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First Asset launches Enhanced Short Duration Bond ETF

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First Asset Investment Management has launched the First Asset Enhanced Short Duration Bond ETF on the Toronto Stock Exchange (“TSX”) under the ticker symbol FSB. 

The ETF anticipates launching a class of US dollar denominated units (USD units) in October, 2017. The USD Units will trade on the TSX under the ticker symbol FSB.U.
 
The ETF will be co-managed by Barry Allen, President and Chief Investment Officer and Paul Sandhu, Vice President and Portfolio Manager of Marret Asset Management Inc. 
 
The ETF’s investment objective is to provide absolute returns through interest income and capital gains and its risk objective is to have very low volatility and positive returns over any twelve month period. FSB will primarily invest in debt instruments across the credit spectrum including cash, government debt, investment-grade corporate debt, high-yield corporate debt, government debt futures, convertible debentures and credit derivatives. FSB’s strategy will primarily focus on US and Canadian corporate bonds and will include the use of government bond futures to manage the duration of the fund according to the volatility objectives. To minimise interest rate volatility, the ETF would typically target an overall portfolio duration of less than two years. It is intended that at all times (i) at least 90 per cent of the non-Canadian currency exposure attributable to the Units will be hedged to the Canadian dollar and (ii) at least 90 per cent of the non-US currency exposure attributable to the US$ Units will be hedged to the US dollar.
 
“We are excited to expand our current partnership with First Asset with today’s launch,” says Barry Allen, President and Chief Investment Officer, Marret Investment Management Inc. “First Asset Enhanced Short Duration Bond ETF is designed to generate positive returns in any interest rate environment while also maintaining very low volatility.”

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