6d • 🌍 ETFs & Funds
Why EU investors can't buy SPUS — and the halal ETFs that actually work in Europe
A question came up in r/HalalInvestor today that I see all the time from European and UK investors:
"I want to invest in SPUS but my broker won't let me buy it. Why?"
The answer has nothing to do with the fund being halal or not. Here's what's actually happening — and what to do about it.
WHY SPUS IS BLOCKED IN THE EU
Since 2018, EU and UK regulations (PRIIP — Packaged Retail and Insurance-based Investment Products) require that any investment product marketed to retail investors must come with a standardised Key Information Document (KID).
Most US-listed ETFs don't produce a KID. They're registered with the SEC under US law and have no obligation to produce EU-format documents. So EU brokers are legally prohibited from offering them to retail investors.
This is why you can't buy SPUS, HLAL, or most US ETFs on European platforms. It's not your broker being difficult. It's the law.
WHAT YOU CAN BUY INSTEAD
The good news: the European market for halal ETFs has grown significantly. Here are your main options.
For US market exposure (closest to SPUS):
SPWI — Wahed S&P 500 Shariah UCITS ETF
- Tracks S&P 500 companies that pass FTSE Russell Islamic screening
- UCITS-compliant (EU/UK legal)
- Expense ratio: ~0.50%
- Available on most EU/UK brokers via LSE
For global developed markets:
HIWS — HSBC Islamic Global Equity Index UCITS ETF
- Covers developed markets globally (US, Europe, Japan, etc.)
- Expense ratio: 0.17% — the cheapest halal ETF available anywhere
- MSCI Islamic screening methodology
- Available on Trading 212, InvestEngine, Hargreaves Lansdown, etc.
For global developed + emerging markets (most comprehensive):
MWIM — Invesco MSCI ACWI Islamic M-Series UCITS ETF
- Single fund covering the entire investable world, screened
- Expense ratio: 0.35%
- Listed on LSE (launched 2025 — relatively new)
- The "one fund" solution for European halal investors
HOW TO CHOOSE
- Want US-only exposure (most like SPUS)? → SPWI
- Want global diversification at lowest cost? → HIWS
- Want single-fund global coverage including emerging markets? → MWIM
- Want US + global in separate funds for control? → SPWI + ISDE (emerging markets)
WHAT ABOUT SCREENING METHODOLOGY?
SPUS uses AAOIFI standards (strictest). The EU-listed alternatives mostly use MSCI Islamic or FTSE Russell Islamic methodology. The practical difference in portfolio composition is small, but if AAOIFI compliance is important to you, SPWI (FTSE) is the closest to SPUS philosophically.
For everyday investors, HIWS at 0.17% TER is often the right answer. It's cheap, it's widely available, and it gives you genuine global diversification.
Are you investing from the EU or UK? Which of these do you currently use — or are you considering switching?
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Why EU investors can't buy SPUS — and the halal ETFs that actually work in Europe
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