Investing · SPFunds
SPFunds SP Funds S&P 500 Shariah Industry Exclusions 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.
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 $2.92B in net assets (2026-08-04 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 29, 2020; the 30-day SEC yield stood at 0.42% as of 07/31/2026.
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What is the SPFunds SP Funds S&P 500 Shariah Industry Exclusions ETF?
92B in net assets (2026-08-04 fund page). 81% of dividends), and per-fund Certificates of Sharia Accreditation.
- Contract structure: Index-based.
- Expense ratio: 0.45%.
- 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
- SPUS
- Expense ratio
- 0.45%
- Screening method
- S&P 500 Shariah screening
- Holdings
- ~210
- Assets under management
- $2.9B (2026-08-04)
- Focus
- US Large Growth
- 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
If US halal investing has a default setting, SPUS is it. Nearly $3B in assets means institutional-grade liquidity; 0.45% is a fair toll; and the S&P methodology gives the screening a rules-based transparency that hand-picked portfolios lack. The compliance file is complete - accreditation certificate, auditor report, quarterly purification factors with a calculator - so the religious diligence is genuinely done for you. Understand what you own, though: stripping banks, insurers, and leveraged businesses out of the S&P 500 leaves a portfolio that leans heavily into technology, so returns will diverge from the headline index in both directions, sometimes sharply. It works best as the US core of a three-fund halal portfolio alongside SPWO for international equities and SPSK for sukuk. For most American Muslim index investors, this is the starting point.
Strengths
- Largest halal ETF by AUM at $2.9B - deep liquidity and tight spreads
- 0.45% expense ratio, among the cheapest in halal investing
- Tracks the S&P 500 Shariah Industry Exclusions Index - a familiar, rules-based universe
- Quarterly purification factors published with a free calculator
Watch-outs
- US-focused only - pair with an international fund for global coverage
- Tech-heavy: the surviving S&P 500 names skew hard toward technology
- Excluding financials and high-debt names means meaningful tracking difference from the plain S&P 500
Is the SPFunds SP Funds S&P 500 Shariah Industry Exclusions ETF halal?
SPUS is the workhorse of American halal investing: roughly 200 S&P 500 companies that survive the S&P 500 Shariah Industry Exclusions Index screens, characterized by low leverage and debt-to-market-capitalization ratios below 30%. The screening removes conventional banks and insurance, alcohol, gambling, tobacco, pork, adult entertainment, and weapons, applies AAOIFI-aligned financial ratios (under 5% of revenue from impure sources; interest-bearing debt within 30-33% of market cap on a trailing 12-month average), and re-checks holdings quarterly - non-compliant names are removed at rebalancing with proceeds reinvested in compliant alternatives. The religious documentation is published per fund: SPUS carries a Certificate of Sharia Accreditation and a Sharia Auditor Report in its document library, and SP Funds posts quarterly purification factors with a free calculator (Q1 2026: 1.81% of dividends - a SPUS holder receiving $1,000 in dividends that quarter owed $18.10 to charity). SP Funds deliberately does not deduct purification, to avoid adverse tax treatment. Oversight is anchored by Shaykh Umer Khan, ShariaPortfolio's Sharia Advisor since October 2022 (mufti; Wharton Master's in Finance). Two honest notes: excluding financials produces heavy mega-cap tech concentration - the top five holdings were about 44% of the fund in mid-2026 - which is a screening consequence, not a bug you can opt out of; and no multi-member Shariah supervisory board is named, with fund-certificate scholars unidentified on the site.
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 SPUS →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- ~200 low-leverage S&P 500 companies passing the S&P 500 Shariah Industry Exclusions Index screens
- 0.45% expense ratio - the cheapest in the SP Funds family; NYSE-listed with monthly distributions
- Published Certificate of Sharia Accreditation and Sharia Auditor Report
- Quarterly purification factors with free calculator (Q1 2026: 1.81% of dividends)
- Quarterly compliance rebalancing removes names that fail the screens
- IRA and 401(k) eligible; fractional shares from $1-$10 depending on broker
Cost and terms
0.45% expense ratio; no fund-level minimum (one share or broker fractional). Net assets $2.92B; 30-day SEC yield 0.42% as of 07/31/2026 (verified 2026-08-05). Monthly distributions; quarterly purification factors published free (Q1 2026: 1.81% of dividends).
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 S&P 500 Shariah Industry Exclusions ETF (this page) | Index-based | Third-Party Certified | all 50 states | B |
| Manzil Russell Halal USA Broad Market ETF | Index-based | Third-Party Certified | 49 states | A |
| Wahed Dow Jones Islamic World ETF | Index-based | Third-Party Certified | all 50 states | B+ |
| 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
- SP Funds S&P Global Technology ETF
Investing · Index-based
- SP Funds Dow Jones Global Sukuk ETF
Investing · Index-based
- SP Funds S&P Global REIT Shariah ETF
Investing · Index-based
- SP Funds S&P World ETF
Investing · Index-based
Where it's available
SPFunds lists the SP Funds S&P 500 Shariah Industry Exclusions 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 S&P 500 Shariah Industry Exclusions ETF halal?
SPUS is the workhorse of American halal investing: roughly 200 S&P 500 companies that survive the S&P 500 Shariah Industry Exclusions Index screens, characterized by low leverage and debt-to-market-capitalization ratios below 30%. 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 S&P 500 Shariah Industry Exclusions ETF work?
92B in net assets (2026-08-04 fund page). 81% of dividends), and per-fund Certificates of Sharia Accreditation. 42% as of 07/31/2026.
What does the SPFunds SP Funds S&P 500 Shariah Industry Exclusions ETF cost?
0.45% expense ratio; no fund-level minimum (one share or broker fractional). Net assets $2.92B; 30-day SEC yield 0.42% as of 07/31/2026 (verified 2026-08-05). Monthly distributions; quarterly purification factors published free (Q1 2026: 1.81% of dividends).
Where is the SPFunds SP Funds S&P 500 Shariah Industry Exclusions 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 S&P 500 Shariah Industry Exclusions ETF?
In the same category we also list Manzil Russell Halal USA Broad Market ETF (HalalWallet Index A), Wahed Dow Jones Islamic World ETF (HalalWallet Index B+), 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 S&P 500 Shariah Industry Exclusions 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:
- 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: 2026-08-05
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