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
Co-Founder, HalalWallet
Reviewed quarterly when provider data or pricing 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
Understand the evidence behind this comparison
Prefer a ranked pick for your situation? See our evidence-backed guides:
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.
Halal verdicts for popular stocks
Full AAOIFI-based Shariah screens for individual stocks — business activity, financial ratios, and where scholars and screeners differ.
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.
- 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
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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
How to use this comparison: HalalWallet is an independent educational comparison platform — by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider — their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.