SPY
SPDR S&P 500 ETF
Is SPY Halal?
Broad S&P 500 exposure — the official report shows material conventional-finance, alcohol, tobacco and defense holdings.
What You Should Know
SPY's March 2026 semi-annual report shows 503 equity holdings and industry exposure including financial services, banks, capital markets, tobacco, beverages, entertainment and aerospace/defense. The fund is not Sharia-screened and its look-through business classification remains incomplete.
⚠️ Concerns
- •Banks and financial institutions
- •Alcohol producers
- •No halal screening
- •Tobacco companies
Current quantitative Sharia screen
Based on Semi-Annual Report figures for the period ended 2026-03-31; calculated 2026-07-14.
0 / 650,530.593
1,973.813 / 650,530.593
2,302.456 / 650,530.593
- Financial
- Incomplete
- Overall
- Incomplete
Debt/assets is 0.00%, liquidity/assets is 0.30% and receivables plus cash/assets is 0.35%; a comparable fund-level prohibited-income numerator is unavailable.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets, liquidity/assets and receivables plus cash/assets are below the examined MSCI asset limits, but the underlying portfolio is not classified by a universal prohibited-revenue numerator.
- Financial
- Pass
- Overall
- Incomplete
Debt/assets and liquidity/assets are below the examined Malaysia limits; the pass-through portfolio remains qualitatively and methodologically incomplete.
- Financial
- Not calculated
- Overall
- Incomplete
A licensed historical market-cap series and a fund-level prohibited-income convention are not stored.
Business-activity disclosure
SPY is a broad S&P 500 equity trust. The underlying portfolio includes conventional financial institutions, alcohol and tobacco exposure, entertainment, defense and mixed customer end uses; the trust itself is a pass-through vehicle rather than an operating business.
Limitation: The report provides holdings and industry weights but no school-neutral prohibited-revenue allocation across every underlying issuer.
Purification
SPY passes through dividend income from underlying issuers; no scholar-approved purification percentage is inferred from the aggregate fund distribution.
Inputs, assumptions and primary sources
- Amounts are USD millions from SPY's March 31, 2026 semi-annual report.
- The trust reports USD 650,530.593 million of total assets, USD 1,973.813 million of cash and USD 328.643 million of dividend and tax receivables; no interest-bearing securities or debt balance is separately reported.
- Six-month investment income is USD 4,221.096 million. It is not treated as a prohibited-income numerator because it is pass-through dividend income from hundreds of underlying issuers.
- Industry weights include financial services 3.6%, banks 3.5%, capital markets 3.2%, tobacco 0.7%, beverages 1.1%, entertainment 1.4% and aerospace/defense 2.3%; these are look-through observations, not a universal prohibited-revenue percentage.
- ETF look-through ratios are not an official FTSE, MSCI or Malaysia classification.
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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