No securities regulatory authority has expressed an opinion about these securities, and it is an offence to claim otherwise. PROSPECTUS Continuous Distribution April 23, 2021 This prospectus qualifies the distribution of Canadian dollar-denominated units (the “Units”) of the following exchange-traded funds (each a “Wealthsimple ETF” and together the “Wealthsimple ETFs”): Wealthsimple North America Socially Responsible Index ETF (“WSRI”) Wealthsimple Developed Markets ex North America Socially Responsible Index ETF (“WSRD”) The Wealthsimple ETFs are exchange-traded mutual funds established as trusts under the laws of the Province of Ontario. Each Wealthsimple ETF seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of a specified market index (the “Index”). See “Investment Objectives”. Mackenzie Financial Corporation (the “Manager”), a registered portfolio manager and investment fund manager, is the trustee, manager, and portfolio manager of the Wealthsimple ETFs and is responsible for the administration of the Wealthsimple ETFs. Each of the Manager and Wealthsimple (defined below) are the promoters of the Wealthsimple ETFs. See “Organization and Management Details of the Wealthsimple ETFs”. Listing of Units Each Wealthsimple ETF issues Units on a continuous basis and there is no maximum number of Units that may be issued. The Units of the Wealthsimple ETFs are listed on the TSX, and a Unitholder (defined below) may buy or sell Units of the Wealthsimple ETFs on the TSX or another exchange or marketplace through registered brokers and dealers in the province or territory where the Unitholder resides. Unitholders may incur customary brokerage commissions in buying or selling Units. No fees are paid by a Unitholder to the Manager or the Wealthsimple ETFs in connection with the buying or selling of Units on the TSX or another exchange or marketplace. Unitholders may redeem Units in any number for cash for a redemption price per Unit of 95% of the closing price for the Units on the TSX on the effective day of the redemption, subject to a maximum redemption price of the applicable NAV per Unit (defined below), or may exchange a minimum of a Prescribed Number of Units (defined below) (and any additional multiple thereof) for, in the discretion of the Manager, securities and cash or only cash. Unitholders are advised to consult their brokers or investment advisers, and their tax advisers, before redeeming Units for cash. See “Redemption of Units”. The Wealthsimple ETFs will issue Units directly to Designated Brokers and Dealers (each defined below). Additional Consideration No Designated Broker or Dealer has been involved in the preparation of this prospectus or has performed any review of the contents of this prospectus and, as such, the Designated Brokers and Dealers do not perform many of the usual underwriting activities in connection with the distribution by the Wealthsimple ETFs of their Units under this prospectus. For a discussion of the risks associated with an investment in Units of the Wealthsimple ETFs, see “Risk Factors”. Registration of interests in, and transfer of, the Units will be made only through CDS Clearing and Depository Services Inc. Beneficial owners will not have the right to receive physical certificates evidencing their ownership. Each Wealthsimple ETF is a mutual fund under the securities legislation of certain provinces and territories of Canada. In the opinion of the Manager, Units of the Wealthsimple ETFs are index participation units within the meaning of National Instrument 81-102 - Investment Funds (“NI 81-102”). A mutual fund wishing to invest in Units of a Wealthsimple ETF should make its own assessment of its ability to do so after careful consideration of the relevant provisions of NI 81-102. The Units are not and will not be registered under the U.S. Securities Act of 1933, as amended. Subject to certain exceptions, the Units may not be offered or sold in the U.S. or offered or sold to U.S. persons. The Wealthsimple ETFs are not and will not be registered under, and the Manager is not registered under, the U.S. Investment Company Act of 1940, as amended. Documents Incorporated by Reference Additional information about each Wealthsimple ETF is available in the most recently filed ETF Facts, in the most recently filed annual financial statements, if any, any interim financial statements filed after those annual financial statements, the most recently filed annual management report of fund performance (“MRFP”), if any, and any interim MRFP filed after that annual MRFP. These documents are incorporated by reference into, and legally form an integral part of, this prospectus. These documents are publicly available on the Manager’s website at www.mackenzieinvestments.com and may be obtained upon request, at no cost, by calling 1.800.387.0614 or by contacting a registered dealer. These documents and other information about the Wealthsimple ETFs are also publicly available at www.sedar.com. See “Documents Incorporated by Reference” for further details. - ii - TABLE OF CONTENTS IMPORTANT TERMS .................................................................................................................................................... 1 PROSPECTUS SUMMARY ........................................................................................................................................... 5 SUMMARY OF FEES AND EXPENSES .................................................................................................................... 11 OVERVIEW OF THE LEGAL STRUCTURE OF THE WEALTHSIMPLE ETFS ..................................................... 13 INVESTMENT OBJECTIVES ..................................................................................................................................... 13 THE INDICES ............................................................................................................................................................... 13 INVESTMENT STRATEGIES ..................................................................................................................................... 15 OVERVIEW OF THE SECTORS IN WHICH THE WEALTHSIMPLE ETFS INVEST ............................................ 17 INVESTMENT RESTRICTIONS ................................................................................................................................. 17 FEES AND EXPENSES ................................................................................................................................................ 18 RISK FACTORS ........................................................................................................................................................... 20 DISTRIBUTION POLICY ............................................................................................................................................ 28 PURCHASES OF UNITS ............................................................................................................................................. 30 REDEMPTION OF UNITS ........................................................................................................................................... 33 INCOME TAX CONSIDERATIONS ........................................................................................................................... 35 ELIGIBILITY FOR INVESTMENT ............................................................................................................................. 39 ORGANIZATION AND MANAGEMENT DETAILS OF THE WEALTHSIMPLE ETFS ........................................ 40 CALCULATION OF NET ASSET VALUE ................................................................................................................. 47 ATTRIBUTES OF THE UNITS.................................................................................................................................... 50 UNITHOLDER MATTERS .......................................................................................................................................... 51 TERMINATION OF THE WEALTHSIMPLE ETFS ................................................................................................... 53 RELATIONSHIP BETWEEN THE WEALTHSIMPLE ETFS AND DEALERS ........................................................ 53 PROXY VOTING DISCLOSURE FOR PORTFOLIO SECURITIES HELD .............................................................. 53 MATERIAL CONTRACTS .......................................................................................................................................... 55 LEGAL AND ADMINISTRATIVE PROCEEDINGS.................................................................................................. 55 EXPERTS ...................................................................................................................................................................... 56 EXEMPTIONS AND APPROVALS ............................................................................................................................ 56 OTHER MATERIAL FACTS ....................................................................................................................................... 56 PURCHASERS’ STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION ................................................. 57 DOCUMENTS INCORPORATED BY REFERENCE ................................................................................................