ETFs in a mutual fund wrapper have broad appeal GlobeInvestor
and Vanguard Investments Canada Inc., to mutual funds that include a single ETF, advisors have a growing number of options available for their clients.Among the new entrants are 15 mutual funds from Fidelity Investments Canada ULC that have launched since September 2018. Fourteen of these contain only one ETF per mutual fund. One contains a variety of the ETFs.
Mr. Clee notes that these products – essentially smart beta ETFs in a mutual fund wrapper – have wide appeal because of the many mutual fund investors who are seeking ETFs-style products. The existence and growth of ETFs in a mutual fund wrapper are due, in part, to the fact most MFDA-licensed advisors cannot offer direct access to ETFs, says Michael Schnitman, senior vice-president of product at“That’s why MFDA[-licensed] advisors love them,” he says, “because they offer access to the features of ETFs in a mutual fund [structure].”
“It’s not that the education component is a barrier,” he explains, “it has more [to do with] the whole operational framework [for MFDA-licensed firms] to buy and sell [ETFs].” He adds that Invesco Canada launched its ETFs-based mutual funds in 2009 not out of demand, but as a workaround to not being able to find a market-maker in Canada at that time to trade its ETFs lineup, which Atlanta-based parent firm Invesco Ltd. acquired along with PowerShares Capital Management LLC in 2006.
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