**Building on Mackenzie’s Success**
Mackenzie has launched three new mutual funds designed to leverage the experience of its global quantitative equity team. The funds aim to provide investors with a diversified portfolio and a target strategic asset mix that will be adjusted based on emerging risks and opportunities. The Mackenzie GQE Canadian Balanced Fund and Mackenzie GQE Global Balanced Fund combine equity and fixed-income components to provide investors with a diversified portfolio and a target strategic asset mix that will be adjusted based on emerging risks and opportunities. Both funds have a management fee of 0.7%. The Mackenzie GQE Canadian Equity Fund provides investors with exposure to both Canadian and U.S. companies, while the Mackenzie GQE US Alpha Extension Fund seeks to enhance core U.S. equity exposure with both long and short equity positions to create greater alpha potential. The Mackenzie GQE US Alpha Extension Fund has a management fee of 1.15%. The use of short selling was born out of Mackenzie’s desire to offer a unique U.S. equity fund to retail investors in Canada, said Arup Datta, senior vice-president and head of the Mackenzie GQE team in Boston. “The FANG+ Index represents the top-performing growth stocks of technology and tech-enabled companies, and we just thought that could be a differentiator in the U.S. large cap category in Canadian retail, and hopefully deliver even more consistent alpha, a little bit more alpha and so on,” he said. **Terminating BMO ARK Innovation Funds**
BMO Investments Inc. has announced the termination of three funds it launched in partnership with Cathie Wood’s ARK Investment Management LLC. The funds are slated to be terminated on or around July 11. The BMO ARK Genomic Revolution Fund, BMO ARK Innovation Fund, and BMO ARK Next Generation Internet Fund are set to be terminated, no direct subscriptions for units of the terminating funds will be accepted by BMOII, and once the funds are terminated, all units of the funds held by investors will be subject to a mandatory redemption. The tech sector has been through a few market slumps since ARK launched the Canadian versions of its innovation funds in the U.S. “We just thought that could be a differentiator in the U.S. large cap category in Canadian retail, and hopefully deliver even more consistent alpha, a little bit more alpha and so on,” said Datta. **New Financial Health Score Calculator**
Kindred Credit Union and Guelph-based market research firm PMG Intelligence have launched a financial health score calculator. The calculator is a “a simple, secure, and free tool that gives you personalized insights into your financial health and offers practical next steps,” according to the firms. Users will have to answer a series of questions and based on their responses, they will receive their overall financial health score, along with recommendations of ways to improve their score. Interactive launches FHSA
Interactive Brokers has launched a First Home Savings Account (FHSA) for eligible Canadian residents. The new FHSA gives clients access to a broad range of tradable instruments through Interactive Brokers Canada. Contributions to and income growth from the account are tax-deductible, clients can invest in U.S. bonds, along with U.S. and Canadian stocks and options using the broker’s trading platforms, and clients can transfer their funds tax-free to a Registered Retirement Savings Plan if they haven’t been used for a home purchase within 15 years. **Simplifying Mutual Fund Lineup**
Desjardins Group has announced a slew of changes to its investment fund lineup. The firm says the changes will mean a simpler, more accessible experience and competitive pricing for clients. It’s now offering new A-class units for six Desjardins ETF portfolios and launched a new fund called the Desjardins Tactical Asset Allocation Fund. It’s also merging certain portfolios on or around September 12, lowering management fees for certain classes of Desjardins fund units, and changed the names of two portfolios, among other changes. **Fund Changes at RBC GAM**
RBC Global Asset Management Inc. has announced several fund changes, including fee reductions and a sub-advisor appointment. Management fees for the RBC India Equity Fund and RBC International Equity Index Fund have been reduced in certain cases and their operating expenses have changed from a floating operating expense to a fixed administration fee as of April 17. The custodian, auditor and valuation and/or administrative services providers of those two funds have also changed. **Risk Rating Change at CI GAM**
CI Global Asset Management has changed the risk rating for the unhedged common units of the CI U.S. Minimum Downside Volatility Index ETF. The firm announced in a release that the risk rating for the fund has been upped from “low-to-medium” to “medium” as of Monday. “The risk rating change is based on the risk classification methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds, including ETFs,” the release said. **Changes to BMO’s ETN Lineup**
BMO has announced changes to its leveraged exchange-traded notes (ETNs) linked to the NYSE FANG+ Index. The bank noted that it’s launching a new set of ETNs to replace the old ones. The MicroSectorsTM FANG+TM 3× Leveraged ETNs (FNGB ETNs), due February 17, 2045, have been trading on the NYSE Arca since this February. “The FNGB ETNs are meant to replace the FNGA ETNs and provide investors continued access to an ETN with three times leveraged, daily resetting, exposure to the [NYSE FANG+ Index], but with fees and charges that reflect the current market environment,” the bank said in a release. **Fund Change at Scotia**
Scotia Global Asset Management has appointed a new sub-advisor to its 1832 AM Emerging Markets Equity Pool. New York-based Pzena Investment Management, LLC will be a sub-advisor of the fund, effective on or about May 13, a release said. No changes will be made to the investment objectives of the fund. **Change to BMO’s Fixed-Income Fund**
BMOII has announced the upcoming termination of the series T6 units of the BMO Fixed Income ETF Portfolio. The series is set to be terminated on or about July 11, 2025, a release said. No further direct subscription for units of the series are accepted as of Thursday. Unitholders of the series will no longer be able to exchange or redeem units once the series is terminated. All units held by investors after the series is terminated will be subject to a mandatory redemption. *
| Key Points | |
|---|---|
| Mackenzie’s Global Quantitative Equity Team | Uses a holistic quantitative approach that combines human insight and data science to generate alpha and manage risk. |
| BMO ARK Innovation Funds | Terminated on or around July 11, 2025, no direct subscriptions for units of the terminating funds will be accepted, and all units held by investors will be subject to a mandatory redemption. |
| Interactive Brokers | Launches a First Home Savings Account (FHSA) for eligible Canadian residents. |
| Desjardins Group | Announces a slew of changes to its investment fund lineup, including offering new A-class units for six Desjardins ETF portfolios and launched a new fund called the Desjardins Tactical Asset Allocation Fund. |
A new financial health score calculator launched by Kindred Credit Union and Guelph-based market research firm PMG Intelligence offers personalized insights into financial health and practical next steps. Interactive Brokers has launched a First Home Savings Account (FHSA) for eligible Canadian residents. Desjardins Group has simplified its mutual fund lineup and launched a new fund called the Desjardins Tactical Asset Allocation Fund. RBC Global Asset Management Inc. CI Global Asset Management has changed the risk rating for the unhedged common units of the CI U.S. BMO has announced changes to its leveraged exchange-traded notes (ETNs) linked to the NYSE FANG+ Index. Scotia Global Asset Management has appointed a new sub-advisor to its 1832 AM Emerging Markets Equity Pool. BMOII has announced the upcoming termination of the series T6 units of the BMO Fixed Income ETF Portfolio.
The market is constantly evolving, with new developments and changes happening every day. As such, it is essential to stay informed and up-to-date on the latest news and trends in the financial industry. In this article, we will explore some of the recent changes and developments in the market, including the launch of new mutual funds, the termination of old ones, and changes to existing investment products.
The first key development to note is the launch of new mutual funds by Mackenzie. The firm has launched three new funds that are designed to leverage the experience of its global quantitative equity team. These funds aim to provide investors with a diversified portfolio and a target strategic asset mix that will be adjusted based on emerging risks and opportunities.
The new funds are the Mackenzie GQE Canadian Balanced Fund, Mackenzie GQE Global Balanced Fund, and Mackenzie GQE Canadian Equity Fund. equity exposure with both long and short equity positions to create greater alpha potential.
The Mackenzie GQE US Alpha Extension Fund has a management fee of 1.15%, which is higher than the other two funds. However, the fund is designed to provide investors with a unique opportunity to enhance their core U.S. equity exposure with both long and short equity positions.
The use of short selling was born out of Mackenzie’s desire to offer a unique U.S. equity fund to retail investors in Canada, said Arup Datta, senior vice-president and head of the Mackenzie GQE team in Boston.
“The FANG+ Index represents the top-performing growth stocks of technology and tech-enabled companies, and we just thought that could be a differentiator in the U.S. large cap category in Canadian retail, and hopefully deliver even more consistent alpha, a little bit more alpha and so on,” he said.
BMO Investments Inc. The funds are slated to be terminated on or around July 11, 2025, no direct subscriptions for units of the terminating funds will be accepted, and all units held by investors will be subject to a mandatory redemption.
The BMO ARK Genomic Revolution Fund, BMO ARK Innovation Fund, and BMO ARK Next Generation Internet Fund are set to be terminated, no direct subscriptions for units of the terminating funds will be accepted, and once the funds are terminated, all units held by investors will be subject to a mandatory redemption.
The tech sector has been through a few market slumps since ARK launched the Canadian versions of its innovation funds in the U.S. large cap category in Canadian retail, and hopefully deliver even more consistent alpha, a little bit more alpha and so on,” said Datta.
Interactive Brokers has launched a First Home Savings Account (FHSA) for eligible Canadian residents. and Canadian stocks and options using the broker’s trading platforms, and clients can transfer their funds tax-free to a Registered Retirement Savings Plan if they haven’t been used for a home purchase within 15 years.
Desjardins Group has announced a slew of changes to its investment fund lineup, including offering new A-class units for six Desjardins ETF portfolios and launched a new fund called the Desjardins Tactical Asset Allocation Fund. It’s also merging certain portfolios on or around September 12, lowering management fees for certain classes of Desjardins fund units, and changed the names of two portfolios, among other changes.
RBC Global Asset Management Inc. BlackRock Asset Management Canada Ltd. has been appointed as the sub-advisor for the RBC International Equity Index Fund.
Ci Global Asset Management has changed the risk rating for the unhedged common units of the CI U.S. The firm announced in a release that the risk rating for the fund has been upped from “low-to-medium” to “medium” as of Monday.
The risk rating change is based on the risk classification methodology mandated by the Canadian Securities Administrators to determine the risk level of mutual funds, including ETFs,” the release said. “CI GAM reviews the risk rating for each of the funds it manages at least on an annual basis, as well as when a fund undergoes a material change,” the release added.
BMO has announced changes to its leveraged exchange-traded notes (ETNs) linked to the NYSE FANG+ Index. The bank noted that it’s launching a new set of ETNs to replace the old ones.
The MicroSectorsTM FANG+TM 3× Leveraged ETNs (FNGB ETNs), due February 17, 2045, have been trading on the NYSE Arca since this February. “The FNGB ETNs are meant to replace the FNGA ETNs and provide investors continued access to an ETN with three times leveraged, daily resetting, exposure to the [NYSE FANG+ Index], but with fees and charges that reflect the current market environment,” the bank said in a release.
Scotia Global Asset Management has appointed a new sub-advisor to its 1832 AM Emerging Markets Equity Pool. No changes will be made to the investment objectives of the fund.
BMOII has announced the upcoming termination of the series T6 units of the BMO Fixed Income ETF Portfolio. No further direct subscription for units of the series are accepted as of Thursday.
Unitholders of the series will no longer be able to exchange or redeem units once the series is terminated. All units held by investors after the series is terminated will be subject to a mandatory redemption, meaning they will receive redemption proceeds equal to the net asset value of those units on that date.
Key Points
- Mackenzie’s Global Quantitative Equity Team
- BMO ARK Innovation Funds
- Interactive Brokers
- Desjardins Group
- RBC Global Asset Management Inc.
- Ci Global Asset Management
- BMO
- Scotia Global Asset Management
- BMOII
By Mark Smith, Editor
The market is constantly evolving, with new developments and changes happening every day.
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