Compare halal ETFs side by side — SPUS, HLAL, IGDA, AMAGX and more. Expense ratios, Shariah boards, AUM, performance data, and screening methodology for each fund. Published by HalalWallet (halalwallet.us).
8 Best Halal ETFs for 2026
Complete comparison of every Shariah-compliant ETF available to US investors — equity, sukuk, REIT, and global
Manzil Russell Halal USA Broad Market ETF
For a long-term core US holding, MNZL wins on the three things that actually compound:
- Lowest fee of any halal ETF — 0.40%, beating SPUS (0.45%), HLAL (0.50%) and the SP Funds lineup (0.55%).
- Most holdings of any halal ETF — ~461, more than double SPUS (~210) and HLAL (~200).
- Broadest US exposure in one fund — tracks the Russell 1000, so you get large and mid cap. The S&P-based funds hold large caps only.
Halal ETF Quick Comparison
Sorted by lowest expense ratio — the fee you pay every year you hold the fund.
Data sourced from fund provider websites. Always verify with the fund provider before investing. Past performance does not guarantee future results.
| ETF | Fee | AUM | Holdings | Focus | Action |
|---|---|---|---|---|---|
MNZLLowest fee Manzil Russell Halal USA Broad Market ETF | 0.40% | $50M | ~461 | US Large & Mid Cap | Visit Fund → |
SPUS SP Funds S&P 500 Shariah Industry Exclusions ETF | 0.45% | $2.1B | ~210 | US Large Growth | Visit Fund → |
HLAL Wahed FTSE USA Shariah ETF | 0.50% | $752M | ~200 | US Large Growth | Visit Fund → |
SPSK SP Funds Dow Jones Global Sukuk ETF | 0.55% | $0.5B | ~170 | Global Bond (Sukuk) | Visit Fund → |
SPRE SP Funds S&P Global REIT Shariah ETF | 0.55% | $0.2B | ~30 | Global Real Estate | Visit Fund → |
SPTE SP Funds S&P Global Technology ETF | 0.55% | $0.1B | ~100 | Global Technology | Visit Fund → |
SPWO SP Funds S&P World ETF | 0.55% | $0.1B | ~400 | Global Large Blend | Visit Fund → |
UMMA Wahed Dow Jones Islamic World ETF | 0.65% | $0.2B | ~100 | Global Large Growth | Visit Fund → |
US Equity
Track US Shariah-compliant stocks
MNZL
Manzil Russell Halal USA Broad Market ETF
Pros
- ✓Lowest expense ratio of any halal ETF (0.40%)
- ✓Most holdings (~450)
- ✓Russell index methodology
Cons
- −Newest and smallest by AUM
- −Less brand recognition
- −Limited track record
SPUS
SP Funds S&P 500 Shariah Industry Exclusions ETF
Pros
- ✓Largest halal ETF by AUM ($2.1B)
- ✓Lowest expense ratio (0.45%)
- ✓Tracks S&P 500 Shariah Index
Cons
- −US-focused only
- −Tech-heavy exposure
- −No international diversification
HLAL
Wahed FTSE USA Shariah ETF
Pros
- ✓Second-largest halal ETF
- ✓Strong brand recognition
- ✓FTSE USA Shariah methodology
Cons
- −US-focused only
- −Higher fee than SPUS/MNZL
- −Tech-heavy
Global Equity
International and world market exposure
SPWO
SP Funds S&P World ETF
Pros
- ✓Broadest diversification (~400 holdings)
- ✓True global exposure
- ✓One-fund portfolio option
Cons
- −Newer fund
- −Smaller AUM
- −Overlap with SPUS for US holdings
UMMA
Wahed Dow Jones Islamic World ETF
Pros
- ✓International (non-US) exposure
- ✓Dow Jones Islamic methodology
- ✓Complements US-focused ETFs
Cons
- −Higher expense ratio (0.65%)
- −Currency exposure
- −Smaller AUM
Sector & Specialty
Targeted exposure to specific sectors or asset classes
SPSK
SP Funds Dow Jones Global Sukuk ETF
Pros
- ✓Only US-listed sukuk ETF
- ✓Fixed-income diversification
- ✓Low correlation with equities
Cons
- −Bond-like returns (lower growth)
- −Currency risk on global sukuks
- −Smaller AUM than equity ETFs
SPRE
SP Funds S&P Global REIT Shariah ETF
Pros
- ✓Real estate exposure without direct ownership
- ✓Shariah-screened REITs
- ✓Global diversification
Cons
- −Concentrated portfolio (~30 holdings)
- −Real estate sector risk
- −Smaller AUM
SPTE
SP Funds S&P Global Technology ETF
Pros
- ✓Sector-specific tech exposure
- ✓Global technology companies
- ✓Shariah-screened
Cons
- −Concentrated in one sector
- −High volatility
- −Smaller AUM
The Fee Difference Compounds
Expense ratios look tiny, but over decades they quietly compound. See what the lowest-fee halal ETF could keep in your pocket.
What does a lower fee actually save you?
The same portfolio — only the expense ratio changes.
Extra in your pocket with the lower fee
$19,368
over 30 years, purely from the 0.15% fee difference
Illustrative only. Assumes identical gross returns and reinvested distributions; actual returns vary and are not guaranteed. Fees are the only difference modeled. Not investment advice.
How to Build a Halal ETF Portfolio
Simple (1 Fund)
One fund for broad US equity exposure.
Best for: beginners, small portfolios
Balanced (3 Funds)
US equity + international + fixed income.
Best for: moderate risk, diversified
Growth (4+ Funds)
Aggressive allocation with sector tilts.
Best for: experienced investors, larger portfolios
How to Choose the Right Halal ETF
For New Investors
Start with MNZL (lowest fee at 0.40%, the most holdings at ~461, and large + mid-cap via the Russell 1000) or SPUS (largest AUM, S&P 500 large-cap tracking). Either gives you core US equity exposure — MNZL just does it cheaper and with broader diversification.
- • One fund is enough to start
- • Consider dollar-cost averaging
- • Available in any brokerage account
- • Fractional shares available at most brokers
For Diversified Portfolios
Add SPSK for fixed income (sukuk), UMMA or SPWO for international exposure, and SPRE for real estate — building a fully halal multi-asset portfolio.
- • Mix equity, sukuk, and REIT ETFs
- • Use SPWO for single-fund global exposure
- • SPSK provides bond-like stability
- • SPTE for tech sector conviction
Frequently Asked Questions
What makes an ETF halal or Shariah-compliant?
Halal ETFs screen out companies involved in prohibited activities (alcohol, gambling, conventional banking, tobacco, weapons) and those with excessive debt ratios (typically over 33% debt-to-market cap). Holdings are monitored and rebalanced regularly by a Shariah advisory board.
What is the difference between SPUS, HLAL, and MNZL?
All three are US equity halal ETFs but track different indices. SPUS (0.45% fee, ~210 holdings) tracks the S&P 500 Shariah Index and has the largest AUM at $2.1B. HLAL (0.50%, ~200 holdings) tracks the FTSE USA Shariah Index. Both hold large caps only. MNZL (0.40%, ~461 holdings) tracks the Russell 1000, so it gives you large- AND mid-cap exposure in one fund — the most holdings and the lowest fee of any halal ETF.
What is a sukuk ETF and why would I invest in one?
SPSK is a sukuk (Islamic bond) ETF that provides fixed-income exposure without interest. Sukuks represent ownership in tangible assets and generate returns through profit-sharing rather than interest payments. Adding SPSK to an equity portfolio provides diversification and lower volatility, similar to how conventional investors use bond ETFs.
Can I build a complete halal portfolio using only ETFs?
Yes. With 8 halal ETFs now available, you can build a fully diversified portfolio: SPUS or HLAL for US equities, UMMA or SPWO for international, SPSK for fixed income, SPRE for real estate, and SPTE for technology. This covers all major asset classes without any interest-based instruments.
Can I buy halal ETFs in my IRA or Roth IRA?
Yes. All 8 halal ETFs listed here trade on major U.S. exchanges and can be held in any standard brokerage account including Traditional IRA, Roth IRA, SEP IRA, and 401k accounts that offer a brokerage window.
What are the expense ratios for halal ETFs?
Halal ETF fees range from 0.40% (MNZL) to 0.65% (UMMA). Most SP Funds ETFs charge 0.55%, while SPUS is 0.45% and HLAL is 0.50%. These are competitive with conventional ESG ETFs and significantly lower than actively managed halal mutual funds.
Do halal ETFs underperform conventional ETFs?
Performance varies by market cycle. Halal ETFs tend to have lower exposure to financial services and higher exposure to tech, which can lead to outperformance in tech-driven markets. Historical data shows halal ETFs tracking closely with conventional benchmarks over multi-year periods.
How often are halal ETF holdings rebalanced?
Most halal ETFs rebalance quarterly or semi-annually when their underlying index is reconstituted. During rebalancing, companies that no longer meet Shariah screening criteria are removed and compliant replacements are added. This ensures ongoing Shariah compliance.
Ready to Start Halal Investing?
For low-cost core US exposure, our top pick is MNZL — the lowest-fee broad US halal ETF at 0.40%.
There are now 8 halal ETFs available to US investors, covering US equities (SPUS, HLAL, MNZL), global equities (UMMA, SPWO), sukuk bonds (SPSK), real estate (SPRE), and technology (SPTE). Expense ratios range from 0.40% to 0.65%.
- 8 Shariah-compliant ETFs are now available on US exchanges — covering every major asset class
- SPUS ($2.1B AUM) and HLAL ($752M) are the two largest US equity halal ETFs
- MNZL has the lowest fee (0.40%) and the most holdings (~461) of any halal ETF — and is the only one with large + mid cap (Russell 1000)
- SPSK is the only US-listed sukuk (Islamic bond) ETF, providing halal fixed-income exposure
- Expense ratios range from 0.40% to 0.65% — competitive with conventional ESG ETFs
Reviewed monthly and updated when ETF holdings, fee disclosures, or screening references change.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-06-07
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