Their international roles
SPWO and UMMA both provide Shariah-screened exposure to equities outside the United States, but through different index families. SPWO tracks the S&P DM Ex-U.S. & EM 50/50 Shariah Index — a blend of developed (ex-US) and emerging-market Shariah indexes — while UMMA tracks the Dow Jones Islamic Market International Titans 100 Index. Both are administered by S&P Dow Jones Indices LLC.
Benchmark and screening differences
SPWO's prospectus states that S&P engages a third-party consultant to screen constituents for non-compliant business activities and leverage, but does not name the consultant. UMMA's summary prospectus names Ratings Intelligence Partners (RIP) as the Shariah consultant engaged by the index provider for ongoing monitoring. The screening attribution is therefore recorded differently for each fund, exactly as each provider discloses it. The geographic mixes also differ: SPWO blends developed ex-US and emerging markets 50/50, while UMMA selects the top 100 Shariah-compliant companies by float-adjusted market capitalisation across developed, emerging and frontier markets outside the US.
Holdings information
Both providers publish dated holdings lists (SP Funds publishes a SPWO holdings file; Wahed publishes a UMMA holdings sheet). This page does not show a side-by-side holdings chart, because the two lists use different reporting dates and formats and a merged or overlap view could mislead. Read each list on its own effective date instead.
Fees and distribution policies
SPWO reports an expense ratio of 0.55% and distributes monthly; UMMA reports 0.65% and distributes quarterly. Both trade on US exchanges and are US-domiciled, so a GCC investor pays brokerage, currency-conversion and settlement costs on top of the fund's own fees.
Performance and track-record limitations
Both funds have short track records: UMMA incepted in January 2022 and SPWO in December 2023. The annualized since-inception returns shown in the table are third-party data with their own reporting date, and a high annualized figure over a short window reflects a narrow set of market conditions, not a more reliable fund.
Purification documents
Where a provider publishes purification or dividend-purification guidance, the link appears on that fund's official page and is referenced from the sources below. Halal ETF Planner does not independently certify purification amounts; they remain the provider's published figures.
Research checklist
Before choosing, confirm on each provider's current documents: the benchmark and its administrator, the screening consultant (and whether it is named), the expense ratio, the distribution frequency, the holdings list with its date, and any purification guidance.