First Asset announces new actively managed bond ETF

Originally the Marret Investment Grade Bond Fund, a new active bond ETF by First Asset has started trading on the TSX

In an August 22 press release, First Asset Management announced that the First Asset Investment Grade Bond ETF started trading on the TSX on the same day, under the symbol FIG.
The ETF was converted from a mutual fund, the Marret Investment Grade Bond Fund, on the approval of unitholders at a special meeting held on May 18.

Marret Asset Management Inc., which provided portfolio management services to the original mutual fund, will continue to provide portfolio management services to the ETF. Paul Sandhu, Vice-President and Portfolio Manager at Marret, will continue as lead portfolio manager.

"The conversion of this Fund into an ETF is exciting for us and our investors," said Mr. Sandhu. "It combines the benefits of active management provided by our credit research team, including access and execution, with the benefits of the ETF structure, including transparency, tax efficiency, liquidity and low cost."

The ETF’s investment objectives are to provide unitholders with monthly cash distributions and to maximize total returns for unitholders consisting primarily of monthly distributions, while reducing risk and preserving capital. Under normal market conditions, the ETF will be primarily invested in investment-grade bonds and other investment-grade debt securities.

The company also recently announced plans to merge its Preferred Share Investment Trust into another ETF product.

Related stories:
First Asset announces merger for investment trust. But what does it mean for investors?
First Asset launches ETF in Canada