SPFunds Review
Co-Founder & CEO, HalalWallet
Reviewed quarterly and updated when provider terms, ratings, or coverage change.
SP Funds manages the broadest family of halal ETFs accessible from Canada: five NYSE-listed funds covering US equity (SPUS), global sukuk (SPSK), global REITs (SPRE), global technology (SPTE), and international ex-US equity (SPWO), all screened to AAOIFI standards. The funds trade in US dollars, so Canadians hold them through any brokerage with US market access.
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HalalWallet 2026 Review
SPFunds - At a Glance
5
Products Reviewed
10
Provinces Served
1
Category
Our Verdict
SP Funds is the ETF family most Canadian halal investors end up considering once they outgrow the single Canadian-listed option. Five NYSE-listed funds cover US equity (SPUS), global sukuk (SPSK), global REITs (SPRE), global technology (SPTE), and international ex-US equity (SPWO), all screened to AAOIFI standards with published Sharia accreditation certificates and quarterly purification factors. For Canadians the access question is practical rather than regulatory: the funds trade in US dollars on the NYSE, so any Canadian brokerage with US market access can hold them, in registered or non-registered accounts. The trade-offs are structural. Every purchase involves currency conversion, and distributions held inside a TFSA, FHSA or RESP lose 15% to US withholding tax - the drag that Wealthsimple's CAD-listed WSHR avoids. SP Funds publishes no Canada-specific guidance: there is no Canadian entity, no Canadian securities registration, and no CAD-listed version of any fund (checked 2026-08-05). Its sister firm ShariaPortfolio Canada offers an advised route to the same fund family for those who want the registered-account stack managed. As self-directed building blocks, though, SPUS and SPSK remain the closest thing to a halal three-fund portfolio a Canadian can assemble.
Pros & Cons
What We Like
- 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
What Could Be Better
- 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
Who Is SPFunds Best For?
Self-directed Canadians building a halal three-fund portfolio
SP Funds S&P 500 Shariah Industry Exclusions ETF (SPUS), SP Funds Dow Jones Global Sukuk ETF (SPSK) and SP Funds S&P World ETF (SPWO) cover US equity, fixed income and international in three NYSE tickers available at any Canadian brokerage with US market access
Investors needing a halal fixed-income sleeve
SPSK holds roughly 170 investment-grade, USD-denominated sukuk from the Dow Jones Sukuk Total Return Index - nothing comparable trades on a Canadian exchange
Halal investors wanting real estate or sector tilts
SP Funds S&P Global REIT Shariah ETF (SPRE) and SP Funds S&P Global Technology ETF (SPTE) add screened satellite exposure no Canadian-listed halal fund offers
Detailed Analysis
SP Funds is the fund arm of the ShariaPortfolio group, headquartered at 1331 S. International Pkwy in Lake Mary, Florida (contact page, 2026-08-05), and calls itself North America's largest family of Sharia-compliant investment funds. For Canadians it matters because the five NYSE-listed ETFs are, in practice, the default building blocks of a diversified halal portfolio: the CAD-listed universe consists of a single fund (Wealthsimple's WSHR), so anyone who wants US large-cap concentration, sukuk, REITs, or sector exposure ends up crossing the border on their brokerage's US side.
The lineup, with net assets as of August 2026: SPUS ($2.9B, 0.45%) tracks the S&P 500 Shariah Industry Exclusions Index of roughly 210 US large caps; SPSK ($645M, 0.50%) tracks the Dow Jones Sukuk Total Return Index and is the only US-listed sukuk ETF; SPRE ($221M, 0.50%) covers about 30 Shariah-screened REITs worldwide; SPTE ($217M, 0.55%) tracks roughly 100 global technology names; and SPWO ($200M, 0.55%) holds about 500 Shariah-screened constituents split between developed and emerging markets outside the US. All pay monthly distributions.
The Canadian mechanics deserve honesty. The funds trade in USD, so each buy and sell involves currency conversion at your brokerage's rate. They can be held inside Canadian registered accounts through any brokerage that offers US market access, but distributions received inside a TFSA, FHSA or RESP are subject to 15% US withholding tax that cannot be recovered in those accounts - the structural advantage the CAD-listed WSHR holds over every US-listed halal fund. SP Funds itself publishes no Canada-specific availability, tax, or registration guidance; we found no Canadian entity or Canadian securities registration disclosed on sp-funds.com as of the 2026-08-05 crawl. Access simply rides on the standard ability of Canadian brokerages to trade NYSE-listed securities.
Shariah governance is documented but lighter than a formal board. Screening follows AAOIFI rules - less than 5% of revenue from prohibited sources, interest-bearing debt capped at 30-33% of market capitalization on a trailing 12-month basis - with non-compliant holdings removed at quarterly rebalancing. Every fund publishes a Certificate of Sharia Accreditation and a Sharia Auditor Report, and quarterly purification factors come with a free calculator (Q1 2026: 1.81% of dividends for SPUS, 0.52% for SPRE, 2.27% for SPTE, 1.55% for SPWO; SPSK is exempt because SP Funds holds that sukuk are compliant by construction). The soft spot: the scholars issuing the certificates are not named, and manager-level oversight runs through a single named advisor, Shaykh Umer Khan, ShariaPortfolio's Sharia Advisor since October 2022.
For Canadians who want the same exposure with hands on the wheel, the group's own answer is ShariaPortfolio Canada: an advised route covering the full registered-account stack (RRSP, TFSA, RESP, RRIF, LIRA, FHSA, IPP/PPP) with custody at Fidelity Clearing Canada. Self-directed investors skip the advisory fee and simply buy the tickers - accepting the currency conversion and the withholding math as the price of the deepest halal fund shelf in North America.
How It Works
SP Funds ETFs are passive index funds: each tracks a Shariah-screened S&P or Dow Jones index whose constituents pass AAOIFI-aligned business-activity and financial-ratio screens (under 5% impure revenue; interest-bearing debt within 30-33% of market capitalization). SPSK holds sukuk - asset-backed certificates whose returns come from underlying assets and profit streams rather than interest. Residual impure income in the equity funds is handled through quarterly published purification factors that investors donate to charity.
Enable US market access
Any Canadian brokerage that trades NYSE-listed securities can hold SP Funds ETFs - in a TFSA, RRSP, FHSA, RESP or non-registered account.
Convert and buy the tickers
The funds trade in USD, so purchases involve currency conversion. Search SPUS, SPSK, SPRE, SPTE or SPWO and place orders like any US stock.
Know the account math
Distributions inside a TFSA, FHSA or RESP lose 15% to US withholding tax. Weigh that drag against the funds' lower fees and broader choice versus the CAD-listed WSHR.
Purify quarterly
Multiply dividends received by each fund's published quarterly purification factor and donate that amount - SP Funds provides a free calculator. SPSK requires no purification.
Shariah Compliance Review
Oversight Level
Third-Party Certified - externally verified for compliance
SP Funds employs a Shariah Advisory Board that oversees the screening methodology applied to all ETFs in the family.
Screening follows AAOIFI rules: less than 5% of revenue from prohibited sources (conventional finance, alcohol, gambling, tobacco, pork, adult entertainment, weapons, and notably music, cinema and broadcasting) and interest-bearing debt capped at 30-33% of market capitalization on a trailing 12-month basis, with non-compliant holdings removed at quarterly rebalancing.
Every SP Funds ETF publishes a Certificate of Sharia Accreditation and a Sharia Auditor Report alongside its SEC documents. The scholars issuing the certificates are not named, and no standing multi-member Shariah supervisory board is disclosed (as of 2026-08-05).
Quarterly purification factors are published per fund with a free calculator - Q1 2026: SPUS 1.81%, SPRE 0.52%, SPTE 2.27%, SPWO 1.55% of dividends. SPSK is exempt because, per SP Funds, sukuk are Sharia-compliant by definition.
Manager-level oversight runs through Shaykh Umer Khan, ShariaPortfolio's Sharia Advisor since October 2022 - a mufti (ifta' from Darulifta Birmingham) with a Wharton Master's in Finance.
Shariah compliance should always be verified directly with SPFunds. HalalWallet reports publicly available oversight information but does not issue fatwas or certify compliance.
How It Compares
For Canadians the SP Funds question is always relative to WSHR: CAD listing and zero withholding drag on one side, broader choice, a cheaper core fund, and the only sukuk ETF on the other.
vs. Wealthsimple
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.
vs. Manzil
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.
vs. Wahed
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.
vs. ShariaPortfolio
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.
Bottom Line
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.
Products from SPFunds
SPFunds
SP Funds S&P Global Technology ETF
SPTE concentrates the SP Funds Shariah screen on global technology: it tracks the S&P Global 1200 Shariah IT Capped Index, roughly 100 tech names from 14 countries that pass AAOIFI-aligned business and financial-ratio screens. That adds non-US leaders like Taiwan Semiconductor to the familiar US mega-caps. Net assets reached $217M in August 2026 with a 0.55% expense ratio. Tech's large cash piles mean SPTE carries the highest purification factors in the family (Q1 2026: 2.27% of dividends), published quarterly with a free calculator.
Opens provider site - no obligation
SPFunds
SP Funds S&P Global REIT Shariah ETF
SPRE gives halal investors real estate exposure without owning property: it tracks the S&P Global All Equity REIT Shariah Capped Index, about 30 REITs worldwide screened so rental income sources and leverage ratios meet Shariah requirements. Net assets were $221M in August 2026 with a 0.50% expense ratio and monthly distributions, and it consistently carries the lowest purification factors in the SP Funds family (Q1 2026: 0.52% of dividends) because rental income dominates. NYSE-listed in USD.
Opens provider site - no obligation
SPFunds
SP Funds S&P World ETF
SPWO is the broadest fund in the SP Funds family: it tracks the S&P DM Ex-US & EM 50/50 Shariah Index, roughly 500 Shariah-screened constituents split evenly between developed and emerging markets outside the United States. It is the natural international complement to SPUS, completing a halal three-fund portfolio with SPSK. Net assets stood at $200M in August 2026 with a 0.55% expense ratio per the prospectus. One structural quirk: capped-index weighting still left Taiwan Semiconductor near 20% of the fund at mid-2026.
Opens provider site - no obligation
SPFunds
SP Funds Dow Jones Global Sukuk ETF
SPSK is the only US-listed sukuk ETF - the closest thing to a halal bond fund available through a Canadian brokerage. It tracks the Dow Jones Sukuk Total Return Index, holding roughly 170 investment-grade, USD-denominated sukuk whose returns come from underlying assets and profit streams rather than interest. Net assets stood at $645M in August 2026 with a 0.50% expense ratio and monthly distributions. SP Funds states no purification is required on SPSK because sukuk are Sharia-compliant by construction.
Opens provider site - no obligation
SPFunds
SP Funds S&P 500 Shariah Industry Exclusions ETF
SPUS is the largest halal ETF in North America: $3.39B in net assets (2026-10-07 fund page) tracking the S&P 500 Shariah Industry Exclusions Index, roughly 200 US large caps that pass S&P's Shariah business-activity and financial-ratio screens with extra industry exclusions. The 0.45% expense ratio is the cheapest in the SP Funds family, distributions are paid monthly, and the fund lists on the NYSE in US dollars - Canadians buy it through any brokerage with US market access and absorb currency conversion plus withholding-tax considerations in registered accounts.
Opens provider site - no obligation
HalalWallet is an independent, education-only comparison site. Some outbound links earn referral fees.Advertiser disclosure
Important: HalalWallet is not a lender, mortgage broker, loan originator, or settlement agent. We are an educational comparison site and do not originate applications on your behalf.
Items marked “Featured” may include paid placement in that module. Where you control sort order (tables, filters), your selection applies.
Referral fees typically come from the provider's marketing budget and should not increase what you pay - you should receive the same terms as visiting providers directly; confirm with the provider. How we make money · Methodology · Legal disclosures
Halal verdicts for SPFunds's funds
Our AAOIFI-based Shariah screen - business activity, financial ratios, purification, and where scholars differ - for the specific funds SPFunds offers.
Where Available
Based on listings we track, SPFunds is listed in the following provinces:
Availability may vary by product type. Always verify current availability directly with SPFunds.
How We Compare
- • We review publicly available information from providers, including Shariah compliance documentation.
- • We compare financing structures, total costs, down payment requirements, and province availability.
- • We prioritize providers that clearly explain their halal compliance rationale and operate with transparency.
- • We note which products are available nationwide versus regionally.
- • Learn more about our methodology.
SPFunds is in HalalWallet's independent directory for Investing, with listings covering 10 provinces. Structures we list: Index-based. Confirm terms and Shariah documentation directly with SPFunds.
- SPFunds currently has 5 products in our listings (Investing).
- Coverage we list: 10 provinces.
- Contract structures we list: Index-based.
- Always verify compliance directly with SPFunds and consult qualified Islamic finance advisors when needed.
- Compare SPFunds with other providers on HalalWallet before you apply.
Source: HalalWallet (halalwallet.ca)
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
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
How to cite this page
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For time-sensitive claims (rates, fees, province availability), please verify directly with the provider's official documentation and note the retrieval date.
Related Guides
Frequently Asked Questions
What types of halal products does SPFunds offer?
SPFunds has 5 products we currently list across 1 category. Structures we list: Index-based. SPFunds is best for self-directed canadians building a halal three-fund portfolio; investors needing a halal fixed-income sleeve; halal investors wanting real estate or sector tilts. Confirm terms directly with SPFunds.
How does SPFunds ensure Shariah compliance?
Screening follows AAOIFI rules: less than 5% of revenue from prohibited sources (conventional finance, alcohol, gambling, tobacco, pork, adult entertainment, weapons, and notably music, cinema and broadcasting) and interest-bearing debt capped at 30-33% of market capitalization on a trailing 12-month basis, with non-compliant holdings removed at quarterly rebalancing. Every SP Funds ETF publishes a Certificate of Sharia Accreditation and a Sharia Auditor Report alongside its SEC documents. The scholars issuing the certificates are not named, and no standing multi-member Shariah supervisory board is disclosed (as of 2026-08-05). Quarterly purification factors are published per fund with a free calculator - Q1 2026: SPUS 1.81%, SPRE 0.52%, SPTE 2.27%, SPWO 1.55% of dividends. SPSK is exempt because, per SP Funds, sukuk are Sharia-compliant by definition. Manager-level oversight runs through Shaykh Umer Khan, ShariaPortfolio's Sharia Advisor since October 2022 - a mufti (ifta' from Darulifta Birmingham) with a Wharton Master's in Finance.
How does SPFunds work?
Enable US market access: Any Canadian brokerage that trades NYSE-listed securities can hold SP Funds ETFs - in a TFSA, RRSP, FHSA, RESP or non-registered account. Convert and buy the tickers: The funds trade in USD, so purchases involve currency conversion. Search SPUS, SPSK, SPRE, SPTE or SPWO and place orders like any US stock. Know the account math: Distributions inside a TFSA, FHSA or RESP lose 15% to US withholding tax. Weigh that drag against the funds' lower fees and broader choice versus the CAD-listed WSHR. Purify quarterly: Multiply dividends received by each fund's published quarterly purification factor and donate that amount - SP Funds provides a free calculator. SPSK requires no purification.
Is SPFunds available in my province?
Based on listings we track, SPFunds is listed in 10 provinces. Availability can vary by product type. Always verify current availability directly with SPFunds.
What are alternatives to SPFunds?
For Canadians the SP Funds question is always relative to WSHR: CAD listing and zero withholding drag on one side, broader choice, a cheaper core fund, and the only sukuk ETF on the other. Wealthsimple: 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: 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. Wahed: 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. ShariaPortfolio: 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.
Are SPFunds's products more expensive than conventional options?
Halal financing structures can have different fee structures compared to conventional products. Some options may be competitive with conventional rates, while others may have different cost structures. Pricing varies by product type, location, and individual circumstances. Always compare total costs and terms when evaluating options.
How do I contact SPFunds?
Visit SPFunds at www.sp-funds.com, or use the product links on this page.
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