Graham Mackenzie, Managing Director, Exchange Traded Products, Toronto Stock Exchange answers the questions on the exchange’s ETF business.
Tell me about the size and scale of the Toronto Stock Exchange’s ETF business at the moment.
From an ETF listings perspective, as of the end of May 2026, there are more than 1,300 individual ETFs listed on Toronto Stock Exchange (TSX). If you count the individual ETF tickers to include all of the supplemental ETFs, meaning the ones that traded in US dollars or are hedged back to Canadian dollars, that number grows to over 1,700. The assets under management listed on TSX is around CAD900 billion. It’s worth noting that AUM data does not net out fund of funds products.
Is the appetite for ETFs growing in Canada?
It definitely is. ETFs are the investment vehicle of choice for Canadians. And, it’s clearly evident when you look at the fund flow data over the course of the last few years. Another indication is that we are seeing a growing number of Canadian fund managers launch “ETF series” products which is the Canadian version of “ETF class” products. To give you some perspective, in 2025, more than 75 per cent of the net inflows into Canadian fund products (including ETFs and mutual funds) went into ETFs.
Are Canadian ETF investors largely retail or institutional?
The type of investors using Canadian ETFs isn’t dominated by one channel, both institutional and retail investors are active trading and investing in Canadian ETFs. There are certainly examples of product categories that are targeted at one or other. As far as product launches, it’s very evident that many of the new products are targeted at retail investors but it’s also important to note that the institutional investor is not forgotten by Canadian ETF issuers when it comes to product development.
Any particular investment sectors in which you are seeing growth?
Canadians have been attracted to domestic equity ETFs. Bucking the trend from a few years ago when flows into US equity funds were outpacing flows into our local market, Canadians have likely found gaining additional exposure to our materials and energy sectors as attractive.
Any new investment sectors?
We’ve seen a growth in single stock ETFs particularly over the course of the last year. Unlike other jurisdictions, single stock ETFs in Canada come in two flavours. We’ve got the two times levered and inverse ones that have been popular in Europe and the US but we’ve also a set of single stock ETFs that use a much more modest 25 per cent leverage and deploy an option overlay strategy to target generating a higher income. The suite of single stock ETFs listed on TSX now sits at 95 with the majority focused on targeting delivering an enhanced income.
What do you believe a listing on the Toronto Stock Exchange brings to issuers of ETFs?
There is no doubt that our history of being the first to launch and list ETFs, and the continuous innovation helps, but we believe what resonates most with ETF issuers is our partnership. We’ve proven that we’re committed to not only growing the Canadian ETF industry but in how we’re partnering with ETF stakeholders to build product awareness and further ETF adoption.
