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Last month, two technology ETFs were added to the Canadian market, while Horizons announced the termination of two of its volatility ETFs.
Redwood Asset Management will be amalgamated into Purpose Investments, its parent company. Purpose Investments is bringing all of its products under a single banner and will therefore retire the Redwood name. Purpose acquired Redwood Asset Management in July, 2016, and operated it as a separate entity under its own brand. The rebranding process entails the amalgamation of the two companies, the merging of Redwood and Purpose funds and ETFs, changes to fund names and tickers, and the conversion of closed-end funds to ETFs.
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Another big bank is set to join the ETF industry during the year. Scotiabank filed a preliminary prospectus to launch its first suite of ETFs. The bank’s move into the ETF market came as no surprise, considering the success other big banks have had with their products. For instance, BMO Asset Management is now the second-largest ETF provider in Canada, with assets under managemetn of over $48-billion. In 2017, its net creations accounted for approximately 40 per cent of the industry’s total net inflows, according to reports from CETFA. More recently, BMO announced that it is exploring actively managed ETFs.
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