Mark Noble, senior vice-president of retail strategy with Guardian Capital, described the rush into non-HISA cash-like ETFs as “almost an arm’s race.” T-Bill Fund (TSX: GUTB.U) invests in U.S. The Guardian Ultra-Short Canadian T-Bill Fund (TSX:GCTB) invests primarily in Government of Canada and provincial treasuries with remaining maturities of three months or less, while the Guardian Ultra-Short U.S. Guardian Capital LP was the latest to enter the space with a pair of ETFs and mutual funds that invest in short-term treasuries. offer net yields of 5.2%–5.3%.īut those companies - and other competitors - are launching alternative cash-like products that offer slightly lower rates but don’t rely on bank deposits. and Horizons ETFs Management ( Canada) Inc. “We’re expecting that the status quo on the existing products will remain at least until fall and most likely through the rest of the year,” Lala said.Įvolve’s HISA ETF and competing products from CI Global Asset Management, Purpose Investments Inc. Raj Lala, president and CEO of Evolve ETFs in Toronto, called OSFI’s decision “a positive step” while noting that manufacturers and investors will have to wait until the fall for longer-term clarity. Some providers had expressed concern that banks reclassifying deposits from HISA ETFs would lead to lower rates on the products.
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