Which halal ETF has the lowest expense ratio?

Among U.S.-listed Shariah-screened ETFs in our directory, MNZL (undefined) currently has the lowest published expense ratio at 0.40%. Expense ratio is one input; also compare the screening index, holdings count, AUM, and Shariah oversight before choosing.

Which halal ETF is the largest by assets?

SPUS (undefined) is the largest at $3.39B (2026-10-07). Larger funds usually have tighter bid-ask spreads and lower closure risk, which matters for long-term holders.

SPUS vs HLAL: what is the actual difference?

Both are U.S. large-cap Shariah-screened ETFs. SPUS tracks the S&P 500 Shariah Industry Exclusions index (S&P's screening thresholds) at a 0.45% expense ratio; HLAL tracks the FTSE USA Shariah index (FTSE's thresholds) at 0.50%. The index providers use different debt and impure-income limits, so holdings overlap heavily but not completely. Our SPUS vs HLAL guide walks through the screening differences.

Why do different halal ETFs hold different companies?

Each index provider (S&P, FTSE, Dow Jones, Russell, Saturna's own screens) applies its own financial ratio thresholds, typically debt below 30-33% of market cap or assets and impure income below 5%. A company near a threshold can pass one screen and fail another. All of the thresholds trace back to AAOIFI Standard 21 but interpret it differently.

Can I hold these ETFs in an IRA or 401(k)?

Yes. All are exchange-listed and can be bought in any brokerage IRA. Whether they are available inside your employer's 401(k) depends on the plan menu; if not, contribute to the match and hold the ETFs in a separate IRA.

Do I need to purify dividends from a halal ETF?

Most scholars say yes for the small portion of income that comes from non-compliant sources. Each issuer publishes a purification ratio annually; multiply your dividends by that ratio and give the result to charity. Our purification calculator does the math.

Live data · 11 funds · Verification dates shown

Halal ETF Comparison Tool

Every U.S.-listed Shariah-screened ETF in our directory, side by side. Pick up to four, compare the attributes that matter, and see what the expense ratio costs on your own numbers.

Direct answer

What is the best halal ETF?

There is no single best halal ETF; there is a best fit for a given role in a portfolio. For U.S. large-cap exposure the main choices are SPUS (S&P screen, 0.45%), HLAL (FTSE screen, 0.50%), and MNZL (Russell screen, 0.40%). For global exposure: SPWO, UMMA, or Amana's active AMGR. For income: SPSK (sukuk) or AMEI (dividend equity). For real estate: SPRE. Use the comparator to line up expense ratio, AUM, holdings, screening index, and oversight, then check the fee-drag projection. The largest fund today is SPUS at $3.39B (2026-10-07).

Compare like with like: same focus, then lowest cost and largest AUM
Screening indexes differ; the same stock can pass one and fail another
All are IRA-eligible at any brokerage
Purification is owed on every fund; issuers publish the ratio

Pick up to four ETFs

11 U.S.-listed Shariah-screened ETFs in our directory, each with a verification date.

Attribute	SPUS	HLAL	SPSK
Issuer	SPFunds	Wahed Invest	SPFunds
Expense ratio	0.45%	0.50%	0.50%
Assets under management	$3.39B (2026-10-07)	$752M	$645M (2026-08-04)
Holdings	~200	~200	~170
Focus	US Large Growth	US Large Growth	Global Bond (Sukuk)
Screening methodology	S&P 500 Shariah screening	FTSE Shariah Index	Dow Jones Sukuk Total Return Index
Shariah oversight	Third-party certified	Third-party certified	Third-party certified
Index grade	A-	B	A-
Account types	Individual, IRA, Roth IRA	Individual, IRA, Roth IRA	Individual, IRA, Roth IRA
Last verified	2026-10-08	2026-08-13	2026-08-05
Fund page	Issuer site	Issuer site	Issuer site

Fee drag on your numbers

Starting amount$25,000

$0$500,000

Monthly contribution$300

$0$5,000

Years15

140

Gross return before fees7%

2%12%

ETF	Ending balance	Cost of the expense ratio
SPUS	$158,056	$8,256
HLAL	$157,168	$9,144
SPSK	$157,168	$9,144

Assumes identical gross returns, which is not true across different indexes and focuses. This isolates the fee only; it does not predict which fund will perform better.

How to use this honestly

Compare like with like: a U.S. large-cap fund against another U.S. large-cap fund, not against a sukuk or REIT fund.
Different index providers (S&P, FTSE, Dow Jones, Russell, Saturna) use different debt and impure-income thresholds; the same company can pass one screen and fail another. See why screeners disagree.
AUM matters for spreads and closure risk; funds under roughly $50.0M are young or small.
Every fund publishes a purification ratio; it is owed regardless of which fund you pick.

HalalWallet Editorial Team

Editorial Team, HalalWallet

Independently researched·No provider pays for placement·320+ expert articles·About our editorial process·Featured in Islamic Finance news & GoDaddy Registry·BBB Accredited

Reading the comparison

Expense ratio is the annual cost deducted from the fund. It is the one number you control by choosing a fund.
AUM signals liquidity and durability. Small funds can close; the issuer then returns cash, which creates a taxable event in a brokerage account.
Holdings tells you concentration. Thirty holdings behave differently from five hundred.
Screening methodology is the index provider's rulebook. This is where SPUS, HLAL, and MNZL actually differ.
Shariah oversight is who signs off and whether the certificate is public. Our taxonomy is explained on the methodology page.

Halal ETF FAQs

Sources and review process

This page is reviewed against HalalWallet editorial standards and source documentation.

Reviewed by: HalalWallet Editorial Team

Last reviewed: 2026-10-22

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.

Spot an error? Report a correction · How we handle corrections

Reviewed by: HalalWallet Editorial Team•Last reviewed: 2026-10-22•Disclosure: Featured partners may compensate HalalWallet for clicks. Editorial policy and full disclosures.

Reviewed quarterly and updated for major content changes.

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