Toronto-based Redwood Asset Management Inc. announced on Thursday that it’s launching its first lineup of actively managed ETFs.
The asset manager, a wholly-owned subsidiary of Toronto-based Purpose Investments Inc., will list the following four ETFs with Aequitas NEO Exchange Inc., also of Toronto:
- Redwood Floating Rate Preferred Fund
- Redwood U.S. Preferred Share Fund
- Redwood Emerging Markets Dividend Fund
- Redwood Unconstrained Bond Fund
Each ETF will have one listing on the exchange except for Redwood U.S. Preferred Share Fund, which will have three, as it’s available in a Canadian-dollar version, an unhedged version and a U.S.-dollar version.
“Offering ETF series of these successful, actively managed mandates has always been a part of our long-term plans for growth, and Purpose has provided the depth of resources and expertise to further accomplish this goal,” says Peter Shippen, president of Redwood, in a statement. “This launch represents not only a necessary extension of distribution for Redwood’s unique strategies, but also an expansion of access and choice for investors seeking truly active ETFs.”
Redwood is the first asset manager that is not a shareholder of the NEO Exchange to launch new ETFs on the exchange.
“The commitment from Redwood to list with us is yet another vote of confidence in our innovative solutions that try to do the right thing for the Canadian capital markets,” says Jos Schmitt, president and CEO of the NEO Exchange, in a statement.
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