ETF Evaluator: SP Funds S&P 500 Sharia Industry Ex ETF () Follow This ETF

SP Funds S&P 500 Sharia Industry Ex ETF Overview

SP Funds S&P 500 Sharia Industry Ex ETF (SPUS) is a passively managed U.S. Equity Large Growth exchange-traded fund (ETF). SP Funds launched the ETF in 2019.

The investment seeks to track the performance, before fees and expenses, of the S&P 500 Shariah Industry Exclusions Index. The index is composed of the constituents of the S&P 500® Shariah Index other than those from the following sub-industries: Aerospace & Defense, Financial Exchanges & Data, and Data Processing & Outsourced Services. The manager attempts to invest all, or substantially all, of its assets in the component securities of the index. Under normal circumstances, at least 80% of the fund's total assets will be invested in sharia companies that are component securities of the index. It is non-diversified.

About SP Funds S&P 500 Sharia Industry Ex ETF (SPUS)

There are 3 members of the management team with an average tenure of 6.19 years: Michael Venuto (2021), Charles Ragauss (2019) and Naushad Virji (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 S&P 500 Shariah Industry Ex TR USD index with a weighting of 100%. SP Funds S&P 500 Sharia Industry Ex ETF has 220 securities in its portfolio. The top 10 holdings constitute 56.2% 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.

SP Funds S&P 500 Sharia Industry Ex ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. SP Funds S&P 500 Sharia Industry Ex ETF has 0.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 99.3% There is 0.4% 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). SP Funds S&P 500 Sharia Industry Ex ETF has -0.2% of the portfolio in cash.

Assets Under Management

The fund has $2 billion in total assets, which is below the $8 billion average for the Large Growth 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.

SPUS 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 SP Funds S&P 500 Sharia Industry Ex ETF expense ratio is average compared to funds in the Large Growth category. SP Funds S&P 500 Sharia Industry Ex ETF has an expense ratio of 0.45%, which is 9% lower than its category average, making the fund expense ratio grade a B. 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. SP Funds S&P 500 Sharia Industry Ex ETF has a portfolio turnover rate of 7%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 74% for the Large Growth category.

Recently, in the month of July 2026, SP Funds S&P 500 Sharia Industry Ex ETF returned -2.0%, which earned it a grade of B, as the Large Growth category had an average return of -3.8%. 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.

SP Funds S&P 500 Sharia Industry Ex ETF has a trailing yield of 0.54%, which is above the 0.53% category average. The fund normally distributes its income monthly.

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.

SP Funds S&P 500 Sharia Industry Ex ETF Grades

Year to date, the ETF has returned 10.7%, 4.5 percentage points better than the category, which translates into a grade of B. The fund has returned 23.4% over the past year (grade of A), 20.2% over the past three years (grade of C) and 14.5% per year over the past five years (grade of A).

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