The Manzil Russell Halal U.S. Broad Market ETF seeks to track the performance of the Russell Idealratings Manzil Halal U.S. Broad Market Index, before fees. It provides diversified exposure across large- and mid-cap U.S. stocks that pass Shariah-compliance screens and additional ethical criteria.

For U.S. equity investors who want to combine religious values and ethical standards with long-term diversified exposure, and who are comfortable with the tracking differences that come from screening, this ETF can be a fit.

MNZL is a passive (index-tracking) ETF managed by Manzil.

Constituents are selected through Shariah-compliance reviews combined with additional ethical screening. The fund holds the index's constituents to replicate its performance, which is distinct from active strategies that rely on market views or individual security judgments.

• Applies both Shariah compliance and ethical standards
• Delivers passive exposure to the broad U.S. equity market

Assets under management (AUM) stand at $39.2M, with a total expense ratio of 0.40% per year.

Official holdings include AAPL, AVGO, MU, TSLA, and LLY, meaning volatility from semiconductor, technology, and growth sectors can flow directly into the portfolio.

The return profile of the MNZL ETF is shaped by U.S. growth and semiconductor-stock volatility, shifting rate expectations, and the corporate-earnings backdrop. Because Shariah and ethical screening narrow the investable universe, the holding mix can diverge from standard broad U.S. benchmarks, potentially leading to relative performance differences in both up and down markets.

As a micro-cap MNZL ETF, creations, redemptions, intraday volume, and bid-ask spread changes can affect the trading costs investors actually feel. When reading flow signals, look beyond short-term price moves and review index tracking, bid-ask spreads, and the gap between net asset value and market price.

Access to U.S. equities through a values-based screen is a strength, but sector exclusions from the screening process and micro-cap trading conditions must also be weighed.

The QUS ETF shown in the table offers strategic-factor exposure to U.S. equities, while HLAL provides a Shariah-based U.S. equity alternative. USSG focuses on screened U.S. equities, SIZE on a size factor, and SHE on gender-diversity criteria. With differing fee structures and asset sizes, comparing MNZL ETF against these products requires examining screening criteria, trading conditions, and cost burden side by side.

Before investing in MNZL ETF, investors should confirm whether the index's Shariah and ethical screens align with their own principles, and whether they can absorb the trading costs and market-price volatility that can come with a micro-cap product. The distribution method and currency exposure also deserve attention in line with the investor's plan.

Because the investable universe narrows under religious and ethical principles, sector composition and performance may differ from broad U.S. equity benchmarks. Micro-cap trading conditions, U.S. equity-market volatility, and currency moves can also affect realized returns over the holding period.

MNZL ETF is designed for investors seeking diversified U.S. equity exposure that reflects Shariah compliance and ethical standards. However, given differences in investment restrictions, sector exposure, and trading conditions versus broad U.S. equity ETFs, it is appropriate to review the index methodology, costs, and distribution structure before deciding whether to use it.