Firm announces updated fees and objectives to fixed-income and equity strategies
Following approval from securityholders, Invesco Canada is changing the investment objectives to three of its funds, with one fund changing its management fee.
Effective October 30, the firm is renaming its Invesco Tactical Bond ETF as the Invesco ESG Canadian Core Plus Bond ETF. The fund’s ticker symbol will be changed from PTB to BESG, and the new ETF will come with a management fee of 0.35%, a reduction from the 0.49% fee charged for the previous fund.
The firm is also updating the corresponding mutual fund, changing its name from Invesco Tactical Bond ETF Fund to Invesco ESG Canadian Core Plus Bond ETF Fund. The effective management and advisory fees for the fund will be concomitantly reduced: Series A, T4, and T6 units for the new fund will come with a 0.85% effective fee, lower than the previous fee of at least 0.9%; and the new funds’ Series F, F4, and F6 will have an effective management and advisory fee of 0.35%, lower than the effective fee of at least 0.4% for the prior fund.
BESG and its corresponding Invesco ESG Canadian Core Plus Bond ETF Fund's investment objectives will also be updated to seek investment returns from a combination of income and capital growth. Each fund will make primarily make direct or indirect investments in debt securities issued by Canadian federal, provincial, or municipal governments and companies.
Invesco ESG Canadian Core Plus Bond ETF Fund will invest primarily in BESG.
Meanwhile, Invesco Canada is also updating the Invesco DWA Global Momentum Index ETF, renaming it as the Invesco S&P 500 Momentum Index ETF. The ticker for the various series of the fund will also be changed accordingly from DWG, DWG.F, and DWG.U to MOM, MOM.F, and MOM.U, respectively.
The new Invesco DWA Global Momentum Index ETF will have a fee of 0.18%; its predecessor’s fee amounted to 0.05% plus management fees of any underlying ETFs.
The investment objective of MOM will be to replicate the performance of the S&P 500 Momentum Index, or any successor thereto, on an unhedged basis, in the case of any unhedged units, or on a hedged basis, in the case of any hedged units. It will primarily invest directly or indirectly in U.S. equity securities.
