RBC iShares introduced on Thursday a new ETF that provides Canadian investors with broad-based exposure to the U.S. stock market while mitigating currency risk.
The iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) provides exposure to the total U.S. equity market, including large-, mid-, small- and micro-capitalized companies. RBC iShares has marketed the product as “a long-term core holding.”
The ETF is trading on the TSX under the ticker XTOH and has a 0.07% management fee.
The new fund is a Canadian-dollar hedged version of the iShares Core S&P Total U.S. Stock Market Index ETF (TSX: XTOT), which launched on June 2.
It’s managed by BlackRock Asset Management Canada Ltd., a subsidiary of BlackRock, Inc.
Backed by CIBC, Starlight launches new private real estate fund
Starlight Investments has announced the launch of an evergreen private real estate fund focused on acquiring and managing a portfolio of rental properties across Canada.
In a release, it said the new Starlight Canadian Core Multi-Family Fund would focus on acquiring and managing a “diversified portfolio of high-quality, income-producing, purpose-built multi-family rental properties across Canada’s largest urban markets.”
It named the Greater Toronto Area, Ontario’s Golden Horseshoe region, Greater Vancouver and Greater Victoria, as well as other major Canadian markets including Calgary, Edmonton, Ottawa, Montreal and Halifax as its areas of focus.
Starlight said the evergreen fund would launch with an initial equity investment of $415 million from investment funds managed by CIBC Asset Management Inc. With this investment, it said it would acquire an initial $750 million worth of rental apartments.
Over time, the firm said the fund seeks to scale up through additional investments from institutional investors and accredited individual investors through a feeder fund that would be established and managed by CIBC Asset Management Inc.
The Starlight Canadian Core Multi-Family Fund will be managed by Starlight and is the firm’s first residential-focused, open-ended investment vehicle.
IA Clarington makes fund name changes
IA Clarington Investments Inc. has announced several fund name changes that it said would “make it easier for advisors and investors to navigate our product shelf” and give credit to its sub-advisory partnerships.
In a release, the firm said it made the following changes to funds managed by Agile Investment Management LLC, Loomis, Sayles & Company, L.P. and QV Investors Inc.:
- IA Clarington Core Plus Bond Fund is now called the IA Clarington Agile Core Plus Bond Fund.
- IA Clarington Floating Rate Income Fund is now called the IA Clarington Loomis Floating Rate Income Fund.
- IA Clarington U.S. Dollar Floating Rate Income Fund is now called the IA Clarington Loomis U.S. Dollar Floating Rate Income Fund.
- IA Clarington Canadian Small Cap Fund is now called the IA Clarington QV Canadian Small Cap Fund.
- IA Clarington Canadian Small Cap Class is now called the IA Clarington QV Canadian Small Cap Class.
- IA Clarington U.S. Equity Class is now called the IA Clarington QV U.S. Equity Class.
- IA Clarington U.S. Equity Currency Neutral Fund is now called the IA Clarington QV U.S. Equity Currency Neutral Fund.
- IA Clarington Global Equity Fund is now called the IA Clarington QV Global Equity Fund.
- The French name of the IA Clarington Agile Global Total Return Income Fund has been changed from Fonds IA Clarington Agile de revenu mondial à rendement global to Fonds IA Clarington Agile de revenu mondial à rendement total.
These changes took effect on June 19.
Invesco Canada announces slew of fund changes
Invesco Canada Ltd. has made changes to several mutual funds including sub-advisory and portfolio management appointments as well as fund name changes.
It announced the following appointments, which took effect June 23:
- Invesco Asset Management Limited has been appointed the sole sub-advisor for the Invesco EQV European Equity Fund, Invesco EQV European Equity Class, Invesco Developing Markets Fund and Invesco Developing Markets Class.
- William Lam, Ian Hargreaves, Charles Bond and Matthew Pigott have been appointed as the portfolio managers of the Invesco Developing Markets Fund and Invesco Developing Markets Class. Meanwhile Justin Leverenz is no longer a portfolio manager for these funds.
- John Surplice, Martin Walker and James Rutland have been appointed as the portfolio managers of the Invesco EQV European Equity Fund and Invesco EQV European Equity Class, replacing the former portfolio management team.
Invesco also announced the following fund name changes, which are to take effect on or about July 30:
- Invesco EQV European Equity Fund and Invesco EQV European Equity Class will have EQV dropped from their fund names.
- Invesco Oppenheimer International Growth Fund and Invesco Oppenheimer International Growth Class will have Oppenheimer dropped from their fund names.
There will be no changes to the investment objectives of the two funds, however.
IG Wealth ups risk rating for fund
IG Wealth Management has upped the risk rating for one of its funds.
The risk rating for the IG U.S. Taxpayer Portfolio – Global Fixed Income Balanced Fund has changed from “low” to “low to medium,” effective June 25.
In a release, the firm said it reviews and adjusts risk ratings at least once a year and that there are no subsequent changes to the investment objective, strategy or management of the fund.