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London Stock Exchange welcomes Wahed Celebrating the launch of Wahed FTSE USA Shariah ETP

Posted: 14 November 2022

"London Stock Exchange welcomes fintech company Wahed’s first Exchange Traded Product (“ETP”) launched on Friday 11 November."

The ETP tracks the US-listed Wahed FTSE USA Shariah ETF (Ticker: HLAL) and began trading Friday on the London Stock Exchange. The product looks to provide investors exposure to a shariah-compliant US equity ETF.

Launched in collaboration with Leverage Shares, the ETP effectively aims to track the Wahed FTSE USA Shariah ETF, which was launched on the NASDAQ in July 2019 and outperformed the conventional S&P 500 index.

Until now, exposure to HLAL was not viable for UK and EU-based investors. The ETP will be passported across Europe and offered in USD, GBx and EUR. This ETP aims to provide investors in these regions with exposure to that fund. The note’s expense ratio is 0.05%, in addition to the TER of the underlying HLAL shares in the basket.

Samim Abedi, Chief Investment Officer at Wahed, said:

“We’re excited to offer a passive multi-currency equity solution to our community of ethical-minded investors. Following the successful launch of the underlying Wahed FTSE USA Shariah ETF (Ticker: HLAL US EQUITY) in July 2019, we’ve seen strong performance and investor demand. We expect continued success and growth in the UK and EU markets. To meet the changing demands of investors we must continue to innovate and enhance our investment offering, as well as make our products more readily available globally.”

Lida Eslami, Securities Trading, Head of Business Development ETP & IOB, said:

“The launch of the Wahed ETP solidifies London as the destination of choice for values-based Islamic Finance. We’ve seen a sizable demand from investors who increasingly want to invest aligned to their values and this ETP launch complements our Sharia compliant offering.”