SPRE
SP Funds S&P Global REIT Sharia ETF
Is SPRE Halal?
Global REIT ETF tracking the S&P Global All Equity REIT Shariah Capped Index.
What You Should Know
SEC and SP Funds records identify SPRE as a global real-estate ETF, not a sukuk fund. The November 30, 2025 shareholder report shows $178.6 million of net assets and a portfolio concentrated in REIT securities screened by the S&P Shariah index.
⚠️ Concerns
- •REIT debt, mortgage exposure and tenant activity require qualitative review
- •SPRE is not the separate SPSK global sukuk ETF
- •Different Sharia boards may treat REIT structures and purification differently
Current quantitative Sharia screen
Based on Annual Shareholder Report figures for the period ended 2025-11-30; calculated 2026-07-14.
0 / 178.646
0.536 / 178.646
0.536 / 178.646
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 0.30% and receivables plus cash/assets is 0.30%; a comparable fund-level prohibited-income numerator is unavailable.
- Financial
- Pass
- Overall
- Incomplete
Reported debt, liquidity and receivables-plus-cash are below the examined MSCI total-assets limits, but underlying-REIT activity remains incomplete.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits; no universal underlying-REIT activity numerator is asserted.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical fund look-through market-cap series and universal activity convention are not stored.
Business-activity disclosure
SPRE invests in global REIT securities selected for the S&P Global All Equity REIT Shariah Capped Index. Real-estate ownership and leasing can be permissible, but the underlying REIT contracts, financing and tenant activities still require school- and issuer-specific review.
Limitation: The shareholder report provides fund-level sector and holdings information but not a universal prohibited-revenue numerator for every underlying REIT.
Purification
The fund record does not provide a universal underlying-REIT purification schedule; ZakatInvest does not infer one.
Inputs, assumptions and primary sources
- Amounts are USD millions from the SPRE annual shareholder report for November 30, 2025; the report states net assets of $178.646 million.
- The report's sector table shows 99.4% real estate and 0.3% cash and other; cash is represented as $0.535938 million for the fund-level ratio illustration, with no separately identified interest-bearing securities or debt in the shareholder summary.
- SPRE is the S&P Global REIT Sharia ETF, not the SP Funds Dow Jones Global Sukuk ETF (the latter uses ticker SPSK). The existing /assets/spre route is retained while the product identity is corrected.
- An ETF has no operating-company revenue denominator; totalRevenue is recorded as zero rather than inventing one.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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