SP Funds S&P 500 Sharia Industry Exclusions ETF

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) is an index fund that holds the S&P 500 companies that pass Sharia screens, minus three excluded sub-industries. The screens remove almost all financial companies and heavily indebted firms. That leaves a portfolio dominated by large technology stocks such as NVIDIA, Apple and Microsoft. At 0.45% a year, it costs far more than the 0.11% average of similar large-company funds.

• Over the year to Oct 27, 2026, SPUS returned +17.2%, 1st of 9 among similar funds.
• Its 5-year annualized return was +15.0%.
• Its worst full calendar year was 2022 (-22.6%); its best was 2021 (+36.1%).
• The deepest fall in its price history was 28% (Dec 27, 2021 to Oct 14, 2022), recovered by Dec 12, 2023.

As of Aug 31, 2026, the fund held 219 securities; the ten largest made up 56.69% of assets.

By sector

• Over the three months to Aug 31, 2026, investors added a net $389.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -1.65%, -2.02%, +4.48%.

SPUS tracks the S&P 500 Shariah Industry Exclusions Index. S&P Dow Jones Indices built the index in 2019 with ShariaPortfolio, the fund's sub-adviser. S&P Dow Jones Indices owns and runs it. The index starts with the S&P 500 Shariah Index, which keeps only S&P 500 companies that follow Islamic law. These companies must avoid banned businesses such as gambling, alcohol and tobacco. They must also pass financial tests on debt, cash and how much revenue comes from banned activities. The index then drops three sub-industries: aerospace and defense, financial exchanges and data, and data processing and outsourced services. It had 240 companies as of February 28, 2026.

Holdings are weighted by float-adjusted market value. That means larger companies get bigger weights, counting only shares available to trade. The index is rebalanced and reconstituted, or reset and rebuilt, every month. As of August 31, 2026, the fund held 219 stocks. NVIDIA was 13.8%, Apple 12.0% and Microsoft 9.7%. The top 10 together made up 56.7% of assets. The fund is legally "non-diversified," so a few companies can carry a large share of its value.

The fund usually uses representative sampling. It holds a sample of index stocks that mirrors the whole index instead of every name. At least 80% of assets go into index companies, and up to 20% can go into other Sharia-compliant securities. Each investment is checked for Sharia compliance before the fund buys it. Portfolio turnover was 7%.

• SPUS charges 0.45% a year, versus an average of 0.11% for the similar funds below (9th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).

For investors who need Sharia-compliant investments, SPUS can serve as the main US stock holding, though it leans much more heavily on technology than the S&P 500 does.

The fund launched in December 2019, so it has no record for the 2008 crisis. Its price history here begins in June 2020, which also leaves out the COVID crash. In the 2022 bear market it fell 27.6% and was back to its prior level by July 28, 2023. Its deepest drop was 28%, from December 2021 to October 2022, and it took about 14 months to recover. Its worst calendar year was 2022, at -22.66% according to the prospectus. A retiree withdrawing money that year would have been selling shares well below their peak. Income is small: the trailing yield was 0.58% as of October 27, 2026, paid monthly. Under the SEC's standard example, the 0.45% expense ratio costs about $46 in the first year on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

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