At a glance
SPSK charges 0.5% a year, above the 0.1% average of the 7 funds most like it (the most expensive of 8). It has $660.9M in assets, the 8th largest of that group; it paid 4.81% of its price in distributions over the past 12 months, monthly. Over the past year it returned −2.2% with distributions reinvested, the weakest of those 8 funds; over three years it returned +4.0% a year. At its worst it fell 10.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months after the low. Its ten largest positions make up 14.6% of the fund, out of 170 in all.
The short version
SP Funds Dow Jones Global Sukuk ETF (SPSK) tracks an index of US dollar-denominated, investment-grade sukuk: bond-like certificates built to comply with Islamic religious law (Sharia), which bans paying or charging interest. Its main draw is that Sharia screen, plus monthly income (a 4.81% trailing yield as of October 27, 2026). The trade-offs are a 0.50% expense ratio, versus a 0.10% average for similar bond funds, and a concentration in Saudi and other Gulf issuers.
Price history
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SPSK -2.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SPSK official prospectus, to Dec 31, 2025 | — | +6.88% | — | +0.71% | — | +1.25% |
| SPSK price data to Oct 27, 2026 | -1.6% | -2.2% | +4.0% | +0.5% | — | +0.4% |
- Over the year to Oct 27, 2026, SPSK returned -2.2%, 8th of 8 among similar funds.
- Its 5-year annualized return was +0.5%.
- Its worst full calendar year was 2022 (-7.9%); its best was 2025 (+6.0%).
- The deepest fall in its price history was 12.6% (Sep 2, 2021 to Oct 25, 2022), recovered by Jun 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.6% | — |
| 2025 | +6.0% | +6.88% |
| 2024 | +2.8% | +2.61% |
| 2023 | +3.8% | +4.36% |
| 2022 | -7.9% | -8.45% |
| 2021 | — | -1.12% |
| 2020 | — | +4.09% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Feb 22, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 10.3% over that stretch · deepest drop along the way 10.3%, back to its old high 23.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5000 | |
| 2025 | $0.6400 | +4.9% |
| 2024 | $0.6100 | +19.6% |
| 2023 | $0.5100 | +37.8% |
| 2022 | $0.3700 |
What's inside
As of Aug 31, 2026, the fund held 170 securities; the ten largest made up 14.58% of assets.
| Holding | Weight | |
|---|---|---|
| KSA Ijarah Sukuk Ltd Bonds and notes | 1.74% | |
| KSA Sukuk Ltd Bonds and notes | 1.66% | |
| KSA Sukuk Ltd Bonds and notes | 1.62% | |
| Global Sukuk Ventures Bonds and notes | 1.59% | |
| SA Global Sukuk Ltd Bonds and notes | 1.49% | |
| KSA Sukuk Ltd Bonds and notes | 1.42% | |
| KSA Sukuk Ltd Bonds and notes | 1.31% | |
| Suci Second Investment Co Bonds and notes | 1.27% | |
| KSA Sukuk Ltd Bonds and notes | 1.25% | |
| KSA Ijarah Sukuk Ltd Bonds and notes | 1.23% | |
| Isdb Trust Services NO 2 SARL Bonds and notes | 1.20% | |
| Isdb Trust Services NO 2 SARL Bonds and notes | 1.14% | |
| Suci Second Investment Co Bonds and notes | 1.13% | |
| Isdb Trust Services NO 2 SARL Bonds and notes | 1.12% | |
| Suci Second Investment Co Bonds and notes | 1.10% |
By country
Cayman Islands 60.52%Luxembourg 8.05%Indonesia 5.85%United States 5.65%United Arab Emirates 3.34%By issuer
Companies 94.79%Foreign governments 3.11%The bonds mature in 5.4 years on average (weighted by size), with an average coupon of 4.72%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $135.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.16%, -0.88%, +0.76%.
How it works
SPSK follows the Dow Jones Sukuk Total Return (ex-Reinvestment) Index. S&P Dow Jones Indices created the index in 2006 and runs it. Sukuk work much like bonds, but each one rests on one of several contract types, and investors receive a share of profits rather than interest. To qualify for the index, a sukuk must be issued in US dollars and rated investment grade (at least BBB- from S&P or Fitch, or Baa3 from Moody's). It also needs at least $200 million outstanding and at least a year left before maturity. Only sukuk that Thomson Reuters has screened as Sharia-compliant are eligible.
The index weights each sukuk by market value, so larger issues count for more. It is rebalanced and reconstituted monthly. As of February 28, 2026, it had 173 constituents from 9 countries, with an average weighted maturity of 5.65 years. The fund generally buys every sukuk in the index (replication), but it may hold a representative sample when that's impractical. At least 80% of assets go to index sukuk. Up to 20% may go to other Sharia-compliant investments, and each one is pre-screened before purchase.
As of August 31, 2026, the fund held 170 positions. The largest were KSA Ijarah Sukuk Ltd (1.74%) and KSA Sukuk Ltd (1.66%). About 61% sat in Cayman Islands entities, largely reflecting the vehicles governments use to issue sukuk. The fund used no derivatives or leverage.
What it really costs
- SPSK charges 0.5% a year, versus an average of 0.1% for the similar funds below (8th of 8, 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).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPSK | $51 | $160 | $280 | $628 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It pays monthly distributions from investment-grade sukuk, which gives investors who need Sharia-compliant fixed income a way to earn bond-like income.
SPSK could fill the bond slot for an investor who wants Sharia-compliant income. Its trailing yield was 4.81% as of October 27, 2026, and it pays monthly. Its record shows bond-style swings. The fund's price history doesn't cover 2008 or the 2020 crash, though its worst quarter was a 4.89% loss in early 2020. In the 2022 bear market it fell 10.3% and needed 23.2 months to recover. Its deepest drop was 12.6%, from September 2021 to October 2022, and it took 31.6 months to recover, until June 2025. Its worst calendar year was 2022, at -8.45%. Anyone drawing cash during such a stretch would have locked in losses. Under the SEC's standard example, the 0.50% fee comes to about $51 in the first year on $10,000. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want investment-grade fixed income screened for Sharia compliance, with each holding approved before the fund buys it.
- Retirees who want monthly distributions; the trailing yield was 4.81% as of October 27, 2026.
- Those comfortable with concentrated exposure to Saudi Arabian, other Gulf and emerging-market sovereign and institutional issuers.
Look elsewhere if
- Cost-focused investors: the 0.50% expense ratio ranks 8th of 8 against similar bond funds, which average 0.10%.
- Anyone needing a steady value: it fell 12.6% from 2021 to 2022 and took 31.6 months to recover.
- Investors who want broad exposure to US Treasurys and corporate bonds; SPSK's 170 sukuk are tied largely to a handful of countries.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPSK this fund | 5.4 yrs | 0.5% | $660.9M | -2.2% | +4.0% |
| MINT PIMCO Enhanced Short Maturity Active Exchan… | 6.3 yrs | 0.35% | $16.43B | +3.9% | +4.9% |
| PULS PGIM Ultra Short Bond ETF | 8.8 yrs | 0.15% | $18.71B | +4.1% | +5.2% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| BSV Vanguard Short-Term Bond ETF | 2.9 yrs | 0.03% | $69.75B | +1.7% | +4.5% |
| BNDX Vanguard Total International Bond ETF | 8.7 yrs | 0.07% | $122.53B | -0.6% | +4.1% |
| IUSB iShares Core Total USD Bond Market ETF | 11.8 yrs | 0.06% | $43.00B | -0.3% | +5.1% |
| BND Vanguard Total Bond Market ETF | 11.7 yrs | 0.03% | $397.11B | -0.4% | +4.7% |
Questions investors ask
Is SPSK halal?
SPSK is designed to be Sharia-compliant. Its index includes only sukuk screened by Thomson Reuters, and the fund says each investment is pre-screened and approved as Sharia-compliant before it buys. Sukuk pay investors a share of profits rather than interest. Whether the fund meets a particular investor's religious standards is a personal judgment. Some may want to review the screening approach with a scholar or adviser they trust.
Does SPSK pay monthly dividends?
Yes. SPSK pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $0.84 per share, a trailing yield of 4.81%. The payouts come from the profit payments on its sukuk. As of August 31, 2026, the average coupon (the stated profit rate) was 4.72%. Payments can change from month to month as holdings and rates shift.
What is SPSK's expense ratio?
SPSK charges 0.50% a year, all of it a management fee, according to its prospectus filed March 26, 2026. That ranks 8th of 8 against similar bond funds, which average 0.10%. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total about $51 after one year, $160 after three years, $280 after five and $628 after ten.
What's the difference between SPSK and MINT?
The main difference is the Sharia screen. SPSK holds only Sharia-compliant sukuk, many tied to Gulf issuers. PIMCO Enhanced Short Maturity Active ETF (MINT) is the closest match by maturity and issuer mix, but it is an actively managed conventional bond fund, so it is not a like-for-like substitute. MINT costs 0.35% a year, against 0.50% for SPSK. As of October 30, 2026, MINT returned 4.3% over one year and 5.1% a year over three. As of October 27, 2026, SPSK returned -2.2% and 4%.
How did SPSK do when interest rates rose in 2022?
It lost money. SPSK returned -8.45% in calendar 2022, its worst year, according to its prospectus. From its peak on January 4, 2022 to the low on October 12, 2022, the price fell 10.3%, and it took 23.2 months to recover. Like conventional bonds, sukuk lose value when rates rise. With an average maturity of 5.4 years as of August 31, 2026, SPSK is moderately sensitive to rate changes.