Dynamic Funds and 3iQ Corp. have partnered up to launch an actively managed liquid alternative fund that invests in various crypto assets, marking another “step in the convergence of traditional finance and digital assets,” according to a release.
The Dynamic Active Multi-Crypto ETF (Cboe: DXMC) began trading on March 4.
It invests in an actively managed selection of crypto assets with the aim of achieving long-term capital appreciation and acting as a portfolio diversifier. Currently, this includes bitcoin; ether, which is the cryptocurrency that powers the Ethereum blockchain; SOL, which powers the Solana blockchain; and XRP, which powers the XRP Ledger blockchain.
Also, Dynamic’s 1832 Asset Management will allocate a portion of the ETF “to companies that may benefit from the further development or use of Web 3, blockchain, crypto assets or related technologies,” a release said.
The fund’s management fee will be 0.25% until March 1, 2027. After that, it’ll be 0.45%.
DXMC has a high risk rating.
Ninepoint looks to roll out nine single-stock ETFs
Ninepoint Partners LP has got more products up its sleeve. On Monday, it announced that it filed a preliminary prospectus with securities regulators to roll out nine new single-stock ETFs.
The new ETFs expand Ninepoint’s HighShares fund lineup, which currently provides investors with exposure to Canadian companies. If the proposed funds are approved, the lineup will also offer exposure to U.S. companies for the first time.
The proposed ETFs include:
- Ninepoint Constellation Software HighShares ETF (proposed TSX ticker: CSHI)
- Ninepoint Celestica HighShares ETF (proposed TSX ticker: CLHI)
- Ninepoint Kinross Gold HighShares ETF (proposed TSX ticker: KGHI)
- Ninepoint NVIDIA HighShares ETF (proposed TSX ticker: NVHI)
- Ninepoint Tesla HighShares ETF (proposed TSX ticker: TSHI)
- Ninepoint Palantir HighShares ETF (proposed TSX ticker: PLHI)
- Ninepoint Alphabet HighShares ETF (proposed TSX ticker: GOHI)
- Ninepoint Intel HighShares ETF (proposed TSX ticker: INHI)
These ETFs would each seek to provide investors with long-term capital appreciation, “through purchasing and holding, on a levered basis, the common stock of a single issuer,” and “high monthly cash distributions,” a release said.
The firm is also seeking to launch its first so-called CoreShares ETF, the Ninepoint Constellation Software CoreShares ETF (proposed ticker: CSUC), which would aim to provide investors with long-term capital appreciation, “through purchasing and holding common stock of Constellation Software Inc.,” and “high monthly cash distributions,” the release added.
All the proposed funds would have a high risk rating and 0.29% management fee.
BMO’s new batch of ETFs
BMO Asset Management Inc. (BMOAM) has introduced a new batch of ETFs.
The funds, which began trading on March 5 and offer broad equity market exposure, include:
- BMO Market+ All Country World Equity ETF (Cboe: ZMPW), which invests, directly or indirectly, primarily in equity securities of issuers from developed and emerging markets. The fund has a 0.35% management fee.
- BMO Market+ Canadian Equity ETF (Cboe: ZMPC), which invests, directly or indirectly, primarily in equity securities of Canadian companies. The fund has a 0.15% management fee.
- BMO Market+ Global Equity ETF (Cboe: ZMPG), which invests, directly or indirectly, primarily in equity securities of issuers from around the world. The fund has a 0.3% management fee.
- BMO Market+ Low Volatility Global Equity ETF (Cboe: ZMLG), which invests, directly or indirectly, primarily in equity securities of issuers from around the world, while seeking to reduce portfolio volatility. The fund has a 0.4% management fee.
- BMO Market+ US Equity ETF (Cboe: ZMPU, ZMPU.F and ZMPU.U), which invetss primarily in equity securities of U.S. companies with “strong fundamentals” a release said. The fund has a 0.2% management fee.
ZMPW, ZMPC, ZMPG and ZMLG all have Canadian-dollar purchase options. ZMPU, meanwhile, is offered in Canadian-dollar, U.S.-dollar and hedged units. They all have a medium risk rating.
BMO announces fund changes
BMO Investments Inc. (BMOII) has announced a slew of changes to its mutual funds, including portfolio manager and sub-advisor changes for certain funds and proposed mergers.
BMOAM will replace Guardian Capital LP as the sole portfolio manager of the BMO Concentrated Global Balanced Fund and as the portfolio manager of the BMO Concentrated Global Equity Fund, sometime on or around March 5. BMOAM’s global equity team will take over portfolio manager responsibilities of the global equity holdings of both funds. The team will also follow the same investment process used for the BMO Global Equity Fund and BMO Global Income & Growth Fund, a release noted.
In addition, GuardCap Asset Management Ltd. will no longer serve as sub-advisor of both funds.
Meanwhile, series F (hedged) and advisor series (hedged) units of the BMO Global Equity Fund and BMO Global Income & Growth Fund “are expected to be qualified for distribution, subject to receipt of securities regulatory approval,” the release said.
Moreover, a U.S.-dollar purchase option was added for the T6 series units for the BMO Global Income & Growth Fund on March 3, while management fees have been reduced for the BMO Concentrated Global Equity Fund as of March 5.
Lastly, BMOII has announced that the BMO Concentrated Global Balanced Fund will be merged with BMO Global Income & Growth Fund, while BMO Concentrated Global Equity Fund will be merged with BMO Global Equity Fund.
The mergers are expected to take effect on or around May 15. After that, the BMO Concentrated Global Balanced Fund and BMO Concentrated Global Equity Fund will be wound up “as soon as reasonably possible,” the release noted.
Investors will be able to redeem or switch their holdings in the terminating funds up until markets close on the business day immediately before the day the mergers take effect.
Further, investors are expected to receive notice at least 60 days prior to the mergers taking effect. The mergers will be implemented on a tax-deferred basis.
Guardian Capital introduces new fund series
Guardian Capital LP has introduced new series of three funds to provide investors and advisors with access to its investment strategies in “various vehicle types that best suit their needs and preferences,” it announced on Tuesday.
The series launches include:
- F and ETF series of the Guardian Canadian Equity Income Fund
- A, F and ETF series of the Guardian Fundamental Global Equity Fund
- ETF series of the Guardian Short Duration Bond Fund
The new ETF series began trading on the TSX on Tuesday. The new mutual fund series are also available for purchases as of Tuesday.
Guardian Capital has also redesignated some of its existing fund series. It’s changed the W series of the Guardian Canadian Equity Income Fund to A series. Meanwhile the W and WF series of the Guardian Global Dividend Growth Fund have been changed to A and F series, respectively.
Bridgehouse announces fund changes
Bridgehouse Asset Managers has announced a proposed fund merger and an upcoming fund termination.
In a release, it said it’ll merge Sionna Strategic Income Fund into T. Rowe Price Global Allocation Fund on or around May 22, subject to investor and regulatory approvals, “due to the benefits of scale that are expected to be achieved for investors.”
Investors will be asked to weigh in on the proposed change at a meeting held on or around May 13. Investors of record as of March 24 are expected to receive details about the merger prior to the meeting.
If the merger gets the green light, investors of each series of the terminating Sionna Strategic Income Fund will receive securities of a similar series of the T. Rowe Price Global Allocation Fund. The terminating fund will be wound up as soon as possible afterward, the release noted.
In light of the proposed merger, the terminating Sionna Strategic Income Fund will be closed to new purchases, excluding pre-authorized debit plan purchases, after markets close on Tuesday.
Also, the Brandes Canadian Money Market Fund, Bridgehouse Canadian Bond Fund, Lazard Global Balanced Income Fund and Lazard International Compounders Fund will be terminated on May 8. And, as of March 6, these funds are no longer available for purchase by new or existing investors, including purchases made through pre-authorized purchase plans.
Investors have until markets close on May 8 to redeem or switch their holdings in those funds, and they will not be charged redemption fees or sales charges as a result. They’re encouraged to contact their advisor to discuss the termination and their investment options.
Bridgehouse said it’ll send notice of the terminations to investors at least 60 days prior to the fund terminations taking place.
Fiera Capital Corp. defers termination of fund
Fiera Capital Corp. says it’s holding off on terminating the imaxx Canadian Fixed Pay Fund, as previously announced, while it considers alternatives.
In a release, it said those include “a possible transaction pursuant to section 107.4 of the Income Tax Act (Canada) and/or causing the fund to cease being a reporting issuer.” No further details were disclosed.
A fund name change from CI GAM
CI Global Asset Management has renamed one of its investment funds.
The CI Gold Bullion Fund (TSX: VALT) is now called CI Gold Bullion ETF, effective March 3.
No further changes were made to the fund as a result.