CanBanc Corp. closed-end fund now is available to investors on the Toronto Stock Exchange as an exchange-traded fund (ETF). Toronto-based First Asset Management Inc. announced the completion of the fund conversion in September. The converted fund, now called First Asset CanBanc Income ETF, provides unitholders with access to Canada’s Big Six banks. The ETF’s investment strategy includes selling call options to capitalize on volatility while still allowing for downside protection, lower overall volatility of returns and increased cash flow for distribution. Management fees are 1.4% for A-class units and 0.65% for common units. There is no minimum investment.
(fcollie@investmentexecutive.com)
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