ETF Evaluator:
SP Funds S&P World ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Foreign Large Growth Over the Last Year
| 47.5% | Renaissance International IPO ETF (IPOS) |
| 42.2% | Wahed Dow Jones Islamic World ETF (UMMA) |
| 40.5% | Invesco S&P International Dev Qual ETF (IDHQ) |
| 34.0% | SP Funds S&P World ETF (SPWO) |
| 33.1% | Capital Group International Focus Eq ETF (CGXU) |
Risk
Index
Risk
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ETF Details
SP Funds S&P World ETF Overview
SP Funds S&P World ETF (SPWO) is a passively managed International Equity Foreign Large Growth exchange-traded fund (ETF). SP Funds launched the ETF in 2023.
The investment seeks to track the performance, before fees and expenses, of the S&P DM Ex-U.S. & EM 50/50 Shariah Index.
The Shariah World Index is designed to measure the performance of companies located in developed and emerging markets outside of the United States that pass rules-based screens for adherence to shariah investment guidelines, with a cap applied to ensure diversification among companies in the index. The fund is non-diversified.
About SP Funds S&P World ETF (SPWO)
There are 3 members of the management team with an average tenure of 1.15 years: Andrew Hicks (2026), Qiao Duan (2026) and Naushad Virji (2023). 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 DM Ex-U.S. & EM 50/50 Shariah USD index with a weighting of 100%. SP Funds S&P World ETF has 386 securities in its portfolio. The top 10 holdings constitute 41.8% 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 World ETF is part of the Equity global asset class and is within the International Equity ETF group. SP Funds S&P World ETF has 98.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.4% There is 98.2% 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 World ETF has -0.7% of the portfolio in cash.
Assets Under Management
The fund has $199 million in total assets, which is below the $1 billion average for the Foreign 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.
SPWO 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 World ETF expense ratio is average compared to funds in the Foreign Large Growth category. SP Funds S&P World ETF has an expense ratio of 0.55%, which is 6% 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 World ETF has a portfolio turnover rate of 39%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 58% for the Foreign Large Growth category.
Recently, in the month of July 2026, SP Funds S&P World ETF returned -6.6%, which earned it a grade of F, as the Foreign Large Growth category had an average return of -2.8%. 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 World ETF has a trailing yield of 1.10%, which is below the 1.31% category average.
The fund normally distributes its income monthly and its capital gains annually.
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 World ETF Grades
Year to date, the ETF has returned 18.4%, 10.1 percentage points better than the category, which translates into a grade of A. The fund has returned 34.0% over the past year (grade of A).
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SPWO 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 |
|
| SPWO Return (NAV) | -6.6% | 2.3% | 34.0% | na | na | na |
| SPWO Return (Price) | -7.3% | 1.3% | 34.0% | na | na | na |
| NAV +/- Price Return | 0.714% | 0.977% | -0.057% | na | na | na |
| Foreign Large Growth Avg | -2.8% | 3.0% | 16.7% | 12.4% | 3.9% | 8.5% |
| SPWO Grade (NAV) | F | D | A | na | na | na |
| +/- Category (NAV) | -3.7% | -0.7% | 17.2% | na | na | na |
| SPWO Tax-Cost Ratio | na | na | 0.5% | na | na | na |
SPWO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPWO Return (NAV) | 18.4% | 26.7% | 8.9% | na | na | na | na | na | na | na | na |
| SPWO Return (Price) | 18.0% | 26.3% | 9.2% | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.021% | -0.013% | 0.037% | na | na | na | na | na | na | na | na |
| Foreign Large Growth Avg | 8.3% | 21.7% | 5.0% | 15.2% | -23.7% | 7.9% | 30.4% | 31.3% | -15.6% | 31.7% | -1.2% |
| SPWO Grade (NAV) | A | B | A | na | na | na | na | na | na | na | na |
| +/- Category | 10.1% | 5.0% | 3.9% | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.1% |
| Total Assets: | $ 200 Mil |
| Share Class Assets: | $ 200 Mil |
| Turnover: | 39.0% |
| Expense Ratio: | 0.55% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.6 years | |||
| Average Tenure: 1.2 years | |||
| Managers (Year): Virji Naushad (2023), Hicks Andrew (2026), Duan Qiao (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 386 |
| % in Top 10 Holdings: | 41.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 98.2% |
Portfolio Allocation |
|
| Domestic Stock: | 1.4% |
| Foreign Stock: | 98.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 1.1% |
| Cash: | -0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | SP Funds |
| Phone Number: | 425-409-9500 |
| Website: | www.sp-funds.com |
| Inception Date: | December 19, 2023 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.59% |
