First Asset Canadian Convertible Bond ETF (CXF:CA)
The investment objectives of the Convertible ETF are to provide holders with
- quarterly cash distributions, and
- the opportunity for capital appreciation by investing on a capitalization weighted basis in a portfolio of Convertible Bonds of Canadian issuers.
Inclusion of a Convertible Bond in the Convertible Portfolio is based upon the following criteria (the “Eligibility Criteria”):
- minimum market capitalization outstanding of $50 million;
- minimum trailing 30 day average daily volume traded of $150 thousand;
- publicly traded on a stock exchange in Canada;
- not currently in default of payment of either interest or principal; and
- at least 31 days to maturity (either term or next call), provided that, to the extent that an index is developed and published which establishes criteria and methodologies, which are, in the opinion of the Manager, similar to that of the Convertible ETF, the Manager may decide, in its discretion, to track that index and invest pursuant to such index’s methodology.
IFM Investment Tip:
This is a non-indexed ETF that is actively managed. As at July 29, 2016, the ETF's investments were weighted 26.80% to Utilities,17.70% to Financials and 17.30% to Energy companies
Note: Previously known as Canadian Convertible Liquid Universe ETF. The name change occurred on June 4, 2012.
- Fact Sheet
- TMX Money ETF Screener
- Morningstar ETF Screener
- Underlying Index/Commodity
- No specific index - The managers uses a 50% Merrill Lynch High Yield Bond Index TR & 50% S&P/TSX 60 Index Total Return as the ETF's benchmark for performance purposes.
- Asset Category
- Fixed Income Investments
- Average Duration
- 2.11 Years (September 29, 2017)
- Average Maturity
- 3.12 Years (September 29, 2017)
- Date Established
- June 6, 2011
- Annual Management Fee
- 0.65% plus 0.10% in Operating Expense (2016)
- Trading Expense Ratio (TER)
- 0.14% (2016)
- Management Expense Ratio (MER)
- 0.89% (2016)
- Additional Performance Fee(s)
- +0.75% servicing fee for Advisor Class Units. Advisor MER = 1.72% (2016)
- Yes - In 2016, the ETF had a yield equal to 3.97% net of Return of Capital (ROC) payments.
- Distribution Dates
- Monthly - at the beginning of each month (if any distributions are made)
- Distribution Details
- Dividend Reinvestment Plan (DRIP)
- Not available through ETF provider
- Rebalancing Frequency
- Quarterly - at the end of March, June, September , December.
- Portfolio Turnover Ratio
- Was 68.03% in 2016, 45.32% in 2015, 40.83% in 2014, 47.95% in 2013, 64.99% in 2012 & 24.91% in 2011
- Simplified Prospectus
- Last Updated