The Cheapest Halal ETF in 2026
Fees are the one cost you control — and over decades they compound. Here is the lowest-fee broad US halal ETF, compared head-to-head with the two next cheapest.
Manzil Russell Halal USA Broad Market ETF
For a long-term core US holding, MNZL wins on the three things that actually compound:
- Lowest fee of any halal ETF — 0.40%, beating SPUS (0.45%), HLAL (0.50%) and the SP Funds lineup (0.55%).
- Most holdings of any halal ETF — ~461, more than double SPUS (~210) and HLAL (~200).
- Broadest US exposure in one fund — tracks the Russell 1000, so you get large and mid cap. The S&P-based funds hold large caps only.
MNZL vs SPUS vs HLAL
The three major US-equity halal ETFs, sorted by lowest fee.
| ETF | Expense ratio | Holdings | Index | Visit |
|---|---|---|---|---|
MNZLLowest fee Manzil Russell Halal USA Broad Market ETF | 0.40% | ~461 | Russell 1000 (large + mid cap) | MNZL |
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF | 0.45% | ~210 | S&P 500 Shariah (large cap) | SPUS |
HLAL Wahed FTSE USA Shariah ETF | 0.50% | ~200 | FTSE USA Shariah (large cap) | HLAL |
Fees and holdings sourced from fund provider disclosures. Verify current figures with the provider before investing. Lowest fee ≠ guaranteed best return.
What the Fee Gap Costs You
A fraction of a percent sounds trivial. Compounded over an investing lifetime, it isn't.
What does a lower fee actually save you?
The same portfolio — only the expense ratio changes.
Extra in your pocket with the lower fee
$19,368
over 30 years, purely from the 0.15% fee difference
Illustrative only. Assumes identical gross returns and reinvested distributions; actual returns vary and are not guaranteed. Fees are the only difference modeled. Not investment advice.
Why MNZL is our top pick for core US exposure
MNZL, SPUS, and HLAL all do the same core job: give you a broad, Shariah-screened slice of the US stock market. But they aren't identical. SPUS and HLAL track large-cap-only indexes (the S&P 500 and FTSE USA), while MNZL tracks the Russell 1000 — so a single MNZL purchase gives you both large and mid-cap companies, ~461 holdings in total. That's more than double SPUS (~210) and HLAL (~200), and broader than even the global SPWO (~400).
On top of the widest diversification, MNZL also has the lowest fee of any halal ETF at 0.40%. For a long-term core holding, that combination — broadest exposure and the lowest annual cost — is why we make it our top pick. SPUS still earns consideration for its larger asset base and longer history, and HLAL for the established FTSE USA Shariah methodology, which is exactly why we keep the full comparison transparent above.
Frequently Asked Questions
What is the cheapest halal ETF?
MNZL (the Manzil Russell Halal USA Broad Market ETF) has the lowest expense ratio of any halal ETF at 0.40%. That undercuts SPUS (0.45%), HLAL (0.50%), and the entire SP Funds lineup (0.55%). MNZL also holds the most stocks of any halal ETF — about 461, more than double SPUS (~210) and HLAL (~200) — because it tracks the Russell 1000, giving you large- and mid-cap US exposure in one fund. SPUS and HLAL track large-cap-only indexes (S&P 500 / FTSE USA).
Is a cheaper halal ETF always better?
Lower fees mean you keep more of your return, and for two funds holding similar large-cap US stocks the expense ratio is usually the biggest long-run difference. But fee isn't the only factor: SPUS has the largest assets under management (~$2.1B) and longest track record, which some investors weigh for liquidity. MNZL is newer but offers the lowest fee and broadest holdings. All three are Shariah-screened and trade on US exchanges.
How much do halal ETF fees actually cost me?
On a $100,000 portfolio, the difference between a 0.40% and a 0.55% fee is $150 per year — but reinvested and compounded over 30 years, that gap grows into thousands of dollars of foregone return. Use the calculator on this page to model your own numbers.
Can I buy MNZL in my IRA or Roth IRA?
Yes. MNZL trades on a US exchange and can be held in any standard brokerage account, including Traditional IRA, Roth IRA, SEP IRA, and 401(k) accounts that offer a brokerage window.
What index does MNZL track?
MNZL tracks the Russell Halal USA Index, which screens out companies in prohibited sectors and those failing Islamic financial-ratio screens, then holds the broad set of remaining US large- and mid-cap companies (~450 holdings). Shariah compliance is reviewed by an independent advisory.
MNZL (the Manzil Russell Halal USA Broad Market ETF) is the cheapest halal ETF at a 0.40% expense ratio, beating SPUS (0.45%), HLAL (0.50%), and the SP Funds lineup (0.55%). It also holds the most stocks of any halal ETF — about 461 — because it tracks the Russell 1000, giving large- and mid-cap US exposure in one fund, while SPUS and HLAL hold large caps only. Lowest cost plus the broadest diversification make it our top pick for core US exposure.
- MNZL has the lowest expense ratio of any halal ETF — 0.40% (vs SPUS 0.45%, HLAL 0.50%, SP Funds 0.55%)
- MNZL holds the most stocks of any halal ETF — ~461, more than double SPUS (~210) and HLAL (~200)
- MNZL tracks the Russell 1000, so you get large + mid cap in one fund; SPUS and HLAL are large-cap only
- SPUS (0.45%) still has the largest AUM (~$2.1B) and longest track record
- All three trade on US exchanges and are eligible for IRAs and Roth IRAs
Reviewed monthly and updated when ETF fee disclosures change.
Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-06-04
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