SPUS remains our highest-conviction US equity Shariah ETF. The AAOIFI-certified screening methodology is among the most rigorous available in the US domicile space, with debt thresholds applied at the individual holding level rather than via index proxy. The fund's size ($2.1B AUM) provides exceptional liquidity, and the 0.45% TER is competitive for a specialist screen. The tech overweight — a structural consequence of excluding financials — has been a tailwind in the current environment, though investors should note this creates meaningful valuation risk in a rotation scenario. Key risk: Single-name concentration in Microsoft (9.8%) and Apple (8.4%) exceeds our comfort threshold but reflects the underlying S&P 500 Shariah index constitution rather than an active management decision.