Manzil Russell Halal USA Broad Market ETF (MNZL) is an AAOIFI-screened US large-cap fund on Nasdaq since 18 November 2025. Expense ratio 0.40%. About 480 holdings as of August 2026. It tracks the Russell IdealRatings Manzil Halal USA Broad Market Index (Russell 1000 parent), with an AFSC human-rights overlay and Manzil Shariah Supervisory Board oversight. AUM was $25.3 million as of 4 August 2026. Small AUM is a real caveat versus DIY US-listed HLAL or SPUS.
Manzil investing (TFSA, RRSP, FHSA and the rest of that set) is available in every Canadian province and territory. DIY purchases of US-listed halal ETFs still face FX. See Norbert's Gambit for US halal ETFs and US-listed halal ETFs in a Canadian TFSA. Compare the rest of the stack on the investing hub.
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What MNZL Is
| Fact | On the product record |
|---|---|
| Ticker / name | MNZL, Manzil Russell Halal USA Broad Market ETF |
| Index | Russell IdealRatings Manzil Halal USA Broad Market Index (Russell 1000 parent) |
| Screen / overlay | AAOIFI. AFSC human-rights overlay |
| Oversight | Manzil Shariah Supervisory Board |
| Expense ratio | 0.40% |
| Holdings | About 480 as of August 2026 |
| Listing | Nasdaq since 18 November 2025 |
| AUM | $25.3 million as of 4 August 2026 |
| Who can access Manzil investing | All Canadian provinces and territories |
Those are the facts this page will use. It will not invent a yield, a tracking-error number, or a Manzil account fee.
MNZL vs Buying US-Listed HLAL or SPUS
HLAL and SPUS are US-listed Shariah equity ETFs you can buy at a Canadian discount broker if the broker offers US dollar trading. That path is DIY: you convert CAD to USD (paying the broker's FX, or using Norbert's Gambit), you hold a US ticker, and you still have to watch idle cash interest. MNZL is Manzil's own Russell 1000 sleeve, with IdealRatings screening plus the AFSC overlay, under Manzil's board. It is still a US large-cap equity fund. It is not a Canadian bond fund and it is not a managed robo by itself, even though you may hold it inside a Manzil account.
| Job | MNZL | DIY HLAL or SPUS |
|---|---|---|
| What you are buying | Manzil / Russell 1000 halal USA broad market ETF | A different US-listed Shariah equity ETF at your broker |
| FX | Nasdaq-listed. CAD-to-USD still matters if you buy it as a US ticker at a discount broker | Same FX problem. See the Norbert's Gambit guide if you want to cut conversion cost |
| AUM / age | $25.3M as of 4 August 2026. Listed 18 November 2025. Small and young | Larger, older US-listed funds. Size is the main reason some households still prefer them |
| Account | Hold via Manzil (available in every province and territory) or a broker that lists MNZL | Your DIY TFSA, RRSP, or FHSA at IBKR, Wealthsimple, Questrade, and similar |
| TFSA withholding | US-listed equity ETFs can still face dividend withholding in a TFSA. Confirm with a tax accountant | Same issue. Read the TFSA US-listed ETF guide |
Treat Small AUM as a Real Caveat
$25.3 million is a small fund. A listing that began on 18 November 2025 is a young fund. Small, young ETFs can have wider spreads, lumpier creation/redemption, and a higher chance the issuer later closes the product if assets stay thin. That is not a Shariah objection. It is a product-persistence objection. If you need one ticker you can ignore for 20 years, size and age are part of the decision. If you already use Manzil for the rest of the registered accounts, MNZL is the in-house US equity sleeve with a published 0.40% ER, about 480 holdings, and named oversight. Re-read the factsheet before you concentrate a large TFSA in it.
How Canadians Actually Hold It
- Manzil registered accounts (TFSA, RRSP, FHSA, and the rest of that set) are available in every province and territory. Ask whether MNZL sits inside a portfolio or as a named ticker you can overweight
- DIY at a Canadian broker: confirm the broker lists MNZL, then treat FX and idle cash the same way you would for HLAL or SPUS
- Do not use a bank stock as a Norbert's Gambit vehicle to fund any of these purchases. Screen the vehicle. See the Gambit guide
- Turn off interest on CAD or USD cash sitting between the conversion and the buy
Frequently Asked Questions
Is MNZL available in every Canadian province?
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Manzil investing is available in every province and territory. MNZL is the Manzil Russell Halal USA Broad Market ETF on Nasdaq. Ask Manzil or your broker how you will hold the ticker in your province.
What is the MNZL expense ratio?
0.40% on the product record used here. Confirm on the current factsheet before you buy.
Is MNZL safer than HLAL or SPUS because it is a Manzil fund?
No. It is still US large-cap equity. The named differences are the Russell 1000 / IdealRatings index, the AFSC overlay, Manzil's board, the 0.40% ER, and the small AUM. Safer is the wrong word. Different is the right one.
Should I use Norbert's Gambit to buy MNZL?
Only if you are buying it as a US-listed ticker at a DIY broker and you already understand the Gambit. It is a currency conversion, not a screen. Read Norbert's Gambit. Many households should use Manzil accounts instead of learning a journal for a small contribution.
Does small AUM mean I should skip MNZL?
It means you should not ignore it. $25.3 million as of 4 August 2026 is small. Size that risk against the convenience of staying inside Manzil, then decide. This page will not pretend the fund is large.
Bottom Line
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MNZL is Manzil's Nasdaq-listed Russell 1000 halal USA ETF: 0.40% ER, about 480 holdings, AAOIFI plus an AFSC overlay, listed 18 November 2025, $25.3 million AUM as of 4 August 2026. Manzil investing is available nationwide in Canada. Small AUM is a real caveat versus DIY HLAL or SPUS. Compare on the investing hub and the Manzil provider page.
