Wealthsimple's Halal portfolio and the Mackenzie Shariah Global Equity Fund are the two halal products most Canadians can reach without a specialist advisor, and they cost very different amounts. Wealthsimple charges a 0.5% management fee on Core accounts (0.4% at Premium, 0.2% to 0.4% at Generation) plus an underlying ETF MER its help centre puts at 0.24% to 0.56%, so about 0.74% to 1.06% a year. Mackenzie's fund carries an MER of 2.64% on Series A and 1.10% on Series F. The Wealthsimple portfolio is a passive index ETF plus gold and cash; the Mackenzie fund is actively managed against the Dow Jones Islamic Market World Index. Mackenzie publishes a Ratings Intelligence certification with named scholars; Wealthsimple names only a third-party screening firm.
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What each product actually is
The Wealthsimple Halal portfolio is a managed account, not a fund. You open a TFSA, RRSP, FHSA, RESP or non-registered account in the app, pick the Halal option and a risk level, and Wealthsimple buys a mix of its own Wealthsimple Shariah World Equity Index ETF (WSHR), a Shariah-certified physical gold ETF and non-interest-bearing cash. The help centre says the gold and cash replace the bonds a conventional portfolio would hold, because conventional bonds pay interest. WSHR tracks the Dow Jones Islamic Market Developed Markets Quality and Low Volatility Index, which weights companies by risk rather than market capitalization and excludes firms earning more than 5% of income from alcohol, tobacco, pork, weapons, conventional banking or insurance and adult entertainment, plus companies with excessive debt.
The Mackenzie Shariah Global Equity Fund from Mackenzie Investments is a conventional mutual fund structure with a Shariah mandate. Its fund profile (data to August 31, 2026) lists the Mackenzie Global Quantitative Equity Team under Arup Datta as portfolio managers, 136 equity holdings, $134.4 million in total fund assets and the Dow Jones Islamic Market World Index as benchmark. The fund launched in February 2024. It is sold in Series A (advisor channel with embedded trailing commission), Series F (fee-based accounts and most discount brokerages) and Series PW, with a US dollar purchase option. Our Mackenzie Shariah Global Equity Fund review covers the fund on its own; this page is about choosing between the two.
All-in cost: what you pay per year on $50,000
Cost is the clearest difference. Wealthsimple's fee has two layers: a management fee it charges directly, tiered by your total assets with Wealthsimple, and the MER inside the ETFs it buys. The help centre's MER table gives 0.24% to 0.56% for the Halal portfolio, with the range depending on how much WSHR versus gold and cash your risk level holds. Mackenzie's MER is a single number per series that already includes the 1.95% (Series A) or 0.80% (Series F) management fee plus operating costs. On top of either product you may pay account or trading fees at the brokerage that holds the fund, which Wealthsimple does not charge on its own managed accounts.
| Product | Management fee | Underlying MER | Approximate all-in | Cost on $50,000 |
|---|---|---|---|---|
| Wealthsimple Halal, Core (under $100k) | 0.50% | 0.24% to 0.56% | 0.74% to 1.06% | $370 to $530 |
| Wealthsimple Halal, Premium ($100k+) | 0.40% | 0.24% to 0.56% | 0.64% to 0.96% | not applicable |
| Wealthsimple Halal, Generation ($500k+) | 0.20% to 0.40% | 0.24% to 0.56% | 0.44% to 0.96% | not applicable |
| Mackenzie Shariah Global Equity, Series F | 0.80% | included | 1.10% MER | $550 |
| Mackenzie Shariah Global Equity, Series A | 1.95% | included | 2.64% MER | $1,320 |
Two notes on reading the table. First, Wealthsimple's Premium and Generation tiers depend on total assets held with Wealthsimple across all accounts, so a household with $100,000 of combined TFSA and RRSP money pays 0.4% even if the Halal account itself is small. Second, Mackenzie's Series A figure includes a trailing commission paid to the advisor or dealer; if you buy Series A at a discount brokerage that cannot give advice, you are paying for advice you do not receive, which is why most self-directed buyers should insist on Series F or move the money. Mackenzie's own help pages note that the redemption charge and low-load purchase options closed to new purchases in June 2022, so there is no deferred sales charge on new money.
Shariah certification: who signs off and what is published
Mackenzie publishes more. Its Shariah pages state that the Shariah funds are certified by the Shariah advisory board of Ratings Intelligence, with compliance certificates issued after a semi-annual audit, and the certificate names the scholars who issue the fatwa: Dr. Mohamed A. Elgari, Dr. Nazih Hammad and Dr. Muhammad Amin Qattan. Mackenzie also publishes a purification figure. For 2025 the published ratio was 8.21% of distributions, and the second-half 2025 purification amount was CAD 0.001311 per unit, which the fund pays to charity on the unitholder's behalf. That is the level of disclosure a Muslim investor should expect from any product calling itself Shariah-compliant.
Wealthsimple's disclosure is thinner, and our Wealthsimple provider page records that it does not publicly disclose a Shariah advisory board, named scholar or fatwa for the managed portfolio. Its help centre says all investments in the Halal portfolio are screened by a third-party Shariah compliance advisory firm and that WSHR and its index have been certified, with dividend purification handled at the ETF level. The underlying index is a Dow Jones Islamic Market index, which carries S&P Dow Jones Indices' own Shariah supervisory process. In practice both products rest on the same index family's screening; the difference is that Mackenzie names the people and publishes the purification math, while Wealthsimple asks you to trust the firm it has retained. Our WSHR verdict covers the ETF itself.
Holdings: passive developed-market index versus active global growth
The portfolios look nothing alike inside. WSHR's index is quality and low-volatility weighted, so its top names in the September 2024 holdings list Wealthsimple publishes were Singapore Telecommunications, Swisscom, Coca-Cola, Johnson & Johnson and Secom, each around 1% of the fund. No single stock dominates, Japanese and European consumer staples and health care names are heavy, and Canadian content is limited to a handful of names such as CGI, Thomson Reuters and Dollarama. The Halal portfolio then adds gold and cash according to risk level, which dampens swings in both directions.
Mackenzie's fund is concentrated where the Dow Jones Islamic Market World Index is concentrated. The August 2026 profile shows the United States at 67.7% of the fund, Taiwan 5.9%, China 5.3%, South Korea 3.3% and Canada 3.3%, with information technology at 43.4% of assets. Its ten major holdings make up 44.5% of the fund: NVIDIA 7.7%, Apple 7.2%, Alphabet 6.2%, Microsoft 5.8%, Amazon 4.6%, TSMC 3.9%, Broadcom 2.9%, Meta 2.4%, Micron 2.0% and Eli Lilly 2.0%. Series A returned 31.3% over the year to August 31, 2026 and 23.1% annualized since inception, numbers that reflect a strong period for large US technology stocks rather than a track record through a downturn. The fund has no three-year risk measures yet because it is too young.
- Pick WSHR-based Wealthsimple if you want broad developed-market exposure with no single stock above about 1% and a built-in gold sleeve.
- Pick Mackenzie if you want a manager actively tilting toward growth and are comfortable with roughly two thirds of the fund in US stocks and more than 40% in technology.
- Expect the two to behave differently in a technology sell-off: Mackenzie's concentration cuts both ways, while WSHR's low-volatility screen is designed to lag in rallies and hold up better in declines.
- Neither holds sukuk; Wealthsimple uses cash and gold for ballast, Mackenzie holds about 3.5% cash and is otherwise fully in equities.
Where you can hold each one
Wealthsimple's Halal portfolio exists only inside a Wealthsimple managed account. You cannot buy it at RBC Direct Investing or in an employer's group RRSP, although you can buy the WSHR ETF on its own through any brokerage, including Wealthsimple's self-directed trading side. Wealthsimple managed accounts have no minimum beyond $1, which suits a saver starting with $50 a month. Our Wealthsimple Halal portfolio review goes through the account types and risk levels.
Mackenzie's fund travels. Its fund codes (MFC 7549 for Series A front-end, MFC 7554 for Series F, MFC 7557 for Series PW, with US dollar equivalents) can be entered at any dealer that carries Mackenzie funds, which includes bank-owned discount brokerages, independent dealers, and group RRSP or defined contribution plans administered by insurers and record keepers that have added it to their menu. Whether your employer's plan offers it is a question for the plan sponsor; our group RRSP guide explains how to ask. Mutual fund minimums are set by the dealer and are typically a few hundred dollars for an initial purchase, with pre-authorized contribution plans available.
Tax and reporting in a non-registered account
Inside a TFSA, RRSP, FHSA or RESP, neither product creates a tax return entry. In a non-registered account the mechanics differ a little. Mackenzie's fund pays distributions annually (Series F paid $0.1010 per unit on December 23, 2025; Series PW paid $0.0057), reported on a T3 slip, and the fund's purification amount is deducted before you see the distribution, which keeps the reporting clean. Switching between Mackenzie funds inside the same series is a disposition for tax purposes.
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Wealthsimple's managed account is a basket of ETFs, so you receive T3 slips for the ETF distributions and a trading summary for any rebalancing sales, each of which is a taxable event. Wealthsimple's rebalancing is automatic and can trigger small capital gains in years when gold or equities move sharply. Purification of WSHR's non-compliant income happens inside the ETF, so the investor has nothing extra to calculate for that sleeve, but any interest on cash held outside the portfolio would be yours to give away. For both products, hold the growth in registered accounts first and keep the non-registered balance for money you have already sheltered.
Who should choose what
An app-first saver with less than $100,000 and no advisor should use the Wealthsimple Halal portfolio. At roughly 0.74% to 1.06% a year it is the cheapest managed halal option available in Canada, it accepts tiny contributions and it handles rebalancing and purification without any work. The trade-off is disclosure: you are trusting an unnamed third-party screener and S&P Dow Jones' index rules rather than a published fatwa, and you accept a quality and low-volatility tilt that will lag a technology-led market.
A group RRSP member whose plan lists the Mackenzie Shariah Global Equity Fund should take it, because the employer match and the payroll deduction are worth more than the fee gap, and the plan-level series is usually cheaper than retail Series A. An advisor client should ask one question before signing: is this Series F in a fee-based account, or Series A with a trailing commission? At 2.64% the Series A MER is more than double the all-in cost of Wealthsimple's portfolio and the advisor needs to justify that gap with planning work, not with the fund. A self-directed investor at a discount brokerage who wants active management can buy Series F at 1.10% and get Mackenzie's published certification; one who just wants an index should buy WSHR directly or compare the ETF route in our halal ETF versus mutual fund guide. For a broader survey of robo options see best halal robo-advisors and the investing hub. Facts checked against wealthsimple.com, help.wealthsimple.com, mackenzieinvestments.com on September 22, 2026.
Frequently asked questions
Is the Wealthsimple Halal portfolio cheaper than the Mackenzie Shariah fund?
Yes, in every tier. Wealthsimple's Core management fee of 0.5% plus a 0.24% to 0.56% ETF MER comes to roughly 0.74% to 1.06% a year, against Mackenzie's 1.10% MER on Series F and 2.64% on Series A. The gap narrows if you qualify for Series F and widens sharply if an advisor has you in Series A. Brokerage account fees can apply to the Mackenzie fund but not to a Wealthsimple managed account.
Which one has a named Shariah board?
Mackenzie does. Its Shariah pages name Ratings Intelligence as the certifying body and list the scholars who issue the fatwa, and it publishes a semi-annual audit and an annual purification ratio. Wealthsimple's help centre says a third-party Shariah compliance advisory firm screens the portfolio and that WSHR and its index are certified, but it does not name a board or publish a fatwa for the managed portfolio.
Can I hold the Mackenzie Shariah fund in my TFSA or group RRSP?
Yes, if your dealer or plan carries it. The fund has standard Mackenzie fund codes, so any brokerage or dealer that sells Mackenzie funds can place it in a TFSA, RRSP, RESP or FHSA, and some group RRSP and defined contribution plans list it. Ask your plan administrator for the fund menu; if it is absent, the sponsor can request it be added.
Can I buy the Wealthsimple Halal portfolio at another brokerage?
No. The managed Halal portfolio is only available inside a Wealthsimple managed account. What you can buy elsewhere is the WSHR ETF, which is the equity component of the portfolio, through any Canadian brokerage. You would then need to add gold and cash yourself if you want the same mix, and handle rebalancing on your own.
How has the Mackenzie Shariah Global Equity Fund performed?
Mackenzie's profile shows Series A returning 31.3% for the year to August 31, 2026, 18.90% for calendar 2025 and 23.1% annualized since the February 2024 launch, with $10,000 invested at launch worth $16,909 by August 2026. Those are gross of the advisor's work but net of the fund MER. The period was unusually good for the US technology stocks that make up most of the fund, so treat it as a short, favourable sample rather than a long-run expectation.
Compare providers in your province
See side-by-side comparisons of Shariah-compliant products, or let our matcher recommend the best options for your situation.
Does either product purify dividends for me?
Both do, at different levels. Mackenzie publishes a purification ratio each year (8.21% of distributions for 2025) and a per-unit amount it donates, so the distribution you receive is already cleansed. Wealthsimple's help centre states that WSHR performs dividend purification inside the ETF. Neither product purifies interest you might earn on cash sitting outside the portfolio, which remains your responsibility.
