Pick SPUS if you want a Sharia-screened S&P 500-style ETF you can buy in a regular brokerage. Pick Amana funds if you want Saturna Capital's actively managed Islamic mutual funds and you are fine with end-of-day pricing. Both apply Islamic screens. They are not interchangeable products. SPUS is the SP Funds S&P 500 Sharia Industry Exclusions ETF (index-tracking). Amana is a family of mutual funds; the two names investors discuss most are Amana Growth and Amana Income. Confirm current expenses, minimums, and holdings on each provider's site. We do not publish stale ratios or returns here.
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Who Should Pick Which
| If this is you | Choose | Why |
|---|---|---|
| You want one ticker, intraday trading, and an index approach | SPUS | ETF wrapper plus a published Sharia-screened S&P 500 exclusions index |
| You want a manager selecting screened growth stocks | Amana Growth (AMAGX) | Active mutual fund, not an index clone |
| You care more about income-oriented screened equities | Amana Income | The Amana fund discussed for income rather than pure growth |
| Your brokerage app is built around ETFs, not mutual funds | SPUS (or HLAL) | Fewer paperwork and trading-friction issues |
| You already hold Amana in an IRA or 401(k) and like the process | Stay with Amana unless costs or screens fail your test | Switching wrappers is a separate decision from screening quality |
| You want the cheapest simple halal equity sleeve | Usually SPUS or another ETF | Index ETFs typically cost less than active mutual funds |
If you are still unsure after that table, the next fork is mechanical: ETF versus mutual fund. It decides how you trade, when you get a price, and often what you pay. Product deep dives: SPUS ETF review and Amana Growth Fund (AMAGX) review. HLAL is the other ETF to keep on the same shortlist.
ETF vs Mutual Fund: The Decision Framework
| Question | SPUS (ETF) | Amana (mutual funds) |
|---|---|---|
| When does my order fill? | During market hours at a live market price | Typically once per day at net asset value after the close |
| Where do I buy it? | Almost any U.S. brokerage that lists ETFs | Brokerages or platforms that offer that mutual fund |
| What is the strategy? | Track a Sharia-screened index | Managers pick holdings inside Islamic screens |
| What am I paying for? | Index implementation and ETF operations | Active research and the mutual-fund structure |
| Who should not use it? | Investors who want a human stock-picker | Investors who only want an ETF in a mobile app |
A useful rule: if you would buy Vanguard's S&P 500 ETF rather than an actively managed large-cap mutual fund in a conventional portfolio, you will probably prefer SPUS in a halal portfolio. If you specifically want a manager who can overweight names inside a Sharia universe, Amana is the older U.S. product built for that. Neither structure makes the investment more or less "Islamic" by itself. Screening quality and your own use (no margin, no haram purpose) matter more than the ticker type.
What SPUS Is
SPUS is the SP Funds S&P 500 Sharia Industry Exclusions ETF. It seeks to track a Sharia-screened index of U.S. large companies after dropping businesses involved in activities treated as impermissible under Islamic finance, then applying financial-ratio screens that limit excessive debt or interest-related income. Typical industry exclusions include alcohol, gambling, conventional financial services, pork, and similar prohibited lines. Because it is an ETF, you buy and sell shares on an exchange during the trading day. Read the current fact sheet on SP Funds' site for the live index name, holdings, and expenses.
What Amana Funds Are
Amana funds are halal mutual funds managed by Saturna Capital. They were among the earliest Islamic investment products available to Muslim investors in the United States. Unlike SPUS, they do not exist to clone an index. Managers select companies that pass Islamic screens and fit each fund's objective. Amana Growth aims at long-term capital growth. Amana Income is the fund commonly discussed when investors want an income-oriented screened equity approach. Confirm share classes, minimums, and objectives in Saturna's prospectus. Holdings change. Do not treat an old top-ten list as current.
How Both Screen, and Why They Still Differ
Both SPUS and Amana evaluate business activity and financial ratios. That shared skeleton still produces different portfolios. An index fund must follow its rulebook. An active fund can hold a smaller, manager-chosen set inside the same broad constraints. Technology-heavy results are common in screened U.S. equity products because conventional banks drop out. Performance will not match an unscreened S&P 500 fund, and SPUS will not match Amana year by year. You can hold both, but overlap is often high: a core SPUS sleeve plus a small Amana position is not automatically more diversified. Check overlapping top holdings on the latest fact sheets, then use the investing hub and compare.
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Frequently Asked Questions
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Are SPUS and Amana funds halal?
Both are built as Islamic-screened equity products: they exclude prohibited industries and apply financial-ratio limits on debt and interest-related income. That is the product design. Screening thresholds differ across managers and index providers, so a company can appear in one and not the other. If you follow a particular scholar or standard, read each methodology rather than treating the ticker as a fatwa.
Is SPUS better than Amana Growth (AMAGX)?
SPUS is better if you want an ETF and an index. AMAGX is better if you want Saturna's active growth mutual fund. "Better" is not a return forecast. Confirm expenses and minimums on each issuer's site the day you buy. For the AMAGX-specific review, see Amana Growth Fund (AMAGX).
SPUS vs HLAL vs Amana: which should I buy?
SPUS and HLAL are the ETF shortlist. Amana is the mutual-fund shortlist. If your only question is ETF versus ETF, read the SPUS review and the HLAL review and ignore Amana until you know you want active management. If your workplace plan only lists mutual funds, Amana may be the option that actually appears in the window.
Do Amana funds cost more than SPUS?
Actively managed mutual funds typically have higher expense ratios than index ETFs. That is the usual pattern in this comparison. Exact figures change with share class and fee waivers, so pull the current prospectus for SPUS and for the Amana fund you would actually buy. Do not use this article as a fee table.
Can I buy SPUS and Amana in an IRA?
Often yes, if your IRA custodian lists the ETF and the mutual fund. ETF access is usually broader. Mutual-fund access depends on whether the custodian has a selling agreement for that fund. Search the ticker in your account, confirm minimums, and check whether transaction fees apply. If the IRA only makes ETFs easy, SPUS is the practical default.
The Bottom Line
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SPUS is the index ETF. Amana funds are Saturna's active mutual funds. Choose SPUS for simple, tradable, screened large-cap U.S. equity. Choose Amana Growth or Amana Income when you want that manager and that wrapper. Confirm fees and fact sheets on the provider sites, then compare other screened products on HalalWallet investing.
