SP Funds

What SP Funds does

SP Funds, operating through the ShariaPortfolio Group of Companies, manages North America's largest family of Sharia-compliant investment funds, with group AUM surpassing $3 billion as of January 2026. The firm was founded in the United States in 2003 by Naushad Virji and provides Muslim investors and other values-driven investors with access to diversified, professionally managed portfolios that comply with AAOIFI Islamic finance guidelines. The product platform consists of five NYSE-listed ETFs — SPUS (S&P 500 Sharia Industry Exclusions), SPSK (Dow Jones Sukuk), SPRE (Global REIT), SPTE (Global Technology), and SPWO (S&P World ex-US) — tracking proprietary Sharia-screened indices built on S&P Global and Dow Jones benchmarks. In April 2024, the firm expanded into retirement-savings with six Sharia-compliant target date funds (2030/2040/2050 vintages, each in investor and institutional share classes), and in September 2025 made the full fund lineup available on the Schwab platform.

The underlying technology centers on rules-based Sharia screening — exclusion of companies with material exposure to tobacco, gambling, alcohol, pork-related products, pornography, interest-based financing, and screens against leverage and debt to ensure AAOIFI compliance — applied to index constituents managed through partnerships with S&P Global and Dow Jones index licensing. Investor-facing tooling includes a Halal Stock Screener and an Income Purification Calculator that estimates quarterly donation obligations for any non-compliant dividend income. The architecture is a traditional passive asset-management stack rather than a technology-first platform, with fund administration outsourced to U.S. Bancorp Fund Services, distribution handled by Foreside Fund Services, banking via U.S. Bank, and listing on NYSE/NASDAQ.

The business model is asset-based recurring management fees, with ETF expense ratios ranging from 0.45% to 0.55% annually and target date fund ratios from 0.65% to 1.06%, billed monthly for ETFs. Distribution combines direct-to-consumer account opening via the firm's website, retail brokerage availability on Schwab, and intermediary/wealth-management channels. Revenue mechanics scale linearly with AUM, with SPUS contributing the bulk of asset-based fees. Customer segments are horizontal: Muslim investors (primary), ESG/values-driven investors, and retirement/target date investors, served through both retail and institutional share classes.

Name

SP Funds

Legal name

SP FUNDS

Website

https://sp-funds.com

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

11–50 employees

Short description

SP Funds (ShariaPortfolio Group) operates North America's largest family of Sharia-compliant funds, offering five NYSE-listed ETFs and six target date funds that comply with AAOIFI guidelines, serving Muslim investors and other values-driven retail and institutional clients seeking ethically screened, passive index exposure.

Ownership category

akta.pro rank

Product category

Islamic Asset Management

NAICS

Open-End Investment Funds (52591), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

ESG/SRI & Climate ETFs (FSAAAFAJ)

akta.pro secondary industries

ESG Indexing & ESG ETFs (Rules-Based ESG Benchmarks and Passive Products) (FSAAALAE), Fixed Income ETFs (Government, Corporate, Munis, TIPS) (FSAAAFAD)

Keywords

• Sharia-compliant ETFs
• Islamic investment funds
• Target date funds
• Sukuk fixed income
• Ethical asset management

Headquarters

HQ city

Lake Mary

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. ETF Management Fees: SP Funds generates revenue through management fees charged on its ETFs and target date funds. The expense ratios range from 0.45% to 0.66% annually across the fund lineup. The funds track various Sharia-compliant indices and generate returns for investors while the firm earns ongoing asset-based fees.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

SP Funds operates North America's largest family of Sharia-compliant investment funds, offering five NYSE-listed ETFs (SPUS, SPSK, SPRE, SPTE, SPWO) covering U.S. equities, international markets, sukuk fixed income, REITs, and global technology, plus six Target Date Funds (2030/2040/2050 in investor and institutional share classes). All products comply with AAOIFI guidelines and exclude companies involved in prohibited activities such as interest-based financing, alcohol, gambling, tobacco, and pork.

Product overview

SP Funds is North America's largest family of Sharia-Compliant Funds, offering a platform of exchange-traded funds (ETFs) and Target Date Funds designed for socially responsible and ethical investing. The ETF lineup includes five distinct funds: SPUS (S&P 500 Sharia-compliant equity exposure), SPSK (Sharia-compliant sukuk/fixed income), SPRE (global REIT exposure), SPTE (global technology exposure), and SPWO (international developed and emerging market exposure). The Target Date Fund series includes six funds spanning 2030, 2040, and 2050 target dates, each offered in both retail and institutional share classes. Additional investor tools include a Halal Stock Screener and Income Purification Calculator to support compliance with Islamic investment principles.

Differentiator

Problem solved

Functional benefit

Brands

• ShariaPortfolio Group of Companies: Parent entity and brand for Sharia-compliant investment solutions

Products and services

• SPUS (S&P 500 Sharia Industry Exclusions ETF) Exchange-traded fund providing exposure to approximately 200 low-leverage S&P 500 stocks composed according to Sharia guidelines, tracking the S&P 500 Sharia Industry Exclusions Index. Targets investors seeking Sharia-compliant U.S. large-cap equity exposure with a 0.45% expense ratio and monthly dividends.
• SPSK (S&P Dow Jones ShariaDex ETF) Fixed income ETF providing diversified exposure to Sharia-compliant sukuk (Islamic financial certificates), tracking the Dow Jones Sukuk Index with reduced duration and interest rate risk. Targets investors seeking Islamic-compliant fixed income exposure with a 0.50% expense ratio.
• SPRE (S&P Global REIT ETF) ETF providing value exposure to the real estate asset class through Sharia-compliant REITs, offering global real estate investment opportunities. Targets investors seeking ethical real estate exposure.
• SPTE (S&P Global Technology ETF) ETF providing exposure to global technology companies through large and mid-cap stocks that meet Sharia compliance standards. Targets investors seeking ethical exposure to the technology sector.
• SPWO (S&P World ex-US ETF)

Quantifiable outcome

• SPUS has a P/E ratio of 30.44 and market cap of $2.38 billion, with monthly dividend of $0.026 per share (0.6% annualized yield)
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered core and operational.

• SchwabcoreChannel Partner/ Reseller/ Distributor · 17 September 2025SP Funds expanded access to its full fund lineup on Schwab platform, including 6 new target date funds. This partnership provides broad distribution reach for the firm's Sharia-compliant investment products to Schwab's millions of customers.
• U.S. BankoperationalOthersU.S. Bank, N.A. serves as the banking partner for wire transfers for fund account establishment. Located at 777 East Wisconsin Avenue, Milwaukee, WI 53202, ABA #075000022.
• U.S. Bancorp Fund Services, LLCoperationalOthersU.S. Bancorp Fund Services, LLC handles fund services for SP Funds, providing administrative and transfer agent services for the fund family.
• Foreside Fund Services, LLCoperationalOthersForeside Fund Services, LLC serves as the distributor for SP Funds ETFs, handling the marketing and distribution of fund shares.
• S&P GlobalcoreTechnology or IntegrationS&P Global provides the indices that SP Funds ETFs track, including S&P 500 Sharia Industry Exclusions Index and S&P DM Ex-US & EM 50/50 Shariah Index.
• Dow JonescoreTechnology or IntegrationDow Jones provides the Dow Jones Sukuk Index that SPSK ETF tracks, enabling exposure to global Sharia-compliant fixed income securities.
• NASDAQcoreChannel Partner/ Reseller/ DistributorNASDAQ is the exchange partner for listing and trading SP Funds ETFs on the stock exchange.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Saturna Capital (Amana Funds): Saturna Capital manages the Amana family of Sharia-compliant mutual funds, the longest-running U.S. Sharia-compliant fund complex and the most direct comparable to SP Funds' ETF and target date offerings.
• Azzad Asset Management: Azzad is a U.S.-based Sharia-compliant investment manager offering mutual funds and advisory services to Muslim and values-driven investors, directly competing with SP Funds in the Sharia-compliant product category.
• Iman Fund: Iman Fund offers Sharia-compliant mutual funds that screen out prohibited industries, making it a direct comparable to SP Funds' AAOIFI-compliant screening methodology for U.S. Muslim investors.
• Wahed Invest: Wahed is a Sharia-compliant digital investment platform that has expanded into ETFs, competing directly with SP Funds for Muslim retail investors in the U.S. and globally.

Broad incumbents

• iShares (BlackRock): BlackRock's iShares franchise is the dominant global ETF provider with a growing suite of ESG/screened ETFs; it competes for the values-driven and ESG-investor segment that overlaps with SP Funds' addressable market.
• Vanguard: Vanguard is one of the largest ETF and target date fund providers globally; its ESG and target date product lines compete for the same retirement-oriented investors SP Funds targets via Schwab.
• Invesco: Invesco is a global ETF sponsor with significant ESG/SRI product offerings and a Nasdaq-listed ETF platform, positioning it as a broad incumbent competitor in the ESG ETF category.
• Franklin Templeton: Franklin Templeton offers Islamic/sukuk fixed income products and a global ETF platform, making it a broad incumbent that can credibly enter the U.S. Sharia-compliant ETF space.

Emerging players

• WisdomTree: WisdomTree has launched Sukuk and Sharia-screened ETFs in Europe and the Middle East, positioning it as an emerging player that could expand into U.S. Sharia ETF distribution.
• Global X: Global X has previously offered Sukuk and Sharia-screened ETFs, and its thematic ETF focus makes it a credible emerging competitor in niche Sharia-compliant index wrappers.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SP_Funds
• Facebookfacebook.com/SPFundsInvest
• LinkedInlinkedin.com/company/sp-fundsetfs

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SP Funds