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Investing comparison

Defynance vs SPFunds

Defynance and SPFunds both offer investing. This page lines up 20 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.

Built from each provider's listed data · provider data last verified Nov 2026

At a glance

  • Both are available in all 50 states.
  • Defynance uses Closed-end private fund holding income share agreements (accredited investors only); SPFunds uses Index-based / Mutual Funds.
  • Shariah oversight: Defynance discloses No Public Review; SPFunds discloses Third-Party Certified.
  • HalalWallet Index: Defynance holds a B-; SPFunds holds a A-.
  • On measurable rows, Defynance has the better listed value on 0 and SPFunds on 2.
  • They differ on 8 of the 20 data points we list for investing.

No editorial verdict has been written for this pair yet. The side-by-side below is the full data view; where we have written one, you'll find it under Compare.

Defynance vs SPFunds: the full side-by-side

20 data points from each provider's published materials, lined up row by row. They differ on 8.

DE

Defynance

B-
Pays us: No. Defynance pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
SPFunds - halal finance provider logo

SPFunds

A-
Pays us: No. SPFunds pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.

20 of 20 rows

Availability

  • States covered

    Same
    Defynance: All 50 states
    SPFunds: All 50 states
Costs

  • Expense ratio

    Defynance: Not listed
    SPFunds: 0.55% (SP Funds S&P Global Techno…) · 0.50% (SP Funds S&P Global REIT S…) · 0.45% (SP Funds S&P 500 Shariah I…) · 1.31% (SPTAX) / 0.91% (SPTMX) (SP Funds 2030 Target Date…) · 1.32% (SPTBX) / 0.92% (SPTNX) (SP Funds 2040 Target Date…) · 1.33% (SPTCX) / 0.93% (SPTOX) (SP Funds 2050 Target Date…)

  • Management fee

    Defynance: Sales charge on each subscription, recurring servicing fees, a management fee on assets under management, and carried interest on profit. Amounts are in the private placement memorandum, not published.
    SPFunds: 0.45% (unitary fee to ShariaPortfolio, Inc.)

  • Minimum investment

    Defynance: $25,000 for accredited investors; $100,000 for qualified purchasers (the manager can make exceptions)
    SPFunds: $250 ($50,000 institutional); $25 subsequent Edge
Shariah

  • Structure

    Defynance: Closed-end private fund holding income share agreements (accredited investors only)
    SPFunds: Index-based / Mutual Funds

  • Shariah oversight

    Defynance: No Public Review
    SPFunds: Third-Party Certified

  • Shariah board / scholar

    Defynance: No Public Review
    SPFunds: third_party_certified

  • Published fatwa / certificate

    Same
    Defynance: No
    SPFunds: No

  • Screening standard

    Defynance: Not listed
    SPFunds: S&P Global Technology Shariah screening (SP Funds S&P Global Techno…) · S&P Global REIT Shariah screening (SP Funds S&P Global REIT S…) · S&P World Shariah screening (SP Funds S&P World ETF) · S&P 500 Shariah screening (SP Funds S&P 500 Shariah I…) · Dow Jones Sukuk Total Return Index (SP Funds Dow Jones Global…) · AAOIFI standards via underlying SP Funds ETFs (SP Funds 2030 Target Date…)
Products

  • Products listed

    Defynance: Defynance Fund
    SPFunds: SP Funds S&P Global Technology ETF, SP Funds S&P Global REIT Shariah ETF, SP Funds S&P World ETF, SP Funds S&P 500 Shariah Industry Exclusions ETF, SP Funds Dow Jones Global Sukuk ETF, SP Funds 2030 Target Date Fund (SPTAX) +2 more

  • Best for

    Defynance: Not listed
    SPFunds: Halal technology sector exposure

  • Product types

    Defynance: Private Fund
    SPFunds: ETF, Mutual Fund

  • Tickers

    Defynance: Not listed
    SPFunds: SPTE, SPRE, SPWO, SPUS, SPSK +3 more

  • Holdings

    Defynance: Not listed
    SPFunds: ~100 (SP Funds S&P Global Techno…) · ~22 (SP Funds S&P Global REIT S…) · ~400 (SP Funds S&P World ETF) · ~200 (SP Funds S&P 500 Shariah I…) · ~170 (SP Funds Dow Jones Global…) · 7 (SPSK, SPUS, SPRE, SPWO, SPTE, GLD, cash) (SP Funds 2030 Target Date…) · 6 (SPUS, SPTE, SPWO, SPRE, SPSK, cash) (SP Funds 2040 Target Date…)

  • Account types

    Defynance: Not listed
    SPFunds: Individual, IRA, Roth IRA, Employer retirement plan

  • Focus

    Defynance: Not listed
    SPFunds: Global Technology (SP Funds S&P Global Techno…) · Global Real Estate (SP Funds S&P Global REIT S…) · Global Large Blend (SP Funds S&P World ETF) · US Large Growth (SP Funds S&P 500 Shariah I…) · Global Bond (Sukuk) (SP Funds Dow Jones Global…) · Target Date / Retirement (SP Funds 2030 Target Date…)
Track record

  • HalalWallet Index grade

    Defynance: B-
    SPFunds: A- Edge

  • Founded

    Same
    Defynance: 2019
    SPFunds: 2019

  • Awards

    Defynance: Not listed
    SPFunds: Morningstar Silver Medalist Rating (rated Aug 31, 2026; published Sep 29, 2026), U.S. News #3 Best Global Bond ETF (ranked Oct 2026; 3rd of 9 evaluated)

  • Assets under management

    Defynance: Not listed
    SPFunds: $243M (2026-11-13) (SP Funds S&P Global Techno…) · $203M (2026-11-13) (SP Funds S&P Global REIT S…) · $244M (2026-11-13) (SP Funds S&P World ETF) · $3.37B (2026-11-13) (SP Funds S&P 500 Shariah I…) · $491M (2026-11-13) (SP Funds Dow Jones Global…) · $6.36M fund total; $3.58M Investor class (2026-10-26) (SP Funds 2030 Target Date…) · $10.17M fund total; $5.36M Investor class (2026-10-26) (SP Funds 2040 Target Date…) · $5.94M fund total (2026-10-26) (SP Funds 2050 Target Date…)

Edge marks the side with the better listed number on measurable rows (lower fee, wider coverage, higher grade). It is not a verdict - a provider can win more rows and still be the wrong fit for you.

Strengths and trade-offs

Defynance

  • Returns come from a share of borrowers' income, not from interest
  • Investor capital pays off interest-bearing student debt
  • Quarterly distributions after the first year
  • Defynance reports low volatility and returns it describes as uncorrelated with markets
  • No Shariah board, scholar, fatwa or purification guidance is published
  • Accredited investors and qualified purchasers only, with a $25,000 minimum
  • Fee amounts are disclosed only in the private placement memorandum
  • Illiquid: one-year hold, and redemption options are not yet available
  • Defynance lists its own startup status and the possibility of agreements defaulting among the risks

SPFunds

  • Focused halal exposure to the global technology sector, not just US names
  • Includes non-US leaders like Taiwan Semiconductor via the S&P Global 1200 universe
  • Full SP Funds compliance file: accreditation certificate, auditor report, quarterly purification
  • Monthly distributions despite the growth mandate
  • Real estate income exposure without direct property ownership or interest-based financing
  • Single-sector concentration - this amplifies rather than diversifies most halal portfolios' existing tech tilt
  • High volatility inherent to a pure technology fund
  • Highest purification burden in the family (2.10% of dividends in Q2 2026)
  • At $243M it is mid-sized; spreads run wider than SPUS
  • Concentrated portfolio of roughly 22 holdings - single-name risk is meaningful

Products behind the numbers

Where a row shows more than one value, it is because the provider lists several investing products. Each is tagged.

Defynance (1)

SPFunds (8)

  • SP Funds S&P Global Technology ETF · SPTEDetails
  • SP Funds S&P Global REIT Shariah ETF · SPREDetails
  • SP Funds S&P World ETF · SPWODetails
  • SP Funds S&P 500 Shariah Industry Exclusions ETF · SPUSDetails
  • SP Funds Dow Jones Global Sukuk ETF · SPSKDetails
  • SP Funds 2030 Target Date Fund (SPTAX) · SPTAXDetails
  • SP Funds 2040 Target Date Fund (SPTBX) · SPTBXDetails
  • SP Funds 2050 Target Date Fund (SPTCX) · SPTCXDetails
DE

Defynance

Pays HalalWallet: No. Defynance pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit Defynance Full review
SPFunds - halal finance provider logo

SPFunds

Pays HalalWallet: No. SPFunds pays HalalWallet nothing. It is listed and graded on the same terms as providers that do.
Visit SPFunds Full review

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How do Defynance and SPFunds compare for investing?

Defynance and SPFunds both offer investing. This page lines up 20 listed data points side by side, with 8 differences, so you can see exactly where they part ways before you request quotes.

  • Both are available in all 50 states.
  • Defynance uses Closed-end private fund holding income share agreements (accredited investors only); SPFunds uses Index-based / Mutual Funds.
  • Shariah oversight: Defynance discloses No Public Review; SPFunds discloses Third-Party Certified.

Source: HalalWallet (halalwallet.us)

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Sources and review process

This page is reviewed against HalalWallet editorial standards and source documentation.

Reviewed by: HalalWallet Editorial Team

Last reviewed: 2026-11-13

How to cite this page

Preferred format (HTML):

According to HalalWallet (“Defynance vs SPFunds”, https://www.halalwallet.us/compare/defynance-vs-spfunds, retrieved 2026-11-14).

For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.

What HalalWallet is and is not

Scholars rule; we organize the evidence. HalalWallet is an independent research and comparison site for halal financial products. It is not a lender, bank, broker or adviser, and it is not a fatwa body.

What we do

  • We document each product's contract, Shariah oversight, costs and availability, with the date we last checked.
  • We show the range of scholarly opinion on contested questions, with sources.

What we do not do

  • We do not lend, hold money, open accounts or take applications. You apply with the provider.
  • We do not issue fatwas or certify any product as halal. Rulings belong to a scholar you trust.
  • We do not give personal financial, legal or tax advice.

Where our role ends and who takes over · Who pays HalalWallet · HalalWallet Trust Standard, version 1.0

Before you decide, finish with three checks:

  • Confirm current terms and halal compliance directly with the provider. Their quote is final.
  • Read the contract structure (Murabaha, Ijara, Musharakah and so on) and any published Shariah board opinion.
  • Bring your shortlist to a qualified scholar or licensed adviser, so the conversation is about your situation, not the basics.

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