ETF Evaluator:
Wahed FTSE USA Shariah ETF (HLAL)
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(as of Aug 14)
Best Performing in Large Blend Over the Last Year
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ETF Details
Wahed FTSE USA Shariah ETF Overview
Wahed FTSE USA Shariah ETF (HLAL) is a passively managed U.S. Equity Large Blend exchange-traded fund (ETF). Wahed Invest launched the ETF in 2019.
The investment seeks to track the total return performance, before fees and expenses, of the FTSE Shariah USA Index.
The index is composed of common stocks of large- and mid-capitalization U.S. companies the characteristics of which meet the requirements of Shariah and are consistent with Islamic principles as interpreted by subject-matter experts. Under normal circumstances, at least 80% of its total assets will be invested in the component securities of the index. The fund is non-diversified.
About Wahed FTSE USA Shariah ETF (HLAL)
There are 1 members of the management team with an average tenure of 7.05 years: Samim Abedi (2019). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and FTSE USA Shariah TR USD index with a weighting of 100%. Wahed FTSE USA Shariah ETF has 214 securities in its portfolio. The top 10 holdings constitute 58.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Wahed FTSE USA Shariah ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. Wahed FTSE USA Shariah ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.4% There is 0.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Wahed FTSE USA Shariah ETF has -0.0% of the portfolio in cash.
Assets Under Management
The fund has $914 million in total assets, which is below the $13 billion average for the Large Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HLAL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Wahed FTSE USA Shariah ETF expense ratio is average compared to funds in the Large Blend category. Wahed FTSE USA Shariah ETF has an expense ratio of 0.50%, which is 21% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Wahed FTSE USA Shariah ETF has a portfolio turnover rate of 10%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 158% for the Large Blend category.
Recently, in the month of July 2026, Wahed FTSE USA Shariah ETF returned -2.2%, which earned it a grade of F, as the Large Blend category had an average return of -0.8%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Wahed FTSE USA Shariah ETF has a trailing yield of 0.46%, which is below the 1.16% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Wahed FTSE USA Shariah ETF Grades
Year to date, the ETF has returned 12.9%, 3.4 percentage points better than the category, which translates into a grade of A. The fund has returned 28.0% over the past year (grade of A), 17.3% over the past three years (grade of D) and 13.4% per year over the past five years (grade of A).
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HLAL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HLAL Return (NAV) | -2.2% | 4.5% | 28.0% | 17.3% | 13.4% | na |
| HLAL Return (Price) | -2.1% | 4.4% | 27.9% | 17.2% | 13.3% | na |
| NAV +/- Price Return | -0.148% | 0.073% | 0.137% | 0.073% | 0.041% | na |
| Large Blend Avg | -0.8% | 3.7% | 17.5% | 17.4% | 11.2% | 13.6% |
| HLAL Grade (NAV) | F | C | A | D | A | na |
| +/- Category (NAV) | -1.4% | 0.8% | 10.5% | -0.1% | 2.2% | na |
| HLAL Tax-Cost Ratio | na | na | 0.2% | 0.2% | 0.3% | na |
HLAL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HLAL Return (NAV) | 12.9% | 18.5% | 16.6% | 30.2% | -17.6% | 28.6% | 24.7% | na | na | na | na |
| HLAL Return (Price) | 12.9% | 18.3% | 16.7% | 30.1% | -17.6% | 28.6% | 24.6% | na | na | na | na |
| NAV +/- Price Ret | -0.007% | -0.009% | 0.007% | -0.002% | -0.003% | 0.002% | -0.002% | na | na | na | na |
| Large Blend Avg | 9.5% | 15.3% | 21.9% | 22.9% | -17.1% | 26.9% | 18.3% | 29.6% | -5.1% | 21.5% | 11.4% |
| HLAL Grade (NAV) | A | A | F | A | C | B | A | na | na | na | na |
| +/- Category | 3.4% | 3.1% | -5.3% | 7.3% | -0.5% | 1.7% | 6.3% | na | na | na | na |
| Risk Measures | |
| Beta: | 1.08 |
| R-Squared: | 92% |
| Standard Deviation: | 14.8% |
| Category Risk Index: | 1.10 |
| Category Risk Rating: | High |
| Total Risk Index: | 1.21 |
| Total Risk Rating: | Average |
| Portfolio Characteristics | |
| Yield: | 0.5% |
| Total Assets: | $ 914 Mil |
| Share Class Assets: | $ 914 Mil |
| Turnover: | 10.0% |
| Expense Ratio: | 0.50% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 7.1 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Abedi Samim (2019) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 214 |
| % in Top 10 Holdings: | 58.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 99.4% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | -0.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Wahed Invest |
| Phone Number: | 855-976-4747 |
| Website: | |
| Inception Date: | July 15, 2019 |
Expenses and Fees
| Expense Ratio (%): | 0.50% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.41% |
