Investing · SPFunds
SPFunds SP Funds Dow Jones Global Sukuk ETF
Co-Founder & CEO, HalalWallet
Facts are re-verified against SPFunds's published materials; this page updates when the provider's terms, rates, or coverage change.
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.
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What is the 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. 50% expense ratio with monthly distributions.
- Contract structure: Index-based.
- Expense ratio: 0.50%.
- Available in all 50 states.
- Shariah oversight disclosed: Third-Party Certified.
- HalalWallet Index grade for SPFunds in Investing: B.
- Verified against SPFunds's published materials on 2026-08-05.
Source: HalalWallet (halalwallet.us)
Key facts
- Structure
- Index-based
- Program type
- ETF
- Ticker
- SPSK
- Expense ratio
- 0.50%
- Screening method
- Dow Jones Sukuk Total Return Index
- Holdings
- ~170
- Assets under management
- $645M (2026-08-04)
- Focus
- Global Bond (Sukuk)
- Account types
- Individual, IRA, Roth IRA
- Availability
- all 50 states
- Shariah oversight
- Third-Party Certified
- Provider founded
- 2019
- Last verified
- 2026-08-05
Facts are taken from SPFunds's published product materials and were last verified on 2026-08-05. Fields the provider does not publish are omitted rather than estimated.
Our take
SPSK quietly solved the biggest structural gap in American halal investing - before December 2019 there was no listed way to hold fixed income without interest, and portfolios lurched between all-equity risk and idle cash. Today it does exactly what ballast should: $645M in investment-grade sukuk, monthly distributions, a 4.59% 30-day SEC yield at the July 2026 mark that stands up to conventional bond funds, and zero purification burden. The 0.50% fee is fair for access to a market retail investors cannot reach directly. Be clear-eyed about the risks that remain: issuer concentration in Gulf sovereigns, and a sukuk secondary market that can thin out in stress. Used as the stability sleeve - SP Funds' own 2030 target-date fund is roughly half SPSK - it is the closest thing halal investing has to an essential holding.
Strengths
- Only US-listed sukuk ETF - the practical fixed-income sleeve for halal portfolios
- 30-day SEC yield of 4.59% (07/31/2026), competitive with conventional bond funds
- No purification homework: sukuk returns derive from assets, not interest
- $645M in assets with monthly distributions and multi-manager oversight
Watch-outs
- Bond-like return profile - minimal growth; this is ballast, not an engine
- Concentrated issuer base: global sukuk issuance is dominated by Gulf sovereigns and their entities
- Sukuk carry credit and liquidity risk; the market is thinner than conventional bonds in stress
Is the SPFunds SP Funds Dow Jones Global Sukuk ETF halal?
SPSK solved a real problem when it launched on December 27, 2019: US Muslims had no listed way to hold fixed income without interest, and SP Funds was first to market with a sukuk ETF. The fund tracks the Dow Jones Sukuk Total Return (ex-Reinvestment) Index - sukuk are asset-backed certificates whose returns derive from underlying assets and profit streams rather than from lending, which is why SP Funds' purification page states plainly that SPSK requires no purification: sukuk are Sharia-compliant by definition, the only standing zero-purification fund in the family. Structurally the fund is a genuine multi-manager product - Toroso Investments is the adviser, with Exponential ETFs and ShariaPortfolio as investment sub-advisers - and it may invest up to 20% of assets in Sharia-compliant securities outside the index to aid tracking, a flexibility disclosed in the prospectus. The fund publishes a Certificate of Sharia Accreditation and a Sharia Auditor Report like its siblings, under a firm whose oversight is anchored by Shaykh Umer Khan (Sharia Advisor since October 2022; mufti with a Wharton Master's in Finance). Honest notes: sukuk index replication is hard - the fund has shown a meaningful tracking gap versus its index since inception, partly fees and partly thin sukuk liquidity - the certifying scholars are unnamed on the site, and no multi-member Shariah supervisory board exists at the manager level.
Shariah oversight disclosed by SPFunds
Sharia compliance overseen by Raqaba LLC as Sharia Advisor. Advises on AAOIFI/Islamic standards; annual audits.
Read our full AAOIFI-based Shariah screen for SPSK →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- First US-listed sukuk ETF (December 2019) - tracks the Dow Jones Sukuk Total Return Index
- No purification required: sukuk returns derive from assets, not interest, per SP Funds' published policy
- 0.50% expense ratio; NYSE-listed; monthly distributions
- Multi-manager structure: Toroso as adviser, Exponential ETFs and ShariaPortfolio as sub-advisers
- Published Certificate of Sharia Accreditation and Sharia Auditor Report
- The fixed-income ballast of halal portfolios - roughly half of SP Funds' own 2030 target-date fund
Cost and terms
0.50% expense ratio (verified 2026-08-05 on the fund page; previously listed at 0.55%); no fund-level minimum. Net assets $644.79M; 30-day SEC yield 4.59% as of 07/31/2026. Monthly distributions; no purification required per SP Funds' published policy.
How it compares
Other investing providers we list in the U.S., ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| SPFunds SP Funds Dow Jones Global Sukuk ETF (this page) | Index-based | Third-Party Certified | all 50 states | B |
| Wahed Dow Jones Islamic World ETF | Index-based | Third-Party Certified | all 50 states | B+ |
| Manzil Russell Halal USA Broad Market ETF | Index-based | Third-Party Certified | 49 states | A |
| Musaffa Halal ETF Finder | ETF Screener | Formal Board | all 50 states | — |
| Amana Developing World Fund (AMDWX) | Mutual Funds | Third-Party Certified | all 50 states | — |
Other SPFunds products
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- SP Funds S&P Global Technology ETF
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- SP Funds S&P Global REIT Shariah ETF
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- SP Funds S&P World ETF
Investing · Index-based
Where it's available
SPFunds lists the SP Funds Dow Jones Global Sukuk ETF as available in all 50 states.
Availability may vary by product and can change; verify with SPFunds before applying.
Frequently asked questions
Is the SPFunds SP Funds Dow Jones Global Sukuk ETF halal?
SPSK solved a real problem when it launched on December 27, 2019: US Muslims had no listed way to hold fixed income without interest, and SP Funds was first to market with a sukuk ETF. Contract structure: Index-based. Shariah oversight disclosed by SPFunds: Third-Party Certified. HalalWallet reports what the provider documents; we do not certify products.
How does the SPFunds SP Funds Dow Jones Global Sukuk ETF work?
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. 50% expense ratio with monthly distributions. No purification is required, per SP Funds' published policy, because sukuk income is not interest.
What does the SPFunds SP Funds Dow Jones Global Sukuk ETF cost?
0.50% expense ratio (verified 2026-08-05 on the fund page; previously listed at 0.55%); no fund-level minimum. Net assets $644.79M; 30-day SEC yield 4.59% as of 07/31/2026. Monthly distributions; no purification required per SP Funds' published policy.
Where is the SPFunds SP Funds Dow Jones Global Sukuk ETF available?
SPFunds lists this product as available in all 50 states. Availability can change and may differ by state; verify directly with SPFunds.
What are the alternatives to the SPFunds SP Funds Dow Jones Global Sukuk ETF?
In the same category we also list Wahed Dow Jones Islamic World ETF (HalalWallet Index B+), Manzil Russell Halal USA Broad Market ETF (HalalWallet Index A), Musaffa Halal ETF Finder. Compare every option side by side on our Halal Investing hub.
When was this SPFunds product information last verified?
HalalWallet last verified the SPFunds SP Funds Dow Jones Global Sukuk ETF details against SPFunds's published materials on 2026-08-05. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-08-05
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