Halal ETFs: SPUS, HLAL and others — which one suits what

Checking every stock yourself and building a portfolio takes time and knowledge. An ETF (exchange-traded fund) makes this simpler: you buy one share and own dozens or hundreds of companies at once. In a Shariah ETF the screening is done by the index provider and a Shariah board.

Below we compare six popular Shariah ETFs traded on US exchanges. All figures were checked as of 3 October 2026 against issuer websites and SEC filings — before buying, re-check the current value on the issuer's page.

What makes an ETF "halal"

Look at three things:

1. Index and standard. Which Shariah index does the fund track (S&P, FTSE, Dow Jones)? The screening rules depend on it. How the standards differ: the AAOIFI standard and other methods.
2. Shariah oversight. Does the fund have a Shariah board or auditor, and a certificate?
3. Purification. The companies inside the fund also earn a little interest. Does the issuer publish that share, and how?

The two core funds for the US market

SPUS — SP Funds S&P 500 Sharia Industry Exclusions ETF

• Index: S&P 500 Sharia Industry Exclusions Index — i.e. it only selects from within the S&P 500.
• Expense ratio: 0.45% a year (issuer page). The issuer states it follows AAOIFI guidelines; the site has a Shariah certificate, an auditor's report and a purification calculator.
• Launched: 17 December 2019, NYSE.
• Holdings (file of 2 October 2026): 218 positions excluding cash, net assets of about $3.3 billion. The ten largest make up 57.8% of the portfolio; the top three are Nvidia 14.26%, Apple 12.30%, Microsoft 9.72%.

HLAL — Wahed FTSE USA Shariah ETF

• Index: FTSE Shariah USA Index — large and mid-cap US companies. Shariah screening is done by Yasaar Limited, oversight by Wahed's Shariah board.
• Expense ratio: 0.50% a year (issuer page). Wahed publishes a quarterly purification report on HLAL dividends.
• Launched: 16 July 2019, Nasdaq.
• Holdings (SEC N-PORT filing, as of 31 May 2026): 208 stocks, net assets of about $918 million. The ten largest — 55.5%; Apple is first (13.2%).

SPUS vs HLAL: what's the difference

Both are "the halal large companies of the US", but their holdings aren't the same. On the latest data from autumn 2026, SPUS holds Nvidia but not Meta; HLAL is the other way round — Meta yes, Nvidia no. The reason is a different index provider and different screening rules. Details: are the tech giants halal?

Practical takeaway: both serve the same goal — broad exposure to the halal part of the US market. The deciding factors may be cost, which standard you're closer to, and how conveniently purification data is published.

For international diversification

SPWO — SP Funds S&P World (ex-US) ETF

• Index: S&P DM Ex-U.S. & EM 50/50 Shariah Index — developed and emerging markets outside the US, half and half.
• Expense: 0.55% (issuer page). Launched 19 December 2023.
• Holdings (2 October 2026): 396 positions, but one company is very large: TSMC at 20.84%.

UMMA — Wahed Dow Jones Islamic World ETF

• Index: Dow Jones Islamic Market International Titans 100 — about 100 large Shariah-compliant companies outside the US.
• Expense: 0.65% (issuer page). Launched 7 January 2022.
• Holdings (N-PORT, 31 May 2026): 94 stocks; the largest are TSMC (10.0%), Samsung Electronics (8.2%), SK hynix (8.1%).

Sector ETFs

SPTE — SP Funds S&P Global Technology ETF

Technology companies worldwide (S&P Global 1200 Shariah Information Technology Capped). Expense 0.55%, launched 30 November 2023 (issuer page). As of 2 October 2026 it had 106 positions; the largest are TSMC, Nvidia and Apple — roughly 11–12% each. This fund repeats many of the companies already in SPUS.

SPRE — SP Funds S&P Global REIT Sharia ETF

Real estate investment trusts (REITs). Expense 0.50%, launched 29 December 2020 (issuer page); around 30 REITs. An important difference: in our own screener we mark REITs as "doubtful" and keep them out of the universe (methodology). SP Funds, by contrast, selects REITs approved by its Shariah board. This is a difference between scholars and standards — the decision is yours.

What to watch out for

• Concentration. "Screened from 500 companies" doesn't mean "evenly spread". In SPUS and HLAL the ten largest stocks are more than half the portfolio — mostly technology. In SPWO a single company is one fifth.
• Cost. 0.45% is about $4.50 a year per $1,000; 0.65% is $6.50. It is deducted from the fund's price automatically, not paid separately.
• Purification is still on you. An ETF dividend can contain an impermissible share too. Calculate it using the percentage the issuer publishes: how purification is calculated.
• Tax. The US withholds tax on US ETF dividends as well: dividends, zakat and tax.
• A real ETF, not a CFD. Some platforms offer ETFs as CFDs — that isn't ownership: CFD vs real stock. Which brokers you can use from Uzbekistan: broker comparison. Confirm in advance that the broker makes US ETFs available to your account type.

How this connects to limitup

We continuously compare the holdings of these six ETFs with our screener's results: SP Funds daily, Wahed quarterly from SEC filings. On the stock page in your account, the "Held by Shariah ETFs" block shows which ETF holds that stock and at what weight — and openly flags it when that differs from our verdict. To see it, sign up. Public list: halal stocks.

This article is for information only and is not a fatwa. Consult your own scholar for a final religious ruling. Not investment advice either.