Canadian ETFs recorded inflows of $9.9 billion in July as investors poured money into equity, leveraged and inverse and crypto-asset funds. They pulled back from commodities funds, a report from National Bank Financial Inc. (NBF) shows.

Equity ETFs dominated the total inflows, gathering $5.8 billion in the month.

On a regional basis, international equity ETFs accounted for $2.8 billion of the total, followed by Canadian equity ETFs at $2 billion and U.S. equity ETFs at $1 billion.

On a thematic basis, “all equity” asset allocation ETFs recorded $952 million in creations, and financials sector ETFs made a “strong comeback” with $1 billion in inflows. Meanwhile, energy sector and real estate sector ETFs suffered outflows of $163 million and $118 million, respectively.

Fixed-income ETFs registered inflows of $2.1 billion.

All fixed-income fund categories reported inflows, but flows were concentrated among Canadian corporate bond, Canadian aggregate bond, foreign bond and Canadian government bond funds. Those categories took in $639 million, $603 million, $323 million and $254 million, respectively.

Other categories recorded more modest inflows: sub investment-grade bond funds pulled in $173 million, followed by U.S./North America bond funds at $126 million, preferred/convertible bond funds at $32 million and money market funds at $22 million.

In terms of maturity, broad/mixed maturity funds drove inflows, with $1.3 billion in creations.

Leveraged and inverse ETFs pulled in $588 million during the month, “bringing the category’s year-to-date inflows to a whopping $2.6 billion or 42% of the category’s starting assets,” the report said.

Strong month for crypto

Crypto-asset ETFs had “a strong month of inflows,” gathering $222 million. Three of the top five inflow products in the category were recently launched XRP ETFs, NBF noted.

Commodities ETFs, on the other hand, suffered outflows of $212 million. This was the first monthly outflow for the category “in more than a year” and was led by the BMO Gold Bullion Series Units ETF (TSX: ZGLD).

July was “a quiet month for Canada-listed ESG ETFs,” the report said, with the category posting net zero flows overall. One ESG fund was delisted in July — the Dynamic Active Energy Evolution ETF (TSX: DXET), which launched in 2021 but had a “small” amount of assets under management (AUM).

The report also noted that 13 new ETFs hit the Canadian market in July. This includes new single-stock, leveraged/inverse ETFs from LongPoint Asset Management Inc., 0DTE options ETFs from Hamilton Capital Partners Inc. and actively managed ETFs from Ninepoint Partners LP, FT Portfolios Canada Co. and J.P. Morgan Asset Management Canada.

Total ETF AUM came in at $611.7 billion by the end of July.

Multiple asset managers have filed preliminary prospectuses to launch ETFs in Canada.

Harvest Portfolios Group Inc. is seeking to introduce a new suite of single-stock ETFs that would invest in the stocks of well-known Canadian companies.

If approved, the 10 ETFs that are slated to be part of Harvest’s High Income Shares ETF lineup and be listed on the TSX include:

• Harvest Agnico Eagle Enhanced High Income Shares ETF (AEME)
• Harvest BCE Enhanced High Income Shares ETF (BCEE)
• Harvest Cameco Enhanced High Income Shares ETF (CCOE)
• Harvest CNQ Enhanced High Income Shares ETF (CNQE)
• Harvest Enbridge Enhanced High Income Shares ETF (ENBE)
• Harvest Royal Bank Enhanced High Income Shares ETF (RYHE)
• Harvest Shopify Enhanced High Income Shares ETF (SHPE)
• Harvest Suncor Enhanced High Income Shares ETF (SUHE)
• Harvest TD Bank Enhanced High Income Shares ETF (TDHE)
• Harvest TELUS Enhanced High Income Shares ETF (TEHE)
• Harvest Canadian High Income Shares ETF (HHIC)

The prospective funds would seek to provide investors with high monthly cash distributions as well as long-term capital appreciation by investing, on a levered basis, in the common shares of Canadian companies, a release said.

Brompton Funds to intro CLO ETF

Brompton Funds Limited plans to introduce another ETF that invests in credit loan obligations (CLOs).

If approved, the actively managed Brompton Wellington Square BBB CLO ETF would be listed on the TSX with the ticker BBBB. The fund would aim to provide high monthly income and capital preservation by investing in a portfolio comprised of at least 75% investment-grade CLOs, a fund document said.

Two new ETFs from J.P. Morgan

J.P. Morgan Asset Management Canada is looking to launch the JPMorgan US Ultra-Short Income Active ETF and JPMorgan US Bond Active ETF on the TSX.

The JPMorgan US Ultra-Short Income Active ETF would seek to provide investors with income “while seeking to maintain a low volatility of principal primarily through exposure to investment grade U.S. dollar denominated short-term fixed, variable and floating rate debt,” a preliminary prospectus from the firm stated.

The JPMorgan US Ultra-Short Income Active ETF would also “invest in or use derivative instruments to seek to hedge U.S. currency exposure,” the document noted.

ETF units of the PICTON Income Fund on the way

PICTON Investments has its sights set on launching ETF units of the PICTON Income Fund on the TSX.

The fund’s investment objective is to “maximize total return through income and capital appreciation by investing primarily in global income securities while mitigating capital loss by engaging in hedging strategies for downside risk protection,” fund documents said.

Investors are drawn to new investment funds with frequent portfolio disclosures, and to portfolio managers who are chartered financial analyst (CFA) holders and/or female, reports Morningstar Inc. Those preferences tend to align with performance, according to new global research.

The study analyzed 57,512 funds in Morningstar’s international database — all of them with a track record less than 12 months in length. The sample period spanned from January 2005 to March 2013. Lee Davidson, head of quantitative research, Madison Sargis, quantitative analyst and Timothy Strauts, senior analyst, wrote the report.

The study explored the relationship between observed investor preferences for — and eventual investor outcomes from — newly launched funds by examining forward 36-month cumulative flows and forward 36-month cumulative risk-adjusted returns.

Morningstar researchers noted, however, that most fund flows “are not due to the actions of the retail investor but are directed by the result of some complex interaction between an advisor, an institution and a platform.”

“[T]hese are the types of newly launched funds that most successfully navigated the network of distribution channels and most appealed to advisors,” researchers wrote in their report.

Disclosure drives flows

One of the key findings of the study was that disclosing portfolio holdings generated higher flows and was correlated to higher forward returns.

Investors highly value when a fund has reported holdings information within the first year of launch and place additional value on frequent updates to the fund, the report noted.

But the researchers said they don’t expect the relationship between portfolio disclosure and higher risk-adjusted returns to be causal.

“Rather, we believe the underlying causes for frequent disclosure and higher returns could be shared: an indication of a higher-quality strategy, greater manager confidence, vigorous firm stewardship and sound investment process,” they wrote in the report.

The study also found that new funds managed by Chartered Financial Analyst (CFA) designation holders achieve better outcomes and are preferred by investors.

Other designations that signal higher educational achievements such as PhD, Certified Financial Planner or Chartered Alternative Investment Analyst designations would also likely resonate with investors, the report suggested.

“Investors have imperfect knowledge about a manager’s capabilities, so they are likely using the CFA charter as a proxy for skill and education,” it said.

Women outperform

Female portfolio managers tend to garner more assets as well, with fund flows following women portfolio managers for equity and fixed-income asset classes, the study found.

The researchers said this may be because few women advance in the fund management industry, likely due to facing significant headwinds, and therefore, those who do become portfolio managers should perform higher than the average male portfolio manager.

“Our reasoning implies a female portfolio manager signals to an investor higher management skill, which is represented by a positive association between flows and gender,” they wrote in the report.

At the same time, the researchers stressed that gender isn’t a suitable proxy for skill.

“A portfolio manager is not inherently better at managing a fund because of gender, regardless of the headwinds faced in a manager’s career development. Therefore, we are not surprised to see inconclusive results,” the report said.

The study further found that investors tend to gravitate toward funds that are owned by their portfolio managers. Those funds tend to perform better, too.

The study didn’t differentiate between the levels at which portfolio managers owned their own funds, but noted whether a single manager had at least $1 invested in the fund.

“In the absence of historical information about a manager’s decision-making, investors are using managers’ financial stakes in new funds as a proxy for their stewardship,” the report said. “The decision to do so has shown to be meaningful and positive in terms of higher forward returns.”

Some of the other key findings of the study were that high fees hurt new fund flows and future risk-adjusted returns, asset managers with large market share have an advantage when launching new funds and launching funds in periods of economic stress tends to be positive for future performance.

The researchers noted several limitations in the report but suggested that a study on the rise and fall of new funds with such a large scope has not been conducted before.

“To our knowledge, a larger data set has never been assembled to approach this question. Indeed, this study may be the first of its kind,” they wrote in the report.

J.P. Morgan Asset Management Canada (JPMAM) has brought one of its global equity investment strategies to the Canadian market with the launch of a new actively managed ETF.

The JPMorgan Global Select Equity Active ETF (TSX: JGLO) provides Canadian investors with access to one of the asset manager’s “most successful institutional global equity mandates,” said Jay Rana, head of Canadian advisor business with JPMAM, in an interview.

A version of the product is also listed on Nasdaq and the Australian Securities Exchange.

“We’re excited to bring this strategy to Canada,” Rana said. “And we’re just excited to be part of the growth opportunity in the ETF world, in the active management space.”

The ETF invests in global equities benchmarked to the MSCI World Index. Its investment strategy is supported by a team of 80 analysts, along with Helge Skibeli and Christian Pecher, who have decades of industry experience under their belts.

The fund has a 0.47% management fee and is suitable for investors seeking global equity exposure to diversify their portfolios, Rana said.

Asked about JPMAM’s growth plans in Canada, he said the firm is actively engaging with advisors and investors across the country and “will continue to try to look for where demand is and meet that demand with high-quality investment products.”

“We’re always assessing, always looking at it, but we do have a long-term plan to be part of the ETF world here in Canada and partner with investors across the country,” Rana added.

This is the sixth ETF offering from JPMAM in Canada. The firm launched its first Canadian ETF in October 2024.

Ninepoint expanding ETF lineup

Capitalizing on a wave of Canadian nationalism, Ninepoint Partners LP has filed a preliminary prospectus with securities regulators to launch a suite of single-stock ETFs that invest in well-known Canadian companies.

The funds also sell call options on the single stock they own, employing a covered call approach with modest leverage.

“Our goal is simple: we want to help Canadians earn more from companies they already believe in,” said John Wilson, co-CEO and managing partner at Ninepoint, in a release.

If approved, the initial ETFs that are slated to be part of the firm’s upcoming HighShares ETF suite and be listed on the TSX include:

• Barrick High Income Shares Ninepoint ETF (ABHI) — medium- to high-risk rating.
• BCE High Income Shares Ninepoint ETF (BCHI) — medium-risk rating.
• Cameco High Income Shares Ninepoint ETF (CCHI) — medium- to high-risk rating.
• Canadian Natural Resources High Income Shares Ninepoint ETF (CQHI) — medium- to high-risk rating.
• CNR High Income Shares Ninepoint ETF (CRHI) — medium- to high-risk rating.
• Enbridge High Income Shares Ninepoint ETF (ENHI) — medium-risk rating.
• RBC High Income Shares Ninepoint ETF (RYHI) — medium-risk rating.
• Shopify High Income Shares Ninepoint ETF (SHHI) — medium- to high-risk rating.
• Suncor High Income Shares Ninepoint ETF (SUHI) — medium- to high-risk rating.
• TD High Income Shares Ninepoint ETF (TDHI) — medium-risk rating.
• Enhanced Canadian High Income Shares Ninepoint ETF (ECHI) — medium-risk rating.

Separately, Ninepoint announced it was expanding access to five existing funds by launching ETF series for them.

The following funds are now available as ETFs on the TSX:

• Ninepoint Global Infrastructure Fund (TSX: INFR) — medium-risk rating, 1% management fee.
• Ninepoint Gold and Precious Minerals Fund (TSX: GLDE) — high-risk rating, 1.5% management fee.
• Ninepoint Gold Bullion Fund (TSX: GBUL) — medium-risk rating, 0.5% management fee.
• Ninepoint Silver Bullion Fund (TSX: SBUL) — high-risk rating, 0.85% management fee.
• Ninepoint Capital Appreciation Fund (TSX: NCAP) — low- to medium-risk rating, 0.95% management fee.

“From inflation-sensitive infrastructure and precious metals to long-term capital growth, these ETF series allow investors to efficiently allocate capital based on their portfolio goals and market outlook,” Fox said in a release.

Fidelity launches mutual fund with options-based equity strategy

Fidelity Investments Canada ULC has launched the Fidelity Equity Premium Yield ETF Fund.

The new mutual fund invests directly in the Fidelity Equity Premium Yield ETF (Cboe: FEPY, FEPY.U), which employs an options-based equity strategy, aiming to generate potentially higher levels of cash flow than equity-only strategies.

The funds also seek to achieve lower overall portfolio volatility relative to the S&P 500, a release said.

The new mutual fund has a 0.4% management fee, in addition to an administration fee.

First Trust rolls out long/short equity ETF

FT Portfolios Canada Co. has launched a new long/short equity ETF.

The First Trust Long/Short Equity ETF (TSX: FTLS) invests in both a long and short portfolio of U.S. exchange-listed equity securities and index future contracts, aiming to provide investors with “long-term total return,” a release said.

The fund will invest all or nearly all of its net assets in First Trust Long/Short ETF (NYSE: FTLS), a U.S.-listed ETF that’s managed by an affiliate of First Trust Canada and has a similar investment objective.

The ETF has a 0.15% management fee.

NBI announces fund merger, fee reductions for some funds

National Bank Investments Inc. (NBI) has announced a fund merger and fee reductions for several funds.

In a release, it said the NBI Global Real Assets Income ETF would be merged into the NBI Global Real Assets Income Fund, “which has an identical mandate,” on or about Oct. 24.

“Upon completion of the merger, unitholders will hold ETF series units of the continuing fund instead of ETF units of the terminating fund,” the release said.

NBI said the merger is part of its ongoing plans “to simplify and optimize its fund lineup.”

The terminating fund will be closed as soon as possible after the merger, which will come at no cost to investors.

Also, NBI has announced a slew of management and administration fee cuts for certain fund series.

A fund name change from Guardian Capital

Guardian Capital LP has announced a name change for one of its funds.

The Guardian Canadian Sector Controlled Equity Fund has been renamed the Guardian Canadian Diversified Core Equity Fund.

The investment objective, strategies, management and ticker symbol of the ETF units of the fund (TSX: GCSC) remain the same, a release said.

Invesco announces risk-rating changes

Invesco Canada has announced risk-rating changes for two of its mutual funds.

Series FH, H and PH of the Invesco Global Select Equity Class, along with series H of the Global Select Equity Fund, have been upped from medium to medium-to-high.

In a release, Invesco said the changes were made “in accordance with the risk classification methodology set by the Canadian Securities Administrators to determine the risk levels of funds.”

The investment objectives and strategies of these funds remain the same.

Scotia closes two funds

Scotia Global Asset Management has closed two funds.

In a release, it said the 1832 AM Canadian Dividend LP and 1832 AM Quantitative Canadian All Cap Equity Pool would be terminated on or about July 30.

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.

Investment funds will have access to an emergency liquidity facility operated by the Bank of Canada, expanding the liquidity management tools that may be available to funds during episodes of severe market stress.

On Thursday, the Canadian Securities Administrators (CSA) issued a series of coordinated blanket orders that aim to remove barriers to certain funds from accessing the bank’s Contingent Term Repo Facility — a mechanism that’s designed to bolster the stability of the financial system by combatting liquidity shortages.

The facility, which is activated and deactivated at the discretion of the central bank, can provide short-term, Canadian-dollar funding against securities issued or guaranteed by the federal or provincial governments.

The facility is currently deactivated. It was suspended in 2021, after the market stress that accompanied the pandemic eased. The next time it’s needed, investment funds may be able to participate in the mechanism.

“Investment funds with exposure to Canadian dollar money market and/or fixed-income securities may need to access the [facility] to better manage their liquidity if there is a severe market-wide liquidity stress event,” the CSA said in a notice Thursday.

However, as it stands, accessing the facility would prevent funds from being able to comply with certain regulatory requirements for funds engaging in repurchase transactions.

As a result, the regulators are adopting orders to give investment funds exemptive relief to access the facility subject to certain conditions, including that it’s in the best interest of the fund.

Earlier this year, the Bank of Canada also announced a series of planned changes to the mechanism that aim to enable non-bank financial institutions — including investment funds — to access the facility, given their growing importance in the fixed-income markets and in the global financial system. 

Among other things, it updated the eligibility criteria for participants, and determined that banks that have access to other liquidity facilities operated by the central bank won’t be able to use the CTRF.

The CSA’s orders aim to facilitate that access by removing potential regulatory impediments, giving investment funds a potential liquidity risk management tool.

The bank also made certain operational changes to the facility, including onboarding potential participants prior to its activation, along with added testing and enhancements to its existing systems and processes that support its operation.

At the same time, in the wake of events — such as Russia’s invasion of Ukraine, and recent turmoil in U.S. Treasury markets — global securities regulators have sought to bolster investment funds’ ability to manage their liquidity risks during periods of extreme market stress.

Earlier this year, the International Organization of Securities Commissions unveiled a set of reform recommendations that aim to enhance the ability of funds to cope with liquidity issues that can arise when stressed markets challenge their ability to meet short-term redemption demands. Those recommendations include proposals for fund design, operational practices, funds’ use of liquidity management tools, stress testing, governance and disclosure expectations.

Mutual funds and ETFs enjoyed another month of positive net sales and asset gains in June, with both fund categories outpacing their sales performances at the same point last year and setting new asset records, a report from the Securities and Investment Management Association (SIMA) shows. 

Released Tuesday, the report said mutual fund assets totalled $2.3 trillion by the end of June, an increase of $48.7 billion or 2.1% from the previous month. This was a new record for total mutual fund assets.

Mutual funds recorded $1.4 billion in net sales in June, representing the second consecutive month of positive net sales. The products have been in positive sales territory every month so far this year except April, when markets were rattled by the imposition of steep new tariffs by the United States on its trading partners.  

“Cumulative mid‑year net sales reached $17.1  billion — a significant shift from the negative net sales recorded at this point last year,” the report said, noting they suffered $4 billion in net redemptions during the first six months of 2024.

Bond mutual funds drove the gains, with $1.7 billion in net sales. Specialty funds recorded net sales of $807 million, while balanced funds took in $241 million.

Those gains were partially offset by equity and money market mutual funds, which recorded net redemptions amounting to $866 million and $408 million, respectively.

Meanwhile, ETF assets came in at $592.2 billion at the end of June, up $18.3 billion or 3.2% from a month prior. This was also a new record for total ETF assets.

ETFs recorded $7.2 billion in net sales in June, with every major ETF asset class except money market funds posting positive sales, the report noted.

Equity ETFs led the way, with $3.8 billion in net sales, followed by bond ETFs, which posted $2 billion in net sales. Balanced ETFs took in $803 million and specialty ETFs gathered $711 million in net sales.   

Money market ETFs recorded $123 million in net redemptions.

Like mutual funds, ETFs outpaced their mid-year sales performance from last year. Net sales came in at $55.8 billion for the first six months of 2025, compared to $32.4 billion in the first half of 2024.  

“At the end of June, ETF net sales were over 70% higher than at the same point last year,” the report said.

Bitcoin has reached yet another all-time high, surpassing $118,000 for the first time on Friday (all figures are in U.S. dollars) — as a flood of money continues to move into spot bitcoin ETFs, all while U.S. President Donald Trump’s crypto-friendly influence makes its way through Washington.

According to data from CoinMarketCap, the going price for bitcoin climbed as high as $118,856 early Friday. The world’s most popular cryptocurrency later fell slightly under the $118,000 mark in the afternoon — but was still dancing close to the threshold around 4 p.m. ET, sitting about $8,000 higher than it was a month ago and more than double its price this time last year.

Spot bitcoin ETFs opened up cryptocurrency investing more widely after launching last year — and analysts have pointed to record inflows recently. And a soft U.S. dollar and the digital currency friendliness of Trump’s administration also has helped to lift the price of bitcoin to unprecedented levels over the past few months.

Last month, the Senate passed legislation that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers.

Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. The acronym stands for “Guiding and Establishing National Innovation for U.S. Stablecoins.” And next week, the House of Representatives will be considering this bill as part of Congress’ efforts to strengthen the country’s crypto position.

The fast-moving legislation comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country.

Trump, once a crypto skeptic, became a major promoter of the industry throughout his presidential run last year — and has since moved to expand his and his family’s own crypto empire even further. Earlier this week, Trump Media & Technology Group said it had filed paperwork with the Securities and Exchange Commission seeking approval to launch its “Crypto Blue Chip ETF” later this year.

Bitcoin’s rise also arrives amid a wider backdrop of economic uncertainty, notably the global turmoil spanning from Trump’s steep — and at times on-again, off again — new tariffs the president has imposed against key trading partners worldwide.

“Bitcoin has shown resilience this year rebounding in-line with its macro exposures following tariff announcements,” Citi analysts wrote in a Friday research insights. But again, they noted that the Trump administration “has been positive for bitcoin” overall — and attributed bitcoin’s recent rally to overall changes to the outlook of U.S. regulation, as well as investments into spot ETFs.

Bitcoin’s backers have often argued that the asset is like a “digital gold” that can act as a hedge against volatility — but many have remained skeptical of that comparison. Larger market conditions have previously proven also to sway bitcoin’s price.

In April, amid a wider selloff following Trump’s sweeping “Liberation Day” tariff announcements, bitcoin briefly dipped below $75,000. That marked the cryptocurrency’s lowest price since before Trump’s Election Day victory in November.

While bitcoin has since rebounded significantly, it’s important for investors to remember that it’s still a highly volatile — and relatively new — asset that’s seen wild swings in value before. In short, history shows you can lose money in crypto as quickly as you’ve made it.

Lysander Funds Limited has launched five new Canadian equity mutual funds.

In a release, the firm said the funds were born out of its partnerships with Canso Investment Counsel Ltd., Triasima Portfolio Management Inc. and Pembroke Management Ltd.

The new funds include:

• Lysander-Canso Canadian Equity Fund
• Lysander-Triasima Canadian Small Cap Equity Fund
• Lysander-Pembroke Canadian All Cap Equity Fund
• Lysander All Canadian Equity Fund
• Lysander All Canadian Balanced Fund

“Lysander is a proud Canadian company and believes that equity markets in this country offer a great opportunity for investors,” said Richard Usher-Jones, president of Lysander, in a release.

“The depth of experience and active management that Canso, Triasima and Pembroke bring to these equity funds will be a great way to invest in Canada.”

Lysander will act as portfolio manager for the Lysander All Canadian Equity Fund and Lysander All Canadian Balanced Fund.

CI GAM makes fund changes

CI Global Asset Management (GAM) announced multiple fund changes on Thursday, including risk rating changes for certain products and an upcoming fund name change.

The firm said it tweaked the risk ratings for the U.S. Equity Growth Pool and U.S. Equity Growth Corporate Class from “medium” to “medium to high.”

Meanwhile, the risk rating for the CI Global Sustainable Infrastructure Fund has been changed from “low to medium” to “medium.” The change applies to all series of the fund, including mutual fund and ETF series.

The risk rating changes took effect Thursday.

“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 firm said in a release.

“These changes are the result of ongoing internal reviews and not the result of any changes to the investment objectives, strategies or management of the funds.”

Also, on July 15, CI GAM will change the name of the CI Galaxy Multi-Crypto ETF (TSX: CMCX.B, CMCX.U) to CI Galaxy Multi-Crypto Navigator ETF.

The name change is meant “to emphasize the ETF’s purpose of helping investors navigate the volatility inherent in digital assets,” CI GAM said. The firm noted that the fund, which is sub-advised by Galaxy Asset Management, uses a “rules-based momentum-signalling strategy” to allocate its holdings across multiple digital assets as well as cash.

SEI Canada ups fund risk ratings

SEI Investments Canada Co. (SEI Canada) says it’s made risk rating changes to two of its mutual funds after conducting its annual product review.

The firm said the risk rating for all classes of the U.S. All Cap Equity Index Fund has been changed from “medium” to “medium to high.”

The risk rating for the E, F and O classes of the U.S. Small Company Equity Fund has also been changed from “medium” to “medium to high.”

SEI Canada said the investment objectives and strategies of the funds remain unchanged.

Scotia announces fund closures

Scotia Global Asset Management has announced the terminations of the 1832 AM Global Low Volatility Equity LP and 1832 AM U.S. Dividend Growers LP.

In a release, it said the funds would be terminated on or about June 27.

RBC iShares introduced on Thursday a new ETF that provides Canadian investors with broad-based exposure to the U.S. stock market while mitigating currency risk.

The iShares Core S&P Total U.S. Stock Market Index ETF (CAD-Hedged) provides exposure to the total U.S. equity market, including large-, mid-, small- and micro-capitalized companies. RBC iShares has marketed the product as “a long-term core holding.”

The ETF is trading on the TSX under the ticker XTOH and has a 0.07% management fee.

The new fund is a Canadian-dollar hedged version of the iShares Core S&P Total U.S. Stock Market Index ETF (TSX: XTOT), which launched on June 2.

It’s managed by BlackRock Asset Management Canada Ltd., a subsidiary of BlackRock, Inc.

Backed by CIBC, Starlight launches new private real estate fund

Starlight Investments has announced the launch of an evergreen private real estate fund focused on acquiring and managing a portfolio of rental properties across Canada.

In a release, it said the new Starlight Canadian Core Multi-Family Fund would focus on acquiring and managing a “diversified portfolio of high-quality, income-producing, purpose-built multi-family rental properties across Canada’s largest urban markets.”

It named the Greater Toronto Area, Ontario’s Golden Horseshoe region, Greater Vancouver and Greater Victoria, as well as other major Canadian markets including Calgary, Edmonton, Ottawa, Montreal and Halifax as its areas of focus.

Starlight said the evergreen fund would launch with an initial equity investment of $415 million from investment funds managed by CIBC Asset Management Inc. With this investment, it said it would acquire an initial $750 million worth of rental apartments.

Over time, the firm said the fund seeks to scale up through additional investments from institutional investors and accredited individual investors through a feeder fund that would be established and managed by CIBC Asset Management Inc.

The Starlight Canadian Core Multi-Family Fund will be managed by Starlight and is the firm’s first residential-focused, open-ended investment vehicle.

IA Clarington makes fund name changes

IA Clarington Investments Inc. has announced several fund name changes that it said would “make it easier for advisors and investors to navigate our product shelf” and give credit to its sub-advisory partnerships.

In a release, the firm said it made the following changes to funds managed by Agile Investment Management LLC, Loomis, Sayles & Company, L.P. and QV Investors Inc.:

• IA Clarington Core Plus Bond Fund is now called the IA Clarington Agile Core Plus Bond Fund. 
• IA Clarington Floating Rate Income Fund is now called the IA Clarington Loomis Floating Rate Income Fund. 
• IA Clarington U.S. Dollar Floating Rate Income Fund is now called the IA Clarington Loomis U.S. Dollar Floating Rate Income Fund. 
• IA Clarington Canadian Small Cap Fund is now called the IA Clarington QV Canadian Small Cap Fund. 
• IA Clarington Canadian Small Cap Class is now called the IA Clarington QV Canadian Small Cap Class. 
• IA Clarington U.S. Equity Class is now called the IA Clarington QV U.S. Equity Class. 
• IA Clarington U.S. Equity Currency Neutral Fund is now called the IA Clarington QV U.S. Equity Currency Neutral Fund. 
• IA Clarington Global Equity Fund is now called the IA Clarington QV Global Equity Fund. 
• The French name of the IA Clarington Agile Global Total Return Income Fund has been changed from Fonds IA Clarington Agile de revenu mondial à rendement global to Fonds IA Clarington Agile de revenu mondial à rendement total. 

These changes took effect on June 19.

Invesco Canada announces slew of fund changes

Invesco Canada Ltd. has made changes to several mutual funds including sub-advisory and portfolio management appointments as well as fund name changes.

It announced the following appointments, which took effect June 23:

• Invesco Asset Management Limited has been appointed the sole sub-advisor for the Invesco EQV European Equity Fund, Invesco EQV European Equity Class, Invesco Developing Markets Fund and Invesco Developing Markets Class.
• William Lam, Ian Hargreaves, Charles Bond and Matthew Pigott have been appointed as the portfolio managers of the Invesco Developing Markets Fund and Invesco Developing Markets Class. Meanwhile Justin Leverenz is no longer a portfolio manager for these funds.
• John Surplice, Martin Walker and James Rutland have been appointed as the portfolio managers of the Invesco EQV European Equity Fund and Invesco EQV European Equity Class, replacing the former portfolio management team.

Invesco also announced the following fund name changes, which are to take effect on or about July 30:

• Invesco EQV European Equity Fund and Invesco EQV European Equity Class will have EQV dropped from their fund names.
• Invesco Oppenheimer International Growth Fund and Invesco Oppenheimer International Growth Class will have Oppenheimer dropped from their fund names.

There will be no changes to the investment objectives of the two funds, however.

IG Wealth ups risk rating for fund

IG Wealth Management has upped the risk rating for one of its funds.

The risk rating for the IG U.S. Taxpayer Portfolio – Global Fixed Income Balanced Fund has changed from “low” to “low to medium,” effective June 25.

In a release, the firm said it reviews and adjusts risk ratings at least once a year and that there are no subsequent changes to the investment objective, strategy or management of the fund.