SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) Shows -1.7% Move Amid Tech Focus

Key Takeaways

• SPUS tracks the S&P 500 Sharia Industry Exclusions Index, holding approximately 215 large-cap U.S. equities that meet Sharia-compliance screening criteria.
• Exclusions of financial services and aerospace & defense leave the portfolio with a roughly 60% allocation to information technology, an overweight relative to the broader S&P 500.
• The fund is passively managed with a net expense ratio of 0.45% and assets under management (AUM) of roughly $3.3 billion.
• Largest holdings include NVIDIA, Apple, Microsoft, Alphabet, and Broadcom, which together drive a meaningful share of total return.
• The ETF's 30-day price move is modestly negative at about -1.7%, with shares trading in a range-bound pattern over the trailing two months.
• Primary risk is concentration: outsized semiconductor and mega-cap technology exposure amplifies sensitivity to a narrow set of names and themes.
• For deeper analysis, explore Price Targets and Forecast pages to review technical and predictive data on this fund.
• Discover AI-driven trading signals by exploring Trending AI Robots.

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) at a Glance

SPUS is a passively managed, index-based exchange-traded fund that seeks to track the performance, before fees and expenses, of the S&P 500 Sharia Industry Exclusions Index. The underlying index applies Sharia-compliant screening to constituents of the S&P 500, removing companies engaged in activities inconsistent with Islamic finance principles, including conventional financial services such as banking and insurance.

The fund holds approximately 215 securities and carries a net expense ratio of 0.45%, with roughly $3.3 billion in AUM. Because the index removes large financial-sector constituents, the portfolio skews heavily toward information technology, which accounts for about 60% of assets. Healthcare follows at roughly 12%, with smaller allocations to consumer discretionary, industrials, communication services, and energy. Financial services are effectively absent. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.

The largest positions reflect this tilt: NVIDIA, Apple, Microsoft, Alphabet, and Broadcom lead the portfolio, with semiconductor names such as Micron Technology and Advanced Micro Devices also prominent. This concentration means the fund's behavior is closely tied to mega-cap technology and the semiconductor cycle.

Industry and Thematic Landscape

The market environment surrounding SPUS is dominated by a handful of structural themes. Demand tied to artificial intelligence and data-center buildouts has supported a prolonged rally in semiconductor and cloud-computing equities, which together represent the fund's single largest source of exposure. At the same time, elevated valuations across leading technology franchises leave those names sensitive to shifts in interest-rate expectations and earnings guidance.

Monetary policy remains a key swing factor for a growth-heavy portfolio. Technology equities tend to be more sensitive to changes in long-term interest rates, so investor positioning around inflation data and central-bank guidance can influence short-term performance. The absence of banks and other financials removes a rate-sensitive pocket of the index, reinforcing the fund's dependence on technology and communication-services leadership for overall returns.

Within the excluded sectors, aerospace & defense and financial exchanges are also screened out, further narrowing the investable universe and concentrating the remaining weight among the largest technology names.

Performance and Positioning Snapshot

Over the trailing 30 days, SPUS has declined approximately 1.7%, moving from a closing level near $59.69 to roughly $58.66. The move has been gradual rather than sharp, with the fund trading in a relatively narrow band rather than exhibiting a sustained directional trend. Over the trailing two months, the price has been essentially range-bound, fluctuating between the mid-$57 and low-$61 area.

This sideways behavior reflects a tug-of-war between two forces. On one side, sustained enthusiasm for artificial intelligence and semiconductor leadership has supported the fund's largest holdings. On the other, profit-taking and valuation sensitivity among mega-cap technology names have periodically capped gains. Because NVIDIA, Apple, and Microsoft represent a substantial combined weight, their individual price swings translate directly into fund-level volatility, even when the broader market is comparatively calm.

Investor positioning in large-cap technology and communication services has therefore been the dominant driver of SPUS's recent path, with less influence from the smaller energy, materials, and healthcare allocations.

Using AI Tools in My Research Process

In my analysis of concentrated funds like SPUS, I find Tickeron’s AI Screener helpful for quickly filtering securities by sector, momentum, and technical conditions. The platform scans thousands of securities using technical indicators, fundamentals, volatility measures, AI-generated signals, market trends, price patterns, and customizable filters to surface trending securities, breakout candidates, and new trading opportunities more efficiently than manual screening. For investors tracking technology-driven portfolios, it offers a systematic way to identify opportunities across the market without replacing core due diligence.

2026 Outlook and Key Factors to Monitor

Looking ahead, the most important variables for SPUS are structural rather than short-term. The trajectory of artificial-intelligence capital expenditure and cloud-infrastructure spending will shape demand for the fund's largest semiconductor and software holdings. Sustained investment from hyperscale data-center operators is a key watch item, as is any signal of slowing orders or inventory buildup across the memory and logic-chip segments.

Interest-rate expectations remain central. A higher-for-longer rate environment tends to pressure long-duration growth equities, while a shift toward easier policy could support valuations across the technology complex. Inflation readings and central-bank communication will therefore continue to influence positioning.

Concentration risk is the fund's defining structural characteristic. With a handful of mega-cap names dominating returns, company-specific earnings revisions, regulatory scrutiny of large technology platforms, and shifts in sector leadership can move the ETF independently of broad-market indexes. Investors should also monitor capital flows into thematic and Sharia-compliant products, which can affect demand for the fund's shares. These factors, rather than day-to-day price action, are likely to define the fund's path through the remainder of the year and beyond.

Disclaimer

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

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Contributor

Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.

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