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
At 0.40%, MNZL has the lowest expense ratio of any broad US-equity halal ETF — and the widest holdings (~450). For long-term core US exposure, the lower the fee, the more of your return you keep.
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% | ~450 | Russell Halal USA | MNZL |
SPUS SP Funds S&P 500 Shariah Industry Exclusions ETF | 0.45% | ~210 | S&P 500 Shariah | SPUS |
HLAL Wahed FTSE USA Shariah ETF | 0.50% | ~200 | FTSE USA Shariah | 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 the lowest fee usually wins 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. They hold overlapping large-cap US companies, so their returns tend to move together. When two funds are that similar, the expense ratio — the slice the fund keeps every year — becomes the most durable difference you can actually control.
That's why, for a long-term core holding, we make MNZL our top pick on cost: at 0.40% it is the lowest-fee broad US halal ETF, and it holds the most companies (~450) for the widest diversification. 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 broad US-equity halal ETF at 0.40%. That undercuts SPUS (0.45%) and HLAL (0.50%), the two other major US-equity halal ETFs. MNZL also holds the most stocks (~450), tracking the Russell Halal USA Index.
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 broad US halal ETF at a 0.40% expense ratio, beating SPUS (0.45%) and HLAL (0.50%). MNZL also holds the most stocks (~450). For a long-term core US holding where the funds hold similar companies, the lowest fee keeps the most of your return.
- MNZL has the lowest expense ratio of any broad US halal ETF — 0.40%
- SPUS (0.45%) has the largest AUM; HLAL (0.50%) tracks FTSE USA Shariah
- MNZL holds the most companies (~450) for the widest diversification
- On similar funds, the expense ratio is the biggest controllable long-run difference
- 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: 2026-06-02
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