Mon, 12/05/2014 - 12:07
Solactive has entered the bond space in Canada with the launch of two new indices – the Solactive Canadian Select Universe Bond Index and the Solactive Canadian Select Corporate Bond Index.
The former is being used as the underlying index for the Horizons Cdn Select Universe Bond ETF (HBB) sponsored by Horizons ETFs Management (Canada) and listed on the Toronto Stock Exchange.
Fixed income exchange-traded funds now account for 29.3 per cent of the overall CAD66 billion currently invested in ETFs in Canada, and are commonly considered by investors as an efficient, low-cost alternative to both mutual funds and buying bonds individually.
Both indices are composed of a relatively small number of components compared to other national benchmarks providing similar performance. As of 6 May, the Solactive Canadian Select Universe Bond Index has 180 components for a performance of 6.25 per cent and the Solactive Canadian Select Corporate Bond has a performance of 11.85 per cent (since 3 January 2012.)
Astrid Ludwig, head of the bond and complex team, Solactive, says: “These indices have been designed to offer an alternative way of replicating the Canadian investment grade bond market, without considering every single bond being issued. We hope that the launch of a new product in this market will benefit the end-investors.”
Howard Atkinson, president of Horizons ETFs, says: “We’re pleased to be partnering with Solactive on this important ETF launch for our firm. We think Solactive have done a great job in building a fixed income index that offers all the performance characteristics of the broad Canadian bond universe, but uses a more focused methodology that allows for easier and cost-efficient replication.”
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