The cheapest U.S.-listed Shariah-compliant ETF is the SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS), with an expense ratio of 0.45 percent a year. Most others charge 0.50 to 0.65 percent, and the actively managed Amana ETFs launched in June 2026 charge 0.61 to 0.91 percent. All cost more than the cheapest conventional index funds.
Reviewed by Hafiz Maqsood Ahmed.
Shariah ETFs have grown from a niche into a market of several billion dollars. SPUS alone had about $3.3 billion in net assets in mid-October 2026, according to SP Funds. Fees matter because they compound: on a $100,000 portfolio, the difference between 0.45 and 0.91 percent is $460 a year before growth. Figures below come from issuers’ websites and fund-data providers in October 2026 and change daily. This is information, not investment advice.
The U.S.-listed Shariah ETFs at a glance
| Ticker | Fund | Strategy or index | Expense ratio | Net assets (Oct. 2026) | Launched |
|---|---|---|---|---|---|
| SPUS | SP Funds S&P 500 Sharia Industry Exclusions ETF | S&P 500 Shariah Industry Exclusions Index | 0.45% | $3.33 billion | Dec. 2019 |
| HLAL | Wahed FTSE USA Shariah ETF | FTSE Shariah USA Index | 0.50% | about $1.0 billion | July 2019 |
| SPSK | SP Funds Dow Jones Global Sukuk ETF | Dow Jones Sukuk Index | 0.50% | $475 million | Dec. 2019 |
| SPRE | SP Funds REIT ETF | S&P Global All Equity REIT Shariah Capped Index | 0.50% | $197 million | Dec. 2020 |
| SPTE | SP Funds technology ETF | S&P Global 1200 Shariah IT Capped Index | 0.55% | about $260 million | Nov. 2023 |
| SPWO | SP Funds international ETF | Developed ex-U.S. and emerging markets Shariah index | 0.55% | $241 million | Dec. 2023 |
| UMMA | Wahed Dow Jones Islamic World ETF | International Islamic equities | 0.65% | about $295 million | Jan. 2022 |
| AMGR | Amana Growth ETF | Actively managed | 0.61% | Newly launched | June 2026 |
| AMEI | Amana Equity Income ETF | Actively managed | 0.76% | about $6 million | June 2026 |
| AMEM | Amana Developing World ETF | Actively managed | 0.91% | about $5 million | June 2026 |
Sources: SP Funds and Wahed fund pages; ETF Database and Dividend.com for HLAL and UMMA assets; ETF Central for the Amana ETFs.
What drives the fee differences
Three things explain most of the gap. Index funds that track a published Shariah index, such as SPUS and HLAL, are cheaper to run than active funds. Narrower or international strategies, such as technology, REITs and emerging markets, cost more. And Shariah funds carry costs conventional funds do not, including index licensing for Shariah screens, fees for a Shariah supervisory board and the work of purifying impure income.
Saturna Capital, which manages the Amana mutual funds, said its three ETFs began trading on Nasdaq on June 24, 2026, and are actively managed versions of existing Amana strategies, in its launch announcement. Active management explains their higher fees.
Fees are not the only test
Investors comparing these funds should also look at:
- The screening standard. SPUS follows S&P’s Shariah methodology, which tightened its debt and cash limits to 30 percent in September 2026, while HLAL follows FTSE’s. Our guide on how to tell if a stock is halal explains the differences.
- Concentration. Shariah screens exclude banks and most heavily indebted companies, so U.S. Shariah funds tend to be heavy in technology stocks.
- Purification. Check whether the fund purifies dividends itself or leaves it to investors.
- Trading volume. The newest funds trade thinly, which can widen bid-ask spreads.
Choosing a fund
For a low-cost core U.S. holding, SPUS and HLAL are the two largest and cheapest options. Investors who want fixed income without interest can look at SPSK, which holds sukuk, explained in our guide to how sukuk work.
For retirement accounts, our guide to the best halal ETFs for 401(k) portfolios covers plan options.
The wider market is covered in our guide to Islamic finance and fintech.
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