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.
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.
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What is the Manzil Russell Halal USA Broad Market ETF?
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. 40% it carries the lowest expense ratio of any US halal equity ETF, and with roughly 490 holdings it is also the broadest.
- Contract structure: Index-based.
- Expense ratio: 0.40%.
- Available in 49 states.
- 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.us)
Key facts
- Structure
- Index-based
- Program type
- ETF
- Ticker
- MNZL
- Expense ratio
- 0.40%
- Screening method
- Russell Halal USA Index
- Holdings
- ~490
- Assets under management
- $25.31M (2026-08-04)
- Focus
- US Large & Mid Cap
- Account types
- Individual, IRA, Roth IRA
- Availability
- 49 states
- 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
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.
Strengths
- Lowest expense ratio of any US halal equity ETF (0.40%)
- Broadest US halal portfolio - roughly 490 holdings versus about 200 for SPUS or HLAL
- Russell/IdealRatings index methodology built to AAOIFI standards
- Distinctive AFSC human-rights overlay excludes companies linked to grave violations
Watch-outs
- Tiny fund: $25.31M in net assets raises real closure risk if it fails to scale
- Track record only since November 2025 - one market cycle short of meaningful history
- Thin trading: 0.15% 30-day bid/ask spread is wide next to established halal ETFs
- Limited brand recognition against SP Funds and Wahed incumbents
Is the Manzil Russell Halal USA Broad Market ETF halal?
MNZL tracks the Russell IdealRatings Manzil Halal USA Broad Market Index - a custom index built on the Russell IdealRatings 1000 Islamic Index that meets AAOIFI standards, drawn from the Russell 1000. Compliance is enforced by a two-part screen: business-activity exclusions (conventional financial services, alcohol, gambling, tobacco, pork, adult entertainment, and defense/weapons, with a 5%-of-revenue de minimis rule) and financial-ratio tests - interest-bearing debt under 30% of 12-month average market capitalization, interest-bearing assets under 30%, and receivables at no more than 67% of total assets. The result looks nothing like a cap-weighted benchmark: Microsoft, Alphabet, Amazon, Meta, and NVIDIA are all absent from the roughly 370-stock portfolio. Incidental impure income is handled by a published purification mechanism - calculated, earmarked, and provided to the investor to donate to charity. An additional overlay built on American Friends Service Committee criteria removes companies with demonstrated links to apartheid, ethnic cleansing, genocide, and grave human rights violations. A Shariah Certificate is published among the fund documents, and Manzil's governance follows AAOIFI's three layers: a named Shariah Supervisory Board, independent external scholar audits, and an internal compliance function.
Shariah oversight disclosed by Manzil
Shariah compliance reviewed by independent advisory. Products launching 2026.
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
- Passive Nasdaq-listed ETF (inception November 18, 2025) with a 0.40% expense ratio
- Tracks the Russell IdealRatings Manzil Halal USA Broad Market Index, built to AAOIFI standards from the Russell 1000
- AAOIFI two-part screening: business-activity exclusions plus interest-debt, interest-asset, and receivables ratio tests
- AFSC human-rights overlay excludes 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 among US halal equity ETFs; no platform minimum beyond one share (fractional at supporting brokers). Net assets $25.31M and roughly 490 holdings as of 2026-08-04 (verified 2026-08-05). Standard brokerage commissions may apply.
How it compares
Other investing providers we list in the U.S., 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 | 49 states | A |
| Wahed FTSE USA Shariah ETF | Index-based | Third-Party Certified | all 50 states | B+ |
| SPFunds SP Funds S&P 500 Shariah Industry Exclusions ETF | Index-based | Third-Party Certified | all 50 states | B |
| Musaffa Halal ETF Finder | ETF Screener | Formal Board | all 50 states | — |
| Amana Developing World Fund (AMDWX) | Mutual Funds | Third-Party Certified | all 50 states | — |
Other Manzil products
- Manzil Trading (Self-Directed Halal Stock Trading)
Investing · Self-directed brokerage with real-time AAOIFI screening (Zoya)
- Wealth Management
Investing · Wealth Management
Where it's available
Manzil lists the Manzil Russell Halal USA Broad Market ETF as available in 49 states.
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 custom index built on the Russell IdealRatings 1000 Islamic Index that meets AAOIFI standards, drawn from the Russell 1000. 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?
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. 40% it carries the lowest expense ratio of any US halal equity ETF, and with roughly 490 holdings it is also the broadest. 31M at the 2026-08-04 fund page check.
What does the Manzil Russell Halal USA Broad Market ETF cost?
0.40% expense ratio - the lowest among US halal equity ETFs; no platform minimum beyond one share (fractional at supporting brokers). Net assets $25.31M and roughly 490 holdings as of 2026-08-04 (verified 2026-08-05). Standard brokerage commissions may apply.
Where is the Manzil Russell Halal USA Broad Market ETF available?
Manzil lists this product as available in 49 states. Availability can change and may differ by state; 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 500 Shariah Industry Exclusions ETF (HalalWallet Index B), Musaffa Halal ETF Finder. 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.
- Bring your shortlist to a qualified Islamic finance advisor or scholar, so the conversation is about your situation, not the basics.
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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