Toronto-based Bank of Nova Scotia’s asset-management division, 1832 Asset Management LP, has filed a preliminary prospectus for the listing of four ETFs, paving the way for another one of the Big Five banks to make its entry into the increasingly crowded ETF market.
The preliminary prospectus, dated April 13, details plans for Scotia Strategic Fixed Income ETF Portfolio (symbol: SFIX); Scotia Strategic Canadian Equity ETF Portfolio (SCAD); Scotia Strategic U.S. Equity ETF Portfolio (SUSA); and Scotia Strategic International Equity ETF Portfolio (SINT).
The proposed Scotia ETFs would take a wrap strategy, each investing in one or more underlying ETFs, according to the filing, which notes that 1832 Asset Management has retained ETF giant BlackRock Asset Management Canada Ltd. to act as subadvisor for the ETFs.
SFIX seeks to provide a combination of income and modest capital gains by investing primarily in Canadian or U.S. ETFs that provide exposure to fixed-income securities. It would have a management fee of 0.5%.
SCAD seeks to provide long-term capital growth by investing primarily in Canadian ETFs that provide exposure to equities listed in Canada. It would have a management fee of 0.6%.
SUSA seeks to provide long-term capital growth by investing primarily in Canadian or U.S. ETFs that provide exposure to equities listed in the U.S. It would have a management fee of 0.6%.
SINT seeks to provide long-term capital growth by investing primarily in Canadian or U.S. ETFs that provide exposure to equities listed in international developed and developing markets. It would have a management fee of 0.65%.
1832 Asset Management has applied to list the four ETFs on the Toronto Stock Exchange.