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Wealthsimple Shariah World Equity Index ETF provides Canadian investors with access to global Shariah-compliant companies
TORONTO, May 12, 2021 /CNW/ - Mackenzie Investments ("Mackenzie") today announced the listing of Wealthsimple's first Shariah-compliant exchange traded fund ("ETF"), Wealthsimple Shariah World Equity Index ETF ("the Wealthsimple ETF"), with Mackenzie serving as trustee, manager and portfolio manager.
The Wealthsimple ETF seeks to replicate the performance of the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index (the "Index"). The Index is comprised of equity securities in developed markets which are Shariah-compliant and are characterized by the index provider, S&P OPCO, LLC, as having the highest combination of quality and low volatility multi-factor scores. The Wealthsimple ETF's management fee is 0.50 percent of its net asset value (annual rate).
The companies included in the Index do not generally derive their income from the following industries: alcohol, tobacco, pork-related products, weapons and defense, conventional banking, conventional insurance companies and adult entertainment including hotels, casinos, and cinema.
"As the ETF market continues to grow, Shariah-compliant self-directed investment options remain limited and expensive and we saw an opportunity to change that," said Ben Reeves, Chief Investment Officer, Wealthsimple. "Having investment options that honour and reflect the values of investors across our country is at the heart of our mission."
Mackenzie and Wealthsimple have retained Ratings Intelligence Partners, a world class Shariah advisory firm, to conduct a comprehensive review and certify the Wealthsimple ETF as Shariah compliant at its launch and to conduct regular bi-annual audits, going forward.
Today's index ETF launch complements Wealthsimple's portfolio of ETFs, which includes two socially responsible ETFs that trade on the Toronto Stock Exchange, Wealthsimple North America Socially Responsible Index ETF and Wealthsimple Developed Markets ex North America Socially Responsible Index ETF. Similar to the Shariah-compliant ETF, Wealthsimple's SRI ETFs let Canadians invest in their beliefs and values while providing access to good investment products at competitive prices.
The initial offering of the Wealthsimple ETF has closed, and it will begin trading today on the NEO Exchange. Wealthsimple Shariah World Equity Index ETF will trade under the ticker symbol WSHR.
For more information about Wealthsimple's Shariah investing options visit www.wealthsimple.com/halal-investing.
About Mackenzie Investments
Mackenzie is a leading investment management firm with approximately $194.9 billion in assets under management as of April 30, 2021. Mackenzie provides investment solutions and related services to more than one million retail and institutional clients through multiple distribution channels. Founded in 1967, Mackenzie is a global asset manager with offices across Canada as well as in Boston, Dublin, London, Hong Kong and Beijing. Mackenzie is a member of IGM Financial Inc. (TSX: IGM), one of Canada's premier financial services companies. For more information, visit mackenzieinvestments.com.
Wealthsimple is a financial company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable. Using smart technology, Wealthsimple takes financial services that are often confusing, opaque and expensive and makes them simple, transparent, and low-cost. The company was founded by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.
The Index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for use by Mackenzie and Wealthsimple. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P") and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their respective affiliates (collectively, "S&P Dow Jones Indices"). Neither S&P Dow Jones Indices make any representation or warranty, express or implied, to the owners of the ETF or any member of the public regarding the advisability of investing in securities generally or in the ETF particularly or the ability of the Index to track general market performance. S&P Dow Jones Indices only relationship to Mackenzie with respect to the Index is the licensing of the Index and certain trademarks, service marks and/or trade names of S&P Dow Jones Indices and/or its licensors. The Index is determined, composed and calculated by S&P Dow Jones Indices without regard to Mackenzie or the ETF. S&P Dow Jones Indices have no obligation to take the needs of Mackenzie or the holders of the ETF into consideration in determining, composing or calculating the Index. S&P Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of the ETF or the timing of the issuance or sale of the ETF or in the determination or calculation of the equation by which the ETF is to be converted into cash, surrendered or redeemed, as the case may be. S&P Dow Jones Indices has no obligation or liability in connection with the administration, marketing or trading of the ETF. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment advisor. Inclusion of a security within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, nor is it considered to be investment advice.
S&P DOW JONES INDICES DOES NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY MACKENZIE, OWNERS OF THE ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND MACKENZIE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
SOURCE Mackenzie Investments
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