Manzil Manzil Russell Halal USA Broad Market ETF

Halal Investing in Wisconsin

The Manzil Russell Halal USA Broad Market ETF (MNZL) is a passive Nasdaq-listed fund tracking the Russell IdealRatings Manzil Halal USA Broad Market Index - an AAOIFI-compliant screen of the broad US market with an added human-rights overlay using American Friends Service Committee criteria. At 0.40% it carries the lowest expense ratio of any US halal equity ETF, and with roughly 490 holdings it is also the broadest. The catch is youth and size: inception was November 18, 2025, and net assets were $25.31M at the 2026-08-04 fund page check.

On paper MNZL is the best-constructed US halal equity ETF: cheapest (0.40%), broadest (~490 names from the Russell 1000 screened to AAOIFI standards), with a human-rights overlay no competitor offers and full daily holdings plus the Shariah certificate published. The risk is entirely commercial rather than doctrinal. At $25.31M in assets after nine months, the fund needs to grow meaningfully before closure risk fades - ETF liquidations return your money but can force taxable events at bad times - and its 0.15% median spread quietly costs traders part of the fee advantage. For a long-term, buy-and-hold US equity core, the design deserves the assets. Position it knowing you are backing the newest entrant, and check that assets are trending up before making it your largest holding.