Toronto-based Invesco Canada Ltd. will be switching the listing venue for PowerShares Ultra Liquid Long Term Government Bond Index ETF to Aequitas NEO Exchange Inc. (NEO) from the Toronto Stock Exchange (TSX).
This will be the first ETF migration for Invesco and the second time an ETF issuer has moved ETFs to NEO from the TSX. Earlier this year, Toronto-based BlackRock Asset Management Canada Ltd. moved certain iShares funds to NEO.
“We are proud to support competition in Canada’s capital markets because it drives innovation and leads to a well-functioning investments industry,” says Christopher Doll, vice president of PowerShares sales and strategy at Invesco, in a statement.
NEO has handled close to 50% of the volume traded for PowerShares Ultra Liquid Long Term Government Bond Index ETF for 2017 to date despite the ETF’s listing on the TSX. Subject to exchange approvals, the ETF is expected to move to NEO in December.
“Invesco’s decision to migrate an ETF to us shows that we are succeeding in our mission to innovate and improve Canada’s capital markets for all investors through competition,” says Jos Schmitt, president and CEO of NEO, in a statement.
“Invesco’s decision to further expand its presence on NEO for a fourth time not only speaks to the strength of our growing ETF track record, but also to its dedication to a competitive and better Canadian capital market landscape for all investors,” he adds.
Including the migration of PowerShares Ultra Liquid Long Term Government Bond Index ETF, the number of PowerShares ETFs listed on NEO will increase to five. NEO will then be home to 26 ETFs, consisting of 43 different symbols across six ETF providers.
In October, NEO handled more than 25% of all ETF volume traded in Canada and close to 40% of volume on the entire PowerShares ETF lineup.
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