Is SPUS ETF halal in 2026?

An ETF is a basket, so it is screened differently from a single company. The AAOIFI-aligned rule applied here is a look-through: each underlying holding is screened on its own, and the fund passes when the weight of non-compliant holdings stays under 5 percent of the basket. On the September 11, 2026 screen, SPUS came in at 0.8% non-compliant by weight against that limit, with 98% of the basket covered individually. The live page breaks the rest of the basket down into halal, doubtful and not-screened holdings.

The individual holdings are screened against AAOIFI Shariah Standard No. 21, which sets three quantitative tests alongside the business-activity screen: interest-bearing debt below 30 percent of market capitalisation, interest-bearing securities and deposits below 30 percent, and impermissible revenue below 5 percent of total revenue. A company that passes on activity but earns a small share of incidental impermissible income is still compliant, provided the investor purifies that share by donating it. For SPUS that means purifying the weighted prohibited-income share shown on the live page, which is the fraction of distributions to give away.

SPUS tracks the S&P 500 Sharia Industry Exclusions Index, the same parent index as SPY and VOO with non-compliant industries removed, which is why it behaves closer to the plain S&P 500 than most halal funds do. SP Funds maintains its own independent Shariah certification for the fund. Two screens therefore sit on top of each other: the index provider's exclusions and, separately, an AAOIFI Standard 21 look-through of what the fund actually holds. Our result is the second of those. It is a screening result under a published standard, not a fatwa, and it is not a recommendation to buy.

Against HLAL, the Wahed FTSE USA Shariah ETF, the practical difference is the underlying index rather than the standard. SPUS starts from the S&P 500 and so tracks US large-cap more closely; HLAL starts from the FTSE USA IdealRatings Shariah Index and carries somewhat different sector weights. Both exclude prohibited businesses and both publish purification guidance. Neither is a substitute for checking the current verdict, because a fund's compliance moves when its holdings move.

That last point is the one to hold on to. This entry explains a screen, and the figures above fill in from the latest one. Index funds rebalance, holdings shift, and an underlying company can fail on its next earnings report, so the non-compliant weight can move. SPUS is re-screened on HalalScreener, and the live verdict page carries the current figure with its screening date. Check the live page before you act, not a figure quoted elsewhere.