Alternative Investments/ESG: Wealthsimple Launches An ETF For Shariah-Compliant Stocks
Last week, the Wealthsimple Shariah World Equity Index ETF (WSHR) was listed on the Neo Exchange, Canada.
The first ETF has launched on the Neo Exchange, Canada. The Wealthsimple Shariah World Equity Index ETF (NEO: WSHR) commenced trading on the exchange on May 12, 2021. The ETF provides investors exposure to a diversified index of Shariah-compliant stocks. 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. (BusinessWire)
Wealthsimple Shariah World Equity Index ETF (NEO: WSHR)
The new ETF will track 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. These would be selected for having the highest combination of quality and low volatility multi-factor score.
The fund excludes companies deriving more than 5% of their income from alcohol, tobacco, pork-related products, weapons, conventional banking or insurance companies, and adult entertainment. The ETF also excludes companies with excessive leverage.
“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,” said Ben Reeves, Chief Investment Officer of Wealthsimple. “Muslim investors in Canada will now have access to an affordable investment product that is in line with their values.”
According to Jos Schmitt, President and CEO of NEO, Wealthsimple’s new Shariah ETF was a product that addressed the under-serviced but important Islamic community in Canada.
The ETF charges a 0.5% management fee.
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