Allah is the Creator of everything

(Allah is the Creator of everything), whether it be good or evil, faith or disbelief; however, this is not by way of compulsion, but rather by the action of the one characterized by these traits in exercising their causes. Thus, the verse is a manifest refutation of the Mu'tazila.

(And He is, over everything, a Guardian)

He manages its affairs however He wills, according to the requirements of wisdom. It is as if the mention of this is to indicate that He, Glory be to Him, is the Absolute Self-Sufficient, and that the benefits return to the servants. You may also say: the meaning is that He, Exalted is He, is a Protector over everything, as has been said similarly regarding the words of the Exalted: "And you are not over them a guardian." The substance of it is that He, Exalted is He, undertakes the preservation of everything after creating it. Thus, it serves as an indication of the dependence of things upon Him, the Exalted, for their continued existence, just as they are dependent upon Him, the Almighty and Majestic, for their initial being.