BMO Financial Group launched a series of exchange traded funds on Thursday, becoming the only one of the big Canadian banks to offer ETFs.
The bank is offering the four new ETFs through Jones Heward Investment Counsel Inc., an operating company within BMO Asset Management, and the trustee and manager of the funds. Thursday marked the funds’ first day of trading on the Toronto Stock Exchange.
“We are pleased to provide a home-grown Canadian investment option that can help investors achieve their financial goals,” said Gilles Ouellette, president and CEO, Private Client Group, BMO Financial Group. “This is the first phase of our ETF offering, with additional products to come. Based on the popularity of ETFs world-wide, we anticipate this will contribute to the growth of BMO’s wealth management business.”
The BMO ETFs launched on Thursday include:
– BMO Canadian Government Bond Index ETF (BGB), which is designed to replicate the performance of the Citigroup Canadian Government Bond Index.
– BMO Dow Jones Canada Titans 60 Index ETF (BCA), which is designed to replicate the performance of the Dow Jones Canada Titans 60 Index.
– BMO US Equity Index ETF (BUE), which is designed to replicate the performance of the Dow Jones U.S. Large-Cap Index.
– BMO Dow Jones DiamondsSM Index ETF (BDJ), which is designed to replicate the performance of the Dow Jones Industrial Average.
The US Equity Index ETF and the Dow Jones DiamondsSM Index ETF will both hedge their exposure to U.S. dollars.
The bank filed a preliminary prospectus for the ETFs in February, which also includes details on three additional ETFs: the BMO International Equity Index ETF, the BMO Emerging Markets Equity Index ETF and the BMO Global Infrastructure Index ETF.
BMO launches exchange traded funds
Four new ETFs comprise first phase of bank’s ETF offering
- By: IE Staff
- June 4, 2009 June 4, 2009
- 09:51