RBC GAM launches new exchange-traded fund
RBC Global Asset Management (RBC GAM Inc.) introduced May 15 a new exchange traded fund – the RBC U.S. Banks Yield Index ETF (ticker: RUBY).
The ETF, which trades on the TSX, tracks the Solactive U.S. Banks Yield Index, which follows the performance of 21 of the largest U.S. dividend paying bank stocks, as measured by market capitalization and weighted based on their annual dividend yields. The management fee is 0.29 per cent.
Exposure to the U.S banking sector
"Through our ongoing discussions with investors and advisors, there has been notable interest in further exposure to the U.S banking sector," said Mark Neill, head of RBC ETFs. "This is driven by a desire for more diversification in the financial sector and by recent trends in the U.S., such as strong growth signals and changing monetary policy that has created a positive long-term outlook for U.S. banks. As one of Canada's leading providers of ETFs, we are pleased to offer an innovative and low-cost solution that will enable investors and advisors to invest in this sector."