Buy HLAL if you want one Nasdaq-listed ticker of Shariah-screened US large- and mid-cap stocks and you are fine with a 0.50% total expense ratio. Compare it with SPUS before you choose. HLAL is the Wahed FTSE USA Shariah ETF. It has traded since July 16, 2019. The product record lists about $752M in assets, which makes it the second-largest dedicated US halal equity ETF after SPUS. It is not a robo. It is not Zoya. It is a fund you buy in a normal brokerage, IRA, or 401(k) that lists the ticker.
It passively tracks the FTSE Shariah USA Index. Yasaar Limited screens the index. Wahed publishes a fund-level Shariah certificate, Supervisory Board reports covering 2021 through 2024, quarterly purification amounts, and annual distributions. U.S. Bank is the custodian. Confirm the live expense ratio, AUM, and top holdings on the current prospectus and factsheet the day you buy. Those figures move.
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HLAL at a Glance
| Item | On the product record |
|---|---|
| Fund name | Wahed FTSE USA Shariah ETF |
| Ticker / exchange | HLAL / Nasdaq |
| Index | FTSE Shariah USA Index (large and mid-cap US stocks) |
| Listed since | July 16, 2019 |
| Total expense ratio | 0.50% |
| AUM (product record) | About $752M; second after SPUS |
| Screening | Yasaar Limited; quarterly rebalance |
| Income / purification | Annual distributions; quarterly purification amounts on the fund page |
| Custodian | U.S. Bank |
How the Screen Works
HLAL does not issue you a personal fatwa. It tracks an index that drops companies that fail Islamic investment screens, then holds what remains in index weights.
- Business activity: material involvement in conventional interest-based finance, alcohol, gambling, pork-related business, and similar categories is removed
- Financial ratios: remaining names must clear debt and interest-income thresholds in the index methodology
- Ongoing file: Shariyah Review Bureau certification (2024), signed by Dr. Aznan Hasan, plus published board reports
Because banks and several other industries are out, the book often leans toward technology, healthcare, and other sectors that clear screens more often. Mega-caps usually sit at the top. Do not memorize an old holdings table from a blog post. Pull the latest factsheet.
Who HLAL Fits
| Situation | HLAL? | Better path |
|---|---|---|
| Want a simple US equity core that is already screened | Yes | Buy HLAL, or compare SPUS on fees and holdings |
| Want the lowest possible fee and will accept a conventional S&P 500 | No | That fund fails a Shariah screen. Stay in the Islamic ETF set |
| Want to pick individual stocks | No | Zoya or Musaffa, then a brokerage |
| Want Wahed to pick the mix of stocks, sukuk, and gold | No | Wahed robo-advisor (0.49% wrap, plus $60/year below $100,000) |
| Want international stocks | Not this ticker | Wahed's UMMA ETF (0.65% TER) or another screened international fund |
HLAL vs SPUS
These are the two US-listed names most Muslim investors actually compare. They are not clones. HLAL follows FTSE USA Shariah. SPUS follows an S&P 500 Sharia lineage. Fees, top holdings, and tracking will differ. Side-by-side: SPUS vs HLAL. Read SPUS ETF review before you pick. Choose on the live factsheets, not on brand loyalty.
| Question | HLAL | SPUS |
|---|---|---|
| Who issues it | Wahed | SP Funds |
| Index family | FTSE Shariah USA | S&P 500 Sharia lineage |
| HLAL TER on file | 0.50% | See the SPUS review and current prospectus |
| How to decide | FTSE methodology and Wahed's purification file | S&P Sharia methodology and SP Funds' file |
How to Buy It
- Open or use a US brokerage, IRA, Roth IRA, or 401(k) that allows ETF trades
- Search ticker HLAL. Confirm the name is Wahed FTSE USA Shariah ETF
- Read today's factsheet for expense ratio, AUM, and top 10 holdings
- Place a market or limit order like any other ETF. There is no special Islamic brokerage required
- Keep uninvested cash from sitting in an interest-bearing sweep if you can
- Revisit purification amounts on Wahed's fund page on a quarterly calendar
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Canadians buying the US ticker inside a TFSA or RRSP should read US-listed halal ETFs in a Canadian TFSA. Withholding and FX are tax and brokerage issues, not a reason to skip the screen.
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Frequently Asked Questions
Is HLAL halal?
It is a Shariah-screened index ETF with a published certificate, Yasaar screening, and SRB certification on the product record. That is the fund's methodology. It is not a substitute for your own scholar if you have a stricter personal standard.
What is HLAL's expense ratio?
0.50% total expense ratio on the current product record. Confirm on the prospectus before you buy. Niche Shariah ETFs usually cost more than a plain S&P 500 fund. That is the cost of the screen, not a reason to buy an unscreened index.
HLAL or SPUS?
Compare index family, fees, holdings overlap, and tracking on today's factsheets. Use SPUS vs HLAL. Do not pick based on which brand you saw first on social media.
Does HLAL pay a dividend, and do I purify it?
The fund lists annual distributions and quarterly purification amounts on the fund page. Follow that file, or your scholar's rule if it is stricter. Do not ignore purification because the ticker is Islamic.
Can I hold HLAL in an IRA?
Yes, if the IRA custodian allows ETF trades. Wahed also offers its own Traditional, Roth, and SEP IRAs built from screened components if you want the robo wrapper instead of a single ticker.
Bottom Line
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See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
HLAL is the liquid, one-ticker way to hold Wahed's US Shariah equity sleeve. The 0.50% TER and FTSE methodology are the tradeoffs. Line it up against SPUS, buy it in a brokerage you already have, and keep the purification calendar.
