BMO ETFs, Claymore Investments, and Horizons Exchange Traded Funds have agreed to collectively launch the Canadian Exchange Traded Funds Association (CETFA), to promote the Canadian ETF industry.
The founding managing directors of CETFA are Rajiv Silgardo, co-CEO, BMO Global Asset Management; Som Seif, president and CEO, Claymore Investments; and Howard Atkinson, president of Horizons Exchange Traded Funds.
Atkinson was selected to serve as first chair and spokesperson for the group. “Due to the increasing prevalence of ETFs there has been a need to increase broad-based ETF investor education as well as a need to address growing regulatory and industry challenges,” Atkinson said. “CETFA is going to allow the ETF industry to speak with one voice on these issues, which will only improve how the ETF industry serves its unitholders as well as enhance the already wide range of benefits that ETFs can offer Canadian investors.”
The focus of the CETFA is to help educate institutional and retail investors as well as the advisor community on the benefits and uses of ETFs, provide industry statistics and commentary on ETF related issues to the Canadian financial media and advance industry issues with regulators, government agencies and interested third parties.
Over the last five years, assets in Canadian-listed ETFs have grown an average of 27% annually, from $12.3 billion in December 31, 2005 to $40.8 billion currently. There are almost 200 ETFs listed on the TSX as of April 30, 2011.