Product roundup: Harvest cooking up new U.S. equity ETF

Harvest Portfolios Group Inc. is cooking up a new U.S. equity ETF.

The Oakville, Ont.-based asset manager says it’s filed a preliminary prospectus with the Canadian securities regulators to launch the Harvest High Income Equity Shares ETF.

If approved, the fund would provide investors with unlevered access to a portfolio of “leading and trending” U.S. stocks, along with an active covered call strategy “designed to generate high monthly income,” it said in a release.

The ETF would hold stocks that are generally similar to the underlying single stocks held in the ETFs within the portfolio of the Harvest Diversified High Income Shares ETF (TSX: HHIS), the release noted. Some of the underlying stocks held in that portfolio include Eli Lilly & Co., Nvidia Corp., Coinbase Global, Inc., MicroStrategy Inc. and Tesla, Inc.

The new fund is expected to launch on the TSX in August, with a 0.4% management fee and the ticker HHIH.

IA expands purchase options for several funds

IA Clarington Investments Inc. has expanded the purchase options for several of its funds.

Both the iA Clarington Agile Global Total Return Income Fund and iA Clarington Agile Core Plus Bond Fund, which are sub-advised by Agile Investment Management, LLC, are now available in series F units with a U.S.-dollar purchase option.

The funds are also now offered in ETF series, which are trading on the TSX under the ticker symbols GTRI and ICPB, respectively.

Other iA Clarington funds to now be offered in ETF series include:

• IA Clarington Loomis Global Equity Opportunities Fund (TSX: IGEO)

• IA Clarington Loomis Global Allocation Fund (TSX: IGAF)

• IA Clarington Loomis Global Multisector Bond Fund (TSX: ILGB)

• IA Clarington Loomis Floating Rate Income Fund (TSX: IFRF)

• IA Clarington Strategic Corporate Bond Fund (TSX: ISCB)

• IA Clarington Strategic Income Fund (TSX: ISIF)

• IA Wealth Enhanced Bond Pool (TSX: IWEB)

Dynamic Funds announces fund changes

1832 Asset Management L.P., manager of Dynamic Funds, has announced the completion of a fund termination and a fund merger, along with proposed fund mergers and fee reductions.

The Dynamic Active Energy Evolution ETF (TSX: DXET) was delisted from the TSX on July 15 and terminated on July 18. Investors who held units of the fund on the termination date are to receive final payments from the liquidation of the fund’s assets, net of all liabilities and expenses, a release said.

Also, the Dynamic Active Retirement Income ETF (TSX: DXR) was merged into the Dynamic Retirement Income Fund on July 18. Investors who held units of the terminating fund received the same number of units of the continuing fund. The terminating fund was also delisted from TSX that day, but the continuing fund is now listed under the ticker DXR.

As a result of the merger, the Dynamic Retirement Income Fund is now offered in both mutual fund series units and ETF units. Its investment objective, risk rating and portfolio management team remain unchanged.

Separately, 1832 Asset Management announced a slew of proposed changes to its Marquis investment program “to streamline its lineup and reduce fees for investors,” it said in a release.

A full breakdown of those changes, which includes proposed fund mergers and fee reductions, is available here.

TDAM announces fund risk ratings

After an annual review, TD Asset Management Inc. (TDAM) has announced risk rating changes for certain mutual funds.

The following changes are expected:

• TD Dividend Income Fund’s risk rating has changed to medium, up from low to medium

• TD Dividend Income Class’ risk rating has changed to medium, up from low to medium

• TD Global Entertainment & Communications Fund’s risk rating has changed to medium to high, up from medium

• TD Comfort Growth Portfolio’s risk rating has changed to low to medium, down from medium

The investment objectives, strategies and management of the funds remain unchanged.

Desjardins makes mutual fund lineup tweaks

Desjardins Investments Inc. (DI) has announced various changes to its mutual fund lineup, including fund terminations, a fund portfolio sub-manager change, as well as a new automatic conversion program.

DI is seeking to terminate the following funds on or about Nov. 14, with unitholders able to redeem or switch their units of the funds up to close of business (4 p.m. Eastern) that day:

• Desjardins Target 2025 Investment Grade Bond Fund

• Desjardins Sustainable Global Managed Bond Fund

• Desjardins Low Volatility Canadian Equity Fund

• Desjardins Sustainable Low Volatility Global Equity Fund

• Desjardins Sustainable International Small Cap Equity Fund

• DI also intends to terminate the W-class units of the Desjardins Global Managed Bond Fund.

The terminating funds and W-class units of the Desjardins Global Managed Bond Fund will be closed to new investors and additional investments, aside from investments made by periodic payments, as of 4 p.m. Eastern on or about Aug. 20.

PIMCO Canada Corp. will be the new portfolio sub-manager of the Desjardins Emerging Markets Bond Fund, management fees will be lowered for the fund’s A-, I-, C-, F- and D-class units, and the fund’s investment strategies will be changed “to better reflect the new mandate and investment philosophy of PIMCO,” DI also announced. Those changes, outlined here, are expected to take effect on or around Oct. 1.

Also, DI will launch K-class units for the Desjardins Global Opportunities Fund, which will be offered on “a no-load basis” and will be eligible for registered plans on or about Nov. 17.

In addition to the launch of the K-class units, DI will implement a program to allow for the automatic conversion of A-class and K-class units of the Desjardins Global Opportunities Fund, “provided that the investor satisfies the established criteria for holding K-class units,” it noted in the release. The program is expected to be implemented on or about Nov. 17.

Canada Life announces mutual fund changes

Canada Life Investment Management Ltd. (CLIML) has announced changes to the risk ratings, management fees and investment strategies of select mutual funds.

After its most recent annual review, CLIML said it’s making the following risk rating changes:

• Canada Life Moderate Portfolio’s risk rating has changed to low to medium, up from low

• Canada Life Canadian Fixed Income Balanced Fund’s risk rating has changed to low to medium, up from low

• Counsel Global Small Cap’s risk rating has changed to medium to high, up from medium

Meanwhile, the investment strategy for the Counsel Canadian Value fund will change “to reflect a greater foreign investments allowance, up to 49% from 30%,” a release said, noting this will allow for “additional geographical diversification.”

As well, CLIML has reduced the management fees for the Counsel Money Market fund. Below are the fees for different series units of the fund:

• Series A units now have a 0.6% management fee, down from 0.65%

• Series F, I and C units now have a 0.25% management fee, down from 0.4%

CLIML further announced that investors can now purchase Canada Life mutual funds if their dealers have signed an agreement with CLIML permitting the purchase of the funds.