Market month: Fund news and updates

Fund launches, shutdowns and mergers from NEI, BMO, 1832, RBC and NBI

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Fund news

NEI launches four new funds

NEI Investments on June 29 announced four new impact-focused funds and portfolios.

NEI Canadian Impact Bond Fund is a Canadian fixed-income fund, managed by Addenda Capital, a specialist in the field of impact investing. NEI also announced the launch of  three NEI Impact Portfolios, a suite of fund-of-fund solutions that includes new asset allocation portfolios optimized for risk, return, and impact: NEI Impact Conservative Portfolio; NEI Impact Balanced Portfolio; and NEI Impact Growth Portfolio. These portfolios will be managed by NEI Investments and invest primarily in a mix of NEI impact funds and third-party ESG ETFs to provide diversified all-in-one impact solutions focused on providing intentional and measurable, positive environmental and social outcomes.

BMO launches five more ETFs

BMO Investments Inc on June 29 debuted five new ETFs:

• BMO Global Equity Fund (NEO: BGEQ) holds a portfolio of shares of companies that trade on recognized exchanges in countries around the world.
• BMO Global Health Care Fund (NEO: BGHC) holds stocks of companies that operate in, or are expected to benefit from, health care related businesses from around the world.
• BMO Global Infrastructure Fund (NEO: BGIF) invests primarily in companies that operate in, or are expected to benefit from, infrastructure related businesses from around the world. The fund may also invest in fixed income securities of such companies.
• BMO Global Innovators Fund (NEO: BGIN) holds equity and equity-related securities of companies involved in the development of innovative products, processes, or services and companies that may benefit from these innovations from around the world.
• BMO Global REIT Fund (NEO: BGRT) invests primarily in REITs and equity securities of real estate operating companies and/or companies that provide services to the real estate industry from around the world.

Scotia Aria fund mergers

1832 Asset Management on June 28 proposed the mergers of certain ScotiaFunds. In a release, the company said the move was made “to simplify its product shelf and more closely align with client preferences.”

BMO launches new equity ETFs

BMO Investments Inc. on June 23 today announced the launch of an new exchange traded fund series:

• BMO Global Enhanced Income Fund (TSX: ZWQT) invests in a diversified portfolio of global equity exchange traded funds that are higher yielding than the broader equity market. The fund may also invest in other mutual funds or invest directly in individual fixed income and equity securities.
• BMO U.S. Equity Growth MFR Fund (TSX: ZUGE) holds equity securities of U.S. companies that offer above average prospects for growth.
• BMO U.S. Equity Value MFR Fund (TSX: ZUVE) invests in equity securities of U.S. companies priced below their intrinsic value.

National Bank launches two new mutual funds

National Bank Investments Inc. on June 19 debuted two new funds:

• NBI International Equity Fund invests, directly or indirectly through investments in securities of other mutual funds, in a portfolio comprised primarily of common shares of companies located outside of North America.
• NBI Canadian Core Plus Bond Fund invests directly, or indirectly through investments in securities of other mutual funds or through the use of derivatives, in a diversified portfolio composed mainly of fixed-income securities of Canadian issuers with various maturities and credit ratings.

RBC shuts down seven ETFs

RBC Global Asset Management Inc. on June 5 announced the termination of seven RBC ETFs effective on or about Friday, September 15, 2023:

• RBC Quant Canadian Equity Leaders ETF (TSX: RCE)
• RBC Quant U.S. Equity Leaders ETF (TSX: RUE / RUE.U)
• RBC Quant U.S. Equity Leaders (CAD Hedged) ETF (TSX: RUEH)
• RBC Quant EAFE Equity Leaders ETF (TSX: RIE / RIE.U)
• RBC Quant EAFE Equity Leaders (CAD Hedged) ETF (TSX: RIEH)
• RBC Quant Emerging Markets Equity Leaders ETF (TSX: RXE / RXE.U)
• RBC Vision Women's Leadership MSCI Canada Index ETF (NEO: RLDR)

Effective August 17, 2023, no further direct subscriptions will be accepted and the units will be voluntarily delisted from the Toronto Stock Exchange or Neo Exchange and cease trading, following market close on or about Tuesday, September 12, 2023.

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