Investing · Manzil
Manzil Russell Halal USA Broad Market ETF
Co-Founder & CEO, HalalWallet
Facts are re-verified against Manzil's published materials; this page updates when the provider's terms, rates, or coverage change.
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.
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What is the Manzil Russell Halal USA Broad Market ETF?
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. 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.
- Contract structure: Index-based.
- Expense ratio: 0.40%.
- Available in every province.
- Shariah oversight disclosed: Third-Party Certified.
- HalalWallet Index grade for Manzil in Investing: A.
- Verified against Manzil's published materials on 2026-09-29.
Source: HalalWallet (halalwallet.ca)
Key facts
- Structure
- Index-based
- Program type
- ETF
- Ticker
- MNZL
- Expense ratio
- 0.40%
- Screening method
- Russell IdealRatings Manzil Halal USA Broad Market Index
- Holdings
- ~480
- Assets under management
- $25M
- Focus
- US Large & Mid Cap
- Availability
- every province
- Shariah oversight
- Third-Party Certified
- Last verified
- 2026-09-29
Facts are taken from Manzil's published product materials and were last verified on 2026-09-29. Fields the provider does not publish are omitted rather than estimated.
Our take
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.
Strengths
- Lowest expense ratio of any halal ETF (0.40%)
- Broadest US coverage - roughly 480 holdings from the Russell 1000 universe
- Russell IdealRatings index methodology with published Shariah certificate
- AFSC human-rights overlay on top of AAOIFI screening
- Named Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam)
Watch-outs
- Newest and smallest by AUM
- Less brand recognition
- Limited track record
- MNZL trades in US dollars, so currency conversion applies - and its dividends lose 15% to US withholding tax in a TFSA, FHSA, or RESP (RRSPs are exempt)
Is the Manzil Russell Halal USA Broad Market ETF halal?
MNZL tracks the Russell IdealRatings Manzil Halal USA Broad Market Index, a Shariah-screened index whose compliance certificate Manzil publishes. Screening follows AAOIFI standards - excluding companies with over 5% of income from non-compliant activities and applying financial-ratio tests - under Manzil's Shariah Supervisory Board (Dr. Shaher Abbas, Dr. M. Gadhoum, Mufti Faraz Adam).
Shariah oversight disclosed by Manzil
Manzil's products are certified by its internal Shariah Supervisory Board, whose governance adheres to AAOIFI standards, with external independent review by Mufti Ebrahim Desai (Darul Iftaa Mahmudiyyah) for home financing. Manzil is Canada's first AAOIFI member and publishes its Shariah compliance certificates in English, French, and Arabic at manzil.co/ca/certifications.
Read our full AAOIFI-based Shariah screen for MNZL →
HalalWallet reports the Shariah documentation a provider publishes. We do not issue certifications; consult a qualified scholar for a personal ruling.
What you get
- Tracks the Russell IdealRatings Manzil Halal USA Broad Market Index, built to AAOIFI standards from the Russell 1000
- 0.40% expense ratio - the lowest of any halal ETF
- Listed on Nasdaq under ticker MNZL (inception November 18, 2025)
- Additional AFSC human-rights overlay screens out companies linked to grave human rights violations
- Purification amounts calculated and provided to investors for charitable donation
- Full daily holdings (~370 positions) and the Shariah Certificate published on manzilfunds.com
Cost and terms
0.40% expense ratio - the lowest of any halal ETF; no fund minimum, Nasdaq-listed at about USD $60/share in early Aug 2026; net assets $25.3M as of Aug 4, 2026 (fund page); 30-day bid/ask spread 0.15%; bought through any Canadian brokerage with US access, with currency conversion and 15% withholding tax on dividends in a TFSA/FHSA/RESP (verified 2026-08-05)
How it compares
Other investing providers we list in Canada, ordered by HalalWallet Index grade.
| Product | Structure | Shariah oversight | Availability | Grade |
|---|---|---|---|---|
| Manzil Russell Halal USA Broad Market ETF (this page) | Index-based | Third-Party Certified | every province | A |
| Wahed FTSE USA Shariah ETF | Index-based | Third-Party Certified | 10 provinces | B |
| SPFunds SP Funds S&P World ETF | Index-based | Third-Party Certified | 10 provinces | — |
| Assad Wealth Management Wealth Management | Wealth Management | No Public Review | 10 provinces | — |
| ShariaPortfolio Wealth Management | Wealth Management | Third-Party Certified | 4 provinces | — |
Other Manzil products
- TFSA - Tax-Free Savings Account
Investing · Wealth Management
- Personal Account (Non-Registered)
Investing · Wealth Management
- Musharaka Mortgage
Home Financing · Diminishing Musharaka
- Wealth Management
Investing · Wealth Management
- FHSA - First Home Savings Account
Investing · Wealth Management
- RRSP - Registered Retirement Savings Plan
Retirement · Wealth Management
- Business Account (Non-Registered)
Investing · Wealth Management
- LIRA - Locked-In Retirement Account
Retirement · Wealth Management
- RESP - Registered Education Savings Plan
Investing · Wealth Management
- Murabaha Mortgage
Home Financing · Murabaha
- Manzil Wills - Islamic Will
Wills & Estate Planning · Islamic Will
- Joint Account (Non-Registered)
Investing · Wealth Management
- RRIF - Registered Retirement Income Fund
Retirement · Wealth Management
Where it's available
Manzil lists the Manzil Russell Halal USA Broad Market ETF as available in every province.
Availability may vary by product and can change; verify with Manzil before applying.
Frequently asked questions
Is the Manzil Russell Halal USA Broad Market ETF halal?
MNZL tracks the Russell IdealRatings Manzil Halal USA Broad Market Index, a Shariah-screened index whose compliance certificate Manzil publishes. Screening follows AAOIFI standards - excluding companies with over 5% of income from non-compliant activities and applying financial-ratio tests - under Manzil's Shariah Supervisory Board (Dr. Contract structure: Index-based. Shariah oversight disclosed by Manzil: Third-Party Certified. HalalWallet reports what the provider documents; we do not certify products.
How does the Manzil Russell Halal USA Broad Market ETF work?
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. 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.
What does the Manzil Russell Halal USA Broad Market ETF cost?
0.40% expense ratio - the lowest of any halal ETF; no fund minimum, Nasdaq-listed at about USD $60/share in early Aug 2026; net assets $25.3M as of Aug 4, 2026 (fund page); 30-day bid/ask spread 0.15%; bought through any Canadian brokerage with US access, with currency conversion and 15% withholding tax on dividends in a TFSA/FHSA/RESP (verified 2026-08-05)
Where is the Manzil Russell Halal USA Broad Market ETF available?
Manzil lists this product as available in every province. Availability can change and may differ by province; verify directly with Manzil.
What are the alternatives to the Manzil Russell Halal USA Broad Market ETF?
In the same category we also list Wahed FTSE USA Shariah ETF (HalalWallet Index B), SPFunds SP Funds S&P World ETF, Assad Wealth Management Wealth Management. Compare every option side by side on our Halal Investing hub.
When was this Manzil product information last verified?
HalalWallet last verified the Manzil Russell Halal USA Broad Market ETF details against Manzil's published materials on 2026-09-29. Rates, fees, and availability can change after that date.
How to use this comparison: HalalWallet is an independent educational comparison platform - by design, we do not provide financial, legal, or religious advice. We do the research homework so your final checks are quick and personal.
Product structures and Shariah oversight vary by provider, so finish with three built-in steps:
- Confirm current terms and halal compliance directly with the provider - their quote is final.
- Review the contract structure (Murabaha, Ijara, Musharakah, etc.) and any disclosed Shariah board opinions.
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Sources and review process
This page is reviewed against HalalWallet editorial standards and source documentation.
Reviewed by: HalalWallet Editorial Team
Last reviewed: 2026-09-29
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