Investing alternatives
SPFunds Alternatives
6 halal investing providers in Canada that compete with SPFunds, ranked by HalalWallet Index grade, disclosed Shariah oversight, and province coverage. Independent: we are not affiliated with SPFunds or any provider listed here.
Co-Founder & CEO, HalalWallet
Re-ranked automatically when Index grades, oversight, or coverage change in our database.
The closest alternatives to SPFunds for halal investing in Canada are Wealthsimple, Manzil and Wahed. WSHR is the only halal ETF listed on a Canadian exchange - CAD-traded with no US withholding drag in a TFSA, FHSA or RESP, but it is one fund with a low-volatility tilt versus SP Funds' five-fund shelf. The highest HalalWallet Index grade among the alternatives belongs to Manzil (A). Where SPFunds still wins: Broadest halal ETF lineup accessible from Canada - one fund family covers US equity, sukuk, REITs, technology and international in five tickers.
- 6 of 11 investing providers we track in Canada are ranked here; the rest fell below on Index grade, Shariah oversight, or reviews.
- Index grades among the alternatives: Manzil A (SPFunds is not yet graded).
- Manzil, Amana Funds and Akinda cover provinces SPFunds does not (SPFunds: 10 provinces).
- Product types across the alternatives: Index-based, Wealth Management, Actively managed, Stock Screener (SPFunds: Index-based).
- Most common reason to look elsewhere: USD-listed only: every purchase involves currency conversion costs, and no CAD-listed or CAD-hedged versions exist.
Source: HalalWallet (halalwallet.ca)
Top 6 SPFunds alternatives for 2026
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
vs SPFunds: WSHR is the only halal ETF listed on a Canadian exchange - CAD-traded with no US withholding drag in a TFSA, FHSA or RESP, but it is one fund with a low-volatility tilt versus SP Funds' five-fund shelf.
- Grade A
#2
Manzil
- Shariah oversight
- Shariah oversight: Formal Shariah board
- Coverage
- Coverage: 13 provinces
- Structure
- Structure: Wealth Management
vs SPFunds: Manzil's MNZL ETF offers broader US exposure (~480 holdings) at a lower 0.40% fee than SPUS, but is also USD-listed with the same currency and withholding considerations.
Reaches 3 provinces SPFunds does not list: Northwest Territories, Nunavut, Yukon.
- Not graded
#3
Wahed
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 10 provinces
- Structure
- Structure: Index-based
vs SPFunds: Wahed's HLAL and UMMA ETFs add US growth and international exposure with a formal three-scholar Shariah board - also USD-listed, with a smaller lineup and no sukuk fund.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: 4 provinces
- Structure
- Structure: Wealth Management
vs SPFunds: ShariaPortfolio Canada is the group's advised route: the same fund family inside managed RRSP, TFSA, FHSA and pension wrappers, for a 0.5-1.5% advisory fee.
- Not graded
- Shariah oversight
- Shariah oversight: Third-party certified
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Actively managed
Reaches 3 provinces SPFunds does not list: Northwest Territories, Nunavut, Yukon.
- Not graded
#6
Akinda
- Shariah oversight
- Shariah oversight: Named scholar
- Coverage
- Coverage: all of Canada
- Structure
- Structure: Stock Screener
- Track record
- Since: 2023
Reaches 3 provinces SPFunds does not list: Northwest Territories, Nunavut, Yukon.
Our take: Akinda is a useful free AAOIFI screen for TSX stock pickers who want to see the ratios. It is not a Canadian brokerage, and it is not a higher-scoring platform than Zoya or Musaffa on scholar depth or coverage.
SPFunds vs the alternatives at a glance
| Provider | Index grade | Shariah oversight | Coverage | Structure | Since |
|---|---|---|---|---|---|
| SPFunds(this review) | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Wealthsimple | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| Manzil | A | Formal Shariah board | 13 provinces | Wealth Management | n/a |
| Wahed | Not graded | Third-party certified | 10 provinces | Index-based | n/a |
| ShariaPortfolio | Not graded | Third-party certified | 4 provinces | Wealth Management | n/a |
| Amana Funds | Not graded | Third-party certified | All of Canada | Actively managed | n/a |
| Akinda | Not graded | Named scholar | All of Canada | Stock Screener | 2023 |
Index grades are HalalWallet's independent scorecard. Oversight and coverage are what each provider publishes, last verified 2026-10-27. Not graded means the category or provider is outside the Index, not a negative mark.
Why people look for a SPFunds alternative
- USD-listed only: every purchase involves currency conversion costs, and no CAD-listed or CAD-hedged versions exist
- 15% US withholding tax on distributions held in a TFSA, FHSA or RESP - unrecoverable in those accounts
- No Canada-specific guidance anywhere: sp-funds.com publishes nothing on Canadian availability, tax treatment, or registered-account handling (checked 2026-08-05)
- No standing multi-member Shariah supervisory board is named - oversight runs through AAOIFI adherence, per-fund certificates, and one named advisor (Shaykh Umer Khan)
- Concentration quirks: Taiwan Semiconductor was nearly 20% of SPWO at mid-2026 under capped-index weighting, and excluding financials makes SPUS ride mega-cap tech hard in both directions
When SPFunds is still the right choice
- Broadest halal ETF lineup accessible from Canada - one fund family covers US equity, sukuk, REITs, technology and international in five tickers
- SPSK fills the halal fixed-income gap: no sukuk ETF trades on any Canadian exchange
- SPUS's 0.45% expense ratio undercuts the 0.50% fee on Canada's only CAD-listed halal ETF (WSHR)
- Published compliance artifacts: per-fund Sharia accreditation certificates, auditor reports, and quarterly purification factors with a free calculator
- Monthly distributions across the family, and the funds work in both registered and non-registered Canadian accounts via US market access
Our verdict on SPFunds: SP Funds is the deepest halal fund shelf a Canadian can reach: SPUS and SPSK are the default core and fixed-income building blocks, with REIT, tech and international satellites no Canadian-listed fund matches. Accept the USD listing costs - currency conversion everywhere and 15% withholding drag inside a TFSA, FHSA or RESP - and pair with the CAD-listed WSHR where those trade-offs bite.
Still deciding?
The ranking above is category-wide. For a province-by-province, structure-by-structure view of every provider, use the comparison tool.
Compare halal ETFs with live performance dataHow this ranking works
The pool is every provider with active investing listings in Canada in HalalWallet's database (11 besides SPFunds). Providers our editors have written a direct comparison for appear first; the rest are ordered by live HalalWallet Index grade, then disclosed Shariah oversight (formal board or third-party certification ranks above a named scholar, which ranks above no public review), then Google rating. Nothing here is paid placement. See our methodology and how Index grades are computed.
Frequently asked questions
What is the best alternative to SPFunds?
Wealthsimple ranks first among SPFunds alternatives for halal investing, third-party certified Shariah oversight, and coverage of 10 provinces. WSHR is the only halal ETF listed on a Canadian exchange - CAD-traded with no US withholding drag in a TFSA, FHSA or RESP, but it is one fund with a low-volatility tilt versus SP Funds' five-fund shelf. Manzil and Wahed follow. The right pick depends on your province, the contract structure you are comfortable with, and total cost, so get quotes from at least two.
Which SPFunds alternative is available in my province?
SPFunds lists 10 provinces. Manzil adds 3 provinces SPFunds does not list (Northwest Territories, Nunavut, Yukon). Amana Funds adds 3 provinces SPFunds does not list (Northwest Territories, Nunavut, Yukon). Akinda adds 3 provinces SPFunds does not list (Northwest Territories, Nunavut, Yukon). Coverage comes from each provider's published province list and changes; confirm before you apply.
How do SPFunds's alternatives differ in approach?
SPFunds is listed as index-based. Wealthsimple and Wahed take the same approach. Other approaches among the alternatives: wealth management, actively managed, stock screener. The practical differences are who does the Shariah screening (you, an app, or a manager), what it costs at your balance, and how purification of impermissible income is reported. Match the approach to how hands-on you want to be.
Which alternative has the strongest Shariah oversight?
Wealthsimple (third-party certified), Manzil (formal shariah board), Wahed (third-party certified), ShariaPortfolio (third-party certified), Amana Funds (third-party certified) disclose either a formal Shariah board or third-party certification. SPFunds itself is classed as third-party certified. HalalWallet reports what each provider publishes; we do not certify products.
Should I switch from SPFunds?
Reasons readers look elsewhere: USD-listed only: every purchase involves currency conversion costs, and no CAD-listed or CAD-hedged versions exist; 15% US withholding tax on distributions held in a TFSA, FHSA or RESP - unrecoverable in those accounts. Reasons to stay: Broadest halal ETF lineup accessible from Canada - one fund family covers US equity, sukuk, REITs, technology and international in five tickers; SPSK fills the halal fixed-income gap: no sukuk ETF trades on any Canadian exchange. Switching mid-contract can trigger payoff terms and new closing costs, so compare the total cost of finishing with SPFunds against a new contract elsewhere, and check the early-payoff clause first.
How to use this comparison: Scholars rule; we organize the evidence. HalalWallet is an independent educational comparison platform - by design, we do not issue fatwas or provide financial, legal, or tax advice. We do the research homework so your final checks are quick and personal. Where our role ends and who takes over.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-10-01