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Weekly wrap, Sept. 22, 2017: U.S. indices flat on the week, TSX rallies
9/23/2018 1:12:32 AM
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News, announcements, and updates from Fund Library

By Fund Library News Wire  | Friday, September 22, 2017


By Mike Keerma

* U.S. indices flat on the week, TSX rallies.
* Mackenzie to merge funds.
* Educators changes fund name.
* WisdomTree introduces three dividend ETFs.
* Evolve launches gender diversity and cyber ETFs.
* First Asset debuts global dividend ETF.

* U.S. indices flat on the week, TSX rallies.
Toronto’s broad benchmark stock gauge, the S&P/TSX Composite Index, advanced 1.9% on the week, buoyed by the financial sector and a 1.7% rise in the price of crude oil. The big U.S. indices closed Friday flat on the week, following five days of choppy, directionless trading as investors digested the Federal Reserve Board’s decision to leave interest rates unchanged, while modestly reducing its US$4.5 trillion balance sheet. Investors shrugged off concerns over North Korean threats to test another nuclear bomb. The S&P 500 Composite Index edged up a scant 0.1% on the week, while the Nasdaq Composite Index ticked down 0.3%. Shares of Apple Inc. (NASDAQ: AAPL) contributed to the indices’ sluggish performance on the week as the price fell following the launch of its iPhone 8, with its iPhone X slated to launch Nov. 3. Apple is now down 7.4% since the end of August.


* Mackenzie to merge funds. Mackenzie Financial announced that it plans to merge the small Quadrus Trimark Balanced Fund ($1.62 million AUM) into the much larger Mackenzie Strategic Income Fund ($929.72 million AUM), subject to approvals. The merger is expected to be effective on or about January 19, 2018.

* Educators changes fund name. Educators Financial Group, catering exclusively to teachers and educational works, announced that the name of the Educators North American Diversified Fund will change to the Educators U.S. Equity Fund to reflect the change in its investment objective to a fund investing primarily in U.S. stocks. Beutel, Goodman & Company Ltd. has been appointed as the fund’s portfolio adviser.

* WisdomTree introduces three dividend ETFs. WisdomTree Asset Management Canada debuted three new dividend equity funds last week:

WisdomTree Canada Quality Dividend Growth Index ETF (TSX: DGRC), which holds dividend-paying Canadian companies with growth characteristics. It tracks the WisdomTree Canada Quality Dividend Growth Index and carries a management fee of 0.21%.

WisdomTree Emerging Markets Dividend Index ETF (TSX: EMV.B ) tracks the WisdomTree Emerging Markets Dividend Index CAD of dividend-paying stocks within emerging markets. Management fee is 0.38%.

WisdomTree U.S. MidCap Dividend Index ETF (TSX: UMI) tracks the WisdomTree U.S. MidCap Dividend Index CAD of mid-cap U.S. dividend-paying stocks. Management fee is 0.38% for the hedged units and 0.35% for the non-hedged (TSX: UMI.B) units.

* Evolve launches gender diversity and cyber ETFs. Evolve Funds Group debuted two specialty ETFs:

Evolve North American Gender Diversity Index ETF (TSX: HERS) tracks the Solactive Equileap North American Gender Equality Index Canadian Dollar Hedged which holds stocks of North American companies that have demonstrated commitment to gender diversity as part of their corporate social responsibility strategy. A non-hedged version ( TSX: HERS.B ) is also available.

Evolve Cyber Security Index ETF (TSX: CYBR) invests in the global cyber security industry through companies engaged in hardware and software development. The ETF tracks the Solactive Global Cyber Security Index Canadian Dollar Hedged. A non-hedged version (TSX: CYBR.B) is also available.

* First Asset debuts global dividend ETF. First Asset First Investment Management launched its First Cambridge Global Dividend ETF (TSX: FCW). The ETF invests in stocks anywhere in the world and is managed by Stephen Groff of Cambridge Global Asset Management. An unhedged version (TSX: FCW.B) is also available.

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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