Head-to-head comparison of halal financial providers on HalalWallet — features, fees, Shariah oversight, state availability, and independent editorial verdict. Published by HalalWallet (halalwallet.us).
SP Funds vs Amana Funds
Modern Halal ETFs vs America's Longest-Running Halal Mutual Funds
Reviewed quarterly and updated for major content changes.
Our Verdict
SP Funds offers low-cost halal ETFs (SPUS at 0.45%) with intraday trading and a unique sukuk ETF (SPSK). Amana Funds has the longest track record in U.S. halal investing (since 1986) with actively managed mutual funds available at major brokerages. SP Funds wins on cost and flexibility; Amana wins on track record and active management.
Side-by-Side Comparison
| Feature | SP Funds | Amana Funds |
|---|---|---|
| Fund Type | ETFs (SPUS, SPSK, SPTE, SPRE, SPWO) | Mutual Funds (Growth, Income, Developing World, Participation) |
| Expense Ratio | 0.45% (SPUS) | 0.64%–1.32% depending on fund |
| Founded | 2019 | 1986 |
| Management Style | Passively managed (tracks index) | Actively managed by portfolio managers |
| Trading | Intraday — buy/sell anytime during market hours | End-of-day NAV only |
| Unique Offering | SPSK sukuk ETF — rare fixed-income alternative | 35+ year performance history through multiple market cycles |
Which Should You Choose?
You want the lowest ongoing fees
→ SP Funds— SPUS at 0.45% is lower than all Amana fund expense ratios
You want a proven decades-long track record
→ Amana Funds— Performance data through multiple market cycles since 1986
You want sukuk (Islamic bond) exposure
→ SP Funds— SPSK is one of the only U.S.-listed sukuk ETFs
You prefer active portfolio management
→ Amana Funds— Professional portfolio managers actively select and weight holdings
You want to buy through your existing Fidelity/Schwab account
→ Either— Both trade on major platforms — ETFs and Amana mutual funds are widely available
SP Funds Full Review
Pros, cons, rates & details
Amana Funds Full Review
Pros, cons, rates & details
Not sure which is right? Compare all Investing providers.
Browse All Investing OptionsThis is just one of 7 categories. Average score: 63/100.
See yoursFrequently Asked Questions
Should I choose ETFs or mutual funds for halal investing?
ETFs generally have lower expense ratios and can be traded intraday. Mutual funds offer active management but trade only at end-of-day NAV. For most investors, cost is the bigger factor over time.
Can I hold both SP Funds and Amana Funds?
Yes. Some investors use SPUS for low-cost core equity exposure and an Amana fund for actively managed growth or international exposure.
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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: March 2026
How to cite this page
Important: HalalWallet provides educational information and comparisons to help you explore halal financial options. We do not provide financial, legal, or religious advice. Product structures and Shariah compliance oversight vary by provider. Always verify halal compliance directly with providers and consult with qualified Islamic finance advisors or scholars for guidance on specific products and your individual circumstances.