Decision guide
HLAL vs SPUS — which halal US equity ETF should you hold?
Both are AAOIFI-screened US equity ETFs. HLAL (Wahed) and SPUS (SP Funds) target broadly similar exposure but use different indexes and have different expense profiles.
HLAL — Wahed FTSE USA Shariah ETF
Tracks the FTSE USA Shariah index. Backed by Wahed's screening methodology.
- Expense ratio 0.50%
- Inception 2019 — moderate AUM
- ~150 holdings, US large-cap tilt
- Quarterly rebalancing and purification reporting
SPUS — SP Funds S&P 500 Shariah Industry Exclusions ETF
Tracks the S&P 500 Shariah Industry Exclusions index — a screened subset of the S&P 500.
- Expense ratio 0.49%
- Tracks a recognised S&P index methodology
- ~200 holdings — concentrated tech-heavy tilt
- Quarterly purification distributions
Our recommendation
Both are valid core US-equity holdings for a halal portfolio. SPUS has slightly lower fees and the S&P index pedigree; HLAL has slightly broader diversification across sectors. Holding a mix of both is a reasonable way to diversify methodology risk.
Applying this with a broker
Liquid Brokers is our affiliate partner and the broker we document in most depth. Swap-free status must be requested and confirmed in writing — its published account table lists swap fees as enabled on all four standard account types.