New funds target Canadian banks, U.S. tech behemoths, green property and renewable infrastructure
Each week, Investment Executive lists notable new products launched in Canada. Here’s what came out recently:
- Mulvihill Capital Management Inc.’s Canadian Bank Enhanced Yield ETF (TSX: CBNK) started trading Feb. 28. The ETF is comprised mainly of common shares of Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank. The ETF will also write call and put options. With a management fee of 0.65%, the Mulvihill Canadian Bank Enhanced Yield ETF has a risk rating of medium to high.
- Evolve Funds Group Inc.’s FANGMA Index ETF invests in shares of Meta Platforms Inc. (formerly Facebook Inc.), Amazon Inc., Netflix Inc., Google parent Alphabet Inc., Microsoft Corp. and Apple Inc. The alternative fund can invest more than 10% of its net asset value in securities of a single issuer, has the ability to borrow cash, can short-sell beyond the limits prescribed for conventional mutual funds and can employ leverage. The management fee is 0.5% and the risk rating is medium to high. The ETF began trading March 1 on the TSX under the symbols TECE (hedged), TECE.B (unhedged) and TECE.U (USD).
- Northwest & Ethical Investments L.P. launched March 1 the NEI Clean Infrastructure Fund, which invests in firms with low-carbon power generation assets or renewable infrastructure. Managed by Ecofin Advisors Limited, the fund’s risk rating is medium. The series A version of the fund has a management fee of 1.7%, while the Series F fee is 0.7%.
- Biotechnology and digital security are the targets of two CI Global Asset Management ETFs that started trading March 1. The CI Bio-Revolution ETF (TSX: CDNA) tracks the performance of the biotechnology and genomics industry through the Solactive Global Genomics Immunology and Medical Revolution CAD Hedged Index. The CI Digital Security ETF (TSX: CBUG) tracks the performance of the global digital security industry using the Solactive Digital Security CAD Hedged Index. Both ETFs have a management fee of 0.4% and a risk rating of medium to high.
- Middlefield Group’s Sustainable Real Estate Dividend Fund (TSX: MSRE.UN) is a non-redeemable fund closing March 30. The fund will invest in dividend-paying securities of international firms that provide sustainable real estate solutions. The fund has a management fee of 1.25%.
Source: Investment Executive