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 → |
Who Certifies Each Fund — the Record
Every fund on this page calls itself Shariah-compliant. That claim doesn't come from us — it comes from a named screening body or Shariah supervisory board, and each one publishes its position. We record those positions in our verdict corpus with dates and links to the primary documents, so you can see exactly who stands behind each fund before you buy it. HalalWallet is not a Shariah authority — the table below is what each fund's own certifier says, reproduced from the source.
| Fund | Certified / screened by | Their published position | Verdict record |
|---|---|---|---|
| MNZL | MNZL independent Shariah Supervisory Board | The index applies AAOIFI-based Shariah screens via Russell's IdealRatings system, and an independent Shariah Supervisory Board oversees the fund with a purification process for residual income. | Halal· Jul 2026 |
| SPUS | SP Funds Shariah Supervisory Board | Reviews and approves the S&P Dow Jones Shariah screening methodology, audits the portfolio, and certifies SPUS as Shariah-compliant, with a published purification ratio for residual income. | Halal· Jun 2026 |
| HLAL | Wahed Shariah Supervisory Board | Oversees the FTSE USA Shariah Index methodology, audits HLAL's holdings, and certifies the fund Shariah-compliant, with purification guidance for residual income. | Halal· Jun 2026 |
| SPSK | SP Funds / Dow Jones Sukuk Index (AAOIFI-aligned) | SPSK tracks Shariah-compliant, investment-grade sukuk under the Dow Jones Sukuk Index; because the underlying instruments are structured per Islamic finance principles, no dividend purification is required. | Halal· Jul 2026 |
| SPRE | S&P Dow Jones Shariah / Ratings Intelligence + Shariah Supervisory Board | The S&P Global All Equity REIT Shariah Capped Index is screened by Ratings Intelligence Partners working with a Shariah Supervisory Board, which interprets the rules and certifies the methodology; a purification ratio is provided for residual income. | Halal· Jul 2026 |
| SPTE | S&P Dow Jones Shariah / Ratings Intelligence + Shariah Supervisory Board | SPTE's underlying index is screened by Ratings Intelligence Partners with a Shariah Supervisory Board, applying sector and AAOIFI-style financial screens and providing a purification ratio for residual income. | Halal· Jul 2026 |
| SPWO | S&P Dow Jones Shariah / Ratings Intelligence + Shariah Supervisory Board | SPWO's underlying index is screened by Ratings Intelligence Partners with a Shariah Supervisory Board, applying sector and AAOIFI-style financial screens and providing a purification ratio for residual income. | Halal· Jul 2026 |
| UMMA | Shariyah Review Bureau (UMMA's Shariah Supervisory Board) | The SSB certified the Wahed Dow Jones Islamic World ETF (UMMA) as compliant in light of AAOIFI Shariah standards, and leads ongoing supervision and Shariah audit — with financial screens of 30% debt/assets, 30% cash+interest-bearing securities/assets, and 5% non-permissible income. | Halal· Jul 2026 |
The rulebooks are not identical
One thing the fund marketing pages gloss over: these certifiers don't work from a single shared rulebook. The SP Funds ETFs run on S&P Dow Jones's Shariah methodology, screened by Ratings Intelligence Partners with a Shariah Supervisory Board. HLAL follows the FTSE USA Shariah Index under Wahed's board. UMMA is certified to AAOIFI standards by the Shariyah Review Bureau — 30% debt-to-assets, 30% cash plus interest-bearing securities, 5% non-permissible income. MNZL applies Russell's IdealRatings AAOIFI-based screens plus an AFSC human-rights overlay no other US halal ETF uses.
The sector exclusions look similar across all of them; the financial-ratio math is not. That's why a stock can sit inside one halal ETF and be missing from another that sounds identical. We track this divergence across the whole corpus — see why halal stock screeners disagree, the disagreement index, or the full picture in The State of Halal Finance in America.
One practical consequence of screened-but-not-perfect portfolios: nearly every equity fund above publishes a purification ratio — the small share of dividends you donate to cleanse residual non-compliant income. If you hold any of these funds (or individual stocks), our free dividend purification calculator works out the donation amount per holding.
And the funds that don't pass
The most common question isn't about these eight funds — it's whether you can just keep buying VOO or QQQ. Here is the mainstream position on the big conventional index funds, from the same corpus:
A conventional, unscreened S&P 500 index fund is not permissible to hold, because it includes companies in impermissible sectors (conventional banking, insurance, alcohol, gambling) and companies breaching the debt/interest ratio limits, and the fund itself earns interest.
The screened route: For Shariah-compliant S&P 500-style exposure, use the screened version of the index — tracked by SPUS — or a broader Shariah-screened U.S. fund such as HLAL, which remove the non-compliant companies and handle purification.
Full record →A conventional, unscreened S&P 500 fund such as SPY is not permissible — it includes impermissible sectors (conventional banking, insurance) and over-leveraged companies and earns interest.
The screened route: SPUS tracks a Shariah-screened S&P 500; HLAL offers broader screened U.S. exposure. Both remove the non-compliant companies and handle purification.
Full record →An unscreened Nasdaq-100 fund is not permissible to hold: even with financials excluded by index rules, it contains companies that breach the debt/interest ratio limits or have impermissible revenue, and the fund earns interest.
The screened route: HLAL (Wahed FTSE USA Shariah ETF) is heavily technology-weighted and Shariah-screened, making it a closer halal substitute for a growth/tech tilt; SPUS is the screened S&P 500 option.
Full record →US Equity
Track US Shariah-compliant stocks
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
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
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
Pros
- ✓Broadest diversification (~400 holdings)
- ✓True global exposure
- ✓One-fund portfolio option
Cons
- −Newer fund
- −Smaller AUM
- −Overlap with SPUS for US holdings
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
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
Pros
- ✓Real estate exposure without direct ownership
- ✓Shariah-screened REITs
- ✓Global diversification
Cons
- −Concentrated portfolio (~30 holdings)
- −Real estate sector risk
- −Smaller AUM
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
Are ETFs halal?
A conventional ETF is only halal if its underlying holdings are Shariah-compliant. Standard index ETFs (like a regular S&P 500 fund) are not halal because they include alcohol, gambling, conventional banks, and highly-leveraged companies. Halal (Islamic) ETFs solve this by tracking a Shariah-screened index and purifying any incidental impermissible income — funds like SPUS, HLAL, SPSK, UMMA and MNZL are built specifically for Muslim investors. Stick to these dedicated halal ETFs rather than assuming a mainstream ETF is permissible.
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.
Who certifies that a halal ETF is actually halal?
Each fund retains a named Shariah oversight body — the certification never comes from the fund marketing itself. The SP Funds ETFs (SPUS, SPSK, SPRE, SPTE, SPWO) track S&P Dow Jones Shariah indices screened by Ratings Intelligence Partners working with a Shariah Supervisory Board. Wahed's HLAL follows the FTSE USA Shariah Index under Wahed's Shariah supervisory board, and UMMA is certified to AAOIFI standards by the Shariyah Review Bureau. MNZL uses Russell's IdealRatings AAOIFI-based screens with an independent Shariah Supervisory Board. HalalWallet does not issue rulings — we record each certifier's published position, dated, with links to the primary documents.
Do all halal ETFs follow the same Shariah screening standard?
No — and this is the detail most comparisons skip. The major index families behind these funds (S&P Dow Jones Shariah, FTSE Shariah, Dow Jones Islamic Market, Russell IdealRatings) all exclude the same prohibited sectors, but their financial-ratio tests are not identical. UMMA's certification, for example, applies AAOIFI's limits of 30% debt-to-assets, 30% cash plus interest-bearing securities, and 5% non-permissible income, while other index families compute their ratios differently. The same company can pass one index's screen and fail another's, which is why holdings differ between funds that sound alike.
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.
Are there halal index funds?
Yes — the most accessible halal index funds are ETFs that track a Shariah-screened index. SPUS tracks the S&P 500 Shariah Index, HLAL tracks the FTSE USA Shariah Index, and MNZL tracks a Shariah-screened Russell 1000 (large + mid cap). Functionally these are halal index funds you can buy in any brokerage. Note that conventional broad-market index funds like VOO (S&P 500) or VTSAX are not halal, because they hold non-compliant financials, alcohol, and other excluded sectors and earn interest on cash — the Shariah-screened ETFs above are the compliant equivalent. For the full ruling with scholar positions, see our dated verdict: Is index fund investing halal? (/is-it-halal/index-funds).
What is the best halal S&P 500 ETF?
SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) is the closest halal equivalent to an S&P 500 index fund — it tracks the S&P 500 Shariah Index, removing companies that fail Shariah business-activity and financial-ratio screens. It is the largest US-equity halal ETF by AUM (~$2.1B) at a 0.45% fee. If you want broader coverage, MNZL tracks a Shariah-screened Russell 1000 (large + mid cap) at a lower 0.40% fee, and HLAL tracks the FTSE USA Shariah Index. A conventional S&P 500 fund such as VOO or SPY is not halal.
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%.
Protect what you're building
A halal portfolio still passes through state intestacy law — not Faraid — if you die without the right documents. Put an Islamic estate plan behind your investments.
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
- Each fund is certified by a named Shariah body — S&P Dow Jones Shariah (Ratings Intelligence) for the SP Funds ETFs, Wahed's board for HLAL, the Shariyah Review Bureau for UMMA, and Russell's IdealRatings screens for MNZL
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: 2026-07-22
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