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Guardian Capital LP on Aug. 3 announced that three of its exchange-traded funds will be merged into a corresponding mutual fund with an identical mandate. Upon completion of the mergers, securityholders will no longer hold ETF series securities of the applicable terminating fund(s). Instead, securityholders will hold ETF series securities of the applicable continuing fund(s).
Guardian Directed Equity Path ETF (TSX: GDEP, GDEP.B) to merge into Guardian Directed Equity Path Portfolio.
Guardian Directed Premium Yield ETF (TSX: GDPY, GDPY.B) to merge into Guardian Directed Premium Yield Portfolio.
Guardian Canadian Bond ETF (TSX: GCBD) to merge into Guardian Canadian Bond Fund
Canoe Financial LP on Aug. 1 debuted three new mutual funds.
Canoe Unconstrained Bond Fund and Canoe Unconstrained Bond Portfolio Class aim to provide a flexible, unconstrained approach to navigating across fixed income sectors while optimizing returns in all market environments. Sub-advised by Reams Asset Management
Canoe International Equity Portfolio Class, sub-advised by PineStone Asset Management Inc., leverages the expertise of PineStone’s proven high-conviction approach to investing used in Canoe Financial’s U.S., global, and defensive international equity strategies.
On July 31, Canada Life Investment Management Ltd. launched its new Canada Life Diversified Real Assets Fund, sub-advised by Cohen & Steers Capital Management Inc.
The multi-strategy fund blends four distinct real asset classes (real estate, infrastructure, commodities, and natural resource equities) with short-term fixed-income securities and real bonds, with the objective of thriving in inflationary market environments.
Invesco Canada Ltd. on July 27 debuted three new exchange traded funds.
Invesco Russell 1000 Dynamic-Multifactor Index ETF (TSX: IUMF, IUMF.F) tracks the Russell 1000 Invesco Dynamic Multifactor Index, a rules-based index that reweights large-cap securities of the Russell 1000 Index according to economic cycles and market conditions, reflected by expansion, slowdown, contraction, or recovery. The securities are assigned a multi-factor score from one of five investment factors: Value, Momentum, Quality, Low Volatility, or Size. The ETF and its index are reconstituted and rebalanced based on economic indicator signal changes, as frequently as monthly.
Invesco International Developed Dynamic-Multifactor Index ETF (IIMF, IIMF.F) tracks the FTSE Developed ex US Dynamic Multifactor Index, which reflects a dynamic combination of factor exposures drawn from constituent stocks of the FTSE Developed ex US Index. Like IUMF, this fund then reweights the stocks based upon economic environment and overall market conditions, reflected by expansion, slowdown, contraction or recovery. The fund and its index are rebalanced and reweighted monthly to target factors including Value, Momentum, Quality, Low Volatility or Size.
Invesco Morningstar Global Energy Transition Index ETF (IGET, IGET.F) tracks the Morningstar Global Energy Transition Index, which targets companies anywhere in the world that Morningstar’s independent equity research team believe are best positioned to benefit from the energy transition megatrend. These include sectors such as renewable energy, energy storage, carbon capture technologies, and hydrogen.
On July 21, 1832 Asset Management, the manager of Dynamic Funds, announced proposed mergers and terminations of certain funds.
DMP Resource Class and DMP Power Global Growth Class will merge into DynamicEdge Balanced Growth Portfolio.
DMP Value Balanced Class to merge into Dynamic Value Balanced Fund.
Subject to approvals, the mergers are expected to occur on or about Nov. 17, 2023.
Dynamic Credit Absolute Return Fund and Dynamic Credit Absolute Return II Fund will be merged into a newly established fund with substantially similar investment objectives to the terminating funds, on a tax-deferred basis.
The Investment Funds Institute of Canada (IFIC) on July 24 announced investment fund net sales and net assets for June 2023.
Mutual fund assets totalled $1.894 trillion at the end of June 2023. Assets increased by $29.0 billion, or 1.6%, compared with May 2023. Mutual funds recorded net redemptions of $4.2 billion in June 2023.
ETF assets totalled $348.4 billion at the end of June 2023. Assets increased by $9.6 billion, or 2.8%, compared with May 2023. ETFs recorded net sales of $3.5 billion in June 2023.
See detailed statistics at the IFIC website.
Canada Life Investment Management Ltd. on July 18 announced changes to its mutual fund line-up, including renaming funds and reopening three funds to purchases.
The following funds will be renamed as shown.
In addition, Canada Life is reopening all series of the following three mutual funds to purchases.
Guardian Capital LP on July 11 launched ETF series of its Guardian Ultra-Short Canadian T-Bill Fund and Guardian Ultra-Short U.S. T-Bill Fund. These funds are designed to provide investors with interest income and access to low-risk, high-quality cash alternatives by investing primarily in short-term Canadian and U.S. Treasury bills, as applicable.
Guardian Ultra-Short Canadian T-Bill Fund, ETF Units (TSX: GCTB) aims to provide interest income to unitholders primarily through exposure to short-term Treasury bills issued by the Government of Canada or a Canadian Province with remaining maturities of three months or less.
Guardian Ultra-Short U.S. T-Bill Fund, ETF Units (TSX: GUTB.U) aims for interest income to unitholders primarily through exposure to short-term Treasury bills issued by the federal government of the U.S. with remaining maturities of three months or less.
Horizons ETFs Management (Canada) Inc. on July 6 debuted five new ETFs that aim to accelerate the performance of Canada’s big banks and U.S. and Canadian large cap stocks through the strategic use of leverage, or leverage together with covered calls.
Horizons Equal Weight Banks Index ETF (TSX: HBNK) tracks the performance of an index of equal-weighted equity securities of diversified Canadian banks (currently, the Solactive Equal Weight Canada Banks Index).
Horizons Enhanced Equal Weight Banks Index ETF (TSX: BNKL) aims to replicate 1.25 times (125%) the performance of an index of equal-weighted equity securities of diversified Canadian banks (currently, the Solactive Equal Weight Canada Banks Index).
Horizons Enhanced Equal Weight Canadian Banks Covered Call ETF (TSX: BKCL) aims for) exposure to the performance of an index of equal-weighted equity securities of diversified Canadian banks (currently, the Solactive Equal Weight Canada Banks Index) and high monthly distributions of dividend and call option income. To generate income, BKCL will be exposed to a dynamic covered call option writing program. BKCL will also employ leverage through cash borrowing and will generally endeavour to maintain a leverage ratio of approximately 125%.
Horizons Enhanced S&P/TSX 60 Index ETF (TSX: CANL) seeks to replicate 1.25 times (125%) the performance of an index of equity securities representing the large-cap market segment of the Canadian equity market (currently, the S&P/TSX 60 Index). CANL will use leverage in order to seek to achieve its investment objective through the use of cash borrowings or as otherwise permitted under applicable securities legislation.
Horizons Enhanced Canadian Large Cap Equity Covered Call ETF (TSX: CNCL) aims for exposure to the performance of the large-cap market segment of the Canadian equity market and high monthly distributions of dividend and call option income. To generate income, CNCL will be exposed to a dynamic covered call option writing program. CNCL will also employ leverage through cash borrowing and will generally endeavour to maintain a leverage ratio of approximately 125%.
Horizons Enhanced US Large Cap Equity Covered Call ETF (TSX: USCL) aims for exposure to the performance of the large-cap market segment of the U.S. equity market and high monthly distributions of dividend and call option income. To generate income, USCL will be exposed to a dynamic covered call option writing program. USCL will also employ leverage through cash borrowing and will generally endeavour to maintain a leverage ratio of approximately 125%.
Purpose Investments Inc. in a joint decision with Next Edge Capital Corp. on June 30 announced that it plans to terminate Purpose Healthcare Innovation Yield Fund (TSX: HEAL). Termination is expected to occur on or about Aug. 29, 2023. The ETF units of the fund are expected to be voluntarily delisted from the Toronto Stock Exchange on or about Aug. 25, 2023, at the close.
The decision to close the Fund was a mutual decision by Next Edge and Purpose driven primarily by their collective conclusions regarding the Fund’s relatively low assets under management and the costs associated with maintaining a fund of this size. In a release Purpose said that such factors have made it difficult to efficiently manage the fund in accordance with its intended investment objectives.
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