Canadian ETFs Gain Momentum with Surge in Equities
Net sales for Canadian ETFs soar as equities and alternative investments drive growth, outpacing traditional mutual funds, according to IFIC.
In November, Canadian investment funds took different paths, as per the latest data from the Investment Funds Institute of Canada (IFIC). ETFs experienced a significant increase in net sales, reaching $5.1 billion, driven by equity and specialty asset classes. Equity net sales surged to $2.8 billion, up from $551 million in October, while specialty saw net sales of $1 billion, mainly fueled by alternative funds. All major asset classes produced net sales for ETFs, with bonds at $582 million, balanced at $196 million, and money market funds at $452 million. Year-to-date net sales for ETFs were $33,848, up from $28,415 for the same period in 2022. ETF assets increased by $24 billion, reaching a total of $369.3 billion in November.
On the other hand, Canadian mutual funds experienced net redemptions of $8.6 billion in November, with money market funds being the exception, posting net sales of $1.3 billion. The other asset classes, including balanced, equity, and bond funds, all saw net redemptions. November marked the ninth consecutive month of negative net sales for mutual funds, with year-to-date net redemptions totaling $52 billion. Mutual fund assets gained $85.1 billion, reaching a total of $1.893 trillion at the end of November.
November saw divergent paths for Canadian investment funds, with ETFs experiencing a significant increase in net sales, while mutual funds continued to face net redemptions.
Canadian ETFs Gain Momentum with Surge in Equities
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