(January 11 – 11:15 ET) – The hot internet market in the U.S. has spawned it’s first Canadian mutual fund devoted solely to internet investing. A preliminary prospectus has been filed with regulators for the eFunds/Bloomberg Internet Fund. It will managed by Toronto-based eFunds Asset Management Ltd.
The fund will be based on the Bloomberg U.S. Internet Index, which includes U.S. internet stocks with a market capitalization of at least US$250 million. The index includes existing issues, plus it can also include IPOs just coming to market.
The dealer-sold fund requires a minimum $1,000 investment, has a front end load – which is negotiable up to 2% – and carries a trailer fee of 75 basis points. The management fee is 1.25%, plus operating costs.
-IE Staff