Product Watch: New funds, name change at Manulife

Toronto-based Horizons Exchange Traded Funds Inc. and its affiliate, AlphaPro Management Inc., have introduced A-class units to four ETFs. These include Horizons Enhanced Equity Income ETF, which invests primarily in Canadian equities and equity-related securities; Horizons Enhanced Income Financials ETF, which aims to provide exposure to the Canadian banking, finance and financial services sector; Horizons Enhanced Income Energy ETF, which seeks exposure to the Canadian crude oil and natural gas sector; and Horizons Enhanced Income Gold Producers ETF, which invests primarily in North American gold mining and exploration. Advisors will be paid a service fee of 0.75% on a trailing quarterly basis. Management fees are 1.4% for the new A-class units. There may be a redemption charge of up to 0.25% of the exchange or redemption proceeds.

…and to a Claymore ETF

Toronto-based Claymore Investments Inc. has announced the launch of common- and A-class units of Claymore S&P U.S. Dividend Growers ETF. The exchange-traded fund aims to replicate the performance of the S&P high-yield dividend aristocrats CAD hedged index, net of expenses, on a monthly distribution schedule. This index is composed of 60 of the highest dividend-yielding constituents among the stocks on the S&P composite 1500 index that have gained in dividends every year for at least 25 consecutive years. Management fees are 0.60% for common-class units and 1.35% for A-class units. There may be a redemption charge of up to 0.05% on the exchange or redemption proceeds.

Russell boosts US$-hedged series

Toronto-based Russell Investments Canada Ltd. has expanded its U.S. dollar-hedged series of funds and has made a number of portfolio name changes. These US$-hedged series are now available through: Russell Managed Yield Class, which seeks to provide a tax-efficient fixed income; Russell Income Essentials Class Portfolio, which invests primarily in bonds; Russell Diversified Monthly Income Class Portfolio, which invests primarily in Canadian securities; and Russell Canadian Dividend Class, which aims to provide long-term returns of dividend income. Name changes apply to: Russell Retirement Essentials Portfolio, now called Russell Income Essentials Portfolio, which invests primarily in bonds and aims to provide long-term cash flow throughout retirement; and its corporate-class option, Russell Retirement Essentials Class Portfolio, is now called Russell Income Essentials Class Portfolio.

New seg funds from Standard Life

Montreal-based Standard Life Assurance Co. of Canada has expanded its Ideal-branded segregated fund lineup to include Dynamic funds and Meritas socially responsible investing funds. The recent additions include Ideal Dynamic Aggressive Bundle, Ideal Dynamic Moderate Bundle, Ideal Dynamic Power Balanced Fund, Ideal DynamicEdge Balanced Growth Portfolio, Ideal Meritas Balanced Portfolio, Ideal Meritas Growth & Income Portfolio and Ideal Meritas Income & Growth Portfolio. The new funds aim to offer Canadians the ability to invest in a socially responsible manner while providing them with various levels of downside protection, such as full capital protection upon maturity or death, or full income protection.

Clarification: Trailing commissions for Templeton Frontier Markets Fund are 1% for front-end sales; 0.5% for the first six years of deferred sales, and 1% thereafter; and 0.5% for the first three years of low-load sales, and 1% thereafter. Incorrect information appeared in the September 2011 issue of Investment Executive.