Toronto-based Jovian Capital Corp. and subsidiary AlphaPro Management Inc., manager of Horizons AlphaPro exchange-traded funds, have launched Horizons AlphaPro Balanced ETF. AlphaPro Balanced ETF seeks to provide a consistent rate of return, balanced between current income and long-term capital growth. The new ETF invests primarily in a balanced portfolio of publicly traded equities, income trusts and debt securities located predominantly in Canada. In order to obtain direct or indirect exposure to these securities, the new ETF may invest in other ETFs and exchange-traded notes. The subadvisor on the new ETF is Toronto-based Hillsdale Investment Management Inc., which will use a proprietary, multi-factor ranking approach in the selection of equities, income trusts and debt securities. Initially, between 60% and 80% of the new ETF’s portfolio will be invested in equities and equity-related securities. Between 20% and 40% will be invested in corporate bonds, government debt and fixed-income securities. Generally, no less than 70% of the portfolio will be invested in Canadian securities or Canadian dollar-denominated debt. The management fee of 0.7% should enhance the new ETF’s ability to deliver superior returns, Jovian says. The new ETF will also seek to hedge non-C$ exposure to the C$ at all times. Hillsdale may, from time to time, use derivatives instruments for hedging and non-hedging purposes.

New manager at Dynamic Funds

Toronto-based Dynamic Mutual Funds Ltd., managed by Goodman & Co. Investment Counsel Ltd., has appointed Jennifer Stevenson as vice president and portfolio manager, energy. Upon receiving regulatory approval as a portfolio manager, Stevenson will assume the roles of lead manager of Dynamic Global Energy Class and co-manager of Dynamic Energy Income Fund. In addition to her primary fund mandates, Stevenson will also provide energy-sector insight to Dynamic’s equities income team from the company’s Calgary office. Stevenson brings more than 20 years of experience in the energy sector to her new position. Most recently, Stevenson held the role of managing director, portfolio management, at a Calgary-based investment-management company, at which she was responsible for the identification and selection of oil and gas investment opportunities. Stevenson also has energy-related investment-banking experience, which includes a senior position with the capital markets division of DundeeWealth Inc. Furthermore, Stevenson brings experience from previous positions held at leading Canadian oil and gas producers and suppliers.

Claymore offers an ETF based on China

Toronto-based Claymore Investments Inc. has launched Claymore China Exchange-Traded Fund, which seeks investment results that correspond generally to the total return (before fees and expenses) of the AlphaShares China all-cap index. The index is designed to track the performance of publicly issued, common equity securities of publicly traded companies based in mainland China. Unlike other major China equity indices, the AlphaShares China all-cap index is diversified across all sectors and market capitalizations in the Chinese economy and is less concentrated, with a maximum weight of 35% in any sector and a maximum of 5% in any one stock. To ensure adequate liquidity, constituents of the index must initially have a float-adjusted market capitalization of $500 million or greater and maintain a market capitalization of $400 million or greater for ongoing inclusion in the AlphaShares China all-cap index. The AlphaShares China all-cap index is rebalanced and reconstituted annually. The management fee for Claymore China ETF is 0.70%.

Invesco Trimark polishes its brand

Toronto-based Invesco Trimark Ltd. has renamed a number of its investment products and simplified its lineup of brands. Invesco Trimark now offers three distinct product brands — Trimark, Invesco and PowerShares — and fund names have realigned. For example, AIM Canada Money Market Fund has been renamed Invesco Canada Money Market Fund. In addition, Invesco Trimark has announced that effective Sept. 16, Invesco Trimark Dialogue Portfolios will evolve to provide financial advisors and investors with more effective diversification by enhancing the investment strategies through the addition of index-based strategies to the portfolios and the ability to invest, directly or indirectly, in gold and silver. Invesco Advisers Inc.’s Atlanta-based global asset-allocation team will now provide asset-allocation services to both Invesco Trimark Dialogue Portfolios and Invesco Trimark Retirement Payout Portfolios, which will also have the ability to invest, directly or indirectly, in gold and silver. Investment products within both suites of portfolios have been renamed. For example, Invesco Trimark Dialogue Income Portfolio will be renamed Invesco Intactive Diversified Income. For a full list of fund name changes, please refer to www.invescotrimark.com. There will be no change in the funds’ investment styles or objectives, and no action is required by financial advisors or investors.

Compiled by Clare O’Hara (cohara@investmentexecutive.com).