Invesco Canada to Reposition Bond ETFs to New ESG Focus
Invesco Canada announced today that it is proposing changes to some of its existing ETFs, including repositioning two bond ETFs with a new ESG focus. Subject to investor approval, the changes will take effect on or around October 30.
Invesco has proposed changing the name of the Invesco Tactical Bond ETF (PTB) to the Invesco ESG Canadian Core Plus Bond ETF (BESG), explaining that the new name will better reflect the new objectives of the product. Along with the change in objectives, Invesco will reduce the management fee of the ETF from 0.49% of the net asset value (NAV) to 0.35% of NAV.
Invesco is also proposing changing the investment objectives of the Invesco Tactical Bond ETF Fund. The fund will also change its investment strategies and name to Invesco ESG Canadian Core Plus Bond ETF Fund to better reflect its new objectives. The change will also include a reduction in the product’s management fees.
Invesco Canada will provide further details surrounding the investment objective changes of the ETFs in a management information circular and proxy which will be available online, and sent to investors of record as of August 31, 2020.