Manzil MNZL is the pick if you want a cheap US broad-market ETF and you accept small AUM. Mackenzie Shariah Global Equity Fund is the pick if you want an advisor-sold mutual fund at a mid MER. The Global Iman Fund is the pick if you want the longest Canadian track record and you accept a 2.79% MER and 23-name concentration. Those three records are the whole comparison on this page. Start on the investing hub and the Manzil provider page.
Read the product pages before you concentrate a TFSA in one of them: Manzil Russell Halal USA ETF (MNZL), Mackenzie Shariah Global Equity Fund, and Global Iman Fund. Manzil investing is available in every province and territory.
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Pick-If, Using Only the Product Records
| Fact | MNZL | Mackenzie Shariah Global Equity Fund | Global Iman Fund |
|---|---|---|---|
| Pick if | You want a cheap US broad-market ETF and accept small AUM | You want an advisor-sold mutual fund at a mid MER | You want the longest track record and accept 2.79% MER and 23-name concentration |
| Vehicle | US-listed ETF (Nasdaq since 18 November 2025) | Canadian mutual fund, inception February 2024 | Canadian mutual fund, Series A since March 2009 |
| Universe | Russell 1000 parent, AAOIFI screen, AFSC overlay, Manzil SSB | Dow Jones Islamic Market World Index. Ratings Intelligence | Dow Jones Islamic Market Titans 100. 23 holdings. About 66% in the top ten |
| Ongoing cost | 0.40% expense ratio | Series A 1.95% management / 2.65% MER. Series F 0.80% / 1.12% MER | 2.79% MER. Management fee cut from 2.50% to 2.45% in May 2026 |
| Size / access named here | $25.3 million AUM as of 4 August 2026. About 480 holdings as of August 2026 | $500 minimum. Sold in all 10 provinces | About $244 million AUM (Fund Facts, 30 April 2026). UBS Investment Management Canada. $500 initial / $25 subsequent. About 30 dealers |
This page will not invent a yield, a tracking-error number, a Mackenzie AUM, or a CAD-hedged ticker. Confirm the current factsheet or Fund Facts before you buy.
What You Are Actually Choosing
- MNZL: US large-cap equity ETF at 0.40%, about 480 names, young listing, small AUM. Hold via Manzil (every province and territory) or a broker that lists the Nasdaq ticker
- Mackenzie: advisor-sold global equity mutual fund. Series A costs more than Series F. $500 minimum. All 10 provinces
- Global Iman: longest Series A record (March 2009), concentrated 23-name Titans 100 book, 2.79% MER, larger AUM, about 30 dealers, $500 / $25 subsequent
Cost Is Not the Same as Concentration
0.40% is cheaper than 1.12%, 2.65%, or 2.79%. That does not make MNZL the right book if you wanted global mega-cap mutual-fund exposure with a longer Canadian history. Global Iman's 23 names and about 66% in the top ten is a concentration fact, not a rounding error. Mackenzie's Series F MER (1.12%) sits between MNZL and Series A mutual-fund pricing, but you still need the advisor-sold format. Idle cash interest is a separate problem in every account. Turn it off.
Frequently Asked Questions
Which of the three is cheapest?
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MNZL at 0.40% ER. Then Mackenzie Series F at 1.12% MER, Mackenzie Series A at 2.65% MER, then Global Iman Series A at 2.79% MER. Cheapest is not always the fit.
Which has the longest track record?
Global Iman Fund Series A since March 2009. Mackenzie inception is February 2024. MNZL listed on Nasdaq on 18 November 2025.
Is MNZL too small?
$25.3 million AUM as of 4 August 2026 is small. Treat that as a real caveat, then decide. This page will not pretend the fund is large.
Can I buy Mackenzie without an advisor?
The product record on this page is an advisor-sold mutual fund in all 10 provinces, $500 minimum. Series A and Series F are named. This page does not invent a DIY ticker for it.
Bottom Line
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Pick MNZL for cheap US broad-market ETF exposure if you accept small AUM. Pick Mackenzie for an advisor-sold mutual fund at a mid MER. Pick Global Iman for the longest track record if you accept 2.79% MER and 23-name concentration. Compare on the investing hub.
