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Wealthsimple Launches New Shariah-compliant ETF on the NEO Exchange

·4-min read

Toronto-based Investment Management Firm Becomes 20th ETF Issuer on NEO

The NEO Exchange is proud to welcome the first NEO-listed ETF by Wealthsimple Inc. ("Wealthsimple") managed by Mackenzie Investments, providing investors with access to a diversified index of Shariah-compliant stocks. The fund began trading today under the symbol NEO:WSHR.

With today’s launch, Wealthsimple taps into the emerging sector of Islamic finance. Shariah-compliant funds are a type of socially responsible investment which conforms to the requirements of Shariah law and the principles of the Islamic religion by excluding investments in certain sectors such as alcohol, tobacco, and gambling.

The Wealthsimple Shariah World Equity Index ETF (WSHR) seeks to replicate the performance of the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index*, which primarily includes Shariah-compliant equity securities in developed markets anywhere in the world, that are characterized as having the highest combination of quality and low volatility multi-factor score.

"We’re very excited to launch the Wealthsimple Shariah World Equity Index ETF on NEO’s innovative exchange," commented Ben Reeves, Chief Investment Officer of Wealthsimple. "Our mission is to make financial products more affordable and accessible for everyone and we’re thrilled to do just that with the launch of Canada’s first Shariah-compliant ETF. Muslim investors in Canada will now have access to an affordable investment product that is in line with their values."

The Wealthsimple Shariah World Equity Index ETF is NEO’s 100th fund listing. NEO consistently represents about 20% of all volume traded in Canadian ETFs and close to 15% of all trading in Canadian-listed companies.

"Today, Wealthsimple makes its mark on the NEO Exchange, not only as a first-time issuer, but as a trailblazer within the burgeoning Islamic finance space," said Jos Schmitt, President and CEO of NEO. "We applaud Wealthsimple for providing an investment product that addresses the under-serviced but important Islamic community here in Canada, and are honoured to be their exchange of choice to bring this ETF to market. As an advocate of innovation and the Canadian ETF space in general, NEO looks forward to expanding our relationship with Wealthsimple and providing them with exceptional service and support over the years to come."

Investors can trade units of the Wealthsimple Shariah World Equity Index ETF (WSHR) through their usual investment channels, including discount brokerage platforms and full-service dealers. Click here for a complete view of all NEO-listed securities.

*The "Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Wealthsimple Inc. ("Wealthsimple"). Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Wealthsimple. Wealthsimple Shariah World Equity Index ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones,S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index.

About the NEO Exchange

The NEO Exchange is Canada’s stock exchange for the innovation economy, bringing together investors and capital raisers within a fair, liquid, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading across all Canadian-listed securities on a level playing field. NEO is a non-venture stock exchange and lists senior companies and investment products seeking a stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.

Connect with NEO: Website | LinkedIn | Twitter | Instagram

About Wealthsimple

Wealthsimple is a financial company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable. The company was founded by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada.

Connect with Wealthsimple: Website | LinkedIn | Twitter | Instagram

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NEO Media Contact:
Aimee Morita