Universal Digital Inc. and LongPoint Asset Management Inc. have introduced a pair of ETFs that provide investors with leveraged exposure to U.S. stocks that are significant players in the digital asset space.
The LFG Daily (2X) MSTR Long ETF (TSX: MSTU) and LFG Daily (2X) COIN Long ETF (TSX: COIU) began trading on July 2.
Before fees and expenses, the funds seek to deliver two times the daily return of their respective U.S.-listed stocks, MicroStrategy Inc. and Coinbase Global Inc. Both funds are traded in Canadian dollars and have a 1.55% management fee.
In a release, Universal Digital and LongPoint noted that the single-stock funds “are intended strictly for short-term use by active traders.”
“These ETFs provide a domestic, Canadian-dollar solution for investors who actively manage short-term positions around volatility, momentum, and news cycles within the digital asset ecosystem,” LongPoint CEO Steve Hawkins said in the release.
The launches come after LongPoint launched a series of triple leveraged ETFs in May and a series of single-stock double leveraged ETFs in June.
CIBC launches education portfolios
CIBC Asset Management Inc. (CAM) has rolled out five portfolio solutions designed to help Canadians save for their own or for their children’s post-secondary education.
The new products include:
- CIBC Target 2030 Education Portfolio
- CIBC Target 2035 Education Portfolio
- CIBC Target 2040 Education Portfolio
- CIBC Target 2045 Education Portfolio
- CIBC Graduation Portfolio
The target-date portfolios are meant to correspond with the start of a student’s post-secondary education. They will see their asset mixes adjust over time, transitioning from growth-focused equity investments in their early years to more conservative fixed-income investments later on.
In the last six months of their target year, each of the target-date portfolios is expected to be merged into the graduation portfolio.
Unlike some target-date education savings products that are converted into cash entirely, the graduation portfolio maintains a fixed-income asset mix. This is meant to allow investors to access their savings to pay for education expenses while also remaining invested in fixed-income securities for a “stable level of income,” a brochure said. This strategy also supports students whose post-secondary education lasts more than four years.
The portfolios are actively monitored and rebalanced by the CAM investment team.
The target-date portfolios have an annual management fee of 1.65% and an annual fixed administration fee of 0.1%. The graduation portfolio has an annual management fee of 0.95% and an annual fixed administration fee of 0.1%.
Harvest officially terminates mutual funds
Harvest Portfolios Group Inc. has terminated two mutual funds it says were too small to justify keeping.
The Harvest Banks & Buildings Income Fund and Harvest Canadian Income & Growth Fund Series were terminated on July 7. Holders of the funds were expected to have been paid termination proceeds on or about July 8.
In May, the firm said in a release that the size of the funds was “not economically viable” and that it was “no longer in the best interest of the unitholders to continue the funds.”