Manzil MNZL is the pick if you want a 0.40% expense ratio and a wide US AAOIFI screen. The Canadian product record lists about 480 names in August 2026. Wahed HLAL is the pick if you want Wahed's FTSE USA Shariah ETF, screened by Yasaar, with about $914 million in net assets on the August 2026 Canadian record. Both are US-listed. Buying them from Canada still has FX. A CAD currency hedge is not a Shariah screen. This page will not invent a CAD-hedged ticker that is not on the product record. Manzil investing accounts that can hold a managed overlay are available in every province and territory. Start on the investing hub and the Manzil provider page.
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What the Records Compare
| Fact | MNZL | HLAL |
|---|---|---|
| Provider on this site | Manzil | Wahed |
| Screen | AAOIFI via Russell IdealRatings Manzil Halal USA Broad Market Index, plus the human-rights overlay named on the record | FTSE USA Shariah Index, Yasaar |
| Expense ratio / AUM on the Canadian record | 0.40% expense ratio. Wide US book, about 480 names in August 2026 | About $914 million net assets in August 2026. TER is not restated on the Canadian HLAL row |
| Where Manzil accounts are available | Every province and territory | HLAL is a US-listed ETF. Access is through a brokerage, not a Manzil exclusive |
Read the sibling pages before you concentrate a TFSA in one ticker: Manzil Russell Halal USA ETF and CAD-hedged vs unhedged. Idle cash interest still matters while CAD sits waiting to convert.
Frequently Asked Questions
Is MNZL cheaper than HLAL?
MNZL publishes 0.40% on the Canadian record. The Canadian HLAL row on this site does not restate a TER. Do not invent one. Compare the prospectus you will actually buy.
Can I hold HLAL in a Manzil TFSA?
Manzil TFSA accounts are available in every province and territory. What each account can hold is the account contract, not this blog. Confirm the holding list with Manzil before you assume a US ticker is inside the TFSA.
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Does a CAD-hedged share class exist?
Not on this product record. Do not invent one. FX is a currency fact, not a Shariah screen.
Which is more concentrated?
MNZL's Canadian record describes a wide US book of about 480 names in August 2026. HLAL tracks a FTSE USA Shariah index. Count holdings from the current factsheet, not from memory.
Bottom Line
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See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
MNZL if you want Manzil's cheap wide US AAOIFI ETF. HLAL if you want Wahed's FTSE USA Shariah ETF. Both still have USD. Confirm the wrapper before you click buy.
