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First Asset launches winning ETF submission in Canada

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First Asset is launching the winning exchange-traded fund submission from its recently completed "Search for Canada’s Next Top ETF" contest.

 
The First Asset DEX 1-5 Year Laddered Government Strip Bond Index ETF (TSX:BXF) will begin trading on 11 June 2013.
 
Justin Bender of Toronto’s PWL Capital made the winning submission and chose the Centre for Addiction and Mental Health (CAMH) as the recipient of the CAD10,000 first prize donation.
 
In February, First Asset challenged the Canadian adviser community to tell it "what’s been missing" from the Canadian ETF landscape by coming up with a winning formula for its next ETF. The response was overwhelming and Bender’s winning submission resulted in First Asset launching Canada’s first and only laddered government strip bond index ETF.
 
First Asset DEX 1-5 Year Laddered Government Strip Bond Index ETF has been designed to replicate, to the extent possible, the performance of a Canadian 1-5 year laddered government strip bond index, net of expenses. The current index is the DEX 1-5 Year Laddered Government Strip Bond Index. The First Asset ETF invests primarily in strip bonds derived from Canadian federal and provincial government bonds issued domestically in Canada and denominated in Canadian dollars.
 
"At First Asset we pride ourselves on product innovation and supporting advisors and the communities they serve," says Barry Gordon (pictured), president and chief executive of First Asset. "We are excited to launch an ETF based on Mr Bender’s winning submission, which solves a significant problem for taxable investors in bonds."
 
In the spirit of the contest and in recognition for what it believes is an important ETF solution in the marketplace, First Asset will not commence charging a management fee to the ETF until July 20141.
 
"Investing in our clients is a priority to us. We believe that not charging a management fee for the first year demonstrates our commitment to our clients," says Gordon. "This is a winning ETF idea and we believe it to be a smart and tax-efficient fixed income solution for advisors and their clients."

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