SP Funds S&P Global REIT Sharia ETF

SP Funds S&P Global REIT Sharia ETF (SPRE) tracks the S&P Global All Equity REIT Shariah Capped Index. The index holds real estate investment trusts (REITs) in developed and emerging markets that pass Islamic-law (Sharia) screens on business activities, debt and cash. The fund is heavily concentrated: its top 10 holdings made up 76.7% of assets as of August 31, 2026. It costs 0.50% a year, above the 0.39% average of similar funds, and pays out monthly.

• Over the year to Oct 27, 2026, SPRE returned -3.5%, 9th of 9 among similar funds.
• Its 5-year annualized return was -2.1%.
• Its worst full calendar year was 2022 (-29.4%); its best was 2023 (+9.6%).
• The deepest fall in its price history was 38.1% (Dec 31, 2021 to Oct 27, 2023), not yet recovered.

As of Aug 31, 2026, the fund held 24 securities; the ten largest made up 76.71% of assets.

• Over the three months to Aug 31, 2026, investors added a net $10.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.71%, +1.64%, -2.24%.

SPRE tracks the S&P Global All Equity REIT Shariah Capped Index. S&P Dow Jones Indices built it in 2020 with help from ShariaPortfolio, Inc., the fund's sub-adviser. A REIT is a company that owns or finances income-producing property. The index starts from the S&P Global BMI Shariah Index. That index requires a float-adjusted market value (the value of shares available to trade) of at least $100 million and at least $50 million in yearly trading. It removes businesses such as gambling, alcohol and tobacco. Companies must also pass financial-ratio tests on debt, cash and revenue from non-compliant activities. Every REIT that is left goes into the index.

Each holding has a weight cap, and the index is rebalanced and reconstituted every month. The fund generally tries to own every index stock in about the same proportions, but it may hold a representative sample instead. As of February 28, 2026, the index had 44 constituents in 10 countries. The fund held 24 positions as of August 31, 2026. At least 80% of assets must be in index REITs. Up to 20% can go into other Sharia-compliant securities, and every investment is pre-screened before purchase. Portfolio turnover was 49%.

The fund is non-diversified, so a few stocks can carry large weights. As of August 31, 2026, Welltower, Prologis, Equinix and Goodman Group were each between 11.6% and 12.6% of assets. The fund held no derivatives.

• SPRE charges 0.5% a year, versus an average of 0.39% for the similar funds below (5th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $51 in the first year and $628 over 10 years (assuming a 5% annual return).

SPRE is a concentrated, non-diversified REIT fund whose 38.1% drop had not been recovered as of October 27, 2026, so it fits best as a small part of a larger portfolio.

SPRE could add global, Sharia-screened real estate and monthly income to a portfolio built mainly on broad stock and bond funds. Its trailing 12-month yield was 4.7% as of October 27, 2026. The fund launched in December 2020, so it has no record from the 2008 crisis or the 2020 COVID crash. It fell 33.5% in the 2022 bear market. 2022 was also its worst calendar year, down 29.06% according to the prospectus. Its deepest drop, 38.1% from December 31, 2021 to October 27, 2023, had not been fully recovered as of October 27, 2026. Anyone who sold shares for spending money during that stretch would have locked in losses. The 0.50% fee is above the 0.39% average of similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.