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Fund news: debuts, shutdowns, and ballooning fund AUM
1/23/2018 12:58:34 AM
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By Fund Library News Wire  | Friday, December 08, 2017


 

By Mike Keerma

* Arrow debuts actively-managed bond ETF .
* First Asset closes covered call ETF.
* iA Financial launches a barrage of new funds and portfolios.
* Mackenzie’s new RI ETF begins trading.
* Desjardins launches adds to controlled volatility ETF lineup.
* Invesco switches exchanges for PGL.
* Mutual fund assets balloon to $1.47 trillion in October.

* Arrow debuts actively-managed bond ETF . Toronto-based portfolio manager Arrow Capital Management Inc. launched its first actively managed exchange-traded fund, the Exemplar Investment Grade Fund (TSX: CORP), which aims to remove interest rate exposure of corporate bonds, thereby protecting investors from capital losses due to rising rates. The fund, sub-advised by East Coast Fund Management Inc., uses a credit strategy aiming for attractive risk-adjusted returns with low volatility and capital preservation.

* First Asset closes covered call ETF. First Asset Investment Management Inc. announced that it will terminate its First Asset Can-Energy Covered Call ETF (TSX: OXF) on February 15, 2018. The company gave no reason for the termination, but clues may be found in the fund’s low $5.8 million asset base, negative rates of return (as of Oct. 31) for every period, and a steadily declining unit price through 2017.

* iA Financial launches a barrage of new funds and portfolios. iA Financial Group announced the debut of four new global segregated funds and a family of five global index portfolios.

Two segregated funds will be managed by Forstrong Global Asset Management, and includeGlobal Diversified Fixed Income Fund (Forstrong) and the Global Diversified Equity Fund (Forstrong). And two will be managed by Fidelity: Fidelity Global Monthly Income and Fidelity Global Concentrated Equity.

iA Financial also announced its family of five new Indexia funds, a family of low-cost global index portfolios. According to an iA Financial release, the funds consist of recognized stock indexes and includeIndexia Prudent, Indexia Moderate,Indexia Balanced, Indexia Growth, and Indexia Aggressive funds. The funds are passively managed with monthly rebalancing, and carry an MER of 1.95% (in Classic Series 75/75).

* Mackenzie’s new RI ETF begins trading. Mackenzie Financial Corp. debuted its Mackenzie Global Leadership Impact ETF (NEO: MWMN), which aims to provide investors with an opportunity to impact social and governance change with a focus on promoting the benefits of women in leadership. The fund will invest primarily in companies that promote gender diversity and women's leadership, anywhere in the world.

Sub-advised by PAX Ellevate Management LLC, which specializes in women in leadership, the managers assess potential investments using a number of criteria, including proportional representation of women on boards of directors and in leadership positions in the companies, such as CEOs and CFOs.

Michael Cooke, Senior Vice President and Head of Exchange Traded Funds at Mackenzie Investments, said “The Mackenzie Global Leadership Impact ETF provides investors with a progressive product, promoting the benefits of gender diversity.”

* Desjardins launches adds to controlled volatility ETF lineup. Desjardins Global Asset Management Inc. announced that its new Desjardins Emerging Markets Multifactor-Controlled Volatility ETF (TSX: DFE) has commenced trading. The fund aims to track the Scientific Beta Emerging Markets Multifactor-Controlled Volatility Index, which selects emerging markets securities with an exposure to six documented long-term rewarded risk factors, including size, valuation, momentum, volatility, profitability, and asset growth. Under normal market conditions, the fund will primarily invest in emerging markets securities.

* Invesco switches exchanges for PGL. Invesco Canada Ltd. has received approval to switch the listing exchange for its PowerShares Ultra Liquid Long Term Government Bond Index ETF (TSX: PGL) to the Aequitas NEO Exchange. PGL will be delisted from TSX on Dec. 13, and will commence trading on the NEO Exchange on Dec. 14.

* Mutual fund assets balloon to $1.47 trillion in October. According to the Investment Funds Institute of Canada’s monthly industry survey for October, total mutual fund assets under management rose to $1.468 trillion, compared to $1.428 trillion in September, an increase of $40.7 billion, or 2.9%. Since October 2016, total mutual fund assets have increased by $150.1 billion, or 10.2%. Balanced funds held the lion’s share of assets at $761.7 billion, with equity funds claiming $479.8 billion in assets under management. Bond funds came a distant third with $189.4 billion under management.

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.

Disclaimer

© 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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