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Fund news: moves, mergers, and launches
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By Fund Library News Wire  | Thursday, February 09, 2017


By Mike Keerma

* New Vanguard ETFs listed on TSX.
* Excel to merge funds.
* Hamilton Capital launches dividend ETF.
* BlackRock moves five ETFs to NEO Exchange.

* New Vanguard ETFs listed on TSX. Vanguard Investments Canada Inc. added to its roster of nine fixed-income exchange-traded funds (ETFs), with four new Canadian funds listed on the TSX this week. The new funds bring to 33 the number of ETFs offered by Vanguard Canada.

Vanguard Canadian Government Bond Index ETF (TSX: VGV) seeks to track the performance of the Bloomberg Barclays Global Aggregate Canadian Government Float Adjusted Bond Index, a broad index of investment-grade Canadian government fixed-income securities. MER: 0.25%.

Vanguard Canadian Corporate Bond Index ETF (TSX: VCB) tracks the Bloomberg Barclays Global Aggregate Canadian Credit Float Adjusted Bond Index, a broad Canadian credit bond index of investment-grade non-government fixed income securities listed in Canada. MER: 0.23%.

Vanguard Canadian Short-Term Government Bond Index ETF (TSX: VSG) tracks the Bloomberg Barclays Global Aggregate Canadian Government 1-5 Year Float Adjusted Bond Index, a broad index of investment-grade Canadian government fixed-income securities with a short-term dollar-weighted average maturity. MER: 0.18%.

Vanguard Canadian Long-Term Bond Index ETF (TSX: VLB) tracks the Bloomberg Barclays Global Aggregate Canadian 10+ Year Float Adjusted Bond Index of investment-grade Canadian fixed-income securities with a long-term dollar-weighted average maturity.

“Bond ETFs provide a low cost, liquid and transparent alternative to holding bonds directly,” said Tim Huver, head of product, Vanguard Investments Canada Inc. “These ETFs provide the flexibility to position portfolios along the yield curve and take advantage of targeted exposure to corporate and government bonds.”

* Excel to merge funds. Excel Funds Management Inc. said that effective March 30, it expects to merge the Excel Billionaire Leaders Fund into Excel Blue Chip Equity Fund and the Excel Latin America Fund into Excel Emerging Markets Fund .

Unitholders of the discontinued funds will will receive securities of the equivalent series of the surviving funds determined on a dollar-for-dollar basis. Units of the Excel Billionaire Leaders Fund and Excel Latin America Fund are no longer offered for sale. Unitholder approvals for the mergers will be sought at special meetings to be held on or about March 24, 2017.

* Hamilton Capital launches dividend ETF. Hamilton Capital Partners Inc. debuted its go-anywhere Hamilton Capital Global Financials Yield ETF (TSX: HFY), which holds an actively managed portfolio of shares of financial services companies from anywhere in the world.

“Canadian yield-oriented investors are limited by a comparatively small, concentrated, and highly correlated domestic financial services sector. By investing in the global financial sector, the investment universe expands to include thousands of companies, including over 400 financials with dividend yields above 5%,” said Rob Wessel, Managing Partner, Hamilton Capital.

According to a Hamilton Capital press release, the fund is expected to hold between 50 and 80 dividend-paying stocks in the financial services sector with geographic exposure to more than 10 countries, including but not limited to, commercial and investment banks, insurance companies, brokerages, asset managers, exchanges, real estate investment trusts, and other investment companies.

* BlackRock moves five ETFs to NEO Exchange. BlackRock Asset Management Canada confirmed its previous announcement made on Sept. 13, 2016, of its intention to change the listing venue for the common and advisor class units of the following funds to the Aequitas NEO Exchange from the Toronto Stock Exchange:

iShares International Fundamental Index ETF (TSX: CIE, CIE.A)
iShares Japan Fundamental Index ETF (CAD-Hedged) (TSX: CJP, CJP.A)
iShares US Fundamental Index ETF (TSX: CLU, CLU.A, CLU.B, CLU.C)
iShares Emerging Markets Fundamental Index ETF (TSX: CWO, CWO.A)
iShares Canadian Fundamental Index ETF (TSX: CRQ, CRQ.A)

BlackRock Canada expects the units of the affected ETFs to be delisted from the TSX at the close of trading on Feb. 21, 2017, and subequently listed on NEO at the open of trading on Feb. 22, 2017. Following their delisting, the units of the iShares Funds listed above will not be available for trading on the TSX.

The Aequitas NEO Exchange, which opened for business last March, is a subsidiary of privately held Aequitas Innovations Inc., whose major shareholders include, among others, Barclays Corporation Ltd., BCE Inc., CI Investments, IGM Financial, Invesco Canada, and RBC Dominion Securities.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.


© 2017 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

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