Manzil Manzil Russell Halal USA Broad Market ETF

Halal Investing in Yukon

MNZL is the cheapest halal ETF on the market at a 0.40% expense ratio and casts the widest US net: its full daily holdings table showed about 480 positions in August 2026, built from the Russell 1000 via the Russell IdealRatings Manzil Halal USA Broad Market Index under AAOIFI screening rules. Nasdaq-listed since November 18, 2025, the fund is young and small - $25.3M in net assets as of August 4, 2026 - and adds an AFSC human-rights overlay that screens out companies linked to grave rights violations.

MNZL undercuts every other halal ETF on cost at 0.40% and casts the widest US net at roughly 480 holdings via the Russell IdealRatings halal index methodology, with a named Shariah Supervisory Board and a human-rights overlay no competitor applies. The catch is scale: $25.3M in net assets as of August 2026 makes it a fraction of SPUS's $2.9B, with thinner trading (0.15% bid/ask spread) and a track record dating only to November 2025. It trades in US dollars, so currency conversion applies and dividends lose 15% to US withholding tax in a TFSA, FHSA, or RESP (RRSPs are exempt). Best for cost-conscious investors who want the broadest US halal equity exposure and accept small-fund liquidity risk.