Capstone Asset Management Inc.’s “biblically informed” ETFs are officially trading, making the Langley, B.C.-based firm the 46th ETF provider in Canada.
The Capstone Biblically Informed Canadian Equity Fund (TSX: BIVC) and Capstone Biblically Informed U.S. Equity Fund (TSX: BIVU) hit the market on Thursday. Both funds are also available in four mutual fund series and denominated in Canadian dollars.
In a release, Capstone said the funds invest primarily in common shares of Canadian companies listed on a Canadian stock exchange and U.S. companies listed on a U.S. stock exchange, respectively, that carry out business activities that are “not inconsistent with biblical values” in its view.
On its website, Capstone defines this as any companies that avoid activities such as “gambling, weapons manufacturing, pornography, or abortion.” The ETFs are the second type of faith-based funds available in Canada, after halal funds.
“Many Canadian investors have expressed interest in investment options that reflect their values,” said Glenn Murray, president and CEO of Capstone Asset Management, in the release.
“Our new funds offer a disciplined approach to equity investing with biblical research criteria applied alongside traditional fundamental analysis.”
Capstone’s entry into Canada’s ETF industry comes about one month after Sun Life re-entered the ETF market with three new funds. There are now 46 ETF providers in the country, a number that’s been growing as more asset managers look to claim a piece of the $650-million-plus market.
TDAM terminates another ESG fund
TD Asset Management Inc. (TDAM) has officially terminated another ESG-based fund.
The TD Global Carbon Credit Index ETF was delisted from the TSX after market-close on Oct. 22 and terminated on Oct. 24.
In an emailed statement, a TD spokesperson said the bank’s asset management division “regularly reviews its product lineup to ensure it remains aligned with investor preferences, market viability and long-term opportunities.”
“The decision to terminate TD Global Carbon Credit Index ETF was driven primarily by limited investor demand, which has resulted in modest assets under management over time, and has made the management of the terminating ETF in accordance with its investment objectives difficult and less efficient,” the spokesperson added.
“As a result, we believe this termination is in the best interest of our investors.”
TDAM also terminated five TD Morningstar ESG ETFs last summer. Invesco Canada is one of several asset managers to follow suit with its own planned ESG fund terminations expected to be completed later this year.
BMO adds more CDRs to lineup
The Bank of Montreal is not quite done launching Canadian depositary receipts (CDRs).
Its five new CDRs begin trading on Cboe Canada on Thursday.
They include:
- Broadcom Inc. (Cboe: ZAVG)
- lululemon athletica inc. (Cboe: ZLUL)
- Netflix, Inc. (Cboe: ZNFL)
- Salesforce, Inc. (Cboe: ZCRM)
- Uber Technologies, Inc. (Cboe: ZUBE)
The CDRs allow investors to purchase common shares of a company, but in Canadian dollars.
TDAM tweaks fund risk rating
TDAM has adjusted the risk rating for one of its ETFs.
Effective Wednesday, the risk rating for TD U.S. Long Term Treasury Bond ETF (TSX: TULB) has decreased from “medium to high” to “medium.”
No changes have been made to the investment objectives, strategies or management of the fund as a result.
BMO announces fund management changes
BMO has announced portfolio management changes for several investment funds.
As of Tuesday, BMO Capital Markets Corp. and Brian Belski will no longer act as sub-advisor for the following investment funds:
- BMO Canadian Core Plus US Balanced ETF
- BMO Canadian Equity Plus ETF
- BMO US Dividend Growth ETF
- BMO US Equity Focused ETF
- BMO US Large Cap Disciplined Value ETF
- BMO U.S. All Cap Equity Fund (available in an ETF series, A, F, and I mutual fund series, as well as an advisor series)
- BMO U.S. Equity Plus Fund (available in A, F and I mutual fund series, and an advisor series)
That change comes as Belski moves on from BMO Capital Markets after a 13-year run.
BMO Asset Management Inc. will continue as portfolio adviser to those funds.
As well, on or about Jan, 30, 2026, Fullgoal Asset Management (HK) Ltd. will replace Polen Capital HK Ltd. as portfolio manager of the BMO Greater China Fund.
No changes will be made to these funds’ investment objectives or risk ratings.
NBI announces fund changes
National Bank Investments Inc. (NBI) has announced a fund merger and an upcoming end to a fund fee reduction plan.
In a release, it said the NBI Global Real Assets Income ETF was merged into the NBI Global Real Assets Income Fund (TSX: NREA) on Oct. 24.
The former fund’s ETF units were exchanged for equivalent ETF series units of the latter fund, and now only the NBI Global Real Assets Income Fund remains on the market.
Investors who held the former fund should now hold the equivalent number of ETF series units of the continuing fund. The merger was carried out on a tax-deferred basis, meaning investors didn’t realize a capital gain from the exchange, NBI noted.
Separately, as of Dec. 24, NBI said it’ll discontinue the management and administration fee reduction program applicable to high-net-worth investors of the NBI SmartData U.S. Equity Fund and the NBI SmartData International Equity Fund.
However, fee reductions remain in place for the advisor, F, F5, FH, H, investor, T5, ETF and ETFH series of both funds.
Correction: This story has been corrected to reflect that only the fee reductions in place for high-net-worth investors of the NBI SmartData U.S. Equity Fund and the NBI SmartData International Equity Fund will be discontinued.