SP Funds S&P Global Technology ETF (SPTE)
SP Funds S&P Global Technology ETF operates in the Asset Management - Global industry of the Financial Services sector, headquartered in Bellevue, WA, US. The stock last traded at $48.15, up 1.56% on the session, giving a market capitalisation of $135.6M. Its beta of 1.60 implies it has historically moved more than the broad market.
SPTE is an ETF designed to track a global index composed of leading information technology companies, all rigorously screened for adherence to Shariah principles. The fund strictly excludes businesses involved in activities deemed non-compliant with Islamic law, such as gambling, tobacco, or alcohol production and sales. Furthermore, companies with financial leverage that contravenes Shariah regulations are also omitted from the index. The benchmark employs a float-adjusted market capitalization weighting system, with individual issuer allocations capped at 10% and country allocations limited to 50%. SPTE also has the flexibility to invest up to 20% of its assets in other Shariah-compliant securities not directly part of the index, based on adviser recommendations, to help maintain alignment with the index's performance. The overall objective of SPTE is to provide balanced exposure to the technology sector while upholding Shariah guidelines and delivering consistent returns akin to its underlying index.
SP Funds S&P Global Technology ETF is most often compared with the following Financial Services names: