SPUS

Q: Is SPUS (SP Funds S&P 500 Sharia Industry Exclusions ETF) halal?

HALAL: Sharia-compliant S&P 500 ETF — screens out haram sectors. SPUS tracks S&P 500 companies that pass Sharia screening. Excludes alcohol, tobacco, gambling, conventional finance, weapons, pork, and adult entertainment. Its November 30, 2025 N-PORT reports $1,836.750 million of assets, $0.667 million of liabilities and $5.957 million of cash; underlying look-through revenue and purification remain incomplete.

SP Funds S&P 500 Sharia Industry Exclusions ETF

HALAL — DATA INCOMPLETEetf

Is SPUS Halal?

Sharia-compliant S&P 500 ETF — screens out haram sectors.

What You Should Know

SPUS tracks S&P 500 companies that pass Sharia screening. Excludes alcohol, tobacco, gambling, conventional finance, weapons, pork, and adult entertainment. Its November 30, 2025 N-PORT reports $1,836.750 million of assets, $0.667 million of liabilities and $5.957 million of cash; underlying look-through revenue and purification remain incomplete.

⚠️ Concerns

•Minor tracking error vs S&P 500
•Slightly higher expense ratio
•Fund-level proxy ratios do not replace issuer-level review

Current quantitative Sharia screen

Based on Form N-PORT-P figures for the period ended 2025-11-30; calculated 2026-07-15.

USD · millions

Interest-bearing debt / assets

0.00%Within limit

Below 33.333% under FTSE Yasaar

0 / 1,836.75

Cash + interest-bearing securities / assets

0.32%Within limit

Below 33.333% under FTSE Yasaar

5.957 / 1,836.75

Receivables + cash / assets

0.32%Within limit

Below 50% under FTSE Yasaar

5.957 / 1,836.75

Methodology	Financial	Overall	What drives it
FTSE Yasaar v4.6, February 2026	Incomplete	Incomplete	The N-PORT supplies total assets and limited cash information but not a complete fund-level revenue, debt, receivables or prohibited-income set; underlying issuer activity remains incomplete.
MSCI Islamic (total-assets series) October 2024 methodology	Pass	Incomplete	Proxy debt/assets, liquidity/assets and receivables-plus-cash/assets are 0.00%, 0.32% and 0.32%; unreported lines and look-through activity prevent a complete classification.
Malaysia SAC financial ratios single 5% activity benchmark adopted November 2025	Pass	Incomplete	Reported proxy debt/assets and liquidity/assets are below the examined Malaysia limits; complete fund-level activity and income data are unavailable.
Market-cap denominator methods MSCI M-Series, S&P and Dow Jones methods differ	Not calculated	Incomplete	A licensed historical fund look-through market-cap series is not stored.

FTSE Yasaar

v4.6, February 2026

Financial: Incomplete
Overall: Incomplete

The N-PORT supplies total assets and limited cash information but not a complete fund-level revenue, debt, receivables or prohibited-income set; underlying issuer activity remains incomplete.

MSCI Islamic (total-assets series)

October 2024 methodology

Financial: Pass
Overall: Incomplete

Proxy debt/assets, liquidity/assets and receivables-plus-cash/assets are 0.00%, 0.32% and 0.32%; unreported lines and look-through activity prevent a complete classification.

Malaysia SAC financial ratios

single 5% activity benchmark adopted November 2025

Financial: Pass
Overall: Incomplete

Reported proxy debt/assets and liquidity/assets are below the examined Malaysia limits; complete fund-level activity and income data are unavailable.

Market-cap denominator methods

MSCI M-Series, S&P and Dow Jones methods differ

Financial: Not calculated
Overall: Incomplete

A licensed historical fund look-through market-cap series is not stored.

Business-activity disclosure

SPUS tracks an S&P 500 Sharia Industry Exclusions strategy. Its stated exclusions and Sharia oversight support the retained qualitative HALAL verdict, but holdings, purification and methodology interpretations still require ongoing review.

Limitation: The fund report does not provide a universal underlying prohibited-revenue numerator or complete fund-level operating-income statement.

Purification

The N-PORT does not provide a universal underlying prohibited-income allocation; ZakatInvest does not invent a purification percentage.

Inputs, assumptions and primary sources

The November 30, 2025 N-PORT reports total assets of $1,836.750359 million, total liabilities of $0.666832 million and net assets of $1,836.083527 million.
The N-PORT reports $5.956508 million of cash not reported in the schedule of investments and no fund-level borrowings; complete operating revenue and receivable lines are not provided.
SPUS is an issuer-screened Sharia ETF, but fund-level look-through ratios do not replace issuer-level methodology review. TotalRevenue is zero because an ETF has no operating-company revenue denominator.
The current issuer page and holdings can change between N-PORT periods; this record does not claim official FTSE, MSCI or Malaysia classification.

Tidal Trust I / U.S. Securities and Exchange Commission: SP Funds S&P 500 Sharia Industry Exclusions ETF Form N-PORT-P for November 30, 2025 SP Funds: SP Funds S&P 500 Sharia Industry Exclusions ETF product page FTSE Russell: FTSE Yasaar Global Equity Shariah Index Series Ground Rules MSCI: MSCI Islamic Index Series Methodology Securities Commission Malaysia: Shariah-Compliant Securities Screening Methodology

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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