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SPFunds Review — Halal Finance Products
Reviewed quarterly and updated for major content changes.
SPFunds offers halal financial products and services designed to align with Islamic principles. These options provide alternatives to conventional interest-based financial products, using structures like Murabaha, Ijara, and Musharakah.
Opens provider's site — no obligation
HalalWallet 2026 Review
SPFunds — At a Glance
5
Products Reviewed
50
States Served
1
Category
2019
Founded
Our Verdict
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.
Pros & Cons
What We Like
- SPUS expense ratio of 0.45% is among the lowest for halal equity ETFs (per our data)
- SPSK is one of the only U.S.-listed sukuk ETFs — provides fixed-income-like exposure without conventional bonds
- Five ETFs enabling diversified halal portfolios: equity (SPUS), sukuk (SPSK), tech (SPTE), real estate (SPRE), international (SPWO)
- Traded on NYSE Arca — buy through any brokerage
What Could Be Better
- SP Funds manages ETFs but doesn't offer a brokerage or advisory platform
- SPSK and specialty ETFs may have lower liquidity than SPUS
- Newer fund family compared to Amana's track record since 1986
Who Is SP Funds Best For?
Self-directed portfolio builders
SP Funds ETFs are building blocks for constructing diversified halal portfolios at low cost
Investors wanting sukuk exposure
SPSK is one of the only ways to get U.S.-listed sukuk exposure
Detailed 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.
How It Works
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.
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.
Shariah Compliance Review
Oversight Level
Review details on provider's website
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.
Shariah compliance should always be verified directly with SPFunds. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It 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.
vs. Amana Funds
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.
Products from SPFunds
SPFunds
SP Funds Dow Jones Global Sukuk ETF
Diversify your fixed income exposure with sukuks, Islamic financial certificates
Opens provider site — no obligation
SPFunds
SP Funds S&P Global Technology ETF
Provides exposure to global technology companies through large and mid-cap stocks
Opens provider site — no obligation
SPFunds
SP Funds S&P 500 Shariah Industry Exclusions ETF
Gain value-conscious exposure to an S&P 500 ETF composed to Sharia guidelines
Opens provider site — no obligation
SPFunds
SP Funds S&P Global REIT Shariah ETF
Provides value exposure to real estate asset class through Sharia-compliant REITs
Opens provider site — no obligation
SPFunds
SP Funds S&P World ETF
Provides exposure to a broad range of international developed and emerging market companies
Opens provider site — no obligation
Where Available
Based on listings we track, SPFunds operates nationwide:
Nationwide availability
Availability may vary by product type. Always verify current availability directly with SPFunds.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and state availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
SPFunds offers halal financial products that comply with Shariah principles, avoiding interest (riba) and prohibited industries. Their products are available in 1 state and include Investing options.
- SPFunds offers Shariah-compliant financial products that avoid interest and prohibited industries.
- Products are available in 1 state: Nationwide.
- Product categories include Investing.
- Always verify compliance directly with SPFunds and consult qualified Islamic finance advisors when needed.
- Compare SPFunds's products with other providers to find the best fit for your needs.
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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-03-09
How to cite this page
Preferred format:
For time-sensitive claims (rates, fees, state availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does SPFunds offer?
SPFunds offers 5 products across 1 category. SPFunds is best for self-directed portfolio builders; investors wanting sukuk exposure. Review the products listed above or contact SPFunds directly for current offerings.
How does SPFunds ensure Shariah compliance?
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 does SPFunds work?
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.
Is SPFunds available in my state?
SPFunds operates nationwide, though specific products may have regional limitations. Always verify current availability directly with SPFunds.
What are alternatives to SPFunds?
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. Wahed Invest (HLAL): HLAL (0.50% expense ratio) competes with SPUS (0.45%) as a halal large-cap equity ETF. Compare index methodology and performance. Amana Funds: Amana offers mutual funds with a longer track record since 1986. ETFs generally have lower ongoing costs.
Are SPFunds's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact SPFunds?
Contact information for SPFunds should be available through their website or the product listings above. Use the action links provided with each product to visit SPFunds's website or contact them directly for more information.
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