SPFunds SP Funds 2030 Target Date Fund (SPTAX)
Halal Investing in Rhode Island
The SP Funds 2030 Target Date Fund (SPTAX) is a Sharia-compliant fund-of-funds for investors expecting to retire around 2030. It allocates across the five SP Funds ETFs plus a small gold position and shifts more conservative as the target date nears. At the 2026-10-26 holdings snapshot the mix was roughly 50% sukuk (SPSK), 21% US large-cap (SPUS), 10% global REITs (SPRE), 7% ex-US equity (SPWO), 7% global tech (SPTE), 2.5% gold (GLD) and 2% non-interest-bearing cash. Investor shares launched 6/28/2024 and carry a 1.31% total expense ratio; institutional shares (SPTMX, 8/29/2024) charge 0.91% with a $50,000 minimum. The fund is small - about $6.4M across both classes - and returned 8.09% for the year to 9/30/2026 (7.36% annualized since inception).
SPTAX answers a question halal investors have asked for years - is there a set-and-forget retirement fund? - and the answer is yes, with trade-offs. The structure is sound: sukuk for income, SP Funds' certified ETFs for equity, cash held without interest. But you pay 1.31% for the convenience, about three times what the same ETFs cost unbundled, and the fund is small enough that it has yet to prove economic viability (the prospectus says so itself). The gold sleeve is a judgment call some scholars will accept and others will not. For a 401(k) or IRA where you genuinely will not rebalance yourself, it is a reasonable choice; a self-directed investor can replicate the allocation with SPSK and SPUS for a fraction of the fee.
Pros
- One-ticket halal retirement allocation that rebalances itself - nothing else like it in US mutual funds
- Underlying ETFs each publish Sharia certificates and quarterly purification factors
- Sukuk instead of bonds for the income sleeve; cash held without interest
- $250 minimum, waived in IRAs and employer plans
Cons
- 1.31% Investor-class expense ratio - roughly three times the cost of holding the underlying ETFs directly
- Tiny fund (~$6.4M) with a track record only since mid-2024
- No fund-level Shariah certificate or purification factor - compliance is inherited from the underlying ETFs
- Holds SPDR Gold Shares (GLD), a third-party gold ETF without its own Shariah certification
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Product Details
Type
Mutual Fund
Expense Ratio
1.31% (SPTAX) / 0.91% (SPTMX)
Min Investment
$250 ($50,000 institutional); $25 subsequent
Fee
0.45% (unitary fee to ShariaPortfolio, Inc.)
Account Types
Individual, IRA, Roth IRA, Employer retirement plan
Screening Method
AAOIFI standards via underlying SP Funds ETFs
Holdings
7 (SPSK, SPUS, SPRE, SPWO, SPTE, GLD, cash)
SPFunds in Rhode Island
SPFunds's SP Funds 2030 Target Date Fund (SPTAX) is available to investors in Rhode Island, structured as a Mutual Funds. The fund carries an expense ratio of 1.31% (SPTAX) / 0.91% (SPTMX). Its provider holds an A- grade on HalalWallet's HalalWallet Index. Rhode Island is home to an estimated ~3K Muslims (0.2% of the population) (World Population Review, 2020 estimates). SPFunds operates nationwide, so Rhode Island residents have full access to this product.
Our Take on SPFunds
SP Funds offers the broadest family of halal ETFs in the U.S. SPUS is a strong core equity holding at 0.45% expense ratio, and SPSK provides sukuk exposure that's hard to find elsewhere. Essential building blocks for a diversified halal portfolio.
How SPFunds Works
Open a Brokerage Account
Use any standard brokerage - Fidelity, Schwab, Vanguard, Robinhood, or others. No special halal brokerage needed.
Search for SP Funds Ticker
Search for the ticker you want: SPUS (equity), SPSK (sukuk), SPTE (tech), SPRE (real estate), or SPWO (international).
Buy Shares
Place a buy order just like any stock or ETF. Shares trade on NYSE Arca during market hours.
Hold and Monitor
SP Funds handles ongoing Shariah screening and index rebalancing. Your brokerage handles custody and reporting.
Financing Structure
SP Funds ETFs are exchange-traded funds that track Shariah-screened indexes. Each ETF holds a basket of securities that have passed AAOIFI-aligned screening criteria - companies are evaluated for debt ratios, interest income, and revenue from impermissible activities. The ETFs are passively managed, meaning they track their indexes rather than making active stock-picking decisions.
In-Depth Analysis
SP Funds, launched in 2019, manages the broadest family of Shariah-compliant exchange-traded funds (ETFs) listed on U.S. exchanges. Their flagship SPUS (S&P 500 Sharia Industry Exclusions ETF) provides large-cap U.S. equity exposure with a 0.45% expense ratio, making it one of the lowest-cost halal equity ETFs available.
What sets SP Funds apart is the breadth of their ETF lineup. Beyond SPUS, they offer SPSK (sukuk ETF at 0.55% expense ratio) - one of the only ways to access sukuk (Islamic bonds) through a U.S.-listed ETF. They also offer sector-specific ETFs: SPTE (technology at 0.55%), SPRE (real estate at 0.55%), and SPWO (international at 0.55%). This range allows investors to build a diversified halal portfolio using a single fund family.
SP Funds ETFs trade on NYSE Arca and can be purchased through any standard brokerage account - Fidelity, Schwab, Vanguard, Robinhood, or any platform that supports ETF trading. This means investors don't need a separate halal-specific brokerage. The main limitation is that SP Funds manages ETFs only; they don't provide advisory services, portfolio management, or a brokerage platform.
Shariah Compliance Details
- SP Funds employs a Shariah Advisory Board that oversees the screening methodology applied to all ETFs in the family.
- The screening criteria are aligned with AAOIFI standards, evaluating companies on financial ratios including total debt to market capitalization, interest-bearing investments, and revenue from impermissible activities.
- The indexes are rebalanced periodically to remove companies that no longer meet screening thresholds and add newly compliant companies.
How SPFunds Compares
SP Funds competes in the halal ETF space primarily against Wahed's HLAL ETF and against Amana Funds' mutual funds. The comparison depends on whether investors want an ETF or mutual fund and which expense ratio and index methodology they prefer.
HLAL (0.50% expense ratio) competes with SPUS (0.45%) as a halal large-cap equity ETF. Compare index methodology and performance.
Amana offers mutual funds with a longer track record since 1986. ETFs generally have lower ongoing costs.
Bottom Line
SP Funds provides essential building blocks for a diversified halal investment portfolio. SPUS for equities at 0.45%, SPSK for sukuk, and specialty ETFs for targeted exposure. If you're a self-directed investor, SP Funds ETFs should be on your shortlist.
Read full SPFunds reviewShariah Compliance & Oversight
The target-date funds do not carry their own Shariah certificate. Per the Feb 27, 2026 summary prospectus, the Adviser (ShariaPortfolio, Inc.) engages a third party to certify Shariah compliance of the affiliated SP Funds ETFs the fund holds, each of which publishes a Certificate of Sharia Accreditation and Sharia Auditor Report under AAOIFI-aligned screens. Fixed-income exposure comes from sukuk (SPSK) in lieu of conventional bonds, and the fund's cash allocation does not bear interest. The prospectus notes some holdings may generate dividend income subject to purification; SP Funds publishes quarterly purification factors for the underlying ETFs but not a separate factor for the target-date funds. The 2030 fund also holds a small position in SPDR Gold Shares (GLD), a third-party gold ETF with no published Shariah certification of its own.
2026-10-27
State Availability
SPFunds serves all 50 states + DC
✓ Available nationwide including Rhode Island
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Compare With Other Options in Rhode Island
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Fund reconstruction with AAOIFI screening (via Zoya) · Nationwide
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Halal Investment Growth Estimate
See how your halal investments could grow over time
Total Value
$343,778
Contributed
$130,000
Growth
$213,778
Hypothetical projection. Past performance does not guarantee future results.
Compare FundsFrequently Asked Questions
What is SPFunds SP Funds 2030 Target Date Fund (SPTAX)?
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Is SPFunds SP Funds 2030 Target Date Fund (SPTAX) available in Rhode Island?
What Shariah oversight does SPFunds have?
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Co-Founder, HalalWallet
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
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- 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.
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