--- title: "Wahed Review 2026: Halal Robo Portfolio Costs, HLAL, UMMA and KWIN, the SEC Orders and Wahed Real Estate" url: https://altstreet.investments/platforms/reviews/wahed kind: platform-review updated: 2026-10-28 description: "Wahed review 2026: what Wahed's halal robo portfolios cost by account size, how HLAL, UMMA and the KWIN forward-sale fund work, the 2022 and 2024 SEC orders, the Everyday Shariah Account and Wahed Real Estate." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Wahed Review 2026: Halal Robo Portfolio Costs, HLAL, UMMA and KWIN, the SEC Orders and Wahed Real Estate Wahed is a Shariah-screened robo-adviser: from $100, Wahed Invest LLC places US clients in portfolios built mostly from ETFs it advises or sub-advises, for 0.49% a year plus a $60 annual fee below $100,000, which makes small accounts expensive. The SEC sanctioned the adviser in 2022 and 2024 over marketing and an undisclosed conflict in seeding its own ETF with client money, and a small Regulation A real estate line sits alongside. AltStreet score: 53.4 (B-), scored October 28, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Wahed | | What it is | Shariah-Screened Robo-Adviser and ETF Sponsor, with Regulation A Single-Family Rental Offerings | | Asset class | Wrap-fee advisory accounts holding Shariah-screened ETFs, sukuk and gold; a hedged forward-sale income ETF; per-home series and a pooled single-family rental fund | | Website | wahed.com | | Review first published | October 27, 2026 | | Last updated | October 28, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Wahed, founded in New York in 2015, sells Shariah-screened investing worldwide; its US business is Wahed Invest LLC, an SEC-registered adviser with $1.29 billion of regulatory assets, 30,683 accounts and nine employees (Form ADV, October 2026). Clients open an app account from $100 and are placed in one of six portfolios, most of which sits in ETFs Wahed advises (HLAL, UMMA) or sub-advises (KWIN); Wahed waives its 0.49% wrap fee on those funds and is paid through them instead. Below $100,000 a $60 annual fee also applies, so on $1,000 the estimated yearly cost of a Moderate portfolio is about 6.5% before sukuk and gold fund expenses, and about 1.1% on $10,000. The SEC sanctioned the adviser in 2022 ($300,000) for misleading marketing and for using more than $13 million of client assets to seed HLAL without disclosing the conflict, and in 2024 ($250,000) for undisclosed paid endorsements and hypothetical performance shown without required policies. Today's site again shows hypothetical, backtested results, which the rule allows with adequate policies; public disclosures do not show whether current controls meet it. A Shariah process document still linked from the site says Wahed cannot use options in its portfolios, while five of six portfolios now hold KWIN, a separately certified fund that pairs stocks with options to lock in a forward sale price. A small real estate line, about $5.2 million across four homes and a pooled fund, buys homes from Wahed's manager at cost; both vehicles carry going-concern paragraphs. - **$13 million** Client assets Wahed Invest used to seed its own HLAL ETF at launch in 2019 without first disclosing the conflict, one of the findings in the SEC's 2022 order, settled for $300,000 without admitting or denying. - **About 6.5%** Estimated yearly cost of a $1,000 Moderate portfolio before sukuk and gold fund expenses; the $60 fee alone is 6%. About 1.1% on $10,000 and 0.52% on $100,000. - **9.8% to 79.2%** KWIN's share of five of the six US portfolios. KWIN holds stocks and sells them forward through paired options, so the share measures exposure to that hedged strategy, not to the stock market. - **$255.6M** Assets in Wahed Invest's US wrap program at September 30, 2026. The home page's '$2B+ AUM' is footnoted as a worldwide group figure; the site does not reconcile the two. Data note: Adviser figures from Form ADV (October 12, 2026) and the wrap fee brochure (October 10, 2026); fund figures from the Listed Funds Trust annual report (May 31, 2026) and KWIN's summary prospectus (July 31, 2026); real estate figures from the Reg A filings. Cost illustrations assume a constant balance, the Moderate portfolio's published mix and a full year of standard fees, and exclude sukuk and gold fund expenses, IRA trustee fees and withdrawal fees. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | $13 million | Portfolios still concentrate in funds Wahed is paid to run, so the fund choices deserve a reader's own check. | Client assets Wahed Invest used to seed its own ETF at launch without first disclosing the conflict, per the SEC's 2022 order. Settled for $300,000 and a cease-and-desist order without admitting or denying. | | About 6.5% | Estimated yearly cost of a $1,000 Moderate portfolio before sukuk and gold fund expenses; the $60 fee alone is 6%. | About 1.1% at $10,000 and 0.52% at $100,000 (AltStreet's estimate, constant balance, full year). | | 1:1 | KWIN pairs each stock position with a sold call and a bought put at the same strike and date, locking in a forward sale price. | It is 9.8% to 79.2% of five portfolios; that share measures exposure to the hedged strategy, not to the stock market. | | $255.6M | US wrap program assets; the home page's '$2B+ AUM' is footnoted as a worldwide group figure. | HLAL $917.7M and UMMA $280.5M at May 31, 2026; Wahed Invest's regulatory assets $1.29B. | ## Verdict Wahed offers a simple, Shariah-screened multi-asset portfolio and IRA from $100, built on listed, audited funds at a third-party custodian, which few US competitors do. The trade-offs are cost at small balances, because the $60 annual fee applies until $100,000; concentration in funds Wahed is paid to run, from an adviser the SEC sanctioned in 2022 for not disclosing that conflict and in 2024 over marketing; and website documents that lag the filings, including an outdated client agreement and a Shariah policy written before KWIN. KWIN itself is a hedged forward-sale strategy rather than open stock exposure, and investors using the Everyday Shariah Account for short-term money should understand that it is uninsured. The real estate line is small, priced at the manager's cost, and carries going-concern paragraphs. **Best for** - Muslim investors with $10,000 or more who want an automated screened portfolio or IRA and accept concentration in Wahed-linked funds. **Look elsewhere if** - Your balance will stay under a few thousand dollars. - You need principal that cannot fall. - You need to get real estate money back on demand. **Strengths** - Screened multi-asset portfolios and IRAs from $100 with a third-party custodian. - HLAL and UMMA are listed, independently administered and audited. - The current fee schedule is plainly stated in the brochure and Form CRS, and the wrap fee is waived on the Wahed-linked sleeve. - Real estate homes passed to investors at the manager's cost, with interest-free bridging. **Limitations** - Two settled SEC orders (2022, 2024) on marketing and on the HLAL seeding conflict. - A $60 annual fee that is 6% of a $1,000 account. - Website documents that lag the filings: the client agreement's fee schedule and a pre-KWIN Shariah policy. - Small real estate vehicles with going-concern paragraphs and limited or no liquidity. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Muslim investors with $10,000 or more who want a hands-off screened multi-asset portfolio or IRA | neutral | | | Investors who only want screened equity | neutral | | | Small savers starting with $100 to a few thousand dollars | poor-fit | | | Investors seeking liquid real estate | poor-fit | | ## Questions **Is Wahed legit?** Yes. Wahed Invest LLC is an SEC-registered adviser, client accounts are held at Apex Clearing, and its ETFs are registered, audited funds. It has also settled two SEC orders: in 2022 for misleading marketing and for seeding its own ETF with more than $13 million of client assets without disclosing the conflict ($300,000), and in 2024 for undisclosed paid endorsements and hypothetical performance shown without required policies ($250,000). **How much does Wahed cost?** 0.49% a year plus $60 a year below $100,000, with no wrap fee on the part held in Wahed-linked funds, which charge 0.50% to 0.65%. AltStreet estimates a Moderate portfolio costs about $65 a year on $1,000, $112 on $10,000 and $521 on $100,000, before sukuk and gold fund expenses. **Is the Everyday Shariah Account a savings account?** No. It is an investment account held almost entirely in KWIN, which owns stocks and locks in a forward sale price for them with paired options. The design aims at a steady, cash-like return, but it is not FDIC insured and its value can fall. **Does Wahed use options?** Not directly in client accounts, but five of its six US portfolios hold KWIN, a fund Wahed sub-advises that uses a sold call and a bought put on each stock. KWIN is certified by Abrahamic Finance; an older Wahed Shariah document still on the site says Wahed cannot use options in its portfolios. **How does Wahed Real Estate work?** Wahed Financial buys a home and resells it at cost to a series (from $500) or to Fund I (from $100), lending any gap interest-free. Investors pay sourcing, offering and asset management fees. Series cannot be redeemed; Fund I allows redemptions twice a year after six months, up to 10% of unlocked shares each time. Both vehicles carry going-concern paragraphs. **How much does Wahed manage?** The site's '$2B+' is a worldwide group figure. In the US, the wrap program held $255.6 million at September 30, 2026, HLAL and UMMA held $1.2 billion at May 31, 2026, and Wahed Invest reported $1.29 billion of regulatory assets; these measure different things and partly overlap. ## Evidence appendix Platform website captured October 28, 2026. Form ADV and brochure; the two SEC orders; the Wahed ETFs' annual report; KWIN's summary prospectus and Wahed's KWIN documents; every Reg A filing; 224 wahed.com pages and PDFs with Wayback history; peer pricing pages; app-store data; legal searches. **Highlights** - SEC 2022: 'used those clients' advisory assets, amounting to more than $13 million, as the initial equity capital for the Wahed ETF'. - Brochure: 'As of September 30, 2026, Wahed had $255,642,321 assets under management in its Wrap Fee program.' - KWIN prospectus: 'synthetic short positions in those same long positions in approximately a 1:1 to ratio through the use of options'. - Shariah process document: 'we cannot use any derivatives or options contracts in any of our portfolios'. - Fund I circular: 'we pay 6.0% of the gross proceeds from such sale of such investments to the Manager as a disposition fee'. **Primary source pages** - Wahed Invest LLC Form ADV (filed October 12, 2026) and wrap fee brochure (October 10, 2026). - SEC orders IA-5959 (February 10, 2022) and IA-6763 (November 1, 2024). - Listed Funds Trust Form N-CSR, Wahed ETFs, fiscal year to May 31, 2026. - KraneShares Wahed Alternative Income Index ETF summary prospectus (July 31, 2026); Wahed KWIN FAQ and white paper. - Wahed Real Estate Fund I LLC offering circular (December 2025), 1-SA (June 30, 2026) and 1-U reports; Wahed Real Estate Series 1 LLC FY2025 1-K. - wahed.com /pricing, /investing, /everyday-shariah-account, /kwin, /shariah, /legal, /real-estate and /real-estate/fund, with Wayback captures. ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/wahed - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/ai-quant-wealthtech --- Source page: https://altstreet.investments/platforms/reviews/wahed Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.