Toronto-based Fidelity Investments Canada ULC has launched a suite of five fixed income ETFs that began trading on the Toronto Stock Exchange on Wednesday.
The Fidelity Global Core Plus Bond ETF is actively managed and invests in investment-grade and high-yield securities from around the world.
The Fidelity Canadian Short-Term Corporate Bond ETF, also actively managed, invests in Canadian corporate fixed income securities with an average term of maturity of five years or less.
The Fidelity Systematic U.S. High Yield Bond ETF invests primarily in U.S. high-yield securities using a quantitative multi-factor model that looks for mispriced bonds based on value and quality. The Fidelity Systematic U.S. High Yield Bond Currency Neutral ETF does the same while aiming to minimize exposure to fluctuations in currency.
The Fidelity Systematic Canadian Bond Index ETF seeks to replicate the performance of a proprietary index by investing in investment-grade government and corporate bonds publicly issued in the Canadian market.
The new ETFs are also available in mutual fund versions with management fees ranging from 0.25% to 0.53% for Series F units and 0.75% to 1.03% for Series B units.
Evolve closing two ETFs
On Tuesday, Evolve Funds Group Inc. announced the closure of two of its ETFs.
The Evolve Active US Core Equity Fund and Evolve Active Short Duration Bond Fund will be terminated on or about Nov. 29, the firm said in a release.
No further subscriptions for units of the funds will be accepted after Oct. 25.
All outstanding units held by investors as of the termination date are subject to a mandatory redemption. Following the termination date, Evolve will convert the assets of both funds to cash and distribute the proceeds pro rata to unitholders.