Investing · Wahed
Wahed FTSE USA Shariah ETF
Co-Founder & CEO, HalalWallet
Facts are re-verified against Wahed's published materials; this page updates when the provider's terms, rates, or coverage change.
HLAL is Wahed's flagship ETF and the second-largest halal equity fund in North America at $914M in net assets (August 2026). It passively tracks the FTSE USA Shariah Index - about 200 US stocks passing FTSE's business-activity and financial-ratio screens certified by Yasaar Limited - at a 0.50% expense ratio. Nasdaq-listed since July 2019, it distributes annually, publishes quarterly purification amounts, and sits under Wahed's three-scholar Shariah Supervisory Board. Canadians buy it in USD through any brokerage with US market access.
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What is the Wahed FTSE USA Shariah ETF?
HLAL is Wahed's flagship ETF and the second-largest halal equity fund in North America at $914M in net assets (August 2026). 50% expense ratio.
- Contract structure: Index-based.
- Expense ratio: 0.50%.
- Available in 10 provinces.
- Shariah oversight disclosed: Third-Party Certified.
- HalalWallet Index grade for Wahed in Investing: B.
- Verified against Wahed's published materials on 2026-08-13.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Index-based
- Program type
- ETF
- Ticker
- HLAL
- Expense ratio
- 0.50%
- Screening method
- FTSE Shariah screens certified by Yasaar Limited
- Holdings
- ~200
- Assets under management
- $914M
- Focus
- US Large Growth
- Availability
- 10 provinces
- Shariah oversight
- Third-Party Certified
- Last verified
- 2026-08-13
Facts are taken from Wahed's published product materials and were last verified on 2026-08-13. Fields the provider does not publish are omitted rather than estimated.
Our take
HLAL applies the FTSE USA Shariah methodology to about 200 US stocks and has grown into the second-largest halal ETF at $914M by August 2026. Governance is a genuine strength: fund-level fatwa from Yasaar Limited, a named three-scholar Shariah Supervisory Board including a sitting AAOIFI board member, published board reports, and quarterly purification amounts. The 0.50% fee runs above SPUS (0.45%) and MNZL (0.40%) for similar US large-cap exposure, the portfolio leans tech-heavy, and distributions are only annual - thin for income seekers. Canadians face USD conversion and TFSA withholding drag. Best for investors who want US halal equity from one of the most recognized brands in Islamic finance with heavyweight scholarly oversight.
Strengths
- Second-largest halal ETF ($914M, Aug 2026)
- Strong brand recognition in Islamic fintech
- FTSE USA Shariah methodology with its own fatwa from Yasaar Limited
- Named three-scholar Shariah Supervisory Board plus published board reports
- Quarterly purification amounts published
Watch-outs
- US-focused only
- Higher fee than SPUS/MNZL
- Tech-heavy
- HLAL is a US-listed fund: Canadian buyers face currency conversion, and dividends are docked 15% US withholding tax in a TFSA/FHSA/RESP (an RRSP is exempt)
Is the Wahed FTSE USA Shariah ETF halal?
HLAL passively tracks the FTSE USA Shariah Index, which applies business-activity and financial-ratio screens and carries its own fatwa from Yasaar Limited. Wahed's Shariah Supervisory Board - including Sheikh Dr. Aznan Hasan, a sitting AAOIFI Shariah board member - provides ongoing oversight, and quarterly purification amounts are published so holders can cleanse incidental impermissible income from dividends.
Shariah oversight disclosed by Wahed
Wahed operates under a Shariah Supervisory Board composed of multiple Islamic finance scholars who review investment strategies and approve portfolios for Sharia compliance.
Read our full AAOIFI-based Shariah screen for HLAL →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Passively tracks the FTSE Shariah USA Index - screening by Yasaar Limited, certified through a fatwa from Yasaar's principals
- 0.50% expense ratio; Nasdaq-listed since July 2019
- Quarterly purification amounts on dividends published on the fund page
- Per-fund Shariah certificate plus published Shariah Supervisory Board reports (2021–2024)
- Annual distributions; U.S. Bank custody
- US-listed in USD: Canadians buy through a brokerage, with currency conversion and TFSA withholding-tax drag to weigh
Cost and terms
0.50% expense ratio; no fund minimum - Nasdaq-listed at about USD $70/share in early Aug 2026; net assets $914M as of Aug 4, 2026; annual distributions; bought through any Canadian brokerage with US access, with currency conversion and 15% withholding tax on dividends in a TFSA/FHSA/RESP (verified 2026-08-05)
How it compares
Other investing providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Wahed FTSE USA Shariah ETF (this page) | Index-based | Third-Party Certified | 10 provinces | B |
| Manzil Russell Halal USA Broad Market ETF | Index-based | Third-Party Certified | every province | A |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | 10 provinces | — |
| Assad Wealth Management Wealth Management | Wealth Management | No Public Review | 10 provinces | — |
| ShariaPortfolio Wealth Management | Wealth Management | Third-Party Certified | 4 provinces | — |
Other Wahed products
- Wahed Dow Jones Islamic World ETF
Investing · Index-based
Where it's available
Wahed lists the Wahed FTSE USA Shariah ETF as available in 10 provinces.
Availability may vary by product and can change; verify with Wahed before applying.
Frequently asked questions
Is the Wahed FTSE USA Shariah ETF halal?
HLAL passively tracks the FTSE USA Shariah Index, which applies business-activity and financial-ratio screens and carries its own fatwa from Yasaar Limited. Wahed's Shariah Supervisory Board - including Sheikh Dr. Contract structure: Index-based. Shariah oversight disclosed by Wahed: Third-Party Certified. HalalWallet reports what the provider documents; we do not certify products.
How does the Wahed FTSE USA Shariah ETF work?
HLAL is Wahed's flagship ETF and the second-largest halal equity fund in North America at $914M in net assets (August 2026). 50% expense ratio. Nasdaq-listed since July 2019, it distributes annually, publishes quarterly purification amounts, and sits under Wahed's three-scholar Shariah Supervisory Board.
What does the Wahed FTSE USA Shariah ETF cost?
0.50% expense ratio; no fund minimum - Nasdaq-listed at about USD $70/share in early Aug 2026; net assets $914M as of Aug 4, 2026; annual distributions; bought through any Canadian brokerage with US access, with currency conversion and 15% withholding tax on dividends in a TFSA/FHSA/RESP (verified 2026-08-05)
Where is the Wahed FTSE USA Shariah ETF available?
Wahed lists this product as available in 10 provinces. Availability can change and may differ by province; verify directly with Wahed.
What are the alternatives to the Wahed FTSE USA Shariah ETF?
In the same category we also list Manzil Russell Halal USA Broad Market ETF (HalalWallet Index A), SPFunds SP Funds S&P World ETF, Assad Wealth Management Wealth Management. Compare every option side by side on our Halal Investing hub.
When was this Wahed product information last verified?
HalalWallet last verified the Wahed FTSE USA Shariah ETF details against Wahed's published materials on 2026-08-13. Rates, fees, and availability can change after that date.
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: 2026-08-13
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