September 29, 2023 10:33 AM
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notifications@m.wealthsimple.com
Don’t lose a decade in the market
The email discusses the importance of diversification in investment portfolios, providing tips on how to achieve it and explaining its benefits in the long term.
Why diversification is just as important than ever ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
September 29, 2023 10:33 AM
-
notifications@m.wealthsimple.com
Don’t lose a decade in the market
The email discusses the importance of diversification in investment portfolios, providing tips on how to achieve it and explaining its benefits in the long term.
Why diversification is just as important than ever ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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</style></head><body id="body" class="body" style="word-break:break-word; margin:0; height:100%; width:100%; padding:0"><div style="color:transparent; visibility:hidden; opacity:0; font-size:0px; border:0; max-height:1px; width:1px; margin:0px; padding:0px; border-width:0px!important; display:none!important; line-height:0px!important"><img border="0" width="1" height="1" src="https://clicks.wealthsimple.com/q/_vMMklVPuMWmDNSeW_QFqg~~/AAQRxQA~/RgRm-Y9-PVcDc3BjQgplFH4KF2VePdscUhVlbXVsaXN0MDFAb3V0bG9vay5jb21YBAAAAgM~" alt=""></div><div style="display:none!important; visibility:hidden; font-size:1px; color:#ffffff; line-height:1px; max-height:0px; max-width:0px; opacity:0; overflow:hidden">Why diversification is just as important than ever</div><div style="display:none">͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ </div><div role="article" aria-roledescription="email" aria-label="Wealthsimple" lang="en"><table align="center" class="screen-font-futuraptBody dark-bg-black" cellpadding="0" cellspacing="0" role="presentation" style="width:100%; background-color:#FCFCFC; font-family:FuturaPT,Avenir,sans-serif"><tbody><tr><td valign="top"><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td valign="top" style="padding-bottom:48px"><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center" class="dark-bg-black" style="background-color:#FCFCFC"><table class="sm-w-full" cellpadding="0" cellspacing="0" role="presentation" style="margin-left:auto; margin-right:auto; width:600px"><tbody><tr><td valign="top" class=" sm-pt-7_5" style="padding-top:40px"><table width="100%" cellpadding="0" cellspacing="0" role="presentation"><tbody><tr><td valign="middle" align="center" class="sm-h-70px" height="80"><a href="#" target="_blank" style="color:currentColor; color:#32302F; text-underline-position:from-font"><img width="202" alt="Wealthsimple" class="sm-w-162px dark-hidden" src="https://braze-images.com/appboy/communication/assets/image_assets/images/633482379d5d771c7fe83da7/original.png?1664385591" style="border:0; display:block; border-width:0px"> <img width="202" alt="Wealthsimple" class="sm-w-162px dark-block" src="https://braze-images.com/appboy/communication/assets/image_assets/images/63348237db77c73d4a701ef4/original.png?1664385591" style="border:0; display:none; border-width:0px"> </a></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr><tr><td align="center"><table class="sm-w-full" cellpadding="0" cellspacing="0" role="presentation" style="margin-left:auto; margin-right:auto; width:600px"><tbody><tr><td valign="top" align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="center" style="padding-bottom:30px"><h1 class="sm-text-xl dark-text-offWhite" style="margin:0; line-height:1.08em; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; display:block; font-size:45px">Don’t let the short term distract you from the long</h1></td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="left" class="xs-text-sm sm-text-2sm dark-text-offWhite " style="padding-bottom:32px; color:#32302F; letter-spacing:-0.005em; font-weight:400; font-size:20px">Hi Tim,<br><br>A lot of investors have been staying away from the markets lately, preferring to pile into cash instead. It’s not an unreasonable move: the current yields are attractive, and there’s something nice about feeling comfortable amid all of the recent volatility. But that’s a short-term solution that can get in the way of a long-term opportunity. <br><br>Instead of worrying about the immediate value of cash vs. risky assets (the vast majority of the time, risky assets have typically won that fight in the long run), it can be more effective to focus on your investment timeline — and on having a mix of return streams to support reaching your goals. In other words: diversify.<br><br>Just like “buy low, sell high,” diversifying your portfolio is one of the most classic investment tips. <br><br><strong style="">Why? Markets move in cycles.</strong> Periods of high returns tend to be followed by periods of low returns, and the inverse is also true. So if you’re heavily invested in U.S. stocks, which have outperformed other assets lately, you might be kind of nervous. The U.S. stock market had negative real returns in two of the last five full decades (the 1970s and the 2000s). While we’re not saying that such a period is imminent, investors should consider how to avoid extended downturns. <br><br>Note: while diversification can help limit downside, it can also limit upside in the short and medium term. There will be moments when a specific market outperforms a diversified portfolio. But over time, on average, the diversified portfolio can often win out.<br><br>Here are some ways we diversify portfolios at Wealthsimple: </td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" style="padding-bottom:16px"><h2 class="sm-text-2sm dark-text-offWhite" style="margin:0; line-height:125%; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; font-size:24px">Embrace asset class diversification</h2></td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="left" class="xs-text-sm sm-text-2sm dark-text-offWhite " style="padding-bottom:32px; color:#32302F; letter-spacing:-0.005em; font-weight:400; font-size:20px">Spreading out your investments among stocks, bonds, and alternative assets like <a href="#" style="color:#32302F; text-decoration:underline; text-underline-position:from-font">private credit</a> (and putting meaningful risk into each of them) can help insulate you from big drops in one particular area. They all respond to changes in the economy in different ways. The current high interest rates, for example, led to some of the worst returns on record for bonds. But they’ve also boosted the yields on an asset like private credit, which relies on floating rates. </td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" style="padding-bottom:16px"><h2 class="sm-text-2sm dark-text-offWhite" style="margin:0; line-height:125%; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; font-size:24px">Think beyond North America</h2></td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="left" class="xs-text-sm sm-text-2sm dark-text-offWhite " style="padding-bottom:32px; color:#32302F; letter-spacing:-0.005em; font-weight:400; font-size:20px">A rebalanced global portfolio can give you much better odds of good returns, while a concentrated portfolio goes through wilder boom and bust swings (like the ones we mentioned in the U.S. above). For example, since 1955, the average real return of developed country stock markets has been about 7%, which is similar to the returns of the U.S. market. </td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top" align="center" style="padding:0 0 32px"><img border="0" src="https://braze-images.com/appboy/communication/assets/image_assets/images/6516ec3493bc63004d4643e7/original.png?1696001075" width="540" alt="The Benefit of Geographic Diversification" class="sm-w-full" style="display:block; border-radius:16px"> </td></tr></tbody></table></td></tr></tbody></table><table width="90%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td class="body-text" align="left" style="font-family:; font-weight:400; font-size:14px; line-height:120%; color:#32302F; text-align:left; padding:0px 0 30px"><strong style="">How to read this chart:</strong> We’ve mapped the total returns of six different countries by decade, alongside a portfolio that’s equally weighted toward each country’s stock market. The higher the box is, the better that country’s market did compared to its peers. As you can see in the column on the right, although different countries came out on top in specific decades, over time the more diversified, equal weight portfolio won out.</td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" style="padding-bottom:16px"><h2 class="sm-text-2sm dark-text-offWhite" style="margin:0; line-height:125%; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; font-size:24px">Don’t forget defensive stocks</h2></td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="left" class="xs-text-sm sm-text-2sm dark-text-offWhite " style="padding-bottom:32px; color:#32302F; letter-spacing:-0.005em; font-weight:400; font-size:20px">While it’s easy to think that higher volatility stocks lead to higher returns, it’s not always true. Historically speaking, lower-volatility stocks have actually performed as well as or even slightly better than the risky stuff. That’s not to say you should pile all of your money into defensive stocks. If you did that, you’d miss the times that volatile stocks outperform (often during rallies and bull markets). Some investors choose to hold both instead of betting on either — an attempt to reduce a portfolio’s risk without reducing its long-term expectations.<br><br>You can read more about how we diversify our managed portfolios <a href="#" style="color:#32302F; text-decoration:underline; text-underline-position:from-font">here</a> and more about private credit (including who might be eligible to invest) <a href="#" style="color:#32302F; text-decoration:underline; text-underline-position:from-font">here</a>. As always, if you have any questions about your portfolio, we’re <a href="#" style="color:#32302F; text-decoration:underline; text-underline-position:from-font">here to help</a>. <br><br>All the best, </td></tr></tbody></table></td></tr></tbody></table><table width="100%" border="0" cellspacing="0" cellpadding="0" role="presentation"><tbody><tr><td valign="top"><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="center" class="sm-pb-2_5" style="padding-bottom:26px"><table role="list" cellpadding="0" cellspacing="0" style="width:100%"><tbody><tr><td valign="top"><table role="listitem" cellpadding="0" cellspacing="0" style="width:100%"><tbody><tr><td width="68" valign="middle" style="padding-bottom:38px"><div><img width="48" alt="" class="dark-hidden" src="https://braze-images.com/appboy/communication/assets/image_assets/images/648a11db162ab3005083c9bc/original.png?1686770139" style="border:0; display:block; border-width:0px"> <img width="48" alt="" class="dark-block" style="border:0; display:none; border-width:0px"> </div></td><td valign="middle" class="sm-pb-8_5 xs-pb-7_5" style="padding-bottom:38px"><div><span class="xs-text-sm dark-text-offWhite" style="margin:0; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; margin-bottom:0; text-align:left; font-size:24px; line-height:1.25">Ben Reeves</span><br><span class="xs-text-sm sm-text-2sm dark-text-offWhite " style="padding-bottom:32px; color:#32302F; letter-spacing:-0.005em; font-weight:400; font-size:20px">Chief Investment Officer </span></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" style="padding-bottom:16px"><h2 class="sm-text-standard dark-text-offWhite" style="margin:0; line-height:102%; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; font-size:30px">Your opinion matters</h2></td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="left" class="xs-text-sm sm-text-2sm dark-text-offWhite " style="padding-bottom:32px; color:#32302F; letter-spacing:-0.005em; font-weight:400; font-size:20px">I’ve been sending these updates more frequently lately, and I’d love to know if you’re finding them useful. </td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td valign="top" align="center" class="sm-pb-12" style="padding-bottom:64px"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" align="left" class="dark-bg-chartreuse-20 sm-block sm-mb-4" style="border-radius:16px; background-color:#ECF3D5"><table class="sm-w-full" role="presentation" cellpadding="0" cellspacing="0" style="width:173px"><tbody><tr><td valign="top" align="left" style="padding-top:24px; padding-bottom:24px; padding-left:20px; padding-right:20px"><a href="#" style="text-decoration:none; color:inherit"><img width="24" alt="" class="dark-hidden" src="https://braze-images.com/appboy/communication/assets/image_assets/images/63ea5afbcf2828004c057b51/original.png?1676303099" style="border:0; display:block; border-width:0px; margin-bottom:16px"></a> <a href="#" style="text-decoration:none; color:inherit"><img width="24" alt="" class="dark-block" src="https://braze-images.com/appboy/communication/assets/image_assets/images/63ea5afbdd04cb004c012af5/original.png?1676303099" style="border:0; display:none; border-width:0px; margin-bottom:16px"></a> <h4 class="dark-text-offWhite" style="margin:0; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; text-align:left; font-size:18px; line-height:1.25"><a href="#" style="text-decoration:none; color:inherit; display:block">Yes, useful</a> </h4></td></tr></tbody></table></td><td valign="top" width="10" class="sm-hidden"></td><td valign="top" align="center" class="dark-bg-chartreuse-20 sm-block sm-mb-4" style="border-radius:16px; background-color:#ECF3D5"><table class="sm-w-full" role="presentation" cellpadding="0" cellspacing="0" style="width:173px"><tbody><tr><td valign="top" align="left" style="padding-top:24px; padding-bottom:24px; padding-left:20px; padding-right:20px"><a href="#" style="text-decoration:none; color:inherit"><img width="24" alt="" class="dark-hidden" src="https://braze-images.com/appboy/communication/assets/image_assets/images/64232f3930e33e005c6f954c/original.png?1680027449" style="border:0; display:block; border-width:0px; margin-bottom:16px"></a> <a href="#" style="text-decoration:none; color:inherit"><img width="24" alt="" class="dark-block" src="https://braze-images.com/appboy/communication/assets/image_assets/images/64232f39df2150004e8deb51/original.png?1680027449" style="border:0; display:none; border-width:0px; margin-bottom:16px"></a> <h4 class="dark-text-offWhite" style="margin:0; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; text-align:left; font-size:18px; line-height:1.25"><a href="#" style="text-decoration:none; color:inherit; display:block">Could be better</a> </h4></td></tr></tbody></table></td><td valign="top" width="10" class="sm-hidden"></td><td valign="top" align="right" class="dark-bg-chartreuse-20 sm-block sm-mb-4" style="border-radius:16px; background-color:#ECF3D5"><table class="sm-w-full" role="presentation" cellpadding="0" cellspacing="0" style="width:173px"><tbody><tr><td valign="top" align="left" style="padding-top:24px; padding-bottom:24px; padding-left:20px; padding-right:20px"><a href="#" style="text-decoration:none; color:inherit"><img width="24" alt="" class="dark-hidden" src="https://braze-images.com/appboy/communication/assets/image_assets/images/641df143b07446004d704768/original.png?1679683906" style="border:0; display:block; border-width:0px; margin-bottom:16px"></a> <a href="#" style="text-decoration:none; color:inherit"><img width="24" alt="" class="dark-block" src="https://braze-images.com/appboy/communication/assets/image_assets/images/641df14252e901004edcd534/original.png?1679683906" style="border:0; display:none; border-width:0px; margin-bottom:16px"></a> <h4 class="dark-text-offWhite" style="margin:0; letter-spacing:-0.0075em; font-weight:600; font-family:FuturaPT,Helvetica Neue,sans-serif; color:#32302F; text-align:left; font-size:18px; line-height:1.25"><a href="#" style="text-decoration:none; color:inherit; display:block">Not for me</a> </h4></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table cellpadding="0" cellspacing="0" role="presentation" style="width:100%"><tbody><tr><td align="center"><table cellpadding="0" cellspacing="0" role="presentation" style="width:90%"><tbody><tr><td valign="top" class="sm-pb-7_5" style="padding-bottom:40px; font-size:12px; line-height:1.25"><hr class="dark-bg-slate-40 sm-mt-12 xs-mt-8" style="margin:0; border:0; margin-top:64px; margin-bottom:16px; height:1px; border-width:0px; background-color:#E4E2E1"><table class="dark-text-slate-70" cellpadding="0" cellspacing="0" role="presentation" style="width:100%; color:#32302F"><tbody><tr><td valign="top" class="xs-table-footer-group" style="width:50%"><div class="xs-pt-4 autolink-hide" style="padding-bottom:8px">Wealthsimple,<br>80 Spadina Ave Suite 400<br>Toronto, ON, M5V 2J4 </div></td><td valign="top" align="right" class="xs-table-header-group xs-text-left" style="width:50%"><table align="right" class="xs-float-left" cellpadding="0" cellspacing="0" role="presentation"><tbody><tr><td style="padding-right:16px"><a href="#" target="_blank" style="color:currentColor; color:#32302F; text-underline-position:from-font; text-decoration-line:none"><img src="https://braze-images.com/appboy/communication/assets/image_assets/images/62855883d8f93f3a942d0028/original.png?1652906115" width="16" alt="Instagram" class="dark-hidden" style="border:0; 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vertical-align:middle"> </a></td></tr></tbody></table></td></tr></tbody></table><hr class="dark-bg-slate-40" style="margin:0; border:0; margin-top:20px; margin-bottom:12px; height:1px; border-width:0px; background-color:#E4E2E1"><p class="dark-text-slate-60" style="margin:0; margin-bottom:1em; letter-spacing:-0.005em; font-weight:400; font-size:10px; color:#615E5C">Replies to this email address are not monitored.<br>Have questions? Visit our <a href="#" class="dark-text-slate-60" style="text-underline-position:from-font; color:#615E5C; text-decoration-line:underline">Help Centre</a> or submit a request to our <a href="#" class="dark-text-slate-60" style="text-underline-position:from-font; color:#615E5C; text-decoration-line:underline">Client Support</a> team. </p><p class="dark-text-slate-60" style="margin:0; margin-bottom:1em; letter-spacing:-0.005em; font-weight:400; font-size:10px; color:#615E5C">All information and commentary provided is for illustration purposes only and is not investment advice or recommendations. All investments involve risk. To get more info on our products, investment decisions, fee schedules, user testimonials, promos & more visit wsim.co/disclaimers.<br><br>Indicated performance data are historical for the period indicated. Rates of return do not take into account any fees or tax payable. Past performance may not be repeated. <br><br>Targeted yields are not guaranteed. The planned frequency of interest payouts and withdrawals is variable at the discretion of fund managers. Private credit involves risks including, but not limited to, credit risk, liquidity risk, leverage risk and value fluctuation. See <a href="#" target="_blank" style="color:#615E5C">here</a> for more information. </p><p class="dark-text-slate-60" style="margin:0; margin-bottom:1em; letter-spacing:-0.005em; font-weight:400; font-size:10px; color:#615E5C">Managed accounts are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada.</p><p class="dark-text-slate-60" style="margin:0; margin-bottom:1em; letter-spacing:-0.005em; font-weight:400; font-size:10px; color:#615E5C">Stocks and ETFs are offered by Wealthsimple Investments Inc. (WSII). WSII is a member of the <a href="#" target="_blank" style="color:#6c6c6c; text-decoration:underline">Canadian Investment Regulatory Organization (CIRO)</a>. Customer accounts held at WSII are protected by Canadian Investor Protection Fund (CIPF) within specified limits in the event WSII becomes insolvent. A brochure describing the nature and limits of coverage is available upon request or at CIPF.</p><p class="dark-text-slate-60" style="margin:0; letter-spacing:-0.005em; font-weight:400; font-size:10px; color:#615E5C">© 2023 Wealthsimple Technologies Inc.</p></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></div></body></html>
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