Yes. HLAL is certified Shariah-compliant by Wahed's Internal Shariah Board, using FTSE's Shariah screening methodology. Every holding passes business activity screens (no banks, alcohol, tobacco, gambling, weapons) and financial ratio screens. Like all halal equity funds, a small purification ratio applies to dividends.

How is HLAL different from SPUS?

HLAL tracks a FTSE USA Shariah Index (includes mid-caps, ~250 stocks), while SPUS tracks an S&P 500 Shariah index (large-cap only, ~230 stocks). HLAL uses Wahed's internal Shariah board; SPUS uses independent Ratings Intelligence Partners. Fees are nearly identical (0.50% vs. 0.45%).

Is HLAL's internal Shariah board trustworthy?

Wahed's Shariah board follows publicly documented FTSE/AAOIFI-inspired methodology. The board's composition and qualifications are disclosed. However, some investors prefer the additional independence of a third-party advisor like Ratings Intelligence Partners (used by SPUS). This is a matter of preference.

Can I hold both HLAL and SPUS?

You can, but there is significant overlap in top holdings. Both hold the same mega-cap technology and healthcare companies. The marginal benefit comes from HLAL's mid-cap exposure and different screening-edge decisions. Most investors choose one or the other as their core US equity allocation.

Does HLAL have a purification ratio?

Yes. Wahed's Shariah board publishes a purification ratio for HLAL, typically a small fraction of 1%. Investors are expected to donate this percentage of dividends to charity.

ETF Review · FTSE Shariah-Screened

HLAL — Wahed FTSE USA Shariah ETF Review

HLAL uses FTSE methodology to screen US equities — including mid-caps that SPUS misses. Is the broader exposure worth considering?

10 min read2,500+ wordsAugust 2026[ANALYSIS]

Back to ETF Hub·Try Terminal

Quick Answer

1HLAL tracks the FTSE USA Shariah Index — approximately 200–250 US stocks including mid-cap companies not available in SPUS's S&P 500-based universe.
2At 0.50% expense ratio and $924M AUM (mid-2026), HLAL is competitively priced, though still less liquid than SPUS ($2.8B). The FTSE methodology uses slightly different screening parameters.
3HLAL is certified by Wahed's Internal Shariah Board using FTSE/AAOIFI-inspired screening. Suitable for investors who prefer FTSE methodology or want mid-cap breadth.

Live compliance look-throughHalal

from live screening data

Compliant weight

95.47%

Non-compliant

3.31%

Holdings

197

Flagged

Top holdings (screened)

AAPLApple Inc14.0%

MSFTMicrosoft Corp10.6%

GOOGLAlphabet Inc6.6%

GOOGAlphabet Inc5.3%

METAMeta Platforms Inc5.1%

TSLATesla Inc4.1%

LLYEli Lilly & Co2.7%

XOMExxon Mobil Corp2.3%

JNJJohnson & Johnson2.2%

MUMicron Technology Inc1.7%

PGProcter & Gamble Co/The1.4%

CVXChevron Corp1.3%

Screen all 197 holdings live →

01Fund Overview

HLAL (Wahed FTSE USA Shariah ETF) launched in July 2019 as one of the first US-listed Shariah-compliant equity ETFs. Managed by Wahed Invest — a digital Islamic wealth management platform — HLAL has grown to approximately $924M in assets as of mid-2026.

The portfolio is heavily tilted toward the sectors that survive Shariah screening: technology approximately 57%, communication services 14%, healthcare 10%, industrials 5%, with zero conventional financials. NAV sits near $73 per share, and annual portfolio turnover is a low 10%.

The fund tracks the FTSE USA Shariah Index, which applies Shariah screening to a broad universe of US equities. Unlike SPUS, which is limited to the S&P 500 large-cap universe, HLAL's FTSE benchmark includes mid-cap companies, providing slightly broader market coverage.

HLAL is certified Shariah-compliant by Wahed's Internal Shariah Board using FTSE/AAOIFI-inspired methodology as of August 2026. Screening status is subject to periodic review.

02FTSE vs S&P Screening Methodology

The FTSE Shariah methodology and S&P Shariah methodology apply similar principles but differ in important details. Both exclude companies in prohibited sectors (financials, alcohol, tobacco, gambling, weapons, pork) and apply financial ratio screens for debt, interest-bearing assets, and receivables.

Key differences include the starting universe (FTSE includes mid-caps, S&P 500 is large-cap only), the review frequency and timing (different quarterly schedules), and minor threshold variations in how financial ratios are calculated.

In practice, the top holdings of HLAL and SPUS overlap significantly — both are dominated by mega-cap tech and healthcare. The differences appear in the mid-cap tail and in borderline stocks where one methodology includes a company the other excludes.

03The Mid-Cap Advantage

HLAL's inclusion of mid-cap companies is its primary structural differentiator from SPUS. Mid-cap stocks (typically $2B–$10B market cap) historically offer a growth premium over large-caps, though with higher volatility.

For investors who want their halal US equity allocation to capture some mid-cap exposure, HLAL provides this in a single fund. With SPUS, achieving mid-cap exposure would require adding a separate screened mid-cap fund — which currently does not exist as a dedicated halal product.

The trade-off is liquidity: HLAL's smaller AUM (~$924M vs. SPUS's ~$2.8B) means slightly wider bid-ask spreads and less secondary market depth. For most retail investors, this difference is marginal.

04Who Is HLAL Best For?

HLAL is best suited for investors who prefer FTSE index methodology over S&P, want mid-cap exposure within their US equity allocation, use Wahed's platform and prefer ecosystem consistency, or want a slight diversification benefit from holding a differently-screened fund alongside other halal ETFs.

Investors prioritizing the lowest possible fees, deepest liquidity, and independent (non-internal) Shariah oversight may find SPUS the better choice.

Screen stocks yourself

Run AAOIFI and DJIM screens on any stock — real-time data, full methodology transparency.

Open Terminal

Frequently Asked Questions

HLAL is the ticker for the Wahed FTSE USA Shariah ETF, a US-listed halal ETF launched in July 2019 by Wahed Invest. It tracks the FTSE USA Shariah Index (~200 large- and mid-cap US stocks that pass Islamic screening), charges a 0.50% expense ratio, and held about $924M in assets as of mid-2026.