Product roundup: RBC iShares alliance rolls out five new ETFs
Those funds join RBC iShares’ suite of target-maturity bond ETFs, which has grown to more than $4 billion in assets across maturities ranging from 2026 to 2032.
The actively managed equity funds include the RBC Canadian Equity ETF (TSX: RCAN) and RBC U.S. Large-Cap Equity ETF (TSX: RUSA/RUSA.U), which both have a 0.39% management fee. The funds leverage the expertise of RBC GAM’s North American equities team, which collectively manages more than $100 billion in assets.
All five funds are managed by RBC GAM.
CI GAM expands access to fund
CI Global Asset Management (CI GAM) has made new investment options available for the CI Morningstar International Value Index ETF.
Previously, the CI Morningstar International Value Index ETF was only offered in Canadian-dollar hedged (TSX: VXM) and unhedged units (TSX: VXM.B).
As of Tuesday, it’s also offered in a mutual fund format — the CI Morningstar International Value Hedged Index Fund, which invests in hedged units of the ETF and is available in mutual fund series A, F, I and P units, as well as in unhedged U.S.-dollar ETF units (TSX:VXM.U).
The fund is designed to replicate the performance of the Morningstar Developed Markets ex-North America Target Value Index, providing investors with exposure to undervalued companies in developed markets outside of the U.S. and Canada.
CIBC, Avantis unveil emerging markets fund
CIBC Asset Management Inc. (CAMI) has debuted a new emerging markets ETF as part of its partnership with Avantis Investors, a subsidiary of Kansas City, Mo.-headquartered American Century Investments.
The Avantis CIBC Emerging Markets ETF (TSX: CAEM) began trading on the TSX on Tuesday. It aims to provide long-term capital growth by investing primarily in equities of all market caps across eligible emerging markets.
The fund has a 0.39% management fee and medium risk rating.
It joins a suite of Canadian, U.S., and international funds offered by CAMI and Avantis Investors, which surpassed $125 billion in assets under management on Feb. 28.
MFS updates its target-date fund suite
MFS Investment Management Canada Ltd. has announced new additions to its suite of target-date maturity funds, and that the product suite has been added to iA Financial Group’s platform.
For one, MFS is including new underlying funds as part of its MFS LifePlan suite of funds, including:
- MFS Blended Research Global Equity Fund
- MFS Global Small-Mid Cap Equity Fund
- MFS Emerging Market Equity Fund
- MFS US High Yield Fixed Income Fund
- MFS Emerging Market Debt Fund
“These funds further expand diversification across geography, style and market capitalization within global equities, and across geography and credit quality within fixed income,” the firm said in a release, adding this will help position the product suite “for strong, risk-adjusted returns.”
Also, MFS said its LifePlan Funds were recently added to iA’s retirement investment platform. The funds are also available through other Canadian group retirement platforms.
Further, the firm said it’s made some asset allocation improvements to its product lineup. Namely it has “enhanced the sub-asset class components of global equities and global fixed income and has also altered the asset mix between Canadian and global fixed income,” the release noted.
Toronto-based MFS is a provider of Canadian group retirement investment products. Earlier this year, it surpassed $5 billion in Canadian target-date assets under management.
Proposed fund mergers get approved
IG Wealth Management and Canada Life Investment Management Ltd. (CLIML) say they’ve received investor approval to proceed with some proposed fund mergers.
On or around April 17, the IG Beutel Goodman Canadian Equity Fund will be merged into the IG Mackenzie North American Equity Fund, while the IG Mackenzie Global Core Plus Bond Fund will be merged into the IG Core Portfolio – Global Income.
Those mergers were approved at an investor meeting on Tuesday.
On the other hand, CLIML said it received investor approval at a meeting on Friday to proceed with the following fund mergers on or around April 24:
- Canada Life Canadian Focused Growth Fund will be merged into the Canada Life Canadian Growth Fund
- Canada Life Canadian Growth Balanced Fund will be merged into the Canada Life Strategic Income Fund
- Canada Life Canadian Focused Value Fund will be merged into the Canada Life Canadian Value Fund
- Canada Life Canadian Value Balanced Fund will be merged into the Canada Life Strategic Income Fund
- Canada Life U.S. Carbon Transition Equity Fund will be merged into the Canada Life ESG U.S. Equity Fund
- Canada Life U.S. Concentrated Equity Fund will be merged into the Canada Life U.S. Value Fund
- Canada Life International Concentrated Equity Fund will be merged into the Canada Life International Equity Fund
- Canada Life Emerging Markets Concentrated Equity Fund will be merged into the Canada Life Emerging Markets Large Cap Equity Fund
Mackenzie announces fund mergers
Mackenzie Investments has announced two upcoming fund mergers in an effort to streamline its product shelf.
The Mackenzie Cundill Value Fund II will be merged into the Mackenzie Cundill Value Fund, while the Mackenzie GQE Emerging Markets Fund II will be merged into the Mackenzie GQE Emerging Markets Fund.
No investor action is required. Investors will receive at least two months’ notice about the mergers, which are slated to occur on or around July 10.
Global X’s new tech ETF
Global X Investments Canada Inc. has launched a new technology ETF.
The Global X NYSE 100 Index ETF (TSX: NYSX.U) began trading on March 26.
The fund tracks the newly created NYSE 100 Index, providing exposure to tech companies listed across all U.S. stock exchanges, a release said.
“By selecting constituents from the three major U.S. exchanges and incorporating an expanded sector framework, NYSX.U aims to deliver a more comprehensive and intentional approach to technology exposure than existing benchmarks that track traditional tech or growth companies,” the release added.
Global X Investments Canada’s U.S. affiliate has launched a fund on the New York Stock Exchange with the same strategy. Similar listings are planned in other regions, including Europe and Asia.
Fund terminations announced
Invesco Canada Ltd. says it plans to terminate two investment funds, while BMO Financial Group intends to nix four funds and RGP Investments Inc. is dissolving one.
In a release, Invesco said the Invesco Managed Futures Fund and Invesco Global Real Estate Fund are slated to be terminated on or around May 29. And, as of March 30, the funds are closed to all investments, except for series I units of the Invesco Global Real Estate Fund, which will remain open for purchases until about May 28.
As a result of the upcoming terminations, the Invesco funds will no longer be acquired and managed by CI Global Asset Management as previously announced, and a meeting that was scheduled for investors of each terminating fund on April 13 has been cancelled.
Meanwhile, BMO Financial Group’s asset management arms plan to terminate the BMO BBB Corporate Bond Index ETF (TSX: ZBBB), BMO Global Agriculture ETF (TSX: ZEAT), BMO MSCI ACWI Paris Aligned Climate Equity Index ETF (TSX: ZGRN) and BMO Brookfield Global Real Estate Tech Fund (A, T6, F, F – hedged, F6, I, ETF, advisor and hedged advisor series units) on or around June 19. The funds are closed to purchases, as of April 1.
Unitholders will no longer be able to exchange or redeem units of the terminating BMO funds as of the termination date. All units of the funds held by investors after that date will be subject to a mandatory redemption.
More details will be shared with investors ahead of the terminations.
Lastly, RGP Investments says it plans to dissolve the RGP Impact Fixed Income Portfolio.
As of March 30, the fund is closed to purchases. The fund is slated to be dissolved on or around May 31.
Investors of the RGP fund will receive a notice at least two months before the dissolution occurs. They will have until the dissolution date to redeem their units of the fund, and all units still held by investors after that will be subject to a mandatory redemption. Any applicable short-term trading and redemption fees in connection with redemptions of units of the fund prior to the dissolution date will be waived.
