Key Takeaways
- • CIBC and CIBC Global Asset Management launched three new mutual funds on Monday, providing access to existing ETF strategies through mutual fund structures.
- • The CIBC All-Equity Growth ETF Portfolio targets long-term growth-oriented investors with 100% equity exposure across Canadian, U.S., international developed and emerging markets.
- • The Avantis CIBC International Equity ETF Fund and Avantis CIBC All-Equity Asset Allocation ETF Fund give investors exposure through the CADE and CAGE ETFs respectively.
- • Other roundup items include BMO's Latin American equity ETF launch, RBC's closure of a private equity pool, and Global X's permanent management fee cuts on three ETFs.
Summary
CIBC and CIBC Global Asset Management launched three new mutual funds on Monday: the CIBC All-Equity Growth ETF Portfolio, the Avantis CIBC International Equity ETF Fund and the Avantis CIBC All-Equity Asset Allocation ETF Fund, according to Investment Executive. The funds provide access to existing ETF strategies through mutual fund structures.
The CIBC All-Equity Growth ETF Portfolio is aimed at long-term growth-oriented investors and seeks long-term capital growth by investing mainly in underlying ETFs with 100% equity exposure across Canadian, U.S., international developed and emerging markets. The Avantis CIBC International Equity ETF Fund provides exposure to equity securities across developed markets outside Canada and the U.S. through the Avantis CIBC International Equity ETF (CADE). The Avantis CIBC All-Equity Asset Allocation ETF Fund provides diversified exposure to equities in developed and emerging markets through the Avantis CIBC All-Equity Asset Allocation ETF (CAGE).
The roundup also included several other product developments. BMO Asset Management Inc. launched the BMO MSCI Latin America GDP Weighted Index ETF (ZLAT), which tracks large and mid cap stocks from Brazil, Chile, Colombia, Mexico and Peru, weighting countries by GDP rather than equity market size. BMO also added ETF series units to the BMO Core Bond Fund (ZCRB) and BMO Emerging Markets Bond Fund (ZEMB), with all three trading on the Toronto Stock Exchange.
RBC Global Asset Management Inc. closed the RBC Private Global Growth Equity Pool, citing limited growth potential. The pool stopped accepting purchases on July 22, and net assets will be distributed pro rata among unitholders. For non-registered accounts, the closure will be treated as a disposition and may result in a taxable capital gain or loss.
Global X Investments Canada Inc. permanently cut the annual management fee on three ETFs effective Oct. 9: the Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR) to 0.25% from 0.40%, the Global X MSCI Emerging Markets Index ETF (EMMX.U) to 0.17% from 0.25%, and the Global X MSCI EAFE Index ETF (EAFX.U) to 0.14% from 0.20%.
The CIBC All-Equity Growth ETF Portfolio is aimed at long-term growth-oriented investors and seeks long-term capital growth by investing mainly in underlying ETFs with 100% equity exposure across Canadian, U.S., international developed and emerging markets. The Avantis CIBC International Equity ETF Fund provides exposure to equity securities across developed markets outside Canada and the U.S. through the Avantis CIBC International Equity ETF (CADE). The Avantis CIBC All-Equity Asset Allocation ETF Fund provides diversified exposure to equities in developed and emerging markets through the Avantis CIBC All-Equity Asset Allocation ETF (CAGE).
The roundup also included several other product developments. BMO Asset Management Inc. launched the BMO MSCI Latin America GDP Weighted Index ETF (ZLAT), which tracks large and mid cap stocks from Brazil, Chile, Colombia, Mexico and Peru, weighting countries by GDP rather than equity market size. BMO also added ETF series units to the BMO Core Bond Fund (ZCRB) and BMO Emerging Markets Bond Fund (ZEMB), with all three trading on the Toronto Stock Exchange.
RBC Global Asset Management Inc. closed the RBC Private Global Growth Equity Pool, citing limited growth potential. The pool stopped accepting purchases on July 22, and net assets will be distributed pro rata among unitholders. For non-registered accounts, the closure will be treated as a disposition and may result in a taxable capital gain or loss.
Global X Investments Canada Inc. permanently cut the annual management fee on three ETFs effective Oct. 9: the Global X Active Ultra-Short Term Investment Grade Bond ETF (HFR) to 0.25% from 0.40%, the Global X MSCI Emerging Markets Index ETF (EMMX.U) to 0.17% from 0.25%, and the Global X MSCI EAFE Index ETF (EAFX.U) to 0.14% from 0.20%.
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