Market month: Fund news and updates
Fund launches, name changes, mergers and terminations
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BMO fund mergers and name changes
BMO Investments Inc., on June 1 announced a number of changes to its fund lineup.
Corporate Class mutual fund mergers
BMO proposes to merge each of the following corporate class mutual funds into corresponding mutual fund trusts. Subject to approvals, the mergers will be implemented after the close of business on or about Aug. 25, 2023.
Trust fund mergers
BMO proposes to merge two mutual fund trusts into a corresponding mutual fund trust as set out in the table below. Subject to approval, the mergers will be implemented after the close of business on or about Sept. 15, 2023.
Effective May 30, 2023, the Manager has changed the name of certain of its BMO Mutual Funds as set out in the table below.
Horizons terminates three ETFs
Horizons ETFs Management (Canada) on May 26 announced that it will terminate three exchange traded funds effective at the close of business on or about Aug. 8, 2023:
Fidelity launches active management ETF series
Fidelity Investments Canada on May 25 launched a new exchange-traded fund (ETF) and ETF series, offering financial advisors and investors access to some of Fidelity’s active management strategies in a flexible ETF structure.
- Fidelity Global Innovators ETF (Cboe: FINN; FINN.U (U.S. dollar version))
- Fidelity Canadian Large Cap Fund – ETF Series (Cboe: FCLC)
- Fidelity Greater Canada Fund – ETF Series (Cboe: FCGC)
- Fidelity Global Small Cap Opportunities Fund – ETF Series (Cboe: FCGS/FCGS.U (U.S. dollar version))
Invesco announces fund launches, mergers, and terminations
Invesco Canada Ltd. on May 18 announced a number of changes to its fund lineup.
The following series on the respective mutual funds will be launched, effective on or about open of business on June 14, 2023:
The names of the following mutual funds will be changed, effective on or about close of business on July 27, 2023:
The following funds will be terminated effective on or about close of business July 28, 2023.
Invesco proposes to merge the following Non-Continuing Funds into the respective Continuing Funds, effective on or about close of business Aug. 11, 2023:
RBC iShares launches three new ETFs
RBC iShares on May 18 debuted the following ETFs.
RBC U.S. Discount Bond ETF (TSX: RUDB; RUDB.U) and RBC U.S. Discount Bond (CAD Hedged) ETF (TSX: RDBH) ETF each seek to provide investors with exposure to a diversified portfolio of primarily short-term bonds issued in the U.S. market by U.S. governments and U.S. and foreign corporations that are trading below the average price of the U.S. short-term bond universe at the time of purchase. RBC U.S. Discount Bond (CAD Hedged) ETF also hedges currency fluctuations between the U.S. and Canadian dollar.
RBC U.S. Dividend Covered Call ETF (USD Units) (TSX: RUDC.U). This new unit option allows Canadian advisors and investors to purchase and receive distributions of the recently launched RBC U.S. Dividend Covered Call ETF in U.S. dollars.
Manulife launches two actively managed ETFs
Manulife Investment Management on May 17 announced that two new actively managed Manulife Smart Exchange Traded Funds (ETFs) began trading on the NEO (Cboe) Exchange.
Manulife Smart Global Dividend ETF Portfolio (Cboe: GDIV) seeks to provide a steady flow of income and long-term capital appreciation by investing primarily in underlying exchange traded funds managed by Manulife Investment Management that provide exposure to a diversified portfolio of global dividend paying securities.
Manulife Smart Global Bond ETF (Cboe: GBND) seeks to earn the highest level of income consistent with the preservation of capital by investing primarily in a diversified portfolio of fixed income securities issued by government and corporate issuers from around the world.
Evolve shuts down real estate fund
Evolve Funds Group Inc. on May 12 announced that it will terminate the Evolve Slate Global Real Estate Enhanced Yield Fund (TSX: BILT) on or about Aug. 10, 2023. The funds are expected to be de-listed from TSX on or about Aug. 8, 2023.
RBC iShares launches six new target maturity bond ETFs
RBC iShares on May 10 launched six new RBC Target Maturity Bond ETFs, which focus on providing investors with efficient and targeted access to government fixed income.
Each new RBC Target Maturity Government Bond ETF will hold a mix of federal, provincial and agency bonds, and is designed to represent the performance of a portfolio of such bonds with the same maturity year as the ETF, held to maturity.
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