Halal ETFs: every retail-accessible option in 2026

By assets under management, the SP Funds S&P 500 Sharia Industry Exclusions ETF (ticker SPUS) is currently the largest US-listed Shariah-compliant equity ETF, with roughly 700 to 800 million dollars in assets at the time of writing. It tracks the S&P 500 Sharia Industry Exclusions Index and applies the S&P Sharia screen against the S&P 500. The Wahed FTSE USA Shariah ETF (HLAL) is the second-largest at roughly 250 to 350 million dollars and tracks a broader FTSE USA Shariah benchmark.

Halal ETFs typically charge expense ratios between 0.49 percent and 0.85 percent per year. A 0.50 percent expense ratio on a 10,000 EUR portfolio works out to 50 EUR a year. invest-like Pro at roughly 12 EUR a month is 144 EUR a year - more expensive than a single-ETF holding for a small portfolio, but it scales differently. On a 50,000 EUR portfolio, an ETF at 0.50 percent costs 250 EUR a year; the invest-like Pro subscription is still 144 EUR. On a 200,000 EUR portfolio, the ETF costs 1,000 EUR a year. The single-stock screening approach breaks even with the ETF around 28,000 EUR of invested capital.

No US-listed halal ETF currently has a zero expense ratio. The lowest expense ratios in the category are around 0.49 to 0.50 percent (SPUS, HLAL). Conventional broad-market ETFs like VOO and IVV are available at 0.03 percent or lower, but they do not apply any Shariah screen. The structural reason for the higher cost is that the universe of Islamic-compliant ETF assets is small (collectively under 2 billion dollars in 2026) and the underlying index licensing fees from S&P, FTSE, and Dow Jones are not offset by the scale that broad-market ETFs enjoy.

SPUS tracks the S&P 500 Sharia Industry Exclusions Index, which starts from the S&P 500 universe and removes non-compliant names. HLAL tracks the FTSE USA Shariah Index, which screens a broader US-listed universe (closer to the Russell 1000 in scope). HLAL therefore has more constituents and slightly different sector weights. Both apply the four-test screening structure but use slightly different denominators and exclusion-list interpretations. SPUS has tighter exposure to S&P 500 large-caps; HLAL has more mid-cap exposure.

Yes. The two most-traded UCITS-domiciled halal ETFs in Europe are the iShares MSCI World Islamic UCITS ETF (ISWD) and the iShares MSCI Emerging Markets Islamic UCITS ETF (ISDE), both managed by BlackRock and listed on the London Stock Exchange among other European exchanges. ISWD covers developed-market Islamic equities globally; ISDE covers emerging-market Islamic equities. Expense ratios are around 0.60 percent for ISWD and 0.85 percent for ISDE. European investors should also check withholding-tax efficiency and dividend-treatment for their specific country of residence.

Three main reasons. First, simplicity: one purchase, one ticker, automatic rebalancing. Second, low minimum: an ETF can be bought for the price of one share, often under 50 EUR. Third, diversification: a single ETF gives you exposure to 100-plus stocks without any individual-stock analysis. The trade-offs are the expense ratio (0.49 to 0.85 percent per year vs free single-stock screening), the loss of per-stock control (you cannot exclude an ETF holding you personally disagree with), and the fund-level screen being applied uniformly (rather than letting you apply your own scholar's preferred interpretation).

Three main reasons. First, no expense ratio drag: at scale (above roughly 28,000 EUR invested), self-directed single-stock investing through a brokerage with zero per-trade commission is cheaper than an ETF at 0.50 percent. Second, per-stock control: you can apply your own scholar's preferred interpretation, exclude specific names you have ethical issues with beyond Shariah compliance (climate, governance, country exposure), and tilt your sector mix actively. Third, quality screening: a halal ETF holds the entire compliant universe weighted by market cap, including names that pass the four AAOIFI tests but score poorly on quality metrics (low ROIC, declining margins, no moat). invest-like lets you intersect halal-compliance with the 7-framework quality consensus.

SPUS, HLAL, UMMA, and AMZA are listed on US exchanges and available through any US brokerage that supports US-listed ETFs (Robinhood, Fidelity, Charles Schwab, Interactive Brokers). ISWD and ISDE are LSE-listed UCITS ETFs available through any European brokerage that supports UCITS instruments (Interactive Brokers Europe, Trade Republic, DEGIRO, Saxo). Trade Republic in particular has popularised European retail access to ISWD and ISDE in recent years. Always check your local brokerage's available-instruments list before assuming a specific ticker is tradable.