Investing · Wahed Invest
Wahed FTSE USA Shariah ETF
Co-Founder & CEO, HalalWallet
Facts are re-verified against Wahed Invest's published materials; this page updates when the provider's terms, rates, or coverage change.
HLAL is Wahed's flagship US-equity Islamic ETF: Nasdaq-listed since July 16, 2019, passively tracking the FTSE Shariah USA Index - large and mid-cap US stocks screened by Yasaar Limited and certified through fatwa - at a 0.50% total expense ratio. It has grown to roughly $752M, making it the second-largest halal ETF after SPUS, with quarterly rebalancing, annual distributions, and quarterly purification amounts published on the fund page. The fund carries its own Shariah certificate plus published Shariah Supervisory Board reports covering 2021 through 2024, with U.S. Bank as custodian.
Opens provider's 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
What is the Wahed FTSE USA Shariah ETF?
50% total expense ratio. It has grown to roughly $752M, making it the second-largest halal ETF after SPUS, with quarterly rebalancing, annual distributions, and quarterly purification amounts published on the fund page.
- Contract structure: Index-based.
- Expense ratio: 0.50%.
- Available in all 50 states.
- Shariah oversight disclosed: Third-Party Certified.
- HalalWallet Index grade for Wahed Invest in Investing: B+.
- Verified against Wahed Invest's published materials on 2026-08-13.
Source: HalalWallet (halalwallet.us)
Key facts
- Structure
- Index-based
- Program type
- ETF
- Ticker
- HLAL
- Expense ratio
- 0.50%
- Screening method
- FTSE Shariah Index
- Holdings
- ~200
- Assets under management
- $752M
- Focus
- US Large Growth
- Account types
- Individual, IRA, Roth IRA
- Availability
- all 50 states
- Shariah oversight
- Third-Party Certified
- Provider founded
- 2015
- Last verified
- 2026-08-13
Facts are taken from Wahed Invest's published product materials and were last verified on 2026-08-13. Fields the provider does not publish are omitted rather than estimated.
Our take
HLAL does the US halal equity job well: a transparent FTSE Shariah index, real scale at $752M, and a compliance file - fatwa, annual board reports, quarterly purification data - that now sets the documentation standard among halal ETFs. Its awkward history is part of an honest review: the SEC found Wahed seeded this fund's 2019 launch with advisory clients' assets without disclosing the conflict, and the deep governance paper trail that exists today post-dates that episode. As a product, the practical case against it is narrower: it costs 5 basis points more than SPUS and 10 more than MNZL for closely overlapping exposure, and it distributes annually rather than monthly. Existing Wahed platform users get natural synergy since it anchors the managed portfolios. As a standalone pick, it is a solid second choice in a category with a cheaper leader.
Strengths
- Second-largest halal ETF at roughly $752M - liquid and established
- FTSE Shariah USA methodology with independent Yasaar screening and fatwa certification
- Quarterly purification amounts published on the fund page
- Per-fund Shariah certificate plus published board reports for 2021-2024
Watch-outs
- 0.50% fee sits above SPUS (0.45%) and MNZL (0.40%) for similar US halal exposure
- US-focused only - needs an international complement like UMMA or SPWO
- Tech-heavy portfolio, as with all screened US large-cap funds
- Annual-only distributions, versus monthly at the SP Funds equity ETFs
Is the Wahed FTSE USA Shariah ETF halal?
HLAL's halal case is layered. The index layer: the fund passively tracks the FTSE Shariah USA Index, whose constituents are screened by Yasaar Limited against business-activity and financial-ratio rules, and the FTSE Shariah series is certified through a fatwa issued by Yasaar's principals. The fund layer: Wahed publishes a Shariah Certificate (fatwa) for HLAL itself, annual Shariah Supervisory Board reports for 2021 through 2024, and quarterly purification amounts on HLAL dividends so holders can cleanse incidental impermissible income. The firm layer: Wahed's board comprises three named scholars - Sheikh Sajid Umar, Sheikh Dr. Aznan Hasan (a sitting AAOIFI Shariah board member), and Sheikh Muhammad Ahmad Sultan - with Shariyah Review Bureau as external Shariah advisor. One piece of history belongs in any honest account: the SEC's February 2022 order found that HLAL's July 2019 launch was seeded with Wahed advisory clients' assets without prior disclosure of the conflict, and that Wahed then lacked written Shariah-compliance policies; Wahed paid a $300,000 penalty without admitting or denying the findings. The extensive audit trail now published post-dates and responds to that period - which cuts both ways: the governance documentation today is among the deepest of any US halal ETF, and it exists because a regulator forced the issue.
Shariah oversight disclosed by Wahed Invest
Certified by Shariyah Review Bureau (SRB) (2024). Signed by Dr. Aznan Hasan (SRB).
Read our full AAOIFI-based Shariah screen for HLAL →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Tracks the FTSE Shariah USA Index - screening by Yasaar Limited, certified through a fatwa from Yasaar's principals
- 0.50% expense ratio; Nasdaq-listed since July 16, 2019
- Quarterly purification amounts on dividends published on the fund page
- Per-fund Shariah certificate plus Shariah Supervisory Board reports published for 2021-2024
- Annual distributions; U.S. Bank custody; series of the Listed Funds Trust
- Usable as the US-equity sleeve inside or outside Wahed's managed portfolios
Cost and terms
0.50% total expense ratio (verified on wahed.com/hlal 2026-08-05); no fund-level minimum (one share or broker fractional). Roughly $752M AUM (July 2026). Annual distributions; quarterly purification amounts published on the fund page.
How it compares
Other investing providers we list in the U.S., ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Wahed FTSE USA Shariah 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 |
| SPFunds SP Funds S&P Global Technology 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 Wahed Invest products
- Wahed Real Estate Fund
Investing · Zero-debt single-family rental fund (100% equity)
- Wahed Dow Jones Islamic World ETF
Investing · Index-based
- Wahed Invest Robo-Advisor
Investing · Robo-Advisor
- Roth IRA
Retirement · Robo-Advisor
- SEP IRA
Retirement · Robo-Advisor
- Traditional IRA
Retirement · Robo-Advisor
Where it's available
Wahed Invest lists the Wahed FTSE USA Shariah ETF as available in all 50 states.
Availability may vary by product and can change; verify with Wahed Invest before applying.
Frequently asked questions
Is the Wahed FTSE USA Shariah ETF halal?
HLAL's halal case is layered. The index layer: the fund passively tracks the FTSE Shariah USA Index, whose constituents are screened by Yasaar Limited against business-activity and financial-ratio rules, and the FTSE Shariah series is certified through a fatwa issued by Yasaar's principals. Contract structure: Index-based. Shariah oversight disclosed by Wahed Invest: Third-Party Certified. HalalWallet reports what the provider documents; we do not certify products.
How does the Wahed FTSE USA Shariah ETF work?
50% total expense ratio. It has grown to roughly $752M, making it the second-largest halal ETF after SPUS, with quarterly rebalancing, annual distributions, and quarterly purification amounts published on the fund page. S.
What does the Wahed FTSE USA Shariah ETF cost?
0.50% total expense ratio (verified on wahed.com/hlal 2026-08-05); no fund-level minimum (one share or broker fractional). Roughly $752M AUM (July 2026). Annual distributions; quarterly purification amounts published on the fund page.
Where is the Wahed FTSE USA Shariah ETF available?
Wahed Invest lists this product as available in all 50 states. Availability can change and may differ by state; verify directly with Wahed Invest.
What are the alternatives to the Wahed FTSE USA Shariah ETF?
In the same category we also list Manzil Russell Halal USA Broad Market ETF (HalalWallet Index A), SPFunds SP Funds S&P Global Technology ETF (HalalWallet Index B), Musaffa Halal ETF Finder. Compare every option side by side on our Halal Investing hub.
When was this Wahed Invest product information last verified?
HalalWallet last verified the Wahed FTSE USA Shariah ETF details against Wahed Invest's published materials on 2026-08-13. 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: 2026-08-13
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.