Own US tech giants — Microsoft, Apple, Meta, Alphabet — screened to Islamic finance principles. HLAL is the world’s largest Shariah-compliant US equity ETF with USD 734 million in assets, returning +17.7% in the past year.
The Wahed FTSE USA Shariah ETF (HLAL) is a US-listed ETF launched in July 2019 by Wahed Invest LLC. It trades on NASDAQ and tracks the FTSE Shariah USA Index — selecting large and mid-cap US companies meeting Islamic finance principles certified by independent Shariah scholars.
With over USD 734 million in assets (Jan 2026), HLAL is the world’s largest Shariah-compliant US equity ETF. It gives Muslim investors access to US technology, healthcare, and communications companies — without conventional banks, interest-based finance, tobacco, weapons, or other non-halal industries.
HLAL has become the go-to halal US stock ETF globally, including among Malaysia’s Muslim investor community. As US markets delivered strong returns in 2024–2025, Malaysians with moomoo and Rakuten Trade accounts began buying HLAL. However, HLAL is NOT listed on Bursa Malaysia — it trades on NASDAQ in USD. Most Malaysian investors seeking equivalent halal US exposure should first consider EQ8 US Titans 50 (0827EA) — a Bursa-listed Shariah US ETF settling in MYR with no US market account required.
The FTSE Shariah USA Index starts from the full FTSE USA universe and removes companies failing either a business activity screen or a financial ratio screen.
| Conventional Banking & Finance |
| Insurance (non-takaful) |
| Alcohol |
| Tobacco |
| Pork / Non-halal food |
| Weapons / Controversial defence |
| Gambling & Casinos |
| Adult Entertainment |
Removing banks, insurance, energy majors, and consumer staples leaves a portfolio extremely concentrated in technology (~61%), healthcare (~14%), and communications (~12%). HLAL’s top 10 holdings make up ~58% of the fund. Microsoft and Apple alone represent ~29% combined. This is not a broadly diversified ETF — it is effectively a US technology fund with Shariah guardrails. Understand this concentration before investing.
Top 5 verified from official fund data (Aug 2025). Holdings subject to quarterly rebalancing. Verify at wahed.com/hlal.
| Period | HLAL (NAV) | S&P 500 TR | Difference |
|---|---|---|---|
| YTD Jan 2026 | +2.0% | +1.5% | +0.5% |
| 1 Year | +17.7% | +16.3% | +1.4% |
| 5 Year (ann.) | +14.1% | +15.0% | −0.9% |
| Since Inception (2019) | +16.3% | +11.3% | +5.0% |
Over 1 year and since inception, HLAL has outperformed the S&P 500 — largely because removing banks while overweighting Big Tech captured the 2020–2025 tech bull run. Over 5 years, it trails slightly. This performance advantage is not guaranteed — in a value rotation or bank stock rally, HLAL could significantly underperform. All returns in USD; MYR investors must also account for exchange rate movements.
Source: Official fund report (Schwab/Wahed) as of January 31, 2026. Past performance does not indicate future results.
| Feature | HLAL (NASDAQ) | 0827EA (Bursa) |
|---|---|---|
| Exchange | NASDAQ (US) | Bursa Malaysia |
| Currency | USD — FX exposure | MYR-settled |
| Index | FTSE Shariah USA (~209 stocks) | DJ Islamic US Titans 50 (51 stocks) |
| Expense Ratio | 0.50% | 0.475% |
| AUM | USD 734M (large) | RM 225M (~USD 48M) |
| Top holding | MSFT 15.49% | NVDA 10.50% |
| Nvidia exposure | ~4.0% | 10.50% |
| US WHT on dividends | 30% withheld | No additional WHT |
| Broker needed | US market account | Any Bursa broker |
| Best for | Already using moomoo/Rakuten US; broader diversification | Most Malaysian retail investors |
HLAL pays quarterly dividends (~0.5% yield). A 30% US withholding tax is deducted at source. Malaysia has no tax treaty reducing this for individual investors. Since HLAL is primarily a capital growth play, the practical impact is small — but it’s a real cost not applicable to 0827EA.
Choose 0827EA (Bursa) if: You want simplicity — MYR settlement, standard Bursa account, SC Malaysia regulated, no FX conversion. Slightly lower fee. Perfect for most retail investors.
Choose HLAL if: You already have a moomoo/Rakuten US account, want ~209-stock breadth vs 51 stocks, and are comfortable managing USD exposure.
You need a broker with US market access. Several SC Malaysia-licensed platforms offer this.