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First Asset DEX Provincial Bond Index ETF closes offerings of common units and adviser units


First Asset DEX Provincial Bond Index ETF has closed its offerings of common units and adviser units.

The fund has now commenced trading on the Toronto Stock Exchange (TSX) under the ticker symbols PXF and PXF.A (adviser class).

Barry Gordon (pictured), president and chief executive of First Asset ETFs, believes the ETF provides an attractive risk-adjusted return profile, given the spread between provincial government bonds and federal government bonds.

“The DEX Universe Provincial Bond Index is a proven Index with an impressive track record of strong consistent performance and delivers a higher yield compared to the Canadian government bond universe. Our ETF replicates this government bond Index, and offers investors access to attractive investment grade provincial government bond yields and potential growth, on an efficient low cost basis,” he says.

The ETF has been designed to replicate, to the extent possible, the performance of a Canadian provincial government bond index, net of expenses. The index is the DEX Universe Provincial Bond Index, a sub-index of the DEX Universe Bond Index. The index consists of semi-annual pay fixed rate provincial government bonds denominated in Canadian dollars, with an effective term to maturity of at least one year, a credit rating of BBB or higher and a minimum size requirement of USD50m per issue.

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