Tidal ETF Services LLC (“Tidal”), an innovative leading provider of ETF services, announced today the SP Funds S&P 500 Sharia Industry Exclusions ETF (NYSE: SPUS) surpassed $100 million AUM since launching in partnership with Tidal in December 2019. SPUS was created and launched by SP Funds, a boutique asset management firm specializing in socially responsible and halal investing.
“We congratulate our partner firm SP Funds on achieving an important milestone for any ETF, especially in the competitive space of Sharia-compliant ETFs,” said Eric Falkeis, Chief Executive Officer of Tidal. “SP Funds has shown that Sharia-compliant funds are to be considered a more mainstream exposure that investors should consider for their portfolios.”
Tidal ETF Services is a boutique multi-manger ETF platform founded by industry pioneers. Services are designed for asset managers looking for a fast, efficient path to market with a comprehensive solution for AUM growth. The Tidal Trust is thoughtfully constructed to include unique, innovative, best-in-class ETFs. Currently, the Tidal Trust has 28 ETFs worth over $2.7 billion.
“We extend appreciation to Tidal for their support and guidance with SPUS. Our partnership led to the launch of two other Sharia-compliant ETFs. The growth of SPUS in a relatively short time is a clear indication that investors are gravitating to ethical investment choices driven by the values they live by. We expect this trend to continuously grow and evolve,” commented Naushad Virji, CEO SP Funds.
The SP Funds S&P 500 Sharia Industry Exclusions ETF (ticker: SPUS) tracks the S&P 500 Sharia Industry Exclusions Index, which is designed to provide value-conscious exposure to those S&P 500 companies that meet the guidelines of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The ETF and its underlying index use an exclusion methodology to arrive at the underlying portfolio.