SP Funds S&P World (ex-US) ETF

SP Funds S&P World (ex-US) ETF (SPWO) tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index. The index holds stocks from outside the US that pass Shariah screens, split evenly between developed and emerging markets. The fund charges 0.55% a year, a little below the 0.59% average of similar funds. It leans heavily on chipmakers: Taiwan Semiconductor Manufacturing (TSMC) alone made up about 20% of assets as of July 31, 2026.

• Over the year to Oct 27, 2026, SPWO returned +17.7%, 4th of 6 among similar funds.
• Its worst full calendar year was 2024 (+9.5%); its best was 2025 (+26.6%).
• The deepest fall in its price history was 17.9% (Oct 7, 2024 to Apr 8, 2025), recovered by Jun 4, 2025.

As of Jul 31, 2026, the fund held 370 securities; the ten largest made up 41.78% of assets.

• Over the three months to Jul 31, 2026, investors added a net $42.0M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +7.84%, +1.53%, -6.56%.

SPWO is an index fund run by ShariaPortfolio, Inc. under the SP Funds name. Before fees, it aims to match the S&P DM Ex-U.S. & EM 50/50 Shariah Index. That index blends two S&P indexes in equal parts: the S&P Developed Ex-U.S. LargeMidCap Shariah Index and the S&P Emerging LargeMidCap Shariah Index. S&P hires an outside consultant to screen out companies whose products break Shariah rules, such as gambling, alcohol or tobacco. The consultant also removes companies that carry more debt than Shariah rules allow.

The index takes the top 250 companies from each half, and each half counts for 50% of the index. Within each half, stocks are weighted by modified float-adjusted market value. That means a company's weight depends on the value of its shares that are free to trade, with a cap meant to keep the index diversified. The index rebalances monthly if needed. As of January 31, 2026, it held 493 companies in 39 countries.

The fund usually buys every stock in the index, but it may hold a representative sample instead. At least 80% of assets must be in index stocks. Up to 20% can go into other Shariah-screened investments. As of July 31, 2026, the fund held 370 positions, almost all of them stocks. Portfolio turnover was 39% in the latest prospectus. The index is concentrated in technology, so the fund is too.

• SPWO charges 0.55% a year, versus an average of 0.59% for the similar funds below (3rd of 6, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).

It offers Shariah-screened exposure to stocks outside the US, but with about a fifth of assets in one chipmaker and above-market swings it fits better as a smaller position than as a core one.

SPWO launched in December 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 17.9%, from October 7, 2024 to April 8, 2025. It recovered by June 4, 2025, about two months later. Its weakest calendar year was still a gain of 8.92% in 2024, but it lost 6.24% in the last quarter of that year. Over the 12 months to October 27, 2026, its volatility was 23.8%, and it moved about 1.5 times as much as the broad market. Anyone who has to sell shares during a slump could lock in losses. Income is modest: the yield was 1.25% as of October 27, 2026, paid monthly. In the SEC's standard example, the 0.55% fee costs $56 on $10,000 in the first year and $689 over 10 years. 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.