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In an effort to appeal to a broad range of investors during a critical geopolitical and economic moment, Global X Investments Canada Inc. has launched 11 new ETFs with varying strategies, including a defence sector index ETF and two bitcoin-focused covered call funds.
Given recent geopolitical tensions, market volatility and slower growth, the funds are meant to provide investors with options “to potentially move around some of their exposures and their positioning [in their portfolios] based on what their market views and expectations are,” said Chris McHaney, head of investment management and strategy with Global X.
“We think it’s important to give investors that choice and that ability to go to areas that we think could resonate over the next few years,” McHaney said.
The new funds include:
McHaney spoke to some of the motivating factors behind the product launches.
He said geopolitical tensions, and a signal from governments that they intend to increase their defence spending, was what motivated Global X to launch SHLD. It seeks to replicate, to the extent possible and net of expenses, the performance of the Global X Defence Tech CAD Index.
The fund was also inspired by similar defence sector ETFs that Global X’s U.S. counterpart has listed south of the border, which have garnered “a lot of interest recently, given geopolitical fallout that we’ve seen over the last several months or so.”
“With defence spending in general, globally, becoming such a talking point, we felt this was a great time to bring this one to market here in Canada,” McHaney said.
The bitcoin ETFs — BCCC and BCCL — were launched to respond to investor demand for alternative asset classes, given the “market turmoil and market selloff” in stock and bond markets in recent weeks, he said.
One standout feature for these bitcoin ETFs is that they offer a novel bi-weekly approach to distributions.
“A semi-monthly distribution kind of starts to mimic a paycheque. Investors get paid twice a month from their job and now they can get paid twice a month from their investments as well,” McHaney said.
“Certainly that’s something that could be expanded to other areas as well, and other strategies,” he said, “if there’s demand for it.”
Global X also decided to launch ETFs in a few concentrated sectors that it expects to perform well, such as REIT, UBNK, UMRT and MEDX.
Of UBNK and UMRT, which seek to replicate the performance of the Mirae Asset Equal Weight U.S. Banks Index and Mirae Asset Equal Weight U.S. Groceries and Staples Index, respectively, McHaney said these “more timely sectors” are meant to give investors a defensive position “with the economy sort of slowing down.”
A full breakdown of the products and their investment strategies is available here.
Vancouver-based Travelers Capital Corp. (TCC) has launched a new liquid alternative mutual fund that will aim to deliver stable, double-digit annualized net yields.
The new Travelers Capital Private Credit Fund, which has a mutual fund trust structure, is composed of TCC’s portfolio of private credit business loans, which leverage the collateral value of the borrower’s tangible owned assets, such as vehicles, aircraft and heavy equipment, a release said.
In an interview, Mark Breakspear, head of capital and investor relations with TCC, said his firm has long offered products for institutional investors, but it wanted to respond to demand from retail investors for similar offerings.
“We wanted to create that opportunity to allow more people to get involved in what we’re doing, and then also create another leg of our capital stack and our capital raising capabilities,” Breakspear said.
The new fund invests in loans to small and medium-sized companies, “which are backed by senior security, so the loan-to-value ratio is extremely conservative and easily covers the outlay capital,” he explained.
Further, its underlying fund returned 12 – 13% over the last four years, “so we’re very confident in being able to maintain that level of return,” Breakspear said.
“We’ve got four years of track record behind this fund. We’ve just created a mutual fund trust wrapper to make it registered-plan eligible,” he added.
The Travelers Capital Private Credit Fund has a 1.35% management fee and redemptions will be available on a quarterly basis.
BMO Asset Management Inc. announced on Friday the launch of an ETF that provides exposure to a diversified portfolio of AAA-rated collateralized loan obligations (CLOs).
The BMO AAA CLO ETF is now available in Canadian-dollar units (Cboe: ZAAA), hedged units (CA: ZAAA.F) and U.S.-dollar units (Cboe: ZAAA.U).
The fund aims to provide income and preserve capital by investing — directly or indirectly — primarily in a diversified portfolio of AAA-rated CLOs of issuers outside of Canada, a release said.
For the hedged units of the fund, the BMO ETF will also invest in or use derivative instruments to seek to hedge U.S. currency exposure, the release noted.
The new ETF has a 0.2% management fee.
As market volatility continues to impact investor sentiment, Mackenzie Investments has rolled out several new fixed-income mutual funds and ETFs, which it says are designed to provide investors with tools to diversify their portfolios in a “relatively predictable” and low risk way.
The new funds include the:
MAAA provides access to AAA-rated CLOs that adjust their yields to the prevailing benchmark interest rates. The actively managed fund provides investors “with the potential to increase returns without proportionally increasing their risk exposure,” a release said.
The Mackenzie Target 2027 North American IG Corporate Bond Fund and Mackenzie Target 2029 North American IG Corporate Bond Fund, and their corresponding ETFs (MTBA and MTBB), will hold bonds to their target maturity dates and “aim to offer investors attractive returns in varying interest rate environments while minimizing risk,” the release noted.
The new offerings are managed by Mackenzie’s fixed-income team.
Harvest Portfolios Group Inc. has brought two new bitcoin ETFs to the Canadian market.
The Harvest Bitcoin Enhanced Income ETF (Cboe: HBIX) and the Harvest Bitcoin Leaders Enhanced Income ETF (Cboe: HBTE) began trading on Wednesday.
HBIX seeks to provide investors with “long-term capital appreciation” through purchasing and holding, on a levered basis, an ETF or a portfolio of ETFs that provide exposure to the underlying price movements of the U.S. dollar price of bitcoin. It will also aim to provide “high monthly cash distributions,” a release said. HBIX has a 0.65% management fee.
Meanwhile, HBTE seeks to provide investors with monthly cash distributions and “the opportunity for capital appreciation” by investing, on a levered basis, in 15 publicly-traded companies that either directly hold bitcoin, mine bitcoin or by provide services to customers “interested in transacting or holding bitcoin.” It has a 0.75% management fee.
Both funds will generally write covered call options on up to 50% of the option eligible portfolio securities held in their portfolios. However, the level of covered call option writing may vary based on market volatility and other factors, the release noted.
Hamilton Capital Partners Inc. has launched a new mixed-asset ETF.
The Hamilton Enhanced Mixed Asset ETF (TSX: MIX) seeks to replicate — to the extent reasonably possible and before the deduction of fees and expenses — “a 1.25-times multiple of the Solactive Hamilton Mixed Asset Index,” the firm said in a release.
“Combining a 60/20/20 allocation to U.S. stocks, U.S. Treasuries and gold, with modest 25% leverage to enhance growth and diversification, MIX offers investors a modern, all-in-one portfolio solution,” said Pat Sommerville, senior partner and co-president with Hamilton ETFs, in the release.
The fund will have a 0% management fee until at least April 30, 2026, Sommerville noted.
CIBC has launched 15 new Canadian Depositary Receipts (CDRs) that invest in U.S. stocks, bringing its total CDR count to 101.
CDRs allow investors to own fractional shares of companies across the world in Canadian dollars, mitigating the currency risk associated with global investing.
CIBC’s latest CDRs include:
Canada Life Investment Management Ltd. (CLIML) has announced a sub-advisor change to the Canada Life Global Small-Mid Cap Equity Fund.
Franklin Templeton Investments Corp. will replace Fiduciary Trust Company of Canada as one of the fund’s sub-advisers, effective on or about April 30.
In a release, CLIML said the fund will continue to be managed by the same individual portfolio managers and there will be no changes to its investment objectives and strategies.
SLGI Asset Management Inc., a subsidiary of Sun Life Financial Inc., has announced a fund closure and the upcoming maturity of another fund.
In a release, the asset manager said it’s decided to close Sun Life Wellington Opportunistic Fixed Income Private Pool.
The fund is no longer open to purchases or switches by new accounts as of April 25. Any accounts that already hold units of the fund may continue to hold, purchase or switch in additional units. The fund will be terminated at market close on Aug. 29.
Meanwhile, the Sun Life Milestone 2025 Fund, which will mature on June 30, is no longer available for purchases or switches in by both new and existing investors as of April 25. Once the fund matures, investors will receive the guaranteed value of their units of the fund. More information is available here.
Accelerate Financial Technologies Inc. will soon launch a Canadian dollar-hedged series of its private credit ETF.
The new series of the Accelerate Diversified Credit Income Fund (TSX:INCM) is designed to offer Canadian investors diversified exposure to the primarily U.S. dollar-denominated private credit market while mitigating currency risk.
The fund’s Canadian-dollar-hedged series is expected to be listed on the Toronto Stock Exchange on May 6 or later, under the ticker symbol INCM.B, a release said.
BMO Investments Inc. has announced the mergers of two target-date funds as the products approach their target end-dates.
The BMO LifeStage Plus 2025 Fund will be merged into the BMO Money Market Fund. Meanwhile, the BMO Target Education 2025 Portfolio will be merged into the BMO Target Education Income Portfolio.
As of June 30, unitholders of the terminating BMO LifeStage Plus 2025 Fund and BMO Target Education 2025 Portfolio will receive units, on a dollar-for-dollar basis, of Series A, Series F or Advisor Series of their corresponding mutual fund.
The mergers will be implemented on a tax-deferred basis on or about July 11. And the BMO LifeStage Plus 2025 Fund and BMO Target Education 2025 Portfolio will be terminated “as soon as reasonably possible” following the mergers, a release said.
TD Asset Management Inc. has launched a new all-equity ETF portfolio.
The TD All-Equity ETF Portfolio (TEQT) “seeks to provide long-term capital growth by investing primarily in units of other equity-oriented ETFs, emphasizing those with greater potential for capital growth,” a release said.
The product began trading on the Toronto Stock Exchange on April 15.
It has a management fee of 0.15%.
TSX ends up 1% at 25,031.51
For the week, the index adds 1.3%
Canadian National Railway gains 5.7%
Magna falls 5.8% after earnings miss
May 2 – Canada’s main stock index rose to a one-month high on Friday, led by gains for industrial shares, as stronger-than-expected U.S. jobs data contributed to increased investor confidence that a recession can be avoided.
Toronto Stock Exchange’s S&P/TSX composite index ended up 235.96 points, or 1%, at 25,031.51, its highest closing level since April 2. For the week, the index was up 1.3%.
Trade tariff developments, as well as the strength of the U.S. jobs report and corporate earnings “suggest that we’re moving further away from the worst case scenarios,” said Angelo Kourkafas, senior investment strategist at Edward Jones.
“We’re looking at a potential slowdown, not a recession, in the U.S., or Canada for that matter.”
Wall Street stocks also advanced on signs of easing trade tensions between the U.S. and China and after the U.S. economy added more jobs than expected last month.
Prime Minister Mark Carney said he would be in Washington next Tuesday for what he expects will be “difficult but constructive” talks with U.S. President Donald Trump, who he has accused of trying to break Canada.
Industrials rose 2.1% as Canadian National Railway Co added 5.7% after its quarterly results beat estimates.
Technology was up 1.6% and heavily weighted financials ended 1.2% higher.
Imperial Oil Ltd posted its highest-ever first-quarter earnings, driven primarily by stronger margins in its refining and fuel sales business. Its shares rose 1.2%.
The energy sector added 0.9% even as U.S. crude oil futures settled 1.6% lower.
The materials group was one of just two major sectors to end lower, falling 0.4%, as the price of gold edged down.
Auto parts supplier Magna International Inc missed quarterly earnings estimates and said it plans to implement cost-saving measures to cushion the hit from tariffs. Its shares ended 5.8% lower.
This article was generated from an automated news agency feed without modifications to text.
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On April 23, 2025, the Canadian Securities Administrators (CSA) announced that it is pausing its efforts to develop new and enhanced climate and diversity-related disclosure rules for public companies in Canada. This decision follows a wave of recent developments in the environmental, social and governance (ESG) landscape, most notably the public retreat in the United States by a wide range of lawmakers, business leaders, proxy advisory firms and institutional investors from numerous diversity, equity and inclusion (DEI) and sustainability policies and initiatives, as well as the U.S. Securities and Exchange Commission’s (SEC) decision to end its defense of its rules that would have required public companies to disclose climate-related risks and greenhouse gas emissions.
In this bulletin, we provide a brief overview of the climate and diversity-related disclosure requirements previously under consideration in Canada, discuss the CSA’s recent announcement and outline our expectations with respect to the future of ESG-related disclosure in Canada.
In Canada, “non-venture issuers” (i.e., those listed on a senior stock exchange like the Toronto Stock Exchange) are subject to certain diversity-related disclosure obligations set out in Form 58-101F1 – Corporate Governance Disclosure (58-101F1). All public companies (i.e., “venture issuers” and “non-venture issuers”) formed under the Canada Business Corporations Act (CBCA) are also subject to additional diversity-related disclosure requirements. Both instruments generally adopt a “comply or explain” approach to diversity disclosure in which companies are required to disclose certain details on their diversity policies or, if they do not have such policies, explain why not. However, while 58-101F1 is limited to requiring disclosure in relation to the representation of women on boards and in executive officer positions, the CBCA requirements extend more broadly to also require such disclosure in respect of Aboriginal peoples, persons with disabilities and members of visible minorities.
In April 2023, the CSA issued a notice and request for comment on two alternative proposals to update the diversity-related disclosure regime under 58-101F1 (the Proposed Diversity-Related Disclosure Amendments). As discussed in greater detail in our Blakes Bulletin: CSA Discloses Diversity of Potential Changes to Diversity Disclosures, the primary difference between the two proposals was their level of prescriptiveness in regards to the disclosure of aspects of diversity beyond the representation of women. While one proposal would have required mandatory reporting on the representation of five designated groups (women, Indigenous peoples, racialized persons, persons with disabilities and LGBTQ2SI+ persons), the other would have allowed companies to select, in addition to women, such additional categories of diversity themselves.
With the exception of certain requirements applicable to some industries, companies are not subject to specific climate-related disclosure obligations in Canada. In October 2021, the CSA proposed to change this by publishing for comment National Instrument 51-107 – Disclosure of Climate-related Matters (the Proposed Climate-Related Disclosure Rules), which would have introduced specific disclosure requirements regarding climate-related matters for most public companies in Canada. The Proposed Climate-Related Disclosure Rules largely adopted the disclosure standards prescribed by the Task Force on Climate-Related Financial Disclosures (the TCFD Framework), with certain notable modifications, including a “comply or explain” approach to greenhouse gas emissions disclosure, as well as a lack of requirement to provide scenario analysis. For further details regarding the Proposed Climate-Related Disclosure Rules, see our Blakes Bulletin: CSA Seeks Comments on Climate-Related Disclosure Rules.
Following their publication, both the Proposed Diversity-Related Disclosure Amendments and the Proposed Climate-Related Disclosure Rules underwent public comment periods during which they received many comments expressing a range of divergent viewpoints on the two instruments. Subsequently, the CSA issued a number of statements, building momentum, indicating that it was continuing to advance the Proposed Climate-Related Disclosure Rules in light of the rapidly evolving sustainability-related disclosure landscape. Most recently, in December 2024, following the publication by the Canadian Sustainability Standards Board of its inaugural sustainability disclosure standards (the CSSB Standards), the CSA reaffirmed its intention to publish a revised version of the Proposed Climate-Related Disclosure Rules for public comment (as detailed in our Blakes Bulletin: Canadian Sustainability Standards Board Publishes Inaugural Sustainability Disclosure Standards). Similarly, in its 2023-2024 Year in Review Report, published in July 2024, the CSA advised that it was continuing to work towards publishing a final version of the Proposed Diversity-Related Disclosure Amendments (see our Blakes Bulletin: No Summer Break for the CSA: Selected Securities Law Developments for more information).
More recently, however, there has been a significant, countervailing policy shift among a number of influential groups, particularly in the U.S., throwing a range of ESG-related programs and policies into reverse. In particular, since taking office in January 2025, U.S. President Trump has issued a series of executive orders aimed at eliminating DEI programs across the U.S. federal government and impacting the private sector. Subsequently, several high-profile companies have been the subject of legal actions and investigations regarding their DEI initiatives. In addition, many companies have publicly revoked or curtailed their DEI-related practices — or adjusted how they disclose them externally. Institutional Shareholder Services, a leading proxy-advisory firm, also announced that it was indefinitely suspending the consideration of racial, ethnic and gender diversity factors in making voting recommendations with respect to director elections at U.S.-based issuers. In addition, in March 2025, in the wake of significant opposition from groups of interested stakeholders, the SEC ended its defence of its rules that would have required public companies to disclose climate-related risks and greenhouse gas emissions.
Against this backdrop, coupled with recent tariff announcements and the resulting economic uncertainty for many key Canadian industries, the CSA was confronted with the decision as to whether to proceed with the Proposed Diversity-Related Disclosure Amendments and the Proposed Climate-Related Disclosure Rules. Citing the “rapidly and significantly changed” global economic and geopolitical landscape, as well as “rising competitiveness concerns for Canadian issuers,” the CSA ultimately determined to pause all work on these two initiatives. The CSA noted that while it “expects to revisit both projects in future years,” in the near term it will focus on initiatives to make Canadian markets more “competitive, efficient and resilient,” such as the recently announced blanket orders discussed in our Blakes Bulletin: CSA Blanket Orders Aim to Warm Up Canadian Capital Markets, as well as its efforts to combat misleading disclosure, potentially including greenwashing. For more information on some of the CSA’s current areas of focus, see our Blakes Bulletin: Stay Clean, Don’t Wash: CSA Comments on Artificial Intelligence and Climate Disclosures.
The CSA’s efforts over the last several years to update the ESG-related disclosure regime for Canadian public companies have faced delays due to differing views among CSA members on DEI and sustainability-related initiatives, as well as the need to consider the impacts of ongoing parallel international developments. Until some degree of convergence occurs in these areas, which appears unlikely in the near term, particularly given the impacts of developments south of the border, the CSA is not expected to actively pursue these two disclosure projects.
In the meantime, applicable public companies will continue to be subject to the diversity-related disclosure requirements under 58-101F1 and the CBCA, as noted above. Public companies will also continue to be subject to the obligation to disclose material risks related to their business, which, for many issuers, may include climate-related risks. It remains to be seen if public companies primarily focused on the Canadian market will continue to voluntarily comply with one or more of the various existing climate-related disclosure frameworks, such as the CSSB Standards, given the pressures still being exerted by various Canadian investors and other stakeholders.
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Galaxy Digital has confirmed its plans to debut on Nasdaq in May, pending shareholder and final listing approval.
According to an April 30 announcement, the crypto investment firm aims to begin trading on the Nasdaq Global Select Market under the ticker symbol GLXY on May 16, 2025.
The move marks a major step in Galaxy’s long-anticipated transition to U.S. markets, which CEO Mike Novogratz described as a “transformative milestone” that supports the firm’s mission of building a gateway to digital assets and AI.
Novogratz added that the Nasdaq listing would enhance shareholder value and attract a broader base of U.S. investors.
Galaxy is currently listed on the Toronto Stock Exchange under the ticker GLXY. Following the announcement, its shares rose 3.94% on April 30 to close at CAD $21.92 according to Google Finance data.
Before the listing can go live, Galaxy shareholders must first approve a proposed reorganisation and corporate shift from the Cayman Islands to Delaware.
A special shareholder meeting is scheduled for May 9, and if the resolution passes, the newly formed Galaxy Digital Inc., incorporated in Delaware, will take over as the publicly listed entity in the U.S.
The company has already cleared a major hurdle, with the U.S. Securities and Exchange Commission approving its Form S-4 registration statement on April 7. That filing outlines the details of the reorganisation, including a one-for-one share exchange for existing shareholders with no change in voting power or economic interest.
Galaxy has sent voting materials to eligible shareholders ahead of the May 9 meeting, outlining the details of the reorganisation and how to cast their vote. Shareholders of record as of April 7 are eligible to participate, with TMX Investor Solutions Inc. handling the process.
Once listed on Nasdaq, Galaxy Digital Inc. will continue trading on the Toronto Stock Exchange for a transitional period, maintaining dual listings in both the U.S. and Canada. Over-the-counter shares (BRPHF) will also convert into Nasdaq-listed GLXY shares under a unified CUSIP code.
Galaxy is headquartered in New York, with offices across North America, Europe, the Middle East, and Asia.
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The Canadian exchange wants to become a go-to destination for resources companies and investors.
Toronto’s stock exchange is said to be the tenth largest exchange in the world.
It has been a rollercoaster ride for Chris Castle’s resources company, Chatham Rock Phosphate, over the years. But according to Castle, one of the keys to keeping it alive has been its listing on the Canadian TSX Venture Exchange.
Through all of the company’s ups and downs, such as an
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