SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF

SP Funds S&P 500 Sharia Industry Exclusions ETF (SPUS) currently reports 214 stock positions (subject to change), placing it in the broadly constructed range by holdings breadth. The top line-up is NVDA (13.38%), AAPL (12.07%), MSFT (8.89%), with NVDA as the largest single weight at 13.38%. Together, the top three holdings account for 34.34%, which means the fund's near-term behavior will be closely tied to how its largest positions perform. The fund's architecture positions it to benefit from strength in its top holdings while the broader basket provides a degree of insulation against single-name shocks.

Looking at how effectively the underlying holdings deploy capital, ROIC is 45.19%, WACC is 10.58%, and the economic spread is 34.61%. On balance, holdings are earning returns on capital well in excess of what investors and creditors require — the defining characteristic of a high-quality compounding portfolio. Supporting metrics show ROE at 58.13% and ROA at 17.46%, a combination that helps frame whether profitability strength is broad enough to hold through different market conditions. Taken together, the return profile suggests a portfolio with credible compounding capacity if current operating execution persists.

On valuation, the portfolio registers trailing P/E of 30.91, forward P/E of 21.89, PEG of 1.92. The spread between the two P/E figures is moderate, suggesting earnings are expected to improve gradually rather than accelerate sharply. The PEG reading here implies the market is pricing growth at roughly fair value — a setup where the investment case depends more on execution than on multiple expansion. A current ratio reading of 1.91 points to holdings that are managing short-term obligations without apparent stress. Taken together, the multiple and liquidity picture suggests a portfolio that is priced for a constructive outcome — but where execution against earnings estimates will be the key determinant of whether that price is justified.

Across the three margin layers, gross margin sits at 56.02%, operating margin at 31.72%, and free cash flow margin at 24.38%. Gross margins sit in a healthy range, consistent with businesses that manage input costs effectively. Operating margins this strong typically indicate a combination of pricing power, cost discipline, and operating leverage. At this level, free cash flow margins suggest businesses that are building financial strength alongside revenue growth. Read together, these margins describe businesses that have earned their profitability rather than manufactured it through accounting — a meaningful quality signal.

Two key indicators frame the near-term view: TTM revenue growth of 23.84% a signal of strong operational momentum across the holding set, while the estimated 12-month price change of 25.81%, where the target distribution indicates incremental upside rather than outsized repricing. The near-term return case is built on whether reported trends and analyst projections can remain close enough to make current prices look justified. Whether the setup resolves positively or negatively will depend as much on the macro backdrop as on the capacity of the underlying businesses to deliver against current estimates. The estimated 12-month price change is a weighted composite of analyst price target estimates adjusted by each holding's ETF weight, sourced from publicly available data, and should not be interpreted as a reliable prediction of future performance.

The full scorecard here is hard to argue with: capital efficiency is strong, margins are healthy, and growth is being priced constructively.

This assessment reflects quantitative metrics only and does not constitute financial advice or a recommendation to buy or sell any security. Past performance is not indicative of future results.