MNZL vs USCL: Grades, Fees and Holdings Compared

Manzil Russell Halal USA Broad Market ETF

MNZLCNasdaq

iShares Climate Conscious & Transition MSCI USA ETF

USCLANasdaq

Overlap

42.2%by weight

Expense ratio

USCL −0.32pt a year

MNZL0.40%USCL0.08%

Avg volume · 30D

USCL 2.0×the volume

MNZL6.45KUSCL13.1K

MNZL vs USCL Performance

Dec 31, 2025 – Nov 9, 2026

+16.9%MNZL+7.9%USCL

Expense ratio: MNZL 0.40%; USCL 0.08%, better
Fund size: MNZL $39M; USCL $2.61B
1Y total return: MNZL No data; USCL +9.6%
Yield (12M): MNZL No data; USCL 1.06%
Holdings: MNZL 483; USCL 393
Avg volume (30D): MNZL 6.45K sh; USCL 13.1K sh, better
NAV per share: MNZL $60.27; USCL $83.10
52W range

ETF.net Grade

Pillar letters and Scores for MNZL, USCL, with each pillar’s weight
Pillar	MNZL	USCL
Cost30% weight	D26	A99Higher
Mission25% weight	A78	Not scored
Risk15% weight	C47	B55Higher
Tradability15% weight	F20	B69Higher
Holdings10% weight	D32	D34Higher
Durability5% weight	F2	A71Higher

Rank among US ESG & Values Index funds

How we build Categories ›

Same Category. MNZL and USCL are both graded against the same 47 US ESG & Values Index funds, so their Grades compare head to head.

US ESG & Values Index⁠

Category · 47 funds

See all 47 ›

USCL ranks 7th and MNZL 43rd of 47 funds in the US ESG & Values Index Category.

Rank 7AEVUSiShares ESG Aware MSCI USA Value ETFScore 73
Rank 7AUSCLiShares Climate Conscious & Transition MSCI USA ETFScore 73
Rank 11AFEUSNorthern Trust ESG & Climate US Large Cap Core ETFScore 72
Rank 42CBIBLInspire 100 ETFScore 42
Rank 43CMNZLManzil Russell Halal USA Broad Market ETFScore 40
Rank 44DWOMNImpact Shares YWCA Women's Empowerment ETFScore 37

Our read on each fund

ETF.net Research

MNZLCManzil Russell Halal USA Broad Market ETF

USCLAiShares Climate Conscious & Transition MSCI USA ETF

In short

MNZL A broad slice of the US market, filtered for faith. MNZL passively tracks a Russell index that screens stocks for Shariah compliance, then adds a second AFSC layer. Ordinary index plumbing, faith-based rules on top. Launched 2025.

USCL Most ESG index funds work by exclusion. USCL scores roughly 400 US large and mid caps on where they're heading instead: emissions intensity, reduction targets, green revenue. And it charges 0.08% a year to do it.

Stated mandate

MNZL The Fund uses passive indexing to track the total return performance of its Russell index before fees and expenses. The index consists of common stocks and applies Shariah screening followed by AFSC principles.

USCL The Fund seeks to track an index of U.S. large- and mid-capitalization companies selected for their relative positioning on the transition to a low-carbon economy, using climate-related measures such as emissions intensity, reduction targets, green-business revenue, and climate-risk management.

Why people hold it

MNZL Broad-market by construction: it passively tracks a Russell US index rather than a hand-picked list, so the halal screen sits on top of standard index plumbing.
Two screens, not one: Shariah rules first, then AFSC principles, both written into the fund's own index rules.
A single-ticket way to hold screened US common stocks without vetting names one at a time. Domestic equity only, so no foreign-market or currency layer.

USCL At 0.08% a year, it matches the cheapest fund in its ESG cohort (XVV) and undercuts ESGV, SNPE, EFIV and ESGU.ishares.com
The index doesn't just screen out offenders. It selects on transition evidence: emissions intensity, reduction targets, green-business revenue, climate-risk management.ishares.com
About 400 US large and mid caps, so it reads as core equity exposure with a climate tilt, not a narrow clean-energy sector bet.
A multi-billion-dollar iShares fund that sticks tightly to the MSCI USA Extended Climate Action Index, one of the cleaner implementations in its peer group.

Worth knowing

MNZL The screen carries a price: 0.40% a year, versus 0.09% at ESGV and 0.08% at XVV in the wider screened-equity group.
It opened in late 2025, so there is little history yet on how tightly it hugs its index.
Still a small, thinly traded fund, which can mean wider bid-ask spreads than the established names in its peer group.

USCL Trading is thin for a fund this size, so spreads can widen. Limit orders are the standard tool here.
Climate scoring reshapes the sector and name mix, so results can diverge from a plain US large-cap index in either direction.
Launched in 2023, so its history is short next to the older ESG funds it competes with.

Full MNZL profile⁠

Full USCL profile⁠

MNZL vs USCL Holdings

How MNZL and USCL differ

Overlap by weight

42.2%

Shared holdings make up 84.9% of MNZL and 42.2% of USCL.

Level by level

Holdings192 in both42.2%
Sector11 Sectors77.2%
Asset classStocks100%
Countryby domicile99.6%

Sector

Sector weights in MNZL and USCL, widest gap first
Sector	Gap	MNZL	USCL
Financials	USCL +10.1 points	0.2%	10.3%
Communication	USCL +9.9 points	0.4%	10.3%
Health Care	MNZL +7.7 points	19.1%	11.4%
Technology	MNZL +7.5 points	46.5%	39.0%
Industrials	MNZL +4.4 points	11.3%	6.9%
Materials	MNZL +2.0 points	3.7%	1.7%
Utilities	USCL +1.4 points	0.3%	1.7%
Consumer Staples	USCL +0.9 points	3.7%	4.6%
Energy	MNZL +0.9 points	2.9%	2.0%
Real Estate	MNZL +0.4 points	2.2%	1.8%
Consumer Discretionary	USCL +0.3 points	9.9%	10.2%

Country, concentration and asset class

Country by domicile

Country weights in MNZL and USCL, widest gap first
Country	Gap	MNZL	USCL
United States	MNZL +0.3 points	99.6%	99.3%
Switzerland	Same weight	0.2%	0.2%
Brazil	USCL +0.1 points	0.0%	0.1%
China	USCL +0.1 points	0.0%	0.1%
Mexico	Same weight	0.1%	0.1%
Ireland	MNZL +0.1 points	0.1%	0.0%
United Kingdom	MNZL +0.1 points	0.1%	0.0%
Canada	Same weight	0.0%	0.0%
Other countries (3)	MNZL +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

MNZL42.0%
USCL45.0%

Securities held

MNZL482
USCL390

Asset class

MNZL: Stocks
USCL: Stocks

Holdings

Only in MNZL290
In both192
Only in USCL198

Only in MNZL

290 securities, 14.6% of MNZL by weight

Texas Instruments Inc0.88%
Crowdstrike Holdings Inc0.77%
TJX Cos Inc/The0.53%
Sandisk Corp0.42%
Phillips 660.35%
AppLovin Corp0.35%
Space Exploration Technologies Corp0.29%
Air Products and Chemicals Inc0.24%
AutoZone Inc0.19%
Devon Energy Corp0.19%
Carvana Co0.19%
Vivmark Residential0.19%
Strategy Inc0.16%
Anglogold Ashanti Plc0.16%
Bloom Energy Corp0.16%
Roper Technologies Inc0.16%
DR Horton Inc0.13%
ResMed Inc0.13%
Copart Inc0.11%
Astera Labs Inc0.11%
Sunbelt Rentals Holdings Inc0.11%
ROBLOX Corp0.11%
Zoom Communications Inc0.11%
Quest Diagnostics Inc0.11%
Atmos Energy Corp0.11%
Medline Inc0.08%
Alnylam Pharmaceuticals Inc0.08%
Reliance Inc0.08%
United Therapeutics Corp0.08%
Insmed Inc0.08%
Nextpower Inc0.08%
Southwest Airlines Co0.08%
SharkNinja Inc0.08%
VeriSign Inc0.08%
EMCOR Group Inc0.08%
Qnity Electronics Inc0.08%
Steris PLC0.08%
MongoDB Inc0.08%
Coeur Mining Inc.0.08%
PulteGroup Inc0.08%
Coupang Inc0.08%
Trimble Inc0.05%
RPM International Inc0.05%
API Group Corp0.05%
Equity LifeStyle Properties Inc0.05%
Lennar Corp0.05%
Alcoa Corp0.05%
TD SYNNEX Corp0.05%
Advanced Drainage Systems Inc0.05%
Charles River Laboratories International Inc0.05%

Only in USCL

198 securities, 57.6% of USCL by weight

NVIDIA8.26%
Microsoft7.21%
Amazon.com Inc4.83%
Alphabet Class A3.22%
Meta Platforms Class A2.58%
Alphabet Class C2.56%
Visa Class A1.35%
JPMorgan Chase & Co1.28%
Walmart1.06%
Mastercard Class A1.02%
Coca-Cola0.71%
Cisco Systems Inc0.71%
UnitedHealth Group0.69%
Palantir Technologies Class A0.67%
Exxonmobil Holdings Corp0.66%
Netflix0.51%
Ge Aerospace0.48%
Amgen Inc0.48%
Bank of America0.46%
Costco Wholesale Corp0.45%
Mcdonalds Corp0.38%
Chevron0.38%
Caterpillar Inc0.37%
Goldman Sachs Group0.37%
Verizon Communications Inc0.37%
Nextera Energy0.35%
BlackRock0.33%
International Business Machines Co0.33%
American Express0.33%
Deere0.31%
Morgan Stanley0.31%
Accenture PLC Class A0.31%
Walt Disney0.29%
Charles Schwab0.29%
Oracle0.29%
AT&T0.29%
S&P Global0.27%
Eaton PLC0.26%
Wells Fargo0.24%
Bristol Myers Squibb0.24%
Booking Holdings0.24%
Intel Corporation0.24%
Automatic Data Processing Inc0.23%
Starbucks Corp0.23%
Cme Group Class A0.21%
Citigroup0.20%
Marsh0.19%
Intercontinental Exchange Inc0.19%
Chubb0.18%
Intuit0.18%

Weight gaps

The 100 widest of 192 Holdings in both funds.

Holding weights in MNZL and USCL, widest gap first
Holding	Gap	MNZL	USCL
Apple IncAAPL	MNZL +7.84 points	17.52%	9.68%
Micron Technology IncMU	MNZL +2.38 points	2.76%	0.38%
Broadcom IncAVGO	MNZL +2.27 points	4.83%	2.56%
Eli Lilly & CoLLY	MNZL +1.73 points	3.82%	2.09%
Tesla IncTSLA	MNZL +1.72 points	3.69%	1.97%
Advanced Micro Devices IncAMD	MNZL +1.16 points	2.57%	1.41%
Johnson & JohnsonJNJ	MNZL +1.08 points	2.36%	1.28%
AbbVie IncABBV	MNZL +0.84 points	1.83%	0.99%
Procter & Gamble Co/ThePG	MNZL +0.61 points	1.35%	0.74%
Merck & Co IncMRK	MNZL +0.57 points	1.27%	0.70%
Home Depot Inc/TheHD	MNZL +0.56 points	1.22%	0.66%
Applied Materials IncAMAT	MNZL +0.55 points	0.93%	0.38%
GE Vernova IncGEV	MNZL +0.54 points	0.74%	0.20%
Lam Research CorpLRCX	MNZL +0.52 points	0.88%	0.36%
ConocoPhillipsCOP	MNZL +0.42 points	0.58%	0.16%
Palo Alto Networks IncPANW	MNZL +0.41 points	0.90%	0.49%
Thermo Fisher Scientific IncTMO	MNZL +0.40 points	0.90%	0.50%
Abbott LaboratoriesABT	MNZL +0.38 points	0.66%	0.28%
Linde PLCLIN	MNZL +0.36 points	0.82%	0.46%
Lowe's Cos IncLOW	MNZL +0.33 points	0.45%	0.12%
Intuitive Surgical IncISRG	MNZL +0.33 points	0.56%	0.23%
PepsiCo IncPEP	MNZL +0.32 points	0.69%	0.37%
Gilead Sciences IncGILD	MNZL +0.32 points	0.72%	0.40%
Analog Devices IncADI	MNZL +0.30 points	0.64%	0.34%
Stryker CorpSYK	MNZL +0.29 points	0.40%	0.11%
Kla CorpKLAC	MNZL +0.29 points	0.64%	0.35%
Arista Networks IncANET	MNZL +0.29 points	0.64%	0.35%
Salesforce IncCRM	MNZL +0.28 points	0.61%	0.33%
Union Pacific CorpUNP	MNZL +0.28 points	0.61%	0.33%
Welltower IncWELL	MNZL +0.28 points	0.61%	0.33%
QUALCOMM IncQCOM	MNZL +0.27 points	0.61%	0.34%
Medtronic PLCMDT	MNZL +0.26 points	0.45%	0.19%
Pfizer IncPFE	MNZL +0.26 points	0.58%	0.32%
McKesson CorpMCK	MNZL +0.24 points	0.42%	0.18%
Uber Technologies IncUBER	MNZL +0.24 points	0.48%	0.24%
Danaher CorpDHR	MNZL +0.22 points	0.50%	0.28%
Illinois Tool Works IncITW	MNZL +0.22 points	0.29%	0.07%
EOG Resources IncEOG	MNZL +0.21 points	0.29%	0.08%
United Parcel Service IncUPS	MNZL +0.21 points	0.29%	0.08%
Vertex Pharmaceuticals IncVRTX	MNZL +0.21 points	0.48%	0.27%
Newmont CorpNEM	MNZL +0.20 points	0.45%	0.25%
Equinix IncEQIX	MNZL +0.21 points	0.35%	0.14%
Prologis IncPLD	MNZL +0.19 points	0.42%	0.23%
Ross Stores IncROST	MNZL +0.20 points	0.27%	0.07%
O'Reilly Automotive IncORLY	MNZL +0.20 points	0.27%	0.07%
Marvell Technology IncMRVL	MNZL +0.19 points	0.42%	0.23%
Western Digital CorpWDC	MNZL +0.19 points	0.32%	0.13%
Regeneron Pharmaceuticals IncREGN	MNZL +0.19 points	0.32%	0.13%
FedEx CorpFDX	MNZL +0.17 points	0.24%	0.07%
Emerson Electric CoEMR	MNZL +0.17 points	0.35%	0.17%
Snowflake IncSNOW	MNZL +0.17 points	0.35%	0.17%
Corning IncGLW	MNZL +0.17 points	0.29%	0.12%
ServiceNow IncNOW	MNZL +0.17 points	0.37%	0.20%
Delta Air Lines IncDAL	MNZL +0.17 points	0.19%	0.02%
Adobe IncADBE	MNZL +0.17 points	0.35%	0.18%
3M CoMMM	MNZL +0.16 points	0.35%	0.19%
Mondelez International IncMDLZ	MNZL +0.16 points	0.32%	0.16%
WW Grainger IncGWW	MNZL +0.15 points	0.21%	0.06%
Cencora IncCOR	MNZL +0.15 points	0.24%	0.09%
Cummins IncCMI	MNZL +0.15 points	0.24%	0.09%
Cadence Design Systems IncCDNS	MNZL +0.15 points	0.32%	0.17%
Cardinal Health IncCAH	MNZL +0.15 points	0.24%	0.09%
Digital Realty Trust IncDLR	MNZL +0.15 points	0.24%	0.09%
Marriott International Inc/MDMAR	MNZL +0.15 points	0.32%	0.17%
CSX CorpCSX	MNZL +0.14 points	0.32%	0.18%
Ferguson Enterprises IncFERG	MNZL +0.14 points	0.16%	0.02%
Vertiv Holdings CoVRT	MNZL +0.14 points	0.27%	0.13%
Quanta Services IncPWR	MNZL +0.13 points	0.29%	0.16%
Waste Management IncWM	MNZL +0.14 points	0.32%	0.18%
Synopsys IncSNPS	MNZL +0.13 points	0.29%	0.16%
Johnson Controls International plcJCI	MNZL +0.13 points	0.29%	0.16%
Becton Dickinson & CoBDX	MNZL +0.13 points	0.21%	0.08%
Colgate-Palmolive CoCL	MNZL +0.13 points	0.27%	0.14%
Fastenal CoFAST	MNZL +0.12 points	0.21%	0.09%
SLB LtdSLB	MNZL +0.13 points	0.27%	0.14%
Trane Technologies PLCTT	MNZL +0.12 points	0.29%	0.17%
United Airlines Holdings IncUAL	MNZL +0.12 points	0.13%	0.01%
Cintas CorpCTAS	MNZL +0.12 points	0.27%	0.15%
Ecolab IncECL	MNZL +0.12 points	0.27%	0.15%
Garmin LtdGRMN	MNZL +0.12 points	0.19%	0.07%
Archer-Daniels-Midland CoADM	MNZL +0.11 points	0.13%	0.02%
Crh PLCCRH	MNZL +0.12 points	0.24%	0.12%
Coherent CorpCOHR	MNZL +0.11 points	0.13%	0.02%
Sherwin-Williams Co/TheSHW	MNZL +0.12 points	0.27%	0.15%
Airbnb IncABNB	MNZL +0.12 points	0.27%	0.15%
SempraSRE	MNZL +0.12 points	0.19%	0.07%
Kimberly-Clark CorpKMB	MNZL +0.11 points	0.24%	0.13%
PACCAR IncPCAR	MNZL +0.11 points	0.19%	0.08%
Nucor CorpNUE	MNZL +0.11 points	0.19%	0.08%
Monolithic Power Systems IncMPWR	MNZL +0.10 points	0.21%	0.11%
Datadog IncDDOG	MNZL +0.10 points	0.21%	0.11%
Norfolk Southern CorpNSC	MNZL +0.10 points	0.24%	0.14%
Edwards Lifesciences CorpEW	MNZL +0.10 points	0.21%	0.11%
Occidental Petroleum CorpOXY	MNZL +0.10 points	0.16%	0.06%
Fortinet IncFTNT	MNZL +0.10 points	0.24%	0.14%
NIKE IncNKE	MNZL +0.09 points	0.16%	0.07%
Dexcom IncDXCM	MNZL +0.10 points	0.11%	0.01%
Vylor IncVYLR	MNZL +0.09 points	0.16%	0.07%
Agilent Technologies IncA	MNZL +0.09 points	0.19%	0.10%
Boston Scientific CorpBSX	MNZL +0.09 points	0.21%	0.12%

All MNZL holdings⁠All 390 USCL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

MNZL vs USCL Cost

Overpaying MNZL vs USCL

$6,401

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

MNZL 0.40%
$8,090
USCL 0.08%
$1,689

Amount$10,000

Years30 years

Cost over time

MNZL 0.40%
USCL 0.08%
Overpaying

Year by year

Year	MNZL	USCL	Overpaying
10	$723	$147	$576
20	$2,793	$575	$2,218
30	$8,090	$1,689	$6,401

Expense ratio

0.40%MNZL
0.08%USCL, cheaper

USCL0.08%MNZL0.40%

0.08%0.95%

Middle half of US ESG & Values Index funds
Median 0.25%

USCL cheapest of 47 funds

MNZL 35th cheapest of 47 funds

MNZL vs USCL Dividends

Last 12 months to Nov 9, 2026

Yield (12M): MNZL No data; USCL 1.06%
Payout (12M): MNZL No data; USCL $0.91
Last payment: MNZL $0.02; USCL $0.20
Ex-dividend: MNZL Dec 30, 2025; USCL Sep 15, 2026
Paid on: MNZL Dec 31, 2025; USCL Sep 18, 2026
Frequency: MNZL Irregular; USCL Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

MNZLIrregular · 1 paymentAll MNZL payments⁠

USCLQuarterly · 13 paymentsAll USCL payments⁠

MNZL vs USCL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MNZL No dataUSCL 12.5%
Return per unit of riskSharpe ratio, 3 years: MNZL No dataUSCL 1.28
Worst fallMax drawdown, 5 years: MNZL No dataUSCL −19.0%since Jun 2023
Market sensitivityBeta, 5 years: MNZL 1.08USCL 1.01; Market = 1

MNZL and USCL in the news

All news⁠

ETF Filings
SP Funds Trust files for two Shariah ETFs, U.S. Small Cap and Equity Income
Oct 12, 2026MNZL

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MNZL vs USCL

In short

Stated mandate

Why people hold it

Worth knowing

How MNZL and USCL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MNZL

Only in USCL

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

SP Funds Trust files for two Shariah ETFs, U.S. Small Cap and Equity Income

How MNZL and USCL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in MNZL

Only in USCL

Weight gaps