Investors turn attention to longer duration fixed income categories
Canadian ETFs added $4.2 billion in November, the highest monthly inflow since last March, according to National Bank Financial Markets. Both equities and fixed income ETFs had positive net flows during the month. Within the equity asset class, all geographies had positive flows, as Canadian equity led the way with $745 million of inflows. Among the sector-focused ETFs, all sectors had positive flows except for financials, which saw $166 million in redemptions.
Fixed income products added another $2.3 billion in November, bringing the total year to date inflow to $13 billion and outpacing the equity asset class. Cash alternative ETFs continued their strong run, welcoming another $1.2 billion. High interest savings ETFs from CI Financial and Horizons were once again among the top single ETF inflows again this past month. What differed this month was the renewed interest in longer duration fixed income categories.
There were eleven new ETF launches in the month of November. BMO Global Asset Management teamed up with Cathie Wood’s ARK Investment Management to make three of ARK’s existing ETF strategies available to Canadian investors. The BMO ARK Innovation fund , BMO ARK Genomic Revolution Fund and BMO ARK Next Generation Fund all aim to provide exposure to companies across various sectors that are well positioned to benefit from the theme of disruptive innovation.
In November, Arrow Capital Management released another liquid alternative ETF to its product lineup. The Arrow Canadian Advantage Alternative ETF is managed using a proprietary macro investment process to tactically allocate the portfolio to the different asset classes using both long and short positions. The mutual fund series of this strategy has existed since 2008, providing investors with the potential for low volatility and diversification benefits.
Manulife Investment Management introduced new additions to their factor-based Smart ETF lineup. The Manulife Smart International Defensive Equity ETF invests in a diversified portfolio of international equity securities while seeking to reduce overall market sensitivity. Meanwhile, the Manulife Smart International Dividend ETF invests in a diversified portfolio of international dividend-paying securities. Both these ETFs charge a management fee of 0.35%.
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