AMAGX vs AMIGX: Fees & Key Differences

AMAGX and AMIGX are two share classes of the same Amana Growth Fund, run by Saturna Capital. They hold the same portfolio. AMAGX charges 0.86% a year and AMIGX charges 0.61%, based on the September 28, 2026 prospectus.

The difference is access. AMAGX opens with $100. AMIGX normally needs $100,000, though employer plans, Saturna IRAs and advisory programs can buy it at any amount.

Saturna's Amana Growth ETF (AMGR), launched on June 24, 2026, also charges 0.61% and has no fund minimum. In exchange, you pay a trading spread each time you buy or sell, and the fund is small with a short record.

Key takeaways

• AMAGX and AMIGX hold the same stocks. You choose by fee, minimum and the account you invest through.
• At a constant $10,000 balance, AMAGX costs $86 a year. AMIGX and AMGR each cost $61.
• AMGR's trading spread means one purchase and sale of $10,000 costs about as much as a year of its fee saving over AMAGX. The longer you hold, the more the lower fee can make up for it.
• All three hold about 30 stocks, with 57% of the money in the top 10.
• Saturna screens every Amana fund under its own Shariah criteria, and Amanie Advisors certifies each fund every quarter. Purification is your responsibility, using Saturna's yearly factor.

Table of contents

1. AMAGX vs AMIGX vs AMGR side by side
2. How to choose between AMAGX, AMIGX and AMGR
3. What AMAGX, AMIGX and AMGR really cost
4. Are Amana mutual funds halal?
5. Halal mutual funds vs halal ETFs
6. Other halal mutual funds in the US
7. Frequently asked questions

AMAGX vs AMIGX vs AMGR side by side

Fees from the prospectuses dated September 28, 2026 (AMAGX, AMIGX) and June 24, 2026 (AMGR). Mutual fund size as of August 31, 2026 and stocks as of September 30, 2026. AMGR size, stocks and spread as of November 5, 2026.

The 0.25% gap between the two classes is AMAGX's 12b-1 fee, a yearly distribution charge. It is the only difference in their expense ratios. Over the 10 years to December 31, 2025, AMAGX returned 16.38% a year and AMIGX 16.66%.

AMGR follows the same strategy with the same three managers. All 29 of its stocks on November 5, 2026 were also in the mutual fund on September 30, 2026.

A concentrated growth portfolio

Whichever version you pick, you own a concentrated, actively managed portfolio. On October 30, 2026, the fund's 10 largest holdings made up 57.3% of its assets and technology made up 50.8%, led by Apple (AAPL), TSMC (TSM) and Nvidia (NVDA). An index ETF such as SPUS spreads your money across about 240 US stocks. If you are choosing a core retirement holding, compare the two approaches before you compare share classes.

How to choose between AMAGX, AMIGX and AMGR

The three share one strategy, so your choice comes down to your account, your balance and how often you buy.

• Your 401(k) or 403(b) offers AMIGX. You get the 0.61% class at any amount.
• You invest through an IRA. A Saturna Trust Company IRA gives you AMIGX at any amount. At a brokerage, it depends on which class your broker carries.
• You have $100,000 or more. AMIGX costs $250 a year less than AMAGX on $100,000.
• You buy once and hold in a taxable account. AMGR matches AMIGX's fee and may distribute fewer capital gains. You accept a small fund, a short record and a spread on each trade.
• You invest small amounts regularly. AMAGX opens with $100 and takes additions of $25 at net asset value, though a broker may charge a transaction fee on mutual fund purchases. AMGR can work just as well if your broker offers commission-free trades and fractional shares, because the spread is a percentage of what you buy. Compare your broker's fees, the ETF's spread and how long you plan to hold.

Eligible accounts for AMIGX also include 457 plans and Saturna Trust Company ESAs and HSAs, and some brokers pool client orders to reach the minimum. If you own AMAGX and become eligible, you can convert to AMIGX at no charge, normally without a taxable event.

What AMAGX, AMIGX and AMGR really cost

At a constant $10,000 balance, the expense ratios work out to $86 a year for AMAGX and $61 for AMIGX and AMGR. Saturna's prospectus uses a different illustration, $10,000 growing 5% a year, and puts the 10-year cost at $1,061 in AMAGX and $759 in AMIGX, a $302 difference. The gap widens as your balance grows.

AMGR's trading costs

An ETF's expense ratio leaves out what you pay to trade. Over the 30 days to November 5, 2026, AMGR's median bid-ask spread was 0.27%. Buying $10,000 at the asking price and later selling at the bid costs you about $27, close to the $25 a year AMGR saves you over AMAGX. Over several years, the lower fee can more than make up for the spread.

AMGR can also trade above or below its net asset value. On November 5, 2026, it closed 0.18% below. Some brokers add a commission as well. Spreads change with trading volume and market conditions, so check the current figure on Saturna's AMGR page before you buy.

Are Amana mutual funds halal?

Saturna screens every Amana fund under its own Shariah criteria, which it developed with the Fiqh Council of North America. The screen excludes companies that earn more than 5% of revenue from haram sources, carry total debt above 33% of market capitalization or hold accounts receivable above 45% of total assets. Excluded businesses include alcohol, tobacco, pork, pornography, interest-based finance and insurance, weapons and gambling. Uninvested cash can go into murabaha (a purchase and sale contract) and wakala (an agency agreement) rather than earning riba (interest).

Amanie Advisors, an Islamic finance consultancy, certifies each fund every quarter. Its latest certification letter for the Growth Fund covers April to June 2026.

Purification for Amana funds

Saturna publishes a yearly purification factor per share for each class on its 2026 Purification Calculator. It covers the dividend income the fund's stocks earned that may come from haram sources. For the year to May 31, 2026, it is $0.005795 for AMAGX and $0.005740 for AMIGX, so 1,000 AMAGX shares come to about $5.80. You enter the shares you want to purify, and Saturna leaves the payment to you. AMGR has no factor yet. Many scholars advise giving the amount to charity, and our stock purification guide explains the common methods.

Halal mutual funds vs halal ETFs

Both mutual funds and ETFs can be Shariah-compliant. Scholars look at what a fund invests in and how it operates, including how it handles cash, borrowing, derivatives and securities lending, as our guide to index funds explains. Once a fund meets those requirements, the choice between the two structures comes down to taxes, pricing and minimums.

Taxes

In a taxable account, you generally pay tax on the capital gains a mutual fund distributes, even while you keep your shares. The Amana Growth Fund distributed $3.14 a share in the year to May 31, 2025, about 4% of its share price, and no capital gains the next year.

The SEC says ETFs "typically have fewer capital gains distributions," mainly because they hand out stocks rather than cash when large investors redeem. AMGR's prospectus lets it pay redemptions in cash, which can force it to sell stocks and realize gains, so AMGR may be more tax-efficient than the mutual fund, but its tax advantage is unproven. It had made no distributions as of November 5, 2026. Inside an IRA or 401(k), capital gains distributions generally don't create an immediate tax bill, so the ETF's potential tax advantage matters less.

Pricing and minimums

You buy or sell a mutual fund at its net asset value, set once at the end of each business day. An ETF trades all day at a market price, by the share, and fractional shares depend on your broker. Some self-directed 401(k) windows list mutual funds only, and our guide to checking your 401(k) plan shows how to review your options.

Other halal mutual funds in the US

These US mutual funds invest under Islamic guidelines and cover different goals from the Growth Fund.

Fees and minimums from each fund's latest prospectus: Amana and Iman September 2026, Azzad November 2026 and SP Funds February 2026. Iman and Azzad fees are after waivers that run through 2028 and 2029.

If you prefer ETFs, such as SPUS at 0.45% or HLAL at 0.50%, our list of the best halal ETFs covers the full range.

Frequently asked questions