SPFunds Review
Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
Operates Islamic investment funds reviewed by Sharia advisors to ensure alignment with recognized Islamic finance standards.
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Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
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 SPFunds 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
Third-Party Certified - externally verified for compliance
Sharia compliance overseen by Raqaba LLC as Sharia Advisor. Advises on AAOIFI/Islamic standards; annual audits.
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.
Evidence and verification
What we verified about SPFunds, and when
- Data last verified
- (5 days ago)
Provider portal attestation every 30 days; editorial re-check at least quarterly.
- Shariah oversight on record
- Third-party certified
Named oversight: third_party_certified
No fatwa or certificate link on record. Ask SPFunds for the document before you sign.
Labels follow the four-level oversight taxonomy.
- HalalWallet editorial score
- Index grade A-
Computed from the published rubric (Shariah integrity, transparency, cost and value, track record, verified data) and approved by a named editor. Commercial status is not an input. How grades work
- Public sentiment signals
- No external rating recorded
External ratings are recorded, not endorsed. For complaints and licensing history, check the public registers below and the BBB directory.
- Commercial relationship
- None on record
SPFunds does not pay HalalWallet and is listed on the same terms as providers that do. How inclusion works
- Coverage in this registry
- 5 products across 1 category in the U.S. registry
If SPFunds offers a Shariah-compliant product we do not list, tell us. Gaps are reported on the coverage map.
Regulatory context for this category
General to the category, not a statement about SPFunds. Use the public registers to confirm licensing and history.
- Investing and retirement: Investment advisers register with the SEC or a state regulator (search IAPD); broker-dealers are overseen by FINRA (BrokerCheck). Funds and ETFs file a prospectus with the SEC where screening methodology and fees are disclosed.SEC IAPD FINRA BrokerCheck
See something outdated or wrong?
This data was last verified . Report a correction and we will re-check the primary source, fix the record, and log the change on our public corrections page.
Report a correctionProducts from SPFunds
SPFunds
SP Funds S&P Global Technology ETF
SPTE is SP Funds' sector bet: the S&P Global 1200 Shariah Information Technology Capped Index in a NYSE-listed ETF, holding roughly 100 technology names across 14 countries - global leaders like Taiwan Semiconductor alongside the US mega-caps. Launched November 30, 2023, it held $216.77M in net assets at the 2026-08-04 fund page check, with a 0.55% expense ratio and monthly distributions. Purification runs are the family's highest (Q1 2026: 2.27% of dividends), published quarterly with a free calculator, and the fund carries its own Certificate of Sharia Accreditation.
Opens provider site - no obligation
SPFunds
SP Funds S&P World ETF
SPWO completes the halal three-fund portfolio: a NYSE-listed ETF tracking the S&P Developed Markets Ex-US & Emerging Markets 50/50 Shariah Index, spreading roughly 400-500 holdings across dozens of countries as the international sleeve alongside SPUS (US equity) and SPSK (sukuk). At the 2026-08-04 fund page check it held $200.07M in net assets at a 0.55% expense ratio (per the prospectus; 0.10% above SPUS) with monthly distributions and a 0.77% 30-day SEC yield. Quarterly purification factors are published (Q1 2026: 1.55% of dividends) with the standard SP Funds compliance documentation.
Opens provider site - no obligation
SPFunds
SP Funds S&P 500 Shariah Industry Exclusions ETF
SPUS is the workhorse of American halal investing: roughly 200 S&P 500 companies that pass the S&P 500 Shariah Industry Exclusions Index screens, in a NYSE-listed ETF that has grown to $3.39B in net assets (2026-10-07 fund page). At 0.45% it is among the cheapest halal funds available, with monthly distributions, quarterly purification factors published (Q1 2026: 1.81% of dividends), and per-fund Certificates of Sharia Accreditation. Inception was December 17, 2019; the 30-day SEC yield stood at 0.39% as of 09/30/2026.
Opens provider site - no obligation
SPFunds
SP Funds Dow Jones Global Sukuk ETF
SPSK was the first US-listed sukuk ETF (inception December 27, 2019) and remains the cleanest answer to the fixed-income problem in halal portfolios: it tracks the Dow Jones Sukuk Total Return Index, holding investment-grade Islamic certificates whose returns derive from assets rather than interest. At the 2026-08-04 fund page check it held $644.79M in net assets with a 30-day SEC yield of 4.59% - the highest published yield in the SP Funds family - at a 0.50% expense ratio with monthly distributions. No purification is required, per SP Funds' published policy, because sukuk income is not interest.
Opens provider site - no obligation
SPFunds
SP Funds S&P Global REIT Shariah ETF
SPRE gives halal portfolios their real estate allocation: a NYSE-listed ETF tracking the S&P Global All Equity REIT Shariah Capped Index, holding roughly 30 REITs worldwide that pass both business-activity and leverage screens - a structural filter that excludes the highly-indebted REITs dominating conventional real estate funds. At the 2026-08-04 fund page check it held $221.41M in net assets with a 2.18% 30-day SEC yield at a 0.50% expense ratio, paying monthly distributions. Purification factors are the family's lowest (Q1 2026: 0.52% of dividends), published quarterly.
Opens provider site - no obligation
HalalWallet is an independent, education-only comparison site. Some outbound links earn referral fees.Advertiser disclosure
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
Halal verdicts for SPFunds's funds
Our AAOIFI-based Shariah screen - business activity, financial ratios, purification, and where scholars differ - for the specific funds SPFunds offers.
Where Available
Based on listings we track, SPFunds operates nationwide across the U.S.:
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.
- • Scholars rule; we organize the evidence. We do not issue fatwas or declare a provider halal on our own authority.
- • Our methodology, the Trust Standard, and the public corrections log.
SPFunds is in HalalWallet's independent directory for Investing, with listings covering nationwide across the U.S.. Structures we list: Index-based. Confirm terms and Shariah documentation directly with SPFunds.
- SPFunds currently has 5 products in our listings (Investing).
- Coverage we list: nationwide across the U.S..
- Contract structures we list: Index-based.
- Always verify compliance directly with SPFunds and consult qualified Islamic finance advisors when needed.
- Compare SPFunds with other providers on HalalWallet before you apply.
Source: HalalWallet (halalwallet.us)
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:
- 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.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01
How to cite this page
Preferred format (HTML):
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 has 5 products we currently list across 1 category. Structures we list: Index-based. SPFunds is best for self-directed portfolio builders; investors wanting sukuk exposure. Confirm terms directly with SPFunds.
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 across the U.S., 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?
Visit SPFunds at www.sp-funds.com, or use the product links on this page.
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