, and sector weights move. Do not copy a screenshot of holdings from an old article. Pull the latest fact sheet from Saturna (or your brokerage's fund page) on the day you invest. Concentration in technology is common in halal equity products because screening removes most conventional banks, which can make performance diverge from a full S&P 500 fund.
Who AMAGX Suits
| AMAGX is a reasonable fit if you | Look at SPUS or HLAL instead if you |
|---|---|
| Want a professionally managed, screened growth fund | Want to click buy on an ETF during market hours |
| Prefer Saturna's long-running mutual-fund process | Want an index that simply excludes non-compliant industries |
| Already use mutual funds in an IRA or 401(k) window | Your broker makes ETF trading the default |
| Accept that active funds often cost more than index ETFs | You are optimizing for the lowest fund expense |
Expense ratios, account minimums, and share-class details change. We are not publishing a number here because a stale ratio is worse than no ratio. Confirm the current expense ratio, minimum investment, and any purchase fees in the prospectus and on Saturna's site. Active mutual funds are typically more expensive than index ETFs such as SPUS or HLAL. Whether that extra cost is worth it depends on whether you actually want active stock selection, not on a marketing line about "professional management."
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Frequently Asked Questions
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Is the Amana Growth Fund (AMAGX) halal?
AMAGX is designed as a Sharia-screened fund: it avoids prohibited industries and applies financial-ratio limits. That is the product thesis. Screening standards differ, so "halal" here means "built to Islamic equity screens used by this manager," not a personal fatwa. If you follow a specific scholar or AAOIFI-style threshold, compare Saturna's published methodology with that standard before you size a position.
Is AMAGX an ETF?
No. AMAGX is a mutual fund. You generally cannot trade it minute-by-minute like SPUS or HLAL. Orders typically price once per day. If your priority is ETF mechanics (intraday trading, easy brokerage search, often lower expenses), start with the SPUS review or the HLAL review instead of forcing AMAGX into an ETF-shaped plan.
Does AMAGX pay dividends?
Like many equity funds, AMAGX can distribute dividends from the companies it holds. Amounts and timing change with the portfolio and with each company's payout policy. Confirm the latest distribution history on Saturna's site or your brokerage. If you specifically want income rather than growth, look at Saturna's income-oriented Amana fund in the prospectus rather than assuming AMAGX is built for yield.
How does AMAGX compare with SPUS?
SPUS is the SP Funds S&P 500 Sharia Industry Exclusions ETF: an index-tracking product. AMAGX is an actively managed mutual fund from Saturna. Both screen for Islamic compliance. SPUS is usually the simpler brokerage buy. AMAGX is the choice if you want Saturna's active growth process and a mutual-fund wrapper. See SPUS vs Amana funds for the decision framework.
Can I hold AMAGX in an IRA or 401(k)?
Many brokerages and some workplace plans list Amana funds. Availability is not universal. Search your plan's fund window for AMAGX or "Amana Growth" and confirm whether the share class, minimum, and trading rules work for that account. If the plan only offers ETFs, SPUS or HLAL may be the practical option. Browse other screened products on the investing hub.
The Bottom Line
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Pick AMAGX if you want Saturna's actively managed, long-running halal growth mutual fund. Pick SPUS or HLAL if you want an ETF you can buy in almost any brokerage. Holdings such as Microsoft or Apple are examples only: they change. Confirm fees and the prospectus on Saturna's site, then compare wrappers on HalalWallet investing.
