HLAL vs USCL: Grades, Fees and Holdings Compared

Wahed FTSE USA Shariah ETF

HLALCNasdaq

iShares Climate Conscious & Transition MSCI USA ETF

USCLANasdaq

Overlap

63.1%by weight

Expense ratio

USCL −0.42pt a year

HLAL0.50%USCL0.08%

Avg volume · 30D

HLAL 4.3×the volume

HLAL56KUSCL13.1K

3Y return · a year

HLAL +0.3pt

HLAL+21.8%USCL+21.5%

HLAL vs USCL Performance

Oct 31, 2025 – Oct 30, 2026

+17.0%HLAL+7.3%USCL

Expense ratio: HLAL 0.50%; USCL 0.08%, better
Fund size: HLAL $972M; USCL $2.77B
1Y total return: HLAL +17.0%, better; USCL +7.3%
Yield (12M): HLAL 0.38%; USCL 1.06%, better
Holdings: HLAL 200; USCL 394
Avg volume (30D): HLAL 56K sh, better; USCL 13.1K sh
NAV per share: HLAL $73.39; USCL $85.14
52W range

ETF.net Grade

Pillar letters and Scores for HLAL, USCL, with each pillar’s weight
Pillar	HLAL	USCL
Cost30% weight	F17	A99Higher
Mission25% weight	A92	Not scored
Risk15% weight	D38	C52Higher
Tradability15% weight	C51	A70Higher
Holdings10% weight	F22	D36Higher
Durability5% weight	B59	A70Higher

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. HLAL and USCL are both graded against the same 47 US ESG & Values Index funds, so their Grades compare head to head.

US ESG & Values Index⁠

Category · 47 funds

See all 47 ›

USCL ranks 8th and HLAL 36th of 47 funds in the US ESG & Values Index Category.

Rank 8AEVUSiShares ESG Aware MSCI USA Value ETFScore 73
Rank 8AUSCLiShares Climate Conscious & Transition MSCI USA ETFScore 73
Rank 10AESGVVanguard ESG U.S. Stock ETFScore 72
Rank 35CTPSCTimothy Plan US Small Cap Core ETFScore 47
Rank 36CHLALWahed FTSE USA Shariah ETFScore 46
Rank 36CTPLCTimothy Plan US Large/Mid Cap Core ETFScore 46

Our read on each fund

ETF.net Research

HLALCWahed FTSE USA Shariah ETF

USCLAiShares Climate Conscious & Transition MSCI USA ETF

In short

HLAL The original US-listed halal equity ETF: roughly 220 large and mid-cap American stocks that clear FTSE's Shariah business and balance-sheet screens, with a per-share purification figure published every quarter.

USCL Most ESG index funds work by exclusion. USCL scores roughly 400 US large and mid caps on where they're heading instead: emissions intensity, reduction targets, green revenue. And it charges 0.08% a year to do it.

Stated mandate

HLAL The Fund seeks to track, before fees and expenses, the total return of the FTSE USA Shariah Index.

USCL The Fund seeks to track an index of U.S. large- and mid-capitalization companies selected for their relative positioning on the transition to a low-carbon economy, using climate-related measures such as emissions intensity, reduction targets, green-business revenue, and climate-risk management.

Why people hold it

HLAL No alcohol, gambling or conventional banking, and debt plus cash-and-interest items must each stay under 33.333% of total assets. Yasaar Limited runs the screens.lseg.com wahedinvest.com
The fund posts a per-share purification amount each quarter, generally before the dividend, so holders can donate the non-compliant sliver instead of estimating it.wahedinvest.com
Launched in 2019 as the first US-listed Shariah-compliant equity ETF, and it still carries the size and volume that keep a screened niche fund practical to trade.nasdaq.com
Plain index replication of the FTSE USA Shariah Index, and it hugs that benchmark about as closely as anything in its peer group.

USCL At 0.08% a year, it matches the cheapest fund in its ESG cohort (XVV) and undercuts ESGV, SNPE, EFIV and ESGU.ishares.com
The index doesn't just screen out offenders. It selects on transition evidence: emissions intensity, reduction targets, green-business revenue, climate-risk management.ishares.com
About 400 US large and mid caps, so it reads as core equity exposure with a climate tilt, not a narrow clean-energy sector bet.
A multi-billion-dollar iShares fund that sticks tightly to the MSCI USA Extended Climate Action Index, one of the cleaner implementations in its peer group.

Worth knowing

HLAL 0.50% a year sits well above plain-vanilla large-cap peers (ILCB charges 0.03%). The screening and purification machinery is what the extra buys.
Interest-based screens rule out banks and insurers, leaving roughly 220 names tilted toward technology and healthcare, so it can behave differently from the broad market.lseg.com nasdaq.com
Distributions come quarterly, and acting on the published purification amount is the shareholder's job, not the fund's.wahedinvest.com

USCL Trading is thin for a fund this size, so spreads can widen. Limit orders are the standard tool here.
Climate scoring reshapes the sector and name mix, so results can diverge from a plain US large-cap index in either direction.
Launched in 2023, so its history is short next to the older ESG funds it competes with.

Full HLAL profile⁠

Full USCL profile⁠

HLAL vs USCL Holdings

How HLAL and USCL differ

Overlap by weight

63.1%

Shared holdings make up 95.2% of HLAL and 63.1% of USCL.

Level by level

Holdings163 in both63.1%
Sector11 Sectors77.7%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in HLAL and USCL, widest gap first
Sector	More in HLALMore in USCL	HLAL	USCL
Technology	HLAL +15.1 points	56.9%	41.8%
Financials	USCL +9.6 points	0.0%	9.6%
Consumer Discretionary	USCL +5.2 points	4.5%	9.7%
Energy	HLAL +4.7 points	6.8%	2.1%
Industrials	USCL +2.6 points	4.2%	6.8%
Communication	HLAL +1.6 points	12.1%	10.5%
Consumer Staples	USCL +1.6 points	2.6%	4.2%
Health Care	USCL +1.5 points	9.1%	10.6%
Utilities	USCL +1.4 points	0.2%	1.6%
Materials	HLAL +0.7 points	2.3%	1.6%
Real Estate	USCL +0.6 points	1.1%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in HLAL and USCL, widest gap first
Country	More in HLALMore in USCL	HLAL	USCL
United States	HLAL +0.3 points	99.6%	99.3%
Switzerland	USCL +0.1 points	0.1%	0.2%
China	HLAL +0.1 points	0.2%	0.1%
Brazil	USCL +0.1 points	0.0%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	HLAL +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

HLAL57.7%
USCL44.8%

Securities held

HLAL199
USCL391

Asset class

HLAL: Equity
USCL: Equity

Holdings

Only in HLAL36
In both163
Only in USCL228

Only in HLAL

36 securities, 4.0% of HLAL by weight

Texas Instruments Inc0.70%
Sandisk Corp0.47%
TJX Cos Inc/The0.38%
Marathon Petroleum Corp0.31%
Valero Energy Corp0.27%
Phillips 660.27%
Devon Energy Corp0.14%
Strategy Inc0.12%
Carvana Co0.11%
Roper Technologies Inc0.11%
ResMed Inc0.09%
DR Horton Inc0.09%
Axon Enterprise Inc0.08%
ROBLOX Corp0.08%
Atmos Energy Corp0.07%
Quest Diagnostics Inc0.07%
Qnity Electronics Inc0.06%
PulteGroup Inc0.06%
Steris PLC0.06%
Snap-on Inc0.04%
Southern Copper Corp0.04%
Lennar Corp0.04%
LyondellBasell Industries NV0.04%
Genuine Parts Co0.04%
Burlington Stores Inc0.04%
NVR Inc0.04%
Medline Inc0.04%
MasTec Inc0.03%
Rollins Inc0.03%
GLOBALFOUNDRIES Inc0.01%
Mobility Global Inc0.01%
Southwest Airlines Co0.01%
News Corp<0.01%
Ubiquiti Inc<0.01%
Liberty Media Corp<0.01%
Lennar Corp<0.01%

Only in USCL

228 securities, 36.8% of USCL by weight

Amazon.com Inc4.37%
Visa Class A1.29%
JPMorgan Chase & Co1.26%
Walmart1.02%
AbbVie0.98%
Mastercard Class A0.97%
Palantir Technologies Class A0.75%
UnitedHealth Group0.69%
Merck & Co Inc0.69%
Home Depot0.62%
Thermo Fisher Scientific0.49%
Netflix0.49%
Amgen Inc0.47%
Bank of America0.46%
Ge Aerospace0.44%
Costco Wholesale Corp0.42%
Caterpillar Inc0.40%
Gilead Sciences0.40%
Goldman Sachs Group0.37%
Pepsico0.35%
Verizon Communications Inc0.35%
Mcdonalds Corp0.35%
International Business Machines Co0.34%
Arista Networks0.34%
Union Pacific0.34%
Nextera Energy0.33%
Oracle0.32%
American Express0.32%
BlackRock0.32%
Deere0.31%
Morgan Stanley0.31%
Accenture PLC Class A0.30%
Charles Schwab0.27%
Walt Disney0.27%
Eaton PLC0.27%
S&P Global0.27%
Bristol Myers Squibb0.24%
Wells Fargo0.24%
Prologis Reit0.22%
Starbucks Corp0.22%
Automatic Data Processing Inc0.22%
Booking Holdings0.22%
Cme Group Class A0.21%
Citigroup0.20%
Snowflake0.19%
Amphenol Corp Class A0.18%
Marsh0.18%
Csx0.18%
Chubb0.18%
Intercontinental Exchange Inc0.18%

Weight gaps

The 100 widest of 163 Holdings in both funds.

Holding weights in HLAL and USCL, widest gap first
Holding	More in HLALMore in USCL	HLAL	USCL
NVIDIA CorpNVDA	HLAL +3.18 points	12.02%	8.84%
Apple IncAAPL	HLAL +2.78 points	12.29%	9.51%
ExxonMobil Holdings CorpXOM	HLAL +2.78 points	3.51%	0.73%
Microsoft CorpMSFT	HLAL +2.75 points	9.67%	6.92%
Micron Technology IncMU	HLAL +2.12 points	2.58%	0.47%
Broadcom IncAVGO	HLAL +1.17 points	3.94%	2.77%
Alphabet IncGOOGL	HLAL +0.97 points	4.06%	3.08%
Alphabet IncGOOG	HLAL +0.86 points	3.30%	2.44%
Meta Platforms IncMETA	HLAL +0.83 points	3.37%	2.54%
Intel CorpINTC	HLAL +0.76 points	1.03%	0.27%
Tesla IncTSLA	HLAL +0.74 points	2.89%	2.15%
Advanced Micro Devices IncAMD	HLAL +0.71 points	2.26%	1.55%
Chevron CorpCVX	HLAL +0.64 points	1.05%	0.41%
Eli Lilly & CoLLY	HLAL +0.52 points	2.65%	2.13%
Welltower IncWELL	HLAL +0.50 points	0.81%	0.31%
Western Digital CorpWDC	HLAL +0.48 points	0.66%	0.18%
Johnson & JohnsonJNJ	HLAL +0.39 points	1.63%	1.24%
Applied Materials IncAMAT	HLAL +0.38 points	0.82%	0.44%
GE Vernova IncGEV	HLAL +0.37 points	0.59%	0.22%
Lam Research CorpLRCX	HLAL +0.36 points	0.78%	0.42%
Cisco Systems IncCSCO	HLAL +0.28 points	1.05%	0.77%
ConocoPhillipsCOP	HLAL +0.27 points	0.45%	0.18%
Procter & Gamble Co/ThePG	HLAL +0.21 points	0.92%	0.71%
Coca-Cola Co/TheKO	HLAL +0.21 points	0.89%	0.68%
Palo Alto Networks IncPANW	HLAL +0.19 points	0.75%	0.56%
Seagate Technology Holdings PLCSTX	HLAL +0.19 points	0.39%	0.20%
Abbott LaboratoriesABT	HLAL +0.18 points	0.44%	0.26%
Intuitive Surgical IncISRG	HLAL +0.17 points	0.39%	0.22%
Dell Technologies IncDELL	HLAL +0.17 points	0.35%	0.18%
Stryker CorpSYK	HLAL +0.17 points	0.26%	0.09%
QUALCOMM IncQCOM	HLAL +0.15 points	0.48%	0.33%
Marvell Technology IncMRVL	HLAL +0.15 points	0.47%	0.32%
Kla CorpKLAC	HLAL +0.15 points	0.54%	0.39%
Analog Devices IncADI	HLAL +0.14 points	0.52%	0.38%
Waters CorpWAT	HLAL +0.13 points	0.22%	0.09%
Medtronic PLCMDT	HLAL +0.14 points	0.31%	0.17%
EOG Resources IncEOG	HLAL +0.13 points	0.21%	0.08%
Linde PLCLIN	HLAL +0.12 points	0.57%	0.45%
United Parcel Service IncUPS	HLAL +0.12 points	0.20%	0.08%
Workday IncWDAY	HLAL +0.12 points	0.19%	0.07%
McKesson CorpMCK	HLAL +0.12 points	0.28%	0.16%
Ross Stores IncROST	HLAL +0.11 points	0.18%	0.07%
Corning IncGLW	HLAL +0.11 points	0.25%	0.14%
Salesforce IncCRM	HLAL +0.11 points	0.45%	0.34%
FedEx CorpFDX	HLAL +0.10 points	0.17%	0.07%
Uber Technologies IncUBER	HLAL +0.10 points	0.32%	0.22%
West Pharmaceutical Services IncWST	HLAL +0.10 points	0.14%	0.04%
Pfizer IncPFE	HLAL +0.09 points	0.42%	0.33%
Ferguson Enterprises IncFERG	HLAL +0.09 points	0.11%	0.02%
WW Grainger IncGWW	HLAL +0.09 points	0.15%	0.06%
Coherent CorpCOHR	HLAL +0.09 points	0.11%	0.02%
Danaher CorpDHR	HLAL +0.09 points	0.37%	0.28%
Hewlett Packard Enterprise CoHPE	HLAL +0.09 points	0.19%	0.10%
Williams-Sonoma IncWSM	HLAL +0.08 points	0.14%	0.06%
Cummins IncCMI	HLAL +0.08 points	0.18%	0.10%
Xylem Inc/NYXYL	HLAL +0.08 points	0.12%	0.04%
Newmont CorpNEM	HLAL +0.08 points	0.29%	0.21%
ServiceNow IncNOW	HLAL +0.08 points	0.28%	0.20%
Archer-Daniels-Midland CoADM	HLAL +0.07 points	0.09%	0.02%
Vertiv Holdings CoVRT	HLAL +0.07 points	0.23%	0.16%
Digital Realty Trust IncDLR	HLAL +0.08 points	0.17%	0.09%
Vertex Pharmaceuticals IncVRTX	HLAL +0.07 points	0.34%	0.27%
Zimmer Biomet Holdings IncZBH	HLAL +0.06 points	0.09%	0.03%
Cencora IncCOR	HLAL +0.06 points	0.15%	0.09%
Johnson Controls International plcJCI	HLAL +0.07 points	0.24%	0.17%
Regeneron Pharmaceuticals IncREGN	HLAL +0.07 points	0.20%	0.13%
AT&T IncT	HLAL +0.06 points	0.34%	0.28%
Fastenal CoFAST	HLAL +0.07 points	0.15%	0.08%
Trane Technologies PLCTT	HLAL +0.06 points	0.23%	0.17%
Nucor CorpNUE	HLAL +0.06 points	0.15%	0.09%
Synopsys IncSNPS	HLAL +0.06 points	0.22%	0.16%
Emerson Electric CoEMR	HLAL +0.07 points	0.24%	0.17%
Cadence Design Systems IncCDNS	HLAL +0.06 points	0.23%	0.17%
Cardinal Health IncCAH	HLAL +0.06 points	0.14%	0.08%
Jabil IncJBL	HLAL +0.06 points	0.07%	0.01%
Dexcom IncDXCM	HLAL +0.06 points	0.07%	0.01%
SempraSRE	HLAL +0.06 points	0.14%	0.08%
Quanta Services IncPWR	HLAL +0.06 points	0.23%	0.17%
Becton Dickinson & CoBDX	HLAL +0.05 points	0.13%	0.08%
Weyerhaeuser CoWY	HLAL +0.06 points	0.08%	0.02%
Adobe IncADBE	HLAL +0.05 points	0.24%	0.19%
3M CoMMM	HLAL +0.05 points	0.22%	0.17%
PACCAR IncPCAR	HLAL +0.05 points	0.13%	0.08%
Teradyne IncTER	HLAL +0.05 points	0.11%	0.06%
Vylor IncVYLR	HLAL +0.05 points	0.12%	0.07%
Westinghouse Air Brake Technologies CorpWAB	HLAL +0.05 points	0.12%	0.07%
NetApp IncNTAP	HLAL +0.06 points	0.11%	0.05%
Carrier Global CorpCARR	HLAL +0.05 points	0.11%	0.06%
Garmin LtdGRMN	HLAL +0.05 points	0.11%	0.06%
SLB LtdSLB	HLAL +0.05 points	0.20%	0.15%
NIKE IncNKE	HLAL +0.04 points	0.11%	0.07%
Occidental Petroleum CorpOXY	HLAL +0.04 points	0.11%	0.07%
TE Connectivity PLCTEL	HLAL +0.04 points	0.16%	0.12%
Illumina IncILMN	HLAL +0.04 points	0.11%	0.07%
Cintas CorpCTAS	HLAL +0.04 points	0.18%	0.14%
Mondelez International IncMDLZ	HLAL +0.04 points	0.20%	0.16%
CBRE Group IncCBRE	HLAL +0.04 points	0.09%	0.05%
Flex LtdFLEX	HLAL +0.04 points	0.08%	0.04%
Ecolab IncECL	HLAL +0.04 points	0.18%	0.14%
Boston Scientific CorpBSX	HLAL +0.04 points	0.16%	0.12%

All 200 HLAL holdings⁠All 391 USCL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HLAL vs USCL Cost

Overpaying HLAL vs USCL

$8,290

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HLAL 0.50%
$9,979
USCL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

HLAL 0.50%
USCL 0.08%
Overpaying

Year by year

Year	HLAL	USCL	Overpaying
10	$900	$147	$753
20	$3,460	$575	$2,885
30	$9,979	$1,689	$8,290

Expense ratio

0.50%HLAL
0.08%USCL, cheaper

USCL0.08%HLAL0.50%

0.08%0.95%

Middle half of US ESG & Values Index funds
Median 0.25%

USCL cheapest of 47 funds

HLAL 40th cheapest of 47 funds

HLAL vs USCL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HLAL 0.38%; USCL 1.06%, better
Payout (12M): HLAL $0.27; USCL $0.91
Last payment: HLAL $0.10; USCL $0.20
Ex-dividend: HLAL Sep 24, 2026; USCL Sep 15, 2026
Paid on: HLAL Sep 25, 2026; USCL Sep 18, 2026
Frequency: HLAL Quarterly; USCL Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

HLALQuarterly · 29 paymentsAll HLAL payments⁠

USCLQuarterly · 13 paymentsAll USCL payments⁠

HLAL vs USCL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HLAL 14.6%USCL 12.5%, better
Return per unit of riskSharpe ratio, 3 years: HLAL 1.13USCL 1.28, better
Worst fallMax drawdown, 5 years: HLAL −23.2%USCL −19.0%since Jun 2023
Market sensitivityBeta, 5 years: HLAL 1.03USCL 1.01; Market = 1

HLAL and USCL in the news

All news⁠

ETF Filings
SP Funds Trust files for two Shariah ETFs, U.S. Small Cap and Equity Income
Oct 12, 2026HLAL

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HLAL vs USCL

In short

Stated mandate

Why people hold it

Worth knowing

How HLAL and USCL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HLAL

Only in USCL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

SP Funds Trust files for two Shariah ETFs, U.S. Small Cap and Equity Income

How HLAL and USCL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HLAL

Only in USCL

Weight gaps