UMMA vs SPUS: Global vs US Halal ETF
SPUS is the biggest halal ETF and covers the US market. UMMA covers everything except the US. Comparing them is really about how you split a halal portfolio across regions.
Quick Answer
- 1SPUS is the US core: S&P 500 Shariah Industry Exclusions methodology, 212 holdings led by NVIDIA, Apple, and Microsoft, a 0.45% fee, and about $2.8B in assets (July 2026), the largest halal ETF.
- 2UMMA is the international satellite: actively managed, ex-US only, 95 holdings led by TSMC, Samsung, and ASML, 0.65% fee, about $300M in assets.
- 3Zero holding overlap. The practical question is allocation: most halal portfolios use SPUS (or HLAL) as the core and add UMMA for international diversification.
Head-to-Head Comparison
| Feature | UMMA | SPUS |
|---|---|---|
| Provider | Wahed Invest | SP Funds |
| Universe | Global ex-US | US (S&P 500 base) |
| Approach | Active (guided by DJ Islamic Market International Titans 100) | Passive (S&P 500 Shariah Industry Exclusions) |
| Expense Ratio | 0.65% | 0.45% |
| AUM (July 2026) | ~$300M | ~$2.8B |
| Holdings | 95 | 212 |
| Top Holdings | TSMC, Samsung, ASML | NVIDIA, Apple, Microsoft |
| Top Sector | Technology ~49% | Technology ~60% |
| Shariah Oversight | Wahed internal board | Independent (Ratings Intelligence Partners) |
| Inception | January 2022 | December 2019 |
01The Universes Don't Overlap
SPUS starts from the S&P 500 and applies Shariah industry exclusions and financial screens, ending at 212 US large caps. UMMA explicitly excludes US-domiciled companies and builds a 95-stock international portfolio guided by the Dow Jones Islamic Market International Titans 100 Index.
As of July 2026 they share no holdings. SPUS is dominated by the US mega-cap technology complex (NVIDIA ~13%, Apple ~12%, Microsoft ~9%); UMMA's top weights are the non-US champions of the same industries: TSMC (~16%), Samsung Electronics, ASML, Infineon, SK hynix.
This makes the pair unusually clean to combine: no duplicated exposure, and together they approximate a global halal equity allocation with you in control of the regional split.
02Cost, Scale, and Oversight
SPUS charges 0.45%, the lowest fee among dedicated halal equity ETFs, and its ~$2.8B in assets brings tight spreads and deep liquidity. UMMA charges 0.65% for an actively managed international book, with a smaller ~$300M asset base.
Shariah oversight differs structurally: SPUS is certified by Ratings Intelligence Partners, an independent third-party advisory firm, while UMMA relies on Wahed's internal Shariah board. Both publish their methodologies; the difference is whether certification sits outside or inside the fund provider.
Both funds are tech-heavy relative to conventional benchmarks (Shariah financial screens remove most banks): technology is roughly 60% of SPUS and 49% of UMMA. A SPUS+UMMA portfolio is a concentrated bet on global technology and healthcare; that is a feature of halal screening to be aware of, not a flaw of either fund.
03How Investors Typically Allocate
A common split is 70-80% US core (SPUS) and 20-30% international (UMMA), roughly mirroring global market-cap weights for a halal universe. More US-cautious investors push the international sleeve higher.
If you would rather hold a single global fund, ISWD and IGDA cover both regions in one ticker under MSCI and Dow Jones Islamic methodologies respectively, at the cost of less control over the regional mix.
Whichever structure you choose, re-screen the holdings periodically: compliance drifts as company balance sheets change. Halal Terminal tracks every holding of both funds across 5 methodologies.
Screen stocks yourself
Run AAOIFI and DJIM screens on any stock — real-time data, full methodology transparency.
Frequently Asked Questions
Compliance classification: [ANALYSIS]
This content is for educational and informational purposes only. It does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Shariah compliance assessments are based on publicly available data and established screening methodologies. They are not religious rulings (fatwas). Investors should consult a qualified Shariah scholar and a licensed financial advisor before making investment decisions.
All data is sourced from public filings and third-party providers. Compliance status is subject to change at quarterly reviews. Past performance is not indicative of future results. Halal Terminal is not a broker-dealer or investment advisor.