SP Funds is North America's largest family of Sharia-compliant investment funds, managed by SP Funds Management, LLC, a U.S.-based SEC-registered investment advisory firm. We offer accessible Sharia-compliant investment solutions designed to deliver competitive returns while adhering to Islamic principles.

Our investment strategies span multiple asset classes and risk profiles, including publicly-traded ETFs for broad accessibility, target date funds for retirement planning with automatic rebalancing, and private alternative funds for accredited investors seeking exposure to private markets. With over $3 billion in assets under management, we serve high net worth individuals, family offices, and institutional investors globally.

We offer three primary fund categories:

Exchange-Traded Funds (ETFs): Our ETFs trade on major exchanges throughout the day, offering liquidity, transparency, and low-cost exposure to Sharia-compliant equities. ETFs are accessible to all investors through standard brokerage accounts with no minimum investment beyond your broker's requirements. You can buy and sell shares throughout market hours just like stocks, with real-time pricing.

Target Date Funds: These funds automatically adjust their asset allocation as you approach retirement, becoming more conservative over time. Ideal for retirement savers who want a "set it and forget it" approach aligned with Islamic principles. Each fund is dated to a specific retirement year (e.g., 2030, 2040, 2050).

Private Funds: Available exclusively to accredited and qualified investors, our private funds provide access to alternative investments including private equity, private credit, and real estate opportunities that meet Sharia compliance standards. These funds typically have longer lock-up periods and higher minimum investments but offer potential for enhanced returns and diversification beyond public markets.

Public Funds (ETFs and most Target Date Funds): Available to all retail and institutional investors regardless of net worth, faith, or investment experience. You can purchase these through any brokerage platform that offers access to U.S.-listed securities.

Private Funds: Limited to accredited investors (individuals with $1M+ net worth excluding primary residence, or $200K+ annual income) and qualified purchasers ($5M+ in investments). These regulatory requirements exist due to the complex nature and reduced liquidity of alternative investments.

Haram, an Arabic term meaning "forbidden" or "unlawful," refers to investments that violate Islamic principles according to Shariah law. In the investment context, haram specifically encompasses financial activities involving interest (riba), excessive uncertainty (gharar), gambling-like speculation (maysir), or companies with significant debt levels. Additionally, investments in prohibited industries such as alcohol, gambling, tobacco, pork products, conventional banking, weapons manufacturing, and certain entertainment sectors are considered haram.

Sharia in the context of investments refers to a set of Islamic principles and laws that govern financial activities. It prohibits interest (riba), excessive uncertainty (gharar), and investments in forbidden industries such as alcohol, gambling, and conventional financial services.

Sukuk is an Islamic financial instrument similar to bonds that complies with Sharia (Islamic religious law). Unlike conventional bonds which represent debt obligations, Sukuk represents partial ownership in an underlying tangible asset, project, or business activity. This structure allows investors to receive returns generated by the asset rather than interest payments, which are prohibited under Islamic law.

Zakat on investments refers to the obligatory Islamic charitable contribution of 2.5% (1/40th) assessed annually on investment assets that exceed the nisab threshold. This religious duty applies to various investment vehicles including stocks, shares, bonds, and other financial instruments, which are considered forms of wealth ownership.

Our ETFs can be purchased through virtually any brokerage platform that offers access to U.S.-listed securities. The process is identical to buying any stock or ETF:

1. Open a brokerage account (if you don't have one) with platforms like Fidelity, Charles Schwab, TD Ameritrade, E*TRADE, Interactive Brokers, or Robinhood.
2. Search for the SP Funds ETF by its ticker symbol.
3. Place your order (market order for immediate execution, or limit order to specify your price).
4. Shares are typically settled within two business days.

No minimum investment: You can purchase as little as one share, though some brokers may have their own minimums or fractional share capabilities.

If you're located in Europe and would like to invest in our ETFs, it's very possible through international brokerage platforms that offer access to U.S. markets. One popular option used by investors in your region is:

Interactive Brokers: Offers direct access to U.S.-listed ETFs, including all SP Funds. Available in most European countries. You'll need to complete a W-8BEN form to ensure proper U.S. tax withholding on dividends (this is standard for non-U.S. investors).

Important considerations:

• Our ETFs are listed on U.S. exchanges and traded in U.S. dollars (USD).
• Because SP Funds are not UCITS-compliant, some EU-based platforms may not list them, but global brokers like Interactive Brokers provide access.
• We recommend consulting with your financial or tax advisor to understand any local tax implications.

ETFs: No SP Funds minimum — minimum investment is determined by your brokerage. Most brokers allow you to purchase as little as one share. Some brokers also offer fractional shares, allowing investment with as little as $1-$10.

Target Date Funds: Minimum investment requirements vary by platform and fund. Contact us for current platform-specific minimums.

Private Funds: Typically have specified minimum subscription thresholds ranging from $100,000 to $1,000,000 depending on the fund strategy. Please contact us directly for current minimums and availability.

Yes, absolutely. SP Funds ETFs and Target Date Funds can be held in tax-advantaged retirement accounts including Traditional IRAs, Roth IRAs, SEP IRAs, and many 401(k) plans.

Our Target Date Funds are specifically designed for retirement planning and work well in these account types. They automatically rebalance to become more conservative as you approach your target retirement date.

For 401(k) plans, availability depends on whether your employer's plan offers SP Funds as an option. If you have a self-directed brokerage option within your 401(k), you may be able to purchase our ETFs. Contact your plan administrator for details.

Sharia-compliant investing follows Islamic financial principles derived from the Qur'an and Sunnah. These principles create a framework for ethical, socially responsible investing that prohibits certain activities while emphasizing fairness, transparency, and shared prosperity.

Core principles include:

Prohibition of Interest (Riba): Companies earning substantial income from interest-based financial services are excluded. Investors share in actual business profits and losses rather than receiving predetermined interest payments.

Avoidance of Uncertainty (Gharar) and Speculation (Maysir): Investments must be based on real economic activity with clear ownership structures, not excessive speculation or gambling-like instruments.

Industry Exclusions: Companies primarily involved in alcohol, gambling, tobacco, pork products, conventional financial services, weapons, and adult entertainment are prohibited.

Financial Ratio Requirements: Companies must maintain low interest-bearing debt levels (typically under 30-33% of market capitalization) and derive less than 5% of revenue from prohibited sources.

We adhere to the globally recognized AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) standards for determining Sharia compliance. AAOIFI is the leading standard-setting body for Islamic finance, used by most major Islamic financial institutions worldwide.

Our compliance process includes:

1. Business Activity Screening

We exclude companies whose primary business involves prohibited activities including:

• Interest-based financial services (conventional banks, insurance)
• Alcohol production/distribution
• Gambling and gaming
• Tobacco products
• Pork and pork-related products
• Adult entertainment
• Weapons/defense manufacturing

2. Financial Ratio Screening

Companies must meet specific financial criteria:

• Interest-bearing debt must not exceed 30-33% of market capitalization (trailing 12-month average)
• Less than 5% of total revenue may come from impure sources (per AAOIFI guidelines)
• Liquidity ratios and interest income are monitored to ensure compliance

3. Regular Review Process

All equities are evaluated on a regular basis. Due to the dynamic nature of public companies, holdings may become non-compliant or newly compliant based on business changes, debt levels, or revenue composition. We conduct periodic reviews and update holdings accordingly during regular rebalancing intervals.

When a company in our portfolio falls out of compliance with Sharia standards — whether due to increased debt levels, changes in business activities, or revenue composition — we take action during our next scheduled rebalancing period.

The stock is removed from the portfolio and proceeds are reinvested in compliant alternatives. This process is conducted in an orderly manner to minimize transaction costs and market impact. Rebalancing typically occurs quarterly, though we reserve the right to make interim adjustments for material compliance breaches.

Similarly, companies that become newly compliant may be added to the portfolio during rebalancing, providing ongoing opportunities for diversification within Sharia parameters.

Zakat on ETFs may vary depending on your investment intention, holding period, and the scholarly opinion you follow. We provide information on two commonly referenced approaches, but recommend consulting with a knowledgeable Islamic scholar for guidance specific to your situation.

Approach 1: Long-Term Holdings (Producing Assets)

If you hold ETFs as a long-term investment, some scholars treat them as producing assets similar to rental property or business equipment. Under this view:

• Zakat may be applied only to dividends and realized gains (not the principal)
• A rate of 10% (Ushr) may be applied to the income generated
• Dividend information is available on our website and in your brokerage statements

Approach 2: Short-Term Holdings or Trading (Cash Equivalents)

If you view ETFs as cash equivalents or hold them as trading assets:

• Zakat may be calculated on the total market value of your holdings
• The standard 2.5% Zakat rate typically applies
• This is assessed on your Zakat anniversary date (lunar calendar)

We also offer educational webinars covering Zakat methodologies in greater detail. Visit our website or contact us for upcoming session dates.

Yes, purification is required. Even though we invest only in companies that meet Sharia compliance standards, some companies may derive a small portion of their income from impure sources (such as interest income on cash reserves). Islamic scholars agree that investors must identify and donate this tainted portion to charity.

How purification works:

We calculate the percentage of each company's revenue that comes from non-compliant sources. This information is aggregated across the fund and published in our annual (and in some cases quarterly) purification reports.

You can find these purification percentages on our website under each fund's detail page. Simply multiply your total dividends received by the published purification percentage to determine the amount that should be donated to charity.

Each fund has its own expense ratio or management fee structure, which covers portfolio management, administrative costs, and compliance oversight. These fees are deducted from fund assets automatically and are reflected in the fund's daily net asset value (NAV), so you don't pay them separately.

Where to find fee information:

• ETFs and registered funds: See fund prospectuses and fact sheets available on our website
• Private funds: Fees are disclosed in private placement memoranda (PPMs) provided to qualified investors

We encourage investors to review offering documents carefully before investing. Fee structures may include management fees, performance fees (for private funds), and other operating expenses. Detailed breakdowns are provided in the fee tables within each fund's documentation.

When buying or selling ETF shares, you may incur:

• Brokerage commissions (many brokers now offer commission-free ETF trading)
• Bid-ask spread — the difference between the price at which you can buy (ask) and sell (bid) shares. This is typically very small for liquid ETFs.

These costs are separate from the fund's expense ratio and vary by broker and market conditions. Check with your brokerage for their specific fee schedule.

No. No investment is guaranteed. All investments carry risk, including the possible loss of principal. The value of your investment will fluctuate with market conditions, and you may lose money.

While we follow rigorous Sharia compliance and investment processes, these do not eliminate market risk. Past performance does not guarantee future results. We encourage all investors to carefully consider their risk tolerance, investment timeline, and financial goals before investing.

Public Funds: Performance data for ETFs and registered funds can be found on our website, fund fact sheets, and major financial data platforms including Bloomberg, Morningstar, and Yahoo Finance.

Private Funds: Performance is shared directly with eligible investors through quarterly reports and annual statements.

Our website provides historical returns, risk metrics, and holdings information updated regularly. Remember that past performance does not predict future results.

Academic research and market data show that Sharia-compliant equity indexes have performed competitively with conventional benchmarks over time. In some periods, especially during market volatility, Sharia-compliant strategies have demonstrated resilience due to:

• Lower exposure to highly leveraged companies (debt restrictions)
• Exclusion of speculative financial sector companies
• Focus on real economic activity and asset-backed investments

However, Sharia compliance also means excluding certain high-performing sectors like conventional banking and some technology. This can lead to periods of outperformance or underperformance depending on which sectors are leading the market.

The key is that Sharia-compliant investing allows you to participate in global equity markets while maintaining alignment with Islamic values — without necessarily sacrificing long-term returns.

Yes. We partner with RIAs (Registered Investment Advisors), broker-dealers, family offices, and institutional investors seeking Sharia-compliant and ethical investment solutions for their clients.

We provide advisors with comprehensive support including fund education and training, marketing materials and client resources, dedicated advisor support team, and performance reporting and analytics.

If you're a financial professional interested in incorporating SP Funds into client portfolios, please contact our advisor relations team at info@sp-funds.com or 425-409-9500.

Yes. Our ETFs are accessible through all major custodial and brokerage platforms including Fidelity, Charles Schwab, TD Ameritrade, Pershing, and others. Availability of specific funds may vary by platform.

For institutional investors and advisors, we can provide information on platform availability and assist with onboarding. Please contact us for current platform access details.